[HK]澳科控股:二零二零年中期报告

时间:2020年09月21日 12:20:24 中财网
原标题:澳科控股:二零二零年中期报告


Interim Report 2020 中期報告
(incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立之有限公司)
Stock Code股份代號:2300
Interim Report 2020 中期報告
(incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立之有限公司)
Stock Code股份代號:2300

CONTENTS

目錄


2 Mission and Vision

使命及展望


3 Corporate Information and Shareholders’ Calendar

公司資料及股東日誌


7 Corporate Structure

公司架構


8 Geographical Coverage

地域範圍


10 Financial Highlights

財務摘要


12 Management Discussion and Analysis

管理層討論及分析


20 Other Information

其他資料


30 Condensed Consolidated Financial Statements

簡明綜合財務報表


38 Notes to the Condensed Consolidated Financial Statements

簡明綜合財務報表附註


澳科控股有限公司 AMVIG Holdings Limited2
使命及展望
MISSION AND
VISION
Maintain as the market leader
in the cigarette packaging
printing industry in the
People’s Republic of China
保持作為中華人民共和國
卷煙包裝印刷行業的
市場龍頭地位
Strengthen corporate
governance and
achieve international
environmental standards
加強企業管治及達到
國際級環保標準
Commitment to
innovation to develop
higher end products and
value added services
致力創新,開發高檔
產品與增值服務
Maximize
shareholders’ value
爭取股東價值
最大化
2
使命及展望
MISSION AND
VISION
Maintain as the market leader
in the cigarette packaging
printing industry in the
People’s Republic of China
保持作為中華人民共和國
卷煙包裝印刷行業的
市場龍頭地位
Strengthen corporate
governance and
achieve international
environmental standards
加強企業管治及達到
國際級環保標準
Commitment to
innovation to develop
higher end products and
value added services
致力創新,開發高檔
產品與增值服務
Maximize
shareholders’ value
爭取股東價值
最大化

CORPORATE INFORMATION

Non-executive Chairman

Mr. Chan Chew Keak, Billy

Executive Directors

Mr. Ge Su (Chief Executive Officer)
Mr. Liu Shun Fai

Non-executive Directors

Mr. Jerzy Czubak
Mr. Michael Casamento

Independent Non-executive Directors

Mr. Au Yeung Tin Wah, Ellis
Mr. Oh Choon Gan, Eric
Mr. Ching Yu Lung (appointed on 16 March 2020)

Audit Committee

Mr. Au Yeung Tin Wah, Ellis (Chairman)
Mr. Oh Choon Gan, Eric
Mr. Ching Yu Lung (appointed on 16 March 2020)


Remuneration Committee

Mr. Au Yeung Tin Wah, Ellis (Chairman)
Mr. Oh Choon Gan, Eric
Mr. Ching Yu Lung (appointed on 16 March 2020)


Nomination Committee

Mr. Oh Choon Gan, Eric (Chairman)
Mr. Au Yeung Tin Wah, Ellis
Mr. Ching Yu Lung (appointed on 16 March 2020)


Risk Management Committee

Mr. Jerzy Czubak (Chairman)
Mr. Ge Su
Mr. Liu Shun Fai

公司資料

非執行主席

曾照傑先生

執行董事

葛蘇先生(首席執行官)
廖舜輝先生

非執行董事


Jerzy Czubak先生
Michael Casamento先生

獨立非執行董事

歐陽天華先生
胡俊彥先生
程如龍先生(於二零二零年三月十六日獲委任)

審核委員會

歐陽天華先生(主席)
胡俊彥先生
程如龍先生(於二零二零年三月十六日獲委任)


薪酬委員會

歐陽天華先生(主席)
胡俊彥先生
程如龍先生(於二零二零年三月十六日獲委任)


提名委員會

胡俊彥先生(主席)
歐陽天華先生
程如龍先生(於二零二零年三月十六日獲委任)


風險管理委員會


Jerzy Czubak先生(主席)
葛蘇先生
廖舜輝先生


Investment Committee

Mr. Oh Choon Gan, Eric (Chairman)
Mr. Ge Su
Mr. Jerzy Czubak

Corporate Governance Committee

Mr. Oh Choon Gan, Eric (Chairman)
Mr. Au Yeung Tin Wah, Ellis
Mr. Jerzy Czubak

Company Secretary

Mr. Liu Shun Fai, CPA

Auditor

RSM Hong Kong
Certified Public Accountants

Principal Bankers

Australia and New Zealand Banking Group Limited
Bank SinoPac
CTBC Bank Co., Ltd.
MUFG Bank, Ltd.
United Overseas Bank Limited

Principal Share Registrar and Transfer Office
in Cayman Islands

SMP Partners (Cayman) Limited
3rd Floor, Royal Bank House
24 Shedden Road, George Town
Grand Cayman KY1-1110
Cayman Islands

Branch Share Registrar and Transfer Office
in Hong Kong

Tricor Investor Services Limited
Level 54, Hopewell Centre
183 Queen’s Road East
Hong Kong

投資委員會

胡俊彥先生(主席)
葛蘇先生
Jerzy Czubak先生

企業管治委員會

胡俊彥先生(主席)
歐陽天華先生
Jerzy Czubak先生

公司秘書

廖舜輝先生,CPA

核數師

羅申美會計師事務所
執業會計師

主要往來銀行

澳新銀行集團有限公司
永豐商業銀行
中國信託商業銀行股份有限公司
三菱日聯銀行
大華銀行

開曼群島主要股份過戶及登記總處


SMP Partners (Cayman) Limited
3rd Floor, Royal Bank House
24 Shedden Road, George Town
Grand Cayman KY1-1110
Cayman Islands

香港股份過戶及登記分處

卓佳證券登記有限公司
香港
皇后大道東183號
合和中心54樓



Registered Office

Century Yard
Cricket Square
Hutchins Drive

P.O. Box 2681 GT
George Town
Grand Cayman
Cayman Islands
British West Indies
Head Office and Principal Place of Business
in Hong Kong

Room 601-602, 6th Floor
COFCO Tower
262 Gloucester Road
Causeway Bay
Hong Kong

Stock Code

註冊辦事處


Century Yard
Cricket Square
Hutchins Drive

P.O. Box 2681 GT
George Town
Grand Cayman
Cayman Islands
British West Indies
香港總辦事處及主要營業地點

香港
銅鑼灣
告士打道262號
中糧大廈
6樓601-602室

股份代號


2300


SHAREHOLDERS’ CALENDAR

Register of Shareholders

Close of Register

2 December 2020 to
4 December 2020
(both days inclusive)

Dividend

Interim dividend declared: HK6 cents per share
Payable on or about 11 December 2020

股東日誌

股東過戶登記

暫停辦理股份過戶登記手續
二零二零年十二月二日
至二零二零年十二月四日
(包括首尾兩日在內)

股息

宣派中期股息:每股6港仙
於二零二零年十二月十一日或前後派付



100%

51%
100% 100% 100%
100% 100%
60%
29%
43%
100%
100%
100%
60% 83%
100%
100%
100%
100%
Charm Prot
Holdings Limited
盈健集團
有限公司
Qingdao AMVIG
Shuncheng
Packaging Co., Ltd.
青島澳科順誠
包裝有限公司
Mega Vision
Enterprises
Limited
Bellgate
International
Limited
Designer Global
Group Limited
World Grand
Holdings Limited
偉建集團
有限公司
Easyeld Pacic
Limited
Nanjing Sanlong
Packing Co., Ltd.
南京三隆
包裝有限公司
Anhui Qiaofeng
Package Printing
Co., Ltd.
安徽僑豐包裝
印刷有限公司
AMVIG
Group Limited
澳科集團
有限公司
100% 100%
100%
AMVIG
Investment Limited
澳科投資有限公司
Hangzhou
Weicheng
Printing Co., Ltd.
杭州偉成
印刷有限公司
Xi'an Great Sky Laser
Hologram Co., Ltd.
西安大天激光
圖像有限公司
Outstanding
Viewpoint
Limited
萃觀有限公司
Cigarette packaging printing plant
卷煙包裝印刷廠
Transfer paper and
laser film manufacturing plant
轉移紙及鐳射膜製造廠
Investment holding company
投資控股公司
Leigh-Mardon
Pacic Packaging
Pte Ltd.
Famous Plus
Group Limited
祺耀集團
有限公司
Ever Honest
Industries
Limited
永發實業
有限公司
Gainful
Investments
Limited
勁富投資
有限公司
Kunming World
Grand Innovation
Printing Co., Ltd.
昆明偉建科創
印務有限公司
Beijing Leigh-
Mardon Pacic
Packaging
Co., Ltd.
北京黎馬敦太平
洋包裝有限公司
Qingdao
Leigh-Mardon
Packaging
Co., Ltd.
青島黎馬敦
包裝有限公司
Dongguan
KWG
Colour Printing
Co., Ltd.
東莞智源
彩印有限公司
Yunnan
Qiaotong
Package Printing
Co., Ltd.
雲南僑通包裝
印刷有限公司
100%

100%

51%

Glory Express
International Limited
世陞國際有限公司

澳科控股有限公司 AMVIG Holdings Limited8
GEOGRAPHICAL COVERAGE
地域範圍
Hangzhou Weicheng
Printing Co., Ltd.
(“Hangzhou Weicheng”)
杭州偉成印刷有限公司(「杭州偉成」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Dongguan KWG
Colour Printing Co., Ltd.
(“Dongguan KWG”)
東莞智源彩印有限公司(「東莞智源」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Beijing Leigh-Mardon
Pacic Packaging Co., Ltd.
(“Beijing Plant”)
北京黎馬敦太平洋包裝有限公司(「北京廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Kunming World Grand
Innovation Printing Co., Ltd.
(“Kunming Plant”)
昆明偉建科創印務有限公司(「昆明廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Anhui Qiaofeng
Package Printing Co., Ltd.
(“Qiaofeng Plant”)
安徽僑豐包裝印刷有限公司(「僑豐廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Anhui
安徽
Dongguan
東莞
Beijing
北京
Hangzhou
杭州
Kunming
昆明
8
GEOGRAPHICAL COVERAGE
地域範圍
Hangzhou Weicheng
Printing Co., Ltd.
(“Hangzhou Weicheng”)
杭州偉成印刷有限公司(「杭州偉成」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Dongguan KWG
Colour Printing Co., Ltd.
(“Dongguan KWG”)
東莞智源彩印有限公司(「東莞智源」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Beijing Leigh-Mardon
Pacic Packaging Co., Ltd.
(“Beijing Plant”)
北京黎馬敦太平洋包裝有限公司(「北京廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Kunming World Grand
Innovation Printing Co., Ltd.
(“Kunming Plant”)
昆明偉建科創印務有限公司(「昆明廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Anhui Qiaofeng
Package Printing Co., Ltd.
(“Qiaofeng Plant”)
安徽僑豐包裝印刷有限公司(「僑豐廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Anhui
安徽
Dongguan
東莞
Beijing
北京
Hangzhou
杭州
Kunming
昆明

Nanjing Sanlong
Packing Co., Ltd.
(“Nanjing Plant”)
南京三隆包裝有限公司(「南京廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Yunnan Qiaotong
Package Printing Co., Ltd.
(“Qiaotong Plant”)
雲南僑通包裝印刷有限公司(「僑通廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Xi'an Great Sky Laser
Hologram Co., Ltd.
(“Xi'an Plant”)
西安大天激光圖像有限公司(「西安廠房」)
Laser film manufacturing plant
鐳射膜製造廠
Qingdao Leigh-Mardon
Packaging Co., Ltd.
(“Qingdao Plant”)
青島黎馬敦包裝有限公司(「青島廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Nanjing
南京
Qingdao
青島
Zhaotong
昭通
Qingdao
青島
Qingdao AMVIG Shuncheng
Packaging Co., Ltd.
(“Qingdao Shuncheng”)
青島澳科順誠包裝有限公司(「青島順誠」)
Transfer paper & laser film manufacturing plant
轉移紙及鐳射膜製造廠
Xi'an
西安
Nanjing Sanlong
Packing Co., Ltd.
(“Nanjing Plant”)
南京三隆包裝有限公司(「南京廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Yunnan Qiaotong
Package Printing Co., Ltd.
(“Qiaotong Plant”)
雲南僑通包裝印刷有限公司(「僑通廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Xi'an Great Sky Laser
Hologram Co., Ltd.
(“Xi'an Plant”)
西安大天激光圖像有限公司(「西安廠房」)
Laser film manufacturing plant
鐳射膜製造廠
Qingdao Leigh-Mardon
Packaging Co., Ltd.
(“Qingdao Plant”)
青島黎馬敦包裝有限公司(「青島廠房」)
Cigarette packaging printing plant
卷煙包裝印刷廠
Nanjing
南京
Qingdao
青島
Zhaotong
昭通
Qingdao
青島
Qingdao AMVIG Shuncheng
Packaging Co., Ltd.
(“Qingdao Shuncheng”)
青島澳科順誠包裝有限公司(「青島順誠」)
Transfer paper & laser film manufacturing plant
轉移紙及鐳射膜製造廠
Xi'an
西安
Cigarette packaging printing plant

卷煙包裝印刷廠


Transfer paper and laser film manufacturing plant

轉移紙及鐳射膜製造廠


9


Turnover營業額


(HK$m)(百萬港元)


2,503

2,448

1,287
1,216
2,408

1,354
1,094
1,133

1,227
1,181
1,133
1H
201720182019 2020
二零二零年
二零一七年二零一八年
二零一九年
上半年

Product Mix

產品組合


Turnover for 1H2020

二零二零年上半年營業額


High-Mid End 中高檔


Mid End 中檔


Mid-Low End 中低檔


20% 27%

53%

51%

27%

22%


Gross Profit Margin毛利率


30% 30%

29%

28%


1H
201720182019 2020

二零二零年
二零一七年二零一八年
二零一九年
上半年


Product Mix

產品組合


Gross Profit Margin for 1H2020

二零二零年上半年毛利率


High-Mid End 中高檔

Mid End 中檔

Mid-Low End 中低檔



41%
13%
24%
37%
13%
27%
1H2019 1H2020 1H2019 1H2020

二零一九年上半年二零二零年上半年二零一九年上半年二零二零年上半年


Profit Attributable to Owners of the CompanyEarnings Per Share

本公司擁有人應佔溢利
每股盈利


(HK$m)(百萬港元)
(HK cents)(港仙)


37.2

103
151
164 174
113
188
146
185
125 141
18.3
15.0
18.9 15.0
35.0 35.1
346 326

325

313

30.0
267
15.7
113
146

1H 1H
201720182019 2020201720182019 2020

二零二零年二零二零年
二零一七年二零一八年
二零一九年
上半年
二零一七年二零一八年
二零一九年
上半年



Second Half 下半年


Second Half 下半年


Second Half 下半年


Second Half 下半年

First Half 上半年


First Half 上半年


First Half 上半年


First Half 上半年


Reported ProfitUnderlying Profit, excluding exchange differences Reported ProfitUnderlying Profit, excluding exchange differences

已呈報溢利and on a constant currency basis 已呈報溢利and on a constant currency basis
(at the average exchange rate in 1H2019)(at the average exchange rate in 1H2019)
基礎溢利,扣除匯兌差額及按固定貨幣基準基礎溢利,扣除匯兌差額及按固定貨幣基準
(按二零一九年上半年平均匯率)(按二零一九年上半年平均匯率)


Dividend Paid/Recommended

已派發
╱建議派付股息


(HK cents)(港仙)

17.5
14.9
7.3
7.6
14.4
6.4
8.0
First Half 上半年
4.0
8.1
5.4
6.0
6.0
Second Half 下半年

Special Dividend 特別股息


1H
201720182019 2020

二零二零年
二零一七年二零一八年
二零一九年
上半年


For the six months ended 30 June 截至六月三十日止六個月


2020 2019 Changes

二零二零年二零一九年變動百分比


HK$ million HK$ million
百萬港元百萬港元 %

279
170
140
176 139
28.7
11.0
16.2
17.7
12.1
20.218.8
15.7
19.933.7
12.1
13.5 15.2
Turnover 營業額
1,133 1,181 -4%
Gross profit 毛利
321 366 -12%
Profit attributable to owners of the Company113 188 -40%

本公司擁有人應佔溢利


Underlying* profit attributable to owners of the Company146 185 -21%
本公司擁有人應佔基礎*溢利


Earnings per share – basic (HK cents) 每股盈利-基本(港仙)
12.1 20.2 -40%
Interim dividend per share (HK cents) 每股中期股息(港仙)
6.0 8.1 -26%
Special dividend per share (HK cents) 每股特別股息(港仙)
– 4.0 N/A 不適用


* Excluding exchange differences and on a constant currency basis
* 扣除匯兌差額及按固定貨幣基準

The board (the “Board”) of directors (the “Directors”) of AMVIG
Holdings Limited (the “Company” or “AMVIG”) is pleased to present
the unaudited condensed consolidated financial results of the
Company and its subsidiaries (together the “Group”) for the six
months ended 30 June 2020 (the “Reporting Period”).

BUSINESS REVIEW

China Tobacco Industry

Despite the outbreak of the coronavirus disease 2019 (“COVID-19”),
sales of cigarettes in China improved in the first half of 2020.
Cigarettes sold in volume and value increased by 1.95% and 5.6%,
respectively. This once again shows a relatively inelastic demand in
cigarette products in China and also the importance of tax revenue
brought by tobacco. It also indicated the continuous improvement
in product mix.

It should also be noted that the number of new variants being
introduced to the market during the six months ended 30 June
2020 reduced substantially when compared to corresponding
period of last year. On the other hand, the number of variants being
taken out due to poor performance outnumbered the number
of new variants. This indicated a higher degree of consolidation
of cigarette products in China following the “Three Large Policy”
adopted by the State Tobacco Monopoly Administration since last
year.

Group Performance

In late 2019, Yunnan China National Tobacco Corporation (“CNTC”)
announced changes to tender rules, placing more emphasis
on price as opposed to technical elements aiming to stem out
corruption. Such measure affected all tobacco packaging suppliers
of Yunnan CNTC. Although the volume increased as a result of the
tender, it inevitably exerted margin pressure on the Group’s orders
in the Yunnan province. In addition, the COVID-19 outbreak in late
January 2020 has been a challenge for the whole of China. Facing
this, the Group has taken extra precaution and responded very
successfully to the challenge. None of the Group’s employees had
contracted the virus since the start of the outbreak. Nevertheless,
the prolonged suspension of production in all factories to minimize
the risk of infection at workplaces since Chinese New Year had
caused disruptions to supply chains and delays in productions
and orders for the Group. Accordingly, the Group’s performance
was impacted by the COVID-19 outbreak and the recent tender in
Yunnan during the Reporting Period.

澳科控股有限公司(「本公司」或「澳科控股」)
董事(「董事」)會(「董事會」)欣然呈報本公司
及其附屬公司(合稱「本集團」)截至二零二零
年六月三十日止六個月(「報告期間」)之未經
審核簡明綜合財務業績。


業務回顧

中國煙草行業

二零二零年上半年中國卷煙銷售於二零一九年
新冠狀病毒(「COVID-19」)疫情爆發的情況下
仍有所改善。卷煙銷售數量及金額分別增長


1.95%及5.6%。此再次說明中國卷煙產品的需
求相對缺乏彈性,亦顯示煙草帶來稅收的重要
性,同時也說明產品結構不斷改善。

此外,值得注意的是截至二零二零年六月三十
日止六個月推出的新牌號數量較去年同期大幅
減少。另一方面,因業績不佳而受淘汰的牌號
數量多於新牌號數量。此顯示自去年以來,隨
著國家煙草專賣局實行「三大政策」,中國卷煙
產品的整合程度有所提高。


本集團業績

二零一九年底,雲南中國煙草總公司(「中國煙
草總公司」)宣佈修改招標規則,更強調價格而
非技術要素,目的為杜絕貪腐。此措施影響雲
南中國煙草總公司所有煙草包裝供應商。儘管
招標結果使數量增加,仍無可避免對本集團於
雲南省之訂單造成利潤壓力。此外,二零二零
年度一月下旬爆發的COVID-19疫情對整個中國
實屬挑戰。面對此情況,本集團採取額外的防
範措施,非常成功應對挑戰。疫情爆發以來,
本集團並無任何員工感染病毒。然而,自農曆
新年以來,所有工廠長期停產,以減低工作場
所受感染的風險,導致供應鏈受阻,使本集團
的生產及訂單出現延誤。因此,於報告期間,
本集團業績遭受COVID-19疫情及近期雲南招標
所影響。




Management have started to take measures, which include
reducing costs and expenses, in order to mitigate the adverse
impacts arising from both COVID-19 and changes to the Yunnan
tender rules during the Reporting Period. However, it took some
time for these measures to be in place and the savings to ramp
up. Nevertheless, operating expenses and finance costs dropped
when compared to the corresponding period of last year and
these had, to a certain extent, mitigated some of the impact of the
abovementioned adverse factors.

Excluding the exchange difference incurred on the Group’s Hong
Kong dollar denominated borrowings, and on a constant currency
basis, the Group’s underlying profit reduced by 21.2% when
compared to the first half of last year. The Group’s profit attributable
to owners of the Company reduced by 40.1% from HK$187.8 million
in the first half of 2019 to HK$112.6 million during the Reporting
Period.

The Board has declared an interim dividend of HK6 cents per share
to shareholders of the Company.

FINANCIAL REVIEW

Turnover

For the Reporting Period, the Group’s results were affected by the
COVID-19 outbreak, which caused suspension in a number of our
operations and delays in orders. In addition, as reported previously,
revision of tendering rules in Yunnan Province, which put more
emphasis on price, posed pricing pressure for our plants in Yunnan.
However, the aforementioned factors which depressed the Group
turnover were offset partially by the consolidation of results of our
Nanjing Plant, which has become a subsidiary of the Company since
the second half of 2019. Despite this, the Group’s turnover showed
a decrease of 4.1%. On a constant currency basis, turnover increased
slightly by 0.4% when compared to the corresponding period in
2019.

Gross Profit

As a result of the COVID-19 outbreak and the changes to the
Yunnan tender rules, the Group experienced margin pressure due
to higher unit fixed costs and reduced unit selling prices for our
plants in Yunnan. Gross profit margin dropped from 31% in the first
half of 2019 to 28.4% for the Reporting Period.

管理層已開始採取措施,包括減少成本及費
用,以減輕報告期內由COVID-19及雲南修改
招標規則所帶來的不利影響。然而,落實該等
措施以達至提升節約的效果頗為耗時。儘管如
此,經營開支及融資成本與去年同期相比已有
所下降,能若干程度緩解上述不利因素之部分
影響。


剔除本集團以港元計值的借款所產生的匯兌差
額,及按固定貨幣基準,本集團的基礎溢利較
去年上半年減少
21.2%。於報告期間,本公司
擁有人應佔本集團溢利由二零一九年上半年的
187,800,000港元減少
40.1%至112,600,000港元。


董事會已向本公司股東宣派每股6港仙的中期
股息。


財務回顧

營業額

於報告期間,本集團業績遭受COVID-19疫情所
影響,導致不少業務暫停及訂單延遲。此外,
如先前報告所述,雲南省招標規則修訂為更著
重於價格,對吾等之雲南廠房帶來了價格壓
力。然而,上述影響本集團營業額之因素由本
集團南京廠房(自二零一九年下半年已成為本
公司一間附屬公司)之綜合業績所部份抵銷。

儘管如此,本集團營業額下降4.1%。按固定貨
幣基準計算,營業額與二零一九年同期相比輕
微增長0.4%。


毛利

由於COVID-19疫情及雲南招標規則修改,導
致單位固定成本較高及吾等之雲南廠房之單位
售價降低,本集團因而承受利潤壓力。毛利率
自二零一九年上半年的31%下降至報告期間的


28.4%。


Other Income

Other income, comprising mainly exchange gain, interest income
and subcontracting fee income, was HK$22.7 million (2019: HK$32.6
million). The decrease was mainly due to less subcontracting works
in one of our plants located in Hubei, which was affected by the
COVID-19 outbreak, as well as the absence of any exchange gain
during the Reporting Period. Whereas in the first half of 2019,
HK$3.2 million of exchange gain was recognised on the Group’s
Hong Kong dollar denominated borrowings.

Operating Costs

For the Reporting Period, operating expenses (including selling
and distribution costs and administrative expenses) reduced from
HK$111.3 million to HK$106.6 million. It should also be noted that
this was against the background of additional operating expenses
of our Nanjing Plant being consolidated in the Reporting Period,
whereas those expenses were equity accounted for in the first
half of 2019. Such savings resulted from the management’s efforts
in containing expenses, as well as less travel and entertainment
expenses being incurred since the COVID-19 outbreak.

Other Operating Expenses

Other operating expenses for the Reporting Period primarily
represent an exchange loss of HK$26.4 million incurred on the
Group’s Hong Kong dollar denominated borrowings as Renminbi
depreciated against Hong Kong dollars. There was no such
exchange loss in the corresponding period of last year.

Finance Costs

Finance costs decreased from HK$40.9 million in the first half
of 2019 to HK$25.5 million for the Reporting Period due to less
outstanding bank borrowings as well as less costs incurred on
hedging during the Reporting Period.

其他收入

其他收入,主要包括匯兌收益、利息收入及分
包費用收入,為22,700,000港元(二零一九年:
32,600,000港元)。下降乃主要由於吾等位於湖
北的其中一家廠房因受COVID-19疫情影響而分
包工作減少,以及於報告期間並無任何匯兌收
益所致。而於二零一九年上半年,本集團以港
元計值的借款確認匯兌收益為3,200,000港元。


經營成本

於報告期間,經營開支(包括銷售及分銷
成本及行政開支)由
111,300,000港元下降至
106,600,000港元。此外,亦由於報告期內併入
了南京廠房的額外經營開支,而該等開支於二
零一九年上半年以權益方式入賬。該等節約為
管理層致力控制開支之成果,以及自COVID-19
疫情爆發期間減少差旅及招待費用所致。


其他經營開支

於報告期間的其他經營開支主要由於人民幣兌
港元貶值,本集團以港元計值的借款產生的匯
兌虧損26,400,000港元所致。去年同期並無匯
兌損失。


融資成本

融資成本由二零一九年上半年的40,900,000港
元下降至本報告期間的25,500,000港元,乃由
於未償還銀行借款減少及報告期間內對沖產生
之成本減少所致。




Share of Profit of Associates

Share of profit of associates, which mainly represents the Group’s
share of results of our Yunnan Qiaotong Plant, dropped significantly
to HK$5.9 million during the Reporting Period from HK$41.5 million
in the first half of 2019. The decrease was mainly due to the impacts
of COVID-19 outbreak, the effect of the tender in Yunnan and the
exclusion of our share of results in our Nanjing Plant during the
Reporting Period after our acquisition of 52% of its equity interests
in second half of 2019.

Taxation

The effective tax rate of the Group was 26% in the first half of
2020, it has risen slightly due to non-tax deductible exchange loss
incurred during the Reporting Period.

Profit Attributable to Owners of the Company

Excluding the exchange difference incurred on the Group’s Hong
Kong dollar denominated borrowings, and on a constant currency
basis, the Group’s underlying profit reduced by 21.2% when
compared to the first half of last year. The Group’s profit attributable
to owners of the Company reduced by 40.1% from HK$187.8 million
in the first half of 2019 to HK$112.6 million during the Reporting
Period. The decrease was mainly due to the impacts of COVID-19
outbreak as well as the pricing pressure derived from the tender in
Yunnan.

Segmental Information

During the Reporting Period, substantially all the turnover was
derived from printing of cigarette packages.

Financial Position

As at 30 June 2020, total assets of the Group amounted to HK$6,579
million and its total liabilities amounted to HK$2,552 million,
representing a decrease of HK$7 million and an increase of HK$8
million, respectively as compared to 31 December 2019. Both total
assets and total liabilities remained at similar levels during the
Reporting Period.

應佔聯營公司溢利

應佔聯營公司溢利主要為本集團應佔雲南僑通
廠房業績,自二零一九年上半年的41,500,000
港元大幅減少至報告期間的5,900,000港元。該
下降主要受COVID-19疫情爆發、雲南招標及我
們於二零一九年下半年收購南京廠房52%的股
權後,報告期內剔除我們南京廠房的業績份額
所影響。


稅項

二零二零年上半年本集團的實際稅率為26%,
由於受報告期間產生不可作為稅務扣除開支之
匯兌虧損所影響,該實際稅率略為上升。


本公司擁有人應佔溢利

扣除因本集團以港幣計值的借款產生的匯兌差
額及按固定貨幣基準,本集團的基礎溢利較去
年的上半年度減少
21.2%。本集團於報告期間
錄得本公司擁有人應佔溢利112,600,000港元,
較二零一九年上半年的187,800,000港元減少


40.1%。該減少主要受COVID-19疫情爆發的影
響以及由雲南招標產生的價格壓力所致。

分部資料

於報告期間,絕大部分營業額來自卷煙包裝印
刷。


財務狀況

於二零二零年六月三十日,本集團之總資產為
6,579,000,000港元,總負債為2,552,000,000港
元,分別較二零一九年十二月三十一日減少
7,000,000港元及增加8,000,000港元,而總資產
及總負債於報告期間維持於相若水平。




Borrowings and Banking Facilities 借款及銀行信貸
As at 30 June 2020, the Group had gross interest-bearing 於二零二零年六月三十日,本集團持有計息
borrowings of approximately HK$1,549 million (2019: HK$1,549 借款總額約1,549,000,000港元(二零一九年:
million), remaining the same as the end of last year. 1,549,000,000港元),維持與去年年底相同。

All interest-bearing borrowings are unsecured, denominated in 所有計息借款均為無抵押、以港元計值及按浮
Hong Kong dollars and bear interest at floating rates. The maturity 動利率計息。本集團計息借款總額之到期日列
profile of the Group’s gross interest-bearing borrowings is as 載如下:
follows:
30 June 2020 31 December 2019
二零二零年二零一九年
六月三十日十二月三十一日
(Unaudited) (Audited)
(未經審核)(經審核)
HK$’ 000 HK$’ 000
千港元千港元


On demand or within one year按要求或於一年內
1,548,983 1,549,091

As of 30 June 2020, the Group did not have any committed but
undrawn banking facilities (2019: Nil).

Capital Structure

As at 30 June 2020, the Group had net assets of HK$4,027 million
comprising non-current assets of HK$4,284 million, net current
liabilities of HK$230 million and non-current liabilities of HK$27
million.

Gross gearing ratio, measured by total interest-bearing borrowings
as a percentage of equity was 38% as at 30 June 2020, same as that
as of 31 December 2019.

Charges on the Group’s Assets

As at 30 June 2020, assets with carrying amount of approximately
HK$10 million (2019: HK$7 million) were pledged to banks in
respect of banking facilities granted to the Group.

Significant Investments

As at 30 June 2020, the Group had no significant investments (2019:
Nil).

截至二零二零年六月三十日,本集團並沒有
任何已承諾但未動用的銀行信貸額(二零一九
年:無)。


資本架構

於二零二零年六月三十日,本集團持有資
產淨值4,027,000,000港元,包括非流動資產
4,284,000,000港元、流動負債淨值230,000,000
港元及非流動負債27,000,000港元。


總資產負債比率(以計息借款總額除以權益
之百分比計算)於二零二零年六月三十日為
38%,與二零一九年十二月三十一日相同。


本集團資產抵押

於二零二零年六月三十日,本集團就獲授
銀行信貸而抵押予銀行之資產帳面值約為
10,000,000港元(二零一九年:7,000,000港元)。


重大投資

於二零二零年六月三十日,本集團並無任何重
大投資(二零一九年:無)。




Contingent Liabilities

As at 30 June 2020, the Group did not have any significant
contingent liabilities (2019: Nil).

Capital Commitments

As at 30 June 2020, the Group had capital commitments contracted
but not provided for in respect of acquisition of property, plant and
equipment of HK$37 million (2019: HK$50 million).

Working Capital

The current ratio increased slightly from 88% as at the last year end
to 91% as at 30 June 2020 due to a slight increase in working capital
and cash balance during the Reporting Period.

Foreign Currency Exposure

During the Reporting Period, the Group’s business transactions
were mainly denominated in Renminbi. All bank borrowings were
denominated in Hong Kong dollars.

During the Reporting Period, the Group did not have any derivative
financial instruments or hedging instruments outstanding. The
management will closely monitor its currency and interest rate
exposures in order to implement suitable hedging policy as and
when appropriate to minimize such risks.

Treasury Policies

The Group adopts a prudent approach with respect to treasury and
funding policies, with a focus on risk management and transactions
that are directly related to the underlying business of the Group.

MATERIAL ACQUISITION AND DISPOSAL

The Group had no material acquisitions or disposals of subsidiaries,
associates or joint ventures during the Reporting Period.

或然負債

於二零二零年六月三十日,本集團並無任何重
大或然負債(二零一九年:無)。


資本承擔

於二零二零年六月三十日,本集團就購置物
業、廠房及設備作出已訂約但未撥備之資本承
擔為37,000,000港元(二零一九年:50,000,000
港元)。


營運資金

流動比率由去年年底之88%略為增加至二零二
零年六月三十日之91%,該增加為報告期間內
營運資金及現金結餘增加所致。


外匯風險

於報告期間,本集團之業務交易主要以人民幣
計值,而所有銀行借款則以港元計值。


於報告期間,本集團概無任何未償還衍生金融
工具或對沖工具。管理層將密切監察其貨幣
及利率風險,以便在適當時實施適當的對沖政
策,以盡量減低該等風險。


財資政策

本集團對財資及融資政策取態審慎,集中於風
險管理及與本集團相關業務有直接關係之交
易。


重大收購及出售

本集團於報告期間並無重大收購或出售附屬公
司、聯營公司及合資企業的事項。




REMUNERATION POLICIES AND EMPLOYEE
INFORMATION

As at 30 June 2020, the Group had 2,727 full time employees in
Hong Kong and the People's Republic of China (“PRC”). Total staff
costs (including Directors’ emoluments) amounted to HK$136
million (2019: HK$126 million) for the Reporting Period. The Group’s
remuneration policies are consistent with the ones disclosed in the
annual report of the Company for 2019.

PROSPECTS

While COVID-19 has been a challenge for the whole world, China
is faring much better currently in terms of recovery. All of our
production facilities have resumed operations and the disruptions
to the supply of certain products were also largely resolved in the
second quarter of the year. With a lack of substitutes for cigarettes
and the strategic importance of tax revenue that tobacco brings to
the PRC, the long-term outlook of Chinese tobacco sector remains
positive.

While the 2019 tender in Yunnan may be disruptive to the Group
in the near term, we believe stamping out corruption would have
a major positive impact for the industry and the Group over time
as new businesses are to be won on merits. With its long-term
track record in providing high-quality cigarette packages capable
of being run on high-speed machines and having maintained
high corporate governance standards, the Group is well placed to
maintain a strong presence in the turbulent market.

In response to the pricing outcome of the recent Yunnan tender
process, the Group will continue to implement a mitigation plan
to address the expected near-term impact of lower prices. These
measures include reducing raw material costs, increase automation,
and work with customers in using more cost-efficient materials and
designs. The impact of the measures will hopefully be fully reflected
in the second half when those are fully ramped up.

薪酬政策及僱員資料

於二零二零年六月三十日,本集團在香港及
中華人民共和國(「中國」)聘用2,727名全職僱
員。報告期間之總員工成本(包括董事酬金)
為136,000,000港元(二零一九年:126,000,000
港元)。本集團之薪酬政策與本公司二零一九
年年報所披露者一致。


前景


COVID-19為全球帶來挑戰,就目前而言,中國
的復甦情況表現較為超卓。我們所有的生產設
施均已恢復運營,某些產品的供應中斷於今年
第二季度亦得到解決。由於缺乏卷煙替代品及
煙草帶給中國稅收的戰略重要性,中國煙草業
的長遠前景仍屬樂觀。


二零一九年雲南招標在短期內可能對本集團造
成影響,然而我們相信,從長遠來看,根除
貪腐將對該行業及本集團產生重大正面影響,
因新業務將只會由較優秀的企業取得。憑藉長
期以來提供可在高速機器上運行的優質卷煙包
裝的記錄,且吾等致力維持高度的企業管治水
平,本集團有能力在動盪的市場中保持穩固地
位。


針對近期雲南招標的定價結果,本集團將繼續
實施補救計劃,以應對價格下降的預期短期影
響。該等措施包括降低材料成本、提高自動化
程度,以及與客戶商討採用較具成本效益的材
料及設計。期望該等措施的影響於下半年全面
實施後可獲得充分體現。




In addition, following the relocations of our Beijing and Dongguan
Plants at the end of 2019, management have been focusing on
ramping up their production in the Reporting Period after the
resumption of operations. The benefits of full production of those
two plants will hopefully filter through in the second half of 2020.

Despite the abovementioned challenges, the cash flow from
operations of the Group remains stable and healthy, which
amounted to HK$161.3 million for the Reporting Period. In addition,
the Group has extended its bank borrowings for a term of another
three years on 12 August 2020. In view of the satisfactory financial
position and cash flow of the Group, the Board recommended an
interim dividend of HK6 cents per share.

Once again, the Company would like to take this opportunity to
thank its shareholders and stakeholders for their unfailing support
to the management in this challenging environment.

EQUITY FUND RAISING

There was no equity fund raising activity by the Company during
the Reporting Period, nor were there any unutilised proceeds
brought forward from any issue of equity securities made in
previous financial years.

此外,於二零一九年底北京及東莞廠房搬遷之
後,管理層一直致力於在恢復運營後的報告期
間提高產量。亦寄望兩家廠房全面生產的效益
可於二零二零年下半年體現。


儘管面臨上述挑戰,本集團經營現金流仍保持
穩健,報告期內為161,300,000港元。此外,本
集團已於二零二零年八月十二日將銀行借款期
再延長三年。鑒於本集團財務狀況及現金流令
人滿意,董事會建議派發中期股息每股6港仙。


本公司藉此機會再次感謝其股東及持份者在充
滿挑戰的環境中對管理層的不懈支持。


股本集資

本公司於報告期內並無進行股本集資活動,概
無於過往會計年度發行股本證券所募集的資金
尚未使用。




INTERIM DIVIDEND

The Board has declared an interim dividend of HK6 cents per share
(2019: HK8.1 cents per share and special dividend of HK4 cents per
share) for the Reporting Period to the shareholders of the Company
whose names appear on the register of members of the Company
at the close of business on 4 December 2020. The interim dividend
will be paid on or about 11 December 2020.

CLOSURE OF REGISTER OF MEMBERS

To ascertain the shareholders’ entitlement to the interim dividend,
the register of members of the Company will be closed from
Wednesday, 2 December 2020 to Friday, 4 December 2020 (both
days inclusive), during which period no transfer of shares of the
Company will be registered. In order to qualify for entitlement to
the interim dividend for the Reporting Period, all transfers of shares
of the Company accompanied by the relevant share certificates and
the appropriate transfer forms must be lodged with the Company’s
branch share registrar in Hong Kong, Tricor Investor Services
Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East,
Hong Kong for registration not later than 4:00 p.m. on Tuesday, 1
December 2020.

DISCLOSURE OF INTERESTS

(a) Director’s interests and short positions in the
securities of the Company and its associated
corporations
As at 30 June 2020, the following Directors or the chief
executive of the Company had or were deemed to have
interests or short positions in the shares, underlying shares or
debentures of the Company and its associated corporations
(within the meaning of Part XV of the Securities and Futures
Ordinance, Chapter 571 of the Laws of Hong Kong (“SFO”))

(i) which were required to be notified to the Company and
the Stock Exchange pursuant to Divisions 7 and 8 of Part XV
of the SFO (including interests or short positions which they
were taken or deemed to have under such provision of the
SFO); or (ii) which were required, pursuant to section 352 of
the SFO, to be entered in the register referred to therein; or
中期股息

董事會已議決向於二零二零年十二月四日辦公
時間結束時名列本公司股東名冊之本公司股東
宣派報告期間的中期股息每股6港仙(二零一九
年:每股8.1港仙及特別股息每股4港仙)。中
期股息將於二零二零年十二月十一日或前後派
付。


暫停辦理股份過戶及登記手續

為確保股東可享有中期股息,本公司之股東名
冊將於二零二零年十二月二日(星期三)至二
零二零年十二月四日(星期五)(首尾兩日包括
在內)暫停辦理股份過戶及登記手續。於此段
期間內,本公司將不會進行任何股份之過戶或
登記。如欲符合享有報告期間中期股息之資
格,所有本公司之股份過戶文件連同有關股票
及適當之過戶表格須不遲於二零二零年十二月
一日(星期二)下午四時正前送交本公司之香
港股份過戶登記分處卓佳證券登記有限公司,
地址為香港皇后大道東183號合和中心54樓。


權益之披露


(a)
董事於本公司及其相聯法團之證券
中之權益及淡倉
於二零二零年六月三十日,以下本公司董
事或主要行政人員於本公司及其相聯法
團(定義見香港法例第571章《證券及期貨
條例》(「證券及期貨條例」)第XV部)之股
份、相關股份或債權證中擁有或被視為擁
有(i)根據證券及期貨條例第
XV部第7及第8
分部須通知本公司及聯交所之權益或淡倉
(包括彼等根據證券及期貨條例之有關條
文被列為或被視作擁有之權益或淡倉);
或(ii)根據證券及期貨條例第352條須記錄
於該條例所指之登記冊之權益或淡倉;或



(iii) which were required to be notified to the Company and
the Stock Exchange pursuant to the Model Code for Securities
Transactions by Directors of Listed Companies contained in the
Listing Rules:
Name of DirectorNature of interest

董事姓名
權益性質


(iii)根據上市規則所載上市公司董事進行證
券交易的標準守則須通知本公司及聯交所
之權益或淡倉:
No. of
underlying Approximate
shares held percentage of
(Note)issued share
所持相關capital
股份數目Position佔已發行股本
(附註)
倉盤
概約百分比


Mr. Ge Su Beneficial owner 168,285 Long 0.02%
葛蘇先生實益擁有人好倉
Mr. Liu Shun Fai Beneficial owner 84,142 Long 0.01%
廖舜輝先生實益擁有人好倉


Note: The underlying shares represent share options granted by the

Company, further details of which are set out in the section

headed “Share Option Scheme” below.

Save as disclosed above, as at 30 June 2020, none of the
Directors nor the chief executive of the Company had or was
deemed to have any interests or short positions in the shares,
underlying shares or debentures of the Company and its
associated corporations (within the meaning of Part XV of the
SFO) (i) which were required to be notified to the Company
and the Stock Exchange pursuant to Divisions 7 and 8 of Part
XV of the SFO (including interests or short positions which
they were taken or deemed to have under such provisions of
the SFO); or (ii) which were required, pursuant to section 352
of the SFO, to be entered in the register referred to therein; or

(iii) which were required to be notified to the Company and
the Stock Exchange pursuant to the Model Code for Securities
Transactions by Directors of Listed Companies contained in the
Listing Rules.
附註:相關股份指本公司授出之購股權,詳情載列
於下文「購股權計劃」一節。


除上文所披露者外,於二零二零年六月三十
日,本公司董事或主要行政人員概無於本公
司及其相聯法團(定義見證券及期貨條例第XV
部)之股份、相關股份或債權證中擁有或被視
為擁有(i)根據證券及期貨條例第XV部第7及第8
分部須通知本公司及聯交所之權益或淡倉(包
括彼等根據證券及期貨條例有關條文被列為或
被視作擁有之權益或淡倉);或(ii)根據證券及
期貨條例第352條規定須記錄於該條例所指之
登記冊之權益或淡倉;或(iii)根據上市規則所
載之《上市公司董事進行證券交易的標準守則》
須通知本公司及聯交所之權益或淡倉。




(b) Persons who have an interest or short position
which is discloseable under Divisions 2 and 3 of
Part XV of the SFO
So far as is known to the Directors and the chief executive of
the Company, as at 30 June 2020, the following persons (not
being Directors or chief executive of the Company) had, or
were deemed to have, interests or short positions in the shares
or underlying shares which would fall to be disclosed to the
Company and the Stock Exchange under the provisions of
Divisions 2 and 3 of Part XV of the SFO:

Name of ShareholderCapacity

股東名稱
身份


(b)
擁有根據證券及期貨條例第XV部第
2及第3分部須披露權益或淡倉之人

據本公司董事及主要行政人員所知,於二
零二零年六月三十日,以下人士(並非本
公司之董事或主要行政人員)於股份或相
關股份中擁有或被視為擁有根據證券及期
貨條例第XV部第2及第3分部之條文須向本

公司及聯交所披露之權益或淡倉:

Approximate
percentage of
issued share
Number of capitalshares heldPosition佔已發行股本
所持股份數目
倉盤
概約百分比


Amcor plc

ARP LATAM Holdco Ltd
(Note)(附註)


Amcor Pty Ltd (formerly known as
原名為Amcor Limited)
(Note)(附註)


Amcor Packaging (Asia) Pty
Limited (Note)(附註)


Amcor Fibre Packaging-Asia Pte
Limited (Note)(附註)
Wellington Management
Group LLP
Pandanus Partners L.P.

Pandanus Associates Inc

FIL Limited

FMR LLC

Interest of controlled
corporation

受控制法團權益


Interest of controlled
corporation

受控制法團權益


Interest of controlled
corporation

受控制法團權益


Interest of controlled
corporation

受控制法團權益


Beneficial owner

實益擁有人


Investment manager

投資經理


Interest of controlled
corporation

受控制法團權益


Interest of controlled
corporation

受控制法團權益


Investment manager

投資經理


Interest of controlled
corporation

受控制法團權益


442,550,000 shares
442,550,000股


442,550,000 shares
442,550,000股


442,550,000 shares
442,550,000股


442,550,000 shares
442,550,000股


442,550,000 shares
442,550,000股
130,064,580 shares
130,064,580股
77,652,039 shares
77,652,039股


77,652,039 shares
77,652,039股


77,652,039 shares
77,652,039股
77,110,403 shares
77,110,403股


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


47.63%

47.63%

47.63%

47.63%

47.63%
14.00%

8.36%

8.36%

8.36%
8.30%

Note: These companies are subsidiaries of Amcor Plc which is listed 附註:該等公司為
Amcor Plc(其發行股份於紐
on both the New York Stock Exchange and the Australian 約證券交易所及澳洲證券交易所上市)之
Securities Exchange. 附屬公司。




Save as disclosed above, as at 30 June 2020, the Directors were
not aware of any other person (other than the Directors and
the chief executive of the Company) who had, or was deemed
to have, interests or short positions in the shares or underlying
shares which would fall to be disclosed to the Company and
the Stock Exchange under the provisions of Divisions 2 and 3
of Part XV of the SFO.

SHARE OPTION SCHEME

The Company adopted a share option scheme (the “Old Share
Option Scheme”) on 4 March 2004 for the purpose of providing
incentives and rewards to eligible participants who contribute to
the success of the Group. The Old Share Option Scheme expired on
9 March 2014 and no further share options can be granted under
the Old Share Option Scheme.

A new share option scheme (the “New Share Option Scheme”) was
adopted and approved by the Company at the annual general
meeting of the Company held on 12 June 2014. Eligible participants
of the New Share Option Scheme include any employees, directors
of each member of the Group, joint venture partners, contractors,
agents or representatives, consultants, advisers, suppliers, producers
or licensors, customers, licensees of the Group or any person who, in
the sole discretion of the Board, has contributed or may contribute
to the Group. The New Share Option Scheme has become effective
for a period of 10 years commencing on 16 June 2014 and up to
92,154,700 share options entitling the holders thereof to subscribe
for up to 92,154,700 shares can be granted under the New Share
Option Scheme.

除上文所披露者外,於二零二零年六月三
十日,董事並不知悉有任何其他人士(本
公司之董事及主要行政人員除外)於股份
或相關股份中擁有或被視為擁有根據證券
及期貨條例第XV部第2及第3分部之條文須
向本公司及聯交所披露之權益或淡倉。


購股權計劃

本公司於二零零四年三月四日採納一項購股權
計劃(「舊購股權計劃」),以獎勵及酬謝對本集
團之成就有貢獻之合資格參與者。舊購股權計
劃於二零一四年三月九日屆滿,且概不得根據
舊購股權計劃授出其他購股權。


本公司於二零一四年六月十二日舉行之股東週
年大會上採納並批准一項新購股權計劃(「新
購股權計劃」)。新購股權計劃之合資格參與
者包括本集團任何成員公司之僱員及董事、本
集團之合營企業夥伴、承包商、代理或代表、
顧問、諮詢人、供應商、生產商或授權人、客
戶、持牌人或董事會全權酌情釐定為已或可能
對本集團作出貢獻之任何人士。新購股權計劃
由二零一四年六月十六日起生效,有效期為十
年,可根據新購股權計劃授出最多92,154,700
份購股權,授權持有人可認購最多92,154,700
股股份。



The maximum number of shares issued and to be issued upon
exercise of the options granted and to be granted pursuant to the
New Share Option Scheme and any other share option schemes
of the Group to each participant (including both exercised and
outstanding options) in any 12-month period up to and including
the date of grant of the options must not exceed 1% of the total
number of shares in issue.

An option may be exercised in whole or in part in accordance with
the terms of the New Share Option Scheme at any time during a
period to be notified by the Board to each grantee provided that
the period within which the shares may be taken up under the
share option must not be more than 10 years from the date of grant
of the share option. There is no minimum period for which the
share option must be held or the performance targets which must
be achieved before the share option can be exercised.

The subscription price for the shares under the New Share Option
Scheme shall be determined by the Board in its absolute discretion
provided that such price shall not be less than the highest of (i)
the closing price of the shares as stated in the Stock Exchange’s
daily quotations sheet on the date of the grant of an option, (ii) the
average closing price of the shares as stated in the Stock Exchange’s
daily quotations sheet for the five consecutive business days
immediately preceding the date of the grant, and (iii) the nominal
value of a share. A nominal consideration of HK$1.00 is payable on
acceptance of the grant of an option.

於截至購股權授出日期(包括該日)之任何12

個月期間,根據新購股權計劃及本集團任何其

他購股權計劃授予及將授予各參與者之購股權
(包括已行使及尚未行使之購股權)獲行使時已

發行及將予發行之股份上限,不得超過已發行

股份總數之1%。


於董事會通知各承授人之期限內,購股權可隨
時根據新購股權計劃之條款全部或部份行使,
惟根據新購股權認購股份之期限不得超過購股
權授出日期起計十年。購股權不設最短持有期
限或須達到的表現目標才可行使購股權。


新購股權計劃項下之股份認購價須由董事會全
權酌情釐定,惟有關價格不得低於以下各項之
最高者:(i)於授出購股權當日聯交所日報表所
報之股份收市價;(ii)緊接授出日期前連續五個
營業日聯交所日報表所報之股份平均收市價;
及(iii)一股股份之面值。接納所獲授購股權時
須支付象徵式代價1.00港元。




No share option was granted under the New Share Option Scheme
after it was approved. As such, the total number of shares available
for issue under the New Share Option Scheme is 92,154,700 shares,
representing approximately 9.9% of the issued share capital of
the Company as at 30 June 2020. The following table shows the
movements in the Company’s share options granted under the Old
Share Option Scheme but remain outstanding during the Reporting
Period:

Name or category
of granteeNumber of share options

承授人姓名或類別
購股權數目


自新購股權計劃通過後,概無授出購股權。就
此而言,於二零二零年六月三十日,根據新
購股權計劃可供發行的股份總數為92,154,700
股,佔本公司的已發行股本為約9.9%。下表載
列本公司根據舊購股權計劃授出但於報告期間
內仍未獲行使購股權之變動:

Closing price
per share
immediately
before date
of grant
(i.e. 28 July
2011)
緊接授出
At 1 January
2020
於二零二零年
一月一日
Granted
during the
Reporting
Period
期內授出
Exercised
during the
Reporting
Period
期內行使
Cancelled
during the
Reporting
Period
期內註銷
Lapsed
during the
Reporting
Period
期內失效
At 30 June
2020
於二零二零年
六月三十日
Exercise period (Note 1)
行使期(附註
1)
Exercise price
per share
(Note 2)
每股行使價格
(附註2)
日期
(即二零一一年
七月二十八日)
前之每股
收市價


Directors

董事


Mr. Ge Su168,285 – – – – 168,285 29 July 2012 to 27 July 2021HK$3.64 HK$4.73
葛蘇先生
二零一二年七月二十九日至3.64港元
4.73港元
二零二一年七月二十七日


Mr. Liu Shun Fai84,142 – – – – 84,142 29 July 2012 to 27 July 2021HK$3.64 HK$4.73
廖舜輝先生
二零一二年七月二十九日至3.64港元
4.73港元
二零二一年七月二十七日


Sub-total252,427 – – – – 252,427

小計


Employees (other than Directors) 1,542,522 – – – – 1,542,522 29 July 2012 to 27 July 2021HK$3.64 HK$4.73
in aggregate
僱員總計(董事除外)
二零一二年七月二十九日至3.64港元
4.73港元
二零二一年七月二十七日


Total
1,794,949 – – – – 1,794,949

合計


Notes:
附註:


1.
The vesting period of share options was between 29 July 2012 and 29 1. 購股權的歸屬期為二零一二年七月二十九日至
July 2015 and as at 30 June 2020, all of the share options were fully 二零一五年七月二十九日,且截至二零二零年
vested to the grantees. 六月三十日,所有購股權均已悉數歸屬於承授
人。



2.
The exercise price of the share options was reduced from HK$4.72 per 2. 根據本公司於二零一三年六月十三日舉行之股
share to HK$3.64 per share pursuant to the resolution passed at the 東週年大會上通過之決議案,購股權的行使價
annual general meeting of the Company held on 13 June 2013. 由原來的每股4.72港元調低至每股3.64港元。


DISCLOSURE UNDER RULE 13.21 OF THE
LISTING RULES

Pursuant to the facilities agreement dated 13 February 2017
(the “Facilities Agreement”) entered into, among other parties,
the Company as borrower, two subsidiaries of the Company as
guarantors, and various financial institutions as agent, arrangers,
security trustee and lenders, a term loan facility of HK$1,150,000,000
(the “Facility A Loan”) and a revolving loan facility of HK$450,000,000
(the “Facility B Loan”, together with the Facility A Loan, the “Loan
Facilities”) were made available to the Company. The Facility A
Loan was repayable in its entirety on the day which is 36 months
from the date of the Facilities Agreement. The Facility B Loan was
repayable at the last day of its interest period, being one, two or
three months or any other period agreed between the Company
and the facility agent provided that it shall not extend beyond
36 months from the date of the Facilities Agreement. The Loan
Facilities had been used to refinance the HK$2.6 billion term and
revolving credit facilities made available to the Company in 2014
in full and thereafter finance the general corporate purposes of the
Company. A similar three-year term loan facility of HK$400,000,000
was also made available to the Company in December 2017 for
settlement of the consideration payable by the Company in relation
to the acquisition of the entire issued share capital of Outstanding
Viewpoint Limited. Facility A Loan has been renewed for an
additional one year repayable in December 2020 and Facility B Loan
has been fully repaid.

If at any time, among other matters, either (i) any person or group
of persons acting in concert hold more voting share capital of the
Company than Amcor Limited; or (ii) without limitation to (i) above,
Amcor Limited fails to maintain its beneficial ownership, direct
or indirect, of not less than: (aa) thirty five per cent (35%) of the
shareholding of the Company or (bb) only in the event of dilution
in Amcor Limited’s shareholding due to any share placements by
the Company, twenty five per cent (25%) of the shareholding of the
Company, it will constitute an event of default as a result of which
all or any part of the commitments under the loan facilities may be
cancelled and all amounts outstanding under the loan facilities may
immediately become due and payable.

根據上市規則第13.21條作出披


根據本公司(作為借款人)、本公司兩間附屬
公司(作為擔保人)與多家金融機構(作為代
理人、安排人、擔保受託方及借款人)於二零
一七年二月十三日訂立之融資協議(「融資協
議」),本公司獲提供1,150,000,000港元之定期
貸款融資(「融資A貸款」)及450,000,000港元之
循環貸款融資(「融資B貸款」,連同融資A貸款
統稱「貸款融資」)。融資A貸款須由融資協議
日期起36個月屆滿當日悉數償還。融資B貸款
項下各貸款須於計息期(即一個、兩個或三個
月或本公司與融資代理人協定之任何其他期
間)之最後一天償還,惟計息期不得超過融資
協議日期起計36個月。貸款融資已用於為本
公司於二零一四年獲授之定期及循環貸款融資
2,600,000,000港元再融資,其後用作本公司之
一般企業用途。一筆金額為400,000,000港元之
同類型三年定期貸款融資已於二零一七年十二
月授予本公司,將用於結算本公司就收購萃觀
有限公司全部已發行股本應付之代價。融資A
貸款已額外延長一年(於二零二零年十二月到
期償還),而融資B貸款已全額償還。


除其他事項外,倘於任何時間,發生下列事件
其中一項:(i)任何人士或一組一致行動人士持
有之本公司具投票權股本超過Amcor Limited所
持有者;或(ii)不限於上文(i)項所述,(aa)Amcor
Limited未能直接或間接維持實益擁有本公司不
少於百分之三十五
(35%)股權或
(bb)倘僅因本公
司進行任何配股而令Amcor Limited之股權攤
薄,Amcor Limited未能直接或間接維持實益擁
有本公司不少於百分之二十五(25%)股權,即
屬違約,在此情況下,貸款融資之全部或任何
部份承諾可能取消,而貸款融資之所有尚未償
還金額將可能即時到期償還。




On 12 August 2020, the parties to the Facilities Agreement have
entered into a facilities agreement (the “2020 Facilities Agreement”)
pursuant to which loan facilities in the aggregate principal amount
of HK$1,350,000,000 was made available to the Company for the
purpose of refinancing the Company’s existing loan facilities.
Details of the 2020 Facilities Agreement are set out in note 18
to the condensed consolidated interim financial statements. The
2020 Facilities Agreement contains covenants relating to specific
performance of Amcor Plc which are substantially the same as the
covenants under the Facilities Agreement as disclosed above.

PURCHASE, SALE AND REDEMPTION OF THE
COMPANY’S SECURITIES

Neither the Company nor any of its subsidiaries purchased,
redeemed or sold any of the Company’s listed securities during the
Reporting Period.

COMPLIANCE WITH APPENDIX 10 OF THE
LISTING RULES

The Company has adopted a code of conduct regarding directors’
securities transactions on terms no less exacting than the required
standard of dealings as set out in Appendix 10 of the Listing Rules
throughout the Reporting Period. Having made specific enquiry of
all Directors, the Directors have confirmed that they have complied
with such code of conduct and required standard of dealings
throughout the Reporting Period.

COMPLIANCE WITH CORPORATE GOVERNANCE
CODE

The Company continues to be committed to achieving high
standards of corporate conduct and to place importance on its
corporate governance processes and systems so as to ensure
greater transparency, accountability and protection of shareholders’
interests.

The Board is of the view that the Company has met the code
provisions set out in the Corporate Governance Code contained in
Appendix 14 of the Listing Rules during the Reporting Period.

於二零二零年八月十二日,融資協議之訂約方
訂立一項融資協議(「二零二零融資協議」)。據
此,本公司獲提供本金總額為1,350,000,000港
元之貸款為本公司現有之貸款再融資。二零二
零融資協議之詳情載列於簡明綜合中期財務報
表附註18。二零二零融資協議載有與Amcor Plc
的一項有關特定履約之契諾,且與上述融資協
議下的契諾大概相同。


購買、出售及贖回本公司之上市
證券

於報告期間,本公司及其附屬公司概無購買、
贖回或出售本公司任何上市證券。


遵守上市規則附錄十

於整個報告期間內,本公司已採納一套有關董
事進行證券交易之行為守則,其條款不遜於
上市規則附錄十所載之規定交易標準。經向所
有董事作出具體查詢後,董事確認彼等於整個
報告期間內一直遵守該行為守則及規定交易標
準。


遵守企業管治常規守則

本公司持續致力達致高務實標準之企業操守,
且重視其企業管治程序及制度,以確保提高透
明度、問責性及保障股東利益。


董事會認為,本公司於報告期間已符合上市規
則附錄十四企業管治守則所載之守則條文。




RULES 3.101, 3.10A AND 3.21 OF THE
LISTING RULES

Following the resignation of Mr. Tay Ah Kee, Keith as an
independent non-executive director of the Company, the chairman
of the Nomination Committee of the Company and the Audit
Committee of the Company, and a member of the Remuneration
Committee and Corporate Governance Committee of the Company
on 16 December 2019, the Board had only two independent nonexecutive
directors. As a result, the number of independent nonexecutive
directors of the Board fell below the minimum number
prescribed under Rules 3.10(1), 3.10A and 3.21 of the Listing Rules
between 1 January 2020 and 15 March 2020 during the Reporting
Period. Such vacancy has been filled within the prescribed grace
period when Mr. Ching Yu Lung was appointed as an independent
non-executive director of the Company and a member of the Audit
Committee and the Remuneration Committee of the Company on
16 March 2020. With effect from 16 March 2020, the Company has
three independent non-executive directors, representing more than
one-third of the Board and the Audit Committee of the Company
also comprises of three members as required under Rules 3.10(1),
3.10A and 3.21 of the Listing Rules.

上市規則第3.101條、第3.10A
條及第3.21條

緊隨二零一九年十二月十六日鄭基先生辭任本
公司獨立非執行董事、提名委員會及審核委
員會主席、薪酬委員會及企業管治委員會成員
後,董事會僅有兩(2)名獨立非執行董事。因
此,於報告期間內的二零二零年一月一日至二
零二零年三月十五日期間,董事會獨立非執行
董事人數低於上市規則第3.10(1)條、第3.10A
條及第3.21條項下的最低人數規定。於二零二
零年三月十六日,程如龍先生獲委任為本公司
獨立非執行董事、審核委員會及薪酬委員會成
員時,該空缺已於規定的寬限期內被填補。自
二零二零年三月十六日,本公司會已有三名獨
立非執行董事,佔董事會成員人數多於三分
之一,且審核委員會亦根據上市規則第3.10(1)
條、第3.10A條及第3.21條項規定下由三名成員
組成。




AUDIT COMMITTEE

The audit committee of the Company (the "Audit Committee")
comprises the three independent non-executive Directors, namely,
Mr. Au Yeung Tin Wah, Ellis (Chairman of the Audit Committee), Mr.
Oh Choon Gan, Eric and Mr. Ching Yu Lung. The Audit Committee
has reviewed the accounting principles and practices adopted by
the Company and discussed internal control and financial reporting
matters with senior management relating to the preparation of
the unaudited condensed consolidated financial statements of the
Group for the Reporting Period. There is no disagreement raised
by the Audit Committee on the accounting treatment adopted
by the Company. The interim results for the Reporting Period
are unaudited but certain agreed-upon procedures have been
performed by the auditor of the Company in accordance with
Hong Kong Standard on Related Services 4400 “Engagements to
Perform Agreed-upon Procedures Regarding Financial Information”
issued by the Hong Kong Institute of Certified Public Accountants
(the “HKICPA”) at the request of the Audit Committee. The agreedupon
procedures performed by the auditor did not constitute
an assurance engagement performed in accordance with Hong
Kong Standards on Auditing, Hong Kong Standards on Review
Engagements or Hong Kong Standards on Assurance Engagements
issued by the HKICPA and the auditor does not express any
assurance on the interim results of the Company. The findings on
the aforementioned “agreed-upon procedures” have been taken
into consideration by the Audit Committee in its review of the
interim results of the Company for the Reporting Period, which
have been approved by the Board on 28 August 2020 prior to its
issuance.

By order of the Board

AMVIG Holdings Limited
Chan Chew Keak, Billy

Non-executive Chairman

Hong Kong, 28 August 2020

審核委員會

本公司審核委員會(「審核委員會」)由三名獨
立非執行董事組成,包括歐陽天華先生(審核
委員會主席)、胡俊彥先生及程如龍先生。審
核委員會已審閱本公司所採納之會計原則及實
務,並已與編製報告期間之本集團未經審核簡
明綜合財務報表有關之高級管理人員討論內部
監控及財務匯報事項。審核委員會並無對本公
司採納之會計處理方式有任何異議。報告期間
之中期業績為未經審核,但應審核委員會之要
求,本公司核數師已根據香港會計師公會(「香
港會計師公會」)頒佈之香港相關服務準則第
4400號「接受委聘進行有關財務資料的協定程
序」進行若干協定程序。核數師進行之協定程
序並不構成香港會計師公會所頒佈之香港核數
準則、香港審閱工作準則或香港核證工作準則
所指之受委聘進行核證,故核數師並不就本公
司之中期業績作出任何保證。審核委員會於審
閱報告期間之本公司中期業績時,已考慮上述
「協定程序」之結果,有關業績亦經由董事會於

二零二零年八月二十八日批准刊發。


承董事會命

澳科控股有限公司

非執行主席

曾照傑

香港,二零二零年八月二十八日



RESULTS

The Board is pleased to announce the unaudited condensed
consolidated financial results of the Group for the Reporting Period
together with the comparative figures for the corresponding period
in 2019 as follows:

CONDENSED CONSOLIDATED STATEMENT
OF PROFIT OR LOSS

For the six months ended 30 June 2020

業績

董事會欣然公佈本集團於報告期間之未經審核
簡明綜合財務業績連同二零一九年同期之比較
數字如下:

簡明綜合損益表

截至二零二零年六月三十日止六個月


For the six months ended 30 June

截至六月三十日止六個月


2020 2019
二零二零年二零一九年
(Unaudited) (Unaudited)
(未經審核)(未經審核)
Note HK$’ 000 HK$’ 000
附註千港元千港元


Turnover營業額
3 1,132,503 1,181,497
Cost of goods sold銷售成本
(811,289) (815,285)

Gross profit毛利
321,214 366,212
Other income其他收入
4 22,743 32,582
Selling and distribution costs銷售及分銷開支
(24,902) (33,571)
Administrative expenses行政開支
(81,726) (77,739)
Other operating expenses其他經營開支
5 (29,466) (2,408)
Finance costs融資成本
6 (25,483) (40,945)
Share of profit of associates應佔聯營公司溢利
5,921 41,542

Profit before tax稅前溢利
7 188,301 285,673
Income tax expenses所得稅開支
8 (48,879) (69,165)

Profit for the period本期間溢利
139,422 216,508

Attributable to:以下各方應佔:
– Owners of the Company-本公司擁有人
112,597 187,844
– Non-controlling interests-非控制性權益
26,825 28,664

139,422 216,508

Earnings per share每股盈利
– basic (HK cents)-基本(港仙)
9a 12.1 20.2
– diluted (HK cents)-攤薄(港仙)
9b N/A不適用
N/A不適用


CONDENSED CONSOLIDATED STATEMENT
OF PROFIT OR LOSS (continued)

For the six months ended 30 June 2020

Reconciliation of underlying profit attributable to owners of the
Company:

簡明綜合損益表(續)

截至二零二零年六月三十日止六個月
本公司擁有人應佔基礎溢利的對賬:


For the six months ended 30 June

截至六月三十日止六個月


2020 2019
二零二零年二零一九年
(Unaudited)(Unaudited)
(未經審核)
(未經審核)
Note HK$’ 000 HK$’ 000
附註千港元千港元


Profit attributable to owners of 本公司擁有人應佔溢利
the Company (as above)(如上文所述)
112,597 187,844
Constant currency variance1固定貨幣差異1 6,593 –
Add/(Less): Exchange loss/(gain)加╱(減):匯兌虧損

(收益)
26,380 (3,226)

Underlying profit attributable 本公司擁有人應佔基礎
to owners of the Company溢利
145,570 184,618

Underlying basic earnings 基礎每股基本盈利(港仙)
per share (HK cents)9c 15.7 19.9


1 The constant currency variance was calculated by translating the 1 固定貨幣差異是透過把報告期間的業績按前一
Reporting Period’s results from RMB into HK dollars at the average 個對應期間之平均匯率由人民幣轉換成港幣而
exchange rates applicable in the prior corresponding period. 得出。




CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME

For the six months ended 30 June 2020

簡明綜合損益及其他全面收益表

截至二零二零年六月三十日止六個月


For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Profit for the period本期間溢利
139,422 216,508

Other comprehensive income:

Items that may be reclassified to
profit or loss:
Exchange differences on translating
foreign operationsShare of other comprehensive
income of associatesCash flow hedgesChange in fair value of hedging
instruments arising during
the periodReclassification adjustments
for losses relating to the
hedging instruments included
in profit or loss

其他全面收益:


可能重新分類至損益之項目:
換算外地業務之匯兌差額
應佔聯營公司之其他全面收益
現金流量對沖


期內產生之對沖工具
之公平值變動
計入損益有關對沖工具
之虧損之重新分類調整


(63,111) (9,145)
(14,550) (656)
– (798)
– 8,246
– 7,448
Other comprehensive income 本期間其他全面收益
for the period, net of tax(已扣除稅項)
(77,661) (2,353)


Total comprehensive income 本期間全面收益總額
for the period61,761 214,155

Attributable to:以下各方應佔:
– Owners of the Company-本公司擁有人
40,507 186,178
– Non-controlling interests-非控制性權益
21,254 27,977

61,761 214,155


CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合財務狀況表
FINANCIAL POSITION

At 30 June 2020 於二零二零年六月三十日


30 June 2020 31 December 2019

二零二零年二零一九年
六月三十日十二月三十一日


(Unaudited) (Audited)

(未經審核)(經審核)


Note HK$’ 000 HK$’ 000

附註千港元千港元


ASSETS資產
Non-current assets非流動資產
Property, plant and equipment物業、廠房及設備
11 826,352 854,361
Right-of-use assets使用權資產
182,275 185,900
Goodwill商譽
2,510,702 2,559,487
Interests in associates於聯營公司之權益
750,753 762,579
Other non-current assets其他非流動資產
14,071 16,755

Total non-current assets非流動資產總額
4,284,153 4,379,082

Current assets流動資產
Inventories存貨
409,411 383,759
Trade and other receivables貿易及其他應收款項
12 639,091 603,296
Contract assets合約資產
5,392 1,257
Prepayments and deposits預付款項及按金
19,392 21,298
Current tax assets本期稅項資產
8,333 16,755
Pledged bank deposits已抵押銀行存款
4,933 6,970
Bank and cash balances銀行及現金結餘
1,208,492 1,173,482

Total current assets流動資產總額
2,295,044 2,206,817

TOTAL ASSETS資產總額
6,579,197 6,585,899

EQUITY權益
Capital and reserves股本及儲備
Share capital股本
13 9,290 9,290
Reserves儲備
3,730,695 3,740,357

Equity attributable to owners 本公司擁有人應佔權益


of the Company3,739,985 3,749,647
Non-controlling interests非控制性權益
287,233 292,062

Total equity權益總額
4,027,218 4,041,709


CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合財務狀況表(續)
FINANCIAL POSITION (continued)

At 30 June 2020 於二零二零年六月三十日


30 June 2020 31 December 2019

二零二零年二零一九年
六月三十日十二月三十一日


(Unaudited) (Audited)

(未經審核)(經審核)


Note HK$’ 000 HK$’ 000

附註千港元千港元


LIABILITIES負債
Non-current liabilities非流動負債
Lease liabilities租賃負債
5,712 4,810
Deferred tax liabilities遞延稅項負債
20,785 25,450

Total non-current liabilities非流動負債總額
26,497 30,260

Current liabilities流動負債
Trade and other payables貿易及其他應付款項
14 949,921 956,838
Contract liabilities合約負債
3,498 1,430
Current tax liabilities本期稅項負債
18,655 3,709
Bank borrowings銀行借款
1,548,983 1,549,091
Lease liabilities租賃負債
4,425 2,862

Total current liabilities流動負債總額
2,525,482 2,513,930

Total liabilities負債總額
2,551,979 2,544,190

TOTAL EQUITY AND LIABILITIES權益及負債總額
6,579,197 6,585,899

Net current liabilities流動負債淨值
(230,438) (307,113)

Total assets less current liabilities資產總值減流動負債
4,053,715 4,071,969


CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合權益變動表
CHANGES IN EQUITY
For the six months ended 30 June 2020 截至二零二零年六月三十日止六個月


Unaudited

未經審核


Attributable to owners of the Company

本公司擁有人應佔


Employee Foreign
share-based currency Non-
Share Share Special compensation Hedging translation Revaluation Statutory Retained controlling Total
capital premium reserve reserve reserve reserve reserve reserves profits Total interests equity
以股份支付之外幣非控制性
股本股份溢價特別儲備僱員酬金儲備對沖儲備兌換儲備重估儲備法定儲備保留溢利總額權益權益總額
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元


At 1 January 2020於二零二零年一月一日
9,290 2,517,392 (841,031) 2,489 – 241,111 8,010 227,778 1,584,608 3,749,647 292,062 4,041,709

Total comprehensive income 本期間全面收益總額


for the period– – – – – (72,090) – – 112,597 40,507 21,254 61,761
Dividends declared for 2019 宣派二零一九年股息

(Note 10)(附註10)
– – – – – – – – (50,169) (50,169) – (50,169)
Dividends paid to non-controlling 支付給非控股股東的

shareholder股息
– – – – – – – – – – (26,083)(26,083)

Changes in equity for the period本期間權益變動
– – – – – (72,090) – – 62,428 (9,662) (4,829) (14,491)

At 30 June 2020於二零二零年六月三十日
9,290 2,517,392 (841,031) 2,489 – 169,021 8,010 227,778 1,647,036 3,739,985 287,233 4,027,218


CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合權益變動表(續)
CHANGES IN EQUITY (continued)
For the six months ended 30 June 2019 截至二零一九年六月三十日止六個月


Unaudited

未經審核


Attributable to owners of the Company

本公司擁有人應佔


Employee Foreign
share-based currency Non-
Share Share Special compensation Hedging translation Revaluation Statutory Retained controlling Total
capital premium reserve reserve reserve reserve reserve reserves profits Total interests equity
以股份支付之外幣非控制性
股本股份溢價特別儲備僱員酬金儲備對沖儲備兌換儲備重估儲備法定儲備保留溢利總額權益權益總額
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元


At 1 January 2019於二零一九年一月一日
9,290 2,517,392 (841,031) 2,489 (18,002) 314,899 8,010 205,967 1,464,976 3,663,990 324,773 3,988,763

Total comprehensive income 本期間全面收益總額


for the period– – – – 7,448 (9,114) – – 187,844 186,178 27,977 214,155
Transfer from retained profits轉移自保留溢利
– – – – – – –22,186(22,186) – – –
Dividends declared for 2018 宣派二零一八年股息

(Note 10)(附註10)
– – – – – – – – (59,459) (59,459) – (59,459)
Dividends paid to non-controlling 支付給非控股股東的

shareholder股息
– – – – – – – – – – (19,314)(19,314)

Changes in equity for the period本期間權益變動
– – – – 7,448 (9,114) – 22,186 106,199 126,719 8,663 135,382

At 30 June 2019於二零一九年六月三十日
9,290 2,517,392 (841,031) 2,489 (10,554) 305,785 8,010 228,153 1,571,175 3,790,709 333,436 4,124,145


CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合現金流量表
CASH FLOWS

For the six months ended 30 June 2020 截至二零二零年六月三十日止六個月


For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


CASH GENERATED FROM OPERATIONS經營業務產生之現金
161,340 87,756
Income tax, withholding tax and interest paid已付所得稅,預扣稅及利息
(30,013) (80,913)

NET CASH GENERATED FROM 經營活動產生之現金淨額
OPERATING ACTIVITIES131,327 6,843
NET CASH USED IN INVESTING ACTIVITIES投資活動使用之現金淨額
(21,159) (1,914)
NET CASH USED IN FINANCING ACTIVITIES融資活動使用之現金淨額
(53,813) (342,285)

NET INCREASE/(DECREASE) IN CASH 現金及現金等價物的增加

AND CASH EQUIVALENTS(減少)淨額
56,355 (337,356)
Effect of foreign exchange rate changes匯率變動之影響
(21,345) (959)
CASH AND CASH EQUIVALENTS 於期初之現金及現金等價物
AT BEGINNING OF PERIOD1,173,482 1,271,675

CASH AND CASH EQUIVALENTS 於期末之現金及現金等價物
AT END OF PERIOD1,208,492 933,360

ANALYSIS OF CASH AND CASH 現金及現金等價物之分析
EQUIVALENTSBank and cash balances銀行及現金結餘
1,208,492 932,466
Bank and cash balances included in assets 計入分類為持作出售的資產
classified as held for sale的銀行及現金結餘
– 894

1,208,492 933,360


1. BASIS OF PREPARATION
These condensed consolidated financial statements have been
prepared in accordance with Hong Kong Accounting Standard
34 “Interim Financial Reporting” (“HKAS 34”) issued by the
Hong Kong Institute of Certified Public Accountants (“HKICPA”)
and the applicable disclosures required by the Rules (“the
Listing Rules”) Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”).

The preparation of an interim financial report in conformity
with HKAS 34 requires management to make judgments,
estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income
and expenses on a year to date basis. Actual results may differ
from these estimates.

This interim financial report contains condensed consolidated
financial statements and selected explanatory notes. The notes
include an explanation of events and transactions that are
significant to an understanding of the changes in the financial
position and performance of the Group since the annual
financial statements for the year ended 31 December 2019.
The condensed consolidated financial statements and notes
thereon do not include all of the information required for full
set of financial statements prepared in accordance with Hong
Kong Financial Reporting Standards (“HKFRSs”, which term
collectively includes Hong Kong Financial Reporting Standards,
Hong Kong Accounting Standards and Interpretations).

1. 編製基準
簡明綜合財務報表已根據香港會計師公會

(「香港會計師公會」)頒佈之香港會計準則
第34號「中期財務報告」(「香港會計準則
第34號」)及香港聯合交易所有限公司證券
上市規則(「上市規則」)規定之適用披露規
定而編製。


按照香港會計準則第34號編製中期財務報
告需要管理層作出判斷、估計及假設,該
等判斷、估計及假設影響政策之應用,以
及按本期間截至報告日期為止基準呈列之
資產及負債、收入及開支之報告金額。實
際結果可能與估計有差異。


中期財務報告包括簡明綜合財務報表及附
註摘要。該等附註包括對理解本集團自截
至二零一九年十二月三十一日止年度之年
度財務報表以來之財務狀況變動及表現有
重大影響之事件及交易之說明。簡明綜合
財務報表及其附註並不包括根據香港財務
報告準則(「香港財務報告準則」,該詞共
同地包括香港財務報告準則、香港會計準
則及詮釋)編製之完整財務報表之全部必
需資料。




2. PRINCIPAL ACCOUNTING POLICIES
These condensed consolidated financial statements should be
read in conjunction with the 2019 annual financial statements.
The accounting policies and methods of computation adopted
in the preparation of these condensed consolidated financial
statements are consistent with those used in the preparation
of the audited financial statements of the Group for the year
ended 31 December 2019. In the current period, the Group
has adopted all the new and revised HKFRSs issued by the
HKICPA that are relevant to its operations and effective for its
accounting year beginning on 1 January 2020. The adoption
of these new and revised HKFRSs did not have any significant
effect on the condensed consolidated financial statements for
the current and/or prior accounting periods.

The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not
yet effective.

2. 主要會計政策
此等簡明綜合財務報表須與二零一九年之
年度財務報表一併閱覽。編製此等簡明綜
合財務報表所採用之會計政策及計算方法
與編製本集團截至二零一九年十二月三十
一日止年度之經審核財務報表所採用者一
致。於本期間內,本集團採用香港會計師
公會頒佈之與其業務有關並於二零二零年
一月一日開始的會計年度生效的所有新訂
及經修訂香港財務報告準則。採用該等新
訂及經修訂香港財務報告準則對本期及

或以往會計期間的簡明綜合財務報表並無
任何重大影響。


本集團並無提早採用任何其他已頒佈但尚
未生效之準則、詮釋或修訂。




3. TURNOVER 3. 營業額
Segment information 分部資料

Information about reportable segment profit or loss, assets and 可呈報分部損益、資產及負債之資料:
liabilities:

Manufacturing Manufacturing

Printing of Printing of of transfer of transfer
cigarette cigarette paper and paper and
packages packages laser film laser film Total Total

轉移紙及轉移紙及
卷煙包裝印刷卷煙包裝印刷鐳射膜製造鐳射膜製造總額總額


For the six months ended 30 June For the six months ended 30 June For the six months ended 30 June

截至六月三十日止六個月截至六月三十日止六個月截至六月三十日止六個月


2020 2019 2020 2019 2020 2019

二零二零年二零一九年二零二零年二零一九年二零二零年二零一九年


(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

(未經審核)(未經審核)(未經審核)(未經審核)(未經審核)(未經審核)


HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000

千港元千港元千港元千港元千港元千港元


Revenue from external 來自外部客戶之
customers收益
1,122,515 1,172,862 9,988 8,635 1,132,503 1,181,497
Segment profit/(loss)分部溢利
╱(虧損)
222,022 301,885 670 (360) 222,692 301,525

30 June 2020 31 December 2019 30 June 2020 31 December 2019 30 June 2020 31 December 2019

二零二零年二零一九年二零二零年二零一九年二零二零年二零一九年
六月三十日十二月三十一日六月三十日十二月三十一日六月三十日十二月三十一日


(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
(未經審核)(經審核)(未經審核)(經審核)(未經審核)(經審核)
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元千港元千港元千港元千港元千港元


Segment assets分部資產
3,350,985 3,481,367 55,961 55,960 3,406,946 3,537,327
Segment liabilities分部負債
(902,742) (947,323) (1,864) (1,492) (904,606) (948,815)


3. TURNOVER (continued) 3. 營業額(續)
Segment information (continued)
Reconciliation of reportable segment profit or loss:
分部資料(續)
可呈報分部損益之對帳:
For the six months ended 30 June
截至六月三十日止六個月
2020
二零二零年
(Unaudited)
(未經審核)
HK$’ 000
千港元
2019
二零一九年
(Unaudited)
(未經審核)
HK$’ 000
千港元


Profit or loss損益
Total profit or loss of reportable segments可呈報分部損益總額
222,692 301,525
Other profit or loss其他損益
(83,270) (85,017)

Consolidated profit for the period本期間之綜合溢利
139,422 216,508

4. OTHER INCOME 4. 其他收入
For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Gain on sales of scrapped materials銷售廢料之收益
1,498 2,687
Net exchange gain匯兌收益淨額
– 3,226
Interest income利息收入
9,401 8,810
Government grants and 已收政府津貼
compensation received及補償
2,454 3,977
Subcontracting fee income分包費用收入
6,454 11,425
Sundry income雜項收入
2,936 2,457

22,743 32,582


5. OTHER OPERATING EXPENSES 5. 其他經營開支
For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Net exchange loss匯兌虧損淨額
26,380 –
Loss on disposals of property, 出售物業、廠房及設備
plant and equipment之虧損
2,518 512
Other expenses其他開支
568 1,896

29,466 2,408

6. FINANCE COSTS 6. 融資成本
For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Interest on bank borrowings銀行借款利息
25,306 40,150
Interest on lease liabilities租賃負債利息
177 795

25,483 40,945


7. PROFIT BEFORE TAX 7. 稅前溢利
The Group’s profit before tax is stated after (crediting)/charging
the following:
本集團之稅前溢利已(計入)╱扣除以下項
目:
For the six months ended 30 June
截至六月三十日止六個月
2020
二零二零年
(Unaudited)
(未經審核)
HK$’ 000
千港元
2019
二零一九年
(Unaudited)
(未經審核)
HK$’ 000
千港元


Interest income利息收入
(9,401) (8,810)
Staff costs including Directors’員工成本包括董事酬金
emoluments135,820 126,388
Cost of inventories sold銷售存貨成本
811,289 815,285
Depreciation and amortisation折舊及攤銷
52,588 43,347
Loss on disposal of property, 出售物業、廠房及設備之
plant and equipment虧損
2,518 512


8. INCOME TAX EXPENSES 8. 所得稅開支
For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


People’s Republic of China (“PRC”) 中華人民共和國(「中國」)
corporate income tax and 企業所得稅及預扣稅項
withholding tax
– current-即期
55,983 77,707
– overprovision in prior year-上年度撥備超額
(1,368) (2,771)
Other deferred tax其他遞延稅項
(5,736) (5,771)

No provision for Hong Kong Profits Tax has been made as the
Group had no assessable profit in Hong Kong.

The provision for the PRC income tax is calculated based
on the statutory income tax rates according to the relevant
income tax laws and regulations in the PRC.

48,879 69,165

由於本集團在香港並無應課稅溢利,故並
無就香港利得稅作出撥備。


中國所得稅乃根據中國有關所得稅法律和
法規按法定所得稅稅率計提撥備。




9. EARNINGS PER SHARE 9. 每股盈利
(a) Basic earnings per share is calculated based on the Group’s (a) 每股基本盈利乃按報告期間本公司
unaudited profit attributable to owners of the Company 擁有人應佔本集團未經審核溢利
for the Reporting Period of approximately HK$112,597,000 約112,597,000港元(二零一九年:
(2019: HK$187,844,000) and the weighted average number 187,844,000港元)及報告期間內已發
of approximately 929,047,000 ordinary shares in issue 行普通股之加權平均數約929,047,000during the Reporting Period (2019: 929,047,000 ordinary 股(二零一九年:929,047,000股普通
shares). 股)計算。

(b) No diluted earnings per share are presented as the (b) 因購股權行使價高於截至二零二零年
Company did not have any potentially dilutive ordinary 及二零一九年六月三十日止六個月本
shares as the exercise price of the share options are higher 公司股份之平均市價使得本公司無任
than the average market price of the Company’s shares for 何潛在攤薄普通股,因此並無呈列每
the six months ended 30 June 2020 and 2019. 股攤薄盈利。

(c) Underlying basic earnings per share is calculated based (c) 基礎每股基本盈利乃按報告期間本公
on the Group’s unaudited underlying profit attributable 司擁有人應佔本集團未經審核基礎溢
to owners of the Company, on a constant currency basis, 利(按固定貨幣基準)
145,570,000港
for the Reporting Period of approximately HK$145,570,000 元(二零一九年:
184,618,000港元)
(2019: HK$184,618,000) and the weighted average number 及報告期間內已發行普通股之加權平
of approximately 929,047,000 ordinary shares in issue 均數約
929,047,000股(二零一九年:
during the Reporting Period (2019: 929,047,000 ordinary 929,047,000股普通股)計算。

shares).


10. DIVIDENDS 10.股息
(a) Dividends attributable to the interim period: (a) 中期期間應佔股息:
For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Interim dividend of HK6 cents 宣派中期股息每股6港仙
per share declared (二零一九年:8.1港仙)
(2019: HK8.1 cents)55,743 75,253
Special dividend of Nil per share 宣派特別股息每股零港仙
declared (2019: HK4 cents)(二零一九年:4港仙)
– 37,162

55,743 112,415

The interim dividend for the Reporting Period has not 報告期間之中期股息於期末並無確認
been recognised as a liability at the end of the period. 為負債。




10. DIVIDENDS (continued) 10.股息(續)
(b) Dividends attributable to the previous financial year: (b) 上個財政年度應佔股息:
For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Final dividend in respect of the
financial year ended 31 December
2019, approved but not yet paid during
the interim period, of HK5.4 cents
per share (2019: HK6.4 cents per
share in respect of the financial year
ended 31 December 2018, approved
and paid during the interim period)

已批准但尚未於中期期

間派付之二零一九年

十二月三十一日止財

政年度之末期股息每

股5.4港仙(二零一九

年:截至二零一八年

十二月三十一日止財

政年度每股6.4港仙,

已批准並已於中期期

間派付)
50,169 59,459

11.PROPERTY, PLANT AND EQUIPMENT 11.物業、廠房及設備
The Group spent approximately HK$30,352,000 on the 本集團之在建工程開支約為30,352,000港
construction in progress, and approximately HK$10,200,000 in 元,而就提升其生產設施將約10,200,000additions to its existing manufacturing plant for additions to 港元用於現有生產廠房的添置。

and upgrading of its manufacturing facilities.


12.TRADE AND OTHER RECEIVABLES

The general credit terms of the Group granted to its trade
customers range from one month to three months. The
Group seeks to maintain strict control over its outstanding
receivables. Overdue balances are reviewed regularly by the
senior management. An aging analysis of trade receivables,
based on the invoice date, net of allowances, is as follows:

12.貿易及其他應收款項
本集團給予其貿易客戶之賒帳期一般介乎
一至三個月。本集團致力持續嚴格控制未
償還應收款項。高級管理層定期審查過期
結餘。貿易應收款項(按發票日期及扣除
撥備)之帳齡分析如下:


30 June 2020 31 December 2019

二零二零年二零一九年

六月三十日十二月三十一日


(Unaudited) (Audited)

(未經審核)(經審核)


HK$’ 000 HK$’ 000

千港元千港元


Current to 30 days即期至30日
232,547 247,561
31 to 90 days 31至90日
195,786 196,383
Over 90 days超過90日
56,408 15,512

Trade receivables貿易應收款項
484,741 459,456
Bills receivables應收票據
27,613 15,272
Other receivables – associates其他應收款項-聯營公司
62,179 63,391
Other receivables – others其他應收款項-其他
64,558 65,177

639,091 603,296


13. SHARE CAPITAL 13.股本
Number of shares
股份數目
’ 000
千股
Amount
金額
HK$’ 000
千港元


Authorised:法定:
Ordinary shares of HK$0.01 each每股面值0.01港元之普通股
At 31 December 2019 (audited) 於二零一九年十二月三十一日
and 30 June 2020 (unaudited) (經審核)及二零二零年
六月三十日(未經審核)
2,000,000 20,000

Issued and fully paid:已發行及繳足:
Ordinary shares of HK$0.01 each每股面值0.01港元之普通股
At 1 January 2019, 31 December 2019 二零一九年一月一日,
(audited) and 30 June 2020 (unaudited)二零一九年十二月三十一日
(經審核)及二零二零年
六月三十日(未經審核)
929,047 9,290

14.TRADE AND OTHER PAYABLES 14.貿易及其他應付款項
An aging analysis of trade payables, basedinvoices, is as follows:
on the date of 貿易應付款項(按發票日期)之帳齡分析如
下:
30 June 2020
二零二零年
六月三十日
(Unaudited)
(未經審核)
HK$’ 000
千港元
31 December 2019
二零一九年
十二月三十一日
(Audited)
(經審核)
HK$’ 000
千港元


Current to 30 days即期至30日
210,071 254,315
31 to 90 days 31至90日
233,936 226,823
Over 90 days超過90日
146,511 146,627

Trade payables貿易應付款項
590,518 627,765
Bills payables應付票據
152,262 135,273
Dividend payable應付股息
50,169 –
Other payables其他應付款項
156,972 193,800

949,921 956,838


15.RELATED PARTY TRANSACTIONS 15.關連人士交易
During the period, the Group had the following material 於期內,本集團曾進行以下重大關連人士
related party transactions: 交易:

For the six months ended 30 June

截至六月三十日止六個月


2020 2019

二零二零年二零一九年


(Unaudited) (Unaudited)

(未經審核)(未經審核)


HK$’ 000 HK$’ 000

千港元千港元


Purchases from associates向聯營公司採購
95,413 102,049

Note:
The purchases from associates were made under normal
commercial terms.

During the Reporting Period, Directors’ emoluments (excluding
employee share-based compensation benefits) were
approximately HK$5,105,000 (2019: HK$5,472,000). Employee
share-based compensation benefits of the Directors were nil
(2019: nil).

附註:向聯營公司所作採購乃根據一般商業條
款進行。


於報告期間,董事酬金(不包括以股份
支付之僱員酬金福利)約為5,105,000港元

(二零一九年:5,472,000港元)。概無以股
份支付予董事之僱員酬金福利(二零一九
年:無)。




15.RELATED PARTY TRANSACTIONS (continued) 15.關連人士交易(續)
At the end of the Reporting Period, the following balances with 於報告期末,下列關連人士之結餘列入:
related parties were included in:

30 June 2020 31 December 2019

二零二零年二零一九年

六月三十日十二月三十一日


(Unaudited) (Audited)

(未經審核)(經審核)


HK$’ 000 HK$’ 000

千港元千港元


Trade and other receivables:貿易及其他應收款項:
Associates聯營公司
62,189 63,391
Trade and other payables:貿易及其他應付款項:
Associates聯營公司
28,095 52,555

The amounts due from/to associates are unsecured, interest-應收
╱應付聯營公司款項為無抵押、免息
free and have no fixed terms of repayment. 及無固定還款期限。



16. CAPITAL COMMITMENTS 16.資本承擔
30 June 2020 31 December 2019

二零二零年二零一九年

六月三十日十二月三十一日


(Unaudited) (Audited)

(未經審核)(經審核)


HK$’ 000 HK$’ 000

千港元千港元


Contracted but not provided for:已訂約但未撥備:
Acquisition of property, plant and 購置物業、廠房及設備
equipment36,647 49,916


17. CONTINGENT LIABILITIES
At 30 June 2020, the Group did not have any significant
contingent liabilities (2019: Nil).

18.EVENT AFTER THE REPORTING PERIOD

On 12 August 2020, the Company as borrower, two
subsidiaries of the Company as guarantors, and various
financial institutions as agent, arrangers and lenders entered
into the 2020 Facilities Agreement pursuant to which a term
loan facility of HK$850,000,000 (the “2020 Facility A Loan”) and
a revolving loan facility of HK$500,000,000 (the “2020 Facility
B Loan”, together with the 2020 Facility A Loan, the “2020
Loan Facilities”) are made available to the Company. The 2020
Facility A Loan is repayable in its entirety on the day which
is 36 months from the date of the first utilisation of the 2020
Loan Facilities (the “Final Maturity Date”). If a 2020 Facility B
Loan is drawn, it is repayable on the last day of its interest
period, being either one, two or three months or any other
period agreed between the Company and the facility agent
provided that it shall not extend beyond the Final Maturity
Date. The 2020 Loan Facilities will be used to refinance the
Company’s existing loan facilities. The Company expects to
drawdown the Loan Facilities to fully repay the existing loan
facilities on 31 August 2020.

17.或然負債
於二零二零年六月三十日,本集團並無任
何重大或然負債(二零一九年:無)。



18.報告期後事項
本公司(作為借款人)、本公司兩間附屬公
司(作為擔保人)及多家金融機構(作為代
理人、安排人及貸款人)於二零二零年八
月十二日訂立融資協議(「二零二零年融資
協議」),本公司獲提供850,000,000港元之
定期貸款融資(「二零二零年融資A貸款」)
及500,000,000港元之循環貸款融資(「二零
二零年融資B貸款」,連同二零二零年融資
A貸款統稱「二零二零年貸款融資」)。二零
二零年融資A貸款須由首次使用二零二零
年貸款融資日期起計36個月屆滿當日(「最
終到期日」)悉數償還。倘二零二零年融資
B貸款被提取,則其須於計息期(即一個、
兩個或三個月或本公司與融資代理人協定
之任何其他期間)之最後一天償還,惟計
息期不得超過最終到期日。二零二零年貸
款融資將用於為本公司現有貸款融資進行
再融資。本公司預計將於二零二零年八月
三十一日提取貸款融資,以全額償還現有
貸款融資。




Room 601-602, 6th Floor, COFCO Tower,
262 Gloucester Road, Causeway Bay, Hong Kong
Tel: +852 2970 7000 Fax: +852 2970 7070
www.amvig.com



Design and Production by: Toppan Merrill Limited
Website: www.toppanmerrill.com



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