Silver Grant International HoldngsGrpLtd : INTERIM FINANCIAL REPORT 2019

CONTENTS 目錄

		Page
		頁次
Financial Highlights	財務摘要	2
Corporate Information	企業資料	4
Managing Director's Statements	董事總經理報告	6
Corporate Governance & Other Information	企業管治及其他資料	21
Report on Review of Condensed Consolidated Financial Statements	簡明綜合財務報表審閱報告	28
Condensed Consolidated Statement of Profit or Loss	簡明綜合損益表	30
Condensed Consolidated Statement of Profit or Loss	簡明綜合損益表及其他全面	32
and Other Comprehensive Income	收益表
Condensed Consolidated Statement of Financial Position	簡明綜合財務狀況表	33
Condensed Consolidated Statement of Changes in Equity	簡明綜合權益變動報表	35
Condensed Consolidated Statement of Cash Flows	簡明綜合現金流量表	36
Notes to the Condensed Consolidated Financial Statements	簡明綜合財務報表附註	37

Interim Financial Report 2019

中期財務報告 2019

1

FINANCIAL HIGHLIGHTS 財務摘要

		Six months ended 30 Jun
		截至 6 月 30 日止六個月
			Restated
			經重列
		2019	2018	Change
				變動
		HK$'m	HK$'m	%
		百萬港元	百萬港元	百分比
Profit for the period attributable to	本公司擁有人應佔期內溢利
Owners of the Company		46	143	(68%)
Total Assets	資產總值	11,444	11,933	(4%)
Equity Attributable to Owners	本公司擁有人應佔
of the Company	股本	6,768	7,186	(6%)
Bank Balances and Cash	銀行結餘及現金	483	651	(26%)
				Change
				變動
Key Performance and Liquidity	主要營運表現及財務	HK$	HK$	%
Indicators:	狀況指標：	港元	港元	百分比
Basic Earnings Per Share	每股基本盈利
(in HK cents)	（以港仙列示）	2.01	6.21	(68%)
Net Assets Per Share (Note 1)	每股資產淨值（附註1）	2.94	3.12	(6%)
Projected P/E Ratio (Note 1)	預期市盈率（附註1）	38.1x	13.8x	176%
Return on Capital Employed (Note 2)	股本回報率（附註2）	1.4%	4.0%	(65%)
Return on Total Assets (Note 3)	總資產回報率（附註3）	0.8%	2.4%	(67%)
Gearing Ratio (Note 4)	借貸比率（附註4）	29.3%	48.4%	(39%)
Adjusted Gearing Ratio (Note 5)	經調整借貸比率（附註5）	22.1%	27.8%	(21%)
Current Ratio (Note 6)	流動比率（附註6）	2.3x	1.3x	77%
Interest Coverage (Note 7)	利息償付比率（附註7）	2.7x	2.8x	(4%)

2

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

FINANCIAL HIGHLIGHTS 財務摘要

Notes:

1. Based on 2,304,849,611 shares issued and fully paid as at 30 June 2019 (2018: 2,304,849,611 shares) and the market closing price as at 30 June 2019 of HK$1.53 per share (as at 30 June 2018: HK$1.71 per share).

附註：

1. 基於2019 年6 月30 日已發行及已繳足股份

2,304,849,611 股（2018 年 ﹕2,304,849,611

股）及2019 年6 月30 日之收市價每股1.53 港元 （於2018 年6 月30 日：每股1.71 港元）計算所 得。

2.	Calculated as profit for the period attributable to owners of the Company	2.	以本公司擁有人應佔期內溢利乘以二除以本公
	times two over equity attributable to owners of the Company.		司擁有人應佔股本計算所得。
3.	Calculated as profit for the period attributable to owners of the Company	3.	以本公司擁有人應佔期內溢利乘以二除以資產
	times two over total assets.		總值計算所得。
4.	Calculated as total borrowings over equity attributable to owners of the	4.	以借貸總額除以本公司擁有人應佔股本計算所
	Company.		得。
5.	Calculated as net borrowings over equity attributable to owners of the	5.	以借貸淨額除以本公司擁有人應佔股本計算所
	Company.		得。

1. Calculated as current assets over current liabilities.
2. Calculated as profit for the period before finance costs and taxation over finance costs.

1. 以流動資產除以流動負債計算所得。
2. 以扣除財務費用及稅項前之期內溢利除以財務 費用計算所得。

Interim Financial Report 2019

中期財務報告 2019

3

CORPORATE INFORMATION 企業資料

BOARD OF DIRECTORS	董事會
The board (the "Board") of directors (the "Directors") of Silver Grant	於截至2019 年6 月30 日止六個月（「本期間」）以
International Holdings Group Limited (the "Company") during the six	及本中期財務報告日的銀建國際控股集團有限
months ended 30 June 2019 (the "Period") and as at the date of this	公司（「本公司」）董事（「董事」）會（「董事會」）呈
interim financial report are set out below:	列如下：
Executive directors	執行董事
Gao Jian Min (Managing Director)	高建民（董事總經理）
Liu Tianni (Deputy Managing Director)	劉天倪（副董事總經理）
(resigned on 29 January 2019)	（於2019 年1 月29 日辭任）
Ma Yilin	馬懌林
Huang Jiajue (appointed on 29 January 2019)	黃佳爵（於2019 年1 月29 日獲委任）
Luo Zhihai (appointed on 29 January 2019)	羅智海（於2019 年1 月29 日獲委任）
Non-executive directors	非執行董事
Chu Hing Tsung (Chairman) (appointed on 29 January 2019)	朱慶凇（主席）（於2019 年1 月29 日獲委任）
Luo Zhenhong (Chairman) (resigned on 29 January 2019)	羅振宏（主席）（於2019 年1 月29 日辭任）
Hui Xiao Bing (Vice Chairman) (resigned on 29 January 2019)	惠小兵（副主席）（於2019 年1 月29 日辭任）
Chen Qiming (Vice Chairman) (resigned on 29 January 2019)	陳啓明（副主席）（於2019 年1 月29 日辭任）
Chen Zhiwei (appointed on 29 January 2019)	陳志偉（於2019 年1 月29 日獲委任）
Independent non-executive directors	獨立非執行董事
Liang Qing	梁青
Zhang Lu	張璐
Hung Muk Ming	洪木明
AUDIT COMMITTEE	審核委員會
Hung Muk Ming (Committee Chairman)	洪木明（委員會主席）
Liang Qing	梁青
Zhang Lu	張璐
REMUNERATION COMMITTEE	薪酬委員會
Zhang Lu (Committee Chairman)	張璐（委員會主席）
Liang Qing	梁青
Huang Jiajue (appointed on 29 January 2019)	黃佳爵（於2019 年1 月29 日獲委任）
NOMINATION COMMITTEE	提名委員會
Chu Hing Tsung (Committee Chairman)	朱慶凇（委員會主席）
(appointed on 29 January 2019)	（於2019 年1 月29 日獲委任）
Luo Zhenhong (Committee Chairman)	羅振宏（委員會主席）
(resigned on 29 January 2019)	（於2019 年1 月29 日辭任）
Zhang Lu	張璐
Hung Muk Ming	洪木明

4

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CORPORATE INFORMATION 企業資料

COMPANY SECRETARY	公司秘書
Chow Kwok Wai (resigned on 17 July 2019)	周國偉（於2019 年7 月17 日辭任）
Ng Hoi Leung, Leo (appointed on 17 July 2019)	吳海良（於2019 年7 月17 日獲委任）
COMPANY LAWYER	公司律師
Tung & Co. Solicitors	佟達釗律師行
LEGAL COUNSELOR	法律顧問
Tung Tat Chiu, Michael	佟達釗
AUDITOR	核數師
Deloitte Touche Tohmatsu	德勤‧關黃陳方會計師行
Certified Public Accountants	執業會計師
PRINCIPAL BANKERS	主要往來銀行
Bank of China (Hong Kong) Limited	中國銀行（香港）有限公司
Nanyang Commercial Bank, Limited	南洋商業銀行有限公司
The Hongkong and Shanghai Banking Corporation Limited	香港上海匯豐銀行有限公司
China Citic Bank International Limited	中信銀行（國際）有限公司
SHARE REGISTRAR AND TRANSFER OFFICE	股份登記及過戶處
Tricor Secretaries Limited	卓佳秘書商務有限公司
Level 54, Hopewell Centre,	香港
183 Queen's Road East,	皇后大道東183 號
Hong Kong	合和中心54 樓
(Tel: [phone] Fax: [phone])	（電話：29801888 傳真：28610285）
REGISTERED OFFICE	註冊辦事處
Suite 4901, 49th Floor,	香港灣仔港灣道1 號
Office Tower, Convention Plaza,	會展廣場辦公大樓
1 Harbour Road, Wanchai, Hong Kong	49 樓4901 室
(Tel: [phone] Fax: [phone])	（電話：28770030 傳真：28029506）
COMPANY WEBSITE	公司網址
http://www.silvergrant.com.hk	http://www.silvergrant.com.hk
STOCK CODE	股份代號
171	171

Interim Financial Report 2019

中期財務報告 2019

5

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

BUSINESS REVIEW	業務回顧
On 28 November 2018, 泰州東聯化工有限公司 (Tai Zhou United East	於2018 年11 月28 日， 本 公 司 的 間 接 非 全 資
Petrochemical Company Limited*) ("TZ United East"), an indirect non-	擁有附屬公司泰州東聯化工有限公司（「泰州東
wholly owned subsidiary of the Company, 中海油氣（泰州）石化有限公司	聯」）、本公司的聯營公司中海油氣（泰州）石化
(Zhong Hai You Qi (Tai Zhou) Petrochemical Company Limited*) ("Zhong	有限公司（「中海油泰州石化」）及中海瀝青（泰
Hai You Qi"), an associate of the Company, and 中海瀝青（泰州）有限責	州）有限責任公司（「中海瀝青」）訂立合併協議
任公司 (China Offshore Bitumen (Taizhou) Co., Ltd.*) ("COBT"), entered	（「合併協議」），據此，中海油泰州石化於完
into a merger agreement (the "Merger Agreement"), pursuant to which	成合併後將吸收合併泰州東聯及中海瀝青（「合
Zhong Hai You Qi will absorb and merge with TZ United East and COBT	併」）。合併完成後，中海油泰州石化將為存續
(the "Merger"). Upon completion of the Merger, Zhong Hai You Qi	實體（「經合併企業」），而泰州東聯及中海瀝青
will be the surviving entity (the "Merged Enterprise"), and TZ United	將予解散及註銷。本公司將透過其間接非全資
East and COBT will be dissolved and deregistered. The Company will	擁有附屬公司泰州東泰石化有限公司（「泰州東
own 51% of the equity interest in the Merged Enterprise through its	泰」）在合併完成後擁有經合併企業之51% 權益。
indirect non-wholly owned subsidiary, 泰州東泰石化有限公司 (Tai Zhou
Dong Thai Petrochemical Company Limited*) ("TZ Dong Thai") upon
completion of the Merger.

During the first half of 2019, the Group has pushed forward the Merger. After obtaining the required approvals, including the approval at the second shareholders' meeting of Zhong Hai You Qi in 2019, the Merger was completed on 15 July 2019. Following the completion of the Merger, Zhong Hai You Qi has been jointly managed and operated by the Company and 中國海洋石油集團有限公司 (China National Offshore Oil Corporation*) under their respective subsidiaries, namely TZ Dong Thai and 中海石油煉化有限責任公司 (CNOOC Refinery Co., Ltd.*) ("CRCL"), to leverage on their respective advantages as a private-run enterprise and a state-run enterprise in terms of performance incentives, innovative management, technological research and development and resource protection, which will raise the operating efficiency of Zhong Hai You Qi and further enhance its competitiveness. The Board intends to step up the Group's investments in technological transformation through Zhong Hai You Qi and increase the production capacity of Zhong Hai You Qi for high value-added products in the future to improve its operating profit margin in order to bring stable revenue contribution to the Group.

• 2019 年上半年，本集團已加快合併進度。於 獲得所需批准後（包括於2019 年中海油泰州石 化的第二次股東大會上批准），合併於2019 年

7 月15 日完成。經合併後的中海油泰州石化已

由本公司及中國海洋石油集團有限公司透過各 自的附屬公司泰州東泰及中海石油煉化有限責 任公司（「中海油煉化」）共同管理及營運，充分 發揮兩者分別作為民營企業和國有企業在績效 激勵、創新管理、技術研發、資源保障等方面 的優勢，藉此提升現有運營效率，進一步提高 中海油泰州石化的競爭力。作為本集團的合營 企業，董事會計劃本集團未來通過對中海油泰 州石化加大技術改造投入、增加中海油泰州石 化之高附加值產品產能，從而改善其經營利潤 率，進而為本集團提供穩定的溢利貢獻。

• English name is translated for identification purpose only

6

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

BUSINESS REVIEW (Continued)

After the Merger, the production structure of Zhong Hai You Qi will be further optimised, and its product portfolio will be more resilient to market risk. It will have a crude oil processing capacity of 6 million tons per year, and a production capacity covering five categories of petroleum products, dozens of petrochemical products, a 50,000-ton oil loading and unloading terminal and a 30,000-ton petrochemical loading and unloading wharf. It will be engaged in the transit, delivery and receipt of raw materials and products, and will be one of the main production bases of comprehensive petrochemical products in the Yangtze River Delta region. Focusing on its medium-term and long-term developments, Zhong Hai You Qi will strive to upgrade its crude oil processing capacity to 8 million tons per year and develop in the direction of producing new chemical materials, with an aim to becoming one of the large and medium-sizedhigh-end petrochemical industry bases in China.

業務回顧（續）

經合併後的中海油泰州石化生產結構更加優 化，產品組合的市場風險抵禦能力明顯提高。 其原油加工能力達每年600 萬噸，產能覆蓋全系 列五大類石油產品和數十種石化產品，並擁有 一個5 萬噸級油品裝卸碼頭和一個3 萬噸級石油 化工品裝卸碼頭，服務於原料和產品的中轉和 收發，是長三角地區綜合性石油化工產品的主 要生產基地之一。著眼中長期發展佈局，中海 油泰州石化將力爭把原油加工能力提升至每年

800 萬噸，向生產化工新材料方向發展轉型，從 而躋身國內大中型高端石化產業基地之列。

Property Leasing and Development	物業租賃及發展
During the Period, the property leasing business of the Group has	於本期間作為本集團經常性收入來源，本集團
maintained a steady growth which served as a source of recurring	之物業租賃業務維持穩定增長。該業務收入主
income for the Group. Revenue from this business was mainly derived	要來自本集團在北京之投資物業東環廣場（包括
from East Gate Plaza, an investment property of the Group in Beijing,	住宅部份及商業部份）於本期間之平均出租率約
which is comprised of a residential section and a commercial section,	95%（2018 年：96%）。
with an average occupancy rate for the Period of approximately 95%
(2018: 96%).
Financial Asset Investments and Services	金融資產投資及服務

The profit contributed by the investment business of the Group has fluctuated significantly as a result of the Group's strategic slow down and disposal in recent years. The Board currently intends to extend the Group's business into the financial services sector and plans to further expand the Group's financial asset investments and services business, with investments in non-performing assets becoming a focus of the Group. During the Period, the Group stepped up its investments in non-performing assets by entering into a non-legally binding letter of intent (the "Letter of Intent") with two independent third parties (the "Vendors") on 11 March 2019, under which the Group indicated its interest to acquire from the Vendors certain equity stake in a limited partnership company holding a non-performing loan portfolio in the PRC amounting to approximately RMB166.1 million that was acquired from China Great Wall Asset Management Co. Ltd.. The acquisition was completed in July 2019. As at 30 June 2019, the total principal of the non-performing loans in the portfolio and the interest accrued thereon amounted to approximately RMB5.5 billion. The Group has made steady progress in disposing of these non-performing loans.

本集團的投資業務由於近幾年的策略性放緩和 銷售項目對本集團的溢利貢獻波動較大。董事 會現有意拓展本集團業務至金融服務領域，並 計劃進一步擴大本集團的金融資產投資及服務 業務，其中不良資產業務將成為本集團重點經 營業務範疇。於本期間，本集團透過於2019 年 3 月11 日與兩名獨立第三方（「賣方」）訂立不具 法律約束力的意向書（「意向書」）增加於不良資 產的投資，據此，本集團已提出收購一家於中 國持有從中國長城資產管理公司收購的債權資 產包約人民幣166,100,000 元的有限合伙公司 若干權益的意向。收購已於2019 年7 月完成。

• 2019 年6 月30 日，債權資產包之不良貸款 及該等貸款之應計利息之本金總額約為人民幣 5,500,000,000 元。本集團正在穩步收購該等資 產。

Interim Financial Report 2019

中期財務報告 2019

7

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

BUSINESS REVIEW (Continued)

Financial Assets Investments and Services (Continued)

The Group has strategically invested in certain PRC enterprises which are classified by the Group as financial assets at fair value through profit or loss. The Board considers that financial assets investments with a carrying amount that accounts for more than 5% of the Group's total assets as at 30 June 2019 as significant financial assets investments of the Group. As at 30 June 2019, NT Trust Scheme (as defined below) was the only financial assets investment the carrying value of which amounted to more than 5% of the Group's total assets. Further details of the NT Trust Scheme are set out below:

The Group has invested RMB505,000,000 (equivalent to approximately HK$606,202,000) in aggregate into a trust (the "NT Trust Scheme") holding a portfolio of limited liability partnerships investing in property development investments in Zhuozhou and Shenyang in the PRC, which is managed by 國民信托有限公司 (National Trust Co., Ltd.*). As at 30 June 2019, the value of the NT Trust Scheme accounted for approximately 5.02% of the total assets of the Group. The carrying value of the NT Trust Scheme as at 30 June 2019 was approximately HK$573,864,000, which was determined by reference to the net asset value of the NT Trust Scheme as set out in the unaudited financial statements as at 30 June 2019 of the NT Trust Scheme, compared to the carrying value of the NT Trust Scheme as at 31 December 2018 of approximately HK$573,798,000. Out of the loss of approximately HK$32,073,000 recorded in the change in fair value of financial assets at fair value through profit or loss for the Period, a gain of approximately HK$2,674,000 was attributable to the fair value revaluation of the NT Trust Scheme as at 30 June 2019. The Group did not receive any distribution from the NT Trust Scheme during the Period. Based on its current investment strategy, the Group will consider to dispose of its interest in the NT Trust Scheme in the coming year provided that an opportunity allowing the Group to realise a reasonable return arises.

The objective of the Group in relation to its investments in financial assets is to capture returns from the appreciation of the value of its investments and to receive income therefrom. The Board believes that the performance of the financial asset investments of the Group is dependent on the financial and operating performance of the investee companies and market sentiment, which are affected by factors such as interest rate movements, national policies and performance of the global and national economies. The Group will continue to adopt a prudent investment approach and closely monitor the performance of the investments in its portfolio.

業務回顧（續）

金融資產投資及服務（續）

本集團策略性投資若干中國企業並且由本集團 歸類為以公允值計量且其變動計入損益的金融 資產。董事會認為，於2019 年6 月30 日，賬面 值佔本集團總資產超過5% 的金融資產投資為本 集團的重大金融資產。於2019 年6 月30 日，NT Trust Scheme（定義如下）為賬面值佔本集團總資 產超過5% 之唯一投資。有關NT Trust Scheme 之詳細資料載列如下：

本 集 團 已 向 一 項 信 託（「NT Trust Scheme」） 合 共 投 資 人 民 幣505,000,000 元（相 當 於 約 606,202,000 港元），該信託持有投資於中國涿 州及瀋陽物業發展投資之有限責任合夥組合， 並由國民信託有限公司管理。於2019 年6 月30 日，NT Trust Scheme 的金額佔本集團總資產

• 約5.02%。以NT Trust Scheme 於2018 年12 月 31 日的賬面值約為573,798,000 港元作比較， NT Trust Scheme 於2019 年6 月30 日 的 賬 面 值約為573,864,000 港元，此乃參考NT Trust Scheme 的2019 年6 月30 日之未經審核財務報 表所載的NT Trust Scheme 之資產淨值而釐定。 因本期間按公允值計入損益之金融資產之公允 值變動所錄得虧損約32,073,000 港元，收益約

  2,674,000 港元歸因於NT Trust Scheme 於2019

• 6 月30 日之公允值重估。於本期間，本集團 並無收到NT Trust Scheme 之任何分派。根據目 前投資策略，除有機會令本集團可變現合理回 報之外，本集團將考慮在來年出售其於NT Trust Scheme 之權益。

本集團投資於金融資產旨在從其投資升值賺取 回報並從中取得收入。董事會認為，本集團金 融資產投資之表現取決於被投資公司之財務及 經營表現以及市場氣氛，而該等因素受利率變 動、國家政策以及全球及國家經濟體之表現等 影響。本集團將繼續採取審慎投資方法，並會 密切監察其投資組合之表現。

• English name is translated for identification purpose only

8

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

FINANCIAL REVIEW

財務回顧

Profit attributable to the owners of the Company for the Period decreased by approximately HK$96.9 million to approximately HK$46.3 million (2018: HK$143.2 million), representing a decrease of 68%. Basic earnings per share also decreased proportionately by 68% to approximately HK2.01 cents (2018: HK6.21 cents).

The decrease in the profit attributable to the owners of the Company for the Period was primarily attributable to (i) the turn of the change in fair value of financial assets at fair value through profit or loss from a gain of approximately HK$106.1 million for the six months ended 30 June 2018 to a loss of approximately HK$32.1 million for the Period; and (ii) the decrease in the share of results of associates to approximately HK$6.0 million for the Period (2018: HK$126.0 million), which were partially offset by the profit from discontinued operation of approximately HK$78.3 million for the Period (2018: loss of HK$147.5 million).

本期間本公司擁有人應佔期內溢利減少約

96,900,000 港元至約46,300,000 港元（2018 年： 143,200,000 港 元）， 代表減 少68%。 每股 基 本盈利亦按比例減少68% 至約2.01 港仙（2018 年：6.21 港仙）。

本公司擁有人本期間應佔溢利減少主要由於

1. 以公允值計量且其變動計入損益的金融資 產之公允值變動由截至2018 年6 月30 日止六 個月收益約106,100,000 港元轉至本期間虧 損約32,100,000 港元；及(ii) 本期間攤佔聯營 公司業績減少至約6,000,000 港元（2018 年：

126,000,000 港元），其部分被本期間來自已終 止經營業務的溢利約78,300,000 港元所抵銷 （2018 年：虧損147,500,000 港元）。

a. Rental income

a. 租金收入

Rental income for the Period amounted to approximately HK$55.6 million (2018: HK$57.8 million), representing a decrease of approximately 3.8%, which was mainly attributable to the decrease in the occupancy rates of the Group's properties for lease during the Period.

本期間之租金收入金額約為55,600,000 港元（2018 年：57,800,000 港元），減少

• 3.8%，主要是由於本集團之租賃物業 於本期間出租率下降所致。

Interim Financial Report 2019

中期財務報告 2019

9

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

FINANCIAL REVIEW (Continued)	財務回顧（續）
b. Change in fair value of financial assets at fair value	b. 以 公 允 值 計 量 且 其 變 動 計 入 損 益 的 金 融
through profit or loss	資產公允值變動

The turn of the change in fair value of financial assets at fair value through profit or loss (the "Financial Assets") from a gain of approximately HK$106.1 million for the six months ended 30 June 2018 to a loss of approximately HK$32.1 million for the Period, was mainly attributable to (i) the net decrease in the fair value of the Financial Assets held by the Group as at 30 June 2019 of approximately HK$32.1 million, as compared to the net increase in that of the Financial Assets held by the Group as at 30 June 2018 of approximately HK$56.2 million; and (ii) the profit realised by the Group from the disposal of Financial Assets for the six months ended 30 June 2018 amounting to approximately HK$40.7 million, while the Group had no disposal of Financial Assets during the Period.

以公允值計量且其變動計入損益的金 融資產之公允值變動（「金融資產」）由 截至2018 年6 月30 日止六個月收益約 106,100,000 港 元 轉 為 本 期 間 虧 損 約 32,100,000 港元，主要由於(i) 本集團於 2019 年6 月30 日所持的金融資產之公允 值減少淨額約為32,100,000 港元，而本 集團於2018 年6 月30 日所持的金融資 產之公允值增加淨額約為56,200,000 港 元；及(ii) 本集團截至2018 年6 月30 日 止六個月來自出售金融資產的已變現溢 利約為40,700,000 港元，而本集團於本 期間並無出售金融資產。

c. Administrative expenses

c. 行政費用

The increase in administrative expenses during the Period was mainly due to: (i) the increase in property tax amounting to approximately HK$8.4 million charged for the Period; and (ii) the increase in interest income tax due to the increase in loan interest income for the Period as compared to that for the corresponding period in last year.

本期間行政費用增加主要是由於：(i) 期 內所收取的物業稅增加約8,400,000 港 元；及(ii) 本期間的貸款利息收入增加令 利息所得稅增加，故所得稅利息較去年 同期有所增加。

d. Other income, gains and losses

d. 其他收入、收益及虧損

The increase in other income, gains and losses was mainly due to the increase in interest income generated from loan receivables from approximately HK$9.2 million for the six months ended 30 June 2018 to approximately HK$42.5 million for the Period.

其他收入、收益及虧損增加主要由於來 自應收貸款的利息收入由截至2018 年6

• 30 日止六個月約9,200,000 港元增加 至本期間約42,500,000 港元。

e. Share of results of associates	e. 攤佔聯營公司業績
The decrease in share of results of associates during the Period	攤佔聯營公司業績減少主要由於本期間
was mainly due to the decrease in the Company's share of results	本公司攤佔中海油泰州石化業績減少約
of Zhong Hai You Qi amounting to approximately HK$119.4	119,400,000 港元所致。油價上升及人
million for the Period. The decrease in the results of Zhong Hai	民幣貶值導致中海油泰州石化生產成本
You Qi was caused by the increase in oil price and the depreciation	上漲而導致其業績減少。
of RMB, which led to an increase in the production costs.

10

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

FINANCIAL REVIEW (Continued)	財務回顧（續）
f. Assets classified as held for sale and liabilities associated	f. 分 類 為 持 作 出 售 資 產 及 分 類 為 持 作 出 售
with assets classified as held for sale	資產相關之負債

In light of the Merger Agreement dated 28 November 2018 entered into among TZ United East, Zhong Hai You Qi and COBT, under which Zhong Hai You Qi would absorb and merge with TZ United East and COBT upon completion of the Merger, as at 30 June 2019, the assets and liabilities of TZ United East attributable to the Group to be sold within twelve months were

1. classified as assets held for sale and liabilities associated with assets classified as held for sale respectively; and (ii) presented separately in the condensed consolidated statement of financial position of the Company. The profit or loss of TZ United East for the current and prior periods were presented as a discontinued operation of the Company.

鑑於泰州東聯、中海油泰州石化及中海 瀝 青 訂 立 日 期 為2018 年11 月28 日 之 合併協議，中海油泰州石化於完成合併 後將吸收合併泰州東聯及中海瀝青，於 2019 年6 月30 日，將於十二個月內出售

的本集團應佔泰州東聯的資產及負債(i) 已分別分類為持作出售資產及分類為持 作出售資產相關之負債；及(ii) 於簡明綜 合財務狀況表單獨呈列。泰州東聯於本 期間及過往期間的損益呈列於本公司已 終止經營業務。

g. Trade receivables

g. 應收賬款

The decrease in trade receivables as at 30 June 2019 was mainly due to the reclassification of certain trade receivables as assets held for sale in light of the Merger Agreement executed.

• 2019 年6 月30 日，應收賬款減少主要 原因是，鑑於已簽立合併協議，若干應 收賬款重新分類為持作出售資產。

EXCHANGE EXPOSURE	滙兌風險
The Group's principal assets, liabilities, revenue and payments were	本集團的主要資產、負債、收入及支出都是以
denominated in HK$ and RMB. In the opinion of the Board, RMB will	港元及人民幣計值。董事會意見認為，於可預
remain as a regulated currency in the foreseeable future. Although	見未來人民幣仍然將會是受管制之貨幣。雖然
the market is generally anticipating an increased volatility in the RMB	市場普遍預期人民幣之波動將會增加，然而董
exchange rate, the Board does not aniticipate any material adverse	事會並不預期此舉將會對本集團之財務狀況構
effect on the financial position of the Group. However, the Board will	成重大的負面影響。唯董事會將會密切關注人
closely monitor the future development of the RMB exchange rate and	民幣滙率的長期走勢，並且在有需要時制訂適
will take appropriate actions as necessary.	當的措施。
In addition, the Board does not anticipate that there will be any material	此外，就其他外幣而言，董事會並不預期將會
exchange exposure to the Group in respect of other currencies.	對本集團構成任何重大的滙兌風險。

Interim Financial Report 2019

中期財務報告 2019

11

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

EXCHANGE EXPOSURE (Continued)

At the end of the Period, the Group had no material liability denominated in any foreign currencies other than RMB. There was also no hedging transaction contracted for by the Group during the Period.

滙兌風險（續）

於本期間末，除人民幣外，本集團並無以任何 外幣單位記賬之重大負債。同時，本集團於本 期間並無簽訂任何合同形式的對沖交易。

WORKING CAPITAL AND BORROWINGS

營運資金及借貸

As at 30 June 2019, the Group's total borrowings amounted to approximately HK$1,980.2 million in aggregate, out of which approximately 24.2% and approximately 75.8% were denominated in HK$ and RMB respectively. The composition of the borrowings is summarised below:

• 2019 年6 月30 日， 本 集 團 之 借 貸 總 額 約 為1,980,200,000 港 元， 其 中 約24.2% 及 約

75.8% 乃分別以港元及人民幣計值。借貸的組

成摘要如下：

		Unaudited
		未經審核
		HK$'m
		百萬港元
Short-term borrowings	短期借貸	1,400.7
Long-term borrowings	長期借貸	579.5
Total borrowings	借貸總額	1,980.2
Cash and bank balances	現金及銀行結餘	(483.3)
Net borrowings	借貨淨額	1,496.9

As at 30 June 2019, approximately 18.9% of the total borrowings carried fixed interest rates of 5.4% per annum while the remaining 81.1% of the total borrowings carried floating rates ranging from 3.0% per annum to 5.6% per annum.

• 2019 年6 月30 日，約18.9% 之借貸總額按固 定利率年利率5.4% 計息，而餘下81.1% 之借貸 總額按浮動利率計息，介乎年利率3.0% 至年利 率5.6%。

12

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

WORKING CAPITAL AND BORROWINGS (Continued)

As at 30 June 2019, the Group had committed but unused borrowing facilities of approximately HK$30,000,000 to meet the needs of the Group's business development. During the Period, there was no material seasonality in relation to the borrowing requirements of the Group.

As at 30 June 2019, based on the foregoing, the Board was confident that the Group had adequate working capital to meet its daily operations and to finance its future expansion.

營運資金及借貸（續）

• 2019 年6 月30 日，本集團已承諾但尚未使用 的借貸融資約30,000,000 港元以滿足本集團的 業務發展。於本期間內，並無本集團借貸要求 有關之重大季節性因素。
• 2019 年6 月30 日，基於以上資料，董事會對 本集團擁有足夠的流動資金應付其日常營運所 需以及支持其未來擴展具有信心。

LIQUIDITY AND FINANCIAL RESOURCES

流動性及金融資源

The Group has adopted a prudent treasury policy which is designed to maximise the return on the Group's capital while minimising the Group's risk exposure. In order to achieve better cost control and minimise the cost of funds, the Group's treasury activities are centralised and cash is generally deposited with leading licensed banks in Hong Kong and denominated in HK$.

As at 30 June 2019, the Group held bank balances and cash of approximately HK$483,258,000 (31 December 2018: HK$497,244,000), out of which approximately 5.6%, approximately 94.2% and approximately 0.2% were denominated in HK$, RMB and USD respectively.

As at 30 June 2019, the gearing ratio (calculated as total borrowings over equity attributable to owners of the Company) and the current ratio (calculated as current assets over current liabilities) of the Group were 29.3% (31 December 2018: 43.3%) and 2.3x (31 December 2018: 1.3x) respectively.

本集團已採取審慎的庫務政策，該政策的設 計旨在盡量擴大本集團的資本之回報並盡量減 少本集團的風險。為取得更好的成本控制及 盡量減少資金成本，本集團庫務活動實行中央 控制，而現金一般存放於香港領先的持牌銀行 中，並以港元計值。

• 2019 年6 月30 日，本集團持有的銀行結餘及 現金分別約為483,258,000 港元（2018 年12 月

31 日：497,244,000 港元），其中約5.6%、約 94.2% 及約0.2% 乃分別以港元、人民幣及美元

計值。

• 2019 年6 月30 日，本集團之借貸比率（即借 貸總額除以本公司擁有人應佔股本計算所得）及 流動比率（即流動資產除以流動負債計算所得） 分別為29.3%（2018 年12 月31 日：43.3%）及

2.3 倍（2018 年12 月31 日：1.3 倍）。

Interim Financial Report 2019

中期財務報告 2019

13

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

PLEDGE OF ASSETS

資產抵押

As at 30 June 2019, the Group pledged certain investment properties, leasehold land and buildings, land use rights and property, plant and equipment with an aggregate carrying value of approximately HK$2,360.8 million (31 December 2018: HK$2,361.0 million), HK$346.3 million (31 December 2018: HK$343.8 million), HK$74.1 million (31 December 2018: HK$122.5 million) and HK$711.2 million (31 December 2018: HK$734.2 million) respectively to secure general banking facilities granted to the Group, other loans and other payables to an independent third party. As at 30 June 2019, the Group did not pledge any bank deposits (31 December 2018: HK$322.4 million) to secure bank borrowings advanced to the Group.

• 2019 年6 月30 日，本集團已將其累計賬面 總額分別約為2,360,800,000 港元（2018 年12

• 31 日：2,361,000,000 港 元 ）、346,300,000

港 元（2018 年12 月31 日：343,800,000 港 元 ）、74,100,000 港 元（2018 年12 月31 日： 122,500,000 港 元 ）及711,200,000 港 元（2018

• 12 月31 日：734,200,000 港 元 ）之 若 干 投 資物業、租賃土地及樓宇、土地使用權及物 業、廠房及設備抵押作為本集團獲授予一般性 銀行融資的條件、其他貸款及一名獨立第三方 的其他應付款。於2019 年6 月30 日，本集團 並無抵押任何銀行存款（2018 年12 月31 日：

322,400,000 港元）以擔保本集團之若干銀行借

款。

CAPITAL COMMITMENTS

資本承擔

As at 30 June 2019, the Group had capital expenditures contracted for but not provided for in its financial statements in respect of the acquisition of property, plant and equipment and unlisted equity securities of approximately HK$326,441,000 (31 December 2018: HK$281,425,000) in aggregate, the details of which are set out in Note 23 to the Condensed Financial Statements. It is expected that these capital expenditures will be settled by cash through internal resources of the Group. Other than the capital commitments as disclosed, the management of the Group does not expect there to be any plans for material investments or capital assets in the coming six months.

• 2019 年6 月30 日， 就 收 購 物 業、 廠 房 及 設備以及非上市權益證券而言，本集團擁有 已訂約但未被列入財務報表之資本性開支合 共 約326,441,000 港 元（2018 年12 月31 日：

281,425,000 港元），有關詳情載於簡明財務 報表附註23。預期該等資本開支將通過本集團 的內部資源由現金結算。除所披露的資本承擔 外，本集團的管理層預期於未來六個月內將不 會有關重大投資或資本資產之計劃。

14

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

PROSPECTS AND OUTLOOK

展望及前景

Measures and regulations on stringent financial supervision have been successively promulgated by the Chinese government following the implementation of the goals of the prevention and resolution of systemic financial risks. On 26 July 2019, the People's Bank of China issued the measures for the "Supervision and Administration of Financial Holding Companies (Exposure Draft)". As such, three major prudential supervision systems for preventing systemic financial risks (together with the Guiding Opinions on Standardising the Asset Management Business of Financial Institutions and the Guiding Opinions on Strengthening the Supervision over Non-Financial Enterprises' Investment in Financial Institutions) have been basically established, and market order will be further standardised. Given this trend, the Group will restructure its financial asset investments business in China in the second half of 2019 to seize the opportunities arising from such changes and vigorously consolidate the foundation of its principal businesses, especially its investments in non-performing assets. The Group is supported by its high-quality professionals who have extensive experience. Against the background of a relatively short history of development, China's non- performing assets did not commence market-oriented development until 2016 when there was an influx of a large number of private asset management companies, leading to intensified competition and an inflated price bubble of non-performing assets. In 2019, with the gradual rationalisation of the participants in the non-performing assets market, the price of non-performing assets has returned to a reasonable level. With the amounts of non-performing loans carried by commercial banks in China increasing year by year, the non-performing loan ratio of commercial banks in China has reached the highest point since 2009 at 1.81% by the end of the second quarter in 2019. In July 2019, the Group has issued convertible bonds in the aggregate principal amount of HK$1,150 million to raise capital for further expansion of the Group's share in the non-performing assets market through direct investments or the establishment of non-performing assets investments funds.

隨著中國政府貫徹落實防範化解系統性金融風 險的目標，有關金融嚴監管的措施和法規陸續 出臺。於2019 年7 月26 日， 中國人民銀行發 佈了《金融控股公司監督管理實行辦法（徵求意 見稿）》，至此，防範系統性金融風險的三大審 慎監管制度（連同《關於規範金融機構資產管理 業務的指導意見》、《關於加強非金融企業投資 金融機構監管的指導意見》）已基本明確，市場 秩序將進一步得到規範。在此趨勢下，本集團 將於2019 年下半年重新梳理於中國境內開展的 金融資產投資業務，從變革中把握機遇，大力 充實主營業務基礎，特別是不良資產投資，本 集團擁有豐富的從業經驗和高素質的專業人才 作支撐。我國金融不良資產市場發展歷程相對 較短，直至2016 年才開啟市場化發展階段， 而彼時大量民營資產管理公司的湧入導致競爭 加劇，不良資產價格日趨泡沫化。2019 年，不 良資產參與者逐漸回歸理性，不良資產價格已 回檔到合理區間我國商業銀行不良貸款逐年攀 升，截至2019 年第二季度末商業銀行不良貸 款率達1.81%，達至自2009 年以來的高位。 於2019 年7 月，本集團透過發行本金總額為 1,150,000,000 港元可換股債券募集專案資本

金，通過直接投資或成立不良資產投資基金的

方式，進一步拓展不良資產市場之本集團份額。

Interim Financial Report 2019

中期財務報告 2019

15

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

PROSPECTS AND OUTLOOK (Continued)	展望及前景（續）
It is expected that with the trade friction between China and the	預期中美貿易摩擦持續加劇，(i) 全球貿易局勢
United States continuing to intensify, (i) the global trade situation will	持續惡化，(ii) 原油需求預期普遍下調，及(iii) 原
continue to deteriorate, (ii) the demand for crude oil will generally	油價格大概率將持續在低位震盪。由於國際原
be in a downward trend; and (iii) the prices of crude oil are likely	油價格波動，國內成品油價格亦存在下調的趨
to fluctuate at the low end of the price range. As a result of the	勢，因此石油煉化企業的利潤空間可能受到擠
fluctuations of international crude oil prices, the prices of domestic	壓。但如前述所提及，在完成合併後，存續的
oil products in China may also show a downward trend and therefore	中海油泰州石化已優化生產流程、加強成本管
possibly squeeze the profitability of petroleum refining and chemical	理，推動本集團石油煉化業務的轉型升級。本
enterprises. However, as mentioned above, following the completion	集團管理層相信，背靠中海油煉化提供的原油
of the Merger, the surviving Zhong Hai You Qi has been engaged to	資源配置支持以及地方政府和本公司股東背書
optimise its production processes, strengthen its cost management, and	下的融資保障，中海油泰州石化管理團隊將把
promote the transformation and upgrade of the petroleum refining and	更多精力放於研發端和銷售端，從而提升中海
chemical business of the Group. The management of the Group believes	油泰州石化的經營效率，為本集團創造更大的
that the support in crude oil resource allocation provided by CRCL and	溢利貢獻。
the financing guarantee endorsed by the local government and the
shareholders of the Company will allow the management team of Zhong
Hai You Qi to step up their focus on research and development and
sales in order to raise the operating efficiency of Zhong Hai You Qi and
generate a greater profit contribution to the Group.
CAPITAL STRUCTURE	股本結構

As at 30 June 2019, the shareholders' fund of the Company was approximately HK$6,768.2 million (31 December 2018: HK$6,748.8 million), representing a decrease in HK$19.4 million or 0.29% as compared to that as at 31 December 2018. The decrease was mainly contributed by the depreciation of RMB by more than 5% during the Period and an exchange loss charged to the exchange translation reserve resulting from the translation of the books of the subsidiaries of the Company in the PRC, which were offset by the profit for the Period.

• 2019 年6 月30 日， 本 公 司 之 股 東 資 金 約 為6,768,200,000 港 元（2018 年12 月31 日：

6,748,800,000 港元），較2018 年12 月31 日 的數額減少19,400,000 港元或0.29%。減少 主要由於人民幣於期內貶值超過5% 及本公司 中國附屬公司之賬目匯兌所致之匯兌虧損扣減 匯兌儲備；以及被期內溢利抵銷所致。

16

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

PLACING AND ISSUE OF CONVERTIBLE BONDS

配售及發行可換股債券

On 20 May 2019, the Company entered into a placing agreement with CMB International Capital Limited (the "Placing Agent"), pursuant to which the Company has conditionally agreed to place through the Placing Agent, on a best effort basis, 7% senior unsecured and guaranteed convertible bonds (the "Convertible Bonds") of the Company due 2022 of an aggregate principal amount of up to HK$200,000,000, to placees who and whose subsidiaries or associates are independent third parties (within the meaning of the Listing Rules) of the Company, at the conversion price of HK$2.33 (the "Placing"). On 22 May 2019, the Company entered into a subscription agreement (the "JIC Subscription Agreement") with JIC (Hong Kong) Holding Limited ("JIC") (a placee secured by the Placing Agreement, who and whose ultimate beneficial owner(s) are independent third parties (within the meaning of the Listing Rules)), in relation to JIC's subscription for the Convertible Bonds with a principal amount of HK$200,000,000 (the "JIC Subscription").

• 2019 年5 月20 日，本公司與招銀國際融資有 限公司（「配售代理」）訂立配售協議，據此，本 公司已有條件同意透過配售代理盡力配售本公司 合共本金額最多200,000,000 港元而於2022 年
  到期之7% 優先無抵押而具擔保可換股債券（「可 換股債券」）予承配人（其及其附屬公司或聯營公 司為本公司的獨立第三方（定義見上市規則））， 兌換價為2.33 港元（「配售事項」）。於2019 年

5 月22 日，本公司與中國建投（香港）有限公司

（「中國建投」）（配售協議確保之承配人，而其及 其最終受益擁有人為獨立第三方（定義見上市規 則））訂立認購協議（「中國建投認購協議」），內 容有關中國建投認購本金額為200,000,000 港元 的可換股債券（「中國建投認購事項」）。

On 20 May 2019, the Company also entered into a subscription agreement (the "Connected Subscription Agreement", collectively the "Connected Subscription Agreements") with each of Excel Bright Capital Limited, Mr. Gao Jian Min, Ms. Luk Ching Sanna, Regent Star International Limited and Wonderful Sky Financial Group Holdings Limited (collectively the "Connected Subscribers", and each a "Connected Subscriber"), who are all connected persons (within the meaning under the Listing Rules) of the Company, pursuant to which the Company conditionally agreed to issue, and each of the relevant Connected Subscribers conditionally agreed to subscribe for, the Convertible Bonds in the aggregate principal amount of HK$950,000,000, at the conversion price of HK$2.33 (the "Connected Subscriptions").

• 2019 年5 月20 日，本公司亦與Excel Bright Capital Limited、高建民先生、陸晴女士、星 耀國際有限公司及皓天財經集團控股有限公司 各自（統稱為「關連認購人」及各自稱為「關連認 購人」（彼等全為本公司關連人士（定義見上市規 則）））訂立認購協議（「關連認購協議」，統稱為 「關連認購協議」），據此，本公司有條件同意發 行，且相關關連認購人各自有條件同意認購本 金總額為950,000,000 港元的可換股債券，兌換 價為2.33 港元（「關連認購事項」）。

Mr. Chu Hing Tsung, the chairman of the Board (the "Chairman"), a	本公司董事會主席（「主席」）、非執行董事及主
non-executive Director and a substantial shareholder of the Company,	要股東朱慶凇先生已根據中國建投認購協議及
has provided personal guarantees in favour of the relevant subscribers	關連認購協議以相關認購人為受益人提供個人
pursuant to the JIC Subscription Agreement and the Connected	擔保。
Subscription Agreements.

Interim Financial Report 2019

中期財務報告 2019

17

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

PLACING AND ISSUE OF CONVERTIBLE BONDS (Continued)

The issue of the Convertible Bonds in the aggregate principal amount of HK$1,150,000,000 pursuant to the JIC Subscription Agreement and the Connected Subscription Agreements was approved by the shareholders of the Company (the "Shareholders") at the extraordinary general meeting of the Company held on 27 June 2019. Completion of the JIC Subscription and the Connected Subscriptions took place on 3 July 2019.

The gross proceeds from the issue of the Convertible Bonds were in the amount of approximately HK$1,150,000,000. The net proceeds from the issue of the Convertible Bonds, after deduction of all relevant costs and expenses, amounted to approximately HK$1,147,000,000, among which (i) approximately HK$500,000,000 would be used for repaying the Company's short-term debts; (ii) approximately HK$400,000,000 would be used for expanding the Company's business to the financial investment and service industry, such as acquisition of and investment in distressed debts in the PRC; and (iii) approximately HK$247,000,000 would be used as general working capital of the Company. As at the date of this report, the net proceeds have been fully utilised as intended.

Details of the Placing, the JIC Subscription and the Connected Subscriptions are set out in the announcements of the Company dated 20 May 2019, 22 May 2019 and 27 June 2019, and the circular of the Company dated 10 June 2019.

配售及發行可換股債券（續）

根據中國建投認購協議及關連認購協議所發行 之本金總額為1,150,000,000 港元之可換股債 券，於2019 年6 月27 日舉行的本公司股東特別 大會上獲本公司股東（「股東」）批准。中國建投 認購事項及關連認購事項於2019 年7 月3 日完 成。

來自發行可換股債券的所得款項總額約為 1,150,000,000 港元。來自發行可換股債券的

所得款項淨額經扣除所有相關成本及開支後約

• 1,147,000,000 港元，其中(i) 約500,000,000

港 元 將 用 作 償 還 本 公 司 短 期 債 務；(ii) 約 400,000,000 港元將用作擴展本公司業務至金融

投資及股務行業，如收購及投資於中國的不良 債務；及(iii) 約247,000,000 港元將用作本公司 一般營運資金。於本報告日期，所得款項淨額 已按擬定用途悉數運用。

有關配售事項、中國建投認購事項及關連認購 事項的詳情載於本公司日期為2019 年5 月20 日、2019 年5 月22 日 及2019 年6 月27 日 的 公 告及本公司日期為2019 年6 月10 日的通函。

HUMAN RESOURCES

人力資源

As at 30 June 2019, the Group employed 615 employees (31 December 2018: 588 employees) in Hong Kong and in the PRC. Total staff costs from continuing operations for the Period were approximately HK$24.3 million, as compared to those of HK$21.8 million for the same period in 2018.

• 2019 年6 月30 日， 本 集 團 於 香 港 及 中 國 共 聘 用615 名 員 工（2018 年12 月31 日：588

名員工）。期內持續經營業務之員工支出總 額 約 為24,300,000 港 元， 而2018 年 同 期 為

21,800,000 港元。

18

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

HUMAN RESOURCES (Continued)

人力資源（續）

During the Period, the Group offered its employees competitive remuneration packages, which were consistent with the prevailing market practices in the relevant jurisdictions. The remuneration package for each employee of the Group contains a combination or modification of some or all of the following four main components:

1. basic salary; (ii) incentive bonus; (iii) share options (no share option scheme of the Company in force as at the date of this report); and

1. other benefits, such as statutory retirement scheme and medical insurance. Incentive bonus and share options for each employee are determined with reference to the employee's position, performance and ability to contribute to the overall success of the Group. The Group's remuneration policies remained unchanged during the Period. As the Group sees career development as an important aspect of its employees, ongoing training has been provided to the employees according to the needs of the Group during the Period.

於本期間，本集團為其僱員提供一套符合相關 司法權區市場慣例且具有競爭性的薪酬制度。 本集團各僱員之薪酬組合為下列四個主要成分 之部分或全部之組合或修改：(i) 基本工資；(ii) 激勵花紅；(iii) 購股權（於本報告日期並無獲行 使；(iv) 其他福利，如法定退休計劃及醫療保 險。各僱員之獎勵花紅及購股權乃參照僱員狀 況、表現及其對本集團整體成功之貢獻能力釐 定。本集團的薪酬政策於本期間內維持不變。 由於本集團將事業發展視為僱員的重要方面， 於本期間內持續的培訓已根據本集團的需求獲 提供予其僱員。

INTERIM DIVIDEND	中期股息
The Board has resolved not to declare any interim dividend for the six	董事會議決不宣派任何截至2019 年6 月30 日止
months ended 30 June 2019 (2018: Nil).	6 個月的中期股息（2018 年：無）。
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED	購回、出售或贖回本公司的上市證券
SECURITIES
During the Period, neither the Company nor any of its subsidiaries	本期間內，本公司或其任何附屬公司概無購
purchased, sold or redeemed any of the listed securities of the	回、出售或贖回本公司任何上市證券。
Company.

Interim Financial Report 2019

中期財務報告 2019

19

MANAGING DIRECTOR'S STATEMENTS 董事總經理報告

APPRECIATION	致謝
On behalf of the Board, I would like to express my appreciation and	本集團有賴各股東的鼎力支持和全體員工努力
gratitude to the Shareholders for their support and all the Group's	不懈的竭誠服務以達至本集團的業務目標，本
employees for their hard work and dedication in carrying out their	人謹代表董事會向彼等致以深切謝意。
duties and in achieving the Group's business goals.

By order of the Board of	承董事會命
Silver Grant International Holdings Group Limited	銀建國際控股集團有限公司
Gao Jian Man	高建民
Executive Director and Managing Director	執行董事兼董事總經理
Hong Kong, 29 August 2019	香港，2019 年8 月29 日

20

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

CORPORATE GOVERNANCE

企業管治

The Company is committed to maintaining high standards of corporate governance in the interests of its shareholders.

The Board acknowledges its responsibilities for preparing the condensed consolidated financial statements, which give a true and fair view of the state of affairs of the Company and of the Group on a going concern basis. In preparing the condensed consolidated financial statements for the six months ended 30 June 2019, the Board has selected suitable accounting policies and applied them consistently and made judgments and estimates that are prudent and reasonable.

Except for the deviation specified below, the Company has complied with all mandatory provisions set out in the Corporate Governance Code and Corporate Governance Report (the "Code") contained in Appendix 14 to the Listing Rules throughout the Period.

Provision E.1.2 of the Code stipulates that the chairman of the board should attend the annual general meeting of the company. Mr. Chu Hing Tsung, the Chairman, was out of town and was therefore unable to attend the annual general meeting of the Company held on 24 May 2019. The Chairman will endeavor to attend all future annual general meetings of the Company unless unexpected or special circumstances preventing him from doing so.

為符合股東利益，本公司致力維持高水平的企 業管治。

董事會確認按持續經營標準編製能真實及公平 地反映本公司及本集團事務狀況的簡明綜合財 務報表乃屬其責任。在編製截至2019 年6 月

30 日止六個月之簡明綜合財務報表時，董事會 採用了合適的會計政策並持續應用該等會計政 策，同時亦以審慎及合理的態度作出判斷及估 計。

除下文所述之偏離事件外，本公司於本期間， 已遵守上市規則附錄14 所載之《企業管治守則》 及《企業管治報告》（「守則」）之所有強制條文。

守則條文第E.1.2 條要求董事會主席應出席本公 司股東週年大會。主席朱慶凇先生因身處海外 緣故未能出席本公司於2019 年5 月24 日舉行的 股東週年大會。主席將竭力出席本公司於未來 召開的所有股東週年大會，除非出現不可預見 或特殊的情況導致其未能出席。

Interim Financial Report 2019

中期財務報告 2019

21

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

CORPORATE GOVERNANCE (Continued)

The Company has adopted codes of conduct regarding securities transactions by Directors and by relevant employees (as defined in the Code) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") contained in Appendix 10 to the Listing Rules.

On specific enquiries made, all Directors confirmed that they have complied with the required standards set out in the Model Code and the Company's code of conduct regarding Directors' securities transactions during the Period.

The unaudited condensed consolidated financial statements for the Period have been reviewed by Deloitte Touche Tohmatsu, and, together with this report, have also been reviewed and accepted by the audit committee of the Company on 29 August 2019.

企業管治（續）

本公司就董事及有關僱員（定義見守則）進行的 證券交易，已採納不遜於上市規則附錄10 所 載《上市發行人董事進行證券交易的標準守則》 （「標準守則」）所訂的標準。

在回覆特定查詢時，所有董事均確認就本期間 內有遵守標準守則及本公司有關董事證券交易 行為守則所訂的標準。

本期間的未經審核簡明綜合財務報表已經德

• • 關黃陳方會計師行審閱，並且連同本報告 亦已獲本公司審核委員會於2019 年8 月29 日審 閱及接納。

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES	購買股份或債權證的安排
Save as disclosed in this report, at no time during the Period was the	除本報告所披露者外，本公司或其任何附屬公
Company or any of its subsidiaries a party to any arrangements to	司概無於本期間的任何時間以訂約一方身分訂
enable the Directors to acquire benefits by means of acquisition of	立任何安排以促使本公司的董事可籍購入本公
shares in, or debentures of, the Company or any other body corporate,	司或任何其他法人實體的股份或債權證以得
and neither the Directors nor the chief executive of the Company nor	益，及亦無董事或本公司最高行政人員或任何
any of their spouse or children under the age of 18, had, or had been	彼等配偶或18 歲以下子女，授出或獲授予任何
granted, any right to subscribe for the equity or debt securities of the	權利可認購本公司或其任何相聯法團之股本或
Company or any of its associated corporations, or had exercised any	債務證券或曾行使任何該等權利。
such right.

22

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT 董事及最高行政人員於本公司股份、相關股 POSITIONS IN THE SHARES, UNDERLYING SHARES AND 份及債權證之權益及淡倉

DEBENTURES OF THE COMPANY

As at 30 June 2019, save as disclosed below, no other Directors or the chief executive of the Company had any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) as recorded in the register required to be kept by the Company under Section 352 of the SFO or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited pursuant to the Model Code:

除下文所披露者外，於2019 年6 月30 日，概無 其他董事或本公司最高行政人員於本公司或其 任何相聯法團（定義見證券及期貨條例（「證券及 期貨條例」）第XV 部）的股份、相關股份或債權 證中，擁有根據證券及期貨條例第352 條須存置 於本公司的登記冊或根據標準守則須以其他方 式知會本公司及香港聯合交易所有限公司的權 益或淡倉：

Long position in the shares of the Company		本公司股份之好倉
			Approximate
			percentage of
		Number of	issued shares
		ordinary shares	(Note 1)
		interested	約佔已發行
Name of Director	Capacity	所擁有權益之	股份百分比
董事名稱	身份	普通股數目	（附註1）
Chu Hing Tsung ("Mr. Chu")	Interest of controlled	681,240,022	29.56%
朱慶凇（「朱先生」）	corporations (Note 2)
	受控制法團權益（附註2）
Huang Jiajue	Beneficial owner	1,600,000	0.07%
黃佳爵	實益擁有人
Notes:		附註：
1. The total number of issued ordinary shares of the Company as at 30 June	1. 本公司於2019 年6 月30 日之已發行普通股總
2019 (i.e. 2,304,849,611 shares) has been used for the calculation of the	數（即2,304,849,611 股）已用作計算本公司之
approximate percentage of shareholdings in the Company.	持股概約百分比。
2. Mr. Chu directly holds 34.06% of the issued shares of Rong De	2. 朱先生直接持有融德投資有限公司（「融德」）
Investments Limited ("Rong De"), which in turn holds 67.08% of	34.06% 的已發行股份，而融德投資則持有珠
the issued shares of Zhuguang Holdings Group Company Limited	光控股集團有限公司（「珠光控股」）67.08%
("Zhuguang Holdings"), which in turn holds 100% of the issued shares	的已發行股份，而珠光控股則持有Splendid
of Splendid Reach Limited ("Splendid Reach"), the beneficial owner of	Reach Limited（「Splendid	Reach」）全部已發
such 681,240,022 shares. Accordingly, Mr. Chu, Rong De and Zhuguang	行股份，為該681,240,022 股股份之實益擁有
Holdings are deemed to be interested in such 681,240,022 shares	人。因此，根據證券及期貨條例第XV 部，朱先
pursuant to Part XV of the SFO.		生、融德及珠光控股於該681,240,022 股份中
		擁有權益。

Interim Financial Report 2019

中期財務報告 2019

23

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY (Continued)

Long position in the underlying shares of the Company

董事及最高行政人員於本公司股份、相關股 份及債權證之權益及淡倉（續）

本公司相關股份之好倉

Approximate

		Number of	percentage of
		underlying	issued shares
		ordinary shares	(Note 1)
		interested	已發行股份之
Name of Director	Capacity	擁有權益之	概約百分比
董事姓名	角色	相關普通股數目	（附註1)
Gao Jian Min ("Mr. Gao")	Beneficial owner	85,836,909 (Note 2)	3.72%
高建民（「高先生」）	實益擁有人	（附註2）
Notes:		附註：

1. The total number of issued ordinary shares of the Company as at 30 June 2019 (i.e. 2,304,849,611 shares) has been used for the calculation of the approximate percentage of shareholdings in the Company.
2. These represent 85,836,909 shares of the Company to be issued upon exercise of the conversion rights attached to the 36-month 7% senior unsecured and guaranteed convertible bonds in the principal amount of HK$200,000,000 (the "Convertible Bonds"), which were subscribed for by Mr. Gao on 20 May 2019 and issued to him on 3 July 2019.

1. 於2019 年6 月30 日，本公司的已發行普通股 總數（即2,304,849,611 股股份）已被用於計算 本公司的概約持股百分比。
2. 其 指 行 使 本 金 額 為200,000,000 港 元36 個
   月7% 優先無抵押而具擔保可換股債券（「可 換股債券」）所附換股權後將由本公司發行的 85,836,909 股 股 份， 該 等 股 份 由 高 先 生 於
   2019 年5 月20 日認購並於2019 年7 月3 日向 彼發行。

Long position in the debentures of the Company	本公司債權證之好倉
		Amount of
		debentures
		interested
		(HK$)
		擁有權益之
Name of Director	Capacity	債權證金額
董事姓名	角色	（港元）
Mr. Gao	Beneficial owner	200,000,000 (Note)
高先生	實益擁有人	（附註）
Note:		附註：
These represent the Convertible Bonds, which were subscribed for by Mr. Gao	其指由高先生於2019 年5 月20 日認購並於2019 年7
on 20 May 2019 and issued to him on 3 July 2019.		月3 日向彼發行之可換股債券。

24

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

SUBSTANTIAL SHAREHOLDERS' INTERESTS AND SHORT POSITIONS	主要股東於本公司股份及相關股份之權益及
IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY	淡倉

As at 30 June 2019, the following companies and persons, other than a Director or the chief executive of the Company, had interest in 5% or more of the shares of the Company, as recorded in the register required to be kept by the Company under Section 336 of SFO:

• 2019 年6 月30 日，以下公司及人士（除董事 或本公司最高行政人員以外）於本公司根據證券 及期貨條例第336 條規定須予存置的登記冊記錄 所顯示，擁有佔本公司股份5% 或以上權益：

Long position in the shares of the Company	本公司股份之好倉
			Approximate
			percentage of
		Number of	issued shares
		ordinary	(Note 1)
		shares interested	約佔已發行
Name of substantial shareholder	Capacity	所擁有權益之	股份百分比
主要股東名稱	身份	普通股數目	（附註1）
China Cinda Asset Management Co., Ltd. ("CCAM")	Interest of controlled corporations (Note 2)	1,119,296,022	48.56%
中國信達資產管理股份有限公司（「中國信達資產管理」）	受控制法團權益（附註2）
China Cinda (HK) Holdings Company Limited ("CCHKH")	Interest of controlled corporations (Note 2)	1,119,296,022	48.56%
中國信達（香港）控股有限公司（「中國信達（香港）控股」）	受控制法團權益（附註2）
China Cinda (HK) Asset Management Co., Limited ("CCHKAM")	Person having a security interest in shares (Note 2)	681,240,022	29.56%
中國信達（香港）資產管理有限公司（「中國信達（香港）資產管理」）	持有股份的保證權益的人士（附註2）
Regent Star International Limited ("Regent Star")	Beneficial owner (Note 2)	438,056,000	19.01%
星耀國際有限公司（「星耀」）	實益擁有人（附註2）
Liao Tengjia ("Mr. Liao")	Interest of controlled corporations (Note 3)	681,240,022	29.56%
廖騰佳（「廖先生」）	受控制法團權益（附註3）
Rong De	Interest of controlled corporations (Note 3)	681,240,022	29.56%
融德	受控制法團權益（附註3）
Zhuguang Holdings	Interest of a controlled corporation (Note 3)	681,240,022	29.56%
珠光控股	受控制法團權益（附註3）
Splendid Reach	Beneficial Owner (Note 3)	681,240,022	29.56%
	實益擁有人（附註3）

Interim Financial Report 2019

中期財務報告 2019

25

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

SUBSTANTIAL SHAREHOLDERS' INTERESTS AND SHORT POSITIONS	主要股東於本公司股份及相關股份之權益及
IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY	淡倉（續）
(Continued)
Notes:	附註：

1. The total number of issued ordinary shares of the Company as at 30 June 2019 (i.e. 2,304,849,611 shares) has been used for the calculation of the approximate percentage of shareholdings in the Company.
2. CCAM directly holds 100% of the issued shares of CCHKH, which in turn holds 100% of the issued shares of each of CCHKAM and Regent Star. Therefore, CCAM and CCHKH are deemed to be interested in the respective shares of the Company held by CCHKAM and Regent Star pursuant to Part XV of the SFO.

1. 本公司於2019 年6 月30 日之已發行普通股總 數（即2,304,849,611 股）已用作計算本公司之 持股概約百分比。
2. 中國信達資產管理直接持有中國信達（香港） 控股100% 已發行股份，而中國信達（香港）控 股持有中國信達（香港）資產管理及星耀各自 100% 已發行股份。因此，中國信達資產管理 及中國信達（香港）控股根據證券及期貨條例第 XV 部被視為擁有中國信達（香港）資產管理及星 耀所持有本公司有關股份之權益。

3. Mr. Liao directly holds 36% of the issued shares of Rong De, which in	3. 廖先生直接持有融德的36% 已發行股份，而融
turn holds 67.08% of the issued shares of Zhuguang Holdings, which in	德持有珠光控股67.08% 已發行股份，而珠光
turn holds 100% of the issued shares of Splendid Reach. Therefore, Mr.	控股持有Splendid Reach 100% 已發行股份。
Liao, Rong De and Zhuguang Holdings are deemed to be interested in the	因此，廖先生、融德及珠光控股根據證券及期
shares of the Company held by Splendid Reach pursuant to Part XV of the	貨條例第XV 部被視為擁有Splendid Reach 所持
SFO.		有本公司股份之權益。
Long position in the underlying shares of the Company	本公司相關股份之好倉
			Approximate
			percentage of
		Number of	issued shares
		underlying ordinary	(Note 1)
		shares interested	已發行股份之
Name of substantial shareholder	Capacity	擁有權益之	概約百分比
主要股東名稱	角色	相關普通股數目	（附註1）
CCAM	Interest of controlled corporations (Note 2)	193,133,047 (Note 3)	8.38%
中國信達資產管理	受控制法團權益（附註2）	（附註3）
CCHKH	Interest of controlled corporations (Note 2)	193,133,047 (Note 3)	8.38%
中國信達（香港）控股	受控制法團權益（附註2）	（附註3）
Regent Star	Beneficial owner (Note 2)	193,133,047 (Note 3)	8.38%
星耀	實益擁有人（附註2）	（附註3）

26

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CORPORATE GOVERNANCE & OTHER INFORMATION 企業管治及其他資料

SUBSTANTIAL SHAREHOLDERS' INTERESTS AND SHORT POSITIONS	主要股東於本公司股份及相關股份之權益及
IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY	淡倉（續）
(Continued)
Notes:	附註：

1. The total number of issued ordinary shares of the Company as at 30 June 2019 (i.e. 2,304,849,611 shares) has been used for the calculation of the approximate percentage of shareholdings in the Company.
2. CCAM directly holds 100% of the issued shares of CCHKH, which in turn holds 100% of the issued shares of Regent Star, the beneficial owner of such 193,133,047 underlying shares. Therefore, CCAM and CCHKH are deemed to be interested in the underlying shares of the Company held by Regent Star pursuant to Part XV of the SFO.

1. 於2019 年6 月30 日，本公司的已發行普通股 總數（即2,304,849,611 股股份）已被用於計算 本公司的概約持股百分比。
2. 中國信達資產管理直接持有中國信達（香港） 控 股100% 已 發 行 股 份， 而 後 者 則 持 有 該 193,133,047 股相關股份之實益擁有人星耀 100% 已發行股份。因此，根據證券及期貨條 例第XV 部，中國信達資產管理及中國信達（香 港）控股視作於星耀所持本公司相關股份中擁有 權益。

3. These represent unlisted physically settled derivatives of the Company.

3. 其指本公司非上市實物交收衍生工具。

Save as disclosed above, the register required to be kept under Section 336 of the SFO showed that the Company had not been notified of any other interest or short position in the shares and underlying shares of the Company as at 30 June 2019.

除上述所披露者外，根據證券及期貨條例第336 條規定須予存置的登記冊所顯示，本公司並無 接獲有關於2019 年6 月30 日在本公司股份及相 關股份中擁有任何其他權益或淡倉的申報。

CHANGE OF COMPANY NAME

本公司名稱之變更

By a special resolution passed by the shareholders of the Company at the extraordinary general meeting held by the Company on 10 May 2019, the name of the Company was changed from "Silver Grant International Industries Limited" to "Silver Grant International Holdings Group Limited".

經本公司股東於本公司於2019 年5 月10 日舉行 的股東特別大會上，本公司的名稱已由「銀建國 際實業有限公司」變更為「銀建國際控股集團有 限公司」。

Interim Financial Report 2019

中期財務報告 2019

27

REPORT ON REVIEW OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

簡明綜合財務報表審閱報告

TO THE BOARD OF DIRECTORS OF	致
SILVER GRANT INTERNATIONAL HOLDINGS GROUP LIMITED	銀建國際控股集團有限公司董事會
(FORMERLY KNOWN AS SILVER GRANT INTERNATIONAL INDUSTRIES	（前稱銀建國際實業有限公司）
LIMITED)
(incorporated in Hong Kong with limited liability)	（於香港註冊成立的有限責任公司）
INTRODUCTION	引言
We have reviewed the condensed consolidated financial statements	本核數師（「我們」）已審閱載於第30 至80 頁的
of Silver Grant International Holdings Group Limited (formerly known	銀建國際控股集團有限公司（前稱銀建國際實業
as Silver Grant International Industries Limited) (the "Company") and	有限公司）（「貴公司」）及其附屬公司（統稱為「貴
its subsidiaries (collectively referred to as the "Group") set out on	集團」）的簡明綜合財務報表，當中載有於2019
pages 30 to 80, which comprise the condensed consolidated statement	年6 月30 日的簡明綜合財務狀況表，及截至該
of financial position as of 30 June 2019 and the related condensed	日止六個月期間的相關簡明綜合損益表及其他
consolidated statement of profit or loss and other comprehensive	全面收益表、權益變動報表及現金流量表以及
income, statement of changes in equity and statement of cash flows	若干說明附註。香港聯合交易所有限公司證券

for the six-month period then ended, and certain explanatory notes. 上市規則要求遵照其有關條文及香港會計師公

The Rules Governing the Listing of Securities on The Stock Exchange	會頒佈的香港會計準則第34 號「中期財務報告」
of Hong Kong Limited require the preparation of a report on interim	（「香港會計準則第34 號」）編製中期財務資料報
financial information to be in compliance with the relevant provisions	告。 貴公司董事須負責根據香港會計準則第
thereof and Hong Kong Accounting Standard 34 "Interim Financial	34 號編製及呈列該等簡明綜合財務報表。我們
Reporting" ("HKAS 34") issued by the Hong Kong Institute of Certified	的責任是根據我們的審閱，對該等簡明綜合財
Public Accountants. The directors of the Company are responsible for	務報表作出結論，並按照我們雙方協定的委聘
the preparation and presentation of these condensed consolidated	條款，僅向作為一個實體的閣下報告我們的結
financial statements in accordance with HKAS 34. Our responsibility	論，且並無其他目的。我們不會就本報告的內
is to express a conclusion on these condensed consolidated financial	容向任何其他人士負上或承擔任何責任。
statements based on our review, and to report our conclusion solely to
you, as a body, in accordance with our agreed terms of engagement,
and for no other purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of this report.

28

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

REPORT ON REVIEW OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

簡明綜合財務報表審閱報告

SCOPE OF REVIEW	審閱範圍
We conducted our review in accordance with Hong Kong Standard on	我們已根據香港會計師公會頒佈的香港審閱委
Review Engagements 2410 "Review of Interim Financial Information	聘準則第2410 號「由實體的獨立核數師審閱中
Performed by the Independent Auditor of the Entity" issued by the	期財務資料」進行審閱。審閱該等簡明綜合財
Hong Kong Institute of Certified Public Accountants. A review of	務報表包括主要向負責財務和會計事務的人員
these condensed consolidated financial statements consists of making	作出查詢，並應用分析性和其他審閱程序。審
inquiries, primarily of persons responsible for financial and accounting	閱範圍遠小於根據香港核數準則進行審核的範
matters, and applying analytical and other review procedures. A review	圍，故我們無法保證我們將知悉在審核中可能
is substantially less in scope than an audit conducted in accordance with	被發現的所有重大事項。因此，我們不會發表
Hong Kong Standards on Auditing and consequently does not enable	審核意見。
us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
CONCLUSION	結論

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34.

按照我們的審閱，我們並無發現任何事項，令 我們相信該等簡明綜合財務報表在各重大方面 未有根據香港會計準則第34 號編製。

Deloitte Touche Tohmatsu	德勤 ‧ 關黃陳方會計師行
Certified Public Accountants	執業會計師
Hong Kong	香港
29 August 2019	2019 年8 月29 日

Interim Financial Report 2019

中期財務報告 2019

29

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 簡明綜合損益表

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

				(Unaudited)
				（未經審核）
			(Unaudited)	(Restated)
			（未經審核）	（經重列）
			Six months ended 30 June
			截至 6 月 30 日止六個月
			2019	2018
		Notes	HK$'000	HK$'000
		附註	千港元	千港元
Continuing operations	持續經營業務
Rental income	租金收入	3	55,604	57,817
Cost of sales and services	銷售及服務成本		(5,317)	(3,741)
			50,287	54,076
Dividend income from listed and unlisted	上市及非上市證券股息
securities	收入	3	85	103
Other income, gains and losses	其他收入、收益及虧損	6	56,857	23,617
Change in fair value of financial assets at fair	以公允值計量且其變動計入損
value through profit or loss	益的金融資產之公允值變動		(32,073)	106,072
(Impairment loss provision) reversal of	（減值虧損撥備）減值虧損撥備
impairment loss provision	回撥	17	(10,474)	15,000
Administrative expenses	行政費用		(60,800)	(44,444)
Change in fair value of investment properties	投資物業之公允值變動	12	17,794	44,927
Finance costs	財務費用	7	(33,713)	(26,755)
Share of results of associates	攤佔聯營公司業績		6,010	125,997
(Loss) profit before taxation	除稅前（虧損）溢利		(6,027)	298,593
Taxation	稅項	8	(9,892)	(25,412)
(Loss) profit for the period from continuing	期內來自持續經營業務（虧損）
operations	溢利	9	(15,919)	273,181
Discontinued operation	已終止經營業務
Profit (loss) for the period from discontinued	期內來自已終止經營業務溢利
operation	（虧損）	5	78,280	(147,490)
Profit for the period	期內溢利		62,361	125,691

30

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 簡明綜合損益表

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

				(Unaudited)
				（未經審核）
			(Unaudited)	(Restated)
			（未經審核）	（經重列）
			Six months ended 30 June
			截至 6 月 30 日止六個月
			2019	2018
		Notes	HK$'000	HK$'000
		附註	千港元	千港元
(Loss) profit attributable to owners of the	本公司擁有人應佔期內（虧損）
Company:	溢利：
- from continuing operations	- 來自持續經營業務		(6,966)	242,734
- from discontinued operation	- 來自已終止經營業務		53,285	(99,569)
Profit attributable to owners of the Company	本公司擁有人應佔期內溢利		46,319	143,165
(Loss) profit attributable to non-controlling	非控制權益應佔期內（虧損）
interests:	溢利：
- from continuing operations	- 來自持續經營業務		(8,953)	30,447
- from discontinued operation	- 來自已終止經營業務		24,995	(47,921)
Profit (loss) attributable to non-controlling	非控制權益應佔期內溢利
interests	（虧損）		16,042	(17,474)
			62,361	125,691
Earnings (loss) per share (in HK cents)	每股盈利（虧損）（以港仙列示）
From continuing and discontinued operations	來自持續及已終止經營業務
- Basic	- 基本	10	2.01	6.21
From continuing operations	來自持續經營業務
- Basic	- 基本	10	(0.30)	10.53

Interim Financial Report 2019

中期財務報告 2019

31

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 簡明綜合損益表及其他全面收益表

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
		Six months ended 30 June
		截至 6 月 30 日止六個月
		2019	2018
		HK$'000	HK$'000
		千港元	千港元
Profit for the period	期內溢利	62,361	125,691
Other comprehensive income (expense)	其他全面收益（支出）
Items that will not be reclassified to profit or	將不可轉入損益表之
loss:	項目：
Gain arising on revaluation of leasehold	重估租賃物業產生之
properties	收益	2,535	21,533
Exchange differences arising on translation to	換算至呈列貨幣產生之
presentation currency	滙兌差額	(33,694)	(82,776)
Income tax related to items that will not be	不可重列項目之相關
reclassified	所得稅	53	(3,119)
		(31,106)	(64,362)
Items that may be reclassified subsequently to	可於期後轉入損益表之
profit or loss:	項目：
Share of other comprehensive expense of	攤佔聯營公司其他全面
associates	支出	(2,200)	(10,086)
		(2,200)	(10,086)
Other comprehensive expense for the period	期內其他全面支出（除稅後）
(net of tax)		(33,306)	(74,448)
Total comprehensive income for the period	期內全面收益總額	29,055	51,243
Total comprehensive income (expense)	全面收益（支出）總額
attributable to:	應佔：
Owners of the Company	本公司擁有人	19,449	73,174
Non-controlling interests	非控制權益	9,606	(21,931)
		29,055	51,243

32

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

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

At 30 June 2019 於2019 年6 月30 日

			(Unaudited)	(Audited)
			（未經審核）	（經審核）
			As at	As at
			30 June	31 December
			於 6 月 30 日	於12 月31 日
			2019	2018
		Notes	HK$'000	HK$'000
		附註	千港元	千港元
ASSETS	資產
Non-current assets	非流動資產
Investment properties	投資物業	12	2,529,041	2,522,430
Property, plant and equipment	物業、廠房及設備	13	329,177	3,783,615
Land use rights	土地使用權		-	178,435
Goodwill	商譽		-	39,462
Interests in associates	聯營公司權益		1,335,250	1,335,113
Deposits for acquisition of distressed asset	收購不良資產組合的
portfolio	按金	1A(d)	115,909	-
Financial assets at fair value through profit	以公允值計量且其變動
or loss	計入損益的金融資產		162,069	228,810
Loan receivables	應收貸款	16	271,834	277,515
			4,743,280	8,365,380
Current assets	流動資產
Inventories	存貨		-	93,340
Trade receivables	應收賬款	15	7,715	68,058
Deposits, prepayments and other receivables	按金、預付款及其他
	應收款		139,235	343,946
Amounts due from an associate	應收一家聯營公司款	14	496,677	383,684
Loan receivables	應收貸款	16	663,508	653,888
Financial assets at fair value through profit	以公允值計量且其變動
or loss	計入損益的金融資產		686,848	576,985
Pledged bank deposits	抵押銀行存款		-	322,432
Restricted bank balances	受限制銀行存款		-	40,056
Bank balances and cash	銀行結餘及現金		483,258	497,244
			2,477,241	2,979,633
Assets classified as held for sale	分類為持作出售資產	4	4,223,034	-
			6,700,275	2,979,633
TOTAL ASSETS	資產總值		11,443,555	11,345,013

Interim Financial Report 2019

中期財務報告 2019

33

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

At 30 June 2019

• 2019 年6 月30 日

			(Unaudited)	(Audited)
			（未經審核）	（經審核）
			As at	As at
			30 June	31 December
			於 6 月 30 日	於12 月31 日
			2019	2018
		Notes	HK$'000	HK$'000
		附註	千港元	千港元
EQUITY	股本
Capital and reserves	資本及儲備
Share capital	股本	19	3,626,781	3,626,781
Reserves	儲備		3,138,145	3,121,978
Amounts recognised in other comprehensive	分類為持作出售資產於
income and accumulated in equity relating	其他全面收益確認及
to assets classified as held for sale	於權益累計之相關
	金額		3,282	-
Equity attributable to owners of the Company	本公司擁有人應佔股本		6,768,208	6,748,759
Non-controlling interests	非控制權益		864,053	854,447
TOTAL EQUITY	股本總值		7,632,261	7,603,206
LIABILITIES	負債
Non-current liabilities	非流動負債
Borrowings	借貸	20	579,545	1,200,254
Deferred tax liabilities	遞延稅項負債	21	253,877	253,103
			833,422	1,453,357
Current liabilities	流動負債
Trade and bills payables	應付賬款及票據	22	-	11,955
Accrued charges, rental deposits and other	應計費用、租務按金及
payables	其他應付款		248,179	520,901
Borrowings	借貸	20	1,400,704	1,723,536
Taxation payable	應付稅項		727	32,058
			1,649,610	2,288,450
Liabilities associated with assets classified	分類為持作出售資產相
as held for sale	關之負債	4	1,328,262	-
			2,977,872	2,288,450
TOTAL LIABILITIES	負債總值		3,811,294	3,741,807
TOTAL EQUITY AND LIABILITIES	股本及負債總值		11,443,555	11,345,013
Net current assets	淨流動資產		3,722,403	691,183
Total assets less current liabilities	資產總值減流動負債		8,465,683	9,056,563

34

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明綜合權益變動報表

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

Equity attributable to owners of the Company

本公司擁有人應佔股本

						Amounts
						recognised
						in other
						comprehensive
						income and
						accumulated in
						equity relating
						to assets
						classified
						as held for sale
			Asset			分類為持作
			revaluation			出售資產於		Non-
		Share	reserve	Translation	Retained	其他全面收益		controlling	Total
		capital	資產	reserve	profits	確認及於權益	Total	interests	equity
		股本	重估儲備	滙兌儲備	保留盈利	累計之相關金額	合計	非控制權益	股本總值
		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
At 31 December 2018 (audited)	於 2018年 12月 31日
	（經審核）	3,626,781	288,940	178,897	2,654,141	-	6,748,759	854,447	7,603,206
Profit for the period	期內溢利	-	-	-	46,319	-	46,319	16,042	62,361
Other comprehensive income (expense) for	期內其他全面收益（支出）
the period		-	2,588	(29,458)	-	-	(26,870)	(6,436)	(33,306)
Total comprehensive income (expense)	期內全面收益（支出）總額
for the period		-	2,588	(29,458)	46,319	-	19,449	9,606	29,055
Transfer to amounts recognised in	轉移至分類為持作出售資產
other comprehensive income and	於其他全面收益確認及
accumulated equity relating to	於權益累計之相關金額
assets classified as held for sale		-	-	(3,282)	-	3,282	-	-	-
At 30 June 2019 (unaudited)	於 2019年 6月 30日
	（未經審核）	3,626,781	291,528	146,157	2,700,460	3,282	6,768,208	864,053	7,632,261
At 1 January 2018 (audited)	於2018年1月1日
	（經審核）	3,626,781	253,141	529,417	2,703,516	-	7,112,855	385,093	7,497,948
Profit (loss) for the period	期內溢利（虧損）	-	-	-	143,165	-	143,165	(17,474)	125,691
Other comprehensive income (expense) for	期內其他全面收益（支出）
the period		-	18,414	(88,405)	-	-	(69,991)	(4,457)	(74,448)
Total comprehensive income (expense) for	期內全面收益（支出）總額
the period		-	18,414	(88,405)	143,165	-	73,174	(21,931)	51,243
At 30 June 2018 (unaudited)	於2018年6月30日
	（未經審核）	3,626,781	271,555	441,012	2,846,681	-	7,186,029	363,162	7,549,191

Interim Financial Report 2019

中期財務報告 2019

35

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

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
		Six months ended 30 June
		截至 6 月 30 日止六個月
		2019	2018
		HK$'000	HK$'000
		千港元	千港元
NET CASH FROM (USED IN) OPERATING	經營業務所得（所用）之淨現金
ACTIVITIES		80,013	(313,187)
INVESTING ACTIVITIES	投資業務
Purchases of property, plant and equipment	購入物業、廠房及設備	(188,897)	(89,354)
Interest received	已收利息	44,852	20,493
Repayment of loan receivables	償還應收貸款	488,636	-
Advance of loan receivables	墊支應收貸款	(505,682)	(118,624)
Advance to an associate	墊支一家聯營公司款項	(113,875)	-
Acquisition of financial assets at fair value through	收購以公允值計量且其變動計入
profit or loss	損益的金融資產	(79,576)	-
Deposit paid for acquisition of distressed asset	收購不良資產組合支付的按金	(115,909)
portfolio	出售物業、廠房及設備所得款項	-
Proceeds on disposal of property, plant and	-
equipment	出售以公允值計量且其變動計入	102
Proceeds from disposal of financial assets at fair
value through profit or loss	損益的金融資產所得款項	-	594,915
Capital injection to an associate	向一家聯營公司之資本投入	-	(16,801)
Withdrawal of restricted bank balances	提取受限制銀行結餘	40,056	-
Withdrawal of pledged bank deposits	提取抵押銀行存款	322,432	844
NET CASH (USED IN) FROM INVESTING	投資業務（所用）所得淨現金
ACTIVITIES		(107,963)	391,575
FINANCING ACTIVITIES	融資業務
Borrowings raised	借貸融資	1,039,091	1,535,350
Repayment of borrowings	償還借貸	(1,003,068)	(1,246,160)
NET CASH FROM FINANCING ACTIVITIES	融資業務所得淨現金	36,023	289,190
NET INCREASE IN CASH AND CASH	現金及現金等值增加淨額
EQUIVALENTS		8,073	367,578
CASH AND CASH EQUIVALENTS AT THE	現金及現金等值期初數額
BEGINNING OF THE PERIOD		497,244	301,850
Effect of foreign currency rate changes	外幣滙率變動之影響	(9,930)	(18,631)
CASH AND CASH EQUIVALENTS AT THE END OF 現金及現金等值期末數額
THE PERIOD		495,387	650,797
ANALYSIS OF THE BALANCES OF CASH AND	現金及現金等值結餘分析
CASH EQUIVALENTS	銀行結餘及現金	483,258
Bank balances and cash	650,797
Bank balances and cash included in assets	計入分類為持作出售資產
classified as held for sale	的銀行結餘及現金	12,129	-
		495,387	650,797

36

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

1. BASIS OF PREPARATION

1. 編制賬目的基準

The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 ("HKAS 34") "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

The financial information relating to the year ended 31 December 2018 that is included in these condensed consolidated financial statements as comparative information does not constitute the Company's statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to these statutory financial statements is as follows:

The Company has delivered the financial statements for the year ended 31 December 2018 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance.

此等簡明綜合財務報表乃根據香港會計 師公會（「香港會計師公會」）頒佈的香港 會計準則第34 號（「香港會計準則第34 號」）《中期財務報告》以及香港聯合交易 所有限公司證券上市規則（「上市規則」） 附錄16 的適用披露規定而編制。

載列於本簡明綜合財務報表截至2018 年 12 月31 日止年度之財務資料謹作為比較 資料，並且不構成本公司於該年度的法 定綜合財務報表，但有關資料乃摘錄自 該等財務報表。就該等法定財務報表進 一步披露的資料如下：

本公司已按照香港公司條例第662(3) 條，及附表6 第3 部，遞交截至2018 年 12 月31 日止年度之財務報表予公司註冊 處。

1A. SIGNIFICANT EVENTS AND TRANSACTIONS IN THE CURRENT 1A. 於本中期期間之重大事件及交易

INTERIM PERIOD

The Group has the following significant events and transactions during the current interim period:

1. On 10 May 2019, the Company's shareholders approved the Proposed Merger which is defined and detailed in note 3.
2. On 24 May 2019, the Company's name was changed from "Silver Grant International Industries Limited" to "Silver Grant International Holdings Group Limited".

本集團於本中期期間出現以下重大事件 及交易：

1. 於2019年5月10日，本公司股東 批准建議合併（定義及詳情見附註
   3）。
2. 於2019年5月24日，本公司名稱 由「銀建國際實業有限公司」更改為 「銀建國際控股集團有限公司」。

Interim Financial Report 2019

中期財務報告 2019

37

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

1A. SIGNIFICANT EVENTS AND TRANSACTIONS IN THE CURRENT	1A. 於本中期期間之重大事件及交易（續）
INTERIM PERIOD (Continued)
(c)	During the six months ended 30 June 2019, the	(c) 截至2019 年6 月30 日止六個月，
	Company entered into six subscription agreements (the	本公司與六方（「認購人」）分別訂
	"CB Agreements") with six parties (the "Subscribers")	立六項認購協議（「可換股債券協
	respectively. Pursuant to the CB Agreements, the	議」）。根據可換股債券協議，認
	Subscribers agreed to subscribe the Company's	購人同意認購本公司本金總額為
	convertible bonds in the aggregate principal amount	1,150,000,000 港元的可換股債
	of HK$1,150,000,000. Out of the HK$1,150,000,000,	券。 於1,150,000,000 港 元 中，
	HK$950,000,000 will be subscribed by connected parties	950,000,000 港元將由本公司關
	of the Company. Details of the CB Agreements are set	連方認購。有關可換股債券協
	out in the circular published by the Company dated 10	議的詳情載於本公司刊發日期為
	June 2019.	2019 年6 月10 日的通函。
	The convertible bonds will mature at the 36th month	可換股債券將於可換股債券發行
	after the issue date of the convertible bonds and bear	日期後第36 個月到期，按年利
	interest at 7% per annum and payable semi-annually. The	率7% 計息，且每半年付息。可
	conversion price of the convertible bonds is HK$2.33 per	換股債券的兌換價為每股2.33 港
	share.	元。
	On 27 June 2019, the shareholders of the Company	於2019年6月27日，本公司股東
	approved the CB Agreements and the convertible bonds	批准可換股債券協議，而可換股債
	were issued on 3 July 2019.	券於2019年7月3日發行。
(d)	On 11 March 2019, the Group entered into a letter	(d) 於2019年3月11日，本集團與候
	of intent with Ms. Hou Yuanyi and Ms. Zeng Shukun	苑怡女士和曾舒坤女士簽立意向
	to acquire certain equity stake in a limited partnership	書，以收購一家持有一項中華人民
	company, which holds a portfolio of debt assets in the	共和國（「中國」）境內債權資產包的
	People's Republic of China (the "PRC"). The acquisition	有限合伙公司的若干權益。該收購
	was completed in July 2019.	事項已於2019年7月完成。

38

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

2. PRINCIPAL ACCOUNTING POLICIES

2. 主要會計政策

The condensed consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at revalued amounts or fair values, as appropriate.

Other than changes in accounting policies resulting from application of new and amendments to Hong Kong Financial Reporting Standards ("HKFRSs"), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2019 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2018.

Application of new and amendments and interpretation to HKFRSs

In the current interim period, the Group has applied, for the first time, the following new and amendments and interpretation to HKFRSs issued by the HKICPA which are mandatorily effective for the annual period beginning on or after 1 January 2019 for the preparation of the Group's condensed consolidated financial statements:

除若干物業及金融工具按適用情況以重 估值或公允值計算外，本簡明綜合財務 報表是按歷史成本為編制基準。

除因應用新訂及經修訂之香港財務報告 準則（「香港財務報告準則」）導致的會計 政策變動外，截至2019 年6 月30 日止六 個月之簡明綜合財務報表所使用之會計 政策及計算方法與編製截至2018 年12

• 31 日止年度之本集團年度財務報表所 依循者相同。

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋

於本中期期間，本集團已首次採用下列 由香港會計師公會頒佈，並且從2019 年 1 月1 日開始的年度期間強制生效之新訂 及經修訂之香港財務報告準則及詮釋， 編制本集團之簡明綜合財務報表：

HKFRS 16	Leases
香港財務報告準則第16 號	租賃
HK(IFRIC) - Int 23	Uncertainty over Income Tax Treatments
香港（國際財務報告詮釋委員會）- 詮釋第23 號	所得稅處理的不確定性
Amendments to HKFRS 9	Prepayment Features with Negative Compensation
香港財務報告準則第9 號（修訂本）	具有負補償的提前還款特性
Amendments to HKAS 19	Plan Amendment, Curtailment or Settlement
香港會計準則第19 號（修訂本）	計畫修正、縮減或清償
Amendments to HKAS 28	Long-term Interests in Associates and Joint Ventures
香港會計準則第28 號（修訂本）	聯營公司及合營企業的長期利息
Amendments to HKFRSs	Annual Improvements to HKFRSs 2015 - 2017 Cycle
香港財務報告準則（修訂本）	香港財務報告準則2015 年至2017 年週期的年度改進
Except as described below, the application	of the new and	除下文所述者外，於本期間應用新及經
amendments to HKFRSs in the current period has had no material	修訂香港財務報告準則對於該等簡明綜
impact on the Group's financial performance and positions for	合財務報表所載本集團於本期間及過往
the current and prior periods and/or on the disclosures set out in	期間之財務表現及狀況及╱或披露事項
these condensed consolidated financial statements.	並無重大影響。

Interim Financial Report 2019

中期財務報告 2019

39

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases"

The Group has applied HKFRS 16 for the first time in the current interim period. HKFRS 16 superseded HKAS 17 "Leases" ("HKAS 17") and the related interpretations.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動

本集團已於本中期期間首次應用 香港財務報告準則第16 號。香港 財務報告準則第16 號取代香港會 計準則第17 號「租賃」（「香港會計 準則第17 號」）及相關詮釋。

2.1.1 Key changes in accounting policies resulting from application of HKFRS 16

The Group applied the following accounting policies in accordance with the transition provisions of HKFRS 16.

Definition of a lease

2.1.1 應用香港財務報告準則第 16 號導致的主要會計政策 變動

本集團根據香港財務報告 準則第16 號的過渡條文 應用以下會計政策。

租賃的定義

A contract is, or contains, a lease if the contract	倘合約為換取代價而給予
conveys the right to control the use of an	在若干時段內控制使用已
identified asset for a period of time in exchange	識別資產的權利，則該合
for consideration.	約為租賃或包含租賃。
For contracts entered into or modified on or after	就於首次應用日期或之後
the date of initial application, the Group assesses	訂立或修訂的合約而言，
whether a contract is or contains a lease based	本集團於開始或修訂日期
on the definition under HKFRS 16 at inception	根據香港財務報告準則第
or modification date. Such contract will not be	16 號項下的定義評估合約
reassessed unless the terms and conditions of the	是否為租賃或包含租賃。
contract are subsequently changed.	除合約的條款或條件其後
	出現變動外，該合約將不
	會重新評估。

40

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.1 Key changes in accounting policies resulting from application of HKFRS 16 (Continued)

As a lessee

Short-term leases and leases of low-value assets

The Group applies the recognition exemption for lease of low-value assets. Lease payments on leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.1 應用香港財務報告準則第 16 號導致的主要會計政策 變動（續）

作為承租人

短期租賃及低價值資產

本集團對低價值資產之租 賃應用確認豁免條款。本 集團於租期內以直線法確 認有關低價值資產之租賃 之租賃付款為支出。

Right-of-use assets	使用權資產
Except for leases of low value assets, the	除低價值資產之租賃外，
Group recognises right-of-use assets at the	本集團已於租賃開始時
commencement date of the lease (i.e. the date the	（即有關資產以供使用當
underlying asset is available for use). Except for	日）確認使用權資產。除
those that are classified as investment properties	分類為投資物業者及根據
and measured under fair value model, right-of-use	公允值模型計量者外，使
assets are measured at cost, less any accumulated	用權資產按成本減任何累
depreciation and impairment losses, and adjusted	計折舊及減值虧損計量，
for any remeasurement of lease liabilities.	並就租賃負債之任何重新
	計量作出調整。

Interim Financial Report 2019

中期財務報告 2019

41

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.1 Key changes in accounting policies resulting from application of HKFRS 16 (Continued)

As a lessee (Continued)

Right-of-use assets (Continued)

The cost of right-of-use asset includes:

• the amount of the initial measurement of the lease liability;
• any lease payments made at or before the commencement date, less any lease incentives received;
• any initial direct costs incurred by the Group; and
• an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, if any.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.1 應用香港財務報告準則第 16 號導致的主要會計政策 變動（續）

作為承租人（續）

使用權資產（續）

使用權資產之成本包括：

• 租賃負債之初步計 量金額；
• 於開始日期或之前 的任何已付租賃付 款，減任何已收取 租賃優惠；
• 本集團所產生之任 何初始直接成本；
  及
• 本集團於拆除及移 除有關資產、復原 其所在地或復原有 關資產至租賃條款 及條件（如有）所規 定之狀態而產生的 成本估計，除非有 關成本乃因產生存 貨而產生。

42

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.1 Key changes in accounting policies resulting from application of HKFRS 16 (Continued)

As a lessee (Continued)

Right-of-use assets (Continued)

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term is depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term.

The Group presents right-of-use assets that do not meet the definition of investment properties as a separate line item in the condensed consolidated statement of financial position. The right-of- use assets that meet the definition of investment properties are presented within "investment properties".

Leasehold land and building

For payments of a property interest which includes both leasehold land and building elements, the entire property is presented as property, plant and equipment of the Group when the payments cannot be allocated reliably between the leasehold land and building elements, except for those that are classified and accounted for as investment properties.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.1 應用香港財務報告準則第 16 號導致的主要會計政策 變動（續）

作為承租人（續）

使用權資產（續）

本集團於租期結束時合理 確定會取得有關租賃資產 所有權之使用權資產，自 開始日期起至使用年期結 束期間折舊。在其他情況 下，使用權資產以直線法 於其估計可使用年期與租 期兩者中之較短者折舊。

本集團將未符合投資物業 定義之使用權資產於簡明 綜合財務狀況表中作個別 項目呈列。符合投資物業 定義之使用權資產於「投 資物業」中呈列。

租賃土地及樓宇

就同時包括租賃土地及樓 宇部分之物業權益付款而 言，當付款無法可靠分配 於租賃土地與樓宇部分之 間時，整項物業獲呈列為 本集團之物業、廠房及設 備，惟該等獲分類及計入 投資物業者則除外。

Interim Financial Report 2019

中期財務報告 2019

43

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.1 Key changes in accounting policies resulting from application of HKFRS 16 (Continued)

As a lessor

Allocation of consideration to components of a contract

Effective on 1 January 2019, the Group applies HKFRS 15 "Revenue from Contracts with Customers" ("HKFRS 15") to allocate consideration in a contract to lease and non-lease components. Non-lease components are separated from lease components on the basis of their relative stand-alone selling prices.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.1 應用香港財務報告準則第 16 號導致的主要會計政策 變動（續）

• 作為出租人

  分配代價至合約部分

• 2019 年1 月1 日起，本 集團應用香港財務報告準 則第15 號「來自客戶合約 之收益」（「香港財務報告 準則第15 號」）分配合約 中的代價至租賃及非租賃 部分。非租賃部分按其相 關獨立銷售價基準與租賃 部分分開。

Refundable rental deposits	可退回租務按金
Refundable rental deposits received are accounted	已收取可退回租務按金根
under HKFRS 9 and initially measured at fair value.	據香港財務報告準則第9
Adjustments to fair value at initial recognition	號列賬，並初步按公允值
are considered as additional lease payments from	計量。首次確認的公允值
lessees.	調整被視為承租人的額外
	租賃付款。

44

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

1. Key changes in accounting policies resulting from application of HKFRS 16 (Continued)
   As a lessor (Continued)
   Lease modification
   The Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease.
2. Transition and summary of effects arising from initial application of HKFRS 16
   Definition of a lease
   The Group has elected the practical expedient to apply HKFRS 16 to contracts that were previously identified as leases applying HKAS 17 and HK(IFRIC) - Int 4 "Determining whether an Arrangement contains a Lease" and not apply this standard to contracts that were not previously identified as containing a lease. Therefore, the Group has not reassessed contracts which already existed prior to the date of initial application.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

1. 應用香港財務報告準則第 16 號導致的主要會計政策 變動（續）
   作為出租人（續）
   租賃修訂
   本集團自修訂生效日期起 將修訂呈列於經營租賃為 新租賃，視原租賃相關的 任何預付或應計租賃付款 為新租賃的租賃付款。
2. 過渡及首次應用香港財務 報 告 準 則 第 16 號 的 影 響 概要

租賃的定義

本集團已選取實際可行方 法應用香港財務報告準則

• 16 號於前身應用香港 會計準則第17 號及香港 （國際財務報告詮釋委員 會）-詮釋第4 號「決定若 干租賃的安排」定義為租 賃的合約，並不應用該準 則於前身並無定義為包含 租賃的合約。因此，本集 團將並無為於首次應用日 期已有效的合約，或若干 租賃重新估值。

For contracts entered into or modified on or after 1 January 2019, the Group applies the definition of a lease in accordance with the requirements set out in HKFRS 16 in assessing whether a contract contains a lease.

就於2019 年1 月1 日訂立 或修訂的合約而言，本集 團評估合約是否包含租賃 時根據香港財務報告準則

• 16 號所載的規定應用 租賃的定義。

Interim Financial Report 2019

中期財務報告 2019

45

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.2 Transition and summary of effects arising f r o m i n i t i a l a p p l i c a t i o n o f H K F R S 1 6 (Continued)

Definition of a lease (Continued)

The Group has applied HKFRS 16 retrospectively with the cumulative effect recognised at the date of initial application, 1 January 2019. Any difference at the date of initial application, if any, is recognised in the opening retained profits and comparative information has not been restated.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.2 過渡及首次應用香港財務 報 告 準 則 第 16 號 的 影 響 概要（續）

租賃的定義（續）

本集團已追溯應用香港財 務報告準則第16 號，並 於首次應用日期（2019 年 1 月1 日）確認累計影響。 於首次應用日期之任何差 額（如有）於期初保留盈利 中確認，且尚未重列比較 資料。

The carrying amount of right-of-use assets as at 1 January 2019 comprises the following:

使 用 權 資 產 於2019 年1

• 1 日之賬面值包括以下 各項：

Right-of-use assets

使用權資產

Note HK$'000

附註 千港元

Reclassified from prepaid lease payments	已自預付租賃付款重新分類	(a)	178,435
By class:	按類別：
Leasehold land	租賃土地		178,435

Note:

1. Upfront payments for leasehold land in the PRC were classified as prepaid lease payments as at 31 December 2018. Upon application of HKFRS 16, the prepaid lease payments amounting to HK$178,435,000 were reclassified to right-of- use assets.

附註：

1. 於 2018 年 12 月 31
   日，中國租賃土地之 預付款項獲分類為預 付租賃款項。應用 香港財務報告準則第 16 號後，預付租賃 款項178,435,000 港 元已重新分類為使用 權資產。

46

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.2 Transition and summary of effects arising f r o m i n i t i a l a p p l i c a t i o n o f H K F R S 1 6 (Continued)

As a lessor

In accordance with the transitional provisions in HKFRS 16, the Group is not required to make any adjustment on transition for leases in which the Group is a lessor but account for these leases in accordance with HKFRS 16 from the date of initial application and comparative information has not been restated.

1. Upon application of HKFRS 16, new lease contracts entered into but commence after the date of initial application relating to the same underlying assets under existing lease contracts are accounted as if the existing leases are modified as at 1 January 2019. The application has had no impact on the Group's condensed consolidated statement of financial position at 1 January 2019. However, with effect from 1 January 2019, lease payments relating to the revised lease term after modification are recognised as income on a straight-line basis over the extended lease term.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.2 過渡及首次應用香港財務 報 告 準 則 第 16 號 的 影 響 概要（續）

作為出租人

根據香港財務報告準則第

16 號的過渡條文，本集團 毋須為本集團為出租人的 租賃過渡作出調整，惟須 自首次應用日期起根據香 港財務報告準則第16 號 就該等租賃列賬，且比較 資料並無重列。

1. 應用香港財務報告 準 則 第16 號 後， 於初次應用日期後 開始有關現有租賃 合約項下相關資產 的新租賃合約列賬 於在2019 年1 月1
   日修訂的現有租 賃。應用對本集團 於 2 0 1 9 年 1 月 1
   日的簡明綜合財務 狀況表並無影響。 然 而， 自2019 年 1 月1 日 起， 修 訂 後有關經修訂租期 的租賃付款於已延 長租期按直線法基 準確認為收入。

Interim Financial Report 2019

中期財務報告 2019

47

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

2. PRINCIPAL ACCOUNTING POLICIES (Continued)

Application of new and amendments and interpretation to HKFRSs (Continued)

2.1 Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)

2.1.2 Transition and summary of effects arising f r o m i n i t i a l a p p l i c a t i o n o f H K F R S 1 6 (Continued)

As a lessor (Continued)

1. Before application of HKFRS 16, refundable rental deposits received were considered as rights and obligations under leases to which HKAS 17 applied. Based on the definition of lease payments under HKFRS 16, such deposits are not payments relating to the right-of-use assets and were adjusted to reflect the discounting effect at transition. In the opinion of the directors of the Company, the discounting on such refundable rental deposits received had no material impact on the condensed consolidated financial statements and, thus no adjustment was made as at 1 January 2019.

2. 重大會計政策（續）

應 用 新 及 經 修 訂 之 香 港 財 務 報 告 準 則 及 詮釋（續）

2.1 應 用 香 港 財 務 報 告 準 則 第 16 號 「租 賃 」及 之 會 計 政 策 的 影 響 及 變

動（續）

2.1.2 過渡及首次應用香港財務 報 告 準 則 第 16 號 的 影 響 概要（續）

作為出租人（續）

1. 應用香港財務報告 準 則 第16 號 前， 已收取可退回租務 按金被視為應用香 港會計準則第17 號的租賃項下的權 利與責任。根據香 港財務報告準則 第16 號項下租賃 付款的定義，該等 按金並非有關使用 權資產的按金，且 經調整以反映過渡 期間的貼現影響。 本公司董事認為， 該等已收取可退回 租務按金的貼現對 簡明綜合財務報表 並無重大影響，因 此於2019 年1 月1
   日並無作出調整。

1. Effective on 1 January 2019, the Group has applied HKFRS 15 to allocate consideration in the contract to each lease and non- lease components. The change in allocation basis has had no material impact on the condensed consolidated financial statements of the Group for the current period.

1. 自 2 0 1 9 年 1 月 1
   日起，本集團已應 用香港財務報告準 則第15 號以分配 合約中的代價至各 租賃及非租賃部 分。分配基準的變 動對本集團於本中 期期間的簡明綜合 財務報表並無重大 影響。

48

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

3. REVENUE AND SEGMENT INFORMATION	3.	收入及分部資料
	Revenue from major products, investments and services is	由主要產品、投資及服務的收入分析如
	analysed as follows:		下：
	Continuing operations		持續經營業務
				Six months ended 30 June
				截至 6 月 30 日止六個月
				2019	2018
				HK$'000	HK$'000
				千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
					(Restated)
					（經重列）
	Rental income	租金收入		55,604	57,817
	Dividend income from listed and unlisted	上市及非上市證券股息
	securities	收入		85	103
				55,689	57,920
	The Group is currently organised into two operating divisions:	本集團現時由兩個營運部門組成：i) 投資
	i) investments (including the results from loan receivables and	（包括應收貸款及以公允值計量計入損益
	financial assets at fair value through profit or loss) and ii)	的金融資產之業績）及ii) 物業租賃。此等
	property leasing. These operating divisions form the basis of the	營運部門是由本公司之執行董事，即主
	internal reports containing components of the Group that are	要營運決策者在決定分部資源分配及評
	regularly reviewed by the executive directors of the Company,	估其表現上所定期審閱本集團各個組成
	being the chief operating decision maker, in order to allocate	部份之內部報告作為識別經營分部之基
	resources to segments and to assess their performance. No	礎。在設定本集團之報告分部時，主要
	operating segments identified by the chief operating decision	營運決策者所識別的經營分部概未彙集
	maker have been aggregated in arriving at the reportable	計算。
	segments of the Group.
	As at 30 June 2019, as the directors of the Company were of	於2019 年6 月30 日，由於本公司董事認
	the opinion that the proposed merger involving Tai Zhou United	為，涉及泰州東聯化工有限公司（「泰州
	East Petrochemical Company Limited ("TZ United East"), Zhong	東聯」）、中海油氣（泰州）石化有限公司
	Hai You Qi (Taizhou) Petrochemical Company Limited ("Zhong	（「中海油氣」）及中海瀝青（泰州）有限責
	Hai You Qi") and China Offshore Bitumen (Taizhou) Co., Ltd.	任公司（「中海瀝青」）之建議合併（「建議
	("COBT") (the "Proposed Merger") was highly probable to be	合併」）很大可能會於2019 年6 月30 日起
	completed within twelve months from 30 June 2019, the trading	計十二個月內完成，故本集團的石油化
	of petrochemical products and provision of sub-contracting	工產品銷售及提供加工服務於本期間被
	service of the Group was regarded as a discontinued operation in	視為已終止經營業務。
	the current period.
	The comparative segment revenue and results for the six months	截至2018 年6 月30 日止六個月的可供比
	ended 30 June 2018 have been restated.		較分部收入及業績已經重列。

Interim Financial Report 2019

中期財務報告 2019

49

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

3. REVENUE AND SEGMENT INFORMATION (Continued)

Continuing operations (Continued)

No segment assets or liabilities are presented as the chief operating decision maker does not regularly review segment assets and liabilities.

Segment revenue and results

The following is an analysis of the Group's revenue and results from continuing operations by operating and reportable segments:

3. 收入及分部資料（續）

持續經營業務（續）

由於主要營運決策者並無定期審閱分部 資產及負債，所以並沒有呈列分部資產 及負債。

分部收入及業績

以下是本集團來自持續經營業務之收入 及業績按經營及報告分部之分析：

			Property
		Investments	leasing	Consolidated
		投資	物業租賃	綜合
		HK$'000	HK$'000	HK$'000
		千港元	千港元	千港元
Six months ended 30 June 2019	截至 2019 年 6 月 30 日止
(Unaudited)	六個月（未經審核）
Continuing operations	持續經營業務
Revenue	收入	85	55,604	55,689
Segment (loss) profit	分部（虧損）溢利	(8,441)	43,483	35,042
Other unallocated income,	其他未分配收入、
gains and losses	收益及虧損			22,836
Corporate expenses	公司費用			(36,202)
Finance costs	財務費用			(33,713)
Share of results of associates	攤佔聯營公司業績			6,010
Loss before taxation	除稅前虧損			(6,027)

50

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

3. REVENUE AND SEGMENT INFORMATION (Continued)	3. 收入及分部資料（續）
	Continuing operations (Continued)		持續經營業務（續）
				Property
			Investments	leasing	Consolidated
			投資	物業租賃	綜合
			HK$'000	HK$'000	HK$'000
			千港元	千港元	千港元
	Six months ended 30 June 2018	截至 2018 年 6 月 30 日
	(Restated) (Unaudited)	止六個月（經重列）
		（未經審核）
	Continuing operations	持續經營業務
	Revenue	收入	103	57,817	57,920
	Segment profit	分部溢利	143,025	86,163	229,188
	Other unallocated income,	其他未分配收入、
	gains and losses	收益及虧損			1,369
	Corporate expenses	公司費用			(31,206)
	Finance costs	財務費用			(26,755)
	Share of results of associates	攤佔聯營公司業績			125,997
	Profit before taxation	除稅前溢利			298,593
	Segment (loss) profit represents the results of each segment	分部（虧損）溢利指各分部的業績，但不
	without allocation of items which are not actively reviewed by	包括主要營運決策者不會主動審視的項
	the chief operating decision maker, including other unallocated	目之分配額，當中包括，其他未分配收
	income, gains and losses, comprising interest income other than	入、收益及虧損，包含除一家聯營公司
	those from an associate and loan receivables, change in fair	及應收貸款以外之利息收入、若干以公
	value of certain financial assets at fair value through profit or	允值計量且其變動計入損益的金融資產
	loss, net foreign exchange loss, net gain on disposal of corporate	之公允值變動、滙兌虧損淨額、出售公
	property, plant and equipment and certain miscellaneous	司物業、廠房及設備之收益淨額及若干
	unallocated income. The unallocated corporate expenses, finance	未分配雜項收入。由於未予分配公司費
	costs and share of results of associates are not allocated into	用，財務費用及攤佔聯營公司業績，是
	individual segment as they are under central management. This	基於中央管理故不作獨立分配。這乃就
	is the measure reported to the chief operating decision maker for	資源分配及分部表現評估向主要營運決
	the purposes of resource allocation and performance assessment.	策者呈報之標準。

Interim Financial Report 2019

中期財務報告 2019

51

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

3. REVENUE AND SEGMENT INFORMATION (Continued)

Geographical information

The Group's operations are located in the PRC and Hong Kong. The Group's revenue from external customers is based on the location of the Group's operations to derive the revenue are detailed below:

Continuing operations

3. 收入及分部資料（續）

地域資料

本集團的營運地點位於中國及香港。本 集團來自外在顧客的收入是基於本集團 之營運地點以取得收入載列如下：

持續經營業務

Revenue

收入

Six months ended 30 June

截至 6 月 30 日止六個月

2019 2018

HK$'000 HK$'000

千港元千港元

(Unaudited) (Unaudited)

（未經審核） （未經審核）

(Restated)

（經重列）

Hong Kong	香港		620	763
PRC	中國		55,069	57,157
				55,689	57,920
4. ASSETS CLASSIFIED AS HELD FOR SALE AND LIABILITIES 4.	分類為持作出售資產及分類為持作出
ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE	售資產相關之負債

On 28 November 2018, an indirect non-wholly owned subsidiary of the Company, namely TZ United East, entered into a merger agreement (the "Merger Agreement") with Zhong Hai You Qi and COBT, pursuant to which, Zhong Hai You Qi will absorb and merge with TZ United East and COBT. Prior to the completion of the Proposed Merger and as at 30 June 2019, Zhong Hai You Qi was an associate of the Company through its holding of 33% equity interest in Zhong Hai You Qi under Tai Zhou Dong Thai Petrochemical Company Limited ("TZ Dong Thai"), a non-wholly owned subsidiary of the Company. Besides, Zhong Hai You Qi and COBT were non-wholly owned subsidiaries of CNOOC Refinery Co., Ltd. ("CRCL"), a state-owned enterprise.

• 2018 年11 月28 日，本公司之間接非 全資擁有附屬公司，泰州東聯，與中海 油氣及中海瀝青訂立合併協議（「合併協 議」），據此，中海油氣將吸收合併泰州 東聯及中海瀝青。於建議合併完成前及
• 2019 年6 月30 日，中海油氣通過持 有本公司非全資擁有附屬公司泰州東泰 石化有限公司（「泰州東泰」）項下中海油 氣33% 權益而為本公司之聯營公司。此 外，中海油氣及中海瀝青均為國有企業 中海石油煉化有限責任公司（「中海油煉 化」）之非全資擁有附屬公司。

52

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

4. ASSETS CLASSIFIED AS HELD FOR SALE AND LIABILITIES 4.	分類為持作出售資產及分類為持作出
ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE	售資產相關之負債（續）
(Continued)
Upon completion of the Proposed Merger, TZ United East and	建議合併完成後，泰州東聯及中海瀝青
COBT will be dissolved and deregistered. Zhong Hai You Qi will	將解散及註銷。中海油泰州石化將為存
be the surviving entity (the "Merged Enterprise"). The Group	續公司（「經合併企業」）。本集團將會透
will own 51% of the equity interest in the Merged Enterprise	過泰州東泰持有51% 經合併企業的權
through TZ Dong Thai. The management of the Group is of the	益。本集團之管理層認為，由於經合併
view that since the relevant activities of the Merged Enterprise	企業之相關活動需得到本集團及中海油
require the unanimous consent of the Group and CRCL through	煉化於經合併企業的股東大會及董事會
shareholders' meetings and board meetings of the Merged	會議之一致同意，因此於建議合併完成
Enterprise, the Group's interest in Zhong Hai You Qi should be	後，本集團於中海油泰州石化的權益將
considered as interest in a joint venture after completion of the	應被視為合營企業權益。
Proposed Merger.
Completion of the Proposed Merger is subject to certain	建議合併完成須待若干先決條件達成後
conditions, including but not limited to obtaining approvals	方可作實，包括但不限於取得合併協議
required under applicable laws, regulations and rules (including	所載的適用法律、法規及規則（包括上市
the Listing Rules), which are set out in the Merger Agreement.	規則）項下規定的批准。根據董事當時的
Based on the then best estimation of the Directors, the Proposed	最佳估計，預期建議合併於2019 年7 月
Merger was expected to complete in July 2019. Consequently,	完成。因此，本公司董事認為，於2019
the directors of the Company considered that the operation	年6 月30 日，泰州東聯項下之業務應被
under TZ United East should be regarded as a discontinued	視為已終止經營業務。
operation as at 30 June 2019.
The Proposed Merger was completed on 15 July 2019.	建議合併於2019 年7 月15 日完成。
As at 30 June 2019, the assets and liabilities of TZ United East	於2019 年6 月30 日，將於十二個月內出
attributable to the Group to be sold within twelve months	售的本集團應佔泰州東聯的資產及負債
had been classified as assets and liabilities held for sale and	已分類為持作出售資產及負債，並於中
were separately presented in the interim statement of financial	期財務狀況表單獨呈列。泰州東聯於本
position. The profit or loss of TZ United East for the current and	期間及過往期間的損益呈列於已終止經
prior periods were presented as profit or loss in discontinued	營業務（見附註5）。
operation (see note 5).

Interim Financial Report 2019

中期財務報告 2019

53

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

4. ASSETS CLASSIFIED AS HELD FOR SALE AND LIABILITIES 4.	分類為持作出售資產及分類為持作出
	ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE	售資產相關之負債（續）
	(Continued)
				As at
				30 June
				於6 月30 日
				2019
				HK$'000
				千港元
				(Unaudited)
				（未經審核）
	Property, plant and equipment	物業、廠房及設備		3,521,873
	Right-of-use assets	使用權資產		175,584
	Goodwill	商譽		39,462
	Inventories	存貨		82,934
	Trade receivables	應收賬款		11,186
	Deposits, prepayments and other receivables	按金、預付款及其他應收款	224,208
	Bank balances and cash	銀行結餘及現金		12,129
		建議合併所產生的以公允值計量且其變	4,067,376
	Financial asset at fair value through profit or loss arising
	from the Proposed Merger (Note)	動計入損益的金融資產（附註）	155,658
	Total assets classified as held for sale	分類為持作出售資產總值	4,223,034
	Borrowings	借貸		969,671
	Deferred tax liabilities	遞延稅項負債		1,899
	Trade and bills payables	應付賬款及票據		8,009
	Accrued charges, rental deposits and other payables	應計費用、租務按金及其他應付款	309,769
		建議合併所產生的遞延稅項負債（附註）	1,289,348
	Deferred tax liability arising from the Proposed Merger
	(Note)			38,914
	Liabilities associated with assets classified as held for	分類為持作出售資產相關
	sale	之負債		1,328,262

Note: The amount represents the change in the difference between the fair value of the assets to be received by the Company, i.e. additional interest in Zhong Hai You Qi, and the equity value of TZ United East to be transferred out by the Company arising from the Proposed Merger as at 30 June 2019 and the date of the Merger Agreement. The relevant deferred tax was calculated at the Enterprise Income Tax rate, which was 25%.

附註： 金額為本公司將收取的資產（即中海 油氣之額外權益）的公允值與本公司

• 2019 年6 月30 日及合併協議日期 產生的本公司自泰州東聯化工轉出股 本價值之間的差額變動。相關遞延稅 項按企業所得稅計算，稅率為25%。

54

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

5. DISCONTINUED OPERATION

5. 已終止經營業務

The result of the discontinued operation (i.e. TZ United East) included in the profit (loss) for the period are set out below.

已終止經營業務（即泰州東聯）的業績（計 入期內溢利（虧損））載列如下。

Six months ended 30 June

截至 6 月 30 日止六個月

		2019	2018
		HK$'000	HK$'000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
			(Restated)
			（經重列）
Sales of petrochemical products	銷售石化產品	5,656	-
Sub-contracting income	加工費收入	282,725	247,073
		288,381	247,073
Cost of sales and services	銷售及服務成本	(207,088)	(212,081)
		81,293	34,992
Other income, gains and losses	其他收入、收益及虧損	909	4,926
Change in fair value of financial assets at	以公允值計量的金融資產之
fair value through profit or loss	公允值變動	89	-
Administrative expenses	行政費用	(40,564)	(50,346)
Other expenses (Note)	其他費用（附註）	(30,645)	(71,169)
Finance costs	財務費用	(40,091)	(65,893)
Loss before taxation	除稅前虧損	(29,009)	(147,490)
Taxation	稅項	-	-
Loss for the period	期內虧損	(29,009)	(147,490)

Interim Financial Report 2019

中期財務報告 2019

55

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

5. DISCONTINUED OPERATION (Continued)	5.	已終止經營業務（續）
				Six months ended 30 June
				截至 6 月 30 日止六個月
				2019	2018
				HK$'000	HK$'000
				千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
					(Restated)
					（經重列）
	Change in fair value of financial assets at fair	建議合併所產生以公允值計量且
	value through profit or loss arising from	其變動計入損益的金融資產之
	the Proposed Merger	公允值變動		155,658	-
	Legal and professional fees incurred for the	建議合併所產生的法律及
	Proposed Merger	專業費用		(9,455)	-
	Taxation	稅項		(38,914)	-
	Profit (loss) for the period from discontinued	已終止經營業務的期內溢利
	operation	（虧損）		78,280	(147,490)
	Profit (loss) from discontinued operation	以下各項應佔已終止經營業務的
	attributable to:	溢利（虧損）：
	- Owners of the Company	- 本公司擁有人		53,285	(99,569)
	- Non-controlling interests	- 非控制權益		24,995	(47,921)
				78,280	(147,490)
	Cash flow from discontinued operation:	來自已終止經營業務的現金流：
	Net cash inflow (outflow) from operating	來自經營業務的淨現金流入
	activities	（流出）		121,633	(110,410)
	Net cash outflow from investing activities	來自投資業務的淨現金流出		(104,721)	(81,744)
	Net cash (outflow) inflow from financing	來自融資業務的淨現金（流出）
	activities	流入		(66,389)	475,890
	Net cash (outflow) inflow	淨現金（流出）流入		(49,477)	283,736

Note: The amount represents direct costs, such as wages, depreciation expenses, consumables and other direct attributable costs incurred by TZ United East during its suspension of production for inspection and maintenance of its production plant.

附註： 金額為泰州東聯於暫停生產期間為檢 查及維修生產廠房發生的直接成本如 薪金、折舊支出、消耗品及其他直接 相關成本。

56

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

5. DISCONTINUED OPERATION (Continued)

Profit (loss) for the period from discontinued operation has been arrived at after charging (crediting):

5. 已終止經營業務（續）

期內來自已終止經營業務之溢利（虧損） 經已扣除（計入）：

Six months ended 30 June

截至 6 月 30 日止六個月

		2019	2018
		HK$'000	HK$'000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
			(Restated)
			（經重列）
Depreciation for property, plant and	物業、廠房及設備之
equipment	折舊	109,785	120,600
Depreciation of right-of-use assets	使用權資產之折舊	2,077	-
Amortisation of prepaid lease payments	預付租賃付款攤銷	-	2,202
Cost of inventories recognised as an expense	已確認為支出之存貨成本	5,656	-
Staff costs including directors' and chief	員工費用包括董事及
executive's remuneration	行政總裁酬金	39,591	38,368

Interim Financial Report 2019

中期財務報告 2019

57

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

6. OTHER INCOME, GAINS AND LOSSES	6. 其他收入、收益及虧損
			Six months ended 30 June
			截至 6 月 30 日止六個月
			2019		2018
			HK$'000		HK$'000
			千港元		千港元
			(Unaudited)		(Unaudited)
			（未經審核）		（未經審核）
					(Restated)
					（經重列）
Continuing operations	持續經營業務
Interest income	利息收入
- bank deposits	- 銀行存款	2,018		729
- amounts due from an associate (Note 14)	- 應收一家聯營公司款（附註14）	11,479		13,043
- loan receivables	- 應收貸款	42,542		9,205
Net foreign exchange loss	滙兌虧損淨額	(14)		(103)
Net gain on disposal of property, plant and	出售物業、廠房及設備之
	equipment	收益淨額	-	14
Government rates concession	政府差餉寬減	16		14
Others	其他	816		715
			56,857		23,617

7. FINANCE COSTS	7.	財務費用
				Six months ended 30 June
				截至 6 月 30 日止六個月
				2019	2018
				HK$'000	HK$'000
				千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
					(Restated)
					（經重列）
Continuing operations	持續經營業務
Interest on bank loans wholly repayable	須於五年內悉數償還的
	within five years	銀行借貸利息	32,772	22,820
Interest on other loans wholly repayable	須於五年內悉數償還的
	within five years	其他借貸利息	941	3,935
			33,713	26,755

58

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

8. TAXATION	8.	稅項
				Six months ended 30 June
				截至 6 月 30 日止六個月
				2019	2018
				HK$'000	HK$'000
				千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
					(Restated)
					（經重列）
	Continuing operations	持續經營業務
	Tax charge comprises:	稅項支出包括：
	PRC Enterprise Income Tax	中國企業所得稅
	- current tax	- 即期稅項	7,166	46,012
	PRC Enterprise Income Tax	中國企業所得稅
	- underprovision in prior periods	- 前期提撥不足		-	12,023
		遞延稅項（附註21）：	7,166	58,035
	Deferred taxation (Note 21):
	- current period	- 本期間	2,726	(32,623)
			9,892	25,412

On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. Accordingly, starting from 2018, the Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million. No provision for Hong Kong Profits Tax has been made as the Company and its subsidiaries in Hong Kong incurred tax losses for both periods.

• 2018 年3 月21 日，香港立法會通過 《2017 年稅務（修訂）（第7 號）條例草案》 （「草案」），其引入利得稅兩級制。草案
• 2018 年3 月28 日經簽署成為法例，並 於次日刊憲。根據利得稅兩級制，合資 格集團實體之首2,000,000 港元溢利將 按8.25% 之稅率納稅，而2,000,000 港 元以上之溢利則按16.5% 之稅率徵稅。 根據利得稅兩級制不合資格集團實體之 溢利將繼續按16.5% 之稅率納稅。因 此，自2018 年開始，首2,000,000 港元 估計應課稅溢利之香港利得稅按8.25% 之稅率計算，而2,000,000 港元以上估 計應課稅溢利之香港利得稅按16.5% 之 稅率計算。由於本公司及其香港附屬公 司錄得稅務虧損，故該兩段期間並沒有 提撥香港利得稅。

The taxation charge of the PRC Enterprise Income Tax for	本期間及去年同期之中國企業所得稅乃
both periods has been made based on the Group's estimated	本公司於中國之附屬公司以估計的應課
assessable profits calculated in accordance with the relevant	稅溢利按適用的所得稅法例計算所得之
income tax laws applicable to the subsidiaries of the Company in	稅項支出。
the PRC.

Interim Financial Report 2019

中期財務報告 2019

59

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

1. TAXATION (Continued)
   The withholding tax arising from dividend income received from PRC subsidiaries of the Company is calculated at 5% in both periods.
   Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the EIT Law, the tax rate of PRC subsidiaries is 25% from 1 January 2008 onwards.
2. (LOSS) PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS

1. 稅項（續）
   源自兩段期間收取本公司之中國附屬公 司之股息收入之預扣稅乃按照5% 稅率 計提。
   根據中國企業所得稅稅法（「所得稅法」） 及所得稅法的實施細則，從2008 年1 月 1 日起，於中國之附屬公司適用之稅率為
   25%。
2. 期內來自持續經營業務之（虧損）溢利

(Loss) profit for the period from continuing operations has been arrived at after charging (crediting):

期內來自持續經營業務之（虧損）溢利經 已扣除（計入）：

Six months ended 30 June

截至 6 月 30 日止六個月

2019 2018

HK$'000 HK$'000

千港元千港元

(Unaudited) (Unaudited)

（未經審核） （未經審核）

(Restated)

（經重列）

Auditor's remuneration	核數師酬金	1,400	1,400
Depreciation for property, plant and	物業、廠房及設備之折舊
equipment		6,383	6,616
Staff costs including directors' and chief	員工費用包括董事及
executive's remuneration	行政總裁酬金	24,297	21,782
Rental income under operating leases for	投資物業項下之營運租約之租金收
investment properties, less outgoings of	入，扣除開支5,317,000 港元
HK$5,317,000 (six months ended 30 June	（截至2018 年6 月30 日止
2018: HK$3,741,000)	六個月：3,741,000 港元）	(50,287)	(54,076)

60

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

10. EARNINGS (LOSS) PER SHARE

From continuing operations

The calculation of the basic earnings (loss) per share attributable to owners of the Company is based on the following data:

10. 每股盈利（虧損）

來自持續經營業務

本公司擁有人應佔的每股基本盈利（虧 損）乃根據下列數據計算所得：

Six months ended 30 June

截至 6 月 30 日止六個月

		2019	2018
		HK$'000	HK$'000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
			(Restated)
			（經重列）
Earnings (loss):	盈利（虧損）：
Earnings for the purpose of basic earnings	用以計算每股基本盈利之
per share (profit for the period attributable	盈利（本公司擁有人應佔期內
to owners of the Company)	溢利）	46,319	143,165
Less: (Profit) loss for the period from	減：來自已終止經營業務之
discontinued operation attributable	本公司擁有人應佔期內
to owners of the Company	（溢利）虧損	(53,285)	99,569
(Loss) earnings for the purpose of basic	用以計算來自持續經營業務之
(loss) earnings per share from continuing	每股基本（虧損）盈利之（虧損）
operations	盈利	(6,966)	242,734
		Six months ended 30 June
		截至 6 月 30 日止 6 個月
		2019	2018
		in thousand	in thousand
		千股	千股
Number of shares:	股份數目：
Weighted average number of ordinary shares	用以計算每股基本盈利（虧損）之
for the purpose of basic earnings (loss) per	加權平均普通股股份數目
share		2,304,850	2,304,850

Interim Financial Report 2019

中期財務報告 2019

61

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

10. EARNINGS (LOSS) PER SHARE (Continued)

From continuing and discontinued operations

The calculation of the basic earnings per share from continuing and discontinued operations attributable to the owners of the Company is based on the following data:

10. 每股盈利（虧損（）續）

來自持續及已終止經營業務

來自持續及已終止經營業務的本公司擁 有人應佔每股基本盈利（虧損）乃根據下 列數據計算所得 ﹕

		Six months ended 30 June
		截至 6 月 30 日止六個月
		2019	2018
		HK$'000	HK$'000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
			(Restated)
			（經重列）
Earnings	盈利
Earnings for the purpose of basic earnings	用以計算每股基本盈利之
per share (profit for the period attributable	盈利（本公司擁有人應佔期內
to owners of the Company)	溢利）	46,319	143,165

The denominators used are the same as those detailed above for both basic and diluted earnings (loss) per share.

From discontinued operation

Basic earnings per share for discontinued operation is HK2.31 cents (2018: Loss of HK4.32 cents) per share, based on the profit attributable to owners of the Company from the discontinued operation of HK$53,285,000 for the six months ended 30 June 2019 (2018: Loss of HK$99,569,000).

No diluted earnings per share for the six months ended 30 June 2019 and 2018 were presented as the Company had no potential ordinary shares for the six months ended 30 June 2019 and 2018.

以上之每股基本和攤薄盈利（虧損）之分 母是一致的。

來自已終止經營業務

已終止經營業務之每股基本盈利為每股

2.31 港 仙（2018 年： 虧 損4.32 港 仙 ）， 基於來自已終止經營業務之本公司擁有 人應佔於截至2019 年6 月30 日止六個月 之溢利為53,285,000 港元（2018 年：虧 損99,569,000 港元）。

截至2019 年及2018 年6 月30 日止六個 月，由於本公司並無潛在普通股股份， 因此並沒有列示每股攤薄盈利。

62

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

11. DIVIDEND	11.	股息
The Board has resolved not to declare any interim dividend for		董事會議決不宣派任何截至2019 年6
the six months ended 30 June 2019 (2018: Nil).		月30 日止六個月之中期股息（2018 年：
		無）。
12. MOVEMENTS IN INVESTMENT PROPERTIES	12.	投資物業之變動
During the six months ended 30 June 2019, the Group did		於截至2019 年6 月30 日止六個月內，本
not make any material additions or disposals of investment		集團並無進行任何重大購置或出售投資
properties.		物業。
The fair values of the investment properties of the Group as at		本集團的投資物業於2019 年6 月30 日及
30 June 2019 and 31 December 2018 were arrived at on the		2018 年12 月31 日之公允值乃基於威格
basis of a valuation carried out on respective dates by Vigers		斯資產評估顧問有限公司（「威格斯」），
Appraisal & Consulting Limited ("Vigers"), an independent		一間與本集團並無關連的獨立合資格專
qualified professional valuer not connected with the Group.		業估值師，就該日的價值進行評估所
Vigers is a member of the Institute of Valuers.		得。威格斯是估值師學會成員。
The fair value was determined by reference to comparable sales		公允值是參考於相關市場取得之可供比
transactions available in the relevant market or by investment		較的銷售交易或投資方法藉評估所有可
approach, where the market rentals of all lettable units of the		出租物業單位之市場租金及使用投資者
properties are assessed and discounted at the market yield		就此類物業所預期的市場回報率折現釐
expected by investors for these types of properties. The market		定。市場租金評估是參考已完成出租物
rentals are assessed by reference to the rentals received in the		業單位之已收取租金及其他鄰近相近之
lettable units of the properties as well as other lettings of similar		出租物業。採用的資本化利率是參考分
properties in the neighbourhood. The capitalisation rate adopted		析相似商用物業之銷售交易並經調整物
is made by reference to the yields derived from analysing the		業投資者對市場的期望從而反映本集團
sales transactions of similar commercial properties and adjusted		投資物業之獨特因素。
to take into account the market expectation from property
investors to reflect factors specific to the Group's investment
properties.

In estimating the fair value of the properties, the highest and best use of the properties is their current use.

The increase in fair value of investment properties for the six months ended 30 June 2019 of approximately HK$17,794,000 (six months ended 30 June 2018: HK$44,927,000) has been recognised directly in the condensed consolidated statement of profit or loss.

All the Group's property interests held under operating leases to earn rentals or for capital appreciation purposes are measured using the fair value model and are classified and accounted for as investment properties.

就估算物業之公允值而言，物業之現有 用途就是其最高及最佳用途。

投 資 物 業 之 公 允 值 增 加 數 額 於 截 至 2019 年6 月30 日止六個月約17,794,000 港元（截至2018 年6 月30 日止六個月： 44,927,000 港元）已直接於簡明綜合損 益表確認。

所有本集團以營運租約方式持有作收租 或資本增值用途的物業權益均以公允值 模式計量，並歸類及列賬為投資物業。

Interim Financial Report 2019

中期財務報告 2019

63

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

13. MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT

13. 物業、廠房及設備之變動

During the current interim period, the Group paid approximately H K $ 1 8 6 , 0 0 3 , 0 0 0 ( s i x m o n t h s e n d e d 3 0 J u n e 2 0 1 8 : HK$88,810,000) for construction costs for optimisation of production facilities and construction of a container terminal, and HK$2,894,000 for acquisition of property, plant and equipment (six months ended 30 June 2018: HK$544,000).

The fair values of the Group's leasehold land and buildings as at 30 June 2019 and 31 December 2018 have been arrived at on the basis of valuations carried out on the respective dates by Vigers and A-Plus Surveyors Limited ("A-Plus"). The valuations were arrived at using direct comparison method by reference to sales evidence as available on the market. The revaluation surplus on revaluation of the leasehold land and buildings amounting to approximately HK$2,535,000 (six months ended 30 June 2018: HK$21,533,000) was credited to the asset revaluation reserve.

During the six months ended 30 June 2019, property, plant and equipment amounting to approximately HK$3,521,873,000 was reclassified to assets held for sale as a result of the Proposed Merger (note 4).

於 本 中 期 期 間， 本 集 團 支 付 約 186,003,000 港 元（截 至2018 年6 月30 日止六個月： 88,810,000 港元）的建築 成本，以優化生產設備及建造集裝箱碼 頭及支付約2,894,000 港元（截至2018

• 6 月30 日止六個月：544,000 港元）購 置物業、廠房及設備。

• 2019 年6 月30 日及2018 年12 月31 日
  本集團的租賃土地及樓宇之公允值乃 基於威格斯及恆信測量師行有限公司 （「恆信」）就該日所作出之價值評估所 得。評估值乃使用直接比較法經參照市 場可取得的銷售證據而釐定。租賃土 地及樓宇重估收益金額約為2,535,000 港元（截至2018 年6 月30 日止六個月： 21,533,000 港元）已計入資產重估儲備。

於截至2019 年6 月30 日止六個月內，建 議合併（附註4）令物業、廠房及設備約 3,521,873,000 港元已獲重新分類為持作 出售資產。

14. AMOUNTS DUE FROM AN ASSOCIATE

14. 應收一家聯營公司款

The amounts as at 30 June 2019 are unsecured and of a non- trade nature, bearing interest of 4% per annum and will mature in December 2019. As at 30 June 2019, the amounts due from an associate are assessed individually and an impairment allowance of approximately HK$882,000 was made for the current interim period as a result of the change in the credit risk of the associate.

• 2019 年6 月30 日 之 金 額 均 為 無 抵 押、非交易性、以年利率4% 計息及將
• 2019 年12 月到期。於2019 年6 月30
  日，就應收一家聯營公司款已作單獨評 估並於本中期期間為聯營公司之信貸風 險變動而作出減值撥備約882,000 港元。

64

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

15. TRADE RECEIVABLES

15. 應收賬款

The Group allows a credit period of 30 to 60 days to its trade customers.

The following is an aged analysis of trade receivables presented based on the invoice dates at the end of the reporting period, which approximated the respective revenue recognition dates:

本集團給予其貿易客戶30 至60 日信用 期。

下列是按發票日為基準之應收賬款與相 對之收入確認日期相約之應收賬款於各 報告期末之賬齡分析 ﹕

		As at	As at
		30 June	31 December
		於 6 月 30 日	於12 月31 日
		2019	2018
		HK$'000	HK$'000
		千港元	千港元
		(Unaudited)	(Audited)
		（未經審核）	（經審核）
0 to 30 days	0 至30 日	18,901	68,058

As at 30 June 2019, trade receivables of HK$11,186,000 belonged to TZ United East and were reclassified to assets classified as held for sale.

• 2 0 1 9 年 6 月 3 0 日 ， 應 收 賬 款 11,186,000港元乃屬於泰州東聯，並已 重新分類為列作持作出售之資產。

16. LOAN RECEIVABLES

As at 30 June 2019, the loan receivables were unsecured, bear interest at 4.75% to 12% per annum. The Company assessed the loss allowance of these loan receivables individually and an impairment allowance of approximately HK$9,592,000 were made for the current interim period as a result of the change in the credit risk of third parties.

16. 應收貸款

於2019 年6 月30 日，應收貸款為無抵 押， 並 按4.75% 至12% 年 利 率 計 息。 本公司已就該等應收貸款虧損撥備作單 獨評估，由於第三方之信貸風險出現變 動，因此於本中期期間作出減值撥備約

9,592,000 港元。

Interim Financial Report 2019

中期財務報告 2019

65

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

17. IMPAIRMENT ASSESSMENT ON FINANCIAL ASSETS AND 17. 預期信貸虧損（「預期信貸虧損」）模式

OTHER ITEMS SUBJECT TO EXPECTED CREDIT LOSS ("ECL")	對金融資產及其他項目的減值評估
MODEL
			Six months ended 30 June
			截至 6 月 30 日止六個月
			2019	2018
			HK$'000	HK$'000
			千港元	千港元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
Impairment loss provision recognised	就以下項目已確認（回撥）之減值
(reversed) in respect of:	虧損撥備：
Loan receivables	應收貸款		9,592	-
Amounts due from an associate	應收一家聯營公司款		882	(15,000)
			10,474	(15,000)

The basis of determining the inputs and assumptions and the estimation techniques used in the condensed consolidated financial statements for the six months ended 30 June 2019 are the same as those used in the preparation of the Group's annual financial statements for the year ended 31 December 2018.

During the current interim period, the Group provided for an impariment loss of approximately HK$10,474,000.

截至2019 年6 月30 日止六個月，簡明綜 合財務報表所採用之數據及假設以及估 計方法的基準與編製本集團截至2018 年 12 月31 日止年度的年度財務報表所採用 的基準相同。

於本中期期間，本集團計提減值虧損撥 備約10,474,000 港元。

66

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

18. PLEDGE OF ASSETS

18. 資產抵押

As at 30 June 2019, the Group pledged certain investment properties, leasehold land and buildings, land use rights and factory, plant and machinery with an aggregate carrying value at the end of the reporting period of approximately HK$2,360,795,000 (31 December 2018: HK$2,360,959,000), HK$346,300,000 (31 December 2018: HK$343,800,000), HK$74,104,000 (31 December 2018: HK$122,532,000) and HK$711,157,000 (31 December 2018: HK$734,248,000) respectively to secure general banking facilities granted to the Group, other loans and other payables to an independent third party. As at 30 June 2019, the Group did not pledge any bank deposits (31 December 2018: HK$322,432,000) to secure bank borrowings advanced to the Group (note 20).

• 2019 年6 月30 日， 本 集 團 已 將 其 於本報告期末累計賬面總額分別約為

2,360,795,000 港 元（2018 年12 月31 日：2,360,959,000 港元）、346,300,000 港元（2018 年12 月31 日：343,800,000 港 元）、74,104,000 港 元（2018 年12 月31 日：122,532,000 港元）及711,157,000 港 元（2018 年12 月31 日：734,248,000 港元）之若干投資物業、租賃土地及樓 宇、土地使用權及物業、廠房及設備抵 押作為本集團獲授予一般性銀行融資的 條件、其他貸款及一名獨立第三方的其 他應付款。於2019 年6 月30 日，本集 團並沒有銀行存款（2018 年12 月31 日： 322,432,000 港元）抵押以擔保本集團預 付銀行借貸（附註20）。

19. SHARE CAPITAL	19.	股本
			Number	Nominal
			of shares	value
			股份數目	票面值
			In thousand	HK$'000
			千股	千港元
	Issued and fully paid	已發行及已繳足股本
	At 1 January 2018 and 31 December 2018	於2018 年1 月1 日及
	and 30 June 2019	2018 年12 月31 日及
		2019 年6 月30 日	2,304,850	3,626,781

Interim Financial Report 2019

中期財務報告 2019

67

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

20. BORROWINGS

20. 借貸

	As at	As at
	30 June	31 December
	於 6 月 30 日	於12 月31 日
	2019	2018
	HK$'000	HK$'000
	千港元	千港元
	(Unaudited)	(Audited)
	（未經審核）	（經審核）

Bank loans - secured and unguaranteed Bank loans - secured and guaranteed Other loan - secured

Other loans - unsecured

銀行貸款 - 有抵押及非保證 銀行貸款 - 有抵押及有保證 其他貸款 - 有抵押

其他貸款 - 無抵押

1,093,636 1,650,913

511,364 399,543

• 649,574
  375,249 223,760

1,980,249 2,923,790

Carrying amounts repayable: Within one year

More than one year, but not exceeding two years

More than two years, but not more than five years

Over five years

應償還之賬面金額： 一年之內

一年以上但

不超過二年 二年以上但 不超過五年 超過五年

920,704 1,273,536

34,090 493,833

136,364 272,631

409,091 433,790

Add: Carrying amounts of bank loans containing a repayment on demand clause (shown under current liabilities) with scheduled repayment set out in the loan agreements due:

- within one year

加：包含按要求還款條文並於貸 款協議所載之預定還款之 銀行貸款之賬面金額（列為 流動負債）：

• 一年之內

1,500,249 2,473,790

480,000 450,000

		1,980,249	2,923,790
Less: Amounts due within one year shown	減：於一年之內到期並列為流動
under current liabilities	負債之金額	(1,400,704)	(1,723,536)
Amounts shown under non-current liabilities	列為非流動負債之金額	579,545	1,200,254

68

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

21. DEFERRED TAXATION

The followings are the major deferred tax assets and liabilities recognised and movements thereon during the current interim period:

21. 遞延稅項

以下為於本中期期間已確認的主要遞延 稅項資產與負債及其變動：

		Accelerated	Revaluation
		tax	of	Tax
		depreciation	properties	losses	Total
		加速稅務折舊	物業重估	稅務虧損	總額
		HK$'000	HK$'000	HK$'000	HK$'000
		千港元	千港元	千港元	千港元
At 31 December 2018 (audited)	於2018年12月31日（經審核）	(55)	(254,856)	1,808	(253,103)
Charge to profit or loss for the period (note 8)	於本期間損益表扣除（附註8）	-	(2,726)	-	(2,726)
Charge to other comprehensive income for the	於本期間其他全面收益扣除
period		-	53	-	53
Reclassified to liabilities associated with assets	重新分類至分類為持作出售資產
classified as held for sale (note 4)	相關之負債（附註4）	-	1,899	-	1,899
At 30 June 2019 (unaudited)	於2019年6月30日（未經審核）	(55)	(255,630)	1,808	(253,877)

22. TRADE AND BILLS PAYABLES

The following is an aged analysis of trade and bills payables presented based on the invoice dates at the end of the reporting period:

22. 應付賬款及票據

下述是按發票日為基準之應付賬款及票 據於各報告期末之賬齡分析 ﹕

As at	As at
30 June	31 December

• 6 月 30 日 於12 月31 日
  2019 2018

HK$'000 HK$'000

千港元千港元

(Unaudited) (Audited)

（未經審核）（經審核）

0 to 30 days	0 至30 日		8,009	11,955
As at 30 June 2019,	the entire trade and bills payables of	於2019 年6 月30 日，全部應付賬款及
HK$8,009,000 belonged to TZ United East and were reclassified	票據總額8,009,000 港元乃屬於泰州東
to liabilities associated with assets classified as held for sale.	聯，並已重新分類為有關持作出售資產
		的負債。

Interim Financial Report 2019

中期財務報告 2019

69

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

23. CAPITAL COMMITMENTS	23.	資本承擔
				As at	As at
				30 June	31 December
				於 6 月 30 日	於12 月31 日
				2019	2018
				HK$'000	HK$'000
				千港元	千港元
				(Unaudited)	(Audited)
				（未經審核）	（經審核）
Capital commitments in respect of property,	關於物業、廠房及設備之
	plant and equipment:	資本承擔：
	- contracted for but not provided in the	- 已落實但並未於簡明綜合財
	condensed consolidated financial	務報表中反映（附註a）
	statements (Note a)			155,986	110,192
Capital commitments in respect of unlisted	關於非上市股本證券之
	equity securities:	資本承擔：
	- contracted for but not provided in the	- 已落實但並未於簡明綜合
	condensed consolidated financial	財務報表中反映
	statements (Note b)	（附註b）		170,455	171,233

Notes:

1. These commitments belonged to TZ United East.
2. During the year ended 31 December 2015, the Group entered into a shareholders' agreement with several parties to incorporate a joint venture, namely Zhongxin Zhangbei Solar Energy Thermal Power Generation Co., Ltd. ("Solar Energy Thermal Power") to invest in a solar energy project. The total capital of Solar Energy Thermal Power would be RMB1,000,000,000 and the Group has committed to inject an aggregate of RMB150,000,000 (equivalent to HK$170,455,000) (31 December 2018: RMB150,000,000 (equivalent to HK$171,233,000)) into Solar Energy Thermal Power, which represents 15% of the equity interest thereof. As at 30 June 2019, the Group has not yet paid its committed amount.

附註：

1. 該等承擔乃屬於泰州東聯。
2. 於 截 至2015 年12 月31 日 止 年 度 內，本集團與若干公司共同簽訂合營 股東協議成立合營公司，中信張北太 陽能熱發電有限公司（「太陽能熱發 電公司」）投資太陽能熱發電電站項 目。太陽能熱發電公司總資本將達人 民幣1,000,000,000 元，本集團承擔 向太陽能熱發電公司注資合共人民幣
3. • 
     150,000,000 元（相當於170,455,000
   • 元 ）（2018 年12 月31 日： 人 民 幣
     150,000,000 元（相當於171,233,000
   • 元）），佔該公司15% 股本權益。 於2019 年6 月30 日，本集團尚未繳 付其承擔金額。

70

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

24. RELATED PARTY TRANSACTIONS

24. 關聯方交易

During the period, the Group entered into the following transactions with related parties:

期內，本集團與關聯方進行下述交易：

Six months ended 30 June

截至 6 月 30 日止六個月

2019 2018

HK$'000 HK$'000

千港元千港元

(Unaudited) (Unaudited)

（未經審核） （未經審核）

From discontinued operation:	來自已終止經營業務：
Sub-contracting income from an associate	來自一家聯營公司的加工費收入	282,725	247,073
Sales of raw materials to an associate	銷售原材料予一家聯營公司	5,656	-
Interest expense to a subsidiary of a	主要股東之一家附屬公司的
substantial shareholder	利息支出	21,081	11,472
From continuing operations:	來自持續經營業務：
Interest income from an associate	一家聯營公司的利息收入	11,479	13,043
Interest expense to non-controlling	附屬公司之非控制股東的
shareholders of subsidiaries	利息支出	941	30,029

Details of balances with related parties and other transactions with related parties are set out in the condensed consolidated statement of financial position and notes 1A(c), 5, 6 and 14.

與關聯方結餘及與關聯方之其他交易詳 情已載列於簡明綜合財務狀況表和附註 1A(c)、5、6 和14。

Interim Financial Report 2019

中期財務報告 2019

71

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS

1. Fair value of the Group's financial assets that are measured at fair value on a recurring basis

   Some of the Group's financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and inputs used), as well as the level of the fair value hierarchy into which the fair value measurements are categorised (Levels 1 to

2. based on the degree to which the inputs to the fair value measurements are observable.

25. 金融工具的公允值計量

本 集 團 金 融 資 產 之 公 允 值 按 經 常 性 基 準 以公允值計量

本集團部份金融資產於各報告期末以公 允值計量。下表列示如何釐定該等金融 資產之公允值（尤其是估值方法及所用數 據），以及以公允值計量所用的數據可觀 察程度分類的公允值等級水平（第1 類至 第3 類）。

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active market for identical assets or liabilities;
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

• 第1 類公允值計量乃依據相同資 產或負債在交投活躍市場的（未經 調整）報價計量；
• 第2 類公允值計量乃用級別1 報 價以外該資產或負債的可觀察數 據，包括直接數據（即指價格）或 間接數據（即指從價格演化取得） 計量；及
• 第3 類公允值計量乃用估值方法 使用該資產或負債可於市場觀察 數據以外的數據（非可觀察數據） 來計量。

72

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS 25.	金融工具的公允值計量（續）
(Continued)
Fair value of the Group's financial assets that are measured	本 集 團 金 融 資 產 之 公 允 值 按 經 常 性 基 準
at fair value on a recurring basis (Continued)	以公允值計量（續）

					Fair value	Valuation technique(s)
Financial assets	Fair value as at	hierarchy	and key input(s)
金融資產		公允值於	公允值等級	估值方法及關鍵因素
		30 June 2019		31 December 2018
		2019 年6 月30 日		2018 年12 月31 日
		Unaudited		Audited
		未經審核		經審核
1)	Held-for-trading non-	Listed equity securities in		Listed equity securities in	Level 1	Quoted bid prices in an
	derivative financial assets	Hong Kong: - securities		Hong Kong: - securities	第1 類	active market.
	classified as financial assets	brokerage industry -		brokerage industry -		於活躍市場之買入報價。
	at fair value through profit	HK$3,844,000		HK$3,187,000
	or loss in the condensed	於香港上市之股本證券：-		於香港上市之股本證券：-
	consolidated statement of	證券經紀業 - 3,844,000 港	證券經紀業 - 3,187,000 港
	financial position	元		元
	持作買賣之非衍生工具金融資
	產分類為以公允值計入損益的
	金融資產於簡明綜合財務報表
	列賬
2)	Structured finance securities	Assets - HK$6,781,000		Assets - HK$6,781,000	Level 3	Valuation provided by
	結構性金融證券	資產 - 6,781,000 港元		資產 - 6,781,000 港元	第3 類	counterparty which is by
						reference to the value of

a new comparable issue of the similar structured finance securities under the market situation as at 30 June 2019 and 31 December 2018.

由交易對手於2019 年6 月 30 日及2018 年12 月31 日 提供之估值，參考市場上 類似的新發行結構性金融 證券。

Interim Financial Report 2019

中期財務報告 2019

73

their fair value.

the investee are adjusted to

of assets and liabilities of

Adjusted net asset approach - the book value

the investee (Note i)

asset value of

Adjusted net

金融工具的公允值計量（續）

本 集 團 金 融 資 產 之 公 允 值 按 經 常 性 基 準 以公允值計量（續）

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS 25.

(Continued)

Fair value of the Group's financial assets that are measured at fair value on a recurring basis (Continued)

					Significant
			Fair value	Valuation technique(s)	unobservable
Financial assets	Fair value as at	hierarchy	and key input(s)	input(s)
				估值方法及	重大不可被
金融資產	公允值於	公允值等級	關鍵因素	觀察之信息
	30 June 2019	31 December 2018
	2019 年6 月30 日	2018 年12 月31 日
	Unaudited	Audited
	未經審核	經審核
3) Unlisted	Equity investment in Jiangxi	Equity investment in Jiangxi	Level 3	Adjusted net asset	Adjusted net
equity	Copper International	Copper International	第3 類	approach - the book value	asset value of
securities	Trading Co., Ltd. engaged	Trading Co., Ltd. engaged		of assets and liabilities of	the investee
非上市股本	in trading of coppers -	in trading of coppers -		the investee are adjusted to	(Note i)
證券	HK$100,368,000	HK$123,965,000		their fair value.	被投資公司之
	持有江銅國際貿易有限公司的	持有江銅國際貿易有限公司的		經調整的淨資產方法 - 被	經調整資產淨
	股本投資，其業務是銷售銅	股本投資，其業務是銷售銅		投資公司之資產和負債的賬	值（附註i)
	- 100,368,000 港元	- 123,965,000 港元		面值調整至其公允值。

Equity investment in Beijing Hejing Zhongdao Technology Investment Partnership engaged in investing unlisted entities engaged in high and new technology sectors - HK$11,538,000

持有北京合敬中道科技產業 投資合伙企業的股本投資， 其業務是向在高新技術領域 未上市的企業作出投資 - 11,538,000 港元

Equity investment in Beijing	Level 3
Hejing Zhongdao Technology	第3 類
Investment Partnership
engaged in investing unlisted
entities engaged in high and
new technology sectors -
HK$11,923,000
持有北京合敬中道科技產業
投資合伙企業的股本投資，
其業務是向在高新技術領域
未上市的企業作出投資 -
11,923,000 港元

被投資公司之 經調整的淨資產方法 -被投 經調整資產淨 資公司之資產和負債的賬面 值（附註i） 值調整至其公允值。

74

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Continued)

Fair value of the Group's financial assets that are measured at fair value on a recurring basis (Continued)

Financial assets	Fair value as at
金融資產		公允值於
	30 June 2019	31 December 2018
	2019 年6 月30 日	2018 年12 月31 日
	Unaudited	Audited
	未經審核	經審核

25. 金融工具的公允值計量（續）

本 集 團 金 融 資 產 及 金 融 負 債 之 公 允 值 按 經常性基準以公允值計量（續）

		Significant
Fair value	Valuation technique(s)	unobservable
hierarchy	and key input(s)	input(s)
	估值方法及	重大不可被
公允值等級	關鍵因素	觀察之信息

3) Unlisted	Equity investment in Beijing
equity	TeraSolar Photothermal
securities	Technologies Co., Ltd.
非上市股本	engaged in providing
證券	complete solution for solar
	thermal electric system -
	HK$6,909,000
	持有北京兆陽光熱技術有限公
	司的股本投資，其致力為太陽
	能熱發電系統提供全面解決方
	案 - 6,909,000 港元

Investment in Xinye Equity Investment Management Ltd. engaged in investment business - HK$89,141,000 (Note iv)

持有信業股權投資管理有限公 司投資，其致力經營投資業務

- 89,141,000 港元（附註iv）

Equity investment in Beijing	Level 3	Adjusted net asset	Adjusted net
TeraSolar engaged in	第3 類	approach - the book value	asset value of
providing complete solution		of assets and liabilities of	the investee
for solar thermal electric		the investee are adjusted	(Note i)
system - HK$64,930,000		to their fair value (2018:	(2018:
持有兆陽光熱的股本投資，其		present value of the	discount
致力為太陽能熱發電系統提供		disposal value).	rate on the
全面解決方案 - 64,930,000
	經調整的淨資產方法 - 被	disposal value
港元
	投資公司之資產和負債的	被投資公司之
		賬面值調整至其公允值。	經調整資產
		（2018：出售價值的現值）。	淨值（附註i）
			（2018：出售
			價值的貼現率）
N/A	Level 3	Present value of the	Discount
不適用	第3 類	disposal value - Discount	rate on the
		rate	disposal value
		出售價值的現值 - 折現率	(Note ii)
			出售價值的貼
			現率（附註ii）

Interim Financial Report 2019

中期財務報告 2019

75

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Continued)

Fair value of the Group's financial assets that are measured at fair value on a recurring basis (Continued)

Financial assets	Fair value as at
金融資產		公允值於
	30 June 2019	31 December 2018
	2019 年6 月30 日	2018 年12 月31 日
	Unaudited	Audited
	未經審核	經審核

25. 金融工具的公允值計量（續）

本 集 團 金 融 資 產 及 金 融 負 債 之 公 允 值 按 經常性基準以公允值計量（續）

		Significant
Fair value	Valuation technique(s)	unobservable
hierarchy	and key input(s)	input(s)
	估值方法及	重大不可被
公允值等級	關鍵因素	觀察之信息

4) Unlisted	Assets - HK$573,864,000	Assets - HK$573,798,000	Level 3	Adjusted net asset	Adjusted net
fund	資產 - 573,864,000 港元	資產 - 573,798,000 港元	第3 類	approach - the book value	asset value
investments				of assets and liabilities of	by reference
非上市基金				the investee are adjusted to	to the fair
投資				their fair value.	value of the
				經調整的淨資產方法 - 被	underlying
				投資公司之資產和負債的賬	assets
				面值調整至其公允值。	(Note iii)
					參考有關資產
					之公允值以調
					整淨資產價值
					（附註iii）
	Assets - HK$33,691,000	Assets - HK$18,431,000	Level 3	Adjusted net asset	Adjusted net
	資產 - 33,691,000 港元	資產 - 18,431,000 港元	第3 類	approach - the book value	asset value of
				of assets and liabilities of	the investee
				the investee are adjusted to	(Note i)
				their fair value.	被投資公司之
				經調整的淨資產方法 - 被	經調整資產淨
				投資公司之資產和負債的賬	值（附註i）
				面值調整至其公允值。

76

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Continued)

Fair value of the Group's financial assets that are measured at fair value on a recurring basis (Continued)

Financial assets	Fair value as at
金融資產		公允值於
	30 June 2019	31 December 2018
	2019 年6 月30 日	2018 年12 月31 日
	Unaudited	Audited
	未經審核	經審核

25. 金融工具的公允值計量（續）

本 集 團 金 融 資 產 及 金 融 負 債 之 公 允 值 按 經常性基準以公允值計量（續）

		Significant
Fair value	Valuation technique(s)	unobservable
hierarchy	and key input(s)	input(s)
	估值方法及	重大不可被
公允值等級	關鍵因素	觀察之信息

5) Forward	Forward contract arising	N/A	Level 3	Binomial option pricing	Volatility of
contracts	from the CB Agreements -	不適用	第3 類	model - Share price,	the share
遠期合約	HK$20,000,000			discount rate, expected	price of the
	可換股債券協議所產生的遠期			volatitity, risk-free rate,	Company
	合約－ 20,000,000 港元			dividend yield and time to	and discount
				maturity.	rate on the
				二項式期權定價模式 -	redemption
				股價、折現率、預期波幅、	amount
				無風險利率、股息收益及	(Note v)
				距離到期日之時間	本公司股價波
					動及贖回金額
					折現率（附註v）
	Forward contract arising from	N/A	Level 3	Discounted cash flow for TZ	Discount rate
	the Merger Agreement -	不適用	第3 類	United East and the Merged	used for the
	HK$155,658,000 (details set			Enterprise - Discount rate	cash flow
	out in note 4)			泰州東聯及經合併企業之折	(Note vi)
	合併協議所產生的遠期合約－			現現金流量 - 折現率	現金流量所用
	155,658,000 港元（詳情載於				折現率
	附註4）				（附註vi）

Interim Financial Report 2019

中期財務報告 2019

77

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS 25.	金融工具的公允值計量（續）
(Continued)
Fair value of the Group's financial assets that are measured	本 集 團 金 融 資 產 及 金 融 負 債 之 公 允 值 按
at fair value on a recurring basis (Continued)	經常性基準以公允值計量（續）

Notes:

1. A 10% increase in the adjusted net assets holding all other variables constant would increase the carrying amounts of these unlisted equity securities by approximately HK$15,250,000, in aggregate.
2. A 10% increase in the discount rate holding all other variables constant would decrease the carrying amount by approximately HK$124,000.
3. A 10% decrease in the fair value of the underlying assets would decrease the carrying amount by approximately HK$53,561,000.
4. During the six months ended 30 June 2019, the Group entered into a sales and purchase agreement to dispose of an investment to an independent third party for a total consideration of RMB80,132,000. The disposal is expected to be completed by 31 December 2019.
5. A 10% increase in the share price would increase the carrying amount by approximately HK$3,000,000. A 10% increase in the discount rate would increase the carrying amount approximately HK$23,494,000.
6. A 5% increase in the discount rate holding all other variables constant would decrease the carrying amount by approximately HK$74,415,000.

附註：

1. 經調整後的淨資產值增加 10% 並 假設其他可變因素維持不變，該非 上市股本證券的賬面值將增加共約
2. 
   15,250,000 港元。
3. 貼現率增加 10% 並假設其他可變
4. • 素維持不變，賬面值將減少約
     124,000 港元。
5. 有關資產的公允值減少10%，賬面 值將減少約53,561,000 港元。
6. 截 至2019 年6 月30 日 止 六 個 月， 本集團訂立一份買賣協議以向獨立 第三方出售投資，總代價為人民幣
7. 
   80,132,000 元。預期出售事項將於
   2019 年12 月31 日前完成。
8. 股 價 增 加 10%， 賬 面 值 將 增 加 約
9. 
   3,000,000 港元。貼現率增加 10%，
   賬面值將增加約23,494,000 港元。
10. 貼 現 率 增 加 5% 並 假 設 其 他 可 變
11. • 素維持不變， 賬面值將減少約
      74,415,000 港元。

78

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019 (Unaudited)

截至2019 年6 月30 日止六個月（未經審核）

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS 25.	金融工具的公允值計量（續）
(Continued)
Fair value of the Group's financial assets that are measured	本 集 團 金 融 資 產 及 金 融 負 債 之 公 允 值 按
at fair value on a recurring basis (Continued)	經常性基準以公允值計量（續）
The Directors consider that the carrying amounts of financial	董事認為，以攤銷成本於簡明綜合財務
assets recorded at amortised cost in the condensed consolidated	報表列賬的金融資產的賬面值與其公允
financial statements approximate their fair value:	值相若：
Reconciliation of Level 3 fair value measurements of	第 3 類金融資產的公允值計量調節表

financial assets
		Structured	Unlisted	Unlisted
		finance	fund	equity	Forward
		securities	investments	securities	contracts	Total
		結構性	非上市	非上市
		金融證券	基金投資	股本證券	遠期合約	總計
		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
At 1 January 2019 (audited)	於2019 年1 月1 日
	（經審核）	6,781	592,229	200,818	-	799,828
Total gain (loss) in profit or loss	於損益表之收益
	（虧損）總額	-	17,935	(72,090)	175,658	121,503
Exchange realignment	滙兌較正	-	(2,609)	(349)	-	(2,958)
Addition	添置	-	-	79,576	-	79,576
At 30 June 2019 (unaudited)	於2019 年6 月30 日
	（未經審核）	6,781	607,555	207,955	175,658	997,949

The total gains or losses for the period included an unrealised gain of approximately HK$121,503,000 (31 December 2018: HK$74,404,000) relating to financial assets that are measured at fair value at the end of each reporting period. Such fair value gains or losses are included in 'change in fair value of financial assets at fair value through profit or loss' and 'profit (loss) for the period from discontinued operation'.

期內的收益或虧損總額包括未變現收益

• 121,503,000 港 元（2018 年12 月31
  日：74,404,000 港元）均與於報告期末 按公允值計量的金融資產有關。該公允 值收益或虧損包括在「以公允值計量且 其變動計入損益的金融資產之公允值變 動」及「期內來自已終止經營業務溢利（虧 損）」。

Interim Financial Report 2019

中期財務報告 2019

79

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註

For the six months ended 30 June 2019

截至2019 年6 月30 日止六個月

25. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS 25.	金融工具的公允值計量（續）
(Continued)
Fair value measurements and valuation processes	公允值計量及估值流程
The Board and the chief financial officer of the Company	董事會及本公司的財務總監（「財務總
("Chief Financial Officer") determine the appropriate valuation	監」）釐定用於公允值計量的合適估值方
techniques and inputs for fair value measurements.	法及數據。
In estimating the fair value of an asset or a liability, the Group	於估計一項資產或負債之公允值時，本
uses market-observable data to the extent it is available. Where	集團採用其能力範圍內可取得之可觀
Level 1 inputs are not available, the Group engages third party	察的市場數據。倘第1 類輸入值沒有提
qualified valuers to perform the valuation. The Chief Financial	供，本集團將聘用第三方合資格估值師
Officer works closely with qualified external valuers to establish	以進行估值。財務總監與第三方合資格
the appropriate valuation techniques and inputs to the model.	估值師緊密合作，建立合適的估值方法
The Chief Financial Officer reports the findings to the Board	和數據樣板。財務總監會每半年向董事
every six months to explain the cause of fluctuations in the fair	會報告，解釋有關資產公允值波動之原
value of the assets.	因。
Information about the valuation techniques and inputs used in	用於釐定若干資產公允值的估值方法和
determining the fair value of various assets are disclosed above.	數據的信息已於上文披露。
Fair value of the Group's financial assets and liabilities that	本 集 團 金 融 資 產 及 負 債 之 公 允 值 非 經 常
are not measured at fair value on a recurring basis	性基準以公允值計量
The Directors consider that the carrying amounts of financial	董事認為，以攤銷成本於簡明綜合財務
assets and financial liabilities recorded at amortised cost in the	報表列賬的金融資產及金融負債的賬面
condensed consolidated financial statements approximate their	值與其公允值相若。
fair values.

80

Silver Grant International Holdings Group Limited

銀建國際控股集團有限公司