国投集团控股：2018_2019年年报.PDF

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1、 Corporate Information公司資料2Financial and Operational Highlights財務及經營摘要4Management Discussion and Analysis管理層討論及分析5Corporate Governance Report企業管治報告13Environmental, Social and Governance Report環境、社會及管治報告26Biographical Details of Directors董事簡歷40Report of Directors董事會報告書43Independent Auditors Report獨立核

2、數師報告59Consolidated Income Statement綜合收益表63Consolidated Statement of Comprehensive Income綜合全面收益表65Consolidated Statement of Financial Position綜合財務狀況表66Consolidated Statement of Changes in Equity綜合權益變動表68Consolidated Statement of Cash Flows綜合現金流量表69Notes to the Consolidated Financial Statements綜合財務報表附

3、註70Five-Year Financial Summary五年財務概要173CONTENTS 目錄2Vestate Group Holdings Limited 國投集團控股有限公司CORPORATE INFORMATION 公司資料BOARD OF DIRECTORSExecutive DirectorsMr. ZHU Xiaojun (Chairman) Mr. KANG Jianming Ms. CAI Jiaying Mr. YIN WansunIndependent Non-executive DirectorsMs. ZHAO Hong Mr. CHAU Wai Hing Mr.

4、 LEUNG Man Ho (Resigned on 29 September 2018) Mr. YU Lei (Appointed on 28 December 2018)BOARD COMMITTEESAudit CommitteeMs. ZHAO Hong (Chairman) Mr. CHAU Wai Hing Mr. LEUNG Man Ho (Resigned on 29 September 2018) Mr. YU Lei (Appointed on 28 December 2018)Remuneration CommitteeMs. ZHAO Hong (Chairman)

5、Mr. ZHU Xiaojun Mr. LEUNG Man Ho (Resigned on 29 September 2018) Mr. CHAU Wai Hing (Appointed on 29 September 2018) Mr. YU Lei (Appointed on 28 December 2018)Nomination CommitteeMs. ZHAO Hong (Chairman) Mr. ZHU Xiaojun Mr. CHAU Wai Hing Mr. LEUNG Man Ho (Resigned on 29 September 2018) Mr. YU Lei (Ap

6、pointed on 28 December 2018)AUTHORISED REPRESENTATIVESMs. CAI Jiaying Mr. FUNG Wing Kam Terence (Resigned on 11 January 2019) Mr. YAM Chun Kit (Appointed on 11 January 2019)COMPANY SECRETARYMr. FUNG Wing Kam Terence (Resigned on 11 January 2019) Mr. YAM Chun Kit (Appointed on 11 January 2019)PRINCIP

7、AL BANKERHang Seng Bank Limited董事會執行董事朱曉軍先生（主席） 康建明先生 蔡佳櫻女士 殷菀蓀先生獨立非執行董事趙竑女士 周偉興先生 梁文豪先生 （於2018年9月29日辭任） 余磊先生 （於2018年12月28日獲委任）董事委員會審核委員會趙竑女士（主席） 周偉興先生 梁文豪先生 （於2018年9月29日辭任） 余磊先生 （於2018年12月28日獲委任）薪酬委員會趙竑女士（主席） 朱曉軍先生 梁文豪先生 （於2018年9月29日辭任） 周偉興先生 （於2018年9月29日獲委任） 余磊先生 （於2018年12月28日獲委任）提名委員會趙竑女士（主席） 朱曉軍

8、先生 周偉興先生 梁文豪先生 （於2018年9月29日辭任） 余磊先生 （於2018年12月28日獲委任）授權代表蔡佳櫻女士 馮永淦先生 （於2019年1月11日辭任） 任俊傑先生 （於2019年1月11日獲委任）公司秘書馮永淦先生 （於2019年1月11日辭任） 任俊傑先生 （於2019年1月11日獲委任）主要往來銀行恒生銀行有限公司3Annual Report 2018/2019 2018/2019 年年報CORPORATE INFORMATION 公司資料AUDITORBDO Limited(Resigned on 24 May 2019) Elite Partners CPA Limi

9、ted(Appointed on 5 June 2019)LEGAL ADVISOR (AS TO HONG KONG LAWS)Michael Li and (ii) to remain as an executive Director. Any non- compliance with the aforesaid specific performance obligation will constitute an event of default and upon the bondholder giving a notice to the Company, the bonds will i

10、mmediately become due and payable in accordance with the terms and conditions of the First Bonds.於2019年3月31日，本 集 團 並 無 銀 行 融 資 （2018年：無） 及並無抵押其資產。於2019年 3月31日，本集團亦無銀行貸款及銀行擔保 （2018年：5百萬港元） 。於本年度，存貨周轉日數增至約258日 （2018 年：245日） 。於2019年3月31日，存貨約值 3百萬港元 （2018年：97百萬港元） 。資本開支於本年度，本集團之資本開支為0.6百萬港元 （2018年：16百萬港

11、元） ，主要包括租賃裝修、 電腦設備及電腦軟件之採購開支。外匯管理本集團主要於中國及香港營運，交易主要以人 民幣或港元列值。本集團並不預期出現任何重 大外幣風險，於本年度亦無訂立任何遠期合約 以對沖其外匯風險。可換股債券(a) 本公司於2016年7月5日向認購人發行本 金額為30,000,000港元之可換股債券 （ 第 一批債券 ） 。第一批債券可按轉換價每 股1.81港元轉換為16,574,585股新股份， 債券附帶年利率6厘之票息，並於2020 年到期。第一批債券之所得款項淨額已 悉數動用。根據第一批債券之條款，當 中載有對執行董事、董事會主席兼本公 司控股股東朱曉軍先生 （ 朱先生 ）

12、所施 加之特定履約責任。朱先生須(i)以個人 身份或透過由彼控制之任何實體或公司 持有本公司已發行股本至少50%；及(ii) 仍為執行董事。任何違反上述特定履約 責任將構成違約事件，且於債券持有人 向本公司發出通知後，根據第一批債券 之條款及條件，債券將即時到期且須予 償還。MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析9Annual Report 2018/2019 2018/2019 年年報(b) The Company also issued the convertible bonds to subscriber in principal amou

13、nt of HK$150,000,000 on 24 August 2016 (“Second Bonds”). The Second Bonds may be converted into 81,300,813 new Shares at a conversion price of HK$1.845 per share and the bonds bear coupon interest at the rate of 10.5% per annum and due 2019. The net proceeds from the Second Bonds were approximately

14、HK$146,900,000. As at 31 March 2018, the Company had utilized the net proceeds of approximately HK$127,956,000 and had unutilized the net proceeds of approximately HK$18,944,000. Due to the “One Belt, One Road” (“OBOR”) project has been completed and had no potential acquisition to be invested in th

15、e near future. The Company resolved to reallocate the unutilized net proceeds, originally allocated for the development of the OBOR related business and other future acquisitions, to the general working capital of the Group so as to enhance the efficiency of the deployment of the net proceeds. Durin

16、g the Year, the net proceeds had been utilized as follows:1.Interest payment of the First Bonds and Second Bonds1. 支付第一批債券及第二批 債券之利息HK$6,556,000港元2.Payment of salary and rental expenses for the operation of the existing businesses of the Group2. 支付經營本集團現有業務 之薪金及租金開支HK$12,388,000港元Total net proceeds

17、utilised已使用所得款項淨額之總額HK$18,944,000港元As at 31 March 2019, the net proceeds of the Second Bonds had been fully utilized. During the Year, no Share was issued by the Company upon the subscriber exercise of their conversion rights of the bonds.Corporate BondOn 8 May 2017, the Company issued the bonds to

18、the investor in principal amount of HK$350,000,000 at interest rate of 12% per annum for the first year and 13% per annum for the second year and due 2019 (“Bonds”). Pursuant to the terms of the Bonds, a specific performance obligation is imposed on Mr. Zhu, that during the term of the Bonds, Mr. Zh

19、u, together with parties acting in concert with him, should own directly or indirectly more than 50% of the voting shares of the Company. Any breach of the aforesaid specific performance obligation may constitute a breach under the subscription agreement, pursuant to which the investor is entitled t

20、o redeem the Bonds immediately in accordance with the terms and conditions of the Bonds.(b) 本公司亦於2016年8月24日向認購人發 行本金額為150,000,000港元之可換股債 券 （ 第二批債券 ） 。第二批債券可按轉 換價每股1.845港元轉換為81,300,813股 新股份，債券附帶年利率10.5厘之票息， 並於2019年到期。第二批債券之所得款 項淨額約為146,900,000港元。於2018年3 月31日，本公司已使用所得款項淨額約 127,956,000港元，而未使用所得款項淨 額約為1

21、8,944,000港元。由於 一帶一路 （ 一帶一路 ） 項目已完成及短期內並無 將要投資之潛在收購事項，本公司已議 決將原先分配用作發展有關一帶一路之 業務及其他未來收購事項之未使用所得 款項淨額，重新分配用作本集團一般營 運資金，以提升運用所得款項淨額之效 益。於本年度，所得款項淨額已按以下 方式使用：於2019年3月31日，第二批債券所得款 項淨額已悉數動用。於本年度，本公司 並無於認購人行使債券之轉換權後發行 股份。公司債券於2017年5月8日，本公司向一名投資者發行 本金額為350,000,000港元、第一年年利率為12 厘及第二年年利率為13厘並於2019年到期之 債券 （ 債券

22、） 。債券條款當中載有對朱先生施 加之特定履約責任，規定於債券年期內，朱先 生連同其一致行動人士須直接或間接擁有本公 司附帶投票權之股份50%以上。任何違反上述 特定履約責任可能構成違反認購協議，據此， 投資者有權根據債券條款及條件立即贖回債 券。MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析10Vestate Group Holdings Limited 國投集團控股有限公司Pledge of AssetsAs at 31 March 2019, the Group had no pledge of assets. (2018: Nil).Contin

23、gent LiabilitiesAs at 31 March 2019, the Group had no material contingent liabilities or off-balance sheet obligations (2018: Nil).GROUP STRUCTUREDuring the Year, there was no material change in the corporate structure of the Group.HUMAN RESOURCESAs at 31 March 2019, the Group had a total of 261 emp

24、loyees (2018: 1,169 employees) and the total staff cost for the Year was HK$87 million (2018: HK$156 million), representing 78.6% of the Groups total revenue. The Group offers competitive remuneration packages to its employees, including mandatory retirement funds, insurance, medical coverage and pu

25、rchase discounts. In addition, incentive share options and performance- based discretionary bonus on an annual basis may be granted to employees subject to the Groups and individual performance. The Group also provides regular trainings and workshops to its frontline and back office staff on sales t

26、echniques, product knowledge and team building.MAJOR AND CONNECTED TRANSACTIONOn 17 June 2017, the Company entered into the preliminary agreement with the vendor, a company incorporated in Italy (“Vendor”), in relation to the Company will acquire the properties located at Milan, Italy from the Vendo

27、r (“Properties”) for a purchase price of Euro 34,000,000 (equivalent to approximately HK$297,160,000) (“Acquisition”). The Vendor and the Company will further enter into the notarial deed of purchase, which is within six months after completion of the construction of the Properties. The construction

28、 of the Properties commenced in June 2017 and the Properties are currently under construction and the construction is expected to be completed in end of September 2019.The Company currently has decided not to proceed with the acquisition of the Milan Properties, which is still under construction. Th

29、e Company considers it can either (i) obtain full refund of the deposit in accordance with the Refund Agreement, or (ii) alternatively, to identify a potential buyer to acquire the estate units under the Acquisition Agreement at a premium subject to the mutual consent of the parties to the Refund Ag

30、reement to terminate the Refund Agreement.抵押資產於2019年3月31日，本集團並無抵押任何資產 （2018年：無） 。或然負債於2019年3月31日，本集團並無重大或然負債 或資產負債表外責任 （2018年：無） 。集團結構於本年度，本集團之企業架構並無任何重大變 動。人力資源於2019年3月31日，本集團合共有261名僱員 （2018年：1,169名僱員） ，而於本年度，員工成 本總額為87百萬港元 （2018年：156百萬港元） ， 佔本集團總收益之78.6%。本集團向員工提供 具競爭力之薪酬待遇，包括強制性退休基金、 保險、醫療保障及購物折扣。

31、此外，本集團會 視乎本集團業績及個別員工之表現，可能向僱 員授出獎勵購股權及酌情發放年度花紅。本集 團亦會定期為前線及後勤員工提供銷售技巧、 產品知識及團隊建設方面之培訓及研習班。主要及關連交易於2017年6月17日，本公司與賣方 （一間於意 大利註冊成立之公司） （ 賣方 ） 訂立初步協 議，內容有關本公司將向賣方收購位於意大利 米蘭之該等物業 （ 該等物業 ） ，購買價為 34,000,000歐元 （相等於約297,160,000港元）（ 收 購事項 ） 。賣方及本公司將於該等物業落成後 六個月內進一步訂立購買公證契據。該等物業 之建築工程於2017年6月開始，而該等物業現 時正在建造中，

32、預期將於2019年9月尾竣工。本公司目前決定不繼續收購仍在建設中的米蘭 物業。本公司認為可(i)根據退款協議取得全額 按金退款，又或(ii)待退款協議訂約方相互同意 終止退款協議後，物色潛在買方根據收購協議 以溢價收購物業單位。MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析11Annual Report 2018/2019 2018/2019 年年報賣方由執行董事蔡佳櫻女士實益擁有70%，故 賣方為本公司之關連人士。收購事項構成上市 規則第14A章項下本公司之關連交易。有關收 購事項之詳情載於本公司日期為2017年6月17 日之公告及日期為2017年10

33、月31日之通函。出售附屬公司及聯營公司 (a) 於2018年7月2日，本集團全資附屬公司 傑盈投資有限公司 （ 賣方 ） 與買方訂立 出售協議 （ 出售協議 ） ，內容有關以代 價50,000,000港元出售本集團全資附屬公 司昇傲投資有限公司 （ 目標公司 ） 已發 行股本之49% （ 出售事項 ） 。目標公司 擁有多間於中國成立之公司，該等公司 主要於中國從事鞋類產品開發及零售。 賣方與買方將盡最大努力促使達成出售 協議所載之條件。倘於出售協議日期後 滿六個月當日或經賣方與買方可能書面 協定之較後日期 （ 最後截止日期 ） 或之 前尚未達成上述條件，出售協議將告停 止及終結，其後概無訂約方

34、須向另一方 承擔任何義務及責任，惟任何先前違反 出售協議條款者除外。由於需要更多時 間安排簽署轉讓契據及更替契據，於 2019年1月2日 及2019年7月2日， 賣 方 與買方訂立延期函件，以延展最後截止 日期至2019年10月31日或之前。於出售 事項完成後，本集團將仍然擁有目標公 司之51%權益。根據上市規則第14.44條， 本公司已就出售協議自控股股東取得書 面股東批准，以代替舉行本公司股東大 會。有關出售事項之詳情載於本公司日 期為2018年7月6日及2019年1月2日之 公告以及日期為2018年8月17日的通函。 於本報告日期，該交易尚未完成。(b) 誠如去年年報所披露，本集團與潛在

35、買 家簽訂諒解備忘錄以出售金融服務業務 （ 可能出售事項 ） 。於2018年11月1日， 本公司以總代價5,000,000港元向兩名潛 在買家出售本公司全資附屬公司格理昂 投資控股有限公司 （ CIH ） 66%已發行股 本。於可能出售事項完成後，本集團將 繼續擁有CIH 34%權益。本集團目前無意 出售其餘部分金融服務業務。The Vendor is beneficially owned as to 70% by Ms. CAI Jiaying, an executive Director, and hence the Vendor is a connected person of the

36、Company. The Acquisition constitutes a connected transaction on the part of the Company under Chapter 14A of the Listing Rules. Details of the Acquisition are set out in the announcement of the Company dated 17 June 2017 and the circular dated 31 October 2017.DISPOSALS OF SUBSIDIARIES AND ASSOCIATED

37、 COMPANIES(a) On 2 July 2018, Genius Earn Investments Limited, a wholly owned subsidiary of the Group (“Vendor”), entered into the disposal agreement between with the purchaser in relation to the disposal of 49% of the issued share capital of Ascent Pride Investment Limited (“Target Company”), a who

38、lly owned subsidiary of the Group (“Disposal Agreement”), at the consideration of HK$50,000,000 (“Disposal”). The Target Company owned the companies established in the PRC principally engaged in development and retailing of footwear products in the PRC. The Vendor and the purchaser shall use its bes

39、t endeavours to procure the fulfillment of the conditions set out in the Disposal Agreement. If the said conditions have not been satisfied on or before the date falling six months after the date of the Disposal Agreement, or such later date as the Vendor and the purchaser may agree in writing (“Lon

40、g Stop Date”), the Disposal Agreement shall cease and determine and thereafter neither party shall have any obligations and liabilities towards each other hereunder save for any antecedent breaches of the terms of the Disposal Agreement. On 2 January 2019 and 2 July 2019, the Vendor and the Purchase

41、r entered into the extension letters to extend the Long Stop Date to on or before 31 October 2019 due to additional time is required to arrange for the signing of the Assignment Deed and the Deed of Novation. Upon completion of the Disposal, the Group will remain to have 51% interests in the Target

42、Company. Pursuant to Rule 14.44 of the Listing Rules, a written shareholders approval for the Disposal Agreement has been obtained from the controlling Shareholder, in lieu of holding a general meeting of the Company. Details of the Disposal are set out in the announcements of the Company dated 6 Ju

43、ly 2018 and 2 January 2019 and the circular dated 17 August 2018. As at the date of this report, this transaction has not completed.(b) As disclosed in the annual report of last year, the Group signed the MOU with potential buyer to sell the financial services business (“Possible Disposal”). On 1 No

44、vember 2018, the Company sell 66% of issued share capital of the Carlyon Investment Holdings Limited (“CIH”), a wholly owned subsidiary of the Company, to two potential buyers at the total consideration of HK$5,000,000. Upon completion of the Possible Disposal, the Group will remain to have 34% inte

45、rests in the CIH. The Group currently has no intention to sell out the remaining portion of the financial services business.MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析12Vestate Group Holdings Limited 國投集團控股有限公司PRINCIPAL RISKS AND UNCERTAINTIESThere are various risks and uncertainties including busin

46、ess risks, capital risks and financial risks that may have different levels of impact on the Groups financial performance, operations, business as well as future prospects. The financial risk and capital risk are set out in Note 37 to the consolidated financial statements. Besides, the following are

47、 the key risks and uncertainties identified by the Group. There may be other risks and uncertainties in addition to those shown below which are not known to the Group or which may not be material now but could turn out to be material in the future.(i) Increase in rental and concession fees; (ii) Rel

48、iance on key management personnel; (iii) Misjudgement of fashion trends or changes in consumers demand or failure to respond to such changes in a timely manner; (iv) Competition in footwear market in the PRC and Hong Kong; and (v) Economic downturn in the PRC and Hong Kong.主要風險及不確定因素各種風險及不確定因素包括對本集團

49、財務表 現、營運、業務及未來前景有不同程度影響之 業務風險、資本風險及財務風險。本集團面臨 之財務風險及資本風險載於綜合財務報表 （附 註37） 。此外，本集團已識別之主要風險及不 確定因素如下。除以下所示者外，亦可能存在 其他本集團並不知悉之風險及不確定因素，或 現在可能並不重大惟於未來可能變成重大之風 險及不確定因素。(i) 租金及特許銷售費用增加； (ii) 依賴主要管理人員； (iii) 錯誤判斷時裝趨勢或消費者需求變化或 未能及時應對此類變化； (iv) 中國及香港鞋類市場之競爭；及 (v) 中國及香港之經濟放緩。CORPORATE GOVERNANCE REPORT 企業管治報告13Annual Report 2018/2019 2018/2019 年年報企業管治常規董事會致力制定及於本集團內維持良好企業管 治常規，以提高透明度，並保障股東之整體利 益。董事會相信均衡之企業管治架構肯定有助 更有效管理其業務風險，從而確保本集團在符 合其股東及其他利益相關人士之最佳利益下經