[HK]中國光大水務:2019中期報告

[HK]中國光大水務:2019中期報告

時間：2019年09月06日 07:20:26&nbsp中財網

原標題:中國光大水務:2019中期報告

Assuring ADVANCEMENT

through INNOVATION

Corporate Information 公司資料 2

Financial Highlights 財務概況 6

Business Review and Prospects 業務回顧與展望 7

Management Discussion and Analysis 管理層討論與分析 15

Disclosure of Interests 披露權益資料 31

Corporate Governance 企業管治 36

Other Information 其他資料 41

Interim Financial Report 中期財務報告 42

Report on Review of Interim Financial Information 中期財務資料審閱報告 103

Contents 目錄

Corporate Information

公司資料

2 China Everbright Water Limited

中國光大水務有限公司

BOARD OF DIRECTORS

Non-Executive Director

Mr. Wang Tianyi (Chairman)

Executive Directors

Mr. An Xuesong (Chief Executive Officer)

Mr. Luo Junling (Chief Financial Officer)

Independent Non-Executive Directors

Mr. Zhai Haitao

Mr. Lim Yu Neng Paul

Ms. Cheng Fong Yee

Ms. Hao Gang

AUDIT COMMITTEE

Mr. Lim Yu Neng Paul (Chairman)

Mr. Zhai Haitao

Ms. Cheng Fong Yee

Ms. Hao Gang

REMUNERATION COMMITTEE

Ms. Cheng Fong Yee (Chairman)

Mr. Wang Tianyi

Mr. Zhai Haitao

Mr. Lim Yu Neng Paul

NOMINATING COMMITTEE

Mr. Zhai Haitao (Chairman)

Mr. Wang Tianyi

Mr. Lim Yu Neng Paul

STRATEGY COMMITTEE

Mr. Wang Tianyi (Chairman)

Mr. An Xuesong

Mr. Luo Junling

Ms. Hao Gang

董事會

非執行董事

王天義先生（董事長）

執行董事

安雪松先生（總裁）

羅俊嶺先生（首席財務官）

獨立非執行董事

翟海濤先生

林御能先生

鄭鳳儀女士

郝剛女士

審計委員會

林御能先生（主席）

翟海濤先生

鄭鳳儀女士

郝剛女士

薪酬委員會

鄭鳳儀女士（主席）

王天義先生

翟海濤先生

林御能先生

提名委員會

翟海濤先生（主席）

王天義先生

林御能先生

戰略委員會

王天義先生（主席）

安雪松先生

羅俊嶺先生

郝剛女士

3 Interim Report 2019

二零一九年中期報告

MANAGEMENT COMMITTEE

Mr. An Xuesong (Chairman)

Mr. Luo Junling

Mr. Wang Yuexing

Mr. Wang Guanping

Mr. Zhang Guofeng

Mr. Sun Linbo

Mr. Niu Kesheng

Mr. An Pinglin

Mr. Wu Zhiguo

JOINT COMPANY SECRETARIES

Ms. Peng Pei (ACIS, ACS)

Ms. Ho Wing Tsz Wendy (FCIS, FCS(PE))

REGISTERED OFFICE

Clarendon House, 2 Church Street

Hamilton HM 11, Bermuda

SHENZHEN OFFICE

26/F., Block A, Oriental Xintiandi Plaza

No.1003 Shennan Avenue, Futian District

Shenzhen, People’s Republic of China 518000

SINGAPORE OFFICE

9 Battery Road, MYP Centre

#20-02 Singapore 049910

HONG KONG OFFICE

Room 3601, 36/F., Far East Finance Centre

16 Harcourt Road, Hong Kong

管理委員會

安雪松先生（主席）

羅俊嶺先生

王悅興先生

王冠平先生

張國鋒先生

孫林波先生

牛克勝先生

安平林先生

吳志國先生

聯席公司秘書

彭珮女士 (ACIS, ACS)

何詠紫女士 (FCIS, FCS(PE))

註冊地址

Clarendon House, 2 Church Street

Hamilton HM 11, Bermuda

深圳辦公室

中國深圳市福田區深南大道1003號

東方新天地廣場A座26樓

郵編：518000

新加坡辦公室

新加坡百德裡路9號MYP中心

#20-02室郵編：049910

香港辦公室

香港夏愨道16號

遠東金融中心36樓3601室

4 China E verbright Water L imited

中國光大水務有限公司

Corporate Information 公司資料

BERMUDA SHARE REGISTRAR

Conyers Corporate Services

(Bermuda) Limited

Clarendon House, 2 Church Street

Hamilton HM 11, Bermuda

SINGAPORE SHARE TRANSFER AGENT

Boardroom Corporate & Advisory

Services Pte. Ltd.

#32-01 Singapore Land Tower

50 Raffles Place, Singapore 048623

HONG KONG SHARE REGISTRAR AND

TRANSFER OFFICE

Boardroom Share Registrars (HK) Limited

2103B, 21/F., 148 Electric Road

North Point, Hong Kong

AUDITOR

Ernst & Young LLP

COMPLIANCE ADVISOR

Anglo Chinese Corporate Finance, Limited

LEGAL ADVISORS

Allen & Gledhill LLP

China Commercial Law Firm

Li & Partners

百慕達股份過戶登記處

Conyers Corporate Services

(Bermuda) Limited

Clarendon House, 2 Church Street

Hamilton HM 11, Bermuda

新加坡股份轉讓代理

寶德隆集團有限公司

新加坡萊佛士坊50號

新置地大廈#32-01室

郵編：048623

香港股份過戶登記處

寶德隆證券登記有限公司

香港北角

電氣道148號21樓2103B室

審計師

Ernst & Young LLP

合規顧問

英高財務顧問有限公司

法律顧問

Allen & Gledhill LLP

華商律師事務所

李偉斌律師行

5 Interim Report 2019

二零一九年中期報告

PRINCIPAL BANKERS

Agricultural Bank of China Limited

Bank of China (Hong Kong) Limited

Bank of China Limited

China Construction Bank (Asia) Corporation Limited

China Construction Bank Corporation

CMB Wing Lung Bank Limited

DBS Bank Limited

Far Eastern International Bank Co., Ltd.

Industrial and Commercial Bank of China Limited

International Finance Corporation

Mizuho Bank, Ltd.

Taipei Fubon Commercial Bank Co., Ltd.

PUBLIC RELATIONS

Citigate Dewe Rogerson

WEBSITE

www.ebwater.com

STOCK CODES

U9E.SG

1857.HK

主要銀行

中國農業銀行股份有限公司

中國銀行（香港）有限公司

中國銀行股份有限公司

中國建設銀行（亞洲）股份有限公司

中國建設銀行股份有限公司

招商永隆銀行有限公司

星展銀行

遠東國際商業銀行有限公司

中國工商銀行股份有限公司

國際金融公司

瑞穗銀行

臺北富邦商業銀行有限公司

公關顧問

哲基傑訊

電子網址

www.ebwater.com

股份代號

U9E.SG

1857.HK

Financial Highlights

財務概況

6 China Everbright Water Limited

中國光大水務有限公司

Six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年 Percentage

HK$』000 HK$』000 change

千港元 千港元 百分比變動

RESULTS 業績

Revenue 收入 2,485,366 2,360,475 5%

Gross profit 毛利 920,085 788,030 17%

EBITDA* 除利息、稅項、折舊及

攤銷前盈利* 830,769 781,256 6%

Profit attributable to equity holders

of the Company

本公司權益持有人

應佔盈利 420,487 370,737 13%

Basic earnings per share (HK cents) 每股基本盈利（港仙） 15.51 14.11 10%

Interim dividend per ordinary share

(Singapore cents (「Sing cents」))

每股普通股中期股息

（新加坡分（「新分」）） 0.65 0.49 33%

(equivalent to HK cents) （等值港仙） 3.74 N/A不適用 N/A不適用

30 June

2019

二零一九年

六月三十日

31 December

2018

二零一八年

十二月三十一日 Percentage

HK$』000 HK$』000 change

千港元 千港元 百分比變動

FINANCIAL POSITION 財務狀況

Total assets 總資產 21,288,071 19,584,389 9%

Total liabilities 總負債 11,925,942 10,920,692 9%

Net asset value per share (HK$) 每股資產淨值（港元） 3.07 2.98 3%

Gearing ratio

(Total liabilites/Total assets)

資產負債率

（總負債╱總資產） 56.0% 55.8% 0.2ppt**

* EBITDA is the profit for the period before deduction of

interest, taxation, depreciation and amortisation.

** ppt means percentage point.

* 除利息、稅項、折舊及攤銷前盈利為

扣除利息、稅項、折舊及攤銷前之本

期間盈利。

** ppt指百分點。

Business Review and Prospects

業務回顧與展望

7 Interim Report 2019

二零一九年中期報告

OPERATING RESULTS

During the s i x months ended 30 June 2019

(「1HFY2019」), despite the complicated and changing

internal and external conditions, as well as downward

pressure on the economy, the Chinese economy

maintained momentum towards steady growth and

stable progress. Since 2019, China has established

a fundamental policy regime for the environmental

protection industry and developed a regulatory

framework that becomes increasingly stringent. The

launch of various environmental protection policies

in the 1HFY2019 has emphasised again the priorities

of several key tasks in the area of water environment

management. The said key tasks include accelerating

the treatment of black and odorous water bodies,

facilitating the integrated treatment of major basins

and nearshore waters, and boosting the construction

of urban waste water pipeline network and treatment

facilities. Such policies, complemented by regulatory

enforcement, have created both opportunities and

challenges for the industry to seek optimisation and

upgrading, as well as to improve its standards and

efficiencies.

As an environmental protection company focusing

on water environment management, China

Everbright Water Limited (the 「Company」, together

with its subsidiaries, the 「Group」) adheres to its

corporate mission of being 「Devoted to Ecology

and Environment for a Beautiful China」, and abides

by its core value of 「Creating Better Investment

Value and Undertaking More Social Responsibility」.

In the meantime, the Group has been closely

following relevant national strategic planning and

its 「Innovation-driven Development」 ethos, while

adopting a sustainable operating model that 「Takes

Quality as the Top Mission and Keeps Efficiency

as the Priority with Support by Scale」. The Group

is principally engaged in municipal waste water

treatment, industrial waste water treatment, sludge

treatment and disposal, water supply, reusable

water, water environment treatment, waste water

source heat pump, research and development

(「R&D」) of water technologies, and engineering and

construction, etc.

經營業績

截至二零一九年六月三十日止六

個月（「回顧期內」或「二零一九財

政年度上半年」），面對國內外環

境複雜多變、經濟出現多方面下

行壓力的形勢，中國經濟依然保

持總體平穩、穩中有進的發展態

勢。進入二零一九年，中國的環

保行業政策體系基本完備、監管

格局已經成形並日趨嚴格。回顧

期內出臺的多項環保政策再度強

調多項水環境治理的相關重點工

作。上述重點工作包括加快治理

黑臭水體，推進重點流域和近岸

海域綜合整治，加大城市汙水管

網和處理設施建設力度等，加上

監管力度加強，給全行業帶來優

化升級、提標增效的挑戰和機遇。

作為一家以水環境綜合治理業務

為主業的環保企業，中國光大水

務有限公司（「本公司」，連同其附

屬公司統稱「本集團」）堅持「情系

生態環境，築夢美麗中國」的企業

使命，以「創造更好投資價值，承

擔更多社會責任」為企業追求，緊

密圍繞國家戰略佈局，以「創新引

領發展」，致力追求「質量第一、

效益優先、規模發展」的可持續經

營模式，主營業務涵蓋市政汙水

處理、工業廢水處理、汙泥處理

處置、供水、中水回用、水環境

治理、汙水源熱泵以及環保水務

技術研發和工程建設等。

8 China Everbright Water Limited

中國光大水務有限公司

Business Review and Prospects 業務回顧與展望

OPERATING RESULTS (continued)

As at 30 June 2019, the Group had secured 121

environmental protection projects, with a total

investment of approximately RMB22.416 billion.

Among these projects, 91 projects completed

construction and commenced operation, with a total

investment of approximately RMB11.579 billion;

1 project completed construction, with an investment

of approximately RMB38 million; 8 projects were

under construction, with a total investment of

approximately RMB3.525 billion; and 21 projects

were in the preparatory stage, with a total investment

of approximately RMB7.274 billion. In addition, the

Group undertook 2 engineering, procurement and

construction (「EPC」) projects and 1 operations and

maintenance (「O&M」) project, with a total contract

value of approximately RMB146 million.

In the 1HFY2019, the Group continued riding through

the challenging macro and market environment. It

maintained sound development momentum and

achieved steady operating results, focusing on water

environment management, integrated utilisation of

water resources and comprehensive protection of

water ecology. With its strengths, the Group once

again ranked among the Top 10 Most Influential

Enterprises in China’s Water Industry. On 8 May

2019, the Company was successfully listed on the

Main Board of The Stock Exchange of Hong Kong

Limited (the 「SEHK」), achieving dual listing status

in Singapore and Hong Kong (the 「Dual Primary

Listing」). The Dual Primary Listing status will help the

Company to attract different investors, broaden the

Company’s shareholder (the 「Shareholder(s)」) base,

and contribute to its long-term growth.

經營業績（續）

截至二零一九年六月三十日，本

集團已落實121個環保項目，涉及

總投資約224.16億元人民幣。其

中，建成投運項目91個，涉及總

投資約115.79億元人民幣；建成

完工項目1個，涉及投資約0.38億

元人民幣；在建項目8個，涉及總

投資約35.25億元人民幣；籌建項

目21個，涉及總投資約72.74億元

人民幣。此外，本集團亦承接2個

工程總包（「EPC」）項目及1個委託

運營項目，合同總額約1.46億元

人民幣。

回顧期內，本集團在充滿挑戰的

宏觀及市場環境中把握方向，圍

繞水環境綜合治理、水資源綜合

利 用 與 水 生 態 綜 合 保 護 ， 發 展

勢頭良好，取得了穩健的經營業

績，並且憑藉實力再度位居中國

水業十大影響力企業之列。於二

零一九年五月八日，本公司正式

於香港聯合交易所有限公司（「香

港聯交所」）主板掛牌上市，實現

新加坡及香港兩地雙重上市（「雙

重第一上市」）。雙重第一上市將

有助吸引不同投資者、擴大本公

司股東（「股東」）範圍及推動本公

司長足發展。

9 Interim Report 2019

二零一九年中期報告

OPERATING RESULTS (continued)

I n terms o f operating r e s u l t s , t h e Group’s

revenue and profit recorded steady growth in the

1HFY2019. During the 1HFY2019, the Group’s

revenue amounted to HK$2.49 billion, an increase

of 5% from HK$2.36 billion in the same period of

last year. EBITDA in the 1HFY2019 amounted to

HK$830.77 m i l l i o n , an increase o f 6% from

HK$781.26 million in the same period of last year.

Profit attributable to equity holders of the Company

for the 1HFY2019 was HK$420.49 mi llion, an

increase of 13% from HK$370.74 million recorded in

the same period of last year. Basic earnings per share

for the 1HFY2019 were HK15.51 cents, HK1.40

cents more than HK14.11 cents in the six months

ended 30 June 2018 (「1HFY2018」). The Group

has ready access to financing channels, with an

abundance of cash on hand which continues to rise,

and has performed well in all financial ratios.

In terms of market expansion, during the 1HFY2019,

the Group expanded to Zhejiang Province by

securing its first drinking water sources wetland

p r o t e c t i o n p r o j e c t , w h i l e s t r e ngtheni ng i t s

market presence in Shandong, Jiangsu, Hubei

and Liaoning Provinces. During the 1HFY2019,

the Group secured 11 environmental projects

and signed 1 supplementary agreement for the

existing project, commanding a total investment

of appr o x ima t e ly RMB3 .674 bi l l i o n . These

included 6 waste water treatment projects,

3 reusable water projects, 1 water supply project,

1 waste water p ipeline network project and

1 supplementary agreement for the existing project.

In addition, the Group undertook 2 EPC projects

and 1 O&M project, with a total contract value of

approximately RMB146 million. The new projects

contributed to the increases in daily waste water

treatment capacity by 405,000 m3, daily reusable

water supply capacity by 85,000 m3, daily water

supply capacity by 600,000 m3, and daily sludge

treatment and disposal capacity by 200 tonnes.

經營業績（續）

經營業績方面，回顧期內，本集

團在收入及盈利方面均錄得穩步

增長。於二零一九財政年度上半

年 ， 本 集 團 錄 得 收 入 24.9 億 港

元，較去年同期之23.6億港元增

加5%。二零一九財政年度上半年

之除利息、稅項、折舊及攤銷前

盈利8.3077億港元，較去年同期

之 7.8126 億 港 元 增 加6%。 二 零

一九財政年度上半年，本公司之

權益持有人應佔盈利4.2049億港

元，較去年同期之3.7074億港元

增加13%。二零一九財政年度上

半年每股基本盈利為15.51港仙，

較截至二零一八年六月三十日止

六個月（「二零一八財政年度上半

年」）之14.11港仙增加1.40港仙。

本 集 團 融 資 渠 道 暢 通 ， 資 金 充

裕，手持現金持續增加，各項財

務比率健康。

市場拓展方面，回顧期內，本集

團 在 鞏 固 於 山 東 、 江 蘇 、 湖 北

及 遼 寧 省 市 場 地 位 的 同 時 ， 新

拓展至浙江省的環保市場，取得

首個飲用水源濕地項目。於二零

一九財政年度上半年，本集團取

得11個環保項目並簽署1個現有

項目的補充協議，涉及總投資約

36.74億元人民幣。其中包括6個

汙水處理項目、3個中水回用項

目 、1 個 供 水 項 目 、1 個 汙 水 管

網項目、1個現有項目的補充協

議；同時承接2個EPC項目及1個

委託運營項目，涉及合同金額約

1.46億元人民幣。新增日汙水處

理規模40.5萬立方米、新增日供

中水規模8.5萬立方米、新增日供

水規模60萬立方米以及新增日汙

泥處理處置規模200噸。

10 China Everbright Water Limited

中國光大水務有限公司

Business Review and Prospects 業務回顧與展望

OPERATING RESULTS (continued)

As for the project construction, the Group has

adhered to its construction philosophy of 「Excellent

Design, State-of-art Technology, Advanced

Equipment, High Quality Construction and First Class

Management」. It has adopted strict quality controls

throughout the project construction process, and

strived to develop benchmark projects with high

quality, strict standard and advanced technology.

During the 1HFY2019, the Group had 16 projects

under construction. These included 7 waste water

treatment projects, 2 waste water pipeline network

projects, 2 water environment treatment projects,

1 reusable water project, 2 water supply projects

and 2 sludge treatment and disposal projects, with

all construction works having progressed smoothly.

9 projects completed construction and commenced

operation, contributing 240,000 m3 to the aggregated

daily waste water treatment capacity and 150,000 m3

to the aggregated daily water supply capacity.

As at 30 June 2019, the Group had 21 projects

in preparatory stage, with a daily water treatment

capacity of over 1,200,000 m3.

In terms of engineering design, following the

acquisition of Xuzhou Municipal Engineering Design

Institute Co., Ltd. (「Xuzhou Design Institute」) in

Jiangsu Province in 2018, the Group continued

promoting the integration of engineering design

works and has been actively exploring the organic

development of investment, as well as engineering

and operations management, which is driven by

the planning and design businesses during the

1HFY2019. Xuzhou Design Institute undertook

164 engineering design service projects during the

1HFY2019, covering several specialised areas, such

as water supply, waste water treatment, leachate

treatment, sludge treatment and disposal, reusable

water and municipal public engineering consultancy.

This helped the Group to build up relevant experience

and solidify new sources of profit growth.

經營業績（續）

工程建設方面，本集團秉承「一流

的設計、一流的技術、一流的設

備、一流的施工、一流的管理」的

工程建設理念，對項目工程建設

全過程進行嚴格質量把控，力爭

打造「高品質、高標準、高技術」

的標竿項目。回顧期內，本集團

共有16個在建項目，其中包括7

個汙水處理項目、2個汙水管網項

目、2個水環境治理項目，1個中

水回用項目、2個供水項目及2個

汙泥處理處置項目，工程建設有

序推進。9個項目建成投運，新

增投運日汙水處理規模24萬立方

米，新增投運日供水規模15萬立

方米。截至二零一九年六月三十

日，本集團共有21個籌建項目，

日水處理規模超過120萬立方米。

工程設計方面，繼二零一八年收

購江蘇省徐州市市政設計院有限

公司（「徐州設計院」）後，本集團

於回顧期內繼續推動工程設計相

關的整合工作，探索規劃設計業

務推動公司投資、工程運營業務

的有機發展。於回顧期內，徐州

設計院承接164項工程設計服務，

涉及供水、汙水處理、滲濾液處

理、汙泥處理處置、中水回用、

市政公用工程諮詢等專業領域，

助力本集團積累相關經驗，鞏固

新的利潤增長點。

11 Interim Report 2019

二零一九年中期報告

OPERATING RESULTS (continued)

As for the operations management, during the

1HFY2019, the Group established the Safety

and Environmental Management Department to

develop a more robust long-term environmental

management mechanism. In addition, the Group

continued promoting the adoption and p i l o t

programs of the 「Intelligent Water」 management

system, as well as strengthening the implementation

of the Environmental, Safety, Health and Social

Responsibility (「ESHS」) management system and risk

management system at all levels within the Group.

It also continued carrying out the 「Safe Operation

Month」 initiative at all projects and strived to fulfil

its 「Three Zeros」 goal (zero excessive discharge of

pollutants, zero work safety accident and zero case

for violation of regulations or discipline) through

various activities, such as: themed presentations,

trainings, safety inspections and emergency drills.

During the 1HFY2019, riding on the effective

management, a total of 8 waste water treatment

plants of the Group received regulatory approval for

tariff hikes, ranging from 4% to 56%.

In light of excellent engineering construction and

operations management, the Group has seen a

number of its projects receive recognitions at the

national, provincial and municipal levels. In addition,

in the 1HFY2019, the Group’s projects received

various subsidies exceeding RMB8 million in total.

In relation to the capital market, apart from achieving

the Dual Primary Listing, the Company completed

the issuance of its RMB-denominated corporate

bonds (the 「Panda Bonds」) with a principal amount of

RMB700 million to qualified investors in China in early

2019. This marked the completion of issuance of the

Company’s first Panda Bonds since July 2017. The

issuance of the Panda Bonds has further improved

the Company’s financing structure and made good

use of financial leverage. It also demonstrated the

substantial progress achieved by the Group in

broadening its financing channels.

經營業績（續）

運營管理方面，於回顧期內，本

集團成立安全與環境管理部，建

立更健全的環境管理長效機制。

此外，本集團繼續推動「智慧水

務」管理系統的應用和試點工作，

強化環境、安全、健康及社會責

任（「ESHS」）管理體系和風險管理

體系在本集團各層級的落實。本

集團亦在項目層面繼續開展「安全

生產月」活動，通過主題宣講、培

訓教育、安全檢查、應急演練等

方式，深入貫徹「三個零」目標（零

超標排放、零安全事故、零違規

違紀）。得益於行之有效的管理，

回顧期內，本集團旗下合共8個汙

水處理廠獲批上調水價，上調幅

度介乎於4%至56%。

本集團旗下多個項目憑藉優質工

程建設及運營管理，獲得國家、

省、市等級別的嘉許和認可。此

外，回顧期內，本集團旗下項目

獲批多項資金補貼共逾800萬元人

民幣。

資本市場方面，除了實現雙重第

一上市外，本公司於二零一九年

年初完成向中國境內合格投資者

發行本金為7億元人民幣的人民幣

計價公司債券（「熊貓債券」）。這

標誌著本公司自二零一七年七月

開始的首支熊貓債券的發行工作

宣告全部完成。此次熊貓債券的

發行，令本公司融資結構進一步

改善，財務槓桿合理運用，也顯

示出本集團在融資渠道拓展方面

取得實質性進展。

12 China Everbright Water Limited

中國光大水務有限公司

Business Review and Prospects 業務回顧與展望

OPERATING RESULTS (continued)

The Group adheres to the 「Innovation-driven

Development」 ethos and has set 「applicationoriented

research」 as its direction. The Group not

only focuses on its in-house technological R&D

in the water sector, but also proactively takes

reference from external advanced technologies

and experiences through 「industrial-academic」

collaboration. During the 1HFY2019, the Group

actively promoted and progressed with technological

R&D subjects in the areas including waste water

and sludge treatment, energy conservation at waste

water treatment plants, etc. In the 1HFY2019, the

Group was granted 14 patents and published 1

academic paper, mainly in the areas of biological

aerated filter, high-efficiency sedimentation tank,

among others.

As an environmental protection company, the

Group always regards ecological and environmental

protection as a key corporate social responsibility.

Following the initiative of opening the Group’s

environmental protection facilities for public visits

in 2018, the Group progressively opened up

12 operating projects to the public during the

1HFY2019. The Group’s projects received a total

of 452 batches of more than 11,000 visitors from

all social circles. During the 「World Environment

Day」 event on 5 June 2019, the Group’s project

companies in various cities, including Nanjing,

Nanning, B e i j i n g , Sanmenxia and Suzhou,

collaborated with the local governments and relevant

institutions to organise innovative activities to

promote environmental protection, in an effort to

promote advanced water technologies and enhance

public awareness of environmental protection.

The Company is committed to creating value for its

Shareholders and sharing operating results with its

Shareholders as appropriate. The board (the 「Board)

of directors (the 「Director(s)」) of the Company has

declared to pay an interim dividend of HK3.74 cents

(equivalent to 0.65 Sing cents) per ordinary share for

the 1HFY2019 (for the 1HFY2018: 0.49 Sing cents

per ordinary share).

經營業績（續）

本集團一直奉行「創新引領發展」

的 理 念 ， 並 以「應 用 轉 化 」為 目

標，不僅專注於水務領域的自主

技術研發，同時積極通過「產學

研」合作借鑒外部先進技術和經

驗。於回顧期內，本集團積極推

進汙水與汙泥處理、汙水處理廠

節能降耗等內部技術研發課題，

並取得一定進展。回顧期內，本

集團共獲得授權專利14項，發表

論文1篇，主要涉及曝氣生物濾

池、高密度沉澱池等領域。

作為環保企業，本集團一直將生

態環境保護視為主要企業社會責

任。繼二零一八年對外公佈本集

團 環 保 設 施 對 公 眾 開 放 後 ， 本

集團於回顧期內陸續向公眾開放

12個運營項目，旗下各項目接待

社會各界來訪人士合共452批次逾

11,000人次。二零一九年六月五

日的「世界環境日」活動中，本集

團旗下位於南京、南寧、北京、

三門峽、蘇州等各地的項目公司

積極聯合當地政府及相關機構，

組織別開生面的環保宣傳活動，

推廣先進的水務技術，提升公眾

的環保意識。

本公司致力為其股東創優增值，

並堅持適時與股東分享公司的經

營成果。本公司董事（「董事」）會

（「董事會」）宣派二零一九財政年

度上半年之中期股息每股普通股

3.74 港 仙（等 值 0.65新 分 ）（二 零

一八財政年度上半年：每股普通

股0.49新分）。

13 Interim Report 2019

二零一九年中期報告

BUSINESS PROSPECTS

Following continued enhancement of ecological

c o n s e r v a t i o n a n d r e g i o n a l e n v i r o n m e n t a l

management, water environment management and

rural waste water treatment have become the areas

of focus in the water industry. This has offered

enormous room for growth in the water environment

management sector. In addition, supported by the

implementation of various environmental protection

policies and the reinforcement of the regulatory

system over the past few years, the water industry

has gradually established a policy regime and a

regulatory framework that are more comprehensive

and mature, laying a solid foundation for the

industry’s sound and rapid growth.

Over the past few years, the Chinese government

has set a series of goals to be accomplished by 2020

and such goals focus on areas like the treatment of

black and odorous water bodies and waste water

treatment in urban and rural areas. Now, with less

than two years left, the tasks remain arduous and

urgent. This will allow capable, responsible and

accountable companies to further outperform their

peers. Separately, as traditional areas in the water

industry have become more mature, areas such as

industrial waste water treatment, sludge treatment

and disposal, water plant and pipeline integration,

and the mixed-ownership reform of the local stateowned

water enterprises are expected to become

new development trends, which are expected to

continue unleashing the industry’s potential for

growth. Meanwhile, asset-light business models

focusing on areas such as project planning and

design, engineering consultancy, technical services

and O&M, which could offer profitable returns

on invested capital, have also gradually become

important sources of growth in future for companies

that focus on the water environment management

sector.

業務展望

隨著生態文明建設及區域環境治

理的不斷加強，水環境綜合治理

及村鎮汙

水治理

成為水務行業的

關注重點，帶來巨大的水環境治

理空間。另一方面，隨著近年來

環保政策的密集出臺、監管體系

的不斷強化，為行業逐漸搭建起

更加全面、成熟的政策體系和監

管格局，對行業未來實現良性、

快速發展奠定了堅實基礎。

中國政府過去幾年圍繞黑臭水體

治理、城鎮汙水處理等領域制定

了一系列截至二零二零年的工作

目標，目前所剩時間不足兩年，

治理任務繁重而緊迫，致使有實

力、有責任、有擔當的企業將佔

據行業的更高點。隨著傳統水務

領域的成熟化，未來像園區工業

廢水處理、汙泥處理處置、廠網

一體化、地方國企水務公司「混合

制改革」等有望成為新的發展趨

勢，繼續釋放行業增長空間。與

此同時，項目規劃設計、工程諮

詢、技術服務與委託運營管理等

「輕資產」業務模式，也正逐漸成

為水環境綜合治理企業未來發展

的重要增長點之一。

14 China Everbright Water Limited

中國光大水務有限公司

Business Review and Prospects 業務回顧與展望

BUSINESS PROSPECTS (continued)

As an enterprise listed in both Singapore and

Hong Kong, the Company will leverage on the

opportunity arising from the Dual Primary Listing and

navigate through external volatility. It will continue

pursuing growth that is driven by technology,

boost technological R&D and 「industrial-academic」

collaboration, expand into new business areas

and models, enhance proficiencies in operations

management and r i s k c o n t r o l , and explore

investment and financing channels that fit its own

development needs. The Company has set the goals

of creating sustainable returns for its Shareholders

and continuing contributing to water environment

management, through a long-term view for its

business planning and an optimised development

path towards sustainability.

業務展望（續）

作為一家新港兩地上市企業，本

公司將以雙重第一上市為發展新

契機，在波動的外部環境中把握

方向，繼續堅持科技引領發展，

加 大 技 術 研 發 及「產 學 研 」合 作

力度，拓展新業務領域及模式，

加強運營管理及風險管控水平，

探索符合自身發展需求的投融資

渠道，以更加長遠的發展眼光規

劃 、 推 動 更 優 的 可 持 續 發 展 之

路，為股東創造可持續回報，為

水環境治理持續貢獻力量。

Management Discussion and Analysis

管理層討論與分析

15 Interim Report 2019

二零一九年中期報告

FINANCIAL RESULTS

In 1HFY2019, the revenue of the Group increased

by 5% to HK$2,485.37 million compared with the

revenue of HK$2,360.48 million in 1HFY2018. Gross

profit of the Group increased from HK$788.03 million

in 1HFY2018 to HK$920.09 million in 1HFY2019,

representing an increase of 17%. The profit of

the Group increased from HK$400.77 million in

1HFY2018 to HK$448.73 million in 1HFY2019,

representing a rise of 12%. The profit attributable

to equity holders of the Company in 1HFY2019

amounted to HK$420.49 million, which increased by

13% over the same period of last year.

FINANCIAL POSITION

As at 30 June 2019, the Group’s total assets

approximately amounted to HK$21.29 billion with

net assets amounting to HK$9.36 billion. Net asset

value per share attributable to equity holders of the

Company was HK$3.07 per share, representing an

increase of 3% as compared to HK$2.98 per share

as at the end of 2018. As at 30 June 2019, gearing

ratio (total liabilities over total assets) of the Group

was 56.0%, which remained stable as compared to

55.8% at the end of 2018.

FINANCIAL RESOURCES

The Group adopts a prudent approach to cash and

financial management to ensure proper risk control

and low cost of funds. It finances its operations

primarily with internally generated cash flow and

loan facilities from banks. As at 30 June 2019, the

Group had cash and bank balances of HK$2.06

billion, representing a decrease of HK$211.30

million as compared to HK$2.28 billion at the end of

2018. Most of the Group’s cash and bank balance,

representing approximately 88%, was denominated

in HK$ and RMB.

財務業績

於二零一九財政年度上半年，本

集團的收入由二零一八財政年度

上半年的23.6048億港元增長5%

至 24.8537億 港 元 。 本 集 團 的 毛

利由二零一八財政年度上半年的

7.8803億港元增長至二零一九財

政年度上半年的9.2009億港元，

增幅為17%。本集團的盈利由二

零一八財政年度上半年的4.0077

億港元增長至二零一九財政年度

上半年的4.4873億港元，增幅為

12%。本公司權益持有人於二零

一九財政年度上半年應佔盈利為

4.2049億港元，較去年同期增加

13%。

財務狀況

於二零一九年六月三十日，本集

團之總資產約為212.9億港元，淨

資產為93.6億港元。本公司權益

持有人應佔每股資產淨值為每股

3.07港元，較二零一八年底每股

2.98港元增加3%。於二零一九年

六月三十日，本集團之資產負債

比率（以總負債除以總資產計算所

得）為56.0%，與二零一八年底的

55.8%持平。

財務資源

本集團對現金及財務管理採取審

慎的原則，妥善管理風險及降低

資金成本。運營資金基本來自內

部 現 金 流 及 往 來 銀 行 提 供 之 貸

款。於二零一九年六月三十日，

本 集 團 持 有 現 金 及 銀 行 結 餘 約

20.6 億 港 元 ， 較 二 零 一 八 年 年

底 之 22.8 億 港 元 減 少 2.1130 億

港元。本集團大部份現金及銀行

結餘均為港元及人民幣，約佔比

88%。

16 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

BORROWINGS OF THE GROUP

Amounts payable within one year or less, or on

demand

At 30 June 2019

於二零一九年六月三十日

At 31 December 2018

於二零一八年十二月三十一日

Secured

有抵押

Unsecured

無抵押

Secured

有抵押

Unsecured

無抵押

(Unaudited)

（未經審計）

(Unaudited)

（未經審計）

(Audited)

（經審計）

(Audited)

（經審計）

HK$』000

千港元

HK$』000

千港元

HK$』000

千港元

HK$』000

千港元

442,595 847,807 1,062,132 1,098,268

Amounts payable after one year

At 30 June 2019

於二零一九年六月三十日

At 31 December 2018

於二零一八年十二月三十一日

Secured

有抵押

Unsecured

無抵押

Secured

有抵押

Unsecured

無抵押

(Unaudited)

（未經審計）

(Unaudited)

（未經審計）

(Audited)

（經審計）

(Audited)

（經審計）

HK$』000

千港元

HK$』000

千港元

HK$』000

千港元

HK$』000

千港元

1,375,072 5,735,275 1,453,818 3,986,558

本集團的貸款

一年或以內應付或按要求應付款項

一年後應付款項

17 Interim Report 2019

二零一九年中期報告

BORROWINGS OF THE GROUP (continued)

The Group is dedicated to enhancing the ways

of financing and improving banking facilities to

reserve funding to suppor t the development

of the environmental protection business. As

at 30 June 2019, the Group had outstanding

borrowings of HK$8.40 billion, representing an

increase of HK$799.97 million as compared

to HK$7.60 billion as at the end of 2018. The

borrowings included secured interest-bearing

borrowings of HK$1.82 bi l l i on and unsecured

interest-bearing borrowings of HK$6.58 billion.

The borrowings are mainly denominated in RMB,

representing approximately 58% of the total, and the

remainder is denominated in HK$ and United States

dollars (「USD」). Most of the borrowings are at floating

rates. As at 30 June 2019, the Group had bank

and other loan facilities of HK$9.28 billion, of which

HK$3.69 billion have not been utilised. The bank and

other loan facilities are of 1 to 21 years terms.

FOREIGN EXCHANGE RISKS

The Group mainly operates in the People’s Republic

of China (the 「PRC」). Currency exposure arises within

entities of the Group when transactions are mainly

denominated in foreign currencies such as USD,

HK$ and RMB. In addition, the Group is exposed

to currency translation risk upon translation of the

new assets in foreign operations into the Group’s

reporting currency in HK$. During the 1HFY2019,

the Group has been affected by the changes in the

exchange rate.

PLEDGE OF ASSETS

Certain bank and other loan facilities of the Group

as at 30 June 2019 and 31 December 2018 were

secured by certain revenue, contract assets,

receivables and intangible assets in connection with

the Group’s service concession arrangements, bank

balances of the Group and the equity interests of

certain subsidiaries of the Company. As at 30 June

2019, the aggregate net book value of assets and

equity interests in subsidiaries pledged amounted to

HK$3.86 billion.

本集團的貸款（續）

本集團致力完善融資方式及提升

銀行貸款額度，儲備資金配合環

保業務的發展。於二零一九年六

月三十日，本集團尚未償還貸款

總 額 約 為 84.0 億 港 元 ， 較 二 零

一 八 年 年 底 之 76.0 億 港 元 增 加

7.9997億港元。貸款包括有抵押

之計息借貸18.2億港元及無抵押

之計息借貸65.8億港元。本集團

的貸款主要以人民幣為單位，佔

總數約58%，其餘則包括港元及

美元（「美元」）。本集團的大部份

貸款均為浮動利率。於二零一九

年六月三十日，本集團之銀行及

其 他 貸 款 融 資 額 度 為 92.8 億 港

元，其中36.9億港元為尚未動用

之額度，銀行及其他貸款融資額

度為一至二十一年期。

外匯風險

本 集 團 主 要 在 中 華 人 民 共 和 國

（「中 國 」）運 營 。 倘 交 易 主 要 以

外幣（如美元、港元及人民幣）交

易時，本集團實體會承受貨幣風

險。此外，在換算海外運營的新

資產為本集團呈列貨幣港元時，

本集團面臨貨幣換算風險。本集

團於二零一九財政年度上半年受

匯率變動影響。

資產抵押

於二零一九年六月三十日及二零

一八年十二月三十一日，本集團

若干銀行及其他貸款融資額度以

本集團服務特許經營權安排下之

相關收入、合約資產、應收款項

及無形資產、銀行結餘及本公司

若干附屬公司之股權作為抵押。

於二零一九年六月三十日，已抵

押資產及附屬公司股權之賬面淨

值總額為38.6億港元。

18 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

COMMITMENTS

As at 30 June 2019, the Group had purchase

commitments of HK$1.72 billion outstanding in

connection with the construction contracts and

capital commitment of HK$23.62 million outstanding

in connection with an unlisted equity investment.

CONTINGENT LIABILITIES

As at 30 June 2019, the Company issued financial

guarantees to 3 subsidiaries. The Board does not

consider it probable that a claim will be made against

the Company under the guarantees. The maximum

liability of the Company as at 30 June 2019 for the

provision of the guarantees was HK$924.89 million.

USE OF PROCEEDS FROM GLOBAL OFFERING

Under the global offering which was completed on

8 May 2019, the Company had allotted and issued

103,970,000 ordinary shares (of which the total

nominal value is HK$103,970,000) at an offer price of

HK$2.99 per ordinary share and raised HK$310.87

million in total gross proceeds. The net proceeds

from the global offering amounted to approximately

HK$248.61 million after deduction of related

expenses of approximately HK$62.26 million (the

「Net Proceeds」).

承擔

於二零一九年六月三十日，本集

團為建造合約而訂約之採購承擔

為 17.2 億 港 元 ， 及 為 一 項 非 上

市股權投資而訂約之資本承擔為

2,362萬港元。

或有負債

於二零一九年六月三十日，本公

司曾為三家附屬公司作出財務擔

保。董事會認為，有關擔保持有

人不大可能根據上述擔保向本公

司作出申索。於二零一九年六月

三十日，本公司在上述財務擔保

下之最高負債之撥備為9.2489億

港元。

全球發售所得款項的用途

根據於二零一九年五月八日完成

的全球發售，本公司已按發售價

每股普通股2.99港元配發及發行

103,970,000股普通股（其總面值

為1.0397億港元）並籌集所得款

項總額3.1087億港元。扣除相關

開支約6,226萬港元後，全球發售

所得款項淨額達約2.4861億港元

（「所得款項淨額」）。

19 Interim Report 2019

二零一九年中期報告

USE OF PROCEEDS FROM GLOBAL OFFERING

(continued)

The following table sets out the breakdown of the use

of Net Proceeds from the global offering as at the

date of this report:

Amount

Allocated

Amount

Utilised Balance

金額分配 已使用金額 結餘

HK$』000 HK$』000 HK$』000

Purpose of Net Proceeds 所得款項淨額用途 千港元 千港元 千港元

1 Expanding the Group’s market share

in the PRC water industry and

diversifying the Group’s project

portfolio and creating synergies

擴大本集團於

中國水務行業

的市場份額及

豐富化本集團

的項目組合及

創造協同效應 211,321 38,453 172,868

2 Enhancing the Group’s core

technologies through innovation

research and development

initiatives and acquisitions of

advanced technologies

透過創新研發計劃及

收購先進技術

以提高本集團

核心技術

24,861 – 24,861

3 Working capital and other general

corporate purposes

營運資金及其他一般

公司用途 12,431 12,431 –

Total 總計 248,613 50,884 197,729

全球發售所得款項的用途（續）

於本報告日期，全球發售所得款

項淨額之使用明細載列如下：

20 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

USE OF PROCEEDS FROM GLOBAL OFFERING

(continued)

Approximately HK$38.45 million allocated for

expanding the market share in the PRC water

industry and diversifying the project portfolio

and creating synergies had been utilised for

capital injection to the project companies for the

construction and operation of Jiangsu Yangzhou

Jiangdu Development Zone Industrial Waste Water

Centralised Pre-treatment and Ancillary Pipeline

Network Project, Shandong Laiyang Economic

Development Zone Water Environment Management

Public-Private Partnership (「PPP」) Project and the

relocation and expansion of Zibo Waste Water

Treatment Project (Northern Plant).

The amount allocated for working capital and other

general corporate purposes had been utilised for

payment of normal operational expenses such

as staff costs, legal and professional fees, rental

expenses and other operating expenses.

The above utilisation is in general in accordance with

the intended use of the Net Proceeds and percentage

allocated, as stated in the Company’s prospectus for

the global offering dated 24 April 2019. The Company

expects to utilise the remaining balance of the Net

Proceeds of approximately HK$197.73 million by the

end of year 2020.

The Company will continue to update in periodic

announcements on the utilisation of the balance of

the Net Proceeds from the global offering as and

when the use of the Net Proceeds are materially

changed and provide a status report on such use in

its annual report, interim report and its quarterly, halfyear,

and full year financial results announcements.

SIGNIFICANT INVESTMENTS, ACQUISITIONS

AND DISPOSALS

Save as disclosed in this report, there were no other

significant investments held, material acquisitions

or disposals of subsidiaries, associates and joint

ventures during the 1HFY2019.

全球發售所得款項的用途（續）

分配於擴大中國水務業市場份額

及項目組合多元化以及產生協同

效應的約3,845萬港元已用於江蘇

省揚州江都開發區工業汙水集中

收集前處理及配套管網項目、山

東萊陽經濟開發區水環境綜合治

理政府和社會資本合作項目及淄

博汙水處理項目（北郊廠）遷建及

擴建項目的注資，用以作為項目

的建設及運營資金。

分配於營運資金及其他一般公司

用途的金額已用於支付一般營運

費用如人員成本、法律與專業費

用、租金費用及其他營運費用。

如本公司日期為二零一九年四月

二十四日的全球發售招股章程所

述，上述金額的使用與所得款項

淨額的擬定用途及分配百分比整

體一致。本公司預期將於二零二

零年年底前使用所得款項淨額的

餘下結餘約1.9773億港元。

倘所得款項淨額用途出現重大變

動，本公司將繼續定期公告，以

更新全球發售所得款項淨額結餘

的使用情況，並於其年報、中期

報告以及季度、半年及全年財務

業績公告內提供有關使用情況的

報告。

重大投資、收購及出售

除 本 報 告 所 披 露 者 外 ， 於 二 零

一九財政年度上半年，概無持有

其他重大投資，亦無重大收購或

出售附屬公司、聯營公司及合營

企業。

21 Interim Report 2019

二零一九年中期報告

INTERNAL MANAGEMENT

Strengthening the corporate management and

risk management procedures are of paramount

importance in ensuring an efficient, healthy and

sustainable corporate development. The Group

continued to implement the adoption of its ESHS

management system across the organisation

to standardise the internal process for project

i n v e s t m e n t , c o n s t r u c t i o n a n d o p e r a t i o n s

management, as well as to enhance the overall

operating efficiency and proficiency. A sound

management structure ensures the realisation of

a corporation’s development strategies, better

operating efficiency and stronger competitiveness.

The Group has established 5 Board committees,

namely the Nominating Committee, Management

Committee, Remuneration Committee, Audit

Committee and Strategy Committee to further

enhance its corporate governance efficiency.

Furthermore, the Group has set up the Investment &

Development Department, Operations Management

Department, Environment Management Department,

Finance Management Department, Human

Resources Department, General Administration

Department, Legal & Risk Management Department

and Internal Audit Department, in addition to

the Engineering Centre and Technology Centre.

Each of the departments has a clear role and

responsibility; all the management mechanisms are

comprehensive; and the internal control procedures

are comprehensive and well implemented.

內部管理

加強企業管理和風險管控是確保

公司高效、健康和可持續企業發

展的基礎。本集團持續推動ESHS

管理體系在全組織內的實施，實

現內部項目投資、建設及運營管

理過程中各環節管理的規範化，

促 進 整 體 運 行 效 率 和 效 益 的 提

升。良好的管理架構能確保企業

實現發展戰略，提高經營效率，

增強企業競爭力。本集團的董事

會下設了五個委員會，即提名委

員 會 、 管 理 委 員 會 、 薪 酬 委 員

會、審計委員會及戰略委員會，

進一步提高了企業管治效率，並

下設投資發展部、運營管理部、

環境管理部、財務管理部、人力

資源部、綜合管理部、法律及風

險管理部、內審部及工程中心、

技術中心兩個中心，各部門職責

清晰明確，各項管理制度完善，

內部控制程式健全且得到有效執

行。

22 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

HUMAN RESOURCES

The Group values talent as its important assets

and strictly follows a 「People-Oriented」 philosophy,

as it believes that talent is an important resource

for an enterprise’s development. The Group has

developed a stable and excellent talent team

through i t s comprehensive human resources

management system, and undertook human

resources management tasks according to its

business development needs. During the 1HFY2019,

the Group further enhanced the human resources

management system by setting up an internal training

team and a talent pool, as well as to strengthen talent

recruitment, in order to boost corporate development

through talent development. As at 30 June 2019,

the Group had hired approximately 2,250 employees

and continuously optimised its talent pool. I t

provides a competitive, healthy and pleasant working

environment for staff through the comprehensive

human resources management system.

AUDIT COMMITTEE AND REVIEW OF

FINANCIAL INFORMATION

The Audit Commi t tee reviewed the unaudited

financial statements and the interim report of the

Company for the 1HFY2019 including the accounting

principles and practices adopted by the Company.

人力資源

人才是企業發展的重要資源，本

集團始終視人才為重要財富，堅

持「以人為本」的理念，透過完善

的人力資源管理體系，建立了一

支穩健、優秀的人才隊伍，並密

切圍繞業務發展的需要開展人力

資源管理工作。於二零一九財政

年度上半年，本集團進一步完善

了人力資源管理制度，建立內部

培訓團隊及後備人才培養體系，

並加大人才引進力度，通過人才

發 展 推 動 企 業 發 展 。 截 至 二 零

一九年六月三十日，本集團共僱

有約2,250名員工，不斷優化後備

人才庫，並透過完善的人力資源

管理體系，為本集團員工提供具

競爭力、健康、愉快的工作環境。

審計委員會及財務資料之審閱

審 計 委 員 會 已 審 閱 本 公 司 二 零

一九財政年度上半年之未經審計

財務報表及中期報告，包括本公

司採納的會計原則及慣例。

23 Interim Report 2019

二零一九年中期報告

PRINCIPAL RISKS AND UNCERTAINTIES

During the 1HFY2019, the Group continuously

implemented relevant work of the risk management

system to effectively control the risk faced by the

Group.

1. Policy changing risk

The Group i s subject to risks associated

with changes in regulations and policies for

waste water treatment, river-basin ecological

restoration, sponge city construction, reusable

water, water supply and waste water source

heat pump projects in the PRC. Any changes in

legislative, regulatory or industrial requirements

could render certain of the Group’s projects

or related technologies obsolete or financially

unfeasible to operate, which in turn could

have a material and adverse impact on the

Group’s business, financial condition, results

of operations and prospects. The Group has

been closely monitoring the changes in national

environmental protection policies, and adjusted

its development direction in response to such

changes. The relevant management policies

and standards have been updated in a timely

manner, in order to enable each technology

and environmental protection index to meet the

requirements of national standards and achieve

the pre-determined goal of sustainable growth.

主要風險及不確定性

本集團於二零一九財政年度上半

年持續推進風險管理體系相關工

作，對本集團面臨的風險進行有

效管控。

1. 政策變動風險

本集團面對中國汙水處理、

流域生態修復、海綿城市建

設、中水回用、供水及汙水

源熱泵項目的法規及政策變

動有關的風險。若立法、監

管 或 行 業 規 定 出 現 任 何 變

動，可能導致本集團若干項

目或相關技術過時或本集團

的運營於經濟上不可行，進

而可能對本集團的業務、財

務狀況、經營業績及前景造

成重大不利影響。本集團一

直密切關注國家對環保政策

的調整，及時順應環保政策

的變化而調整本集團發展路

線，及時更新對應管理制度

和標準，使各項技術、環保

指標均符合國家標準要求，

實現可持續發展的預定目標。

24 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

2. Accounts receivable risk

The Group’s operations focus on the Bohai

Economic Rim and Yangtze River Delta. The

success of its business operation depends

heavily on the waste water treatment projects the

Group is involved in, and the Group’s business,

financial condition, results of operations

and prospects rely heavily on the economic

development, social conditions, government

creditworthiness, investment environment,

government policies or environmental conditions

in areas where its projects are located. If some

local government’s or client’s ability to settle

service charge is affected due to financial

difficulties, or if the new operating waste water

treatment projects cannot obtain the national

subsidy timely because they are excluded from

the subsidy list temporarily, the Group may be

exposed to the effects from the increase of

accounts receivable. The Group periodically

analyses the o v e r a l l status o f accounts

receivable, so as to ensure the reasonableness

of credit period and the effective operation of

recovery mechanism. At the same time, the

Group made appropriate liquidity management

and interim capital arrangements.

主要風險及不確定性（續）

2. 應收賬款風險

本集團的業務集中在環渤海

經濟圈及長三角，本集團業

務運營的成功與否很大程度

上取決於本集團參與的汙水

處 理 項 目 ， 而 本 集 團 的 業

務、財務狀況、經營業績及

前景很大程度上取決於項目

所在地的經濟發展、社會狀

況、政府信用情況、投資環

境、政府政策或環境狀況。

如果部分地方政府或者客戶

財務緊張而造成其支付服務

費用的能力下降，或者新投

運汙水處理項目暫時未能納

入國家補助目錄造成短期內

無法及時獲取國家補助，導

致本集團可能面臨應收賬款

增加的影響。本集團對應收

賬 款 總 體 情 況 進 行 定 期 分

析，確保賬期的合理和回收

機制的有效運行，同時做好

流動性管理和過渡資金安排。

25 Interim Report 2019

二零一九年中期報告

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

3. Financing management risk

Maintaining the Group’s competitiveness and

implementing growth strategies both require the

Group to have sufficient capital resources. Any

failure to obtain adequate funding or refinance

the Group’s existing debt at reasonable rates

could adversely affect the Group’s business,

financial condition and results of operations,

and prevent the Group from fulfilling its business

objectives. Since banks are facing tight liquidity,

the Group may not be able to obtain loans

from banks in time after finalisation of new

project funding proposals or interest may not

be charged at contractual rate. Based on the

funding requirement of each project, the Group

will continuously explore the cooperation model

with financial institutions according to the project

timeline and progress to improve the efficiency of

project funding approval and loan granting.

主要風險及不確定性（續）

3. 融資管理風險

維持本集團的競爭力及實施

發展戰略均要求本集團具備

充足的資本資源。未能獲得

充足資金或按合理利率為現

有債務提供資金可能對本集

團的業務、財務狀況及經營

業績造成不利影響，並可能

阻礙本集團實現業務目標。

目前銀行面臨較大的流動性

壓力，導致本集團可能面臨

新項目融資方案落實後，銀

行未能及時放款或不按合同

貸款利率執行的可能。本集

團根據各個項目資金需求，

將項目融資工作節點與工程

進度相不斷探索與金融機構

的合作模式，提升項目融資

審批和放款效率。

26 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

4. Engineering construction and operational

risks

During the construction and operation of a

project, risks that are difficult to quantify at the

initial stage of the project may cause the Group’s

actual revenue, construction costs, restoration

costs and operational costs to deviate from

the Group’s initial estimates and may result in

losses. In addition, the construction, restoration

and operation of the Group’s projects, including

any new project undertaken by the Group,

could be adversely affected by a number of

factors which are commonly associated with

the construction of infrastructure projects and

out of the Group’s control. The Group’s existing

rules and regulations for project construction

are comprehensive. Duties of the supervising

unit and the vetting procedures for on-site

workers are sound and discharged effectively.

In respect of constructions in progress, the

Group will carry out multi-dimensional safety

and environmental inspections and audits so

as to identify potential problems and assign the

responsibility to the person in charge in a timely

manner. During the 1HFY2019, the Group further

optimised its ESHS management system, which

formulated a contingency plan for emergencies

and conducted a comprehensive review on the

operation to rectify any identified issues, and

proactively accepted the supervision of the

general public, demonstrating its determination

of fully undertaking its environmental and social

responsibilities.

主要風險及不確定性（續）

4. 工程建設與運營風險

於項目建設及運營期間，在

項目初期難以量化的風險可

能導致本集團的實際收益、

建造成本、修復成本及運營

成 本 偏 離 本 集 團 的 初 始 預

測，從而導致損失。此外，

項目（包括本集團承接的任何

新項目）的建設、修復及運營

可能受到普遍與建造基建項

目有關且本集團可能無法控

制的多種因素的不利影響。

本集團現有工程建設規章制

度完善，對監理單位現場履

職情況和進場人員審核流程

健全且有效執行，對在建工

程項目開展多維度的安全與

環境專項檢查和考核工作，

做到及時發現隱患、責任落

實到人。於二零一九財政年

度上半年，本集團繼續完善

ESHS管理體系，制定了應急

預案並對運營情況開展了全

面檢查活動，針對發現的問

題實現整改，主動接受社會

及公眾的監督，彰顯本集團

全面履行環境及社會責任的

決心。

27 Interim Report 2019

二零一九年中期報告

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

5. Technology and innovation risks

T h e G r o u p 』 s c o n t i n u e d s u c c e s s a n d

competitiveness in the industry depend on its

ability to develop and improve the technologies

and techniques. These technologies and

techniques are subject to continuous evolution

and changes. Such changes may requi re

substantial investments which increase the

operating costs as well as the research and

development costs of the Group. Facing

the increasingly stringent requirements on

environmental protection imposed by the

PRC government and considering the actual

situations of the Group, during the 1HFY2019,

the Group continued its efforts and commitments

towards technological innovation and R&D.

The Group will continue boosting its efforts in

technological R&D and innovation, proactively

bring in professional technological talents, carry

out in-house technological R&D, and foster the

application of technological achievements to

its projects, so as to adhere to the 「Innovationdriven

Development」 ethos.

主要風險及不確定性（續）

5. 科技與創新風險

本集團的持續成功及於行業

內的競爭力取決於本集團發

展及提升本集團的科技及技

術的能力。該等科技及技術

會持續演變及變化。有關變

動可能需要大量投資及增加

本集團的經營及研發成本。

面對中國政府不斷提高的環

保要求，結合本集團實際情

況，本集團於二零一九財政

年度上半年加強科技創新和

研發的投入。本集團亦推動

科技研發與創新，積極引進

專業技術人才、開展自主技

術研發、推動技術成果轉化

以及項目應用，堅持「創新引

領發展」。

28 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

6. Compliance risk

These include failures to strictly comply with

the relevant laws and requirements, the Rules

Governing the Listing of Securities on the SEHK

(the 「HK Listing Rules」), the Listing Manual

(the 「SGX Listing Manual」) of the Singapore

Exchange Securities Trading Limited (「SGX」) and

industry norms, etc., which may bring negative

effects to the Group. The Group emphasises

on the legality and compliance of its operations

and provides legal protection through internal

legal personnel and external legal experts.

The Group had formulated its policies and

procedures in strict compliance with laws and

regulations and carried out compliance review

through implementing reasonable procedures.

The Group regularly carries out legal trainings to

enhance the legal knowledge of its employees,

implements particular inspections on regular or

ad hoc basis with regards to material matters

and strictly controls the compliance risk in daily

affairs and key focuses.

7. Competitive advantage risk

A substantial influx of capital and competitors

into the environmental protection industry

leads to the rapid change of business model.

Under such circumstances, the Group will face

intensifying competitions in the industry, which

may affect its ability of business expansion and

the investment return of projects. Leveraging

on i ts extensive pract ical exper ience, the

Group actively promotes the PPP between

the government and private sectors, regularly

collects market information of the industry and

makes comprehensive analysis and ensure the

steady progress on technological R&D. The

Group maintains good relationship with the

government as always and participates in PPP

projects developed by government institutions

at various levels, so as to achieve the win-win

between the government and corporations in the

environmental protection field.

主要風險及不確定性（續）

6. 合法合規風險

這 指 未 能 嚴 格 依 照 法 律 法

規、香港聯交所證券上市規

則（「香港上市規則」）、新加

坡證券交易所有限公司（「新

交所」）上市手冊（「新交所上

市手冊」）、行業規範等要求

而對本集團帶來負面影響的

風險。本集團一貫重視經營

中的合法合規，通過內部法

律人員與外聘法律專家兩方

面提供合法保障。本集團規

章制度嚴格依法訂立，通過

合理設置流程實現合法性審

查。本集團經常性開展法律

培訓，提升員工法律知識水

平，對於重要事項，開展定

期或不定期的專項檢查，在

日常事務與重點工作中嚴控

合法合規風險。

7. 競爭優勢風險

大量資本和競爭對手正在進

入環保產業，商業模式快速

更迭，本集團將面臨日趨激

烈的行業競爭，可能影響本

集團的業務拓展能力及項目

投資回報。本集團依託自身

豐富的實踐經驗，積極推進

政府和社會資本合作，同時

定期搜集行業市場信息並進

行全面分析，穩步推進技術

研發工作。本集團一貫保持

與政府的良好合作關係，積

極參與各級政府推出的政府

和社會資本合作項目，在環

保領域實現政府與企業的雙

贏。

29 Interim Report 2019

二零一九年中期報告

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

8. Internal control risk

The internal control risk is the material risk the

Group focuses on. The Group established an

efficient and appropriate organisational structure

to clarify the duties of each level, set up special

committees such as investment project risk

review committee, engineering technology

committee and strengthened specialised review

and the efficient progress on material matters.

Through establishing a three-tier risk control

mechanism comprising project companies,

functional departments at the headquarters

and the Legal & Risk Management Department

and Internal Audit Department, effective risk

management is achieved. The Internal Audit

Department works on internal audit on a regular

basis, discovers the deficiencies in internal

control and suggests rectification measures in a

timely manner, so as to ensure the continuous

improvement of the Group’s internal control.

The Group effectively achieves the management

of internal control risk through integrating the

Management Committee, the Legal & Risk

Management Department and the Internal Audit

Department.

主要風險及不確定性（續）

8. 內部控制風險

內部控制風險是本集團始終

關注的重要風險。本集團已

經建立了高效合理的組織架

構，明確各級架構的職責，

設立了投資項目風險評審委

員 會 、 工 程 技 術 委 員 會 等

專項委員會，強化了對於重

點事項的專業審核及有效推

進。建立了項目公司、總部

各職能部門和法律及風險管

理部及內審部三道風險控制

防線，實現了對於風險的有

效管理。內審部定期開展內

部審計工作，發現內控不足

並及時提出整改措施，保障

本集團內部控制的不斷完善

與進步。本集團通過結合管

理委員會、法律及風險管理

部及內審部，有效實現了對

內部控制風險的管理。

30 China Everbright Water Limited

中國光大水務有限公司

Management Discussion and Analysis 管理層討論與分析

PRINCIPAL RISKS AND UNCERTAINTIES

(continued)

9. Staffing risk

The Group relies on the experience and ability of

the Group’s key management team and qualified

staff. The training of key staff, management and

technical personnel is a cyclical process. With

more and more new projects put into operation,

the existing management staff and engineers

may be redeployed to new project companies,

which may result in continual difficulties in

allocation of human resources. Although the

Group can expand the talent pool through

recruitment, the shortage of experienced labor

in market, with the restriction on salary level or

location of the workplace (i.e. remote areas) may

increase the difficulty in recruitment. The Group

implements the 「regulations of reserve talent」

and 「management regulations for assessing and

recruiting professional and technical staff」 to

continually enrich and improve the talent pool,

and enhance the training and development of

staff so as to improve staff training efficiency.

主要風險及不確定性（續）

9. 人員配置風險

本集團依賴主要管理團隊及

合資格人員的經驗與能力。

關鍵崗位和管理與技術人才

的 人 員 培 養 具 有 一 定 週 期

性，本集團隨著越來越多的

新項目投運，可能發生人員

合 理 配 置 的 難 度 增 大 的 風

險。儘管本集團可以通過招

聘增加人才儲備，但市場上

具備經驗的人才不足，同時

受薪酬水平或者工作地點的

限制（如偏遠地區），可能存

在招聘難度較大的影響。本

集團堅持執行《後備幹部管理

辦法》和《專業技術職務評聘

管 理 辦 法 》等 管 理 制 度 與 流

程，不斷充實和完善後備人

才庫，並加強人員培養與培

訓工作，提升人員培養效率。

Disclosure of Interests

披露權益資料

31 Interim Report 2019

二零一九年中期報告

DIRECTORS』 AND CHIEF EXECUTIVE』S

INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND

DEBENTURES

As at 30 June 2019, the interests and short positions

of the Directors and chief executive in the shares,

underlying shares and debentures of the Company

or any of its associated corporations (within the

meaning of Part XV of the Securities and Futures

Ordinance (Cap 571 of the Laws of Hong Kong) (the

「SFO」)) as recorded in the register required to be

kept by the Company pursuant to Section 352 of the

SFO, or as otherwise notified to the Company and

the SEHK pursuant to the Model Code for Securities

Transactions by Directors of Listed Issuers (the

「Model Code」) as set out in Appendix 10 to the HK

Listing Rules were as follows:

Long position in shares of the Company

Name of Director

董事姓名

Capacity

身份

Nature of

interest

權益性質

Number of

shares

(ordinary

shares)

股份數目

（普通股）

Approximate

percentage of

total issued

shares (Note)

約佔已發行

股份總數

百分比（附註）

Lim Yu Neng Paul

林御能

Custodian (other than

an exempt custodian interest)

保管人（獲豁免保管人權益除外）

Personal

個人

1,608,909 0.06%

Cheng Fong Yee

鄭鳳儀

Beneficial Owner

實益擁有人

Personal

個人

622,266 0.02%

Note: Based on 2,812,530,678 issued ordinary shares of the

Company as at 30 June 2019.

董事及最高行政人員持有之

股份、相關股份及債券之權益

及淡倉

於二零一九年六月三十日，董事

及 最 高 行 政 人 員 於 本 公 司 及 其

相 聯 法 團（定 義 見（香 港 法 例 第

五百七十一章）《證券及期貨條例》

（「《證 券 條 例 》」）第XV部）擁有記

載於本公司按《證券條例》第352

條規定須備存之登記冊內的權益

或淡倉，或根據香港上市規則附

錄十所載《上市發行人董事進行

證券交易的標準守則》（「《標準守

則》」），須知會本公司及香港聯交

所的權益或淡倉如下：

於本公司股份之好倉

附註： 根據於二零一九年六月三十日本公司

已發行的2,812,530,678股普通股。

32 China Everbright Water Limited

中國光大水務有限公司

Disclosure of Interests 披露權益資料

DIRECTORS』 AND CHIEF EXECUTIVE』S

INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND

DEBENTURES (continued)

Long position in shares of China Everbright

Greentech Limited (「Everbright Greentech」), a

listed associated corporation of the Company

Name of Director

董事姓名

Capacity

身份

Nature of

interest

權益性質

Number of

shares

(ordinary

shares)

股份數目

（普通股）

Approximate

percentage of

total issued

shares (Note)

約佔已發行

股份總數

百分比（附註）

Luo Junling

羅俊嶺

Beneficial Owner

實益擁有人

Personal

個人

247,514 0.01%

Note: Based on 2,066,078,000 issued ordinary shares of

Everbright Greentech as at 30 June 2019.

Save as disclosed above, as at 30 June 2019, none

of the Directors and chief executive of the Company

and their respective associates had interests or

short positions in the shares, underlying shares or

debentures of the Company, or any of its associated

corporations (within the meaning of Part XV of the

SFO), as recorded in the register required to be kept

by the Company under Section 352 of the SFO, or as

otherwise required to be notified to the Company and

the SEHK pursuant to the Model Code.

董事及最高行政人員持有之

股份、相關股份及債券之權益

及淡倉（續）

於本公司之上市相聯法團中國

光大綠色環保有限公司（「光大

綠色環保」）股份之好倉

附註： 根據於二零一九年六月三十日的光

大綠色環保已發行的2,066,078,000

股普通股。

除上文所述者外，於二零一九年

六月三十日，本公司各董事及最

高行政人員及彼等各自之聯繫人

士概無在本公司或其任何相聯法

團（定義見《證券條例》第XV部）之

股份、相關股份或債券中擁有須

根據《證券條例》第352條規定須備

存之登記冊內之權益或淡倉，或

根據《標準守則》須知會本公司及

香港聯交所之權益或淡倉。

33 Interim Report 2019

二零一九年中期報告

DIRECTORS』 RIGHTS TO ACQUIRE SHARES

OR DEBENTURES

At no time during the six months ended 30 June

2019 was the Company or any of its subsidiaries,

holding companies or fellow subsidiaries, a party to

any arrangements to enable the Directors to acquire

benefits by means of the acquisition of shares in,

or debentures of, the Company or any other body

corporate.

SUBSTANTIAL SHAREHOLDERS』 AND

OTHER PERSONS』 INTERESTS AND

SHORT POSITIONS IN THE SHARES AND

UNDERLYING SHARES OF THE COMPANY

So far as is known to the Directors, as at 30 June

2019, the following persons (other than any Directors

or chief executives of the Company) were substantial

Shareholders (as defined in the HK Listing Rules)

and had interests or short positions in the shares or

underlying shares of the Company as recorded in the

register required to be kept by the Company pursuant

to Section 336 of the SFO, or as otherwise notified to

the Company or the SEHK:

Long position of substantial Shareholders in

shares of the Company

Name of

substantial Shareholders

主要股東姓名

Capacity

身份

Nature of

interest

權益性質

Number of

shares

(ordinary shares)

股份數目

（普通股）

Approximate

percentage of

total issued

shares (Note (1))

約佔已發行

股份總數

百分比（附註(1)）

Central Huijin Investment Ltd.

(「Huijin」) (Note (2))

中央匯金投資有限責任公司

（「匯金」）（附註(2)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

China Everbright Group Ltd.

(「China Everbright Group」)

(Note (3))

中國光大集團股份公司

（「中國光大集團」）（附註(3)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

董事認購股份或債券之權利

於截至二零一九年六月三十日止

六個月，本公司、其任何附屬公

司、控股公司或同系附屬公司並

無參與任何安排，致使董事可藉

購買本公司或任何其他法人團體

股份或債券而取得利益。

主要股東及其他人士於本公司

股份及相關股份的權益及淡倉

據董事所知，於二零一九年六月

三十日，下列人士（任何董事或本

公司最高行政人員除外）為主要股

東（定義見香港上市規則），並於

本公司的股份及相關股份中擁有

根據《證券條例》第336條須備存之

登記冊內或已知會本公司或香港

聯交所的權益或淡倉如下：

主要股東於本公司股份之好倉

34 China Everbright Water Limited

中國光大水務有限公司

Disclosure of Interests 披露權益資料

Name of

substantial Shareholders

主要股東姓名

Capacity

身份

Nature of

interest

權益性質

Number of

shares

(ordinary shares)

股份數目

（普通股）

Approximate

percentage of

total issued

shares (Note (1))

約佔已發行

股份總數

百分比（附註(1)）

China Everbright Holdings

Company Limited

(「CE Hong Kong」)

(Note (4))

中國光大集團有限公司

（「光大香港」）（附註(4)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

Datten Investments

Limited (「Datten」)

(Note (5)) （附註(5)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

Guildford Limited (「Guildford」)

(Note (6)) （附註(6)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

China Everbright International

Limited (「Everbright

International」) (Note (7))

中國光大國際有限公司

（「光大國際」）（附註(7)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

China Everbright

Environmental

Protection Holdings

Limited (「CEEPHL」) (Note (8))

中國光大環保控股有限公司

（「光大環保」）（附註(8)）

Interest of controlled corporation

受控制公司的權益

Corporate

interest

公司權益

2,041,029,942 72.57%

China Everbright Water

Holdings Limited (「CEWHL」)

中國光大水務控股有限公司

（「光大水務控股」）

Beneficial Owner

實益擁有人

Corporate

interest

公司權益

2,041,029,942 72.57%

SUBSTANTIAL SHAREHOLDERS』 AND

OTHER PERSONS』 INTERESTS AND

SHORT POSITIONS IN THE SHARES AND

UNDERLYING SHARES OF THE COMPANY

(continued)

Long position of substantial Shareholders in

shares of the Company (continued)

主要股東及其他人士於本公司

股份及相關股份的權益及淡倉

（續）

主要股東於本公司股份之好倉（續）

35 Interim Report 2019

二零一九年中期報告

SUBSTANTIAL SHAREHOLDERS』 AND

OTHER PERSONS』 INTERESTS AND

SHORT POSITIONS IN THE SHARES AND

UNDERLYING SHARES OF THE COMPANY

(continued)

Long position of substantial Shareholders in

shares of the Company (continued)

Notes:

(1) Based on 2,812,530,678 shares of the Company in issue

as at 30 June 2019.

(2) Huijin is indirectly wholly-owned by the State Council

of the PRC and holds 55.67% equity interests of China

Everbright Group. It is deemed to be interested in the

2,041,029,942 shares indirectly held by China Everbright

Group.

(3) China Everbright Group holds 100% equity interests

of CE Hong Kong. It is deemed to be interested in the

2,041,029,942 shares indirectly held by CE Hong Kong.

(4) CE Hong Kong holds 100% equity interests of Datten. It

is deemed to be interested in the 2,041,029,942 shares

indirectly held by Datten.

(5) Datten holds 55% equity interests of Guildford. It is

deemed to be interested in the 2,041,029,942 shares

indirectly held by Guildford.

(6) Guildford holds 39.57% equity interests of Everbright

International. It is deemed to be interested in the

2,041,029,942 shares indirectly held by Everbright

International.

(7) Everbright International holds 100% equity interests

of CEEPHL. I t is deemed to be interested in the

2,041,029,942 shares indirectly held by CEEPHL.

(8) CEEPHL holds 100% equity interests of CEWHL. It is

deemed to be interested in the 2,041,029,942 shares

held by CEWHL.

Save as disclosed above, as at 30 June 2019, the

Company had not been notified of any other persons

(other than the Directors or chief executive of the

Company or substantial Shareholders) who had

interests or short positions in the shares or underlying

shares of the Company as recorded in the register

required to be kept by the Company under Section

336 of the SFO.

SHARE OPTION SCHEME

The Company and its subsidiaries have no share

option schemes.

主要股東及其他人士於本公司

股份及相關股份的權益及淡倉

（續）

主要股東於本公司股份之好倉（續）

附註：

(1) 根據於二零一九年六月三十日的本公

司已發行股份2,812,530,678股計算。

(2) 匯金由中國國務院間接全資擁有，

並持有中國光大集團55.67%股權。

其被視為於中國光大集團所間接持

有之2,041,029,942股股份中擁有權

益。

(3) 中國光大集團持有光大

香港100

%股

權。其被視為於光大香港所間接持

有之2,041,029,942股股份中擁有權

益。

(4) 光大香港持有Datten 100%股權。

其 被 視 為 於 Datten 所 間 接 持 有 之

2,041,029,942股股份中擁有權益。

(5) Datten 持 有 Guildford 55% 股 權 。

其被視為於Guildford所間接持有之

2,041,029,942股股份中擁有權益。

(6) Guildford 持 有 光 大 國 際 39.57% 股

權。其被視為於光大國際所間接持

有之2,041,029,942股股份中擁有權

益。

(7) 光大國際持有光大環保100%股權。

其被視為於光大環保所間接持有之

2,041,029,942股股份中擁有權益。

(8) 光大環保持有光大水務控股100%股

權。其被視為於光大水務控股所持有

之2,041,029,942股股份中擁有權益。

除上文所述者外，於二零一九年

六月三十日，本公司並無接獲任

何人士（任何董事或本公司最高行

政人員或主要股東除外）訂明的通

知，表示於本公司的股份及相關

股份中擁有根據《證券條例》第336

條須置存之登記冊內的權益或淡

倉。

購股權計劃

本公司及其附屬公司並無購股權

計劃。

Corporate Governance

企業管治

36 China Everbright Water Limited

中國光大水務有限公司

The Company is committed to achieving high

standards of corporate governance to ensure

investor confidence in the Company as a trusted

business enterprise. The Board and the management

will continue to uphold good corporate governance

practices to enhance long-term value of the

Company and returns for the Shareholders and

protect the Shareholders』 interests.

The Company’s ordinary shares have been listed

on the Main Board of the SEHK since 8 May 2019

(the 「Listing Date」). Following the Dual Primary

Listing, the Company has adopted the code

provisions of the Corporate Governance Code

(the 「HK CG Code」) as set out in Appendix 14

to the HK Listing Rules as part of its governance

framework, in addition to the principles and

provisions under Singapore Code of Corporate

Governance 2018 (the 「SG CG Code」). In the event

of any conflicts between the SG CG Code and the

HK CG Code, the Group will comply with the more

stringent requirements. From the Listing Date to the

date of this report, the Company has complied with

the HK CG Code.

Unless otherwise specified herein, all the policies and

procedures described in the corporate governance

report in the 2018 annual report of the Company shall

remain applicable to the Company.

BOARD COMMITTEES

The Board holds meetings on a regular basis (at

least 4 times in a year). The Board has currently

established 5 Board Committees, namely the

Audit Committee, the Nominating Committee, the

Remuneration Committee, the Strategy Committee

and the Management Committee.

本公司致力於實現高標準的企業

管治，確保投資者對本公司是一

家值得信賴的企業充滿信心。董

事會和管理層將繼續維持良好的

企業管治實踐，以提高本公司的

長期價值和股東回報，保護股東

的權益。

本 公 司 的 普 通 股 股 份 已 自 二 零

一 九 年 五 月 八 日（「上 市 日 期 」）

於香港聯交所主板上市。於雙重

第一上市後，本公司已經採納了

香港上市規則附錄十四所載企業

管治守則（「香港企業管治守則」）

的條款以及二零一八年新加坡企

業管治守則（「新加坡企業管治守

則 」）的 原 則 及 條 款 作 為 本 公 司

管治框架。倘香港企業管治守則

與新加坡企業管治守則出現任何

衝突，本公司將遵守更嚴格的規

定。自上市日期至本報告日期，

本公司已遵守香港企業管治守則。

除非另有指明，本公司將繼續執

行本公司二零一八年度報告內的

公司治理報告中所提及的政策及

措施。

董事會委員會

董事會定期召開會議（至少每年四

次）。董事會目前下設五個專門委

員會包括審計委員會、提名委員

會、薪酬委員會、戰略委員會及

管理委員會。

37 Interim Report 2019

二零一九年中期報告

BOARD COMMITTEES (continued)

Audit Committee

The Audit Committee, c u r r e n t l y comprising

4 independent non-executive Directors, namely

Mr. Lim Yu Neng Paul (Chairman), Mr. Zhai Haitao,

Ms. Cheng Fong Yee and Ms. Hao Gang, is primarily

responsible for reviewing the significant financial

reporting issues and judgements so as to ensure the

integrity of the financial statements of the Group and

any announcements relating to the Group’s financial

performance; reviewing and reporting to the Board

the adequacy and effectiveness of the Group’s

internal controls and risk management systems,

comprising financial, operational, compliance and

information technology controls (such review can be

carried out internally or by third parties); reviewing the

effectiveness of the Group’s internal audit function;

reviewing the scope and results of the external

audit, and the independence and objectivity of the

external auditor; and making recommendations to

the Board on the proposals to the Shareholders on

the appointment, re-appointment and removal of the

external auditor, and approving the remuneration

and terms of engagement of the external auditor.

The terms of reference of the Audit Committee are

available on the websites of the Company, Hong

Kong Exchanges and Clearing Limited (「HKEx」) and

SGX.

During the 1HFY2019, the Audit Committee reviewed

the audited consolidated financial results of the

Group for the financial year ended 31 December

2018.

董事會委員會（續）

審計委員會

審 計 委 員 會 現 時 由 四 名 獨 立 非

執行董事，包括林御能先生（主

席）、翟海濤先生、鄭鳳儀女士

和郝剛女士組成，其主要職責包

括審閱重大的財務報告問題和結

論，以確保本集團的財務報表以

及與本集團財務業績有關的任何

公告都健全完整；審閱並向董事

會報告本集團在財務、運營、合

規和信息技術控制等方面的內部

控制和風險管理體系的充分性和

有效性（該等審查可內部進行或借

助有關第三方的協助）；審閱本集

團內部審計職能的有效性；審閱

外部審計的範圍和結果，以及外

部審計師的獨立性和客觀性；以

及向董事會推薦提交股東大會審

議的關於外部審計師的聘任、續

聘和罷免的議案，批准外部審計

師的薪酬和聘任條款。有關審計

委員會的職權範圍已於本公司、

香港交易及結算所有限公司（「港

交所」）及新交所網站披露。

於回顧期內，審計委員會經已審

閱本集團截至二零一八年十二月

三十一日止的財政年度的經審計

綜合財務業績。

38 China Everbright Water Limited

中國光大水務有限公司

Corporate Governance 企業管治

BOARD COMMITTEES (continued)

Remuneration Committee

The Remuneration Committee, currently comprising

3 independent non-executive Directors, namely

Ms. Cheng Fong Yee (Chairman), Mr. Zhai Haitao,

Mr. Lim Yu Neng Paul and a non-executive Director

and Chairman of the Board, namely Mr. Wang Tianyi,

is primarily responsible for implementing a formal,

transparent and objective procedure for fixing the

remuneration packages of individual Directors and

key management personnel (as defined in the SG CG

Code) (including senior management), and to ensure

that the level and structure of their remuneration is

aligned with the long-term interest and risk policies

of the Group and should be appropriate to attract,

retain and motivate (1) the Directors to provide good

stewardship of the Group; and (2) key management

personnel (as defined in the SG CG Code) (including

senior management) to successfully manage the

Group. The terms of reference of the Remuneration

Committee are available on the websites of the

Company, HKEx and SGX.

During the 1HFY2019, the Remuneration Committee

reviewed the 2018 bonus payment and 2019

bonus proposal for the individual Directors and

the key management personnel (including senior

management) of the Company.

Nominating Committee

The Nominating Committee, currently comprising

2 independent non-executive Directors, namely

Mr. Zhai Haitao (Chairman) and Mr. Lim Yu

Neng Paul, and a non-executive Director and

Chairman of the Board, namely Mr. Wang Tianyi,

is primarily responsible for implementing a formal

and transparent procedure for appointment and

re-appointment of Board members, evaluating

performance o f Board members and Board

Committee members and assessing the overall

performance of the Board and its Board Committees.

The terms of reference of the Nominating Committee

are available on the websites of the Company, HKEx

and SGX.

董事會委員會（續）

薪酬委員會

薪 酬 委 員 會 現 時 由 三 名 獨 立 非

執行董事，包括鄭鳳儀女士（主

席）、翟海濤先生和林御能先生，

以及非執行董事兼董事長王天義

先生組成，其主要職責包括透過

正式、公開及客觀的程序，釐定

每名董事和（如新加坡企業管治守

則中定義的）主要管理人員（包括

高級管理人員）的薪酬待遇，以及

確保薪酬水平與本集團的長期利

益和風險政策一致，並能夠恰當

地吸引、挽留及激勵：（一）董事

為本集團提供良好的管治服務；

及（二）（如新加坡企業管治守則中

定義的）主要管理人員（包括高級

管理人員）成功管理本集團。有關

薪酬委員會的職權範圍已於本公

司、港交所及新交所網站披露。

於回顧期內，薪酬委員會已經審

閱本公司各別董事及主要管理人

員（包 括 高 級 管 理 人 員 ）的 二 零

一八年度花紅發放方案以及二零

一九年度花紅計提方案。

提名委員會

提名委員會現時由兩名獨立非執

行董事，包括翟海濤先生（主席）

和林御能先生以及非執行董事兼

董事長王天義先生組成，其主要

職責包括履行正式及透明的程序

委任董事會成員、評估各董事會

成員和董事會委員會成員的表現

及評估董事會和董事會委員會的

綜合表現。有關提名委員會的職

權範圍已於本公司、港交所及新

交所網站披露。

39 Interim Report 2019

二零一九年中期報告

董事會委員會（續）

戰略委員會

戰略委員會現時由非執行董事兼

董事長王天義先生（主席）、兩名

執行董事安雪松先生、羅俊嶺先

生及獨立非執行董事郝剛女士組

成。戰略委員會的主要職務包括

協助董事會制定本集團的戰略方

向，監督本集團的戰略發展計劃

和落實；審閱管理層提議的中期

和長期戰略目標，監督管理層與

該戰略相關的表現；在制定戰略

時考慮可持續發展議題，監督對

本集團業務有重大影響的環境、

社會和管治因素的實行和管理。

有關戰略委員會的職權範圍已於

本公司、港交所及新交所網站披

露。

管理委員會

管理委員會現時由兩名執行董事

和七名高級管理人員組成。管理

委員會主席由本公司總裁安雪松

先 生 擔 任 ， 主 要 負 責 日 常 業 務

運營管理職務，制定並實施本集

團年度工作目標及中期發展規劃

等，為本集團日常業務活動的決

策機構，對於日常行政、經營、

管理、人事等重大事項進行集體

決策。有關管理委員會的職權範

圍已於本公司、港交所及新交所

網站披露。

BOARD COMMITTEES (continued)

Strategy Committee

The Strategy Committee currently comprises a nonexecutive

Director and Chairman of the Board,

namely Mr. Wang Tianyi (Chairman), 2 executive

Directors, namely Mr. An Xuesong and Mr. Luo

Junling and an independent non-executive Director,

namely Ms. Hao Gang. The Strategy Committee

is primarily responsible for assisting the Board

in providing strategic direction to the Group;

overseeing the strategic planning of the Group and

implementation of such strategies; reviewing the

medium-term and long-term strategic objectives

proposed by the management and overseeing

management’s performance in relation to such

strategies; considering sustainability issues in

formulating strategies and overseeing the monitoring

and management of the environmental, social and

governance factors that are material to the business

of the Group. The terms of reference of the Strategy

Committee are available on the websites of the

Company, HKEx and SGX.

Management Committee

The Management Committee currently comprises

2 executive Directors and 7 senior management

members. The Management Committee, being

chaired by Mr. An Xuesong, the chief executive officer

of the Company, is responsible for the management

of daily business operations, formulating and

implementing annual work tasks and medium-term

development plans for the Group. The Management

Committee is the decision-making authority for the

day-to-day administration, operations, management

and personnel matters of the Group. The terms

of reference of the Management Committee are

available on the websites of the Company, HKEx and

SGX.

40 China Everbright Water Limited

中國光大水務有限公司

Corporate Governance 企業管治

DEALINGS IN THE SECURITIES

The Company has adopted an internal code (the

「Internal Code」) governing dealings in securities by

Directors, officers and employees of the Company

and its subsidiaries who are likely to be in possession

of unpublished price sensitive information of the

Company and its subsidiaries. Following its Dual

Primary Listing, the Company has updated the

Internal Code to be in line with the requirements of

the HK Listing Rules and HK CG Code on terms

no less exacting than the Model Code, in addition

to the requirements of the SGX Listing Manual and

SG CG Code. This revised Internal Code has been

disseminated to all the Directors, officers and relevant

employees of the Group.

Directors, officers and relevant employees have been

informed not to deal in the Company’s securities

at all times whilst in possession of unpublished

price-sensitive information and during the periods

commencing:

(a) 30 days immediately preceding the publication

date of the announcement of the Company’s

quarterly results or half-year results of its

financial year or, if shorter, the period from the

end of the relevant quarterly or half-year period

up to the publication date of the results; and

(b) 60 days immediately preceding the publication

date of the announcement of the Company’s fullyear

results or, if shorter, end of financial year

and up to the publication date of the results.

The Directors, officers and relevant employees of

the Group are also expected to observe relevant

insider trading laws at all times, even when dealing

in securities within permitted trading period or

while they are in possession of unpublished pricesensitive

information of the Company and they are

not to deal in the Company’s securities on short-term

considerations.

Having made specific enquiries to the Directors, all

Directors confirmed that they had complied with the

required standard as set out in the Model Code and

the Internal Code throughout the period from the

Listing Date and up to 30 June 2019.

證券買賣

本公司已採納內部行為守則（「內

部行為守則」），對可能擁有本公

司及其附屬公司的未公開股價敏

感信息的董事、高級職員及僱員

買賣證券進行規管。於雙重第一

上市後，本公司已更新內部行為

守則以符合香港上市規則的規定

及《標準守則》，也同時符合新交

所上市手冊及新加坡企業管治守

則的規定。該經修訂內部行為守

則已經派發予本集團全部董事、

高級職員及有關僱員。

董事、高級職員及有關僱員已獲

告知於擁有未公開股價敏感信息

及於下列時間起期間內任何時候

不得買賣本公司證券：

(a) 於緊接公佈本公司財政年度

的季度業績或半年業績當日

前30天或相關季度或半年期

末直至公佈業績日期為止的

期間（以較短者為準）；及

(b) 緊接公佈本公司全年業績當

日前60天或財政年度末直至

公佈業績當日的期間（以較短

者為準）。

本集團董事、高級職員及有關僱

員 亦 須 隨 時 遵 守 相 關 內 幕 交 易

法，即使於允許交易期間買賣證

券或管有尚未刊發之本公司價格

敏感信息時，其亦於短期內不得

買賣本公司證券。

經向全體董事作出特殊查詢，所

有董事均確認其自上市日期至二

零一九年六月三十日期間一直遵

守《標準守則》及內部行為守則所

載的規定。

Other Information

其他資料

41 Interim Report 2019

二零一九年中期報告

CHANGES IN DIRECTORS』 INFORMATION

UNDER RULE 13.51B(1) OF THE HK LISTING

RULES

Pursuant to Rule 13.51B(1) of the HK Listing Rules,

there is no changes in information of Directors since

the Company’s last published 2018 annual report.

INTERIM DIVIDEND

The Directors have declared an interim dividend

of HK3.74 cents (equivalent to 0.65 Sing cents)

(1HFY2018: 0.49 Sing cents) per ordinary share for

1HFY2019.

Please refer to the Company’s announcement dated

19 August 2019 published on the websites of HKEx,

SGX and the Company setting out further details on

the application of China Everbright Water Limited

Scrip Dividend Scheme to the 1HFY2019 Interim

Dividend.

PURCHASE, SALE OR REDEMPTION OF

LISTED SECURITIES

Neither the Company nor any of its subsidiaries

has purchased, sold or redeemed any of its listed

securities for the six months ended 30 June 2019.

By Order of the Board

China Everbright Water Limited

An Xuesong

Executive Director and Chief Executive Officer

13 August 2019

根據香港上市規則第13.51B(1)條

之董事資料變更

根 據 香 港 上 市 規 則 第 13.51B(1)

條 ， 自 本 公 司 上 一 次 刊 發 二 零

一八年度報告的董事資料無變動。

中期股息

董事會宣佈派發二零一九財政年

度 上 半 年 中 期 股 息 每 股 普 通 股

3.74 港 仙（等 值 0.65新 分 ）（二 零

一八財政年度上半年：每股0.49

新分）。

關於中國光大水務有限公司以股

代息計劃適用二零一九年中期股

息的詳情，請參考本公司日期為

二零一九年八月十九日發佈於港

交所、新交所及本公司網站的公

告。

購買、出售或贖回上市證券

本公司或任何其附屬公司概無於

截至二零一九年六月三十日止六

個月購買、出售或贖回任何其上

市證券。

承董事會命

中國光大水務有限公司

安雪松

執行董事兼總裁

二零一九年八月十三日

Interim Financial Report

中期財務報告

42 China Everbright Water Limited

中國光大水務有限公司

CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

For the six months ended 30 June 2019

For the six months

ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

REVENUE 收入 4 2,485,366 2,360,475

Direct costs and operating expenses 直 接成本及經營開支 (1,565,28 1) (1,572,44 5)

Gross profit 毛利 920,085 788,030

Other income and gains, net 其他收入及收益淨額 5 43,139 73,315

Administrative and other operating

expenses

行政及其他經營費用

(193,319) (132,911)

Finance income 財務收入 6 13,439 9,225

Finance costs 財務費用 6 (179,266) (135,643)

Share of profits and losses of

associates

所佔聯營公司盈利及

虧損 (91 2) (1,05 8)

PROFIT BEFORE TAX 除稅前盈利 7 603,166 600,958

Income tax 所 得稅 8 (154,43 2) (200,18 6)

PROFIT FOR THE PERIOD 本期間盈利 448,734 400,772

OTHER COMPREHENSIVE INCOME 其他全面收益

Other comprehensive income that

may be reclassified to profit or

loss in subsequent periods:

於其後期間可能重新分

類至損益之其他全面

收益：

Exchange differences on

translation of foreign

operations

換算海外業務產生之

匯兌差額

(18,122) (7,099)

簡明綜合全面收益表

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

43 Interim Report 2019

二零一九年中期報告

簡明綜合全面收益表（續）

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

For the six months

ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

Other comprehensive income not to

be reclassified to profit or loss in

subsequent periods:

於其後期間不會重新分

類至損益之其他全面

收益：

Exchange differences on

translation of the Company’s

financial statements into the

presentation currency

換算本公司財務報表

至呈報貨幣產生之

匯兌差額

(51,30 2) 263,01 0

Other comprehensive income for the

period, net of income tax

除所得稅後本期間其他

全面收益 (69,42 4) 255,91 1

Total comprehensive income

for the period

本期間全面收益總額

379,310 656,683

PROFIT ATTRIBUTABLE TO: 應佔盈利部分：

Equity holders of the Company 本公司權益持有人 420,487 370,737

Non-controlling interests 非 控股權益 28,24 7 30,03 5

448,734 400,772

TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:

應佔全面收益總額

部分：

Equity holders of the Company 本公司權益持有人 354,696 609,531

Non-controlling interests 非 控股權益 24,61 4 47,15 2

379,310 656,683

EARNINGS PER SHARE

ATTRIBUTABLE TO EQUITY

HOLDERS OF THE COMPANY

本公司權益持有人應佔

每股盈利

HK15.51 cents HK14.11 cents

– Basic and diluted －基本及攤薄 10 15.51 港仙 14.11 港仙

The accompanying accounting p o l i c i e s and

explanatory notes form an integral part of the financial

information.

CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME (continued)

For the six months ended 30 June 2019

後 附 會 計 政 策 及 附 註 為 本 財 務

資料的組成部分。

44 China Everbright Water Limited

中國光大水務有限公司

Interim Financial Report 中期財務報告

CONDENSED CONSOLIDATED STATEMENT

OF FINANCIAL POSITION

As at 30 June 2019

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

NON-CURRENT ASSETS 非流動資產

Property, plant and equipment 物業、廠房及設備 144,831 144,779

Right-of-use assets 使用權資產 27,891 –

Prepaid land lease payments 預付土地租賃款項 – 5,372

172,722 150,151

Intangible assets 無形資產 1,624,969 1,536,169

Goodwill 商譽 1,237,502 1,242,713

Interests in associates 聯營公司權益 2,189 3,011

Contract assets 合約資產 11 12,657,115 11,727,822

Trade and other receivables 應收賬款及其他應收款項 12 137,396 159,259

Other financial assets 其他金融資產 13 439,940 –

Total non-current assets 非 流動資產總額 16,271,833 14,819,125

CURRENT ASSETS 流動資產

Inventories 存貨 88,421 40,436

Contract assets 合約資產 11 1,428,092 1,424,161

Trade and other receivables 應收賬款及其他應收款項 12 1,435,398 1,025,044

Fixed deposits with maturity

period of over three months

到期日為三個月以上的

定期存款 14 255,305 547,050

Cash and cash equivalents 現 金及現金等價物 15 1,809,022 1,728,573

Total current assets 流 動資產總額 5,016,238 4,765,264

CURRENT LIABILITIES 流動負債

Trade and other payables 應付賬款及其他應收款項 16 2,010,890 1,895,095

Borrowings 貸款 1,290,402 2,160,400

Tax payable 應付稅項 49,719 45,083

Lease liabilities 租賃負債 8,842 –

Total current liabilities 流 動負債總額 3,359,853 4,100,578

NET CURRENT ASSETS 流動資產淨額 1,656,385 664,686

簡明綜合財務狀況表

於二零一九年六月三十日

45 Interim R epor t 2 019

二零一九年中期報告

簡明綜合財務狀況表（續）

於二零一九年六月三十日

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

TOTAL ASSETS LESS

CURRENT LIABILITIES

總資產減流動負債

17,928,218 15,483,811

NON-CURRENT LIABILITIES 非流動負債

Borrowings 貸款 7,110,347 5,440,376

Deferred tax liabilities 遞延稅項負債 1,441,793 1,379,738

Lease liabilities 租賃負債 13,949 –

Total non-current liabilities 非 流動負債總額 8,566,089 6,820,114

NET ASSETS 資產淨額 9,362,129 8,663,697

EQUITY ATTRIBUTABLE TO

EQUITY HOLDERS OF

THE COMPANY

本公司權益持有人

應佔權益

Share capital 股本 17 2,812,531 2,676,062

Reserves 儲 備 5,814,966 5,307,128

8,627,497 7,983,190

Non-controlling interests 非控股權益 734,632 680,507

Total equity 權益總額 9,362,129 8,663,697

The accompanying accounting p o l i c i e s and

explanatory notes form an integral part of the financial

information.

CONDENSED CONSOLIDATED STATEMENT

OF FINANCIAL POSITION (continued)

As at 30 June 2019

後 附 會 計 政 策 及 附 註 為 本 財 務

資料的組成部分。

46 China Everbright Water Limited

中國光大水務有限公司

Interim Financial Report 中期財務報告

CONDENSED CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

For the six months ended 30 June 2019

Group

本集團

Share

capital

股本

Share

premium

股份溢價

Foreign

currency

translation

reserve

外幣換算儲備

HK$』000 HK$』000 HK$』000 千港元 千港元 千港元 2019 二零一九年

At 1 January 2019 (audited) 於二零一九年一月一日（經審計） 2,676,062 1,333,181 (502,623) Profit for the period 本期間盈利 – – – Foreign currency translation differences 外幣 換算差額 – – (65,79 1) Total comprehensive income for the period 本期間全面收益總額 – – (65,791) Issue of shares under global offering 根據全球發售發行股份 103,970 206,900 – Share issue expenses in relation to global offering 有關全球發售的股份發行開支 – (11,643) – Issue of shares pursuant to a scrip dividend scheme 根據以股代息計劃發行股份 32,499 35,533 – Share issue expenses in relation to scrip dividend

scheme

有關以股代息計劃的股份發行開支

– (172) – 2018 final dividend declared 已宣派二零一八年末期股息 – – – Capital contribution from a non-controlling shareholder

of a subsidiary

一名附屬公司非控股股東注資

– – – At 30 June 2019 (unaudited) 於二零一九年六月三十日（未經審計） 2,812,531 1,563,799 (568,414) 簡明綜合權益變動表

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

47 Interim Report 2019

二零一九年中期報告

Attributable to equity holders of the Company

本公司權益持有人應佔

Statutory

reserve

法定儲備

Contributed

surplus

reserve

繳入盈餘儲備

Other

reserves

其他儲備

Retained

earnings

保留盈利

Total

總計

Noncontrolling

interests

非控股權益

Total

equity

總權益

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

300,386 1,229,302 (2,181) 2,949,063 7,983,190 680,507 8,663,697

– – – 420,487 420,487 28,247 448,734

– – – – (65,79 1) (3,63 3) (69,42 4)

– – – 420,487 354,696 24,614 379,310

– – – – 310,870 – 310,870

– – – – (11,643) – (11,643)

– – – – 68,032 – 68,032

– – – – (172) – (172)

– – – (77,476) (77,476) – (77,476)

– – – – – 29,51 1 29,51 1

300,386 1,229,302 (2,181) 3,292,074 8,627,497 734,632 9,362,129

48 China Everbright Water Limited

中國光大水務有限公司

Interim Financial Report 中期財務報告

CONDENSED CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY (continued)

For the six months ended 30 June 2019

Group

本集團

Share

capital

股本

Share

premium

股份溢價

Foreign

currency

translation

reserve

外幣換算儲備

HK$』000 HK$』000 HK$』000 千港元 千港元 千港元 2018 二零一八年

At 1 January 2018 (audited) 於二零一八年一月一日（經審計） 2,625,642 1,266,248 (22,051) Effect on adoption of International Financial

Reporting Standard 9

採納國際財務報告準則第9號的影響

– – – At 1 January 2018 (restated) 於二零一八年一月一日（經重列） 2,625,642 1,266,248 (22,051) Profit for the period 本期間盈利 – – – Foreign currency translation differences 外幣換算差額 – – 238,794 Total comprehensive income for the period 本期間全面收益總額 – – 238,794 Issue of shares pursuant to a scrip dividend

scheme

根據以股代息計劃發行股份

24,411 35,657 – Share issue expenses in relation to scrip dividend

scheme

有關以股代息計劃的股份發行開支

– (176) – 2017 final dividend declared 已宣派二零一七年末期股息 – – – Capital contribution from a non-controlling

shareholder of a subsidiary

一名附屬公司非控股股東注資

– – – Dividends paid to a non-controlling shareholder of

a subsidiary

支付一名附屬公司非控股股東股息

– – – At 30 June 2018 (unaudited) 於二零一八年六月三十日（未經審計） 2,650,053 1,301,729 216,743 The accompanying accounting p o l i c i e s and

explanatory notes form an integral part of the financial

information.

簡明綜合權益變動表（續）

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

後 附 會 計 政 策 及 附 註 為 本 財 務

資料的組成部分。

49 Interim Report 2019

二零一九年中期報告

Attributable to equity holders of the Company

本公司權益持有人應佔

Statutory

reserve

法定儲備

Contributed

surplus

reserve

繳入盈餘儲備

Other

reserves

其他儲備

Retained

earnings

保留盈利

Total

總計

Noncontrolling

interests

非控股權益

Total

equity

總權益

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

200,799 1,229,302 (2,181) 2,559,424 7,857,183 684,622 8,541,805

– – – (35,669) (35,669) – (35,669)

200,799 1,229,302 (2,181) 2,523,755 7,821,514 684,622 8,506,136

– – – 370,737 370,737 30,035 400,772

– – – – 238,794 17,117 255,911

– – – 370,737 609,531 47,152 656,683

– – – – 60,068 – 60,068

– – – – (176) – (176)

– – – (76,920) (76,920) – (76,920)

– – – – – 192 192

– – – – – (6,184) (6,184)

200,799 1,229,302 (2,181) 2,817,572 8,414,017 725,782 9,139,799

50 China Everbright Water Limited

中國光大水務有限公司

Interim Financial Report 中期財務報告

CONDENSED CONSOLIDATED STATEMENT

OF CASH FLOWS

For the six months ended 30 June 2019

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

CASH FLOWS FROM OPERATING

ACTIVITIES

經營活動現金流量

Profit before tax 除稅前盈利 603,166 600,958

Adjustments for: 經調整：

Depreciation of property, plant and

equipment

物業、廠房及設備折舊

7 8,732 8,622

Depreciation of right-of-use assets 使用權資產折舊 7 2,245 –

Amortisation of prepaid land lease

payments

預付土地租賃款項攤銷

7 – 185

Amortisation of intangible assets 無形資產攤銷 7 37,360 35,848

Loss on disposal of property, plant and

equipment

處置物業、廠房及設備

虧損 7 – 346

Finance costs 財務費用 6 179,266 135,643

Interest income 利息收入 6 (13,439) (9,225)

Share of profits and losses of associates 所佔聯營公司盈利及虧損 912 1,058

Provision for impairment of trade

receivables

應收賬款減值撥備

7 1,997 2,865

Fair value adjustment of contingent,

consideration receivable

或然代價應收款項之

公允值調整 5 (727) –

Fair value changes of other financial

assets, net

其他金融資產公允值

變動淨額 5 3,456 –

Effect on foreign exchange rates changes, net 匯率變動影響淨額 (9,58 6) (13,82 6)

Operating cash flows before working capital

changes

營運資金變動前的經營現金

流量 813,382 762,474

Increase in inventories 存貨增加 (49,050) (15,612)

Increase in contract assets 合約資產增加 (1,007,158) (987,274)

Increase in trade and other receivables 應收賬款及其他應收款項

增加 (397,833) (327,877)

Increase/(decrease) in trade and other

payables

應付賬款及其他應付款項

增加╱（減少） 96,05 7 (77,28 8)

簡明綜合現金流量表

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

51 Interim Report 2019

二零一九年中期報告

簡明綜合現金流量表（續）

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

Cash used in operations 經營活動所動用的現金 (544,602) (645,577)

People’s Republic of China (「PRC」) income

tax paid

已付中華人民共和國

（「中國」）所得稅 (80,14 9) (85,46 0)

Net cash flows used in operating activities 經營活動所動用的現金流量

淨額 (624,75 1) (731,03 7)

CASH FLOWS FROM INVESTING

ACTIVITIES

投資活動現金流量

Payment made for acquisition of subsidiaries,

net of cash acquired

收購附屬公司款項，扣除已

收購現金 – (6,521)

Interest received 已收利息 13,439 9,225

Purchases of items of property, plant

and equipment

購買物業、廠房及設備

(9,409) (5,092)

Payment for addition of intangible assets 添置無形資產付款 (134,844) (157,431)

Decrease in fixed deposits with maturity

period of over three months and restricted

balances in financial institutions

到期日為三個月以上的定期

存款及受限制金融機構

結餘減少 293,102 183,915

Increase in amounts due from an associate 應收一家聯營公司款項增加 (4,373) –

Increase in other financial assets 其 他金融資產增加 (451,56 3) –

Net cash flows (used in)/from investing

activities

投資活動（所動用）╱所產生

的現金流量淨額 (293,64 8) 24,09 6

CONDENSED CONSOLIDATED STATEMENT

OF CASH FLOWS (continued)

For the six months ended 30 June 2019

52 China Everbright Water Limited

中國光大水務有限公司

Interim Financial Report 中期財務報告

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

CASH FLOWS FROM FINANCING

ACTIVITIES

融資活動現金流量

Proceeds from issue of shares under global

offering

全球發售發行股份所得款項

310,870 –

Payment for listing expenses 上市開支款項 (11,643) –

Proceeds from the issuance of corporate

bonds, net of related expenses paid

發行公司債券所得款項，

扣除相關已付開支 804,235 –

New bank loans 新增銀行貸款 1,887,440 1,529,643

Repayment of bank and other loans 償還銀行及其他貸款 (1,869,738) (1,159,825)

Interest paid 已付利息 (122,117) (106,427)

Principal elements of lease payments 租賃付款的本金部分 (1,989) –

Interest elements of lease payments 租賃付款的利息部分 6 (250) –

Increase in amounts due to intermediate

holding companies

應付中間控股公司款項增加

394 –

Increase in pledged bank deposits 已抵押銀行存款增加 (9) –

Dividends paid to shareholders of

the Company

已付本公司股東股息

(8,675) (15,166)

Share issue expenses in relation to scrip

dividend scheme

有關以股代息計劃的股份

發行開支 (172) (176)

Dividends paid to a non-controlling

shareholder of a subsidiary

已付一名附屬公司非控股

股東股息 (28,990) (6,184)

Capital contribution from a non-controlling

shareholder of a subsidiary

一名附屬公司非控股

股東注資 29,51 1 19 2

Net cash flows from financing activities 融 資活動現金流量淨額 988,86 7 242,05 7

CONDENSED CONSOLIDATED STATEMENT

OF CASH FLOWS (continued)

For the six months ended 30 June 2019

簡明綜合現金流量表（續）

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

53 Interim Report 2019

二零一九年中期報告

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

NET INCREASE/(DECREASE) IN CASH AND

CASH EQUIVALENTS

現金及現金等價物增加╱

（減少）淨額 70,468 (464,884)

Cash and cash equivalents at beginning of

the period

期初之現金及現金等價物

1,706,871 2,074,414

Effect of exchange rate fluctuations on cash

and cash equivalents, net

現金及現金等價物的匯率

波動影響淨額 8,70 0 57,07 2

CASH AND CASH EQUIVALENTS AT END

OF THE PERIOD

期末之現金及現金等價物

1,786,03 9 1,666,60 2

ANALYSIS OF THE BALANCES OF CASH

AND CASH EQUIVALENT

現金及現金等價物

結餘分析

Cash and cash equivalents as stated in

the consolidated statement of financial

position

呈列於綜合財務狀況表之

現金及現金等價物

1,809,022 1,689,879

Less: pledged bank deposits 減 ：已抵押銀行存款 (22,98 3) (23,27 7)

Cash and cash equivalents as stated in

the consolidated statement of cash flows

呈列於綜合現金流量表之

現金及現金等價物 1,786,039 1,666,602

The accompanying accounting p o l i c i e s and

explanatory notes form an integral part of the financial

information.

CONDENSED CONSOLIDATED STATEMENT

OF CASH FLOWS (continued)

For the six months ended 30 June 2019

簡明綜合現金流量表（續）

截 至 二 零 一 九 年 六 月 三 十 日 止

六個月

後 附 會 計 政 策 及 附 註 為 本 財 務

資料的組成部分。

Notes to Condensed Consolidated Financial Information

簡明綜合財務報表附註

54 China E verbright Water L imited

中國光大水務有限公司

1. CORPORATE INFORMATION

The Company is a limited liability company

incorporated in Bermuda and is dual primary

listed on the Mainboard of the Singapore

Exchange Securities Trading Limited (「SGX」)

and The Stock Exchange of Hong Kong Limited

(the 「SEHK」). The registered address of the

Company is Clarendon House, 2 Church Street,

Hamilton HM11, Bermuda and its principal

place of business is located at 26th Floor, Block

A, Oriental Xintiandi Plaza, No. 1003 Shennan

Avenue, Futian District, Shenzhen, PRC 518000.

During the six months ended 30 June 2019, the

principal activity of the Company is investment

holding. The Company’s subsidiaries are

primarily involved in the water environment

management business in the PRC.

The immediate holding company of the Company

is China Everbright Water Holdings Limited,

a limited liability company incorporated in the

British Virgin Islands (「BVI」). In the opinion of the

directors of the Company (the 「Directors」), the

ultimate holding entity of the Company is China

Investment Corporation, an entity established in

the PRC.

1. 公司資料

本公司為於百慕達註冊成立

的有限公司並於新加坡證券

交易所有限公司（「新交所」）

以及香港聯合交易所有限公

司（「香 港 聯 交 所 」）主 板 雙

重第一上市。本公司的註冊

地 址 為 Clarendon House,

2 Church Street, Hamilton

HM11, Bermuda ， 且 其 主

要營業地點為中國深圳市福

田區深南大道1003號東方新

天 地 廣 場 A 座 26 層（ 郵 編 ：

518000）。

截至二零一九年六月三十日

止六個月，本公司的主要業

務為投資控股。本公司的附

屬公司主要涉及中國水環境

治理業務。

本公司的中間控股公司為中

國光大水務控股有限公司（一

間於英屬維京群島（「英屬

維京群島」）註冊成立的有

限 公 司 ）。 本 公 司 董 事（「董

事」）認為，本公司的最終控

股實體為中國投資有限責任

公司，其為於中國成立之實

體。

55 Interim R epor t 2 019

二零一九年中期報告

2.1 BASIS OF PRESENTATION

The financial information of the subsidiaries is

prepared for the same reporting period as the

Company, using consistent accounting policies.

The results of subsidiaries are consolidated

from the date on which the Group obtains

control, and continue to be consolidated until

the date that such control ceases.

All intra-group transactions and balances have

been eliminated on consolidation.

2.2 BASIS OF PREPARATION

The unaudited interim financial information

for the six months ended 30 June 2019 have

been prepared in accordance with International

Accounting Standard (「IAS」) 34 Interim Financial

Reporting issued by the International Accounting

Standards Board (the 「IASB」) and the applicable

disclosure requirements of Appendix 16 to the

Rules Governing the Listing of Securities on the

SEHK (「HK Listing Rules」).

The accounting policies and basis of preparation

adopted in the preparation of the unaudited

interim financial information are consistent with

those adopted in the annual financial statements

for the year ended 31 December 2018 except

for the changes in accounting policies made

thereafter in adopting the new and revised

International Financial Reporting Standards

(「IFRSs」) issued by the IASB, which became

effective for the first time for the current period’s

financial information, as further detailed in

note 2.3 below. The unaudited interim financial

information is presented in Hong Kong dollars

(「HK$」) and all values are rounded to the nearest

thousand except when otherwise indicated.

2.1 呈列基準

附屬公司之財務資料乃使用

一致會計政策按本公司同一

報告期編製。附屬公司之業

績乃自本集團取得控制權之

日起予以合併，並繼續納入

合併範圍，直至不再被控制

為止。

所有集團內公司間之交易及

結餘已於合併時抵銷。

2.2 編製基準

截至二零一九年六月三十日

止六個月之未經審計中期財

務資料乃根據國際會計準則

理事會（「國際會計準則理事

會」）頒佈的《國際會計準則》

（「國際會計準則」）第34號中

期財務報告 之規定及《香港聯

交所證券上市規則》（「香港上

市規則」）附錄十六的適用披

露規定編製而成。

編製未經審計中期財務資料

時所採納之會計政策及編製

基 準 ， 與 截 至 二 零 一 八 年

十二月三十一日止年度之年

度財務報表所採納者貫徹一

致，惟因採納於本期間財務

資料首度生效之國際會計準

則理事會新頒佈及經修訂《國

際財務報告準則》（「國際財務

報告準則」）而導致於其後作

出之會計政策變動除外（進一

步詳情載於下文附註2.3）。

未經審計中期財務資料乃以

港元（「港元」）呈列，除另有

指明外，所有價值均調整至

最接近的千元數。

56 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

2.2 BASIS OF PREPARATION (continued)

The financial information contains condensed

consolidated financial statements and selected

explanatory notes. The notes include an

explanation of events and transactions that are

significant to an understanding of the changes in

financial position and performance of the Group

since the 2018 annual financial statements.

The condensed consolidated interim financial

statements and notes thereon do not include all

of the information required for full set of financial

statements prepared in accordance with IFRSs.

The financial information relating to the year

ended 31 December 2018 that is included in

this unaudited interim financial information as

comparative information does not constitute

the Company’s statutory annual consolidated

financial statements for that year but is derived

from those financial statements.

2.2 編製基準（續）

財務資料包括簡明綜合財務

報表及解釋附註摘要。該等

附註包括對理解本集團自刊

發二零一八年年度財務報表

以來之財務狀況變動及表現

有重大影響之事件及交易之

說明。簡明綜合中期財務報

表及相關附註並不包括根據

國際財務報告準則編製之完

整財務報表規定所需之所有

資料。

本未經審計中期財務資料所

載有關截至二零一八年十二

月三十一日止年度以供比較

之財務資料並不構成本公司

於該年度之法定年度綜合財

務報表，惟有關財務資料均

取自該等財務報表。

57 Interim R epor t 2 019

二零一九年中期報告

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP

The accounting p o l i c i e s adopted i n the

preparation of the unaudited interim condensed

consolidated financial information are consistent

with those followed in the preparation of

the Group’s annual consolidated financial

statements for the year ended 31 December

2018, except for the adoption of new standards

effective as of 1 January 2019. The Group

has not early adopted any other standard,

interpretation or amendment that has been

issued but is not yet effective.

The Group applies, for the first time, IFRS 16

Leases that requires restatement of previous

financial statements. As required by IAS 34, the

nature and effect of these changes are disclosed

below.

Several other amendments and interpretations

apply for the first time in 2019, but do not have

a significant impact on the interim condensed

consolidated financial information of the Group.

2.3 本集團採納之新訂準則、

詮釋及修訂

除採納於二零一九年一月一

日生效之新準則外，採納編

製未經審計中期簡明綜合財

務資料之會計政策與本集團

編製截至二零一八年十二月

三十一日止年度之年度綜合

財務報表的一致。本集團並

未提早採納任何其他已頒佈

但未生效的準則、詮釋或修

訂。

本集團首次應用需要重列過

往財務報表之國際財務報告

準則第16號租賃 。根據國際

會計準則第34號，該等改變

之性質及影響於以下披露。

若干其他修訂及詮釋於二零

一九年首次應用，對本集團

的中期簡明綜合財務資料並

未造成重大影響。

58 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases

IFRS 16 supersedes IAS 17 Leases, IFRIC 4

Determining whether an Arrangement contains

a Lease, SIC-15 Operating Leases-Incentives

and SIC-27 Evaluating the Substance of

Transactions Involving the Legal Form of a

Lease. The standard sets out the principles for

the recognition, measurement, presentation

and disclosure of leases and requires lessees

to account for most leases under a single onbalance

sheet model.

Lessor accounting under IFRS 16 is substantially

unchanged from IAS 17. Lessors will continue

to classify leases as either operating or finance

leases using similar principles as in IAS 17.

Therefore, IFRS 16 did not have an impact for

leases where the Group is the lessor.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃

國際財務報告準則第16號取

代 國 際 會 計 準 則 第 17 號租

賃 、國際財務報告詮釋委員

會詮釋第4號確定一項安排是

否包含租賃 、準則詮釋委員

會詮釋—第15號經營租賃－

激勵 以及準則詮釋委員會詮

釋—第27號評估涉及租賃法

律形式的交易實質 。該準則

已規定租賃確認、計量、呈

列和披露原則，並要求承租

人在資產負債表內單獨列示

大部分租賃。

國際財務報告準則第16號項

下規定的出租人會計計量與

國際會計準則第17號項下規

定的並無實質性改變。出租

人將繼續按照與國際會計準

則第17號相類似的分類原則

對租賃進行分類，並對經營

租賃和融資租賃作出區分。

因此，國際財務報告準則第

16號對本集團作為出租人的

租賃並無影響。

59 Interim R epor t 2 019

二零一九年中期報告

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

The Group adopted IFRS 16 using the modified

retrospective method of adoption with the

date of initial application of 1 January 2019.

Under this method, the standard is applied

retrospectively with the cumulative effect of

initially applying the standard recognised at the

date of initial application. The Group elected to

use the transition practical expedient allowing

the standard to be applied only to contracts that

were previously identified as leases applying IAS

17 and IFRIC 4 at the date of initial application.

The Group also elected to use the recognition

exemptions for lease contracts that, at the

commencement date, have a lease term of 12

months or less and do not contain a purchase

option (「short-term leases」), and lease contracts

for which the underlying asset is of low value

(「low-value assets」).

The Group’s prepaid land lease payments

represent right-of-use assets under IFRS 16.

These were classified as right-of-use assets as at

1 January 2019.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

本集團透過採用經修訂追溯

法採納國際財務報告準則第

16號，並於二零一九年一月

一日首次應用。根據以上方

法，已追溯應用該準則，而

首次應用該準則的累計影響

於首次應用當日確認。本集

團選擇應用過渡性的實際權

宜方法以允許該準則僅適用

於首次應用日期前已根據國

際 會 計 準 則 第 17 號 及 國 際

財務報告詮釋委員會詮釋第

4 號 確 定 為 租 賃 之 合 同 。 本

集團亦選擇使用租賃合約的

確認豁免，即其於開始日期

之租期為十二個月或以下，

並不包括購買選擇權（「短期

租賃」），以及租賃合約中的

相關低價值資產（「低價值資

產」）。

本集團之預付土地租賃款項

為國際財務報告準則第16號

項下之使用權資產。該等款

項於二零一九年一月一日分

類為使用權資產。

60 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(a) Nature of the effect of adoption of IFRS 16

The Group has lease contracts for various

items of plant, machinery, vehicles and

other equipment. Before the adoption of

IFRS 16, the Group classified each of its

leases (as lessee) at the inception date as

either a finance lease or an operating lease.

A lease was classified as a finance lease

if it transferred substantially all of the risks

and rewards incidental to ownership of

the leased asset to the Group; otherwise

it was classified as an operating lease.

Finance leases were capitalised at the

commencement of the lease at the inception

date fair value of the leased property or, if

lower, at the present value of the minimum

lease payments. Lease payments were

apportioned between interest (recognised

as finance costs) and reduction of the lease

liability. In an operating lease, the leased

property was not capitalised and the lease

payments were recognised as rent expense

in the statement of comprehensive income

on a straight-line basis over the lease

term. Any prepaid rent and accrued rent

were recognised under 「Prepayments」 and

「Trade and other payables」, respectively.

Upon adoption of IFRS 16, the Group

a p p l i e d a s i n g l e r e c o g n i t i o n a n d

measurement approach for all leases

that it is the lessee, except for short-term

leases and leases of low-value assets.

The standard provides specific transition

requirements and practical expedients,

which has been applied by the Group.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(a) 採納國際財務報告準則

第16號之影響性質

本集團擁有各類廠房、機

器、車輛及其他設備項目

之租賃合約。於採納國

際財務報告準則第16號

前，本集團於開始日期

將其各自的租賃（作為承

租人）分類為融資租賃或

經營租賃。倘租賃將與

本集團租賃的資產所有

權有關的絕大部分風險

及回報轉移至本集團，

則該租賃被歸類為融資

租賃； 否則則為經營租

賃。融資租賃在租賃開

始時按照租賃物業於開

始日期的公允值或最低

租賃付款額現值兩者孰

低，進行資本化。租賃

付款額在利息（確認為財

務費用）和減少租賃負債

之間分攤。於經營租賃

中，租賃物業不會予以

資本化，而租賃付款額

於租期內按直線法於全

面收益表中確認為租金

開支。任何預付租金及

應計租金分別在「預付款

項」以及「應付賬款及其

他應付款項」項下確認。

於採納國際財務報告準

則 第 16 號 時 ， 本 集 團

對所有租賃採用單一確

認及計量法，惟短期租

賃及低價值資產租賃除

外。該準則訂明特定過

渡性要求及實際權宜方

法，已獲本集團採用。

61 Interim R epor t 2 019

二零一九年中期報告

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(a) Nature of the effect of adoption of IFRS 16

(continued)

Leases previously classified as finance

leases

The Group did not change the initial carrying

amounts of recognised assets and liabilities

at the date of initial application for leases

previously classified as finance leases (i.e.,

the right-of-use assets and lease liabilities

equal the lease assets and l i a b i l i t i e s

recognised under IAS 17). The requirements

of IFRS 16 was applied to these leases from

1 January 2019.

Leases previously accounted for as

operating leases

The Group recognised right-of-use assets

and lease l iabi l i t ies for those leases

previously classified as operating leases,

except for short-term leases and leases of

low-value assets. The right-of-use assets

for most leases were recognised based

on the carrying amount as if the standard

had always been applied, apart from the

use of incremental borrowing rate at the

date of initial application. In some leases,

the right-of-use assets were recognised

based on the amount equal to the lease

liabilities, adjusted for any related prepaid

and accrued lease payments previously

recognised. Lease liabilities were recognised

based on the present value of the remaining

lease payments, discounted using the

incremental borrowing rate at the date of

initial application.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(a) 採納國際財務報告準則

第16號之影響性質（續）

先前分類為融資租賃的

租賃

對於先前分類為融資租

賃的租賃（即使用權資產

及租賃負債等於根據國

際會計準則第17號確認

的租賃資產及負債），本

集團並未更改於首次應

用日期已確認資產及負

債的初始賬面價值。國

際財務報告準則第16號

的規定已自二零一九年

一月一日起應用於該等

租賃。

先前確認為經營租賃的

租賃

除短期租賃及低價值資

產租賃外，本集團就先

前分類為經營租賃的該

等租賃確認使用權資產

及租賃負債。大部分租

賃的使用權資產根據賬

面價值予以確認，猶如

已一直應用該準則，惟

於首次應用日期使用的

增量借款利率則除外。

就若干租賃而言，使用

權資產根據相當於租賃

負債的金額，並按先前

已確認的任何相關預付

或應計租金進行調整後

予以確認。租賃負債按

剩餘租賃款項的現值，

經使用首次應用日期的

增量借款利率貼現後予

以確認。

62 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(a) Nature of the effect of adoption of IFRS 16

(continued)

Leases previously accounted for as

operating leases (continued)

The Group also applied the available

practical expedients wherein it:

. Used a single discount rate to a portfolio

of leases with reasonably similar

characteristics

. A p p l i e d t h e s h o r t - t e r m l e a s e s

exemptions to leases with lease term

that ends within 12 months at the date

of initial application

. Excluded the initial direct costs from the

measurement of the right-of-use asset

at the date of initial application

. Used hindsight in determining the

lease term where the contract contains

options to extend or terminate the lease

Based on the foregoing, as at 1 January

2019:

. No right-of-use assets were recognised

and presented separately i n the

statement of financial position.

. No additional lease liabilities were

recognised.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(a) 採納國際財務報告準則

第16號之影響性質（續）

先前確認為經營租賃的

租賃（續）

本集團亦應用可供使用

的實際權宜方法，當中：

. 對 具 有 合 理 相 似 特

徵 的 租 賃 組 合 使 用

單一貼現率

. 對 租 賃 期 於 首 次 應

用 日 期 起 計 十 二 個

月 內 結 束 的 租 賃 應

用短期租賃豁免

. 於 首 次 應 用 日 期 計

量 使 用 權 資 產 時 撇

除初步直接成本

. 倘 合 約 包 含 延 長 或

終 止 租 賃 的 選 擇

權 ， 則 於 事 後 釐 定

租賃期

根據上述情況，於二零

一九年一月一日：

. 並 無 已 確 認 並 單 獨

地 於 財 務 狀 況 表 內

呈列的使用權資產。

. 並 無 已 確 認 額 外 租

賃負債。

63 Interim R epor t 2 019

二零一九年中期報告

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(a) Nature of the effect of adoption of IFRS 16

(continued)

Leases previously accounted for as

operating leases (continued)

The lease liabilities as at 1 January 2019

can be reconciled to the operating lease

commitments as at 31 December 2018 as

follows:

HK$』000

千港元

Operating lease commitments

as at 31 December 2018

二零一八年十二月三十一日的

經營租賃承擔 10,678

Weighted average incremental borrowing rate

as at 1 January 2019

二零一九年一月一日的加權

平均增量借貸利率 4.56%

Discounted operating lease commitments

at 1 January 2019

二零一九年一月一日的貼現

經營租賃承擔 9,315

Less: 減：

Commitments relating to short-term leases 有 關短期租賃的承擔 (9,31 5)

Lease liabilities as at 1 January 2019 二零一九年一月一日的租賃

負債 –

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(a) 採納國際財務報告準則

第16號之影響性質（續）

先前確認為經營租賃的

租賃（續）

截至二零一九年一月一

日 的 租 賃 負 債 與 二 零

一八年十二月三十一日

的經營租賃承擔的對賬

如下：

64 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(b) Summary of new accounting policies

Set out below are the new accounting

policies of the Group upon adoption of IFRS

16:

. Right-of-use assets

The Group recognises right-of-use

assets at the commencement date of

the lease (i.e., the date the underlying

asset is available for use). Right-ofuse

assets are measured at cost, less

any accumulated depreciation and

impairment losses, and adjusted for any

remeasurement of lease liabilities. The

cost of right-of-use assets includes the

amount of lease liabilities recognised,

initial direct costs incurred, and lease

payments made a t or before the

commencement date less any lease

incentives received. Unless the Group is

reasonably certain to obtain ownership

of the leased asset at the end of the

lease term, the recognised right-of-use

assets are depreciated on a straight-line

basis over the shorter of its estimated

useful life and the lease term. Right-ofuse

assets are subject to impairment.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(b) 新訂會計政策概要

本集團於採納國際財務

報告準則第16號後的新

訂會計政策載列如下：

. 使用權資產

本 集 團 於 租 賃 開 始

日期（即相關資產可

供使用之日）確認使

用 權 資 產 。 使 用 權

資 產 按 成 本 減 任 何

累 計 折 舊 及 減 值 虧

損 計 量 ， 並 就 任 何

重 新 計 量 租 賃 負 債

作 出 調 整 。 使 用 權

資 產 的 成 本 包 括 已

確 認 的 租 賃 負 債 金

額 、 已 發 生 的 初 始

直 接 成 本 ， 以 及 在

開 始 日 期 或 之 前 作

出 的 租 賃 付 款 減 去

已 收 的 任 何 租 賃 激

勵 。 除 非 本 集 團 合

理 確 定 在 租 賃 期 末

取 得 租 賃 資 產 的 擁

有 權 ， 否 則 已 確 認

的 使 用 權 資 產 在 其

預 計 使 用 年 限 及 租

賃 期 的 較 短 者 內 按

直 線 法 計 提 折 舊 。

使 用 權 資 產 可 能 出

現減值。

65 Interim R epor t 2 019

二零一九年中期報告

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(b) Summary of new accounting policies

(continued)

. Lease liabilities

At the commencement date of the

lease, the Group recognises lease

liabilities measured at the present value

of lease payments to be made over the

lease term. The lease payments include

fixed payments (including in-substance

f i x e d p a y m e n t s ) l e s s a n y l e a s e

incentives receivable, variable lease

payments that depend on an index or

a rate, and amounts expected to be

paid under residual value guarantees.

The lease payments also include the

exercise price of a purchase option

reasonably certain to be exercised by

the Group and payments of penalties

for terminating a lease, if the lease

term reflects the Group exercising

the option to terminate. The variable

lease payments that do not depend

on an index or a rate are recognised

as expense in the period on which the

event or condition that triggers the

payment occurs.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(b) 新訂會計政策概要（續）

. 租賃負債

於 租 賃 開 始 日 期 ，

本 集 團 確 認 按 租 賃

期 內 作 出 的 租 賃 付

款 的 現 值 計 量 的 租

賃 負 債 。 租 賃 付 款

包括固定付款（包括

實 質 固 定 付 款 額 ）

減 去 任 何 應 收 租 賃

激 勵 、 取 決 於 指 數

或 比 率 的 可 變 租 賃

付 款 額 ， 以 及 擔 保

餘 額 預 計 應 付 的 金

額 。 租 賃 付 款 額 亦

包 括 本 集 團 合 理 地

確 定 行 使 的 購 買

選 擇 權 的 行 使 價 ，

以 及 當 租 賃 期 限 反

映 了 本 集 團 行 使 終

止 選 擇 權 時 ， 終 止

租 賃 需 要 支 付 的 罰

款 。 於 觸 發 付 款 的

事 件 或 條 件 發 生

時 ， 不 依 賴 於 指 數

或 比 率 的 可 變 租 賃

付 款 額 將 於 期 間 確

認為開支。

66 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

2.3 NEW STANDARDS, INTERPRETATIONS

AND AMENDMENTS ADOPTED BY THE

GROUP (continued)

IFRS 16 Leases (continued)

(b) Summary of new accounting policies

(continued)

. Lease liabilities (continued)

In calculating the present value of

lease payments, the Group uses the

incremental borrowing rate at the lease

commencement date if the interest

rate implicit in the lease is not readily

determinable. After the commencement

date, the amount of lease liabilities

is increased to reflect the accretion

of interest and reduced for the lease

payment s made. In addi t i on, t he

carrying amount of lease liabilities is

remeasured if there is a modification, a

change in the lease term, a change in

the in-substance fixed lease payments

or a change in the assessment to

purchase the underlying asset.

. Short-term leases and leases of lowvalue

assets

The Group applies the short-term

lease recognition exemption to its

short-term leases of machinery and

equipment (i.e., those leases that have

a lease term of 12 months or less from

the commencement date and do not

contain a purchase option). It also

applies the lease of low-value assets

recognition exemption to leases of

office equipment that are considered of

low value. Lease payments on shortterm

leases and leases of low-value

assets are recognised as expense on a

straight-line basis over the lease term.

2.3 本集團採納之新訂準則、

詮釋及修訂（續）

國際財務報告準則第16號

租賃（續）

(b) 新訂會計政策概要（續）

. 租賃負債（續）

在 計 算 租 賃 付 款 額

的 現 值 時 ， 如 果 租

賃 中 所 隱 含 的 利 率

不 易 確 定 ， 則 本

集 團 在 租 賃 開 始 日

期 使 用 增 量 借 貸 利

率 。 於 開 始 日 期

後 ， 租 賃 負 債 的 金

額 將 會 增 加 ， 以 反

映 利 息 的 累 計 及 減

少 租 賃 付 款 額 。 此

外 ， 如 有 修 改 、 租

賃 期 限 發 生 變 化 、

實 質 固 定 租 賃 付 款

額 發 生 變 化 或 購 買

相 關 資 產 的 評 估 發

生 變 化 時 ， 租 賃 負

債 的 賬 面 價 值 將 重

新計量。

. 短 期 租 賃 及 低 價 值

資產的租賃

本 集 團 將 短 期 租 賃

確 認 豁 免 應 用 於 其

機 器 及 設 備 的 短 期

租 賃 ， 即 自 開 始

日 期 起 計 的 租 期 為

十 二 個 月 或 以 下 並

且 不 包 括 購 買 選 擇

權 的 租 賃 。 低 價 值

資 產 的 租 賃 確 認 豁

免 亦 適 用 於 被 認 為

低 價 值 的 辦 公 設 備

的 租 賃 。 短 期 租 賃

的 租 賃 付 款 額 及 低

價 值 資 產 的 租 賃 在

租 賃 期 內 按 直 線 法

確認為開支。

67 Interim R epor t 2 019

二零一九年中期報告

2.4 ISSUED BUT NOT YET EFFECTIVE

INTERNATIONAL FINANCIAL REPORTING

STANDARDS

The Group has not applied the following new and

revised IFRSs, that have been issued but are not

yet effective, in this financial information:

Amendments to IFRS 3 Definition of a Business4

Amendments to

IFRS 10 and IAS 28

Sale or Contribution of Assets

between an Investor and its

Associate or Joint Venture3

IFRS 17 Insurance Contracts2

Amendments to

IAS 1 and IAS 8

Definition of Material1

1 Effective for annual periods beginning on or after

1 January 2020

2 Effective for annual periods beginning on or after

1 January 2021

3 No mandatory effective date yet determined but

available for adoption

4 Effective for business combination for which the

acquisition date is on or after 1 January 2020 and to

asset acquisition that occurs on or after the beginning

of that period

2.4 已頒佈但尚未生效的國際財

務報告準則

本集團尚未於本財務資料中

應用以下已頒佈但尚未生效

的新訂及經修訂國際財務報

告準則：

國際財務報告準則

第3號（修訂本）

業務的定義4

國際財務報告準則

第10號及國際會計

準則第28號（修訂本）

投資者與其聯營公司

或合營企業之間之

資產銷售或出資3

國際財務報告準則

第17號

保險合約2

國際會計準則

第1號及國際會計準

則第8號（修訂本）

重大性之定義1

1 於二零二零年一月一日或之後開

始的年度期間生效

2 於二零二一年一月一日或之後開

始的年度期間生效

3 尚未釐定強制生效日期，惟可供

採納

4 於收購日期為二零二零年一月一

日或之後的業務合併及對該期間

開始時或之後發生的資產收購生

效。

68 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

3. OPERATING SEGMENT INFORMATION

Operating segments are identified on the basis of

internal reports about components of the Group

that are regularly reviewed by the Company’s

senior management and the board of Directors

(the 「Board」) for the purpose of resource

allocation and performance assessment.

The Group operates in a single business

segment which i s the water environment

management business in the PRC. Segment

results, assets and liabilities include items

directly attributable to a segment as well as

those that can be allocated on a reasonable

basis. Unallocated items comprise mainly

corporate assets and expense, interest-bearing

borrowings and related expenses and income

and deferred taxes. No operating segments have

been aggregated to form the following reportable

operating segment.

Business segment

There is only one operating segment as the

Group’s operations relate to water environment

management for the six months ended 30 June

2019 and 2018:

. Water environment management – Engage

i n municipal waste water treatment,

industrial waste water treatment, water

supply, reusable water, sludge treatment

and disposal, sponge city construction,

river-basin ecological restoration, waste

w a t e r s o u r c e h e a t pump, l e a c h a t e

treatment, research and development

of water environment technologies and

engineering construction.

3. 經營分部資料

經營分部按本集團組成部分

的內部報告為基準識別，其

由本公司高級管理層及董事

會（「董事會」）定期審閱，以

分配資源及評估其表現。

本集團經營單一業務分類，

其為於中國經營水環境治理

業務。分部業績、資產及負

債包括直接歸屬某一分部，

以及可按合理的基準分配的

項目。未被分配的項目主要

包括企業資產及支出、帶息

借款及有關支出和收入及遞

延稅項。概無合併經營分部

以組成下列經營報告分部。

業務分部

截至二零一九年及二零一八

年六月三十日止六個月，本

集團有關水環境治理的運營

只有一個運營分部：

. 水環境治理－從事市政

汙水處理、工業廢水處

理、供水、中水回用、

汙泥處理處置、海綿城

市建設、流域治理、汙

水源熱泵、滲濾液處理

以及環保水務技術研發

及工程建設。

69 Interim R epor t 2 019

二零一九年中期報告

3. OPERATING SEGMENT INFORMATION

(continued)

Geographical information

All of the Group’s revenues are derived from the

Group’s operations in the PRC. All non-current

assets are located in the PRC.

Major customers

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Customer 1 ** 客戶一** 618,367 627,502

Customer 2 ** 客戶二** N/A不適用* 262,000

* The corresponding revenues from these customers

are not disclosed as the revenue individually did not

account for 10% or more of the Group’s revenue.

** The customers are local government authorities.

3. 經營分部資料（續）

地域資料

本集團所有收入均來自其於

中國的營運，所有非流動資

產皆位於中國。

主要客戶

* 由於個別收入未佔本集團收入的

10%或以上，故並未披露該等客

戶的相應收入。

** 客戶為當地政府機關。

70 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

4. REVENUE

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Construction service revenue from

service concession arrangements

服務特許經營權安排的

建造服務收入 1,324,147 1,241,194

Finance income from service

concession arrangements

服務特許經營權安排的

財務收入 391,823 382,722

Operation income from service

concession arrangements

服務特許經營權安排的

運營收入 697,023 601,076

Operation income from reusable

water supply services

中水供應服務的運營收入

15,716 15,403

Construction contract revenue and

technical services income

建造合約收入及技術務收入

56,657 120,080

2,485,366 2,360,475

Timing of revenue recognition: 收入確認時間：

At a point in time 於某一時間點 15,716 15,403

Over time 於一段時間內 2,077,827 1,962,350

2,093,543 1,977,753

Finance income from service

concession arrangements

服務特許經營權安排的

財務收入 391,823 382,722

2,485,366 2,360,475

The aggregated revenues from construction

services, finance income and operation income

derived from the local government authorities in

the PRC amounted to HK$2,396,552,000 and

HK$2,206,214,000 for the six months ended 30

June 2019 and 2018, respectively.

4. 收入

截至二零一九年及二零一八

年 六 月 三 十 日 止 六 個 月 ，

來 自 中 國 當 地 政 府 機 關 之

建 造 服 務 收 入 、 運 營 收

入 及 財 務 收 入 總 額 分 別

為 2,396,552,000 港 元 及

2,206,214,000港元。

71 Interim R epor t 2 019

二零一九年中期報告

5. OTHER INCOME AND GAINS, NET

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Government grants* 政府補助* 12,174 7,950

Value-added tax (「VAT」) refunds** 增值稅（「增值稅」）退稅** 30,309 60,822

Fair value gain/(loss), net: 公允值收益╱（虧損）淨額：

Contingent consideration receivable 或然代價應收款項 727 –

Other financial assets – unlisted

investment

其他金融資產─非上市

投資 (3,814) –

Other financial assets – unlisted

equity investment

其他金融資產─非上市

股權投資 358 –

Sundry income 雜項收入 3,385 4,543

43,139 73,315

* Government g r a n t s o f HK$12,174,000 and

HK$7,950,000 were granted during the six months

ended 30 June 2019 and 2018, respectively, to

subsidise certain water/waste water treatment plants

of the Group in the PRC. There were no unfulfilled

conditions and other contingencies attached to the

receipts of those grants. There is no assurance that

the Group will continue to receive such grants in the

future.

** VAT refunds of HK$30,309,000 and HK$60,822,000

were received/receivable during the six months ended

30 June 2019 and 2018, respectively, in relation to

certain environmental water project operations of the

Group in the PRC. There were no unfulfilled conditions

and other contingencies attached to the receipts of

such tax refund. There is no assurance that the Group

will continue to receive such tax refund in the future.

5. 其他收入及收益淨額

* 截 至 二 零 一 九 年 及 二 零 一 八 年

六 月 三 十 日 止 六 個 月 ， 本 集 團

分 別 被 授 予 12,174,000 港 元 及

7,950,000港元的政府補助以補

貼本集團於中國若干水╱汙水處

理廠。收取該等補助並無尚未達

成之條件及其他或然事項。概無

保證本集團將於日後繼續收取有

關補助。

** 截至二零一九年及二零一八年六

月 三 十 日 止 六 個 月 ， 本 集 團 於

中 國 的 若 幹 水 環 境 項 目 業 務 的

已 收 ╱ 應 收 增 值 稅 退 稅 分 別 為

30,309,000 港 元 及 60,822,000

港元。收取有關退稅並無尚未達

成之條件及其他或然事項。概無

保證本集團將於日後繼續收取有

關退稅。

72 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

6. NET FINANCE COSTS

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Finance income 財務收入

Interest income on bank deposits 銀行存款利息收入 13,439 9,225

Finance costs 財務費用

Interest expense on: 利息開支：

Bank and other loans 銀行及其他貸款 (118,290) (107,978)

Corporate bonds 公司債券 (60,726) (27,665)

Lease liabilities 租賃負債 (250) –

(179,266) (135,643)

Net finance costs 財務費用淨額 (165,827) (126,418)

6. 財務費用淨額

73 Interim R epor t 2 019

二零一九年中期報告

7. PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after

charging/(crediting):

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Depreciation 折舊

– property, plant and equipment – 物業、廠房及設備 8,732 8,622

– right-of-use assets – 使用權資產 2,245 –

Amortisation 攤銷

– prepaid land lease payments – 預付土地租賃款項 – 185

– intangible assets – 無形資產 37,360 35,848

Loss on disposal of property,

plant and equipment

出售物業、廠房

及設備之虧損 – 346

Cost of construction services from

service concession arrangements

服務特許經營權安排的

建造服務成本 983,466 1,042,926

Research and development costs 研究及發展成本 13,231 10,057

Rental expense from short-term leases 短期租賃之租金開支 3,329 5,093

Impairment of trade receivables 應收賬款減值 1,997 2,865

Foreign exchange differences, net 匯兌差額淨額 6,283 (11,264)

Listing expenses 上市開支 19,065 11,933

Employee benefit expense

(including directors』 remuneration)

僱員褔利開支

（包括董事酬金）：

Wages and salaries 工資及薪金 85,100 76,547

Defined contribution plans 界定供款計劃 28,507 23,972

Welfare and other benefits 福利及其他福利 15,364 10,642

128,971 111,161

7. 除稅前盈利

本 集 團 之 除 稅 前 盈 利 已 扣

除╱（計入）：

74 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

8. INCOME TAX

No provision for Singapore and Hong Kong

income tax was made as the Group did not earn

any income subject to Singapore and Hong Kong

income tax during the six months ended 30 June

2019 and 2018.

Tax for the PRC operations is charged at the

statutory rate of 25% of the assessable profits

under tax rules and regulations in the PRC.

During the six months ended 30 June 2019,

certain PRC subsidiaries are subject to a

preferential tax rate of 15% under the relevant

tax rules and regulations. During the six months

ended 30 June 2019 and 2018, certain PRC

subsidiaries are subject to tax at 50% of the

standard rates or fully exempt from income tax

under the relevant tax rules and regulations.

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Current – PRC: 即期─中國：

Charge for the period 本期間計提 86,593 84,699

(Overprovision)/underprovision

in prior years

過往年度（撥備過剩）╱

撥備不足 (1,528) 4,427

Deferred tax 遞延稅項 69,367 111,060

Total tax expense for the period 本期間稅項開支總額 154,432 200,186

The share of tax attributable to associates

amounting to HK$3,000 and nil for the six

months ended 30 June 2019 and 2018

respectively, is included in 「Share of profits

and losses of associates」 in the condensed

consolidated statement of comprehensive

income.

8. 所得稅

由於本集團於截至二零一九

年及二零一八年六月三十日

止六個月在新加坡及香港並

無賺取任何應課稅盈利，故

此並無作出新加坡及香港利

得稅撥備。

中國業務之稅項根據中國稅

務法律及法規，按應課稅盈

利以法定稅率25%計算。截

至二零一九年六月三十日止

六個月，根據相關稅務法律

及法規，若干中國附屬公司

享有15%的優惠稅率。截至

二零一九年及二零一八年六

月三十日止六個月，根據有

關稅務法律及法規，若干中

國附屬公司須按標準稅率之

50%繳納稅項或獲所得稅稅

項全數豁免。

截至二零一九年及二零一八

年六月三十日止六個月，應

佔聯營公司稅項分別為3,000

港元及零港元已計入簡明綜

合全面收益表的「所佔聯營公

司盈利及虧損」。

75 Interim R epor t 2 019

二零一九年中期報告

9. DIVIDENDS

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Dividends attributable to the period: 本期間應佔股息：

Interim – HK$0.0374 (equivalent to

SGD0.0065) and SGD0.0049,

respectively, per ordinary share

中期－每股普通股分別為

0.0374港元（等值0.0065

新加坡元）及0.0049新加

坡元 105,122 74,276

Dividends paid during the period: 期內已付股息：

Final in respect of the

previous financial year

上一個財政年度

之末期股息

– SGD0.0050 and

SGD0.0049

respectively, per ordinary share

－每股普通股分別為

0.0050新加坡元

及0.0049新加坡元 77,476 76,920

The dividends attributable to the six months

ended 30 June 2019 and 2018 were declared on

13 August 2019 and 7 August 2018 respectively.

9. 股息

截至二零一九年及二零一八

年六月三十日止六個月之應

佔股息已分別於二零一九年

八月十三日及二零一八年八

月七日宣派。

76 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

10. EARNINGS PER SHARE

The calculation of the basic earnings per share

amount is based on the Group’s profit for the

period attributable to equity holders of the

Company divided by the weighted average

number of ordinary shares in issue during the

period.

The Group had no potentially dilutive ordinary

shares in issue during the period.

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Profit for the period attributable to

equity holders of the Company

本期間本公司權益持有人

應佔盈利 420,487 370,737

』000 』000

千股 千股

Weighted average number of ordinary

shares in issue during the period

期內已發行普通股

加權平均數 2,711,232 2,626,856

HK cents HK cents

港仙 港仙

Basic and diluted earnings per share 每股基本及攤薄盈利 15.51 14.11

10. 每股盈利

每股基本盈利金額乃按本公

司權益持有人應佔本集團於

本期間之盈利除以期內已發

行普通股加權平均數計算。

期內，本集團並無任何已發

行具潛在攤薄影響之普通股。

77 Interim R epor t 2 019

二零一九年中期報告

11. CONTRACT ASSETS

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Non-current portion 非即期部分 12,657,115 11,727,822

Current Portion 即期部分 1,428,092 1,424,161

Included in 「Contract assets」 as at 30 June

2019 and 31 December 2018 are amounts

of HK$566,366,000 and HK$582,215,000,

respectively, which are due from a noncontrolling

shareholder of a non wholly-owned

subsidiary, and amounts of HK$682,164,000

and HK$603,995,000, respectively, which are

due from a related company.

Included in 「Intangible assets」 of the Group

as at 30 June 2019 and 31 December 2018

are contract assets of HK$498,344,000 and

HK$390,347,000, respectively, arising from

performance under construction contracts

i n connection w i t h s e r v i c e concession

arrangements.

11. 合約資產

於 二 零 一 九 年 六 月 三 十

日 及 二 零 一 八 年 十 二 月

三 十 一 日 ， 在「 合 約 資 產 」

中 列 明 ， 應 收 一 名 非 全 資

附 屬 公 司 的 非 控 股 股 東 款

項 分 別 為 566,366,000 港

元 及 582,215,000 港 元 ， 而

應 收 一 間 關 連 公 司 款 項 分

別 為 682,164,000 港 元 及

603,995,000港元。

於 二 零 一 九 年 六 月 三 十

日 及 二 零 一 八 年 十 二 月

三 十 一 日 ， 計 入 本 集 團

「無 形 資 產 」的 合 約 資 產 分

別 為 498,344,000 港 元 及

390,347,000港元，乃產生自

與服務特許經營權安排有關

的建造合同的表現。

78 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

11. CONTRACT ASSETS (continued)

Contract assets as at 30 June 2019 and 31

December 2018 totalling HK$14,085,207,000

and HK$13,151,983,000, respectively, bear

interest at rates ranging from 4.90% to 7.83%

and 4.90% to 7.83%, respectively, per annum.

As at 30 June 2019 and 31 December 2018,

HK$7,749,057,000 and HK$5,443,224,000,

respectively, related to the service concession

arrangements with operation commenced.

The amounts f o r the service concession

arrangements are not yet due for payment and

will be settled by revenue to be generated during

the operating periods of the service concession

arrangements. Amounts billed will be transferred

to trade receivables (note 12). No impairment

loss was recognised by the Group at 30 June

2019 and 31 December 2018 in respect of the

contract assets.

11. 合約資產（續）

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日 的 總 合 約 資 產 分 別 為

14,085,207,000 港 元 及

13,151,983,000 港 元 ， 分 別

按年利率介乎4.90%至7.83%

及 4.90% 至 7.83% 計 息 。 於

二 零 一 九 年 六 月 三 十 日 及

二 零 一 八 年 十 二 月 三 十 一

日，與開始營運的服務特許

經 營 權 安 排 相 關 的 款 項 分

別 為 7,749,057,000 港 元 及

5,443,224,000港元。服務特

許經營權安排的尚未到期付

款金額，將以服務特許經營

權安排於運營期間所產生之

收益支付。已開票金額將轉

撥至應收賬款（附註12）。 於

二零一九年六月三十日及二

零一八年十二月三十一日，

本集團並無任何合約資產已

確認減值虧損。

79 Interim Report 2019

二零一九年中期報告

12. TRADE AND OTHER RECEIVABLES

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Non-current 非流動

Trade receivables 應收賬款 26,546 50,216

VAT receivable 應收增值稅 95,371 92,341

Other receivables 其他應收款項 7,336 10,518

Amount due from an associate 應收一家聯營公司款項 8,143 4,029

137,396 157,104

Contingent consideration receivable 或然代價應收款項 – 2,155

137,396 159,259

Current 流動

Trade receivables 應收賬款 873,806 720,953

Less: Impairment 減：減值 (51,637) (49,888)

822,169 671,065

VAT receivable 應收增值稅 144,717 131,658

Other receivables and sundry deposits 其他應收款項及雜項按金 134,550 90,918

Prepayments 預付款項 324,744 125,017

1,426,180 1,018,658

Contingent consideration receivable 或然代價應收款項 9,218 6,386

1,435,398 1,025,044

Total 總計 1,572,794 1,184,303

12. 應收賬款及其他應收款項

80 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

12. TRADE AND OTHER RECEIVABLES

(continued)

The amount due from an associate as at 30 June

2019 is unsecured, interest-bearing at a rate of

4.75% per annum and repayable in 2020.

The movements in provision for impairment of

trade receivables are as follows:

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

At the beginning of the period/year 期╱年初 49,888 –

Effect on adoption of IFRS 9 採納國際財務報告準則

第9號的影響 – 35,669

Impairment losses recognised (note 7) 已確認減值虧損（附註7） 1,997 16,664

Exchange realignment 匯兌調整 (248) (2,445)

51,637 49,888

12. 應收賬款及其他應收款項

（續）

於二零一九年六月三十日應

收一家聯營公司款項為無抵

押 、 按 年 利 率4.75%計 息 及

須於二零二零年償還。

應收款項的減值撥備變動如

下：

81 Interim Report 2019

二零一九年中期報告

12. TRADE AND OTHER RECEIVABLES

(continued)

The ageing analysis of trade receivables, based

on the date of invoice (or date of revenue

recognition, if earlier) and net of provision, as at

the end of the reporting period is as follows:

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Within 1 month 一個月內 308,099 295,894

More than 1 month but within 2 months 超過一個月但於兩個月內 90,313 67,763

More than 2 months but within 4 months 超過兩個月但於四個月內 108,001 67,071

More than 4 months but within 7 months 超過四個月但於七個月內 136,249 147,661

More than 7 months but within 13 months 超過七個月但於十三個月內 118,668 53,203

More than 13 months 十三個月以上 87,385 89,689

848,715 721,281

Included in 「Trade and other receivables」 of the

Group as at 30 June 2019 and 31 December

2018 were trade receivables of HK$848,715,000

and HK$721,281,000, respectively, of which

HK$81, 431 ,000 a nd HK$148, 663 ,000 ,

respectively, are due from a non-controlling

shareholder of a non wholly-owned subsidiary,

H K $ 1 1 , 4 3 4 , 0 0 0 a n d H K $ 1 0 , 6 1 2 , 0 0 0 ,

respectively, are due from a related company,

H K $ 5 9 , 0 0 0 , 0 0 0 a n d H K $ 5 1 , 9 6 0 , 0 0 0 ,

respectively, are due from fellow subsidiaries.

12. 應收賬款及其他應收款項

（續）

應收賬款於報告期末根據發

票日期（或確認收益日期，倘

更早及扣除撥備後）之賬齡分

析如下：

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日 ， 計 入 本 集 團「應 收 賬 款

及 其 他 應 收 款 項 」包 括 應 收

賬 款 848,715,000 港 元 及

721,281,000 港 元 ， 其 中 應

收一名非全資附屬公司的非

控股股東分別為81,431,000

港 元 及 148,663,000 港

元 ， 應 收 一 家 關 聯 公 司 款

項 分 別 為 11,434,000 港

元 及 10,612,000 港 元 ，

應 收 同 系 附 屬 公 司 款 項 分

別 為 59,000,000 港 元 及

51,960,000港元。

82 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

13. OTHER FINANCIAL ASSETS

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Unlisted investments, at fair value 以公允值計量的

非上市投資 412,442 –

Unlisted equity investment, at fair value 以公允值計量的

非上市股權投資 27,498 –

439,940 –

The above unlisted investments at 30 June 2019

were wealth management products issued by

financial institutions in Hong Kong. They were

mandatorily classified as financial assets at fair

value through profit or loss (「FVTPL」) as their

contractual cash flows are not solely payments of

principal and interest.

13. 其他金融資產

於二零一九年六月三十日，

上述非上市投資為香港金融

機構發行的理財產品。該等

投資被強制分類為按公允值

計入損益賬（「按公允值計入

損益賬」）的金融資產，此乃

由於其合約現金流量並非純

粹為本金及利息付款。

83 Interim Report 2019

二零一九年中期報告

14. FIXED DEPOSITS WITH MATURITY

PERIOD OF OVER THREE MONTHS

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Pledged bank deposits 已抵押銀行存款 234,945 547,050

Fixed deposits 定期存款 20,360 –

255,305 547,050

Deposits with banks with original maturity of

more than three months are not included in cash

and cash equivalents.

As at 30 June 2019 and 31 December 2018,

bank deposits were pledged to secure certain

bank and other loans of the Group.

Pledged bank deposits earn interest at the

respective time deposit rates, and are deposited

with a creditworthy bank with no recent history of

default.

As at 30 June 2019, the fixed deposit of

RMB18,000,000 (equivalent to approximately

HK$20,360,000) had a maturity period of 180

days from the date of acquisition, of which

RMB12,000,000 carried the expected rate of

return at 1.82% and RMB6,000,000 carried the

expected rate of return at 1.55% per annum. The

balance was principal-protected and the Group

would redeem such deposit in August 2019.

14. 到期日為三個月以上定期

存款

原到期日為三個月以上之銀

行存款並未計入現金及現金

等價物。

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，銀行存款已抵押以取得

本集團若干銀行及其他貸款。

已抵押銀行存款按各自對應

的定期存款利率賺取利息，

並存放於信譽良好且近期並

無違約記錄之銀行。

於二零一九年六月三十日，

定期存款18,000,000元人民

幣（等值約20,360,000港元）

自購入日期起計180日到期，

其中12,000,000元人民幣的

預 期 年 回 報 率 為1.82%， 而

6,000,000元人民幣的預期年

回 報 率 為1.55%。 有 關 結 餘

屬保本性質，本集團將於二

零一九年八月贖回該存款。

84 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

15. CASH AND CASH EQUIVALENTS

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Cash on hand and bank balances 手持現金及銀行結餘 1,786,039 1,706,871

Pledged bank deposits 已 抵押銀行存款 22,983 21,702

1,809,022 1,728,573

As at 30 June 2019 and 31 December 2018, the

pledged bank deposits are pledged to banks for

the issuance of guarantees by the banks to the

grantors in respect of the specific performance

duties by the Group under certain service

concession agreements.

Included in 「Cash and cash equivalents」 of the

Group as at 30 June 2019 and 31 December

2018 are deposits of HK$10,486,000 and

HK$6,926,000, respectively, placed with a

related party bank, which is a fellow subsidiary of

the Company.

15. 現金及現金等價物

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，已抵押銀行存款抵押予

銀行，就本集團於若干服務

特許經營協議項下的特定履

約責任而由銀行向授權人發

出擔保。

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，計入本集團「現金及現金

等價物」包括存放於本公司同

系附屬公司關聯方銀行之存

款，分別為10,486,000港元

及6,926,000港元。

85 Interim Report 2019

二零一九年中期報告

16. TRADE AND OTHER PAYABLES

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Trade payables 應付賬款 1,605,515 1,472,377

Amounts due to intermediate holding

companies

應付中間控股公司款項

398 4

Dividend payable to a non-controlling

shareholder of a non wholly-owned

subsidiary

應付一名非全資附屬公司的

非控股股東股息

– 28,583

Interest payable 應付利息 120,822 64,776

Payable for acquisition 應付收購款項 9,275 14,994

Tax payables 應交稅項 31,758 42,541

Other creditors and accrued expenses 其他應付款項及應計費用 243,122 271,820

2,010,890 1,895,095

16. 應付賬款及其他應付款項

86 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

16. TRADE AND OTHER PAYABLES

(continued)

Included in 「Trade and other payables」 are trade

payables with the following ageing analysis

based on the date of invoice as at the end of the

reporting period:

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Within 6 months 六個月內 1,393,391 1,219,776

Over 6 months 超 過六個月 212,124 252,601

1,605,515 1,472,377

Trade payables totalling HK$1,321,630,000

and HK$1,231,468,000 as at 30 June 2019

and 31 December 2018 represent construction

payables for the Group’s Build-Operate-Transfer

arrangements. The construction payables are not

yet due for payment.

Included in 「Trade payables」 of the Group

as at 30 June 2019 and 31 December 2018

are trade payables of HK$1,697,000 and

HK$1,136,000, respectively, due to a noncontrolling

shareholder of a non wholly-owned

subsidiary, which are unsecured, interest free

and repayable on credit terms similar to those

offered by the non-controlling shareholder to its

major customers.

16. 應付賬款及其他應付款項

（續）

計入本集團「應付賬款及其他

應付款項」包括應付賬款，按

發票日期計算，其於報告期

末之賬齡分析如下：

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，本集團建造運營轉讓安

排下之建造工程應付款項之

應付賬款合共1,321,630,000

港元及1,231,468,000港元。

建造工程應付款項屬未到期

支付。

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，計入本集團「應付賬款」

包括應付一名非全資附屬公

司 的 非 控 股 股 東 的 應 付 賬

款 分 別 為 1,697,000 港 元 及

1,136,000港元，相關款項為

無抵押、免息及須按與非控

股股東授予其主要客戶信貸

期相若的信貸期償還。

87 Interim Report 2019

二零一九年中期報告

16. TRADE AND OTHER PAYABLES

(continued)

Included in 「Trade payables」 of the Group as at

30 June 2019 and 31 December 2018 are trade

payables of HK$8,464,000 and HK$6,940,000,

respectively, due to an associate, which are

unsecured, interest free and repayable on credit

terms similar to those offered by the associate to

its major customers.

Included in 「Other credi tors and accrued

expenses」 of the Group as at 30 June 2019

and 31 December 2018 is a guarantee deposit

of HK$14,213,000 and HK$14,230,000,

respectively, from a former director of a

subsidiary.

The amounts due to intermediate holding

companies of the Group as at 30 June 2019 and

31 December 2018 are unsecured, interest free

and repayable on demand.

16. 應付賬款及其他應付款項

（續）

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，計入本集團「應付賬款」

包括應付一家聯營公司的應

付賬款分別為8,464,000港元

及6,940,000港元，相關款項

為無抵押、免息及須按與該

聯營公司授予其主要客戶信

貸期相若的信貸期償還。

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，計入本集團「其他應付款

項及應計費用」包括一家附屬

公司的一名前任董事的擔保

按金分別為14,213,000港元

及14,230,000港元。

於二零一九年六月三十日及

二 零 一 八 年 十 二 月 三 十 一

日，應付本集團中間控股公

司款項為無抵押、免息及須

按要求償還。

88 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

17. SHARE CAPITAL

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Authorised: 法定：

10,000,000,000 ordinary shares of

nominal value of HK$1 each

10,000,000,000股每股

面值1港元的普通股 10,000,00 0 10,000,00 0

Issued and fully paid: 已發行及悉數繳足：

2,812,530,678 and 2,676,062,186

ordinary shares of nominal value of

HK$1 each

2,812,530,678股及

2,676,062,186股每股

面值1港元的普通股 2,812,531 2,676,062

No. of shares Amount

股份數目 金額

』000 HK$』000

千股 千港元

Issued and fully paid: 已發行及悉數繳足：

At 31 December 2018 and

1 January 2019 (audited)

於二零一八年十二月三十一日

及二零一九年一月一日

（經審計） 2,676,062 2,676,062

Issue of shares under global offering

(note (a))

根據全球發售發行股份

（附註(a)） 103,970 103,970

Issue of shares pursuant to scrip

dividend scheme (note (b))

根據以股代息計劃發行

股份（附註(b)） 32,499 32,499

At 30 June 2019 (unaudited) 於二零一九年六月三十日

（未經審計） 2,812,531 2,812,531

17. 股本

89 Interim Report 2019

二零一九年中期報告

17. SHARE CAPITAL (continued)

Notes:

(a) The Company completed its global offering by issuing

10,398,000 new ordinary shares with nominal value

of HK$1 each for Hong Kong public offer on 7 May

2019 and 93,572,000 new ordinary shares with

nominal value of HK$1 each for international offer on

8 May 2019, respectively. The offer price of these new

ordinary shares was HK$2.99 per share. Since then,

these new ordinary shares issued under the global

offering have been listed on the Main Board of the

SEHK on 8 May 2019.

The total gross proceeds from the global offering

amounted to approximately HK$310,870,000, among

which HK$103,970,000 was credited to share capital

and HK$206,900,000 was credited to share premium,

net of share issue expenses of HK$11,643,000.

(b) The Company declared a final dividend of 0.50 Sing

cents per ordinary share for the financial year ended

31 December 2018. According to the result of an

election between a cash dividend and a scrip dividend

by shareholders of the Company, the Company

allotted and issued 32,498,492 new ordinary shares

to shareholders who had elected to participate

in the scrip dividend scheme with approximately

HK$32,498,000 credited to share capital and

HK$35,533,000 credited to share premium, net of

share issue expenses of SGD30,000 (equivalent to

approximately HK$172,000).

17. 股本（續）

附註：

(a) 本公司分別於二零一九年五月七

日 發 行 10,398,000 股 每 股 面 值

1港元的新普通股作為香港公開

發售，並於二零一九年五月八日

發行93,572,000股每股面值1港

元的新普通股作為國際發售，以

完成其全球發售。該等新普通股

的 發 售 價 為 每 股 2.99 港 元 。 自

此，根據全球發售發行的該等新

普通股於二零一九年五月八日在

香港聯交所主板上市。

全 球 發 售 所 得 款 項 總 額 約

為 310,870,000 港 元 ， 其 中

103,970,000 港 元 計 入 股 本 ，

206,900,000港元經扣除股份發

行開支11,643,000港元後計入股

份溢價。

(b) 截至二零一八年十二月三十一日

止財政年度，本公司已宣派每股

普通股0.50新分的末期股息。根

據本公司股東對於現金股息與以

股代息的選擇結果，本公司已配

發及發行32,498,492股新普通股

予已選擇參與以股代息計劃的股

東 ， 約 32,498,000 港 元 計 入 股

本，而35,533,000港元經扣除股

份發行開支30,000新加坡元（等

值約172,000港元）後計入股份

溢價。

90 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

18. COMMITMENTS

(a) The Group had the following commitments

as at the reporting date:

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Purchase commitments outstanding

in connection with the Group’s

construction contracts were as follows:

有關本集團建造合約的

採購承擔如下：

Contracted, but not provided for 已訂約但未撥備 1,719,658 1,936,318

(b) As at 30 June 2019, the Group had outstanding

capital commitment relating to the capital

contribution to an unlisted equity investment

not provided for in the unaudited interim

financial information of HK$23,615,000

(31 December 2018: Nil).

18. 承擔

(a) 本集團於各報告日期的

承擔如下：

(b) 於二零一九年六月三十

日，本集團就一家非上

市 股 權 投 資 注 資 未 於

未 經 審 計 中 期 財 務 資

料 撥 備 的 資 本 承 擔 為

23,615,000 港 元（ 二 零

一 八 年 十 二 月 三 十 一

日：無）。

91 Interim Report 2019

二零一九年中期報告

19. RELATED PARTY TRANSACTIONS

In addition to the transactions and balances

disclosed elsewhere in this report, the Group

entered into the following material related party

transactions during the reporting date:

(a) The Group entered into the following related

party transactions with non-controlling

s h a r e h o l d e r s o f non wholly-owned

subsidiaries of the Group:

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Revenue from project operation service 項目運營服務收入 26,028 82,960

Finance income 財務收入 9,551 10,815

Cost of construction service 建造服務成本 94,745 77,126

(b) The Group entered into the following related

party transactions with a related company of

the Group:

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Revenue from project operation service 項目運營服務收入 30,768 25,399

Finance income 財務收入 24,185 24,157

19. 關聯方交易

除本報告其他部分所披露之

交 易 及 結 餘 外 ， 於 報 告 期

間，本集團發生了下列重大

關聯方交易：

(a) 本集團與本集團非全資

附屬公司的非控股股東

發生下列關聯方交易：

(b) 本集團與本集團一家關

聯方公司發生下列關聯

方交易：

92 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

19. RELATED PARTY TRANSACTIONS

(continued)

(c) The Group entered into the following related

party transactions with an associate of the

Group:

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Service expenses for operation of

waste water treatment plants

汙水處理廠的運營

服務開支 21,328 20,516

(d) The Group entered into the following related

party transactions with fellow subsidiaries

and intermediate holding companies of the

Group:

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

Notes HK$』000 HK$』000

附註 千港元 千港元

Sales of equipment 銷售設備 (i) 6,519 50,923

Rental expenses 租金開支 (ii) 1,896 2,853

Underwriting service fees 承銷服務費 (iii) 4,032 –

Listing related fees 上市相關費用 (iv) 6,305 441

Insurance expenses 保險費用 (v) 847 –

19. 關聯方交易（續）

(c) 本集團與本集團一家聯

營公司發生下列關聯方

交易：

(d) 本集團與本集團同系附

屬公司及中間控股公司

發生下列關聯方交易：

93 Interim Report 2019

二零一九年中期報告

19. RELATED PARTY TRANSACTIONS

(continued)

(d) (continued)

Notes:

(i) The sales of equipment to fellow subsidiaries of

the Group were conducted based on mutually

agreed terms.

(ii) The rental expenses were charged by fellow

subsidiaries of the Group on mutually agreed

terms.

(iii) The underwriting service fees of the issue of the

third tranche of the Corporate Bond paid to a

fellow subsidiary were calculated pursuant to the

relevant underwriting agreement.

(iv) The listing related fees were charged by fellow

subsidiaries of the Group on mutually agreed

terms.

(v) The insurance expenses were charged by a

fellow subsidiary of the Group on mutually

agreed terms.

19. 關聯方交易（續）

(d) （續）

附註：

(i) 向本集團同系附屬公司銷

售設備乃按雙方協議的條

款進行。

(ii) 本集團同系附屬公司按雙

方協議的條款收取租金開

支。

(iii) 向一間同系附屬公司支付

的發行第三批公司債券的

承銷服務費乃根據相關承

銷協議計算。

(iv) 向本集團同系附屬公司支

付的上市相關費用乃按雙

方協議的條款進行。

(v) 向本集團一間同系附屬公

司支付的保險費乃按雙方

協議的條款進行。

94 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

19. RELATED PARTY TRANSACTIONS

(continued)

(e) Transactions with other stated-owned

entities in Mainland China:

The Group operates i n an economic

environment predominated by enterprises

directly or indirectly owned and/or controlled

by the PRC government through i t s

numerous authorities, affiliates or other

organisations (collectively 「Other SOEs」).

During the financial year, the Group had

transactions with the Other SOEs including,

but not limited to the waste water treatment

service, bank deposits and borrowings, and

utilities consumption. The directors consider

that the transactions with the Other SOEs

are activities in the ordinary course of the

Group’s business, and that the dealings

of the Group have not been significantly or

unduly affected by the fact that the Group

and the Other SOEs are ultimately controlled

or owned by the PRC government. The

Group has also established pricing policies

for products and services and such pricing

policies are not carried out on non-market

terms and do not depend on whether or

not the customers are the Other SOEs.

Having due regard to the substance of the

relationships, the directors are of the opinion

that none of these transactions is a material

related party transaction that would require

separate disclosure.

19. 關聯方交易（續）

(e) 與中國內地其他國有實

體的交易：

本集團在由中國政府通

過其各種機關、聯屬人

士或其他組織直接或間

接擁有及╱或控制的企

業（ 統 稱「 其 他 國 有 企

業」）佔主導地位的經濟

環境中營運。於財政年

度內，本集團與其他國

有企業之間進行的交易

包括（但不限於）汙水處

理服務、銀行存款及貸

款以及公用事業開支。

董事認為與該等其他國

有企業之間的交易乃屬

本集團日常業務過程中

之活動，而且儘管本集

團及其他國有企業最終

均由中國政府控制或擁

有，但這並不會對本集

團的業務造成重大或不

當影響。本集團亦就產

品 及 服 務 確 立 定 價 政

策，且該等定價政策並

非按非市場條款制訂，

亦不視乎客戶是否為其

他國有企業而定。經妥

為考慮上述關係之本質

後，董事認為該等交易

概非須另行披露之重大

關聯方交易。

95 Interim Report 2019

二零一九年中期報告

19. RELATED PARTY TRANSACTIONS

(continued)

(f) The Group paid compensation of directors

and key management personnel as follows:

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Salaries, bonuses and related benefit 薪金、花紅及相關福利 4,394 5,074

Directors』 fees 董事袍金 979 892

Defined contribution plans 界定供款計劃 926 1,201

6,299 7,167

Comprising amounts paid/payable to:

For the six months ended 30 June

截至六月三十日止六個月

2019 2018

二零一九年 二零一八年

(Unaudited) (Unaudited)

（未經審計） （未經審計）

HK$』000 HK$』000

千港元 千港元

Directors of the Company 本公司董事 2,699 2,493

Other key management personnel 其他關鍵管理人員 3,600 4,674

6,299 7,167

19. 關聯方交易（續）

(f) 本集團已支付予董事及

關鍵管理人員之報酬如

下：

包括已付╱應付下列各

方金額：

96 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

19. RELATED PARTY TRANSACTIONS

(continued)

(g) The Group has rental contracts with three

fellow subsidiaries of the Group. At the

reporting date, the Group had total lease

liabilities with fellow subsidiaries under noncancellable

leases falling due as follows:

At

30 June

2019

At

31 December

2018

於二零一九年

六月三十日

於二零一八年

十二月三十一日

(Unaudited) (Audited)

（未經審計） （經審計）

HK$』000 HK$』000

千港元 千港元

Lease liabilities – current 租賃負債－即期 6,689 –

Lease liabilities – non-current 租賃負債－非即期 12,189 –

18,878 –

Under such rental contracts, the minimum

lease payment during the period was

HK$1,442,000. As at 30 June 2019,

the Group’s right-of-use assets relating

to such rental contracts amounted to

HK$18,818,000 (31 December 2018: Nil).

19. 關聯方交易（續）

(g) 本集團與本集團三家同

系附屬公司訂立租賃合

約。於報告日期，根據

本集團與其同系附屬公

司訂立不可解除經營租

賃協議，本集團之租賃

負債總額到期如下：

於 該 等 租 賃 合 約 下 ，

期 內 最 低 租 賃 付 款 為

1,442,000 港 元 。 於 二

零一九年六月三十日，

本集團與該等租賃合約

有 關 之 使 用 權 資 產 為

18,818,000 港 元（ 二 零

一 八 年 十 二 月 三 十 一

日：無）。

97 Interim Report 2019

二零一九年中期報告

20. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS

Management has assessed that the fair values

of cash and cash equivalents, bank deposits,

trade payables, current portion of trade

receivables, other receivables, other payables,

and borrowings approximate to their carrying

amounts largely due to the short term maturities

of these instruments.

The Group’s financial management department

is responsible for determining the policies and

procedures for the fair value measurement of

financial instruments. At each reporting date, the

financial management department analyses the

movements in the values of financial instruments

and determines the major inputs applied in

the valuation. The valuation is reviewed and

approved by the chief financial officer. The

valuation process and results are discussed with

the audit committee twice a year for interim and

annual financial reporting.

The fair values of the financial assets and

liabilities are included at the amount at which

the instrument could be exchanged in a current

transaction between willing parties, other than

in a forced or liquidation sale. The following

methods and assumptions were used to

estimate the fair values:

The fair values of the non-current portion of

trade receivables, other receivables, other

payables, and borrowings have been calculated

by discounting the expected future cash flows

using rates currently available for instruments

with similar terms, credit risk and remaining

maturities. The Group’s own non-performance

risk for borrowings as at the end of each of the

financial year was assessed to be insignificant.

20. 金融工具的公允值及公允值

層級

管理層評定現金及現金等價

物、銀行存款、應付帳款、

應收賬款的即期部份、其他

應收款項、其他應付款項及

貸款之公允值與其賬面值相

若，主要由於該等工具於短

期內到期。

本集團之財務管理部門專責

釐定金融工具公允值計量之

政策及程序。於各個報告日

期，財務管理部門會分析金

融工具之價值變動，並釐定

估 值 所 應 用 之 主 要 輸 入 數

據。估值由財務總監審閱及

審批。審計委員會每年兩次

討論估值程序及結果，以便

作出中期及年度財務報告。

金融資產及負債之公允值以

該工具於自願交易方（而非強

迫或清盤出售）當前交易下之

可交易金額入帳。下列方法

及假設乃用於估計公允值：

應收賬款的非即期部份、其

他應收款項、其他應付款項

及貸款之公允值乃按具有類

似條款、信貸風險及剩餘年

期之工具之現行適用利率，

貼現預期未來現金流量之方

式計算。於各財政年度末，

就貸款而言，本集團本身之

不履約風險被評定為甚微。

98 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

20. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy

The Group uses valuation techniques that are

appropriate in the circumstances and for which

sufficient data are available to measure fair value,

maximising the use of relevant observable inputs

and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is

measured or disclosed in the interim financial

information are categorised within the fair value

hierarchy, described as follows, based on the

lowest level input that is significant to the fair

value measurement as a whole:

Level 1 – based on quoted prices (unadjusted)

in active markets for identical assets

or liabilities.

Level 2 – based on valuation techniques

for which the lowest level input

that is significant to the fair value

measurement is observable, either

directly or indirectly.

Level 3 – based on valuation techniques

for which the lowest level input

that is significant to the fair value

measurement is unobservable.

For assets and liabilities that are recognised in

the interim financial information on a recurring

basis, the Group determines whether transfers

have occurred between levels in the hierarchy by

reassessing categorisation (based on the lowest

level input that is significant to the fair value

measurement as a whole) at the end of each

reporting period.

20. 金融工具的公允值及公允值

層級（續）

公允值層級

本集團採用適用於不同情況

且具備充分數據以供計量公

允值之估值方法，以儘量使

用相關可觀察輸入數據及儘

量減少使用不可觀察輸入數

據。

已於中期財務資料中計量或

披露公允值之所有資產及負

債乃基於對公允值計量整體

而言屬重大之最低層輸入數

據按以下公允值層級分類：

第一級 – 基於相同資產或負

債於活躍市場之報

價（未經調整）。

第二級 – 基於對公允值計量

而言屬重大之可觀

察（直 接 或 間 接 ）

最底層輸入數據之

估計方法。

第三級 – 基於對公允值計量

而言屬重大之不可

觀察最低層輸入數

據之估值方法。

就按經常性基準於中期財務

資 料 確 認 之 資 產 及 負 債 而

言，本集團透過於各報告期

末重新評估分類（基於對公允

值計量整體而言屬重大之最

低層輸入數據）確定不同層級

之間是否出現轉移。

99 Interim Report 2019

二零一九年中期報告

20. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)

The following tables illustrate the fair value

measurement hierarchy of the Group’s financial

instruments:

Assets measured at fair value:

As at 30 June 2019

Quoted

prices

in active

markets

(Level 1)

活躍市場

之報價

（第一級）

Significant

observable

inputs

(Level 2)

重大可觀察

輸入數據

（第二級）

Significant

unobservable

inputs

(Level 3)

重大不可觀察

輸入數據

（第三級）

Total

總計

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

（未經審計） （未經審計） （未經審計） （未經審計）

HK$』000 HK$』000 HK$』000 HK$』000

千港元 千港元 千港元 千港元

Contingent consideration

receivable

或然代價應收款項

– – 9,218 9,218

Unlisted investments at FVTPL 按公允值計入損益賬的

非上市投資 – 412,442 – 412,442

Unlisted equity investment at

FVTPL

按公允值計入損益賬的

非上市股權投資 – – 27,498 27,498

– 412,442 36,716 449,158

20. 金融工具的公允值及公允值

層級（續）

公允值層級（續）

下表列示本集團金融工具的

公允值計量層級：

按公允值計量的資產：

於二零一九年六月三十日

100 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

20. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)

Assets measured at fair value: (continued)

As at 31 December 2018

Quoted

prices

in active

markets

(Level 1)

活躍市場

之報價

（第一級）

Significant

observable

inputs

(Level 2)

重大可觀察

輸入數據

（第二級）

Significant

unobservable

inputs

(Level 3)

重大不可觀察

輸入數據

（第三級）

Total

總計

(Audited) (Audited) (Audited) (Audited)

（經審計） （經審計） （經審計） （經審計）

HK$』000 HK$』000 HK$』000 HK$』000

千港元 千港元 千港元 千港元

Contingent consideration

receivable

或然代價應收款項

– – 8,541 8,541

The fai r value of contingent consideration

receivable as at 30 June 2019 is based on the

valuation by the management using a discounted

cash flow method with scenario simulation.

The fair values of unlisted investment at FVTPL

as at 30 June 2019 are based on net asset value

of the investees which approximate to the fair

value.

The fair value of unlisted equity investment at

FVTPL as at 30 June 2019 is based on the

expected future cash flows of the investment.

20. 金融工具的公允值及公允值

層級（續）

公允值層級（續）

按公允值計量的資產：（續）

於二零一八年十二月

三十一日

於二零一九年六月三十日，

或然代價應收款項之公允值

乃基於管理層使用貼現現金

流量法及情景模擬估計所得

之價值。

於二零一九年六月三十日，

按公允值計入損益賬的非上

市投資之公允值根據被投資

公司之資產淨值釐定，有關

資產淨值與公允值相若。

於二零一九年六月三十日，

按公允值計入損益賬的非上

市股權投資之公允值乃經參

考有關投資之預期未來現金

流量而估計。

101 Interim Report 2019

二零一九年中期報告

20. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)

Assets measured at fair value: (continued)

The movements in fair value measurements

within Level 3 during the period are as follows:

At

30 June

2019

於二零一九年

六月三十日

(Unaudited)

（未經審計）

HK$』000

千港元

Contingent consideration receivable: 或然代價應收款項：

At the beginning of the period 期初 8,541

Fair value gain (note 5) 公允值收益（附註5） 727

E xchange realignment 匯 兌調整 (50)

At the end of the period 期末 9,218

At

30 June

2019

於二零一九年

六月三十日

(Unaudited)

（未經審計）

HK$』000

千港元

Unlisted equity investment at FVTPL: 按公允值計入損益賬的

非上市股權投資：

At the beginning of the period 期初 –

Purchases 購買 27,146

Fair value gain (note 5) 公允值收益（附註5） 358

E xchange realignment 匯 兌調整 (6)

At the end of the period 期末 27,498

20. 金融工具的公允值及公允值

層級（續）

公允值層級（續）

按公允值計量的資產：（續）

期 內 第 三 級 公 允 值 計 量 的

變動如下：

102 China Everbright Water Limited

中國光大水務有限公司

Notes to condensed consolidated financial information

簡明綜合財務報表附註

20. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)

The Group did not have any financial liabilities

measured at fair value as at 30 June 2019 and 31

December 2018.

D u r i n g t h e s i x months ended 30 June

2019, there were no transfers of fair value

measurements between Level 1 and Level 2

and no transfers into or out of Level 3 for both

financial assets and financial liabilities (six

months ended 30 June 2018: Nil).

21. SUBSEQUENT EVENT

An interim dividend of HK$0.0374 (equivalent

to SGD0.0065) per ordinary share totalling

HK$105,122,000 was declared by the Board on

13 August 2019.

22. AUTHORISATION OF THE UNAUDITED

INTERIM FINANCIAL INFORMATION FOR

ISSUE

The unaudited interim financial information

for the six months ended 30 June 2019 were

approved and authorised for issue by the Board

on 13 August 2019.

20. 金融工具的公允值及公允價

層級（續）

公允值層級（續）

本 集 團 於 二 零 一 九 年 六 月

三 十 日 及 二 零 一 八 十 二 月

三十一日並無任何按公允值

計量的金融負債。

截至二零一九年六月三十日

止六個月，第一級和第二級

公允值計量之間並無任何轉

移。對於金融資產及金融負

債，第三級亦無任何轉入或

轉 出（截 至 二 零 一 八 年 六 月

三十日止六個月：無）。

21. 期後事項

中 期 股 息 為 每 股 普 通 股

0.0374 港 元（等 值 0.0065 新

加坡元），總額105,122,000

港元，經董事會於二零一九

年八月十三日宣佈派發。

22. 未經審計中期財務資料之批

準刊發

本截至二零一九年六月三十

日止六個月的未經審計中期

財 務 資 料 經 董 事 會 於 二 零

一九年八月十三日批准並授

權刊發。

Report on Review of Interim Financial Information

中期財務資料審閱報告

103 Interim Report 2019

二零一九年中期報告

The Board of Directors

China Everbright Water Limited

Introduction

We have reviewed the interim financial information

set out on pages 42 to 102, which comprises the

condensed consolidated statement of financial

position as at 30 June 2019 of China Everbright

Water Limited and i t s subsidiaries, and the

related condensed consolidated statement of

comprehensive income, condensed consolidated

statement of changes in equity and condensed

consolidated statement of cash flows for the six

months then ended, and a summary of significant

accounting policies and other explanatory notes.

The Rules Governing the Listing of Securities on The

Stock Exchange of Hong Kong Limited require the

preparation of a report on interim financial information

to be in compliance with the relevant provisions

thereof and International Accounting Standard 34

「Interim Financial Reporting」 (「IAS 34」) issued by

the International Accounting Standards Board (the

「IASB」).

The directors of the Company are responsible for

the preparation and presentation of this interim

financial information in accordance with IAS 34.

Our responsibility is to express a conclusion on this

interim financial information based on our review.

Our report is made 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.

致中國光大水務有限公司董事會

引言

我們已審閱第42頁至第102頁所

載之中期財務資料，當中包括中

國光大水務有限公司及其附屬公

司於二零一九年六月三十日之簡

明綜合財務狀況表，以及截至該

日止六個月之相關簡明綜合全面

收益表、簡明綜合權益變動表及

簡明綜合現金流量表，以及重大

會計政策概要及其他附註解釋。

《香港聯合交易所有限公司證券上

市規則》規定，就中期財務資料而

編製之報告必須符合當中訂明之

相關條文，以及由國際會計準則

理事會（「國際會計準則理事會」）

頒佈的《國際會計準則》第34號「中

期財務報告」（「國際會計準則第34

號」）。

貴公司董事須負責根據國際會計

準則第34號編製及呈報本中期財

務資料。我們的責任，是根據審

閱結果，對本中期財務資料作出

結論，並按照雙方所協定之委聘

書條款僅向全體董事會報告。除

此之外，本報告不可用作其他用

途。我們不會就本報告之內容向

任何其他人士負上或承擔任何責

任。

104 China Everbright Water Limited

中國光大水務有限公司

Report on Review of Interim Financial Information

中期財務資料審閱報告

Scope of Review

We conducted our review in accordance wi th

International Standard on Review Engagements 2410

「Review of Interim Financial Information Performed

by the Independent Auditor of the Entity」. A review

of interim financial information consists of making

inquiries, primarily of persons responsible for financial

and accounting matters, and applying analytical and

other review procedures. A review is substantially

less in scope than an audit conducted in accordance

with International Standards on Auditing and

consequently does not enable 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

Based on our review, nothing has come to our

attention that causes us to believe that the interim

financial information is not prepared, in all material

respects, in accordance with IAS 34.

Ernst & Young LLP

Public Accountants and

Chartered Accountants

Singapore

13 August 2019

審閱範圍

我們已根據《國際審閱工作準則》

第2410號「獨立審計師對中期財

務信息的審閱」進行審閱工作。

審閱中期財務資料主要包括向負

責財務及會計事務之人員作出查

詢，以及進行分析性及其他審閱

程序。由於審閱之範圍遠較根據

國際審計準則進行審計之範圍為

小，所以不能保證我們會知悉所

有 在 審 計 中 可 能 發 現 之 重 大 事

項。因此，我們不會發表任何審

計意見。

結論

根據我們的審閱結果，我們並無

發現任何事項而令我們相信中期

財務資料在任何重大方面未有根

據國際會計準則第34號編製。

安永會計師事務所

公共會計師與

特許會計師

新加坡

二零一九年八月十三日

　 中財網