| 時間：2020年12月21日 17:25:45 中財網 |
原標題:現恆建築:二零二零年中期報告
Corporate Information
Highlights
Management Discussion and Analysis
Disclosure of Interests
Corporate Governance and Other Information
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Condensed Consolidated Cash Flow Statement
Notes to the Financial Statements
Review Report to the Board of Directors
Page/頁次
公司資料 2
摘要 4
管理層討論與分析 5
權益披露 12
企業管治及其他資料 14
綜合損益及其他全面收益表 17
綜合財務狀況表 18
綜合權益變動表 20
簡明綜合現金流量表 22
財務報表附註 23
致董事會審閱報告 31
BOARD OF DIRECTORS
Executive Directors
Lau Pak Man
Cheng Wing Cheong
Kwan Kit Sum Kit
Independent Non-Executive Directors
Leung Chi Kin
Lam Chi Hung Louis
Yau Chi Man Norman (also known as Iao Chi Meng)
AUDIT COMMITTEE
Leung Chi Kin
Lam Chi Hung Louis
Yau Chi Man Norman (also known as Iao Chi Meng)
REMUNERATION COMMITTEE
Yau Chi Man Norman (also known as Iao Chi Meng)
Kwan Kit Sum Kit
Leung Chi Kin
NOMINATION COMMITTEE
Lam Chi Hung Louis
Cheng Wing Cheong
Yau Chi Man Norman (also known as Iao Chi Meng)
AUTHORISED REPRESENTATIVES
Kwan Kit Sum Kit
Wong Sin Yi Reginia
COMPANY SECRETARY
Wong Sin Yi Reginia
AUDITOR
KPMG
Public Interest Entity Auditor registered in accordance
with the Financial Reporting Council Ordinance
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
Wing Lung Bank Limited
The Hongkong and Shanghai Banking
Corporation Limited
董事會
執行董事
劉伯文
鄭榮昌
關潔心
獨立非執行董事
梁梓堅
林志雄
丘子敏
審核委員會
梁梓堅
林志雄
丘子敏
薪酬委員會
丘子敏
關潔心
梁梓堅
提名委員會
林志雄
鄭榮昌
丘子敏
授權代表
關潔心
王倩儀
公司秘書
王倩儀
核數師
畢馬威會計師事務所
於《財務匯報局條例》下的註冊
公眾利益實體核數師
主要往來銀行
中國銀行（香港）有限公司
永隆銀行有限公司
香港上海滙豐銀行有限公司
REGISTERED OFFICE
Windward 3
Regatta Office Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
HEADQUARTERS AND PRINCIPAL
PLACE OF BUSINESS IN HONG KONG
26/F, Park Avenue Tower
5 Moreton Terrace
Causeway Bay
Hong Kong
HONG KONG BRANCH SHARE
REGISTRAR AND TRANSFER OFFICE
Tricor Investor Services Limited
Level 54, Hopewell Centre
183 Queen’s Road East
Hong Kong
CAYMAN ISLANDS PRINCIPAL SHARE
REGISTRAR AND TRANSFER OFFICE
Ocorian Trust (Cayman) Ltd.
Windward 3
Regatta Office Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
WEBSITE
www.inconstruction.hk
STOCK CODE
Hong Kong Stock Exchange 1500
註冊辦事處
Windward 3
Regatta Office Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
總部及香港主要營業地點
香港
銅鑼灣
摩頓臺5號
百富中心26樓
香港股份過戶登記分處
卓佳證券登記有限公司
香港
皇后大道東183號
合和中心54樓
開曼群島股份過戶登記總處
Ocorian Trust (Cayman) Ltd.
Windward 3
Regatta Office Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
網站
www.inconstruction.hk
股份代號
香港聯交所1500
HK$’m 252.7 百萬港元
HK$188.6m in 1H20
二零二零年上半年為188.6百萬港元
HK$’m 37.6 百萬港元
HK$14.8m in 1H20
二零二零年上半年為14.8百萬港元
REVENUE 收入
GROSS PROFIT 毛利
HK cents 2.6 港仙
HK0.3 cents in 1H20
二零二零年上半年為0.3港仙
HK$’m 21.4 百萬港元
HK$2.5m in 1H20
二零二零年上半年為2.5百萬港元
EARNINGS PER SHARE 每股盈利
NET PROFIT 淨利潤
GROSS PROFIT MARGIN 1H2021
二零二一年上半年毛利率
GROSS PROFIT MARGIN 1H2020
二零二零年上半年毛利率
14.9%
7.8%
BUSINESS AND FINANCIAL REVIEW
The Group is principally engaged as a contractor in
the foundation industry in Hong Kong, undertaking
foundation works as well as associated works including
demolition works, site formation works, ground
investigation field works and general building works for
local customers.
Business Review
The Group has been engaged to undertake foundation
and associated works in private sector construction
projects in Hong Kong, with an emphasis on design
and build projects and undertaking the role as a main
contractor.
The Group places emphasis on design and build projects
because of the flexibility and capability in coming up
with foundation design plan that suits its customers』
requirements and the site conditions. During the six
months ended 30 September 2020, the Group has
successfully carried out construction works with alternative
design which not only complies with the technical
requirements but is also more cost efficient for 「design
and build」 contracts. The cost efficient proposals allow
the Group to offer its customers more competitive pricing
and at the same time secure its profit margin for the
period.
業務及財務回顧
本集團為香港地基業的承建商，負責本
地客戶的地基工程以及相關工程，包括
拆卸工程、地盤平整工程、現場土地勘
測工程及一般建築工程。
業務回顧
本集團獲邀承接香港私營建築項目的地
基工程及相關工程，專注於設計及建造
項目，並擔任總承建商。
本集團專注於設計及建造項目，乃因其
靈活地且有能力製作迎合客戶要求及符
合地盤狀況的地基設計規劃。截至二零
二零年九月三十日止六個月期間，就「設
計及建造」合約而言，本集團已成功以替
代設計進行建築工程，不僅符合技術要
求，而且更具成本效益。具成本效益的
方案讓本集團可向其客戶提供更具競爭
力的價格，並同時於期內獲得利潤。
BUSINESS AND FINANCIAL REVIEW
(continued)
Business Review (continued)
During the six months ended 30 September 2020, one
new project with a contract sum of HK$17.9 million
was awarded to the Group. Two existing projects were
completed during the period. As at 30 September 2020,
seven projects with the outstanding contract sum of
HK$378.1 million were all in progress.
Year/Period of award/project
Type of contract
Status as at
30 September 2020
獲授年度╱期間項目
合約類型
於二零二零年九月三十日
之狀況
Year 2018-2019
二零一八至二零一九年度
Kok Cheung Street, Tai Kok Tsui
Design and build
Work in progress
大角咀角祥街
設計及建造
在建
Tai Po Kau
Design and build
Work in progress
大埔滘
設計及建造
在建
Caine Road
Design and build
Completed
堅道
設計及建造
已完工
Year 2019-2020
二零一九年至二零二零年度
Hok Yuen Street
Design and build
Work in progress
鶴園街
設計及建造
在建
Tung Street
Design and build
Work in progress
東街
設計及建造
在建
Kwun Chui Road
Build only
Completed
管翠路
僅建造
已完工
Liberty Avenue
Design and build
Work in progress
自由道
設計及建造
在建
Hang On Street
Design and build
Work in progress
恆安街
設計及建造
在建
Year 2020-2021
二零二零年至二零二一年度
Wo Shang Wai
Monitoring and maintenance
Work in progress
和生圍
監測及保養
在建
業務及財務回顧（續）
業務回顧（續）
於 截 至 二 零 二 零 年 九 月 三 十 日 止 六 個
月期間，本集團獲授合約金額為17.9百
萬港元的一個新增項目。二個現有項目
已於期內完成。於二零二零年九月三十
日，未完工合約金額378.1百萬港元的七
個項目全為在建。
BUSINESS AND FINANCIAL REVIEW
(continued)
Financial Review
During the six months ended 30 September 2020, there
were 16 projects contributing revenue of approximately
HK$252.7 million, whereas revenue for the corresponding
period in 2019 of approximately HK$188.6 million
was contributed by 14 projects. The top five projects
contributed revenue amounted to approximately
HK$204.4 million (2019: approximately HK$176.8 million),
in which the top project contributed 43.9% of the total
revenue.
The Group recorded an increase in contract revenue
for the six months ended 30 September 2020 by
approximately HK$64.1 million as compared with that of
the corresponding period in 2019. Gross profit increased
by approximately HK$22.8 million, to approximately
HK$37.6 million for the current period from approximately
HK$14.8 million for the corresponding period in 2019.
Gross profit margin increased to 14.9% for the current
period from 7.8% for the corresponding period in 2019.
Such increase was primarily attributable to, among other
factors, increase in revenue and gross profit generated
from new projects undertaken by the Group during the
period and successfully claim of extension of time from
our customers of various projects.
Administrative and other operating expenses increased by
approximately HK$3.0 million to approximately HK$15.5
million, compared with approximately HK$12.5 million
of the corresponding period in the prior year, which was
mainly due to the increase of impairment losses on trade
and other receivables by HK$6.0 million.
As a result, profit for the period was HK$21.4 million,
increased by approximately HK$18.9 million compared
with the corresponding period in the prior year.
業務及財務回顧（續）
財務回顧
截至二零二零年九月三十日止六個月，
十六個項目貢獻收益約252.7百萬港元，
而二零一九年同期14個項目貢獻收益約
188.6百萬港元。五大項目貢獻之收益約
達204.4百萬港元（二零一九年：約176.8
百萬港元），其中最大項目貢獻總收益之
43.9%。
截至二零二零年九月三十日止六個月，
本集團所錄得之合約收益較二零一九年
同期增加約64.1百萬港元。毛利由二零
一九年同期約14.8百萬港元增加約22.8
百萬港元至本期間約37.6百萬港元。毛
利率亦由二零一九年同期的7.8%增加至
本期間的14.9%，主要由於（其中包括）
本集團期間內承接新項目產生的收益及
毛利增加及因成功向客戶爭取延展若干
工程項目的期限。
行政及其他經營開支增加約3.0百萬港
元至約15.5百萬港元，而去年同期為約
12.5百萬港元，主要由於貿易及其他應
收款項減值撥備增加6.0百萬港元。
因此，期內溢利為21.4百萬港元，較去
年同期多約18.9百萬港元。
LIQUIDITY, FINANCIAL RESOURCES
AND CAPITAL STRUCTURE
As at
30 September
2020
As at
31 March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
Current ratio
流動比率
3.2
3.0
Gearing ratio1
資產負債比率1
11.3%
17.2%
Note:
1. Gearing ratio is calculated based on debts including lease liabilities,
bank loan and shareholder’s loan divided by the total equity as at the
reporting dates.
Gearing ratio decreased by 5.9% as at 30 September
2020 as compared to that as at 31 March 2020 was
mainly due to repayment of HK$10 million bank loan
during the six months ended 30 September 2020.
As at 30 September 2020, the Group had cash and bank
balances of approximately HK$51.9 million (31 March
2020: HK$46.1 million), of which approximately HK$40.8
million (31 March 2020: HK$35.6 million) were restricted
bank deposits. Such restricted bank deposits were held
for the purpose of the issuance of surety bonds for our
projects and requirement of our general banking facilities.
As at 30 September 2020 and 31 March 2020, the Group
had no bank overdraft.
The capital structure of the Group consisted of equity of
HK$270.0 million, with HK$30.5 million debts as at 30
September 2020.
The Group adopts a prudent approach in cash
management. Apart from certain debts including lease
liabilities, bank loan and shareholder’s loan, the Group
did not have any material outstanding debts as at
30 September 2020. Payment to settle trade payable
represented the significant part of the cash outflow of
the Group. Taking into account the light debt leverage,
the Group is able to generate cash and meet upcoming
cash requirements. In any case, the Group may utilise
its banking facilities of HK$170.0 million, of which the
unutilised and unrestricted banking facilities amounted to
approximately HK$129.4 million.
流動資金、財務資源及資本架
構
附註：
1. 資產負債比率按債項（包括租賃負債、銀行貸
款及股東貸款）除以報告日期的權益總額計
算。
於 二 零 二 零 年 九 月 三 十 日，資 產 負 債
比 率 較 二 零 二 零 年 三 月 三 十 一 日 減 少
5.9%，主 要 由 於 截 至 二 零 二 零 年 九 月
三十日止六個月期間償還銀行貸款10百
萬港元。
於二零二零年九月三十日，本集團擁有
約51.9百萬港元（二零二零年三月三十一
日：46.1百萬港元）的現金及銀行結餘，
當中約40.8百萬港元（二零二零年三月
三十一日：35.6百萬港元）為受限制銀行
存款。該等受限制銀行存款乃用作為我
們的項目發出履約保證及符合一般銀行
融資要求。於二零二零年九月三十日及
二零二零年三月三十一日，本集團沒有
銀行透支。
於二零二零年九月三十日，本集團的資
本架構由270.0百萬港元之權益及30.5百
萬港元之債項組成。
本集團採用審慎方法進行現金管理。除
某些債項包括租賃負債、銀行貸款及股
東貸款外，於二零二零年九月三十日，
本集團並無任何重大未償還債項。結算
應付貿易賬款的付款佔本集團大部分現
金流出。考慮到負債比率較低，本集團
能夠產生現金滿足未來現金需求。本集
團在任何情況下均可動用其170.0百萬港
元之銀行融資，其中約129.4百萬港元為
尚未動用及無限制的銀行融資。
EMPLOYEES
The Group had 50 full-time employees as at 30
September 2020 (31 March 2020: 50). The Group offers a
competitive remuneration package that is based on overall
market rates and employee performance, as well as the
performance of the Group. The remuneration package is
comprised of salary, performance-based bonus, and other
benefits including training and provident funds.
CAPITAL COMMITMENTS
The Group had no capital commitments as at 30
September 2020.
CHARGE ON GROUP ASSETS
Save as disclosed in notes 9 and 10 to the financial
statements, as at 30 September 2020, the Group had no
other significant assets under pledge.
CONTINGENT LIABILITIES
Save as disclosed in note 17 to the financial statements,
the Group had no other contingent liabilities as at 30
September 2020.
SIGNIFICANT INVESTMENTS HELD,
MATERIAL ACQUISITIONS OR
DISPOSALS OF SUBSIDIARIES AND
AFFILIATED COMPANIES, AND PLANS
FOR MATERIAL INVESTMENTS OR
CAPITAL ASSETS
There were no significant investments held, material
acquisitions or disposals of subsidiaries and affiliated
companies during the six months ended 30 September
2020. There is no other plan for material investments or
capital assets as at 30 September 2020.
僱員
於 二 零 二 零 年 九 月 三 十 日，本 集 團 有
五十名全職僱員（二零二零年三月三十一
日：五十名）。本集團根據整體市場水平
及個別僱員之表現，以及本集團之業務
表現，提供具競爭力之薪酬福利待遇。
薪酬福利待遇包括薪金及按表現發放之
花紅，以及包括培訓及公積金在內之其
他福利。
資本承擔
於二零二零年九月三十日，本集團並無
資本承擔。
集團資產抵押
於財務報表附註9和10所披露者外，於二
零二零年九月三十日，本集團並無其他
重大資產抵押。
或然負債
除財務報表附註17所披露者外，於二零
二零年九月三十日，本集團並無其他或
然負債。
持有重大投資、重大收購或出
售附屬公司及聯屬公司，以及
重大投資或資本資產的計劃
於截至二零二零年九月三十日止六個月
期間，本集團概無持有重大投資、重大
收購或出售附屬公司及聯屬公司。於二
零二零年九月三十日，概無重大投資或
資本資產的其他計劃。
USE OF NET PROCEEDS FROM LISTING
The net proceeds (「Net Proceeds」) from the listing
of the shares of the Company (the 「Listing」) will be
utilised subsequent to the Listing in accordance with
the proposed applications set out in the section headed
「Future Plans and Use of Proceeds」 of the prospectus of
the Company dated 31 March 2015, the announcements
of the Company dated 7 August 2015, 28 March 2018
and the supplemental announcement dated 21 August
2020. The below table sets out the proposed applications
of the Net Proceeds and usage up to 30 September 2020
and the expected timeline of application of unutilised Net
Proceeds:
Proposed
application
Actual usage
up to
30 September
2020
擬定用途
直至二零二零年
九月三十日的
實際使用
HK$’million
HK$’million
百萬港元
百萬港元
Hiring of additional staff
招聘額外員工
2.9
2.9
Acquisition of additional
machinery and equipment
收購額外機器和設備
29.9
29.9
Financing for the issue of surety
bonds for future projects
用作發行未來項目的履約
保證的融資
56.7
51.3
General working capital
一般營運資金
10.0
10.0
99.5
94.1
Expected timeline of application
of unutilised Net Proceeds
未動用所得淨額預計使用
時間
By 31 March
2022
二零二二年
三月三十一日前
REASONS FOR DELAY IN THE USE OF
NET PROCEEDS
The original expected timeline of unutilised Net Proceeds
in respect of the financing for the issue of surety bonds
for future projects was 31 March 2020. The delay in the
use of Net Proceeds arose mainly:
(i) Some projects do not require the issue of surety
bonds;
(ii) Projects tendered with a relatively low contract sum
require surety bonds with smaller amount.
上市所得款項淨額用途
本公司股份上市（「上市」）所得款項淨額
（「所得淨額」）將於上市後根據本公司日
期為二零一五年三月三十一日之招股章
程「未來計劃及所得款項用途」一節及本
公司日期為二零一五年八月七日、二零
一八年三月二十八日的公佈及日期為二
零二零年八月二十一日之補充公告所載
之擬定用途使用。下表載列直至二零二
零年九月三十日的所得淨額擬定用途、
使用及未動用所得淨額預計使用時間：
延遲使用所得淨額之原因
未動用所得淨額中用作發行未來項目的
屨約保證的融資原預計使用時間為二零
二零年三月三十一日。延遲使用所得淨
額主要由於：
(i) 有些工程是不需要出具屨約保證；
(ii) 承包的工程款項金額較少， 故出具
屨約保證金額也相對較少。
FUTURE PROSPECTS
Taking into account the Chief Executive’s Policy Address of
the Government of the Hong Kong Special Administrative
Region in increasing land supply and commitment to
infrastructure investments, the Group expects a rebound
in the foundation industry in the long run. Despite
vigorous competition in the construction industry in Hong
Kong, the Board is confident with the Group’s future
development in its net profit and scale of operations due
to its long established reputation, the listing platform
and its healthy financial position. To maintain its
competitive edge, the Group continues to adhere to its
business strategy, by expanding its capacity to capture
more business opportunities, reinforcing its capability in
foundation design and project management skills, and
offering qualitative and flexible solutions to its customers.
The outbreak of the COVID-19 pandemic in early
2020 affect the whole world and all business sectors.
Fortunately, the impact on the foundation industry in
Hong Kong is relatively low. However, the Group will
continue to assess the development of the COVID-19
pandemic and its impact on both the operational and
financial aspects. The Group will take every precautionary
measures to minimise the impact of the COVID-19
pandemic to the Group.
未來前景
考慮到香港特別行政區政府行政長官施
政報告有關增加土地供應的政策以及對
基建投資的承諾，本集團預計從長遠來
看建築業將會復甦。儘管香港建築業競
爭激烈，董事會仍對本集團憑藉悠久聲
譽、上市平臺及穩健財務狀況令未來淨
利潤及營運規模取得發展充滿信心。為
保持競爭力，本集團繼續堅持其業務策
略，擴大產能以捕捉更多商機，增強地
基設計能力及項目管理技能，向客戶提
供優質靈活的解決方案。
於 二 零 二 零 年 初 爆 發 的COVID-19疫 情
影響全球及各行各業。幸好對香港地基
業 影 響 較 低。但 本 集 團 仍 將 繼 績 評 估
COVID-19疫情的發展及對本集團營運及
財務方面的影響。本集團將採取各項預
防措施以減低COVID-19疫情對集團的影
響。
DIRECTORS』 AND CHIEF EXECUTIVES』
INTEREST IN SECURITIES
As at 30 September 2020, the interests and short
positions of the directors of the Company (the
「Directors」) and chief executives of the Company in
the shares (「Shares」), underlying shares or debentures
of the Company and its associated corporations, within
the meaning of Part XV of the Securities and Futures
Ordinance (the 「SFO」), which (a) were required to be
notified to the Company and the Stock Exchange pursuant
to Divisions 7 and 8 of Part XV of the SFO (including
interests and short positions which they are taken or
deemed to have under such provisions of the SFO); or
(b) were required, pursuant to section 352 of the SFO,
to be recorded in the register referred to therein; or (c)
were required to be notified to the Company and the
Stock Exchange pursuant to the Model Code for Securities
Transactions by Directors of Listed Issuers (the 「Model
Code」) as set out in Appendix 10 of the Rules Governing
the Listing of Securities of the Stock Exchange (the
「Listing Rules」), were as follows:
Long positions in the Shares:
Name of Director
董事姓名
Capacity/Nature of Interest
身份╱權益性質
Number of
Shares
股份數目
Approximate percentage
of the issued share
capital of the Company
佔本公司已發行
股本的概約百分比
Mr. Lau Pak Man
劉伯文先生
Interest in a controlled corporation (Note 1)
受控法團權益（附註1）
270,000,000
32.53%
Interest of spouse (Note 2)
配偶權益（附註2）
60,000,000
7.23%
Beneficial owner
實益擁有人
7,520,000
0.91%
Total
總計
337,520,000
40.67%
Mr. Cheng Wing Cheong
鄭榮昌先生
Interest in a controlled corporation (Note 3)
受控法團權益（附註3）
270,000,000
32.53%
Beneficial owner
實益擁有人
5,900,000
0.71%
Total
總計
275,900,000
33.24%
Ms. Kwan Kit Sum Kit
關潔心女士
Interest in a controlled corporation (Note 4)
受控法團權益（附註4）
60,000,000
7.23%
Interest of spouse (Note 5)
配偶權益（附註5）
277,520,000
33.44%
Total
總計
337,520,000
40.67%
Mr. Yau Chi Man Norman
(also known as Iao Chi Meng)
丘子敏先生
Beneficial owner
實益擁有人
2,970,000
0.36%
董事及主要行政人員於證券中
的權益
於二零二零年九月三十日，本公司董事
（「董事」）及本公司主要行政人員於本公
司及其相聯法團（定義見證券及期貨條例
（「證券及期貨條例」）第XV部）股份（「股
份」）、相關股份或債權證中擁有(a)根據
證券及期貨條例第XV部第7及8分部須知
會本公司及聯交所的權益及淡倉（包括根
據證券及期貨條例的該等條文彼等被當
作或視為擁有的權益及淡倉）；或(b)根據
證券及期貨條例第352條須登記於該條規
定存置的登記冊內的權益及淡倉；或(c)
根據聯交所證券上市規則（「上市規則」）
附錄十所載上市發行人董事進行證券交
易之標準守則（「標準守則」）須知會本公
司及聯交所的權益及淡倉如下：
於股份的好倉：
DIRECTORS』 AND CHIEF EXECUTIVES』
INTEREST IN SECURITIES (continued)
Notes:
1. In Play Limited is 100.0% owned by Mr. Lau Pak Man. Mr. Lau Pak
Man is therefore deemed to be interested in the Shares held by In
Play Limited under the SFO.
2. Mr. Lau Pak Man is the spouse of Ms. Kwan Kit Sum Kit. By virtue
of the SFO, Mr. Lau Pak Man is deemed to be interested in the same
number of Shares in which Ms. Kwan Kit Sum Kit is deemed to be
interested.
3. Wealth Celebration Limited is 100.0% owned by Mr. Cheng Wing
Cheong. Mr. Cheng Wing Cheong is therefore deemed to be
interested in the Shares held by Wealth Celebration Limited under
the SFO.
4. Kinetic Kingdom Limited is 100.0% owned by Ms. Kwan Kit Sum Kit.
Ms. Kwan Kit Sum Kit is therefore deemed to be interested in the
Shares held by Kinetic Kingdom Limited under the SFO.
5. Ms. Kwan Kit Sum Kit is the spouse of Mr. Lau Pak Man. By virtue
of the SFO, Ms. Kwan Kit Sum Kit is deemed to be interested in the
same number of Shares in which Mr. Lau Pak Man is deemed to be
interested.
SUBSTANTIAL SHAREHOLDERS』
INTERESTS IN SECURITIES
The register of substantial shareholders maintained by the
Company pursuant to section 336 of the SFO shows that,
as at 30 September 2020, the following shareholders,
other than those disclosed in the section headed
「Directors』 and Chief Executives』 Interest in Securities」,
had notified the Company of its interests and/or short
positions in the Shares and underlying Shares which would
fall to be disclosed under the provisions of Divisions 2 and
3 of Part XV of the SFO:
Long positions in the Shares:
Name of Substantial
Shareholder
主要股東姓名
Capacity/Nature of Interest
身份╱權益性質
Number of
Shares
股份數目
Approximate percentage
of the issued share capital
of the Company
佔本公司已發行
股本的概約百分比
In Play Limited
Beneficial owner
實益擁有人
270,000,000
32.53%
Wealth Celebration Limited
Beneficial owner
實益擁有人
270,000,000
32.53%
Kinetic Kingdom Limited
Beneficial owner
實益擁有人
60,000,000
7.23%
董事及主要行政人員於證券中
的權益（續）
附註：
1. In Play Limited由劉伯文先生全資擁有。因
此，根據證券及期貨條例，劉伯文先生被視
為於In Play Limited持有的股份中擁有權益。
2. 劉伯文先生為關潔心女士的配偶。就證券及
期貨條例而言，劉伯文先生被視為於關潔心
女士被視作擁有權益的相同股份數目中擁有
權益。
3. Wealth Celebration Limited由鄭榮昌先生全
資擁有。因此，根據證券及期貨條例，鄭榮
昌先生被視為於Wealth Celebration Limited
持有的股份中擁有權益。
4. Kinetic Kingdom Limited由關潔心女士全資擁
有。因此，根據證券及期貨條例，關潔心女
士被視為於Kinetic Kingdom Limited持有的股
份中擁有權益。
5. 關潔心女士為劉伯文先生的配偶。就證券及
期貨條例而言，關潔心女士被視為於劉伯文
先生被視作擁有權益的相同股份數目中擁有
權益。
主要股東的證券權益
本公司根據證券及期貨條例第336條存置
的主要股東名冊顯示，於二零二零年九
月三十日，除「董事及主要行政人員於證
券中的權益」一節披露者外，下列股東已
知會本公司其於股份及相關股份中擁有
根據證券及期貨條例第XV部第2及3分部
的條文須予披露的權益及╱或淡倉：
於股份的好倉：
INTERIM DIVIDEND
The Board has resolved not to pay an interim dividend
for the six months ended 30 September 2020 (six months
ended 30 September 2019: $Nil).
PURCHASE, SALE OR REDEMPTION OF
THE COMPANY』S LISTED SECURITIES
Neither the Company nor its subsidiaries had purchased,
sold or redeemed any of the Company’s listed securities
during the period.
EVENTS AFTER THE REPORTING
PERIOD
The Board is not aware of any significant event requiring
disclosure that has taken place subsequent to 30
September 2020 and up to the date of this report.
中期股息
董事會議決不宣派截至二零二零年九月
三十日止六個月之中期股息（截止二零
一九年九月三十日止六個月：無）。
購買、出售或贖回本公司上市
證券
於 期 內，本 公 司 或 其 附 屬 公 司 概 無 購
買、出售或贖回本公司任何上市證券。
報告期後事項
董事會並不知悉於二零二零年九月三十
日後直至本報告日期發生任何重大事項
須予以披露。
CORPORATE GOVERNANCE
The Company recognises the importance of corporate
transparency and accountability. The Company is
committed in achieving a high standard of corporate
governance and leading the Group to attain better results
and improve its corporate image with effective corporate
governance procedures.
Since Listing, the Board is of the opinion that the
Company had adopted, applied and complied with the
code provisions as set out in the Corporate Governance
Code (the 「Code」) contained in Appendix 14 to the
Listing Rules, except for the deviation from provision A.2.1
of the Code which is explained below:
According to provision A.2.1 of the Code, the roles of
chairman and chief executive officer should be separate
and should not be performed by the same individual.
Mr. Lau Pak Man is the Chairman and Chief Executive
Officer, responsible for overall strategic development,
project management and client management of the
Group. The Board believes that vesting the roles of
both Chairman and Chief Executive Officer in Mr. Lau
Pak Man has the benefit of ensuring consistent and
continuous planning and execution of the Company’s
strategies. The Board considers that the balance of
power and authority, accountability and independent
decision-making under the present arrangement will
not be impaired in light of the diverse background and
experience of the independent non-executive Directors,
and the composition of the Board which comprises equal
number of independent non-executive Directors and
executive Directors also provides added independence to
the Board. Further, the audit committee of the Company
(the 「Audit Committee」), which is composed exclusively
of independent non-executive Directors, has free and
direct access to the Company’s external auditors and
independent professional advisers when it considers
necessary.
COMPLIANCE WITH THE MODEL CODE
FOR SECURITIES TRANSACTIONS BY
DIRECTORS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Issuers contained
in Appendix 10 to the Listing Rules as its own code of
conduct of dealings in securities of the Company by
Directors (the 「Model Code」). Upon specific enquiries of
all the Directors, each of them confirmed that they had
complied with the required standards set out in the Model
Code during the six months ended 30 September 2020.
企業管治
本 公 司 知 悉 公 司 透 明 度 及 問 責 十 分 重
要。本公司致力於達致高水準的企業管
治及通過更有效的企業管治程序帶領本
集團取得更佳業績及提升公司形象。
董事會認為，本公司上市後一直採用、
應用及遵守上市規則附錄十四的企業管
治守則（「守則」）所載守則條文，惟偏離
守則條文A.2.1條者除外，闡釋如下：
根據守則條文A.2.1條，主席與行政總裁
的角色應分開並不應由同一人士擔任。
劉伯文先生為主席兼行政總裁，負責本
集團整體策略性發展、項目管理及客戶
管理。董事會認為，劉伯文先生同時擔
任主席及行政總裁可確保一致及持續規
劃及執行本公司的策略。董事會認為，
考慮到獨立非執行董事的不同背景及經
驗，現時安排下的權力平衡、問責制度
及獨立決策將不會受損，而董事會由相
同數目的獨立非執行董事及執行董事組
成，亦令董事會的獨立性有所提升。此
外，本公司審核委員會（「審核委員會」）
僅由獨立非執行董事組成，可於其認為
於必要時自由及直接聯絡本公司的外部
核數師及獨立專業顧問。
遵守董事進行證券交易之標準
守則
本公司已採納上市規則附錄十所載上市
發行人董事進行證券交易之標準守則作
為董事買賣本公司證券的操守準則（「標
準守則」）。經向全體董事作出特定查詢
後，各董事均確認彼等於截至二零二零
年九月三十日止六個月期間已遵守標準
守則所載的規定標準。
REVIEW OF INTERIM RESULTS
The interim financial report for the six months ended 30
September 2020 is unaudited, but has been reviewed
by KPMG, in accordance with Hong Kong Standard on
Review Engagements 2410 「Review of interim financial
information performed by the independent auditor of the
entity」 issued by the Hong Kong Institute of Certified
Public Accountants.
The Audit Committee has reviewed the accounting
principles and practices adopted by the Group and has
reviewed the interim results and financial report of the
Group for the six months ended 30 September 2020.
SPECIFIC PERFORMANCE OF
CONTROLLING SHAREHOLDERS UNDER
RULE 13.18 OF THE LISTING RULES
As at 30 September 2020, the Company as guarantor,
and In Construction Limited (an indirect wholly-owned
subsidiary of the Company) as borrower, entered into
facility agreements relating to a HK$80 million general
banking and term loan facility (「Facility 1」) and a HK$25
million hire purchase loan (「Facility 2」) with licensed
banks in Hong Kong as lenders. The maturity date of the
facilities is three years and five years respectively from the
date of drawdown.
According to the Facility 1 and Facility 2, the Company,
as guarantor, has undertaken to the lenders that Mr. Lau
Pak Man, Mr. Cheng Wing Cheong and Ms. Kwan Kit Sum
Kit will maintain an aggregate beneficial shareholding of
not less than 50% of the entire issued share capital of the
Company; Facility 1 also requires any of Mr. Lau Pak Man,
Mr. Cheng Wing Cheong and Ms. Kwan Kit Sum Kit will
remain as the chairman of the Company.
A breach of the above undertaking will constitute an
event of default, and the lenders may cancel or suspend
the facilities and demand repayment of any outstanding
amounts under the facility agreements together with
interest accrued thereon.
The above undertaking contains covenants relating to
specific performance of the controlling shareholders of the
Company which is subject to disclosure under Rule 13.21
of the Listing Rules.
By order of the Board
Lau Pak Man
Chairman
Hong Kong, 27 November 2020
審閱中期業績
截至二零二零年九月三十日止六個月的
中期財務報告未經審核，但已由畢馬威
會計師事務所根據香港會計師公會頒佈
的《香港審閱工作準則》第2410號「獨立
核數師對中期財務資料的審閱」進行審
閱，其無修訂的審閱報告載於本報告內。
審核委員會已對本集團所採納的會計守
則及慣例以及截至二零二零年九月三十
日止六個月的中期業績及財務報告進行
審閱。
控股股東根據上市規則第13.18
條須履行的特定責任
於二零二零年九月三十日，本公司（作為
擔保人）及現恆建築有限公司（本公司間
接全資附屬公司，作為借款人）與香港持
牌銀行（作為貸款人）就為數80百萬港元
的一般銀行及定期貸款融資（融資一）及
為數25百萬港元的分期付款貸款（融資
二）而訂立融資協議。有關融資的到期日
分別為自提取日期起計三年及五年。
根據融資一及融資二，本公司（作為擔
保人）已向貸款人承諾，劉伯文先生、
鄭榮昌先生及關潔心女士將維持實益股
權總額不少於本公司全部已發行股本之
50%；融資一還要求劉伯文先生、鄭榮
昌先生及關潔心女士中任何一位仍將為
本公司主席。
違反上述承諾將構成違約事件，貸款人
可取消或暫停融資及要求償還融資協議
項下任何尚未償還的款項連同應計利息。
上述承諾載有有關本公司控股股東根據
上市規則第13.21條須披露的特定責任的
契諾。
承董事會命
主席
劉伯文
香港，二零二零年十一月二十七日
Six months ended
30 September
截至九月三十日止六個月
2020
2019
二零二零年
二零一九年
Note
$』000
$』000
附註
千元
千元
Revenue
收益
4
252,739
188,587
Direct costs
直接成本
(215,161)
(173,808)
Gross profit
毛利
37,578
14,779
Other revenue
其他收益
5
3,576
1,152
Administrative and other
operating expenses
行政及其他經營開支
(15,545)
(12,505)
Profit from operations
經營溢利
25,609
3,426
Finance costs
融資成本
6(a)
(531)
(575)
Profit before taxation
除稅前溢利
6
25,078
2,851
Income tax
利得稅
7
(3,727)
(322)
Profit and total comprehensive
income for the period
期內溢利及
全面收益總額
21,351
2,529
Earnings per share
(Hong Kong cents)
每股盈利（港仙）
Basic and diluted
基本及攤薄
8
2.57
0.30
The notes on pages 23 to 30 form part of this interim
financial report.
第23至30頁的附註構成本中期財務報告
之一部分。
At 30
September
2020
At 31
March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
(unaudited)
(audited)
（未經審核）
（經審核）
Note
$』000
$』000
附註
千元
千元
Non-current assets
非流動資產
Property, plant and equipment
物業、廠房及設備
114
184
Lease receivables
應收租賃款項
12,781
15,159
Deferred tax assets
遞延稅項資產
73
69
12,968
15,412
Current assets
流動資產
Contract assets
合約資產
11
221,423
189,499
Inventories
存貨
706
868
Lease receivables
應收租賃款項
4,708
4,606
Trade and other receivables
貿易及其他應收款項
9
111,836
129,182
Tax recoverable
可收回稅項
598
4,187
Cash and bank balances
現金及銀行結餘
10
51,873
46,125
391,144
374,467
Current liabilities
流動負債
Contract liabilities
合約負債
11
1,563
4,027
Trade and other payables
貿易及其他應付款項
12
101,877
94,330
Lease liabilities
租賃負債
4,715
4,615
Tax payable
應付稅項
172
93
Bank loan – secured
銀行貸款－已抵押
13
–
10,000
Loan from a shareholder
股東貸款
14
13,000
13,000
121,327
126,065
Net current assets
流動資產淨值
269,817
248,402
At 30
September
2020
At 31
March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
(unaudited)
(audited)
（未經審核）
（經審核）
Note
$』000
$』000
附註
千元
千元
Total assets less
current liabilities
總資產減流動負債
282,785
263,814
Non-current liability
非流動負債
Lease liabilities
租賃負債
12,765
15,145
NET ASSETS
資產淨值
270,020
248,669
CAPITAL AND RESERVES
資本及儲備
Share capital
股本
8,300
8,300
Reserves
儲備
261,720
240,369
TOTAL EQUITY
總權益
270,020
248,669
The notes on pages 23 to 30 form part of this interim
financial report.
第23至30頁的附註構成本中期財務報告
之一部分。
Attributable to equity shareholders of the Company
本公司權益股東應佔
Share
capital
Share
premium
Capital
reserve
Retained
profits
Total
equity
股本
股份溢價
資本儲備
保留溢利
總權益
$』000
$』000
$』000
$』000
$』000
千元
千元
千元
千元
千元
At 1 April 2019
於二零一九年四月一日
8,300
75,453
(35,952)
197,111
244,912
Change in equity for the six months
ended 30 September 2019:
截至二零一九年九月三十日止
六個月的權益變動：
Profit and total comprehensive income
for the period
期內溢利及全面收益總額
–
–
–
2,529
2,529
At 30 September 2019 and
1 October 2019
於二零一九年九月三十日及
二零一九年十月一日
8,300
75,453
(35,952)
199,640
247,441
Change in equity for the six months
ended 31 March 2020:
截至二零二零年三月三十一日止
六個月的權益變動：
Profit and total comprehensive income
for the period
期內溢利及全面收益總額
–
–
–
1,228
1,228
At 31 March 2020
於二零二零年三月三十一日
8,300
75,453
(35,952)
200,868
248,669
Attributable to equity shareholders of the Company
本公司權益股東應佔
Share
capital
Share
premium
Capital
reserve
Retained
profits
Total
equity
股本
股份溢價
資本儲備
保留溢利
總權益
$』000
$』000
$』000
$』000
$』000
千元
千元
千元
千元
千元
At 1 April 2020
於二零二零年四月一日
8,300
75,453
(35,952)
200,868
248,669
Change in equity for the six months
ended 30 September 2020:
截至二零二零年九月三十日止
六個月的權益變動：
Profit and total comprehensive income
for the period
期內溢利及全面收益總額
–
–
–
21,351
21,351
At 30 September 2020
於二零二零年九月三十日
8,300
75,453
(35,952)
222,219
270,020
The notes on pages 23 to 30 form part of this interim
financial report.
第23至30頁的附註構成本中期財務報告
之一部分。
Six months ended
30 September
截至九月三十日止六個月
2020
2019
二零二零年
二零一九年
Note
$』000
$』000
附註
千元
千元
Operating activities
經營活動
Cash generated from/(used in)
operations
經營所得╱（所用）
現金
17,486
(26,353)
Tax paid
已付稅項
(63)
(63)
Net cash generated from/
(used in) operating activities
經營活動所得╱（所用）
現金淨值
17,423
(26,416)
Investing activities
投資活動
(Increase)/decrease in restricted
bank deposits
受限制銀行存款
（增加）╱減少
(5,169)
1,296
Interest received
已收利息
210
335
Capital element of leases rentals
received
已收租賃租金之
資本元素
742
2,127
Interest element of leases rentals
received
已收租賃租金之
利息元素
184
500
Other cash flows arising from
investing activities
投資活動產生之
其他現金流量
–
(18)
Net cash (used in)/generated
from investing activities
投資活動（所用）╱所得現
金淨額
(4,033)
4,240
Financing activities
融資活動
Capital element of leases
rentals paid
已付租賃租金之
資本元素
(2,280)
(2,127)
Interest element of leases
rentals paid
已付租賃租金之
利息元素
(383)
(500)
Proceeds from loan from a
shareholder
股東貸款
–
13,000
Proceeds from bank loan
銀行貸款
–
10,000
Repayment of bank loan
已付銀行貸款
(10,000)
–
Other cash flows arising from
financing activities
融資活動產生之
其他現金流量
(148)
–
Net cash (used in)/generated
from financing activities
融資活動（所用）╱所得
現金淨額
(12,811)
20,373
Net increase/(decrease) in cash
and cash equivalents
現金及現金等價物
增加╱（減少）淨額
579
(1,803)
Cash and cash equivalents at
the beginning of the period
期初的現金及
現金等價物
10,534
8,836
Cash and cash equivalents
at the end of the period
期末的現金及
現金等價物
10
11,113
7,033
The notes on pages 23 to 30 form part of this interim
financial report.
第23至30頁的附註構成本中期財務報告
之一部分。
1 GENERAL INFORMATION
In Construction Holdings Limited (the 「Company」)
and its subsidiaries (collectively referred to as the
「Group」) are principally engaged as a contractor
in the foundation industry in Hong Kong. The
Company was incorporated in the Cayman Islands
as an exempted company with limited liability on 29
September 2014 under the Companies Law, Cap. 22
(Law 3 of 1961, as consolidated and revised) of the
Cayman Islands.
The Company’s shares were listed on the Stock
Exchange on 16 April 2015 (the 「Listing」).
2 BASIS OF PREPARATION
This interim financial report has been prepared in
accordance with the applicable disclosure provisions
of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited (the
「Listing Rules」), including compliance with Hong
Kong Accounting Standard (「HKAS」) 34, Interim
financial reporting, issued by the Hong Kong
Institute of Certified Public Accountants (「HKICPA」).
It was authorised for issue on 27 November 2020.
The interim financial report has been prepared
in accordance with the same accounting policies
adopted in the 2020 annual financial statements,
except for the accounting policy changes that are
expected to be reflected in the 2021 annual financial
statements. Details of any changes in accounting
policies are set out in note 3.
The preparation of an interim financial report in
conformity with HKAS 34 requires management
to make judgments, estimates and assumptions
that affect the application of policies and reported
amounts of assets and liabilities, income and
expenses on a year to date basis. Actual results may
differ from these estimates.
This interim financial report contains condensed
consolidated financial statements and selected
explanatory notes. The notes include an explanation
of events and transactions that are significant
to an understanding of the changes in financial
position and performance of the Group since the
2020 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 Hong Kong Financial Reporting
Standards (「HKFRSs」).
1 一般資料
現恆建築控股有限公司（「本公司」）
及其附屬公司（統稱「本集團」）主
要在香港從事地基業承建商。本公
司於二零一四年九月二十九日根據
開曼群島法例第22章公司法（1961
年第3號法例，經綜合及修訂）在開
曼群島註冊成立為獲豁免有限公
司。
本公司股份於二零一五年四月十六
日在聯交所上市（「上市」）。
2 編製基準
中期財務報告乃根據香港聯合交易
所有限公司證券上市規則（「上市規
則」）適用披露條文編製，包括符合
香港會計師公會（「香港會計師公
會」）頒佈的香港會計準則（「香港
會計準則」）第34號，「中期財務報
告 」。該報告於二零二零年十一月
二十七日獲授權刊發。
中期財務報告乃根據二零二零年年
度財務報表所採納之相同會計政策
編製，惟預期將於二零二一年年度
財務報表內反映之會計政策變動除
外。任何會計政策變動之詳情載於
附註3。
管理層在編製符合香港會計準則第
34號規定之中期財務報告時所作之
判斷、估計及假設，會影響會計政
策之應用以及按目前情況為基準計
算之經匯報資產與負債、收入及支
出之金額。實際結果可能與估計金
額有異。
本中期財務報告包括簡明綜合財務
報表及選定說明附註。附註闡述了
自二零二零年年度財務報表刊發以
來，在瞭解本集團之財務狀況變動
及表現方面確屬重要之事件及交
易。此簡明綜合中期財務報表及附
註並不包括按照香港財務報告準則
（「香港財務報告準則」）規定編製完
整財務報表所需之所有資料。
2 BASIS OF PREPARATION (continued)
The interim financial report is unaudited, but has
been reviewed by KPMG in accordance with Hong
Kong Standard on Review Engagements 2410,
Review of interim financial information performed by
the independent auditor of the entity, issued by the
HKICPA. KPMG’s independent review report to the
board of directors is included on pages 31 to 32.
The financial information relating to the financial
year ended 31 March 2020 that is included in the
interim financial report as comparative information
does not constitute the Company’s statutory annual
consolidated financial statements for that financial
year but is derived from those financial statements.
Statutory financial statements for the year ended
31 March 2020 are available from the Company’s
registered office. The auditors have expressed an
unqualified opinion on those financial statements in
their report dated 24 June 2020.
3 CHANGES IN ACCOUNTING POLICIES
Overview
The HKICPA has issued certain of amendments
to HKFRSs that are first effective for the current
accounting period of the Group.
None of these developments have had a material
effect on how the Group’s results and financial
position for the current or prior periods have been
prepared or presented in this interim financial
report. The Group has not applied any new standard
or interpretation that is not yet effective for the
current accounting period.
4 REVENUE AND SEGMENT INFORMATION
Revenue represents revenue from construction
contracts earned during the period.
Segment information
The chief operating decision-maker regards the
Group’s business as a single operating segment
and reviews financial statements accordingly. Also,
the Group only engages its business in Hong Kong.
Therefore, no segment information is presented.
2 編製基準（續）
中期財務報告未經審核，但已由畢
馬威會計師事務所根據香港會計師
公會頒佈的《香港審閱工作準則》第
2410號，「獨立核數師對中期財務
資料的審閱 」進行審閱。畢馬威會
計師事務所致董事會之獨立審閱報
告載於第31頁至第32頁。
本中期財務報告所載有關截至二零
二零年三月三十一日止財政年度
以供比較之財務資料並不構成本公
司於該財政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。截至二零二零年三月
三十一日止年度之法定財務報表可
於本公司註冊辦事處查詢。核數師
於日期為二零二零年六月二十四日
之報告中已就該等財務報表作出無
保留意見。
3 會計政策變動
概覽
香港會計師公會已頒佈若干香港財
務報告準則修訂本，並於本集團本
會計期間首次生效。
該等變化對本集團於本中期財務報
告如何編製或呈列當前或過往期間
的業績及財務狀況並無造成重大影
響。本集團並未應用任何於本會計
期間尚未生效的新訂準則或詮釋。
4 收益及分部資料
收益指於期內所賺取建築合約收
益。
分部資料
主要經營決策者視本集團的業務為
一個單一經營分部，並據此審閱財
務報表。此外，本集團只於香港經
營其業務。因此，並無呈列分部資
料。
5 OTHER REVENUE
Six months ended
30 September
截至九月三十日止六個月
2020
2019
二零二零年
二零一九年
$』000
$』000
千元
千元
Bank interest income
銀行利息收入
210
335
Interest income from
lease receivables
應收租賃款項之
利息收入
457
503
Sales of scrap materials
銷售廢料
1,190
296
Government subsidies (note)
政府補貼（附註）
1,630
–
Others
其他
89
18
3,576
1,152
Note: During the six months ended 30 September 2020, the
Group successfully applied for funding support from the
Employment Support Scheme under the Anti-epidemic Fund
set up by the Hong Kong Special Administrative Region
Government. The purpose of the funding is to provide
financial support to enterprises to retain their employees who
would otherwise be made redundant. Under the terms of
the grant, the Group is required not to make redundancies
during the subsidy period and to spend all the funding on
paying wages to the employees.
6 PROFIT BEFORE TAXATION
Profit before taxation is arrived at after charging:
Six months ended
30 September
截至九月三十日止六個月
2020
2019
二零二零年
二零一九年
$』000
$』000
千元
千元
(a) Finance costs
(a) 融資成本
Interest on bank overdraft
銀行透支利息
12
1
Interest on bank loan
銀行貸款利息
136
71
Interest on lease liabilities
租賃負債利息
383
503
531
575
(b) Staff costs (including
directors』 remuneration)
(b) 員工成本
(包括董事薪酬)
Contributions to defined
contribution retirement plans
界定供款退休計劃
供款
379
399
Salaries, wages and
other benefits
薪金、工資及
其他福利
14,772
15,286
15,151
15,685
(c) Other items
(c) 其他項目
Depreciation
折舊
70
125
Lease payments relating to
short-term leases
短期租賃之
租賃費用
596
596
Impairment losses on trade and
other receivables
貿易及其他應收
款項減值撥備
6,115
120
5 其他收益
附註： 截至二零二零年九月三十日止六個月
期間，本集團已成功向香港特別行政
區政府設立的防疫抗疫基金下推出的
「保就業」計劃申請資助。補貼資金的
目的是透過向企業提供財政支援，協
助他們支付員工的薪金，以保留可能
會被遣散的僱員。根據授出條款，本
集團須於補貼期間不會裁員，並將所
有補貼資金用於支付僱員工資。
6 除稅前溢利
除稅前溢利已扣除以下各項：
7 INCOME TAX
Income tax in the consolidated statement of profit or
loss and other comprehensive income represents:
Six months ended
30 September
截至九月三十日止六個月
2020
2019
二零二零年
二零一九年
$』000
$』000
千元
千元
Current tax
本期稅項
Provision for Hong Kong Profits
Tax for the period
期內香港利得稅撥備
3,731
331
Deferred tax
遞延稅項
Origination and reversal of
temporary differences
暫時差額的產生
及撥回
(4)
(9)
3,727
322
Notes:
(i) Pursuant to the rules and regulations of the Cayman Islands
and the British Virgin Islands (「BVI」), the Group is not
subject to any income tax in the Cayman Islands and the BVI.
(ii) The provision for Hong Kong Profits Tax is calculated by
applying the estimated annual effective tax rate of 16.5%
(six months ended 30 September 2019: 16.5%) to the six
months ended 30 September 2020, except for one subsidiary
of the Group which is a qualifying corporation under the
two-tiered Profits Tax rate regime.
For this subsidiary, the first $2 million of assessable profits
are taxed at 8.25% and the remaining assessable profits are
taxed at 16.5%. The provision for Hong Kong Profits Tax for
this subsidiary was calculated on the same basis in 2019.
8 EARNINGS PER SHARE
(a) Basic earnings per share
The calculation of basic earnings per share
for the six months ended 30 September 2020
is based on the profit attributable to equity
shareholders of the Company of $21,351,000
(six months ended 30 September 2019:
$2,529,000) and the weighted average of
830,000,000 shares (six months ended 30
September 2019: 830,000,000 shares) in issue
during the period.
(b) Diluted earnings per share
There were no diluted potential shares in
existence during the six months ended 30
September 2020 and 2019.
7 所得稅
綜合損益及其他全面收益表內的所
得稅指：
附註：
(i) 根據開曼群島及英屬處女群島（「英屬
處女群島」）的規則及規例，本集團毋
須繳納開曼群島及英屬處女群島的任
何所得稅。
(ii) 因此，截至二零二零年九月三十日止
六個月香港利得稅撥備除本集團一間
附屬公司，為合資格公司，以兩級制
利得稅率計算外，其餘公司乃根據估
計全年實益稅率16.5%(截至二零一九
年九月三十日止六個月：16.5%）計
算。
此 附 屬 公 司 之 首2百 萬 港 元 應 課 稅
以8.25%稅 率 納 稅，餘 下 應 課 稅 以
16.5%稅率計算。此附屬公司計提香
港利得稅的準則與二零一九年相同。
8 每股盈利
(a) 每股基本盈利
截 至 二 零 二 零 年 九 月 三 十
日 止 六 個 月 之 每 股 基 本 盈
利 按 本 公 司 權 益 股 東 應 佔
溢 利21,351,000元（截 至 二
零 一 九 年 九 月 三 十 日 止 六
個 月：2,529,000元）及 期
內 已 發 行830,000,000股 加
權平均股數（截至二零一九
年 九 月 三 十 日 止 六 個 月：
830,000,000 股）計算。
(b) 每股攤薄盈利
於 截 至 二 零 二 零 年 及 二 零
一 九 年 九 月 三 十 日 止 六 個
月，概無潛在攤薄股份。
9 TRADE AND OTHER RECEIVABLES
As of the end of the reporting period, the ageing
analysis of trade debtors, based on the invoice date
and net of loss allowance, is as follows:
At 30
September
2020
At
31 March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
$』000
$』000
千元
千元
Within 1 month
一個月內
6,824
12,965
Over 1 month but within 2 months
一至兩個月
11,288
38,288
Over 2 months but within 3 months
兩至三個月
12,092
5,076
Over 3 months
三個月以上
13,678
1,240
Trade debtors, net a loss allowance
(note (i))
應收賬款，扣除虧損撥備
（附註(i)）
43,882
57,569
Deposits, prepayments and other
receivables (notes (ii) and (iii))
按金、預付款及其他
應收款項（附註(ii)及(iii)）
34,160
38,101
Retentions receivable (note (iv))
應收保留金（附註(iv)）
33,784
33,502
Amounts due from shareholders
(note (v))
應收股東款項（附註(v)）
10
10
111,836
129,182
Notes:
(i) Trade debtors are normally due within 14-30 days from the
date of billing.
(ii) As at 30 September 2020, except for the amount of
$112,500 (31 March 2020: $37,500) which was expected of
to be recovered or recognised as expense after one year, all
of the remaining balances were expected to be recovered or
recognised as expense within one year.
(iii) As at 30 September 2020, deposits of $31,841,000 (31
March 2020: $30,312,000) were pledged to secure the
issuance of performance bonds (see note 17).
(iv) All of the retentions receivable as at 30 September 2020 and
31 March 2020 were expected to be recovered within one
year.
(v) The amounts due from shareholders as at 30 September
2020 and 31 March 2020 were unsecured, interest-free and
expected to be recovered within one year.
9 貿易及其他應收款項
於報告期末，應收賬款按發票日期
（扣除虧損撥備）的賬齡分析如下：
附註：
(i) 應收賬款通常自開票日期起14至30日內
到期。
(ii) 於二零二零年九月三十日，除112,500元
外（二零二零年三月三十一日：37,500
元）預期於一年後收回或確認為開支外，
所有餘額預期將於一年內收回或確認為
開支。
(iii) 於二零二零年九月三十日，31,841,000
元 按 金（二 零 二 零 年 三 月 三 十 一 日：
30,312,000元）已抵押來出具屨約保證
（見附註17）。
(iv) 於二零一二零年九月三十日及二零二零
年三月三十一日，所有應收保留金額預
期將於一年內收回。
(v) 於二零二零年九月三十日及二零二零年
三月三十一日，所有應收股東款項為無
抵押、免息及預期將於一年內收回。
10 CASH AND BANK BALANCES
At 30
September
2020
At
31 March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
$』000
$』000
千元
千元
Cash at bank and in hand
銀行及手頭現金
11,113
10,534
Deposits with banks
銀行存款
40,760
35,591
Cash and bank balances in the
consolidated statement of
financial position
綜合財務狀況表中現金
及銀行結餘
51,873
46,125
Less: Restricted bank deposits (note)
減：受限制銀行存款（附註）
(40,760)
(35,591)
Cash and cash equivalents in the
condensed consolidated cash flow
statement
簡明綜合現金流量表中
現金及現金等價物
11,113
10,534
Note: Restricted bank deposits are deposits placed with banks to
secure the issuance of performance bonds (see note 17), and
banking facilities.
11 CONTRACT ASSETS AND CONTRACT
LIABILITIES
As at the end of reporting period, all contract assets
and contract liabilities arose from performance
under construction contracts and billing in advance
for performance under construction contracts
respectively.
10 現金及銀行結餘
附註： 受限制銀行存款指存於銀行之存款以
擔保發出履約保證（見附註17）及銀行
融資。
11 合約資產及合約負債
於報告期末，所有合約資產及合約
負債分別產生自履行建築合約及履
行建築合約之預收賬款。
12 TRADE AND OTHER PAYABLES
As of the end of the reporting period, the ageing
analysis of trade creditors, based on the invoice
date, is as follows:
At
30 September
2020
At
31 March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
$』000
$』000
千元
千元
Within 1 month
一個月內
42,257
38,166
Over 1 month but within 2 months
一至兩個月
7,608
13,377
Over 2 months but within 3 months
兩至三個月
13,187
4,498
Over 3 months
三個月以上
23,013
29,998
Trade creditors
應付貿易賬款
86,065
86,039
Other payables and accruals
其他應付款項及應計費用
14,984
8,291
Amount due to a shareholder (note)
應付一名股東款項（附註）
828
–
101,877
94,330
Note: The amount due to a shareholder as at 30 September 2020
was unsecured, interest-free and expected to be repaid
within one year.
13 BANK LOAN – SECURED
At 30
September
2020
At
31 March
2020
於二零二零年
九月三十日
於二零二零年
三月三十一日
$』000
$』000
千元
千元
Within 1 year or on demand
一年內或一經要求
–
10,000
At 31 March 2020, the bank loan was secured by
bank deposits with aggregate value of $13,500,000,
interest-bearing at 4.3% per annum and was fully
repaid during the period ended 30 September 2020.
14 LOAN FROM A SHAREHOLDER
The loan from a shareholder was unsecured,
interest-free and repayable by serving two months』
notice.
12 貿易及其他應付款項
於報告期末，應付貿易賬款按發票
日期之賬齡分析如下：
附註： 於二零二零年九月三十日的應付一名
股東款項為無抵押、免息且預期一年
內償還。
13 銀行貸款－已抵押
於二零二零年三月三十日，銀行貸
款以銀行存款合共金額13,500,000
港元以年利率為4.3%計算並於二
零二零年九月三十日期內全數償
還。
14 股東貸款
一名股東貸款是無抵押、免息及償
還前提供兩個月通知。
15 DIVIDENDS
The board of directors has resolved not to declare
any interim dividend for the six months ended 30
September 2020 (six months ended 30 September
2019: $Nil).
16 FAIR VALUES MEASUREMENT OF
FINANCIAL INSTRUMENTS
Fair values of financial assets and
liabilities carried at other than fair
value
The carrying amounts of the Group’s financial
instruments carried at amortised cost were not
materially different from their fair values as at 30
September 2020 and 31 March 2020.
17 CONTINGENT LIABILITIES
At 30 September 2020, the Group had contingent
liabilities in respect of performance bonds to
guarantee due and proper performance of
obligations undertaken by the Group’s subsidiary
for projects amounting to $94,207,000 (31 March
2020: $87,587,000) in its ordinary course of
business. The performance bonds were expected
to be released in accordance with the terms of the
respective construction contracts.
18 MATERIAL RELATED PARTY
TRANSACTIONS
In addition to the transactions and balances
disclosed elsewhere in this interim financial report,
the Group entered into the following material
related party transactions during the period:
Six months ended
30 September
截至九月三十日止六個月
2020
2019
二零二零年
二零一九年
$』000
$』000
千元
千元
Remuneration of key management
personnel
主要管理人員薪酬
2,921
3,367
Rental expenses paid to a
related company
已付予一間關聯
公司的租金開支
596
596
The directors of the Company are of opinion that
the above transactions were entered into in the
normal course of business.
15 股息
董事會決議不宣派截止二零二零年
九月三十日止六個月之中期股息
（截至二零一九年九月三十日止六
個月：無）。
16 金融工具之公平值計量
金融資產及負債的公平值
按公平值以外的價值來計
算
於二零二零年九月三十日及二零二
零年三月三十一日，本集團之金融
工具按成本或攤銷成本列賬之賬
面值與其公平值均無重大差別。
17 或然負債
於二零二零年九月三十日，本集團
於其日常業務過程中就本集團附
屬公司妥善履行承接項目之責任
作出擔保的履約保證之或然負債
為94,207,000元（二零二零年三月
三 十 一 日：87,587,000元）。履 約
保證預期將根據各建築合約的條款
獲解除。
18 重大關聯方交易
除該中期務報表其他部分所披露的
交易及結餘外，本集團於本期間訂
立以下重大關聯方交易：
本公司董事認為上述交易乃於日常
業務過程中訂立。
Review report to the board of directors of In
Construction Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
INTRODUCTION
We have reviewed the interim financial report set out
on pages 17 to 30 which comprises the consolidated
statement of financial position of In Construction
Holdings Limited as of 30 September 2020 and the
related consolidated statement of profit or loss and
other comprehensive income, consolidated statement
of changes in equity and condensed consolidated cash
flow statement for the six-month period then ended and
explanatory notes. The Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited
require the preparation of an interim financial report to
be in compliance with the relevant provisions thereof and
Hong Kong Accounting Standard 34, Interim financial
reporting, issued by the Hong Kong Institute of Certified
Public Accountants. The directors are responsible for the
preparation and presentation of the interim financial
report in accordance with Hong Kong Accounting
Standard 34.
Our responsibility is to form a conclusion, based on our
review, on the interim financial report and to report our
conclusion solely to you, as a body, in accordance with our
agreed terms of engagement, and for no other purpose.
We do not assume responsibility towards or accept liability
to any other person for the contents of this report.
SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong
Standard on Review Engagements 2410, Review of interim
financial information performed by the independent
auditor of the entity, issued by the Hong Kong Institute
of Certified Public Accountants. A review of the interim
financial report consists of making enquiries, 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 Hong Kong 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.
致現恆建築控股有限公司董事會審閱報
告
（於開曼群島註冊成立的有限公司）
引言
我們已審閱第17頁至第30頁所載之中期
財務報告，當中包括現恆建築控股有限
公司於二零二零年九月三十日之綜合財
務狀況表，以及截至該日止六個月期間
之相關綜合損益及其他全面收益表、綜
合權益變動表、簡明綜合現金流量表及
附註解釋。《香港聯合交易所有限公司證
券上市規則》規定，中期財務報告之編製
必須符合當中訂明之相關條文，以及由
香港會計師公會頒佈的《香港會計準則》
第34號，「中期財務報告 」。董事須負責
根據《香港會計準則》第34號編製及呈報
中期財務報告。
我們的責任是根據審閱結果，對中期財
務報告作出結論，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。
審閱範圍
我們已根據香港會計師公會頒佈之《香港
審閱工作準則》第2410號，「獨立核數師
對中期財務資料的審閱 」進行審閱工作。
審閱中期財務報告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
圍遠較根據香港審計準則進行審核之範
圍為少，所以不能保證我們會知悉所有
在審核中可能發現之重大事項。因此，
我們不會發表任何審核意見。
CONCLUSION
Based on our review, nothing has come to our attention
that causes us to believe that the interim financial report
as at 30 September 2020 is not prepared, in all material
respects, in accordance with Hong Kong Accounting
Standard 34, Interim financial reporting.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
27 November 2020
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截至二零二零年九
月三十日之中期財務報告在任何重大方
面 未 有 根 據《香 港 會 計 準 則》第34號，
「中期財務報告 」編製。
畢馬威會計師事務所
執業會計師
香港中環
遮打道10號
太子大廈8樓
二零二零年十一月二十七日
中財網