安保工程控股定期财报：安保工程控股：2020年報

1ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司CONTENTS目錄2公司資料CorporateInformation4五年財務概要Five-yearFinancialSummary6主席報告Chairman’sStatement11重大手頭合約概要SummaryofSignificantContractsonHand12牌照Licenses13管理層討論及分析ManagementDiscussionandAnalysis25董事及高級管理層履歷BiographicalDetailsofDirectorsandSeniorManagement33企業管治報告CorporateGovernanceReport62董事會報告ReportoftheDirectors80獨立核數師報告IndependentAuditor’sReport89綜合損益及其他全面收入表ConsolidatedStatementofProfitorLossandOtherComprehensiveIncome91綜合財務狀況表ConsolidatedStatementofFinancialPosition93綜合權益變動表ConsolidatedStatementofChangesinEquity94綜合現金流量表ConsolidatedStatementofCashFlows96財務報表附註NotestoFinancialStatementsTheEnglishtextofthisannualreportshallprevailovertheChinesetextincaseofinconsistenciesordiscrepancies.本年度報告之中英文版本如有任何歧義或差異，概以英文版本為準。

2AnnualReport2019-2020年報CorporateInformatIon公司資料BOARDOFDIRECTORSExecutiveDirectorsMr.NGAIChunHung(Chairman)Mr.CHEUNGHoYuen(appointedastheChiefExecutiveOfficeron20February2020)Mr.IPYikNam(ceasedtobetheChiefExecutiveOfficeron20February2020)Mr.LAUChiFai,DanielMr.YAUKwokFaiMr.YAMKuiHung(retiredon20February2020)IndependentNon-executiveDirectorsDr.LIYokSheungMs.MAKSukHingMs.LEUNGYuenShan,MaisyBOARDCOMMITTEESAuditCommitteeMs.LEUNGYuenShan,Maisy(Chairman)Dr.LIYokSheungMs.MAKSukHingRemunerationCommitteeDr.LIYokSheung(Chairman)Ms.MAKSukHingMs.LEUNGYuenShan,MaisyMr.YAUKwokFaiNominationCommitteeMr.NGAIChunHung(Chairman)Dr.LIYokSheungMs.MAKSukHingMs.LEUNGYuenShan,MaisyCOMPANYSECRETARYMr.WONGFuCheongDesmond,CPAINDEPENDENTAUDITORErnst&YoungCertifiedPublicAccountants董事會執行董事魏振雄先生（主席）張浩源先生（自二零二零年二月二十日起獲委任行政總裁）葉亦楠先生（自二零二零年二月二十日起不再擔任行政總裁）劉志輝先生游國輝先生任鉅鴻先生（於二零二零年二月二十日退任）獨立非執行董事李毓湘博士麥淑卿女士梁婉珊女士董事會委員會審核委員會梁婉珊女士（主席）李毓湘博士麥淑卿女士薪酬委員會李毓湘博士（主席）麥淑卿女士梁婉珊女士游國輝先生提名委員會魏振雄先生（主席）李毓湘博士麥淑卿女士梁婉珊女士公司秘書黃富昌先生（會計師）獨立核數師安永會計師事務所執業會計師3ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司CorporateInformatIon公司資料REGISTEREDOFFICEPOBox1350,CliftonHouse75FortStreetGrandCaymanKY1-1108CaymanIslandsHEADOFFICEANDPRINCIPALPLACEOFBUSINESSNo.155WaterlooRoad,KowloonTongKowloon,HongKongSHAREREGISTRARANDTRANSFEROFFICEPrincipalShareRegistrarandTransferOfficeintheCaymanIslandsOcorianTrust(Cayman)LimitedPOBox1350,CliftonHouse75FortStreetGrandCaymanKY1-1108CaymanIslandsHongKongBranchShareRegistrarandTransferOfficeTricorInvestorServicesLimitedLevel54,HopewellCentre183Queen’sRoadEastHongKongSHAREINFORMATIONOrdinarysharelistingPlaceoflistingMainBoardofTheStockExchangeofHongKongLimitedStockcode01627Boardlotsize4,000SharesWEBSITES註冊辦事處POBox1350,CliftonHouse75FortStreetGrandCaymanKY1-1108CaymanIslands總辦事處兼主要營業地點香港九龍九龍塘窩打老道155號股份過戶登記處開曼群島股份過戶登記總處OcorianTrust(Cayman)LimitedPOBox1350,CliftonHouse75FortStreetGrandCaymanKY1-1108CaymanIslands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樓股份資料普通股上市上市地點香港聯合交易所有限公司主板股票代號01627每手買賣單位4,000股網址4AnnualReport2019-2020年報Five-YearFinancialSummarY五年財務概要RESULTSYearended31March20202019201820172016二零二零年二零一九年二零一八年二零一七年二零一六年HK$’000HK$’000HK$’000HK$’000HK$’000千港元千港元千港元千港元千港元REVENUE收入1,547,8412,385,4153,112,2642,318,3172,502,920Contractcosts合約成本(1,391,313)(2,149,888)(2,862,972)(2,065,285)(2,204,176)Grossprofit毛利156,528235,527249,292253,032298,744Otherincomeandgains其他收入及收益13,94014,0494,7931,5243,291Administrativeexpenses行政開支(90,292)(80,787)(44,987)(108,232)(58,078)Otherexpenses其他開支(40,588)––––Financecosts財務費用(1,320)(528)(221)(235)(2,535)Shareofprofitsandlossesofjointventures應佔合營企業損益1,3282,173–(18,333)(102)Incometaxexpense所得稅開支(15,621)(29,002)(33,906)(26,269)(39,430)PROFITFORTHEYEAR年內溢利23,975141,432174,971101,487201,890Othercomprehensiveincome/(loss)fortheyear年內其他全面收入╱(損失)(1,766)1,766–––PROFITANDTOTALCOMPREHENSIVEINCOMEFORTHEYEAR年內溢利及全面收入總額22,209143,198174,971101,487201,890Profitfortheyearattributabletoownersoftheparent母公司持有者應佔年內溢利23,975141,432174,971101,487201,890Profitandtotalcomprehensiveincomefortheyearattributabletoownersoftheparent母公司持有者應佔年內溢利及全面收入總額22,209143,198174,971101,487201,890業績截至三月三十一日止年度5ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司Five-YearFinancialSummarY五年財務概要FINANCIALPOSITIONSAsat31March20202019201820172016二零二零年二零一九年二零一八年二零一七年二零一六年HK$’000HK$’000HK$’000HK$’000HK$’000千港元千港元千港元千港元千港元Non-currentassets非流動資產707,850794,862125,80114,24833,872Currentassets流動資產1,213,3151,250,5981,761,6651,560,0501,560,779Non-currentliabilities非流動負債6,716–43271858Currentliabilities流動負債659,606732,826710,280571,855631,642NETASSETS資產淨值1,254,8431,312,6341,177,1431,002,172962,151TOTALEQUITY總權益1,254,8431,312,6341,177,1431,002,172962,151財務狀況於三月三十一日6AnnualReport2019-2020年報Chairman’sstatement主席報告0501001502002502015/162016/172017/182019/202018/19FINANCIALHIGHLIGHTS Revenue for the year ended 31 March 2020 decreased by35%toapproximatelyHK$1,548millionfromapproximatelyHK$2,385millionfortheyearended31March2019. Net profit for the year ended 31 March 2020 amounted toapproximatelyHK$24million(2019:approximatelyHK$141million). Basic earnings per share for the year ended 31 March 2020 amountedtoHK1.20cents(2019:HK7.07cents).財務摘要 收入由截至二零一九年三月三十一日止年度的約23.85億港元，減少35%至截至二零二零年三月三十一日止年度的約15.48億港元。

截至二零二零年三月三十一日止年度的溢利淨額為約0.24億港元（二零一九年：約1.41億港元）。

截至二零二零年三月三十一日止年度的每股基本溢利為1.20港仙（二零一九年：7.07港仙）。

CapitalandLiabilities股本及負債Asat31March2020於二零二零年三月三十一日Revenue(HK$million):收入（百萬港元）：ProfitfortheYear(HK$million):年內溢利（百萬港元）：Otherliabilities其他負債Capitalandreserves股本及儲備35%65%05001000150020002500300035002015/162016/172017/182018/192019/207ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司Chairman’sstatement主席報告DearShareholders,Onbehalfoftheboard(the“Board”)ofdirectors(the“Director(s)”)ofAbleEngineeringHoldingsLimited(the“Company”,which,togetherwithitssubsidiaries,isreferredtoasthe“Group”),IreporttheannualresultsoftheGroupfortheyearended31March2020.RESULTSDuringtheyearunderreview,theGroupwasengagedinthecontractworksbusiness,whichmainlycomprisedbuildingconstructionandrepair,maintenance,alterationandaddition(“RMAA”)worksinHongKong.Fortheyearended31March2020,theGroup’sconsolidatedrevenueamountedtoapproximatelyHK$1,548million,representingadecreaseof35%fromHK$2,385millionfortheyearended31March2019.ProfitattributabletoownersoftheparentoftheCompanyfortheyearended31March2020and31March2019amountedtoapproximatelyHK$24millionandHK$141million,respectively,adecreaseof83%.ThebasicanddilutedearningspersharefortheyearwereHK1.20cents(2019:HK7.07cents).Thedeclineinnetprofitwasmainlyattributableto(i)thedecreaseinrevenueascertainprojectswerestillinthepreliminarystageofdevelopmentduringtheyearended31March2020andthesuspensionofcertainsiteworksinFebruary2020topreventthespreadofnovelcoronavirus(“COVID-19”);and(ii)theonetimelossonderecognition(“LossonDerecognition”)ofthefullremainingnetbookvalueofthebuildingportionofManShungIndustrialBuilding(“ManShung”)ofapproximatelyHK$41millionfollowingthedecisionoftheBoardtodemolishitfortheredevelopmentofthesiteofNo.7LaiYipStreet,KwunTong,Kowloon,HongKong(the“Site”)whereitislocatedat.TheprofitattributabletoownersoftheparentoftheCompanyfortheyearended31March2020wouldbeHK$65millionifexcludingtheLossonDerecognition,adecreaseof54%comparingwithlastyear.Thenetassetvalueattributabletoownersoftheparentasat31March2020amountedtoapproximatelyHK$1,255million(approximatelyHK$0.63pershare),representingandecreaseof4%fromapproximatelyHK$1,313million(approximatelyHK$0.66pershare)asat31March2019.致各位股東：本人謹代表安保工程控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）之董事（「董事」）會（「董事會」），宣佈本集團截至二零二零年三月三十一日止年度的全年業績。

業績於回顧年度，本集團從事合約工程業務，主要包括於香港之樓宇建築及修復、保養、改建及加建（「RMAA」）工程。

於截至二零二零年三月三十一日止年度，本集團之綜合收入約為15.48億港元，較截至二零一九年三月三十一日止年度之約23.85億港元減少35%。

截至二零二零年三月三十一日及二零一九年三月三十一日止年度，本公司母公司持有者應佔溢利分別約為0.24億港元及1.41億港元，減少83%。

本年度之每股基本及攤薄盈利為1.20港仙（二零一九年：7.07港仙）。

溢利下跌主要由於(i)若干項目於二零二零年三月三十一日止年度仍處於初步發展階段及為防止新型冠狀病毒（「COVID-19」）擴散而於二零二零年二月暫停部份地盤工作，因而導致收入有所下降；及(ii)萬順工業大廈（「萬順」）因董事會決定將其拆卸以重新發展其所處的香港九龍觀塘勵業街7號地皮（「有關地皮」），因而對其樓宇部分的全數餘下賬面淨值約0.41億港元作出一次性終止確認而產生的損失（「終止確認的損失」）。

如撇除終止確認的損失，截至二零二零年三月三十一日止年度的本公司母公司持有者應佔溢利約為0.65億港元，較去年減少54%。

於二零二零年三月三十一日，母公司持有者應佔資產淨值約為12.55億港元（每股約0.63港元），較二零一九年三月三十一日之約13.13億港元（每股約0.66港元）減少4%。

8AnnualReport2019-2020年報Chairman’sstatement主席報告DIVIDENDTheBoarddidnotrecommendthepaymentofanyfinaldividendfortheyearended31March2020(2019:HK4centsperordinaryshare).REDEVELOPMENTOFNO.7LAIYIPSTREETThewholeblockofManShunglocatedatNo.7LaiYipStreet,KwunTong,Kowloon,HongKong(i.e.theSite)wasacquiredbytheGroupthroughseveralacquisitiontransactionsintheyearof2018/19.TheGroupreceivedtheformalwrittenapprovalandpermissionon7January2020,withconditions,givenbytheTownPlanningBoard(the“TPB”)inrespectofanapplicationmadebytheGrouptotheTPBfortheminorrelaxationofplotratioandbuildingheightrestrictionsoftheSite.ConsideredthecurrentconditionsandfacilitiesofManShung,theBoardconsideredredevelopmentoftheSiteintoanewnon-residentialbuildingwouldbemoreeffectivetounlockthepotentialvalueand/orgrossfloorareaoftheSitethanconductingmaterialrenovationofManShung.ThedemolitionworkofManShungisinprogress.OUTLOOKThesocialunrestsincesecondhalfof2019andtheCOVID-19pandemicinearly2020affectedtheeconomyandthepropertymarketofHongKong.Accordingly,weforeseethattheremaybeacontractionintheprivateconstructionsectorinthenextfewyears.Despitesuchuncertainsocialandeconomicenvironment,thecommunityneedforthehousingandprovisionofhospitalfacilitiesinHongKongisstillunchanged.股息董事會不建議就截至二零二零年三月三十一日止年度派發任何末期股息（二零一九年：每股普通股4港仙）。

重新發展勵業街7號本集團通過於二零一八至一九年度進行的一連串收購交易購入整棟位於香港九龍觀塘勵業街7號（即有關地皮）的萬順。

於二零二零年一月七日，本集團接獲城市規劃委員會（「城規會」）就本集團向城規會要求略為放寬有關地皮的地積比率和建築物高度限制的申請而發出之正式書面批准及有條件的許可。

考慮到萬順的當前條件和設施，董事會認為，將有關地皮重新發展為一棟新的非住宅大廈將比為萬順進行大型翻新更有效地釋放有關地皮的潛在價值及╱或建築面積。

拆卸萬順之工作正在進行中。

前景二零一九年下半年以來的社會動盪以及二零二零年初COVID-19爆發對香港經濟及物業市場產生不利影響。

因此，我們預計未來數年私人建築工程項目將出現收縮。

儘管社會及經濟環境不明朗，但社會對香港房屋及醫院設施的需求仍沒有改變。

9ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司Chairman’sstatement主席報告TheGovernmentofHongKongSpecialAdministrativeRegion(the“HKSAR”)demonstrateditsdedicationtoincreasethesupplyofpublichousingbyincreasingtheproportionofpublichousinginoverallhousingsupplyto70%asannouncedin2018PolicyAddress.Inaddition,asmentionedin2019PolicyAddress,theHKSARGovernmentsetasideHK$5billiontoincreasethenumberoftransitionalhousingprojectssubstantiallytoprovideatotalof10,000unitswithinthenextthreeyears,whichwasfurtherincreasedto15,000unitsasannouncedbytheHKSARGovernmentinJanuary2020.TheHKSARGovernmentalsoexpeditedlandsupplyplanningworkandresumedthreetypesofprivatelandwhollyforpublichousing,StarterHomesandrelatedinfrastructuredevelopmentbyinvokingthe“LandsResumptionOrdinance”(Cap.124oftheLawofHongKong)andotherapplicableordinances.Further,theLandSharingPilotSchemeannouncedin2018PolicyAddresswilltapmarketforceinhousingplanningandconstructionwhichcanreleaseprivatelandlotswithconsolidatedownershipbutnotyetcoveredbygovernmentplanningandstudy,soastospeedupshort-andmedium-termhousingsupply.Tomeettheincreasingdemandforhealthcareservicesarisingfromanageingpopulation,theHKSARGovernmenthadplannedaheadthenecessaryhealthcareinfrastructureandsetasideHK$300billionasannouncedinthe2018-19Budgetforsuchpurposes.Moreover,theGroupalsostrivesfordevelopinginnovativetechnologyaimingatenhancingsafety,environmentalprotection,health,qualityandefficiencyinmanagingprojects.香港特別行政區（「香港特區」）政府決心增加公共房屋供應。

誠如二零一八年施政報告所提及，香港特區政府目標將公共房屋在整體房屋供應中所佔的比例提高至70%。

此外，於二零一九年施政報告中，香港特區政府亦提及預留50億港元以於未來三年合共提供10,000個（於二零二零年一月香港特區政府公佈進一步增加至15,000個）的過渡性房屋單位。

香港特區政府亦加快土地供應規劃及運用《收回土地條例》（香港法例第124章）和其他適用條例，收回三類私人土地作百分百公營房屋及「港人首置上車盤」和相關設施發展。

此外，於二零一八年施政報告公佈的「土地共享先導計劃」將善用市場的規劃和建造力量，可望盡早釋放部分政府尚未規劃和研究但已整合業權的私人土地，加快短中期房屋供應。

為應付人口老化導致的健康護理服務需求增長，香港特區政府已及早籌劃醫療硬件設施並於二零一八至一九年財政預算案宣佈已預留3,000億港元用作有關用途。

另外，本集團還致力於發展創新科技，以提升安全、環保、健康、品質及項目管理效率。

10AnnualReport2019-2020年報Chairman’sstatement主席報告TheDirectorsbelievethattheconstructioncontractsfromthepublicsectorinviewofthevariousdevelopmentplansofHKSARGovernmentandourinvestmentininnovationtechnologywillsupportthelong-termgrowthoftheGroup’sconstructionbusiness.Lookingforward,wewillkeeplookingfordifferentinvestmentopportunitiestobroadenoursourceofincomeandintegratewithourbusinesspartnersinordertoreduceconstructioncosts,enhanceprojectefficiencyandcreatesynergy,whichwillcreatereasonablereturnfortheGroupandtheshareholdersoftheCompany(the“Shareholder(s)”)inthelongrun.CHANGEINBOARDMEMBERSOn20February2020,Mr.YAMKuiHung(“Mr.YAM”)retiredfromExecutiveDirectorafterservingtheBoardforover3years.TheChairmanandtheBoardwouldliketoexpresstheirgratitudetoMr.YAMforhisinvaluablecontributionsduringhistenureofservice.APPRECIATIONFinally,onbehalfoftheBoard,IwouldliketoextendourgratitudeandsincereappreciationtoallmanagementandemployeesoftheGroupfortheirhardworkanddedication,aswellastoallShareholdersfortheircontinuoussupport.Sincerely,NGAIChunHungChairmanABLEENGINEERINGHOLDINGSLIMITEDHongKong,24June2020鑒於香港特區政府的各項發展計劃，董事相信來自公共部門的建築工程合約及我們於創新科技的投資足以支持本集團建築業務的長遠增長。

展望未來，我們將繼續尋求不同的投資機會以擴大收入來源及與我們的商業夥伴整合以減低建築成本、提升項目效率及產生協同效應，為本集團和本公司股東（「股東」）創造長期合理的回報。

董事會之變動於二零二零年二月二十日，於董事會服務超逾3年的任鉅鴻先生（「任先生」）退任執行董事。

主席及董事會謹此衷心感謝任先生於在任期間的寶貴貢獻。

鳴謝最後，本人謹代表董事會對本集團全體管理層及僱員之努力不懈與貢獻，以及所有股東的支持，致以衷心感謝！此致魏振雄主席安保工程控股有限公司香港，二零二零年六月二十四日11ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司SummaryofSignificantcontractSonHand重大手頭合約概要At31March2020,themanagementestimatesthegrossandoutstandingvaluesoftheGroup’ssubstantialcontractsonhandamountedtoapproximatelyHK$7,584millionandHK$6,113million,respectively.Detailsofthesesubstantialcontractsonhandaresetoutbelow:ProjectsContractvalue項目合約價值HK$’million百萬港元BuildingConstruction樓宇建築ExtensionandConversiontoSt.Paul’sPrimaryCatholicSchoolatWongNaiChungRoad,HappyValley322擴建及改建跑馬地黃泥涌道聖保祿天主教小學MainContractfortheProposedResidentialDevelopmentatNKILNo.6567KaiTakArea1KSite1,KaiTak,Kowloon1,898九龍啟德第1K區1號地盤的新九龍內地段第6567號之住宅發展計劃主要建築工程DesignandConstructionofRedevelopmentofQueenMaryHospital,Phase1–MainWorksatPokFuLamRoad2,835(Note)設計及建造薄扶林道瑪麗醫院重建工程第一期－主要工程（附註）ConstructionofPublicHousingDevelopmentatTuenMunArea54Site1&1A2,269屯門第54區第1及1A號公共房屋發展計劃建築工程Repair,Maintenance,AlterationandAdditionWorks維修、保養、改建及加建工程HospitalAuthorityTermContractforGascoigneRoadSiteofMinorCapitalProject15/16260醫院管理局加士居道地盤之小型工程定期合約15/16Note:ProjectwithacontractsumofHK$9,450millionwasawardedtoPaulY.-AbleJointVenture,anunincorporatedbodywhich30%interestofthisjointoperationisattributabletotheGroup.於二零二零年三月三十一日，管理層估計本集團之重大手頭合約總值及未完成合約價值分別約為75.84億港元及61.13億港元。

此等重大手頭合約之詳細資料載列如下：附註：由保華－安保合營（並非屬法團的團體）投得之項目，合約總值94.50億港元，本集團佔該共同經營之30%權益。

12AnnualReport2019-2020年報Licenses牌照ThefollowingtablesummarisesthedetailsofthemajorqualificationsandlicencesobtainedbymembersoftheGroupasat31March2020.GovernmentAgenciesCategoryGroup政府機構類別組別AbleEngineeringCompanyLimited安保工程有限公司WorksBranch,DevelopmentBureau發展局工務科Buildings建築C(confirmed)丙（確認）PlumbingInstallation水管裝置II(probation)II（試用期）RepairandRestorationofHistoricBuildings–Forworksrelatedto‘WesternStyleBuildings’only維修及修復有歷史性樓宇－只限與「西式樓宇」有關的工程—Turn-keyInteriorDesignandFitting-outWorks全包室內設計及裝修工程IHousingAuthority房屋委員會Building(NewWorks)建築（新工程）NW2(confirmed)NW2（確認）Building(Maintenance)建築（保養）M2(probation)M2（試用期）DecorationContractors裝修承辦商—BuildingsDepartment屋宇署GeneralBuildingContractors一般建築承建商—SiteFormationWorks地盤平整工程—FoundationWorks地基工程—HousingSociety房屋協會BuildingWorks屋宇建造工程List2名冊二UrbanRenewalAuthority市區重建局Repair/MaintenanceWorks維修╱保養工程UpperTier上層ElectricalandMechanicalServicesDepartment機電工程署RegisteredElectricalContractors(ElectricityOrdinance)註冊電業承辦商（電力條例）—AbleBuildingConstructionLimited安保營造有限公司BuildingsDepartment屋宇署GeneralBuildingContractors一般建築承建商—AbleContractorsLimited安保建築有限公司HousingAuthority房屋委員會DecorationContractors裝修承辦商—下表概述於二零二零年三月三十一日，本集團成員公司取得的主要資格及牌照詳情：13ABLEENGINEERINGHOLDINGSLIMITED安保工程控股有限公司ManageMentDiscussionanDanalysis管理層討論及分析Thefollowingdiscussionsshouldbereadinconjunctionwiththeauditedcon……