Oi Wah Pawnshop Credit : Interim Report 2019

November 20, 2019 at 06:46 pm EST

靄華押業信貸控股有限公司	2019
Oi Wah Pawnshop Credit Holdings Limited
(Incorporated in the Cayman Islands with limited liability)	INTERIM REPORT
（於開曼群島註冊成立之有限公司）	中期報告
Stock Code 股份代號 : 01319

Contents

2 Company Information

公司資料

5 Financial Highlights

財務摘要

6 Management Discussion and Analysis

管理層討論及分析

19 Review report to the board of directors

致董事會之審閱報告

22 Condensed Consolidated Statement of Profitor Loss and Other Comprehensive Income

簡明綜合損益及其他全面收入表

23 Condensed Consolidated Statement of Financial Position

簡明綜合財務狀況表

Condensed Consolidated Statement of Changes in Equity
簡明綜合權益變動表
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表

28 Notes to the Interim Financial Report

中期財務報告附註

70 Other Information

其他資料

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Company Information

公司資料

CAYMAN ISLANDS SHARE	開曼群島股份過戶登記處
REGISTRAR AND TRANSFER
OFFICE
Estera Trust (Cayman) Ltd.	Estera Trust (Cayman) Ltd.
Clifton House, 75 Fort Street	Clifton House, 75 Fort Street
P.O. Box 1350	P.O. Box 1350
Grand Cayman KY1-1108	Grand Cayman KY1-1108
Cayman Islands	Cayman Islands

HONG KONG SHARE REGISTRAR	香港股份過戶登記處
Boardroom Share Registrars (HK) Limited	寶德隆證券登記有限公司
2103B, 21/F, 148 Electric Road	香港
North Point	北角
Hong Kong	電氣道148號21樓2103B室

AUDITORS	核數師
SHINEWING (HK) CPA Limited	信永中和（香港）會計師事務所
	有限公司
LEGAL ADVISERS	法律顧問
As to Hong Kong law:	香港法律方面：
Keith Lam Lau & Chan	劉林陳律師行
As to Cayman Islands law:	開曼群島法律方面：
Appleby	Appleby
PRINCIPAL BANKERS	主要往來銀行
CMB Wing Lung Bank Limited	招商永隆銀行有限公司
The Bank of East Asia, Limited	東亞銀行有限公司
Fubon Bank (Hong Kong) Limited	富邦銀行（香港）有限公司
O-Bank Co., Ltd., Hong Kong Branch	王道商業銀行股份有限公司香港分行
COMPANY WEBSITE	公司網站
www.pawnshop.com.hk	www.pawnshop.com.hk

4	靄華押業信貸控股有限公司中期報告 2019

Financial Highlights

財務摘要

FINANCIAL PERFORMANCE

財務表現

Revenue increased by 5.2% to approximately HK$117.8 million
Revenue from mortgage loan receivables increased by 2.9% to approximately HK$81.2 million
Profit attributable to the equity shareholders increased by 10.5% to approximately HK$59.3 million
Net profit margin slightly increased by 0.6 percentage points to 12.7%
Basic earnings per share is HK$3.1 cents
Gross loan receivables increased by 3.9% to approximately HK$1,418.2 million
Gross mortgage loan receivables increased by 3.7% to approximately HK$1,269.1 million

收益增加 5.2%至約117,800,000港
元
應收按揭抵押貸款之收益增加 2.9%
至約81,200,000港元
權益股東應佔溢利增加 10.5%至約
59,300,000港元
純利率輕微增加 0 . 6 個百分點至
12.7%
每股基本盈利為3.1港仙
應收貸款總額增加 3 . 9 % 至約
1,418,200,000港元
應收按揭抵押貸款總額增加 3.7%至
約1,269,100,000港元

BUSINESS PERFORMANCE

業務表現

Total amount of new pawn loans granted

i n c r e a s e d b y 16 . 7% t o a p p r o x i m a t e l y HK$386.0 million

Total amount of new mortgage loans granted decreased by 38 . 8% to approximately HK$306.6 million
Net interest margin for pawn loan decreased by 0.3 percentage points to 40.7%
Net interest margin for mortgage loan increased by 0.4 percentage points to 9.3%

已發放新典當貸款總額增加 16.7%
至約386,000,000港元
已發放新按揭抵押貸款總額減少
38.8%至約306,600,000港元
典當貸款之淨息差減少0.3個百分點至40.7%
按揭抵押貸款之淨息差增加 0.4個百分點至9.3%

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

BUSINESS REVIEW

Oi Wah Pawnshop Credit Holdings Limited (the "Company" or "our Company"), and its subsidiaries (together with the Company collectively referred to as the "Group" or "our Group") is a financing service provider in Hong Kong operating under the brand name of "Oi Wah", which is principally engaged in providing secured financing, including mortgage loans and pawn loans.

業務回顧

靄華押業信貸控股有限公司（「本公司」）及其附屬公司（連同本公司統稱「本集團」）為以「靄華」品牌名稱在香港經營之融資服務供應商，主要從事提供有抵押融資（包括按揭抵押貸款及典當貸款）業務。

MORTGAGE LOAN BUSINESS	按揭抵押貸款業務
For the six months ended 31 August 2019	截至二零一九年八月三十一日止六個
("FP2020" or the "Period"), the mortgage	月（「二零二零年財政期間」或「該期
loan business remained as a major source of	間」），按揭抵押貸款業務仍為本集團
income of the Group. During the Period, the	之主要收入來源。於該期間內，利息
interest income increased by approximately	收入由截至二零一八年八月三十一日
HK$2.3 million or 2.9% from approximately	止六個月（「二零一九年財政期間」）
HK$78.9 million for the six months ended 31	約78,900,000港元增加約2,300,000
August 2018 ("FP2019") to approximately	港元或2.9%至二零二零年財政期間
HK$81.2 million in FP2020. Revenue generated	約81,200,000港元。二零二零年財政
from the mortgage loan business in FP2020	期間之按揭抵押貸款業務所得收益佔
accounted for approximately 68.9% of the	本集團於該期間內總收益約68.9%。
Group's total revenue during the Period. The	應收按揭抵押貸款總額由二零一九年
gross mortgage loan receivables increased from	二月二十八日約1,223,300,000港元
approximately HK$1,223.3 million as at 28	增加至二零一九年八月三十一日約
February 2019 to approximately HK$1,269.1	1,269,100,000港元，而二零二零年財
million as at 31 August 2019, where the	政期間之已發放新按揭抵押貸款總額
total amount of new mortgage loans granted	約為306,600,000港元。於該期間內，
was approximately HK$306.6 million during	本集團共錄得84宗新造按揭抵押貸款
FP2020. During the Period, there were 84 new	交易，而並無錄得壞賬。
cases of mortgage loan transactions while no
bad debt was recorded.
In FP2020, the Group continued to adopt a	於二零二零年財政期間，本集團於發
cautious and prudent approach when granting	放貸款時繼續採取小心審慎之策略，
loans, as well as maintain a higher proportion	並於本集團的組合中維持高比例之第
of first mortgage loans in the Group's	一按揭抵押貸款以管理風險。於該期

6	靄華押業信貸控股有限公司中期報告 2019

Management Discussion and Analysis

管理層討論及分析

portfolio to manage risk. During the Period,	間內，第一按揭之貸款對估值比率約
the loan-to-value ratio for first mortgage was	為49.4%，而次級按揭之整體貸款對估
approximately 49.4% and the overall loan-	值比率則約為52.6%，其中本集團經
to-value ratio for subordinate mortgage was	手之次級按揭之貸款對估值比率約為
approximately 52.6%, in which the loan-	13.6%。
to-value ratio of subordinate mortgage that
the Group participated in was approximately
13.6%.

PAWN LOAN BUSINESS	典當貸款業務
Due to an ongoing rise in gold price during	由於該期間內黃金價格持續升高，典
the Period, the revenue generated from the	當貸款業務所得收益由二零一九年
pawn loan business increased by approximately	財政期間約33,100,000 港元增加約
HK$3.5 million or 10.6% from approximately	3,500,000港元或10.6%至二零二零
HK$33.1 million in FP2019 to approximately	年財政期間約36,600,000港元。應收
HK$36.6 million in FP2020. Interest income	典當貸款所得利息收入由二零一九年
derived from pawn loan receivables increased	財政期間約29,200,000 港元增加約
by approximately HK$3.7 million or 12.7%	3,700,000港元或12.7%至二零二零年
from approximately HK $29 .2 million in	財政期間約32,900,000港元；而出售
FP2019 to approximately HK$32.9 million in	經收回資產所得收益由二零一九年財
FP2020, while revenue derived from disposal	政期間約3,900,000港元輕微減少約
of repossessed assets slightly decreased by	200,000港元或5.1%至二零二零年財
approximately HK$0.2 million or 5.1% from	政期間約3,700,000港元。
approximately HK$3.9 million in FP2019 to
approximately HK$3.7 million in FP2020.
During the Period, the Group continued to	於該期間內，本集團繼續投放資源於
channel resources to advertising and promotion	廣告及宣傳以提升本集團之品牌曝光

to enhance the Group's brand exposure. 度。該等努力已產生對典當貸款超過

Such effort has generated demand for one-	100,000港元之一對一典當貸款預約服
to-one pawn loan appointment services for	務之需求。所發放達該金額之典當貸
pawn loans exceeding HK$0.1 million. The	款交易數目由二零一九年財政期間之
number of pawn loan transactions granted of	217宗交易增加至二零二零年財政期間
such amount increased from 217 transactions	之274宗交易。平均貸款金額亦增加至
in FP2019 to 274 transactions in FP2020.	每宗交易約9,200港元（二零一九年財
The average loan amount also increased to	政期間：每宗交易7,700港元）。
approximately HK$9,200 per transaction
(FP2019: HK$7,700 per transaction).

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

INDUSTRY OVERVIEW	行業回顧
Due to the uncertainties of the US-China trade	由於中美貿易衝突及英國脫歐充滿不
conflict and Brexit, as well as risk aversion	確定性以及投資者不願承擔風險，故
among investors, gold price had increased	黃金價格自二零一九年第二季度起已
sharply since the second quarter of 2019 and	急劇上漲並達致六年來最高價（高於
reached a six-year high (which was above the	每盎司1,500美元的主要心理水平）。
major psychological level of US$1,500 per	本公司董事（「董事」）會（「董事會」）
ounce). The board (the "Board") of directors	相信黃金價格將於不遠未來維持強勢
(the "Directors") of the Company believes	並將對本集團之典當貸款業務造成積
that gold price will remain strong in the near	極影響。
future and will have a positive impact on the
Group's pawn loan business.
Meanwhile, the Hong Kong government	同時，香港政府宣佈放寬按揭限制以
announced the relaxation of mortgage	提高按揭融資計劃之最大限度。該倡
restrictions to increase the ceiling for mortgage	議旨在幫助擁有充足收入以償還每月
financing scheme. It is an initiative that aims to	按揭抵押貸款但並無足夠資金支付首
help first-time homebuyers who have sufficient	期之首次置業者。預期將引發樓價短
income to cover monthly mortgage repayments	期增長。然而，香港近期的社會動盪及
but do not have enough funds for the down	全球經濟之不確定性已令樓市變得無
payment. It is expected to result in a boost	法預測。置業者應對舉債水平及市場
of property prices in the short run. However,	風險之增長保持謹慎。
the recent social unrest in Hong Kong and
uncertainties of the global economy have
rendered the property market unpredictable.
Homebuyers should be cautious of the increase
in leverage level and market risk.

FINANCIAL REVIEW	財務回顧
Revenue	收益
O u r G r o u p ' s r e v e n u e i n c r e a s e d f r o m	本集團之收益由二零一九年財政期間
approximately HK$112.0 million in FP2019 to	約112,000,000港元增加約5,800,000
approximately HK$117.8 million in FP2020,	港元或5.2%至二零二零年財政期間約
representing an increase of approximately	117,800,000港元。本集團之典當貸款
HK$5.8 million or 5.2%. An increase in	及按揭抵押貸款業務之收益均錄得增
revenue was recorded in both our pawn loan	長。
and mortgage loan businesses.

8	靄華押業信貸控股有限公司中期報告 2019

Management Discussion and Analysis

管理層討論及分析

Mortgage loan business	按揭抵押貸款業務
The increase in our interest income generated	本集團之按揭抵押貸款業務所得利
f r o m o u r m o r t g a g e l o a n b u s i n e s s o f	息收入增加約2,300,000港元或2.9%
approximately HK$2.3 million or 2.9% (from	（由二零一九年財政期間約78,900,000
approximately HK$78.9 million in FP2019 to	港元增加至二零二零年財政期間約
approximately HK$81.2 million in FP2020) was	81,200,000港元）乃主要由於按揭抵押
mainly due to the upward adjustment of the	貸款之利率自二零一八年第四季度起
interest rate charged on our mortgage loans	上調所致。
since the fourth quarter of 2018.

Pawn loan business	典當貸款業務
Revenue generated from our pawn loan	本集團之典當貸款業務所得收益由二
business increased from approximately HK$33.1	零一九年財政期間約33,100,000 港
million in FP2019 to approximately HK$36.6	元增加約3,500,000港元或10.6%至
million in FP2020, representing an increase of	二零二零年財政期間約36,600,000
approximately HK$3.5 million or 10.6%. This	港元。此乃歸因於本集團應收貸款所
was attributable to the increase in our interest	得利息收入由二零一九年財政期間
income generated from our loan receivables	約29,200,000港元增加約3,700,000
of approximately HK$3.7 million or 12.7%	港元或12.7%至二零二零年財政期間
from approximately HK$29.2 million in FP2019	約32,900,000港元，而有關款項已扣
to approximately HK$32.9 million in FP2020,	除出售經收回資產之收益由二零一九
which was netted off against the decrease	年財政期間約3,900,000港元減少約
in gain on disposal of repossessed assets of	200,000港元或5.1%至二零二零年財
approximately HK$0.2 million or 5.1% from	政期間約3,700,000港元之減幅。
approximately HK$3.9 million in FP2019 to
approximately HK$3.7 million in FP2020.
The increase in our interest income generated	本集團應收典當貸款所得利息收入增
from our pawn loan receivables was primarily	加主要歸因於(i)應收典當貸款總額平
attributable to (i) an increase in the average	均月終結餘由二零一九年財政期間約
month end balance for the gross pawn loan	141,800,000港元增加至二零二零年財
receivables from approximately HK$141.8	政期間約157,400,000港元；(ii)已發放
million in FP2019 to approximately HK$157.4	典當貸款總額由二零一九年財政期間
million in FP2020; (ii) an increase in the	約330,800,000港元增加至二零二零年
aggregate amount of pawn loans granted from	財政期間約386,000,000港元；及(iii)已
approximately HK$330.8 million in FP2019 to	發放典當貸款平均金額由二零一九年
approximately HK$386.0 million in FP2020;	財政期間每宗交易約7,700港元增加至

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

and (iii) the increase in the average amount	二零二零年財政期間每宗交易約9,200
of the pawn loans granted, which rose from	港元。
approximately HK$7,700 per transaction
in FP2019 to approximately HK$9,200 per
transaction in FP2020.
Revenue from disposal of repossessed assets	出售經收回資產之收益指本集團於典
represents the gain/(loss) we received as we	當貸款出現拖欠還款之情況時出售經
sold the repossessed assets in the event of	收回資產所收取之收益╱（虧損）。

default in repayment of our pawn loans. 本集團於二零二零年財政期間出售經

The decrease in our gain on disposal of	收回資產之收益減少乃主要由於二零
repossessed assets in FP2020 was mainly due	一九年財政期間鑽石及名牌手錶等奢
to the rebound in the second-hand market of	侈品二手市場回升，而二零二零年財
luxury items such as diamonds and branded	政期間奢侈品二手市場則維持穩定所
watches in FP2019 while the second-hand	致。由於每項典當貸款之期限為四個
market in luxury items remained stable in	農曆月，而收益受惠於二零一九年財
FP2020. Since every pawn loan has a term of	政期間奢侈品升值而有所增加，故本
four lunar months, the revenue increased with	集團於二零一九年財政期間出售經收
the appreciation of luxury goods in FP2019	回資產之收益錄得增長。
and thus a better result in gain on disposal of
repossessed assets in FP2019.
Other revenue	其他收益
Other revenue dropped from approximately	其他收益由二零一九年財政期間約
HK$3.7 million in FP2019 to approximately	3,700,000港元減少約2,200,000港
HK$1.5 million in FP2020, representing a	元或59.5%至二零二零年財政期間約
decrease of approximately HK$2.2 million	1,500,000港元，乃主要由於信貸相關
or 59.5%, which was mainly due to the	費用收入（即本集團向按揭抵押貸款

decrease in our credit-related fee income (i.e. 客戶所收取之提前還款收費及手續費）

early repayment fees and handling charges	減少約1,500,000港元所致。
received from our mortgage loan customers) of
approximately HK$1.5 million.
Operating expenses	經營開支
O p e r a t i n g e x p e n s e s w e re re d u c e d b y	經營開支由二零一九年財政期間約
approximately HK$2.6 million or 9.0% from	29,000,000港元減少約2,600,000港
approximately HK$29.0 million in FP2019 to	元或9.0%至二零二零年財政期間約
approximately HK$26.4 million in FP2020.	26,400,000港元。

10	靄華押業信貸控股有限公司中期報告 2019

Management Discussion and Analysis

管理層討論及分析

During FP2020, staff costs slightly increased by	於二零二零年財政期間，員工成本由
approximately HK$0.6 million or 5.1% from	二零一九年財政期間約11,800,000港
approximately HK$11.8 million in FP2019 to	元輕微增加約600,000港元或5.1%至
approximately HK$12.4 million in FP2020.	二零二零年財政期間約12,400,000港
The increase was mainly contributed by the	元。該增幅乃主要由於員工基本薪金
increase in the basic salary and bonus for staff	及花紅增加約300,000港元所致。
of approximately HK$0.3 million.
According to HKFRS 16, all operating leases	根據香港財務報告準則第16號，於二

should be treated as finance leases in FP2020. 零二零年財政期間，所有經營租賃應

Thus, the contractual liabilities for the rental	被視為融資租賃。因此，租賃協議之合
agreements are discounted and recognised	約負債獲貼現並確認為使用權資產。
as right-to-use assets. Rental expenses and	使用權資產之租金開支及折舊由二零
depreciation for right-to-use assets slightly	一九年財政期間約6,400,000港元輕微
increased by approximately HK$0.2 million	增加約200,000港元或3.1%至二零二
or 3.1% from approximately HK$6.4 million	零年財政期間約6,600,000港元。此乃
in FP2019 to approximately HK$6.6 million	主要由於數間典當店於二零二零年財
in FP2020. It was mainly resulted from the	政期間之租金增加所致。
increase in rent for several pawnshops during
FP2020.
Apart from staff costs, rental expenses	除上文所述二零一九年財政期間及
and depreciation for right-to-use assets of	二零二零年財政期間之員工成本、
approximately HK$18.2 million and HK$19.0	租金開支及使用權資產折舊分別約
million in FP2019 and FP2020 respectively as	1 8 , 2 0 0 , 0 0 0 港元及1 9 , 0 0 0 , 0 0 0 港
mentioned above, other operating expenses	元外，其他經營開支由二零一九年
dropped by approximately HK$3.4 million or	財政期間約10,800,000 港元減少約
31.5% from approximately HK$10.8 million	3,400,000港元或31.5%至二零二零
in FP2019 to approximately HK$7.4 million	年財政期間約7,400,000港元，乃主要
in FP2020, which was primarily attributable	歸因於廣告開支、法律及專業費用以
to the decrease in advertising expenses, legal	及佣金分別減少約1,700,000港元、
and professional fees and commission fees of	900,000港元及300,000港元。
approximately HK$1.7 million, HK$0.9 million
and HK$0.3 million respectively.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

Finance costs	融資成本
The finance costs increased by approximately	經扣除二零二零年財政期間之銀行貸
HK$0.5 million or 2.3% from approximately	款及透支減少約4,500,000港元後，
HK$21.6 million in FP2019 to approximately	融資成本由二零一九年財政期間約
HK$22.1 million in FP2020 after netting	21,600,000 港元增加約500,000 港
off against the decrease in bank loans and	元或2.3%至二零二零年財政期間約
overdrafts of approximately HK$4.5 million	22,100,000港元。此乃主要由於本集
in FP2020. It was mainly due to the increase	團為按揭抵押貸款組合提供資金而於
in other loans and loans from the immediate	二零二零年財政期間增加其他貸款及
holding company in FP2020 for funding our	直屬控股公司之貸款所致。
mortgage loan portfolios.

Income tax expenses	所得稅開支
O u r G r o u p ' s e f f e c t i v e t a x r a t e w a s	於二零一九年財政期間及二零二零
approximately 16.5% in FP2019 and FP2020.	年財政期間，本集團之實際稅率約為
No material change was noted.	16.5%。概無出現任何重大變動。

Profit and total comprehensive income for	期內溢利及全面收入總額
the period
O u r G r o u p ' s p r o f i t i n c r e a s e d f r o m	本集團溢利由二零一九年財政期間約
approximately HK$53.6 million in FP2019 to	53,600,000港元增加約5,700,000港
approximately HK$59.3 million in FP2020,	元或10.5%至二零二零年財政期間約
representing an increase of approximately	59,300,000港元。該增幅乃主要歸因
HK$5.7 million or 10.5%. The increase was	於經扣除其他收益減少約1,500,000港
mainly attributable to the increase in revenue	元及員工成本增加約600,000港元後，
of approximately HK$5.8 million and the	收益增加約5,800,000港元以及廣告開
decrease in advertising expenses, legal and	支、法律及專業費用以及佣金分別減
professional fees and commission fees of	少約1,700,000港元、900,000港元及
approximately HK$1.7 million, HK$0.9 million	300,000港元。
and HK$0.3 million respectively, netting off
against the decrease in other revenue of
approximately HK$1.5 million and increase in
staff costs of approximately HK$0.6 million.

12	靄華押業信貸控股有限公司中期報告 2019

Management Discussion and Analysis

管理層討論及分析

LIQUIDITY AND FINANCIAL	流動資金及財務資源
RESOURCES
As at 31 August 2019, cash and cash	於二零一九年八月三十一日，現金及
equivalents (after netting off against the	現金等價物（經扣除銀行透支）約為
bank overdrafts) amounted to approximately	136,800,000港元，較二零一九年二月
HK$136.8 million, which represented a net	二十八日淨增加約100,600,000港元。
increase of approximately HK$100.6 million	該增幅乃主要由於二零一九年八月底
as compared to the position as at 28 February	償還兩筆按揭抵押貸款約57,600,000
2019. The increase was mainly due to the	港元所致。
repayment of two mortgage loans that
amounted to approximately HK$57.6 million in
late August 2019.
For FP2020, net cash inflow from operating	於二零二零年財政期間，本集團經營
a c t i v i t i e s o f o u r G ro u p a m o u n t e d t o	業務之現金流入淨額約為40,900,000
approximately HK$40.9 million. It is mainly due	港元。此乃主要由於二零二零年
to the cash inflow from the revenue generated	財政期間所得收益之現金流入約
of approximately HK$98.6 million, which was	98,600,000港元所致，並由應收貸款
offset by the increase in loan receivables of	增加約53,300,000港元所抵銷。於二

approximately HK$53.3 million during FP2020. 零二零年財政期間，本集團融資業務

The net cash inflow from financing activities of	之現金流入淨額約為59,900,000 港
our Group amounted to approximately HK$59.9	元。此乃主要由於二零二零年財政期
million for FP2020. It was mainly contributed	間其他貸款及直屬控股公司之貸款
by the net proceeds from other loans and loans	之所得款項淨額分別約94,300,000
from the immediate holding company during	港元及10,000,000 港元所致，並由
FP2020 of approximately HK$94.3 million and	銀行貸款之還款淨額、已付股息及已
HK$10.0 million respectively, which was offset	付融資成本分別約4,200,000港元、
by the net repayment of bank loans, dividend	14,200,000港元及20,500,000港元所
paid and finance cost paid that amounted to	抵銷。
approximately HK$4.2 million, HK$14.2 million
and HK$20.5 million respectively.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

Pledge of assets	資產抵押
As at 31 August 2019, the Group pledged	於二零一九年八月三十一日，本集
its mortgage loan receivables with net book	團已抵押其賬面淨值為696,200,000
value of HK$696.2 million (28 February 2019:	港元（二零一九年二月二十八日：
HK$597.8 million) for the purpose of obtaining	597,800,000港元）之應收按揭抵押貸
facilities from a bank and other independent	款，以獲取一間銀行及其他獨立第三
third parties.	方融資。

Contingent liabilities	或然負債
There were no significant contingent liabilities	於二零一九年八月三十一日，本集團
for the Group as at 31 August 2019.	並無任何重大或然負債。

PROSPECTS	前景
Looking ahead, the Group plans to launch an	展望未來，本集團計劃於下一個財政
online pawn loan platform in the next financial	年度推出網上典當貸款平台以令客戶
year that enables customers to obtain loans	能夠審慎而簡便高效地取得貸款。本
in a discreet, simple and efficient manner. It	集團相信，網上典當貸款服務將可吸
is believed that online pawn loan services will	引新一代客戶，並有助本集團以較低
appeal to the younger generation, and help	成本推動其典當貸款業務。
promote the Group's pawn loan business at a
lower cost.
For mortgage loans, it is believed that the raise	就按揭抵押貸款而言，相信「行政長官
of the mortgage cap for first-time property	二零一九年施政報告」中為首次置業
buyers in the "The Chief Executive's 2019	人士提升按揭樓價上限將於短期內刺
Policy Address" will stimulate property prices	激樓價。然而，鑒於本地經濟潛在衰
in the short run. However, given the potential	退、社會動盪及全球經濟之不確定性，
downturn in local economy, social unrest	董事認為仍無法預測香港樓市。本集
and uncertainties in the global economy, the	團將繼續實施審慎的策略、聚焦於高
Directors are of the view that the Hong Kong	淨值客戶並於發放按揭抵押貸款時維
property market remains unpredictable. The	持謹慎。
Group will continue to implement a prudent
strategy, maintain its focus on high net worth
customers and remain cautious when granting
mortgage loans.

14	靄華押業信貸控股有限公司中期報告 2019

Management Discussion and Analysis

管理層討論及分析

KEY FINANCIAL RATIOS	主要財務比率

			As at	As at
			31 August	28 February
			2019	2019
			於二零一九年	於二零一九年
			八月三十一日	二月二十八日
			$	$
			元	元
Current ratio (1)	流動比率(1)		2.7x	3.0x
Gearing ratio (2)	借貸比率(2)		83.8%	73.6%

			For the six	For the six
			months ended	months ended
			31 August	31 August
			2019	2018
			截至	截至
			二零一九年	二零一八年
			八月三十一日止	八月三十一日止
			六個月	六個月
			$	$
			元	元
Return on total assets (3)	資產總額回報(3)		7.3%	6.9%
Return on equity (4)	權益回報(4)		13.7%	13.5%
Net profit margin (5)	純利率(5)		50.3%	47.9%
Net interest margin (6)	淨息差(6)		12.7%	12.1%
- pawn loan services	－典當貸款服務		40.7%	41.0%
- mortgage loan services	－按揭抵押貸款服務	9.3%	8.9%

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

Notes:		附註：
(1)	Current ratio is calculated by dividing current	(1)	流動比率乃按各期╱年末之流動資
	assets by current liabilities as at the respective		產除以流動負債計算。
	period/year end.
(2)	Gearing ratio is calculated by dividing total	(2)	借貸比率乃按各期╱年末之總借貸
	borrowings (summation of bank loans, bank		（銀行貸款、銀行透支、直屬控股公
	overdrafts, loans from immediate holding		司之貸款、融資租賃承擔、其他貸
	company, obligations under finance leases,		款、租賃負債及已發行債務證券之總
	other loans, lease liabilities and debt securities		額）除以權益總額計算。
	issued) by total equity as at the respective
	period/year end.
(3)	Return on total assets is calculated by dividing	(3)	資產總額回報乃按期內年度化溢利
	annualised profit for the period by the total		除以各期末的資產總額計算。
	assets as at the respective period end.
(4)	Return on equity is calculated by dividing	(4)	權益回報乃按期內年度化溢利除以
	annualised profit for the period by the total		各期末之權益總額計算。
	equity as at the respective period end.
(5)	Net profit margin is calculated by dividing	(5)	純利率乃按期內溢利除以各期間之
	profit for the period by the revenue for the		收益計算。
	respective period.
(6)	Net interest margin during the period refers	(6)	期內之淨息差指本集團有關典當貸
	to our interest income in respect of our pawn		款及按揭抵押貸款之利息收入減融
	loans and mortgage loan less our finance		資成本，除以期內相關貸款之月終應
	costs, divided by the average of month-		收貸款結餘總額平均數。
	end gross loan receivables balances of the
	corresponding loans during the period.

16	靄華押業信貸控股有限公司中期報告 2019

Management Discussion and Analysis

管理層討論及分析

Current ratio

Our Group's current ratio slightly decreased from 3.0 times as at 28 February 2019 to 2.7 times as at 31 August 2019, which was mainly due to the increase in other loans, current lease liabilities and loans from the immediate holding company amounting to HK$359.6 million, HK$9.4 million and HK$104.0 million respectively, and was offset by the increase in current loan receivables and cash and cash equivalents of approximately HK$69.2 million and HK$100.4 million respectively.

Gearing ratio

Our Group's gearing ratio increased from approximately 73.6% as at 28 February 2019 to approximately 83.8% as at 31 August 2019, which was mainly triggered by (i) the increase in other loans and loans from the immediate holding company which amounted to approximately HK $359.6 million and HK$104.0 million respectively as a result of the expansion of our mortgage loan portfolio; and

the increase in lease liabilities due to the implementation of the new HKFRS 16 which amounted to approximately HK$21.5 million.

流動比率

本集團流動比率由二零一九年二月二十八日之3.0倍輕微減少至二零一九年八月三十一日之2.7倍，乃主要由於其他貸款、流動租賃負債及直屬控股公司之貸款分別增加359,600,000港

元、9,400,000港元及104,000,000港元所致，並由即期應收貸款以及現金及現金等價物分別增加約69,200,000 港元及100,400,000港元所抵銷。

借貸比率

本集團借貸比率由二零一九年二月二十八日約7 3 . 6 % 增加至二零一九年八月三十一日約83.8%，乃主要由

於( i ) 本集團因擴充按揭抵押貸款組合以致其他貸款及直屬控股公司之貸款分別增加約359,600,000港元及 104,000,000港元；及(ii)實施新香港財務報告準則第16號導致租賃負債增加約21,500,000港元所致。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Management Discussion and Analysis

管理層討論及分析

Return on total assets and return on equity

Our return on total assets and return on equity slightly increased from approximately 6.9% and 13.5% in FP2019 to 7.3% and 13.7% in FP2020 respectively, which was mainly due to the increase in our net interest margin from 12.1% in FP2019 to 12.7% in FP2020.

Net profit margin and net interest margin

There was an increase in our net profit margin and net interest margin from approximately 47.9% and 12.1% in FP2019 to 50.3% and 12.7% in FP2020 respectively. The reason for such an increase was mainly due to the upward adjustment of the interest rate charged on our mortgage loans since the fourth quarter of 2018.

資產總額回報及權益回報

本集團資產總額回報及權益回報分別由二零一九年財政期間約6.9%及 13.5%輕微增加至二零二零年財政期間之7 . 3% 及13 . 7%，乃主要由於本集團淨息差由二零一九年財政期間之 12.1%增加至二零二零年財政期間之 12.7%所致。

純利率及淨息差

本集團純利率及淨息差分別由二零一九年財政期間約47.9%及12.1%增加至二零二零年財政期間之50.3%及 12.7%。該增幅乃主要由於按揭抵押貸款之利率自二零一八年第四季度起上調所致。

18	靄華押業信貸控股有限公司中期報告 2019

Review report to the board of directors

致董事會之審閱報告

Review report to the board of directors of	致靄華押業信貸控股有限公司
Oi Wah Pawnshop Credit Holdings Limited	（於開曼群島註冊成立之有限公司）
(Incorporated in the Cayman Islands with	董事會之審閱報告
limited liability)

INTRODUCTION	引言
We have reviewed the condensed consolidated	本核數師（以下簡稱「我們」）已審閱
financial statements of Oi Wah Pawnshop	列載於第22至69頁之靄華押業信貸控
Credit Holdings Limited (the "Company")	股有限公司（「貴公司」）及其附屬公
and its subsidiaries set out on pages 22 to 69,	司之簡明綜合財務報表，當中包括於
which comprises the condensed consolidated	二零一九年八月三十一日之簡明綜合
statement of financial position as of 31	財務狀況表與截至該日止六個月期間
August 2019 and the related condensed	之相關簡明綜合損益及其他全面收入
consolidated statement of profit or loss and	表、簡明綜合權益變動表及簡明綜合
other comprehensive income, statement of	現金流量表以及其他解釋附註。香港
changes in equity and statement of cash	聯合交易所有限公司主板證券上市規
flows for the six-month period then ended,	則規定，編製中期財務資料之報告必
and other explanatory notes. The Main Board	須遵守上市規則之相關條文及由香港
Listing Rules Governing the Listing of Securities	會計師公會頒佈之香港會計準則（「香
on The Stock Exchange of Hong Kong Limited	港會計準則」）第34號「中期財務報告」
require the preparation of a report on interim	之規定。貴公司董事須負責根據香
financial information to be in compliance with	港會計準則第34號編製及呈列該等簡
the relevant provisions thereof and Hong Kong	明綜合財務報表。我們之責任是根據
Accounting Standard ("HKAS") 34 "Interim	我們之審閱對該等簡明綜合財務報表
Financial Reporting" issued by the Hong Kong	發表結論，並按照我們雙方所協定之
Institute of Certified Public Accountants. The
directors of the Company are responsible for
the preparation and presentation of these
condensed consolidated financial statements in

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Review report to the board of directors

致董事會之審閱報告

accordance with HKAS 34. Our responsibility	應聘條款僅向整體董事會報告。除此
is to express a conclusion on these condensed	以外，本報告不可用作其他用途。我們
consolidated financial statements based on	概不會就本報告之內容對任何其他人
our review, and to report our conclusion solely	士負責或承擔法律責任。
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	審閱範圍
We conducted our review in accordance with	我們已根據由香港會計師公會頒佈之
Hong Kong Standard on Review Engagements	香港審閱準則第2410號「實體之獨立
2410 "Review of Interim Financial Information	核數師對中期財務資料之審閱」進行
Performed by the Independent Auditor of the	審閱。該等簡明綜合財務報表之審閱
Entity", issued by the Hong Kong Institute	包括主要向負責財務及會計事宜之人
of Certified Public Accountants. A review	員查詢，並執行分析及其他審閱程序。
of these condensed consolidated financial	由於審閱之範圍遠較按照香港審計準
statements consists of making enquiries,	則進行審核之範圍為小，故我們不能
primarily of persons responsible for financial	保證會注意到在審核中可能會被發現
and accounting matters, and applying	之所有重大事宜。因此，我們不會發表
analytical and other review procedures. A	審核意見。
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.

CONCLUSION	結論
Based on our review, nothing has come to our	根據我們之審閱，我們並無注意到任
attention that causes us to believe that the	何事項，致使我們相信簡明綜合財務
condensed consolidated financial statements	報表在所有重大方面未有按照香港會
are not prepared, in all material respects, in	計準則第34號之規定編製。
accordance with HKAS 34.

20	靄華押業信貸控股有限公司中期報告 2019

Review report to the board of directors

致董事會之審閱報告

OTHER MATTER	其他事宜
The consolidated financial statements of	貴集團截至二零一九年二月二十八
the Group for the year ended 28 February	日止年度之綜合財務報表乃由另一
2019, were audited by another auditor who	名核數師審核，彼於二零一九年五月
expressed an unmodified opinion on those	二十八日就該等報表發表無保留意
statements on 28 May 2019.	見。

SHINEWING(HK) CPA Limited	信永中和（香港）會計師事務所
Certified Public Accountants	有限公司
Wong Hon Kei, Anthony	執業會計師
Practising Certificate Number: P05591	黃漢基
	執業證書編號：P05591
Hong Kong	香港
29 October 2019	二零一九年十月二十九日

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Condensed Consolidated Statement of Profit or Loss And Other Comprehensive Income

簡明綜合損益及其他全面收入表

for the six months ended 31 August 2019 截至二零一九年八月三十一日止六個月

				Six months ended
				31 August
				截至八月三十一日止
				六個月

			2019		2018
			二零一九年	二零一八年
		Notes		$'000		$'000
		附註		千元		千元
			(unaudited)	(unaudited)
			（未經審核）	（未經審核）
Revenue	收益	6	117,838	112,010
Other income	其他收入	7	1,515		3,662
	經營收入
Operating income		119,353		115,672
Other operating expenses	其他經營開支	8(b)	(26,440)	(28,982)
Charge for impairment	扣除應收貸款
losses on loan	之減值虧損
receivables				-	(771)
	經營溢利
Profit from operations		92,913		85,919
Finance costs	融資成本	8(a)	(22,120)	(21,600)
	除稅前溢利
Profit before taxation		70,793		64,319
Income tax	所得稅	9	(11,522)	(10,673)
Profit and total	股東應佔期內
comprehensive	溢利及全面
income for the	收入總額
period attributable
to shareholders			59,271		53,646
Earnings per share	每股盈利
(in HK cents)	（港仙）	10		3.1		2.7

22	靄華押業信貸控股有限公司中期報告 2019

Condensed Consolidated Statement of Financial Position

簡明綜合財務狀況表

as at 31 August 2019 於二零一九年八月三十一日

				31 August		28 February
			2019		2019
				二零一九年		二零一九年
			八月三十一日	二月二十八日
		Notes		$'000		$'000
		附註		千元		千元
			(unaudited)		(audited)
			（未經審核）		（經審核）
Non-current assets	非流動資產
Property, plant and	物業、廠房及
equipment	設備		1,871		1,974
Right-of-use assets	使用權資產	11	21,073			-
Loan receivables	應收貸款	12	65,972		81,928
Deferred tax assets	遞延稅項資產		328		229

			89,244		84,131
Current assets	流動資產
Repossessed assets	經收回資產		7,590		6,451
Loan receivables	應收貸款	12	1,373,548		1,304,277
Trade and other receivables	貿易及其他
	應收款項	13	5,108		5,026
Cash and cash equivalents	現金及現金
	等價物	14		141,843			41,418

				1,528,089			1,357,172
Current liabilities	流動負債
Accruals and other payables	應計費用及其他
	應付款項	16	9,476		6,691
Bank loans and overdrafts	銀行貸款及
	透支	15	79,483		83,950
Obligations under finance	融資租賃承擔
leases	租賃負債			-	76
Lease liabilities	11	9,405			-
Loans from the immediate	直屬控股公司
holding company	之貸款	17	104,000		94,000
Current taxation	即期稅項		12,726		5,960
Other loans	其他貸款	18		359,552			265,232

				574,642			455,909

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Condensed Consolidated Statement of Financial Position

簡明綜合財務狀況表

as at 31 August 2019 於二零一九年八月三十一日

				31 August		28 February
			2019		2019
				二零一九年		二零一九年
			八月三十一日	二月二十八日
		Notes		$'000		$'000
		附註		千元		千元
			(unaudited)		(audited)
			（未經審核）		（經審核）
Net current assets	流動資產淨額		953,447		901,263
Total assets less current	資產總額減流
liabilities	動負債		1,042,691	985,394
Non-current liabilities	非流動負債
Debt securities issued	已發行債務
	證劵	19	162,623		162,565
Lease liabilities	租賃負債	11	12,119			-

			174,742		162,565
	資產淨額
NET ASSETS		867,949		822,829
CAPITAL AND RESERVES	資本及儲備
Capital	股本	20	19,385		19,385
Reserves	儲備		848,564		803,444
	權益總額
TOTAL EQUITY			867,949		822,829

24	靄華押業信貸控股有限公司中期報告 2019

Condensed Consolidated Statement of Changes in Equity

簡明綜合權益變動表

for the six months ended 31 August 2019 截至二零一九年八月三十一日止六個月

			Share
			capital/							Capital
			Paid-in		Share	Capital	redemption	Other	Retained
			capital	premium	reserve		reserve	reserve		profits	Total
			股本╱							資本贖回
			實繳資本		股份溢價	資本儲備		儲備	其他儲備		保留溢利	總計
			$'000		$'000	$'000		$'000	$'000		$'000	$'000
			千元		千元	千元		千元	千元		千元	千元
At 28 February 2019 and	於二零一九年二月二十八日及

1 March 2019 (audited)	二零一九年三月一日
	（經審核）	19,385		90,151	44,963	1,999	12,001	654,330	822,829
Profit and total comprehensive	溢利及全面收入總額
income	就上一個年度宣派及派付之		-		-	-		-	-	59,271	59,271
Final dividends declared and paid
in respect of previous year	末期股息		-	(14,151)	-		-	-		-	(14,151)
At 31 August 2019	於二零一九年八月三十一日
(unaudited)	（未經審核）	19,385		76,000	44,963	1,999	12,001	713,601	867,949
At 28 February 2018 and	於二零一八年二月二十八日及
1 March 2018 (audited)	二零一八年三月一日
	（經審核）	20,874		156,358	44,963		502	12,001	553,431	788,129
Impact on initial application of	首次應用香港財務報告準則
HKFRS 9	第9號之影響		-		-	-		-	-	78	78
Adjusted balance at	於二零一八年三月一日之

1 March 2018	經調整結餘	20,874		156,358	44,963		502	12,001	553,509	788,207
Profit and total comprehensive	溢利及全面收入總額
income	購回自身股份		-		-	-		-	-	53,646	53,646
Purchase of own shares	(1,366)	(46,036)	-	1,366	-		-	(46,036)
At 31 August 2018	於二零一八年八月三十一日

(unaudited)	（未經審核）	19,508		110,322	44,963		1,868	12,001	607,155		795,817

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Condensed Consolidated Statement of Cash Flows

簡明綜合現金流量表

for the six months ended 31 August 2019 截至二零一九年八月三十一日止六個月

			Six months ended
			31 August
			截至八月三十一日止
			六個月
		2019			2018
			二零一九年			二零一八年
			$'000			$'000
			千元			千元
			(unaudited)			(unaudited)
			（未經審核）			（未經審核）
							(restated)
							（經重列）
							(Note)
							（附註）
Operating activities	經營業務
Operating profit before	營運資金變動前之
changes in working	經營溢利	98,617			86,993
capital	應收貸款增加
Increase in loan receivables	(53,320)			(85,765)
Other cash flows generated	其他業務所得
from operations	現金流量	607				4,049
Cash generated from	業務所得現金
operations	已付香港利得稅	45,904			5,277
Hong Kong Profits Tax paid	(5,020)			(6,678)
Net cash generated from/	經營業務所得╱
(used in) operating	（所用）現金
activities	淨額	40,884			(1,401)
Investing activities	投資業務
Payment for the purchase	購買物業、廠房及
of property, plant and	設備之款項	(217)			(1,029)
equipment	出售物業、廠房及
Proceeds from disposal
of property, plant and	設備之所得
equipment	款項		-			60
Proceeds from disposal of a	出售附屬公司之
subsidiary	所得款項	100				-
Other cash flows generated	其他投資業務所得
from investing activities	現金流量	3				2
Net cash used in investing	投資業務所用
activities	現金淨額		(114)			(967)

26	靄華押業信貸控股有限公司中期報告 2019

Condensed Consolidated Statement of Cash Flows

簡明綜合現金流量表

for the six months ended 31 August 2019 截至二零一九年八月三十一日止六個月

			Six months ended
			31 August
			截至八月三十一日止
			六個月
		2019		2018
			二零一九年		二零一八年
			$'000		$'000
			千元		千元
			(unaudited)		(unaudited)
			（未經審核）		（未經審核）
						(restated)
						（經重列）
						(Note)
						（附註）
Financing activities	融資業務
New loans raised from	新造直屬控股公司
the immediate holding	貸款	50,000			67,200
company	直屬控股公司貸款
Repayments of loans from the
immediate holding company	之還款	(40,000)		(42,000)
Finance costs paid	已付融資成本	(20,515)		(21,124)
New other loans raised	其他新造貸款	128,000			150,800
Repayments of other loans	其他貸款之還款	(33,680)		(93,428)
New bank loans raised	新造銀行貸款	4,690			7,883
Repayments of bank loans	銀行貸款之還款	(8,929)		(13,072)
Payments for purchase of	購回自身股份之
own shares	款項		-		(46,036)
Dividends paid	已付股息	(14,151)		-
Payment of lease liabilities	租賃負債之款項
(2018: payment of	（二零一八年：
finance lease liabilities)	融資租賃負債
	之款項）	(5,532)		(114)
Net cash generated from	融資業務所得
financing activities	現金淨額	59,883			10,109
Net increase in cash and	現金及現金等價物
cash equivalents	增加淨額	100,653		7,741
Cash and cash equivalents	期初之現金及
at the beginning of	現金等價物
period (note 14)	（附註14）	36,151		39,836
Cash and cash equivalents	期末之現金及
at the end of period	現金等價物
(note 14)	（附註14）		136,804		47,577

Note: Certain comparative figures have been restated to conform with current year's presentation.

附註︰若干比較數字經已重列，以符合本年度之呈列方式。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

1 GENERAL INFORMATION

Oi Wah Pawnshop Credit Holdings L i m i t e d ( t h e " C o m p a n y " ) w a s incorporated in the Cayman Islands and is listed on the Main Board of the Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Company and its subsidiaries (together referred to as "the Group") are principally engaged in secured financing business in Hong Kong, including pawn loans and mortgage loans.

2 BASIS OF PREPARATION

一般資料

靄華押業信貸控股有限公司（「本公司」）在開曼群島註冊成立，並於香港聯合交易所有限公司（「聯交所」）主板上市。本公司及其附屬公司（統稱「本集團」）主要於香港從事有抵押融資（包括典當貸款及按揭抵押貸款）業務。

編製基準

The condensed consolidated financial	本集團截至二零一九年八月
statements of the Group for the six	三十一日止六個月之簡明綜合
months ended 31 August 2019 have	財務報表乃按照聯交所證券上
been prepared in accordance with	市規則（「上市規則」）附錄十六
the applicable disclosure provisions of	之適用披露條文及由香港會計
Appendix 16 to the Rules Governing	師公會（「香港會計師公會」）頒
the Listing of Securities on The Stock	佈之香港會計準則（「香港會計
Exchange (the "Listing Rules") and	準則」）第34號「中期財務報告」
with Hong Kong Accounting Standard	編製。
( " H K A S " ) 3 4 " I n t e r i m F i n a n c i a l
Reporting", issued by the Hong Kong
Institute of Certified Public Accountants
("HKICPA").
The condensed consolidated financial	本集團截至二零一九年八月
statements of the Group for the six	三十一日止六個月之簡明綜合
months ended 31 August 2019 are	財務報表乃以港元（「港元」或
presented in Hong Kong dollars ("HKD"	「元」）呈列，除另有指明者外，
or "$") and all values are rounded to the	所有數值均約整至最接近千位
nearest thousand ($'000) except when	數（千元）。
otherwise indicated.

28	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策

POLICIES

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

The accounting policies used in the condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 28 February 2019 except as described below.

In the current interim period, the Group has applied, for the first time, the following new and amendments to Hong Kong Financial Reporting Standards ("HKFRSs"), which include H K F R S s , H o n g K o n g A c c o u n t i n g Standards ("HKAS") amendments and interpretations ("Int") issued by the HKICPA which are effective for the Group's financial year beginning 1 March 2019:

簡明綜合財務報表乃按照歷史成本基準編製，惟若干金融工具則按公平值（如適用）計量。

簡明綜合財務報表所用會計政策與編製本集團截至二零一九年二月二十八日止年度之年度綜合財務報表所遵循者貫徹一致，惟下文所述者除外。

於本中期期間，本集團已首次應用以下由香港會計師公會頒佈並於本集團自二零一九年三月一日開始之財政年度生效之新訂香港財務報告準則（「香港財務報告準則」）及香港財務報告準則之修訂（當中包括香港財務報告準則、香港會計準則（「香港會計準則」）之修訂及詮釋（「詮釋」））︰

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

HKFRS 16	Leases
香港財務報告準則第16號	租賃
HK(IFRIC) - Int 23	Uncertainty over Income Tax Treatments
香港（國際財務報告詮釋委員會）－	所得稅處理之不確定性
詮釋第23號
Amendments to HKFRS 9	Prepayment Features with Negative
	Compensation
香港財務報告準則第9號之修訂	具有負補償之提前還款特性
Amendments to HKAS 19	P l a n	A m e n d m e n t , C u r t a i l m e n t o r
	Settlement
香港會計準則第19號之修訂	計劃修訂、縮減或結清
Amendments to HKAS 28	Long-term Interests in Associates and Joint
	Ventures
香港會計準則第28號之修訂	於聯營公司及合營企業之長期權益
Amendments to HKFRSs	Annual Improvements to HKFRSs 2015 -
	2017 Cycle
香港財務報告準則之修訂	二零一五年至二零一七年週期之香港財務報
	告準則年度改進
The adoption of HKFRS 16 resulted	採納香港財務報告準則第16號導致本
in changes in the Group's accounting	集團之會計政策出現變動及於簡明綜
p o l i c i e s a n d a d j u s t m e n t s t o t h e	合財務報表確認之金額有所調整。新
amounts recognised in the condensed	訂會計政策載於下文附註4。於本中期
consolidated financial statements. The	期間應用其他新訂香港財務報告準則
new accounting policies are set out in	及香港財務報告準則之修訂對本集團
note 4 below. The application of	other	本期間及過往期間之財務表現及狀況
new and amendments to HKFRSs in	及╱或該等簡明綜合財務報表所載披
the current interim period has had no	露概無重大影響。
material effect on the Group's financial
performance and positions for the
current and prior periods and/or on the

disclosures set out in these condensed consolidated financial statements.

30	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

Impacts on adoption of HKFRS 16 Leases

HKFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to the lessee accounting by removing the distinction between operating lease and finance lease and requiring the recognition of right-of- use asset and a lease liability for all leases, except for short-term leases and leases of low value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. Details of these new accounting policies are described in note 4. The Group has applied HKFRS 16 Leases retrospectively with the cumulative effect of initial application as an adjustment to the opening balance of equity, where appropriate, at 1 March 2019, and has not restated comparatives for the 2018 reporting period as permitted under the specific transitional provisions in the standard. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 17 Leases.

採納香港財務報告準則第 16號「租賃」之影響

香港財務報告準則第16號就租賃會計處理引入全新或經修訂規定。其就承租人之會計處理引入重大調整，包括移除經營租賃與融資租賃之差異及規定就所有租賃確認使用權資產及租賃負債，惟短期租賃及低價值資產租賃除外。與承租人之會計處理相反，出租人之會計處理規定大致維持不變。有關該等新會計政策之詳情於附註4闡述。本集團已追溯應用香港財務報告準則

第16號「租賃」，將首次應用之累計影響確認為對於二零一九年三月一日期初權益結餘之調整（如適用），並按該準則之特定過渡條文所允許，未有重列二零一八年報告期間之比較數字。因此，若干比較資料或無法與根據香港會計準則第17號「租賃」所編製之比較資料作出比較。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

Impacts on adoption of HKFRS 16	採納香港財務報告準則第 16號
Leases (Continued)	「租賃」之影響（續）
On transition to HKFRS 16, the Group	於過渡至香港財務報告準則第
elected to apply the practical expedient	16號時，本集團選擇應用可行權
to grandfather the assessment of which	宜方法豁免評估安排是否屬於
arrangements are, or contain, leases.	或包含租賃，並僅就先前識別為
It applied HKFRS 16 only to contracts	租賃之合約應用香港財務報告
that were previously identified as leases.	準則第16號，且概不重新評估根
Contracts that were not identified as	據香港會計準則第17號及香港
leases under HKAS 17 and HK(IFRIC)-4	（國際財務報告詮釋委員會）－
were not reassessed. Therefore, the	詮釋第4 號並非識別為租賃之
definition of a lease under HKFRS 16 has	合約。因此，本集團僅就於二零
been applied only to contracts entered	一九年三月一日或之後訂立或
into or changed on or after 1 March	更改之合約應用香港財務報告
2019.	準則第16號項下租賃之定義。
The major impacts of the adoption of	採納香港財務報告準則第16號
HKFRS 16 on the Group's condensed	對本集團簡明綜合財務報表之
consolidated financial statements are	主要影響於下文闡述。
described below.
The Group as lessee	本集團作為承租人

	On adoption of HKFRS 16, the Group	於採納香港財務報告準則第16
	recognised lease liabilities in relation	號時，本集團就先前根據香港會
	to leases which had previously been	計準則第17號「租賃」之原則分
	classified as 'operating leases' under the	類為「經營租賃」之租賃確認租
	principles of HKAS 17 Leases (except for	賃負債（惟低價值資產租賃及
	lease of low value assets and lease with	剩餘租賃期為十二個月或以下
	remaining lease term of twelve months	之租賃除外）。該等負債按剩餘
	or less). These liabilities were measured	租賃款項之現值計量，並以承租
	at the present value of the remaining	人截至二零一九年三月一日之
	lease payments, discounted using the	增量借貸利率貼現。適用於二零
	lessee's incremental borrowing rate as	一九年三月一日之租賃負債之
	of 1 March 2019. The weighted average	承租人加權平均增量借貸利率
	lessee's incremental borrowing rate	為6.01%。
	applied to the lease liabilities on 1 March
	2019 was 6.01%.
32	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

The Group as lessee (Continued)	本集團作為承租人（續）
The Group recognises right-of-use assets	本集團確認使用權資產及按相
and measures them at the amount	等於租賃負債之金額計量該等
equal to the lease liability, adjusted by	使用權資產，並以任何預付或應
the amount of any prepaid or accrued	計租賃款項作出調整－本集團
lease payments - the Group applied this	對所有租賃應用此方法。
approach to all leases.
The Group leases motor vehicles. These	本集團租用多輛汽車。該等租賃
leases were classified as finance leases	根據香港會計準則第17號分類
under HKAS 17. For these finance leases,	為融資租賃。就融資租賃而言，
the carrying amount of the right-of-use	使用權資產及租賃負債於二零
asset and the lease liability at 1 March	一九年三月一日之賬面值乃按
2019 were determined at the carrying	緊接該日期前租賃資產及租賃
amount of the lease asset and lease	負債根據香港會計準則第17號
liability under HKAS 17 immediately	之賬面值釐定。因此，融資租賃
before that date. Accordingly, the	承擔現會計入租賃負債，而相關
obligations under finance leases are now	租賃資產之賬面值則會識別為
included within lease liabilities and the	使用權資產，且對期初權益結餘
carrying amount of the corresponding	並無影響。
leased asset is identified as a right-of-use
asset. There is no impact on the opening
balance of equity.

The Group as lessor

The Group leases certain pawnshops and subleases certain portion of the pawnshops. The accounting policies applicable to the Group as lessor are not different from those under HKAS 17. For sublease, under HKAS 17, the head lease and sublease contracts were classified as operating leases. On transition to HKFRS 16, the right-of-use assets recognised from the head leases are presented in the condensed consolidated financial statements. The sublease contracts are classified as operating leases by reference to the right-of-use asset arising from the head lease under HKFRS 16.

本集團作為出租人

本集團出租若干典當店及分租若干典當店範圍。本集團作為出租人適用之會計政策與香港會計準則第17號項下之會計政策相同。就分租而言，根據香港會計準則第17號，主租賃及分租合約皆分類為經營租賃。於過渡至香港財務報告準則第16號時，就主租賃確認之使用權資產於簡明綜合財務報表內呈列。分租合約經參考主租賃根據香港財務報告準則第16號產生之使用權資產後分類為經營租賃。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

The Group as lessor (Continued)		本集團作為出租人（續）
The following table summarises the	下表概列於二零一九年三月一
impact of transition to HKFRS 16 at 1	日過渡至香港財務報告準則第
March 2019. Line items that were not	16號之影響。下表並無載列未受
affected by the adjustments have not	有關調整影響之項目。
been included.
			Carrying
			amount		Carrying
			previously		amount
			reported at	Impact on	restated at
			28 February	adoption of	1 March
			2019	HKFRS 16	2019
			先前	採納香港財務	於二零一九年
			於二零一九年	報告準則	三月一日之
			二月二十八日	第16號之	經重列
			呈報之賬面值	影響	賬面值
		Notes	$'000	$'000	$'000
		附註	千元	千元	千元

Property, plant and	物業、廠房及
equipment	設備	(a)	1,974	(83)	1,891
Right-of-use assets	使用權資產	(a), (b)	-	26,332	26,332
Obligation under	融資租賃
finance leases	承擔－即期
- current		(a)	76	(76)	-
Lease liabilities -	租賃負債－
current	即期	(a), (b)	-	9,625	9,625
Lease liabilities -	租賃負債－
non-current	非即期	(a), (b)	-	16,700	16,700

34	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

The Group as lessor (Continued)	本集團作為出租人（續）
(a) The obligations under finance leases	(a)	於二零一九年二月二十八日
of $76,000 as at 28 February 2019 are		之融資租賃承擔7 6 , 0 0 0 元
now included within lease liabilities		現時根據香港財務報告準則
under HKFRS 16. The carrying amount		第16號計入租賃負債。融資
of the related assets under finance		租賃項下相關資產之賬面值
leases amounting to $ 83,000 is		83,000元重新分類至使用權
reclassified to right-of-use assets.		資產。
(b) As at 1 March 2019, right-of-use assets	(b)	於二零一九年三月一日，使用
were measured at an amount equal to		權資產按相等於租賃負債之
the lease liability of $26,249,000.		金額26,249,000元計量。

Practical expedients applied	已應用之可行權宜方法
On the date of initial application of	於首次應用香港財務報告準則
HKFRS 16, the Group has used the	第16 號日期，本集團已使用該
following practical expedients permitted	準則所允許之下列可行權宜方
by the standard:	法︰
•	n o t t o r e a s s e s s w h e t h e r a	•	不重新評估合約於首次應
	contract is, or contains a lease		用日期是否屬於或包含租
	at the date of initial application.		賃，惟本集團就於過渡日
	Instead, for contracts entered into		期前訂立之合約倚賴其應
	before the transition date the		用香港會計準則第17號及
	Group relied on its assessment		香港（國際財務報告詮釋
	made applying HKAS 17 and		委員會）－詮釋第4號「釐
	HK(IFRIC)-4 Determining whether		定一項安排是否包含租
	an Arrangement contains a Lease.		賃」所進行之評估。
• the use of a single discount rate	•	對具有合理相似特徵之租
	to a portfolio of leases with		賃組合應用單一貼現率。
	reasonably similar characteristics.
•	reliance on previous assessments	•	透過應用香港會計準則第
	on whether leases are onerous		37號作為進行減值審閱之
	b y a p p l y i n g H K A S 37 a s a n		替代方案，倚賴先前有關
	alter native to performing an		租賃是否屬虧損之評估。
	impairment review.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

3 PRINCIPAL ACCOUNTING 3 主要會計政策（續）

POLICIES (CONTINUED)

Practical expedients applied	已應用之可行權宜方法
(Continued)	（續）

the accounting for operating leases with a remaining lease term of less than 12 months as at 1 March 2019 as short-term leases.
the exclusion of initial direct costs for the measurement of the right- of-use asset at the date of initial application, and

•	t h e u s e o f h i n d s i g h t i n
	determining the lease term where
	the contract contains options to
	extend or terminate the lease.

將於二零一九年三月一日剩餘租賃期少於12個月之經營租賃作為短期租賃入賬。
撇除於首次應用日期計量使用權資產之初始直接成本，及
當合約包含延長或終止租賃之選擇權時，以事後分析結果釐定租賃期。

4 CHANGES IN ACCOUNTING 4 會計政策變動

POLICIES

Leases	租賃
Definition of a lease	租賃之定義
Under HKFRS 16, a contract is, or	根據香港財務報告準則第1 6
contains, a lease if the contract conveys	號，倘合約賦予控制權於一段時
a right to control the use of an identified	間內使用已識別資產以換取代
asset for a period of time in exchange	價，則該合約屬於或包含租賃。
for consideration.

36	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)	租賃（續）
The Group as leasee	本集團作為承租人
The Group assesses whether a contract	本集團於合約起始時評估合約
is or contains a lease, at inception of	是否屬於或包含租賃。除短期
the contract. The Group recognises a	租賃（定義為租賃期為12個月
right-of-use asset and a corresponding	或以下之租賃）及低價值資產租
lease liability with respect to all lease	賃外，本集團就其作為承租人之
arrangements in which it is the lessee,	所有租賃安排確認使用權資產
except for short-term leases (defined as	及相應租賃負債。就該等租賃而
leases with a lease term of 12 months or	言，本集團於租賃期內按直線基
less) and leases of low value assets. For	準確認租賃款項為經營開支，除
these leases, the Group recognises the	非另有系統化基準更能代表耗
lease payments as an operating expense	用租賃資產所產生經濟利益之
on a straight-line basis over the term	時間模式，則另作別論。
of the lease unless another systematic
basis is more representative of the time
pattern in which economic benefits from
the leased assets are consumed.

Lease liabilities	租賃負債
At the commencement date, the Group	於開始日期，本集團按當日尚未
measures lease liability at the present	支付租賃款項之現值計量租賃
value of the lease payments that are not	負債。租賃款項按租賃隱含之
paid at that date. The lease payments	利率貼現。倘未能輕易釐定該利
are discounted by using the interest rate	率，則本集團使用其增量借貸利
implicit in the lease. If this rate cannot	率。
be readily determined, the Group uses
its incremental borrowing rate.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)

The Group as leasee (Continued) Lease liabilities (Continued)

L e a s e p a y m e n t s i n c l u d e d i n t h e measurement of the lease liability comprise:

fixed lease payments (including in- substance fixed payments), less any lease incentives receivable;
variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

•	t h e a m o u n t e x p e c t e d t o b e
	payable by the lessee under
	residual value guarantees;

the exercise price of purchase options if the lessee is reasonably certain to exercise the options; and

•	p a y m e n t s o f p e n a l t i e s f o r
	terminating the lease, if the lease
	term reflects the Group exercising
	an option to terminate the lease.

租賃（續）

本集團作為承租人（續）租賃負債（續）

計量租賃負債時所包含之租賃款項包括︰

固定租賃款項（包括實質固定款項）減任何應收租賃優惠；
於開始日期按某指數或利率初始計量並依據該指數或利率而定之可變租賃款項；
預期承租人根據剩餘價值擔保應付之金額；
購買權之行使價（倘承租人合理確定行使該選擇權）；及
終止租賃之罰款（倘租賃期反映本集團行使終止租賃權）。

38	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)	租賃（續）
The Group as leasee (Continued)	本集團作為承租人（續）
Lease liabilities (Continued)	租賃負債（續）
The lease liability is presented as	租賃負債於簡明綜合財務狀況
a separate line in the condensed	表呈列為獨立項目。
consolidated statement of financial
position.
The lease liability is subsequently	租賃負債透過增加賬面值以反
measured by increasing the carrying	映租賃負債之利息（使用實際利
amount to reflect interest on the lease	率法）及減少賬面值以反映已付
liability (using the effective interest	租賃款項而進行其後計量。
method) and by reducing the carrying
amount to reflect the lease payments
made.

Lease liability is remeasured (and with a corresponding adjustment to the related right-of-use asset) whenever:

the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using revised discount rate.

倘出現以下情況，則會重新計量租賃負債（及就相關使用權資產作出相應調整）︰

租賃期有所變更或行使購買權之評估出現變動，在該情況下，租賃負債使用經修訂貼現率貼現經修訂租賃款項予以重新計量。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)

The Group as leasee (Continued) Lease liabilities (Continued)

the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

租賃（續）

本集團作為承租人（續）租賃負債（續）

租賃款項因指數或利率變動或保證剩餘價值之預期款項變動而有所改變，在該等情況下，租賃負債使用初始貼現率貼現經修訂租賃款項予以重新計量
- 除非租賃款項因浮動利率變動而有所改變，在該情況下，則使用經修訂貼現率）。

a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

Right-of-use assets

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs, less lease incentives received.

租賃合約有所修訂且該租賃修訂並非作為獨立租賃入賬，在該情況下，租賃負債使用經修訂貼現率貼現經修訂租賃款項予以重新計量。

使用權資產

使用權資產包括相應租賃負債、於開始日期或之前支付之租賃款項及任何初始直接成本之初始計量減已收租賃優惠。

40	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)	租賃（續）
The Group as leasee (Continued)	本集團作為承租人（續）
Right-of-use assets (Continued)	使用權資產（續）
Whenever the Group incurs an obligation	當本集團產生拆除及移除租賃
for costs to dismantle and remove a	資產、恢復相關資產所在場地或
leased asset, restore the site on which it	將相關資產恢復至租賃條款及
is located or restore the underlying asset	條件所規定狀態之成本責任時，
to the condition required by the terms	本集團會根據香港會計準則第
and conditions of the lease, provision is	37號「撥備、或然負債及或然資
recognised and measured under HKAS	產」確認及計量撥備。成本會計
37 "Provision, Contingent Liabilities	入相關使用權資產，除非該等成
and Contingent Assets". The costs are	本因生產存貨而產生，則另作別
included in the related right-of-use	論。
asset, unless those costs are incurred to
produce inventories.

Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. They are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

使用權資產其後按成本減累計折舊及減值虧損計量，並於租賃期與相關資產可使用年期之較短期間內折舊。倘租賃將相關資產之所有權轉移或使用權資產之成本反映本集團預期行使購買權，則相關使用權資產於相關資產之可使用年期內折舊。折舊於租賃開始日期開始。

The Group presents right-of-use assets	本集團於簡明綜合財務狀況表
that do not meet the definition of	內將不符合投資物業定義之使
investment property as a separate line	用權資產呈列為獨立項目。
item on the condensed consolidated
statement of financial position.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)	租賃（續）
The Group as leasee (Continued)	本集團作為承租人（續）
Right-of-use assets (Continued)	使用權資產（續）
T h e G r o u p a p p l i e s H K A S 3 6 t o	本集團應用香港會計準則第36
determine whether a right-of-use asset is	號釐定使用權資產是否出現減
impaired and accounts for any identified	值，並就本集團截至二零一九年
impairment loss as described in the	二月二十八日止年度之年度綜
"credit loss and impairment of assets"	合財務報表所載「信貸虧損及資
policy as stated in the Group's annual	產減值」政策所述之任何已識別
consolidated financial statements for the	減值虧損入賬。
year ended 28 February 2019.
Variable rents that do not depend on	並非依據指數或利率而定之可
an index or rate are not included in	變租金不包括在租賃負債及使
the measurement of the lease liability	用權資產之計量中。相關款項於
and the right-of-use asset. The related	觸發該等款項之事件或情況發
payments are recognised as an expense	生期間確認為開支，並計入綜合
in the period in which the event or	損益及其他全面收入表「其他經
condition that triggers those payments	營開支」項目內。
occurs and are included in the line "other
operating expenses" in the consolidated
statement of profit or loss and other
comprehensive income.

Lease modification

T h e G ro u p a c c o u n t s f o r a l e a s e modification as a separate lease if:

the modification increases the scope of the lease by adding the right to use one or more underlying assets; and

•	t h e c o n s i d e r a t i o n f o r t h e
	lease increases by an amount
	commensurate with the stand-
	alone price for the increase
	in scope and any appropriate
	adjustments to that stand-alone
	price to reflect the circumstances
	of the particular contract.

租賃修訂

倘出現以下情況，本集團會將租賃修訂作為獨立租賃入賬︰

該修訂透過增加一項或多項相關資產之使用權擴大租賃範圍；及
租賃代價之調升金額相當於範圍擴大之對應獨立價格，並就該獨立價格作出任何適當調整以反映特定合約情況。

42	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

4 CHANGES IN ACCOUNTING 4 會計政策變動（續）

POLICIES (CONTINUED)

Leases (Continued)	租賃（續）
The Group as lessor	本集團作為出租人
Sublease	分租
When the Group is an intermediate	當本集團為中介出租人，其會將
lessor, it accounts for the head lease and	主租賃及分租作為兩項獨立合
the sublease as two separate contracts.	約入賬。分租按下列情況分類為
The sublease is classified as a finance or	融資或經營租賃：
operating lease as follows:
- if the head lease is a short -	-	倘主租賃屬於短期租賃，
term lease, the sublease shall be		則分租會分類為經營租
classified as an operating lease;		賃；
- otherwise, the sublease shall be	-	否則，分租應參考主租賃
classified by reference to the right-		產生之使用權資產進行分
of-use asset arising from the head		類，而非參考相關資產。
lease, rather than by reference to
the underlying asset.
Lease modification	租賃修訂
The Group accounts for a modification to	本集團於經營租賃修訂生效日
an operating lease as a new lease from	期將對經營租賃之修訂作為新
the effective date of the modification,	租賃入賬，並將與原租賃相關之
considering any prepaid or accrued lease	任何預付或應計租賃款項視為
payments relating to the original lease as	新租賃之部分租賃款項。
part of the lease payments for the new
lease.
5 SEGMENT REPORTING	5 分部報告
The Group has one reportable segment,	本集團有一項可呈報分部，即於
which is the provision of secured	香港提供有抵押融資（包括典當
financing business in Hong Kong,	貸款及按揭抵押貸款）業務。因
including pawn loans and mortgage	此，概無呈列額外可呈報分部及
loans. Therefore, no additional reportable	地區資料。

segment and geographical information has been presented.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

6 REVENUE

6 收益

The principal activities of the Group are the granting of pawn loans and mortgage loans in Hong Kong.

Revenue represents interest income earned on pawn loans and mortgage loans and gain on disposal of repossessed assets. The amount of each significant category of revenue recognised during the period is as follows:

本集團之主要業務為在香港發放典當貸款及按揭抵押貸款。

收益指典當貸款及按揭抵押貸款所賺取之利息收入以及出售經收回資產之收益。各重大類別於期內確認之收益金額如下：

Six months ended 31 August

截至八月三十一日止六個月

20192018

二零一九年二零一八年

$'000$'000

千元千元

(unaudited) (unaudited)

（未經審核）（未經審核）

Revenue from pawn loan 典當貸款業務之收益
business	－按公平值計入損
- Interest income
from pawn loan	益（「按公平值計
receivables at fair	入損益」）之應收
value through profit	典當貸款之利息
or loss ("FVPL")	收入	27,679	25,577
- Interest income	－按實際利率法計
from pawn loan	算之應收典當貸
receivables calculated	款之利息收入
using the effective		5,210
interest method	－出售經收回資產	3,615
- Gain on disposal of
repossessed assets	之收益	3,719	3,940
Total revenue from pawn 典當貸款業務之
loan business	總收益	36,608	33,132

	Revenue from mortgage	按揭抵押貸款業務之
	loan business		收益
	- Interest income		－按實際利率法計
	from mortgage loan	算之應收按揭抵
	receivables calculated	押貸款之利息收
	using the effective		入	81,230
	interest method			78,878
	Total		總計	117,838	112,010
44	靄華押業信貸控股有限公司	中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

6 REVENUE (CONTINUED)	6 收益（續）
Cost of disposed of repossessed assets	截至二零一九年八月三十一日
for the six months ended 31 August	止六個月，出售經收回資產之
2019 amounted to $25.7 million (six	成本為25,700,000元（截至二
months ended 31 August 2018: $23.4	零一八年八月三十一日止六個
million).	月︰23,400,000元）。
The Group's customer base is diversified	本集團之客戶基礎多元化，於二
and does not include any customer (six	零一九年八月三十一日，概無任
months ended 31 August 2018: one)	何客戶（截至二零一八年八月
with whom transactions have exceeded	三十一日止六個月：一名客戶）
10% of the Group's revenue as at 31	與本集團進行超逾本集團收益
August 2019. During the six months	10%之交易。截至二零一八年八
ended 31 August 2018, revenue from	月三十一日止六個月，應收該客
interest income earned on mortgage	戶按揭抵押貸款所賺取之利息
loan receivables from this customer,	收入之收益（包括本集團已知與
including interest income from entities	該客戶受共同控制之實體之利
which are known to the Group to	息收入）約為14,000,000元。
be under common control with this
customer, amounted to approximately
$14.0 million.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

7 OTHER INCOME	7		其他收入
				Six months ended 31 August
				截至八月三十一日止六個月

			2019		2018
				二零一九年		二零一八年
				$'000		$'000
				千元		千元
				(unaudited)		(unaudited)
				（未經審核）		（未經審核）
	Rental income	租金收入	796		794
	Credit related fee	信貸相關費用收入
	income		554	2,095
	Bank interest income	銀行利息收入	3		2
	Gain on disposal of	出售附屬公司之
	subsidiary (note)	收益（附註）	100			-
Others	其他	62		771

				1,515	3,662

Note: Dream City Credit	Limited, previously		附註︰本集團位於香港並擁有放債
	known as Oi Wah Finance Limited,		人牌照之間接全資附屬公司
	an indirect wholly owned subsidiary		望京信貸有限公司（前稱靄
	of the Group located in Hong Kong		華財務有限公司）已於截至
	and owned Money Lender License		二零一九年八月三十一日止
	has been disposed of during the six		六個月出售予一名獨立第三
	months ended 31 August 2019 to		方，現金代價為100,000元。
	an independent third party at a cash
	consideration of $100,000.

46	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

8 PROFIT BEFORE TAXATION

除稅前溢利

Profit before taxation is arrived at after

除稅前溢利乃經扣除以下各項

charging:

後達致：

Six months ended 31 August

截至八月三十一日止六個月

2019

2018

二零一九年

二零一八年

$'000

千元

(unaudited)

（未經審核）

(a)

Finance costs

(a)

融資成本

Finance charges on

融資租賃承擔之

obligations under finance

融資費用

leases

直屬控股公司之

Interest on loans from

the immediate holding

貸款利息

2,718

company

銀行貸款及透支

3,322

Interest on bank loans and

overdrafts

利息

2,370

2,010

Interest on other loans

其他貸款利息

11,309

11,302

Interest on debt securities

已發行債務證券

issued

利息

4,992

4,962

Interest expense on lease

租賃負債之利息

liabilities

開支

731

22,120

21,600

(b)

Other operating

(b)

其他經營開支

expenses

出售物業、廠房

Net loss on disposal

of property, plant, and

及設備之虧損淨

equipment

額

Depreciation of property,

物業、廠房及設

plant and equipment

備折舊

237

216

Depreciation of right-of-

使用權資產折舊

5,259

use assets

按公平值計入損

Net losses on loan

receivables at FVPL

益之應收貸款之

虧損淨額

Staff costs

員工成本

12,409

11,835

Premises and equipment

物業及設備開支

expenses excluding

（不包括折舊）

1,357

depreciation

廣告開支

6,419

Advertising expenses

2,077

3,765

Auditor's remuneration

核數師酬金

443

615

Legal and professional fees

法律及專業費用

1,534

2,433

Others

其他

3,119

3,610

26,440

28,982

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

9 INCOME TAX

The Group calculates the income tax for the periods using the tax rate that would be applicable to the expected total annual earnings. The major components o f i n c o m e t a x i n t h e c o n d e n s e d consolidated statement of profit or loss and other comprehensive income are:

9 所得稅

本集團使用將適用於預期年度盈利總額之稅率計算期內所得稅。簡明綜合損益及其他全面收入表內之所得稅主要組成部分為︰

			Six months ended 31 August
			截至八月三十一日止六個月

		2019		2018
			二零一九年		二零一八年
			$'000		$'000
			千元		千元
			(unaudited)		(unaudited)
			（未經審核）		（未經審核）
Current tax -	即期稅項－
Hong Kong Profits Tax	香港利得稅	11,621		10,584
Deferred taxation	遞延稅項	(99)	89
	所得稅開支
Income tax expense		11,522		10,673

The provision for Hong Kong Profits Tax	就合資格可採用根據2017年稅務（修
for 2019 is calculated at 8.25% for the	訂）（第7號）條例草案所引入之利得
first $2,000,000 estimated assessable	稅率兩級制之本集團實體而言，二零
p ro f i t s a n d 16 . 5% f o r e s t i m a t e d	一九年香港利得稅撥備乃按以下方式
assessable profits above $2,000,000 for	計算：首2,000,000元估計應課稅溢利
the Group entity qualified for the two-	按稅率8.25%計算，而2,000,000元以
tiered profits tax rates regime introduced	後之估計應課稅溢利則按稅率16.5%
p u r s u a n t t o t h e I n l a n d R e v e n u e	（截至二零一八年八月三十一日止六個
(Amendment) (No. 7) Bill 2017 (six	月︰單一稅率16.5% ）計算。
months ended 31 August 2018: single
flat rate of 16.5%).

48	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

10 EARNINGS PER SHARE	10	每股盈利
	Basic earnings per share			每股基本盈利
	The calculation of the basic earnings per		本公司擁有人應佔每股基本盈
	share attributable to the owners of the		利乃根據下列數據計算：
	Company is based on the following data:
Earnings			盈利
				Six months ended 31 August
				截至八月三十一日止六個月

				2019	2018
				二零一九年		二零一八年
				$'000		$'000
				千元		千元
				(unaudited)		(unaudited)
				（未經審核）		（未經審核）
	Earnings for the purposes	用以計算每股
	of basic earnings per	基本盈利之
	share (profit for the	盈利（本公
	period attributable	司擁有人應
	to owners of the	佔期內溢
	Company)	利）		59,271	53,646

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

10 EARNINGS PER SHARE	10 每股盈利（續）
	(CONTINUED)
	Basic earnings per share (Continued)	每股基本盈利（續）
Number of shares	股份數目
		Six months ended 31 August
		截至八月三十一日止六個月
		2019	2018
		二零一九年	二零一八年
		'000	'000
		千股	千股
		(unaudited)	(unaudited)
		（未經審核）	（未經審核）

Weighted average number	用以計算每股
of ordinary shares for the	基本盈利之
purposes of basic	普通股加權
earnings per share	平均數
Effect of purchase of own	購回自身股份
shares	之影響
Weighted average number	用以計算每股
of ordinary shares for the	基本盈利之
purposes of basic	普通股加權
earnings per share	平均數

The basic earnings per share and the diluted earnings per share are the same as there was no potential dilutive ordinary shares in issue during both periods.

1,938,468 2,087,360

(85,367)

1,938,468 2,001,993

由於兩個期間均無潛在攤薄已發行普通股，故每股基本盈利與每股攤薄盈利相同。

50	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

11 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

Right-of-use assets

Upon adoption of HKFRS 16, on 1 March 2019, the Group recognised right-of- use assets of $26,332,000, representing the leased properties amounting to $26,249,000 and reclassification of motor vehicle from property, plant and equipment amounting to $83,000 (note 3). As at 31 August 2019, the carrying amounts of right-of-use assets were $21,073,000 in respect of the leased properties.

11 使用權資產及租賃負債

使用權資產

於二零一九年三月一日採納香港財務報告準則第16號時，本集團確認使用權資產26,332,000 元，即租賃物業26,249,000元以及物業、廠房及設備中汽車之重新分類83,000元（附註3）。於二零一九年八月三十一日，租賃物業之相關使用權資產賬面值為

21,073,000元。

Lease liabilities		租賃負債

				31 August 2019
				二零一九年
				八月三十一日
				$'000
				千元
				(unaudited)
				（未經審核）
Current	即期		9,405
Non-current	非即期		12,119

				21,524

Upon adoption of HKFRS 16, on 1 March 2019, the Group recognised lease liabilities of $26,325,000 (note 3).

於二零一九年三月一日採納香港財務報告準則第16號時，本集團確認租賃負債26,325,000元（附註3）。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

11 R I G H T- O F - U S E A S S E T S 11 使用權資產及租賃負債

AND LEASE LIABILITIES （續） (CONTINUED)

Lease liabilities (Continued)		租賃負債（續）
Amounts recognised in profit or loss	於損益確認之金額

				For the six
			months ended 31
				August 2019
				截至
				二零一九年
				八月三十一日止
				六個月
				$'000
				千元
				(unaudited)
				（未經審核）
Depreciation expense on right-of-	使用權資產之折舊
use assets		開支	5,259
Interest expense on lease liabilities	租賃負債之利息開支	731
Expense relating to short-term	短期租賃之相關開支
leases			1,177
Expenses relating to variable lease	不包括在租賃負債
payments not included		計量中之可變租賃
in the measurement of the		款項之相關開支
lease liabilities			180
Income from subleasing right-of-	分租使用權資產之
use assets		收入	(796)

				6,551

52	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

11 R I G H T- O F - U S E A S S E T S	11 使用權資產及租賃負債
AND LEASE LIABILITIES	（續）
(CONTINUED)
Lease liabilities (Continued)	租賃負債（續）
Others	其他
At 31 August 2019, the Group is	於二零一九年八月三十一日，本
committed to approximately $150,000	集團就短期租賃作出之承擔約
for short-term leases.	為150,000元。
At 31 August 2019, the Group is	於二零一九年八月三十一日，本
committed to approximately $9,660,000	集團就尚未開始之租賃協議作
f o r l e a s e a g r e e m e n t s n o t y e t	出之承擔約為9,660,000元。
commenced.
The total cash outflow for leases amount	租賃之現金流出總額為
to $5,532,000.	5,532,000元。
Certain lease entered by the Group	本集團所訂立之若干租賃僅包
contains variable lease payment terms	含基於相關租賃典當店所產生
only that are based on the sub-leasing	之分租收入之可變租賃款項條
income generated from the relevant	款。
leased pawnshops.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

12 LOAN RECEIVABLES	12	應收貸款
				31 August	28 February
				2019		2019
				二零一九年	二零一九年
				八月三十一日	二月二十八日
				$'000	$'000
				千元	千元
				(unaudited)	(audited)
				（未經審核）	（經審核）
	Loan receivables at	按攤銷成本計量之
	amortised cost	應收貸款
	- Pawn loans	－典當貸款		33,144		29,837
	- Accrued interests	－典當貸款之
	of pawn loans	應計利息		673		591

				33,817		30,428
	- Mortgage loans	－按揭抵押

		貸款		1,269,086	1,223,295
	- Accrued interests	－按揭抵押
	of mortgage	貸款之應計
	loans	利息		11,805		12,505

				1,280,891	1,235,800
	Less: impairment	減：減值撥備（第3

	allowance (stage 3)	階段）		(1,000)	(1,000)
	Net mortgage loan	應收按揭抵押貸款

	receivables	淨額		1,279,891	1,234,800
	Net loan receivables at	按攤銷成本計量之
	amortised cost	應收貸款淨額		1,313,708	1,265,228
	Loan receivables at FVPL	按公平值計入損益
		之應收貸款
	- Pawn loans	－典當貸款		125,812		120,977
		應收貸款總額
	Total loan receivables		1,439,520	1,386,205
	Current portion included	列於流動資產項下
	under current assets	之即期部分		(1,373,548)	(1,304,277)

	Amounts due after one	列於非流動資產
	year included under	項下於一年後
	non-current assets	到期款項	65,972	81,928
54	靄華押業信貸控股有限公司	中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

12 LOAN RECEIVABLES				12 應收貸款（續）
	(CONTINUED)
	Ageing analysis						賬齡分析
	Ageing analysis	is prepared	based on		賬齡分析乃基於合約到期日編
	contractual due date and not net of loss		製（並無扣除虧損撥備）。
	allowance.
					Pawn loans
				at amortised		Pawn loans	Mortgage
					cost		at FVPL	loans	Total
					按攤銷成本		按公平值	按揭抵押
					計量之		計入損益之	總計
					典當貸款		典當貸款	貸款
					$'000		$'000	$'000	$'000
					千元		千元	千元	千元
	31 August 2019	二零一九年八月
	(unaudited)	三十一日
		（未經審核）
	Not past due	並無逾期		31,055	123,134	1,036,030	1,190,219
	Less than 1 month	逾期少於1個月		2,762	2,221	197,217	202,200
	past due	逾期1個月至少於
	1 to less than 3
	months past due	3個月			-	457	32,593	33,050
	3 to less than 6	逾期3個月至少於
	months past due	6個月			-		-	7,713	7,713
	6 months to 1 year	逾期6個月至1年			-		-	-	-
	past due	逾期1年以上
	Over 1 year past due			-		-		7,338	7,338

					33,817		125,812		1,280,891	1,440,520
	28 February 2019	二零一九年二月
	(audited)	二十八日
		（經審核）
	Not past due	並無逾期	27,023	117,852	1,034,040	1,178,915
	Less than 1 month	逾期少於1個月
	past due	逾期1個月至少於	3,090	2,445	72,880	78,415
	1 to less than 3
	months past due	3個月	315	441	112,693	113,449
	3 to less than 6	逾期3個月至少於
	months past due	6個月			-	239	-	239
	6 months to 1 year	逾期6個月至1年
	past due	逾期1年以上			-		-	8,661	8,661
	Over 1 year past due			-		-	7,526	7,526

				30,428		120,977	1,235,800	1,387,205

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

12	LOAN RECEIVABLES	12	應收貸款（續）
	(CONTINUED)
	Ageing analysis (Continued)		賬齡分析（續）
	Of these mortgage loans which have		此等逾期一個月或以上之按
	been past due for one month or		揭抵押貸款中，除一筆為數
	above, except for one mortgage loan		7,300,000元之按揭抵押貸款已
	amounted to $7.3 million on which		確認預期信貸虧損撥備外，於二
	an allowance for expected credit loss		零一九年八月三十一日，抵押品
	has been recognised, the respective		各自之估值足以悉數抵償此等
	valuations of the collateral can fully		貸款之未償還結餘。逾期少於一
	cover the outstanding balances of these		個月之按揭抵押貸款乃主要由
	loans as at 31 August 2019. In respect		於偶爾延遲還款所導致，並不表
	of the mortgage loans which have been		示此等按揭抵押貸款之信貸質
	past due for less than one month, the		素顯著惡化。
	amounts mainly represent occasional
	delay in repayment and are not an
	indication of significant deterioration of
	credit quality of these mortgage loans.
13	T R A D E A N D O T H E R	13	貿易及其他應收款項
	RECEIVABLES

			31 August	28 February
			2019	2019
			二零一九年	二零一九年
			八月三十一日	二月二十八日
			$'000	$'000
			千元	千元
			(unaudited)	(audited)
			（未經審核）	（經審核）
	Trade receivables	貿易應收款項	684	564
	Deposits, payments in	按金及預付
	advance	款項	4,322	4,360
	Others	其他	102	102
			5,108	5,026
	Trade receivables are due within 60 days	貿易應收款項自賬單日期起計
	from the date of billing. All of the trade	60天內到期。所有貿易及其他應
	and other receivables are not impaired	收款項均未減值，並預期於一年
	and expected to be recovered within one	內收回。
	year.
56	靄華押業信貸控股有限公司	中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

14 CASH AND CASH	14	現金及現金等價物
	EQUIVALENTS
	For the purpose of the condensed	就簡明綜合現金流量表目的而
	consolidated statement of cash flows,	言，現金及現金等價物包括以下
	cash and cash equivalents are comprised	各項：
	of the following:

			31 August		28 February
			2019	2019
			二零一九年		二零一九年
			八月三十一日		二月二十八日
			$'000		$'000
			千元		千元
			(unaudited)		(audited)
			（未經審核）		（經審核）
	Cash in hand	手頭現金	5,638	5,344
	Cash at banks	銀行現金	136,205	36,074
	Cash and cash equivalents	於簡明綜合財務
	in the condensed	狀況表之現金
	consolidated	及現金等價物
	statements of financial
	position		141,843	41,418
Bank overdrafts	銀行透支
	(note 15)	（附註15）	(5,039)	(5,267)
	Cash and cash equivalents	於簡明綜合現金
	in the condensed	流量表之現金
	consolidated	及現金等價物
	statements of cash
	flows		136,804	36,151

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

15 B A N K L O A N S A N D 15 OVERDRAFTS

The details of the bank loans and overdrafts were as follows:

銀行貸款及透支

銀行貸款及透支的詳情如下：

31 August	28 February
2019	2019
二零一九年	二零一九年
八月三十一日	二月二十八日
$'000	$'000
千元	千元
(unaudited)	(audited)
（未經審核）	（經審核）

Unsecured bank	無抵押銀行
overdrafts (note 15(a))	透支（附註
	15(a) ）	5,039	5,267
Bank loans, secured	銀行貸款，

(note 15(b))	有抵押
	（附註15(b) ）	50,000	50,000
Bank loans, unsecured	銀行貸款，
(note 15(c))	無抵押
	（附註15(c) ）	24,444	28,683

		74,444	78,683
Total bank loans and	銀行貸款及透支

overdrafts - repayable	總額－於
within 1 year or on	1年內或按
demand	要求償還	79,483	83,950

58	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

15 B A N K L O A N S	A N D	15 銀行貸款及透支（續）
OVERDRAFTS (CONTINUED)
(a) At 31 August 2019, unsecured	(a)	於二零一九年八月三十一
	bank overdraft facilities of $11.5		日，附屬公司獲提供
	million (28 February 2019: $11.5		1 1 , 5 0 0 , 0 0 0 元（二零
	million) were provided to the		一九年二月二十八日：
	subsidiaries and utilised to the		11,500,000元）無抵押銀
	extent as disclosed above.		行透支融資，並已動用上
				文所披露金額。
(b)	At 31 August 2019, uncommitted	(b)	於二零一九年八月三十一
	secured revolving bank loan facility		日，附屬公司取得無承諾
	of the lower of $50.0 million (28		有抵押循環銀行貸款融
	February 2019: $50.0 million)		資，金額為50,000,000元
	and a certain percentage of the		（二零一九年二月二十八
	aggregate principal amount of the		日：50,000,000元）及附
	mortgage loan receivables of a		屬公司當時已抵押予銀行
	subsidiary which are then charged		之應收按揭抵押貸款本金
	to the bank were obtained. The		總額之若干百分比之較低
	tenor for the facility ranged		者。融資限期為一個月、
	from one month, two months,		兩個月、三個月或六個月
	three months or six months as		不等，由該附屬公司選
	selected by the subsidiary. These		定。此等無承諾有抵押循
	uncommitted secured	revolving		環銀行貸款融資以本集團
	bank loan facility is secured		賬面值約為246,800,000
	by the Groups' mortgage loan		元（二零一九年二月
	receivables with a carrying value		二十八日：266,300,000
	of approximately $246.8 million		元）之應收按揭抵押貸款
	(28 February 2019: $266.3 million)		作抵押，並已動用上文所
	and utilised to the extent as		披露金額。
	disclosed above.
(c)	At 31 August 2019, unsecured	(c)	於二零一九年八月三十一
	bank loan facilities of $24.4		日，附屬公司獲提供
	million (28 February 2019: $28.7		2 4 , 4 0 0 , 0 0 0 元（二零
	million) were provided to the		一九年二月二十八日：
	subsidiaries and utilised to the		28,700,000元）無抵押銀
	extent as disclosed above.		行貸款融資，並已動用上
				文所披露金額。
	During the period, the Group had		期內，本集團已履行本集
	fulfilled all the financial covenants,		團銀行融資項下之所有財
	if any, under the Group's banking		務契諾（如有），而所有
	facilities and all banking facilities		銀行融資均由本公司作出
	were guaranteed by the Company.		擔保。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

16 ACCRUALS AND OTHER 16	應計費用及其他應付
	PAYABLES			款項
				31 August	28 February
				2019	2019
				二零一九年	二零一九年
				八月三十一日	二月二十八日
				$'000	$'000
				千元	千元
				(unaudited)	(audited)
				（未經審核）	（經審核）
	Accrued interest expense	應計利息開支		3,941		3,125
	Accrued expenses	應計費用開支		3,797		2,295
	Provision for long services	長期服務金
	payment	撥備		828		687
	Other payable and	其他應付款項
	deposits received	及已收取
		按金		910		584

				9,476	6,691

	All of the accruals and other payables		所有應計費用及其他應付款項
	are expected to be settled or recognised	預期於一年內結清或確認為收
	as income within one year or are	入或按要求償還。
	repayable on demand.

17 L O A N S F R O M T H E I M M E D I AT E H O L D I N G COMPANY

The loans from the immediate holding company are unsecured, interest-bearing at 5% per annum and repayable within one year.

17 直屬控股公司之貸款

直屬控股公司之貸款為無抵押，按5%之年利率計息，並須於一年內償還。

60	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

18 OTHER LOANS	18 其他貸款
The Group obtained uncommitted	本集團自一名獨立第三方取得
secured revolving loan facility from	無承諾有抵押循環貸款融資。
an independent third party. The limit	有關融資限額為439,000,000
of the facility is the lower of $439.0	元（二零一九年二月二十八
million (28 February 2019: $440.3	日：440,300,000元）及該等附
million) and a certain percentage of	屬公司當時已次押╱次按予該
the aggregate principal amount of	名獨立第三方之應收按揭抵押
the mortgage loan receivables of the	貸款本金總額之若干百分比之
subsidiaries which are then sub-charged/	較低者。此等無承諾有抵押循
sub-mortgaged to the independent	環貸款融資以本集團賬面值為
third party. These uncommitted secured	449,400,000元（二零一九年二
revolving loan facility is secured by the	月二十八日：331,500,000元）
Group's mortgage loan receivables with	之應收按揭抵押貸款作抵押。
a carrying value of $449.4 million (28
February 2019: $331.5 million).

19 DEBT SECURITIES ISSUED	19 已發行債務證券
The debt securities are unsecured,	該等債務證券為無抵押，以港元
denominated in HKD, interest-bearing	計值，按介乎6%至7%之年利率
ranging from 6% to 7% per annum with	計息並每半年支付一次息票，且
interest coupon being paid semi-annually	將於二零二一年至二零二五年
and will be matured in between 2021	期間屆滿。所有已發行債務證券
and 2025. All debt securities issued are	乃按攤銷成本計量。
measured at amortised cost.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

20 CAPITAL AND DIVIDENDS	20 資本及股息
(a) Share Capital		(a)	股本
						Nominal value of
			Par value	No of shares		ordinary shares
			面值	股份數目		普通股面值
			$	'000		$'000
			元	千股		千元

Authorised:	法定：
At 1 March 2018, 31	於二零一八年
	August 2018 and	三月一日、
	1 March 2019, 31	二零一八年
	August 2019	八月三十一日及
		二零一九年三月
		一日、二零一九年
		八月三十一日	0.01	100,000,000		1,000,000
Issued and fully paid:	已發行及繳足：

At 1 March 2018	於二零一八年三月一日
	(audited)	（經審核）	0.01	2,087,360		20,874
Scrip dividend issued	已發行以股代息股份	0.01	836		8
Purchase of own shares	購回自身股份	0.01	(149,728)	(1,497)
At 28 February 2019 and	於二零一九年二月

	1 March 2019 (audited)	二十八日及
	and 31 August 2019	二零一九年
	(unaudited)	三月一日
		（經審核）及
		二零一九年
		八月三十一日
		（未經審核）		1,938,468		19,385

62	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

20 CAPITAL AND DIVIDENDS (CONTINUED)

Dividends
1. Interim dividends payable in respect of the financial period ended 31 August
  2019 approved:

20 資本及股息（續）

股息
1. 經批准截至二零一九年八月三十一日止財政期間之應付中期股息：

Six months ended 31 August

截至八月三十一日止六個月

		2019	2018
			二零一九年		二零一八年
			$'000		$'000
			千元		千元
			(unaudited)		(unaudited)
			（未經審核）		（未經審核）
Interim dividend	於中期期間
declared after	後宣派之
the interim	中期股息
period of $1.07	每股
cents per	普通股
ordinary share	1.07仙
(2018: $0.83	（二零
cents per	一八年：
ordinary share)	每股
	普通股
	0.83仙）		20,742	16,146

T h e i n t e r i m d i v i d e n d declared for the period ended 31 August 2019 will be satisfied by way of cash.

截至二零一九年八月三十一日止期間宣派之中期股息將以現金派付。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

20 CAPITAL AND DIVIDENDS 20 資本及股息（續）

(CONTINUED)

(b) Dividends (Continued)

(b) 股息（續）

(ii)	D i v i d e n d	p a y a b l e	t o
	equity shareholders of	the
	Company	attributable	to
	the previous financial year,
	approved and paid during
	the interim period:

於中期期間批准及派付之上一個財政年度應付本公司權益股東之股息：

			Six months ended 31 August
			截至八月三十一日止六個月

		2019	2018
			二零一九年	二零一八年
			$'000	$'000
			千元	千元
			(unaudited)	(unaudited)
			（未經審核）	（未經審核）
Final dividend	於下一個中
in respect of	期期間批
the previous	准及派付
financial year,	之上一個
approved and	財政年度
paid during the	末期股息
following	每股普通
interim period of	股0.73仙
$0.73 cents per	（二零
ordinary share	一八年：
(2018: Nil)	無）		14,151	-

64	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

21 O P E R A T I N G L E A S E 21 COMMITMENTS

Operating lease commitments

The Group's total future minimum lease payments under non-cancellable operating leases of properties are payable as follows:

經營租賃承擔

本集團根據物業不可撤銷經營租賃之應付未來最低租賃款項總額如下：

28 February 2019 二零一九年二月二十八日

$'000

千元

			(audited)
			（經審核）

Within one year	一年內	12,432
After one year but within five	一年後但五年內
years		17,639

		30,071

The Group leases a number of properties	本集團根據經營租賃租用多個
under operating leases. The leases	物業。一般而言，租賃之初步期
typically run for an initial period of one	限為一至五年。租賃款項通常於
to five years. Lease payments are usually	租賃期結束時上調，以反映市場
increased at the end of the lease term to	租金。概無租賃包括或然租金。

reflect market rentals. None of the leases includes contingent rentals.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

21 O P E R A T I N G L E A S E C O M M I T M E N T S (CONTINUED)

O p e r a t i n g l e a s e c o m m i t m e n t s (Continued)

The Group's total future minimum lease payments under non-cancellable operating leases of properties are receivable as follows:

21 經營租賃承擔（續）

經營租賃承擔（續）

本集團根據物業不可撤銷經營租賃之應收未來最低租賃款項總額如下：

31 August	28 February
2019	2019
二零一九年	二零一九年
八月三十一日	二月二十八日
$'000	$'000
千元	千元
(unaudited)	(audited)
（未經審核）	（經審核）

Within one year	一年內	1,354	1,378
After one year but within	一年後但
five years	五年內	2,960	956

		4,314	2,334

The Group sub-leases out a number of	本集團根據經營租賃分租多個
properties under operating leases. The	物業。一般而言，租賃之初步期
leases typically run for an initial period	限為一至五年。租賃款項通常於
of 1 to 5 years. Lease payments are	租賃期結束時上調，以反映市場
usually increased at the end of the lease	租金。概無租賃包括或然租金。
term to reflect market rentals. None of
the leases includes contingent rentals.

66	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

22 MATERIAL RELATED PARTY TRANSACTIONS

In addition to the transactions and balances disclosed elsewhere in the interim financial report, the Group entered into the following material related party transactions:

22 重大關連方交易

除中期財務報告其他章節所披露之交易及結餘外，本集團已訂立以下重大關連方交易：

(a) Key management personnel		(a) 主要管理人員薪酬
	remuneration
				Six months ended 31 August
				截至八月三十一日止六個月

			2019	2018
				二零一九年		二零一八年
				$'000		$'000
				千元		千元
				(unaudited)		(unaudited)
				（未經審核）		（未經審核）
	Salary and other	薪金及其他
	emoluments	酬金	3,076		3,043
	Contributions to	強制性
	Mandatory	公積金
	Provident Fund	供款	45		45
	Others	其他	11		11

				3,132	3,099

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

22 M A T E R I A L R E L A T E D 22	重大關連方交易（續）
PA RT Y T R A N S A C T I O N S
(CONTINUED)
(b) Transactions with other related	(b) 與其他關連方之交易
	parties
	During	the period,	the Group	期內，本集團於其日常業
	entered	into transactions with	務過程中與關連方訂立之
	related parties in the ordinary	交易如下：
	course of its business as follows:
				Six months ended 31 August
				截至八月三十一日止六個月
				2019		2018
				二零一九年	二零一八年
				$'000	$'000
				千元	千元
				(unaudited)	(unaudited)
				（未經審核）	（未經審核）

Lease payments to	支付予以下
			各方之
			租賃款項
- Kwan Chart	－羣策集團
	(Holding) Company	有限公司
	Ltd. (note)	（附註）	480		480
- Kwan Chart Estate	－群策置業
	Company Ltd.	有限公司
	(note)		（附註）	330		307
- Mr. Chan Chart	－陳策文
	Man		先生	540			508

	Management fee	就以下各方
	incurred to	產生之
		管理費
	- Kwan Chart Estate	－群策置業
	Company Ltd.	有限公司
	(note)	（附註）	-	33
68	靄華押業信貸控股有限公司中期報告 2019

Notes to the Interim Financial Report

中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明者外，以港元列示）

22 M A T E R I A L R E L A T E D 22	重大關連方交易（續）
PA RT Y T R A N S A C T I O N S
(CONTINUED)
(b) Transactions with other related	(b) 與其他關連方之交易
	parties (Continued)		（續）
			31 August		28 February
			2019	2019
			二零一九年		二零一九年
			八月三十一日		二月二十八日
			$'000		$'000
			千元		千元
			(unaudited)		(audited)
			（未經審核）		（經審核）
	Lease deposit placed	就以下各方
	with	存入之
		租賃按金
- Kwan Chart	－羣策集團
	(Holding) Company	有限公司
	Ltd. (note)	（附註）	160	160
	- Kwan Chart Estate	－群策置業
	Company Ltd.	有限公司
	(note)	（附註）	110	110
	- Mr. Chan Chart	－陳策文
	Man	先生	180		180
	Management fee	就以下各方
	deposit placed	存入之
	with	管理費按金
- Kwan Chart Estate	－群策置業
	Company Ltd.	有限公司
	(note)	（附註）	22		22

Note: A director of the Company		附註︰本公司一名董事於此
	has beneficial interest in this	公司擁有實益權益。
	company.

The directors of the Company consider that all related party transactions during the periods w e r e c o n d u c t e d o n n o r m a l commercial terms and in the ordinary and usual course of the Group's business.

本公司董事認為，期內所有關連方交易乃按一般商業條款於本集團日常及一般業務過程中進行。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

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Substantial Shareholders'	主要股東於股份及相關股份
I n t e r e s t s a n d S h o r t	之權益及淡倉
Positions in Shares and
Underlying Shares
As at 31 August 2019, so far as is known	於二零一九年八月三十一日，據董事
to the Directors or chief executives of the	或本公司主要行政人員所知，誠如本
Company, the following persons other than	公司根據證券及期貨條例（「證券及期
a Director or chief executive of the Company	貨條例」）第336條須予存置之登記冊
had an interest or a short position in the	所記錄，以下人士（董事或本公司主要
shares and underlying shares of the Company	行政人員除外）於本公司股份及相關股
as recorded in the register required to be kept	份中擁有權益或淡倉：
by the Company under section 336 of the
Securities and Futures Ordinance (the "SFO"):
				Approximate
				percentage of
			Number of	shareholding
Name of Shareholder	Capacity		ordinary shares	(Note 2)
				概約持股百分比
股東名稱╱姓名	身份		普通股數目	（附註2）

Kwan Lik Holding Limited	Beneficial interest		1,295,823,024	66.85%
(Note 1)（附註1）	實益權益
Kwan Lik (BVI) Limited	Interest in a controlled		1,295,823,024	66.85%
(Note 1)（附註1）	corporation
	於受控法團之權益
TMF (Cayman) Limited	Trustee		1,295,823,024	66.85%
(Note 1)（附註1）	受託人
(Note 3)（附註3）
Ms. Chan Nga Yu (Note 3)	Discretionary trust		1,295,823,024	66.85%
陳雅瑜女士（附註3）	interests
	酌情信託權益
	Interest held jointly with	53,477,564	2.76%
	another person
	與他人共同持有之權益

70	靄華押業信貸控股有限公司中期報告 2019

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			Approximate
			percentage of
		Number of	shareholding
Name of Shareholder	Capacity	ordinary shares	(Note 2)
			概約持股百分比
股東名稱╱姓名	身份	普通股數目	（附註2）

Ms. Chan Kit Yu (Note 3)	Discretionary trust
陳潔瑜女士（附註3）	interests
	酌情信託權益
	Interest held jointly with
	another person
	與他人共同持有之權益
Ms. Mui Hang Sin (Note 3)	Discretionary trust
梅杏仙女士（附註3）	interests
	酌情信託權益
	Interest held jointly with
	another person
	與他人共同持有之權益
Great Roc Capital Limited	Beneficial interest
(Note 4)（附註4）	實益權益
Mr. Yan Kam Cheong (Note 4)	Interest in a controlled
殷鑑昌先生（附註4）	corporation
	於受控法團之權益

1,295,823,024 66.85%

53,477,5642.76%

1,295,823,024 66.85%

53,477,5642.76%

253,114,029 13.06%

Notes:		附註：
1.	The 1,295,823,024 shares is held by Kwan	1.	Kwan Lik Holding Limited 持有
	Lik Holding Limited, which is a wholly-owned		1,295,823,024股股份。Kwan Lik
	subsidiary of Kwan Lik (BVI) Limited, a wholly-		Holding Limited為Kwan Lik (BVI)
	owned subsidiary of TMF (Cayman) Limited.		Limited之全資附屬公司，而Kwan
			Lik (BVI) Limited 則為TMF (Cayman)
			Limited之全資附屬公司。
2.	There were 1,938,468,406 shares of the	2.	於二零一九年八月三十一日，本公司
	Company in issue as at 31 August 2019.		已發行1,938,468,406股股份。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

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These 1,295,823,024 shares were owned by a discretionary trust whose trustee, TMF (Cayman) Limited, indirectly owns the entire issued share capital of Kwan Lik Holding Limited. Ms. Chan Nga Yu, Ms. Chan Kit Yu, Ms. Mui Hang Sin, Mr. Chan Kai Ho Edward, Mr. Chan Chart Man, Ms. Chan Mei Fong, Ms. Chan Ying Yu and Mr. Chan Kai Kow Macksion are the discretionary beneficiaries of the trust.
Great Roc Capital Limited is wholly-owned by Mr. Yan Kam Cheong who is the substantial Shareholder of the Company.

Save as disclosed herein, as at 31 August 2019, there was no other person so far known to the Directors or chief executives of the Company, other than the Directors or chief executives of the Company as having an interest or a short position 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.

一項酌情信託擁有該等
1,295,823,024股股份。該信託之受託人為TMF (Cayman) Limited，其間接擁有Kwan Lik Holding Limited之
全部已發行股本。陳雅瑜女士、陳潔瑜女士、梅杏仙女士、陳啟豪先生、陳策文先生、陳美芳女士、陳英瑜女士及陳啟球先生為該信託之酌情受益人。
Great Roc Capital Limited由殷鑑昌先生全資擁有，而殷鑑昌先生為本公司之主要股東。

除本節所披露者外，於二零一九年八月三十一日，據董事或本公司主要行政人員所知，按本公司根據證券及期貨條例第336條須予存置之登記冊所記錄，並無其他人士（董事或本公司主要行政人員除外）於本公司股份或相關股份中擁有權益或淡倉。

Directors' Interests and

Short Positions in Shares

and Underlying Shares

As at 31 August 2019, the interests and short positions of each Director and chief executive of the Company and their respective associates in the shares, underlying shares and debentures of the Company or any associated corporation (within the meaning of Part XV of the SFO) which 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

董事於股份及相關股份之權益及淡倉

於二零一九年八月三十一日，各董事及本公司主要行政人員以及彼等各自之聯繫人於本公司或任何相聯法團（定義見證券及期貨條例第XV部）之股份、相關股份及債券中擁有根據證券及期貨條例第XV部第7及第8分部須知會本公司及聯交所之權益及淡倉（包括根據證券及期貨條例有關條文彼被當作或視為擁有之權益及淡倉）；或根據證券及期貨條例第352條須載入該條

72	靄華押業信貸控股有限公司中期報告 2019

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which he was taken or deemed to have under	所指登記冊內之權益及淡倉；或根據
such provisions of the SFO); or were required	上市公司董事進行證券交易之標準守
pursuant to Section 352 of the SFO to be	則須知會本公司及聯交所之權益及淡
entered in the register referred to therein; or	倉載列如下：
were required pursuant to the Model Code for
Securities Transactions by Directors of Listed
Companies to be notified to the Company and
the Stock Exchange, are set out below:
Interest in the shares of the Company	於本公司股份之權益
			Approximate
			percentage of
		Number of	shareholding
Name of Director	Nature of interest	ordinary shares	(Note 2)
			概約持股百分比
董事姓名	權益性質	普通股數目	（附註2）

Mr. Chan Kai Ho Edward (Note 1)	Discretionary trust interests	1,295,823,024	66.85%
陳啟豪先生（附註1）	酌情信託權益
	Beneficial interest	53,477,564	2.76%
	實益權益
Mr. Chan Chart Man (Note 1)	Discretionary trust interests	1,295,823,024	66.85%
陳策文先生（附註1）	酌情信託權益
	Interest held jointly with
	another person	53,477,564	2.76%
	與他人共同持有之權益
Ms. Chan Mei Fong (Note 1)	Discretionary trust interests	1,295,823,024	66.85%
陳美芳女士（附註1）	酌情信託權益
	Interest held jointly with
	another person	53,477,564	2.76%
	與他人共同持有之權益
Ms. Chan Ying Yu (Note 1)	Discretionary trust interests	1,295,823,024	66.85%
陳英瑜女士（附註1）	酌情信託權益
	Interest held jointly with
	another person	53,477,564	2.76%
	與他人共同持有之權益

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

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Notes:

These 1,295,823,024 shares were owned by a discretionary trust whose trustee, TMF (Cayman) Limited, indirectly owns the entire issued share capital of Kwan Lik Holding Limited. Ms. Chan Nga Yu, Ms. Chan Kit Yu, Ms. Mui Hang Sin, Mr. Chan Kai Ho Edward, Mr. Chan Chart Man, Ms. Chan Mei Fong, Ms. Chan Ying Yu and Mr. Chan Kai Kow Macksion are the discretionary beneficiaries of the trust.
There were 1,938,468,406 shares of the Company in issue as at 31 August 2019.

附註：

一項酌情信託擁有該等
1,295,823,024股股份。該信託之受託人為TMF (Cayman) Limited，其間接擁有Kwan Lik Holding Limited之
全部已發行股本。陳雅瑜女士、陳潔瑜女士、梅杏仙女士、陳啟豪先生、陳策文先生、陳美芳女士、陳英瑜女士及陳啟球先生為該信託之酌情受益人。
於二零一九年八月三十一日，本公司已發行1,938,468,406股股份。

Save as disclosed above, as at 31 August 2019,	除上文所披露者外，於二零一九年八
none of the Directors and chief executives of	月三十一日，董事及本公司主要行政
the Company or their respective associates had	人員或彼等各自之聯繫人概無於本公
any interests and short positions in the shares,	司或任何相聯法團（定義見證券及期
underlying shares and debentures of the	貨條例第XV部）之股份、相關股份及債
Company or any associated corporation (within	券中擁有根據證券及期貨條例第XV部
the meaning of Part XV of the SFO) which	第7及第8分部須知會本公司及聯交所
were required to be notified to the Company	之任何權益及淡倉（包括根據證券及
and the Stock Exchange pursuant to Divisions 7	期貨條例有關條文彼被當作或視為擁
and 8 of Part XV of the SFO (including interests	有之權益及淡倉）；或根據證券及期貨
and short positions which he was taken or	條例第352條須載入該條所指登記冊內
deemed to have under such provisions of the	之任何權益及淡倉；或根據上市公司
SFO); or were required pursuant to Section	董事進行證券交易之標準守則須知會
352 of the SFO to be entered in the register	本公司及聯交所之任何權益及淡倉。
referred to therein; or were required pursuant
to the Model Code for Securities Transactions
by Directors of Listed Companies to be notified
to the Company and the Stock Exchange.

74	靄華押業信貸控股有限公司中期報告 2019

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Share oPtion ScheMe

A share option scheme (the "Share option Scheme") was adopted by the Company on 19 February 2013. As at 31 August 2019, being the end of FP2020 for the Group:

a total of 40,000,000 options to subscribe for Shares were available for issue under the Share Option Scheme, representing approximately 2.1% of the total issued Shares of the Company as at 31 August 2019;
an option granted under the Share Option Scheme may be exercised in accordance with the terms of the Share Option Scheme at any time during a period as the Board may determine which shall not exceed ten years from the date of grant subject to the provisions of early termination thereof; and
the Share Option Scheme will remain in force until 18 February 2023.

購股權計劃

本公司於二零一三年二月十九日採納一項購股權計劃（「購股權計劃」）。於二零一九年八月三十一日（即本集團二零二零年財政期間結束日期）：

根據購股權計劃，合共
40,000,000份可認購股份之購股權可供發行，相當於本公司於二零一九年八月三十一日之已發行股份總數約2.1%；
購股權計劃項下所授出之購股權可根據購股權計劃之條款於董事會可能釐定之期間內隨時行使，惟有關期間自授出日期起計不得超過十年，且受有關計劃之提前終止條文所規限；及
購股權計劃將維持有效，直至二零二三年二月十八日為止。

huMan reSourceS

As at 31 August 2019, our Group had a total of 50 staff (28 February 2019: 50). Total staff costs (including Directors' emoluments) were approximately HK$12.4 million for FP2020 (FP2019: approximately HK$11.8 million). Remuneration is determined with reference to market conditions and the performance, qualifications and experience of an individual employee. Bonus based

人力資源

於二零一九年八月三十一日，本集團共有5 0 名員工（二零一九年二月二十八日：50名）。二零二零年財政期間之員工成本總額（包括董事酬金）約

為12,400,000港元（二零一九年財政期間：約11,800,000港元）。薪酬乃經參考市場狀況以及個別僱員之表現、資格及經驗後釐定。本集團將根據僱員之個人表現向其發放花紅，作為對

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

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on individual performance will be paid to	彼等所作貢獻之認可及獎勵。其他福
employees as recognition of and reward for	利包括購股權計劃及為本集團之香港
their contributions. Other benefits include	僱員作出法定強制性公積金計劃之供
a share option scheme and contributions to	款。
statutory mandatory provident fund scheme to
our Group's employees in Hong Kong.

internal control	內部監控
The Board considers that our Group's internal	董事會認為，本集團之內部監控系統
control system was effective and adequate for	於二零二零年財政期間屬有效及足
FP2020.	夠。
The Board, through the audit committee of	董事會已透過本公司之審核委員會對
our Company, has conducted a review on	內部監控系統進行檢討，概無識別可
the internal control system and identified no	能對本公司營運造成影響之任何重大
significant areas of concern which could affect	問題。
the operations of our Company.

P u r c h a S e , S a l e o r r e d e M P t i o n o F o u r coMPany'S liSted SecuritieS

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during FP2020.

購買、出售或贖回本公司之上市證券

本公司或其任何附屬公司於二零二零年財政期間概無購買、出售或贖回任何本公司上市證券。

Material acQuiSitionS and 重大收購及出售及重大投資 diSPoSalS and SigniFicant

inVeStMentS

Our Group did not engage in any material	於二零二零年財政期間，本集團並無
acquisitions or disposals or hold any significant	進行任何重大收購或出售或持有任何
investments during FP2020.	重大投資。

76	靄華押業信貸控股有限公司中期報告 2019

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corPorate goVernance	企業管治常規
PracticeS
For the six months ended 31 August 2019, our	截至二零一九年八月三十一日止六
Company complied with the code provisions	個月，本公司一直遵守上市規則附錄
in the Corporate Governance Code (the	十四所載企業管治守則之守則條文
"code Provisions") as set out in Appendix	（「守則條文」），惟守則條文第A.2.1
14 to the Listing Rules, except Code Provision	條除外，該條文規定主席及行政總裁
A.2.1 which requires that the roles of the	之角色應有區分，且不應由同一人士
chairman and the chief executive should be	兼任。執行董事陳啟豪先生現時兼任
separate and should not be performed by the	該兩個職位。陳啟豪先生一直為本集
same individual. Mr. Chan Kai Ho Edward,	團之主要領導人，主要負責制訂本集
an executive Director, currently holds both	團之業務策略及釐定本集團之整體方
positions. Mr. Chan Kai Ho Edward has been	針。由於彼直接監督其他執行董事及
the key leadership figure of our Group, who	本集團高級管理層，故彼亦一直為本
has been primarily involved in the formulation	集團之最高營運負責人。考慮到實施
of business strategies and determination of	本集團業務計劃之連續性，董事（包括
the overall direction of our Group. He has	獨立非執行董事）認為，陳啟豪先生為
also been chiefly responsible for our Group's	該兩個職位之最佳人選，而現時之安
operations as he directly supervises other	排對本公司及本公司股東（「股東」）整
executive Directors and senior management	體有利，並符合彼等之整體利益。
of our Group . Taking into account the
continuation of the implementation of our
Group's business plans, the Directors (including
the independent non-executive Directors)
consider that Mr. Chan Kai Ho Edward is the
best candidate for both positions and the
present arrangements are beneficial and in the
interests of our Company and the shareholders
of the Company (the "Shareholders") as a
whole.

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

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Model code For directorS	董事進行證券交易之標準守
SecuritieS tranSactionS	則
Our Company has adopted the Model Code	本公司已採納上市規則附錄十所載上
for Securities Transactions by Directors of	市發行人董事進行證券交易之標準守
Listed Issuers (the "Model code") as set out	則（「標準守則」），作為董事進行證券
in Appendix 10 to the Listing Rules as the	交易之操守守則。董事會已向全體董
code of conduct regarding Directors' securities	事作出特定查詢，而董事確認，彼等於
transactions. The Board made specific enquiry	二零二零年財政期間已遵守標準守則
to all Directors and the Directors confirmed	所載之所需標準。
that they had complied with the required
standards as set out in the Model Code in
FP2020.

reVieW oF interiM reSultS	中期業績之審閱
The Group's condensed consolidated financial	本集團截至二零一九年八月三十一日
statements for the six months ended 31	止六個月之簡明綜合財務報表未經審
August 2019 have not been audited, but	核，惟已由本公司外聘核數師信永中
have been reviewed by SHINEWING (HK) CPA	和（香港）會計師事務所有限公司根據
Limited under Hong Kong Standard on Review	香港審閱準則第2410號進行審閱，其
Engagements 2410, the Company's external	審閱報告已載入將寄發予股東之中期
auditor, whose review report is included in the	報告內。
interim report to be sent to shareholders.

78	靄華押業信貸控股有限公司中期報告 2019

Other information

其他資料

The audit committee together with the	審核委員會連同本公司管理層已審閱
management of our Company have reviewed	本集團截至二零一九年八月三十一日
our Group's unaudited interim consolidated	止六個月之未經審核中期綜合財務報
financial statements for the six months ended	表。審核委員會認為，有關財務報表已
31 August 2019. The audit committee is of	遵守適用會計準則、聯交所之規定及
the opinion that such financial statements	適用法律規定，且已作出充分披露。審
have complied with the applicable accounting	核委員會亦已審閱本中期報告，並確
standards, and the requirements of the	認本報告屬完整及準確，並已遵守上
Stock Exchange and the applicable legal	市規則。
requirements, and that adequate disclosure
has been made. The audit committee has also
reviewed this interim report and confirmed that
it is complete and accurate and complies with
the Listing Rules.

eVentS aFter the end oF	報告期末後事項
the rePorting Period
Save as disclosed in this interim report, there	除本中期報告所披露者外，概無於該
were no important events affecting the Group	期間結束後發生且對本集團有影響之
which occurred after the end of the Period.	重要事項。

interiM diVidend

On 29 October 2019, the Board declared an interim dividend of HK$1.07 cents per ordinary share, representing approximately 35.0% of the profit attributable to the Shareholders for FP2020. The total payout for the interim dividend will amount to approximately HK $20.7 million . The aforesaid interim dividend will be paid on 19 December 2019 to the Shareholders whose names appear on the register of members of our Company at the close of business on 3 December 2019.

中期股息

於二零一九年十月二十九日，董事會宣派中期股息每股普通股1.07港仙，佔二零二零年財政期間股東應佔溢利約 35.0%。中期股息之分派總額將約為 20,700,000港元。上述中期股息將於二零一九年十二月十九日派付予於二零一九年十二月三日營業時間結束時名列本公司股東名冊之股東。

Oi Wah Pawnshop Credit Holdings Limited Interim Report 2019

Other information

其他資料

cloSure oF regiSter oF 暫停辦理股份過戶登記手續 MeMberS

In order to establish the identity of the	為確定有權獲派中期股息之股東身
Shareholders who are entitled to the interim	份，所有已正式填妥之過戶表格連同
dividend, all duly completed transfer forms	有關股票，最遲必須於二零一九年
accompanied by the relevant share certificates	十二月三日下午四時三十分前送達本
must be lodged with our Company's Hong	公司之香港股份過戶登記分處寶德隆
Kong branch share registrar, Boardroom Share	證券登記有限公司，地址為香港北角
Registrars (HK) Limited at 2103B, 21/F., 148	電氣道148號21樓2103B室。本公司將
Electric Road, North Point, Hong Kong, no	於二零一九年十二月四日至二零一九
later than 4:30 p.m. on 3 December 2019. The	年十二月六日（首尾兩日包括在內）暫
register of members of our Company will be	停辦理股份過戶登記手續，期間將不
closed from 4 December 2019 to 6 December	會辦理股份過戶登記手續。
2019, both days inclusive, during which no
transfer of shares will be registered.

80	靄華押業信貸控股有限公司中期報告 2019

www.pawnshop.com.hk

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Oi Wah Pawnshop Credit Holdings Ltd. published this content on 21 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2019 23:45:01 UTC

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 am EDT			5-day change	1st Jan Change
0.255 ^HKD	+2.82%		+6.25%	+4.51%

BOARD OF DIRECTORS	董事會
Executive Directors	執行董事
Mr. Chan Chart Man	陳策文先生
Mr. Chan Kai Ho Edward (Chairman and Chief	陳啟豪先生（主席兼行政總裁）
Executive Officer)
Ms. Chan Mei Fong	陳美芳女士
Ms. Chan Ying Yu	陳英瑜女士
Non-executive Director	非執行董事
Mr. Chan Kai Kow Macksion	陳啟球先生
Mr. Ng Siu Hong	伍紹康先生
Independent Non-executive Directors	獨立非執行董事
Dr. Leung Shiu Ki Albert	梁兆棋博士
Dr. Yip Ngai	葉毅博士
Mr. Lam On Tai	林安泰先生

BOARD COMMITTEES	董事委員會
Audit Committee	審核委員會
Dr. Yip Ngai (Chairman)	葉毅博士（主席）
Dr. Leung Shiu Ki Albert	梁兆棋博士
Mr. Lam On Tai	林安泰先生
Remuneration Committee	薪酬委員會
Mr. Lam On Tai (Chairman)	林安泰先生（主席）
Mr. Chan Kai Ho Edward	陳啟豪先生
Dr. Leung Shiu Ki Albert	梁兆棋博士

Nomination Committee	提名委員會
Dr. Leung Shiu Ki Albert (Chairman)	梁兆棋博士（主席）
Mr. Chan Kai Ho Edward	陳啟豪先生
Mr. Lam On Tai	林安泰先生

COMPANY SECRETARY	公司秘書
Mr. Cheng Yiu Hang HKICPA	鄭耀衡先生 HKICPA
AUTHORISED REPRESENTATIVES	授權代表
Mr. Chan Kai Ho Edward	陳啟豪先生
Ms. Chan Ying Yu	陳英瑜女士
REGISTERED OFFICE	註冊辦事處
Clifton House, 75 Fort Street,	Clifton House, 75 Fort Street,
P.O. Box 1350	P.O. Box 1350
Grand Cayman, KY1-1108	Grand Cayman, KY1-1108
Cayman Islands	Cayman Islands
H E A D Q U A R T E R S A N D	香港總部及主要營業地點
PRINCIPAL PLACE OF BUSINESS
IN HONG KONG
Rooms 2302-2303	香港
Kwan Chart Tower	灣仔杜老誌道6號
No. 6 Tonnochy Road, Wanchai	羣策大廈
Hong Kong	2302-2303室
STOCK CODE	股份代號
01319	01319

Oi Wah Pawnshop Credit Holdings Limited

Equities

1319

KYG6730A1040

Consumer Lending

Oi Wah Pawnshop Credit : Interim Report 2019

Latest news about Oi Wah Pawnshop Credit Holdings Limited

Chart Oi Wah Pawnshop Credit Holdings Limited

Company Profile

Income Statement Evolution

Sector Other Consumer Lending

2023	Oi Wah Pawnshop Credit Holdings Boosts Dividend as Fiscal H1 Profit Rises	MT
2023	Oi Wah Pawnshop Credit Holdings Limited Announces Interim Dividend for the Six Months Ended 31 August 2023, Payable on 21 December 2023	CI

Oi Wah Pawnshop Credit Holdings Boosts Dividend as Fiscal H1 Profit Rises	23-10-27	MT
Oi Wah Pawnshop Credit Holdings Limited Announces Interim Dividend for the Six Months Ended 31 August 2023, Payable on 21 December 2023	23-10-26	CI
Oi Wah Pawnshop Credit Holdings Limited Reports Earnings Results for the Half Year Ended August 31, 2023	23-10-26	CI
Oi Wah Pawnshop Credit Holdings Limited Declares an Interim Dividend to the Shareholders for Fiscal Period 2024, Will Be Paid on 21 December 2023	23-10-26	CI
Oi Wah Pawnshop Credit Subsidiary Provides HK$27 Million Loan	23-09-28	MT
Oi Wah Lends HK$25 million to Two Customers	23-06-29	MT
Oi Wah Pawnshop Credit Holdings Limited Proposes Final Dividend for the Year Ended February 28, 2023, Payable on August 22, 2023	23-06-28	CI
Oi Wah Pawnshop Credit Holdings Limited and PACM Group Limited Joins Hands to Develop the International Private Credit Investment Market	23-06-12	CI
Oi Wah Pawnshop Credit Signs Cooperation Agreement MoU with PACM Group	23-06-02	MT
Oi Wah Pawnshop Credit Unit Extends Loans to Two Customers	23-06-02	MT
Oi Wah Pawnshop Credit Holdings Limited and PACM Group Limited Enters into Memorandum of Understanding	23-06-02	CI
Oi Wah Pawnshop Credit Increases Dividend as FY23 Profit Rises	23-05-24	MT
Oi Wah Pawnshop Credit Holdings Limited Proposes Final Dividend for the Year Ended February 28, 2023, Payable on August 22, 2023	23-05-24	CI
Oi Wah Pawnshop Credit Holdings Limited Reports Earnings Results for the Full Year Ended February 28, 2023	23-05-24	CI
Oi Wah Pawnshop Credit Unit to Grant HK$43.6 Million Loan	23-05-23	MT
Oi Wah Pawnshop Credit Unit to Grant HK$67 Million Loan	23-03-30	MT
Oi Wah Pawnshop Credit Holdings Unit Grants HK$50 Million Loan	23-03-27	MT
Oi Wah Pawnshop Unit Provides HK$10 Million Loan to Investment Holding Company	22-12-13	MT
Oi Wah Pawnshop Credit Holdings Limited Reports Earnings Results for the Half Year Ended August 31, 2022	22-10-27	CI
Oi Wah Pawnshop Credit Holdings Limited Declares Interim Dividend for the Period Ended August 31, 2022, Payable on 22 December 2022	22-10-27	CI
Oi Wah Pawnshop Unit to Grant $5.1 Million Mortgage Loans	22-10-03	MT
Oi Wah Pawnshop Credit Holdings Limited commences an Equity Buyback Plan for 192,772,440 shares, representing 10% of its issued share capital, under the authorization approved on July 28, 2022.	22-09-23	CI
Oi Wah Pawnshop Credit Holdings Limited Approves Special Dividend for the Year Ended 28 February 2022	22-07-28	CI
Oi Wah Pawnshop Credit Holdings Limited Approves Final Dividend for the Year Ended 28 February 2022	22-07-28	CI
Oi Wah Pawnshop Credit Holdings Limited's Equity Buyback announced on August 16, 2021, has expired.	22-07-27	CI

	1st Jan change	Capi.
OI WAH PAWNSHOP CREDIT HOLDINGS LIMITED	+4.51%	61.26M
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SOFI TECHNOLOGIES, INC.	-26.83%	7.53B