先傳媒集團有限公司
Cinderella Media
Group Limited
Stock Code 股份代號 : 550
An
nu
al
Re
po
rt 2
015
年報
Contents 目錄
Director’ s Statement 董事報告書 2
Management Discussion and Analysis 管理層討論及分析
Business Review 業務回顧 4
Prospects 前景 5
Financial Review 財務回顧 5
Liquidity and Financial Resources 流動資金及財政資源 6
Directors and Senior Management Profile 董事及高級管理層履歷 8
Directors’ Report 董事會報告 11
Corporate Governance Report 企業管治報告 19
Independent Auditor’ s Report 獨立核數師報告 31
Consolidated Statement of Profit or Loss and 綜合損益及其他全面收益表
Other Comprehensive Income 33
Consolidated Statement of Financial Position 綜合財務狀況表 35
Consolidated Statement of Changes in Equity 綜合股本變動表 36
Consolidated Statement of Cash Flows 綜合現金流量表 38
Notes to the Financial Statements 財務報表附註 40
Financial Summary 財務摘要 133
Corporate Information 公司資料 135
Director’s Statement
董事報告書
Dear Shareholders,
I have the pleasure to present you with the 2015 Annual Report
of Cinderella Media Group Limited (the “Company”) and its
subsidiaries (collectively the “Group”) for the year ended 31
December 2015.
2015 is an exceptional year for the Company as it experienced
a dramatic change in its business and earmarks the coming of a
new era. During the year, the Group terminated and disposed of
its inflight magazine advertising business. In addition, the change
of substantial shareholders and the subsequent change of the top
management represents a new business strategy of the Group.
Even so, the focus will still be on advertising business which is
evidenced by an acquisition of 60% equity interest of Hong Kong
Made (Media) Limited (“Hong Kong Made”) shortly after the
end of this financial year, subject to the satisfaction of several
conditions.
Hong Kong Made is an exclusive advertising agent providing
advertising services in respect of Guangzhou-Shenzhen Railway –
China Railway High Speed. With over 100 trains in operation
daily, Hong Kong Made embraces a huge advertising market for
companies who want to promote their brands to their potential
customers in Southern China and is poised to capture lucrative
advertising income.
Indeed, it is widely expected that China is facing serious
economic challenges, overcapacity, high indebtedness in both
private and public sectors, the downside pressure of economy,
etc…it is by no means that they will be resolved in short term.
However, we believe the impact on advertising industry in China
is relatively mild for three reasons: The China’s economy is in
the course of switching to stimulating domestic demand which
is largely contributed by provision of services, the economic
problem in Southern China is less severe and train is a mass
transit transportation that placing advertisement there enables
to maximize its effect by widely spreading the message to mass
audience that other transportations cannot achieve. Therefore,
we sincerely look forward to Hong Kong Made a new, beautiful
future to the Group.
各股東：
本人欣然向 閣下提呈先傳媒集團有限公司（「本
公司」）及其附屬公司（統稱「本集團」）截至二零
一五年十二月三十一日止年度之二零一五年年
報。
二零一五年對本公司具有非凡意義—本公司的業
務於年內經歷巨大變化並準備好迎接新時代的來
臨。年內，本集團終止其航機雜誌廣告業務並將
之出售。此外，主要股東的變更及高層管理人員
其後的變動標誌著本集團的新業務策略。縱管如
此，從集團於本財政年度結束後不久收購香港製
作（媒體）有限公司（「香港製作」）之60%股本權
益（須待若干條件達成後，方可作實），便可見到
廣告業務將仍然是集團業務重點。
香港製作是提供有關廣深線和諧號廣告服務的獨
家廣告代理，憑藉每天超過100班次的列車，香
港製作坐擁龐大的廣告市場，正適合有意向華南
潛在客戶推廣本身品牌的公司，其勢將獲得豐厚
的廣告收入。
事實上，市場普遍預期中國正面對嚴峻經濟挑
戰、產能過剩、公私營界別均錄得高負債、經濟
下行壓力等等，上述問題均難望在短期內解決。
然而，集團相信，基於以下三項原因，中國廣告
業所受的影響將相對溫和：中國經濟正轉型至以
刺激內需為主導而提供服務將成為主要原動力；
華南地區面對的經濟問題相對不太嚴重；及在火
車此種公共交通運輸工具投放廣告可將訊息廣為
傳播給廣大受眾而使廣告產生最大效益，此為在
其他交通工具投放廣告所不能企及。因此，集團
熱切期待香港製作與本集團同創全新的璀璨未
來。
2 Cinderella Media Group Limited ? Annual Report 2015
Director’s Statement 董事報告書
The advertising business from Recruit magazine has become
the main revenue source of the Group after disposal of inflight
magazines businesses 2015. It performed steadily compared
with last year but it is concerned that its performance may be
adversely affected if the Hong Kong economic condition weakens
to a large extent in 2016. The management will closely monitor
and take measures in response to any changes. Meanwhile, for
the year ended 31 December 2015, the Group is also engaged in
property investment activity. Taking into consideration the recent
trend of falling property price, the management may consider
to intensify property investment if any projects found to be
appealing and profitable.
Lastly, may I take the opportunity to thank your valuable support
to the Company and the unfailing effort of all staff to the Group.
Let us anticipate an exciting and profitable 2016!
Tsang Hing Bun
Executive Director
Hong Kong, 30 March 2016
《才庫》雜誌之廣告業務已於二零一五年在出售
航機雜誌業務後成為本集團的主要收益來源。與
去年相比，該業務年內之表現穩健，惟倘香港經
濟環境於二零一六年大幅轉弱，其表現或會受到
不利影響。管理層將密切注視市況並會採取措施
應對任何變化。同時，於截至二零一五年十二月
三十一日止年度，本集團亦從事物業投資活動。
考慮到近期樓價下跌的走勢，如有任何具備吸引
力和盈利能力之項目，管理層或會考慮加大物業
投資。
最後，本人謹藉此機會感謝 閣下對本公司的寶
貴支持以及全體員工為本集團所作的不懈努力。
讓我們於二零一六年一同迎來集團大展拳腳、獲
利的一年。
執行董事
曾慶贇
香港，二零一六年三月三十日
3 二零一五年年報 ? 先傳媒集團有限公司
Management Discussion and Analysis
管理層討論與分析
BUSINESS REVIEW
Recruit Magazine
Turnover for the recruitment advertising business registered
a 4% increase from HK$59.6 million in 2014 to HK$62.0
million in 2015. The revenue from placing print advertisements
in the “Recruit” and “Like” magazines was steady although
the local print recruitment advertising market continued to
shrink. The Recruit.com.hk job board unit recorded satisfactory
improvements. The outperformance is due to management’s
initiative in promoting the “Recruit” and “Like” brand names,
such as organizing job fairs, organizing roundtable conference
and placing advertisements.
Recruit magazine and website is one of the preferred job
search platform in Hong Kong. Our platforms, which include
printed media, electronic media and job fairs, help advertisers
disseminating vacancies effectively. Our recruitment advertising
business has a stable and diverse customer base. The bilingual
recruitment advertisement website provides a personalized
solution to both job seekers and advertisers. The job fairs were
very well received by our customers and job applicants. The
collaboration with China Daily (Hong Kong Edition) and Hong
Kong Management Association to organize the roundtable
conference on manpower planning strategies provides insight to
our customers. It also helps increase our brands awareness. The
“Recruit Part Time Job” mobile app, which was launched last
year, allows jobseekers to search and apply for part time jobs
easily.
Property Investment
Apart from media business, the Group is also engaged in property
investment business. Express Ocean Investment Limited is a
wholly owned subsidiary of the Company which owns several
office premises in Hong Kong. This business contributes a steady
stream of rental income of approximately HK$846,000 to the
Group.
業務回顧
《才庫》雜誌
招 聘 廣 告 業 務 之 營 業 額 由 二 零 一 四 年 之
5 9 , 6 0 0 , 0 0 0港元增長4 %至二零一五年之
62,000,000港元。儘管本地印刷招聘廣告市場繼
續萎縮，但《才庫》及《Like》雜誌仍能維持穩健之
印刷廣告收益。Recruit.com.hk此網上招聘廣告
部門的表現錄得令人滿意的改善。此佳績是得力
於管理層宣傳《才庫》及《Like》雜誌品牌的策略，
譬如舉辦招聘會及圓桌會議以及投放廣告。
《才庫》雜誌及網站仍然是香港首選求職平台之
一。我們的平台涵蓋印刷媒體、電子媒體及招聘
會，協助廣告客戶有效地發放職位空缺信息。我
們的招聘廣告業務擁有穩定而多元化的客戶基
礎。旗下的雙語招聘廣告網站同時為求職者與廣
告客戶提供切合個人所需的解決方案。我們舉辦
的招聘會大受客戶及求職者歡迎。與中國日報
（香港版）及香港管理專業協會合辦的人力資源規
劃策略圓桌會議為客戶帶來不少啟發，另一方面
亦有助我們提升品牌知名度。去年推出的「兼職
好工」流動應用程式讓求職者可輕鬆方便的搜尋
和申請職位空缺。
物業投資
除媒體業務外，本集團亦從事物業投資業務。本
公司之全資附屬公司飛洋投資有限公司在香港
擁有數個辦公室物業。此業務對本集團貢獻約
846,000港元之穩定租金收入來源。
4 Cinderella Media Group Limited ? Annual Report 2015
Management Discussion and Analysis 管理層討論與分析
PROSPECTS
China is facing many economic challenges, to name a few,
overcapacity, high indebtedness in both public and private sectors
which renders a high default risk, unemployment, loss of foreign
exchange reserve, etc. The slowdown of economic growth is
perceived that a reversal is not going to happen in near future.
Since the association between China and Hong Kong is so high
and multi-faceted, Hong Kong’s economy is unavoidably affected
in a negative way that unemployment will add pressure to the
labour market. If this happens, it is feared that the prospect on
advertising income from recruitment magazine will be adversely
impacted, leading to a drop in advertising income in this aspect.
Even so, the successful acquisition of Hong Kong Made which is
engaging in advertising business in Guangzhou-Shenzhen Railway
may become the main revenue stream to the Group as the
slowdown in China’s economy is expected to have less impact on
this business.
On the other hand, the Group may consider expand the property
investment business if the property market condition is improved
that it is anticipated to generate considerable return while the
investment is financially sound to the Group.
FINANCIAL REVIEW
Continuing operations
Turnover fo r the year ended 31 December 2015 was
approximately HK$62.9 million and represented an increase of
4.9% from the previous corresponding year (2014: HK$59.9
million (restated)). The gross profit margin improved slightly from
72.1% (restated) in 2014 to 72.8% in 2015.
Other income decreased by 43.2% to approximately HK$1.8
million in 2015 (2014: HK$3.2 million (restated)) mainly due to
decrease in interest income by approximately HK$1.1 million.
The selling and distribution expenses increased by 4.5% which
was in line with the increase in revenue. The administrative
expenses significantly increased by 76.9% mainly due to increase
in rental expenses and staff salaries and bonus.
前景
中國正面臨許多經濟挑戰，包括產能過剩、政府
和企業的高負債水平產生高違約風險、失業、外
匯儲備流失等。市場普遍認為經濟增長放緩之走
勢不會在短期內扭轉。由於中國與香港在多方面
息息相關，香港經濟勢必受到影響而失業將對人
力市場增添壓力。倘情況如此，恐怕招聘雜誌廣
告收入的前景將受到拖累，令此方面之廣告收入
下跌。儘管如此，成功收購香港製作（該公司從
事廣深線和諧號之廣告業務）或可成為本集團之
主要收益來源，原因為中國經濟放緩對此項業務
之影響應該較低。
另一方面，倘若物業市道好轉而預期可帶來可觀
回報，而相關投資對本集團屬財務穩健之選擇，
則本集團或會考慮擴大物業投資業務。
財務回顧
持續經營業務
截至二零一五年十二月三十一日止年度之營業額
約為62,900,000港元（二零一四年：59,900,000
港元（經重列）），較去年增加4.9%。毛利率由二
零一四年之72.1%（經重列）微升至二零一五年之
72.8%。
二 零 一 五 年 之 其 他 收 入 減 少 4 3 . 2 %至 約
1,800,000港元（二零一四年：3,200,000港元（經
重列）），主要源自利息收入減少約1,100,000港
元。
銷售及發行費用增加4.5%，與收益增長相符。
行政費用顯著增加76.9%，主要由於租賃開支以
及員工薪金及花紅增加。
5 二零一五年年報 ? 先傳媒集團有限公司
Management Discussion and Analysis 管理層討論與分析
Discontinued operations
During the year, the Company disposed of inflight magazine
business. On 1 June 2015, Recruit (BVI) Limited, a subsidiary of
the Company, agreed to sell the entire issued capital and the
shareholders’ loans of each of CinMedia Inc. and Easking Limited
to ER2 Holdings Limited, in which Mr. Lau Chuk Kin, the then
chairman and Executive Director of the Company, had 67%
interest and in which Mr. Wan Siu Kau, the then Non-Executive
Director of the Company, had 12% interest, at a consideration
of HK$12,500,000. The transaction concerned was a connected
transaction and was subsequently approved by independent
shareholders of the Company at the special general meeting held
on 21 August 2015. After the completion of the said disposal,
the Company recorded a gain on disposal of approximately
HK$4,500,000, but after taking into account the loss made
for period from 1 January 2015 to the date of completion of
disposal, a total of approximately HK$29,800,000 loss from
discontinued operations was recorded.
LIQUIDITY AND FINANCIAL RESOURCES
The Group’s assets as at 31 December 2015 were reduced
significantly when compared with 2014 due to disposal of
subsidiaries. As at 31 December 2015, the Group had net current
assets of approximately HK$91.8 million (2014: HK$142.7
million). The Group’s current ratio as at 31 December 2015,
which is defined as current assets over current liabilities, was 9.4
(2014: 2.7). The financial position of the Group was healthy with
total cash and bank balance of approximately HK$90.9 million
(2014: HK$151.6 million).
The Group’s gearing ratio as at 31 December 2015 was 0%
(2014: 4.3%), which is calculated on the basis of the Group’s
total interest-bearing debts over the total equity interest. Total
bank borrowing as at 31 December 2015 was nil (2014: bank
borrowings HK$7.7 million). As at 31 December 2014, all the
bank borrowings are denominated in Hong Kong dollars.
The Group adopts centralized financing and treasury policies
in order to ensure the Group’s funding is utilized efficiently.
Conservative approach is adopted on monitoring foreign
exchange exposure and interest rate risk. Forward contracts were
used to hedge the foreign currency exposure in trading and
capital expenditure when it was considered appropriate.
已終止經營業務
年內，本公司出售航機雜誌業務。於二零一五
年六月一日，本公司之附屬公司Recruit (BVI)
Limited以12,500,000港元之代價出售CinMedia
Inc.及宜勁有限公司分別之全部已發行股本及股
東貸款予青田集團有限公司。本公司當時之主席
兼執行董事劉竹堅先生持有青田集團有限公司之
67%權益而本公司當時之非執行董事溫兆裘先
生持有青田集團有限公司之12%權益。有關交易
為一項關連交易並已於其後在二零一五年八月
二十一日舉行之股東特別大會上獲本公司獨立
股東批准。於上述出售事項完成後，本公司錄得
出售收益約4,500,000港元，但在計及二零一五
年一月一日至出售事項完成日期止期間之虧損，
則錄得已終止經營業務之虧損共約29,800,000港
元。
流動資金及財政資源
本集團於二零一五年十二月三十一日之資產較
二零一四年顯著減少，原因為出售附屬公司。
於二零一五年十二月三十一日，本集團之流動
資產淨值約為91,800,000港元（二零一四年：
142,700,000港元）。本集團於二零一五年十二
月三十一日之流動比率（其定義為流動資產除以
流動負債）為9.4（二零一四年：2.7）。本集團之
財務狀況穩健，當中的現金及銀行結餘總額約
為90,900,000港元（二零一四年：151,600,000港
元）。
本集團於二零一五年十二月三十一日之資本負債
比率為0%（二零一四年：4.3%），此乃根據本集
團之計息債務總額除以股東權益總額而計算。於
二零一五年十二月三十一日，本集團並無銀行借
貸（二零一四年：銀行借貸1,700,000港元）。於
二零一四年十二月三十一日，全部銀行借貸是以
港元計值。
本集團採納集中的融資及庫務政策，確保本集團
資金得到有效運用。本集團以穩健的態度監控外
匯風險及利率風險，並於適當時使用遠期合約對
沖其於買賣活動及資本開支中的外匯風險。
6 Cinderella Media Group Limited ? Annual Report 2015
Management Discussion and Analysis 管理層討論與分析
CAPITAL STRUCTURE
As at 31 December 2015, the total issued shares of the Company
was 333,784,000 at HK$0.2 each. During the year, no shares or
share options were issued.
CONTINGENT LIABILITIES
During the year, there were no contingent liabilities noted by the
Directors (2014: nil).
EVENT AFTER REPORT DATE
On 29 January 2016, Fullmoon Global Limited (“Fullmoon”),
the Company’s wholly owned subsidiary, entered into a sale
and purchase agreement with Silver Golden Limited and Mr. Sui
Chok Lee (collectively the “Vendors”) where Fullmoon agreed
to buy and the Vendors agreed to sell a total of 60% interest
in Hong Kong Made (Media) Limited (“Hong Kong Made”) for
a consideration of HK$30,000,000 and a loan assignment of
HK$6,600,000. The acquisition was completed on 1 April 2016.
MATERIAL ACQUISITION AND DISPOSAL OF
SUBSIDIARIES
Save as disclosed, the Group has not made any material
acquisition or disposal of subsidiaries during the year under
review.
The acquisition is not yet completed as at the date of this annual
report.
CHARGES ON GROUP ASSETS
The Group has held several office premises as investment
properties which were pledged to secure bank borrowings to the
Group as at 31 December 2014. During the year, the pledge was
released and no charges on the Group’s assets as at 31 December
2015.
資本架構
於二零一五年十二月三十一日，本公司之已發行
股份總數為333,784,000股（每股面值0.2港元）。
年內並無發行股份或購股權。
或然負債
就董事所知，年內並無或然負債（二零一四年：
無）。
報告期後事項
於二零一六年一月二十九日，Fullmoon Global
Limited（「Fullmoon」，其為本公司之全資附屬公
司）與Silver Golden Limited及蕭作利先生（統稱
為「該等賣方」）訂立買賣協議，據此，Fullmoon
同意以30,000,000港元之代價購買而該等賣方同
意出售香港製作（媒體）有限公司（「香港製作」）
之合共60%權益以及轉讓6,600,000港元之貸
款。此項收購已於二零一六年四月一日完成。
有關附屬公司之重大收購及出售
除已披露者外，本集團於回顧年度並無進行任何
有關附屬公司之重大收購或出售。
此項收購於本年報日期尚未完成。
集團資產抵押
於二零一四年十二月三十一日，本集團有數個辦
公室物業（屬投資物業）已就本集團獲授之銀行
借貸而抵押。年內，有關抵押已獲解除而於二零
一五年十二月三十一日並無本集團資產之抵押。
7 二零一五年年報 ? 先傳媒集團有限公司
Directors and Senior Management Profile
董事及高級管理層履歷
EXECUTIVE DIRECTORS
Mr. Liu Gary Wei (“Mr. Liu”), aged 27, was appointed as
Executive Director of the Company on 8 September 2015. He is
the founder and chairman of a private investment management
company in the People’s Republic of China (“PRC”). Mr. Liu holds
a Bachelor of Arts Degree from the Boston University.
Ms. Chan Pak Yi (“Ms. Chan”), aged 26, was appointed as
Executive Director of the Company on 8 September 2015. She is
currently the company secretary in Heung Kong Group Limited, a
private enterprise in the PRC. Ms. Chan holds a Master Degree of
Commendation in International Finance from Nottingham Trent
University in England and a Bachelor Degree of Accounting and
Finance from Nottingham Trent University in England.
Mr. Tsang Hing Bun (“Mr. Tsang”), aged 36, was appointed
as Executive Director of the Company on 8 September 2015.
He holds a Bachelor Degree of Social Science from the Chinese
University of Hong Kong and a Master of Science Degree in
Finance from City University of Hong Kong. He has around 15
years of experience in audit, accounting, corporate finance and
compliance. Mr. Tsang is a member of The Hong Kong Institute
of Certified Public Accountants, an associate member of The
Hong Kong Institute of Chartered Secretaries and The Institute of
Chartered Secretaries and Administrators. He is also a financial
risk manager granted by Global Association of Risk Professionals.
NON-EXECUTIVE DIRECTOR
Mr. Yiu Yu Cheung (“Mr. Yiu”), aged 33, graduated with a
master’s degree in business administration from University of
Wales, Newport in England and a bachelor’s degree in Arts
from Simon Fraser University in Canada in 2006. He is licensed
with the Securities and Futures Commission to carry out Type 1
(dealing in securities) regulated activities in Hong Kong. Mr. Yiu
has extensive experience in banking and securities industry and is
currently a director of a private financial service company.
執行董事
劉維先生（「劉先生」），27歲，於二零一五年九月
八日獲委任為本公司執行董事。彼為中華人民共
和國（「中國」）一間私人投資管理公司之創辦人
兼主席。劉先生持有波士頓大學頒發之文學士學
位。
陳栢怡女士（「陳女士」），26歲，於二零一五年九
月八日獲委任為本公司執行董事。彼現時為一間
中國私人企業香江集團有限公司之公司秘書。陳
女士持有英國Nottingham Trent University國際金
融碩士（優異）學位，以及英國Nottingham Trent
University會計及金融學士學位。
曾慶贇先生（「曾先生」），36歲，於二零一五年九
月八日獲委任為本公司執行董事。彼持有香港中
文大學社會科學學士學位，以及香港城市大學金
融理學碩士學位。彼擁有約15年之核數、會計、
企業融資及遵例事務經驗。曾先生為香港會計師
公會會員、香港特許秘書公會會員及英國特許秘
書及行政人員公會會員。彼亦獲全球風險專業管
理協會授予財金風險管理分析師頭銜。
非執行董事
姚宇翔先生（「姚先生」），33歲，獲得英國威爾
士新港大學之工商管理碩士學位以及於二零零六
年取得加拿大Simon Fraser University之文學士學
位。彼根據證券及期貨條例獲發牌可於香港進行
第1類（證券交易）受規管活動。姚先生擁有豐富
之銀行及證券業經驗，現為一間私人金融服務公
司之董事。
8 Cinderella Media Group Limited ? Annual Report 2015
Directors and Senior Management Profile 董事及高級管理層履歷
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. Leung Siu Kee (“Mr. Leung”), aged 39, was appointed
as Independent Non-Executive Director on 8 September 2015.
He is currently an independent non-executive director of China
Chuanglian Education Group Limited (stock code: 2371). Mr.
Leung obtained his bachelor degree of Business Administration
majoring in Accounting at the Hong Kong University of Science
and Technology with first honour. He has extensive accounting
knowledge as he had worked in two international accounting
firms for 5 years, mainly to provide auditing and business
assurance services. Afterwards, Mr. Leung has devoted to develop
his career in corporate finance and corporate restructuring
businesses. Mr. Leung is a member of the Hong Kong Institute of
Certified Public Accountants.
Mr. William Keith Jacobsen (“Mr. Jacobsen”), aged 49,
was appointed as Independent Non-Executive Director on 8
September 2015. Mr. Jacobsen is currently the managing director
of a licensed corporation to advise on corporate finance matters.
Mr. Jacobsen is a non-executive director of Madex International
(Holdings) Limited (stock code: 231) and Huge China Holdings
Limited (formerly known as Harmony Asset Limited, stock code:
428); and also an independent non-executive director of abc
Multiactive Limited (stock code: 8131) and Sustainable Forest
Holdings Limited (stock code: 723). He was an executive director
of Auto Italia Holdings Limited (formerly known as Wo Kee Hong
(Holdings) Limited, stock code: 720) from 1 January 2012 to 16
October 2015, and also an independent non-executive director
of King Stone Energy Group Limited (stock code: 663), Qingdao
Holdings International Limited (formerly known as Hycomm
Wireless Limited, stock code: 499), E-Rental Car Company
Limited (formerly known as Perception Digital Holdings Limited,
stock code: 1822) and China Financial Leasing Group Limited
(stock code: 2312) for the period from 26 September 2008 to
30 September 2011, from 20 June 2008 to 27 September 2014,
from 7 January 2013 to 29 August 2014 and from 1 February
2013 to 30 April 2015, respectively. He obtained a Bachelor of
Laws degree from the University of Hong Kong and a Master of
Business Administration from the University of British Columbia.
獨立非執行董事
梁兆基先生（「梁先生」），39歲，於二零一五年九
月八日獲委任為獨立非執行董事。彼現時為中國
創聯教育集團有限公司（股份代號︰2371）之獨
立非執行董事。梁先生於香港科技大學以一級榮
譽取得工商管理學士學位，主修會計專業。彼曾
任職於兩家國際會計師行5年，主要提供審計及
業務核證服務，擁有豐富的會計知識。隨後，梁
先生致力於發展其於企業融資及企業重組業務方
面的事業。梁先生為香港會計師公會會員。
葉偉其先生（「葉先生」），49歲，於二零一五年九
月八日獲委任為獨立非執行董事。葉先生現時為
一間就企業融資事宜提供意見之持牌法團之董事
總經理。葉先生為盛明國際（控股）有限公司（股
份代號︰231）及匯嘉中國控股有限公司（前稱亨
亞有限公司，股份代號：428）之非執行董事；亦
為辰罡科技有限公司（股份代號：8131）及永保
林業控股有限公司（股份代號：723）之獨立非執
行董事。於二零一二年一月一日至二零一五年十
月十六日期間，彼曾為意達利控股有限公司（前
稱和記行（集團）有限公司，股份代號︰720）之
執行董事，而於二零零八年九月二十六日至二零
一一年九月三十日、二零零八年六月二十日至二
零一四年九月二十七日、二零一三年一月七日至
二零一四年八月二十九日及二零一三年二月一日
至二零一五年四月三十日各期間，彼亦分別為金
山能源集團有限公司（股份代號︰663）、青島控
股國際有限公司（前稱華脈無線通信有限公司，
股份代號：499）、宜租互聯網租車有限公司（前
稱幻音數碼控股有限公司，股份代號：1822）及
中國金融租賃集團有限公司（股份代號：2312）之
獨立非執行董事。彼取得香港大學法律學士學位
及加拿大英屬哥倫比亞大學工商管理碩士學位。
9 二零一五年年報 ? 先傳媒集團有限公司
Directors and Senior Management Profile 董事及高級管理層履歷
Mr. Chan Chiu Chun Alex (“Mr. Chan”), aged 49, was
appointed as Independent Non-Executive Director on 31 March
2016. He graduated from the Hong Kong Baptist University with
a bachelor of business administration (honours) degree in finance
in 1990. He completed an advanced diploma in specialist taxation
with the Hong Kong Institute of Certified Public Accountants
in December 2012 and was admitted as an associate with the
Institute of Chartered Accountants in England and Wales. Mr.
Chan is currently a fellow of the Institute of Chartered Secretaries
and Administrators, a fellow of the Hong Kong Institute of
Chartered Secretaries, a fellow of the Association of Chartered
Certified Accountants and an associate of the Hong Kong
Institute of Certified Public Accountants. Mr. Chan has over 17
years of experience in accounting, financial management and
regulatory compliance of various industries listed in Hong Kong
and Singapore. He was an independent non-executive director of
Co-Prosperity Holdings Limited (Stock code: 707), for the period
from March 2015 to October 2015. Current, Mr. Chan is also
an independent non-executive director of e-Kong Group Limited
(Stock code: 524), Kate China Holdings Limited (Stock code:
8125) and Feishang Non-metal Materials Technology Limited
(Stock code: 8331).
SENIOR MANAGEMENT
Ms. Chan Sin Mei, Garfield, aged 45, is the General Manager
of our recruitment advertising division. She rejoined the Group in
October 2014. Ms. Chan is responsible for the recruitment and
display advertising business of the Group. Ms. Chan has over 23
years of experience in the advertising industry. Ms. Chan was the
Account Director of the Group’s recruitment advertising division
during the period from April 1992 to July 2002. She was the
Associate Sales Director of Careertimes Online Ltd before joining
the Group.
陳釗洪先生（「陳先生」），49歲，於二零一六年
三月三十一日獲委任為獨立非執行董事。彼於
一九九零年自香港浸會大學畢業，獲工商管理
（榮譽）學士學位，主修金融。彼於二零一二年
十二月完成香港會計師公會專業稅務高級文憑，
並獲接納為英格蘭及威爾士特許會計師協會會
員。陳先生目前為英國特許秘書及行政人員公會
資深會員、香港特許秘書公會資深會員、英國特
許公認會計師公會資深會員及香港會計師公會會
員。陳先生擁有逾17年有關在香港及新加坡上市
之不同行業公司的會計、財務管理及監管遵例經
驗。彼於二零一五年三月至二零一五年十月期間
曾任協盛協豐控股有限公司（股份代號：707）之
獨立非執行董事。陳先生目前亦為e-Kong Group
Limited（股份代號：524）、中持基業控股有限公
司（股份代號：8125）及飛尚非金屬材料科技有
限公司（股份代號：8331）之獨立非執行董事。
高級管理層
陳善美女士，現年45歲，為本集團招聘廣告部門
之總經理。彼於二零一四年十月再度加入本集
團。陳女士負責本集團之招聘及顯示廣告業務。
陳女士積逾二十三年之廣告業經驗。陳女士於
一九九二年四月至二零零二年七月期間擔任招聘
廣告部門之客戶經理。彼於加入本集團前曾擔任
Careertimes Online Ltd之助理業務總監。
10 Cinderella Media Group Limited ? Annual Report 2015
Directors’ Report
董事會報告
二零一五年年報 ? 先傳媒集團有限公司
The Directors present their annual report and the audited
financial statements of the Company and the Group for the year
ended 31 December 2015.
PRINCIPAL ACTIVITIES
The Company acts as an investment holding company and
provides corporate management services. The activities of its
principal subsidiaries are set out in note 31 to the financial
statements.
RESULTS AND APPROPRIATIONS
The results of the Group for the year ended 31 December 2015
are set out in the consolidated statement of profit or loss and
other comprehensive income on pages 33 to 34.
DIVIDENDS
The Directors did not recommend any interim dividend for the six
months ended 30 June 2015 (2014: HK$0.055 per share), The
total dividend paid in 2015 was approximately HK$20,018,000.
The Directors did not recommend any final dividend for the year
ended 31 December 2015 (2014: HK$0.06 per share).
RESERVES
Details of movements in the reserves of the Group and of
the Company during the year are set out in the consolidated
statement of changes in equity on pages 36 to 37 and note 28 to
the financial statements respectively.
FINANCIAL SUMMARY
A summary of the results and of the assets and liabilities of the
Group for the past five financial years is set out on pages 133 to
134 of the annual report.
PROPERTY, PLANT AND EQUIPMENT
Details of movements during the year in the property, plant and
equipment of the Group are set out in note 16 to the financial
statements.
SHARE CAPITAL
Details of movements during the year in the share capital of the
Company are set out in note 26 to the financial statements.
董事謹此提呈彼等之年報及本公司及本集團截至
二零一五年十二月三十一日止年度之經審核財務
報表。
主要業務
本公司為投資控股公司，並提供企業管理服務。
本公司旗下各主要附屬公司之業務載於財務報表
附註31。
業績及分配
本集團截至二零一五年十二月三十一日止年度之
業績載於第33至34頁之綜合損益及其他全面收
益表。
股息
董事不建議派發截至二零一五年六月三十日止六
個月之中期股息（二零一四年：每股0.055港元）。
於二零一五年已付之股息總額約為20,018,000港
元。
董事不建議派發截至二零一五年十二月三十一
日止年度之末期股息（二零一四年：每股0.06港
元）。
儲備
本集團及本公司儲備於本年度之變動詳情分別載
於第36至37頁之綜合股本變動表及財務報表附
註28。
財務摘要
本集團於過往五個財政年度之業績及資產負債狀
況概述於年報第133至134頁。
物業、廠房及設備
本集團旗下物業、廠房及設備於本年度之變動詳
情載於財務報表附註16。
股本
本公司股本於本年度之變動詳情載於財務報表附
註26。
11
Cinderella Media Group Limited ? Annual Report 2015
Directors’ Report 董事會報告
DIRECTORS
The Directors of the Company during the year and up to the date
of this report were:
Executive Directors
Mr. Liu Gary Wei (appointed on 8 September 2015)
Ms. Chan Pak Yi (appointed on 8 September 2015)
Mr. Tsang Hing Bun (appointed on 8 September 2015)
Mr. Lau Chuk Kin (resigned on 22 September 2015)
Ms. Lam Mei Lan (resigned on 22 September 2015)
Non-Executive Directors
Mr. Yiu Yu Cheung (appointed on 8 September 2015)
Mr. Wan Siu Kau (resigned on 22 September 2015)
Mr. Lee Ching Ming, Adrian (resigned on 22 September 2015)
Mr. Peter Stavros Patapios Christofis
(resigned on 22 September 2015)
Independent Non-Executive Directors
Mr. Leung Siu Kee (appointed on 8 September 2015)
Mr. William Keith Jacobsen (appointed on 8 September 2015)
Mr. Au Yeung Chi Hang, Jimmy (appointed on 8 September 2015
and subsequently resigned on 31 March 2016)
Mr. Chan Chiu Hung, Alex (appointed subsequently on
31 March 2016)
Mrs. Ling Lee Ching Man, Eleanor
(resigned on 22 September 2015)
Mr. Cheng Ping Kuen, Franco (resigned on 22 September 2015)
Mr. Ho David (resigned on 22 September 2015)
In accordance with No. 87 of the Company’s bye-laws, Mr. Liu
Gary Wei, Ms. Chan Pak Yi, Mr. Tsang Hing Bun, Mr. Yiu Yu
Cheung, Mr. Leung Siu Kee, Mr. William Keith Jacobsen and
Mr. Chan Chiu Hung, Alex will retire at the forthcoming annual
general meeting and, being eligible, will offer themselves for re-
election.
DIRECTORS’ SERVICES CONTRACT
Each of the executive and non-executive directors in 2015 has
entered into a service agreement and each of independent non-
executive directors has entered into an appointment letter with
the Company for a specific term and is subject to termination
by either party giving not less than three months’ prior written
notice to another.
董事
於本年度及直至本報告日期，本公司之董事如
下：
執行董事
劉維先生（於二零一五年九月八日獲委任）
陳栢怡女士（於二零一五年九月八日獲委任）
曾慶贇先生（於二零一五年九月八日獲委任）
劉竹堅先生（於二零一五年九月二十二日辭任）
林美蘭女士（於二零一五年九月二十二日辭任）
非執行董事
姚宇翔先生（於二零一五年九月八日獲委任）
溫兆裘先生（於二零一五年九月二十二日辭任）
李澄明先生（於二零一五年九月二十二日辭任）
Peter Stavros Patapios Christofis先生
（於二零一五年九月二十二日辭任）
獨立非執行董事
梁兆基先生（於二零一五年九月八日獲委任）
葉偉其先生（於二零一五年九月八日獲委任）
歐陽至恆先生（於二零一五年九月八日獲委任
並於其後在二零一六年三月三十一日辭任）
陳釗洪先生（於其後在二零一六年三月三十一日
獲委任）
林李靜文女士（於二零一五年九月二十二日辭任）
鄭炳權先生（於二零一五年九月二十二日辭任）
何大衞先生（於二零一五年九月二十二日辭任）
根據本公司公司細則第87條，劉維先生、陳栢怡
女士、曾慶贇先生、姚宇翔先生、梁兆基先生、
葉偉其先生及陳釗洪先生會於即將舉行之股東
週年大會上退任，並且以合資格身分參加連任選
舉。
董事之服務合約
於二零一五年的每位執行及非執行董事已與本公
司訂立服務協議而每年獨立非執行董事已與本公
司訂立委任函，當中訂有指定任期並可由任何一
方透過向另一方發出不少於三個月之事先書面通
知而終止。
12
二零一五年年報 ? 先傳媒集團有限公司
Directors’ Report 董事會報告
None of the directors being proposed for re-election at the
forthcoming annual general meeting has any service contract
with the Company or any of its subsidiaries which is not
determinable by the Group within one year without payment of
compensation other than statutory compensation.
DIRECTORS’ INTEREST IN CONTRACTS OF
SIGNIFICANCE
No contracts of significance to which the Company or any of its
subsidiaries was a party and in which a Director of the Company
had a material interest, whether directly or indirectly, subsisted at
the end of the year or at any time during the year.
DIRECTORS’ AND CHIEF EXECUTIVES’
INTERESTS AND SHORT POSITIONS IN THE
SHARES AND UNDERLYING SHARES OF THE
COMPANY
As at 31 December 2015, the interests and short positions
of the Directors and chief executives of the Company in the
shares, underlying shares or debentures of the Company or any
associated corporations, within the meaning of Part XV of the
Securities and Futures Ordinance (the “SFO”), as recorded in
the register maintained by the Company required to be kept
under section 352 of the SFO, or as otherwise notified to the
Company and The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”) pursuant to the Model Code for Securities
Transactions by Directors of Listed Issuers (the “Model Code”)
were as follows:
(a) Long Position in the shares of the Company
Percentage to
the issued
Personal Family Corporate Total share capital
Name of Directors Interests Interests Interests Interests of the Company
(Shares) (Shares) (Shares) (Shares) (%)
佔本公司
已發行股本
董事姓名 個人權益 家族權益 企業權益 權益合計 之百分比
（股份） （股份） （股份） （股份） (%)
Mr. Liu Gary Wei (Note 1) Nil Nil 53,168,828 53,168,828 15.93
劉維先生（附註1） 無 無
擬在即將舉行之股東週年大會上參加連任選舉之
董事，概無與本公司或其任何附屬公司簽訂任何
服務合約規定本集團若不支付法定賠償以外之賠
償則不可在一年內終止有關合約。
董事於重大合約之權益
於本年度完結時或於年內任何時間，本公司各董
事概無於本公司或其任何附屬公司訂立之重大合
約中直接或間接擁有重大權益。
董事及最高行政人員於本公司股份
及相關股份之權益及淡倉
於二零一五年十二月三十一日，本公司之董事及
最高行政人員於本公司或任何聯營公司（定義見
證券及期貨條例（「證券及期貨條例」）第XV部）之
股份、相關股份或債券中，擁有按本公司根據證
券及期貨條例第352條之規定所存置之登記冊所
記錄之權益及淡倉，或根據上市發行人董事進行
證券交易的標準守則（「標準守則」）須知會本公
司及香港聯合交易所有限公司（「聯交所」）之權
益及淡倉如下：
(a) 於本公司股份之好倉
13
Cinderella Media Group Limited ? Annual Report 2015
Directors’ Report 董事會報告
Note:
1. The interes t i s d i rect l y he ld by Po lar i s Inves tment
M a n a g e m e n t L i m i t e d w h i c h i s w h o l l y o w n e d b y
Mr. Liu Gary Wei. Accordingly, Mr. Liu is deemed to be
interested in the said shares pursuant to Part XV of the SFO.
SHARE OPTIONS
The Company maintained a share option scheme during the year.
The share option scheme adopted by the Company on 13 July
2007 (“Old Scheme”) was terminated on 29 December 2015
and replaced by a new share option scheme (the “Scheme”) was
adopted on the same date.
The purpose of the Scheme is to enable the Group to grant
options to eligible participants as incentives or rewards for their
contribution to the Group. Eligible participants of the Scheme
include, without limitation, any persons who are employees,
officers, agents, consultants or representatives of the Group.
The Scheme became unconditional upon the Stock Exchange
granting on 5 January 2016 the approval of the listing of and the
permission to deal in the shares falling to be issued pursuant to
the exercise of any options to be granted under the Scheme and,
unless otherwise cancelled or amended, shall remain in force for
10 years from the adoption date.
The maximum number of shares issuable under share options to
each eligible participant in the Scheme and the other scheme (if
any) in any 12-month’s period shall not exceed 1% of the issued
share capital of the Company for the time being. Any further
grant of share options to any eligible participant in excess of this
limit is subject to shareholders’ approval in a general meeting.
The total number of shares which may be issued upon exercise
of all share options to be granted under the Scheme and the
other schemes (if any) must not in aggregate exceed 10% of
the shares of the Company in issue (the “10% Limit”) as at 29
December 2015, being the date of passing the resolution by
the shareholders at the special general meeting approving and
adopting the Scheme. The Company may seek approval of its
shareholders in a general meeting to refresh the 10% Limit at any
time in accordance with the Listing Rules.
附註：
1. 該 等 權 益 由 P o l a r i s I n v e s t m e n t
Management Limited直接持有，而Polaris
Investment Management Limited由劉維先
生全資擁有。因此，根據證券及期貨條例
第XV部，劉先生被當作擁有上述股份之權
益。
購股權
本公司於年內設有一項購股權計劃。本公司於二
零零七年七月十三日採納之購股權計劃（「舊計
劃」）已於二零一五年十二月二十九日終止並由同
日採納之新購股權計劃（「該計劃」）代替。
該計劃旨在令本集團能夠向合資格參與者授出購
股權，以激勵或獎勵其為本集團所作貢獻。該計
劃之合資格參與者包括（但不限於）本集團之僱
員、高級職員、代理、顧問或代表。該計劃待聯
交所於二零一六年一月五日批准根據行使該計劃
項下授出之任何購股權而將予發行之股份上市及
准予買賣時成為無條件，除非經註銷或修訂，否
則於採納日期起十年內有效。
於任何十二個月期間，根據該計劃以及其他計劃
（如有）授予各合資格參與者之購股權可予發行
股份最高數目不得超過本公司當時已發行股本之
1%。向任何合資格參與者進一步授出超越此限
額之購股權須先獲股東於股東大會上批准。根據
該計劃以及其他計劃（如有）將予授出之所有購
股權獲行使時可予發行之股份總數，合共不得超
過本公司於二零一五年十二月二十九日（即股東
於股東特別大會通過批准及採納該計劃之決議案
之日期）已發行股份之10%（「10%上限」）。本公
司可隨時按照上市規則於股東大會上尋求其股東
批准更新10%上限。
14
二零一五年年報 ? 先傳媒集團有限公司
Directors’ Report 董事會報告
The maximum number of shares which may be allotted and issued
upon exercise of all outstanding options granted and yet to be
exercised under the Scheme and other schemes (if any) shall
not exceed 30% of the share capital of the Company in issue
from time to time. The making of an offer to any Director, chief
executive or substantial shareholder of the Company, or any of
their respective associates must be approved by the independent
non-executive Directors (excluding any independent non-
executive Director who or whose associate is a proposed grantee
of the share options).
In addit ion, any share options granted to a substantial
shareholder or an independent non-executive Director of the
Company or any of their respective associates, in excess of 0.1%
of the shares of the Company in issue at any time or with an
aggregate value (based on the closing price of the Company’s
shares at the date of the offer) in excess of HK$5,000,000, within
any 12-month’s period, are subject to the shareholders’ approval
in a general meeting in accordance with the Listing Rules.
Any offer may be accepted by an eligible participant in respect of
less than the number of shares which are offered provided that
such number is clearly stated in the duplicate letter comprising
acceptance of the offer duly signed by such eligible participants
and received by the Company together with a remittance in
favour of the Company of HK$1.00 (which shall not be later
than 21 days from the offer date). The exercise price of the share
options is determinable by the Directors, but shall not be less
than the highest of (i) the closing price of the Company’s shares
as stated in the Stock Exchange’s daily quotations sheet on the
offer date; (ii) the average closing price of the Company’s shares
as stated in the Stock Exchange’s daily quotations sheets for the
five trading days immediately preceding the offer date; and (iii)
the nominal value of the Company’s shares.
No share options were granted or exercised since the adoption
of the Scheme during the year. On 31 December 2015, the total
number of shares of the Company available for issue under the
Scheme is 33,378,400 shares of HK$0.2 each in the share capital
of the Company, representing approximately 10% of the issued
share capital of the Company. Unless otherwise determined by
the Directors, there is no minimum period required under the
Scheme for the holding of an option before it can be exercised.
The remaining life of the Scheme is approximately 10 years and to
be expired on 28 December 2025.
Details of the movement of the Old Scheme are set out in note
27 to the financial statements. As at 31 December 2015, there
was no outstanding share option under the Old Scheme.
因行使合資格參與人根據該計劃及其他計劃（如
有）授出所有尚未行使惟將予行使之購股權可能
配發及發行之股份合共最多不得超過本公司不時
已發行股本30%。向本公司之任何董事、最高行
政人員或主要股東、或彼等各自之任何聯繫人士
作出要約須先獲獨立非執行董事（不包括彼或彼
之聯繫人士為購股權之建議承授人之任何獨立非
執行董事）批准。
此外，於任何十二個月期間內，向本公司之主要
股東或獨立非執行董事、或彼等各自之任何聯繫
人士授出超逾本公司不時已發行股份之0.1%，
或總值（按本公司股份於授出日期之收市價計算）
超逾5,000,000港元之購股權，須遵照上市規則
於股東大會上獲股東批准。
合資格參與者可就少於所要約建議之股份數目接
納任何要約建議，但該數目乃清楚載於本公司於
要約建議可能註明之時間（不得遲於要約日期起
計二十一日）接獲該合資格參與者妥為簽署之要
約建議接納函件副本，連同支付予本公司之匯款
1.00港元。購股權之行使價由董事釐定，惟不可
低於(i)本公司股份於要約日期在聯交所每日報價
表上所報之收市價；(ii)本公司股份於緊接要約日
期前五個交易日在聯交所每日報價表上所報之平
均收市價；及(iii)本公司股份之面值（以最高者為
準）。
自採納該計劃以來及於年內並無授出購股權或購
股權獲行使。於二零一五年十二月三十一日，根
據該計劃可供發行之本公司股份總數為本公司
股本中33,378,400股每股面值0.2港元之股份，
相當於本公司已發行股本約10%。除非董事另行
決定，否則該計劃並無對行使購股權前必須持有
購股權之最短時間設限。該計劃之餘下年期約為
10年並將於二零二五年十二月二十八日屆滿。
舊計劃之變動詳情載於財務報表附註27。於二零
一五年十二月三十一日，並無舊計劃下尚未行使
之購股權。
15
Cinderella Media Group Limited ? Annual Report 2015
Directors’ Report 董事會報告
ARRANGEMENT TO PURCHASE SHARES OR
DEBENTURES
Save as disclosed above, at no time during the year was the
Company or any of its subsidiaries a party to any arrangements
to enable the Directors of the Company to acquire benefits by
means of the acquisition of shares in, or debt securities, including
debentures, of the Company or any other body corporate, and
none of the Directors, chief executive or their spouses or children
under the age of 18, had any right to subscribe for the securities
of the Company, or had exercised any such right.
SUBSTANTIAL SHAREHOLDERS
As at 31 December 2015, the following persons, other than a
Director or chief executive of the Company, had interests or short
positions in the shares or underlying shares of the Company,
being 5% or more in the issued share capital of the Company
as recorded in the register required to be kept by the Company
under Section 336 of the SFO:
Approximate
percentage in the
issued share capital
Name Capacity Number of shares of the Company
佔本公司已發行
姓名╱名稱 身份 股份數目 股本之概約百分比
%
Polaris Investment Management Limited (Note 1) Beneficial owner 53,168,828 15.93
Polaris Investment Management Limited（附註1） 實益擁有人
Upsky Global Limited (Note 2) Beneficial owner 64,037,657 19.18
立天環球有限公司（附註2） 實益擁有人
Metro Victory Holdings Limited (Note 3) Beneficial owner 61,868,828 18.54
威勝控股有限公司（附註3） 實益擁有人
Sha Meiling Beneficial owner 33,000,000 9.89
沙美玲 實益擁有人
Notes:
1. Polaris Investment Management Limited is wholly owned by Mr. Liu
Gary Wei, the Executive Director of the Company.
2. Upsky Global Limited is wholly owned by Mr. Chen Jiarong.
3. Metro Victory Holdings Limited is jointly held by Mr. Lau Kan Sum
as in 55% interest and Ms. Lau Chau In as in 45% interest.
購買股份或債券之安排
除上文所披露者外，於年內任何時間，本公司或
其附屬公司概無參與任何安排，致使本公司董事
可藉收購本公司或任何其他法人團體之股份或債
務證券（包括債券）而獲得利益。本公司董事、最
高行政人員或其配偶或未滿十八歲之子女，概無
認購本公司證券之權利或於年內行使該認購權。
主要股東
於二零一五年十二月三十一日，以下人士（不包
括本公司之董事或最高行政人員）於本公司之股
份或相關股份中，擁有本公司根據證券及期貨條
例第336條所存置之登記冊所記錄而佔本公司已
發行股本5%或以上之權益或淡倉：
附註：
1. Polaris Investment Management Limited由本公
司執行董事劉維先生全資擁有。
2. 立天環球有限公司由陳家榮先生全資擁有。
3. 威勝控股有限公司由劉根森先生及劉楸妍女士
（分別持有55%權益及45%權益）共同持有。
16
二零一五年年報 ? 先傳媒集團有限公司
Directors’ Report 董事會報告
Save as disclosed above, as at 31 December 2015, the Company
had not been notified of any other person (other than a Director
or chief executive of the Company) who had an interest or
short position in the shares, underlying shares or debentures of
the Company and was required to be recorded in the register
required to be kept by the Company under Section 336 of the
SFO.
CONNECTED TRANSACTIONS
Details of the transactions regarded as connected transactions for
the year are set out in note 34 to the financial statements. Save
as disclosed above, the Group has not entered into any other
connected transaction or continuing connected transaction for
the year which should be disclosed pursuant to the requirements
of Chapter 14A of the Listing Rules.
MAJOR SUPPLIERS AND CUSTOMERS
The top five suppliers in aggregate and the single largest supplier
of the Group accounted for approximately 85% and 93% of the
Group’s total purchases in continuing operations for the year
ended 31 December 2015 respectively.
The top five customers in aggregate and the single largest
customer of the Group accounted for approximately 11% and
17% of the Group’s total sales in continuing operations for the
year ended 31 December 2015 respectively.
At no time during the year did a Director, an associate of a
Director, within the meaning of the Listing Rules, or a shareholder
of the Company which to the knowledge of the Directors owns
more than 5% of the Company’s share capital have any interest
in the Group’s five largest suppliers and five largest customers.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s
bye-laws and there was no restriction against such rights under
the laws of Bermuda, which would oblige the Company to offer
new shares on a pro-rata basis to existing shareholders.
PURCHASE, SALE OR REDEMPTION OF
SHARES
During the year ended 31 December 2015, neither the Company
nor any of its subsidiaries has purchased, sold or redeemed any of
the Company’s listed securities.
COMPETING INTERESTS
As at 31 December 2015, no Directors have involved in
competing business or have interests in companies engaging in
competing business with the Group.
除上文所披露者外，於二零一五年十二月三十一
日，本公司並無獲知會任何其他人士（不包括本
公司之董事或最高行政人員）於本公司之股份、
相關股份或債券中擁有須記錄於本公司根據證券
及期貨條例第336條所存置之登記冊之權益或淡
倉。
關連交易
有關年內之關連交易的交易詳情載於財務報表附
註34。除上文披露者外，本集團於年內並無訂立
任何其他關連交易或持續關連交易而須根據上市
規則第14A章之規定予以披露。
主要供應商及客戶
本集團首五大供應商合計及單一最大供應商分別
佔本集團截至二零一五年十二月三十一日止年度
持續經營業務之總採購額約85%及93%。
本集團首五大客戶合計及單一最大客戶分別佔本
集團截至二零一五年十二月三十一日止年度持續
經營業務之總銷售額約11%及17%。
於年內任何時間，本公司之董事、董事之聯繫人
士（定義見上市規則）或股東（據董事所知擁有本
公司股本5%以上者）概無在本集團首五大供應商
及首五大客戶中擁有任何權益。
優先購股權
本公司公司細則中並無優先購股權規定，而百慕
達法律中亦無對優先購股權設限，使本公司須按
比例向現有股東提呈發售新股份。
購買、出售或贖回股份
截至二零一五年十二月三十一日止年度，本公司
或其任何附屬公司概無購買、出售或贖回本公司
任何上市證券。
具競爭性權益
於二零一五年十二月三十一日，並無董事涉及構
成競爭的業務或於從事與本集團構成競爭的業務
之公司中擁有權益。
17
Cinderella Media Group Limited ? Annual Report 2015
Directors’ Report 董事會報告
SUFFICIENCY OF PUBLIC FLOAT
Based on the information that is publicly available to the
Company and within the knowledge of its Directors, the Directors
confirm that the Company has maintained throughout the year
ended 31 December 2015, the amount of public float as required
under the Listing Rules, except for a temporary non-compliance
during the period from 22 September 2015 to 28 October 2015
due to the general offer by Upsky Global Limited, Metro Victory
Holdings Limited and Polaris Investment Management Limited
resulted in a public float decreased to approximately 22.74%. The
Company applied for and the Stock Exchange granted a waiver
from strict compliance of sufficiency public float for three months
commencing 22 September 2015. The public float had been
restored on 29 October 2015.
APPOINTMENT OF INDEPENDENT NON-
EXECUTIVE DIRECTOR
The Company has received, from each of the Independent Non-
Executive Directors, an annual confirmation of his independence
pursuant to Rule 3.13 of the Listing Rules. The Company
considers all of the Independent Non-Executive Directors are
independent.
CORPORATE GOVERNANCE
A report on the corporate governance practices adopted by the
Company is set out on pages 19 to 30 of the annual report.
EMPLOYEES AND EMOLUMENT POLICY
As at 31 December 2015, the Group had around 53 employees
(2014: 115). The pay scale of the Group’s employees is
maintained at a competitive level and employees are rewarded
on a performance-related basis within the general framework of
the Group’s salary and bonus system. Other employees benefits
include provident fund, insurance and medical cover.
EVENTS AFTER THE REPORTING DATE
Details of significant events occurring after the reporting period
are set out in note 38 to the financial statements.
AUDITOR
A resolution will be proposed at the forthcoming annual general
meeting to re-appoint BDO Limited as auditor of the Company.
On behalf of the Board
Tsang Hing Bun
Executive Director
Hong Kong, 30 March 2016
充足公眾持股量
根據本公司可取得之公開資料以及就董事所
知，董事確認本公司於截至二零一五年十二月
三十一日止年度已保持上市規則所規定之公眾
持股量，惟因立天環球有限公司、成勝控股有限
公司及Polaris Investment Management Limited
提出全面收購建議，令到公眾持股量下跌至約
22.74%，因而於二零一五年九月二十二日至二
零一五年十月二十八日止期間暫時未能符合有關
規定之情況除外。本公司已申請而聯交所已豁免
於二零一五年九月二十二日起計之三個月內毋須
嚴格遵守足夠公眾持股量規定。公眾持股量已於
二零一五年十月二十九日恢復。
獨立非執行董事之任命
本公司確認已接獲其每位獨立非執行董事根據上
市規則第3.13條確認其獨立身份之年度確認書，
而本公司亦認為全體獨立非執行董事屬於獨立人
士。
企業管治
有關本公司所採納之企業管治常規的報告載於年
報第19至第30頁。
僱員及酬金政策
於二零一五年十二月三十一日，本集團聘用約53
名員工（二零一四年：115名）。本集團僱員之薪
級具競爭力，而僱員亦會根據本集團整體之薪金
及花紅制度架構，因應個別之表現獲得獎勵。其
他僱員福利包括公積金、保險及醫療保障。
報告日後事項
報告期間後發生之重大事項詳情載於財務報表附
註38。
核數師
本公司將於應屆股東週年大會上提呈決議案，續
聘香港立信德豪會計師事務所有限公司為本公司
之核數師。
代表董事會
執行董事
曾慶贇
香港，二零一六年三月三十日
18
Corporate Governance Report
企業管治報告
二零一五年年報 ? 先傳媒集團有限公司
The Group has adopted practices which meet the Corporate
Governance Code and Corporate Governance Report for the year
(the “Code”) as set out in Appendix 14 to the Rules Governing
the Listing of Securities (the “Listing Rules”) on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”). The
report describes its corporate governance practices, explains the
applications of the principles of the Code and deviations, if any.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Issuers (the “Model Code”)
as set out in Appendix 10 to the Listing Rules as its own code of
conduct regarding Directors’ securities transactions. Having made
specific enquiry of all Directors, the Company was not aware of
any non-compliance with the required standard as set out in the
Model Code regarding securities transactions by the Directors
throughout the year ended 31 December 2015.
BOARD OF DIRECTORS
The Board currently comprises seven Directors, of whom three
are Executive Directors, one is Non-Executive Director and three
are Independent Non-Executive Directors. The Board has in its
composition a balance of skills and experience necessary for
decision making and fulfilling its business needs. The participation
of Non-Executive Director in the Board brings independent
judgement on i ssues re lat ing to the Group’s s t rategy,
performance, conflicts of interest and management process to
ensure that the interests of all shareholders of the Company have
been duly considered.
The Board considers that all of the Independent Non- Executive
Directors are independent and has received from each of them
the annual confirmation of independence required by the Listing
Rules.
本集團於本年度已採納符合香港聯合交易所有限
公司（「聯交所」）證券上市規則（「上市規則」）附
錄十四所載之企業管治守則及企業管治報告（統
稱為「該守則」）之常規。本報告描述本集團之企
業管治常規，並解釋應用及偏離該守則之原則之
處（如有）。
董事之證券交易
本公司已採納上市規則附錄十所載之上市發行人
董事進行證券交易的標準守則（「標準守則」）作
為董事進行證券交易之行為守則。本公司經向所
有董事明確查詢後，並無發現於截至二零一五年
十二月三十一日止年度有不遵守董事進行證券交
易之標準守則所載的必守準則之情況。
董事會
董事會目前由七位董事組成，其中三位為執行董
事，一位為非執行董事及三位為獨立非執行董
事。董事會之組成具備為集團作決策及符合其業
務需要所必須的技能和經驗之均衡搭配。非執行
董事參與董事會，為有關本集團之策略、表現、
利益衝突及管理程序等事項提供獨立決定，以確
保本公司全體股東之利益得到充份考慮。
董事會認為所有獨立非執行董事均為獨立人士，
並已接獲每位獨立非執行董事根據上市規則規定
發出之年度獨立身份確認書。
19
Cinderella Media Group Limited ? Annual Report 2015
Corporate Governance Report 企業管治報告
The Board members during the year ended 31 December 2015
were:
Executive Directors
Mr. Liu Gary Wei (appointed on 8 September 2015)
Ms. Chan Pak Yi (appointed on 8 September 2015)
Mr. Tsang Hing Bun (appointed on 8 September 2015)
Mr. Lau Chuk Kin (resigned on 22 September 2015)
Ms. Lam Mei Lan (resigned on 22 September 2015)
Non-Executive Directors
Mr. Yiu Yu Cheung (appointed on 8 September 2015)
Mr. Wan Siu Kau (resigned on 22 September 2015)
Mr. Lee Ching Ming, Adrian (resigned on 22 September 2015)
Mr. Peter Stavros Patapios Christofis
(resigned on 22 September 2015)
Independent Non-Executive Directors
Mr. Leung Siu Kee (appointed on 8 September 2015)
Mr. William Keith Jacobsen (appointed on 8 September 2015)
Mr. Au Yeung Chi Hang, Jimmy (appointed on 8 September 2015
and subsequently resigned on 31 March 2016)
Mr. Chan Chiu Hung, Alex (appointed subsequently on 31 March
2016)
Mrs. Ling Lee Ching Man, Eleanor (resigned on 22 September 2015)
Mr. Cheng Ping Kuen, Franco (resigned on 22 September 2015)
Mr. Ho David (resigned on 22 September 2015)
The Board is responsible for the approval and monitoring of
the Group’s overall strategies and policies; approval of business
plans; evaluating the performance of the Group and oversight of
management. It is also responsible for promoting the success of
the Company and its businesses by directing and supervising the
Company’s affairs.
The Board focuses on overall strategies and policies with
particular attention paid to the growth and financial performance
of the Group.
The Board delegates day-to-day operations of the Group to
Executive Directors and senior management of every business
segment, while reserving certain key matters for its approval.
於截至二零一五年十二月三十一日止年度之董事
會成員為：
執行董事
劉維先生（於二零一五年九月八日獲委任）
陳栢怡女士（於二零一五年九月八日獲委任）
曾慶贇先生（於二零一五年九月八日獲委任）
劉竹堅先生（於二零一五年九月二十二日辭任）
林美蘭女士（於二零一五年九月二十二日辭任）
非執行董事
姚宇翔先生（於二零一五年九月八日獲委任）
溫兆裘先生（於二零一五年九月二十二日辭任）
李澄明先生（於二零一五年九月二十二日辭任）
Peter Stavros Patapios Christofis先生
（於二零一五年九月二十二日辭任）
獨立非執行董事
梁兆基先生（於二零一五年九月八日獲委任）
葉偉其先生（於二零一五年九月八日獲委任）
歐陽至恆先生（於二零一五年九月八日獲委任並
於其後在二零一六年三月三十一日辭任）
陳釗洪先生（於其後在二零一六年三月三十一日
獲委任）
林李靜文女士（於二零一五年九月二十二日辭任）
鄭炳權先生（於二零一五年九月二十二日辭任）
何大衞先生（於二零一五年九月二十二日辭任）
董事會負責批准及監察本集團之整體策略及政
策；批准業務計劃；評估本集團之表現及管理層
之監管。董事會亦負責透過指導及監察本公司之
事務來促進本公司及其業務之成功發展。
董事會專注於整體策略及政策，尤其著重本集團
之增長及財務表現。
董事會將本集團之日常營運工作交予執行董事及
各業務分部之高級管理層處理，同時保留若干主
要事項由其批准。
20
二零一五年年報 ? 先傳媒集團有限公司
Corporate Governance Report 企業管治報告
Decisions of the Board are communicated to the management
through Executive Directors who have attended Board meetings.
The Company had arranged for appropriate liability insurance
for the directors and officers of the Group for indemnifying their
liabilities arising from corporate activities.
During the year, all Directors have been provided, on a monthly
basis, with the Group’s management information updates to
give them aware of the Group’s affairs and facilitates them to
discharge their duties under the relevant requirements of the
Listing Rules.
There were eight Board meetings, one annual general meeting
(“AGM”) and two special general meetings (“SGM”) held in
2015. Details of the attendance of each director are as follows:
Attended/Held
出席次數╱會議次數
Directors Board meeting AGM SGM
董事 董事會會議 股東週年大會 股東特別大會
Mr. Lau Chuk Kin (Note 1) 劉竹堅先生（附註1） 5/5 1/1 1/1
Ms. Lam Mei Lan (Note 1) 林美蘭女士（附註1） 5/5 1/1 1/1
Mr. Wan Siu Kau (Note 1) 溫兆裘先生（附註1） 5/5 0/1 0/1
Mr. Lee Ching Ming, Adrian (Note 1) 李澄明先生（附註1） 5/5 1/1 0/1
Mr. Peter Stavros Patapios Christofis Peter Stavros Patapios
(Note 1) Christofis先生（附註1） 3/5 0/1 0/1
Mrs. Ling Lee Ching Man, Eleanor (Note 1) 林李靜文女士（附註1） 5/5 0/1 1/1
Mr. Cheng Ping Kuen, Franco (Note 1) 鄭炳權先生（附註1） 5/5 0/1 0/1
Mr. Ho David (Note 1) 何大衞先生（附註1） 5/5 1/1 1/1
Mr. Liu Gary Wei (Note 2) 劉維先生（附註2） 3/3 N/A不適用 1/1
Ms. Chan Pak Yi (Note 2) 陳栢怡女士（附註2） 3/3 N/A不適用 0/1
Mr. Tsang Hing Bun (Note 2) 曾慶贇先生（附註2） 3/3 N/A不適用 1/1
Mr. Yiu Yu Cheung (Note 2) 姚宇翔先生（附註2） 3/3 N/A不適用 1/1
Mr. Leung Siu Kee (Note 2) 梁兆基先生（附註2） 3/3 N/A不適用 1/1
Mr. William Keith Jacobsen (Note 2) 葉偉其先生（附註2） 3/3 N/A不適用 1/1
Mr. Au Yeung Chi Hang, Jimmy (Note 3) 歐陽至恆先生（附註3） 2/3 N/A不適用 0/1
Mr. Chan Chiu Hung, Alex (Note 4) 陳釗洪先生（附註4） N/A不適用 N/A不適用 N/A不適用
Notes:
1. Resigned on 22 September 2015
2. Appointed on 8 September 2015
3. Appointed on 8 September 2015 and subsequently resigned on 31
March 2016
4. Appointed subsequently on 31 March 2016
董事會透過出席董事會會議之執行董事向管理層
傳達其決定。
本公司已為本集團之董事及高級人員投購適當之
責任保險，以對彼等因企業活動而產生之責任提
供彌償。
年內，全體董事每月均獲本集團管理層提供有關
本集團之最新資料，以便彼等掌握本集團之事務
狀況及履行彼等於上市規則相關規定下的職責。
於二零一五年曾舉行八次董事會會議、一次股東
週年大會（「股東週年大會」）及兩次股東特別大會
（「股東特別大會」）。各董事之出席率詳情如下：
附註：
1. 於二零一五年九月二十二日辭任
2. 於二零一五年九月八日獲委任
3. 於二零一五年九月八日獲委任並於其後在二零
一六年三月三十一日辭任
4. 於其後在二零一六年三月三十一日獲委任
21
Cinderella Media Group Limited ? Annual Report 2015
Corporate Governance Report 企業管治報告
Board minutes are kept by the Company Secretary and are open
for inspection by the Directors. Every Board member is entitled
to have access to Board papers and related materials and has
unrestricted access to the advice and services of the Company
Secretary, and has the right to seek external professional advice if
so required.
Appropriate insurance cover has been arranged in respect of
relevant actions against its Directors.
ACCOUNTABILITY AND AUDIT
The Directors were responsible for overseeing the preparation of
the financial statements for the year ended 31 December 2015.
The Directors’ responsibilities for the preparation of the financial
statements and the auditor’s responsibility are set out in the
Independent Auditor’s Report.
INTERNAL CONTROLS
The Board has overall responsibility for the system of internal
controls of the Company and for reviewing its effectiveness.
The Board is committed to implementing an effective and
sound internal control system to safeguard the interest of the
shareholders and the Group’s assets.
The internal control system includes safeguard of the interest of
shareholders and the Group’s assets. The Board has delegated
to management for the implementation of all relevant financial,
operational, compliance controls and risk management function
within a defined framework. During the year ended 31 December
2015, the Board has conducted a review of the system of internal
control to ensure the effectiveness and adequacy of the system.
The Board shall conduct such review at least once annually.
CHAIRMAN AND THE CHIEF EXECUTIVE
OFFICER
Following the resignation of Mr. Lau Chuk Kin, the chairman
of the Company has been vacant and the Chairman’s roles and
duties are assumed by the Board.
The Company has no specific title named as chief executive
officer and the daily operation and management of the Company
is monitored by the executive directors.
董事會會議記錄由公司秘書保存並可供董事查
閱。每名董事會成員均有權查閱董事會文件及有
關資料，並可不受限制地得到公司秘書之意見及
服務，並有權於需要時尋求外界專業意見。
已就針對董事之相關法律行動安排合適之保險作
保障。
問責及審核
董事負責監督截至二零一五年十二月三十一日止
年度財務報表之編製。
董事編製財務報表之責任及核數師之責任載於獨
立核數師報告。
內部監控
董事會對本公司內部監控制度及檢討其效能負
全責。董事會致力推行有效而穩健的內部監控制
度，以保障股東權益及本集團之資產。
內部監控制度包括保障股東權益及本集團之資
產。董事會已根據明確之架構授權管理層實行
所有有關之財務、營運、遵例監控及風險管理職
能。截至二零一五年十二月三十一日止年度，董
事會已檢討內部監控制度以確保制度之效能及充
足。董事會將至少每年進行一次上述檢討工作。
主席及行政總裁
自劉竹堅先生辭任後，本公司主席一職一直懸空
而主席之角色及職務由董事會承擔。
本公司並無具體職銜為行政總裁的人員，執行董
事負責監控本公司的日常運作及管理。
22
二零一五年年報 ? 先傳媒集團有限公司
Corporate Governance Report 企業管治報告
PROFESSIONAL DEVELOPMENT
Every newly appointed Director will be given an induction training
so as to ensure that he/she has appropriate understanding of
the Group’s business and his/her duties and responsibilities
under the Listing Rules and the relevant statutory and regulatory
requirements. The Group continuously updates Directors on
the latest developments regarding the Listing Rules and other
applicable regulatory requirements, to ensure compliance and
enhance their awareness of good corporate governance practices.
Circulars or guidance notes are issued to Directors and senior
management where appropriate, to ensure awareness of best
corporate governance practices.
The Company also provides regular updates on the business
development of the Group. The Directors are regularly briefed
on the latest development regarding the Listing Rules and other
applicable statutory requirements to ensure compliance and
upkeep of good corporate governance practices. In addition,
the Company has been encouraging the Directors to enroll in
professional development courses and seminars relating to the
Listing Rules, companies ordinance and corporate governance
practices organized by professional bodies or chambers in Hong
Kong. All directors are requested to provide the Company with
their respective training records pursuant to the Code.
All Directors have participated in appropriate continuous
professional development and refresh their knowledge and skills
during the year. Such professional development was completed
either by way of attending briefings, conference, forum, courses
and seminars and self-reading which are relevant to the business
or directors’ duties.
CORPORATE GOVERNANCE FUNCTIONS
The Board has delegated the group’s corporate governance
functions to the Audit Committee. The principal functions
include:
(a) to develop and review the Company’s policies and practices
on corporate governance;
(b) to review and monitor the training and continuous
profess iona l deve lopment of d i rectors and sen ior
management;
專業發展
每名新委任的董事將獲履新培訓，確保彼對本集
團的業務及上市規則及相關法規及監管要求下其
本身的職務及責任有適當了解。本集團持續為董
事提供有關上市規則及其他適用監管規則最新發
展之最新資料，確保董事遵守有關規則及提高董
事對良好企業管治常規的意識。本集團亦向董事
及高級管理層發出通函及指引（如適用），確保彼
等了解最佳企業管治常規。
本公司亦定期提供本集團業務發展的最新資料。
董事獲定期提供有關上市規則及其他適用法律規
定的最新發展簡報，確保遵守及維持良好的企業
管治常規。此外，本公司一直鼓勵董事參與由香
港專業團體或商會舉辦，有關上市規則、公司條
例及企業管治常規的專業發展課程及研討會。全
體董事均須根據該守則之規定向本公司提供本身
的培訓記錄。
全體董事於年內均已參加適當的持續專業發展，
讓自己的知識及技能與時並進。完成專業發展的
方式包括出席有關業務或董事職務之簡報會、會
議、論壇、課程及研討會以及閱讀相關資料。
企業管治功能
董事會已將本集團之企業管治功能轉授審核委員
會負責。主要功能包括：
(a) 制定及檢討本公司的企業管治政策及常規；
(b) 檢討及監察董事及高級管理人員的培訓及
持續專業發展；
23
Cinderella Media Group Limited ? Annual Report 2015
Corporate Governance Report 企業管治報告
(c) to review and monitor the Company’s policies and practices
in compliance with legal and regulatory requirements;
(d) to develop, review and monitor the code of conduct and
compliance manual (if any) applicable to employees and
directors; and
(e) to review the Company’s compliance with the Code and
disclosure in the Corporate Governance Report.
COMPANY SECRETARY
During the year ended 31 December 2015, the Company
Secretary has duly complied with the relevant professional
training requirement under Rule 3.29 of the Listing Rules.
REMUNERATION COMMITTEE
The Remuneration Committee comprises three Independent Non-
Executive Directors and one Non-executive Director, namely Mr.
William Keith Jacobsen (Chairman), Mr. Leung Siu Kee, Mr. Chan
Chiu Hung, Alex and Mr. Yiu Yu Cheung.
The terms of reference of the Remuneration Committee are
posted on the Company’s website. The principal functions
include:
– to recommend to the Board on the Company’s policies and
structure for the remuneration of the Directors and senior
management of the Group;
– to determine the remuneration packages of all Executive
Directors and senior management of the Group;
– to review and approve the management’s remuneration
proposals with reference to corporate goals and objectives
resolved by the Board from time to time.
The principal elements of executive remuneration package
include basic salary, discretionary bonus and share option. The
emoluments of Executive Directors are based on skill, knowledge
and involvement in the Company’s affairs of each Director and
are determined by reference to the Company’s performance and
profitability, as well as remuneration benchmark in the industry
and the prevailing market conditions.
(c) 檢討及監察本公司在遵守法律及監管規定
方面的政策及常規；
(d) 制定、檢討及監察僱員及董事的操守準則
及合規手冊（如有）；及
(e) 檢討本公司遵守該守則的情況及在企業管
治報告內的披露。
公司秘書
於截至二零一五年十二月三十一日止年度，公司
秘書已妥為遵守上市規則第3.29條之相關專業培
訓規定。
薪酬委員會
薪酬委員會由三位獨立非執行董事及一位非執行
董事組成，分別為葉偉其先生（主席）、梁兆基先
生、陳釗洪先生及姚宇翔先生。
薪酬委員會之職權範圍刊載於本公司網站。其主
要職責包括：
－ 就本公司有關董事及本集團高級管理層之
薪酬政策及架構向董事會提供推薦意見；
－ 決定全體執行董事及本集團高級管理層之
薪酬組合；
－ 參考董事會不時議決之企業宗旨及目標而
審批管理層之薪酬方案。
執行人員之薪酬組合之主要部份包括基本薪金、
酌情花紅及購股權。執行董事之酬金按照每位董
事之技能、知識及參與本公司事務之程度，並參
照本公司之表現及盈利能力以及業內薪酬基準及
當時市況而釐定。
24
二零一五年年報 ? 先傳媒集團有限公司
Corporate Governance Report 企業管治報告
During the year, a meeting with 100% attendance of the
Remuneration Committee’s members was duly held for reviewing
the remuneration policy and structure and determination of the
annual remuneration packages of the Executive Directors and the
senior executives and other related matters.
Pursuant to paragraph B.1.5 of the Code, the remuneration of
the members of the senior management by band for the year
ended 31 December 2015 is set out below:
Number of individuals
Remuneration band 薪酬等級 人數
HK$2,000,000 – HK$2,500,000 2,000,000港元至2,500,000港元 1
NOMINATION COMMITTEE
The Nomination Committee of the Company was established in
March 2012 comprising the three Independent Non-executive
Directors and one Non-executive Director, namely, Mr. Chan Chiu
Hung, Alex (Chairman), Mr. Leung Siu Kee, Mr. William Keith
Jacobsen and Mr. Yiu Yu Cheung. The terms of reference of the
Nomination Committee are posted on the Company’s website.
The roles and functions of the Nomination Committee include
reviewing the structure, size and composition of the Board,
identifying individuals suitably qualified to become Directors,
se lect ing or making recommendations to the Board on
nominations, appointment or re-appointment of Directors
and Board succession, and assessing the independence of the
independent non-executive directors.
During the year, a meeting with 100% attendance of the
Nomination Committee’s members was duly held for reviewing
the structure, s ize and composit ion, and assess ing the
independence of the independent non-executive directors of the
board of directors.
年內，薪酬委員會召開了一次正式會議（全體成
員均已出席是次會議），以檢討薪酬政策及架
構，並釐定了執行董事及高級行政人員之全年薪
津組合以及其他相關事宜。
根據該守則第B.1.5條，高級管理人員截至二零
一五年十二月三十一日止年度之薪酬按薪酬等級
載列如下：
提名委員會
本公司之提名委員會乃於二零一二年三月成立，
由三位獨立非執行董事及一位非執行董事組成，
分別為陳釗洪先生（主席）、梁兆基先生、葉偉其
先生及姚宇翔先生。提名委員會之職權範圍已刊
載於本公司網站。
提名委員會之角色及職能包括檢討董事會之架
構、人數及組成、物色適合成為董事之人選、就
董事之提名、委任或續聘以及董事會之繼任而作
出選擇或向董事會提供推薦建議，以及評估獨立
非執行董事之獨立性。
於年內，提名委員會召開了一次正式會議（全體
成員均已出席是次會議），以檢討董事會之架
構、人數及組成以及評估獨立非執行董事之獨立
性。
25
Cinderella Media Group Limited ? Annual Report 2015
Corporate Governance Report 企業管治報告
AUDIT COMMITTEE
The Audit Committee was established in April 2000. It comprises
three Independent Non-Executive Directors and one Non-
Executive Director, namely Mr. Leung Siu Kee (Chairman),
Mr. William Keith Jacobsen, Mr. Chan Chiu Hung, Alex and Mr.
Yiu Yu Cheung.
The terms of reference of the Audit Committee, which are in
compliance with the Listing Rules, are posted on the Company’s
website. Under the terms of reference, the Audit Committee
is mainly responsible for making recommendations to the
Board on the appointment, re-appointment and removal of the
external auditor and to approve the remuneration and terms
of engagement of the external auditor, and any questions of
resignation or dismissal of such auditor; overseeing the Group’s
financial report, internal control and risk management systems.
The Audit Committee held 3 meetings in 2015. Details of the
attendance record of the committee meetings are as follows:
Attended/Held
Committee members 委員會成員 出席次數╱會議次數
Mrs. Ling Lee Ching Man, Eleanor (Note 1) 林李靜文女士（附註1） 2/2
Mr. Cheng Ping Kuen, Franco (Note 1) 鄭炳權先生（附註1） 2/2
Mr. Ho David (Note 1) 何大衞先生（附註1） 2/2
Mr. Leung Siu Kee (Note 2) 梁兆基先生（附註2） 1/1
Mr. William Keith Jacobsen (Note 2) 葉偉其先生（附註2） 1/1
Mr. Au Yeung Chi Hang, Jimmy (Note 3) 歐陽至恆先生（附註3） 1/1
Notes:
1. Resigned on 22 September 2015
2. Appointed on 8 September 2015
3. Appointed on 8 September 2015 and subsequently resigned on 31
March 2016
During the year, the Audit Committee met with senior
management to review the Group’s draft annual report and
accounts, half-yearly report, internal audit report, risk assessment
report and circulars, and provided advice and comments thereon
to the Company’s Board of Directors. The Audit Committee
members met with internal and external auditors to discuss
matters arising from the audit. The Audit Committee also
discussed with the external auditor the nature and scope of the
audit and reporting obligations before the audit commenced.
審核委員會
審核委員會乃於二零零零年四月成立，由三位獨
立非執行董事及一位非執行董事組成，分別為
梁兆基先生（主席）、葉偉其先生、陳釗洪先生及
姚宇翔先生。
審核委員會之職權範圍符合上市規則之規定並且
刊載於本公司網站。根據職權範圍，審核委員會
主要負責就外聘核數師之委任、重聘及免職向董
事會提供推薦意見及批准聘任外聘核數師之薪酬
及聘任條款，以及考慮該等核數師辭任或免職之
任何問題；監督本集團之財務報告、內部監控及
風險管理系統。
審核委員會於二零一五年曾舉行三次會議。委員
會會議之詳細出席記錄如下：
附註：
1. 於二零一五年九月二十二日辭任
2. 於二零一五年九月八日獲委任
3. 於二零一五年九月八日獲委任並於其後在二零
一六年三月三十一日辭任
年內，審核委員會與高級管理層舉行會議，以審
閱本集團之年報及賬目、中期報告、內部審核報
告、風險評估報告及通函的草擬本，並就此向本
公司之董事會提供意見及建議。審核委員會成員
與內部及外聘核數師會面，討論在審核中得知的
事宜。審核委員會亦於審核工作開始前與外聘核
數師討論審核性質及範疇及有關申報責任。
26
二零一五年年報 ? 先傳媒集團有限公司
Corporate Governance Report 企業管治報告
The Group’s 2015 interim report and 2015 annual report have
been reviewed by the Audit Committee, which was of the
opinion that such reports were prepared in accordance with
the applicable accounting standards and requirements. For the
2015 annual report, the Audit Committee met with the external
auditor to discuss auditing, internal control, statutory compliance
and financial reporting matters before recommending it to the
Board for approval. The Audit Committee also monitored the
Company’s progress in implementing the code provisions on
corporate governance practices as required under the Listing
Rules.
AUDITOR’S REMUNERATION
The fees in relation to the audit service provided by BDO Limited,
the external auditor of the Company, for the year ended 31
December 2015 amounted to HK$500,000 (2014: HK$650,000),
and those in relation to non-audit services was HK$810,000
(2014:nil).
COMMUNICATION WITH SHAREHOLDERS
The Company has adopted a Shareholders’ Communication Policy
in March 2012 reflecting mostly the current practices of the
Company for communication with its shareholders. Information
will be communicated to shareholders through:
– continuous disclosure to the Stock Exchange of all material
information;
– periodic disclosure through the annual and interim reports;
– notices of meetings and explanatory material;
– the annual general meetings and other general meetings;
and
– the Company’s website at www.cinderellagroup.com.hk
本集團之二零一五年中期報告及二零一五年年
報已由審核委員會審閱，審核委員會認為該等報
告乃根據適用會計準則及規定編製。就二零一五
年年報而言，審核委員會已在建議董事會批准年
報前與外聘核數師舉行會議，討論審核、內部控
制、遵守法規及財務報告事宜。審核委員會亦監
察本公司於實施上市規則所規定企業管治常規之
守則條文方面之進度。
核數師酬金
本公司之外聘核數師香港立信德豪會計師事務所
有限公司就截至二零一五年十二月三十一日止年
度的審核服務收費為500,000港元（二零一四年：
650,000港元），而有關非核數服務的費用則為
810,000港元（二零一四年：零）。
與股東之溝通
於二零一二年三月，本公司採納一項股東溝通政
策，其主要反映本公司目前與股東溝通的做法。
本公司將透過以下渠道向股東傳達信息：
－ 向聯交所持續披露所有重大信息；
－ 通過年報及中期報告作定期披露；
－ 大會通告及說明材料；
－ 股東週年大會及其他股東大會；及
－ 本公司網站www.cinderellagroup.com.hk
27
Cinderella Media Group Limited ? Annual Report 2015
Corporate Governance Report 企業管治報告
The Board endeavours to maintain an on-going dialogue with
shareholders and in particular, use annual general meetings
or other general meetings to communicate with shareholders
and encourage their participation. The chairman of the Board
attended the annual general meeting held in 2015 to answer
questions and collect views of shareholders. The chairmen of the
audit and nomination committees and the external auditor also
attended the annual general meeting to answer questions of
shareholders.
SHAREHOLDERS’ RIGHTS
(i) Procedures for members to convene a special
general meeting (“SGM”)
Shareholders holding at the date of deposit of the
requisition not less than one-tenth of the paid-up capital
of the Company carrying the right of voting at general
meetings of the Company shall at all times have the right,
by written requisition sent to the Company’s registered
office in Bermuda and its principal place of business in
Hong Kong, for the attention of the Company Secretary,
to require a SGM to be called by the Board for the
transaction of any business specified in such requisition;
and such meeting shall be held within two months after
the deposit of such requisition. If within twenty-one days
of such deposit the Board fails to proceed to convene such
meeting, the Shareholders concerned themselves may do
so in accordance with the provisions of Section 74(3) of the
Companies Act, but any meeting so convened shall not be
held after the expiration of three months from the date of
deposit of the requisition.
The written requisition must state the purposes of the
general meeting, signed by the Shareholders concerned and
may consist of several documents in like form, each signed
by one or more of those Shareholders.
If the requisition is in order, the Company Secretary will ask
the Board to convene a SGM by serving sufficient notice
in accordance with the statutory requirements to all the
registered Members. On the contrary, if the requisition is
invalid, the Shareholders concerned will be advised of this
outcome and accordingly, a SGM will not be convened as
requested.
董事會致力保持與股東之間的持續對話，尤其是
以股東週年大會或其他股東大會與股東溝通及鼓
勵彼等參與。董事會主席已出席於二零一五年舉
行之股東週年大會以解答股東之提問及收集股東
之意見。審核委員會及提名委員會之主席以及外
聘核數師亦已出席股東週年大會以解答股東之提
問。
股東權利
(i) 股東召開股東特別大會（「股東特別大
會」）的程序
於遞呈要求當日持有不少於附有本公司股
東大會投票權之本公司繳足股本十分之一
的股東，可隨時向本公司於百慕達之註冊
辦事處及於香港之主要營業地點發出書面
要求（請註明收件人為公司秘書），要求董
事會召開股東特別大會，處理有關要求所
指明的任何事項，而有關大會須於遞呈上
述要求後兩個月內舉行。倘遞呈後二十一
日內董事會未有召開該大會，則有關股東
可根據公司法第74(3)條召開大會，惟須於
遞呈要求日期後三個月內召開有關大會。
書面要求須列明股東大會的目的，經相關
股東簽署，並可由多份相同格式的文件組
成，惟每份文件須經一名或多名該等股東
簽署。
倘要求適當，公司秘書將要求董事會根據
法定要求向全體註冊股東發出充分通知後
召開股東特別大會。相反，倘要求無效，
相關股東將獲告知此結果，亦不會應要求
召開股東特別大會。
28
二零一五年年報 ? 先傳媒集團有限公司
Corporate Governance Report 企業管治報告
The notice period to be given to all the registered Members
for consideration of the proposal raised by the shareholders
concerned at a SGM varies according to the nature of the
proposal, as follows:
– at least twenty-one clear days’ and not less than ten
clear business days’ notice in writing if the proposal
constitutes a special resolution of the Company,
which cannot be amended other than a mere clerical
amendment to correct a patent error; and
– at least fourteen clear days’ and not less than ten
clear business days’ notice in writing if the proposal
constitutes an ordinary resolution of the Company.
(ii) Procedures for a member to propose a person for
election as a director
As regards the procedures for proposing a person for
election as a Director, please refer to the procedures made
available under the Corporate Governance section of the
Company’s website at www.cinderellagroup.com.hk
(iii) Procedures for directing Shareholders’ enquiries
to the Board
Shareholders may at any time send their enquiries and
concerns to the Board in writing to the principal place of
business of the Company in Hong Kong or by e-mail to
enquiry@cinderellagroup.com.hk for the attention of the
Company Secretary.
向全體註冊股東發出通知以供考慮相關股
東於股東特別大會上所提呈建議的期限因
建議性質而異，詳情如下：
－ 倘建議屬本公司特別決議案（除更正
明顯錯誤的純粹文書修訂外，不得予
以修訂），須最少發出二十一個整日及
不少於十個完整營業日的書面通知；
及
－ 倘建議屬本公司普通決議案，須最少
發出十四個整日及不少於十個完整營
業日的書面通知。
(ii) 股東建議一名人士參選董事之程序
有關股東建議一名人士參選董事之程序，請
參閱本公司網站www.cinderellagroup.com.hk
內企業管治一節所載之程序。
(iii) 股東查詢轉交董事會之程序
股東可於任何時間將其向董事會提出
之查詢及關注事項以書面方式送交本
公司於香港之主要營業地點或電郵至
enquiry@cinderellagroup.com.hk，請註明
收件人為公司秘書。
29
Cinderella Media Group Limited ? Annual Report 2015
Corporate Governance Report 企業管治報告
(iv) Procedures for putting forward proposals at a
general meeting
Shareholders holding (i) not less than one-twentieth of the
total voting rights of all Shareholders having the right to
vote at the general meeting of the Company; or (ii) not
less then 100 Shareholders, can submit a written request
stating the resolution intended to be moved at the AGM;
or a statement of not more than 1,000 words with respect
to the matter referred to in any proposed resolution or the
business to be dealt with at a particular general meeting.
The written request/statements must be signed by the
Shareholders concern and deposited at the Company’s
registered office in Bermuda and its principal place of
business in Hong Kong for the attention of the Company
Secretary of the Company, not less than six weeks before
the AGM in the case of a requisition requiring notice of a
resolution and not less than one week before the general
meeting in the case of any other requisition.
If the written request is in order, the Company Secretary will
ask the Board (i) to include the resolution in the agenda for
the AGM; or (ii) to circulate the statement for the general
meeting, provided that the Shareholders concerned have
deposited a sum of money reasonably determined by the
Board sufficient to meet the Company’s expenses in serving
the notice of the resolution and/or circulating the statement
submitted by the Shareholders concerned in accordance
with the statutory requirements to all the registered
Members. On the contrary, if the requisition is invalid or
the Shareholders concerned have failed to deposit sufficient
money to meet the Company’s expenses for the said
purposes, the Shareholders concerned will be advised of this
outcome and accordingly, the proposed resolution will not
be included in the agenda for the AGM; or the statement
will not be circulated for the general meeting.
CONSTITUTIONAL DOCUMENTS
There are no changes in the constitutional documents of the
Company during the year.
(iv) 於股東大會提呈建議的程序
(i)持有有權於本公司股東大會上投票之全體
股東總投票權不少於二十分之一的股東，或
(ii)不少於一百名股東，可向本公司提呈於
股東週年大會上動議決議案的書面要求，
或就於特定股東大會提呈之任何決議案所
述事項或處理的事務作出不超過1,000字的
書面陳述。書面要求╱陳述須由相關股東
簽署，並不遲於股東週年大會舉行前六週
（倘須就要求發出有關決議案之通知）或股
東大會舉行前一週（倘為任何其他要求）送
交本公司於百慕達之註冊辦事處及於香港
之主要營業地點，請註明收件人為本公司
之公司秘書。
倘書面要求適當，公司秘書將要求董事
會(i)將決議案載入股東週年大會議程；或
(ii)傳閱股東大會陳述，惟相關股東須支付
董事會釐定的合理金額的費用，以便本公
司根據法定要求向全體註冊股東寄發決議
案通知及╱或向彼等傳閱相關股東提呈的
陳述。相反，倘要求無效或有關股東未能
存入足夠款項以撥付本公司為上述目的而
錄得之開支，相關股東將獲告知此結果，
而建議之決議案將不會納入股東週年大會
議程，或有關陳述將不會就股東大會而傳
閱。
組織章程文件
本公司之組織章程文件於年內並無變動。
30
31 二零一五年年報 ? 先傳媒集團有限公司
Independent Auditor’s Report
獨立核數師報告
To the members of CINDERELLA MEDIA GROUP LIMITED
先傳媒集團有限公司
(incorporated in Cayman Islands and redomiciled to Bermuda with
limited liability)
We have audited the consolidated financial statements of
Cinderella Media Group Limited (“the Company”) and its
subsidiaries (together “the Group”) set out on pages 33 to 132,
which comprise the consolidated statement of financial position
as at 31 December 2015, and the consolidated statement of
profit or loss and other comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
DIRECTORS’ RESPONSIBILITY FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation
of consolidated financial statements that give a true and fair view
in accordance with Hong Kong Financial Reporting Standards
issued by the Hong Kong Institute of Certified Public Accountants
and the disclosure requirements of the Hong Kong Companies
Ordinance, and for such internal control as the directors
determine is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement,
whether due to fraud or error.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. This report is made solely
to you, as a body, in accordance with section 90 of the Bermuda
Companies Act, and for no other purpose. We do not assume
responsibility towards or accept liability to any other person for
the contents of this report.
致先傳媒集團有限公司股東
（於開曼群島註冊成立及遷冊至百慕達之有限公
司）
本核數師（以下簡稱「我們」）已審計列載於第33
至132頁先傳媒集團有限公司（以下簡稱「貴公
司」）及其附屬公司（以下統稱「貴集團」）的綜合
財務報表，此綜合財務報表包括於二零一五年
十二月三十一日的綜合財務狀況表與截至該日止
年度的綜合損益及其他全面收益表、綜合股本變
動表和綜合現金流量表，以及主要會計政策概要
及其他附註解釋資料。
董事就綜合財務報表須承擔的責任
貴公司董事須負責根據香港會計師公會頒佈的
《香港財務報告準則》及香港《公司條例》的披露
規定編制綜合財務報表，以令綜合財務報表作出
真實而公平的反映，及落實其認為編製財務報表
所必要的內部控制，以使綜合財務報表不存在由
於欺詐或錯誤而導致的重大錯誤陳述。
核數師的責任
我們的責任是根據我們的審計對該等綜合財務報
表作出意見，並按照百慕達公司法第90條僅向整
體股東報告，除此之外本報告別無其他目的。我
們不會就本報告的內容向任何其他人士負上或承
擔任何責任。
32 Cinderella Media Group Limited ? Annual Report 2015
Independent Auditor’s Report 獨立核數師報告
We conducted our audit in accordance with Hong Kong
Standards on Auditing issued by the Hong Kong Institute of
Certified Public Accountants. Those standards require that we
comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the
auditor’s judgement, including the assessment of the risks of
material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s
preparation of consolidated financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s internal
control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting
estimates made by the directors, as well as evaluating the overall
presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
OPINION
In our opinion, the consolidated financial statements give a
true and fair view of the financial position of the Group as at
31 December 2015 and of its financial performance and cash
flows for the year then ended in accordance with Hong Kong
Financial Reporting Standards and have been properly prepared
in compliance with the disclosure requirements of the Hong Kong
Companies Ordinance.
BDO Limited
Certified Public Accountants
Au Yiu Kwan
Practising Certificate Number P05018
Hong Kong, 30 March 2016
我們已根據香港會計師公會頒佈的《香港審計
準則》進行審計。該等準則要求我們遵守道德規
範，並規劃及執行審計，以合理確定綜合財務報
表是否不存在任何重大錯誤陳述。
審計涉及執行程序以獲取有關綜合財務報表所載
金額及披露資料的審計憑證。所選定的程序取決
於核數師的判斷，包括評估由於欺詐或錯誤而導
致綜合財務報表存在重大錯誤陳述的風險。在評
估該等風險時，核數師考慮與該公司編制綜合財
務報表以作出真實而公平的反映相關的內部控
制，以設計適當的審計程序，但目的並非對公司
內部控制的有效性發表意見。審計亦包括評價董
事所採用會計政策的合適性及作出會計估計的合
理性，以及評價綜合財務報表的整體列報方式。
我們相信，我們所獲得的審計憑證能充足和適當
地為我們的審計意見提供基礎。
意見
我們認為，該等綜合財務報表已根據《香港財務
報告準則》真實而公平地反映貴集團於二零一五
年十二月三十一日的財務狀況及其截至該日止年
度的財務表現及現金流量，並已遵照香港《公司
條例》的披露規定妥為編製。
香港立信德豪會計師事務所有限公司
執業會計師
歐耀均
香港執業證書號碼 P05018
香港，二零一六年三月三十日
33 二零一五年年報 ? 先傳媒集團有限公司
Consolidated Statement of Profit or Loss and Other Comprehensive Income
綜合損益及其他全面收益表
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
2015 2014
二零一五年 二零一四年
Note HK$’ 000 HK$’ 000
附註 千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Turnover 營業額 5 62,857 59,923
Direct operating costs 直接經營成本 (17,118) (16,696)
Gross profit 毛利 45,739 43,227
Other revenue and net income 其他收益及淨收入 7 1,813 3,194
Selling and distribution costs 銷售及發行成本 (16,759) (16,042)
Administrative expenses 行政費用 (25,253) (14,273)
Other expenses 其他費用 (56) (78)
Finance costs 財務費用 8 (72) (66)
Profit before income tax from 來自持續經營業務之
continuing operations 除所得稅前溢利 9 5,412 15,962
Income tax expense 所得稅開支 12 (1,719) (2,353)
Profit for the year from 來自持續經營業務之
continuing operations 本年度溢利 3,693 13,609
Discontinued operations 已終止經營業務
(Loss)/Profit for the year from 來自已終止經營業務之
discontinued operations 本年度（虧損）╱溢利 13 (29,758) 81,026
(Loss)/Profit for the year 本年度（虧損）╱溢利 (26,065) 94,635
Other comprehensive income 其他全面收益
Items that may be reclassified 可能於其後重新分類至
subsequently to profit or loss: 損益之項目：
Exchange gain/(loss) on translation 換算海外業務財務報表產生
of financial statements of foreign 之匯兌收益╱（虧損）
operations 1,070 (633)
Release of exchange reserve upon 因出售╱分派附屬公司
disposal/distribution of subsidiaries 而轉撥匯兌儲備 (4,041) (1,608)
Other comprehensive income 本年度其他全面收益，
for the year, net of tax 扣除稅項 (2,971) (2,241)
Total comprehensive income 本年度全面收益總額
for the year (29,036) 92,394
34 Cinderella Media Group Limited ? Annual Report 2015
Consolidated Statement of Profit or Loss and Other Comprehensive Income
綜合損益及其他全面收益表
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
2015 2014
二零一五年 二零一四年
Note HK$’ 000 HK$’ 000
附註 千港元 千港元
(restated)
（經重列）
(Loss)/Profit for the year 以下人士應佔本年度
attributable to: （虧損）╱溢利：
Owners of the Company 公司擁有人
Profit for the year from 來自持續經營業務之
continuing operations 本年度溢利 3,693 13,609
(Loss)/Profit for the year from 來自已終止經營業務之
discontinued operations 本年度（虧損）╱溢利 (29,758) 65,304
(Loss)/Profit for the year attributable 公司擁有人應佔之本年度
to owners of the Company （虧損）╱溢利 (26,065) 78,913
Non-controlling interests 非控股權益
Profit for the year from continuing 來自持續經營業務之
operations 本年度溢利 – –
Profit for the year from 來自已終止經營業務之
discontinued operations 本年度溢利 – 15,722
Profit for the year attributable to 非控股權益應佔之
non-controlling interests 本年度溢利 – 15,722
(26,065) 94,635
Total comprehensive income 以下人士應佔全面
attributable to: 收益總額：
Owners of the Company 公司擁有人 (29,036) 76,763
Non-controlling interests 非控股權益 – 15,631
(29,036) 92,394
(Loss)/Earnings per share from 來自持續經營及已終止
continuing and discontinued 經營業務之每股
operations （虧損）╱盈利 15(a)
Basic 基本 (HK7.81cents港仙) HK23.67cents港仙
Diluted 攤薄 (HK7.81cents港仙) HK23.67cents港仙
Earnings per share from 來自持續經營業務之
continuing operations 每股盈利 15(b)
Basic 基本 HK1.11cents港仙 HK4.08cents港仙
Diluted 攤薄 HK1.11cents港仙 HK4.08cents港仙
二零一五年年報 ? 先傳媒集團有限公司
Consolidated Statement of Financial Position
綜合財務狀況表
As at 31 December 2015
於二零一五年十二月三十一日
2015 2014
二零一五年 二零一四年
Note HK$’ 000 HK$’ 000
附註 千港元 千港元
ASSETS AND LIABILITIES 資產與負債
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 16 4,748 4,704
Prepaid land lease payments 預付土地租金 17 5,286 5,651
Investment properties 投資物業 18 28,826 29,706
38,860 40,061
Current assets 流動資產
Trade and other receivables 貿易及其他應收款項
and deposits 及押金 20 8,793 68,430
Financial assets at fair value 透過損益表按公平價值
through profit or loss 列賬之財務資產 21 – 1,591
Tax recoverable 可收回稅項 3,187 4,384
Cash and cash equivalents 現金及現金等值項目 22 90,858 151,615
102,838 226,020
Current liabilities 流動負債
Trade and other payables 貿易及其他應付款項 23 6,909 69,740
Bank borrowings 銀行借貸 24 – 7,672
Provision for taxation 稅項撥備 4,081 5,888
10,990 83,300
Net current assets 流動資產淨值 91,848 142,720
Total assets less current liabilities 總資產減流動負債 130,708 182,781
Non-current liabilities 非流動負債
Deferred tax liabilities 遞延稅項負債 25 – 3,255
Net assets 資產淨值 130,708 179,526
EQUITY 權益
Share capital 股本 26 66,757 66,727
Reserves 儲備 63,951 112,799
Total equity 權益總額 130,708 179,526
Chan Pak Yi Tsang Hing Bun
陳栢怡 曾慶贇
Director Director
董事 董事
35
Cinderella Media Group Limited ? Annual Report 2015
Consolidated Statement of Changes in Equity
綜合股本變動表
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Non-
controlling Total
Attributable to owners of the Company interests equity
公司擁有人應佔權益 非控股權益 權益總額
Employee Proposed
Employee compensation final and
Share Share compensation Exchange Merger Contributed Statutory Other reserve of special Retained
capital premium reserve reserve reserve surplus reserves reserve subsidiary dividends earnings Total
附屬公司
僱員 之僱員 擬派末期
股本 股份溢價 賠償儲備 匯兌儲備 合併儲備 繳入盈餘 法定儲備 其他儲備 賠償儲備 及特別股息 保留溢利 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Balance at 1 January 2014 於二零一四年一月一日
之結餘 66,482 116,022 538 4,771 (43,897) 2,371 2,341 (16,648) 589 66,488 445,093 644,150 262,784 906,934
Equity-settled share-based 以權益結算之股份
payment expense 付款開支 – – – – – – – – 1,677 – – 1,677 1,103 2,780
Shares vested under share 股份獎勵計劃歸屬
award scheme 之股份 – – – – – – – – (948) – – (948) (624) (1,572)
Exercise of share options 行使購股權 245 2,036 (197) – – – – – – – – 2,084 – 2,084
Share issue expenses 發行股份費用 – (9) – – – – – – – – – (9) – (9)
Final 2013 dividends paid (Note 14) 已派發二零一三年度
末期股息（附註14） – – – – – – – – – (66,488) (239) (66,727) – (66,727)
Distribution in species (Note 14) 實物分派（附註14） – – – – – (5,000) – – – – (454,114) (459,114) – (459,114)
Interim 2014 dividends paid (Note 14) 已派發二零一四年度
中期股息（附註14） – – – – – – – – – – (18,350) (18,350) – (18,350)
Disposal/distribution of subsidiaries 出售╱分派附屬公司 – – – – – – (1,054) 16,648 (1,318) – (14,276) – (278,894) (278,894)
Transactions with owners 與擁有人交易 245 2,027 (197) – – (5,000) (1,054) 16,648 (589) (66,488) (486,979) (541,387) (278,415) (819,802)
Profit for the year 本年度溢利 – – – – – – – – – – 78,913 78,913 15,722 94,635
Other comprehensive income 其他全面收益
Currency translation 貨幣換算 – – – (542) – – – – – – – (542) (91) (633)
Release of exchange reserve upon 因分派附屬公司而
distribution of subsidiaries 轉撥匯兌儲備 – – – (1,608) – – – – – – – (1,608) – (1,608)
Total comprehensive income 本年度全面收益總額
for the year – – – (2,150) – – – – – – 78,913 76,763 15,631 92,394
Proposed final 2014 dividends 擬派發二零一四年度
末期股息 – – – – – (20,018) – – – 20,018 – – – –
Transfers 轉撥 – (118,049) – – – 118,049 – – – – – – – –
Balance at 31 December 2014 於二零一四年十二月
三十一日之結餘 66,727 – 341 2,621 (43,897) 95,402 1,287 – – 20,018 37,027 179,526 – 179,526
36
二零一五年年報 ? 先傳媒集團有限公司
Consolidated Statement of Changes in Equity 綜合股本變動表
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Non-
controlling Total
Attributable to owners of the Company interests equity
公司擁有人應佔權益 非控股權益 權益總額
Employee Proposed
Employee compensation final and
Share Share compensation Exchange Merger Contributed Statutory Other reserve of special Retained
capital premium reserve reserve reserve surplus reserves reserve subsidiary dividends earnings Total
附屬公司
僱員 之僱員 擬派末期
股本 股份溢價 賠償儲備 匯兌儲備 合併儲備 繳入盈餘 法定儲備 其他儲備 賠償儲備 及特別股息 保留溢利 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Balance at 1 January 2015 於二零一五年一月一日之結餘 66,727 – 341 2,621 (43,897) 95,402 1,287 – – 20,018 37,027 179,526 – 179,526
Exercise of share options 行使購股權 30 552 (341) – – – – – – – – 241 – 241
Share issue expenses 發行股份費用 – (5) – – – – – – – – – (5) – (5)
Final 2014 dividends paid (Note 14) 已派發二零一四年度末期股息
（附註14） – – – – – – – – – (20,018) – (20,018) – (20,018)
Disposal of subsidiaries 出售附屬公司 – – – – – – (1,287) – – – 1,287 – – –
Transactions with owners 與擁有人交易 30 547 (341) – – – (1,287) – – (20,018) 1,287 (19,782) – (19,782)
Loss for the year 本年度虧損 – – – – – – – – – – (26,065) (26,065) – (26,065)
Other comprehensive income 其他全面收益
Currency translation 貨幣換算 – – – 1,070 – – – – – – – 1,070 – 1,070
Release of exchange reserve upon 因出售附屬公司而轉撥
disposal of subsidiaries 匯兌儲備 – – – (4,041) – – – – – – – (4,041) – (4,041)
Total comprehensive income 本年度全面收益總額
for the year – – – (2,971) – – – – – – (26,065) (29,036) – (29,036)
Balance at 31 December 2015 於二零一五年十二月
三十一日之結餘 66,757 547 – (350) (43,897) 95,402 – – – – 12,249 130,708 – 130,708
Merger reserve of the Group arose as a result of the Group’s
reorganisation in 2000 and represents the difference between the
nominal amount of the share capital issued by the Company and
the nominal amount of the issued share capital of Recruit (BVI)
Limited. Contributed surplus of the Group arose as a result of the
reduction in share capital in accordance with the Group’s capital
reorganisation in 2003.
In accordance with relevant regulations prevailing in the People’s
Republic of China (“the PRC”), certain of the Company’s
subsidiaries, established in the PRC, are required to appropriate
no less than 10% of their net profits to the statutory reserves,
until the respective balances of the fund reach 50% of the
respective registered capital. Subject to certain restrictions as set
out in the relevant PRC regulations, these statutory reserves may
be used to offset against their respective accumulated losses, if
any.
本集團之合併儲備因二零零零年集團重組產
生，指本公司所發行股本之面值與Recruit (BVI)
Limited已發行股本面值兩者之差額。本集團之繳
入盈餘乃因根據本集團於二零零三年進行股本重
組之削減股本產生。
根據相關中華人民共和國（「中國」）法規，本公司
若干於中國成立之附屬公司須將不少於10%之除
稅後溢利調撥至本身的法定儲備金，直至法定儲
備金之結餘達到公司註冊資本之50%為止。在相
關中國法規所載之若干限制的規限下，該等法定
儲備金可用於對銷有關公司之累計虧損（如有）。
37
Cinderella Media Group Limited ? Annual Report 2015
Consolidated Statement of Cash Flows
綜合現金流量表
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
2015 2014
二零一五年 二零一四年
Note HK$’ 000 HK$’ 000
附註 千港元 千港元
(restated)
（經重列）
Cash flows from operating 經營業務之現金流量
activities
(Loss)/Profit before income tax 除所得稅前（虧損）╱溢利
From continuing operations 來自持續經營業務 5,412 15,962
From discontinued operations 來自已終止經營業務 (25,223) 104,130
(19,811) 120,092
Adjustments for: 調整：
Amortisation of prepaid land 預付土地租金攤銷
lease payments 144 147
Depreciation of property, 物業、廠房及設備之折舊
plant and equipment 922 11,554
Depreciation of investment 投資物業之折舊
properties 880 395
Amortisation of intangible assets 無形資產之攤銷 – 124
Dividend income from listed 上市股本證券之股息收入
equity securities (48) (94)
Equity-settled share-based 以股本結算之股份
payment expenses 付款開支 – 2,780
Gain on distribution of subsidiaries 分派附屬公司之收益 32(d) – (36,966)
(Gain)/Loss on disposal 出售附屬公司之
of subsidiaries （收益）╱虧損 32 (4,512) 1,919
Gain on financial assets at fair 透過損益表按公平價值
value through profit or loss 列賬之財務資產之收益 (57) (115)
Impairment of trade receivables 貿易應收款項減值 20 8,823 4,903
Bad debts written off 撇銷壞賬 – 244
Write-down of inventories 撇減存貨 – 400
Reversal of write-down of 撥回存貨撇減
inventories – (5,246)
Interest expenses 利息開支 72 703
Impairment of trade receivables 撥回貿易應收款項減值
written back 20 (2,667) (4,094)
Interest income 利息收入 (1,046) (2,228)
Loss on disposals of property, 出售物業、廠房及
plant and equipment 設備之虧損 – 309
Operating (loss)/profit before 營運資金變動前之經營
working capital changes （虧損）╱溢利 (17,300) 94,827
Increase in inventories 存貨增加 – (29,561)
Decrease in trade and other 貿易及其他應收款項及
receivables and deposits 押金減少 18,590 6,316
Change in financial assets/liabilities 透過損益表按公平價值列賬
at fair value through profit or loss 之財務資產╱負債之變動 – 1,801
Increase/(Decrease) in trade 貿易及其他應付款項
and other payables 增加╱（減少） 13,929 (2,042)
Cash generated from operations 經營業務之現金流入 15,219 71,341
Income taxes paid 已付所得稅 (6,312) (34,260)
Net cash from operating activities 經營業務之現金流入淨額 8,907 37,081
38
二零一五年年報 ? 先傳媒集團有限公司
Consolidated Statement of Cash Flows 綜合現金流量表
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
2015 2014
二零一五年 二零一四年
Note HK$’ 000 HK$’ 000
附註 千港元 千港元
(restated)
（經重列）
Cash flows from investing activities 投資業務之現金流量
Dividend income from listed equity 已收上市股本證券之
securities received 股息收入 48 94
Decrease in pledged deposits 已抵押存款減少 – 33,365
Interest received 已收利息 1,046 2,228
Proceeds on disposals of property, 出售物業、廠房及設備
plant and equipment 所得款項 – 131
Proceeds on disposals of financial 出售透過損益表按公平價
assets at fair value through 值列賬之財務資產之
profit or loss 所得款項 1,648 –
Additions of property, 添置物業、廠房及設備
plant and equipment (1,678) (4,092)
Net cash outflow in respect of 分派附屬公司之現金
distribution of subsidiaries 流出淨額 32(d) – (235,188)
Net cash (outflow)/inflow in respect 出售附屬公司之現金
of disposals of subsidiaries （流出）╱流入淨額 32 (43,202) 7,563
Acquisition of subsidiaries 收購附屬公司 33 – (17,147)
Net cash used in investing activities 投資業務之現金流出淨額 (42,138) (213,046)
Cash flows from financing activities 融資業務之現金流量
Repayments of capital element of 償還融資租賃負債之
finance lease liabilities 資本部份 – (526)
Interest element of finance 融資租賃付款之利息部份
lease payments – (1)
Proceeds of bank borrowings 銀行借貸所得款項 – 40,000
Repayments of bank borrowings 償還銀行借貸 (7,672) (9,139)
Interest on bank borrowings paid 已付銀行借貸利息 (72) (702)
Proceeds from shares issued on 因行使購股權而發行股份
exercise of share options 之所得款項 241 2,084
Share issue expenses paid 已付發行股份費用 (5) (9)
Payments to employees for 就股份獎勵計劃向
share award scheme 僱員付款 – (1,572)
Dividends paid 已付股息 14 (20,018) (85,077)
Net cash used in financing activities 融資業務之現金流出淨額 (27,526) (54,942)
Net decrease in cash and 現金及現金等值項目
cash equivalents 減少淨額 (60,757) (230,907)
Cash and cash equivalents 於一月一日之現金及
at 1 January 現金等值項目 151,615 382,522
Cash and cash equivalents 於十二月三十一日之現金及
at 31 December 現金等值項目 90,858 151,615
39
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements
財務報表附註
1. 一般資料
先傳媒集團有限公司（「本公司」）於二零零
零年三月十三日在開曼群島註冊成立為獲
豁免公司，後來於二零零三年一月二十九
日撤銷於開曼群島之註冊而遷冊至百慕
達，並按照百慕達法例持續經營為獲豁免
有限責任公司。本公司註冊辦事處之地
址位於Clarendon House, 2 Church Street,
Hamilton HM 11, Bermuda及其主要營業地
點位於香港北角英皇道625號26樓。本公司
之股份於香港聯合交易所有限公司（「聯交
所」）主板上市。
於二零一四年十二月三十一日，本公司之最
終控股公司為於香港註冊成立之青田集團
有限公司，而本公司之直接控股公司為於英
屬處女群島註冊成立之City Apex Limited。
由於青田集團有限公司及City Apex Limited
已於二零一五年八月二十五日出售所持有
之全部本公司股本權益，青田集團有限公
司及City Apex Limited均已不再是本公司之
最終控股公司及直接控股公司。
本公司乃投資控股公司，提供企業管理服
務。各主要附屬公司之業務詳情載於財務
報表附註31。本公司連同其附屬公司以下
統稱為「本集團」。
1. GENERAL INFORMATION
Cinderella Media Group Limited (the “Company”) was
incorporated in the Cayman Islands as an exempted
company on 13 March 2000 and redomiciled to Bermuda
by way of de-registration in the Cayman Islands and
continuation as an exempted company under the laws of
Bermuda, with limited liability on 29 January 2003. The
address of the Company’s registered office is Clarendon
House, 2 Church Street, Hamilton HM 11, Bermuda and its
principal place of business is 26/F, 625 King’s Road, North
Point, Hong Kong. The Company’s shares are listed on the
Main Board of The Stock Exchange of Hong Kong Limited
(the “SEHK”).
As at 31 December 2014, the Company’s ultimate holding
company was ER2 Holdings Limited which was incorporated
in Hong Kong and the Company’s immediate holding
company was City Apex Limited, which was incorporated
in the British Virgin Islands. Since, ER2 Holdings Limited
and City Apex Limited have disposed of all their equity
interests in the Company on 25 August 2015, ER2 Holdings
Limited and City Apex Limited are no longer the Company’s
ultimate holding company and immediate holding company
respectively.
The Company acts as an investment holding company
and provides corporate management services. Details of
the activities of its principal subsidiaries are set out in
Note 31 to the financial statements. The Company and
its subsidiaries are collectively referred to as the “Group”
hereafter.
40
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
1. GENERAL INFORMATION (Continued)
During the year, the Company disposed of its inflight
magazines business which was mainly conducted by its
former subsidiaries, CinMedia Inc. and Easking Limited. The
financial results of these subsidiaries (collectively referred as
“Inflight Magazine Group”) are presented as discontinued
operations, in accordance with HKFRS 5. Details of
which are set out in Note 13. Certain comparatives on
the consolidated statement of profit or loss and other
comprehensive income, consolidated statement of cash
flows and related notes to the financial statements have
been restated so as to reflect the results for the continuing
operations and discontinued operations as if the Inflight
Magazine Group had been discontinued at the beginning
of the comparative period. Other than these disposals,
there were no significant changes in the Group’s operations
during the year.
The financial statements for the year ended 31 December
2015 were approved for issue by the board of directors of
the Company (the “Directors”) on 30 March 2016.
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
2.1 Basis of preparation
The financial statements on pages 33 to 132 have
been prepared in accordance with Hong Kong
Financial Reporting Standards (“HKFRSs”) which
collective term includes all applicable individual
Hong Kong Financial Reporting Standards, Hong
Kong Accounting Standards and Interpretations
issued by the Hong Kong Institute of Certified Public
Accountants (“the HKICPA”) and the disclosure
r equ i r ement s o f the Hong Kong Compan ie s
Ordinance. The financial statements also include the
applicable disclosures required by the Rules Governing
the Listing of Securities on the SEHK.
1. 一般資料（續）
年內，本公司已出售航機雜誌業務，該業
務過往主要由其前附屬公司CinMedia Inc.
及宜勁有限公司經營。此等附屬公司（統稱
為「航機雜誌集團」）之財務業績已根據香
港財務報告準則第5號呈列為已終止經營業
務。相關詳情載於附註13。綜合損益及其
他全面收益表、綜合現金流量表及財務報
表之相關附註的若干比較數字已經重列，
以反映持續經營業務及已終止經營業務之
業績，猶如航機雜誌集團在比較期間開始
時已終止經營。除此等出售外，本集團之
營運於年內並無重要變動。
截至二零一五年十二月三十一日止年度之
財務報表已於二零一六年三月三十日獲本
公司董事會（「董事」）批准刊發。
2. 主要會計政策概要
2.1 編製基準
第33至132頁之財務報表乃根據香港
會計師公會（「香港會計師公會」）所頒
佈香港財務報告準則（「香港財務報告
準則」，包括所有適用之個別香港財
務報告準則、香港會計準則及詮釋）
以及香港公司條例之披露規定編製。
財務報表亦包括聯交所證券上市規則
之適用披露規定。
41
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.1 Basis of preparation (Continued)
The significant accounting policies that have been
used in the preparation of these financial statements
are summarised below. These policies have been
consistently applied to all the years presented unless
otherwise stated. The adoption of new or amended
HKFRSs and the impacts on the Group’s financial
statements, if any, are disclosed in Note 3.
The financial statements have been prepared under
historical cost convention except for certain financial
assets that are measured at fair value through profit or
loss, which are stated at fair values. The measurement
bases are fully described in the accounting policies
below.
It should be noted that accounting estimates and
assumptions are used in the preparation of the
f inancial statements. Although these estimates
are based on management’s best knowledge and
judgement of current events and actions, actual results
may ultimately differ from those estimates. The areas
involving a higher degree of judgement or complexity,
or areas where assumptions and estimates are
significant to the financial statements, are disclosed in
Note 4.
2. 主要會計政策概要（續）
2.1 編製基準（續）
編製該等財務報表所採用之主要會計
政策概述如下。除非另有說明，否則
有關政策於所有年度貫徹採用。採納
新訂或經修訂香港財務報告準則以及
對本集團財務報表之影響（如有）於附
註3披露。
財務報表乃按照歷史成本慣例編製，
惟透過損益表按公平價值計量之若干
財務資產按公平價值計量。計量基準
於下文之會計政策詳述。
務請注意，編製財務報表時已使用會
計估計及假設。儘管該等估計乃基於
管理層對現時事件及行動所掌握之一
切資料而按最佳判斷作出，實際結果
最終或會有別於該等估計。涉及高度
判斷或極為複雜之範疇，或假設及估
計對財務報表為重要之範疇，乃於附
註4披露。
42
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.2 Business combination and basis of
consolidation
The consolidated financial statements comprise
the financial statements of the Company and its
subsidiaries. Inter-company transactions and balances
between group companies together with unrealised
profits are el iminated in ful l in preparing the
consolidated financial statements. Unrealised losses
are also eliminated unless the transaction provides
evidence of impairment on the asset transferred, in
which case the loss is recognised in profit or loss.
The results of subsidiaries acquired or disposed of
during the year are included in the consolidated
statement of profit or loss and other comprehensive
income from the effective dates of acquisition or up to
the effective dates of disposal, as appropriate. Where
necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting
policies into line with those used by other members of
the Group.
Acquisition of subsidiaries or businesses is accounted
for us ing acquis i t ion method. The cost of an
acquisition is measured at the aggregate of the
acquisition-date fair value of assets transferred,
liabilities incurred and equity interests issued by
the Group, as the acquirer. The identifiable assets
acquired and l iabil it ies assumed are principally
measured at acquisition-date fair value. The Group’s
previously held equity interest in the acquiree is re-
measured at acquisition-date fair value and the
resulting gains or losses are recognised in profit
or loss. The Group may elect, on a transaction-by-
transaction basis, to measure non-controlling interests
that represent present ownership interests in the
subsidiary either at fair value or at the proportionate
share of the acquiree’s identifiable net assets. All
other non-controlling interests are measured at fair
value unless another measurement basis is required
by HKFRSs. Acquisition-related costs incurred are
expensed unless they are incurred in issuing equity
instruments in which case the costs are deducted from
equity.
2. 主要會計政策概要（續）
2.2 業務合併及綜合賬目基準
綜合財務報表包括本公司及其附屬公
司之財務報表。集團內公司間交易、
結餘及未變現溢利於編製綜合財務報
表時全數對銷。未變現虧損亦予以對
銷，除非有證據顯示所轉移之資產出
現減值，則有關虧損會於損益中確認。
年內所收購或出售之附屬公司之業績
乃由收購生效日期起或直至出售生效
日期止（如適用）計入綜合損益及其他
全面收益表。如有需要，會對附屬公
司之財務報表作出調整，以使其會計
政策與本集團其他成員公司所採用者
一致。
收購附屬公司或業務乃以收購法入
賬。收購成本按本集團（作為收購方）
所轉移之資產、產生之負債及發行之
股權於收購日期之公平價值總額計
量。所收購之可識別資產及承擔之可
識別負債主要按收購日期之公平價值
計量。本集團先前持有被收購方之股
權按收購日期之公平價值重新計量，
所產生之損益於損益確認。本集團可
按每宗交易選擇按公平價值或按應佔
被收購方可識別資產淨值之比例計量
代表於附屬公司之目前擁有權權益之
非控股權益。所有其他非控股權益按
公平價值計量，除非香港財務報告準
則規定另一項計量基準，則作別論。
所產生之收購相關成本一概列作開
支，除非有關成本是於發行股本工具
時產生，則有關成本會於權益中扣除。
43
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.2 Business combination and basis of
consolidation (Continued)
Changes in the Group’s interests in subsidiaries
that do not result in a loss of control are accounted
for as equity transactions. The carrying amounts of
the Group’s interest and non-controlling interest
are adjusted to reflect the changes in their relative
interests in the subsidiaries. Any difference between
the amount by which non-controlling interest is
adjusted and the fair value of the consideration
paid or received is recognised directly in equity and
attributed to owners of the Company.
When the Group loses control of a subsidiary, profit
or loss on disposal is calculated as the difference
between (i) the aggregate of the fair value of the
consideration received and the fair value of any
retained interest and (ii) the previous carrying amount
of the assets (including goodwill), and liabilities of the
subsidiary and any non-controlling interest. Amounts
previously recognised in other comprehensive income
in relation to the subsidiary are accounted for in the
same manner as would be required if the relevant
assets or liabilities were disposed of.
Subsequent to acquisition, the carrying amount
of non-controlling interests that represent present
ownership interests in the subsidiary is the amount
of those interests at initial recognition plus non-
controlling interest’s share of subsequent changes in
equity. Total comprehensive income is attributed to
non-controlling interests even if this results in those
non-controlling interest having a deficit balance.
2. 主要會計政策概要（續）
2.2 業務合併及綜合賬目基準（續）
本集團於附屬公司之權益變動（並無
導致失去控制權）列作權益交易入
賬。本集團之權益與非控股權益之賬
面值均予以調整，以反映彼等於附屬
公司相對權益之變動。非控股權益之
調整額與已經支付或收取之代價之公
平價值之間的任何差額，均直接於權
益確認，並歸屬於本公司擁有人。
倘本集團失去附屬公司之控制權，出
售損益乃按下列兩者之差額計算：
(i)所收取代價之公平價值與任何保留
權益之公平價值之總額，與(ii)該附屬
公司之資產（包括商譽）及負債與任何
非控股權益過往之賬面值。先前就該
附屬公司於其他全面收益確認之款額
按出售相關資產或負債時所規定之相
同方式列賬。
收購後，代表於附屬公司之目前擁有
權權益之非控股權益之賬面值之金額
為該等權益於初步確認時之金額加以
非控股權益應佔權益其後變動之部
份。全面收益總額乃歸屬於非控股權
益，即使這會導致非控股權益出現虧
絀亦屬如此。
44
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.3 Subsidiaries
A subsidiary is an investee over which the Company
is able to exercise control. The Company controls an
investee if all three of the following elements are
present: power over the investee, exposure, or rights,
to variable returns from the investee, and the ability to
use its power to affect those variable returns. Control
is reassessed whenever facts and circumstances
indicate that there may be a change in any of these
elements of control.
In the Company’s statement of financial position,
subsidiaries are carried at cost less any impairment
loss. The results of the subsidiaries are accounted for
by the Company on the basis of dividends received
and receivable at the reporting date. All dividends
whether received out of the investee’s pre or post-
acquisition profits are recognised in the Company’s
profit or loss.
2.4 Foreign currency translation
The financial statements are presented in Hong Kong
Dollars (“HK$”), which is also the functional currency
of the Company.
In the ind iv idua l f inanc ia l s ta tements of the
consolidated entities, foreign currency transactions
are translated into the functional currency of the
individual entity using the exchange rates prevailing at
the dates of the transactions. At the reporting date,
monetary assets and liabilities denominated in foreign
currencies are translated at the foreign exchange rates
ruling at that date. Foreign exchange gains and losses
resulting from the settlement of such transactions
and from the reporting date retranslation of monetary
assets and liabilities are recognised in profit or loss.
2. 主要會計政策概要（續）
2.3 附屬公司
附屬公司是本公司能夠對其行使控制
權之接受投資對象。如果符合下列全
部三個因素，則本公司控制接受投資
對象：可對接受投資對象行使權力；承
擔來自接受投資對象之風險或有權獲
得來自接受投資對象之可變動回報；
及能夠運用其權力來影響有關可變動
回報。每當事實及情況顯示任何控制
權因素可能出現變動時，則會重新評
估是否擁有控制權。
於本公司之財務狀況表內，附屬公司
乃按成本減任何減值虧損入賬。本公
司乃按於報告日之已收及應收股息為
基準將附屬公司之業績列賬。從接受
投資公司之收購前或收購後溢利收取
之所有股息，一概於本公司之損益表
確認。
2.4 外幣換算
財務報表乃以本公司之功能貨幣港元
（「港元」）呈列。
於綜合實體之獨立財務報表內，外幣
交易均按交易日期之匯率換算為個別
實體之功能貨幣。於報告日，以外幣
列值之貨幣資產及負債按報告日之通
行外幣匯率換算。結算該等交易及於
報告日重新換算貨幣資產及負債產生
之匯兌損益，會於損益表確認。
45
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.4 Foreign currency translation (Continued)
Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated
at the rates prevailing on the date when the fair
value was determined and are reported as part of the
fair value gain or loss. Non-monetary items that are
measured at historical cost in a foreign currency are
not retranslated.
In the consolidated financial statements, all individual
financial statements of foreign operations, originally
presented in a currency different from the Group’s
presentation currency, have been converted into HK$.
Assets and liabilities have been translated into HK$
at the closing rates at the reporting date. Income
and expenses have been converted into HK$ at the
exchange rates ruling at the transaction dates, or at
the average rates over the reporting period provided
that the exchange rates do not fluctuate significantly.
Any differences arising from this procedure have
been recognised in other comprehensive income and
accumulated separately in the exchange reserve in
equity.
2.5 Property, plant and equipment
Buildings held for own use which are situated on
leasehold land, where the fair value of the building
could be measured separately from the fair value of
the leasehold land at the inception of the lease, and
other items of plant and equipment are stated at
acquisition cost less accumulated depreciation and
impairment losses. The cost of an asset comprises
its purchase price and any directly attributable costs
of bringing the asset to its working condition and
location for its intended use.
2. 主要會計政策概要（續）
2.4 外幣換算（續）
以外幣列值並按公平價值列賬之非貨
幣項目，按釐定公平價值當日之匯率
重新換算，並列作公平價值收益或虧
損一部份。以外幣按歷史成本計量之
非貨幣項目不予重新換算。
於綜合財務報表內，海外業務所有原
先以與本集團之呈列貨幣不同之貨幣
呈列之獨立財務報表均已換算為港
元。資產與負債已按於報告日之收市
匯率換算為港元。倘匯率並無大幅波
動，收支項目已按交易日期之匯率或
報告期間之平均匯率換算為港元。因
此程序而產生之任何差額已於其他全
面收益確認並且於權益內之匯兌儲備
另行累計。
2.5 物業、廠房及設備
持有作自用而位於租賃土地之樓宇
（而有關樓宇之公平價值可於租賃開始
時與租賃土地之公平價值分開計量），
以及廠房及設備之其他項目按購置成
本減累計折舊及減值虧損列賬。一項
資產之成本包括其購買價以及將資產
達致合適營運狀況及地點以作擬定用
途之任何直接應佔成本。
46
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.5 Property, plant and equipment (Continued)
Depreciation on property, plant and equipment is
provided to write off their costs over their estimated
useful l ives, using straight-l ine method, at the
following rates per annum:
Leasehold land and buildings Over 50 years or the
lease term,
whichever is shorter
Furniture and fixtures 20%
Office equipment 20%
Leasehold improvements 20% – 50% or over
the lease term,
whichever is shorter
Computer equipment and system 33%
Motor vehicles 20%
Machinery 6.6% – 20%
The assets’ depreciation methods and estimated useful
lives are reviewed, and adjusted if appropriate, at each
reporting date.
Gain or loss arising on retirement or disposal is
determined as the difference between the sales
proceeds and the carrying amount of the asset and is
recognised in profit or loss.
Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as
appropriate, only when it is probable that future
economic benefits associated with the item will
flow to the Group and the cost of the item can be
measured reliably. All other costs, such as repairs and
maintenance are charged to profit or loss during the
period in which they are incurred.
2. 主要會計政策概要（續）
2.5 物業、廠房及設備（續）
物業、廠房及設備之折舊以直線法根
據下列年率計算，以按其估計可使用
年期撇銷其成本：
租賃土地及樓宇 超過50年或按租賃年期
（以較短者為準）
傢俬及裝置 20%
辦公室設備 20%
租賃裝修 20%至50%或按租賃年期
（以較短者為準）
電腦設備及系統 33%
汽車 20%
機器 6.6% – 20%
資產之折舊方法及估計可使用年期於
每個報告日檢討並於適當時作出調整。
報廢或出售所產生之損益乃出售該項
資產所得款項與其賬面值之差額，並
於損益表內確認。
其後成本僅於與項目有關之未來經濟
利益將有可能流入本集團，而項目之
成本能可靠地計量時列入資產之賬面
值或獨立確認為資產（如適用）。維修
及保養費等所有其他成本於產生之期
間內於損益表扣除。
47
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.6 Prepaid land lease payments
Upfront payments made to acquire land held
under an operating lease are stated at costs less
accumulated amortisation and any impairment losses.
The determination if an arrangement is or contains a
lease and the lease is an operating lease is detailed in
Note 2.11. Amortisation is calculated on straight-line
method over the terms of the lease/right of use except
where an alternative basis is more representative
of the time pattern of benefits to be derived by the
Group from use of the land.
2.7 Investment properties
Investment property is property held either to earn
rentals or for capital appreciation or for both, but
not held for sale in the ordinary course of business,
use in the production or supply of goods or services
or for administrative purposes. Investment property is
stated at cost less accumulated depreciation and any
impairment losses, if any. Depreciation is charged so
as to write off the cost of investment property net of
expected residual value over the estimated useful live
using straight-line method. The useful lives, residual
values and depreciation method are reviewed, and
adjusted if appropriate, at the end of each reporting
period.
2.8 Intangible assets
Goodwill was initially recognised at cost being the
excess of the aggregate of consideration transferred
and the amount recognised for non-controll ing
interests over the fair value of identifiable assets,
liabilities and contingent liabilities acquired. Goodwill
on acquisition of subsidiaries is included in intangible
assets.
Where the fair value of identifiable assets, liabilities
and contingent liabilities exceed the fair value of
consideration paid, the excess is recognised in profit or
loss on the acquisition date, after re-assessment.
2. 主要會計政策概要（續）
2.6 預付土地租金
就收購根據經營租約持有之土地所作
出預付款項乃以成本減累計攤銷及任
何減值虧損列值。一項安排是否屬於
租賃或是否包含租賃以及該租賃是否
屬於經營租賃的釐定方式，乃於附註
2.11詳述。攤銷乃於租期╱使用權有
效期內以直線法計算，惟倘若有另一
種基準更能反映本集團透過利用有關
土地可產生收益之時間模式則除外。
2.7 投資物業
投資物業是為了賺取租金或實現資本
增值或為兩者兼得而持有之物業，但
並非為於一般業務過程中出售、用於
生產或供應貨品或服務或為行政用途
而持有之物業。投資物業以成本減其
後折舊及任何減值虧損（如有）列賬。
折舊乃於估計可使用年期內以直線法
支銷，以撇銷投資物業之成本減其預
期剩餘價值。可使用年期、剩餘價值
及折舊方法於各報告期間結束時審閱
及調整（如適用）。
2.8 無形資產
商譽初步按成本確認，成本即所轉移
代價與就非控股權益確認之金額總額
超出所收購可識別資產、負債及或然
負債之公平價值之部份。收購附屬公
司之商譽計入無形資產。
倘可識別資產、負債及或然負債之公
平價值高於所付代價之公平價值，則
超出部份於重估後於收購日期在損益
確認。
48
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.8 Intangible assets (Continued)
Goodwill is measured at cost less impairment losses.
For the purpose of impairment testing, goodwill
arising from an acquisition is allocated to each of
the relevant cash-generating units (“CGU”) that
are expected to benefit from the synergies of the
acquisition. A CGU to which goodwill has been
allocated is tested for impairment annually, and
whenever there is an indication that the unit may be
impaired.
Any impairment loss for goodwill is recognised in
profit or loss and is not reversed in subsequent
periods.
2.9 Financial assets
The Group’s accounting policies for financial assets
other than investments in subsidiaries are set out
below. The Group’s financial assets are classified
into loans and receivables and financial assets at fair
value through profit or loss. Management determines
the classification of its financial assets at initial
recognition depending on the purpose for which the
financial assets were acquired and where allowed and
appropriate, re-evaluates this designation at every
reporting date.
All financial assets are recognised when, and only
when, the Group becomes a party to the contractual
provisions of the instrument. Regular way purchases
of financial assets are recognised on trade date.
When financial assets are recognised initially, they are
measured at fair value, plus, in the case of investments
not at fair value through profit or loss, directly
attributable transaction costs.
De-recognition of financial assets occurs when the
rights to receive cash flows from the investments
expire or are transferred and substantially all of the
risks and rewards of ownership have been transferred.
2. 主要會計政策概要（續）
2.8 無形資產（續）
商譽乃按成本減去減值虧損計量。就
減值測試而言，收購產生之商譽分配
予預期會受惠於收購協同效益之各相
關現金產生單位。獲分配商譽之現金
產生單位會每年及於有跡象顯示該單
位可能出現減值時進行減值測試。
商譽之任何減值虧損於損益確認，而
不會於往後期間撥回。
2.9 財務資產
本集團就財務資產（不包括於附屬公
司之投資）所採用之會計政策載列如
下。本集團之財務資產分類為貸款及
應收款項以及透過損益表按公平價值
列賬之財務資產。管理層於初步確認
時，按收購財務資產之目的將財務資
產分類。於容許及適當情況，財務資
產之分類於每個報告日期重新評估。
所有財務資產於及僅於本集團成為
該工具之合約條文的一方時，方予確
認。財務資產之一般購買於交易日期
確認。初步確認財務資產時，會按公
平價值計量，倘並非透過損益表按公
平價值列賬之投資，則加上直接應佔
交易成本。
倘自投資獲取現金流量之權利屆滿或
轉讓及其擁有權絕大部份風險及回報
轉讓，則終止確認財務資產。
49
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.9 Financial assets (Continued)
At each reporting date, financial assets are reviewed
to assess whether there is objective evidence of
impairment. If any such evidence exists, impairment
loss is determined and recognised based on the
classification of the financial asset.
(i) Financial assets at fair value through profit
or loss
Financial assets are classified as held for trading
if they are acquired for the purpose of selling in
the near term. Derivatives, including separated
embedded derivatives, are also classified as
held for trading unless they are designated as
effective hedging instruments.
Subsequent to initial recognition, the financial
assets included in this category are measured at
fair value with changes in fair value recognised
in profit or loss. Fair value is determined by
reference to active market transactions or
using a valuation technique where no active
market exists. Fair value gain or loss does not
include any dividend or interest earned on
these financial assets. Dividend and interest
income is recognised in accordance with the
Group’s policies in Note 2.16 to these financial
statements.
(ii) Loans and receivables
Loans and receivables are non-derivative financial
assets with fixed or determinable payments that
are not quoted in an active market. These are
subsequently measured at amortised cost using
effective interest method, less any impairment
losses. Amortised cost is calculated taking into
account any discount or premium on acquisition
and includes fees that are an integral part of the
effective interest rate and transaction cost.
2. 主要會計政策概要（續）
2.9 財務資產（續）
於各報告日，會檢討財務資產，以評
估有否客觀跡象顯示減值。倘有任何
該等跡象，則會按該財務資產之分類
釐定及確認減值虧損。
(i) 透過損益表按公平價值列賬
之財務資產
倘財務資產購入目的為於短期出
售，則會分類為持作買賣。衍生
工具（包括分開的嵌入式衍生工
具）亦分類為持作買賣，除非有
關衍生工具已指定為有效之對沖
工具。
初步確認後，撥入此分類之財務
資產會按公平價值計量，並於損
益表確認公平價值變動。公平價
值乃參考活躍市場交易或（倘並
無活躍市場時）使用估值方法釐
定。公平價值收益或虧損並不包
括就有關財務資產賺取之任何股
息或利息。股息及利息收入乃根
據財務報表附註2.16所載之本集
團政策確認。
(ii) 貸款及應收款項
貸款及應收款項為附帶固定或可
釐定付款之非衍生性質而並無活
躍市場報價之財務資產。貸款及
應收款項其後使用實際利息法以
攤銷成本減任何減值虧損計量。
攤銷成本按計及任何收購折讓或
溢價後計算，包括屬實際利息及
交易成本一部份之費用。
50
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.9 Financial assets (Continued)
Impairment of financial assets
At each reporting date, financial assets other than
at fair value through profit or loss are reviewed to
determine whether there is any objective evidence of
impairment and impairment is recognised based on
the classification of the financial asset.
Objective evidence of impairment of individual
financial assets includes observable data that comes to
the attention of the Group about one or more of the
following loss events:
– Significant financial difficulty of the debtors;
– A breach of contract, such as a default of
delinquency in interest for principal payments;
– It becoming probable that the debtor will enter
bankruptcy or other financial reorganisation;
– Significant changes in the technological, market,
economic or legal environment that have an
adverse effect on the debtors; and
– A significant or prolonged decline in the fair
value of an investment in an equity instrument
below its cost.
Loss events in respect of a group of financial assets
include observable data indicating that there is a
measurable decrease in the estimated future cash
flows from the group of financial assets. Such
observable data includes but not limited to adverse
changes in the payment status of debtors in the
group and, national or local economic conditions that
correlate with defaults on the assets in the group. If
any such evidence exists, impairment loss is measured
and recognised as follows:
2. 主要會計政策概要（續）
2.9 財務資產（續）
財務資產之減值
透過損益表按公平價值列賬以外之財
務資產會於每個報告日檢討，以釐定
有否任何客觀跡象顯示減值而減值是
根據財務資產之分類而確認。
個別財務資產之客觀減值證據包括本
集團注意到以下一項或多項虧損事項
之顯著數據：
－ 債務人有重大財務困難；
－ 違反合約，如拖欠償還本金之利
息；
－ 債務人可能破產或進行其他財務
重組；
－ 科技、市場、經濟或法律環境有
重大改變而對債務人有不利影
響；及
－ 股本工具投資之公平價值大幅或
長期下跌至低於其成本值。
一組財務資產之虧損事件包括顯示該
組財務資產之估計未來現金流量出現
可計量之減少的顯著數據。該等顯著
數據包括（但不限於）該組別內應收款
項之付款情況，以及與該組別資產違
約有關連的國家或地方經濟情況出現
不利變動。倘有該等證據，則會按以
下方式計量及確認減值虧損：
51
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.9 Financial assets (Continued)
Impairment of financial assets (Continued)
If there is objective evidence that an impairment loss
on loans and receivables carried at amortised cost
has been incurred, the amount of loss is measured as
the difference between the asset’s carrying amount
and the present value of estimated future cash flows
(excluding future credit losses that have not been
incurred) discounted at the financial asset’s original
effective interest rate (i.e. the effective interest rate
computed at initial recognition). The amount of loss
is recognised in profit or loss of the year in which the
impairment occurs.
If, in subsequent period, the amount of impairment
loss decreases and the decrease can be related
objectively to an event occurring after the impairment
was recognised, the previously recognised impairment
loss is reversed to the extent that it does not result
in a carrying amount of the financial asset exceeding
what the amortised cost would have been had the
impairment not been recognised at the date the
impairment is reversed. The amount of the reversal is
recognised in profit or loss of the year in which the
reversal occurs.
2. 主要會計政策概要（續）
2.9 財務資產（續）
財務資產之減值（續）
倘有客觀證據顯示按攤銷成本列賬之
貸款及應收款項出現減值虧損，有關
虧損金額為資產賬面值與估計日後現
金流量（不包括尚未產生之日後信貸
虧損）按該財務資產原本實際利率（即
初步確認時計算之實際利率）折現之
現值間之差額。虧損金額會於減值產
生之年度在損益表確認。
倘於往後期間，減值虧損金額減少，
而有關減少客觀地關乎於確認減值後
之事件，則早前確認之減值虧損將予
撥回，惟於撥回減值當日財務資產之
賬面值不得超逾倘無確認減值而原應
釐定之攤銷成本。撥回金額於撥回產
生之年度在損益表確認。
52
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.9 Financial assets (Continued)
Impairment of financial assets (Continued)
For financial assets other than financial assets at fair
value through profit or loss and loans and receivables
that are stated at amortised cost, impairment losses
are written off against the corresponding assets
directly. Where the recovery of trade receivables is
considered doubtful but not remote, impairment
losses for doubtful receivables are recorded using an
allowance account. When the Group is satisfied that
recovery of trade receivables is remote, the amount
considered irrecoverable is written off against trade
receivables directly and any amounts held in the
allowance account in respect of that receivable are
reversed. Subsequent recoveries of amounts previously
charged to the allowance account are reversed
against the allowance account. Other changes in
the allowance account and subsequent recoveries of
amounts previously written off directly are recognised
in profit or loss.
2.10 Cash and cash equivalents
For the purpose of the consolidated statement of
cash flows, cash and cash equivalents comprise cash
in hand and demand deposits, and short-term highly
liquid investments that are readily convertible into
known amounts of cash, and which are subject to
an insignificant risk of changes in value and have a
short maturity of generally within three months when
acquired, less bank overdrafts which are payable on
demand and form an integral part of the Group’s cash
management.
For the purpose of the statement of financial position,
cash and cash equivalents comprise cash in hand and
at banks, including term deposits, and assets similar in
nature to cash, which are not restricted as to use.
2. 主要會計政策概要（續）
2.9 財務資產（續）
財務資產之減值（續）
就透過損益表按公平價值列賬之財務
資產及按攤銷成本列賬之貸款及應收
款項而言，減值虧損乃直接與相應資
產撇銷。倘貿易應收款項被認為有可
能但並非不能收回，則屬呆賬之應收
款項減值虧損會使用撥備賬列賬。當
本集團信納不大可能收回貿易應收款
項時，則被認為屬不可收回之金額乃
直接自貿易應收款項撇銷，而於撥備
賬內就有關應收款項持有之任何金額
會予以撥回。其後收回過往自撥備賬
扣除之金額乃撥回至撥備賬。撥備賬
之其他變動及其後收回過往直接撇銷
之金額乃於損益確認。
2.10 現金及現金等值項目
就綜合現金流量表而言，現金及現金
等值項目由手頭現金及活期存款，以
及可隨時兌換為已知金額現金、所涉
及價值變動風險輕微以及於短時間內
到期（一般於購入後三個月內到期）之
短期高流通量投資所組成，並減去須
應要求償還及構成本集團現金管理一
部份之銀行透支。
就財務狀況表而言，現金及現金等值
項目由手頭及銀行現金（包括定期存
款）以及性質與現金相若而用途不受
限制的資產所組成。
53
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.11 Leases
An arrangement, comprising a transaction or a series
of transactions, is or contains a lease if the Group
determines that the arrangement conveys a right to
use a specific asset or assets for an agreed period of
time in return for a payment or a series of payments.
Such a determination is made based on an evaluation
of the substance of the arrangement and is regardless
of whether the arrangement takes the legal form of a
lease.
(i) Classification of assets leased to the Group
Assets that are held by the Group under leases
which transfer to the Group substantially all the
risks and rewards of ownership are classified as
being held under finance leases. Leases which
do not transfer substantially all the risks and
rewards of ownership to the Group are classified
as operating leases.
(ii) Operating lease charges as the lessee
Where the Group has the right to use of assets
held under operating leases, payments made
under the leases are charged to profit or loss
using straight-line method over the lease terms
except where an alternative basis is more
representative of the time pattern of benefits
to be derived from the leased assets. Lease
incentives received are recognised in profit or
loss as an integral part of the aggregate net
lease payments made. Contingent rentals are
charged to profit or loss in the period in which
they are incurred.
2. 主要會計政策概要（續）
2.11 租賃
倘本集團決定有關一項或一連串交易
之安排將特定的一項資產或多項資產
之使用權按協定期間轉移以換取一筆
或一連串的款項，則有關安排屬於租
賃或包括租賃。有關決定乃依據對安
排之實質內容之評估而作出，而不論
有關安排是否屬法定形式之租賃。
(i) 本集團承租之資產之分類
本集團按租賃持有而擁有權之絕
大部份風險及回報轉讓予本集
團之資產，分類為按融資租約持
有。並無將擁有權之絕大部份風
險及回報轉讓予本集團之租賃，
分類為經營租約。
(ii) 作為承租人之經營租約支出
倘本集團持有按經營租約持有之
資產之使用權，根據租約所付款
項會按租期以直線法自損益表扣
除，惟倘另一基準更能代表租賃
資產所產生利益之時間模式則除
外。所獲租約優惠於損益表確認
為所付總租金淨額之一部份。或
有租金於產生之期間自損益表扣
除。
54
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.11 Lease (Continued)
(iii) Assets leased out under operating leases as
the lessor
Renta l i ncome f rom opera t ing l eases i s
recognised in profit or loss on straight-line
method over the terms of the relevant lease.
Initial direct costs incurred in negotiating and
arranging an operating lease are added to
the carrying amount of the leased asset and
recognised as an expense on straight-l ine
method over the lease term.
2.12 Financial guarantees issued
A financial guarantee contract is a contract that
requires the issuer (or guarantor) to make specified
payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment
when due in accordance with the terms of a debt
instrument.
Where the Group issues a financial guarantee, the
fair value of the guarantee is initially recognised as
deferred income within trade and other payables.
Where consideration is received or receivable for
the issuance of the guarantee, the consideration is
recognised in accordance with the Group’s policies
applicable to that category of asset. Where no such
consideration is received or receivable, an immediate
expense is recognised in profit or loss on initial
recognition of any deferred income.
The amount of the guarantee initially recognised
as deferred income is amortised in profit or loss
over the term of the guarantee as income from
financial guarantees issued. In addition, provisions
are recognised if and when it becomes probable that
the holder of the guarantee will call upon the Group
under the guarantee and the amount of that claim on
the Group is expected to exceed the current carrying
amount i.e. the amount initially recognised less
accumulated amortisation, where appropriate.
2. 主要會計政策概要（續）
2.11 租賃（續）
(iii) 根據經營租約以出租人身份
出租之資產
經營租約之租金收入按相關租期
以直線法於損益確認。因磋商及
安排經營租約而錄得之初始直接
成本乃加至租賃資產之賬面值
上，按租期以直線法支銷。
2.12 作出財務擔保
財務擔保合約為要求發行人（或擔保
人）作出特定付款，以償付持有人因
特定欠款人未能按照債務文據條款於
到期時付款所產生損失之合約。
倘本集團作出財務擔保，擔保之公平
價值初步於貿易及其他應付款項確認
為遞延收入。就作出擔保已收或應收
之代價會按適用於該類資產之本集團
政策確認。倘無收取或應收代價，則
於初步確認遞延收入時即時於損益表
確認開支。
初步確認為遞延收入之擔保金額按擔
保年期於損益表攤銷為所作出財務擔
保之收入。此外，倘擔保持有人可能
要求本集團履行擔保及有關向本集團
索償金額預期超出現行賬面值（即初
步確認金額減累計攤銷（倘適用）），
則確認撥備。
55
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.13 Financial liabilities
The Group’s f inanc ia l l iab i l i t ies inc lude bank
borrowings, trade and other payables. Financial
liabilities are recognised when the Group becomes a
party to the contractual provisions of the instrument.
Al l interest re lated charges are recognised in
accordance with the Group’s accounting policy for
borrowing costs (see Note 2.19).
A f inancial l iabi l i ty is de-recognised when the
obligation under the liability is discharged or cancelled
or expires.
Where an existing financial liability is replaced by
another from the same lender on substantial ly
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as a de-recognition of the
original liability and the recognition of a new liability,
and the difference in the respective carrying amount is
recognised in profit or loss.
Borrowings
Borrowings are recognised initially at fair value,
net of transaction costs incurred. Borrowings are
subsequently stated at amortised cost; any difference
between the proceeds (net of transaction costs) and
the redemption value is recognised in profit or loss
over the period of the borrowing using effective
interest method.
Borrowings are classified as current liabilities unless
the Group has an unconditional right to defer
settlement of the liability for at least twelve months
after the reporting date.
Trade and other payables
These are recognised initially at their fair value and
subsequently measured at amortised cost, using
effective interest method.
2. 主要會計政策概要（續）
2.13 財務負債
本集團之財務負債包括銀行借貸以及
貿易及其他應付款項。財務負債乃於
本集團成為工具合約條文之一方時確
認。所有利息相關開支乃根據本集團
就借貸成本採納之會計政策（見附註
2.19）確認。
財務負債於負債責任履行或註銷或到
期時終止確認。
倘現行財務負債以由相同借款人按極
為不同條款作出之另一項財務負債取
代，或現行負債之條款大幅修訂，則
有關取代或修訂視作終止確認原有負
債及確認新負債處理，而各賬面值間
之差額會於損益表確認。
借貸
借貸初步按公平價值扣除交易成本確
認。其後借貸按攤銷成本列賬，所得
款項（扣除交易成本）與贖回價值間之
任何差額於借貸期內使用實際利率法
於損益表內確認。
借貸歸類為流動負債，除非本集團擁
有無條件權利延遲至報告日至少十二
個月後償債。
貿易及其他應付款項
此等款項初步按其公平價值確認，其
後以實際利息法按攤銷成本計量。
56
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.14 Contingent liabilities
Where it is not probable that an outflow of economic
benefits will be required, or the amount cannot be
estimated reliably, the obligation is disclosed as a
contingent liability, unless the probability of outflow
of economic benefits is remote. Possible obligations,
whose existence will only be confirmed by the
occurrence or non-occurrence of one or more future
events, are also disclosed as contingent liabilities
unless the probability of outflow of economic benefits
is remote.
2.15 Share capital
Ordinary shares are classified as equity. Share capital
is determined using the nominal value of shares that
have been issued.
Any transaction costs associated with the issue of
shares are deducted from share premium (net of any
related income tax benefit) to the extent they are
incremental costs directly attributable to the equity
transaction.
2. 主要會計政策概要（續）
2.14 或有負債
倘不可能需要流出經濟利益或無法可
靠估計有關金額，則有關責任會披露
為或有負債，惟經濟利益極不可能流
出則作別論。其存在與否僅取決於一
項或多項未來事件發生與否之潛在責
任亦披露為或有負債，惟經濟利益極
不可能流出則作別論。
2.15 股本
普通股乃分類為權益。股本乃使用已
發行股份之面值釐定。
與發行股份有關之任何交易成本乃自
股份溢價（扣除任何相關所得稅利益）
中扣除，惟以股本交易之直接成本增
加為限。
57
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.16 Revenue recognition
Revenue comprises the fair value of the consideration
received or receivable for the sale of goods, rendering
of services, net of rebates and discounts. Provided it is
probable that the economic benefits will flow to the
Group and the revenue and costs, if applicable, can be
measured reliably, revenue is recognised as follows:
– Advertising income is recognised on the date
of the relevant publication issue or on time-
proportion basis by reference to the period in
which the advertisement is displayed in the
website.
– Printing income (discontinued operation) is
recognised upon transfer of the significant risks
and rewards of ownership to the customer. This
is usually taken as the time when the goods are
delivered and the customer has accepted the
goods.
– Service income is recognised in the period in
which the services are rendered, by reference to
completion of the specific transaction assessed
on the basis of the actual service provided as a
proportion of the total services to be provided.
– Interest income is recognised on time-proportion
basis using effective interest method.
– Renta l income under operat ing leases i s
recognised on straight-line method over the
terms of the relevant lease.
– Dividend income is recognised when the right to
receive payment is established.
2. 主要會計政策概要（續）
2.16 收益確認
收益包含銷售貨品、提供服務之已收
或應收代價的公平價值（扣除回贈及
折扣）。倘經濟利益有可能流入本集
團，而能可靠地計量收益及成本（如
適用）時，收益按以下基準確認：
－ 廣告收入於有關刊物出版當日或
參考廣告在網站之刊登期間按時
間比例基準確認。
－ 印刷收入（已終止經營業務）於
擁有權之重大風險及回報轉嫁予
客戶時確認，一般為貨品交付及
客戶收取貨品時。
－ 服務收入於提供服務之期間內參
照按實質提供服務與將提供服務
總計之比例評估之特定交易完成
時間確認。
－ 利息收入使用實際利息法按時間
比例基準確認。
－ 經營租約之租金收入按相關租期
以直線法確認。
－ 股息收入於收取股息之權利確立
時確認。
58
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.17 Impairment of non-financial assets
Intangible assets, property, plant and equipment,
investment properties and interests in subsidiaries are
subject to impairment testing.
Assets that have an indefinite useful life, for example
goodwill, are not subject to amortisation and are
tested for impairment annually. All other assets are
tested for impairment whenever there are indications
that the carrying amount may not be recoverable.
An impairment loss is recognised as an expense
immediately for the amount by which the asset’s
carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of fair value,
reflecting market conditions less costs to sell and
value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current
market assessment of time value of money and the
risk specific to the asset.
For the purposes of assessing impairment, where
an asset does not generate cash inflows largely
independent from those from other assets, the
recoverable amount is determined for the smallest
g roup o f a s se t s tha t gene ra te ca sh i n f l ows
independently (i.e. a CGU). As a result, some assets
are tested individually for impairment and some are
tested at CGU level.
Impairment losses are charged pro rata to the other
assets in the CGU, except that the carrying value of an
asset will not be reduced below its individual fair value
less cost to sell, or value-in-use, if determinable.
An impairment loss on other assets other than
goodwill is reversed if there has been a favourable
change in the estimates used to determine the asset’s
recoverable amount and only to the extent that the
asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of
depreciation or amortisation, if no impairment loss has
been recognised.
2. 主要會計政策概要（續）
2.17 非財務資產之減值
無形資產、物業、廠房及設備、投資
物業以及於附屬公司之權益須進行減
值檢測。
具無限定使用年期之資產（如商譽）會
每年進行減值測試而毋須攤銷。所有
其他資產於有跡象顯示可能無法收回
其賬面值時檢測減值。
減值虧損按資產之賬面值超出其可收
回金額數額部份即時確認為支出。可
收回金額為反映市況之公平價值減出
售成本與使用價值兩者中之較高者。
評估使用價值時，估計日後現金流量
按反映幣值時間價值之現行市場評估
及該資產之特定風險之稅前折現率折
現至其現值。
就評估減值而言，倘資產並無產生大
致上獨立於其他資產之現金流入，其
可收回金額會按獨立產生現金流入
之最小組別資產（即現金產生單位）
釐定。因此，部份資產會個別檢測減
值，部份則按現金產生單位檢測。
除資產賬面值將不會調減至低於其個
別公平價值減銷售成本或使用價值
（如可釐定）外，減值虧損乃按比例自
該現金產生單位之其他資產中扣除。
如用以釐定資產可收回款額之估計發
生有利變化，其他資產（不包括商譽）
之減值虧損將予以回撥，但回撥額不
得超過如先前不確認減值，並計提折
舊或攤銷得出之賬面值。
59
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.18 Employee benefits
(i) Retirement benefit schemes
The Group participates in several staff retirement
benefit schemes for employees in Hong Kong
and the PRC, comprising defined contribution
retirement schemes and a Mandatory Provident
Fund scheme (the “MPF Scheme”). The assets of
these schemes are held separately from those of
the Group in independently administered funds.
The retirement benefit schemes are generally
funded by payments from employees and by
the relevant group companies. The retirement
benefit scheme costs charged to profit or loss
represents contributions payable by the Group to
the schemes.
T h e s u b s i d i a r i e s o p e r a t i n g i n t h e P R C
are required to participate in the defined
contr ibution ret irement schemes for their
employees, organised by the relevant local
government authorities. They are required to
make contributions to the retirement benefit
schemes at a specified percentage of employees’
relevant income and there are no other further
obligations to the Group.
Before 1 December 2000, the Group operated
a defined contribution retirement scheme (“the
ORSO Scheme”) in Hong Kong for all qualified
employees. The ORSO Scheme is funded by
monthly contributions from both employees and
the Group at rates ranging from 5% to 7.5% of
the employees’ basic salary, depending on the
length of service with the Group. The Group’s
contributions under the ORSO Scheme were
reduced by contributions forfeited by those
employees who left the ORSO Scheme prior to
vesting fully in the contributions.
2. 主要會計政策概要（續）
2.18 僱員福利
(i) 退休福利計劃
本集團為香港及中國之僱員提供
數項員工退休福利計劃，包括定
額供款退休福利計劃及強制性公
積金計劃（「強積金計劃」）。該
等計劃之資產與本集團之資產分
開，由獨立管理基金保管。退休
福利計劃之資金一般來自僱員及
有關集團公司之供款。於損益表
扣除之退休福利計劃成本指本集
團應向該等計劃作出之供款。
於中國營運之附屬公司須為其僱
員參與由有關地方政府機關統籌
之定額供款退休計劃，並須按其
僱員有關收入之某一特定百分比
向退休福利計劃作出供款，而本
集團並無任何其他進一步責任。
於二零零零年十二月一日前，本
集團於香港為其所有合資格僱員
設立一個定額供款退休金計劃
（「職業退休計劃」）。職業退休計
劃之資金來自僱員及本集團之每
月供款，供款額視乎服務本集團
之年期而定，介乎僱員基本薪金
之5%至7.5%。本集團根據職業
退休計劃作出之供款，可以因僱
員於可享有供款所得全部權益前
退出職業退休計劃而沒收之供款
扣減。
60
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.18 Employee benefits (Continued)
(i) Retirement benefit schemes (Continued)
The Mandatory P rov ident Fund Schemes
Authority has approved the ORSO Scheme
as a Mandatory Provident Fund Exempted
Occupational Retirement Scheme under the
Mandatory Provident Fund Schemes Ordinance
(the “MPF Schemes Ordinance”). With effect
from 1 December 2000, the MPF Scheme was
set up under the MPF Schemes Ordinance for
existing staff who opt for this scheme and
eligible staff recruited on or after that date.
When the underlying staff elects the MPF
Scheme, retirement scheme benefits attributed
to the staff under the ORSO Scheme remain
unchanged in the MPF Scheme. Under the MPF
Scheme, eligible employees are required to
contribute 5% of their monthly basic salaries
whereas the Group’s contribution will be 5% of
the relevant income with a maximum monthly
contribution of HK$1,500 (2014: HK$1,500)
and there are no other legal or constructive
obligations to the Group.
(ii) Share-based employee compensation
The Group operates an equity-settled share-
based compensation plan, which was a share
opt ion scheme by the Company, for the
purpose of recognising and motivating the
contribution from their staff and directors.
Employees (including directors) of the Group
receive remuneration in the form of share-based
payments, whereby employees render services
as consideration for equity instruments (“equity-
settled transactions”).
2. 主要會計政策概要（續）
2.18 僱員福利（續）
(i) 退休福利計劃（續）
強制性公積金計劃管理局已根據
強制性公積金計劃條例（「強積
金計劃條例」）批准職業退休計
劃為獲強積金豁免的職業退休
計劃。自二零零零年十二月一日
起，本集團亦根據強積金計劃條
例為選擇強積金計劃之現有僱員
及於該日或之後聘用之合資格員
工設立強積金計劃。倘相關員工
選擇強積金計劃，根據職業退休
計劃屬於員工之退休計劃利益於
強積金計劃中維持不變。根據強
積金計劃，合資格僱員須按其每
月基本薪金之5%供款，而本集
團之供款將為有關收入之5%，
每月供款上限為1,500港元（二
零一四年：1,500港元），而本集
團並無任何其他之法定或推定責
任。
(ii) 以股份支付之僱員賠償
本集團推行一項以股本結算之
股份付款賠償計劃（即本公司之
購股權計劃），以肯定及激勵員
工及董事作出貢獻。本集團僱員
（包括董事）以股份形式收取酬
金，據此，僱員收取股本工具作
為提供服務之代價（「以股本結
算之交易」）。
61
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.18 Employee benefits (Continued)
(ii) Share-based employee compensation
(Continued)
All employee services received in exchange for
the grant of any share-based compensation are
measured at their fair values. These are indirectly
determined by reference to the share options.
Their value is appraised at the grant date and
excludes the impact of any non-market vesting
conditions (for example, profitability and sales
growth targets).
All share-based compensation is recognised as an
expense in profit or loss over the vesting period
if vesting conditions apply, or recognised as an
expense in full at the grant date when the equity
instruments granted vest immediately unless
the compensation qualified for recognition as
asset, with a corresponding increase in the
employee compensation reserve in equity of
the Company and the subsidiary. If vesting
conditions apply, the expense is recognised over
the vesting period, based on the best available
estimate of the number of equity instruments
expected to vest. Non-market vesting conditions
are included in assumptions about the number
of equity instruments that are expected to vest.
Estimates are subsequently revised, if there is any
indication that the number of equity instruments
expected to vest differs from previous estimates.
At the t ime when the share opt ions are
exercised, the amount previously recognised in
employee compensation reserve is transferred
to share premium. After vesting date, when the
vested share options are later forfeited or are
still not exercised at the expiry date, the amount
previously recognised in employee compensation
reserve is transferred to retained earnings.
2. 主要會計政策概要（續）
2.18 僱員福利（續）
(ii) 以股份支付之僱員賠償（續）
僱員提供以換取獲授任何股份付
款賠償之所有服務乃按照其公平
價值計量。此乃參照有關購股權
而間接釐定，其價值乃於授出日
期評估，而不包括任何非市場歸
屬條件（如盈利能力及銷售增長
目標）之影響。
所有以股份支付之賠償於歸屬期
在損益表確認為開支（若歸屬條
件適用），或於授出的股本工具
即時歸屬時在授出日期悉數確認
為開支，除非有關賠償符合資格
確認為資產，並在本公司及該附
屬公司之權益之僱員賠償儲備相
應增加。倘歸屬條件適用，則開
支會於歸屬期內按照預期歸屬之
股本工具數目之最佳可得估計
確認。於假設預期將歸屬之股本
工具數目時會計入非市場歸屬條
件。倘有任何跡象顯示預期歸屬
之股本工具數目與過往之估計不
同，則會於其後修訂估計。
於購股權獲行使時，先前於僱員
賠償儲備確認之款額轉入股份溢
價。於歸屬日期後當已歸屬之購
股權其後被沒收或於到期日尚未
行使，早前於僱員賠償儲備確認
之金額轉入保留溢利。
62
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.18 Employee benefits (Continued)
(iii) Bonus plans
The Group recognises a liability and an expense
for bonuses where it has a contractual obligation
or where there is a past practice that has created
a constructive obligation.
(iv) Short-term employee benefits
Employee entitlements to annual leave are
recognised when they accrue to employees. A
provision is made for the estimated liability for
annual leave as a result of services rendered
by employees up to the reporting date. Non-
accumulating compensated absences such as
sick leave and maternity leave are not recognised
until the time of leave.
2.19 Borrowing costs
Borrowing costs incurred for the acquis i t ion,
construction or production of any qualifying asset are
capitalised during the period of time that is required
to complete and prepare the asset for its intended use.
A qualifying asset is an asset which necessarily takes a
substantial period of time to get ready for its intended
use or sale. Other borrowing costs are expensed when
incurred.
Borrowing costs are capitalised as part of the cost of
a qualifying asset when expenditure for the asset is
being incurred, borrowing costs are being incurred
and activities that are necessary to prepare the asset
for its intended use or sale are being undertaken.
Capital isation of borrowing costs ceases when
substantially all the activities necessary to prepare
the qualifying asset for its intended use or sale are
complete.
2. 主要會計政策概要（續）
2.18 僱員福利（續）
(iii) 花紅計劃
本集團就在合約上有責任支付或
根據過往慣例已產生推定責任之
花紅確認負債及開支。
(iv) 短期僱員福利
僱員可享有之年假於僱員應享有
時確認。本公司就僱員因截至報
告日止所提供服務而可享有之年
假之估計負債作出撥備。如病假
及分娩假期等非累計計薪休假於
提取假期時方予確認。
2.19 借貸成本
就收購、建造或生產任何合資格資產
所產生之借貸成本，於完成及準備資
產作擬定用途的期間內撥充資本。合
資格資產是指必須要一段長時間方可
達致擬定用途或出售的資產。其他借
貸成本於產生時支銷。
在資產產生開支、借貸成本產生和使
資產投入擬定用途或銷售所必須的準
備工作進行期間，借貸成本乃撥充資
本，作為合資格資產成本的一部份。
在使合資格資產投入擬定用途或銷售
所必須的絕大部份準備工作完成時，
借貸成本便會停止資本化。
63
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.20 Accounting for income taxes
Income tax comprises current tax and deferred tax.
Current income tax assets and/or liabilities comprise
those obligations to, or claims from, tax authorities
relating to the current or prior reporting period, that
are unpaid at the reporting date. They are calculated
according to the tax rates and tax laws applicable to
the fiscal periods to which they relate, based on the
taxable profit for the year. All changes to current tax
assets or liabilities are recognised as a component of
tax expense in profit or loss.
Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
corresponding amounts used for tax purposes. Except
for goodwill and recognised assets and liabilities that
affect neither accounting nor taxable profits, deferred
tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised to
the extent that it is probable that taxable profits
will be available against which deductible temporary
differences can be utilised. Deferred tax is measured
at the tax rates appropriate to the expected manner
in which the carrying amount of the asset or liability
is realised or settled and that have been enacted or
substantively enacted at the end of reporting period.
Deferred tax liabilities are recognised for taxable
temporary differences arising on investments in
subsidiaries except where the Group is able to control
the reversal of the temporary differences and it is
probable that the temporary differences will not
reverse in the foreseeable future.
Deferred tax is calculated, without discounting, at
tax rates that are expected to apply in the period the
liability is settled or the asset realised, provided they
are enacted or substantively enacted at the reporting
date.
2. 主要會計政策概要（續）
2.20 所得稅之會計方法
所得稅包括即期稅項及遞延稅項。
即期所得稅資產及╱或負債包括現行
或上個報告期間應向稅務機關支付或
提出而於報告日尚未支付之責任或索
償，乃根據其有關財政期間之適用稅
率及稅務法例，按照本年度之應課稅
溢利計算。所有即期稅務資產或負債
之變動於損益表確認為稅項開支一部
份。
遞延稅項乃就用於財務報告目的之資
產及負債的賬面值與用於稅務目的之
相應金額之間的暫時差額確認。除商
譽以及不影響會計或應課稅溢利的已
確認資產及負債外，會就所有應課稅
暫時差額確認遞延稅項負債。遞延稅
項資產於有可能動用應課稅溢利抵銷
可抵扣暫時差額的情況確認。遞延稅
項乃按適用於預期變現資產或清償負
債賬面值的方式以及於報告期間結束
時已頒佈或實質上已頒佈的稅率計量。
遞延稅項負債乃就於附屬公司之投資
產生之應課稅暫時差額確認，惟倘本
集團可控制暫時差額之撥回及暫時差
額可能不會於可見將來撥回則除外。
遞延稅項不計折現，按預期付還負債
或變現資產之期間適用而於報告日已
實施或大致實施之稅率計算。
64
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.20 Accounting for income taxes (Continued)
Changes in deferred tax assets or liabilities are
recognised in profit or loss, or in other comprehensive
income or directly in equity if they relate to items
that are charged or credited to other comprehensive
income or directly to equity.
Current tax assets and current tax liabilities are
presented in net if, and only if,
(a) the Group has the legally enforceable right to set
off the recognised amounts; and
(b) intends either to settle on a net basis, or
to realise the asset and settle the liabil ity
simultaneously.
The Group presents deferred tax assets and deferred
tax liabilities in net if, and only if,
(a) the entity has a legally enforceable right to
set off current tax assets against current tax
liabilities; and
(b) the deferred tax assets and the deferred tax
liabilities relate to income taxes levied by the
same taxation authority on either:
(i) the same taxable entity; or
(ii) different taxable entities which intend
either to sett le current tax l iabi l i t ies
and assets on a net basis, or to realise
the as se t s and se t t l e the l i ab i l i t i e s
simultaneously, in each future period in
which significant amounts of deferred
tax liabilities or assets are expected to be
settled or recovered.
2. 主要會計政策概要（續）
2.20 所得稅之會計方法（續）
遞延稅項資產或負債之變動乃於損益
表中確認，倘與於其他全面收益或股
本直接扣除或計入之項目有關，則於
其他全面收益或直接於股本中確認。
即期稅項資產與即期稅項負債只會於
以下情況以淨額呈列：
(a) 本集團依法有強制執行權可以將
已確認金額對銷；及
(b) 計劃以淨額基準結算或同時實現
資產及結清負債。
本集團只會於以下情況以淨額呈列遞
延稅項資產與遞延稅項負債：
(a) 該實體依法有強制執行權可以將
即期稅項資產與即期稅項負債對
銷；及
(b) 遞延稅項資產與遞延稅項負債是
關於同一稅務機關就以下任何一
項所徵收的所得稅：
(i) 同一應課稅實體；或
(ii) 計劃於各段未來期間（而預
期在有關期間內將結清或
收回大額的遞延稅項負債
或資產）以淨額基準結算即
期稅項負債與資產或同時
實現資產及結清負債的不
同應課稅實體。
65
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.21 Segment reporting
The Group identifies operating segments and prepares
segment information based on the regular internal
financial information reported to the Directors for
their decisions about resources allocation to the
Group’s business components and for their review of
the performance of those components. The business
components in the internal financial information
reported to the executive directors are determined
following the Group’s major product and service lines.
The Group has identified the following reportable
segments:
? Advertising – providing advertising services on
different publications and magazines.
? Property investment – investment in properties
held to earn rentals or for capital appreciation or
for both (new segment during the year).
Each of these operating segments is managed
separately as each of the product and service lines
requires different resources as well as marketing
approaches. All inter-segment transfers are carried out
at arm’s length prices.
The measurement pol ic ies the Group uses for
reporting segment results under HKFRS 8 are the same
as those used in its financial statements prepared
under HKFRSs, except that:
? finance costs
? income tax
are not included in arriving at the operating results of
the operating segments.
Segment assets include all assets but corporate assets
which are not directly attributable to the business
activities of any operating segment.
2. 主要會計政策概要（續）
2.21 分部報告
本集團定期向董事報告內部財務資
料，以供彼等就本集團業務組成部份
的資源分配作決定，以及供彼等檢討
該等組成部份的表現，而本集團則根
據該等資料劃分營運分部及編製分部
資料。向執行董事報告之內部財務資
料的業務組成部份，乃依照本集團之
主要產品及服務類別而釐定。
本集團已劃分以下可呈報分部：
? 廣告－於不同刊物及雜誌提供廣
告服務。
? 物業投資－賺取租金或實現資本
增值或為兩者兼得投資於物業
（此為本年度之新增分部）。
由於各產品及服務系列需要不同資源
以及市場推廣方法，因此上述各營運
分部是分開管理。所有分部間之轉讓
是按公平價格進行。
本集團根據香港財務報告準則第8號
就報告分部業績所採用的計量政策，
與根據香港財務報告準則於財務報表
所採用的相同，惟以下所述者：
? 財務費用
? 所得稅
於計算營運分部的經營業績時並不包
括在內。
分部資產包括所有資產，惟並非任何
營運分部直接應佔之業務活動的企業
資產除外。
66
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.21 Segment reporting (Continued)
Segment liabilities exclude corporate liabilities which
are not directly attributable to the business activities
of any operating segment and are not allocated to
a segment. These include deferred tax liabilities and
liabilities incurred for financing rather than operating
purposes.
No asymmetrical allocations have been applied to
reportable segments.
2.22 Related parties
(a) A person or a close member of that person’s
family is related to the Group if that person:
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of key management personnel
of the Group or the Company’s parent.
(b) An entity is related to the Group if any of the
following conditions apply:
(i) The entity and the Group are members of
the same group (which means that each
parent, subsidiary and fellow subsidiary is
related to the others).
(ii) One entity is an associate or joint venture
of the other entity (or an associate or joint
venture of a member of a group of which
the other entity is a member).
(iii) Both entities are joint ventures of the same
third party.
(iv) One entity is a joint venture of a third
entity and the other entity is an associate
of the third entity.
2. 主要會計政策概要（續）
2.21 分部報告（續）
分部負債不包括並非任何營運分部直
接應佔之業務活動的企業負債及並不
會分配至分部，此乃指遞延稅項負債
及因融資（而非營運目的）而產生之負
債。
並無對可呈報分部採用非對稱的分配。
2.22 有關連人士
(a) 該名人士於符合以下條件時，該名
人士或其家族之近親與本集團方有
關連：
(i) 對本集團擁有控制權或聯合控
制權；
(ii) 對本集團擁有重大影響；或
(iii) 為本集團或本公司母公司之主
要管理層人員。
(b) 實體於適用以下任何條件時，與本
集團方有關連：
(i) 實體與本集團為同一集團成
員，即母公司、附屬公司及同
系附屬公司各自彼此相互關
連。
(ii) 某一實體為另一實體之聯營公
司或合營公司，或為另一實體
所屬集團成員之聯營公司或合
營公司。
(iii) 實體均為同一第三方之合營公
司。
(iv) 實體為第三實體之合營公司，
而另一實體為第三實體之聯營
公司。
67
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.22 Related parties (Continued)
(b) (Continued)
(v) The entity is a post-employment benefit
plan for the benefit of the employees
of the Group or an entity related to the
Group.
(vi) The entity is controlled or jointly controlled
by a person identified in (a).
(vii) A person identified in (a)(i) has significant
influence over the entity or is a member of
key management personnel of the entity
(or of a parent of the entity).
(viii) The entity, or any member of a group
of wh ich i t i s a par t , p rov ides key
management personnel services to the
Group or to the Group’s parent.
Close members of the family of a person are those
family members who may be expected to influence,
or be influenced by, that person in their dealings with
the entity and include:
(i) that person’s children and spouse or domestic
partner;
(ii) children of that person’s spouse or domestic
partner; and
(iii) dependents of that person or that person’s
spouse or domestic partner.
2. 主要會計政策概要（續）
2.22 有關連人士（續）
(b) （續）
(v) 實體是為本集團或與本集
團有關之實體之僱員福利
所設立之離職後福利計劃。
(vi) 實體受(a)所界定人士控制
或聯合控制。
(vii) (a)(i)所界定人士對實體擁
有重大影響或為實體或該
名實體母公司之主要管理
層人員。
(viii) 該實體或其所屬集團之任
何成員向本集團或本集團
之母公司提供主要管理層
人員服務。
該名人士之家族近親為預期將會影響
與實體交易之該名人士或受其影響之
家族成員並包括：
(i) 該名人士之子女及配偶或同居伴
侶；
(ii) 該名人士之配偶或同居伴侶的子
女；及
(iii) 該名人士或該名人士之配偶或同
居伴侶的受養人。
68
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
2.23 Discontinued operations
A discontinued operation is a component of the
Group’s business, the operations and cash flows of
which can be clearly distinguished from the rest of
the Group and which represents a separate major
line of business or geographical area of operations,
or is part of a single coordinated plan to dispose of a
separate major line of business or geographical area
of operations, or is a subsidiary acquired exclusively
with a view to resale. Classification as a discontinued
operation occurs upon disposal or when the operation
meets the criteria to be classified as held for sale, if
earlier.
Where an operation is classified as discontinued,
a single amount is presented on the face of the
consolidated statement of profit or loss and other
comprehensive income, which comprises:
– post-tax profit or loss of the discontinued
operation; and
– post - tax ga in or loss recogn ised on the
measurement to fair value less costs of disposal,
or on the disposal, of the assets or disposal
groups constituting the discontinued operation.
2.24 Distributions of non-cash assets to owners
When the Company has an obligation to distribute
non-cash assets to owners, it recognises a liability
to pay the dividend. The liability to pay the dividend
is recognised when the dividend is appropriately
authorised and is no longer at the discretion of
the Company. The liability to pay the dividend is
measured at the fair value of the non-cash assets to be
distributed. When the Company settles the dividend
payable, the difference between the carrying amount
of the non-cash assets distributed and the amount of
the dividend payable is recognised in profit or loss.
2. 主要會計政策概要（續）
2.23 已終止經營業務
已終止經營業務為本集團業務之一部
份，其營運及現金流量可與本集團其
他業務清楚區分，且代表一項按業務
或地區劃分之獨立主要業務，或作為
出售一項按業務或地區劃分之獨立主
要業務之單一統籌計劃一部份，或為
一間純粹為轉售而收購之附屬公司。
倘業務被出售或符合分類為持作出售
之標準（以較早者為準）時，有關業務
會分類為已終止經營業務。
倘若業務分類列為已終止經營業務，
則會於綜合損益及其他全面收益表按
單一數額呈列，當中包含：
－ 已終止經營業務之除稅後溢利或
虧損；及
－ 就構成已終止經營業務之資產或
出售組合，計量公平價值減銷售
成本或於出售時確認之除稅後收
益或虧損。
2.24 向擁有人分派非現金資產
當本公司有責任向擁有人分派非現金
資產時，其確認為支付股息的負債。
支付股息的負債於有關股息獲適當授
權及不再由本公司酌情決定時確認。
支付股息的負債按將分派的非現金資
產的公平價值計量。當本公司結清應
付股息時，所分派非現金資產的賬面
值與應付股息金額之間的差額於損益
確認。
69
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
3. ADOPTION OF NEW OR AMENDED
HKFRSs
During the year, the Group has adopted all the amended
HKFRSs which are first effective for the reporting year and
relevant to the Group. The adoption of these amended
HKFRSs did not result in material changes to the Group’s
accounting policies.
At the date of this report, certain new and amended HKFRSs
have been published but are not yet effective, and have not
been adopted early by the Group.
The Directors anticipate that all of the pronouncements
will be adopted in the Group’s accounting policy for
the first period beginning after the effective date of the
pronouncement. The Directors are currently assessing
the impact of the new and amended HKFRSs upon
initial application. So far, the Directors have preliminarily
concluded that the initial application of these HKFRSs will
not result in material financial impact on the consolidated
financial statements. Information on new and amended
HKFRSs that are expected to have an impact on the Group’s
accounting policies is provided below.
3. 採納新訂立或經修訂香港財務報
告準則
於本年度，本集團已採納對報告年度首次
生效並且與本集團有關的所有經修訂香港
財務報告準則。採納此等經修訂香港財務
報告準則並無令到本集團之會計政策出現
重大變動。
於本報告日期，若干新訂立及經修訂之香
港財務報告準則已經頒佈但尚未生效，亦
未由本集團提前採納。
董事預期，本集團將於有關規定生效日期
後之首個期間在會計政策中採納所有有關
規定。董事現正評估首次應用新訂立及經
修訂香港財務報告準則之影響。迄今，董
事作出之初步結論為首次應用此等香港財
務報告準則將不會對綜合財務報表造成重
大財務影響。有關預期對本集團會計政策
產生影響之新訂立及經修訂香港財務報告
準則之資料提供如下。
70
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
3. ADOPTION OF NEW OR AMENDED
HKFRSs (Continued)
HKFRS 9 (2014) Financial Instruments
The standard is effective for accounting periods beginning
on or after 1 January 2018. It introduces new requirements
for the classification and measurement of financial assets.
Debt instruments that are held within a business model
whose objective is to hold assets in order to collect
contractual cash flows (the business model test) and
that have contractual terms that give rise to cash flows
that are solely payments of principal and interest on the
principal amount outstanding (the contractual cash flow
characteristics test) are generally measured at amortised
cost. Debt instruments that meet the contractual cash
flow characteristics test are measured at fair value through
other comprehensive income (“FVTOCI”) if the objective
of the entity’s business model is both to hold and collect
the contractual cash flows and to sell the financial
assets. Entities may make an irrevocable election at initial
recognition to measure equity instruments that are not held
for trading at FVTOCI. All other debt and equity instruments
are measured at fair value through profit or loss (“FVTPL”).
HKFRS 9 includes a new expected loss impairment model
for all financial assets not measured at FVTPL replacing the
incurred loss model in HKAS 39 and new general hedge
accounting requirements to allow entities to better reflect
their risk management activities in financial statements.
HKFRS 9 carries forward the recognition, classification and
measurement requirements for financial liabilities from
HKAS 39, except for financial liabilities designated at FVTPL,
where the amount of change in fair value attributable to
change in credit risk of the liability is recognised in other
comprehensive income unless that would create or enlarge
an accounting mismatch. In addition, HKFRS 9 retains the
requirements in HKAS 39 for derecognition of financial
assets and financial liabilities.
3. 採納新訂立或經修訂香港財務報
告準則（續）
香港財務報告準則第9號（二零一四年）
財務工具
此項準則對二零一八年一月一日或之後開
始之會計期間生效。其引進有關財務資產
分類及計量之新要求。按業務模式持有而
目的為收取合約現金流之債務工具（業務模
式測試）以及具產生現金流之合約條款且僅
為支付本金及未償還本金利息之債務工具
（合約現金流特徵測試），一般按攤銷成本
計量。倘該實體業務模式之目的為持有及收
取合約現金流以及出售財務資產，則符合
合約現金流特徵測試之債務工具按透過其
他全面收益按公平價值列賬（「透過其他全
面收益按公平價值列賬」）之方式計量。實
體可於最初確認時作出不可撤銷之選擇，
以按透過其他全面收益按公平價值列賬之
方式計量並非持作買賣之股本工具。所有
其他債務及股本工具按透過損益表按公平
價值列賬（「透過損益表按公平價值列賬」）
之方式計量。
香港財務報告準則第9號就並非按透過損益
表按公平價值列賬之方式計量之所有財務
資產納入新的預期虧損減值模式（取代了香
港會計準則第39號之已產生虧損模式）以及
新的一般對沖會計規定，以讓實體於財務
報表內更好地反映其風險管理活動。
香港財務報告準則第9號沿用香港會計準則
第39號項下財務負債之確認、分類及計量
規定，惟指定透過損益表按公平價值列賬
之財務負債除外，而負債信貸風險變動引
致之公平價值變動金額於其他全面收益確
認，除非會產生或擴大會計錯配則作別論。
此外，香港財務報告準則第9號保留香港會
計準則第39號終止確認財務資產及財務負
債之規定。
71
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
3. ADOPTION OF NEW OR AMENDED
HKFRSs (Continued)
HKFRS 15 – Revenue from Contracts with
Customers
The standard is effective for accounting periods beginning
on or after 1 January 2018. The new standard establishes
a single revenue recognition framework. The core principle
of the framework is that an entity should recognise revenue
to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange
for those goods and services. HKFRS 15 supersedes
existing revenue recognition guidance including HKAS 18
Revenue, HKAS 11 Construction Contracts and related
interpretations.
HKFRS 15 requires the application of a 5-step approach to
revenue recognition:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligations in the
contract
Step 3: Determine the transaction price
Step 4: A l l o c a t e t h e t r a n s a c t i o n p r i c e t o e a c h
performance obligation
Step 5: Recognise revenue when each performance
obligation is satisfied
HKFRS 15 includes specific guidance on particular revenue
related topics that may change the current approach taken
under HKFRS. The standard also significantly enhances the
qualitative and quantitative disclosures related to revenue.
3. 採納新訂立或經修訂香港財務報
告準則（續）
香港財務報告準則第15號－來自與客
戶合約之收益
此項準則對二零一八年一月一日或之後開
始之會計期間生效。此項新準則確立一套
單獨的收益確認框架。該框架的核心原則
為實體應確認收益以用金額描述轉讓承諾
商品或服務予客戶，該金額反映預期該實
體有權就交換該等商品及服務所收取的代
價。香港財務報告準則第15號將取代現行
收益確認指引（包括香港會計準則第18號
「收益」、香港會計準則第11號「建築合約」
及相關詮釋）。
香港財務報告準則第15號要求以五個步驟
確認收益：
第一步：識別與客戶的合約
第二步：識別合約中的履約責任
第三步：釐定交易價
第四步：將交易價分配至各履約責任
第五步：於各履約責任完成時確認收益
香港財務報告準則第15號包含與特定收益
相關課題的特定指引，該等指引或會更改
根據香港財務報告準則現時應用之方法。
該準則亦顯著提升與收益相關的質化與量
化披露。
72
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
4. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS
Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the circumstances.
The preparation of the consolidated financial statements
requires management to make judgement, estimates
and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the
related actual results. The estimates and assumptions that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year are discussed below:
(i) Estimated impairment of receivables
Impairment of receivables of the Group is based on,
where appropriate, the evaluation of collectability
and ageing analysis of the receivables and on the
management’s judgement. A considerable amount
of judgement is required in assessing the ultimate
realisation of these outstandings, including the
current creditworthiness and the past collection
history of each debtor. If the financial conditions of
debtors of the Group were to deteriorate, resulting
in an impairment of their ability to make payments,
additional provision for impairment may be required.
(ii) Depreciation
The Group depreciates property, plant and equipment
and investment properties using straight-line method
over the estimated useful lives, starting from the date
on which the assets are put into use. The estimated
useful lives reflect the directors’ best estimate of
the periods that the Group intends to derive future
economic benefits from the use of the Group’s
property, plant and equipment and investment
properties.
4. 重要會計估計及判斷
估計及判斷會根據過往經驗及其他因素（包
括在有關情況對未來事件作出應為合理之
預期）持續評估。
編製綜合財務報表需要管理層就未來作出
判斷、估計及假設。從推算所得的會計估
計通常有別於相關實際結果。以下論述導
致資產與負債賬面值於下個財政年度出現
重大調整之重大風險的有關估計及假設：
(i) 應收款項之估計減值
本集團對應收款項作出之減值為於適
當情況，按管理層判斷評估是否可收
回款項及應收款項之賬齡分析。評估
該等未償還款項最終實現與否時，須
作出大量判斷，包括各欠款人現行信
譽及過往收款記錄。倘本集團欠款人
之財務狀況轉壞，以致其還款能力減
弱，則或須就減值作出額外撥備。
(ii) 折舊
本集團之物業、廠房及設備以及投資
物業由資產投入使用之日起，以直線
法按估計可使用年期折舊。估計可使
用年期反映董事對本集團擬自使用該
等本集團物業、廠房及設備以及投資
物業產生日後經濟利益之期間的最佳
估計。
73
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
4. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS (Continued)
(iii) Current taxation and deferred taxation
The Group is subject to income taxes in different
jurisdictions. Significant judgement is required in
determining the amount of the provision of taxation
and the timing of the related tax. There are many
transactions and calculations for which the ultimate
tax determination is uncertain during the ordinary
course of business. Where the final outcome of the
tax matters is different from the amounts that were
initially recorded, such differences will impact the
income tax and deferred tax provisions in the period in
which such determination is made.
5. TURNOVER
Turnover represents the revenue from the Group’s principal
activities as analysed below:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Advertising income 廣告收入 62,011 59,625
Rental income 租金收入 846 298
62,857 59,923
Dur ing the year , management ident i f ied property
investment as another principal activity of the Group.
Accordingly, rental income from property investment is
classified from other revenue and net income to turnover
and comparative figures for the year ended 31 December
2014 have been restated.
4. 重要會計估計及判斷（續）
(iii) 即期稅項及遞延稅項
本集團須繳納多個不同司法權區之所
得稅。於釐定稅項撥備金額及有關稅
項之時間時須作出重大判斷。日常業
務過程中有大量難以確定最終稅項之
交易及計算。倘最終稅務結果與最初
記錄之金額不同，有關差額將影響作
出有關計算期間之所得稅及遞延稅項
撥備。
5. 營業額
營業額代表來自本集團主要業務之收益並
分析如下：
年內，管理層劃分物業投資為本集團另一
項主要業務。因此，物業投資之租金收入
乃從其他收益及淨收入分類至營業額，而
截至二零一四年十二月三十一日止年度之
比較數字已經重列。
74
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
6. SEGMENT INFORMATION
The executive directors have identified the Group’s two
service lines as operating segments as described in Note
2.21. These operating segments are monitored and strategic
decisions are made on the basis of adjusted segment
operating results.
Advertising Property investment Consolidated
廣告 物業投資 綜合
2015 2014 2015 2014 2015 2014
二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元 千港元
(restated) (restated) (restated)
（經重列） （經重列） （經重列）
Revenue 收益
– External sales －對外銷售 62,011 59,625 846 298 62,857 59,923
Reportable segment profit 可呈報分部溢利 17,113 22,631 350 121 17,463 22,752
Depreciation 折舊 139 130 343 114 482 244
Impairment of trade receivables 貿易應收款項減值 56 78 – – 56 78
Reportable segment assets 可呈報分部資產 11,013 11,795 29,383 30,083 40,396 41,878
Additions to non-current 年內添置非流動
segment assets during the year 分部資產 22 73 – – 22 73
Reportable segment liabilities 可呈報分部負債 9,895 5,994 20 299 9,915 6,293
6. 分部資料
誠如附註2.21所述，執行董事已劃分本集
團兩項服務系列為營運分部。此等營運分
部乃根據經調整分部營運業績而監察並按
此基準作出策略決定。
75
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
6. SEGMENT INFORMATION (Continued)
The totals presented for the Group’s operating segments
reconcile to the Group’s key financial figures as presented in
the financial statements as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Reportable segment revenue 可呈報分部收益
(Turnover) （營業額） 62,857 59,923
Group revenue 集團收益 62,857 59,923
Reportable segment profit 可呈報分部溢利 17,463 22,752
Unallocated corporate income 未分配企業收入 1,715 3,109
Unallocated corporate expenses 未分配企業費用 (13,694) (9,833)
Finance costs 財務費用 (72) (66)
Profit before income tax 除所得稅前溢利 5,412 15,962
Reportable segment assets 可呈報分部資產 40,396 41,878
Other corporate assets 其他企業資產 101,302 109,227
Segment assets of discontinued 已終止經營業務之
operations 分部資產 – 114,976
Group assets 集團資產 141,698 266,081
Reportable segment liabilities 可呈報分部負債 9,915 6,293
Other corporate liabilities 其他企業負債 1,075 772
Segment liabilities of 已終止經營業務之
discontinued operations 分部負債 – 68,563
Deferred tax liabilities 遞延稅項負債 – 3,255
Borrowings 借貸 – 7,672
Group liabilities 集團負債 10,990 86,555
6. 分部資料（續）
就本集團營運分部所呈列之各項總數與財
務報表中呈列的本集團主要財務數據的對
賬如下：
76
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
6. SEGMENT INFORMATION (Continued)
As described in Note 1, Inflight magazine business has
been discontinued in the current year. Segment information
reported above does not include any amounts for these
discontinued operations, which are described in details in
Note 13.
Certain comparative information in the segment information
for the year ended 31 December 2014 has been restated.
In prior years, executive directors identified advertising
as the only reportable segment. For the year ended 31
December 2015, in view of a change in the focus of the
Group’s business and the future business development,
the executive directors identified advertising and property
investment as the reportable segments of the Group as a
result of the change in information reported internally for
the purposes of resources allocation and assessment of
business performance. Comparative information has been
reclassified accordingly.
The Group’s revenues from external customers and its non-
current assets are divided into the following geographical
areas.
Revenue from external
customers
(Continuing operations) Non-current assets
來自外界客戶之收益
（持續經營業務） 非流動資產
2015 2014 2015 2014
二零一五年 二零一四年 二零一五年 二零一四年
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
(restated)
（經重列）
PRC 中國 – – 7,952 9,099
Hong Kong (domicile) 香港（主體所在地） 62,857 59,923 30,908 30,943
Taiwan 台灣 – – – 19
62,857 59,923 38,860 40,061
6. 分部資料（續）
誠如附註1所述，航機雜誌業務已於本年度
終止經營。上文匯報之分部資料並不包括
有關已終止經營業務（詳見附註13）之任何
金額。
截至二零一四年十二月三十一日止年度之
分部資料的若干比較資料已經重列。於以
往年度，執行董事劃分僅一個可呈報分部。
截至二零一五年十二月三十一日止年度，
鑑於本集團業務之焦點轉變以及未來業務
發展，隨著就資源分配及評核業務表現而
作內部匯報之資料改變，根據執行董事之
劃分，廣告及物業投資為本集團之可呈報
分部。比較資料已隨之重新分類。
本集團來自外界客戶之收益以及其非流動
資產是劃分為以下地區：
77
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
6. SEGMENT INFORMATION (Continued)
Sales by geographical markets are analysed based on the
location of customers and the geographical location of
non-current assets is based on the physical location of the
assets.
Revenue from a major customer with whom transaction has
exceeded 10% of the Group’s revenue is as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Customer A 客戶甲 6,797 6,618
7. OTHER REVENUE AND NET INCOME
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Interest income 利息收入 937 2,053
Dividend income from listed 上市股本證券之
equity securities 股息收入 48 94
Bad debt recovered 已收回之壞賬 3 10
Service income 服務收入 402 620
Sundry income 雜項收入 423 417
1,813 3,194
Dur ing the year , management ident i f ied property
investment as another principal activity of the Group.
Accordingly, rental income for property investment is
classified from other revenue and net income to turnover
and comparative figures for the year ended 31 December
2014 have been restated.
6. 分部資料（續）
按地區市場劃分之銷售乃根據客戶所在地
而分析，而非流動資產之地理位置則是根
據資產之實際所在地而釐定。
其交易超過本集團收益10%之主要客戶的
收益如下：
7. 其他收益及淨收入
年內，管理層劃分物業投資為本集團另一
項主要業務。因此，物業投資之租金收入
乃從其他收益及淨收入分類至營業額，而
截至二零一四年十二月三十一日止年度之
比較數字已經重列。
78
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
8. FINANCE COSTS
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Interest charges on bank 當中包含須按要求還款之
borrowings with repayment 條款的銀行借貸
on demand clause (wholly （須於五年內悉數償還）之
repayable within five years) 利息支出 72 66
9. PROFIT BEFORE INCOME TAX
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Profit before income tax is 除所得稅前溢利已扣除╱
arrived at after charging/ （計入）下列各項：
(crediting):
Amortisation of prepaid land 預付土地租金攤銷
lease payments 96 –
Auditor’ s remuneration 核數師酬金 500 536
Depreciation of property, plant 計入行政費用之物業、
and equipment, included 廠房及設備之折舊
in administrative expense 618 697
Depreciation of investment 投資物業之折舊
properties 880 114
Employee benefit expense 僱員福利開支（附註11）
(Note 11) 26,948 17,664
Impairment of trade receivables 貿易應收款項減值 56 78
Minimum lease payments paid 有關下列項目之經營租約
under operating leases in 所付最低租金：
respect of:
– Rented premises and －租賃物業及生產設施
production facilities 1,500 615
– Internet access line －互聯網專線 154 154
– Office equipment －辦公室設備 47 –
Direct operating expenses arising 產生租金收入之投資物業之
from investment properties 直接經營開支
that generated rental income 104 132
Gains on financial assets at 透過損益表按公平價值列賬
fair value through profit or loss 之財務資產之收益 (57) (115)
During the year, auditor’s remuneration for other services
amounted to HK$810,000 (2014: Nil).
8. 財務費用
9. 除所得稅前溢利
年內，其他服務之核數師酬金為810,000港
元（二零一四年：無）。
79
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
10. DIRECTORS’ REMUNERATION AND
SENIOR MANAGEMENT’S EMOLUMENTS
(a) Directors’ emoluments
The aggregate amounts of the emoluments paid or
payable to the Directors are as follows:
Salaries,
allowances Retirement
and benefit
discretionary scheme
Fee bonuses contributions Total
薪金、津貼 退休福利
袍金 及酌情花紅 計劃供款 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
2015 二零一五年
Executive directors 執行董事
Mr. Liu Gary Wei (appointed 劉維先生（於二零一五年
on 8 September 2015) 九月八日獲委任） 113 – – 113
Ms. Chan Pak Yi (appointed 陳栢怡女士（於二零一五年
on 8 September 2015) 九月八日獲委任） 75 – – 75
Mr. Tsang Hing Bun (appointed 曾慶贇先生（於二零一五年
on 8 September 2015) 九月八日獲委任） 113 – – 113
Mr. Lau Chuk Kin (resigned 劉竹堅先生（於二零一五年
on 22 September 2015) 九月二十二日辭任） – 437 13 450
Ms. Lam Mei Lan (resigned 林美蘭女士（於二零一五年
on 22 September 2015) 九月二十二日辭任） – 1,310 13 1,323
Non-executive directors 非執行董事
Mr. Yiu Yu Cheung (appointed 姚宇翔先生（於二零一五年
on 8 September 2015) 九月八日獲委任） 188 – – 188
Mr. Lee Ching Ming, Adrian 李澄明先生（於二零一五年
(resigned on 22 September 2015) 九月二十二日辭任） 120 – – 120
Mr. Peter Stavros Patapios Christofis Peter Stavros Patapios
(resigned on 22 September 2015) Christofis先生（於二零一五年
九月二十二日辭任） 120 – – 120
Mr. Wan Siu Kau (resigned 溫兆裘先生（於二零一五年
on 22 September 2015) 九月二十二日辭任） 120 – – 120
Independent non-executive 獨立非執行董事
directors
Mr. Leung Siu Kee (appointed 梁兆基先生（於二零一五年
on 8 September 2015) 九月八日獲委任） 38 – – 38
Mr. William Keith Jacobsen 葉偉其先生（於二零一五年
(appointed on 8 September 2015) 九月八日獲委任） 38 – – 38
Mr. Au Yeung Chi Hang, Jimmy 歐陽至恆先生（於二零一五年
(appointed on 8 September 2015) 九月八日獲委任） 38 – – 38
Mr. Cheng Ping Kuen, Franco 鄭炳權先生（於二零一五年
(resigned on 22 September 2015) 九月二十二日辭任） 180 – – 180
Mrs. Ling Lee Ching Man, Eleanor 林李靜文女士（於二零一五年
(resigned on 22 September 2015) 九月二十二日辭任） 180 – – 180
Mr. Ho David (resigned 何大衞先生（於二零一五年
on 22 September 2015) 九月二十二日辭任） 180 – – 180
1,503 1,747 26 3,276
10. 董事酬金及高級管理層酬金
(a) 董事酬金
已付或應付董事之酬金總額如下：
80
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
10. DIRECTORS’ REMUNERATION AND
SENIOR MANAGEMENT’S EMOLUMENTS
(Continued)
(a) Directors’ emoluments (Continued)
Salaries,
allowances Retirement
and benefit
discretionary scheme
Fee bonuses contributions Total
薪金、津貼 退休福利
袍金 及酌情花紅 計劃供款 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
2014 二零一四年
Executive directors 執行董事
Mr. Lau Chuk Kin 劉竹堅先生 – 1,000 17 1,017
Ms. Lam Mei Lan 林美蘭女士 – 2,432 17 2,449
Non-executive directors 非執行董事
Mr. Lee Ching Ming, Adrian 李澄明先生 120 – – 120
Mr. Peter Stavros Patapios Christofis Peter Stavros Patapios
Christofis先生 120 – – 120
Mr. Wan Siu Kau 溫兆裘先生 120 – – 120
Independent non-executive directors 獨立非執行董事
Mr. Cheng Ping Kuen, Franco 鄭炳權先生 180 – – 180
Mrs. Ling Lee Ching Man, Eleanor 林李靜文女士 180 – – 180
Mr. Ho David 何大衞先生 180 – – 180
900 3,432 34 4,366
During each of the two years ended 31 December
2015 and 2014, none of the Directors waived or
agreed to waive any remuneration and there were no
emoluments paid by the Group to the Directors as an
inducement to join, or upon joining the Group, or as
compensation for loss of office.
10. 董事酬金及高級管理層酬金（續）
(a) 董事酬金（續）
於截至二零一五年及二零一四年十二
月三十一日止兩個年度各年，並無董
事放棄或同意放棄任何酬金，而本集
團亦並無支付酬金予董事，作為吸引
彼等加入本集團或於加入本集團時之
報酬又或作為離職補償。
81
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
10. DIRECTORS’ REMUNERATION AND
SENIOR MANAGEMENT’S EMOLUMENTS
(Continued)
(b) Five highest paid individuals
The five individuals whose emoluments were the
highest in the Group for the year, no director (2014:
1 director) whose emoluments are reflected in the
analysis presented above. Emoluments payable to the
remaining 5 (2014: 4) individuals during the year are
as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Salaries, allowances, 薪金、津貼、酌情花紅
discretionary bonuses 及其他福利
and other benefits 6,710 5,576
Retirement benefit scheme 退休福利計劃供款
contributions 177 126
6,887 5,702
The emoluments fell within the following bands:
Number of individuals
人數
2015 2014
二零一五年 二零一四年
Emolument bands 酬金範圍
HK$500,001 – HK$1,000,000 500,001港元至1,000,000港元 3 –
HK$1,000,001 – HK$1,500,000 1,000,001港元至1,500,000港元 – 3
HK$1,500,001 – HK$2,000,000 1,500,001港元至2,000,000港元 – 1
HK$2,000,001 – HK$2,500,000 2,000,001港元至2,500,000港元 2 –
5 4
During each of the two years ended 31 December
2015 and 2014, no emoluments were paid by the
Group to any of the five highest paid individuals as an
inducement to join or upon joining the Group or as
compensation for loss of office.
10. 董事酬金及高級管理層酬金（續）
(b) 五位最高薪酬人士
本集團本年度之五位最高薪酬人士
並無包括董事（二零一四年：一位董
事），彼等之酬金已於上文呈列之分
析中反映。本年度應付其餘五位（二
零一四年：四位）最高薪酬人士之薪
酬如下：
酬金介乎下列範圍：
於截至二零一五年及二零一四年十二
月三十一日止兩個年度各年，本集團
並無支付酬金予五位最高薪人士，作
為吸引彼等加入本集團或於加入本集
團時之報酬又或作為離職補償。
82
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
11. EMPLOYEE BENEFIT EXPENSE (INCLUDING
DIRECTORS’ EMOLUMENTS)
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Directors’ fee 董事袍金 1,503 900
Wages, salaries and other benefits 工資、薪金及其他福利 24,617 15,885
Retirement benefit scheme 退休褔利計劃供款
contributions 828 879
26,948 17,664
12. INCOME TAX EXPENSE
Hong Kong profits tax has been provided at the rate
of 16.5% (2014: 16.5%) on the estimated assessable
profits for the year. Taxation on overseas profits has been
calculated on the estimated assessable profits for the year at
the rates of taxation prevailing in the countries in which the
Group operates.
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Continuing operations 持續經營業務
Hong Kong profits tax 香港利得稅
Current year 本年度 1,718 2,363
Under/(Over) provision in prior years 過往年度撥備不足╱（超額撥備） 1 (10)
1,719 2,353
11. 僱員福利開支（包括董事酬金）
12. 所得稅開支
香港利得稅撥備乃就年內估計應課稅溢利
按16.5%（二零一四年：16.5%）撥備。海外
所得稅乃按本集團經營業務所在國家之現
行稅率就年內之估計應課稅溢利計算。
83
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
12. INCOME TAX EXPENSE (Continued)
Reconciliation between income tax expense and accounting
profit at applicable tax rates is as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(restated)
（經重列）
Profit before income tax from 來自持續經營業務之
continuing operations 除所得稅前溢利 5,412 15,962
Notional tax calculated at the rates 名義稅項，按有關課稅司法
applicable to the profits in the tax 權區之適用利得稅稅率計算
jurisdictions concerned 903 2,635
Tax effect of non-taxable revenue 毋須課稅收入之稅務影響 (41) (655)
Tax effect of non-deductible expenses 不可扣稅開支之稅務影響 565 491
Tax effect of tax losses not recognised 未確認稅項虧損之稅務影響 663 1,107
Utilisation of previously unrecognised 動用之前未確認之稅務虧損
tax losses (372) (1,215)
Under/(Over) provision in prior years 過往年度撥備不足╱（超額撥備） 1 (10)
Income tax expense 所得稅支出 1,719 2,353
12. 所得稅開支（續）
所得稅支出與按適用稅率計算之會計溢利
對照如下：
84
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
13. DISCONTINUED OPERATIONS
On 25 August 2015, the Company sold its entire equity
interests of CinMedia Inc. and Easking Limited, subsidiaries
of the Company, and the shareholders’ loans to ER2
Holdings Limited, at the consideration of HK$12,500,000.
CinMedia Inc. and Easking Limited are principally engaged
in the inflight magazines advertising business.
On 26 February 2014, the Company announced the decision
of its board of directors of the distribution in specie of
shares in 1010 Printing Group Limited, a 60.32% owned
subsidiary of the Group, to its shareholders on the basis of
139 shares in 1010 Printing Group Limited for every 100
ordinary shares of the Company held by the shareholders as
at the record date of 2 May 2014.
The operations of Inflight Magazine Group and 1010
Printing Group represented the entire business segment
of inflight magazine advertising and printing of the
Group respectively and therefore they are presented as
discontinued operations in 2015 and 2014 Group accounts
in accordance with HKFRS 5 “Non-current Assets Held
for Sale and Discontinued Operations”. The comparative
consol idated statement of profit or loss and other
comprehensive income, profit before income tax stated in
the consolidated statements of cash flows and the relevant
disclosure notes for profit or loss items have been re-stated
for discontinued operations.
13. 已終止經營業務
於二零一五年八月二十五日，本公司以
12,500,000港元之代價出售其於CinMedia
Inc.及宜勁有限公司（均為本公司之附屬公
司）之全部股本權益及股東貸款予青田集團
有限公司。CinMedia Inc.及宜勁有限公司
主要從事航機雜誌廣告業務。
於二零一四年二月二十六日，本公司宣佈董
事會決定向股東實物分派匯星印刷集團有限
公司（其為本集團當時擁有60.32%權益之附
屬公司）的股份，基準為股東於記錄日期
二零一四年五月二日每持有100股本公司普
通股可獲分派139股匯星印刷集團有限公司
股份。
航機雜誌集團及匯星印刷集團之業務分別代
表本集團整個航機雜誌廣告及印刷業務分
部，故已根據香港財務報告準則第5號「持
作出售之非流動資產及已終止經營業務」在
二零一五年及二零一四年集團賬目內呈列
為已終止經營業務。比較期間之綜合損益
及其他全面收益表、綜合現金流量表所列
之除所得稅前溢利以及損益項目之相關披
露附註均已就已終止經營業務而重新呈列。
85
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
13. DISCONTINUED OPERATIONS (Continued)
An analysis of the results and cash flows of the discontinued
operations included in the consolidated statement of
profit or loss and other comprehensive income and the
consolidated statement of cash flows are as follows:
2015 2014
二零一五年 二零一四年
Inflight Inflight
magazine magazine
advertising advertising Printing Total
航機 航機
雜誌廣告 雜誌廣告 印刷 總計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
Turnover 營業額 168,620 416,524 365,751 782,275
Direct operating costs 直接經營成本 (166,865) (360,685) (262,944) (623,629)
Other revenue and net income 其他收益及淨收入 3,726 4,101 10,299 14,400
Selling and distribution costs 銷售及發行成本 (13,337) (14,396) (50,635) (65,031)
Administrative expenses 行政費用 (11,032) (23,365) (11,800) (35,165)
Other expenses 其他費用 (10,845) (3,627) (1,422) (5,049)
Finance costs 財務費用 – – (637) (637)
(Loss)/Profit before income tax 來自已終止經營業務之
from discontinued operations 除所得稅前
（虧損）╱溢利 (29,733) 18,552 48,612 67,164
Income tax expenses 所得稅開支 (4,537) (14,201) (8,903) (23,104)
(Loss)/Profit after income tax 來自已終止經營業務之
from discontinued operations 除所得稅後
（虧損）╱溢利 (34,270) 4,351 39,709 44,060
Gain on disposals of subsidiary 出售附屬公司之收益
(Note 32(a)) （附註32(a)） 4,512 – – –
Gain on distribution of 分派附屬公司之收益
subsidiaries (Note 32(d)) （附註32(d)） – – 36,966 36,966
(Loss)/Profit for the year from 來自已終止經營業務之
discontinued operations 本年度（虧損）╱溢利 (29,758) 4,351 76,675 81,026
13. 已終止經營業務（續）
已計入綜合損益及其他全面收益表及綜合
現金流量表之已終止經營業務的業績及現
金流量分析如下：
86
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
13. DISCONTINUED OPERATIONS (Continued)
Net cash flows related to inflight magazine advertising
business and printing business are as follows:
2015 2014
二零一五年 二零一四年
Inflight Inflight
magazine magazine
advertising advertising Printing Total
航機 航機
雜誌廣告 雜誌廣告 印刷 總計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
Net cash (outflows)/inflows 經營業務之現金
from operating activities （流出）╱流入淨額 (1,949) (80,849) 61,207 (19,642)
Net cash inflows/(outflows) 投資業務之現金
from investing activities 流入╱（流出）淨額 9,652 7,333 (17,034) (9,701)
Net cash inflows from 融資業務之現金
financing activities 流入淨額 – – 30,086 30,086
Net cash inflow/(outflow) 現金流入╱（流出）淨額 7,703 (73,516) 74,259 743
14. DIVIDENDS
(a) Dividends attributable to the year:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Interim dividend of Nil 中期股息為每股零港元
(2014: HK$0.055) per share （二零一四年：0.055港元） – 18,350
Proposed final dividend of Nil 擬派末期股息為每股零港元
(2014: HK$0.06) per share （二零一四年：0.06港元） – 20,018
– 38,368
13. 已終止經營業務（續）
有關航機雜誌廣告業務及印刷業務之現金
流量淨額如下：
14. 股息
(a) 年內有關之股息：
87
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
14. DIVIDENDS (Continued)
(a) Dividends attributable to the year: (Continued)
Final dividend proposed after the reporting date had
not been recognised as a liability at the reporting
date. Final dividend proposed was reflected as an
appropriation of contributed surplus for the year
ended 31 December 2014 to proposed final dividends
reserve.
Proposed f ina l d iv idend had been d is t r ibuted
subsequent to the reporting date and was subject to
the approval of the Company’s shareholders in the
subsequent annual general meeting.
(b) Dividends approved and paid during the
year:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Interim paid in respect of current 本年度之已派中期股息為每股
year Nil (2014: HK$0.055) 零港元（二零一四年：0.055港元）
per share – 18,350
Final paid in respect of prior 上年度之已派末期股息為
year HK$0.06 (2014: HK$0.2) 每股0.06港元
per share （二零一四年：0.2港元） 20,018 66,488
Additional final in respect 上年度之附加末期股息
of prior year – 239
Distribution in Specie in 上年度之實物分派
respect of prior year – 459,114
20,018 544,191
14. 股息（續）
(a) 年內有關之股息：（續）
於結算日後建議派付之末期股息並未
確認為於結算日之負債。而建議派付
之末期股息已反映為截至二零一四年
十二月三十一日止年度之繳入盈餘分
派，並已設立擬派末期股息儲備。
擬派末期股息已於結算日後分派，當
時須待其後舉行之股東週年大會上獲
本公司股東批准而作實。
(b) 年內批准及派付之股息：
88
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
15. (LOSS)/EARNINGS PER SHARE
(a) For continuing and discontinued operations
The calculations of basic and diluted (loss)/earnings
per share are based on the following data:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
(Loss)/Profit for the year 公司擁有人應佔之本年度
attributable to owners （虧損）╱溢利
of the Company
Continuing operations 持續經營業務 3,693 13,609
Discontinued operations 已終止經營業務 (29,758) 65,304
(26,065) 78,913
Number of shares
股份數目
2015 2014
二零一五年 二零一四年
’ 000 ’ 000
千股 千股
Weighted average number of 用於計算每股基本
ordinary shares for the （虧損）╱盈利之
purpose of basic (loss)/ 普通股加權平均數
earnings per share 333,712 333,381
Effect of dilutive potential 有關本公司授出之購股權
ordinary shares in respect 的潛在攤薄普通股之影響
of share options issued
by the Company 10 –
Weighted average number 用於計算每股攤薄
of ordinary shares for the （虧損）╱盈利之
purpose of diluted (loss)/ 普通股加權平均數
earnings per share 333,722 333,381
In 2015 and 2014, diluted (loss)/earnings per share
attributable to owners of the Company are the same
as basic (losses)/earnings per share as the impact of
the exercise of share options was anti-dilutive.
15. 每股（虧損）╱盈利
(a) 持續經營及已終止經營業務
每股基本及攤薄（虧損）╱盈利乃根據
以下數據計算：
於二零一五年及二零一四年，由於行
使購股權具反攤薄影響，公司擁有人
應佔之每股攤薄（虧損）╱盈利與每股
基本（虧損）╱盈利相同。
89
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
15. (LOSS)/EARNINGS PER SHARE (Continued)
(b) For continuing operations
The calculation of basic earnings per share from
cont inu ing operat ions i s based on the prof i t
at t r ibutable to owners of the Company f rom
continuing operations of HK$3,693,000 (2014:
HK$13,609,000) and the denominators used are the
same as those detailed above for basic earnings per
share.
For the year ended 31 December 2015, diluted
earnings per share from continuing operations
i s based on prof i t a t t r ibutab le to owners of
the Company f rom cont inu ing operat ions of
HK$3,693,000 and the denominators used are the
same as those detailed above for diluted earnings per
share.
For the year ended 31 December 2014, diluted
earnings per share from continuing operations
attributable to owners of the Company are the same
as basic earnings per share as the impact of the
exercise of share options was anti-dilutive.
(c) For discontinued operations
Basic loss per share for discontinued operations for the
year is HK8.92 cents (2014: basic earnings per share
of HK19.59 cents), based on the loss attributable to
owners of the Company from discontinued operations
of HK$29,758,000 (2014: profit of HK$65,304,000)
and the denominators used are the same as those
detailed above for both basic (loss)/earnings per share.
For the years ended 31 December 2015 and 2014,
diluted (loss)/earnings per share from discontinued
operations attributable to owners of the Company
are the same as basic (loss)/earnings per share as
the impact of the exercise of share options was anti-
dilutive.
15. 每股（虧損）╱盈利（續）
(b) 持續經營業務
持續經營業務之每股基本盈利乃根據
來自持續經營業務之公司擁有人應
佔溢利3,693,000港元（二零一四年：
13,609,000港元）計算，所用分母與上
文就每股基本盈利所詳述者相同。
截至二零一五年十二月三十一日止年
度，持續經營業務之每股攤薄盈利乃根
據來自持續經營業務之公司擁有人應
佔溢利3,693,000港元計算，所用分母
與上文就每股攤薄盈利所詳述者相同。
截至二零一四年十二月三十一日止年
度，由於行使購股權具反攤薄影響，
公司擁有人應佔來自持續經營業務之
每股攤薄盈利與每股基本盈利相同。
(c) 已終止經營業務
已終止經營業務於本年度之每股基本
虧損為8.92港仙（二零一四年：每股基
本盈利為19.59港仙），乃根據來自已
終止經營業務之公司擁有人應佔虧損
29,758,000港元（二零一四年：溢利
65,304,000港元）計算，所用分母與
上文就每股基本（虧損）╱盈利所詳述
者相同。
截至二零一五年及二零一四年十二月
三十一日止年度，由於行使購股權具
反攤薄影響，公司擁有人應佔來自已
終止經營業務之每股攤薄（虧損）╱盈
利與每股基本（虧損）╱盈利相同。
90
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
16. PROPERTY, PLANT AND EQUIPMENT
Leasehold Furniture Computer
land and and Office Leasehold equipment Motor
buildings fixtures equipment improvements and system vehicles Machinery Total
租賃土地 傢俬及 辦公室 電腦設備及
及樓宇 裝置 設備 租賃裝修 系統 汽車 機器 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
At 1 January 2014 於二零一四年一月一日
Cost 成本 9,052 6,024 6,206 50,886 38,368 3,149 278,257 391,942
Accumulated depreciation 累計折舊 (761) (4,821) (4,535) (30,591) (36,789) (921) (112,619) (191,037)
Net book amount 賬面淨值 8,291 1,203 1,671 20,295 1,579 2,228 165,638 200,905
Year ended 31 December 2014 截至二零一四年
十二月三十一日止年度
Opening net book amount 期初賬面淨值 8,291 1,203 1,671 20,295 1,579 2,228 165,638 200,905
Exchange differences 匯兌差額 (23) (1) – (3) – (1) 23 (5)
Additions 添置 – 243 631 927 1,111 – 1,180 4,092
Disposals 出售 – (28) (2) (36) (34) – (340) (440)
Distribution of subsidiaries 分派附屬公司
(Note 32(d)) （附註32(d)） (5,229) (803) (1,871) (18,538) (1,470) (1,707) (158,676) (188,294)
Depreciation 折舊 (188) (254) (270) (2,063) (656) (298) (7,825) (11,554)
Closing net book amount 期末賬面淨值 2,851 360 159 582 530 222 – 4,704
At 31 December 2014 於二零一四年十二月三十一日
Cost 成本 3,237 1,585 1,341 2,003 27,749 672 – 36,587
Accumulated depreciation 累計折舊 (386) (1,225) (1,182) (1,421) (27,219) (450) – (31,883)
Net book amount 賬面淨值 2,851 360 159 582 530 222 – 4,704
Year ended 31 December 2015 截至二零一五年
十二月三十一日止年度
Opening net book amount 期初賬面淨值 2,851 360 159 582 530 222 – 4,704
Exchange differences 匯兌差額 (113) (6) (1) (13) (2) (1) – (136)
Additions 添置 – 129 – 33 83 1,433 – 1,678
Disposal of subsidiaries 出售附屬公司
(Note 32(a)) （附註32(a)） – (153) (43) (340) (34) (6) – (576)
Depreciation 折舊 (73) (107) (51) (255) (311) (125) – (922)
Closing net book amount 期末賬面淨值 2,665 223 64 7 266 1,523 – 4,748
At 31 December 2015 於二零一五年
十二月三十一日
Cost 成本 3,107 1,428 1,241 1,207 23,941 1,972 – 32,896
Accumulated depreciation 累計折舊 (442) (1,205) (1,177) (1,200) (23,675) (449) – (28,148)
Net book amount 賬面淨值 2,665 223 64 7 266 1,523 – 4,748
16. 物業、廠房及設備
91
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
16. PROPERTY, PLANT AND EQUIPMENT
(Continued)
As at 31 December 2015 and 2014, the Group’s leasehold
land and buildings were situated in the PRC and were held
under medium-term leases.
17. PREPAID LAND LEASE PAYMENTS
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
At 1 January 於一月一日
Cost 成本 6,418 6,470
Accumulated amortisation 累計攤銷 (767) (625)
Net book amount 賬面淨值 5,651 5,845
Opening net book amount 期初賬面淨值 5,651 5,845
Exchange differences 匯兌差額 (221) (47)
Amortisation 攤銷 (144) (147)
Closing net book amount 期末賬面淨值 5,286 5,651
At 31 December 於十二月三十一日
Cost 成本 6,161 6,418
Accumulated amortisation 累計攤銷 (875) (767)
Net book amount 賬面淨值 5,286 5,651
The ba lances as at 31 December 2015 and 2014
represented up-front payments to acquire the right of use
of land in the PRC, which is held under a medium-term
lease.
16. 物業、廠房及設備（續）
於二零一五年及二零一四年十二月三十一
日，本集團之租賃土地及樓宇乃位於中國
之中期租賃土地之上。
17. 預付土地租金
於二零一五年及二零一四年十二月三十一
日之結餘代表就收購中國土地使用權而預
付之款項，該幅土地乃以中期租約持有。
92
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
18. INVESTMENT PROPERTIES
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
At 1 January 於一月一日
Cost 成本 30,000 10,370
Accumulated depreciation 累計折舊 (294) (178)
Net book amount 賬面淨值 29,706 10,192
Opening net book amount 期初賬面淨值 29,706 10,192
Distribution of subsidiaries 分派附屬公司（附註32(d)）
(Note 32(d)) – (10,091)
Acquisition of assets and liabilities 透過收購一間附屬公司
through acquisition of a subsidiary 而收購資產及負債
(Note 33) （附註33） – 30,000
Depreciation 折舊 (880) (395)
Closing net book amount 期末賬面淨值 28,826 29,706
At 31 December 於十二月三十一日
Cost 成本 30,000 30,000
Accumulated depreciation 累計折舊 (1,174) (294)
Net book amount 賬面淨值 28,826 29,706
18. 投資物業
93
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
18. INVESTMENT PROPERTIES (Continued)
All investment properties as at 31 December 2014 were
pledged to secure bank borrowings granted to the Group.
No investment properties were pledged as at 31 December
2015.
As at 31 December 2015 and 2014, the Group’s investment
properties are situated in Hong Kong and are held under
medium-term leases.
As at 31 December 2015, fair value of investment properties
was approximately HK$30,200,000 (2014: HK$30,100,000)
which is a level 3 recurring fair value measurement and
was based on the valuation performed by an independent
professional valuer. For investment properties which are
subject to tenancy, the fair value was estimated using
investment approach by taking into account the current
rent of these properties being held under existing tenancy
and the revisionary potential of the tenancy if they have
been or would be let to tenant. For investment properties
which are not subject to tenancy but held for appreciation,
the fair value was estimated using comparison approach
assuming sale in its existing state with the benefit of
vacant possession by making reference to comparable sales
evidence as available in the relevant market. Appropriate
adjustments have been made to account for the differences
between the properties and the comparables in terms of
other relevant factors. The fair value measurement is based
on the above properties’ highest and best use, which does
not differ from their actual use. There were no changes to
the valuation techniques during the year.
18. 投資物業（續）
於二零一四年十二月三十一日，所有投資
物業乃就本集團獲授之銀行借貸而抵押。
於二零一五年十二月三十一日並無投資物
業被抵押。
於二零一五年及二零一四年十二月三十一
日，本集團之投資物業乃位於香港並以中
期租賃持有。
於二零一五年十二月三十一日，投資物業
的公平價值約為30,200,000港元（二零一四
年：30,100,000港元），此屬於第3層經常性
公平價值計量並且是基於獨立專業估值師
進行之估值。對於訂有租約之投資物業，其
公平價值是以投資法估計，方法為考慮根
據現行租約持有之該等物業之現行租金，
以及若該等物業曾已或可出租予租戶時租
約之復歸潛力。對於不受租約所限而為增
值所持有之投資物業，其公平價值採用比
較法估計，方法為假設物業在其現況交吉
出售，並參考有關市場可得的可比較銷售
憑證。已作出適當調整以計及有關物業與
可比較物業在其他相關因素方面的差異。
公平價值計量是基於上述物業的最高及最
佳使用，與其實際用途並無不同。年內並
無改變估值技術。
94
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
19. INTANGIBLE ASSETS
Non
competition
Goodwill covenants Total
商譽 不競爭契諾 合計
HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元
At 1 January 2014 於二零一四年
一月一日
Gross carrying amount 總賬面值 79,865 741 80,606
Accumulated amortisation 累計攤銷及減值
and impairment (14,119) (370) (14,489)
Net carrying amount 賬面淨值 65,746 371 66,117
Year ended 31 December 2014 截至二零一四年
十二月三十一日止年度
Net carrying amount as at 於二零一四年一月一日
1 January 2014 之賬面淨值 65,746 371 66,117
Amortisation 攤銷 – (124) (124)
Distribution of subsidiaries 分派附屬公司
(Note 32(d)) （附註32(d)） (65,746) (247) (65,993)
Net carrying amount at 於二零一四年十二月
31 December 2014 三十一日之賬面淨值 – – –
At 31 December 2014 於二零一四年及
and 2015 二零一五年
十二月三十一日
Gross carrying amount 總賬面值 14,119 – 14,119
Accumulated impairment 累計減值 (14,119) – (14,119)
Net carrying amount 賬面淨值 – – –
19. 無形資產
95
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
20. TRADE AND OTHER RECEIVABLES AND
DEPOSITS
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Trade receivables 貿易應收款項 6,687 37,598
Less: Provision for impairment 減：貿易應收款項之減值撥備
of trade receivables (54) (5,463)
Trade receivables – net 貿易應收款項－淨額 6,633 32,135
Other receivables and deposits 其他應收款項及押金 2,160 36,295
8,793 68,430
Movement in the provision for impairment loss on trade
receivables is as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Balance at the beginning of the year 年初結餘 5,463 12,909
Amounts written off during the year 年內撇銷之金額 (1,366) (122)
Impairment loss recognised 年內已確認減值虧損
during the year 8,823 4,903
Impairment loss recovered 年內已收回減值虧損
during the year (2,667) (4,094)
Distribution of subsidiaries (Note 32(d)) 分派附屬公司（附註32(d)） – (8,148)
Disposal of subsidiaries (Note 32(a)) 出售附屬公司（附註32(a)） (9,874) –
Exchange differences 匯兌差額 (325) 15
Balance at the end of the year 年終結餘 54 5,463
The Group recognised provision for impairment of trade
receivables based on the accounting policy stated in Note
2.9.
20. 貿易及其他應收款項及押金
貿易應收款項減值虧損之撥備變動如下：
本集團根據附註2.9所載之會計政策確認貿
易應收款項減值撥備。
96
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
20. TRADE AND OTHER RECEIVABLES AND
DEPOSITS (Continued)
Ageing analysis of trade receivables, net of provision as at
31 December 2015, based on invoice date, is as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
0 – 30 days 0至30天 6,356 13,780
31 – 60 days 31至60天 231 5,710
61 – 90 days 61至90天 39 54
91 – 120 days 91至120天 4 2,761
121 – 150 days 121至150天 3 3,752
Over 150 days 150天以上 – 6,078
Total trade receivables 貿易應收款項總額 6,633 32,135
The Group allows a credit period from 7 to 120 days (2014:
7 to 120 days) to its customers.
The Directors consider that the fair values of trade
receivables are not materially different from their carrying
amounts because these amounts have short maturity
periods on their inception.
All trade receivables are subject to credit risk exposure. At
each of the reporting dates, the Group reviews receivables
for evidence of impairment on both an individual and
collective basis. During the year, the Group determined
certain trade receivables as impaired and as a result,
impairment loss of HK$10,901,000 (2014: HK$4,903,000)
has been recognised. The impaired trade receivables are due
from customers experiencing financial difficulties.
At 31 December 2015 and 2014, the Group did not hold
any collateral as security or other credit enhancements over
the impaired trade receivables.
20. 貿易及其他應收款項及押金（續）
於二零一五年十二月三十一日之貿易應收
款項按發單日期及扣除撥備後之賬齡分析
如下：
本 集 團 給 予 其 貿 易 客 戶 7天 至 1 2 0天
（二零一四年：7天至120天）之信貸期。
董事認為，由於有關金額自開始起計於短
期間內屆滿，故貿易應收款項之公平價值
與賬面值並無重大差異。
所有貿易應收款項均面對信貸風險。於各
報告日，本集團按個別及綜合基準檢視
應收款項的減值證據。年內，本集團已釐
定若干貿易應收款項中的10,901,000港元
（二零一四年：4,903,000港元）為減值。已
減值的貿易應收款項乃屬正面臨財政困難
之客戶。
於二零一五年及二零一四年十二月三十一
日，本集團並無就已減值的貿易應收款項
持有任何作為擔保或其他加強信貸措施之
抵押品。
97
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
20. TRADE AND OTHER RECEIVABLES AND
DEPOSITS (Continued)
Ageing analysis of trade receivables past due but not
impaired is as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Neither past due nor impaired 並非逾期未付亦無減值 4,727 16,120
1 – 30 days past due 逾期未付為1至30日 1,629 4,205
31 – 90 days past due 逾期未付為31至90日 270 7,166
Over 90 days past due but less 逾期未付為超過90日但
than one year 未超過1年 7 4,644
1,906 16,015
6,633 32,135
Trade receivables that were neither past due nor impaired
related to a large number of diversified customers for whom
there was no recent history of default.
Trade receivables that were past due but not impaired
related to a large number of diversified customers that had
a good track record of credit with the Group. Based on past
credit history, management believes that no impairment
allowance is necessary in respect of these balances as there
has not been a significant change in credit quality and
the balances are still considered to be fully recoverable.
The Group did not hold any collateral in respect of these
balances.
20. 貿易及其他應收款項及押金（續）
逾期未付惟並無減值之貿易應收款項的賬
齡分析如下：
並無逾期未付亦無減值之貿易應收款項與
多名來自不同層面的客戶有關，該等客戶
並無近期的逾期未付記錄。
已逾期未付惟並無減值之貿易應收款項與
多名來自不同層面的客戶有關，該等客戶
於本集團擁有良好的信貸記錄。根據過往
信貸記錄，管理層相信，由於信貸質素並
無重大變動而結餘仍視作可全數收回，因
此毋須為該等結餘作減值撥備。本集團並
無就該等結餘持有任何抵押品。
98
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
21. FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Held for trading 持作買賣
Equity securities, listed in Hong Kong, 於香港上市之股本證券，
at fair value 按公平價值列賬 – 1,591
The fair values of the Group’s investments in listed equity
securities were measured as described in Note 35.
22. CASH AND CASH EQUIVALENTS
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Bank and cash balances 銀行及現金結餘 90,858 68,386
Short-term bank deposits 短期銀行存款 – 83,229
Cash and cash equivalents 現金及現金等值項目 90,858 151,615
Short-term bank deposits as at 31 December 2014 earned
interest at the rates ranging from 2.8% to 3.6% per annum
with maturity periods of 15 to 30 days. The Directors
considered that the fair value of short-term bank deposits
was not materially different from its carrying amount
because of the short maturity period on its inception.
Included in the above balance of the Group is HK$14,000
(2014: HK$29,424,000) of bank balances denominated
in Renminbi (“RMB”) placed with the banks in the PRC.
RMB is not a freely convertible currency. Under the PRC’s
Foreign Exchange Control Regulations and Administration
of Settlement and Sales and Payment of Foreign Exchange
Regulations, the Group is permitted to exchange RMB for
foreign currencies through the banks that are authorised to
conduct foreign exchange business.
21. 透過損益表按公平價值列賬之財
務資產
本集團於上市股本證券之投資的公平價值
已按附註35所述計量。
22. 現金及現金等值項目
於二零一四年十二月三十一日之短期銀行
存款之年利率為介乎2.8%至3.6%而到期期
間為十五至三十天。董事認為，由於有關
金額自開始起計於短期間內屆滿，故短期
銀行存款之公平價值與賬面值並無重大差
異。
本集團結餘包括以人民幣（「人民幣」）列值
而存放於中國之銀行之銀行結餘14,000港
元（二零一四年：29,424,000港元）。人民
幣並非可自由兌換之貨幣。根據中國外匯
管理條例及結匯、售匯及付匯管理規定，
本集團獲准透過獲認可進行外匯業務之銀
行將人民幣兌換為其他貨幣。
99
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
23. TRADE AND OTHER PAYABLES
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Trade payables 貿易應付款項 – 34,026
Other payables and accruals 其他應付款項及應計開支 6,909 35,714
6,909 69,740
As at 31 December 2015, ageing analysis of trade payables
based on invoice date is as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
0 – 30 days 0至30天 – 6,112
31 – 60 days 31至60天 – 5,327
61 – 90 days 61至90天 – 4,486
91 – 120 days 91至120天 – 6,264
Over 120 days 120天以上 – 11,837
– 34,026
Credit terms granted by suppliers are 30 days save for the
net balance payable to a major business partner of the
Group which is settled on a half yearly (2014: half yearly)
basis according to the terms of an agreement signed with
this business partner.
All amounts are short-term and hence the carrying values of
trade and other payables are considered to be a reasonable
approximation of their fair values.
23. 貿易及其他應付款項
於二零一五年十二月三十一日，貿易應付
款項按發票日期之賬齡分析如下：
除本集團一主要業務夥伴之應付款項結餘
淨額根據與此夥伴訂立之相關協議條款每
半年（二零一四年：每半年）支付外，供應
商給予之信貸期為30天。
所有款項屬短期性質，因此，貿易及其他
應付款項之賬面值乃視為是公平價值的合
理約數。
100
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
24. BANK BORROWINGS
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Current portion 流動部份
– Bank loans due for repayment －於一年內到期償還之
within one year 銀行貸款 – 1,164
– Bank loans due for repayment －於一年後到期償還之
after one year which contain 銀行貸款（當中包含須
a repayment on demand clause 按要求還款之條款） – 6,508
Total bank borrowings 銀行貸款總額 – 7,672
As at 31 December 2014, the current portion included a
balance of HK$6,508,000 as the related loan agreements
contained a clause that provided the banks with an
unconditional right to demand repayment at any time at
their discretion.
Assuming that the banks do not invoke the clause for
repayment on demand and based on the repayment dates
as scheduled in the loan agreements, the Group’s bank
borrowings which were due for repayment as at each of the
reporting dates were as follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Within one year 於一年內到期 – 1,164
In the second year 於第二年內到期 – 1,164
In the third to fifth year 於第三至第五年內到期 – 5,344
Wholly repayable within five years 全數於五年內到期 – 7,672
Bank borrowings as at 31 December 2014 were secured
by the corporate guarantees from the Company and the
Group’s investment properties of HK$29,706,000 (Note
18). These bank borrowings were repayable in seven years
through monthly instalments. During the year, these bank
borrowings are fully repaid.
Effective interest rate of the bank borrowings ranged from
1.46% to 2.49% per annum in 2014.
24. 銀行借貸
於二零一四年十二月三十一日，即期部份
包括分類為流動負債之6,508,000港元銀行
借貸，原因為相關貸款協議載有條款，訂
明銀行具備無條件權利，可按本身之酌情
權而隨時要求還款。
假設銀行並無要求引用須按要求還款之條
款，根據貸款協議所訂之還款日期，本集團
於各報告日期到期還款之銀行借貸如下：
於二零一四年十二月三十一日，銀行借貸
是以本公司提供之公司擔保以及本集團為
數29,706,000港元之投資物業（附註18）作
抵押。此等銀行借貸須於七年內每月分期
還款。此等銀行借貸已於年內悉數償還。
銀行借貸於本年度之實際年利率介乎1.46%
至2.49%。
101
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
25. DEFERRED TAX
Deferred taxation is calculated on temporary differences
under liability method using the rates of taxation prevailing
in the countries in which the Group operates.
Movements of major deferred tax liabilities recognised in
the statement of financial position during the current and
prior year are as follows:
Temporary
difference on
Fair value withholding
adjustments tax on
Accelerated arising from Impairment Write- Provision Non undistributed
tax acquisition of of trade down of of staff competition profits of PRC
depreciation subsidiaries receivables inventories benefit costs covenants subsidiaries Total
中國
附屬公司
收購附屬 未分派
公司產生 盈利之
加速稅項 之公平 貿易應收 員工福利 預扣稅之
折舊 價值調整 款項減值 撇減存貨 成本撥備 不競爭契諾 暫時差異 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
At 1 January 2014 於二零一四年一月一日 228 617 (857) (2,700) (7,057) 122 16,424 6,777
Credited to profit or loss 於損益表計入 – – – – – – (6,803) (6,803)
Exchange difference 匯兌差額 – – – – – – 145 145
Disposal/Distribution of 出售╱分派附屬
subsidiaries (Note 32) 公司（附註32） (228) (617) 857 2,700 7,057 (122) (6,511) 3,136
At 31 December 2014 於二零一四年
and 1 January 2015 十二月三十一日及
二零一五年一月一日 – – – – – – 3,255 3,255
Charged to profit or loss 於損益表計入 – – – – – – 205 205
Exchange difference 匯兌差額 – – – – – – (19) (19)
Disposal of subsidiaries 出售附屬公司
(Note 32(a)) （附註32(a)） – – – – – – (3,441) (3,441)
At 31 December 2015 於二零一五年
十二月三十一日 – – – – – – – –
Pursuant to the PRC Corporate Income Tax Law, 10%
withholding tax is levied on dividends declared to foreign
investment enterprises established in the PRC. The Group is
liable to withholding taxes on dividends distributed by the
subsidiaries established in the PRC.
25. 遞延稅項
遞延稅項乃根據負債法以本集團業務所在
國家現行稅率按暫時差額計算。
以下為於財務狀況表確認之主要遞延稅項
負債在本年度及上年度之變動：
根據中國企業所得稅法，向於中國成立之
外商投資企業所宣派之股息須繳納10%預
扣稅。本集團須就於中國成立之附屬公司
所宣派之股息繳納預扣稅。
102
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
25. DEFERRED TAX (Continued)
At the repor t ing date , the major components of
unrecognised deductible temporary differences are as
follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Difference between depreciation 折舊與折舊撥備之差額
and depreciation allowance (148) (222)
Unutilised tax losses 未動用之稅務虧損 19,216 17,087
19,068 16,865
The deductible temporary differences have not been
recognised in the financial statements as it is not probable
that future taxable profit will be available against which
these deductible temporary differences can be utilised.
All tax losses and deductible temporary differences of the
Group and the Company have no expiry dates under the
current tax legislation.
25. 遞延稅項（續）
於報告日，未確認可扣稅暫時差額之主要
部份如下：
由於無法預測可用以抵銷可扣稅暫時差額
之未來應課稅溢利，因此並無於財務報表
確認可扣稅暫時差額。根據現行稅務法例，
本集團及本公司之所有稅務虧損及可扣稅
暫時差額並無到期日。
103
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
26. SHARE CAPITAL
2015 2014
二零一五年 二零一四年
Number Nominal Number Nominal
of shares value of shares value
股份數目 面值 股份數目 面值
’ 000 HK$’ 000 ’ 000 HK$’ 000
千股 千港元 千股 千港元
Authorised: 法定：
Ordinary shares 每股面值0.20港元之
of HK$0.20 each 普通股
At 1 January 於一月一日 500,000 100,000 500,000 100,000
Increase during the year 年內增加 4,500,000 900,000 – –
At 31 December 於十二月三十一日 5,000,000 1,000,000 500,000 100,000
Issued and fully paid: 已發行及繳足：
Ordinary shares of 每股面值0.20港元之
HK$0.20 each 普通股
At 1 January 於一月一日 333,634 66,727 332,410 66,482
Shares issued upon exercise 因購股權獲行使而
of share options (Note 27) 發行股份（附註27） 150 30 1,224 245
At 31 December 於十二月三十一日 333,784 66,757 333,634 66,727
Pursuant to the special resolution dated 29 December 2015,
the authorised share capital of the Company was increased
from HK$100,000,000 divided into 500,000,000 ordinary
shares of HK$0.20 each to HK$1,000,000,000 divided
into 5,000,000,000 ordinary shares by the creation of
4,500,000,000 unissued shares of HK$0.20 each.
26. 股本
根據日期於二零一五年十二月二十九日
之特別決議案，本公司之法定股本藉增
設額外4,500,000,000股每股面值0.20港
元之未發行股份而由100,000,000港元
（分為500,000,000股每股面值0.20港元之
普通股）增加至1,000,000,000港元（分為
5,000,000,000股普通股）。
104
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
27. SHARE-BASED EMPLOYEE
COMPENSATION
The share option scheme (“the Old Share Option Scheme”)
was adopted by the Company pursuant to its resolution
passed on 13 July 2007. The purpose of this scheme was
to reward participants who had contributed to the Group
and to encourage participants to work towards enhancing
the value of the Group and its shares for the benefit of
the Company and its shareholders as a whole. The board
of directors might, at its discretion, offer to directors,
employees of any member of the Group, any advisors and
service providers of any member of the Group, options to
subscribe for the shares in the Company at a price not less
than the highest of: (i) the closing price of the shares of the
Company on the SEHK on the date of offer of the option;
(ii) the average of the closing prices of the shares on the
SEHK for the five trading days immediately preceding the
date of the grant of the options; and (iii) the nominal value
of a share. A nominal consideration of HK$1 was payable
on acceptance of the grant of an option irrespective of
numbers of share options granted. The options vested on
the condition that the grantee was a director or employee
of any member of the Group or any advisor and service
provider of any member of the Group from the date of
options grant to the commencement date of the exercisable
period of the options. The Old Share Option Scheme was
terminated on 29 December 2015 and replaced by a new
share option scheme (“the New Share Option Scheme”) (see
below).
The options were exercisable at any time during the period
to be determined and notified by the Directors to the
grantee at the time of making an offer in respect of any
particular option which should not expire later than ten
years from the date of grant.
The share-based employee compensation is to be settled by
the issue of the Company’s ordinary shares. The Group has
no legal or constructive obligation to repurchase or settle
the options other than in the Company’s ordinary shares.
27. 以股份支付之僱員賠償
本公司根據於二零零七年七月十三日通過
之決議案採納購股權計劃（「舊購股權計
劃」）。此項計劃之目的為獎勵對本集團作
出貢獻之參與者，以及鼓勵參與者為本公
司及其股東之整體利益致力提高本集團及
其股份之價值。董事會可酌情向本集團任
何成員公司之董事、僱員，以及本集團任
何成員公司之任何顧問及服務供應商授出
購股權以認購本公司股份，認購價將不低
於下列三者中之最高者：(i)本公司股份於
授出購股權當日在聯交所之收市價；(ii)股
份於緊接授出購股權當日前五個交易日在
聯交所之平均收市價；及(iii)股份面值。承
授人須於接納授出之購股權時，支付1港元
之象徵式代價（不論授出之購股權的數目多
寡）。購股權之歸屬條件為承授人於獲授購
股權日期至購股權行使期開始之日為止的
期間，須為本集團任何成員公司之董事或
僱員，或本集團任何成員公司之顧問及服
務供應商。舊購股權計劃已於二零一五年
十二月二十九日終止並由一項新購股權計
劃（「新購股權計劃」）取代（詳見下文）。
購股權可於董事提出授予任何特定購股權
之建議時所釐定並通知承授人之期間內隨
時行使，而行使期之屆滿日期概不得遲於
授出日期起計十年。
以股份支付之僱員賠償將以發行本公司普
通股支付。除本公司普通股外，本集團並
無任何購回或支付購股權之法定或推定責
任。
105
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
27. SHARE-BASED EMPLOYEE
COMPENSATION (Continued)
Details of the share options granted under the Old Share
Option Scheme are as follows:
Exercise
Number of price
Date of grant options granted Vesting period Exercisable period per share
已授出
授出日期 購股權數目 歸屬期 可行使期間 每股行使價
HK$
港元
11.06.2010 2,190,000 11.06.2010 to 至 10.06.2011 11.06.2011 to 至 10.06.2015 1.600
11.06.2010 2,190,000 11.06.2010 to 至 10.06.2012 11.06.2012 to 至 10.06.2015 1.600
23.06.2010 4,860,000 23.06.2010 to 至 22.06.2011 23.06.2011 to 至 22.06.2015 1.636
23.06.2010 4,860,000 23.06.2010 to 至 22.06.2012 23.06.2012 to 至 22.06.2015 1.636
16.12.2011 250,000 16.12.2011 to 至 15.12.2012 16.12.2012 to 至 15.12.2016 2.000
16.12.2011 250,000 16.12.2011 to 至 15.12.2013 16.12.2013 to 至 15.12.2016 2.000
27. 以股份支付之僱員賠償（續）
根據舊購股權計劃授出之購股權詳情如下：
106
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
27. SHARE-BASED EMPLOYEE
COMPENSATION (Continued)
The fo l lowing tab le shows the movements in the
outstanding options granted under the Old Share Option
Scheme:
Number of share options
購股權數目
Outstanding
Outstanding Exercised at
Grantees at 1 January during 31 December
2015 the year 2015
於二零一五年
於二零一五年 十二月
一月一日 三十一日
承授人 尚未行使 本年內行使 尚未行使
Employees 僱員 150,000 (150,000) –
Weighted average 加權平均行使價
exercise price HK$1.600港元 HK$1.600港元 –
Number of share options
購股權數目
Outstanding
Outstanding Exercised at
Grantees at 1 January during 31 December
2014 the year 2014
於二零一四年
於二零一四年 十二月
一月一日 三十一日
承授人 尚未行使 本年內行使 尚未行使
Employees 僱員 1,374,000 (1,224,000) 150,000
Weighted average 加權平均行使價
exercise price HK$1.654港元 HK$1.704港元 HK$1.600港元
No new share options were granted under the Old Share
Option Scheme during the years ended 31 December 2014
and 2015.
27. 以股份支付之僱員賠償（續）
下表披露根據舊購股權計劃授出而尚未行
使購股權之變動：
於截至二零一四年及二零一五年十二月
三十一日止年度並無根據舊購股權計劃授
出新購股權。
107
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
27. SHARE-BASED EMPLOYEE
COMPENSATION (Continued)
The following significant assumptions were used to derive
the fair values of the options granted under the Old Share
Option Scheme, using the Black-Scholes option pricing
model:
Date of grant 16.12.2011 23.6.2010 11.6.2010
二零一一年 二零一零年 二零一零年
授出日期 十二月十六日 六月二十三日 六月十一日
Expected volatility 預期波幅 41.28% 43.60% 43.64%
Expected life (in years) 預期年期（以年計） 4 4 4
Risk-free interest rate (being 無風險利率（為外匯基金
the approximate yield of 票據於授出日期之
Exchange Fund on the 概約收益率）
grant date) 0.728% 1.298% 1.298%
Expected dividend yield 預期股息率 5% 4.94% 5.00%
The underlying expected volatility was determined by
reference to historical data, calculated based on expected
life of share options. Expectations of early exercise were
incorporated into the Black-Scholes option pricing model.
No special features pertinent to the options granted were
incorporated in the measurement of fair value.
No share-based employee compensation expense in respect
of share option scheme was included in the consolidated
statement of profit or loss and other comprehensive income
for the year ended 31 December 2015 with a corresponding
credit in equity (2014: Nil). No liabilities were recognised
as these were all equity-settled share-based payment
transactions.
27. 以股份支付之僱員賠償（續）
使用柏力克 ?舒爾斯期權定價模式時用作
計算根據舊購股權計劃授出之購股權之公
平價值之主要假設如下：
相關預期波幅是參考以往數據而釐定，根
據購股權之預期期限而計算。柏力克 ?舒爾
斯估值模式中已納入對提前行使之預期。
在計量公平價值時並無納入有關已授出購
股權的特殊特點。
並無有關購股權計劃之以股份支付之僱員賠
償開支計入截至二零一五年十二月三十一
日止年度之綜合損益及其他全面收益表並
於權益計入相應款額（二零一四年：無）。
由於有關交易均為以股本結算之股份付款
交易，因此並無確認任何負債。
108
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
27. SHARE-BASED EMPLOYEE
COMPENSATION (Continued)
As at 31 December 2015, no share option was exercisable
(2014: 150,000 share options are exercisable and the
weighted average exercise price of these share options is
HK$1.600).
As at 31 December 2015, there was no outstanding share
option (2014: the weighted average remaining contractual
life for the outstanding share options is 161 days).
The weighted average closing price of the shares of the
Company quoted on the SEHK immediately before the dates
on which the options were exercised was HK$3.230 (2014:
HK$2.924).
As described above, the New Share Option Scheme was
adopted by the Company pursuant to its resolution passed
on 29 December 2015 and expires on 28 December 2025.
The purpose of this scheme is to reward participants
who have contributed to the Group and to encourage
participants to work towards enhancing the value of the
Group and its shares for the benefit of the Company and
its shareholders as a whole. The board of directors may, at
its discretion, offer to directors, employees of any member
of the Group, any advisors and service providers of any
member of the Group, options to subscribe for the shares
in the Company at a price not less than the highest of: (i)
closing price of the shares of the Company on the SEHK on
the date of offer of the option; (ii) average of the closing
prices of the shares on the SEHK for the five trading days
immediately preceding the date of the grant of the options;
and (iii) nominal value of a share.
27. 以股份支付之僱員賠償（續）
於二零一五年十二月三十一日，並無購股
權為可予行使（二零一四年：150,000份購
股權可予行使而該等購股權之加權平均行
使價為1.600港元）。
於二零一五年十二月三十一日，並無未行
使購股權（二零一四年：未行使購股權之加
權平均餘下合約年期為161天）。
本公司股份在緊接購股權獲行使日期前於
聯交所所報之加權平均收市價為3.230港元
（二零一四年：2.924港元）。
誠如上文所述，本公司根據於二零一五年
十二月二十九日通過之決議案採納新購股權
計劃而新購股權計劃將於二零二五年十二
月二十八日屆滿。此項計劃之目的為獎勵
對本集團作出貢獻之參與者，以及鼓勵參
與者為本公司及其股東之整體利益致力提
高本集團及其股份之價值。董事會可酌情
向本集團任何成員公司之董事、僱員，以
及本集團任何成員公司之任何顧問及服務
供應商授出購股權以認購本公司股份，認
購價將不低於下列三者中之最高者：(i)本公
司股份於授出購股權當日在聯交所之收市
價；(ii)股份於緊接授出購股權當日前五個
交易日在聯交所之平均收市價；及(iii)股份
面值。
109
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
27. SHARE-BASED EMPLOYEE
COMPENSATION (Continued)
A nominal consideration of HK$1 is payable on acceptance
of the grant of an option irrespective of numbers of share
options granted. The options vest on the condition that
the grantee is a director or employee of any member
of the Group or any advisor and service provider of any
member of the Group from the date of options grant to
the commencement date of the exercisable period of the
options.
The options are exercisable at any time during the period to
be determined and notified by the Directors to the grantee
at the time of making an offer in respect of any particular
option which shall not expire later than ten years from the
date of grant.
The share-based employee compensation is to be settled by
the issue of the Company’s ordinary shares. The Group has
no legal or constructive obligation to repurchase or settle
the options other than in the Company’s ordinary shares.
No new share options were granted under the New Share
Option Scheme during the year. At 31 December 2015,
total number of shares available for issue pursuant to
the grant of further options under the New Share Option
Scheme was 33,378,400, representing 10% of the issued
share capital of the Company.
27. 以股份支付之僱員賠償（續）
承授人須於接納授出之購股權時，支付1港
元之象徵式代價（不論授出之購股權的數目
多寡）。購股權之歸屬條件為承授人於獲授
購股權日期至購股權行使期開始之日為止
的期間，須為本集團任何成員公司之董事
或僱員，或本集團任何成員公司之顧問及
服務供應商。
購股權可於董事提出授予任何特定購股權
之建議時所釐定並通知承授人之期間內隨
時行使，而行使期之屆滿日期概不得遲於
授出日期起計十年。
以股份支付之僱員賠償將以發行本公司普
通股支付。除本公司普通股外，本集團並
無任何購回或支付購股權之法定或推定責
任。
年內並無根據新購股權計劃授出新購股權。
於二零一五年十二月三十一日，根據新購
股權計劃授出進一步購股權而可供發行之
股份總數為33,378,400股，相當於本公司
已發行股本之10%。
110
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
28. RESERVES
Movements in the reserves of the Group during the year are
set out in the consolidated statement of changes in equity
on pages 36 to 37.
Company
本公司
Proposed Retained
Employee final and earnings/
Share compensation Contributed special (Accumulated
premium reserve surplus dividends losses) Total
僱員 擬派末期及 保留溢利╱
股份溢價 賠償儲備 繳入盈餘 特別股息 （累計虧損） 合計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元 千港元
At 1 January 2014 於二零一四年一月一日 116,022 538 20,290 66,488 1,307 204,645
Exercise of share options 行使購股權 2,036 (197) – – – 1,839
Share issue expenses 發行股份費用 (9) – – – – (9)
Final 2013 dividends paid (Note 14) 已派發二零一三年度末期股息
（附註14） – – – (66,488) (239) (66,727)
Distribution in specie (Note 14) 實物分派（附註14） – – (5,000) – (454,114) (459,114)
Transfers 轉撥 (118,049) – 118,049 – – –
Profit for the year 本年度溢利 – – – – 448,722 448,722
Interim 2014 dividends paid (Note 14) 已派發二零一四年度中期股息
（附註14） – – – – (18,350) (18,350)
Proposed final 2014 dividends (Note 14) 擬派二零一四年度末期股息
（附註14） – – (20,018) 20,018 – –
At 31 December 2014 於二零一四年十二月三十一日
and 1 January 2015 及二零一五年一月一日 – 341 113,321 20,018 (22,674) 111,006
Exercise of share options 行使購股權 552 (341) – – – 211
Share issue expenses 發行股份費用 (5) – – – – (5)
Final 2014 dividends paid (Note 14) 已派發二零一四年度末期股息
（附註14） – – – (20,018) – (20,018)
Loss for the year 本年度虧損 – – – – (43,234) (43,234)
At 31 December 2015 於二零一五年十二月三十一日 547 – 113,321 – (65,908) 47,960
28. 儲備
本集團儲備於本年度之變動載於第36至37
頁之綜合股本變動表。
111
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
28. RESERVES (Continued)
The Company’s reserves available for distribution comprise
its contributed surplus and retained earnings.
Under the Companies Act 1981 of Bermuda (as amended),
contributed surplus account of the Company is available for
distribution. However, the Company cannot declare or pay a
dividend, or make a distribution out of contributed surplus
if:
(a) it is, or would after the payment be, unable to pay its
liabilities as they become due; or
(b) the realisable value of its assets would thereby be less
than the aggregate of its liabilities and its issued share
capital and share premium accounts.
29. OPERATING LEASE COMMITMENTS
As lessor
As at 31 December 2015, the total future minimum lease
receivables of the Group under non-cancellable operating
leases in respect of rented office premises are receivable as
follows:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Within one year 一年內 120 121
In the second to fifth years, inclusive 第二年至第五年（包括首尾兩年） 50 –
170 121
The Group leases out its investment properties under
operating lease arrangements with terms ranging from two
years. None of the leases include contingent rentals.
28. 儲備（續）
本公司可予分派儲備包括其繳入盈餘及保
留溢利。
根據一九八一年百慕達公司法（經修訂），
本公司可以分派繳入盈餘。然而，在下列
情況，本公司不得自繳入盈餘分派或支付
股息或作出分派：
(a) 公司現時或支付股息後未能清償到期
債務；或
(b) 公司資產之可變現值將少於其負債、
已發行股本和股份溢價之總和。
29. 經營租賃承擔
作為出租人
於二零一五年十二月三十一日，本集團根
據有關租賃辦公室物業之不可撤銷經營租
賃就未來最低應收租金總額之期滿情況如
下：
本集團根據經營租賃安排將投資物業出租，
租期介乎兩年。概無租賃包括或然租金。
112
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
29. OPERATING LEASE COMMITMENTS
(Continued)
As lessee
As at 31 December 2015, the total future minimum lease
payments of the Group under non-cancellable operating
leases are payable as follows:
Rented premises and
production facilities Internet access line
租賃物業及生產設施 互聯網專線
2015 2014 2015 2014
二零一五年 二零一四年 二零一五年 二零一四年
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
Within one year 一年內 4,270 4,975 130 48
In the second to fifth 第二年至第五年
years inclusive （包括首尾兩年） 5,607 9,410 48 –
9,877 14,385 178 48
The Group leases a number of properties and production
facilities and internet access line under operating leases. The
leases run for an initial period from two to five years, with
an option to renew the lease and renegotiate the terms at
the expiry date or at dates as mutually agreed between the
Group and respective landlords/lessors. None of the leases
include contingent rentals.
29. 經營租賃承擔（續）
作為承租人
於二零一五年十二月三十一日，本集團根
據不可撤銷經營租賃就未來最低應付租金
總額之期滿情況如下：
本集團根據經營租賃租賃多項物業及生產
設施以及互聯網專線。該等租賃初步為期
介乎二至五年，可選擇於到期日或本集團
與各業主╱出租人雙方同意之日期重續租
賃及重新磋商條款。概無租賃包括或然租
金。
113
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
30. HOLDING COMPANY STATEMENT OF
FINANCIAL POSITION
2015 2014
二零一五年 二零一四年
Notes HK$’ 000 HK$’ 000
附註 千港元 千港元
ASSETS AND LIABILITIES 資產與負債
Non-current assets 非流動資產
Investments in subsidiaries 於附屬公司之投資 19,254 62,029
Current assets 流動資產
Amounts due from subsidiaries 附屬公司欠款 11,382 50,333
Financial assets at fair value through 透過損益表按公平價值
profit or loss 列賬之財務資產 – 747
Other receivables 其他應收款項 22 292
Cash and cash equivalents 現金及現金等值項目 84,284 98,487
95,688 149,859
Current liabilities 流動負債
Other payables 其他應付款項 225 300
Amounts due to subsidiaries 欠附屬公司款項 – 33,855
225 34,155
Net current assets 流動資產淨值 95,463 115,704
Net assets 資產淨值 114,717 177,733
EQUITY 權益
Share capital 股本 26 66,757 66,727
Reserves 儲備 28 47,960 111,006
Total equity 權益總額 114,717 177,733
On behalf of the directors
代表董事會
Chan Pak Yi Tsang Hing Bun
陳栢怡 曾慶贇
Director Director
董事 董事
30. 控股公司之財務狀況表
114
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
31. PARTICULARS OF PRINCIPAL
SUBSIDIARIES
Place/Country of
incorporation/ Issued and Percentage of
Date of establishment fully paid issued capital Principal activities
incorporation/ and type of Class of share capital/ held by the and place
Name of company establishment legal entity shares registered capital Company ^ of operations
註冊成立╱
成立之地點╱ 已發行及 本公司所持
註冊成立╱ 國家及法定 繳足股款股本╱ 已發行股本
公司名稱 成立日期 實體類別 股份類別 註冊資本 之百分比^ 主要業務及經營地點
Express Ocean 5 May 2008 Hong Kong, Ordinary HK$2,000 100% Property investment,
Investment Limited 二零零八年五月五日 limited liability 普通股 2,000港元 Hong Kong
飛洋投資有限公司 company 物業投資，香港
香港，有限公司
Central Publisher Limited 26 September 1997 Hong Kong, Ordinary HK$1,000 100% Publishing and
卓越出版社有限公司 一九九七年 limited liability 普通股 1,000港元 investment trading,
九月二十六日 company Hong Kong
香港，有限公司 出版及投資買賣，香港
Recruit (BVI) Limited 15 March 2000 British Virgin Ordinary US$10,000 100% Investment holding,
二零零零年三月十五日 Islands, limited 普通股 10,000美元 Hong Kong
liability company 投資控股，香港
英屬處女群島，
有限公司
Recruit (China) Holdings 3 November 2004 British Virgin Ordinary US$1 100% Investment holding,
Limited 二零零四年 Islands, limited 普通股 1美元 Hong Kong
才庫（中國）控股有限公司 十一月三日 liability company 投資控股，香港
英屬處女群島，
有限公司
Recruit Group Limited 8 January 2007 British Virgin Ordinary US$10,000 100% Investment holding,
二零零七年一月八日 Islands, limited 普通股 10,000美元 Hong Kong
liability company 投資控股，香港
英屬處女群島，
有限公司
Recruit Human Resources 7 April 2005 British Virgin Ordinary US$2,564,102 100% Investment holding,
Group Limited 二零零五年四月七日 Islands, limited 普通股 2,564,102美元 Hong Kong
才庫招聘資源有限公司 liability company 投資控股，香港
英屬處女群島，
有限公司
31. 主要附屬公司詳情
115
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
31. PARTICULARS OF PRINCIPAL
SUBSIDIARIES (Continued)
Place/Country of
incorporation/ Issued and Percentage of
Date of establishment fully paid issued capital Principal activities
incorporation/ and type of Class of share capital/ held by the and place
Name of company establishment legal entity shares registered capital Company ^ of operations
註冊成立╱
成立之地點╱ 已發行及 本公司所持
註冊成立╱ 國家及法定 繳足股款股本╱ 已發行股本
公司名稱 成立日期 實體類別 股份類別 註冊資本 之百分比^ 主要業務及經營地點
Recruit Information 7 November 2003 Hong Kong, Ordinary HK$1,000 100% Provision of website
Technology Limited 二零零三年 limited liability 普通股 1,000港元 development and
才庫媒體集團有限公司 十一月七日 company information technology
香港，有限公司 services, Hong Kong
提供網站發展及資訊
科技服務，香港
Recruit & Company Limited 13 April 2006 Hong Kong, Ordinary HK$1 100% Provision of advertising
二零零六年 limited liability 普通股 1港元 service, Hong Kong
四月十三日 company 提供廣告服務，香港
香港，有限公司
Media Services Limited 30 April 1999 Hong Kong, Ordinary HK$52,000,000 100% Provision of advertising
一九九九年 limited liability 普通股 52,000,000港元 services, Hong Kong
四月三十日 company 提供廣告服務，香港
香港，有限公司
Recruit Management 5 January 2005 PRC, limited N/A US$2,000,000 100% Investment holding and
Consulting (Shanghai) 二零零五年 liability company 不適用 (registered capital) provision of corporate
Company Limited 一月五日 中國，有限公司 2,000,000美元 management service,
才庫企業管理顧問（上海） （註冊資本） PRC
有限公司* 投資控股及提供
企業管理服務，中國
Azure Global Group Limited 25 August 2015 British Virgin Ordinary US$1 100% Investment holding,
二零一五年 Islands, limited 普通股 1美元 Hong Kong
八月二十五日 liability company 投資控股，香港
英屬處女群島，
有限公司
31. 主要附屬公司詳情（續）
116
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
31. PARTICULARS OF PRINCIPAL
SUBSIDIARIES (Continued)
* BDO Limited is not the statutory auditors of the accounts of
these companies. The English translation of Chinese names of
PRC subsidiaries, if any, is included for identification only and
should not be regarded as their official English translation.
^ All principal subsidiaries are indirectly held by the Company
except for Recruit (BVI) Limited, Recruit Human Resources
Group Limited and Recruit (China) Holdings Limited (2014:
Recruit (BVI) Limited).
The directors of the Company are of the opinion that a
complete list of the particulars of all subsidiaries would be
of excessive length and therefore the above list contains
only the particulars of the subsidiaries which materially
affect the results or assets of the Group.
None of the subsidiaries had any debt securities subsisting
at the end of the year or at any time during the year.
As at 31 December 2015 and 2014, the Group has no non-
controlling interests.
32. DISPOSAL/DISTRIBUTION OF
SUBSIDIARIES
(a) Disposal of CinMedia Inc. and Easking
Limited
As mentioned in Note 13 to the financial statements,
on 25 August 2015, the Group disposed its entire
interests in CinMedia Inc. and Easking Limited and
their shareholders’ loans to ER2 Holdings Limited at
the consideration of HK$12,500,000. The net assets
of (1) CinMedia Inc. and its subsidiaries, CinMedia
Limited, Eastern Inf l ight Magazine Productions
Limited, Southern Infl ight Magazine Production
Limited, EAR Media Limited, Iguazu (Shanghai)
Advertising Company Limited, CinMedia Publishing
Limited and CinMedia (Taiwan) Limited (“CinMedia
Group”), and (2) Easking Limited and its subsidiaries,
灝天廣告（上海）有限公司, 北京天機躍動文化傳媒有
限公司 and 廣州天晉廣告有限公司 (“Easking Group”),
at the date of disposal are as follows:
31. 主要附屬公司詳情（續）
* 香港立信德豪會計師事務所有限公司並非
該等公司之賬目之法定核數師。
^ 除Recruit (BVI) Limited、才庫招聘資源有
限公司及才庫（中國）控股有限公司（二零
一四年：Recruit (BVI) Limited）外，所有主
要附屬公司均由本公司間接持有。
本公司董事認為，全數列出所有附屬公司
之詳情會導致篇幅過份冗長，因此上表只
載列對本集團之業績或資產構成重大影響
之附屬公司之詳情。
附屬公司於年終或年內任何時間並無存在
任何債務證券。
於二零一五年及二零一四年十二月三十一
日，本集團並無非控股權益。
32. 出售╱分派附屬公司
(a) 出售CinMedia Inc.及宜勁有限公
司
誠如財務報表附註13所述，於二
零一五年八月二十五日，本集團以
12,500,000港元之代價出售其於
CinMedia Inc.及宜勁有限公司之全部
股本權益及股東貸款予青田集團有
限公司。(1) CinMedia Inc.及其附屬
公司先傳媒有限公司、中國香港航機
雜誌製作有限公司、東南航機雜誌製
作有限公司、先傳媒集團有限公司、
海蘊廣告（上海）有限公司、先傳媒
出版有限公司及台灣先傳媒有限公司
（「CinMedia集團」）；及(2)宜勁有限公
司及其附屬公司灝天廣告（上海）有限
公司、北京天機躍動文化傳媒有限公
司及廣州天晉廣告有限公司（「宜勁集
團」）於出售日期之資產淨值如下：
117
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
32. DISPOSAL/DISTRIBUTION OF
SUBSIDIARIES (Continued)
(a) Disposal of CinMedia Inc. and Easking
Limited (Continued)
CinMedia Easking
Group Group Total
CinMedia集團 宜勁集團 總計
HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元
Property, plant and equipment 物業、廠房及設備 343 233 576
Trade and other receivables 貿易及其他應收款項 4,895 30,315 35,210
Tax recoverable 可收回稅項 794 – 794
Cash and cash equivalents 現金及現金等值項目 25,307 28,097 53,404
Trade and other payables 貿易及其他應付款項 (11,266) (65,493) (76,759)
Shareholder’ s loans from 來自本集團之股東貸款
the Group – (19,300) (19,300)
Provision for taxation 稅項撥備 – (53) (53)
Deferred tax liabilities 遞延稅項負債 (295) (3,146) (3,441)
19,778 (29,347) (9,569)
Exchange reserve 匯兌儲備 (4,041)
Assignment of shareholder’ s 轉讓來自本集團之
loans from the Group 股東貸款 19,300
Gain on disposal of subsidiaries 出售附屬公司之收益 4,512
Total consideration 總代價 10,202
Total consideration consists of: 總代價包括：
Cash consideration 現金代價 12,500
Less: cost incurred on 減：出售產生之
the disposal 成本 (2,298)
10,202
Net cash outflow arising 出售產生之現金
from the disposal: 流出淨額：
Cash consideration 現金代價 12,500
Cash and cash equivalents 所出售之現金及
disposed of 現金等值項目 (53,404)
Cost incurred on the disposal 出售產生之成本 (2,298)
(43,202)
32. 出售╱分派附屬公司（續）
(a) 出售CinMedia Inc.及宜勁有限公
司（續）
118
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
32. DISPOSAL/DISTRIBUTION OF
SUBSIDIARIES (Continued)
(b) Disposal of SAR Media Limited
During the year ended 31 December 2014, the Group
disposed its entire interests in SAR Media Limited
to independent third parties at the consideration of
HK$3,200,000. The net assets of SAR Media Limited
and its subsidiary, Arabesque Advertising Limited, at
the date of disposal are as follows:
HK$’ 000
千港元
Trade and other receivables 貿易及其他應收款項 125
Amounts due from group companies 應收集團公司款項 89,093
Cash and cash equivalents 現金及現金等值項目 3,175
Other payables 其他應付款項 (65,363)
Amount due to group company 應付集團公司款項 (12,345)
Provision for taxation 稅項撥備 (5,006)
Deferred tax liabilities 遞延稅項負債 (6,511)
3,168
Gain on disposal of a subsidiary 出售一間附屬公司之收益 32
Total consideration satisfied by cash 以現金支付之總代價 3,200
Net cash inflow arising on disposal: 出售產生之現金流入淨額：
Cash consideration 現金代價 3,200
Cash and cash equivalents disposed of 所出售之現金及現金等值項目 (3,175)
25
32. 出售╱分派附屬公司（續）
(b) 出售文化特區出版有限公司
於截至二零一四年十二月三十一日止
年度，本集團以3,200,000港元之代價
將其於文化特區出版有限公司之全部
權益出售予獨立第三方。文化特區出
版有限公司及其附屬公司廣州海螢廣
告有限公司於出售日期之資產淨值如
下：
119
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
32. DISPOSAL/DISTRIBUTION OF
SUBSIDIARIES (Continued)
(c) Disposal of 北京海溢吉盛廣告有限公司
During the year ended 31 December 2014, the Group
disposed its entire interests in 北京海溢吉盛廣告有限
公司 to independent third parties at the consideration
of HK$8,743,000. Its net assets at the date of disposal
are as follows:
HK$’ 000
千港元
Other receivables 其他應收款項 11,408
Cash and cash equivalents 現金及現金等值項目 1,205
Other payables 其他應付款項 (451)
Amount due to group company 應付集團公司款項 (1,468)
10,694
Loss on disposal of a subsidiary 出售一間附屬公司之虧損 (1,951)
Total consideration satisfied by cash 以現金支付之總代價 8,743
Net cash inflow arising on disposal: 出售產生之現金流入淨額：
Cash consideration 現金代價 8,743
Cash and cash equivalents disposed of 所出售之現金及現金等值項目 (1,205)
7,538
(d) Distribution in specie of shares of 1010
Printing Group Limited
As mentioned in Note 13 to the financial statements,
on 2 May 2014, the Company distributed its equity
interest of 1010 Printing Group Limited to its
shareholders and since then, 1010 Printing Group
Limited ceased to be subsidiary of the Company.
Before the distribution, the Group had 464,430,000
shares of 1010 Printing Group Limited, 463,751,000
shares were distributed upon the distribution and the
remaining 679,000 shares were classified as financial
assets at fair value through profit or loss.
32. 出售╱分派附屬公司（續）
(c) 出售北京海溢吉盛廣告有限公司
於截至二零一四年十二月三十一日止
年度，本集團以8,743,000港元之代價
將其於北京海溢吉盛廣告有限公司之
全部權益出售予獨立第三方。其於出
售日期之資產淨值如下：
(d) 實物分派匯星印刷集團有限公司
之股份
誠如財務報表附註13所述，於二零
一四年五月二日，本公司已向其股東
分派其於匯星印刷集團有限公司之
股本權益，而匯星印刷集團有限公司
自此起已不再是本公司之附屬公司。
於分派前，本集團持有464,430,000
股匯星印刷集團有限公司之股份，而
463,751,000股股份已於分派中予以
分派，其餘679,000股股份乃分類為
透過損益表按公平價值列賬之財務資
產。
120
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
32. DISPOSAL/DISTRIBUTION OF
SUBSIDIARIES (Continued)
(d) Distribution in specie of shares of 1010
Printing Group Limited (Continued)
Net assets of 1010 Printing Group Limited and its
subsidiaries at the date of distribution are as follows:
HK$’ 000
千港元
Intangible assets 無形資產 65,993
Property, plant and equipment 物業、廠房及設備 188,294
Investment properties 投資物業 10,091
Deferred tax assets 遞延稅項資產 10,614
Inventories 存貨 114,209
Trade and other receivables 貿易及其他應收款項 418,671
Cash and cash equivalents 現金及現金等值項目 234,024
Trade and other payables 貿易及其他應付款項 (237,423)
Financial liabilities at fair value 透過損益表按公平價值列賬
through profit or loss 之財務負債 (1,107)
Bank borrowings 銀行借貸 (95,906)
Provision for taxation 稅項撥備 (4,335)
Deferred tax liabilities 遞延稅項負債 (967)
Non-controlling interests 非控股權益 (278,894)
423,264
Exchange reserve 匯兌儲備 (1,608)
Fair value of remaining shares of 1010 分類為透過損益表按公平價值列賬
Printing Group Limited classified as 之財務資產的其餘匯星印刷集團
financial assets at fair value through 有限公司股份之公平價值
profit or loss (672)
Gain on distribution of subsidiaries 分派附屬公司之收益 36,966
Total consideration 總代價 457,950
Total consideration consists of: 總代價包括：
Fair value of the shares of 1010 Printing 所分派之匯星印刷集團有限
Group Limited distributed 公司股份之公平價值 459,114
Less: cost incurred on the distribution 減：分派所錄得之成本 (1,164)
457,950
Net cash outflow arising from the distribution: 分派產生之現金流出淨額：
Cash and cash equivalents disposed of 所出售之現金及現金等值項目 (234,024)
Cost incurred on the distribution 分派所錄得之成本 (1,164)
(235,188)
32. 出售╱分派附屬公司（續）
(d) 實物分派匯星印刷集團有限公司
之股份（續）
匯星印刷集團有限公司及其附屬公司
於分派日期之資產淨值如下：
121
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
33. ACQUISITION OF ASSETS AND
LIABILITIES THROUGH ACQUISITION OF
SUBSIDIARIES
On 1 September 2014, the Group acquired the entire
interest of Express Ocean Investment Limited from a
subsidiary of 1010 Printing Group Limited, which is no
longer the subsidiary of the Company after the distribution
in specie, and a director of 1010 Printing Group Limited, at
the consideration of HK$17,400,000. 1010 Printing Group
Limited was a related company of the Company after the
distribution in specie as Mr. Lau Chuk Kin, a director and
controlling shareholder of the Company, is a director of
1010 Printing Group Limited and has significant influence.
Express Ocean Investment Limited held certain investment
properties for rental purpose and the Directors considered
that this acquisition does not meet the definition of a
business in HKFRS 3 (revised) “Business Combinations” at
the acquisition date. Accordingly, the acquisition has been
accounted for as an asset purchase.
Details of the assets and liabilities acquired are as follows:
HK$’ 000
千港元
Investment properties 投資物業 30,000
Other receivables 其他應收款項 17
Tax recoverable 可收回稅項 17
Cash and cash equivalents 現金及現金等值項目 253
Other payables 其他應付款項 (4,827)
Bank borrowings 銀行借貸 (8,060)
Net assets acquired 所收購之資產淨值 17,400
Total consideration satisfied by cash 以現金支付之總代價 17,400
Net cash outflow arising from the acquisition: 收購產生之現金流出淨額：
Purchase consideration settled in cash 以現金支付之收購代價 (17,400)
Cash and cash equivalents acquired 所收購之現金及現金等值項目 253
(17,147)
33. 透過收購附屬公司而收購資產及
負債
於 二 零 一 四 年 九 月 一 日，本 集 團 以
17,400,000港元之代價向匯星印刷集團有
限公司（此公司在實物分派後已不再是本公
司之附屬公司）之附屬公司及匯星印刷集團
有限公司其中一位董事收購飛洋投資有限
公司之全部權益。由於本公司之董事及控
股股東劉竹堅先生為匯星印刷集團有限公
司之董事並對其有重大影響，匯星印刷集
團有限公司於實物分派後為本公司之有關
連公司。飛洋投資有限公司持有若干投資
物業作租賃用途，而董事認為此項收購於
收購日期並不符合香港財務報告準則第3號
（經修訂）「業務合併」對一項業務之釋義。
因此，此項收購已入賬列作資產購置。
所收購之資產及負債的詳情如下：
122
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
34. RELATED PARTY TRANSACTIONS AND
BALANCES
Transactions between the Company and its subsidiaries,
which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in
this note. Save as disclosed elsewhere in the financial
statements, details of other significant transactions between
the Group and other related parties during the year are
disclosed as follows:
(a) Related party transactions
2015 2014
二零一五年 二零一四年
Name of related parties Nature of transactions HK$’ 000 HK$’ 000
有關連人士名稱 交易性質 千港元 千港元
O.G. Printing Productions Limited Rental income 181 93
海濤製作有限公司 租金收入
1010 Printing International Limited Rental income 248 127
匯星印刷國際有限公司 租金收入
429 220
During the year ended 31 December 2014 and the
period from 1 January 2015 to 25 August 2015,
rental income was received from related companies,
O.G. Printing Productions Limited and 1010 Printing
International Limited, in which Mr. Lau Chuk Kin, a
director and controlling shareholder of the Company,
was a director and has significant influence over these
companies, for leasing of office premises. The monthly
rental was determined at the market rate at the date
when the lease arrangement was entered into.
On 25 August 2015, Mr. Lau Chuk Kin is no longer
the controlling shareholder of the Company. Since
then, O.G. Printing Productions Limited and 1010
Printing International Limited are no longer the related
parties of the Company.
34. 有關連人士交易及結餘
本公司與屬本公司有關連人士之附屬公司
之交易已於綜合賬目時對銷而並無於本附
註內披露。除財務報表其他部份披露者外，
本集團與其他有關連人士於年內進行之其
他重大交易詳情披露如下：
(a) 有關連人士交易
於截至二零一四年十二月三十一日止年度
及二零一五年一月一日至二零一五年八月
二十五日期間，已就辦公室物業之租賃自
有關連公司海濤製作有限公司及匯星印刷
國際有限公司收取租金收入，而本公司董
事及控股股東劉竹堅先生為該等公司之董
事並對該等公司有重大影響。月租乃按訂
立租賃安排當日之市場水平而釐定。
於二零一五年八月二十五日，劉竹堅先生
不再是本公司之控股股東。海濤製作有限
公司及匯星印刷國際有限公司自其時起不
再是本公司之有關連人士。
123
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
34. RELATED PARTY TRANSACTIONS AND
BALANCES (Continued)
(b) Compensation of key management
personnel
The key management personnel of the Group are
the directors of the Company. The remuneration of
the key management personnel is determined by
the remuneration committee having regard to the
performance of individuals and market trends. Details
of the remuneration paid to them are set out in Note
10(a) to the financial statements.
35. SUMMARY OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES BY CATEGORY
The following table shows the carrying amount and fair
value of financial assets and liabilities:
2015 2014
二零一五年 二零一四年
HK$’ 000 HK$’ 000
千港元 千港元
Financial assets 財務資產
Financial assets at fair value through 透過損益表按公平價值列賬之
profit or loss – held for trading 財務資產－持作買賣 – 1,591
Loans and receivables: 貸款及應收款項：
– Trade and other receivables －貿易及其他應收款項 8,327 38,159
– Cash and cash equivalents －現金及現金等值項目 90,858 151,615
99,185 191,365
Financial liabilities 財務負債
Financial liabilities measured at 按攤銷成本計量之財務負債：
amortised cost:
– Trade and other payables －貿易及其他應付款項 6,909 69,740
– Bank borrowings －銀行借貸 – 7,672
6,909 77,412
34. 有關連人士交易及結餘（續）
(b) 主要管理人員補償
本集團主要管理人員為本公司董事。
主要管理人員之酬金乃由薪酬委員會
經考慮個別人士之表現及市場趨勢後
釐定。付予該等人士之酬金詳情載於
財務報表附註10(a)。
35. 按類別劃分之財務資產及財務負
債概要
下表列出財務資產及負債之賬面值及公平
價值：
124
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
35. SUMMARY OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES BY CATEGORY
(Continued)
The following table provides an analysis of financial
instruments carried at fair value by level of fair value
hierarchy:
Level 1: quoted prices (unadjusted) in active markets for
identical assets and liabilities;
Level 2: inputs other than quoted prices included within
Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices); and
Level 3: inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
There are no financial assets or liabilities stated at fair value
as at 31 December 2015.
2014
二零一四年
Level 1 Level 2 Level 3 Total
第1層 第2層 第3層 總計
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
Assets 資產
Listed securities held 持作買賣之上市證券
for trading 1,591 – – 1,591
Net fair values 淨公平價值 1,591 – – 1,591
There have been no significant transfers between levels 1
and 2 in the reporting period.
The methods and valuation techniques used for the purpose
of measuring fair value remain unchanged compared to the
previous reporting periods.
Listed securities had for trading in 2014 were denominated
in HK$. Fair values have been determined by reference to
their quoted bid prices at the reporting date.
35. 按類別劃分之財務資產及財務負
債概要（續）
下表提供按公平價值列賬之財務工具按公
平價值架構之層次所作之分析：
第1層： 相同資產及負債於活躍市場的報
價（未作調整）；
第2層： 就資產或負債而直接（即價格）或
間接（即從價格推衍）可觀察的資
料輸入（不包括第1層所包含的報
價）；及
第3層： 並非根據可觀察的市場數據而有
關資產或負債的資料輸入（無法觀
察的資料輸入）。
於二零一五年十二月三十一日，並無按公
平價值列賬之財務資產或負債。
於報告期間，第1層與第2層之間並無重大
轉移。
用於計量公平價值之方法及估值技術與以
往的報告期間相比並無改變。
二零一四年之持作買賣上市證券是以港元
計值。公平價值乃參考有關證券於報告日
之買入報價而釐定。
125
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
36. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial
instrument risks: market risk (including foreign currency
risk and interest rate risk), credit risk and liquidity risk.
The Group’s overall risk management programme focuses
on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group’s financial
performance by closely monitoring the individual exposure.
The Group does not have written risk management policies
and guidelines. However, the board of directors meets
periodically to analyse and formulate strategies to manage
the Group’s exposure to a variety of risks which resulted
from its operating and investing activities. Generally,
the Group employs conservative strategies regarding its
risk management to ensure appropriate measures are
implemented on a timely and effective manner. The risks
associated with these financial instruments and the policies
on how to mitigate these risks are set out as follows:
36. 財務風險管理
本集團因本身之活動而面對不同的財務工
具風險：市場風險（包括外匯風險及利率風
險）、信貸風險及流動資金風險。本集團之
整體風險管理計劃集中於應對金融市場的
不確定因素以及通過密切監察各類別的風
險而致力減輕本集團財務表現可能受到的
潛在不利影響。
本集團並無書面風險管理政策及指引。然
而，董事會會定期舉行會議，以分析及制
定策略來管理本集團源自本集團之經營及
投資業務的各種風險。一般而言，本集團
會採取保守的風險管理策略，確保適時有
效地實行適當措施。與該等財務工具有關
之風險及減低該等風險之政策載列如下：
126
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
36. FINANCIAL RISK MANAGEMENT (Continued)
(a) Credit risk
Credit risk refers to the risk that the counterparty
to a financial instrument would fail to discharge
its obligation under the terms of the financial
instrument and cause a financial loss to the Group.
The Group’s exposure to credit risk mainly arises from
granting credit to customers in the ordinary course
of its operations. The Group’s financial assets are
summarised in Note 35 above.
The directors of the Company consider the Group
does not have a significant concentration of credit
risk. The Group also continuously evaluates the credit
risk of its customers to ensure appropriateness of the
amount of credit granted. Credit terms are extended
to customers based on the evaluation of individual
customer’s financial conditions. In addition, the Group
reviews the recoverable amount of each individual
trade debt at each reporting date to ensure that
adequate impairment losses are made for irrecoverable
amounts. The credit policies have been followed by
the Group for a number of years and are considered
to be effective in limiting the Group’s exposure to
credit risk to a desirable level. Further quantitative
disclosures in respect of the Group’s exposure to
credit risk arising from trade receivables are set out in
Note 20 to the financial statements.
The Group has deposited its cash with various banks.
The credit risk on cash and bank balances is limited
because most of the Group’s bank deposits are
deposited with major reputable banks and financial
institutions located in Hong Kong.
36. 財務風險管理（續）
(a) 信貸風險
信貸風險指財務工具交易對手未能履
行其於財務工具條款下之責任而導致
本集團蒙受財務損失之風險。本集團
面對之信貸風險主要源自在日常營運
範圍內向客戶提供信貸。本集團之財
務資產概要載於上文附註35。
本公司董事認為本集團並無重大的信
貸集中風險。本集團亦不斷評估其客
戶之信貸風險，以確保授出之信貸額
適當。本集團按個別客戶之財務狀況
的評估給予客戶信貸條款。此外，本
集團於每個報告日檢討其各項個別貿
易債務之可收回金額，以確保就不可
收回金額作出足夠之減值虧損撥備。
本集團多年來一直沿用有關信貸政策
並認為有關政策一直有效地將本集團
面對之信貸風險控制在理想水平。有
關本集團因貿易應收款項面對之信貸
風險的進一步量化披露，乃載於財務
報表附註20。
本集團於多家銀行存放現金。由於本
集團大部份銀行存款是存放於香港具
信譽之主要銀行及金融機構，故現金
及銀行結餘之信貸風險有限。
127
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
36. FINANCIAL RISK MANAGEMENT (Continued)
(b) Currency risk
Foreign currency risk refers to the risk that the fair
value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange
rates.
The Group does not have material exposure to
currency risk as most of the Group’s transactions are
carried out in HK$, which is the functional currency of
the Company. The Group reviews its foreign currency
exposures on a regular basis and does not consider its
foreign currency risk to be significant.
The Directors are of the opinion that the Group’s
sensitivity to the change in foreign currency exchange
rates is low.
The Company is not exposed to any foreign currency
risk.
(c) Interest rate risk
The Group does not have material exposure to interest
rate risk, as the Group has no financial assets and
liabilities of material amounts with floating interest
rates except for deposits held in banks. Cash at bank
earns interest at floating rates based on the daily
bank deposit rates during the year. Any change in the
interest rate promulgated by banks from time to time
is not considered to have significant impact to the
Group. The Group adopts centralised treasury policies
in cash and financial management and focuses on
reducing the Group’s overall interest expense.
Management did not consider it necessary to use
interest rate swaps to hedge their exposure to interest
rate risk as the interest rate risk exposure is not
significant.
36. 財務風險管理（續）
(b) 貨幣風險
外幣風險指財務工具之公平價值或未
來現金流量因外幣匯率變動而波動之
風險。
由於本集團大部份交易是以港元（即
本公司之功能貨幣）進行，故本集團
並無面對重大貨幣風險。本集團定期
審視本身之外幣風險並認為所面對之
外幣風險並非顯著。
董事認為本集團對外幣匯率變動之敏
感度水平屬低。
本公司並無面對任何外幣風險。
(c) 利率風險
除銀行存款外，本集團並無任何大額
的浮息財務資產及負債，故本集團並
無面對重大利率風險。年內，銀行現
金按浮動利率（建基於每日存款利率）
計息。銀行不時公佈的利率變動應不
會對本集團造成重要影響。本集團就
現金及財務管理採取集中的財資政
策，致力減低本集團整體利息開支。
管理層認為，由於面對之利息風險並
不重大，因此毋須以利率掉期來對沖
面對之利息風險。
128
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
36. FINANCIAL RISK MANAGEMENT (Continued)
(d) Liquidity risk
The Group’s policy is to regularly monitor its liquidity
requirements, its compliance with lending covenants
and its relationships with its bankers to ensure that
it maintains sufficient reserves of cash and adequate
committed lines of funding from major financial
institutions to meet its liquidity requirements in the
short and long term. The Group had net current assets
of HK$91,848,000 (2014: HK$142,720,000) and net
assets of HK$130,708,000 (2014: HK$179,526,000) as
at 31 December 2015. In the opinion of directors, the
Group’s exposure to liquidity risk is limited.
The following table details the remaining contractual
maturities at each of the reporting dates of the
Group’s non-derivative financial liabilities, which
a re based on cont rac tua l und i scounted cash
flows (including interest payment computed using
contractual rates or, if floating, based on current rates
at the reporting date) and the earliest date the Group
may be required to pay.
There were no bank borrowings as at 31 December
2015. For the bank borrowings which contain a
repayment on demand clause exercisable at the bank’s
sole discretion as at 31 December 2014, the analysis
shows the cash outflow based on the earliest period in
which the Group is required to pay, that is if the banks
invoked the unconditional rights to call the loans with
immediate effect.
36. 財務風險管理（續）
(d) 流動資金風險
本集團之政策為定期監管其流動資金
需求、其遵守貸款契諾的情況以及其
與往來銀行之關係，確保其保持充裕
的現金儲備以及獲主要金融機構承
諾提供足夠的資金額度，以此應付短
線以至長期的流動資金需求。於二零
一五年十二月三十一日，本集團之流
動資產淨值為91,848,000港元（二零
一四年：142,720,000港元），資產淨
值為130,708,000港元（二零一四年：
179,526,000港元）。董事認為，本集
團面對之流動資金風險有限。
下表詳列出本集團非衍生財務負債於
各報告日之尚餘合約到期情況，此乃
根據訂約未貼現現金流量（包括以訂
約利率計算之利息支出；若為浮動利
率，則為根據報告日之即期利率計算
之利息支出）及本集團可能需要付款
之最早日期而得出。
於二零一五年十二月三十一日並無銀
行借貸。就二零一四年十二月三十一
日包含可由銀行以其唯一酌情權行使
之須應要求還款條款之銀行借貸而
言，分析會顯示根據本集團須付款之
最早期間而產生的現金流出，猶如銀
行援引即時催收貸款之無條件權利。
129
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
36. FINANCIAL RISK MANAGEMENT (Continued)
(d) Liquidity risk (Continued)
Total Within three More than
contractual months three months
Carrying undiscounted or on but less than
amount cash flow demand one year
總訂約未貼現 於三個月內 超過三個月
賬面值 現金流量 或應要求 但於一年內
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元
As at 31 December 2015 於二零一五年十二月三十一日
Non-derivative financial 非衍生財務負債
liabilities
Trade and other payables 貿易及其他應付款項 6,909 6,909 6,909 –
6,909 6,909 6,909 –
As at 31 December 2014 於二零一四年十二月三十一日
Non-derivative financial 非衍生財務負債
liabilities
Trade and other payables 貿易及其他應付款項 69,740 69,740 69,740 –
Bank borrowings 銀行借貸 7,672 7,672 7,672 –
77,412 77,412 77,412 –
The table below summarised the maturity analysis of
the bank borrowings. As at 31 December 2014, with
repayment-on-demand clause based on the agreed
scheduled repayments set out in the loan agreements.
The amounts included interest payments computed
using contractual rates. As a result, these amounts
are greater than the amounts disclosed in the “on
demand” time band in the above table. Taking into
account the Group’s financial position, the Directors
did not consider that the banks would exercise
their discretion to demand immediate repayment.,
the directors of the Company believed that such
term loans would be repaid in accordance with the
scheduled repayment dates as set out in the loan
agreements.
36. 財務風險管理（續）
(d) 流動資金風險（續）
下表概列銀行借貸之到期分析。於二
零一四年十二月三十一日，有關貸款
附有根據貸款協議所載之協定還款時
間表須應要求還款之條款。有關金額
包括運用合約利率計算之利息付款。
因此，此等金額高於上表中「應要求」
時間類別中披露之金額。計及本集團
之財務狀況，董事並不認為銀行將行
使要求即時還款的酌情權而本公司董
事相信有關定期貸款將會根據貸款協
議所載之協定還款日期而償還。
130
二零一五年年報 ? 先傳媒集團有限公司
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
36. FINANCIAL RISK MANAGEMENT (Continued)
(d) Liquidity risk (Continued)
Term loans subject to repayment-on-demand clause
based on scheduled repayments:
More than
Within three More than
Total three months one year
contractual months but but
Carrying undiscounted or on less than less than
amount cash flow demand one year five years
總訂約未貼現 於三個月內 超過三個月 超過一年
賬面值 現金流量 或應要求 但於一年內 但於五年內
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元
31 December 2014 二零一四年十二月三十一日 7,672 8,265 336 1,003 6,926
(e) Fair values
The directors of the Company consider the fair values
of the Group’s current financial assets and liabilities
are not materially different from their carrying
amounts because of the immediate or short-term
maturity of these financial instruments. The fair values
of non-current financial assets and liabilities were not
disclosed because these are not materially different
from their carrying amounts.
37. CAPITAL MANAGEMENT POLICIES AND
PROCEDURES
The Group’s objectives when managing capital are:
? To safeguard the Group’s ability to continue as a
going concern, so that it continues to provide returns
for shareholders and benefits for other stakeholders;
? To support the Group’s stability and growth; and
? To provide capital for the purpose of strengthening
the Group’s risk management capability.
36. 財務風險管理（續）
(d) 流動資金風險（續）
根據還款時間表受限於須應要求還款
條款之定期貸款：
(e) 公平價值
本公司董事認為，由於本集團流動財
務資產及負債屬即期或於短期內到
期，故該等財務工具之公平價值與其
賬面值並無重大差異。由於非流動財
務資產及負債之公平價值與其賬面值
並無重大差異，因此並無披露有關公
平價值。
37. 資本管理政策及程序
本集團管理資本之目標是：
? 確保本集團能夠持續經營，以繼續為
股東提供回報，為其他持份人創造利
益；
? 支持本集團之穩定發展及成長；及
? 提供資本以加強本集團之風險管理能
力。
131
Cinderella Media Group Limited ? Annual Report 2015
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
Notes to the Financial Statements 財務報表附註
37. CAPITAL MANAGEMENT POLICIES AND
PROCEDURES (Continued)
The Group actively and regularly reviews and manages its
capital structure to ensure optimal capital structure and
shareholder returns, taking into consideration the future
capital requirements of the Group and capital efficiency,
prevailing and projected profitability, projected operating
cash flows, projected capital expenditures and projected
strategic investment opportunities. The Group has not
adopted any formal dividend policy.
Management regards total equity as capital, for capital
management purpose. The amount of capital as at 31
December 2014 and 2015 amounted to approximately
HK$179,526,000 and HK$130,708,000 respectively, which
management considers as optimal having considered the
projected capital expenditures and the projected strategic
investment opportunities.
38. EVENTS AFTER THE REPORTING DATE
On 29 January 2016, the Group entered into the sale and
purchase agreement with independent third parties to
purchase 60% equity interests of Hong Kong Made (Media)
Limited, a company incorporated in Hong Kong with limited
liability, and its shareholders’ loan of HK$6,600,000 at a
consideration of HK$36,600,000. Hong Kong Made (Media)
Limited is principally engaged in the development and
operation of out-of-home advertising media in the PRC. The
acquisition was not completed as at the reporting date.
On 1 February 2016, the Company acquired an aggregate
of 115,740,000 ordinary shares of UKF (Holdings) Limited,
a company incorporated in the Cayman Islands with
limited liability whose shares are listed on the SEHK for
a consideration of HK$24,884,100. This represented an
acquisition of 4.08% of the issued share capital of UKF
(Holdings) Limited.
37. 資本管理政策及程序（續）
本集團定期主動的審視並管理其資本架構，
確保資本架構和股東回報可達致最佳水平，
當中會考慮本集團未來的資本需求及資本
效率、目前以及預計盈利能力、預計營運
現金流量、預計資本開支以及預計策略投
資機會。本集團並無採納任何正式的股息
政策。
就資本管理而言，管理層將總權益視作資
本。於二零一四年及二零一五年十二月
三十一日之資本金額分別約為179,526,000
港元及130,708,000港元，經考慮預計資本
開支及預計策略投資機會，管理層認為已
達致最佳水平。
38. 報告期後事項
於二零一六年一月二十九日，本集團與獨
立第三方訂立買賣協議，以36,600,00港元
之代價收購香港製作（媒體）有限公司（於
香港註冊成立之有限公司）之60%股本權益
及其6,600,000港元之股東貸款。香港製作
（媒體）有限公司之主要業務為於中國發展
及經營戶外廣告媒體。此項收購於報告日
期尚未完成。
於 二 零 一 六 年 二 月 一 日，本 公 司 以
24,884,100港元之代價收購英裘（控股）有
限公司（於開曼群島註冊成立之有限公司，
其股份於聯交所上巿）之合共115,740,000
股普通股。此代表收購英裘（控股）有限公
司之4.08%已發行股本。
132
二零一五年年報 ? 先傳媒集團有限公司
Financial Summary
財務摘要
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
A summary of the results and of the assets and liabilities of the
Group for the last five financial years, as extracted from the
published audited financial statements and restated in accordance
with HKFRS 5 “Non-current Assets Held for Sale and Discontinued
Operations”, is set out below:
FINANCIAL RESULTS
Financial year ended 31 December
截至十二月三十一日止財政年度
2011 2012 2013 2014 2015
二零一一年 二零一二年 二零一三年 二零一四年 二零一五年
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元
(restated) (restated) (restated) (restated)
（經重列） （經重列） （經重列） （經重列）
CONTINUING OPERATIONS 持續經營業務
Turnover 營業額 56,103 59,660 63,225 59,923 62,857
Profit before income tax 除所得稅前溢利 13,046 16,222 21,921 15,962 5,412
Income tax expense 所得稅開支 (1,235) (2,333) (3,126) (2,353) (1,719)
Profit for the year from 來自持續經營業務
continuing operations 之本年度溢利 11,811 13,889 18,795 13,609 3,693
DISCONTINUED OPERATIONS 已終止經營業務
Profit/(Loss) for the year from 來自已終止經營業務
discontinued operations 之本年度溢利╱
（虧損） 180,129 175,029 154,499 81,026 (29,758)
Profit/(Loss) for the year 本年度溢利╱（虧損） 191,940 188,918 173,294 94,635 (26,065)
Attributable to: 以下人士應佔：
Owners of the Company 公司擁有人 173,842 161,732 125,399 78,913 (26,065)
Non-controlling interests 非控股權益 18,098 27,186 47,895 15,722 –
Profit for the year 本年度溢利 191,940 188,918 173,294 94,635 (26,065)
本集團過去五個財政年度之業績及資產與負債之
概要如下，乃摘錄自已刊發之經審核財務報表，
並已根據香港財務報告準則第5號「持作出售之非
流動資產及已終止經營業務」重列：
財務業績
133
Cinderella Media Group Limited ? Annual Report 2015
Financial Summary 財務摘要
For the year ended 31 December 2015
截至二零一五年十二月三十一日止年度
FINANCIAL RESULTS (Continued)
As at 31 December
於十二月三十一日
2011 2012 2013 2014 2015
二零一一年 二零一二年 二零一三年 二零一四年 二零一五年
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元
ASSETS AND LIABILITIES 資產與負債
Total assets 資產總值 1,145,522 1,337,381 1,283,569 266,081 141,698
Total liabilities 負債總額 (367,243) (523,576) (376,635) (86,555) (10,990)
Total equity 權益總額 778,279 813,805 906,934 179,526 130,708
財務業績（續）
134
二零一五年年報 ? 先傳媒集團有限公司
Corporate Information
公司資料
BOARD OF DIRECTORS
Executive Directors
Mr. Liu Gary Wei
Ms. Chan Pak Yi
Mr. Tsang Hing Bun
Non-Executive Director
Mr. Yiu Yu Cheung
Independent Non-Executive Directors
Mr. Leung Siu Kee
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
COMPANY SECRETARY
Mr. Tsang Hing Bun CPA, ACIS, ACS, FRM
AUTHORISED REPRESENTATIVE
Mr. Tsang Hing Bun
AUDIT COMMITTEE
Mr. Leung Siu Kee (Chairman)
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
Mr. Yiu Yu Cheung
REMUNERATION COMMITTEE
Mr. William Keith Jacobsen (Chairman)
Mr. Leung Siu Kee
Mr. Chan Chiu Hung, Alex
Mr. Yiu Yu Cheung
NOMINATION COMMITTEE
Mr. Chan Chiu Hung, Alex (Chairman)
Mr. Leung Siu Kee
Mr. William Keith Jacobsen
Mr. Yiu Yu Cheung
WEBSITE
www.cinderellagroup.com.hk
董事會
執行董事
劉維先生
陳栢怡女士
曾慶贇先生
非執行董事
姚宇翔先生
獨立非執行董事
梁兆基先生
葉偉其先生
陳釗洪先生
公司秘書
曾慶贇先生CPA, ACIS, ACS, FRM
獲授權代表
曾慶贇先生
審核委員會
梁兆基先生（主席）
葉偉其先生
陳釗洪先生
姚宇翔先生
薪酬委員會
葉偉其先生（主席）
梁兆基先生
陳釗洪先生
姚宇翔先生
提名委員會
陳釗洪先生（主席）
梁兆基先生
葉偉其先生
姚宇翔先生
網站
www.cinderellagroup.com.hk
135
Cinderella Media Group Limited ? Annual Report 2015
Corporate Information 公司資料
AUDITOR
BDO Limited
Certified Public Accountants
25th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong
LEGAL ADVISER
Pang & Co in association
with Loeb & Loeb
21/F, CCB Tower
3 Connaught Road Central
Hong Kong
PRINCIPAL BANKERS
The Hongkong and Shanghai Banking Corporation Limited
No. 1 Queen’s Road Central
Hong Kong
SHARE REGISTRARS AND TRANSFER OFFICES
Principal Registrar
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
Hong Kong Branch Registrar
Computershare Hong Kong Investor Services Limited
Shops 1712 – 1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS
26th Floor, 625 King’s Road
North Point
Hong Kong
STOCK CODE
550
核數師
香港立信德豪會計師事務所有限公司
執業會計師
香港
干諾道中111號
永安中心25樓
法律顧問
Pang & Co.
（與美國樂博律師事務所聯營）
香港
干諾道中3號
中國建設銀行大廈21樓
主要往來銀行
香港上海滙豐銀行有限公司
香港
皇后大道中1號
股份過戶登記辦事處
主要股份過戶登記處
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
香港股份過戶登記分處
香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心17樓1712-1716號舖
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
總辦事處及主要營業地點
香港
北角
英皇道625號26樓
股份代號
550
136
香港北角英皇道625號26樓
Cinderella Media Group Limited
先傳媒集團有限公司
26/F, 625 King's Road, North Point, Hong Kong
www.cinderellagroup.com.hk
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