Financial Statements for the Year Ended 30 June 2017

Abstract

[evdate 2017-06-30] FINANCIAL STATEMENTS 財務報表 For the Year Ended 30 June 2017 截至2017年6月30日止年度 HKUST 香港科技大學 截至2017年6月30日止年度 綜合財務報表 THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 司庫報告 …………………………………………………………………………………………………………1.. - 3 Treasurer's Report 獨立核數師報告…………………………………………………………………………………………….. 4 - 7 Independent Auditor's Report …………………………………………………………………………………………….. 8 - 9 Consolidated Statement of Comprehensive Income 綜合資產負債表……………………………………………………………………………………………..10 - 11 Consolidated Balance Sheet 綜合基金變動表…………………………………………………………………………………………….. 12 Consolidated Statement of Changes in Fund Balances 綜合現金流動表……………………………………………………………………………………………..13 - 14 Consolidated Statement of Cash Flows 綜合財務報表附註……………………………………………………………………………………………..15 - 56 Notes to the Consolidated Financial Statements 1. 一般資料General Information 2. 編製基準Basis of Preparation 3. 分部收入及開支Income and Expenditure by Segment 3.1 政府資助及撥款Government Subventions and Grants 3.2 利息及投資收入Interest and Investment Income 3.3 輔助服務及其他收入Auxiliary Services and Other Income 3.4 開支Expenditure 4. 高收入員工薪酬Remuneration of Higher Paid Staff 5. 稅項Taxation 6. 物業、機器及設備Property, Plant and Equipment 7. 無形資產Intangible Assets 8. 財務資產Financial Assets 9. 於聯營公司權益Interest in an Associate 10. 於合資企業權益Interest in a Joint Venture 11. 應收賬款及預付款項Accounts Receivable and Prepayments 12. 現金及等同現金Cash and Cash Equivalents 13. 應付賬款及應計費用Accounts Payable and Accruals 14. 教職員福利撥備Provision for Staff Benefits 15. 遞延收益Deferred Income 16. 遞延資本基金Deferred Capital Funds 17. 教資會基金、限制性基金及其他基金UGC Funds, Restricted Funds and Other Funds 18. 承諾捐款 19. 財務風險管理Financial Risk Management 20. 承擔Commitments 21. 大學校董會成員及校董會委員會成員University Council and Council Committees 於重要合約之權益及關聯方交易Members' Interests in Contracts of Significance and Related Party Transactions 22. 附屬公司 23. 主要會計估計及判斷Critical Accounting Estimates and Judgements 24. 主要會計政策Principal Accounting Policies 25. 已公佈但尚未生效的新準則、詮釋和Possible Impact of new Standards, interpretations and 修訂的潛在影響amendments published that are not yet effective Pledged Donations Subsidiaries 目錄 CONTENTS 綜合全面收益表 概況OVERVIEW 綜合收入及開支CONSOLIDATED INCOME AND EXPENDITURE 分部結果SEGMENT RESULTS 司庫報告 TREASURER'S REPORT The Financial year 2016/17 recorded a surplus of $581 million ($316 million for 2015/16). The higher surplus for 2016/17 was mainly attributable to a very favourable investment return, but partly offset by lower donation following the conclusion of the 25th Anniversary fund-raising campaign. 大學2016/17財政年度共錄得五億八千一百 萬元的盈餘（2015/16年度錄得三億一千六 百萬元）。增幅來自頗為可觀的投資回報 ，但捐款部分隨著25周年校慶籌款活動的完 結而有所下降以致抵銷部分盈餘。 The consolidated expenditure increased by $286 million to $4,304 million ($4,018 million in 2015/16) which was mainly attributable to higher salary costs arising from GPA, general increases in teaching and research activities, growth in student expenses on scholarships and operating expenses for expanded student accommodation, as well as higher repair and maintenance costs for campus buildings. 教資會資助活動UGC-Funded Activities 教資會資助之活動共錄得一億八千六百萬 元盈餘（ 2015/16 年度虧損二千八百萬 元）。2016/17年度的盈餘主要來自可觀的 投資回報。大學持續累積教資會之儲備達 二十五億四千一百萬元（ 2015/16年度為二 十三億五千五百萬元）。 UGC-Funded Activities showed a surplus of $186 million (deficit $28 million for 2015/16). The 2016/17 surplus primarily came from the favourable investment return. The University has continued to build up the UGC reserves which stood at $2,541 million ($2,355 million in 2015/16). 綜合開支增長二億八千六百萬元，達四十 三億零四百萬元（2015/16年度為四十億一 千八百萬元），主要由於薪金調整導致較 高的薪酬支出，其他教學及科研活動的一 般增長，用於獎學金及擴建後的學生宿舍 的營運支出而有所增長的學生開支，以及 校園保養及維修費用的增加。 以教資會資助與非教資會資助活動的分部 營運評述如下： Commentary on the operating segments, analysed by UGC-Funded Activities and non-UGC Funded Activities, is as follows: The consolidated income increased by $559 million to $4,877 million in 2016/17 ($4,318 million in 2015/16), contributed by a growth in investment income for $652 million, a reduction in donation income of $250 million, with the remainder increase mainly due to the usual additional University Grants Committee ('UGC') supplementary grants for General Pay Adjustment ('GPA') on salaries. 2016/17年度綜合收入增長五億五千九百萬 元，達四十八億七千七百萬元（2015/16年 度為四十三億一千八百萬元） ，其中， 六億五千二百萬元來自投資回報的增長， 為數二億五千萬元捐款收入的減少，其餘 增幅主要是教育資助委員會（ 「教資 會」）為薪金調整的附加撥款。 1 自負盈虧持續進修教育、研究及其他活動 Donations Activities Non-UGC Reserves 非教資會資助活動 Non-UGC Funded Activities 非教資會資助之儲備於2016/17年度有五十 二億三千六百萬元（2015/16年度為四十四 億四千萬元)。除了上文提到的自負盈虧活 動所得盈餘，儲備結餘的增長部分原因在 於投資重估儲備中確認了一筆來自投資於 一間非上市公司接近四億元的未實現盈 利。 Non-UGC reserve balances stood at $5,236 million at the end of 2016/17 ($4,440 million for 2015/16). Apart from surpluses from the aforestated self-financing activities, the growth in the reserve balances was partly attributable to recognition in the Investment Revaluation Reserve, with an un-realised gain close to $400 million arising from investment in an unlisted company. 自負盈虧持續進修教育活動今年錄得盈利 一億零三百萬元（2015/16年度盈利為一億 三千五百萬元）。非教資會資助研究活動 共獲盈餘一千四百萬元（2015/16年度為一 千七百萬元），其主要來自已完成的商業 研究項目及政府補貼。其他不包捐款的非 教資會資助活動錄得盈利一億五千六百萬 元（2015/16年度虧損三百萬元），主要來 自非教資會之儲備的高投資回報。累計所 有此營運部分的盈餘為二億七千三百萬元 （ 2015/16 年度盈利為一億四千九百萬 元）。 Self-financing CPEP activities contributed a surplus of $103 million ($135 million for 2015/16) to the University. Non-UGC funded research contributed a surplus of $14 million ($17 million for 2015/16), mainly from completed commercial research projects and government subsidies. The operating surplus from other non-UGC funded activities excluding donation achieved $156 million (deficit of $3 million for 2015/16), contributed by higher investment returns from the retained non-UGC reserves. In aggregate, the overall surplus of these operating segments amounted to $273 million ($149 million for 2015/16). Self-Financing Continuing Professional Education Programs (“CPEP”), Research and Other Activities 去年大學藉二十五週年校慶的籌款活動成 果驕人，今年捐款收益則下降至六千六百 萬元（ 2015/16 年度為三億一千六百萬 元）。但此減幅因較高的投資回報而有所 抵銷。總盈餘錄得一億二千二百萬元（ 2015/16年度為一億九千五百萬元）。 After the phenomenal success of the 25th Anniversary fund raising campaign in the previous year, income from donation dipped to $66 million for 2016/17 ($316 million for 2015/16). The reduction in donation income in the year was partly compensated by the higher investment return. Overall the segment showed a surplus of $122 million ($195 million for 2015/16). 所得捐款活動 非教資會資助儲備 2 資本支出CAPITAL EXPENDITURE 展望OUTLOOK 楊佳錩Patrick K.C. YEUNG 大學司庫Treasurer of the University 2017年10月13日13 October 2017 大學於今年開始將環境，社會及公司管治 等元素融入大學的投資政策中，大學財政 狀況基本健康，管理層不斷致力提高及改 善校園基礎設施以迎合大學長遠發展的需 要。此外，大學亦正積極尋求投資創新工 程和項目的機會，藉以達致學術使命。 The University has started to incorporate environment, social and corporate governance (ESG) factors in its investment policy. The University's financial position is healthy and the Management is actively enhancing and improving its infrastructure to cater for the University's long term needs. The University is also exploiting opportunities to invest in innovative initiatives and projects, in pursuit of the University's academic mission. A number of construction projects are underway for enhancing the University's facilities to cater for accommodation and amenity needs of students, as well as infrastructure for academic and research activities. They include the multi-purpose auditorium, residence apartment for research postgraduate students, indoor sports centre, waterfront facilities and animal care facility. 截至2017年6月30日，已批准之建築項目及 其他資本項目的總資本承擔達十七億一千 三百萬元。當中的五千一百萬元來自遞延 收益，十二億三千八百萬元來自大學現有 資金，八千九百萬元來自已批但未收之教 資會撥款及三億三千五百萬元來自承諾捐 款。 As at 30 June 2017, the total commitments for approved construction projects and other capital items amounted to $1,713 million: $51 million of which will be funded by deferred income on hand, $1,238 million from existing University's Funds, $89 million by approved but yet to be received UGC grants, and $335 million by pledged donations. 為滿足學生住宿、康樂設施的需要及為學 術研究活動提供設施，數項工程正在進行 中，包括多用途禮堂，研究生宿舍，室內 運動中心，海濱設施及動物養育實驗所等 等。 3 致 ：香港科技大學校董會To : 意見Opinion 我們已審計的內容What we have audited  於2017年6月30日的綜合資產負債表；  the consolidated balance sheet as at 30 June 2017;  截至該日止年度的綜合全面收益表；   截至該日止年度的綜合基金變動表；   截至該日止年度的綜合現金流動表；及  綜合財務報表附註，包括主要會計政策概要。 我們的意見Our opinion 意見的基礎Basis for Opinion 我們認為，該等綜合財務報表已根據香港會計 師公會頒布的《香港財務報告準則》真實而中 肯地反映了貴集團於2017年6月30日的綜合財 務狀況及其截至該日止年度的綜合財務表現及 綜合現金流量。 我們已根據香港會計師公會頒布的《香港審計 準則》進行審計。我們在該等準則下承擔的責 任已在本報告「核數師就審計綜合財務報表承 擔的責任」部分中作進一步闡述。 我們相信，我們所獲得的審計憑證能充足及適 當地為我們的審計意見提供基礎。 the consolidated statement of cash flows for the year then ended; and the notes to the consolidated financial statements, which include a summary of significant accounting policies. In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 30 June 2017, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards ('HKFRSs') issued by the Hong Kong Institute of Certified Public Accountants ('HKICPA'). We conducted our audit in accordance with Hong Kong Standards on Auditing ('HKSAs') issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. the consolidated statement of changes in fund balances for the year then ended; 香港科技大學（以下簡稱「大學」）及其附屬 公司（以下統稱「貴集團」）列載於第8至56頁 的綜合財務報表，包括 ： 獨立核數師報告 INDEPENDENT AUDITOR'S REPORT The consolidated financial statements of The Hong Kong University of Science and Technology (the 'University') and its subsidiaries (the 'Group') set out on pages 8 to 56, which comprise: the consolidated statement of comprehensive income for the year then ended; The Council of The Hong Kong University of Science and Technology 4 獨立性Independence 其他信息 Other Information 根據香港會計師公會頒布的《專業會計師道德 守則》（以下簡稱「守則」），我們獨立於貴 集團，並已履行守則中的其他專業道德責任。 Responsibilities of the Council and the Audit Committee of the University for the Consolidated Financial Statements 大學校董會須對其他信息負責。其他信息包括 司庫報告內的信息，但不包括綜合財務報表及 我們的核數師報告。 我們對綜合財務報表的意見並不涵蓋其他信息 ，我們亦不對該等其他信息發表任何形式的鑒 證結論。 結合我們對綜合財務報表的審計，我們的責任 是閱讀其他信息，在此過程中，考慮其他信息 是否與綜合財務報表或我們在審計過程中所了 解的情況存在重大抵觸或者似乎存在重大錯誤 陳述的情況。 基於我們已執行的工作，如果我們認為其他信 息存在重大錯誤陳述，我們需要報告該事實。 在這方面，我們沒有任何報告。 大學校董會及審核委員會就綜合財務報表須承 擔的責任 The Council of the University is responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Council determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. We are independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants ('the Code'), and we have fulfilled our other ethical responsibilities in accordance with the Code. The Council of the University is responsible for the other information. The other information comprises the information included in the treasurer's report, but does not include the consolidated financial statements and our auditor's report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 大學校董會須負責根據香港會計師公會頒布的 《香港財務報告準則》擬備真實而中肯的綜合 財務報表，並對其認為為使綜合財務報表的擬 備不存在由於欺詐或錯誤而導致的重大錯誤陳 述所需的內部控制負責。 在擬備綜合財務報表時，校董會負責評估貴集 團持續經營的能力，並在適用情況下披露與持 續經營有關的事項，以及使用持續經營為會計 基礎，除非校董會有意將貴集團清盤或停止經 營，或別無其他實際的替代方案。 In preparing the consolidated financial statements, the Council is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. 5 審核委員會須負責監督貴集團的財務報告過程。 核數師就審計綜合財務報表承擔的責任       在根據《香港審計準則》進行審計的過程中， 我們運用了專業判斷，保持了專業懷疑態度。 我們亦： 識別和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，設計及執行 審計程序以應對這些風險，以及獲取充足和 適當的審計憑證，作為我們意見的基礎。由 於欺詐可能涉及串謀、偽造、蓄意遺漏、虛 假陳述，或凌駕於內部控制之上，因此未能 發現因欺詐而導致的重大錯誤陳述的風險高 於未能發現因錯誤而導致的重大錯誤陳述的 風險。 了解與審計相關的內部控制，以設計適當的 審計程序，但目的並非對貴集團內部控制的 有效性發表意見。 評價校董會所採用會計政策的恰當性及作出 會計估計和相關披露的合理性。 Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. We report our opinion solely to you, as a body, in accordance with The Hong Kong University of Science and Technology Ordinance and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 我們的目標，是對綜合財務報表整體是否不存 在由於欺詐或錯誤而導致的重大錯誤陳述取得 合理保證，並出具包括我們意見的核數師報 告。我們按照香港科技大學條例僅向校董會（ 作為整體）報告我們的意見，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。合理保證是 高水平的保證，但不能保證按照《香港審計準 則》進行的審計，在某一重大錯誤陳述存在時 總能發現。錯誤陳述可以由欺詐或錯誤引起， 如果合理預期它們單獨或滙總起來可能影響綜 合財務報表使用者依賴綜合財務報表所作出的 經濟決定，則有關的錯誤陳述可被視作重大。 Auditor's Responsibilities for the Audit of the Consolidated Financial Statements As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 Group's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Council. The Audit Committee is responsible for overseeing the Group's financial reporting process. 6       羅兵咸永道會計師事務所PricewaterhouseCoopers 執業會計師Certified Public Accountants 香港，2017年10月13日Hong Kong, 13 October 2017 評價綜合財務報表的整體列報方式、結構和 內容，包括披露，以及綜合財務報表是否中 肯反映交易和事項。 就貴集團內實體或業務活動的財務信息獲取 充足、適當的審計憑證，以便對綜合財務報 表發表意見。我們負責貴集團審計的方向、 監督和執行。我們為審計意見承擔全部責 任。 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Audit Committee of the University regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Conclude on the appropriateness of the Council's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 除其他事項外，我們與大學審核委員會溝通了 計劃的審計範圍、時間安排、重大審計發現等 ，包括我們在審計中識別出內部控制的任何重 大缺陷。 對校董會採用持續經營會計基礎的恰當性作 出結論。根據所獲取的審計憑證，確定是否 存在與事項或情況有關的重大不確定性，從 而可能導致對貴集團的持續經營能力產生重 大疑慮。如果我們認為存在重大不確定性， 則有必要在核數師報告中提請使用者注意綜 合財務報表中的相關披露。假若有關的披露 不足，則我們應當發表非無保留意見。我們 的結論是基於核數師報告日止所取得的審計 憑證。然而，未來事項或情況可能導致貴集 團不能持續經營。 7 2017 2016 附註百萬元百萬元 Notes $million $million 收入 Income 政府資助及撥款3.1 2,456 2,334 Government Subventions and Grants 學費、課程及其他收費1,099 1,104 Tuition, Programs and Other Fees 利息及投資收入3.2 646 (6) Interest and Investment Income 外界捐款66 316 Donations and Benefactions 輔助服務及其他收入3.3 364 353 Auxiliary Services and Other Income 轉撥自遞延資本基金16 / 24.14 246 217 Transfers from Deferred Capital Funds 4,877 4,318 開支3.4 Expenditure 教學、學術及研究 Teaching, Learning and Research 教學及研究2,710 2,528 Teaching and Research 圖書館111 108 Library 中央電腦設備131 118 Central Computing Facilities 其他教學服務86 106 Other Academic Services 3,038 2,860 校務支援 Institutional Support 管理及一般事務313 289 Management and General 校舍及有關費用628 574 Premises and Related Expenses 學生及一般教育服務275 246 Student and General Education Services 其他活動50 49 Other Activities 1,266 1,158 4,304 4,018 本年度營運盈餘573 300 Surplus from operation for the year 綜合全面收益表 截至2017年6月30日止年度 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017 8 2017 2016 附註百萬元百萬元 Notes $million $million 所佔聯營公司的經營業績9 8 15 Share of Result of an Associate 所佔合資企業的經營業績10 0 1 Share of Result of a Joint Venture 本年度稅前盈餘581 316 Surplus for the year before taxation 稅項5 0 0 Taxation 本年度稅後盈餘581 316 Surplus for the year after taxation 年內之其他全面收益 Other comprehensive income for the year 其後或循環至收入及開支的項目： 於可供出售財務資產未實現之盈利 / (虧絀) 24.7(d) 403 (4) Unrealised gain / (loss) on Available-for-Sale Financial Assets 外幣換算之差額24.18(b) (2) (15) Exchange differences arising from retranslation 401 (19) 年內全面收益總額982 297 Total comprehensive income for the year 轉撥至 / (自)： Transfers to / (from): 教資會基金186 (28) UGC Funds 限制性基金19 238 Restricted Funds 其他基金777 87 Other Funds 982 297 Items that may be reclassified subsequently to income and expenditure: CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT'D) FOR THE YEAR ENDED 30 JUNE 2017 截至2017年6月30日止年度 綜合全面收益表(續) 9 2017 2016 附註百萬元百萬元 Notes $million $million 非流動資產 Non-Current Assets 物業、機器及設備6 5,078 4,976 Property, Plant and Equipment 無形資產7 6 7 Intangible Assets 持至到期日財務資產8 69 71 Held-to-Maturity Financial Assets 可供出售財務資產8 421 18 Available-for-Sale Financial Assets 按公平值透過損益記賬之財務資產8 5,865 5,275 Financial Assets at Fair Value through Profit or Loss 於聯營公司權益9 78 73 Interest in an Associate 11,517 10,420 流動資產 Current Assets 持至到期日財務資產8 2 0 Held-to-Maturity Financial Assets 存貨1 1 Inventories 應收賬款及預付款項11 205 187 Accounts Receivable and Prepayments 原到期日超過三個月之定期存款807 716 Bank Deposits with Original Maturity over Three Months 現金及等同現金12 798 888 Cash and Cash Equivalents 1,813 1,792 流動負債 Current Liabilities 應付賬款及應計費用13 731 700 Accounts Payable and Accruals 教職員福利撥備14 176 165 Provision for Staff Benefits 遞延收益15 725 687 Deferred Income 應付稅項0 1 Tax Payable 1,632 1,553 流動資產淨值181 239 Net Current Assets 資產總值減流動負債11,698 10,659 Total Assets Less Current Liabilities 綜合資產負債表 CONSOLIDATED BALANCE SHEET 2017年6月30日 AS AT 30 JUNE 2017 10 2017 2016 附註百萬元百萬元 Notes $million $million 非流動負債 Non-Current Liabilities 教職員福利撥備14 31 29 Provision for Staff Benefits 遞延資本基金16 3,890 3,835 Deferred Capital Funds 3,921 3,864 資產淨值7,777 6,795 NET ASSETS 教資會基金17 2,541 2,355 UGC Funds 限制性基金17 1,197 1,177 Restricted Funds 其他基金17 4,039 3,263 Other Funds 資金總額7,777 6,795 TOTAL FUNDS 校董會於2017年10月13日核准本財務報表 Approved by the Council on 13 October 2017 大學司庫 Patrick K.C. YEUNG Treasurer of the University 綜合資產負債表(續) CONSOLIDATED BALANCE SHEET (CONT'D) 2017年6月30日 AS AT 30 JUNE 2017 楊佳錩陳繁昌 校長 Tony F. CHAN President 賀致信 副校長(行政) Mark HODGSON Vice-President for Administration and Business 11 限制性基金 教資會基金其他基金資金總額 Funds Funds Total Funds 百萬元百萬元百萬元百萬元 $million $million $million $million (附註17) (附註17) (附註17) (Note 17) (Note 17) (Note 17) 2015年7月1日之結餘2,383 932 3,183 6,498 Balance as at 1 July 2015 年內全面收益 / (虧絀)總額 Total comprehensive income / (loss) for the year 本年度稅後盈餘 / (虧損) (28) 239 105 316 Surplus / (Deficit) for the year after taxation 其他全面虧絀 Other comprehensive loss 於可供出售財務資產未實現之虧絀0 0 (4) (4) Unrealised loss on Available-for-Sale Financial Assets 外幣換算之差額0 (1) (14) (15) Exchange differences arising from retranslation (28) 238 87 297 其他基金轉撥0 7 (7) 0 Other inter-fund transfer 2016年6月30日及2016年7月1日之結餘2,355 1,177 3,263 6,795 Balance as at 30 June 2016 and 1 July 2016 年內全面收益 / (虧絀)總額 Total comprehensive income / (loss) for the year 本年度稅後盈餘186 19 376 581 Surplus for the year after taxation 其他全面收益 / (虧絀) Other comprehensive income / (loss) 於可供出售財務資產未實現之盈利0 0 403 403 Unrealised gain on Available-for-Sale Financial Assets 外幣換算之差額0 0 (2) (2) Exchange differences arising from retranslation 186 19 777 982 其他資金轉撥0 1 (1) 0 Other inter-fund transfer 2017年6月30日之結餘2,541 1,197 4,039 7,777 Balance as at 30 June 2017 Restricted Funds 綜合基金變動表 CONSOLIDATED STATEMENT OF CHANGES IN FUND BALANCES FOR THE YEAR ENDED 30 JUNE 2017 截至2017年6月30日止年度 12 UGC Other 2017 2016 百萬元百萬元 $million $million 營運活動之現金流量 Cash Flows from Operating Activities 本年度稅前盈餘581 316 Surplus for the year before taxation 調整: Adjustments for: 折舊及攤銷302 273 Depreciation and Amortisation 利息及投資收入(646) 6 Interest and Investment Income 出售物業、機器及設備之收益0 (1) Gain on disposal of Property, Plant and Equipment 所佔聯營公司及合資企業的經營業績(8) (16) Share of results of an Associate and a Joint Venture 轉撥自遞延資本基金(246) (217) Transfers from Deferred Capital Funds 未計運作資本之變動前之營運現金流量(17) 361 Operating cash flow before movements in working capital 存貨之增加0 (1) Increase in Inventories 應收賬款及預付款項之(增加) / 減少(18) 11 (Increase) / Decrease in Accounts Receivable and Prepayments 應付賬款及應計費用之增加60 72 Increase in Accounts Payable and Accruals 遞延收益之增加38 28 Increase in Deferred Income 教職員福利撥備之增加13 9 Increase in Provision for Staff Benefits 營運活動淨現金流入76 480 Net Cash Generated from Operating Activities 綜合現金流動表 截至2017年6月30日止年度 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2017 13 2017 2016 百萬元百萬元 $million $million 投資活動之現金流量 Cash Flows from Investing Activities 購買物業、機器及設備(430) (474) Payment for purchase of Property, Plant and Equipment 購買無形資產(4) (5) Payment for purchase of Intangible Assets 原到期日超過三個月之定期存款之(增加) / 減少(91) 945 (Increase) / Decrease in Bank Deposits with Original Maturity over Three Months 購買按公平值透過損益記賬之財務資產(1,239) (1,871) Purchase of Financial Assets at Fair Value through Profit or Loss 從持至到期日財務資產所得之贖回收入0 37 Proceeds from redemption of Held-to-Maturity Financial Assets 出售按公平值透過損益記賬之財務資產之收入1,276 737 Proceeds from sale of Financial Assets at Fair Value through Profit or Loss 出售物業、機器及設備之收入0 1 Proceeds from disposal of Property, Plant and Equipment 已收取之利息及投資收入22 29 Interest and investment income received 投資活動淨現金流出(466) (601) Net Cash Used in Investing Activities 融資活動之現金流量 Cash Flows from Financing Activities 用以購買物業、機器及設備及無形資產之資助及撥款及捐款收入301 324 Subventions and Grants and donations received for purchase of Property, Plant and Equipment and Intangible Assets 融資活動淨現金流入301 324 Net Cash Generated from Financing Activities 現金及等同現金之淨(減少) / 增加(89) 203 Net (Decrease) / Increase in Cash and Cash Equivalents 年初之現金及等同現金888 687 Cash and Cash Equivalents at the Beginning of the Year 匯兌變動之影響(1) (2) Effect of Foreign Exchange Rate Changes 年終之現金及等同現金798 888 Cash and Cash Equivalents at the End of the Year CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd) FOR THE YEAR ENDED 30 JUNE 2017 綜合現金流動表(續) 截至2017年6月30日止年度 14 1. 一般資料1. GENERAL INFORMATION 2. 編製基準2. BASIS OF PREPARATION 大學之財務報表已另外編製。 綜合財務報表附註 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of Available-for-Sale Financial Assets and Financial Assets at Fair Value through Profit or Loss which are carried at fair value. The preparation of consolidated financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 23. Financial statements for the University have been prepared separately. 綜合財務報表乃按歷史成本法編製， 並對可供出售財務資產以及按公平值 透過損益記賬財務資產之公平值重估 而作出修訂。 編製符合香港財務報告準則的綜合財 務報表需要使用若干關鍵的會計估算 ，亦需要管理層在應用集團會計政策 的過程中運用其判斷。有關涉及高度 的判斷或高度複雜性的範疇，又或綜 合財務報表中需作重要假設及估算的 範疇，已於附註23中披露。 香港科技大學是在香港科技大學條例 (香港法例第一一四一章)下成立，為一 間科學技術的大學，專注促進學習及 學術，並特別在學術研究、研究生教 育方面加以重視，以及與商業和工業 界緊密合作。大學的附屬公司的主要 活動及其他事項詳列於附註22內。 The Hong Kong University of Science and Technology is incorporated under The Hong Kong University of Science and Technology Ordinance (Chapter 1141, Laws of Hong Kong) as a technological university dedicated to the advancement of learning and scholarship, with special emphasis on research, postgraduate education, and close collaboration with business and industry. The principal activities and other particulars of the University's subsidiaries are set out in note 22. The University's registered address and principal place of operation is Clear Water Bay, Hong Kong. These consolidated financial statements are presented in Hong Kong dollars ('HKD'), which is the Group's presentation currency. These consolidated financial statements were approved for issue by the Council on 13 October 2017. The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ('HKFRS') issued by the Hong Kong Institute of Certified Public Accountants ('HKICPA'), and the Statement of Recommended Practice ('SORP') for institutions funded by the University Grants Committee ('UGC') in Hong Kong. 大學之註冊地址及主要營運地點為香 港清水灣。 綜合財務報表以港元呈覽，港元亦為 本集團之呈報貨幣。本大學校董會於 2017年10月13日核准此綜合財務報表刊 發。 綜合財務報表乃依據香港會計師公會 頒佈之香港財務報告準則以及教育資 助委員會(「教資會」) 資助院校的建議 準則(「建議準則」) 所編製。 15 3. 分部收入及開支 INCOME AND EXPENDITURE BY SEGMENT (a) 綜合分部收支(按用途) Consolidated Segment Income and Expenditure (By function) 分部間之分部間之 教資會交易抵銷教資會交易抵銷 資助活動資助活動 淨總計淨總計 Net Total Net Total 自負盈虧之持續自負盈虧之持續 進修教育活動科研活動所得捐款活動其他活動進修教育活動科研活動所得捐款活動其他活動 小計小計 Sub-total Sub-total 百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million (註) (註) (Note) (Note) 收入 Income 政府資助及撥款(附註3.1) 2,264 0 174 2 16 192 0 2,456 2,197 0 132 0 5 137 0 2,334 Government Subventions and Grants (Note 3.1) 學費、課程及其他收費589 510 0 0 0 510 0 1,099 558 546 0 0 0 546 0 1,104 Tuition, Programs and Other Fees 利息及投資收入(附註3.2) 290 0 0 159 198 357 (1) 646 (7) 0 0 1 3 4 (3) (6) Interest and Investment Income (Note 3.2) 外界捐款0 0 0 66 0 66 0 66 0 0 0 316 0 316 0 316 Donations and Benefactions 輔助服務及其他收入(附註3.3) 149 22 103 3 311 439 (224) 364 147 20 116 6 298 440 (234) 353 Auxiliary Services and Other Income (Note 3.3) 轉撥自遞延資本基金184 0 15 47 0 62 0 246 159 0 14 44 0 58 0 217 Transfers from Deferred Capital Funds 3,476 532 292 277 525 1,626 (225) 4,877 3,054 566 262 367 306 1,501 (237) 4,318 開支(附註3.4) Expenditure (Note 3.4) 教學、學術及研究 Teaching, Learning and Research 教學及研究2,076 428 278 40 107 853 (219) 2,710 1,941 428 245 50 93 816 (229) 2,528 Teaching and Research 圖書館110 0 0 1 0 1 0 111 107 0 0 1 0 1 0 108 Library 中央電腦設備131 0 0 0 0 0 0 131 118 0 0 0 0 0 0 118 Central Computing Facilities 其他教學服務82 1 0 1 3 5 (1) 86 99 2 0 2 5 9 (2) 106 Other Academic Services 校務支援 Institutional Support 管理及一般事務243 0 0 19 54 73 (3) 313 219 0 0 30 44 74 (4) 289 Management and General 校舍及有關費用520 0 0 61 47 108 0 628 474 0 0 54 46 100 0 574 Premises and Related Expenses 學生及一般教育服務128 0 0 33 116 149 (2) 275 124 1 0 35 88 124 (2) 246 Student and General Education Services 其他活動0 0 0 0 50 50 0 50 0 0 0 0 49 49 0 49 Other Activities 3,290 429 278 155 377 1,239 (225) 4,304 3,082 431 245 172 325 1,173 (237) 4,018 本年度營運盈餘 / (虧損) 186 103 14 122 148 387 0 573 (28) 135 17 195 (19) 328 0 300 Surplus / (Deficit) from operation for the year 所佔聯營公司的經營業績0 0 0 0 8 8 0 8 0 0 0 0 15 15 0 15 Share of Result of an Associate 所佔合資企業的經營業績0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 Share of Result of a Joint Venture 本年度盈餘 / (虧損) 186 103 14 122 156 395 0 581 (28) 135 17 195 (3) 344 0 316 Surplus / (Deficit) for the year 本年度盈餘 / (虧損)轉撥至: Surplus / (Deficit) for the year transferred to: 教資會基金186 0 0 0 0 0 0 186 (28) 0 0 0 0 0 0 (28) UGC Funds 限制性基金0 0 0 19 0 19 0 19 0 0 0 239 0 239 0 239 Restricted Funds 其他基金0 103 14 103 156 376 0 376 0 135 17 (44) (3) 105 0 105 Other Funds 186 103 14 122 156 395 0 581 (28) 135 17 195 (3) 344 0 316 Inter-segment Transaction Elimination 2016 Research Activities 非教資會資助活動 Non-UGC Funded Activities Other Activities Self-financing CPEP Activities Donation Activities 2017 非教資會資助活動 Non-UGC Funded Activities Self-financing CPEP Activities Research Activities Donation Activities Other Activities UGC-Funded Activities UGC-Funded Activities Inter-segment Transaction Elimination 16 3. 分部收入及開支(續) INCOME AND EXPENDITURE BY SEGMENT (CONT'D) (b) 綜合分部開支(按會計性質) Consolidated Segment Expenditure (By accounting nature) 分部間之分部間之 教資會交易抵銷教資會交易抵銷 資助活動資助活動 淨總計淨總計 Net Total Net Total 自負盈虧之持續自負盈虧之持續 進修教育活動科研活動所得捐款活動其他活動進修教育活動科研活動所得捐款活動其他活動 小計小計 Sub-total Sub-total 百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million (註) (註) (Note) (Note) 開支(附註3.4) Expenditure (Note 3.4) 薪金及福利2,154 142 115 24 101 382 (19) 2,517 2,037 131 98 29 88 346 (18) 2,365 Salaries and Benefits 其他營運支出952 287 144 65 243 739 (206) 1,485 882 300 129 80 208 717 (219) 1,380 Other Operating Expenses 折舊及攤銷184 0 19 66 33 118 0 302 163 0 18 63 29 110 0 273 Depreciation and Amortisation 總開支3,290 429 278 155 377 1,239 (225) 4,304 3,082 431 245 172 325 1,173 (237) 4,018 Total Expenditure 註: 分部間之交易主要包括從自資活動收取之間接費用及內部租金交易項目。 Note: Inter-segment transactions mainly included overhead recovered from self-financing activities and internal rental transactions. 備註:  有關分部報告之披露乃按教資會資助院校的建議準則要求並不完全按照香港財務報告準則笫8號「營運分部」之規定而編製。 Remarks: Disclosures regarding segment reporting are included as a requirement of the Statement of Recommended Practice for the UGC-Funded Institutions and are not designed to fully comply with the requirements of HKFRS 8 'Operating Segments'.  教資會資助與非教資會資助活動的成本分攤政策 Cost Allocation Policy for UGC-funded and non-UGC-funded activities 大學的成本分攤及收回間接費用的制度原則為： The guiding principles for cost allocation and overhead recovery of the University are: - 以防教資會給予之資源被攤薄及與私營行業有不公平競爭，不該有任何隱藏之補貼； There should be no hidden subsidy to avoid dilution of UGC-funded resources and unfair competition with the private sector; - 所有直接用於特定活動的費用概由該等活動全數承擔； All direct costs which can be separately attributable to specific activities should be fully taken up and borne by such activities; - 所有不能分開歸屬於特定活動的間接費用(如中央設施、行政及輔助服務)依據內部政策以收回間接費用方式向分部分配。 All indirect costs, such as centrally provided facilities, administrative and support services, which cannot be separately attributable to specific activities, are allocated to segments as overhead recovery according to internal policy. 收回間接費用 Overhead Recovery 自負盈虧之持續進修教育課程 Self-financing Continuing and Professional Education Programs 課程收入的某部份會作為間接費用被預先扣掉。一般情況下，課程需付收入的25%作為間接費用支出。 A percentage of the programs' revenue will be deducted upfront as overhead recovery. In general, the programs are subject to an overhead recovery rate of 25%. 非教資會資助科研合約及撥款 Non-UGC funded Research Contracts and Grants 若干比較數字已予以重新分類以符合本年度之呈報方式。 Certain comparative figures have been reclassified to conform to current year's presentation. 科研合約及撥款需承擔間接費用。現時正常費用率為直接費用(不包括設備)的30%。因資助機構所定的條例限制，政府科研撥款的費用率為較低的15%。本地非牟利非政府機構(如本地基金會)以及科研捐款，並無對其支取任何間接費用。 A percentage will be charged on the research contracts and grants as overhead recovery. Currently, the normal rate of overhead recovery is 30% on direct costs (excluding equipment). A reduced rate of 15% is charged on research grants from government due to the rules imposed by the funding agency. No overhead is charged against local non-profit non-governmental organizations (e.g. local Foundations), and donations for research. UGC-Funded Activities Inter-segment Transaction Elimination Self-financing CPEP Activities 2017 非教資會資助活動 Non-UGC Funded Activities Research Activities Donation Activities Other Activities Other Activities 2016 Donation Activities Research Activities Self-financing CPEP Activities 非教資會資助活動 Non-UGC Funded Activities Inter-segment Transaction Elimination UGC-Funded Activities 17 3.1 政府資助及撥款 GOVERNMENT SUBVENTIONS AND GRANTS 2017 2016 百萬元百萬元 $million $million 教資會整筆經常撥款及指定撥款(附註15) 2,010 1,954 教資會指定撥款(附註15) 208 197 UGC Earmarked Grants (Note 15) 政府有關機構指定撥款(附註15) 181 137 Earmarked Grants from Government Agencies (Note 15) 配對撥款及其他政府補貼11 0 Matching Grants and Other Government Subsidies 退還差餉及地租46 46 Rates and Government Rent Refunds 2,456 2,334 3.2 利息及投資收入 INTEREST AND INVESTMENT INCOME 2017 2016 百萬元百萬元 $million $million 利息收入18 23 Interest income 按公平值透過損益記賬之財務資產之公平值變動627 (30) Change in fair value of Financial Assets at Fair Value through Profit or Loss 可供出售財務資產之投資收入1 1 Investment income on Available-for-Sale Financial Assets 646 (6) 3.3 輔助服務及其他收入 AUXILIARY SERVICES AND OTHER INCOME 2017 2016 百萬元百萬元 $million $million 研究合約83 82 Research Contracts 學生宿舍106 104 Student Hostels 租金收入46 51 Rental Income 教職員繳納之租金51 40 Rental Contribution from Staff 服務收費、項目收入及其他贊助 43 41 Services Fees, Workshop Income and Other Sponsorships 項目贊助(附註15) 20 23 Project Sponsorships (Note 15) 雜項收入15 12 Miscellaneous 364 353 UGC Recurrent Block Grant (Note 15) 18 3.4 開支 EXPENDITURE 薪酬及福利其他營運支出折舊及攤銷 Depreciation and 總計 Amortisation Total 百萬元百萬元百萬元百萬元 $million $million $million $million 年度 / Year 2017 教學、學術及研究 Teaching, Learning and Research 教學及研究1,827 785 98 2,710 Teaching and Research 圖書館63 48 0 111 Library 中央電腦設備80 40 11 131 Central Computing Facilities 其他教學服務72 13 1 86 Other Academic Services 小計2,042 886 110 3,038 Sub-total 校務支援 Institutional Support 管理及一般事務209 101 3 313 Management and General 校舍及有關費用163 277 188 628 Premises and Related Expenses 學生及一般教育服務101 173 1 275 Student and General Education Services 其他活動2 48 0 50 Other Activities 小計475 599 192 1,266 Sub-total 總開支2,517 1,485 302 4,304 Total Expenditure 年度 / Year 2016 教學、學術及研究 Teaching, Learning and Research 教學及研究1,698 742 88 2,528 Teaching and Research 圖書館61 46 1 108 Library 中央電腦設備75 34 9 118 Central Computing Facilities 其他教學服務89 16 1 106 Other Academic Services 小計1,923 838 99 2,860 Sub-total 校務支援 Institutional Support 管理及一般事務192 89 8 289 Management and General 校舍及有關費用155 254 165 574 Premises and Related Expenses 學生及一般教育服務93 152 1 246 Student and General Education Services 其他活動2 47 0 49 Other Activities 小計442 542 174 1,158 Sub-total 總開支2,365 1,380 273 4,018 Total Expenditure 薪金及福利包括大學為界定供款退休金計劃所支付之供款共一億九千一百萬元(2016：一億八千四萬元)。 Salaries and Benefits Included in Salaries and Benefits was a total sum of $191 million (2016: $184 million) representing the University's contributions towards defined contribution retirement benefits schemes. Other Operating Expenses 19 4. 高收入員工薪酬 REMUNERATION OF HIGHER PAID STAFF 2017 2016 年薪等值 Annual Equivalent Remuneration HK$ 1,800,001 - 1,950,000 55 46 HK$ 1,950,001 - 2,100,000 50 44 HK$ 2,100,001 - 2,250,000 41 48 HK$ 2,250,001 - 2,400,000 43 38 HK$ 2,400,001 - 2,550,000 29 23 HK$ 2,550,001 - 2,700,000 21 19 HK$ 2,700,001 - 2,850,000 14 19 HK$ 2,850,001 - 3,000,000 11 10 HK$ 3,000,001 - 3,150,000 11 11 HK$ 3,150,001 - 3,300,000 8 7 HK$ 3,300,001 - 3,450,000 4 5 HK$ 3,450,001 - 3,600,000 9 2 HK$ 3,600,001 - 3,750,000 4 2 HK$ 3,750,001 - 3,900,000 2 2 HK$ 3,900,001 - 4,050,000 2 2 HK$ 4,050,001 - 4,200,000 1 0 HK$ 4,200,001 - 4,350,000 1 0 HK$ 5,100,001 - 5,250,000 0 1 HK$ 5,250,001 - 5,400,000 1 1 HK$ 5,550,001 - 5,700,000 1 0 HK$ 6,150,001 - 6,300,000 0 1 HK$ 6,600,001 - 6,750,000 0 1 HK$ 6,900,001 - 7,050,000 1 0 Number of Employees 員工數目 Remuneration includes salary, gratuity, contribution to retirement schemes, consultancy fees paid by the Group, housing and other benefits. For staff who are provided with quarters, their housing benefits are calculated by reference to the rateable values assessed by the Rating and Valuation Department of the Government of The Hong Kong Special Administrative Region. 薪俸包括薪金、約滿酬金、退休金計劃供款、集團所支付之顧問費用、房屋及其他津貼。獲大學提 供宿舍者，其房屋福利以香港特別行政區政府差餉物業估價署評估其宿舍之應課差餉租值計算。 20 5. 稅項 TAXATION 集團沒有就其未獲豁免繳稅之附屬公司作出利得稅撥備(2016年：無)，因本年度並沒有應課稅之盈利。 本集團有關利得稅之計算稅項有別於採用集團本年度營運盈餘 / 虧損計算之稅率分析如下： 2017 2016 百萬元百萬元 $million $million 本年度營運盈餘573 300 Surplus from operation for the year 按稅率16.5% (2016：16.5%) 計算之稅項95 50 Tax calculated at a tax rate of 16.5% (2016: 16.5%) 無需課稅收入的稅務影響(778) (687) Tax effect of non-taxable income 不可扣減支出的稅務影響683 637 Tax effect of non-deductible expenses 稅項0 0 Taxation charge Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. The PRC subsidiaries of the Group have not recognised deferred income tax assets of approximately $25.4 million (2016: $25.6 million) in respect of cumulative losses amounting to approximately $100.3 million (2016: $105.3 million). The tax losses for the PRC subsidiaries will expire on various dates up to 2021. The unrecognised tax loss of approximately $69.7 million for Hong Kong subsidiaries (2016: $3.1 million for a Hong Kong subsidiary) has no expiry date. 大學及其一香港附屬公司均根據稅務條例第88條之規定獲豁免繳付稅項，因此不需作出撥備。 No income tax has been provided (2016: Nil) for non-tax exempt subsidiaries as there are no assessable profits for the year. The tax on the surplus / deficit from operation for the year differs from the theoretical amount that would arise using the tax rate applicable to the surplus of the Group as follows: 當累積稅項虧損有可能經未來應課稅盈利而帶來利益，集團才確認遞延稅項資產。本集團之中國附屬公司未有確認 之遞延稅項資產為約二千五百四十萬元(2016年：二千五百六十萬元)，其來自累積虧損約一億零三十萬元(2016年： 一億零五百三十萬元)。該筆中國附屬公司稅項虧損將逐步於2021年前期間到期。香港附屬公司之未確認稅項虧損 為約六千九百七十萬元(2016年：一間香港附屬公司為三百一十萬元)並沒有期限。 No taxation is provided for the operation of the University and one of its subsidiaries in Hong Kong, which are exempt from taxation by virtue of Section 88 of the Inland Revenue Ordinance. 21 6. 物業、機器及設備 PROPERTY, PLANT AND EQUIPMENT 在建工程傢具及設備 樓宇總計 Buildings Total 百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million 成本 COST 2015年6月30日之結餘6,265 112 245 1,994 8,616 Balance as at 30 June 2015 添置2 158 194 89 443 Additions 轉撥222 (258) 36 0 0 Transfers 撇減0 0 0 (65) (65) Disposals 匯兌差額(8) 0 0 (7) (15) Exchange translation difference 2016年6月30日之結餘6,481 12 475 2,011 8,979 Balance as at 30 June 2016 添置(附註) (10) 41 204 166 401 Additions (Note) 撇減0 0 0 (126) (126) Disposals 匯兌差額(1) 0 0 (1) (2) Exchange translation difference 2017年6月30日之結餘6,470 53 679 2,050 9,252 Balance as at 30 June 2017 累積折舊 ACCUMULATED DEPRECIATION 2015年6月30日之結餘2,020 0 12 1,771 3,803 Balance as at 30 June 2015 本年度計算之折舊124 0 22 123 269 Charge for the year 撇減0 0 0 (65) (65) Disposals 匯兌差額(1) 0 0 (3) (4) Exchange translation difference 2016年6月30日之結餘2,143 0 34 1,826 4,003 Balance as at 30 June 2016 本年度計算之折舊129 0 34 134 297 Charge for the year 撇減0 0 0 (126) (126) Disposals 2017年6月30日之結餘2,272 0 68 1,834 4,174 Balance as at 30 June 2017 賬面淨值 NET BOOK VALUE 2017年6月30日之結餘4,198 53 611 216 5,078 Balance as at 30 June 2017 2016年6月30日之結餘4,338 12 441 185 4,976 Balance as at 30 June 2016 附註 : Note : 根據工料測量師的決算帳戶，在2016/17年度回撥了一筆一千二百萬元於早年已確認的或有撥備，因此「樓宇」項下出現添置負值數。 Construction in progress Fixtures and equipment 樓宇裝修、大型設備 及設備系統 Building improvements, major equipment and services systems Based on the statement of final account from the quantity surveyor, a lump sum contingency provision of $ 12 million made in previous year was written back in 2016/17, hence, resulting in a negative amount of addition against 'Building'. 22 6. 物業、機器及設備(續) PROPERTY, PLANT AND EQUIPMENT (CONT'D) 以上之物業、機器及設備按直線法依照下列年率計算折舊： 樓宇裝修、大型設備及設備系統每年5% Building improvements, major equipment and services systems 5% per annum 傢具及設備每年20% - 25% Fixtures and equipment 20% - 25% per annum The above items of property, plant and equipment are depreciated on a straight-line basis at the following rates per annum: 大學校舍座落於西貢約六十公頃之土地，由香港特別行政區政府(「香港特區政府」)按名義租金批出，為期五十八年， 至2047年6月30日止。校園樓宇按直線法依照每年2%計算折舊。 The University campus is situated on approximately 60 hectares of land in Sai Kung under lease from the Government of The Hong Kong Special Administrative Region ('HKSAR') at a nominal rent for 58 years through 30 June 2047. The campus buildings are depreciated on a straight-line basis at 2% per annum. 深圳市政府按名義租金批予集團其中一間附屬公司─ 港科大研究開發(深圳)有限公司一幅位於深圳約七千四百三十七平 方米之土地作為興建產學研基地之用，為期五十年，至2057年6月28日止。該等樓宇按餘下租約年期計算折舊。 A piece of land situated at Shenzhen of approximately 7,437 square metres was granted at a nominal amount to HKUST R&D Corporation (Shenzhen) Limited, a subsidiary of the Group, by the Shenzhen Municipal Government for the construction of an Industry-Education-Research base for 50 years through 28 June 2057. The respective building is depreciated over the remaining lease term. 在2012年12月21日，香港特區政府按名義租金及以370：150之比例批予大學及香港浸會大學(「浸大」)一幅位於將軍澳約 三千四百九十平方米之土地作為興建一座合辦學生宿舍之用，為期五十年，至2062年12月20日止。根據兩位受批者於 2015年4月23日所簽下的撤銷合同中，浸大退出該項合建項目，以及雙方同意以無代價轉讓及分配由浸大所持有該土地的 所有權利、產權及權益給大學。待發出新的批地証之際，大學於以上提及的合同簽訂日起已被視作為獨自擁有該項物業 之所有權益。 On 21 December 2012, a piece of land situated in Tseung Kwan O of approximately 3,490 square metres was granted to the University and The Hong Kong Baptist University ('BU') in the proportion of 370:150 by the Government of the HKSAR at a nominal rent for the construction of a joint student hostel for a lease of 50 years up to 20 December 2062. Pursuant to the Cancellation Agreement signed by both grantees on 23 April 2015, BU withdrew from the joint construction project and both parties agreed the transfer and assignment of all the rights, title and interest in the land held by BU to the University at nil consideration. Pending issue of the new land grant, the University is deemed to have possession of the sole ownership of the property with effect from the aforesaid agreement signing date. 23 7. 無形資產 INTANGIBLE ASSETS 電腦軟件 Computer Software 百萬元 $million 成本 COST 2015年6月30日之結餘101 Balance as at 30 June 2015 添置5 Additions 撇減(1) Disposals 2016年6月30日之結餘105 Balance as at 30 June 2016 添置4 Additions 撇減0 Disposals 2017年6月30日之結餘109 Balance as at 30 June 2017 攤銷 AMORTISATION 2015年6月30日之結餘95 Balance as at 30 June 2015 本年度計算之攤銷4 Amortisation charge for the year 撇減(1) Disposals 2016年6月30日之結餘98 Balance as at 30 June 2016 本年度計算之攤銷5 Amortisation charge for the year 撇減0 Disposals 2017年6月30日之結餘103 Balance as at 30 June 2017 賬面淨值 NET BOOK VALUE 2017年6月30日之結餘6 Balance as at 30 June 2017 2016年6月30日之結餘7 Balance as at 30 June 2016 電腦軟件資產按直線法每年25%計算攤銷。 Computer software is amortised on a straight-line basis at 25% per annum. 24 8. 財務資產 FINANCIAL ASSETS 2017 2016 百萬元百萬元 $million $million 持至到期日財務資產，按攤銷成本 Held-to-Maturity Financial Assets, at amortised cost 上市2 2 Listed 非上市69 69 Unlisted 71 71 於一年內到期2 0 Maturing within one year 於一年後到期69 71 Maturing after one year 71 71 可供出售財務資產 Available-for-Sale Financial Assets 非上市股權證券，按成本(附註a) 1 1 Unlisted Equity Securities, at cost (Note a) 上市股權證券，按市值22 17 Listed Equity Securities, at market value 非上市股權證券，按公平值(附註b) 398 0 Unlisted Equity Securities, at fair value (Note b) 421 18 按公平值透過損益記賬之財務資產(附註c) Financial Assets at Fair Value through Profit or Loss (Note c) 上市股權基金1,718 1,611 Listed Equity Funds 非上市股權基金1,349 957 Unlisted Equity Funds 上市固定收入基金323 609 Listed Fixed Income Funds 非上市固定收入基金1,172 1,007 Unlisted Fixed Income Funds 非上市實物基金530 524 Unlisted Real Assets Funds 非上市對沖基金704 533 Unlisted Hedge Funds 非上市私人投資69 34 Unlisted Private Investments 5,865 5,275 財務資產主要以港元及美元為單位。 Financial assets are mainly denominated in Hong Kong dollars and United States dollars. 附註 : Notes : (a) (b) (c) 公平值乃參考活躍市場或基金經理報價釐定。 The fair value was determined by reference to bid prices quoted in active markets or by fund managers. The unlisted available-for-sale equity securities at cost, represent investments in unlisted equities issued by private entities, which are held by the Group. These investments are typically held for the long term and are not part of the investment fund which is invested in active markets. The unlisted available-for-sale equity securities are valued at cost less impairment at each balance sheet date as Management is of the opinion that fair value cannot be measured reliably. 按成本計的非上市股權證券為集團持有由私人公司發行之非上市股權證券的投資。該等投資一貫是作長期持有並不包括在投資於活躍市場的投資 基金內。當集團管理層認為其公平值不能可靠計量，非上市股權證券乃按成本扣除結算日減值計量。 公平值乃參考最近的交易價格以及參照類似實體市場價值並以現金流量折讓分析、盈利倍數和淨權益方法的金融模型而釐定。 The fair value was determined by reference to the recent transaction price, and financial models based on discounted cash flow analysis, earning multiple and net equity method with reference to market valuations for similar entities. 25 9. 於聯營公司權益 INTEREST IN AN ASSOCIATE 2017 2016 百萬元百萬元 $million $million 所佔淨資產78 73 Share of net assets 擁有權益 業務Proportion of 架構模式Nominal Value of Form of Issued Capital 持有股本類別 Business Held by Class of 主要活動 Structure the Group Shares Held Principal Activity 深港產學研基地事業法人單位33% 注入資本 2017 2016 百萬元百萬元 $million $million 下文載列為聯營公司之財務資料概要： The summarised financial information in respect of the associate is set out below: 總資產263 241 Total assets 總負債(26) (21) Total liabilities 資產淨值237 220 Net assets 集團應佔聯營公司之資產淨值78 73 Group's share of net assets of the associate 營業額37 40 Turnover 本年度溢利25 45 Profit for the year 集團年內應佔聯營公司業績8 15 Group's share of results of the associate for the year Institutional Organization 聯營公司名稱 PKU-HKUST Shenzhen-Hong Kong Institution Name of Associate To engage in technology commercialization, incubation of start-up companies, provision of research and technology management services, training of senior management and administrative executives. Capital Contribution 註冊及營運地點 致力於科技商業化，培育 新公司，提供研究和技術 管理服務，培訓高級管理 人員及行政專才。 Place of Incorporation and Operation 中華人民共和國 People's Republic of China 26 10. 於合資企業權益 INTEREST IN A JOINT VENTURE 本集團之合資企業 ─ 浙江港科大先進製造研究所有限公司已於2017年4月正式解散。 11. 應收賬款及預付款項 ACCOUNTS RECEIVABLE AND PREPAYMENTS 2017 2016 百萬元百萬元 $million $million 預付款項及按金33 38 Prepayments and Deposits 應收賬款172 149 Accounts Receivable 205 187  應收賬款於發出通知後須立即償還。 Accounts receivable are repayable on demand.    應收賬款主要以港元為單位。 The accounts receivable are mainly denominated in Hong Kong dollars. 在衡量應收賬款之還款能力時，集團考慮其由給予信貸日至報告日期間之信貸質素變化。已過期 而無作減值撥備之應收賬款已於本報告日前清付或相關應收賬款過往並無拖欠還款。故此，校董 會認為無需就應收賬款作減值撥備，本集團並無就該等結餘持有任何抵押。 In determining the recoverability of accounts receivable, the Group considers any change in the credit quality of the accounts receivable from the date credit was initially granted up to the financial statements' report date. The accounts receivable past due but not provided for were either subsequently settled as at the date of this report or without historical default of payments by the respective debtor. Accordingly, the Council believes that there is no impairment provision required on these accounts receivable as at the balance sheet date. The Group does not hold any collateral over these balances. A Joint venture of the Group, Zhejiang Advanced Manufacturing Institute of HKUST Co. Ltd., was formally dissolved in April 2017. The majority of Accounts Receivebale are without fixed terms of repayment and are expected to be recoverable within one year. Prepayments are expected to be recognised as expenses within one year. 大部份的應收賬款均無固定還款期，並預期可於一年內收回。預付款項亦預期可於一年內確認為 開支。 27 12. 現金及等同現金 CASH AND CASH EQUIVALENTS 2017 2016 百萬元百萬元 $million $million 原到期日為三個月或以下之定期存款634 729 Bank Deposits with Original Maturity within Three Months 現金及銀行結餘164 159 Cash at Banks and in Hand 798 888 現金及等同現金以下列貨幣為單位： Hong Kong Dollars 港元611 714 United States Dollars 美元12 35 Renminbi 人民幣161 109 Euro 歐元11 25 Pounds Sterling 英鎊3 5 798 888 13. 應付賬款及應計費用 ACCOUNTS PAYABLE AND ACCRUALS 2017 2016 百萬元百萬元 $million $million 應付賬款及應計費用731 700 Accounts Payable and Accruals 應付賬款及應計費用主要以港元為單位。 The accounts payable and accruals are mainly denominated in Hong Kong dollars. Cash and Cash Equivalents are denominated in the following currencies: 28 14. 教職員福利撥備 PROVISION FOR STAFF BENEFITS 2017 2016 百萬元百萬元 $million $million 約滿酬金99 88 Gratuities 代假期金及其他108 106 Leave Pay and Others 207 194 應付於： Payable: 一年內176 165 Within 1 year 一年後31 29 After 1 year 207 194 29 15. 遞延收益 DEFERRED INCOME 政府有關機構 教資會指定撥款 教資會指定撥款 整筆撥款項目贊助 捐款總計 Donation Total 百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million 2015年6月30日之結餘0 500 71 41 47 659 Balance as at 30 June 2015 已收 / 應收之款項2,073 374 167 29 28 2,671 Amount received / receivable (註) (Note) 計入綜合全面收益表(附註3.1/3.3/18) (1,954) (197) (137) (23) (5) (2,316) Credited to Consolidated Statement of Comprehensive Income (Notes 3.1/3.3/18) 轉至遞延資本基金(附註16) (119) (165) (6) (5) (29) (324) Transfer to Deferred Capital Funds (Note 16) 外幣換算之差額0 0 (3) 0 0 (3) Exchange differences arising from retranslation 2016年6月30日之結餘0 512 92 42 41 687 Balance as at 30 June 2016 已收 / 應收之款項2,173 255 227 28 102 2,785 Amount received / receivable (註) (Note) 計入綜合全面收益表(附註3.1/3.3/18) (2,010) (208) (181) (20) (26) (2,445) Credited to Consolidated Statement of Comprehensive Income (Notes 3.1/3.3/18) 轉至遞延資本基金(附註16) (163) (79) (8) (8) (43) (301) Transfer to Deferred Capital Funds (Note 16) 外幣換算之差額0 0 (1) 0 0 (1) Exchange differences arising from retranslation 2017年6月30日之結餘0 480 129 42 74 725 Balance as at 30 June 2017 註: 款項源於承諾捐款(附註18)。 Note: The amounts were from pledged donations (Note 18). 若干比較數字已予以重新分類以符合本年度之呈報方式。 Certain comparative figures have been reclassified to conform to current year's presentation. Earmarked Grants from Government Agencies UGC Earmarked Grants UGC Block Grant Project Sponsorships 30 16. 遞延資本基金 DEFERRED CAPITAL FUNDS 百萬元 $million 2015年7月1日之結餘3,730 Balance as at 1 July 2015 相當於添置物業、機器及設備及電腦軟件之款項轉撥自遞延收益(附註15) 324 相當於折舊及攤銷之款項轉撥至綜合全面收益表(217) 外幣換算之差額(2) Exchange differences arising from retranslation 2016年6月30日之結餘3,835 Balance as at 30 June 2016 相當於添置物業、機器及設備及電腦軟件之款項轉撥自遞延收益(附註15) 301 相當於折舊及攤銷之款項轉撥至綜合全面收益表(246) 2017年6月30日之結餘3,890 Balance as at 30 June 2017 Amounts equivalent to additions to Property, Plant and Equipment and Computer Software transferred from Deferred Income (Note 15) Amounts equivalent to depreciation and amortisation charges transferred to Consolidated Statement of Comprehensive Income Amounts equivalent to additions to Property, Plant and Equipment and Computer Software transferred from Deferred Income (Note 15) Amounts equivalent to depreciation and amortisation charges transferred to Consolidated Statement of Comprehensive Income 31 17. 教資會基金、限制性基金及其他基金 UGC FUNDS, RESTRICTED FUNDS AND OTHER FUNDS 一般及發展儲備研究項目及其他投資重估儲備 配對撥款指定捐款資本基金非指定捐款資本基金 小計留本基金小計其他小計總計 Sub-total Endowments Sub-total Others Sub-total Total 百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million $million $million $million $million $million $million $million $million 2015年6月30日之結餘1,164 97 1,122 2,383 749 159 24 932 538 8 1,061 1,576 3,183 6,498 Balance as at 30 June 2015 本年度稅後盈餘 / (虧損) 67 (37) (58) (28) 263 (24) 0 239 (44) 0 0 149 105 316 Surplus / (Deficit) for the year after taxation 於可供出售財務資產未實現之虧絀0 0 0 0 0 0 0 0 0 (4) 0 0 (4) (4) Unrealised loss on Available-for-Sale Financial Assets 外幣換算之差額0 0 0 0 0 0 (1) (1) 0 0 (8) (6) (14) (15) Exchange difference arising from retranslation 轉撥自 / (至)資本基金0 0 0 0 0 9 (9) 0 (31) 0 78 (47) 0 0 Transfer from / (to) Capital Funds 其他資金轉撥(37) 37 0 0 12 (5) 0 7 (7) 0 0 0 (7) 0 Other inter-fund transfer 2016年6月30日之結餘1,194 97 1,064 2,355 1,024 139 14 1,177 456 4 1,131 1,672 3,263 6,795 Balance as at 30 June 2016 本年度稅後盈餘 / (虧損) 156 (39) 69 186 55 (36) 0 19 103 0 0 273 376 581 Surplus / (Deficit) for the year after taxation 於可供出售財務資產未實現之盈利0 0 0 0 0 0 0 0 0 403 0 0 403 403 Unrealised gain on Available-for-Sale Financial Assets 外幣換算之差額0 0 0 0 0 0 0 0 0 0 (1) (1) (2) (2) Exchange difference arising from retranslation 轉撥自 / (至)資本基金0 0 0 0 (1) 2 (1) 0 23 0 52 (75) 0 0 Transfer from / (to) Capital Funds 其他資金轉撥(30) 30 0 0 0 1 0 1 (1) 0 0 0 (1) 0 Other inter-fund transfer 2017年6月30日之結餘1,320 88 1,133 2,541 1,078 106 13 1,197 581 407 1,182 1,869 4,039 7,777 Balance as at 30 June 2017 附註： Notes: (a) 一般及發展儲備基金為未動用之教資會整筆撥款。於某撥款期(通常為三年期)結束時可調撥到下一個撥款期的一般及發展儲備基金結餘以本校獲批核之整筆撥款的20%為限。倘若一般及發展儲備基金於撥款期結束時之結餘超過撥款期核准上限，超出部分須退還予教資會。 (b) 研究項目及其他為轉撥自教資會整筆撥款的個別科研項目專用基金。 Research Projects and Others represent UGC Block Grant set aside for individual research projects. (c) 配對撥款為教資會配對撥款計劃之基金結餘。根據教資會頒布的條例，此基金需用於教資會範疇內之活動。 Matching Grants represent unspent funds from UGC's Matching Grant Schemes. According to the rules and regulations promulgated by the UGC, these funds have to be used for activities within UGC ambit. (d) 留本基金是本大學根據捐贈者的意願保持本金不動的基金並只以其產生的收入去支持大學特定活動。 Endowments represent the funds which the University would, according to the wishes of the donors, keep the principal intact and only use income generated from the fund to support designated activities of the University. (e) 指定捐款是指明用於本大學特定活動、課程或項目(樓宇建築除外)的捐贈基金。 Designated Donations represent funds earmarked for specific activities, programs or projects of the University, other than for construction of buildings. (f) 資本基金反映物業、機器及設備及電腦軟件之賬面淨值，購自滾存於基金結餘內已確認但未使用的政府撥款或捐款或其他收入。 Capital Funds represent the net book value of property, plant and equipment as well as computer software which are acquired with recognised but unspent Government grants or donations or other income retained in the fund balances. (g) 非指定捐款為無指定用途的捐贈基金。 Unspecified Donations represent general donations without donor-specified purposes. (h) 投資重估儲備是可供出售財務資產之公平值變動產生之未變現盈虧。 Investment Revaluation Reserve represents the fair value gain or loss of Available-for-Sale Financial Assets. (i) 其他基金來於自負盈虧的活動。 Other Funds represent funds generated from self-financing activities. General and Development Reserve Fund represents the unspent UGC Block Grants. The balance of the GDRF at the end of a funding period (usually a triennium) that can be carried over to the next funding period is limited to a maximum of 20% of the University's approved Block Grants for that funding period. Should the balance of the GDRF at the end of the funding period exceed the ceiling allowed, the excess amount is refundable to the UGC. 其他基金 UGC Funds Restricted Funds Other Funds Designated Donations Unspecified Donations 教資會基金限制性基金 Capital Funds Matching Grants Capital Funds Investment Revaluation Reserve General and Development Reserve Research Projects and Others 32 18. 承諾捐款 PLEDGED DONATIONS 資本項目其他活動 之所得捐款之所得捐款 總計 Total 百萬元百萬元百萬元 $million $million $million 於2015年6月30日未兌現之款額109 108 217 Outstanding amount as at 30 June 2015 新增之承諾捐款410 363 773 New pledges 在本年度已收之捐款並於綜合全面收益表確認(附註a) 0 (311) (311) 在本年度已收之捐款並記入遞延收益賬項(附註15) (19) (9) (28) Amounts received during the year credited to Deferred Income (Note 15) 不需動用的承諾捐款0 (1) (1) Excess pledges not utilised 於2016年6月30日未兌現之款額(附註b) 500 150 650 Outstanding amount as at 30 June 2016 (Note b) 新增之承諾捐款31 150 181 New pledges 在本年度已收之捐款並於綜合全面收益表確認(附註a) 0 (40) (40) 在本年度已收之捐款並記入遞延收益賬項(附註15) (17) (85) (102) Amounts received during the year credited to Deferred Income (Note 15) 不需動用的承諾捐款0 (3) (3) Excess pledges not utilised 於2017年6月30日未兌現之款額(附註b) 514 172 686 Outstanding amount as at 30 June 2017 (Note b) 附註(a)： Note (a): 2017 2016 捐款收入百萬元百萬元 Donation Income $million $million 在本年度已收並於綜合全面收益表直接確認之承諾捐款 40 311 26 5 在本年度綜合全面收益表確認之捐款收入(第8頁) 66 316 附註(b)： Note (b): 未兌現之款額中包括一筆一億五千萬元的捐款為興建一個仍待校董會批准的建設項目。 Outstanding pledge included a donation of $150 million for a construction project pending approval by the Council. Total donation income recognised in Consolidated Statement of Comprehensive Income during the year (page 8) Amount of pledged donations received during the year and recognised directly in Consolidated Statement of Comprehensive Income Amount of pledged donations initially credited to Deferred Income and subsequently recognised in Consolidated Statement of Comprehensive Income during the year (Note 15) Donations for Other Activities Donations for Capital Projects Amount received during the year recognised in Consolidated Statement of Comprehensive Income (Note a) Amount received during the year recognised in Consolidated Statement of Comprehensive Income (Note a) 先記入遞延收益賬項並其後於本年度綜合全面收益表確認之承諾捐款(附註15) 33 19. 財務風險管理 FINANCIAL RISK MANAGEMENT 19.1 金融工具分類 CATEGORIES OF FINANCIAL INSTRUMENTS 2017 2016 百萬元百萬元 $million $million 財務資產 Financial Assets 貸款及應收款 Loans and Receivables 應收賬款及按金174 153 Accounts Receivable and Deposits 原到期日超過三個月之定期存款807 716 Bank Deposits with Original Maturity over Three Months 現金及等同現金798 888 Cash and Cash Equivalents 可供出售財務資產421 18 Available-for-Sale Financial Assets 按公平值透過損益記賬之財務資產5,865 5,275 Financial Assets at Fair Value through Profit or Loss 持至到期日財務資產71 71 Held-to-Maturity Financial Assets 8,136 7,121 財務負債 Financial Liabilities 其他按攤銷成本入賬之財務負債 Other Financial Liabilities at Amortised Cost 應付賬款及應計費用335 355 Accounts Payable and Accruals 19.2 金融工具產生之風險19.2 RISKS ARISING FROM FINANCIAL INSTRUMENTS The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management focuses on controlling the impact arising from unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance by engaging external professional advisors. The Administration assumes the day-to-day risk management responsibility and monitors regularly the risk exposures of the Group. 集團活動承受各種財務風險：如市場風險(包括外匯風 險、利率風險及價格風險)、信貸風險及流動資金風 險。集團風險管理著重於控制因財務市場的不能預計 因素而引起的影響與及從外委聘專業顧問以求對本集 團財務表現的潛在負面影響減至最低。行政部門會肩 負起日常風險管理責任及定期監察集團面對的風險。 34 19. 財務風險管理(續) 19. FINANCIAL RISK MANAGEMENT (Cont'd) 19.2 金融工具產生之風險(續) 19.2 (a) 市場風險(a) Market risk (i) 外匯風險(i) Foreign currency risk (ii) 利率風險(ii) Interest rate risk Market risk represents the risk that the value of financial assets will decrease as a result of movements in market variables such as foreign currency exchange rates, interest rates and stock prices. The Group is exposed to market risk mainly through the investment funds it holds. The Group's investments comprise equities, debt securities, real assets investment funds, hedged funds, private investments and fixed deposits. The investment strategy of the Group is to invest prudently in order to preserve capital and achieve optimal risk diversification while generating a stable return over the long term and the required liquidity. The Group employs external advisors and investment managers to manage a portion of its investments, and delegates to the Finance Office of the University to manage fixed deposits and some of the fixed income instruments. The Group is exposed to foreign currency risks primarily arising from its United States dollars ('USD') denominated investments that are managed by investment managers. As HKD is pegged to the USD, the Group considers the risk from movements in exchange rates between the HKD and USD to be insignificant. As at 30 June 2017, the percentages of financial assets denominated in HKD, USD, RMB and other currencies to total financial assets were 20.1% (2016: 20.4%), 77.1% (2016: 74.8%), 2.6% (2016: 4.3%) and 0.2% (2016: 0.5%), respectively. 集團面對之外匯風險主要來自投資經理管理之美 元計值投資。但由於港元與美元掛鈎，集團預期 因港元與美元匯率變化而產生之風險不大。 市場風險是因匯率、利率及股票價格等市場變數出現 變動而引致財務資產出現虧損的風險。本集團承受的 市場風險主要來自其持有的投資資金。本集團的投資 包括股本證券、債券、實物投資基金、對沖基金、私 人投資及定期存款。本集團的投資策略是審慎地投資 以保障本金及實現適當分散風險，同時在長遠期間取 得穩定回報及流動資金。本集團從外委聘顧問和投資 經理管理部分投資，也授權財務處管理定期存款及其 中一些定息工具。 RISKS ARISING FROM FINANCIAL INSTRUMENTS (Cont'd) Since currency movements tend to have a much smaller impact on portfolio performance in the long run, no hedging for non-USD currency exposure will be arranged under normal circumstances. Such currency exposure management policy is subject to periodic review and hedging may be arranged when situation warrants. 集團需承受由定期存款所產生的利率風險。因定 期存款通常在三個月至六個月內到期，所以其風 險不高。假設其他可變動項目保持不變，倘利率 上升或下跌五十個基點，集團截至2017年6月30日 止年度的盈餘會增加/ 減少約七百二十萬元(2016 年為七百二十萬元)。 The Group is exposed to interest rate risk in relation to its fixed deposits. As the fixed deposits usually mature within three to six months, the risk exposure is considered not material. If interest rates had been 50 basis points higher / lower, with all other variables held constant, the Group's surplus for the year ended 30 June 2017 would increase / decrease by approximately $7.2 million (2016: $7.2 million). 於2017年6月30日，以港元、美元、人民幣及其他 幣值計值的金融資產值約分別佔總金融資產值的 20.1%(2016年為20.4%)、77.1%(2016年為74.8%)、 2.6%(2016年為4.3%)及0.2%(2016年為0.5%)。 預期長遠而言貨幣波動對投資組合表現的影響較 少，因此正常情況下不會安排非美元貨幣的對 沖。我們將會定期對現有的貨幣風險管理政策進 行檢討，必要時或會進行對沖安排。 35 19. 財務風險管理(續) 19. FINANCIAL RISK MANAGEMENT (Cont'd) 19.2 金融工具產生之風險(續) 19.2 (a) 市場風險(續) (a) Market risk (Cont'd) (iii) 價格風險(iii) Price risk (b) 信貸風險(b) Credit risk (c) 流動資金風險(c) Liquidity risk RISKS ARISING FROM FINANCIAL INSTRUMENTS (Cont'd) The Group is mainly exposed to securities price risk from its investments managed by investment managers. Securities price risk is managed by diversification of investments in different markets, sectors and assets types. At 30 June 2017, if the prices of the respective investments had been 5% higher / lower, with all other variables held constant, the Group's surplus for the year ended 30 June 2017 would increase / decrease by approximately $314.3 million (2016: $264.6 million). 集團面對之證券價格風險主要來自由投資經理所 管理的投資基金。證券價格風險會於不同市場、 行業及資產類別設定分散投資的方法來管理。於 2017年6月30日，若價格上升/ 下跌5%，在其他所 有變數維持不變的情況下，本集團截至2017年6月 30日止年度的盈餘將增加/ 減少約三億一千四百 三十萬元（2016年為二億六千四百六十萬元）。 集團之主要財務資產為現金及等同現金、定期存款、 應收賬款、持至到期日財務資產、可供出售財務資產 及按公平值透過損益記賬財務資產。 The Group's principal financial assets are cash and cash equivalents, bank deposits, accounts receivable, held-to-maturity financial assets, available-for-sale financial assets and financial assets at fair value through profit or loss. 集團之信貸風險主要來自應收賬款。於綜合資產負債 表內之金額為扣除呆賬準備後淨額，由集團管理層根 據過往經驗及經濟現況作出評估。 The Group's credit risk is primarily attributable to its accounts receivable. The amounts represented in the Consolidated Balance Sheet are net of allowances for doubtful receivable, estimated by the Group's management based on past experience and their assessment of the current economy. 本集團的大部份負債到期日為結算日後半年內。管理 流動資金風險方面，本集團會監察及維持現金及現金 等值項目於充足的水平，以應付日常營運所需。 Most of the Group's liabilities are due within six months from the respective balance sheet date. To manage the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents to fulfill the normal liquidity needs. Cash and cash equivalents and bank deposits are placed with counterparties with credit-ratings of investment grade or above assigned by international credit-ratings agencies. Held-to-maturity financial assets, financial assets at fair value through profit or loss and availablefor- sale financial assets are rated investment grade or above. 集團並無過度集中信貸風險，因擁有多名對手方，可 分散風險。 The Group has no significant concentration of credit risk, with exposure spread over a number of counterparties. The Group's maximum exposure to credit risk in the event of the counterparties' failure to perform their obligations as at balance sheet date in relation to each class of recognised financial assets is the carrying amount of those assets as stated in the Consolidated Balance Sheet. 現金及等同現金和定期存款，均存放於獲國際信貸機 構給予投資級別或以上信貸評級之對手方。持至到期 日財務資產、按公平值透過損益記賬財務資產及可供 出售財務資產均評為投資級別或以上。 倘訂約各方於結算日未能履行有關各類已確認金融資 產之責任，則本集團之信貸風險最高為於綜合資產負 債表所示資產的賬面值。 36 19. 財務風險管理(續) FINANCIAL RISK MANAGEMENT (Cont'd) 19.3 資本管理 CAPITAL MANAGEMENT 本集團因應經濟情況的變化和其活動風險特徵來管理其資本結構並作出相應調整。 19.4 公平值估算 FAIR VALUE ESTIMATION (a) 以公允價值列賬的金融資產 Financial assets carried at fair value 以下列表提供於綜合資產負債表按公平值計量之本集團金融工具之分析，按下列公平值計量等級歸類：  相同資產或負債在活躍市場之報價(第一等級) Quoted prices in active markets for identical assets or liabilities (level 1)  除了第一等級所包括之報價外，該資產和負債之可觀察資料，可為直接或間接(第二等級）  資產和負債並非依據可觀察市場數據之資料(第三等級） Inputs for the asset or liability that are not based on observable market data (level 3) 第一等級第二等級第三等級總計 Level 1 Level 2 Level 3 Total 百萬元百萬元百萬元百萬元 $million $million $million $million 於2017年6月30日 As at 30 June 2017 按公平值透過損益記賬之財務資產4,961 835 69 5,865 Financial Assets at Fair Value through Profit or Loss 可供出售財務資產22 0 398 420 Available-for-Sale Financial Assets 4,983 835 467 6,285 於2016年6月30日 As at 30 June 2016 按公平值透過損益記賬之財務資產4,449 792 34 5,275 Financial Assets at Fair Value through Profit or Loss 可供出售財務資產17 0 0 17 Available-for-Sale Financial Assets 4,466 792 34 5,292 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2) 集團的資金由教資會基金、限制性基金及其他基金組成，該等基金是為著各樣指定目的而設立，並詳列於附註17內。集團的目標是保持足夠資 金以配合集團現在及將來營運支出需要。集團的整體策略如往年一樣維持不變。 The Group's funds consist of UGC Funds, Restricted Funds and Other Funds, which are set up for various designated purposes as described in note 17. It is the Group's objective to maintain sufficient funds to support the Group's current and future operating expenditure requirements. The Group's overall strategy remains unchanged from prior years. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its activities. The tables below provide an analysis of the Group's financial instruments that are measured at fair value in the Consolidated Balance Sheet, grouped by level of the following fair value measurement: 37 19. 財務風險管理(續) FINANCIAL RISK MANAGEMENT (Cont'd) 19.4 公平值估算(續) FAIR VALUE ESTIMATION (Cont'd) 屬於第二等級財務工具的公允價值乃參考投資經理所提供之報告日價格而釐定, 並使用報告期末之匯率折算。 第三等級財務工具包括大學及其投資經理所持有的非上市公司投資。 第三等級財務工具包括本集團及其投資經理所持有的非上市公司投資。 按公允值計算之第三等級財務工具於年內之變動如下： The movements of the Level 3 financial instruments measured at fair value during the year are as follows: 2017 2016 百萬元百萬元 $million $million 於7月1日34 14 As at 1 July 購入26 21 Acquisitions 已計入綜合全面收益表內淨盈利/(虧損)總額407 (1) Net gains/(losses) recognized in Consolidated Statement of Comprehensive Income 於6月30日467 34 As at 30 June 已計入綜合全面收益表內其他全面收益之淨盈利/(虧損)總額398 0 已計入綜合全面收益表內利息及投資收入之淨盈利/(虧損)總額9 (1) 屬於第二等級財務工具的公允價值乃參考投資經理所提供之報告日價格而釐定, 並使用報告期末之匯率折算。 (b) 不以公允價值列賬的金融資產 Financial assets carried at other than fair value 賬面金額 Carrying 公允價值第一等級第二等級第三等級 amount Fair value Level 1 Level 2 Level 3 百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million 於2017年6月30日 At 30 June 2017 持有至到期日債務證券71 78 2 76 0 Held-to-maturity debt securities 可供出售財務資產1 Available-for-Sale Financial Assets 於2016年6月30日 At 30 June 2016 持有至到期日債務證券71 81 2 79 0 Held-to-maturity debt securities 可供出售財務資產1 Available-for-Sale Financial Assets 屬於第二級證券的公允價值乃參考知名金融市場資料提供者所提供之報告日價格而釐定，並使用報告期末之匯率折算。 The fair value of the financial instruments under Level 3 is determined by reference to the recent transaction price, and financial models based on discounted cash flow analysis, earning multiple and net equity method with reference to market valuations for similar entities. The fair value of the financial instruments under Level 2 is determined by reference to the prices at the reporting date provided by the investment managers and have been translated using the foreign currency at the end of the reporting period where appropriate. 屬於第三等級財務工具的公允價值乃參考最近的交易價格以及參照類似實體市場價值並以現金流量折讓分析、盈利倍數和浄權益方法的金融模 型而釐定。 Level 3 financial instruments includes investments in unlisted companies by the University and its investment managers. 按公允價值計量 Fair value measurements The fair value of the securities under Level 2 is determined by reference to the prices at the reporting date provided by a well-known financial market data provider and have been translated using the foreign currency at the end of the reporting period where appropriate. Not available 未能提供 未能提供 Not available The fair value of the financial instruments under Level 2 is determined by reference to the prices at the reporting date provided by the investment managers and have been translated using the foreign currency at the end of the reporting period where appropriate. Net gains/(losses) for the year included in Consolidated Statement of Comprehensive Income, under Other Comprehensive Income Net gains/(losses) for the year included in Consolidated Statement of Comprehensive Income, under Interest and Investment Income Level 3 financial instruments includes investments in unlisted companies by the Group and its investment managers. The fair value of the financial instruments under Level 3 is determined by reference to the recent transaction price, and financial models based on discounted cash flow analysis, earning multiple and net equity method with reference to market valuations for similar entities. 屬於第三等級財務工具的公允價值乃參考最近的交易價格以及參照類似實體市場價值並以現金流量折讓分析、盈利倍數和浄權益方法的金融 模型而釐定。 38 20. 承擔 COMMITMENTS 2017 2016 百萬元百萬元 $million $million (a) 資本承擔 Capital Commitments (i) 以下為未於財務報表作出準備之有關物業、機器及設備未履行的資本承擔： 已簽約349 360 Contracted for 已獲授權但尚未簽約1,196 1,286 Authorised but not contracted for 1,545 1,646 (ii) 以下為未於財務報表作出準備之有關財務資產未履行的資本承擔： 已簽約168 60 Contracted for 上述未履行承擔的資本來源： Funding support for the above outstanding capital commitments: 2017 2016 百萬元百萬元 $million $million 源自集團其他資本之金額 - 已確認為收入並留存於教資會基金之金額372 280 Amounts recognised as Income and retained in UGC Funds - 將會從限制性基金或其他基金中分配之金額866 930 Other amounts representing Restricted Funds or Other Funds to be allocated 已收取並反映於遞延收益於6月30日之金額51 99 Amounts received and reflected as Deferred Income as at 30 June 教資會已批准但未收到之撥款金額89 89 Amounts in respect of UGC Grants approved but not yet received 捐獻者承諾之金額335 308 Amounts pledged by donors 1,713 1,706 2017 2016 百萬元百萬元 $million $million (b) 營運租約之承擔 Operating Lease Commitments (i) 一年內12 9 In one year 第二至第五年內7 6 In the second to fifth years inclusive 19 15 (ii) 於6月30日，集團擁有不可撤銷營運租賃之日後最低租賃收入合共如下： 一年內1 2 In one year As at 30 June, the Group had future aggregate minimum lease income under non-cancellable operating leases as follows: As at 30 June, the Group had future aggregate minimum lease payments under non-cancellable operating leases payable as follows: Amounts to be financed by the Group's Resources 於6月30日，集團於不可撤銷營運租約之條款下所簽定之日後最低租賃付款合共如下： Outstanding capital commitments in respect of Property, Plant and Equipment not provided for in the financial statements were as follows: Outstanding capital commitments in respect of financial assets not provided for in the financial statements were as follows: 39 21. 大學校董會成員及校董會委員會成員於重要合約之權益及關聯方交易 21.1 重要合約 CONTRACTS OF SIGNIFICANCE 21.2 關聯方交易 RELATED PARTY TRANSACTIONS 於本年度內，本集團進行了下列重大關聯方交易： During the year, the Group entered into the following material related parties transactions: (a) 主要管理人員之酬金(註) Compensation of key management personnel (Note) 已包括在附註四 ─ 高收入員工薪酬內的主要管理人員之酬金如下： 2017 2016 百萬元百萬元 $million $million 薪金及其他短期僱員福利60 62 Salaries and other short-term employee benefits 離職後福利5 5 Post employment benefits 65 67 註: Note: (b) UNIVERSITY COUNCIL AND COUNCIL COMMITTEES MEMBERS' INTERESTS IN CONTRACTS OF SIGNIFICANCE AND RELATED PARTY TRANSACTIONS Below is the compensation of the key management personnel who have also been included in Note 4 - Remuneration of Higher Paid Staff: No contract of significance to which the University or any of its subsidiaries was a party and in which a Council member or a Council Committee member was materially interested, whether directly or indirectly, subsisted at the end of the year or at any time during the year. 校董會成員或校董會委員會成員概無在大學或其任何附屬公司於年結日或年度內任何時間仍然生效之任 何重大合約中直接或間接擁有重大權益。 No remunerations, fees or other emoluments were paid to or receivable by any Council members or Council Committees members (other than those executive members and elected staff members) in respect of their services to the Group during the year (2016: Nil). 主要管理人員為大學高級管理層，其主要職責包括檢討及審批對大學運作有影響的重要行 政政策，以及大學長遠發展的計劃及策略。 於年內，除行政成員及員工代表外，本集團並無就任何校董會成員或校董會委員會成員所提供的 服務而向其支付或彼等亦沒有為該等服務而有應收取之薪酬、袍金或其他酬金(2016年：無)。 Key management personnel represent senior management of the University whose primary responsibilities include the review and approval of major administrative policies affecting the University's operations, and long-term plans and strategies for the development of the University. 40 22. 附屬公司 SUBSIDIARIES 於2017年6月30日，大學之附屬公司如下： At 30 June 2017, the University's subsidiaries were as follows: 註冊地點 / 國家 Place / Country of Incorporation 直接持有間接持有 Direct Indirect 香港100% - 不活動 Hong Kong Dormant 香港科大地產有限公司香港100% - 不活動 HKUST Properties Limited Hong Kong Dormant 香港科大研究開發有限公司香港100% - Hong Kong 中華人民共和國- 100% HKUST R and D Corporation (Guangzhou) Limited 中華人民共和國- 100% 中華人民共和國- 100% 中華人民共和國100% - The HKUST Shenzhen Research Institute 香港- 100% Biotechnology Research Corporation Limited Hong Kong University of Science and Technology R and D Corporation Limited 主要活動 Principal Activity 廣州市香港科大霍英東研究院 香港科技大學持續進修學院有限公司 著重於香港及珠江三角洲地區，致 力於科技的商業化：包括工業合 同、技術授權、新公司孵化，物業 管理以及其它研究及技術服務。 HKUST College of Lifelong Learning Limited Subsidiary Held by the University 港科大研究開發(深圳)有限公司 立足廣州南沙，致力於科技創新及 開發，以及各項創業活動：包括新 公司孵化、將大學於清水灣校區與 南沙校區內所開發的科技商業化， 以及管理人員和科技人才的培訓。 Guangzhou HKUST Fok Ying Tung Research Institute People's Republic of China People's Republic of China HKUST R and D Corporation (Shenzhen) Limited People's Republic of China 擁有股權 附屬公司 of Issued / Registered Capital Nominal Value Proportion of To engage in technology commercialisation including industrial contracting, licensing, incubation of start-up companies, property management and research and technical services, especially in Hong Kong and the Pearl River Delta Area. 生物科技研究有限公司致力於生物科技研究和發展，及把 Hong Kong 生物科技結果商業化。 To engage in biotechnology research and development and commercialisation of biotechnology results. Station in Shenzhen, to facilitate the University's education, training, research, technology development and entrepreneurship activities in the Mainland. 香港科技大學深圳研究院立足深圳，協助大學在內地的教 育、培訓、研究、科技開發及創業 等。 People's Republic of China Station in Guangzhou (Nansha), to engage in technology innovation and development as well as entrepreneurship activities including startup incubation, and commercialisation of technologies developed in Clear Water Bay and Nansha campuses, as well as training of management and technology personnel. 廣州香港科大研究開發有限公司 41 23. 主要會計估計及判斷23. 物業、機器及設備之折舊及電腦軟件之攤銷 投資估值 持至到期日財務資產Held-to-maturity financial assets 呆壞賬撥備 The provisioning policy for bad and doubtful debts of the Group is based on the evaluation of collectability and aging analysis of the receivables and on management's judgement. Judgement is required in assessing the ultimate realisation of these receivables, based on the current creditworthiness and the past collection history of each debtor. If the financial conditions of debtors of the Group was to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. 本集團之呆壞賬撥備政策是根據對收回款項之 可能性之評估、賬戶之賬齡分析及管理層之判 斷作出。在評估該等應收款項之最終變現時需 要作判斷，根據每名債務人之現時信譽及過往 收款紀錄。倘本集團債務人之財務狀況惡化， 損害其還款能力，有可能需要額外撥備。 Provision for doubtful receivables Valuation of investments The fair values of financial instruments traded in active markets are based on quoted bid prices at the balance sheet date. The fair values of financial instruments that are not traded in an active market are determined using established valuation techniques. The Group uses its judgement to select valuation methods and pricing sources to make assumptions that are mainly based on market conditions existing at the end of each reporting period. 在活躍市場買賣的金融工具之公平值根據結算 日的市場報價列賬。沒有活躍市場買賣的金融 工具，其公平值根據既定的估值技術釐定。本 集團利用判斷選取估值方法及定價來源，並主 要根據每個報告期末當時的市場情況作出假 設。 Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-tomaturity financial assets if the Group has the intention and ability to hold them until maturity. In evaluating whether the requirements to classify a financial asset as held-tomaturity are met, management makes significant judgements. Failure in correctly assessing the Group's intention and ability to hold specific investments until maturity may result in reclassification of the whole portfolio as available-for-sale financial assets. 對於有固定或可確定付款和固定到期日的非衍 生金融資產，集團如有意及有能力持有至到期 日，則歸類為持至到期日財務資產投資。在評 估某金融資產是否符合歸類為持至到期日投資 的條件時，管理層需要作出重大判斷。如果未 能對集團是否有意及有能力持有某特定投資至 到期日作出準確的判斷，可能會導致整個投資 組合需被重新歸類為可供出售財務資產。 Depreciation of property, plant and equipment and amortisation of computer software 本集團以預計使用年限計算物業、機器及設備 之折舊及電腦軟件之攤銷。如原先估計之使用 年限未能與事實相符，管理層會修訂其折舊或 攤銷率。 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In determining the carrying amounts of some assets and liabilities, the Group makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. These estimates involve assumptions about such items as risk adjustment to cash flows or discount rates used, future changes in salaries and future changes in prices affecting other costs. The Group's estimates and assumptions are based on historical experience and expectations of future events and are reviewed periodically. In addition to assumptions and estimations of future events, judgements are also made during the process of applying the Group's accounting policies. The Group determines the estimated useful lives for related depreciation charges for property, plant and equipment and amortisation of computer software. Management will revise the depreciation or amortisation charges where useful lives are different to previously estimated. 在釐定部分資產和負債的賬面金額時，集團就 不確定的未來事件對於資產負債表日該等資產 和負債的影響作出了假設。這些估計涉及對現 金流量風險調整或貼現率、未來薪金變動和影 響其他成本的價格未來變動的假設。集團根據 過去的經驗和對未來事件的預計作出估計和假 設，並定期覆檢。除對未來事件的假設和估計 外，集團採用會計政策時亦需要作出判斷。 42 24. 主要會計政策24. PRINCIPAL ACCOUNTING POLICIES 24.1 採納新訂 / 經修訂香港財務報告準則24.1 Adoption of new / revised HKFRS 截至2017年6月30日止年度，本集團已採 用所有經已於2016年1月1日或以後開始 之年度期間生效及與本集團營運有關之 新訂及經修訂準則及修訂。 For the year ended 30 June 2017, the Group has adopted all the new and revised standards and amendments to HKFRS that are effective for the accounting periods beginning on or after 1 January 2016 and relevant to the operations of the Group. 本集團已評估採納上述修訂後之影響， 認為無論對集團之業績及財務狀況或會 計政策及財務報表的呈列，均無任何重 大影響。 The Group has assessed the impact of the adoption of these amendments and considered that there was no significant impact on the Group's results and financial position nor any substantial changes to the Group's accounting policies and presentation of the financial statements. 本集團於編製財務報表時所採用之主要 會計政策載列如下。除另有說明外，該 等政策於所有呈列之年度內一直貫徹採 用。 The principal accounting policies applied in the preparation of the financial statements of the Group are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 43 24. 主要會計政策(續) 24. 24.2 綜合基準24.2 Basis of Consolidation 24.3 於聯營公司權益24.3 Interest in an Associate 本集團與其聯營公司之間交易的未實現 收益按集團在聯營公司權益的數額對 銷。除非交易提供所轉讓資產減值之憑 證，否則未實現虧損亦予以對銷。聯營 公司的會計政策已按需要作出改變，以 確保與本集團採用的政策符合一致。 Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. 集團內部所有重大交易及結餘均在綜合 賬內抵銷。 All significant intercompany transactions and balances within the group are eliminated on consolidation. 聯營公司指本集團可對其政策決定作重 要影響之機構，而該機構又不屬於集團 之附屬公司或於合資企業權益。 An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. 聯營公司之業績、資產及負債以權益會 計法列入綜合財務報表。聯營公司權益 按成本值列入綜合資產負債表，其後會 就收購後集團應佔聯營公司之淨資產作 出調整，並扣除投資減值虧損入賬。 The results and assets and liabilities of an associate are incorporated in the consolidated financial statements using the equity method of accounting. Interest in an associate is carried in the Consolidated Balance Sheet at cost as adjusted by post-acquisition changes in the Group's share of the net assets of the associate, less any impairment loss. A subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 如有需要，會對附屬公司的財務報表作 出調整，使其會計政策與集團其他成員 公司所使用的會計政策保持一致。 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. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 綜合財務報表包括截至每年6月30日大學 及受大學控制之個體的財務報表。 The consolidated financial statements include the financial statements of the University and entities controlled by the University made up to 30 June each year. 附屬公司指本集團對其具有控制權的所 有主體(包括結構性主體)。當本集團因為 參與該主體而承擔可變回報的風險或享 有可變回報的權益，並有能力透過其對 該主體的權力影響此等回報時， 本集團 即控制該主體。附屬公司在控制權轉移 至本集團之日起合併入賬。附屬公司在 控制權終止之日起停止合併入賬。 44 24. 主要會計政策(續) 24. 24.4 於合資企業權益24.4 Interest in a Joint Venture 24.5 物業、機器及設備24.5 Property, Plant and Equipment 本集團與其合資企業之間交易的未實現 收益按集團在合資企業權益的數額對 銷。除非交易提供所轉讓資產減值之憑 證，否則未實現虧損亦予以對銷。合資 企業的會計政策已按需要作出改變，以 確保與本集團採用的政策符合一致。 Unrealised gains on transactions between the Group and its joint venture are eliminated to the extent of the Group's interest in the joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint venture have been changed where necessary to ensure consistency with the policies adopted by the Group. 除在建工程外，物業、機器及設備按成 本值減累積折舊及累積減值後入賬。 Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and accumulated impairment losses. 除在建工程外，扣除剩餘估值後，物 業、機器及設備按估計可使用年期以直 線法攤分其成本計算折舊。物業、機器 及設備於備用年度內計算全年折舊。年 度折舊於相關分部之綜合收支內計提。 Depreciation of property, plant and equipment, other than construction in progress, is calculated using the straight-line method to allocate their costs to the residual values over the estimated useful lives. Full year depreciation is charged for property, plant and equipment in the year when it is ready for use. Annual depreciation is charged against the consolidated income and expenditure under the respective segments. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 合資企業是一個合約上的安排，由集團 與其他參與者進行一項經濟活動，該項 活動由合資各方面共同控制，凡政策決 定涉及財務及營運上之策略，必須合資 各方決議一致通過。 A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control, that is when the strategic financial and operating policy decisions relating to the activities require the unanimous consent of the parties sharing control. 合資企業權益初步以成本確認，其後經 調整以確認本集團享有的收購後利潤或 虧損以及其他全面收益變動的份額。本 集團對合資企業的投資包括在購買時已 辨認的商譽。在購買合資企業的投資時 ，購買成本與本集團享有的對合資企業 可辨認資產和負債的公允價值凈額的差 額確認為商譽。當集團享有某一合資企 業的虧損超過或相等於在該合資企業的 權益（包括任何實質上構成集團在該合 資凈投資的長期權益），則集團不確認 進一步虧損，除非集團已產生義務或已 代合資企業付款。 Joint ventures are accounted for using the equity method and are initially recognised at cost and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses and movements in other comprehensive income. The Group's investments in joint ventures include goodwill identified on acquisition. Upon the acquisition of the ownership interest in a joint venture, any difference between the cost of the joint venture and the Group's share of the net fair value of the joint venture's identifiable assets and liabilities is accounted for as goodwill. When the Group's share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group's net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. 45 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.5 物業、機器及設備(續) 24.5 Property, Plant and Equipment (Cont'd) 24.6 無形資產24.6 Intangible Assets 電腦軟件Computer software 所購入電腦軟件之成本按購入及使用該 特定軟件所產生的成本為基準資本化， 並按成本減累計攤銷於綜合資產負債表 列賬。 Computer software costs are capitalised on the basis of the costs incurred to acquire and bring to use the specific software and are stated in the Consolidated Balance Sheet at cost less accumulated amortisation. 在建工程按成本值減去任何已確認之減 值虧損入賬及至工程完竣後才攤銷折 舊。完竣工程成本將轉撥至適當之物 業、機器及設備分類。 Construction in progress is stated at cost less any identified impairment loss and is not depreciated until completion of construction. Cost of completed construction works is transferred to appropriate categories of property, plant and equipment. 電腦軟件之攤銷乃以直線法按資產估計 可使用年期於綜合全面收益表中扣除。 電腦軟件於備用年度內計算全年攤銷。 年度攤銷於相關分部之綜合收支內計 提。 Amortisation of computer software is charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the assets' estimated useful lives. Full year amortisation is charged for computer software in the year when it is ready for use. Annual amortisation is charged against the consolidated income and expenditure under the respective segments. 開發中的電腦軟件在備用前並不計算攤 銷。 Computer software under development is not amortised until ready for use. 物業、機器及設備項目會在出售後或預 期繼續使用該資產將不會帶來未來經濟 利益時刪除確認。從資產刪除產生之收 益或虧損，相當於所得收款與該資產賬 面值的差額於綜合全面收益表內確認。 An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising from derecognition of an asset, representing the difference between the sales proceeds and the carrying amount of that asset is recognised in the Consolidated Statement of Comprehensive Income. 46 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.7 財務資產24.7 Financial Assets (a) 貸款及應收款(a) Loans and receivables (b) 持至到期日投資(b) Held-to-maturity investments 持至到期日投資為有固定或可釐定付款 以及固定到期日的非衍生財務資產，而 集團有明確意向及能力持有至到期日。 除非該項投資在結算日後十二個月內到 期，否則此等資產列在非流動資產內。 Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities where the Group has the positive intention and ability to hold to maturity. They are included in non-current assets unless they mature within 12 months from the balance sheet date. 本集團將其財務資產投資分類如下：貸 款及應收款、持至到期日投資、按公平 值透過損益記賬之財務資產及可供出售 財務資產。分類方式視乎購入投資目的 而定。管理層在初步確認時釐定其投資 的分類，並於每個報告日期重新評估有 關指定。 The Group classifies its financial assets in the following categories: loans and receivables, held-tomaturity investments, financial assets at fair value through profit or loss and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date. 貸款及應收款為有固定或可釐定付款且 沒有在活躍市場上報價的非衍生財務資 產。此等款項包括在流動資產內，但到 期日由結算日起計超過十二個月者，則 分類為非流動資產。銀行存款視作貸款 及應收款項處理，以銀行存款或現金及 等同現金項目名義列賬。貸款及應收款 初始按公允價值確認其後利用實際利率 法按攤銷成本剔除減值列賬。 Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Bank deposits are treated as loans and receivables and are disclosed as bank deposits or cash and cash equivalents. Loans and receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. 47 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.7 財務資產(續) 24.7 Financial Assets (Cont'd) (b) 持至到期日投資(續) (b) Held-to-maturity investments (Cont'd) (c) (c) (d) 可供出售財務資產(d) Available-for-sale financial assets 於其後報表日，集團計劃及有能力持至 到期日的債務證券(持至到期日的債務證 券)，是按攤銷成本以實際利率法釐定， 減去減值虧損所代表之不可收回值。倘 有客觀證據顯示資產出現減值虧損則於 綜合全面收益表中確認。獲確認之減值 乃根據投資之賬面金額與按於初步確認 時計算之實際利率折算之估計未來現金 流量現值之間的差額而釐定。如其後出 現已確認減值之投資可收回升值金額， 則將予以回撥，惟回撥後之賬面金額不 能多於此減值虧損之前已確認攤銷之成 本值。 At subsequent reporting dates, debt securities that the Group has the intention and ability to hold to maturity (held-to-maturity debt securities) are measured at amortised cost using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts. An impairment loss is recognised in the Consolidated Statement of Comprehensive Income when there is objective evidence that the asset is impaired, and is measured as the difference between the investment's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate at initial recognition. Impairment losses are reversed in subsequent periods when an increase in the investment's recoverable amount can be related objectively to an event occurring after the recognition of the impairment loss, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised. 按公平值透過損益記賬之財務資 產 Financial assets at fair value through profit or loss 此類別為開始時指定按公平值透過損益 記賬之財務資產，包括上市及非上市股 權證券及債券。在首次確認後之每個結 算日，此等金融資產按公平價值列賬。 而其因公允值變動引致的收益或虧損列 入當期之綜合全面收益表中。 This category comprises financial assets designated at fair value through profit or loss at inception. Assets in this category include listed and unlisted equity securities and debt securities. At the end of the reporting period subsequent to initial recognition, these financial assets are carried at fair value. Gains and losses arising from changes in fair value are recognised in the Consolidated Statement of Comprehensive Income. 可供出售財務資產為被指定為此類別或 並無分類為任何其他財務資產類別的非 衍生工具。除非管理層有意在結算日後 十二個月內出售該項投資，否則此等資 產列在非流動資產內。 Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified under other financial assets categories. They are included in non-current assets unless management intends to dispose of the investments within 12 months from the balance sheet date. 48 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.7 財務資產(續) 24.7 Financial Assets (Cont'd) (d) 可供出售財務資產(續) (d) Available-for-sale financial assets (Cont'd) 常規投資買賣於交易日確認－ 交易日指 本集團承諾買賣該資產之日期。按公平 值計入損益賬的財務資產初步按公平值 確認，而交易費用則在綜合全面收益表 支銷。所有其他財務資產初步按公平值 加交易費用確認。可供出售財務資產其 後按公平值列賬。 Regular way purchases and sales of investments are recognised on the trade-date – the date on which the Group commits to purchase or sell the financial assets. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the Consolidated Statement of Comprehensive Income. All other financial assets are initially recognised at fair value plus transaction costs. Available-for-sale financial assets are subsequently carried at fair value. 可供出售財務資產之公平值變動產生之 未變現盈虧，於權益中確認。倘分類為 可供出售之證券售出或減值時，累計公 平值調整列入綜合全面收益表作為投資 證券的盈虧。 Unrealised gains and losses arising from changes in the fair value of available-for-sale financial assets are recognised in equity. When investments classified as available-for-sale are sold or impaired, the accumulated fair value adjustments are included in the Consolidated Statement of Comprehensive Income as gains and losses from investment. 本集團在每個結算日評估是否有客觀證 據證明某項財務資產或某組財務資產經 已減值。對於分類為可供出售的股權證 券，在釐定證券是否已經減值時，會考 慮證券公平值有否大幅或長期跌至低於 其成本值。若可供出售財務資產存在此 等證據，累計虧損─ 計算為購買成本與 當時公平值的差額減去該財務資產之前 在綜合全面收益表確認的任何減值虧損 ─ 從自權益中剔除並在綜合全面收益表 記賬。在綜合全面收益表確認的股權工 具減值虧損不會透過綜合全面收益表撥 回。 The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered an indicator that the securities are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial assets previously recognised in the Consolidated Statement of Comprehensive Income – is removed from equity and recognised in the Consolidated Statement of Comprehensive Income. Impairment losses recognised in the Consolidated Statement of Comprehensive Income on equity instruments are not reversed through the Consolidated Statement of Comprehensive Income. 49 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.8 應收賬款24.8 24.9 存貨24.9 Inventories 24.10 現金及等同現金24.10 Cash and cash equivalents 24.11 應付賬款及應計費用及遞延收益24.11 24.12 撥備24.12 Provisions 集團因過往事件招致現行責任，可能需 要償還債務。在此情況下，集團需要撥 備確認負債。撥備款額由管理層於結算 日對責任所需作出最適當估計。倘屬重 大影響，以貼現現值計算。 Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at management's best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. Accounts receivable 應收賬款初步以公平值確認，其後使用 實際利息法按攤銷成本，並扣除減值撥 備計量。當有客觀證據證明本集團未能 按應收款的原有條款收回所有款項時， 即就應收款設定減值撥備。撥備金額為 資產賬面值與按實際利率貼現的估計未 來現金流量的現值兩者的差額。綜合資 產負債表內之應收賬款為扣除該等撥備 後列賬。 Accounts receivable are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. Accounts receivable in the Consolidated Balance Sheet are stated net of such provision. 自籌資金業務持作轉售之存貨按成本或 可變現淨值兩者較低者入賬。成本以加 權平均法計算。 Inventories held for resale in respect of self-financing operations are valued at the lower of cost and net realisable value. Cost is calculated using the weighted average method. 現金及等同現金包括存於銀行之手頭現 金及原到期日為三個月或以下之活期存 款。 Cash and cash equivalents comprise cash on hand and deposits available on demand with an original maturity of three months or less. Accounts payable and accruals and deferred income 應付賬款及應計費用及遞延收益初步按 公平值計算，日後按使用實際利率法計 算的已攤銷成本列賬。 Accounts payable and accruals and deferred income are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. 50 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.13 減值24.13 Impairment 24.14 遞延資本基金24.14 Deferred Capital Funds Deferred Capital Funds represent funds from subventions and grants or donations spent by the Group on the purchase of property, plant and equipment as well as intangible assets. These funds are recognised as income in the Consolidated Statement of Comprehensive Income to match against the depreciation charges of the related asset items over their estimated useful lives. 在每年結算日，集團會審查資產的賬面 值，確定資產有沒有出現減值虧損跡 象。若估計資產的可收回金額較賬面值 為低，則須將賬面值調低至可收回金 額。而所產生的減值虧損會即時確認在 綜合全面收益表。 At each balance sheet date, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised in the Consolidated Statement of Comprehensive Income immediately. 倘若所作出的減值虧損於其後撥回，資 產的賬面值會調高至重估的可收回金額 ，惟調高後之可收回金額不可多於資產 於以前年度未有減值虧損的賬面值。所 回撥的減值虧損會即時確認為收入。 Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. 遞延資本基金為本集團用於購置物業、 機器和設備以及無形資產之資助及撥款 或捐款款項。此資本基金於有關資產的 估計可使用年期內按每年折舊支出額入 賬於綜合全面收益表。 51 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.15 收入確認24.15 Recognition of Income (a) 政府資助及撥款(a) Government subventions and grants (b) 捐款(b) 指定用途之捐款按於報告期間內所產生 之開支確認為收入。 Donations received with a specific purpose are recognised as income to the extent of the related expenditure incurred during the reporting period. Donations 無條件的現金捐款或等同現金之捐款或 其他投資工具捐贈於收取或應收取時確 認為收入。除非本集團能確立捐贈人有 法定義務實現所許下的承諾，否則未兌 現的承諾捐獻不會確認為收入。 Donations without conditions in cash or cash equivalents or other investment instruments are recognised as income when received or receivable. Outstanding pledges are not recognised as income unless a legal obligation on the donor can be established by the Group. 當本集團能合理地確定將會收取到政府 之資助及撥款和可遵守其所附帶之條件 時，就會在綜合全面收益表確認入賬。 Government subventions and grants are recognised in the Consolidated Statement of Comprehensive Income when there is reasonable assurance that the Group will comply with the conditions attaching to them; and that the subventions and grants will be received. 用於資本性開支的資助及撥款最初會記 錄在遞延資本基金賬下，然後於有關資 產的估計可使用年期內按每年折舊支出 額入賬於綜合全面收益表。 Subvention and grants spent on capital expenditure are initially recorded as Deferred Capital Funds and recognised as income to match against the depreciation charges of the related asset items over their estimated useful lives. 有指定用途的撥款會按於報告期間內所 產生之開支確認為收入。 Grants earmarked for specific purposes are recognised as income to the extent of the related expenses are incurred during the reporting period. 52 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.15 收入確認(續) 24.15 Recognition of Income (Cont'd) (c) 學費、課程及其他收費(c) (d) 利息收入(d) Interest income (e) 研究合約收入(e) Research contract income 當研究合約的結果可被準確預測，其收 益將基於已完成的百分比確認入賬；當 其結果不能被準確預測，直至在項目完 成及當阻礙準確預測項目結果的不確定 因素不再存在前，其收益將按已發生而 預期可收回的支出數額確認入賬。特許 權收入則在簽署特許權/ 專利時或在特 許權/ 專利生效期間以直線法計算確認 入賬。 Income from contract research, whose outcome can be reliably estimated, is recognised based on the percentage of completion. Where the outcome of the contract research projects cannot be reliably estimated, project income is recognised to the extent of the expenses incurred that are expected to be recoverable until the completion of projects when the uncertainties that prevent reliable estimation of the outcome of the projects no longer exist. Licencing income is recognised upon assignment of the licence / patent or on a straight line basis over the period of the licence / patent granted. Tuition, programmes and other fees Tuition, programmes and other fees are recognised on an accrual basis and unearned fees are included in accounts payable. 財務資產的利息收入以時間基準按結存 金額及適用利率計算。適用利率即按財 務資產預計於可使用年期內收取之估計 未來現金款項折算至該資產賬面淨值之 利率。 Interest income from a financial asset is accrued on a time basis, by reference to the principal outstanding and at the interest rate applicable, which is the rate that exactly discount the estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount. 學費、課程及其他收費按應計制確認。 預繳學費包括在應付賬項內。 53 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.16 營運租約24.16 Operating Leases (a) 集團為出租者(a) The Group as lessor (b) 集團為承租者(b) The Group as lessee 24.17 退休福利開支24.17 Retirement Benefits Costs 24.18 外幣24.18 Foreign Currencies (a) (a) 來自營運租約的租金收入在有關租約年 期內按直線基準確認。 Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. 根據營運租約應付之租金以直線基準按 有關租約之年期於綜合全面收益表內列 賬。作為訂立營運租約誘因之已收及應 收利益，亦按直線基準於有關租約年期 分攤。 Rentals payable under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income. 外幣交易乃按交易當日的現行匯 率換算為功能貨幣。因上述交易 結算而產生的匯兌損益，以及因 按年終匯率兌換以外幣列值的貨 幣資產及負債而產生的匯兌損益 ， 一概於綜合全面收益表內確 認。 為界定供款退休計劃所支付之款項，於 僱員作出供款所須之服務後列入綜合全 面收益表。 Payments to defined contribution retirement benefit plans are recognised in the Consolidated Statement of Comprehensive Income when employees have rendered service entitling them to the contribution. 本集團各實體的財務報表內所包括的項 目，乃按該實體經營所在的主要經濟環 境的貨幣(「功能貨幣」)計算。本綜合財 務報表以港幣呈列，而本集團的呈報貨 幣均為港幣。 Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Hong Kong dollars, which is the Group's presentation currency. 54 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (Cont'd) 24.18 外幣(續) 24.18 Foreign Currencies (Cont'd) (b) (b)     於各結算日在各資產負債表內呈 列的資產及負債均按該結算日的 收市匯率換算。 Assets and liabilities for each Balance Sheet presented are translated at the closing rate at the date of that Balance Sheet. 各全面收益表內的收入及開支均 按平均匯率換算(除非該平均匯率 並非交易當日現行匯率累計影響 的合理估計，遇有這種情況，收 入及開支概於交易當日的匯率換 算)；及所有因此而產生的匯兌差 額確認為個別組成部分之權益。 Income and expenditure for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at exchange rates at the dates of the transactions); and all resulting exchange differences are recognised as a separate component of equity. The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: 所有功能貨幣與呈報貨幣不一的 集團實體(各實體均無極高通賬經 濟地區的貨幣)，其業績及財務狀 況均以下列方式換算為呈報貨 幣： 55 25. 已公佈但尚未生效的新準則、詮釋和修訂的潛在影響 香港會計準則第7號(修改) 現金流量表1 Amendments to HKAS 7 香港財務報告準則第12號(修改) 披露在其他主體的權益1 Amendment to HKFRS 12 香港會計準則第12號(修改) 所得稅1 Amendment to HKAS 12 香港財務報告準則第15號 客戶合同收入2 HKFRS 15 香港財務報告準則第9號金融工具2 HKFRS 9 香港會計準則第28號在聯營和合營企業的投資2 Amendment to HKAS 28 香港(國際財務報告解釋公告)第22號 外幣交易和預付 / 預收對價2 HK (IFRIC) 22 香港財務報告準則第16號租賃3 HKFRS 16 投資者與其聯營或合營企業之間的資產出售或注資4 1 於2017年1月1日或以後開始之年度期間生效。 Effective for accounting periods beginning on or after 1 January 2017. 2 於2018年1月1日或以後開始之年度期間生效。 Effective for accounting periods beginning on or after 1 January 2018. 3 於2019年1月1日或以後開始之年度期間生效。 Effective for accounting periods beginning on or after 1 January 2019. 4 生效日期待定。 Effective date to be determined. POSSIBLE IMPACT OF NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS PUBLISHED THAT ARE NOT YET EFFECTIVE 本集團於此財務報表並無提早應用以下已頒佈但尚未生效，並與其運作有關之新訂及經修訂準則、修訂及詮釋。 The Group has not early adopted the following new and revised standards, amendments, and interpretations which have been issued and are relevant to its operations but are not yet effective, in these financial statements:- 管理層現正就以上新公佈之準則、修訂及詮釋對本集團之影響作出評估。依初步估計，會計政策及財務報表之呈列將不 會出現重大變動。 Management is currently assessing the impact of the above new standards, amendments and interpretations on the University's financial statements. From the initial assessment, it is considered that there will be no significant impact to the accounting policies or presentation of the financial statements. Statement of Cash Flows1 Disclosure of interest in other entities1 Revenue from Contracts with Customers2 Financial Instruments2 Investments in associates and joint ventures2 Foreign Currency Transactions and Advance Consideration2 Leases3 香港財務報告準則第10號及香港會計準則第28號 (修改) Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture4 Income taxes1 56 PTC-R97312