Financial Statements for the Year Ended 30 June 2020

Abstract

HKUST Financial Statements 財務報表 截止2020年6月30日止年度 For the Year Ended 30 June 2020 目錄 CONTENTS 司庫報告 .................................................................................................................. Treasurer’s Report 獨立核數師報告 ......................................................................................................... Independent Auditor’s Report 綜合全面收益表 ......................................................................................................... Consolidated Statement of Comprehensive Income 綜合資產負債表 ......................................................................................................... Consolidated Balance Sheet 綜合基金變動表 ......................................................................................................... Consolidated Statement of Changes in Fund Balances 綜合現金流動表 ......................................................................................................... Consolidated Statement of Cash Flows 綜合財務報表附註 ......................................................................................................... Notes to the Consolidated Financial Statements 1 - 3 4-7 8-9 10 - 11 12 13 - 14 15 - 62 1. 一般資料 2. 編製基準 3. 分部收入及開支 1. 3.1 政府資助及撥款 2. 3.2 利息及投資收入 3. 3.3 輔助服務及其他收入 4. 3.4 來自客戶合約之收益分類 5. 3.5 開支 4. 高收入員工薪酬 5. 稅項 6. 物業、機器及設備 7. 無形資產 8. 租賃 9. 財務資產 10. 於聯營公司權益 11. 應收賬款及預付款項 12. 現金及等同現金 13. 應付賬款及應計費用 14. 教職員福利撥備 15. 遞延收益 16. 遞延資本基金 17. 教資會基金、限制性基金及其他基金 18. 承諾捐款 19. 財務風險管理 20. 承擔 21. 大學校董會成員及校董會委員會成員 22. 於重要合約之權益及關聯方交易 23. 附屬公司 24. 其他合同 25. 主要會計估計及判斷 26. 主要會計政策 27. 已公佈但尚未生效的新準則、修訂和 詮釋可帶來的潛在影響 28. 主要會計政策之變動 General Information Basis of Preparation Income and Expenditure by Segment Government Subventions and Grants Interest and Investment Income Auxiliary Services and Other Income Disaggregation of Revenue from Contracts with Customers Expenditure Remuneration of Higher Paid Staff Tax Property, Plant and Equipment Intangible Assets Leases Financial Assets Interest in an Associate Accounts Receivable and Prepayments Cash and Cash Equivalents Accounts Payable and Accruals Provision for Staff Benefits Deferred Income Deferred Capital Funds UGC Funds, Restricted Funds and Other Funds Pledged Donations Financial Risk Management Commitments University Council and Council Committees Members’ Interests in Contracts of Significance and Related Party Transactions Subsidiaries Other Agreements Critical Accounting Estimates and Judgements Principal Accounting Policies Possible Impact of New Standards, Amendments and Interpretations Published that are Not Yet Effective Change in Significant Accounting Policies

概況 司庫報告 TREASURER’S REPORT OVERVIEW

2019/20年度共錄得盈餘十四億一千萬元。盈 餘上升主要是由於捐款收入的良好表現，以 及充分利用第八期配對撥款計劃而得到的配 對撥款。這些收入抵消了因新冠肺炎引起的 市場極端波動而造成的投資回報下降以及較 高的營運開支。 綜合收入及開支 2019/20年度綜合收入增長了十二億五千七百 萬元，達六十三億八千九百萬元(2018/19年 度為五十一億三千二百萬元)，主要源於六 億七千九百萬元捐款，加上因第八期配對撥 款計劃之六億元配對撥款，以及教育資助委 員會(「教資會」)為薪金調整的附加撥款 及學費收入的增長，惟利息及投資收入對比 上年同期減少了二億四千六百萬元。 綜合開支溫和地增長了一億九千一百萬元， 達四十九億八千二百萬元(2018/19年度為四 十七億九千一百萬元)，主要由於薪金調整 導致較高的薪酬支出，房屋維修費用增加及 助學金增長的學生開支。 分部結果 根據教資會資助與非教資會資助活動的分部 營運評述如下: 教資會資助活動 教資會資助之活動共錄得五億三千六百萬元 盈餘(2018/19年度為虧損二千六百萬元)。 2019/20年度的盈餘主要來自配對撥款計劃下 之配對撥款收入。然而這筆收入並非經常性 的資金來源，假如剔除這一次性收入，教資 會資助之活動將錄得虧損六千四百萬元。截 至2020年6月30日，大學之教資會儲備達三十 一億二千七百萬元(2018/19年度為二十五億 九千一百萬元)。 The financial year 2019/20 recorded a surplus of $1,410 million. The higher surplus for 2019/20 was mainly contributed by strong performance in donation income, taking full advantage of the matching grants under the 8th Matching Grant Scheme (MGS). This income helped to offset the impact from lower investment return due to extreme market volatilities arising from COVID-19 and higher operating expenses. CONSOLIDATED INCOME AND EXPENDITURE Consolidated income increased by $1,257 million to $6,389 million in 2019/20 ($5,132 million in 2018/19), contributed primarily by donations of $679 million, matching grants under the 8th MGS of $600 million, additional University Grants Committee (“UGC”) supplementary grants for General Pay Adjustment (“GPA”) on salaries, and an increase in tuition fee income, against a reduction in interest and investment income of $246 million compared to the previous year. Consolidated expenditure increased modestly by $191 million to $4,982 million ($4,791 million in 2018/19) which was mainly attributable to higher salary costs arising from GPA, increases in premises maintenance costs and growth in student expenses on studentship. SEGMENT RESULTS Commentary on operating segments, analysed by UGC- Funded Activities and non-UGC Funded Activities, is as follows: UGC-Funded Activities UGC-Funded Activities showed a surplus of $536 million (deficit of $26 million for 2018/19). The 2019/20 surplus primarily came from matching grant income which is not a recurrent funding source. If this one-off income is excluded, UGC-Funded Activities would have a deficit of $ 64 million. As at 30 June 2020, the University had UGC reserves of $3,127 million ($2,591 million in 2018/19).

1 非教資會資助活動 自負盈虧持續進修教育、研究及其他活動 自負盈虧持續進修教育活動今年錄得盈利二 億九千八百萬元(2018/19年度為二億八千七 百萬元)，主要來自於報讀學生人數及學費 收入的增加。非教資會資助研究活動共獲盈 餘四千二百萬元(2018/19年度為一千六百萬 元)，主要來自已完成的商業研究項目及政 府補貼。其他活動錄得虧損五千三百萬元( 2018/19年度為盈利四千五百萬元)，主要由 於分配的投資收入下降。累計所有此營運部 分的盈餘為二億八千七百萬元(2018/19年度 為三億四千八百萬元)。 所得捐款活動 今年捐款收益總額為七億四千一百萬元(2018/ 19年度為六千二百萬元)。這分部總盈餘錄 得五億八千七百萬元(2018/19年度為二千一 百萬元)。大學在2019/20年度成功獲得二億 四千萬元新増之捐款承諾(2018/19年度為十 億五千五百萬元)。 非教資會資助儲備 非教資會資助之儲備於2019/20年度達七十億 二千二百萬元(2018/19年度為六十一億五千 萬元)。儲備結餘的增長主要來自上文提到 的自負盈虧活動及捐款收入。 資本支出 為提供及提高學生住宿、康樂設施及學術研 究活動設施，數項工程正在進行中。最大的 建築工程是新建的，有1551張床位的學生宿 舍，預計將在2023年完成。 由於新冠肺炎的爆發，一些建築工程進度受 到延誤。然而，大學已經設法趕上，預計所 有工程也能在原定時間內完成。 Non-UGC Funded Activities Self-Financing Continuing Professional Education Programs, Research and Other Activities Self-financing CPEP activities contributed a surplus of $298 million ($287 million for 2018/19), mainly driven by higher student enrolment and higher tuition fees. Non-UGC funded research activities contributed a surplus of $42 million ($16 million for 2018/19), mainly arising from completed commercial research projects and government subsidies. Other activities incurred a loss of $53 million (surplus of $45 million for 2018/19) which was mainly due to a drop in allocated investment income. In aggregate, the overall surplus of these operating segments amounted to $287 million ($348 million for 2018/19). Donations Activities Donations totalling $741 million were recorded as income for 2019/20 ($62 million for 2018/19). Overall the segment showed a surplus of $587 million ($21 million for 2018/19). The University has successfully secured $240 million new pledges in 2019/20 ($1,055 million in 2018/19). Non-UGC Reserves Non-UGC reserve balances reached $7,022 million at the end of 2019/20 ($6,150 million for 2018/19). The growth in the reserve balance was mainly contributed by the afore-stated self-financing activities and donation income. CAPITAL EXPENDITURE A number of construction projects are underway to enhance the University’s facilities and infrastructure to cater for accommodation and amenity needs of students as well as for academic and research activities. The largest construction project is the New 1551-bed Student Hostel which is expected to complete by 2023. Due to the outbreak of COVID-19, several construction projects suffered delay. However, the University has managed to catch up and all projects are on track.

2 資本支出(續) CAPITAL EXPENDITURE (CONT’D) As at 30 June 2020, total commitments for approved construction projects and other capital items amounted to $5,041 million; $3,590 million of which will come from existing University’s Funds, $1,057 million will be funded by deferred income on hand, $282 million from pledged donations and $112 million from approved but yet to be received UGC grants. OUTLOOK The societal events and coronavirus pandemic have presented exceptional challenges to the running of the University on multiple fronts. With the dedicated efforts of the management team and responsive Council directions and support, the University has coped well, overcoming difficulties for example by conducting online teaching and providing self-quarantine facilities for students with hostel places who returned from overseas. The financial position of the University is very healthy and the total funds have breached the $10 billion historical mark. Amidst headwinds in the investment climate and substantial capital expenditure ahead to enhance campus facilities, we have set aside sufficient funds to make sure that the University remains financially robust and sustainable. Following the ground breaking ceremony held on 26 September 2019, we have commenced preparation works for the establishment of Hong Kong University of Science and Technology (Guangzhou) (“HKUST(GZ)”), including academic planning, organisational planning and campus building and development of HKUST(GZ). The GZ campus is planned to be opened in September 2022 and will be operating under the concept of one unified HKUST system and two complementary campuses. The University is actively pursuing this initiative, which would place HKUST in a pioneer position in research and application endeavours in science and technology. As we enter the new 2020/21 academic and financial year, our University continues to face an uncertain time, due to the impact of a likely prolonged economic downturn caused by the coronavirus pandemic. Our University shall remain cautious in managing its resources to ensure financial sustainability. Patrick K.C. YEUNG Treasurer of the University 14 October 2020

截至2020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五十億四千一百 萬元。當中的三十五億九千萬元來自大學現 有資金，十億五千七百萬元來自賬上的遞延 收益，二億八千二百萬元來自承諾捐款及一 億一千二百萬元來自已批出但未收到之教資 會撥款。 展望 社會事件與冠狀病毒大流行，給大學帶來許 多方面的巨大挑戰，但在管理團隊的不懈努 力和理事會的迅速回應及支持下，大學一一 克服了這些困難和挑戰，例如實行網上教學 和提供自我隔離設施給從海外歸來的學生。 大學的財政狀況非常健康，資金總額已突破 一百億元的歷史性紀錄。面對投資環境逆風 ，加上因提升校園設施而需要的大量資本開 支，我們已預留足夠的資金，以確保大學在 財政上保持穩健和可持續性。 繼2019年9月26日舉行動土儀式後，我們已開 始籌建香港科技大學(廣州)(「港科大( 廣州)」)的準備工作，包括學術規劃、組 織規劃、校園建設及發展。廣州校園預計在 2022年9月開幕，港科大(廣州)將在一個統 一的科大系統和兩個相互補校園的概念下運 營。大學正積極落實這項計劃，祈望能促使 香港科技大學在科技研究和應用方面處於領 先地位。 隨著我們進入新的2020/21學術和財政年度， 由於冠狀病毒大流行所造成的經濟長期低迷 的影響，我校繼續面臨一個不確定的時期。 我校在管理資源時將保持謹慎，以確保財務 上的可持續性。 楊佳錩 大學司庫 2020年10月14日

3 致 :香港科技大學校董會 意見 我們已審計的內容 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 62 頁的綜合財務報表，包括 : • 於2020年6月30日的綜合資產負債表; • 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 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2020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。 意見的基礎 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。 To : The Council of The Hong Kong University of Science and Technology Opinion What we have audited 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 62, which comprise: • the consolidated balance sheet as at 30 June 2020; • the consolidated statement of comprehensive income for the year then ended; • the consolidated statement of changes in fund balances for the year then ended; • 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. Our opinion 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 2020, 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”). Basis for Opinion 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. 獨立核數師報告 INDEPENDENT AUDITOR’S REPORT 4 獨立性 Independence 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. Other Information 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. Responsibilities of the Council and the Audit Committee of the University for the Consolidated Financial Statements 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. 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. 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。 其他信息 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 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。 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 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 。我們僅按照香港科技大學條例向校董會(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。 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: The Audit Committee is responsible for overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 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. As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • 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。 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. 6 • 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。 • 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。 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。 • 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. • 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. 羅兵咸永道會計師事務所 執業會計師 香港，2020年10月14日 PricewaterhouseCoopers Certified Public Accountants Hong Kong, 14 October 2020 7

收入 Income 附註 Notes 3.1 3.2 3.3 16 / 25.13 3.5 綜合全面收益表 截至2020年6月30日止年度 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020 2020 2019 百萬元 百萬元 $million $million 3,386 2,632 1,436 1,384 102 348 741 62 459 449 265 257 6,389 5,132 政府資助及撥款 Government Subventions and Grants 學費、課程及其他收費 Tuition, Programs and Other Fees 利息及投資收入 Interest and Investment Income 外界捐款 Donations and Benefactions 輔助服務及其他收入 Auxiliary Services and Other Income 轉撥自遞延資本基金 Transfers from Deferred Capital Funds

開支 Expenditure 教學、學術及研究 Teaching, Learning and Research 教學及研究 Teaching and Research 圖書館 Library 中央電腦設備 Central Computing Facilities 其他教學服務 Other Academic Services 校務支援 Institutional Support 管理及一般事務 Management and General 校舍及有關費用 Premises and Related Expenses 學生及一般教育服務 Student and General Education Services 其他活動 Other Activities 本年度營運盈餘 Surplus from operation for the year 3,442 3,362 3,074 125 137 106

1,540 1,429 4,982 4,791 1,407 341

8 2,994 124 140 104

442 769 297 32 386 706 300 37

綜合全面收益表(續) 截至2020年6月30日止年度 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT’D) FOR THE YEAR ENDED 30 JUNE 2020 所佔聯營公司的經營業績 Share of Result of an Associate 本年度稅前盈餘 Surplus for the year before tax 稅項 Tax 本年度稅後盈餘 Surplus for the year after tax 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: Item that may be reclassified subsequently to income and expenditure: 外幣換算之差額 Exchange differences arising from translation 不會循環至收入及開支的項目: Item that will not be reclassified to income and expenditure: 按公平價值透過其他全面收益列賬的股權證券未實現 之盈利 /(虧絀) Unrealised gain / (loss) on equity securities at fair value through other comprehensive income 附註 Notes 10 2020 百萬元 $million 6 1,413 2019 百萬元 $million 4 345 (2) 343 (8) (8) (1) (9) 334 (26) (6) 366 334

5 (3) 1,410

25.17(b) (9) (9) 7

(2) 年內全面收益總額 1,408 Total comprehensive income for the year 轉撥至: Transfers to: 教資會基金 536 UGC Funds 限制性基金 138 Restricted Funds 其他基金 734 Other Funds 1,408

9 非流動資產 Non-Current Assets 綜合資產負債表 2020年6月30日 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2020 附註 Notes 2020 2019 百萬元 百萬元 $million $million

物業、機器及設備 6 Property, Plant and Equipment 無形資產 7 Intangible Assets 使用權資產 8 Right-of-use Assets 按攤銷成本計量之財務資產 9 Financial Assets at Amortised Cost 按公平價值透過其他全面收益列賬之財務資產 9 Financial Assets at Fair Value through Other Comprehensive Income 按公平值透過收支記賬之財務資產 9 Financial Assets at Fair Value through Income and Expenditure 於聯營公司權益 Interest in an Associate 原到期日超過三個月之定期存款 Bank Deposits with Original Maturity over Three Months 流動資產 Current Assets 按攤銷成本計量之財務資產 Financial Assets at Amortised Cost 存貨 Inventories 應收賬款及預付款項 Accounts Receivable and Prepayments 原到期日超過三個月之定期存款 Bank Deposits with Original Maturity over Three Months 現金及等同現金 Cash and Cash Equivalents 流動負債 Current Liabilities 應付賬款及應計費用 Accounts Payable and Accruals 租賃負債 Lease Liabilities 教職員福利撥備 Provision for Staff Benefits 遞延收益 Deferred Income 應付稅項 Tax Payable 流動資產淨值 Net Current Assets 資產總值減流動負債 Total Assets Less Current Liabilities 10 9 11 12 13 8 14 15 14,114 12,994 10 5,900 17 13 78 484 7,536 84 2 1,411 637 15,525 13,631 5,338 13 0 105 477 6,593 83 385

64 1 614 1,269 2,350 4,298 1,014 9 229 1,633 2 2,887 1 1 411 1,776 656 2,845 1,153 0 185 868 2 2,208

綜合資產負債表(續) 2020年6月30日 CONSOLIDATED BALANCE SHEET (CONT’D) AS AT 30 JUNE 2020 附註 Notes 8 14 15 16 17 17 17 2020 百萬元 $million 2019 百萬元 $million

非流動負債 Non-Current Liabilities 租賃負債 Lease Liabilities 教職員福利撥備 Provision for Staff Benefits 遞延收益 Deferred Income 遞延資本基金 Deferred Capital Funds 資產淨值 NET ASSETS 教資會基金 UGC Funds 限制性基金 Restricted Funds 其他基金 Other Funds 資金總額 TOTAL FUNDS 校董會於2020年10月14日核准本財務報表 Approved by the Council on 14 October 2020 楊佳錩 大學司庫 Patrick K.C. YEUNG Treasurer of the University 5,376 10,149 4,890 8,741

4 37 908 4,427 0 36 768 4,086

3,127 1,721 5,301 10,149 8,741 2,591 1,248 4,902

史維 校長 Wei SHYY President 賀致信 副校長(行政) Mark HODGSON Vice-President for Administration and Business 11 資金轉撥 綜合基金變動表 截至2020年6月30日止年度 CONSOLIDATED STATEMENT OF CHANGES IN FUND BALANCES FOR THE YEAR ENDED 30 JUNE 2020 限制性基金 Restricted Funds 百萬元 $million (附註 17) (Note 17) 1,253 2018年7月1日之結餘 Balance as at 1 July 2018 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) Surplus / (Deficit) for the year after tax 其他全面收益 /(虧絀) Other comprehensive income / (loss) 按公平價值透過其他全面收益列賬的股權證券未實現之虧絀 Unrealised loss on equity securities at fair value through other comprehensive income 外幣換算之差額 Exchange differences arising from translation Inter-fund transfer 教資會基金 UGC Funds 百萬元 $million (附註 17) (Note 17) 2,617 其他基金 Other Funds 百萬元 $million (附註 17) (Note 17) 4,537 資金總額 Total Funds 百萬元 $million 8,407 (26) (6) 375 343 0 0 (1) (1) 0 0 (8) (8) (26) 0 (6) 1 1,248 366 (1) 0 334 2019年6月30日及2019年7月1日之結餘 2,591 Balance as at 30 June 2019 and 1 July 2019 4,902 8,741 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) Surplus / (Deficit) for the year after tax 其他全面收益 / (虧絀) Other comprehensive income / (loss) 按公平價值透過其他全面收益列賬的股權證券未實現之盈利 Unrealised gain on equity securities at fair value through other comprehensive income 外幣換算之差額 Exchange differences arising from translation 536 138 335 1,721 734 (335) 5,301 1,408 0 10,149 536 138 736 1,410 0077 0 0 (9) (9) 資金轉撥 0 Inter-fund transfer 2020年6月30日之結餘 3,127 Balance as at 30 June 2020 12 綜合現金流動表 截至2020年6月30日止年度 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020 百萬元 $million 1,413 332 1 1 2019 百萬元 $million 345 311 0 0 (348) (4) (257) 47 (153) 331 1 14 240 (2) 0 238 營運活動之現金流量 Cash Flows from Operating Activities 本年度稅前盈餘 Surplus for the year before tax 調整: Adjustments for: 折舊及攤銷 Depreciation and amortisation 租賃負債之融資成本 Finance cost of lease liabilities 按攤鎖成本計量之財務資產之折價攤銷 Amortisation of discount on financial assets at amortised cost 利息及投資收入 (102) Interest and investment income 所佔聯營公司的經營業績 (6) Share of results of an associate 轉撥自遞延資本基金 (265) Transfers from deferred capital funds 未計運作資本之變動前之營運現金流量(附註) 1,374 Operating cash flow before movements in working capital (Note) 應收賬款及預付款項之增加 (197) Increase in accounts receivable and prepayments 應付賬款及應計費用之(減少)/ 增加 (Decrease) / Increase in accounts payable and accruals 遞延收益之增加 Increase in deferred income 教職員福利撥備之增加 Increase in provision for staff benefits 營運活動之現金流入 Cash Generated from Operating Activities (185) 868 45 1,905 2020

支付中國企業所得稅 (1) China corporate income tax paid 支付香港所得稅 (1) Hong Kong profits tax paid 營運活動淨現金流入 1,903 Net Cash Generated from Operating Activities 附註 : Note :

未計運作資本之變動前之營運現金流量包括六億元配對撥款(2019年:無)及七億四千一百萬元的捐款收入 (2019年:六千二百萬元)。 Operating cash flow before movement in working capital included matching grant of $600 million (2019: nil) and donation income of $741 million (2019: $62 million). 13 綜合現金流動表(續) 截至2020年6月30日止年度 CONSOLIDATED STATEMENT OF CASH FLOWS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2020 1 1,868 63 投資活動淨現金流出 (838) 從按攤銷成本計量之財務資產所得之贖回收入 Proceeds from redemption of financial assets at amortised cost 出售按公平值透過收支記賬之財務資產之收入 Proceeds from sale of financial assets at fair value through income and expenditure 已收取之利息及投資收入 Interest and investment income received 2020 百萬元 $million 2019 百萬元 $million (465) (7) (749) (41) (1,160) 4 1,226 45 (1,147) 1,309 0 1,309 400 257 (1) 656

投資活動之現金流量 Cash Flows from Investing Activities 購買物業、機器及設備 (834) Payment for purchase of property, plant and equipment 購買無形資產 (10) Payment for purchase of intangible assets 原到期日超過三個月之定期存款之減少 /(增加) 890 Decrease / (Increase) in bank deposits with original maturity over three months 購買按攤銷成本計量之財務資產 (38) Purchase of financial assets at amortised cost 購買按公平值透過收支記賬之財務資產 (2,778) Purchase of financial assets at fair value through income and expenditure

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 Subventions and grants and donations received for purchase of property, plant and equipment and intangible assets 支付租賃負債 Payment of lease liabilities 融資活動淨現金流入 Net Cash Generated from Financing Activities 現金及等同現金之淨增加 Net Increase in Cash and Cash Equivalents 年初之現金及等同現金 Cash and Cash Equivalents at the Beginning of the Year 644 (14) 630 1,695 656

匯兌變動之影響 (1) Effect of Foreign Exchange Rate Changes

年終之現金及等同現金 Cash and Cash Equivalents at the End of the Year 2,350

14 1. 一般資料 綜合財務報表附註 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL INFORMATION 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。 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2020年10月14日核 准此綜合財務報表刊發。 2. 編製基準 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 14 October 2020. 2. BASIS OF PREPARATION 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，教資會資助與非教資會資助 活動的成本分攤指引(「成本分攤指引」)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。 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”), Cost Allocation Guidelines for UGC funded and non-UGC funded Activities (“the Guidelines”), and the Statement of Recommended Practice (“SORP”) for institutions funded by the University Grants Committee (“UGC”) in Hong Kong. 除以下資產按公平價值列賬外，綜合財務報表 乃按持續經營之基準和歷史成本法編製: ─ 按公平值透過收支記賬之財務資產 ─ 按公平價值透過其他全面收益列賬之財務資 產 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 24中披露。 大學之財務報表已另外編製。 The consolidated financial statements have been prepared on a going concern basis under the historical cost convention, except for the following assets which are stated at fair value: ─ financial assets at fair value through income and expenditure ─ financial assets at fair value through other comprehensive income 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 24. Financial statements for the University have been prepared separately. 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)

教資會 資助活動 UGC-Funded Activities 百萬元 $million 3,234 675 40 0 126 213 4,288 2,407 102 124 93 274 615 137 0 3,752 536 2020 非教資會資助活動 Non-UGC Funded Activities 分部間之 交易抵銷 Inter-segment Transaction Elimination 百萬元 $million (註) (Note)

0 536 536 0 0 536 0 0 0 298 42 587 0 0 0 0 0 138 298 42 449 298 42 587 (3) (3) (53) 874 0 0 0 138 (53) 736 (53) 874 0 (3) 0 1,410 0 536 0 138 0 736 0 1,410 自負盈虧之持續 進修教育活動 Self-financing CPEP Activities 百萬元 $million 0 761 0 0 18 0 779 385 21 12 1 21 30 11 0 481 298 科研活動 Research Activities 百萬元 $million 82 0 0 0 128 3 213 168 0 0 0 1 2 0 0 171 42 所得捐款活動 Donation Activities 百萬元 $million 0 0 18 741 16 49 824 105 2 0 3 37 58 32 0 237 587 其他活動 Other Activities 百萬元 $million 70 0 44 0 292 0 406 97 0 1 10 140 64 118 32 462 (56) 小計 Sub-total 百萬元 $million 152 761 62 741 454 52 2,222 755 23 13 14 199 154 161 32 1,351 871 淨總計 Net Total 百萬元 $million 0 0 0 102 0 741 (121) 459 0 265 (121) 6,389 (88) 3,074 0 125 0 137 (1) 106 (31) 442 0 769 (1) 297 0 32 (121) 4,982 0 1,407 00006606 3,386 1,436

教資會 資助活動 UGC-Funded Activities 百萬元 $million 2,552 659 148 0 104 205 3,668 2,373 102 132 89 288 556 154 0 3,694 (26) 2019 非教資會資助活動 Non-UGC Funded Activities 分部間之 交易抵銷 Inter-segment Transaction Elimination

自負盈虧之持續 進修教育活動 Self-financing CPEP Activities 百萬元 $million 0 725 0 0 22 0 747 384 20 8 7 14 23 4 0 460 287 科研活動 Research Activities 百萬元 $million 63 0 0 0 98 7 168 149 0 0 0 1 2 0 0 152 16 所得捐款活動 Donation Activities 百萬元 $million 0 0 86 62 6 45 199 75 2 0 4 15 59 23 0 178 21 其他活動 Other Activities 百萬元 $million 17 0 114 0 316 0 447 99 0 0 5 74 66 123 37 404 43 小計 Sub-total 百萬元 百萬元 $million $million 淨總計 Net Total 百萬元 $million 0 0 0 348 0 62 (97) 449 0 257 (97) 5,132 (86) 2,994 0 124 0 140 (1) 104 (6) 386 0 706 (4) 300 0 37 (97) 4,791 0 341 00004404 0 0 0 0 (2) (2) 0 (2) (26) 287 16 21 45 369 0 343 (26) 0 0 0 0 0 0 (26) 0 0 0 (6) 0 (6) 0 (6) 0 287 16 27 45 375 0 375 (26) 287 16 21 45 369 0 343 80 725 200 62 442 52 1,561 707 22 8 16 104 150 150 37 1,194 367 2,632 1,384 (註) (Note) 收入 Income 政府資助及撥款(附註 3.1) Government subventions and grants (Note 3.1) 學費、課程及其他收費 Tuition, programs and other fees 利息及投資收入(附註 3.2) Interest and investment income (Note 3.2) 外界捐款 Donations and benefactions 輔助服務及其他收入(附註 3.3) Auxiliary services and other income (Note 3.3) 轉撥自遞延資本基金 Transfers from deferred capital funds 開支(附註 3.5) Expenditure (Note 3.5) 教學、學術及研究 Teaching, Learning and Research 教學及研究 Teaching and research 圖書館 Library 中央電腦設備 Central computing facilities 其他教學服務 Other academic services 校務支援 Institutional Support 管理及一般事務 Management and general 校舍及有關費用 Premises and related expenses 學生及一般教育服務 Student and general education services 其他活動 Other activities 本年度營運盈餘 Surplus from operation for the year 所佔聯營公司的經營業績 Share of result of an associate 稅項 Tax 本年度盈餘 / (虧損) 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 UGC Funds 限制性基金 Restricted Funds 其他基金 Other Funds 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)

教資會 資助活動 UGC-Funded Activities 百萬元 $million 2020 非教資會資助活動 Non-UGC Funded Activities 分部間之 交易抵銷 Inter-segment Transaction Elimination 百萬元 $million (註) (Note) 淨總計 Net Total 百萬元 $million 2,856

自負盈虧之持續 進修教育活動 Self-financing CPEP Activities 百萬元 $million 273 194 204 14 3,752 481 科研活動 Research Activities 百萬元 $million 66 96 171 237 462 1,351 (121) 4,982 2,345 1,203 所得捐款活動 Donation Activities 百萬元 $million 40 135 其他活動 Other 小計 Activities Sub-total 百萬元 百萬元 $million $million 137 516 (5) (116) 282 707 9 62 43 128 0 332 1,794 開支(附註 3.5) Expenditure (Note 3.5) 薪金及福利 Salaries and benefits 其他營運支出 Other operating expenses 折舊及攤銷 Depreciation and amortisation 總開支 Total Expenditure 註: 分部間之交易主要包括內部租金交易項目。 Note: Inter-segment transactions mainly included internal rental transactions. 備註: Remarks: • 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。 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指引(「成本分攤指引」) Cost Allocation Guidelines for UGC-funded and non-UGC-funded activities (“the Guidelines”) 集團遵循教資會頒佈之「成本分攤指引」來分配成本，概述如下: The Group follows the Guidelines issued by the UGC to allocate their costs, which is summarised as follows: • ─ 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)，將視作共享活動的成本，根據「成本分攤指引」中的成本攤分法，分配到教資會與非教資會分部。 All indirect costs, such as centrally provided facilities, administrative and support services, which cannot be separately attributable to specific activities, are allocated as shared costs to UGC and non-UGC segments based on cost allocation methodologies set out in the Guidelines.

教資會 資助活動 UGC-Funded Activities 百萬元 $million 2,366 1,129 199 3,694 2019 非教資會資助活動 Non-UGC Funded Activities 分部間之 交易抵銷 Inter-segment Transaction Elimination

自負盈虧之持續 進修教育活動 Self-financing CPEP Activities 百萬元 $million 237 217 6 460 科研活動 Research Activities 百萬元 $million 56 86 10 60 36 112 152 178 404 1,194 淨總計 Net Total 百萬元 $million 2,801 1,679 0 311 (97) 4,791 所得捐款活動 Donation Activities 百萬元 $million 其他活動 Other Activities 百萬元 $million 小計 Sub-total 百萬元 百萬元 $million $million 40 78 105 263 438 644 (3) (94) (註) (Note) 17 3.1 政府資助及撥款 GOVERNMENT SUBVENTIONS AND GRANTS 教資會整筆經常撥款及指定撥款(附註 15) UGC recurrent block grant (Note 15) 教資會指定撥款(附註 15) UGC earmarked grants (Note 15) 政府有關機構指定撥款(附註 15) Earmarked grants from government agencies (Note 15) 2020 百萬元 $million 2,217 194 294 2019 百萬元 $million 2,155 211 215 4 47 2,632 2019 百萬元 $million 42 305 1 348 2019 百萬元 $million 94 131 44 47 61 52 20 449 配對撥款及其他政府補貼(附註) 633 Matching grants and other government subsidies (Note) 退還差餉及地租 48 Rates and government rent refunds 3,386 附註 : Note : 截至2020年6月30日止年度的配對撥款包括來自教資會資助活動的六億元(2019年:無)。 Matching grants for the year ended 30 June 2020 included $600 million relating to UGC funded activities (2019: Nil). 3.2 利息及投資收入 INTEREST AND INVESTMENT INCOME 2020 百萬元 $million 利息收入 64 Interest income 按公平值透過收支記賬之財務資產之公平值變動 33 Change in fair value of financial assets at fair value through income and expenditure 按公平價值透過其他全面收益列賬之財務資產之投資收入 5 Investment income on financial assets at fair value through other comprehensive income 3.3 輔助服務及其他收入 AUXILIARY SERVICES AND OTHER INCOME 102 2020 百萬元 $million 研究合約 117 Research contracts 學生宿舍 122 Student hostels 租金收入 Rental income 教職員繳納之租金 Rental contribution from staff 服務收費、項目收入及其他贊助 Services fees, workshop income and other sponsorships 項目贊助(附註 15) Project sponsorships (Note 15) 雜項收入 Miscellaneous 31 46 47 66 30 459 18 3.4 來自客戶合約之收益分類 DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS 2020 政府資助及撥款 Government subventions and grants 學費、課程及其他收費 Tuition, programs and other fees 利息及投資收入 Interest and investment income 外界捐款 Donations and benefactions 輔助服務及其他收入 Auxiliary services and other income 轉撥自遞延資本基金 Transfers from deferred capital funds 2019 客戶合約收益 Revenue from contracts with customers

於某一時點確認 recognised at a point in time 百萬元 $million 0 0 0 0 28 0 28 隨時間確認 recognised over time 百萬元 $million 0 1,384 0 0 322 0 1,706 來自其他來源收益 Revenue from other sources 百萬元 $million 2,632 0 348 62 99 257 3,398 總額 Total 百萬元 $million 2,632 1,384 348 62 449 257 5,132

政府資助及撥款 Government subventions and grants 學費、課程及其他收費 Tuition, programs and other fees 利息及投資收入 Interest and investment income 外界捐款 Donations and benefactions 輔助服務及其他收入 Auxiliary services and other income 轉撥自遞延資本基金 Transfers from deferred capital funds 19 3.5 開支 EXPENDITURE 年度 / Year 2020 教學、學術及研究 Teaching, Learning and Research 教學及研究 Teaching and research 圖書館 Library 中央電腦設備 Central computing facilities 其他教學服務 Other academic services 小計 Sub-total 校務支援 Institutional Support 管理及一般事務 Management and general 校舍及有關費用 Premises and related expenses 學生及一般教育服務 Student and general education services 其他活動 Other activities 小計 Sub-total 總開支 Total Expenditure 年度 / Year 2019 教學、學術及研究 Teaching, Learning and Research 教學及研究 Teaching and research 圖書館 Library 中央電腦設備 Central computing facilities 其他教學服務 Other academic services 小計 Sub-total 校務支援 Institutional Support 管理及一般事務 Management and general 校舍及有關費用 Premises and related expenses 學生及一般教育服務 Student and general education services 其他活動 Other activities 小計 Sub-total 總開支 Total Expenditure 薪酬及福利 Salaries and Benefits 百萬元 $million 2,057 68 95 84 2,304 275 174 101 2 552 2,856 1,997 70 93 84 2,244 256 193 106 2 557 2,801 其他營運支出 Other Operating Expenses 百萬元 $million 906 56 32 21 1,015 162 397 190 30 779 1,794 886 53 37 20 996 126 329 193 35 683 1,679 折舊及攤銷 Depreciation and Amortisation 百萬元 $million 111 1 10 1 123 5 198 6 0 209 332 111 1 10 0 122 4 184 1 0 189 311 總計 Total 百萬元 $million 3,074 125 137 106 3,442 442 769 297 32 1,540 4,982 2,994 124 140 104 3,362 386 706 300 37 1,429 4,791

薪金及福利包括集團為界定供款退休金計劃所支付之供款共二億零一百萬元(2019年:二億零三百萬元)。 Included in salaries and benefits are the Group’s contributions towards defined contribution retirement benefits schemes totalling $201 million $203 million) . (2019: 20 4. 高收入員工薪酬 REMUNERATION OF HIGHER PAID STAFF 年薪等值 Annual Equivalent Remuneration 員工數目 Number of Employees

2020 2019 HK$ 1,800,001 - HK$ 1,950,001 - HK$ 2,100,001 - HK$ 2,250,001 - HK$ 2,400,001 - HK$ 2,550,001 - HK$ 2,700,001 - HK$ 2,850,001 - HK$ 3,000,001 - HK$ 3,150,001 - HK$ 3,300,001 - HK$ 3,450,001 - HK$ 3,600,001 - HK$ 3,750,001 - HK$ 3,900,001 - HK$ 4,050,001 - HK$ 4,200,001 - HK$ 4,350,001 - HK$ 4,500,001 - HK$ 4,650,001 - HK$ 4,800,001 - HK$ 4,950,001 - HK$ 7,650,001 - HK$ 8,400,001 - 1,950,000 2,100,000 2,250,000 2,400,000 2,550,000 2,700,000 2,850,000 3,000,000 3,150,000 3,300,000 3,450,000 3,600,000 3,750,000 3,900,000 4,050,000 4,200,000 4,350,000 4,500,000 4,650,000 4,800,000 4,950,000 5,100,000 7,800,000 8,550,000 62 46 68 43 33 29 15 20 11 8 12 3 7 12 0 5 4 1 3 2 1 0 0 1 68 51 52 41 26 32 19 19 10 4 8 11 6 0 3 2 6 1 1 0 0 1 1 0 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。 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. 21 5. 稅項 TAX 綜合全面收益表內的所得稅為: Income tax in the consolidated statement of comprehensive income represents: 香港利得稅 1 Hong Kong profits tax 中國企業所得稅 2 China corporate income tax 大學符合根據《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 tax is provided for operations of the University that meet the exemption criteria under Section 88 of the Inland Revenue Ordinance. 集團的香港附屬公司乃按香港利得稅以應評稅率計算。香港附屬公司以16.5%(2019年:16.5%)的稅率計算香港 利得稅。集團的中國附屬公司乃按中國所得稅及有關條例以應評稅率計算。 Hong Kong subsidiaries of the Group are subject to Hong Kong profits tax. The provision for Hong Kong profits tax is calculated at 16.5% (2019: 16.5%) of the estimated assessable profits of these subsidiaries for the year. Tax for the PRC subsidiaries of the Group is charged at the appropriate prevailing rates of tax in the PRC. 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計算之稅率分析如下: The tax on the surplus 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: 2020 百萬元 $million 2019 百萬元 $million 0 2 32 本年度營運盈餘 Surplus from operation for the year 按稅率 16.5%(2019:16.5%)計算之稅項 Tax calculated at a tax rate of 16.5% (2019: 16.5%) 無需課稅收入的稅務影響 Tax effect of non-taxable income 不可扣減支出的稅務影響 Tax effect of non-deductible expenses 2020 百萬元 $million 1,407 232 (1,017) 788 2019 百萬元 $million 341 56 (815) 761 稅項 32 Tax charge 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二千三百六十萬元(2019年:二千六百一十萬元)，其來自累積虧損約九千六百萬元(20 19年:一億五百四十萬元)。該筆中國附屬公司稅項虧損將逐步於2024年前期間到期。 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 $23.6 million (2019: $26.1 million) in respect of cumulative losses amounting to approximately $96.0 million (2019: $105.4 million). The tax losses for the PRC subsidiaries will expire on various dates up to 2024. 22 6. 物業、機器及設備 PROPERTY, PLANT AND EQUIPMENT 成本 COST 2018年7月1日之結餘 Balance as at 1 July 2018 添置 Additions 轉撥 Transfers 撇減 Disposals 匯兌差額 Exchange translation difference 2019年6月30日及7月1日之結餘 Balance as at 30 June and 1 July 2019 添置 Additions 轉撥 Transfers 撇減 Disposals 樓宇 Buildings 百萬元 $million 在建工程 Construction in progress 百萬元 $million 樓宇裝修、大型 設備及設備系統 Building improvements, major equipment and services systems 百萬元 $million 傢具及設備 Fixtures and equipment 百萬元 $million (67) (67) (1) (5) 2,234 9,987 263 880 0 0 (89) (89) (1) (5) 2,407 10,773 1,901 4,410 130 306 (67) (67) 1,964 4,649 130 313 (89) (89) 2,005 4,873 402 5,900 270 5,338 6,460 168 786 031726 63 (152) 89 總計 Total 百萬元 $million 9,567 492 00 00 (4) 0 6,519 333 0 594 0 0 901 23 23 (180) 157 2,153 149 匯兌差額 (4) Exchange translation difference 2020年6月30日之結餘 6,538 Balance as at 30 June 2020 累積折舊 ACCUMULATED DEPRECIATION 2018年7月1日之結餘 2,402 Balance as at 1 July 2018 本年度計算之折舊 131 Charge for the year 撇減 0 Disposals 2019年6月30日及7月1日之結餘 2,533 Balance as at 30 June and 1 July 2019 本年度計算之折舊 130 Charge for the year 撇減 0 Disposals 2020年6月30日之結餘 2,663 Balance as at 30 June 2020 賬面淨值 NET BOOK VALUE 2020年6月30日之結餘 3,875 Balance as at 30 June 2020 2019年6月30日之結餘 3,986 Balance as at 30 June 2019 0 747 0 0 0 0 0 0 0 747 333 00 0 0 1,081 107 45 0 152 53 0 205 876 749 23 6. 物業、機器及設備(續) PROPERTY, PLANT AND EQUIPMENT (CONT’D) 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」)按象徵式租金批出， 為期五十八年，至2047年6月30日止。校園樓宇按直線法按50年計算折舊。 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 50 years. 深圳市政府按象徵式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，香港特區政府按象徵式租金及以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。大學於以上提及的合同簽訂日起獨自擁 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. The University became the sole owner of the property with effect from the aforesaid agreement signing date. 以上之物業、機器及設備按直線法依照下列年率計算折舊: The above items of property, plant and equipment are depreciated on a straight-line basis at the following rates per annum: 樓宇裝修、大型設備及設備系統 20年 Building improvements, major equipment and services systems 傢具及設備 Fixtures and equipment 20 years 項目年期或四至十年，以較短者為準 Shorter of the projects lives or 4-10 years 24 7. 無形資產 INTANGIBLE ASSETS 成本 COST 2018年7月1日之結餘 Balance as at 1 July 2018 電腦軟件 Computer software 百萬元 $million

添置 7 Additions 撇減 (5) Disposals 2019年6月30日及7月1日之結餘 113 Balance as at 30 June and 1 July 2019 添置 10 Additions 2020年6月30日之結餘 123 Balance as at 30 June 2020 攤銷 AMORTISATION 2018年7月1日之結餘 100 Balance as at 1 July 2018 本年度計算之攤銷 5 Amortisation charge for the year 撇減 (5) Disposals 2019年6月30日及7月1日之結餘 100 Balance as at 30 June and 1 July 2019 本年度計算之攤銷 6 Amortisation charge for the year 111 2020年6月30日之結餘 Balance as at 30 June 2020 賬面淨值 NET BOOK VALUE 2020年6月30日之結餘 Balance as at 30 June 2020 2019年6月30日之結餘 Balance as at 30 June 2019 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. 106 17 13 25 8. 租賃 es 集團租用不同物業。租用合約一般為一至三年的固定租期，並無明確的續期選擇權。租期按個別情況磋商，並包括不同條款及 條件。租賃協議並無設置任何契諾。所租賃資產不會就借貸目的而作為抵押品。 The Group leases various buildings. Rental contracts are typically made for fixed periods of 1 to 3 years with no defined extension options. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets will not be used as security for borrowing purposes. 融資活動產生的負債對賑 Reconciliation of liabilities arising from financing activities 2020 百萬元 $million 2020 百萬元 $million

使用權資產 Right-of-use assets 於2019年7月1日首次確認 (附註 27) 20 Initial recognition as at 1 July 2019 (Note 27) 添置 6 Additions 折舊 (13) Depreciation 2020年6月30日之結餘 13 Balance as at 30 June 2020 租賃負債 Lease liabilities 流動租賃負債 9 Current lease liabilities 非流動租賃負債 4 Non-current lease liabilities

13

租賃負債主要以港元為單位。 The lease liabilities are mainly denominated in Hong Kong dollars. 於綜合全面收益表內確認有關租賃的金額 Amounts related to leases recognised in the consolidated statement of comprehensive income

折舊 13 Depreciation 融資成本 1 Finance cost 有關短期租賃的開支 3 Expenses relating to short-term leases

17

集團作為承租人的租賃活動及如何將其入帳 The Group’s leasing activities as lessees and how these are accounted for

2019年6月30日之結餘 0 Balance as at 30 June 2019 於2019年7月1日採納香港財務報告準則第 16 號時確認 20 Recognised on adoption of HKFRS 16 on 1 July 2019 添置 6 Addition 非現金融資成本 1 Non-cash finance cost 支付租賃負債 (14) Payment of lease liabilities

0年6月30日之結餘 13 Balance as at 30 June 2020 Leas 202 26 9. 財務資產 FINANCIAL ASSETS 按攤銷成本計量的債券 Bond securities, at amortised cost 上市 Listed 2020 百萬元 $million 78 2019 百萬元 $million 42 64 106 1 105 106 106 22 455 477 477 948 1,757 471 1,654 512 988 263 0 0 6,593 非上市 64 Unlisted 於一年內到期 Maturing within one year 於一年後到期 Maturing after one year 於綜合資產負債表內呈列 Presentation in the consolidated balance sheet 按攤銷成本計量之財務資產 Financial Assets at Amortised Cost 股權證券 Equity securities 上市股權證券，按市值 Listed equity securities, at market value 非上市股權證券，按公平值(附註 a) Unlisted equity securities, at fair value (Note a) 於綜合資產負債表內呈列 Presentation in the consolidated balance sheet 按公平價值透過其他全面收益列賬之財務資產 Financial Assets at Fair Value through Other Comprehensive Income 按公平值透過收支記賬之財務資產(附註 b) Financial assets at fair value through income and expenditure (Note b) 上市股權基金 Listed equity funds 142 64 78 142 142 18 466 484 484 849 非上市股權基金 1,957 Unlisted equity funds 上市固定收入基金 852 Listed fixed income funds 非上市固定收入基金 1,696 Unlisted fixed income funds 非上市實物基金 455 Unlisted real assets funds 非上市對沖基金 1,392 Unlisted hedge funds 非上市私人投資 323 Unlisted private investments 上市可換股債券 10 Listed convertible bonds 非上市可換股票據(附註 a) Unlisted convertible notes (Note a) 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 : 2 7,536 (a) 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 multiples and net equity method with reference to market valuations for similar entities. (b) 公平值乃參考活躍市場或基金經理報價而釐定。 The fair value was determined by reference to bid prices quoted in active markets or by fund managers. 27 10. 於聯營公司權益 INTEREST IN AN ASSOCIATE 2020 百萬元 $million 2019 百萬元 $million 83 所佔淨資產 Share of net assets 聯營公司名稱 Name of Associate 深港產學研基地 PKU-HKUST Shenzhen-Hong Kong Institution 業務 架構模式 Form of Business Structure 事業法人單位 Institutional Organization 註冊及營運地點 Place of Incorporation and Operation 中華人民共和國 People’s Republic of China 擁有權益 Proportion of Nominal Value of Issued Capital Held by the Group 33% 持有股本類別 Class of Shares Held 注入資本 Capital Contribution 84 主要活動 Principal Activity 下文載列為聯營公司之財務資料概要: 2020 百萬元 $million 269 (15) 254 84 45 19 6 250 19 (4) (11) 254 33% 84 2019 百萬元 $million 267 (17) 250 83 47 13 4 252 13 (5) (10) 250 33% 83 The summarised financial information in respect of the associate is set out below: 總資產 Total assets 總負債 Total liabilities 資產淨值 Net assets 集團應佔聯營公司之資產淨值 Group’s share of net assets of the associate 營業額 Turnover 本年度溢利 Profit for the year 集團年內應佔聯營公司業績 Group’s share of results of the associate for the year 對賬至所佔資產淨值: Reconciliation to share of net assets: 於7月1日 As at 1 July 本年度溢利 Profit for the year 基金分配 Funds distributed 匯兌差額 Exchange translation difference 於6月30日 As at 30 June 集團應佔 % Group’s share in % 集團應佔聯營公司之資產淨值 Group’s share of net assets of the associate 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。 To engage in technology commercialization, incubation of start- up companies, provision of research and technology management services, training of senior management and administrative executives. 28 11. 應收賬款及預付款項 ACCOUNTS RECEIVABLE AND PREPAYMENTS 預付款項及按金 Prepayments and deposits 應收賬款 Accounts receivable • 應收賬款於發出通知後須立即償還。 Accounts receivable are payable on demand. 2019 百萬元 $million 105 306 411 • 為計量預期信貸虧損，應收賬款已按共同信貸風險特徵及逾期日數作分組。預期虧損率乃根據過往 的相應信貸虧損估算，並就宏觀經濟因素的當前與前瞻性資料之間的預期變動進行調整(倘屬重大 )。於2020年6月30日，鑑於預期虧損並不重大，無需就應收賬款作虧損撥備，本集團並無就該等 結餘持有任何抵押。 To measure the expected credit losses, account receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are estimated based on the corresponding historical credit losses experienced, adjusted with the expected change between current and forward looking information on macroeconomic factors, if material. As at 30 June 2020, no loss allowance is required on these accounts receivable as the expected credit losses are immaterial. The Group does not hold any collateral over these balances. 127 487

614 • 本集團應用香港財務報告準則第9號的簡化方法，以應收賬款的全期預期虧損計量虧損撥備。 The Group applies the HKFRS 9 simplified approach to measure loss allowance using a lifetime expected loss allowance of accounts receivables. • 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。 The majority of accounts receivable are with no fixed terms of payment and are expected to be recoverable within one year. Prepayments are expected to be recognised as expenses within one year. • 應收賬款、預付款項及按金主要以港元及美元為單位。 The accounts receivable and prepayments and deposits are mainly denominated in Hong Kong dollars and United States dollars. 29 2020 百萬元 $million 12. 現金及等同現金 CASH AND CASH EQUIVALENTS 2020 百萬元 $million 2019 百萬元 $million 218 438 656 175 109 323 40 7 2 656 2019 百萬元 $million 原到期日為三個月或以下之定期存款 1,774 Bank deposits with original maturity within three months 現金及銀行結餘 576 Cash at banks and in hand 2,350 現金及等同現金以下列貨幣為單位: Cash and cash equivalents are denominated in the following currencies: Hong Kong Dollars United States Dollars Renminbi Euro Pounds Sterling Others 港元 1,031 美元 836 人民幣 442 歐元 21 英鎊 19 其他1 13. 應付賬款及應計費用 ACCOUNTS PAYABLE AND ACCRUALS 2,350 2020 百萬元 $million 合約負債(附註) 431 Contract liabilities (Note) 應付賬款及應計費用(附註 23a) Accounts payable and accruals (Note 23a) 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. 附註 : Note : 合約負債(包括:預收款、遞延收入及客戶按金)乃於履約責任達成的期間確認為收益。 The contract liability for receipt in advance, deferred revenue and customer’s deposits is recognised as revenue in the period when the performance obligations are fulfilled. 於年初計入合約負債的結餘於年內確認為收益 432 367 Revenue recognised that was included in the contract liability balance at the beginning of the years 481 583 672 1,014 1,153 30 14. 教職員福利撥備 PROVISION FOR STAFF BENEFITS 約滿酬金 128 Gratuities 代假期金及其他 138 Leave pay and others 2020 百萬元 $million 2019 百萬元 $million 105 116 221 185 36 221 266 應付於: Payable: 一年內 229 Within 1 year 一年後 37 After 1 year 266 31 15. 遞延收益 DEFERRED INCOME 2018年7月1日之結餘 Balance as at 1 July 2018 已收 / 應收之款項 Amount received / receivable 計入綜合全面收益表(附註 3.1 / 3.3 / 18) Credited to consolidated statement of comprehensive income (Notes 3.1 / 3.3 / 18) 轉至遞延資本基金(附註 16) Transfer to deferred capital funds (Note 16) 外幣換算之差額 Exchange differences arising from retranslation 2019年6月30日及7月1日之結餘 Balance as at 30 June and 1 July 2019 已收 / 應收之款項 Amount received / receivable 計入綜合全面收益表(附註 3.1 / 3.3 / 18) Credited to consolidated statement of comprehensive income (Notes 3.1 / 3.3 / 18) 轉至遞延資本基金(附註 16) Transfer to deferred capital funds (Note 16) 外幣換算之差額 Exchange differences arising from retranslation 2020年6月30日之結餘 Balance as at 30 June 2020 將確認在 To be recognised 2019年6月30日之結餘 Balance as at 30 June 2019 一年內 In one year 一年後 After one year 2020年6月30日之結餘 Balance as at 30 June 2020 一年內 In one year 一年後 After one year 註: 款項源於承諾捐款(附註 18)。 Note: The amounts were from pledged donations (Note 18). 教資會 整筆撥款 UGC Block Grant 百萬元 $million 0 2,360 政府有關機構 教資會 指定撥款 指定撥款 Earmarked UGC Grants from Earmarked Government Grants Agencies 百萬元 百萬元 $million $million 447 139 1,260 225 項目贊助 Project Sponsorships 百萬元 $million 47 56 (52) (3) 0 48 168 (66) (9) 0 141 48 0 48 141 0 141 捐款 Donation 百萬元 $million 86 105 (註) (Note) (59) (78) 0 54 694 (註) (Note) (77) (260) 0 411 54 0 54 261 150 411 總計 Total 百萬元 $million 719 4,006 (2,692) (393) (4) 1,636 4,363 (2,848) (606) (4) 2,541 868 768 1,636 1,633 908 2,541 (2,155) (211) (205) (105) 0 0 0 1,391 2,472 407 (2,217) (194) (255) (76) 0 0 0 1,528 0 623 0 768 0 1,391 0 929 0 599 0 1,528 (215) (2) (4) 143 622 (294) (6) (4) 461 143 0 143 302 159 461 32 16. 遞延資本基金 DEFERRED CAPITAL FUNDS 2018年7月1日之結餘 Balance as at 1 July 2018 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) Amounts equivalent to additions to property, plant and equipment and computer software transferred from deferred income (Note 15) 相當於折舊及攤銷之款項轉撥至綜合全面收益表 Amounts equivalent to depreciation and amortisation charges transferred to consolidated statement of comprehensive income 2019年6月30日及7月1日之結餘 Balance as at 30 June and 1 July 2019 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) Amounts equivalent to additions to property, plant and equipment and computer software transferred from deferred income (Note 15) 相當於折舊及攤銷之款項轉撥至綜合全面收益表 Amounts equivalent to depreciation and amortisation charges transferred to consolidated statement of comprehensive income 2020年6月30日之結餘 Balance as at 30 June 2020 百萬元 $million 3,950 393 (257) 4,086 606 (265) 4,427 33 17. 教資會基金、限制性基金及其他基金 UGC FUNDS, RESTRICTED FUNDS AND OTHER FUNDS

教資會基金 UGC Funds 一般及發展儲備 研究項目及其他 General and Research Development Projects and 其他基金 Other Funds

留本基金 Endowments 百萬元 $million 1,159 10 0000 1 2 (3) 0 (35) 36 0 1 1,135 107 6 1,248 $million 2018年7月1日之結餘 8,407 Balance as at 1 July 2018 本年度稅後盈餘 / (虧損) 343 Surplus / (Deficit) for the year after tax 按公平價值透過其他全面收益列賬的股權證券未實現之虧絀 (1) Unrealised loss on equity securities at fair value through other comprehensive income 外幣換算之差額 (8) Exchange difference arising from translation 轉撥自 /(至)資本基金 0 Transfer from / (to) capital funds 資金轉撥 0 Inter-fund transfer 2019年6月30日及7月1日之結餘 8,741 Balance as at 30 June and 1 July 2019 限制性基金 Restricted Funds 指定捐款 資本基金 Designated Capital Donations Funds 百萬元 百萬元 $million $million

85 9 (16) 0 0000 小計 Sub-total 百萬元 $million 1,253 (6) 按公平價值透過其他 全面收益列賬之財務 資產重估儲備 Financial Assets at 非指定捐款 FVOCI Unspecified Revaluation Donations Reserve 百萬元 百萬元 $million $million 657 27 0 0 (82) (1) 601 資本基金 Capital Funds 百萬元 $million 460 0 0 348 375 (1) 0 0 (1) 0 (4) (4) (8) 0 54 28 0 0 0 0 (1) 459 1,259 2,583 4,902

Reserve Others 百萬元 百萬元 $million $million 1,349 26 95 (42) 配對撥款 Matching Grants 留本基金 其他 小計 Endowments Others Sub-total 百萬元 百萬元 百萬元 $million $million $million 479 694 2,617 3 (13) (26) 其他 Others 百萬元 $million 小計 Sub-total 百萬元 $million 總計 Total 百萬元

00000 00000 00000 (94) 94 (22) 22 0 1,281 147 460 703 2,591 1,209 2,211 4,537

本年度稅後盈餘 /(虧損) Surplus / (Deficit) for the year after tax 按公平價值透過其他全面收益列賬的股權證券未實現之盈利 Unrealised gain on equity securities at fair value through other comprehensive income 外幣換算之差額 Exchange difference arising from translation 轉撥自 /(至)資本基金 Transfer from / (to) capital funds 資金轉撥 Inter-fund transfer 29 (35) 5 537 536 00000 00000 00000 (51) 51 (4) 4 0 188 (50) 0 138 0000 0000 0 1 (1) 0 31 304 0 335 449 0 0 287 736 07007 0 0 (5) (4) (9) (228) 0 230 (2) 0 (335) 0 0 0 (335) 1,410 7 (9) 0 0

1,259 163 461 1,244 3,127 1,354 362 5 1,721 487 466 1,484 2,864 5,301 10,149

附註: Notes: 1. (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。2019-22三年期的結束年為2021-22。 General and Development Reserve Fund (“GDRF”) 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. The last year of 2019-22 triennium will be 2021-22. 2. (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. 3. (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. 4. (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. 5. (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. 6. (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. 7. (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. 8. (h) 按公平價值透過其他全面收益列賬的財務資產重估儲備是按公平價值於其他全面收益內列賬的財務資產之公平值變動產生之未變現盈虧。 Financial Assets at Fair Value through Other Comprehensive Income (“FVOCI”) Revaluation Reserve represents the fair value gain or loss of financial assets at FVOCI. 9. (i) 其他基金來於自負盈虧的活動。 Other Funds represent funds generated from self-financing activities.

2020年6月30日之結餘 Balance as at 30 June 2020 34 18. 承諾捐款 PLEDGED DONATIONS 於2018年7月1日未兌現之款額 Outstanding amount as at 1 July 2018 新增之承諾捐款 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) Amount received during the year recognised in consolidated statement of comprehensive income (Note a) 在本年度已收之捐款並記入遞延收益賬項(附註 15) Amounts received during the year credited to deferred income (Note 15) 資本項目 之所得捐款 Donations for Capital Projects 百萬元 $million 488 50 其他活動 之所得捐款 Donations for Other Activities 百萬元 $million 364 1,005 (36) 0 1,333 56 (1,012) 150 0 527 總計 Total 百萬元 $million 852 1,055 (108) 0 1,799 240 (1,358) 0 0 681 在本年度已收之捐款 (72) Total amount received during the year 不需動用的承諾捐款 Excess pledges not utilised 於2019年6月30日及7月1日未兌現之款額 Outstanding amount as at 30 June and 1 July 2019 新增之承諾捐款 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) Amount received during the year recognised in consolidated statement of comprehensive income (Note a) 在本年度已收之捐款並記入遞延收益賬項(附註 15) Amounts received during the year credited to deferred income (Note 15) 0 466 184 0 (3) (3) (72) (33) (105) 在本年度已收之捐款 (346) Total amount received during the year 承諾捐款之重新分類 (150) Reclassification of pledges 不需動用的承諾捐款 Excess pledges not utilised 於2020年6月30日未兌現之款額 Outstanding amount as at 30 June 2020 0 154 0 (664) (664) (346) (348) (694) 附註(a): Note (a): 捐款收入 Donation Income 在本年度已收並於綜合全面收益表直接確認之承諾捐款 Amount of pledged donations received during the year and recognised directly in consolidated statement of comprehensive income 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) Amount of pledged donations initially credited to deferred income and subsequently recognised in consolidated statement of comprehensive income during the year (Note 15) 在本年度綜合全面收益表確認之捐款收入(第 8 頁) Total donation income recognised in consolidated statement of comprehensive income during the year (Page 8) 2020 百萬元 $million 664 77 741 2019 百萬元 $million 3 59 62 35 19. 財務風險管理 FINANCIAL RISK MANAGEMENT 19.1 金融工具分類 CATEGORIES OF FINANCIAL INSTRUMENTS 財務資產 Financial assets 按攤銷成本計量之財務資產 Financial assets at amortised cost 應收賬款及按金 Accounts receivable and deposits 原到期日超過三個月之定期存款 Bank deposits with original maturity over three months 現金及等同現金 Cash and cash equivalents 2020 2019 百萬元 百萬元 $million $million 492 311 1,271 2,161 2,350 656

按攤銷成本計量的債券 Bond securities at amortised cost 142 106 租賃負債 Lease liabilities 13 0 應付賬款及應計費用 491 640 Accounts payable and accruals 504 640 36 19. 財務風險管理(續) 19.2 金融工具產生之風險 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。 (a) 市場風險 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。 (i) 外匯風險 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。 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。 於2020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22.4%(2019年為26.1%)、72.5% (2019年為69.1%)、4.5%(2019年為4.1%) 及0.6%(2019年為0.7%)。 集團並無重大以外弊計值的財務負債，相關 的外匯風險並不高。 19. FINANCIAL RISK MANAGEMENT (CONT’D) 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. 37 (a) Market 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. Foreign currency risk 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. 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. As at 30 June 2020, the percentages of financial assets denominated in HKD, USD, RMB and other currencies to total financial assets were 22.4% (2019: 26.1%), 72.5% (2019: 69.1%), 4.5% (2019: 4.1%) and 0.6% (2019: 0.7%), respectively. The Group does not have material financial liabilities denominated in foreign currency and considers the related foreign exchange risk immaterial. (i) 19. 財務風險管理(續) 19.2 金融工具產生之風險(續) (a) 市場風險(續) 2. (ii) 利率風險 集團需承受由定期存款及債券所產生的利率 風險。因定期存款通常在三個月至十二個月 內到期，所以其風險不高。假設其他可變動 項目保持不變，倘銀行存款利率上升或下跌 五十個基點，集團截至2020年6月30日止年 度的盈餘會增加/減少約一千五百二十萬元 (2019年為一千一百九十萬元)。 3. (iii) 價格風險 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2020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2020年6月30日止年度的盈 餘將增加/減少約四億零一百萬元(2019年為 三億五千三百五十萬元)。 (b) 信貸風險 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、按攤銷成本計量之財務 資產、按公平價值透過其他全面收益列賬之 財務資產及按公平值透過收支記賬財務資產 。 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虧損撥備後淨額 ，由集團管理層根據過往經驗及經濟現況作 出評估。 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。按攤銷成本計量之財務資產、按公 平價值透過其他全面收益列賬之財務資產及 按公平值透過收支記賬財務資產均評為投資 級別或以上。 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。 19. 19.2 FINANCIAL RISK MANAGEMENT (CONT’D) RISKS ARISING FROM FINANCIAL INSTRUMENTS (CONT’D) (a) (ii) Market risk (Cont’d) Interest rate risk The Group is exposed to interest rate risk in relation to its fixed deposits and bond securities. As the fixed deposits usually mature within three to twelve months, the risk exposure is considered not material. If bank deposit 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 2020 would increase / decrease by approximately $15.2 million (2019: $11.9 million). Price risk 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 2020, 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 2020 would increase / decrease by approximately $401.0 million (2019: $353.5 million). Credit risk The Group’s principal financial assets are cash and cash equivalents, bank deposits, accounts receivable, financial assets at amortised cost, financial assets at fair value through other comprehensive income and financial assets at fair value through income and expenditure. The Group’s credit risk is primarily attributable to its accounts receivable. The amounts represented in the consolidated balance sheet are net of loss allowance, estimated by the Group’s management based on past experience and their assessment of the current economy. 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. Financial assets at amortised cost, financial assets at fair value through other comprehensive income and financial assets at fair value through income and expenditure are rated investment grade or above. The Group has no significant concentration of credit risk, with exposure spread over a number of counterparties. (iii) (b) 38 19. 財務風險管理(續) 2. 19.2 金融工具產生之風險(續) 2. (b) 信貸風險(續) 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。 於2020年6月30日，集團根據香港財務報告 準則第 9 號確認並無重大虧損撥備。 3. (c) 流動資金風險 本集團的大部份負債到期日為結算日後十二 個月內。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。 3. 19.3 資本管理 CAPITAL MANAGEMENT 19. FINANCIAL RISK MANAGEMENT (CONT’D) 19.2 RISKS ARISING FROM FINANCIAL INSTRUMENTS (CONT’D) 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. 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。 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. (b) Credit risk (Cont’d) 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. The Group assessed that there is no significant loss allowance in accordance with HKFRS 9 as at 30 June 2020. Liquidity risk Most of the Group’s liabilities are due within twelve 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. (c) 39 19. 財務風險管理(續) FINANCIAL RISK MANAGEMENT (CONT’D) 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: 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: • • • 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) 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) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (Level 2) 於2020年6月30日 As at 30 June 2020 $million $million 第一等級 Level 1 百萬元 $million 第二等級 Level 2 百萬元 $million 第三等級 總計 Level 3 Total 百萬元 百萬元 按公平值透過收支記賬之財務資產 Financial Assets at Fair Value through Income and Expenditure • - 上市股權基金 849 Listed equity funds • - 非上市股權基金 1,558 Unlisted equity funds • - 上市固定收入基金 852 Listed fixed income funds • - 非上市固定收入基金 994 Unlisted fixed income funds • - 非上市實物基金 0 Unlisted real assets funds • - 非上市對沖基金 0 Unlisted hedge funds • - 非上市私人投資 0 Unlisted private investments • - 上市可換股債券 10 Listed convertible bonds • - 非上市可換股票據 0 Unlisted convertible notes 0 0 849 399 0 1,957 0 0 852 416 286 1,696 427 28 455 1,392 0 1,392 0 323 323 0 0 10 0 2 2 2,634 639 7,536 0 0 18 0 466 466 0 466 484 2,634 1,105 8,020 按公平價值透過其他全面收益列賬之財務資產 Financial Assets at Fair Value through Other Comprehensive Income • - 上市股權證券，按市值 18 Listed equity securities, at market value • - 非上市股權證券，按公平值 0 Unlisted equity securities, at fair value 18 4,281 4,263

40 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) (a) 以公允價值列賬的金融資產(續) Financial assets carried at fair value (Cont’d) 於2019年6月30日 As at 30 June 2019 第一等級 Level 1 百萬元 $million 第二等級 Level 2 百萬元 $million 第三等級 總計 Level 3 Total 百萬元 百萬元 $million $million 按公平值透過收支記賬之財務資產 Financial Assets at Fair Value through Income and Expenditure • - 上市股權基金 948 Listed equity funds • - 非上市股權基金 1,543 Unlisted equity funds • - 上市固定收入基金 471 Listed fixed income funds • - 非上市固定收入基金 1,291 Unlisted fixed income funds • - 非上市實物基金 0 Unlisted real assets funds • - 非上市對沖基金 0 Unlisted hedge funds • - 非上市私人投資 0 Unlisted private investments 0 214 0 199 512 988 0 1,913 0 0 948 0 1,757 0 471 164 1,654 0 512 0 988 263 263 427 6,593 0 24 按公平價值透過其他全面收益列賬之財務資產 Financial Assets at Fair Value through Other Comprehensive Income • - 上市股權證券，按市值 24 Listed equity securities, at market value • - 非上市股權證券，按公平值 Unlisted equity securities, at fair value 4,253 453 453 4,277 1,913 880 7,070 0 0 24 0 453 477 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。 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 exchange rates 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。 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, earnings multiple and net equity method with reference to market valuations for similar entities. 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。 Level 3 financial instruments include investments in unlisted companies by the Group and its investment managers. 本年內，於第一等級與第二等級的公平值計算級別分類之間，並無金融資產的轉撥。 During the year, there was no transfer of the financial investments between Level 1 and Level 2 fair value hierarchy classifications. 41 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) (a) 以公允價值列賬的金融資產(續) Financial assets carried at fair value (Cont’d) 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: 7月1日之結餘 Balance as at 1 July 2020 百萬元 $million 880 2019 百萬元 $million 635 214 31 880 (1) 32 第三等級 Level 3 百萬元 $million 0 0 購入 218 Acquisitions 已計入綜合全面收益表內淨盈利總額 7 Net gains recognised in consolidated statement of comprehensive income 6月30日之結餘 1,105 Balance 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 /(虧絀)總額 Net gains / (losses) for the year included in consolidated statement of comprehensive income, under other comprehensive income 已計入綜合全面收益表內利息及投資收入之淨(虧絀)/盈利總額 Net (losses) / gains for the year included in consolidated statement of comprehensive income, under interest and investment income 12 (5) 按公允價值計量 Fair value measurements 第二等級 Level 2 百萬元 $million 65 67 (b) 不以公允價值列賬的金融資產 Financial assets carried at other than fair value 於2020年6月30日 At 30 June 2020 按攤銷成本計量之財務資產 Financial assets at amortised cost 於2019年6月30日 At 30 June 2019 按攤銷成本計量之財務資產 Financial assets at amortised cost 賬面金額 Carrying 公允價值 第一等級 amount Fair value Level 1 百萬元 百萬元 百萬元 $million $million $million 142 145 80 106 109 42 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 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 exchange rates at the end of the reporting period where appropriate. 42 20. 承擔 COMMITMENTS (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: Outstanding capital commitments in respect of property, plant and equipment not provided for in the financial statements were as follows: 已簽約 Contracted for 已獲授權但尚未簽約 Authorised but not contracted for (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: Outstanding capital commitments in respect of financial assets not provided for in the financial statements were as follows: 已簽約 Contracted for 上述未履行承擔的資本來源: Funding support for the above outstanding capital commitments: 2020 百萬元 $million 1,075 3,203 4,278 763 2019 百萬元 $million 894 3,128 4,022 599

源自集團其他資本之金額 Amounts to be financed by the Group’s resources ─ 已確認為收入並留存於教資會基金之金額 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 Other amounts representing restricted funds or other funds to be allocated 2020 百萬元 $million 596 2,994 2019 百萬元 $million 628 2,417 1,063 75 438 4,621 已收取並反映於遞延收益於6月30日之金額 1,057 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 112 Amounts in respect of UGC grants approved but not yet received 捐獻者承諾之金額 282 Amounts pledged by donors 5,041

(b) 營運租約之承擔 Operating Lease Commitments 1. (i) 作為承租人的營運租約承擔 Operating leases commitments as lessees 一年內 In one year 第二至第五年內 In the second to fifth years inclusive 由2019年7月1日起，集團已就該等租賃確認使用權資產，惟短期及低價值租 賃除外，見附註8及附註27。 From 1 July 2019, the Group has recognised right-of-use assets for these leases, except for short term and low value leases, please see Note 8 and Note 27. 2. (ii) 作為出租人的營運租約承擔 Operating leases commitments as lessors 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: As at 30 June, the Group had future aggregate minimum lease income under non-cancellable operating leases as follows: 2020 百萬元 $million 2019 百萬元 $million 15 8 23 2019 百萬元 $million

一年內 11 In one year

43 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 UNIVERSITY COUNCIL AND COUNCIL COMMITTEES MEMBERS’ INTERESTS IN CONTRACTS OF SIGNIFICANCE AND RELATED PARTY TRANSACTIONS 21.1 重要合約 CONTRACTS OF SIGNIFICANCE 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 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. 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 4 ─ 高收入員工薪酬內的主要管理人員之酬金如下: Below is the compensation of the key management personnel who have also been included in Note 4 - Remuneration of Higher Paid Staff:

薪金及其他短期僱員福利 Salaries and other short-term employee benefits 離職後福利 Post employment benefits 2020 百萬元 $million 56 5 61 2019 百萬元 $million 68 6 74

註: 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。 Note: 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. (b) 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(2019年:無)。

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 (2019: Nil). 44 22. 附屬公司 SUBSIDIARIES 於2020年6月30日，大學之附屬公司如下: At 30 June 2020, the University’s subsidiaries were as follows: 附屬公司 Subsidiary 香港科技大學持續進修學院有限公司 HKUST College of Lifelong Learning Limited 香港科大地產有限公司 HKUST Properties Limited 香港科大研究開發有限公司 Hong Kong University of Science and Technology R and D Corporation Limited 廣州香港科大研究開發有限公司 HKUST R and D Corporation (Guangzhou) Limited 港科大研究開發(深圳)有限公司 HKUST R and D Corporation (Shenzhen) Limited 廣州市香港科大霍英東研究院 Guangzhou HKUST Fok Ying Tung Research Institute 香港科技大學深圳研究院 The HKUST Shenzhen Research Institute 香港科技大學深港協同創新研究院 HKUST Shenzhen – Hong Kong Collaborative Innovation Research Institute 生物科技研究有限公司(附註) Biotechnology Research Corporation Limited (Note) 附註: Note: 該公司正在進行自願清盤。 註冊地點 / 國家 Place / Country of Incorporation 香港 Hong Kong 香港 Hong Kong 香港 Hong Kong 中華人民共和國 People’s Republic of China 中華人民共和國 People’s Republic of China 中華人民共和國 People’s Republic of China 中華人民共和國 People’s Republic of China 中華人民共和國 People’s Republic of China 香港 Hong Kong 擁有股權 Proportion of Nominal Value of Issued / Registered Capital Held by the University 直接持有 間接持有 Direct Indirect 主要活動 Principal Activity

100% - 不活動 Dormant 不活動 Dormant 100% 100% - - 100% - 100% - 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。 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. The company is in the process of voluntary liquidation. 45 - 100% 100% 100% - - 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。 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. 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。 Station in Shenzhen, to facilitate the University’s education, training, research, technology development and entrepreneurship activities in the Mainland. 立足深圳福田區，協助大學在內地的教育、培訓、研 究、科技開發及創業等。 Station in Shenzhen Futian District, to facilitate the University’s education, training, research, technology development and entrepreneurship activities in the Mainland. 致力於生物科技研究和發展，及把生物科技結果商業 化。 To engage in biotechnology research and development and commercialisation of biotechnology results. - 100% 23. 其他合同 OTHER AGREEMENTS (a) 關於籌建香港科技大學(廣州)的合同 Agreements related to establishing the Hong Kong University of Science and Technology (Guangzhou) 於2018年12月21日，大學與廣州市人民政府和廣州大學簽署協議，籌建香港科技大學(廣州)(「港科大(廣 州)」)。於2020年1月10日，獲得香港科技大學(廣州)(籌)的法人証書，籌備設立期限為三年。大學與廣州 大學之間的合作安排與合作經營相似，雙方將就其港科大(廣州)的權益確認相關的資產、負債、收入和開支 ，而並非採用權益會計法。根據協議條款，大學將不會持有港科大(廣州)的任何資產或承擔其任何債務，和 相關的收入和開支。因此，與港科大(廣州)的安排對大學的財務狀況不會造成影響。 On 21 December 2018, the University signed agreements with the Guangzhou Municipal Government and Guangzhou University (“GZU”) to establish Hong Kong University of Science and Technology (Guangzhou) (“HKUST (GZ)”). On 10 January 2020, legal preparatory status of HKUST (GZ) was obtained to establish HKUST (GZ) in three years’ time. The arrangement between the University and GZU is a joint operation, where both parties would account for their own assets, liabilities, revenues and expenses relating to its interest in HKUST (GZ) as opposed to applying equity accounting. Under the terms of the agreements, the University will not hold any assets or incur any liabilities, revenues or expenses related to HKUST (GZ). Consequently, the arrangement with HKUST (GZ) has no impact on the financial results of the University. 建立港科大(廣州)的資金將來自廣州人民政府。大學不需為港科大(廣州)校園提供資金承諾。於2020年6月 30日，代表港科大(廣州)持有的資金餘額為人民幣六千零六十萬元，約港幣六千六百三十萬元(2019年:人 民幣一億四千九百八十萬元)，並在綜合資產負債表中記錄為「應付賬款及應計費用」(見附註 13)。 The funding for the establishment of HKUST (GZ) campus is provided by Guangzhou Municipal Government. No financial commitment is required from the University to fund the HKUST (GZ) campus. As at 30 June 2020, the amount of funds held on behalf of HKUST (GZ) totalled RMB60.6 million, approximately HK$66.3 million (2019: RMB149.8 million) and was recorded as “Accounts Payable and Accruals” in the consolidated balance sheet (see Note 13). (b) 關於HKCNDL, HKCCRL 及ACCESSL的合同 Agreements related to HKCNDL, HKCCRL, ACCESSL 以大學為唯一成員的三間擔保有限公司於年內成立，分別為香港神經退行性疾病中心有限公司(“HKCNDL”) ，香港智能建造研發中心有限公司(“HKCCRL”)和智能晶片與系統研發中心有限公司(“ACCESSL”)。 Three entities limited by guarantee were incorporated during the year, with the University as the sole member, namely the Hong Kong Center for Neurodegenerative Diseases Limited (“HKCNDL”), Hong Kong Center for Construction Robotics Limited (“HKCCRL”) and AI Chip Center for Emerging Smart Systems Limited (“ACCESSL”). 儘管大學是HKCNDL和HKCCRL的唯一成員，但根據與第三方訂立有關提供HKCNDL和HKCCRL資金及其他支持 的協議條款，大學不會享有可變回報的權益，並不能透過其對該HKCNDL和HKCCRL的權利及權力影響此等回 報，因此大學並未合併HKCNDL和HKCCRL的報表。上述提及與第三方訂立有關提供HKCNDL和HKCCRL運營支 持的協議條款協議分別於2020年4月15日和2020年4月28日簽訂。 Although the University is the sole member of HKCNDL and HKCCRL, the University has not consolidated the results of HKCNDL and HKCCRL as under the terms of the agreements entered into with the external parties for providing funding and other support to the operation of HKCNDL and HKCCRL, the University is not exposed to, and does not have the rights or the power to affect variable returns from its involvement with HKCNDL and HKCCRL. The aforesaid agreements with the external parties for providing support to the operation of HKCNDL and HKCCRL were entered into on 15 April 2020 and 28 April 2020 respectively. 年底後，大學與第三方於2020年8月27日簽署了有關提供ACCESSL資金及其他支持的協議。 Subsequent to the year end, the University entered into agreements with the external parties for providing funding and other support to the operation of ACCESSL on 27 August 2020.

46 24. 主要會計估計及判斷 24. 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. Depreciation of property, plant and equipment and amortisation of computer software 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. 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。 物業、機器及設備之折舊及電腦軟件之攤銷 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。 投資估值 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。 47 25. 主要會計政策 25.1 採納新訂 / 經修訂香港財務報告準則 截至2020年6月30日止年度，本集團已採用所 有經已於2019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。 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，除下 列準則外: 25. PRINCIPAL ACCOUNTING POLICIES 25.1 Adoption of new / revised HKFRS For the year ended 30 June 2020, 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 2019 and relevant to the operations of the Group. 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, except for the following standard: ─ 香港財務報告準則第 16 號 租賃 ─ HKFRS 16 Leases 採納此項準則之影響已列於附註 27。 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。 25.2 綜合基準 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。 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。 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。 集團內部所有重大交易及結餘均在綜合賬內 抵銷。 25.2 The effect on adoption of this standard is summarised in Note 27. 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. Basis of Consolidation The consolidated financial statements include the financial statements of the University and entities controlled by the University made up to 30 June each year. 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. 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. All significant intercompany transactions and balances within the group are eliminated on consolidation. 48 25. 主要會計政策(續) 25.3 於聯營公司及合營安排之權益 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。 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。 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。 合營安排乃兩個或以上合作方聯合控制之一 項安排，參與各方均無單方面控制權。合營 安排之投資，以每位參與者擁有之合約權益 與責任分類為合資企業或合作經營。若參與 各方於一項安排中擁有其資產淨值之權利， 則構成合資企業。合資企業夥伴使用權益會 計法確認該安排之投資。權益會計法按成本 記錄初始投資，並定期調整以反映因合營企 業業績而產生的相關價值變動。若參與各方 於一項安排中擁有其資產之特定權利及其負 債之特定責任，則構成合作經營。每位參與 者根據適用於特定資產、負債、收入及開支 的香港財務報告準則確認其合作經營權益有 關的資產、負債、收入及開支。 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.3 Interest in an Associate and a Joint Arrangement 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. 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. 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. A joint arrangement is an arrangement of which two or more parties have joint control and over which none of the participating parties has unilateral control. Investments in joint arrangements are classified either as joint ventures or joint operations, depending on the contractual rights and obligations each party has. Joint ventures arise where the participating parties have rights to the net assets of the arrangement. A joint venture partner accounts for an investment in such an arrangement using the equity method. The equity method records the initial investment at cost which is adjusted periodically to reflect the changes in value due to the share of the joint venture’s performance. Joint operations arise where the participating parties have specific rights and obligations under the arrangement to the assets and liabilities of an arrangement. Each participating party accounts for the assets, liabilities, revenues and expenses relating to its own rights and obligations to the joint operation in accordance with the HKFRSs applicable to the particular assets, liabilities, revenues and expenses. 49 25. 主要會計政策(續) 4. 25.4 物業、機器及設備 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。 除在建工程外，物業、機器及設備的折舊 乃根據其成本扣除剩餘估值後，按估計可 使用年期以直線折舊方法計算。折舊從資 產可供使用的月份起計提。 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。 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。 5. 25.5 無形資產 電腦軟件 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。 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。攤銷 從資產可供使用的月份起計提。 開發中的電腦軟件在備用前並不計算攤銷 。 25. 25.4 PRINCIPAL ACCOUNTING POLICIES (CONT’D) Property, Plant and Equipment Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation of property, plant and equipment, other than construction in progress, is calculated using the straight-line method to allocate their costs, net of the residual values, if any, over the estimated useful lives. Depreciation is charged from the month when the asset is ready for use. 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. 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. Intangible Assets Computer software 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. Amortisation of computer software is charged to the consolidated statement of comprehensive income on a straight-line basis over the assets’ estimated useful lives. Amortisation is charged from the month when the asset is ready for use. Computer software under development is not amortised until ready for use. 25.5 50 25. 主要會計政策(續) 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.6 財務資產 25.6 Financial Assets 分類 集團按以下類別對財務資產進行分類: 1. (a) 其後以公平價值計量且其變動(不論 計入其他全面收益或計入收支)的財 務資產，及 2. (b) 以攤銷成本計量的財務資產。 該分類取決於實體管理金融資產的業 Classification The Group classifies its financial assets in the following categories: 計量 Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income and expenditure (“FVIE”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVIE are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. 務模式以及現金流量的合約條款。 對於以公平價值計量的資產，其盈虧 將計入收支或其他全面收益中。對於 非持作買賣的股權工具投資，其盈虧 將取決於本集團在初始確認時是否作 出不可撤銷的選擇而將股權投資指定 為以公平價值計量且其變動計入其他 全面收益中。 僅當管理該等資產的業務模式發生變 化時，本集團才對債務投資進行重新 分類。 於初始確認時，本集團以公平價值計量財 務資產加上(倘金融資產並非以公平價值 計量且其變動計入收支)可直接歸屬於獲 得該項財務資產的交易成本。以公平價值 計量且其變動計入收支的財務資產的交易 成本於綜合全面收益表支銷。 對於包含嵌入式衍生工具的財務資產，於 釐定其現金流量是否僅代表支付本金和利 息時乃以整體考慮。 51 (a) (b) those to be measured subsequently at fair value (either through other comprehensive income (“OCI”) or through income and expenditure), and those to be measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in income and expenditure or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. The Group reclassifies debt investments when and only when its business model for managing those assets changes. 25. 25.6 主要會計政策(續) 財務資產(續) 債務投資 債務工具的其後計量取決於本集團管理該 資產的業務模式以及該資產的合約現金流 量特徵。本集團將債務工具分類為以下三 種計量類別: 1. (a) 以攤銷成本計量:對於持有以收取合 約現金流量的資產，倘該資產的現金 流量僅代表支付本金和利息，則該資 產以攤銷成本計量。其後按攤銷成本 計量的債務工具的收益或虧損於該資 產終止確認或減值時在綜合全面收益 表中確認。該等財務資產的利息收入 按實際利息法計入為利息及投資收入 。 2. (b) 以公平價值計量且其變動計入其他全 面收益:對持作收取合約現金流量及 出售的資產，其現金流量僅為支付本 金和利息，則該等資產以公平價值計 量且其變動計入其他全面收益。賬面 值變動計入其他全面收益，惟減值虧 損、按實際利息法的利息收入及匯兌 收益及虧損於集團綜合全面收益表中 確認除外。終止確認財務資產時，先 前於其他全面收益確認的累計收益或 虧損會由權益重新分類至集團綜合全 面收益表的利息及投資收入中確認。 3. (c) 以公平價值計量且其變動計入收支: 不符合以攤銷成本計量或按公平價值 計量且其變動計入其他全面收益標準 的資產，將以公平價值計量且其變動 計入收支。其後以公平價值誌入收支 賬計量的債務工具的收益或虧損，會 於產生期間在綜合全面收益表的利息 及投資收入中確認及呈列。 25. 25.6 PRINCIPAL ACCOUNTING POLICIES (CONT’D) Financial Assets (Cont’d) Debt investments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: 1. (a) Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that is subsequently measured at amortised cost is recognised in the consolidated statement of comprehensive income when the asset is derecognised or impaired. Interest income from these financial assets is included in interest and investment income using the effective interest rate method. 2. (b) FVOCI: Assets that are held for collection of contractual cash flows and for sale, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment losses, interest income using the effective interest rate method and foreign exchange gains and losses which are recognised in the consolidated statement of comprehensive income. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to the consolidated statement of comprehensive income and recognised in interest and investment income. 3. (c) FVIE: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVIE. A gain or loss on a debt investment that is subsequently measured at FVIE is recognised and presented in the consolidated statement of comprehensive income within interest and investment income in the period in which it arises. 52 主要會計政策(續) 25. 財務資產(續) 25.6 股權工具 集團其後會按公平價值計量所有股本工具 。倘本集團管理層已於初步確認時作出不 可撤銷選擇，於其他全面收益呈列股本工 具的公平價值收益及虧損，則終止確認投 資後不會將公平價值收益及虧損重新分類 至收支，而該等股本投資於其他全面收益 的任何結餘以資金變動重新分類至其他資 金。當本集團收取款項的權利確立時，有 關投資的股息會繼續於綜合全面收益表中 確認。 以公平價值計量且其變動計入收支的金融 資產，其公平價值變動於綜合全面收益表 的利息及投資收入中確認(如適用)。以 公平價值計量且其變動計入其他全面收益 的股權投資的減值虧損(及減值虧損回撥 )不與其他公平價值變動分開呈報。 減值 對於以攤銷成本計量和以公平價值計量且 其變動計入其他全面收益的債務工具，集 團按前瞻性基準評估其預期信用損失。採 用的減值方法取決於信用風險有否顯著增 加。 應收賬款 25.7 應收賬款初始按公平值確認，其後採用實 際利率法按攤銷成本計量，並減去預期信 用損失準備。本集團按其等於終身預期信 用損失的金額計量其應收賬款的損失準備 。當有客觀證據表明資產已減值時，估計 不可收回金額的適當撥備在綜合全面收益 表中確認。 PRINCIPAL ACCOUNTING POLICIES (CONT’D) Financial Assets (Cont’d) Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has made an irrevocable election at initial recognition to present fair value gains and losses on equity investments in other comprehensive income, on derecognition of the investment, there is no subsequent reclassification of fair value gains and losses to income and expenditure and any balance within other comprehensive income for these equity investments is reclassified to other funds as a fund movement. Dividends from such investments continue to be recognised in the consolidated statement of comprehensive income when the Group’s right to receive payments is established. Changes in the fair value of financial assets at FVIE are recognised and presented in the consolidated statement of comprehensive income within interest and investment income as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Impairment The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Accounts receivable Accounts receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less allowances for expected credit losses. The Group measured the loss allowance for its accounts receivables at an amount equal to the lifetime expected credit losses. Appropriate allowance for estimated irrecoverable amounts are recognised in the consolidated statement of comprehensive income when there is objective evidence that the asset is impaired. 25. 25.6 25.7 53 25. 25.8 25.9 25.10 25.11 主要會計政策(續) 存貨 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。 現金及等同現金 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。 應付賬款，應計費用，遞延收益及合約負 債 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。 合約負債主要與從客戶收取的預付代價有 關，而本集團在商品或服務交付前擁有無 條件的代價權。它們被釋放，並且在向客 戶轉移商品和服務時履行履約義務時確認 收入。 撥備 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。 25. 25.8 25.9 25.10 PRINCIPAL ACCOUNTING POLICIES (CONT’D) Inventories 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. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and deposits available on demand with an original maturity of 3 months or less. Accounts payable, accruals, deferred income and contract liabilities 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. Contract liabilities primarily relate to the advance consideration received from customers, where the Group has the unconditional right to considerations before the goods or services are delivered. They are released and revenues are recognised when the performance obligations are satisfied upon transferring of goods and services to customers. 25.11 Provisions 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. 54 25. 主要會計政策(續) 25.12 減值 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 。 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。 25.13 遞延資本基金 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。 25.14 收入確認 (a) 政府資助及撥款 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。 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。 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。 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.12 Impairment 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. 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. 25.13 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. 25.14 Recognition of Income (a) Government subventions and grants 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. Grants earmarked for specific purposes are recognised as income to the extent of the related expenses are incurred during the reporting period. 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. 55 25. 主要會計政策(續) 25.14 收入確認(續) (b) 捐款 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。 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。 (c) 學費、課程及其他收費 學費、課程及其他收費於提供服務， 及於學生同時收取及享用集團提供之 利益時隨時間確認。學費、課程及其 他收費按應計制確認。預繳學費包括 在合約負債內。 4. (d) 利息收入 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。 5. (e) 研究合約收入 研究合約的收益需參考履行履約責任 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.14 Recognition of Income (Cont’d) (b) Donations (c) (d) (e) 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. Donations received with a specific purpose are recognised as income to the extent of the related expenditure incurred during the reporting period. Tuition, programmes and other fees Tuition, programmes and other fees are recognised over time when the services are rendered and the Group’s performance provides the benefits received and consumed simultaneously by the students. Tuition, programmes and other fees recognised on an accrual basis and unearned fees are included in contract liabilities. Interest income 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. Research contract income Income from contract research is recognised over 的進展於合同期間確認。履行履約責 任的進展乃根據本集團的努力或履行 履約責任的投入，並參考截至報告期 末所產生的開支佔每份合約估計總成 本的百分比來計量。 (f) 特許權收入 當客戶獲授予權利於專利權利存在的 整段許可期間取用有關專利權利時， 特許權收入即於合約期間以直線法計 算確認入賬。另一方面，當客戶獲提 供權利使用於授予許可的單一時點存 在的專利權利時，特許權收入即於交 付專利的有關時點入賬。 the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. The progress towards complete satisfaction of the performance obligation is measured based on the Group’s efforts or inputs to the satisfaction of the performance obligation, by reference to the expenses incurred up to the end of reporting period as a percentage of total estimated costs for each contract. (f) Licensing income Licensing income is recognised on a straight line basis over the contract period when a customer is granted with a right to access the patents as it exists throughout the licence period. Alternatively, licensing income is recognised at a single point in time upon delivery of the patents when a customer is provided with a right to use the patents as it exists at the point in time at which the licence is granted. 56 25. 主要會計政策(續) 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.15 租賃 25.15 Leases 大學已變更作為承租人的租賃會計政策。 新政策見下文所述，關於此項會計政策變 更的影響請參見附註 27。 大學在租賃資產可供其使用的當日將租賃 確認為使用權資產和相應的負債。 租賃產生的資產和負債按現值進行初始計 量。租賃負債包括固定租賃付款額的淨現 值。當大學合理確定將行使續租選擇權時 ，租賃付款額也納入負債的計量中。租賃 付款額按租賃內含利率折現。 租賃付款額在本金和租賃利息支出之間進 行分攤。租賃利息支出在租賃期內計入全 面收益表內，以按照固定的週期性利率對 各期間負債餘額計算利息。 租賃負債如在結算日起超過十二個月將分 類為非流動資產。 使用權資產按成本計量，包括租賃負債的 初始計量金額。使用權資產按租賃期以直 線法計提折舊。短期租賃(租賃期為十二 個月或以下)付款額按直線法於全面收益 表內確認為費用。 於2019年7月1日，租賃期為十二個月或以 下的租賃被分類為經營租賃。經營租賃付 款額在租賃期內按直線法計入全面收益表 內。 大學作為出租人，所收到的經營租賃收入 在租賃期內按直線法確認為收入。大學採 用了新的租賃準則，因而無需對作為出租 人持有的資產之會計處理作出任何調整。 The University has changed its accounting policy for leases where the University is the lessee. The new policy is described below and the impact of the change in Note 27. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the University. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are measured at the net present value of the remaining fixed lease payments. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liabilities. The lease payments are discounted using the University’s incremental borrowing rate at lease commencement date. Lease payments are allocated between principal and lease interest expense. The lease interest expense is charged to the statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Lease liabilities are classified as non-current liabilities unless payments are payable within 12 months from the balance sheet date. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability. Right-of-use assets are depreciated over the lease terms on a straight-line basis. Payments associated with short-term leases with lease terms of 12 months or less are expensed on a straight-line basis in the statement of comprehensive income. Leases with a remaining lease term of less than 12 months at 1 July 2019 are classified as operating leases. Payments made under these leases are charged to the statement of comprehensive income on a straight-line basis over the period of the lease. Lease income from operating leases where the University is a lessor is recognised in income on a straight-line basis over the lease term. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. 57 25. 25.16 25.17 主要會計政策(續) 退休福利開支 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。 外幣 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。 1. (a) 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。 2. (b) 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: • 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。 • 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。 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.16 Retirement Benefits Costs 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. 25.17 Foreign Currencies 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. 1. (a) 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. 2. (b) 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: • Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet. • 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. 58 25. 25.18 編制分部報告以符合2018年7月1日起生效 的《教資會資助與非教資會資助活動的成 本分攤指引》(「成本分攤指引」)，有 關教資會活動、非教資會活動或共享活動 的成本已被確定。可直接歸於教資會或非 教資會活動的成本不會進行成本分攤，而 共享活動的成本將按照活動類別分攤至教 資會及非教資會分部。為了達致分攤成本 的目的，共享活動的成本將使用適當的成 本驅動因素來分攤至教資會和非教資會分 部，此等成本驅動因素包括使用教資會和 非教資會課程的學分，相當於全日制學生 In compiling the segment reporting for compliance with the Cost Allocation Guidelines for UGC-funded and non-UGC-funded Activities (“the Guidelines”) effective from 1 July 2018, costs associated with UGC activities, non-UGC activities or shared activities are identified. Costs directly attributable to UGC or non-UGC activities are not subject to cost allocation. Shared costs are allocated to UGC and non-UGC segments using appropriate cost drivers including teaching credits of UGC and non-UGC 人數及建築面積等。有關捐款資助的成本 ，會被視為直接成本，並歸納於非教資會 分部。 programmes, the number of student Full Time Equivalents (“FTE”), floor area, etc.. Costs funded by donations are regarded as direct costs and reported under the Non-UGC Segment. 主要會計政策(續) 分部報告內的教資會資助及非教資會資助 活動的成本分攤 25. PRINCIPAL ACCOUNTING POLICIES (CONT’D) 25.18 Cost Allocation for UGC-funded and non-UGC funded activities for segment reporting 59 26. POSSIBLE IMPACT OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS 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 standards, amendments, and interpretations which have been issued and are relevant to its operations but are not yet effective, in these financial statements: 已公佈但尚未生效的新準則、修訂和詮釋可帶來的潛在影響 香港會計準則第 1 號及香港會計準則第 8 號(修訂) Amendments to HKAS 1 and HKAS 8 香港會計準則第 39 號、香港財務報告準則第 7 號 及香港財務報告準則第 9 號(修訂) Amendment to HKAS 39, HKFRS 7 and HKFRS 9 香港財務報告準則第 3 號(修訂) Amendment to HKFRS 3 香港財務報告準則第 17 號 HKFRS 17 香港財務報告準則第 10 號及香港會計準則第 28 號 (修訂) Amendments to HKFRS 10 and HKAS 28 重大的定義1 Definition of Material1 基準利率改革1 Interest Rate Benchmark Reform1 業務的定義1 Definition of Business1 保險合同2 Insurance Contracts2 投資者與其聯營或合營企業之間的資產出售或注資3 Sale and Contribution of Assets between an Investor and its Associate or Joint Venture3 Effective for accounting periods beginning on or after 1 January 2020. 1. 1 於2020年1月1日或以後開始之年度期間生效。 2. 2 於2021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 2021. 3. 3 生效日期待定。 Effective date to be determined. 管理層現正就以上新公佈之準則、修訂及詮釋對本大學之影響作出評估。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 Group’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. 60 27. 主要會計政策之變動 CHANGE IN SIGNIFICANT ACCOUNTING POLICIES 集團因採納香港財務報告準則第 16 號，已自2019年7月1日起更改其會計政策，採納此項準則之影響概述如下: The Group had to change its accounting policies with effect from 1 July 2019 as a result of adopting HKFRS 16. The effect on adoption of this standard is summarised below: (i) 採納的影響 Impact of adoption 集團已應用經修改追溯法以採納香港財務報告準則第16號。經修改追溯法以追溯方式應用準則之規定，並於2 019年7月1日之期初權益確認首次應用之累計影響，且不會重列比較期間之數字。比較資料繼續根據於2019年 7月1日前適用之會計政策呈報。新訂之會計政策於附註 25.15 披露。 The Group has applied the modified retrospective approach to adopt HKFRS 16. The modified retrospective approach applies the requirements of the standard retrospectively with the cumulative effects of initial application recorded in opening equity at 1 July 2019, and with no restatement of the comparative period. The comparative information continues to be reported under the accounting policies prevailing prior to 1 July 2019. The new accounting policies are disclosed in Note 25.15. (a) 已應用的實務簡易處理方法 Practical expedients applied 於首次應用香港財務報告準則第 16號時，集團採用以下獲準則允許的實務簡易處理方法: In applying HKFRS 16 for the first time, the Group has applied the following practical expedients permitted by the standard: • 於首次應用日就現有合約保留租賃之定義。 grandfather the definition of a lease for existing contracts at the date of initial application. • 於擁有合理類似特徵之租賃組合運用單一折現率。 the use of a single discount rate to a portfolio of leases with reasonably similar characteristics. • 於2019年7月1日就餘下租賃期少於12個月之租賃運用確認豁免。 the use of recognition exemption to leases with a remaining lease term of less than 12 months at 1 July 2019. • 就低價值之資產租賃運用確認豁免。 the use of recognition exemption to leases for which the underlying asset is of low value. • 於首次應用日就使用權資產計量撇除期初直接成本。 the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application. 61 27. 主要會計政策之變動(續) CHANGE IN SIGNIFICANT ACCOUNTING POLICIES (CONT’D) (b) 計量租賃負債 Measurement of lease liabilities 於採納香港財務報告準則第16號時，集團就先前根據香港會計準則第17號的原則分類為「經營租賃」的 租賃確認租賃負債。該等負債按租賃付款餘額的現值計量，並使用承租人截至2019年7月1日的增量借款 利率進行貼現。承租人於2019年7月1日應用於租賃負債的加權平均增量借款利率為 4%。 On adoption of HKFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as “operating leases” under the principles of HKAS 17. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 July 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on 1 July 2019 was 4%. 於2019年6月30日的經營租賃承擔與2019年7月1日的租賃負債期: The reconciliation of the operating lease commitments as at 30 June 2019 and the opening balance of lease liability as at 1 July 2019 is as follows: 百萬元 $million 於2019年6月30日披露的營運租約承擔 23 Operating lease commitment disclosed as at 30 June 2019 採用承租人於首次應用當日的增量借款利率貼現 (1) Discounted using the lessee’s incremental borrowing rate as of date of initial application 減:不確認為負債的短期租賃 (2) Less: short term leases not recognised as a liability 於2019年7月1日確認的租賃負債 20 Lease liability recognised as at 1 July 2019 其中: Of which are: 流動租賃負債 13 Current lease liabilities 非流動租賃負債 7 Non-current lease liabilities

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(c) 計量使用權資產 Measurement of right-of-use assets 使用權資產根據與租賃負債相等的金額計量。 Right-of-use assets were measured at the amount equal to the lease liabilities. (d) 於採納香港財務報告準則第 16 號時確認的調整 Adjustments recognised on adoption of HKFRS 16 會計政策變動影響於2019年7月1日的綜合資產負債表內以下項目: The change in accounting policy affected the following items in the consolidated balance sheet on 1 July 2019: – 使用權資產增加了二千萬元 right-of-use assets increased by $20 million; – 流動租賃負債增加了一千三百萬元; 以及 current lease liabilities increased by $13 million; and – 非流動租賃負債增加了七百萬元 non-current lease liabilities increased by $7 million. (e) 出租人會計處理 Lessor accounting 採用香港財務報告準則 16 後，集團不需要對其作為出租人持有的資產之會計處理作出任何調整。 The Group did not need to make any adjustments to the accounting for assets held as lessor under operating leases as a result of the adoption of HKFRS 16. 62