首灃控股：2019年報.pdf

1、(Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司）Stock code 股份代號:1703Annual Report 2019 年報2 0 1 9Annual Report年 報1Palace Banquet Holdings Limited 首灃控股有限公司Corporate Information 2公司資料Financial Highlight 4財務摘要Chairman Statement 5主席的話Management Discussion and Analysis 8管理層討論及分析

2、Report of the Directors 19董事會報告Corporate Governance Report 33企業管治報告Environmental,Social and Governance Report 45環境、社會及管治報告Directors and Senior Management 72董事及高級管理層Independent Auditors Report 78獨立核數師報告Consolidated Statement of Profit or Loss and Other Comprehensive Income 84綜合損益及其他全面收益表Consolidated

3、Statement of Financial Position 85綜合財務狀況表Consolidated Statement of Changes in Equity 87綜合權益變動表Consolidated Statement of Cash Flows 88綜合現金流量表Notes to the Consolidated Financial Statements 90綜合財務報表附註Financial Summary 160財務概要Contents目錄Annual Report 2019 年報 CoRPoRAte InFoRMAtIon公司資料2 董事會執行董事陳首銘先生（主席）（於2

4、018年6月7日獲委任）陳曉平女士（行政總裁）（於2018年6月28日獲委任）錢春林女士（於2018年6月28日獲委任）獨立非執行董事陳冠遠先生（於2019年1月25日獲委任）伍國棟先生（於2019年1月25日獲委任）余銘維先生（於2019年1月25日獲委任）公司秘書陳釗洪先生(CPA)授權代表陳曉平女士陳釗洪先生審核委員會伍國棟先生（主席）陳冠遠先生余銘維先生薪酬委員會陳冠遠先生（主席）伍國棟先生余銘維先生提名委員會余銘維先生（主席）陳冠遠先生伍國棟先生註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681Grand CaymanKY1-111Cayman

5、 Islands總部及香港主要營業地點香港九龍旺角道2A號琪恒中心14樓2室BOARD OF DIRECTORSExecutive DirectorsMr.Chan Shou Ming(Chairman)(appointed on 7 June 2018)Ms.Chen Xiao Ping(Chief Executive Officer)(appointed on 28 June 2018)Ms.Qian Chunlin(appointed on 28 June 2018)Independent Non-executive DirectorsMr.Chan Koon Yuen Windaus(

6、appointed on 25 January 2019)Mr.Ng Kwok Tung(appointed on 25 January 2019)Mr.Yue Ming Wai Bonaventure(appointed on 25 January 2019)Company SecretaryMr.Chan Chiu Hung Alex(CPA)Authorised RepresentativesMs.Chen Xiao PingMr.Chan Chiu Hung AlexAudit CommitteeMr.Ng Kwok Tung(Chairman)Mr.Chan Koon Yuen Wi

7、ndausMr.Yue Ming Wai BonaventureRemuneration CommitteeMr.Chan Koon Yuen Windaus(Chairman)Mr.Ng Kwok TungMr.Yue Ming Wai BonaventureNomination CommitteeMr.Yue Ming Wai Bonaventure(Chairman)Mr.Chan Koon Yuen WindausMr.Ng Kwok TungRegistered OfficeCricket SquareHutchins DriveP.O.Box 2681Grand CaymanKY1

8、-111Cayman IslandsHead Office and Principal Place of Business of Hong KongUnit 2,14/F Win Century CentreNo.2A Mong Kok RoadKowloonHong KongPalace Banquet Holdings Limited 首灃控股有限公司CoRPoRAte InFoRMAtIon公司資料3 Principal Share Registrar and Transfer OfficeConyers Trust Company(Cayman)LimitedCricket Squar

9、e,Hutchins DriveP.O.Box 2681Grand Cayman,KY1-1111Cayman IslandsHong Kong Branch Share RegistrarTricor Investor Services LimitedLevel 54,Hopewell Centre183 Queens Road EastHong KongAuditorSHINEWING(HK)CPA LimitedCertified Public AccountantsLegal AdvisersAs to Hong Kong LawsLuk&PartnersIn Association

10、withMorgan,Lewis&BockiusCompliance AdviserShenwan Hongyuan Capital(H.K.)LimitedPrincipal BankersThe Hongkong and Shanghai Banking Corporation LimitedBank of China(Hong Kong)Limited Stock Code The Stock Exchange of Hong Kong Limited 01703Website www.palace-.hk主要股份過戶登記處Conyers Trust Company(Cayman)Lim

11、itedCricket Square,Hutchins DriveP.O.Box 2681Grand Cayman,KY1-1111Cayman Islands香港股份過戶登記分處卓佳證券登記有限公司香港皇后大道東183號合和中心54樓核數師信永中和（香港）會計師事務所有限公司註冊會計師本公司的法律顧問有關香港法例：陸繼鏘律師事務所與摩根路易斯律師事務所聯營合規顧問申萬宏源融資（香港）有限公司主要往來銀行香港上海滙豐銀行有限公司中國銀行（香港）有限公司股份代號香港聯合交易所有限公司01703網址www.palace-.hkAnnual Report 2019 年報 FInAnCIAl HIgH

12、lIgHt財務摘要4 For the year ended 31 March截至3月31日止年度201920182019年2018年HK$000HK$000%Change千港元千港元變動百分比 Revenue收益848,567770,14310.2%Revenue less cost of inventories consumed收益減已消耗存貨成本647,246590,3989.6%Profit before listing expenses上市開支前溢利55,09158,5735.9%Profit for the year attributable to the shareholders

13、of the Company本公司股東應佔年內 溢利37,74952,98228.8%Earnings per share每股盈利 Basic and diluted(HK cents)基本及攤?。ǜ巯桑?.87.132.4%KEY FINANCIAL RATIOS As at/For the year ended 31 March於3月31日截至該日止年度201920182019年2018年 Gross profit margin(%)毛利率(%)76.376.7Net profit margin(%)純利率(%)4.46.9Return on total assets(%)總資產回報率(%

14、)8.618.6Return on equity(%)股本回報率(%)15.148.2Current ratio(times)流動比率（倍）1.81.0Quick ratio(times)速動比率（倍）1.80.9Gearing ratio(%)(Note)負債比率(%)（附註）22.953.1Interest coverage(times)利息覆蓋比率（倍）10.921.4 Note:Gearing ratio equals to interest-bearing debts divided by total equity attributable to owners of the Comp

15、any as at the year end.主要財務比率附註：負債比率等於計息債務除以年末本公司擁有人應佔權益總額。Palace Banquet Holdings Limited 首灃控股有限公司CHAIRMAn stAteMent主席的話5 本人謹代表首灃控股有限公司（本公司）董事（董事）會（董事會），欣然呈報本公司，連同其附屬公司（統稱 首灃控股 或 本集團）截至2019年3月31日止年度的年度報告。2019年是首灃控股發展的重要一年，本集團股份於2019年2月15日（上市日期）於香港聯合交易所有限公司（聯交所）主板成功上市，令本集團有機會接觸其中一個全球最大的資本市場，為日後發展提供更

16、多元化的融資渠道。成為上市公司有助提升了本集團的聲譽及品牌知名度，鞏固現有業務網絡，以及開拓更多新供應商及潛在客戶的重要商機。過去一年，環球經濟存在不穩定因素，加上貨品、食材及人工成本上升，以及飲食業競爭加劇、結婚數目減少，對宴會及餐飲行業營運造成一定的壓力。在消費者對經濟發展持觀望態度的情況下，預料結婚數目及婚宴市場規模將維持平穩水平。然而，本集團正積I am pleased to present the annual report of Palace Banquet Holdings Limited(the“Company”,together with its subsidiaries,“

17、Palace Banquet”or the“Group”)for the year ended 31 March 2019 on behalf of the board(the“Board”)of directors(the“Directors”)of the Company.2019 is a year of great importance to the development of Palace Banquet.On 15 February 2019(the“Listing date”),the shares of the Group were listed on the Main Bo

18、ard of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”),which enables the Group to access one of the largest capital markets in the world and provides us with more diversified financing channels for our future development.The listing status improves the reputation and brand awareness of

19、the Group,consolidates its existing business network and increases key business opportunities from more new suppliers and potential clients.Last year,given the uncertainties facing the global economy and the increase in costs of goods,food ingredients and labour,coupled with more intensifying compet

20、ition in the food and beverage industry and the decline in the number of marriages,the operation of banquet and dining industry was under considerable pressure.With a cautious approach towards economic development among consumers,it is expected that the number of marriages and the scale of wedding b

21、anquet Chan Shou Ming 陳首銘Chairman 主席Annual Report 2019 年報 CHAIRMAn stAteMent主席的話6 market will be sustained at a stable level.However,the Group is actively expanding the markets for various kinds of banquets,such as birthday banquets,babies hundred days celebration and graduation dinners,as well as c

22、asual dining,with a view to providing a broader future income base for the Group.The Group will adopt a prudent and optimistic development strategy to cope with the volatile and fluctuating market.As a prestigious full-service restaurant group in Hong Kong,the Group offers banquet services and Canto

23、nese dining services and its business has been growing steadily.The Group has been providing one-stop wedding banquet services to our customers since 2006 under two brands name,namely“煌府(Palace)”and“Royal Courtyard(煌苑)”.The Group offers different types of services with different purposes and unique

24、theme,catering for the needs of a wide range of customers.Our restaurants are strategically located in prime locations with convenient access to public transports,especially the railway stations,forming an empire of banquet for Palace Banquet.With the maturing of various residential areas in recent

25、years,the daily consumption of Chinese cuisines by local consumers has gradually increased,prompting the Group to start identifying prime positions in residential areas not yet covered by restaurants under our brand,so as to meet peoples needs and expand customer base as well as market share.During

26、the year,the Group continued to streamline its restaurant network.As at the 31 March 2019,the number of our restaurants was 19 in total,including the new Tuen Mun Restaurant,Cheung Sha Wan Restaurant and Tsim Sha Tsui Silvercord Restaurant which have recently come into operation and are well-receive

27、d by the consumers.The Chatham Road Restaurant have ceased operation in an effort to enhance our operating efficiency.In addition,Kwun Tong Restaurant,which is expected to commence operation in July 2019,has also received considerable banquet queries.As disclosed in the prospectus,our business opera

28、tion is subject to seasonality,and during the Track Record Period our first-half results were loss making and hence our first half-year results were not indicative of our second-half or full year results.We expect such pattern will continue this year.極開拓壽宴、百日宴及謝師宴等各式宴會，以及日常餐飲市場，為本集團日後提供更廣闊的收入基礎。在面對市

29、場的反覆波動之下，本集團將以審慎樂觀的發展策略應對。本集團作為香港備受顧客推崇的全面服務式酒樓集團，提供宴會服務及粵式餐飲服務，業務一直穩定增長。本集團自2006年起為客戶提供一站式婚宴服務，以 煌府 及 煌苑 兩組品牌，以不同定位及特色主題提供各類服務，覆蓋廣泛顧客群的需求，酒樓策略性地座落於交通四通八達（尤其連接特定鐵路站）的黃金地段，打造首灃控股的宴會王國。隨著近年多個住宅區發展成熟，本地消費者對中菜的日常消耗有漸增加，促使本集團開始物色住宅區、未有本集團品牌酒樓的優質位置，以迎合民生需求，及擴大客戶基礎及搶佔市場佔有率。年內，本集團繼續整合旗下酒樓網絡，截至2019年3月31日，酒樓數

30、目共十九間，包括新投入營運的屯門酒樓、長沙灣酒樓及尖沙咀新港中心酒樓，深受消費者歡迎；漆咸道酒樓已終止業務，以提升營運效率。另外，觀塘酒樓亦預計於2019年7月開業，目前已獲不少酒席查詢。誠如招股章程所披露，我們的業務營運受季節性影響，而於往績期間，我們的上半年業績為虧損，故此，我們的上半年業績並不代表我們的下半年或全年業績。我們預計此模式將在本年延續。Palace Banquet Holdings Limited 首灃控股有限公司CHAIRMAn stAteMent主席的話7 Looking ahead,Palace Banquet is fully confident in the pro

31、spect of the banquet and catering industry in Hong Kong.It will continue to observe the changes in market environment,identify new strategic restaurant locations for long-term deployment,increase the convenience and accessibility of its restaurant network,and renovate the existing restaurant facilit

32、ies.In addition,the Group will further enhance its services and quality of its dishes to attract the hosting of diversified banquets such as wedding banquets,birthday banquets,babies hundred days celebration and graduation dinners,as well as potential consumers at dinner and high-tea times,so as to

33、expand its income sources and promote a steady development for the business of the Group.At last,on behalf of the Board,I would like to thank the management team and staff for their unremitting efforts,as well as all the shareholders,investors,customers and business partners for their continuing sup

34、port.Palace Banquet will continue to grasp opportunities and strive to create greater interests for the shareholders.Chan Shou MingChairman14 June 2019展望未來，首灃控股對香港宴會及餐飲業前景充滿信心，會持續審視市場環境轉變，物色新的策略性酒樓地點作長遠部署，增加酒樓網絡的便利度及可見度，並翻新現有酒樓設施。另外，本集團將進一步提升服務及菜式水平，吸引不同婚宴、壽宴、百日宴及謝師宴等各式宴會，以及晚市和茶市的潛在消費者，擴大收入基礎，推動集團業務

35、平穩發展。最後，本人謹代表董事會，感謝管理團隊及員工的不懈努力，亦感謝全體股東、投資者、客戶及業務夥伴一直的支持。首灃控股將繼續把握機遇，並致力為股東創造更大的利益。主席陳首銘2019年6月14日Annual Report 2019 年報 MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析8 本集團是香港一間全面服務式酒樓集團，提供粵式餐飲服務及宴會服務，包括婚宴服務。行業回顧於香港，家庭在食品上的開支隨著收入增加而上漲。根據弗若斯特沙利文，香港居民的每戶食品開支預期將於2022年達到約121,490港元，從2017年至2022年的複合年增長率（複合年增長率）

36、為3.9%。根據弗若斯特沙利文，食品價格按整體供需以及其他因素而改變，包括氣候及天災等環境情況。根據香港特別行政區的政府統計處（政府統計處）公佈的2018年消費物價指數年報，食品綜合消費物價指數（消費物價指數）（或稱食品價格指數（食品價格指數）由2017年的+2.2持續上升至2018年的+3.4。由於消費物價指數計量食品平均加權價格，我們持續就食品及飲品的購買價面對壓力。根據弗若斯特沙利文，在香港餐飲服務行業的市場規模方面，估計於香港的酒樓及中式酒樓總數將於2020年分別超過35,000間及23,000間。預計市場競爭將變得更激烈。預計餐飲業將在穩健市場需求的支持下維持可持續增長。消費者（特別

37、是旅客）願意選擇品牌形象及聲譽已確立的餐飲集團。未來幾年，隨著餐飲業進一步發展、常規化水平高、外出用餐的意欲提升，香港全面服務式餐廳市場預計將繼續維持升勢。根據弗若斯特沙利文報告，香港全面服務式餐飲市場的總收益預計將於2022年達到544億港元，自2017年起的複合年增長率為4.0%。此外，行業持續因主要食材成本上漲受影響。食品為2018年綜合消費物價指數整體增幅的最大組成部分，其包括新鮮蔬菜（增加7.1%)、鹹水魚（增加6.1%)、新鮮水果（增加5.7%)、其他食品（增加4.7%）及其他新鮮海產品（增加11%)。The Group is a full-service restaurant g

38、roup in Hong Kong offering Cantonese dining service and banquet service including wedding banquet service.INDUSTRY REVIEWIn Hong Kong,the household expenditure on food has been growing along with the increase in income.According to Frost&Sullivan,the per household expenditure on food of Hong Kong re

39、sidents is expected to reach approximately HK$121,490 in 2022,representing a compound annual growth rate(“CAGR”)of 3.9%from 2017 to 2022.Food prices vary based on overall demand and supply as well as other factors including environmental conditions such as climate and natural disasters,according to

40、Frost&Sullivan.According to the annual report on the consumer price index 2018 published by the Census and Statistics Department(“C&SD”)of the Hong Kong Special Administrative Region,the composite consumer price index(“CPI”)for food,or Food Price Index(“FPI”),continued to rise from+2.2 for 2017 to+3

41、.4 for 2018.As the CPI measures the weighted average of prices for food,we faced continued pressure on purchase price of food and beverages.According to Frost&Sullivan,in terms of the market size of Hong Kong catering service industry,it is estimated that the total number of restaurants and Chinese

42、restaurants in Hong Kong will exceed 35,000 and 23,000 in 2020,respectively.The market is expected to become more competitive.The catering industry is expected to keep a sustainable growth supported by the solid market demand.Consumers,especially tourists,are willing to choose restaurant groups with

43、 a well-established brand image and reputation.In the following years,with further development in the catering industry,high level of standardisation,increasing willingness of dining out,the Hong Kong full-service restaurant market is expected to continue to maintain an upward trend.According to Fro

44、st&Sullivan,the total revenue of the full-service restaurant market in Hong Kong is expected to reach HK$54.4 billion in 2022,representing a CAGR of 4.0%from 2017.Furthermore,the industry continues to be affected by rising cost of major food ingredients.Food which has the largest contribution to the

45、 overall increase of the composite CPI during 2018 includes fresh vegetables(increased by 7.1%),salt-water fish(increased by 6.1%),fresh fruits(increased by 5.7%),other foods(increased by 4.7%)and other fresh sea products(increased by 11%).Palace Banquet Holdings Limited 首灃控股有限公司MAnAgeMent DIsCussIo

46、n AnD AnAlysIs管理層討論及分析9 As for the Hong Kong banquet market,as disclosed in the Companys prospectus dated 31 January 2019(the Prospectus),the market is forecasted to realise a CAGR of approximately 2.1%from 2017 to 2022 due to the increasing expenditure on banquets driven by growing consumption powe

47、r of Hong Kong residents.According to the C&SD,the number of marriage had decreased from 51,800 in 2017 to 49,700 in 2018(provisional).The crude marriage rate in 2017 was 7.0 per 1,000 people in population had dropped 6.7 per 1,000 people in population in 2018(provisional).These demographic revealed

48、 the potential customer base for the Groups wedding banquet has slightly declined.Despite the decline in the number of weddings in Hong Kong,the Hong Kong wedding banquet market is forecasted to be relatively stable in the next few years due to higher average spending on wedding banquets.For instanc

49、e,according to wedding ESD life,one of online platforms tailored for weddings,the average spending on wedding banquets in 2018 increased by 5%as compared to 2017.According to Frost and Sullivan,the per capita average spending on wedding banquets is expected to reach approximately HK$175,000 in 2022,

50、increasing about 8.7%from HK$161,000 in 2017,which will be the major driver of the wedding banquet market.The per capita average spending on wedding banquets in Chinese full-service restaurants is expected to increase from HK$159,000 in 2017 to HK$172,000 in 2022,representing an increase of approxim

51、ately 8.5%.In terms of cuisine type,Chinese cuisine banquets account for approximately 85%of the total number of wedding banquets over years.BUSINESS REVIEWAs at 31 March 2019,the Group operated 19 Chinese full-service restaurants under two brand names,namely,brands with the word(s)“煌府(Palace)”and“R

52、oyal Courtyard(煌苑)”.Two restaurants under the brand“Royal Courtyard(煌苑)”possess outdoor garden for holding wedding ceremonies.During the year under review,three restaurants under the brand“煌府(Palace)”,namely,Silvercord Restaurant,Cheung Sha Wan Restaurant and Tuen Mun Restaurant,commenced business i

53、n April 2018,October 2018 and January 2019,respectively.During the year under review,Chatham Restaurant(under the brand“煌府(Palace)”)ceased operations at the end of February 2019 when its lease expired.在香港宴會市場方面，如本公司日期為2019年1月31日的招股章程（招股章程）所披露，由於香港居民的消費能力日益增加帶動宴會開支不斷上升，預計市場由2017年至2022年將實現複合年增長率約2.1%。

54、根據政府統計處，結婚數目由2017年的51,800宗減少至2018年的49,700宗（暫時）。2017年的粗結婚率為每1,000人7.0宗，於2018年下落至每1,000人6.7宗（暫時）。該等人口數據說明本集團婚宴的潛在客戶基礎輕微減少。雖然香港的婚禮數目減少，惟因婚宴的平均消費較高，預測香港婚宴市場於未來數年將保持相對穩定。舉例而言，根據婚禮專門網上平臺新婚生活易，相較於2017年，2018年的婚宴平均消費增加了5%。根據弗若斯特沙利文，婚宴人均消費預期將於2022年達致約175,000港元，由2017年的161,000港元增加約8.7%，並將成為婚宴市場的主要驅動因素。中式全面服務式酒樓

55、婚宴的人均平均消費預期將由2017年的159,000港元增加至2022年的172,000港元，增幅為約8.5%。在餐飲種類方面，中餐宴會佔多年來婚宴總數的約85%。業務回顧於2019年3月31日，本集團以兩組品牌名稱經營19間中式全面服務式酒樓，即 煌府 及 煌苑 品牌?；驮菲放葡碌膬砷g酒樓設有室外花園，可用於舉行婚禮?；仡櫮陜?，煌府 品牌下的三間酒樓（即新港酒漊、長沙灣酒樓及屯門酒樓）分別於2018年4月、2018年10月及2019年1月開業。於回顧年度，煌府品牌下的漆咸道酒樓於2019年2月底租約期滿後終止營業。Annual Report 2019 年報 MAnAgeMent DIsCus

56、sIon AnD AnAlysIs管理層討論及分析10 The following table sets out the movement of the number of restaurants operated by the Group during the financial years indicated:Year ended 31 March截至3月31日止年度201920182019年2018年 Number of restaurants at the beginning of the year年初的酒樓數目1716Number of newly opened restaurant

57、(s)during the year年內新開設酒樓的數目31Number of closed restaurant during the year年內關閉酒樓的數目(1)Number of restaurants at the end of the year年末的酒樓數目1917 As disclosed in“Business Business Strategies”and“Future plans and use of proceeds”in the Prospectus,the Group will continue to open new restaurants in Hong Kon

58、g according to its expansion plan to maintain its competitiveness.According to expected timeframe of the expansions as disclosed in the Prospectus,the Group plans to open four restaurants for the year ending 31 March 2020,namely,in Kwun Tong,Sham Shui Po,Sha Tin and Wong Tai Sin.On 7 January 2019,th

59、e Group had entered into a tenancy agreement with a landlord,an Independent Third Party,for the Groups new restaurant in Kwun Tong.The Kwun Tong restaurant is expected to be opened in July 2019.The exact location of the other three new restaurants depends on a number of factors,including availabilit

60、y of new commercial complex/shopping mall and timing of rental expiry.The Group is still searching for suitable premises for the other three new restaurants as at the date of this annual report.As disclosed in the section headed“Summary Recent Development and Material Adverse Change”in the Prospectu

61、s,the Group intends to cease the operation of its Causeway Bay Restaurant and Mong Kok Restaurant when their rental agreements have expired,after having assessed the costs and benefits on renewing tenancy agreements of these two restaurants.The lease for the Causeway Bay Restaurant has expired and t

62、he operation has ceased in May 2019.As for the Mong Kok Restaurant,as the lease will expire at the end of June 2019,the operation has ceased and reinstatement work has begun as at the date of this annual report.下表載列本集團於所示財政年度經營的酒樓數量變動：誠如招股章程業務業務策略及未來計劃及所得款項用途所披露，本集團將繼續根據擴展計劃在香港開設新酒樓，以維持其競爭力。根據招股章程所披

63、露的預期擴張時間表，本集團計劃於截至2020年3月31日止年度開設四間酒樓，分別位於觀塘、深水埗、沙田及黃大仙。本集團於2019年1月7日與一名獨立第三方業主就本集團於觀塘新開設的酒樓訂立租約。預期觀塘酒樓將於2019年7月開張。其他三間新酒樓的實際地點視乎多項因素而定，包括新商業大樓商場的可用舖位及租約屆滿的時間。於本年報日期，本集團尚在為其他三間新酒樓尋找合適的地點。誠如招股章程概要近期發展情況及重大不利變動一節所披露，評估重續銅鑼灣酒樓及旺角酒樓的租約的成本及裨益後，本集團擬於該兩間酒樓的租約屆滿時終止其業務。銅鑼灣酒樓的租約已屆滿並於2019年5月終止營業。旺角酒樓方面，由於租約將於2

64、019年6月底屆滿，有關業務已終止及截至本年報日期已開始翻新工程。Palace Banquet Holdings Limited 首灃控股有限公司MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析11 Subsequent to 31 March 2019,Tsim Sha Tsui East Restaurant and Sheung Shui Restaurant underwent renovation in April and May 2019,respectively.For the year ending 31 March 2020,the Gro

65、ups several other restaurants will undergo renovation.For details,please refer to“Business Renovating our existing restaurants to maintain competitiveness”in the Prospectus.Approximately 60%of the costs for renovation will be funded by the net proceeds from the Global Offering and the balance will b

66、e funded by internal resources.FINANCIAL REVIEWRevenueThe Groups revenue increased by 10.2%from approximately HK$770.1 million for the year ended 31 March 2018 to approximately HK$848.6 million for the year ended 31 March 2019.Such increase in revenue was mainly due to the revenue of approximately H

67、K$86.0 million brought by the increase in number of new restaurants opened during the year,including the Silvercord Restaurant,Cheung Sha Wan Restaurant and Tuen Mun Restaurant,which were opened in April 2018,October 2018 and January 2019,respectively.The increase in our revenue was partially set of

68、f by(i)the decrease in revenue of approximately HK$3.7 million due to the closure of Chatham Restaurant in February 2019;and(ii)the aggregate revenue of the Groups comparable restaurant sales for the year ended 31 March 2019 had moderately decreased by approximately 1.1%as compared to the year ended

69、 31 March 2018 mainly due to the intensifying competition of the catering industry and decrease of wedding banquet customer base from the decrease in number of marriage in 2018.於2019年3月31日後，尖東酒樓及上水酒樓分別於2019年4月及5月進行翻新。截至2020年3月31日止年度，本集團若干其他餐廳將進行翻新。有關詳情請參閱招股章程 業務翻新我們現有酒樓以保持競爭力。約60%的翻新成本將由全球發售所得款項淨額撥付

70、，而餘額將由內部資源撥付。財務回顧收益本集團的收入由截至2018年3月31日止年度的約770.1百萬港元增加10.2%至截至2019年3月31日止年度的約848.6百萬港元。該收入增加主要由於年內新開業酒樓數目增加，帶來收入約86.0百萬港元，包括分別於2018年4月、2018年10月及2019年1月開業的新港酒樓、長沙灣酒樓及屯門酒樓。我們的收入增幅被以下因素部分抵銷(i)由於2019年2月漆咸道酒樓關閉，收入減少約3.7百萬港元；及(ii)截至2019年3月31日止年度，本集團可比酒樓銷售總收入較截至2018年3月31日止年度溫和下降約1.1%，此乃主要由於飲食業競爭加劇及婚宴的客戶基礎下

71、降（主因是2018年結婚數目減少）。Annual Report 2019 年報 MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析12 The following table sets for the comparable restaurant sales,guest count and average spending per customer:Year ended 31 March截至3月31日止年度201920182019年2018年 Number of comparable restaurants可比酒樓數目1515Comparable restaur

72、ant sales(HK$000)可比酒樓銷售額（千港元）675,907683,281Guest count of comparable restaurant sales(000)可比酒樓銷售顧客人數（千人）5,1155,128Seat turnover rate of comparable restaurants(Note)可比酒樓翻枱率（附註）1.91.9 Average spending per customer of comparable restaurants(HK$)可比酒樓人均消費（港元）132133 Note:Seat turnover rate equals guest co

73、unt during a year divided by seating capacity of the relevant restaurants and further divided by the number of operating days in the relevant year.Seating capacities of our restaurants are based on the standard number of seats of each restaurant only and does not reflect occasional seating adjustmen

74、t at peak hours/seasons or public holidays.Our Directors consider that such occasional adjustment should not affect the reliability of the seat turnover rate in the table above.Cost of food and beveragesThe Groups cost of food and beverages increased by approximately 12.0%,or approximately HK$21.6 m

75、illion,from approximately HK$179.7 million for the year ended 31 March 2018 to approximately HK$201.3 million for the year ended 31 March 2019.The increase was generally in line with the increase in revenue during the year ended 31 March 2019 and the increase in FPI.The cost of food and beverages as

76、 a percentage of revenue remained relatively stable at approximately 23.7%for the year ended 31 March 2019(2018:23.3%).Gross Profit and Gross Profit MarginThe Groups gross profit(being revenue minus cost of materials consumed)amounted to approximately HK$647.2 million for the year ended 31 March 201

77、9,representing an increase of approximately 9.6%from approximately HK$590.4 million for the year ended 31 March 2018,which was in line with the increase in revenue during the year.The Groups overall gross profit margin for the year ended 31 March 2018(76.7%)and 2019(76.3%)remained relatively stable.

78、下表列載可比酒樓銷售額、顧客人數及人均消費：附註：翻枱率等於年內顧客人數除以有關酒樓座席數，再除以相關年度的經營日數計算。我們的酒樓座席數僅按每間酒樓的標準座席數計算，並不反映於高峰時段季節或公眾假期偶爾作出的座席調整。我們的董事認為有關的臨時調整應不會影響上表所載翻枱率的可靠性。餐飲成本本集團的餐飲成本由截至2018年3月31日止年度的約179.7百萬港元增加約12.0%或約21.6百萬港元至截至2019年3月31日止年度的約201.3百萬港元。增加與截至2019年3月31日止年度的收益增加及食品價格指數增加整體一致。截至2019年3月31日止年度，餐飲成本佔收益百分比維持相對穩定，為約23

79、.7%（2018年：23.3%)。毛利及毛利率截至2019年3月31日止年度，本集團的毛利（即收入減消耗材料成本）約為647.2百萬港元，較截至2018年3月31日止年度的約590.4百萬港元增加約9.6%，與年內收入增長吻合。本集團截至2018年（76.7%）及2019年（76.3%）3月31日止年度的整體毛利率維持相對穩定。Palace Banquet Holdings Limited 首灃控股有限公司MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析13 Staff costsThe Groups staff costs increased by app

80、roximately 9.4%,or approximately HK$22.4 million,from approximately HK$237.8 million for the year ended 31 March 2018 to approximately HK$260.2 million for the year ended 31 March 2019.Such increase was primarily due to the increase in salary and wages in order to cope with our business expansions d

81、uring the year ended 31 March 2019.The staff costs as a percentage of revenue remained relatively stable at approximately 30.9%for the year ended 31 March 2018 as compared to approximately 30.7%for the year ended 31 March 2019.Property rentals and related expensesThe Groups property rentals and rela

82、ted expenses increased by approximately 16.2%,or approximately HK$26.6 million,from approximately HK$164.6 million for the year ended 31 March 2018 to approximately HK$191.2 million for the year ended 31 March 2019.Such increase was mainly attributable to an increase in the monthly rentals of the Gr

83、oups leased properties upon renewal of the relevant leases and new properties leased for the expansion of the business.The property rentals and related expenses as a percentage of revenue slightly increased from approximately 21.4%for the year ended 31 March 2018 to approximately 22.5%for the year e

84、nded 31 March 2019.Listing expensesListing expenses comprise professional fees and other expenses in relation to the Listing.The Groups listing expenses amounted to approximately HK$17.3 million for the year ended 31 March 2019 as compared with approximately HK$5.6 million for the year ended 31 Marc

85、h 2018 as the Listing took place during the year ended 31 March 2019.Profit for the yearProfit for the year ended 31 March 2019 decreased by approximately 28.8%,or approximately HK$15.3 million,from approximately HK$53.0 million for the year ended 31 March 2018 to approximately HK$37.7 million for t

86、he year ended 31 March 2019.Such decrease was mainly due to the combined effect of(i)increase in listing expenses incurred for the year ended 31 March 2019 by approximately HK$11.8 million as compared with the year ended 31 March 2018;and(ii)the rate of increase in property rental and related expens

87、es and cost of food and beverages which is higher than the rate of increase in revenue as discussed above.員工成本本集團的員工成本由截至2018年3月31日止年度的約237.8百萬港元增加約9.4%或約22.4百萬港元至截至2019年3月31日止年度的約260.2百萬港元。有關增加主要由於薪金及工資增加以應付於截至2019年3月31日止年度的業務擴張。員工成本佔收益百分比維持相對穩定，於截至2018年3月31日止年度為約30.9%，而於截至2019年3月31日止年度為約30.7%。物業租金

88、及相關開支本集團的物業租金及相關開支由截至2018年3月31日止年度的約164.6百萬港元增加約16.2%或約26.6百萬港元至截至2019年3月31日止年度的約191.2百萬港元。有關增加主要由於重續相關租賃及為業務擴張租賃新物業後本集團的租賃物業的月租增加。物業租金及相關開支佔收益百分比由截至2018年3月31日止年度的約21.4%輕微增至截至2019年3月31日止年度的約22.5%。上市開支上市開支包括與上市有關的專業費用及其他開支。本集團的上市開支於截至2019年3月31日止年度為約17.3百萬港元，於截至2018年3月31日止年度則為約5.6百萬港元，因為於截至2019年3月31日止

89、年度上市。年內溢利截至2019年3月31日止年度，年內溢利由截至2018年3月31日止年度的約53.0百萬港元減少約28.8%或約15.3百萬港元至截至2019年3月31日止年度的約37.7百萬港元。有關減少主要由於以下各項的綜合影響：(i)截至2019年3月31日止年度產生的上市開支較截至2018年3月31日止年度增加約11.8百萬港元；及(ii)如上文討論，物業租金及相關開支以及食品及飲料成本增幅大於收益增幅。Annual Report 2019 年報 MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析14 P O S S I B L E I M PA C

90、 T O F T H E F U T U R E APPLICATION OF HKFRS 16“LEASES”HKFRS 16,“Leases”provides new provisions for the accounting treatment of leases and will in the future all non-current leases must be recognised in the form of an asset(for the right of use)and a financial liability(for the payment obligation).

91、Short-term leases of less than twelve months and leases of low-value assets are exempt from the reporting obligation.The new standard is not expected to apply until the Groups financial year ending 31 March 2020,including the adjustment of prior years.ImpactAs at 31 March 2019,the Group had non-canc

92、ellable minimum operating lease commitments of approximately HK$377,561,000,which are not reflected in the consolidated statement of financial position.Given that the total non-cancellable operating lease commitments account for approximately 200%of the total liabilities of the Group as at 31 March

93、2019,the Directors expect that the adoption of HKFRS 16 as compared with the current accounting policy would result in significant impact on the Groups financial positions.Upon application of HKFRS 16,the Group will recognise a right-of-use asset and a corresponding liability in respect of all these

94、 leases unless they qualify as low value or short-term leases.Based on modified retrospective approach,the Directors preliminarily estimated that the right-of-use assets would increase by approximately HK$420,000,000 and the lease liabilities would increase by approximately HK$429,000,000 as at 1 Ap

95、ril 2019,resulting in potential decrease in net assets,but no significant impact on the consolidated financial performance of the Group.TREASURY POLICY,LIQUIDITY,FINANCIAL RESOURCES AND CAPITAL STRUCTUREThe treasury policy of the Group aims to improve cash visibility and control by minimizing the in

96、terest rate risk,foreign exchange risk,liquidity risk associated with the transactions and lower the funding cost in order to sustain its continuous operation.The Groups objectives in managing capital are to safeguard its ability to continue as a going concern and financial flexibility.The capital s

97、tructure of the Group consists of net debts,which includes bank borrowings,net of bank balances and cash and equity attributable to owners of the Group,comprising issued share capital and reserves.日後應用香港財務報告準則第16號 租賃 的可能影響香港財務報告準則第16號 租賃 為租賃會計處理提供新條文，規定日後所有非流動租賃必須以資產（用於使用權）和金融負債（用於支付義務）形式確認。少於十二個月的短

98、期租賃及低價值資產租賃免除報告責任。預期新準則（包括過往年度的調整）直至本集團截至2020年3月31日止財政年度才會應用。影響於2019年3月31日，本集團不可取消最低經營租賃承擔約為377,561,000港元，並未於綜合財務狀況表內反映。鑑於不可取消經營租賃承擔總額佔本集團於2019年3月31日的總債務約200%，董事預期，與現時會計政策相比，採納香港財務報告準則第16號將會對本集團財務狀況造成重大影響。應用香港財務報告準則第16號後，本集團將就所有該等租賃確認使用權資產及相應負債，除非其符合作為低價值或短期租賃的資格。按照經修訂追溯方法，董事初步預計於2019年4月1日，使用權資產增加約4

99、20,000,000港元，而租賃負債增加約429,000,000港元，可能導致資產淨值減少，但對本集團綜合財務表現並無重大影響。庫務政策、流動資金、財務資源及資本架構本集團的庫務政策為透過減低利率風險、外匯風險、與交易相關的流動性風險及降低融資成本，改善現金可預見度和控制，從而可維持持續經營。本集團管理資本的目標是保障其持續經營能力及財務靈活性。本集團的資本架構包括淨債項，包括銀行借款（扣除銀行結餘及現金及本集團擁有人應佔權益，包括已發行股本及儲備）。Palace Banquet Holdings Limited 首灃控股有限公司MAnAgeMent DIsCussIon AnD AnAlys

100、Is管理層討論及分析15 The Directors review the capital structure of the Group periodically and may take different measures,including adjusting the distribution amount to the shareholders,returning capital to the shareholders,and issuing new shares or sell assets to reduce debt,for maintaining the capital str

101、ucture.The Groups liquidity requirements primarily relate to the working capital needs(mainly for procurement of food and beverages from suppliers,staff costs,property rents and various operating expenses),providing catering and banquet services and working capital needs for loss making period,and t

102、he principal source of funds is mainly from working capital generated internally from the Groups operation,bank borrowings and the net proceeds received from the Listing.As at 31 March 2019,the Groups cash and cash equivalents were approximately HK$242.6 million(2018:HK$109.2 million).As at 31 March

103、 2019,the Groups total current assets and current liabilities were approximately HK$289.4 million(2018:HK$143.5 million)and approximately HK$158.4 million(2018:HK$150.4 million),while the current ratio of the Group was approximately 1.8 times(2018:approximately 1.0 times).As at 31 March 2019,the Gro

104、ups total borrowings amounted to approximately HK$57.3 million(2018:approximately HK$58.3 million).The borrowings were denominated in Hong Kong dollars and repayable on demand which carried floating interest rate of 1 month HIBOR plus 1%to 2.5%per annum and Hong Kong dollars best lending rate minus

105、2.0%to 3%per annum.As at 31 March 2019,the Groups gearing ratio was approximately 22.9%(2018:53.1%),which is calculated based on the interest-bearing debts divided by total equity attributable to owners of the Company as at 31 March 2019 and multiplied by 100%.The Directors,taking into account the n

106、ature and scale of operations and capital structure of the Group,considered that the gearing ratio as at 31 March 2019 was reasonable.The gearing ratio for 2019 has decreased mainly attributable to the net proceeds from Listing and the enlarged capital base as compared to the gearing ratio for 2018.

107、CAPITAL EXPENDITUREThe capital expenditure during the year under review was primarily related to expenditures on additions and renovation of property,plant and equipment for the Groups new restaurants and maintenance of existing restaurants.董事定期審閱本集團資本架構及可能採取不同措施，包括調整向股東的分派金額、向股東退還資本及發行新股份或出售資產以減低債務

108、，藉此維持資本架構。本集團的流動資金需求主要與營運資金需要有關（主要為向供應商採購食品及飲品、員工成本、物業租金及各項營運開支），提供餐飲及宴會服務以及虧損期的營運資金要求，主要資金來源主要來自本集團業務內部產生的營運資金、銀行借款及上市收取的所得款項淨額。於2019年3月31日，本集團的現金及現金等價物為約242.6百萬港元（2018年：109.2百萬港元）。於2019年3月31日，本集團的流動資產及流動負債總額為約289.4百萬港元（2018年：143.5百萬港元）及約158.4百萬港元（2018年：150.4百萬港元），而本集團的流動比率為約1.8倍（2018年：約1.0倍）。於2019

109、年3月31日，本集團的總借款為約57.3百萬港元（2018年：約58.3百萬港元）。以港元計值的借款須按要求償還及按1個月香港銀行同業拆息加1%至2.5%的浮動年利率及港元最優惠利率減2.0%至3%的年利率計息。於2019年3月31日，本集團的資產負債比率約為22.9%（2018年：53.1%），乃根據計息債務除以2019年3月31日本公司擁有人應佔權益總額，再乘以100%計算。董事考慮到本集團的經營性質及規模，以及資本結構，認為截至2019年3月31日的資產負債比率合理。2019年的資產負債比率下降，主要歸因於上市所得款項淨額及與2018年的資產負債比率相比資本基礎有所擴大。資本開支回顧年內

110、的資本開支主要涉及為本集團的新酒樓及維護現有酒樓而添置及翻新物業、廠房及設備的開支。Annual Report 2019 年報 MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析16 FOREIGN EXCHANGE EXPOSUREMost of the transactions of the Group are denominated in Hong Kong dollar and the Group is not exposed to any significant foreign exchange exposure.CONTINGENT LIABILI

111、TIESAs at 31 March 2019,the Group did not have any material contingent liabilities.HUMAN RESOURCES AND REMUNERATION POLICYThe remuneration committee will review and determine the remuneration and compensation packages of the Directors with reference to their responsibilities,workload,time devoted to

112、 the Group and the performance of the Group.As at 31 March 2019,the Group had approximately 880 employees.The Group treasures our employees and believes that quality customer service is always of great importance to the banquet industry.Therefore,the Group offers orientation training,mentoring and c

113、omprehensive training programs to our staff including specific service skill sets development,corporate culture,health and safety,business ethics and corruption prevention and ensures that our employees possess the appropriate qualities and skill sets when serving our customers.The Group offers comp

114、etitive wages and other benefits to our restaurant employees,and make salary adjustments in response to the local labour market conditions.Our staff costs primarily consisted of salaries,allowances,and other benefits,contributions to retirement benefits scheme and Directors emoluments.CHARGES ON GRO

115、UPS ASSETSAs at 31 March 2019,the deposit placed for a life insurance policy amounting to approximately HK$15.1 million(2018:HK$14.8 million)was pledged to secure the Groups bank borrowings.SIGNIFICANT INVESTMENTSAs at 31 March 2019,the Group did not hold any significant investments.外匯風險本集團大部分交易以港元計

116、值及本集團並無承受任何重大外匯風險?；蛉回搨?019年3月31日，本集團並無任何重大或然負債。人力資源及薪酬政策 薪酬委員會將參考董事的職責、工作量及貢獻予本集團的時間以及本集團表現，檢討及釐定董事的薪酬及報酬組合。於2019年3月31日，本集團有約880名僱員。本集團重視員工並相信優質的客戶服務始終是宴會行業的重中之重。因此，本集團為員工提供入職培訓、指導及綜合訓練項目，包括具體服務技能發展、企業文化、健康與安全、職業道德及防止貪污等，並確保我們的員工服務顧客時具備適當的質素及技能。本集團提供具競爭力的工資及其他福利予酒樓僱員，並因應地區勞動市場情況調整薪金。員工成本主要包括薪金、津貼及其

117、他福利、退休福利計劃供款及董事薪酬。本集團的資產質押於2019年3月31日，投入人壽保險的保費約15.1百萬港元（2018年：14.8百萬港元）已予抵押以擔保本集團的銀行借款。重大投資於2019年3月31日，本集團並無持有任何重大投資。Palace Banquet Holdings Limited 首灃控股有限公司MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析17 MATERIAL ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURESDuring the year u

118、nder review,the Group had no material acquisition or disposal of subsidiaries,associates or joint ventures.EVENTS AFTER THE REPORTING YEARNo significant events affecting the Company occurred since 1 April 2019 and up to the date of this annual report.PROSPECTSThe Groups principal business objective

119、is to further strengthen our position as one of the leading Chinese full-service restaurant groups in Hong Kongs banquet market.To achieve such objective,the Group will continue to implement the following strategies:i)expanding our restaurant network and geographic coverage by opening more restauran

120、ts in Hong Kong;ii)renovating our existing restaurants to maintain competitiveness;andiii)promoting our brands and wedding banquet service.The Board considers the business environment is competitive but remains positive on the prospects of the Group.SUFFICIENCY OF PUBLIC FLOATBased on the informatio

121、n that is publicly available to the Company and within the knowledge of the Directors,the Company has maintained a sufficient public float of at least 25%of the issued shares from the Listing Date to the date of this annual report.USE OF NET PROCEEDS FROM LISTINGThe net proceeds from the Listing(aft

122、er deducting underwriting fees and the listing expenses to be borne by the Group)(the“Net Proceeds”)was approximately HK$92,734,000.As at 31 March 2019,the Company has utilised approximately HK$4.5 million of the Net Proceeds for the purposes as set out in the Prospectus,representing approximately 4

123、.8%of the Net Proceeds.附屬公司、聯營公司及合資公司重大收購及出售於回顧年度，本集團概無附屬公司、聯營公司或合資公司重大收購或出售。報告年度後事項自2019年4月1日以來及截至本年報日期，概無發生影響本公司的重大事件。前景本集團主要的業務目標為進一步鞏固我們作為香港宴會市場領先的中式全面服務式酒樓集團之一的地位。為實現此目標，本集團將繼續實施以下策略：i)在香港開設更多酒樓以擴大我們的酒樓網絡及地理覆蓋；ii)翻新現有酒樓以保持競爭力；及iii)推廣我們的品牌及婚宴服務。董事會認為經營環境競爭激烈，惟對本集團前景仍感樂觀。充足公眾持股量根據本公司公開可得的資料及據董事所知

124、，自上市日期起至本年報日期，本公司已維持已發行股份最少25%的充足公眾持股量。上市所得款項淨額用途上市所得款項淨額（經扣除包銷費及將由本集團承擔的上市開支）（所得款項淨額）為約92,734,000港元。於2019年3月31日，本公司已將所得款項淨額的約4.5百萬港元用於招股章程所載用途，佔所得款項淨額的約4.8%。Annual Report 2019 年報 MAnAgeMent DIsCussIon AnD AnAlysIs管理層討論及分析18 Use of Net ProceedsApproximate percentage of the total amountActual Net Pro

125、ceedsAmount utilised as at 31 March 2019Unused Net Proceeds所得款項淨額用途佔總額 概約百分比實際所得 款項淨額於2019年 3月31日 已動用金額未動用 所得款項淨額HK$000HK$000HK$000千港元千港元千港元 Opening a total of eight restaurants開設合共八間酒樓76.1%70,55770,557Renovation of existing restaurants翻新現有酒樓14.1%13,06313,063Promoting brands推廣品牌5.0%4,633684,565Addit

126、ional working capital,strategic investment and other general corporate purposes額外營運資金、策略投資及其他一般企業用途4.8%4,4814,42952 100.0%92,7344,49788,237 The unused proceeds are placed into authorised financial institutions and/or licenced banks in Hong Kong.As at the date of this annual report,there was no chang

127、e of the business plan from those disclosed in the Prospectus.DIVIDENDS AND DIVIDEND POLICYThe Company has adopted a dividend policy and the declaration and recommendation of dividends are subject to the decision of the Board after considering the Companys ability to pay dividends.The Board has comp

128、lete discretion on whether to recommend and/or pay a dividend,subject to shareholders approval,where applicable.The Directors will take into consideration,among other things,the financial results,operations,liquidity and capital requirements of the Group,general business conditions and strategies,fu

129、ture business plans of the Group and legal restrictions when determining whether or not to recommend and declare dividends.The Board will also review and reassess the dividend policy and its effectiveness on a regular basis or as required.After assessing the cash flows,working capital required for l

130、ow-season in the first-half of the financial year of the Group and short period from the Listing date,the Board does not recommend the payment of a final dividend for the financial year ended 31 March 2019(2018:Nil).As stated in the Prospectus,subject to various factors such as results of operation

131、the Board intends to recommend dividends of approximately 30.0%of the profit and total comprehensive income after tax available for distribution of the Group to the shareholders in the coming financial years.未使用之所得款項已存入香港認可金融機構及或持牌銀行。於本年報日期，業務計劃概無變動，而有別於與招股章程所披露者。股息及股息政策本公司已採納股息政策，而宣派及推薦股息乃經考慮本公司支付股

132、息的能力後由董事會決定。董事會對是否推薦及或支付股息擁有絕對酌情權，惟須經股東批準（倘適用）。在釐定是否推薦及宣派股息時，董事將考慮（其中包括）本集團的財務業績、營運、流動資金及資本要求、整體營商環境及策略、本集團的未來業務計劃及法律限制。董事會亦將定期或按要求審閱及重新評估股息政策及其有效性。經評估現金流量、本集團財政年度上半年淡季所需營運資金及距離上市日期為短期後，董事會不建議就截至2019年3月31日止財政年度支付末期股息（2018年：零）。誠如招股章程所載，且受限於營運業績等各種因素，董事會擬推薦於未來的財政年度向股東派付約為本集團可供分派除稅後溢利及全面收益總額30.0%的股息。Pa

133、lace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告19 董事會欣然呈列本公司及其附屬公司（本集團）截至2019年3月31日止年度的年報連同經審核綜合財務報表。主要活動及業務回顧本公司的主要活動是投資控股。其附屬公司的主要業務是於香港經營中式酒樓。有關本集團業務、財務業績及未來前景的討論及分析載於本年報 管理層討論及分析。本集團面臨若干主要風險及不確定因素。與商業房地產租賃市場有關的風險本集團所有酒樓均於租賃物業營運。倘本集團未能以商業可行條款訂立新租賃協議或重續現有租約，本集團的盈利能力、市場份額及增長可能受到不

134、利影響。與食品及飲料採購成本增加有關的風險本集團的盈利能力嚴重依賴其預測食品及飲料採購成本及應對其變化的能力。食品的供應情況及價格可能有所波動且不穩定，並受限於我們無法控制的因素。聲譽風險本集團以兩個品牌名稱經營業務，即(a)煌府(Palace)及(b)煌苑(Royal Courtyard)。倘本集團未能維持及保護其知識產權，或倘任何第三方盜用、削弱或侵犯本集團的知識產權，本集團品牌的價值可能受損，進而可能阻礙本集團品牌實現及維持市場認可度。即使侵權酒樓使用相同或相似商標、品牌及標誌的行為不會混淆顧客，本集團品牌形象的獨特性質亦可能變得模糊不清。任何未能保護或維護本集團知識產權的行為，均可能對

135、業務、財務狀況及營運業績造成重大影響。The Board is pleased to present the annual report together with the audited consolidated financial statements of the Company and its subsidiaries(the“Group”)for the year ended 31 March 2019.PRINCIPAL ACTIVITIES AND BUSINESS REVIEWThe principal activity of the Company is investment

136、 holding.The principal businesses of its subsidiaries are operating Chinese restaurants in Hong Kong.The discussion and analysis of the Groups business,financial results and future prospects is set out in the“Management Discussion and Analysis”of this annual report.There are certain principal risks

137、and uncertainties faced by the Group.Risk relating to commercial real estate rental marketAll of the restaurants of the Group are operated on leased properties.If the Group is not able to enter into new lease agreements or renew existing lease on commercially acceptable terms,the Groups profitabilit

138、y,market share and growth may be adversely affected.Risk relating to increase in procurement costs for food and beveragesThe profitability of the Group depends significantly on its ability to anticipate and react to changes in procurement costs of food and beverages.The availability and prices of fo

139、od supplies can fluctuate and be volatile and are subject to factors that beyond our control.Reputation RisksThe Group operates the business under two brand names,namely(a)煌府(Palace)and(b)Royal Courtyard(煌苑).If the Group fails to maintain and protect its intellectual property,or if any third party m

140、isappropriates,dilutes or infringes the Groups intellectual property,the value of the Groups brands may be harmed,which may prevent the Groups brand from achieving and maintain market acceptance.Even if the use of identical or similar trademarks,brands,and logos by an infringing restaurant do not co

141、nfuse customers,the distinctive nature of the Groups brand image could be blurred.Any failure to protect or safeguard the intellectual property rights of the Group could materially affect its business,financial condition and results of operations.Annual Report 2019 年報 RePoRt oF tHe DIReCtoRs董事會報告20

142、Compliance RisksIn accordance with the relevant laws and regulations in jurisdictions in which the Group operates,the Group is required to obtain or renew the licenses and permits for operating its restaurant business,including general restaurant licence,liquor licence,water pollution control licenc

143、e and other approval or permits,including endorsement to serve certain foods.Going forward,if the Group fails to obtain or renew all the necessary licenses or permits for its operation in a timely manner,it may be subject to fines,suspension of operation for a while and/or cease operation in the wor

144、st scenario,which could materially and adversely affect the profitability of the Group.The restaurant licensing compliance committee has been set up to oversee the Groups licensing compliance matters and the implementation of the relevant policies.The committee will also report to the Board at least

145、 four times a year.As far as the Board is aware,the Group has complied with the relevant laws and regulations that may cause a significant impact on the business and operation of the Group in the event of a material breach or non-compliance.During the year under review,there was no material breach o

146、r non-compliance with the applicable laws and regulations by the Group.ENVIRONMENTAL,SOCIAL AND GOVERNANCE(“ESG”)POLICIES AND PERFORMANCESThe Group is committed to ensure that all business activities are economically,socially and environmentally sustainable.It has identified various ESG areas and ha

147、s taken measures to control the environmental and social impacts during its operations.During the year under review,the Group has ensured all applicable ESG laws and regulations are strictly complied with and notable effort is spent on various aspects of the corporate social responsibility,including

148、 greenhouse gas reduction,development and training opportunities for employees,environmental compliance,health and safe work environment for employees.Further details are set out in the ESG Report on pages 45 to 71 of this annual report.RESULTS AND DIVIDENDSThe results of the Group for the year ende

149、d 31 March 2019 are set forth in the consolidated financial statements on page 84 of this annual report.The dividend policy is stated in the section headed“Dividends and Dividend Policy”on page 18 of this annual report.合規風險根據本集團營運所在司法權區的相關法律及法規，本集團須獲得或重續牌照及許可，方可經營酒樓業務，包括普通食肆牌照、酒牌、水污染監控牌照及其他批準或許可，包括提

150、供若干食物的授權等。展望未來，倘本集團未能及時取得或重續所有營運所需牌照或許可，本集團可能遭到罰款、暫停營業及或（最壞情況）終止經營，從而可能對本集團的盈利能力造成重大不利影響。本集團已設立食肆牌照合規委員會，以監督本集團牌照合規事宜及相關政策的落實情況。該委員會亦將向董事每年作出最少四次報告。據董事會所知，本集團已遵守倘出現重大違規或不合規情況而可能對本集團的業務及營運構成重大影響的相關法律及法規。於回顧年內，本集團並未出現適用法律及法規的重大違規或不合規情況。環境、社會及管治（環境、社會及管治）政策及表現本集團致力確保在經濟、社會及環保議題上，所有業務均可持續發展。我們已識別多項環境、社會

151、及管治範疇，並於營運時採取措施，控制對環境及社會的影響。於回顧年度，本集團確保嚴格遵守所有適用的環境、社會及管治法律及規例，並在企業社會責任多個範疇包括減沙溫室氣體、僱員培訓及發展、遵從環保規例及僱員健康及安全的工作環境著墨甚多。更多詳情載於本報告第45頁至第71頁的環境、社會及管治報告。業績及股息本集團截至2019年3月31日止年度的業績載於本年報第84頁的綜合財務報表。股息政策載於本年報第18頁股息及股息政策一節。Palace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告21 The Board does not

152、 recommend the payment of a final dividend for the year ended 31 March 2019.CLOSURE OF REGISTER OF MEMBERSThe register of members of the Company will be closed from 17 September 2019 to 20 September 2019,both days inclusive,during which no transfer of shares of the Company will be registered.In orde

153、r to determine the identity of members who are entitled to attend and vote at the AGM to be held on 20 September 2019,all share transfer documents accompanied by the relevant share certificates must be lodged with the Companys Share Registrar,Tricor Investors Services Limited,at Level 54,Hopewell Ce

154、ntre,183 Queens Road East,Hong Kong no later than 4:30 p.m.on Monday,16 September 2019 for registration.FINANCIAL SUMMARYThe summary of the published results and assets,liabilities and non-controlling interests of the Group for the four years,as extracted from the audited consolidated financial stat

155、ements or the Prospectus,is set out on page 160 of this annual report.This summary does not form part of the audited financial statements.SHARE CAPITALThe issued share capital of the Company as at 31 March 2019 was 1,000,000,000 ordinary shares of HK$0.01 each.Details of the movements in share capit

156、al of the Company during the year are set out in note 26 of the consolidated financial statements of this annual report.PRE-EMPTIVE RIGHTSThere are no provisions for pre-emptive rights under the Companys articles of association(“Articles”)or the laws of the Cayman Islands which would oblige the Comp

157、any to offer new shares on a pro-rata basis to existing shareholders.TAX RELIEF AND EXEMPTIONThe Company is not aware of any tax relief and exemption available to the shareholders of the Company by reason of their holding of the Companys securities.Intending holders and investors of the Companys sha

158、res are recommended to consult their professional advisers if they are in any doubt as to the taxation implications(including tax relief)of subscribing for,purchasing,holding,disposing of or dealing in the shares.It is emphasised that none of the Company or its Directors or officers will accept any

159、responsibility for any tax effect on,or liabilities of,董事會不建議就截至2019年3月31日止年度派發末期股息。暫停辦理股份過戶登記手續本公司將於2019年9月17日至2019年9月20日（包括首尾兩天）暫停辦理股份過戶登記手續。在此期間，本公司將不會進行股份轉讓登記。為釐定有權出席將於2019年9月20日舉行的股東週年大會並於會上投票的股東身份，所有股份轉讓文件連同有關股票必須於2019年9月16日（星期一）下午四時三十分前送達本公司的股份過戶登記處卓佳證券登記有限公司以作登記，地址為香港皇后大道東183號合和中心54樓。財務概要本集團

160、於過往四個年度的已刊發業績及資產、負債及非控制權益概要（摘錄自經審核綜合財務報表或招股書）載於本年報第160頁。本概要並不構成經審核財務報表的一部分。股本本 公 司 於 2 0 1 9 年 3 月 3 1 日 的 已 發 行 股 本 為1,000,000,000股每股0.01港元的普通股。本公司股本的年內變動詳情載於本年報綜合財務報表附註26。優先購股權本公司組織章程細則（細則）或開曼群島法例概無有關優先購股權的規定，規定本公司須按比例向現有股東發售新股份。稅務減免及豁免本公司並不知悉有任何因本公司股東持有本公司證券而向彼等提供的稅務減免及豁免。倘本公司股份的有意持有人及投資者對認購、購買、持

161、有、出售或買賣股份的稅務影響（包括稅務減免）有任何疑問，建議諮詢彼等專業顧問的意見。謹此強調，本公司或其董事或高級員工概不對本公司股份持有人因認購、購買、Annual Report 2019 年報 RePoRt oF tHe DIReCtoRs董事會報告22 holders of shares in the Company resulting from their subscription for,purchase,holding,disposal of or dealing in such shares.PURCHASE,REDEMPTION OR SALE OF THE LISTED SE

162、CURITIES OF THE COMPANYNeither the Company,nor any of its subsidiaries purchased,redeemed or sold any of the Companys listed securities during the year.RESERVESDetails of the movements in the reserves of the Company and the Group during the year ended 31 March 2019 are set out on page 87 and note 35

163、 to the consolidated financial statements of this annual report.DISTRIBUTABLE RESERVESAs at 31 March 2019,the Companys reserves available for distribution calculated in accordance with the Articles and the Companies Law,Cap.22 of the Cayman Islands,included share premium and other reserves less accu

164、mulated loss totaling approximately HK$87,201,000.CHARITABLE CONTRIBUTIONSDuring the year,the Group made total charitable contributions amounting to HK$67,800.MAJOR CUSTOMERS AND SUPPLIERSThe customers of the Group mainly consist of walk-in customers of the general public.As such,the Directors consi

165、der that it is not practicable to identify the five largest customers of the Group,and the Group did not rely on any single customer during the year.For the year ended 31 March 2019,the total purchases from our Groups five largest suppliers in aggregate accounted for approximately 30.8%(2018:30.5%)a

166、nd our largest supplier accounted for approximately 6.9%(2018:7.8%)of our Groups total purchases.None of the Directors,their respective close associates or any shareholders(who,to the knowledge of the Directors,owned more than 5%of our Companys issued share capital)had any interest in any of the Gro

167、ups top five suppliers during the year under review.持有、出售或買賣該等股份所產生的任何稅務影響或責任承擔任何責任。購買、贖回或出售本公司上市證券本公司或其任何附屬公司於年內概無購買、贖回或出售本公司任何上市證券。儲備本公司及本集團於截至2019年3月31日止年度的儲備變動詳情載於本年報第87頁及綜合財務報表附註35?？晒┓峙蓛潇?019年3月31日，本公司可供分派儲備（根據細則及開曼群島法例第22章公司法計算）包括股份溢價及其他儲備減累計虧損合共約87,201,000港元。慈善捐款本集團於年內作出的慈善捐款總計67,800港元。主要客戶及

168、供應商本集團客戶主要包括一般公眾的街客。因此，董事認為識別本集團五大客戶並不可行，且本集團於年內並無依賴任何單一客戶。截至2019年3月31日止年度，向本集團五大供應商及我們最大供應商作出的總採購合共分別佔本集團總採購約30.8%（2018年30.5%）及約6.9%（2018年7.8%)?；仡櫮陜?，概無董事、彼等各自的緊密聯繫人或據董事所知擁有本公司已發行股本5%以上的任何股東於本集團五大供應商中擁有任何權益。Palace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告23 RELATIONSHIPS WITH EMP

169、LOYEES,SUPPLIERS AND CUSTOMERSThe Group maintains good relationship with its employees and provides competitive remuneration package and continuous trainings to retain and motivate the employees.The Group also understands that it is important to maintain good relationship with its suppliers and cust

170、omers to sustain its operation.The Group strives to provide one-stop wedding banquet services and diversified services and menu offerings to the customers.During the financial year ended 31 March 2019(the“Reporting Year”),there was no material and significant dispute between the Group and its employ

171、ees,suppliers and/or customers.DIRECTORSThe Directors of the Company during the Reporting Year and as at the date of this annual report were as follows:Executive DirectorsMr.Chan Shou Ming(Chairman)(appointed on 7 June 2018)Ms.Chen Xiao Ping(Chief executive officer)(appointed on 28 June 2018)Ms.Qian

172、 Chunlin(appointed on 28 June 2018)Independent Non-executive DirectorsMr.Chan Koon Yuen Windaus(appointed on 25 January 2019)Mr.Ng Kwok Tung(appointed on 25 January 2019)Mr.Yue Ming Wai Bonaventure(appointed on 25 January 2019)Pursuant to Article 84 of the Articles at each annual general meeting,one

173、-third of the Directors for the time being shall retire from office by rotation.According to Article 84(1)and(2)of the Articles,Ms.Qian Chunlin and Mr.Chan Koon Yuen Windaus will retire as Directors by rotation,and being eligible,offer themselves for re-election at the forthcoming annual general mee

174、ting of the Company.BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENTThe biographical details of the Directors and the Senior Management are disclosed in the section headed“Directors and Senior Management”on pages 72 to 77 of this annual report.與僱員、供應商及客戶的關係本集團與其僱員維持良好關係，並給予具競爭力的薪酬組合和持續培訓，以挽留及

175、推動僱員。本集團亦明白，為持續營運，與供應商及客戶維持良好關係至為重要。本集團致力為客戶提供一站式婚宴服務、多元服務及菜單選擇。於截至2019年3月31日止財政年度（報告年度），本集團與其僱員、供應商及或客戶並無重大及嚴重糾紛。董事於報告年度及於本年報日期，本公司的董事如下：執行董事陳首銘先生（主席）（於2018年6月7日獲委任）陳曉平女士（行政總裁）（於2018年6月28日獲委任）錢春林女士（於2018年6月28日獲委任）獨立非執行董事陳冠遠先生（於2019年1月25日獲委任）伍國棟先生（於2019年1月25日獲委任）余銘維先生（於2019年1月25日獲委任）根據細則第84條，在各股東週年大

176、會上，當時的三分之一既董事須輪值告退。根據細則第84(1)至(2)條，錢春林女士及陳冠遠先生將輪值告退，並符合資格且願意於本公司應屆股東週年大會上重選連任。董事及高級管理層的履歷詳情董事及高級管理層的履歷詳情於本年報第72頁至第77頁的 董事及高級管理層 一節披露。Annual Report 2019 年報 RePoRt oF tHe DIReCtoRs董事會報告24 DIRECTORS SERVICE CONTRACTSNo Director proposed for re-election at the forthcoming AGM has a service contract with

177、 the Company which is not determinable by the Company within one year without payment of compensation(other than statutory compensation).DIRECTORS INTERESTS IN TRANSACTIONS,ARRANGEMENTS OR CONTRACTSSave for the continuing connected transactions disclosed on pages 29 to 31 and related party transacti

178、ons disclosed in note 32 to the consolidated financial statements of this annual report,no Director nor a connected entity of a Director had a material interest,either directly or indirectly,in any transactions,arrangements or contracts of significance to the business of the Group to which the Compa

179、ny or any of the Companys subsidiaries was a party during the Reporting Year.MANAGEMENT CONTRACTSOther than Directors service contracts and employment contracts with the Groups senior management in full-time employment,no management contracts concerning the management and administration of the whole

180、 or any substantial part of the business of the Group were entered into or existed during the Reporting Year.CONTRACT OF SIGNIFICANCEApart from the contracts disclosed under the section headed“Continuing Connected Transactions”below,no contract of significance to which the Company or any of its hold

181、ing company or subsidiaries was a party and in which a Director had a material interests,whether directly or indirectly,subsisted during or at the end of the Reporting Year.PERMITTED INDEMNITY PROVISIONPursuant to the Articles,the Directors,among others,shall be indemnified and secured harmless out

182、of the assets of the Company from and against all actions,costs,charges,losses,damages and expenses which they or any of them shall or may incur or sustain by or about the execution of their duty in their offices or in relation thereto.The Company has taken out and maintained appropriate insurance c

183、overage for the Directors against liabilities to third parties that may be incurred in the course of performing their duties as at the date of this report.董事的服務合約概無建議於應屆股東週年大會上重選連任的董事已與本公司訂立本公司不可於一年內終止而無須支付賠償（法定賠償除外）的服務合約。董事於交易、安排或合約的權益除第29頁至第31頁所披露的持續關連交易及本年報綜合財務報表附註32所披露的關聯方交易外，概無董事或董事之關連實體於本公司任何附

184、屬公司於報告年度內訂立並對本集團業務而言屬重要之任何交易、安排或合約中直接或間接擁有重大權益。管理合約除董事服務合約及本集團高級管理層全職聘用的僱傭合約外，於報告年度概無訂立或存有與本集團整體或任何重要部分業務有關之管理及行政合約。重大合約除下文持續關連交易一節所披露的合約外，於報告年度或報告年度末任何時間，並無本公司或其任何控股公司或附屬公司為訂約一方而董事其中直接或間接擁有重大權益的重要性合約。獲準許彌償條文根據細則，（其中包括）董事將可就彼等執行職務或與之相關而將會或可能招致或產生或牽涉的所有訴訟、費用、收費、損失、損害及開支，從本公司的資產獲得彌償及獲確保免就此受任何損害。本公司已向董

185、事就可能於本報告日期履行彼等職責時招致的第三方責任進行投保及續保。Palace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告25 DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATIONSAs at 31 March 2019,the interests and short

186、 positions of the Directors and the chief executive of the Company in the shares,underlying shares and debentures of the Company or its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(the“SFO”),which had been notified to the Company and the Stock Exchang

187、e pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions in which they were deemed or taken to have under such provisions of the SFO),or as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO,or as otherwise notified to

188、the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set out in the Rules of Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(“Listing Rules”),were as follows:Name of DirectorThe Comp

189、any/name of associated corporationCapacity/nature of interestNumber of shares(Note 1)Approximate percentage of shareholding董事姓名本公司相聯 法團名稱身份權益性質股份數目（附註）概約持股百分比 Mr.Chan Shou Ming(Note 2)The CompanyInterest of corporation controlled by the director662,500,000(L)66.25%陳首銘先生（附註2）本公司於受董事控制的法團的權益Ms.Chen Xi

190、ao Ping(Note 3)The CompanyInterest of corporation controlled by the director22,500,000(L)2.25%陳曉平女士（附註3）本公司於受董事控制的法團的權益Ms.Qian Chunlin(Note 4)The CompanyInterest of corporation controlled by the director15,000,000(L)1.50%錢春林女士（附註4）本公司於受董事控制的法團的權益Notes:1.The letter“L”denotes the persons long position

191、 in the shares and underlying shares of the Company or the relevant associated corporation.2.Agile Valley Limited is 100%owned by Mr.Chan Shou Ming and he is deemed to be interested in all the Shares held by Agile Valley Limited under the SFO.3.Bright Firewood Limited is 100%owned by Ms.Chen Xiao Pi

192、ng and she is deemed to be interested in all the Shares held by Bright Firewood Limited under the SFO.董事及主要行政人員於本公司或任何相聯法團的股份、相關股份及債券中的權益及淡倉於2019年3月31日，董事及本公司主要行政人員於本公司或其相聯法團（定義見證券及期貨條例（證券及期貨條例）第XV部）的股份、相關股份及債券中擁有根據證券及期貨條例第XV部第7及8分部的規定須知會本公司及聯交所的權益及淡倉（包括根據證券及期貨條例有關條文彼等被視為或當作擁有的權益及淡倉），或記錄於本公司根據證券及期貨條

193、例第352條須存置的登記冊內的權益及淡倉，或根據載於香港聯合交易所有限公司證券上市規則（上市規則）之上市發行人董事進行證券交易的標準守則（標準守則）另行知會本公司及聯交所的權益及淡倉如下：附註1.字母 L 表示該人士於本公司或相關相聯法團的股份及相關股份中的好倉。2.敏莊有限公司由陳首銘先生全權擁有，故根據證券及期貨條例，彼被視為於敏莊有限公司持有的所有股份中擁有權益。3.錦薪有限公司由陳曉平女士全權擁有，故根據證券及期貨條例，彼被視為於錦薪有限公司持有的所有股份中擁有權益。Annual Report 2019 年報 RePoRt oF tHe DIReCtoRs董事會報告26 4.Vast

194、Exquisite Limited is 100%owned by Ms.Qian Chunlin and she is deemed to be interested in all the Shares held by Vast Ecquisite Limited under the SFO.Saved as disclosed above,as at 31 March 2019,none of the Directors or chief executive had any interest or short position in the shares,underlying shares

195、 and debentures of the Company or any associated corporations(within the meaning of Part XV of the SFO)as recorded in the register that was required to be kept pursuant to section 352 of the SFO,or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.At no time was

196、the Company,or any of its holding companies or subsidiaries a party to any arrangements to enable any Director and chief executive of the Company(including their spouses and children under 18 years of age)to hold any interest or short positions in the shares or underlying shares in,or debentures of,

197、the Company or its associated corporations(within the meaning of Part XV of the SFO).SUBSTANTIAL SHAREHOLDERS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES OF THE COMPANYAs at 31 March 2019,so far as is known to any director or chief executive of the Company,the interests or short po

198、sitions of the persons,other than Directors or chief executive of the Company,in the shares and underlying shares of the Company,as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO,were as follows:Name of shareholderCapacity/nature of interestNumber and

199、shares(Note 1)Approximate percentage of shareholding股東名稱身份權益性質股份數目（附註1）概約持股百分比 Agile Valley LimitedBeneficial owner(Note 2)662,500,000(L)66.25%敏莊有限公司實益擁有人（附註2）Notes:1.The letter“L”denotes the persons long position in the shares and underlying shares of the Company or the relevant associated corporat

200、ion.2.These shares were held by Agile Valley Limited.The entire issued shares of Agile Valley Limited are owned by Mr.Chan Shou Ming.4.浩瓏有限公司由錢春林女士全權擁有，故根據證券及期貨條例，彼被視為於浩瓏有限公司持有的所有股份中擁有權益。除上文所披露者外，於2019年3月31日，概無董事或主要行政人員於本公司或任何相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份及債券中擁有記錄於根據證券及期貨條例第352條須存置的登記冊內或根據標準守則另行知會本公司及

201、聯交所的任何權益或淡倉。於任何時候，本公司或其任何控股公司或附屬公司概無參與任何安排，致使本公司董事及行政總裁（包括彼等配偶及未滿十八歲子女）可獲得本公司或其任何相聯法團（定義見證券及期貨條例第XV部）股份或相關股份或債券的任何權益或淡倉。主要股東於本公司股份及相關股份中的權益及淡倉於2019年3月31日，據本公司任何董事或行政總裁所悉，各人士（董事或本公司主要行政人員除外）於本公司股份或相關股份中擁有記錄於本公司根據證券及期貨條例第336條須存置的登記冊內的權益或淡倉如下：附註：1.字母 L 表示該人士於本公司或相關相聯法團股份及相關股份中的好倉。2.該等股份由敏莊有限公司持有。敏莊有限公司

202、的全部已發行股份由陳首銘先生擁有。Palace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告27 Saved as disclosed above,as at 31 March 2019,no person had registered an interest or short position in the shares or underlying shares of the Company that was recorded in the register required to be kept pursuant

203、 to section 336 of the SFO.SHARE OPTION SCHEMESThe Companys share option scheme was adopted pursuant to the resolution passed on 25 January 2019 to give the eligible persons(as mentioned in the following paragraph)an opportunity to have a personal stake in our Company and help motivate them to optim

204、ise their future performance and efficiency to our Group and/or to reward them for their past contributions,to attract and retain or otherwise maintain on-going relationships with such eligible persons who are significant to and/or whose contributions are or will be beneficial to the performance,gro

205、wth or success of our Group,and additionally in the case of executives,to enable our Group to attract and retain individuals with experience and ability and/or to reward them for their past contributions.Eligible participants of the share option scheme include(a)any executive director of,manager of,

206、or other employee holding an executive,managerial,supervisory or similar position in any member of our Group,any full-time or part-time employee,or a person for the time being seconded to work full-time or part-time for any member of our Group;(b)a director or proposed director(including an independ

207、ent non-executive director)of any member of our Group;(c)a direct or indirect shareholder of any member of our Group;(d)a supplier of goods or services to any member of our Group;(e)a customer,consultant,business or joint venture partner,franchisee,contractor,agent or representative of any member of

208、 our Group;(f)a person or entity that provides design,research,development or other support or any advisory,consultancy,professional or other services to any member of our Group;(g)an associate of any of the persons referred to in paragraphs(a)to(c)above;and(h)any person involved in the business aff

209、airs of the Company whom the Board determines to be appropriate to participate in the share option scheme.The maximum number of shares in respect of which options may be granted under the Schemes and any other schemes by the Company shall not,in aggregate,exceed 10%of the issued share capital of the

210、 Company as at the Listing Date unless shareholders approval has been obtained.The maximum number of shares issuable under the share options to each eligible persons in the Schemes within any 12-month period is limited to 1%of the shares of the Company in issue at any time.Any further grant of share

211、 options in excess of this limit is subject to shareholders approval in advance in a general meeting.除上文披露者外，於2019年3月31日，概無人士就於本公司股份或相關股份中擁有記錄於根據證券及期貨條例第336條須存置的登記冊內的權益或淡倉作出登記。購股權計劃本公司的購股權計劃根據2019年1月25日通過的決議案採納，旨在向合資格人士（如下段所述）提供於本公司擁有個人股權的機會，並有助激勵彼等盡量提升其日後對本集團的績效及效率及或就彼等過往的貢獻給予獎勵，以吸引及挽留或以其他方式與該等對本集團

212、表現、增長或成功而言乃屬重要及或其貢獻有利於或將有利於本集團表現、增長或成功的合資格人士維持持續合作關係，且讓本集團吸引及挽留具經驗及能力的行政人員及或就彼等過往的貢獻給予獎勵。購股權計劃的合資格人士包括(a)本集團任何成員公司的任何執行董事、經理或擔任行政、管理、監管或類似職位的其他僱員、任何全職或兼職僱員或借調至本集團任何成員公司擔任全職或兼職工作的人士；(b)本集團任何成員公司的董事或候選董事（包括獨立非執行董事）；(c)本集團任何成員公司的直接或間接股東；(d)本集團任何成員公司的貨品或服務供應商；(e)本集團任何成員公司的客戶、顧問、業務或合營夥伴、加盟商、承包商、代理人或代表；(f

213、)向本集團任何成員公司提供設計、研究、開發或其他支援或任何建議、諮詢、專業或其他服務的人士或實體；(g)上文(a)至(c)段所述任何人士的聯繫人：及(h)董事會釐定為適合參與購股權計劃且參與本公司業務的任何人士。根據該等計劃及本公司任何其他計劃可能授出的購股權相關股份的最高數目合共不得超過於上市日期本公司已發行股本的10%，惟已取得股東批準者除外。於任何12個月期間購股權項下可向該等計劃的各合資格人士授出購股權而可予發行股份的最高數目限於任何時間本公司已發行股份的1%。若進一步授出超出此限額的購股權，須事先於股東大會上經股東批準。Annual Report 2019 年報 RePoRt oF

214、tHe DIReCtoRs董事會報告28 Share options granted to a director,chief executive or substantial shareholder of the Company,or to any of their associates,are subject to approval in advance by the independent non-executive Directors.In addition,any share options granted to a substantial shareholder or an inde

215、pendent non-executive Director of the Company,or to any of their associate,in excess of 0.1%of the shares of the Company in issue at any time or with an aggregate value(based on the closing price of the securities at the date of grant)in excess of HK$5 million,within any 12-month period,are subject

216、to shareholders approval in advance in a general meeting.The offer of a grant of share options may be accepted upon payment of a nominal consideration of HK$1 in total by the grantee.The exercise period of the share options granted is determinable by the Directors,and may commence from the date of t

217、he offer of the share options and ends on a date which is not later than 28 days from the date of the offer of the share options or the expiry dates of the Schemes,if earlier.The exercise price of the options is determined by the board of Directors in its absolute discretion and shall not be less th

218、an whichever is the highest of:(a)the nominal value of a share;(b)the closing price of a share as stated in the Stock Exchanges dally quotations sheets on the offer date;and(c)the average closing price of a share as stated in the Stock Exchanges daily quotation sheets for the five business days imme

219、diate preceding the offer date.The Share Option Scheme shall be valid and effective for a period of 10 years from 15 February 2019,after which no further options will be granted or offered.No share option has been granted since the effective date of the share option scheme and there are no outstandi

220、ng share options as at 31 March 2019.As at the date of this annual report,the total number of shares available for issue under the Share Option Scheme was 100,000,000 shares,which represented 10%of the Companys issued share capital,and the remaining life of the Share Option Scheme was about 9 years

221、and 8 months.授予本公司董事、主要行政人員或主要股東或任何彼等的聯繫人的購股權須經獨立非執行董事事先批準。此外，於任何12個月期間授予本公司主要股東或獨立非執行董事或任何彼等的聯繫人的任何購股權，若超過任何時間本公司已發行股份的0.1%或總價值（按於授出日期證券的收市價計算）超逾5百萬港元，須事先於股東大會上經股東批準。授出購股權的要約可於承授人支付1港元名義代價後接納。所授購股權的行使期由董事釐定，並可自購股權要約日期起開始，於自購股權要約日期起不遲於28日當日或該等計劃屆滿日期（以較早者為準）結束。購股權的行使價由董事會全權酌情釐定，並不得低於以下三者中的最高者：(a)股份的面

222、值；(b)於要約日期股份在聯交所每日報價表所載的收市價；及(c)緊隨要約日期前五個交易日，股份在聯交所每日報價表所載的平均收市價購股權計劃須由2019年2月15日起計10年期間內有效及生效，其後不會進一步授出或給予購股權。自購股權計劃生效日期起概無授出購股權及截至2019年3月31日概無尚未行使購股權。於本年報日期，根據購股權計劃可予出售可供發行的股份總數為100,000,000股股份，相當於本公司已發行股份的10%，購股權計劃的餘下壽命約9年零8個月。Palace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告29

223、Apart from the foregoing,at no time during the year was the Company,or any of its holding companies or subsidiaries a party to any arrangement to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

224、DIRECTORS RIGHTS TO ACQUIRE SHARES OR DEBENTURESApart from the sections headed“Directors and Chief Executives Interests and Short Positions in the Shares,Underlying Shares and Debentures of the Company or any Associated Corporations”,“Substantial Shareholders Interests and Short Positions in Shares

225、and Underlying Shares of the Company”and“Share Option Schemes”above,at no time during the Reporting Year were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any Director or their respective associates nor was the Company and any of its sub

226、sidiaries a party to any arrangement to enable the Directors,or their respective associates to acquire such rights in any other body corporate.CONTINUING CONNECTED TRANSACTIONSDuring the year,the Group leased four premises from various corporations which are 100%owned by Mr.Chan Shou Ming,one of the

227、 controlling shareholders and an executive Director of the Company.These leased premises are used by the Group as restaurant,warehouse or car-parking spaces(the“Connected Leases”)and the details are set out below:LandlordTenantLocationApproximate gross floor area Monthly rental TermUsage業主租戶地點概約建築面積

228、月租 租期用途(sq.m.)(HK$)（平方米）（港元）1.Able Cheer Development LimitedBarry Investments LimitedShop No.R1,3/F Kings Wing Plaza 2,1 On Kwan Street,Sha Tin,New Territories1,497750,000 1 August 2016 to 31 July 2019Operation of Shek Mun Restaurant1.雅悅發展 有限公司百力投資 有限公司新界沙田安群街1號 京瑞廣場2期3樓R1號舖1,497750,000 2016年8月1日至20

229、19年 7月31日經營石門酒樓除前述外，於本年度任何時間，本公司、其任何控股公司或附屬公司並無參與任何安排，致使本公司董事可藉收購本公司或任何其他法團的股份或債券而獲益。董事收購股份或債權證的權利除上文 董事及主要行政人員於本公司或任何相聯法團的股份、相關股份及債券中的權益及淡倉、主要股東於本公司股份及相關股份中的權益及淡倉 及購股權計劃 各節外，於報告年度內，任何董事或彼等各自的聯繫人概無獲授透過收購本公司股份或債權證而獲取利益之權利，而本公司及其任何附屬公司亦無訂立任何安排，讓董事或彼等各自聯繫人於任何其他法團獲得該等權利。持續關連交易於本年度，本集團向本公司控股股東之一及執行董事陳首銘先

230、生全資擁有的多間企業租賃四個物業。該等租賃物業由本集團用作餐廳、倉庫或停車位（關連租賃），有關詳情列載如下：Annual Report 2019 年報 RePoRt oF tHe DIReCtoRs董事會報告30 LandlordTenantLocationApproximate gross floor area Monthly rental TermUsage業主租戶地點概約建築面積月租 租期用途(sq.m.)(HK$)（平方米）（港元）2.Able Cheer Development LimitedBarry Investments LimitedP2,P3,P4 parking spac

231、es,Kings Wing Plaza 2,1 On Kwan Street,Sha Tin,New Territoriesn/a9,000 1 September 2018 to 31 August 2019Car-parking spaces2.雅悅發展 有限公司百力投資 有限公司新界沙田安群街1號 京瑞廣場2期P2、P3、P4泊車位不適用9,000 2018年9月1日至2019年 8月31日泊車位3.Art Ocean LimitedBarry Investments LimitedShop 310,3/F,Kings Wing Plaza 2,1 On Kwan Street,Sha

232、Tin,New Territories9254,000 1 June 2017 to 31 May 20191 June 2019 to 31 May 2020Warehouse3.雅浩有限公司百力投資 有限公司新界沙田安群街1號 京瑞廣場2期3樓 310號舖9254,000 2017年6月1日至2019年 5月31日 2019年6月1日至2020年 5月31日倉庫4.Superwell Holdings LimitedGold Harvest Limited2/F&3/F Empress Plaza,17-19 Chatham Road South,Kowloon1,032380,000 1

233、 April 2017 to 15 March 2019(early terminated on 28 February 2019)Operation of Chatham Restaurant4.首銘控股 有限公司金禾有限公司九龍漆咸道南17-19號 帝后廣場2樓及3樓1,032380,000 2017年4月1日至2019年 3月15日（於2019年 2月28日 提前終止）經營漆咸道酒樓Non-exempt Continuing Connected TransactionsAs disclosed in the Prospectus,the proposed annual caps for

234、the maximum amount of rental payable under the Connected Leases are HK$14.1 million,HK$10.0 million and HK$10.2 million for the years ending 31 March 2019,2020 and 2021 respectively.The total rent paid/payable for the Connected Leases for the year ended 31 March 2018 and 2019 are HK$14.2 million and

235、 HK$13.9 million respectively.不獲豁免持續關連交易誠如招股章程所披露，於截至2019年、2020年及2021年3月31日止年度，根據關連租賃應付租金最高金額的建議年度上限分別為14.1百萬港元、10.0百萬港元及10.2百萬港元。於截至2018年及2019年 3月31日止年度，關連租賃的已付應付租金總額分別為14.2百萬港元及13.9百萬港元。Palace Banquet Holdings Limited 首灃控股有限公司RePoRt oF tHe DIReCtoRs董事會報告31 The independent non-executive Directors h

236、ave reviewed the continuing connected transactions during the year under review and have confirmed that these continuing connected transactions were entered into(i)in the ordinary and usual course of business of the Group;(ii)on normal commercial terms or better;and(iii)in accordance with the releva

237、nt agreements governing them on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole.SHINEWING(HK)CPA Limited(“SHINEWING”),the Companys external auditor,was engaged to report on the Groups continuing connected transactions during the year ended 31 Mar

238、ch 2019 and issued their unqualified letter containing their findings and conclusions in respect of the continuing connected transactions during the year under review by the Group in accordance with Rule 14A.56 of the Listing Rules.A copy of the auditors letter has been provided by the Company to th

239、e Stock Exchange.Save for the aforementioned continuing connected transactions disclosed in this annual report,the related party transactions disclosed in note 32 to the consolidated financial statements are either exempted continuing connected transactions or connected transactions which have compl

240、ied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.DIRECTORS INTERESTS IN COMPETING BUSINESSNone of the controlling shareholders or the Directors of the Company and their respective associates is interested in a business apart from the Groups business which comp

241、etes or is likely to compete,directly or indirectly,with the Groups business since the Listing Date to 31 March 2019.COMPLIANCE WITH THE DEED OF NON-COMPETITIONThe Company has received the written confirmations from Mr.Chan Shou Ming and Agile Valley Limited(collectively,the“Covenantors”and each a“C

242、ovenantor”),in respect of the compliance with the undertakings in the deed of non-competition(“Deed of Non-competition”),entered into between the Covenantors and the Company on 25 January 2019,from the Listing Date to the date of this annual report.The independent non-executive Directors have review

243、ed and confirmed that the Controlling Shareholders have complied with the Deed of Non-competition and the Deed of Non-competition has been enforced by the Company in accordance with its terms from the Listing Date to the date of this annual report.獨立非執行董事已審閱回顧年度的持續關連交易，並確認該等持續關連交易乃(i)於本集團日常及一般業務過程中；

244、(ii)按一般商業條款或更佳條款；及(iii)根據規管交易的相關協議，按公平合理及符合本公司股東整體利益的條款訂立。本公司外部核數師信永中和（香港）會計師事務所有限公司（信永中和）已獲委聘，就本集團於截至2019年3月31日止年度的持續關連交易作出報告，並已根據上市規則第14A.56條發出無保留意見函件，當中載有彼等就本集團於回顧年度的持續關連交易的調查結果及結論。本公司已向聯交所提供核數師函件副本。除於本年報披露的上述持續關連交易外，於綜合財務報表附註32披露的關聯方交易為獲豁免持續關連交易或已遵守上市規則第14A章披露規定的關連交易。董事於競爭業務的權益由上市日期起直至2019年3月31日

245、，控股股東或本公司董事及彼等各自的聯繫人概無於本集團業務以外，而與本集團業務有競爭或可能有直接或間接競爭的業務擁有權益。遵從不競爭契據本公司已收到陳首銘先生及敏莊有限公司（統稱 該等契諾人 或各一名 契諾人）自上市日期至本年報日期止，就遵守契諾人與本公司於2019年1月25日訂立之不競爭契據（不競爭契據）之承諾的書面確認函。獨立非執行董事已審核及確認控股股東遵守不競爭契據，而本公司自上市日期至本年報日期已根據不競爭契據的條款執行不競爭契據。Annual Report 2019 年報 RePoRt oF tHe DIReCtoRs董事會報告32 SUFFICIENCY OF PUBLIC FLO

246、ATBased on the information that is publicly available to the Company and within the knowledge of the Directors,the Directors are satisfied that the Company has maintained the prescribed minimum public float under Rule 8.08 of the Listing Rules as at the date of this annual report.BANK LOANS AND OTHE

247、R BORROWINGSParticulars of bank loans and other borrowings of the Group as at 31 March 2019 are set out in note 24 to the consolidated financial statements.AUDITORSHINEWING has been appointed by the Directors as the first auditor of the Company since the Listing date.SHINEWING will retire,and being

248、eligible,offer themselves for reappointment at the forthcoming annual general meeting(“AGM”).A resolution for its reappointment as auditor of the Company will be proposed.The financial statements have been audited by SHINEWING.On BEHALF OF THE BOARDChan Shou MingChairmanHong Kong14 June 2019公眾持股量的充足

249、度根據本公司公開可得資料及據董事所知，於本年報日期，董事信納本公司已維持上市規則第8.08所規定的最低公眾持股量。銀行借款及其他貸款本集團於2019年3月31日的銀行貸款及其他借款的詳情，載於綜合財務報表附註24內。核數師信永中和獲董事委任為本公司上市日期後的首任核數師。信永中和將於下屆股東週年大會（股東週年大會）退任及合資格膺選連任。我們將提呈有關信永中和續任本公司核數師的決議案。財務報表已由信永中和審核。承董事會命陳首銘主席香港2019年6月14日Palace Banquet Holdings Limited 首灃控股有限公司CoRPoRAte goveRnAnCe RePoRt企業管治報

250、告33 董事會相信良好的企業管治對於本集團長期成功及持續發展至關重要。因此，董事會致力維持良好企業標準及程序，以增強本集團問責系統及透明度、保護股東權益。遵守企業管治守則本公司企業管治常規乃基於上市規則附錄十四企業管治守則（企業管治守則）所載原則及守則條文。於回顧年度的多數時間內，本公司為私人公司，因為其僅於2019年2月15日於聯交所主板上市。本公司上市後及直至本年報日期，本公司亦遵守企業管治守則所載的所有守則條文。根據上市規則的要求，本公司已設立審核委員會並界定職權範圍，亦委任財務總監以監督本集團財務報告程序及內部監控。本公司亦設立提名委員會及薪酬委員會並界定職權範圍。董事進行證券交易的標

251、準守則本公司採納上市規則附錄十所載上市發行人董事進行證券交易的標準守則（標準守則）作為其自身的證券交易行為守則。本公司向董事作出具體查詢及全體董事確認彼等於截至2019年3月31日止年度及直至本年報日期已遵守標準守則所載的規定準則。董事會董事會負責制定整體策略、設立表現目標、評估業務表現、監控及控制管理層表現，包括設計、實行及維持與編製並真實公平地呈現財務報表相關之內部監控，以確保有關報表並無重大錯誤陳述。董事會亦負責確保維持完整及有效的內部監控制度。更多詳情請The Board believes that the sound corporate governance is essential

252、 for long-term success and continuing development of the Group.Therefore,the Board is committed to maintain good corporate standards and procedures,so as to enhance the accountability system and transparency of the Group,safeguard the interests of the shareholders.C O M P L I A N C E W I T H C O R P

253、 O R A T E GOVERNANCE CODEThe Companys corporate governance practices are based on the principles and code provisions as set out in the Corporate Governance Code(“CG Code”)in Appendix 14 to the Listing Rules.The Company was a private company for most of the year under review as it was only listed on

254、 the Main Board of the Stock Exchange on 15 February 2019.Upon the listing of the Company and up to the date of this annual report,the Company has complied with all the code provisions set out in the CG Code.In accordance with the requirement of the Listing Rules,the Company has established an audit

255、 committee with defined terms of reference and appointed a chief financial controller to oversee the financial reporting procedures and internal control of the Group.The Company has also established a nomination committee and a remuneration committee with defined terms of reference.MODEL CODE OF SEC

256、URITIES TRANSACTIONS BY DIRECTORSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set out in Appendix 10 to the Listing Rules as its own code of conduct for securities transactions.The Company had made specific enquiry with the Dire

257、ctors and all of the Directors confirmed that they have complied with required standards as set out in the Model Code during the year ended 31 March 2019 and up to the date of this annual report.BOARD OF DIRECTORSThe Board is responsible for formulating overall strategies,setting of performance targ

258、ets,evaluating business performance,monitoring and controlling the management performance including designing,implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement.The Board is als

259、o responsible for ensuring sound and effective internal control systems are maintained.Please refer to“Risk Management and Internal Control”in this Corporate Governance Report for Annual Report 2019 年報 CoRPoRAte goveRnAnCe RePoRt企業管治報告34 further details.The management is delegated with the authority

260、 and responsibility by the Board for the day-to-day management and operations of the Group.CORPORATE GOVERNANCEThe Board is entrusted with the overall responsibility of:(i)developing and reviewing the Companys policies and practices on corporate governance and make recommendations to the Board;(ii)r

261、eviewing and monitoring the training and continuous professional development of the Companys Directors and senior management;(iii)reviewing and monitoring the Companys policies and practices on compliance with legal and regulatory requirements;(iv)developing,reviewing and monitoring codes of conduct

262、 and compliance manuals(if any)applicable to the Companys employees and Directors;and(v)reviewing the Companys compliance with the CG Code and disclosure in the Corporate Governance Report.During the year under review,the Board reviewed and monitored the training and continuous professional developm

263、ent of the Directors and company secretary of the Company in compliance with the CG Code and the Listing Rules.Further,the Board reviewed and monitored the Groups policies and practices,and noted that the Group had complied with the relevant legal and regulatory requirements in all material respects

264、 during the year under review.Lastly,the Board has reviewed the Companys compliance with the CG Code and the disclosure of this Corporate Governance Report.Attendance of each Director at the Board and committee meetings held from the Listing Date up to the financial year ended 31 March 2019 is summa

265、rized as follows:Executive Directors:執行董事Training Courses培訓課程BoardMeeting iv董事會會議ivAudit Committee iv審核委員會ivRemuneration Committee iv薪酬委員會ivNomination Committee iv提名委員會iv Mr.Chan Shou Ming陳首銘先生iN/A 不適用N/A 不適用N/A 不適用N/A 不適用Ms.Chen Xiao Ping陳曉平女士iN/A 不適用N/A 不適用N/A 不適用N/A 不適用Ms.Qian Chunlin錢春林女士iN/A 不適

266、用N/A 不適用N/A 不適用N/A 不適用Independent non-executive Directors獨立非執行董事Mr.Chan Koon Yuen Windaus陳冠遠先生i,iiN/A 不適用2/2N/A 不適用N/A 不適用Mr.Ng Kwok Tung伍國棟先生i,iiiN/A 不適用2/2N/A 不適用N/A 不適用Mr.Yue Ming Wai Bonaventure余銘維先生i,iiiN/A 不適用2/2N/A 不適用N/A 不適用參閱本企業管治報告內 風險管理及內部控制。管理層由董事會授權及委派責任，負責本集團的日常管理及經營。企業管治董事會獲委統籌負責以下事項：

267、(i)建立及檢討本公司企業管治政策及常規並向董事會作出建議；(ii)檢討及監督本公司董事及高級管理人員的培訓及持續專業發展；(iii)檢討及監督本公司符合法律及規管規定的政策及常規；(iv)建立、檢討及監督適用於本公司僱員及董事的行為守則及法規手冊（如有）；及(v)檢討本公司遵守企業管治守則的情況，及企業管治報告內的披露資料?；仡櫮甓葍?，董事會已檢討及監督董事及本公司公司秘書的培訓及持續專業發展，以符合企業管治常規及上市規則。此外，董事會已檢討及監督本集團的政策及常規，並發現本集團於回顧年度在各重大方面均已符合相關法律法規的規定。最後，董事會已檢討本公司遵守企業管治守則的情況，以及本企業管治報

268、告內的披露資料。各董事於上市日期起直至截至2019年3月31日止財政年度期間舉行的董事會及委員會會議的出席情況概述如下：Palace Banquet Holdings Limited 首灃控股有限公司CoRPoRAte goveRnAnCe RePoRt企業管治報告35 Notes:i.Directors who attended Corporate Governance training course organised by the Companys legal adviser during the year under review.ii.Directors who attended c

269、ourses organised by professional bodies during the year.iii.Directors who attended courses organised by the Hong Kong Institute of Certified Public Accountants.iv.Number of meetings attended/number of meetings heldThe Chairman held one meeting with all the independent non-executive Directors without

270、 the presence of other executive Directors to discuss of the Companys business during the year under review.COMPOSITION OF THE BOARDThe Board considered that it possesses balance of skills,various experience,capabilities and expertise suitable for and relevant to the Companys businesses for providin

271、g sound judgment on strategic issues and effective supervising and guiding the management.The Board includes experts in catering,food and beverage area and professional in legal,accounting and finance.In addition,the Board consisted of three independent non-executive Directors during the Reporting Y

272、ear,representing more than one-third of the Board.As such,there is a strong independent element in the Board to provide independent judgment.Each of the independent non-executive Directors has given an annual confirmation of independence to the Company pursuant to Rule 3.13 of the Listing Rules.As a

273、t the date of this annual report,the Company is of the view that all independent non-executive Directors are independent in accordance with the relevant requirements under the Listing Rules.Up to the date of this annual report,the Board comprises six Directors,including three executive Directors and

274、 three independent non-executive Directors.The board members are listed below:EXECUTIVE DIRECTORSMr.Chan Shou Ming(Chairman)(appointed on 7 June 2018)Ms.Chen Xiao Ping(Chief executive officer)(appointed on 28 June 2018)Ms.Qian Chunlin(appointed on 28 June 2018)附註：i.出席由本公司法律顧問於回顧年度組織的企業管治培訓課程的董事。ii.出

275、席由專業機構於年內組織的課程的董事。iii.出席由香港會計師公會組織的課程的董事。iv.出席會議數目舉辦會議數目於回顧年度，主席與全體獨立非執行董事在其他執行董事避席的情況下舉行了一次會議，以討論本公司業務。董事會組成董事會認為其擁有平衡的技能、多種經驗、能力及知識，適合本集團業務且與本集團業務相關，可就策略問題提供良好決策及有效地監察及指引管理層。董事會成員包括餐飲、食品及飲料領域的專家及法律、財務及會計的專業人士。此外，於報告年度，董事會由三名獨立非執行董事組成，佔董事會三分之一以上。因此，董事會具強大的獨立成分，可提供獨立判斷。各獨立非執行董事已根據上市規則第3.13條向本公司發出年度獨

276、立性確認函。截至本年報日期，本公司認為，根據上市規則相關規定，所有獨立非執行董事屬獨立。截至本年報日期，董事會包括六名董事，包括三名執行董事及三名獨立非執行董事。董事會成員列載於下文：執行董事陳首銘先生（主席）（於2018年6月7日委任）陳曉平女士（行政總裁）（於2018年6月28日委任）錢春林女士（於2018年6月28日委任）Annual Report 2019 年報 CoRPoRAte goveRnAnCe RePoRt企業管治報告36 INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Chan Koon Yuen Windaus(appointed on 25

277、January 2019)Mr.Ng Kwok Tung(appointed on 25 January 2019)Mr.Yue Ming Wai Bonaventure(appointed on 25 January 2019)Biographical information of the directors is set forth on pages 72 to 75 of this annual report.APPOINTMENTS,RE-ELECTION AND REMOVAL OF DIRECTORSEach of the executive Directors has enter

278、ed into a service contract with the Company for an initial term of three years commencing from the Listing Date,which is renewable upon expiry,subject to compliance with the Listing Rules and termination in accordance with the provisions of the service contract or by either party giving the other no

279、t less than three months prior written notice.Each of the independent non-executive Directors has entered into a service contract with the Company for an initial term of three years from their respective dates of appointment which is renewable upon expiry,subject to compliance with the Listing Rules

280、 and termination in accordance with the provisions of the service contract or by either party giving the other not less than one month prior written notice.According to Article 84 of the Companys articles of association(the“Articles”),one-third of the Directors for the time being(or,if the number of

281、 Directors is not a multiple of three,the number nearest to but not less than one-third)shall retire from office by rotation,provided that every Director shall be subject to retirement at an annual general meeting at least once every three years.In the upcoming annual general meeting,Ms.Qian Chunlin

282、 and Mr.Chan Koon Yuen Windaus would retire and be subject to re-election.CHAIRMAN AND CHIEF EXECUTIVE OFFICERCode provision A.2.1 of the CG Code stipulates that the roles of Chairman and Chief Executive Officer should be separate and not to be performed by the same individual to avoid power being c

283、oncentrated in any one individual.The divisions of responsibilities between the Chairman of the Board,Mr.Chan Shou Ming,and the Chief Executive Officer,Ms.Chen Xiao Ping are clearly defined and have been approved by the Board.The Chairman leads the Board in the determination of its strategy and in t

284、he achievement of its objectives.He is primarily responsible for organising the business of the Board,ensuring its effectiveness and setting its agenda.獨立非執行董事陳冠遠先生（於2019年1月25日委任）伍國棟先生（於2019年1月25日委任）余銘維先生（於2019年1月25日委任）董事履歷資料載於本年報第72頁至第75頁。董事委任、重選及罷免各執行董事已與本公司訂立服務合約，自上市日期起計初步為期三年，並可於屆滿時續期，惟須遵守上市規則並可

285、根據服務合約的條文或以其中一方向對方發出不少於三個月的事先書面通知的方式予以終止。各獨立非執行董事已與本公司訂立服務合約，自其各自獲委任日期起計初步為期三年，並可於屆滿時續期，惟須遵守上市規則並可根據服務合約的條文或以其中一方向對方發出不少於三個月的事先書面通知的方式予以終止。根據本公司組織章程細則（細則）第84條，現任董事的三分之一（或倘董事人數並非三的倍數，則為不少於三分之一的最接近數字）將輪值告退，惟各董事須至少每三年一次在股東週年大會上退任。在下屆股東週年大會上，錢春林女士及陳冠遠先生將退任及膺選連任。主席及行政總裁企業管治守則之守則條文第A.2.1條規定主席及行政總裁之職能應有所區分

286、及不應由同一人擔任，以避免權力集中於任何一名人士。董事會已清楚界定並批準董事會主席陳首銘先生與行政總裁陳曉平女士各自的職責。主席領導董事會制定策略及達成目標。主席主要負責組織董事會的事務、確保其效率及制定其日常事務。Palace Banquet Holdings Limited 首灃控股有限公司CoRPoRAte goveRnAnCe RePoRt企業管治報告37 The Chief Executive Officer is directly in charge of the daily operations of the Group and are accountable to the Bo

287、ard for the financial and operational performance of the Group.DIRECTORS CONTINUING PROFESSIONAL DEVELOPMENT PROGRAMMEOn appointment to the Board,all Directors have been provided with the comprehensive induction to ensure that i)they have a proper understanding of the business and operations of the

288、Company;ii)they are fully aware of the responsibilities and obligations as being a director of a listed company;and iii)the compliance practice under the Listing Rules.Directors are kept updated on the changes of statutory,regulatory,market and business environment of the Group.The Company will cont

289、inuous provide briefing and professional developments for Directors,if necessary.During the year ended 31 March 2019,the Directors are provided with monthly management update reports to give a balanced and understandable assessment of the performance,position,recent development and prospects of the

290、Group.BOARD MEETINGSPursuant to Code provision A.1.1 of the CG Code,Board meeting should be held at least four times each year.From the Listing Date up to the financial year ended 31 March 2019,the Board has not convened any Board meeting in this short period of time.All Directors will receive writt

291、en notice at least 14 days prior to the regular board meetings.For all other Board meetings,reasonable notice will be given.The Directors can attend the meetings either in person or through electronic means of communication in accordance with the Articles.All minutes of the Board meetings were prope

292、rly recorded for Boards consideration.To facilitate discharging the duties of the Director,all Directors can freely communicate with the management for enquiring and obtaining further information if required.The Directors also have unrestricted access to the Company secretary who is responsible for

293、facilitating and advising the Board/Committee procedures to comply with regulatory and statutory requirements.Any Director,should they wish,can seek independent professional advice at the expense of the Company.行政總裁直接掌管本集團的日常運作，並需就本集團的財務及營運表現向董事會負責。董事的持續專業發展計劃獲委任加入董事會後，所有董事均獲提供全面入職簡介，確保i）彼等對本公司業務及營運

294、妥善了解；ii）彼等全面知悉擔任上市公司董事的職責及義務；及iii）上市規則下的合規常規。董事會持續獲告知有關本集團法定、監管、市場及業務環境變動的最新情況。本公司將持續為董事提供簡介及專業發展機會（如有必要）。截至2019年3月31日止年度，董事獲提供每月管理層最新進展報告，以對本集團的表現、狀況、近期發展及前景作出權衡及易理解的評估。董事會會議根據企業管治守則守則條文第A.1.1條，每年至少須舉行四次董事會會議。自上市日期起直至截至2019年3月31日止財政年度，董事會短期內並無召開任何董事會會議。所有董事將於常規董事會會議前至少14日前收到書面通知。就所有其他董事會會議，亦會發出合理通知

295、。董事可根據細則親身或透過電子通訊方式出席會議。董事會的所有會議記錄已妥善存置以供董事會省覽。為方便董事履行職責，所有董事均可與管理層自由溝通以作出查詢及取得更多資料（如有需要）。董事亦可無限制地聯絡公司秘書，公司秘書負責協助董事會委員會程序及就此提供意見，以符合監管及法定規定。倘任何董事有意，亦可尋求獨立專業意見，費用由本公司承擔。Annual Report 2019 年報 CoRPoRAte goveRnAnCe RePoRt企業管治報告38 BOARD COMMITTEESAs an integral part of good corporate governance practices

296、,the Board has established three committees,namely the Audit Committee,Remuneration Committee and Nomination Committee on 25 January 2019 with written terms of reference in compliance with the CG Code as set out in Appendix 14 to the Listing Rules.The terms of reference of the three committees are p

297、osted to Stock Exchanges website at www.hkexnews.hk and the Companys website at www.palace-.hk.AUDIT COMMITTEEThe audit committee of the Board(the“Audit Committee”),during the reporting period,comprised three members who are all independent non-executive Directors,namely Mr.Yue Ming Wai Bonaventure,

298、Mr.Chan Koon Yuen Windaus and Mr.Ng Kwok Tung.Mr.Ng Kwok Tung is the chairman of the committee.The primary duties of the Audit Committee are to make recommendations to our Board on the appointment and dismissal of external auditors,to review financial statements and provide advice in respect of our

299、financial reports,internal control procedure and risk management system of the Group,oversee the audit process,develop and review our policy,and perform other duties and responsibilities as assigned by the Board.The Audit Committee has convened two meetings from the Listing Date up to the financial

300、year ended 31 March 2019 with one meeting having been attended by external auditors.The attendance record of each members of the Audit Committee can be viewed from the table on page 34.Up to the date of this annual report,the Audit Committee had reviewed i)the“Report to Those Charged with Governance

301、”prepared by the external auditor;ii)the Groups annual results and annual report for the year ended 31 March 2019;iii)the effectiveness of the Groups internal control and risk management;iv)the continuing connected transactions of the Company;and v)the terms of engagement and remuneration of externa

302、l auditor for its provision of audit and non-audit related services.REMUNERATION COMMITTEEThe remuneration committee of the Board(“Remuneration Committee”),during the reporting period,comprised three members who are all independent non-executive Directors,being Mr.Chan Koon Yuen Windaus,Mr.Ng Kwok T

303、ung and Mr.Yue Ming Wai Bonaventure.Mr.Chan Koon Yuen Windaus is the chairman of the committee.董事委員會作為良好企業管治常規的重要組成部份，董事會於2019年1月25日設立三個委員會，分別為審核委員會、薪酬委員會及提名委員會，並根據上市規則附錄十四所載企業管治守則訂立書面職權範圍。三個委員會的職權範圍刊載於聯交所網站(www.hkexnews.hk)及本公司網站(www.palace-.hk)。審核委員會於報告期間，董事會審核委員會（審核委員會）由三名獨立非執行董事，即余銘維先生、陳冠遠先生及伍國棟

304、先生，伍國棟先生為委員會主席。審核委員會主要職責為就外部核數師的委任及罷免向董事會提出推薦建議，審閱財務報表及就本集團財務報告、內部監控程序及風險管理系統提供意見，監控審核程序，制訂及審閱政策，及履行董事會委派的其他職責及職務。審核委員會於上市日期起直至截止2019年3月31日止財政年度期間召開兩次會議，一次會議由外部核數師參加。審核委員會各成員的出席記錄可參見第34頁的表格。直至本年報日期，審核委員會已審閱i）外部核數師編製的治理人員報告；ii）本集團於截至2019年3月31日止年度的年度業績及年報；iii）本集團的內部監控及風險管理有效性；iv）本公司的持續關連交易；及v）外部核數師的委聘

305、條款及薪酬（就其提供核數及非核數服務）。薪酬委員會於報告期間，董事會薪酬委員會（薪酬委員會）由三名成員組成，均為獨立非執行董事組成，即陳冠遠先生、伍國棟先生及余銘維先生，陳冠遠先生為委員會主席。Palace Banquet Holdings Limited 首灃控股有限公司CoRPoRAte goveRnAnCe RePoRt企業管治報告39 The primary duties of the Remuneration Committee include:(i)making recommendations to the Directors regarding the policy and st

306、ructure for the remuneration of all of the Directors and senior management and on the establishment of a formal and transparent procedure for developing remuneration policies;(ii)making recommendations to the Board on the remuneration packages of the Directors and senior management;(iii)reviewing an

307、d approving the managements remuneration proposals with reference to the Boards corporate goals and objectives;and(iv)considering and approving the grant of share options to eligible participants pursuant to the Share Option Scheme.The Remuneration Committee has not convened any meeting from the Lis

308、ting Date up to the financial year ended 31 March 2019.Up to the date of this annual report,the Remuneration Committee had reviewed and made recommendations on the remuneration package of the Directors and the senior management.DIRECTORS EMOLUMENTSThe emoluments payable to Directors is determined by

309、 the Board with reference to recommendations given by the Remuneration Committee to the Board taking into account the Directors duties,responsibilities and performance and the results of the Group.A summary of the Directors remuneration is set out in note 10 to the consolidated financial statements

310、of this annual report.REMUNERATION OF DIRECTORS AND SENIOR MANAGEMENTPursuant to Code provision B.1.5 of the CG Code,the remuneration payable to members of senior management(excluding the Directors)by band for the year ended 31 March 2019 is set out below:Number of individualsBands of remuneration薪酬

311、組別人士數目 Nil to HK$1,000,000零至1,000,000港元5Details of Directors remuneration and the five highest paid individuals to be disclosed under Appendix 16 to the Listing Rules are set out in note 10 to the consolidated financial statement of this annual report.審核委員會的主要職責包括：(i)就我們的政策及所有董事及高級管理層的薪酬架構以及就設立制訂薪酬政

312、策的正式及透明程序向董事提供推薦建議；(ii)就董事及高級管理層的薪酬待遇向董事會提出推薦建議；(iii)參考董事會的企業目標，審閱及批準管理層的薪酬方案；及(iv)考慮及批準根據購股權計劃向合資格參與者授出購股權。薪酬委員會於上市日期起直至截止2019年3月31日止財政年度期間並無召開任何會議。直至本年報日期，薪酬委員會已審閱及就董事及高級管理層的薪酬待遇提出推薦建議。董事酬金應付董事的酬金乃由董事會參考經薪酬委員會考慮董事職務、職責及表現以及本集團業績後向董事會提出的推薦意見而釐定。董事酬金概要載於本年報綜合財務報表附註10。董事及高級管理層薪酬根據企業管治守則B.1.5條守則條文，截至2

313、019年3月31日止年度應付高級管理層（不包括董事）的薪酬組別載列如下：根據上市規則附錄16將予披露董事酬金及五名最高薪酬人士的詳情，載於本年報綜合財務報表附註10。Annual Report 2019 年報 CoRPoRAte goveRnAnCe RePoRt企業管治報告40 NOMINATION COMMITTEEThe nomination committee of the Board(“Nomination Committee”),during the reporting period,comprised three members who are all independent n

314、on-executive Directors,namely Mr.Ng Kwok Tung,Mr.Chan Koon Yuen Windaus and Mr.Yue Ming Wai Bonaventure.Mr.Yue Ming Wai Bonaventure being the chairman of the Nomination Committee.The primary duties of the Nomination Committee include to:(i)review the structure,size and composition(including the skil

315、ls,knowledge and experience)of the Board annually and make recommendations on any proposed changes to the Board to complement the corporates strategy;(ii)identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of individuals no

316、minated for directorships;(iii)assess the independence of independent non-executive Directors;and(iv)make recommendations to the Board on the appointment or reappointment of Directors and succession planning for directors,in particular the Chairman and the President of the Company.The Company has ad

317、opted the board diversity policy on 25 January 2019(the“Board Diversity Policy”).The purpose of the Board Diversity Policy is to set out the basic principles to be followed to ensure that the Board has appropriate balance of skills,experience and diversity of perspectives necessary to enhance the ef

318、fectiveness of the Board and to maintain high standards of corporate governance.Under the Board Diversity Policy,the selection of Board candidates shall be based on a range of diversity perspectives with reference to the Companys business model and specific needs,including but not limited to,gender,

319、age cultural background,educational background,and professional experience,which are the measurable objectives for implementing the Board Diversity Policy.The Nomination Committee is also responsible for reviewing the Board Diversity Policy,developing and reviewing measureable objectives for impleme

320、nting the policy and monitoring the progress on achieving these measurable objectives.The review of the Board Diversity Policy and the measureable objectives shall be carried out at least annually to ensure the continued effectiveness of the Board.The Nomination Committee has primary responsibility

321、for identifying suitably qualified candidates to become members of the Board and shall give adequate consideration to the Board Diversity Policy in selection of Board candidates.Board nomination and appointments will continue to be made on merit basis based on the Groups business needs from time to

322、time with adequate consideration of diversity of Board members.The Nomination Committee has not convened any meeting from the Listing Date up to the financial year ended 31 March 2019.提名委員會於報告期間，董事會提名委員會（提名委員會）由三名成員組成，均為獨立非執行董事，即伍國棟先生、陳冠遠先生及余銘維先生，余銘維先生為提名委員會主席。提名委員會的主要職責包括：(i)每年檢討董事會的架構、人數及組成（包括技能、知

323、識及經驗方面），並就任何為配合本企業的策略而擬對董事會作出的任何變動提出建議；(ii)物色具備合適資格可擔任董事會成員的人士，並甄選提名候選人出任董事或就此向董事會提供意見；(iii)評核獨立非執行董事的獨立性；及(iv)就董事委任或連任，以及董事（尤其是本公司主席及總裁）繼任計劃向董事會提出建議。本公司於2019年1月25日已採納董事會成員多元化政策（董事會成員多元化政策）。董事會成員多元化政策旨在列載基本原則，以確保董事會在技能、經驗以及視角的多元化方面達到適當的平衡，從而提升董事會的有效運作並保持高標準的企業管治水平。在董事會成員多元化政策下，甄選董事會候選人將以一系列多元化範疇為基準，

324、並參考本公司的業務模式和特定需求，包括但不限於性別、年齡、文化背景、教育背景和專業經驗，此等均為實行董事會成員多元化政策的可計量目標。提名委員會亦負責檢討董事會成員多元化政策、拓展並檢討可計量目標，以確保董事會成員多元化政策的執行，並監察可計量目標的達成進度。提名委員會至少每年檢討董事會成員多元化政策與可計量目標，以確保董事會持續行之有效。提名委員會主要負責物色具備合適資格可擔任董事會成員的人士，並在甄選董事會成員過程中充分考慮董事會成員多元化政策。董事會成員的提名與委任將繼續以用人唯才為原則，以本集團不時的業務需求為基準，並充分考慮董事會成員多元化的裨益。提名委員會於上市日期起直至截止201

325、9年3月31日止財政年度期間並無召開任何會議。Palace Banquet Holdings Limited 首灃控股有限公司CoRPoRAte goveRnAnCe RePoRt企業管治報告41 Up to the date of this annual report,the Nomination Committee had reviewed i)the board composition,size and structure,ii)the independence of independent non-executive Directors and ii)the appointment o

326、r re-appointment or succession of Directors.After due consideration,the Nomination Committee has concluded that based on the Companys existing business model and specific needs,the current composition of the Board satisfies the Board Diversity Policy for the year under review.COMPANY SECRETARYMr.Cha

327、n Chiu Hung Alex was appointed as the Company Secretary on 28 June 2018.Please refer to the section headed Directors and Senior Management”in this annual report for his biographical information.During the year under review,Mr.Chan Chiu Hung Alex has taken not less than 15 hours of relevant professio

328、nal training.AUDITORDuring the year,the Group engaged SHINEWING as the Groups external auditor and to hold office until the conclusion of the forthcoming Annual General Meeting.For the financial year ended 31 March 2019,the total fee paid or payable in respect of audit and non-audit services provide

329、d by SHINEWING and its affiliate company are set out below:Services renderedAmount所提供服務金額(HK$000)（千港元）Audit service核數服務1,280Non-audit services:非核數服務：Tax advisory and compliance service稅務諮詢及合規服務200 Turnover rent compliance service業額租金合規服務130 Initial public offering首次公開招股3,556DIRECTORS RESPONSIBILITIE

330、S FOR THE CONSOLIDATED FINANCIAL STATEMENTSThe Directors understand and acknowledge their responsibility for preparing the consolidated financial statements for each financial year which give a true and fair view of the state of affairs of the Group.However,the above statement should be read in conj

331、unction with,but distinguished from,the independent auditors report in the section headed“Independent Auditors Report”which acknowledges the reporting responsibilities of the Groups auditor.直至本年報日期，提名委員會已審閱i）董事會組成、規模及架構，ii）獨立非執行董事的獨立性及ii）董事委任或重新委任或繼任事宜。經過審慎考慮後，基於本公司現時的業務模式及特定需要，提名委員會得出的結論為現有的董事會組成在回

332、顧年度達致董事會多元化政策。公司秘書陳釗洪先生於2018年6月28日獲委任為公司秘書。有關彼的履歷資料，請參閱本年報 董事及高級管理層一節。於回顧年度，陳釗洪先生已參加不少於15個小時的相關專業培訓。核數師於年內，本集團委聘信永中和擔任其外部核數師，任職至下屆股東週年大會結束止。於截至2019年3月31日止財政年度，就信永中和及其聯屬公司提供的核數及非核數服務已付或應付的費用總額列載如下：董事編製綜合財務報表的責任董事知悉有責任編製各財政年度的財務報表，以真實而公允地呈列本集團之現有狀況。然而，上述報表須與獨立核數師報告一節內本集團核數師確認其匯報責任的獨立核數師報告書有所不同，但兩者應一併閱

333、讀。Annual Report 2019 年報 CoRPoRAte goveRnAnCe RePoRt企業管治報告42 To the best knowledge of the Directors,there is no uncertainties relating to events or conditions that may cast significant doubt upon the Companys ability to continue as a going concern,therefore the Directors continue to adopt the going concern approach in preparing the consolidated financial statements.To further accountability,the ann