An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selecte

Transcription

1 INDEPENDENT AUDITOR S REPORT 獨立核數師報告書 Independent auditor s report to the Hong Kong Tourism Board (Established under the Hong Kong Tourist Association Ordinance and reconstituted under the Hong Kong Tourist Association (Amendment) Ordinance 2001 and the Hong Kong Tourism Board Ordinance) We have audited the financial statements of the Hong Kong Tourism Board (the Board ) set out on pages 84 to 109, which comprise the balance sheet as at 31 March 2008, and the income statement, the statement of changes in reserve and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Board members responsibility for the financial statements The members of the Board are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants. This responsibility includes 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, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 致香港旅遊發展局的獨立核數師報告書 ( 最初根據 香港旅遊協會條例 成立, 其後根據 2001 年香港旅遊協會 ( 修訂 ) 條例 及 香港旅遊 發展局條例 改組成立 ) 本核數師 ( 以下簡稱 我們 ) 已審核列載於第 84 至第 109 頁香港旅遊發展局 ( 旅發局 ) 的財務報表, 此財務報表包括於 2008 年 3 月 31 日的資產負債表及截至該日止年度的損益表 儲備變動表及現金流量表, 以及主要會計政策概要及其他附註解釋 旅發局成員就財務報表須承擔的責任旅發局成員須負責根據香港會計師公會頒布的香港財務報告準則編製及真實和公允地呈報該等財務報表 這責任包括設計 實施及維護與編製及真實和公允地呈報財務報表相關的內部控制, 以使財務報表不存在由於欺詐或錯誤而導致的重大錯誤陳述 ; 選擇和應用適當的會計政策 ; 及按情況下作出合理的會計估計 Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. This report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. 核數師的責任我們的責任是根據我們的審核對該等財務報表作出意見, 並僅向旅發局整體成員報告 除此以外, 我們的報告書不可用作其他用途 我們概不就本報告書的內容, 對任何其他人士負責或承擔法律責任 我們已根據香港會計師公會頒布的 香港核數準則 進行審核工作 這些準則要求我們遵守道德規範, 並規劃及執行審核, 以合理確定此等財務報表是否不存有任何重大錯誤陳述 82 INDEPENDENT AUDITOR S REPORT Hong Kong Tourism Board Annual Report

2 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Board s preparation and true and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board members, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the state of affairs of the Board as at 31 March 2008 and of the Board s surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards. 審核涉及執行程序以獲取有關財務報表所載金額及披露資料的審核憑證 所選定的程序取決於核數師的判斷, 包括評估由於欺詐或錯誤而導致財務報表存有重大錯誤陳述的風險 在評估該等風險時, 核數師考慮與旅發局編製及真實和公允地呈報財務報表相關的內部控制, 以設計適當的審核程序, 但並非為對實體的內部控制的效能發表意見 審核亦包括評價旅發局成員所採用的會計政策的合適性及所作會計估計的合理性, 以及評價財務報表的整體呈報方式 我們相信, 我們所獲得的審核憑證充足和適當地為我們的審核意見提供基礎 意見我們認為, 上述的財務報表已根據香港財務報告準則真實和公允地反映旅發局於 2008 年 3 月 31 日的財務狀況和旅發局截至該日止年度的盈餘及現金流量 KPMG Certified Public Accountants 8th Floor, Prince s Building 10 Chater Road Central, Hong Kong 24 July 2008 畢馬威會計師事務所執業會計師 香港中環遮打道 10 號太子大廈 8 樓 2008 年 7 月 24 日 香港旅遊發展局 年報 獨立核數師報告書 83

3 INCOME STATEMENT 損益表 for the year ended 31 March 2008 (Expressed in Hong Kong dollars) 截至 2008 年 3 月 31 日止年度 ( 以港幣列示 ) Principal source of income 主要收入來源 Note 附註 Government subvention 政府資助 3 542,165, ,559,979 Other revenue 其他收入 Interest income 利息收入 8,990,515 8,208,061 Realisation of deferred income 遞延收入的確認 office premises 辦公室 11 10,000,000 10,000,000 Sponsorships 贊助 9,620,000 5,830,000 Promotion and advertising income 宣傳及廣告收入 10,224,795 9,294,305 Sundry income 雜項收入 9,996,388 9,077,352 Other net income 其他收益淨額 48,831,698 42,409,718 Gain on disposal of fixed assets 出售固定資產收益 75,975 29,816 Total income 總收入 591,072, ,999,513 Promotional, advertising and 宣傳 廣告及刊物支出 literature Expenses 237,162, ,096,240 Research and development 研究及發展 25,364,768 35,912,541 Local services and events 本地服務及大型活動 87,998, ,446,439 Staff costs 員工成本 5 156,347, ,830,613 Rent, rates and management fees 租金 差餉及管理費 13,657,188 12,622,081 Depreciation 折舊 7 12,032,538 12,407,349 Auditor s remuneration 核數師酬金 353, ,600 Other operating expenses 其他經營費用 21,865,427 20,025,797 Total expenditure 總支出 554,782, ,677,660 Net surplus for the year 本年度淨盈餘 3 36,290,630 8,321,853 The notes on pages 88 to 109 form part of these financial statements. 第 88 至第 109 頁的附註屬本財務報表的一部分 84 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

4 BALANCE SHEET 資產負債表 at 31 March 2008 (Expressed in Hong Kong dollars) 於 2008 年 3 月 31 日 ( 以港幣列示 ) Non-current assets 非流動資產 Note 附註 Fixed assets 固定資產 7 113,398, ,521,526 Defined benefit plan asset 界定利益計劃資產 12(a) 24,745,000 24,275,000 Current assets 流動資產 138,143, ,796,526 Debtors, deposits and payments in advance 應收賬款 按金及預付款項 8 22,835,370 24,291,234 Deposits with banks and financial institutions 銀行及財務機構存款 9 234,955, ,475,163 Cash at banks and in hand 銀行存款及現金 9 13,995,723 16,969,167 Current liabilities 流動負債 271,786, ,735,564 Receipts in advance 預收款項 4,316,377 6,312,212 Accounts payable and accruals 應付賬款及應計費用 10 86,260, ,142,970 Bank overdrafts 銀行透支 9 165,415 2,179,762 90,742, ,634,944 Net current assets 流動資產淨值 181,044, ,100,620 Non-current liabilities 非流動負債 Deferred income 遞延收入 ,666, ,666,667 NET ASSETS 資產淨值 207,521, ,230,479 Represented by: 代表 : RESERVE 儲備 General Fund 一般基金 207,521, ,230,479 Approved and authorised for issue on 24 July 2008 香港旅遊發展局總幹事及主席於 2008 年 7 月 24 日核准, 並許可發出 Anthony Lau Executive Director 劉鎮漢總幹事 James Tien, GBS, JP Chairman of the Board 田北俊主席 The notes on pages 88 to 109 form part of these financial statements. 第 88 至第 109 頁的附註屬本財務報表的一部分 香港旅遊發展局 年報 財務報表 85

5 STATEMENT OF CHANGES IN RESERVE 儲備變動表 for the year ended 31 March 2008 (Expressed in Hong Kong dollars) 截至 2008 年 3 月 31 日止年度 ( 以港幣列示 ) Accumulated surplus at the beginning 於年初之累積盈餘 of the year 171,230, ,908,626 Surplus for the year 本年度盈餘 36,290,630 8,321,853 Accumulated surplus at the end of the year 於年末之累積盈餘 207,521, ,230,479 The notes on pages 88 to 109 form part of these financial statements. 第 88 至第 109 頁的附註屬本財務報表的一部分 86 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

6 CASH FLOW STATEMENT 現金流量表 for the year ended 31 March 2008 (Expressed in Hong Kong dollars) 截至 2008 年 3 月 31 日止年度 ( 以港幣列示 ) Operating activities 經營活動 Note 附註 Surplus for the year 本年度盈餘 36,290,630 8,321,853 Adjustments for: 調整 : Interest income 利息收入 (8,990,515 ) (8,208,061 ) Depreciation 折舊 12,032,538 12,407,349 Gain on disposal of fixed assets 出售固定資產之收益 (75,975 ) (29,816 ) Operating surplus before 營運資金變動前之經營盈餘 changes in working capital 39,256,678 12,491,325 (Increase)/decrease in defined 界定利益計劃資產之 benefit plan asset ( 增加 )/ 減少 (470,000) 234,000 Decrease/(increase) in debtors, 應收賬款 按金及預付款項 deposits and payments in advance 之減少 /( 增加 ) 1,679,198 (4,866,044) Decrease in receipts in advance, 預收款項 應付賬款及應計費用 accounts payable, and accruals 之減少 (18,878,341) (44,570,536) Decrease in deferred income 遞延收入之減少 (10,000,000 ) (10,000,000 ) Net cash generated from/ 經營活動所得 /( 所用 ) 現金淨額 (used in) operating activities 11,587,535 (46,711,255) Investing activities 投資活動 Interest received 已收利息 8,767,181 8,529,136 Purchase of fixed assets 購入固定資產付款 (1,909,439 ) (1,995,214 ) Proceeds from disposal of fixed assets 出售固定資產所得款項 75,975 29,816 Net cash generated from 投資活動所得現金淨額 investing activities 6,933,717 6,563,738 Net increase/(decrease) in 現金及現金等價物增加 /( 減少 ) 淨額 cash and cash equivalents 18,521,252 (40,147,517) Cash and cash equivalents 於年初之現金及現金等價物 at beginning of year 9 230,264, ,412,085 Cash and cash equivalents 於年末之現金及現金等價物 at end of year 9 248,785, ,264,568 The notes on pages 88 to 109 form part of these financial statements. 第 88 至第 109 頁的附註屬本財務報表的一部分 香港旅遊發展局 年報 財務報表 87

7 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 1 Status of the Board The Hong Kong Tourism Board (the Board ) is a subvented body corporate established in 1957 under the Hong Kong Tourist Association Ordinance and reconstituted under the Hong Kong Tourist Association (Amendment) Ordinance 2001 and the Hong Kong Tourism Board Ordinance. Its registered office and principal place of operation is 11th Floor, Citicorp Centre, 18 Whitfield Road, North Point, Hong Kong. The principal activities of the Board are to market and promote Hong Kong as a world class tourist destination. 2 Significant accounting policies (a) Statement of compliance These financial statements have been prepared in accordance with applicable Hong Kong Financial Reporting Standards ( HKFRSs ), which collective term includes the applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ( HKASs ) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ), and accounting principles generally accepted in Hong Kong. A summary of the significant accounting policies adopted by the Board is set out below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Board. The adoption of these new and revised HKFRSs has no significant impacts on the financial statements of the Board for the years ended 31 March 2007 and 31 March 2008 except for the disclosure requirements following the adoption of HKFRS 7, Financial instruments: Disclosures and the amendment to HKAS 1, Presentation of financial statements: Capital disclosures, there have been some additional disclosures provided as follows: HKFRS 7, Financial instruments: Disclosures As a result of the adoption of HKFRS 7, the financial statements include expanded disclosure about the significance of the financial instruments and the nature and extent of risks arising from those instruments, compared with the information previously required to be disclosed by HKAS 32, Financial instruments: Disclosure and presentation. These disclosures are provided in note 15 to the financial statements. 1 香港旅遊發展局的狀況香港旅遊發展局 ( 本局 ) 的前身為香港旅遊協會, 是在 1957 年根據 香港旅遊協會條例 成立的政府補助機構, 其後, 根據 2001 年香港旅遊協會 ( 修訂 ) 條例 及 香港旅遊發展局條例 改組成為香港旅遊發展局 本局之註冊辦事處及主要經營地點為香港北角威非路道 18 號萬國寶通中心 11 樓 本局的主要業務是推廣及促進本地的旅遊業, 使香港成為世界級的旅遊勝地 2 主要會計政策 (a) 遵例聲明此等財務報表乃根據香港會計師公會頒布適用的 香港財務報告準則 ( 財務報告準則 ) ( 此統稱包括適用的個別 香港財務報告準則 香港會計準則 及詮釋 ), 及香港公認會計原則而編製 本局採納的主要會計政策概要如下 香港會計師公會已頒布多項新訂及經修訂的財務報告準則, 並於本局的本會計期間首次生效或可供提早採納 除了採納財務報告準則第 7 號 金融工具 : 披露 及香港會計準則第 1 號 財務報表之呈報 : 資本披露 之修訂後的呈報要求外, 採納此等新訂及經修訂的財務報告準則, 對本局截至 2007 年 3 月 31 日及 2008 年 3 月 31 日止年度的財務報表未有重大影響, 而提供的若干額外披露如下 : 財務報告準則第 7 號, 金融工具 : 披露 由於採納了財務報告準則第 7 號, 與過往香港會計準則第 32 號 金融工具 : 披露及呈報 須予披露的資料比較, 財務報表包括有關金融工具之重要性及該等工具所衍生之風險的性質和程度之披露內容更加詳盡 該等披露資料已列載於財務報表附註 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

8 2 Significant accounting policies (continued) (a) Statement of compliance (continued) HKAS 1, Presentation of financial statements: Capital disclosure The amendment to HKAS 1 introduces additional disclosure requirements to provide information about the level of capital and the Board s objectives, policies and processes for managing capital. These new disclosures are set out in note 13 to the financial statements. Both HKFRS 7 and the amendment to HKAS 1 do not have any material impact on the classification, recognition and measurement of the amounts recognised in the financial statements. The Board has not applied any new standard or interpretation that is not yet effective for the current accounting period (see note 16). (b) Basis of preparation of the financial statements The measurement basis used in the preparation of the financial statements is the historical cost basis. The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. (c) Films, publicity and advertising materials Films, publicity and advertising materials are charged to the income statement on purchase, and no account is taken of stocks on hand at the balance sheet date. 2 主要會計政策 ( 續 ) (a) 遵例聲明 ( 續 ) 香港會計準則第 1 號, 財務報表之呈報 : 資本披露 香港會計準則第 1 號之修訂引入了額外的披露要求, 須提供有關資本水平及本局管理資本之目標 政策及過程之資料 該等新披露資料已列載於財務報表附註 13 財務報告準則第 7 號及香港會計準則第 1 號之修訂對財務報表內所確認金額之分類 確認及計量均沒有任何重大影響 本局並沒有採用任何於本會計期間尚未生效的新準則或詮釋 ( 見附註 16) (b) 財務報表的編製基準編製本財務報表時是以歷史成本作為計量基準 在編製符合財務報告準則的財務報表時, 管理層需要作出影響會計政策的應用及資產 負債 收入和支出的呈報數額的判斷 估計和假設 這些估計和相關假設是根據過往經驗及管理層因應當時情況下乃屬合理的各項其他因素為基礎而作出, 所得結果乃構成管理層就目前未能從其他資料來源即時得知資產及負債賬面值時所作出判斷的基礎 實際的結果可能與這些估計有差異 管理層會不斷審閱各項估計及相關假設 如果會計估計的修訂僅影響某一期間, 則該修訂會在該期間內確認, 或如果會計估計的修訂同時影響當前及未來期間, 則該修訂會在修訂期間及未來期間內確認 (c) 影片 宣傳及廣告物料所有影片 宣傳及廣告物料, 均於購入時記入損益表內, 於結算日的存貨餘額不會計算在內 香港旅遊發展局 年報 財務報表 89

9 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 2 Significant accounting policies (continued) (d) Fixed assets (i) Fixed assets are stated in the balance sheet at cost less accumulated depreciation and impairment losses. (ii) Gains or losses arising from the retirement or disposal of an item of fixed asset are determined as the difference between the estimated net disposal proceeds and the carrying amount of the item and are recognised in the income statement on the date of retirement or disposal. 2 主要會計政策 ( 續 ) (d) 固定資產 (i) 固定資產是以成本減累計折舊及減值虧損後記入資產負債表內 (ii) 報廢或出售一項固定資產所產生的損益以估計出售所得淨額與資產的賬面金額之間的差額釐定, 並於報廢或出售日在損益表內予以確認 (e) Depreciation Depreciation is calculated to write off the cost of fixed assets on a straight-line basis over their estimated useful lives as follows: (e) 折舊折舊是按下述固定資產的預計可用年限, 以直線法沖銷其成本, 計算方法如下 : Leasehold properties Leasehold improvements Motor vehicles Furniture, fixtures and equipment 25 years 10 years 4 years Additions are fully depreciated in the year of acquisition 租賃物業裝修汽車傢具 固定裝置及設備 25 年 10 年 4 年所增置的固定資產均於購買之年度全額提取折舊 The useful life of an asset is reviewed annually. 資產的可使用年限會每年檢討 (f) Debtors Debtors are initially recognised at fair value and thereafter stated at amortised cost less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. Impairment losses for bad and doubtful debts are measured as the difference between the carrying amount of the financial asset and the estimated future cash flows, discounted where the effect of discounting is material. (f) 應收賬款應收賬款按公允價值初始確認, 其後按攤銷成本減呆壞賬減值虧損列賬 如貼現的影響並不重大, 則會按成本減呆壞賬減值虧損列賬 呆壞賬減值虧損是以財務資產的賬面值與預計未來現金流量之間的差額計量, 如貼現的影響重大則予以貼現 (g) Accounts payable and accruals Accounts payable and accruals are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (g) 應付賬款及應計費用應付賬款及應計費用按公允價值初始確認, 其後按攤銷成本列賬 如貼現影響並不重大, 則會按成本列賬 90 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

10 2 Significant accounting policies (continued) (h) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments which are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Bank overdrafts that are repayable on demand and form an integral part of the Board s cash management are also included as a component of cash and cash equivalents for the purpose of the cash flow statement. 2 主要會計政策 ( 續 ) (h) 現金及現金等價物現金及現金等價物包括銀行結存及流動現金 在銀行及其他財務機構的活期存款及其他流動性極高的短期投資 這些投資可以隨時換算為已知數額的現金, 而在價值變動方面沒有重大風險, 並在購入後三個月內到期 就編製現金流量表而言, 須應要求償還並構成本局現金管理方面一部分的銀行透支亦列入現金及現金等價物的組成部分 (i) Provisions and contingent liabilities Provisions are recognised for liabilities of uncertain timing or amount when the Board has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. (i) 準備及或有負債若本局須就已發生的事件承擔法律或推定義務, 而履行該義務預期會導致含有經濟效益的資源外流, 並可作出可靠的估計, 便會就該時間或數額不定的負債計提準備 如果貨幣時間價值重大, 則按預計履行義務所需資源的現值計列準備 倘若含有經濟效益的資源外流的可能性較低, 或是無法對有關數額作出可靠的估計, 便會將該義務披露為或有負債 ; 但假如這類資源外流的可能性極低則除外 須視乎某宗或多宗未來事件是否發生才能確定存在與否的潛在義務, 亦會披露為或有負債 ; 但假如這類資源外流的可能性極低則除外 香港旅遊發展局 年報 財務報表 91

11 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 2 Significant accounting policies (continued) (j) Revenue recognition Provided it is probable that the economic benefits will flow to the Board and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in the income statement as follows: (i) Government subvention made to finance the general recurrent activities of the Board is recognised as revenue in the income statement of the year in respect of which it becomes receivable. (ii) Government subvention made to finance the non-recurrent activities of the Board is recognised as revenue to the extent of the related expenditure incurred during the year, with the unutilised balance included in receipts in advance. (iii) Government subvention made for the purchase of office premises of the Board is included in the balance sheet as deferred income and is credited to the income statement by instalments over the expected useful life of the related asset on a basis consistent with the depreciation policy (note 2(e)). (iv) Subscription fees are recognised on a time-apportioned basis. (v) Interest income is recognised as it accrues using the effective interest method. (vi) Sponsorship income received for non-subvented events are recognised in the income statement upon the completion date of the respective events. (vii) Promotion and advertising income received are accounted for on the accruals basis. 2 主要會計政策 ( 續 ) (j) 收入確認倘若含有經濟效益的資源可能流入本局, 而收入和成本 ( 如適用 ) 能夠作出可靠的計量時, 有關收入將按以下方式在損益表內確認 : (i) 用於本局一般活動之政府資助, 以該數額可收回時在本年度的損益表內確認為收入 (ii) 用於本局非經常活動之政府資助, 於年內相關支出產生時確認為收入, 未動用結餘已撥入預收款項項目 (iii) 用於購置本局辦公室之政府資助已撥入資產負債表之遞延收入項目, 並根據有關資產的預計可用年限, 以符合折舊政策的基準 ( 附註 2(e)), 按期攤分記入損益表內 (iv) 會員費是以時間比例為基準確認 (v) 利息收入於產生時採用實際利率法應計確認 (vi) 來自非補助活動的贊助收入於有關活動完結日在損益表內確認 (vii) 已收之宣傳及廣告收入均按權責發生制入賬 (k) Translation of foreign currencies Foreign currency transactions during the year are translated into Hong Kong dollars at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies and non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into Hong Kong dollars at the foreign exchange rates ruling at the balance sheet date. Exchange gains and losses are recognised in the income statement. (k) 外幣換算年內的外幣交易按交易日的適用匯率換算為港幣 以外幣為單位的貨幣性資產和負債及以外幣為單位並按公允價值列賬的非貨幣性資產和負債則按結算日的適用匯率換算為港幣 匯兌損益均記入損益表內 92 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

12 2 Significant accounting policies (continued) (l) Leased assets (i) Classification of assets leased to the Board Leases which do not transfer substantially all the risks and rewards of ownership to the Board are classified as operating leases, except where land held for own use under operating leases, the fair value of which cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, in such cases, it is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Board, or taken over from the previous lessee, or at the date of construction of those buildings, if later. (ii) Operating lease charges Where the Board has the use of assets held under operating leases, payments made under the leases are charged to income statement in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in the income statement as an integral part of the aggregate net lease payments made. 2 主要會計政策 ( 續 ) (l) 租賃資產 (i) 租賃予本局資產的分類除根據經營租賃持作自用的土地外, 並未將物業所有權的大部分風險及報酬轉讓予本局的租賃, 乃分類為經營租賃 以經營租賃持作自用的土地, 如無法於租賃開始時將其公允價值與土地上樓宇之公允價值分開計算, 在此情況下, 則以融資租賃下持有之方式列賬, 但假如該樓宇亦明確地以經營租賃之方式持有則除外 就此而言, 租賃的開始時間是指本局首次訂立租約時, 或自前承租人接收, 或有關樓宇的建造日時, 取其較後者 (ii) 經營租賃費用倘若本局乃以經營租賃使用資產, 則根據租賃支付之款項會於租賃期所涵蓋之會計期間內, 以等額在損益表扣除 ; 但如有其他基準能更清楚地反映租賃資產所產生的收益模式則除外 所收取的租賃優惠在損益表內確認為所付累計租賃款項淨額的組成部分 (m) Employee benefits (i) Salaries, annual leave, and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Board. (ii) The Board operates a defined benefit and a defined contribution staff retirement scheme for the Hong Kong office, a defined benefit staff retirement scheme for the Japan office, and defined contribution staff retirement schemes for other offices. Contributions made under the schemes applicable to each year are charged to the income statement for the year. Contributions for the defined benefit scheme of the Hong Kong office are made in accordance with the recommendations made by the actuary whilst the costs of the defined benefit scheme of the Japan office are determined in accordance with the scheme rules. Assets of the schemes, other than the scheme of the Japan office, are held separately from those of the Board. (m) 僱員福利 (i) 薪金 年假及非金錢性福利之成本均在本局僱員提供相關服務的年度內累計 (ii) 本局在香港辦事處實行一項界定利益及一項界定供款員工退休計劃 ; 日本辦事處實行一項界定利益員工退休計劃 ; 其他辦事處則實行界定供款員工退休計劃 每年向有關計劃作出的供款於有關年度內在損益表列支 供款數目方面, 香港辦事處乃按照精算師所作建議 日本辦事處則根據計劃所定條款 除日本辦事處外, 其他退休計劃的資產, 均與本局之資產賬目分開持有 香港旅遊發展局 年報 財務報表 93

13 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 2 Significant accounting policies (continued) (m) Employee benefits (continued) (iii) Contributions to Mandatory Provident Fund as required under the Hong Kong Mandatory Provident Fund Schemes Ordinance, are recognised as an expense in the income statement as incurred. (iv) The Board s net obligation in respect of defined benefit retirement plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine the present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on high quality corporate bonds that have maturity dates approximately the terms of the Board s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognised as an expense in the income statement on a straight-line basis over the average period until the benefits become vested. If the benefits vest immediately, the expense is recognised immediately in the income statement. In calculating the Board s obligation in respect of a plan, if any cumulative unrecognised actuarial gain or loss exceeds ten percent of the greater of the present value of the defined benefit obligation and the fair value of plan assets, that portion is recognised in the income statement over the expected average remaining working lives of the employees participating in the plan. Otherwise, the actuarial gain or loss is not recognised. Where the calculation of the Board s net obligation results in a negative amount, the asset recognised is limited to the net total of any cumulative unrecognised net actuarial losses and past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan. (v) Termination benefits are recognised when, and only when, the Board demonstrably commits itself to terminate employment or to provide benefits as a result of voluntary redundancy by having a detailed formal plan which is without realistic possibility of withdrawal. 2 主要會計政策 ( 續 ) (m) 僱員福利 ( 續 ) (iii) 根據香港 強制性公積金計劃條例 的規定向強制性公積金作出的供款, 均於產生時在損益表列支 (iv) 本局就界定利益退休計劃承擔的義務淨額是按估計僱員在當期和以往期間提供服務所賺取未來福利的數額計算, 並將預期累積福利數額貼現以釐定現值 ; 及扣除任何計劃資產的公允價值 計算現值所用的比率是根據優質公司債券於結算日的收益率釐定, 所參考公司債券的條款應與本局就界定利益退休計劃承擔義務的條款相若 計算工作由合資格精算師運用預期累積福利單位法進行 如計劃所提供的福利增加, 關乎僱員以往服務的福利增加部分將按直線法, 在直至福利成為既定福利的平均年期內在損益表列支 如屬即時的既定福利, 則會在當期的損益表確認支出 在計算本局就計劃承擔的義務時, 如任何累計未確認的精算增益或損失超逾界定利益義務的現值與計劃資產的公允價值兩者中較高數額的 10%, 超出部分會在參與計劃的僱員的預期平均尚餘工作年期內在損益表確認, 否則不會確認精算增益或損失 如在計算本局的義務淨額時出現負數, 則所確認的資產不得超逾以下三個數額的淨總額, 即任何累計未確認的精算損失淨額, 任何累計未確認的以往服務成本及日後從計劃所得的任何退款或供款減額的現值 (v) 合約終止利益補償只會在本局有詳盡及正式的計劃 ( 該計劃沒有任何實際撤銷的可能 ), 並且明確表示會終止合約或由於自願遣散而提供福利時予以確認 94 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

14 3 Principal source of income The principal source of income is the subvention from the Government of the Hong Kong Special Administrative Region ( Government ) for the year which is determined with regard to the needs of the Board as presented in its annual budget and proposed programme of activities. The amount of the subvention recognised as revenue during the year is analysed as follows: 3 主要收入來源主要收入來源為香港特別行政區政府 ( 政府 ) 於本年度給予的資助額, 按本局的年度財政預算及建議活動計劃書所列載的需要而釐定 年內確認為收入之資助額分析如下 : Recurrent 經常性 466,468, ,103,000 Non-recurrent 非經常性 Discover Hong Kong Year/Family and 精采香港旅遊年 / 家庭和商務 Business Booster Campaign/Quality 旅客強效市場推廣計劃 / 優質 Tourism Services Scheme/Additional Fund 旅遊服務計劃 / 額外撥款 65,456, ,299,523 Others 其他 10,240,248 8,157,456 75,697, ,456, ,165, ,559,979 Total net surplus for the years ended 31 March 2008 and 2007 reflects the timing of the recognition of the Government subvention income and the corresponding expenses. 4 Income tax No provision for Hong Kong Profits Tax has been made in the financial statements as the Board has been granted exemption from all Hong Kong taxes by the Inland Revenue Department under Section 87 of the Inland Revenue Ordinance. 截至 2008 年 3 月 31 日及 2007 年 3 月 31 日止年度之淨盈餘總額, 反映政府資助收入與相關支出的確認時間 4 所得稅根據 稅務條例 第 87 條, 本局已獲稅務局豁免繳交所有香港稅項, 故財務報表上並無提撥任何香港利得稅準備 香港旅遊發展局 年報 財務報表 95

15 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 5 Staff costs 5 員工成本 Contributions to defined contribution 界定供款退休計劃供款 retirement plans 5,004,438 4,745,818 (Income)/expense recognised in respect of 就界定利益退休計劃確認的 defined benefit retirement plan (note 12(a)(v)) ( 收入 )/ 支出 ( 附註 12(a)(v)) (470,000) 483,000 Retirement costs 退休成本 4,534,438 5,228,818 Salaries and other benefits 薪金及其他福利 151,812, ,601, ,347, ,830,613 6 Senior executives pay and allowances The senior executives of the Board include the Executive Director, Deputy Executive Director and General Managers and Regional Directors, and their total pay and allowances during the year were as follows: 6 高級行政人員薪酬及津貼本局的高級行政人員包括總幹事 副總幹事和總經理及區域幹事, 他們在本年度內獲發放之薪酬及津貼總額如下 : 2008 Other senior Executive executives Director 其他高級 Total 總幹事 行政人員 總數 Basic salaries 基本薪金 2,071,000 14,140,000 16,211,000 Discretionary performance pay 酌情按表現發放的薪酬 336,000 1,208,000 1,544,000 Retirement benefit expenses, 退休福利開支 約滿酬金 contract gratuities and 及其他津貼 other allowances 443,000 3,210,000 3,653,000 2,850,000 18,558,000 21,408, FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

16 6 Senior executives pay and allowances (continued) 6 高級行政人員薪酬及津貼 ( 續 ) 2007 Other senior Executive executives Director 其他高級 Total 總幹事 行政人員 總數 Basic salaries 基本薪金 3,336,000 14,591,000 17,927,000 Discretionary performance pay 酌情按表現發放的薪酬 972,000 1,519,000 2,491,000 Retirement benefit expenses, 退休福利開支 約滿酬金 contract gratuities and 及其他津貼 other allowances 648,000 3,124,000 3,772,000 4,956,000 19,234,000 24,190,000 The salaries and discretionary performance pay for all senior executives of the Board fell within the following ranges: 支付予全部高級行政人員的薪酬及酌情按表現發放的薪酬組別如下 : No. of senior No. of senior Executives * Executives * 高級行政 高級行政 人員人數 * 人員人數 * $0 to $500,000 $0 至 $500, $500,001 to $1,000,000 $500,001 至 $1,000, $1,000,001 to $1,500,000 $1,000,001 至 $1,500, $1,500,001 to $2,000,000 $1,500,001 至 $2,000, $2,000,001 to $2,500,000 $2,000,001 至 $2,500, $2,500,001 to $3,000,000 $2,500,001 至 $3,000, $3,000,001 to $3,500,000 $3,000,001 至 $3,500, $3,500,001 to $4,000,000 $3,500,001 至 $4,000, $4,000,001 to $4,500,000 $4,000,001 至 $4,500, * The increase in the number of senior executives relate to one General Manager and one Regional Director. Such positions were vacant in 2007 and were filled in * 高級行政人員人數之增加與一名總經理及一名區域幹事有關 此等職位於 2007 年出現空缺並於 2008 年進行填補 香港旅遊發展局 年報 財務報表 97

17 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 6 Senior executives pay and allowances (continued) During the year, the Chairman and members of the Board did not receive any remuneration for their services rendered to the Board (2007: $Nil). The remuneration and terms and conditions of employment of the senior executives are determined and approved by the Staff and Finance Committee, which includes non-executive Board members and an officer of the Tourism Commission, and approved by the Board for the Executive Director. In accordance with the Hong Kong Tourism Board Ordinance, the appointment and terms and conditions of employment of the Executive Director and the Deputy Executive Director are subject to the approval of the Chief Executive. The senior executives receive a basic salary and a performancebased variable pay. With effect from 2007/08, the performance of senior executives is determined by a new Performance Management System and assessment criteria including Key Performance Indicators, Key Strategic Focus and Competencies. Their performance is referenced against a set of objectives set out in the annual business plan. The performance of the Executive Director is assessed by the Chairman while the performance of the Deputy Executive Director, General Managers and Regional Directors are assessed by the Executive Director. The variable pay of all the above senior executives are approved by the Remuneration Committee comprising the Chairman of the Board and the Staff and Finance Committee. The amount of discretionary performance pay for the Executive Director disclosed above for the year ended 31 March 2008 represents the variable pay amount paid of HK$17,898 and HK$318,528 in respect of the year ended 31 March 2008 for the ex-executive Director and the current Executive Director respectively. The remuneration for other senior executives for the year ended 31 March 2008 represents compensation for the Deputy Executive Director, five General Managers (2007: four General Managers) and six Regional Directors (2007: five Regional Directors). The remuneration of 9 out of 13 senior executives listed under the 2008 senior executives pay and allowances disclosure, including the current Executive Director, Deputy Executive Director, five General Managers and two Regional Directors, do not reflect their full year pay and allowances for the year ended 31 March 2008, as they do not represent full year appointments for the executives concerned. 6 高級行政人員薪酬及津貼 ( 續 ) 本年度內, 本局主席及各成員並沒有因向本局提供服務而收取任何酬金 (2007 年 : 零 ) 高級行政人員之酬金及聘用條款和條件由財務及編制委員會決定及審批, 委員會包括本局非執行成員及旅遊事務署一位官員 ; 而總幹事之酬金及聘用條件則須經本局成員審批 根據香港旅遊發展局條例, 總幹事及副總幹事之委任及聘用條款和條件須獲行政長官批准 高級行政人員支取基本薪金及與表現掛鈎的浮動薪酬 由 2007 至 08 年度開始, 高級行政人員的工作表現由一套新的表現管理系統所評定, 評核準則包括主要表現指標 主要策略重點及能力 他們的表現是參照年度業務計劃所臚列的一系列目標 總幹事的工作表現由主席進行評核, 而副總幹事 總經理及區域幹事則由總幹事予以評核 上述所有高級行政人員與表現掛鈎的浮動薪酬由薪酬委員會審批, 委員會由本局主席及財務及編制委員會成員組成 上文所披露截至 2008 年 3 月 31 日止年度內支付予總幹事的酌情按表現發放的薪酬數額, 代表截至 2008 年 3 月 31 日止年度內分別支付予前任總幹事及現任總幹事的浮動薪酬 17,898 元及 318,528 元 截至 2008 年 3 月 31 日止年度的其他高級行政人員的酬金, 代表副總幹事 五名總經理 (2007 年 : 四名總經理 ) 及六名區域幹事 (2007 年 : 五名區域幹事 ) 之酬金 2008 年高級行政人員薪酬及津貼披露資料中所列出之十三名高級行政人員酬金, 其中九名包括現任總幹事 副總幹事 五名總經理及兩名區域幹事之酬金, 由於並不代表有關行政人員之全年任期, 因此並非反映他們於截至 2008 年 3 月 31 日止年度的全年薪酬及津貼 98 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

18 7 Fixed assets 7 固定資產 Cost: 成本 : Furniture, fixtures and Leasehold Leasehold Motor equipment properties Improvements vehicles 傢具 固定 Total 租賃物業 裝修 汽車 裝置及設備 總數 At 1 April 2007 於 2007 年 4 月 1 日 252,855,009 7,046,822 1,953,550 49,709, ,565,245 Additions 增置 326,791 1,582,648 1,909,439 Disposals 出售 (164,947 ) (3,428,935 ) (3,593,882 ) At 31 March 2008 於 2008 年 3 月 31 日 252,855,009 7,046,822 2,115,394 47,863, ,880,802 Accumulated depreciation: 累計折舊 : At 1 April 2007 於 2007 年 4 月 1 日 129,798,903 7,046,822 1,488,130 49,709, ,043,719 Charge for the year 本年度折舊 10,114, ,690 1,582,648 12,032,538 Disposals 出售 (164,947 ) (3,428,935 ) (3,593,882 ) At 31 March 2008 於 2008 年 3 月 31 日 139,913,103 7,046,822 1,658,873 47,863, ,482,375 Net book value: 賬面淨值 : At 31 March 2008 於 2008 年 3 月 31 日 112,941, , ,398,427 Cost: 成本 : At 1 April 2006 於 2006 年 4 月 1 日 252,855,009 7,046,822 1,953,550 49,326, ,181,977 Additions 增置 1,995,214 1,995,214 Disposals 出售 (1,611,946 ) (1,611,946 ) At 31 March 2007 於 2007 年 3 月 31 日 252,855,009 7,046,822 1,953,550 49,709, ,565,245 Accumulated depreciation: 累計折舊 : At 1 April 2006 於 2006 年 4 月 1 日 119,684,703 7,046,822 1,190,195 49,326, ,248,316 Charge for the year 本年度折舊 10,114, ,935 1,995,214 12,407,349 Disposals 出售 (1,611,946 ) (1,611,946 ) At 31 March 2007 於 2007 年 3 月 31 日 129,798,903 7,046,822 1,488,130 49,709, ,043,719 Net book value: 賬面淨值 : At 31 March 2007 於 2007 年 3 月 31 日 123,056, , ,521,526 Leasehold properties are all held on long leases in Hong Kong. 所有本港之租賃物業均屬長期租約 香港旅遊發展局 年報 財務報表 99

19 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 8 Debtors, deposits and payments in advance 8 應收賬款 按金及預付款項 Debtors 應收賬款 2,329,909 4,121,825 Deposits and payments in advance 按金及預付款項 20,505,461 20,169,409 22,835,370 24,291,234 Included in debtors, deposits and payments in advance are the following amounts denominated in currencies other than the Board s functional currency: 應收賬款 按金及預付款項中包括下列本局功能貨幣外以其他貨幣為單位之數額 : Australian Dollars 澳元 AUD 295,527 AUD 204,107 Euros 歐元 EUR 67,146 EUR 314,285 Japanese Yen 日元 JPY 76,001,577 JPY 78,280,837 Renminbi 人民幣 RMB 2,197,054 RMB 1,365,816 Great British Pounds 英鎊 GBP 28,973 GBP 52,854 New Taiwan Dollars 新台幣 NTD 3,394,581 NTD 3,707,451 United States Dollars 美元 USD 117,163 USD 121,100 The gross amount of debtors, deposits and payments in advance at 31 March 2008 that is expected to be recovered after more than one year is $4,823,981 (2007: $502,802). Debtors that are not impaired The ageing analysis of debtors that are neither individually nor collectively considered to be impaired are as follows: 於 2008 年 3 月 31 日, 預計在超過一年後可收回的應收賬款 按金及預付款項總額為 4,823,981 元 (2007 年 :502,802 元 ) 並無減值之應收賬款並無被視為個別或共同減值之應收賬款之賬齡分析如下 : Neither past due nor impaired 並無逾期或減值 1,430,259 2,108,389 Less than 1 month past due 逾期少於一個月 659,367 1,081,491 1 to 3 months past due 逾期一至三個月 240, , ,650 2,013,436 2,329,909 4,121, FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

20 9 Cash and cash equivalents 9 現金及現金等價物 Deposits with banks and financial institutions 銀行及財務機構存款 234,955, ,475,163 Cash at banks and in hand 銀行存款及現金 13,995,723 16,969, ,951, ,444,330 Bank overdrafts 銀行透支 (165,415) (2,179,762) Cash and cash equivalents in 現金流量表中之現金 the cash flow statement 及現金等價物 248,785, ,264,568 Included in cash and cash equivalents are the following amounts denominated in currencies other than the Board s functional currency: 現金及現金等價物中包括下列本局功能貨幣外以其他貨幣為單位之數額 : Australian Dollars 澳元 AUD 426,526 AUD 479,144 Canadian Dollars 加元 CAD 66,689 CAD 234,382 Euros 歐元 EUR 158,524 EUR 806,057 Japanese Yen 日元 JPY 81,457,986 JPY 139,112,448 Renminbi 人民幣 RMB 2,257,008 RMB 3,010,627 Singapore Dollars 新加坡元 SGD 301,194 SGD 1,044,218 Great British Pounds 英鎊 GBP 249,019 GBP 198,427 United States Dollars 美元 USD 1,452,588 USD 785,448 香港旅遊發展局 年報 財務報表 101

21 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 10 Accounts payable and accruals 10 應付賬款及應計費用 Accounts payable 應付賬款 69,817,973 85,075,499 Other payables and sundry creditors 其他應付款項及應付雜項 16,442,491 18,067,471 86,260, ,142,970 Included in accounts payable and accruals are the following amounts denominated in currencies other than the Board s functional currency: 應付賬款及應計費用中包括下列本局功能貨幣外以其他貨幣為單位之數額 : Australian Dollars 澳元 AUD 332,705 AUD 465,876 Euros 歐元 EUR 143,763 EUR 201,603 Japanese Yen 日元 JPY 87,086,400 JPY 137,280,032 Renminbi 人民幣 RMB 3,188,598 RMB 3,102,669 Singapore Dollars 新加坡元 SGD 618,438 SGD 1,079,621 Great British Pounds 英鎊 GBP 194,586 GBP 136,363 United States Dollars 美元 USD 643,728 USD 226, Deferred income 11 遞延收入 Purchase of office premises 購買辦公室 Government subvention granted 政府資助 1994/ /95 250,000, ,000,000 Aggregate realisation: 累積已確認數額 : At 1 April 於 4 月 1 日 128,333, ,333,333 Realised during the year 本年度確認 10,000,000 10,000,000 At 31 March 於 3 月 31 日 138,333, ,333,333 Balance at 31 March 於 3 月 31 日之結餘 111,666, ,666, FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

22 12 Employee retirement benefits (a) Defined benefit retirement plan The Board makes contributions to a defined benefit retirement scheme registered under the Hong Kong Occupational Retirement Schemes Ordinance. The scheme covers approximately 26% (2007: 29%) of the Board s employees based in Hong Kong. The scheme is administered by an independent trustee, and the assets are held in a trust separately from those of the Board. 12 僱員退休福利 (a) 界定利益退休計劃本局向一項根據 職業退休計劃條例 登記的界定利益退休計劃作出供款, 參與這項計劃的僱員約佔本局香港僱員人數的 26%(2007 年 :29%) 這項計劃由獨立受託人管理, 其資產存放於一個信託基金, 與本局的資產分開持有 (i) The amounts recognised in the balance sheet are as follows: (i) 於資產負債表確認的數額如下 : Present value of wholly or partly 全部或部分注入資金的界定 funded obligations 利益責任的現值 60,178,000 59,648,000 Fair value of plan assets 計劃資產的公允價值 (97,702,000) (106,895,000) Net unrecognised actuarial gain 未確認的精算收益淨額 12,779,000 22,972,000 (24,745,000) (24,275,000) A portion of the above asset is expected to be recovered after more than one year. However, it is not practicable to segregate this amount from the amounts recoverable in the next twelve months, as future contributions will also relate to future services rendered and future changes in actuarial assumptions and market conditions. The Board expects to pay $Nil in contributions to defined benefit retirement plan in 2009 since the Board has taken the contribution holiday recommended by the Actuary. (ii) Plan assets consist of the following: 上述部分資產預期於超過一年後收回 然而, 由於未來供款亦與日後提供的服務和日後精算假設與市況的變動有關, 故將有關數額從未來十二個月的可收回數額中分開並不可行 由於本局接納了精算師所建議之免供款期, 本局預計於 2009 年毋需向界定利益退休計劃作出供款 (ii) 計劃資產包括以下項目 : Equity securities 證券 47,898,000 56,127,000 Bonds 債券 47,862,000 49,279,000 Cash at bank 銀行存款 1,942,000 1,489,000 97,702, ,895,000 香港旅遊發展局 年報 財務報表 103

23 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 12 Employee retirement benefits (continued) (a) Defined benefit retirement plan (continued) (iii) Movement in the present value of the defined benefit obligations: 12 僱員退休福利 ( 續 ) (a) 界定利益退休計劃 ( 續 ) (iii) 界定利益責任現值之變動 : At 1 April 於 4 月 1 日 59,648,000 56,486,000 Benefits paid by the plan 計劃支付之利益 (14,318,000) (3,577,000) Current service costs 當期服務成本 3,692,000 3,671,000 Interest cost 利息費用 2,526,000 2,526,000 Actuarial losses 精算虧損 8,630, ,000 At 31 March 於 3 月 31 日 60,178,000 59,648,000 (iv) Movements in plan assets: (iv) 計劃資產之變動 : At 1 April 於 4 月 1 日 106,895,000 97,701,000 Benefits paid by the plan 計劃支付之利益 (14,318,000) (3,577,000) Actuarial expected returns on plan assets 計劃資產之精算預期回報 5,601,000 5,111,000 Employer contributions 僱主供款 249,000 Actuarial (losses)/gains 精算 ( 虧損 )/ 收益 (476,000) 7,411,000 At 31 March 於 3 月 31 日 97,702, ,895, FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

24 12 Employee retirement benefits (continued) (a) Defined benefit retirement plan (continued) (v) (Income)/expense recognised in the income statement is as follows: 12 僱員退休福利 ( 續 ) (a) 界定利益退休計劃 ( 續 ) (v) 於損益表確認的 ( 收入 )/ 支出如下 : Current service cost 當期服務成本 3,692,000 3,671,000 Interest cost 利息費用 2,526,000 2,526,000 Actuarial expected return on plan assets 計劃資產的精算預期回報 (5,601,000) (5,111,000) Net actuarial gains recognised 已確認精算收益淨額 (1,087,000) (603,000) (470,000) 483,000 The (income)/expense is recognised in the following line item in the income statement: 有關 ( 收入 )/ 支出在損益表之下列項目內確認 : Staff costs 員工成本 (470,000 ) 483,000 (vi) The actual return on plan assets of the Board (taking into account all changes in the fair value of the plan assets excluding contributions paid and received) was net income of $5,125,000 (2007: $12,522,000). (vii) The principal actuarial assumptions used as at 31 March 2008 (expressed as weighted averages) are as follows: (vi) 本局計劃資產的真正回報 ( 已計算計劃資產的公允價值之所有變動, 不包括已付及已收供款 ) 為收入淨額 5,125,000 元 (2007 年 : 12,522,000 元 ) (vii) 於 2008 年 3 月 31 日使用的主要精算假設 ( 以加權平均數表示 ) 如下 : Discount rate 貼現率 2.70% 4.25% Expected rate of return on plan assets 計劃資產的預期回報率 5.75% 5.25% Future salary increases 未來薪金升幅 4.00% 4.00% The total expected long-term investment return is determined based on the weighted average of the expected long-term investment return for each asset class under the investment portfolio of the defined benefit retirement plan using the economic model of Mercer (Hong Kong) Limited. 預期長期投資回報總額乃基於界定利益退休計劃之投資組合內每項資產級別之預期長期投資回報之加權平均數, 採用美世 ( 香港 ) 有限公司之經濟模式計算出來 香港旅遊發展局 年報 財務報表 105

25 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 12 Employee retirement benefits (continued) (a) Defined benefit retirement plan (continued) (viii) Historical information: 12 僱員退休福利 ( 續 ) (a) 界定利益退休計劃 ( 續 ) (viii) 歷史資料 : Present value of the defined benefit obligations 界定利益責任的現值 60,178,000 59,648,000 Fair value of plan assets 計劃資產的公允價值 (97,702,000) (106,895,000) Surplus in the plan 計劃之盈餘 (37,524,000) (47,247,000) Experience loss/(gain) arising on plan assets 計劃資產所產生之過往虧損 /( 收益 ) 476,000 (7,411,000) Experience loss/(gain) arising on plan liabilities 計劃負債所產生之過往虧損 /( 收益 ) 1,217,000 (639,000) (b) Defined contribution retirement plan The Board also operates a Mandatory Provident Fund Scheme ( the MPF scheme ) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance and not previously covered by the defined benefit retirement scheme. The MPF scheme is a defined contribution retirement scheme administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the scheme at 5% of the employees relevant income, subject to a cap of monthly relevant income of $20,000. Contributions to the scheme vest immediately. 13 Reserves General Fund The General Fund represents the Board s unallocated balances and surpluses. The use of the unallocated balances or surpluses requires approval from the Board and the Government. Based on the understanding between the Government and the Board, the level of reserves held by the Board may increase to a level equivalent to four months of gross expenditure. (b) 界定供款退休計劃本局亦按照香港 強制性公積金計劃條例 的規定, 為根據香港 僱傭條例 聘用, 而且以往不受界定利益退休計劃保障的僱員, 設立一項強制性公積金計劃 ( 強積金計劃 ) 強積金計劃是界定供款退休計劃, 由獨立的受託人管理 根據強積金計劃, 僱主及僱員須各自按照僱員相關入息的 5% 作出供款 ; 每月的相關入息上限為二萬元 計劃的供款即時全數歸屬於成員 13 儲備一般基金一般基金代表本局未分配之餘額及盈餘 使用未分配之餘額及盈餘須經本局及政府之批准 基於本局與政府之間的理解, 本局所保留之儲備水平可以增加至相等於四個月開支總額之水平 106 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report

26 14 Commitments At 31 March 2008, the Board had commitments in respect of the following: The total future minimum lease payments under non-cancellable operating leases are payable as follows: 14 承擔於 2008 年 3 月 31 日, 本局之承擔如下 : 根據不可解除的經營租賃在日後應付的最低租賃付款總額如下 : Within 1 year 一年內期滿 11,376,803 8,656,728 After 1 year but within 5 years 一年後至五年內期滿 12,747,020 4,607,146 After 5 years 五年後期滿 1,909,296 26,033,119 13,263,874 The Board leases a number of properties under operating leases. The leases typically run for an initial period of one to ten years, with an option to renew the lease when all terms are renegotiated. None of the leases includes contingent rentals. 15 Financial instruments Exposure to credit, liquidity, interest rate and foreign currency risks arises in the normal course of the Board s operations. These risks are limited by the Board s financial management policies and practices described below. (a) Credit risk The Board s credit risk is primarily attributable to debtors, deposits and payment in advance. Management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis. (b) Liquidity risk The Board manages its cash assets on a prudent basis to ensure that a sufficiently high liquidity ratio is maintained at all time to fund its operations. (c) Interest rate risk The Board has no financing from external parties other than Government subvention and the Board is not exposed to interest rate risk on financing. 本局以經營租賃租用多項物業 此等租賃一般為期一至十年, 並且有權選擇續約, 屆時所有條款均可重新商議 各項經營租賃均不包括或有租金 15 金融工具本局在正常經營過程中會出現信貸 流動資金 利率和外幣風險 本局透過下文所述的財務管理政策和慣常做法, 對這些風險予以限制 (a) 信貸風險本局的信貸風險主要來自應收賬款 按金及預付款項 管理層備有信貸政策, 並且不斷監察所承受信貸風險的程度 (b) 流動資金風險本局審慎地管理其現金資產, 確保流動資金比率經常保持於高水平, 為其營運提供資金 (c) 利率風險除政府資助外, 本局沒有向外間機構融資, 本局並無因融資而承擔利率風險 香港旅遊發展局 年報 財務報表 107

27 NOTES ON THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars) ( 以港幣列示 ) 15 Financial instruments (continued) (d) Foreign currency risk (i) Exposure to currency risk The Board makes certain purchases that are denominated in currencies other than Hong Kong dollars, the functional currency of the Board, for the operations of the overseas offices. The foreign currency risk is mitigated by entering into certain forward foreign exchange contracts. As at 31 March 2008, the notional amount of forward exchange contracts is approximately $58 million (2007: $60 million). (ii) Sensitivity analysis The following table indicates the approximate change in the Board s surplus and general fund in response to reasonable possible changes in the foreign exchange rates to which the Board has significant exposure at the balance sheet date. The sensitivity analysis includes balances where the denomination of the balances is in a currency other than the functional currencies of the Board. 15 金融工具 ( 續 ) (d) 外幣風險 (i) 面對貨幣風險本局採購港幣 ( 本局功能貨幣 ) 外的其他貨幣, 作為海外辦事處營運之用 外幣風險是透過訂立若干遠期外匯合約予以減低 截至 2008 年 3 月 31 日, 遠期外匯合約之名義金額約為 5,800 萬元 (2007 年 :6,000 萬元 ) (ii) 敏感度分析下表顯示本局於資產負債表結算日在匯率方面所面對重大風險的合理可能變動, 對本局盈餘及一般基金所引致之大約變化 敏感度分析包括本局功能貨幣外以其它貨幣為單位之結餘 Increase/ Increase/ (decrease) Effect on (decrease) Effect on in foreign surplus and in foreign surplus and exchange rates general fund exchange rates general fund 匯率 對盈餘 匯率 對盈餘 之上升 / 及一般基金 之上升 / 及一般基金 ( 下跌 ) 之影響 ( 下跌 ) 之影響 Japanese Yen 日元 5% 276,215 5% 266,777 (5)% (276,215 ) (5)% (266,777 ) The sensitivity analysis has been determined assuming that the change in foreign exchange rates had occurred at the balance sheet date and had been applied to the Board s exposure to currency risk for the financial instruments in existence at that date, and that all other variables, in particular interest rates, remain constant. The stated changes represent management s assessment of reasonably possible changes in foreign exchange rates over the period until the next annual balance sheet date. In this respect, it is assumed that the pegged rate between the HKD and the USD would be materially unaffected by any changes in movement in value of the USD against other currencies. The analysis is performed on the same basis for 敏感度分析乃假設匯率變動於資產負債表結算日發生, 並應用於本局於當日已存在的金融工具所面對的貨幣風險, 而所有其他可變動因素特別是利率則保持不變 所述變動代表管理層對直至下個年度資產負債表結算日期間有關匯率之合理可能變動之評估 就此而言, 有關變動乃假設港元與美元之聯繫匯率將不會受美元兌其他貨幣之任何幣值變動之重大影響 2007 年進行之分析採用相同基礎 108 FINANCIAL STATEMENTS Hong Kong Tourism Board Annual Report