公司資料 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 9 5B 2

目錄 2 4 7 13 16 28 35 37 38 40 41 43 92 94

公司資料 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 9 5B 2

公司資料 Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 183 22 4,000 pr@woproperties.com www.woproperties.com 1243 3

主席報告 2004 The Met. The Met. Ladder575 Ladder 4

主席報告 726 1,104,300,000 4 2 1 7 5

主席報告 The Met. 575 6

管理層討論及分析 財務業績 截至二零一六年三月三十一日止財政年度 本集團之收益及母公司權益持有人應佔溢利及全面總收入分別約為 645,500,000港元 二零一五年 約1,230,000,000港元 及約為410,000,000港元 二零一五年 約457,400,000港 元 股息 為審慎起見及為保留更多資金作未來發展 董事會不建議緊隨其股份於二零一六年四月十二日 上市日期 於 聯交所上市 上市 後作出任何常規末期股息分派 業務回顧 截至二零一六年三月三十一日止年度 本集團之收入約為645,500,000港元 二零一五年 約1,230,000,000港元 較上年度減少約584,500,000港元 收入減少主要源於物業發展分類錄得收入下降 本年度 母公司權益持有人應佔 溢利及全面總收入約為410,000,000港元 二零一五年 約457,400,000港元 較上年度稍跌 本集團年內繼續錄得 盈利 此乃主要來自完成交付住宅項目 薈悅 及 薈臻 若干餘下單位 此外 本集團於年內亦出售多個物業 包括荃灣購物商場 海濱廣場 沙田中心的若干泊車位及三個店鋪 7 宏安地產有限公司 二零一六年年報

管理層討論及分析 567,500,0001,210,200,000 726 1. 575 575A 726 19 2. 599 60% 3. 598 60% 4. 587 5. 13 15 8

管理層討論及分析 575 575A 2,100 33,300 598 33,300 599 71,000 587 13 15 41,000 579,200,000 1,263,900,000 30,300,00019,300,00011,000,000 900,000 1,104,300,000 158,000,000 70,000,000 9

管理層討論及分析 823,000,000 96,800,000 53,300,000 48 48 3,622,700,0001,923,500,000 1.16.9 475,800,000242,400,000 1,649,400,0002,105,100,000 57.7%780.9% 527,500,0002,910,500,000 1,247,100,0002,655,200,000359,100,000 127,500,00049,700,000 10

管理層討論及分析 56 485 107,700,000 11

管理層討論及分析 310,800,000 230.0 230.0 50.7 50.7 30.1 2.9 27.2 310.8 2.9 307.9 12

董事會及高級管理層 59 PNG 30 28 5 13

董事會及高級管理層 52 PNG 59 30 70 30 67 14

董事會及高級管理層 Empresarial University* 4 15

企業管治報告 14 10 A.6.4 16

企業管治報告 17

企業管治報告 1315 3.10(1) (2) 3.10A 3.08 A.3.2 (www. woproperties.com) (www.hkexnews.hk) 8 1,000,001 1,500,000 1 1,500,000 2 18

企業管治報告 83(2) 84(1) 3.13 D.3.1 19

企業管治報告 A.6.5 3.21 20

企業管治報告 B.1.2 (a) (b) (c) (d) (e) (f) (g) B.1.5 1,000,0012,000,000 3 2,000,001 3,000,000 1 21

企業管治報告 A.5.1 (a) (b) (c) (d) (e) (f) (g) 22

企業管治報告 1,750 3,365 3,713 280 9,108 23

企業管治報告 (www.hkexnesw.hk) (www.woproperties.com) 571XIVA E.1.3 10 20 24

企業管治報告 58 74(3) 9 5B 59(1) (a) (b) (www.woproperties.com) 25

企業管治報告 pr@ woproperties.com 9 5 B 183 22 3.29 26

企業管治報告 35 36 (www.hkexnesw.com.hk) (www.woproperties.com) 27

董事會報告 1 37 91 645,500,0001,230,000,000 410,000,000457,400,000 7 12 (a) (b) (c) (d) (e) 28

董事會報告 94 13 14 15 16 24 25 35 2,024,000,000 29

董事會報告 15.0% 28.1%6.7%9.1% 92.2% 98.9%36.0%91.2% 5% 1,649,400,0002,105,100,000 527,500,0002,910,500,0001,247,100,000 2,655,200,000 359,100,000 83(2)84(1) 3.13 13 15 30

董事會報告 8 30 8.10 XV352 XV 336 3 % (1) 1,140,000,000 75.0 (2) 1,140,000,000 75.0 (2) 1,140,000,000 75.0 31

董事會報告 (1) Wang On Enterprises (BVI) LimitedWOE WOEEarnest Spot LimitedEarnest SpotEarnest Spot1,140,000,000XV WOE Earnest Spot (2) (i) (ii)(iii) Caister Limited (iv)51.76% (i) (ii)(iii) 51.76%1,140,000,000 XV (3) 1,520,000,000 336 32

董事會報告 11,600,00012,000,000 56 485 16 27 3A.19 3A.07 3.21 33

董事會報告 34 34

獨立核數師報告 37 91 35

獨立核數師報告 1 22 36

綜合損益及其他全面收益表 5 645,486 1,229,971 (417,110) (667,148) 228,376 562,823 5 311,655 20,101 (48,384) (64,277) (139,885) (110,136) (698) 7 (28,591) (24,953) 14 20,694 47,588 14 107,725 49,564 6 393,429 538,173 10 15,314 (80,950) 408,743 457,223 410,000 457,399 (1,257) (176) 408,743 457,223 12 35.96 40.12 37

綜合財務狀況表 13 70 62,071 14 579,200 1,263,900 15 350,000 300,273 17 54 23 1,577 3,460 930,847 1,629,758 15 2,560,519 2,354,889 16 92,473 439,134 19 1,082,807 17 14,977 152,036 1,022 762 18 475,831 242,388 3,144,822 4,272,016 20 37,508 78,135 21 25,738 19,439 19 2,562,449 19 352,743 13,567 155,744 22 326,677 667,971 49,448 141,759 452,938 3,978,240 2,691,884 293,776 3,622,731 1,923,534 21 21,973 7,581 22 1,567,044 1,672,266 23 2,573 5,204 1,591,590 1,685,051 2,031,141 238,483 38

綜合財務狀況表 24 1 25 2,032,454 238,540 2,032,455 238,540 (1,314) (57) 2,031,141 238,483 39

綜合權益變動表 24 25(i) 25(ii) 259,472 259,472 (312) 259,160 457,399 457,399 (176) 457,223 11 (477,900) (477,900) (477,900) 11 11 (11) (442) (442) 442 (431) 238,971 238,540 (57) 238,483 410,000 410,000 (1,257) 408,743 1 1 1 11 (170,000) (170,000) (170,000) 1,553,914 1,553,914 1,553,914 1 1,553,914* (431)* 478,971* 2,032,455 (1,314) 2,031,141 * 2,032,454,000 238,540,000 40

綜合現金流量表 393,429 538,173 7 28,591 24,953 5 (110) (9) 6 660 6 38 5 (307,815) 14 (20,694) (47,588) 14 (107,725) 6 1,487 1,998 15 (49,564) 14 (332) (2,555) 44,992 407,945 321,818 658,350 (159,648) (2,142,469) 135,962 168,801 (98,255) (17,719) (40,627) 31,871 21,033 6,039 (140,848) (150,863) 84,427 (1,038,045) (76,525) (84,607) 7,902 (1,122,652) 41

綜合現金流量表 7,902 (1,122,652) 5 110 9 14 (1,272) (235,157) 13 (82) (21) 59,340 27 1,035,694 1,017,829 133,522 2,052,279 (42,307) (74,736) (45,739) (170,000) (477,900) (947,643) (308,043) (187,622) 491,927 1,215,595 9,200 235,162 352,743 (1,135,487) 538,906 1 (1,826,738) 1,323,102 233,443 158,143 242,388 84,245 475,831 242,388 18 475,831 242,388 42

1. Clarendon House, 2 Church Street, Hamilton HM11, Bermuda 95B Earnest Spot LimitedEarnest Spot Miracle Cheer Limited 1 100 1 100 1 100 1 100 1 100 1 100 43

1. 1 100 East Run Investments LimitedEast Run 1 100 * 1 100 100 60 1 100 1 100 More Action Investments LimitedMore Action 1 100 1 100 1 100 100 60 2 100 1 100 1 100 Sparkle Hope Limited 1 100 44

1. * 2 100 1 100 Wang To Investments Limited 2 100 * 22 27 2.1 45

2.2 2.1 (a) (b) (c) 46

2.2 (i)(ii) (iii)(i) (ii)(iii) 2.3 9 2 10 5 28 10 1 12 28 11 1 14 4 15 2 16 3 1 1 16 1 38 16 1 41 27 1 1 1 2 3 4 5 9 39 9 9 47

2.3 10 2810 28 11 3 11 15 15 15 15 15 1515 16 12 16 1617 1 (i) 1 (ii) (iii) (iv) 48

2.3 16 38 16 38 2.4 49

2.4 (a) (i) (ii) (iii) 50

2.4 (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) 3% 15% 33% 15% 50% 20% 15% 33% 51

2.4 52

2.4 (a) (b) 53

2.4 54

2.4 55

2.4 56

2.4 40 12 (a) (b) (c) (d) 57

2.4 3. 23 58

2.4 49,564,000 (a) (b) (c) 4. (a) (b) 59

4. 567,509 1,210,177 77,977 19,794 645,486 1,229,971 52,616 127,547 332,155 49,394 384,771 176,941 620,125 1,337,724 410,132 69,188 1,030,257 1,406,912 103,154 512,793 343,661 50,324 446,815 563,117 110 9 (28,591) (24,953) (24,905) 393,429 538,173 15,314 (80,950) 408,743 457,223 12 39 1,475 1,959 1,487 1,998 49,564 49,564 * 82 1,272 235,177 1,354 235,177 (2,967) (1,536) 23,661 49,124 20,694 47,588 107,725 107,725 * 10% 60

5. 613,927 1,208,641 30,265 19,254 1,294 2,076 645,486 1,229,971 110 9 2,693 18,913 27 307,815 48 1,037 1,131 6. 311,655 20,101 6,254 7,229 409,325 658,349 13 1,487 1,998 3,505 1,750 673 8 86,118 98,007 923 674 (12,991) (19,679) 74,050 79,002 1,531 1,570 * 660 * 38 * 61

7. 74,736 54,410 (46,145) (29,457) 28,591 24,953 8. 383(1)(a) (b) (c) (f) 2 3,608 3,625 * 9,733 13,468 91 98 13,432 17,191 13,432 17,191 * 62

8. (a) 63

8. (b) (i) (ii) 1,773 3,875 18 5,666 (i) 702 487 18 1,207 2,475 4,362 36 6,873 (iii) 1,133 5,371 55 6,559 3,608 9,733 91 13,432 (i) (ii) 1,733 5,777 17 7,527 (i) 624 327 18 969 2,357 6,104 35 8,496 (iii) 1,268 7,364 63 8,695 3,625 13,468 98 17,191 (i) (ii) (iii) 64

9. 8 15,001 13,646 11,831 17,610 45 53 16,877 31,309 1,000,000 1,000,0011,500,000 1 1,500,0012,000,000 2,000,0012,500,000 2,500,0013,000,000 1 1 3,000,0013,500,000 3,500,0014,000,000 4,000,000 2 1 10. 16.5%16.5% 13,577 82,072 (29,255) (459) (15,678) 81,613 23 364 (663) (15,314) 80,950 65

10. 393,429 538,173 16.5% 64,916 88,799 (29,255) (459) (2,421) (2,908) (53,148) (5,967) 9,099 1,312 (8,347) (5,338) 3,983 3,877 (141) 1,634 (15,314) 80,950 11. (i) 170,000 477,900 (i) 170,000,000477,900,000 (ii) 66

12. 410,000,000 457,399,0001,140,000,0001,140,000,000 24(ii) 100,000 1,139,900,000 24(ii) 1,140,000,000 67

13. 64,643 192 336 65,171 (2,622) (142) (336) (3,100) 62,021 50 62,071 62,021 50 62,071 82 82 27(ii) (60,566) (30) (60,596) (1,455) (20) (12) (1,487) 70 70 89 82 336 507 (89) (12) (336) (437) 70 70 64,643 11 190 365 65,209 (683) (2) (125) (313) (1,123) 63,960 9 65 52 64,086 63,960 9 65 52 64,086 21 21 (7) (12) (19) (38) (1,939) (2) (24) (33) (1,998) 62,021 50 62,071 64,643 192 336 65,171 (2,622) (142) (336) (3,100) 62,021 50 62,071 68

14. 1,263,900 898,600 1,272 235,157 (60,000) 27(i) (706,998) 20,694 47,588 332 2,555 32,275 107,725 579,200 1,263,900 579,200,000 1,263,900,000 28(a) 30 527,500,000 1,247,100,000 22 92 562,900 1,247,100 16,300 16,800 579,200 1,263,900 69

14. 883,100 15,500 898,600 235,157 235,157 (60,000) (60,000) 32,275 32,275 2,555 2,555 46,288 1,300 47,588 107,725 107,725 1,247,100 16,800 1,263,900 1,272 1,272 27(i) (706,998) (706,998) 332 332 21,194 (500) 20,694 562,900 16,300 579,200 415 405 2.5% 2.3% 28,090 73,775 2,000 85,437 5,514 5,683 70

14. 15. 2,655,162 1,267,283 205,793 2,171,926 (784,047) 49,564 2,910,519 2,655,162 350,000 300,273 2,560,519 2,354,889 2,910,519 2,655,162 2,560,519 2,354,889 2,560,519 2,354,889 2,910,519,000 2,655,162,000 22 93 71

16. 92,473 439,134 359,109,000 22 92 17. 5,437 6,256 (i) 2,101 32,485 (ii) 7,439 113,349 14,977 152,090 (54) 14,977 152,036 (i) 30,000,000 (ii) 111,662,000 22 72

18. 475,831 242,388 19. 352,743,0003% Earnest Spot2,047,989,000 East Run More Action 496,443,000 1,551,546,000 1Earnest Spot 20. 90 37,508 78,135 30 73

21. 29,495 12,998 18,216 14,022 47,711 27,020 (21,973) (7,581) 25,738 19,439 22. % % + 320,056 + 660,713 1.28 2.00 1.25 3.05-2.75-2.75 + 6,621 + 7,258 2 1.25-2.75-2.75 326,677 667,971 + 1,322,682 + 1,437,104 1.28 1.79 1.52 2.24 6 244,362 6 235,162 1,567,044 1,672,266 1,893,721 2,340,237 74

22. 326,677 667,971 943,194 312,008 379,488 778,881 346,215 1,649,359 2,105,075 92,001 152,361 235,162 244,362 235,162 1,893,721 2,340,237 33 48,958,000 111,301,000 75

22. 320,056 660,713 303,882 312,826 897,119 778,681 128,302 352,855 1,649,359 2,105,075 92,001 152,361 235,162 244,362 235,162 1,893,721 2,340,237 (a) 14 15 1617(ii) 1 3,659,740,000 4,312,595,000 (b) (c) (d) 76

23. 2,407 10 2,797 5,204 10 (1,519) 27(i) (1,112) 2,573 10 3,460 3,460 10 (1,883) 1,577 101,322,000 194,884,000 77

24. 5,000,000,0000.01 50,000 100,0000.01 1 0.01 (i) 10,000,000 100 (ii) 4,990,000,000 49,900 5,000,000,000 50,000 (i) 100,000 1 100,000 1 (i) 100,000 10,000,0000.01 100,000 0.01Wang On Enterprises (BVI) LimitedWOE WOEEarnest Spot 1 (ii) 4,990,000,0000.01 100,000 50,000,000 11,399,000 1,139,900,000 Earnest Spot 78

25. 40 (i) (i)earnest Spot 19(ii) 27(ii) (ii) 26. 40% 40% 40% 40% (459) (4) (798) (42) (474) (15) (840) (42) 79

26. (1,379) (2,407) (1,148) (1,995) 517,792 835,599 233 414 7,757 12,003 511,453 826,110 (40,862) (67,030) 40,587 68,825 (275) 1,795 (10) (105) (10) (105) 445,693 733,275 2,369 2,515 443,361 730,865 (432,052) (712,046) 433,658 713,308 1,606 1,262 80

27. (i) Level Success (a) (b) (c) (d) 14 158,000 28,000 520,998 706,998 24,843 24,843 5 7 722 734 21 33 54 456 451 433 68 1,408 (1) (32) (32) (65) (285) (277) (240) (527) (1,329) (110) (110) 23 (1,101) (9) (2) (1,112) 156,964 28,154 25,042 521,261 731,421 2,552 37 45 9,720 12,354 5 (1,964) (37) 17,112 292,704 307,815 157,552 28,154 42,199 823,685 1,051,590 157,552 28,154 42,199 823,685 1,051,590 81

27. (i) Level Success (a) (b) (c) (d) 157,552 28,154 42,199 823,685 1,051,590 (456) (451) (433) (68) (1,408) (2,552) (37) (45) (9,720) (12,354) 154,544 27,666 41,721 813,897 1,037,828 (a) 157,552,000 (b) 28,154,000 (c) 42,199,000 (d) Level Success LimitedLevel Success Level Success823,685,000 Level Success (ii) 2,368,000 82

27. (ii) Source Millennium Limited WEH Investment Limited 13 60,596 60,596 59 78 280 417 81 213 1,250 55 535 2,134 (207) (105) (312) (49) (13) (214) (276) (64,927) (64,927) 140 6 1,174 (13) 55 (3,730) (2,368) (140) (6) (1,174) 13 (55) 3,730 2,368 Source Millennium Limited WEH Investment Limited 81 213 1,250 55 535 2,134 81 213 1,250 55 535 2,134 83

28. (a) 14 23,048 20,257 20,387 35,054 43,435 55,311 (b) 3,497 6,890 10,387 29. 28(b) 127,543 42,757 6,981 127,543 49,738 84

30. (a) (i) 800 1,200 (ii) 10,841 2,084 (ii) 284 (iii) 15,957 12,270 (iv) 10,378 7,084 (i) 100,000 100,000 (ii) (iii) (iv) 3% (v) 27(i) (b) 22 (c) 23,965 39,087 118 120 24,083 39,207 8 85

31. 32. 86

33. 100 (16,494) (100) 16,494 100 (21,051) (100) 21,051 87

33. 1 1 2 3 5 5 48,958 313,047 972,046 386,828 1,720,879 22 92,001 152,361 244,362 20 37,508 37,508 21 25,738 7,972 14,001 47,711 48,958 376,293 1,072,019 553,190 2,050,460 1 1 2 3 5 5 111,301 599,131 343,206 803,827 355,801 2,213,266 22 277,491 277,491 20 78,135 78,135 21 19,439 7,581 27,020 19 352,743 352,743 19 2,562,449 2,562,449 3,026,493 696,705 343,206 1,088,899 355,801 5,511,104 48,958,000111,301,000 43,451 799 2,177 4,013 50,440 106,582 745 2,097 4,691 114,115 88

33. 22 1,893,721 2,340,237 19 352,743 18 (475,831) (242,388) 1,417,890 2,450,592 2,031,141 238,483 2,562,449 (1,082,807) 2,031,141 1,718,125 69.81% 142.63% 34. 380,000,0000.92 349,600,000 89

35. 4,425 2,047,988 448 2,052,861 10,740 18,606 29,346 2,023,515 2,023,515 2,023,515 1 2,023,514 2,023,515 90

35. (24,475) (24,475) 19 2,047,989 2,047,989 2,047,989 (24,475) 2,023,514 36. 91

物業詳情 106 108B 100% 61 63 65 67 71 73 108 110 112 116 118 120AB 100% 732 100% 726726 1 2 100% 111A B C 100% 31 3 100% 55 65 14 186 100% 726 724 726 1 2,200 100% 2 16 1 89 100% 92

物業詳情 575 575 A 2,100 25,000 100% 598 33,000 115,000 60% 599 33,000 200,000 60% 587 71,000 148,000 100% 13 15 41,000 272,000 100% 93

四年財務概要 645,486 1,229,971 1,390,445 490,272 393,429 538,173 528,467 208,921 15,314 (80,950) (103,748) (37,594) 408,743 457,223 424,719 171,327 410,000 457,399 425,031 171,327 (1,257) (176) (312) 408,743 457,223 424,719 171,327 4,075,669 5,901,774 4,197,391 3,867,410 (2,044,528) (5,663,291) (3,938,230) (3,783,168) 1,314 57 312 2,032,455 238,540 259,473 84,242 94