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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

HKBN Ltd.香港寬頻有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1310)

ANNUAL RESULTS ANNOUNCEMENTFOR THE YEAR ENDED 31 AUGUST 2021

(Unless otherwise stated, all monetary figures in this announcement are in Hong Kong dollars.)

The board of directors (the “Board”) of HKBN Ltd. (the “Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (the “Group”) for the year ended 31 August 2021.

• Despite thechallengingeconomicenvironment,ourRevenue,EBITDAandAdjustedFree Cash Flow (“AFF”) recorded agrowthof21%,3%and2%, respectively to$11,464million,$2,569millionand$1,132million.

• Revenue increased by 21%year-on-year to $11,464million,mainly driven bysignificantgrowth in smartphone sales andgrowth fromEnterpriseSolutions andrelatedproduct revenue, as a result of the full year contributionofHKBNJOS*(FY20: eight and a half months).

• EBITDAincreasedby3%year-on-yearto$2,569millionmainlycontributedbyloweroperatingexpensesasa resultof theGroup’scontinuouseffort todriveoperationalefficiencies.

• AFFgrewyear-on-yearat2%to$1,132million,contributedby improvingEBITDA,interestsavingsandbetterworkingcapitalmanagement.

• TheBoardhas recommended thepaymentofa finaldividendof37.5centspershare(FY20: 38 cents per share), resulting in a 2%year-on-year increase in full yearpaymentto76.5centspershare(FY20:75centspershare).

* HKBN JOS represents HKBN JOS Holdings (C.I.) Limited and its subsidiaries, Adura Hong Kong Limited and ADURA CYBER SECURITY SERVICES PTE. LTD..

– 2 –

SHAREHOLDER LETTER

DearfellowHKBNshareholders,

Growth is the name of our game

Throughoutour20-year journeyofgrowth,HKBNhasdemonstratedweareacompany thatdarestosetaspirationalgrowthtargets,andwehaveattainedmostofthem.Inourview,ifweachieveallouraspirationaltargets,itmeanssuchtargetsweresettoolow,ratherthanusbeingperfect inourexecution. InFY18,before thesocial incidents inHongKongand theglobalCOVID-19pandemic,wesetourCo-Ownership III+ targets forFY19-21.Nowaswe reportourFY21 results,wehavemissed theseaspirational targets.AsCo-Owners,wehave realskin-in-the-gameasweboughtoursharesfromtheopenmarketpriortoCOVID-19andwouldget bonus shares only ifwe achieve the stretched targets.Whilewe did not attain theaspirationalCo-OwnershipIII+targets,stretchingforthemhaspushedustosetafarstrongerfoundationforhigherlong-termvaluecreation.

OurnewCo-OwnershipPlanIV,whichwasapprovedbyshareholdersinourEGMheldon15October2021,allowsCo-Ownerstotop-upandrolloverCo-OwnershipIII+investments,witha3-yearFY22-24cumulativetargetofAFF/Share$2.70to$3.01,whichcompareswith$0.765achievedinFY21.Toachievethisgrowth,wewillneedtogrowbeyondourmaturedtelecomindustry boundaries.

InourResidentialSolutionsbusiness,weare theexclusivebroadbandcarrier launchpartnerforDisney+inHongKong.Disney+,havingachieved100millionsubscribersfasterthananyotherOTTplatform inhistory, isaglobalphenomenonand is set tocreatewaves inHongKong.OurmovetodelivermoreextraordinaryOTTchoices,togetherwithourever-expandingInfinite-play offerings,will allowus to growour residential business far beyondbasicconnectivity.

InourEnterpriseSolutionsbusiness,whilstweare the largestalternativecarrier—havingmergedHKBN,NewWorldTelecomandWTT—weestimateourtotaltelecommarketsharetobelessthan20%inanindustrywithapproximately80%grossmargins.Lowmarketsharebase and high grossmarginmeans that we can offer very generous growth-relatedcommissions todrivemarket sharegains, furtheraided throughbundlingwithour systemintegrationcapabilitiesofJOS,whichweacquiredinFY20.

In getting throughCOVID-19 so far,we came together as a company.With somanyopportunities,ourembracementsofchangeandbeingagileensure thatwewillbeemergingstrongerandtransformedforpostCOVID-19growth.

Sincerelyyours,

William Yeung NiQ LaiCo-Owner and Executive Vice-chairman Co-Owner and Group CEO

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KEY FINANCIAL AND OPERATIONAL SUMMARY

Table 1: Financial highlights

For the year ended31 August 31 August Change

2021 2020 YoY

Key financials ($’000)Revenue 11,463,745 9,452,957 +21%–EnterpriseSolutions 4,965,553 4,708,063 +5%–EnterpriseSolutionsrelatedproduct 2,310,286 1,806,409 +28%–ResidentialSolutions 2,465,294 2,447,072 +1%– Handset and other product 1,722,612 491,413 >100%Profitfortheyear 206,872 96,611 >100%AdjustedNetProfit1,2 755,975 600,190 +26%EBITDA1,3 2,568,507 2,505,443 +3%Servicerevenue 7,430,847 7,155,135 +4%ServiceEBITDA1,3 2,226,459 2,191,763 +2%ServiceEBITDAmargin1,4 30.0% 30.6% -0.6ppAdjustedFreeCashFlow1,5 1,131,543 1,114,144 +2%

ReconciliationofAdjustedNetProfit1,2

Profit for the year 206,872 96,611 >100%Amortisation of intangible assets 456,754 609,895 -25%Deferredtaxarisingfromamortisation of intangible assets (73,683) (98,017) -25%Loss on extinguishment of senior notes 145,463 43,595 >100%Originatingfeeforbankingfacilitiesexpired 20,569 – n/aDeferredtaxrecognisedonunusedtaxlosses – (80,304) -100%Loss on derecognition of contingent consideration – 14,624 -100%Impairmentlossoninvestmentproperties – 7,217 -100%Transaction costs in connection with business combination – 6,569 -100%

Adjusted Net Profit 755,975 600,190 +26%

–4–

For the year ended31 August 31 August Change

2021 2020 YoY

ReconciliationofEBITDA&Adjusted Free Cash Flow 1,3,5

Profit for the year 206,872 96,611 >100%Finance costs 481,029 526,961 -9%Interestincome (2,200) (3,287) -33%Incometaxexpense/(credit) 118,393 (4,509) >100%Depreciation 1,011,892 974,267 +4%Amortisation of intangible assets 456,754 609,895 -25%Amortisationofcustomeracquisitionand retention costs 295,767 291,719 +1%Impairmentlossoninvestmentproperties – 7,217 -100%Transaction costs in connection with business combination – 6,569 -100%

EBITDA 2,568,507 2,505,443 +3%Capital expenditure (589,621) (540,565) +9%Net interest paid (295,010) (429,651) -31%Othernon-cashitems (8,604) 9,337 >100%Incometaxpaid (230,154) (161,758) +42%Customeracquisitionandretentioncosts (265,467) (288,838) -8%Premiumpaidonseniornotesredemption (113,776) (31,457) >100%Leasepaymentsinrelationtoright-of-useassets (273,996) (239,554) +14%Changesinworkingcapital 339,664 291,187 +17%

Adjusted Free Cash Flow 1,131,543 1,114,144 +2%

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KEY FINANCIAL AND OPERATIONAL SUMMARY (CONTINUED)

Table 2: Operational highlights

For the year ended31 August 31 August Change

2021 2020 YoY

Enterprise business

Commercialbuildingcoverage 7,584 7,374 +3%

Subscriptions(’000) – Broadband 119 117 +2% –Voice 423 443 -5%

Marketshare6

– Broadband 37.0% 36.6% +0.4pp –Voice 25.0% 25.3% -0.3pp

Enterprisecustomers(’000) 107 105 +2%

Broadband churn rate 9 1.5% 1.4% +0.1pp

EnterpriseARPU10 $3,036 $2,948 +3%

Residential business

Fixedtelecommunicationsnetworkservicesbusiness

Residentialhomespassed (’000) 2,466 2,415 +2%

Subscriptions(’000) – Broadband 886 886 +0% –Voice 474 498 -5%

Marketshare6

– Broadband 34.1% 35.0% -0.9pp –Voice 22.2% 22.4% -0.2pp

Broadband churn rate 7 0.9% 0.9% +0pp

ResidentialARPU8(WithoutTTT) $192 $190 +1%ResidentialARPU8(WithTTT) $190 $187 +2%

Mobilebusiness

Subscriptions(’000) 254 275 -8%

MobileARPU $111 $110 +1%

Residentialcustomers (’000) 997 1,019 -2%

Total full-time permanent Talents 5,218 5,929 -12%

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Notes:

(1) EBITDA,serviceEBITDA,serviceEBITDAmargin,AdjustedFreeCashFlowandAdjustedNetProfitarenotmeasures of performanceunderHongKongFinancialReportingStandards (“HKFRSs”). These measuresdonot represent, and shouldnot beused as substitutes for, net incomeor cash flows fromoperationsasdeterminedinaccordancewithHKFRSs.Thesemeasuresarenotnecessarilyanindicationofwhethercash flowwillbesufficient to fundourcash requirements. Inaddition,ourdefinitionsof thesemeasures may not be comparable to other similarly titled measures used by other companies.

(2) AdjustedNetProfitmeansprofit for theperiodplusamortisationof intangibleassets (netofdeferred taxcreditanddirectcost incurred incorrespondingperiod)andothernon-recurring item.Othernon-recurringitem, in theperiodunder review, include lossofextinguishmentof seniornotesandoriginating fee forbankingfacilitiesexpired.

(3) EBITDAmeansprofit for theperiodplusfinancecosts, incometaxexpense,depreciation,amortisationofintangibleassets(netofdirectcostincurredincorrespondingperiod),amortisationofcustomeracquisitionand retentioncostsand less interest income.ServiceEBITDAmeansEBITDAexcludinggrossprofitonproductrevenue.

(4) ServiceEBITDAmarginmeansserviceEBITDAdividedbyservice revenue,which isexcludingproductrevenue.

(5) AdjustedFreeCashFlowmeansEBITDAlesscapitalexpenditure,customeracquisitionandretentioncosts,netinterestpaid,incometaxpaid,premiumpaidonseniornotesredemption,leasepaymentsinrelationtoright-of-useassets,changes inworkingcapitalandothernon-cash items.Workingcapital includesothernon-currentassets,inventories,tradereceivables,financeleasereceivables,otherreceivables,depositsandprepayments, contract assets, amountsdue from jointventures, tradepayables, contract liabilities anddeposits received.Othernon-cash items, in theperiodunder review, includeamortisationofobligationsundergrantingofrightsandCo-OwnershipPlanIIrelatednon-cashitems.

(6) Ourmarket share inbroadbandorvoiceservices inHongKong, for residentialorenterprisebusiness, iscalculatedbydividingthenumberofbroadbandorvoicesubscriptionswehaveatagivenpointintimebythe total number of corresponding broadband or voice subscriptions recorded by theOffice of theCommunications Authority (“OFCA”)atthesamepointintime.BasedonthelatestdisclosurefromOFCAforJuly2021andJune2021marketdataforbroadbandservicesandvoiceservicesrespectively.

(7) Calculatedbydividingthesumofthemonthlybroadbandchurnrateforeachmonthofthegivenfinancialperiodbythenumberofmonthsinthefinancialperiod.Monthlybroadbandchurnrateiscalculatedbythesumof thenumberof residentialbroadbandsubscription terminations inamonthdividedby theaveragenumberof residentialbroadbandsubscriptionsduring the respectivemonthandmultiplying the resultby100%.

(8) ARPUmeansaverage revenueperuserpermonth.Calculatedbydividing the revenuegenerated in therelevantperiod fromservices subscribedby residentialbroadbandsubscribers,which includebroadbandservicesandanybundledvoice, IP-TVand/orotherentertainment services (excluding revenue fromIDDandmobileservices),bythenumberofaverageresidentialbroadbandsubscriptionsandfurtherdividingbythenumberofmonthsintherelevantperiod.Averageresidentialbroadbandsubscriptionsarecalculatedbydividingthesumofsuchsubscriptionsatthebeginningoftheperiodandtheendoftheperiodbytwo.Ouruseandcomputationof residentialARPUmaydiffer from the industrydefinitionofARPUdue toourtrackingofrevenuegeneratedfromallservicessubscribedbyresidentialbroadbandsubscribers.WebelievethisgivesusabettertoolforobservingtheperformanceofourbusinessaswetrackourresidentialARPUonabundled rather than standalonebasis. “TTT” represents theGroupofferedone-month service feewaivertoitscustomersforthepurposeofrelievingthehouseholdfinancialburdencausedbyCOVID-19.

–7–

(9) Calculatedbydividingthesumofthemonthlybroadbandchurnrateforeachmonthofthegivenfinancialperiodbythenumberofmonthsintheperiod.Monthlybroadbandchurnrateiscalculatedbythesumofthenumberofenterprisebroadbandsubscription terminations inamonthdividedby theaveragenumberofenterprisebroadbandsubscriptionsduringtherespectivemonthandmultiplyingtheresultby100%.

(10) ARPUmeansaverage revenueperuserpermonth.Calculatedbydividing the revenuegenerated in therelevantperiod from theenterprise telecomand technologysolutionsbusiness (excluding revenue fromIDD,EnterpriseSolutions relatedproduct andmobile services) by the averagenumberof enterprisecustomers and further dividingby the number ofmonths in the relevant period.Averagenumber ofenterprisecustomers is thesumof: (i)numberofenterprise telecomcustomers,ascalculatedbydividingthe sum of enterprise telecom customers at the beginning of the period and the end of the period by two; and (ii) thenumberofenterprise technologysolutionscustomers,which represents thenumberofuniquecustomerswithbilling transactionson technologysolutions relatedservicesduring the financialperiod.Thismetricmaybedistortedby the impactofcertainparticularly largecontractswehavewithenterprisecustomers.

(11) MobileARPUmeansaveragerevenueperuserpermonth.Calculatedbydividingtherevenuegeneratedinthe relevantperiod fromservices subscribedby residentialmobile subscribers,which includeall servicesrevenue (excluding IDD and value added services), by the number of average residentialmobilesubscriptionsand furtherdividingby thenumberofmonths in the relevantperiod.Average residentialmobilesubscriptionsarecalculatedbydividingthesumofsuchsubscriptionsatthebeginningoftheperiodandtheendoftheperiodbytwo.OuruseandcomputationofMobileARPUmaydifferfromtheindustrydefinitionofARPUdue toour trackingof revenuegenerated fromall services subscribedby residentialmobilesubscribers.WebelievethisgivesusabettertoolforobservingtheperformanceofourbusinessaswetrackourresidentialmobileARPUonabundledratherthanstandalonebasis.

(12) EnterprisecustomersmeanstotalnumberofenterprisecustomersexcludingIDD,productresellandmobilecustomers.

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BUSINESS REVIEW

Despite theprolongedCOVID-19pandemic, theGroupdelivereda solid setofoperationaland financial results for theyear ended31August2021.During theyear, theGrouphascontinued to evolve froma traditional telecomcompany into a leading information andcommunications technology (ICT) solutions provider.Our enterprise business showedimprovementswith highermarket share andARPU after a series of transformations.Meanwhile, our residential business remained solid aswe relentlessly deliveredqualityservices toourcustomers.Asa result, theGroup’s revenue,EBITDA,andAFF increasedyear-on-yearby21%,3%and2%respectivelyto$11,464million,$2,569millionand$1,132million.

• EnterpriseSolutions revenue increasedby5%year-on-year to $4,966million afterconsolidating the fullyearoperating resultsofHKBNJOS in thecurrentyear (FY20:eight and a halfmonths).Despite slowing business activities due to the prolongedCOVID-19pandemic,ourenterprisebusinessstillmanagedtoachievegrowthincustomernumbersandARPU,whichwascontributedbyoureffortsinintegratingthetelecomandtechnology solutions business in the enterprise segment. Total number of enterprise customersincreasedfrom105,000to107,000,whilstourenterpriseARPUimprovedfrom$2,948to$3,036.

EnterpriseSolutionsrelatedproductrevenueincreasedby28%to$2,310million,mainlycontributedby the fullyearoperating resultsofHKBNJOS in thecurrentyear (FY20:eight and a half months).

TheCOVID-19pandemichasposedsignificantchallenges tobusinesses inHongKong,and thishas increased thedemandon running theircompanies remotely, securely,andefficientlyataffordablecosts.ThismaterialisedasanopportunityforinnovativesolutionssuchasFixIT, e-Security andbusiness application serviceswhichaimed to serve theneedsofourlargeenterprisecustomerbase.Wewillstrengthentherelationshipwithourcustomersandincreaseourmarketpenetrationintheupcomingeconomicrebound.

• ResidentialSolutionsrevenueincreasedby1%year-on-yearto$2,465millionasaresultofour Infinite-playstrategy (including theOver-The-ToppartnershipwithNetflix,oursmarthomesolutionsand5Gmobileservices)whichimprovedourARPU.Excludingtheresidualimpactoftheone-monthservicefeewaiverwegrantedtocustomersinFY20asCOVID-19relief,historicalfullbaseresidentialARPUhasincreasedby1%year-on-year,from$190/monthto$192/month,whileourmonthlychurnrateremainedlowat0.9%.

TheCOVID-19pandemicandintensecompetitionintheresidentialbroadbandmarkethasundoubtedlyposedpressureonourbusinessgrowth.Nevertheless,wewillcontinue toextendour Infinite-playpricestrategy todeliverunprecedentedhouseholdsavingsandserviceconvenience todisrupt the legacybroadband, fixed-voice, content andmobilestandalone segments. InOctober 2021,webecame the exclusivebroadband serviceprovider forDisney+ inHongKong,agame-changer thatwill improveourcustomers’stickinessandrewarduswithahigherARPUandmarketshare.

• Handset and other product revenue increased by 251% to $1,723million,mainlyrepresented by the sales of smartphone products with enhanced features.

–9–

Networkcosts andcostsof sales increasedby41%year-on-year to$6,951milliondue toconsolidatingfullyearoperatingresultsofHKBNJOSandorganicbusinessgrowthachievedduringtheyear.Costofinventoriesincreasedby86%to$3,688millionmainlyduetothefullyearoperatingresultsofHKBNJOS(FY20:eightandahalfmonths)and increasedsalesofsmartphoneproducts.Networkandothercostsexcludingthecostofinventoriesincreasedby11%year-on-year from$2,943million to$3,263millionwasmainlycausedby the fullyearservicecostofHKBNJOS(FY20:eightandahalfmonths).

Otheroperatingexpensesdroppedby6%year-on-yearfrom$3,933millionto$3,698million,whichwas thecombinedeffectsofadecrease inTalentcostsby$84milliondue toa loweraverageheadcountanddecreaseinamortisationofintangibleassetsby$144million.

Financecostsdroppedby9%year-on-yearfrom$527millionto$481million.Itwasmainlycontributedby thedecreaseof seniornotes interest of$200million, partlyoffset by theincrease in interest and finance chargesonbank loansby$15million, fair value lossoninterest-rate swapsby$13million andoriginating fee forbank facilities expiredby$21millionandone-off lossonextinguishmentof seniornotesof$102million, representing theimpactsof the full redemptionof the seniornotes inNovember2020versus theirnaturalexpiryofNovember2022.

Incometaxchangedfromtaxcreditof$5milliontotaxchargeof$118millionmainlyduetothe initial recognition of deferred tax asset on unused tax loss of $80 million in FY20.

Astheresultoftheaforementionedfactors,profitattributabletoequityshareholdersincreasedby113%to$207million.

AdjustedNetProfit,whichisexcludingtheimpactofamortisationofintangibleassets(netofdeferredtaxcredit),andnon-recurringitems,increasedby26%year-on-yearto$756million.Thiswasmainlycontributedby thedecrease in seniornotes interestof$200million,partlyoffsetbyanincreaseinshareoflossesofjointventuresduringtheyear.

ServiceEBITDA,whichexcluded thegrossprofitsonEnterpriseSolutions relatedproductandhandsetandotherproduct, improvedby2%year-on-year from$2,192million to$2,226million. Itwasmainlycontributedbyadecrease inTalentcostsof$84million,partlyoffsetby thedecrease in servicegrossprofitsof$44million.ServiceEBITDAmargin slightlydroppedby0.6percentagepointsfrom30.6%to30.0%duetoincreaseinnetworkcosts.

EBITDA increased by 3%year-on-year from$2,505million to $2,569million,mainlycontributed by lower operating expenses due to operational enhancement.

AFFroseby2%year-on-year to$1,132millionmainlydue to improvingEBITDA, interestsavingsandbetterworkingcapitalmanagement.

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OUTLOOK

Asa leading ICTsolutionsproviderwithextensivecustomer reach,comprehensivesuiteofserviceofferings,strongbusinesspartnerships,anduniquesilo-lessculture,weareconfidentthatwewillberidingthepostCOVID-19reboundanddelivermorevaluetoourstakeholders.

Market competition continues tobe intense forour existingbusiness.We shall focusonharvesting our substantially invested network and ourmonthly billing relationships byupsellingmoreservicesviacollaborationswithnewpartnershipsthroughourwell-establisheddigitalplatforms.Wewilldrivesustainablegrowthinrevenue,EBITDAandAFFthroughthefollowinginitiatives:

— Continue to fosterCo-Ownershipculture toalign risksand rewardsofourTalentswithour key stakeholders. InOctober 2021,we obtained shareholders’ approval on theadoptionoftheCo-OwnershipPlanIV,ofwhichthepurposeistoaligntheperformancetargetof theGroupwith the incentivesofourTalents so that theGroupcouldbebetterpositionedtoseizeopportunitiesandbenefitsinthepostCOVID-19era;

— ContinuetoinvestinaseriesoftelecomandtechnologysolutionsandinitiativessuchasBarter&Bundle,TransformationasaServices(TaaS),digitalplatformsande-commercetofurtherpenetratetheenterpriseandresidentialmarkets,inturn,sharingalargerwalletof spending;

— Transformourenterprisebusinessfrompuresalesofproducts&servicestorelationshipmanagement,expandourmarketsharein theenterprise segment by better understanding customerneedsandprovidingbest-fit solutions to themby leveragingHKBN’smassiveeconomy of scale;

— Expandourquad-playbundleplans to Infinite-play todriveARPUand subscriptiongrowthanddisrupt the legacybroadband, fixed-voice,multimediacontentandmobilestandaloneservices,improvecustomerstickinessbyexpandingourResidentialecosystemthroughdifferentnewdisruptiveservices (e.g.newOTTserviceswithDisney+,WiFi6GatewayandHOME+);and

— Further lower finance costsbymanaging thenet leverage ratio tobelow3.5x in themediumtermtoenjoyabetterinterestrategridofexistingbankfacilities.

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LIQUIDITY AND CAPITAL RESOURCES

Asat31August2021, theGrouphad totalcashandcashequivalentsof$1,527million (31August2020:$676million) andgrossdebtof$12,124million (31August2020:$10,487million, excluding lease liabilities of $680million),which led to a net debt positionof$10,597million (31August2020:$9,811million).Lease liabilitiesof$508millionwasincludedasdebtasat31August2021inaccordancewiththetermoftheGroup’svariousloanfacilities.TheGroup’sgearing ratio,whichwasexpressedasa ratioof thegrossdebtovertotalequity,was2.2xasat31August2021(31August2020:1.6x).TheGroup’snetdebttoEBITDAratioascomputedinaccordancewiththetermoftheGroup’svariousloanfacilitieswasapproximately4.6xasat31August2021 (31August2020:4.4x).Theaverage financecostcalculatedas the interestandcouponchargesover theaverageborrowingbalancewas2.6%(31August2020:4.5%).TheaverageweightedmaturityoftheGroup’sborrowingswas4.3yearsasat31August2021(31August2020:2.3years).

Cashandcashequivalentsconsistedofcashatbankandinhand.Therewasnopledgedbankdepositasat31August2021and31August2020.Asat31August2021, theGrouphadanundrawnrevolvingcreditfacilityof$1,464million(31August2020:$1,840million).

Under the liquidityandcapital resourcesconditionasof31August2021, theGroupcouldfund itscapitalexpendituresandworkingcapital requirements for theperiodwith internalresourcesandtheavailablebankingfacilities.

HEDGING

TheGroup’spolicyis topartiallyhedgethecurrencyandinterestrateriskarisingfromnon-HongKongdollardenominatedassets/liabilitiesand thevariable interest ratesof thedebtinstruments and facilities by entering into currency forward and interest-rate swaps,respectively. TheChief ExecutiveOfficer andChief FinancialOfficer are primarilyresponsible foroverseeing thehedgingactivities.Under theirguidance, theGroup’s financeteamisresponsibleforplanning,executingandmonitoringthehedgingactivities.TheGroupwouldnotenterintohedgingarrangementsforspeculativepurposes.

TheGroupentered intoacurrency forward tobuyUSDat7.778 in theprincipalamountofUS$621millionwithaninternationalfinancialinstitutionthatmatureson30November2020.Benefitingfromhedgingarrangement,theGroupsubstantiallyfixedtheUSD/HKDexchangeuntil maturity of the instrument.

TheGroupalsoentered intoan interest-rate swaparrangement in theprincipal amountof$3,900millionwith an international financial institution for a termof2.6years from30October2020to31May2023.Benefitingfromthehedgingarrangement,theGroupfixedtheHIBORinterestrateexposureat0.399%perannum.

Thecurrency forwardand the interest-rate swaparrangementsare recognised initiallyat fairvalueandremeasuredattheendofeachreportingperiod.Neitherofthefinancialinstrumentsqualify forhedgeaccountingunderHKFRS9,Financial instruments, and therefore, it isaccountedforasheldfortradingandmeasuredatfairvaluethroughprofitorloss.

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CHARGE ON GROUP ASSETS

Asat31August2021,theGrouppledgedassetstosecuretheotherborrowingsof$38million(31 August 2020: $20 million).

CONTINGENT LIABILITIES

Asat31August2021, theGrouphad totalcontingent liabilitiesof$191million (31August2020:$140million) in respectofbankguaranteesprovided to suppliersandcustomersandutilityvendorsinlieuofpaymentofutilitydeposits.Theincreaseof$51millionwasmainlydue to increase of performance guarantee issued to the Group’s suppliers and customers.

EXCHANGE RATES

All the Group’s monetary assets and liabilities are primarily denominated in either Hong Kong dollars (“HKD”)orUnitedStatesdollars(“USD”).GiventheexchangerateoftheHKDtotheUSDhas remained close to the currentpegged rateofHKD7.80=USD1.00 since1983,management does not expect significant foreign exchange gains or losses between the two currencies.TheGroupisalsoexposedtoacertainamountofforeignexchangeriskbasedonfluctuationsbetweentheHKDandtheRenminbiarisingfromitsoperations.Inordertolimitthis foreigncurrency riskexposure, theGroupensures that thenet exposure iskept toanacceptable level ofbuyingor selling foreign currencies at spot rateswherenecessary toaddressshort-termimbalances.

SIGNIFICANT INVESTMENTS, ACQUISITIONS AND DISPOSALS

TheGroupdidnotmakeanysignificant investments,acquisitionsordisposals in relation toits subsidiaries and associated companies for the year ended 31 August 2021.

TALENT REMUNERATION

Asat31August2021, theGrouphad5,218permanent full-timeTalents (31August2020:5,929Talents).TheGroupprovides remunerationpackageconsistingofbasic salary,bonusand other benefits. Bonus payments are discretionary and dependent on both the Group’s and individualperformances.TheGroupalsoprovidescomprehensivemedicalinsurancecoverage,competitiveretirementbenefitsschemes,andTalenttrainingprogrammes.

RESTRICTED SHARE UNIT SCHEMES

Toattract,retainandmotivateskilledandexperiencedTalents,theCompanyadoptedfourCo-Ownershipplans,namelyCo-OwnershipPlanII,Co-OwnershipPlanIII(wasterminatedandreplacedbyCo-OwnershipPlan IIIPlus)*,Co-OwnershipPlan IIIPlusandCo-OwnershipPlan IVon21February2015,27December2017,4September2019and21October2021respectively.Co-Ownership is a powerful expressionof the commitment andbelief our

* By reasons of (i) the occurrence of the acquisition of the entire issued share capital of WTT Holding Corp by Metropolitan Light Company Limited, a direct wholly-owned subsidiary of the Company, on 30 April 2019 (the “WTT Merger”) and that the aspirational target of the adjusted available cash per share for distribution is different for the enlarged group after the WTT Merger and (ii) no grant of restricted share unit has been made under the plan since its adoption, on 21 June 2019, the Board resolved to terminate the Co-Ownership Plan III, and to adopt the Co-Ownership Plan III Plus as a replacement.

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Talentshave in theGroup.Unlike themore traditionalapproachofgivingstockoptions toavery limited group of senior executives, theCompany’sCo-Ownership is open to allsupervisorsandabovelevelTalents,spanningtheGroup’soperationsacrossHongKongandChina.

Co-Ownership Plan II

Co-OwnershipPlan II is a restricted share unit scheme adoptedby theCompanyon21February2015.Theplanhasamatching ratioof7:3 (i.e.3 restrictedshareunits (“RSUs”) wouldbegrantedby theCompany forevery7purchasedshares),and thevestingschedulewouldalsobe25%-25%-50%uponeachanniversaryover3yearsafterthedateofgrant.Themaximum investment amount of each participant is limited to one year of the annualcompensationpackage.

ThetotalnumberofsharesthatmayunderlietheRSUsgrantedpursuanttotheCo-OwnershipPlanIIshallbe(i)10%ofthesharesinissueon12March2015(the“Listing Date”),thedateonwhichtheCompanywaslistedonTheStockExchangeofHongKongLimited(the“Stock Exchange”) or (ii) 10% or less of the shares in issue as at the date following the date of approvaloftherenewedlimit(asthecasemaybe).TheCo-OwnershipPlanIIshallbevalidand effective for the period commencingon theListingDate and expiring on the tenthanniversarythereoforsuchearlierdateasitisterminatedinaccordancewiththetermsoftheCo-OwnershipPlanII,afterwhichperiodnofurtherRSUsshallbeofferedorgranted.

Inorder toenable theCo-OwnershipPlan II trustee to release shares toparticipantsuponvesting of eachRSU, theCompany allotted and issued, on theListingDate, bywayofcapitalisation issue 5,666,666 shares to theCo-OwnershipPlan II trustee. Such sharesrepresentedapproximately0.56%of the total issued sharecapitalof theCompanyon theListingDate.TheCo-OwnershipPlan II trusteewill hold such shareson trustuntil theirreleasetoparticipantsuponvestingoftheRSUs.

OnTalents’ownvolition,theyinvestedtheirpersonalsavingsintheamountoftwototwelvemonthsof salary toacquire theCompany’s sharesat fullmarketprice.Thesharesare thenmatchedwithfreesharesatacertainratiovestedoverthreeyears.

DetailsofmovementsoftheCo-OwnershipPlanIIduringtheyearended31August2021areas follows:

Participants Date of grant

Number of RSUs

Granted

As at 1 September

2020

Granted during

the year

Forfeited during

the year

Vested during

the year

As at 31 August

2021

To be vested on30 January/26 February(As at 31 August 2021)

2021 2022

OtherParticipants 30January2019 329,330 200,378 – 46,880 56,488 97,010 – 97,010

OtherParticipants 26February2019 126,410 94,819 – 12,242 28,575 54,002 – 54,002

Total 455,740 295,197 – 59,122 85,063 151,012 – 151,012

–14–

Co-Ownership Plan III Plus

Co-OwnershipPlanIIIPlusisareplacementofCo-OwnershipPlanIII,whichwasadoptedbytheCompanyon4September2019.

Under theCo-OwnershipPlan IIIPlus, thegrantingof theRSUs to theeligibleparticipantsdependson the levelof theadjustedavailablecashper share fordistributionachieved,onacumulativebasis,duringthe2019,2020and2021financialyears.Theminimumlevelof theadjustedavailablecashper share fordistribution required tobeachievedby theCompanybeforeanyRSUwouldbegrantedisanamountinexcessof$2.53onacumulativebasisoverthe2019,2020and2021 financialyearsof theCompany. If theadjustedavailablecashpersharefordistribution,onacumulativebasis,overthe2019,2020and2021financialyearsoftheCompany reaches$3.03,RSUswouldbegranted to thegranteeson thebasis that thegranteeswould, subject to thesatisfactionof thevestingconditionsandon thevestingdate,receive1.33awardshareforeverypurchasedshare.DetailsoftheschemearecontainedinthecircularoftheCompanydated29July2019.

Below table shows thesharepurchasemovementsunder theCo-OwnershipPlan IIIPlus forthe year ended 31 August 2021:

Batch of purchase

Accumulated number of

Shares purchased

as at 1 September

2020

Number of Shares

purchased during the year

Number of shares

purchased to be forfeited

during the year (i.e. purchased

shares returned to Bad Leavers)

Number of shares under

Co-Ownership Plan III Plus

as at 31 August 2021

Approximate percentage of

the issued share capital

of the Company as at 31 August 2021

Approximate percentage of

Shares purchased under the

Scheme Mandate

Limit utilised as at

31 August 2021

1st Batch Purchase (February 2020)ExecutiveDirectorsof the Company:–Mr.ChuKwongYEUNG 848,002 – – 848,002 0.065% 2.155%–Mr.NiQuiaqueLAI 556,007 – – 556,007 0.042% 1.413%DirectorsoftheCompany’s subsidiaries 1,227,976 – – 1,227,976 0.094% 3.121%Otherparticipants 17,710,829 – 2,611,323 15,099,506 1.151% 38.374%

2nd Batch Purchase (August 2020)Otherparticipants 554,377 – 128,590 425,787 0.032% 1.082%

3rd Batch Purchase (February 2021)Otherparticipants – 122,092 – 122,092 0.009% 0.31%

Total 20,897,191 122,092 2,739,913 18,279,370 1.393% 46.455%

–15–

Thecumulativeadjustedavailablecashper share fordistributionachievedby theCompanywasbelow theminimumlevelof$2.53over the2019,2020and2021 financialyearsof theCompany,thereforenoRSUsweregrantedandaccordingly,nonewshareswereallottedandissued.TheCo-OwnershipPlanIIIPluswillbenaturallyexpiredinOctober2022.

Co-Ownership Plan IV

Co-OwnershipPlan IV is similar toCo-OwnershipPlan IIIPlus,whichwasadoptedby theCompanyon21October2021.

Under theCo-OwnershipPlan IV, the granting of theRSUs to the eligible participantsdependson the levelof theadjustedavailablecashper share fordistributionachieved,onacumulativebasis,during the2022,2023and2024 financialyears. If theadjustedavailablecashper share fordistribution,onacumulativebasis,over the2022–2024 financialyearsreaches$3.01, theparticipants (including theCharitableFund)wouldbegrantedwithoneRSUforeveryCO4qualifyingshareofeachparticipantundertheCo-OwnershipPlanIV,andeachparticipantwould,subjecttothesatisfactionofthevestingconditionsandonthevestingdate, receiveonenewaward share for everyRSU thathe/she/it isgranted.Detailsof theschemearecontainedinthecircularoftheCompanydated21September2021.

Therewasnosharepurchasemovementunder theCo-OwnershipPlanIVfor theyearended31 August 2021 as the scheme was adopted after the 2021 financial year.

ANNUAL GENERAL MEETING

2021 annual general meeting of the Company (the “2021 AGM”)willbeheldonMonday,13December2021andthenoticeofthe2021AGMwillbepublishedandissuedtoshareholdersof the Company (the “Shareholders”) in due course.

FINAL DIVIDEND

TheDirectors recommended thepaymentofa finaldividendof37.5centsper share for theyearended31August2021(31August2020:38centspershare) to theShareholderswhosenamesappearontheregisterofmembersoftheCompanyonWednesday,22December2021.SubjecttotheapprovalbytheShareholdersatthe2021AGM,theproposedfinaldividendisexpectedtobepaidincashonoraroundThursday,6January2022.

ThedividendpolicyoftheCompanyistopaydividendsinanamountofnotlessthan90%oftheAFFwithanintentiontopay100%oftheAFFinrespectoftherelevantyear/period,afteradjustingforpotentialdebtrepayment,ifrequired.

–16–

Basedon the termsandconditionsof theVendorLoanNotes, theholdersofVendorLoanNotesareentitled to receiveacashamountpayableby theCompanyequal to$62,745,830basedon the37.5cents finaldividendperordinarysharedeclaredby theCompany for theyear ended 31August 2021, as if the holders of theVendorLoanNotes are holders of167,322,212ordinaryshares in theCompanyasof the recorddate for such finaldividend.Suchcashamountwillbepaidby theCompany to theholdersofVendorLoanNotesonoraroundThursday,6 January2022,being thedateonwhich the2021 finaldividendwillbepaid by the Company.

CLOSURE OF REGISTER OF MEMBERS

Fordeterminingtheentitlementtoattendandvoteatthe2021AGM,theregisterofmembersoftheCompanywillbeclosedfromWednesday,8December2021toMonday,13December2021,bothdaysinclusive,duringwhichperiodnotransferofshareswillbeeffected.Inordertobeeligible toattendandvoteat the2021AGM,all transfersaccompaniedbytherelevantsharecertificatesmustbe lodgedwith theCompany’sHongKongbranch share registrar,ComputershareHongKong InvestorServicesLimitedatRooms1712–1716,17/F,HopewellCentre,183Queen’sRoadEast,Wanchai,HongKong,forregistrationnolaterthan4:30p.m.onTuesday,7December2021.

Fordeterminingtheentitlementtotheproposedfinaldividend,theregisterofmembersoftheCompanywillbeclosedfromMonday,20December2021toWednesday,22December2021,bothdays inclusive,duringwhichperiodno transferof shareswillbeeffected. Inorder toqualify for theproposed final dividend, all transfers accompaniedby the relevant sharecertificatesmust be lodgedwith theCompany’sHongKong branch share registrar,ComputershareHongKong InvestorServicesLimitedatRooms1712–1716,17/F,HopewellCentre,183Queen’sRoadEast,Wanchai,HongKong,forregistrationnolaterthan4:30p.m.onFriday,17December2021.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

NeithertheCompanynoranyofitssubsidiariespurchased,soldorredeemedanyofthelistedsecurities of the Company for the year ended 31 August 2021.

REVIEW OF ANNUAL RESULTS AND ANNUAL FINANCIAL STATEMENTS

TheAuditCommitteehasreviewedwiththemanagementandtheexternalauditortheannualresults of theGroup for the year ended31August 2021, the accounting principles andpractices adoptedby theGroup, aswell as discussionon auditing, internal control, riskmanagement and financial reporting matters of the Group.

Theannual financial statementsof theGroup for theyearended31August2021havebeenreviewedbytheAuditCommitteeandapprovedbytheBoardoftheCompany.

–17–

The financial figures in respectof theGroup’sconsolidated incomestatement,consolidatedstatementof comprehensive income, consolidated statementof financialpositionand therelated notes thereto for the year ended 31 August 2021 as set out in the preliminary announcement have been compared by theGroup’s auditor,KPMG,Certified PublicAccountants,totheamountssetoutintheGroup’sdraftconsolidatedfinancialstatementsfortheyearand theamountswere found tobe inagreement.TheworkperformedbyKPMGinthis respectdidnotconstituteanaudit, revieworotherassuranceengagement inaccordancewithHongKongStandardsonAuditing,HongKongStandardsonReviewEngagementsorHongKongStandardsonAssuranceEngagementsissuedbytheHKICPAandconsequentlynoassurance has been expressed by the auditor.

CORPORATE GOVERNANCE

TheCompany has compliedwith all the code provisions as set out in the “CorporateGovernanceCode andCorporateGovernanceReport” (the “CG Code”) contained in Appendix14 to theRulesGoverning theListingofSecurities (the“Listing Rules”) on the StockExchangethroughouttheyearended31August2021exceptforthefollowingdeviation:

CodeProvisionA.5.1of theCGCodeprovides that theNominationCommittee shouldbechaired by theChairman of theBoard or an IndependentNon-executiveDirector andcomprises amajorityof IndependentNon-executiveDirectors.However, theNominationCommittee of theCompany is chaired byMr.ChuKwongYEUNG (“Mr. Yeung”), anExecutiveDirectorof theCompany.Byconsidering that each IndependentNon-executiveDirectoroftheCompanyhasbeenappointedastheChairmanoftheBoard,AuditCommitteeandRemunerationCommittee respectively, theBoardappointedMr.Yeungas theChairmanof theNominationCommittee tomakesure thateachDirector, especially the IndependentNon-executiveDirectorscoulddedicatesufficienttimetoperformtheirrespectiverole.SinceMr.Yeung is involved in the day-to-daymanagement of theCompany and canprovidevaluable insighton the suitabilityof aproposedDirector, theBoard considers that he iscapable of assuming the responsibility of the Chairman of the Nomination Committee by leading theprocessof identifyingsuitablecandidatesandmaking recommendations to theBoard.

In respect of the composition, although theNominationCommitteedoesnot comprise amajorityofIndependentNon-executiveDirectorsoftheCompany(i.e.thecompositionoftheNominationCommittee for theyear ended31August 2021was three IndependentNon-executiveDirectors, twoNon-executiveDirectorsandoneExecutiveDirector), itwouldnotmateriallyandnegativelyaffect the roleof theNominationCommittee,which is tomakerecommendations to theBoard impartially, rather than itself having the power tomakedecisions or take actions regarding nomination and/or removal of theDirectors of theCompany.Furthermore,thetwoNon-executiveDirectorsandoneExecutiveDirectorwhositon theNominationCommitteearevaluablebecauseof theirdifferent industryperspective,hencetheycouldgivevaluablecommentsonandmakegoodselectionsonnominationsfortheBoard or senior management of the Company.

– 18 –

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

TheCompanyhasadoptedthe“ModelCodeforSecuritiesTransactionsbyDirectorsofListedIssuers” (the “Model Code”) set out inAppendix10 to theListingRules as its codeofconduct for dealings in securities of theCompany byDirectors.Havingmade specificenquirieswithallDirectors, theyconfirmed that theyhadcompliedwith theModelCodethroughout the year ended 31 August 2021.

SUBSEQUENT EVENT

Nosignificanteventsoccurredaftertheendofthereportingperiod.

PUBLICATION OF FINAL RESULTS ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY

ThisannouncementwillbepublishedonthewebsitesoftheStockExchange(www.hkexnews.hk)andtheCompany(www.hkbnltd.net).TheannualreportoftheCompanyfortheyearended31August2021willbedespatched to theShareholdersof theCompanyandmadeavailableonthe same websites in due course.

By order of the BoardHKBN Ltd.

Bradley Jay HORWITZChairman

HongKong,28October2021

As at the date of this announcement, the Board comprises:

Executive DirectorsMr.ChuKwongYEUNGMr.NiQuiaqueLAI

Non-executive DirectorsMs.SuyiKIMMr.TeckChienKONGMr.ZubinJamshedIRANI

Independent Non-executive DirectorsMr.BradleyJayHORWITZ(Chairman)Mr.StanleyCHOWMr.YeeKwanQuinnLAW,SBS,JP

Where the English and the Chinese texts conflict, the English text prevails.

–19–

CONSOLIDATED INCOME STATEMENTFOR THE YEAR ENDED 31 AUGUST 2021

Year ended31 August

202131 August

2020Note $’000 $’000

Revenue 3 11,463,745 9,452,957

Othernetincome 4(a) 23,251 25,812

Networkcostsandcostsofsales (6,950,885) (4,926,272)

Otheroperatingexpenses 4(b) (3,698,309) (3,933,192)

Finance costs 4(d) (481,029) (526,961)

Shareoflossesofjointventures (31,508) (242)

Profit before taxation 4 325,265 92,102

Incometax(expense)/credit 5 (118,393) 4,509

Profit for the year 206,872 96,611

Attributable to:EquityshareholdersoftheCompany 206,872 97,174Non-controllinginterests – (563)

Profit for the year 206,872 96,611

Earnings per share 6

Basic 15.8 cents 7.4cents

Diluted 14.0 cents 6.6cents

– 20 –

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 AUGUST 2021

Year ended31 August

202131 August

2020$’000 $’000

Profit for the year 206,872 96,611

Other comprehensive income for the year

Itemthatmaybereclassifiedsubsequentlytoprofitorloss:

Exchangedifferencesontranslationoffinancialstatementsof subsidiariesoutsideHongKong,withniltaxeffect 8,869 8,360Exchangelossontranslatingforeignoperationstransferred to consolidated income statement upon disposal – 875

Other comprehensive income for the year 8,869 9,235

Total comprehensive income for the year 215,741 105,846

Attributable to:EquityshareholdersoftheCompany 215,741 106,409Non-controllinginterests – (563)

Total comprehensive income for the year 215,741 105,846

– 21 –

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 31 AUGUST 2021

At31 August

At31 August

2021 2020Note $’000 $’000

Non-current assetsGoodwill 9,016,507 9,016,507Intangibleassets 3,606,163 4,200,644Property,plantandequipment 3,901,090 4,112,260Investmentproperties 198,828 206,800Right-of-useassets 681,349 886,709Customeracquisitionandretentioncosts 564,849 595,149Interestinanassociate 4,816 4,438Interestsinjointventures 17,879 9,387Deferredtaxassets 68,913 91,258Financeleasereceivables – 6,534Othernon-currentassets 91,958 81,012

18,152,352 19,210,698

Current assetsInventories 110,615 154,641Tradereceivables 8 1,073,306 1,356,935Otherreceivables,depositsandprepayments 353,015 359,458Financeleasereceivables – 1,253Contract assets 211,945 303,839Amountduefromjointventures 45,500 19,600Taxrecoverable 192 717Financialassetsatfairvaluethroughprofitorloss – 40,517Cashandcashequivalents 1,421,124 676,457Assets classified as held for sale 10 400,384 –

3,616,081 2,913,417

– 22 –

At31 August

At31 August

2021 2020Note $’000 $’000

Current liabilitiesTrade payables 9 935,864 830,805Otherpayablesandaccruedcharges– current portion 1,018,271 1,240,907Contract liabilities – current portion 632,492 706,827Depositsreceived 90,475 76,049Obligationsundergrantingofrights– current portion 6,771 9,024Amounts due to an associate 4,816 4,438Amountsduetojointventures 10,750 10,750Bankandotherborrowings 481,283 1,310,667Lease liabilities – current portion 166,649 234,258Tax payable 189,496 199,521Othercurrentliabilities 12,863 8,704Liabilities classified as held of sale 10 314,514 –

3,864,244 4,631,950

Net current liabilities (248,163) (1,718,533)

Total assets less current liabilities 17,904,189 17,492,165

Non-current liabilitiesOtherpayablesandaccruedcharges– long-termportion 30,397 87,677Contractliabilities–long-termportion 194,818 219,939Obligationsundergrantingofrights– long-termportion – 6,771Deferredtaxliabilities 904,848 1,033,447Leaseliabilities–long-termportion 305,129 445,804Provisionforreinstatementcosts 62,442 67,320Bankandotherborrowings 10,831,416 5,018,368Seniornotes – 4,101,847Othernon-currentliabilities 37,376 50,493

12,366,426 11,031,666

NET ASSETS 5,537,763 6,460,499

CAPITAL AND RESERVES

Sharecapital 132 132Reserves 5,537,631 6,460,367

TOTAL EQUITY 5,537,763 6,460,499

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)AS AT 31 AUGUST 2021

– 23 –

NOTES:

1 BASIS OF PREPARATION

The financial information set out in this announcement does not constitute the Group’s consolidated financialstatementfortheyearended31August2021,butisderivedfromthosefinancialstatements.

Theconsolidated financial statementshavebeenprepared inaccordancewithallapplicableHongKongFinancialReportingStandards(“HKFRSs”),whichcollectivetermincludesallapplicableindividualHongKongFinancialReportingStandards,HongKongAccountingStandards (“HKASs”)and InterpretationsissuedbytheHongKongInstituteofCertifiedPublicAccountants(“HKICPA”) and accounting principles generallyacceptedinHongKongandthedisclosurerequirementsoftheHongKongCompaniesOrdinance.These financial statementsalsocomplywith theapplicabledisclosureprovisionsof theRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited(the“Listing Rules”).

The measurement basis used in the preparation of the financial statements is the historical cost basis except that the following assets and liabilities as explained in the accounting policies set out as below:

– contingent consideration;

– financialassetsatfairvaluethroughprofitorlossandderivativefinancialinstruments;

– share-basedpayments;and

– non-currentassetsanddisposalgroupsheldforsale.

Going concern assumption

Asat31August2021, thecurrent liabilitiesof theGroupexceeded theircurrentassetsbyapproximately$248million. Included in thecurrent liabilitieswere (i) currentportionof contract liabilitiesof$632million recognisedunderHKFRS15whichwillbegradually reduced throughperformanceobligationsbeingsatisfiedoverthecontracttermsand(ii)currentportionofleaseliabilitiesof$167millionrecognisedunderHKFRS16relatingtoleaseswithaleasetermofmorethan12monthsandwithacorrespondingassetrecordedinthenon-currentassetsasright-of-useassets.ManagementoftheGroupanticipatesthenetcashinflows from theiroperations, togetherwith theability todrawdownfromavailablebank loan facilities,wouldbesufficient toenable theGroup tomeet their liabilitiesasandwhen they falldue.Accordingly,theseconsolidatedfinancialstatementshavebeenpreparedonagoingconcernbasis.

2 CHANGES IN ACCOUNTING POLICIES

(a) Overview

TheGrouphasappliedtheamendmenttoHKFRS16,COVID-19-Related Rent Concessions issued by theHKICPAtothesefinancialstatementsforthecurrentaccountingperiod.OtherthantheamendmenttoHKFRS16,theGrouphasnotappliedanynewstandardoramendmentthatisnotyeteffectiveforthe current accounting period.

Amendment to HKFRS 16, COVID-19-Related Rent Concessions

Theamendmentprovidesapracticalexpedient thatallowsa lessee toby-pass theneed toevaluatewhether certainqualifying rent concessionsoccurringas adirect consequenceof theCOVID-19pandemic (“COVID-19-related rent concessions”)are leasemodificationsand, instead,account forthose rent concessions as if they were not lease modifications.

The Group has elected to early adopt the amendments and applies the practical expedient to all qualifyingCOVID-19-related rentconcessionsgranted to theGroupduring theyear.Consequently,rentconcessionsreceivedhavebeenaccountedforasnegativevariable leasepaymentsrecognisedinprofitor loss in theperiod inwhich theeventorcondition that triggers thosepaymentsoccurred.Thereisnoimpactontheopeningbalanceofequityat1September2020.

–24–

3 REVENUE AND SEGMENT REPORTING

Theprincipal activitiesof theGroupare (i) provisionof fixed telecommunicationsnetwork services,international telecommunicationsservicesandmobile services to residentialandenterprisecustomers inHongKong, (ii) system integration services, (iii) product sales and (iv)marketinganddistributionofcomputerhardwareandsoftware,telecommunicationproducts,officeautomationproductsandtheprovisionofrelatedservices.

(a) Disaggregation of revenue

Revenue represents revenue from (i) fixed telecommunications network services, internationaltelecommunications servicesandmobile services to residential andenterprisecustomers inHongKong, (ii) system integration services, (iii) product sales and (iv)marketing anddistributionofcomputerhardwareandsoftware, telecommunicationproducts,officeautomationproductsand theprovisionofrelatedservices.

Disaggregationofrevenuefromcontractswithcustomersbymajorcategoriesisasfollows:

2021 2020$’000 $’000

Disaggregatedbymajorproductsorservicelines: Fixedtelecommunicationsnetworkservices 4,647,113 4,686,640 Internationaltelecommunicationsservices 1,123,966 1,058,131 Otherservices 390,819 501,885

Feesfromprovisionoftelecommunicationsservices 6,161,898 6,246,656Productrevenue 4,032,898 2,297,822Technologysolutionandconsultancyservices 1,215,245 848,164

Revenue from contracts with customers within the scope of HKFRS 15 11,410,041 9,392,642Rentalincomefromleasingbusiness 53,704 60,315

11,463,745 9,452,957

Disaggregatedbymajorcategories: ResidentialSolutionsrevenue 2,465,294 2,447,072 EnterpriseSolutionsrevenue 4,965,553 4,708,063 EnterpriseSolutionsrelatedproductrevenue 2,310,286 1,806,409 Handsetandotherproductrevenue 1,722,612 491,413

11,463,745 9,452,957

TheGroup’scustomerbase isdiversifiedandno individualcustomerwithwhomtransactionshaveexceeded10%oftheGroup’srevenue.

Disaggregationof revenue fromcontractswithcustomersby the timingof revenue recognition isdisclosed in note 3(b).

–25–

3 REVENUE AND SEGMENT REPORTING (CONTINUED)

(b) Segment reporting

TheGroup’smost senior executivemanagement reviews theGroup’s internal reporting for thepurposes of assessing the performance and allocates the resources of the Group by geographical location. In amanner consistentwith theway inwhich information is reported internally to theGroup’smost seniorexecutivemanagement, theGrouphaspresented the following two reportablesegmentsfollowingtheacquisitionofJardineOneSolutionHoldings(C.I.)Limited,AduraHongKongLimited andADURACYBERSECURITYSERVICESPTE.LTD. on 13December 2019.Nooperatingsegmentshavebeenaggregatedtoformthefollowingreportablesegments.

(i) Telecom and technology solutions (Hong Kong)

I nc lude p rov i s i on o f f i x ed t e l e commun ica t i on s ne two rk s e rv i c e s , i n t e rna t i ona ltelecommunications services,mobile services to residential and enterprise customers andtechnology-relatedservicesinHongKong.

(ii) Telecom and technology solutions (non-Hong Kong)

IncludetheprovisionoftelecomandtechnologysolutionsandconsultancyservicesinMainlandChina,Macau,SingaporeandMalaysia.

(iii) Segment results, assets and liabilities

TheGroup’s senior executivemanagementmonitors the performance attributable to eachreportable segment on the following basis:

Thesegment revenueof theGroup isbasedongeographical locationofcustomers. Incomeandexpensesareallocated to the reportablesegmentswith reference to revenuegeneratedby thosesegments and expenses incurred by those segments or which otherwise arisen from the depreciation or amortisation of assets attributable to those segments. The inter-segmenttransactions are conducted on normal commercial terms and are priced with reference to prevailingmarketpricesandintheordinarycourseofbusiness.

Theperformancemeasureused for reportingsegmentprofit is“EBITDA” i.e.“earningsbeforefinancecosts,interestincome,incometax,depreciation,amortisationofintangibleassets(netofdirect cost incurred), impairment loss on investment properties, amortisation of customeracquisitionandretentioncostsandtransactioncostsinconnectionwithbusinesscombination”.

InadditiontoreceivingsegmentinformationconcerningEBITDA,managementisprovidedwithsegment informationconcerning inter segment sales, interest incomeandexpense fromcashbalancesandborrowingsmanageddirectlyby thesegments,depreciation,amortisation,capitalexpenditures and income tax.

Inter-segment salesarepricedwith reference topricescharged toexternalparties for similarorders.

Segment assets and liabilitiesof theGrouparenot reported to theGroup’s chiefoperatingdecisionmakersregularly.Asaresult,reportableassetsandliabilitieshavenotbeenpresentedinthe financial statements.

–26–

3 REVENUE AND SEGMENT REPORTING (CONTINUED)

(b) Segment reporting (Continued)

Disaggregationofrevenuefromcontractswithcustomersbytimingofrevenuerecognition,aswellasinformation regarding theGroup’s reportable segments as provided to theGroup’smost seniorexecutivemanagementforthepurposesofresourceallocationandassessmentofsegmentperformancefor the years ended 31 August 2021 and 2020 is set out below.

Telecom and technology solutions

(Hong Kong)

Telecom and technology solutions

(non-Hong Kong) Total2021 2020 2021 2020 2021 2020

$’000 $’000 $’000 $’000 $’000 $’000

Disaggregated by timing of revenue recognition

Pointintime 2,985,304 1,605,130 1,047,594 692,692 4,032,898 2,297,822Overtime 6,943,842 6,793,278 487,005 361,857 7,430,847 7,155,135

Revenue from external customers 9,929,146 8,398,408 1,534,599 1,054,549 11,463,745 9,452,957

Inter-segmentrevenue 20,979 10,961 355,391 320,273 376,370 331,234

Reportable segment revenue 9,950,125 8,409,369 1,889,990 1,374,822 11,840,115 9,784,191

Reportable segment profit (EBITDA) 2,372,049 2,367,134 196,458 138,309 2,568,507 2,505,443

Interestincome 565 1,384 1,635 1,903 2,200 3,287

Finance costs 473,084 518,826 7,945 8,135 481,029 526,961

Depreciationandamortisation during the year 1,772,580 1,902,016 91,610 80,460 1,864,190 1,982,476

Impairmentlossoninvestmentproperties – 7,217 – – – 7,217

Capital expenditure incurred during the year 536,087 711,688 11,373 17,649 547,460 729,337

Incometaxes(credit)/expense 101,931 (11,606) 16,462 7,097 118,393 (4,509)

–27–

3 REVENUE AND SEGMENT REPORTING (CONTINUED)

(c) Reconciliation between segment profit derived from Group’s external customers and consolidated profit before taxation

2021 2020$’000 $’000

ReportablesegmentprofitderivedfromGroup’sexternalcustomers 2,568,507 2,505,443Finance costs (481,029) (526,961)Interestincome 2,200 3,287Depreciation (1,011,892) (974,267)Amortisation of intangible assets (456,754) (609,895)Amortisation of customer acquisitionandretentioncosts (295,767) (291,719)Impairmentlosson investmentproperties – (7,217)Transaction costs in connection with business combination – (6,569)

Consolidated profit before taxation 325,265 92,102

(d) Geographic information

The following table setsout informationabout thegeographical locationof (i) theGroup’s revenuefromexternalcustomersand (ii) theGroup’s investmentproperties,property,plantandequipment,right-of-useassets, intangibleassets,goodwill, customeracquisitionand retentioncosts, contractassets, interests in jointventuresandanassociate, financial lease receivablesandothernon-currentassets (“specified non-current assets”). The geographical location of customers is based on the locationatwhichtheserviceswereprovidedorthegoodsdelivered.Thegeographicallocationofthespecifiednon-currentassetsisbasedonthephysicallocationoftheasset,inthecaseofproperty,plantandequipment, the locationof theoperation towhich theyareallocated, in thecaseof right-of-useassets, intangibleassets,goodwill,customeracquisitionandretentioncosts,contractassetsandothernon-current assets and the locationofoperations, in thecaseof interests in jointventuresandanassociate.

Revenues from external customers

Specifiednon-current assets

2021 2020 2021 2020$’000 $’000 $’000 $’000

Hong Kong (place of domicile) 9,929,146 8,398,408 17,995,081 18,940,799

MainlandChina 635,630 403,652 87,139 91,819Singapore 332,476 293,122 – 77,563Otherterritories 566,493 357,775 1,219 9,259

1,534,599 1,054,549 88,358 178,641

11,463,745 9,452,957 18,083,439 19,119,440

– 28 –

4 PROFIT BEFORE TAXATION

Profitbeforetaxationisarrivedataftercharging/(crediting):

Year ended31 August

202131 August

2020$’000 $’000

(a) Other net income

Interestincome (2,200) (3,287)Netforeignexchangeloss/(gain) 15,669 (30,246)Amortisation of obligations under granting of rights (9,024) (9,024)Changeinfairvalueofcontingentconsideration – 1,355Fairvaluelossoncurrencyforward 309 16,699Discountsonearlysettlementtosuppliers (188) (411)Impairmentlossoninvestmentproperties – 7,217Fairvaluegainonfinancialassets – (186)Loss on derecognition of contingent consideration – 14,624Otherincome (27,817) (22,553)

(23,251) (25,812)

(b) Other operating expenses

Advertisingandmarketingexpenses 369,792 397,121Depreciation–Property,plantandequipment 752,019 728,424–Investmentproperties 7,972 8,024–Right-of-useassets 201,701 186,513Lossondisposalofproperty,plantandequipment,net 827 4,889Gainondisposalofright-of-useassets,net (167) (6,086)Recognitionoflossallowanceontradereceivablesandcontractassets 79,002 80,292Talents costs (note 4(c)) 984,184 1,068,374Amortisation of intangible assets 456,754 601,236Amortisationofcustomeracquisitionandretentioncosts 295,767 291,719Transactions costs in connection with business combination – 6,569Loss on disposal of subsidiaries – 1,301Others 550,458 564,816

–Officerentalandutilities 79,371 84,131–Siteexpenses 89,891 86,184–Bankhandlingcharges 42,015 40,105–Maintenance 124,086 137,023–Subscriptionandlicensefees 80,877 82,328– Legal and professional fees 29,982 33,131–Printing,telecommunicationandlogisticsexpenses 46,815 44,495–Others 57,421 57,419

3,698,309 3,933,192

–29–

Year ended31 August

202131 August

2020$’000 $’000

(c) Talent costs

Salaries,wagesandotherbenefits 1,685,362 1,729,313Contributions to defined contribution retirement plan 123,039 117,788Equity-settledshare-basedpaymentexpenses 293 1,453Cash-settledshare-basedpaymentexpenses 127 929

1,808,821 1,849,483

Less: Talentcostscapitalisedasproperty,plantandequipment (56,158) (59,821)Talentcostsincludedinadvertisingandmarketingexpenses

andamortisationofcustomeracquisitionandretentioncosts (403,420) (421,127)

1,349,243 1,368,535

Talent costs included in other operating expenses 984,184 1,068,374Talentcostsincludedinnetworkcostsandcostsofsales 365,059 300,161

1,349,243 1,368,535

In2021, theGroupsuccessfullyappliedfor talent-relatedfundingsupportfromtheHongKongSARGovernment, theMacauSARGovernmentandall regions/countrieswhere theGroupoperates (“the Funds”)of$104,356,000 (2020:$105,429,000), ofwhich$85,237,000 (2020:$92,931,000)waspassedontotheTalents.TheFundsistoforprovidingtime-limitedfinancialsupporttoemployerstoretaintheiremployeeswiththeoperatingpressurecausedbythenovelcoronavirusepidemic.

TalentcostsincludeallcompensationandbenefitspaidtoandaccruedforallindividualsemployedbytheGroup,includingdirectors.

4 PROFIT BEFORE TAXATION (CONTINUED)

Profitbeforetaxationisarrivedataftercharging/(crediting):(Continued)

– 30 –

4 PROFIT BEFORE TAXATION (CONTINUED)

Profitbeforetaxationisarrivedataftercharging/(crediting):(Continued)

Year ended31 August

202131 August

2020$’000 $’000

(d) Finance costs

Interestandfinancechargesonbankloans 210,908 196,394Interestonotherborrowings 536 112Interestandfinancechargesonseniornotes 56,640 256,280Interestoninterest-rateswaps,net 8,313 1,336Interestonleaseliabilities 23,772 28,463Interestonotherliabilities 1,498 845Loss on extinguishment of senior notes 145,463 43,595Originatingfeeforbankingfacilitiesexpired 20,569 –Fairvalueloss/(gain)oninterest-rateswaps 13,330 (64)

481,029 526,961

(e) Other items

Amortisation of intangible assets 556,531 716,490Depreciation –Property,plantandequipment 752,019 728,424 –Investmentproperties 7,972 8,024 –Right-of-useassets 251,901 237,819Rentalchargesontelecommunicationsfacilitiesand computerequipment 474,372 443,069Leaseexpensesrelatingtoshort-termleases,inrespectof: – Land and buildings 15,877 18,454Recognitionoflossallowanceontradereceivablesand contract assets 79,002 80,292Researchanddevelopmentcosts 37,459 31,835Auditor’s remuneration –Auditservices 8,350 10,810 –Reviewservices 750 945 –Taxservices 640 671 –Otherservices 3,174 10,606Rentalreceivablefrominvestmentpropertiesless directoutgoings$820,000(2020:$820,000) (5,067) (4,835)Costofinventories 3,687,950 1,982,902Writtendownofinventories 2,900 1,240

# Networkcostsandcostsof sales includes$365,059,000,$50,200,000and$99,777,000 for theyearended31August2021 (2020:$300,161,000,$51,306,000and$115,254,000), relating totalent costs, and depreciation of right-of-use assets and amortisation of intangible assetsrespectivelywhichamount isalso included in the respective totalamountsdisclosedseparatelyaboveorinnotes4(b)and4(c)foreachofthesetypesofexpenses.

– 31 –

5 INCOME TAX EXPENSE/(CREDIT)

Year ended31 August

202131 August

2020$’000 $’000

Current tax – Hong Kong Profits TaxProvisionfortheyear 207,759 179,317(Over)/under-provisioninrespectofprioryears (813) 15,320Current tax – Outside Hong KongProvisionfortheyear 13,421 8,588Over-provisioninrespectofprioryears (662) (2,339)Deferred taxOriginationandreversaloftemporarydifferences (101,312) (205,395)

Taxexpense/(credit) 118,393 (4,509)

Theprovision forHongKongProfitsTax for2021 iscalculatedat16.5%(2020:16.5%)of theestimatedassessableprofitsfortheyear,exceptforonesubsidiaryoftheGroupwhichisqualifyingcorporationunderthetwo-tieredProfitsTaxrateregime.

Forthissubsidiary,thefirst$2millionofassessableprofitsaretaxedat8.25%andtheremainingassessableprofitsare taxedat16.5%.TheprovisionforHongKongProfitsTaxfor thissubsidiarywascalculatedatthe same basis in 2020.

Taxation foroverseas subsidiaries is chargedat the appropriate current ratesof taxation ruling in therelevantcountries.

6 EARNINGS PER SHARE

(a) Basic earnings per share

Thecalculationofbasic earningsper share is basedon theprofit attributable toordinary equityshareholdersoftheCompanyof$206,872,000(2020:$97,174,000)andtheweightedaveragenumberof ordinary shares in issue calculated as follows:

Year ended31 August

202131 August

2020’000 ’000

Issuedordinarysharesat1September 1,311,599 1,311,599Less:sharesheldfortheCo-OwnershipPlanII (5,666) (5,666)Add:effectoftheCo-OwnershipPlanIIRSUsvested 4,770 4,611

Weightedaveragenumberofordinarysharesinissueduringtheyear 1,310,703 1,310,544

– 32 –

6 EARNINGS PER SHARE (CONTINUED)

(b) Diluted earnings per share

Thecalculationofdilutedearningsper share isbasedon theprofit attributable toordinaryequityshareholdersoftheCompany$206,872,000(2020:$97,174,000)andtheweightedaveragenumberofordinaryshares in issuelesssharesheldfor theCo-OwnershipPlanIIafteradjustingfor thedilutiveeffectoftheCompany’sCo-OwnershipPlanIIandtheVendorLoanNotes,calculatedasfollows:

Year ended31 August

202131 August

2020’000 ’000

Weightedaveragenumberofordinaryshareslessshares heldfortheCo-OwnershipPlanII 1,310,703 1,310,544Add:effectoftheCo-OwnershipPlanII 34 270Add:effectoftheVendorLoanNotes 167,322 167,322

Weightedaveragenumberofordinaryshares(diluted) 1,478,059 1,478,136

7 BUSINESS COMBINATION, DISPOSAL OF SUBSIDIARIES AND ACQUISITION OF NON-CONTROLLING INTERESTS WITHOUT CHANGE IN CONTROL

a. Business combination during the year ended 31 August 2020

Pursuant to the sharepurchaseagreementdated23August2019,HKBNGLacquired100%equityinterests in JardineOneSolutionHoldings (C.I.)Limited,AduraHongKongLimitedandADURACYBERSECURITYSERVICESPTE.LTD.,acompany incorporated in theCayman Islands,HongKongandSingapore respectively (together referredas“HKBN JOS”) fromJTH(BVI)Limited (the“JOS Acquisition”).TheconsiderationoftheJOSAcquisitionwassettledbycashofUS$50,000,000(equivalentto$391,500,000).

HKBN JOS is principally engaged in IT-related businesses including provision of IT systemintegration,ITsolutionsandITconsultancyserviceswithafocusontheenterprisesegment.TheJOSAcquisitionwascompletedon13December2019.

Thegoodwill reflects synergiesexpected from leveraging theGroup’sexistingenterprisecustomerbase, talentsandculture to improveoverallprofitabilitybyenhancing its serviceoffering, reducingoverlappingcostsanddeliveringgreatervalue tocustomers.Noneof thegoodwill isexpected tobedeductible for tax purposes.

– 33 –

7 BUSINESS COMBINATION, DISPOSAL OF SUBSIDIARIES AND ACQUISITION OF NON-CONTROLLING INTERESTS WITHOUT CHANGE IN CONTROL (CONTINUED)

a. Business combination during the year ended 31 August 2020 (Continued)

TheJOSAcquisitionhad the followingeffecton theGroup’sassetsand liabilitieson13December2019,thecompletiondateoftheJOSAcquisition:

$’000

Intangibleassets 198,566Property,plantandequipment 45,447Right-of-useassets 199,704Deferredtaxassets 13,313Inventories 125,993Contract assets 50,157Tradereceivables 750,265Otherreceivables,depositsandprepayments 150,191Financeleasereceivables 2,596Taxrecoverable 717Cashandcashequivalents 68,433Trade payables (322,508)Otherpayablesandaccruedcharges (268,483)Provisionforotherliabilitiesandcharges (14,899)Contingent consideration (4,372)Contract liabilities (297,189)Bankloans (267,464)Tax payables (2,615)Lease liabilities (237,112)Deferredtaxliabilities (29,112)

Fairvalueofnetassetsacquired 161,628Non-controllinginterests 1,684

163,312Goodwill 228,188

Total consideration 391,500

Cash consideration paid 391,500Cashandcashequivalentsacquired (68,433)

NetcashoutflowinrespectoftheJOSAcquisitionduringtheyearended 31 August 2020 323,067

Acquisition-related costs

Acquisition-relatedcostsof approximately$Nil and$6,569,000were included inotheroperatingexpenses in the consolidated income statement for the year ended 31 August 2021 and 2020.

Revenue and profit contribution

Therevenueandprofitaftertaxationof$2,527,341,000and$37,680,000respectivelyincludedintheconsolidatedincomestatementwerecontributedbyHKBNJOSfromthedateoftheJOSAcquisitionto 31 August 2020.

No separate sets of financial information forHKBN JOSwere prepared for the period from1September2019 to thedateof theJOSAcquisition.Asa result, it is impracticable for theGroup todisclose theamountsof revenueandprofitor lossafter taxationofHKBNJOSas if theacquisitiondateforthebusinesscombinationthatoccurredduringtheperiodhadbeenasof1September2019.

–34–

7 BUSINESS COMBINATION, DISPOSAL OF SUBSIDIARIES AND ACQUISITION OF NON-CONTROLLING INTERESTS WITHOUT CHANGE IN CONTROL (CONTINUED)

b. Disposal of WTT Outsourcing Services Limited and its subsidiaries (together the “WTTO Group”) during the year ended 31 August 2020

InDecember2019,theGroupenteredintoasaleandpurchaseagreement(“SPA”) pursuant to which theGrouphasagreedtoselltheentireissuedsharecapitalofWTTOutsourcingServicesLimited,anindirectwholly owned subsidiary of theCompany,with a consideration of $2,500,000 to anindependentthirdparty.ThetransactionwascompletedinJanuary2020,theconsiderationof$750,000(2020:$1,000,000)wassettledduringthecurrentyearandtheremainingbalancewillbesettledonorbefore31December2021inaccordancewiththeSPA.

DetailsofnetassetsdisposedofandthegainondisposalofinterestsintheWTTOGroupatthedateof disposal were as follows:

$’000

Cash consideration 2,500Less: Carrying amount of net assets disposed of (2,926)Exchangelossontranslatingforeignoperationstransferredtoconsolidatedincome statement upon disposal (875)

Loss on disposal recognised in the consolidated income statement (1,301)

TheassetsandliabilitiesoftheWTTOGroupatthedateofdisposalwereasfollows:

$’000

Property,plantandequipment 819Tradereceivables 1,616Otherreceivables,depositsandprepayments 749Otherpayablesandaccruedcharges (258)

Net assets disposed of 2,926

c. Acquisition of non-controlling interests without change in control during the year ended 31 August 2020

On23July2020,theGroupacquiredtheremaining25%oftheissuedsharesofJOSAPPLICATIONS(S)PTE.LTD.heldby thenon-controlling interestsataconsiderationof$2,525,000by thewayofwaiving the receivablesdue fromMUUConsultingPteLtd. Immediatelyprior to thepurchase, thecarryingamountofthe25%non-controllinginterestsinJOSAPPLICATIONS(S)PTE.LTD.wasinadeficit of$2,247,000.TheGroup recognised the sameamount innon-controlling interests andadecreaseinretainedprofitsof$4,772,000.

$’000

Carryingamountofnon-controllinginterestsacquired (2,247)Considerationpaidtonon-controllinginterests (2,525)

Decreaseinretainedprofits (4,772)

–35–

8 TRADE RECEIVABLES

Asoftheendofthereportingperiod,theageinganalysisoftradereceivables,basedontheinvoicedateandnetoflossallowance,isasfollows:

At31 August

2021

At31 August

2020$’000 $’000

Within30days 391,683 369,21131to60days 211,658 360,87061to90days 114,712 197,973Over90days 355,253 428,881

1,073,306 1,356,935

ThemajorityoftheGroup’stradereceivablesisduewithin30–90daysfromthedateofbilling.Subscriberswithreceivablethataremorethan3monthsoverduearerequestedtosettlealloutstandingbalancesbeforefurther credit is granted.

9 TRADE PAYABLES

Asoftheendofthereportingperiod,theageinganalysisoftradepayables,basedontheinvoicedate,isasfollows:

At31 August

2021

At31 August

2020$’000 $’000

Within30days 388,941 310,31831to60days 111,618 139,56661to90days 132,769 137,134Over90days 302,536 243,787

935,864 830,805

–36–

10 ASSETS AND LIABILITIES HELD FOR SALE

On28 July 2021, the directors approved a plan (“the Plan”) to sell part of its technology solutions operations outside Hong Kong (“the Disposal Group”).Managementassessed that thecriteria for theclassificationof theDisposalGroupheld for salewere fulfilledbasedon the facts andcircumstancesspecific to thePlan.Accordingly, theassetsand liabilitiesassociatedwith theDisposalGrouphavebeenclassified as held for sale on that date.

TheassetsandliabilitiesassociatedwiththeDisposalGroupclassifiedasheldforsaleasat31August2021are as follows:

31 August 2021

$’000

Intangibleassets 37,965Property,plantandequipment 6,186Right-of-useassets 35,088Contract assets 35,429Deferredtaxassets 1,193Otherassets 1,697Financeleasereceivables 4,400Inventories 35,619Tradereceivables 113,103Otherreceivables,depositsandprepayments 24,167Cashandcashequivalents 105,537

Assets classified as held for sale 400,384

Trade payables 99,631Otherpayablesandaccruedcharges 17,754Contract liabilities 25,048Bankandotherborrowings 127,910Deferredtaxliabilities 6,034Lease liabilities 36,693Tax payable 102Provisionforreinstatementcosts 1,342

Liabilities classified as held for sale 314,514

–37–

11 DIVIDENDS

(a) Dividend payable to equity shareholders of the Company attributable to the year

Year ended31 August

202131 August

2020$’000 $’000

Interimdividenddeclaredandpaidof39centsperordinaryshare (2020:37centsperordinaryshare) 511,524 485,292Finaldividendproposedaftertheendofthereportingperiodof 37.5centsperordinaryshare(2020:38centsperordinaryshare) 491,850 498,408

1,003,374 983,700

Thefinaldividendproposedaftertheendofthereportingperiodhasnotbeenrecognisedasaliabilityat the end of the reporting period.

(b) Dividend payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year

Year ended31 August

202131 August

2020$’000 $’000

Finaldividendinrespectofthepreviousfinancialyear,approvedand paidduringtheyear,of38centsperordinaryshare (2020:36centsperordinaryshare) 498,408 472,176