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Independent Auditor’s Report

Independent Auditor’s Report

TO THE SHAREHOLDERS OF ALCO HOLDINGS LIMITED
(incorporated in Bermuda with limited liability)

OPINION

What we have audited

The consolidated financial statements of Alco Holdings Limited (the “Company”) and its subsidiaries (the
“Group”) set out on pages 44 to 104, which comprise:

• the consolidated balance sheet as at 31st March 2017;

• the consolidated income statement for the year then ended;

• the consolidated statement of comprehensive income for the year then ended;

• the consolidated statement of changes in equity for the year then ended;

• the consolidated statement of cash flows for the year then ended; and

• the notes to the consolidated financial statements, which include a summary of significant accounting
policies.

Our opinion

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial
position of the Group as at 31st March 2017, and of its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting
Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and
have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies
Ordinance.

ALCO HOLDINGS LIMITED ANNUAL REPORT 2017 39