00927富士高實業 报.ppt

富士高實業控股有限公司,(Stock Code 股份代號:927),Annual Report 年報2011/2012,Vision,To be a world-class electro-acoustic group.,Mission,Through continuous improvements in qualityand technology and raising the satisfactionlevel of employees,customers,suppliers andinvestors,we enable sustainable growth ofthe group.,Values,Unity and Co-operation;endeavoring jointefforts and wisdom for achieving our goals.,Commitment and Mutual Benefits;makingcontinuous and steady development.,Innovation and Progress;sharing theoutstanding achievements.,From Society and for Society;fulfilling socialobligations.,Remark,Quality Product,Service and Management;Technology Development and Production,9,CONTENTS 目錄,236141830424445464748111,Financial Highlights財務摘要Financial Summary財務撮要Chairmans Statement主席報告Management Discussion and Analysis管理層討論及分析Biographical Details of Directors andSenior Management董事及高級管理層Report of the Directors董事會報告Corporate Governance Report企業管治報告Independent Auditors Report獨立核數師報告Statements of Financial Position財務狀況表Consolidated Statement ofComprehensive Income綜合全面收益表Consolidated Statement of Changes inEquity綜合權益變動表Consolidated Statement of Cash Flows綜合現金流量表Notes to the Financial Statements財務報表附註Corporate Information公司資料,Financial Highlights財 務摘要For the year ended 31 March 截至3月31日止年度,Operating results,經營業績,2012,011,Change 變化,Gross margin(%)Operating profit margin(%)Net profit margin(%)Return on equity holders(%),毛利率(%)經營利潤率(%)純利率(%)資金回報率(%),17.6%5.5%4.3%7.4%,15.0%3.4%.5%4.1%,.6%pts 百分點.1%pts 百分點1.8%pts 百分點3.3%pts 百分點,Financial position,財務狀況,Total assets(HK$000),總資產（千港元）,1,109,648,1,050,570,5.6%,Cash and bank deposits(HK$000)現金及銀行存款（千港元）,425,391,35,599,0.6%,Bank borrowings(HK$000)Shareholders equity(HK$000),銀行借貸（千港元）股東權益（千港元）,40,541 764,458,41,469 7 7,305,(.)%5.1%,Financial Ratio,財務比率,Current ratio(Times)Quick ratio(Times)Gearing ratio(%),流動比率（倍）速動比率（倍）負債比率(%),3.0 2.5 5.3%,3.0.4 5.7%,0.0%4.%(0.4)%pts 百分點,Turnover ratio,週轉比率,Inventory turnover(days)Debtors turnover(days)Creditors turnover(days)Operating cycle(days)Dividends per share(HK cents)Interim Final Special,存貨週轉（日）應收賬週轉（日）應付賬週轉（日）經營週期（日）每股股息（港仙）中期 末期 特別,54 68 48 74 18.0 3.0 5.0 10.0,46 61 41 66 9.0 3.0 5.0 1.0,17.4%11.5%17.1%1.1%100%0.0%0.0%900%,Revenue 收入HK$millon 百萬港元,Shareholders equity 股東權益HK$millon 百萬港元800,Dividends per Share 每股股息HK cent 港仙20,1,8001,400,1,616,1,306,750,719,728,727,764,16,1,265,1,224,700,1,000,913,650,669,12,7,7,10,600,600,8,4,1,200,550,5,5,5,5,5,4,3,3,3,3,3,08,09,10,11,12,08,09,10,11,12,08,09,10,11,12,Annual Report 2011/2012,Intertim 中期,Final 末期,Special 特別,Financial Summary財 務撮要(expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）,The following is a summary of the consolidated statement of comprehensiveincome and consolidated statement of financial position of Fujikon IndustrialHoldings Limited(the“Company”)and its subsidiaries:Consolidated Statement of Comprehensive Income,以下為富士高實業控股有限公司（本公司）及其附屬公司之綜合全面收益表及綜合財務狀況表之撮要：綜合全面收益表,2012$000,2011$000,2010$000,2009$000,2008$000,Revenue,收入,1,305,943,1,22,641,91,229,1,264,996,1,616,485,Cost of sales,銷售成本,(1,075,889)(1,0 9,81),(729,664)(1,009,98)(1,250,782),Gross profit,毛利,230,054,18,828,18,565,255,598,65,70,Other(losses)/gains net,其他（虧損）,收益淨額,(1,834),1,09,74,10,664,(21,46),Distribution and selling expenses,分銷及銷售支出,(22,128),(26,724),(19,046),(19,205),(26,096),General and administrative expenses 一般及行政支出,(134,540),(115,98),(102,75),(1 7,41),(148,018),Operating profitFinance incomeFinance costsProfit before income taxIncome tax expensesProfit for the year,經營溢利融資收入融資成本除所得稅前溢利所得稅支出年內溢利,71,5524,558(4,373)71,737(11,910)59,827,42,214,048(,409)41,85(6,496)5,57,61,8401,481(1,067)62,254(7,260)54,994,109,6447,710(,440)11,914(15,77)98,141,170,24 8,69(,050)175,886(24,59)151,29,Attributable to:,歸屬：,Equity holders of the CompanyNon-controlling interests,本公司股權持有人非控制性權益,56,4473,38059,827,0,0085,49 5,57,51,142,85254,994,91,2966,84598,141,1 8,2261,067151,29,2011/2012 年報,富士高實業控股有限公司,4,Financial Summary財務撮要(expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）,Consolidated Statement of Financial Position,綜合財務狀況表,2012$000,2011$000,2010$000,2009$000,2008$000,Non-current assets,非流動資產,Property,plant and equipmentInvestment propertiesLand use rightsNon-current depositsAvailable-for-sale financial assetsDeferred income tax assetsTotal non-current assets,物業、廠房及設備投資物業土地使用權非流動按金可供出售財務資產遞延所得稅資產非流動資產總值,196,1911,90010,2177,249208215,765,200,1461,89010,1 57,741219,912,20,8911,6002,0907,51 2 6,094,212,79 4,44024,6622,480244,75,225,8705,22010,26414,62717255,998,Current assets,流動資產,InventoriesTrade receivablesOther receivablesDerivative financial instruments,存貨應收貨款其他應收款項衍生金融工具,158,902236,45217,069164,158,491247,45 1,294 26,104,97816,72 24,006171,104,76165,66617,070880,16,8 8196,51229,447,Other financial assets at fair,按公平值計入損益,value through profit or lossCurrent income tax recoverableFixed depositsCash and cash equivalentsTotal current assets,的其他財務資產可收回當期所得稅定期存款現金及現金等價物流動資產總值,54,0321,873425,391893,883,56,88 1,612 52,5998 0,658,7,8857206,810 85,407759,700,8,667415,846712,505,45,69 25,59 760,759,Current liabilities,流動負債,Trade payables,應付貨款,151,656,1 4,261,96,786,60,10,1 9,9 6,Accruals and other payables,應計費用及,其他應付款項,83,169,80,164,80,872,98,098,106,406,Current income tax liabilitiesDerivative financial instrumentsBank borrowingsTotal current liabilitiesNet current assetsTotal assets less current liabilities,當期所得稅負債衍生金融工具銀行借貸流動負債總值流動資產淨值總資產減流動負債,21,36840,541296,734597,149812,914,19,15541,469275,049555,609775,521,16,77626,107220,5415 9,159775,25,16,64616,988191,8 5520,670765,045,22,9794,041 0,416 0,778456,981712,979,Annual Report 2011/2012,5,Financial Summary財務撮要(expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）,Consolidated Statement of Financial Position,(Continued),綜合財務狀況表（續）,2012$000,2011$000,2010$000,2009$000,2008$000,Non-current liabilities,非流動負債,Bank borrowingsDeferred incomeDeferred income tax liabilitiesTotal non-current liabilitiesNet assets,銀行借貸遞延收入遞延所得稅負債非流動負債總值資產淨值,1,8645752,439810,475,2,06461 2,677772,844,1,9861,1 2,118772,1 5,1,8921,89276,15,1851,1 54,20708,659,EquityCapital and reserves attributableto the Companys equity holders,權益歸屬本公司股權持有人之股本及儲備,Share capitalOther reserves,股本其他儲備,41,014217,517,41,014204,000,40,6 9186,060,9,919177,76,8,119128,4,Retained earnings,保留溢利,Proposed dividends OthersNon-controlling interestsTotal equity,建議股息其他非控制性權益權益合計,61,521444,406764,45846,017810,475,20,507461,784727,0545,5 9772,844,2,80 468,688728,1904,945772,1 5,5,927465,477718,69944,45476,15,9,918462,1 1668,50240,157708,659,2011/2012 年報,富士高實業控股有限公司,Chairmans Statement主席報告,Johnny Yeung 楊志雄,Chairman&Chief Executive Officer主席兼行政總裁,Annual Report 2011/2012,Chairmans Statement主席報告,To our shareholdersOn behalf of the Board of Directors(the“Board”),I am pleased to presentthe annual results of Fujikon Industrial Holdings Limited(the“Company”)and its subsidiaries(“Fujikon”or the“Group”)for the year ended 31March 2012.During the latest financial year,consumer confidence continued tostrengthen in key markets,though the global economy still experienceda certain level of volatility.Nevertheless,our decision to focus on mid-tohigh-end electro-acoustic products a few years back have started to reaprewards.Many of the Groups premium and trendy customers whom weactively nurtured ties with,especially on the R theyare a reflection of the users style and aesthetic sensibility.Consequently,consumers are more inclined to spend greater sums on visually appealingheadphones equipped with the latest technologies than those that arepurely functional.Brands conscious of this trend are gaining market shareat the expense of those ignorant of the fact,leading to a change in marketleaders.Already,several incumbents dethroned by new entrants and thisprovides a clear warning that to stand still is not enough,whether one isan incumbent brand or a long-standing OEM/ODM player such as us.Heeding such warning,we are constantly searching for the next industrygiants,an aptitude that we have demonstrated on several occasions.Leveraging our expertise in electro-acoustic technologies and scalablemanufacturing,along with in-depth knowledge of materials and surfacefinishing,we will look forward to establishing ties with more new marketleaders while strengthening bonds with our existing customers.With momentum behind us,we take pleasure in commencing a journeyof growth spurred on by a new generation of customers committed todelivering much more than basic headphones and earphones.Fujikon willdirect research on advancing noise-cancellation algorithms,robust wirelessprotocols,standalone smart phone accessories and platform independentcomponents,along with emerging technologies and technologies yet tocome.Indeed,our R&D prowess will help shape us,define us and separateus from the competition.,致各位股東本人謹代表董事會（董事會）欣然提呈富士高實業控股有限公司（本公司）及其附屬公司（富士高或本集團）截至2012年3月31日止年度之年度業績報告。於 最 近 期 財 政 年 度 內，儘 管 全 球 經 濟 仍 然 動 盪，但 主 要 市 場 的 消 費 者 信 心 有 增 無 減。雖 然 市 況 波動，但 多 年 前 我 們 側 重 發 展 中 高 端 電 聲 產 品 的 決策 已 初 見 成 效。憑 藉 本 集 團 多 年 來 與 眾 多 高 端 潮流 客 戶 的 穩 定 業 務 關 係，特 別 是 我 們 在 研 發 方 面的 專 長，我 們 的 客 戶 訂 單 量 不 斷 攀 升。本 集 團 因而可有效拓闊合作範圍，促進持續增長。我們轉向中高端產品分部的決策與音響耳機及掛耳 式 耳 機 市 場 最 新 變 化 趨 勢 不 謀 而 合。如 今，電聲 產 品 已 不 再 僅 是 音 響 配 件，更 是 用 家 風 格 及 審美 品 味 的 體 現。因 此，客 戶 更 願 意 以 相 對 高 價 格購 買 外 觀 精 美 且 配 備 最 新 科 技 的 音 響 耳 機，而 僅具 備 基 本 功 能 的 耳 機 產 品 則 乏 人 問 津。順 應 這 一趨 勢 的 品 牌 贏 得 更 多 市 場 份 額，而 忽 視 此 趨 勢 的企 業 則 逐 漸 遭 淘 汰，市 場 領 先 者 的 格 局 亦 隨 之 變化。若 干 昔 日 領 先 企 業 的 地 位 已 被 後 起 之 秀 取代，為 業 界 敲 響 警 鐘：無 論 是 領 軍 品 牌 或 是 如 同我 們 一 樣 成 立 多 年 的 委 託 代 工 設 計 加 工 商，停滯不前則難免遭淘汰。前 車 可 鑑，我 們 不 斷 尋 求 與 新 興 行 業 巨 頭 合 作，並 已 有 所 建 樹。我 們 憑 藉 電 聲 科 技 的 專 業 知 識、規模化生產的優勢以及對物料及表面加工的透徹見 解，致 力 在 鞏 固 現 有 客 戶 關 係 的 基 礎 上 與 更 多新崛起的市場領先企業開展合作。在 有 利 形 勢 的 推 動 下，我 們 深 諳 新 一 代 客 戶 對 音響耳機及掛耳式耳機的要求不僅局限於基本功能，這 為 我 們 業 務 增 長 提 供 良 好 機 遇。富 士 高 將致 力 就 改 良 抗 噪 技 術、功 能 強 大 的 無 線 通 信 協議、獨 立 的 智 能 手 機 配 件 及 平 台 獨 立 組 件，以 及新 興 科 技 及 未 來 技 術 開 展 研 究。毋 庸 置 疑，我 們雄 厚 的 研 發 實 力 將 令 我 們 穩 步 向 前、別 樹 一 格，在競爭中脫穎而出。,2011/2012 年報,富士高實業控股有限公司,Chairmans Statement主席報告,To be a world-class electro-acoustic group that calls for excellenceacross the board,we will continue to closely monitor and control costs,bolster manufacturing efficiency,and adopt relevant measures to optimiseprofitability.From these and other measures,we will look to build onthe achievements realised over the past year and elevate Fujikon to thenext level.DividendsWhile continuing to make progress on various fronts,we have not shirkedout responsibility to shareholders.In recognition of their unstintingsupport,the Board of Directors has recommended the payment of a finaldividend of HK5.0 cents per ordinary share.In addition,a special finaldividend of HK10.0 cents per ordinary share will be paid to celebratethe 30th anniversary of Fujikon,which also reflects the Groups healthierperformance over the past year.Combined with an interim dividend ofHK3.0 cents already paid,a total annual payout of HK1.0 cents perordinary share will therefore be distributed to shareholders for the yearended 31 March 2012.AppreciationOn behalf of the Board of Directors,I would like to offer my appreciationto our business partners,customers and shareholders for their staunchsupport.I wish to also express my gratitude to the management teamand every member of our workforce for their contributions to Fujikon overthe past year.Through their continuing efforts,I trust that the Group willhave ample stimulus to realise further growth moving forward.Yeung Chi Hung,JohnnyChairmanHong Kong,21 June 2012Annual Report 2011/2012,我們銳意成為在各方面盡善盡美的世界頂尖電聲集 團，將 繼 續 密 切 監 察 及 控 制 成 本，提 升 生 產 效率，並 採 納 相 關 措 施 改 善 盈 利 能 力。憑 藉 各 項 有效 措 施，我 們 期 望 在 過 去 一 年 所 取 得 成 就 的 基 礎上更上一層樓，令富士高續創輝煌。股息除 於 多 個 工 作 孜 孜 不 倦 取 得 進 展 外，我 們 亦 不 忘履 行 對 股 東 的 責 任。為 報 答 股 東 一 直 以 來 的 鼎 力支 持，董 事 會 建 議 派 發 末 期 股 息 每 股 普 通 股5.0港仙。此 外，為 慶 祝 富 士 高 成 立30週 年，我 們 將 派發特別末期股息每股普通股10.0港仙，連同已派付的中期股息每股普通股3.0港仙，截至2012年3月31日止年度全年向股東派息總額為每股普通股1.0港仙，彰顯本集團去年業績穩健。致謝本 人 謹 代 表 董 事 會 向 各 業 務 夥 伴、客 戶 及 股 東 的鼎 力 支 持 致 以 誠 摯 謝 意。本 人 亦 謹 此 對 管 理 團 隊及全體員工在過去一年為富士高發展所作貢獻表示 感 激，相 信 在 他 們 努 力 不 懈 下，本 集 團 將 注 滿動力，未來必可實現更豐厚的增長。楊志雄主席香港，2012年 月21日,ManagementDiscussion and Analysis,管理層討論及分析,力。,Management Discussion and Analysis管理 層討論及分析,Business ReviewOver the past financial year,consumer confidence among key global marketsbegan to recover,contributing to greater demand for stylish and premiumelectro-acoustic products.The stable rise in orders of such higher-pricedproducts,of which growth was particularly encouraging in the second halffinancial year,not only underscored the shrewdness of management toreposition Fujikon to focus on mid-to high-margin products over the pastfew years,but also helped lift revenue and profitability of the Group.For the year ended 31 March 2012,Fujikon recorded revenue of HK$1,305.9million,representing a year-on-year increase of 6.7%compared withHK$1,223.6 million in 2011.Mainly due to the increased average sellingprice of products from the headsets and headphones business andstabilised material costs,together with the effectiveness of the Groupscost controls,gross profit achieved a noticeable gain of 25.2%to HK$230.1million(2011:HK$183.8 million),while gross profit margin improved to17.6%(2011:15.0%).Such improvement stimulated profit attributableto equity holders jumped a significant 88.1%to HK$56.4 million(2011:HK$30.0 million).Business Segment AnalysisHeadsets and HeadphonesRevenue derived from headsets and headphones continued to registersolid gains,rising by 14.2%to HK$831.4 million(2011:HK$728.1 million)during the reporting year,thus accounting for 63.7%(2011:59.5%)ofthe Groups total revenue.The increase in income was driven by greaterorders from existing customers;ranging from mass market to premiuminternational brands that have seen demand for their products climb inkey markets such as the United States and parts of Europe.This in turn hasreflected positively on the Groups ability to cater for consumers desirefor Bluetooth,noise-cancellation and wireless technologies,among othersolutions.The first time reporting of income from a new customer involvedin the trendy upmarket electro-acoustic segment during the remaining halfyear further contributed to the growth in revenue.The Group has sought to strengthen ties with existing customers whileattracting new ones by leveraging its research and development(R&D)expertise and scalable production capability,strengths that leading globalacoustic brands have increasingly grown dependent on as the rise in ordersand revenue clearly attests.,業務回顧於 上 一 個 財 政 年 度，全 球 主 要 市 場 的 消 費 者 信 心開 始 恢 復，促 使 市 場 對 時 尚 及 高 級 電 聲 產 品 之 需求 上 升。年 內 該 等 高 價 產 品 的 訂 單 穩 定 增 長，下 半 年 的 增 長 尤 其 令 人 鼓 舞，不 僅 反 映 富 士 高 管理層於過去數年將公司業務集中於中高利潤產品的 決 策 成 功，更 有 助 提 升 本 集 團 的 收 入 和 盈 利 能截 至2012年3月31日 止 年 度，富 士 高 錄 得 收 入1,305,900,000港 元，較2011年 之1,223,600,000港 元按年增長6.7%。主要由於戴咪耳機及音響耳機業務的平均售價上升而材料成本保持平穩，再加上集團有效的成本控制，毛利錄得明顯增長，上升25.2%至230,100,000港 元（2011：183,800,000港 元），而毛 利 率 則 上 升 至17.6%（2011：15.0%）。此 改 進 使股 權 持 有 人 應 佔 溢 利 大 幅 增 加88.1%至56,400,000港元（2011：30,000,0