00852海峽石油化工报.ppt

8-12,42,),Contents目錄,Corporate InformationChairmans StatementManagement Discussion and AnalysisBiographical Details of Directors andSenior ManagementCorporate Governance ReportDirectors ReportIndependent Auditors Report,公司資料主席報告管理層討論及分析董事及高級管理層履歷詳情企業管治報告董事會報告獨立核數師報告,2-34-713-1617-2728-3839-41,Consolidated Statement of Comprehensive Income 綜合全面收益表,Consolidated Statement of Financial PositionConsolidated Statement of Changes In EquityConsolidated Statement of Cash Flows,綜合財務狀況表綜合權益變動表綜合現金流量表,43-4445-4647-48,Notes to the Consolidated Financial Statements,綜合財務報表附註 49-128,Forward-looking statements(the“Statements”contained in this Annual Report(the“Report”relating to theforecast business plans,prospects,financial forecasting,and growth strategies of the Group.These Statementsare based on information currently available to the Group and are stated herein on the basis of the outlookat the time of this Report.They are based on certain expectations,assumptions and premises,some of whichare subjective or beyond our control.These Statements may prove to be incorrect and may not be realisedin future.Underlying these Statements is a large number of risks and uncertainties.In light of the risks anduncertainties,the inclusion of Statements in this Report should not be regarded as representations by theboard of directors or the Company that the plans and objectives will be achieved,and investors should notplace undue reliance on such statements.,本年報（年報）載有前瞻性陳述（陳述），涉及本集團的預測業務計劃、業務展望及前景、財務預測及發展策略，該等陳述是根據本集團現有的資料，亦按本公佈刊發之時的展望為基準，在本年報內載列。該等陳述是根據若干預測、假設及前提，當中有些涉及主觀因素或不受我們控制，該等陳述或會證明為不正確及可能不會在將來實現。該等陳述涉及許多風險及不明朗因素。鑑於風險及不明朗因素，本年報內所載列的陳述不應視為董事會或本公司聲明該等計劃及目標將會實現，故投資者不應過於依賴該等陳述。,2,Strong Petrochemical Holdings LimitedCorporate Information公司資料,BOARD OF DIRECTORSExecutive DirectorsMr.WANG Jian Sheng(Chairman)Mr.YAO GuoliangMr.WONG Wing(Resigned on 1 October 2011)Independent Non-executive DirectorsMs.CHEUNG Siu Wan(Appointed on 1 January 2012)Mr.GUO Yan Jun(Appointed on 9 September 2011)Ms.LIN YanMr.LAU Hon Kee(Resigned on 1 January 2012)Mr.ZHU Yao Bin(Resigned on 1 January 2012)BOARD COMMITTEESAudit CommitteeMs.CHEUNG Siu Wan(Chairman)Mr.GUO Yan JunMs.LIN YanRemuneration CommitteeMs.LIN Yan(Chairman)Mr.GUO Yan JunMr.WANG Jian ShengNomination CommitteeMr.WANG Jian Sheng(Chairman)Ms.CHEUNG Siu WanMr.GUO Yan JunCOMPANY SECRETARYMr.CHENG Man Wah(Appointed on 11 May 2012)Mr.PANG Man Chun Manson(Resigned on 11 February 2012)AUTHORISED REPRESENTATIVESMr.WANG Jian Sheng(Appointed on 11 February 2012)Mr.YAO Guoliang(Appointed on 1 October 2011)Mr.PANG Man Chun Manson(Resigned on 11 February 2012)Mr.WONG Wing(Resigned on 1 October 2011)REGISTERED OFFICECricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands2011/12 Annual Report,董事會執行董事王健生先生（主席）姚國梁先生黃榮先生（於二零一一年十月一日辭任）獨立非執行董事張少雲女士（於二零一二年一月一日獲委任）郭燕軍先生（於二零一一年九月九日獲委任）林燕女士劉漢基先生（於二零一二年一月一日辭任）祝耀濱先生（於二零一二年一月一日辭任）董事委員會審核委員會張少雲女士（主席）郭燕軍先生林燕女士薪酬委員會林燕女士（主席）郭燕軍先生王健生先生提名委員會王健生先生（主席）張少雲女士郭燕軍先生公司秘書鄭文華先生（於二零一二年五月十一日獲委任）彭文俊先生（於二零一二年二月十一日辭任）授權代表王健生先生（於二零一二年二月十一日獲委任）姚國梁先生（於二零一一年十月一日獲委任）彭文俊先生（於二零一二年二月十一日辭任）黃榮先生（於二零一一年十月一日辭任）註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands,海峽石油化工控股有限公司Corporate Information公司資料,HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONGRoom 1604,16th Floor,Far East Finance Centre16 Harcourt RoadAdmiraltyHong KongAUDITORDeloitte Touche TohmatsuCertified Public AccountantsPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEButterfield Fulcrum Group(Cayman)LimitedButterfield House68 Fort StreetP.O.Box 705Grand CaymanKY1-007Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Investor Services Limited26/F,Tesbury Centre28 Queens Road EastWanchaiHong KongPRINCIPAL BANKERSBank of China(Hong Kong)LimitedRabobank InternationalSingapore BranchSocit GenraleHong Kong BranchStandard Chartered Bank(Hong Kong)LimitedThe Bank of Tokyo-Mitsubishi UFJ Ltd.Singapore BranchLEGAL ADVISERSChan&Associates(as to Hong Kong law)Conyers Dill&Pearman(Cayman)Limited(as to Cayman law)SHARE INFORMATIONThe Stock Exchange of Hong Kong LimitedStock code:00852WEBSITE,總辦事處及香港主要營業地點香港金鐘夏愨道 16 號遠東金融中心16 樓 1604 室核數師德勤 關黃陳方會計師行執業會計師主要股份過戶登記處Butterfield Fulcrum Group(Cayman)LimitedButterfield House68 Fort StreetP.O.Box 705Grand CaymanKY1-007Cayman Islands香港股份過戶登記分處卓佳證券登記有限公司香港灣仔皇后大道東 28 號金鐘匯中心 26 樓主要往來銀行中國銀行（香港）有限公司荷蘭合作銀行新加坡分行法國興業銀行香港分行渣打銀行（香港）有限公司三菱東京 UFJ 銀行新加坡分行法律顧問陳景良律師行香港法律康德明（開曼群島）律師事務所有限公司開曼法律股份資料香港聯合交易所有限公司股份代號：00852網址,2011/12 年報,3,（,）,4,Strong Petrochemical Holdings LimitedChairmans Statement主席報告,To all shareholders,On behalf of the board(the“Board”)of directors(the“Directors”)of StrongPetrochemical Holdings Limited(the“Company”),I am pleased to present the auditedconsolidated financial results of the Company and its subsidiaries(the“Group”)for theyear ended 31 March 2012.BUSINESS REVIEW AND PROSPECTSCrude oil market and core businessThe crude oil prices in 2011 had been a volatile year with Brent crude prices coming offfrom a high average price of approximately United States(“US”)dollars(“US$”)123.3in April 2011 and reaching approximately US$107.9 in December 2011 before it brokeupward again in the first quarter of 2012 reaching approximately US$125.4 in March 2012.The main drivers for the upsurge in oil prices mainly being the sanctions on Iranian crude,the ongoing significant output disruptions in South Sudan,Syrian,and Yemen,and the tightOrganization of Petroleum Exporting Countries(the“OPEC”)crude spare capacity incrude output.Crude oil prices have been hampered by the global factors or disappointingeconomic news in relation to OPEC,Iran,United States,and Eurozone debt crisis(the“Global factors”).Starting from April 2012 crude oil prices fell approximately 21.7%,from approximately US$123.4 per barrel to approximately US$96.6 per barrel on 12June 2012.Although our performance is vulnerable to Global factors and we may subjectto price risk especially when priced on the floating price basis,we engaged in hedgingactivities by entering into derivatives financial instruments.Details of the financial effects onbottom-line and underlying earnings are set out in the section of“Management Discussionand Analysis”on pages 8 to 12.For the financial year ended 31 March 2012,oil market had been in the backwardationsituation whereas the oil price for future delivery is lower than for immediate delivery.Thishad an impact of our oil storage trades which the Group owned the oil tanker since 2009before it signed the memorandum of agreement to sell in February 2012.The storage andfinancing costs for storing the oil had reduced our trade margins although the quantity ofcrude oil trades had increased by approximately 13.5%from last year of approximately 7.9million barrels to approximately 9.0 million barrels for the year.When the trade of the oilprice structure starts to reverse,the profitability should be improved given the demand inChina still remain strong in coming years.,各位股東：本人謹代表海峽石油化工控股有限公司（本公司）董事（董事）會（董事會），欣然呈列本公司及其附屬公司（本集團）截至二零一二年三月三十一日止年度的經審核綜合財務業績。業務回顧及前景原油市場及核心業務二零一一年為原油價格波動的一年，布蘭特原油價格從二零一一年四月的高位平均每桶約 123.3 美元跌至二零一一年十二月的每桶約107.9 美元，其後二零一二年首個季度上揚，至二零一二年三月達約 125.4 美元。油價飆升的主要驅動因素是國際對伊朗原油實施制裁，南蘇丹、敘利亞及也門產出持續嚴重實中斷，加上石油輸出國組織（OPEC）原油餘裕產能緊張。原油價格一直受環球因素或有關OPEC、伊朗、美國、歐元區債務危機環球因素令人失望的經濟消息影響而下跌。原油價格由二零一二年四月開始下跌，由每桶約 123.4 美元跌至二零一二年六月十二日每桶約 96.6 美元，跌幅約 21.7%。儘管我們的業績表現容易受到環球因素影響，而我們亦可能承受價格風險，特別是按浮動價格基準定價時，故我們訂有衍生金融工具進行對沖。有關對溢利及相關盈利的財務影響的詳情，載於第 8 至 12 頁的管理層討論及分析一節。截至二零一二年三月三十一日止財政年度，石油市場處於倒價狀態，期貨價格較當前交割價格更低。這對本集團自二零零九年擁有油庫起至二零一二年二月簽署出售協議備忘錄期間的石油倉儲業務帶來影響。儘管原油貿易量較去年的約 7,900,000 桶上升約 13.5%至本年度的約 9,000,000 桶，但倉儲石油的倉儲及財務成本減低了我們的貿易利潤。當石油貿易價格結構開始扭轉時，在中國於未來,數年的需求仍然強勁下，盈利應會改善。2011/12 Annual Report,海峽石油化工控股有限公司Chairmans Statement主席報告,In the data published by the National Bureau of Statistics of China,the crude consumptionin the first four months of 2012 had showed an increase of approximately 4.6%and theimport of crude an increase of approximately 9.3%on a year-on-year basis compared withthe same period last year.According to the 2012 Edition of BP Energy Outlook 2030,bythe year 2030 China will be the worlds largest economies and energy consumers andtogether with India will account for approximately 35%of the global energy demand.The Group is confident that our focus in China and our presence in the regions whichcontribute significantly in global economy for coming years will position our business well.The ongoing Euro debt crisis together with the current slowdown in Chinas economyhad inevitably given the world economy a warning for possible downside risk toboth economic and oil demand growth.However the Group remains positive thatthe sustainable growth in China and in other regions of Asia will offer the businessopportunities for increased shareholders value from current operations.Manufacture and development of Chemical ProductsOn 31 January 2012,we announced the acquisition of 57%equity interest in the HainanHuizhi Petrochemical Fine Chemical Industry Limited Company(“Huizhi”)for 28.5 millionshares of Huizhi in the consideration of Renminbi(“RMB”)28.5 million.The acquisitionwas completed on 14 December 2011 and the registered capital has been increased toRMB50.0 million.On or before the estimated completion of principal facilities by midof 2013,the total investment of the Project contributed by the Group and two otherbeneficial owners,Fizi Tech Development Co.,Ltd.and Nanjing Kaifeng Petroleum&Chemical Co.,Ltd.,will be used for the purchase of land,equipment and raw materials,construction of building facilities,and transfer of technology.We estimated Huizhi tocommence trial operations for approximately three months since August 2013 and will beresponsible for the manufacture and development of the chemical products,including butnot limited to light aromatics,sec-Butyl Acetate,and C5,with estimated annual capacityof 60,000 metric tons(“MT”),60,000 MT and 200,000 MT respectively.The projectdemonstrates one of the breakthroughs of our Group during the year.Storage and logistics businessWe strategically located Nantong and Tianjin for our expansion and development storagebusiness in the PRC to cope with anticipated growth in demand for storage of petroleumand petrochemical products.,根據中國國家統計局發表的數據，二零一二年首四個月的原油消秏較去年同期上升了約 4.6%，而 原 油 進 口 較 去 年 同 期 上 升 了 約9.3%。根據英國石油公司二零三零年能源展望（二零一二年版），到二零三零年，中國將為全球最大的經濟體及能源消耗國，與印度合計將佔全球能源需求約 35%。本集團對我們以中國為重心，以及在那些對全球經濟未來數年的增長舉足輕重的地區立足此一策略充滿信心，相信能為我們的業務帶來有力支持。歐債危機加上現時中國經濟增長放慢,無可避免地給世界經濟響起警號：經濟及石油需求增長均可能面臨下行風險。然而，本集團仍然對中國及亞洲其他地區的持續增長保持樂觀，相信這將為自現有業務為股東提高價值帶來商機。生產及研發石化產品二零一二年一月三十一日，我們宣佈收購海 南 匯 智 石 化 精 細 化 工 有 限 公 司（匯 智）57%股權，以代價人民幣 28,500,000 元認購28,500,000 股匯智股份。收購於二零一一年十二月十四日完成，註冊資本乃增加至人民幣 50,000,000 元。於二零一三年中期估計完成主要設施當日或之前，本集團及另外兩名實益擁有人（湖南滙智科技發展有限公司及南京凱豐化工有限公司）就該項目投入的總投資，將用於購買土地、設備及原材料，以建設屋宇設施設備及轉讓技術。我們估計，匯智將自二零一三年八月起進行為期約三個月的試運行，將負責生產及研發石化產品，包括但不限於輕芳香烴、醋酸仲丁酯及碳 五，估 計 年 產 能 分 別 為 60,000 公 噸（公噸）、60,000 公 噸 及 200,000 公 噸。該 項 目乃為本集團於年內取得的突破之一。倉儲及物流業務我們策略性地選址於南通及天津以拓展及發展中國的倉儲業務，以滿足成品油及石化產品預期增長的倉儲需求。,2011/12 年報,5,6,Strong Petrochemical Holdings LimitedChairmans Statement主席報告,We expected approximately 10%to 30%of storage facilities to be constructed underthe storage project located in Nantong for the development of storage of petrochemicaland/or petroleum products business in Nantong City,Jiangsu Province,the PRC.It iscarried out by Strong Petrochemical(Nantong)Logistics Co.,Ltd.(“Strong Nantong”),an indirect wholly owned subsidiary of the Company.During the year,we entered andcompleted the equity transfer agreement with Shanghai Tongran Petroleum&ChemicalCo.,Ltd.and Shanghai Saibao Petroleum&Chemical Co.,Ltd.,and we believe that wewill benefit from the synergy and further strengthen our competitive position.By the endof 31 March 2012,the Group invested approximately RMB 54.6 million(equivalent toapproximately Hong Kong(“HK”)dollars(“HK$”)67.3 million)for the construction ofstorage tanks,pipelines,and other relevant infrastructure.Upon the completion of twophases of construction,we achieved significant progress that the storage facilities with 21storage tanks,which have a capacity of not less than 139,000 cubic meters,will commencetrial operations since July 2012.Starting the preliminary works of Phase 3,Strong Nantongplanned to construct 3 additional storage tanks,which have a capacity of approximately8,000 cubic meters estimated by one year.The project located in Tianjin built storage facilities with planned with annual transhipmentcapacity of approximately 9.0 MT for crude oil,petroleum products and petrochemicalproducts located in Tianjin Port Free Trade Zone.It is carried out by SinochemTianjin Port Petrochemical Terminal Co.,Ltd.(the“Tianjin Terminal”)with paid upregistered capital of approximately RMB 628.1 million.The Company indirectly holds15%interests of the Tianjin Terminal.On 9 May 2012,Tianjin Terminal obtained thecertification of ISO9001,ISO14001 and OHSAS18001 management systems of BritishStandards Institution(BSI)with certificates for the three management systems for quality,occupational health and safety and environment,successfully accomplishing the integratedthree-standard certification.Started in 2008 and completion in December 2010,the Phase 1 construction of storagetanks and facilities for crude oil,fuel oil and refined products,which has capacity ofapproximately 420,000 cubic meters,has completed trial run and commenced operationsin January 2012.Upon the completion of Phase 2 in December 2011,the storage tanksand facilities,which has capacity of approximately 540,000 cubic meters,has commencedtrial operations since January 2012.The railway construction has been included in thePhase 2 construction and is expected to be completed by the end of June 2012.,我們預期根據倉儲項目而建設的位於南通的倉儲設施約 10%至 30%將用作發展在中國江蘇省南通市的石化產品及或成品油倉儲業務。該項目由本公司的間接全資附屬公司南 通 潤 德 石 油 化 工 有 限 公 司（南 通 潤 德）負責。年內，我們與上海通燃石油化工有限公司及上海賽寶石油化工有限公司訂立並完成股權轉讓協議，我們相信我們將從協同效益中獲益並進一步鞏固我們的競爭地位。截至二零一二年三月三十一日結束時，本集團 投 資 了 約 人 民 幣 54,600,000 元（相 等 於 約67,300,000 港元）建設油庫、管道及其他相關基礎設施。倉儲設施於完成兩期建設工程後取得重大進展，擁有 21 個油庫，容量不少於139,000 立方米，將於二零一二年七月起進行試運行。南通潤德已開展第三期的籌備工作，計劃於一年內增建 3 個油庫，估計容量約為 8,000 立方米。該項目位於天津市天津港保稅區，建設經營原油、成品油及石化產品的倉儲設施，預期年 中 轉 能 力 約 為 9,000,000 公 噸。該 項 目 由中化天津港石化倉儲有限公司（天津倉儲）負責，繳足註冊資本約為人民幣 628,100,000元，本 公 司 間 接 持 有 天 津 倉 儲 的 15%權益。二 零 一 二 年 五 月 九 日，天 津 倉 儲 取 得ISO9001 認證、ISO14001 認證及英國標準協會(BSI)的 OHSAS18001 管理體系認證，成功在品質、職業健康安全、環境體系三方面取得標準認證。原油、燃油及成品油產品油庫及設施的第一期建設工程於二零零八年開展並已於二零一零年十二月竣工，容量約為 420,000 立方米，已完成試運行並於二零一二年一月投入運作。第二期工程已於二零一一年十二月竣工，並自二零一二年一月開始進行試運行，油庫及設施的容量約為 540,000 立方米。第,二期建設包括鐵路建設，預期將於二零一二年六月底竣工。2011/12 Annual Report,（,元,海峽石油化工控股有限公司Chairmans Statement主席報告,Oil and gas exploration in KazakhstanOn 28 December 2011,the Group had successfully completed the transaction regardingthe acquisition of 40%of equity interests in Asia Sixth Energy Resources Limited(“AsiaSixth”)allowing the Group to effectively own 24%in Aral Petroleum Capital LLP(“Aral”)which was granted an exploration licence and a 25-year production licence of oil andgas in the Republic of Kazakhstan known as the North Block,a 1,549 s