00279民豐企業 报.ppt

,2,4,9,12,17,23,25,26,27,29,30,32,33,1,Contents目錄,Corporate InformationManagement Discussion and AnalysisBiographical Details of DirectorsCorporate Governance ReportDirectors ReportIndependent Auditors ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsStatement of Financial PositionNotes to Financial Statements,公司資料管理層討論及分析董事之個人資料企業管治報告董事會報告獨立核數師報告綜合收益表綜合全面收入報表綜合財務狀況報表綜合權益變動表綜合現金流量表財務狀況報表財務報表附註,Five Year Financial Summary,五年財務概要,132民豐企業控股有限公司,#,#,#,2,Corporate Information公司資料,BOARD OF DIRECTORSExecutive DirectorsMr.Lo Kan Sun(Managing Director)Mr.Hui Quincy Kwong Hei(Managing Director)Ms.Au Shuk Yee,SueMr.Scott Allen PhillipsMs.Chow Mun YeeNon-Executive DirectorsMr.Andrew LiuMr.Liu Kam Fai,WinstonIndependent Non-Executive DirectorsMr.Gary Drew DouglasMr.Peter Temple WhitelamDr.Agustin V.QueMr.Frank H.Miu(appointed on 15 December 2011)AUDIT COMMITTEEMr.Gary Drew DouglasMr.Peter Temple WhitelamDr.Agustin V.QueMr.Frank H.Miu#(appointed on 15 December 2011)REMUNERATION COMMITTEEMr.Gary Drew DouglasMr.Peter Temple Whitelam#Dr.Agustin V.QueNOMINATION COMMITTEE(all members appointed on 13 March 2012)Mr.Gary Drew DouglasMr.Peter Temple Whitelam#Dr.Agustin V.QueCOMPANY SECRETARYMs.Chow Mun YeeAUDITORSErnst&Young22/F,CITIC Tower1 Tim Mei AvenueCentral,Hong KongChairman of the relevant Board CommitteeFREEMAN FINANCIAL CORPORATION LIMITED,董事會執行董事盧更新先生（董事總經理）許廣熙先生（董事總經理）柯淑儀女士Scott Allen Phillips先生鄒敏兒小姐非執行董事廖駿倫先生廖金輝先生獨立非執行董事Gary Drew Douglas先生Peter Temple Whitelam先生Agustin V.Que博士繆希先生（於二零一一年十二月十五日獲委任）審核委員會Gary Drew Douglas先生Peter Temple Whitelam先生Agustin V.Que博士繆希先生（於二零一一年十二月十五日獲委任）薪酬委員會Gary Drew Douglas先生Peter Temple Whitelam先生#Agustin V.Que博士提名委員會（所有成員於二零一二年三月十三日獲委任）Gary Drew Douglas先生Peter Temple Whitelam先生#Agustin V.Que博士公司秘書鄒敏兒小姐核數師安永會計師事務所香港中環添美道一號中信大廈二十二樓相關董事委員會主席,3,Corporate Information公司資料,LEGAL COUNSELSHong KongReeds Smith Richards Butler20th Floor,Alexandra House18 Chater RoadCentral,Hong KongCayman IslandsConyers Dill&Pearman2901,One Exchange Square8 Connaught PlaceCentral,Hong KongPRINCIPAL BANKERSBank of Communications Co.,Ltd.The Hongkong and Shanghai Banking Corporation LimitedThe Bank of East Asia,LimitedREGISTERED OFFICECricket Square,Hutchins Drive,P.O.Box 2681Grand CaymanKY1-1111Cayman IslandsPRINCIPAL PLACE OF BUSINESSRoom 2302,23rd Floor,China United Centre28 Marble RoadNorth Point,Hong KongSHARE REGISTRAR AND TRANSFER OFFICE INHONG KONGTricor Secretaries Limited26th Floor,Tesbury Centre28 Queens Road EastWanchai,Hong KongWEBSITEhttp:/TRADING OF SHARESThe Stock Exchange of Hong Kong Limited(Stock Code:279),法律顧問香港禮德齊伯禮律師行香港中環遮打道18號歷山大廈20樓開曼群島Conyers Dill&Pearman香港中環康樂廣場8號交易廣場第一座2901室主要往來銀行交通銀行股份有限公司香港上海滙豐銀行有限公司東亞銀行有限公司註冊地址Cricket Square,Hutchins Drive,P.O.Box 2681Grand CaymanKY1-1111Cayman Islands主要營業地點香港北角馬寶道28號華匯中心23樓2302室香港股份過戶登記處卓佳秘書商務有限公司香港灣仔皇后大道東28號金鐘匯中心26樓網址http:/股份買賣香港聯合交易所有限公司（股份代號：279）民豐企業控股有限公司,4,Management Discussion and Analysis管理層討論及分析,The Directors of Freeman Financial Corporation Limited(the“Company”)hereby present the Company and its subsidiaries(collectively the“Group”)annual report incorporated with the auditedfinancial statements for the financial year ended 31 March 2012.BUSINESS REVIEWThe Groups consolidated net loss for the year was approximatelyHK$637.9 million(2011:HK$171.5 million).The consolidated netassets of the Group decreased from approximately HK$2,501.8 millionas at 31 March 2011 to approximately HK$1,951.4 million as at 31March 2012.The consolidated net loss was mainly attributed tothe significant realised and unrealised losses from securities tradingbusiness and share of loss of an associate.The Group acquired additional interest in Freeman Securities Limited(“FSL”)to diversify the business arms of the Group and it becamea subsidiary during the year.FSL is a private limited companyincorporated in Hong Kong with principal activities in the provision ofsecurities brokerage services and trading of securities.The Group set up a newly incorporated wholly-owned subsidiary,Harvest Financial Services Limited(“Harvest”),to continue its insurancebrokerage business as well as commencing the provision of financialplanning and related services during the year.The Group also setup another newly incorporated wholly-owned subsidiary,FreemanCorporate Finance Limited,to explore new business opportunities incorporate finance advisory sector.The Group disposed of its entire interest in Future Master InvestmentsLimited(“Future Master”),a wholly-owned subsidiary of the Companyat a consideration of HK$120 million during the year and recordeda net gain of approximately HK$23.9 million in the consolidatedincome statement.Future Master and its direct subsidiaries(collectivelyreferred to as“Future Master Group”)mainly held investmentproperties and buildings of the Group.After the disposal of FutureMaster Group,the Group discontinued its operations in propertyholding and investment as to strengthen its focus on other businessoperations.The Group acquired a convertible note of Allied Weli DevelopmentLimited(“Allied Weli”),an associate of the Group,at a considerationof HK$250 million during the year.This convertible note wassubsequently fully converted into shares of Allied Weli and the Groupsinterest in Allied Weli was increased to approximately 32.26%as at 31March 2012.FREEMAN FINANCIAL CORPORATION LIMITED,民豐企業控股有限公司（本公司）董事謹此提呈本公司及其附屬公司（統稱本集團）截至二零一二年三月三十一日止財政年度之年報，當中載有經審核財務報表。業務回顧年 內，本 集 團 之 綜 合 虧 損 淨 額 約 為 港 幣637,900,000元（二 零 一 一 年：港 幣171,500,000元）。本集團之綜合資產淨值由二零一一年三月三 十 一 日 約 為 港 幣2,501,800,000元，減 至 二 零一二年三月三十一日約港幣1,951,400,000元。綜合虧損淨額主要源於證券買賣業務之重大已變現及未變現虧損以及分佔一間聯營公司的虧損。本集團收購民豐證券有限公司（民豐證券）的更多權益，以助本集團多元發展業務，年內民豐證券已成為一間附屬公司。民豐證券為一間於香港註冊成立的私人有限公司，主要業務為提供證券經紀及證券買賣服務。於本年度，本集團成立了一間新的全資附屬公司豐裕理財服務有限公司（豐裕）以繼續其保險經 紀 業 務，並 同 時 開 始 提 供 理 財 策 劃 及 有 關 服務。本集團亦成立了另一間新的全資附屬公司民豐企業融資有限公司，探索在企業融資顧問方面的新業務機遇。於 本 年 度，本 集 團 以 代 價 港 幣120,000,000元，出 售 其 於Future Master Investments Limited（Future Master，本公司全資附屬公司）之全部權益，並於綜合收益表錄得約港幣23,900,000元 之 收 益 淨 額。Future Master及 其 直 接 附 屬 公司（統稱Future Master集團）主要持有本集團之投資物業及樓宇。完成出售Future Master集團後，本集團終止其物業持有及投資之業務，以加強專注經營其他業務。於本年度，本集團以代價港幣250,000,000元，購入本集團一間聯營公司Allied Weli DevelopmentLimited（Allied Weli）的可換股票據。該可換股票據其後已悉數轉換為Allied Weli股份，於二零一二年三月三十一日，本集團於Allied Weli的權益增至約32.26%。,元。,5,Management Discussion and Analysis管理層討論及分析,BUSINESS REVIEW(continued)In March 2012,the Company effected a capital reorganisationwhich included a share consolidation of every five shares with parvalue of HK$0.10 each into one consolidated share with par valueof HK$0.50 each and a capital reduction to reduce the par valueof the consolidated share from HK$0.50 each to HK$0.01 each bycancellation of the paid-up capital to the extent of HK$0.49 on eachconsolidated share.The authorised share capital of the Company ofHK$5,000,000,000 divided into 50,000,000,000 shares of HK$0.10each was adjusted to 500,000,000,000 shares of HK$0.01 each.TheCompany also issued new shares following the completion of thecapital reorganisation to Willie International Holdings Limited and theexercise of share options by the grantees during the year.FINANCIAL REVIEWTurnover from continuing operations decreased by approximately89.3%to HK$8.8 million compared to HK$82.2 million in 2011.Income from sale of securities included in trading of securities segmentrecorded a net loss of HK$38.3 million,representing a decreaseof 44.3%compared to HK$68.7 million in 2011.Dividend incomefrom trading investments included in trading of securities segmentincreased by approximately 103.2%to HK$12.6 million as comparedto HK$6.2 million in 2011 as more dividends were received from thelisted securities in 2012.Interest income from provision of financedecreased by approximately 73.1%to HK$11.2 million comparedto HK$41.6 million in 2011 as a result of a reduced loan portfolioduring the year.Income from financial services segment,includingservices of securities brokerage,placing services,underwriting andmargin financing was approximately HK$13.3 million,representing adecrease of approximately 86.8%as compared to HK$101.0 millionin 2011.With increase in the number of insurance policies during theyear,income from insurance brokerage business increased by 100%to approximately HK$4.0 million as compared to HK$2.0 million in2011.Dividend income from an available-for-sale investment includedin investment holding segment was HK$6.0 million(2011:Nil).Profitfrom the discontinued operation increased by approximately 608.8%to HK$24.1 million as compared to HK$3.4 million in 2011 as a resultof the disposal of Future Master Group during the year.Gross profit from continuing operations was approximately HK$4.6million(2011:HK$79.8 million),representing a decrease ofapproximately 94.2%as compared to last year.The Group recorded a significant unrealised fair value losses onsecurities held for trading of approximately HK$463.7 million for theyear(2011:HK$82.7 million).The Group is continuously monitoring the daily operation with anaim at cost saving.This year,the general and administrative expensesfrom continuing operations were approximately HK$38.4 million,representing a decrease of approximately 65.4%as compared toHK$111.0 million in 2011.During the year,all of the direct expenses,業務回顧（續）於二零一二年三月，本公司進行了股本重組，當中包括將每五股每股面值港幣0.10元之股份合併為一股每股面值港幣0.50元之合併股份，及透過註銷每股合併股份港幣0.49元之繳足股本，將每股合併股份面值由港幣0.50元削減至每股港幣0.01元。本公司法定股本為港幣5,000,000,000元分為50,000,000,000股每股面值港幣0.10元的股份，已 調 整 至500,000,000,000股 每 股 面 值 港 幣0.01元之股份。於本年度，本公司亦於完成股本重組後發行新股份予威利國際控股有限公司，及由承授人行使購股權後發行新股份。財務回顧本集團之持續經營業務之營業額下降約89.3%至港幣8,800,000元，相比二零一一年則為港幣82,200,000元。出 售 證 券（列 入 證 券 買 賣 分 類）之收入錄得虧損淨額港幣38,300,000元，較二零一一年港幣68,700,000元減少44.3%。投資買賣（列入證券買賣分類）之股息收入增加約103.2%至 港 幣12,600,000元，而 二 零 一 一 年 則 為 港 幣6,200,000元，由於二零一二年上市證券股息收入 增 多。提 供 融 資 所 得 利 息 收 入 下 跌 約73.1%至港幣11,200,000元，相比二零一一年則錄得港幣41,600,000元，乃 因 年 內 之 貸 款 組 合 減 少 所致。證券經紀、配售服務、包銷及孖展融資服務等金融服務之收入，約為港幣13,300,000元，較二零一一年港幣101,000,000元減少約86.8%。由 於 年 內 保 單 數 目 增 加，保 險 經 紀 業 務 收 入 增加100%，由二零一一年港幣2,000,000元升至約港 幣4,000,000元。可 供 出 售 投 資（列 入 投 資 控股 分 類）之 股 息 收 入 為 港 幣6,000,000元（二 零一一年：無）。由於本年度出售Future Master集團，令 終 止 經 營 業 務 的 溢 利 由 二 零 一 一 年 的 港幣3,400,000元增加約608.8%至港幣24,100,000持續經營業務的毛利約為港幣4,600,000元（二零 一 一 年：港 幣79,800,000元），較 去 年 減 少 約94.2%。年內，本集團就持作買賣之證券錄得巨額未變現公平值虧損約為港幣463,700,000元（二零一一年：港幣82,700,000元）。本集團一直密切留意日常營運情況，謀求節省成本。於本年度，來自持續經營業務的一般及行政開支約為港幣38,400,000元，較二零一一年之港幣111,000,000元減少約65.4%。年內，發行新股有關之所有直接開支已與本公司之儲備抵銷。,related to issuance of new shares were set off against the Companysreserve.民豐企業控股有限公司,6,Management Discussion and Analysis管理層討論及分析,FINANCIAL REVIEW(continued)The net loss attributable to shareholders of the Company wasapproximately HK$639.2 million(2011:HK$189.5 million).Loss pershare was 49.66 HK cents(2011:38.52 HK cents,as restated).DIVIDENDSThe Directors do not recommend the payment of a final dividend forthe year ended 31 March 2012.LIQUIDITY,FINANCIAL RESOURCES AND CAPITALSTRUCTUREAs at 31 March 2012,the net current assets of the Group amountedto approximately HK$896.8 million(2011:HK$1,305.4 million)and thecurrent ratio(current assets/current liabilities)was 4.2(2011:10.0).The cash and bank balances were approximately HK$235.9 million(2011:HK$382.6 million).As at 31 March 2012,the Group had no secured bank loans(2011:HK$69.7 million)and had secured other borrowings of approximatelyHK$268.1 million(2011:secured and unsecured other borrowingsof HK$265.4 million).Gearing ratio,calculated on the basis of theGroups interest-bearing bank and other borrowings divided by theequity attributable to owners of the Company,was 13.9%(2011:13.4%)at the end of the reporting period.The bank loans and otherborrowings of the Group,carried floating interest rates calculated byreference to the Hong Kong dollar prime rate or lenders cost of fundsor carried fixed interest rate at 5%per annum,were made in HongKong dollar and the Groups exposure to foreign exchange rate wasminimal.The Group did not have any financial instruments used forhedging purpose.The Groups assets portfolio is mainly financed by its shareholdersfunds.As at 31 March 2012,the Group had shareholders funds ofapproximately HK$1,935.5 million(2011:HK$2,501.8 million).Duringthe year,the Company raised net proceeds from issue of new sharesof approximately HK$65.9 million which has been used as the generalworking capital of the Company.In light of the amount of liquid assetson hand and banking facilities available,the Directors are of the viewthat the Group has sufficient financial resources to meet its ongoingoperational requirements.PLEDGE OF ASSETSAs at 31 March 2012,investments held for trading of approximatelyHK$891.1 million(2011:HK$1,033.9 million)and an available-for-saleinvestment of approximately HK$17.7 million(2011:Nil)were pledgedto financial institutions to secure margin-financing facilities providedto the Group.As at 31 March 2011,leasehold land and buildings ofapproximately HK$23.3 million and investment properties situated inHong Kong of approximately HK$140.9 million were pledged to securegeneral banking facilities granted to the Group(before the disposal ofFuture Master Group).,財務回顧（續）本公司股東應佔虧損淨額約為港幣639,200,000元（二 零 一 一 年：港 幣189,500,000元）。每 股 虧損 為 港 幣49.66仙（二 零 一 一 年：港 幣38.52仙，已重列）。股息董事不建議宣派截至二零一二年三月三十一日止年度之末期股息。流動資金、財務資源及資本架構於二零一二年三月三十一日，本集團之流動資產淨 值 約 達 港 幣896,800,000元（二 零 一 一 年：港幣1,305,400,000元）及流動比率（流動資產流動負債）為4.2（二零一一年：10.0）。現金及銀行結餘約達港幣235,900,000元（二零一一年：港幣382,600,000元）。於 二 零 一 二 年 三 月 三 十 一 日，本 集 團 並 無 任 何有擔保銀行貸款（二零一一年：港幣69,700,000元），而有擔保其他借款則約為港幣268,100,000元（二 零 一 一 年：有 擔 保 及 無 擔 保 其 他 借 款 港幣265,400,000元）。於報告期末，根據本集團之計息銀行及其他借款除以本公司擁有人應佔權益所計算之借貸比率，為13.9%（二零一一年：13.4%）。本集團之銀行貸款及其他借款以參考港幣最優惠利率或放貸人資金成本或按固定年息5%計息後計算之浮動利率計息，並以港幣借入，而本集團面對之外匯風險微不足道。本集團並無任何用於對沖目的之金融工具。本 集 團 之 資 產 組 合 主 要 透 過 股 東 資 金 融 資。於二 零 一 二 年 三 月 三 十 一 日，本 集 團 有 股 東 資 金約 為 港 幣1,935,500,000元（二 零 一 一 年：港 幣2,501,800,000元）。於本年度，本公司藉發行新股份籌集所得款項凈額約港幣65,900,000元，已用作本公司之一般營運資金。基於手頭上的流動資產及現有銀行融資之金額，董事認為本集團擁有足夠財政資源以應付其持續營運需求。資產抵押於 二 零 一 二 年 三 月 三 十 一 日，持 作 買 賣 投 資約 港 幣 8 9 1,1 0 0,0 0 0 元（二 零 一 一 年：港 幣1,033,900,000 元）及 可 供 出 售 投 資 約 港 幣17,700,000元（二 零 一 一 年：無）已 抵 押 予 金 融機構，作為提供予本集團之孖展融資之擔保。於二 零 一 一 年 三 月 三 十 一 日，約 港 幣23,300,000元 之 租 賃 土 地 及 樓 宇，以 及 位 於 香 港 約 港 幣140,900,000元 之 投 資 物 業 已 予 抵 押，作 為 授予 本 集 團 之 一 般 銀 行 融 資 之 擔 保（出 售Future,Master集團前）。FREEMAN FINANCIAL CORPORATION LIMITED,7,Management Discussion and Analysis管理層討論及分析,MATERIAL ACQUISITIONS/DISPOSALSDetails of material acquisitions/disposals during the year are set out inthe section“Business Review”.CAPITAL COMMITMENTSThe Group had no material capital commitment at 31 March 2012(2011:Nil).CONTINGENT LIABILITIESAs at 31 March 2012,the Group has provided guarantees to banks inrespect of the mortgage loans made by Future Master Group(whichwas disposed of by the Group in April 2011)for a term of one year upto April 2012 with an utilised extent of approximately HK$64.5 million(2011:Nil).EMPLOYEES REMUNERATION POLICY ANDRETIREMENT BENEFITS SC