00372德祥企業 报.ppt

Forwardlooking,valUe,MANAGEMENT,EXCellENCE,Efciency,cooPerate,efciency,management,professional,Opportunities,strategic,acquisition,acquisitionProfessional,Performance,INVESTMENTS,CooPerAte,VISION,synergy,Management,investments,Professional,EFFICIENCY,opportunities,visION,management,strategic,Managementvalue,cooPerate,INvestMENTS,strategic,value,FORWARD,LOOKING,EFFICIENCY,manAgement,Vision,eXCellENce,ACQUISITION,ForwArDLooKing,PERFORMANCE,opportunities,investments,g,a,tr,u,it,n,a,2012A N N UAL RE PORT年 度 報 告,valUesYnerGYcooPerateCOOPERATEdevelopmentAcquisitionforwardlooking,STraTEgiCinvestments,Acquisition,ValUe,s acqv,icteisioelU,cooPerateVALUEstRateGicP R O F E S S I O N A L,investments,cooPerate,stRateGic,STraTEgiCValUeF o r W a r dl O o k i n GEXCELLENCE,15,19,1,3,5,53,49,47,51,CONTENTS目錄,CORPORATE INFORMATION公司資料CORPORATE CHART集團架構CHAIRMANS STATEMENT主席報告書BIOGRAPHIES OF DIRECTORS ANDSECRETARY董事及秘書履歷簡介CORPORATE GOVERNANCE REPORT企業管治報告書,CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME綜合全面收入表CONSOLIDATED STATEMENT OFFINANCIAL POSITION綜合財務狀況表CONSOLIDATED STATEMENT OFCHANGES IN EQUITY綜合權益變動表CONSOLIDATED STATEMENT OFCASH FLOWS綜合現金流量表,2945,DIRECTORS REPORT董事會報告書INDEPENDENT AUDITORS REPORT獨立核數師報告書,55139,NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS綜合財務報表附註FINANCIAL SUMMARY財務摘要,1,JP,CORPORATE INFORMATION公 司 資 料,BOARD OF DIRECTORSExecutive DirectorsChan Kwok Keung,Charles(Chairman)Chau Mei Wah,Rosanna(Deputy Chairman and Managing Director)Chan Kwok Chuen,AugustineChan Fut YanChan Yiu Lun,AlanIndependent Non-Executive DirectorsChuck,Winston CalptorLee Kit WahShek Lai Him,Abraham,SBS,JPAUDIT COMMITTEELee Kit Wah(Chairman)Chuck,Winston CalptorShek Lai Him,Abraham,SBS,JPCORPORATE GOVERNANCE COMMITTEEChau Mei Wah,Rosanna(Chairman)Chan Fut YanChuck,Winston CalptorLee Kit WahNOMINATION COMMITTEEShek Lai Him,Abraham,SBS,JP(Chairman)Chau Mei Wah,RosannaChuck,Winston CalptorLee Kit WahREMUNERATION COMMITTEEChuck,Winston Calptor(Chairman)Chau Mei Wah,RosannaLee Kit WahSECRETARYLai Kwok Hung,AlexAUDITORDeloitte Touche TohmatsuLEGAL ADVISORSConyers Dill&Pearman(Bermuda)Iu,Lai&Li(Hong Kong)Reed Smith Richards Butler(Hong Kong),董事會執行董事陳國強（主席）周美華（副主席兼董事總經理）陳國銓陳佛恩陳耀麟獨立非執行董事卓育賢李傑華石禮謙，SBS,JP審核委員會李傑華（主席）卓育賢石禮謙，SBS,JP企業管治委員會周美華（主席）陳佛恩卓育賢李傑華提名委員會石禮謙，SBS,（主席）周美華卓育賢李傑華薪酬委員會卓育賢（主席）周美華李傑華秘書黎國鴻核數師德勤關黃陳方會計師行律師康德明律師事務所（百慕達）姚黎李律師行（香港）禮德齊伯禮律師行（香港）ANNUAL REPORT 2012 年 度 報 告,2,CORPORATE INFORMATION公 司 資 料,PRINCIPAL BANKERSBank of China(Hong Kong)LimitedThe Bank of East Asia,LimitedCITIC Bank International LimitedThe Hongkong and Shanghai Banking Corporation LimitedHSBC Bank CanadaWing Hang Bank,LimitedREGISTERED OFFICEClarendon House2 Church StreetHamilton HM 11BermudaPRINCIPAL PLACE OF BUSINESS30/F,Bank of America Tower12 Harcourt RoadCentralHong KongTel:(852)2831 8118Fax:(852)2973 0939PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICEButterfield Fulcrum Group(Bermuda)LimitedRosebank Centre11 Bermudiana RoadPembroke HM 08BermudaBRANCH SHARE REGISTRARAND TRANSFER OFFICETricor Secretaries Limited26/F,Tesbury Centre28 Queens Road EastWanchaiHong KongWEBSITE.hkSTOCK CODE,主要往來銀行中國銀行（香港）有限公司東亞銀行有限公司中信銀行國際有限公司香港上海滙豐銀行有限公司加拿大滙豐銀行永亨銀行有限公司註冊辦事處Clarendon House2 Church StreetHamilton HM 11Bermuda主要營業地點香港中環夏愨道12號美國銀行中心30樓電話：(852)2831 8118傳真：(852)2973 0939股份過戶登記總處Butterfield Fulcrum Group（Bermuda）LimitedRosebank Centre11 Bermudiana RoadPembroke HM 08Bermuda股份過戶登記分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.hk股份代號,Hong Kong Stock Exchange,372,香港聯交所,372,ANNUAL REPORT 2012 年 度 報 告,3,CORPORATE CHART集 團 架 構AT 22ND JUNE,2012 於二零一二年六月二十二日ITC Corporation Limited德 祥企業集團有限公司(372-HKSE 香港聯交所),29%Rosedale HotelHoldings Limited珀麗酒店控股有限公司(1189-HKSE 香港聯交所),26%PYICorporation Limited保華集團有限公司(498-HKSE 香港聯交所),39%ITC PropertiesGroup Limited德祥地產集團有限公司(199-HKSE 香港聯交所),21%Burcon NutraScienceCorporation(BU-TSX多倫多證券交易所)(BUR-NASDAQ納斯達克全球市場)(WKN 157793-FWB法蘭克福證券交易所),61%Paul Y.EngineeringGroup Limited保華建業集團有限公司(577-HKSE 香港聯交所)Hong Kong listed 香港上市Overseas listed 海外上市(Stock code Listing place 股份代號上市地方)ANNUAL REPORT 2012 年 度 報 告,4,CORPORATE CHART集 團 架 構AT 31ST MARCH,2012 於二零一二年三月三十一日ITC Corporation Limited德 祥企業集團有限公司(372-HKSE 香港聯交所),29%Rosedale HotelHoldings Limited珀麗酒店控股有限公司(1189-HKSE 香港聯交所),26%PYICorporation Limited保華集團有限公司(498-HKSE 香港聯交所),37%ITC PropertiesGroup Limited德祥地產集團有限公司(199-HKSE 香港聯交所),21%Burcon NutraScienceCorporation(BU-TSX多倫多證券交易所)(BUR-NASDAQ納斯達克全球市場)(WKN 157793-FWB法蘭克福證券交易所),61%Paul Y.EngineeringGroup Limited保華建業集團有限公司(577-HKSE 香港聯交所)Hong Kong listed 香港上市Overseas listed 海外上市(Stock code Listing place 股份代號上市地方)ANNUAL REPORT 2012 年 度 報 告,5,CHAIRMANS STATEMENT主 席 報 告 書,I am pleased to present to shareholders the annual report of ITCCorporation Limited(the“Company”)and its subsidiaries(the“Group”)for the year ended 31st March,2012.BUSINESS REVIEWReview of Financial PerformanceFor the year ended 31st March,2012,the Group reported aprofit of HK$430 million attributable to owners(2011:loss HK$593million).Basic earnings per share was HK55.38 cents comparedwith the loss per share of HK77.99 cents last year.The turnaroundfrom loss to profit during the year was mainly due to the,本人欣然向股東提呈德祥企業集團有限公司（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之年報。業務回顧財務表現回顧截 至 二 零 一 二 年 三 月 三 十 一 日 止 年 度，本 集 團錄得擁有人應佔溢利430,000,000港元（二零一一年：虧 損593,000,000港 元）。每 股 基 本 盈 利 為55.38港仙，去年則為每股虧損77.99港仙。於本年度轉虧為盈主要由於下列因素：,following:ANNUAL REPORT 2012 年 度 報 告,1.,1.,2.,2.,3.,3.,司。,6,CHAIRMANS STATEMENT主 席 報 告 書,A net gain of HK$318 million(2011:HK$179 million)arising from changes in interests in associates,whichcomprised mainly HK$221 million from Rosedale HotelHoldings Limited(“Rosedale”)and HK$101 million fromITC Properties Group Limited(“ITC Properties”).Duringthe year,the Group enhanced its interests in its strategicinvestments with an aim of creating long-term value forthe shareholders.Having considered Rosedales prospectwith reference to its operating environment and theunderlying values of its hotel properties,the Group actedexpeditiously by acquiring approximately 92 million sharesfor HK$41 million between September and November2011 on the open market,thereby increasing the Groupsinterest from 15.8%to 29.7%.Interest in ITC Propertiesincreased from 24.7%to 37.9%following the completionof ITC Properties shares repurchase offer in February2012 in respect of which the Group had given severalundertakings,among others,not to accept the offer.TheGroup therefore increased its proportionate interest andbenefited from the enhanced net asset value per shareand earnings per share of ITC Properties.Gains wererecognised on the above two events since the net assetvalues attributed to the additional interests acquired werehigher than the costs of acquisition;A gain of HK$31 million was recognised mainly on thedisposal of a Groups subsidiary in November 2011 whichowned the office on the 30th Floor and four car parkingspaces at the Bank of America Tower,12 Harcourt Road,Central,Hong Kong.The aforesaid property interests wereacquired by the Group at HK$107 million in 2004.TheGroup was able to realise capital value of the propertyinterests with a disposal price of HK$313 million;andThe absence of last years non-cash loss of HK$830 millionarising from the distribution of shares in Hanny HoldingsLimited(“Hanny”)to the shareholders in November 2010.Hanny is a Hong Kong-listed company which was anassociate of the Group before the distribution.ANNUAL REPORT 2012 年 度 報 告,聯營公司之權益變動產生收益淨額為 3 1 8,0 0 0,0 0 0 港 元（二 零 一 一 年：179,000,000 港 元），其 中 主 要 包 括221,000,000港元來自珀麗酒店控股有限公司（珀 麗）及101,000,000港 元 來 自 德 祥地產集團有限公司（德祥地產）。年內，本集團增加其策略性投資之權益，旨在為股東創建長期價值。在考慮珀麗之前景並參考其營運環境及相關酒店物業之潛在價值，本集團迅速地行動並於二零一一年九月至十一月間以41,000,000港元在公開市場收購約92,000,000股股份，藉此將本集團之權益由15.8%增加至29.7%。緊隨德祥地產股份購回建議於二零一二年二月完成（本集團曾就此作出若干承諾，其中包括不接納該建議），本集團於德祥地產之權益由24.7%增加至37.9%。因此，本集團增加其於德祥地產權益之同時，藉着德祥地產每股資產淨值及每股盈利之增加而受惠。由於經上述兩件事項收購之額外權益之應佔資產淨值高於收購成本，故獲確認為收益；所 確 認 之 收 益31,000,000港 元 主 要 由 於二零一一年十一月出售本集團一間附屬公司（其擁有位於香港中環夏愨道12號美國銀行中心三十樓之辦公室及四個泊車位）。上述物業權益由本集團於二零零四年 以107,000,000港 元 收 購。本 集 團 藉 着313,000,000港元之出售價格變現物業權益之資本價值；及概無上年度因於二零一零年十一月向股東分派錦興控股有限公司（錦興）股份而產生之非現金虧損830,000,000港元。錦興為香港上市公司，於分派前為本集團聯營公,31,7,CHAIRMANS STATEMENT主 席 報 告 書,Analysis of the Groups performance is as follows:,本集團表現之分析如下：,2012二零一二年HK$M百萬港元,2011二零一一年HK$M百萬港元,Share of results of associates:,攤佔聯營公司業績：,PYIITC PropertiesRosedaleBurconHannyNet gain from changesin interests in associatesGain on disposal of subsidiariesResults from other investmentsand operationsProfit before distributionLoss on distribution of Hanny sharesto shareholdersProfit(loss)attributable to owners,保華德祥地產珀麗Burcon錦興於聯營公司權益變動之收益淨額出售附屬公司之收益來自其他投資及經營業務之業績分派前溢利分派錦興股份予股東之虧損擁有人應佔溢利（虧損）,8470(38)(8)108318(27)430430,5466(14)(19)87179(29)237(830)(593),LISTED STRATEGIC INVESTMENTSPYI Corporation Limited(“PYI”)Based in Hong Kong,PYI focuses on infrastructure investmentin,and the operation of,bulk cargo ports and logistics facilitiesin the Yangtze River region of Mainland China.It also engagesin land and property development and investment.In addition,PYI provides comprehensive engineering and property-relatedservices through Paul Y.Engineering Group Limited.During the year,the Groups interests in PYI decreased slightlyfrom 26.7%to 26.6%as the Group elected to receive cashinstead of shares under PYIs scrip dividend scheme in relationto the final dividend for the year ended 31st March,2011.PYIrecorded a profit attributable to its owners of HK$334 millionfor the year ended 31st March,2012 compared with HK$200million last year.The increase in profit for the year was mainlyattributable to the gain on disposal of 50.1%interest in JiangsuYangkou Port Development and Investment Co.,Ltd.As a result,the profit contributed by PYI increased from HK$54 million toHK$84 million.,上市策略性投資項目保 華 集 團 有 限 公 司（保 華）保華以香港為基地，專注於基建投資及營運中國內地長江流域之大宗散貨港口及物流設施，亦從事土地及房產之開發及投資業務，並通過保華建業集團有限公司，提供全面的工程及房地產相關的服務。於 年 內，本 集 團 於 保 華 之 權 益 由26.7%微 降 至26.6%，因為本集團選擇收取現金而非根據保華截至二零一一年三月三十一日止年度末期股息之以股代息計劃收取股份。保華於截至二零一二年三月三十一日止年度錄得其擁有人應佔溢利334,000,000港 元，去 年 則 為200,000,000港 元。年內溢利增加主要來自出售江蘇洋口港投資開發有限公司50.1%權益而產生之收益。因此，保華對本集團貢獻之溢利由54,000,000港元增加至84,000,000港元。ANNUAL REPORT 2012 年 度 報 告,8,CHAIRMANS STATEMENT主 席 報 告 書,ITC Properties Group Limited(“ITC Properties”)ITC Properties is principally engaged in property developmentand investment in Macau,Mainland China and Hong Kong.ITCProperties is also engaged in golf resort and leisure operations inMainland China,securities investments and the provision of loanfinancing services.In May 2011,the Group received new convertible notes of ITCProperties in the principal amount of HK$70.4 million as theconsideration for the Groups acceptance of the offer madeby ITC Properties to repurchase its previous convertible notesheld by the Group in an aggregate principal amount of HK$64million.The new convertible notes are redeemable at 105%of theoutstanding principal amount in November 2013 and the initialconversion price(subject to adjustments)is HK$2.20 per share.The Group did not exercise the conversion rights under the newconvertible notes during the year.In November 2011,ITC Properties announced a conditionalvoluntary offer to repurchase up to 260 million shares of ITCProperties at HK$2.60 per share(the“Offer”).The Group hadundertaken that it would not accept the Offer and a whitewashwaiver was granted to waive the obligation of the Group tomake a mandatory general offer for all ITC Properties sharesnot owned by the Group and its concert parties.As a result,the Groups interest in ITC Properties increased from 24.7%to37.9%immediately after completion of the Offer in February 2012which led to a gain of HK$101 million.As at 31st March,2012,theGroups interest in ITC Properties remained at 37.9%.ITC Properties recorded a profit of HK$162 million attributable toits owners for the year ended 31st March,2012 compared withHK$80 million last year,mainly attributable to the recognition of again on disposal of subsidiaries amounted to HK$346 million as aresult of the disposal of 50%interest in a residential developmentproject in Causeway Bay,Hong Kong.Accordingly,the Groupshared a profit of HK$70 million for the current year.Rosedale Hotel Holdings Limited(“Rosedale”)Rosedale is principally engaged in hotel operation in MainlandChina and Hong Kong and also trading of securities.Rosedaleis managing a 4-star business hotel chain in Mainland Chinaand Hong Kong,namely Rosedale on the Park,Rosedale Hotel&Suites,Beijing,Rosedale Hotel&Suites,Guangzhou,Times PlazaHotel,Shenyang and Luoyang Golden Gulf Hotel.In addition,Rosedale is running a budget hotel chain under the brand name“Square Inn”in Mainland China.Between September and November 2011,the Group acquiredapproximately 92 million shares of Rosedale through severaltransactions on the open market at a total consideration ofHK$41 million.As the Rosedale shares were trading at a discountto their net assets values,the Group recognised a gain ofHK$221 million from those acquisitions.The Groups interest inRosedale increased from 15.8%to 29.7%and remained the sameat year end.ANNUAL REPORT 2012 年 度 報 告,德 祥 地 產 集 團 有 限 公 司（德 祥 地 產）德祥地產主要從事於澳門、中國內地及香港之物業發展及投資。德祥地產亦於中國內地從事高爾夫球度假村及消閒業務、證券投資及提供貸款融資服務。於二零一一年五月，本集團收到德祥地產之新可換股票據，本金額為70,400,000港元，作為本集團接納德祥地產所提出之建議以購回本集團所持有總本金額64,000,000港元之其前可換股票據之代價。新可換股票據可於二零一三年十一月按尚未償還本金額之105%贖回，初步換股價（可予以調整）為每股2.20港元。本集團年內並無行使新可換股票據下之換股權。於二零一一年十一月，德祥地產宣佈有條件自願建議，按每股2.60港元購回最多260,000,000股德祥地產股份（該建議）。本集團承諾不會接納該建議，並已獲授清洗豁免以豁免本集團就本集團及其一致行動人士尚未擁有之全部德祥地產提出強制性全面收購建議之責任。因此，本集團於德祥地產之權益於緊隨二零一二年二月完成該建議後由24.7%增加至37.9%並帶來收益101,000,000港元。於二零一二年三月三十一日，本集團於德祥地產之權益仍為37.9%。德祥地產於截至二零一二年三月三十一日止年度錄得其擁有人應佔溢利162,000,000港元，去年則為80,000,000港元，主要源於確認出售附屬公司溢利346,000,000港元（由於出售香港銅鑼灣住宅發展項目50%之權益）。因此，本集團於本年度分佔其溢利70,000,000港元。珀 麗 酒 店 控 股 有 限 公 司（珀 麗）珀麗主要於中國內地及香港從事經營酒店，另外亦 從 事 證 券 買 賣。珀 麗 於 中 國 內 地 及 香 港 經 營四星級連鎖商務酒店，即香港珀麗酒店、北京珀麗酒店、廣州珀麗酒店、瀋陽時代廣場酒店及洛陽金水灣大酒店。另外，珀麗於中國內地經營以方圓四季為品牌之經濟型連鎖酒店。於 二 零 一 一 年 九 月 至 十 一 月 間，本 集 團 多 次 透過於公開市場交易以總代價41,000,000港元購入約92,000,000股珀麗股份。由於珀麗股份之交易價 比 其 資 產 淨 值 有 折 讓，本 集 團 為 該 等 購 入 確認收益為221,000,000港元。本集團於珀麗之權益由15.8%增至29.7%，直至本年度完結仍保持該水平。,9,CHAIRMANS STATEMENT主 席 報 告 書,Rosedale recorded a loss of HK$207 million attributable to itsowners for the year ended 31st December,2011 against a profitof HK$468 million in 2010 which was mainly attributable to a non-recurring gain on disposal of the travel and related business ofHK$716.9 million.Accordingly,the Group shared a loss of HK$38million for the current year compared with a profit of HK$66million shared last year.Burcon NutraScience Corporation(“Burcon”)Burcon is a leader in nutrition,health and wellness in thefield of functional,renewable plant proteins.In addition toits listing on the Toronto Stock Exchange and the FrankfurtStock Exchange,Burcons shares commenced trading on TheNASDAQ Global Market on 27th October,2011.Since 1999,Burcon has developed a portfolio of composition,application,and process patents originating from its core protein extractionand purification technology.Burcon has developed CLARISOYsoy protein,the only vegetable-based protein that offers clarityand complete protein nutrition for low pH beverage sys