00668中港照相 报.ppt

,Corporate Profile,公司概況,China-Hongkong Photo Products Holdings Limited(Stock Code:1123)has a long-established businesspartnership with Fujifilm Japan as the sole authorised distributor of Fujifilm products in Hong Kong andMacau since 1968.The Group has established an extensive network of importers and distributors in thesetwo markets.,In September 2010,the Group was appointed by Fujifilm Japan as the exclusive agent in Hong Kong,thefirst overseas market outside Japan,to launch and trade Fujifilm skincare products via the brand name of“FUJIFILM Beauty”.,Backed to July 2001,the Group acquired Fotomax Holdings Limited and started to broaden its networkfrom wholesale to include retail business.Through this expansion,the Group operates Fotomax,aleading retail chain that provides photographic processing services across Hong Kong.Fotomax shopsuse Fujifilm digital laser printing technology to provide high quality photofinishing and digital outputservices.Fotomax also provides a full range of imaging services include digital imaging and professionalimaging services as well as the sales of other imaging related accessories.,In 2005,the Group established a wholly-owned subsidiary in Beijing for arrangement of future expansionof its wholesale and retail services network following the granting of certificates through the Mainlandand Hong Kong Closer Economic Partnership Arrangement(CEPA),as preferred Hong Kong wholesaleand retail service supplier.,China-Hongkong Photo Products Holdings Limited was incorporated in Bermuda on 6 July,1994 andlisted on the Stock Exchange of Hong Kong on 19 September,1994.The Group is held by the public(38.8%)and by its founder,the Sun family(61.2%)through Searich Group Limited,Fine Products Limitedand Dago Corporation.,中港照相器材集團有限公司（股份代號：1123）與日本富士為長久的業務夥伴，自1968年以來一直為富士產品於香港及澳門的唯一認可經銷商。集團已在這兩個市場建立廣泛的入口商及分銷商網絡。,2010年9月，集團榮獲日本富士委任為其護膚產品的香港獨家代理，使香港成為日本以外首個富士護膚產品,的海外市場，集團並隨即以FUJIFILM Beauty品牌開拓及銷售有關業務。,追溯至2001年7月，集團購入快圖美控股有限公司，開始將分銷網絡的業務擴展至零售層面。快圖美是香港最具規模的影像服務連鎖店，通過是次收購擴張，集團涉足快圖美的業務。快圖美利用富士的數碼激光沖印科技提供高質量的沖印及數碼沖印服務。快圖美亦提供一系列的影像服務，包括數碼影像及專業影像服務，以及銷售其他相關影像產品。,於2005年，隨著中國內地與香港更緊密經貿關係安排授予集團證書作為首選的香港批發及零售服務供應商後，集團已在北京設立一間全資附屬公司為未來批發及零售服務發展作進一步安排。,中港照相器材集團有限公司於1994年7月6日在百慕達註冊成立，並於同年9月19日在香港聯合交易所上市。集團38.8%股權由公眾持有，而其餘61.2%則由創辦人孫氏家族透過Searich Group Limited、Fine Products,Limited及Dago Corporation所擁有。,2,4,8,Contents,Mission Statement,目錄We have a long-term perspective and commitment,Financial Highlights財務摘要Chairmans Statement主席報告Operations Review業務回顧18 Executive Directors Information 執行董事資料20 Independent Non-executive Directors Information 獨立非執行董事資料21 Corporate Governance Report 企業管治報告30 Risk Management風險管理31 Report of the Directors董事會報告40 Independent Auditors Report獨立核數師報告Financial Statements財務報表42 Consolidated Income Statement綜合損益表43 Consolidated Statement of Comprehensive Income綜合全面損益表44 Consolidated Statement of Financial Position 綜合財務狀況表45 Consolidated Statement of Changes in Equity 綜合權益變動表46 Consolidated Statement of Cash Flows 綜合現金流動表48 Statement of Financial Position 財務狀況表49 Notes to Financial Statements財務報表附註111 Details of Investment Properties投資物業資料,to the imaging and information business in Hong Kong and Macau.We strive to achieve steady growth and a prudent return on shareholders funds.China-Hongkong Photo is dedicated to providing customers with quality products and services,and contributing to the communities in which we do business.企業宗旨我們對於目前在香港及澳門經營的影像及資訊業務 抱有長遠的使命感。我們會確保集團有穩健的增 長，股東獲得合理的回報。我們更承諾為顧客提供 最優質之產品及服務，並積極貢獻社會。Corporate Principles Fostering strong internal relationships between management and employees Creating an environment that will encourage employees to be confident and competent Empowering our staff to boost employees morale Striving to provide quality service and distribute diversified products to our customers satisfaction Commitment to effective and open communication with our shareholders,our customers,our colleagues and the community Actively seeking opportunities to help the community企業信念 建立緊密及良好的從屬關係 建立理想的工作環境，培養稱職及具自信心的 員工 適當授權予員工，提高員工之士氣 提供卓越服務及多元化產品，令顧客稱心滿意 與股東、顧客、員工及社會保持有效之溝通 回饋社會,Financial Highlights財務摘要,綜合損益表資料截至3月31日止年度,CONSOLIDATED INCOME STATEMENT DATAYear ended 31 March,2012HK$000,011HK$000(Restated)（重列）,010HK$000(Restated)（重列）,009HK$000(Restated)（重列）,008HK$000(Restated)（重列）,收益除稅前溢利（虧損）所得稅開支,RevenueProfit/(loss)before taxIncome tax expenses,436,44879,501(34,814),349,495 5,415(,658),340,8375,3 6(5,783),3 5,84(36,749)(5,799),3,6185,65(5,68),除非控股權益前,Profit/(loss)before,之溢利（虧損）非控股權益,non-controlling interestsNon-controlling interests,44,687,757 9,46,543(1,3),(4,548)330,46,997165,擁有人應佔溢利,Profit/(loss)attributable,（虧損）股息每股資料盈利（虧損）中期股息中期特別股息擬派末期股息,to ownersDividendsPer share dataEar nings/(loss)Interim dividendInterim special dividendProposed final dividend,44,687(69,828)HK cents3.842.002.50,986(58,190)HK cents1.98.00.00,45,311(58,190)HK cents3.891.001.501.50,(4,18)(46,55)HK cents(3.63)1.001.00,47,16(104,744)HK cents4.051.00.800.90,擬派末期特別,Proposed final special,股息,dividend,1.50,1.00,1.00,.00,4.30,綜合財務狀況表資料於3月31日,CONSOLIDATED STATEMENT OF FINANCIAL POSITION DATAAs at 31 March,2012HK$000,011HK$000(Restated)（重列）,010HK$000(Restated)（重列）,009HK$000(Restated)（重列）,008HK$000(Restated)（重列）,物業、廠房及設備投資物業商譽,Property,plant and equipmentInvestment propertiesGoodwill,31,031169,69035,878,6,39715,95035,878,9,63139,74035,878,39,08 130,31535,878,45,1781 4,19435,878,透過損益按公平值,Financial assets at fair value,計算之金融資產,through profit or loss,1 6,174,161,437,168,07,36,79,現金及現金等值項目,Cash and cash equivalents,583,674,58,48,586,355,610,197,680,619,其他流動資產（負債）,Other net current assets/,淨值,(liabilities),81,634,(,341),4,808,(1,79),(6,7),總資產減流動負債,Total assets less current,liabilities,914,486,930,837,964,805,979,61,1,108,936,非控股權益,Non-controlling interests,(9,853),(10,08),(15,59),(15,9),非流動負債股東資金債務與資本比率資金回報率派息率流動比率,Non-current liabilitiesShareholdersfundsDebt to equity ratioRetur n on equityDividend pay-out ratioCurrent ratio,(33,128)881,358%5.07156.26913.14,(6,040)894,944%.57 53.15831.9,(9,374)9 5,349%4.901 8.4 1,084.04,(31,55)93,414%N/AN/A1,037.33,(34,944)1,058,070%4.46.091,140.46,Revenue收益,Cash and cash equivalents現金及現金等值項目,08091011120809101112,322,618325,284340,837349,495436,448Financial assets at fair valuethrough prot or loss透過損益按公平值計算之金融資產236,792168,207161,437126,174,08091011120809101112,680,619610,197586,355582,482583,674Prot/(loss)attributableowners擁有人應佔溢利47,162(42,218)45,31122,98644,687,Earnings/(loss)per share,%,HK cents,08091011120809101112,4.46N/A 不適用4.902.575.07HK cents4.005.005.006.00,9.00,08091011120809101112,%,(3.63),4.053.891.983.841,140.461,037.331,084.04831.29913.14,3,Chairmans Statement,主席報告,Our work over the past year helped us sustain the momentum and gave us a solid,foundation for the next phase of our development.,去年，我們再接再厲，保持增長勢頭，為今後的發展奠定堅實基礎。,The year 2012 marks a major milestone for China-Hongkong Photo Products HoldingsLimited(“the Group”),whose Fotomax brand celebrates its 30th anniversary.Over thepast three decades,Fotomax has developed to become closely associated with the verybest in photo processing and finishing,as well as the supply of professional and high-quality photographic and imaging products.In recent years,building on the strengthof the brands of both FUJIFILM and Fotomax,the Group has successfully expanded intoother areas including the launch of the DocuXpress service and the introduction of theFUJIFILM Beauty range to Hong Kong.Looking back at our growth and successes overthe past years,there is a lot for which we can all be proud.,2012年快圖美品牌喜迎成立30周年，標誌著中港照相器材集團有限公司（集團）的一個重大里程碑。30年來，快圖美已發展成為優質照片沖曬與沖印以及專業優質攝影及影像產品供應商。近年來，憑藉FUJIFILM及快圖美品牌的雄厚實力，集團成功開拓其他領域，包括推出文書處理網絡服務及將FUJIFILM Beauty系列引進香港。回首過去多年來取得的發展及輝,煌成就，我們深感自豪。,雜誌廣告,Our work over the past year helped us sustain the momentum and gave us a solidfoundation for the next phase of our development.Results for 2011-2012 were strongcompared to the previous year,thanks in part to the excellence of the products andservices we offer,effective marketing efforts,and careful cost control.Some of thehighlights of the past year include the success of the exceptional X-series camerasthat we have introduced to the Hong Kong market;popular new developments forour Fotobook and gift imaging options;and the steady expansion of our ever-growingFUJIFILM Beauty product range.All of these initiatives have been supported by creativepromotional work including effective advertising,extensive media coverage,popularcompetitions,exhibitions and professional photography events,and much more.With increasing rent and labor costs,the year under review was actually not an easyyear for the industry.The cost pressure led to certain level of unavoidable consolidationin the photofinishing market.However,on the other hand,this has provided us withgood opportunities to increase our market share.With our strong financial base andthe benefit resulted from the economies of scale,we have successfully dealt withthese economic pressures by leveraging our diverse product range,in-depth marketexperience and expertise in new technology for instance the launches of new online,ordering systems and smartphone app.On the 30th anniversary year of Fotomax,our targets have been set within the contextof a clear and effective business model for it,which involves maintaining a convenientservice chain with optimal shop sizes at reasonable rents;carefully balancing manpowerwith sales volume for maximum productivity;and providing a convenient fulfillmentnetwork through our electronic sales channels.One of our major targets is promoting and reinforcing the value and importance ofphotography,images and imaging gifts in daily life.We will be promoting photo printsand imaging gifts as long-lasting,secure ways to preserve precious moments andmemories.We will place special emphasis on how Fotobook and other of our imagingproducts make ideal gifts by adding a unique,heartwarming touch to photography.去年，我們再接再厲，保持增長勢頭，為今後的發展奠定堅實基礎。卓越的產品及服務、成效昭著的市場推廣活動以及精確的成本控制，令2011-2012年度業績較上一年度錄得強勁增長。年內特別值得關注的成就包括：性能出眾的X系列相機在香港市場推出後成績驕人；Fotobook及影像禮品的嶄新服務大受歡迎；以及FUJIFILM Beauty產品系列不斷推陳出新，穩步拓展等。我們通過連串極具創意的計劃以推廣上述產品及服務，包括有效的廣告宣傳、廣泛的媒體報導、公開比賽、展覽及專業攝影活動等。隨著租金及人工成本持續攀升，回顧年度對整個行業而言實屬不易。沖印市場部分企業因成本壓力無可避免出現若干程度的整合；但這亦正是我們擴大市場份額的良機。由於集團財務基礎強大及具備規模經濟優勢，我們得以利用多元化的產品系列、深厚的市場經驗及開拓新技術的專業知識例如推出全新線上訂購系統及智能手機應用程式克服上述經濟壓力。隨著快圖美踏入第30個年頭，我們已為其設定發展目標打造清晰、高效的業務模式，包括,Magazine AdvertisementFotobook Promotion EventFotobook推廣活動,維持便捷的服務連鎖網絡，選擇租金合理、面積合適的店舖；仔細平衡人手調配與銷售量以提高生產力；及透過電子銷售渠道提供便捷的服務網絡。我們的主要目標之一為宣揚及強調攝影、影像及影像禮品在日常生活中的價值及重要性。我們將積極推廣打印照片及影像禮品，作為保存珍貴時刻與記憶的持久可靠方法。推介重點是如何利用Fotobook及我們的其他影像產品為照片增添獨特溫馨的色彩，製作成最佳禮品。,Chairmans Statement 主席報告We will also be looking to exploit the exceptional developments in the FUJIFILMdigital camera range to further expand our market share.Some of the FUJIFILMsnewest offerings,such as the FUJIFILM X-Pro1 digital camera,are truly world-class.Its sophisticated lens,adaptor ring,filter and flash accessories that are all compatiblewith other cameras in the market have generated a lot of buzz among professionalphotographers.We expect demand for the FUJIFILM X-Pro1 to become a significantrevenue generator for our digital camera sales in the coming year.Other developments on the cards include the opening of a new concept shop at thehigh-profile Windsor Plaza shopping mall in Causeway Bay in June 2012,offering anumber of premium photographic related services in a prime location.Our beautyproduct business is another area that is gathering significant momentum.More than ayear has gone by since we first launched FUJIFILM Beauty products in the Hong Kongmarket,the success of this initiative has sparked us to look at incorporating facialtreatment services into our operations in the near future.Thanks and acknowledgementsAs always,I would like to conclude my message by offering my heartfelt thanks tothe many individuals and groups who have helped the Group perform so well overthe past year.This includes all our business partners,investors and other stakeholders.To our staff at every level,from management to the front line,I extend my gratefulappreciation for your efforts over the past year.It is because of this sterling effortthat the Group is not just being successful in its wholesales business,but also movingcloser toward its goal of becoming one of the Hong Kongs leading retail operators inphotofinishing,imaging gifts,document solutions businesses and skincare products.此外，為進一步擴大我們的市場佔有率，我們將深入發掘FUJIFILM數碼相機系列的獨特發展空間。FUJIFILM的部份最新產品如FUJIFILM X-Pr o1數碼相機已達世界一流水平。其配備精,Magazine Advertising雜誌廣告,密鏡頭、轉接環、濾鏡及閃光燈配件，有關配件亦適用於市面上的其他相機，在專業攝影師間引起極大迴響。我們預期FUJIFILM X-Pr o1的需求將大幅提升我們來年的數碼相機銷售收入。,其 他 發 展 計 劃 包 括 於2012年 月 在 位 於 銅 鑼 灣 的 高 級 商 廈 皇 室 大 廈 購 物 中 心 開 設 全 新 概 念店，於黃金地段提供多項頂級攝影相關服務。我們的美容產品業務亦取得快速發展。我們在香港市場推出FUJIFILM Beauty產品已一年有餘，業績斐然，受該項業務啟發，我們亦著手於未來開拓美容護理服務。鳴謝一如以往，本人謹此對去年協助集團取得驕人業績的各位人士及團體，包括商業夥伴、投資者及其他權益持有人，致以衷心的感謝。本人亦感謝管理層以至前線人員等各級員工過去一年來的努力。正是由於他們的不懈努力，集團不但在批發業務方面大獲成功，亦得以向目標繼續邁進，成為香港沖印、影像禮品、文書解決方案業務及護膚產品零售行業翹楚之一。Dr Sun Tai Lun DennisChairman孫大倫博士主席,Operations Review業務回顧REVENUE AND PROFITThe Group enjoyed a satisfactory year in 2011-2012,recording increases in turnoverand net profit despite a tight retail environment.For the year ended 31 March 2012,the Group recorded consolidated turnover of HK$436 million,an increase of 24.9%overthe HK$349 million of the previous year.Net profit attributable to owners amountedto HK$45 million.Basic earnings per share were HK3.4 cents.The Board of Directorshas proposed a final dividend of HK2.5 cents per share and a final special dividend ofHK1.5 cents per share.MERCHANDISINGPhotographic ProductsIn the year under review,sales of instant products(primarily comprising cameras thatproduce prints directly after shooting)rose by 34.1%,the result of a series of effectivepromotional strategies.Our popular licensed Disney characters were highly effective indriving these sales,as was our sponsorship of the“U Star Campus Queen and KingContest”organized by U Magazine,an event that was very successful in promotingFUJIFILM instant cameras to university students.,Joint Promotion聯合促銷FUJIFILM Beauty shop atCentral Building位於中建大廈的FUJIFILM Beauty店舖,The Group experienced an even larger rise in digital product sales,which increased by6.9%.This was driven by the launch of a number of very desirable,high-specificationdigital cameras over the year,several of which have won worldwide acclaim fortheir design and technical capabilities.A highlight was the FinePix X100 model,withstrong overall sales and popularity that helped making the launch of an exclusivelimited edition in October 2011 very successful as well.The slim FUJIFILM X10 model,launched later in the year,built further on the popularity of the FUJIFILM X-series ofhigh-performance compact digital cameras.The FUJIFILM X-Pro1 was another high-specification camera that captured the imagination of photographers who want highperformance and portability.Sales of our digital cameras received an extra boost withthe launch of the online shop,FUJIFILM eShop,i