00727卓越金融 报.ppt

《00727卓越金融 报.ppt》由会员分享，可在线阅读，更多相关《00727卓越金融 报.ppt（150页珍藏版）》请在三一办公上搜索。

1、ANNUAL REPORT,2011/2012年報,2,5,8,12,28,38,40,41,43,44,45,47,Contents目錄Chairmans Statement主席報告Directors Commentaries董事討論Profiles of Directors董事簡歷Corporate Governance Report企業管治報告Report of the Directors董事會報告Independent Auditors Report獨立核數師報告Consolidated Statement of Comprehensive Income綜合全面收益表Consolida

2、ted Statement of Financial Position綜合財務狀況表Statement of Financial Position財務狀況表Consolidated Statement of Changes in Equity綜合權益變動表Consolidated Statement of Cash Flows綜合現金流量表Notes to the Consolidated Financial Statements綜合財務報表附註,Glossary詞彙Financial Summary財務摘要Shareholders Information股東資料Corporate Infor

3、mation公司資料,143145146147,2,Chairmans Statement主席報告,Dear Shareholders,I present to the Shareholders the annual results of the Group for thefinancial year ended 31 March 2012(“FY2012”).FINANCIAL PERFORMANCE REVIEWFor the year under review,the Groups operating hotel located in Xiangfan,Hubei province co

4、ntributed hotel rental income and food&beverage(“F&B”)revenue of HK$3.5 million and HK$0.4 million,respectively,compared with the last financial year(“FY2011”)of HK$4.0 million ofhotel rental income,and HK$0.4 million of F&B revenue.The Groups office building located in Yingkou,Liaoning provincecomm

5、enced its leasing operations in May 2011,and contributed officerental income of HK$2.4 million.During the year,two hotel properties located in the cities of Renshou andSuining in the Sichuan province were disposed for a total considerationof RMB33.4 million(equivalent to HK$41.2 million),and realize

6、d a netgain of HK$3.3 million.The Company has also disposed of the remaining5%equity holding of an investment for a total consideration of RMB43.7million(equivalent to approximately HK$53.8 million),and realized a gainof HK$21.9 million.The Group continued to streamline its human resource,which resu

7、ltedin further decrease in staff costs,from HK$17.2 million in FY2011 toHK$13.5 million in FY2012 and coupled with a write-back of a provisionfor bonus of HK$5.5 million,the Group recorded net staff costs of HK$8.0million.Other operating costs have also decreased from HK$33.3 millionlast year to HK$

8、28.3 million in FY2012.,致列位股東：本人謹此向股東提呈本集團截至二零一二年三月三十一日止財政年度（二零一二年財政年度）之全年業績。財務表現回顧回顧本年度，本集團位於湖北省襄樊市營運之酒店分別錄得酒店租金收入及餐飲（餐飲）收 益3,500,000港 元 及400,000港 元。上述酒店於上個財政年度（二零一一年財政年度），分別錄得酒店租金收入及餐飲收益4,000,000港元及400,000港元。本集團位於遼寧省營口市的辦公大樓，於二零一一年五月開展租賃業務，提供辦公室租金收入2,400,000港元。年內，本集團出售四川省仁壽市及遂寧市的兩 個 酒 店 物 業，總 代 價

9、為 人 民 幣33,400,000元（相 當 於41,200,000港 元），並 錄 得 收 益淨 額3,300,000港 元。本 公 司 亦 已 出 售 一 個投 資 項 目 的 餘 下5%股 權，總 代 價 為 人 民 幣43,700,000元（相 當 於 約53,800,000港 元），並錄得收益21,900,000港元。本 集 團 繼 續 精 簡 人 手，令 員 工 成 本 由 二 零一 一 年 財 政 年 度 的17,200,000港 元，進 一 步下跌至二零一二年財政年度的13,500,000港元，連同撥回花紅儲備5,500,000港元，本集團錄得員工成本淨額8,000,000港元

10、。其他經營 成 本 亦 由 去 年 的33,300,000港 元，下 跌 至,二零一二年財政年度的28,300,000港元。VXL CAPITAL LIMITED 卓 越金融有 限 公司,3,Chairmans Statement(Continued)主席報告（續）,For FY2012,the Group recorded a net loss attributable to equity holdersof the Company of HK$52.4 million(FY2011:HK$66.4 million).Totalcomprehensive loss attributed to

11、 equity holders of the Company decreasedto HK$26.5 million due to the gain on property revaluation surplus andcurrency translation differences(FY2011:HK$48.8 million).The Board does not recommend the payment of final dividend for thefinancial year ended 31 March 2012.BUSINESS REVIEW AND CORPORATEDEV

12、ELOPMENTThe Group maintains its strategies of developing its properties into budgethotels or commercial offices for leasing or sales,or,when appropriate,outright sale.The Group will continue its efforts to add value to its assetsby seeking appropriate joint ventures or partnership with companies in

13、thehospitality,tourism and property industries or companies with investmentinterests in these industries.Budget Hotels in the PRCAs noted above,two properties were disposed in November 2011 andrecorded a gain on disposal of HK$3.3 million.Other than those mentioned above,the Group has commitments in

14、 respectof refurbishment costs contracts but not provided for HK$5.0 million andHK$6.7 million as at 31 March 2012 and 30 September 2011 respectively.Yingkou office buildingThe major renovation work on the property in Yingkou,Liaoning provincewas completed at the end of June 2011.The Group has lease

15、d the lowerfloors of the building to CITIC Bank,which commenced business in July2011.By April 2012,the Group has secured the leasing of all the remainingfloors.Total yearly rental income of the building is approximately HK$4.5million.,於 二 零 一 二 年 財 政 年 度，本 集 團 錄 得 本 公司權益持有人應佔虧損淨額52,400,000港元（二零一一年財政

16、年度66,400,000港元）。由於錄得物業重估盈餘收益及外幣換算差額，本公司權益持有人應佔全面虧損總額減至26,500,000港 元（二 零 一 一 年 財 政 年 度48,800,000港元）。董事會不建議就截至二零一二年三月三十一日止財政年度派發末期股息。業務回顧及企業發展本集團秉承其一貫策略，將物業發展為經濟型酒店或商用辦公樓，供租賃或銷售或（在適當時機下）全面出售。本集團將繼續致力透過尋求與從事酒店、旅遊及物業行業或有意投資於該等行業之公司建立合適之合營公司或合作夥伴關係，為其資產增值。於中國之經濟型酒店如上文所指，本集團已於二零一一年十一月出售兩項物業，並錄得出售盈利3,300,0

17、00港元。除上述者外，於二零一二年三月三十一日及二零一一年九月三十日，本集團有關翻新成本之已訂約但未撥備之承擔分別為5,000,000港元及6,700,000港元。營口辦公大樓遼寧省營口市物業的大型翻新工程，已於二零一一年六月底完成。本集團將大樓的較低樓層租予中信銀行，而該行已於二零一一年七月展開業務。於二零一二年四月，本集團已落實其餘所有樓層的租賃。大樓每年帶來的租金收入總額約為4,500,000港元。Annual Report 年報 2011/2012,4,Chairmans Statement(Continued)主席報告（續）,The Yingkou building was reva

18、lued as at 31 March 2012 from HK$72.6million to HK$93.7 million,resulted in a revaluation surplus of HK$20.1million before deferred tax.The net revaluation surplus of HK$12.0million was included in“Other comprehensive income”in the consolidatedstatement of comprehensive income.PROSPECTSThe economy o

19、f the PRC has grown by 9.2%in 2011 and is projectedto grow by around 8%in 2012.Though China is slowing down ineconomic developments speed,its government has implemented a series ofsupporting policies for small&medium sized enterprises,entrepreneurialand innovation enterprises,such as credit supports

20、,tax breaks and loweringthe threshold for investment access etc,and has encouraged individuals toset up small enterprises.The demand of medium sized offices buildings bysmall&medium sized enterprises especially the entrepreneurial enterprisesis increasing.According to the current 12th Five-Year-Plan

21、,the Chinasgovernment will actively develop the tourism industry.The Group believesthat its investment in leasing and sale of budget hotels and commercialoffices will avail itself of the economic developments in China.ACKNOWLEDGEMENTOn behalf of the Board,I would like to extend our utmost gratitude

22、toour valued clients,shareholders and business associates for their continuedsupport for and confidence in the Group.I also wish to express our sincereappreciation to our management and employees for their positive effortsover the past year.Datuk LIM Chee WahChairmanHong Kong:22 June 2012VXL CAPITAL

23、 LIMITED 卓 越金融有 限 公司,經 重 新 估 價 後，於 二 零 一 二 年 三 月 三 十 一日，營 口 大 樓 的 價 值 由72,600,000港 元 增 至93,700,000港 元，帶 來 除 遞 延 稅 項 前 重 估 盈餘20,100,000港元。重估盈餘淨額12,000,000港元，已計入綜合全面收益表其他全面收入一項內。展望中國經濟於二零一一年增長9.2%，預期於二零一二年將增長約8%。即使中國的經濟發展速度有所放緩，惟中國政府已實施一系列扶助政策，支援中小型企業、創業型及創新型企業，譬如信貸援助、稅務寬免及降低投資門檻等，當局亦鼓勵民眾成立小型企業。中小企（尤其

24、是創業型企業）對中型辦公樓的需求不斷增加。根據目前推行的十二五規劃，中國政府將大力發展旅遊業。本集團相信，對經濟型酒店及商用辦公樓租賃及銷售業務的投資，有助本集團把握中國經濟發展的機遇。致謝本人謹代表董事會，就本集團之尊貴客戶、股東及業務夥伴一直的支持及信任，向彼等致以衷心謝意。本人亦謹此感謝全體管理層及僱員於過往年度對本集團作出的貢獻。主席拿督林致華香港，二零一二年六月二十二日,5,Directors Commentaries董事討論,FINANCIAL PERFORMANCE REVIEWTurnoverThe Group recorded a turnover for the year

25、in the amount of HK$6.4million(FY2011:HK$4.4 million).Current year turnover comprised rentalincome,hotel rental income and F&B revenue of HK$2.5 million,HK$3.5million and HK$0.4 million respectively.For FY2011,where the officerental operations were not yet commenced,hotel rental income and F&Brevenu

26、e were HK$4.0 million and HK$0.4 million respectively.Other gainThe Group recorded a net gain of HK$32.4 million(FY2011:HK$4.3million)comprising disposal of non-current assets of HK$31.8 million and adepreciation written back of HK$0.6 million resulted from the terminationof acquisition of a hotel p

27、roperty located in Weihai,Shandong province inJuly 2011.Staff costsStaff costs decreased significantly from HK$17.2 million to HK$13.5million during the year due to cost control measures undertaken by themanagement coupled with a decrease in operating activities in line withthe Groups re-positioning

28、 of its strategies.There were written back of theprovision for bonus of HK$5.5 million and HK$23.6 million in FY2012and FY2011 respectively.Other operating expensesOther operating expenses which are of recurring nature comprise mainlyoffice rentals and other corporate expenses related to on-going co

29、rporateactivities.Other operating expenses have decreased significantly fromHK$33.3 million last year to HK$28.3 million this year mainly due toreduction in recurring costs and offset by increase in legal and professionalfees.,財務表現回顧營業額本 集 團 本 年 度 之 營 業 額 為6,400,000港 元（二零一一年財政年度：4,400,000港元）。本年度之營業額

30、分別包括租金收入2,500,000港元、酒店租金收入3,500,000港元及餐飲收益400,000港元。辦公室租賃業務於二零一一年財政年度尚未開展，而二零一一年財政年度之酒店租金收入及餐飲收益分別為4,000,000港元及400,000港元。其他盈利本 集 團 錄 得 盈 利 淨 額32,400,000港 元（二 零一一年財政年度：4,300,000港元），當中包括出售非流動資產31,800,000港元及折舊撥回600,000港元，主要因為於二零一一年七月終止收購位於山東省威海市的酒店物業。僱員成本僱員成本於年內由17,200,000港元大幅減少至13,500,000港 元，乃 由 於 管 理

31、 層 實 施 成 本控制措施及配合本集團重新部署其策略而減少經營活動所致。於二零一二年財政年度及二零一一年財政年度的回撥花紅撥備分別為5,500,000港元及23,600,000港元。其他經營開支其他經營開支屬經常性質，主要包括辦公室租金及與企業發展活動相關之其他企業開支。其 他 經 營 開 支 由 去 年33,300,000港 元 大幅 減 少 至 本 年 度28,300,000港 元，主 要 是 由於經常性成本減少與法律及專業費增加互相抵銷所致。Annual Report 年報 2011/2012,6,Directors Commentaries(Continued)董事討論（續）,Fin

32、ance costsThe Group has obtained further loan from its principal shareholder inFY2011.This has resulted in a significant increase in finance costs fromHK$41.3 million to HK$48.6 million in the current year.LIQUIDITY,FINANCIAL RESOURCES ANDCAPITAL STRUCTUREThe Group maintained total bank and cash bal

33、ances of HK$125.1 millionas at 31 March 2012.Cash deposits have been placed with major banks inHong Kong and the PRC in the form of United States dollar,Hong Kongdollar and Renminbi deposits.As at 31 March 2012,the Group had amount due to ultimate holdingcompany and other loans totaling HK$441.1 mil

34、lion due within 1 year,andobligations under finance leases of HK$0.6 million maturing within 1 year.The Groups gearing ratio is measured on the basis of the Groups totalinterest-bearing debts net of cash reserves over the total equity(includingminority interest).As at 31 March 2012,the gearing ratio

35、 was 453.0%(FY2011:333.2%).The increase in the gearing ratio over the two financialyears was mainly due to a smaller total equity coupled with additionalloans from the ultimate holding company.Subsequent to the year end,themanagement has obtained agreements by the lenders to extend over oneyear the

36、repayment of short-term borrowings totaling HK$441.1 million.During the year,the group has received HK$107.6 million from its disposalof certain hotel properties and available-for-sale financial assets.Together with the continuous financial support from the ultimate holdingcompany,the management is

37、confident that by executing its plans theGroup is able to meet its obligations.VXL CAPITAL LIMITED 卓 越金融有 限 公司,融資成本於二零一一年財政年度，本集團已從其主要股東獲取進一步貸款。融資成本因而於年內由41,300,000港 元 大 幅 增 加 至48,600,000港元。流動資金、財務資源及資本架構本集團於二零一二年三月三十一日之總銀行及現金結餘為125,100,000港元。現金存款以美元、港元及人民幣存款形式存放於香港及中國多家大型銀行。於 二 零 一 二 年 三 月 三 十 一 日，

38、本 集 團 應付最終控股公司之款項及其他貸款合共441,100,000港 元（須 於 一 年 內 償 還）及 融 資租賃承擔為600,000港元（於一年內到期）。本集團之資產負債比率按本集團之計息債務總額減去現金儲備之差額除以權益總額（包 括 少 數 股 東 權 益）計 算。於 二 零 一 二年 三 月 三 十 一 日，資 產 負 債 比 率 為453.0%（二 零 一 一 年 財 政 年 度：333.2%）。兩 個 財政年度之資產負債比率增加主要是由於權益總額減少及向最終控股公司增加借款所致。於本年度結算日後，管理層已獲貸款人同意將總額441,100,000港元之若干短期借款的還款期延長超過

39、一年。年內，集團已收取107,600,000港元，款項來自出售若干酒店物業及可供出售金融資產。管理層深信，通過執行彼等之計劃，加上得到最終控股公司持續提供財務支援，本集團定可履行債務。,7,Directors Commentaries(Continued)董事討論（續）,EMPLOYMENT AND REMUNERATIONPOLICYAs at 31 March 2012,the Group had a total of 92 employees(31 March2011:120 employees),including Executive Directors.The Groupsremun

40、eration policy and packages for the Executive Directors and seniormanagement are reviewed and recommended by the RQN Committee andapproved by the Board on an annual basis while that for other employeesare reviewed and approved by the Group Chief Executive Officer.TheGroup remunerates its employees b

41、ased on industry practice and theperformance of each individual.The Group also offers discretionarybonuses,medical insurance,and defined contribution retirement plans,andprovides a share option scheme for its employees and Executive Directors.LITIGATIONOn 18 May 2012,VXL Management Services Limited(

42、“VXLMS”),a whollyowned subsidiary of the Company,and the former Chief Executive Officerentered into a deed of settlement,pursuant to which both parties agreed tosettle the claim filed in the Labour Tribunal on 4 October 2011 by payingapproximately HK$1.0 million.The payment was made on 23 May 2012.O

43、n 17 May 2011,VXLMS as plaintiff issued a writ of summon in HongKong against Shanghai Huayang Saili Enterprise Development Co.,Ltd.（上海華揚賽利實業發展有限公司）(“Huayang”)in respect of a claimfor an overdue loan in the amount of RMB10.0 million.On 4 June 2012,VXLMS and Huayang entered into a deed of settlement,p

44、ursuant to whichHuayang agreed to pay VXLMS a settlement amount of RMB4.5 million by2 instalments on or before 4 August 2012.The first instalment of RMB0.5million was made on 14 June 2012.Upon receipt of the second instalment,VXLMS will execute a consent order dismissing the proceedings and reversea

45、 provision in respect of the claim in the amount of HK$4.1 million whichhas been made in the consolidated financial statements of the Group for theyear ended 31 March 2012.,僱員及薪酬政策於 二 零 一 二 年 三 月 三 十 一 日，本 集 團 合 共有 九 十 二 名（二 零 一 一 年 三 月 三 十 一 日：一百二十名）僱員，包括執行董事。本集團執行董事與高級管理人員之薪酬政策及福利，每年由RQN委員會檢討及提供建議

46、，並由董事會批准；而其他僱員之薪酬政策及福利則由集團行政總裁檢討及批准。本集團給予僱員之薪酬乃根據業內慣例及個別表現而定。本集團亦向其僱員及執行董事提供酌情花紅、醫療保險及定額供款退休計劃，並設有購股權計劃。訴訟於二零一二年五月十八日，本公司全資附屬公司卓越管理服務有限公司（卓越管理）與前行政總裁訂立和解契約，據此雙方同意透過支付約1,000,000港元之款項，解決二零一一年十月四日入稟勞資審裁處的索償。該款項於二零一二年五月二十三日支付。於二零一一年五月十七日，卓越管理（作為原告）於香港對上海華揚賽利實業發展有限公司（華揚）發出傳訊令狀，內容有關就逾期 貸 款 人 民 幣10,000,000

47、元 提 出 之 索 償。於二零一二年六月四日，卓越管理與華揚訂立和解契約，據此華揚同意於二零一二年八月四日或之前，分兩期向卓越管理支付人民幣4,500,000元之和解款項。第一次分期支付之款項人民幣500,000元於二零一二年六月十四日支付。待收取第二次分期付款後，卓越管理將簽立在同意下作出的命令，終止法律程序，同時撥回在本集團截至二零一二年三月三十一日止年度之綜合財務報表就有關是項索償計提之撥備，金額為4,100,000港元。Annual Report 年報 2011/2012,(1),(3),(1),8,Profiles of Directors董事簡歷,BOARD OF DIRECTOR

48、SExecutive Directors,董事會執行董事,Datuk LIM Chee Wah,Chairman,member of the EC,and member of the,拿督林致華主席、執行委員會成員以及RQN,RQNCAged 57.Datuk Lim was appointed as the Chairman and Executive Directoron 27 April 2004.He was the Group Chief Executive Officer,Group,委員會成員五十七歲，林拿督於二零零四年四月二十七日獲委任為主席及執行董事。彼由二零一零,Presi

49、dent and the Chairman of EC,during the period from 1 August,年八月一日至二零一二年七月二日期間為集,2010 to 2 July 2012.Datuk Lim holds a Bachelor of Economics degree ofThe London School of Economics,England.Datuk Lim has substantialinvestment and management experience in a wide range of industriesincluding plantations

50、,leisure and entertainment,construction,propertydevelopment and information technology.Prior to joining the Group,Datuk Lim was the Deputy Managing Director of Genting Berhad and theJoint Managing Director of Genting Plantations Berhad(formerly knownas“Asiatic Development Berhad”)during 1985 to 1990