006096天德化工 2010年年报.ppt

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1、天德化工控股有限公司,Tiande Chemical Holdings Limited,（於開曼群島註冊成立之有限公司）（股份代號：609）(incorporated in the Cayman Islands with limited liability)(Stock Code:609),二零一零年年報,ANNUAL REPORT 2010,2,4,6,13,30,39,41,44,45,48,1,目錄 Contents,公司資料財務摘要及五年概要主席報告董事及高級管理人員之個人資料,Corporate InformationFinancial Highlights andFive Year

2、s SummaryChairmans StatementBiographical Details of Directors,and Senior Management,10,管理層討論及分析,Management Discussion and Analysis,董事報告企業管治報告獨立核數師報告綜合收益表綜合全面收益表綜合財務狀況表財務狀況表綜合現金流量表綜合權益變動表財務報表附註,Directors ReportCorporate Governance ReportIndependent Auditors ReportConsolidated Income StatementConsolid

3、ated Statement ofComprehensive IncomeConsolidated Statementof Financial PositionStatement of Financial PositionConsolidated Statement of Cash FlowsConsolidated Statement ofChanges in EquityNotes to the Financial Statements二零一零年年報ANNUAL REPORT 2010,20424347,2,公司資料 Corporate Information,董事會執行董事劉洪亮先生（主

4、席）王子江先生郭希田先生郭玉成先生獨立非執行董事梁錦雲先生高寶玉先生劉晨光先生董事會委員會審核委員會梁錦雲先生（主席）高寶玉先生劉晨光先生薪酬委員會劉洪亮先生（主席）梁錦雲先生高寶玉先生劉晨光先生安全及環保委員會郭玉成先生（主席）高寶玉先生傅安旭先生公司秘書劉偉珍女士獨立核數師香港立信德豪會計師事務所有限公司主要往來銀行中國銀行（香港）有限公司中國工商銀行濰坊市分行,BOARD OF DIRECTORSExecutive DirectorsMr.Liu Hongliang(Chairman)Mr.Wang ZijiangMr.Guo XitianMr.Guo YuchengIndependen

5、t Non-Executive DirectorsMr.Leung Kam WanMr.Gao BaoyuMr.Liu ChenguangBOARD COMMITTEESAudit CommitteeMr.Leung Kam Wan(Chairman)Mr.Gao BaoyuMr.Liu ChenguangRemuneration CommitteeMr.Liu Hongliang(Chairman)Mr.Leung Kam WanMr.Gao BaoyuMr.Liu ChenguangSafety and Environmental Protection CommitteeMr.Guo Yu

6、cheng(Chairman)Mr.Gao BaoyuMr.Fu AnxuCOMPANY SECRETARYMs.Lau Wai ChunINDEPENDENT AUDITORBDO LimitedPRINCIPAL BANKERSBank of China(Hong Kong)LimitedIndustrial and Commercial Bank of China,Weifang Branch,天德化工控股有限公司,TIANDE CHEMICAL HOLDINGS LIMITED,中國,3,公司資料 Corporate Information,香港股份過戶登記處香港中央證券登記有限公司香

7、港灣仔皇后大道東 183 號合和中心17 字樓 17121716 室註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman Islands香港主要營業地點香港中環夏慤道 12 號美國銀行中心22 字樓 2204A 室總辦事處及中國主要營業地點山東省濰坊市山東濰坊經濟開發區香港法律顧問施文律師行公司網址http:/股份代號聯交所：609,HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICEComputershare Hong Kong Investor Services L

8、imitedShops 17121716,17th FloorHopewell Centre,183 Queens Road EastWan ChaiHong KongREGISTERED OFFICECricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman IslandsPRINCIPAL PLACE OF BUSINESS IN HONG KONGRoom 2204A,22nd FloorBank of America Tower12 Harcourt Road,CentralHong KongHEAD OFFIC

9、E AND PRINCIPAL PLACE OF BUSINESSIN THE PRCShandong Weifang Economic Development ZoneWeifang CityShandong ProvinceThe PRCLEGAL ADVISER AS TO HONG KONG LAWSF.Zimmern&Co.COMPANYS WEBSITEhttp:/STOCK CODEThe Stock Exchange:609,二零一零年年報,ANNUAL REPORT 2010,(),3,1,1,2,2,3,3,4,4,=,5,5,6,6,7,7,4,財務摘要及五年概要 Fin

10、ancial Highlights and Five Years Summary二零零六年（已重列，附註 1）2006,附註Notes,(As restated,Note 1),二零零七年2007,二零零八年2008,二零零九年2009,二零一零年2010,業績（以人民幣千元列示）,Results(expressed in RMB000),營業額毛利,TurnoverGross profit,504,18798,567,574,29868,983,725,19999,123,598,94797,272,881,775223,768,本公司擁有人,Profit attributable to t

11、he,應佔溢利,owners of the Company,58,437,21,554,24,925,42,044,129,226,每股盈利,Earnings per share,（人民幣）,(in RMB),2,0.184,0.054,0.062,0.105,0.315,未計利息、稅項、折舊及攤銷前盈利,Earnings before interest,taxation,depreciationand amortisation,“EBITDA”,82,574,54,295,74,462,90,536,199,611,財務狀況（以人民幣千元列示）,Financial Positions(exp

12、ressed in RMB000),總資產總負債,Total assetsTotal liabilities,578,723275,097,768,459441,441,640,725291,794,638,082250,134,739,287211,772,每股淨資產,Net assets per share,（人民幣）,(in RMB),4,0.76,0.82,0.87,0.97,1.25,財務比率,Financial Ratios,流動比率速動比率負債比率,Current ratioQuick ratioGearing ratio,567,1.31.114.4%,0.90.834.3%,

13、0.80.636.8%,1.10.934.1%,1.81.47.0%,附註：二零零六年之數字已重列，是為了反映：(1)因自二零零七年一月一日起採納香港會計準則第 40 號投資物業（投資物業採用公平價值模式列賬）帶來之會計政策變動；及(2)已背書票據呈列為應收票據直至到期日為止，而有關已背書票據並無應用於冲減截至二零零六年和二零零七年十二月三十一日止財政年度之貿易應付賬及其他應付款項。本公司擁有人應佔溢利全年已發行股份加權平均數。每股基本盈利乃根據加權平均股數計算，而於截至二零零,Notes:The figures in 2006 were restated in order to reflec

14、t(1)the change inaccounting policies as a result of the adoption of Hong Kong AccountingStandards 40“Investment Property”(investment properties to beaccounted for using the fair value model)with effective from 1 January2007 and(2)the treatment of the endorsed bills which were presentedas bills recei

15、vable until maturity and such endorsed bills were not appliedto reduce the amounts of trade and other payables for the financial yearsended 31 December 2006 and 2007.Profit attributable to the owners of the Company weighted average of issued shares for the year.(Thecalculation of basic earnings per

16、share is based,每股盈利,六年、二零零七年、二零零八年、二=零零九年及二零一零年十二月三十一日止五個年度之加權平均股數分別為318,082,192股、400,000,000股、400,000,000股、400,000,000股及,Earningsper share,on the weighted average number of 318,082,192,=400,000,000,400,000,000,400,000,000 and409,861,611 shares for the five years ended 31December 2006,2007,2008,2009

17、 and 2010respectively.),409,861,611股。,總資產,=非流動資產+流動資產股東權益年底之本公司已發行股份數目（於二零零六年、二零零七年、二零零八年、二零零九年及二零一零,Total assets,=Non-current assets+Current assetsShareholders equity Number of issued shares ofthe Company at the year end(As at 31 December2006,2007,2008,2009 and 2010,the calculation of,每股淨資產=,年十二月三十

18、一日，每股淨資產乃分別根據已發行股份400,000,000股、400,000,000股、400,000,000股、,Net assetsper share,net assets per share based on the number of issuedshares of 400,000,000,400,000,000,400,000,000,400,000,000 and 421,248,000 respectively.),400,000,000股及421,248,000股計算。）,流動比率速動比率,=流動資產 流動負債=（流動資產 存貨）流動負債,Current ratioQuick

19、ratio,=Current assets Current liabilities=(Current assets Inventories)Current liabilities,負債比率,=淨負債（扣除銀行與現金結餘及已抵押銀行存款後之借貸總額）股東權益,Gearing ratio=Net debts(Total borrowings net of bank and cashbalances and pledged bank deposits)Shareholdersequity,天德化工控股有限公司,TIANDE CHEMICAL HOLDINGS LIMITED,（),*,*,（,（,（

20、,5,財務摘要及五年概要 Financial Highlights and Five Years Summary,營業額（人民幣千元）Turnover(RMB000),毛利（人民幣千元）Gross Profit(RMB000),2010200920082007,187,74685,789143,778122,599120,132,694,029513,158581,421451,699384,055,2010200920082007,97,27299,12368,98398,567,223,768,2006海外 Overseas,中華人民共和國中國The Peoples Republic of

21、 China(“PRC”),2006,本公司擁有人應佔溢利 人民幣千元）Profit Attributable to The Owners ofThe Company(RMB000)129,226201042,044200924,925200821,554200758,4372006*二零零六年之數字已重列，是為了反映：(1)因自二零零七年一月一日起採納香港會計準則第 40 號投資物業投資物業採用公平價值模式列賬）帶來之會計政策變動；及(2)已背書票據呈列為應收票據直至到期日為止，而有關已背書票據並無應用於冲減截至二零零六年和二零零七年十二月三十一日止財政年度之貿易應付賬及其他應付款項。,未計

22、利息、稅項、折舊及攤銷前盈利 人民幣千元）EBITDA(RMB000)199,611201090,536200974,462200854,295200782,5742006*The figures in 2006 were restated in order to reflect(1)thechange in accounting policies as a result of the adoption ofHong Kong Accounting Standards 40“Investment Property”(investment properties to be accounted f

23、or using the fairvalue model)with effective from 1 January 2007 and(2)thetreatment of the endorsed bills which were presented as billsreceivable until maturity and such endorsed bills were notapplied to reduce the amounts of trade and other payables forthe financial years ended 31 December 2006 and

24、2007.,二零一零年年報,ANNUAL REPORT 2010,（）,（,）,%,6,主席報告 Chairmans Statement,Liu HongliangChairman,劉洪亮主席,各位股東：本人謹代表董事或董事會董事或董事會欣然宣佈天德化工控股有限公司本公司，連同其附屬公司統稱為本集團截至二零一零年十二月三十一日止年度之年度報告。,Dear shareholders,On behalf of the board of directors(the“Board”or”Directors”),I ampleased to present the annual report of Tia

25、nde Chemical HoldingsLimited(the“Company”and together with its subsidiaries,collectivelythe“Group”)for the year ended 31 December 2010.,二零一零年創出佳績，純利增長Remarkable Results for 2010 withthe Net Profit increased by207.4,天德化工控股有限公司,TIANDE CHEMICAL HOLDINGS LIMITED,鼓舞。,（）,7,主席報告 Chairmans Statement,年度業績在回顧

26、年度內，本集團取得輝煌業績。本集團營業額大幅增長至約人民幣 881,800,000 元，與去年相比上升 47.2%，本集團毛利亦錄得顯著增長，約達人民幣223,800,000 元，與去年相比上升 130.0%。大幅增長主要是由於本集團氰乙酸及其酯類產品經營業績增長強勁所致。本集團營業額及毛利增長主要原因是：(1)中國財政政策有利推動國內市場迅速增長，並間接帶動了本集團之產品行業增長；截至二零一零年十二月三十一日止財政年度，本集團來自中國之營業額與去年相比上升 35.2%；(2)受到全球經濟復甦和反彈影響，本集團來自海外之營業額與去年相比亦飆升118.8%；(3)在二零零八零九年全球金融危機後，

27、行業出現整合情況；本集團作為業內一個強大的參與者，憑藉其競爭優勢，表現優於同業（尤其是在市場經過整合後）；(4)本集團採用合適之營銷策略，使本集團在回顧年度內取得更大市場份額；(5)在濰坊同業化學有限公司濰坊同業 生產廠房搬遷和重置後，本集團整合經營及生產設施，從而改善及增強了本集團整體之生產及經營效率；及(6)由於本集團不斷積極完善其向上垂直整合生產體系，本集團得以更妥善控制生產成本。通過有效控制經營費用，本公司擁有人應佔溢利增加 至 約 人 民 幣 129,200,000 元，與 去 年 相 比 上 升207.4%。卓越的財務業績證明，本集團在過去幾年孜孜不倦地努力規劃和發展其核心競爭力及

28、建立雄厚業務基礎，締造了豐碩的成果。本集團今年之成就不僅實現，而且超越了其預期業績，令本人感到欣慰和在回顧年度內，本集團進一步增加了其具良好市場增長潛力之旗下產品的產能，以加強其成本優勢和滿足穩步增長的市場需求。此外，本集團在集中生產設施後，積極推行循環經濟生產體系，從而提高內部資源利用率和成本效益。該等措施同樣為回顧年度之業績作出了貢獻，並將會進一步支持本集團長遠的增長。,RESULTS FOR THE YEARDuring the year under review,the Group has achieved brilliantperformance.The turnover of th

29、e Group was substantially increasedto approximately RMB881.8 million,representing an increase of47.2%when compared with that of in the last year.The gross profitof the Group was also recorded a considerable growth reachingto approximately RMB223.8 million,representing an increaseof 130.0%when compar

30、ed with that of in the last year.Suchsubstantial increases were mainly attributable to the growth ofbusiness performance of cyanoacetic acid and its ester productsof the Group.The growth of turnover and gross profit of the Groupwas mainly contributed by:(1)the favourable China fiscal policieswhich p

31、ushed the domestic market grew rapidly and indirectly drovethe growth of the industry of the Groups products.The turnoverof the Group derived from the PRC for the financial year ended 31December 2010 increased by 35.2%when compared with that of inthe last year;(2)the recovery and rebound of global e

32、conomic,as aresult of which,the turnover of the Group derived from the overseashas also soared by 118.8%when compared with that of in the lastyear;(3)the consolidation of the industry after the global financialcrisis in 2008/09.The Group,being a strong market player in theindustry,has outperformed i

33、ts peers because of its competitiveadvantages,especially when the market has become consolidated;(4)the adoption of appropriate marketing strategies by the Group whichenable the Group to seize a larger market share during the year underreview;(5)the consolidation of the operation and production faci

34、litiesof the Group after the removal and relocation of the production plantof Weifang Common Chem Co.Ltd.(“Weifang Common”)whichimproved and enhanced of the overall production and operatingefficiency of the Group;and(6)the better control of the productioncosts by the Group as a result of the Groups

35、continuous and activeadvancing its upward vertically integrated production system.Through an effective control on operating expenses,the profitattributable to the owners of the Company was also increased toapproximately RMB129.2 million,representing by an increase of207.4%when compared with that of

36、in the last year.The remarkablefinancial results proven that the Group has continuously devotedmuch effort in planning and developing its core competitivenessand establishing strong business foundation over the past fewyears yielding fruitful results.I am grateful and encouraged by theaccomplishment

37、s of the Group in this year that is not only realisedbut also exceeded its targeted results.During the year under review,the Group has further enhanced theproduction capacities of its products with good market potentialin order to strengthen its costs competitiveness and meet thesteady growth of mar

38、ket demands.Besides,the Group has activelyimplemented the recycling economy production system after theconsolidation of production facilities so as enhancing the utilisationof internal resources and cost efficiency.These measurements havecontributed to the results of the year under review and will f

39、urthersustain the long-term growth of the Group.,二零一零年年報,ANNUAL REPORT 2010,增長。,8,主席報告 Chairmans Statement,年度業績（續）過去，本集團已投入了很大努力以加強業務發展及強化其競爭優勢，包括發展其上游原料之生產配套、改善生產工藝、提升生產設備，提高生產能力達至最佳生產規模和不斷改善經營效率等等。及至目前，本集團之競爭優勢已經能夠全面地維持其核心業務之增長，本集團並將進一步加快開發新產品推出市場，從而為本公司股東實現更佳的回報以及支持本集團持續展望目前，中國國內生產總值持續穩定增長，預期在未來一

40、年國內需求仍將保持不斷增長之趨勢，尤其是消費品市場。預期在國內消費品市場需求增長帶動下，本集團產品將享有更理想之發展環境。根據預期之市場狀況及下游產業之發展趨勢和前景，本集團已策略性地部署未來的產品開發計劃，以應付即將來臨之挑戰以及促進長遠穩定增長。同時，本集團將不斷加強本集團產品之競爭優勢、進一步強化其垂直整合生產體系及積極地推行循環經濟生產體系，從而保持其在業內之業務優勢。二零一零年是本集團不平凡的一年，本集團已奠定了堅實的業務基礎，並迅速發展成為業內一個成功的領導者。展望未來，本集團已準備步入下一個業務發展階段。本集團已作好準備把握機遇，並承諾將付出更大的努力，積極而謹慎地開發新業務以及

41、尋求合適的投資機會，以進一步擴充和拓展市場，從而保持其長期業務增長。憑藉本集團穩固的業務基礎和在業內之核心競爭優勢，本集團有信心，定能繼續蓬勃發展，並為本公司股東帶來更好的回報。,RESULTS FOR THE YEAR(Continued)The Group has devoted a great deal of effort to reinforce businessdevelopment and strengthen its competitive edge in the past,including developing production facilities of its ups

42、tream materials,refining the production technologies,advancing the productionfacilities,enhancing the production capacities to reach the optimumproduction scale and improving the operation efficiency continuouslyetc.Now,the competitive edge of the Group is capable to maintainits core business growth

43、 comprehensively.The Group will furtheraccelerate the development of new products to be launched to themarket so as to achieve a better return to the shareholders of theCompany as well as sustain a long term growth of the Group.PROSPECTSCurrently,China continues to experience steady GDP growth and i

44、tis expected that the domestic demands will still maintain a growingmomentum in a year ahead,especially for consumable goods market.Driven by the expected growth of demands on consumable goodsin domestic market,it will provide a better environment for thedevelopment of the Groups products.According

45、to the anticipatedmarket conditions and the development trend and prospect ofthe downstream industries,the Group has strategically deployedthe product development plans for the coming years to meetforthcoming challenges and fostering steady growth over the longterm.Meanwhile,the Group will continuou

46、sly intensify the competitiveadvantages of the Groups products,further strengthen its verticallyintegration production system and promote the recycling economyproduction system actively so as to maintain its business edge in theindustry.2010 is a remarkable year for the Group.The Group has laid asol

47、id business foundation and rapid development to become anaccomplished leader in the industry.Looking forward,the Group isready to step into next business development stage.The Group iswell prepared to grasp opportunities ahead and commits to pay moreeffort on new business development actively and ca

48、utiously as well asseek suitable investment opportunities for its further expansion andbroaden market so as to keep its long-term business growth.Given bythe Groups solid business foundation and core competitive strengthsin this industry,it is confident that the Group will continue to flourishand br

49、ing the better returns to the shareholders of the Company.,天德化工控股有限公司,TIANDE CHEMICAL HOLDINGS LIMITED,9,主席報告 Chairmans Statement,鳴謝本人謹代表董事會對全體員工的辛勤努力和對本集團成功作出之貢獻，以及我們的客戶及業務伙伴一直以來之信任及支持衷心致謝。本人相信，隨著中國經濟持續增長和世界經濟復甦，本公司將能維持其業務進一步發展和實現其預期目標。承董事會命主席劉洪亮香港，二零一一年三月二十一日,APPRECIATIONOn behalf of the Board,I w

50、ould like to express my sincere gratitudeto our employees for their industrious work and contribution to thesuccess of the Group and also to our customers and businesspartners for their continuing trust and support.I believe that,byleveraging on the continuous economic growth in the PRC as well asgl