00275錦興集團 报.ppt

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1、HannyHoldingsLimited錦興集團有限公司,(IncorporatedinBermudawithlimitedliability)(於百慕達註冊成立之有限公司),(StockCode股份代號:275),ANNUAL REPORT 年 報2011/2012,Corporate Information公司資料,BOARD OF DIRECTORSExecutive DirectorsDr.Yap,AllanMr.Heung Pik Lun,EdmondIndependent Non-Executive DirectorsMr.Kwok Ka Lap,AlvaMr.Poon Kwok

2、Hing,AlbertMr.Sin Chi FaiAUDIT COMMITTEEMr.Poon Kwok Hing,AlbertMr.Kwok Ka Lap,AlvaMr.Sin Chi FaiREMUNERATION COMMITTEEDr.Yap,AllanMr.Kwok Ka Lap,AlvaMr.Poon Kwok Hing,AlbertNOMINATION COMMITTEEDr.Yap,AllanMr.Kwok Ka Lap,AlvaMr.Poon Kwok Hing,AlbertCOMPANY SECRETARYMs.Wong Nam,MarianAUDITORDeloitte

3、Touche TohmatsuPRINCIPAL BANKERSBank of China(Hong Kong)LimitedHang Seng Bank LimitedPRINCIPAL REGISTRARHSBC Securities Services(Bermuda)Limited6 Front StreetHamilton HM 11BermudaBRANCH REGISTRARTricor Secretaries Limited26th Floor,Tesbury Centre28 Queens Road East,WanchaiHong KongREGISTERED OFFICEC

4、larendon House2 Church StreetHamilton HM 11BermudaPRINCIPAL OFFICE25th Floor,Paul Y.Centre51 Hung To RoadKwun Tong,KowloonHong KongSTOCK CODE275WEBSITE,董事會執行董事Yap,Allan博士向碧倫先生獨立非執行董事郭嘉立先生潘國興先生冼志輝先生審核委員會潘國興先生郭嘉立先生冼志輝先生薪酬委員會Yap,Allan博士郭嘉立先生潘國興先生提名委員會Yap,Allan博士郭嘉立先生潘國興先生公司秘書王嵐小姐核數師德勤 關黃陳方會計師行主要往來銀行中國銀

5、行(香港)有限公司恒生銀行有限公司主要過戶登記處HSBC Securities Services(Bermuda)Limited6 Front StreetHamilton HM 11Bermuda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 樓註冊辦事處Clarendon House2 Church StreetHamilton HM 11Bermuda主要辦事處香港九龍觀塘鴻圖道51號保華企業中心25樓股份代號275公司網址,2,4,12,14,25,33,35,38,40,42,46,176,1,Table of Contents目錄,CHAIRMANS ST

6、ATEMENTMANAGEMENT DISCUSSION AND ANALYSISDIRECTORS PROFILECORPORATE GOVERNANCE REPORTREPORT OF THE DIRECTORSINDEPENDENT AUDITORS REPORTCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF FINANCIAL POSITIONCONSOLIDATED STATEMENT OF CHANGES IN EQUITYCONSOLIDATED STATEMENT OF CASH F

7、LOWSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFINANCIAL SUMMARY,主席報告書.管理層討論及分析.董事簡歷.企業管治報告.董事會報告.獨立核數師報告.綜合全面收益表.綜合財務狀況表.綜合股東權益變動表.綜合現金流量表.綜合財務報表附註.財務摘要.Annual Report 2011-2012 年報,2,Chairmans Statement主席報告書,I have pleasure in reporting the financial results of the Group for theyear ended 31 Marc

8、h 2012.Following the cessation of the sand mining business,the Groupsprincipal activities remain as trading of securities,industrial watersupply business,property development and trading and otherstrategic investments.Leap AheadIn June 2011,the Group signed a framework agreement with anindependent t

9、hird party to dispose of 49%equity interest of itsinvestment in Guangzhou Jixiang Properties Limited which holds aparcel of land with an area of approximately 7,974 square meters.located at the junction of Zhongshanwu Road（中 山 五 路）andJixiang Road（吉 祥 路）in Yuexiu District（越 秀 區）Guangzhou,the PRC for

10、the development into a commercial and residentialcomplex with GFA of approximately 120,000 square meters.Theconstruction of the land had been suspended for more than tenyears with foundation works completed.With the contribution ofthe newly introduced strategic partner,an experienced commercialretai

11、l property developer in Guangzhou,the Group has made goodprogress on the project in terms of various licenses applicationand fulfillment of the requirements of relevant authorities.Theconstruction work is expected to be resumed shortly.The Group isoptimistic that the pre-sale approval of the Jixiang

12、 complex shallbe obtained during the second half of 2013 and this shall help toimprove the bottom-line of the Group in the foreseeable future.Hanny Holdings Limited 錦興集團有限公司,本人欣然呈報本集團截至二零一二年三月三十一日止年度的財務業績。本集團終止經營採砂業務後，主要業務為證 券 買 賣、工 業 供 水 業 務、物 業 發 展 及 買賣以及其他策略性投資。邁步向前於二零一一年六月，本集團與一名獨立第三方簽訂框架協議，出售對廣

13、州吉祥房產發展有限公司投資的49%股本權益。廣州吉祥房產發展有限公司持有一幅位於中國廣州市越秀區中山五路及吉祥路交界的土地，面積約為7,974平方米，可供發展成商住 綜 合 大 樓，總 建 築 面 積 約 達120,000平方米。該幅土地的建築工程已暫停超過十年，而 地 基 工 程 經 已 完 成。新 引 入 擔 當 策略夥伴的廣州商業零售物業發展商具備豐富 經 驗，有 賴 其 提 供 襄 助，本 集 團 在 辦 理多項許可證的申請及符合有關部門的規定方 面，均 達 成 可 觀 進 展。建 築 工 程 預 期 將於 短 期 內 恢 復。本 集 團 抱 持 樂 觀 態 度，相信吉祥綜合大樓可於二

14、零一三年下半年取得 預 售 許 可 證，而 在 可 見 將 來，預 售 活 動將有助改善本集團的利潤。,3,Grasping the OpportunityIn May 2012,the Group entered into a conditional sale andpurchase agreement for the purchase of a hotel and a piece ofadjacent land in Zhaoqing,Guangdong Province,the PRC.The hotelcomprises the main building with 276 guest

15、 rooms and a club houseunder-construction with an aggregate gross foot area exceeding56,000 square meters.The Group shall enter into a managementagreement with a local hotel operator for the management of thehotel and the club house at an annual fee payable to the Groupof HK$50 million for three yea

16、rs.Besides,the piece of land,withan area of approximately 38,000 square meters,adjacent to thehotel can be developed into commercial properties at a plot ratioof approximately 3 times under the current regulations.The Groupconsiders that the management agreement shall provide the Groupa secure and s

17、table income for the first 3 years and the landbank shall equip the Group in the PRC property market wheneveropportunities arise.The Group is confident on the contribution and cashflow to begenerated from its development projects and its water supplybusiness.The Group will monitor closely its busine

18、ss strategy andmake necessary refinements to cope with the emerging businessmarkets.A Word of GratitudeI would like to offer my sincere thanks to my fellow board members,the management and employees for their extremely hard work,enthusiasm,resourcefulness,and contribution to the Group in thepast yea

19、r.Dr.Yap,AllanChairmanHong Kong,29 June 2012,抓緊機遇於二零一二年五月，本集團訂立一份有條件買賣協議，收購中國廣東省肇慶市一間酒店，以及一幅鄰近酒店的土地。該酒店包括設有276間客房的主樓，以及興建中的會所，總 建 築 面 積 合 共 超 過56,000平 方 米。本集團與當地一名酒店營運商訂立管理協議，以管理酒店及會所的運作，應付予本集團 的 年 費 為50,000,000港 元，為 期 三 年。除此之外，該幅鄰近酒店的土地面積約為38,000平方米，並可根據現行法規，按約3倍的地積比率發展為商用物業。本集團認為，管理協議於首三年可為本集團帶來穩定

20、收入，而土地儲備亦可使本集團在中國房地產市場中做好準備，隨時把握日後出現的時機。本集團極有信心，其持有之發展項目及供水業務定能為業績及現金流帶來貢獻。集團將仔細觀察業務策略之成效，並會按新興市場之發展作出必要之相應調整。致謝本 人 謹 藉 此 機 會，向 勤 奮、熱 誠 及 睿 智 的董 事 會 成 員、管 理 層 和 僱 員，在 過 去 一 年為本集團作出的貢獻，致以衷心感謝。主席Yap,Allan博士香港，二零一二年六月二十九日Annual Report 2011-2012 年報,4,Management Discussion and Analysis管理層討論及分析,Results an

21、d financial reviewResultsFor the year ended 31 March 2012,the Groups auditedconsolidated loss before non-controlling interests was HK$188.1million(2011:profit of HK$92.9 million),which comprised mainlyrevenue from sales of properties held for sale of HK$55.4 million(2011:HK$Nil),revenue from water s

22、upply business of HK$22.8million(2011:HK$23.2 million),cost of sales of HK$64.4 million(2011:HK$13.0 million),other income of HK$13.9 million(2011:HK$61.2 million),other gains and losses of loss of HK$47.0 million(2011:gain of HK$3.1 million),administrative expenses of HK$79.4million(2011:HK$74.6 mi

23、llion),finance costs of HK$22.4 million(2011:HK$54.4 million),impairment loss on properties held forsale of HK$15.4 million(2011:HK$Nil),share of loss of associatesof HK$112.8 million(2011:share of profit of HK$72.0 million)arising from the one-off loss on disposal by an associate of its non-control

24、ling interests in a tyre manufacturing plant in the PeoplesRepublic of China(“PRC”),income tax credit of HK$23.2 million(2011:tax expense of HK$6.9 million)and profit from discontinuedoperations of HK$30.1 million(2011:loss of HK$4.0 million).,業績及財務回顧業績截 至 二 零 一 二 年 三 月 三 十 一 日 止 年 度，本集團之經審核綜合未計非控股權

25、益前虧損為188,100,000港元（二零一一年：溢利92,900,000港 元），主 要 包 括 銷 售 持 作銷售物業收入55,400,000港元（二零一一年：零 港 元）、供 水 業 務 收 入22,800,000港 元（二 零 一 一 年：23,200,000港 元）、銷 售 成 本64,400,000港 元（二 零 一 一 年：13,000,000港 元）、其 他 收 入13,900,000港 元（二 零 一 一 年：61,200,000港 元）、其他 收 益 及 虧 損 涉 及 之 虧 損47,000,000港元（二 零 一 一 年收 益3,100,000港 元）、行 政 開 支7

26、9,400,000港 元（二 零 一 一 年74,600,000港 元）、財 務 費 用22,400,000港 元（二 零 一 一 年54,400,000港 元）、持作銷售物業之減值虧損15,400,000港元（二零一一年：零港元）、應佔聯營公司虧損112,800,000港元（二零一一年應佔溢,利72,000,000港元），虧損源自一間聯營公司 出 售 中 華 人 民 共 和 國（中 國）於 輪 胎廠房之非控股權益產生之一次性虧損、所得 稅 抵 免23,200,000港 元（二 零 一 一 年稅項支出6,900,000港元）、及已終止經營業 務 溢 利30,100,000港 元（二 零 一 一

27、 年：虧損4,000,000港元）。Hanny Holdings Limited 錦興集團有限公司,5,While there was an increase in fair value of investment properties ofHK$47.5 million,gain on disposal of available-for-sale investmentsof HK$140.4 million,and a loss on repurchase of convertible loannotes of HK$12.7 million for the year ended 31 Ma

28、rch 2011,theseitems did not recur during the year ended 31 March 2012.Theaudited loss for the year attributable to the equity holders wasHK$190.0 million(2011:profit of HK$81.9 million)and the basicloss per share from continuing and discontinued operations wasHK$0.17(2011:earnings per share of HK$0.

29、62).Segment ResultsContinuing OperationsFor trading of securities,segment turnover amounted to HK$10.8million,decreased by HK$34.9 million(76.4%)from the year ended31 March 2011 and segment result recorded a loss of HK$1.6million,decreased by HK$2.1 million(420.0%)from the segmentprofit of HK$0.5 mi

30、llion for the year ended 31 March 2011.For property development and trading segment,segment turnoveramounted to HK$55.4 million while HK$Nil for the year ended 31March 2011.Segment result recorded a loss of HK$64.0 million,increased by HK$55.0 million(611.1%)from HK$9.0 million for theyear ended 31

31、March 2011.For water supply segment,segment revenue amounted to HK$22.8million,decreased by HK$0.4 million(1.7%)from the year ended 31March 2011 and segment result recorded a profit of HK$4.9 million,decreased by HK$2.2 million(31.0%)from HK$7.1 million for theyear ended 31 March 2011.,截至二零一一年三月三十一日

32、止年度，本 集 團 錄 得 投 資 物 業 公 平 值 增 幅47,500,000港元、出售可供銷售投資收益140,400,000港 元、及 購 回 可 換 股 貸 款 票據 虧 損12,700,000港 元，而 截 至 二 零 一 二年三月三十一日止年度，並無再出現該等項目。權益持有人應佔之本年度經審核虧損為190,000,000港元（二零一一年：溢利81,900,000港元），來自持續經營及已終止經營業務之每股基本虧損為0.17港元（二零一一年：每股盈利0.62港元）。分類業績持續經營業務證券買賣業務分類之營業額為10,800,000港元，較截至二零一一年三月三十一日止年 度 減 少34,

33、900,000港 元(76.4%)，而 分類 業 績 則 錄 得 虧 損1,600,000港 元，較 截至二零一一年三月三十一日止年度之分類 溢 利500,000港 元 減 少2,100,000港 元(420.0%)。物業發展及買賣業務分類之營業額為55,400,000港元，而截至二零一一年三月三十一日止年度為零港元。分類業績錄得虧 損64,000,000港 元，較 截 至 二 零 一 一 年三月三十一日止年度之9,000,000港元增加55,000,000港元(611.1%)。供 水 業 務 分 類 之 營 業 額 為22,800,000港元，較截至二零一一年三月三十一日止年度減少400,0

34、00港元(1.7%)，而分類業績則錄得溢利4,900,000港元，較截至二零一一年三月三十一日止年度之7,100,000港元減少2,200,000港元(31.0%)。Annual Report 2011-2012 年報,6,Management Discussion and Analysis管理層討論及分析,Discontinued OperationsThe Group disposed of its subsidiaries holding sand mining vesselsduring the reporting year.Accordingly,the Groups sand mi

35、ningbusiness ceased and the results up to the date of disposal wereclassified as discontinued operations.Operating profits for the sandmining business during the current reporting year was HK$2.6million against the loss of HK$4.0 million for the year ended 31March 2011.Interests in associatesDuring

36、the year,an associate of the Company disposed of its entirenon-controlling stake in a PRC tyre manufacturing plant to realisethe investment at a loss.As a result,the results of the associatefor the year ended 31 December 2011 was a loss of approximatelyHK$404.6 million(for the year ended 31 December

37、 2010:profit ofHK$193.2 million).The Companys share of loss of this associate forthe year ended 31 March 2012 was HK$117.1 million(2011:profitof HK$65.1 million).LiquidityBank balances and cash at 31 March 2012 increased to HK$818.4million(31 March 2011:HK$443.8 million),accounting for 24.3%(31 Marc

38、h 2011:16.5%)of the net tangible asset value of theGroup.The gearing ratio(borrowings/shareholders funds)at 31 March2012 reduced to 8.0%(31 March 2011:24.3%)owing to theredemption of convertible loan notes during the year.,已終止經營業務本集團已於申報年度內出售持有採砂船之附 屬 公 司。因 此，本 集 團 截 至 出 售 日 期 之已終止採砂業務之業績已分類為已終止經營業務

39、。採砂業務於本申報年度內之經營溢利為2,600,000港元，而截至二零一一年三 月 三 十 一 日 止 年 度 則 為 虧 損4,000,000港元。聯營公司權益年 內，本 公 司 聯 營 公 司 出 售 其 於 中 國 輪胎 廠 房 之 全 部 非 控 股 權 益，以 套 現 其 投資 並 錄 得 一 項 虧 損。因 此，截 至 二 零 一 一年十二月三十一日止年度聯營公司之業績 為 虧 損 約404,600,000港 元（截 至 二零 一 零 年 十 二 月 三 十 一 日 止 年 度溢 利193,200,000港元）。截至二零一二年三月三十一日止年度，本公司應佔聯營公司之虧損為117,1

40、00,000港元（二零一一年溢利65,100,000港元）。流動資金於二零一二年三月三十一日之銀行結餘及現金增加至818,400,000港元（二零一一年三 月 三 十 一 日：443,800,000港 元），佔 本集團有形資產淨值之24.3%（二零一一年三月三十一日：16.5%）。由於年內贖回可換股貸款票據，二零一二年三月三十一日之負債資本比率（借款股東資金）減少至8.0%（二零一一年三月,三十一日：24.3%）。Hanny Holdings Limited 錦興集團有限公司,7,At 31 March 2012,total borrowings of the Group amounted t

41、oHK$215.9 million(31 March 2011:HK$640.8 million)and wereconsisted of:,於二零一二年三月三十一日，本集團借款總額為215,900,000港元（二零一一年三月三 十 一 日：640,800,000港 元），主 要 由 下列項目組成：,31 March 2012二零一二年三月三十一日HK$000千港元,31 March 2011二零一一年三月三十一日HK$000千港元,Bank and other borrowingsConvertible loan notes,銀行及其他借款可換股貸款票據,215,936215,936,273

42、,468367,341640,809,The bank and other borrowings of the Group as at 31 March 2011and 2012 borne floating interest rates while the convertible loannotes redeemed in full during the year borne a fixed coupon rate of2%per annum.Pledge of assetsAt 31 March 2012,certain assets of the Group amounting toHK

43、$226.9 million(31 March 2011:HK$430.1 million)were pledgedto banks and financial institutions for loan facilities granted to theGroup.Exchange rate and interest rate risks exposureThe majority of the Groups business transactions,assets andliabilities are denominated in Hong Kong Dollars and Renminbi

44、.TheGroup will consider entering into hedging contracts to eliminate anyexposures to downside risks whenever necessary.At the reportingdate,the Group did not enter into any interest rate speculative and,於二零一一年及二零一二年三月三十一日，本集團的銀行及其他借貸按浮動利率計 息，而 年 內 悉 數 贖 回 的 可 換 股 貸 款 票據，則按固定票面息率每年2%計息。資產抵押於 二 零 一 二

45、年 三 月 三 十 一 日，本 集 團 將226,900,000港元（二零一一年三月三十一日：430,100,000港元）之若干資產抵押予銀行及金融機構，以取得授予本集團之貸款信貸。匯率及利率風險本集團大部分業務交易、資產及負債均以港 元 及 人 民 幣 計 值。本 集 團 將 於 有 需 要時，考慮訂立對沖合約以對銷任何不利風險。於 報 告 日 期，本 集 團 並 無 訂 立 任 何 利率投機及對沖合約。,hedging contracts.Annual Report 2011-2012 年報,8,Management Discussion and Analysis管理層討論及分析,Cont

46、ingent liabilitiesAt 31 March 2012,a corporate guarantee to the extent of HK$75.0million(31 March 2011:HK$75.0 million)was given by the Groupto a bank in respect of banking facilities granted to an associate.The banking facilities of approximately HK$38.5 million was utilisedby the associate as at 3

47、1 March 2012(31 March 2011:HK$31.9million).Material acquisitions and disposalsOn 29 September 2010,an agreement was entered into betweenVigorous World Limited,an indirect wholly-owned subsidiary of theCompany,ITC Properties Holdings Group Limited,ITC PropertiesGroup Limited and the Company in relati

48、on to the acquisition of50%interest in ITC Properties(China)Limited at a considerationof HK$480 million.The principal assets of ITC Properties(China)Limited and its subsidiaries is a parcel of land located in YuexiuDistrict in Guangzhou,the PRC.Such land is adjacent to theproperty development projec

49、t held by the Group.The acquisitionwas not yet completed as of the date of this report.On 15 June 2011,the Group entered into a Framework Agreementwith an independent third party,to dispose of the 49%of theequity interest in China Good Investments Limited(“China Good”),an indirect wholly-owned subsi

50、diary of the Company and it in turnholds the properties under development for sale project in the PRC,at a consideration of RMB622.38 million.Further details are set outin the Companys circular dated 27 October 2011.As at 31 March2012,the purchaser has 41%equity interest in China Good,and theremaini