00318黄河实业 报.ppt

Annual Report年 報 2 0 1 2,股份代號,EXECUTIVE DIRECTORSMr VONG Tat Ieong,David(Chief Executive Officer)Mr XU SipingINDEPENDENT NON-EXECUTIVE DIRECTORSMr FUNG Ka Keung,DavidDr LAM Lee G.Ms WONG Man Ngar,EdnaAUDIT COMMITTEEDr LAM Lee G.(Chairman)Mr FUNG Ka Keung,DavidMs WONG Man Ngar,EdnaREMUNERATION COMMITTEEDr LAM Lee G.(Chairman)Mr FUNG Ka Keung,DavidMr VONG Tat Ieong,DavidNOMINATION COMMITTEEMr VONG Tat Ieong,David(Chairman)Mr FUNG Ka Keung,DavidDr LAM Lee G.COMPANY SECRETARYMr TSUI Siu Hung,RaymondAUDITORCCIF CPA Limited34/F The Lee Gardens33 Hysan AvenueCauseway BayHong KongREGISTERED OFFICECricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman IslandsHEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG17A EGL Tower83 Hung To RoadKwun TongKowloonHong KongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEHSBC Trustee(Cayman)LimitedP.O.Box 484HSBC House68 West Bay RoadGrand CaymanKY1-1106Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Tengis Limited26/F Tesbury Centre28 Queens Road EastHong KongSTOCK CODE00318COMPANY WEBSITE,執行董事黃達揚先生（行政總裁）徐斯平先生獨立非執行董事馮嘉強先生林家禮博士王文雅女士審核委員會林家禮博士（主席）馮嘉強先生王文雅女士薪酬委員會林家禮博士（主席）馮嘉強先生黃達揚先生提名委員會黃達揚先生（主席）馮嘉強先生林家禮博士公司秘書徐兆鴻先生核數師陳葉馮會計師事務所有限公司香港銅鑼灣希慎道33號利園34樓註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands香港總辦事處及主要營業地點香港九龍觀塘鴻圖道83號東瀛遊廣場17A主要股份過戶登記處HSBC Trustee(Cayman)LimitedP.O.Box 484HSBC House68 West Bay RoadGrand CaymanKY1-1106Cayman Islands香港股份過戶登記分處卓佳登捷時有限公司香港皇后大道東28號金鐘匯中心26樓股份代號00318公司網址,1,2,5,7,14,19,21,23,25,26,27,29,154,黃河實業有限公司年報2012,CONTENTS,目,錄,Page頁次,Management Discussion and AnalysisProfile of DirectorsReport of the DirectorsCorporate Governance ReportIndependent Auditors ReportConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Financial StatementsSummary of Financial Information,管理層討論與分析董事簡介董事會報告企業管治報告獨立核數師報告綜合全面收益表綜合財務狀況表財務狀況表綜合權益變動表綜合現金流量表財務報表附註財務資料概要,List of Properties,物業列表,155,2,Vongroup Limited Annual Report 2012MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析,Overall PerformanceFor the year ended 30 April 2012,the Group generated turnover ofapproximately HK$27.7 million(2011:approximately HK$52.1 million)witha loss for the year of approximately HK$41.2 million(2011:approximatelyHK$10.6 million).The Group expanded its property investment portfolioby acquiring two investment properties during the year which wouldstrengthen the Property segments ability to generate increased rentalincome stream in this sector,while our Securities segment has beenoperating to achieve appropriate risk-adjusted returns and contributed anet realised and unrealised loss on securities investment during this yeardue to recent volatility in global economy and Hong Kong stock marketconditions.We have also been gradually and partially scaling down ourtraditional products and operations in the Food&Beverage businessduring the year,while continuing to seek and explore less capital-intensiveways of operating the food&beverage business.Meanwhile,our FinancialServices business has been steady,and we have been exploring anddeveloping investment opportunities in our Technology&Media segmentincluding investing a 19%interest in an internet information company.We will continue to explore and develop opportunities to invest inbusinesses,especially those in connection with property,technology&media,and food&beverage.Business ReviewFinancial ServicesDuring this year,the revenue of our financial services businesses reflectedno significant change as compared to last year.SecuritiesOur securities business recorded a net realised and unrealised loss ontrading of securities investment of approximately HK$11.3 million(2011:gain of approximately HK$8.3 million),which contributed a loss for oursecurities segment of approximately HK$11.9 million(2011:profit ofapproximately HK$7.4 million)for the year ended 30 April 2012.PropertyThe revenue of the Groups property business segment was approximatelyHK$2.1 million(2011:approximately HK$1.1 million).The businesssegment contributed a profit of approximately HK$5.0 million(2011:profitof approximately HK$7.6 million)to the Group.Excluding the gain onunrealised fair value,the recurring profit of the property business segmentwould have been approximately HK$1.4 million(2011:approximatelyHK$0.8 million).,整體表現截至二零一二年四月三十日止年度，本集團產 生 營 業 額 約27,700,000港 元（二 零 一 一 年：約52,100,000港 元），並 錄 得 本 年 度 虧 損 約41,200,000港 元（二 零 一 一 年：約10,600,000港元）。本集團於本年度內透過收購兩項投資物業拓闊其物業投資組合，從而會加強物業分類於該行業內產生增加之租金收入來源之能力，而我們一直經營證券分類以達致適當經風險調整回報，惟由於全球經濟及香港股市狀況近期出現波動，該分類於本年度內令證券投資出現已變現及未變現虧損淨額。我們於本年度內亦一直逐步及部分精簡餐飲業務之傳統產品及營運，並繼續為餐飲業務物色及挖掘資本密集性較低之營運方式。同時，我們的金融服務業務已趨穩定，而我們一直挖掘及發展技術及媒體業方面的投資機遇，包括於一間互聯網資訊公司投資19%之權益。我們將持續挖掘及發展投資於業務（尤其是與物業、技術及媒體以及餐飲有關的業務）的機遇。業務回顧金融服務於本年度，金融服務業務之收益與去年相比並無任何重大變動。證券截至二零一二年四月三十日止年度，本集團之證券業務就來自證券投資買賣錄得已實現及未 實 現 虧 損 淨 額 約11,300,000港 元（二 零 一 一年：收益約8,300,000港元），其為證券分類貢獻虧損約11,900,000港元（二零一一年：溢利約7,400,000港元）。物業本 集 團 之 物 業 業 務 分 類 收 益 約2,100,000港 元（二零一一年：約1,100,000港元）。此業務分類為本集團貢獻溢利約5,000,000港元（二零一一年：溢利約7,600,000港元）。若撇除未實現公平值收益，物業業務分類之經常性溢利則約1,400,000港元（二零一一年：約800,000港元）。,3,。,黃河實業有限公司年報2012,Technology&MediaOur technology&media business recorded revenue of approximatelyHK$0.3 million(2011:approximately HK$0.6 million)with a businesssegment loss for the year of approximately HK$0.2 million(2011:loss ofapproximately HK$5.0 million).Food&BeverageDuring the year,revenue for our food&beverage businesses wasapproximately HK$34.6 million(2011:approximately HK$40.1 million).Excluding the gain of approximately HK$3.1 million for the disposal ofproperty,our segment loss would have been approximately HK$2.5 million(2011:loss of approximately HK$3.3 million).Seasonal/Cyclical FactorsThe sales volume during festive periods is normally higher than the salesvolume in the slack periods of the year for food&beverage operations.Financial ReviewLiquidity and Financial ResourcesThe Group maintained cash and cash equivalents as at 30 April 2012amounting to approximately HK$125.6 million(2011:approximatelyHK$197.2 million).The Groups current ratio as at 30 April 2012 was 2.9(2011:3.6).The total equity of the Group amounted to approximatelyHK$308.2 million(2011:approximately HK$348.9 million)as at 30 April2012.GearingThe gearing ratio,as a ratio of bank borrowings and finance lease payableto total equity,was 0.13 as at 30 April 2012(2011:0.08).Exchange Rate ExposureAs at 30 April 2012,the Groups cash and cash equivalents amounted toapproximately HK$125.6 million,the majority of which was in Hong Kongdollars.Since the majority of the Groups transactions,monetary assets andliabilities is denominated in Hong Kong dollars,United States dollars andRenminbi,with relatively stable exchange rates of Renminbi to Hong Kongdollars and Hong Kongs linked exchange rate between United States dollarand Hong Kong dollar,the Group has minimal exposure to exchange ratefluctuations.,技術及媒體本集團之技術及媒體業務錄得收益約300,000港元（二零一一年：約600,000港元），而於本年度則錄得業務分類虧損約200,000港元（二零一一年：虧損約5,000,000港元）。餐飲於本年度，本集團餐飲業務之收益約34,600,000港元（二零一一年：約40,100,000港元）。若撇除物業出售收益約3,100,000港元，分類虧損則約2,500,000港元（二零一一年：虧損約3,300,000港元）。季節 週期因素餐飲業務於節慶期間之銷售量一般較於年度淡季內之銷售量為高。財務回顧流動現金及財務資源於二零一二年四月三十日，本集團維持現金及現金等值項目約125,600,000港元（二零一一年：約197,200,000港 元）。本 集 團 於 二 零 一 二年 四 月 三 十 日 之 流 動 比 率 為2.9（二 零 一 一年：3.6）。本 集 團 於 二 零 一 二 年 四 月 三 十 日之總權益約308,200,000港元（二零一一年：約348,900,000港元）。負債於二零一二年四月三十日之負債比率（作為銀行借貸及應付融資租約款項對總權益之比率）為0.13（二零一一年：0.08）匯率風險於二零一二年四月三十日，本集團之現金及現金等值項目（大多以港元列值）約125,600,000港元。由於本集團之主要交易、貨幣資產及負債均以港元、美元及人民幣列值，而人民幣兌港元之匯率以及美元與港元間之香港掛鈎匯率相對穩定，故本集團之匯率波動風險甚微。,4,朗。,）,Vongroup Limited Annual Report 2012,Treasury PoliciesThe Group generally finances its ordinary operations with internallygenerated resources and bank borrowings.The interest rates of borrowings,if applicable,are generally charged by reference to prevailing market rates.Contingent LiabilitiesIn December 2005,a legal action was commenced by a former employeeof Kamboat Chinese Cuisine Company Limited(“KCCC”),a wholly ownedsubsidiary of the Company,against KCCC for the claim of approximatelyHK$1,569,000 for personal injuries,loss and damages suffered during workat KCCC.In the opinion of the directors,such claim should be adequatelycovered by the Groups insurance.Hence,no provision has been made inthe financial statements.CommitmentsThe Group had capital commitments,which were contracted but notprovided for,in respect of purchase of property,plant and equipmentand investment properties amounting to HK$nil as at 30 April 2012(2011:approximately HK$13.2 million).Future ProspectsThe market environment remains challenging for the global economy in2012.The unresolved European debt crisis and staggering U.S.economy,together with tightening macroeconomic policies in the PRC,will continueto affect international investment sentiment and the global economy.Under the influence of financial uncertainties around the globe,the HongKong and PRC economies are likely to remain uncertain in the near future.In light of these uncertainties,the Group will seek to explore businessopportunities involving but not limited to our existing businesses andconsider whether to make any investment in assets and/or businesses and/or cooperate with other business partners in order to enhance its growthand future development.Employment and Remuneration PolicyAs at 30 April 2012,the Group had 158(2011:180)employees in Hong Kongand the PRC.The Group has not experienced any significant problems withits employees or disruptions due to labour disputes nor has it experienceddifficulties in the recruitment and retention of experienced staff.The Groupremunerates its employees based on industry practices.Its staff benefits,welfare,share options and statutory contributions,if any,are made inaccordance with individual performance and prevailing labour laws of itsoperating entities.,庫務政策本集團一般依靠內部產生資源及銀行貸款為其日常經營業務提供所需資金。借貸之利率（如適用）乃一般參照現行市場利率計算。或然負債於二零零五年十二月，本公司之全資附屬公司Kamboat Chinese Cuisine Company Limited（KCCC 之一名前僱員對KCCC採取法律行動，就其受聘於KCCC期間蒙受之個人損傷、損失及損毀索償約1,569,000港元。董事認為，本集團之保險足夠彌補該索償。故此，概無於財務報表中計提撥備。承擔於二零一二年四月三十日，本集團就購買物業、廠房及設備以及投資物業有零港元之已訂約但未撥備之資本承擔（二 零 一 一 年：約13,200,000港元）。未來展望全球經濟之市場環境於二零一二年依然充滿挑戰。尚未解決之歐債危機及動盪之美國經濟連同中國收緊之宏觀經濟政策將持續影響國際投資氛圍及全球經濟。受到全球金融不明朗因素之影響，近期香港及中國經濟可能仍然不明鑒於該等不明朗因素，本集團將尋求挖掘涉及但不限於現有業務之業務機遇及考慮是否作出任何資產及 或業務投資及 或與其他業務夥伴合作以提升其增長及未來發展。僱員及酬金政策於二零一二年四月三十日，本集團於香港及中國共聘用158名（二零一一年：180名）僱員。本集團從未與其僱員發生任何重大問題或因勞工糾紛而令營運受到阻延，亦從未於聘請富經驗員工及人才流失問題上遇到困難。本集團乃根據業內慣例向其僱員發放酬金。本集團之員工利益、福利、購股權及法定供款（如有）乃根據個人表現及其經營實體之現行勞工法例而作出。,5,黃河實業有限公司年報2012PROFILE OF DIRECTORS董事簡介,Executive DirectorsMr Vong Tat Ieong,David,aged 50,has been a director of the Companysince 2005 and serves as the Chief Executive Officer of the Company.MrVong has acquired and run public companies,and made and advised oncross-border mergers and acquisitions,involving capital markets and privateequity,for over 20 years.He was formerly Vice Chairman of the Board ofDirectors of CITIC 21CN Company Limited,a company listed on the StockExchange,from 2003-2004.Before that,he was Director and Deputy ChiefExecutive of i100 Limited,a company listed on the Stock Exchange,since heco-founded the i100 Group in 2000 with an international consortium whosekey participants included management and leading institutional investors.Prior to that,he was Chief Executive at Pollon Infrastructure Corporation,an infrastructure investment holding company focused on power andtelecom assets in the PRC,since 1997.Mr Vong is a graduate of Yale LawSchool and The London School of Economics and Political Science.Mr Xu Siping,aged 54,has been a director of the Company since 2005and held a series of senior policy positions for about 18 years at the PRCsState Economic and Trade Commission and the National Developmentand Reform Commission(formerly the State Planning Commission),from1983-2000,before retiring from public service in the central government.Mr Xu is a graduate of Dalian University of Technology.Independent Non-Executive DirectorsMr Fung Ka Keung,David,aged 49,has been an IndependentNon-executive Director of the Company since 2005,is Director of Finance atGolden Concord Holdings Limited and an Executive Director of Asia EnergyLogistics Group Limited,a company listed on the Stock Exchange.He isa member of the Companys Audit Committee,Remuneration Committeeand Nomination Committee.Mr Fung graduated from Leicester University.Dr Lam Lee G.,aged 53,has been an Independent Non-executive Directorof the Company since 2005.He holds a Bachelor of Science in Mathematicsand Sciences,a Master of Science in Systems Science,and a Master ofBusiness Administration,all from the University of Ottawa in Canada,aPost-graduate Diploma in Public Administration from Carleton Universityin Canada,a Post-graduate Diploma in English and Hong Kong Law and,執行董事黃達揚先生，50歲，自二零零五年起為本公司董事，並兼任本公司行政總裁。黃先生曾收購及經營上市公司，並從事涉及資本市場及私人股本之跨境併購活動及就該等活動作出建議，擁有逾20年經驗。彼於二零零三年至二零零四年曾為聯交所上市公司中信21世紀有限公司之董事會副主席。於此之前，彼與一間國際銀團（其主要成員為管理層及主要機構投資者）於二零零零年共同創立i100集團，自此彼為聯交所上市公司i100有限公司之董事兼副行政總裁。而在此之前，彼亦自一九九七年起擔任PollonInfrastructure Corporation之行政總裁，該公司為集中投資中國能源及電訊資產之基建投資控股公司。黃先生畢業於耶魯大學法學院及倫敦大學倫敦經濟及政治學院。徐斯平先生，54歲，自二零零五年起為本公司 董 事，並 於 退 任 中 央 政 府 公 職 之 前，於一九八三年至二零零零年約18年期間，擔任中國國家經濟貿易委員會以及國家發展和改革委員會（前國家計劃委員會）多個高級政策職位。徐先生畢業於大連理工大學。獨立非執行董事馮嘉強先生，49歲，自二零零五年起為本公司獨立非執行董事，為協鑫（集團）控股有限公司之集團財務總監，亦於聯交所上市公司亞洲能源物流集團有限公司擔任執行董事。彼為本公司審核委員會、薪酬委員會及提名委員會之成員。馮先生畢業於英國萊斯特大學。林家禮博士，53歲，自二零零五年起獲委任為本公司獨立非執行董事。彼持有加拿大渥太華大學之數學及科學理學學士、系統科學碩士及工商管理碩士學位、加拿大加爾頓大學之國家行政研究院文憑、英國曼徹斯特城市大學之香港及英國法律深造文憑及法律榮譽學士學位、,6,Vongroup Limited Annual Report 2012,a Bachelor of Law(Hons)from Manchester Metropolitan University in theU.K.,a Postgraduate Certificate in Laws from the City University of HongKong,a Master of Laws from the University of Wolverhampton in the U.K.,a Certificate in Professional Accountancy from the Chinese University ofHong Kong SCS,and a Doctor of Philosophy from the University of HongKong.Dr.Lam has over 30 years of international experience in generalmanagement,strategy consulting,corporate governance,investmentbanking,and direct investment.He is Chairman of Monte Jade Scienceand Technology Association of Hong Kong,and serves on the board ofseveral publicly-listed companies in the Asia Pacific region.Having servedas a part-time member of the Central Policy Unit of the Government ofthe Hong Kong Special Administrative Region for two terms,Dr.Lam is amember of the Jilin Province Committee(and former by a Specially-invitedMember of the Zhejiang Province Committee)of the Chinese PeoplesPolitical Consultative Conference,a member of the Hong Kong Institute ofBankers,a Board Member of the East-West Center Foundation,a memberof the Young Presidents Organization,a member of the Chief ExecutivesOrganization,a Fellow of the Hong Kong Institute of Directors and the HongKong Institute of Arbitrators,a member of the General Committee and theCorporate Governance Committee of the Chamber of Hong Kong ListedCompanies,a Board Member of the Australian Cham