(於开曼群岛注册成立的有限公司)

Hong Long Holdings Limited
(Incorporated in the Cayman Islands with limited liability) (於开曼群岛注册成立的有限公司) (Stock Code 股份编号: 1383)
Annual Report
年报
2008
Content 目录
Corporate Information Corporate Development Milestone Business Scope Properties Portfolio Overview Group Financial Summary Chairman's Statement Management Discussion and Analysis Biographical Details of Directors and Senior Management Directors' Report Corporate Governance Report Independent Auditor's Report Consolidated Income Statement Consolidated Balance Sheet Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Notes to the Financial Statements
2 4 5 6 8 9 13 21
公司资料公司发展里程公司业务架构物业组合概覧集团财务概要主席报告管理层讨论及分析董事及高级管理人员之履历
29 46 56 58 59 61 62 63 65
董事会报告企业管治报告独立核数师报告综合损益表综合资产负债表资产负债表综合权益变动表综合现金流量表财务报表附注
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Corporate Information 公司资料
BOARD OF DIRECTORS
EXECUTIVE DIRECTORS Mr. ZENG Yunshu (Chairman and President) Mr. ZHANG Yiyan (Vice Chairman and Co-President) Dr. HAN Qinchun (Vice Chairman and Co-President) Mr. ZENG Sheng (Vice Chairman and Co-President) Ms. YE Qingdong (Vice President) Mr. OUYANG Junxin INDEPENDENT NON-EXECUTIVE DIRECTORS Dr. LI Jun Mr. CHEUNG Ngai Lam Mr. Wang Fosong
董事会
执行董事曾云枢先生 (主席及总裁) 张奕炎先生 (副主席及联席总裁) 韩秦春博士 (副主席及联席总裁) 曾胜先生 (副主席及联席总裁) 叶庆东女士 (副总裁) 欧阳俊新先生独立非执行董事李珺博士张毅林先生王佛松先生
AUTHORISED REPRESENTATIVES
Mr. ZENG Yunshu Dr. HAN Qinchun
授权代表
曾云枢先生韩秦春博士
COMPANY SECRETARY
Mr. CHU Kin Wang, Peleus (FCPA, FCCA, ACIS)
公司秘书
朱健宏先生 (FCPA,FCCA,ACIS)
AUDITORS
KPMG
核数师
毕马威会计师事务所
REGISTERED OFFICE
Cricket Square Hutchins Drive P.O. Box 2681 George Town Grand Cayman KY1-1111 The Cayman Islands
注册办事处
Cricket Square Hutchins Drive P.O. Box 2681 George Town Grand Cayman KY1-1111 The Cayman Islands
PRINCIPAL PLACE OF BUSINESS IN THE PRC
Level 8, Hong Long Building Nanhai Avenue Nanshan District Shenzhen, Guangdong Province The PRC
中国主要营业地点
中国广东省深圳南山区南海大道鸿隆大厦 8 楼
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Corporate Information 公司资料
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Suite 5105 51/F, Central Plaza 18 Harbour Road Wanchai Hong Kong
香港主要营业地点
香港湾仔港湾道 18 号中环广场 51 楼 5105 室
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDS
Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 George Town Grand Cayman The Cayman Islands
开曼群岛主要股份过户登记处
Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 George Town Grand Cayman The Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE
Tricor Investor Services Limited 26th Floor Tesbury Centre 28 Queen's Road East Hong Kong
香港股份过户登记分处
卓佳证券登记有限公司香港皇后大道东 28 号金钟汇中心 26 楼
PRINCIPAL BANKERS
IN HONG KONG: The Hongkong and Shanghai Banking Corporation Limited Bank of China (Hong Kong) Limited IN THE PRC: China Construction Bank Industrial and Commercial Bank of China China Bank of Communications Agricultural Bank of China Hua Xia Bank Industrial Bank Co., Ltd. Shanghai Pudong Development Bank
主要往来银行
在香港: 香港上海滙丰银行有限公司中国银行 (香港) 有限公司在中国: 中国建设银行中国工商银行中国交通银行中国农业银行华夏银行兴业银行上海浦东发展银行
INVESTOR RELATIONS
For other information relating to the company, please contact Corporate Communications Department website: www.hlkg.net e-mail: ir@hlkg.net
投资者关系
有关本公司的其他资料请联络企业传讯部网址:www.hlkg.net 电邮:ir@hlkg.net
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Corporate Development Milestone 公司发展里程
2002 2003 2004 2005
April: First property development project. Commenced construction for Harbor City 4 月:首个物业开发项目.港湾丽都动工 May: First move into property leasing business. Acquired 88.95% equity in Hong Long Commercial 5 月:首次进军物业租赁业务.收购鸿隆商业管理 88.95% 股权 September: Completed construction for Harbor City 9 月:港湾丽都竣工 September: First move beyond Shenzhen. Acquired 51% equity in Huizhou Yintaida 9 月:首次踏出深圳.收购惠州银泰达 51% 股权 February: Commenced construction for Hong Long Plaza 2 月:鸿隆广场动工 March: Acquired 85.71% equity in Yinghua 3 月:收购英华 85.71% 股权 June: Commenced construction for Hong Long High Technology Industrial Park 6 月:动工兴建鸿隆高科技工业园 April: Acquired further 4.68% equity in Hong Long Commercial 4 月:进一步收购鸿隆商业管理 4.68% 股权 May: Completed the acquisition of 134 shops in Baorun Ornament Materials Mall 5 月:完成收购宝润装饰材料城 134 间商铺 November: Disposal of Hong Long High Technology Industrial Park 11 月:出售鸿隆高科技工业园 December: Grand opening of Hong Long Plaza shopping mall 12 月:鸿隆广场盛大开幕 February: First move into international capital market. Listed on the HK Stock Exchange and raised net proceeds of approximately RMB466 million (approximately HK$472 million) 2 月:首次进军国际资本市场.在香港联交所上市并筹得资金净额约人民币 466,000,000 元 (约港币 472,000,000 元) March: Acquired the remaining 6.37% equity interest in Hong Long Commercial and become the indirect wholly-owned subsidiary of the Company 3 月:收购鸿隆商业管理余下 6.37% 权益,从而间接全资拥有该公司 April: Acquired Yifeng Plaza, Shenzhen 4 月:收购深圳艺丰广场 June: Acquired 50% interest in Nam Fong Garden, Guangzhou and subsequently sold in November 6 月:收购广州南方花园 50% 权益并随后於 11 月出售 July: Acquired 100% interest in Grace Garden 7 月:收购温馨花园 100% 权益 September: First fund raising exercise after listing. Issue of Senior Note and raised net proceeds of approximately RMB645 million (approximately US$86 million) 9 月:上市后首次集资活动.发行优先票据并筹得资金净额约人民币 645,000,000 元 (约 86,000,000 美元) October: Completed the acquisition of remaining 49% equity in Huizhou Yintaida 10 月:完成收购惠州银泰达余下 49% 股权 November: First move beyond Guangdong. Acquired 100% interest in Xiang Jiang City, Zhangjiakou, Hebei 11 月:首次踏出广东.收购河北张家口香江名城 100% 权益 December: Commenced construction for Ningjiang Uptown in Xingning 12 月:在兴宁动工兴建宁江新城 February: Approval obtained for acquiring additional gross floor area "GFA" of approximately 5,719 square meters "m2" ( ) ( ) in Yifeng Plaza. 2 月:获批覆收购艺丰广场额外总建筑面积约 5,719 平方米. March: Established a 90% owned subsidiary in Dongguan for a potential project. 3 月:为潜在项目在东莞成立一家拥有 90% 权益的附属公司. March: Entered into agreement for acquiring 100% interest in Zirui Garden. 3 月:订立协议收购紫瑞花园的 100% 权益. June and July: Further acquire 2,197 m2 in Yifeng Plaza at a consideration of approximately RMB21,200,000. 6 月及 7 月 : 进一步以约人民币 21,200,000 元收购艺丰广场 2,197 平方米面积. March: Entered into agreement for disposing 18% equity interest in Huizhou Yintaida. 3 月:签定协议出售惠州银泰达 18% 股权.
2006
2007
2008 2009
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Business Scope 公司业务架构
The company's corporate and business structure as of 31 December 2008 was as follows:
於 2008 年 12 月 31 日,本公司的企业及业务架构如下:
Corporate and business structure 企业及业务架构
Public (other institutional and individual investors) 公众 (其他机构及个人投资者) 36.95%
Lehman Brothers Holdings Inc. 5.83%
Founders and directors 创人及董事 57.22% Hong Long Holdings Limited 鸿隆控股有限公司
Shenzhen/Dongguan 深圳 / 东莞
Huizhou 惠州
Meizhou/Xingning 梅州 / 兴宁
Hebei, Zhangjiakou 河北张家口
2
Projects under development/to be developed (planned GFA about 1,497,775 m ) 在发展╱待开发项目 (计划总建筑面积约 1,497,775 平方米)
Hong Long Century Plaza 鸿隆世纪广场 Yinghua Project 英华项目 Zirui Garden 紫瑞花园 89,606 Urban Upstream Landscape Villa, Phase 1 鸿隆江山第 1 期 Urban Upstream Landscape Villa, Phase 2 鸿隆江山第 2 期 Urban Upstream Landscape Villa, Phase 3 鸿隆江山第 3 期 160,078 Grace Garden 温馨花园 Ningjiang Uptown, Phase 1 宁江新城第 1 期 Bauhinia Garden 紫荆花园 33,275 Xiang Jiang City 香江名城 117,742(1) 98,782
57,950
386,720
153,589
315,033
85,000
Projects under negotiation (planned GFA about 821,354 m ) 磋商中项目 (计划总建筑面积约 821,354 平方米)
Old City Renovation on Guangchang North Street 「广场北街」旧城改造 Dongguan Qiaotou Project 东莞桥头项目 69,759 Ningjiang Uptown, Phase 2 宁江新城第 2 期 631,715
2
119,880
Property leasing (total leasable GFA about 88,636 m2) 物业租赁 (可供租赁总建筑面积约 88,636 平方米)
Harbor City 港湾丽都 Hong Long Plaza 鸿隆广场 14,959
58,513
Baorun Ornament Materials Mall 15,164 宝润装饰材料城
(1)
After the deduction of the GFA sold in 2007 and 2008 已扣除於 2007 年及 2008 出售之建筑面积
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Properties Portfolio Overview 物业组合概览
LIST OF PROPERTIES
PROPERTY DEVELOPMENT BUSINESS COMPLETED PROJECTS
Site area (square meters) 19,822 19,832 119,326 158,980 Actual GFA (square meters) Shop Office Others(1) 14,959 64,397 - 79,356 - - - - 19,366 36,198 237,939 293,503 Sold area Total (square meters) 95,577 172,630 237,939 506,146 75,901 136,250 237,939 450,090 Interest Commencement/ attributable completion date to the group 2002/Q2-2003/Q3 2005/Q1-2006/Q4 2005/Q2-2006/Q4 100% 100% 100%
Project name
Place
Residential 61,252 72,035 - 133,287
Harbor City Shenzhen Hong Long Plaza Shenzhen Hong Long High Technology Industrial Park Shenzhen
PROPERTIES UNDER DEVELOPMENT/TO BE DEVELOPED
Project name Hong Long Century Plaza Yinghua Zirui Garden Urban Upstream Landscape Villa (Phase 1) Urban Upstream Landscape Villa (Phase 2) Urban Upstream Landscape Villa (Phase 3) Grace Garden Ningjiang Uptown Phase 1 Bauhinia Garden Xiang Jiang City Place Shenzhen Shenzhen Shenzhen Huizhou Huizhou Huizhou Meizhou Xingning Xingning Zhangjiakou Site area (square meters) N/A 9,237 43,538 120,580 301,843 77,519 5,570 38,827 28,526 152,603 778,243 Residential 12,996 48,180 90,199 114,542 303,397 240,870 30,795 86,232 75,500 158,889 1,161,600 Planned GFA (square meters) Shop Office Others(1) 12,293 6,980 5,934 11,913 28,000 14,406 1,500 7,025 8,500 9,661 106,212 53,805 - - - - - - - - 40,000 93,805 10,512 2,790 57,456 33,623 55,323 59,757 980 5,525 1,000 4,780 231,746 Saleable area Total (square meters) 89,606 57,950 153,589 160,078 386,720 315,033 33,275 98,782 85,000 213,330 1,593,363 79,094 55,160 96,133 126,455 331,397 255,276 32,295 93,257 84,000 208,550 1,361,617 commencement/ attributable completion date to the group 2008/Q2-2009/Q4 2010/Q4-2011/Q4 2008/Q1-2011/Q4 2007/Q2-2009/Q4 2009/Q4-2011/Q4 2011/Q4-2013/Q4 2007/Q4-2009/Q4 2007/Q3-2010/Q4 2010/Q1-2011/Q4 2007/Q3-2010/Q4 100% 85.71% 100% 100%(2) 100%(2) 100%(2) 100% 100% 100% 100%
PROJECTS UNDER NEGOTIATION
Project name Ningjiang Uptown Phase 2 Old city renovation on Guangchang North Street Dongguan Qiaotou Place Xingning Shenzhen Dongguan Site area (square meters) 243,455 10,636 47,952 302,043 Residential 538,542 29,759 95,904 664,205 Planned GFA (square meters) Shop Office Others(1) 63,173 20,000 23,976 107,149 - - - - 30,000 20,000 - 50,000 Saleable area Total (square meters) 631,715 69,759 119,880 821,354 601,715 49,759 119,880 771,354 commencement/ attributable completion date to the group 2011/Q4-2013/Q4 2009/Q4-2011/Q4 2009/Q4-2011/Q4 100% 100% 90%
PROPERTY LEASING BUSINESS
100% owned by the group Project name Harbor City Hong Long Plaza Baorun Ornament Materials Mall Place Shenzhen Shenzhen Shenzhen Leaseable area (square meters) 3,136 58,513 7,653 69,302
PROPERTY FOR OWN USE
100% owned by the group Project name 8/F, Hong Long Building (1) (2) Place Shenzhen Useable area (square meters) 748
Includes club house and car parking spaces. In March 2009, entered into agreement for disposing 18% equity interest to independent third parties.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Properties Portfolio Overview 物业组合概览
物业概览
房地产开发业务已完成项目
项目名称港湾丽都鸿隆广场鸿隆高科技工业园地点深圳深圳深圳土地面积 (平方米) 19,822 19,832 119,326 158,980 住宅 61,252 72,035 - 133,287 实际建筑面积 (平方米) 商铺写字楼 14,959 64,397 - 79,356 - - - - 其他 (1) 19,366 36,198 237,939 293,503 合计 95,577 172,630 237,939 506,146 已销售面积 (平方米) 75,901 136,250 237,939 450,090 动工╱ 竣工时间 2002/Q2-2003/Q3 2005/Q1-2006/Q4 2005/Q2-2006/Q4 本集团所占权益 100% 100% 100%
在开发╱待开发项目
项目名称鸿隆世纪广场英华项目紫瑞花园鸿隆江山1期鸿隆江山2期鸿隆江山3期温馨花园宁江新城1期紫荆花园香江名城地点深圳深圳深圳惠州惠州惠州梅州兴宁兴宁张家口土地面积 (平方米) 不适用 9,237 43,538 120,580 301,843 77,519 5,570 38,827 28,526 152,603 778,243 住宅 12,996 48,180 90,199 114,542 303,397 240,870 30,795 86,232 75,500 158,889 1,161,600 规划建筑面积 (平方米) 商铺写字楼 12,293 6,980 5,934 11,913 28,000 14,406 1,500 7,025 8,500 9,661 106,212 53,805 - - - - - - - - 40,000 93,805 其他 (1) 10,512 2,790 57,456 33,623 55,323 59,757 980 5,525 1,000 4,780 231,746 合计 89,606 57,950 153,589 160,078 386,720 315,033 33,275 98,782 85,000 213,330 1,593,363 可销售面积 (平方米) 79,094 55,160 96,133 126,455 331,397 255,276 32,295 93,257 84,000 208,550 1,361,617 规划动工╱ 竣工时间 2008/Q2-2009/Q4 2010/Q4-2011/Q4 2008/Q1-2011/Q4 2007/Q2-2009/Q4 2009/Q4-2011/Q4 2011/Q4-2013/Q4 2007/Q4-2009/Q4 2007/Q3-2010/Q4 2010/Q1-2011/Q4 2007/Q3-2010/Q4 本集团所占权益 100% 85.71% 100% 100%(2) 100%(2) 100%(2) 100% 100% 100% 100%
在洽谈项目
项目名称宁江新城2期广场北旧城改造东莞桥头项目地点兴宁深圳东莞土地面积 (平方米) 243,455 10,636 47,952 302,043 住宅 538,542 29,759 95,904 664,205 规划建筑面积 (平方米) 商铺写字楼 63,173 20,000 23,976 107,149 - - - - 其他 (1) 30,000 20,000 - 50,000 合计 631,715 69,759 119,880 821,354 可销售面积 (平方米) 601,715 49,759 119,880 771,354 规划动工╱ 竣工时间 2011/Q4-2013/Q4 2009/Q4-2011/Q4 2009/Q4-2011/Q4 本集团所占权益 100% 100% 90%
物业租赁业务
本集团占 100% 权益项目名称港湾丽都鸿隆广场宝润装饰材料城地点深圳深圳深圳可出租面积 (平方米) 3,136 58,513 7,653 69,302
自用物业
本集团占 100% 权益项目名称鸿隆大厦 8 楼地点深圳可用面积 (平方米) 748
(1) (2)
含住客会所和停车位於 2009 年 3 月签协议向独立第 3 方出让 18% 权益
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Group Financial Summary 集团财务概要
RESULTS
业绩
For the year ended 31 December 截至12月31日止年度 2007 2006 2005 RMB'000 RMB'000 RMB'000 人民币千元人民币千元人民币千元 411,677 521,040 148,541
2008 RMB'000 人民币千元 Turnover Net increase in fair value of investment properties Profit from operations Net change in fair value of derivative financial instruments Finance costs Profit before taxation Income tax Profit for the year Profit attributable to equity shareholders of the company 营业额投资物业的公允值的增加净额经营溢利衍生金融工具的公允值的变动净额融资成本除税前溢利所得税本年度溢利本公司权益股东应占溢利 119,628
2004 RMB'000 人民币千元 197,745
62,120 122,290
180,352 486,196
566,343 927,783
7,250 79,471
760 55,254
58,533 (90,227) 90,596 (87,236) 3,360
(28,182) (55,091) 402,923 (152,421) 250,502
432 (23,170) 905,045 (206,779) 698,266
– (361) 79,110 (14,814) 64,296
– (2,197) 53,057 (12,858) 40,199
3,546
250,685
698,969
63,531
40,160
ASSETS, LIABILITIES AND MINORITY INTERESTS
资产,负债及少数股东权益
At 31 December 於12月31日 2007 2006 2005 RMB'000 RMB'000 RMB'000 人民币千元人民币千元人民币千元 1,010,645 738,829 (818,239) (86,812) (23,091) 231,540 594,312 (576,893) (101,861) (24,694)
2008 RMB'000 人民币千元 Non-current assets Current assets Current liabilities Non-current liabilities Minority interests Equity attributable to equity shareholders of the company 非流动资产流动资产流动负债非流动负债少数股东权益本公司权益股东应占权益
2004 RMB'000 人民币千元 107,223 299,780 (334,911) (2,062) (11,157)
1,368,908 1,282,002 2,455,402 2,250,053 (1,255,575) (822,079) (908,932) (1,070,250) (13,082) (12,268)
1,646,721
1,627,458
821,332
122,404
58,873
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Chairman's Statement 主席报告
The group's results for the financial year ended 31 December 2008 ("2008 Results") showed a substantial decline as compared to that for the year 2007, mainly due to: 1. the current volatile global financial market and economic slowdown as well as the macro-economic control policy adopted by the PRC Government on the real estate industry, which posted an adverse impact on the property market in the PRC. The revenue of the group declined substantially and the progress of development of various projects, in particular, Hong Long Century Plaza (formerly known as Yifeng Plaza), was slower than expected; the group recorded an one-off gain of RMB140 million as a result of the disposal of the interests in Trisum Investment Limited (2008: nil); and the group's investment properties, mainly including Hong Long Plaza completed at the end of 2006, recorded appreciation in fair value of RMB180 million in 2007. Under the depressing environment of the property market in 2008, the appreciation in the fair value of the investment properties of the group declined substantially to RMB62.12million.
本集团截至2008年12月31日止财政年度的业绩 ( 「2008年业绩」较2007年年度显著转差,其主 ) 要原因是 : 1. 目前环球金融市场动荡及经济放缓,再加上中国政府对房地产行业采取宏观调控政策, 中国房地产市场受到不利影响.本集团之收入显著下降,各项目尤其是鸿隆世纪广场 ( 前称艺丰广场 ) 之开发进度亦比预期的缓慢;
2.
2.
本集团在 2007 年出售丰深投资有限公司的权益而录得一次性收益人民币 1.4 亿元 (2008 年:零) ;及本集团的投资物业 ( 主要含在 2006 年底完工的鸿隆广场 ) 在 2007 年录得公平值之升值人民币 1.8 亿元.2008 年在物业市场气氛不佳环境下,本集团投资物业公平值之升值显著下降至人民币 6,212 万元.
3.
3.
The group is taking the following measures to ensure its smooth operation: 1. adjust the construction and pre-sale plans according to the status of the market and funding; stringent control of cost, including construction cost and administrative expenses, while management and human resources deployment will be further improved; and explore different financing channels actively.
本集团正采取以下措施以确保营运健全:
1.
按市场及资金情况来调整建设及销售计划; 严谨控制成本,包括在建设成本及行政方面,进一步改善管理及人手安排;及
2.
2.
3.
3.
积极寻求不同的融资渠道.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
9
Chairman's Statement 主席报告
MARKET REVIEW AND OUTLOOK
During the first half of 2008, the government continued to implement a series of appropriately tight macro-economic control policies adopted since 2007 in order to keep housing prices at a reasonable level. From the end of 2007, demand in the property market declined and housing transactions dropped as consumers generally expected that the government would continue to formulate new control policies on the real estate market and the housing prices would keep decreasing. According to the National Bureau of Statistics, the GFA of commodity housing sold in the country was 620 million m2. in 2008, representing a decrease of 19.7% as compared to 2007. The total amount of transactions in commodity housing in 2008 was RMB2.4 trillion, representing a decrease of 19.5% as compared to 2007. In 2008, real estate developers in the PRC were generally subject to the pressure posed by the decline in both selling prices and trading volumes. During the second half of 2008, the sub-prime crisis intensified, causing the global credit default swap market to break down. In light of the difficulties to be faced by the manufacturing industry and industrial exports, the Central Government of the PRC swiftly adjusted relevant policies and implemented aggressive financial and monetary policies, such as cutting the benchmark interest rate for one year loans by 2.16%, and lowering down the reserve requirement ratio several times from the peak of 17.5%. The Central Government further announced a substantial economic stimulus plan with an aggregate amount of RMB4 trillion in November 2008 to increase domestic demand and promote economic development. Under such policies, it is expected that the PRC maintains gross domestic product growth in 2009. In addition, as inflation pressure and concerns over inflation were mitigated, there would be more room for the Central Government to further lower down the interest rate when necessary. Notwithstanding that such policies were not designed for directly supporting the real estate market, cutting loan benchmark interest rate and reserve requirement ratio was considered to be favourable for boosting consumers' confidence in the market. Since the third quarter of 2008, various local governments began to issue policies that helped supporting stable development of the real estate market to different extents. Transaction volumes of the real estate market showed signs of recovery at the end of 2008, among which, transaction volume of the fourth quarter of 2008 saw a significant increase comparing with the first half of 2008. Although the market confidence had not been fully restored at the end of 2008, the market was basically stable. 2009 will still be a year of risks and opportunities. On one hand, the negative impact on the global financial market as a result of deleveraging will continue to influence the PRC's export market, which will in turn inevitably affect the employment market and the gross domestic product growth of the PRC. On the other hand, central banks of most countries, including the PRC, had already adopted individual considerable economic stimulus plans and quantitative loosening policies in an attempt to reverse such economic contraction within a short period of time.
市场回顾及展望
2008 上半年,政府为控制房价在合理的水平而继续执行自 2007 年以来所采取的一系列适度从紧的宏观调控政策.自 2007 年末起,消费者普遍预期政府将继续出台房地产市场调控政策, 房价将继续下调.各种因素结合最终导致需求萎缩,成交量下降.据国家统计局数据显示, 2008年全国商品房销售总楼面面积为6.2亿平方米,同比2007年下降19.7%.2008年商品房成交总额为人民币2.4万亿元,同比2007年亦下降 19.5%.2008 年,中国房地产开发商普遍面临著销售价格以及交易量双双下降的压力.
2008 下半年,次级按揭危机加剧,触发全球信用违约掉期市场崩溃,中国中央政府针对制造业和工业出口将面对的困难,迅速调整相关政策,实施了积极的财政及货币政策,其中包括将一年期贷款基准利率先后下调 2.16%,并将存款准备金率从最高的 17.5% 作数度下调.中央政府在 2008 年 11 月更公布推出总额为人民币 4 万亿元的巨额刺激经济方案以扩大内需,推动经济发展.在这些政策带动下,预计 2009 年中国国内生产总值会保持增长.此外,通胀压力及对通胀的担忧亦有所舒缓,为中央政府提供了在必要时进一步下调利率的空间.尽管这些政策出台的目的并非直接支持房地产市场,但市场普遍认为下调贷款基准利率和存款准备金率将有助於恢复消费者对房地产市场的信心. 自 2008 年第三季度至今, 各地地方政府陆续出台不同程度的扶持房地产市场平稳发展的政策.房地产市场交易量在 2008 年底已逐步出现回暖迹象,其中2008年第四季度交易量较2008 年上半年录得显著回升.尽管截至 2008 年底市场信心并未完全恢复,但市场基本已经稳定下来.
2009 年将仍是风险与机遇并存的一年. 一方面,去杠杆化对全球金融市场的负面影响将继续冲击中国出口市场,从而将无可避免地影响中国就业市场和国内生产总值的增长.另一方面,大多数国家的央行,包括中国,已经采取了各自的巨额刺激经济方案和量化宽松政策, 目的是要在最短的时间内扭转现时的经济萎缩情况.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Chairman's Statement 主席报告
MARKET REVIEW AND OUTLOOK (CONT'D)
In respect of the domestic real estate market, we expect market integration in 2009 will provide investment opportunities. Notwithstanding that the real estate market had been through certain periodic adjustments in 2008, the improving trend of the market in the fourth quarter of 2008 is expected to continue in 2009, despite the selling prices will still be lower than the highest recorded in 2007. We expect the economic stimulus plan of RMB4 trillion will start to show its positive effect by the second half of 2009. If the PRC's gross domestic product can maintain a stable growth during the first half of 2009, consumers' confidence on the real estate market will probably be further strengthened. In 2008, land acquisition activities of most real estate developers declined and the number of new projects also dropped. Growth in supply for commodity housing is expected to slow down in the coming few years and the market will be able to restore to equilibrium not later than 2010. In the long run, demand for quality housing from the affluent population, especially the growing middle class, the urbanization and the opening up of the Chinese society will lead to long-term opportunities for well managed property developers. The housing issue and the relevant reform has long been the Central Government's priority. In 2008, the government introduced more specific guidelines for policy housing, including low-rent housing, economically affordable housing and capped price housing, to improve the welfare housing system. It is the Central Government's long-term mission to improve the people's living conditions. At present, there is concern that the supply of policy housing will suppress the demand in the commodity residential property market. The group believes that policy housing is designed for markets and customers different from the group's target in commodity housing, which is mainly the middle-class. The introduction of policy housing will certainly provide more diversity to the residential property market. The market of low-end commodity housing will gradually shrink and be replaced by policy housing despite that such transition may take years to complete. However, following the growth of the middleclass population and their demand for quality living, the group will continue to implement "comprehensive quality management", improve product quality and enhance after-sales service with a view of building the "Hong Long" brand. To conclude, the group remains prudently optimistic regarding its prospect in 2009 despite of the downward pressure in gross profit margin. The group will continue to strictly control the development cycles of various projects and maintain a well-balanced land bank and solid financial structure. The management is confident in profit making and maintaining a stable development while positioning well for opportunities under such a difficult environment in 2009.
市场回顾及展望 (续)
就国内房地产市场而言, 我们预计 2009 年市场的整合将带来投资良机.尽管房地产市场在 2008 年经历了周期性调整,但预计 2008 年第四季度房地产市场出现的回暖趋势在 2009 年将持续,虽然销售均价较 2007 年的最高位将会有所调整.我们预期中央政府出台的人民币 4 万亿元的刺激经济方案能在 2009 年下半年逐渐发挥积极作用.假若 2009 年上半年中国的国内生产总值保持平稳的增长,消费者对房地产市场的信心将有望进一步加强. 2008 年,大多数房地产开发商的土地购置活动普遍减少,新增工程的数目下降.预期商品住房供应增长在未来几年内将持续减速,预计在 2010 年或之前供求将恢复平衡.长远来看,国内渐渐富裕的人群尤其是中产阶层对高质量住房的需求,以及城市化的进程和中国社会的开放都为拥有优良管理的房地产开发商提供了长期发展良机. 解决住房问题及其相关政策一直是中国中央政府的一项重要工作.2008 年, 政府对政策性住房,包括廉租房,经济适用房和两限房,制定了更为具体的政策措施,以完善住房保障体系.改善百姓居住条件是中央政府的长期工作目标.目前,市场上存在著担心政策性住房的供应会抑制商品房需求的声音.本集团认为政策性住房的市场及目标客户群与本集团的商品房产品所针对的主要中产客户并不相同.政策性住房的出现最终令住宅市场上的多元化越趋明显.低端商品房的市场将进一步收缩并逐步由政策性住房的供应所代替,尽管有关过渡可能需时多年.然而,随著中产阶层的崛起以及他们对居住环境的诉求,集团将继续推行「全面质量管理」 ,提高产品质量,加强售后服务将有助进一步打造「鸿隆」品牌.
总括而言,本集团对 2009 年的发展前景保持审慎乐观态度,虽然毛利率将面对下调的压力, 本集团继续严格控制各项目开发周期,保持合理的土地储备和稳健的财务结构.管理层有信心持盈保泰,并在 2009 年的市场困境下先求稳守,后谋突破.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
11
Chairman's Statement 主席报告
SOCIAL RESPONSIBILITY
The group is pleased to assume its social responsibilities and help the unprivileged and the poor. During the first half of 2008, staff of the group actively participated in community events to support the relief work as Sichuan, PRC was hit by a serious earthquake on 12 May. The total amount raised by the group in various events reached RMB430,000.
社会责任
本集团乐於承担其应尽的社会责任,奉献力量扶弱济贫.2008 年上半年,中国遭遇了严重的 5.12 四川大地震.本集团的员工积极参与抗灾救灾有关的公益活动.2008 年本集团各项捐赠总额为人民币 43 万元.
STRENGTHENING CORPORATE GOVERNANCE
The group has been committed to enhancing its corporate management in an effort to further protect the shareholders' interests and ensure the group's stable development. In light of the volatile global financial market, both investors and regulatory institutions have raised their requirements on corporate governance and transparency. In 2008, the group had adopted risk management measures in order to regularly monitor the group's status on internal control, help assessing various projects and formulate policies applicable to all projects or individual project. In 2008, the group had also appointed Mr. Zhang Yiyan and Mr. Wang Fosong, an academician of the Chinese Academy of Sciences, as deputy chairman and an independent non-executive director of the Board respectively. Awarded by the valuable working experience from Mr. Wang Fosong and Mr. Zhang Yiyan, the company's internal management and external coordination will move toward the sound development.
强化企业管治
本集团一直致力提升企业管理水平,以此更好维护股东的利益,及确保本集团能有稳健的发展.在全球金融市场动荡的情况下,投资者和各监管机构均提高了对企业管治和透明度的要求.在 2008 年本集团采取了风险管理措施,以定期检查集团内部监控情况,协助进行项目评估,及制定适用於各项目或个别项目的策略.
同时,本集团於 2008 年委任了张奕炎先生及中国科学院王佛松院士分别为董事局副主席及独立非执行董事.
本集团颁借助王佛松院士,张奕炎先生多年的资深工作经验来强化对内的管理及对外协调工作,将促进公司的良好发展.
ACKNOWLEDGMENTS
Lastly, on behalf of the Board, I would like to express my sincere appreciation to all shareholders, business partners, local governments, customers and staff for their unwavering care and support. ZENG Yunshu Chairman 24 April 2009
致谢
最后,对全体股东,合作夥伴,地方政府,客户以及公司各员工一直以来爱护和支持,本人谨代表董事局向您们致最高的敬意. 曾云枢主席 2009 年 4 月 24 日
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Management Discussion and Analysis 管理层讨论及分析
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Revenue of the group for 2008 was RMB119.6 million, representing a decrease of RMB292.1 million (or 71%) over 2007.
营运及财务摘要
2008年本集团的收入为人民币119.6百万元, 较 2007 年减少人民币 292.1 百万元 (即 71%) . 2008 年本公司权益股东应占溢利为人民币 3.5 百万元, 较 2007 年减少人民币 247.2 百万元 (即 99%) . 2008 年每股基本盈利为人民币 0.34 仙, 较2007年减少人民币23.85仙 (即99%) . 总资产由人民币 35.3 亿元增加至人民币 38.2 亿元. 杠杆比率 (银行贷款及计息借贷总额除以总资产) 33.3% 减少至 31.6%. 由除总建筑面积约 1,497,775 平方米的现有建筑中物业外,本集团继续寻求进一步拓展土地储备总建筑面积约 821,354 平方米并对前景充满信心.
Profit attributable to equity shareholders of the company for 2008 was RMB3.5 million, representing a decrease of RMB247.2 million (or 99%) over 2007. Basic earnings per share for 2008 was RMB0.34 cents, representing a decrease of RMB23.85 cents (or 99%) over 2007. Total assets increased from RMB3.53 billion to RMB3.82 billion.
Leverage (total bank loans and interest-bearing borrowings divided by total assets) decreased from 33.3% to 31.6%. In addition to the existing properties under development of approximately 1,497,775 m2 GFA, the group continues to pursuit further expansion in land reserves of approximately 821,354 m2 GFA and is optimistic about the future prospect.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
13
Management Discussion and Analysis 管理层讨论及分析
FINANCIAL REVIEW
财务回顾
2008 RMB'000 人民币千元 2007 RMB'000 人民币千元 increase/(decrease) 增╱ (减) RMB'000 % 人民币千元百分比
Note 附注 Turnover Property development Property leasing 营业额物业开发物业租赁 1
64,147 55,481 119,628
362,933 48,744 411,677 234,683 180,352 140,765 (24,608) 40,476 (11,347) (29,352) (24,417) (15,376) (4,980)
(298,786) 6,737 (292,049) (188,771) (118,232) (140,765) 61,705 15,015 6,121 29,010 (7,514) – (20,475)
-82% 14% -71% -80% -66% -100% >-100% 37% -54% -99% 31% 0% >100%
Gross profit Net increase in fair value of investment properties Gain on disposal of a jointly controlled entity Other net income/(loss) Other revenue Selling and distribution expenses General and administrative expenses – Share option expenses – others Other operating expenses – Share option expenses – others Net change in fair value of derivative financial instruments – convertible note – Senior Note Finance costs – loan note and convertible note – Senior Note – others Income tax – enterprises income tax – land appreciation tax – changes in tax rate on opening deferred tax balances – deferred tax Profit for the year
毛利投资物业的公允值的增加净额出售共同控制实体收益其他收益╱ (亏损) 净额其他收入销售及分销费用一般及行政费用 – 认股权费用 – 其他其他营运费用 – 认股权费用 – 其他衍生金融工具公允值的变动净额 – 可换股票据 – 优先票据融资成本 – 贷款票据及可换股票据 – 优先票据 – 其他所得税 – 企业所得税 – 土地增值税 – 税率变动对期初递延税项结余的影响 – 递延税项本年度溢利
1 2 3 4 5 6 7
45,912 62,120 – 37,097 55,491 (5,226) (342) (31,931)
8 (15,376) (25,455) 9 – 58,533 10 – (89,813) (414) 11 (16,059) 661 (66,081) (5,757) 3,360 (41,822) (98,291) – (12,308) 250,502 25,763 98,952 (66,081) 6,551 (247,142) -62% >-100% N/A -53% -99% (22,065) (23,276) (9,750) 22,065 (66,537) 9,336 -100% >100% -96% (49,544) 21,362 49,544 37,171 -100% >100%
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Management Discussion and Analysis 管理层讨论及分析
FINANCIAL REVIEW (CONT'D)
Note: 1. Turnover and gross profit: Turnover comprises of sales proceeds of properties delivered and property leasing income. There was substantial drop in revenue, since in 2008 we only delivered approximately 21,731m2 of residential units and 223m2 of shops in Xiang Jiang City, while in 2007 we delivered approximately 3,743 m2 of retail shops in Hong Long Plaza and approximately 67,678m2 of residential units and 5,957m2 of shops in Xiang Jiang City. The average selling prices and thus gross profit of retail shops are much higher than that of residential units. 2. Net increase in fair value of investment properties: The substantial increase in 2007 was due to the completion of Hong Long Plaza in late 2006. 3. Gain on disposal of a jointly controlled entity: In 2007, the group disposed a jointly controlled entity and generated a gain of approximately RMB140,765,000 which there was no such item in 2008.
财务回顾 (续)
附注: 1. 营业额及毛利:营业额包括交付物业的销售所得款及物业租赁收入.由於我们於 2008 年仅交付香江名城约 21,731 平方米的住宅单位及 223 平方米的零售商铺,收入因而大幅减少,而我们於 2007 年则交付鸿隆广场约 3,743 平方米的零售商铺以及香江名城约 67,678 平方米住宅单位及 5,957 平方米的零售商铺.零售商铺的平均售价及毛利因而远高於住宅单位. 2. 投资物业的公允值的增加净额:於 2007 年大幅增加原因为於 2006 年末落成鸿隆广场. 3. 出售共同控制实体收益: 於 2007 年, 本集团出售一间共同控制实体, 并产生约人民币 140,765,000 元的收益,而於 2008 年则并无此项目.
4.
Other net income/(loss): The profit in 2008 was mainly due to the exchange gain arising on translation of Senior Note which is denominated in US dollars upon cancellation of swap agreement.
4.
其他收益╱ (亏损) 净额:2008 年的溢利主要由於取消掉期协议后换算以美元计值的优先票据产生汇兑收益所致.
5.
Other revenue: The increase in 2008 was mainly due to the compensation income on cancellation of swap agreement related to the Senior Note.
5.
其他收入:於 2008 年增加主要由於注销有关优先票据的掉期协议所得的赔偿收入所致.
6.
Selling and distribution expenses: The decrease in 2008 was mainly due to less advertisement incurred for sales of properties.
6.
销售及分销费用:於 2008 年减少主要由於就销售物业所付的广告费用较少所致.
7.
General and administrative expenses: The decrease in share option expenses, a non-cash item, was due to less option granted during 2008. The increase in other general expenses was mainly due to the increase of manpower required to handle various properties under development.
7.
一般及行政费用: 非现金项目认股权费用减少,原因为於 2008 年授出较少认股权.其他一般费用增加,主要由於处理不同发展中物业所需的人手增加所致.
8.
Other operating expenses: The increase in 2008 was mainly due to provision of impairment on loans and receivables.
8.
其他营运费用:於 2008 年增加主要由於计提贷款及应收款项减值准备所致.
9.
Net change in fair value of derivative financial instruments: In September 2007, the company issued Senior Note with warrant. The change in fair value, as assessed by independent valuer, of that component has been recorded as income or expense in the income statement. In 2007, there was loss arising on conversion of convertible note into shares of the company.
9.
衍生金融工具的公允值变动净额:於 2007 年 9 月,本公司发行附有认股权的优先票据.该部分的公允值变动 (由独立估值师评估) 应以收入或支出於收益表列账.於 2007 年,於将可换股票据转换为本公司股份时产生了亏损.
10.
Finance costs: The increase in 2008 was mainly due to the interest expense incurred for the Senior Note issued in September 2007.
10.
融资成本:於2008年增加主要由於2007年9月发行的优先票据支付的利息费用所致.
11.
Income tax: The substantial decrease of enterprise income tax and land appreciation tax in 2008 was mainly due to less sales of properties and thus the corresponding profits. The substantial increase of effect of changes in tax rate on opening deferred tax balances was mainly due to the additional provision for deferred tax on accumulated increase in fair value of investment properties due to the increase in applicable tax rates from 15% to 25%.
11.
所得税:企业所得税及土地增值税於 2008 年大幅减少,主要由於物业销售及毛利减少.税率变动对期初递延税项结余的影响大幅增加主要由於适用税率由15%增加至25%而就投资物业先前公允值增加的递延税项计提额外准备.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
15
Management Discussion and Analysis 管理层讨论及分析
FINANCIAL REVIEW (CONT'D)
SEGMENT ANALYSIS While principally engaged in the development of mid-ranged residential and commercial properties in the PRC, the group expects stronger recurrent cash flow from commercial properties leasing in the future. In 2008, property development income and property leasing income accounted for approximately 54% and 46% respectively.
财务回顾 (续)
分部分析本集团主要於中国从事中档住宅及商业物业开发,同时预期今后可从物业租赁业务产生较强大的经常性现金流量.於 2008 年,物业发展收入及物业租赁收入分别约占 54% 及 46%.
LIQUIDITY, FINANCIAL RESOURCES AND GEARING
Cash and cash equivalents and pledged deposits as at 31 December 2008 amounted to approximately RMB103.9 million (31 December 2007: RMB573.5 million) which including RMB43.8 million, USD4.7 million, and HKD31.5 million. The group had total borrowings of approximately RMB1,209.8 million as at 31 December 2008 (31 December 2007: RMB1,175.4 million), approximately RMB510.1 million was repayable within one year, RMB699.7 million was repayable more than one year but less than five years inclusive. Except for the Senior Note, all of the group's borrowings carried interest at floating interest rates. The group's total bank loans and interest-bearing borrowings divided by total assets as at 31 December 2008 was 31.6% (31 December 2007: 33.3%).
流动资金,财务资源及负债比率
於 2008 年 12 月 31 日,现金及现金等价物及已抵押存款约达人民币103.9百万元 (2007年12月 31 日:人民币 573.5 百万元) ,包括人民币 43.8 百万元,4.7 百万美元及 31.5 百万港元. 於 2008 年 12 月 31 日,本集团的借贷总额约为人民币 1,209.8 百万元 (2007 年 12 月 31 日:人民币 1,175.4 百万元) ,须於一年内偿还的借贷额约人民币 510.1 百万元;多於一年,但少於 5 年偿还 (首尾两年包括在内) 约为人民币699.7百万元.除优先票据外,本集团全部借贷均以浮定息率计息.而本集团於 2008 年 12 月 31 日的银行贷款及计息借贷总额除以总资产为 31.6% (2007 年 12 月 31 日:33.3%) . 於 2008 年 12 月 31 日,本集团有流动资产约人民币 2,455.4 百万元 (2007 年 12 月 31 日:人民币 2,250.1 百万元) 及流动负债约人民币 1,255.6 百万元 (2007 年 12 月 31 日:人民币 822.1 百万元) .
As at 31 December 2008, the group had current assets of approximately RMB2,455.4 million (31 December 2007: RMB2,250.1 million) and current liabilities of approximately RMB1,255.6 million (31 December 2007: RMB822.1 million).
CHARGE ON ASSETS
As at 31 December 2008, bank loans of approximately RMB650.1 million were secured by certain bank deposits, investment properties and properties for future development and under development for sale of the group of approximately RMB49.8 million, RMB1,212 million and RMB194.1 million respectively.
对资产的抵押
於 2008 年 12 月 31 日,银行贷款约人民币 650.1 百万元分别由本集团分别约值人民币 49.8 百万元,人民币 1,212 百万元及人民币 194.1 百万元的若干银行存款,投资物业及开发中及有待开发的销售物业作抵押.
SENIOR NOTE
For the details of Senior Note, please refer to note 24(b) to the financial statement.
优先票据
有关优先票据之详情, 请参考财务报表附注 24(b).
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Management Discussion and Analysis 管理层讨论及分析
EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATES AND RELATED HEDGES
The group's monetary assets, loans and transactions are principally denominated in Renminbi. Except for the Senior Note, all of the group's borrowings are denominated in Renminbi. The group did not engage in any derivative activities and did not commit to any financial instruments to hedge its balance sheet exposure as at 31 December 2008.
汇率波动风险及有关对冲
本集团的货币资产,贷款和交易主要以人民币计值.除优先债券外,本集团借贷全部以人民币计值.於 2008 年 12 月 31 日,本集团并没有参与任何衍生工具活动及并无对任何金融工具作出承担以对冲资产负债表的风险.
CONTINGENT LIABILITIES
Save for the guarantees given to banks for mortgage facilities (at a maximum of RMB370 million) granted to purchasers of the group's properties and the litigation claim of RMB21 million, as details disclosed in note 35 to the financial statement, the group had no other material contingent liabilities as at 31 December 2008.
或然负债
除就授予本集团物业买方之抵押信贷给予银行之担保 (最高为人民币 370 百万元) 及人民币 21 百万元诉讼索偿外, (其详情刊载於财务报表附注 35) ,本集团於 2008 年 12 月 31 日并无任何其他重大或然负债.
TREASURY POLICIES AND CAPITAL STRUCTURE
The group adopts a prudent approach with respect to treasury and funding policies, with a focus on risk management and transactions that are directly related to the underlying business of the group.
财资政策及资本结构
本集团就其财资政策采取审慎策略,并专注於风险管理及与本集团之相关业务有直接关系之交易.
EMPLOYEES
As at 31 December 2008, the group had a staff force of approximately 300 employees. Of this, most were stationed in the PRC. The remuneration of employees was in line with the market trend and commensurable to the level of pay in the industry. Remuneration of the group's employees includes basic salaries, bonuses and long-term incentives (such as pre-IPO Share Options and Share Option Scheme). Total staff costs incurred for the year 2008 was approximately RMB18.2 million.
雇员
於 2008 年 12 月 31 日,本集团拥有约 300 名员工,员工绝大部份在中国工作.雇员的薪酬与市场趋势一致,可与业内的薪酬水平相比.本集团雇员的薪酬包括基本薪金,花红及长期奖励 (如首次公开发售前认股权及认股权计划) . 2008 年所产生的员工成本总额约为人民币 18.2 百万元.
FINAL DIVIDEND
The Board of Directors ("Board") does not recommend the payment of a dividend for the year 2008 (2007: nil).
末期股息
董事会「董事会」已议决不宣派截至 2008 年度 ( ) 之股息 (2007 年:无) .
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
17
Management Discussion and Analysis 管理层讨论及分析
BUSINESS REVIEW
The group is principally engaged in the development of mid-range residential and commercial properties as well as commercial properties leasing in the Guangdong and Hebei, the PRC. The group expanded its business presence in Guangdong, including Shenzhen, Huizhou, Meizhou and Xingning. The group has further expanded beyond Guangdong by acquiring Xiang Jiang City project in Zhangjiakou of Hebei. The expansion signifies the group's successful launch of the projects and confidence in second and third tier cities in the PRC where there is great demand for better living environment. For investment properties portfolio, the group's leasable GFA increased to approximately 89,000m2, out of which, the group owned approximately 59,000m2 Hong Long Plaza following its completion in late 2006. Hong Long Plaza generates recurring cash inflows supplement to the group's future investment plan. Summary of development and status of existing projects are reported in the following paragraphs. Hong Long Century Plaza (formerly known as Yifeng Plaza): In April 2007, the group acquired approximately 70,000m2 GFA in a public auction at a consideration of approximately RMB482 million. It is a complex of offices, residential units and retail shops located at the prime location in Luohu district, Shenzhen. In February 2008, the group obtained approval to further acquire area of approximately 5,719m2 GFA at consideration of approximately RMB63 million. During 2008, the group further acquired approximately 2,197m2 GFA at consideration of approximately RMB21.2 million. The group has commenced renovation works and expects to obtain the approval for pre-sales to be launched in July 2009 and to deliver the units in or around the end of 2009.
业务回顾
本集团主要在中国广东省及河北省从事中档住宅及商业物业的开发和商业物业的租赁业务.
我们扩大了於广东的业务版图,包括深圳,惠州,梅州及兴宁.本集团透过取得位於河北省张家口的香江名城项目而扩展至广东以外.该扩展象徵著本集团所推出项目的成功,并确立信心发展对优质生活环境有庞大需求的二线城市. 在投资物业组合方面, 随著鸿隆广场於 2006 年尾竣工后 (其中约 59,000 平方米为本集团所拥有) ,本集团可供租赁之总建筑面积增加至约 89,000 平方米.鸿隆广场产生经常性现金流入,补充本集团的未来投资计划所需. 现有项目之发展及状况於下文概述.
鸿隆世纪广场前称艺丰广场 ) 於 2007 年 4 ( : 月,本集团透过公开拍卖以约人民币482百万元的代价收购艺丰广场约 70,000 平方米面积.鸿隆世纪广场是一座含写字楼,住宅单位及零售商铺的综合楼宇,位於深圳罗湖区黄金地段. 於 2008 年 2 月, 本集团获批以约人民币 63 百万元的代价,进一步收购约 5,719 平方米.於 2008 年 6 月及 7 月,本集团以约人民币 21.2 百万元进一步收购约 2,197 平方米面积.翻新工程已开始,本集团预期取得预售批准并於 2009 年 7 月开始预售,并且於 2009 年年末或前后交付单位. 温馨花园:於 2007 年 7 月,本集团以人民币 11 百万元代价收购一间中国公司的 100% 股本权益,该公司於梅州拥有一幅土地,已发展为一项名为温馨花园的项目,包括面积约 33,275 平方米之两幢住宅大厦及若干零售商店.本集团於 2008 年 6 月开始预售.本集团已完成第一幢大厦之大部份工程,并计划於 2009 年 6 月或前后交付单位.
Grace Garden: In July 2007, the group acquired 100% equity interest in a PRC company, which holds a piece of land in Meizhou, at consideration of RMB11 million. The project, named Grace Garden, consists of 2 residential blocks and some retail shops of approximately 33,275m2 GFA. The group commenced the pre-sales in June 2008. The group has substantially completed the construction of the first block and plans to deliver the units in or around June 2009.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Management Discussion and Analysis 管理层讨论及分析
BUSINESS REVIEW (CONT'D)
Ningjiang Uptown: In October 2007, the group formed a new whollyowned subsidiary in Xingning city for development of a landmark project named Ningjiang Uptown. The phase 1 is a large scale complex of 9 residential blocks and some retail shops of approximately 98,782m 2 GFA. The group commenced the pre-sales in October 2008. The group is actively pursuing the completion of construction of the first 5 blocks and plans to deliver the units in or around the end of 2009. In addition, the group has paid deposits of approximately RMB132.8 million for land reserve of approximately 243,455m2 site area for Ningjiang Uptown phase 2 of approximately 631,715m2 GFA in December 2007. Xiang Jiang City: In November 2007, the group completed the acquisition of an intermediate holding company, which holds 100% interest in Xiang Jiang City project in Zhangjiakou of Hebei. It is a residential and commercial complex of approximately 213,330m2 GFA. Xiang Jiang City is a developing project upon acquisition by the group. The group has delivered approximately 73,635m2 and 21,954m2 GFA in 2007 and 2008 respectively and generated revenue of approximately RMB171.7 million and RMB64.1 million respectively. Further, the group plans to deliver the other units under development in or around the end of 2009.
业务回顾 (续)
宁江新城: 於 2007 年 10 月, 本集团於兴宁市开立一间新组成的全资附属公司,发展一项名为宁江新城的庞大地标项目.第 1 期为 9 幢大厦及若干零售商店组成的大型综合楼宇,总建筑面积约 98,782 平方米.本集团於 2008 年 10 月开始预售.本集团正积极建设首 5 幢大厦,并计划於 2009 年末前后交付单位.此外,本集团已於 2007 年 12 月就宁江新城第 2 期总建筑面积约 631,715 平方米之土地储备约 243,455 平方米支付按金约人民币 132.8 百万元. 香江名城:於 2007 年 11 月,本集团完成收购一间中层控股公司,该公司持有河北省张家口香江名城项目的100%权益.香江名城为一项住宅与商业综合楼宇,总建筑面积约 213,330 平方米.於被本集团收购时,香江名城为一个发展中项目.本集团已於2007年及2008年分别交付总建筑面积约 75,635 平方米及 21,954 平方米, 分别带来收入约人民币 171.7 百万元及人民币 64.1 百万元.此外,本集团计划於 2009 年年末或前后交付其他开发中之单位. 惠州鸿隆江山项目:总地盘面积及规划总建筑面积分别为 499,942 平方米及 861,831 平方米. 而其中第 1 期之地盘面积及规划总建筑面积分别为 120,580 平方米及 160,078 平方米,本集团於 2008 年 10 月开始预售.由於市场及经济情况不理想,本集团已放慢建筑进度并计划於 2009 年末前后交付第一期部份单位.於 2009 年 3 月, 本集团出售持有该项目之附属公司之 18% 股本权益.本集团相信出售将为本集团其他建筑中物业之建筑成本提供部分财务资源.考虑到出售带来之利益,本集团认为出售之条款乃公平合理,并符合本集团及其股东之整体利益.
Huizhou Urban Upstream Landscape Villa: The total site area and planned GFA is 499,942m2 and 861,831m2 respectively. Out of which, the site area and planned for phase 1 GFA is 120,580m2 and 160,078m2 respectively. The group commenced the pre-sales of phase 1 in October 2008. Due to the market and economic situations, the group has slowed down the pace of construction and plans to deliver part of the units of phase 1 in or around the end of 2009. In March 2009, the group disposed 18% equity interest in the subsidiary which holds the project. The group believes that the disposal will provide the funds to finance part of the construction costs for other properties under development of the group. Taking into account the benefits of the disposal, the group is of the view that the terms of the disposal are fair and reasonable and is in the interests of the group and its shareholders as a whole. Zirui Garden: In March 2008, the group entered into an agreement with an independent third party for acquiring 100% equity interest in Shenzhen City Zirui Real Estate Development Company Limited ("Shenzhen Zirui") by phases. Shenzhen Zirui holds the Zirui Garden project in Buji County, Shenzhen. Zirui Garden consists of premier villa, residential units and retail shops with planned GFA of approximately 153,589m2. The group plans to construct and deliver by phases in 2010 to 2011.
紫瑞花园:於 2008 年 3 月,本集团与一独立第三方订立协议,分阶段收购深圳市紫瑞房地产开发有限公司「深圳紫瑞」 100% 股本权益. ( ) 深圳紫瑞持有於深圳布吉镇紫瑞花园.紫瑞花园由高级别墅,住宅单位及零售商店组成,规划总建筑面积约153,589平方米.本集团计划分阶段於 2010 年及 2011 年建筑及交付.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Management Discussion and Analysis 管理层讨论及分析
BUSINESS REVIEW (CONT'D)
Bauhinia Garden: In July 2004, the group acquired a land of site area of 28,526m2 near the train station of Xingning city for the development of Bauhinia Garden with planned GFA of approximately 85,000m2. The group plans to commence the development until 2010.
业务回顾 (续)
紫荆花园:於 2004 年 7 月,本集团收购兴宁市火车站附近之一幅地盘面积为 28,526 平方米之土地,以开发紫荆花园,其规划总建筑面积约 85,000 平方米.本集团计划於 2010 年开始开发工作. 英华项目:於 2005 年 3 月,本集团收购深圳市英华实业发展有限公司「英华」 85.71% 之股本 ( ) 权益,英华持有地盘面积 9,237 平方米及规划总建筑面积 57,950 平方米之土地.本集团计划於 2010 年末开始开发工作. 广场北街:於 2007 年,本集团获得深圳罗湖区政府批准进行「广场北街」旧城改造项目.广场北街项目位於红宝路以南,和平路及东门老街以西,深南东路及深圳信兴广场地王大厦以北与及宝安南路以东.广场北街位於深圳罗湖区的商业区.项目首期地盘面积及规划总建筑面积分别为 11,000 平方米及 70,000 平方米.本集团正与当地土地规划部门磋商,并预期於 2009 年末前后取得有关进展之清晰指示.
Yinghua project: In March 2005, the group acquired 85.71% equity interest in Shenzhen Yinghua Development Company Limited ("Yinghua") which holds a land of site area of 9,237m2 with planned GFA of 57,950m2. The group plans to commence the development in late 2010.
Guangchang North Street: In 2007, the group obtained approval from Luohu district government, Shenzhen, for an old city renovation on Guangchang North Street 「广场北街」旧城改造). It is located at the ( south of Hongbao Road (红宝路), the west of Heping Road (和平路) and Dongmen Old Street (东门老街), the north of Shennan Road East (深南东路) and Shun Hing Plaza (深圳信兴广场地王大厦) and the east of Baoan Road South (宝安南路). It is located in the central commercial district of Luohu district of Shenzhen. The first phase of the project will occupy site area and planned GFA of 11,000m2 and 70,000m2 respectively. The group is negotiating with the local land planning authorities and expects to obtain a clear indication on the proceeding in or around the end of 2009. In October 2007, the group established a wholly-owned subsidiary in Danshui of Huizhou, namely Huizhou Xing Wo Property Development Limited ("Xingwo"). Xingwo is considering the redevelopment of a site located in the landmark of Danshui. The site area is approximately 53,000m 2 with residential units and retail shops of approximately 425,000m 2 GFA. Due to the slow down of economic growth and in particular the expected demand for middle class properties in the local area, the group decided to suspend the project and shall proceed to dissolve the company shortly. The group does not consider there is material effect since it only incurred insignificant operating expenses for the project. In March 2008, the group established a 90% owned subsidiary in Dongguan. The group is considering a residential and commercial complex of approximately 119,880m2 GFA. The group plans to develop the project by phases in late 2009.
於 2007 年 10 月,本集团於惠州淡水成立一间名为惠州兴沃房地产开发有限公司「兴沃」的全 ( ) 资附属公司.兴沃正考虑重新开发一个位於淡水地标区的地盘.地盘面积约 53,000 平方米, 将建成总建筑面积约425,000平方米的住宅单位及零售商店.由於经济增长放缓,尤其是当地对中档物业的预期需求下降,本集团决定暂停该项目并於短期内著手解散该公司.由於项目只产生轻微营运费用,故本集团认为不会构成重大影响.
於 2008 年 3 月,本集团於东莞成立一间 90% 权益附属公司.本集团正考虑一项总建筑面积约 119,880 平方米的住宅及商业综合楼宇.本集团计划於 2009 年年末分阶段开发及交付有关项目.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
DIRECTORS
EXECUTIVE DIRECTORS Mr. Zeng Yunshu, aged 55, is the chairman, president, an executive director and a member of the remuneration committee of the company. Mr. Zeng is one of the founders of Hong Long Properties (Shenzhen) Company Limited ("Hong Long Shenzhen"), the major operating subsidiary of the group. Mr. Zeng has been serving as the president of Hong Long Shenzhen since its establishment. He is responsible for determining the overall business strategies and planning, making investment decisions and determining the overall business management direction of the group. Prior to the establishment of the group, Mr. Zeng worked in the Xingning City and Meizhou municipal governments from 1981 to 1990. Mr. Zeng worked in Shenzhen Petrochemical Industry (Group) Co. Ltd. from 1991. During the period from March 1993 to March 2002, Mr. Zeng was a director of Shenzhen Cairun Properties Development Company Limited, a PRC limited company engaged in the businesses of trading and property development. In September 2000, Mr. Zeng established Hong Long Shenzhen. Currently, he is a committee member of the People's Political Consultative Committee of Meizhou, Guangdong Province and the deputy president of Meizhou Overseas Friendship Association (梅州市海外联谊会). In 2004, Mr. Zeng was awarded the title of "Outstanding Contributor" for the development of Xingning's economy. Mr. Zeng has more than 16 years experience in the development and management of properties. He is a director of Grand Prosperity Limited ("Grand Prosperity"), a controlling shareholder of the company. Mr. Zeng has entered into a service contract with the company for a term of 3 years, commencing from 22 February 2007 but subject to retirement by rotation and, being eligible, re-election in the forthcoming annual general meeting in accordance with the company's articles of association. Mr. Zeng is the father of Mr. Zeng Sheng, an executive director of the company. Mr. Zhang Yiyan, aged 58, is vice-chairman, co-president and an executive director of the company. Mr. Zhang is a postgraduate of economic studies, a senior accountant, and qualified as a certified public accountant of the PRC in 1994. Mr. Zhang was the workshop supervisor, head of operation and factory director of Guangdong Xingning Second Agricultural Machinery Factory from 1970 to 1979; the corporate finance section head, vice chief and chief of Xingning Finance Bureau, Guangdong from 1979 to 1989; and vice director of the general inspection office for taxation and finance of Shenzhen, assistant to chief and office director of Shenzhen Finance Bureau, director of general affair division and director of account division of Shenzhen Finance Bureau since 1989. Beginning from 2001, Mr. Zhang has acted as the Party secretary, member of Party committee and section head of disciplinary section of the Bureau, overseeing duties such as the supervision and review of finance matters.
董事
执行董事曾云枢先生,55 岁,本公司主席,总裁,执行董事兼薪酬委员会之成员.曾先生为本集团主要经营附属公司鸿隆地产 (深圳) 有限公司「鸿 ( 隆深圳」之其中一名创始人. 鸿隆深圳成立 ) 后,曾先生一直出任其总裁.曾先生负责决定本集团的整体业务战略及规划,作出投资决策以及决策整体业务的管理方向.在本集团成立前,曾先生於 1981 年至 1990 年曾在兴宁市及梅州市政府部门工作. 自 1991 年, 曾先生任职於深圳石化工业集团股份有限公司.於 1993 年 3 月至 2002 年 3 月期间,曾先生担任深圳财润房地产开发有限公司 (一间於中国成立的公司,主要从事贸易及房地产开发业务) 的董事. 於 2000 年 9 月,曾先生成立鸿隆深圳.目前, 彼亦是广东省梅州市政协理事以及梅州市海外联谊会副会长. 於 2004 年, 曾先生获授予发展兴宁经济「突出贡献者」的称号.曾先生拥有超过 16 年丰富的物业开发和管理经验.彼为本公司控股股东 Grand Prosperity 公司「Grand ( Prosperity」之董事.曾先生与本公司订立为期 ) 三年的服务合约,自 2007 年 2 月 22 日生效,惟彼须根据本公司组织章程於应届股东周年大会上轮席退任及获膺选连任 (如合资格) .曾先生为本公司执行董事曾胜之父亲.
张奕炎先生,58 岁,本公司副主席,联席总裁兼执行董事,张先生为经济学研究生毕业,正高级会计师职称,1994 年取得中华人民共和国注册会计师资格.1970年至1979年在广东兴宁农机二厂任车间主任,业务主管及厂长职务. 1979年至1989年在广东兴宁财政局先后任企业财务股股长,副局长及局长.自 1989 年在深圳市财政局先后任深圳市税收财务大检查办公室副主任,财政局局长助理兼办公室主任,综合处长,会计处长.2001 年开始任局机关党委书记,党组成员,纪检组长,分管财政监督检查工作等.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
DIRECTORS (CONT'D)
Mr. Zhang has entered into a service contract with the company which provides for a period of 3 years, commencing from 6 October 2008. According to the articles of association of the company, Mr. Zhang shall hold office until the forthcoming annual general meeting but subject to retirement by rotation, being eligible, for re-election in accordance with the company's articles of association. Dr. Han Qinchun, aged 51, is the vice chairman, co-president of the company and an executive director. Dr. Han joined the group in early 2006. Dr. Han is mainly responsible for determining the overall planning and development strategy together with Mr. Zeng Yunshu. Dr. Han is also responsible for the investment, financing and project planning of the group. Dr. Han has over 21 years experience in the PRC property sector, including architectural planning and design, real estate development and management and corporate finance. He was heavily involved in management activities including investment evaluation and implementation, project development and leasing for Shanghai Square, Shanghai Gateway Plaza and Shenzhen Shun Hing Di Wang Plaza. From 2001 to 2006, Dr. Han was engaged in investment banking and securities businesses with several investment banks in Hong Kong. Dr. Han graduated from the Department of Architecture of Xi'an University of Architecture and Technology (西安建筑科技大学) with a bachelor degree in architectural planning and design. In 1999, Dr. Han obtained a doctorate degree of philosophy in Real Estate Economic and Management from The University of Hong Kong, and he obtained the professional qualification of a registered real estate appraiser in the PRC in 1997. Dr. Han has entered into a service contract with the company for a term of 3 years, commencing from the 22 February 2007 but subject to retirement by rotation and, being eligible, re-election in accordance with the company's articles of association.
董事 (续)
张先生已与本公司订立为期三年的服务合约, 自 2008 年 10 月 6 日生效. 根据本公司组织章程,张先生的任期至本公司应届股东周年大会止,惟须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
韩秦春博士,51 岁,现为本公司副主席,联席总裁兼执行董事.韩博士於 2006 年年初加入本集团.韩博士与曾云枢先生一起主要负责作出总体规划和发展策略的决定.韩博士同时负责本集团投资,融资和专案规划决策等.韩博士在中国房地产领域拥有逾 21 年经验,当中包括建筑规划设计,房地产开发及管理,企业融资等领域.彼曾积极参与管理活动,包括投资评估及实施,项目开发及租赁上海广场,上海嘉汇广场及深圳信兴地王大厦.韩博士从 2001 年至 2006 年先后在香港多家投资银行从事投资银行和证券业务工作.韩博士於西安建筑科技大学建筑系获建筑规划设计专业学士学位.於 1999 年,韩博士获香港大学房地产经济及管理博士学位,另於 1997 年获取得中国注册房地产估值师专业资格.韩博士与本公司订立为期三年的服务合约,自 2007 年 2 月 22 日生效,惟须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
DIRECTORS (CONT'D)
Mr. Zeng Sheng, aged 29, is vice chairman, co-president and an executive director of the company. Mr. Zeng joined the group in 2001. He is responsible for marketing and participating in overall planning of the group's businesses. Mr. Zeng graduated from Shenzhen University in 2001 with a degree majoring in information engineering. Mr. Zeng was appointed the general manager of Shenzhen Hong Long Commercial Management Company Limited in 2002. In October 2003, Mr. Zeng completed the EMBA course in Ling Nan College of Zhongshan University. Currently, Mr. Zeng is a council member (理事) of Shenzhen Chamber of International Commerce. Mr. Zeng is the son of Mr. Zeng Yunshu. He is a director of Grand Prosperity. Mr. Zeng has entered into a service contract with the company for a term of 3 years, commencing from 22 February 2007 but subject to retirement by rotation and, being eligible, re-election in the forthcoming annual general meeting in accordance with the company's articles of association. Ms. Ye Qingdong, aged 42, is vice president and an executive director of the company. Ms. Ye is also the general manager of Hong Long Shenzhen. She joined the group in 2001. She possesses an engineer qualification and is responsible for overseeing the group's properties development and operation. Ms. Ye graduated from Xinjiang Engineering Institute (新疆工学院) in 1988 with a degree in engineering majoring in industrial and civil architecture. Ms. Ye also completed the Executive MBA Program of Shanghai University of Finance and Economic in 2007. Ms. Ye has over 12 years of experience in architecture and structural design, project assessment as well as development. Before joining the group, Ms. Ye had worked in 新疆自治区纺织设计院 (Xinjiang Textile Design College) and 中粮地产 (集团) 股份有限公司 (COFCO Property (Group) Joint Stock Company Limited), a company, whose shares are listed on Shenzhen Stock Exchange. Ms. Ye was named "2003年深圳50佳地产高级经理人" (The best 50 Senior Manager of Shenzhen Property for Year 2003) in 2003. Ms. Ye has entered into a service contract with the company for a term of 3 years, commencing from 22 February 2007 but subject to retirement by rotation and, being eligible, re-election in accordance with the company's articles of association.
董事 (续)
曾胜先生,29 岁,现为本公司副主席,联席总裁,执行董事.曾先生於 2001 年加入本集团, 负责市务和参与本集团业务的整体规划.曾先生於 2001 年毕业於深圳大学,取得信息工程学位.於 2002 年获委任为深圳鸿隆商业管理有限公司的总经理.於 2003 年 10 月,曾先生完成修读中山大学岭南学院行政工商管理硕士课程. 目前,曾先生为深圳国际商会理事.曾先生为曾云枢先生的儿子.彼为 Grand Prosperity 之董事.曾先生与本公司订立为期三年的服务合约,自 2007 年 2 月 22 日生效,惟须根据本公司组织章程於应届股东周年大会上轮席退任及获膺选连任 (如合资格) .
叶庆东女士,42 岁,现为本公司副总裁兼执行董事,叶女士亦为鸿隆深圳总经理.彼於 2001 年加入本集团.彼拥有工程师的资格并负责监管本集团的房地产开发和经营.叶女士於 1988 年毕业於新疆工学院,考获主修工业及土木建筑的工程学士学位.叶女士亦於 2007 年在上海财经大学,考获高级人员工商管理硕士学位. 叶女士於建筑及结构设计,项目评估及开发等领域,拥有逾 12 年经验.在加入本集团之前, 叶女士曾任职於新疆自治区纺织设计院及中粮地产 (集团) 股份有限公司 (该公司的股份於深圳证券交易所上市) .叶女士於 2003 年获誉为「2003 年深圳五十佳地产高级经理人」 .叶女士与本公司订立为期三年的服务合约,自 2007 年 2月22日生效,惟须根据本公司组织章程轮席退 . 任及获膺选连任 (如合资格)
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
DIRECTORS (CONT'D)
Mr. Ouyang Junxin, aged 39, is an executive director of the company. Mr. Ouyang joined the group in 2000 and is responsible for the corporate finance and overall financial matters of the group. Mr. Ouyang graduated from 郑州市黄河科技大学商贸学院 (the Business and Trade School of Huanghe Science and Technology University in Zhengzhou City) in 1993 specialising in industrial economic management. Mr. Ouyang was a finance manager of Shenzhen Baoan Fu Xing Industry Development Company (later renamed as "Shenzhen Cairun Property Development Company Limited" (深圳市财润房地产开发有限公司)) from 1993 to 1996. He has more than 11 years experience in finance and accounting management. Mr. Ouyang has entered into a service contract with the company for a term of 3 years, commencing from 22 February 2007 but subject to retirement by rotation and, being eligible, re-election in accordance with the company's articles of association. INDEPENDENT NON-EXECUTIVE DIRECTORS Dr. Li Jun, aged 47, joined the company in January 2007 as an independent non-executive director, the chairman of the remuneration committee and the member of the audit committee and the nomination committee, respectively. Dr. Li has extensive experience in enterprise management and investment risk control. Dr. Li is currently a nonexecutive director of Global Flex Holdings Limited (Stock Code: 471) and an independent non-executive director of Zhejiang Glass Company, Limited (Stock Code: 739) respectively, he resigned an executive director of Superb Summit International Timber Company Limited (Stock Code: 1228) on 10 February 2009, all of the companies are listed on the Hong Kong Stock Exchange. Dr. Li has entered into a service contract with the company until the forthcoming annual general meeting but subject to retirement by rotation and, being eligible, re-election in accordance with the company's articles of association. Mr. Cheung Ngai Lam, aged 40, joined the company in January 2007 as an independent non-executive director, the chairman of audit committee, a member of the remuneration committee and nomination committee. Mr. Cheung is a member of the American Institute of Certified Public Accountants and CPA Australia. Mr. Cheung obtained a Bachelor Degree in Social Sciences from the University of Hong Kong in 1991, a Master of Accounting Degree from Curtin University of Technology, Perth, Australia in 1997 and a Master of Science (Investment Management) Degree in Finance from the Hong Kong University of Science and Technology
董事 (续)
欧阳俊新先生,39 岁,现为本公司执行董事. 欧阳先生於 2000 年加入本集团,负责本集团企业融资及整体财务事宜.欧阳先生於 1993 年毕业於郑州市黄河科技大学商贸学院,主修工业经济管理.欧阳先生由1993年至1996年於深圳市宝安富兴实业发展公司 (后更名为深圳市财润房地产开发有限公司) 任职财务经理.彼於金融及会计管理拥有逾 11 年的工作经验.欧阳先生与本公司订立为期三年的服务合约,自 2007 年 2月22日生效,惟须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
独立非执行董事李珺博士,47 岁,於 2007 年 1 月加入本公司, 任独立非执行董事和薪酬委员会主席及审核委员会及提名委员会之成员.李博士於企业管理及投资风险控制方面拥有丰富经验. 李博士现分别为佳邦环球控股有限公司股份编号: ( 471) 非执行董事及浙江玻璃股份有限公司的 (股份编号:739) 的独立非执行董事,於 2009 年 2 月 10 日辞任奇峰国际木业有限公司 (股份编号:1228) 的执行董事,上述公司均在香港联交所上市.李博士与本公司订立服务合约至应届股东周年大会止,惟须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
张毅林先生,40 岁, 於 2007 年 1 月加入本公司,任独立非执行董事,审核委员会主席,薪酬委员会及提名委员会会员.张先生为美国执业会计师公会会员及澳大利亚会计师公会成员. 张先生於 1991 年获香港大学颁授社科学士,1997 年获澳大利亚柏斯科廷科技大学颁授会计硕士,及 2001 年获香港科技大学颁授理学硕士 (投资管理学) .从 2008 年 7 月 4 日至今, 他为香港上市公司奋发国际控股有限公司 (股份
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
DIRECTORS (CONT'D)
in 2001. He is an independent non-executive director of Benefun International Holdings Limited (Stock Code: 1130), a Hong Kong listed company, since 4 July 2008. He was an independent non-executive director of Mascotte Holdings Limited (Stock Code: 136), a Hong Kong listed company, during the period from 9 March 2005 to 7 April 2008. Mr. Cheung currently works as the Corporate Development Director for Profound Heavy Industrial Limited before that he was engaged by Norstar Automobile Industrial Holding Limited. Mr. Cheung has extensive experience in accounting and capital markets; he served at Deloitte Touche from 1991 to 1994, and he was the Vice President and Executive Vice President of Daiwa Securities and Japan Asia Securities from 1994 to 2002 and 2002 to 2005 respectively. Mr. Cheung also worked as the Corporate Finance Director of Grant Thornton from 2005 to 2008. Mr. Cheung has entered into a service contract with the company until the forthcoming annual general meeting but subject to retirement by rotation and, eligible for re-election in accordance with the company's articles of association. Mr. Wang Fosong, aged 76, is an independent non-executive director, member of the audit committee and the chairman of the nomination committee. He is an academician of the Chinese Academy of Sciences and academician of the Third World Academy of Sciences. He acted as director of Changchun Institute of Applied Chemistry of Chinese Academy of Sciences, vice director of the Chinese Academy of Sciences, member of Presidium of the Chinese Academy of Sciences Academic Divisions, chairman of Chemistry Division, vice chairman of China Petroleum Society, vice chairman of Chinese Material Research Society. He is currently the chief of the High Polymer Science Committee of China Chemical Society, vice chairman of China Association of Senior Scientists and Technicians and vice chairman of China International Culture Exchange Centre. Mr. Wang was a member of the 7th Chinese People's Political Consultative Conference, a member of the 8th and 9th National People's Congress Standing Committee and the National People's Congress Foreign Affairs Committee. He was awarded with the National Scientific and Technological Progress Special Prize, National Natural Science Award, International Award of the Society of High Polymer Science, Japan and Science and Technology Advancement Award of Ho Leung Ho Lee Foundation. Mr. Wang has been an independent chairman of a company which was listed in the main board of Singapore Stock Exchange in November 2005. The company has ceased the listing status after acquisition by investor in April 2007.
董事 (续)
编号:1130) 之独立非执行董事.彼於2005年3 月 9 日至 2008 年 4 月 7 日期间曾任香港上市公司马斯葛集团有限公司 (股份编号:136) 之独立非执行董事.张先生现为伟业重工有限公司企业发展部总监,在此前任职於北泰汽车工业控股有限公司.张先生於会计及资本市场方面累积了丰富经验.张先生曾於1991年至1994年在德勤会计师事务所任职;於1994年至2002年和 2002年至2005年期间分别担任日资大和证券和日亚证券之副总裁和执行副总裁.张先生亦曾於2005年至2008年期间任均富会计师行之企业融资部总监.张先生与本公司订立服务合约至应届股东周年大会止,惟须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
王佛松先生,76 岁,本公司独立非执行董事, 审核委员会成员及提名委员会主席.王先生为中国科学院院士,发展中国家科学院院士.历任中国科学院长春应用化学研究所所长,中国科学院副院长,中国科学院学部主席团成员, 化学学部主任,中国石油学会副理事长,中国材料研究会副理事长.现任中国化学会高分子学科委员会主任委员,中国老科技工作者协会副理事长,中国国际文化交流中心副理事长. 王先生是第七届全国政协委员,第八届及第九届全国人大常务委员会委员,全国人大外事委员会委员.曾获国家科技进步特等奖,国家自然科学奖,日本高分子学会国际奖及何梁何利科学技术进步奖等奖项.王先生曾担任一家公司之独立主席,该公司於 2005 年 11 月在星加坡交易所主板上巿.此公司随著被投资者收购后於 2007 年 4 月取消上巿地位.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
DIRECTORS (CONT'D)
Mr. Wang has entered into a service contract with the company which provides for an initial period of 1 year, commencing from 6 October 2008. According to the articles of association of the company, Mr. Wang shall hold office until the forthcoming annual general meeting but subject to retirement by rotation and eligible for re-election in accordance with the company's articles of association.
董事 (续)
王先生已与本公司订立初步为期一年的服务合约,自 2008 年 10 月 6 日生效.根据本公司组织章程,王先生的任期至本公司应届股东周年大会止,惟须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
SENIOR MANAGEMENT
Mr. Chu Kin Wang, Peleus, aged 44, joined the company in 2006 and is the company secretary of the company. Mr. Chu has over 20 years experience in corporate finance, audit, accounting and taxation. He is the company secretary of the company responsible for corporate finance, financial reporting and compliance and company secretarial matters of the group. Mr. Chu graduated from The University of Hong Kong with a Master Degree in Business Administration. Mr. Chu is a fellow member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. He is also an associate member of both the Institute of Chartered Secretaries and Administrators and the Hong Kong Institute of Company Secretaries. Ms. Wei Haiyan, aged 33, is the group's deputy chief executive and the deputy general manager of Hong Long Shenzhen. Ms. Wei has completed all the courses in the master of digital management programme at the CIMS Engineering Technology Research Centre, Tsinghua University. Ms. Wei is mainly responsible for the administration and human resources of the group. She graduated from the International Finance Department of Shenzhen University in 1993, majoring in International Finance. She has over 11 years experience in management. Ms. Wei is a committee member of the People's Political Consultative Committee of Meizhou, Guangdong Province.
高级管理人员
朱健宏先生,44 岁, 於 2006 年加盟本公司, 并为本公司之公司秘书.朱先生於企业财务, 审核,会计及税务方面拥有逾 20 年经验.彼为本公司公司秘书,负责本集团的企业财务,财务申报及合规及公司秘书事宜.朱先生毕业於香港大学,获颁工商管理硕士学位.朱先生为香港会计师公会及特许公认会计师公会资深会员,亦是英国特许秘书及管理人员公会及香港公司秘书公会会员.
魏海燕女士,33 岁,现任本集团副总裁及鸿隆深圳副总经理.魏女士完成清华大学国家 CIMS 工程技术研究中心信息化管理研究生全部课程.魏女士主要负责本集团行政,人事方面的管理工作.彼於 1993 年在深圳大学国际金融系毕业,主修国际财务.魏女士在管理方面拥有逾 11 年的工作经验.魏女士为广东省梅州市政协委员.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
SENIOR MANAGEMENT (CONT'D)
Ms. Zhong Lili, aged 48, joined the group at the end of 2001 and is currently deputy chief executive of the group and deputy general manager of Hong Long Shenzhen. She is responsible for the overall legal affairs of the group. Ms. Zhong graduated from the Southwest University of Political Science and Law (西南政法大学) and obtained a Bachelor Degree in Law in 1984. Ms. Zhong worked at the Policy Research Office of the Department of Justice of Sichuan Province (四川省司法厅政策研究室) in 1984 and she was appointed as a lecturer of the Law School at the Southwest China Institute for Nationalities (西南民族学院) in 1991. Ms. Zhong worked as a legal adviser to a company listed on Shenzhen Stock Exchange in 1998 and was appointed as a legal consultant in a state-owned enterprise in 1999. Ms. Zhong has extensive knowledge in PRC legal affairs and approximately 21 years in law practice. Mr. Xie Xinhao, aged 54, joined the group in 2003 and is deputy chief executive of the group and financial controller of Hong Long Shenzhen. He is responsible for the financial affairs of the group. Mr. Xie has many years of experience in finance and accounting practice and in real estate development and management in the PRC. Before joining the group in 2003, Mr. Xie had worked in a state-owned enterprise and a property developing company. Mr. Li Hansheng, aged 56, joined the group in 2004. He is currently deputy chief executive of the group and general manager of Huizhou Yintaida Company Limited ("Huizhou Yintaida"), an operating subsidiary under HongLong Shenzhen. He is responsible for the overall development matters of Huizhou Yintaida. Mr. Li graduated from the Central China Normal University (华中师范大学) and worked in Shenzhen Property Trading Centre (深圳市房地产交易中心) in 1994. In 2004, Mr. Li joined Hong Long Shenzhen which appointed him as the general manager of Huizhou Yintaida. Mr. Li has many years experience in the sale of real estate in Shenzhen. Mr. Xu Jianyi, aged 54, joined the group in 2007. He is currently deputy chief executive of the group and general manager of the Investment Development Centre of the group, and is responsible for the investment and planning affairs in the real estate development projects of the group. Mr. Xu positioned in a Hong Kong listed company engaging in real estate development from 1995 to 2003, and was responsible for the acquisition, development and management work. Mr. Xu has over 11 years experience in real estate development and management.
高级管理人员 (续)
仲力立女士,48 岁,於 2001 年底加入本集团, 现任本集团副总裁及鸿隆深圳副总经理.彼负责本集团的整体法律事务.仲女士於 1984 年毕业於西南政法大学,获授法学学士学位.1984 年,彼於四川省司法厅政策研究室工作,1991 年调任西南民族学院法学院任讲师. 於 1998 年,仲女士担任一家於深圳证券交易所上市的公司的法律顾问,并於 1999 年获委任为一间国有企业的法律顾问.仲女士拥有广泛中国法律事务知识及约 21 年的实务经验.
谢新浩先生,54 岁,於 2003 年加入本集团,现任本集团副总裁及鸿隆深圳财务总监.彼负责本集团的财务工作.谢先生於金融及会计执业方面以及中国房地产开发及管理方面拥有多年经验.於 2003 年加入本集团前,谢先生曾受聘於一家国有企业及一家房地产开发公司.
李汉生先生,56 岁, 於 2004 年加入本集团, 现任本集团副总裁并於惠州银泰达实业有限公司「惠州银泰达」 ,鸿隆深圳旗下经营附属公 ( ) 司任总经理.彼负责惠州银泰达的整体开发工作.李先生毕业於华中师范大学,於 1994 年在深圳市房地产交易中心工作.於 2004 年,李先生加入鸿隆深圳,被公司派驻担任惠州银泰达总经理职务.李先生於深圳房地产销售领域拥有多年经验.
徐建义先生,54 岁,於 2007 年加入本集团,现为本集团副总裁及集团投资开发中心总经理并负责本集团房地产项目投资及策划事务.徐先生於 1995 年至 2003 年在另外一家香港上市的房地产公司任职,负责收购,开发及管理等事务.徐先生於房地产开发行业及管理拥有逾 11 多年的经验.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Biographical Details of Directors and Senior Management 董事及高级管理人员之履历
SENIOR MANAGEMENT (CONT'D)
Mr. Cao Yongfeng, aged 35, joined the group in 2003. He was the deputy chief controller of the construction division of Hong Long Shenzhen and is responsible for overseeing the construction works of the group's property development projects. Mr. Cao has been appointed general manager of Zhajiakun Century Way Real Estate Development Company Limited, a wholly-owned subsidiary of the group in November 2007. He was technical supervisor for a large construction engineering company from 1997 to 2000. He has over 9 years experience in property development. Mr. Cao graduated from the School of Architecture of Chang Sha Railway University (长沙铁道学院) in 1997. Mr. Chen Liangman, aged 42, joined the group in 2002. He is the group's sales director and is responsible for the overall sales affairs of the group. Mr. Chen graduated from Jiangsu Chemical Engineering College (江苏化工学院) in 1990. In 1997, Mr. Chen was an officer of the trading department in Zhonglian Properties Company (中联房地产公司) and a sales manager in Jinghetian Industrial Company (景河田实业公司), both companies are located in Shenzhen. Mr. Chen joined the group in 2002 as sales manager.
高级管理人员 (续)
曹永峰先生,35 岁,於 2003 年加入本集团,曾担任鸿隆深圳的工程部副总监并现负责监管本集团物业开发项目的建筑工程管理工作.曹先生於 2007 年 11 月被委任为张家口中惠房地产开发有限公司,本集团一间全资附属公司的总经理.彼於1997年至2000年期间在一家大型建设工程公司担任技术主管.彼於物业开发行业拥有逾 9 年经验.曹先生於 1997 年毕业於长沙铁道学院建筑工程专业.
陈良满先生,42 岁, 於 2002 年加入本集团. 彼为本集团的销售总监,负责本集团的整体销售事务.於 1990 年,陈先生於江苏化工学院毕业.於 1997 年,陈先生担任中联房地产公司及景河田实业公司的交易部主任.该两间公司均位於深圳市.陈先生於 2002 年加入本集团担任销售经理.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
The board of directors (the "Board") are pleased to present their annual report and the audited consolidated financial statements of the company and its subsidiaries (collectively referred to as the "group") for the year ended 31 December 2008.
董事会「董事会」欣然提呈本公司及其附属公 ( ) 司 (统称为「本集团」截至 2008 年 12 月 31 日止 ) 年度的年报及经审核综合财务报表.
PRINCIPAL ACTIVITIES AND SUBSIDIARIES
The company acts as an investment holding company. The principal activities of its subsidiaries as at 31 December 2008 are set out in note 16 to the financial statements.
主要业务及附属公司
本公司为投资控股公司.於2008年12月31日, 其附属公司之主要业务载於财务报表附注 16.
CORPORATE REORGANISATION
Pursuant to a group reorganisation scheme to rationalise the structure of the group in preparation for the public listing of the company's shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the shares of the company were listed on the Main Board of the Stock Exchange on 22 February 2007 (the "Listing Date"). Details of the group reorganisation are fully explained in the paragraph headed "Corporate Reorganisation" in Appendix VII to the prospectus of the company dated 8 February 2007 (the "Prospectus").
企业重组
为筹备本公司股份在香港联合交易所有限公司 ( 「联交所」公开上市,本集团据此曾进行集团 ) 重组计划,以优化本集团的架构,本公司股份於 2007 年 2 月 22 日「上市日期」在联交所主板 ( ) 上市. 集团重组详情在本公司於2007年2月8日刊发的招股章程「招股章程」附录七 ( ) 「公司重组」一段详述.
RESULTS AND DIVIDEND
The results of the group for the year are set out in the consolidated income statement on page 58. The directors do not recommend the payment of a final dividend for the year ended 31 December 2008 (2007: Nil).
业绩及股息
本集团於本年度之业绩载於第 58 页之综合损益表. 董事并不建议派发截至 2008 年 12 月 31 日止年度的末期股息 (2007 年:无) .
SHARE CAPITAL
Details of the movements in the issued share capital of the company during the year are set out in note 31 to the financial statements.
股本
本公司年内已发行股本变动详情载於财务报表附注 31.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Directors' Report 董事会报告
RESERVES
Profit attributable to equity shareholders of the company, before dividends, of approximately RMB3,546,000 (2007: RMB250,685,000) have been transferred to reserves. Details of the movements in the reserves of the group and the company during the year are set out in note 31 to the financial statements.
储备
本公司权益股东应占溢利 (未扣除股息) 约人民币 3,546,000 元 (2007 年:人民币 250,685,000 元) 已转拨至储备.本集团及本公司年内储备变动的详情载於财务报表附注 31.
DONATIONS
Charitable donations made by the group during the year amounted to RMB430,000.
捐款
本集团年内作出之慈善捐款为人民币 430,000 元.
INVESTMENT PROPERTIES
Details of the investment properties of the group during the year are set out in note 17 to the financial statements.
投资物业
本集团於年内的投资物业详情载於财务报表附注 17.
PROPERTIES, PLANT AND EQUIPMENT
Details of the movement in properties, plant and equipment of the group and the company during the year are set out in note 15 to the financial statements.
物业,机器及设备
本集团及本公司於年内的物业,机器及设备详情载於财务报表附注 15.
MAJOR CUSTOMERS AND SUPPLIERS
During the year, the aggregate sales attributable to the group's largest customer and the five largest customers taken together accounted for 10.0% and 24.0% of the aggregate of the group's total turnover for the year. During the year, the aggregate purchases attributable to the group's largest supplier and the five largest suppliers taken together accounted for 20.0% and 26.8% of the group's total purchases for the year. None of the directors, their respective associates or, so far as the directors are aware, any shareholder who owns more than 5% of the issued share capital of the company has any interest in any of the said top five customers and suppliers of the group for the year.
主要客户及供应商
年内, 本集团最大客户及五大客户之总销售额分别占本集团本年度总营业额的 10.0% 及 24.0%.
年内,本集团最大供应商及五大供应商之总采购额分别占本集团本年度总采购的 20.0% 及 26.8%. 概无董事,彼等各自之联系人,或就董事所知拥有本公司已发行股本 5% 之任何股东於年内拥有本集团上述任何五大客户及供应商的权益.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
DIRECTORS
The directors who held office during the year and up to the date of this report were: EXECUTIVE DIRECTORS: Mr. ZENG Yunshu Mr. ZHANG Yiyan Dr. HAN Qinchun Mr. ZENG Sheng Ms. YE Qingdong Mr. OUYANG Junxin NON-EXECUTIVE DIRECTORS: Mr. ZHANG Huaqiao
董事
本公司年内及截至本报告日期之在任董事如下: 执行董事: 曾云枢先生 (主席兼总裁) 张奕炎先生 (於 2008 年 10 月 6 日获委任) 韩秦春博士曾胜先生叶庆东女士欧阳俊新先生非执行董事: 张化桥先生 (於 2008 年 9 月 26 日辞任) 独立非执行董事: 李珺博士张毅林先生王佛松先生 (於 2008 年 10 月 6 日获委任) 林伟芳女士 (於 2008 年 10 月 6 日辞任)
(Chairman and President) (appointed on 6 October 2008)
(resigned on 26 September 2008)
INDEPENDENT NON-EXECUTIVE DIRECTORS: Dr. LI Jun Mr. CHEUNG Ngai Lam Mr. WANG Fosong (appointed on 6 October 2008) Ms. LIN Wei Fang (resigned on 6 October 2008)
BIOGRAPHICAL DETAILS OF THE DIRECTORS
The biographical details of the current directors are set out on page 21 to page 26 of this annual report.
董事履历
现任董事履历详情载於本年报第 21 至 26 页.
DIRECTORS' SERVICE CONTRACTS AND ROTATION
Each of the executive directors has entered into a service contract with the company for a term of 3 years commencing from the Listing Date or their respective dates of appointment. Each service contract will continue thereafter until terminated by not less than six months' notice in writing served by either party. Each of the independent non-executive directors has been appointed to hold the office until the end of the forthcoming general meeting. In addition, the appointment of each of directors is subject to retirement by rotation and, being eligible, offer themselves for re-election in accordance with the company's articles of association.
董事之服务合约及轮席
各执行董事与本公司订立为期三年的服务合约, 自上市日期或彼等各自之委任日期起生效.各服务合约将一直生效,直至任何一方发出最少六个月书面通知终止为止.各独立非执行董事的任期至应届股东周年大会结束为止. 此外,各董事之委任须根据本公司组织章程轮席退任及获膺选连任 (如合资格) .
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Directors' Report 董事会报告
DIRECTORS' SERVICE CONTRACTS AND ROTATION (CONT'D)
In accordance with the provisions of the company's articles of association, Mr. Zeng Yunshu, Mr. Zhang Yiyan, Dr. Han Qinchun, Mr. Zeng Sheng, Dr. Li Jun, Mr. Cheung Ngai Lam and Mr. Wang Fosong, will retire from the Board at the forthcoming annual general meeting and being eligible, will offer themselves for re-election. Other than disclosed above, none of the directors has entered or has proposed to enter into any service contract with the company or any of its subsidiaries which is not expiring or determinable by the employing company within one year without payment of compensation other than statutory compensation.
董事之服务合约及轮席 (续)
根据本公司组织章程规定,曾云枢先生,张奕炎先生,韩秦春博士,曾胜先生,李珺博士, 张毅林先生及王佛松先生须於应届股东周年大会退任,惟彼等符合资格并愿意重选.
除上述所披露者外,概无董事已或拟与本公司或任何其附属公司订立不可於一年内不支付赔偿 (法定赔偿除外) 则终止之服务合约.
DIRECTORS' EMOLUMENTS
Details of directors' emoluments on a named basis are set out in note 10 to financial statements.
董事袍金
按姓名分类之董事袍金详情载於财务报表附注 10.
ANNUAL CONFIRMATION FROM INDEPENDENT NON-EXECUTIVE DIRECTORS
The company had received written confirmation from each of the independent non-executive directors of their independence pursuant to rule 3.13 of the rules governing the listing of securities on the Stock Exchange (the "Listing Rules") and both the Board and the nomination committee considered all independent non-executive directors are independent.
独立非执行董事之年度确认书
本公司已收到各位独立非执行董事有关彼等根据联交所证券上巿规则「上市规则」第 3.13 条 ( ) 发出的年度独立的书面确认书,而董事会及提名委员会均认为所有独立非执行董事均具独立性.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
DIRECTORS' INTERESTS IN SHARES, UNDERLYING SHARES OR DEBENTURES
As at 31 December 2008, the interests of the directors in the shares, underlying shares and debentures of the company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) (the "Associated Corporations") as recorded in the register required to be kept by the company under section 352 of the SFO or as otherwise notified to the company and the Stock Exchange pursuant to the Model Code for Securities Transactions by directors of Listed Issuers (the "Model Code") were as follows: LONG POSITION IN THE SHARES OF THE COMPANY 於本公司股份之好仓
董事於股份,相关股份或债券中之权益
於2008年12月31日,董事於本公司或其任何相联法团 (按证券及期货条例第 XV 部之涵义) ( 「相联法团」之股份,相关股份及债券中拥有根据 ) 证券及期货条例第352条须存置之登记册所记录或根据上市发行人董事进行证券交易之标准守则「标准守则」而另行知会本公司及联交所之 ( ) 权益如下:
Number of shares 股份数目 Personal interests 个人权益 2,426,0001 9,908,0001 380,0001 102,0001 104,0001 – – Family interests 家族权益 – – – – – – – Corporate interests 公司权益 – – 582,320,0002 – – – –
附注: This represents interests held by the relevant director as beneficial owner. This represents interests held by Mr. Zeng Sheng through Grand Prosperity Limited ("Grand Prosperity"), which holds 582,320,000 shares of the company. Mr. Zeng Sheng has 80% interest in Grand Prosperity, he is therefore deemed to be interested in 582,320,000 shares of the company. 1. 2.
Number of underlying shares held under equity derivatives 按股本衍生工具持有相关股份之数目 – – – 5,000,0003 2,000,0003 1,000,0003 1,000,0003 Total 总计 2,426,000 9,908,000 582,700,000 5,102,000 2,104,000 1,000,000 1,000,000
Percentage of aggregate interests to total number of shares in issue* % 占已发行股份总数之百分比* % 0.23 0.95 56.02 0.49 0.20 0.10 0.10
Name of Director Mr. Zeng Yunshu Dr. Han Qinchun Mr. Zeng Sheng Ms. Ye Qingdong Mr. Ouyang Junxin Dr. Li Jun Mr. Cheung Ngai Lam
Notes: 1. 2.
董事姓名曾云枢先生韩秦春博士曾胜先生叶庆东女士欧阳俊新先生李珺博士张毅林先生
此指由相关董事作为实益拥有人持有之权益. 此指由曾胜先生透过 Grand Prosperity Limited ( 「Grand Prosperity」持有之权益,而 Grand ) Prosperity持有582,320,000股本公司股份.曾胜先生拥有 Grand Prosperity 之 80% 权益,因而彼视为拥有 582,320,000 股本公司股份之权益.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Directors' Report 董事会报告
DIRECTORS' INTERESTS IN SHARES, UNDERLYING SHARES OR DEBENTURES (CONT'D)
3. This represents interests in options held by the relevant director as a beneficial owner to subscribe for the relevant underlying shares granted by the company under the Pre-IPO Share Options or Shares Option Scheme, details of which are set out in the section headed Share Option. * The percentage has been adjusted based on the total number of shares of the company in issue as at 31 December 2008 (i.e. 1,040,250,000 shares).
董事於股份,相关股份或债券中之权益 (续)
3. 此指由相关董事作为实益拥有人持有之认股权权益,可认购根据首次公开发售前认股权或认股权计划授予之相关股份,有关详情载於「认股权」一节. * 百分比已根据本公司於 2008 年 12 月 31 日已发行之股份总数 (即1,040,250,000股) 作出调整.
Save as disclosed above, as at 31 December 2008, none of the directors had any other interests or short positions in the shares, underlying shares or debentures of the company or any of its Associated Corporations which had been entered in the register kept by the company pursuant to Section 352 of the SFO or as otherwise notified to the company and the Stock Exchange pursuant to the Model Code.
除上文所披露者外,於2008年12月31日,概无董事於本公司或其任何相联法团之股份,相关股份或债券中拥有记入根据证券及期货条例第 352条所存置之登记册或根据标准守则另行知会本公司及联交所之任何其他权益或淡仓.
DIRECTORS' INTERESTS IN CONTRACTS OF SIGNIFICANCE
No contract of significance to which the company or any of its subsidiaries or its holding companies was a party and in which a director had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.
董事於重大合约的权益
本公司或任何其附属公司或其控股公司概无订立任何董事於其中直接或间接拥有重大权益而於年结日或年内任何时间仍然生效的重大合约.
34
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
DIRECTOR'S INTERESTS IN COMPETING BUSINESS
In order to protect the group's interest in its current business activities, each of Grand Prosperity, Mr. Zeng Sheng and Mr. Zeng Yunshu has as covenantor entered into the deed of non-competition (the "Deed of Non-competition") dated 31 January 2007 in favour of the company, the details of which are set out in the section headed "Relationship with the Controlling Shareholders" of the Prospectus. Pursuant to the Deed of Noncompetition, each of the covenantors has undertaken, subject to the terms therein, to the company (for itself and for the benefit of its subsidiaries) that it/he would not, and would procure that its/his associates and/or companies controlled by it/him (other than the group) would not, either on its/his own account or in conjunction with or on behalf of any person, firm or company, directly or indirectly be interested or engaged in or acquire or hold an interest (in each case whether as a shareholder, partner, agent or otherwise and whether for profit, reward or otherwise) in any business which is or is about to be engaged in any business which competes or is likely to compete directly or indirectly with the group's business, those other businesses of the group as set out in the Prospectus, in Hong Kong, the PRC and any other country or jurisdiction to which the group markets or sells its products and/or in which any member of the group carries on business mentioned above from time to time. The company has received an annual declaration from each of Grand Prosperity, Mr. Zeng Sheng and Mr. Zeng Yunshu for its/his respective compliance with the undertakings under the Deed of Non-competition.
董事於竞争业务中的权益
为保障本集团目前业务活动中的利益,G r a n d P r o s p e r i t y,曾胜先生及曾云枢先生作为授约人,各自於 2007 年 1 月 31 日订立以本公司为受益人的不竞争契约「不竞争契约」 ,有关详情 ( ) 载於招股章程之「与控股股东的关系」一节.根据不竞争契约,各授约人已向本公司 (代表其本身及为其附属公司的利益) 承诺,在不竞争契约的条款规限下,其将不会和将促使其联系人士及╱或其所控制的公司 (除本集团外) (不论不会其本身或联合或代表任何人士,商号或公司) 直接或间接在香港,中国及任何其他本集团推广或销售其产品及╱或本集团任何成员公司不时进行上述业务的国家或司法管辖区,直接或间接於任何参与或准备参与任何与本集团业务竞争或很大机会直接或间接与本集团业务竞争的任何业务中拥有权益,参与经营或取得或持有权益 (於各种情况下,不论是作为股东,夥伴, 代理或其他身份及不论为赚取盈利,回报或其他) .本公司已收到 Grand Prosperity,曾胜先生及曾云枢先生各自就已遵守不竞争契约下的承诺而发出的年度声明.
DIRECTORS' RIGHTS TO ACQUIRE SHARES AND DEBENTURES
As at 31 December 2008, the number of outstanding option shares granted by the company under the Pre IPO-Share Options and Share Option Scheme to the directors to subscribe for shares of the company, as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the company and the Stock Exchange pursuant to the Model Code is set out in the section headed "Share Option" of this report below.
董事购买股份及债券的权利
於 2008 年 12 月 31 日,按照证券及期货条例第 352条须存置之登记册所记录或根据标准守则另行向本公司及联交所知会,本公司根据首次公开发售前认股权及认股权计划授予可认购本公司股份之尚未行使认股权数目载於本报告下文「认股权」一节.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
35
Directors' Report 董事会报告
DIRECTORS' RIGHTS TO ACQUIRE SHARES AND DEBENTURES (CONT'D)
Apart from the aforesaid, at no time during the year was the company, its subsidiaries, its fellow subsidiaries or its holding companies a party to any arrangement to enable the directors to acquire benefits by means of the acquisition of shares in, or debentures of, the company or any other body corporate.
董事购买股份及债券的权利 (续)
除上述外,年内本公司,其附属公司,其同系附属公司或其控股公司概无订立任何安排,致使董事可透过购买本公司股份或任何其他法团之股份而获益.
SUBSTANTIAL INTERESTS IN THE SHARE CAPITAL OF THE COMPANY
As at 31 December 2008, the interests of those persons (other than the directors) in the shares of the company as recorded in the register required to be kept by the company under Section 336 of the SFO were as follows:
主要股东於本公司股本之权益
於 2008 年 12 月 31 日,於本公司股份拥有根据证券及期货条例第336条本公司须存置之登记册所记录之权益之该等人士 (董事除外) 如下: Percentage of shares to total number of shares in issue % 股份占已发行股份总数之百分比 % 0.04% 55.98% 55.98%
Number of underlying shares held under equity Capacity in which shares were held 於所持有股份之身份 Beneficial owner 实益拥有人 Interest of controlled corporation 受控公司权益 Beneficial owner 实益拥有人 Interest of controlled corporation 受控公司权益 Number of shares 股份数目 380,000 582,320,000 582,320,000 derivatives 按股本衍生工具持有相关股份之数目 – – –
Name 名称 Zeng Sheng1 曾胜1
Grand Prosperity1
Lehman Brothers Holdings Inc.2 ("LB HLD")
60,608,000
9,000,000
6.69%
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
SUBSTANTIAL INTERESTS IN THE SHARE CAPITAL OF THE COMPANY (CONT'D)
Notes: 1. This represents (i) 582,320,000 shares held by Grand Prosperity which is owned as to 80% by Mr. Zeng Sheng and 20% by Mr. Zeng Yunshu, both of them are executive directors and (ii) 380,000 shares held by Mr. Zeng Sheng as beneficial owner.
主要股东於本公司股本之权益 (续)
附注: 1. 此代表 (i)Grand Prosperity 持有之 582,320,000 股股份,而 G r a n d P r o s p e r i t y 分别由曾胜先生及曾云枢先生 (均为执行董事) 拥有 80% 及 20% 权益及 (ii) 曾胜先生作为实益拥有人持有之 380,000 股股份.
2.
Lehman Brothers Commercial Corporation Asia Limited ("LBCCA"), which holds in total of 69,608,000 interests in the company as beneficial owner, is owned 50% interests by each of LBCCA Holdings I LLC ("LBCCA I") and LBCCA Holdings II LLC ("LBCCA II"). Both LBCCA I and LBCCA II themselves are wholly owned by LB HLD and accordingly, the shares in which LBCCA are shown to be interested are also included in the shares in which LB HLD is shown to be interested. The number of shares held and underlying shares held under equity derivatives has been adjusted based on the information from LB HLD.
2.
Lehman Brothers Commercial Corporation Asia Limited 「LBCCA」作为实益拥有人持有 ( ) ( 本公司共 69,608,000 权益) LBCCA Holdings 由 I LLC 「LBCCA I」及 LBCCA Holdings II LLC ( ) ( 「LBCCA II」各自拥有 50% 权益.LBCCA I 及 ) LBCCA II 本身均由 LB HLD 全资拥有,因此, LBCCA 所示拥有权益之股份亦计入 LB HLD 所示拥有权益之股份内.所持有之股份及根据股本衍生工具持有之相关股份之数目已按LB HLD 提供之资料作出调整.
*
The percentage has been adjusted based on the total number of shares of the company in issue as at 31 December 2008 (i.e. 1,040,250,000 shares).
*
百分比已根据本公司於 2008 年 12 月 31 日已发行之股份总数 (即1,040,250,000股) 作出调整.
Save as disclosed above, as at 31 December 2008, the company had not been notified of any interests and short positions in the shares and underlying shares of the company which had been recorded in the register required to be kept under section 336 of the SFO.
除上文所披露者外,於 2008 年 12 月 31 日,本公司并无获知会於本公司股份及相关股份中拥有根据证券及期货条例第336条须存置之登记册所记录之任何权益及淡仓.
PUBLIC FLOAT
Based on the information that is publicly available to the company from the Listing Date and up to the date of this report and within the knowledge of the directors, there was sufficiency of public float of the company's securities as required under the Listing Rules.
公众持股量
根据由上市日期至本报告日期本公司所获公开资料及就董事所知,本公司具有符合上市规则所规定本公司证券之充足公众持股量.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the company's Articles of Association or the laws in the Cayman Islands.
优先权
本公司之公司组织章程或开曼群岛法例并无有关优先权之条文.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Directors' Report 董事会报告
SHARE OPTION
On 31 January 2007, in recognition of the contributions made by employees of the group towards its growth and success, an aggregate of 23,000,000 share options of the company (the "Pre-IPO Share Options") have been granted by the company to, and accepted by the relevant employees prior to listing of the company's share on the Stock Exchange. On the same day, a share option scheme (the "Share Option Scheme") was adopted by the shareholder's written resolution of the company. The Listing Committee of Stock Exchange has granted the listing of, and permission to deal in the shares of the company which may fall to be issued pursuant to the exercise of the options which granted and/or may be granted under the Pre-IPO Share Options and/or Share Option Scheme, subsequently. As at 31 December 2008, a total of 81,139,000 share options were outstanding which comprised 19,000,000 share options and 62,139,000 share options granted under the Pre-IPO Share Options and the Share Option Scheme respectively. The following is a summary of the principal terms of the Pre-IPO Share Options and the Share Option Scheme: (A) PRE-IPO SHARE OPTIONS Purpose Recognition of the contributions made by employees of the group towards its growth and success. Exercise Period Since 22 August 2007 to 21 February 2012 unless extended in writing by the Board (and approved by the independent nonexecutive directors) in its absolute discretion. Each of the PreIPO Share Options (to the extent not already exercised) shall lapse automatically at the end of such option period. Exercise Price HK$0.60 per shares to be issued pursuant to the exercise of the PreIPO Share Options, representing a discount of 75% to the maximum IPO Offer Price as described in the Prospectus. The exercise price was determined in recognition of the contributions made to the group by the respective grantees of the Pre-IPO Share Options.
认股权
於 2007 年 1 月 31 日, 为表彰本集团的雇员对其成长及成功所作出之贡献, 本公司於本公司股份在联交所上市前向有关雇员授出合共 23,000,000 份本公司认股权「首次公开发售前 ( 认股权」 ,并获该等雇员接纳.同日,根据本 ) 公司之股东书面决议案,本公司亦采纳一项认股权计划「认股权计划」 . ( ) 联交所上市委员会已批准因根据首次公开发售前认股权及╱或认股权计划授出及╱或可能授出之认股权获行使而须予发行之本公司股份上市及买卖.
於 2008 年 12 月 31 日,共计 81,139,000 份认股权未获行使,包括分别根据首次公开发售前认股权及认股权计划授出之 19,000,000 份认股权及 62,139,000 份认股权. 以下乃首次公开发售前认股权及认股权计划之主要条款之概要: (A) 首次公开发售前认股权
目的
表彰本集团雇员对其成长及成功所作出之贡献.
行使期
自 2007 年 8 月 22 日起至 2012 年 2 月 21 止,除非获董事会全权酌情以书面方式延长 (及获独立非执行董事批准) 则作别论.每份未获行使之首次公开发售前认股权将於该认股权期限结束时自动失效.
行使价
每股 0.60 港元因首次公开发售前认股权获行使而将予发行之股份,较招股章程所述之最高首次公开发售价折让 75%. 行使价乃就表彰首次公开发售前认股权之各自承授人对本集团作出之贡献而厘定.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
SHARE OPTION (CONT'D)
(A) PRE-IPO SHARE OPTIONS (CONT'D) Other Conditions (1) The grant of the Pre-IPO Share Options is subject to the following additions conditions: (a) (b) the commencement of dealings in shares; any exercise of the Pre-IPO Share Options must be made in full and not in part; the Pre-IPO Share Options are personal to the relevant grantees and shall not be transferred or assigned, and shall constitute a term of the employment of the relevant grantees by the group; the grantees of the Pre-IPO Share Options shall adhere to any undertaking or restrictions that may be further imposed on them by the company, the Stock Exchange or the sponsor as described in the Prospectus; and
认股权 (续)
(A) 首次公开发售前认股权 (续)
其他条件
(1) 授出首次公开发售前认股权须受以下附加条件规限: (a) (b) 股份开始买卖; 首次公开发售前认股权必须全部而非部份予以行使; 首次公开发售前认股权属有关承授人个人所有,不得转让或授让,并构成本集团聘用有关承授人之一项条件; 首次公开发售前认股权之各承授人须遵循本公司,联交所或招股章程所述之保荐人可能进一步对彼等施加之任何承诺或限制;及首次公开发售前认股权之任何行使须受本公司不时所发出任何指引之进一步规限, 以确保全面遵守上市规则之规定.
(c)
(c)
(d)
(d)
(e)
any exercise of the Pre-IPO Share Options shall be further subject to any guidelines issued by the company from time to time in order to ensure full compliance with the Listing Rules.
(e)
(2)
The grantees shall not dispose of their respective shares issued pursuant to the exercise of the Pre-IPO Share Options granted to them in the following manner: (a) in any number greater than 30% of all the shares of issued pursuant to the Pre-IPO Share Options granted to them within (2) two years from the Listing Date;
(2)
承授人不得以下列方式出售彼等因行使获授予之首次公开发售前认股权而发行之股份: (a) 自上市日期起计两年内,高於彼等获授予根据首次公开发售前认股权而发行之所有股份 30% 之任何数目; 自上市日期起计三年内,高於彼等获授予根据首次公开发售前认股权而发行之所有股份 60% 之任何数目;及
(b)
in any number greater than 60% of all the Shares issued pursuant to the Pre-IPO Share Options granted to them within (3) three years from the Listing Date; and
(b)
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
39
Directors' Report 董事会报告
SHARE OPTION (CONT'D)
(A) PRE-IPO SHARE OPTIONS (CONT'D) (c) all the shares issued pursuant to the Pre-IPO Share Options granted to them within (4) four years from the Listing Date.
认股权 (续)
(A) 首次公开发售前认股权 (续) (c) 自上市日期起计四年内,彼等获授予根据首次公开发售前认股权而发行之所有股份.
(3)
The Pre-IPO Share Options (if not already exercised) held by each individual grantee shall lapse automatically upon cessation of his/her employment with the group, regardless of how such cessation of employment arises. (B)
(3)
各个别承授人所持有之首次公开发售前认股权 (倘并未行使) 会於本集团终止聘用该承授人时失效 (不论任何终止情况) .
(B)
SHARE OPTION SCHEME Purpose Recognize and acknowledge the contributions that the grantees had made or may make to the group. Participants Eligible participants include: (a) any director, employee, consultant, professional, customer, supplier, agent, partner or adviser of or contractor to the group or a company in which the group holds an interest or a subsidiary of such company ("Affiliate");
认股权计划
目的
表彰及感谢承授人过往或可能对本集团所作出之贡献.
参与者
合资格参与者包括: (a) 本集团,本集团持有权益之公司或该公司附属公司之任何董事, 雇员,顾问,专业人员,客户,供应商,代理,夥伴或谘询人或承建商 ( 「联属人」 ; ) 任何信托受托人之受益人或任何全权信托之全权对象,包括本集团或联属人之任何董事,雇员,顾问, 专业人员,客户,供应商,代理, 夥伴,谘询人或承建商;或本集团或联属人之任何董事, 雇员,顾问,专业人员,客户,供应商,代理,夥伴,谘询人或承办商所实益拥有之公司.
(b)
the trustee of any trust the beneficiary of which or an discretionary trust the discretionary objects of which include any director, employee, consultant professional, customer, supplier, agent, partner or adviser of or contractor to the group or an Affiliate; or a company beneficially owned by any director, employee, consultant, professional, customer, supplier, agent, partner, adviser of or contractor to the group or an Affiliate.
(b)
(c)
(c)
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
SHARE OPTION (CONT'D)
(B) SHARE OPTION SCHEME (CONT'D) Price of Shares Determined by the Board and shall not be less than the higher of:
认股权 (续)
(B) 认股权计划 (续)
股价
由董事会厘定,且不得低於以下之最高者: (a) (b) 股份之面值; 於发售日期 (须为营业日) 股份在联交所之每股收市价;及紧接发售日期前五个营业日股份在联交所之平均收市价.
(a) (b)
the nominal value of the share; the closing price of (1) one share on the Stock Exchange at the offer date, which must be a trading day; and the average closing price of the share on the Stock Exchange for the five business days immediately preceding the offer date.
(c)
(c)
Total number of Shares available for issue and the percentage of the issued shares capital that it represents as at the date of this annual report 104,025,000 Shares, being approximately 10% of the issued shares of the company. Maximum entitlement of each participant Not exceed 1% of the shares in issue in any 12-month period.
可发行股份总数及於本年报日期占已发行股份之百分比
104,025,000 股股份,占本公司已发行股份约 10%.
每名参与者之最高配额
不超过於任何十二个月期间已发行股份之 1%.
Period within which the securities must be taken up under the option Subject to the discretion by the Board and, in the absence of which, from the date of acceptance to the earlier of the date on which such option lapses and 10 years from the date of offer.
根据认股权认购证券之期限
由董事会酌情厘定,而如并无厘定,由接纳日期起至有关认股权失效之日及由授出日期起计满十年以较早发生者为 ( 准) .
Minimum period for which an option must be held before it can be exercised Subject to the discretion by the Board. Amount payable on acceptance HK$10.00 payable upon acceptance of the offer. Period within which calls/loans must be made/repaid Not applicable.
认股权行使前必须持有之最短期限
由董事会酌情厘定.
接纳时应付金额
於接纳时应付港币 10.00 元.
付款金额╱贷款须作出╱偿还之期限
不适用. Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
41
Directors' Report 董事会报告
SHARE OPTION (CONT'D)
(B) SHARE OPTION SCHEME (CONT'D) Remaining life of the scheme The scheme will be valid and effective until 31 January 2017, after which no further options will be granted but the provisions of the scheme shall remain in full force and effect in all other respects. Options complying with the provisions of the Listing Rules which are granted during the duration of the scheme and remain unexercised immediately prior to 31 January 2017 shall continue to be exercisable in accordance with their terms of grant, notwithstanding the expiry of the scheme. Movements of the option shares, which were granted under the Pre-IPO Share Options, during the year ended 31 December 2008 are listed below in accordance with rule 17.07 of the Listing Rules: During the year 年内
认股权 (续)
(B) 认股权计划 (续)
该计划之余下年期
该计划将生效及有效直至 2017 年 1 月 31 日,此后将不会授出任何认股权,但该计划之条文於所有其他方面将维持十足效力及有效.於该计划期内授出且於紧接 2017 年 1 月 31 日前仍未获行使但符合上市规则条文之认股权,将可继续根据彼等之授出条款予以行使,尽管该计划之期限已届满. 於截至2008年12月31日止年度内,根据首次公开发售前认股权授出之认股权变动如下 (乃根据上市规则第 17.07 条) :
Lapsed*/ As at於 01.01.2008 Granted 已授出 Exercised 已行使 cancelled 已失效*╱ 已注销 As at於 31.12.2008
Exercise price 行使价 HK$ 港元 Exercise period 行使期
Category Directors Ms. Ye Qingdong Mr. Ouyang Junxin
类别董事叶庆东女士欧阳俊新先生
5,000,000 2,000,000 12,000,000
----
----
----
5,000,000 2,000,000 12,000,000
0.60 0.60 0.60
Continuous Contracts 持续合约雇员 Employees Total 总计
22.08.200721.02.2012 22.08.200721.02.2012 22.08.200721.02.2012
19,000,000
--
-附注:
--
19,000,000
Notes: 1. The vesting period for all option granted is six months from the Listing Date.
1.
所有已授出认股权之归属期为由上市日期起计六个月.
2.
The exercise price of the shares options, representing a discount of 75% to the maximum IPO Offer Price as described in the Prospectus.
2.
认股权之行使价较招股章程所述之最高首次公开发售价折让 75%.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
SHARE OPTION (CONT'D)
(B) SHARE OPTION SCHEME (CONT'D) Movements of the option shares, which were granted under the Share Option Scheme, during the year ended 31 December 2008 are listed below in accordance with rule 17.07 of the Listing Rules:
认股权 (续)
(B) 认股权计划 (续) 於截至2008年12月31日止年度内,根据认股权计划授出之认股权变动如下 (乃根据上市规则第 17.07 条列) :
During the year 年内 Lapsed/ cancelled 已失效╱ 已注销 (7,000,000) – – (1,000,000) (170,000) – – (5,000,000) – –
Category Directors Mr. Zhang Huaqiao4 Dr. Li Jun Mr. Cheung Ngai Lam Ms. Lin Wei Fang5 Continuous Contract Employees
类别董事张化桥先生 4 李珺博士张毅林先生林伟芳女士 5 持续合约雇员
Date of grant 授出日期 15.05.2007 15.05.2007 15.05.2007 15.05.2007 15.05.2007 10.10.2007
As at於 01.01.2008 7,000,000 1,000,000 1,000,000 1,000,000 13,309,000 1,000,000 18,000,000 5,000,000 20,000,000 –
Granted 已授出 – – – – – – – – – 8,000,000
Exercised 已行使 – – – – – – – – – –
As at於 31.12.2008 – 1,000,000 1,000,000 – 13,139,000 1,000,000 18,000,000 – 20,000,000 8,000,000
Exercise price 行使价 HK$ 港元 1.84 1.84 1.84 1.84 1.84 2.99 1.84 2.99 2.99 1.70
Exercise period 行使期 15.11.200714.05.2017 15.11.200714.05.2017 15.11.200714.05.2017 15.11.200714.05.2017 15.11.200714.05.2017 10.04.200809.10.2017 15.11.200714.05.2017 10.04.200809.10.2017 10.10.200809.10.2017 13.08.200812.08.2018
Consultants
顾问
15.05.2007 10.10.2007 10.10.2007# 13.02.2008
Total
Notes: 1.
总计
67,309,000
8,000,000
–
(13,170,000)
附注:
62,139,000
The vesting period for all the options granted is six months from the date of acceptance of the offer, save as the one marked with "#", the vesting period is one year from the date of acceptance of the offer.
1.
所有已授出认股权之归属期为由接纳授出日期起计六个月,惟该认股权附注「#」记号,其归属期为由接纳授出日期起计一年.
2.
The exercise price of the share options is subject to the adjustment in case of right or bonus issues, or other similar changes in the company's share capital.
2.
认股权之行使价将因应供股或发行红股或本公司股本之其他类似变动而作出调整.
3.
When the share options are lapsed or cancelled, the amount previously recognised in capital reserve will be transferred to retained profits.
3.
当认股权已失效或被注销,早前於资本储备确认之数额将转拨至保留溢利.
4.
Mr. Zhang resigned as non-executive director of the company on 26 September 2008.
4.
张先生於 2008 年 9 月 26 日辞任本公司非执行董事一职.
5.
Ms. Lin resigned as independent non-executive director of the company on 6 October 2008.
5.
林女士於 2008 年 10 月 6 日辞任本公司独立非执行董事一职.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
43
Directors' Report 董事会报告
SHARE OPTION (CONT'D)
(C) FAIR VALUE OF SHARE OPTIONS AND ASSUMPTIONS The estimate of the fair value of the share options granted is measured based on both the Black-Scholes pricing model and the binomial lattice model. The contractual life and expectations of early exercise of the share options were used as inputs into relevant models.
认股权 (续)
(C) 认股权的公允值及假设所授予认股权的公允值估计乃根据伯力克-舒尔斯定价模式及二项式点阵模式计量.认股权的合约年期及预期提早行使乃作为数据输入有关模式.
Fair value of share options and assumptions
认股权的公允值及假设
Grant date 授出日期 31 January 2007 2007年1月31日 15 May 2007 2007年5月15日 HK$0.47 0.47港元 HK$1.84 1.84港元 HK$1.84 1.84港元 48.9% 10 October 2007 2007年10月10日 HK$0.64 0.64港元 HK$2.93 2.93港元 HK$2.99 2.99港元 51.1% 13 February 2008 2008年2月13日 HK$0.54 0.54港元 HK$1.61 1.61港元 HK$1.70 1.70港元 56.2%
Fair value at measurement date Share price Exercise price Expected volatility (expressed as weighted average volatility used in the models) Option life (expressed as weighted average life used in the models) Expected dividends Risk-free interest rate (based on Exchange Fund Notes) Valuation model used
於计量日期的公允值股价行使价预期波幅 (以该等模式中采用的加权平均波幅表示) 认股权年期 (以该等模式中采用的加权平均年期表示) 预期股息无风险利率 (以外汇基金票据计算) 采用的估值模式
HK$0.78 0.78港元 N/A 不适用 HK$0.60 0.60港元 47.9%
3 years 3年 4.4% 4.0% Black-Scholes 伯力克-舒尔斯
3.25 years 3.25 年 3.4% 4.2% Black-Scholes 伯力克-舒尔斯
10 years 10 年 1.2% 4.3% Binomial 二项式
10 years 10 年 0.0% 2.7% Binomial 二项式
The expected volatility is based on the historic volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility based on publicly available information. Share options were granted under a service condition. The condition has not been taken into account the fair value measurement of the services received on the grant date. There were no market conditions associated with the share options granted.
预期波幅乃根据历史波幅 (根据认股权的加权平均余下年期计算) ,并就根据公开可用的资料调整任何预期变动的未来波幅.
认股权根据服务状况批授.该状况并无计及所收取服务於授出日期的公允值计量.认股权批授并无与市场条件有关.
44
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Directors' Report 董事会报告
PENSION SCHEMES
The pension schemes of the company and its subsidiaries are primarily in form of contributions to the PRC statutory public welfare fund and Hong Kong's Mandatory Provident Funds, respectively.
退休金计划
本公司及其附属公司之退休金计划主要分别为中国法定公益金供款计划及香港强制性公积金.
CONNECTED TRANSACTIONS
During the year, the company did not have any connected transactions which were subject to the requirements of the Listing Rules.
关连交易
年内,本公司并无进行任何须遵守上市规则规定之关连交易.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the whole and any substantial part of the business of the company were entered into or existed during the year.
管理合约
年内概无订立或存在任何关於本公司业务全部及任何重要部分之管理及行政合约.
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES
Neither the company nor any of its subsidiaries had purchased, sold, or redeemed any of the company's listed securities during the year.
购买,出售或赎回本公司上市证券
年内,本公司或任何其附属公司概无购买,出售或赎回任何本公司上市证券.
CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
The Board adopted the Model Code. The directors have confirmed their compliance with the required standards as set out in the Model Code during the year ended 31 December 2008.
董事进行证券交易之守则
董事会已采纳标准守则.董事确认彼等於截至 2008年12月31日止年度内一直遵守标准守则所载之规定标准.
POST BALANCE SHEET EVENT
Details of significant events occurring after the balance sheet date as set out in note 37 to the financial statements.
资产负债表日后事项
资产负债表日后发生之重大事项详情载於财务报表附注 37.
AUDITORS
KPMG retire and, being eligible, offer themselves for re-appointment in forthcoming annual general meeting of the company. A resolution for the re-appointment of KPMG as auditors of the company is to be proposed at the forthcoming annual general meeting. On behalf of the Board Zeng Yunshu Chairman 24 April 2009
核数师
毕马威会计师事务所任满告退,惟表示愿意於本公司之应届股东周年大会上膺选连任.有关重新委任毕马威会计师事务所为本公司核数师之决议案将於应届股东周年大会上提呈. 代表董事会曾云枢主席 2009 年 4 月 24 日 Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
45
Corporate Governance Report 企业管治报告
The company has always recognised the importance of shareholders transparency and accountability. It is the belief of the Board that shareholders can maximise their benefits from good corporate governance. The company is committed to ensure high standards of corporate governance in the interest of its shareholders. The directors of the company acknowledge their responsibility for preparation and the true and fair presentation of these consolidated financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
本公司深明对股东的透明度及问责之重要性. 董事会相信股东可从良好之企业管治中获得最大的裨益.本集团致力确保良好的企业管治标准,以符合股东利益.
本公司董事知悉彼等有关根据香港会计师公会颁布的香港财务报告准则及香港《公司条例》的披露规定编制及真实而公平地呈列该等综合财务报表的责任.此责任包括设计,实行及维持有关编制及真实而公平地呈列该等综合财务报表的内部监控,以使该等财务报表并不存在任何由於欺诈或错误而导致的重大错误陈述;选择及应用适当的会计政策;及根据情况作出合理的会计估计.
(A) CORPORATE GOVERNANCE PRACTICES
The company has adopted the code provisions set out in the Code of Corporate Governance Practices (the "Code") as stated in Appendix 14 to the Rules of Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), which has been revised and the amendments became effective on 1 January 2009. As far as the Code is concerned, the company complies with all aspects of the Code except for the Code of A.2.1 regarding the separation of roles of chairman and president (chief executive officer) which, in the company's opinion, would not be appropriate for the adoption by the company. The role of chairman and president (chief executive officer) of the company are performed by the same individual, 曾云枢先生 (Mr. Zeng Yunshu). The Board meets regularly to consider major matters affecting the operations of the company. The Board considered that this structure does not impair the balance of power and authority between the Board and the management of the company and believes that this structure enables the group to make and implement decision promptly and efficiently. Therefore, the Board are of the view that the role of chairman and president (chief executive officer) of the company can be performed by the same individual.
(A) 企业管治常规
本集团已采纳香港联合交易所有限公司证券上市规则「上市规则」经已作出 ( , 修订, 而有关修订已於 2009 年 1 月 1 日生效) 附录十四所载的企业管治常规守则 ( 「守则」的守则条文.就所涉及的守则 ) 而言,本公司遵守守则的所有方面,惟守则第 A .2.1 条有关主席与总裁 (行政总裁) 的角色应各自独立除外,而本公司认为并不适合采纳此项守则.本公司的主席及总裁 (行政总裁) 均由同一人士即曾云枢先生担任.董事会定时召开会议以审议影响本公司营运的重大事宜.董事会认为此架构不会损害董事会与管理层之间的权力与授权的平衡,并相信此架构可令本集团迅速及有效地作出和实施决策. 因此, 董事会认为, 本公司主席与总裁 (行政总裁) 的角色可由同一人士担任.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Corporate Governance Report 企业管治报告
(B) DIRECTORS' SECURITIES TRANSACTIONS
The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the directors. Specific enquiry has been made to all directors regarding any non-compliance with the Model Code during the year and they all confirmed that they have fully complied with the required standard set out in the Model Code. In addition, the company has adopted provisions of the Model Code as written guidelines for relevant employees (as defined in provision A.5.4 of Appendix 14 to the Listing Rules) in respect of their dealings in the securities of the company. Such relevant employees shall abide by the provisions of the Model Code. In consideration of the new amendments to the Model Code (the "Amendments"), which became effective on the 1st quarter of 2009, the Board has revised its Model Code corresponding to the Amendments.
(B) 董事进行的证券交易
董事会已采纳上市规则附录十所载的上市发行人董事进行证券交易的标准守则 ( 「标准守则」 ,作为董事进行证券交易 ) 的行为守则.年内,本公司已就是否有任何违反标准守则的事项向全体董事作出具体查询,而彼等均确认彼等已全面遵守标准守则所载标准.
此外,本公司亦已就有关雇员买卖本公司证券而采纳标准守则条文作为彼等的书面指引 (定义见上市规则附录十四条文第A.5.4条) .有关雇员须按照标准守则的条文行事. 考虑到标准守则的新修订「修订」 ( ,已於 2009 年第一季生效) ,董事会已根据修订对其标准守则作出相应修改.
(C) BOARD OF DIRECTORS
COMPOSITION The composition of the Board ensures a balance of skills and experience appropriate to the requirements of the business of the company and to the exercising of independent opinion. The directors who held office during the year and up to the date of this report were: EXECUTIVE DIRECTORS: Mr. ZENG Yunshu Mr. ZHANG Yiyan Dr. HAN Qinchun Mr. ZENG Sheng Ms. YE Qingdong Mr. OUYANG Junxin NON-EXECUTIVE DIRECTORS: Mr. ZHANG Huaqiao
(C) 董事会
组成董事会之组成确保了本公司业务运作及独立意见所需要的技能及经验.
年内及直至本报告日期止在任董事如下:
(Chairman and President) (appointed on 6 October 2008)
执行董事: 曾云枢先生张奕炎先生韩秦春博士曾胜先生叶庆东女士欧阳俊新先生非执行董事: 张化桥先生
(主席兼总裁) (於 2008 年 10 月 6 日获委任)
(resigned on 26 September 2008)
(於 2008 年 9 月 26 日辞任)
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
47
Corporate Governance Report 企业管治报告
(C) BOARD OF DIRECTORS (CONT'D)
COMPOSITION (CONT'D) INDEPENDENT NON-EXECUTIVE DIRECTORS: Dr. LI Jun Mr. CHEUNG Ngai Lam Mr. WANG Fosong (appointed on 6 October 2008) Ms. LIN Wei Fang (resigned on 6 October 2008)
(C) 董事会 (续)
组成 (续) 独立非执行董事: 李珺博士张毅林先生王佛松先生 (於 2008 年 10 月 6 日获委任) 林伟芳女士 (於 2008 年 10 月 6 日辞任) 现任董事履历载於本年报第 21 页至第 26 页. 已举行会议及出席的次数董事会一般每年举行四次会议,并在有需要时举行会议检讨本集团的财务及内部监控,风险管理,公司策略及营运业绩.截至2008年12月31日止年度内,合共举行了 10 次定期及特别董事会会议,2 次审核委员会会议,2 次薪酬委员会会议及 2 次提名委员会会议.该等会议的纪录由本公司公司秘书保存,并公开供董事查阅.
The biographical details of the current directors are set out on page 21 to page 26 of this annual report. NUMBER OF MEETINGS HELD AND ATTENDANCE The Board normally has four scheduled meetings a year and meet at other times as and when required to review financial and internal control, risk management, company strategy and operating performance of the group. During the year ended 31 December 2008, a total number of 10 regular and adhoc Board meetings, 2 audit committee meetings, 2 remuneration committee meetings and 2 nomination committee meeting were held. Minutes of these meetings are kept by the company secretary of the company and are open for inspection by the directors.
48
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Corporate Governance Report 企业管治报告
(C) BOARD OF DIRECTORS (CONT'D)
NUMBER OF MEETINGS HELD AND ATTENDANCE (CONT'D) The individual attendance records of each director, on a named basis, at the meetings of the Board, audit committee, remuneration committee and nomination committee during the year ended 31 December 2008 are set out below:
(C) 董事会 (续)
已举行会议及出席的次数 (续) 截至2008年12月31日止年度内,按姓名分类的每位董事出席董事会会议,审核委员会,薪酬委员会及提名委员会的个别出席记录载列如下:
Attendance/Number of Meetings entitled to attend 出席╱有权出席会议的次数 Board Name of Directors Mr. ZENG Yunshu Mr. ZHANG Yiyan1 Dr. HAN Qinchun Mr. ZENG Sheng Ms. YE Qingdong Mr. OUYANG Junxin Mr. ZHANG Huaqiao2 Dr. LI Jun Mr. CHEUNG Ngai Lam Mr. WANG Fosong3 Ms. LIN Wei Fang4
Notes: 1. 2. 3. 4. Mr. ZHANG Yiyan was appointed on 6 October 2008. Mr. ZHANG Huaqiao resigned on 26 September 2008. Mr. WANG Fosong was appointed on 6 October 2008. Ms. LIN Wei Fang resigned on 6 October 2008.
Audit Remuneration Committee Committee 审核委员会 – – – – – – – 2/2 2/2 – 2/2
附注:
Nomination Committee 提名委员会 – – – – – – – 2/2 2/2 – 1/1
董事姓名曾云枢先生张奕炎先生1 韩秦春博士曾胜先生叶庆东女士欧阳俊新先生张化桥先生2 李珺博士张毅林先生王佛松先生3 林伟芳女士4
董事会 10/10 5/5 10/10 10/10 10/10 10/10 3/3 6/10 6/10 2/5 2/5
薪酬委员会 2/2 – – – – – – 2/2 2/2 – –
张奕炎先生於 2008 年 10 月 6 日获委任. 张化穚先生於 2008 年 9 月 26 日辞任. 王佛松先生於 2008 年 10 月 6 日获委任. 林伟芳女士於 2008 年 10 月 6 日辞任.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
49
Corporate Governance Report 企业管治报告
(C) BOARD OF DIRECTORS (CONT'D)
RESPONSIBILITY OF THE BOARD The Board is responsible to ensure that there is a competent executive management which is able to run the company in a sound and efficient manner. The Board is also responsible for establishing the company's business strategies and plans from time to time to ensure that the operations of the company are conducted effectively. The Board is responsible for preparation of the financial statements. In preparing the financial statements, the generally accepted accounting principles in Hong Kong have been adopted, appropriate accounting policies have been used and applied consistently, and reasonable and prudent judgments and estimates have been made. The Board also conducts appropriate internal control procedures and reviews risk management strategies and polices of the company to ensure that the company runs its business in compliance with all legal and regulatory requirements with prudence and integrity. RESPONSIBILITY OF THE DIRECTORS Each executive director is delegated individual authority and responsibility to oversee and monitor the operations of a specific business unit, and to implement the strategies and polices set out by the Board. The independent non-executive directors provide independent opinion and share their knowledge and experiences with the other members of the Board, audit committee, remuneration committee and nomination committee. ANNUAL CONFIRMATION FROM INDEPENDENT NON-EXECUTIVE DIRECTORS The company has received, from each independent non-executive directors, an annual confirmation of his/her independence pursuant to Rule 3.13 of the Listing Rules. The Board and the nomination committee consider all of the independent non-executive directors are independent. TERMS OF NON-EXECUTIVE DIRECTORS Each of the non-executive and independent non-executive directors has been appointed to hold the office until the forthcoming annual general meeting. In addition, the appointment of each of the nonexecutive and independent non-executive directors is subject to retirement by rotation in accordance with the company's Articles of Association.
(C) 董事会 (续)
董事会责任董事会负责确保行政管理层能使本公司妥善及有效经营,并不时制定本公司业务策略及计划,以确保有效营运.
董事会负责编制财务报表.於编制财务报表时,已采纳香港公认会计原则,使用及惯彻应用适当的会计政策,并作出合理审慎的判断及估计.
董事会亦进行适当内部监控程序,并检讨本公司的风险管理策略及政策,以确保本公司在符合所有法例及监管规定的情况下审慎而真诚地经营业务. 董事责任各执行董事获个别授权监督及监察特定业务单位的运作,并推行董事会制定的策略及政策.独立非执行董事提供独立意见, 并与董事会, 审核委员会, 薪酬委员会及提名委员会其他成员分享相关知识及经验.
独立非执行董事的年度确认书本公司已收到每位独立非执行董事根据上市规则第 3.13 条发出的年度独立确认书.董事会及提名委员会认为,所有独立非执行董事均具独立性.
非执行董事任期每位非执行董事及独立非执行董事的任期至应届股东周年大会结束为止. 此外,获委任的每位非执行董事及独立非执行董事须根据本公司的组织章程轮席退任.
50
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Corporate Governance Report 企业管治报告
(D) REMUNERATION OF DIRECTORS
The Board has established a remuneration committee ("RC") with written terms of reference as suggested under the code provision under the Code. The RC comprises the following three members: (i) (ii) (iii) Dr. Li Jun, chairman of RC (independent non-executive director); Mr. Zeng Yunshu (executive director, chairman & president of the Board); and Mr. Cheung Ngai Lam (independent non-executive director).
(D) 董事薪酬
董事会已成立薪酬委员会,并按守则的守则条文建议制定书面职权范围.薪酬委员会由以下三名成员组成: (i) (ii) (iii) 李珺博士,薪酬委员会主席 (独立非执行董事) ; 曾云枢先生 (执行董事,董事会主席兼总裁) ;及张毅林先生 (独立非执行董事) .
The RC meets at least once a year to determine the remuneration policy for the directors and senior management. During the year ended 31 December 2008, a total number of 2 meetings were held to determine the remuneration policy for the directors and/or senior management. The attendance records of the RC, on a named basis, are set out under section of "Number of Meetings Held and Attendance" on page 49 of this annual report. The RC has primary responsibility for making recommendations for approval by the Board with respect to matters relating to the remuneration of the executive directors of the company. The major responsibilities of the remuneration committee are: (i) (ii) to make recommendations on the company's policies and structure for all the remuneration of the directors; to propose the specific remuneration packages of the executive directors, and to make recommendations on the remuneration of the non-executive directors for the Board's approval; to review and propose performance-based remuneration for executive directors by reference to corporate goals and objectives resolved by the Board from time to time; and to administer and make determinations with regard to the company's share option scheme.
薪酬委员会每年至少举行一次会议,以厘定董事及高级管理层的薪酬政策.截至 2008年12月31日止年度内,合共举行了2 次会议,以厘定董事及╱或高级管理层的薪酬政策.按姓名分类的出席薪酬委员会会议的出勤记录载於年报第 49 页的「已举行会议及出席的次数」一节. 薪酬委员会主要负责就有关本公司执行董事的薪酬事宜提出推荐意见,以供董事会批准.薪酬委员会的主要责任为:
(i) (ii)
就本公司有关董事所有薪酬的政策及架构提出推荐意见; 就执行董事的特别薪酬待遇提出建议,及就非执行董事的薪酬提出推荐意见以供董事会批准; 参照董事会不时议决的公司目标及宗旨,建议执行董事基於表现的薪酬;及管理本公司的认股权计划并就此作出决定.
(iii)
(iii)
(iv)
(iv)
During the year, the Board approved all the recommendations of the RC. Details of the amount of directors' emoluments during the year ended 31 December 2008 are set out in note 10 to the financial statements.
年内,董事会批准了薪酬委员会的所有推荐意见.截至2008年12月31日止年度内,有关董事袍金款额的详情载於财务报表附注 10.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
51
Corporate Governance Report 企业管治报告
(E) AUDIT COMMITTEE
The Board has established an audit committee ("AC") with written terms of reference as suggested under the code provision under the Code. The AC comprises the following three members, all of them are independent non-executive directors: (i) (ii) (iii) Mr. Cheung Ngai Lam (chairman of AC); Dr. Li Jun; and Mr. Wang Fosong.
(E) 审核委员会
董事会已成立审核委员会,并按守则的守则条文建议制定书面职权范围.审核委员会由以下三名成员 (均为独立非执行董事) 组成: (i) (ii) (iii) 张毅林先生 (审核委员会主席) ; 李珺博士;及王佛松先生.
The AC meets at least twice a year to review and approve the group's financial reporting process and internal control system. During the year ended 31 December 2008, a total number of 2 meetings were held. The attendance records of the AC, on a named basis, are set out under section of "Number of Meetings Held and Attendance" on page 49 of this annual report.
审核委员会每年至少举行两次会议,以检讨及批准本集团的财务申报程序及内部监控系统.截至2008年12月31日止年度内,合共举行了 2 次会议.按姓名分类的出席审核委员会会议的出勤记录载於本年报第 49 页的「已举行会议及出席的次数」一节. 审核委员会知悉上市规则下有关审核委员会职权范围的新修订,该等新修订关於 (其中包括) 废除委任合资格会计师的规定及对审核委员会职权范围作出的修订,而董事会及审核委员会亦已於其后采取适当的行动. 审核委员会的主要责任为: (i) 就委任,重新委任及罢免本公司的外聘核数师提出推荐意见,以及客观评估彼等的独立性及审核程序的成效; 检讨及监察本公司的中期及年度财务报表,报告及账目,以及检讨其中所载的重大及决策性财务申报事宜; 检讨本公司的财务监控,内部监控及风险管理系统;及与管理层讨论内部监控系统,以及确保管理层於落实有效的内部监控系统方面已履行其职责及责任.
The AC acknowledged the new amendments to the terms of reference of the AC under the Listing Rules in relation to, inter alias, abolishment of the requirement of appointment of qualified accountants and the amendments to the terms of reference of the AC and thereafter appropriate actions have been taken by the Board and the AC accordingly. The major responsibilities of the AC are: (i) to make recommendations with respect to the appointment, re-appointment and removal of the company's external auditors, and to evaluate their independence, objectivity and effectiveness of the audit process; to review and monitor the interim and annual financial statements, reports and accounts of the company, and to review significant and judgemental financial reporting issues contained therein; to review the company's financial controls, internal controls and risk management systems; and to discuss with the management the system of internal controls, and to ensure that the management has discharged its duties and responsibilities in implementing an effective internal control system.
(ii)
(ii)
(iii)
(iii)
(iv)
(iv)
The group's annual results for the year ended 31 December 2008 have been reviewed by AC.
本集团截至2008年12月31日止年度的年度业绩已由审核委员会审阅.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Corporate Governance Report 企业管治报告
(E) AUDIT COMMITTEE (CONT'D)
AUDITOR'S REMUNERATION During the year ended 31 December 2008, the fees paid/payable to auditors in respect of audit services and non-audit services provided by the auditors to the group were as follows:
(E) 审核委员会 (续)
核数师酬金截至2008年12月31日止年度,就核数师向本集团提供的核数服务及非核数服务而已付╱应付予核数师的费用如下: 2008 HK$'000 港币千元 2007 HK$'000 港币千元
Nature of services
服务性质
Audit IPO services Others Total
核数上巿服务其他总计
1,800 – 600 2,400
2,084 3,138 696 5,918
(F) NOMINATION COMMITTEE
The Board has established a nomination committee ("NC") with written terms of reference as suggested under the code provision under the Code. The members of nomination committee are independent non-executive directors, namely: (i) (ii) (iii) Mr. Wang Fosong (chairman of NC); Dr. Li Jun; and Mr. Cheung Ngai Lam.
(F) 提名委员会
董事会已成立提名委员会,并按守则的守则条文建议制定书面职权范围.提名委员会由以下三名成员 (均为独立非执行董事) 组成: (i) (ii) (iii) 王佛松先生 (提名委员会主席) ; 李珺博士;及张毅林先生.
The NC meets at least once a year to make recommendations to the Board on the appointment of directors and the management of the Board's succession. During the year ended 31 December 2008, a total number of 2 meetings were held. The attendance records of the nomination committee, on a named basis, are set out under section of "Number of Meetings Held and Attendance" on page 49 of this annual report.
提名委员会每年至少举行一次会议,以就委任董事及董事会继承管理向董事会提出推荐意见.截至2008年12月31日止年度内,合共举行了 2 次会议.按姓名分类的出席提名委员会会议的出勤记录载於本年报第 49 页的「已举行会议及出席的次数」一节.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Corporate Governance Report 企业管治报告
(F) NOMINATION COMMITTEE (CONT'D)
The major responsibilities of the NC are: (i) to review the structure, size and composition (including the skills, knowledge and experience) of the Board on a regular basis and make recommendations to the Board regarding any proposed changes; to identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of, individuals nominated for directorships; to assess the independence of independent non-executive directors; and to make recommendations to the Board on relevant matters relating to the appointment or re-appointment of directors and succession planning for directors in particular the chairman and the president (chief executive officer).
(F) 提名委员会 (续)
提名委员会的主要责任为: (i) 定期检讨董事会的架构,规模及组成包括技能, 知识及经验 ) 就 ( 及任何建议调整向董事会提出推荐建议; 物色具备合适资格可担任董事之人士,及挑选获提名出任董事之人士或就此向董事会提出推荐意见; 评估独立非执行董事的独立性;及
(ii)
(ii)
(iii)
(iii)
(iv)
(iv)
就有关委任或重新委任董事以及董事尤其是主席及总裁 (行政总裁) 继任计划的相关事宜向董事会提出推荐意见.
During the year, the Board approved all the recommendations of the NC. The retirement and rotation of the following directors at the forthcoming annual general meeting have been approved by the NC:– (i) (ii) (iii) (iv) (v) (vi) (vii) Mr. ZENG Yunshu (executive director); Mr. ZHANG Yiyan (executive director); Dr. HAN Qinchun (executive director); Mr. ZENG Sheng (executive director); Dr. LI Jun (independent non-executive director); Mr. CHEUNG Ngai Lam (independent non-executive director); and Mr. WANG Fosong (independent non-executive director).
年内,董事会批准了提名委员会的所有推荐意见.下列董事於应届股东周年大会上轮席和退任已获提名委员会批准:
(i) (ii) (iii) (iv) (v) (vi) (vii)
曾云枢先生 (执行董事) ; 张奕炎先生 (执行董事) ; 韩秦春博士 (执行董事) ; 曾胜先生 (执行董事) ; 李珺博士 (独立非执行董事) ; 张毅林先生 (独立非执行董事) 及王佛松先生 (独立非执行董事) .
(G) INTERNAL CONTROL
The Board has the responsibility to maintain an effective internal control system in order to protect the group's assets and shareholders' interests. The Board and AC shall also conduct periodic reviews to ensure the effectiveness of the group's internal control system. The internal control system includes a well established corporate structure and organisation with clearly defined lines of responsibility and authority. Each department is responsible for its daily operations, and is also required to implement and monitor the strategies and polices adopted by the Board and effective employment of the resources of the company, in order to avoid misappropriation of resources and damages made to the company's assets, and prevent against errors and fraud.
(G) 内部监控
董事会有责任维持及检讨公司的内部监控系统,以保障集团的资产及股东的权益.董事会及审核委员会定期检讨本集团内部监控系统以确保其效用性.内部监控系统包括公司的结构和组织,清楚界定各部门的职责范围和权属.各部门不仅负责日常业务的操作,还需要实施及监察董事会所决定的政策,策略及整体的资源有效运用,以防止滥用资源, 资产受损,防止错失及欺诈行为的发生.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Corporate Governance Report 企业管治报告
(G) INTERNAL CONTROL(CONT'D)
The Board and AC assess the effectiveness of the internal control system and procedures based on information derived from discussions with the management of the company and its external auditors. The Board and AC believe that the existing internal control system is adequate and effective. The review covers all material controls, including financial, operational and compliance controls and risk management functions as well as the adequacy of resources, qualifications and experience of staff of the company's accounting and financial reporting function, and their training programmes and budget. The Board has established a clearly defined scope of activities, responsibility and authority for each department and its management staff within the group. The group has a defined goal for each department to accomplish, these goals were discussed in the Board meeting and pass on to the management through the executive directors. These goals will be implemented and closely monitored by the executive directors who shall review the operational and financial results from time to time, and to take any necessary actions for the improvement of it business activities.
(G) 内部监控 (续)
董事会及审核委员会参考公司管理层及外聘核数师所提供的资料,评估内部监控及其程序之有效性.董事会及审核委员会相信现时之内部监控系统已经足够及有效地运用. 审核涵盖所有重大监控范畴, 包括财务,营运和合规监控,风险管理职能以及资源足够性,本公司会计及财务申报部门的员工资历及经验,以及彼等的培训计划及预算. 董事会对各行政管理人员设有清晰而明确的权责.本集团订立明确的目标予各部门来完成,各项目标均在董事会会议决定后,由执行董事交给各管理部门执行.各执行董事会密切监察公司的各项业务,审阅业务进度和财务报告,检讨及作出相应的改善.
(H) INVESTOR RELATIONS
The company is committed to maintain high level of transparency in communicating with shareholders and the investment community at large. The company provides information in relation to the company and its business in its annual report which is to be dispatched to shareholders of the company on a timely basis. The group's corporate website (http://www.hlkg.net/) also provides an effective communication medium through which the public and investors can obtain updated information about the group. All the shareholders of the company are to be given a 21 days' notice of the date and venue of the company's Annual General Meeting where the shareholders have an opportunity to communicate directly with the Board.
(H) 投资者关系
本公司在与股东及投资者沟通方面竭力保持高透明度,亦透过定期向本公司股东寄发年报以提供有关本公司及其业务资料.本集团的公司网站 ( h t t p : / / w w w . hlkg.net/) 更是公众及投资者获得本集团最新资料的有效沟通媒介.
本公司会於举行股东周年大会前 21 天向全体股东寄发有关股东周年大会日期及地点的通告,会上股东可直接与董事会沟通.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
55
Independent Auditor's Report 独立核数师报告
Independent Auditor's Report to the Shareholders of Hong Long Holdings Limited (Incorporated in the Cayman Islands with limited liability) We have audited the consolidated financial statements of Hong Long Holdings Limited (hereinafter referred to as the "company") set out on pages 58 to 152, which comprise the consolidated and the company balance sheets as at 31 December 2008, and the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.
致鸿隆控股有限公司股东之独立核数师报告 (於开曼群岛注册成立的有限公司) 本核数师 (以下简称「我们」已审核列载於第 58 ) 页至第 152 页鸿隆控股有限公司以下简称为 ( 「本公司」的综合财务报表,此综合财务报表包 ) 括於 2008 年 12 月 31 日的综合及公司资产负债表与截至该日止年度的综合损益表,综合权益变动表和综合现金流量表,以及主要会计政策概要及其他附注解释.
DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL
STATEMENTS
董事就财务报表须承担的责任
The directors of the company are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
贵公司董事须负责根据香港会计师公会颁布的香港财务报告准则及香港《公司条例》的披露要求编制及真实而公平地列报该等财务报表.这责任包括设计,实施及维护与编制及真实而公平地列报财务报表相关的内部控制,以使财务报表不存在由於欺诈或错误而导致的重大错误陈述;选择和应用适当的会计政策;及按情况下作出合理的会计估计.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. This report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
核数师的责任
我们的责任是根据我们的审核对该等财务报表作出意见. 我们谨向整体股东报告. 除此以外,我们的报告书不可用作其他用途.我们概不就本报告书的内容,对任何其他人士负责或承担法律责任. 我们已根据香港会计师公会颁布的香港审计准则进行审核. 这些准则要求我们遵守道德规范,并规划及执行审核,以合理确定此等财务报表是否不存有任何重大错误陈述.
We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether
审核涉及执行程序以获取有关财务报表所载金额及披露资料的审核凭证.所选定的程序取决於核数师的判断,包括评估由於欺诈或错误而导致财务报表存有重大错误陈述的风险.在评
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Independent Auditor's Report 独立核数师报告
due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and true and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
估该等风险时,核数师考虑与该公司编制及真实而公平地列报财务报表相关的内部控制,以设计适当的审核程序,但并非为对公司的内部控制的效能发表意见.审核亦包括评价董事所采用的会计政策的合适性及所作出的会计估计的合理性,以及评价财务报表的整体列报方式.
我们相信,我们所获得的审核凭证是充足和适当地为我们的审核意见提供基础.
OPINION
In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the company and of the group as at 31 December 2008 and of the group's profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.
意见
我们认为,该等综合财务报表已根据香港财务报告准则真实而公平地反映贵公司及贵集团於 2008 年 12 月 31 日的事务状况及贵集团截至该日止年度的溢利及现金流量,并已按照香港《公司条例》之披露要求妥为编制.
KPMG Certified Public Accountants 8th Floor, Prince's Building 10 Chater Road Central, Hong Kong 24 April 2009
毕马威会计师事务所执业会计师香港中环遮打道 10 号太子大厦 8 楼 2009 年 4 月 24 日
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Consolidated Income Statement 综合损益表
For the year ended 31 December 2008 截至二零零八年十二月三十一日止年度 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Turnover Cost of sales Gross profit Other net income/(loss) Other revenue Selling and distribution expenses General and administrative expenses Other operating expenses Net increase in fair value of investment properties Gain on disposal of a jointly controlled entity Profit from operations Net change in fair value of derivative financial instruments Finance costs Profit before taxation Income tax Profit for the year Attributable to: Equity shareholders of the company Minority interests Profit for the year Earnings per share (RMB cents) Basic Diluted 营业额销售成本毛利其他收益╱ (亏损) 净额其他收入销售及分销费用一般及行政费用其他营运费用投资物业的公允值的增加净额出售共同控制实体收益 5 6 4 & 14
2008 RMB'000 人民币千元 119,628 (73,716) 45,912 37,097 55,491 (5,226) (32,273) (40,831) 62,120 – 122,290
2007 RMB'000 人民币千元 411,677 (176,994) 234,683 (24,608) 40,476 (11,347) (53,769) (20,356) 180,352 140,765 486,196
17 7
经营溢利衍生金融工具的公允值的变动净额融资成本除税前溢利所得税本年度溢利以下人士应占: 本公司权益股东少数股东权益本年度溢利每股盈利 (人民币仙) 13 基本摊薄
8(a) 8 9
58,533 (90,227) 90,596 (87,236) 3,360
(28,182) (55,091) 402,923 (152,421) 250,502
3,546 (186) 3,360
250,685 (183) 250,502
0.34 0.34
24.19 23.63
The notes on pages 65 to 152 form part of these financial statements.
第 65 页至第 152 页的附注属本财务报表的一部分.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Consolidated Balance Sheet 综合资产负债表
At 31 December 2008 於二零零八年十二月三十一日 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Non-current assets Property, plant and equipment Investment properties Deferred tax assets 非流动资产物业,厂房及设备投资物业递延税项资产
2008 RMB'000 人民币千元
2007 RMB'000 人民币千元
15 17 29(b)
11,053 1,319,606 38,249 1,368,908
9,772 1,257,486 14,744 1,282,002
Current assets Inventories Trade and other receivables Prepaid land costs Trading securities Pledged deposits Cash and cash equivalents
流动资产存货应收账款及其他应收款预付土地成本买卖证券抵押存款现金及现金等价物
19 20 20(d) 18 22 23
1,602,452 528,486 219,549 967 59,846 44,102 2,455,402
932,860 519,306 220,620 3,733 176,433 397,101 2,250,053
Current liabilities Bank loans Trade and other payables, and accruals Receipts in advance Rental and other deposits Taxation payable
流动负债银行贷款应付账款,其他应付款及预提费用预收账款租赁及其他按金应付税项
25 26 27 28 29(a)
510,124 402,576 86,094 11,129 245,652 1,255,575
219,019 314,578 34,652 10,944 242,886 822,079 1,427,974 2,709,976
Net current assets Total assets less current liabilities Non-current liabilities Interest-bearing borrowings Deferred tax liabilities
流动资产净值资产总值减流动负债非流动负债计息借贷递延税项负债
1,199,827 2,568,735
24 29(b)
699,725 209,207 908,932
956,386 113,864 1,070,250 1,639,726
Net assets
资产净值
1,659,803
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
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Consolidated Balance Sheet 综合资产负债表
At 31 December 2008 於二零零八年十二月三十一日 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Equity Share capital Reserves Total equity attributable to equity shareholders of the company Minority interests Total equity 权益股本储备本公司权益股东应占权益总额少数股东权益权益总额
2008 RMB'000 人民币千元
2007 RMB'000 人民币千元
10,296 1,636,425
10,296 1,617,162
31 31
1,646,721 13,082 1,659,803
1,627,458 12,268 1,639,726
Approved and authorised for issue by the Board of directors on 24 April 2009.
董事会於 2009 年 4 月 24 日批准并授权刊发.
Zeng Yunshu 曾云枢 Executive Director
Zeng Sheng 曾胜 Executive Director
执行董事
执行董事
The notes on pages 65 to 152 form part of these financial statements.
第 65 页至第 152 页的附注属本财务报表的一部分.
60
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Balance Sheet 资产负债表
At 31 December 2008 於二零零八年十二月三十一日 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Non-current assets Property, plant and equipment Interests in subsidiaries 非流动资产物业,厂房及设备於附属公司的权益
2008 RMB'000 人民币千元
2007 RMB'000 人民币千元
15 16
130 1,087,055 1,087,185
467 909,353 909,820
Current assets Other receivables Pledged deposits Cash and cash equivalents
流动资产其他应收款抵押存款现金及现金等价物
20 22 23
22,303 31,849 28,161 82,313
25,758 164,406 122,935 313,099
Current liabilities Other payables and accruals Net current assets Total assets less current liabilities Non-current liabilities Interest-bearing borrowings Net assets Equity Share capital Reserves Total equity
流动负债其他应付款及预提费用流动资产净值资产总值减流动负债非流动负债计息借贷资产净值权益股本储备权益总额
26
38,110 44,203 1,131,388
98,789 214,310 1,124,130
24
519,725 611,663
555,708 568,422
10,296 601,367 31 611,663
10,296 558,126 568,422
Approved and authorised for issue by the Board of directors on 24 April 2009.
董事会於 2009 年 4 月 24 日批准并授权刊发.
Zeng Yunshu 曾云枢 Executive Director
Zeng Sheng 曾胜 Executive Director
执行董事
执行董事
The notes on pages 65 to 152 form part of these financial statements.
第 65 页至第 152 页的附注属本财务报表的一部分.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
61
Consolidated Statement of Changes in Equity 综合权益变动表
For the year ended 31 December 2008 截至二零零八年十二月三十一日止年度 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Total equity at 1 January Profit for the year Total recognised income and expense for the year Attributable to: – equity shareholders of the company – minority interests 於 1 月 1 日的权益总额本年度溢利本年度已确认收入及费用总额以下人士应占: -本公司权益股东 -少数股东权益 31
2008 RMB'000 RMB'000 人民币千元人民币千元 1,639,726 3,360
2007 RMB'000 RMB'000 人民币千元人民币千元 844,423 250,502
3,360
250,502
3,546 (186) 3,360
250,685 (183) 250,502
Movements in equity arising from capital transactions: Shares issued pursuant to the global offering and upon the exercise of the over-allotment option, net of share issuing costs Conversion of convertible note Equity-settled share-based payments Shares issued under share option scheme Establishment of a subsidiary in the PRC Acquisition of additional interests in subsidiaries
资本交易产生的权益变动: 根据全球发售及因超额配股权获行使而发行的股份 (扣除股份发行成本) 转换可换股票据以股份为结算基础的付款根据认股权计划发行的股份於中国成立一间附属公司收购附属公司的额外权益
31 31 31 31 31 31
– – 15,717 – 1,000 – 16,717
465,599 117,624 44,727 2,531 – (85,680) 544,801 1,639,726
Total equity at 31 December
於12月31日的权益总额
1,659,803
The notes on pages 65 to 152 form part of these financial statements.
第 65 页至第 152 页的附注属本财务报表的一部分.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Consolidated Cash Flow Statement 综合现金流量表
For the year ended 31 December 2008 截至二零零八年十二月三十一日止年度 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Operating activities Profit before taxation Adjustments for: – interest income – finance costs – amortisation and depreciation – loss/(gain) on disposal of property, plant and equipment – net increase in fair value of investment properties – net change in fair value of derivative financial instruments – net realised and unrealised losses/(gains) on trading securities – gain on disposal of a jointly controlled entity – equity-settled share-based payments – impairment losses on trade and other receivables – dividend income – net exchange gain Operating profit before changes in working capital Increase in inventories (Increase)/decrease in trade and other receivables Increase in prepaid land costs Decrease/(increase) in pledged deposits (Decrease)/increase in trade and other payables, and accruals Increase/(decrease) in receipts in advance Increase in rental and other deposits Cash used in operations PRC income tax paid Net cash used in operating activities 经营活动除税前溢利调整项目: -利息收入 -融资成本 -摊销及折旧 -出售物业,厂房及设备亏损╱ (收益) -投资物业的公允值的增加净额 -衍生金融工具的公允值的变动净额 -买卖证券的已变现及未变现亏损╱ (收益) 净额 -出售共同控制实体收益 -以股份为结算基础的付款 -应收账款及其他应收款的减值亏损 -股息收入 -汇兑收益净额营运资金变动前的经营溢利存货增加应收账款及其他应收款 (增加) ╱减少预付土地成本增加抵押存款减少╱ (增加) 应付账款,其他应付款及预提费用 (减少) ╱增加预收账款增加╱ (减少) 租赁及其他按金增加营运动用的现金已付中国所得税经营活动动用的现金净额 7 30
2008 RMB'000 人民币千元
2007 RMB'000 人民币千元
90,596 6 8(a) 8(c) 5 17 (26,640) 90,227 2,908 67 (62,120) (58,533)
402,923 (38,497) 55,091 3,324 (83) (180,352) 28,182
5
3,097 – 15,717 19,104 (24) (55,966)
(1,799) (140,765) 44,727 – – –
18,433 (352,706) (23,815) – 116,587 (40,526) 51,442 185 (230,400) (12,632) (243,032)
172,751 (535,538) 9,709 (132,776) (138,809) 24,008 (176,040) 174 (776,521) (32,897) (809,418)
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
63
Consolidated Cash Flow Statement 综合现金流量表
For the year ended 31 December 2008 截至二零零八年十二月三十一日止年度 (Expressed in Renminbi Thousand Yuan) (以人民币千元列示)
Note 附注 Investing activities Expenditure on investment properties Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Acquisition of subsidiaries, net of cash acquired Acquisition of additional interests in subsidiaries Acquisition of a jointly controlled entity Proceeds from disposal of a jointly controlled entity Purchase of trading securities Proceeds from sale of trading securities Interest received Contribution by minority shareholder Dividend income Net cash used in investing activities Financing activities Drawdown of bank loans Repayment of bank loans Repayment of loan note Pledged deposits for long-term bank loans Proceeds from issuance of new shares Proceeds from issuance of Senior Note Interest paid Net cash (used in)/generated from financing activities Net (decrease)/increase in cash and cash equivalents 投资活动投资物业的支出购置物业,厂房及设备出售物业,厂房及设备所得款项收购附属公司,扣除获得的现金收购附属公司的额外权益收购共同控制实体出售共同控制实体所得款项购入买卖证券出售买卖证券所得款项已收利息少数股东出资股息收入投资活动动用的现金净额融资活动提取银行贷款偿还银行贷款偿还贷款票据长期银行贷款的抵押存款发行新股的所得款项发行优先票据所得款项已付利息融资活动 (动用) ╱产生的现金净额
2008 RMB'000 人民币千元
2007 RMB'000 人民币千元
17 15
– (2,835) 11
(72,634) (4,814) 110 (88,487) (85,680) (173,917) 314,682 (2,830) 896 38,497 – – (74,177) 1,051,698 (732,001) (126,673) (10,053) 468,130 645,455 (40,814) 1,255,742
38
(84,589) – – – (9,030) 8,699 20,861 1,000 24 (65,859) 330,000 (259,573) – – – – (110,533) (40,106)
现金及现金等价物的 (减少) ╱增加净额 (348,997) (4,002) 397,101 44,102 372,147 (6,586) 31,540 397,101
Effect of foreign exchange rate changes 汇率变动的影响 Cash and cash equivalents at 1 January 1 月 1 日的现金及现金等价物 Cash and cash equivalents at 31 December 12 月 31 日的现金及现金等价物
The notes on pages 65 to 152 form part of these financial statements.
第 65 页至第 152 页的附注属本财务报表的一部分.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
1
PRINCIPAL PLACE OF BUSINESS
Hong Long Holdings Limited is a company incorporated and domiciled in the Cayman Islands. Its principal place of business is at 8/F., Hong Long Building, Nanhai Avenue, Nanshan District, Shenzhen, 518067, the People's Republic of China (the "PRC") and has its registered office at Cricket Square, Hutchins Drive, PO Box 2681, George Town, Grand Cayman KY1-1111, the Cayman Islands.
1
主要营业地点
鸿隆控股有限公司为一家於开曼群岛注册成立和以该地为居籍的公司,主要营业地点位於中华人民共和国「中国」深 ( ) 圳南山区南海大道鸿隆大厦 8 楼 (邮编: 518067) 而注册办事处位於 C r i c k e t , S q u a r e,H u t c h i n s D r i v e,P O B o x 2681,George Town,Grand Cayman KY1-1111,the Cayman Islands.
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs"), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. A summary of the significant accounting policies adopted by the group is set out below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the group and the company. Information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the group for the current and prior accounting periods reflected in these financial statements are discussed in note 3.
2
主要会计政策概要
(a) 遵例声明该等财务报表已按照香港会计师公会颁布的所有适用香港财务报告准则「香港财务报告准则」(其集体 ( ) 辞汇包括所有个别适用香港财务报告准则,香港会计准则「香港会计 ( 准则」及诠释,香港普遍采纳的会 ) 计原则及香港公司条例有关披露的规定所编制.本财务报表亦符合香港联合交易所有限公司证券上市规则的适用披露条文.下文载列本集团所采纳的主要会计政策.
香港会计师公会已颁布若干新订及经修订之香港财务报告准则,并於本集团及本公司的本会计期间首次生效或可提早采纳.因初步确认该等与本集团有关的新订及经修订准则而产生的有关任何会计政策变动的资料已於此等财务报表内反映, 并於附注 3 讨论.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
65
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(b) Basis of preparation of the financial statements Unless otherwise indicated, the financial statements is presented in Renminbi ("RMB"), rounded to the nearest thousand yuan, which is the functional and reporting currency of the group. The consolidated financial statements for the year ended 31 December 2008 comprise the company and its subsidiaries (together with the company hereinafter referred to as the "group"). It is prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value as explained in the accounting policies set out below:
2
主要会计政策概要 (续)
(b) 财务报表的呈报基准除另有所指外,本财务报表以本集团的功能及呈报货币-人民币编制,并调整至最接近的千元.
截至 2008 年 12 月 31 日止年度的综合财务报表包括本公司及其附属公司 (与本报告中的本公司统称为「本集团」 .本财务报表以历史成本为 ) 基础编制,惟下列资产及负债按其公允值列账 (如下文所载的会计政策所阐释) : - - - 投资物业 (见附注 2(f)) ; 分类为买卖证券的金融工具 (见附注 2(d)) ;及衍生金融工具 (见附注2(e)) .
– – –
investment property (see note 2(f)); financial instruments classified as trading securities (see note 2(d)); and derivative financial instruments (see note 2(e)).
The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 40.
根据香港财务报告准则编制本财务报表时,管理层须就影响政策运用和资产,负债,收入,开支所呈报的金额作出判断,估计及假设.估计及相关假设乃根据过往经验及於有关情况下相信为合理的各种其他因素为基准,其结果成为对在其他来源并不显然易见的资产与负债账面值作出判决的基础.实际业绩或有别於该等估计.
估计及相关假设按持续基准审阅. 会计估计的修订如只影响修订期间,则有关修订於该期间确认,倘若修订影响现时及未来期间,则於修订期间及未来期间确认.
管理层在运用可能显著影响在来年有重大调整风险的财务报表及估计的香港财务报告准则所作的判断载於附注 40.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(c) Subsidiaries and minority interests Subsidiaries are entities controlled by the group. Control exists when the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account.
2
主要会计政策概要 (续)
(c) 附属公司及少数股东权益附属公司乃由本集团所控制的公司. 倘本集团有权规管一间公司的财务及营运政策以从其活动中获取利益,则该附属公司为受控制.在评估附属公司是否受控制时,现时可予行使的潜在投票权列为考虑因素. 於一间附属公司的投资乃於控制开始日期起计直至控制结束日期止, 综合於综合财务报表中.集团公司间的结余及交易以及集团公司间交易产生的任何未变现溢利,於编制综合财务报表时悉数撇销.集团公司间交易产生的任何未变现亏损以相同方式撇销为未变现收益 (惟限於并无减值证据的情况) . 少数股东权益为并非由本公司拥有 (不论直接或间接透过附属公司) 的权益应占附属公司的资产净值部分,就此而言,本集团并未与该等权益持有人协定任何额外条款,以致本集团整体须承担就财务负债所界定的合约责任.少数股东权益呈列於综合资产负债表内的权益部分, 且独立於本公司权益持有人应占的股权益.於本集团业绩内的少数股东权益在综合损益表内以年内分配予少数股东权益与本公司权益持有人的总溢利或亏损方式列报.
An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intragroup balances and transactions and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. Minority interests represent the portion of the net assets of subsidiaries attributable to interests that are not owned by the company, whether directly or indirectly through subsidiaries, and in respect of which the group has not agreed any additional terms with the holders of those interests which would result in the group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. Minority interests are presented in the consolidated balance sheet within equity, separately from equity attributable to the equity shareholders of the company. Minority interests in the results of the group are presented on the face of the consolidated income statement as an allocation of the total profit or loss for the year between minority interests and the equity shareholders of the company. Where losses applicable to the minority exceed the minority's interest in the equity of a subsidiary, the excess, and any further losses applicable to the minority, are charged against the group's interest except to the extent that the minority has a binding obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently reports profits, the group's interest is allocated all such profits until the minority's share of losses previously absorbed by the group has been recovered.
倘若少数股东所承担亏损超过少数股东於附属公司股本的权益,则超出部分及任何少数股东所承担的进一步亏损於本集团权益中扣除,惟少数股东有约束力的责任或可以作出额外投资填补亏损为例外.倘若该附属公司随后录得溢利,则本集团权益获得所有该溢利的分配,直至本集团先前承担的少数股东应占亏损已经补偿为止.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
67
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(c) Subsidiaries and minority interests (Cont'd) Loans from holders of minority interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated balance sheet in accordance with notes 2(l), (m) or (n) depending on the nature of the liability.
2
主要会计政策概要 (续)
(c) 附属公司及少数股东权益 (续) 少数股东权益持有人的贷款以及该等持有人的合约责任根据附注 2(l),(m) 或 (n) 视乎负债的性质而 ( 定) 於综合资产负债表呈列为财务负债. 於本公司的资产负债表内,於一间附属公司的投资乃以成本减减值亏损列示 (见附注 2(i)) . (d) 於债券及股票中的其他投资本集团及本公司有关债券及股票投资 (於附属公司的投资除外) 的政策如下: 於债券及股票中的投资初步按成本即其交易价列账,除非公允值能够可靠地以估值方法 (其变量包括只从可观测市场获取的数据) 估计.成本包括应占交易成本,惟以下另行所指者除外. 於持作买卖证券的投资分类为流动资产.任何应占的交易成本於产生时在损益中确认.於每个资产负债表日,公允值重新计量,而就此产生的任何收益或亏损则於损益中确认.於损益中确认的收益或亏损净额并不包括该等投资所赚取的任何股息或利息,因为该等股息或利息乃根据附注 2(s)(iii) 及 2(s)(iv) 所载的政策确认. 投资乃於本集团承诺购买╱出售该等投资或彼等到期时确认╱取消确认. (e) 衍生金融工具衍生金融工具初步以公允值确认. 於各资产负债表日,公允值获重新计量.重新计量公允值的收益或亏损即时於损益中确认.
In the company's balance sheet, an investment in a subsidiary is stated at cost less impairment losses (see note 2(i)).
(d)
Other investments in debt and equity securities The group's and the company's policies for investments in debt and equity securities, other than investments in subsidiaries, are as follows: Investments in debt and equity securities are initially stated at cost, which is their transaction price unless fair value can be more reliably estimated using valuation techniques whose variables include only data from observable markets. Cost includes attributable transaction costs, except where indicated otherwise below. Investments in securities held for trading are classified as current assets. Any attributable transaction costs are recognised in profit or loss as incurred. At each balance sheet date the fair value is remeasured, with any resultant gain or loss being recognised in profit or loss. The net gain or loss recognised in profit or loss does not include any dividends or interest earned on these investments as these are recognised in accordance with the policies set out in notes 2(s)(iii) and 2(s)(iv).
Investments are recognised/derecognised on the date the group commits to purchase/sell the investments or they expire. (e) Derivative financial instruments Derivative financial instruments are recognised initially at fair value. At each balance sheet date the fair value is remeasured. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(f) Investment property Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 2(h)) to earn rental income and/or for capital appreciation. These include land held for a currently undetermined future use.
2
主要会计政策概要 (续)
(f) 投资物业投资物业为拥有或根据租赁权益持有见附注 2( h )) 赚取租金收入 ( 以及╱或资本增值的土地及╱或楼宇,包括现时尚未厘定未来用途而持有的土地. 投资物业於资产负债表内以公允值列值.投资物业的公允值变动或报废或出售所产生的任何收益或亏损均於损益中确认.投资物业的租金收入根据附注 2(s)(ii) 说明的方式计算. 倘集团根据经营租赁持有物业权益以赚取租金收入及╱或资本增值, 该物业权益按个别物业基准分类和计入为投资物业.任何已列为投资物业的物业权益,将视为犹如按融资租赁持有计算 (见附注 2( h )) ,该权益所应用的会计政策与根据融资租赁租用的投资物业所应用者相同.租赁付款按附注 2( h ) 所述计算. 建造或开发作为未来投资物业的物业,乃分类为发展中投资物业,并以成本减任何减值亏损列值 (见附注 2( i )) 直至建设或开发完成为 , 止,届时则重新分类为按公允值列值的投资物业.该物业於该日期的公允值与过往账面值的差异於损益内确认.
Investment properties are stated in the balance sheet at fair value. Any gain or loss arising from a change in fair value or from the retirement or disposal of an investment property is recognised in profit or loss. Rental income from investment properties is accounted for as described in note 2(s)(ii).
When the group holds a property interest under an operating lease to earn rental income and/or for capital appreciation, the interest is classified and accounted for as an investment property on a property-by-property basis. Any such property interest which has been classified as an investment property is accounted for as if it were held under a finance lease (see note 2(h)), and the same accounting policies are applied to that interest as are applied to other investment properties leased under finance leases. Lease payments are accounted for as described in note 2(h). Property that is being constructed or developed for future use as investment property is classified as investment property under development and stated at cost less any impairment losses (see note 2(i)) until construction or development is complete, at which time it is reclassified as investment property at fair value. Any difference between the fair value of the property at that date and its previous carrying amount is recognised in profit or loss.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
69
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(g) Property, plant and equipment The following items of property, plant and equipment are stated in the balance sheet at cost less accumulated depreciation (see below) and impairment losses (see note 2(i)). – buildings held for own use which are situated on leasehold land, where the directors consider impracticable to split the cost into leasehold land and buildings; and other items of plant and equipment.
2
主要会计政策概要 (续)
(g) 物业,厂房及设备以下物业,厂房及设备项目以成本减累计折旧 (见下文) 及减值亏损於资产负债表 (见附注 2(i)) 列示.
-
位於租赁土地上持作自用楼宇,而董事认为把成本分成租赁土地及楼宇属不可行者;及厂房及设备其他项目.
–
-
Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal. Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual value, if any, using the straight-line method over their estimated useful lives as follows: – Buildings situated on leasehold land Over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 40 years after the date of completion Over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 20 years 5 years
报废或出售物业,厂房及设备项目产生的任何收益或亏损,厘定为估计出售收益净额与项目账面值的差异,於报废或出售日期在损益中确认. 折旧乃采用直线法在估计可使用年期撇销物业,厂房及设备项目的成本并扣除其估计残余值 (如有) 计算如下: - 位於租赁土地上楼宇按租约未届满年期与其估计可使用年期的较短者, 由完成日期起不超过 40 年
–
Leasehold improvements
-
租赁装修
按未届满租赁期与其估计可使用年期 (不超过 20 年) 的较短者
–
Furniture, fixtures and equipment Motor vehicles
-
家俱,装置及设备汽车
5年
–
5 years
-
5年
70
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(g) Property, plant and equipment (Cont'd) Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reviewed annually. (h) Leased assets (i) Classification of leased assets Assets that are held by the group under leases which transfer to the group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the group are classified as operating leases, with the following exceptions: – property held under operating leases that would otherwise meet the definition of an investment property is classified as an investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease (see note 2(f)); and
2
主要会计政策概要 (续)
(g) 物业,厂房及设备 (续) 倘物业,厂房及设备项目各部分的可使用年期不同,该项目的成本按合理基准於各部分之间分配,每部分分开折旧.资产的可使用年期及其残余值 (如有) 每年审阅. (h) 租赁资产
(i)
租赁资产分类
本集团根据租赁持有的资产而将大部分所有权风险与回报转至本集团者乃列作根据融资租赁持有资产.未将大部分所有权风险与回报转至本集团的租赁则列作物业经营租赁.以下除外: - 经营租赁项下持有的物业, 若符合投资物业的定义, 便按个别物业的基准分类为投资物业; 若然分类为投资物业, 则当作根据融资租赁持有物业入账 (见附注 2(f)) ;及根据经营租赁持作自用的土地, 其公允值於取得租赁时若不能和在土地上的建筑物的公允值分开计算, 则按根据融资租赁持有土地入账, 惟该建筑物明确作为根据经营租赁持有则除外. 为了该等目的, 取得租赁的时间为本集团首次订立租赁, 或自先前承租者接收, 或该等建筑物兴建之日,取其较后者.
–
land held for own use under an operating lease, the fair value of which cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the group, or taken over from the previous lessee, or at the date of construction of those buildings, if later.
-
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
71
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(h) Leased assets (Cont'd) (ii) Assets acquired under finance leases Where the group acquires the use of assets under finance leases, the amounts representing the fair value of the leased asset, or, if lower, the present value of the minimum lease payments, of such assets are included in property, plant and equipment and the corresponding liabilities, net of finance charges, are recorded as obligations under finance leases. Depreciation is provided at rates which write off the cost of the assets over the term of the relevant lease or, where it is likely the group will obtain ownership of the asset, the life of the asset, as set out in note 2(g). Impairment losses are accounted for in accordance with the accounting policy as set out in note 2(i). Finance charges implicit in the lease payments are charged to profit or loss over the period of the leases so as to produce an approximately constant periodic rate of charge on the remaining balance of the obligations for each accounting period. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred.
2
主要会计政策概要 (续)
(h) 租赁资产 (续)
(ii)
根据融资租赁购置的资产
倘若本集团根据融资租赁购置资产使用权,相等於租赁资产公允值或最低租赁付款额现值 (以较低者为准) 的金额会计入物业,厂房及设备内,而相关负债於扣除融资费用后会入账列为融资租赁责任.诚如附注 2( g ) 所载, 折旧乃於相关租赁期或资产的可用年限如本集团有可 ( 能取得资产的所有权) 内, 以每年等额冲销其成本值的比率计提.减值亏损乃根据附注 2( i ) 所载的会计政策入账.租赁付款包含的融资费用乃於租赁期内计入损益, 藉以使各会计期间有关责任的未偿还结余以相若固定比率计算支出.或然租金则在产生的会计期间自损益扣除.
(iii)
Operating lease charges Where the group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period of the lease term except where the property is classified as an investment property (see note 2(f)). Information on accounting policies for land held under operating leases for development for sale is provided in accounting policy note 2(j)(i).
(iii)
经营租赁支出
如本集团根据经营租赁使用资产,根据租赁作出的付款会在租赁期所涵盖的会计期间内, 以等额在损益计入; 但如有其他基准能更清楚地反映租赁资产所产生的收益模式时则除外.租赁涉及的激励措施於损益内确认为租赁净付款总额的组成部分. 购置根据经营租赁持有的土地的成本乃於该租赁期按直线法摊销, 惟被列作投资物业的情况除外见附注 ( 2( f )) .以经营租赁持作发展以供出售的土地的会计政策资料载於会计政策附注 2( j ) (i).
72
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(h) Leased assets (Cont'd) (iv) Amortisation of leasehold land The cost of acquiring land held under operating leases is amortised on a straight-line basis over the lease term. If the property is in the course of development, the amortisation charge is included as part of the costs of the property under development. In all other cases the amortisation charge for the period is recognised in profit or loss immediately. (i) Impairment of assets (i) Impairment of receivables Investments in trade and other current receivables that are stated at cost or amortised cost are reviewed at each balance sheet date to determine whether there is objective evidence of impairment. Objective evidence of impairment includes observable data that comes to the attention of the group about one or more of the following loss events: – significant financial difficulty of the debtor;
2
主要会计政策概要 (续)
(h) 租赁资产 (续)
(iv)
租赁土地摊销
透过经营租赁持有的收购土地成本乃於该租赁期按直线法摊销.倘该物业正在发展中,摊销开支则计入为发展中物业成本的部分.在其他情况下,本期摊销开支即时於损益中确认.
(i)
资产减值
(i)
应收款的减值
按成本值或摊销成本列账的其他流动应收账款的投资於每个资产负债表日审阅,以决定是否有减值的客观证据.减值的客观证据包括以下本集团关注的一项或以上损失事件的可观测数据: - 债务人陷入重大财务困境; 违反合约, 例如拖欠或逾期偿还利息或本金款项; 债务人有可能进入破产或进行其他财务重组; 工业技术, 市场, 经济或法律环境的重大改变对债务人有不利影响;及投资於股本工具的公允值远低於或长期低於其成本.
–
a breach of contract, such as a default or delinquency in interest or principal payments;
-
–
it becoming probable that the debtor will enter bankruptcy or other financial reorganisation;
-
–
significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; and
-
–
a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost.
-
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
73
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(i) Impairment of assets (Cont'd) (i) Impairment of receivables (Cont'd) If any such evidence exists, any impairment loss is determined and recognised as follows: – For trade and other current receivables and other financial assets carried at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets), where the effect of discounting is material.
2
主要会计政策概要 (续)
(i) 资产减值 (续)
(i)
应收款的减值 (续)
倘若有此种证据,则按下文厘订及确认任何减值亏损: - 倘折让影响重大, 对於应收账款及其他现时应收款以及其他按摊销成本列账的财务资产, 减值亏损量度为按资产账面值及估计未来现金流量按财务资产原来实际利率 (即在初始确认该等资产时计算的实际利率) 贴现的现值之间差额. 减值亏损倘若於随后期间减少, 而有关减少可与确认减值亏损后发生的事件客观地联系, 则减值亏损经由损益中拨回. 所拨回的减值亏损仅限於过往年度如没有确认减值亏损而应以厘定的资产账面值. 减值亏损乃直接於相应资产中撇销,惟就计入应收账款及其他应收款中的应收账款 (其可收回性被认为难以预料而并非微乎其微) 而确认的减值亏损除外.在此情况下, 呆账的减值亏损以准备账记录.当本集团确认能收回应收账款的机会微乎其微时, 在准备账中就该债务保留的任何金额乃予以拨回.先前在准备账中计提之金额如被收回, 其将从准备账中拨回.准备账的其他变动及其后收回先前直接撇销的款项均於损益中确认.
If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of impairment losses is limited to the asset's carrying amount that would have been determined had no impairment loss been recognised in prior years.
Impairment losses are written off against the corresponding assets directly, except for impairment losses recognised in respect of trade receivables included within trade and other receivables, whose recovery is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the group is satisfied that recovery is remote, the amount and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss.
74
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(i) Impairment of assets (Cont'd) (ii) Impairment of other assets Internal and external sources of information are reviewed at each balance sheet date to identify indications that the following assets may be impaired or, an impairment loss previously recognised no longer exists or may have decreased:
2
主要会计政策概要 (续)
(i) 资产减值 (续)
(ii)
其他资产的减值
本集团会在每个资产负债表日参考内部和外来信息,确定下列资产是否出现减值迹象,或以往确认的减值亏损已经不再存在或可能已经减少: - - 於附属公司的投资; 物业, 厂房及设备; 及未来开发及待出售的发展中物业.
– –
investments in subsidiaries; property, plant and equipment; and
–
properties for future development and under development for sale.
-
If any such indication exists, the asset's recoverable amount is estimated. – Calculation of recoverable amount The recoverable amount of an asset is the greater of its net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. cash-generating unit).
如果出现减值迹象,便会估计资产的可收回金额. - 计算可收回金额资产可收回金额为其净售价与使用价值两者中的较高额. 在评估使用价值时, 估计未来现金流量会按照可以反映当时市场对货币时间值及资产特定风险的评估的税前折现率, 贴现至其现值. 如果资产所产生现金流入基本上并非独立於其他资产所产生的现金流入, 则以能独立产生现金流入的最小资产组别 (即现金产生单位) 来厘定可收回金额.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
75
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(i) Impairment of assets (Cont'd) (ii) Impairment of other assets (Cont'd) – Recognition of impairment losses An impairment loss is recognised in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of the assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs to sell, or value in use, if determinable.
2
主要会计政策概要 (续)
(i) 资产减值 (续)
(ii)
其他资产的减值 (续)
- 确认减值亏损倘资产或其所属现金产生单位的账面值超过其可收回金额时, 减值亏损即於损益中予以确认. 就现金产生单位确认之减值亏损乃按比例基准於有关单位或单位组别) ( 中作分配以减少该等资产的账面值, 惟资产账面值将不得减至低於其个别公允值减出售成本或使用价值 (如可厘定) . - 拨回减值亏损如果用作厘定可收回金额的估计数字出现正面变化, 减值亏损便会拨回. 所拨回的减值亏损仅限於如过往年度没有确认任何减值亏损而应以厘定的资产账面值. 所拨回减值亏损在确认拨回的年度计入损益内.
–
Reversals of impairment losses An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.
A reversal of an impairment loss is limited to the asset's carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised.
76
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(j) Inventories Inventories in respect of property development activities are carried at the lower of cost and net realisable value, except for the land portion which is accounted for as set out in note 2(h) (iv). Cost and net realisable values are determined as follows:
2
主要会计政策概要 (续)
(j) 存货与物业开发活动有关的存货按成本及可变现净值两者的较低者入账, 惟诚如附注2(h)(iv)所载列的已计及土地部分除外.成本及可变现净值计算方式如下:
(i)
Properties for future development and under development for sale The cost of properties for future development and under development for sale comprises specifically identified cost, including the acquisition cost of land, aggregate cost of development, materials and supplies, wages and other direct expenses and borrowing costs capitalised (see note 2(u)). Net realisable value represents the estimated selling price less estimated costs of completion and costs to be incurred in selling the property.
(i)
未来开发及待出售的发展中物业
未来开发及待出售的发展中物业的成本由特别界定的成本组成,包括土地的收购成本,累计开发成本,材料及供应,工资及其他直接费用及资本化借贷成本见附注 ( 2( u )) .可变现净值指估计的售价减估计的完工成本及出售物业所产生的成本.
(ii)
Completed properties held for sale In the case of completed properties developed by the group, cost is determined by apportionment of the total development costs for that development project, attributable to the unsold properties. Net realisable value represents the estimated selling price less costs to be incurred in selling the property. The cost of completed properties held for sale comprises all costs of purchase, costs of conversion and other costs incurred in bringing the properties to their present location and condition.
(ii)
持作出售的已竣工物业
若为本集团开发的已竣工物业,其未售出的物业的成本计量为按获比例分配的该开发计划的全部开发成本.可变现净值指估计的售价减出售物业所产生的成本. 持作出售的已竣工物业的成本包括所有采购成本,加工成本及其他使存货达至现时地点及状态所产生的成本.
(k)
Trade and other receivables Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost less impairment losses for bad and doubtful debts (see note 2(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts (see note 2(i)).
(k)
应收账款及其他应收款应收账款及其他应收款先按公允值确认, 其后按摊销成本减呆坏账减值亏损后所得数额入账 (见附注 2( i )) ,但如应收账款为关联人士提供的没有特定偿还条款的免息贷款或其折现影响并不重大则除外. 在该等情况下,应收账款将按成本减呆坏账减值亏损后所得数额入账 (见附注 2(i)) .
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
77
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(l) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method. (m) Warrants Warrants issued by the company that will be settled by other than a fixed amount of cash for a fixed number of the company's own equity instruments is a derivative financial instrument. Warrants classified as a derivative financial instrument are recognised at their fair values at the date of issue. Changes in fair values in subsequent periods are recognised through profit or loss. (n) Trade and other payables Trade and other payables are initially recognised at fair value. Except for financial guarantee liabilities, measured in accordance with note 2(r)(i), trade and other payables are subsequently stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (o) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. (p) Employee benefits (i) Short-term employee benefits Salaries, wages, annual bonuses and staff welfare are accrued in the year in which the associated services are rendered by employees of the group. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.
2
主要会计政策概要 (续)
(l) 计息借贷计息借贷按公允值减应占交易费用初步确认.於初步确认后,计息借贷按摊销成本列账,最初确认金额与赎回价值的任何差异 (连同任何应付利息及费用) 会在贷款期间内以实际利率法於损益内确认.
(m)
认股权本公司所发行并将以定额现金换取本公司本身固定数目股本工具以外方式结算的认股权,为衍生金融工具.分类为衍生金融工具的认股权按其於发行日期的公允值确认.其后期间的公允值变动乃透过损益确认.
(n)
应付账款及其他应付款应付账款及其他应付款先按公允值确认.除根据附注 2( r ) ( i ) 的财务担保负债外,应付账款及其他应付款其后按摊销成本入账,但如折现影响并不重大,则按成本入账.
(o)
现金及现金等价物现金及现金等价物为银行存款及现金,存放於银行及其他财务机构的活期存款,以及短期而流动性极高的投资,该等投资可随时变现为已知现金数额及无重大价值转变的风险,并於购入后三个月内到期.
(p)
雇员福利
(i)
短期雇员福利
薪金,工资,年度奖金及员工福利於本集团雇员提供相关服务的年度入账.当延期支付或清偿该等成本而其影响重大时,则该等数额以现值列报.
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Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(p) Employee benefits (Cont'd) (ii) Contributions to defined contribution retirement plans
2
主要会计政策概要 (续)
(p) 雇员福利 (续)
(ii)
向定额供款退休计划作出的供款
按香港强制性公积金计划条例规定向强制性公积金作出的供款乃於产生时在损益中确认. 根据中国有关劳工规则及法规向当地适当的定额供款退休计划作出的供款於产生时在损益内确认为支出,惟以彼等并未资本化为发展中投资物业为限.
Contributions to Mandatory Provident Fund as required under the Hong Kong Mandatory Provident Fund Schemes Ordinance are recognised in profit or loss as incurred. Contributions to appropriate local defined contribution retirement schemes pursuant to the relevant labour rules and regulations in the PRC are recognised as an expense in profit or loss as incurred, to the extent that they are not capitalised as properties under development for sale. (iii) Equity-settled share-based payments The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in a capital reserve within equity. The fair value is measured at grant date using a valuation technique, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest. During the vesting period, the number of share options that is expected to vest is reviewed. Any adjustment to the cumulative fair value recognised in prior years is charged/credited to profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the capital reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the capital reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the company's shares. The equity amount is recognised in the capital reserve until either the option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained profits).
(iii)
以股份为结算基础的付款
授予雇员的认股权的公允值乃确认为雇员成本,而权益中的资本储备则相应增加. 公允值於授予当日采用估值方法计量,并计及认股权所授予的条款及条件.倘雇员於无条件地有权获授认股权前符合归属条件,则认股权的估计总公允值在归属期内摊分,并计及认股权将会归属的可能性. 於归属期内,预期行使的认股权数量将被审阅.任何对过往年度已确认累计公允值所作的调整乃於回顾年度的损益账内扣除╱计入,除非原有雇员开支合资格确认为资产,则对资本储备作出相应调整.於归属日期,已确认为开支的金额会作调整, 以反映所归属的实际认股权数量并对资本储备作出相 ( , 应调整) 惟仅於未能达到有关本公司股份市价的归属条件时方会没收其认股权. 股本金额於资本储备确认, 直至认股权获行使即转拨 ( 至股份溢价账时) 认股权或到期即直接拨至保留溢利 ( 时) 为止.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
79
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(q) Income tax Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised directly in equity, in which case they are recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
2
主要会计政策概要 (续)
(q) 所得税年内的所得税包括本期税项及递延税项资产及负债的变动.本期税项及递延税项资产及负债的变动乃於损益内确认,除非属直接在权益中确认的项目,则於权益中确认.
本期税项为预期须就年内应课税收入,根据采用於资产负债表日已生效或实质已生效的税率计算的预期应付税项,并就过往年度应付的税项作出调整. 递延税项资产及负债分别由资产及负债按财务报告的账面值及计税基础两者之间可予扣减及应课税的暂时性差异所产生.递延税项资产亦会因未动用税项亏损及未动用税项抵免而产生. 除若干少数例外情况外,所有递延税项负债及递延税项资产均於日后产生应课税溢利并将可动用资产予以抵销时确认.可引证确认源自可扣税暂时差额的递延税项资产之日后应课税溢利,包括该等源自拨回现有应课税暂时差额,惟差额须与相同税务机关及相同税务实体有关,并预期於拨回可扣税差额的同一期间或源自递延税项资产的税项亏损可拨回或结转的期间拨回.在评定目前的应课税暂时性差异是否容许确认由未动用税务亏损及优惠所产生的递延税项资产时采用上述相同的标准 (即该等暂时性差异由同一税务当局向同一应税单位徵收及预期在税务亏损或优惠能应用的期间内回拨方可计算在内) .
Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arsing from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised.
80
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(q) Income tax (Cont'd) The limited exceptions to recognition of deferred tax assets and liabilities are the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted. The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised.
2
主要会计政策概要 (续)
(q) 所得税 (续) 该等确认递延税项资产及负债的有限例外情况是首次确认但并不影响会计溢利及应课税溢利的资产或负债 (惟其不可为企业合并的部分) , 以及有关於附属公司投资所引致的暂时性差异 (如为应课税差异,只限於本集团可控制回拨的时间,并且不大可能在可见未来回拨的差异,或如为可予扣减差异,则只限於可能在未来回拨的差异) . 应确认的递延税项数额乃按资产及负债账面值的预期变现或清偿方式,以於资产负债表日适用或主要适用的税率计算.递延税项资产及负债均不作折现计算. 递延税项资产的账面值会於各资产负债表日审阅,并於不再可能取得足够应课税溢利以动用有关税务优惠时调低.任何减幅会於可能取得足够应课税溢利时修正.
因分派股息而产生的额外所得税, 於确认支付有关股息的负债时确认入账.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
81
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(q) Income tax (Cont'd) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the company or the group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:
2
主要会计政策概要 (续)
(q) 所得税 (续) 本期税项结余及递延税项结余,及其变动额将分开列示, 并不予抵销.本期税项资产及递延税项负债只会在本公司或本集团有法定行使权以本期税项资产抵销本期税项负债,并在符合下列附带条件的情况下,才可分别抵销本期税项资产及递延税项负债: - 本期税项资产及负债方面, 本公司或本集团计划按净额基准结算,或同时变现该资产及清偿该负债;或递延税项资产及负债方面, 该资产及负债须与同一税务机关就以下其中一项徵收的所得税有关: 同一应税实体;或不同应税实体,计划在预期有重大金额的递延税项负债或资产须予清偿或收回的每个未来期间,按净额基准变现本期税项资产及清偿本期税项负债,或同时变现及清偿该资产及该负债.
–
in the case of current tax assets and liabilities, the company or the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:
–
-
– –
the same taxable entity; or different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously.
- -
82
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(r) Financial guarantees issued, provisions and contingent liabilities (i) Financial guarantees issued Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the "holder") for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. Where the group issues a financial guarantee, the fair value of the guarantee (being the transaction price, unless the fair value can otherwise be reliably estimated) is initially recognised as deferred income within trade and other payables. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognised in accordance with the group's policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognised in profit or loss on initial recognition of any deferred income.
2
主要会计政策概要 (续)
(r) 所发出的财务担保,准备及或然负债
(i)
所发出的财务担保
财务担保乃要求发行人即 ( 担保人) 担保受益人「持就 ( 有人」因特定债务人未能根 ) 据债项工具的条款於到期时付款而蒙受的损失,而向持有人支付特定款项的合约. 倘本集团发出财务担保, 该担保的公允值即交易价 ( 格,除非该公允值能确实地估计) 初确认为应付账款最及其他应付款内的递延收入. 倘在发行该担保时收取或可收取代价,该代价则根据适用於该类资产的本集团政策倘有关代价尚未 ( 收取或应予收取) 予以确而认.倘并无收取或可收取代价,於最初确认任何递延收入时,即时开支於损益内确认. 最初确认为递延收入的担保款额按担保年期於损益内摊销为所发出的财务担保收入.此外,倘 ( i ) 担保持有人有可能省视担保下的集团; 及(ii)该集团的申索款额预期超过现时列於该担保的应付账款及其他应付款即最 ( 初确认的金额) 减累计摊 , 销,则准备根据附注 2( r ) ( i i ) 确认.
The amount of the guarantee initially recognised as deferred income is amortised in profit or loss over the term of the guarantee as income from financial guarantees issued. In addition, provisions are recognised in accordance with note 2(r)(ii) if and when (i) it becomes probable that the holder of the guarantee will call upon the group under the guarantee, and (ii) the amount of that claim on the group is expected to exceed the amount currently carried in trade and other payables in respect of that guarantee i.e. the amount initially recognised, less accumulated amortisation.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
83
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(r) Financial guarantees issued, provisions and contingent liabilities (Cont'd) (ii) Provisions and contingent liabilities Provisions are recognised for liabilities of uncertain timing or amount when the group and the company has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.
2
主要会计政策概要 (续)
(r) 所发出的财务担保,准备及或然负债 (续)
(ii)
准备及或然负债
当本集团及本公司因过往的事件而须负上法律或推定的责任,可能须为处理该责任而导致含有经济效益的资源外流及於可作出可靠的估计时,则须为未能确定何时发生或数额的其他负债计提准备.当数额涉及重大的时间价值时,处理该责任的准备以预计所需支出的现有价值呈列. 如果含有经济效益的资源外流的可能性较低,或其数目未能可靠地预测,则披露有关责任为或然负债,除非资源外流的可能性极微.当可能发生的义务的存在将只由一项或多项未来事件之产生与否所决定,此等义务亦披露为或然负债,除非付出经济效益的可能性极微.
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.
(s)
Revenue recognition Provided it is probable that the economic benefits will flow to the group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows: (i) Sale of properties Revenue from the sale of properties is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyers. The group considers that the significant risks and rewards of ownership are transferred when the properties are completed and delivered to the buyers. Revenue from sale of properties excludes business tax and other sales related taxes and is after deduction of any trade discounts. Deposits and instalments received on properties sold prior to the date of revenue recognition are included in the balance sheet as receipts in advance.
(s)
收入确认在经济效益可能流入本集团,及收入及成本 (如适用) 可予准确计算的前提下,於损益内确认为收入的详情如下:
(i)
销售物业
销售物业的收入於已转移所有权的主要风险及报酬予买家时,於损益内确认.本集团认为所有权的主要风险及报酬在物业完成及交付给买家时作出转移.销售物业收入不包括营业税及其他销售相关税项,并已扣除任何营业折扣.於收入确认日期前就出售物业收取的按金及分期付款,已计入资产负债表的预收款项内.
84
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(s) Revenue recognition (Cont'd) (ii) Rental income from operating leases Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the use of the leased asset. Lease incentives granted are recognised in profit or loss as an integral part of the aggregate net lease payments receivable. Contingent rentals are recognised as income in the accounting period in which they are earned. Revenue excludes business tax or other sales related taxes. (iii) Dividends – Dividend income from unlisted investments is recognised when the shareholder's right to receive payment is established. Dividend income from listed investments is recognised when the share price of the investment goes ex-dividend.
2
主要会计政策概要 (续)
(s) 收入确认 (续)
(ii)
经营租赁的租金收入
经营租赁的应收租金收入於租赁期所涵盖期间,按等额於损益内确认,但如有其他基准能更清楚地反映使用租赁资产所产生的收益模式时则除外.租赁奖励於损益表中确认为应收租赁净付款总额的组成部分.或然租金於其产生的会计期间内确认为收入.收入不包括营业税及其他销售相关税项.
(iii)
股息
- 非上市投资的股息收入乃当股东收取款项的权利确定时确认. 上市投资的股息收入乃投资项目的股价除息时确认.
–
-
(iv)
Interest income Interest income is recognised as it accrues using the effective interest method.
(iv)
利息收入
利息收入按实际利率法累计确认.
(t)
Translation of foreign currencies Foreign currency transactions during the year are translated into Renminbi at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Renminbi at the exchange rates ruling at the balance sheet date. Exchange gains and losses are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rates ruling at the transaction dates. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated into Renminbi at the exchange rates ruling at the dates the fair value was determined.
(t)
外币换算年内的外币交易按交易当日的滙率折算为人民币.以外币为单位的货币资产及负债则按资产负债表日的滙率折算为人民币.滙兑收益或亏损於损益中确认.
以外币列值及按历史成本计算的非货币资产及负债,乃按交易当日的滙率换算.以外币列值而以公允值列账的非货币资产及负债乃按厘定公允值当日适用的滙率换算为人民币.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
85
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(u) Borrowing costs Borrowing costs are expensed in profit or loss in the period in which they are incurred, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale. The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete. (v) Related parties For the purposes of these financial statements, a party is considered to be related to the group if: (i) the party has the ability, directly or indirectly through one or more intermediaries, to control the group or exercise significant influence over the group in making financial and operating policy decisions, or has joint control over the group; the group and the party are subject to common control;
2
主要会计政策概要 (续)
(u) 借贷成本借贷成本於产生期间在损益内列支,但与收购,建设或生产而需相当长时间才可投入其拟定用途或销售的资产的直接相关借贷成本则予以资本化.
作为合资格资产的部分成本的借贷成本乃於资产的开支产生,借贷成本产生及使资产投入其拟定用途或销售所需的活动进行时开始资本化.於使合资格资产投入其拟定用途或销售所需的活动大致上中止或完成时,则暂停或停止将借贷成本资本化. (v) 关连人士就本财务报表而言,任何一方如属以下情况,即视为本集团之关连人士: (i) 该方能透过一家或多家中介公司,直接或间接控制本集团,或在财务及经营政策决策方面对本集团行使重大影响力,或共同控制本集团; 本集团及该方同时受到第三方的控制; 另一方为本集团的联营公司或合资企业,而本集团是合资者; 另一方为本集团的关键管理人员,或本公司的母公司, 或与此人关系密切的家族成员,或受此人控制,共同控制或有重大影响的实体; 另一方为 ( i ) 所述关系密切的家族成员,或受此人控制, 共同控制或有重大影响的实体;或另一方为本集团或作为本集团连系人士的任何实体的雇员福利而设的离职后福利计划.
(ii)
(ii)
(iii)
the party is an associate of the group or a joint venture in which the group is a venturer;
(iii)
(iv)
the party is a member of key management personnel of the group or the group's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(iv)
(v)
the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(v)
(vi)
the party is a post-employment benefit plan which is for the benefit of employees of the group or of any entity that is a related party of the group.
(vi)
86
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
(v) Related parties (Cont'd) Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. (w) Segment reporting A segment is a distinguishable component of the group that is engaged either in providing projects or services (business segment), or in providing projects or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments. In accordance with the group's internal financial reporting system, the group has chosen business segment information as the primary reporting format and geographical segment information as the secondary reporting format for the purposes of these financial statements. Segment revenue, expenses, results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis to that segment. Segment revenue, expenses, assets, and liabilities are determined before intra-group balances and intra-group transactions are eliminated as part of the consolidation process, except to the extent that such intra-group balances and transactions are between group entities within a single segment. Inter-segment pricing is based on similar terms as those available to other external parties. Segment capital expenditure is the total cost incurred during the period to acquire segment assets (both tangible and intangible) that are expected to be used for more than one period. Unallocated items mainly comprise financial and corporate assets, interest-bearing loans, borrowings, tax balances, corporate and financing expenses.
2
主要会计政策概要 (续)
(v) 关连人士 (续) 近亲为预期在与该实体交易时对其有所影响,受其影响之家族成员.
(w)
分部报告分部乃指本集团内可明显区分的组成部分,负责提供有别於其他分部的项目或服务 (业务分部) ,或於特定经济环境中负责提供项目或服务 (地区分部) ,而各分部的风险及回报有异. 根据本集团的内部财务呈报方式, 本集团就本财务资料而选择业务分部为主要呈报方式,及地区分部为次要呈报方式.
分部收入,支出,业绩,资产及负债包括直接来自某一分部,以及可合理地分配至该分部的项目.分部收入,开支,资产及负债於综合过程中撇销集团公司间的结余及集团公司间的交易前厘定,但同属一个分部的集团公司间的结余及交易则除外.分部之间的定价按与其他外界人士相若的条款计算.
分部资本性支出指於期内购入预计可於超过一段期间使用的分部资产 (有形及无形两者) 所产生的成本总额. 未分配的项目主要包括财务及企业资产与负债,计息贷款,借贷,税项结余,企业及融资开支.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
87
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
3
CHANGES IN ACCOUNTING POLICIES
The HKICPA has issued a number of new Interpretations and an amendment to HKFRSs that are first effective for the current accounting period of the group and the company. However, none of these developments are relevant to the group's or the company's financial position or results of operations.
3
会计政策变动
香港会计师公会已就香港财务报告准则颁布若干新诠释及一项修订,该等诠释及修订於本集团及本公司的本会计期间首次生效.然而,该等发展与本集团或本公司的财务状况和经营业绩概无任何关连. 本集团并无应用於本会计期间尚未生效的任何新准则或诠释 (见附注 41) .
The group has not applied any new standard or interpretation that is not yet effective for the current accounting period (see note 41).
4
TURNOVER
The principal activities of the group are property development and property leasing in the PRC. Turnover represents income from sales of properties and rental income and management fee earned during the year net of business tax and other sales related taxes and discounts allowed, after eliminating intra-group transactions.
4
营业额
本集团的主要业务为在中国从事物业开发及物业租赁. 营业额即在抵销集团内部交易后於本年度内的销售物业收入及租金收入及管理费用收入 (已扣除营业税及其他销售有关税项及折扣) . 2008 RMB'000 人民币千元 2007 RMB'000 人民币千元 362,933 48,744 411,677
Sales of properties Rental income and management fee
销售物业租金收入及管理费用
64,147 55,481 119,628
5
OTHER NET INCOME/(LOSS)
5
其他收益╱ (亏损) 净额
2008 RMB'000 人民币千元 2007 RMB'000 人民币千元
(Loss)/gain on disposal of property, plant and equipment Net realised and unrealised (losses)/gains on trading securities Net exchange gains/(losses)
出售物业,厂房及设备 (亏损) ╱收益买卖证券的已变现及未变现 (亏损) ╱收益净额汇兑收益╱ (亏损) 净额
(67) (3,097) 40,261 37,097
83 1,799 (26,490) (24,608)
88
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
6
OTHER REVENUE
6
其他收入
2008 RMB'000 人民币千元 26,640 2007 RMB'000 人民币千元 38,497 – 1,979 40,476
Note 附注 Interest income Compensation income on cancellation of swap agreement Others 利息收入注销掉期协议的赔偿收入其他
24 (b)
27,994 857 55,491
7
GAIN ON DISPOSAL OF A JOINTLY CONTROLLED ENTITY
On 9 November 2007, the group disposed of its 50% equity interest in Trisum Investment Limited ("Trisum") to an independent third party for a consideration of RMB314,682,000. Trisum was acquired by the group in August 2007 for a consideration of RMB150,000,000. A gain of RMB140,765,000 resulted in the disposal.
7
出售共同控制实体收益
於 2007 年 11 月 9 日, 本集团向独立第三方出售其於丰深投资有限公司「丰 ( 深」的 50% 股本权益, 代价为人民币 ) 314,682,000 元. 丰深由本集团於 2007 年 8 月以代价人民币 150,000,000 元收购.出售收益为人民币 140,765,000 元.
8
PROFIT BEFORE TAXATION
Profit before taxation is arrived at after charging/(crediting):
8
除税前溢利
除税前溢利已扣除╱ (计入) : 2008 RMB'000 人民币千元 2007 RMB'000 人民币千元
(a)
Finance costs Interest on bank loans and other borrowings wholly repayable within five years Interest on Senior Note Total interest expense on financial liabilities not at fair value through profit or loss Less: interest expense capitalised as properties under development for sale *
(a)
融资成本
须於五年内全部偿还的银行贷款及其他借贷利息优先票据利息并非透过损益以公允值列账的金融负债的利息费用总额减:利息费用资本化为待出售的发展中物业*
46,314 89,813
20,488 65,668
136,127
86,156
(45,900) 90,227
(31,065) 55,091
*
The borrowing costs have been capitalised at interest rates ranging from 5.18% to 9.07% per annum (2007: from 5.10% to 8.22% per annum).
*
借贷成本已分别按年利率介乎 5.18% 至 9.07% (2007 年: 年利率 5.10% 至 8.22%) 予以资本化.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
89
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
8
PROFIT BEFORE TAXATION (CONT'D)
Profit before taxation is arrived at after charging/(crediting): (Cont'd)
8
除税前溢利 (续)
除税前溢利已扣除╱ (计入) (续) : 2008 RMB'000 人民币千元 2007 RMB'000 人民币千元
(b)
Staff costs Equity-settled share-based payments* (note 30) Wages, salaries and other staff costs
(b)
员工成本
以股份为结算基础的付款 * (附注 30) 工资,薪金及其他员工成本
342 17,859 18,201
29,352 13,510 42,862
Including: Retirement scheme contributions
包括: 退休计划供款
839
505
Employees of the group's subsidiaries established in the PRC are required to participate in a defined contribution retirement scheme administered and operated by the local municipal government. The group's subsidiaries contribute funds which are calculated on certain percentage of the average employee salary as agreed by the local municipal government to the scheme to fund the retirement benefits of the employees. The group made contributions of RMB795,000 (2007: RMB471,000) to the scheme during the year. The group also operates a Mandatory Provident Fund Scheme ("the MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement scheme administered by independent trustees. Under the MPF scheme, the group and its employees are each required to make contributions to the scheme at 5% of the employees' relevant income, subject to a cap of monthly relevant income of HK$20,000. Contributions to the scheme vest immediately. The group made contributions of RMB44,000 (equivalent to approximately HK$49,000) (2007: RMB34,000) to the scheme during the year.
本集团於中国成立的附属公司雇员须参加地方市政府管理及经营的定额供款退休计划.本集团的附属公司乃按地方市政府认同的若干平均雇员工资百分比计算的数额向计划供款, 以向雇员退休福利提供资金.於本年度内,本集团向该计划作出的供款为人民币 795,000 元 (2007 年:人民币 471,000 元) . 本集团根据香港强制性公积金计划条例,为按香港雇佣条例规定所聘用的雇员设立强制性公积金计划 ( 「强积金计划」 .强积金计划为由 ) 独立受托人管理的定额供款退休计划.根据强积金计划,本集团及其雇员各自须按雇员有关收入的 5% 向该计划作出供款,惟以每月有关收入上限20,000港元为限.向该计划作出的供款会即时归属.本集团於本年度内向该计划作出的供款为人民币 44,000 元 (约相等於 49,000 港元) (2007 年: 人民币 34,000 元) . 除上述的每年供款外,本集团概无与该等计划有关的其他重大支付退休福利的责任.
* 本集团雇员的以股份为结算基础的付款已计入一般及行政费用.
The group has no other material obligation for the payment of retirement benefits associated with these schemes beyond the annual contributions described above.
* Equity-settled share-based payments for the group's employees were included under general and administrative expenses.
90
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
8
PROFIT BEFORE TAXATION (CONT'D)
Profit before taxation is arrived at after charging/(crediting): (Cont'd)
8
除税前溢利 (续)
除税前溢利已扣除╱(计入) (续) : 2008 RMB'000 人民币千元 2007 RMB'000 人民币千元
(c)
Other items Amortisation of leasehold land Less: amounts capitalised as properties under development for sale
(c)
其他项目
租赁土地摊销减:金额资本化为待出售的发展中物业 1,268 2,261
– 1,268
(977) 1,284 2,040
Depreciation Less: amounts capitalised as properties under development for sale
折旧减:金额资本化为待出售的发展中物业
2,544
(904) 1,640
– 2,040 3,324
Total amortisation and depreciation Auditor's remuneration – audit services – other services Operating lease charges in respect of sub-leased properties Cost of inventories sold Impairment losses on loans and advances Impairment losses on prepayments Rental income from investment properties Rental income from sub-leased properties Gross rental income Less: direct outgoings (note)
总摊销及折旧核数师酬金 -审核服务 -其他服务转租物业经营租赁费用已售存货成本贷款及垫款减值亏损预付款减值亏损投资物业的租金收入转租物业的租金收入总租金收入减:直接开支 (附注)
2,908
1,592 533 10,082 57,240 15,920 3,184 (39,542) (15,939) (55,481) 16,476 (39,005) (319)
2,015 330 9,915 161,261 – – (33,397) (15,347) (48,744) 15,733 (33,011) (618)
Contingent rental income
或然租金收入
Note: Direct outgoings represent operating lease charges in respect of sub-leased properties and management fee expenses.
附注: 直接开支指转租物业经营租赁费用及管理费开支.
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
91
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
9
INCOME TAX IN THE CONSOLIDATED INCOME STATEMENT
(a) Taxation in the consolidated income statement represents:
9
综合损益表内的所得税
(a) 综合损益表内的税项指:
2008 RMB'000 人民币千元 Current tax Provision for PRC Enterprise Income Tax for the year 本期税项本年度中国企业所得税准备
2007 RMB'000 人民币千元
16,059 328 (989) (661) 15,398
41,822 98,291 – 98,291 140,113
Land Appreciation Tax 土地增值税 – Provision for the year -年内准备 – Overprovision in respect of prior year -上年度超额准备
Deferred tax Origination and reversal of temporary differences Effect of changes in tax rate on opening deferred tax balances
递延税项暂时差异的产生及拨回 5,757 税率变动对期初递延税项结余的影响 66,081 71,838 87,236 – 12,308 152,421 12,308
Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands ("BVI"), the group is not subject to any income tax in the Cayman Islands and the BVI. No Hong Kong Profits Tax has been provided for as the group does not have estimated assessable profits in Hong Kong.
根据开曼群岛及英属处女群岛的规则及规例,本集团毋须缴纳开曼群岛及英属处女群岛的任何所得税. 由於本集团於香港并无任何估计应课税收入,故并无就香港所得税作出准备. 中国企业所得税准备乃按照根据中国截至 2008 年 12 月 31 日止年度相关的所得税规则及规例厘定的25% 应课税溢利的法定比率计算,惟本公司若干位於中国特别经济区域且於 2007 年按 15% 优惠税率徵税的附属公司除外, 该等附属公司於 2008 年的适用优惠税率为 18%. 优惠税率将分别於 2009 年,2010 年,2011 年及 2012 年 12 月 31 日止年度逐步上调至 20%,22%, 24% 及 25%. 因此, 本集团的递延税项将於变现资产或偿付负债时根据预期於该期间应用的税率确认.
The provision for PRC Enterprise Income Tax is based on a statutory rate of 25% of the taxable profits determined in accordance with the relevant income tax rules and regulations in the PRC for the year ended 31 December 2008, except for certain subsidiaries of the company located within the special economic zones in the PRC, which were previously taxed at preferential rate of 15% in 2007, for which the applicable preferential tax rate is 18% for 2008. The preferential tax rate will be gradually increased to 20%, 22%, 24% and 25% for the years ending 31 December 2009, 2010, 2011 and 2012 respectively. Accordingly, the deferred tax of the group is recognised based on tax rates that are expected to apply to the period when the asset is realised or the liability is settled.
92
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
9
INCOME TAX IN THE CONSOLIDATED INCOME STATEMENT (CONT'D)
(a) Taxation in the consolidated income statement represents: (Cont'd) Land Appreciation Tax is levied on properties developed by the group for sale, at progressive rates ranging from 30% to 60% on the appreciation of land value, which under the applicable regulations is calculated based on the proceeds of sales of properties less deductible expenditure including lease charges of land use rights, borrowing costs and all property development expenditure. (b) Reconciliation between actual tax expense and accounting profit at applicable tax rate:
9
综合损益表内的所得税 (续)
(a)
综合损益表内的税项指: (续)
本集团销售所发展的物业须按土地价值增幅以 30% 至 60% 的累进税率缴纳土地增值税, 根据有关规例,土地增值税乃按出售物业所得款项减可扣税开支 (包括土地使用权出让支出,借贷成本及所有物业发展开支) 计算. (b) 按适用税率计算的税项支出与会计溢利的对账: 2008 RMB'000 人民币千元 2007 RMB'000 人民币千元 402,923
Profit before taxation Notional tax on profit before taxation, calculated at 18% (2007: 15%) in Shenzhen Effect of changes in tax rate on opening deferred tax balances Tax effect of different tax rates in other locations Tax effect of non-taxable revenue Tax effect of non-deductible expenses Tax effect of unused tax losses not recognised Land Appreciation Tax Others Actual tax expense
除税前溢利按深圳的税率 18% (2007 年:15%) 计算的除税前溢利的名义税项税率变动对期初递延税项结余的影响在其他不同税率地区的税项影响毋须计税收入的税项影响不可扣减支出的税项影响未予以确认税项亏损额的税项影响土地增值税其他实际税项支出
90,596
16,307 66,081 1,486 (1,965) 4,365 1,484 (661) 139 87,236
60,438 – 3,341 (63) 4,498 660 83,547 – 152,421
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
93
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
10
DIRECTORS' REMUNERATION
Directors' remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance is as follows:
10 董事酬金
根据香港公司条例第 161 条所披露的董事酬金如下:
Directors' fees 董事袍金 RMB'000 人民币千元
Basic salaries, housing allowances and other allowances and benefits in kind Retirement 基本薪金, scheme 房屋津贴, Discretionary contributions 其他津贴及 bonuses 退休实物福利酌定花红计划供款 RMB'000 RMB'000 RMB'000 人民币千元人民币千元人民币千元
Sub-total 分计 RMB'000 人民币千元
Equity-settled share-based payments 2008 以股份为结算 Total 基础的付款总计 RMB'000 RMB'000 人民币千元人民币千元 (note) (附注)
Executive directors Mr Yunshu ZENG Mr Sheng ZENG Ms Qingdong YE Mr Junxin OUYANG Dr Qinchun HAN Mr Yiyan ZHANG (appointed on 6 October 2008)
执行董事曾云枢先生曾胜先生叶庆东女士欧阳俊新先生韩秦春博士张奕炎先生 (於2008年10月6日获委任) 1,500 1,300 600 300 1,300 – – – – – – – – – – 21 20 20 15 11 1,521 1,320 620 315 1,311 – – – – – 1,521 1,320 620 315 1,311
325 5,325
– –
– –
– 87
325 5,412
– –
325 5,412
Independent nonexecutive directors Dr Jun LI Mr Ngai Lam CHEUNG Ms Wei Fang LIN (resigned on 6 October 2008) Mr Fosong WANG (appointed on 6 October 2008)
独立非执行董事
李珺博士张毅林先生林伟芳女士 (已於2008年10月6日辞任) 王佛松先生 (於2008年10月6日获委任)
133 133
– –
– –
– –
133 133
– –
133 133
100
–
–
–
100
–
100
30 396
– –
– –
– –
30 396
– –
30 396
Non-executive director Mr Huaqiao ZHANG (resigned on 26 September 2008)
非执行董事
张化桥先生 (已於2008年9月26日辞任) – – – – – – –
94
Hong Long Holdings Limited 鸿隆控股有限公司 Annual Report 2008 二零零八年年报
Notes to the Financial Statements 财务报表附注
(Expressed in Renminbi Yuan unless otherwise indicated)(除另有所指外,以人民币元列示)
10
DIRECTORS' REMUNERATION (CONT'D)
Directors' remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance is as follows: (Cont'd) Basic salaries, housing allowances and other allowances and benefits in kind Directors' fees 董事袍金 RMB'000 人民币千元
10 董事酬金 (续)
根据香港公司条例第 161 条所披露的董事酬金如下: (续)
Retirement scheme contributions 退休计划供款 RMB'000 人民币千元
Equity-settled share-based payments Sub-total 以股份为结算分计

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