· 2007-05-29 · SING TAO NEWS CORPORATION LIMITED Annual Report 2005 1 Contents 目錄 Corporate Information 2 公司資料 Chairman’s Statement 4 主席報告 Major Awards of

SING TAO NEWS CORPORATION LIMITED Annual Report 2005 1

Contents目錄

Corporate Information 2公司資料

Chairman’s Statement 4主席報告

Major Awards of the Year 6年度主要獎項

Major Events of the Year 8年度大事紀要

Management Discussion and Analysis 10管理層討論及分析

Directors and Senior Management 19董事及高級管理層

Corporate Governance Report 26企業管治報告

Report of the Directors 33董事會報告

Report of the Auditors 47核數師報告

Consolidated Income Statement 49綜合收益表

Consolidated Balance Sheet 50綜合資產負債表

Consolidated Statement of Changes in Equity 52綜合權益變動表

Consolidated Cash Flow Statement 53綜合現金流量表

Balance Sheet 57資產負債表

Notes to Financial Statements 58財務報表附註

Particulars of Major Properties 194主要物業概覽

Five Year Financial Summary 198五年財務概要

SING TAO NEWS CORPORATION LIMITED Annual Report 20052

Corporate Information公司資料

EXECUTIVE DIRECTORSEXECUTIVE DIRECTORSEXECUTIVE DIRECTORSEXECUTIVE DIRECTORSEXECUTIVE DIRECTORSMr. Ho Tsu Kwok, Charles (Chairman)

Mr. Lo Wing Hung (Chief Executive Officer)

Mr. Jia Hongping

Mr. Jim Sui Hing

Mr. Lai Ting Yiu

Mr. Lau Chung Man, Louis

Mrs. Sy Wong Chor Fong

Mr. Yang Yiu Chong, Ronald Jeffrey

NON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORMr. Leung Chun Ying

INDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSMr. Timothy David Dattels

Ms. Ho Chiu King, Pansy Catilina

Mr. King Richard Yun Zing

Mr. Lee Cho Jat

Mr. Tung Chee Chen

QUALIFIED ACCOUNTANTQUALIFIED ACCOUNTANTQUALIFIED ACCOUNTANTQUALIFIED ACCOUNTANTQUALIFIED ACCOUNTANTMr. Lau Chung Man, Louis

COMPANY SECRETARYCOMPANY SECRETARYCOMPANY SECRETARYCOMPANY SECRETARYCOMPANY SECRETARYMs. Cheng Lai Chu

REGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICEClarendon House

2 Church Street

Hamilton HM 11

Bermuda

PRINCIPAL OFFICEPRINCIPAL OFFICEPRINCIPAL OFFICEPRINCIPAL OFFICEPRINCIPAL OFFICESing Tao Building

1 Wang Kwong Road

Kowloon Bay

Kowloon

Hong Kong

BEIJING REPRESENTATIVE OFFICEBEIJING REPRESENTATIVE OFFICEBEIJING REPRESENTATIVE OFFICEBEIJING REPRESENTATIVE OFFICEBEIJING REPRESENTATIVE OFFICE2208A, The Exchange Beijing

No. 118 Jianguo Street Yi

Chaoyang District

100022, Beijing

People’s Republic of China

執行董事何柱國先生（主席）

盧永雄先生（行政總裁）

賈紅平先生

詹瑞慶先生

黎廷瑤先生

劉仲文先生

施黃楚芳女士

楊耀宗先生

非執行董事梁振英先生

獨立非執行董事Timothy David Dattels先生

何超瓊女士

金元成先生

李祖澤先生

董建成先生

合資格會計師劉仲文先生

公司秘書鄭麗珠女士

註冊辦事處Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

總辦事處香港

九龍

九龍灣

宏光道一號

星島大廈

北京辦事處中華人民共和國

北京市

朝陽區

建國路乙 118號

京㶅大廈2208A室

郵編：100022


Corporate Information公司資料

AUDITORSAUDITORSAUDITORSAUDITORSAUDITORS

Ernst & Young

Certified Public Accountants

18th Floor

Two International Finance Centre

8 Finance Street, Central

Hong Kong

BERMUDA LEGAL ADVISERSBERMUDA LEGAL ADVISERSBERMUDA LEGAL ADVISERSBERMUDA LEGAL ADVISERSBERMUDA LEGAL ADVISERS

Conyers, Dill and Pearman

2901 One Exchange Square

8 Connaught Place

Central, Hong Kong

PRINCIPAL REGISTRAR AND TRANSFER OFFICEPRINCIPAL REGISTRAR AND TRANSFER OFFICEPRINCIPAL REGISTRAR AND TRANSFER OFFICEPRINCIPAL REGISTRAR AND TRANSFER OFFICEPRINCIPAL REGISTRAR AND TRANSFER OFFICE

Butterfield Fund Services (Bermuda) Limited

Rosebank Centre

11 Bermudiana Road

Pembroke HM08, Bermuda

HONG KONG BRANCH REGISTRAR ANDHONG KONG BRANCH REGISTRAR ANDHONG KONG BRANCH REGISTRAR ANDHONG KONG BRANCH REGISTRAR ANDHONG KONG BRANCH REGISTRAR AND

TRANSFER OFFICETRANSFER OFFICETRANSFER OFFICETRANSFER OFFICETRANSFER OFFICE

Tengis Limited

26/F, Tesbury Centre

28 Queen’s Road East

Hong Kong

PRINCIPAL BANKERSPRINCIPAL BANKERSPRINCIPAL BANKERSPRINCIPAL BANKERSPRINCIPAL BANKERS

Nanyang Commercial Bank, Ltd.

Standard Chartered Bank

CORPORATE WEBSITECORPORATE WEBSITECORPORATE WEBSITECORPORATE WEBSITECORPORATE WEBSITE

www.singtaonewscorp.com

CORPORATE E-MAILCORPORATE E-MAILCORPORATE E-MAILCORPORATE E-MAILCORPORATE E-MAIL

[email protected]

核數師安永會計師事務所

執業會計師

香港中環

金融街8號

國際金融中心2期 18樓

百慕達法律顧問Conyers, Dill and Pearman

香港中環

康樂廣場8號

交易廣場第 1期2901室

主要股份過戶登記處Butterfield Fund Services (Bermuda) Limited

Rosebank Centre

11 Bermudiana Road

Pembroke HM08, Bermuda

香港股份過戶登記處分處登捷時有限公司

香港

皇后大道東28號

金鐘㶅中心26樓

主要往來銀行南洋商業銀行有限公司

渣打銀行

公司網站www.singtaonewscorp.com

公司電郵地址[email protected]


Chairman’s Statement主席報告

2005 was a year of sustained economic recovery and growth

for Hong Kong, which witnessed stable GPD growth, low levels

of unemployment and, perhaps with some concern, the return

of inflation. 2005 was also an eventful year for the local print

media industry, with new stimulus introduced by new

publications in particular in the free newspaper market, and

renewed competition brought on by incumbent industry

players in response to the challenges.

For the Group, 2005 was a year of achievement and

development. Whilst our existing media operations

accomplished strong growth with an impressive turnaround

in profitability, we also took on new ventures in the media

business to pave the way for the Group’s longer-term growth

and expansion. Most notably, we launched the free newspaper

Headline Daily in July 2005. Since its inauguration, Headline

Daily has received high acclaim from both its readers and

advertisers, and has been recognised in the market as a major

contender to be reckoned with. Its financial performance to

date has well exceeded expectations, and the product is on

track to become one of the key contributors to the Group’s

results in the medium and longer term.

Among the Group’s core media businesses, Sing Tao Daily

benefited from the stronger economy and property market in

2005, which in turn motivated advertising sales to reach a

record high in recent years. Although market competition was

heightened as competitors reacted to the emergence of the

free newspapers, there was no impact on Sing Tao Daily as the

market positioning of Sing Tao Daily was uniquely distinct

from the more mass-market free newspapers, including

Headline Daily. In terms of readership, Sing Tao Daily achieved

a double-digit growth in 2005 (January to December 2005) as

compared with mid-year (July 2004 to June 2005), according

to AC Nielsen. This proves not only the success of our strategy

in going into the free newspaper market, but also the editorial

excellence demonstrated by the Sing Tao Daily team. As in

二零零五年是香港經濟持續復甦及增長的一年，本

地生產總值平穩增長，失業率維持低水平，甚至有通

脹回歸的憂慮。二零零五年對本地平面媒體業界而

言亦是多變動的一年，新免費報章出現所帶來的刺

激，及現有業界為面對挑戰而發起的新一輪競爭尤

為矚目。

對本集團而言，二零零五年同樣是見證了佳績及發

展的一年。一方面，本集團的現有媒體業務增長強

勁，盈利狀況明顯扭轉勢頭。另一方面，本集團亦積

極在媒體業務上開展新項目，為長期發展及擴張鋪

路。其中最受注目為本集團於二零零五年七月推出

免費報章《頭條日報》。自創刊以來，《頭條日報》深

受讀者及廣告商支持，更在市場上被公認為不容忽

視的主要競爭者。《頭條日報》至今的財務表現遠超

預期，並已走上軌道，在中、長期而言，可望成為本集

團其中一項主要收入來源。

在本集團的核心媒體業務中，《星島日報》受惠於二

零零五年蓬勃的經濟及地產市場，廣告銷售量創下

近年新高。縱使市場競爭因免費報章的出現而愈趨

激烈，但由於《星島日報》以中產階層為目標讀者群，

與《頭條日報》等普羅大眾化免費報章的定位有別，

故未有受其影響。根據尼爾森研究顯示，《星島日報》

於二零零五年（二零零五年一月至十二月）的讀者人

數相較年中（二零零四年七月至二零零五年六月）錄

得雙位數字增長，這不但證明了本集團進軍免費報

章市場之策略成功，更肯定了《星島日報》編採隊伍


Chairman’s Statement主席報告

previous years, their high standards of journalism were

recognised by a number of media awards during the year,

including the revered Hong Kong News Awards 2005 in which

Sing Tao Daily won major prizes in the news and business

categories.

The investment in our magazine business over the last few

years has begun to bear fruit in 2005. East Week has become

the number 3 magazine in Hong Kong in terms of readership,

according to AC Nielsen, and has established itself as a high

quality infotainment magazine, with a strong appeal to high

end and branded advertisers. PC Market also reinforced its

leadership position during the year, taking the number 1

position in readership among IT magazines, and delivered

creditable financial results for the year.

In 2005, the Group sold its office building in Kowloon Bay for

a consideration of approximately HK$370 million, which gave

rise to a one-time net disposal gain of approximately HK$186

million in the 2005 results. The transaction took advantage of

the buoyant real estate market and allowed the Group to realize

the potential redevelopment value of its property asset whilst

remaining focused on its core media business. The Group will

be moving into new premises in 2006 and will be able to

generate savings in office-related operating expenses due to

more eff icient use and maintenance of off ice space. Armed

with a yet stronger financial position, the Group will continue

to expand its business base, raise the quality of its publications

and improve the profitability of its operations in 2006.

I would like to thank the Board of Directors for their guidance

and support, and management and staff for their commitment

and hard work. I also wish to thank our readers, advertisers,

business partners and shareholders for their continuous

support.

Ho Tsu Kwok, CharlesHo Tsu Kwok, CharlesHo Tsu Kwok, CharlesHo Tsu Kwok, CharlesHo Tsu Kwok, Charles

Chairman

Hong Kong, 18 April 2006

之傑出表現。一如往年，他們高水準的新聞工作在本

年度為《星島日報》摘取多項媒體獎項，其中包括於

備受推崇的「2005年香港最佳新聞獎」中贏得新聞及

經濟類別的大獎。

本集團在過去數年於雜誌業務上的投資，在二零零

五年漸見成果。根據尼爾森研究顯示，《東周刊》讀者

人數已晉身全港雜誌的第三位，並已建立其優質資

訊娛樂雜誌的地位，成為高檔及品牌產品廣告商首

選的推廣平台之一。《電腦廣場》於本年度亦進一步

鞏固其領導地位，讀者人數於所有資訊科技雜誌中

名列榜首，並錄得理想的財務業績。

於二零零五年，本集團以約370,000,000港元的代價

出售位於九龍灣的辦公大樓，從而為二零零五年業

績帶來約 186,000,000港元的一次性出售淨收益。本

集團有見及當時暢旺的房地產市場，出售該物業從

而獲取其潛在重建價值，同時維持專注於核心媒體

業務。本集團將於二零零六年搬遷至新的辦公地點，

透過更有效使用及保養辦公場所，將能節省辦公室

相關營運開支。具備更穩健的財務狀況，本集團於二

零零六年將繼續擴展其業務基礎，致力提高旗下刊

物質素及提升業務的盈利能力。

本人謹向董事會、管理層和全體員工致意，感謝他們

所作出之努力及貢獻。同時，我亦向一直支持本集團

之讀者、廣告商、業務夥伴及股東表示謝意。

何柱國

主席

香港，二零零六年四月十八日

Hong Kong News Awards 20052005

6

New California Media (NCM)Awards 2005

10th Annual Human Rights Press Awards

Society of Publishers in Asia (SOPA)2005 Awards for Editorial Excellence

2005

2005 IPPIES Awards

7

3

12

4

5

8

12

109

11

7

8

6

9


Management Discussion and Analysis管理層論述及分析

FINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTS

The consolidated revenue of Sing Tao News Corporation

Limited (the “Company”) and its subsidiaries (the “Group”)

for the f inancial year ended 31 December 2005 (the “Year”)

amounted to approximately HK$1,825 million as compared with

approximately HK$1,441 million last year. The Group recorded

exceptional gains of approximately HK$186 million on disposal

of a property and approximately HK$24 million on waiver of a

payable. Profit attributable to equity holders of the Company

amounted to approximately HK$221 million as compared with

approximately HK$0.8 million last year.

The board of directors of the Company (the “Board”) proposed

a final dividend of HK1.5 cents per share, included therein is a

special final dividend of HK1.0 cent per share for the gain on

disposal of a property. The dividend for the Year shall be

HK2.0 cents per share.

FINANCIAL REVIEWFINANCIAL REVIEWFINANCIAL REVIEWFINANCIAL REVIEWFINANCIAL REVIEW

Liquidity and Financial Resources, Gearing Ratio, Charges onLiquidity and Financial Resources, Gearing Ratio, Charges onLiquidity and Financial Resources, Gearing Ratio, Charges onLiquidity and Financial Resources, Gearing Ratio, Charges onLiquidity and Financial Resources, Gearing Ratio, Charges on

Group’s AssetsGroup’s AssetsGroup’s AssetsGroup’s AssetsGroup’s Assets

The Group maintained a strong financial position with a net

cash position throughout the Year. During the Year, the Group

received approximately HK$367 million from disposals of items

of property, plant and equipment, and invested approximately

HK$441 million in various high yield short-term investments

to maximize the return on cash on hand. As at 31 December

2005, the Group had a net cash balance (calculated with

reference to the Group’s cash balances and total borrowings)

of approximately HK$303 million (31 December 2004:

approximately HK$468 million).

The gearing ratio, defined as long-term borrowings to equity,

was zero as at 31 December 2005 (31 December 2004: zero).

As at 31 December 2005, the Group had pledged time deposits

of approximately HK$77 mill ion (31 December 2004:

approximately HK$42 million) to secure banking facilities

granted to the Group.

財務業積

截至二零零五年十二月三十一日止財政年度（「本年

度」），星島新聞集團有限公司（「本公司」）及其附屬

公司（「本集團」）之綜合收入為約 1,825,000,000港

元，去年則為約 1,441,000,000港元。本集團因出售物

業及豁免一筆應付款項而分別錄得非經常收益約

186,000,000港元及約24,000,000港元。本公司股權持

有人應佔溢利約221,000,000港元，去年則約800,000

港元。

本公司董事會（「董事會」）建議派發末期股息每股

1.5港仙，當中包括就出售一項物業收益而派發特別

末期股息每股1.0港仙。本年度之股息將為每股2.0港

仙。

財務回顧

流動資金及財務資源、資本負債比率及本集團資

產抵押

於本年度，本集團之財務狀況維持穩健，全年保持淨

現金狀況。於本年度，本集團出售物業、廠房及設備

收取約367,000,000港元，並投資約441,000,000港元

於若干高回報短期投資，以擴大手頭現金回報。於二

零零五年十二月三十一日，本集團之現金結餘淨額

（經參考本集團之現金結餘及總借款計算）約為

303,000,000港元（二零零四年十二月三十一日：約

468,000,000港元）。

於二零零五年十二月三十一日，資本負債比率（即長

期借貸與資本之比率）為零（二零零四年十二月

三十一日：零）。於二零零五年十二月三十一日，本集

團已抵押定期存款約77,000,000港元（二零零四年

十二月三十一日：約42,000,000港元），作為本集團銀

行備用額之擔保。



Capital Structure, Exposure to Fluctuations in Exchange RatesCapital Structure, Exposure to Fluctuations in Exchange RatesCapital Structure, Exposure to Fluctuations in Exchange RatesCapital Structure, Exposure to Fluctuations in Exchange RatesCapital Structure, Exposure to Fluctuations in Exchange Rates

The Group adopts a prudent approach in managing its treasury

function and uses different hedging methods to minimize the

impact of foreign exchange fluctuations on its f inancial

performance.

Contingent LiabilitiesContingent LiabilitiesContingent LiabilitiesContingent LiabilitiesContingent Liabilities

Save as the corporate guarantee given to banks to secure the

banking facilities, as at 31 December 2005, the Group did not

have any contingent liability or claim which the directors of

the Company (“Directors”) considered to be material.

BUSINESS REVIEWBUSINESS REVIEWBUSINESS REVIEWBUSINESS REVIEWBUSINESS REVIEW

Media and Media-related OperationsMedia and Media-related OperationsMedia and Media-related OperationsMedia and Media-related OperationsMedia and Media-related Operations

During 2005, Hong Kong’s economy continued to improve. The

unemployment rate declined, market sentiment revived and

consumer spending increased, which all led to growth in

advertising demand. The Group’s Media Operations benefited

from the buoyant advertising market and attained spectacular

results for the Year, with across-the-board growth in all key

business units. Revenue of the Media Operations increased

from approximately HK$1,188 million to approximately HK$1,359

million, or by 14%, in 2005 as compared with 2004. Although

additional operating expenses were incurred during the Year

for the launch of the Group’s new free newspaper products,

and higher cost of sales also arose from escalating newsprint

prices, the Media Operations achieved an operating profit of

approximately HK$13.1 million in 2005, compared with an

operating loss of approximately HK$3.5 million in 2004.

資本結構、匯率波動風險

本集團審慎管理其司庫功能，並採用不同之對沖方

法，務求將外匯波動對其財務表現造成之影響減至

最低。

或然負債

除為銀行備用額向銀行提供公司擔保外，本集團於

二零零五年十二月三十一日並無任何本公司董事

（「董事」）認為屬重大之或然負債或索償。

業務回顧

媒體與媒體相關業務

香港經濟於二零零五年持續好轉。失業率下跌、市場

氣氛復甦及消費者開支增加均令廣告需求上升。受

惠於蓬勃的廣告市場，本集團之媒體業務於本年度

取得卓越的業績，所有主要業務皆呈全面增長。媒體

業務於二零零五年之收入約1,359,000,000港元，相較

於二零零四年之約1,188,000,000港元，上升14%。儘管

本年度本集團因推出全新免費報章而須承擔額外營

運開支，銷售成本亦因報紙紙張價格攀升而增加，但

媒體業務於二零零五年仍錄得經營溢利約13,100,000

港元，扭轉了二零零四年約3,500,000港元的虧損。



NewspapersNewspapersNewspapersNewspapersNewspapers

The year under review saw solid growth at Sing Tao Daily.

This flagship newspaper of the Group enjoyed an outstanding

increase in advertising revenue in 2005, mainly driven by

advertisements for the property and retail sectors. The

newspaper’s established leadership in property advertising

positioned it well to benefit from the renewed dynamism in

the real estate market, and its performance surpassed its

competitors by a major extent during the Year. In addition,

advertisements for the education and f inance sectors also

gained market share, reflecting the success of the editorial

efforts put into improving both the quality and quantity of

these sections of the newspaper over the recent years. Overall,

the advertising customer base of Sing Tao Daily achieved a

considerable extension in both its breadth and depth, and

provided a strong basis for its revenue growth.

During the Year, competition in the local newspaper market

intensified with retail price cut, special promotion campaigns

and additional content offers by other newspapers. Sing Tao

Daily continued to focus its editorial efforts on areas where it

had traditional competitive strengths, namely Property,

Finance, Education and Political news, to serve the needs of

its middle class readers and to differentiate its market

positioning. To demonstrate the market’s recognition of the

newspaper’s editorial accomplishments, in the Hong Kong

News Awards 2005 organized by The Newspaper Society of

Hong Kong, Sing Tao Daily topped its rivals by winning seven

awards, especially in the business and f inance categories.

Another testimony to the success of the newspaper’s editorial

strategy was its continuing circulation and readership growth,

the increased industry competition notwithstanding.

2005 marked a new milestone for the Group as it made its

foray into the free newspaper market. Headline Daily was

launched in July 2005 and quickly established itself as the

number one free newspaper in Hong Kong in terms of

circulation volume and distribution coverage. Currently,

Headline Daily is available at over 800 selected distribution

報章

在本年度，《星島日報》的業務增長強勁。作為本集團

的旗艦報章，《星島日報》於二零零五年的廣告收入

升幅顯著，而增長主要來自地產及零售類別的廣告。

《星島日報》於地產廣告市場所建立的領導地位，使

其在本年度再度活躍的房地產市場中受惠，表現遠

拋離競爭對手。此外，《星島日報》在教育及財經類別

廣告的市場佔有率均有所增加，反映近年其致力改

善教育版及財經版內容質量的成果。總括而言，《星

島日報》成功擴闊其廣告客源，並為其收入增長奠定

穩健的基石。

於本年度，由於其他報章減價、推出特別優惠及附加

內容，使本地報章市場競爭加劇。而《星島日報》則繼

續致力專注於其傳統內容優勢，強化地產、財經、教

育及政治新聞，以照顧中產階層讀者的需要及突出

其市場定位。在「香港報業公會」舉辦之「2005年香

港最佳新聞獎」中，《星島日報》力壓其他競爭對手，

榮獲七項獎項，在商業及經濟組別的表現尤為出色，

足見市場對《星島日報》之編採素質的認同；而《星

島日報》的發行量及讀者人數持續增長，亦是其編採

策略成功的另一證明。

本集團在2005年首度進軍免費報章市場，為其立下

新的里程碑。《頭條日報》於二零零五年七月創刊，並

已迅速成為全港發行量第一及派發網絡覆蓋最廣的

免費報章。現時，《頭條日報》於港、九、新界逾800個

派發點供讀者取閱。《頭條日報》定位為綜合性報章，

以普羅讀者為目標，並為各式消費產品及服務提供



points throughout Hong Kong Island, Kowloon and the New

Territories. Positioned as a general newspaper for the mass

market readers, Headline Daily provided an effective

advertising platform for a wide range of consumer products

and services. Since its launch, the advertising revenue of

Headline Daily had achieved impressive growth and its

financial performance had been above expectations. Together

with Express Post, a free weekend newspaper launched by the

Group in September 2005, Headline Daily rendered the Group’s

newspaper business with access to a new and distinct segment

of the market. At the same time, the operations benefited from

signif icant cost synergies with the Group’s existing media

products.

The Group’s English-language business newspaper, The

Standard, recorded another respectable year. Following a

number of editorial enhancements including the launch of a

Property section, a Monday Money feature section, a monthly

Leisure Standard supplement as well as a re-launched Weekend

Standard, circulation had seen a double-digit increase in 2005

as compared with 2004. During the Year, advertising revenue

saw steady growth, despite keen competition on notices

advertising which kept page rates under pressure. Although

The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) has not confirmed its final plans on the abolition

of the requirement for listed companies to publish paid

announcements in newspapers, The Standard has been making

preparations for the policy change, in terms of diversifying its

revenue base in order to mitigate the impact. At the same

time, the newspaper will leverage on the resources of Sing

Tao Daily and other media products of the Group to continue

to strengthen its competency in the most cost-effective manner.

有效的廣告平台。自創刊以來，《頭條日報》的廣告收

入錄得顯著增幅，其財務表現更是超越預期。《頭條

日報》連同本集團於二零零五年九月推出之周末免

費報章《快線周報》，為本集團的報章業務拓展新的

市場領域。同時，該兩份免費報章可借助本集團旗下

現有媒體產品的資源，產生成本協同效益。

本集團之英文商務及財經資訊報章《英文虎報》錄得

另一年穩健的業績。隨着一連串加強編採內容的行

動，包括加插地產版、Monday Money版、《英文虎報

消閑版》月刊及推出全新《周末虎報》，《英文虎報》

於二零零五年的發行量相較二零零四年錄得雙位數

字的升幅。在本年度，儘管通告刊登市場競爭激烈而

令平均廣告頁收費受壓，但《英文虎報》的廣告收入

仍有穩定增長。雖然香港聯合交易所有限公司（「聯

交所」）未有就廢除上市公司須於報章刊登付費通告

之強制性規定落實最終計劃，但《英文虎報》已著手

就政策改變作準備，使收入基礎更多元化以減輕所

受的影響。同時，《英文虎報》將善用與《星島日報》

及其他媒體產品資源共享的優勢，繼續以最具成本

效益的運作模式來加強自身的競爭力。



During the year under review, good progress was made at the

overseas operations of Sing Tao Daily, which achieved

satisfactory growth in both advertising and circulation revenue.

The Group consolidated its leadership position in all its major

markets, despite challenges from higher commodities prices

which imposed pressure on operating expenses, and from

competition posed by a myriad of new publications targeting

the overseas Chinese communities. In San Francisco and

Toronto, where new competitors had entered the market, Sing

Tao Daily’s leading position had remained intact. In Los

Angeles, the new printing plant came into full operations in

August 2005, and had helped to increase the production

eff iciency of the newspaper whilst generating additional

revenue from its commercial printing activities.

MagazinesMagazinesMagazinesMagazinesMagazines

The Group’s Magazine business delivered substantial

improvements in its results in 2005 as compared with 2004. In

particular, its flagship magazine East Week reported strong

performance on both the advertising and circulation fronts.

Advertising revenue recorded a double-digit growth in 2005,

which could be attributed to increases in advertising volume

as well as in average page rates. During the Year, East Week

made efforts on improving its content quality and lifting its

brand image, which raised its appeal to both the advertisers

and readers. The magazine was successful in developing new

categories of advertising, especially high-end and brand

advertisements. At the same time, East Week proved to be an

increasingly popular infotainment magazine, as evidenced by

the latest survey on readership. According to Nielsen Media

Index – Hong Kong Report (January – December 2005), East

Week’s market ranking in terms of readership had risen to the

number 3 position, having attained the second largest

readership increase among all magazines included in the

survey.

於本年度，《星島日報》海外業務進展良好，廣告及發

行收入均獲得理想增長。縱使原料物價上漲令營運

支出受壓，以及大量針對海外華人社區的新刊物加

入競爭，但本集團仍能鞏固《星島日報》海外版於各

主要市場的領導地位。於美國三藩市及加拿大多倫

多，縱使有新的競爭對手加入市場，但《星島日報》在

當地的領導地位並未受到影響。另外，位於美國洛杉

磯的全新印刷廠房已於二零零五年八月全面投入運

作，此全新的廠房不但提升報章的生產效率，同時亦

透過其商業印刷業務為本集團帶來額外收入。

雜誌

本集團之雜誌業務於二零零五年的業績相較二零零

四年錄得顯著進步，其中以集團的旗艦雜誌《東周

刊》於廣告及發行量的表現尤為強勁。有賴廣告量及

平均廣告頁收費上升，廣告收入於二零零五年錄得

雙位數的增長。在本年度，《東周刊》致力改善其內容

質素及提升其品牌形象，藉以加強《東周刊》對廣告

商及讀者的吸引力。該雜誌成功開發新的廣告類別，

特別是高檔及品牌產品廣告。與此同時，最新讀者人

數調查顯示，《東周刊》已成為一本愈受歡迎的資訊

娛樂雜誌。根據尼爾森媒介指數─香港報告（二零零

五年一月至十二月），《東周刊》讀者人數已晉身全

港雜誌的第三位，更是該調查報告內的所有雜誌中

讀者人數升幅最大的第二位。



Another key product of the Group’s Magazine business, PC

Market, also contributed notable achievements in 2005.

According to the same survey by AC Nielsen, PC Market took

the number 1 spot in readership among IT magazines, clearly

consolidating its leadership position as the most recognized

magazine of its genre in Hong Kong. With the launch of a new

booklet, PCM Light, customized for digital home living, PC

Market continued to enjoy high popularity among both the IT

professionals as well as general readers.

Competition in Hong Kong’s magazine market stepped up in

2005, with a proliferation of new titles hitting the market and

a series of price cutting by new and incumbent players,

especially in the lifestyle magazine category. Within the

Group’s Magazine business, the impact of the competition was

most felt by East TOUCH and JET. In spite of the market

pressure, both magazines managed to improve their

performance during the Year. Through their insightful coverage

of the most up-to-date lifestyle trends, as well as co-operation

with a number of internationally renowned brands, the

magazines had established themselves as an important

marketing platform for branded fashion, watches, cosmetics

and other trendy products.

Recruitment MediaRecruitment MediaRecruitment MediaRecruitment MediaRecruitment Media

During 2005, the Group’s Recruitment Media business delivered

encouraging results, thanks to the continued improvement of

the local economy. Hong Kong’s youth unemployment rate

declined to a record low since 1998, and demand for recruitment

advertising grew steadily. However, the traditional print platform

had become increasingly mature with declining profit margins

and tough competition. In line with the market trend towards

online recruitment advertising, JobMarket offered more flexible

advertising packages through www.jobmarket.com.hk and

increased its overall online revenue by over 50% during the

Year. It consistently delivered innovative ideas and first class

本集團之雜誌業務另一主要產品《電腦廣場》亦於二

零零五年為雜誌業務貢獻業績。根據上述尼爾森研

究顯示，《電腦廣場》讀者人數於所有資訊科技雜誌

中名列榜首，肯定了其在香港同類雜誌中最廣受認

同的領導地位。加插了為數碼家居生活而設的全新

別冊《PCM Light》，《電腦廣場》繼續備受資訊科技

界專業人士及普羅讀者歡迎。

由於有大量新刊物湧現市場，同時新及現有雜誌推

出減價行動，使香港雜誌市場競爭在二零零五年進

一步升級，其中尤以文化潮流類別的雜誌市場為甚。

於本集團之雜誌業務中，以《東TOUCH》及《JET》最

深受競爭所影響。儘管備受市場壓力，該兩本雜誌在

本年度的表現均有進步。透過深入報道最新文化潮

流趨勢，並與多個國際知名品牌合作，該兩本雜誌已

建立清晰定位，成為名牌時裝、手錶、化妝品及其他

時尚產品的重要市場推廣平台。

招聘媒體

於二零零五年，受惠於本地經濟持續改善，本集團之

招聘媒體業務的業績令人鼓舞。香港青年失業率下跌

至一九九八年以來之新低，招聘廣告的需求平穩增長。

然而，隨着傳統之平面媒體平台日漸成熟，其邊際利

潤已見下降，同時競爭亦轉趨激烈。為配合網上招聘

廣告之市場趨勢，《 JobMarket求職廣場》透過

www.jobmarket.com.hk提供更靈活的廣告組合，而整

體的網上收入亦於本年度增加逾50%。《JobMarket求

職廣場》持續為招聘者及求職者提供創新意念及優質

的客戶服務。此外，為了把握高級職位人士網上招聘

市場的發展空間，《JobMarket求職廣場》於二零零五年



customer service to both recruiters and job seekers. In addition,

to take advantage of a gap in the online recruitment market for

top posts, JobMarket launched a new recruitment website,

known as www.A-performers.com, in October 2005, which was

tailor-made for middle to senior job positions in Hong Kong

and mainland China.

The market’s demand for continuing education remained high.

By means of an integrated print and online platform, EDUPlus

continued to provide an advertising and information medium

for further education, and served as a complementary product

to JobMarket within the Recruitment Media business.

Other Media-related BusinessesOther Media-related BusinessesOther Media-related BusinessesOther Media-related BusinessesOther Media-related Businesses

The Group’s other Media-related businesses included print

media distribution in mainland China, and the amalgamation,

packaging and sale of the Group’s and third-party content and

information in Hong Kong and mainland China. These

businesses progressed steadily during the Year, and served to

pave the way for the expansion of the Group’s media business

in mainland China.

Non-media OperationsNon-media OperationsNon-media OperationsNon-media OperationsNon-media Operations

TradingTradingTradingTradingTrading

The Trading business recorded a remarkable growth in revenue

of 85% in 2005 compared with 2004, and operating profit made

an impressive jump from HK$1.4 million to HK$6.2 million.

Sales of digital cameras grew dramatically, especially during

the f irst half of the Year, but signs of slowing down were

beginning to be seen in 2006. In order to maintain its margins,

the team made persistent efforts to improve its sales and

marketing capabilities, and placed strong emphasis on

operational efficiencies.

十月推出了一個專為香港及內地中高層人士而設的

全新求職網站www.A-performers.com。

由於市場對持續教育的需求仍高，透過平面刊物及

網上平台的配合，《EDUPlus進修指南》繼續為持續

教育提供廣告及資訊平台，並於招聘媒體業務中與

《JobMarket求職廣場》相互補足。

其他媒體相關業務

本集團的其他媒體相關業務包括國內合資經營的平

面媒體發行服務，以及於香港及國內整合、包裝與銷

售本集團及其他內容供應商的資訊。該等業務於本

年度平穩發展，為本集團拓展內地媒體業務鋪路。

非媒體業務

貿易

貿易業務的收入於二零零五年錄得顯著增長，相較

於二零零四年增幅約85%；而經營溢利由1,400,000港

元躍升至6,200,000港元。數碼相機銷售量顯著增長，

其中尤以本年度的上半年之升幅最為可觀，但於二

零零六年卻有開始放緩的跡象。為了維持業務的溢

利率，該部門不斷致力提升其銷售及市場推廣能力，

並加強營運效率。



Broadband Content and DistributionBroadband Content and DistributionBroadband Content and DistributionBroadband Content and DistributionBroadband Content and Distribution

The Broadband Content and Distribution business, operated

through 40%-owned Beelink Information Science & Technology

Co., Ltd.（百靈信息科技有限公司）, suffered from price

competition from national market leaders, which resulted in a

substantial decline in revenue and margins. To mitigate the

impact, the business continued to diversify its revenue base

and maintained stringent control on costs.

E-Learning and Corporate TrainingE-Learning and Corporate TrainingE-Learning and Corporate TrainingE-Learning and Corporate TrainingE-Learning and Corporate Training

The e-learning and corporate training business in the PRC,

carried out through 70%-owned China Human Capital

Management Company Limited（北京經華智業教育科技有限

公司）, made solid progress during the Year. As at the 2005

year end, the web-based distant learning university “eUIBE”

had over 17,200 students enrolled. In order to broaden the

business base, discussions are underway to expand enrollment

outside mainland China including Hong Kong, Singapore,

Malaysia through co-operation with local educational

institutions.

PROSPECTSPROSPECTSPROSPECTSPROSPECTSPROSPECTS

In 2005, the Group’s core Media Operations had staged a

distinct turnaround, thanks to favourable business conditions

as well as the strong market position that the Group had built

up in recent years. At the same time, the newly-launched media

projects had performed better than expected, and the positive

momentum has carried on into the current year. Headline Daily

continues to deploy additional resources to refine its content

and distribution strategy, in order to reinforce its lead among

the competition. Although it is normal for new publications to

take at least one to two years to make a positive contribution

to bottom line results, management believes that the Group’s

free newspaper products will provide one of the most

important impetus for the Group’s growth and profitability in

the medium and longer term.

寬頻內容與服務

本集團的寬頻內容與服務業務，透過其擁有40%股權

之百靈信息科技有限公司營運。該業務受到全國主

要寬頻服務商的減價戰影響，以致其收入及溢利率

均有顯著下降。為了緩和市場競爭所帶來的影響，該

業務繼續分散其收入基礎及嚴格控制成本。

遠程教育與企業培訓

本集團所經營的國內遠程教育與企業培訓業務，透

過其擁有70%股權的北京經華智業教育科技有限公

司，在本年度有穩步增長。於二零零五年底，網上遠

程大學「eUIBE」已招收超過17,200名學生。為擴闊業

務層面，現正透過與香港、新加坡及馬來西亞等當地

的教育機構合作，開拓內地以外的招生網絡。

展望

於二零零五年，受惠於利好營商條件，以及本集團近

年建立穩固的市場地位，本集團之核心媒體業務已

明顯扭轉形勢。同時，新推出的媒體項目表現超越預

期，而強勁勢頭在二零零六年仍然持續。《頭條日報》

亦繼續投放額外資源以強化其內容及發行策略從而

鞏固市場的領導地位。縱使新刊物一般需要最少一

至兩年才能帶來盈利，但管理層相信，中、長期而言，

本集團的免費報章將成為本集團增長及盈利的主要

推動力。



Going into 2006, the continuing increase in commodity prices

and the impact of rising interest rates have put some

uncertainty over the business environment in which the Group

operates. The Group will remain committed to growing its

media business in a focused manner, whilst placing emphasis

on cost control and operational efficiencies. Having sold its

office building in Kowloon Bay, the Group will move into new

leased premises later this year. Management expects that

overall office-related operating expenses will be reduced upon

the move into the new premises even after the rental expenses

are taken into account, as the office building in Kowloon Bay

had required increasingly high maintenance costs due to its

age. Overall, the Group is optimistic that its positive trend

will continue and that it will generate increasing returns to its

shareholders.

EMPLOYEESEMPLOYEESEMPLOYEESEMPLOYEESEMPLOYEES

As at 31 December 2005, the Group had approximately 2,200

employees.

The Group remunerates its employees based on individual and

business performance and competitive salaries and benefits

are paid to attract and retain quality staff. Other employee

benefits include medical insurance, discretionary bonus, share

options and provident fund schemes.

踏入二零零六年，原料物品價格持續上漲及利率上

升皆為本集團的營商環境帶來一些不明朗的因素。

本集團將會繼續致力專注發展媒體業務，同時並會

嚴格控制成本及提高營運效率。本集團於九龍灣的

辦公大樓已售出，在今年稍後時間將會搬遷至新的

租用辦公地點。由於舊有的辦公大樓漸趨老化，使近

年需要投放的維修保養費用不斷增加，管理層估計，

搬進新辦公大樓後，經扣除租金仍可節省相關開支。

本集團對維持其業務發展的良好趨勢感到樂觀，並

相信將能為股東帶來更高的回報。

僱員

於二零零五年十二月三十一日，本集團共有約2,200

名員工。

本集團根據其僱員之個人表現及其業務之業績給予

具競爭性之薪酬及褔利，以吸引及挽留優質員工。其

他僱員褔利包括醫療保險、酌情花紅、認股權及強積

金計劃。


Directors and Senior Management董事及高級管理層

EXECUTIVE DIRECTORSEXECUTIVE DIRECTORSEXECUTIVE DIRECTORSEXECUTIVE DIRECTORSEXECUTIVE DIRECTORS

Mr. Ho Tsu KwokMr. Ho Tsu KwokMr. Ho Tsu KwokMr. Ho Tsu KwokMr. Ho Tsu Kwok, CharlesCharlesCharlesCharlesCharles, aged 56, has been the Chairman

and an Executive Director of the Company since 2000, and is

also a director of various subsidiaries of the Company. He is

also the chairman of Hong Kong Tobacco Company Limited,

an independent non-executive director of China National

Aviation Company Limited and China Petroleum and Chemical

Corporation. Mr. Ho returned to Hong Kong in the late 1990s

from the United States to take over his family business. In

2001, Mr. Ho acquired the Group and formed strategic

partnerships with reputable media corporations globally with

an aim of developing the Group into a multimedia corporation

serving global Chinese communities. Mr. Ho contributes much

to public affairs. He is a member of the Standing Committee

of the Chinese People’s Political Consultative Conference and

an economic consultant of Shandong Provincial Government

of the People’s Republic of China. He is also an honorary

trustee of Peking University and a trustee of University of

International Business and Economics in China.

Mr. Lo Wing HungMr. Lo Wing HungMr. Lo Wing HungMr. Lo Wing HungMr. Lo Wing Hung, aged 43, has been an Executive Director of

the Company since 2002. He is the Chief Executive Officer of

the Company and also a director of various subsidiaries of the

Company. He joined the Group as Chief Editor of Sing Tao

Daily in 1999. He was the Chief Executive Off icer of the

newspaper group of the Company prior to his appointment as

the Chief Executive Officer of the Company in April 2005. Mr.

Lo has extensive experience in the media industry. Prior to

joining the Group, he worked for a number of major newspaper

and television companies in Hong Kong. He is the vice

chairman of the Newspapers Society of Hong Kong.

Mr. Jia HongpingMr. Jia HongpingMr. Jia HongpingMr. Jia HongpingMr. Jia Hongping, aged 42, has been an Executive Director of

the Company since 2000. He is the Chief Representative of

the Beijing office of the Group and also a director of various

subsidiaries of the Company. Mr. Jia brings with him a wealth

of experience in management, investment and government

執行董事

何柱國先生，現年56歲，自二零零零年起擔任本公司

主席兼執行董事，以及本公司多間附屬公司之董事。

彼亦擔任香港煙草有限公司主席、及中航興業有限

公司和中國石油化工股份有限公司之獨立非執行董

事。何先生早年定居美國，90年代後期回返香港接管

其家族生意。二零零一年，何先生收購歷史悠久的本

集團，正式進軍媒體，並與多家國際媒體機構組成策

略性夥伴，致力將本集團發展成為服務全球華人地

區的跨媒體集團。何先生為中華人民共和國人民政

治協商會議常務委員會委員、山東省人民政府經濟

顧問、北京大學名譽校董及對外經濟貿易大學校董。

盧永雄先生，現年43歲，自二零零二年起擔任本公司

之執行董事，現任本公司之行政總裁兼本公司多間

附屬公司之董事。彼於一九九九年加入本集團出任

《星島日報》之總編輯，並於二零零五年四月被委任

為本公司之行政總裁前曾出任本集團報章業務之行

政總裁。盧先生於傳媒業界擁有豐富經驗，在加盟本

集團前，曾在多家香港主要報章及電視台工作。彼現

為香港報業公會副主席。

賈紅平先生，現年42歲，自二零零零年起擔任本公司

之執行董事，現任本集團北京代表處之首席代表兼

本公司多間附屬公司之董事。賈先生在企業管理、投

資策略及政府關係等各方面均擁有豐富經驗。一九

九八年，賈先生擔任美國李爾中國有限公司執行董



relations to the Group. In 1998, Mr. Jia joined the Lear

Corporation China Limited as the executive director and chief

representative of its Beijing office. Prior to joining the Group,

he worked in various capacities in the government departments

under the China State Council. He holds a Bachelor’s Degree

from the Beijing Institute of Technology University.

Mr. Jim Sui HingMr. Jim Sui HingMr. Jim Sui HingMr. Jim Sui HingMr. Jim Sui Hing, aged 53, has been an Executive Director of

the Company since 2003. He is the Managing Director of

overseas operations of the Company. He joined the Group as

the Editor-in-Chief of The Standard in 2001. Mr. Jim has

extensive experience in the media industry. Prior to joining

the Group, he was the chief operating officer of Mainstream

Broadcasting Inc. in Canada.

Mr. Lai Ting YiuMr. Lai Ting YiuMr. Lai Ting YiuMr. Lai Ting YiuMr. Lai Ting Yiu, aged 54, has been an Executive Director of

the Company since 2004. He is the Chief Executive Officer of

the magazine group and also a director of various subsidiaries

of the Company. He is responsible for overseeing the

publication of magazines of the Group. He joined the Group

in 1999 as the Executive Chief Editor of Sing Tao Daily. Prior

to joining the Group, he held various key positions in various

renowned media companies.

Mr. Lau Chung Man, LouisMr. Lau Chung Man, LouisMr. Lau Chung Man, LouisMr. Lau Chung Man, LouisMr. Lau Chung Man, Louis, aged 47, has been an Executive

Director of the Company since 2005. He is the Chief Financial

Off icer of the Company and also a director of various

subsidiaries of the Company. He is primarily responsible for

overseeing the operations of the Group’s major supporting

functions. He is a Chartered Accountant and holds a Bachelor’s

degree in Commerce and Administration from Victoria

University of Wellington in New Zealand. He is a member of

the New Zealand Society of Accountants, a certified public

accountant of the Hong Kong Institute of Certif ied Public

Accountants and has extensive experience in corporate

management, accounting and f inance. Prior to joining the

Group, he was an executive director of China Everbright

Limited. He is also an independent non-executive director and

audit committee member of Kwong Hing International

Holdings (Bermuda) Limited.

事兼其北京代表處首席代表。彼於加盟本集團前，曾

在隸屬於中國國務院的多個部門歷任要職。賈先生

持有北京理工大學工科學士學位。

詹瑞慶先生，現年53歲，自二零零三年起擔任本公司

之執行董事，現任本公司海外業務之董事總經理。彼

於二零零一年加盟本集團擔任《英文虎報》之總編

輯。詹先生於傳媒業界擁有豐富經驗，在加盟本集團

前，曾任職加拿大華僑之聲之營運總裁。

黎廷瑤先生，現年54歲，自二零零四年起擔任本公司

之執行董事，現任本集團雜誌業務之行政總裁兼本

公司多間附屬公司之董事，專責管理本集團雜誌出

版業務。彼於一九九九年加盟本集團擔任《星島日

報》之執行總編輯，在加盟本集團前，曾於多家著名

的傳媒公司擔任要職。

劉仲文先生，現年47歲，自二零零五年起擔任本公司

之執行董事，現任本公司之首席財務總監兼本公司

多間附屬公司之董事，負責管理本集團旗下主要部

門的整體日常營運。劉先生為特許會計師，並持有新

西蘭威靈頓維多利亞大學工商管理學士學位。彼為

新西蘭會計師學會會員及於香港會計師公會註冊為

會計師，並在企業管理、會計及財務方面擁有豐富的

經驗。劉先生於加盟本公司前，曾擔任中國光大控股

有限公司之執行董事。彼現亦為廣興國際控股有限

公司之獨立非執行董事及審核委員會成員。



Mrs. Sy Wong Chor FongMrs. Sy Wong Chor FongMrs. Sy Wong Chor FongMrs. Sy Wong Chor FongMrs. Sy Wong Chor Fong, aged 65, has been an Executive

Director of the Company since 1996. She is a director of various

subsidiaries of the Company. She has been engaged in the

import and export trading business for many years. She has

30 years of experience in the distribution of consumer products

in China, including 17 years of experience in the distribution

of photographic products.

Mr. Yang Yiu Chong, Ronald JeffreyMr. Yang Yiu Chong, Ronald JeffreyMr. Yang Yiu Chong, Ronald JeffreyMr. Yang Yiu Chong, Ronald JeffreyMr. Yang Yiu Chong, Ronald Jeffrey, aged 39, has been an

Executive Director of the Company since 2001. He is a director

of various subsidiaries of the Company. He is responsible for

evaluating investments projects and exploring merger and

acquisition opportunities for the Group. He is also responsible

for overseeing the Group’s production and printing operations.

Mr. Yang gained wealth of experience in f inance and

investment arena and had participated in numerous corporate

finance activities for several listed companies in Hong Kong

as well as worked at a leading international bank. Prior to

joining the Group, he held senior positions in Leefung Asco

Printers Holdings Limited, responsible for the group’s financial

affairs and business development. He is also a non-executive

director of Karce International Holdings Company Limited.

NON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTOR

Mr. Leung Chun YingMr. Leung Chun YingMr. Leung Chun YingMr. Leung Chun YingMr. Leung Chun Ying, aged 51, has been a Non-Executive

Director of the Company since 2000. He is a convenor of

Executive Council of the Hong Kong Special Administrative

Region. He is the chairman of DTZ Debenham Tie Leung

Limited. Mr. Leung is a member of the National Standing

Committee of the Chinese People’s Political Consultative

Conference, an honorary advisor to a number of China

Government organizations, namely, Leading Group Shanghai

Government on Land Reform, Shenzhen Government on Land

Reform and Tianjin Government on Land Reform. He is also

an honorary consultant to the Pudong Development, Leading

Board Shanghai Government.

施黃楚芳女士，現年65歲，自一九九六年起擔任本公

司之執行董事及本公司多間附屬公司之董事。彼擁

有豐富的進出口貿易經驗，從事中國消費品分銷業

務達30年，其中擁有 17年分銷攝影器材之經驗。

楊耀宗先生，現年39歲，自二零零一年起擔任本公司

之執行董事，現任本公司多間附屬公司之董事，負責

評估集團旗下之投資項目和發掘各種收購及合併機

會。彼亦負責管理本集團之生產及印刷業務。楊先生

在財務及投資領域累積多年豐富經驗，期間參與不

少香港上市公司的企業融資活動，並曾在一家首要

的國際銀行任職。彼於加盟本集團前，曾在利豐雅高

印務集團有限公司擔任高級職位，負責管理該集團

之財政事務及業務發展。彼現亦為泰盛實業集團有

限公司之非執行董事。

非執行董事

梁振英先生，現年51歲，自二零零零年起擔任本公司

非執行董事，現為香港特別行政區行政會議召集人

及戴德梁行有限公司之主席。梁先生亦為中華人民

共和國全國政協常務委員會委員及為多個中國政府

組織之名譽顧問，包括上海市及深圳市土地使用制

度改革領導小組顧問、天津市政府房地產顧問、以及

上海市浦東開發領導小組顧問等。



INDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORSINDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Timothy David DattelsMr. Timothy David DattelsMr. Timothy David DattelsMr. Timothy David DattelsMr. Timothy David Dattels, aged 48, has been an Independent

Non-Executive Director of the Company since 2003. He is the

managing director of Newbridge Capital, LLC, the Asian

investment vehicle for Texas Pacific Group. Mr. Dattels retired

as managing director of Goldman Sachs, LLC (“Goldman

Sachs”) in January 2003. He was elected partner of Goldman

Sachs in 1996 and was head of Investment Banking for all Asian

countries outside of Japan from 1996 to 2000 where he advised

several of Asia’s leading entrepreneurs and governments. In

addition, he served on the firm’s Management Committee in

Asia. Mr. Dattels serves as a director of Shenzhen Development

Bank Co., Ltd., and Shangri-La Asia Limited, Asia’s leading

hotel brand. He is a trustee of the Asian Art Museum of San

Francisco and also serves on the Dean’s Advisory Board of the

Rotman School of Business at the University of Toronto as

well as a member of the Asia Pacific Council of The Nature

Conservancy. He holds a BA (Honors) from The University of

Western Ontario, 1980, and a MBA from Harvard Business

School, 1984.

Ms. Ho Chiu King, Pansy CatilinaMs. Ho Chiu King, Pansy CatilinaMs. Ho Chiu King, Pansy CatilinaMs. Ho Chiu King, Pansy CatilinaMs. Ho Chiu King, Pansy Catilina, aged 43, has been

Independent Non-Executive Director of the Company since

2001. She runs the offices of managing director of Shun Tak

Holdings Limited, chief executive officer and director of Shun

Tak – China Travel Shipping Investments Limited, director of

Sociedade de Turismo e Diversões de Macau, S.A.R.L.,

managing director of MGM Grand Paradise Limited, chairman

of Macau Tower Convention & Entertainment Centre, and

executive director of Air Macau Company Limited. Besides

gearing her efforts in business endeavors, Ms. Ho also serves

on a host of economic, social and public services. In mainland

China, such participation and services include being committee

member of The Chinese People’s Political Consultative

Conference of Beijing, member of the Standing Committee of

All-China Federation of Industry and Commerce and vice

president of its Chamber of Tourism and China Women’s

Chamber of Commerce, vice-chairperson of the China Society

for Promotion of The Guangcai Program, and executive

獨立非執行董事

Timothy David DattelsTimothy David DattelsTimothy David DattelsTimothy David DattelsTimothy David Dattels先生，現年48歲，自二零零三

年起擔任本公司獨立非執行董事。現為Texas Pacific

集團在亞洲之投資工具公司Newbridge Capital, LLC

之董事總經理。Dattels先生於二零零三年一月退任

高盛有限公司（「高盛」）之董事總經理，於一九九六

年被選為高盛之合夥人，並於一九九六年至二零零

零年期間擔任日本以外所有亞洲國家之投資銀行主

管，為多家亞洲首屈一指之企業及政府提供投資意

見。此外，彼曾為該公司之亞洲管理委員會服務。

Dattels先生現為深圳發展銀行股份有限公司及亞洲

首屈一指品牌酒店－香格里拉（亞洲）有限公司之董

事。彼為三藩市亞洲藝術博物館之受託人，亦為多倫

多大學Rotman School of Business院長諮詢委員會

服務，並為美國保護自然資源亞太區協會會員。彼持

有西安大略大學之榮譽工商管理學位（一九八零年）

及持有哈佛商學院工商管理碩士學位（一九八四

年）。

何超瓊女士，現年43歲，自二零零一年起擔任本公司

獨立非執行董事。何女士現任信德集團有限公司董

事總經理，同時亦為信德中旅船務投資有限公司行

政總裁兼董事，身兼澳門旅遊娛樂有限公司董事、美

高梅金殿超濠股份有限公司董事總經理、澳門旅遊

塔會展娛樂中心主席及澳門航空股份有限公司執行

董事。除專注其集團的企業營運和業務發展外，何女

士亦參與眾多社會公益事務。在國內，彼為政協北京

市委員會委員、中華全國工商聯常委會委員暨工商

聯旅遊業商會及女企業家商會副會長、中國光彩事

業促進會副會長及北京市婦女聯合會執行委員會委

員。在香港，何女士為香港特別行政區政府民政事務



committee member of the Beijing Women’s Federation. In Hong

Kong, she serves as member of the Museum Committee and

the General Committee of the Hong Kong Philharmonic Society

Limited of the Home Affairs Bureau of The Government of

the HKSAR, member of the Executive Committee and director

of The Community Chest of Hong Kong, vice chairperson and

executive committee member of the Hong Kong Federation of

Women, founding honorary advisor and director of The

University of Hong Kong Foundation for Educational

Development and Research and council member of The Better

Hong Kong Foundation. In Macau, Ms. Ho acts as committee

member of The Government of Macau SAR Tourism

Development Committee and Women’s Commission.

Internationally, Ms. Ho is an advisory board member of United

Nations Development Programme – The Peace and

Development Foundation, member of Sotheby’s International

Advisory Board and council representative of the board of

directors of the Pacific Asia Travel Association. Ms. Ho holds

a Bachelor’s degree in marketing and international business

management from the University of Santa Clara.

Mr. King Richard Yun ZingMr. King Richard Yun ZingMr. King Richard Yun ZingMr. King Richard Yun ZingMr. King Richard Yun Zing, aged 39, has been an Independent

Non-Executive Director of the Company since 2004. He is a

member of the board of directors of J.P. Morgan Securities

(Asia Pacific) Limited and is a senior member of JP Morgan’s

investment banking team in Asia. He holds a Bachelor’s degree

in Economics from Columbia University in New York and has

over 10 years of investment banking experience in advising

corporations, governments and entrepreneurs in f inancing

strategies. Prior to joining JP Morgan, he held senior positions

at various renowned institutions including Credit Lyonnais

Securities Asia Limited and CITIC Pacific Limited, a Hong

Kong listed conglomerate.

局博物館委員會及香港管弦協會有限公司常務委員

會委員、香港公益金董事及其執行委員會和籌募委

員會委員、香港各界婦女聯合協進會理事會副主席

兼執行委員會委員，並身兼香港大學教研發展基金

創會名譽顧問及董事和香港明天會更好基金顧問委

員會委員。在澳門，她擔任澳門特區政府旅遊發展輔

助委員會委員及澳門婦女事務諮詢委員會委員。何

女士亦被委任為聯合國開發計劃署－和平發展基金

會高級顧問、蘇富比拍賣行國際顧問委員會委員及

太平洋亞洲旅遊協會董事會成員。何女士擁有美國

加州聖克萊大學市場學及國際商業管理學士學位。

金元成先生，現年39歲，自二零零四年起擔任本公司

獨立非執行董事，現為摩根大通證券（亞太）有限公

司董事會成員及摩根大通亞洲投資銀行組之高級人

員。金先生持有紐約哥倫比亞大學頒發之經濟學學

士學位，並在投資銀行界積逾 10年經驗，專為機構、

政府及融資策劃承辦人提供意見。彼於加盟摩根大

通前，曾於多家知名機構出任要職，包括里昂證券有

限公司及香港上市集團中信泰富有限公司。



Mr. Lee Cho JatMr. Lee Cho JatMr. Lee Cho JatMr. Lee Cho JatMr. Lee Cho Jat, aged 72, has been an Independent Non-

Executive Director of the Company since 2005. He is currently

the chairman of Guangzhou Wanglaoji Pharmaceutical

Company Limited. He is a member of the National Committee

of the Chinese People’s Political Consultative Conference. In

1998, Mr. Lee was awarded the “Silver Bauhinia Star” by The

Government of the HKSAR. He is now the chairman of The

Newspaper Society of Hong Kong, the chairman of The Chinese

Language Press Institute Ltd., a consultant of The Publishers

Association of China, a Standing Committee member of The

Chinese General Chamber of Commerce, permanent honorary

chairman of the Hong Kong Publishing Federation, and

honorary chairman of C&C Joint Printing Co., (Beijing) Ltd.,

Sino United Publishing (Holdings) Limited and Hong Kong

Commercial Newspaper Co., Ltd. Mr. Lee started his career in

newspaper publishing industry after graduated from secondary

school in 1952 and has over 50 years of experience in the

media industry devoting to promote Chinese culture. Mr. Lee

was awarded Outstanding Achievement Award of Hong Kong

Print Awards in 1997. Mr. Lee successfully changed traditional

state-owned companies such as The Commercial Press (H.K.)

Ltd., Joint Publishing (Hong Kong) Company Limited, Chung

Hwa Book Co., (H.K.) Ltd. and C&C Joint Printing Co., (H.K.)

Ltd., into fast-developing modernized international enterprises,

which, under his leadership, become paragons of the industry.

Mr. Lee was appointed a committee member of The

Preliminary Working Committee for The Preparatory

Committee for the HKSAR of The Standing Committee of The

National People’s Congress in 1994 and was further appointed

as a member of The Preparatory Committee for the HKSAR of

The National People’s Congress, participated in the preparation

of the establishment of The Government of the HKSAR. He

was appointed a member of the Antiquities Advisory Board of

the HKSAR in 1999.

李祖澤先生，現年72歲，自二零零五年起擔任本公司

獨立非執行董事，現為廣州王老吉藥業股份有限公

司董事長，彼亦為中國人民政治協商會議全國委員

會委員。於一九九八年，李先生榮獲香港特別行政區

政府頒授「銀紫荊星章」。彼現任香港報業公會主席、

世界中文報業協會主席、中國出版工作者協會顧問、

香港中華總商會常務會董、香港出版總會永遠名譽

會長、以及北京華聯印刷有限公司、聯合出版（集團）

有限公司及香港商報有限公司之名譽董事長。李先

生自一九五二年中學畢業後投身報章出版業，在傳

媒業界積逾50年經驗，致力推動中國文化。李先生於

一九九七年榮獲香港印製大獎之「傑出成就大獎」。

李先生成功將商務印書館（香港）有限公司、三聯書

店（香港）有限公司、中華書局（香港）有限公司及中

華商務聯合印刷（香港）有限公司等傳統國營公司轉

變為發展迅速之現代化國際企業，而該等公司在其

領導下亦成為業界翹楚。李先生曾於一九九四年獲

委任為全國人民代表大會常務委員會香港特別行政

區籌委會預備工作委員會委員，及後獲委任為全國

人民代表大會香港特別行政區籌備委員會委員，參

與籌備成立香港特別行政區政府。彼曾於一九九九

年獲委任為香港特別行政區政府古物諮詢委員會委

員。



Mr. Tung Chee ChenMr. Tung Chee ChenMr. Tung Chee ChenMr. Tung Chee ChenMr. Tung Chee Chen, aged 63, has been an Independent Non-

Executive Director of the Company since 2002. He is the

chairman, president and chief executive off icer of Orient

Overseas (International) Limited. Mr. Tung graduated from

the University of Liverpool, England, where he received his

Bachelor of Science degree. He later acquired a Master’s degree

in Mechanical Engineering at the Massachusetts Institute of

Technology in the United States. Mr. Tung is an independent

non-executive director of Zhejiang Expressway Company

Limited, PetroChina Company Limited, Wing Hang Bank,

Limited, BOC Hong Kong (Holdings) Limited, Cathay Pacific

Airways Limited and U-Ming Marine Transport Corporation.

Mr. Tung is a member of the Hong Kong Port Development

Council.

SENIOR MANAGEMENTSENIOR MANAGEMENTSENIOR MANAGEMENTSENIOR MANAGEMENTSENIOR MANAGEMENT

All the executive directors of the Company are respectively

responsible for the various aspects of the business and

operation of the Group. These executive directors of the

Company are regarded as the members of the senior

management team of the Group.

董建成先生，現年63歲，自二零零二年起擔任本公司

獨立非執行董事，現為東方海外（國際）有限公司主

席、總裁及行政總裁。董先生曾分別獲英國利物浦大

學頒授理學學士學位及美國麻省理工學院頒發機械

工程碩士學位。董先生現亦為浙江滬杭甬高速公路

股份有限公司、中國石油天然氣股份有限公司、永亨

銀行有限公司、中銀香港（控股）有限公司、國泰航空

有限公司及裕民航運股份有限公司之獨立非執行董

事。董先生現亦為香港港口發展局成員。

高級管理層

本公司的所有執行董事均分別負責本集團的各項業

務及營運。所有執行董事均被視為本集團高級管理

層。


Corporate Governance Report企業管治報告

The Directors believe that good corporate governance practices

serve as an effective risk management for the Company and

hence, the shareholders of the Company will benefit from the

high standard of corporate governance.

The Company has adopted the code provisions set out in the

Code on Corporate Governance Practices (the “CG Code”)

contained in Appendix 14 of the Rules Governing the Listing

of Securities (the “Listing Rules”) on the Stock Exchange and

complied with the CG Code throughout the review period

with deviations from certain code provisions of the CG Code

specified and explained below.

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Issuers (the “Model Code”)

contained in Appendix 10 of the Listing Rules. The Company

has made specif ic enquiries to all Directors who have

confirmed that, during the Year, they have complied with the

required standard set out in the Model Code.

THE BOARDTHE BOARDTHE BOARDTHE BOARDTHE BOARD

As at 31 December 2005, the Board consists of 14 directors

including 8 executive directors, 1 non-executive director and 5

independent non-executive directors (“INEDs”). Names and

biographical details of the Directors are set out under the

section headed “Directors and Senior Management” on pages

19 to 25.

董事相信，良好的企業管治常規對本公司來說即有

效之風險管理。因此，本公司之股東將受惠於高水平

之企業管治。

本公司已採納並遵守聯交所證券上市規則（「上市規

則」）附錄14所載之企業管治常規守則（「企業管治守

則」）之守則條文，惟下文列明及闡釋當中有偏離企

業管治守則之部分守則條文。

本公司已採納上市規則附錄10所載之上市公司董事

進行證券交易的標準守則（「標準守則」）。本公司在

進行具體查詢後，全體董事均確認於截至本年度，彼

等已遵守標準守則所列明之規定標準。

董事會

於二零零五年十二月三十一日，董事會由十四名董

事組成，包括八位執行董事、一位非執行董事及五位

獨立非執行董事（「獨立非執行董事」）。董事姓名及

其簡介載於第19至25頁之「董事及高級管理層」一節

內。



During the Year, the Board held four meetings. Attendance of

each director at the Board meetings held in 2005 is set out

below:

DirectorsDirectorsDirectorsDirectorsDirectors Meetings Attended / HeldMeetings Attended / HeldMeetings Attended / HeldMeetings Attended / HeldMeetings Attended / Held

董事出席會議次數／會議舉行次數

Executive Directors: 執行董事：

Ho Tsu Kwok, Charles (Chairman) 何柱國（主席） 4/4

Lo Wing Hung (Chief Executive Officer) 盧永雄（行政總裁） 4/4

Jia Hongping 賈紅平 0/4

Jim Sui Hing 詹瑞慶 3/4

Lai Ting Yiu 黎廷瑤 4/4

Lau Chung Man, Louis (appointed on 1 June 2005) 劉仲文（於二零零五年六月一日獲委任） 3/3

Sy Wong Chor Fong 施黃楚芳 4/4

Yang Yiu Chong, Ronald Jeffrey 楊耀宗 4/4

Non-Executive Director: 非執行董事：

Leung Chun Ying 梁振英 3/4

Independent Non-Executive Directors: 獨立非執行董事：

Timothy David Dattels Timothy David Dattels 2/4

Ho Chiu King, Pansy Catilina 何超瓊 2/4

King Richard Yun Zing 金元成 4/4

Lee Cho Jat (appointed on 27 May 2005) 李祖澤（於二零零五年五月二十七日獲委任） 3/3

Tung Chee Chen 董建成 3/4

The Board is responsible for leadership and control of the

Company. The Board reviews and approves the objectives,

strategies, direction and policies of the Group, the annual

budget and the management structure of the Company. The

Board also reviews the Group’s performance in light of the

Group’s objectives, business plans and budgets.

The Board has delegated the responsibility of the day-to-day

operations of the Group to the management of the Company.

於本年度，董事會舉行了四次會議。各董事於二零零

五年舉行之董事會會議之出席率列載如下：

董事會肩負領導及監控本公司的責任，董事會檢討

及批准本集團之目標、策略、方向及政策，以及本公

司之年度預算及管理架構。董事會並會根據本集團

之目標、業務計畫及預算，從而檢討本集團之表現。

董事會將本集團之日常業務工作委派予本公司之管

理層負責。



The Chairman of the Board is Mr. Ho Tsu Kwok, Charles and

the Chief Executive Officer (“CEO”) of the Group is Mr. Lo

Wing Hung. The roles of the Chairman and the CEO were

segregated. The Chairman is primarily responsible for the

management and effective performance of the Board. The CEO

is primarily responsible for the day-to-day management of the

business of the Group.

All non-executive directors, except Mr. Lee Cho Jat who was

appointed for a term of two years commencing from 27 May

2005, were appointed for a term of two years commencing

from 1 January 2005 subject to retirement and re-election by

rotation under the bye-laws of the Company.

REMUNERATION COMMITTEEREMUNERATION COMMITTEEREMUNERATION COMMITTEEREMUNERATION COMMITTEEREMUNERATION COMMITTEE

The Board has established a remuneration committee and its

principle roles and functions are:

(i) to make recommendations to the Board on the Company’s

policy and structure of remuneration of the Directors

and senior management and on the establishment of a

formal and transparent procedure for developing policy

on such remuneration;

(ii) to have the delegated responsibilities to determine the

specific remuneration packages of executive directors and

senior management; and

(iii) to review and approve performance based remuneration

by reference to corporate goals and objectives resolved

by the Board from time to time.

The Remuneration Committee consists of 3 members. They

are Ms. Ho Chiu King, Pansy Catilina who is the Chairperson

of the Remuneration Committee, Mr. King Richard Yun Zing

and Mr. Lo Wing Hung. The Remuneration Committee has

reviewed the performance of some of the Directors for the

董事會主席為何柱國先生，本集團行政總裁則為盧

永雄先生。主席和行政總裁的身份分開，主席主要負

責管理及有效地運作董事會，行政總裁則主要負責

本集團業務的日常管理。

除李祖澤先生之任期自二零零五年五月二十七日起

為期兩年外，所有非執行董事之任期均自二零零五

年一月一日起為期兩年，惟須根據本公司之公司細

則輪值告退及重選。

薪酬委員會

董事會已成立薪酬委員會，其主要角色及職能如下：

(i) 就本公司之董事及高級管理層之薪酬政策及架

構，以及為制訂該等薪酬政策建立正規及具透

明度之程序，向董事會提出建議；

(ii) 獲授權負責釐定執行董事及高級管理層的特定

薪酬待遇；及

(iii) 參考董事會不時議決之企業目標及目的，檢討

及批准按表現調整之薪酬。

薪酬委員會由三名委員組成，分別為薪酬委員會主

席何超瓊女士、金元成先生及盧永雄先生。薪酬委員

會已於本年度檢討部分董事之表現，並按該等董事



Year and adjusted the remuneration packages of such Directors

based on their performances. The emoluments of each of the

Directors are set out in this annual report on pages from 125

to 126.

NOMINATION OF DIRECTORSNOMINATION OF DIRECTORSNOMINATION OF DIRECTORSNOMINATION OF DIRECTORSNOMINATION OF DIRECTORS

The Directors are responsible for selecting and recommending

candidates for directorship. They identify individuals suitably

qualified in terms of skill, knowledge and experience to become

members of the Board, taking into account of the then existing

composition of the Board in terms of skill, knowledge and

experience and make recommendation to the Board for

approval.

During the Year, two experienced and high calibre individuals

have been nominated and appointed as members of the Board

in accordance with the process and criteria mentioned above.

AUDIT COMMITTEEAUDIT COMMITTEEAUDIT COMMITTEEAUDIT COMMITTEEAUDIT COMMITTEE

The Board has established an audit committee and its principle

roles and functions are:

(i) to make recommendation to the Board on the

appointment, reappointment and removal of external

auditors and to review and monitor their independence

and objectivity and the effectiveness of the audit process

in accordance with applicable standard;

(ii) to oversee the Group’s relation with the external auditors;

(iii) to review the financial information of the Group including

monitoring the integrity of the Group’s f inancial

statements, annual reports and accounts, and half-year

report, etc. and reviewing significant financial reporting

judgements contained therein; and

之表現調整其薪酬待遇。各董事之酬金乃列載於本

年報第 125至 126頁。

董事提名

董事負責挑選及推薦董事候選人，依據技能、知識及

經驗以確認個別人士是否合資格成為董事會成員，

亦考慮董事會依據技能、知識及經驗組成之當時組

織，向董事會提出建議並待其批准。

於本年度，兩名富經驗及具才幹的人士按上述之程

序及條件獲提名及委任為董事會成員。

審核委員會

董事會已成立審核委員會，其主要角色及職能如下：

(i) 就外聘核數師的委任、重新委任及罷免向董事

會提供建議，及按適用的標準檢討及監察外聘

核數師是否獨立客觀及核數程序是否有效；

(ii) 監督本集團與外聘核數師之關係；

(iii) 審閱本集團之財務資料，包括監察本集團之財

務報表、年報和賬目及半年度報告等之完整

性，並審閱其中之重要財務申報的判斷；及



(iv) to oversee the Group’s f inancial reporting system and

internal control procedures.

The Audit Committee comprised 3 members and all of them

are INEDs. Attendance of each member at the Audit Committee

meetings held in 2005 is set out below:

MembersMembersMembersMembersMembers Meetings Attended/HeldMeetings Attended/HeldMeetings Attended/HeldMeetings Attended/HeldMeetings Attended/Held

委員出席會議次數／會議舉行次數

Tong Yuk Lun, Paul (Chairman) 唐玉麟（主席） 1/1

(resigned on 27 May 2005) （於二零零五年五月二十七日辭任）

King Richard Yun Zing 金元成 2/2

(re-designated as Chairman on 27 May 2005) （於二零零五年五月二十七日由委員調職為主席）

Ho Chiu King, Pansy Catilina 何超瓊 1/2

Lee Cho Jat 李祖澤 1/1

(appointed on 27 May 2005) （於二零零五年五月二十七日獲委任）

(iv) 監督本集團財務申報系統及內部監控程序。

審核委員會由三名委員組成，三名委員均為獨立非

執行董事。各委員於二零零五年舉行之審核委員會

會議之出席率列載如下：

The following is a summary of the work performed by the

Audit Committee during the Year:

• Reviewed the audited accounts for the year ended 31

December 2004;

• Reviewed the interim report for the six months ended

30 June 2005; and

• Reviewed the internal audit reports covering the

evaluation of internal controls.

以下為於本年度審核委員會之工作概要：

• 審閱截至二零零四年十二月三十一日止年度之

經審核賬目；

• 審閱截至二零零五年六月三十日止六個月之中

期業績報告；及

• 審閱包括內部監控評核之內部審核報告。



AUDITORS’ REMUNERATIONAUDITORS’ REMUNERATIONAUDITORS’ REMUNERATIONAUDITORS’ REMUNERATIONAUDITORS’ REMUNERATION

During the Year, the remuneration payable to the Group’s

external auditors, Messrs. Ernst & Young, is set out below:

Services renderedServices renderedServices renderedServices renderedServices rendered Fee payableFee payableFee payableFee payableFee payable

提供之服務應付費用

HK$’000

千港元

Audit services 審計服務 3,300

Non-audit services 非審計服務 121

Total 合計 3,421

核數師酬金

於本年度，應付予本集團之外聘核數師安永會計師

事務所之酬金列載如下：

ACCOUNTABILITY AND AUDITACCOUNTABILITY AND AUDITACCOUNTABILITY AND AUDITACCOUNTABILITY AND AUDITACCOUNTABILITY AND AUDIT

The Directors acknowledge their responsibility for preparing

the financial statements for each financial year which give a

true and fair view of the state of affairs of the Group and in

presenting balanced and clear interim and annual f inancial

statements, other price-sensitive announcements and other

financial statements disclosures. The reporting responsibilities

of the external auditors are set out in this annual report on

page 47.

The Board is responsible for the system of internal control of

the Group and reviews the effectiveness of the system of

internal control through the Audit Committee. The Internal

Audit Department independently reviewed the major operating

and financial control of the Group on an on-going basis and

covered all major operations of the Group on a rotational basis.

The Internal Audit Department reported twice each year to

the Audit Committee on signif icant f indings on internal

controls with copies of such reports to the external auditors

for their reference.

責任承擔及核數

董事確認就每年財政年度編製財務報表為其職責，

該等財務報表須真實與公允地反映本集團之財務狀

況，以及提呈平衡及清晰之中期及年度財務報表、其

他對股價敏感而刊登之公告及其他財務報表之披

露。外聘核數師之申報職責乃載述於本年報第47頁

內。

董事會須就本集團內部監控制度負責，並透過審核

委員會檢討內部監控制度之成效。內部審核部門持

續獨立檢討本集團之主要營運及財務監控，並以輪

值方式涵蓋本集團所有主要營運業務。內部審核部

門就內部監控之重要發現每年向審核委員會報告兩

次，及將有關報告副本交予外聘核數師以作參考。



The Board has resolved in August 2005 a procedure to enable

directors to seek independent professional advice in

appropriate circumstances, at the Company’s expense and

adopted the written guidelines for relevant employees in

respect of their dealings in the securities of the Company in

August 2005 and a schedule of matters reserved for the Board’s

decision which brought the Company into compliance with

the relevant code provisions of the CG Code. The Chairman

of the Board and the Chairperson of the Audit Committee did

not attend the general meetings of the Company held in 2005

due to other commitments.

於二零零五年八月，董事會議決通過制訂一套程序，

讓董事在適當情況下尋求獨立專業意見，有關開支

由本公司承擔；採納有關相關僱員買賣本公司證券

之書面指引；及接納一份列載保留予董事會作決定

的事項之計劃表，使本公司符合企業管治守則之相

關守則條文之規定。董事會主席及審核委員會主席

因有其他事務處理而未能出席本公司於二零零五年

舉行之股東大會。


Report of the Directors董事會報告

The Directors present their report and the audited financial

statements of the Group for the year ended 31 December 2005.

CHANGE OF COMPANY NAMECHANGE OF COMPANY NAMECHANGE OF COMPANY NAMECHANGE OF COMPANY NAMECHANGE OF COMPANY NAME

Pursuant to the special resolution passed at a special general

meeting held on 4 February 2005 and the approval by the

Registrar of Companies in Bermuda, the name of the Company

has been changed from “Global China Group Holdings Limited”

to “Sing Tao News Corporation Limited” with effect from 4

February 2005.

The Company has also adopted the new Chinese name “星島

新聞集團有限公司 ” in place of the previous Chinese name

“泛華集團控股有限公司 ” for identification purpose only.

PRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding.

Details of the principal activities of the Company’s principal

subsidiaries are set out in note 46 to the financial statements.

There were no significant changes in the nature of the Group’s

principal activities during the year.

RESULTS AND DIVIDENDSRESULTS AND DIVIDENDSRESULTS AND DIVIDENDSRESULTS AND DIVIDENDSRESULTS AND DIVIDENDS

The Group’s profit for the year ended 31 December 2005 and

the state of affairs of the Company and the Group at that date

are set out in this annual report on pages 49 to 193.

The Directors recommend the payment of a final dividend of

HK0.5 cents per ordinary share and a special final dividend of

HK1.0 cent per ordinary share in respect of the year ended 31

December 2005 payable on 24 May 2006 to shareholders whose

names appear on the register of members of the Company on

17 May 2006. This recommendation has been incorporated in

the f inancial statements as an allocation of retained profits

within the equity section of the balance sheet. Together with

the interim dividend of HK0.5 cents per ordinary share paid

to shareholders on 25 October 2005, the total annual dividend

will be HK2.0 cents per ordinary share for the financial year

(2004: Nil).

董事謹提呈本集團截至二零零五年十二月三十一日

止年度之年報及經審核財務報表。

更改公司名稱

根據於二零零五年二月四日舉行之股東特別大會上

通過之特別決議案，以及百慕達公司註冊處之批准，

本公司之名稱由「Global China Group Holdings

Limited」更改為「 Sing Tao News Corporation

Limited」，由二零零五年二月四日起生效。

本公司已採納新中文名稱「星島新聞集團有限公

司」，以代替前中文名稱「泛華集團控股有限公司」，

為僅供識別之用。

主要業務

本公司之主要業務為投資控股，其主要附屬公司之

主要業務載於財務報表附註46內。本集團之主要業

務性質在本年度內並無重大變動。

業績及股息

本集團截至二零零五年十二月三十一日止年度之溢

利及本公司與本集團於當日之業務狀況載於本年報

第49至 193頁。

董事建議於二零零六年五月二十四日向於二零零六

年五月十七日名列於本公司股東名冊內之股東派發

截至二零零五年十二月三十一日止年度之末期股息

每股普通股0.5港仙及特別末期股息每股普通股1.0港

仙。此項建議已記錄在財務報表中，並在資產負債表

內之股本項下列作保留溢利之分配。連同於二零零

五年十月二十五日向股東派發中期股息每股普通股

0.5港仙，本財政年度之全年股息總額將為每股普通

股2.0港仙（二零零四年：無）。



SUMMARY FINANCIAL INFORMATIONSUMMARY FINANCIAL INFORMATIONSUMMARY FINANCIAL INFORMATIONSUMMARY FINANCIAL INFORMATIONSUMMARY FINANCIAL INFORMATION

A summary of the published results and assets, liabilities and

minority interests of the Group for the last five financial years/

period, as extracted from the audited financial statements and

restated as appropriate, is set out on page 198 of this annual

report. This summary does not form part of the audited

financial statements.

P R O P E R T Y , P L A N T A N D E Q U I P M E N T A N DP R O P E R T Y , P L A N T A N D E Q U I P M E N T A N DP R O P E R T Y , P L A N T A N D E Q U I P M E N T A N DP R O P E R T Y , P L A N T A N D E Q U I P M E N T A N DP R O P E R T Y , P L A N T A N D E Q U I P M E N T A N D

INVESTMENT PROPERTIESINVESTMENT PROPERTIESINVESTMENT PROPERTIESINVESTMENT PROPERTIESINVESTMENT PROPERTIES

Details of movements in the property, plant and equipment of

the Company and the Group, and investment properties of the

Group during the year are set out in notes 16 and 17 to the

financial statements, respectively. Further details of the Group’s

investment properties are set out on page 197 of this annual

report.

SHARE CAPITAL AND SHARE OPTIONSSHARE CAPITAL AND SHARE OPTIONSSHARE CAPITAL AND SHARE OPTIONSSHARE CAPITAL AND SHARE OPTIONSSHARE CAPITAL AND SHARE OPTIONS

Details of movements in the Company’s share capital and share

options during the year are set out in notes 35 and 36 to the

financial statements, respectively.

PRE-EMPTIVE RIGHTSPRE-EMPTIVE RIGHTSPRE-EMPTIVE RIGHTSPRE-EMPTIVE RIGHTSPRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Company’s bye-laws or the laws of Bermuda, which would

oblige the Company to offer new shares on a pro rata basis to

the existing shareholders.

財務資料概要

本集團過去五個財政年度／期間之已公佈業績以及

資產負債以及少數股東權益概要（乃摘錄自經審核

財務報表並於適當情況下重列）載於本年報第198頁

內。此概要並不屬於經審核財務報表之一部份。

物業、廠房與設備及投資物業

本公司與本集團之物業、廠房與設備及本集團之投

資物業於本年度之變動詳情分別載於財務報表附註

16及17內。本集團投資物業之詳細資料載於本年報第

197頁。

股本及購股權

本公司之股本及購股權於本年度之變動詳情分別載

於財務報表附註35及36內。

優先購買權

本公司之公司細則或百慕達法例中並無優先購買權

之規定，強制本公司須按比例向現時股東提呈發售

新股。



PURCHASE, REDEMPTION OR SALE OF LISTEDPURCHASE, REDEMPTION OR SALE OF LISTEDPURCHASE, REDEMPTION OR SALE OF LISTEDPURCHASE, REDEMPTION OR SALE OF LISTEDPURCHASE, REDEMPTION OR SALE OF LISTED

SECURITIES OF THE COMPANYSECURITIES OF THE COMPANYSECURITIES OF THE COMPANYSECURITIES OF THE COMPANYSECURITIES OF THE COMPANY

During the year, the Company repurchased certain of its shares

on the Stock Exchange and these shares were subsequently

cancelled by the Company. Further details of these transactions

are set out in note 35 to the financial statements.

Except as disclosed above, neither the Company nor any of its

subsidiaries purchased, redeemed or sold any of the Company’s

listed securities during the year.

RESERVESRESERVESRESERVESRESERVESRESERVES

Details of movements in the reserves of the Company and the

Group during the year are set out in note 37 to the financial

statements and in the consolidated statement of changes in

equity, respectively.

DISTRIBUTABLE RESERVESDISTRIBUTABLE RESERVESDISTRIBUTABLE RESERVESDISTRIBUTABLE RESERVESDISTRIBUTABLE RESERVES

At 31 December 2005, the Company’s reserves available for

cash distribution and/or distribution in specie, calculated in

accordance with accounting principles generally accepted in

Hong Kong, amounted to approximately HK$603,259,000 (2004:

approximately HK$551,871,000), of which HK$26,611,000 has

been proposed as final and special final dividends for the year.

In addition, the Company’s share premium account, in the

amount of approximately HK$3,946,000 (2004: approximately

HK$4,504,000), may be distributed in the form of fully paid

bonus shares.

購買、贖回或出售本公司之上市證券

於年內，本公司在聯交所購回其若干股份，而該等股

份其後由本公司註銷。該等交易之詳細資料載於財

務報表附註35。

除上文所披露者外，本公司或其任何附屬公司於本

年度並無購買、贖回或出售本公司任何上市證券。

儲備

本公司與本集團於本年度之儲備變動詳情分別載於

財務報表附註37及綜合權益變動表內。

可供分派儲備

於二零零五年十二月三十一日，本公司根據香港公

認會計準則而可供現金分派及／或實物分派之儲備

為約603,259,000港元（二零零四年：約551,871,000港

元），其中26,611,000港元已擬作本年度之末期及特別

末期股息。此外，本公司之股份溢價賬合共約

3,946,000港元（二零零四年：約4,504,000港元）可以

繳足紅股之方式進行分派。



CHARITABLE CONTRIBUTIONSCHARITABLE CONTRIBUTIONSCHARITABLE CONTRIBUTIONSCHARITABLE CONTRIBUTIONSCHARITABLE CONTRIBUTIONS

During the year, the Group made charitable contributions

totalling approximately HK$1,089,000 (2004: approximately

HK$1,114,000).

MAJOR CUSTOMERS AND SUPPLIERSMAJOR CUSTOMERS AND SUPPLIERSMAJOR CUSTOMERS AND SUPPLIERSMAJOR CUSTOMERS AND SUPPLIERSMAJOR CUSTOMERS AND SUPPLIERS

For the year under review, the aggregate amount of turnover

attributable to the Group’s five largest customers represented

less than 30% of the Group’s total turnover. The aggregate

amount of purchases attributable to the Group’s five largest

suppliers represented about 53% of the Group’s total purchases

and the purchase attributable to the Group’s largest supplier

was about 19% of the Group’s total purchases.

As one of the Group’s f ive largest suppliers is a jointly-

controlled entity of the Group, Mr. Ho Tsu Kwok, Charles,

being an executive director of the Company and controls a

company which is the controlling shareholder of the Company,

is deemed to have interest in the said supplier. Save as

disclosed herein, none of the Directors or any of their

associates or any shareholders (which, to the best knowledge

of the Directors, own more than 5% of the Company’s issued

share capital) had any beneficial interest in the Group’s five

largest customers or suppliers.

慈善捐款

本集團於本年度合共捐出約1,089,000港元慈善捐款

（二零零四年：約 1,114,000港元）。

主要客戶及供應商

於回顧年度，本集團五大客戶之營業總額佔本集團

營業總額不足30%。本集團五大供應商之採購總額佔

本集團採購總額約53%，而本集團最大供應商之採購

額佔本集團採購總額約19%。

因屬於本集團五大供應商之一之供應商為本集團之

共同控制公司，而執行董事何柱國先生因同時控制

一間為本公司控股股東之公司，故何柱國先生被視

為擁有上述供應商之權益。除本文所披露外，董事、

彼等之聯繫人士或據董事所知任何擁有本公司已發

行股本5%以上之股東，一概無擁有本集團五大客戶

或供應商之任何實益權益。



DIRECTORSDIRECTORSDIRECTORSDIRECTORSDIRECTORS

The Directors during the year were:

Executive directors:Executive directors:Executive directors:Executive directors:Executive directors:

Mr. Ho Tsu Kwok, Charles

Mr. Jia Hongping

Mr. Jim Sui Hing

Mr. Lai Ting Yiu

Mr. Lau Chung Man, Louis (appointed on 1 June 2005)

Mr. Lo Wing Hung

Mrs. Sy Wong Chor Fong

Mr. Yang Yiu Chong, Ronald Jeffrey

Mr. Wong Wai Ming (resigned on 12 April 2005)

Non-executive director:Non-executive director:Non-executive director:Non-executive director:Non-executive director:

Mr. Leung Chun Ying

Independent non-executive directors:Independent non-executive directors:Independent non-executive directors:Independent non-executive directors:Independent non-executive directors:

Mr. Timothy David Dattels

Ms. Ho Chiu King, Pansy Catilina

Mr. King Richard Yun Zing

Mr. Lee Cho Jat (appointed on 27 May 2005)

Mr. Tung Chee Chen

Dr. Tong Yuk Lun, Paul (resigned on 27 May 2005)

According to bye-law 86(2) of the Company’s bye-laws, Mr.

Lau Chung Man, Louis and Mr. Lee Cho Jat shall hold office

until the forthcoming annual general meeting of the Company

(“AGM”) and shall then be eligible for re-election at that

meeting.

According to bye-law 87(1) of the Company’s bye-laws, Mr. Jim

Sui Hing, Mr. Leung Chun Ying and Mr. Lo Wing Hung shall

retire at the AGM. Mr Jim Sui Hing does not seek for re-

election. Mr. Leung Chun Ying and Mr. Lo Wing Hing being

eligible, will offer themselves for re-election at the AGM.

董事

本年度之董事如下：

執行董事：

何柱國先生

賈紅平先生

詹瑞慶先生

黎廷瑤先生

劉仲文先生（於二零零五年六月一日獲委任）

盧永雄先生

施黃楚芳女士

楊耀宗先生

黃偉明先生（於二零零五年四月十二日辭任）

非執行董事：

梁振英先生

獨立非執行董事：

Timothy David Dattels先生

何超瓊女士

金元成先生

李祖澤先生（於二零零五年五月二十七日獲委任）

董建成先生

唐玉麟博士（於二零零五年五月二十七日辭任）

根據本公司之公司細則第86(2)條，劉仲文先生及李

祖澤先生將留任至本公司應屆股東週年大會（「股東

週年大會」）為止，並符合資格於應屆股東週年大會

上膺選連任。

根據本公司之公司細則第87(1)條，詹瑞慶先生、梁振

英先生及盧永雄先生將於股東週年大會上退任。惟

詹瑞慶先生不再膺選連任，而梁振英先生及盧永雄

先生均符合資格並願意在股東週年大會上膺選連

任。



DIRECTORSDIRECTORSDIRECTORSDIRECTORSDIRECTORS (continued)

The Company has received annual conf irmations of

independence from Mr. Timothy David Dattels, Ms. Ho Chiu

King, Pansy Catilina, Mr. King Richard Yun Zing, Mr. Lee Cho

Jat and Mr. Tung Chee Chen and considers them to be

independent.

DIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIESDIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIESDIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIESDIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIESDIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIES

Biographical details of the Directors and the senior

management of the Group are set out on pages 19 to 25 of this

annual report.

DIRECTORS’ SERVICE CONTRACTSDIRECTORS’ SERVICE CONTRACTSDIRECTORS’ SERVICE CONTRACTSDIRECTORS’ SERVICE CONTRACTSDIRECTORS’ SERVICE CONTRACTS

None of the Directors has a service contract with the Company

or any of its subsidiaries which is not determinable by the

Group within one year without payment of compensation, other

than statutory compensation.

DIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATION

The Directors’ fees are subject to shareholders’ approval at

general meetings of the Company every year. Other

emoluments are determined by the Board with reference to

Directors’ duties, responsibilities and performance and the

results of the Group.

DIRECTORS’ INTERESTS IN CONTRACTSDIRECTORS’ INTERESTS IN CONTRACTSDIRECTORS’ INTERESTS IN CONTRACTSDIRECTORS’ INTERESTS IN CONTRACTSDIRECTORS’ INTERESTS IN CONTRACTS

Save as disclosed in note 43 to the financial statements, none

of the Directors had a material interest, either directly or

indirectly, in any contract of significance to the business of

the Group to which the Company or any of its subsidiaries

was a party during the year.

董事（續）

本公司已接獲Timothy David Dattels先生、何超瓊

女士、金元成先生、李祖澤先生及董建成先生之年度

獨立確認書，認為彼等均為獨立人士。

董事及高級管理層履歷

董事及本集團高級管理層之履歷載於本年報第19至

25頁。

董事之服務合約

董事概無與本公司或其任何附屬公司訂立本集團不

可於一年內不作補償（法定補償除外）而終止之服務

合約。

董事薪酬

董事之袍金須在本公司每年股東大會上獲股東批准

後方可作實。其他報酬乃由本公司董事會參照董事

職務、責任與表現以及本集團業績而釐定。

董事之合約權益

除財務報表附註43所披露外，董事概無在本公司或

其任何附屬公司於本年度訂立並對本集團業務有重

大影響之合約中，直接或間接擁有任何重大權益。



DIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS IN

SHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARES

As at 31 December 2005, the interests and short positions of

the Directors in the share capital and underlying shares of the

Company or its associated corporations (within the meaning

of Part XV of the Securities and Futures Ordinance (the

“SFO”)), as recorded in the register required to be 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 contained in Appendix 10 of the Listing Rules,

were as follows:

Long positions:Long positions:Long positions:Long positions:Long positions:

Number of ordinary shares held,Number of ordinary shares held,Number of ordinary shares held,Number of ordinary shares held,Number of ordinary shares held,

capacity and nature of interestcapacity and nature of interestcapacity and nature of interestcapacity and nature of interestcapacity and nature of interest

所持普通股數目、身份及權益性質

Percentage ofPercentage ofPercentage ofPercentage ofPercentage of

the Company’sthe Company’sthe Company’sthe Company’sthe Company’s

PersonalPersonalPersonalPersonalPersonal CorporateCorporateCorporateCorporateCorporate issued shareissued shareissued shareissued shareissued share

Name of directorName of directorName of directorName of directorName of director Notes interestsinterestsinterestsinterestsinterests interestsinterestsinterestsinterestsinterests TotalTotalTotalTotalTotal capitalcapitalcapitalcapitalcapital

佔本公司

已發行股本

董事姓名附註個人權益公司權益總數之百分比

Mr. Ho Tsu Kwok, Charles 何柱國先生 (1) – 852,395,000 852,395,000 46.53%

Mrs. Sy Wong Chor Fong 施黃楚芳女士 (2) 1,250,000 163,919,000 165,169,000 9.02%

Notes:

(1) Of these shares, 849,896,000 and 2,499,000 shares were held by Luckman

Trading Limited (“Luckman”) and Yosham Limited, respectively, which

were beneficially owned by Mr. Ho Tsu Kwok, Charles.

(2) The corporate interests of 163,919,000 shares were held by Stagelight

Group Limited (“Stagelight”), which was beneficially owned by Mrs. Sy

Wong Chor Fong and her family members.

董事所持股份及相關股份權益及淡倉

於二零零五年十二月三十一日，董事於本公司或其

相聯法團（定義見證券及期貨條例（「證券及期貨條

例」）第XV部）之股份及相關股份中，擁有根據證券

及期貨條例第352條存置之登記冊所記錄或根據上市

規則附錄10所載之標準守則須知會本公司及聯交所

之權益或淡倉如下：

好倉：

附註：

(1) 該等股份當中，849,896,000股及 2,499,000股分別由

Luckman Trading Limited（「Luckman」）及Yosham Limited

持有。該兩間公司均由何柱國先生實益擁有。

(2) 公司權益之股份 163,919,000股由Stagelight Group Limited

（「Stagelight」）持有，該公司由施黃楚芳女士及其家庭成員

實益擁有。



DIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS INDIRECTORS’ INTERESTS AND SHORT POSITIONS IN

SHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARESSHARES AND UNDERLYING SHARES (continued)

The interests of the Directors in the share options of the

Company are separately disclosed in note 36 to the financial

statements.

In addition to the above, certain Directors have non-beneficial

personal equity interests in certain subsidiaries held for the

benefit of the Group solely for the purpose of complying with

the minimum company membership requirements.

Save as disclosed above, as at 31 December 2005, none of the

Directors had registered an interest or short position in shares

and underlying shares of the Company or any of its associated

corporations that was required to be recorded pursuant to

Section 352 of the SFO, or as otherwise notif ied to the

Company and the Stock Exchange pursuant to the Model Code.

DIRECTORS’ RIGHTS TO ACQUIRE SHARESDIRECTORS’ RIGHTS TO ACQUIRE SHARESDIRECTORS’ RIGHTS TO ACQUIRE SHARESDIRECTORS’ RIGHTS TO ACQUIRE SHARESDIRECTORS’ RIGHTS TO ACQUIRE SHARES

Save as disclosed in the share option schemes disclosures in

note 36 to the financial statements, at no time during the year

were rights to acquire benefits by means of the acquisition of

shares in or debentures of the Company granted to any

Directors or their respective spouse or minor children, or were

any such rights exercised by them; or was the Company or

any of its subsidiaries a party to any arrangement to enable

the Directors to acquire such rights in any other body

corporate.

董事所持股份及相關股份權益及淡倉（續）

董事持有本公司購股權之權益另獨立披露於財務報

表附註36內。

除上述者外，若干董事為本集團之利益於若干附屬

公司持有非實益個人股本權益，此舉僅為符合最低

公司成員之規定。

除上文所披露者外，於二零零五年十二月三十一日，

概無董事於本公司或任何相聯法團之股份中有任何

權益或淡倉而須記入根據證券及期貨條例第352條存

置之登記冊或根據標準守則須知會本公司及聯交

所。

董事收購股份之權利

除財務報表附註36購股權計劃所披露外，本公司於

本年度並無向任何董事或彼等各自之配偶或未滿十

八歲之子女授出任何權利，可藉購入本公司之股份

或債權證而獲益，而彼等於本年度亦無行使該等權

利，而且本公司或其任何附屬公司亦無訂立任何安

排，致使董事可獲得適用於任何其他法人團體之該

等權利。



SHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMES

The Directors have estimated the values of the share options

granted during the year, calculated using the Black-Scholes

option pricing model as at the date of grant of the options:

Number ofNumber ofNumber ofNumber ofNumber of TheoreticalTheoreticalTheoreticalTheoreticalTheoretical

options grantedoptions grantedoptions grantedoptions grantedoptions granted value ofvalue ofvalue ofvalue ofvalue of

GranteeGranteeGranteeGranteeGrantee Date of grantDate of grantDate of grantDate of grantDate of grant during the yearduring the yearduring the yearduring the yearduring the year share optionsshare optionsshare optionsshare optionsshare options

於年內授出購股權

獲授人士授出日期之購股權數目之理論價值

HK$

Jia Hongping 賈紅平 28 October 2005 二零零五年十月二十八日 4,000,000 520,000

Jim Sui Hing 詹瑞慶 28 October 2005 二零零五年十月二十八日 6,000,000 780,000

Lai Ting Yiu 黎廷瑤 28 October 2005 二零零五年十月二十八日 4,000,000 520,000

Lau Chung Man, Louis 劉仲文 23 May 2005 二零零五年五月二十三日 6,000,000 840,000

Lo Wing Hung 盧永雄 4 May 2005 二零零五年五月四日 36,000,000 5,040,000

Sy Wong Chor Fong 施黃楚芳 28 October 2005 二零零五年十月二十八日 754,000 98,020

Yang Yiu Chong,

Ronald Jeffrey 楊耀宗 28 October 2005 二零零五年十月二十八日 2,360,000 306,800

Other employee 其他僱員 3 May 2005 二零零五年五月三日 18,345,000 2,568,300

Other employee 其他僱員 22 July 2005 二零零五年七月二十二日 2,000,000 280,000

Other employees

(in aggregate) 其他僱員（合共） 28 October 2005 二零零五年十月二十八日 17,410,000 2,263,300

96,869,000 13,216,420

The Black-Scholes option pricing model is a generally accepted

method of valuing options. The significant assumptions used

in the calculation of the values of the share options are further

detailed in note 36 to the f inancial statements. The

measurement dates used in the valuation calculations were

the dates on which the options were granted or approved.

The value of an option varies with different variables of certain

subjective assumptions. Any change to the variables used may

materially affect the estimation of the fair value of an option.

購股權計劃

董事估計於年內授出之購股權價值時，使用柏力克

舒爾購股權定價模式於授出購股權日期當日計算，

詳情如下：

柏力克舒爾購股權定價模式是被普遍採用以估計購

股權價值之方法。於計算購股權價值時所採用之重

大假設之進一步詳情，載於財務報表附註36。在計算

估值時所採用之計量日期，乃授出或批准購股權的

日期。

購股權之價值，須視乎若干主觀假設之變數而計算

出不同之估值。倘已採用之變數出現任何變動，則可

能會對購股權公平價值之評估造成重大影響。



SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’

INTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES AND

UNDERLYING SHARESUNDERLYING SHARESUNDERLYING SHARESUNDERLYING SHARESUNDERLYING SHARES

At 31 December 2005, the following interests and short

positions of 5% or more of the issued share capital of the

Company were recorded in the registers required to be kept

by the Company pursuant to Section 336 of the SFO:

Long positions:Long positions:Long positions:Long positions:Long positions:

Percentage ofPercentage ofPercentage ofPercentage ofPercentage of

CapacityCapacityCapacityCapacityCapacity Number ofNumber ofNumber ofNumber ofNumber of the Company’sthe Company’sthe Company’sthe Company’sthe Company’s

and natureand natureand natureand natureand nature ordinaryordinaryordinaryordinaryordinary issued shareissued shareissued shareissued shareissued share

NameNameNameNameName Notes of interestof interestof interestof interestof interest shares heldshares heldshares heldshares heldshares held capitalcapitalcapitalcapitalcapital

身份及所持普通股佔本公司已發行

名稱附註權益性質數目股本之百分比

Luckman (1) Beneficial owner 849,896,000 46.39%

實益擁有人

Hong Kong Tobacco Company Limited 香港煙草有限公司 (2) Deemed interest 849,896,000 46.39%

(“HK Tobacco”) （「香港煙草」）視為擁有之權益

Stagelight (3) Beneficial owner 163,919,000 8.95%

實益擁有人

Great Diamond Developments Limited Beneficial owner 137,919,000 7.52%

實益擁有人

Notes:

(1) The interest of Mr. Ho Tsu Kwok, Charles, held through a controlled

corporation, duplicates to those disclosed in the section “Directors’

interests and short positions in shares and underlying shares” above.

(2) Pursuant to an option agreement dated 20 June 2001 and two

supplemental agreements entered into between Luckman and HK

Tobacco on 19 July 2002 and 19 July 2003, respectively, HK Tobacco was

granted an option to purchase from Luckman 66,000,000 ordinary shares

of the Company. Under Sections 317 and 318 of the SFO, HK Tobacco is

deemed to be interested in all the 849,896,000 ordinary shares of the

Company held by Luckman.

(3) The interest of Mrs. Sy Wong Chor Fong, held through a controlled

corporation, duplicates to those disclosed in the section “Directors’

interests and short positions in shares and underlying shares” above.

主要股東與其他人士之股份及相關股份權益及淡倉

按本公司根據證券及期貨條例第336條存置之登記冊

所紀錄，下列人士於二零零五年十二月三十一日擁

有本公司已發行股本5%或以上之權益及淡倉：

好倉：

附註：

(1) 此與何柱國先生披露於上文「董事所持股份及相關股份權

益及淡倉」一節內其透過一控制法團持有之權益相同。

(2) 根據Luckman與香港煙草於二零零一年六月二十日訂立之

購股權協議及分別於二零零二年七月十九日及二零零三年

七月十九日訂立之兩份補充協議，香港煙草獲授購股權，可

向Luckman收購本公司普通股66,000,000股。根據證券及期

貨條例第317及318條，香港煙草被視為擁有Luckman所持有

之全部849,896,000股本公司普通股之權益。

(3) 此與施黃楚芳女士披露於上文「董事所持股份及相關股份

權益及淡倉」一節內其透過一控制法團持有之權益相同。



SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’

INTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES ANDINTERESTS AND SHORT POSITIONS IN SHARES AND

UNDERLYING SHARESUNDERLYING SHARESUNDERLYING SHARESUNDERLYING SHARESUNDERLYING SHARES (continued)

Save as disclosed above, as at 31 December 2005, the Company

has not been notified by any person, other than the Directors,

whose interests are set out in the section “Directors’ interests

and short positions in shares and underlying shares” above,

who has interest or short position in the shares or underlying

shares of the Company that was required to be recorded

pursuant to Section 336 of the SFO.

CONNECTED TRANSACTIONCONNECTED TRANSACTIONCONNECTED TRANSACTIONCONNECTED TRANSACTIONCONNECTED TRANSACTION

During the year, the Group had a connected transaction, the

details of which are disclosed below in compliance with the

requirements of Chapter 14A of the Listing Rules.

On 8 July 2005, a provisional sale and purchase agreement

(the “Provisional Agreement”) was entered into by and among

Global China Properties Holdings Limited, an indirect wholly-

owned subsidiary of the Company, as the vendor (the

“Vendor”), Billion Development & Project Management Limited

or its nominees as the purchaser (the “Purchaser”) and DTZ

Debenham Tie Leung Limited as the agent (“DTZ”), whereby

the Vendor conditionally agreed to sell the property at Sing

Tao Building, No. 1 Wang Kwong Road, Kowloon Bay, Kowloon,

Hong Kong (the “Property”) to the Purchaser at a consideration

of HK$370,000,000 (the “Consideration”) subject to the terms

and conditions stipulated therein. The Vendor agreed to pay

DTZ an agency fee of HK$2,500,000, representing 0.676% of

the Consideration upon successful sale of the Property (the

“Agency Fee”). DTZ, being a company in the equity capital of

which Mr. Leung Chun Ying, a non-executive director of the

Company, his family and trustees taken together are directly

or indirectly interested so as to exercise or control the exercise

of more than 30% of the voting power at general meetings of

DTZ, is a connected person of the Company under the Listing

主要股東與其他人士之股份及相關股份權益及淡倉（續）

除上文所披露者外，於二零零五年十二月三十一日，

按本公司根據證券及期貨條例第336條存置之登記冊

所紀錄，本公司並無任何人士（董事（其權益詳情載

於上文「董事所持股份及相關股份權益及淡倉」一節

內）除外）擁有本公司股份或相關股份之權益或淡

倉。

關連交易

於年內，本集團曾進行一項關連交易，有關詳情須按

上市規則第 14A章之規定披露如下。

於二零零五年七月八日，本公司之間接全資附屬公

司Global China Properties Holdings Limited（作為

賣方（「賣方」））、億京發展及策劃有限公司或其代

理人（作為買方（「買方」））以及戴德梁行有限公司

（（「戴德梁行」）作為代理）訂立一項臨時買賣協議

（「臨時協議」），據此，按照其規定之條款及條件，賣

方附有條件地同意以370,000,000港元之代價（「代

價」）向買方出售位於香港九龍九龍灣宏光道 1號星

島大廈之物業（「該物業」）。於成功出售該物業後，

賣方同意向戴德梁行支付代理費2,500,000港元（「代

理費」），佔代價0.676%。鑑於戴德梁行之股本乃由本

公司非執行董事梁振英先生、其家人及受託人共同

直接或間接持有，從而可於戴德梁行之股東大會上

行使或控制行使30%以上之表決權，因此根據上市規

則之規定，戴德梁行乃本公司之關連人士。由於根據

上市規則，給予戴德梁行之代理費按有關比率計算



Rules. Since the Agency Fee to DTZ exceeds 0.1% but less

than 2.5% of the applicable ratios under the Listing Rules, the

entering into the Provisional Agreement by DTZ as the agent

with, among other party, the Vendor for the sale of the Property

constitutes a connected transaction under Rule 14A.32 of the

Listing Rules, which is subject to the reporting and

announcement requirements and is exempted from approval

requirements of the shareholders of the Company. Full details

of the transaction have been disclosed in the announcement

of the Company dated 12 July 2005.

Save as disclosed above, there were no connected transactions,

which were required to be disclosed under the Listing Rules,

entered into between the Company or its subsidiaries and a

connected person during and subsequent to the financial year.

DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22

OF THE LISTING RULESOF THE LISTING RULESOF THE LISTING RULESOF THE LISTING RULESOF THE LISTING RULES

In accordance with the disclosure requirements of Rules 13.20

and 13.22 of the Listing Rules, the following disclosures are

included in respect of financial assistance and guarantees to

affiliated companies. As at 31 December 2005, the Group had

provided to aff iliated companies f inancial assistance and

guarantees amounting, in aggregate, to approximately

HK$92,765,000 which exceeded 8% of the market capitalisation

of the Company. Further details of such f inancial assistance

and guarantees are disclosed in the announcement of the

Company dated 25 June 2004.

Included therein is an interest-free loan granted to Greater

China Media Services Limited（大華媒體服務有限責任公司）

in the amount of HK$48,200,000 which exceeded 8% of the

market capitalisation of the Company at 31 December 2005.

Further details of this advance are disclosed in the

announcement of the Company dated 29 December 2005.

超過0.1%但少於2.5%，按照上市規則第14A.32條之規

定，賣方與戴德梁行（作為代理）等訂立臨時協議以

出售該物業乃構成一項關連交易，並須遵守有關申

報及公佈規定，但可獲豁免有關獲本公司股東批准

之規定。有關交易之全部詳情已在本公司於二零零

五年七月十二日刊登之公告內披露。

除上文所披露者外，於本財政年度內及其後，本公司

或其附屬公司並無與關連人士訂立根據上市規則須

予披露之關連交易。

根據上市規則第13.20及13.22條予以披露

根據上市規則第 13.20及 13.22條之披露規定，下文披

露有關給予聯屬公司之財務資助及擔保。於

二零零五年十二月三十一日，本集團為聯屬公司提

供合共約92,765,000港元之財務資助及擔保，超逾本

公司之市值8%。有關該等財務資助及擔保之詳情，本

公司已於二零零四年六月二十五日之公佈中披露。

當中包括授予大華媒體服務有限責任公司一筆為數

48,200,000港元的免息款項，該筆款項超過本公司於

二零零五年十二月三十一日之市值8%。有關此筆墊

款之詳情，已於本公司在二零零五年十二月二十九

日發表之公佈中披露。

CONNECTED TRANSACTION CONNECTED TRANSACTION CONNECTED TRANSACTION CONNECTED TRANSACTION CONNECTED TRANSACTION (continued) 關連交易（續）



DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22DISCLOSURES PURSUANT TO RULES 13.20 AND 13.22

OF THE LISTING RULESOF THE LISTING RULESOF THE LISTING RULESOF THE LISTING RULESOF THE LISTING RULES (continued)

The pro forma combined balance sheet of these aff iliated

companies as at 31 December 2005 and the Group’s attributable

interest therein are set out as follows:

Group’sGroup’sGroup’sGroup’sGroup’sPro formaPro formaPro formaPro formaPro forma attributableattributableattributableattributableattributablecombinedcombinedcombinedcombinedcombined interestinterestinterestinterestinterest

本集團

備考合併應佔權益

HK$’000 HK$’000

千港元千港元

Non-current assets 非流動資產 341,121 146,324

Current assets 流動資產 275,486 138,924Current liabilities 流動負債 (277,068) (125,564)

Net current assets/(liabilities) 流動資產／（負債）淨額 (1,582) 13,360

Total assets less current liabilities 總資產減流動負債 339,539 159,684Non-current liabilities 非流動負債 (156,168) (77,127)

Net assets 資產淨值 183,371 82,557

Capital and reserves 資本及儲備 160,274 71,240Minority interests 少數股東權益 23,097 11,317

183,371 82,557

根據上市規則第13.20及13.22條予以披露（續）

於二零零五年十二月三十一日，該等聯屬公司之備

考合併資產負債表及本集團其中應佔權益載列如

下：

SUFFICIENCY OF PUBLIC FLOATSUFFICIENCY OF PUBLIC FLOATSUFFICIENCY OF PUBLIC FLOATSUFFICIENCY OF PUBLIC FLOATSUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company

and within the knowledge of the Directors, at least 25% of the

Company’s total issued share capital was held by the public as

at the date of this report.

充足之公眾持股量

按照本公司公開可得之資料及就董事所知，於本報

告日期，本公司最少25%之已發行股本總額乃由公眾

人士持有。



POST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTS

Details of the significant post balance sheet events of the

Group are set out in note 45 to the financial statements.


Ernst & Young retire and a resolution for their reappointment

as auditors of the Company will be proposed at the AGM.

ON BEHALF OF THE BOARD

Mr. Ho Tsu Kwok, CharlesMr. Ho Tsu Kwok, CharlesMr. Ho Tsu Kwok, CharlesMr. Ho Tsu Kwok, CharlesMr. Ho Tsu Kwok, Charles

Chairman

Hong Kong

18 April 2006

結算日後事項

本集團結算日後重大事項詳情載於財務報表附註45

內。

核數師

安永會計師事務所將於應屆股東週年大會上退任，

會上將提呈一項決議案續聘安永會計師事務所為本

公司之核數師。

承董事會命

主席

何柱國先生

香港

二零零六年四月十八日


Report of the Auditors核數師報告

To the members

Sing Tao News Corporation LimitedSing Tao News Corporation LimitedSing Tao News Corporation LimitedSing Tao News Corporation LimitedSing Tao News Corporation Limited

(Incorporated in Bermuda with limited liability)

We have audited the financial statements on pages 49 to 193

which have been prepared in accordance with accounting

principles generally accepted in Hong Kong.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS ANDRESPECTIVE RESPONSIBILITIES OF DIRECTORS ANDRESPECTIVE RESPONSIBILITIES OF DIRECTORS ANDRESPECTIVE RESPONSIBILITIES OF DIRECTORS ANDRESPECTIVE RESPONSIBILITIES OF DIRECTORS AND


The Company’s directors are responsible for the preparation

of f inancial statements which give a true and fair view. In

preparing financial statements which give a true and fair view

it is fundamental that appropriate accounting policies are

selected and applied consistently. It is our responsibility to

form an independent opinion, based on our audit, on those

financial statements and to report our opinion solely to you,

as a body, in accordance with Section 90 of the Bermuda

Companies Act 1981, and for no other purpose. We do not

assume responsibility towards or accept liability to any other

person for the contents of this report.

BASIS OF OPINIONBASIS OF OPINIONBASIS OF OPINIONBASIS OF OPINIONBASIS OF OPINION

We conducted our audit in accordance with Hong Kong

Standards on Auditing issued by the Hong Kong Institute of

Certif ied Public Accountants. An audit includes an

examination, on a test basis, of evidence relevant to the

amounts and disclosures in the f inancial statements. It also

includes an assessment of the signif icant estimates and

judgements made by the directors in the preparation of the

financial statements, and of whether the accounting policies

are appropriate to the Company’s and the Group’s

circumstances, consistently applied and adequately disclosed.

致星島新聞集團有限公司

列位股東

（於百慕達註冊成立之有限公司）

本核數師（以下簡稱「我們」）已審核刊載於第49頁

至第193頁按照香港公認會計原則編製的財務報表。

董事及核數師的個別責任

貴公司各董事須負責編製真實與公允的財務報表。

在編製該等真實與公允的財務報表時，董事必須選

擇及貫徹採用合適的會計政策。我們的責任是根據

我們審核工作的結果，對該等財務報表作出獨立意

見，並按照百慕達一九八一年《公司法》第九十條的

規定，僅向整體股東報告。除此以外，我們的報告書

不可用作其他用途。我們概不就本報告書的內容，對

任何其他人士負責或承擔任何責任。

意見的基礎

我們是按照香港會計師公會頒佈的核數準則進行審

核工作。審核範圍包括以抽查方式查核與財務報表

所載數額及披露事項有關的憑證，亦包括評估董事

於編製該等財務報表時所作的重大估計和判斷、所

釐定的會計政策是否適合貴公司及貴集團的具

體情況、以及是否貫徹運用並充分披露該等會計政

策。


Report of the Auditors核數師報告

BASIS OF OPINIONBASIS OF OPINIONBASIS OF OPINIONBASIS OF OPINIONBASIS OF OPINION (continued)

We planned and performed our audit so as to obtain all the

information and explanations which we considered necessary

in order to provide us with suff icient evidence to give

reasonable assurance as to whether the financial statements

are free from material misstatement. In forming our opinion

we also evaluated the overall adequacy of the presentation of

information in the financial statements. We believe that our

audit provides a reasonable basis for our opinion.

OPINIONOPINIONOPINIONOPINIONOPINION

In our opinion the financial statements give a true and fair

view of the state of affairs of the Company and of the Group

as at 31 December 2005 and of the profit and cash flows of the

Group for the year then ended and have been properly prepared

in accordance with the disclosure requirements of the Hong

Kong Companies Ordinance.

Ernst & YoungErnst & YoungErnst & YoungErnst & YoungErnst & Young

Certified Public Accountants

Hong Kong

18 April 2006

意見的基礎（續）

我們在策劃和進行審核工作時，均以取得一切我們

認為必需的資料及解釋為目標，使我們能獲得充分

的憑證，就該等財務報表是否存有重要錯誤陳述，作

合理的確定。在作出意見時，我們亦已衡量該等財務

報表所載資料在整體上是否足夠。我們相信，我們的

審核工作已為下列意見建立合理的基礎。

意見

我們認為，上述的財務報表真實與公允地反映貴

公司及貴集團於二零零五年十二月三十一日的財

政狀況及貴集團截至該日止年度的溢利和現金流

量狀況，並已按照香港公司條例的披露規定而妥善

編製。

安永會計師事務所

執業會計師

香港

二零零六年四月十八日


Consolidated Income Statement綜合收益表

Year ended 31 December 2005 截至二零零五年十二月三十一日止年度

20052005200520052005 2004二零零五年二零零四年

Notes (Restated)附註（重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000千港元千港元

REVENUE 收入 5 1,824,5221,824,5221,824,5221,824,5221,824,522 1,441,070Cost of sales 銷售成本 (1,325,425(1,325,425(1,325,425(1,325,425(1,325,425))))) (1,022,442)

Gross profit 毛利 499,097499,097499,097499,097499,097 418,628

Other income and gains 其他收入及收益 5 60,28660,28660,28660,28660,286 53,942Distribution costs 分銷成本 (231,809(231,809(231,809(231,809(231,809))))) (198,418)Administrative expenses 行政開支 (291,032(291,032(291,032(291,032(291,032))))) (296,905)Other expenses 其他開支 (18,785(18,785(18,785(18,785(18,785))))) (14,612)Gain on disposal of a property 出售物業之收益 16 185,830185,830185,830185,830185,830 –Gain on waiver of a payable 豁免一筆應付款項之收益 6 24,11224,11224,11224,11224,112 –Revaluation surplus on properties, net 物業重估盈餘淨額 841841841841841 18,478Gain on disposal of an 出售一間未有作合併賬處理

unconsolidated subsidiary 之附屬公司之收益 7 ––––– 18,400Finance costs 融資成本 8 (2,953(2,953(2,953(2,953(2,953))))) (764)Share of profits and losses of: 應佔下列公司溢利及虧損：

Jointly-controlled entities 共同控制公司 (10,567(10,567(10,567(10,567(10,567))))) 11,932Associates 聯營公司 (10(10(10(10(10))))) (3)

Reversal of provision for 撥回應收一間共同an amount due from a 控制公司jointly-controlled entity 款項撥備 2,3182,3182,3182,3182,318 6,097

Provisions for amounts due from 應收共同控制jointly-controlled entities 公司款項撥備 (3,719(3,719(3,719(3,719(3,719))))) (16,802)

Gain on disposal of an associate 出售一間聯營公司之收益 282282282282282 –Gain on disposal of a jointly-controlled entity 出售一間共同控制公司之收益 ––––– 7,947Amortisation and impairment of 收購一間共同

goodwill on acquisition 控制公司之of a jointly-controlled entity 商譽攤銷及減值 21 ––––– (3,242)

PROFIT BEFORE TAX 除稅前溢利 9 213,891213,891213,891213,891213,891 4,678Tax 稅項 12 6,8826,8826,8826,8826,882 (4,527)

PROFIT FOR THE YEAR 本年度溢利 220,773220,773220,773220,773220,773 151

Attributable to: 以下人士應佔：Equity holders of the Company 本公司股權持有人 220,773220,773220,773220,773220,773 776Minority interests 少數股東權益 ––––– (625)

220,773220,773220,773220,773220,773 151

DISTRIBUTION 分派 14Interim 中期 9,1739,1739,1739,1739,173 –Proposed final 建議末期 26,61126,61126,61126,61126,611 –

35,78435,78435,78435,78435,784 –

Earnings per share attributable 本公司普通股權to ordinary equity holders 持有人應佔of the Company – (HK cents) 每股溢利－（港仙） 15

Basic 基本 12.0312.0312.0312.0312.03 0.04

Diluted 攤薄 12.0312.0312.0312.0312.03 0.04


Consolidated Balance Sheet綜合資產負債表31 December 2005 二零零五年十二月三十一日

20052005200520052005 2004

二零零五年二零零四年

Notes (Restated)

附註（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

NON-CURRENT ASSETS 非流動資產Property, plant and equipment 物業、廠房及設備 16 249,390249,390249,390249,390249,390 387,553

Investment properties 投資物業 17 4,0204,0204,0204,0204,020 3,995

Other intangible assets 其他無形資產 18 18,24018,24018,24018,24018,240 19,854

Goodwill: 商譽： 19

Goodwill 商譽 ––––– –

Negative goodwill 負商譽 ––––– (124,592)

Interests in jointly-controlled entities 於共同控制公司之權益 21 268,178268,178268,178268,178268,178 297,272

Interests in associates 於聯營公司之權益 22 ––––– (1)

Available-for-sale investments/ 可供出售投資／

long term investments 長期投資 23 8,3558,3558,3558,3558,355 41,744

Deferred tax assets 遞延稅項資產 34 4,1714,1714,1714,1714,171 4,285

Deposits paid 已繳按金 5,3685,3685,3685,3685,368 18,399

Total non-current assets 非流動資產總值 557,722557,722557,722557,722557,722 648,509

CURRENT ASSETS 流動資產Inventories 存貨 24 117,665117,665117,665117,665117,665 57,051

Trade and bills receivables 應收賬款及票據 25 308,238308,238308,238308,238308,238 243,953

Prepayments, deposits and other receivables預付款項、按金及其他應收款項 46,28746,28746,28746,28746,287 50,626

Financial assets at fair value through profit 按公平值記入損益賬

or loss/short term investments 之財務資產／短期投資 26 570,837570,837570,837570,837570,837 117,911

Derivative financial instruments 衍生性金融工具 30 584584584584584 –

Tax recoverable 可收回稅項 5,1235,1235,1235,1235,123 –

Pledged time deposits 已抵押定期存款 27 76,56176,56176,56176,56176,561 41,729

Cash and cash equivalents 現金及現金等值項目 27 238,099238,099238,099238,099238,099 437,899

Total current assets 流動資產總值 1,363,3941,363,3941,363,3941,363,3941,363,394 949,169

CURRENT LIABILITIES 流動負債Trade and bills payables 應付賬款及票據 28 132,288132,288132,288132,288132,288 100,775

Other payables and accruals 其他應付款項及應計款項 29 218,086218,086218,086218,086218,086 262,938

Derivative financial instruments 衍生性金融工具 30 4,2094,2094,2094,2094,209 –

Tax payable 應付稅項 76,75576,75576,75576,75576,755 68,410

Interest-bearing bank and other borrowings 計息銀行及其他借款 31 10,44710,44710,44710,44710,447 10,164

Total current liabilities 流動負債總值 441,785441,785441,785441,785441,785 442,287

NET CURRENT ASSETS 流動資產淨值 921,609921,609921,609921,609921,609 506,882

TOTAL ASSETS LESS 已減流動負債之CURRENT LIABILITIES 資產總值 1,479,3311,479,3311,479,3311,479,3311,479,331 1,155,391


Consolidated Balance Sheet綜合資產負債表

31 December 2005 二零零五年十二月三十一日

TOTAL ASSETS LESS 已減流動負債之

CURRENT LIABILITIES 資產總值 1,479,3311,479,3311,479,3311,479,3311,479,331 1,155,391

NON-CURRENT LIABILITIES 非流動負債

Finance lease payables 融資租約應付款項 31 1,0531,0531,0531,0531,053 1,290

Provision for long service payments 長期服務金撥備 33 5,8215,8215,8215,8215,821 4,694

Deferred tax liabilities 遞延稅項負債 34 18,36918,36918,36918,36918,369 36,189

Total non-current liabilities 非流動負債總值 25,24325,24325,24325,24325,243 42,173

Net assets 資產淨值 1,454,0881,454,0881,454,0881,454,0881,454,088 1,113,218

EQUITY 股權

Equity attributable to equity holders 本公司股權持有人

of the Company 應佔股權

Issued capital 已發行股本 35 183,202183,202183,202183,202183,202 183,454

Reserves 儲備 1,244,2751,244,2751,244,2751,244,2751,244,275 929,764

Proposed final dividend 建議末期股息 14 26,61126,61126,61126,61126,611 –

1,454,0881,454,0881,454,0881,454,0881,454,088 1,113,218

Minority interests 少數股東權益 ––––– –

Total equity 股權總額 1,454,0881,454,0881,454,0881,454,0881,454,088 1,113,218

Lo Wing HungLo Wing HungLo Wing HungLo Wing HungLo Wing Hung Lau Chung Man, LouisLau Chung Man, LouisLau Chung Man, LouisLau Chung Man, LouisLau Chung Man, Louis

盧永雄劉仲文

Director Director

董事董事

20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元


Consolidated Statement of Changes in Equity綜合權益變動表Year ended 31 December 2005 截至二零零五年十二月三十一日止年度

Attributable to equity holders of the CompanyAttributable to equity holders of the CompanyAttributable to equity holders of the CompanyAttributable to equity holders of the CompanyAttributable to equity holders of the Company

本公司股權持有人應佔

IssuedIssuedIssuedIssuedIssued ShareShareShareShareShare AssetAssetAssetAssetAsset ExchangeExchangeExchangeExchangeExchange ProposedProposedProposedProposedProposed

ordinaryordinaryordinaryordinaryordinary premiumpremiumpremiumpremiumpremium ContributedContributedContributedContributedContributed CapitalCapitalCapitalCapitalCapital revaluationrevaluationrevaluationrevaluationrevaluation fluctuationfluctuationfluctuationfluctuationfluctuation RetainedRetainedRetainedRetainedRetained finalfinalfinalfinalfinal MinorityMinorityMinorityMinorityMinority TotalTotalTotalTotalTotal

share capitalshare capitalshare capitalshare capitalshare capital accountaccountaccountaccountaccount surplussurplussurplussurplussurplus reservereservereservereservereserve reservereservereservereservereserve reservereservereservereservereserve profitsprofitsprofitsprofitsprofits dividendsdividendsdividendsdividendsdividends TotalTotalTotalTotalTotal interestsinterestsinterestsinterestsinterests equityequityequityequityequity

已發行資產匯兌擬派少數普通股股本股份溢價賬繳入盈餘資本儲備重估儲備波動儲備保留溢利末期股息合計股東權益股權總額

Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

附註千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

At 1 January 2004 於二零零四年一月一日

As previously reported 如前呈報 183,386 4,192 480,648 125,631 6,403 28,804 263,551 – 1,092,615 625 1,093,240

Prior year adjustments 去年調整 2.4(b) – – – 1,185 – – (1,185) – – – –

As restated 經重列 183,386 4,192 480,648 126,816 6,403 28,804 262,366 – 1,092,615 625 1,093,240

Surplus on revaluation 重估盈餘 – – – – 2,648 – – – 2,648 – 2,648

Deferred tax arising from surplus on 重估盈餘產生之

revaluation 遞延稅項 – – – – (1,097) – – – (1,097) – (1,097)

Exchange realignment 匯兌調整 – – – – – 7,997 – – 7,997 – 7,997

Total income and expense for the year 直接在股本中確認之

recognised directly in equity 年度收入及開支總額 – – – – 1,551 7,997 – – 9,548 – 9,548

Net profit for the year (as restated) 年度溢利淨額（重列） – – – – – – 776 – 776 (625) 151

Total income and expense for the year 年度收入及開支總額 – – – – 1,551 7,997 776 – 10,324 (625) 9,699

Realisation of exchange fluctuation reserve 刪除一間附屬公司時變現之

on strike-off of subsidiaries 匯兌波動儲備 – – – – – 5,974 – – 5,974 – 5,974

Issue of ordinary shares 發行普通股 35 68 312 – – – – – – 380 – 380

Equity-settled share option arrangements 股權結算購股權安排 – – – 3,598 – – 327 – 3,925 – 3,925

At 31 December 2004 於二零零四年

十二月三十一日 183,454 4,504 480,648 130,414 7,954 42,775 263,469 – 1,113,218 – 1,113,218

At 1 January 2005 於二零零五年一月一日

As previously reported 如前呈報 183,454 4,504 480,648 125,631 7,954 42,775 268,252 – 1,113,218 – 1,113,218

Prior year adjustments 去年調整 2.4(b) – – – 4,783 – – (4,783) – – – –

Opening adjustments 年初調整 2.4(b) – – – (125,631) – – 250,223 – 124,592 – 124,592

As restated 經重列 183,454 4,504 480,648 4,783 7,954 42,775 513,692 – 1,237,810 – 1,237,810

Surplus on revaluation 重估盈餘 16 – – – – 4,131 – – – 4,131 – 4,131

Deferred tax arising from surplus on 重估盈餘產生之

revaluation 遞延稅項 34 – – – – (1,797) – – – (1,797) – (1,797)

Exchange realignment 匯兌調整 – – – – – (1,133 ) – – (1,133) – (1,133)

Total income and expense for the year 直接在股本中確認之

recognised directly in equity 年度收入及開支總額 – – – – 2,334 (1,133 ) – – 1,201 – 1,201

Net profit for the year 年度溢利淨額 – – – – – – 220,773 – 220,773 – 220,773

Total income and expense for the year 年內收入及開支總額 – – – – 2,334 (1,133 ) 220,773 – 221,974 – 221,974

Repurchase of shares 購回股份 35 (252) (558) – – – – – – (810) – (810)

Equity-settled share option arrangements 股權結算購股權安排 – – – 3,856 – – 431 – 4,287 – 4,287

Interim 2005 dividend 二零零五年中期股息 14 – – – – – – (9,173) – (9,173) – (9,173)

Proposed final 2005 dividend 擬派二零零五年末期股息 14 – – – – – – (26,611) 26,611 – – –

At 31 December 2005 於二零零五年

十二月三十一日 183,202183,202183,202183,202183,202 3,9463,9463,9463,9463,946 480,648480,648480,648480,648480,648 8,6398,6398,6398,6398,639 10,28810,28810,28810,28810,288 41,64241,64241,64241,64241,642 699,112699,112699,112699,112699,112 26,61126,61126,61126,61126,611 1,454,0881,454,0881,454,0881,454,0881,454,088 ––––– 1,454,0881,454,0881,454,0881,454,0881,454,088


Consolidated Cash Flow Statement綜合現金流量表


20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

CASH FLOWS FROM 經營業務之

OPERATING ACTIVITIES 現金流量

Profit before tax 除稅前溢利 213,891213,891213,891213,891213,891 4,678

Adjustments for: 已作出下列調整︰

Finance costs 融資成本 8 2,9532,9532,9532,9532,953 764

Reversal of provision for an amount due 撥回應收一間共同控制公司

from a jointly-controlled entity 款項撥備 (2,318(2,318(2,318(2,318(2,318))))) (6,097)

Provisions for amounts due from 應收共同控制公司

jointly-controlled entities 款項撥備 3,7193,7193,7193,7193,719 16,802

Share of profits and losses of 應佔共同控制公司之

jointly-controlled entities 溢利及虧損 10,56710,56710,56710,56710,567 (11,932)

Share of profits and losses of associates 應佔聯營公司之溢利及虧損 1010101010 3

Amortisation and impairment of 收購一間共同控制公司之

goodwill on acquisition of 商譽攤銷及

a jointly-controlled entity 減值 21 ––––– 3,242

Bank interest income 銀行利息收入 5 (14,649(14,649(14,649(14,649(14,649))))) (15,912)

Investment income 投資收入 5 (9,305(9,305(9,305(9,305(9,305))))) (11,231)

Dividend income from 來自一項非上市投資之

an unlisted investment 股息收入 5 (1,058(1,058(1,058(1,058(1,058))))) (496)

Dividend income from listed investments 來自上市投資之股息收入 5 (2,907(2,907(2,907(2,907(2,907))))) (903)

Negative goodwill recognised as income 已確認為收入之負商譽 9 ––––– (6,028)

Fair value losses/(gains), net: 公平價值虧損／（收益）淨額：

Financial assets at fair value through 按公平值記入損益賬之

profit or loss/short term investments 財務資產／短期投資 5 (11,454(11,454(11,454(11,454(11,454))))) (2,535)

Derivative financial instruments 衍生性金融工具 9 1,6731,6731,6731,6731,673 –

Loss on disposal of items of property, 出售物業、廠房及

plant and equipment 設備之虧損 9 516516516516516 800

Gain on disposal of a property 出售物業之收益 16 (185,830(185,830(185,830(185,830(185,830))))) –

Gain on waiver of a payable 豁免一筆應付款項之收益 6 (24,112(24,112(24,112(24,112(24,112))))) –

Gain on disposal of 出售一間未有作合併賬處理

an unconsolidated subsidiary 之附屬公司之收益 7 ––––– (18,400)

Gain on disposal of 出售一間共同控制

a jointly-controlled entity 公司之收益 ––––– (7,947)

Gain on disposal of an associate 出售一間聯營公司之收益 (282(282(282(282(282))))) –

Depreciation 折舊 9 40,60240,60240,60240,60240,602 40,442

Revaluation surplus on land and buildings 土地及樓宇重估盈餘 9 (816(816(816(816(816))))) (19,921)


Consolidated Cash Flow Statement綜合現金流量表Year ended 31 December 2005 截至二零零五年十二月三十一日止年度

20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Changes in fair value of 投資物業公平

investment properties 價值變動 9 (25(25(25(25(25))))) 1,443

Amortisation of intangible assets 無形資產攤銷 9 1,1691,1691,1691,1691,169 1,162

Write-off of intangible assets 無形資產撇銷 9 445445445445445 –

Amortisation of goodwill 商譽攤銷 9 ––––– 2,937

Gain on strike-off of subsidiaries 刪除附屬公司之收益 5 (229(229(229(229(229))))) (247)

Loss on disposal of 出售可供出售

available-for-sale investments 投資虧損 9 1,9691,9691,9691,9691,969 –

Impairment of available-for-sale 可供出售

investments/long term investments 投資／長期投資減值 9 2,6332,6332,6332,6332,633 2,500

Provisions for bad and doubtful debts 呆壞賬撥備 9 7,8717,8717,8717,8717,871 3,826

Provision/(write-back of provision) for 長期服務金撥備／

long service payments, net （撥回）淨額 9 (152(152(152(152(152))))) 2,742

Equity-settled share option expenses 股權結算購股權開支 4,2874,2874,2874,2874,287 3,925

Effect of foreign exchange rate changes 匯率變動之影響 (6,444(6,444(6,444(6,444(6,444))))) (9,387)

Operating profit/(loss) before 營運資金變動前之

working capital changes 經營溢利／（虧損） 32,72432,72432,72432,72432,724 (25,770)

Increase in inventories 存貨增加 (60,614(60,614(60,614(60,614(60,614))))) (19,790)

Increase in trade and bills receivables, 應收賬款及票據、

prepayments, deposits and 預付款項、按金及

other receivables 其他應收款項增加 (67,817(67,817(67,817(67,817(67,817))))) (34,297)

Increase in financial assets at fair 按公平值記入

value through profit or loss/ 損益賬之財務資產／

short term investments 短期投資增加 (441,472(441,472(441,472(441,472(441,472))))) (54,641)

Increase in trade and bills payables, 應付賬款及票據、其他應付

other payables and accruals 款項及應計款項增加 96,79796,79796,79796,79796,797 42,759

Increase in derivative financial liabilities 衍生性金融負債增加 1,9521,9521,9521,9521,952 –

Refund/(payment) of long service payments長期服務金退款／（付款） 33 1,3581,3581,3581,3581,358 (2,364)

Cash used in operations 經營業務所用現金 (437,072(437,072(437,072(437,072(437,072))))) (94,103)

Hong Kong profits tax paid 已繳香港利得稅 (1,491(1,491(1,491(1,491(1,491))))) (6,320)

Overseas tax paid 已繳海外稅項 (7,976(7,976(7,976(7,976(7,976))))) (3,452)

Net cash outflow from operating activities 經營業務之現金流出淨額 (446,539(446,539(446,539(446,539(446,539))))) (103,875)


Consolidated Cash Flow Statement綜合現金流量表


20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

CASH FLOWS FROM 投資業務之INVESTING ACTIVITIES 現金流量

Interest received 已收利息 14,64914,64914,64914,64914,649 15,912

Investment income 投資收入 9,3059,3059,3059,3059,305 11,196

Dividends received from 來自共同控制公司之

jointly-controlled entities 已收股息 12,88912,88912,88912,88912,889 10,769

Dividends received from 來自一項非上市投資之

an unlisted investment 已收股息 1,0581,0581,0581,0581,058 496

Dividends received from listed investments 來自上市投資之已收股息 2,9072,9072,9072,9072,907 903

Purchases of items of property, 購買物業、廠房及

plant and equipment 設備項目 (65,676(65,676(65,676(65,676(65,676))))) (48,544)

Deposits paid for purchases of 購買物業、廠房及設備

items of property, plant and equipment 項目之已繳按金 ––––– (18,399)

Proceeds from disposal of items of 出售物業、廠房及設備

property, plant and equipment 項目所得款項 367,367367,367367,367367,367367,367 1,605

Purchases of intangible assets 購買無形資產 ––––– (546)

Proceeds from disposal of 出售一間未有作合併賬處理之

an unconsolidated subsidiary 附屬公司所得款項 ––––– 400

Proceeds from disposal of an associate 出售一間聯營公司所得款項 282282282282282 –

Proceeds from disposal of 出售一間共同控制公司

a jointly-controlled entity 所得款項 ––––– 10,919

Decrease in amounts due from 應收共同控制公司

jointly-controlled entities 款項減少 11,03211,03211,03211,03211,032 26,837

Increase/(decrease) in an amount due to 應付一間共同控制公司

a jointly-controlled entity 款項增加／（減少） (1,099(1,099(1,099(1,099(1,099))))) 1,170

Increase in an amount due from an associate 應收一間聯營公司款項增加 (8(8(8(8(8))))) (3)

Decrease in an amount due to an associate 應付一間聯營公司款項減少 (3(3(3(3(3))))) (4)

Proceeds from disposal of available-for-sale 出售可供出售

investments/long term investments 投資／長期投資所得款項 28,93728,93728,93728,93728,937 7,800

Purchases of available-for-sale investments 購買可供出售投資 (150(150(150(150(150))))) –

Decrease/(increase) in pledged time deposits 已抵押定期存款減少／（增加） (34,832(34,832(34,832(34,832(34,832))))) 16,474

Decrease in non-pledged time deposit 於取得時到期日超過

with original maturity of more than 三個月的無抵押

three months when acquired 定期存款減少 ––––– 10,353

Settlement of an amount due to 結算應付一個合資夥伴

a joint venture partner 之金額 (28,379(28,379(28,379(28,379(28,379))))) –

Loan grant to a joint venture partner 給予一個合資夥伴之貸款 (57,416(57,416(57,416(57,416(57,416))))) –

Net cash inflow from investing activities 投資業務之現金流入淨額 260,863260,863260,863260,863260,863 47,338


Consolidated Cash Flow Statement綜合現金流量表Year ended 31 December 2005 截至二零零五年十二月三十一日止年度

20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

CASH FLOWS FROM 融資活動之

FINANCING ACTIVITIES 現金流量

Proceeds from issue of ordinary shares 發行普通股所得款項 35 ––––– 380

Repurchase of ordinary shares 贖回普通股 35 (810(810(810(810(810))))) –

Capital element of finance lease 融資租約繳款之

rental payments 資本部份 (469(469(469(469(469))))) (353)

Interest paid 已繳利息 8 (2,843(2,843(2,843(2,843(2,843))))) (637)

Interest element of finance lease 融資租約繳款之

rental payments 利息部份 8 (110(110(110(110(110))))) (127)

Dividends paid 已派股息 14 (9,173(9,173(9,173(9,173(9,173))))) –

Net cash outflow from financing activities 融資活動之現金流出淨額 (13,405(13,405(13,405(13,405(13,405))))) (737)

NET DECREASE IN CASH AND 現金及現金等值項目

CASH EQUIVALENTS 減少淨額 (199,081(199,081(199,081(199,081(199,081))))) (57,274)

Cash and cash equivalents 年初之現金及現金

at beginning of year 等值項目 437,899437,899437,899437,899437,899 486,408

Effect of foreign exchange rate changes, net 匯率變動之影響淨額 (719(719(719(719(719))))) 8,765

CASH AND CASH EQUIVALENTS 年終之現金及現金

AT END OF YEAR 等值項目 238,099238,099238,099238,099238,099 437,899

ANALYSIS OF BALANCES OF CASH AND 現金及現金等值項目

CASH EQUIVALENTS 結餘分析

Cash and bank balances 現金及銀行結餘 27 222,298222,298222,298222,298222,298 106,175

Non-pledged time deposits 於取得時三個月內

with original maturity of less than 到期之無抵押

three months when acquired 定期存款 27 15,80115,80115,80115,80115,801 331,724

238,099238,099238,099238,099238,099 437,899


Balance Sheet資產負債表


20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

NON-CURRENT ASSETS 非流動資產

Property, plant and equipment 物業、廠房及設備 16 9,7049,7049,7049,7049,704 9,885

Interests in subsidiaries 於附屬公司之權益 20 791,777791,777791,777791,777791,777 735,932

Interests in associates 於聯營公司之權益 22 ––––– –

Total non-current assets 非流動資產總值 801,481801,481801,481801,481801,481 745,817

CURRENT ASSETS 流動資產

Prepayments, deposits 預付款項、按金及

and other receivables 其他應收款項 1,4811,4811,4811,4811,481 1,396

Cash and cash equivalents 現金及現金等值項目 27 436436436436436 1,021

Total current assets 流動資產總值 1,9171,9171,9171,9171,917 2,417

CURRENT LIABILITIES 流動負債

Other payables and accruals 其他應付款項及應計款項 4,2974,2974,2974,2974,297 3,541

Total current liabilities 流動負債總值 4,2974,2974,2974,2974,297 3,541

NET CURRENT LIABILITIES 流動負債淨值 (2,380(2,380(2,380(2,380(2,380))))) (1,124)

Net assets 資產淨值 799,101799,101799,101799,101799,101 744,693

EQUITY 股權

Issued capital 已發行股本 35 183,202183,202183,202183,202183,202 183,454

Reserves 儲備 37(b) 589,288589,288589,288589,288589,288 561,239

Proposed final dividends 建議末期股息 14 26,61126,61126,61126,61126,611 –

Total equity 股權總額 799,101799,101799,101799,101799,101 744,693

Lo Wing HungLo Wing HungLo Wing HungLo Wing HungLo Wing Hung Lau Chung Man, LouisLau Chung Man, LouisLau Chung Man, LouisLau Chung Man, LouisLau Chung Man, Louis

盧永雄劉仲文

Director Director

董事董事


Notes to the Financial Statements財務報表附註31 December 2005 二零零五年十二月三十一日

1.1.1.1.1. CORPORATE INFORMATIONCORPORATE INFORMATIONCORPORATE INFORMATIONCORPORATE INFORMATIONCORPORATE INFORMATION

Sing Tao News Corporation Limited is a limited liability

company incorporated in Bermuda. The registered office

of the Company is located at Clarendon House, 2 Church

Street, Hamilton HM11, Bermuda.

During the year, the Group was involved in the following

principal activities:

• media

• human capital management

• property holding

• trading of photographic products

• investment holding

In the opinion of the directors, Luckman Trading Limited

(“Luckman”), which is incorporated in the British Virgin

Islands, is the Company’s controlling shareholder.

2.12.12.12.12.1 BASIS OF PREPARATIONBASIS OF PREPARATIONBASIS OF PREPARATIONBASIS OF PREPARATIONBASIS OF PREPARATION

These f inancial statements have been prepared in

accordance with Hong Kong Financial Reporting

Standards (“HKFRSs”) (which also include Hong Kong

Accounting Standards (“HKASs”) and Interpretations)

issued by the Hong Kong Institute of Certif ied Public

Accountants, accounting principles generally accepted in

Hong Kong and the disclosure requirements of the Hong

Kong Companies Ordinance. They have been prepared

under the historical cost convention, except for

investment properties, certain buildings, derivative

financial instruments and certain investments, which

have been measured at fair value. These f inancial

statements are presented in Hong Kong dollars (“HK$”)

and all values are rounded to the nearest thousand except

when otherwise indicated.

1. 公司資料

星島新聞集團有限公司為在百慕達註冊成立之

有限公司。本公司之註冊辦事處位於Clarendon

House, 2 Church Street, Hamilton HM 11,

Bermuda。

本集團年內從事之主要業務如下：

‧ 媒體

‧ 人力資本管理

‧ 物業持有

‧ 攝影器材貿易

‧ 投資控股

董事認為於英屬處女群島註冊成立的

Luckman Trading Limited（「Luckman」）為本

公司之控股股東。

2.1 編製之基準

財務報表乃根據香港會計師公會頒佈之香港財

務申報準則（「香港財務申報準則」）（亦包括

香港會計準則（「香港會計準則」）及詮釋）編

製，並符合香港公認會計原則及香港公司條例

的披露規定。財務報表乃以歷史成本法編製，

惟投資物業、若干樓宇、衍生性金融工具及若

干投資乃按公平值計算。本財務報表以港元

（「港元」）呈列，除另有註明者外，所有數值均

四捨五入至千位數。


Notes to the Financial Statements財務報表附註


2.12.12.12.12.1 BASIS OF PREPARATIONBASIS OF PREPARATIONBASIS OF PREPARATIONBASIS OF PREPARATIONBASIS OF PREPARATION (continued)

Basis of consolidationBasis of consolidationBasis of consolidationBasis of consolidationBasis of consolidation

The consolidated f inancial statements include the

financial statements of the Company and its subsidiaries

for the year ended 31 December 2005. The results of

subsidiaries are consolidated from the date of acquisition,

being the date on which the Group obtains control, and

continue to be consolidated until the date that such

control ceases. All significant intercompany transactions

and balances within the Group are eliminated on

consolidation.

Minority interests represent the interests of outsider

shareholders in the results and net assets of the

Company’s subsidiaries.

2.22.22.22.22.2 IMPACT OF NEW AND REVISED HONG KONGIMPACT OF NEW AND REVISED HONG KONGIMPACT OF NEW AND REVISED HONG KONGIMPACT OF NEW AND REVISED HONG KONGIMPACT OF NEW AND REVISED HONG KONG

FINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDS

The following new and revised HKFRSs affect the Group

and are adopted for the first time for the current year’s

financial statements:

HKAS 1 Presentation of Financial Statements

HKAS 2 Inventories

HKAS 7 Cash Flow Statements

HKAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors

HKAS 10 Events after the Balance Sheet Date

HKAS 12 Income Taxes

HKAS 14 Segment Reporting

HKAS 16 Property, Plant and Equipment

HKAS 17 Leases

HKAS 18 Revenue

HKAS 19 Employee Benefits

HKAS 21 The Effects of Changes in Foreign

Exchange Rates

2.1 編製之基準（續）

綜合賬目之基準

綜合財務報表乃將本集團截至二零零五年十二

月三十一日止年度之財務報表綜合計算。附屬

公司之業績乃由購入日期（即本集團獲取控制

權之日）開始作綜合計算，並繼續綜合入賬直

至失去有關控制權之日為止。本集團內各公司

間之重大交易及結餘均在綜合計算賬目時對

銷。

少數股東權益指外界股東於本公司附屬公司之

業績及資產淨值所擁有之權益。

2.2 採納新訂／經修訂之香港財務申報準則

影響本集團且已於本年度之財務報表首次採納

之新訂／經修訂香港財務申報準則如下：

香港會計準則第 1號財務報表之呈列

香港會計準則第2號存貨

香港會計準則第7號現金流量報表

香港會計準則第8號會計政策、會計估計之變更

及誤差

香港會計準則第 10號結算日後事項

香港會計準則第 12號所得稅

香港會計準則第 14號業務分類報告

香港會計準則第 16號物業、廠房及設備

香港會計準則第 17號租賃

香港會計準則第 18號收入

香港會計準則第 19號僱員福利

香港會計準則第21號外幣匯率變動之影響




FINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDSFINANCIAL REPORTING STANDARDS (continued)

HKAS 23 Borrowing Costs

HKAS 24 Related Party Disclosures

HKAS 27 Consolidated and Separate Financial

Statements

HKAS 28 Investments in Associates

HKAS 31 Interests in Joint Ventures

HKAS 32 Financial Instruments: Disclosure and

Presentation

HKAS 33 Earnings per Share

HKAS 36 Impairment of Assets

HKAS 37 Provisions, Contingent Liabilities and

Contingent Assets

HKAS 38 Intangible Assets

HKAS 39 Financial Instruments: Recognition

and Measurement

HKAS 39 Transition and Initial Recognition of

Amendment Financial Assets and Financial

Liabilities

HKAS 40 Investment Property

HKFRS 2 Share-based Payment

HKFRS 3 Business Combinations

HK(SIC)-Int 21 Income Taxes – Recovery of Revalued

Non-depreciable Assets

HK-Int 4 Leases – Determination of the Length

of Lease Term in respect of Hong

Kong Land Leases

The adoption of HKASs 2, 7, 8, 10, 12, 14, 16, 18, 19, 21, 23,

27, 28, 31, 33, 37, 38 and HK-Int 4 has had no material

impact on the accounting policies of the Group and the

Company and the methods of computation in the Group’s

and the Company’s financial statements.

2.2 採納新訂／經修訂之香港財務申報準則（續）

香港會計準則第23號借貸成本

香港會計準則第24號關聯方披露

香港會計準則第27號綜合及獨立財務報表

香港會計準則第28號於聯營公司之投資

香港會計準則第31號於合營公司之投資

香港會計準則第32號金融工具：披露及呈列

香港會計準則第33號每股盈利

香港會計準則第36號資產減值

香港會計準則第37號撥備、或然負債及或然資產

香港會計準則第38號無形資產

香港會計準則第39號金融工具：確認及計量

香港會計準則財務資產及負債之過渡性及

第39號（修訂）初步確認

香港會計準則第40號投資物業

香港財務申報以股份為基礎之付款

準則第2號

香港財務申報業務合併

準則第3號

會計 (SIC)－所得稅－經重估非折舊資產

詮釋21 的收回

香港－詮釋第4號租賃－釐定有關香港土地租

賃之租賃期長度

採納香港會計準則2、7、8、10、12、14、16、

1 8、 1 9、 2 1、 2 3、 2 7、 2 8、 3 1、 3 3、 3 7、

3 8號及香港－詮釋第4號並無導致本集團及

本公司的會計政策以及本集團及本公司之

財務報表計算方法出現重大變動。






HKAS 1 has affected the presentation of minority interests

on the face of the consolidated balance sheet ,

consolidated income statement, consolidated statement

of changes in equity and other disclosures. In addition,

in prior periods, the Group’s share of tax attributable to

associates and jointly-controlled entities was presented

as a component of the Group’s total tax charge/(credit)

in the consolidated income statement. Upon the adoption

of HKAS 1, the Group’s share of the post-acquisition

results of associates and jointly-controlled entities is

presented net of the Group’s share of tax attributable to

associates and jointly-controlled entities.

HKAS 24 has expanded the definition of related parties

and affected the Group’s related party disclosures.

The impact of adopting the other HKFRSs is summarised

as follows:

(a)(a)(a)(a)(a) HKAS 17 – LeasesHKAS 17 – LeasesHKAS 17 – LeasesHKAS 17 – LeasesHKAS 17 – Leases

In prior years, leasehold land and buildings held

for own use were stated at valuation less

accumulated depreciation and any impairment

losses.

Upon the adoption of HKAS 17, the Group’s

leasehold interest in land and buildings should be

separated into leasehold land and buildings. The

Group’s leasehold land should be classif ied as an

operating lease, because the title of the land is not

expected to pass to the Group by the end of the

lease term, and should be reclassif ied from

property, plant and equipment to prepaid land lease

payments, while buildings continue to be classified

as part of property, plant and equipment. Prepaid

land premiums for land lease payments under


香港會計準則第1號影響於綜合資產負債表、綜

合收益表、綜合權益變動表以及其他披露中呈

報少數股東權益之方法。此外，於過往期間，本

集團應佔之聯營公司及共同控制公司應佔稅

項，乃於綜合收益表中呈列為本集團之總稅務

支出／（抵免）部分。於採納香港會計準則第 1

號後，本集團應佔之聯營公司及共同控制公司

於收購後之業績，乃呈列為本集團應佔之聯營

公司及共同控制公司應佔稅項淨額。

香港會計準則第24號已拓大關連人士之定義，

並影響本集團之關連人士披露。

採納香港財務申報準則之影響概述如下：

(a) 香港會計準則第17號－租賃

於過往年度，業主自用租賃土地及樓宇以

估值減累計折舊及任何減值虧損計量。

採納香港會計準則第17號後，本集團於租

賃土地及樓宇中土地及樓宇部分乃分開

計算。本集團之租賃土地分類為經營租

賃，因為土地之業權預期不會於租期結束

時移交本集團，並由物業、廠房及設備重

新分類為預付土地租賃款項，而樓宇繼續

分類為物業、廠房及設備一部份。根據經

營租賃就土地租賃款項之預付土地溢價，



operating leases are initially stated at cost and

subsequently amortised on the straight-line basis

over the lease term. However, since the fair value

of the leasehold land cannot be measured separately

from the fair value of buildings situated thereon at

the inception of the lease and no similar land and

buildings are sold or leased separately so that

reference to the leasehold land portion can be made,

the lease payments cannot be allocated reliably

between the land and buildings elements. As such,

the entire lease payments are included in the cost

of the land and buildings as a f inance lease in

property, plant and equipment.

This change in accounting policy has had no effect

on the consolidated income statement, retained

profits and the consolidated balance sheet.

(b)(b)(b)(b)(b) HKAS 32 and HKAS 39 – Financial InstrumentsHKAS 32 and HKAS 39 – Financial InstrumentsHKAS 32 and HKAS 39 – Financial InstrumentsHKAS 32 and HKAS 39 – Financial InstrumentsHKAS 32 and HKAS 39 – Financial Instruments

(i)(i)(i)(i)(i) Equity and debt securitiesEquity and debt securitiesEquity and debt securitiesEquity and debt securitiesEquity and debt securities

In prior years, the Group classif ied its

investments in dated debt securities and listed

or unlisted equity securities, intended to be

held for a continuing strategic or identified

long term purpose, as long term investments,

which were held for non-trading purposes and

were stated at cost less any impairment losses

on an individual basis. Upon the adoption of

HKAS 39, these securities held by the Group

at 1 January 2005 in the amount o f

HK$41,744,000 are designated as available-for-

sale investments under the transitional

provisions of HKAS 39 and accordingly are

初步以成本列值，並隨後於租約期內以直

線法攤銷。然而，由於租賃土地不能於訂

立租賃時從其所位處樓宇之公平值分開

計量，而且並無分開出售或租賃同類型土

地及樓宇，故並無參考租賃土地元素。當

租賃預付款項不能在土地及樓宇元素內

合理攤分，全部租賃款項計入為土地及樓

宇的成本，作為物業、廠房及設備之財務

租賃。

會計政策之變動對綜合收益表、保留溢利

及綜合資產負債表並無影響。

(b) 香港會計準則第32號及香港會計準則

第39號－金融工具

(i) 股本及債務證券

於過往年度，本集團將其於有期債

務證券以及上市或非上市股本證券

之投資（擬就持續性策略或已辨識

長期目的持有）分類為長期投資。該

等長期投資乃持有作非買賣用途，

並以個別基準按成本減任何減值虧

損列賬。於採納香港會計準則

第39號後，本集團於二零零五年一

月一日持有為數41,744,000港元之

該等證券，根據香港會計準則

第39號之過渡性條文被指定為可供



(a)(a)(a)(a)(a) HKAS 17 – Leases HKAS 17 – Leases HKAS 17 – Leases HKAS 17 – Leases HKAS 17 – Leases (continued)


(a) 香港會計準則第17號－租賃（續）




stated at fair value with gains or losses being

recognised as a separate component of equity

until subsequent derecognition or impairment,

except for those equity and debt securities

that do not have a quoted market price in an

active market and whose fair value cannot be

reliably measured, in which case the equity

and debt securities are stated at cost and

amortised cost , respectively, less any

impairment losses.

In prior years, the Group classif ied its

investments in equity and debt securities and

commodities for trading purposes as short

term investments, and were stated at their fair

values on an individual basis with gains and

losses recognised in the income statement.

Upon the adoption of HKAS 39, these

investments held by the Group at 1 January

2005 in the amount of HK$117,911,000 are

designated as f inancial assets at fair value

through profit or loss under the transitional

provisions of HKAS 39 and accordingly are

stated at fair value with gains or losses being

recognised in the income statement.

The adoption of HKAS 39 has not resulted in

any change in the measurement of these

investments. Comparative amounts have been

reclassified for presentation purposes.

出售投資，並因此按公平值列賬，其

中錄得的損益確認為股本之獨立部

分，直至其後取消確認或出現減值，

惟並無於活躍市場之市場報價而其

公平值不能可靠地計算之股本及債

務證券除外，在此情況下股本及債

務證券則分別按成本及已攤銷成本

扣減任何減值虧損列賬。

於過往年度，本集團將其於買賣用

途股本及債務證券及商品之投資分

類為短期投資，並以個別基準按其

公平值列賬，其中錄得的損益於收

益表中確認。於採納香港會計準則

第39號後，本集團於二零零五年一

月一日持有為數 117,911,000港元之

該等投資，根據香港會計準則第39

號之過渡性條文被指定為按公平值

記入損益之金融資產，並因此按公

平值列賬，其損益於收益表中確認。

採納香港會計準則第39號並無導致

該等投資的計算方法有任何變更。

比較數字經已就呈報目的重新分

類。




(continued)

(i)(i)(i)(i)(i) Equity and debt securities Equity and debt securities Equity and debt securities Equity and debt securities Equity and debt securities (continued)



第39號－金融工具（續）

(i) 股本及債務證券（續）






(continued)

(ii)(ii)(ii)(ii)(ii) Derivative financial instruments – ForwardDerivative financial instruments – ForwardDerivative financial instruments – ForwardDerivative financial instruments – ForwardDerivative financial instruments – Forward

currency contracts, equity and commoditycurrency contracts, equity and commoditycurrency contracts, equity and commoditycurrency contracts, equity and commoditycurrency contracts, equity and commodity

contracts and optionscontracts and optionscontracts and optionscontracts and optionscontracts and options

In prior years, gains and losses arising from

forward currency contracts, equity and

commodity contracts and options were

recognised in the income statement on expiry/

termination of respective derivative financial

instruments. Upon the adoption of HKAS 39,

these derivative f inancial instruments are

initially recognised at fair value at the date at

which a derivative contract is entered into and

are subsequently remeasured at fair value with

gains or losses being recognised in the income

statement.

The effects of the above changes are

summarised in note 2.4 to the f inancial

statements. In accordance with the transitional

provisions of HKAS 39, comparative amounts

have not been restated.

(c)(c)(c)(c)(c) HKAS 40 – Investment PropertyHKAS 40 – Investment PropertyHKAS 40 – Investment PropertyHKAS 40 – Investment PropertyHKAS 40 – Investment Property

In prior years, changes in the fair values of

investment propert ies were dealt with as

movements in the asset revaluation reserve. If the

total of this reserve was insuff icient to cover a

deficit, on a portfolio basis, the excess of the deficit

was charged to the income statement. Any

subsequent revaluation surplus was credited to the

income statement to the extent of the def icit

previously charged.



第39號－金融工具（續）

(ii) 衍生性金融工具 – 遠期貨幣合

約、股本及商品合約及期權

於過往年度，遠期貨幣合約、股本及

商品合約及期權之損益於各自衍生

性金融工具屆滿／終止時於收益表

確認。於採納香港會計準則第39號

後，該等衍生性金融工具於訂立有

關衍生性合約當日按公平值初次確

認，隨後按公平值計算，損益於收益

表中確認。

以上之改變的影響在財務報表附註

2.4概述。根據香港會計準則第39號

之過渡性條文，比較數字並未重列。

(c) 香港會計準則第40號－投資物業

於過往年度，投資物業之公允值變動以資

產重估儲備變動形式處理。倘此項儲備的

總額不足以抵銷組合虧絀，則虧絀超出之

數在收益表中扣除。可隨後產生之重估盈

餘，按之前扣除之虧絀而計入收益表。






(c)(c)(c)(c)(c) HKAS 40 – Investment Property HKAS 40 – Investment Property HKAS 40 – Investment Property HKAS 40 – Investment Property HKAS 40 – Investment Property (continued)

Upon the adoption of HKAS 40, gains or losses

arising from changes in the fair values of investment

properties are included in the income statement in

the year in which they arise. Since the Group

recorded a cumulative def icit on revaluation of

investment properties which had been charged to

prior years’ income statement, the adoption of

HKAS 40 has had no effect on the consolidated

retained profits as at 1 January 2005 and the income

statement for the previous year.

(d)(d)(d)(d)(d) HKFRS 2 – Share-based PaymentHKFRS 2 – Share-based PaymentHKFRS 2 – Share-based PaymentHKFRS 2 – Share-based PaymentHKFRS 2 – Share-based Payment

In prior years, no recognition and measurement of

share-based payment transactions in which

employees (including directors) were granted share

options over shares in the Company were required

until such options were exercised by employees, at

which time the share capital and share premium

were credited with the proceeds received.

Upon the adoption of HKFRS 2, when employees

( inc luding d irectors) render serv ices as

consideration for equity instruments (“equity-

settled transactions”), the cost of the equity-settled

transactions with employees is measured by

reference to the fair value at the date at which the

instruments are granted.

The main impact of HKFRS 2 on the Group is the

recognition of the cost of these transactions and a

corresponding entry to equity for employee share

options. The revised accounting policy for share-

based payment transactions is described in more

detai l in note 2.5 “Summary of signif icant

accounting policies” below.


(c) 香港會計準則第40號－投資物業（續）

採納香港會計準則第40號後，投資物業之

公允值變動所產生之盈虧，於所產生年度

計入收益表。由於本集團已計入過往年度

收益表之重估投資物業所錄得的累計虧

絀，採納香港會計準則第40號對二零零五

年一月一日之綜合保留溢利以及上年度

之收益表並無影響。

(d) 香港財務申報準則第2號 – 以股份為

基礎之付款

於過往年度，涉及僱員（包括董事）獲授

購股權以認購本公司股份之以股份為基

礎之交易，該等購股權在僱員行使前在不

予確認及計算，而在當時股本及股份溢價

以已收取之收益入賬。

在採納香港財務申報準則第2號後，當僱

員（包括董事）提供服務作為股本工具之

代價（「以股本支付的交易」），與僱員進

行以股本支付的交易之成本乃參考有關

工具獲授出當日之公平值計算。

香港財務申報準則第2號對本集團之主要

影響為確認該等交易之成本及於僱員購

股權之股本中作出相關記錄。以股份為基

礎付款交易之經修訂會計政策之詳情載

於下文附註2.5「主要會計政策概要」。





(d)(d)(d)(d)(d) HKFRS 2 – Share-based Payment HKFRS 2 – Share-based Payment HKFRS 2 – Share-based Payment HKFRS 2 – Share-based Payment HKFRS 2 – Share-based Payment (continued)

The Group has adopted the transitional provisions

of HKFRS 2 under which the new measurement

policies have not been applied to (i) options granted

to employees on or before 7 November 2002; and

(ii) options granted to employees after 7 November

2002 but which had vested before 1 January 2005.

The effects of adopting HKFRS 2 are summarised

in note 2.4 to the financial statements.

(e)(e)(e)(e)(e) HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –

Impairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of Assets

In prior years, goodwill and negative goodwill

arising on acquisitions prior to 1 January 2001 were

eliminated against the consolidated retained profits

and credited to the consolidated capital reserve,

respectively, in the year of acquisition and were

not recognised in the income statement until

disposal or impairment of the acquired businesses.

Goodwill arising on acquisitions on or after 1

January 2001 was capitalised and amortised on the

straight-line basis over its estimated useful life and

was subject to impairment testing when there was

any indication of impairment. Negative goodwill was

carried in the balance sheet and was recognised in

the consolidated income statement on a systematic

basis over the remaining average useful life of the

acquired depreciable/amortisable assets.


(d) 香港財務申報準則第2號 – 以股份為

基礎之付款（續）

本集團已採納香港財務申報準則第2號之

過渡性條文，據此，新計算政策並未應用

於以：(i) 於二零零二年十一月七日或之

前授予僱員之購股權；及(ii) 於二零零二

年十一月七日之後授予僱員但於二零零

五年一月一月日前已歸屬之購股權。

採納香港財務申報準則第2號之影響，在

財務報表附註2.4概述。

(e) 香港財務申報準則第3號 – 業務合併

及香港財務申報準則第36號－資產減

值

於過往年度，於二零零一年一月一日前之

因收購產生之商譽及負商譽乃於收購年

內分別與綜合保留溢利對銷及於綜合股

本儲備列賬，及於所收購業務出售或減值

時方於收益表確認。

於二零零一年一月一日或之後因收購產

生之商譽乃撥充資本，並按其估計可使用

年期以直線法攤銷，並須於有任何減值跡

象出現時進行減值測試。負商譽乃在資產

負債表列賬，並按所收購可予折舊／攤銷

之資產之剩餘平均可使用年期以有系統

之基準在綜合收益表中確認。






(e)(e)(e)(e)(e) HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –HKFRS 3 – Business Combinations and HKAS 36 –

Impairment of Assets Impairment of Assets Impairment of Assets Impairment of Assets Impairment of Assets (continued)

The adoption of HKFRS 3 and HKAS 36 has resulted

in the Group ceasing annual goodwill amortisation

and commencing testing for impairment at the cash-

generating unit level annually (or more frequently

if events or changes in circumstances indicate that

the carrying value may be impaired).

Any excess of the Group’s interest in the net fair

value of the acquirees’ identifiable assets, liabilities

and contingent liabilities over the cost of acquisition

of subsidiaries (previously referred to as negative

goodwill), after reassessment, is recognised

immediately in the income statement.

The transitional provisions of HKFRS 3 have

required the Group to eliminate at 1 January 2005

the carrying amounts of accumulated amortisation

with a corresponding adjustment to the cost of

goodwill and to derecognise at 1 January 2005 the

carrying amounts of negative goodwill (including

that remaining in the consolidated capital reserve)

against retained prof its. Goodwill previously

eliminated against the retained earnings remains

eliminated against the retained earnings and is not

recognised in the income statement when all or

part of the business to which the goodwill relates

is disposed of or when a cash-generating unit to

which the goodwill relates becomes impaired.

The effects of the above changes are summarised

in note 2.4 to the f inancial statements. In

accordance with the transitional provisions of

HKFRS 3, comparative amounts have not been

restated.


(e) 香港財務申報準則第3號 – 業務合併

及香港財務申報準則第36號－資產減

值（續）

採納香港財務申報準則第3號及香港財務

申報準則第36號導致本集團停止每年進

行商譽攤銷，並開始於現金產生單位層面

進行每年減值測試（倘有事件或變動顯示

賬面值可能出現減值之情況下須進行較

頻密之測試）。

本集團在被收購公司之可識辨資產、負債

及或然負債之公平值淨值中應佔之權益

高於附屬公司之收購成本之金額（先前稱

為「負商譽」）在重新進行審核後，即時於

收益表中確認。

香港財務申報準則第3號之過渡性條文規

定本集團於二零零五年一月一日撇減累

計攤銷之賬面金額，並於商譽成本作出相

關紀錄，且須於二零零五年一月一日將負

商譽之賬面金額（包括在綜合資本儲備之

剩餘之金額）在保留溢利中取消確認。先

前在保留盈利中撇減之商譽仍舊在保留

盈利中撇減，且當與商譽有關之全部或部

分業務獲出售或當該項商譽有關之現金

產生單位出現減值時不會於收益表中確

認。

上述變動之影響在財務報表附註 2.4概

述。根據香港財務申報準則第3號之過渡

條文，比較數字並未呈列。





(f)(f)(f)(f)(f) HK(SIC)-Int 21 – Income Taxes – Recovery ofHK(SIC)-Int 21 – Income Taxes – Recovery ofHK(SIC)-Int 21 – Income Taxes – Recovery ofHK(SIC)-Int 21 – Income Taxes – Recovery ofHK(SIC)-Int 21 – Income Taxes – Recovery of

Revalued Non-depreciable AssetsRevalued Non-depreciable AssetsRevalued Non-depreciable AssetsRevalued Non-depreciable AssetsRevalued Non-depreciable Assets

In prior periods, deferred tax arising on the

revaluation of investment properties was recognised

based on the tax rate that would be applicable upon

the sale of the investment properties.

Upon the adoption of HK(SIC)-Int 21, deferred tax

arising on the revaluation of the Group’s investment

properties is determined depending on whether the

properties will be recovered through use or through

sale. The Group has determined that its investment

properties will be recovered through use, and

accordingly the profits tax rate has been applied to

the calculation of deferred tax. The adoption of HK

(SIC)-Int 21 has had no material impact on the

Group’s financial statements.

2.32.32.32.32.3 IMPACT OF ISSUED BUT NOT YET EFFECTIVEIMPACT OF ISSUED BUT NOT YET EFFECTIVEIMPACT OF ISSUED BUT NOT YET EFFECTIVEIMPACT OF ISSUED BUT NOT YET EFFECTIVEIMPACT OF ISSUED BUT NOT YET EFFECTIVE

HONG KONG FINANCIAL REPORTINGHONG KONG FINANCIAL REPORTINGHONG KONG FINANCIAL REPORTINGHONG KONG FINANCIAL REPORTINGHONG KONG FINANCIAL REPORTING

STANDARDSSTANDARDSSTANDARDSSTANDARDSSTANDARDS

The Group has not applied the following new and revised

HKFRSs, that have been issued but are not yet effective,

in these financial statements. Unless otherwise stated,

these HKFRSs are effective for annual periods beginning

on or after 1 January 2006:

HKAS 1 Amendment Capital Disclosures

HKAS 19 Amendment Actuarial Gains and Losses, Group

Plans and Disclosures

HKAS 39 Amendment Cash Flow Hedge Accounting of

Forecast Intragroup Transactions

HKAS 39 Amendment The Fair Value Option


(f) 會計(SIC)－詮釋21 所得稅－經重估非

折舊資產的收回

於過往期間，重估投資物業所產生之遞延

稅項根據於出售投資物業時適用之稅率

確認。

於採納會計(SIC)－詮釋21後，重估本集團

投資物業所產生之遞延稅項，視乎物業會

否透過使用或出售而收回而釐訂。本集團

已決定其投資物業將透過使用而收回，因

此已應用所得稅率計算遞延稅項。採納於

採納會計(SIC)－詮釋21對本集團之財務

報表並無重大影響。

2.3 已頒佈但尚未生效之香港財務申報準則之影響

本集團並無提早應用下列已頒佈但未生效之新

訂及經修訂香港財務申報準則。除另有訂明

外，該等香港財務申報準則於二零零六年一月

一日或之後生效：

香港會計準則第 1號資本披露

（修訂本）

香港會計準則精算損益、集團計劃及

第 19號（修訂本）披露

香港會計準則預測集團內部交易之現

第39號（修訂本）金流量對沖會計處理法

香港會計準則期權之公允值

第39號（修訂本）






STANDARDSSTANDARDSSTANDARDSSTANDARDSSTANDARDS (continued)

HKAS 39 & HKFRS 4 Financial Guarantee Contracts

Amendments

HKFRSs 1 & 6 First-time Adoption of Hong Kong

Amendments Financial Reporting Standards and

Exploration for and Evaluation of

Mineral Resources

HKFRS 6 Exploration for and Evaluation of

Mineral Resources

HKFRS 7 Financial Instruments: Disclosures

HK(IFRIC)-Int 4 Determining whether an

Arrangement contains a Lease

HK(IFRIC)-Int 5 Rights to Interests arising from

Decommissioning, Restoration and

Environmental Rehabilitation

Funds

HK(IFRIC)-Int 6 Liabilities arising from Participating

in a Specific Market – Waste

Electrical and Electronic

Equipment

The HKAS 1 Amendment shall be applied for annual

periods beginning on or after 1 January 2007. The revised

standard will affect the disclosures about qualitative

information about the Group’s objective, policies and

processes for managing capital; quantitative data about

what the Company regards as capital; and compliance

with any capital requirements and the consequences of

any non-compliance.

HKFRS 7 will replace HKAS 32 and has modified the

disclosure requirements of HKAS 32 relating to financial

instruments. This HKFRS shall be applied for annual

periods beginning on or after 1 January 2007.

2.3 已頒佈但尚未生效之香港財務申報準則之影響（續）

香港會計準則第39號財務擔保合約

及香港財務申報

準則第4號（修訂本）

香港財務申報首次採納香港財務申報準

準則第 1號及則及礦物資源之勘探及

第6號（修訂本）評估

香港財務申報礦物資源之勘探及評估

準則第6號

香港財務申報金融工具：披露

準則第7號

香港 (IFRIC) 釐定安排是否包括租賃

－詮釋第4號

香港 (IFRIC) 解除運作、復原及環境修復

－詮釋第5號基金所產生權益之權利

香港（IFRIC）參與特定市場所產生之負

－詮釋第6號債 -廢料、電力及電子設

備

香港會計準則第1號（修訂本）已應用於二零零

七年一月一日或之後開始之年度。經修訂準則

將影響有關本集團管理資金之目標、政策及程

序等定性資料以及本公司將甚麼視為股本的量

性資料，以及遵守任何資本規定及任何不遵守

後果的披露事項。

香港財務申報準則第7號將取代香港會計準則

第32號，並修訂香港會計準則第32號有關金融

工具的披露規定。此項香港財務申報準則將於

二零零七年一月一日或之後之年度期間應用。





STANDARDSSTANDARDSSTANDARDSSTANDARDSSTANDARDS (continued)

In accordance with the amendments to HKAS 39

regarding f inancial guarantee contracts, f inancial

guarantee contracts are initially recognised at fair value

and are subsequently measured at the higher of (i) the

amount determined in accordance with HKAS 37 and (ii)

the amount initially recognised, less, when appropriate,

cumulative amortisation recognised in accordance with

HKAS 18.

The HKAS 19 Amendment, HKAS 39 Amendment

regarding cash flow hedge accounting of forecast

intragroup transactions, HKFRSs 1 and 6 Amendments,

HKFRS 6, HK(IFRIC)-Int 5 and HK(IFRIC)-Int 6 do not

apply to the activities of the Group. HK(IFRIC)-Int 6

shall be applied for annual periods beginning on or after

1 December 2005.

Except as stated above, the Group expects that the

adoption of the pronouncements listed above will not

have any signif icant impact on the Group’s f inancial

statements in the period of initial application.

2.3 已頒佈但尚未生效之香港財務申報準則之影響（續）

根據香港會計準則第39號有關財務擔保合約之

修訂，財務擔保合約初步以公允值確認，並隨

後以(i)根據香港會計標準第37號而釐訂之金額

及(ii)初步確認之金額減（如適用)根據香港會

計準則第18號確認之累計攤銷（以較高者為準)

計算。

香港會計準則第 19號（修訂本）及香港會計準

則第39號（修訂本）涉及預測集團間交易之現

金流對沖會計法，而香港財務申報準則第1號及

第6號（修訂本)、香港財務申報準則第6號、香

港(IFRIC)－詮釋第5號及香港(IFRIC)－詮釋第

6號並不適用於本集團業務。香港(IFRIC)－詮

釋第6號將適用於二零零五年十二月一日或之

後開始的年度期間。

除上文所述者外，本集團預期採納上文所列之

其他公佈，將不會對本集團於首次應用期間之

財務報表有任何重大影響。




2.4.2.4.2.4.2.4.2.4. SUMMARY OF THE IMPACT OF CHANGES INSUMMARY OF THE IMPACT OF CHANGES INSUMMARY OF THE IMPACT OF CHANGES INSUMMARY OF THE IMPACT OF CHANGES INSUMMARY OF THE IMPACT OF CHANGES IN

ACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIES

(a)(a)(a)(a)(a) Effect on the consolidated balance sheetEffect on the consolidated balance sheetEffect on the consolidated balance sheetEffect on the consolidated balance sheetEffect on the consolidated balance sheet

Effect of adoptingEffect of adoptingEffect of adoptingEffect of adoptingEffect of adopting

採納下列者之影響

HKASs 32HKASs 32HKASs 32HKASs 32HKASs 32#

At 1 January 2005At 1 January 2005At 1 January 2005At 1 January 2005At 1 January 2005 HKAS 1HKAS 1HKAS 1HKAS 1HKAS 1# and 39and 39and 39and 39and 39* HKFRS 2HKFRS 2HKFRS 2HKFRS 2HKFRS 2# HKFRS 3HKFRS 3HKFRS 3HKFRS 3HKFRS 3*

Change inChange inChange inChange inChange in Equity-settledEquity-settledEquity-settledEquity-settledEquity-settled DerecognitionDerecognitionDerecognitionDerecognitionDerecognition

Effect of new policiesEffect of new policiesEffect of new policiesEffect of new policiesEffect of new policies classification ofclassification ofclassification ofclassification ofclassification of share optionshare optionshare optionshare optionshare option of negativeof negativeof negativeof negativeof negative

(Increase/(decrease))(Increase/(decrease))(Increase/(decrease))(Increase/(decrease))(Increase/(decrease)) PresentationPresentationPresentationPresentationPresentation investmentsinvestmentsinvestmentsinvestmentsinvestments arrangementsarrangementsarrangementsarrangementsarrangements goodwillgoodwillgoodwillgoodwillgoodwill TotalTotalTotalTotalTotal

香港會計準則

香港會計準則第32號#及香港財務申報香港財務申報

於二零零五年一月一日第1號# 第39號* 準則第2號# 準則第3號*

新政策影響投資股本結算不再確認

（增加／（減少））呈列分類變動購股權安排負商譽總計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

千港元千港元千港元千港元千港元

AssetsAssetsAssetsAssetsAssets 資產Property, plant and equipment 物業、廠房及設備 (3,995) – – – (3,995)

Investment properties 投資物業 3,995 – – – 3,995

Negative goodwill 負商譽 – – – 124,592 124,592

Available-for-sale investments 可供出售投資 – 41,744 – – 41,744

Long term investments 長期投資 – (40,598) – – (40,598)

Other assets 其他資產 – (1,146) – – (1,146)

Financial assets at fair value 按公平值記入損益賬

through profit or loss 之金融資產 – 117,911 – – 117,911

Short term investments 短期投資 – (117,911) – – (117,911)

124,592

Liabilities/equityLiabilities/equityLiabilities/equityLiabilities/equityLiabilities/equity 負債／股權Capital reserve 股本儲備 – – 4,783 (125,631) (120,848)

Retained profits 保留溢利 – – (4,783) 250,223 245,440

124,592

* Adjustments taken effect prospectively from 1 January

2005

# Adjustments/presentation taken effect retrospectively

2.4 會計政策變動之影響

(a) 對綜合資產負債表之影響

* 由二零零五年一月一日後生效的調整

# 追溯生效的調整／呈列




ACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIES (continued)

(a)(a)(a)(a)(a) Effect on the consolidated balance sheetEffect on the consolidated balance sheetEffect on the consolidated balance sheetEffect on the consolidated balance sheetEffect on the consolidated balance sheet

(continued)


採納下列者之影響HKASs 32HKASs 32HKASs 32HKASs 32HKASs 32

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 HKAS 1HKAS 1HKAS 1HKAS 1HKAS 1 and 39and 39and 39and 39and 39 HKFRS 2HKFRS 2HKFRS 2HKFRS 2HKFRS 2 HKFRS 3HKFRS 3HKFRS 3HKFRS 3HKFRS 3




香港會計準則香港會計第32號及香港財務申報香港財務申報

於二零零五年十二月三十一日準則第1號第39號準則第2號準則第3號新政策影響投資股本結算不再確認（增加／（減少)) 呈列分類變動購股權安排負商譽總計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


AssetsAssetsAssetsAssetsAssets 資產Property, plant and equipment 物業、廠房及設備 (4,020) – – – (4,020)

Investment properties 投資物業 4,020 – – – 4,020

Negative goodwill 負商譽 – – – 118,564 118,564

Available-for-sale investments 可供出售投資 – 8,355 – – 8,355

Long term investments 長期投資 – (7,059) – – (7,059)

Other assets 其他資產 – (1,296) – – (1,296)

Financial assets at fair value 按公平值記入損益賬之

through profit or loss 金融資產 – 570,837 – – 570,837

Short term investments 短期投資 – (570,837) – – (570,837)

118,564

Liabilities/equityLiabilities/equityLiabilities/equityLiabilities/equityLiabilities/equity 負債／股權Capital reserve 股本儲備 – – 8,639 (125,631) (116,992)


118,564

2.4 會計政策變動之影響（續）

(a) 對綜合資產負債表之影響（續）






(b)(b)(b)(b)(b) Effect on the balances of equity at 1 January 2004Effect on the balances of equity at 1 January 2004Effect on the balances of equity at 1 January 2004Effect on the balances of equity at 1 January 2004Effect on the balances of equity at 1 January 2004

and at 1 January 2005and at 1 January 2005and at 1 January 2005and at 1 January 2005and at 1 January 2005


採納下列者之影響HKASs 32HKASs 32HKASs 32HKASs 32HKASs 32

HKAS 1HKAS 1HKAS 1HKAS 1HKAS 1 and 39and 39and 39and 39and 39 HKFRS 2HKFRS 2HKFRS 2HKFRS 2HKFRS 2 HKFRS 3HKFRS 3HKFRS 3HKFRS 3HKFRS 3




香港會計準則香港會計第32號及香港財務申報香港財務申報準則第1號第39號準則第2號準則第3號

新政策影響投資股本結算不再確認（增加／（減少））呈列分類變動購股權安排負商譽總計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


1 January 20041 January 20041 January 20041 January 20041 January 2004 二零零四年一月一日Capital reserve 股本儲備 – – 1,185 – 1,185

Retained profits 保留溢利 – – (1,185) – (1,185)

–

1 January 20051 January 20051 January 20051 January 20051 January 2005 二零零五一月一日Capital reserve 股本儲備 – – 4,783 (125,631) (120,848)


124,592


(b) 對二零零四年一月一日及二零零五年

一月一日之股權結餘之影響





(c)(c)(c)(c)(c) Effect on the consolidated income statement forEffect on the consolidated income statement forEffect on the consolidated income statement forEffect on the consolidated income statement forEffect on the consolidated income statement for

the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004



HKAS 1HKAS 1HKAS 1HKAS 1HKAS 1 HKFRS 2HKFRS 2HKFRS 2HKFRS 2HKFRS 2 HKFRS 3HKFRS 3HKFRS 3HKFRS 3HKFRS 3

Share of post-taxShare of post-taxShare of post-taxShare of post-taxShare of post-tax DiscontinuationDiscontinuationDiscontinuationDiscontinuationDiscontinuation

profits and lossesprofits and lossesprofits and lossesprofits and lossesprofits and losses EmployeeEmployeeEmployeeEmployeeEmployee of recognitionof recognitionof recognitionof recognitionof recognition

of jointly-controlledof jointly-controlledof jointly-controlledof jointly-controlledof jointly-controlled shareshareshareshareshare of negativeof negativeof negativeof negativeof negative

entities andentities andentities andentities andentities and optionoptionoptionoptionoption goodwillgoodwillgoodwillgoodwillgoodwill

Effect of new policiesEffect of new policiesEffect of new policiesEffect of new policiesEffect of new policies associatesassociatesassociatesassociatesassociates schemeschemeschemeschemescheme as incomeas incomeas incomeas incomeas income TotalTotalTotalTotalTotal

香港會計香港財務申報香港財務申報

準則第 1號準則第2號準則第3號

分佔共同控制公司及

聯營公司之僱員購股權終止確認

新政策影響除稅後盈虧計劃負商譽為收入總計

HK$’000 HK$’000 HK$’000 HK$’000

千港元千港元千港元千港元

Year ended 31 December 2005Year ended 31 December 2005Year ended 31 December 2005Year ended 31 December 2005Year ended 31 December 2005 截至二零零五年十二月三十一日止年度

Increase in cost of sales 銷售成本增加 ––––– (880(880(880(880(880))))) ––––– (880(880(880(880(880)))))

Decrease in other income and gains 其他收入及收益減少 ––––– ––––– (6,028(6,028(6,028(6,028(6,028))))) (6,028(6,028(6,028(6,028(6,028)))))

Increase in distribution costs 分銷成本增加 ––––– (371(371(371(371(371))))) ––––– (371(371(371(371(371)))))

Increase in administrative expenses 行政開支增加 ––––– (3,036(3,036(3,036(3,036(3,036))))) ––––– (3,036(3,036(3,036(3,036(3,036)))))

Decrease in share of profits and losses of 分佔共同控制

jointly-controlled entities 公司盈虧減少 (10,825(10,825(10,825(10,825(10,825))))) ––––– ––––– (10,825(10,825(10,825(10,825(10,825)))))

Decrease in tax 稅項減少 10,82510,82510,82510,82510,825 ––––– ––––– 10,82510,82510,82510,82510,825

Total decrease in profit 溢利減少總額 ––––– (4,287(4,287(4,287(4,287(4,287))))) (6,028(6,028(6,028(6,028(6,028))))) (10,315(10,315(10,315(10,315(10,315)))))

Decrease in basic earnings per share

(HK cents) 每股基本盈利減少（港仙） ––––– (0.23(0.23(0.23(0.23(0.23))))) (0.33(0.33(0.33(0.33(0.33))))) (0.56(0.56(0.56(0.56(0.56)))))

Decrease in diluted earnings per share

(HK cents) 每股攤薄盈利減少（港仙） ––––– (0.23(0.23(0.23(0.23(0.23))))) (0.33(0.33(0.33(0.33(0.33))))) (0.56(0.56(0.56(0.56(0.56)))))


(c) 對二零零四年及二零零五年十二月三

十一日止年度之綜合收益表之影響






HKAS 1HKAS 1HKAS 1HKAS 1HKAS 1 HKFRS 2HKFRS 2HKFRS 2HKFRS 2HKFRS 2 HKFRS 3HKFRS 3HKFRS 3HKFRS 3HKFRS 3

Share of post-taxShare of post-taxShare of post-taxShare of post-taxShare of post-tax DiscontinuationDiscontinuationDiscontinuationDiscontinuationDiscontinuation

profits and lossesprofits and lossesprofits and lossesprofits and lossesprofits and losses EmployeeEmployeeEmployeeEmployeeEmployee of recognitionof recognitionof recognitionof recognitionof recognition

of jointly-controlledof jointly-controlledof jointly-controlledof jointly-controlledof jointly-controlled shareshareshareshareshare of negativeof negativeof negativeof negativeof negative

entities andentities andentities andentities andentities and optionoptionoptionoptionoption goodwillgoodwillgoodwillgoodwillgoodwill

Effect of new policiesEffect of new policiesEffect of new policiesEffect of new policiesEffect of new policies associatesassociatesassociatesassociatesassociates schemeschemeschemeschemescheme as incomeas incomeas incomeas incomeas income TotalTotalTotalTotalTotal

香港會計香港財務申報香港財務申報

準則第 1號準則第2號準則第3號

分佔共同控制公司及

聯營公司之僱員購股權終止確認

新政策影響除稅後盈虧計劃負商譽為收入總計

HK$’000 HK$’000 HK$’000 HK$’000


Year ended 31 December 2004Year ended 31 December 2004Year ended 31 December 2004Year ended 31 December 2004Year ended 31 December 2004 截至二零零四年十二月三十一日止年度

Increase in cost of sales 銷售成本增加 – (693) – (693)

Increase in distribution costs 分銷成本增加 – (372) – (372)

Increase in administrative expenses 行政開支增加 – (2,860) – (2,860)

Decrease in share of profits and losses of 分佔共同控制公司

jointly-controlled entities 盈虧減少 (7,888) – – (7,888)

Decrease in tax 稅項減少 7,888 – – 7,888

Total decrease in profit 溢利減少總額 – (3,925) – (3,925)

Decrease in basic earnings per share

(HK cents) 每股基本盈利減少（港仙） – (0.22) – (0.22)

Decrease in diluted earnings per share

(HK cents) 每股攤薄盈利減少（港仙） – (0.22) – (0.22)



(c)(c)(c)(c)(c) Effect on the consolidated income statement forEffect on the consolidated income statement forEffect on the consolidated income statement forEffect on the consolidated income statement forEffect on the consolidated income statement for

the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004the years ended 31 December 2005 and 2004

(continued)


(c) 對二零零四年及二零零五年十二月三

十一日止年度之綜合收益表之影響

（續）



2.5.2.5.2.5.2.5.2.5. SUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTING

POLICIESPOLICIESPOLICIESPOLICIESPOLICIES

SubsidiariesSubsidiariesSubsidiariesSubsidiariesSubsidiaries

A subsidiary is an entity whose financial and operating

policies the Company controls, directly or indirectly, so

as to obtain benefits from its activities.

The results of subsidiaries are included in the Company’s

income statement to the extent of dividends received

and receivable. The Company’s interests in subsidiaries

are stated at cost less any impairment losses.

Joint venturesJoint venturesJoint venturesJoint venturesJoint ventures

A joint venture is an entity set up by contractual

arrangement, whereby the Group and other parties

undertake an economic activity. The joint venture

operates as a separate entity in which the Group and the

other parties have an interest.

The joint venture agreement between the venturers

stipulates the capital contributions of the joint venture

parties, the duration of the joint venture entity and the

basis on which the assets are to be realised upon its

dissolution. The profits and losses from the joint venture’s

operations and any distributions of surplus assets are

shared by the venturers, either in proportion to their

respective capital contributions, or in accordance with

the terms of the joint venture agreement.

A joint venture is treated as:

(a) a subsidiary, if the Group has unilateral control,

directly or indirectly, over the joint venture;

2.5 主要會計政策概要

附屬公司

附屬公司指本公司直接或間接控制其財務及營

運政策，以從中取得利益之公司。

附屬公司業績只按已收及應收股息計入本公司

之收益賬。本公司於附屬公司之權益乃按成本

減去減值虧損列值。

合營企業

合營企業乃一間根據合約性安排而成立之公

司，據此，本集團與其他各方經營一項商業業

務。合營企業以一個獨立實體經營而本集團與

其他各方均擁有其權益。

各合營者之間之合營協議訂明各合營者於合營

企業之出資額、合營企業經營之年期及在其解

散時變現資產之基準。經營合營企業所得溢利

和虧損及任何盈餘資產之分派乃由各合營者按

各自之出資額比例或按照合營協議之條款而攤

分。

合營企業於下列情況下乃被視為：

(a) 附屬公司，如本集團對該合營企業擁有單

方面直接或間接控制權；





POLICIESPOLICIESPOLICIESPOLICIESPOLICIES (continued)

Joint ventures Joint ventures Joint ventures Joint ventures Joint ventures (continued)

(b) a jointly-controlled entity, if the Group does not

have unilateral control, but has joint control, directly

or indirectly, over the joint venture;

(c) an associate, if the Group does not have unilateral

or joint control, but holds, directly or indirectly,

generally not less than 20% of the joint venture’s

registered capital and is in a position to exercise

significant influence over the joint venture; or

(d) an equity investment accounted for in accordance

with HKAS 39, if the Group holds, directly or

indirectly, less than 20% of the joint venture’s

registered capital and has neither joint control of,

nor is in a position to exercise significant influence

over, the joint venture.

Jointly-controlled entitiesJointly-controlled entitiesJointly-controlled entitiesJointly-controlled entitiesJointly-controlled entities

A jointly-controlled entity is a joint venture that is subject

to joint control, resulting in none of the participating

parties having unilateral control over the economic

activity of the jointly-controlled entity.

The Group’s share of the post-acquisition results and

reserves of jointly-controlled entities is included in the

consolidated income statement and consolidated reserves,

respectively. The Group’s interests in jointly-controlled

entities are stated in the consolidated balance sheet at

the Group’s share of net assets under the equity method

of accounting, less any impairment losses. Goodwill

arising from the acquisition of jointly-controlled entities,

which was not previously eliminated or recognised in

the consolidated reserves, is included as part of the

Group’s interests in jointly-controlled entities.

2.5 主要會計政策概要（續）

合營企業（續）

(b) 共同控制公司，如本集團對該合營企業並

無單方面直接或間接控制權，但可直接或

間接共同控制該合營企業；

(c) 聯營公司，如本集團不可單方面或共同直

接或間接控制該合營企業，惟通常直接或

間接持有其不少於20%之註冊資本，並可

對該合營企業行使重大影響力；或

(d) 根據香港會計準則第39號股權投資，如本

集團直接或間接持有該合營企業不足

20%之註冊資本，且不可直接或間接共同

控制該合營企業或對其行使重大影響力。

共同控制公司

共同控制公司指受聯合控制的合營企業，令參

與各方不會單方面控制共同控制公司之經濟活

動。

本集團應佔共同控制公司之收購後業績及儲備

分別計入綜合收益表和綜合儲備內。本集團於

共同控制公司之權益，乃以權益會計法，按本

集團應佔之資產淨值減去減值虧損後，列於綜

合資產負債表內。收購共同控制公司所產生而

以前並無在綜合儲備中對銷或確認之商譽或負

商譽，會包括在本集團在共同控制公司之權益

之一部份。





AssociatesAssociatesAssociatesAssociatesAssociates

An associate is an entity, not being a subsidiary or a

jointly-controlled entity, in which the Group has a long

term interest of generally not less than 20% of the equity

voting rights and over which it is in a position to exercise

significant influence.

The Group’s share of the post-acquisition results and

reserves of associates is included in the consolidated

income statement and consolidated reserves, respectively.

The Group’s interests in associates are stated in the

consolidated balance sheet at the Group’s share of net

assets under the equity method of accounting, less any

impairment losses. Goodwill arising from the acquisition

of associates, which was not previously eliminated or

recognised in the consolidated reserves, is included as

part of the Group’s interests in associates.

The results of associates are included in the Company’s

income statement to the extent of dividends received

and receivable. The Company’s interests in associates are

treated as non-current assets and are stated at cost less

any impairment losses.

GoodwillGoodwillGoodwillGoodwillGoodwill

Goodwill arising on the acquisition of subsidiaries,

associates and jointly-controlled entities represents the

excess of the cost of the business combination over the

Group’s interest in the net fair values of the acquirees’

identifiable assets acquired, and liabilities and contingent

liabilities assumed as at the date of acquisition.


聯營公司

聯營公司乃本集團長期整體持有其不少於20%

之投票權並可對其發揮重大影響力、但並非歸

類為附屬公司或共同控制公司之公司。

本集團應佔聯營公司之收購後業績及儲備分別

計入綜合收益表及綜合儲備內。本集團於聯營

公司之權益，乃以權益會計法，按本集團應佔

之資產淨值減去減值虧損後，列於綜合資產負

債表內。收購聯營公司產生之商譽或負商譽

（指先前並無在綜合儲備抵銷或確認者）乃計

作本集團於聯營公司權益之一部份。

本公司收益表所計入的聯營公司業績乃按已收

及應收股息入賬。本公司於聯營公司之權益被

視為長期資產論，以成本值減去減值虧損後列

賬。

商譽

因收購附屬公司、聯營公司及共同控制公司所

產生之商譽，乃指收購成本超逾本集團於收購

當日購入被收購人之可識別的資產及負債應佔

部份的公允價值淨值之差額。






Goodwill Goodwill Goodwill Goodwill Goodwill (continued)

Goodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement date

is on or after 1 January 2005is on or after 1 January 2005is on or after 1 January 2005is on or after 1 January 2005is on or after 1 January 2005

Goodwill arising on acquisition is recognised in the

consolidated balance sheet as an asset, initially measured

at cost and subsequently at cost less any accumulated

impairment losses. In the case of associates and jointly-

controlled entities, goodwill is included in the carrying

amount thereof, rather than as a separately identif ied

asset on the consolidated balance sheet.

The carrying amount of goodwill is reviewed for

impairment annually or more frequently if events or

changes in circumstances indicate that the carrying value

may be impaired.

For the purpose of impairment testing, goodwill acquired

in a business combination is, from the acquisition date,

allocated to each of the Group’s cash-generating units,

or groups of cash-generating units, that are expected to

benef it from the synergies of the combination,

irrespective of whether other assets or liabilities of the

Group are assigned to those units or groups of units.

Each unit or group of units to which the goodwill is so

allocated:

– represents the lowest level within the Group at

which the goodwill is monitored for internal

management purposes; and

– is not larger than a segment based on either the

Group’s primary or the Group’s secondary reporting

format determined in accordance with HKAS 14

“Segment Reporting”.


商譽（續）

協議日期為二零零五年一月一日或之後之收

購之商譽

收購產生之商譽在綜合資產負債表中確認為資

產，並初步以成本計量，並隨後以成本減任何

累計減值虧損計量。倘為聯營公司及共同控制

公司，商譽乃計入有關之賬面值，而非在綜合

資產負債表中獨立列為可識別資產。

商譽的賬面值每年或倘有事件或情況變動，顯

示賬面值可能有損，則更頻密地作減值測試。

就減值測試而言，業務合併中購入之商譽乃由

收購日期起，被分配到預期彼等從收購之協同

效應中受益的本集團各有關賺取現金單位，或

賺取現金單位之組別，不論本集團的其他資產

或負債是否被分配至該單位或組別單位。所分

配商譽之各單位或單位組別：

－代表本集團基於內部管理的目的所記錄

的商譽的最低水平；及

－不大於基於香港會計準則第14號「分部報

告」決定的本集團的主要或次要報告格式

基礎上的分部。






Goodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement dateGoodwill on acquisitions for which the agreement date

is on or after 1 January 2005 is on or after 1 January 2005 is on or after 1 January 2005 is on or after 1 January 2005 is on or after 1 January 2005 (continued)

Impairment is determined by assessing the recoverable

amount of the cash-generating unit (group of cash-

generating units) to which the goodwill relates. Where

the recoverable amount of the cash-generating unit

(group of cash-generating units) is less than the carrying

amount, an impairment loss is recognised.

Where goodwill forms part of a cash-generating unit

(group of cash-generating units) and part of the operation

within that unit is disposed of, the goodwill associated

with the operation disposed of is included in the carrying

amount of the operation when determining the gain or

loss on disposal of the operation. Goodwill disposed of

in this circumstance is measured based on the relative

values of the operation disposed of and the portion of

the cash-generating unit retained.

An impairment loss recognised for goodwill is not

reversed in a subsequent period.

Goodwill previously eliminated against theGoodwill previously eliminated against theGoodwill previously eliminated against theGoodwill previously eliminated against theGoodwill previously eliminated against the

consolidated reservesconsolidated reservesconsolidated reservesconsolidated reservesconsolidated reserves

Prior to the adoption of SSAP 30 “Business Combinations”

in 2001, goodwill arising on acquisition was eliminated

against the consolidated retained profits in the year of

acquisition. On the adoption of HKFRS 3, such goodwill

remains eliminated against the consolidated retained

profits and is not recognised in profit or loss when all or

part of the business to which the goodwill relates is

disposed of or when a cash-generating unit to which the

goodwill relates becomes impaired.


商譽（續）

協議日期為二零零五年一月一日或之後之收

購之商譽（續）

減值乃透過評估與商譽有關的現金產生單位

（或賺取現金單位之組別）的可收回金額確定。

倘現金產生單位（或賺取現金單位之組別）的

可收回金額少於其賬面值，則應確認減值虧

損。

當商譽構成一個現金產生單位（或賺取現金單

位之組別）的一部份而該單位的某部份業務出

售時，當決定出售業務的收益或虧損時，與出

售業務相關的商譽將包括在該業務的賬面值

內。在此情況下出售的商譽將以出售業務和現

金產生單位的保留部份的相對價值為基礎作計

量。

商譽的減值損失不應在期後撥回。

之前在綜合儲備中撇銷之商譽

於二零零一年採納會計實務準則第30號「業務

合併」前，就收購所產生之商譽在收購之年度

在綜合保留溢利中撇銷。於採納香港財務申報

準則第3號後，有關商譽繼續在綜合保留溢利中

撇銷，且於商譽所涉及之所有或部份業務被出

售時或商譽所涉及現金產生單位出現減損時，

不會在損益賬中確認。







Excess over the cost of business combinationsExcess over the cost of business combinationsExcess over the cost of business combinationsExcess over the cost of business combinationsExcess over the cost of business combinations

(applicable to business combinations for which the(applicable to business combinations for which the(applicable to business combinations for which the(applicable to business combinations for which the(applicable to business combinations for which the

agreement date is on or after 1 January 2005)agreement date is on or after 1 January 2005)agreement date is on or after 1 January 2005)agreement date is on or after 1 January 2005)agreement date is on or after 1 January 2005)

Any excess of the Group’s interest in the net fair value of

the acquirees’ identifiable assets, liabilities and contingent

liabilities over the cost of the acquisition of subsidiaries,

associates and jointly-controlled entities (previously

referred to as negative goodwill), after reassessment, is

recognised immediately in the income statement.

The excess for the associates and jointly-controlled

entities is included in the Group’s share of the associates’

and jointly-controlled entities’ profit or loss in the period

in which the investments are acquired.

Impairment of assetsImpairment of assetsImpairment of assetsImpairment of assetsImpairment of assets

Where an indication of impairment exists, or when annual

impairment testing for an asset is required (other than

inventories, construction contract assets, deferred tax

assets, f inancial assets, investment properties, goodwill

and non-current assets), the asset’s recoverable amount

is estimated. An asset’s recoverable amount is calculated

as the higher of the asset’s or cash-generating unit’s value

in use and its fair value less costs to sell, and is

determined for an individual asset, unless the asset does

not generate cash inflows that are largely independent of

those from other assets or group of assets, in which case,

the recoverable amount is determined for the cash-

generating unit to which the asset belongs.


商譽（續）

超過業務合併之成本（適用於協議日期為二

零零五年一月一日或之後之業務合併）

本集團於被收購者之可資別資產、負債及或然

負債超過收購附屬公司、聯營公司及共同控制

公司之任何差額（之前稱為負商譽）經評估後，

即時在收益表中確認。

涉及聯營公司及共同控制公司之差額，於購入

投資之期間，計入本集團分佔聯營公司及共同

控制公司之損益賬。

資產減值

倘有顯示出現減值，或當需要對資產（存貨、建

築合同資產、遞延稅項資產、金融資產、投資物

業、商譽及非流動資產除外）每年作減值測試，

則估計資產之可收回價值。資產之可收回價值

按資產或現金產生單位之使用價值，以及其公

允值減出售成本之較高者計算，並就各個別資

產而釐訂，除非資產並未能在大致獨立於其他

資產或組別資產之情況下賺取現金流入，則在

此情況下，將釐訂資產所屬的現金產生單位之

可收回金額。





Impairment of assets Impairment of assets Impairment of assets Impairment of assets Impairment of assets (continued)

An impairment loss is recognised only if the carrying

amount of an asset exceeds its recoverable amount. 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 the time value of money and the risks specific to the

asset. An impairment loss is charged to the income

statement in the period in which it arises, unless the

asset is carried at a revalued amount, in which case the

impairment loss is accounted for in accordance with the

relevant accounting policy for that revalued asset.

An assessment is made at each reporting date as to

whether there is any indication that previously recognised

impairment losses may no longer exist or may have

decreased. If such indication exists, the recoverable

amount is estimated. A previously recognised impairment

loss of an asset other than goodwill is reversed only if

there has been a change in the estimates used to

determine the recoverable amount of that asset, however

not to an amount higher than the carrying amount that

would have been determined (net of any depreciation/

amortisation), had no impairment loss been recognised

for the asset in prior years. A reversal of such impairment

loss is credited to the income statement in the period in

which it arises, unless the asset is carried at a revalued

amount, in which case the reversal of the impairment

loss is accounted for in accordance with the relevant

accounting policy for that revalued asset.


資產減值（續）

減值虧損只於資產之賬面值超過其可收回數額

時確認。於估計使用價值時，估計現金流動用

反映當時市場對貨幣時間價值以及與資產相關

的特定風險的除稅前貼現率而貼現出其現值。

減值虧損於其產生之期間在收益表中支銷，除

非資產乃按估值列賬，則減值虧損乃根據該項

重估資產的有關會計政策入賬。

於各呈報日期，將評估是否有顯示之前確認之

減損已不會出現或可能已減少。倘出現有關顯

示，則估計可收回金額。之前確認之資產（商譽

除外）減值虧損只於用以釐訂資產之可收回數

額之估計出現變動始能撥回，惟該數額不得超

過假設有關資產於過往年度並未有確認減值虧

損而予以釐訂之賬面值（扣除任何折舊／攤

銷）。撥回之該減值虧損乃於其產生之期間計

入收益表，除非資產仍按估值列賬，則撥回減

值虧損，乃根據該項重估資產的有關會計政策

入賬。






Related partiesRelated partiesRelated partiesRelated partiesRelated parties

A party is considered to be related to the Group if:

(a) the party, directly, or indirectly through one or

more intermediaries, (i) controls, is controlled by,

or is under common control with, the Group; (ii)

has an interest in the Group that gives it significant

influence over the Group; or (iii) has joint control

over the Group;

(b) the party is an associate;

(c) the party is a jointly-controlled entity;

(d) the party is a member of the key management

personnel of the Group or its parent;

(e) the party is a close member of the family of any

individual referred to in (a) or (d) above; or

(f) the party is an entity that is controlled, jointly-

controlled or signif icantly influenced by or for

which signif icant voting power in such entity

resides with, directly or indirectly, any individual

referred to in (d) or (e) above.


關連人士

在下列情況下，一方將被視為與本集團有關：

(a) 一方直接或間接透過一間或以上中介機

構，(i)控制本集團或被本集團控制或與本

集團受共同控制；(ii)於本集團擁有權益

使其能對本集團行使重大影響力；或(iii)

對本集團擁有共同控制權；

(b) 一方為聯營公司；

(c) 一方為共同控制公司；

(d) 一方為本集團或其母公司之主要管理人

員之成員；

(e) 一方為由上文(a)至(d)項之任何人士之家

族成員之近親；或

(f) 一方為由上文(d)至(e)項之任何人士直接

或間接控制、共同控制或行使重大影響公

司或擁有其重大投票權之公司。





Property, plant and equipment and depreciationProperty, plant and equipment and depreciationProperty, plant and equipment and depreciationProperty, plant and equipment and depreciationProperty, plant and equipment and depreciation

Property, plant and equipment, other than construction

in progress, are stated at cost or valuation less

accumulated depreciation and any impairment losses. The

cost of an item of property, plant and equipment

comprises its purchase price and any directly attributable

costs of bringing the asset to its working condition and

location for its intended use. Expenditure incurred after

items of property, plant and equipment have been put

into operation, such as repairs and maintenance, is

normally charged to the income statement in the period

in which it is incurred. In situations where it can be

clearly demonstrated that the expenditure has resulted

in an increase in the future economic benefits expected

to be obtained from the use of an item of property, plant

and equipment, and where the cost of the item can be

measured reliably, the expenditure is capitalised as an

additional cost of that asset or as a replacement.

Valuations are performed frequently enough to ensure

that the fair value of a revalued asset does not differ

materially from its carrying amount. Changes in the

values of property, plant and equipment are dealt with

as movements in the asset revaluation reserve. If the

total of this reserve is insufficient to cover a deficit, on

an individual asset basis, the excess of the def icit is

charged to the income statement. Any subsequent

revaluation surplus is credited to the income statement

to the extent of the def icit previously charged. On

disposal of a revalued asset, the relevant portion of the

asset revaluation reserve realised in respect of previous

valuations is transferred to retained prof its as a

movement in reserves.


物業、廠房及設備及折舊

除在建工程以外之物業、廠房及設備按成本值

或估值減去累計折舊及任何減值虧損列賬。物

業、廠房及設備項目之成本值包括其購買價及

促使有關資產達致其現時營運狀況及地點作擬

定用途所產生之任何直接應計成本。物業、廠

房及設備項目投產後所產生之支出，例如維修

及保養，通常於產生支出期間自收益表扣除。

倘若可清楚顯示有關支出將令日後使用該物

業、廠房及設備項目時帶來經濟利益，則支出

將撥充資本，作為該項資產之額外成本或替代

品。

所進行之估值之頻密程度應足以確保重估資產

之公平價值不會與其賬面值有重大差異。物

業、廠房及設備價值之變動乃作為資產重估儲

備變動處理。倘若重估儲備總數不足以填補其

虧絀，則多出之虧絀會於收益表內扣除。其後

如有任何重估盈餘，會以先前扣除之虧絀為

限，計入收益表。重新估值之資產如予出售，資

產重估儲備中就先前估值所變現之有關部份會

轉至保留盈利，作為儲備變動。







(continued)

Depreciation is calculated on the straight-line basis to

write off the cost or valuation of each item of property,

plant and equipment to its residual value over its

estimated useful life. The principal annual rates used for

this purpose are as follows:

Freehold land Not depreciated

Buildings 2% to 5%

Leasehold improvements Over the shorter of the

lease terms and 20% to

33%

Furniture, fixtures and 10% to 30%

equipment

Motor vehicles 20%

Where parts of an item of property, plant and equipment

have different useful lives, the cost or valuation of that

item is allocated on a reasonable basis among the parts

and each part is depreciated separately.

Residual values, useful lives and depreciation method are

reviewed, and adjusted if appropriate, at each balance

sheet date.

An item of property, plant and equipment is derecognised

upon disposal or when no future economic benefits are

expected from its use or disposal. Any gain or loss on

disposal or retirement recognised in the income

statement in the year the asset is derecognised is the

difference between the net sales proceeds and the

carrying amount of the relevant asset.


物業、廠房及設備及折舊（續）

折舊乃以直線法按各項物業、廠房及設備之估

計可使用年期後撇銷其成本值或估值。折舊之

主要年率如下：

永久業權土地無

樓宇 2%至5%

租賃物業裝修按租賃期及20%至33%之

較短者

傢俬、裝置及設備 10%至30%

汽車 20%

倘物業、廠房及設備項目之各部分有不同之可

使用年期，此項目各部分成本或價值將按合理

之基礎分配，而每部分將作個別折舊。

餘值、可使用年期及折舊法乃於各結算日予以

檢討，並作調整（如有需要）。

物業、廠房及設備項目於出售或當預期不會從

其使用或出售獲取未來經濟利益時不再確認。

物業、廠房及設備出售或報廢所產生之收益或

損失按售出淨額減去該等資產賬面淨值後之差

額確認於本年度收益表中。






(continued)

Construction in progress represents a building under

construction, which is stated at cost less any impairment

losses, and is not depreciated. Cost comprises the direct

costs of construction during the period of construction.

Construction in progress is reclassified to the appropriate

category of property, plant and equipment or investment

properties when completed and ready for use.

Investment propertiesInvestment propertiesInvestment propertiesInvestment propertiesInvestment properties

Investment properties are interests in land and buildings

(including the leasehold interest under an operating lease

for property which would otherwise meet the definition

of an investment property) held to earn rental income

and/or for capital appreciation, rather than for use in the

production or supply of goods or services or for

administrative purposes; or for sale in the ordinary course

of business. Such properties are measured initially at cost,

including transaction costs. Subsequent to initial

recognition, investment properties are stated at fair value,

which reflects market conditions at the balance sheet

date.

Gains or losses arising from changes in the fair values of

investment properties are included in the income

statement in the year in which they arise.

Any gains or losses on the retirement or disposal of an

investment property are recognised in the income

statement in the year of the retirement or disposal.


物業、廠房及設備及折舊（續）

在建工程指興建中的樓宇，乃按成本值扣減任

何減值虧損列賬，且並無折舊。成本包括建築

期內直接建築成本，在建工程會於竣工時及可

供使用時重新分類至物業、廠房及設備項目之

合適類別中。

投資物業

投資物業為於持作賺取租金收入及／或資本增

值（而非用於使用生產或供應貨品或服務或行

政目的)或作日常業務過程中出售的土地及樓

宇之權益（包括就原應符合投資物業定義之物

業根據經營租賃而持有之租賃權益)。該等物業

初步以成本（包括交易成本)列賬。於初次確認

後，投資物業以反映於結算日之市況之公允值

列賬。

投資物業之公允值的變動所產生之盈虧，計入

所產生年度之收益表。

報廢或出售投資物業之任何盈虧，在報廢或出

售年度在收益表中確認。






Intangible assets (other than goodwill)Intangible assets (other than goodwill)Intangible assets (other than goodwill)Intangible assets (other than goodwill)Intangible assets (other than goodwill)

The useful lives of intangible assets are assessed to be

either finite or indefinite. Intangible assets with finite

lives are amortised over the useful economic life and

assessed for impairment whenever there is an indication

that the intangible asset may be impaired. The

amortisation period and the amortisation method for an

intangible asset with a finite useful life are reviewed at

least at each balance sheet date.

Intangible assets represent purchased data library,

copyrights, trademarks and domain names which are

stated at cost less any impairment losses and are

amortised on the straight-line basis over their estimated

useful lives of 10 to 20 years.

LeasesLeasesLeasesLeasesLeases

Leases that transfer substantially all the rewards and risks

of ownership of assets to the Group, other than legal

title, are accounted for as finance leases. At the inception

of a f inance lease, the cost of the leased asset is

capitalised at the present value of the minimum lease

payments and recorded together with the obligation,

excluding the interest element, to reflect the purchase

and f inancing. Assets held under capitalised f inance

leases are included in property, plant and equipment,

and depreciated over the shorter of the lease terms and

the estimated useful lives of the assets. The finance costs

of such leases are charged to the income statement so as

to provide a constant periodic rate of charge over the

lease terms.

Assets acquired through hire purchase contracts of a

financing nature are accounted for as finance leases, but

are depreciated over their estimated useful lives.


無形資產（商譽除外）

無形資產之可使用年期評估為有限或無限。年

期有限之無形資產於可使用年期內攤銷，並評

估是否有跡象顯示無形資產可能出現減值。可

使用年期有限之無形資產之攤銷年期及攤銷方

法至少於各結算日檢討一次。

無形資產指所購入之資料庫、版權、商標及域

名，按成本值扣減任何減值虧損列賬，並以直

線法按估計可使用年期 10至20年攤銷。

租賃資產

融資租約指資產擁有權（除法定業權外）所涉

之絕大部份回報及風險屬於本集團之租約。於

融資租約生效時，租賃資產之成本按最低租金

之現值撥充資本，並連同債務（不包括利息部

份）記錄，以反映採購及融資。根據已撥充資本

之融資租約所持有之資產計入物業、廠房及設

備，並按租期與資產估計可使用年期之較短者

計算折舊。此等租約之融資成本自收益表扣

除，用以為租約年期內提供一個固定定期扣除

率。

透過融資性質的租購合約之資產，以財務租賃

形式入賬，但於估計可使用期間折舊。





Leases Leases Leases Leases Leases (continued)

Leases where substantially all the rewards and risks of

ownership of assets remain with the lessor are accounted

for as operating leases. Where the Group is the lessor,

assets leased by the Group under operating leases are

included in non-current assets, and rentals receivable

under the operating leases are credited to the income

statement on the straight-line basis over the lease terms.

Where the Group is the lessee, rentals payable under the

operating leases net of any incentives received from the

lessor are charged to the income statement on the

straight-line basis over the relevant lease terms.

Prepaid land lease payments under operating leases are

initially stated at cost and subsequently recognised on

the straight-line basis over the lease terms. When the

lease payments cannot be allocated reliably between the

land and buildings elements, the entire lease payments

are included in the cost of the land and buildings as a

finance lease in property, plant and equipment.

Investments and other financial assetsInvestments and other financial assetsInvestments and other financial assetsInvestments and other financial assetsInvestments and other financial assets

Applicable to the year ended 31 December 2004:Applicable to the year ended 31 December 2004:Applicable to the year ended 31 December 2004:Applicable to the year ended 31 December 2004:Applicable to the year ended 31 December 2004:

Long term investments are non-trading investments in

listed and unlisted equity and debt securities intended

to be held on a long term basis. Short term investments

are investments in equity and debt securities and

commodities not intended to be held for an identified

long term purpose.


租賃資產（續）

經營租約乃指資產擁有權所涉之絕大部份回報

及風險仍屬於出租者之租約。倘本集團為出租

者，本集團根據經營租約所租賃之資產乃計入

非流動資產，經營租約的應收租金乃於租約期

內以直線法形式計入收益表。倘本集團乃承租

者，經營租約之應付租金（扣除已收出租人提

供之任何獎勵）均按照租約年期以直線法自收

益表扣除。

根據經營租賃之預付土地租賃款項，初步以成

本列賬，並隨後於租期內以直線法確認。倘租

賃款項不能可靠分配至土地及樓宇元素，則整

筆租賃款項將計入土地及樓宇成本，作為物

業、廠房及設備之財務租賃。

投資及其他金融資產

適用於截至二零零四年十二月三十一日止年

度：

長期投資為擬長期持有且不作買賣之上市及非

上市股本證券及債務證券投資。短期投資為不

擬長期持有之股本、債務證券及商品投資。






Investments and other financial assets Investments and other financial assets Investments and other financial assets Investments and other financial assets Investments and other financial assets (continued)

Debt securities which are intended to be held to maturity

are accounted for as held-to-maturity securities, while

other securities are accounted for as investment

securities or other investments, as explained below.

(a)(a)(a)(a)(a) Held-to-maturity securitiesHeld-to-maturity securitiesHeld-to-maturity securitiesHeld-to-maturity securitiesHeld-to-maturity securities

Held-to-maturity securities are investments in dated

debt securities which the Group has expressed

intention and ability to hold to maturity, and are

stated at cost, adjusted for the amortisation of

premiums or discounts arising on acquisitions, less

any impairment losses, on an individual investment

basis.

The carrying amounts of held-to-maturity securities

are reviewed at the balance sheet date in order to

assess the credit risk and whether the carrying

amounts are expected to be recovered. Provisions

are made when carrying amounts are not expected

to be recovered and are recognised as an expense

in the income statement in the period in which

they arise.

In situations where the circumstances and events

which led to an impairment of a held-to-maturity

security cease to exist and there is persuasive

evidence that the new circumstances and events

will persist in the foreseeable future, the reversal

of the impairment is credited to the income

statement on an individual investment basis, to the

extent of the amount previously charged.


投資及其他金融資產（續）

有意持有至到期日為止之債務證券乃作持有至

到期為止之證券入賬，而其他證券則作投資證

券或其他投資入賬，詳見下文所述。

(a) 持有至到期為止之證券

持有至到期為止之證券指本集團有明確

意圖並有能力持有至到期為止之有期債

務證券投資，乃以成本例值，且透過攤銷

購入時產生之溢價或折讓作出調整，並按

個別投資之基準扣減任何減值虧損。

持有至到期為止之證券之賬面值均在結

算日重新檢討，以評估有關之信貸風險及

預期在未來能否收回有關之賬面值。當預

期不能在未來收回有關之賬面值時，將會

就此作出撥備，並在作出撥備之期間在收

益表內予以確認及列作支出。

當出現引致持有至到期為止之證券之減

值不再存在之環境及事故，且有可信證據

證明新環境及事故在可見未來將會繼續

存在，則該減值之撥回將按個別投資，以

先前扣除之數額為限計入收益表中。






(b)(b)(b)(b)(b) Long term investment securitiesLong term investment securitiesLong term investment securitiesLong term investment securitiesLong term investment securities

Investments in dated debt securities and listed or

unlisted equity securities, intended to be held for a

continuing strategic or identif ied long term

purpose, are included in long term investments and

are stated at cost less any impairment losses, on an

individual investment basis.

When a decline in the fair value of an investment

security below its carrying amount has occurred,

unless there is evidence that the decline is

temporary, the carrying amounts of the security is

reduced to its fair value, as estimated by the

directors. The amount of the impairment is charged

to the income statement in the period in which it

arises.

(c)(c)(c)(c)(c) Short term investment securitiesShort term investment securitiesShort term investment securitiesShort term investment securitiesShort term investment securities

Investments in equity and debt securities and

commodities which are not intended to be held for

an identif ied long term purpose are included in

short term investments and are stated in the balance

sheet at their fair values. Fair values of listed equity

securities and commodities are determined on the

basis of their quoted market prices at the balance

sheet date, on an individual investment basis.

Unlisted debt securities are stated at estimated fair

values at the balance sheet date, on an individual

investment basis. The estimated fair values of

unlisted debt securities are determined by the

directors having regard to, inter alia, the prices of

the most recently reported sales or purchases of

the securities. Any realised or unrealised gains or

losses arising from changes in the fair values of

such investments are credited or charged to the

income statement in the period in which they arise.



(b) 長期投資證券

為持續策略目的或擬長期持有之有期債

務證券及上市或非上市股本證券投資計

入長期投資，按個別投資之成本值扣減任

何減值虧損後列脹。

倘投資證券之公平值跌至低於其賬面值

時，除非有證據顯示有關價值下跌屬暫時

性，否則有關證券之賬面值將調低至董事

估計之公平值。減值金額在產生期間於收

益表扣除。

(c) 短期投資證券

並非表明擬長期持有之股本證券、債務證

券及商品投資乃計入短期投資，以公允價

值列入資產負債表。上市股本證券及商品

投資之公允價值之釐定基準及按個別投

資於結算日之市場報價。非上市債務證券

按個別投資以估計公允價值列入資產負

債表。非上市債務證券之估計公允價值乃

由董事根據（其中包括）該證券最近所報

之銷售或購買價格而釐定。此等投資之公

允價值變動所產生之任何已變現或未變

現收益或虧損，於產生期間計入收益表或

自收益表內扣除。







(d)(d)(d)(d)(d) Other investmentsOther investmentsOther investmentsOther investmentsOther investments

Other investments represent club memberships

which are intended to be held for long term

purposes. They are stated at cost less any

impairment losses, on an individual investment

basis.

The profit or loss on disposal of an investment is credited

or charged to the income statement in the period in

which the disposal occurs, and is calculated as the

difference between the net sales proceeds and the

carrying amount of the investment.

Provisions against the carrying amounts of investments

are written back, on an individual investment basis, to

the extent of the amount previously charged to the

income statement, when the circumstances and events

that led to the write-down or write-off cease to exist

and there is persuasive evidence that the new

circumstances and events will persist for the foreseeable

future.

Applicable to the year ended 31 December 2005:Applicable to the year ended 31 December 2005:Applicable to the year ended 31 December 2005:Applicable to the year ended 31 December 2005:Applicable to the year ended 31 December 2005:

Financial assets in the scope of HKAS 39 are classified

as financial assets at fair value through profit or loss,

loans and receivables, or available-for-sale financial assets,

as appropriate. When f inancial assets are recognised

initially, they are measured at fair value, plus, in the case

of investments not at fair value through profit or loss,

directly attributable transaction costs. The Group

determines the classification of its financial assets after

initial recognition and, where allowed and appropriate,

re-evaluates this designation at the balance sheet date.



(d) 其他投資

其他投資為擬長期持有之會所會籍，按個

別投資之成本值扣減任何減值虧損後列

賬。

出售某項投資時所錄得之溢利或虧損乃指銷售

所得款項淨額與該項投資之賬面值兩者之差

距，在出售發生之期間內計入收益表內或在收

益表內扣除。

當引致撇減或撇銷之環境及事故不再存在，且

有可信證據證明新環境及事故在可見未來將會

繼續存在，投資減值撥備應按個別投資基準予

以撥回（惟以先前在收益表中扣減之金額為

限）。

適用於截至二零零五年十二月三十一日止年

度：

香港會計準則第39號範疇下的金融資產，歸入

按公平值記入損益賬之財務資產、貸款及應收

款項及可供消售之金融資產（如適用)。金融資

產初步確認時以公平價值計算，另加（倘為透

過損益而非以公平值列賬之投資)直接應佔交

易成本。本集團於初步確認後，釐訂金融資產

之分類，並在許可情況下，於結算日重新評估

其定值。






All regular way purchases and sales of financial assets

are recognised on the trade date, i.e., the date that the

Group commits to purchase the asset. Regular way

purchases or sales are purchases or sales of f inancial

assets that require delivery of assets within the period

generally established by regulation or convention in the

marketplace.

(a)(a)(a)(a)(a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

Financial assets classif ied as held for trading are

included in the category “f inancial assets at fair

value through profit or loss”. Financial assets are

classif ied as held for trading if they are acquired

for the purpose of sale in the near term. Derivatives

are also classif ied as held for trading unless they

are designated as effective hedging instruments.

Gains or losses on investments held for trading are

recognised in the income statement.

(b)(b)(b)(b)(b) Loans and receivablesLoans and receivablesLoans and receivablesLoans and receivablesLoans and receivables

Loans and receivables are non-derivative financial

assets with f ixed or determinable payments that

are not quoted in an active market. Such assets are

carried at amortised cost using the effective interest

method. Gains and losses are recognised in the

income statement when the loans and receivables

are derecognised or impaired, as well as through

the amortisation process.



所有定期購買或出售金融資產乃按交易日（即

本集團承諾購買資產之日)基準確認。定期購買

或出售乃購買或消售金融資產，並要求於市場

上按規則或慣例設定之時間框架內付運資產。

(a) 按公平值記入損益賬之金融資產

歸類為持有作買賣之金融資產，計入「按

公平值記入損益賬之金融資產」類別。倘

購入金融資產乃旨在短期內出售，則分類

為持作買賣。除非衍生工具定值為有效對

沖工具，否則分類為持作買賣。持作買賣

之投資的損益在收益表中確認。

(b) 貸款與應收款

貸款與應收款為有固定或可釐定付款且

沒有在活躍市場上報價的非衍生財務資

產。此等資產以利用實際利率法按攤銷成

本入賬。當貸款與應收款不再確認或減

損，則在收益表或在攤銷過程中確認。







(c)(c)(c)(c)(c) Available-for-sale financial assetsAvailable-for-sale financial assetsAvailable-for-sale financial assetsAvailable-for-sale financial assetsAvailable-for-sale financial assets

Available-for-sale financial assets are non-derivative

f inancial assets in listed and unlisted equity

securities that are designated as available for sale

or are not classif ied in any of the other two

categories. After initial recognition, available-for-

sale financial assets are measured at fair value, with

gains or losses recognised as a separate component

of equity until the investment is derecognised or

until the investment is determined to be impaired,

at which time the cumulative gain or loss previously

reported in equity is included in the income

statement.

When the fair value of unlisted equity securities

cannot be reliably measured because (a) the

variability in the range of reasonable fair value

estimates is significant for that investment or (b)

the probabilities of the various estimates within the

range cannot be reasonably assessed and used in

estimating fair value, such securities are stated at

cost less any impairment losses.

Fair valueFair valueFair valueFair valueFair value

The fair value of investments that are actively traded in

organised financial markets is determined by reference

to quoted market bid prices at the close of business at

the balance sheet date. For investments where there is

no active market, fair value is determined using valuation

techniques. Such techniques include using recent arm’s

length market transactions; reference to the current

market value of another instrument which is substantially

the same; a discounted cash flow analysis; and option

pricing models.



(c) 可供出售金融資產

可供出售金融資產指為供可出售或並未

分類為任何其他兩類的上市及非上市非

衍生金融資產。初次確認可供出售金融資

產以公平價值計量，而盈虧則另行確立為

股本之一項獨立元素，直至投資不再確認

或直至投資被釐訂為減值為止，屆時，之

前在股本中呈報之累計盈虧，計入收益

表。

倘非上市股本證券之公平價值，因 (a)合

理公平價值估計之範圍變動，對投資屬重

大；或(b)範圍內多項估計之可能性，不能

合理估計以及用於估計公平價值，令到不

能合理估計公平價值，則該等證券以成本

減任何減值虧損。

公平價值

在有組織金融市場活躍買賣的投資的公平價

值，參考結算日辦公時間結束時所報市場購入

價而釐訂。就為無活躍市場之投資，公平價值

利用估值計算。有關技術包括按最近公平磋商

之市場交易、參考大致相同之另一工具之當時

市值、貼現現金流分析以及購股權定價模式

等。





Impairment of financial assets (applicable to the yearImpairment of financial assets (applicable to the yearImpairment of financial assets (applicable to the yearImpairment of financial assets (applicable to the yearImpairment of financial assets (applicable to the year

ended 31 December 2005)ended 31 December 2005)ended 31 December 2005)ended 31 December 2005)ended 31 December 2005)

The Group assesses at each balance sheet date whether

there is any objective evidence that a financial asset or a

group of financial assets is impaired.

(a)(a)(a)(a)(a) Assets carried at amortised costAssets carried at amortised costAssets carried at amortised costAssets carried at amortised costAssets carried at amortised cost

If there is objective evidence that an impairment

loss on loans and receivables carried at amortised

cost has been incurred, the amount of the loss is

measured as the difference between the asset’s

carrying amount and the present value of estimated

future cash flows (excluding future credit losses

that have not been incurred) discounted at the

financial asset’s original effective interest rate (i.e.,

the effective interest rate computed at initial

recognition). The carrying amount of the asset is

reduced either directly or through the use of an

allowance account. The amount of the impairment

loss is recognised in profit or loss.

The Group f irst assesses whether objective

evidence of impairment exists individually for

financial assets that are individually significant, and

individually or collectively for financial assets that

are not individually significant. If it is determined

that no objective evidence of impairment exists for

an individually assessed financial asset, whether

significant or not, the asset is included in a group

of f inancial assets with similar credit risk

characteristics and that group is collectively

assessed for impairment . Assets that are

individually assessed for impairment and for which

an impairment loss is or continues to be recognised

are not included in a collective assessment of

impairment.


金融資產減值（適用於二零零五年十二月三

十一日止年度）

本集團於各結算日評估有否任何客觀證據，金

融資產或金融資產組別出現減值。

(a) 以攤銷成本列賬的資產

倘有客觀證據顯示，以攤銷成本列賬之貸

款與應收款出現沾值，虧損乃按資產賬面

值與利用金融資產原本實際利率（即於初

步確認時計算之實際利率）與估計未來現

金流之現值之差額計算。資產之賬面值直

接或透過利用撥備賬而減少。減損之金額

在損益賬中確認。

本集團會首先評估金額重大之個別金融

資產有否出現客觀之減值證據，並個別或

整體地評估金額不重大之個別金融資產。

若本集團確定被評估之個別金融資產並

沒有存在減值（不論是否重大）之客觀證

據，則需將該資產包含於信貸風險特徵相

若之組合中，以作出組合評估。組合減值

評估並不包括已被個別評估為需減值或

需繼續減值之資產。







ended 31 December 2005) ended 31 December 2005) ended 31 December 2005) ended 31 December 2005) ended 31 December 2005) (continued)

(a)(a)(a)(a)(a) Assets carried at amortised cost Assets carried at amortised cost Assets carried at amortised cost Assets carried at amortised cost Assets carried at amortised cost (continued)

If, in a subsequent period, the amount of the

impairment loss decreases and the decrease can be

related objectively to an event occurring after the

impairment was recognised, the previously

recognised impairment loss is reversed. Any

subsequent reversal of an impairment loss is

recognised in the income statement, to the extent

that the carrying value of the asset does not exceed

its amortised cost at the reversal date.

(b)(b)(b)(b)(b) Assets carried at costAssets carried at costAssets carried at costAssets carried at costAssets carried at cost

If there is objective evidence that an impairment

loss on an unquoted equity instrument that is not

carried at fair value because its fair value cannot

be reliably measured (or on a derivative asset that

is linked to and must be settled by delivery of such

an unquoted equity instrument) has been incurred,

the amount of the loss is measured as the difference

between the asset’s carrying amount and the

present value of estimated future cash flows

discounted at the current market rate of return for

a similar financial asset. Impairment losses on these

assets are not reversed.

(c)(c)(c)(c)(c) Available-for-sale financial assetsAvailable-for-sale financial assetsAvailable-for-sale financial assetsAvailable-for-sale financial assetsAvailable-for-sale financial assets

If an available-for-sale asset is impaired, an amount

comprising the difference between its cost (net of

any principal payment and amortisation) and its

current fair value, less any impairment loss

previously recognised in profit or loss, is transferred

from equity to the income statement. Impairment

losses on equity instruments classified as available-

for-sale are not reversed through profit or loss.



十一日止年度）（續）

(a) 以攤銷成本列賬的資產（續）

倘於隨後期間，減值虧損之金額減少，而

跌幅可客觀地與確認減值後發生之事件

連繫，則撥回之前確認之減值虧損。任何

隨後撥回之減值虧損，在收益表中確認，

但資產之賬面值不得超過於撥回日之攤

銷成本。

(b) 按成本列賬的資產

倘有客觀證據顯示，非以公平價值列賬的

非上市股本工具，乃因其公平價值不能可

靠地衡量（或就涉及且必須透過交付有關

非報價股本工具的衍生資產)而出現減值

虧損，減損之金額乃為資產賬面值與利用

類似金融資產之當時市場回報率貼現估

計未來現金流現值之差額。資產之減值虧

損不予撥回。

(c) 可供出售金融資產

倘可供出售金融資產減值，一筆相等於其

成本（扣除任何本金及攤銷)與其當時公

平價值差額，減之前在損益中確認的任何

減值虧損，乃由股本轉撥至收益表。分類

為可供出售股本工具之減值虧損，不會在

損益賬中撥回。



2.5.2.5.2.5.2.5.2.5. SUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGSUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIESPOLICIESPOLICIESPOLICIESPOLICIES (continued)



(c)(c)(c)(c)(c) Available-for-sale financial assets Available-for-sale financial assets Available-for-sale financial assets Available-for-sale financial assets Available-for-sale financial assets (continued)

Impairment losses on debt instruments are reversed

through profit or loss, if the increase in fair value

of the instrument can be objectively related to an

event, occurring after the impairment loss was

recognised in profit or loss.

Derecognition of financial assets (applicable toDerecognition of financial assets (applicable toDerecognition of financial assets (applicable toDerecognition of financial assets (applicable toDerecognition of financial assets (applicable to

the year ended 31 December 2005)the year ended 31 December 2005)the year ended 31 December 2005)the year ended 31 December 2005)the year ended 31 December 2005)

A financial asset (or, where applicable, a part of a

financial asset or part of a group of similar financial

assets) is derecognised where:

• the rights to receive cash flows from the asset

have expired;

• the Group retains the rights to receive cash

flows from the asset, but has assumed an

obligation to pay them in full without material

delay to a third party under a “pass-through”

arrangement; or

• the Group has transferred its rights to receive

cash flows from the asset and either (a) has

transferred substantially all the risks and

rewards of the asset, or (b) has neither

transferred nor retained substantially all the

risks and rewards of the asset, but has

transferred control of the asset.

Where the Group has transferred its rights to

receive cash flows from an asset and has neither

transferred nor retained substantially all the risks

and rewards of the asset nor transferred control of

the asset, the asset is recognised to the extent of

the Group’s continuing involvement in the asset.

Continuing involvement that takes the form of a

guarantee over the transferred asset is measured at

the lower of the original carrying amount of the

asset and the maximum amount of consideration

that the Group could be required to repay.



十一日止年度）（續）

(c) 以攤銷成本列賬的資產（續）

倘工具之公平價值升幅可客觀地與一項

在減值虧損於損益賬確認後發生之事項，

債務工具之減值虧損在損益賬撥回。

不再確認金融資產（適用於截至二零零五年十二月三十一日止年度)

金融資產（或倘適用，作為金融資產或類

似金融資產組別一部份）在下列情況不予

確認：

‧ 從資產收取現金流之權利已屆滿；

‧ 本集團保留從資產收取現金流之權

利，但已承擔根據「過手」安排而在

沒有重大延誤下悉數將款項支付有

關第三者之責任；

‧ 本集團已轉讓其從資產收取現金流

之權利，並已(a)將資產的大致所有

風險及回報轉讓，或(b)並無轉讓或

保留資產的大致所有風險及回報，

但已轉讓資產之控制權。

倘本集團已轉讓從資產收取現金流之權

利，且無轉讓或保留資產的大致所有風險

及回報亦無轉讓資產之控制權，資產乃按

本集團於資產之持續參與而確認。持續參

與倘屬就所轉讓資產提供擔保，則以資產

之原賬面值以及本集團可能須償還之代

價最高金額之較低者計量。






Derecognition of financial assets (applicable to the yearDerecognition of financial assets (applicable to the yearDerecognition of financial assets (applicable to the yearDerecognition of financial assets (applicable to the yearDerecognition of financial assets (applicable to the year


Where continuing involvement takes the form of a written

and/or purchased option (including a cash-settled option

or similar provision) on the transferred asset, the extent

of the Group’s continuing involvement is the amount of

the transferred asset that the Group may repurchase,

except in the case of a written put option (including a

cash-settled option or similar provision) on an asset

measured at fair value, where the extent of the Group’s

continuing involvement is limited to the lower of the fair

value of the transferred asset and the option exercise

price.

Interest-bearing loans and borrowingsInterest-bearing loans and borrowingsInterest-bearing loans and borrowingsInterest-bearing loans and borrowingsInterest-bearing loans and borrowings

All loans and borrowings are initially recognised at the

fair value of the consideration received less directly

attributable transaction costs.

After initial recognition, interest-bearing loans and

borrowings are subsequently measured at amortised cost

using the effective interest method.

Gains and losses are recognised in net profit or loss when

the liabilities are derecognised as well as through the

amortisation process.


不再確認金融資產（適用於截至二零零五年

十二月三十一日止年度)（續）

倘持續參與為就資產沽出及／或購入期權（包

括現金結算期權或類似條文），則本集團之持

續參與指本集團可能購回之所轉讓金額，但倘

有關資產的沽出認沽期權（包括現金結算期權

或類似條文)以公平價值計算，則本集團之持續

參與只限於所轉讓資產之公平價值及期權行使

價。

計息貸款及借款

所有計息貸款及借款初步以所收取之代價公平

價值減直接應佔交易成本計算。

初次確認後，計息貸款及借款隨後利用實際利

息法以攤銷成本計算。

倘負債不再確認，則盈虧在損益淨額以及透過

攤銷程序確認。





Derecognition of financial liabilities (applicable to theDerecognition of financial liabilities (applicable to theDerecognition of financial liabilities (applicable to theDerecognition of financial liabilities (applicable to theDerecognition of financial liabilities (applicable to the

year ended 31 December 2005)year ended 31 December 2005)year ended 31 December 2005)year ended 31 December 2005)year ended 31 December 2005)

A financial liability is derecognised when the obligation

under the liability is discharged or cancelled or expires.

When an existing financial liability is replaced by another

from the same lender on substantially different terms, or

the terms of an existing liability are substantially

modified, such an exchange or modification is treated as

a derecognition of the original liability and a recognition

of a new liability, and the difference between the

respective carrying amounts is recognised in profit or

loss.

Derivative financial instruments (applicable to the yearDerivative financial instruments (applicable to the yearDerivative financial instruments (applicable to the yearDerivative financial instruments (applicable to the yearDerivative financial instruments (applicable to the year

ended 31 December 2005)ended 31 December 2005)ended 31 December 2005)ended 31 December 2005)ended 31 December 2005)

The Group invests in certain derivative f inancial

instruments, such as forward currency contracts,

currency and commodity options, for trading purposes.

Such derivative f inancial instruments are initially

recognised at fair value on the date on which a derivative

contract is entered into and are subsequently remeasured

at fair value. Derivatives are carried as assets when the

fair value is positive and as liabilities when the fair value

is negative.

Any gains or losses arising from changes in fair value on

derivatives are taken directly to net profit or loss for the

year.

The fair value of forward currency contracts is calculated

by reference to current forward exchange rates for

contracts with similar maturity profiles. The fair value

of currency and commodity options are determined by

option pricing models.


不再確認金融負債（適用於截至二零零五年

十二月三十一日止年度）

倘負債下之責任獲履行或註銷或屆滿，金融負

債不再確認。

當現有金融負債被同一貸款人以明顯不同之條

款提供之另一金融負債取代，或現有負債之條

款大幅修訂，例如交換或修訂，則被視為不再

確認原負債而確認新負債，而相關之賬面金額

之差額，在損益賬中確認。

衍生金融工具（適用於截至二零零五年十二

月三十一日止年度）

本集團就買賣用途而投資於若干衍生金融工

具，例如外期貨幣合約、貨幣及商品期權。該等

衍生金融工具初步以訂立衍生工具之日以公平

價值確認，並隨後以公平價值再計算。倘公平

價值為正數，衍生工具以資產入賬，而公平價

值倘為負數，則以負債入賬。

衍生工具之公平價值變動所產生之盈虧，直接

計入年內之損益淨額。

遠期貨幣合約之公平價值，參考類似到期概況

之合約之即期遠期匯率計算。貨幣及商品期權

之公平價值按期權定價模式釐訂。






InventoriesInventoriesInventoriesInventoriesInventories

Inventories are stated at the lower of cost and net

realisable value. Cost is determined on the actual cost,

first-in, first-out basis or weighted average basis, where

appropriate and, in the case of work in progress and

finished goods, comprises direct materials, direct labour

and an appropriate proportion of overheads. Net

realisable value is based on estimated selling prices less

any estimated costs to be incurred to completion and

disposal.

Cash and cash equivalentsCash and cash equivalentsCash and cash equivalentsCash and cash equivalentsCash and cash equivalents

For the purpose of the consolidated cash flow statement,

cash and cash equivalents comprise cash on hand and

demand deposits , and short term highly l iquid

investments which are readily convertible into known

amounts of cash and which are subject to an insignificant

risk of changes in value, and have a short maturity of

generally within three months when acquired, less bank

overdrafts which are repayable on demand and form an

integral part of the Group’s cash management.

For the purpose of the balance sheets, cash and cash

equivalents comprise cash on hand and at banks,

including time deposits, which are not restricted as to

use.

ProvisionsProvisionsProvisionsProvisionsProvisions

A provision is recognised when a present obligation (legal

or constructive) has arisen as a result of a past event

and it is probable that a future outflow of resources will

be required to settle the obligation, provided that a

reliable estimate can be made of the amount of the

obligation.


存貨

存貨按成本值與可變現淨值兩者中之較低者列

賬。成本值乃根據實際成本、先入先出法或加

權平均法（取適用者）計算。就在製品及製成品

而言，成本值包括直接材料、直接人工及適當

比例之經常性費用。可變現淨值以估計售價扣

除完成及出售時預期所產生之任何估計成本計

算。

現金及現金等值項目

就綜合現金流量表而言，現金及現金等值項目

包括留存現金及活期存款以及可隨時轉換為已

知數額現金、並無重大價值變動風險及一般於

購入時三個月內到期之短期可變現投資，減須

於要求時即時償還之銀行透支，並構成本集團

現金管理方面不可或缺之一部份。

就資產負債表而言，現金及現金等值項目包括

並無限制用途之手頭及銀行現金（包括定期存

款）。

撥備

倘因過往事項而產生之現時責任（法律或推

定），且將來極可能需有資源流出以應付有關

責任時，則予以確認為撥備，惟責任所涉及之

數額必須能可靠地估計。





Provisions Provisions Provisions Provisions Provisions (continued)

When the effect of discounting is material, the amount

recognised for a provision is the present value at the

balance sheet date of the future expenditures expected

to be required to settle the obligation. The increase in

the discounted present value amount arising from the

passage of time is included in the finance costs in the

income statement.

Income taxIncome taxIncome taxIncome taxIncome tax

Income tax comprises current and deferred tax. Income

tax is recognised in the income statement, or in equity if

it relates to items that are recognised in the same or a

different period directly in equity.

Current tax assets and liabilities for the current and prior

periods are measured at the amount expected to be

recovered from or paid to the taxation authorities.

Deferred tax is provided, using the liability method, on

all temporary differences at the balance sheet date

between the tax bases of assets and liabilities and their

carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognised for all taxable

temporary differences, except:

• where the deferred tax liability arises from goodwill

or the initial recognition of an asset or liability in a

transaction that is not a business combination and,

at the time of the transaction, affects neither the

accounting profit nor taxable profit or loss; and


撥備（續）

倘貼現之影響屬重大時，所確認撥備之數額乃

為預期須支付有關責任之未來開支於結算日之

現值。因時間流逝而導致所貼現之現值增加之

數額，乃計入收益表之融資成本中。

所得稅

所得稅包括當期及遞延稅項。所得稅於收益表

中確認，倘與其有關之項目於相同或不同期間

在權益中確認，則直接在權益中確認。

即期及過往期間之即期稅務資產及負債按預期

從稅務機關收回或向稅務機關支付之款項計

算。

遞延稅項，按負債法，就於結算日的資產及負

債之稅基及其於財務報表中之賬面值之所有暫

時性差異作出撥備。

除以下情況外，所有應課稅暫時性差異均被確

認為遞延稅項負債：

‧ 倘若遞延稅項負債的產生是由於並非業

務合併的交易中初次確認之資產或負債

及不影響會計溢利或應計稅利潤或虧損

除外；及






Income tax Income tax Income tax Income tax Income tax (continued)

• in respect of taxable temporary differences

associated with investments in subsidiaries,

associates and interests in joint ventures, where the

timing of the reversal of the temporary differences

can be controlled and it is probable that the

temporary differences will not reverse in the

foreseeable future.

Deferred tax assets are recognised for all deductible

temporary differences, carryforward of unused tax credits

and unused tax losses, to the extent that it is probable

that taxable profit will be available against which the

deductible temporary differences, and the carryforward

of unused tax credits and unused tax losses can be

utilised, except:

• where the deferred tax asset relating to the

deductible temporary differences arises from the

initial recognition of an asset or liability in a

transaction that is not a business combination and,

at the time of the transaction, affects neither the

accounting profit nor taxable profit or loss; and

• in respect of deductible temporary differences

associated with investments in subsidiaries,

associates and interests in joint ventures, deferred

tax assets are only recognised to the extent that it

is probable that the temporary differences will

reverse in the foreseeable future and taxable profit

will be available against which the temporary

differences can be utilised.


所得稅（續）

‧ 有關從附屬公司，聯營公司及合營企業權

益之投資中產生之應課稅暫時性差異，倘

若撥回暫時性差異的時間是可受控制及

暫時性差異於可預見之將來可能不會撥

回除外。

所有可被扣減暫時性差異及未被動用之稅項資

產與未被動用之稅務虧損之結轉均被確認為遞

延稅項資產，惟只限於有可能出現的未來應計

稅利潤用以抵扣可扣減暫時性差異，及未被動

用之稅項資產及未被動用之稅務虧損之結轉：

‧ 倘若遞延稅項資產是有關於並非業務合

併的交易中初次確認之資產或負債的可

扣減暫時性差異及不影響會計溢利或應

計稅利潤或虧損除外；及

‧ 有關從附屬公司，聯營公司及合營企業權

益之投資中產生之可扣減暫時性差異，遞

延稅項資產只限於暫時性差額有可能於

可預見將來撥回及未來應計稅利潤將會

出現以抵扣暫時性差異時確認。





Income tax Income tax Income tax Income tax Income tax (continued)

The carrying amount of deferred tax assets is reviewed

at each balance sheet date and reduced to the extent

that it is no longer probable that sufficient future taxable

profit will be available to allow all or part of the deferred

tax asset to be uti l ised. Conversely, previously

unrecognised deferred tax assets are reassessed at each

balance sheet date and are recognised to the extent that

it is probable that sufficient future taxable profit will be

available to allow all or part of the deferred tax asset to

be utilised.

Deferred tax assets and liabilities are measured at the

tax rates that are expected to apply to the period when

the asset is realised or the liability is settled, based on

tax rates (and tax laws) that have been enacted or

substantively enacted at the balance sheet date.

Deferred tax assets and deferred tax liabilities are offset,

if a legally enforceable right exists to set off current tax

assets against current tax liabilities and the deferred taxes

relate to the same taxable entity and the same taxation

authority.

Revenue recognitionRevenue recognitionRevenue recognitionRevenue recognitionRevenue recognition

Revenue is recognised when it is probable that the

economic benefits will flow to the Group and when the

revenue can be measured reliably, on the following bases:

(a) advertising income, when the advertisements are

published or broadcasted;

(b) circulation income, when the newspapers and

magazines are delivered;


所得稅（續）

遞延稅項資產之賬面值於每個結算日審閱，並

扣減至當不再可能有足夠的未來應計稅利潤讓

所有或部份遞延稅項資產被動用為止。相反地

之前未確認遞延稅項資產於每個結算日重評

估，並在有可能有足夠應計稅利潤讓所有或部

份遞延稅項資產被動用時可將過往未被確認的

遞延稅項資產確認。

遞延稅項資產及負債以預期當資產被變現或負

債被清還時之適用稅率衡量，並根據於結算日

已頒佈或大致上頒佈之稅率及稅務法例為基

準。

倘有合法可執行權利將當期稅項資產及當期稅

項負債抵銷，且遞延稅項資產每同一應課稅公

司及同一稅務機關有關，則遞延稅項資產可與

遞延負債互相抵銷。

收入確認

收入乃於本集團有可能獲得經濟利益及當收益

能可靠地計算時，按下列基準確認入賬：

(a) 廣告收入於廣告刊登或廣播時入賬；

(b) 發行收入於報章雜誌交貨時入賬；






Revenue recognition Revenue recognition Revenue recognition Revenue recognition Revenue recognition (continued)

(c) from the sale of goods, when the significant risks

and rewards of ownership have been transferred to

the buyer, provided that the Group maintains

neither managerial involvement to the degree

usually associated with ownership, nor effective

control over the goods sold;

(d) rental income, on a time proportion basis over the

lease terms;

(e) from the rendering of services, when the services

are rendered;

(f) interest income, on an accrual basis using the

effective interest method by applying the rate that

discounts the estimated future cash receipts through

the expected life of the financial instrument to the

net carrying amount of the financial assets; and

(g) dividend income, when the shareholders’ right to

receive payment has been established.

Employee benefitsEmployee benefitsEmployee benefitsEmployee benefitsEmployee benefits

Share-based payment transactionsShare-based payment transactionsShare-based payment transactionsShare-based payment transactionsShare-based payment transactions

The Company operates a share option scheme for the

purpose of providing incentives and rewards to eligible

participants who contribute to the success of the Group’s

operations. Employees (including directors) of the Group

receive remuneration in the form of share-based payment

transactions, whereby employees render services as

consideration for equity instruments (“equity-settled

transactions”).


收入確認（續）

(c) 貨品之銷售於擁有權之重大風險及回報

均已轉嫁予買家時入賬，惟本集團必須並

無維持該等已出售貨品一般與擁有權有

關之管理權，亦無實際控制權；

(d) 租金收入按租賃年期以時間比例計算入

賬；

(e) 提供服務之收入於提供服務後入賬；

(f) 利息收入按累計基準利用實際利率法計

算，而實際利率法指透過預期金融工具年

期內收取之估計未來現金流貼現至金融

資產賬面淨值之利率；及

(g) 股息收入於股東獲得收款之權利確立時

入賬。

僱員福利

以股份為基礎之付款的交易

本公司設有一項購股權計劃，旨在給予為本集

團業務成功作出貢獻之合資格參與者鼓勵及獎

勵。本集團僱員（包括董事）按以股付款形式收

取酬金，而僱員則提供服務作為股本工具之代

價（「股本結算交易」）。





Employee benefits Employee benefits Employee benefits Employee benefits Employee benefits (continued)

Share-based payment transactions Share-based payment transactions Share-based payment transactions Share-based payment transactions Share-based payment transactions (continued)

The cost of equity-settled transactions with employees

is measured by reference to the fair value at the date at

which they are granted. The fair value is determined

using the Black-Scholes model, further details of which

are given in note 36. In valuing equity-sett led

transactions, no account is taken of any performance

conditions, other than conditions linked to the price of

the shares of the Company (“market conditions”), if

applicable.

The cost of equity-settled transactions is recognised,

together with a corresponding increase in equity, over

the period in which the performance and/or service

conditions are fulfilled, ending on the date on which the

relevant employees become fully entitled to the award

(the “vesting date”). The cumulative expense recognised

for equity-settled transactions at each balance sheet date

until the vesting date reflects the extent to which the

vesting period has expired and the Group’s best estimate

of the number of equity instruments that will ultimately

vest. The charge or credit to the income statement for a

period represents the movement in the cumulative

expense recognised as at the beginning and end of that

period.

No expense is recognised for awards that do not

ultimately vest, except for awards where vesting is

conditional upon a market condition, which are treated

as vesting irrespective of whether or not the market

condition is satisfied, provided that all other performance

conditions are satisfied.


僱員福利（續）

以股份為基礎之付款的交易（續）

與僱員之股本結算交易之成本，參考購股權授

出之日之公平價值計算。公平價值利用期權合

約價值計算模式釐訂，詳情載於附註36。為股本

結算交易估值時，不會計及任何表現條件，與

本公司股份價格掛鉤之條件（「市場條件」）除

外（如適用）。

股本結算交易之成本在表現及／或服務條件獲

達成，至有關僱員全面獲得獎勵之日（「歸屬日

期」）之期間，連同股本之相應升幅一併確認。

在股本結算交易於各結算日至歸屬日期間確認

之累計開支，反映所過去歸屬期以及本集團就

最後歸屬之股本工具之數目之最佳估計。期內

在收益表扣除或計入收益表之金額，指於該段

期初及期終所確認之累計開支變動。

並未最後歸屬之獎勵，不會確認開支，除獎勵

涉及按市場狀況而歸屬者，而在此情況下，該

等獎勵不論市場條件是否獲達成，仍被視為歸

屬，但必須符合所有其他表現條件。







Share-based payment transactions Share-based payment transactions Share-based payment transactions Share-based payment transactions Share-based payment transactions (continued)

Where the terms of an equity-settled award are modified,

as a minimum an expense is recognised as if the terms

had not been modif ied. In addition, an expense is

recognised for any modification, which increases the total

fair value of the share-based payment arrangement, or is

otherwise beneficial to the employee as measured at the

date of modification.

Where an equity-settled award is cancelled, it is treated

as if it had vested on the date of cancellation, and any

expense not yet recognised for the award is recognised

immediately. However, if a new award is substituted for

the cancelled award, and is designated as a replacement

award on the date that it is granted, the cancelled and

new awards are treated as if they were a modification of

the original award, as described in the previous

paragraph.

The dilutive effect of outstanding options is reflected as

additional share dilution in the computation of earnings

per share.

The Group has adopted the transitional provisions of

HKFRS 2 in respect of equity-settled awards and has

applied HKFRS 2 only to equity-settled awards granted

after 7 November 2002 that had not vested on 1 January

2005 and to those granted on or after 1 January 2005.



以股份為基礎之付款的交易（續）

倘股本結算交易之條款被修訂，則確認最低開

支，猶如條款未被修改。此外，任何修訂將確認

開支，增加股份付款安排之公平價值總額，或

對以修訂日期計算有關公平價值之僱員有利。

倘股份結算獎勵被註銷，則被視為已於註銷日

期被歸屬，而未就獎勵確認之開支則即時確

認。然而，倘被註銷獎勵被新獎勵所取代，則被

視為於授出之日期替代獎勵處理，而所註銷及

新獎勵之處理方法，乃猶如其為前段所述修訂

原獎勵。

尚未行使購股權之攤薄影響，於計算每股盈利

時，被反映為額外股份攤薄。

本集團已就股本結算獎勵採納香港財務申報準

則第2號之過渡條文，並僅就於二零零二年十一

月七日後授出且於二零零五年一月一日未歸屬

及於二零零五年一月一日後授出之股本結算獎

勵應用香港財務申報準則第2號。






Employment Ordinance long service paymentsEmployment Ordinance long service paymentsEmployment Ordinance long service paymentsEmployment Ordinance long service paymentsEmployment Ordinance long service payments

Certain of the Group’s employees have completed the

required number of years of service to the Group in order

to be eligible for long service payments under the Hong

Kong Employment Ordinance and the relevant labour laws

of the respective countries in which the overseas

subsidiaries operate in the event of the termination of

their employment. The Group is liable to make such

payments in the event that such a termination of

employment meets the circumstances specified in the

Hong Kong Employment Ordinance and the relevant

labour laws.

A provision is recognised in respect of the probable future

long service payments expected to be made. The

provision is based on the best estimate of the probable

future payments which have been earned by the

employees from their service to the Group to the balance

sheet date.

Pension schemes and other retirement benefitsPension schemes and other retirement benefitsPension schemes and other retirement benefitsPension schemes and other retirement benefitsPension schemes and other retirement benefits

The Group operates def ined contribution retirement

benefits schemes in Hong Kong and overseas for those

employees who are eligible and have elected to participate

in the schemes. Contributions are made based on a

percentage of the participating employees’ basic salaries

and are charged to the income statement as they become

payable in accordance with the rules of the schemes.

The assets of the schemes are held separately from those



僱傭條例的長期服務金

本集團部份僱員已服務滿指定年期，根據香港

《僱傭條例》以及海外所屬公司經營所在國家

之有關營工法例合資格於終止聘用時獲取長期

服務金。當終止聘用符合僱傭條例及有關勞工

法例及有關勞工法例之規定時，則本集團須作

出該等繳款。

本集團已就預期未來或需支付之長期服務金作

出撥備。撥備乃根據僱員截至結算日向本集團

提供服務所賺取的服務金之最佳估計。

退休福利計劃及其他退休福利

本集團為其香港及海外合資格並已參與計劃之

僱員設立定額供款退休福利計劃。根據該等計

劃之規則，供款額按參與計劃僱員之基本薪金

之某一百分比計算繳付，並將須繳之供款於收

益表內扣除。退休福利計劃之資產與本集團之

資產分開，由一獨立管理之基金持有。倘僱員




of the Group in independently administered funds. When

an employee leaves the Mandatory Provident Fund

Exempted ORSO retirement benefits scheme in Hong

Kong or other retirement benefits schemes overseas prior

to his/her interest in the Group’s employer contributions

vesting fully, the ongoing contributions payable by the

Group may be reduced by the relevant amount of forfeited

contributions. In respect of the Mandatory Provident

Fund retirement benefits scheme (the “MPF Scheme”),

the Group’s employer contributions vest fully with the

employees when contributed into the MPF Scheme.

The employees of the Group’s subsidiaries which operate

in Mainland China are required to participate in a central

pension scheme operated by the local municipal

government. These subsidiaries are required to contribute

a specific amount for the employees in Mainland China,

pursuant to the local municipal government regulations.

The contributions are charged to the income statement

as they become payable in accordance with the rules of

the central pension scheme.

Borrowing costsBorrowing costsBorrowing costsBorrowing costsBorrowing costs

Borrowing costs are recognised as expenses in the income

statement in the period in which they are incurred.

DividendsDividendsDividendsDividendsDividends

Final dividends proposed by the directors are classified

as a separate allocation of retained profits within the

equity section of the balance sheet, until they have been

approved by the shareholders in a general meeting. When

these dividends have been approved by the shareholders

and declared, they are recognised as a liability.

於可全數領取本集團之僱主供款前退出獲豁免

強制性公積金職業退休計劃條例之退休福利計

劃或其他海外退休福利計劃，則本集團持續應

付之供款額可減去該筆被沒收之供款額。就強

制性公積金退休福利計劃（「強積金計劃」）而

言，本集團之僱主供款乃全數歸於參與強積金

計劃供款的僱員。

本集團於中國內地經營業務之附屬公司之僱員

須參與由地方市政府設立之中央退休金計劃。

此等附屬公司須根據地方市政府之規定為中國

僱員作出指定數額供款。供款根據中央退休金

計劃規則在應付時自收益表扣除。

借貸成本

借貸成本於產生之期間在收益表內確認為開

支。

股息

董事擬派之末期股息，會於資產負債表內分類

列為從股權項下的保留溢利的一項獨立分配。

該等股息獲股東批准及宣派後則確認為負債。




Pension schemes and other retirement benefitsPension schemes and other retirement benefitsPension schemes and other retirement benefitsPension schemes and other retirement benefitsPension schemes and other retirement benefits

(continued)



退休福利計劃及其他退休福利（續）





Dividends Dividends Dividends Dividends Dividends (continued)

Interim dividends are simultaneously proposed and

declared, because bye-law 140 of the Company’s bye-laws

grants the directors the authority to declare interim

dividends. Consequently, interim dividends are

recognised immediately as a liability when they are

proposed and declared.

Foreign currenciesForeign currenciesForeign currenciesForeign currenciesForeign currencies

These financial statements are presented in Hong Kong

dollars, which is the Company’s functional and

presentation currency. Each entity in the Group

determines its own functional currency and items

included in the financial statements of each entity are

measured using that functional currency. Foreign

currency transactions are initially recorded using the

functional currency rates ruling at the date of the

transactions. Monetary assets and liabilities denominated

in foreign currencies are retranslated at the functional

currency rates of exchange ruling at the balance sheet

date. All differences are taken to the profit or loss. Non-

monetary items that are measured in terms of historical

cost in a foreign currency are translated using the

exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign

currency are translated using the exchange rates at the

date when the fair value was determined.


股息（續）

由於本公司的公司組織章程第 140條授予董事

權力以宣派中期股息，故中期股息是同時提出

及宣派。因此，中期股息於提出及宣派時隨即

確認為負債。

外幣

財務報表乃以港元﹙即本公司之功能及呈報貨

幣﹚呈列。本集團內各公司釐訂本身之功能貨

幣，而計入各公司財務報表之項目乃利用該功

能貨幣而計量。外幣交易初步以交易日期之功

能貨幣匯率記錄。以外幣計值之貨幣資產及負

債，按結算日之匯率再換算為功能貨幣。所有

差額計入損益賬。以外幣歷史成本計算之非貨

幣項目，利用初步交易之日之匯率換算。以外

幣按公平價值計算之非貨幣項目，利用釐訂公

平價值之日之匯率換算。






Foreign currencies Foreign currencies Foreign currencies Foreign currencies Foreign currencies (continued)

The functional currencies of certain subsidiaries, jointly-

controlled entities and associates are currencies other

than the Hong Kong dollar. As at the balance sheet date,

the assets and liabilities of these entities are translated

into the presentation currency of the Company at

exchange rates ruling at the balance sheet date and, their

income statements are translated into Hong Kong dollars

at the weighted average exchange rates for the year. The

resulting exchange differences are included in a separate

component of equity (the exchange fluctuation reserve).

On disposal of a foreign entity, the deferred cumulative

amount recognised in equity relating to that particular

foreign operation is recognised in the income statement.

For the purpose of the consolidated cash flow statement,

the cash flows of overseas subsidiaries are translated into

Hong Kong dollars at the exchange rates ruling at the

dates of the cash flows. Frequently recurring cash flows

of overseas subsidiaries which arise throughout the year

are translated into Hong Kong dollars at the weighted

average exchange rates for the year.

3.3.3.3.3. SIGNIFICANT ACCOUNTING JUDGEMENTS ANDSIGNIFICANT ACCOUNTING JUDGEMENTS ANDSIGNIFICANT ACCOUNTING JUDGEMENTS ANDSIGNIFICANT ACCOUNTING JUDGEMENTS ANDSIGNIFICANT ACCOUNTING JUDGEMENTS AND

ESTIMATESESTIMATESESTIMATESESTIMATESESTIMATES

JudgementsJudgementsJudgementsJudgementsJudgements

In the process of applying the Group’s accounting

policies, management has made the following judgements,

apart from those involving estimations, which have the

most significant effect on the amounts recognised in the

financial statements:


外幣（續）

若干附屬公司、共同控制公司及聯營公司之功

能貨幣並非港元。於結算日，該等公司之資產

及負債按結算日之匯率換算為本公司呈列貨

幣，而其收益表乃按年內之加權平均匯率換算

為港元。所得出匯兌變動計入股權獨立項目

﹙匯兌波動儲備﹚。出售外國公司時，有關該

特定外國業務之股權中確認之遞延累計金額，

在收益表中確認。

就綜合現金流量表而言，海外附屬公司之現金

流量按現金流量當日之匯率換算為港元。海外

附屬公司之全年經常性現金流量則按年內之加

權平均匯率換算為港元。

3. 重大會計判斷及估計

判斷

於應用本集團之會計政策時，管理層已作出下

列對財務報表所確認金額有最重大影響之判

斷，涉及估計者除外：




ESTIMATESESTIMATESESTIMATESESTIMATESESTIMATES (continued)

Judgements Judgements Judgements Judgements Judgements (continued)

Operating lease commitments – Group as lessorOperating lease commitments – Group as lessorOperating lease commitments – Group as lessorOperating lease commitments – Group as lessorOperating lease commitments – Group as lessor

The Group has entered into commercial property leases

on its investment property portfolio. The Group has

determined that it retains all the significant risks and

rewards of ownership of these properties which are leased

out on operating leases.

Classification between investment properties andClassification between investment properties andClassification between investment properties andClassification between investment properties andClassification between investment properties and

owner-occupied propertiesowner-occupied propertiesowner-occupied propertiesowner-occupied propertiesowner-occupied properties

The Group determines whether a property qualifies as

an investment property, and has developed criteria in

making that judgement. Investment property is a property

held to earn rentals or for capital appreciation or both.

Therefore, the Group considers whether a property

generates cash flows largely independently of the other

assets held by the Group.

Some properties comprise a portion that is held to earn

rentals or for capital appreciation and another portion

that is held for use in the production or supply of goods

or services or for administrative purposes. If these

portions could be sold separately (or leased out separately

under a f inance lease), the Group accounts for the

portions separately. If the portions could not be sold

separately, the property is an investment property only

if an insignif icant portion is held for use in the

production or supply of goods or services or for

administrative purposes.

Judgement is made on an individual property basis to

determine whether ancillary services are so significant

that a property does not qualify as investment property.

3. 重大會計判斷及估計（續）

判斷（續）

經營租賃承擔－本集團作為出租人

本集團就其投資物業組合訂立商用物業租約。

本集團已根據其經營租約所出租之物業擁有權

釐訂所有重大風險及回報。

投資物業及業主自用物業之間之分類

本集團釐訂物業是否符合投資物業，並已制定

作出該判斷之準則。投資物業為持有作賺取租

金或作資本增值或同時為兩者之物業。因此，

本集團考慮物業賺取現金流是否大致與本集團

持有的其他資產不同。

部份物業包含持有作賺取租金或作資本增值之

部份，亦包含持作用於生產或供應貨品或服務

或行政用途之部份。倘該等部份不能獨立出售

（或根據融資租約獨立出租)，本集團將該等部

份分開入賬。倘該等部份不能獨立出售，則僅

於僅有微不足道之部份，乃持作用於生產或供

應貨品或服務或行政用途，物業始屬投資物

業。

就個別物業基準作出判斷以釐訂附屬服務是否

對物業重要而決定物業不符合成為投資物業之

資格。






Estimation uncertaintyEstimation uncertaintyEstimation uncertaintyEstimation uncertaintyEstimation uncertainty

The key assumptions concerning the future and other

key sources of estimation uncertainty at the balance sheet

date, that have a signif icant risk of causing a material

adjustment to the carrying amounts of assets and

liabilities within the next financial year, are discussed

below.

Impairment of available-for-sale financial assetsImpairment of available-for-sale financial assetsImpairment of available-for-sale financial assetsImpairment of available-for-sale financial assetsImpairment of available-for-sale financial assets

In determining the fair values, management evaluates the

normal volatility in the share price, the financial health

of the investees, the industry and sector performance

like changes in operational and financial cash flows. Any

indication of deterioration in the above factors can have

a negative impact on the fair values.

Deferred tax assetsDeferred tax assetsDeferred tax assetsDeferred tax assetsDeferred tax assets

Deferred tax is determined using tax rates (and laws)

that have been enacted or substantively enacted at the

balance sheet date and are expected to apply when the

related deferred tax asset is realised or the deferred tax

liability is settled. Deferred tax assets are recognised to

the extent that it is probable that future taxable profit

will be available against which the temporary differences

can be utilised.

The Group’s management determines the deferred tax

assets based on the enacted or substantively enacted tax

rates and laws and the best knowledge of prof it

projections of the Group for coming years during which

the deferred tax assets are expected to be utilised.

Management will revise the assumptions and prof it

projections at the balance sheet date.


估計不明朗因素

於結算日就會對下一財政年度之資產及負債賬

面值造成重大調整之重大風險的有關未來之主

要假設，以及估計不明朗因素之主要來源概述

如下：

可供出售金融資產減值

於釐訂公平價值時，管理層評估被投資者之股

價正常波動、財務穩健程度、業界及分部之表

現（例如經營及財務現金流變動)。任何上述因

素轉壞之顯示，可對公平價值有負面影響。

遞延稅項資產

遞延稅項利用於結算日已生效或大致生效並預

期適用於變現相關遞延稅務資產或清償遞延稅

務負債之稅率（及法例）而釐訂。遞延稅務資產

按可能擁有以動用臨時差額之未來應課稅溢利

而確認。

本集團之管理層根據已生效或大致生效之稅率

及法例，且據所知就預期可動用遞延稅項資產

之未來年度本集團溢利預算而釐訂遞延稅項資

產。管理層將於結算日前修訂假設及溢利預

測。





Estimation of useful lives of intangible assets (otherEstimation of useful lives of intangible assets (otherEstimation of useful lives of intangible assets (otherEstimation of useful lives of intangible assets (otherEstimation of useful lives of intangible assets (other

than goodwill)than goodwill)than goodwill)than goodwill)than goodwill)

The Group’s management determinates the useful lives

of intangible assets and reviews the amortisation period

on an annual basis. This requires an estimation of the

pattern of future economic benef its generated by the

intangible assets taking into account the expected

changes in the market demand for the products or

services output from the intangible assets and the

expected actions by competitors or potential competitors.

Provision for bad and doubtful debtsProvision for bad and doubtful debtsProvision for bad and doubtful debtsProvision for bad and doubtful debtsProvision for bad and doubtful debts

The Group makes allowance for doubtful debts based on

an assessment of the recoverability of trade and other

receivables. Allowances are applied to trade and other

receivables where events or changes in circumstances

indicate that the balances may not be collectible. The

identif ication of doubtful debts requires the use of

judgement and estimates. Where the expectation on the

recoverability of trade and other receivables is different

from the original estimate, such difference will impact

the carrying value of trade and other receivables and

doubtful debt expenses in the periods in which such

estimate has been changed.

Provision for long service paymentsProvision for long service paymentsProvision for long service paymentsProvision for long service paymentsProvision for long service payments

The Group provides for probable future long service

payments expected to be made to employees under the


labour laws of the respective countries in which the

Group’s overseas subsidiaries operate. The provision is

based on the best estimate of the probable future

payments which have been earned by the employees from

their services to the Group to the balance sheet date.


無形資產（商譽除外）之估計可使用年期

本集團管理層釐定無形資產之可使用年期，並

會每年檢討攤銷期，此舉需計入市場對產品或

無形資產服務供應之需求的預期變動，以及競

爭對手或潛在競爭對手預期會採取之行動，來

估計無形資產所產生之未來經濟利益之模式。

壞賬及呆賬撥備

本集團按貿易及其他應收款項之估計可收回水

平，就呆賬計提撥備。倘有事件或情況之轉變

顯示餘款未能收回，則會就貿易及其他應收款

項計提撥備。本集團識別呆賬時需予運用判斷

及估計。倘預期貿易及其他應收款項之可收回

水平與原先估計不同，有關差額將會影響作出

估計之期間之貿易及其他應收款項以及呆賬開

支之賬面價值。

長期服務金撥備

本集團就預期根據香港僱傭條例，以及本集團

各海外附屬公司經營所在國家之有關勞工法例

日後可能支付僱員之長期服務金計提撥備。有

關撥備按僱員向本集團提供服務至結算日止日

後可能賺取之款項之最佳估計為基準而計算。




4.4.4.4.4. SEGMENT INFORMATIONSEGMENT INFORMATIONSEGMENT INFORMATIONSEGMENT INFORMATIONSEGMENT INFORMATION

Segment information is presented by way of two segment

formats: (i) on a primary segment reporting basis, by

business segment; and (ii) on a secondary segment

reporting basis, by geographical segment.

The Group’s operating businesses are structured and

managed separately according to the nature of their

operations and the products and services they provide.

Each of the Group’s business segments represents a

strategic business unit that offers products and services

which are subject to risks and returns that are different

from those of the other business segments. Summary

details of the business segments are as follows:

(a) the media segment publishes and distributes

newspapers, magazines and books to readers in

Hong Kong, Canada, the United States of America,

Europe and Australia, and selling the respective

content of such publications in Hong Kong and

Mainland China;

(b) the trading segment trades photographic products;

and

(c) the corporate and others segment comprises the

Group’s Internet and information consultancy

services, investment and property holding business

together with corporate expense items.

In determining the Group’s geographical segments,

revenues are attributed to the segments based on the

location of the customers, and assets are attributed to

the segments based on the location of the assets.

Intersegment sales and transfers are transacted with

reference to the selling prices used for sales made to

third parties at the then prevailing market prices.

In addition, to accord with the presentation adopted in

the current year, which in the opinion of the directors,

better reflects the underlying nature of the Group’s

business operations, transactions relating to human

capital management segment in the prior year have been

reclassified to media segment.

4. 分類資料

分類資料以兩大類別呈報：(i)按業務劃分之基

本分類方式；及(ii)按地區劃分之第二級分類方

式。

本集團之經營業務按各自業務之經營性質與所

提供之產品和服務獨立地構成和管理。本集團

每個業務類別代表一個策略業務單位，各單位

所提供的產品和服務承受與其他業務類別不同

之風險與回報。以下是業務類別詳情之概述：

(a) 媒體分類主要向香港、美加、歐洲和澳洲

之讀者發行和分派報章及雜誌，及於香港

及中國內地銷售上述刊物之相關內容；

(b) 貿易分類主要是攝影器材貿易；及

(c) 公司及其他分類包括本集團之互聯網及

資訊顧問服務、投資及物業持有業務與其

他公司支出項目。

在劃分本集團之地區類別時，收益會按客戶之

所在地歸類，而資產則按其所在地歸類。

分類業務相互間之銷售與轉讓會參考與第三者

進行買賣當時之市場售價而釐定。

此外，董事認為基於配合本年度呈列方式以更

佳反映本集團業務之相關性質，過往年度有關

人力資本管理分部之交易，已分類為媒體分

類。



4.4.4.4.4. SEGMENT INFORMATIONSEGMENT INFORMATIONSEGMENT INFORMATIONSEGMENT INFORMATIONSEGMENT INFORMATION (continued)

(a)(a)(a)(a)(a) Business segmentsBusiness segmentsBusiness segmentsBusiness segmentsBusiness segments

The following tables present revenue, profit/(loss)

and certain asset, l iability and expenditure

information for the Group’s business segments for

the years ended 31 December 2005 and 2004.

MediaMediaMediaMediaMedia TradingTradingTradingTradingTrading Corporate and othersCorporate and othersCorporate and othersCorporate and othersCorporate and others EliminationsEliminationsEliminationsEliminationsEliminations ConsolidatedConsolidatedConsolidatedConsolidatedConsolidated媒體貿易公司及其他對銷綜合

20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年

(Restated) (Restated) (Restated)（重列）（重列）（重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

Segment revenue: 分類收入：Sales to external customers 向外客戶銷售 1,358,8291,358,8291,358,8291,358,8291,358,829 1,187,563 454,235454,235454,235454,235454,235 245,002 11,45811,45811,45811,45811,458 8,505 ––––– – 1,824,5221,824,5221,824,5221,824,5221,824,522 1,441,070Intersegment sales 分類業務間之銷售 8,5328,5328,5328,5328,532 8,419 ––––– – 79,64379,64379,64379,64379,643 101,234 (88,175(88,175(88,175(88,175(88,175))))) (109,653) ––––– –Other income and gains 其他收入及收益 475475475475475 7,069 5,4595,4595,4595,4595,459 13,926 9,1059,1059,1059,1059,105 10,769 ––––– – 15,03915,03915,03915,03915,039 31,764Intersegment other income 分類業務間之

其他收入 3,4173,4173,4173,4173,417 2,454 ––––– – 2,0102,0102,0102,0102,010 449 (5,427(5,427(5,427(5,427(5,427))))) (2,903) ––––– –

Total 總計 1,371,2531,371,2531,371,2531,371,2531,371,253 1,205,505 459,694459,694459,694459,694459,694 258,928 102,216102,216102,216102,216102,216 120,957 (93,602(93,602(93,602(93,602(93,602))))) (112,556) 1,839,5611,839,5611,839,5611,839,5611,839,561 1,472,834

Segment results 分類業績 13,13613,13613,13613,13613,136* (3,501)* 6,2036,2036,2036,2036,203* 1,410* (39,713(39,713(39,713(39,713(39,713)))))* (38,974)* (20,374(20,374(20,374(20,374(20,374))))) (41,065)

Interest and dividend income 利息及股息收入 18,61418,61418,61418,61418,614 17,311Unallocated gains, net 未分類收益淨額 20,35820,35820,35820,35820,358 4,867Gain on disposal of a property 出售一項物業之收益 185,830185,830185,830185,830185,830 –Gain on waiver of a payable 豁免一筆應付款項之收益 24,11224,11224,11224,11224,112 –Gain on disposal of an unconsolidated 出售一間未有作合併賬處理之

subsidiary 附屬公司之收益 ––––– 18,400

Finance costs 融資成本 (2,953(2,953(2,953(2,953(2,953))))) (764)Share of profits and losses of: 應佔下列公司溢利及虧損：

Jointly-controlled entities 共同控制公司 13,32213,32213,32213,32213,322* 16,659* –––––* –* (23,889(23,889(23,889(23,889(23,889)))))* (4,727)* (10,567(10,567(10,567(10,567(10,567))))) 11,932Associates 聯營公司 –––––* –* –––––* –* (10(10(10(10(10)))))* (3)* (10(10(10(10(10))))) (3)

Reversal of provision for an amount due 撥回應收一間共同控制from a jointly-controlled entity 公司款項之撥備 2,3182,3182,3182,3182,318* –* –––––* –* –––––* 6,097* 2,3182,3182,3182,3182,318 6,097

Provisions for amounts due from 應收共同控制公司款項撥備jointly-controlled entities –––––* (3,420)* –––––* –* (3,719(3,719(3,719(3,719(3,719)))))* (13,382)* (3,719(3,719(3,719(3,719(3,719))))) (16,802)

Gain on disposal of 出售一間聯營公司／an associate/a jointly– 共同控制公司之收益controlled entity –––––* –* –––––* –* 282282282282282* 7,947* 282282282282282 7,947

Amortisation and impairment of 收購一間共同控制公司goodwill on acquisition of 之商譽攤銷及減值a jointly-controlled entity –––––* –* –––––* –* –––––* (3,242)* ––––– (3,242)

Profit before tax 除稅前溢利 213,891213,891213,891213,891213,891 4,678

Tax 稅項 6,8826,8826,8826,8826,882 (4,527)

Profit for the year 本年度溢利 220,773220,773220,773220,773220,773 151

For information purpose: 供參考用途：

Segment results and share of results 分類業績及應佔

of jointly controlled 共同控制公司／

entities/associates (* comprised 聯營公司之業績

of these amounts) （* 包括此等金額） 28,77628,77628,77628,77628,776 9,738 6,2036,2036,2036,2036,203 1,410 (67,049(67,049(67,049(67,049(67,049))))) (46,284)

4. 分類資料（續）

(a) 業務分類

下表呈列本集團截至二零零五年及二零

零四年十二月三十一日止年度按業務類

別劃分之收入、溢利／（虧損）及若干資

產，負債以及開支資料。





(a)(a)(a)(a)(a) Business segments Business segments Business segments Business segments Business segments (continued)

MediaMediaMediaMediaMedia TradingTradingTradingTradingTrading Corporate and othersCorporate and othersCorporate and othersCorporate and othersCorporate and others EliminationsEliminationsEliminationsEliminationsEliminations ConsolidatedConsolidatedConsolidatedConsolidatedConsolidated

媒體貿易公司及其他對銷綜合

20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004

二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年

(Restated)

（重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

Segment assets 分類資產 696,716696,716696,716696,716696,716 495,020 131,161131,161131,161131,161131,161 93,792 803,614803,614803,614803,614803,614 691,251 ––––– – 1,631,4911,631,4911,631,4911,631,4911,631,491 1,280,063

Interests in jointly-controlled entities 於共同控制公司之權益 214,909214,909214,909214,909214,909 211,664 ––––– – 53,26953,26953,26953,26953,269 85,608 ––––– – 268,178268,178268,178268,178268,178 297,272

Interests in associates 於聯營公司之權益 33333 3 ––––– – (3(3(3(3(3))))) (4) ––––– – ––––– (1)

Unallocated assets 未分類資產 21,44721,44721,44721,44721,447 20,344

Total assets 資產總值 1,921,1161,921,1161,921,1161,921,1161,921,116 1,597,678

Segment liabilities 分類負債 217,114217,114217,114217,114217,114 189,094 88,45588,45588,45588,45588,455 44,607 54,83554,83554,83554,83554,835 134,706 ––––– – 360,404360,404360,404360,404360,404 368,407

Unallocated liabilities 未分類負債 106,624106,624106,624106,624106,624 116,053

Total liabilities 負債總值 467,028467,028467,028467,028467,028 484,460

Other segment information: 其他分類資料：

Capital expenditure 資本開支 57,94757,94757,94757,94757,947 37,837 277277277277277 649 20,81220,81220,81220,81220,812 11,349 ––––– – 79,03679,03679,03679,03679,036 49,835

Depreciation and amortisation 折舊及攤銷 16,86116,86116,86116,86116,861 16,552 348348348348348 642 24,56224,56224,56224,56224,562 27,347 ––––– – 41,77141,77141,77141,77141,771 44,541

Impairment losses on available-for-sale 已於收益表內確認

investments recognisesd in the 有關可供出售投資

income statement 之減值虧損 ––––– – ––––– – 2,6332,6332,6332,6332,633 2,500 ––––– – 2,6332,6332,6332,6332,633 2,500

Other non-cash expenses 其他非現金開支 6,2606,2606,2606,2606,260 3,753 ––––– – 1,9481,9481,9481,9481,948 73 ––––– – 8,2088,2088,2088,2088,208 3,826

Revaluation surplus, net 重估盈餘淨額 ––––– (1,240) ––––– – (841(841(841(841(841))))) (17,238) ––––– – (841(841(841(841(841))))) (18,478)

Surpluses on revaluation recognised 直接於權益確認之重估

directly in equity, net of deferred tax 盈餘，扣除遞延稅項 ––––– (1,054) ––––– – (2,334(2,334(2,334(2,334(2,334))))) (497) ––––– – (2,334(2,334(2,334(2,334(2,334))))) (1,551)

Negative goodwill recognised as 於年內已確認為收入

income during the year 之負商譽 ––––– (6,028) ––––– – ––––– – ––––– – ––––– (6,028)

Gain on strike-off 刪除附屬公司所得收益

of subsidiaries ––––– (77) ––––– – (229(229(229(229(229))))) (170) ––––– – (229(229(229(229(229))))) (247)


(a) 業務分類（續）




(b)(b)(b)(b)(b) Geographical segmentsGeographical segmentsGeographical segmentsGeographical segmentsGeographical segments

The following table presents revenue and certain

asset and expenditure information for the Group’s

geographical segments for the years ended 31

December 2005 and 2004.

Hong Kong andHong Kong andHong Kong andHong Kong andHong Kong and Australia, NewAustralia, NewAustralia, NewAustralia, NewAustralia, New

Mainland ChinaMainland ChinaMainland ChinaMainland ChinaMainland China North AmericaNorth AmericaNorth AmericaNorth AmericaNorth America Zealand and EuropeZealand and EuropeZealand and EuropeZealand and EuropeZealand and Europe EliminationsEliminationsEliminationsEliminationsEliminations ConsolidatedConsolidatedConsolidatedConsolidatedConsolidated

香港及中國北美澳洲、新西蘭及歐洲對銷綜合

20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004 20052005200520052005 2004

二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年二零零五年二零零四年

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

Segment revenue: 分類收入：

Sales to external customers 向外界客戶銷售 1,291,5511,291,5511,291,5511,291,5511,291,551 943,237 420,306420,306420,306420,306420,306 391,901 112,665112,665112,665112,665112,665 105,932 ––––– – 1,824,5221,824,5221,824,5221,824,5221,824,522 1,441,070

Other segment information: 其他分類資料：

Segment assets 分類資產 1,444,3511,444,3511,444,3511,444,3511,444,351 1,052,815 382,571382,571382,571382,571382,571 467,401 72,74772,74772,74772,74772,747 73,177 ––––– – 1,899,6691,899,6691,899,6691,899,6691,899,669 1,593,393

Capital expenditure 資本開支 21,52021,52021,52021,52021,520 12,809 56,72156,72156,72156,72156,721 36,316 795795795795795 710 ––––– – 79,03679,03679,03679,03679,036 49,835


(b) 地區分類

下表呈列本集團截至二零零五年及二零

零四年十二月三十一日止年度按地區類

別劃分之收入，若干資產及開支資料。




5.5.5.5.5. REVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINS

Revenue, which is also the Group’s turnover, represents

the net invoiced value of goods sold, after allowances for

returns and trade discounts; circulation income, after

allowances for returns; net advertising income, after trade

discounts; the value of services rendered; and gross rental

income received and receivable during the year.

An analysis of revenue, other income and gains is as

follows:

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

RevenueRevenueRevenueRevenueRevenue 收入

Advertising income 廣告收入 989,540989,540989,540989,540989,540 847,314

Circulation income 發行收入 304,719304,719304,719304,719304,719 284,700

Radio broadcasting advertising income 電台廣播廣告收入 20,65520,65520,65520,65520,655 20,257

Sales of photographic products 銷售攝影器材產品 451,207451,207451,207451,207451,207 244,069

Gross rental income 租金收入總額 5,4295,4295,4295,4295,429 5,987

Others 其他 52,97252,97252,97252,97252,972 38,743

1,824,5221,824,5221,824,5221,824,5221,824,522 1,441,070

Other incomeOther incomeOther incomeOther incomeOther income 其他收入

Bank interest income 銀行利息收入 14,64914,64914,64914,64914,649 15,912

Investment income 投資收入 9,3059,3059,3059,3059,305 11,231

Dividend income from 來自一項非上市投資之

an unlisted investment 股息收入 1,0581,0581,0581,0581,058 496

Dividend income from 來自上市投資之

listed investments 股息收入 2,9072,9072,9072,9072,907 903

Declaration subsidy income 報關資助收入 5,3435,3435,3435,3435,343 11,365

Others 其他 162162162162162 1,334

33,42433,42433,42433,42433,424 41,241

5. 收入、其他收入及收益

收入（亦為本集團之營業額）為年內已售貨品

減退貨及貿易折扣之發票淨值、已減退貨之發

行收入、已減貿易折扣之廣告收入淨額、提供

服務之價值以及已收及應收之租金收入總額。

收入、其他收入及收益之分析如下：



GainsGainsGainsGainsGains 收益

Negative goodwill 於年內確認為收入之

recognised as income 負商譽（附註 19）

during the year (note 19) ––––– 6,028

Gain on disposal of 出售按公平值記入損益賬之

financial assets at fair value 金融資產收益淨額

through profit or loss, net 15,17915,17915,17915,17915,179 2,332

Fair value gains, net: 公平價值收益淨額：

Financial assets at fair value 按公平值記入損益賬之

through profit or loss 金融資產 11,45411,45411,45411,45411,454 2,535

Gain on strike-off of subsidiaries 刪除附屬公司之收益 229229229229229 247

Exchange gains, net 匯兌收益淨額 ––––– 1,559

26,86226,86226,86226,86226,862 12,701

Other income and gains 其他收入及收益 60,28660,28660,28660,28660,286 53,942

5.5.5.5.5. REVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINSREVENUE, OTHER INCOME AND GAINS

(continued)

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

5. 收入、其他收入及收益（續）




6.6.6.6.6. GAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLE

Global China Information Services Limited (“GCISL”), a

wholly-owned subsidiary of the Company, entered into a

joint venture contract with Shandong Sanlian Electronics

and Information Co., Ltd. (“Sanlian Electronics”) and

another independent third party in 2000 to acquire a

40% interest in Beelink Information Science &

Technology Co., Ltd. (“Beelink”). Pursuant to the joint

venture contract, GCISL had agreed to pay a sum of

HK$150 million (equivalent to RMB160 million) to Sanlian

Electronics in cash as consideration for Sanlian

Electronics injecting certain intellectual property rights

into Beelink. GCISL had made partial payment of HK$40

million (equivalent to RMB42.4 million) up to 31

December 2004.

On 28 April 2005, GCISL entered into an agreement with

Sanlian Electronics and Sanlian Group Corporation

(“Sanlian Group”). Pursuant to this agreement, it was

agreed that by payment of HK$29 million (equivalent to

RMB30 million) by GCISL to Sanlian Electronics, Sanlian

Electronics would waive the remaining HK$81 million

(equivalent to RMB87.6 million) owing by GCISL,

constituting full settlement of GCISL’s payment

obligations under the original joint venture contract.

6. 豁免一筆應付款項之收益

本公司之全資附屬公司 Globa l Ch ina

Information Services Limited（「GCISL」）與山

東三聯電子信息有限公司（「三聯電子」）及另

一名獨立第三方於二零零零年訂立一項合資經

營合同，以收購百靈信息科技有限公司（「百

靈」）之 40%權益。根據該項合資經營合同，

GCISL同意向三聯電子以現金支付款項

150,000,000港元（相等於人民幣 160,000,000

元），作為三聯電子向百靈注入若干知識產權

之代價。截至二零零四年十二月三十一日止，

GCISL已支付部分款項40,000,000港元（相等

於人民幣42,400,000元）。

於二零零五年四月二十八日，GCISL與三聯電

子及山東三聯集團有限責任公司（「三聯集

團」）訂立一項協議。根據此項協議，GCISL同

意向三聯電子支付29,000,000港元（相等於人

民幣30,000,000元），而三聯電子豁免GCISL所

欠之餘款 81,000,000港元（相等於人民幣

87,600,000元）（即全數清償GCISL根據原合資

經營合同之付款責任）。



6.6.6.6.6. GAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLEGAIN ON WAIVER OF A PAYABLE (continued)

In addition, as consideration for Sanlian Electronics’

agreement to settle the outstanding amount owed by

GCISL, it was agreed that GCISL would procure a loan

to Sanlian Group in the amount of HK$57 million

(equivalent to RMB60 million) for a term of one year.

The loan is interest-free for the first six months and will

be interest-bearing at 3% per annum until repayment on

28 April 2006. The loan is secured by a share charge

over Sanlian Group’s and Sanlian Electronics’ interests of

approximately 79.1% in aggregate in the registered capital

of Shandong Economic Observer Press Co., Ltd..

The directors consider that the loan granted to Sanlian

Group is an integral part of the settlement arrangement

with Sanlian Electronics and the recoverability of the

loan receivable is uncertain. Accordingly, the net gain on

the waiver of the amount payable to Sanlian Electronics

of HK$24 million was calculated net of a full provision

against the loan granted to Sanlian Group.

7.7.7.7.7. GAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATED

SUBSIDIARYSUBSIDIARYSUBSIDIARYSUBSIDIARYSUBSIDIARY

In 2000, the Group entered into an agreement with an

independent third party (the “Vendors”) to acquire an

equity investment of 70% interest in a company whose

sole asset was a 50% equity interest in a sino-foreign

equity joint venture in the People’s Republic of China

(the “PRC”). The Group had paid HK$18 million of the

total consideration of HK$36 million and the remaining

HK$18 million had been included in other payables and

accruals. The Group had not consolidated this investment

as it was unable to participate in the management of the

joint venture and the Vendors also failed to honour

certain obligations. Full provision of HK$36 million was

made against the Group’s interest in prior years.

6. 豁免一筆應付款項之收益（續）

此外，作為三聯電子清償GCISL所欠之未償金

額之代價，GCISL同意向三聯集團批出一筆為

期一年之貸款57,000,000港元（相等於人民幣

60,000,000元）。該筆貸款於首六個月為免息，

並於二零零六年四月二十八日償還前將以年息

率3厘計息。該筆貸款乃由一項以三聯集團及三

聯電子合共佔山東經濟觀察報報業有限公司註

冊資本中約79.1%權益之股份抵押所擔保。

董事認為，該筆向三聯集團批出之貸款構成與

三聯電子訂立之清償協議之不可分割的一部

分，而現時未能確定是否可收回該筆應收貸

款。因此，豁免應付三聯電子款項之淨收益

24,000,000港元在計算時已扣除本集團向三聯

集團批出之貸款之撥備。

7. 出售一間未有作合併賬處理之附屬公司之收益

於二零零零年，本集團與一名獨立第三方

﹙「賣方」﹚訂立協議，購入一項股本投資，即

於一間公司之70%權益，而該公司之唯一資產

為其於中華人民共和國﹙「中國」﹚一間中外

合資企業之 50%股權。本集團已支付總代價

36,000,000港元中之 18,000,000港元，而餘下

18,000,000港元則已計入其他應付款項及應計

款項。由於本集團未能參與合資公司之管理

層，而賣方亦未能履行若干責任，故本集團並

未將此項投資作合併入賬處理。有關本集團之

權益已於過往年度作悉數撥備，金額為

36,000,000港元。




7.7.7.7.7. GAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATEDGAIN ON DISPOSAL OF AN UNCONSOLIDATED

SUBSIDIARYSUBSIDIARYSUBSIDIARYSUBSIDIARYSUBSIDIARY (continued)

During the year ended 31 December 2004, the Group

sold the investment to the Vendors for an aggregate

consideration of HK$400,000 and the unpaid HK$18

million of the original purchase consideration was waived

by the Vendors which was written back to the income

statement and included in the gain on disposal of

HK$18,400,000 in the prior year.

8.8.8.8.8. FINANCE COSTSFINANCE COSTSFINANCE COSTSFINANCE COSTSFINANCE COSTS

GroupGroupGroupGroupGroup

本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Interest on a bank loan and 須於五年內悉數償還的銀行

overdrafts wholly repayable 貸款及透支利息

within five years 669669669669669 637

Interest on other loans wholly 須於五年內悉數償還之

repayable within five years 其他貸款之利息 2,1742,1742,1742,1742,174 –

Interest on finance leases 融資租賃利息 110110110110110 127

2,9532,9532,9532,9532,953 764

7. 出售一間未有作合併賬處理之附屬公司之收益（續）

截至二零零四年十二月三十一日止年度，本集

團以總代價400,000港元向賣方出售投資，而原

購買代價之未付款項 18,000,000港元已獲賣方

豁免，並已撥回收益表，且於去年計入為出售

收益，金額為 18,400,000港元。

8. 融資成本



9.9.9.9.9. PROFIT BEFORE TAXPROFIT BEFORE TAXPROFIT BEFORE TAXPROFIT BEFORE TAXPROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging/

(crediting):

20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Depreciation 折舊 16 40,60240,60240,60240,60240,602 40,442

Revaluation deficit/(surplus) 物業重估虧絀／

on properties: （盈餘）：

Land and buildings 土地及樓宇 16 (816(816(816(816(816))))) (19,921)

Investment properties 投資物業 17 (25(25(25(25(25))))) 1,443

Amortisation of intangible assets* 攤銷無形資產 * 18 1,1691,1691,1691,1691,169 1,162

Amortisation of goodwill* 攤銷商譽 * 19 ––––– 2,937

Negative goodwill recognised 年內確認為收益之

as income during the year** 負商譽 ** 19 ––––– (6,028)

Auditors’ remuneration: 核數師酬金：

Current year 本年度 3,3303,3303,3303,3303,330 3,096

Underprovision in prior years 過往年度撥備不足 7575757575 75

3,4053,4053,4053,4053,405 3,171

Minimum leases payments 根據經營租賃而支付之

under operating leases: 最低租賃項：

Land and buildings 土地及樓宇 12,27212,27212,27212,27212,272 13,220

Other equipment 其他設備 3535353535 23

12,30712,30712,30712,30712,307 13,243

Employee benefits expense 僱員福利支出

(including directors’ （包括董事酬金）

remuneration (note 10)) （附註 10）

Wages, salaries, allowances and 工資、薪酬、津貼及

benefits in kind 其他福利 533,179533,179533,179533,179533,179 478,182

Equity-settled share option expenses 股本結算購股權開支 4,2874,2874,2874,2874,287 3,925

Retirement benefits 退休福利計劃供款

schemes contributions 18,85318,85318,85318,85318,853 17,263

Less: Forfeited contributions 減：沒收之供款 (603(603(603(603(603))))) (986)

Net retirement benefits 退休福利計劃

schemes contributions*** 供款淨額 *** 18,25018,25018,25018,25018,250 16,277

Total staff costs 員工成本總額 555,716555,716555,716555,716555,716 498,384

9. 除稅前溢利

本集團之除稅前溢利已扣除／（計入）下列各

項：




Foreign exchange differences, net 外幣匯兌差額淨額 2,395 (1,559)

Loss on disposal of items of property, 出售物業、廠房及

plant and equipment 設備之虧損 516 800

Write-off of intangible assets 撇銷無形資產 445 –

Net fair value losses on derivative 衍生工具 – 不符合

instruments –transactions not 對沖之交易之

qualifying as hedges 公平價值虧損淨額 1,673 –

Loss on disposal of available-for-sale 出售可供出售投資虧損

investments 1,969 –

Impairment of available-for-sale 可供出售投資減值

investments 23 2,633 2,500

Provisions for bad and doubtful debts 呆壞賬撥備 7,871 3,826

Provision/(write-back of provision) for 長期服務金撥備／

long service payments, net （撥回）淨額 33 (152) 2,742

Gross rental income 租金收入總額 (5,429) (5,987)

Less: outgoings 減：開支 2,037 2,906

Net rental income 租金收入淨額 (3,392) (3,081)

20052005200520052005 2004


Notes (Restated)


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

9.9.9.9.9. PROFIT BEFORE TAXPROFIT BEFORE TAXPROFIT BEFORE TAXPROFIT BEFORE TAXPROFIT BEFORE TAX (continued)

* The amortisation of goodwill and intangible assets for the year

are included in “Other expenses” on the face of the consolidated

income statement.

** The negative goodwill recognised as income in the consolidated

income statement for the year is included in “Other income and

gains” on the face of the consolidated income statement.

*** At 31 December 2005, forfeited contributions available to the

Group to reduce its contributions to a retirement benefits scheme

in future years amounted to approximately HK$56,000 (2004:

HK$104,000).

9. 除稅前溢利（續）

* 年內商譽及無形資產攤銷計入綜合收益表內「其他

開支」內。

** 年內在綜合收益表確認為收入之負商譽，計入綜合收

益表內「其他收入及收益」內。

*** 於二零零五年十二月三十一日，可供本集團於扣減未

來年度退休福利計劃供款之沒收供款額為約56,000

港元（二零零四年：104,000港元)。



10.10.10.10.10. DIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATION

Directors’ remuneration for the year, disclosed pursuant

to the Rules Governing the Listing of Securities on The

Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) and Section 161 of the Companies Ordinance,

is as follows:


本集團

20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Fees 袍金 708708708708708 510

Other emoluments: 其他酬金：

Salaries, allowances and benefits in kind 薪金、津貼及其他福利 24,27724,27724,27724,27724,277 25,031

Discretionary bonuses 酌情花紅 2,7492,7492,7492,7492,749 574

Employee share option benefits 僱員購股權福利 2,1782,1782,1782,1782,178 1,678

Retirement benefits schemes contributions 退休福利計劃供款 8383838383 98

29,28729,28729,28729,28729,287 27,381

29,99529,99529,99529,99529,995 27,891

During the year, certain directors were granted share

options, in respect of their services to the Group, under

the share option scheme of the Company, further details

of which are set out in note 36 to the financial statements.

The fair value of such options, which has been amortsied

to the income statement, was determined as at the date

of the grant and was included in the above directors’

remuneration disclosures.

10. 董事酬金

以下是根據香港聯合交易所之有限公司（「聯

交所」）證券上市規則（「上市規則」）及公司條

例第 161條披露之年內董事酬金：

年內，若干董事根據本公司購股權計劃就其對

本集團提供之服務而獲授購股權，詳情載於財

務報表附註36。該等已在收益表中攤銷之購股

權之公平價值，乃於授出日期釐訂，並計入上

述董事酬金披露資料中。




10.10.10.10.10. DIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATION (continued)

(a)(a)(a)(a)(a) Independent non-executive directorsIndependent non-executive directorsIndependent non-executive directorsIndependent non-executive directorsIndependent non-executive directors

The fees paid to independent non-executive

directors during the year were as follows:

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Mr. Timothy David Dattels Timothy David DATTELS先生 8080808080 80

Ms. Ho Chiu King, Pansy Catilina 何超瓊女士 150150150150150 120

Mr. King Richard Yun Zing 金元成先生 168168168168168 –

Mr. Lee Cho Jat 李祖澤先生 9090909090 –

Dr. Tong Yuk Lun, Paul 唐玉麟博士 6060606060 150

Mr. Tung Chee Chen 董建成先生 8080808080 80

628628628628628 430

There were no other emoluments payable to the

independent non-executive directors during the

year (2004: Nil).

10. 董事酬金（續）

(a) 獨立非執行董事

年內向獨立非執行董事支付之袍金如下：

年內，並無向獨立非執行董事支付其他酬金

（二零零四年：無)。



10.10.10.10.10. DIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATION (continued)

(b)(b)(b)(b)(b) Executive directors and a non-executive directorExecutive directors and a non-executive directorExecutive directors and a non-executive directorExecutive directors and a non-executive directorExecutive directors and a non-executive director

Salaries,Salaries,Salaries,Salaries,Salaries, RetirementRetirementRetirementRetirementRetirementallowancesallowancesallowancesallowancesallowances EmployeeEmployeeEmployeeEmployeeEmployee benefitsbenefitsbenefitsbenefitsbenefits

and benefitsand benefitsand benefitsand benefitsand benefits DiscretionaryDiscretionaryDiscretionaryDiscretionaryDiscretionary share optionshare optionshare optionshare optionshare option schemesschemesschemesschemesschemes TotalTotalTotalTotalTotalFeesFeesFeesFeesFees in kindin kindin kindin kindin kind bonusesbonusesbonusesbonusesbonuses benefitsbenefitsbenefitsbenefitsbenefits contributionscontributionscontributionscontributionscontributions remunerationremunerationremunerationremunerationremuneration

薪酬、津貼及僱員退休福利袍金其他福利酌情花紅購股權福利計劃供款酬金總計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元千港元

20052005200520052005 二零零五年Executive directors: 執行董事：Mr. Ho Tsu Kwok, Charles 何柱國先生 ––––– 5,8005,8005,8005,8005,800 483483483483483 ––––– 1212121212 6,2956,2956,2956,2956,295Mr. Jia Hongping 賈紅平先生 ––––– 693693693693693 115115115115115 4747474747 ––––– 855855855855855Mr. Jim Sui Hing 詹瑞慶先生 ––––– 2,4602,4602,4602,4602,460 487487487487487 565565565565565 1212121212 3,5243,5243,5243,5243,524Mr. Lai Ting Yiu 黎廷瑤先生 ––––– 2,4002,4002,4002,4002,400 200200200200200 364364364364364 1212121212 2,9762,9762,9762,9762,976Mr. Lau Chung Man, Louis 劉仲文先生 ––––– 1,3371,3371,3371,3371,337 183183183183183 166166166166166 88888 1,6941,6941,6941,6941,694Mr. Lo Wing Hung 盧永雄先生 ––––– 5,5535,5535,5535,5535,553 528528528528528 998998998998998 1212121212 7,0917,0917,0917,0917,091Mrs. Sy Wong Chor Fong 施黃楚芳女士 ––––– 1,6861,6861,6861,6861,686 453453453453453 ––––– 77777 2,1462,1462,1462,1462,146Mr. Wong Wai Ming 黃偉明先生 ––––– 2,5482,5482,5482,5482,548 ––––– ––––– 88888 2,5562,5562,5562,5562,556Mr. Yang Yiu Chong, Ronald Jeffrey 楊耀宗先生 ––––– 1,8001,8001,8001,8001,800 300300300300300 3838383838 1212121212 2,1502,1502,1502,1502,150

––––– 24,27724,27724,27724,27724,277 2,7492,7492,7492,7492,749 2,1782,1782,1782,1782,178 8383838383 29,28729,28729,28729,28729,287Non-executive director: 非執行董事：Mr. Leung Chun Ying 梁振英先生 8080808080 ––––– ––––– ––––– ––––– 8080808080

8080808080 24,27724,27724,27724,27724,277 2,7492,7492,7492,7492,749 2,1782,1782,1782,1782,178 8383838383 29,36729,36729,36729,36729,367

2004 二零零四年Executive directors: 執行董事：Mr. Ho Tsu Kwok, Charles 何柱國先生 – 5,800 – – 12 5,812Mr. Ho Kwok Fai 何國輝先生 – 408 – – 2 410Mr. Jia Hongping 賈紅平先生 – 691 – 47 – 738Mr. Jim Sui Hing 詹瑞慶先生 – 2,396 574 567 12 3,549Mr. Lai Ting Yiu 黎廷瑤先生 – 2,270 – 365 12 2,647Mr. Lo Wing Hung 盧永雄先生 – 3,783 – 661 12 4,456Mrs. Sy Wong Chor Fong 施黃楚芳女士 – 1,729 – – 12 1,741Mr. Wong Wai Ming 黃偉明先生 – 6,330 – – 24 6,354Mr. Yang Yiu Chong, Ronald Jeffrey 楊耀宗先生 – 1,624 – 38 12 1,674

– 25,031 574 1,678 98 27,381Non-executive director: 非執行董事：Mr. Leung Chun Ying 梁振英先生 80 – – – – 80

80 25,031 574 1,678 98 27,461

During the year ended 31 December 2005, there

was no arrangement under which a director waived

or agreed to waive any remuneration. For the year

ended 31 December 2004, Mr. King Richard Yun

Zing waived emoluments of HK$120,000.

10. 董事酬金（續）

(b) 執行董事及非執行董事

截至二零零五年十二月三十一日止年度，並無

有關董事放棄或同意放棄任何酬金之安排。截

至二零零四年十二月三十一日止年度，金元成

先生放棄酬金 120,000港元。




11.11.11.11.11. FIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEES

The five highest paid employees during the year included

two (2004: four) directors, details of whose remuneration

are set out in note 10 above. Details of the remuneration

of the remaining three (2004: one) non-director, highest

paid employees for the year are as follows:


本集團

20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Salaries, allowances, bonuses and 薪金、津貼、花紅及

benefits in kind 其他福利 11,05311,05311,05311,05311,053 4,434

Discretionary bonuses 酌情花紅 533533533533533 –

Employee share option benefits 僱員購股權福利 1,0151,0151,0151,0151,015 275

Retirement benefits schemes contributions 退休福利計劃供款 3636363636 12

12,63712,63712,63712,63712,637 4,721

The number of non-director, highest paid employees

whose remuneration fell within the following bands is as

follows:

Number of employeesNumber of employeesNumber of employeesNumber of employeesNumber of employees

僱員人數

20052005200520052005 2004


(Restated)

（經重列）

HK$3,500,001 to HK$4,000,000 3,500,001港元至4,000,000港元 11111 –

HK$4,000,001 to HK$4,500,000 4,000,001港元至4,500,000港元 11111 –

HK$4,500,001 to HK$5,000,000 4,500,001港元至5,000,000港元 11111 1

33333 1

11. 五位最高薪僱員

年內五位最高薪僱員包括兩位董事（二零零四

年：四位），彼等之酬金詳情已於上文附註10披

露。年內餘下三位最高薪非董事僱員（二零零

四年：一位）之酬金詳情如下：

其酬金屬以下類別之非董事最高薪酬之非董事

人數如下：



11.11.11.11.11. FIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEESFIVE HIGHEST PAID EMPLOYEES (continued)

During the year, share options were granted to the non-

director, highest paid employees in respect of their

services to the Group, further details of which are

included in the disclosures in note 36 to the f inancial

statements. The fair value of such options, which has

been charged to the income statement, was determined

as at the date of the grant and was included in the above

non-director, highest paid employees’ remuneration

disclosures.

For the year ended 31 December 2004, 4,000,000 share

options were granted to a non-director, highest paid

employee in respect of his service to the Group, further

details of which are included in the disclosures in note

36 to the f inancial statements. The fair value of such

options, which has been charged to the income statement,

was determined as at the date of the grant and was

included in the above non-director, highest paid

employees’ remuneration disclosures.

11. 五位最高薪僱員（續）

年內，若干非董事最高薪酬僱員就其對本集團

提供之服務而獲授購股權，詳情載於財務報表

附註36。該等已在收益表中攤銷之購股權之公

平價值，乃於授出日期釐訂，並計入上述非董

事最高薪酬僱員酬金披露資料中。

截至二零零四年十二月三十一日止年度內，本

集團就一名非董事最高薪僱員提供之服務向其

授予4,000,000份購股權，詳情載於財務報表附

註36之披露資料。該等已在收益表中攤銷之購

股權之公平價值，乃於授出日期釐訂，並計入

上述非董事最高薪酬僱員酬金披露資料中。




12.12.12.12.12. TAXTAXTAXTAXTAX

Hong Kong profits tax has been provided at the rate of

17.5% (2004: 17.5%) on the estimated assessable profits

arising in Hong Kong during the year. Taxes on profits

assessable elsewhere have been calculated at the rates of

tax prevailing in the countries in which the Group

operates, based on existing legislation, interpretations

and practices in respect thereof.

20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Group:Group:Group:Group:Group: 本集團：

Current: 即期：

Charge for the year: 年內支出：

The People’s Republic of China: 中華人民共和國：

Hong Kong 香港 5,2505,2505,2505,2505,250 3,882

Elsewhere 其他地區 4444444444 3

Elsewhere 其他地區 12,55812,55812,55812,55812,558 4,902

Overprovision in prior years 過往年度超額撥備 (5,163(5,163(5,163(5,163(5,163))))) (7,574)

Deferred (note 34) 遞延（附註34） (19,571(19,571(19,571(19,571(19,571))))) 3,314

Total tax charge/(credit) for the year 年內稅項開支／（抵免）總額 (6,882(6,882(6,882(6,882(6,882))))) 4,527

12. 稅項

香港利得稅乃按期內於香港產生之估計應課稅

溢利以17.5%（二零零四年：17.5%）稅率撥備。於

其他地區之應課稅溢利之稅項乃按本集團有業

務經營之國家之現行稅率，並按當地現行法

例、詮釋及慣例計算。



12.12.12.12.12. TAXTAXTAXTAXTAX (continued)

A reconciliation of the tax expense applicable to profit

before tax using the statutory rates for the countries in

which the Company and the majority of its subsidiaries

are domiciled, to the tax expense at the effective tax

rates, and a reconciliation of the applicable rates (i.e.,

the statutory tax rates) to the effective tax rates, are as

follows:

Australia,Australia,Australia,Australia,Australia,

New ZealandNew ZealandNew ZealandNew ZealandNew Zealand

Hong KongHong KongHong KongHong KongHong Kong Mainland ChinaMainland ChinaMainland ChinaMainland ChinaMainland China North AmericaNorth AmericaNorth AmericaNorth AmericaNorth America and Europeand Europeand Europeand Europeand Europe TotalTotalTotalTotalTotal

香港中國內地北美澳洲、新西蘭及歐洲總計

HK$’000 % HK$’000 % HK$’000 % HK$’000 % HK$’000 %

千港元 % 千港元 % 千港元 % 千港元 % 千港元 %

Group – 2005Group – 2005Group – 2005Group – 2005Group – 2005 本集團－二零零五年

Profit/(loss) before tax 除稅前溢利／（虧損） 224,701224,701224,701224,701224,701 (32,549(32,549(32,549(32,549(32,549))))) 18,96518,96518,96518,96518,965 2,7742,7742,7742,7742,774 213,891213,891213,891213,891213,891

Tax at the statutory tax rate 按法定稅率計算之稅項 39,32339,32339,32339,32339,323 17.517.517.517.517.5 (10,741(10,741(10,741(10,741(10,741))))) 33.033.033.033.033.0 7,1727,1727,1727,1727,172 37.837.837.837.837.8 831831831831831 30.030.030.030.030.0 36,58536,58536,58536,58536,585 17.117.117.117.117.1

Adjustments in respect of 以往期間之當期

current tax of 稅項調整

previous periods (131(131(131(131(131))))) (0.1(0.1(0.1(0.1(0.1))))) ––––– ––––– (4,392(4,392(4,392(4,392(4,392))))) (23.2(23.2(23.2(23.2(23.2))))) (639(639(639(639(639))))) (23.0(23.0(23.0(23.0(23.0))))) (5,162(5,162(5,162(5,162(5,162))))) (2.4(2.4(2.4(2.4(2.4)))))

Profits and losses 共同控制公司及

attributable to 聯營公司應佔損益

jointly-controlled

entities and associates ––––– ––––– 8,8258,8258,8258,8258,825 (27.1(27.1(27.1(27.1(27.1))))) (6,147(6,147(6,147(6,147(6,147))))) (32.4(32.4(32.4(32.4(32.4))))) ––––– ––––– 2,6782,6782,6782,6782,678 1.31.31.31.31.3

Income not subject to tax 毋須納稅之收入 (61,889(61,889(61,889(61,889(61,889))))) (27.5(27.5(27.5(27.5(27.5))))) (164(164(164(164(164))))) 0.50.50.50.50.5 (565(565(565(565(565))))) (3.0(3.0(3.0(3.0(3.0))))) ––––– ––––– (62,618(62,618(62,618(62,618(62,618))))) (29.3(29.3(29.3(29.3(29.3)))))

Expenses not deductible for tax 不可扣稅之開支 25,21325,21325,21325,21325,213 11.211.211.211.211.2 2,1232,1232,1232,1232,123 (6.5(6.5(6.5(6.5(6.5))))) 8,8168,8168,8168,8168,816 46.546.546.546.546.5 2,5092,5092,5092,5092,509 90.490.490.490.490.4 38,66138,66138,66138,66138,661 18.118.118.118.118.1

Tax losses utilised from 運用以往期間之

previous periods 稅務虧損 (23,812(23,812(23,812(23,812(23,812))))) (10.6(10.6(10.6(10.6(10.6))))) ––––– ––––– ––––– ––––– ––––– ––––– (23,812(23,812(23,812(23,812(23,812))))) (11.1(11.1(11.1(11.1(11.1)))))

Tax losses not recognised 並無確認之稅務虧損 6,0036,0036,0036,0036,003 2.72.72.72.72.7 ––––– ––––– ––––– ––––– ––––– ––––– 6,0036,0036,0036,0036,003 2.82.82.82.82.8

Temporary differences not 並無確認之臨時性差額

recognised 783783783783783 0.30.30.30.30.3 ––––– ––––– ––––– ––––– ––––– ––––– 783783783783783 0.40.40.40.40.4

Tax charge/(credit) at 按本集團實際

the Group’s effective rate 稅率計算之稅項／

（抵免） (14,510(14,510(14,510(14,510(14,510))))) (6.5(6.5(6.5(6.5(6.5))))) 4343434343 (0.1(0.1(0.1(0.1(0.1))))) 4,8844,8844,8844,8844,884 25.725.725.725.725.7 2,7012,7012,7012,7012,701 97.497.497.497.497.4 (6,882(6,882(6,882(6,882(6,882))))) (3.1(3.1(3.1(3.1(3.1)))))

12. 稅項（續）

按本公司及其大部份附屬公司註冊成立國家之

法定稅率計算適用於除稅前溢利之稅項開支，

與實際稅率計算之稅項開支之對賬，以及適用

稅率（即法定稅率）與實際稅率之對賬如下：




Group – 2004 本集團－二零零四年

Profit/(loss) before tax 除稅前溢利／（虧損） (3,352) (6,745) 10,550 4,225 4,678

Tax at the statutory tax rate 按法定稅率計算之稅項 (587) 17.5 (2,226) 33.0 3,541 33.6 1,268 30.0 1,996 42.7

Adjustments in respect of 以往期間之當期

current tax of 稅項調整

previous periods (897) 26.8 – – (8,086) (76.6) 1,409 33.3 (7,574) (161.9)

Profits and losses attributable 共同控制公司及

to jointly-controlled 聯營公司應佔損益

entities and associates – – – – (4,534) (43.0) – – (4,534) (96.9)

Income not subject to tax 毋須納稅之收入 (7,134) 212.8 – – (3,314) (31.4) (29) (0.7) (10,477) (224.0)

Expenses not deductible 不可扣稅之開支

for tax 10,271 (306.4) 1,006 (14.9) 4,060 38.5 79 1.9 15,416 329.5

Tax losses utilised from 運用以往期間之

previous periods 稅務虧損 (6,136) 183.1 – – – – – – (6,136) (131.2)

Tax losses not recognised 並無確認之稅務虧損 10,228 (305.1) 1,223 (18.1) 4,274 40.5 – – 15,725 336.1

Temporary differences not 並無確認臨時差額

recognised 111 (3.3) – – – – – – 111 2.4

Tax charge/(credit) 按本集團實際稅率

at the Group’s 計算之稅項／

effective rate （抵免） 5,856 (174.6) 3 – (4,059) (38.4) 2,727 64.5 4,527 96.7

Australia,Australia,Australia,Australia,Australia,

New ZealandNew ZealandNew ZealandNew ZealandNew Zealand

Hong KongHong KongHong KongHong KongHong Kong Mainland ChinaMainland ChinaMainland ChinaMainland ChinaMainland China North AmericaNorth AmericaNorth AmericaNorth AmericaNorth America and Europeand Europeand Europeand Europeand Europe TotalTotalTotalTotalTotal

香港中國內地北美澳洲、新西蘭及歐洲總計

HK$’000 % HK$’000 % HK$’000 % HK$’000 % HK$’000 %

千港元 % 千港元 % 千港元 % 千港元 % 千港元 %

12.12.12.12.12. TAXTAXTAXTAXTAX (continued)

The share of tax attributable to jointly-controlled entities

amounting to HK$10,825,000 (2004: HK$7,888,000) is

included in “Share of profits and losses of associates and

jointly-controlled entities” on the face of the consolidated

income statement.

12. 稅項（續）

共同控制公司應佔稅項為10,825,000港元（二零

零四年：7,888,000港元），已計入綜合收益表內

「應佔聯營公司及共同控制公司溢利及虧損」

內。



13.13.13.13.13. NET PROFIT FROM ORDINARY ACTIVITIESNET PROFIT FROM ORDINARY ACTIVITIESNET PROFIT FROM ORDINARY ACTIVITIESNET PROFIT FROM ORDINARY ACTIVITIESNET PROFIT FROM ORDINARY ACTIVITIES

ATTRIBUTABLE TO EQUITY HOLDERS OF THEATTRIBUTABLE TO EQUITY HOLDERS OF THEATTRIBUTABLE TO EQUITY HOLDERS OF THEATTRIBUTABLE TO EQUITY HOLDERS OF THEATTRIBUTABLE TO EQUITY HOLDERS OF THE

COMPANYCOMPANYCOMPANYCOMPANYCOMPANY

The net profit from ordinary activities attributable to

equity holders of the Company for the year ended 31

December 2005 dealt with in the financial statements of

the Company, was HK$60,561,000 (2004: HK$10,484,000,

as restated) (note 37(b)).

14.14.14.14.14. DISTRIBUTIONDISTRIBUTIONDISTRIBUTIONDISTRIBUTIONDISTRIBUTION

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Interim – HK0.5 cents (2004: Nil) 中期：每股普通股0.5港仙

per ordinary share （二零零四年：無） 9,1739,1739,1739,1739,173 –

Proposed: 擬派：

Final dividend – HK0.5 cents (2004: Nil) 末期股息：每股普通股0.5港仙

per ordinary share （二零零四年：無） 8,8708,8708,8708,8708,870 –

Special final dividend – HK1.0 cent 特別末期股息：每股普通股 1.0港仙

(2004: Nil) per ordinary share （二零零四年：無） 17,74117,74117,74117,74117,741 –

26,61126,61126,61126,61126,611 –

The proposed final dividend and special final dividend

for the year is subject to the approval of the Company’s

shareholders at the forthcoming annual general meeting.

15.15.15.15.15. EARNINGS PER SHARE ATTRIBUTABLE TOEARNINGS PER SHARE ATTRIBUTABLE TOEARNINGS PER SHARE ATTRIBUTABLE TOEARNINGS PER SHARE ATTRIBUTABLE TOEARNINGS PER SHARE ATTRIBUTABLE TO

ORDINARY EQUITY HOLDERS OF THEORDINARY EQUITY HOLDERS OF THEORDINARY EQUITY HOLDERS OF THEORDINARY EQUITY HOLDERS OF THEORDINARY EQUITY HOLDERS OF THE

COMPANYCOMPANYCOMPANYCOMPANYCOMPANY

The calculation of basic earnings per share is based on

the net profit for the year attributable to ordinary equity

holders of the Company, and the weighted average

number of ordinary shares in issue during the year.

13. 股東應佔日常業務溢利淨額

於本公司財務報表中處理截至二零零五年十二

月三十一日止年度之股東應佔日常業務溢利淨

額為60,561,000港元（二零零四年：10,484,000港

元（經重列））（附註37(b)）。

14. 分派

本年度擬派發之末期股息及特別末期股息須待

本公司股東於即將舉行之股東週年大會上批准

方可作實。

15. 本公司普通權益持有人應佔每股盈利

每股基本盈利乃按年內本公司普通權益持有人

應佔純利及年內已發行普通股之加權平均數計

算。






COMPANYCOMPANYCOMPANYCOMPANYCOMPANY (continued)

The calculation of diluted earnings per share is based on

the net profit for the year attributable to ordinary equity

holders of the Company. The weighted average number

of ordinary shares used in the calculation is the ordinary

shares in issue during the year, as used in the basic

earnings per share calculation and the weighted average

number of ordinary shares assumed to have been issued

at no consideration on the deemed exercise or conversion

of all the dilutive potential ordinary shares into ordinary

shares.

The calculations of basic and diluted earnings per share

are based on:

20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

EarningsEarningsEarningsEarningsEarnings 盈利

Net profit attributable to ordinary 本公司普通權益持有人應佔純利

equity holders of the Company, 用作計算每股基本盈利

used in the basic earnings per

share calculation 220,773220,773220,773220,773220,773 776

15. 本公司普通權益持有人應佔每股盈利（續）

每股攤薄盈利乃按年內本公司普通權益持有人

應佔純利計算。用作計算普通股之加權平均數

為年內已發行之普通股數目（用於計算每股基

本溢利），以及假設所有潛在攤薄普通股已被

視作發行或兌換為普通股而視為以無償形式已

發行之普通股之加權平均數。

每股基本及攤薄盈利乃按下列基準計算：





COMPANYCOMPANYCOMPANYCOMPANYCOMPANY (continued)

Number of sharesNumber of sharesNumber of sharesNumber of sharesNumber of shares

股份數目

20052005200520052005 2004


SharesSharesSharesSharesShares 股份

Weighted average number of 年內已發行普通股加

ordinary shares in issue during the 權平均數用作計算

year used in the basic earnings 每股基本盈利

per share calculation 1,834,521,2661,834,521,2661,834,521,2661,834,521,2661,834,521,266 1,834,438,526

Effect of dilution 攤薄影響

– Weighted average number －普通股加權平均數：

of ordinary shares:

Share options 購股權 593,598593,598593,598593,598593,598 2,480,841

1,835,114,8641,835,114,8641,835,114,8641,835,114,8641,835,114,864 1,836,919,367

15. 本公司普通權益持有人應佔每股盈利（續）




16.16.16.16.16. PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT


Furniture,Furniture,Furniture,Furniture,Furniture,

ConstructionConstructionConstructionConstructionConstruction LeaseholdLeaseholdLeaseholdLeaseholdLeasehold fixturesfixturesfixturesfixturesfixtures

Land andLand andLand andLand andLand and ininininin improve-improve-improve-improve-improve- andandandandand MotorMotorMotorMotorMotor

buildingsbuildingsbuildingsbuildingsbuildings progressprogressprogressprogressprogress mentsmentsmentsmentsments equipmentequipmentequipmentequipmentequipment vehiclesvehiclesvehiclesvehiclesvehicles TotalTotalTotalTotalTotal

租賃傢俬、土地及樓宇在建工程物業裝修裝置及設備汽車合計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

千港元千港元千港元千港元千港元千港元

31 December 200531 December 200531 December 200531 December 200531 December 2005 於二零零五年十二月三十一日

Cost or valuation: 成本值或估值：

At 1 January 2005 於二零零五年一月一日 266,335 17,878 21,329 257,741 6,863 570,146

Additions 添置 – 10,288 11,733 54,715 2,300 79,036

Transfers 轉撥 28,166 (28,166 ) – – – –

Disposals 出售 (162,500 ) – (25,077 ) (58,690 ) (1,707 ) (247,974 )

Surplus on revaluation 重估盈餘 2,103 – – – – 2,103

Exchange realignment 匯兌調整 833 – (77 ) (713 ) (32 ) 11

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 134,937134,937134,937134,937134,937 ––––– 7,9087,9087,9087,9087,908 253,053253,053253,053253,053253,053 7,4247,4247,4247,4247,424 403,322403,322403,322403,322403,322

Analysis of cost or valuation: 成本值或估值分析：

At cost 按成本值 – – 7,908 253,053 7,424 268,385

At 31 December 2005 按二零零五年十二月

professional valuation 三十一日之專業估值 134,937 – – – – 134,937

134,937 – 7,908 253,053 7,424 403,322

Accumulated depreciation: 累計折舊：

At 1 January 2005 於二零零五年一月一日 – – 12,122 169,255 1,216 182,593

Provided during the year 年內撥備 6,992 – 6,442 24,592 2,576 40,602

Disposals 出售 (4,268 ) – (13,723 ) (46,223 ) (1,707 ) (65,921 )

Write-back on revaluation 重估撥回 (2,844 ) – – – – (2,844 )

Exchange realignment 匯兌調整 120 – (58 ) (535 ) (25 ) (498 )

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 ––––– ––––– 4,7834,7834,7834,7834,783 147,089147,089147,089147,089147,089 2,0602,0602,0602,0602,060 153,932153,932153,932153,932153,932

Net book value: 賬面淨值：

At 31 December 2005 於二零零五年十二月三十一日 134,937 – 3,125 105,964 5,364 249,390

16. 物業、廠房及設備

本集團



31 December 2004 於二零零四年十二月三十一日

Cost or valuation: 成本值或估值：

At 1 January 2004 於二零零四年一月一日 252,126 – 18,691 239,408 4,939 515,164

Additions 添置 – 17,878 2,795 24,920 3,696 49,289

Transfers 轉撥 (4,240 ) – – – – (4,240 )

Disposals 出售 – – (180 ) (7,173 ) (1,803 ) (9,156 )

Surplus 重估盈餘

on revaluation 15,837 – – – – 15,837

Exchange realignment 匯兌調整 2,612 – 23 586 31 3,252

At 31 December 2004 於二零零四年十二月三十一日 266,335 17,878 21,329 257,741 6,863 570,146

Analysis of cost or valuation: 成本值或估值分析：

At cost 按成本值 – 17,878 21,329 257,741 6,863 303,811

At 31 December 2004 按於二零零四年十二月

professional valuation 三十一日之專業估值 266,335 – – – – 266,335

266,335 17,878 21,329 257,741 6,863 570,146

Accumulated depreciation: 累計折舊：

At 1 January 2004 於二零零四年一月一日 – – 5,487 150,272 418 156,177

Provided during the year 年內撥備 6,737 – 6,755 24,519 2,431 40,442

Transfers 轉撥 (22 ) – – – – (22 )

Disposals 出售 – – (143 ) (5,946 ) (1,640 ) (7,729 )

Write-back on revaluation 重估撥回 (6,732 ) – – – – (6,732 )

Exchange realignment 匯兌調整 17 – 23 410 7 457

At 31 December 2004 於二零零四年十二月三十一日 – – 12,122 169,255 1,216 182,593


At 31 December 2004 於二零零四年十二月三十一日 266,335 17,878 9,207 88,486 5,647 387,553

Furniture,Furniture,Furniture,Furniture,Furniture,

ConstructionConstructionConstructionConstructionConstruction LeaseholdLeaseholdLeaseholdLeaseholdLeasehold fixturesfixturesfixturesfixturesfixtures

Land andLand andLand andLand andLand and ininininin improve-improve-improve-improve-improve- andandandandand MotorMotorMotorMotorMotor TotalTotalTotalTotalTotal

buildingsbuildingsbuildingsbuildingsbuildings progressprogressprogressprogressprogress mentsmentsmentsmentsments equipmentequipmentequipmentequipmentequipment vehiclesvehiclesvehiclesvehiclesvehicles (Restated)(Restated)(Restated)(Restated)(Restated)

租賃傢俬、（經重列）土地及樓宇在建工程物業裝修裝置及設備汽車合計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

千港元千港元千港元千港元千港元千港元

16.16.16.16.16. PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT (continued)


16. 物業、廠房及設備（續）

本集團





CompanyCompanyCompanyCompanyCompany

Furniture,Furniture,Furniture,Furniture,Furniture,Land andLand andLand andLand andLand and LeaseholdLeaseholdLeaseholdLeaseholdLeasehold fixtures andfixtures andfixtures andfixtures andfixtures and MotorMotorMotorMotorMotorbuildingsbuildingsbuildingsbuildingsbuildings improvementsimprovementsimprovementsimprovementsimprovements equipmentequipmentequipmentequipmentequipment vehiclesvehiclesvehiclesvehiclesvehicles TotalTotalTotalTotalTotal

傢俬、土地及樓宇租賃物業裝修裝置及設備汽車合計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元

31 December 200531 December 200531 December 200531 December 200531 December 2005 二零零五年十二月三十一日

Cost or valuation: 成本值或估值：At 1 January 2005 於二零零五年一月一日 9,070 1,861 302 1,314 12,547Additions 添置 – – 32 – 32Surplus on revaluation 重估盈餘 90 – – – 90

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 9,1609,1609,1609,1609,160 1,8611,8611,8611,8611,861 334334334334334 1,3141,3141,3141,3141,314 12,66912,66912,66912,66912,669

Analysis of cost or valuation: 成本值或估值分析：At cost 按成本值 – 1,861 334 1,314 3,509At 31 December 2005 按二零零五年十二月

professional valuation 三十一日之專業估值 9,160 – – – 9,160

9,160 1,861 334 1,314 12,669

Accumulated depreciation: 累計折舊：At 1 January 2005 於二零零五年一月一日 – 1,635 299 728 2,662Provided during the year 年內撥備 194 101 25 177 497Write-back on revaluation 重估撥回 (194) – – – (194)

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 ––––– 1,7361,7361,7361,7361,736 324324324324324 905905905905905 2,9652,9652,9652,9652,965

Net book value: 賬面淨值：At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 9,1609,1609,1609,1609,160 125125125125125 1010101010 409409409409409 9,7049,7049,7049,7049,704


Cost or valuation: 成本值或估值：At 1 January 2004 於二零零四年一月一日 8,340 1,596 280 1,308 11,524Additions 添置 – 265 22 6 293Surplus on revaluation 重估盈餘 730 – – – 730

At 31 December 2004 於二零零四年十二月三十一日 9,070 1,861 302 1,314 12,547

Analysis of cost or valuation: 成本值或估值分析：At cost 按成本值 – 1,861 302 1,314 3,477At 31 December 2004 按二零零四年十二月

professional valuation 三十一日之專業估值 9,070 – – – 9,070

9,070 1,861 302 1,314 12,547

Accumulated depreciation: 累計折舊：At 1 January 2004 於二零零四年一月一日 – 1,596 271 548 2,415Provided during the year 年內撥備 176 39 28 180 423Write-back on revaluation 重估撥回 (176) – – – (176)

At 31 December 2004 於二零零四年十二月三十一日 – 1,635 299 728 2,662

Net book value: 賬面淨值：At 31 December 2004 於二零零四年十二月三十一日 9,070 226 3 586 9,885


本公司




The net book value of the Group’s property, plant and

equipment held under finance leases and hire purchase

contracts included in the total amount of furniture,

fixtures and equipment at 31 December 2005 amounted

to HK$1,211,000 (2004: HK$1,781,000).

The land and buildings of the Group included above are

held under the following lease terms:

MainlandMainlandMainlandMainlandMainland

Hong KongHong KongHong KongHong KongHong Kong ChinaChinaChinaChinaChina ElsewhereElsewhereElsewhereElsewhereElsewhere TotalTotalTotalTotalTotal

香港中國內地其他地區合計

HK$’000 HK$’000 HK$’000 HK$’000


At valuation: 按估值：

Freehold 永久 – – 117,647 117,647

Long term leases 長期租賃 8,130 1,260 – 9,390

Medium term leases 中期租賃 7,900 – – 7,900

16,030 1,260 117,647 134,937

The land and buildings of the Company included above

are held under the following lease terms:

MainlandMainlandMainlandMainlandMainland

Hong KongHong KongHong KongHong KongHong Kong ChinaChinaChinaChinaChina TotalTotalTotalTotalTotal

香港中國內地合計

HK$’000 HK$’000 HK$’000

千港元千港元千港元

At valuation: 按估值：

Long term leases 長期租賃 – 1,260 1,260

Medium term leases 中期租賃 7,900 – 7,900

7,900 1,260 9,160

The Group’s and the Company’s land and buildings were

revalued individually at 31 December 2005 by Chung,

Chan & Associates, independent professionally qualified

valuers, at an aggregate value of HK$134,937,000 and

HK$9,160,000, respectively, on an open market value and

existing state basis.


計入於二零零五年十二月三十一日傢俬、裝置

及設備之總值，本集團根據財務租約及租購合

約持有之物業、廠房及設備賬面淨值為

1,211,000港元（二零零四：1,781,000港元）。

上述本集團之土地及樓宇按下列租賃年期持

有：

上述本公司之土地及樓宇按下列租賃年期持

有：

本集團與本公司之土地及樓宇已經於二零零五

年十二月三十一日由獨立專業合資格估值師衡

量行按公開市值及現況個別地估值為合共

134,937,000港元及9,160,000港元。





Revaluation surpluses of HK$4,131,000 and HK$816,000

resulting from the valuations on the Group’s land and

buildings, have been credited to the relevant asset

revaluation reserve and the consolidated income

statement (note 9), respectively. Revaluation deficit of

HK$26,000 and surplus of HK$310,000, resulting from

the valuations on the Company’s land and buildings, have

been debited to the Company’s asset revaluation reserve

(note 37(b)) and credited to the income statement,

respectively.

Had all the land and buildings of the Group and the

Company been carried at historical cost less accumulated

depreciation and impairment losses, the carrying

amounts would have been approximately HK$110,575,000

and HK$8,570,000, respectively.

In December 2005, the Group disposed of its interest in

a leasehold land and building to an independent third

party for a consideration of HK$370,000,000, resulting

in a gain on disposal of HK$185,830,000 as disclosed on

the face of the consolidated income statement. Upon

completion of the disposal, the Group entered into a

tenancy agreement with the purchaser to lease back the

property for a fixed term of nine months with an option

to the Group to renew the tenancy for a further term of

three, six or nine months at the sole discretion of the

Group after the expiration of the initial term. The future

minimum lease payments under the above lease-back

arrangement have been included in note 41(b) to the

financial statements.


由本集團土地及樓宇之估值產生之重估盈餘

4,131,000港元及816,000港元已分別計入本集團

有關資產重估儲備及綜合收益表（附註9）。由

本公司土地及樓宇估值產生之重估虧絀26,000

港元及盈餘310,000港元已分別在本公司之資

產重估儲備扣除（附註37(b)）及計入收益表。

倘本集團與本公司之土地及樓宇均按歷史成本

值減累計折舊及減值虧損列賬，賬面值分別約

為 110,575,000港元及8,570,000港元。

二零零五年十二月，本集團以代價370,000,000

港元向獨立第三方出售其於租賃土地及樓宇之

權益，出現綜合收益表所披露之出售收益

185,830,000港元。完成出售後，本集團與買方訂

立租賃協議租回物業，為期九個月，而本集團

可於初步租賃期屆滿後，酌情續訂協議，為期

三個月、六個月或九個月。上述租回安排之未

來最低租金付款已計入財務報表附註41(b)。



17.17.17.17.17. INVESTMENT PROPERTIESINVESTMENT PROPERTIESINVESTMENT PROPERTIESINVESTMENT PROPERTIESINVESTMENT PROPERTIES


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Carrying amount at 1 January 於一月一日之賬面值 3,9953,9953,9953,9953,995 2,198

Disposals 出售 ––––– (978)

Net profit/(loss) from a fair value 公平價值調整溢利／

adjustment (note 9) （虧損）淨額（附註9） 2525252525 (1,443)

Transfer from owner-occupied property 自業主自用物業轉撥 ––––– 4,218

Carrying amount at 31 December 於十二月三十一日之賬面值 4,0204,0204,0204,0204,020 3,995

The Group’s investment properties are situated in Hong

Kong and are held under a long term lease.

The Group’s investment properties were revalued at 31

December 2005 by Chung, Chan & Associates ,

independent professionally qualif ied valuers, at an

aggregate value of HK$4,020,000, on an open market

value and existing state basis.

The investment properties are leased to third parties

under operating leases, further summary details of which

are included in note 41(a) to the financial statements.

Further particulars of the Group’s investment properties

are included on pages 197.

17. 投資物業

本集團之投資物業位於香港，乃根據長期租約

持有。

本集團之投資物業已經於二零零五年十二月三

十一日由獨立專業合資格估值師衡量行按公開

市值及現況估值為總值4,020,000港元。

根據經營租賃租予第三方之投資物業之進一步

主要詳情載於財務報表附註41(a)。

本集團之投資物業之進一步詳情載於本年報第

197頁。




18.18.18.18.18. OTHER INTANGIBLE ASSETSOTHER INTANGIBLE ASSETSOTHER INTANGIBLE ASSETSOTHER INTANGIBLE ASSETSOTHER INTANGIBLE ASSETS


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Cost: 成本值：

At 1 January 於一月一日 29,55029,55029,55029,55029,550 29,004

Additions 添置 ––––– 546

Write-off during the year 年內撇銷 (546(546(546(546(546))))) –

At 31 December 於十二月三十一日 29,00429,00429,00429,00429,004 29,550

Accumulated amortisation and impairment: 累計攤銷及減值：

At 1 January 於一月一日 9,6969,6969,6969,6969,696 8,534

Amortisation provided during the year 年內攤銷撥備 1,1691,1691,1691,1691,169 1,162

Write-off during the year 年內撇銷 (101(101(101(101(101))))) –




18. 其他無形資產



19.19.19.19.19. GOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILL


本集團NegativeNegativeNegativeNegativeNegative

GoodwillGoodwillGoodwillGoodwillGoodwill goodwillgoodwillgoodwillgoodwillgoodwill TotalTotalTotalTotalTotal商譽負商譽合計

HK$’000 HK$’000 HK$’000千港元千港元千港元

31 December 200531 December 200531 December 200531 December 200531 December 2005 二零零五年十二月三十一日

Cost: 成本值：At beginning of year 年初

As previously reported 如前呈列 15,34215,34215,34215,34215,342 (155,059(155,059(155,059(155,059(155,059))))) (139,717(139,717(139,717(139,717(139,717)))))Effect of adopting HKFRS 3 採納香港財務申報

(note 2.2(e)) 準則第3號之影響（附註2.2(e)） (15,342(15,342(15,342(15,342(15,342))))) 155,059155,059155,059155,059155,059 139,717139,717139,717139,717139,717

As restated 經重列 ––––– ––––– –––––

Accumulated recognition as income/ 累計確認為收入／(amortisation and impairment) : （攤銷及減值）At beginning of year 年初

As previously reported 如前呈列 (15,342(15,342(15,342(15,342(15,342))))) 30,46730,46730,46730,46730,467 15,12515,12515,12515,12515,125Effect of adopting HKFRS 3 採納香港財務申報準則

(note 2.2(e)) 第3號之影響（附註2.2(e)） 15,34215,34215,34215,34215,342 (30,467(30,467(30,467(30,467(30,467))))) (15,125(15,125(15,125(15,125(15,125)))))

As restated 經重列 ––––– ––––– –––––

Cost and net carrying amount: 成本及賬面淨值：At 31 December 2005 於二零零五年十二月三十一日 ––––– ––––– –––––


Cost: 成本值At beginning of year and 年初及於二零零四年

31 December 2004 十二月三十一日 15,342 (155,059) (139,717)

Accumulated recognition as income/ 累計確認為收入／(amortisation and impairment): （攤銷及減值）：

At beginning of year 年初 (12,405) 24,439 12,034Recognised as income/ 年內已確認為收入／

(amortisation provided) （撥備攤銷）during the year (2,937) 6,028 3,091

At 31 December 2004 於二零零四年十二月三十一日 (15,342) 30,467 15,125

Net carrying amount: 賬面淨值：At 31 December 2004 於二零零四年十二月三十一日 – (124,592) (124,592)

19. 商譽與負商譽




19.19.19.19.19. GOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILLGOODWILL AND NEGATIVE GOODWILL

(continued)

In 2004, goodwill not previously eliminated against the

consolidated reserves was amortised on the straight-line

basis over its estimated useful life of 1 to 10 years.

Negative goodwill not previously credited to the

consolidated reserves was recognised as income on the

straight-line basis over the remaining average useful life

of the acquired depreciable/amortisable assets.

As further detailed in note 2.2 to the financial statements,

the Group applied the transitional provisions of HKFRS

3 that permitted goodwill in respect of business

combinations which occurred prior to 2001, to remain

eliminated against the consolidated reserves.

The amount of negative goodwill remaining in the

consolidated capital reserve, arising from the acquisition

of subsidiaries prior to the adoption of SSAP 30 in 2001,

was HK$125,631,000 as at 31 December 2004. Upon the

adoption of HKFRS 3 on 1 January 2005, such negative

goodwill was derecognised with a corresponding

adjustment to the opening balance of retained profits.

19. 商譽與負商譽（續）

於二零零四年，之前未在綜合儲備撇銷之商

譽，在其估計一至十年可使用年期內以直線法

攤薄。之前未計入綜合儲備之負商譽，在所購

入可折舊／可攤銷資產之餘下可使用年期內，

以直線法確認為收入。

如財務報表註附2.2所詳述，本集團引用香港財

務申報準則第3號之過渡條文，其中容許在二零

零一年前進行業務合併產生之商譽，在綜合儲

備中撇銷。

因於二零零一年前採納香港會計實務準則第

30號收購附屬公司所產生並繼續在綜合資本儲

備中保留之負商譽金額，於二零零四年十二月

三十一日為 125,631,000港元。於二零零五年一

月一日採納香港財務申報準則第3號後，有關之

負商譽不再確認，並對保留溢利之期初結餘作

相應調整。



CompanyCompanyCompanyCompanyCompany

本公司

20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Unlisted shares, at cost 非上市股份，按成本值 110,150110,150110,150110,150110,150 115,258

Less: Provision for impairment 減：減值撥備 (105,150(105,150(105,150(105,150(105,150))))) (110,258)

5,0005,0005,0005,0005,000 5,000

Due from subsidiaries 應收附屬公司款項 1,144,3981,144,3981,144,3981,144,3981,144,398 1,425,701

Less: Provisions for amounts due 減：應收附屬公司款項撥備

from subsidiaries (323,720(323,720(323,720(323,720(323,720))))) (335,720)

820,678820,678820,678820,678820,678 1,089,981

Due to subsidiaries 應付附屬公司款項 (33,901(33,901(33,901(33,901(33,901))))) (359,049)

791,777791,777791,777791,777791,777 735,932

20.20.20.20.20. INTERESTS IN SUBSIDIARIESINTERESTS IN SUBSIDIARIESINTERESTS IN SUBSIDIARIESINTERESTS IN SUBSIDIARIESINTERESTS IN SUBSIDIARIES

The amounts due from/to subsidiaries are unsecured,

interest-free and have no fixed terms of repayment. The

carrying amounts of these amounts due from /to

subsidiaries approximate their fair values.

Particulars of the principal subsidiaries are set out in

note 46 to the financial statements.

20. 於附屬公司之權益

應收／應付附屬公司之款項屬無抵押、免息及

無固定還款期。應收／應付附屬公司之款項之

賬面值，與其公平價值相若。

主要附屬公司詳情載於附註46內。




21.21.21.21.21. INTERESTS IN JOINTLY-CONTROLLED ENTITIESINTERESTS IN JOINTLY-CONTROLLED ENTITIESINTERESTS IN JOINTLY-CONTROLLED ENTITIESINTERESTS IN JOINTLY-CONTROLLED ENTITIESINTERESTS IN JOINTLY-CONTROLLED ENTITIES


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Share of net assets 應佔資產淨值 176,268176,268176,268176,268176,268 194,011

Goodwill on acquisition 因收購產生之商譽 ––––– –

176,268176,268176,268176,268176,268 194,011

Due from jointly-controlled entities 應收共同控制公司款項 186,224186,224186,224186,224186,224 196,065

Due to a jointly-controlled entity 應付一間共同控制公司款項 (71(71(71(71(71))))) (1,170)

Less: Provisions for amounts due from 減：應收共同控制公司

jointly-controlled entities 款項之撥備 (94,243(94,243(94,243(94,243(94,243))))) (91,634)

268,178268,178268,178268,178268,178 297,272

21. 於共同控制公司之權益




(continued)

GoodwillGoodwillGoodwillGoodwillGoodwill


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Cost: 成本：

At beginning of year 年初

As previously reported 如前呈報 16,13016,13016,13016,13016,130 23,909

Effect of adopting HKFRS 3 (note 2.2(e)) 採納香港財務申報準則

第3號之影響（附註2.2(e)） (16,130(16,130(16,130(16,130(16,130))))) –

As restated 經重列 ––––– 23,909

Disposal 出售 ––––– (7,779)

At 31 December 於十二月三十一日 ––––– 16,130

Accumulated amortisation and impairment: 累計攤銷及減值：

At beginning of year 年初

As previously reported 如前呈報 (16,130(16,130(16,130(16,130(16,130))))) (20,020)

Effect of adopting HKFRS 3 (note 2.2(e)) 採納香港財務申報準則

第3號之影響（附註2.2(e)） 16,13016,13016,13016,13016,130 –

As restated 經重列 ––––– (20,020)

Amortisation provided for the year 年內提撥攤銷 ––––– (3,242)

Disposal 出售 ––––– 7,132

At 31 December 於十二月三十一日 ––––– (16,130)

Net carrying amount: 賬面淨值

At 31 December 於十二月三十一日 ––––– –

In 2004, goodwill not previously eliminated against the

consolidated reserves was amortised on the straight-line

basis over its estimated useful life of 1 to 10 years.

21. 於共同控制公司之權益（續）

商譽

於二零零四年，之前未在綜合儲備中撇銷之商

譽，已於其一至十年之估計可使用年期內，以

直線法攤銷。





(continued)

At 31 December 2005, the balances due from/to jointly-

controlled entities are unsecured, interest-free and have

no fixed terms of repayment. The carrying amounts of

these amounts approximate their fair values.

The Group’s trade payable balances due to jointly-

controlled entities are disclosed in note 28 to the financial

statements.

Particulars of the principal jointly-controlled entities,

which are held indirectly through subsidiaries, are as

follows:

PercentagePercentagePercentagePercentagePercentage

Place ofPlace ofPlace ofPlace ofPlace of of ownershipof ownershipof ownershipof ownershipof ownership

incorporation/incorporation/incorporation/incorporation/incorporation/ interestinterestinterestinterestinterest

BusinessBusinessBusinessBusinessBusiness registrationregistrationregistrationregistrationregistration attributableattributableattributableattributableattributable

NameNameNameNameName structurestructurestructurestructurestructure and operationsand operationsand operationsand operationsand operations to the Groupto the Groupto the Groupto the Groupto the Group Principal activitiesPrincipal activitiesPrincipal activitiesPrincipal activitiesPrincipal activities

註冊成立／本集團應佔

名稱業務架構登記及經營地點股本百分比主要業務

20052005200520052005 2004


Beelink Information Science Corporate PRC/ 4040404040 40 Provision of

& Technology Co., Ltd.# 企業 Mainland China technical support

百靈信息科技有限公司# 中國／中國內地 and consultancy

services for

Internet service

providers

為互聯網服務供應商

提供技術支援及

諮詢服務


於二零零五年十二月三十一日，應收／應付共

同控制公司款項為無抵押、免息及無固定還款

期。有關款項之賬面值與其公平價值相若。

本集團應付一間共同控制公司之應付賬款於財

務報表附註28披露。

本集團透過附屬公司間接持有之主要共同控制

公司之詳情如下：



北京新華電廣影視技術 Corporate PRC/Mainland 4949494949 49 Provision of

有限公司 # 企業 China consultancy

中國／中國內地 services on film

production and

sale of film

broadcasting

rights

為電影製作提供顧

問服務及銷售電影

播放權

北京新華在線信息技術 Corporate PRC/Mainland 5555555555 55 Provision of

有限公司 #* 企業 China value-added

中國／中國內地 PRC business

information

提供中國商業

增值資訊

Greater China Media Corporate PRC/Mainland 4949494949 49 Distribution of

Services Ltd. # 企業 China print-media

大華媒體服務有限中國／中國內地 publications in

責任公司 # Mainland China

中國內地平面媒體

印刷品之發行








20052005200520052005 2004



(continued)












20052005200520052005 2004



(continued)

北京大華弘景期刊發行 Corporate PRC/Mainland 24.9824.9824.9824.9824.98 24.98 Distribution of

有限責任公司 # 企業 China print-media

中國／中國內地 publications in

Mainland China


印刷品之發行

廣州如荼文化傳播 Corporate PRC/Mainland 12.7412.7412.7412.7412.74 12.74 Distribution of

有限公司 # 企業 China print-media

中國／中國內地 publications in

Mainland China


印刷品之發行

北京經華智業教育科技 Corporate PRC/Mainland 7070707070 70 Provision of

有限公司 #** 企業 China on-line and

中國／中國內地 off-line

corporate and

vocational

training and

related services

提供線上及非網上

企業及職業培訓

及相關服務




Premier Printing Group Limited Corporate Hong Kong 5050505050 50 Printing

出版之友印務集團有限公司企業香港印刷

Sing Tao Daily Limited Corporate Canada 2525252525 25 Newspaper publishing

企業加拿大報章製作

Sing Tao Newspapers Corporate Canada 5050505050 50 Newspaper publishing

(Canada 1988) Limited 企業加拿大報章製作








20052005200520052005 2004



(continued)

The above table lists the jointly-controlled entities of

the Group which, in the opinion of the directors,

principally affected the Group’s share of profits and losses

in jointly-controlled entities for the year. To give details

of all the Group’s jointly-controlled entities would, in

the opinion of the directors, result in particulars of

excessive length.

# Not audited by Ernst & Young Hong Kong or other Ernst &

Young International member firms.

* The joint venture agreement relating to the establishment of 北

京新華在線信息技術有限公司 stipulates that all resolutions of

its board of directors must be approved by two-third of its

members. As the Company is only entitled to appoint 4 members

out of 7 members of the board of directors, the joint venture has

been accounted for as a jointly-controlled entity.


董事認為上表列出之本集團共同控制公司，主

要影響本集團本年度所佔共同控制公司之溢利

及虧損。董事認為詳細交待本集團所有共同控

制公司之詳情會令篇幅過於冗長。

# 並非由安永會計師事務所或 Ernst & Young

International其他成員公司所審核。

* 有關成立北京新華在線信息技術有限公司之合營協

議訂明其董事會之全部決議案必須經由其三分二成

員批准。鑑於本公司只有權委任該董事會七名成員其

中四名成員，該合營企業已入賬列作共同控制公司。





(continued)

** The joint venture agreement relating to the establishment of 北

京經華智業教育科技有限公司 stipulates that all resolutions of

its board of directors must be approved by two-third of its

members. As the Company is only entitled to appoint 3 members

out of 5 members of the board of directors, the joint venture has

been accounted for as a jointly-controlled entity.

The following table sets out the summarised financial

information of the Group’s jointly-controlled entities:

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Share of the jointly-controlled entities’ 分佔共同控制公司之

assets and liabilities: 資產及負債：

Current assets 流動資產 161,984161,984161,984161,984161,984 144,390

Non-current assets 非流動資產 188,821188,821188,821188,821188,821 209,677

Current liabilities 流動負債 (124,783(124,783(124,783(124,783(124,783))))) (88,229)

Non-current liabilities 非流動負債 (49,754(49,754(49,754(49,754(49,754))))) (71,827)

Net assets 資產淨值 176,268176,268176,268176,268176,268 194,011

Share of the jointly-controlled 分佔共同控制公司之

entities’ results: 業績：

Turnover 營業額 298,531298,531298,531298,531298,531 244,123

Other revenue 其他收入 2,9432,9432,9432,9432,943 1,049

Total revenue 總收入 301,474301,474301,474301,474301,474 245,172

Total expenses 總開支 (301,216(301,216(301,216(301,216(301,216))))) (225,352)

Tax 稅項 (10,825(10,825(10,825(10,825(10,825))))) (7,888)

Profit/(loss) after tax 除稅後溢利／（虧損） (10,567(10,567(10,567(10,567(10,567))))) 11,932


** 有關成立北京經華智業教育科技有限公司之合營協

議訂明其董事會之全部決議案必須經由其三分二成

員批准。鑑於本公司只有權委任該董事會五名成員其

中三名成員，該合營企業已入賬列作共同控制公司。

本集團之共同控制公司之財務資料概述如下：



22.22.22.22.22. INTERESTS IN ASSOCIATESINTERESTS IN ASSOCIATESINTERESTS IN ASSOCIATESINTERESTS IN ASSOCIATESINTERESTS IN ASSOCIATES

GroupGroupGroupGroupGroup CompanyCompanyCompanyCompanyCompany

本集團本公司20052005200520052005 2004 20052005200520052005 2004

二零零五年二零零四年二零零五年二零零四年

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000


Unlisted shares, at cost 非上市股份，按成本值 ––––– – ––––– 8,979

Less: Provision for impairment 減：減值撥備 ––––– – ––––– (8,979)

––––– – ––––– –

Share of net assets 應佔資產淨值 3737373737 47 ––––– –

Due from an associate 應收聯營公司款項 1111111111 3 ––––– –

Due to an associate 應付一間聯營公司款項 (48(48(48(48(48))))) (51) ––––– –

––––– (1) ––––– –

The amounts due from/to associates are unsecured,

interest-free and have no fixed terms of repayment. The

carrying amounts of these amounts approximate their

fair values.

Particulars of the principal associate, which is held

indirectly through a subsidiary, are as follows:


of ownershipof ownershipof ownershipof ownershipof ownership

Nominal valueNominal valueNominal valueNominal valueNominal value Place ofPlace ofPlace ofPlace ofPlace of interestinterestinterestinterestinterest

of issuedof issuedof issuedof issuedof issued incorporationincorporationincorporationincorporationincorporation attributableattributableattributableattributableattributable

NameNameNameNameName share capitalshare capitalshare capitalshare capitalshare capital and operationand operationand operationand operationand operation to the Groupto the Groupto the Groupto the Groupto the Group Principal activityPrincipal activityPrincipal activityPrincipal activityPrincipal activity

註冊成立本集團應佔

名稱已發行股本面值及經營地點股本百分比主要業務

20052005200520052005 2004


Dragon Fly Assets Limited US$2 British Virgin 5050505050 50 Investment

ordinary shares Islands/ holding

2美元 Hong Kong 投資控股

普通股英屬處女群島／

香港

22. 於聯營公司之權益

應收／應付聯營公司之款項為無抵押、免息及

並無固定還款期。該等款項之賬面值與其公平

價值相若。

透過附屬公司間接持有之主要聯營公司之詳情

如下：

In the opinion of the directors, the above associate has

principally affected the Group’s share of profits and losses

in associates for the year. To give details of all the Group’s

associates would, in the opinion of the directors, result

in particulars of excessive length.

董事認為上表列出之聯營公司，主要影響本集

團本年度所佔聯營公司溢利及虧損。董事認

為，交待本集團所有聯營公司之詳情會令篇幅

過於冗長。




23.23.23.23.23. AVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONG

TERM INVESTMENTSTERM INVESTMENTSTERM INVESTMENTSTERM INVESTMENTSTERM INVESTMENTS


本集團

20052005200520052005 2004


(Restated)

（經重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Held-to-maturity securities: 持有至到期日證券：

Unlisted debt securities, 非上市債務證券，

at amortised cost 按已攤銷成本值 ––––– 23,105

Investment securities: 投資證券：

Listed equity securities in overseas, 於海外之上市股本證券

at fair value (2004: at cost) 按公平價值

（二零零四年：按成本值） 569569569569569 872

Unlisted equity securities, at cost 非上市股本投資，按成本值 12,66912,66912,66912,66912,669 12,669

Unlisted debt securities, at fair value 非上市債務證券按公平價值

(2004: at cost) （二零零四年：按成本值） 2,7862,7862,7862,7862,786 12,586

16,02416,02416,02416,02416,024 26,127

Less: Provision for impairment 減：減值撥備 (7,669(7,669(7,669(7,669(7,669))))) (7,488)

8,3558,3558,3558,3558,355 18,639

8,3558,3558,3558,3558,355 41,744

During the year, the impairment loss of the Group’s

available-for-sale unlisted equity investments recognised

in the income statement amounted to HK$2,633,000

(2004: HK$2,500,000).

The above investments consist of investments in equity

securities which were designated as available-for-sale

financial assets on 1 January 2005 and have no f ixed

maturity date or coupon rate.

23. 可供出售投資／長期投資

年內，在收益表中確認本集團可供出售非上市

股本投資之減值虧損為2,633,000港元（二零零

四年：2,500,000港元）。

上述投資包括於二零零五一月一日年定值為可

供出售金融資產且無固定到期日或票息率之股

本證券投資。上市股本證券之公平價值根據市

場報價而釐訂。



23.23.23.23.23. AVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONGAVAILABLE-FOR-SALE INVESTMENTS/LONG

TERM INVESTMENTSTERM INVESTMENTSTERM INVESTMENTSTERM INVESTMENTSTERM INVESTMENTS (continued)

The fair values of listed equity investments are based on

quoted market prices and the fair values of unlisted debt

securities are based on recent transaction prices. The

Group’s unlisted equity securities are stated at cost

because their fair values could not be reliably measured

as at the balance sheet date. The directors consider that

the fair value cannot be measured reliably as the

variability in the range of reasonable fair value estimates

is significant for these investments and the probabilities

of the various estimates cannot be reasonably assessed

and used in estimating the fair value.

24.24.24.24.24. INVENTORIESINVENTORIESINVENTORIESINVENTORIESINVENTORIES


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Raw materials 原材料 34,00934,00934,00934,00934,009 24,476

Work in progress 在製品 ––––– 885

Finished goods 製成品 3,7433,7433,7433,7433,743 5,966

Inventories held for resale 持作轉售之存貨 79,91379,91379,91379,91379,913 25,724

117,665117,665117,665117,665117,665 57,051

23. 可供出售投資／長期投資（續）

上市股本投資之公平價值按所報市價釐定，而

非上市債務證券之公平值則按近日交易價釐

定。本集團之非上市股本證券，因其公平價值

不能於結算日可靠地衡量而以成本列值。董事

認為公平價值不能可靠地衡量，因為合理公平

價值估計範圍之變動，對該等投資屬重大，而

多項估計之可能性，不能合理評估及用於估計

其公平價值。

24. 存貨




25.25.25.25.25. TRADE AND BILLS RECEIVABLESTRADE AND BILLS RECEIVABLESTRADE AND BILLS RECEIVABLESTRADE AND BILLS RECEIVABLESTRADE AND BILLS RECEIVABLES

The Group’s trading terms with its customers are mainly

on credit, except for new customers, where payment in

advance is normally required. The credit period is

generally for a period of one month, extending up to

three months for major customers. Each customer has a

maximum credit limit. The Group seeks to maintain strict

control over its outstanding receivables and has a credit

control department to minimise credit risk. Overdue

balances are reviewed regularly by senior management.

In view of the aforementioned and the fact that the

Group’s trade receivables relate to a large number of

diversi f ied customers , there is no s igni f icant

concentration of credit risk. Trade receivables are non-

interest-bearing.

An aged analysis of trade and bills receivables as at the

balance sheet date, based on the payment due date, is as

follows:


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Current to 30 days 即期至30天 197,808197,808197,808197,808197,808 170,206

31 to 60 days 31 至60 天 49,96749,96749,96749,96749,967 38,495

61 to 90 days 61 至90 天 30,29230,29230,29230,29230,292 21,670

91 to 120 days 91 至 120 天 14,77514,77514,77514,77514,775 7,164

Over 120 days 超過 120 天 30,05630,05630,05630,05630,056 17,400

322,898322,898322,898322,898322,898 254,935

Less: Provisions for bad and doubtful debts 減：呆壞賬撥備 (14,660(14,660(14,660(14,660(14,660))))) (10,982)

308,238308,238308,238308,238308,238 243,953

25. 應收賬款及票據

除了新客戶一般須提前付款外，本集團與其客

戶之貿易主要採取記賬形式進行，信貸期一般

為一個月，主要客戶可延長至三個月。各名客

戶均設有最高信貸額。本集團對其尚未清償應

收賬款維持嚴格控制，並設有信貸監控部門以

儘量減低信貸風險。高級管理層經常檢討逾期

未付之結餘。考慮到上述各項及本集團之應收

賬款乃與大量多元化客有關，故並無信貸風險

集中之情況。應收賬款為免息。

於結算日，按到期日分析之應收賬款及票據之

賬齡如下：



26.26.26.26.26. FINANCIAL ASSETS AT FAIR VALUE THROUGHFINANCIAL ASSETS AT FAIR VALUE THROUGHFINANCIAL ASSETS AT FAIR VALUE THROUGHFINANCIAL ASSETS AT FAIR VALUE THROUGHFINANCIAL ASSETS AT FAIR VALUE THROUGH

PROFIT OR LOSS/SHORT TERM INVESTMENTSPROFIT OR LOSS/SHORT TERM INVESTMENTSPROFIT OR LOSS/SHORT TERM INVESTMENTSPROFIT OR LOSS/SHORT TERM INVESTMENTSPROFIT OR LOSS/SHORT TERM INVESTMENTS


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Investment securities: 投資證券：

Listed equity securities, at market value: 上市股本證券，按市值：

Hong Kong 香港 189,763189,763189,763189,763189,763 42,198

Elsewhere 其他地方 16,91716,91716,91716,91716,917 4,621

Unlisted debt securities, at fair value 非上市債務證券，按公平價值 205,013205,013205,013205,013205,013 60,961

Currency-linked deposits, at fair value 貨幣掛漖存款，按公平價值 134,948134,948134,948134,948134,948 –

Commodities, at market value 商品，按市值 24,19624,19624,19624,19624,196 10,131

570,837570,837570,837570,837570,837 117,911

The above investments at 31 December 2005 were

classified as held for trading. The fair values of the above

unlisted debt securities and currency-linked deposits are

determined based on the quoted prices from investments

bankers.

26. 按公平值記入損益賬之財務資產／短期投資

於二零零五年十二月三十一日，上述投資分類

為持作買賣用途。上述非上市債務證券及貨幣

掛漖存款之公平值按投資銀行所報價格而釐

定。




27.27.27.27.27. CASH AND CASH EQUIVALENTS AND PLEDGEDCASH AND CASH EQUIVALENTS AND PLEDGEDCASH AND CASH EQUIVALENTS AND PLEDGEDCASH AND CASH EQUIVALENTS AND PLEDGEDCASH AND CASH EQUIVALENTS AND PLEDGED

DEPOSITSDEPOSITSDEPOSITSDEPOSITSDEPOSITS


本集團本公司

20052005200520052005 2004 20052005200520052005 2004




Cash and bank balances 現金及銀行結餘 222,298222,298222,298222,298222,298 106,175 436436436436436 1,021

Time deposits 定期存款 92,36292,36292,36292,36292,362 373,453 ––––– –

314,660314,660314,660314,660314,660 479,628 436436436436436 1,021

Less: Pledged deposits 減：抵押存款 (76,561(76,561(76,561(76,561(76,561))))) (41,729) ––––– –

Cash and cash equivalents 現金及現金等值項目 238,099238,099238,099238,099238,099 437,899 436436436436436 1,021

At the balance sheet date, the cash and bank balances of

the Group denominated in Renminbi (“RMB”) amounted

to HK$9,169,000 (2004: HK$13,520,000). The RMB is not

freely convertible into other currencies, however, under

Mainland China’s Foreign Exchange Control Regulations

and Administration of Settlement, Sale and Payment of

Foreign Exchange Regulations, the Group is permitted to

exchange RMB for other currencies through banks

authorised to conduct foreign exchange business.

The pledged time deposits were used to secure general

banking facilities granted to the Group (note 31) and a

jointly-controlled entity of the Group (note 43(b)).

Cash at banks earns interest at floating rates based on

daily bank deposit rates. Short term time deposits are

made for varying periods of between one day and three

months depending on the immediate cash requirements

of the Group, and earn interest at the respective short

term time deposit rates. The carrying amounts of the

cash and cash equivalents and the pledged deposits

approximate their fair values.

27. 現金及現金等值項目及抵押存款

於結算日，本集團以人民幣為單位之現金及銀

行結餘為 9,169,000港元（二零零四年：

13,520,000港元）。人民幣並不可自由兌換為其

他貨幣，然而，根據中國大陸之外匯管理條例

及結匯、售匯及付匯管理規定，本集團獲准可

透過獲授權進行外匯業務之銀行將人民幣兌換

為其他貨幣。

已抵押定期存款是用於抵押本集團（附註31）及

本集團一間共同控制公司獲授之一般銀行備用

額（附註43(b)）。

存於銀行之現金按每日銀行存款利率之浮息計

息。短期定期存款按本集團之即時現金所需，

定存一日至三個月不等，並按各自之短期存款

利率賺取利息。現金及現金等值項目及已抵押

定期存款之賬面值，與其公平價值相若。



28.28.28.28.28. TRADE AND BILLS PAYABLESTRADE AND BILLS PAYABLESTRADE AND BILLS PAYABLESTRADE AND BILLS PAYABLESTRADE AND BILLS PAYABLES

An aged analysis of trade and bills payables as at the

balance sheet date, based on the payment due date, is as

follows:


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Current to 30 days 即期至30天 87,48987,48987,48987,48987,489 93,943

31 to 60 days 31 至60天 36,79536,79536,79536,79536,795 2,596

61 to 90 days 61 至90天 1,6821,6821,6821,6821,682 2,566

91 to 120 days 91 至 120天 230230230230230 313

Over 120 days 超過 120天 6,0926,0926,0926,0926,092 1,357

132,288132,288132,288132,288132,288 100,775

Included in trade and bills payables are trade payables of

HK$16,294,000 (2004: HK$12,655,000) due to a jointly-

controlled entity arising from printing service

transactions, which is repayable in accordance with the

credit terms granted by the jointly-controlled entity.

The trade payables are non-interest-bearing and are

normally settled on 60-day terms.

29.29.29.29.29. OTHER PAYABLES AND ACCRUALSOTHER PAYABLES AND ACCRUALSOTHER PAYABLES AND ACCRUALSOTHER PAYABLES AND ACCRUALSOTHER PAYABLES AND ACCRUALS

Included in the balance at 31 December 2004 was an

amount of approximately HK$109,907,000 representing

a payable to a joint venture partner of a jointly-controlled

entity which was unsecured, interest-free and repayable

on or before 7 December 2005. This balance was settled

during the year ended 31 December 2005 and further

details of which are disclosed in note 6 to the financial

statements.

Other payables are non-interest-bearing and have an

average payment term of three months.

28. 應付賬款及票據

於結算日，按到期日分析之應付賬款之賬齡如

下：

計入應付賬款及票據包括在印刷服務交易中，

應付一間共同控制公司16,294,000港元（二零零

四年：12,655,000港元）之款項。款項須按共同控

制公司所授之信貸期償還。

應付賬款為非計息且一般須於60日償還。

29. 其他應付款項及應計款項

包括於二零零四年十二月三十一日之結餘約

109,907,000港元指應付予一間共同控制公司之

合營企業夥伴，款項為無抵押、免息及須於二

零零五年十二月七日或之前償還。該結餘截至

於二零零五年十二月三十一日止年度內償還。

進一步詳情於財務報表附註6披露。

其他應付款項為非計息，平均付款期為三個

月。




30.30.30.30.30. DERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTS

20052005200520052005

二零零五年

AssetsAssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilitiesLiabilities

資產負債

HK$’000 HK$’000

千港元千港元

Group 本集團

Equity and commodity contracts 股本及商品合約 – 2,126

Options 期權 456 1,965

Forward currency contracts 遠期貨幣合約 128 118

584 4,209

30. 衍生性金融工具

The carrying amounts of equity and commodity

contracts, options and forward currency contracts are

the same as their fair values.

Major terms of the derivative financial instruments are

as follows:

Equity and commodity contractsEquity and commodity contractsEquity and commodity contractsEquity and commodity contractsEquity and commodity contracts

As at 31 December 2005, the Group has entered into

certain derivative contracts for purchase of various equity

and commodity products with notional amount of

HK$49,283,000 in aggregate. These equity and

commodity contracts will mature from 26 July 2006 to

28 November 2006.

股本及商品合約、期權及遠期貨幣合約之賬面

值與其公平價值相若。

衍生性金融工具之主要條款如下：

股本及商品合約

於二零零五年十二月三十一日，本集團訂立若

干衍生合約以購買多項股本及商品產品，象徵

式代價合共為49,283,000港元。該等股本及商

品合約將於二零零六年七月二十六日至二零零

六年十一月二十八日到期。



30.30.30.30.30. DERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTSDERIVATIVE FINANCIAL INSTRUMENTS

(continued)

OptionsOptionsOptionsOptionsOptions

As at 31 December 2005, the Group has written various

currency and commodity options with notional amount

of HK$116,803,000 in aggregate and the expiry dates of

which ranges from 3 January 2006 to 7 December 2006.

Option premium of HK$2,388,000 was received by the

Group in respect of these options during the year.

As at 31 December 2005, the Group has entered into a

buying commodity option contract with notional amount

of HK$3,762,000 which will be expired on 13 October

2006. Opton premium of HK$436,000 was paid in respect

of this buying option contract during the year.

Forward currency contractsForward currency contractsForward currency contractsForward currency contractsForward currency contracts

Notional amountNotional amountNotional amountNotional amountNotional amount MaturityMaturityMaturityMaturityMaturity Exchange rateExchange rateExchange rateExchange rateExchange rate

象徵式金額到期日匯率

Buy USD1,000,000 4 January 2006 USD/HK$7.7

購買 1,000,000美元二零零六年一月四日 1美元兌7.7港元

Buy USD10,000,000 25 October 2006 USD/HK$7.725

購買 10,000,000美元二零零六年十月二十五日 1美元兌7.725港元

Buy USD11,000,000 24 November 2006 USD/HK$7.7385

購買 11,000,000美元二零零六年十一月二十四日 1美元兌7.7385港元

During the year ended 31 December 2004, the Group

entered into certain equity contracts, options and forward

currency contracts. The contracted notional amounts

outstanding as at 31 December 2004 were as follows:

Notional amountsNotional amountsNotional amountsNotional amountsNotional amounts

2004

二零零四年

HK$’000

千港元

Equity contracts 股本合約 12,291

Options 期權 28,704

Forward currency contracts 遠期貨幣合約 97,188

138,183

30. 衍生性金融工具（續）

期權

於二零零五年十二月三十一日，本集團已訂立

多份貨幣及商品期權，象徵式金額為

116,803,000港元，到期日介乎二零零六年一月

三日至二零零六年十二月七日。本集團年內就

該等期權已收取之股權溢價為2,388,000港元。

於二零零五年十二月三十一日，本集團訂立一

份購買商品期權合約，象徵式金額為3,762,000

港元，並將於二零零六年十月十三日到期。年

內，本集團就購買此份期權合約已付之期權溢

價為436,000港元。

遠期貨幣合約

截至二零零四年十二月三十一日止年度，本集

團訂立若干份股本合約、期權及遠期貨幣合

約。於二零零四年十二月三十一日之已訂約象

徵式金額如下：

象徵式金額




31.31.31.31.31. INTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHER

BORROWINGSBORROWINGSBORROWINGSBORROWINGSBORROWINGS

EffectiveEffectiveEffectiveEffectiveEffective GroupGroupGroupGroupGroup

interestinterestinterestinterestinterest 本集團

rate (%)rate (%)rate (%)rate (%)rate (%) MaturityMaturityMaturityMaturityMaturity 20052005200520052005 2004

實際利率(%) 到期二零零五年二零零四年

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

CurrentCurrentCurrentCurrentCurrent 即期

Finance lease 融資租約

payables (note 32) 應付款項（附註32） 0-25 2006 548548548548548 451

Secured bank loan 有抵押銀行貸款 5 On demand 9,8999,8999,8999,8999,899 9,713

按要求

10,44710,44710,44710,44710,447 10,164

Non-currentNon-currentNon-currentNon-currentNon-current 非即期

Finance lease payables 融資租約

(note 32) 應付款項（附註32) 0-25 2007-2010 1,0531,0531,0531,0531,053 1,290

11,50011,50011,50011,50011,500 11,454

Analysed into: 分析：

Bank loan repayable within 須於一年內或提出要求

one year or on demand 時償還之銀行貸款 9,8999,8999,8999,8999,899 9,713

Finance lease repayable: 融資租約應償還款項：

Within one year 一年內 548548548548548 451

In the second year 於第二年 539539539539539 484

In the third to fifth years, 第三至第五年

inclusive （首尾兩年包括在內) 514514514514514 806

1,6011,6011,6011,6011,601 1,741

11,50011,50011,50011,50011,500 11,454

At the balance sheet date, the Group’s bank loan was

secured by certain of the Group’s pledged time deposits

with a carrying amount of HK$9,899,000 (2004:

HK$9,713,000) (note 27).

31. 計息銀行及其他借款

於結算日，本集團之銀行貸款由本集團若干賬

面值為9,899,000港元（二零零四年：9,713,000

港元 )（附註27)之抵押定期存款作抵押。



31.31.31.31.31. INTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHERINTEREST-BEARING BANK AND OTHER

BORROWINGSBORROWINGSBORROWINGSBORROWINGSBORROWINGS (continued)

The bank loan is denominated in RMB and the finance

lease payables are denominated in Hong Kong dollars.

Other interest rate information:


本集團

20052005200520052005 2004


Fixed rateFixed rateFixed rateFixed rateFixed rate Floating rateFloating rateFloating rateFloating rateFloating rate Fixed rate Floating rate

定息浮息定息浮息

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000


Finance lease payables 融資租約應付款項 1,6011,6011,6011,6011,601 – 1,741 –

Secured bank loan 有抵押銀行貸款 9,8999,8999,8999,8999,899 – 9,713 –

The carrying amounts of the Group’s current borrowings

approximate their fair values. The carrying amounts and

the fair values of the Group’s non-current borrowings

are as follows:

Carrying amountsCarrying amountsCarrying amountsCarrying amountsCarrying amounts Fair valueFair valueFair valueFair valueFair value

賬面值公平價值

20052005200520052005 2004 20052005200520052005 2004




Finance lease payables 融資租約應付款項 1,0531,0531,0531,0531,053 1,290 948948948948948 1,162

The fair value of f inance lease payables has been

calculated by discounting the expected future cash flows

at prevailing interest rates.

31. 計息銀行及其他借款（續）

銀行貸款以人民幣計值，而融資租約應付款項

以港元計值。

其他利率資料：

本集團之即期借款之賬面值，與其公平價值相

若。本集團之非即期借款之賬面值及其公平價

值如下：

融資租約應付款項之公平價值，根據當時利率

貼現預期未來現金流計算。




32.32.32.32.32. FINANCE LEASE AND HIRE PURCHASEFINANCE LEASE AND HIRE PURCHASEFINANCE LEASE AND HIRE PURCHASEFINANCE LEASE AND HIRE PURCHASEFINANCE LEASE AND HIRE PURCHASE

CONTRACT PAYABLESCONTRACT PAYABLESCONTRACT PAYABLESCONTRACT PAYABLESCONTRACT PAYABLES

The Group leases certain of its furniture and fixtures for

its media business. These leases are classified as finance

leases and have remaining lease terms ranging from two

to five years.

At the balance sheet date, the total future minimum lease

payments under finance leases and their present values

were as follows:

Present valuePresent valuePresent valuePresent valuePresent value Present value

MinimumMinimumMinimumMinimumMinimum Minimum of minimumof minimumof minimumof minimumof minimum of minimum

leaseleaseleaseleaselease lease leaseleaseleaseleaselease lease

GroupGroupGroupGroupGroup paymentspaymentspaymentspaymentspayments payments paymentspaymentspaymentspaymentspayments payments

20052005200520052005 2004 20052005200520052005 2004

最低租金最低租金

最低租金最低租金之現值之現值

本集團二零零五年二零零四年二零零五年二零零四年



Amounts repayable: 應償還款項：

Within one year 一年內 629629629629629 557 548548548548548 451

In the second year 第二年 582582582582582 557 539539539539539 484

In the third to fifth years, 第三至第五年

inclusive （包括首尾兩年） 532532532532532 852 514514514514514 806

Total minimum finance 最低融資租金總額

lease payments 1,7431,7431,7431,7431,743 1,966 1,6011,6011,6011,6011,601 1,741

Future finance charges 未來融資費用 (142(142(142(142(142))))) (225)

Total net finance lease payables 融資租約應付款項總淨額 1,6011,6011,6011,6011,601 1,741

Portion classified as 歸類為流動負債之

current liabilities (note 31) 部份（附註31） (548(548(548(548(548))))) (451)

Non-current portion (note 31) 非流動部份（附註31） 1,0531,0531,0531,0531,053 1,290

32. 融資租約及租購合約應付款項

本集團出租其媒體業務之若干傢俬及裝置。該

等租約屬融資租約，餘下之租期為二年至五年

不等。

於結算日，根據融資租約之未來最低總租金及

其現值如下：



33.33.33.33.33. PROVISION FOR LONG SERVICE PAYMENTSPROVISION FOR LONG SERVICE PAYMENTSPROVISION FOR LONG SERVICE PAYMENTSPROVISION FOR LONG SERVICE PAYMENTSPROVISION FOR LONG SERVICE PAYMENTS


本集團

Note 20052005200520052005 2004

附註二零零五年二零零四年

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Balance at beginning of year 年初結餘 4,6944,6944,6944,6944,694 4,285

Charge for the year 年內撥備 9 243243243243243 2,916

Write-back during the year 年內撥回 9 (395(395(395(395(395))))) (174)

Refunds/(payments) during the year 年內退款／（付款） 1,3581,3581,3581,3581,358 (2,364)

Exchange realignment 匯兌調整 (79(79(79(79(79))))) 31


The Group provides for probable future long service

payments expected to be made to employees under the


labour laws of the respective countries in which the

Group’s overseas subsidiaries operate, as further

explained under the heading “Employee benefits” in note

2.5 to the financial statements. The provision is based on

the best estimate of the probable future payments which

have been earned by the employees from their services

to the Group to the balance sheet date.

33. 長期服務金撥備

本集團根據香港僱傭條例以及本集團海外附屬

公司經營所在國家之有關勞工法就預期未來或

需向僱員支付之長期服務金作出撥備，詳情請

見財務報表附註2.5 「僱員福利」一節。撥備乃

根據僱員截至結算日向本集團提供服務所賺取

的未來繳款之最佳估計。




34.34.34.34.34. DEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAX

The movements in deferred tax liabilities and assets

during the year are as follows:

Deferred tax liabilitiesDeferred tax liabilitiesDeferred tax liabilitiesDeferred tax liabilitiesDeferred tax liabilities


Accelerated taxAccelerated taxAccelerated taxAccelerated taxAccelerated tax RevaluationRevaluationRevaluationRevaluationRevaluation RecognitionRecognitionRecognitionRecognitionRecognitiondepreciationdepreciationdepreciationdepreciationdepreciation of propertiesof propertiesof propertiesof propertiesof properties of tax lossesof tax lossesof tax lossesof tax lossesof tax losses OthersOthersOthersOthersOthers TotalTotalTotalTotalTotal加速稅項重估稅項虧損

折舊物業之確認其他總計


At 1 January 2004 於二零零四年一月一日 24,277 14,449 – (27) 38,699

Deferred tax charged/(credited) 年內於收益表內扣除／to the income statement during （計入）之遞延稅項the year (note 12) （附註 12） (2,470) 4,159 (5,353) 429 (3,235)

Deferred tax charged to 年內於資產重估儲備中asset revaluation 扣除之遞延稅項reserve during the year – 725 – – 725

At 31 December 2004 and 於二零零四年1 January 2005 十二月三十一日及

二零零五年一月一日 21,807 19,333 (5,353) 402 36,189

Deferred tax charged/(credited) 年內於收益表扣除／to the income statement during （計入）之遞延稅項the year (note 12) （附註 12） (20,890) (3,454) 5,353 (460) (19,451 )

Deferred tax charged to asset 年內於資產重估儲備revaluation reserve 扣除之遞延稅項during the year – 1,631 – – 1,631

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 917917917917917 17,51017,51017,51017,51017,510 ––––– (58(58(58(58(58 ))))) 18,36918,36918,36918,36918,369

34. 遞延稅項

年內遞延稅項負債及資產之變動如下：

遞延稅項負債

本集團



34.34.34.34.34. DEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAX (continued)

Deferred tax assetsDeferred tax assetsDeferred tax assetsDeferred tax assetsDeferred tax assets


Deductible taxDeductible taxDeductible taxDeductible taxDeductible tax RevaluationRevaluationRevaluationRevaluationRevaluation RecognitionRecognitionRecognitionRecognitionRecognitiondepreciationdepreciationdepreciationdepreciationdepreciation of propertiesof propertiesof propertiesof propertiesof properties ProvisionsProvisionsProvisionsProvisionsProvisions of tax lossesof tax lossesof tax lossesof tax lossesof tax losses TotalTotalTotalTotalTotal減速稅項重估稅項虧損

折舊物業撥備之確認總計


At 1 January 2004 於二零零四年一月一日 60 538 1,916 8,692 11,206Deferred tax credited/(charged) 年內於收益表計入／

to the income statement during （扣除）之遞延稅項the year (note 12) （附註 12） 25 – 1 (6,575 ) (6,549)

Deferred tax charged to asset revaluation 年內於資產重估儲備扣除之reserve during the year 遞延稅項 – (372) – – (372)

At 31 December 2004 and 於二零零四年十二月1 January 2005 三十一日及二零零五年

一月一日 85 166 1,917 2,117 4,285Deferred tax credited/(charged) 年內於收益表計入／

to the income statement during （扣除）之遞延稅項the year (note 12) （附註 12） (16) – 433 (297) 120

Deferred tax charged to 年內於資產重估儲備asset revaluation 扣除之遞延稅項reserve during the year – (166) – – (166)

Exchange realignment 㶅兌調整 – – (68) – (68)

At 31 December 2005 於二零零五年十二月三十一日 6969696969 ––––– 2,2822,2822,2822,2822,282 1,8201,8201,8201,8201,820 4,1714,1714,1714,1714,171

34. 遞延稅項（續）

遞延稅項資產

本集團




34.34.34.34.34. DEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAX (continued)

The Group has tax losses arising in Hong Kong of

approximately HK$839,720,000 (2004: approximately

HK$973,377,000) that are available indef initely for

offsetting against future taxable profits of the companies

in which the losses arose. Deferred tax assets in respect

of tax losses of approximately HK$829,320,000 (2004:

approximately HK$931,091,000) have not been recognised

as they have arisen in certain subsidiaries that have been

loss-making for some time.

At 31 December 2005, there was no signif icant

unrecognised deferred tax liability (2004: Nil) for taxes

that would be payable on the unremitted earnings of

certain of the Group’s subsidiaries, associates or joint

ventures.

There are no income tax consequences attaching to the

payment of distribution by the Company to its

shareholders.

35.35.35.35.35. SHARE CAPITALSHARE CAPITALSHARE CAPITALSHARE CAPITALSHARE CAPITAL

(a)(a)(a)(a)(a) SharesSharesSharesSharesShares

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Authorised: 法定股本：

4,708,513,092 ordinary shares of HK$0.10 each 4,708,513,092股每股

面值0.10港元之普通股 470,851 470,851

1,291,486,908 5% redeemable cumulative 1,291,486,908股每股面值0.10港元之

convertible preference shares of HK$0.10 each 5%累積可贖回可轉換優先股 129,149 129,149

600,000 600,000

Issued and fully paid: 已發行及繳足股本：

1,832,015,074 (2004: 1,834,535,074) 1,832,015,074股（二零零四年：

ordinary shares of HK$0.10 each 1,834,535,074股）每股面值0.10

港元之普通股 183,202 183,454

34. 遞延稅項（續）

本集團有來自香港之稅項虧損約839,720,000港

元（二零零四年：約973,777,000港元）可無限期

用於抵銷產生此等虧損之公司之未來應計稅利

潤。由於此等虧損乃來自若干蒙虧已有一段時

間之公司，故並無就稅務虧損約829,320,000港

元（二零零四年：約931,091,000港元）確認遞延

稅項資產。

於二零零五年十二月三十一日，並無就本集團

附屬公司、聯營公司或合營企業之未匯繳盈利

而應付之重大未確認遞延稅項負債（二零零四

年：無）。

本公司向其股東支付分派並未對所得稅構成重

大影響。

35. 股本

(a) 股份



35.35.35.35.35. SHARE CAPITALSHARE CAPITALSHARE CAPITALSHARE CAPITALSHARE CAPITAL(continued)

(a)(a)(a)(a)(a) Shares Shares Shares Shares Shares (continued)

In December 2005, the Company repurchased its

own shares through the Stock Exchange totalling

2,520,000 shares for an aggregate consideration of

HK$810,000. The highest and the lowest price per

share paid by the Company for the purchase of

shares were HK$0.325 and HK$0.315, respectively.

These repurchased shares were cancelled by the

Company upon such repurchase and, accordingly,

the issued share capital of the Company was

reduced by the nominal value of these shares. The

premium payable on the repurchase was charged

against the share premium account.

The directors considered that, as the Company’s

shares are trading at a discount to the expected net

asset value per share, the repurchase of shares

would be beneficial to the Company.

A summary of the transactions during the year with

reference to the above movements in the Company’s

issued ordinary share capital is as follows:

Number ofNumber ofNumber ofNumber ofNumber of IssuedIssuedIssuedIssuedIssued ShareShareShareShareShare

ordinaryordinaryordinaryordinaryordinary ordinaryordinaryordinaryordinaryordinary premiumpremiumpremiumpremiumpremium

shares in issueshares in issueshares in issueshares in issueshares in issue share capitalshare capitalshare capitalshare capitalshare capital accountaccountaccountaccountaccount TotalTotalTotalTotalTotal

已發行已發行普通股數目普通股本股份溢價賬合計

HK$’000 HK$’000 HK$’000

千港元千港元千港元

At 1 January 2004 於二零零四年一月一日 1,833,855,074 183,386 4,192 187,578

Exercise of options 行使購股權 680,000 68 312 380

At 31 December 2004 and 於二零零四年

1 January 2005 十二月三十一日及

二零零五年一月一日 1,834,535,074 183,454 4,504 187,958

Repurchase of shares 購回股份 (2,520,000) (252) (558) (810)

At 31 December 2005 於二零零五年

十二月三十一日 1,832,015,074 183,202 3,946 187,148

(b)(b)(b)(b)(b) Share OptionsShare OptionsShare OptionsShare OptionsShare Options

Details of the Company’s share options schemes

and the share options issued under the schemes

are included in note 36 to the financial statements.

35. 股本（續）

(a) 股份（續）

於二零零五年十二月，本公司在聯交所購

回其股份合共 2,520,000股，總代價為

810,000港元。本公司於購回股份時支付

每股最高及最低價格分別為0.325港元及

0.315港元。本公司購回股份後註銷該等被

購回的股份，本公司之已發行股本亦因該

等股份之面值減少而減少。購回股份應付

之溢價在股份溢價賬中扣除。

董事認為由於本公司之股份以每股預期

資產淨值之折讓價買賣，故購回股份對本

公司有利。

本年度有關上述本公司已發行普通股變

動之交易概要如下：

(b) 購股權

有關本公司購股權計劃及根據計劃授出

購股權之詳情載於財務報表附註36。




36.36.36.36.36. SHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMES

On 14 June 1996, the Company adopted a share option

scheme (the “Old Scheme”) for the purpose of providing

incentives and rewards to eligible persons including the

employees and directors of the Company or any of its

subsidiaries. The exercise period of the share options

granted under the Old Scheme is determinable by the

directors, and commences after a certain holding period

and ends on the tenth anniversary of the date of grant of

the share options.

As at 1 January 2005, there were 53,776,000 share options

outstanding under the Old Scheme. During the year, no

share option was granted under the Old Scheme and a

total of 36,282,000 outstanding share options previously

granted under the Old Scheme with exercise prices

ranging from HK$0.3528 to HK$0.9184 per share lapsed

while 7,784,000 outstanding share options previously

granted under the Old Scheme with exercise prices

ranging from HK$0.8704 to HK$0.9184 per share were

cancelled.

At the balance sheet date, the Company had 9,710,000

share options outstanding under the Old Scheme, which

represented approximately 0.53% of the issued share

capital of the Company and entitled the holders to

subscribe for shares of the Company at any time during

the period from 20 October 2000 to 21 March 2012. The

subscription prices, subject to adjustments, payable upon

the exercise of these share options range from HK$0.2820

to HK$0.9184 per share.

In compliance with the amended Chapter 17 of the Listing

Rules, on 28 May 2002, the Old Scheme was terminated

and a new share option scheme (the “New Scheme”) was

adopted.

36. 購股權計劃

本公司於一九九六年六月十四日採納購股權計

劃（「舊計劃」），以便向合資格人士（包括本公

司或其任何附屬公司之僱員及董事）提供獎勵

和回報。根據舊計劃授出之購股權之行使期由

董事釐定，行使期由某段持有期完結後起至購

股權授出之日十週年屆滿止。

於二零零五年一月一日，根據舊計劃授出而尚

未行使之購股權共有53,776,000股。於年內，根

據舊計劃並沒有授出購股權。在以前授出而尚

未行使之購股權合共36,282,000股（每股行使

價介乎0.3528港元至0.9184港元）已失效；而在

以前授出而尚未行使之購股權合共7,784,000股

（每股行使價介乎0.8704港元至0.9184港元）已

被註銷。

於結算日，本公司根據舊計劃授出而尚未行使

之購股權有9,710,000股，佔本公司已發行股本

約0.53%，其持有人有權於二零零零年十月二十

日至二零一二年三月二十一日期間任何時間內

認購本公司股份。在行使此等購股權時應支付

之每股認購價（可予調整）介乎0.2820港元至

0.9184港元。

根據上市規則第17 章（經修訂），於二零零二年

五月二十八日終止舊計劃，並採納新購股權計

劃（「新計劃」）。



36.36.36.36.36. SHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMES (continued)

The following is a summary of the New Scheme:

1.1.1.1.1. PurposePurposePurposePurposePurpose

The New Scheme seeks to recognise and

acknowledge the contributions or potential

contributions made or to be made by the

participants to the Group, to motivate the

participants to optimise their performance and

eff iciency for the benef it of the Group, and to

maintain or attract business relationship with the

participants whose contributions are or may be

beneficial to the growth of the Group.

2.2.2.2.2. ParticipantsParticipantsParticipantsParticipantsParticipants

The board may at its absolute discretion invite

anyone from the following classes of participants

to take up options to subscribe for shares of the

Company:

(i) any part-time or full-time employee or officer

of any member of the Group or of any

associate;

(ii) any director (executive or non-executive) of

any member of the Group or of any associate;

or

(iii) any supplier, agent, customer, business

associate, distributor, professional or other

adviser of, or consultant or contractor to, any

member of the Group.

36. 購股權計劃（續）

新計劃概述如下：

1. 目的

新計劃目的為確認參與者為本集團所作

出或將作出之貢獻或潛在貢獻，從而激勵

參與者發揮潛能及提高效率而有利於本

集團，並對作出對本集團增長有利或可能

有利的貢獻之參與者保持或促進業務關

係。

2. 參與者

董事會可全權酌情邀請下列參與者界別

之任何人士購入購股權，以認購本公司股

份：

(i) 本集團成員公司或任何聯營公司之

任何兼職或全職僱員或主管；

(ii) 本集團成員公司或任何聯營公司之

任何董事（執行或非執行）；或

(iii) 本集團成員公司之供應商、代理、客

戶、業務夥伴、分銷商、專業人士、諮

詢人、顧問或承包商。





3.3.3.3.3. Total number of shares available for issueTotal number of shares available for issueTotal number of shares available for issueTotal number of shares available for issueTotal number of shares available for issue

The total number of shares which may be issued

upon exercise of all options to be granted under

the New Scheme and any other share option scheme

of the Company must not in aggregate exceed 10%

of the shares in issue as at the date of approval of

the New Scheme (excluding options which have

lapsed) (the “General Mandate”).

The Company may, at any time, refresh the General

Mandate by obtaining the approval of shareholders

of the Company in a general meeting. The Company

may also seek separate approval by its shareholders

in a general meeting for granting options beyond

the General Mandate or the refreshed limit provided

the options in excess of the limit are granted to

participants specif ically identif ied before such

approval is sought.

The overall limit on the number of shares which

may be issued upon exercise of all outstanding

options granted and yet to be exercised under the

New Scheme and any other share option scheme

of the Company must not exceed 30% of the shares

in issue.

4.4.4.4.4. Maximum entitlement of each participantMaximum entitlement of each participantMaximum entitlement of each participantMaximum entitlement of each participantMaximum entitlement of each participant

Unless separately approved by shareholders in a

general meeting in the manner as prescribed in the

Listing Rules, the total number of shares issued

and to be issued upon exercise of share options

granted to each participant (including both

exercised and outstanding options) in any 12-month

period must not exceed 1% of the shares then in

issue.


3. 可供發行之股份總數

因行使根據新計劃及本公司任何其他購

股權計劃予以授出之所有購股權（不包括

已失效之購股權）可予發行之股份總數，

合共不得超逾新計劃獲批准日期當日已

發行股份之 10%（「一般授權」）。

本公司可在任何時間在股東大會上取得

本公司股東批准更新一般授權。本公司亦

可在股東大會上另行取得其股東批准授

出超逾一般授權或更新限額之購股權，惟

超逾該限額之購股權僅授予在尋求該批

准前特別指定之參與者。

因根據新計劃及本公司任何其他購股權

計劃已授出而尚未行使及仍有待行使之

所有購股權予以行使時發行之股份數目

整體限額，不得超逾已發行股份之30%。

4. 各參與者最高可獲之股份

在任何十二個月期間各參與者因行使向

彼等授出的購股權（包括已行使及尚未行

使之購股權）而發行及將發行之股份總

數，不得超過當時已發行股份的1%，惟根

據上市規則規定獲股東於股東大會另行

通過則除外。




5.5.5.5.5. Period within which the shares must be taken upPeriod within which the shares must be taken upPeriod within which the shares must be taken upPeriod within which the shares must be taken upPeriod within which the shares must be taken up

The period during which a share option may be

exercised in accordance with the terms of the New

Scheme shall be the period set out in the relevant

offer letter provided that such period must expire

no later than the tenth anniversary of the date on

which it is granted.

6.6.6.6.6. Basis of determining the exercise priceBasis of determining the exercise priceBasis of determining the exercise priceBasis of determining the exercise priceBasis of determining the exercise price

The exercise price shall be the highest of:

(i) the closing price of the Company’s shares as

stated in the Stock Exchange’s daily quotation

sheets on the date of grant of the relevant

share options;

(ii) the average of the closing prices of the

Company’s shares as stated in the Stock

Exchange’s daily quotation sheets for the five

trading days immediately preceding the date

of the grant of the relevant share options; and

(iii) the nominal value of the Company’s shares.


5. 必須認購股份之期間

根據新計劃條款，可行使購股權之期間為

有關建議函件所列明之期間，惟該等期間

必須不遲於購股權授出日期後十週年屆

滿。

6. 釐定行使價之基準

行使價以下列較高者為準：

(i) 授出有關購股權當日本公司股份在

聯交所每日報價表所示之收市價；

(ii) 授出有關購股權日期前五個交易日

本公司股份在聯交所每日報價單之

平均收市價；及

(iii) 本公司股份面值。





7.7.7.7.7. Remaining life of the New SchemeRemaining life of the New SchemeRemaining life of the New SchemeRemaining life of the New SchemeRemaining life of the New Scheme

The New Scheme will expire on 27 May 2012.

A resolution was passed by the shareholders of the

Company in the annual general meeting held on 27

May 2005 to refresh the General Mandate limit to

10% of the number of the shares of the Company in

issue as at 27 May 2005. Such refreshment of the

General Mandate limit will enable the Company to

grant options carrying the rights to subscribe for

up to a total of 183,435,507 shares of the Company

under the New Scheme and other scheme(s) of the

Company (if any).

During the year, under the New Scheme, a total of

96,869,000 share options were granted to the

employees of the Group with exercise prices

ranging from HK$0.365 to HK$0.388 per share and

a total of 3,800,000 outstanding share options

previously granted with exercise price at HK$0.712

per share lapsed while a total of 39,740,000

outstanding share options previously granted with

exercise prices ranging from HK$0.684 to HK$0.712

per share were cancelled.

At the balance sheet date, the Company had 9,710,000

(2004: 53,776,000) and 96,869,000 (2004: 43,540,000)

share options outstanding under the Old Scheme and

the New Scheme, respectively, with an exercise period

from 20 October 2000 to 27 October 2015 and exercise

prices ranging from HK$0.2820 to HK$0.9184 per share.

The exercise in full of the remaining share options would,

under the present capital structure of the Company, result

in the issue of 106,579,000 (2004: 97,316,000) additional

shares of HK$0.10 each, which represented approximately

5.82% of the issued share capital of the Company.


7. 新計劃之餘下期限

新計劃將於二零一二年五月二十七日屆

滿。

於二零零五年五月二十七日舉行之股東

週年大會上，本公司股東通過一項決議

案，批准更新有關於二零零五年五月二十

七日本公司已發行股份數目10%之一般授

權上限。更新一般授權上限將使本公司能

根據新計劃及本公司其他計劃（如有）授

出附有權利認購本公司股份最高

達 183,435,507股之購股權。

於年內，根據新計劃，已向本集團僱員授

出合共96,869,000股股份之購股權，行使

價介乎每股0.365港元至0.388港元；在以

前授出而尚未行使購股權之股份合

共3,800,000股（行使價為每股0.712港元)

已失效；而在以前授出而尚未行使購股權

之股份合共39,740,000股（行使價介乎每

股0.684港元至0.712港元 )已被註銷。

於結算日，本公司分別根據舊計劃授出而尚未

行使購股權之股份共9,710,000（二零零四年：

53,776,000）股及根據新計劃授出而尚未行使購

股權之股份共 96,869,000（二零零四年：

43,540,000）股，該等購股權之行使期由二零零

零年十月二十日起至二零一五年十月二十七日

止，行使價介乎每股0.2820港元至0.9184港元。

行使全數餘下之購股權時，將會導致本公司在

現時的股本結構下發行每股面值0.10港元額外

106,579,000股份（二零零四年：97,316,000），佔

本公司已發行股本約5.82%。




During the year, movements of shares options granted

to the directors and eligible employees under the share

option schemes of the Company are as follows:

Price of thePrice of thePrice of thePrice of thePrice of the

Number of share optionsNumber of share optionsNumber of share optionsNumber of share optionsNumber of share options Company’s sharesCompany’s sharesCompany’s sharesCompany’s sharesCompany’s shares****

購股權數目本公司股份價格 ****

GrantedGrantedGrantedGrantedGranted ExercisedExercisedExercisedExercisedExercised LapsedLapsedLapsedLapsedLapsed CancelledCancelledCancelledCancelledCancelled At 31At 31At 31At 31At 31 Date ofDate ofDate ofDate ofDate of Exercise priceExercise priceExercise priceExercise priceExercise price At grantAt grantAt grantAt grantAt grant At exerciseAt exerciseAt exerciseAt exerciseAt exercise

Name or categoryName or categoryName or categoryName or categoryName or category AtAtAtAtAt duringduringduringduringduring duringduringduringduringduring duringduringduringduringduring duringduringduringduringduring DecemberDecemberDecemberDecemberDecember grant ofgrant ofgrant ofgrant ofgrant of Exercise period ofExercise period ofExercise period ofExercise period ofExercise period of of shareof shareof shareof shareof share date ofdate ofdate ofdate ofdate of date ofdate ofdate ofdate ofdate of

of participantof participantof participantof participantof participant 1 January 20051 January 20051 January 20051 January 20051 January 2005 the yearthe yearthe yearthe yearthe year the yearthe yearthe yearthe yearthe year the yearthe yearthe yearthe yearthe year the yearthe yearthe yearthe yearthe year 20052005200520052005 share optionsshare optionsshare optionsshare optionsshare options share optionsshare optionsshare optionsshare optionsshare options optionsoptionsoptionsoptionsoptions * optionsoptionsoptionsoptionsoptions optionsoptionsoptionsoptionsoptions

於二零零五年

於二零零五年十二月購股權購股權購股權購股權

參與者姓名或類別一月一日年內授出年內行使年內失效年內註銷三十一日授出日期購股權行使期行使價 * 授出當日行使當日

HK$ HK$ HK$

港元港元港元

DirectorsDirectorsDirectorsDirectorsDirectors

董事

Under the Old Scheme:

根據舊計劃

Mr. Jia Hongping 3,500,000 – – – (3,500,000) – 23-10-00 01-12-00 to 23-10-10 0.8704 – –

賈紅平先生

Mrs. Sy Wong Chor Fong 754,000 – – – (754,000) – 23-10-00 24-10-00 to 23-10-10 0.8704 – –

施黃楚芳女士

400,000 – – – – 400,000 31-08-01 20-09-02 to 19-09-11 0.3528 – –

1,154,000 – – – (754,000) 400,000

Mr. Wong Wai Ming# 30,000,000 – – (30,000,000) – – 23-10-00 24-10-00 to 23-10-10 0.8704 – –

黃偉明先生#

6,000,000 – – (6,000,000) – – 31-08-01 20-09-02 to 19-09-11 0.3528 – –

36,000,000 – – (36,000,000) – –

Mr. Yang Yiu Chong, 1,960,000 – – – (1,960,000) – 24-09-00 01-12-00 to 24-09-10 0.9184 – –

Ronald Jeffrey

楊耀宗先生 2,700,000 – – – – 2,700,000 31-08-01 20-09-02 to 19-09-11 0.3528 – –

4,660,000 – – – (1,960,000) 2,700,000

Under the New Scheme:

根據新計劃：

Mr. Jia Hongping 500,000 – – – (500,000) – 13-10-03 13-10-04 to 12-10-13 0.710 0.700 –

賈紅平先生

– 4,000,000 – – – 4,000,000 28-10-05 28-10-06 to 27-10-15 0.365 0.360 –

500,000 4,000,000 – – (500,000) 4,000,000

Mr. Jim Sui Hing 6,000,000 – – – (6,000,000) – 13-10-03 13-10-04 to 12-10-13 0.710 0.700 –

詹瑞慶先生

– 6,000,000 – – – 6,000,000 28-10-05 28-10-06 to 27-10-15 0.365 0.360 –

6,000,000 6,000,000 – – (6,000,000) 6,000,000


於年內，各董事及合資格僱員根據本公司購股

權計劃獲授予之購股權變動如下：




Mr. Lai Ting Yiu 4,000,000 – – – (4,000,000) – 02-10-03 02-10-04 to 01-10-13 0.712 0.700 –

黎廷瑤先生

– 4,000,000 – – – 4,000,000 28-10-05 28-10-06 to 27-10-15 0.365 0.360 –

4,000,000 4,000,000 – – (4,000,000) 4,000,000

Mr. Lau Chung Man, Louis## – 6,000,000 – – – 6,000,000 23-05-05 23-05-06 to 22-05-15 0.388 0.380 –

劉仲文先生##

Mr. Lo Wing Hung 7,000,000 – – – (7,000,000) – 13-10-03 13-10-04 to 12-10-13 0.710 0.700 –

盧永雄先生

– 36,000,000 – – – 36,000,000 04-05-05 04-05-06 to 03-05-15 0.385 0.385 –

7,000,000 36,000,000 – – (7,000,000) 36,000,000

Mrs. Sy Wong Chor Fong – 754,000 – – – 754,000 28-10-05 28-10-06 to 27-10-15 0.365 0.360 –

施黃楚芳女士

Mr. Yang Yiu Chong, 400,000 – – – (400,000) – 13-10-03 13-10-04 to 12-10-13 0.710 0.700 –

Ronald Jeffrey

楊耀宗先生 – 2,360,000 – – – 2,360,000 28-10-05 28-10-06 to 27-10-15 0.365 0.360 –

400,000 2,360,000 – – (400,000) 2,360,000

Other employeesOther employeesOther employeesOther employeesOther employees

其他僱員

In aggregate 8,462,000 – – (282,000) (1,570,000) 6,610,000 ** ** ** – **

(under the Old Scheme)

合共（根據舊計劃）

In aggregate 25,640,000 37,755,000 – (3,800,000) (21,840,000) 37,755,000 *** *** *** *** ***

(under the New Scheme)

合共（根據新計劃）

Total 總數 97,316,000 96,869,000 – (40,082,000) (47,524,000) 106,579,000

Price of thePrice of thePrice of thePrice of thePrice of the

Number of share optionsNumber of share optionsNumber of share optionsNumber of share optionsNumber of share options Company’s sharesCompany’s sharesCompany’s sharesCompany’s sharesCompany’s shares****

購股權數目本公司股份價格 ****

GrantedGrantedGrantedGrantedGranted ExercisedExercisedExercisedExercisedExercised LapsedLapsedLapsedLapsedLapsed CancelledCancelledCancelledCancelledCancelled At 31At 31At 31At 31At 31 Date ofDate ofDate ofDate ofDate of Exercise priceExercise priceExercise priceExercise priceExercise price At grantAt grantAt grantAt grantAt grant At exerciseAt exerciseAt exerciseAt exerciseAt exercise

Name or categoryName or categoryName or categoryName or categoryName or category AtAtAtAtAt duringduringduringduringduring duringduringduringduringduring duringduringduringduringduring duringduringduringduringduring DecemberDecemberDecemberDecemberDecember grant ofgrant ofgrant ofgrant ofgrant of Exercise period ofExercise period ofExercise period ofExercise period ofExercise period of of shareof shareof shareof shareof share date ofdate ofdate ofdate ofdate of date ofdate ofdate ofdate ofdate of

of participantof participantof participantof participantof participant 1 January 20051 January 20051 January 20051 January 20051 January 2005 the yearthe yearthe yearthe yearthe year the yearthe yearthe yearthe yearthe year the yearthe yearthe yearthe yearthe year the yearthe yearthe yearthe yearthe year 20052005200520052005 share optionsshare optionsshare optionsshare optionsshare options share optionsshare optionsshare optionsshare optionsshare options optionsoptionsoptionsoptionsoptions * optionsoptionsoptionsoptionsoptions optionsoptionsoptionsoptionsoptions

於二零零五年

於二零零五年十二月購股權購股權購股權購股權

參與者姓名或類別一月一日年內授出年內行使年內失效年內註銷三十一日授出日期購股權行使期行使價 * 授出當日行使當日

HK$ HK$ HK$

港元港元港元

36.36.36.36.36. SHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMESSHARE OPTION SCHEMES (continued) 36. 購股權計劃（續）




* The exercise price of the share options is subject to adjustment

in the case of rights or bonus issues, or other similar changes in

the Company’s share capital.

** These represent options granted to employees with exercise prices

ranging from HK$0.2820 to HK$0.9184 per share, an exercise

period starting at the earliest on 20 October 2000 and ending at

the latest on 21 March 2012.

*** These represent options granted to employees with exercise prices

ranging from HK$0.365 to HK$0.387 per share and an exercise

period starting at the earliest on 3 May 2006 and ending at the

latest on 27 October 2015. The weighted average of the closing

price of the Company’s shares at the grant dates of options was

HK$0.375 per share.

**** The price of the Company’s shares disclosed at the grant date of

options is the closing price on the Stock Exchange on the trading

day immediately prior to the date of offer of the grant of options.

The price of the Company’s shares disclosed at the exercise date

of options is the weighted average of the closing price on the

Stock Exchange over all of the exercises of options within the

disclosure line.

# Mr. Wong Wai Ming resigned as a director of the Company on 12

April 2005.

## Mr. Lau Chung Man, Louis was appointed as a director of the

Company on 1 June 2005.

The fair value of the share options granted during the

year was HK$13,216,000.


* 購股權之行使價須就有關供股、發行紅股或本公司之

股本出現類似變動而作出調整。

** 該等購股權為向僱員授出之購股權，行使價每股介乎

0.2820港元至0.9184港元，行使期最早由二零零零年

十月二十日開始，最遲於二零一二年三月二十一日屆

滿。

*** 該等購股權為向僱員授出之購股權，行使價每股介乎

0.365港元至0.387港元，行使期最早由二零零六年

五月三日開始，最遲於二零一五年十月二十七日屆

滿。本公司股份於授出購股權日期當日之加權平均收

巿價為每股0.375港元。

**** 於授出購股權日期所披露之本公司股份價格為緊接

提議授出購股權當日前一個交易日在聯交所之收巿

價。於行使購股權日期披露之本公司股份價格，乃於

披露範圍內有關行使所有購股權在聯交所之加權平

均收市價。

# 黃偉明先生於二零零五年四月十二日辭任本公司董

事。

## 劉仲文先生於二零零五年六月一日獲委任為本公司

董事。

年內授出之購股權公平價值為13,216,000港元。





The fair value of equity-settled share options granted

during the year was estimated as at the date of grant,

using the Black-Scholes option pricing model, taking into

account the terms and conditions upon which the options

were granted. The following table lists the inputs to the

model used for the year ended 31 December 2005:

Dividend yield (%) 0

Expected volatility (%) 48.5 to 51.0

Historical volatility (%) 48.5 to 51.0

Risk-free interest rate (%) 4.03 to 4.24

Expected life of option (year) 3

Weighted average share price (HK$) 0.38

The expected life of the options is based on the historical

data over the past three years and is not necessarily

indicative of the exercise patterns that may occur. The

expected volatility reflects the assumption that the

historical volatility is indicative of future trends, which

may also not necessarily be the actual outcome.

No other feature of the options granted was incorporated

into the measurement of fair value.

At the date of approval of these financial statements, the

Company had 109,797,000 share options outstanding

under the share option schemes, which represented

approximately 6.19% of the Company’s shares in issue as

at that date.


年內授出之股本結算購股權之公平價值，於授

出日期估計，並利用柏力克舒爾購股權定價模

式，經考慮授出購股權之條款及條件後而計

算。下表載列截至二零零五年十二月三十一日

止年度所使用模式之輸入數據：

股息率 (%) 0

預期波動 (%) 48.5至51.0

歷史波動 (%) 48.5至51.0

無風險利率 (%) 4.03至4.24

預期認購權之期限（年） 3

加權平均股價（港元） 0.38

預期認購權之期限根據以往三年之歷史數據而

定，且無須顯示可能發生之行使模式。預期波

動反映一項假設，即過往波幅顯示未來走勢，

但未必能反映實際結果。

在計算所授出之購股權的公平價值中並沒有計

入其他特色。

於批准財務報表日期，本公司根據其購股權計

劃授出而尚未行使之購股權共有 109,797,000

股，佔本公司於當日已發行之股份約6.19%。



37.37.37.37.37. RESERVESRESERVESRESERVESRESERVESRESERVES

(a)(a)(a)(a)(a) GroupGroupGroupGroupGroup

The amounts of the Group’s reserves and the

movements therein for the current and prior years

are presented in the consolidated statement of

changes in equity on page 52 of this f inancial

statements.

The Group’s contributed surplus represents the

difference between the nominal value of the shares

issued by Perfect Treasure Holdings (BVI) Limited

in exchange for the aggregate nominal value of the

issued capital of subsidiaries acquired pursuant to

the group reorganisation in 1996, prior to the listing

of the Company ’s shares , amount ing to

HK$9,899,000, and the credit of HK$488,930,000

arising from the reduction of share premium in 2003

less the distribution of HK$18,181,000 in 2003.

Certain amounts of negative goodwill arising on

the acquisition of subsidiaries in prior years remain

credited to the capital reserve as at 31 December

2004 and was derecognised with a corresponding

adjustment to the opening balance of retained

profits during the year, as explained in note 19 to

the financial statements.

37. 儲備

(a) 本集團

本集團於本年度及過往年度之儲備數額

及其變動已呈列於本財務報表第52頁之

綜合權益變動表。

本集團之繳入盈餘為Perfect Treasure

Holdings (BVI) Limited 已發行股份之面

值，與本公司股份上市前，用作交換根據

一九九六年集團重組時收購附屬公司已

發行股本總面值之差額，即9,899,000港

元，以及二零零三年削減股份溢價賬所產

生之488,930,000港元進賬減去二零零三

年分派之 18,181,000港元。

於二零零四年十二月三十一日，若干因過

往年度收購附屬公司而產生之負商譽金

額仍繼續計入資本儲備內，且已不再確認

及在保留溢利期初結餘作相應調整，有關

解釋載於財務報表附註 19內。




37.37.37.37.37. RESERVESRESERVESRESERVESRESERVESRESERVES (continued)

(b)(b)(b)(b)(b) CompanyCompanyCompanyCompanyCompany

RetainedRetainedRetainedRetainedRetained

profits/profits/profits/profits/profits/

ShareShareShareShareShare Contri-Contri-Contri-Contri-Contri- AssetAssetAssetAssetAsset ShareShareShareShareShare (accum-(accum-(accum-(accum-(accum- ProposedProposedProposedProposedProposed

premiumpremiumpremiumpremiumpremium butedbutedbutedbutedbuted revaluationrevaluationrevaluationrevaluationrevaluation optionoptionoptionoptionoption ulatedulatedulatedulatedulated finalfinalfinalfinalfinal

Notes accountaccountaccountaccountaccount surplussurplussurplussurplussurplus reservereservereservereservereserve reservereservereservereservereserve losses)losses)losses)losses)losses) dividenddividenddividenddividenddividend TotalTotalTotalTotalTotal

股份資產購股權保留溢利／擬派附註溢價賬繳入盈餘重估儲備儲備（累計虧損）末期股息合計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元千港元千港元

At 1 January 2004 於二零零四年一月一日

As previously reported 如前呈報 4,192 575,699 37 – (34,282) – 545,646

Prior year adjustment 去年調整 – – – 1,185 (30) – 1,155

As restated 經重列 4,192 575,699 37 1,185 (34,312 ) – 546,801

Issue of shares 發行股份 35 312 – – – – – 312

Surplus on revaluation, 重估盈餘

net of deferred tax （扣除遞延稅項） – – 44 – – – 44

Equity-settled share option 股本結算購股權安排

arrangements – – – 3,598 – – 3,598

Net profit for the year 年內溢利淨額 – – – – 10,484 – 10,484

At 31 December 2004 於二零零四年

十二月三十一日 4,504 575,699 81 4,783 (23,828) – 561,239

At 1 January 2005 於二零零五年一月一日

As previously reported 如前呈報 4,504 575,699 81 – (23,668) – 556,616

Prior year adjustment 去年調整 – – – 4,783 (160) – 4,623

As restated 經重列 4,504 575,699 81 4,783 (23,828) – 561,239

Repurchase of shares 購回股份 35 (558) – – – – – (558)

Deficit on revaluation, 重估虧絀

net of deferred tax （扣除遞延稅項） 16 – – (26 ) – – – (26)

Equity-settled share option 股本結算購股權安排

arrangements – – – 3,856 – – 3,856

Net profit for the year 年內溢利淨額 – – – – 60,561 – 60,561

Interim 2005 dividend 二零零五年中期股息 14 – – – – (9,173 ) – (9,173 )

Proposed final 2005 dividends 擬派二零零五年

末期股息 14 – – – – (26,611 ) 26,611 –

At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005At 31 December 2005 於二零零五年十二月三十一日 3,9463,9463,9463,9463,946 575,699575,699575,699575,699575,699 5555555555 8,6398,6398,6398,6398,639 949949949949949 26,61126,61126,61126,61126,611 615,899615,899615,899615,899615,899

37. 儲備（續）

(b) 本公司



37.37.37.37.37. RESERVESRESERVESRESERVESRESERVESRESERVES (continued)

(b)(b)(b)(b)(b) Company Company Company Company Company (continued)

The contributed surplus of the Company represents

the excess of the fair value of the shares of the

subsidiaries acquired pursuant to the group

reorganisation in 1996, prior to the listing of the

Company’s shares, over the nominal value of the

Company’s shares issued in exchange therefor,

amounting to approximately HK$104,950,000, and

the credit of approximately HK$488,930,000 arising

from the reduction of share premium account in

2003 less the distribution of approximately

HK$18,181,000 in 2003. Under the Companies Act

1981 of Bermuda (as amended), the Company may

make distributions to its members out of the

contributed surplus under certain circumstances.

38.38.38.38.38. NOTE TO THE CONSOLIDATED CASH FLOWNOTE TO THE CONSOLIDATED CASH FLOWNOTE TO THE CONSOLIDATED CASH FLOWNOTE TO THE CONSOLIDATED CASH FLOWNOTE TO THE CONSOLIDATED CASH FLOW

STATEMENTSTATEMENTSTATEMENTSTATEMENTSTATEMENT

Major non-cash transactionsMajor non-cash transactionsMajor non-cash transactionsMajor non-cash transactionsMajor non-cash transactions

During the year, the Group entered into f inance lease

arrangements in respect of property, plant and equipment

with a total capital value at the inception of the leases of

approximately HK$329,000 (2004: approximately

HK$745,000).

37. 儲備（續）

(b) 本公司（續）

本公司之繳入盈餘為本公司股份上市前

於根據一九九六年集團重組所收購之附

屬公司之股份公允價值，與本公司為交換

該等股份而發行之股份面值之差額，即約

104,950,000港元，以及二零零三年削減股

份溢價賬所產生之約488,930,000港元進

賬減去二零零三年分派之約 18,181,000港

元。根據百慕達一九八一年公司法（經修

訂），本公司可在若干情況下，以繳入盈

餘向股東作出分派。

38. 綜合現金流量表附註

主要非現金交易

年內，本集團就物業、廠房及設備訂立融資租

約安排，於租賃起始時的資本總值約為329,000

港元（二零零四年：約745,000港元）。




39.39.39.39.39. CONTINGENT LIABILITIESCONTINGENT LIABILITIESCONTINGENT LIABILITIESCONTINGENT LIABILITIESCONTINGENT LIABILITIES


本集團本公司

Notes 20052005200520052005 2004 20052005200520052005 2004

附註二零零五年二零零四年二零零五年二零零四年



Guarantees to banks for 就附屬公司獲授之

trade facilities granted 貿易信貸向

to subsidiaries 銀行作出之擔保 (a) ––––– – 120,950120,950120,950120,950120,950 75,950

Guarantees to banks for 就附屬公司獲授

treasury facilities granted 之財資信貸向

to subsidiaries 銀行作出之擔保 (b) ––––– – 151,400151,400151,400151,400151,400 19,500

––––– – 272,350272,350272,350272,350272,350 95,450

Notes:

(a) At 31 December 2005, the Company had outstanding corporate

guarantees of approximately HK$120,950,000 (2004: approximately

HK$75,950,000) issued in favour of banks to secure general trade

facilities granted to its subsidiaries. These subsidiaries had

utilised the facilities to the extent of approximately HK$40,377,000

as at 31 December 2005 (2004: approximately HK$4,135,000).

(b) At 31 December 2005, the Company had an outstanding corporate

guarantee of approximately HK$151,400,000 (2004: approximately

HK$19,500,000) issued in favour of banks to secure treasury

facilities granted to subsidiaries. These subsidiaries had utilised

the facilities to the extent of HK$630,000 as at 31 December

2005 (2004: exceeding HK$19,500,000).

40.40.40.40.40. PENDING LITIGATIONPENDING LITIGATIONPENDING LITIGATIONPENDING LITIGATIONPENDING LITIGATION

The Group has received claims made against certain

subsidiaries for damages in respect of alleged defamation.

Based on legal opinion, the directors are of the opinion

that adequate provision has been made in the financial

statements to cover any potential liabilities arising from

the litigation.

39. 或然負債

附註：

(a) 於二零零五年十二月三十一日，本公司就其附屬公司

獲授之一般貿易信貸向銀行發出公司擔保約

120,950,000港元（二零零四年：約75,950,000港元）。

於二零零五年十二月三十一日，該等附屬公司已動用

約40,377,000 港元之信貸（二零零四年：約4,135,000

港元）。

(b) 於二零零五年十二月三十一日，本公司就其附屬公司

獲授之財資信貸向銀行發出公司擔保約 151,400,000

港元（二零零四年：約 19,500,000港元）。於二零零五

年十二月三十一日，該等附屬公司已動用630,000港

元限額之信貸（二零零四年：逾 19,500,000港元）。

40. 等候待判決之訴訟

本集團接獲若干附屬公司因涉及誹謗而遭提出

之申索。根據法律意見，董事認為本集團已就

此在財務報表中作出足夠撥備以償還任何可能

因訴訟而產生之債務。



41.41.41.41.41. OPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTS

(a)(a)(a)(a)(a) As lessorAs lessorAs lessorAs lessorAs lessor

The Group leases certain properties under

operating lease arrangements, with leases

negotiated for terms ranging from one to five years.

The terms of the leases generally also require the

tenants to pay security deposits and provide for

periodic rent adjustments according to the then

prevailing market conditions.

At the balance sheet date, the Group had total future

minimum lease rental receivables under non-

cancellable operating leases with its tenants falling

due as follows:


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Within one year 一年內 1,9301,9301,9301,9301,930 3,257

In the second to fifth years, inclusive 第二至第五年（包括首尾兩年） 1,3031,3031,3031,3031,303 2,334

3,2333,2333,2333,2333,233 5,591

41. 經營租約安排

(a) 作為出租人

本集團根據經營租約安排租出若干物業，

經磋商之租約為期一至五年。租約之條款

一般規定租客須支付保證金，亦規定租金

可定期按當時市況調整。

於結算日，本集團根據下列期間屆滿之不

可撤銷經營租約應收之未來最低租金總

額為：




41.41.41.41.41. OPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTSOPERATING LEASE ARRANGEMENTS (continued)

(b)(b)(b)(b)(b) As lesseeAs lesseeAs lesseeAs lesseeAs lessee

The Group leases certain of its office properties,

distribution sites and printing equipment under

operating lease arrangements. Leases for these

properties and printing equipment are negotiated

for terms ranging from one to ten years.

At the balance sheet date, the Group had total future

minimum lease payments under non-cancellable

operating leases falling due as follows:


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Within one year 一年內 28,49228,49228,49228,49228,492 8,694

In the second to fifth years, inclusive 第二至第五年（包括首尾兩年） 28,06528,06528,06528,06528,065 19,508

After five years 五年後 6,0116,0116,0116,0116,011 9,055

62,56862,56862,56862,56862,568 37,257

41. 經營租約安排（續）

(b) 作為承租人

本集團根據經營租約安排租賃若干辦公

室物業，派發點及印刷設備。經磋商之物

業及印刷設備之租約為期一至十年。

於結算日，本集團根據下列期間屆滿之不

可撤銷經營租約應付之未來最低租金總

額為：



42.42.42.42.42. COMMITMENTSCOMMITMENTSCOMMITMENTSCOMMITMENTSCOMMITMENTS

In addition to the operating lease commitments detailed

in note 41(b) above, the Group had the following

commitments at the balance sheet date:

Capital commitmentsCapital commitmentsCapital commitmentsCapital commitmentsCapital commitments


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Capital commitments: 資本承擔：

Contracted, but not provided for 已訂約但未撥備 1,5261,5261,5261,5261,526 8,592

Authorised, but not contracted for 已批准但未訂約 690690690690690 3,024

2,2162,2162,2162,2162,216 11,616

In addition, the Group’s share of jointly-controlled

entities’ own capital commitments which are not included

in the above, was as follows:


本集團

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Contracted, but not provided for 已訂約但未撥備 3,1173,1173,1173,1173,117 2,249

42. 承擔

除上文附註41(b)之經營租賃承擔外，本集團於

結算日有以下承擔：

資本承擔

此外，上文並未包括的本集團應佔之共同控制

公司本身之資本承擔如下：

The Company had no material commitments at the

balance sheet date.

本公司於結算日並無任何重大承擔。




43.43.43.43.43. RELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONS

(a) In addition to the transactions and balances detailed

elsewhere in these financial statements, the Group

had the following material transactions with related

parties during the year:

Notes 20052005200520052005 2004

附註二零零五年二零零四年

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Rental income received from 來自一間共同控制公司之

a jointly-controlled entity 已收租金收入 (i) 462462462462462 431

News service fee income received 來自一間共同控制公司之

from a jointly-controlled entity 已收新聞服務費用收入 (ii) 12,48012,48012,48012,48012,480 11,590

Printing service charges paid and 已付及應付一間共同控制

payable to a jointly-controlled entity 公司之印刷服務費用 (iii) 86,32786,32786,32786,32786,327 73,572

Reimbursement of expenses paid

on behalf of the Company to 向本公司之控權股東之

an affiliate of the Company’s 一間聯屬公司償還

controlling shareholder 代本公司支付之開支 (iv) 1,8231,8231,8231,8231,823 2,427

Agency fee paid to a related company 已付由本公司一名非執行

of which a non-executive director of 董事作為其股東之

the Company is a shareholder 一間關連公司之代理費 (v) 2,5002,5002,5002,5002,500 –

Notes:

(i) The rental income was determined between the parties

with reference to the prevailing market price.

(ii) The news service fee was charged on an annual f ixed

amount basis pursuant to the relevant news service

agreement.

(iii) The printing service was charged on a cost plus mark-up

basis pursuant to the relevant printing agreement.

(iv) The reimbursement of expenses was made at cost.

(v) The agency fee was paid for the disposal of a property of

the Group and was charged based on 0.676% of the sales

consideration for the disposal of the Group’s property.

43. 關連人士交易

(a) 除財務報表的其他地方詳述之交易與結

餘外，本集團於年內亦與關連人士訂立下

列之重大交易：

附註：

(i) 租金收入由有關各方參考現行市價釐定。

(ii) 新聞服務費用根據相關新聞服務協議每年定額收費。

(iii) 印刷服務費用根據相關印刷服務按印務協議收取成

本連同溢利。

(iv) 償還之開支按成本收費。

(v) 代理費用為支付出售本集團之物業的費用，並按本集

團物業售價之0.676%計算。



43.43.43.43.43. RELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONS (continued)

(b)(b)(b)(b)(b) Other transactions with related parties:Other transactions with related parties:Other transactions with related parties:Other transactions with related parties:Other transactions with related parties:

During the year, the Group pledged certain of its

deposits amounting to approximately HK$12,153,000

(2004: approximately HK$11,925,000) as securities

fo r ba n k i n g fa c i l i t i e s o f a p p rox i m ate ly

HK$12,153,000 (note 27) (2004: HK$11,925,000)

granted to a jointly-controlled entity. As at 31

December 2005, such facilities were fully utilised.

(c)(c)(c)(c)(c) Outstanding balances with related parties:Outstanding balances with related parties:Outstanding balances with related parties:Outstanding balances with related parties:Outstanding balances with related parties:

Details of the Group’s balances with jointly-

controlled entities and associates as at the balance

sheet date are disclosed in notes 21 and 22 to the

financial statements, respectively.

(d)(d)(d)(d)(d) Compensation of key management personnel ofCompensation of key management personnel ofCompensation of key management personnel ofCompensation of key management personnel ofCompensation of key management personnel of

the Group:the Group:the Group:the Group:the Group:

20052005200520052005 2004


HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000

千港元千港元

Short term employee benefits 短期僱員福利 27,73427,73427,73427,73427,734 26,115

Post-employment benefits 退休後福利 8383838383 98

Share-based payments 以股份為基礎之付款 2,1782,1782,1782,1782,178 1,678

Total compensation paid to 向主要管理人員支付之

key management personnel 酬金總額 29,99529,99529,99529,99529,995 27,891

Further details of directors’ emoluments are

included in note 10 to the financial statements.

The related party transaction in respect of item

(a)(v) above also constitutes a connected

transaction as defined in Chapter 14A of the Listing

Rules.

43. 關連人士交易（續）

(b) 與關連人士其他交易

年內，本集團就一間共同控制公司獲授約

12,153,000港元（二零零四年：約11,925,000

港元）之銀行備用額以若干存款約

12,153,000港元（附註 27）（二零零四年：

約11,925,000港元）作為抵押。於二零零五

年十二月三十一日，該等備用額已全數動

用。

(c) 與關連人士之結欠

本集團與共同控制公司及聯營公司於結

算日之結餘詳情於財務報表附註21 及22

披露。

(d) 本集團主要管理人員之薪酬

董事酬金其他詳情於財務報表附註 10披露。

以上有關項目(a)(v)的關連人士交易同時構成

上市規則第 14A章的關連交易。




44.44.44.44.44. FINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIESAND POLICIESAND POLICIESAND POLICIESAND POLICIES

The Group’s principal financial instruments, other than

derivatives, comprise bank loans, finance leases, and cash

and short term deposits. The main purpose of these

financial instruments is to raise finance for the Group’s

operations. The Group has various other financial assets

and liabilities such as trade receivables and trade

payables, which arise directly from its operations.

The Group also enters into derivative transactions,

including principally equity and commodity contracts,

options and forward currency contracts for trading

purpose.

The main risks arising from the Group’s f inancial

instruments are credit risk, liquidity risk and cash flow

interest rate risk. The directors reviews and agrees

policies for managing such risks and they are summarised

below. The Group’s accounting policies in relation to

derivatives are set out in note 2.5 to the f inancial

statements.

Credit riskCredit riskCredit riskCredit riskCredit risk

The Group trades only with recognised and creditworthy

third parties. It is the Group’s policy that all customers

who wish to trade on credit terms are subject to credit

verification procedures. In addition, receivable balances

are monitored on an ongoing basis and the Group’s

exposure to bad debts is not significant. For transactions

that are not denominated in the functional currency of

the relevant operating unit, the Group does not offer

credit terms without the specific approval of the Head

of Credit Department.

44. 財務風險目標及政策

本集團之主要金融工具（衍生產品除外）包括

銀行貸款、金融租賃以及現金及短期存款。該

等金融工具之主要目的為籌集資金作本集團經

營所需。本集團有不同金融資產及負債（例如

應收賬款及應付賬款），主要來自其經營業務。

本集團亦訂立多項衍生交易，主要包括作買賣

用途之股本及商品交易、期貨及遠期貨幣合

約。

本集團金融工具之主要風險為信貸風險、流動

資金風險及現金流量息率風險。董事會檢討及

協定管理有關風險之政策，並概述如下。本集

團有關衍生產品之會計政策載於財務報表附註

2.5。

信貸風險

本集團只會與認可及信譽良好之第三方進行交

易。本集團之政策為有意以提供信貸期形式進

行交易之客戶，必須接受信貸審核程序。此外，

本集團會不斷監察應收賬款結餘，而本集團所

承受之呆賬風險極微。非以有關經營單位之功

能貨幣計值之交易，本集團在未得信貸監控部

主管特定批准前，不會提供信貸期。



44.44.44.44.44. FINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVESFINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIESAND POLICIESAND POLICIESAND POLICIESAND POLICIES (continued)

Credit risk Credit risk Credit risk Credit risk Credit risk (continued)

The credit risk of the Group’s other f inancial assets,

which comprise cash and cash equivalents, available-for-

sale financial assets and certain derivative instruments,

arises from default of the counterparty, with a maximum

exposure equal to the carrying amount of these

instruments.

Since the Group trades only with recognised and

creditworthy third parties, there is no requirement for

collateral.

Liquidity riskLiquidity riskLiquidity riskLiquidity riskLiquidity risk

The Group’s policy is to regularly monitor current and

expected liquidity level to ensure that it maintains

suff icient reserves of cash and cash equivalents and

readily realisable marketable securities for its daily

operation and investment purpose.

Cash flow interest rate riskCash flow interest rate riskCash flow interest rate riskCash flow interest rate riskCash flow interest rate risk

The Group’s income and operating cash flows are

substantially independent of changes in market interest

rates. The Group has no signif icant interest-bearing

assets and all of the Group’s interest-bearing borrowings

bore interest at fixed rates. The interest rates and terms

of repayment of the Group’s interest-bearing bank and

other borrowings are disclosed in note 31 to the financial

statements.

44. 財務風險目標及政策（續）

信貸風險（續）

本集團其他金融資產之信貸風險，包括現金及

現金等值項目、可供出售金融資產及其他衍生

工具，來自對手方之失責，而最大之風險相等

於該等工具之賬面值。

由於本集團只會與認可及信譽良好之第三方進

行交易，故無須提供抵押品。

流動資金風險

本集團之政策是定期監督流動及預期流動資金

水平，以確保能夠維持充足現金及可供即時變

現之有價證券儲備，以及作其日常營運及投資

用途。

現金流量息率風險

本集團之收入及經營現金流量很大程度上獨立

於市場息率之變動而定。本集團並無任何重大

計息資產，而本集團全部計息借貸按固定息率

計息。本集團計息銀行及其他借貸之息率及還

款期於財務報表附註31披露。




45.45.45.45.45. POST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTSPOST BALANCE SHEET EVENTS

Subsequent to the balance sheet date and up to the date

of approval of these financial statements, the Company

repurchased its own shares through the Stock Exchange

totalling 58,044,000 shares for an aggregate consideration

of HK$35,536,000. The highest and the lowest price per

share paid by the Company for the purchase of shares

were HK$0.71 and HK$0.35, respectively. These

repurchased shares were cancelled by the Company upon

the repurchase and, accordingly, the issued share capital

of the Company was reduced by the nominal value of

these shares.

46.46.46.46.46. PARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIES

Particulars of the Company’s principal subsidiaries were

as follows:

Place ofPlace ofPlace ofPlace ofPlace of NominalNominalNominalNominalNominal PercentagePercentagePercentagePercentagePercentageincorporation/incorporation/incorporation/incorporation/incorporation/ value of issuedvalue of issuedvalue of issuedvalue of issuedvalue of issued of equityof equityof equityof equityof equityregistrationregistrationregistrationregistrationregistration share/registeredshare/registeredshare/registeredshare/registeredshare/registered attributable toattributable toattributable toattributable toattributable to PrincipalPrincipalPrincipalPrincipalPrincipal

Name of subsidiaryName of subsidiaryName of subsidiaryName of subsidiaryName of subsidiary and operationand operationand operationand operationand operation capitalcapitalcapitalcapitalcapital the Companythe Companythe Companythe Companythe Company activitiesactivitiesactivitiesactivitiesactivities已發行本公司

註冊成立／股份面值／應佔股本附屬公司名稱登記及經營地點註冊資本百分比主要業務

DirectDirectDirectDirectDirect IndirectIndirectIndirectIndirectIndirect直接間接

北京星島㶅通媒體技術 PRC/ RMB3,000,000 – 100 Software development服務有限公司 Mainland China registered capital 軟件開發

(formerly known as 中國／人民幣3,000,000元北京泛華㶅通軟件科技中國內地註冊資本有限公司 )#*

北京星島㶅通媒體技術服務有限公司

（前稱北京泛華㶅通軟件科技有限公司 )#*

廣州市漢思堡商貿有限公司 * PRC/ RMB1,000,000 – 100 Distribution ofMainland China registered capital photographic

中國／人民幣 1,000,000元 products中國內地註冊資本攝影器材分銷

Chinese Information Radio United States US$100,000 – 100 Radio broadcastingof America common stock 電台廣播

美國 100,000美元普通股

45. 結算日後事項

於結算日後至本財務報表批核日，本公司在聯

交所購回其股份合共58,044,000股，總代價為

35,536,000港元。本公司購回股份時支付每股最

高及最低價格分別為0.71港元及0.35港元。本公

司於購回股份後註銷該等被購回之股份，本公

司之已發行股本亦因該等股份之面值減少而減

少。

46. 附屬公司詳情

本公司主要附屬公司之詳情如下：



Express Post Limited Hong Kong HK$2 – 100 Newspaper publishing快線周報有限公司香港 ordinary shares 報章發行

2港元普通股

Flash Bright Development Hong Kong HK$5,000,000 – 100 Distribution ofLimited 香港 ordinary shares photographic

亮馳發展有限公司 5,000,000港元 products普通股攝影器材分銷

GC Media Teamwork British Virgin US$100 – 100 Content sellingLimited Islands/ ordinary shares 內容銷售

Hong Kong 100美元英屬處女群島／普通股香港

Global China Corporate Hong Kong HK$5,000,000 100 – Provision ofFinance Limited 香港 ordinary shares corporate finance

泛華財務顧問有限公司 5,000,000港元 advisory services普通股提供企業財務顧問服務

Global China Management Hong Kong HK$20 – 100 Provision ofServices Limited 香港 ordinary shares management

20港元 services to普通股 the Group

向本集團提供管理服務

Headline Daily Limited Hong Kong HK$2,000,000 – 100 Newspaper publishing頭條日報有限公司香港 ordinary shares 報章發行

2,000,000港元普通股

Job Market Publishing Hong Kong HK$2 – 100 Newspaper publishingLimited 香港 ordinary shares 報章發行

求職廣場出版有限公司 2港元普通股

Land Profit Development British Virgin US$1 – 100 Fund managementLimited Islands/ ordinary share 基金管理

Hong Kong 1美元英屬處女群島／普通股香港





46.46.46.46.46. PARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIES (continued) 46. 附屬公司詳情（續）




Perfect Treasure Investment Hong Kong HK$100,000 – 100 Securities tradingLimited 香港 ordinary shares and investment

𡟻寶發展有限公司 100,000港元證券買賣及投資普通股

Sing Tao Magazine Group British Virgin US$1 – 100 Magazine publishingLimited Islands/ ordinary share and advertising

星島雜誌集團有限公司 Hong Kong 1 美元 agency英屬處女群島／普通股雜誌發行及廣告代理香港

Sing Tao (Canada) Limited Canada C$1 – 100 Investment holding加拿大 common share and property

C$8,250,000 holdingClass A preference shares 投資控股及物業持有

1 加元普通股

8,250,000加元類別A優先股

Sing Tao Educational Hong Kong HK$10,000 – 100 Book publishingPublications Limited 香港 ordinary shares 書籍發行

星島教育出版社有限公司 10,000港元普通股

Sing Tao Finance Limited Hong Kong HK$2 – 100 Financing intermediary星島財務有限公司香港 ordinary shares 財務媒介

2港元普通股

Sing Tao Limited Hong Kong HK$77,650,000 – 100 Newspaper publishing星島有限公司香港 ordinary shares 報章發行

77,650,000港元普通股













Sing Tao Newspapers United States US$100,000 – 100 Newspaper publishingLos Angeles Ltd. of America common stock 報章發行

美國 100,000美元普通股

Sing Tao Newspapers United States US$5,550,000 – 100 Newspaper publishingNew York Ltd. of America common stock 報章發行

美國 5,550,000美元普通股

Sing Tao Newspapers Australia A$250,000 – 100 Newspaper publishingPty. Limited 澳洲 ordinary shares 報章發行

250,000澳元普通股

Sing Tao Newspapers United States US$2,335,000 – 100 Newspaper publishingSan Francisco Ltd. of America common stock 報章發行

美國 2,335,000美元普通股

Sing Tao (U.K.) Ltd.* United Kingdom £100 – 100 Newspaper publishing英國 ordinary shares 報章發行

100英磅普通股

# The subsidiary is registered as a wholly-foreign owned enterprise

under the PRC law.

* Not audited by Ernst & Young Hong Kong or other Ernst & Young

International member firms.

# 該附屬公司按照中國法例註冊為一間外商獨資企業。

* 並非由香港安永會計師事務所或 Ernst & Young

International 其他成員公司審計。




46. 附屬公司詳情（續）

董事認為，上表列出之附屬公司主要影響本年

度業績，或構成本集團資產及／或負債淨值之

主要部份。董事認為，詳列本公司所有附屬公

司會令篇幅過於冗長。

47. 比較數字

如財務報表附註2.2及2.4所述，由於在年內採納

新香港財務申報準則，財務報表內若干項目及

結餘之會計處理方法及呈列方式，已作修訂以

配合新規定。因此，若干去年及期初結餘已作

調整，而若干比較數字已重新分類及重列，以

配合本年度之呈列及會計處理方式。

48. 批核本財務報表

董事會於二零零六年四月十八日批核本財務報

表。

46.46.46.46.46. PARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIESPARTICULARS OF SUBSIDIARIES (continued)

The above table lists the subsidiaries of the Company

which, in the opinion of the directors, principally affected

the results for the year or formed a substantial portion

of the net assets and/or liabilities of the Group. To give

details of all the Company’s subsidiaries would, in the

opinion of the directors, result in particulars of excessive

length.

47.47.47.47.47. COMPARATIVE AMOUNTSCOMPARATIVE AMOUNTSCOMPARATIVE AMOUNTSCOMPARATIVE AMOUNTSCOMPARATIVE AMOUNTS

As further explained in notes 2.2 and 2.4 to the financial

statements, due to the adoption of new HKFRSs during

the current year, the accounting treatment and

presentation of certain items and balances in the financial

statements have been revised to comply with the new

requirements. Accordingly, certain prior year and opening

balance adjustments have been made and certain

comparative amounts have been reclassified and restated

to conform with the current year’s presentation and

accounting treatment.

48.48.48.48.48. APPROVAL OF THE FINANCIAL STATEMENTSAPPROVAL OF THE FINANCIAL STATEMENTSAPPROVAL OF THE FINANCIAL STATEMENTSAPPROVAL OF THE FINANCIAL STATEMENTSAPPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved and authorised

for issue by the board of directors on 18 April 2006.


Particulars of Major Properties主要物業概覽31 December 2005 二零零五年十二月三十一日

Approx.Approx.Approx.Approx.Approx.

grossgrossgrossgrossgross Group’sGroup’sGroup’sGroup’sGroup’s LeaseLeaseLeaseLeaseLease

Name and addressName and addressName and addressName and addressName and address Lot No.Lot No.Lot No.Lot No.Lot No. UseUseUseUseUse floor areafloor areafloor areafloor areafloor area interestinterestinterestinterestinterest expiryexpiryexpiryexpiryexpiry Main occupantsMain occupantsMain occupantsMain occupantsMain occupants

總樓面集團租約

名稱及地址地段編號用途面積約數所佔權益屆滿年期主要佔用者

(square feet) %

（平方呎） %

(I) PROPERTIES HELD FOR OWNER OCCUPATION:

持作自用之物業：

Located in Hong Kong

位於香港

1. Rooms 1401-06, 14/F, Inland Lot No. 2 Commercial 4,279 100 2842 Flash Bright

Car Po Commercial Building, 內地段2號商業 Development

Nos. 37-43 Pottinger Street, Limited

Central. 亮馳發展有限公司

中環

砵典乍街37-43號

嘉寶商業大廈

14樓 1401-06室

2. Workshops Nos. 1-3 & 5-12 Sha Tin Town Commercial 15,641 100 2047 Flash Bright

on 5/F, Lot No. 138 商業 Development

Car Parking Spaces 沙田市地段 138號 Limited

Nos. 5, 6, 14 & 15 亮馳發展有限公司

on Upper Ground Floor,

Wah Lai Industrial Centre,

Nos. 10-14 Kwei Tei Street,

Fo Tan, Shatin.

沙田火炭桂地街 10-14號

華麗工業中心5樓 1-3及

5-12號工場及上層5、6、14及

15號停車位


Particulars of Major Properties主要物業概覽


Located in Canada

位於加拿大

3. 411-417 Dundas Street West, Part of lots Commercial 23,000 100 Freehold Sing Tao (Canada)

Toronto, 6 and 7 商業 interest Limited

Ontario. Plan D-116 永久權益

規劃D-116

6號及7號地段

之一部份

Located in Mainland China

位於中華人民共和國

4. Unit 8E, Lan Yuan Mansion, N/A Residential 1,132 100 2064 Sing Tao News

Beijing Jindao Garden, 不適用住宅 Corporation

No. 1 Xibahe Nan Road, Limited

Chaoyang District, 星島新聞集團

Beijing, Hebei Province. 有限公司

河北省北京市朝陽區

西貝河南路 1號

北京金島花園

蘭苑樓8E室






(square feet) %

（平方呎） %


Particulars of Major Properties主要物業概覽31 December 2005 二零零五年十二月三十一日

Located in the United States of America

位於美國

5. 215 Littlefield Avenue, N/A Industrial 14,900 100 Freehold Sing Tao Newspapers

South San Francisco. 不適用工業 interest San Francisco Ltd.

永久權益

6. 188 Lafayette Street, N/A Industrial 16,200 100 Freehold Sing Tao Newspapers

New York. 不適用工業 interest New York Ltd.

永久權益

7. 17059 Green Drive, N/A Industrial 63,500 100 Freehold Sing Tao Newspapers

City of Industry, 不適用工業 interest Los Angeles Ltd.

Los Angeles. 永久權益






(square feet) %

（平方呎） %


Particulars of Major Properties主要物業概覽


(II) INVESTMENT PROPERTIES:

投資物業

Located in Hong Kong

位於香港

1. Rooms 1305-06, 13/F, Inland Lot Commercial 1,632 100 2842 Independent

Car Po Commercial Building, No. 2 商業 (long third parties

No.37-43 Pottinger Street, 內地段2號 term) 獨立第三者

Central. （長年期）

中環砵典乍街37-43號

嘉寶商業大廈

13樓 1305-06室

2. Room 1504, 15/F, Inland Lot Commercial 471 100 2842 Vacant

Car Po Commercial Building, No. 2 商業 (long 空置

No.37-43 Pottinger Street, 內地段2號 term)

Central. （長年期）

中環

砵典乍街37-43號

嘉寶商業大廈

15樓 1504室






(square feet) %

（平方呎） %


Five Year Financial Summary五年財務概要

A summary of the published results and of the assets, liabilities

and minority interests of the Group for the last five financial

years/period, as extracted from the published audited financial

statements and reclassified as appropriate, is set out below.

RESULTSRESULTSRESULTSRESULTSRESULTS

Period from1 April

Year endedYear endedYear endedYear endedYear ended 2001 to31 December31 December31 December31 December31 December 31 December 31 December 31 December 31 December

20052005200520052005 2004 2003 2002 2001(Restated) (Restated) (Restated) (Restated)

由二零零一年截至十二月三十一日止年度四月一日至

二零零五年二零零四年二零零三年二零零二年截至十二月十二月十二月十二月十二月三十一日

三十一日三十一日三十一日三十一日止年度（重列）（重列）（重列）（重列）

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元

Revenue 收入 1,824,5221,824,5221,824,5221,824,5221,824,522 1,441,070 1,181,558 1,094,133 1,032,960

Profit/(loss) for the year 本年度溢利／（虧損） 220,773220,773220,773220,773220,773 151 8,516 179,338 (153,967)

Attributable to: 以下人士應佔：Equity holders of the Company 本公司股權持有人 220,773220,773220,773220,773220,773 776 11,183 154,768 (131,446)Minority interests 少數股東權益 ––––– (625) (2,667) 24,570 (22,521)

220,773220,773220,773220,773220,773 151 8,516 179,338 (153,967)

ASSETS, LIABILITIES AND MINORITY INTERESTSASSETS, LIABILITIES AND MINORITY INTERESTSASSETS, LIABILITIES AND MINORITY INTERESTSASSETS, LIABILITIES AND MINORITY INTERESTSASSETS, LIABILITIES AND MINORITY INTERESTS

20052005200520052005 2004 2003 2002 2001二零零五年二零零四年二零零三年二零零二年二零零一年

HK$’000HK$’000HK$’000HK$’000HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元

Total assets 資產總值 1,921,1161,921,1161,921,1161,921,1161,921,116 1,597,678 1,570,382 1,584,247 1,614,728Total liabilities 負債總值 (467,028(467,028(467,028(467,028(467,028))))) (484,460) (477,142) (451,360) (520,251)Minority interests 少數股東權益 ––––– – (625) (8,710) (225,791)

1,454,0881,454,0881,454,0881,454,0881,454,088 1,113,218 1,092,615 1,124,177 868,686

本集團過去五個財政年度／期間之已刊發業績、資

產及負債以及少數股東權益概要乃摘錄自已刊發經

審核財務報表，並已適當地重新歸類如下。

業績

資產，負債及少數股東權益

Documents

· 2007-05-29 · SING TAO NEWS CORPORATION LIMITED Annual Report 2005 1 Contents 目錄 Corporate Information 2 公司資料 Chairman’s Statement 4 主席報告 Major Awards of