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1、(Incorporated in the Cayman Islands with limited liability)(於 開 曼 群 島 註 冊 成 立 之 有 限 公 司)Stock code 股份代號:00039,Annual Report年 報,2011,2,4,6,12,19,25,37,40,41,42,44,45,47,48,CONTENTS目錄Page頁次,Corporate InformationChairmans StatementManagement Discussion and AnalysisCorporate Governance ReportDirectors a
2、nd Senior Managements BiographiesReport of the DirectorsIndependent Auditors ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsStatement of Financ
3、ial PositionNotes to Financial Statements,公司資料主席報告書管理層討論及分析企業管治報告董事及高級管理層履歷董事會報告獨立核數師報告綜合收入報表綜合全面收入報表綜合財務狀況表綜合權益變動表綜合現金流量表財務狀況表財務報表附註,Five Year Financial Summary,五年財務概要,131,2,CORPORATE INFORMATION公司資料,BOARD OF DIRECTORSExecutive DirectorsMr.LO Peter(Chairman)Mr.HAN Dong(Managing Director)Mr.SUN Davi
4、d LeeMr.ZHAO DifeiMr.LI Jian QuanMr.FU HuiNon-Executive DirectorMr.YEUNG Ting-Lap Derek EmoryIndependent Non-Executive DirectorsDr.LOKE YuMr.ZUCHOWSKI SamMr.ZHANG YonggenAUDIT COMMITTEEDr.LOKE Yu(Chairman)Mr.ZUCHOWSKI SamMr.ZHANG YonggenREMUNERATION COMMITTEEMr.ZUCHOWSKI Sam(Chairman)Dr.LOKE YuMr.LO
5、 PeterNOMINATION COMMITTEEMr.ZUCHOWSKI Sam(Chairman)Dr.LOKE YuMr.LO PeterCOMPANY SECRETARYMr.CHAN Kwong Leung,EricAUDITORSErnst&YoungBIO-DYNAMIC GROUP LIMITED 生物動力集團有限公司,董事會執行董事路嘉星先生（主席）韓 東先生（董事總經理）孫如暐先生趙滌飛先生李建權先生符 輝先生非執行董事楊鼎立先生獨立非執行董事陸海林博士ZUCHOWSKISam先生張永根先生審核委員會陸海林博士（主席）ZUCHOWSKISam先生張永根先生薪酬委員會ZUC
6、HOWSKISam先生（主席）陸海林博士路嘉星先生提名委員會ZUCHOWSKISam先生（主席）陸海林博士路嘉星先生公司秘書陳鄺良先生核數師安永會計師事務所,3,CORPORATE INFORMATION公司資料,REGISTERED OFFICEPO Box 309GT,Ugland HouseSouth Church Street,George TownGrand Cayman,Cayman IslandsHEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS2116 Hutchison House10 Harcourt Road,Hong KongTele
7、phone:(852)2868 1839Facsimile:(852)2986 6388Website:SHARE REGISTRAR AND TRANSFER OFFICEButterfield Fulcrum Group(Cayman)LimitedButterfield House,68 Fort StreetPO Box 705,George TownGrand Cayman,Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICETricor Tengis Limited26th Floor,Tesbury C
8、entre28 Queens Road East,Wanchai,Hong KongLISTING INFORMATION/STOCK CODEThe Stock Exchange of Hong Kong Limited:00039PRINCIPAL BANKERSThe Hongkong and Shanghai Banking Corporation LimitedChina Merchants Bank Co.,Ltd.,Hong Kong branch andHarbin branchChina Construction Bank Corporation,Shenzhen branc
9、hBank of Communications Co.,Ltd.,Guangzhou branch,註冊辦事處POBox309GT,UglandHouseSouthChurchStreet,GeorgeTownGrandCayman,CaymanIslands總辦事處及主要營業地點香港夏愨道10號和記大廈2116室電話：(852)28681839傳真：(852)29866388網站：哈爾濱分行中國建設銀行股份有限公司深圳分行交通銀行股份有限公司廣州分行Annual Report 2011年報,4,CHAIRMANS STATEMENT主席報告書,Dear Shareholders,2011 w
10、as a year of extreme uncertainties for the globaleconomy.After the financial tsunami in 2008,governmentsmoved to rescue their economies,especially the collapsingfinancial sector,by adopting various different policies in anattempt to avoid the repetition of the mistakes made by theU.S.government in p
11、olicy-making at the time of the GreatDepression of the American economy in the 1930s;Chinaspolicy was to increase direct investments in fixed assets andto expand domestic consumption.The funding requirementburden went to both the central and local governments.Thefinancing platforms of the local gove
12、rnments were also built.However,this situation led to a rapid increase in the prices ofcommodities and assets.The adverse effect of inflation wasthat the assets and future income of all were redistributedand the gap between the rich and the poor was widened;inflation could further give rise to infla
13、tion expectation,whichaccelerated the rise of asset prices,leading to the instabilityof the society;and the policy of macro-economic control wasmade and implemented for the main purpose of decreasingmoney supply and controlling commodity prices and realestate demand.As land is the resources under th
14、e controlof the local governments,the shrinkage of real estate sectoralso affected the capacity of financing and debt-servicingof the local governments.Exports also slowed down dueto the contraction of major international markets.Chinaeconomy keep the growth momentum must be rely onspeeding urbanisa
15、tion,stimulating domestic consumption andimplementing agriculture modernisation.In 2011,the Group has worked hard on restructuring of herexisting three business units,ethanol,wine and liquor andanimal feed.The business of ethanol is encountering moredifficulties,while the sales of wine and liquor is
16、 increasing andthe production of stalk feed is in scale and ready for next step.The business of ethanol has encountered the rising costsin corn,energy and human resources while the price ofethanol is very fluctuating.The commencement of electricitygeneration facility in Harbin production facility re
17、duces partof the production cost but the main issue remains the inputoutput value discrepancy.For avoidance of further loss,short-term suspension of production has occurred in some periodsof time.For future development,the chance of corn pricefall seems low,as the aggregate demand has shown nodecrea
18、sing trend and the increase in supply has been restrictedBIO-DYNAMIC GROUP LIMITED 生物動力集團有限公司,尊敬的各位股東：2011年 是 全 球 經 濟 非 常 不 穩 定 的 一 年，在2008年金融海嘯之後各國政府為了避免重複上 世 紀30年 代 美 國 經 濟 大 衰 退 時 當 時 美 國 政府的政策錯誤都利用不同政策拯救面臨崩潰的金融業和經濟；中國的政策是直接投資固定資產和擴大國內消費，資金來源包括中央政府和地方政府的財政，並建立地方政府融資平台，隨之而來是商品和資產價格快速上升，通脹的禍害是令全部人的
19、資產和未來收入出現重新分配，加大貧富差距；而通脹更會引起通脹預期，加速了資產價格上升而產生社會的不穩定性；宏觀調控也隨著出台。主要目標收縮貨幣供應，控制商品價格和房地產需求。土地是地方政府控制的資源，房地產的收縮也影響了地方政府融資和償還債務能力。出口也因為主要國際市場收縮而放緩。中國經濟的持續發展必須要依賴於加速城鎮化，刺激國內消費和農業現代化。2011年本集團主要工作是不斷努力將現有的業務包括乙醇、酒類和飼料三個業務單位進行調整。乙醇業務面對的問題比較多，酒類銷售在上升而秸稈飼料的初步工作已經調試完成，可以進行下一步工作。乙醇業務面對成本包括玉米、能源和人力資源都在上升而產品價格非常波動。
20、哈爾濱工廠的發電設備去年投入生產減低一部分生產成本但是主要問題是產品價格與玉米價格不時出現不協調。哈爾濱生產設施為了避免加大損失而出現短期停產。展望未來發展趨勢，玉米價格下降可能性不大因為整個市場需求並沒有減少而供應也因耕地不足而無法增加。哈爾濱生產設施必須改變生產模式，主要是改變原材料。去年本公司與國內一家公司達成合作的初,5,CHAIRMANS STATEMENT主席報告書,by the availability of farmlands.The Harbin production facilityhas to change its production mode,mainly the c
21、hange offeedstock.Last year,the Company has entered a preliminaryagreement with an independent third party for cooperation inusing kenaf as feedstock.The change will enable us to avoidthe pricing of grains and the plantation of kenaf improves thefarmland.The plantation is capable to convert non-farm
22、landto farmland.That company has completed a satisfactory trialin Heilongjiang.This project is expected to materialise in 2012.Performance of wine and liquor is promising as the grossmargin is increasing and expected a further improvementin 2012.Introduction of stalk feed to animal industryhas comme
23、nced with satisfactory response.We havereached initial agreement with two animal farms for futurecooperation.Thank all shareholders for your patience and support.Thedirection of the Groups business development is believedto be correct and appropriate for the present situation andpolicies in China.In
24、 the future,the management team willwork harder to complete the existing works to enable theCompany entering the path of healthy development.LO PeterChairmanHong Kong,16 March 2012,步協議以紅麻為原材料生產乙醇。以紅麻為原材料可以避免糧食價格的影響，且種植紅麻可以改善土地品質，將非耕地轉變為耕地。該公司已經在黑龍江試驗取得滿意成效。預計今年可以落實這個項目。酒類業務發展比較好，毛利貢獻在提升。預期2012年 可 以
25、加 速 增 長。秸 稈 飼 料 開 始 推 介 給畜牧業，有滿意的反應並已與兩家農牧場達成意向合作發展。感激股東的耐性和支持。相信本集團的發展路向是正確的並符合國家的情況和政策。今後管理層必然會更加努力工作去完成餘下的工作使本公司踏上健康發展的道路。路嘉星主席香港，二零一二年三月十六日Annual Report 2011年報,6,MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析,OVERVIEWFor the year ended 31 December 2011,the Groups revenuewas approximately HK$384.9 mi
26、llion,representing a decreaseof 12.4%over last year.Loss attributable to owners of theparent was approximately HK$125.5 million,representing anincrease of 19.6%over last year.Loss per share for the yearwas HK10.78 cents(2010:HK11.79 cents).During the year,the Groups wine and liquor businessrecorded
27、growth in revenue and profit.However,the Groupsethanol business recorded a substantial increase in loss.As aresult,the loss attributable to owners of the parent increasedas compared to last year.SEGMENTAL INFORMATIONEthanol businessThe Groups ethanol business is principally engaged in theproduction
28、and sale of ethanol products and ethanol by-products in the PRC.Currently,Harbin China Distillery Co.,Limited(“Harbin Distillery”),a 75%owned subsidiary of theGroup,manages and operates an ethanol production facilitylocated in Harbin,PRC.This ethanol production facility isdesigned to have an annual
29、production capacity of 60,000tonnes.During the year,the ethanol business recorded revenue ofapproximately HK$226.5 million,down 29.6%over last yearand accounted for 58.8%(2010:73.2%)of the total revenue.The decrease in revenue was mainly due to the temporarysuspension of the Groups ethanol productio
30、n facility(i)foraround one month during April 2011 to May 2011 to start upits own electric power generation facility so as to reduce thefuture costs of electricity,and(ii)from July 2011 to September2011 to reduce the cash outflow and operating loss causedby elevated corn prices during this period.Sa
31、les volume ofethanol products decreased by 40.8%to 26,778 tonnesand average selling price of ethanol products increased by16.2%to RMB5,522 per tonne.Gross loss was approximatelyHK$13.2 million(2010:HK$5.1 million).The increase in grossloss was mainly due to increase in corn price and depreciation.BI
32、O-DYNAMIC GROUP LIMITED 生物動力集團有限公司,概要於 截 至 二 零 一 一 年 十 二 月 三 十 一 日 止 年 度，本 集 團 收 入 約 為384,900,000港 元，較 上 年減 少12.4%。母 公 司 擁 有 人 應 佔 虧 損 約 為125,500,000港元，較上年增加19.6%。年內每股虧損為10.78港仙（二零一零年：11.79港仙）。年內，本集團酒類業務錄得收入及溢利增長。然而，本集團乙醇業務錄得虧損大幅增加。因此，較上年相比，母公司擁有人應佔虧損增加。分類資料乙醇業務本集團的乙醇業務主要為於中國生產及銷售乙 醇 產 品 及 乙 醇 副 產 品
33、。目 前，本 集 團 擁 有75%之附屬公司哈爾濱中國釀酒有限公司（哈爾濱釀酒）管理及經營一位於中國哈爾濱的乙 醇 生 產 設 施。該 生 產 設 施 的 計 劃 年 產 能 為60,000噸。年內，乙醇業務錄得約226,500,000港元收入，較 上 年 減 少29.6%，佔 總 收 入 的58.8%（二 零一 零 年：73.2%)。收 入 下 降 主 要 由 於 本 集 團乙醇生產設施於以下時間暫停所致：(i)於二零一一年四月至五月約一個月期間因啟動自身的發電設施以減少未來電力成本；及(ii)於二零一一年七月至二零一一年九月期間減少因玉米價格大幅漲價而引致之現金流出量及經營虧損。乙 醇 產
34、 品 銷 量 減 少40.8%至26,778噸，而平均銷售價格則增加16.2%至每噸人民幣5,522元。毛 損 約 為13,200,000港 元（二 零 一 零 年：5,100,000港元）。毛損的增加主要是由於玉米價格及折舊增加所致。,）,7,MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析,The profitability of the Groups ethanol production is highlysensitive to ethanol and corn price.Due to the volatileethanol and corn pr
35、ice,the operating results of the Groupsethanol business may fluctuate significantly.In view ofthe recent adverse market conditions,the future growthforecast of the Groups ethanol business was reduced andhence,an impairment of property,plant and equipmentof approximately HK$27.0 million and an impair
36、ment ofintangible assets of approximately HK$47.3 million were madeduring the year.In order to improve the profitability and competitiveness ofthe Groups ethanol business,Harbin Distillery plans to forma strategic alliance with a Shanghai high-tech enterprise toproduce cellulosic fuel ethanol from k
37、enaf.Up to the date ofthis report,a non-legally binding framework agreement hasbeen signed but no formal agreement has been entered intoin respect of the alliance.In the event that such alliance isbeing concluded,a separate announcement will be made tothe public.Wine and liquor businessThe Groups wi
38、ne and liquor business is principally engaged insales and distribution of wine and liquor in the PRC.Currently,the Group operates a retail and distribution network forselling wine and liquor in Guangzhou,Harbin and Hunanprovince of the PRC.As at 31 December 2011,the Group had25 wine and liquor speci
39、alty stores and 20 franchise stores inGuangzhou.During the year,the wine and liquor business recordedrevenue of approximately HK$158.4 million,up 34.7%overlast year and accounted for 41.2%(2010:26.8%)of the totalrevenue.The increase in revenue was mainly attributable tothe contributions from Power R
40、ange Holdings Limited and itssubsidiaries(the“Power Range Group”)which were acquiredin September 2010 and the growth of the Groups retail anddistribution operation in Guangzhou.A subsidiary of thePower Range Group is the exclusive distributor of DiancangJiugui,Xiaoxiangquan under 250ml and Meiming W
41、enshiin China until May 2020.Gross profit was approximatelyHK$37.1 million,representing an increase of 108.9%over last,本集團乙醇生產業務的盈利能力易受乙醇及玉米的價格影響。由於乙醇及玉米的價格飄忽不定，本集團乙醇業務的經營業績可能會大幅波動。鑑於近期市況不利，本集團對乙醇業務的未來增長預測減少，因此需於本年度作出約27,000,000港元的物業、廠房及設備減值及約47,300,000港元的無形資產減值。為改善本集團乙醇業務的盈利能力及競爭力，哈爾濱釀酒計劃與上海一家以紅麻生產
42、纖維素燃料乙醇的高科技企業締結策略聯盟。直至本報告日期，不具法律約束力的框架協議已經簽署，但並無就聯盟訂立正式的協議。本公司將於建立聯盟後，另行發表公佈通知公眾。酒類業務本集團的酒類業務主要為於中國銷售及分銷酒類。目前，本集團於中國廣州、哈爾濱及湖南省經營銷售酒類的零售及分銷網絡。於二零一一年十二月三十一日，本集團於廣州擁有25間酒類專賣店及20間加盟店。年內，酒類業務錄得收入約158,400,000港元，較 上 年 上 升34.7%，佔 總 收 入 之41.2%（二 零一零年：26.8%)。收入增加主要由於來自力榮控股有限公司及其附屬公司（力榮集團（於二零一零年九月被收購）的貢獻以及本集團廣
43、州的零售及分銷經營業務增長所致。力榮集團的一間附屬公司是典藏酒鬼、250毫升以下小湘泉及美名問世的中國獨家經銷商，直至二零二零年五月為止。毛利約為37,100,000港元，較 上 年 增 加108.9%。毛 利 率 自15.1%上 升 至23.4%。增加主要由於收購力榮集團後產品組合得以增強所致。,year.Gross profit margin improved from 15.1%to 23.4%.The increase was mainly due to enhancement of product mixfollowing the acquisition of Power Range
44、 Group.Annual Report 2011年報,8,MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析,The Group will continue to improve the product mix and focuson higher margin products to grow its business.Animal feed businessThe Groups animal feed business will principally engagein the production and sale of forages.The Gro
45、up holds anintellectual property which involves a technique and know-how to produce high-protein forages from crop stalks.Crop stalks are poor in nutritive value and low in digestibility.The Groups intellectual property involves a technique andknow-how to decompose lignin and cellulose by microbiala
46、nd enzymatic means so as to increase digestibility andprotein content of crop stalks.The crop stalks can be treatedwith either potable water or liquid waste from the ethanolproduction process.Crop stalks treated with ethanol liquidwaste has higher protein content than that with potablewater as ethan
47、ol liquid waste contains some proteins.During the year,the Group has completed construction of a100,000 tonne forage production facility within the Groupsethanol production facility in Harbin.In addition,the Grouphas conducted an evaluation of the sustainable collection,storage and transportation of
48、 corn stalks left in the fieldafter harvesting.The insight from this evaluation has helpedthe Group understand the volume potential and economicsof corn stalk as quality forage for livestock.As some of theconventional agriculture equipment in China cannot beused for the production of the Groups fora
49、ges due to sizelimits,the Group has spent considerable time to modifyand customise the equipment.The Group has offered itshigh-protein forages to certain farms in Heilongjiang provincefor their feeding trial.Currently,the Group has reachedpreliminary agreement with two farms in Heilongjiangprovince
50、on the framework for collaboration.A forageproduction facility will be built within the farms so that theproducts will be efficiently processed near the source of rawmaterials(i.e.corn stalk).Up to the date of this report,noformal agreement has been entered into in respect of thecollaboration.In the
