00136馬斯葛集團 报.ppt

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1、2,3,8,12,26,28,29,30,31,33,115,1,Mascotte Holdings Limited*,Contents目錄 Chairmans Statement主席報告Management Discussion and Analysis管理層討論及分析Profile of Directors and Senior Management董事及高層管理人員簡介Corporate Governance Report企業管治報告Directors Report董事會報告Independent Auditors Report獨立核數師報告Consolidated Statement

2、of Comprehensive Income綜合全面收入報表Consolidated Statement of Financial Position綜合財務狀況表Consolidated Statement of Changes in Equity綜合權益變動表Consolidated Statement of Cash Flows綜合現金流量表Notes to the Consolidated Financial Statements綜合財務報表附註Five Years Financial Summary五年財務概要Other Information其他資料Particulars of I

3、nvestment Properties投資物業詳情Corporate Information公司資料,Pages頁數17112113116,*,僅供識別,Annual Report 年報,2012,2,Chairmans StatementTHE YEAR IN REVIEWThe year under review has not been a smooth one for MascotteHoldings Limited and its subsidiaries(“the Group”).Loss attributableto shareholders had increased sub

4、stantially to HK$683.9 million,largelyas a result of the loss of HK$306.8 million in respect of our securitiestrading business due to the difficult conditions in financial marketscaused by factors such as the Euro debt crisis;and the finance costsincurred of HK$190.3 million in respect of the conver

5、tible bonds andconsideration bonds issued during the year in connection with theacquisition of the entire shareholding in Sun Materials Technology Co.,Ltd.(“Sun Materials”).On the other hand,the year marked an important milestone for theGroup as we ventured into the green energy industry through the

6、acquisition of Sun Materials,which is engaged in manufacturing solargrade polycrystalline silicon by deploying its self developed innovativetechnology and production process.It was originally anticipated at thetime of the acquisition that commercial production could commencewithin the current financ

7、ial year.However,the actual progress madetowards production has fallen short of earlier expectation.Subject tofunds being available to finance the future capital expenditure on atimely basis,it is expected the commercial production will commence inthe first half of 2013.PROSPECTSThe year ahead is un

8、doubtedly going to be extremely challenging.First,from an operational aspect we need to complete the constructionof the recycling facility and to proceed with commercial productionof solar grade polycrystalline silicon as soon as possible.Second,from the financial prospective we need to address the

9、Groups futurefunding needs diligently taking into account our working capital andcapital expenditure requirements as well as the maturity profile of theCompanys indebtedness.On a more positive note we are confident that after putting therecycling facility in place Sun Materials unique technology and

10、 processwill put it in a strong position from a cost-competitiveness point ofview.The price correction of late in the solar grade polycrystallinesilicon market is expected to make it difficult for certain higher costmanufacturers to compete and eventually drive them out of themarket.The Group is the

11、refore cautiously optimistic that with its highlycompetitive cost structure Sun Materials will stand to benefit from aglobal capacity adjustment in the market following the exit of highercost manufacturers in the near future.APPRECIATIONI would like to take this opportunity to thank our shareholders

12、,businesspartners,all of my fellow directors and staff for their on-going supportdedicated services and their valuable contribution during the year.For and on behalf of the BoardPeter Temple WhitelamChairman28 June 2012,主席報告回顧年度馬斯葛集團有限公司及其附屬公司（本集團）於回顧年度並不順利。股東 應 佔 虧 損 大 幅 增 加 至 683,900,000港元，主要由於歐債危

13、機等因素造成金融市場環境艱難，令我們之證券交易 業 務 錄 得 虧 損 306,800,000 港 元；以及年內就收購山陽科技股份有限公司（山 陽 科 技）之 全 部 股 權 而 發 行可換股債券及代價債券產生融資成本190,300,000 港元所致。另一方面，本年度乃本集團之重要里程碑，原因是本集團透過收購山陽科技（從事運用自行開發之創新技術及生產工序製造太陽能電池用多晶硅）進軍綠色能源業。本集團原本於進行收購時預計商業生產可於本財政年度展開。然而，實現生產之實際進度落後於早前之預期。受制於如可及時取得資金撥付未來資本開支，預期商業生產將於二零一三年上半年展開。前景未來一年無疑會極具挑戰。第

14、一，從營運角度來看，我們需要盡快完成回收設施之建設及進行太陽能電池用多晶 硅 之 商 業 生 產。第 二，從 財 政 角度來看，我們需要考慮營運資金及資本開支要求以及本公司債務之到期情況，積極應對本集團之未來資金需要。從正面來看，我們有信心設立回收設施後，山陽科技之獨特技術及工序將使其在成本競爭力方面佔有強大優勢。最近太陽能電池用多晶硅市場之價格調整預期會令若干成本較高之製造商難以競爭，最終從市場淘汰。因此，本集團保持審慎樂觀，認為利用其競爭力高之成本結構，山陽科技將經得起考驗，可在不久將來於成本較高之製造商退出後受惠於市場之全球產能調整。致謝本 人 謹 藉 此 機 會 對 各 股 東、業 務

15、 夥伴、全體董事同寅及員工之鼎力支持及竭誠努力，以及於本年度作出之寶貴貢獻，致以謝意。代表董事會主席Peter Temple Whitelam二零一二年六月二十八日,Mascotte Holdings Limited,馬 斯 葛 集 團 有 限公司,3,Management Discussion and AnalysisFINANCIAL RESULTS AND BUSINESS REVIEWAs anticipated in the Companys announcement issued on 12 April2012,the Group recorded a substantial in

16、crease in loss for the currentyear as compared to the last year.The loss attributable to shareholdersfor the year ended 31 March 2012 amounted to HK$621.3 million,as compared to a loss of HK$244.8 million last year.The substantialincrease in loss of approximately HK$376.5 million was largelybrought

17、about by(i)the increase of loss on change in fair valueof financial assets at fair value through profit or loss by HK$119.2million to HK$306.8 million derived from trading of securities duringthe year,which represented an increase of realised loss of HK$170.1million,from HK$96.0 million to HK$266.1

18、million and a decreaseof unrealised loss of HK$50.9 million,from HK$91.6 million toHK$40.7 million;and(ii)the increase in finance costs by approximatelyHK$191.7 million arising from the interest expenses on bank and otherborrowings,amortisation of interest expenses for convertible bonds andconsidera

19、tion bonds issued during the year,with the amount of HK$1.4million,HK$127.1 million and HK$63.2 million charged in consolidatedstatement of comprehensive income respectively.The basic and dilutedloss per share was HK$2.53,as compared to the basic and dilutedloss per share of HK$2.12 for the last yea

20、r.The basic and dilutedloss per share have been adjusted to reflect the impact of the shareconsolidation effected on 26 April 2012.During the year,the Grouphas purchased a commercial property which is located at Hong Kong.Furthermore,the Company completed the acquisition of 50.1%interestin Sun Mass

21、Energy Limited(“Sun Mass”)and its subsidiaries,LutionInternational Holdings Co.,Ltd.and Sun Materials in July 2011 andfurther acquired the remaining 49.9%interest in Sun Mass.Sun Massbecame wholly-owned subsidiary upon completion in January 2012.Nomaterial disposal of subsidiaries was noted during t

22、he year.Solar grade polycrystalline siliconDuring the year,the Company acquired 50.1%interest of Sun Massand completed on 15 July 2011,which then became a non-whollyowned subsidiary of the Company.On 4 January 2012,Sun Massbecame a wholly owned subsidiary after the Company further acquiredthe remain

23、ing 49.9%interest of Sun Mass.During the year,noturnover was generated from solar grade polycrystalline silicon segmentwith no commercial production commenced and the operating costrecorded as approximately HK$40.5 million.Further details of Sun Massare set out in the paragraph“Details of material a

24、cquisitions”.InvestmentsFactors such as the European debt crisis,slow global economic growthand credit tightening policy in the Peoples Republic of China(“PRC”)market have all contributed to uncertainties in the securities markets.Under such volatile conditions and the adverse change in financialmar

25、ket during the year,the market value of the Groups securitiesportfolio had declined and the net loss on change in fair value fromtrading of securities recorded as HK$306.8 million,63.5%higher thanHK$187.6 million as compared with last year.In addition,the dividendincome on held-for-trading investmen

26、ts increased by 76.9%to HK$4.6million from HK$2.6 million as compared with last year.,管理層討論及分析財務業績及業務回顧誠如本公司於二零一二年四月十二日刊發 之 公 佈 所 預 測，本 集 團 於 本 年 度 錄得 之 虧 損 較 去 年 大 幅 增 加。截 至 二 零一二年三月三十一日止年度之股東應佔虧 損 為 621,300,000 港 元，去 年 則 為 虧損 244,800,000 港 元。虧 損 大 幅 增 加 約376,500,000 港 元 主 要 因 為(i)年 內 證 券買賣帶來按公平值計入

27、損益之財務資產之公平值變動虧損增加 119,200,000 港元至 306,800,000 港 元，即 已 變 現 虧 損 增加170,100,000港元，由96,000,000港元增加 至 266,100,000 港 元 及 未 變 現 虧 損 由91,600,000 港 元 減 少 50,900,000 港 元 至40,700,000 港元；及(ii)本年度銀行及其他借貸產生之利息開支約 191,700,000 港元導致融資成本增加及發行可換股債券及代價債券之利息開支之攤銷，為數 1,400,000 港元、127,100,000 港 元 及 63,200,000 港 元分別於綜合全面收入報

28、表扣除。每股基本及攤薄虧損為 2.53 港元，去年之每股基本及攤薄虧損則為 2.12 港元。每股基本及攤薄虧損已予調整，以反映二零一二年四月二十六日生效之股份合併之影響。年內，本集團購入一項位於香港之商用物業。另外，本集團於二零一一年七月完成收購 SunMass Energy Limited（Sun Mass）及其附屬公司祿訊國際股份有限公司及山陽科技之 50.1%權益，並進一步收購 Sun Mass 之餘下 49.9%權益。Sun Mass 於二零一二年一月完成後成為全資附屬公司。年內並無注意到有任何重大附屬公司出售事項。太陽能電池用多晶硅年 內，本 公 司 收 購 Sun Mass 之 5

29、0.1%權益並於二零一一年七月十五日完成，SunMass 其後成為本公司之非全資附屬公司。於二零一二年一月四日，Sun Mass 於本公司 進 一 步 收 購 Sun Mass 之 餘 下 49.9%權益後成為全資附屬公司。年內，因尚未開始商業生產，故太陽能電池用多晶硅分類並無產生營業額，而錄得之經營成本約為40,500,000 港元。Sun Mass 之進一步詳情載於重大收購事項之詳情一段。投資歐債危機、全球經濟增長放緩及中華人民共和國（中國）市場之信貸緊縮政策等種種因素均增加了證券市場之不確定性。在年內反覆不定之環境下及金融市場出現逆轉後，本集團之證券組合市值均告下跌，並錄得買賣證券之公平

30、值變動之虧損淨額306,800,000 港元，較去年之 187,600,000港元上升 63.5%。此外，持作買賣投資之股息收入已由去年之 2,600,000 港元增加76.9%至 4,600,000 港元。,Annual Report 年報,2012,，,4,Management Discussion and AnalysisLoan financingDuring the year,interest income from provision of finance significantlyincreased by 3.4 times to HK$26.4 million from HK$

31、6.0 millionas compared with last year,mainly due to increase in number ofcustomers.As all loans receivable and interest were duly settled ontime,no provision for non-recovery was considered necessary for theyear ended 31 March 2012.Property investmentDuring the year,gross rental income from investme

32、nt propertyincreased from HK$1.3 million to HK$1.4 million,representing anincrease of 7.7%as compared with last year.There were no materialchanges between two years.Manufacture and sale of accessoriesThe segments turnover decreased from HK$189.5 million to HK$172.1million,representing a decrease of

33、9.2%as compared with last year.With the continuous increase in material and labour costs and with theprovision of the sales value added tax,the segments result turned fromprofit of HK$10.1 million to loss of HK$9.0 million.LIQUIDITY AND CAPITAL RESOURCESThe Group primarily financed its operations wi

34、th internally generatedcash flows and by its shareholders equity.On 14 July 2011,theCompany completed a placing of new ordinary shares and convertiblebonds with aggregated proceeds of HK$2,330.0 million in whichHK$880.0 million was raised from placing of 2,200,000,000 newordinary shares.The Group ha

35、d secured bank borrowings of approximately HK$69.5million(2011:Nil),of which HK$27.5 million is a 5-year term loanand is denominated in Hong Kong Dollars and approximately HK$42.0million is a 10-year term loan and is denominated in new TaiwanDollars(NT$160 million).The bank borrowings carry variable

36、 interest atprime rate in Hong Kong or local banks deposit rate in Taiwan plus aspread ranging from 1.6%to 5%per annum.In addition,the Grouphad utilised secured margin facilities of approximately HK$0.5 million asat 31 March 2012.During the year,the Company issued HK$1,750 million in principalamount

37、 of 2.5%unsecured bonds to the seller of the Sun Mass as partof the consideration for the acquisition of 49.9%of Sun Mass.As at 31 March 2012,net current assets of the Group amounted toHK$349.1 million(2011:HK$645.6 million)with bank balances andcash of HK$208.2 million(2011:HK$16.8 million).The tot

38、al equity ofthe Group as at 31 March 2012 is HK$1,231.2 million(2011:HK$757.0million).Gearing ratio calculated on the basis of the Groups total debts(interest-bearing bank and other borrowings plus convertible bonds andconsideration bonds)over shareholders funds was 193.7%(31 March2011:0.1%).,管理層討論及

39、分析貸款融資年 內，提 供 融 資 之 利 息 收 入 由 去 年之 6,000,000 港 元 大 幅 增 加 3.4 倍 至26,400,000 港 元，主 要 由 於 客 戶 數 目 增加所致。由於所有應收貸款及利息均準時妥為清償，故本集團認為毋須就截至二零一二年三月三十一日止年度作出未能收回撥備。物業投資年 內，物 業 投 資 之 總 租 金 收 入 由 去 年 之1,300,000 港 元 增 加 7.7%至 1,400,000 港元。兩年間並無重大改變。製造及銷售配件此分類之營業額由 189,500,000 港元減少至172,100,000 港元，較去年下跌 9.2%。因材料及勞工

40、成本不斷上漲，加上作出銷售增值稅撥備，分類業績由溢利 10,100,000港元轉為虧損 9,000,000 港元。流動資金及資本資源本集團主要以其內部產生之現金流量及其 股 東 權 益 為 其 營 運 提 供 資 金。於 二 零一 一 年 七 月 十 四 日，本 公 司 完 成 配 售 新普 通 股 及 可 換 股 債 券，所 得 款 項 總 額 為2,330,000,000 港 元，當 中 880,000,000 港元乃配售 2,200,000,000 股新普通股籌集所得。本集團之有抵押銀行借貸約為 69,500,000港元（二零一一年：無），其中 27,500,000港 元 為 5 年 期

41、 貸 款 並 以 港 元 計 值，而 約42,000,000 港 元 為 10 年 期 貸 款 並 以 新 台幣計值（新 台 幣 160,000,000 元）。該 銀 行借貸乃按香港最優惠利率或台灣本地銀行存款利率加年利率 1.6%至 5%之息差之浮息計算。此外，於二零一二年三月三十一日，本集團之未動用有抵押孖展信貸約為500,000 港元。年內，本公司向 Sun Mass 之賣方發行本金1,750,000,000 港元之 2.5%無抵押債券作為收購 Sun Mass 49.9%之代價一部分。於 二 零 一 二 年 三 月 三 十 一 日，本 集 團 之流 動 資 產 淨 值 為 349,10

42、0,000 港 元（二零 一 一 年：645,600,000 港 元）而 銀行 結 餘 及 現 金 為 208,200,000 港 元（二零 一 一 年：16,800,000 港 元）。於 二 零一 二 年 三 月 三 十 一 日，本 集 團 之 總 權 益為 1,231,200,000 港 元（二 零 一 一 年：757,000,000 港 元）。按 本 集 團 債 務 總 額（計息之銀行及其他借貸加可換股債券及代價債券）除以股東資金計算之資本負債比率為 193.7%（二零一一年三月三十一日：0.1%）。,Mascotte Holdings Limited,馬 斯 葛 集 團 有 限公司,，

43、,元,（,5,Management Discussion and AnalysisCHARGE OF ASSETSAs at 31 March 2012,margin facilities of HK$63.2 million(2011:HK$234.2 million)from four regulated securities brokers(2011:threeregulated securities brokers)were granted to the Group under whichfinancial assets at fair value through profit or

44、loss of HK$154.8 million(2011:HK$546.0 million)were treated as collateral for the facilitiesgranted.Aggregate of HK$0.5 million(2011:HK$0.5 million)facilitieswere utilised and the carrying amount of the financial assets at fairvalue through profit or loss charged under the utilised facilities to ase

45、curities broker is HK$21.8 million(2011:HK$28.6 million).As at 31 March 2012,buildings in Taiwan with carrying amount ofapproximately of HK$81.4 million(NT$310.0 million)and buildings inHong Kong with carrying amount of approximately of HK$77.7 millionwere pledged to secure bank borrowings of approx

46、imately HK$42.0million(NT$160 million)and HK$27.5 million respectively(2011:Nil).Furthermore,the Group had a restricted bank deposit,approximatelyto HK$5.5 million(NT$20.9 million)as at 31 March 2012(2011:Nil),placed to secure the lease agreement in relation to the land located inTaiwan.CURRENCY RIS

47、K MANAGEMENTThe majority of the Groups assets are held in Hong Kong Dollars withno material foreign exchange exposure.The Groups manufacturingbusiness has its overseas market,which alone accounts for aroundHK$113.3 million of the Groups turnover.Furthermore,the Group alsoengaged in solar grade polyc

48、rystalline silicon business in Taiwan,UnitedStated Dollar(“US$”)will be expected to be the functional currency,no income is yet to be recorded during the year.In safeguarding thevolatile Euro Dollars currency risk,the management has chosen toadopt a more prudent sales policy by mainly accepting US$q

49、uotedsale orders,which in turn the management can maintain a stablecurrency exchange condition for normal trading business development.The Group currently does not have a foreign currency hedging policy.During the year,the directors are of the view that the Groups exposureto exchange rate risk is no

50、t material,and will continue to monitor it.COMMITMENTAs at 31 March 2012,the Company and the Group had no materialcommitment(2011:Nil).CONTINGENT LIABILITIESThe Company and the Group had not provided corporate guaranteeto its subsidiaries or other parties and did not have other contingentliabilities