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1、Headquartered in Hong Kong,Paul Y.Engineering Group Limited is dedicated to providingfull-fledged engineering and property services,with operations in Hong Kong,Beijing,Shanghai,Hangzhou,Guangzhou,Chongqing,Nantong,Shenzhen and Macau.,Riding on more than six decades of experiences and professionalis
2、m,Paul Y.Engineeringadds value to its distinguished client base and properties by delivering integrated solutions,from concept to completion and ongoing management,as well as components that bestmatch clients needs and expectations.,保華建業集團有限公司以香港為基地，提供全方位的工程及物業相關服務，業務遍及香港、北京、上海、杭州、廣州、重慶、南通、深圳及澳門。,保華
3、建業憑藉六十多年的豐富經驗和專業服務，為客戶提供全面而靈活的方案，從前期的概念構思，到建造過程及落成後的持續管理，我們均完全配合客戶的需要及期望，令物業與日增值。,2,4,6,8,15,75,30,79,CONTENTS 目錄,Financial Highlights財務摘要Project Overview 2012二零一二年業務概覽Chairmans Statement主席報告書Chief Executive Officers Report行政總裁報告書Corporate Social Responsibility Report企業社會責任報告,69717273,Independent Au
4、ditors Report獨立核數師報告書Consolidated Income Statement綜合收益表Consolidated Statement of Comprehensive Income綜合全面收益表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,26323356,Biography of Directors董事履歷簡介Biography of Senior Management高級管理層履歷簡介Operation and
5、Corporate Support Team營運及企業服務團隊Corporate Governance Report企業管治報告Directors Report董事局報告書,77162163,Consolidated Statement of Cash Flows綜合現金流動表Notes to the Consolidated Financial Statements綜合財務報表附註Financial Summary財務概要Corporate Information公司資料,2,FINANCIAL HIGHLIGHTS財務摘要Percentage,2012,2011,change百分率變動,T
6、urnover(HK$million),營業額（百萬港元）,4,304.2,4,333.8,-1%,Earnings before interest,未計利息及稅前,and tax(HK$million),盈利（百萬港元）,47.8,51.7,-8%,Profit for the year attributable,股東應佔年度,to shareholders(HK$million)Shares outstanding(million)Net asset value per share(HK cents),溢利（百萬港元）發行股份（百萬股）每股資產淨值（港仙）,30.3607105.4,30.
7、160799.7,+1%+6%,Earnings per share(HK cents),每股盈利（港仙）,Basic,基本,5.0,5.0,Dividend per share(HK cent),每股股息（港仙）,FinalTotal assets(HK$million)Net current assets(HK$million)Net(debt)cash(HK$million)Equity attributable to shareholders(HK$million),末期總資產值（百萬港元）流動資產淨值（百萬港元）（負債）現金淨額（百萬港元）股東應佔權益（百萬港元）,1.03,328.
8、6202.3(33.4)639.4,1.02,771.6135.6153.2605.4,+20%+49%N/A 不適用+6%,Operating cash(outflow)inflow(HK$million),經營業務現金（流出）,流入（百萬港元）,(180.4),212.4,N/A 不適用,Net cash(outflow)inflow(HK$million)Current ratioGearing ratioLong term debt/equity ratio,淨現金（流出）流入（百萬港元）流動比率資本負債比率長期負債資本比率,(27.7)1.080.530.18,37.71.060.4
9、20.02,N/A 不適用+2%+26%+800%,Paul Y.Engineering Group Limited 2012 Annual Report,3,Earnings per share Basic每股盈利基本HK cents港仙,Dividend per share每股股息HK cents港仙,Dividend payout ratio股息派息比率%百份比,2520,20.2,108,9.0,5040,45%,15105,6.7,7.4,5.0,5.0,642,1.5,1.6,1.0,1.0,302010,22%22%20%,20%,0,0,0,2008,2009,2010,201
10、1,2012,2008,2009,2010,2011,2012,2008,2009,2010,2011,2012,Turnover營業額HK$million百萬港元,Pro t for the yearattributable to shareholders股東應佔年度溢利HK$million百萬港元,Net asset value per share每股資產淨值HK cents港仙,5,0004,000,4,913,4,4273,645,4,334,4,304,125100,119,125100,87.7 89.0,94.8 99.7,105.4,3,000,75,75,2,000,50,4
11、0,45,30,30,50,1,0000,250,250,2008,2009,2010,2011,2012,2008,2009,2010,2011,2012,2008,2009,2010,2011,2012,保華建業集團有限公司 2012年報,JO:37064(N),Area,03 Overview,4,PROJECT OVERVIEW 2012二零一二年業務概覽230612PYE(ETC)Proposed Residential Development at1P*180712 85,Site A,Tseung Kwan O,P.4,將軍澳85區A地盤住宅發展項目,Proposed Tanne
12、r Hill RetirementHousing Development at North Point北角丹拿山退休房屋發展項目,Proposed Residential Developmentat Barker Road白加道住宅發展項目,Express Rail Link Contract 810B West KowloonTerminus Station South廣深港高速鐵路合約810B號西九龍總站（南）,Redevelopment atTung Tau EstatePhase 9東頭邨第9期重建項目,Renaissance Shanghai Caohejing Hotel上海漕河涇
13、萬麗酒店,Construction of Sai ChuenRoad Housing Development西邨路房屋發展計劃工程,Two PrimaryKwun Wat,屯門區掃管笏,Paul Y.Engineering Group Limited 2012 Annual Report,5,Proposed Commercial Redevelopmentat Nathan Road,彌敦道商業重建發展項目,Rosedale Hotel Kowloon,230612PYE(ETC)JO:37064(N)1P*18071203 OverviewP.5,Commercial Developmen
14、tat 3 Connaught Road Central中環干諾道中3號商業發展項目Concordia Comprehensive Developmentat Coloane,Macau澳門路環聯生填海區發展項目,at Tai Kok Tsui大角咀九龍珀麗酒店項目,Hotel Development atDes Voeux Road West德輔道西酒店發展項目,Public HousingDevelopment Worksat Lot CN4,Seac Pai Van,Macau澳門石排灣公共房屋,Swimming PoolComplex at Tuen Mun屯門綜合游泳池項目,Cons
15、truction of aSub-divisional Fire Stationat Cheung Yip Street,Kowloon Bay興建九龍灣祥業街消防局,CN4地段建造工程,Schools at SoTuen Mun興建小學項目,Oakhill at Wood Road,Wanchai灣仔活道萃峯,保華建業集團有限公司 2012年報,6,CHAIRMANS STATEMENT主席報告書As at year end,the value ofcontracts on hand of the Groupwas HK$15,106 million,reachinga new high s
16、ince 2005.於年結日，本集團之手頭合約總值達151.06億港元，創2005年以來的新高。,Dear Shareholders,I am pleased to present the annual report of Paul Y.EngineeringGroup Limited(the“Company”)and its subsidiaries(the“Group”)for the year ended 31 March 2012.Our profit attributable to owners of the Company this yearamounted to HK$30 mi
17、llion(2011:HK$30 million),whichwas at the same level of the last year.Our shareholders fundincreased to approximately HK$639 million or about HK$1.05per share.Cash,bank balances and deposits stood at aroundHK$306 million.Turnover of this year was slightly down by 1%year on year to HK$4,304 million(2
18、011:HK$4,334 million).Theboard of directors(the“Board”)is pleased to propose a finaldividend of 1.0 HK cent per share,which equals to a payoutratio of approximately 20%for this financial year.The turmoil in the global economy persisted in the yearunder review.The sovereign debt crisis plagued the Eu
19、ropeancountries,while the credit rating of the United States wasdowngraded for the first time,resulted in an increasinglychallenging business environment.In spite of the poor externalPaul Y.Engineering Group Limited 2012 Annual Report,各位股東：本 人 欣 然 向閣 下 提 呈 保 華 建 業 集 團 有 限 公 司（本 公司）及 其 附 屬 公 司（本 集 團）
20、截 至 二 零 一 二 年 三 月三十一日止年度之年報。年內本公司擁有人應佔溢利為3,000萬港元（二零一一年：3,000萬港元），與去年同期相等。股東資金增加至約為6.39億 港 元 或 每 股1.05港 元。現 金、銀 行 結 餘 及 存 款 約為3.06億 港 元。集 團 營 業 額 按 年 微 跌 約1%至43.04億 港元（二 零 一 一 年：43.34億 港 元）。董 事 局（董 事 局）建議 派 發 末 期 股 息 每 股1.0港 仙；相 等 於 本 年 度 派 息 比 率約為20%。回顧過去一年，環球經濟局勢持續動盪，歐洲主權債務危機蔓延未止，美國長期主權信用評級史無前例地被下
21、調，對營商環境造成極大挑戰。儘管面對惡劣外圍環境，幸而，隨著香港及澳門特區政府正擴大基建項目投資，香港建築業獲得有力支持。此外，本港土地供應持續增,7,environment,Hong Kong construction industry has beenbenefitting from the expanding investment in capital worksby both governments of Hong Kong and Macau.In addition,with the continuous increase in land supply in Hong Kong an
22、dbloom in the entertainment business in Macau,developersand investors have started to launch a variety of constructionprojects,facilitating further growth of the local constructionindustry.During the year under review,the Group secured new contractswith a total value of about HK$8,895 million,an inc
23、rease ofabout 90%year on year.As at year end,the value of contractson hand was approximately HK$15,106 million,reaching a newhigh since 2005.A detailed review of our operations during theyear is set out in the Chief Executive Officers Report.Although the European Central Bank has instituted the Long
24、Term Refinancing Operation to ease the debt crisis and thereare signs of recovery in the United States,the growth of theglobal economy is still vulnerable.However,the outlook of thelocal construction industry in the next few years remains positiveas it would still be bolstered up by the huge investm
25、ent ininfrastructure and public housing by the HKSAR Government.The Group will allocate further resources to Macau to tap its fastgrowing market.Riding on more than six decades of experiences,a solid foundation and prudent operational strategy,the Groupremains confident in increasing the order book.
26、Besides building a sustainable business,the Group also focuseson enhancing quality management and our corporate socialresponsibilities.In recognition of our consistent efforts in caringfor the community,our employees and the environment,thisyear is the fourth consecutive year the Group is accredited
27、with the“Caring Company Logo”by the Hong Kong Councilof Social Service.In addition,the Group has received variousnotable awards in the areas of quality,project management,environmental protection and safety.I would like to take this opportunity to express my gratitudeto my fellow Board members for t
28、heir brilliant leadership,toall staff members for their dedication and diligence,and to allshareholders,customers and business partners for their trustand support.The Group will continue to explore and captureany opportunity to expand and diversify its business andmaximize returns to our shareholder
29、s.James Chiu,OBE,JPChairmanHong Kong,22 June 2012,加，與及澳門之娛樂事業亦見蓬勃，發展商及投資者均陸續開展大大小小的工程項目，令本地建築業加速發展。年 內，本 集 團 獲 得 總 值 約88.95億 港 元 的 新 合 約，按 年增幅約90%。截至年結日，手頭合約總值約151.06億港元，創2005年 以 來 的 新 高。有 關 年 內 本 集 團 的 營 運 狀況，詳見行政總裁報告書。儘管歐洲央行已實施長期再融資操作以舒緩債務危機，美國亦有復甦跡象，但環球經濟增長依然疲弱；然而，本地建築業未來數年之前景卻將受惠於香港特區政府在基建及公營房屋方
30、面作出龐大投資，此外，本集團亦會投放更多資源於澳門，以爭取開拓其快速增長之市場。憑著累積逾六十載的豐富經驗、穩固根基，以及審慎穩健的營運策略，本集團對增加合約量極具信心。本集團除致力於業務之持續發展外，亦注重提升品質管理及履行社會企業責任，今年已連續第四年獲香港社會服務聯會頒發商界展關懷榮譽，表揚本集團對社會、員工以及環境之持續貢獻。年內，本集團亦於品質、項目管理、環保及安全等範疇屢獲殊榮。本人謹此向各領導有方的董事局成員，以及全體竭誠盡忠、努力不懈的員工致意，同時亦感謝所有股東、客戶及業務夥伴的信任與支持。本集團將繼續積極探索並抓緊新投資機遇，以擴展業務及為股東帶來豐厚回報。趙雅各，OBE，
31、JP主席香港，二零一二年六月二十二日保華建業集團有限公司 2012年報,8,CHIEF EXECUTIVE OFFICERS REPORT行政總裁報告書During the year under review,the Group secured approximatelyHK$8.9 billion of new contracts.於回顧年內，本集團獲得總值約89億港元的新合約。,Dear Shareholders,I am pleased to report the annual results of Paul Y.EngineeringGroup Limited(the“Company”
32、)and its subsidiaries(the“Group”)for the year ended 31 March 2012,together withcomparative figures for 2011.The consolidated incomestatement,the consolidated statements of comprehensiveincome,financial position,changes in equity and cash flows ofthe Group,all of which are audited,together with expla
33、natorynotes,are set out on pages 71 to 161 of this report.The annualresults have been reviewed by the Companys Audit Committee.Paul Y.Engineering Group Limited 2012 Annual Report,各位股東：本 人 欣 然 向閣 下 提 呈 保 華 建 業 集 團 有 限 公 司（本 公司）及 其 附 屬 公 司（本 集 團）截 至 二 零 一 二 年 三 月三 十 一 日 止 年 度 之 全 年 業 績，以 及 二 零 一 一 年 之
34、 比 較數字。本集團之綜合收益表、綜合全面收益表、綜合財務狀況表、綜合權益變動表，以及綜合現金流動表均經審核，並附載說明性之附註，列載於本報告第71頁至第161頁。本業績已經本公司之審核委員會審閱。,9,During the year,the operating environment for commercialenterprises was challenging.The economic turbulence in theUnited States and the Eurozone magnified the volatility ofcommodity prices and forei
35、gn exchange rates.Although thegovernments of major economies have adopted differentpolicies and stimulus to resolve the predicament,the financialturmoil continued.In the Mainland China,tightening measureswere put in place to reduce the risk of overheating in itseconomy in the midst of the monetary e
36、asing in the westerneconomies.Nevertheless,construction industry in Hong Kong and Macauhas continued to develop vigorously.There are subsistingdemands of construction expertise in these two regions.Ourstrategy to efficiently plan our resources and reserve capacityfor the supply-side market has prove
37、d to be successful.Duringthe year under review,the Group secured approximatelyHK$8.9 billion of new contracts.However,the supply of humanand other resources remain tight and the profit margin isconstrained by the severe competition in the market.REVIEW OF FINANCIAL PERFORMANCE ANDPOSITIONSFor the ye
38、ar ended 31 March 2012,the Group recorded aconsolidated turnover of approximately HK$4,304 million(2011:HK$4,334 million),representing a decrease of approximately1%from that of the last year as certain managementcontracting business was carried out through joint ventures withother contractors.Taking
39、 into account the share of turnoverof associates and jointly controlled entities,the turnoverwould be approximately HK$4,714 million(2011:HK$4,462million),representing an increase of approximately 6%.Thegross margin decreased by approximately 3%to approximatelyHK$187 million(2011:HK$192 million)as a
40、 result of the rise inmanpower costs and other construction costs.Profit attributableto owners of the Company for the year was approximatelyHK$30 million(2011:HK$30 million).Basic earnings per sharewas 5.0 HK cents.With a proposed final dividend per share of 1.0 HK cent,thedividend payout ratio is a
41、pproximately 20%.The Group has maintained a strong financial position withtotal assets increased by approximately 20%to HK$3,329million.Current assets were approximately HK$2,777 million,年內，商業機構面對富挑戰性的營商環境。美國及歐元區經濟局勢動盪，擴大了商品價格及外幣兌換率的波幅。雖然主要經濟體政府已採用不同政策及刺激手法以圖解決困境，但經濟不穩情況持續。中國內地方面，在西方經濟體採用貨幣寬鬆政策的同時，中
42、國政府採取緊縮措施，以降低經濟過熱的風險。然而，香港及澳門之建築業繼續蓬勃發展。兩地對建築業之專門技能仍需求殷切。本集團於供應主導的市場中所定下有效運用資源及預留儲備的策略已成功體現。回顧年內，本集團獲得總值約89億港元的新合約。不過，人力及其他資源的供應仍然緊張，邊際利潤亦因市場競爭激烈而收窄。財務表現及狀況回顧截至二零一二年三月三十一日止年度，本集團錄得綜合營業額約43.04億港元（二零一一年：43.34億港元），較去 年 減 少 約1%，乃 由 於 若 干 承 建 管 理 業 務 與 其 他 承 建商透過合營企業進行。經計及攤佔聯營公司及共同控制機構之營業額後，營業額將達約47.14億港
43、元（二零一一年：44.62億 港 元），增 加 約6%。毛 利 減 少 約3%至1.87億港元（二零一一年：1.92億港元），乃由於工資成本及其他建築成本上漲所致。本公司擁有人應佔年度溢利約為3,000萬港元（二零一一年：3,000萬港元）。每股基本盈利為5.0港仙。建 議 派 付 之 末 期 股 息 為 每 股1.0港 仙，派 息 比 率 約 為20%。本 集 團 保 持 穩 健 財 務 狀 況，資 產 總 值 增 加 約20%至 約33.29億港元。流動資產約為27.77億港元，乃為流動負債約1.1倍。本公司擁有人應佔權益約為6.39億港元。,representing approximat
44、ely 1.1 times the current liabilities.The equity attributable to owners of the Company stood atapproximately HK$639 million.保華建業集團有限公司 2012年報,10,CHIEF EXECUTIVE OFFICERS REPORT行政總裁報告書,Net cash flow used in operating activities was about HK$180million and net cash inflow in respect of investing and f
45、inancingactivities was approximately HK$152 million,resulting in a netdecrease in cash and cash equivalents of about HK$28 millionfor the year.REVIEW OF OPERATIONSManagement Contracting division remained the core businessand the major contributor of revenue this year.Turnover ofthis division amounte
46、d to HK$4,268 million(2011:HK$4,313million),decreased by about 1%.Taking into account theshare of turnover of associates and jointly controlled entities,the turnover would be approximately HK$4,663 million(2011:HK$4,422 million),representing an increase of approximately5%.It reported operating profi
47、t of approximately HK$101million(2011:HK$83 million).As at 31 March 2012,the valueof contracts on hand was approximately HK$15,102 million(2011:HK$10,406 million),while the value of work remaininghad increased by about 83%to approximately HK$10,806million as compared to approximately HK$5,908 millio
48、n as at 31March 2011.During the year under review,the Management Contractingdivision secured new construction contracts with an aggregatevalue of approximately HK$8,891 million,representing anincrease of approximately 90%as compared to the amount ofHK$4,669 million for last year.Set out below are so
49、me of thenew contracts secured during the year:Hong Kong projectsProposed Tanner Hill Retirement Housing Development at North PointProposed Residential Development at Fung Yuen,Tai PoProposed Residential Development at Area 85,Site A,Tseung Kwan OUrban Renewal Project(H21)at Shau Kei WanDrainage Mai
50、ntenance and Construction in Mainland South Districts(2011-2015)Proposed Residential Development at Barker RoadConstruction of a Sub-divisional Fire Station at Cheung Yip Street,Kowloon BayFoundation Works at Heung Yip Road,Wong Chuk HangFoundation Works at Kennedy RoadFoundation Works at Ede Road,K
