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1、,2,4,6,13,23,29,31,32,33,34,35,37,39,CONTENTS目錄,Corporate InformationProfile of Directors and Senior ManagementManagement Discussion and AnalysisDirectors ReportCorporate Governance ReportIndependent Auditor s ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolida
2、ted Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Financial Statements,公司資料董事及高層管理人員簡介管理層討論及分析董事會報告企業管治報告獨立核數師報告綜合收益表綜合全面收益表綜合財務狀況表財務狀況表綜合權益變動表綜合現金流量表財務報表附註,Five-Year Financial Summary,五年財務摘要,
3、127,1,CORPORATE INFORMATION公司資料,2,DIRECTORSExecutive DirectorsEav Yin(alias Duong Khai Nhon)(Chairman)Duong Ming Chi,HenryEav Ming Keong,KinsonAndr Francois MeierIndependent non-executive DirectorsLai Si MingWong Wing Yue,RosalineLee Tat Cheung,VincentAUDIT COMMITTEELai Si Ming(Committee Chairman)Wo
4、ng Wing Yue,RosalineLee Tat Cheung,VincentREMUNERATION COMMITTEELee Tat Cheung,Vincent(Committee Chairman)Eav Yin(alias Duong Khai Nhon)Lai Si MingWong Wing Yue,RosalineNOMINATION COMMITTEEEav Yin(alias Duong Khai Nhon)(Committee Chairman)Lai Si MingWong Wing Yue,RosalineLee Tat Cheung,VincentAUTHOR
5、ISED REPRESENTATIVESEav Ming Keong,KinsonCheng Ka ChungCOMPANY SECRETARYCheng Ka ChungAUDITORCCIF CPA LimitedCertified Public Accountants34th Floor,The Lee Gardens33 Hysan AvenueCauseway BayHong Kong,董事執行董事楊仁（別名楊啟仁）主席）楊明志楊明強Andr Francois Meier獨立非執行董事賴思明王穎妤李達祥審核委員會賴思明（委員會主席）王穎妤李達祥薪酬委員會李達祥（委員會主席）楊仁（別名
6、楊啟仁）賴思明王穎妤提名委員會楊仁（別名楊啟仁）委員會主席）賴思明王穎妤李達祥授權代表楊明強鄭嘉聰公司秘書鄭嘉聰核數師陳葉馮會計師事務所有限公司執業會計師香港銅鑼灣希慎道33號利園34樓,CORPORATE INFORMATION公司資料,PRINCIPAL REGISTRARButterfield Fulcrum Group(Bermuda)LimitedRosebank Centre11 Bermudiana RoadPembrokeBermudaBRANCH REGISTRARTricor Secretaries Limited26th Floor,Tesbury Centre28 Qu
7、een s Road East,WanchaiHong KongREGISTERED OFFICECanon s Court22 Victoria StreetHamilton HM12BermudaPRINCIPAL PLACE OF BUSINESS IN HONG KONG19th Floor9 Des Voeux Road WestHong KongBANKERSStandard Chartered BankBank of CommunicationsHang Seng Bank LimitedBank of China(Hong Kong)LimitedCitibank,N.A.,H
8、ong Kong BranchCOMPANYS WEBSITESTOCK CODEStock Exchange of Hong Kong：104,股份過戶及登記處Butterfield Fulcrum Group(Bermuda)LimitedRosebank Centre11 Bermudiana RoadPembrokeBermuda股份過戶及登記分處卓佳秘書商務有限公司香港灣仔皇后大道東28號金鐘匯中心26樓註冊辦事處Canon s Court22 Victoria StreetHamilton HM12Bermuda香港主要營業地點香港德輔道西9號19樓銀行渣打銀行交通銀行恒生銀行中國
9、銀行（香港）有限公司花旗銀行公司網址股份代號香港聯合交易所：104,3,PROFILE OF DIRECTORS AND SENIOR MANAGEMENT董事及高層管理人員簡介,4,BOARD OF DIRECTORSExecutive DirectorsMr.Eav Yin(alias Duong Khai Nhon),aged 72,is the founder ofthe Company and a member of Chaozhou Committee of GuangdongProvince of the Chinese Peoples Political Consultativ
10、e Conference（廣東省潮州市政協委員）and was appointed as an Executive Directorand the Chairman of the Company on 22nd November 2006.He isalso the chairman of the nomination committee and a member of theremuneration committee of the Company.Mr.Eav Yin is a CambodianChinese and prior to his establishing of a Hong
11、 Kong company in 1968as an importing agent for watch distribution business in Cambodia,hadextensive experience of distributing watches in Cambodia and Vietnam.Mr.Eav Yin is the father of Mr.Eav Ming Keong,Kinson and Mr.DuongMing Chi,Henry and the spouse of Mdm.Lam Kim Phung,a controllingshareholder
12、of the Company.Mr.Eav Yin is a director and a controllingshareholder of Century Hero International Limited,which is a controllingshareholder of the Company.Mr.Eav Ming Keong,Kinson,aged 37,holds a Bachelor of Artsdegree in Interior Design and Technology and a Master of Arts degreein Art,Design and V
13、isual Culture from the London Guildhall University.After graduation,Mr.Eav Ming Keong,Kinson has practiced in anarchitecture firm in London for 2 years.Mr.Eav Ming Keong,Kinsonis a son of Mr.Eav Yin and a brother of Mr.Duong Ming Chi,Henry,both are Executive Directors of the Company.He was appointed
14、 as anExecutive Director of the Company on 22nd November 2006.Mr.Duong Ming Chi,Henry,aged 49,was educated at the Universityof Southern California.Mr.Duong has more than 30 years ofexperiences in the watch branding and retailing industries.He wasappointed as an Executive Director of the Company on 7
15、th July 2011.Before that,he was appointed as the Executive Director from thelisting of the Company in 1989 and subsequently resigned on 31stAugust 1996 to pursue his personal career.Mr.Duong is a son ofthe Chairman,Executive Director and controlling shareholder of theCompany,Mr.Eav Yin and is the el
16、der brother of Mr.Eav Ming Keong,Kinson,who is an Executive Director of the Company.Mr.Andr Francois Meier(“Mr.Meier”),aged 48,holds a degreein banking.Mr.Meier has more than 20 years experience in watchbusiness.He spend his last 12 years at Blancpain S.A.(10 years as vicepresident and international
17、 sales manager).Mr.Meier was appointedas the chief executive officer of Juvenia Montres S.A.,a subsidiary ofthe Company,on 1st September 2011 and an Executive Director of theCompany on 26th October 2011.,董事會執行董事楊仁先生（別名楊啟仁），現年七十二歲，為本集團創辦人、並為廣東省潮州市政協委員，於二零零六年十一月廿二日被委任為本公司主席及執行董事，同時亦為本公司提名委員會主席及薪酬委員會委員
18、。楊仁先生為柬埔寨華僑，於一九六八年成立一家香港公司作為柬埔寨鐘錶分銷業務之進口代理前，具有在柬埔寨及越南分銷鐘錶的豐富經驗。楊仁先生為楊明強先生及楊明志先生之父親，及本公司控股股東林金鳳之配偶。楊仁先生為世雄國際有限公司之董事及控股股東，該公司則為本公司之控股股東。楊 明 強 先 生，現 年 三 十 七 歲，持 有 英 國 倫 敦 市 政 大 學頒發之室內設計及技術文學士學位及藝術、設計及視覺文化碩士學位。於畢業後，楊明強先生於倫敦一間建築師樓工作兩年。楊明強先生為楊仁先生之兒子以及楊明志先生之胞弟，兩者均為本公司之執行董事。於二零零六年十一月廿二日，彼被委任為本公司執行董事。楊 明 志 先
19、 生，現 年 四 十 九 歲，曾 就 讀 於 美 國 南 加 州 大學。楊先生於鐘錶品牌及零售行業擁有逾三十年經驗。彼於二零一一年七月七日被委任為本公司執行董事。在此之前，彼於一九八九年為本公司上市時之執行董事，及隨後因追求其個人事業於一九九六年八月三十一日辭職。楊先生為本公司主席，執行董事及控股股東楊仁先生之子，以及本公司執行董事楊明強先生之胞兄。Andr Francois Meier先 生（Meier先 生），現 年四 十 八 歲，持 有 銀 行 業 學 士 學 位。Meier先 生 在 鐘 錶業 務 方 面 擁 有 逾 二 十 年 經 驗。過 去 十 二 年 彼 任 職 於Blancpa
20、in S.A.（十年為副總裁及國際銷售經理）。二零一一年九月一日，Meier先生被委任為本公司之附屬公司Juvenia Montres S.A.之行政總裁及於二零一一年十月二十六日被委任為本公司之執行董事。,PROFILE OF DIRECTORS AND SENIOR MANAGEMENT董事及高層管理人員簡介,Independent non-executive DirectorsMr.Lai Si Ming,aged 54,is a fellow member of the Hong KongInstitute of Surveyors and an associate member of
21、 the Royal Institutionof Chartered Surveyors.He was appointed as an independent non-executive Director of the Company on 8th August 1998.He is alsothe chairman of the audit committee and a member of the nominationcommittee and remuneration committee of the Company.Mr.Lai waselected as the Vice Chair
22、man,General Practice Division of the HongKong Institute of Surveyors during the years from 2001 to 2003.Mr.Lai has been practicing as a professional surveyor since 1983 and hasconsiderable experience in the property field.Mr.Lai holds a MasterDegree of Business Administration from Chinese University
23、 of HongKong.Mr.Lai held directorship as independent non-executive directorof The Suns Group Limited during the years from 2002 to 2003.Ms.Wong Wing Yue,Rosaline,aged 42,graduated with LLB(Hons)at Kings College,London University,UK in 1992,and was admitted toboth the UK Bar(Middle Temple,UK)and the
24、Hong Kong Bar in 1993.Ms.Wong is a practicing barrister in Hong Kong.She was appointedas an independent non-executive Director of the Company on 16thDecember 2006.She is also a member of the nomination committee,the audit committee and the remuneration committee of the Company.Mr.Lee Tat Cheung,Vinc
25、ent,aged 42,has around 20 yearsexperience in accounting and auditing and is the sole proprietor of afirm of Certified Public Accountants practicing in Hong Kong.Mr.Leeis an associate member of The Institute of Chartered Accountantsin England and Wales,a fellow member of The Hong Kong Instituteof Cer
26、tified Public Accountants and The Association of CharteredCertified Accountants.He holds a Master Degree in Corporate Financefrom the Hong Kong Polytechnic University.He was appointed as anindependent non-executive Director of the Company on 16th December2006.He is the chairman of the remuneration c
27、ommittee and also amember of the audit committee and the nomination committee of theCompany.SENIOR MANAGEMENTMr.Poon Kwok Sing,Sammy,aged 53,joined the Group in 1989.Mr.Poon has considerable experience in watch retailing,wholesale andbrand management.During the period from April 1992 to March 1993,h
28、e was elected as the Director of the Federation of Hong Kong WatchTrades&Industries Limited which is an official association representingthe watch industry in Hong Kong.Mr.Poon is the general manager in,獨立非執行董事賴思明先生，現年五十四歲，為香港測量師學會資深會員及英國皇家特許測量師學會之會員，於一九九八年八月八日被委任為本公司獨立非執行董事。彼亦為本公司審核委員會主席及提名委員會及薪酬委員
29、會委員。賴先生於二零零一年至二零零三年期間被選為香港測量師學會之產業測量組之副主席。賴先生自一九八三年起開始以專業測量師之身份執業，並在地產界具豐富經驗。賴先生持有香港中文大學之工商管理碩士學位。二 零 零 二 年 至 二 零 零 三 年 期 間，賴 先 生 持 有 新 銀集團有限公司之獨立非執行董事職位。王穎妤女士，現年四十二歲，一九九二年畢業於英國倫敦大學King s College，取得榮譽法律學士學位，並於一九九三年獲准為英國（英國Middle Temple）及香港大律 師。王 女 士 為 香 港 執 業 大 律 師。二 零 零 六 年 十 二 月十六日，彼被委任為本公司獨立非執行董事
30、，彼同時亦為本公司提名委員會、審核委員會及薪酬委員會委員。李 達 祥 先 生，現 年 四 十 二 歲，於 會 計 及 審 計 方 面 擁 有約二十年經驗，並為香港一間執業會計師行的獨資經營者。李先生為英格蘭及威爾斯特許會計師公會特許會計師，並為香港會計師公會及英國特許公認會計師公會資深會員。彼持有香港理工大學企業金融碩士學位。二 零 零 六 年 十 二 月 十 六 日，彼 被 委 任 為 本 公 司 獨立非執行董事，彼為薪酬委員會主席及同時亦為本公司審核委員會及提名委員會委員。高層管理人員潘 國 成 先 生，現 年 五 十 三 歲，於 一 九 八 九 年 加 入 本 集團。潘 先 生 於 鐘
31、錶 零 售、批 發 及 品 牌 管 理 擁 有 豐 富 經驗。於 一 九 九 二 年 四 月 至 一 九 九 三 年 三 月 止 期 間，彼獲代表香港鐘錶業之正式協會香港鐘錶業總會推選為 會 董。潘 先 生 為 本 集 團 鐘 錶 零 售 業 務 總 經 理，現 時負責本集團於中國的零售業務。,charge of the Groups watch retailing business in the PRC.5,6,%,N/A,6,7,MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析FINANCIAL HIGHLIGHTS財務摘要,Operations,經營,
32、2012二零一二年HK$million百萬港元,2011二零一一年HK$million百萬港元(Restated)（重列）,Change變動,Turnover,營業額,1,036,1,035,(Loss)/profit attributable to ownersof the Company(Loss)/earnings per share Basic,歸屬於本公司持有人之（虧損）溢利每股（虧損）盈利基本,(61)(1.79 HK cents)(1.79港仙),973.18 HK cents3.18港仙,N/A不適用不適用,Interim dividend declared and paidF
33、inal dividend proposed afterthe end of the reporting periodFinancial position,已宣佈及派發之中期股息報告期末後擬派發之末期股息財務狀況,Total assets,總資產,1,076,789,36,Equity attributable to,歸屬於本公司持有人權益,owners of the Company,539,560,(4),Non-controlling interests,非控股股東權益,10,N/A,不適用7,8,7,6,MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析
34、,Business ReviewThe Groups turnover for the year was HK$1,036 million which wascomparable to HK$1,035 million of last year.Excluding the new POSsset up during the year and our old flagship store in Beijing,there wasan average same store sales growth of 4%in the mainland China ascompared with last ye
35、ar despite the fact that sales from the mainlandChina decreased by 8%to HK$801 million owing to the dramatic scaledown of our old flagship store in Beijing as a result of the shoppingcenter redevelopment.Sales in Hong Kong was increased by 43%toHK$229 million because of the additional contribution f
36、rom the newPOSs set up in Hong Kong during the year and an average same storesales growth of 25%for the existing POS in Hong Kong.On the business development side,the Group opened its new flagshipstore in December 2011 in Beijing with an area of around 3,000 squaremeters which is one of the biggest
37、watch stores in the mainland Chinawith most of the top Swiss watch brands that are popular amongst themainland China customers.In addition,the Group has opened newPOSs in Tianjin,Shanghai,Wuxi and a Rolex boutique in Shenyangduring the year with a view to expand our foothold in the mainlandChina mar
38、ket.Several new stores in Beijing and Xian are in progressand will be opened very soon.The total number of POS is as below:,業務回顧本年度本集團之營業額為1,036,000,000港元，而去年則是1,035,000,000港元。撇除年內新成立之零售店舖及在北京的舊旗艦店，儘管事實上來自中國內地的銷售因為集團在北京舊旗艦店之規模在購物中心的重建下急劇縮小，因而下降8%至801,000,000港元，與去年同期比較，中國大陸平均同店銷售增長仍有4%。年內由於在香港設立新零售店舖
39、之額外貢獻，以及現有零售店舖之平均同店銷售增長25%，香港的銷售因而增加43%至229,000,000港元。業務發展方面，本集團於二零一一年十二月在北京開設面積約3,000平方米之新旗艦店，此為中國大陸最大之名錶中心之一，其中匯聚最受內地客戶歡迎之最頂級瑞士鐘錶品牌。此外，本年期間本集團已在天津，上海，無錫開設新零售店舖及在瀋陽開設勞力士專賣店，以便擴大集團在中國大陸市場的立足點。至於在北京及西安數間新零售店舖仍在進行及快將啟業。零售店舖總數如下：,As at31st March2012於二零一二年三月三十一日,As at31st March2011於二零一一年三月三十一日,BeijingSh
40、anghaiShenyangChengdu,Chongqing,Urumuqi and WuxiHong Kong,北京上海瀋陽成都、重慶、烏魯木齊及無錫香港,15178451,8168139,9,10,上升。,MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析,Financial ReviewResults reviewThe Group recorded a turnover of HK$1,036 million for the year ended31st March 2012,(2011:HK$1,035 million)which was comp
41、arable tolast year.Sales from the mainland China decreased by 8%to HK$801million as compared with HK$875 million of last year was due to thedramatic scale down of our old flagship store in Beijing as a result ofthe shopping center redevelopment.In addition,there were only fourmonths sales from our n
42、ew flagship store in Beijing this year as it wasopened in December 2011.Excluding the new POSs set up during theyear and our old flagship store in Beijing,there was an average samestore sales growth of 4%in the mainland China as compared withlast year.Sales in Hong Kong increased by 43%to HK$229 mil
43、lion ascompared with HK$160 million of last year was due to the new POSsset up in Hong Kong and an average same store sales growth of 25%for the existing POS in Hong Kong.Distribution costs increased by 43%to HK$328 million as comparedwith HK$230 million of last year was mainly due to the increase i
44、n rentalexpenses incurred in launching our new flagship store in Beijing and thenew POSs in Hong Kong.Administrative expenses also increased by23%to HK$54 million as compared with HK$44 million of last year wasmainly due to the full year recognition of the equity-settled share basedpayment expenses
45、in this year as compared with just one day charge inlast year.Valuation gains on investment properties increased by 3%to HK$33million as compared with HK$32 million of last year was mainly due tothe appreciation in value on the investment properties located in HongKong.Other loss amounting to HK$9 m
46、illion this year was mainly consistedof the unrealized loss on the trading securities while the other gainof HK$16 million in last year was mainly the profit arising from thedisposal of a property located in mainland China.Finance costs increased by 129%to HK$9 million as compared withHK$4 million o
47、f last year was due to the increase in bank loans duringthe year.This year,due to the set up of our new flagship store in Beijing andthe coming POS in Xian,the Group has incurred a total loss of HK$41million from these projects.Included in this loss was mainly rentalcharges incurred before the comme
48、ncement of the sales activities ofthese projects which amounted to HK$30 million.In addition,with a view to increase our presence in Hong Kong,theGroup has set up three new POSs during the year in which a total lossof HK$19 million was incurred.,財務回顧業績回顧截至二零一二年三月三十一日止年度本集團之營業額為1,036,000,000港 元（二 零 一
49、 一 年：1,035,000,000港 元），與 去 年 相 若。來 自 中 國 內 地 的 銷 售 與 去 年 的875,000,000港 元比較，下 降8%至801,000,000港元，概因集團在北京舊旗艦店之規模在購物中心的重建下急劇縮小。此外，北京新旗艦店因為在二零一一年十二月開業，故年度內只有四個月的銷售額。撇除年內新成立之零售店舖及在北京的舊旗艦店，與去年同期比較，中國大陸平均同店銷售增長仍有4%。香港的銷售與去年 的160,000,000港 元 比 較，增 加43%至229,000,000港 元，概 因 在 港 設 立 新 零 售 店 舖 之 額 外 貢 獻，以 及 現有零售店舖
50、之平均同店銷售增長25%所致。分 銷 成 本 相 較 於 去 年 的230,000,000港 元 增 加43%至328,000,000港 元，主 要 是 由 於 北 京 新 旗 艦 店 啟 業，以 及 香 港 新 零 售 店 舖 所 產 生 之 租 金 開 支 增 加 所 致。行 政 開 支 較 去 年 同 期 的44,000,000港 元 亦 增 加23%至54,000,000港 元，主 要 因 為 確 認 今 年 全 年 以 股 份 為 基礎之付款開支（相較去年只用一天計入）。投資物業估值收益較去年的32,000,000港元增加3%至33,000,000港 元，主 要 由 於 位 於 香
