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1、,2011/12,ANNUAL REPORT年報,2,22,44,51,66,73,75,76,77,79,81,83,84,Contents目錄,Corporate Information,公司資料,Financial HighlightsChairmans StatementManagement Discussion and AnalysisProject PortfolioFinancial SummaryBiographical Details of Directors andKey ManagementReport of the DirectorsCorporate Governan
2、ce ReportConsolidated Financial Statements綜合財務報表Independent Auditors ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsStatement of Financial Posi
3、tionNotes to Consolidated Financial Statements,16184043,財務摘要主席報告管理層討論及分析項目組合財務概要董事及主要管理層履歷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綜合權益變動表綜合現金流量表財務狀況表綜合財務報表附註,(1)(2)(3),(1),(1),(1),(2),(2),(3),(3),2,Corporate Information公司資料,Board of DirectorsExecutive DirectorsMr.Cheng Chung Hing(Co-Chairman)(2)(3)Mr.L
4、eung Moon Lam(Chief Executive Officer),董事會執行董事鄭松興先生（聯席主席）(2)(3)梁滿林先生（行政總裁）,Professor Xu Yang,許,揚教授,Non-Executive DirectorsDr.Ma Kai Cheung SBS,BBS(Co-Chairman)Mr.Sun Kai Lit Cliff BBS,JPDr.Ma Wai MoMr.Cheng Tai PoIndependent Non-Executive DirectorsMr.Leung Kwan Yuen Andrew GBS,SBS,JP(1)(2)(3)Mr.Li W
5、ai Keung(1)(2)(3)Mr.Hui Chiu Chung Stephen JP(1)Chief Financial OfficerMr.Fung Sing Hong Stephen(FCPA)Company SecretaryMs.Tse Man Yu Michelle(FCPA)AuditorsErnst&YoungLegal AdvisorsAs to Hong Kong lawBaker&McKenzieAs to China lawCommerce&Finance Law OfficesMember of Audit CommitteeMember of Remunerat
6、ion CommitteeMember of Nomination CommitteeChina South City Holdings Limited 華南城控股有限公司,非執行董事馬介璋博士 銀紫荊星章、銅紫荊星章（聯席主席）孫啟烈先生 銅紫荊星章、太平紳士馬偉武博士鄭大報先生獨立非執行董事梁君彥先生 金紫荊星章、銀紫荊星章、太平紳士李偉強先生(1)(2)(3)許照中先生 太平紳士集團首席財務總監馮星航先生(FCPA)公司秘書謝文瑜女士(FCPA)核數師安永會計師事務所法律顧問香港法律貝克 麥堅時律師事務所中國法律通商律師事務所審核委員會成員薪酬委員會成員提名委員會成員,香港,3,Corp
7、orate Information(Continued)公司資料（續）,Principal BankersThe Hongkong and Shanghai Banking Corporation LimitedIndustrial and Commercial Bank of China LimitedBank of China LimitedChina Construction Bank Corporation LimitedAgricultural Bank of China LimitedShanghai Pudong Development Bank Co.,Ltd.China CI
8、TIC Bank Corporate Ltd.Industrial and Commercial Bank of China(Asia)LimitedRegistered OfficeRoom 2205,Sun Life Tower,The Gateway,15 Canton Road,Tsimshatsui,Kowloon,Hong KongShare RegistrarComputershare Hong Kong Investor Services LimitedShops 17121716,17th Floor,Hopewell Centre,183 Queens Road East,
9、Wanchai,Hong KongListing InformationShare ListingThe Stock Exchange of Hong Kong LimitedStock code:1668Senior Notes ListingThe Companys 13.5%5 years senior notes due 2016The Singapore Exchange Securities Trading LimitedWInvestor RelationsTelephone:(852)3188-3118Fax:(852)3188-1323Email:,主要往來銀行香港上海滙豐銀
10、行有限公司中國工商銀行股份有限公司中國銀行有限公司中國建設銀行股份有限公司中國農業銀行股份有限公司上海浦東發展銀行股份有限公司中信銀行股份有限公司中國工商銀行（亞洲）有限公司註冊辦事處香港九龍尖沙咀廣東道15 號港威大廈永明金融大樓2205 室證券登記處香港中央證券登記有限公司灣仔皇后大道東183 號合和中心17 樓17121716 室上市資料股份上市香港聯合交易所有限公司股份代號：1668優先票據上市本公司之於2016 年到期的13.5%5 年期優先票據新加坡證券交易所有限公司網站投資者關係電話:(852)3188-3118傳真:(852)3188-1323電郵:Annual Report
11、2011/12 年報,4,China South City Shenzhen深圳,Phase I Trade Center一期交易廣場Phase II No.1 Trade Center二期一號交易廣場Phase II No.2 Trade Center二期二號交易廣場,China South City ShenzhenLocated in Pinghu,Shenzhen,China South City Shenzhen(“CSC Shenzhen”)covers a total site area of approximately 1.06 million square meters(“s
12、q.m.”)with a planned gross floor area(“GFA”)of approximately 2.60 million sq.m.Phase I and II trade centers and ancillary facilities with a GFA of approximately1.46 million sq.m.are in operation.Construction of phase III with a plannedGFA of approximately 1.18 million sq.m.have commenced.Positioned
13、as a modern large-scale integrated logistics and trading platformto serve the Pearl River Delta Region,CSC Shenzhen covers a wide spectrumof product range,from raw materials to commodities of various industries,themed products and factory outlets,complemented by comprehensiveancillary facilities and
14、 services including offices,residential facilities,conference and exhibition facilities,both bonded and common warehousing,hotel and restaurants,banking and financial services,on-site logistics servicesin couple of quality testing services,on-site governmental organization,etc.深圳華南城深圳華南城位處深圳市平湖，佔地約1
15、.06百萬平方米，總規劃建築面積約2.60百萬平方米。建築面積約1.46百萬平方米的一期及二期交易中心及相關配套設施已投入營運。目前三期規劃建築面積約1.18百萬平方米的建設工程已經開展。作為服務珠三角地區的現代化大型綜合商貿物流及商品交易平台，深圳華南城涵蓋廣泛產品種類，包括多種行業的原材料到製成品、主題商品及奧特萊斯直銷中心，並配以辦公樓、住宅、會議及展覽設施、保稅倉及普通倉儲、,酒店及食肆、銀行及金融服務、駐場物流及質檢服務，以及駐場政府機構等完備的配套設施。China South City Holdings Limited 華南城控股有限公司,Planned Total GFA,總規劃
16、建築面積,5,2.60,million m2百萬平方米Birdview-CSC Shenzhen,深圳華南城鳥瞰圖Rendering-No.5 Trade Center五號交易廣場電腦效果圖Annual Report 2011/12 年報,6,China South City Nanchang南昌,Birdview-Trade centers交易中心鳥瞰圖Administration Tower-CSC Nanchang南昌華南城行政樓Residential facilities住宅設施,China South City NanchangLocated in Nanchang,the capi
17、tal of Jiangxi Province,China South CityNanchang(“CSC Nanchang”)covers a site area of approximately 1.54million sq.m.with a planned total GFA of approximately 4.28 million sq.m.upon completion.Construction of phase I with a planned total GFA ofapproximately 1.09 million sq.m.is underway and part of
18、the trade centersand residential facilities have been launched with enthusiastic marketresponse.CSC Nanchang aims to make full use of its advantageous location as avigorous,integrated logistics trading platform for the Pan Pearl River Deltaand Yangtze River Delta regions.The project site is highly a
19、ccessible with acomprehensive freight and public transportation network.Benefiting fromthe office relocation plan of the provincial government to the vicinity ofthe project site,CSC Nanchang will excel itself with its profound businesspotential,which will in turn help boost the regional economy,as w
20、ell as itsown economic value.南昌華南城南昌華南城位於中國江西省省會城市南昌，佔地面積約1.54百萬平方米，總規劃建築面積約4.28百萬平方米。一期總規劃建築面積約1.09百萬平方米的建設工程已經開展，其中部分交易中心及住宅設施已推出並獲市場熱烈反應。南昌華南城將善用其有利位置，打造成為泛珠三角及長三角地區一個繁華的綜合商貿物流及商品交易平台。項目選址交通四通八達，位處完善的貨運及,公共交通網絡。隨著省政府辦公樓搬遷計劃至項目地址附近，南昌華南城將受惠於該區的商機，反之亦有助促進地區經濟，提升其自身經濟價值。China South City Holdings Lim
21、ited 華南城控股有限公司,Planned Total GFA,總規劃建築面積,7,4.28,million m2百萬平方米Birdview-CSC Nanchang,南昌華南城鳥瞰圖Trade center under construction在建中的交易中心Annual Report 2011/12 年報,8,China South City Xian西安,No.2 Trade Center under construction在建中的2號交易廣場Trade center for machinery and hardware under construction在建中的五金機電交易中心A
22、dministration Tower-CSC Xian,China South City XianLocated in Xian,the capital city of Shaanxi Province,China South City Xian(“CSC Xian”)is planned to develop a site area of approximately 10 millionsq.m.for a planned total GFA of approximately 17.5 million sq.m.uponcompletion.Construction of phase I
23、with a GFA of approximately 607,000sq.m.have commenced and part of the trade centres have been launchedand achieved enthusiastic response at pre-sale.With its strategic location at the Xian International Trade and Logistics Park,which is well equipped with a railway container terminal and the larges
24、tbonded area in the Northwest China,CSC Xian is amidst an extensivetransportation network.It is situated at an exit of the North Third Ring Road,and two subway lines are planned to pass through.Riding on the opportunities arising from the countrys strategic developmentof Chinas western regions,the G
25、roup is positioning CSC Xian to become amajor,comprehensive logistics and trade center that caters to the growingdevelopment needs in the region with its modern facilities and services.西安華南城西安華南城位於陝西省省會城市西安，規劃佔地面積約10百萬平方米，總規劃建築面積約17.5百萬平方米。一期建築面積約607,000平方米的建設工程已經開展，其中部分交易中心已推出預售，市場反應熱烈。西安華南城處於西安國際港
26、務區的策略性位置，內設鐵路集裝箱中心以及中國西北地區最大的保稅區，並受廣泛的交通網絡覆蓋。西安華南城位於北三環路出口處，坐擁兩條已規劃的地下鐵路線。受惠於國家策略性發展西部地區的機遇，本集團積極將西安華南城打造成該地區的主要綜合商貿物流及商品交易中心，以其現代化設施及服務迎合該地區日益增長的發展需要。,西安華南城行政樓China South City Holdings Limited 華南城控股有限公司,Planned Total GFA,總規劃建築面積,9,17.50,million m2百萬平方米Trade center under construction,在建中的交易中心No.2 Tr
27、ade Center under construction在建中的交易廣場Annual Report 2011/12 年報,10,China South City Nanning南寧,Exhibition centers and Infrastructure展覽館及園區街道建設Logistics trade center under construction Plaza 1在建中的物流交易中心1號廣場,China South City NanningLocated in Nanning,the capital city of Guangxi Zhuang Autonomous Region,C
28、hina South City Nanning(“CSC Nanning”)is planned to cover a site area ofapproximately 1.83 million sq.m.with a planned total GFA of approximately4.88 million sq.m.upon completion.The construction of phase I with aplanned total GFA of approximately 1.36 million sq.m.is underway,of whichpart of the lo
29、gistics trade centers have been launched for sale with favourablefeedback.Capitalizing on its ideal geographical position with extensive transportationnetwork,CSC Nanning will be developed to meet the demand in the NorthernBay Region and Southeast Asia.The tariff waiver for cross-border tradesince t
30、he establishment of the China-ASEAN Free Trade Area will help boostbusiness and trade activities for CSC Nanning.,南寧華南城南寧華南城位於中國廣西壯族自治區首府南寧，規劃佔地面積約1.83百萬平方米，總規劃建築面積約4.88百萬平方米。一期建築面積約1.36百萬平方米的建設工程已經展開，其中部份物流交易中心已推出並在市場獲得良好反應。憑藉其地理優勢及通達交通網絡，南寧華南城將針對北部灣及東南亞地區的需求而發展。自中國東盟自由貿易區成立後所豁免的跨境貿易關稅，為南寧華南城的業務及商貿
31、活動締造有利條件。Logistics trade center under construction Plaza 4在建中的物流交易中心4號廣場China South City Holdings Limited 華南城控股有限公司,Planned Total GFA,總規劃建築面積,4.88,million m2百萬平方米Logistics trade center Plaza 2,物流交易中心2號廣場Logistics trade center Plaza 3物流交易中心3號廣場,Annual Report 2011/12 年報,11,Rendering,電腦效果圖,電腦效果圖,12,Chi
32、na South City Harbin哈爾濱China South City HarbinLocated in Harbin,the capital city of Hellongjiang province,China South CityHarbin(“CSC Harbin”)is planned to develop a site area of approximately 5million sq.m.in phases for a planned total GFA of approximately 6.30 millionsq.m.upon completion.In June 2
33、012,CSC Harbin has successfully bid forthe land of approximately 263,000 sq.m.Capitalizing on its beneficial position in Northeast China,a premier hub forcross-border trade with countries in Northeast Asia and its proximity to theChina-Russia border,the project aims to capture opportunities arising
34、fromthe emerging development potential in the area.,Rendering,哈爾濱華南城,哈爾濱華南城位於中國黑龍江省的省會城市哈爾濱，規劃佔地面積約5百萬平方米，將分期發展成總規劃建築面積約6.30百萬平方米。於2012年6月，哈爾濱華南城成功競投得約263,000平方米之土地。哈爾濱華南城憑藉其位處中國東北部之優勢，是與東北亞國家作跨境貿易的主要樞紐，並毗鄰中俄邊境等優越地位，將可抓緊該區發展潛力湧現而帶來的機遇。Rendering電腦效果圖China South City Holdings Limited 華南城控股有限公司,Planned
35、 Total GFA,總規劃建築面積,million m2,6.30百萬平方米Rendering電腦效果圖Rendering電腦效果圖,Annual Report 2011/12 年報,13,Rendering,電腦效果圖,Rendering,電腦效果圖,14,China South City Zhengzhou鄭州China South City ZhengzhouLocated in Zhengzhou,the capital city of Henan Province,China SouthCity Zhengzhou(“CSC Zhengzhou”)plans to occupy a
36、 net land area ofapproximately 7 million sq.m.for phased development so as to echo thegovernments plans for urban rejuvenation,especially the relocation andconsolidation of old wholesale markets in the city.The Group expects toacquire part of the land for the project in FY2012/13.CSC Zhengzhou is si
37、ted highly accessible Zhengzhou with extensive landand air network.It is an important passenger and freight hub in China,together with one of the most important international airport in the country.Benefitting from its prime location in Zhengzhou City,the project aims tocater to the strong demand fo
38、r integrated logistics and trade centers inChinas interior regions,and will provide a convenient trading platform topromote trade among cities in central China.鄭州華南城鄭州華南城位於河南省的省會城市鄭州，規劃淨用地總面積約7百萬平方米，將分階段發展以配合政府的城鎮活化計劃，特別是該市舊批發市場的搬遷及整合規劃。本集團預期於2012/13財政年度就該項目購置部分土地。鄭州華南城選址在陸空交通網絡發達的鄭州市，是中國重要的公路及鐵路客貨運
39、樞紐，並坐擁國內其中一個最重要的國際機場。位處鄭州市的優質地段，鄭州華南城致力迎合中國內陸地區對綜合商貿物流及商品交易中心的殷,Rendering電腦效果圖,切需求，為華中地區提供便捷的交易平台，促進商貿活動。,Rendering電腦效果圖,China South City Holdings Limited 華南城控股有限公司,Planned NetLand Area規劃淨用地面積,7.00,million m2百萬平方米Rendering,電腦效果圖Rendering電腦效果圖,Annual Report 2011/12 年報,15,16,Financial Highlights財務摘要(i
40、n HK$000千港元),Revenue收入1,570,229,2,234,033,3,670,767,Net profit attributable to owners of the parent母公司擁有人應佔淨利潤2,070,7081,552,4551,329,593,2010,2011,2012,2010,2011,2012,Net assets value資產淨值,12,995,291,Net profit attributable to owners of the parent excluding fair valuegains on investment properties a
41、nd related tax effect未計投資物業公平值收益及相關稅務影響的母公司擁有人應佔淨利潤1,303,046,10,618,0369,026,685542,339410,692,2010,2011,2012,2010,2011,2012,China South City Holdings Limited 華南城控股有限公司,Financial Highlights(Continued)財務摘要（續）For the year ended 31 March截至3月31日止年度,2012HK$港元,2011HK$港元,ApproximateChange%概約變幅%,RevenueGros
42、s profitGross profit ratio,收入毛利毛利率,3,670.8 million百萬2,236.1 million百萬61%,2,234.0 million百萬1,333.0 million百萬60%,64.367.7,Profit attributable to owners,母公司擁有人應佔,of the parent,淨利潤,2,070.7 million百萬,1,552.5 million百萬,33.4,Net profit attributable to ownersof the parent excluding fair valuegains on invest
43、ment properties and,未計投資物業公平值收益及相關稅務影響的母公司擁有人應佔,related tax effect,淨利潤,1,303.0 million百萬,542.3 million百萬,140.3,Net assets value,資產淨值,12,995.3 million百萬 10,618.0 million百萬,22.4,Gearing ratio,資本負債比率,21%,15%,Proposed final dividend per shareDividend payout ratio,擬派末期股息（每股）派息比率,HK7.5 cents港仙34%,HK2.5 ce
44、nts港仙28%,200.0,Annual Report 2011/12 年報,17,18,Chairmans Statement主席報告,On behalf of the board of directors(the“Board”)of China South CityHoldings Limited(“China South City”or the“Company”),together withits subsidiaries(the“Group”),I am pleased to report the annual results ofthe Group for the fiscal y
45、ear ended 31 March 2012(“FY2011/12”).Results and DividendThe Group reported outstanding operating results in FY2011/12 amid achallenging environment.Total revenue surged by 64.3%to HK$3,670.8million(the fiscal year ended 31 March 2011(“FY2010/11”):HK$2,234.0million),mainly attributable to the revenu
46、e contribution from sales andfinance lease of CSC Shenzhen,CSC Nanchang and CSC Nanning.Profitattributable to owners of the parent increased by 33.4%year-on-yearfrom HK$1,552.5 million to HK$2,070.7 million.Basic earnings per sharewere HK34.58 cents(FY2010/11:HK25.95 cents).The Board proposed a fina
47、l dividend of HK7.5 cents per share for theFY2011/12(FY2010/11:HK2.5 cents per share),subject to shareholdersapproval at the Companys forthcoming annual general meeting.Review of the Market and OperationsRemarkable Performance AchievedDuring the fiscal year under review,Chinas economy maintained ste
48、adygrowth despite growing at a slower pace.The central governmentsmarco policies in the residential property market during the year causedoverall transaction volumes to decline.As one of the leading developersand operators of large-scale,integrated logistics and trade centers inChina,China South Cit
49、y remained relatively unaffected by the challengingoperating environment,delivering promising performance.China South City Holdings Limited 華南城控股有限公司,本人謹代表華南城控股有限公司（華南城或本公司，連同其附屬公司（本集團）董事會（董事會）欣然呈報本集團截至2012年3月31日止財政年度（2011/12財政年度）的年度業績。業績及股息於2011/12財政年度，本集團在充滿挑戰的環境中仍錄得驕人的經營業績。總收入急增64.3%至3,670.8百萬港元（
50、截至2011年3月31日止財政年度（2010/11財政年度）：2,234.0百萬港元），主要來源於深圳華南城、南昌華南城及南寧華南城的銷售及融資租賃收入。母公司擁有人應佔利潤由1,552.5百萬港元按年上升33.4%至2,070.7百萬港元。每股基本盈利為34.58港仙（2010/11財政年度：25.95港仙）。董事會建議派付截至2011/12財政年度的末期股息為每股7.5港仙（2010/11財政年度：每股2.5港仙），惟須待股東於本公司應屆股東週年大會批准後，方可作實。市場及營運回顧取得出色業績於回顧財政年度，儘管中國經濟增長步伐放緩，但仍維持穩定增長。年內，中央政府於住宅物業市場的宏觀調控
