凯联国际酒店有限公司

AssociatedInternationalHotelsLimitedANNUALREPORT08-09ThisreportisprintedonenvironmentallyfriendlypaperRIDINGTOANEWHORIZONAssociatedInternationalHotelsLimitedStockCode105ANNUALREPORT08-0901Contents83223-02N.indd0201Contents83223-02N.indd0215/7/200911:46:1515/7/200911:46:15Contents02CorporateInformation03Chairman’sStatement06Properties07CorporateGovernanceReport17ReportoftheDirectors30BiographicalDetailsofDirectorsandSeniorManagement35IndependentAuditor’sReport37ConsolidatedIncomeStatement38BalanceSheets40ConsolidatedStatementofChangesinEquity41ConsolidatedCashFlowStatement44NotestotheFinancialStatements115FiveYearFinancialSummary書冊17.indb03書冊17.indb0320/7/200918:48:4820/7/200918:48:4802AssociatedInternationalHotelsLimitedCorporateInformationBoardofDirectorsExecutiveDirectorsCheongHooiHong(Chairman)CheongKhengLim(DeputyChairman)CheongKengHooiCheongSimLamCheongChongLingNon-executiveDirectorsSinChoChiu,CharlesLauWahSumIndependentNon-executiveDirectorsChowWanHoi,PaulYauAllenLee-namLeeChungCompanySecretaryNgSauFongBankersHangSengBankLimitedOversea-ChineseBankingCorporationLimitedTheHongkongandShanghaiBankingCorporationLimitedSolicitorsJSMDeaconsStephensonHarwood&LoAuditorsKPMGShareRegistrarsComputershareHongKongInvestorServicesLimitedShops1712–6,17thFloor,HopewellCentre183Queen’sRoadEast,Wanchai,HongKongRegisteredOfficeRoom502,EuroTradeCentre21–23DesVoeuxRoadCentral,HongKongWebsite–621–23502:48:4820/7/200918:48:48Chairman’sStatementAnnualReport08-0903FinancialResultsIwouldliketoreporttheauditedresultsoftheGroupfortheyearended31March2009.Duringtheyear,theGrouprecordedalossfromoperationsofHK$210.0million,comparedwithaprofitfromoperationsofHK$448.3millionforthepreviousfinancialyear.ThelosswasmainlyattributabletothevaluationlossesoninvestmentpropertiesofHK$180.9million,comparedwiththevaluationgainsoninvestmentpropertiesofHK$455.0millioninthepreviousfinancialyear.SuchvaluationlosseswillonlyaffecttheaccountingprofitorlossbutnotthecashflowoftheGroup.Excludingthevaluationlossesoninvestmentproperties,theGrouprecordedalossfromoperationsforthefinancialyearended31March2009ofapproximatelyHK$29.1millionascomparedwiththelossfromoperationsofapproximatelyHK$6.8millioninthepreviousfinancialyear.ItwasmainlyduetoasteepreductionininterestincomeplusadvertisingandmarketingexpensesincurredforiSQUAREduringtheyear.BusinessReviewandCommentaryonFinancialResultsAustinHillsGolfResort,theGroup’sgolfandrecreationalcluboperation,sufferedasegmentlossofHK$6.0millionforthefinancialyearended31March2009.SegmentrevenueforthesaidyearwasHK$17.3million,representingadecreaseofapproximatelyHK$2.1millioncomparedwiththepreviousfinancialyear.InterestincomeamountedtoHK$10.5million,representingadecreaseofapproximatelyHK$12.1millioncomparedwiththepreviousfinancialyear.Thesteepreductionininterestincomewasmainlyduetoadecreaseininterestrates.210,000,000448,300,000180,900,000455,000,00029,100,0006,800,000AustinHillsGolfResort6,000,00017,300,0002,100,00010,500,00012,100,000書冊17.indb03書冊17.indb0320/7/200918:48:4820/7/200918:48:4804AssociatedInternationalHotelsLimitedChairman’sStatementCapitalStructureandLiquidityThetotalequityfortheGroupat31March2009wasHK$5,160.7million,comparedwithHK$5,373.5millionat31March2008.Asannouncedon20October2006,theCompanyhasenteredintoafacilityagreementwithabankcomprisingofa5-yeartermloanfacilityofuptoHK$1billionanda5-yearrevolvingcreditfacilityofuptoHK$200million.TheCompanyhasanoptiontoextendthefacilitiesfortwoadditionalyears,subjectto,amongotherthings,theagreementofthelendingbank.At31March2009,thebankingfacilitieswereutilisedtotheextentofHK$568millionandtheGroup’sgearingratiowas11.0%(calculatedastotalbankloanovertotalequity).OutlookThedevelopmentofiSQUAREonthesitelocatedatNo.63NathanRoad,Kowloon(KowloonInlandLotNo.7425)ownedbytheCompanyhasentereditsfinalstage.ThesuperstructurewastoppedoutinFebruary2009.Internalandexternalfinishingworksarenowinprogress.Theoccupationpermitisanticipatedtobeobtainedinthethirdquarterofthisyear.Barringunforeseencircumstances,theentireprojectisexpectedtobecompletedbeforeDecember2009,targetingtoopenforbusinessbytheendof2009.ThepresentestimatedcostofconstructionforthisprojectisaroundHK$1.3billionandthiswillbemainlyfinancedbyexternalborrowings.TheglobalfinancialturmoilhashadaprofoundimpactontheeconomyandsuchimpacthasaffectedtheleasingmarketinHongKong.Themanagementexpectstheoperatingenvironmenttobechallenging.However,givenitslocationandqualityofconstruction,theDirectorsbelievethat,overtime,iSQUAREshouldbecomeapopularshoppingcentre.ContingentLiabilitiesDetailsoftheGroup’scontingentliabilitiesaresetoutinnote28tothefinancialstatements.5,160,700,0005,373,500,0001,000,000,000200,000,000568,000,00011.0%6374251,300,000,00028書冊17.indb04書冊17.indb0420/7/200918:48:4820/7/200918:48:48AnnualReport08-0905AnnualGeneralMeetingTheAnnualGeneralMeetingofshareholdersoftheCompanywillbeheldonWednesday,9September2009.DividendTheBoardhasresolvedthatin