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CONTENTS2CorporateInformation4CondensedConsolidatedStatementofComprehensiveIncome5CondensedConsolidatedStatementofFinancialPosition7CondensedConsolidatedStatementofCashFlows8CondensedConsolidatedStatementofChangesinEquity9NotestotheCondensedConsolidatedFinancialStatements25BusinessReviewandOutlook27ManagementDiscussionandAnalysis30OtherInformation2Lee&ManPaperManufacturingLimited2010/11InterimReportCORPORATEINFORMATIONBoardofDirectorsExecutivedirectorMrLeeWanKeungPatrick(Chairman)MrLeeManChunRaymondBBSJP(ChiefExecutiveOfficer)MrLeeManBunMrKunihikoKashimaNon-executivedirectorProfessorPoonChungKwongGBSJPMrYoshioHaga(ViceChairman)Independentnon-executivedirectorMrWongKaiTungTonyMrPeterADaviesMrChauShingYimDavidCompanySecretaryMrCheungKwokKeungRegisteredOfficeCricketSquareHutchinsDriveP.O.Box2681GrandCaymanKY1-1111CaymanIslandsPrincipalOffice5thFloor,LivenHouse61–63KingYipStreetKwunTongKowloonHongKongPrincipalBankersInHongKongandMacau:HangSengBankStandardCharteredBankCitibank,N.A.HSBCDBSInthePRC:ChinaConstructionBankBankofChinaAgriculturalBankofChinaBBSGBSPeterADaviesCricketSquareHutchinsDriveP.O.Box2681GrandCaymanKY1-1111CaymanIslands61–63532010/11AuditorDeloitteToucheTohmatsuCertifiedPublicAccountantsPrincipalShareRegistrarandTransferOfficeButterfieldFulcrumGroup(Cayman)LimitedButterfieldHouse68FortStreetP.O.Box705GeorgeTownGrandCaymanCaymanIslandsHongKongBranchShareRegistrarandTransferOfficeTricorInvestorServicesLimited26/FTesburyCentre28Queen’sRoadEastWanchaiHongKongWebsite(Cayman)LimitedButterfieldHouse68FortStreetP.O.Box705GeorgeTownGrandCaymanCaymanIslands2826(the“Company”)ispleasedtoannouncetheunauditedcondensedconsolidatedresultsoftheCompanyanditssubsidiaries(the“Group”)forthesixmonthsended30September2010togetherwiththecomparativefiguresasfollows:CondensedConsolidatedStatementofComprehensiveIncomeForthesixmonthsended30September201020102009(unaudited)(unaudited)NotesHK$’000HK$’000Revenue26,898,7225,059,742Costofsales(5,659,228)(3,812,769)Grossprofit1,239,4941,246,973Otherincome135,95192,625Netgain(loss)fromfairvaluechangesofderivativefinancialinstruments4,162(24,664)Distributionandsellingexpenses(108,558)(119,965)Administrativeexpenses(245,819)(204,760)Financecosts3(95,013)(96,238)Profitbeforetax930,217893,971Incometaxexpense4(90,965)(77,309)Profitfortheperiod5839,252816,662Othercomprehensiveincome(expense)Exchangedifferencesarisingontranslationofforeignoperations64,919(14,587)Gainonhedginginstrumentsincashflowhedges29,45644,373Cumulativelossonhedginginstrumentsreclassifiedtoprofitorlossuponearlytermination–12,004Othercomprehensiveincomefortheperiod94,37541,790Totalcomprehensiveincomefortheperiod933,627858,452Dividends::6–Finaldividendpaid364,115––Interimdividenddeclared273,377250,224HKcents(restated)HKcentsEarningspershare7–Basic18.4417.95–Diluted17.8917.9552010/11CONDENSEDCONSOLIDATEDSTATEMENTOFFINANCIALPOSITIONAt30September201030September201031March2010(unaudited)(audited)NotesHK$’000HK$’000NON-CURRENTASSETSProperty,plantandequipment812,768,30912,401,446Prepaidleasepayments375,368373,826Depositspaidforacquisitionofproperty,plantandequipmentandlanduserights252,341245,869Interestinanassociate9––Retirementbenefitassets85884213,396,87613,021,983CURRENTASSETSInventories101,980,6822,203,858Prepaidleasepayments7,7227,670Tradeandotherreceivables113,895,1753,317,779Amountsduefromanassociate438,646437,753Amountsduefromrelatedcompanies33,39558,683Derivativefinancialinstruments1,829434Taxrecoverable42,42935,160Restrictedbankdeposits1,9081,908Bankbalancesandcash714,604625,2447,116,3906,688,489CURRENTLIABILITIESDerivativefinancialinstruments77,918120,836Tradeandotherpayables121,987,1381,954,831Taxpayable56,05369,811Bankandotherborrowings3,816,8622,473,3835,937,9714,618,861NETCURRENTASSETS1,178,4192,069,628TOTALASSETSLESSCURRENTLIABILITIES14,575,29515,091,6116Lee&ManPaperManufacturingLimited2010/11InterimReportCONDENSEDCONSOLIDATEDSTATEMENTOFFINANCIALPOSITIONAt30September201030September201031March2010(unaudited)(audited)NotesHK$’000HK$’000NON-CURRENTLIABILITIESDerivativefinancialinstruments21,32721,910Bankandotherborrowings3,429,2244,599,316Deferredtaxliabilities374,011319,5393,824,5624,940,76510,750,73310,150,846CAPITALANDRESERVESSharecapital13113,865113,770Reserves10,636,86810,037,07610,750,73310,150,84672010/11CONDENSEDCONSOLIDATEDSTATEMENTOFCASHFLOWSForthesixmonthsended30September201020102009(unaudited)(unaudited)HK$’000HK$’000Netcashgeneratedfromoperatingactivities818,1851,068,115NetcashusedininvestingactivitiesAcquisitionofanddepositspaidonproperty,plantandequipment(613,216)(235,195)Prepaidleasepayments(6,059)–Advancetoanassociate(893)(126,196)Interestreceived7,69610,385Otherinvestingactivities60,000(19,621)(552,472)(370,627)Netcashusedinfinancing