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QiofBeautyANNUALREPORT2008NATURALBEAUTYBIO-TECHNOLOGYLIMITEDStockCode：00157Concept,designandprinting:iOneFinancialPressLimited’sStatement18ManagementDiscussionandAnalysis36ReportonCorporateGovernance44ManagementProfile49Directors’Report60IndependentAuditor’sReport62ConsolidatedIncomeStatement63ConsolidatedBalanceSheet65ConsolidatedStatementofChangesinEquity67ConsolidatedCashFlowStatement69NotestotheConsolidatedFinancialStatements148FinancialSummary149NoticeofAnnualGeneralMeeting2NaturalBeautyBio-TechnologyLimitedAnnualReport2008CorporateInformationBoardofDirectorsDr.TsaiYenYu(aliasDr.TsaiYenPin)(Chairman)Mr.LeeMingTa(aliasMr.LeeMingTah)Dr.SuChienChengDr.SuShHsyuMr.YehLiangFei(IndependentNon-executiveDirector)Mrs.ChenShiehShuChen(IndependentNon-executiveDirector)Mr.ChenChing(IndependentNon-executiveDirector)AuthorisedRepresentativesMr.LeeMingTa(aliasMr.LeeMingTah)Dr.SuChienChengCompanySecretaryMr.ChanYanKwan,AndyCPA,FCCAMembersoftheAuditCommitteeMr.YehLiangFeiMrs.ChenShiehShuChenMr.ChenChingMembersoftheRemunerationCommitteeMr.YehLiangFeiMrs.ChenShiehShuChenMr.ChenChingRegisteredOfficeP.O.Box309UglandHouseSouthChurchStreetGeorgeTownGrandCaymanCaymanIslandsBritishWestIndiesHeadOfficeandPrincipalPlaceofBusinessinHongKongUnit3512,35/FTheCenter99Queen’sRoadCentralCentralHongKong3CorporateInformationAuditorsDeloitteToucheTohmatsuCertifiedPublicAccountants35/FOnePacificPlace88QueenswayHongKongLegalAdvisersArculliFong&NgInassociationwithKing&Wood(PRClawyers)908HutchisonHouseCentralHongKongPrincipalBankersTheHongkongandShanghaiBankingCorporationLimited1Queen’sRoadCentralHongKongLandBankofTaiwanNo.76,Section2,TunHuaSouthRoadTaipeiTaiwanMegaInternationalCommercialBankNo.62,Section2,TunHuaSouthRoadTaipeiTaiwanAgriculturalBankofChinaShanghaiBranch3rdFloor,26ZhongShanDongYiRoadShanghaiThePRCBankofCommunicationsShanghaiBranch,ZhabeiSub-branch211HengtongRoadShanghaiThePRCWebsite(%)(%)OPERATINGPROFITDIVIDENDSRETURNONASSETS(%)(%)+48.1%-44.3%+5.6%+31.7%+33.4%+7.2%ExpressedinHK$’000ExpressedinHK$’000Expressedin%%ExpressedinHK$’000ExpressedinHK$’000Expressedin%%2008200720062005592,701450,147363,746357,916238,579178,781122,81281,01127.1%19.9%14.5%10.1%308,477208,315174,630119,905167,053300,000125,00066,00023.2%17.6%12.7%8.9%pointspoints200820072006200520082007200620052008200720062005200820072006200520082007200620059FinancialHighlightsSelectedFinancialDataFY2005FY2006FY2007FY2008HK$’000(exceptpersharedata)Turnover357,916363,746450,147592,701Costofsales73,30968,72577,57386,102Grossprofit284,607295,021372,574506,599Operatingprofit119,905174,630208,315308,477Netincome81,011122,812178,781238,579Dividends66,000125,000300,000167,053EPS–basic$0.0410$0.0620$0.0890$0.1190DPS$0.0330$0.0625$0.1500$0.0835ReturnonEquity(ROE)10.1%14.5%19.9%27.1%ReturnonAssets(ROA)8.9%12.7%17.6%23.2%TURNOVERBYACTIVITIESBREAKDOWN(%)(%)TURNOVERBYGEOGRAPHICALBREAKDOWN(%)(%)0.1%Entrustmentincome1.6%Others(HK,MacauandMalaysia)2.8%Servicerevenue24.8%Taiwan97.1%Productsales73.6%PRC12NaturalBeautyBio-TechnologyLimitedAnnualReport2008Chairman’sStatementDearShareholders,TheFiscalYearof2008isaneventfulyearforusinChinaandinTaiwan.Inspring,weexperiencedaseveresnowstorm,followedbyamassiveearthquakeinSichuaninMay.ThentherewastheOlympicsinAugust,butalsothefinancialtsunamiinthefourthquarterwhichseemsnotyetsubsidedaswespeak.WearefortunatetohaveasubstantialpartofourbusinessinChina,oneoftheworld’smostdynamiceconomies.Despiteallthebadnewsabouttherecession,unemploymentandcollapsesandnationalizationoffinancialinstitutionsaroundtheworld,ouruniquebusinessmodelhasaffordedusaleadingpositionthatsetsusapartfromotherindustriesandplayersinthemarket.Ourturnoverin2008furthergrew31.7%toHK$592.7million,comparedwithHK$450.1millionin2007.Wecontinuetoexpandouroperatingmarginandnetmarginto52.0%and40.3%respectively.OurnetprofitforequityholdersoftheCompanyalsoincreasedby33.4%toHK$238.5millionin2008.Basicearningspersharealsorose33.4%fromHK$0.0890in2007toHK$0.1190in2008.TheboardofdirectorsoftheCompanyrecommendedthepaymentoffinaldividendofHK$0.0335pershare.Togetherwiththe2008interimdividenddeclaredandpaidofHK$0.05pershare,totaldividendpersharefortheyearreachedHK$0.0835,representingadividendpay-outratioof70%.450,100,00031.7%592,700,00052.0%40.3%33.4%238,500,0008.9033.4%11.900.03350.050.083570%13Chairman’sStatementPROPOSEDPRIVATIZATIONItwasproposed