!"# DIRECTORS REPORT !"#$%&'()*+++,!"#$%$&'()*+

Transcription

1 DIRECTORS REPORT!"#!"#$%&'()*+++,!"#$%$&'()*+!!"#$%&' ()*+,!"#$%&'()*+$*,!"#$%&!"%'!"!"#$%&' The directors have pleasure in presenting their annual report and the audited financial statements for the year ended March 31, PRINCIPAL ACTIVITIES The Company acts as an investment holding company. The principal activities of the Group are the development, manufacturing and distribution of batteries, electrical installation products, automotive electronics, cable products, loudspeakers and high precision parts and components. An analysis of the turnover and contribution to profit from ordinary activities before taxation of the Group by principal activities is as follows:!!!!"#!! Contribution! Contribution to operating Share of to profit profit (loss) from results of from ordinary continuing associated activities Turnover operations companies before taxation!!"#$%&!"#$"%&45 =!" =!!"#$%&'()*+,!"#$!"#!" Batteries 53,600 53,600 Electrical 48,063 48,063 Electronics 1,151,976 (20,171) 73,626 53,455 Strategic investments 55,325 15,997 8,307 24,304 1,207,301 (4,174) 183, ,422 Corporate interest and overhead (48,959) _ 130,463 _ Net exceptional items (notes 4 and 5 to the financial statements) the Company and subsidiaries 16,068 associated companies (10,330) _ 136,201 5,738 _ An analysis of the turnover of the Group by geographical markets is as follows: The People s Republic of China Hong Kong 36,396 Mainland China 97,201 Other Asian countries 393,867 Europe 376,450 North and South America 256,592 Others 46,795 _ 1,207,301!"#$%&'(!)*+,-!"#$%&'()*+,-!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()"*+,-!"#$%&' Contribution to profit from ordinary activities excluding exceptional items and taxation of the Group by geographical markets has not been presented as the ratio of contribution to profit from ordinary activities excluding exceptional items and taxation to the turnover attributable to each market is not significantly different. 44

2 !"!"###$%&%'"()$*!"#$%&'()*+54!"#$%&'()*+,-./!"#$%&'(&4.5!!"#$%&'()*+)4.5!"#$%&'#9.0!!"#$38,450,000!"#!"#$%&'()*+21 RESULTS AND APPROPRIATIONS The results of the Group and appropriations of the Company for the year ended March 31, 1999 are set out in the consolidated profit and loss account on page 54 and the accompanying notes to the financial statements. An interim dividend of 4.5 cents per share was paid to the shareholders during the year. A final dividend of 4.5 cents per share is proposed by the directors. On the basis of 9.0 cents per share for the entire year, total dividends amount to approximately HK$38,450,000 and the balance of the profit for the year is retained as shown in note 21 to the financial statements.!"#!"#$%&'()*+,-./!"#$%&'(14 15 TEN-YEAR FINANCIAL SUMMARY A summary of the results and of the assets and liabilities of the Group for the past ten financial years is set out on pages 14 and 15.!"#$%&'($)*+,!20 SHARE CAPITAL Details of movements in the share capital of the Company during the year are set out in note 20 to the financial statements.!"#$%&'()*+!"#$1.06!" 94,936,256!0.50!!"#$%&'%()!"#$%&'()*!"#$%&'((()*+!"# On March 2, 1999, the Company announced a rights issue of 94,936,256 rights shares of HK$0.50 each in the proportion of one rights share for every four existing shares held at HK$1.06 per rights share payable in full on acceptance. The rights issue was completed on April 14, RESERVES!"#$%&'()*+',-!"#$21 Details of movements in the reserves of the Group and the Company during the year are set out in note 21 to the financial statements.!!"#$%&19,356,000!!"#$%&'()*+,!"#$%&'(10 FIXED ASSETS During the year, the Group acquired fixed assets of approximately HK$19,356,000 to expand its business. Details of movements in fixed assets during the year are set out in note 10 to the financial statements.! SUBSIDIARIES!"#"$%&'()*!"#$%&'()*34 Details of the Company s principal subsidiaries at March 31, 1999 are set out in note 34 to the financial statements.!!"#"$%&'()*!"#$%&'()*+35!"#$%&'()*+,-./!"#$%&' ()*+,-!"#$%&%'()*+, !"#$%&'()* ASSOCIATED COMPANIES Details of the Group s principal associated companies at March 31, 1999 are set out in note 35 to the financial statements. BORROWINGS Bank loans, overdrafts and other borrowings of the Group and the Company which are repayable within one year or on demand are classified as current liabilities. A repayment analysis of the borrowings is set out in notes 19 and 22 to the financial statements respectively. No interest was capitalised by the Group during the year. DONATIONS!"#$%&'()*+,-.!"304,000 During the year, the Group made charitable and other donations totalling approximately HK$304,

3 !"#$!"#$% &'()*+,-!"!!"!!"# * Robert Geoffrey Gerard!!"#!$%"&'() * G!"#$!"#$%&'(95112!"# $%&'()*+,-!"#$%&'()*+,-.!"#$%&'()*+,-!"#$%&'()*#+,-!"#$%&'()*+&',!"#$%&'()*+,-.*!"#$%&'() DIRECTORS AND SERVICE CONTRACTS The directors during the year and up to the date of this report were: Executive directors: Victor Lo Chung Wing, Chairman and Chief Executive Andrew Ng Sung On, Vice Chairman Kevin Lo Chung Ping Paul Lo Chung Wai Leung Pak Chuen Richard Ku Yuk Hing Andrew Chuang Siu Leung Chau Kwok Wai John Lo Siew Kiong Raymond Wong Wai Kan Non-executive directors: Vincent Cheung Ting Kau* Robert Geoffrey Gerard (resigned on September 18, 1998) Lui Ming Wah* * Independent non-executive directors In accordance with Articles 95 and 112 of the Company s Articles of Association, Messrs. Victor Lo Chung Wing, Chau Kwok Wai, Raymond Wong Wai Kan and Lui Ming Wah are due to retire at the forthcoming annual general meeting and, being eligible, offer themselves for re-election. No director being proposed for re-election at the forthcoming annual general meeting has a service contract with the Company or its subsidiaries which is not determinable by the Group within one year without payment of compensation, other than statutory compensation.!"#$%&'()*+,-.!"#$%&'()*+,-. The independent non-executive directors have been appointed for a term subject to retirement by rotation as required by the Company s Articles of Association.!"#$%&'()*+, DIRECTORS INTERESTS IN CONTRACTS OF SIGNIFICANCE AND CONNECTED TRANSACTIONS!"#$"%&'()!"#$%&!'()$!"#$%&'()%*+!"#$%&'()*+,-.!"#$%&'()*+,!"#$%&'()*+!"#$%&'(100,000!10!"#$!"#$%&6,189,000!1!"#$ SPG!"#$%&13,414,417!1!"#$!"#$%&'()*+ 40%!"#!"#$%&'25% (a) On February 12, 1999, the Company and Whitehill Investment Limited ( Whitehill ), a wholly owned subsidiary of the Company, entered into five conditional sale and purchase agreements with GPE Industries Limited ( GPEI ) for the transfer of all of its entire interest in the following companies to GPEI (the Transfer ). 100,000 ordinary shares of HK$10 each in Whitehill Industries Limited; 6,189,000 ordinary shares of HK$1 each in Shinwa Industries (H.K.) Limited; 13,414,417 ordinary shares of HK$1 each in SPG Industry (H.K.) Limited; 40% of the registered capital of Xuzhou Baoshan Precision Hardware Plastic Parts Company Limited; and 25% of the registered capital of Xuzhou Gloria Engineering Limited. The aggregate cash consideration for the Transfer was approximately HK$101.9 million and was paid to Whitehill upon the completion of the Transfer on April 29, ! " # $ % & ' ( 101,900,000!"#$$$%!"#$%&'()*+,!

4 !"#$%&'()*+,!"#$%&'()*+!"#$%&&&'()%!"#$%&'(!"#$%&'()*+, 15,490,000!"#$% 80%!"#$Ditton International Limited!"# 14.25(2)!"#$% Under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Transfer constituted connected transactions and the details of which were disclosed in a circular dated March 1, 1999 to the shareholders of the Company. (b) The Company issued a guarantee in favour of a bank for credit facilities to the extent of HK$15,490,000 granted to Ditton International Company Limited, a 80% owned subsidiary of the Company. Such guarantee is financial assistance provided by the Company under Rule 14.25(2) of the Listing Rules and constituted a connected transaction. Save as disclosed above, no contracts of significance to which the Company or any of its subsidiaries was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.!"#$%&'()!"#"$%&'()*!"#$%&'()*+,29!"#$%&'()* +,!"#$"%&'( G!"#$%&'()*+,-.!"#$%&10,039,066 2,205,233!"!"#$%&'()!"#$%&'($)*+,-!"#$%&'()*+,-&'!"#$%&'()*+,-./!"#$!"#"$%&'()*!"#$%41.53% 48.86%!"#$%&'()*!"+,#!"#$%&'()*"+,-.!"#$%&'()64.68%!!"#$%&'()*+),-!"#$%&'()*+,-!"# DIRECTORS AND CHIEF EXECUTIVE S INTERESTS IN SECURITIES As at March 31, 1999, the interests of the directors and the chief executive in the ordinary shares and warrants of the Company as recorded in the register maintained under Section 29 of the Securities (Disclosure of Interests) Ordinance ( SDI Ordinance ) were as follows:!"#$% Number of ordinary shares held _!!!!! Personal Family Other Number of Name of director interests interests interests warrants held _ Victor Lo Chung Wing 49,261,450 10,491,529 Andrew Ng Sung On 47,623, ,000 10,281,029 Kevin Lo Chung Ping 10,039,066* 2,205,233* Paul Lo Chung Wai 12,707,002 3,505,197 Leung Pak Chuen 1,242, ,838 Richard Ku Yuk Hing 1,461, ,023 Andrew Chuang Siu Leung 400,000 76,882 Chau Kwok Wai 100,000 65,899 John Lo Siew Kiong 488, ,386 Raymond Wong Wai Kan 411,329 7,979 Vincent Cheung Ting Kau 1,558, ,247 Lui Ming Wah * 10,039,066 ordinary shares and 2,205,233 warrants were beneficially owned by a unit trust of which Mr. Kevin Lo Chung Ping and his family members are the eligible beneficiaries. As at March 31, 1999, the direct and indirect interests of the directors and the chief executive in the shares of GP Batteries International Limited ( GPBI ) and Clipsal Industries (Holdings) Limited ( CIHL ), 41.53% and 48.86% owned associated companies respectively, and GPEI, a 64.68% owned subsidiary of the Company, and their interests in the warrants of GPBI were as follows: 47

5 !"#$%&'() DIRECTORS AND CHIEF EXECUTIVE S INTERESTS IN SECURITIES (continued)!!!"#$% Number of Number of ordinary shares held warrants held _!!!! Name of director GPBI CIHL GPEI GPBI _ Victor Lo Chung Wing 200,000 50,000 Andrew Ng Sung On 613, , ,000 Kevin Lo Chung Ping Paul Lo Chung Wai 80,000 Leung Pak Chuen 180,000 Richard Ku Yuk Hing 20, ,000 Andrew Chuang Siu Leung Chau Kwok Wai 132,000 John Lo Siew Kiong Raymond Wong Wai Kan 4,000 59, ,000 1,000 Vincent Cheung Ting Kau 20,000 Lui Ming Wah!"#$%&'((()*+!"#$%&'()*+,-.!"#$%&'()!*+,-.!"#$%!&'()*+ Save as disclosed above, at March 31, 1999, none of the directors, the chief executive or their associates had any interest in the securities of the Company or any of its associated corporations as defined in the SDI Ordinance.!!"#"$%&'()*!"#$%&16(1)!"#$!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()#10%!!"#$%&'()*+, 1.!"#$%&'()*+,-.!"#$%&20!"#$!"#$%&'()*+,-!"#$%&'()!"!"#$% SUBSTANTIAL SHAREHOLDERS As at March 31, 1999, the register of substantial shareholders maintained under Section 16(1) of the SDI Ordinance showed that, other than the interests disclosed above in respect of the directors and chief executive, the Company had not been notified of any interests representing 10% or more of the Company s issued share capital. DIRECTORS AND CHIEF EXECUTIVE S RIGHTS TO ACQUIRE SHARES OR DEBENTURES 1. Pursuant to the Company s executive share option scheme, details of which are set out in note 20 to the financial statements, certain directors were granted options to subscribe for shares in the Company. During the year, the movements in the number of options outstanding which have been granted to the directors of the Company under the share option scheme were as follows:! Number of option shares!"!!!!"#!"!!"!"!! Exercise Outstanding Exercised Adjustment Outstanding Date of price at during upon the at Name of director grant HK$ the year rights issue _ Victor Lo Chung Wing ,500,000 1,500, *1,000,000 98,654 1,098,654 Andrew Ng Sung On ,000,000 1,000, * 700,000 69, ,058 48

6 G!"#$%&'()*+,!"#$%&&'()*+,-!"#$%&' 2.45!2.23!"#$%&'(!"#$%&'((()*+!"#$!"#$$$%&'(&)*+!"#$%&'()*+,-.!"#$%&'2.45! !"#$%&'()*+,-!"#$%&'()*+,!!"#$%&'()*+,-.!"#$%&'()*+,-(!"#$%&'()*+!"#$%&'()*+!"#$%&'()*+,-!"#$%&'()*+,-!"#$ Paul Lo Chung Wai , , * 500,000 49, ,327 Andrew Chuang Siu Leung , , * 150,000 14, ,798 * As disclosed in a circular dated March 24, 1999, the issuance of the rights shares would cause an adjustment to the exercise price of the outstanding share options from HK$2.45 to HK$2.23 per share and the adjustment would be effective from March 25, 1999 subject to the rights issue becoming unconditional. Upon the rights issue became unconditional on April 14, 1999, the exercise price of the share option was adjusted from HK$2.45 to HK$2.23 with effect from March 25, 1999 accordingly. 2. GPBI has an executives share option scheme to enable its directors to offer to full-time employees, including executive directors, of GPBI or any of its subsidiaries options to subscribe for shares in GPBI. Options granted are exercisable on the first anniversary of the date of grant of such options and will expire at the close of business on the fifth anniversary thereof. During the year, the movements in the number of options outstanding which have been granted to the directors of the Company under the share option scheme were as follows:! Number of option shares _!"!!!"!!"!!! Outstanding Lapsed Outstanding Date of Exercise at during at Name of director grant price the year Andrew Ng Sung On US$ ,000 80, US$ ,000 80, US$ ,000 65, US$ ,000 70, S$ ,000 70,000 Paul Lo Chung Wai US$ ,000 80, US$ ,000 80, US$ ,000 65, US$ ,000 70, S$ ,000 70,000 Richard Ku Yuk Hing US$ ,000 50, US$ ,000 50, US$ ,000 60, US$ ,000 60, S$ ,000 60,000 Raymond Wong Wai Kan US$ ,000 20, US$ ,000 25, US$ ,000 25, S$ ,000 25,000 49

7 !"#$%&'()* 3.!"#$%&'()*+,-!"#$%&'()*+,!!"#$%&'()*+,-.!"#$%&'()*+,-(!"#$%&'()*+!"#$%&'()*+!"#$%&'()*+,-!"#$%&'()*+,-!"#$ 4.!"#$%&'()*+,-!"#$%&'()*+,!!"#$%&'()*+,-.!"#$%&'()*+,-(!"#$%&'()*+!"#$%&'()*+!"#$%&'()*+,-!"#$%&'()*+,-!"#$ DIRECTORS AND CHIEF EXECUTIVE S RIGHTS TO ACQUIRE SHARES OR DEBENTURES (continued) 3. CIHL has an executives share option scheme to enable its directors to offer to full-time employees, including executive directors, of CIHL or any of its subsidiaries options to subscribe for shares in CIHL. Options granted are exercisable on the first anniversary of the date of grant of such options and will expire at the close of business on the fifth anniversary thereof. During the year, the movements in the number of options outstanding which have been granted to the directors of the Company under the share option scheme were as follows:! Number of option shares _!"!!!!"!!"!! Exercise Outstanding Granted Lapsed Outstanding Date of price at during during at Name of director grant US$ the year the year _ Andrew Ng Sung On ,000 40, ,000 30,000 Andrew Chuang Siu Leung ,000 40, ,000 60,000 Chau Kwok Wai ,000 40, , , , ,000 John Lo Siew Kiong , , ,000 90,000 Raymond Wong Wai Kan ,000 30, ,000 30, ,000 60, ,000 50, GPEI has an executives share option scheme to enable its directors to offer to full-time employees, including executive directors, of GPEI or any of its subsidiaries options to subscribe for shares in GPEI. Options granted are exercisable on the first anniversary of the date of grant of such options and will expire at the close of business on the fifth anniversary thereof. Number of options outstanding which have been granted to directors of the Company under the share option scheme were as follows:! Number of option shares _!"!!!!"!!"!! Exercise Outstanding Granted Outstanding Date of price at during at Name of director grant US$ the year Leung Pak Chuen , , , ,000 Andrew Chuang Siu Leung ,000 80, ,000 80,000 Raymond Wong Wai Kan ,000 80, ,000 80,000 50

8 Save as disclosed above, at no time during the year was the Company or any of its subsidiaries a party to any arrangement to enable the directors or the chief executive or their respective associates, of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate. Save as disclosed above, none of the directors and chief executive, or their spouse and children under the age of 18, had any right to subscribe for the securities of the Company, or had exercised any such right during the year. CONVERTIBLE SECURITIES, OPTIONS, WARRANTS OR SIMILAR RIGHTS Other than the share options and warrants as set out in note 20 to the financial statements, the Company had no outstanding convertible securities, options, warrants or other similar rights as at March 31, 1999 and there had been no exercise of convertible securities, options, warrants or similar rights during the year.!"#$%&'()*+,-%!"#$%&'()*"#!"#$%&'()'*+,-!"#$%&'()*+,-!"#$%&'()!"#$%&'()*+,%-!18!"#$%&'(!"#$%&'()*+,-!"#$ %&#$ &!'!!"#$20!"#$%&!"#$%&'()***+!"#$%&'()*+,-!"#$!"$%&'()!"#$%&'()*+,-!"!"#$%&"'(!"#!"#$%& '())*+!"#$"%&'()*+,-!"#$%&!"'()*+!"#$%&'()*+,-.!"#$%!"#$%&'()*+,-!"#$%&' ()*+,-!"#$%&'()*+886,000!"#$%&'() RETIREMENT BENEFIT SCHEMES The Company and certain of its subsidiaries operate a defined contribution retirement benefit scheme for all qualified employees. The assets of the scheme are held separately from those of the Group in funds under the control of the trustee. The contributions payable by the employers are at the rates specified in the rules of the scheme. The unvested benefits of employees terminating employment are utilised by the employers to reduce their future level of contributions. The amounts of unvested benefits so utilised by the employers during the year were approximately HK$886,000. As at March 31, 1999, there were no forfeited contributions available to reduce the level of employers future contributions. In addition, certain overseas subsidiaries of the Company participate in central provident fund schemes established by the relevant authorities in their respective countries. The Group contributed an aggregate amount of approximately HK$6,213,000 to the above retirement benefit schemes during the year ended March 31, 1999.!"#$%&'()!"#$%&'()*+,!"#$%&' PURCHASE, SALE OR REDEMPTION OF THE COMPANY S LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company s listed securities during the year.!"###$%&%'"()*+!"#$%&'()*+),-.!"#$%!"#$%&'(!")*+,!"#$%&'()*+,-!"#$$$%&'&(#)*!"6,213,000!"#$%!"#$%!"#$%&'("#$%)*!"#$%&'(&) *+ 24%48%!"#$%&'()"#$%&!"#$%&'()*(+!" 24%45%!"#$%&'!"#$%&'()*+,-!"#$%&'( MAJOR SUPPLIERS AND CUSTOMERS The aggregate sales attributable to the Group s largest customer and five largest customers accounted for 24% and 48% respectively of the Group s total turnover for the year. The aggregate purchases attributable to the Group s largest supplier and five largest suppliers accounted for 24% and 45% respectively of the Group s total purchases for the year. One of the Group s five largest suppliers was Dongguan Xuguang Electronics Co. Ltd. which is an associated company of the Group. 51

9 !"#$%!"#$%&'()%*'+,!"#$%&'()*+,-%& 5%!"#$%&'()*+!"#$%&'!"#!"#$%&'''"()!"#$%&#'()*+,-!"#$%14!"#$%!"!"#$%$#&'()*!"#$%&'()*+,'(!"#$%&'()*+,-.!"#$%&'()*+,$-!"#$!%&''()*+,!"#$%&'()*+, MAJOR SUPPLIERS AND CUSTOMERS (continued) Save as disclosed above, none of the directors, their associates, or any shareholder (which to the knowledge of the directors owns more than 5% of the Company s share capital) has any interest in the Group s five largest customers or suppliers. CODE OF BEST PRACTICE The Company has complied throughout the year ended March 31, 1999 with those paragraphs of the Code of Best Practice, as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with which it is required to report compliance. On December 21, 1998, the Company established an Audit Committee comprised of Messrs. Vincent Cheung Ting Kau, Lui Ming Wah and John Lo Siew Kiong. In establishing the terms of reference for this committee, the directors have had regard to A Guide for the Formation of an Audit Committee issued by the Hong Kong Society of Accountants in December 1997.!"#$%&!"#$%&'()*+,-.!"#$%& '()*+,!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()* +,-!"#$%&'()*+,-.!"#"$%&'()*!"#$%&'()*+,-.!"#$%&!"'($%)!" YEAR 2000 COMPLIANCE The Group has progressed according to its schedule with the Year 2000 ( Y2K ) compliance program. All critical systems have become Y2K compliant. The Group believes that the Y2K issue will not cause significant impact on its operation. A total amount of approximately HK$2 million was spent on acquiring and upgrading of new computer equipment and software for Y2K compliance purpose. Such expenditure was charged to the profit and loss account when incurred or where they related to new hardware they were capitalized and amortized according to the Group s accounting policy. As at March 31, 1999, no capital commitments were authorized and contracted for or no capital commitments were authorized but not contracted for in respect of the Y2K compliance program.!"#$%&'()*+,!"#$!"#$%&'()*+,-.!"#$ AUDITORS Messrs. Deloitte Touche Tohmatsu have acted as auditors of the Company for the past three years. A resolution will be submitted to the annual general meeting of the Company to re-appoint them.!" On behalf of the Board!"!"#$% Victor LO Chung Wing Chairman and Chief Executive June 29,

10 AUDITORS REPORT!"# Certified Public Accountants 26/F, Wing On Centre 111 Connaught Road Central Hong Kong!"#$%!"#$ 111!26!"#$%&'()*+,!"#$%&'()*+!"#$%&'()*54 97!"#$%&'()*+,!"#$ To the shareholders of Gold Peak Industries (Holdings) Limited (incorporated in Hong Kong with limited liability) We have audited the financial statements on pages 54 to 97 which have been prepared in accordance with accounting principles generally accepted in Hong Kong.!"#$%&'( Respective responsibilities of directors and auditors!"#$%&'()*+,-.!"#$%&' ()*+,!"#$%&'()*!"#$%&'() *!"#$%&'()*+,-!"#$ The Companies Ordinance requires the directors to prepare financial statements which give a true and fair view. In preparing financial statements which give a true and fair view it is fundamental that appropriate accounting policies are selected and applied consistently. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.!"!"#$%&'(%)*+,-!"#$%&"#'()*+,!"#$%&'()*+,-!"#$%&'()*+,-!"#$%&'()*+,-.!"#$%&'()*+!"#$%&'()*+,-!"#$%&'()*!"#$%&'()*+,-!"#$%&'()*+,$-!"#$%&'()*+,-!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'#$()*+,!"#$%&'()*+ Basis of opinion We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Society of Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the circumstances of the Company and the Group, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion.!"#$%&'()*+,-.!!!"###!"#$%&'()!!"#$%&'()*+,-.!"#$%&'( Opinion In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the Group as at March 31, 1999 and of the profit and cash flows of the Group for the year then ended and have been properly prepared in accordance with the Companies Ordinance.!"#$%!"#$% Deloitte Touche Tohmastu June 29,

11 CONSOLIDATED PROFIT AND LOSS ACCOUNT!" For the year ended March 31, 1999!!!"#$#% &'"(!"#$%!"#$%&'()*!!"#$% NOTES Turnover 1,207,301 2,234,489 Operating (loss) profit 3 Continuing operations excluding exceptional items (53,133) 62,554 Exceptional items 4 16,068 74,615 (37,065) 137,169 Share of results of associated companies 5 173, ,230!"#$%&' Profit from ordinary activities before taxation 136, ,399 Taxation 6 40,317 32,803!"#$%&'!"#!!"#!"#!"#$%!"#$%#$&'()!"#$%&'()!"!!"#!"#$%!"#! Profit before minority interests 95, ,596 Minority interests 17,772 79,953 Profit for the year 7 78, ,643 Retained profits at beginning of the year 811, ,763 Profits available for appropriation 889, ,406 Appropriations and other movements: Dividends 8 38,450 72,387 Transfer from properties revaluation reserve upon disposal of properties (948) (2,774) Transfers (from) to non-distributable reserves legal surplus 332 (813) capital reserve 352 4,622 capital redemption reserve 6,838 Premium paid on redemption of shares 56,816 38, ,076 Retained profits at end of the year 851, ,330 Earnings per share 9 Basic cents cents Diluted cents cents 54

12 CONSOLIDATED BALANCE SHEET!"#$ At March 31, 1999!"#"$% NOTES!!"#$%!"#!"!!"#!"!!"#! 54 97!"#$%&'(!"#$%&'()*+,%!"#$%& Fixed assets , ,004 Interest in associated companies 12 1,624,340 1,553,131 Trademarks 13 77,381 81,564 Other long term investments 14 65,407 65,744 Long term receivable 15 20,000 Deferred expenditure 16 15,211 20,029 Net current liabilities 17 (132,191) (381,801) 2,070,618 1,782,671 Financed by: Share capital , ,120 Reserves , ,236 Shareholders funds 881, ,356 Borrowings 22 1,013, ,341 Minority interests 174, ,227 Deferred taxation 23 1,720 1,747 2,070,618 1,782,671 The financial statements on pages 54 to 97 were approved by the Board of Directors on June 29, 1999 and are signed on its behalf by: Victor LO Chung Wing Director Andrew NG Sung On Director 55

13 BALANCE SHEET!" At March 31, 1999!"#"$% NOTES!!"#$%!"#$%!"#!"#!"! Fixed assets 10 27,535 29,819 Interest in subsidiaries , ,595 Interest in associated companies 12 1,107,078 1,034,395 Other long term investments 14 41,772 41,888 Net current liabilities 17 (390,208) (539,389) 1,684,056 1,506,308 Financed by: Share capital , ,120 Reserves , ,236 Shareholders funds 881, ,356 Borrowings , ,952 1,684,056 1,506,308 Victor LO Chung Wing Director Andrew NG Sung On Director 56

14 CONSOLIDATED CASH FLOW STATEMENT!"#$ For the year ended March 31, 1999!!!"#$#% &'"( NOTES!"#$%&'(!"#$%&'(!"#$%&!!"#$%&'()!!"#$%&'(&)!"#$%&'()*+,-!"#$%&'()*+,-./!"#$%&'()!"#$!"#$%&!"#$%&'()*+!"#$%&!!"#$%&!"#$%&'(!"#$%&!"#$%&!"#$%!"#$!"#$%&'(!"#!"#$%&'()*+!"#$%!!"#$%&'()*+,-!"#$%&'()*+'(,!"#$%&'()*+,!"#!"#$%&'()*+,-.!"#$%&"#%'()*!"#$!"#$%&'()*+,!"#$%&'(')*+ Net cash inflow from operating activities 24 30, ,048 Returns on investments and servicing of finance Dividends received from associated companies 97, ,455 Interest received 9,475 11,635 Interest on bank and other borrowings paid (97,045) (104,434) Dividends paid (47,469) (89,866) Dividends paid to minority shareholders of subsidiaries (4,013) (14,197) Interest on obligations under finance leases and hire purchase contracts paid (10) (400) Net cash outflow from returns on Investments and servicing of finance (41,809) (77,807) Taxation Taxation in other jurisdictions paid (2,240) (6,452) Hong Kong Profits Tax paid (2,204) (4,183) Hong Kong Profits Tax refunded 2,147 Taxation in other jurisdictions refunded Net cash outflow for taxation (2,187) (10,516) Investing activities Proceeds from disposal of associated companies 66,319 7,108 Proceeds from disposal of other long term investments 11,314 48,072 Repayment of amounts due from associated companies 13,168 89,896 Proceeds from disposal of fixed assets 5,096 19,167 Advances to associated companies (97,674) (11,989) Interest in associated companies (33,479) (155,811) Advance of a long term receivable to a trade partner (20,000) Purchase of fixed assets (19,356) (98,838) Consideration paid on acquisition of additional interests in subsidiaries (15,748) (69,584) Purchase of other long term investments (10,390) (87,780) Payment for deferred expenditure (8,152) (15,987) Deconsolidation/disposal of subsidiaries (net of cash and cash equivalents deconsolidated/disposed of) 25 (207,946) Purchase of subsidiaries (net of cash and cash equivalents acquired) 26 (83,655) Proceeds from the private placements of new/ existing shares and exercise of share options and warrants of subsidiaries, net of expenses 600,284 Proceeds from private placement of shares of an associated company 49,587 Net cash (outflow) inflow from investing activities (108,902) 82,524 57

15 NOTES!"#$%&'&()*!"!"#$%&'()*+,-!"#!"#$%&'!"#$%&'()*+!"#$%!"#$%&'($)!"#$%&!"#$%!"#$%!"!"#$%&'!"#$%!" Net cash (outflow) inflow before financing (121,983) 149,249 Financing New bank loans raised , ,551 Proceeds from issue of shares, net of expenses 27 8,510 19,700 Repayment of bank loans 27 (367,535) (431,541) Net cash outflow from import loans 27 (9,990) (23,918) Principal payments for obligations under finance leases and hire purchase contracts 27 (590) (5,479) Consideration paid on redemption of shares (63,654) Capital contributed by minority shareholders of subsidiaries 3,374 Net cash inflow from financing 225, ,033 Increase in cash and cash equivalents 103, ,282 Cash and cash equivalents at beginning of the year (354,106) (708,397) Effect of foreign exchange rate changes 9,404 (2,991) Cash and cash equivalents at end of the year 28 (240,745) (354,106) 58

16 NOTES TO THE FINANCIAL STATEMENTS! For the year ended March 31, 1999!!!"#$#% &'"( GENERAL!"#$%&'()*+,-./ The Company is a listed public limited company incorporated in Hong Kong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he principal accounting policies which have been adopted in preparing the financial statements and which conform with accounting principles generally accepted in Hong Kong are as follows: Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to March 31 each year. The results of the subsidiaries acquired or disposed of during the year are included in the consolidated profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. All significant inter-company transactions and balances within the Group have been eliminated on consolidation. Goodwill Goodwill or capital reserve represents respectively the excess or shortfall of the purchase consideration over the fair value of the Group s share of the separable net assets of subsidiaries acquired. Goodwill or capital reserve is written off or credited directly to reserves respectively in the year of acquisition. On disposal of subsidiaries, the attributable amount of goodwill previously eliminated against or credited to reserves is included in the determination of the profit or loss on disposal of the subsidiaries. Upon dilution/deconsolidation of the interest in subsidiaries to associated companies, the attributable amount of goodwill or capital reserve previously eliminated against or credited to reserves in relation to the proportion of interest being diluted is included in the determination of the profit or loss on dilution/deconsolidation of the subsidiaries to associated companies. Turnover Turnover represents the total net amounts received and receivable for goods supplied to outside customers during the year. Revenue recognition Sales of goods are recognised when goods are delivered and title has been passed. Rental income, including rental invoiced in advance from properties under operating leases, is recognised on a straight line basis over the lease terms. Interest income is accrued on a time proportion basis on the principal outstanding and at the interest rate applicable. Dividend income is recognised when the shareholders right to receive payment has been established. Investment in subsidiaries A subsidiary is an enterprise in which the Company, directly or indirectly, holds more than half of the issued capital, or controls more than half of the voting power, or where the Company controls the composition of its board of directors or equivalent governing body. Investment in subsidiaries comprises the cost of investment plus the net surplus or deficit on revaluation of the investment in subsidiaries which together represent the Company s attributable share of the net assets of subsidiaries. 59

17 !"#$%&'()*+!,!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%$&'()*+),!"#$%&'(!"#$%&'()*+"'*!"#$%&'()*+,-.!"#$%&'()*+,-. 2.!"#!!"#$%&'()*+,!"#$%&'()*+,-!"#$%&'()*+,-!"#$%&'()*+,-!"#$%&'()*+,-!"#$ %&'()*+',-!"#$%&$'()*+,-!"#$%&'(!)*+,!"#$%&'(!")*+,-!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,!"#!"#$%&'()*+,-./!"#$%&'()#*+,-!"#$!% &'()*+,-!"#$%&'()!"#$%&'()*+!,-!"#$%&'()*+,-.!"#$%&'()* +!"#$%&'()*+,-!"#$%&'()*+,!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'#()*+,-!"#$%&'!()*+!"#$%&'()*+,!"#$%&'!"#$%&'()* '(+,!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-!"#$%&'(%)*+,-!"#$%&'()* +,!"#$%&' ()*+,-!" #$%&'()*+, 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Associated companies An associated company is an enterprise, other than a subsidiary, in which the Group holds a substantial percentage of equity voting capital as a long term investment and over which the Group is in a position to exercise significant influence, including participation in financial and operating policy decisions. The Company s interest in associated companies comprises the cost of investment, less provision for permanent diminution in value of the investment, if necessary, plus the net surplus or deficit on revaluation of the investment in associated companies. The results of associated companies are accounted for by the Company on the basis of dividends received and receivable during the year and by the Group based on the Group s share of results of associated companies. At the balance sheet date, the Group s investment in associated companies is stated at its share of net assets of the associated companies plus premium paid on acquisition and pre-operating expenditure less amortisation. Premium paid on acquisition of associated companies is stated at cost less provision on any impairment in value, if necessary, in the consolidated balance sheet. Pre-operating expenditure incurred by the Group prior to the commencement of commercial operations of the associated companies which is necessarily incurred in placing these associated companies in a suitable condition to receive and process orders on a commercial basis is capitalised and amortised, using the straight line method, over a period of three to five years from the date of commencement of commercial operations of these associated companies. Where the circumstances which have justified the deferral of the expenditure no longer apply, or are considered doubtful, the expenditure, to the extent to which it is considered to be irrecoverable, will be written off immediately to the profit and loss account. Properties under development The properties under development are stated at cost and are transferred to a specific category of fixed assets when they are completed. Cost comprises all direct costs incurred in relation to their construction. Assets helds under finance leases and hire purchase contracts Assets are classified as being held under finance leases whenever the terms of the leases transfer substantially all the risks and rewards of ownership to the Group. Assets held under finance leases or hire purchase contracts are capitalised at their fair value at the date of acquisition. The corresponding principal portions of commitments are shown as obligations of the Group. The finance costs, which represent the difference between the total leasing commitments and the fair value of the assets acquired, are charged to the profit and loss account over the period of the relevant lease so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. All other leases are classified as operating leases and the rentals payable are charged to the profit and loss account on a straight line basis over the lease terms. Fixed assets, depreciation and amortisation Fixed assets other than properties under development and investment properties are stated at cost or valuation less depreciation or amortisation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Expenditure incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, is normally charged to the profit and loss account in the period in which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the 60

18 !"#$%&'()*+,-.!"#$%&'()*+ future economic benefits expected to be obtained from the use of the fixed asset, the expenditure is capitalised as additional cost of the fixed asset.!"#!"#$!%&'()#*+,!"#$%&'()*+,-.!"#$%&'()*+,-!!"#$%&'( )*'+,!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%$#&'()*+,!"#$%&'()*!" +!"#$%&'()*+,-.!"#$%&'!"#$%&"#'()*&+!"#$%&'()$*+!!!"#!"#!"#$!! 4%!"#!!"#!"# 2%3.2%!"# 10%!"#!!"#!"#!" 10%=25%! 20%=30% 10%=25% The gain or loss arising from disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the profit and loss account. Any surplus arising on revaluation of properties is credited to the properties revaluation reserve. A decrease in the net carrying amount arising on revaluation of an asset is charged to the profit and loss account to the extent that it exceeds the surplus, if any, held in the properties revaluation reserve relating to previous revaluation of that particular asset. The Group has adopted the transitional relief provided by paragraph 72 of the Statement of Standard Accounting Practice No.17 Property, plant and equipment issued by the Hong Kong Society of Accountants ( SSAP I7 ) from the requirement to make revaluation on a regular basis of properties and accordingly, no further revaluation of these properties will be carried out. On the subsequent sale of these assets, the attributable revaluation surplus not yet transferred to retained profits in prior years is transferred to retained profits. Depreciation and amortisation is provided to write off the cost or valuation of fixed assets other than properties under development and investment properties over their estimated useful lives, using the straight line method or reducing balance method, at the following rates per annum: Straight line method: Freehold land Nil Leasehold land held under short and Over the remaining unexpired terms of medium term leases the leases Leasehold buildings 4% or over the remaining period of respective leases where shorter Freehold buildings 2% to 3.2% Leasehold improvements 10% or over the remaining period of respective leases where shorter Reducing balance method: Machinery and equipment 10% to 25% Moulds and tools 20% to 30% Others 10% to 25%!"#!$%&'#()*+,!"#$%&'()*+,-.!"#$%&'()*#$+,!"#$%!"&'()*+'!"#$%&'()*+,-.!"#$%&'#()*+ The cost of properties under development will not be depreciated until they are put into use and accordingly properties under development are stated at cost. Assets held under finance leases are depreciated over the estimated useful lives on the same basis as owned assets, or where shorter, the terms of the leases. Assets held under hire purchase contracts are depreciated over their estimated useful lives on the same basis as owned assets.!"#$%&'()*+,-!"#$%"&'()*+,-!!"#$%&!'()&!"#$%&'()*+,!"#$%&'()*+,!-!"#$%&'()*+,-!"#$%&'()*+,-(!"#$%&'()*+,-!"#$%&'()*+,-!" #$%&'()*+,!"#$%&'%()*+,-!"# $%&'()* Investment properties Investment properties are completed properties which are held for their investment potential, any rental income being negotiated at arm s length. Investment properties are stated at their open market value based on independent professional valuations at the balance sheet date. Any surplus or deficit arising on the revaluation of investment properties is credited or charged to the investment property revaluation reserve unless the balance on this reserve is insufficient to cover a deficit, in which case the excess of the deficit over the balance on the investment property revaluation reserve is charged to the profit and loss account. Where a deficit has previously been charged to the profit and loss account and a revaluation surplus subsequently arises, this surplus is credited to the profit and loss account to the extent of the deficit previously charged. 61

19 2.!"#!"#$%&!"'()*+!"#$%#&!"#$%&'()*+,20!"#$!"#$%&$'()20!"!"#!"#$%&'()*+,-.!"#$%&'()*+,-!!!"#$%&'()*+,!"#$%&$'()*+!"#$%&'()*+%!"#$%&'()*+,!"#$%&'#()*!"#$%&'()*+,!"#$%&'()*+,!"#$%&'()"#*!"#$%&'()*+,!"#$%&'()*!"#$%&'()*+,!"#$%&'()*+,!"#$%&'()*+!"#$%&'()!"#$%&'()*+,-./!"#$%&'()*+,-'(!"#$%&'()*+,-./!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'()*+, *!"#$%&'()*+,-.!"#$%&'()"*+!"#$"%&'(")*+!"#$%&'()*+,-!"#$%&' ()*+!"#$%&'()*+,!"#!"#$%&'&()*+,-./!"#$%&'()*+,-./!"#$%&'()*+!,*-!!"#$%&'()*+,-!"#$%&'()*+,-#!"#$%&'( 2. SIGNIFICANT ACCOUNTING POLICIES (continued) On disposal of an investment property, the balance on the investment property revaluation reserve attributable to that property is transferred to the profit and loss account. No depreciation is provided on investment properties except where the unexpired term, including the renewable period, of the relevant lease is 20 years or less. Trademarks The cost incurred in the acquisition of trademarks is capitalised and amortised over its estimated useful life of 20 years on a straight line basis. Other long term investments Investments held on a long term basis are stated at cost less provision for permanent diminution in value, if necessary. Deferred expenditure (a) Technical know-how The cost of acquiring rights to technical know-how for the production of new products is amortised, using the straight line method, over a period of three to five years from the date of acquisition or the licence period, whichever is the shorter. Where the circumstances which have justified the deferral of the expenditure no longer apply, or are considered doubtful, the expenditure, to the extent to which it is considered to be irrecoverable, will be written off immediately to the profit and loss account. (b) Product development expenditure Expenditure incurred on projects in developing new products, including the respective cost of acquiring the rights to technical know-how for the production of the relevant new products, will be capitalised and deferred only when the project is clearly defined, the expenditure is separately identifiable and there is reasonable certainty that the project is technically feasible and the outcome will be of commercial value. Product development expenditure which does not meet these criteria is expensed when incurred. Product development expenditure is amortised, using the straight line method, over its estimated commercial life of five years commencing in the year when the product is put into commercial use. Where the circumstances which have justified the deferral of the expenditure no longer apply, or are considered doubtful, the expenditure, to the extent to which it is considered to be irrecoverable, will be written off immediately to the profit and loss account. Inventories Inventories are stated at the lower of cost and net realisable value. Cost, which comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition, is calculated using the first-in, first-out method. Net realisable value is calculated as the actual or estimated selling price less all further costs of production and the related costs of marketing, selling and distribution. Taxation The charge for taxation is based on the results for the year after adjusting for items which are non-assessable or disallowed. Certain items of income and expense are recognised for tax purposes in a different accounting period from that in which they are recognised in the financial statements. The tax effect of the resulting timing differences, computed under the liability method, is recognised as deferred taxation in the financial statements to the extent that it is probable that a liability or asset will crystallise in the foreseeable future. 62

20 Foreign currencies Transactions in foreign currencies are translated at the approximate rates ruling on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rates ruling on the balance sheet date. Gains and losses arising on exchange are dealt with in the profit and loss account.!!"#!$%&'()*+!"#$%&'(#)*+,-!"#$%&'()*+&,-!"#$%&'(!"#$%&'()*+#$,!"#$%&'()*%+,-!"#$%&'()*+,&' On consolidation, the financial statements of operations outside Hong Kong are translated at the rates ruling on the balance sheet date. All exchange differences arising on consolidation are dealt with in translation reserve. 3.!"#$%!"#$%&'()*+,-!!"#$%&'()*+,!"#$%&'()*!"#$%&!"!"#!"#$!!"!"!"!"#$%&'()!"#$%!"#!$!"#!"!!"#$%&!"#28,000!"#558,000!"#$%!"#740,000!"#$%!"#$% 3. OPERATING (LOSS) PROFIT Operating (loss) profit has been arrived at after charging: Interest on Bank and other borrowings wholly repayable within five years 98, ,653 Bank borrowings not wholly repayable within five years 193 Finance leases and hire purchase contracts Total borrowing costs 98, ,246 Amortisation of deferred expenditure 7,577 10,678 Amortisation of pre-operating expenditure Amortisation of trademarks 4,183 2,091 Auditors remuneration 3,187 3,711 Depreciation and amortisation on Owned assets 45,670 77,502 Assets held under finance leases and hire purchase contracts 1,224 Directors remuneration (Note) 21,086 20,675 Operating lease rentals paid in respect of rented premises 9,843 17,999 Research expenditure incurred 17,901 19,627 and after crediting: Interest income 8,841 11,170 Rental income from land and buildings, less outgoings of HK$28,000 (1998: HK$558,000) ,007 Rental income from investment properties, less outgoings of HK$740,000 (1998: nil) 9,388 Income from listed investments

21 3.!"#$% 3. OPERATING (LOSS) PROFIT (continued)!"#$%&' Note: Information regarding directors and employees emoluments !!"!"#$%&'!"#$!!"#$%!"#$%&'()*+,-!"#$%!&'()*+,-!"#$%&'()*+,!"584,000!""#$% 720,000!!"#$%&'()*+,-.!"99,000!"#$%&'()*+,!"#$%&' 0==1,000,000 1,000,001==1,500,000 1,500,001==2,000,000 2,000,001==2,500,000 2,500,001==3,000,000 3,500,001==4,000,000 4,000,001==4,500,000 Directors Fees: Executive Non-executive Other emoluments to executive directors: Salaries and other benefits 15,722 16,161 Performance related incentive payments 3,640 2,814 Retirement benefit scheme contributions 1,225 1,180 20,587 20,155 21,086 20,675 The emoluments disclosed above do not include the estimated rateable value of a property owned by the Group and occupied by an executive director of the Company since January The estimated rateable value of the residential accommodation provided to the director amounted to HK$584,000. (1998: HK$720,000) The amounts disclosed above include directors fees of HK$99,000 payable to non-executive directors. Emoluments of the directors excluding the estimated rateable value of the residential accommodation provided to the director were within the following bands:! Number of director(s) _ HK$nil HK$1,000, HK$1,000,001 to HK$1,500,000 2 HK$1,500,001 to HK$2,000, HK$2,000,001 to HK$2,500, HK$2,500,001 to HK$3,000, HK$3,500,001 to HK$4,000, HK$4,000,001 to HK$4,500,