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Annual Report ANNUAL REPORT 2008 年報 Stock Code 股份代號：242 Contents 1 Corporate Information 2 Corporate Profile 4 Management Profile 9 Financial Highlights and Dividend Schedule 10 Significant Events 12 Chairman’s Statement 14 Review of Operations 34 Corporate Social Responsibility 36 Schedule of Major Properties 40 Group Financial Review 44 Report of the Directors 62 Report on Corporate Governance Practices 69 Independent Auditor‘s Report 71 Consolidated Income Statement 72 Consolidated Balance Sheet 74 Balance Sheet 75 Consolidated Statement of Changes in Equity 77 Consolidated Cash Flow Statement 80 Notes to the Financial Statements 155 Principal Subsidiaries, Associates and Joint Ventures 158 Five-Year Financial Summary Springing into endless opportunities Pasqueflower, a colorful flower resistant to even the coldest winters, is usually one of the first plants to bloom at the dawn of spring. The cover design epitomizes Shun Tak’s diligent efforts in establishing a solid foundation for future growth. Undaunted by challenges in the environment, the Group forges ahead with unique foresight, careful planning and unfailing perseverance. At times of difficulties, Shun Tak is still dynamically identifying opportunities in the market and capitalizing upon them. Shun Tak Holdings Limited Annual Report 2008 Corporate Information 1 Board of Directors Remuneration Committee Principal Bankers Dr. Stanley Ho Ms. Pansy Ho Bank of China (Hong Kong) Limited Group Executive Chairman Chairman of the Remuneration Committee The Hongkong and Shanghai Banking Sir Roger Lobo Sir Roger Lobo Corporation Limited Bank of China, Macau Branch Independent Non-Executive Director Mr. Norman Ho Calyon, Hong Kong Branch Mr. Norman Ho Mr. Charles Ho BNP Paribas, Hong Kong Branch Independent Non-Executive Director Ms. Daisy Ho Hang Seng Bank Limited Mr. Charles Ho Nanyang Commercial Bank, Ltd. Independent Non-Executive Director Sumitomo Mitsui Banking Corporation, Nomination Committee Dato' Dr. Cheng Yu Tung Hong Kong Branch Ms. Pansy Ho Non-Executive Director Agricultural Bank of China, Chairman of the Nomination Committee Hong Kong Branch Mrs. Louise Mok Sir Roger Lobo Non-Executive Director Mr. Norman Ho Share Registrars and Ms. Pansy Ho Transfer Office Managing Director Mr. Charles Ho Computershare Hong Kong Investor Ms. Daisy Ho Ms. Daisy Ho Services Limited Deputy Managing Director Shops 1712-1716 Dr. Ambrose So Company Secretary 17th Floor, Hopewell Centre Executive Director Ms. Angela Tsang 183 Queen’s Road East Mr. Patrick Huen Wanchai Hong Kong Executive Director Registered Office Mr. Anthony Chan Penthouse, 39th Floor, West Tower Executive Director ADR Depositary Shun Tak Centre Ms. Maisy Ho 200 Connaught Road Central The Bank of New York Mellon Executive Director Hong Kong Mr. David Shum Tel: (852) 2859 3111 Share Listing Fax: (852) 2857 7181 Executive Director The Company’s shares are listed on Website: www.shuntakgroup.com Mr. Michael Ng The Stock Exchange of Hong Kong E-mail: [email protected] Executive Director Limited and traded in the form of American Depositary Receipts on Auditor the OTC market in the United States Audit Committee H.C. Watt & Company Limited of America. Mr. Norman Ho Chairman of the Audit Committee Solicitors Sir Roger Lobo Norton Rose Mrs. Louise Mok Corporate Profile 2 Shun Tak Holdings Limited (the “Company”) PROPERTY and its subsidaries (the “Group”) is a leading listed conglomerate with core businesses in property, transportation, hospitality and investment sectors. Established in 1972, the Company (HKSE 242) has been listed on the Hong Kong Stock Exchange since 1973. TRANSPORTATION Property The Group has a prominent and successful track record in the Macau and Hong Kong property markets. The Group owns one of the largest developable floor areas in Macau among Hong Kong-listed companies. It is an important player in the Macau’s property market with a host of property development projects in planning, construction or launch phases. One Central, the Group’s joint venture with Hongkong Land Holdings Limited, is located on a prime waterfront The Group also provides property management services site in Macau Peninsula. The sale of its residential portion, for multi-functional residential, commercial and industrial One Central Residences, was phenomenally successful with properties in both Hong Kong and Macau. more than 97% of the residential units sold by the end of December 2008. Transportation Nova City in Taipa is one of the largest luxury developments The Group’s origins dated back to 1961 to the inauguration in Macau. Sales of the first three phases have generated of a ferry service between Hong Kong and Macau with the strong public response. The Group now owns 100% incorporation of a shipping company. In a strategic move in interest in the Nova City project after an acquisition in 1999 to strengthen its shipping business and expand its market December 2007 of the remaining 75% interest in Nova share, the Group successfully merged its shipping operation Taipa – Urbanizações, Limitada. with that of CTS-Parkview Holdings Limited to create a combined entity under the brand name “TurboJET”. Harbour Mile, a luxurious mixed-use complex at a prime site in Nam Van Macau, is currently under planning. TurboJET, operated and managed by Shun Tak – China Travel Shipping Investments Limited, offers passengers speedy, The Group also plays a prominent role in the Hong Kong reliable and comfortable sea travel services across major property market with a portfolio comprising commercial, destinations within the Pearl River Delta (“PRD”), linking major residential and retail property ventures. The Group’s latest cities such as Hong Kong, Macau, Shenzhen and Shekou. completed residential project is Radcliffe in Pokfulam, comprising exclusive duplex apartments. Chatham TurboJET boasts today one of the largest fleets of high-speed Gardens, another residential property development passenger ferries in Asia and is the pioneer in 24-hour, high- project of the Group, commenced construction works in speed ferry services between Hong Kong and Macau. TurboJET December 2008. has commanded the market-leading position on this popular route for almost half a century. 3 HOSPITALITY INVESTMENT The extensive network creates for the Group a unique and strategic international multimodal transportation network which provides a strong platform for the Group to capitalize upon passenger traffic in the PRD and other parts of Asia. Hospitality The Group was a pioneer in introducing top-tier hotel services to Macau through its investments in Mandarin Oriental Macau and Westin Resort Macau in the late 1980s. A 5-star hotel to be operated by the Mandarin Oriental Hotel Group will be built as part of the One Central development. In 2003, TurboJET launched a unique inter-regional Another ultra-luxurious hotel, the Jumeirah Macau Hotel, will air-sea network comprising a ferry service that links major be built in the Cotai tourism epicenter and managed by the international airports in the PRD known as “TurboJET Sea Dubai-based luxury hotel management company by 2013. Express”. The bonded service connects air transit passengers of the Hong Kong International Airport with Macau and The award-winning Macau Tower Convention & Shenzhen, further strengthening connectivity amongst Entertainment Centre managed by the Group, is a landmark PRD cities and world destinations. With the realization and major tourist attraction in Macau. and expansion of this intermodal transportation platform, the Group’s leadership position in the passenger service In 2008, the Group entered the Hong Kong hospitality industry was further consolidated. In order to better reflect market for the first time with the opening of the Hong Kong the nature of this service, the routes were later renamed SkyCity Marriott Hotel located minutes away from the Hong “TurboJET Airport Routes” in 2007. Kong International Airport and AsiaWorld-Expo. In 2006, a joint-venture company of the Group signed an agreement with The Airport Authority Hong Kong to Investment provide management services at SkyPier, the permanent The Group holds significant diversified investments in cross-boundary ferry terminal at the Hong Kong Macau and Hong Kong, including an approximately 11.5% International Airport scheduled for completion in 2009. effective interest in Sociedade de Turismo e Diversões de Macau, S.A. (“STDM”). STDM has been driving Macau’s On land, the Group’s joint venture company, Shun Tak & dynamic economic development for decades and owns an CITS Coach (Macao) Limited, operates coach services in approximately 60% equity interest in Sociedade de Jogos de Macau and provides direct cross-boundary coach services Macau, S.A., one of the few gaming concessionaires licensed linking cities in Guangdong Province with Macau. by the Macau SAR Government to operate casinos in Macau. Management Profile 4 Dr. Stanley Ho The Group’s founder and executive chairman, Dr. Ho Hung Sun, Stanley has been a director of the Company since its incorporation in 1972. He is also a director of a number of the G.B.S. Company’s subsidiaries. Group Executive Chairman aged 87 Dr. Ho is a director of Shun Tak Shipping Company, Limited*, Innowell Investments Limited* and Alpha Davis Investments Limited*, the chairman and an executive director of SJM Holdings Limited (which was listed on Hong Kong Main Board on 16 July 2008), and the chairman of the board of directors of Estoril Sol, SGPS, S.A. (a company listed on the Euronext Lisbon). In the past three years, Dr. Ho was the chairman of Value Convergence Holdings Limited (a company listed on Hong Kong Main Board) up to 29 April 2008 and the chairman of Melco International Development Limited (a company listed on Hong Kong Main Board) up to 15 March 2006. Dr. Ho is currently president of The Real Estate Developers Association of Hong Kong. He is also honorary lifetime chairman of The University of Hong Kong Foundation for Educational Development and Research, a member of the Court of The Hong Kong Polytechnic University, as well as a founding honorary life chairman and a director of the PolyU Development Foundation.
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