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Annual Report 年報 Contents Annual Report Report Annual Financial Highlights From Vision to Reality 04 Five-Year Financial Summary 創意無限 興盛未來 05 Five-Year Financial Highlights Charts 2007 Business Review and Corporate Governance 年 報 06 Chairman’s Statement 12 Directors’ Report 22 Liu Chong Hing Investment Limited Simplified Organization Chart 23 Remuneration Committee Report 24 Audit Committee Report 25 Summary of Financial Highlights 26 Management Discussion and Analysis 34 Corporate Governance Report Corporate and Shareholders’ Information 43 Corporate Information 45 Biographical Details of Directors and Senior Management 50 Notice of Annual General Meeting 53 Shareholders’ Information 54 Market Price Movement and Market Capitalization Chart 55 Liu Chong Hing Group Simplified Corporate Structure Chart Annual Report Report Annual 56 Schedule of Major Properties Held by the Group and Associates Financial Report 58 Independent Auditor’s Report 2007 60 Consolidated Income Statement 61 Balance Sheets 63 Consolidated Statement of Changes in Equity 年 報 65 Consolidated Cash Flow Statement 67 Notes to the Financial Statements Contents Annual Report Report Annual Financial Highlights From Vision to Reality 04 Five-Year Financial Summary 創意無限 興盛未來 05 Five-Year Financial Highlights Charts 2007 Business Review and Corporate Governance 年 報 06 Chairman’s Statement 12 Directors’ Report 22 Liu Chong Hing Investment Limited Simplified Organization Chart 23 Remuneration Committee Report 24 Audit Committee Report 25 Summary of Financial Highlights 26 Management Discussion and Analysis 34 Corporate Governance Report Corporate and Shareholders’ Information 43 Corporate Information 45 Biographical Details of Directors and Senior Management 50 Notice of Annual General Meeting 53 Shareholders’ Information 54 Market Price Movement and Market Capitalization Chart 55 Liu Chong Hing Group Simplified Corporate Structure Chart Annual Report Report Annual 56 Schedule of Major Properties Held by the Group and Associates Financial Report 58 Independent Auditor’s Report 2007 60 Consolidated Income Statement 61 Balance Sheets 63 Consolidated Statement of Changes in Equity 年 報 65 Consolidated Cash Flow Statement 67 Notes to the Financial Statements “The economic development of Shanghai in the next 50 years is even more important than what it has achieved in the past. Our China Headquarter being situated in such an important and strategic location underpins our full confi dence and vision. Our investment is not just confi ned to China but with the vision to expand internationally.” Dr. Liu Lit Mo Managing Director “上海今後50年的經濟發展，將比 過去的任何成就都來得重要。 將中國的總部設在這樣的顯赫 位置，印證我們對中國未來充滿信 心與期望；這不僅是投資中國的 開始，更是我們運籌帷幄、積極進 取，致 力 拓 展 集 團 經 濟 邁 向 國 際 化 的里程碑。” 董事總經理 廖烈武博士 “The economic development of Shanghai in the next 50 years is even more important than what it has achieved in the past. Our China Headquarter being situated in such an important and strategic location underpins our full confi dence and vision. Our investment is not just confi ned to China but with the vision to expand internationally.” Dr. Liu Lit Mo Managing Director “上海今後50年的經濟發展，將比 過去的任何成就都來得重要。 將中國的總部設在這樣的顯赫 位置，印證我們對中國未來充滿信 心與期望；這不僅是投資中國的 開始，更是我們運籌帷幄、積極進 取，致 力 拓 展 集 團 經 濟 邁 向 國 際 化 的里程碑。” 董事總經理 廖烈武博士 Group’s Major Properties Profile 1 Chong Hing Finance Centre, Shanghai 2 Universal Plaza, Guangzhou 3 Le Palais, Guangzhou 4 Chong Hing Square 5 Green Lake Oasis, Foshan 3 5 6 The Belcher’s 7 Bonsun Industrial Building 8 Chong Yip Shopping Centre 9 1 Western Harbour Centre 10 Fung Shun Commercial Building 11 Chatham Garden 12 Fairview Court 13 Chong Hing Bank Centre 2 4 6 8 12 10 7 9 11 13 Five-Year Financial Summary 2003 2004 2005 2006 2007 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Total assets (adjusted) 8,446,277 8,047,290 8,361,893 9,022,139 10,617,091 Total liabilities (adjusted) 3,166,706 2,669,295 2,785,592 3,296,232 4,655,117 Total net assets (adjusted) 5,279,571 5,377,995 5,576,301 5,725,907 5,961,974 Net assets value per share HK$13.95 HK$14.21 HK$14.73 HK$15.12 HK$15.75 (adjusted) Debt-to-equity ratio* 40% 36% 29% 30% 44% (adjusted) Profit for the year attributable 95,609 109,248 143,451 223,141 263,114 to equity holders of the Company (adjusted) Basic earnings per share HK$0.25 HK$0.29 HK$0.38 HK$0.59 HK$0.69 (adjusted) Dividend per share HK$0.16 HK$0.17 HK$0.20 HK$0.25 HK$0.28 Dividend payout ratio 63% 59% 53% 42% 40% (adjusted) Note: (1) Total assets, total liabilities, total net assets, net assets value per share, debt-to-equity ratio, profit for the year attributable to equity holders of the Company, basic earnings per share from continuing and discontinued operations and dividend payout ratio were adjusted due to the adoption of HKAS 17 “Leases”, HKAS 40 “Investment Property”, HKFRS 3 “Business Combinations”, HKAS 32 “Financial Instruments: Disclosure and Presentation”, HKAS 39 “Financial Instruments: Recognition and Measurement”, and HK(SIC) – INT 21 “Income Taxes — Recovery of Revalued Non-Depreciable Assets” for the two years ended 31 December 2004. * Debt-to-equity ratio represents bank loans and overdrafts and other long term liabilities, less cash and deposits with banks divided by equity which comprises of shareholders’ funds and minority interests. Liu Chong Hing Investment Limited Liu Chong Hing Investment | Annual Report 2007 | 04 Liu Chong Hing Investment Limited | Annual Report 2007 FINANCIAL HIGHLIGHTS 05 Five-Year Financial Highlights Financial Charts Five-Year Chairman’s Statement For the accounting year ended 31 December 2007, the audited profit attributable to equity holders of the Company amounted to HK$263,114,000 (basic earnings per share: HK$0.69), an increase of 17.9% over the previous year. Liu Chong Hing Investment Limited Liu Chong Hing Investment | Annual Report 2007 | 06 I am pleased to present to the shareholders the Company’s operating results for the year 2007. Chairman’s Statement Chairman’s BUSINESS RESULTS For the accounting year ended 31 December 2007, the audited profit attributable to equity holders of the Company amounted to HK$263,114,000 (basic earnings per share: HK$0.69), an increase of 17.9% over the previous year. DIVIDENDS The Board of Directors has proposed to recommend at the forthcoming BUSINESS REVIEW AND CORPORATE GOVERNANCE CORPORATE AND REVIEW BUSINESS Annual General Meeting to be held on Wednesday, 30 April 2008, the payment of a final cash dividend of HK$0.16 per share. Together with the interim cash dividend of HK$0.12 per share paid on 20 September 2007, the total cash dividend amounted to HK$0.28 per share for the year 2007. BUSINESS REVIEW 2007 was a year of economic expansion stoked primarily by strong internal demands. Amidst rising prosperity across the broad, the stock market achieved outstanding performance, with the Hang Seng Index rising 39%, the best record post-1999. The property market was extremely buoyant, with an active volume of close to 140,000 transactions, reflecting a year-on-year increase of 40%, a new peak post-1997. The financial market maintained its momentum of growth, indicating that the impact of the worldwide liquidity crunch was rather limited. BANKING The audited consolidated profit attributable to shareholders of Chong Hing Bank Limited (“the Bank”) and its subsidiaries for the year ended 31 December 2007 amounted to HK$505 million, an increase of 0.38% over that for the year before. Total customers’ deposits increased 10.3% to HK$60.3 billion. Total loans to customers (after accounting for impairment allowances) increased 18% to HK$32 billion. Total assets increased 9.6% to HK$69 billion. Shareholders’ funds Liu Chong Hing Investment Limited Liu Chong Hing Investment (before final divided), compared with the shareholders’ funds for the previous year, increased 3.6% to HK$6 billion. Annual Report 2007 | Chong Hing Finance Centre, Shanghai 07 Chairman’s Statement PROPERTY INVESTMENT PROPERTIES • Chong Hing Square, a landmark building located at the heart of Mongkok, Kowloon, achieved a 16% increase in rental income; • Chong Yip Shopping Centre, a favorite shopping centre in the western part of Hong Kong Island, enjoyed remarkable rental income; • Western Harbour Centre, located in close proximity to the Western Harbour Tunnel, enjoyed an occupancy rate of 100% most of the time, with a 6% growth in rental income; and • Fairview Court, a low rise deluxe complex of garden houses located in Repulse Bay, recorded a significant growth of 17% in rental income. REDEVELOPMENT OF CHATHAM GARDEN Chatham Garden is a redevelopment project undertaken by the original shareholders of The Belcher’s. The project calls for the erection of a 32-storey residential building on top of a 2-storey commercial complex and carparks. Demolition work has been completed and the project is now undergoing a planning phase. It is expected to commence Chong Hing Bank Centre construction works in the first quarter of 2008, with final completion of the entire project scheduled in 2010. The Group owns 10% in the project. SITE AT TAI PO In early 2007, the Group acquired a plot of land in Tai Po district, New Territories at a public tender with an area of 240,000 square feet. Plans are being contrived for the development of this site. CHINA OPERATION I. GUANGZHOU Following the completion of the Le Palais project in the prestigious residential Liu Chong Hing Investment Limited Liu Chong Hing Investment area of Guangzhou, the Group’s strategy is to strengthen its investment property portfolio. | Annual Report 2007 | 08 The Group acquired a Hong Kong incorporated private company, thereby gaining ownership of one basement and four floors of the shopping arcade in Universal Plaza, located at Nos.
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