Annual Report 2012
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Annual Report Report 2012 Annual www.sino.com Sino Land Company Limited . Annual Report 2012 This annual report (“Annual Report”) is available in both English and Chinese. Shareholders who have received either the English or the Chinese version of the Annual Report may request a copy in the language different from that has been received by writing to the Company’s Share Registrars, Tricor Standard Limited at 26th Floor, Tesbury Centre, 28 Queen’s Road East, Hong Kong. The Annual Report (in both English and Chinese versions) has been posted on the Company’s website at www.sino.com. Shareholders who have chosen to rely on copies of the Corporate Communications (including but not limited to annual report, summary financial report (where applicable), interim report, summary interim report (where applicable), notice of meeting, listing document, circular and proxy form) posted on the Company’s website in lieu of any or all the printed copies thereof may request printed copy of the Annual Report. Shareholders who have chosen to receive the Corporate Communications using electronic means through the Company’s website and who have difficulty in receiving or gaining access to the Annual Report posted on the Company’s website will upon request be sent the Annual Report in printed form free of charge. Shareholders may at any time choose to change their choice of language and means of receipt (i.e. in printed form or by electronic means through the Company’s website) of all future Corporate Communications from the Company by giving notice in writing by post to the Company’s Share Registrars, Tricor Standard Limited at 26th Floor, Tesbury Centre, 28 Queen’s Road East, Hong Kong or by email at [email protected]. CONTENTS 2 Corporate Information 3 Notice of Annual General Meeting 7 Group Financial Summary 12 Chairman’s Statement 26 Biographical Details of Directors & Senior Management 32 Corporate Governance Report 52 Directors’ Report 88 Review of Operations 134 Independent Auditor’s Report 136 Consolidated Income Statement 137 Consolidated Statement of Comprehensive Income 138 Statements of Financial Position 140 Consolidated Statement of Changes in Equity 141 Consolidated Statement of Cash Flows 143 Notes to the Consolidated Financial Statements 229 Disclosure Pursuant to Rule 13.22 of the Listing Rules 230 Major Properties Held by the Group Proxy Form Sino Land Company Limited Annual Report 2012 CORPORATE INFORMATION BOARD OF DIRECTORS PRINCIPAL BANKERS Robert Ng Chee Siong, Chairman Bank of China (Hong Kong) Limited Ronald Joseph Arculli# The Hongkong and Shanghai Banking Allan Zeman* Corporation Limited Adrian David Li Man-kiu* DBS Bank Ltd., Hong Kong Branch Wong Cho Bau* The Bank of East Asia, Limited Steven Ong Kay Eng* (appointed on 28th October, 2011) Hang Seng Bank Limited Yu Wai Wai Mizuho Corporate Bank, Ltd. Daryl Ng Win Kong Sumitomo Mitsui Banking Corporation Ringo Chan Wing Kwong Industrial and Commercial Bank of Alice Ip Mo Lin China (Asia) Limited BNP Paribas (# Non-Executive Director) Bangkok Bank Public Company Limited (* Independent Non-Executive Directors) Bank of Communications, Hong Kong Branch AUDIT COMMITTEE Adrian David Li Man-kiu, Chairman INVESTOR RELATIONS CONTACT Allan Zeman Please direct enquiries to: Wong Cho Bau (appointed on 28th October, 2011) General Manager – Corporate Finance Steven Ong Kay Eng (appointed on 28th October, 2011) Telephone : (852) 2734 8312 Fax : (852) 2369 1236 NOMINATION COMMITTEE Email : [email protected] Robert Ng Chee Siong, Chairman (appointed on 1st March, 2012) Allan Zeman (appointed on 1st March, 2012) REGISTERED OFFICE Adrian David Li Man-kiu (appointed on 1st March, 2012) 12th Floor, Tsim Sha Tsui Centre, REMUNERATION COMMITTEE Salisbury Road, Tsim Sha Tsui, Steven Ong Kay Eng, Chairman (appointed on 1st March, 2012) Kowloon, Hong Kong Allan Zeman Telephone : (852) 2721 8388 Adrian David Li Man-kiu Fax : (852) 2723 5901 Daryl Ng Win Kong Website : www.sino.com Email : [email protected] AUTHORIZED REPRESENTATIVES Robert Ng Chee Siong SHARE REGISTRARS Ringo Chan Wing Kwong (appointed on 26th March, 2012) Tricor Standard Limited SECRETARY 26th Floor, Tesbury Centre, Velencia Lee (appointed on 1st January, 2012) 28 Queen’s Road East, Hong Kong AUDITOR Telephone : (852) 2980 1333 Deloitte Touche Tohmatsu Fax : (852) 2861 1465 Certified Public Accountants, Hong Kong Email : [email protected] SOLICITORS Woo, Kwan, Lee & Lo LISTING INFORMATION Clifford Chance Stock Code 83 Baker & McKenzie American Depositary Receipt Shareholders’ CALENDAR CUSIP Number 829344308 Closure of Register of Members 29th to 31st October, 2012 Trading Symbol SNOLY for entitlement to attend (both dates inclusive) ADR to Ordinary Share Ratio 1:5 and vote at Listing Level One (OTC) Annual General Meeting Depositary Bank The Bank of New York 101 Barclay Street, Annual General Meeting 31st October, 2012 22nd Floor – West, Closure of Register of Members 6th to 7th November, 2012 New York, NY 10286, for dividend entitlement (both dates inclusive) U.S.A. Record Date for dividend 7th November, 2012 entitlement Last Date for lodging 28th November, 2012 scrip dividend election form 4:30 p.m. Interim Dividend HK10 cents per share Paid 23rd April, 2012 Final Dividend HK36 cents per share Payable 10th December, 2012 2 Sino Land Company Limited Annual Report 2012 NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Shareholders of Sino Land Company Limited will be held at The Pacific Rooms, 9th Floor, Towers Wing, The Royal Pacific Hotel & Towers, 33 Canton Road, Tsim Sha Tsui, Kowloon, on Wednesday, the 31st day of October, 2012 at 9:30 a.m. for the following purposes: 1. To receive and consider the audited Financial Statements and the Directors’ and Independent Auditor’s Reports for the year ended 30th June, 2012. 2. To declare a final dividend. 3. To re-elect retiring Directors and to authorise the Board to fix the Directors’ remuneration for the financial year ending 30th June, 2013. 4. To re-appoint Deloitte Touche Tohmatsu as Auditor for the ensuing year and authorise the Board to fix their remuneration. 5. As special business to consider and, if thought fit, pass with or without amendments, the following resolutions as Ordinary Resolutions: Ordinary Resolutions (i) “THAT: (a) subject to paragraph (i)(b) below, the exercise by the Directors of the Company during the Relevant Period of all the powers of the Company to repurchase shares of the Company on The Stock Exchange of Hong Kong Limited (“Stock Exchange”) or on any other stock exchange on which the shares of the Company may be listed and recognised by the Securities and Futures Commission and the Stock Exchange for this purpose, subject to and in accordance with all applicable laws and the requirements of the Rules Governing the Listing of Securities on the Stock Exchange or of any other stock exchange as amended from time to time be and is hereby generally and unconditionally approved; (b) the aggregate nominal amount of the shares to be repurchased pursuant to the approval in paragraph (i)(a) above shall not exceed 10% of the aggregate nominal amount of the share capital of the Company in issue as at the date of passing this resolution and the said approval shall be limited accordingly; and (c) for the purposes of this resolution: “Relevant Period” means the period from the passing of this resolution until whichever is the earlier of: (1) the conclusion of the next Annual General Meeting of the Company; (2) the expiration of the period within which the next Annual General Meeting of the Company is required by law to be held; and (3) the date on which the authority set out in this resolution is revoked or varied by an ordinary resolution of the shareholders in general meeting.” 3 Sino Land Company Limited Annual Report 2012 NOTICE OF ANNUAL GENERAL MEETING (Continued) (ii) “THAT: (a) a general mandate be and is hereby unconditionally given to the Directors of the Company to exercise during the Relevant Period all the powers of the Company to allot, issue and deal with additional shares of the Company, to allot, issue or grant securities of the Company, including bonds, debentures and notes convertible into shares of the Company and to make or grant offers, agreements or options which would or might require the exercise of such powers either during or after the Relevant Period, provided that these powers of the Directors and this general mandate is in respect of and in addition to any shares which may be issued on the exercise of the subscription rights under the Company’s warrants or pursuant to any scrip dividend scheme or pursuant to a rights issue or pursuant to the exercise of any share option scheme adopted by the Company or pursuant to any rights of conversion under any existing convertible bonds, debentures or notes of the Company, and provided further that these powers of the Directors and this general mandate shall be subject to the restrictions that the aggregate nominal amount of shares allotted or agreed to be allotted or issued pursuant thereto, whether by way of option or conversion or otherwise, shall not exceed 20% of the aggregate nominal amount of the share capital of the Company in issue as at the date of passing this resolution; and (b) for the purposes of this resolution: “Relevant Period” means the period from the passing of this resolution until whichever is the earlier of: (1) the conclusion of the next Annual General Meeting of the Company; (2)