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ZHONGMIN BAIHUI RETAIL GROUP LTD. Contents 目录 01 Corporate Profile 33 Statement by Directors 02 Location of Department Stores 34 Independent Auditors’ Report 07 Group Structure 35 Consolidated Statement of Comprehensive Income 08 Chairman’s Statement 36 Consolidated Balance Sheets 10 CEO Statement 37 Consolidated Statements of Changes in Equity 12 Financial Highlights 39 Consolidated Cash Flow Statement 14 Board of Directors 40 Notes to the Financial Statements 16 Key Management 78 Statistics of Shareholdings 17 Corporate Governance Report 80 Notice of Annual General Meeting 30 Directors’ Report Proxy Form This document has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, CIMB Bank Berhad, Singapore Branch (“Sponsor”), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the “SGX-ST”), this being the SGX-ST Listing Manual Section B: Rules of Catalist. The Sponsor has not independently verified the contents of this document. The document has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the Sponsor is Mr. Benjamin Choy, Director, Corporate Finance. The contact particulars are 50 Raffles Place #09-01 Singapore Land Tower Singapore 048623, telephone: +65 6337 5115. Zhongmin Baihui Retail Group Ltd., is principally engaged in the 中闽百汇零售集团主要于中国以“中闽百汇”品牌经营及管 ownership, operation and management of department stores 理连锁百货店。第一家“中闽百汇”店于1997年10月开业。 in the PRC under the name of “中闽百汇”. The first “中闽百汇” 本集团目前经营2家百货店,同时管理6家百货店,总建筑面 store was established in October 1997. The Group currently has 积达111,700平方米(1,202,000平方尺)。本集团的收入主 two self-owned stores and six managed stores with an aggregate 要来自“自营”、“联营”、“出租”和“承包”。 gross floor area of 111,700 sq m (1,202,000 sq ft). Our revenue is generated primarily from direct sales, concessionaire sales, 本公司于2004年9月17日在新加坡注册成立,并于2011年1月 rental and income from managed rental. 20日在新加坡挂牌上市,成为首家在中国经营零售业务的新 加坡上市公司。本集团的大部分股东都是来自新加坡,包括 Our Company was incorporated in Singapore on 17 September 公司的执行主席及单一最大股东李瑞庆先生也是来自新加坡。 2004 and on 20 January 2011 became the first company with pure exposure to the retail business in the PRC to be 本集团在福建省厦门市拥有2家百货店。厦门梧村旗舰店于 publicly listed in Singapore. The Group is majority-owned by 2009年12月开始部分营业,于2010年4月全面营业。厦门梧 Singaporeans and our Executive Chairman, Mr. Lee Swee Keng, 村店楼高三层,并附设大型地下购物区。该百货店位于厦门 who is also the single largest shareholder, is a Singaporean. 市交通枢纽的中心地带,设有行人隧道连接公交车站、长途 汽车站和厦门火车站。另一家百货店为厦门嘉禾店于2011年 The Group has two self-owned stores in Xiamen City, Fujian 10月开始营业。除此之外,本集团也同时负责管理位于福建 Province. The flagship Xiamen Wucun Store commenced partial 省泉州市与漳州市的6家“中闽百汇”百货店。 operations in December 2009 and became fully operational in April 2010. The Xiamen Wucun Store occupies three floors of a 本集团与知名的国际和国内品牌建立了良好的合作关系,藉 building and a large underground shopping area. Strategically 此为中高收入消费群提供种类繁多的优质商品及生活用品, located in the heart of a major transportation hub and beneath 包括珠宝首饰、钟表、时尚服装、化妆品、电器、手机和家 a major bustling street, the underground shopping area is linked 居用品,本集团的百货店内亦设有大型超市,售卖各类生鲜 by a network of walking paths and underground pedestrian 食品和家庭日常用品。 crossings to bus terminals, a bus rapid transit station and the Xiamen Railway Station. The second self-owned store, the 随着中国国内居民消费水平的不断提高,中闽百汇计划在未 Xiamen Jiahe Store, commenced operations in October 2011. In 来开设更多的百货店。在拓展业务至福建省以外同时,目前 addition to the two self-owned stores, the Group also manages 集团仍然以福建省为业务的主要发展核心。 six department stores under the “中闽百汇” brand in Quanzhou and Zhangzhou cities in Fujian Province. By building strong business relations with well-known 公司简介 international and domestic brands, we are able to offer a wide Corporate range of quality merchandise and lifestyle products. This includes jewelleries, watches, fashion & apparel, cosmetics, electrical Profile appliances, mobile phones and household items that cater to consumers within the middle to upper income group. Our stores also have sizeable supermarkets, which offer an extensive range of groceries and perishables. Riding on trend of rising domestic consumer spending in the PRC, Zhongmin Baihui plans to add more stores in the future. While the Group will expand beyond Fujian Province, we will remain commercially focused in this region of the PRC. 01 2011 Annual Report 年报 Location of 商场位置分布图 Department Stores 中国 CHINA 江苏省 Jiangsu Province 南京南站店(预期2012年开业) Nanjing Nanzhan Store (Expected opening in 2012) 南平市 Nanping City 宁德市 Ningde City 福建省 Fujian Province 三明市 福州市 Sanming City Fuzhou City 泉州泉港店 Quanzhou Quangang Store 泉州惠安店 莆田市 Putian City Quanzhou Hui’an Store 泉州安溪店 泉州市 龙岩市 Quanzhou City Quanzhou Anxi Store Longyan City 泉州泉秀店 Quanzhou Quanxiu Store 厦门市 漳州市 Xiamen City 泉州涂门店 Zhangzhou City Quanzhou Tumen Store 泉州桥南店(预期2013年开业) 漳州龙文店(预期2013年开业) Quanzhou Qiaonan Store (Expected opening in 2013) Zhangzhou Longwen Store (Expected opening in 2013) 厦门嘉禾店 漳州中山店 Xiamen Jiahe Store 厦门梧村店 Zhangzhou Zhongshan Store Xiamen Wucun Store Managed Self-owned 02 ZHONGMIN BAIHUI RETAIL GROUP LTD. 百汇购物 温馨倍至 厦门市商场分布图 Location of Department Stores in Xiamen City 集美区 Jimei District 翔安区 Xiangan District 厦门大桥 Xiamen Bridge 高崎国际机场 Gaoqi International Airport 湖里区 海沧区 Huli District Haicang District 海沧大桥 Haicang Bridge 厦门梧村店 火车站 Train Station Xiamen Wucun Store 思明区 面积:28,700平方米 Siming District (309,000平方尺) 开业年份:2010 地理环境:厦门梧村店位于厦门市最 繁华的梧村商圈中心,为福建省最大 的地下购物中心之一,设有行人隧道 厦门嘉禾店 连接厦门火车站,长途汽车站,公车 站和BRT站点,为厦门市交通枢纽的 Xiamen Jiahe Store 中心地带。 面积:23,300平方米 (251,000平方尺) Gross floor area: 28,700 sq m 开业年份:2011 (309,000 sq ft) 地理环境:嘉禾店位于厦门市人口 Year of commencement: 2010 密集的住宅区中心 Location: Xiamen Wucun Store is one of the largest underground Gross floor area: 23,300 sq m retail malls in Fujian Province. It is located in the commercial (251,000 sq ft) centre of Xiamen City, in the heart Year of commencement: 2011 of a transportation hub that is a Location: Jiahe Store is strategically nexus linked by walkways and located in the heart of a residential underground pedestrian crossings area in Xinmen City with heavy to bus terminals, a Bus Rapid human traffic. Transit (BRT) station and Xiamen Railway Station. 03 2011 Annual Report 年报 Nanjing Nanzhan Store 江苏省南京市南站店 (Expected opening in 2012) (预期2012年开业) 六合区 Liuhe District 江苏省南京市南站店 Nanjing Nanzhan Store 面积:33,600平方米 (361,000平方尺) 浦口区 地理环境:百货店与南京南站毗邻。目前 Pukou District 雨花台区 南京南站为亚洲最大火车站。 Yuhuatai District 江宁区 Gross floor area: 33,600 sq m Jiangning District (361,000 sq ft) 禄口机场 Location: Nanjing Nanzhan Store is next Lukou Airport to the Nanjing Railway Station which is the biggest train station in Asia. 04 ZHONGMIN BAIHUI RETAIL GROUP LTD. 百汇购物 温馨倍至 福建省泉州市桥南店 Quanzhou Qiaonan Store (预期2013年开业)(Expected opening in 2013) 面积:6,300平方米 (68,000平方尺) 地理环境:泉州桥南店位于连接中心市区、 晋江、泉州开发区和江南片区的中间地带。 Gross floor area: 6,300 sq m (68,000 sq ft) Location: Quanzhou Qiaonan Store is located at intersection to several city areas such as Jinjiang District, Quanzhou Development District, and South District of Quanzhou Bridge. 福建省漳州市龙文店 Zhangzhou Longwen Store (预期2013年开业)(Expected opening in 2013) 面积:43,700平方米 (471,000平方尺) 地理环境:漳州龙文店紧邻漳州中央商业 区地块和漳州市新的市政府,周边有众多 住宅大厦和学校,是新区的商业中心。 Gross floor area: 43,700 sq m (471,000 sq ft) Location: Zhangzhou Longwen Store is next to the CBD area and the municipal government of Zhangzhou City, surrounded by residential buildings and schools. 05 2011 Annual Report 年报 Managed Stores 管理商场 福建省 Fujian Province 泉州泉港店 泉州市 Quanzhou Quangang Store Quanzhou City 厦门市 Xiamen City 泉州惠安店 Quanzhou Hui’an Store 漳州市 Zhangzhou City 泉州涂门店 Quanzhou Tumen Store 漳州中山店 泉州安溪店 泉州泉秀店 Zhangzhou Zhongshan Store Quanzhou Anxi Store Quanzhou Quanxiu Store 06 ZHONGMIN BAIHUI RETAIL GROUP LTD. 百汇购物 温馨倍至 集团结构 Group Structure Zhongmin Baihui Retail Group Ltd. 中闽百汇零售集团有限公司 100% 100% 100% Zhongmin Baihui Zhongmin Baihui (Nanjing) Xiamen Shi Zhongmin Baihui Development Pte. Ltd. Commercial Co., Ltd. Commercial Co., Ltd. 中闽百汇发展有限公司 中闽百汇(南京)商贸 厦门市中闽百汇商业 有限公司 有限公司 30% Citi-Base Commerce Logistics (Xiamen) Co., Ltd. 港基百汇商业物流(厦门) 有限公司 07 2011 Annual Report 年报 Chairman’s Statement 主席致词 Dear Shareholders, On behalf of the board of directors of Zhongmin Baihui Retail Group Ltd., I am pleased to present you our annual report for the financial year 2011. The Group has made remarkable headway in delivering on our strategy and I am pleased to report that for the financial year 2011, our Group has turned profitable with profit attributable to our shareholders of RMB 16.3 million from a loss of RMB 8.9 million. The listing of our shares represents a major milestone for the to be robust. In Fujian Province, retail sales of consumer goods Group. All 30 million new shares, priced at S$0.30 each, were grew 18.2% in 2011 and per capita annual disposable income successfully placed out during the initial public offering (IPO). of urban households grew 14.4%. These promising statistics Our stock price traded above the IPO price throughout the bode well for the future of the department store industry as well year and ended 370% higher at the end of 2011. On behalf of as our Group’s growth potential in 2012. the Board, I would like to express our sincere gratitude to all the parties who have contributed to the success of our IPO. I On behalf of the Board, I want to thank all those who have believe that our successful listing will give us a good platform to supported us in achieving our goals. In particular, I would like to expand our business. acknowledge the contribution of all our staff members, whose unwavering devotion, dedication and hard work enabled us FY2011 saw a full year of very healthy contribution from our to achieve our goals. I am confident that Zhongmin Baihui will flagship Xiamen Wucun Store. The Xiamen Wucun Store be able to deliver better performance in the year ahead and was partially opened in December 2009 and the much beyond. larger basement shopping area was subsequently opened in April 2010. To raise our profile in Xiamen City, we opened our second self-owned store in Jiahe Road in October Lee Swee Keng 2011.