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Annual Report 2006 年報

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Annual Report 2006 年報 CASIL TELECOMMUNICATIONS HOLDINGS LIMITED 航 天 科 技 通 信 有 限 公 司 * Stock Code 股份代號 : 1185 Annual Report 2006 年報 the Chinese name of the Company is for reference only 本公司之中文名稱只作參考 Contents ͌፣ Corporate Information 2-4 ʔ̇༅ࢿ Group Financial Highlights 5 එ྆ল৻࿂߬ Directors' Business Review 6-10 ໎ԑผพ৻Αᚋ Biographical Details of Directors and Senior Management 11-18 ໎ԑʥঢ়ज़ဳଉɁࡗɾ࠯Ɂ༅ࢿ Corporate Governance Report 19-31 ͬพဳ؝ంй࣊ Report of the Directors 32-38 ໎ԑผంй࣊ Independent Auditor’s Report 39-41 ዟ͓࣏ᅕ࢑ంй࣊ ٲConsolidated Income Statement 42 ၃΋ฌऩ ٲConsolidated Balance Sheet 43-44 ၃΋༅ଐ߲ඦ ٲConsolidated Statement of Changes in Equity 45 ၃΋ٖ׭ᚬऩᛰ৽ ٲݚ൴ټConsolidated Cash Flow Statement 46-47 ၃΋ଊ ഽڃNotes to the Financial Statements 48-111 ল৻ంй Five Years' Financial Summary 112 ʄαল৻༅ࢿล߬ Annual Report 2006 ɀཌྷཌྷʒαం 1 Corporate Information ʔ̇༅ࢿ BOARD OF DIRECTORS ໎ԑผ ਨϷ໎ԑڈ Non-executive Directors ٽMr. Wu Yansheng (Chairman) дዘ́ͱ́໎ԑ ٽMr. Liang Xiaohong (Vice-chairman) ષɩߧͱ́৹໎ԑ Mr. Tang Guohong ࡌਝѩͱ́ Executive Directors ਨϷ໎ԑ ٽͱ́৹໎ԑלMr. Han Shuwang (Vice-chairman) ᒚኹ Mr. Wang Xiaodong ˔ኮ׭ͱ́ Mr. Li Guang ңͮͱ́ ਨϷ໎ԑڈIndependent Non-executive Directors ዟ͓ Mr. Yiu Ying Wai ۢᕯ৩ͱ́ Mr. Wong Fai, Philip ඡ๧ͱ́ Mr. Zhu Shixiong χ˖ඐͱ́ ͱ́ڭMr. Moh Kwen Yung ˉᗐ AUDIT COMMITTEE ᄗ࣏կࡗผ Mr. Yiu Ying Wai (Chairman) ۢᕯ৩ͱ́˚࢐ Mr. Wong Fai, Philip ඡ๧ͱ́ Mr. Zhu Shixiong χ˖ඐͱ́ ͱ́ڭMr. Moh Kwen Yung ˉᗐ REMUNERATION COMMITTEE ᑀ༭կࡗผ Mr. Wu Yansheng (Chairman) дዘ́ͱ́˚࢐ Mr. Wong Fai, Philip ඡ๧ͱ́ Mr. Yiu Ying Wai ۢᕯ৩ͱ́ CASIL Telecommunications Holdings Limited τࠉʔ̇ڌॾʨޫҌ஝ 2 Corporate Information ʔ̇༅ࢿ DEVELOPMENT AND INVESTMENT ೕࢄʥҙ༅կࡗผ COMMITTEE Mr. Liang Xiaohong (Chairman) ષɩߧͱ́˚࢐ ͱ́לMr. Han Shuwang ᒚኹ Mr. Wang Xiaodong ˔ኮ׭ͱ́ Mr. Tang Guohong ࡌਝѩͱ́ Mr. Wong Fai, Philip ඡ๧ͱ́ COMPANY SECRETARY ʔ̇ो࣊ Mr. Au-Yeung Keung, Steve ᅩඈੜͱ́ REGISTERED OFFICE ഽ˫ፒԑ୮ Ugland House Ugland House South Church Street South Church Street P. O. Box 309, George Town P.O. Box 309, George Town Grand Cayman, Cayman Islands Grand Cayman, Cayman Islands British West Indies British West Indies PRINCIPAL PLACE OF BUSINESS ࠗಋ˚߬ᏪพΔᒨ Suite 4701 ࠗಋ 47/F Central Plaza ᜪˠ 18 Harbour Road ಋᜪ༞18໔ Wanchai ɻ᏷ᄤ௿ ۩Hong Kong 47ᅢ4701 WEBSITE ၉ࠒ www.castelecom.com www.castelecom.com E-MAIL ADDRESS ཋ൯Δэ [email protected] [email protected] Annual Report 2006 ɀཌྷཌྷʒαం 3 Corporate Information ʔ̇༅ࢿ AUDITORS ࣏ᅕ࢑ Deloitte Touche Tohmatsu ᄨඵgᗐඡஹʿผ߮࢑Ϸ 35/F One Pacific Place ࠗಋ ᘸ༞88໔ټ Queensway 88 Hong Kong ʪ̀ᄤ௿ȹ࢔35ᅢ SHARE REGISTRAR ٖͫ೔ত୮ Standard Registrars Limited ᅟๅᖬԴ೔তτࠉʔ̇ ৻୮רShare Registration Public Office ᖬԴ೔ত 26/F Tesbury Centre ࠗಋ ΍ɣ༞׭28໔ޒ Queen's Road East 28 ᘸමɻʶ26ᅢټ Hong Kong PRINCIPAL BANKS ˚߬֡ԞႺϷ Bank of China (Hong Kong) Limited ɻਝႺϷࠗಋ DBS Bank (Hong Kong) Limited ܱࢄႺϷ Hang Seng Bank Limited ܏́ႺϷ The Hongkong and Shanghai Banking මᔔႺϷ Corporation Limited ᚋਐ܁ؒ LEGAL ADVISERS Richards Butler ღВᓤ܁࢑Ϸ ࢑ԑ৻ֺ܁Sidley Austin ଞᄨ Sit, Fung, Kwong & Shum ᑇඟㅽѰ܁࢑Ϸ Maples and Calder Maples and Calder CASIL Telecommunications Holdings Limited τࠉʔ̇ڌॾʨޫҌ஝ 4 Group Financial Highlights එ྆ল৻࿂߬ 2004 2005 2006 (a) Financial data (a) ল৻ᅕኣ (expressed in HK$'000) ˞ɝಋʏͶ͐ Turnover Ꮺพᔾ 148,126 185,784 156,199 Gross profit ˉС 54,170 65,077 12,079 Profit (loss) for the year attributable ̯ʔ̇ᚬऩܛτɁᎶЌ (to equity holders of the Company b̯α۹ึСᑋฌ 5,368 (29,781) (64,562 Total borrowings ࠥ൘ᐢᔾ 99,189 105,652 265,667 Equity attributable to equity holders ̯ʔ̇ᚬऩܛτɁ of the Company bᎶЌᚬऩ 180,546 151,997 90,274 พdذAcquisition of property, νᑪ plant and equipment bᄥָʥஉௐ 25,112 13,846 9,787 Development costs ɰଐֶ́༅̯ʝ incurred or capitalised bɾ඀ೕι̯ 1,327 2,418 1,620 Staff costs ࡗɮι̯ 23,829 24,980 28,956 Net asset attributable to equity Ұٖ̯ʔ̇ᚬऩ holders of the Company bܛτɁ૱༅ଐࠤ ഽ1 0.178 0.149 0.089ڃper share(HK$) (note 1) bಋʏ (b) Financial ratios (b) ল৻ˈଅ ഽ2 2.36 1.35 1.78ڃCurrent ratio (note 2) ݚ৽ˈଅ ഽ3 1.74 1.09 1.38ڃQuick ratio (note 3) ஠৽ˈଅ ഽ4 55% 70% 294%ڃGearing ratio (note 4) ߲ඦˈଅ ഽiڃ :Notes Net asset attributable Equity attributable (1) Ұٖ̯ʔ̇ ̯ʔ̇ᚬऩ (1) Number of issued α֛ɰೕϷ to equity holders of = to equity holders of ÷ ᚬऩܛτɁ = ܛτɁᎶЌ Ò shares at year end ٖͫᅕ͌ the Company per share the Company ᎶЌ૱༅ଐࠤ ᚬऩ Current ratio = Current assets ÷ Current liabilities (2) ݚ৽ˈଅ = ݚ৽༅ଐÒݚ৽߲ඦ (2) Quick ratio = (Current assets – Inventories) ÷ Current liabilities (3) ஠৽ˈଅ = ݚ৽༅ଐ Ð ΦஒÒݚ৽߲ඦ (3) Equity attributable ̯ʔ̇ᚬऩܛ (4) Gearing ratio = Total borrowings ÷ (4) ߲ඦˈଅ = ࠥ൘ᐢᔾ Ò to equity holders of τɁᎶЌᚬऩ the Company Annual Report 2006 ɀཌྷཌྷʒαం 5 Directors' Business Review ໎ԑผพ৻Αᚋ τࠉʔ̯̇ʔڌ໎ԑผcล߸ॾʨޫҌ஝ٲOn behalf of the Board of Directors, the business performance of ᔑˤ ࿀ϭɀཌྷཌྷʒכᙔʔ̇଻ီ̯එ྆ڃCASIL Telecommunications Holdings Ltd. (the "Company") and its ̇ʥԯ ଊeٲα۹ɾพ৻ܧsubsidiaries (collectively the "Group") for the financial year ended αɊɀ˂ɍɊȹˀ˅ল 31 December 2006 is summarized in the following paragraphs. RESULTS SUMMARY พᐜ࿂߬ As of 31 December 2006, the Group’s turnover for the year 2006 ࿀ϭɀཌྷཌྷʒαɊɀ˂ɍɊȹˀc̯එ྆2006αα amounted to HK$156.20 million with a loss of HK$65.23 million in ۹ɾᏪพᔾݯ15,620ຒಋʏcᑋฌ6,523ຒಋʏc ༖Ꮺพᔾݯ18,578ຒಋʏʥᑋฌݯ2,936ޚcontrast to those for the year 2005 of HK$185.78 million and 2005α۹ ᗐพ৻ʿࠍؿޚཋ঩כHK$29.36 million respectively. The loss for the year was mainly ຒಋʏe̯α۹ᑋฌ˚߬ͅ ҙɃ՗਩ө౨ኒߎ൒͂ᄈ˱eכattributable to various allowances relating to the ᅆௐcณพ৻̳୮ telecommunication business made whereas there were expense increases upon the investment and development period of new businesses. BUSINESS REVIEW AND PROSPECTS พᐜΑᚋၤࢄશ உௐሻਕʥͲଈڌWhile the Group continued the sales of communication equipment ̯එ྆2006αα۹৖ᘗᙩ຤Ꮺ஝ ৻೩ඖพ˞̔c̯එ྆͛ዶרand the application services of Global Positioning System (GPS) for ᇯܱցϽGPSᎶ͂ the year 2006, the Group also continued increasing its investments รׅࢄณؿพ৻ეਟcݯ̯එ̰྆Ԟೕࢄ਩өณؿ ᙩᄈ˱ҙ༅ܛᒨeȹʿࠍٽСᄈޔin new business intensively, aiming at exploring new operations ຤Ꮺพ৻՗ณؿ ɰୃ߮ҙɃ1.00ყಋʏc̊کand new earning sources for its future development during the year. ࠓɈೕཋ௿ඖ͌c͌ ɀཌྷཌྷȼαɀ˂ɊʄˀʥɀཌྷཌྷȼαכIn addition to continuation of increasing the investments in wind ȹʿࠍcҡ energy plant project with the total accumulated investments to ɍ˂ɀɊȼˀcၤ̴ʔ̇ɻਝ༜༗ˌᆰҌ୺ޢӠ৑ date of HK$100 million, the Group on 15 February 2007 and 27 ˌᆰ৑ᖋ߯τᗐ̯එ྆൬ȹү੣̴ʔ̇νᑪพ March 2007 entered into agreements whereby the Group will ৻ɾԾᘪcνᑪพ৻˳ܢࠓཋஉௐɾޢೕdႇ஥c further acquire from its parent company, China Academy of Launch Ӂӹೕ৽ዀဳଉӡ଻ʥ৉ͧɾႇ஥dӹӸ਽۬ӡ଻ ೕdႇ஥ඖ͌cνᑪˤძݯޢVehicle Technology (“CALT”), new businesses comprising research ɾႇ஥dೣɠཋዀɾ ѧکɀཌྷཌྷȼαȾ˂ɍɊˀכand development and production of wind energy facilities, 9.00ყಋʏeϊඖ඘ ɀཌྷཌྷȼαכ˰ᘪνᑪԑඖ໯ੱc̯ʔ̇ɰۺautomotive engine management systems and components ιɾ manufacturing, automotive sealing products manufacturing, rare- ̒˂ɀˀʔЗʑe earth-permanent magnetic motors manufacturing, at the purchase consideration of HK$900 million. The details of the proposed acquisitions that will be completed by 30 September 2007 were set out in an announcement made by the Company on 2 April 2007. CASIL Telecommunications Holdings Limited τࠉʔ̇ڌॾʨޫҌ஝ 6 Directors' Business Review ໎ԑผพ৻Αᚋ ʶ஝༦஛ȹӡͶؿЦɈcݯඑ྆৖ΕཋڌThe Group has confidence to bring new profits and returns from ̯එ྆τ ᗐพ৻˞̔ؿณॶ฻ࠓɈೕཋ௿՗ೕཋዀcޚڌ the new areas of new energy businesses (wind energy plant and generator), new material business (rare-earth-permanent magnetic ณҥࢿೣɠཋዀ೩cӁӹཌྷௐͧཋᄂc਽۬ૈ motors), automotive component (electrical spraying and sealing ೩ეਟ੓ԞณؿСᅼ՗Αంe strip) apart from the telecommunication business through these successive efforts. Telecommunication Business ཋ঩ޚᗐพ৻ พ৻˚۪߬ʸݯɻਝଫ৽dɻਝᐲ஝dڌThe major customers of the Group’s communication business are ̯එ྆஝ dɻਝ၉஝ʥɻਝᚁ஝೩ʑΔ༜Ꮺਆcʥڌoperators in the PRC such as China Mobile, China Unicom, China ɻਝཋ cۂଐڌTelecom, China Netcom and China Railcom. We provide these ᅩ޻̟௿ɐcݯˢࠨొԜֲძˈ᎚௝ؿ஝ operators as well as those in the markets of Europe and America Ўʌα஛డ࠯˚߬༜Ꮺਆྦྷ5.8GHzಲᇃઅɃ၉ਥ̯ ኒߎˉСଅؿɎࠌcԚ੡ʌαجஉҙ༅Ꭶᐛ՗ᘏۺ .with communication equipment of high capability/price value αˮଊɎไe˾ྦྷޚሻਕۂଐڌHowever, due to the reduction of investment in infrastructure of ஝ 5.8GHz wireless access network by those major operators and the drop in profit margin in consequence of the keen competition, the sales of communication products for the year recorded a decrease as compared with last year. ɀཌྷཌྷʒαɊȹ˂ɀɊɀˀc̯ʔ̇ၤཽᘚਝ჌כ On 22 November 2006, the Company entered into an agreement with Brightness International Holdings Ltd. whereby it disposed of ઁٖτࠉʔ̇ᖋ߯Ծᘪˮਕॾ஝഼঩Ҍ୺ࠗಋτ ഼঩พ৻כof the entire equity interests in CASTEL Videotech (Hong Kong) ࠉʔ̇ɾ60%ٖᚬᚬऩcЩˮਕ̯ʔ̇ 60% ɻਝʗכҙɃʥᏵՅൕʿټLtd. in disposing its 60% interest of its video conferencing business ɾ60%ᚬऩ˞ʵ൬ณ༅ ɻਝɾᤇ௿eכin effect in the course of introduction of new capital injection in ሻ၉೼຤᛻˞ᒷɣ̯ʔ̇ the business and acquiring the experience of the said purchaser in the PRC distribution network with a view to extending the sales in PRC market. Annual Report 2006 ɀཌྷཌྷʒαం 7 Directors' Business Review ໎ԑผพ৻Αᚋ Wind Energy Projects ࠓɈೕཋඖ͌ ᙔʔ̇ڃɀཌྷཌྷʒαɍ˂ɍɊˀc̯ʔ̇ɾͲ༅כ On 30 March 2006, Crownplus International Ltd., a wholly-owned ਝ჌τࠉʔ̇ၤ᎘฻ཋɈඑ྆ʔ̇ʥ˵ԕຒ฻ڥ˱ subsidiary of the Company, entered into a joint venture agreement உdၐᙶʥۺޘΕɻਝፗྟכwith Longyuan Electric Group Corporation and Beijing Wan Yuan ɮพʔ͓̇߯ȹͫᗐ Industry Corporation in respect of building, maintenance and ຤ᏪࠓɈೕཋᄥʥஉܪɾ΋༅຤ᏪԾᘪe஛̯ܰඑ ਄ၤؿ଱܃ࠓɈೕཋᄥɾޘ׳ʥ΁ޘoperation of wind energy plants and facilities in the Liaoning ྆ᘗɻਝϐᘣ Province of the PRC. This is the third wind energy plant project ɍࡼࠓɈೕཋᄥਿ࣐e following those in Jiangsu and Jilin, PRC. ΋ᏪͬכɻਝཋɈԜᎶ೛ॠc̯එ྆ੀผՇయכͅ The Group will benefit from the joint venture in strengthening the Group’s investment in wind energy power plants given the shortage พc˞˱ੜ̯එ྆ΕࠓɈೕཋᄥɾҙ༅c˱ɐΐ᏷ ɾᕡɣ჏܃ˀړଉͅͲଈᑭΉԚ͂ʹ́ॶ฻cᆢړ of electricity supplies in the PRC and the global trend towards renewable energy for environmental reasons assuring the ұe tremendous demands in the future.
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