Brockman Mining Limited - Annual Report 2010

Multi-change Development 發展多元化 2010 Annual Report 年報

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企業管治報告書 Corporate Governance Report 目錄 Contents

2 公司資料 Corporate Information 4 主席報告書 Chairman’s Statement

9 五年財務概要 Five-Year Financial Summary 10 財務摘要 Financial Highlights

11 董事會報告書 Directors’ Report

38 企業管治報告書 Corporate Governance Report

46 管理層討論及分析 Management Discussions and Analyses

48 獨立核數師報告 Independent Auditor’s Report

50 綜合收益表 Consolidated Income Statement 51 綜合全面收入表 Consolidated Statement of Comprehensive Income 52 綜合資產負債表 Consolidated Balance Sheet

54 資產負債表 Balance Sheet 55 綜合權益變動表 Consolidated Statement of Changes in Equity

57 綜合現金流量表 Consolidated Cash Flow Statement

59 綜合財務報表附註 Notes to the Consolidated Financial Statements

王氏國際（集團）有限公司 2 0 1 0 年報

公司資料 Corporate Information

董事會

執行董事

王忠秣先生（主席兼行政總裁）王賢敏女士王忠椏先生陳子華先生譚靜安先生溫民強先生

獨立非執行董事

李家祥博士， GBS， OBE ，太平紳士楊孫西博士， GBS，太平紳士葉天養先生，太平紳士

審核委員會

李家祥博士， GBS， OBE ，太平紳士（主席）楊孫西博士， GBS，太平紳士葉天養先生，太平紳士

薪酬委員會

楊孫西博士， GBS，太平紳士（主席）葉天養先生，太平紳士陳子華先生

行政委員會

王忠秣先生（主席）王賢敏女士王忠椏先生陳子華先生溫民強先生

公司秘書

余大弟博士， FCCA， FCIS， FCPA， CGA

核數師

羅兵咸永道會計師事務所香港執業會計師

BOARD OF DIRECTORS

Executive Directors

Mr. Wong Chung Mat, Ben (Chairman and Chief Executive Officer) Ms. Wong Yin Man, Ada Mr. Wong Chung Ah, Johnny Mr. Chan Tsze Wah, Gabriel Mr. Tan Chang On, Lawrence Mr. Wan Man Keung

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric, GBS, OBE, JP Dr. Yu Sun Say, GBS, JP Mr. Alfred Donald Yap, JP

AUDIT COMMITTEE

Dr. Li Ka Cheung, Eric, GBS, OBE, JP (Chairman) Dr. Yu Sun Say, GBS, JP Mr. Alfred Donald Yap, JP

REMUNERATION COMMITTEE

Dr. Yu Sun Say, GBS, JP (Chairman) Mr. Alfred Donald Yap, JP Mr. Chan Tsze Wah, Gabriel

ADMINISTRATIVE COMMITTEE

Mr. Wong Chung Mat, Ben (Chairman) Ms. Wong Yin Man, Ada Mr. Wong Chung Ah, Johnny Mr. Chan Tsze Wah, Gabriel Mr. Wan Man Keung

COMPANY SECRETARY

Dr. Yu Tai Tei, FCCA, FCIS, FCPA, CGA

AUDITOR

PricewaterhouseCoopers Certified Public Accountants, Hong Kong

Wong's International (Holdings) Limited 2010 Annual Report

公司資料 Corporate Information

律師

羅文錦律師樓羅夏信律師事務所 Farrand Cooper, P.C.

來往銀行

香港上海滙豐銀行有限公司渣打銀行（香港）有限公司

註冊辦事處

Clarendon House Church Street Hamilton HM 11 Bermuda

總辦事處

香港九龍觀塘偉業街180A 號王氏工業中心

主要股份過戶登記處

Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda

香港股份過戶登記分處

卓佳標準有限公司香港灣仔皇后大道東28號金鐘匯中心26樓

SOLICITORS

Lo and Lo Stephenson Harwood Farrand Cooper, P.C.

BANKERS

The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank (Hong Kong) Limited

REGISTERED OFFICE

Clarendon House Church Street Hamilton HM 11 Bermuda

PRINCIPAL OFFICE

Wong’s Industrial Centre 180A Wai Yip Street Kwun Tong Kowloon Hong Kong

PRINCIPAL SHARE REGISTRARS

Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda

HONG KONG BRANCH SHARE REGISTRARS

Tricor Standard Limited 26th Floor, Tesbury Centre 28 Queen’s Road East Wanchai Hong Kong

王氏國際（集團）有限公司 2 0 1 0 年報

主席報告書

Chairman’s Statement

股息

本公司已支付二零一零年度中期股息每股港幣 0.035元（二零零九年：港幣0.01元）。董事現建議於二零一一年六月十六日（星期四）派付末期股息每股港幣0.055元（二零零九年：港幣0.02元）予二零一一年五月三十一日（星期二）名列本公司股東名冊之股東。

暫停辦理股東登記手續

本公司將由二零一一年五月二十七日（星期五）至二零一一年五月三十一日（星期二）（包括首尾兩日）暫停辦理本公司股東登記手續，該期間不會辦理股份轉讓。如欲獲派上述股息，務須於二零一一年五月二十六日（星期四）下午四時正前，將所有過戶表格連同有關股票，一併送達本公司之香港股份過戶登記分處卓佳標準有限公司，地址為香港灣仔皇后大道東28 號金鐘匯中心26樓，以辦理登記手續。

業務回顧

本集團

年內，我們的整體客戶組合的銷售均有所增長，尤其是工業、能源及電腦周邊產品的收益錄得增長強勁。

本集團之營業額為港幣3,900,000,000元，較二零零九年港幣2,400,000,000元上升63.7%，增長的主因是經濟於二零零九年底開始復甦，帶動客戶需求反彈。

股份持有人應佔純利大幅增至港幣 196,900,000元，達到去年的港幣52,400,000元的3.8倍。亮麗的增長主要受銷售量增加，加上先前期間至今持續推行的成本控制措施及營運效率改善的成效推動。年內，經考慮一間聯營公司位於半山的待售物業之市值回升後，已撥回應收該聯營公司款項之減值撥備港幣 24,900,000元。

DIVIDENDS

The Company paid an interim dividend of HK$0.035 (2009: HK$0.01) per share for 2010. The Directors now recommend the payment of a final dividend of HK$0.055 (2009: HK$0.02) per share on Thursday, 16 June 2011 to the shareholders whose names appear on the Register of Members of the Company on Tuesday, 31 May 2011.

CLOSURE OF REGISTER OF MEMBERS

The Register of Members of the Company will be closed from Friday, 27 May 2011 to Tuesday, 31 May 2011, both days inclusive, during which period no transfer of shares will be effected. To qualify for the above dividend, all transfers accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong branch share registrars, Tricor Standard Limited, 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong for registration not later than 4:00 p.m. on Thursday, 26 May 2011.

REVIEW OF BUSINESS ACTIVITIES

The Group

During the year, we experienced sales improvements across our entire customer portfolio. In particular, we have seen our strong revenue growth in industrial, energy and computer peripheral products.

Group’s turnover was HK$3.9 billion, an increase of 63.7% from HK$2.4 billion in 2009, primarily due to the rebound of the customer demand following the economic recovery that began from the end of 2009.

Net profit attributable to equity shareholders significantly increased to HK$196.9 million, which was 3.8 times of last year’s HK$52.4 million. The strong increase was mainly driven by the increased sales volume and resulted from the continued cost control initiatives and improved operational efficiency as carried over from previous periods. During the year, an impairment provision of HK$24.9 million was written back for the amount due from an associated company after considering the recovery from the market value of its unsold property units located in Mid-levels.

Wong's International (Holdings) Limited 2010 Annual Report

主席報告書 Chairman’s Statement

業務回顧（續）

EMS部門

電子製造服務部門（「EMS 部門」）之營業額較二零零九年增加63.9%，達港幣3,900,000,000 元。相比二零零九年，深圳沙井廠房之銷售收入上升62.2%，而蘇州廠房之銷售收入亦上升 68.4%。 EMS 部門整體銷售額增加，主要是受全球經濟復甦，帶動客戶對工業、能源及電腦周邊產品等電子產品的需求增加所致。

EMS 部門二零一零年應佔分部利潤為港幣 220,600,000元，較二零零九年同期港幣 80,300,000元，上升174.6%，表現令人欣喜。分部利潤上升主要由於銷量增加推動。年內，本公司應客戶要求完成多項核證測試及工程支援，因而確認相關收益港幣19,200,000元。

EMS部門於二零一零年之銷量及利潤均錄得令人鼓舞的增長。然而，經營環境依然嚴峻，在來年及可見將來，中國的普遍工資及其他成本應該將持續上升，人民幣亦很可能會繼續升值。為應付經營成本之預期升幅及提升利潤率， EMS部門將致力加強控制存貨及經營成本、持續改善生產過程中的生產力及效率，亦將主力向客戶提供更多增值工程服務。

ODM 部門

原設計及製造部門（「ODM 部門」）繼續專注發展無線射頻識別技術（「RFID」），尤其是移動支付解決方案。專門為蘋果 iPhone 開發的移動支付接口 iCarte 已通過著名信用卡營辦商的認證，現正於歐洲某國實施試行。

年內， ODM 部門之收入為港幣4,800,000元（二零零九年：港幣5,400,000元），而分部虧損為港幣18,600,000元（二零零九年：港幣13,900,000 元）。

REVIEW OF BUSINESS ACTIVITIES (continued)

The EMS Division

The turnover of the Electronic Manufacturing Service Division (“EMS Division”) increased by 63.9% to HK$3.9 billion from 2009. Sales revenues for Shajing factory in Shenzhen grew by 62.2% and the factory at Suzhou also increased by 68.4% as compared with 2009. The increase in the overall sales at EMS Division was largely driven by the improved customer demand for electronic products in industrial, energy and computer peripheral products as a result of the global economic recovery.

The segment profit attributable to EMS Division was HK$220.6 million for the year of 2010 representing an encouraging increase of 174.6% as compared with HK$80.3 million for 2009. The increase in the segment results was primarily driven by the increased sales volume. During the year, a number of customer-requested verification tests and engineering supports were finalized and the relevant gains of HK$19.2 million were recognized.

The EMS Division has showed an encouraging growth in both sales and profits for 2010. However, the operating environment remains challenging. It appears that wages and other costs in overall China will continue to rise rapidly and Renminbi is likely to carry on appreciating in value in the next year and foreseeable future. In order to cope with these expected increases in operating costs and help improve profit margins, the EMS Division will endeavour to strengthen its controls of inventory and operating costs, and keep improving the productivity and efficiency in its manufacturing process. It will also focus on providing more value added engineering services to the customers.

The ODM Division

The Original Design and Manufacturing Division (“ODM Division”) continued to focus on the development of Radio Frequency Identification (“RFID”) technology, particularly, in the mobile payment solution. An adaptor called iCarte, specifically developed for Apple iPhone for the mobile payment, has passed through the certifications of renowned credit card agencies and the pilot run process is currently carried out in a European country.

During the year, ODM Division’s revenue was HK$4.8 million (2009: HK$5.4 million) whilst its segment loss was HK$18.6 million (2009: HK$13.9 million).

王氏國際（集團）有限公司 2 0 1 0 年報

主席報告書 Chairman’s Statement

業務回顧（續）

物業發展

官塘寫字樓物業

對於與新鴻基地產發展有限公司成立的共同控制實體（「共同控制實體」），本集團已就開發項目其中一個地盤租契的修改，支付按比例分佔的地價補償。地基工程預期於二零一一年中完成，其後將開始建築工程。此外，位於王氏工業中心現址的其餘地盤，已與有關政府部門確定租契修改條款，地價補償評估預期於二零一一年中前發出。王氏工業中心將於上述地價補償落實後清拆。

半山區住宅

半山區的住宅物業開發項目方面，經考慮手頭物業單位的市值於套現後足以償付應收餘款，因此已撥回半山區發展項目應收款項的減值撥備港幣24,900,000元。年內，項目開發公司出售一個複式單位以及一個停車位，現金代價約港幣40,000,000元（本集團擁有該發展項目的25.26% 權益）。於二零一零年十二月三十一日，尚有三個住宅單位待售，包括兩個複式單位及一個相連單位。此外，尚有九個停車位待售。

媒體網絡

於二零一零年第一季，本集團收購香港及新加坡戶外數位媒體公司 Focus Media Network Limited（「FMN」）22% 已發行股本，代價為 3,000,000美元。本集團將利用 FMN 戶外數位屏幕網絡，推廣將 RFID 互動技術與數位屏幕整合一體的新開發互動數位屏幕（「互動數位屏幕」）服務。用戶可通過互動數位屏幕與數位屏幕顯示器互動，獲取不斷滾動的產品資訊或推廣優惠券。由於戶外媒體乃繼互聯網之後發展最快的廣告產業之一， FMN 的網絡覆蓋廣泛的寫字樓及購物商場等地點，為推廣本集團新推出的互動數位屏幕服務提供優質平台。

REVIEW OF BUSINESS ACTIVITIES (continued)

Property Development

Kwun Tong office buildings

With respect to the jointly controlled entities (“JCE”) with Sun Hung Kai Properties Limited, the Group had paid its proportional share of the land premium for lease modification on one of the sites of the development project. Foundation works is expected to be completed in mid-2011, following which, construction works will start. In respect to the remaining site where Wong’s Industrial Centre is currently located, the lease modification terms were finalized with relevant government departments and land premium assessment is expected to be issued by mid-2011. Demolition of Wong’s Industrial Centre on this remaining site will follow the settlement of the said land premium.

Mid-level residential

Regarding the residential development in the mid-level property project, an impairment provision of HK$24.9 million for the amount due from the Mid-level development project was written back after considering the market value of the property units on hand which can be realised sufficiently to cover the outstanding balance. During the year, the project development company sold a duplex unit together with a parking space at a cash consideration of approximately HK$40.0 million (the Group’s interest in this project development represents 25.26%). As at 31 December 2010, there are still three residential units unsold, consisting of two duplexes and one 2-in-1 combined units. In addition, there are nine parking spaces unsold.

Media Network

In the first quarter of 2010, the Group acquired 22% of the issued share capital of Focus Media Network Limited (“FMN”), a digital out-of-home media company in Hong Kong and Singapore, in a consideration of US$3 million. The Group will utilise FMN’s out-of-home digital screen network to launch its newly developed Interactive Digital Signage (“IDS”) service, which integrates the RFID interactive technology with digital signage. The IDS enables users to interact with the digital signage displays to obtain product content information or promotional coupons on-the-go. As Out-of-Home is one of the fastest growing advertising sectors after the Internet, FMN’s extensive network at office buildings and shopping malls offers an excellent platform to launch the Group’s new IDS services.

Wong's International (Holdings) Limited 2010 Annual Report

主席報告書 Chairman’s Statement

業務回顧（續）

媒體網絡（續）

年內， FMN 呈交正面業績，並錄得令人滿意的業務增長。

新香港總辦事處

於二零一零年四月，本集團公佈購買位於觀塘偉業街108號之物業，包括第17樓全層的辨公室單位連十二個停車位，現金代價為港幣 98,600,000元。該物業將用作本集團於香港的新辦公室總部。

財務

於二零一零年十二月三十一日，本集團之香港銀行信貸額總共為港幣715,500,000元。銀行貸款總額為港幣436,300,000元，其中港幣 28,700,000元之借貸由海外附屬公司安排及港幣169,600,000元由在中國的抵押存款作擔保，用作支付賬款。於二零一零年十二月三十一日，現金及銀行存款為港幣578,000,000元（二零零九年：港幣470,300,000元）。

整體而言，本集團擁有超逾銀行貸款之現金盈餘淨額港幣141,800,000元，低於二零零九年之現金盈餘淨額港幣421,400,000元，主要由於將款項用作支付物業發展之地價補償、購買新辦事處及於 FMN 投資。

本集團大部分銷售均以美元進行，成本及開支則主要以美元、港幣、日圓及人民幣計算。本集團於有需要或實際可行時以遠期合約對沖外匯風險。

REVIEW OF BUSINESS ACTIVITIES (continued)

Media Network (continued)

During the year, FMN delivered a positive result and satisfactory growth in business.

New Hong Kong Head Office

In April 2010, the Group announced that it purchased a property located at No. 108 Wai Yip Street, Kwun Tong which comprised of office units on the entire 17th floor together with twelve car parking spaces at a cash consideration of HK$98.6 million. The property will be established as the new head office for the Group in Hong Kong.

FINANCE

As at 31 December 2010, the Group had banking facilities in Hong Kong of HK$715.5 million in total. Total bank borrowings were HK$436.3 million, of which a loan of HK$28.7 million was arranged by an overseas subsidiary and a sum of HK$169.6 million was back-up by the pledged deposit in PRC for trade payment. Cash and bank deposits were HK$578.0 million at 31 December 2010 (2009: HK$470.3 million).

Overall, the Group had a net cash surplus of HK$141.8 million in excess of the bank borrowings, which was lower than 2009’s net cash surplus of HK$421.4 million, mainly due to the payments for the land premium of the property development, acquisition of new office and the investment in FMN.

Most of the Group’s sales are conducted in United States dollars and costs and expenses are mainly in United States dollars, Hong Kong dollars, Japanese Yen and Chinese Renminbi. Forward contracts are used to hedge foreign exchange exposures where it is necessary or practicable.

王氏國際（集團）有限公司 2 0 1 0 年報

主席報告書

Chairman’s Statement

資本結構

自二零零九年十二月三十一日起，本集團之資本結構並無重大變動，包括銀行貸款、現金及現金等價物以及母公司擁有人應佔之權益，當中包括已發行股本及儲備。

僱員

於二零一零年十二月三十一日，本集團聘用約 6,100名僱員，其中約5,100名為生產部工人。除提供年終花紅、醫療及人壽保險外，本集團亦會基於僱員之個人表現發放酌情花紅。本集團之薪酬福利及政策會定期作出檢討。

本集團亦向其員工提供內部及外間培訓計劃。

前景

根據現時之客戶訂單水平及彼等提供之預測，本集團對二零一一年之收入增長感到樂觀。然而，經濟復甦雖然整體上按溫和上揚的趨勢發展，但依然脆弱。勞工短缺、工資上漲及人民幣升值，均為中國內地生產商面對的基本困難。為保障競爭力及維持盈利，本集團將繼續致力探索途徑擴大銷售額，以及提升經營效率與生產力。

本人謹此代表各董事衷心感謝客戶、供應商及業務夥伴一直對本集團的信任及支持。本人亦謹此特別感謝本集團所有員工之忠誠、勤奮及為本集團提供專業服務。

王忠秣

主席兼行政總裁香港，二零一一年三月二十八日

CAPITAL STRUCTURE

There had been no material change in the Group’s capital structure since 31 December 2009 which consists of bank borrowings, cash and cash equivalents and equity attributable to owners of the parent, comprising issued share capital and reserves.

EMPLOYEES

As at 31 December 2010, the Group employed approximately 6,100 employees where approximately 5,100 were production workers. In addition to the provision of annual bonuses, medical and life insurance, discretionary bonuses are also available to employees based on individual performance. The remuneration packages and policies are reviewed periodically.

The Group also provides in-house and external training programs to its employees.

PROSPECTS

Based on the current level of orders and forecast provided by our customers, the Group is optimistic on the revenue growth in 2011. However, the economic recovery, though generally being on its moderate upward trend, still remains vulnerable. Labour shortage, wage increase and Chinese Renminbi appreciation are the underlying challenges to manufacturers in Mainland China. In order to ensure its competitiveness and to sustain its profitability, the Group has to continue its endeavour in finding ways to expand the sales and to increase the efficiency and productivity of the operations.

On behalf of the Directors, I would like to sincerely thank our customers, suppliers and business partners for their continued confidence in and support to the Group. I would also like to pay a special tribute to all of our employees for their loyal, diligent and professional services to the Group.

WONG CHUNG MAT, BEN

Chairman and Chief Executive Officer Hong Kong, 28 March 2011

Wong's International (Holdings) Limited 2010 Annual Report

五年財務概要 Five-Year Financial Summary

		二零一零年二零零九年	二零零八年	二零零七年	二零零六年
		2010 2009	2008	2007	2006
		港幣千元港幣千元	港幣千元	港幣千元	港幣千元
		HK$’000 HK$’000	HK$’000	HK$’000	HK$’000
業績	RESULTS
收益	Revenue	3,944,019 2,409,050	3,276,001	3,421,233	3,713,784
經營利潤	Profit from operations	206,754 64,734	46,710	76,023	109,419
融資成本	Finance costs	(5,343) (6,357)	(10,921)	(22,850)	(26,867)
投資物業公允價值變動	Changes in fair value of
	investment properties	4,980 4,750	(2,020)	31,500	3,440
金融工具公允價值變動	Fair value change on financial
淨額	instruments, net	(4,302) (414)	1,982	1,422	(707)
出售物業之收益	Gain on disposal of property	– –	264,845	–	–
出售投資物業之收益╱	Gain/(loss) on disposal of an
（虧損）	investment property	102 (1,239)	–	–	–
出售一間附屬公司之收益	Gain on disposal of a subsidiary	– –	–	345	–
出售物業、廠房及設備及	Gain/(loss) on disposal of
土地使用權之收益╱	property, plant and equipment
（虧損）	and land use rights	218 (2,255)	–	–	–
一間聯營公司之減值虧損	Write-back of impairment loss/
撥回╱（減值虧損）	(Impairment loss) for an
	associate	24,884 –	–	(1,990)	–
可供出售金融資產之	Impairment loss for available-
減值虧損	for-sale financial assets	– –	(4,689)	(3,104)	–
列為可供出售資產之	Impairment loss for asset held
減值虧損	for sale	– –	–	–	(8,795)
應佔聯營公司（虧損）╱	Share of (loss)/profit of
利潤	associates	(324) (154)	3,534	2,299	2,526
應佔共同控制實體虧損	Share of loss of jointly
	controlled entities	(144) (115)	–	–	–
無形資產之減值虧損	Impairment loss for intangible
	assets	– –	(9,373)	(1,696)	(753)
除所得稅前利潤	Profit before income tax	226,825 58,950	290,068	81,949	78,263
所得稅開支	Income tax expense	(29,884) (6,591)	(421)	(11,081)	(16,320)
本年度利潤	Profit for the year	196,941 52,359	289,647	70,868	61,943
下列者應佔利潤：	Profit attributable to:
本公司股權持有人	Equity holders of the
	Company	196,941 52,359	289,647	70,868	61,943
少數股東權益	Minority interests	– –	–	–	–
		196,941 52,359	289,647	70,868	61,943
資產及負債	ASSETS AND LIABILITIES
總資產	Total assets	2,696,121 1,728,084	1,870,172	1,679,492	1,910,546
總負債	Total liabilities	1,442,702 663,568	830,516	941,216	1,235,097
少數股東權益	Minority interests	– –	–	–	345

王氏國際（集團）有限公司 2 0 1 0 年報

財務摘要 Financial Highlights

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收益
Revenue
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港幣百萬元 HK$ million
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3,944
4,000
3,714
3,421
3,276
3,000
2,409
2,000
1,000
0
2006 2007 2008 2009 2010
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總資產及總負債 Total Assets and Total Liabilities

港幣百萬元 HK$ million

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3,000
2,696
2,500
2,000 1,911 1,870
1,728
1,679
1,443
1,500
1,235
941
1,000 831
664
500
2006 2007 2008 2009 2010
總資產 Total Assets
總負債 Total Liabilities
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除所得稅後利潤

港幣百萬元 HK$ million

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300 290
250
197
200
150
100
71
62
52
50
0
2006 2007 2008 2009 2010
2008年利潤包括出售物業收益港幣265,000,000元。
Property disposal gain of HK$265 million included in 2008 profit.
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各業務地區之收益(2010年) Revenue by Geographical Area (Year 2010) 港幣百萬元 HK$ million

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亞洲（香港除外）香港
Asia (other than Hong Kong
Hong Kong) 16%
58%
歐洲
Europe
18%
北美洲
North America
8%
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Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

董事會同寅現提呈截至二零一零年十二月三十一日止年度之報告及已審核之綜合財務報表，此等綜合財務報表已於本報告日期召開之董事會會議上獲董事會批准。

The Directors present their report together with the audited consolidated financial statements for the year ended 31 December 2010 which were approved by them at the board meeting held on the date of this report.

主要業務

PRINCIPAL ACTIVITIES

本公司屬控股公司，其附屬公司之主要業務是透過向全球的原設備製造商提供完整工程製造服務而製造電子產品。

The Company acts as a holding company. The principal activities of its subsidiaries are manufacturing of electronics products by providing complete engineering and manufacturing services to global Original Equipment Manufacturers.

財務報表

FINANCIAL STATEMENTS

本集團本年度之利潤與現金流量，以及本集團於二零一零年十二月三十一日結算時之財務狀況刊載於本年報第50頁至160頁內。

The profit and cash flows of the Group for the year and the state of affairs of the Group as at 31 December 2010 are set out on pages 50 to 160 of this Annual Report.

分部資料

SEGMENT INFORMATION

按分部經營詳細分析之本集團營業額及利潤刊載於綜合財務報表附註5 。

A detailed analysis of the Group’s turnover and profit by operating segments are set out in note 5 to the consolidated financial statements.

股息

DIVIDENDS

董事會已宣派中期股息，現擬派發截至二零一零年十二月三十一日止年度之末期股息如下：

The Directors have declared an interim dividend and now recommend a final dividend in respect of the year ended 31 December 2010 as follows:

		港幣千元
		HK$’000
已派發中期股息，每股為港幣0.035元	Interim dividend of HK$0.035 per share paid	16,421
擬派末期股息，每股為港幣0.055元	Proposed final dividend of HK$0.055 per
	share in issue	25,831
		42,252

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董事會報告書 Directors’ Report

主要客戶及供應商

MAJOR CUSTOMERS AND SUPPLIERS

本集團最大供應商及客戶所佔採購及銷售百分率如下：

The percentages of purchases and sales attributable to the Group’s largest suppliers and customers are as follows:

		百分率
		%
採購額	Purchases
–最大供應商	– the largest supplier	6
–五大供應商合併計算	– five largest suppliers combined	21
銷售額	Sales
–最大客戶	– the largest customer	30
–五大客戶合併計算	– five largest customers combined	73

各董事、其聯繫人士或股東（就董事所知擁有本公司股本5%以上）於本年度任何時間均無擁有上述供應商或客戶之權益。

No Directors, their associates or shareholders (which to the knowledge of the Directors own more than 5% of the Company’s share capital) were interested at any time during the year in the above suppliers or customers.

五年財務概要

FIVE-YEAR FINANCIAL SUMMARY

本集團過去五年之業績、資產及負債撮列於第 9頁。

The results, assets and liabilities of the Group for the last five years are summarised on page 9.

附屬公司及聯營公司詳情

PARTICULARS OF SUBSIDIARIES AND ASSOCIATES

主要附屬公司及聯營公司詳情分別刊載於綜合財務報表附註21及19 。

Particulars of the principal subsidiaries and associates are set out in notes 21 and 19 to the consolidated financial statements respectively.

股本

SHARE CAPITAL

本年度之股本變動情況刊載於綜合財務報表附註34 。

Movements in share capital during the year are set out in note 34 to the consolidated financial statements.

儲備

RESERVES

本年度儲備之變動情況刊載於綜合財務報表附註35 。

Movements in reserves during the year are set out in note 35 to the consolidated financial statements.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

優先權

本公司之公司細則或百慕達法例並無規定有關發行股份之優先權。

購買、出售或贖回本公司上市證券

截至二零一零年十二月三十一日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券。

物業、廠房及設備

本年度物業、廠房及設備之面值變動情況刊載於綜合財務報表附註16 。

聯合發展房地產物業

列為可作與新鴻基地產發展有限公司聯合發展之物業詳情載於主席報告書「業務回顧 – 物業發展」一段下。

捐款

本集團於本年度之慈善及其他性質捐款總額為港幣74,000元。

PRE-EMPTIVE RIGHTS

There are no pre-emptive rights upon the issue of shares which are imposed by the Company’s Bye-laws or Bermuda law.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the year ended 31 December 2010, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

PROPERTY, PLANT AND EQUIPMENT

Movements in book values of property, plant and equipment during the year are set out in note 16 to the consolidated financial statements.

JOINT DEVELOPMENT OF REAL ESTATE PROPERTIES

Details of the properties held for joint development with Sun Hung Kai Properties Limited are set out in the paragraph “Review of business activities – property development” under the Chairman’s Statement.

DONATIONS

Donations made by the Group for charitable and other purposes during the year amounted to HK$74,000.

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董事會報告書 Directors’ Report

董事

本年度及截至本報告日期之本公司董事為：

執行董事

王忠秣先生（主席兼行政總裁）王賢敏女士王忠椏先生陳子華先生譚靜安先生溫民強先生林錫崇先生（於二零一零年九月二十日辭任）

獨立非執行董事

李家祥博士， GBS， OBE ，太平紳士楊孫西博士， GBS，太平紳士葉天養先生，太平紳士

根據本公司之細則第112條，陳子華先生、李家祥博士及葉天養先生須輪值告退，並合資格及願意膺選連任。

DIRECTORS

The Directors of the Company during the year and up to the date of this report are:

Executive Directors

Mr. Wong Chung Mat, Ben

(Chairman and Chief Executive Officer)

Ms. Wong Yin Man, Ada

Mr. Wong Chung Ah, Johnny

Mr. Chan Tsze Wah, Gabriel

Mr. Tan Chang On, Lawrence

Mr. Wan Man Keung

Mr. Lam Sek Sung, Patrick (resigned on 20 September 2010)

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric, GBS, OBE, JP Dr. Yu Sun Say, GBS, JP Mr. Alfred Donald Yap, JP

In accordance with Bye-law 112 of the Company’s Bye-laws, Mr. Chan Tsze Wah, Gabriel, Dr. Li Ka Cheung, Eric and Mr. Alfred Donald Yap shall retire by rotation and, being eligible, offer themselves for re-election.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

董事及高級管理層個人資料

執行董事

王忠秣先生 ，現年59歲，於一九七五年加入本集團。彼自一九九零年六月出任本公司董事。於二零零三年二月獲委任為本公司主席兼行政總裁。王先生為本公司行政委員會主席及本集團其他多間公司之董事。彼亦為王華湘父子有限公司及 Salop Investment Limited之董事，兩者皆為本公司之主要股東。彼取得俄亥俄州立大學之營運研究碩士學位，於電子業累積逾 36年經驗。彼為高雅國際集團有限公司之獨立非執行董事。王先生是王忠椏先生及王忠梴先生（本公司之主要股東）之弟，及王賢敏女士之父。

王賢敏女士 ，現年33歲，於二零零二年加入本集團及於二零零五年十月獲委任為本公司董事。彼亦為本公司行政委員會成員及本集團其他若干公司之董事。彼負責本集團之中央採購部門。彼更負責管理設於深圳之電子製造服務部門之管理資訊系統。彼取得南加州大學工業工程學士學位及工程管理理學碩士學位。王女士為王忠秣先生之女兒，王忠椏先生及王忠梴先生（本公司之主要股東）之侄女。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

Executive Directors

Mr. Wong Chung Mat, Ben , aged 59, joined the Group in 1975. He has been a Director of the Company since June 1990. In February 2003, he was appointed Chairman and Chief Executive Officer of the Company. Mr. Wong is the Chairman of the Administrative Committee of the Company and a director of various other companies of the Group. He is also a director of W. S. Wong & Sons Company Limited and Salop Investment Limited, both of which are substantial shareholders of the Company. He obtained a Master of Science Degree in Operations Research from Ohio State University and has over 36 years’ experience in the electronics industry. He is an Independent Non-executive Director of Elegance International Holdings Limited. Mr. Wong is the brother of both Mr. Wong Chung Ah, Johnny and Mr. Wong Chung Yin, Michael, who is a substantial shareholder of the Company, and the father of Ms. Wong Yin Man, Ada.

Ms. Wong Yin Man, Ada , aged 33, joined the Group in 2002 and was appointed Director of the Company in October 2005. She is also a member of the Administrative Committee of the Company and a director of certain other companies of the Group. She is responsible for the Central Sourcing Department of the Group. She is also responsible for managing the Management Information System of the Electronic Manufacturing Service Division in Shenzhen. She obtained a Bachelor degree in Industrial Engineering and a Master of Science in Engineering Management from University of Southern California. Ms. Wong is the daughter of Mr. Wong Chung Mat, Ben and a niece of both Mr. Wong Chung Ah, Johnny and Mr. Wong Chung Yin, Michael, who is a substantial shareholder of the Company.

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董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

執行董事（續）

王忠椏先生 ，現年75歲，於一九七六年加入本集團。彼於一九九零年六月獲委任為本公司董事及主席。於二零零三年二月，彼辭去主席一職，但仍擔任本公司執行董事。彼為本公司行政委員會成員及本集團其他多間公司之董事。彼亦為王華湘父子有限公司及 Kong King International Limited 之董事，兩者皆為本公司之主要股東。彼於電子業累積逾35年經驗及負責本集團方針及策略之籌劃。王先生是王忠梴先生（本公司之主要股東）及王忠秣先生之兄，及王賢敏女士之伯父。

陳子華先生 ，現年62歲，於一九八五年加入本集團。自一九九零年六月出任本公司董事。彼亦為本公司行政委員會及薪酬委員會成員。彼曾為本集團之財務總監。於二零零七年七月，彼停止出任本集團財務總監一職，並改為出任本集團之財務顧問。彼亦為本集團其他若干公司之董事。彼為英國特許公認會計師公會之資深會員，取得香港大學之社會科學學士學位及中國發展研究文學碩士學位。在加入本集團之前，彼曾任職於一間大型國際會計師行約10年。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Executive Directors (continued)

Mr. Wong Chung Ah, Johnny , aged 75, joined the Group in 1976. He was appointed Director and Chairman of the Company in June 1990. In February 2003, he stepped down as Chairman but remained as an Executive Director of the Company. He is a member of the Administrative Committee of the Company and a director of various other companies of the Group. He is also a director of W. S. Wong & Sons Company Limited and Kong King International Limited, both of which are substantial shareholders of the Company. He has over 35 years’ experience in the electronics industry and is responsible for policy and strategic planning for the Group. Mr. Wong is the brother of Mr. Chung Yin, Michael, who is a substantial shareholder of the Company, and Mr. Wong Chung Mat, Ben and the uncle of Ms. Wong Yin Man, Ada.

Mr. Chan Tsze Wah, Gabriel , aged 62, joined the Group in 1985. He has been a Director of the Company since June 1990. He is also a member of the Administrative Committee and the Remuneration Committee of the Company. He was formerly the Group’s Financial Controller. In July 2007, he ceased to be the Group’s Financial Controller and became a financial adviser of the Group. He is also a director of certain other companies of the Group. He is a fellow member of the Association of Chartered Certified Accountants. He obtained a Bachelor degree in Social Sciences and a Master of Arts degree in China Development Studies from the University of Hong Kong. Before joining the Group, he had approximately 10 years’ experience with a major international firm of accountants.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

執行董事（續）

譚靜安先生 ，現年61歲，於一九八六年加入本集團及於二零零三年二月獲委任為本公司董事。彼亦為本集團其他若干公司之董事。彼主要負責將本集團之產品向電子製造服務客戶作海外市場拓展及銷售工作。彼於一九七二年於俄亥俄州大學取得電機工程理學士學位後，再赴 Ann Arbor之密芝根大學深造，於一九七四年獲電機工程學碩士學位。畢業後，譚先生在加入本集團前，曾於美國一家大型公司任職約12年。

溫民強先生 ，現年59歲，於一九八八年一月首次加入本集團。離開本集團約14個月後，彼於一九九三年六月再次加入本集團。於二零零四年一月獲委任為本公司董事。彼亦為本公司行政委員會成員及本集團其他若干公司之董事。彼持有香港大學之機械工程學士學位，於電子製造業累積逾35年經驗。溫先生一直積極參與華高深圳及蘇州廠房 EMS 部門多項決策及策劃工作。彼亦全盤負責監督 EMS部門之新銷售及推廣部以及該部門現有客戶組合之持續增長。溫先生為本公司之附屬公司 Wireless Dynamics Inc.之董事，該公司在加拿大卡加利從事 RFID產品技術。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Executive Directors (continued)

Mr. Tan Chang On, Lawrence , aged 61, joined the Group in 1986 and, in February 2003, he was appointed Director of the Company. He is also a director of certain other companies of the Group. He is mainly responsible for the Group’s overseas marketing and sales of products to electronic manufacturing service customers. He graduated from Ohio University with a BSEE in 1972 and then went to University of Michigan at Ann Arbor and got his MSEE in 1974. After graduation, he joined a major corporation in the United States for about 12 years before joining the Group.

Mr. Wan Man Keung , aged 59, first joined the Group in January 1988. After leaving the Group for about 14 months, he rejoined the Group in June 1993. In January 2004, he was appointed as a Director of the Company. He is also a member of the Administrative Committee of the Company and a director of a few other companies of the Group. He obtained a Bachelor degree in Mechanical Engineering from the University of Hong Kong and has over 35 years of experience in the electronics manufacturing industry. Mr. Wan is actively participating in many strategic roles and planning in the EMS Division in both the Welco Shenzhen and Suzhou factories. He has the overall responsibility for overseeing the EMS Division’s New Sales and Marketing Department and the continuing growth of the current customers for the factory at Suzhou. Mr. Wan is a director of Wireless Dynamics Inc., a subsidiary of the Company, engaged in the RFID product technology in Calgary, Canada.

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董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

獨立非執行董事

李家祥博士 ， GBS， OBE ，太平紳士， LLD ， DSocSc ， BA ， FCPA (Practising) ， FCA ， FCPA (Aust) ， FCIS ， FAIA (Hon) ， CGA (Hon) ， Hon HKAT， RFP (Hon)，現年57歲，自一九九九年四月加入本公司為獨立非執行董事。彼亦為本公司審核委員會主席。李博士為李湯陳會計師事務所首席會計師，執業會計師，並為數碼通電訊集團有限公司、載通國際控股有限公司、恒生銀行有限公司、華潤創業有限公司、路訊通控股有限公司、交通銀行股份有限公司及新鴻基地產發展有限公司之獨立非執行董事。李博士曾任 Meadville Holdings (BVI) Limited（前稱美維控股有限公司並於二零一零年十二月十三日解散）之獨立非執行董事。李博士現擔任中國人民政治協商會議第十一屆全國委員會委員及中華人民共和國財政部會計準則委員會諮詢專家。彼為香港立法會前任議員、立法會政府帳目委員會前任主席，亦為香港會計師公會前會長。

楊孫西博士 ， GBS，太平紳士，現年72歲，於一九九九年十月加入本公司為獨立非執行董事。彼亦為本公司薪酬委員會主席及審核委員會成員。彼為香江國際集團主席，亦為多間製造及投資公司之董事。彼為通達集團控股有限公司之獨立非執行董事。彼曾任中聯能源投資集團有限公司之獨立非執行董事。彼曾任香港特別行政區籌備委員會委員及香港事務顧問。現任全國政協常委、香港中華總商會常務會董及香港中華廠商聯合會永遠名譽會長。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric , GBS, OBE, JP, LLD, DSocSc, BA, FCPA (Practising), FCA, FCPA (Aust), FCIS, FAIA (Hon), CGA (Hon), Hon HKAT, RFP (Hon), aged 57, joined the Company as an Independent Non-executive Director in April 1999. He is also the Chairman of the Audit Committee of the Company. Dr. Li is the senior partner of Li, Tang, Chen & Co., Certified Public Accountants and an Independent Non-executive Director of SmarTone Telecommunications Holdings Limited, Transport International Holdings Limited, Hang Seng Bank Limited, China Resources Enterprise, Limited, Roadshow Holdings Limited, Bank of Communications Co., Ltd and Sun Hung Kai Properties Limited. Dr. Li was an Independent Non-executive Director of Meadville Holdings (BVI) Limited (formerly known as Meadville Holdings Limited and dissolved on 13 December 2010). Dr. Li is presently a member of The 11th National Committee of the Chinese People’s Political Consultative Conference and an adviser to its Ministry of Finance on international accounting standards. He is a former member of the Legislative Council of Hong Kong, former chairman of its Public Accounts Committee and a past president of the Hong Kong Institute of Certified Public Accountants.

Dr. Yu Sun Say , GBS, JP, aged 72, joined the Company as an Independent Non-executive Director in October 1999. He is also the Chairman of the Remuneration Committee and a member of the Audit Committee of the Company. He is the Managing Director of the H.K.I. Group of Companies and a director of a number of manufacturing and investment companies. He is an Independent Non-executive Director of Tongda Group Holdings Limited. He was an Independent Non-executive Director of Sino Union Energy Investment Group Limited. He served as a member of the Preparatory Committee for the Hong Kong Special Administrative Region and as a Hong Kong Affairs Adviser. He is currently a member of the Standing Committee of the Chinese People’s Political Consultative Conference, a member of the Standing Committee of the Chinese General Chamber of Commerce and Permanent Honorary President of the Chinese Manufacturers’ Association of Hong Kong.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

獨立非執行董事（續）

葉天養先生 ，太平紳士，現年72歲，於二零零四年九月加入本公司為獨立非執行董事。彼亦為本公司薪酬委員會及審核委員會成員。彼目前於何君柱、方燕翔律師樓擔任顧問一職。葉先生為香港律師會及亞太法律協會前任主席。彼亦曾擔任香港事務顧問。葉先生曾任職多間公共及社區機構，彼最近期曾擔任城市規劃委員會會員，唯任期已於二零一零年三月底屆滿。彼目前為豐德麗控股有限公司及鴻興印刷集團有限公司之獨立非執行董事。

高級管理層

余大弟博士 ， FCCA， FCIS， FCPA， CGA，現年50 歲，於二零一零年八月加入本公司出任高級財務副總裁一職，其後於二零一零年十一月出任公司秘書。彼負責本公司及其附屬公司所有有關財務及會計事務，以及管理資訊系統。彼擁有超過26年於知名跨國企業及上市公司，以及香港稅務局負責有關財務、業務控制、審計及稅務等範疇之經驗。彼持有香港理工大學頒授之工商管理博士學位及英國華威大學頒授之工商管理碩士學位。彼現為英國特許公認會計師公會、香港會計師公會、英國特許秘書及行政人員公會、香港特許秘書公會，以及香港董事學會資深會員；亦為加拿大註冊會計師協會會員。同時，彼為香港會計師公會認可監督。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Independent Non-executive Directors (continued)

Mr. Alfred Donald Yap , JP, aged 72, joined the Company as an Independent Non-executive Director in September 2004. He is also a member of the Remuneration Committee and the Audit Committee of the Company. He is presently a consultant at K.C. Ho & Fong, Solicitors and Notaries. Mr. Yap is a former president of The Law Society of Hong Kong and The Law Association for Asia and the Pacific (LAWASIA). He is also a former Hong Kong Affairs Adviser. Mr. Yap has served on various public and community organizations and his latest was as a member of the Town Planning Board, which term was completed at the end of March 2010. He is currently an Independent Non-executive Director of eSun Holdings Limited and Hung Hing Printing Group Limited.

Senior Management

Dr. Yu Tai Tei , FCCA, FCIS, FCPA, CGA, aged 50, joined the Company in August 2010 as Senior Vice President – Corporate Finance and subsequently took up the position of Company Secretary in November 2010. He is responsible for all aspects relating to finance and accounting of the Company and its subsidiaries as well as management information system. He has more than 26 years’ experience with renowned multinational and listed companies as well as Hong Kong Inland Revenue Department in the areas of finance, business control, auditing and tax. He has a Doctor of Business Administration degree from the Hong Kong Polytechnic University and a Master of Business Administration degree from the University of Warwick. Currently, he is a fellow member of The Association of Chartered Certified Accountants, The Hong Kong Institute of Certified Public Accountants (“HKICPA”), The Institute of Chartered Secretaries and Administrators, The Hong Kong Institute of Chartered Secretaries and The Hong Kong Institute of Directors respectively; and also a member of The Certified General Accountants Association of Canada. He is an Authorized Supervisor of HKICPA as well.

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董事及高級管理層個人資料（續）

高級管理層（續）

倫永全先生 ，現年63歲，於二零一零年六月加入本集團出任高級副總裁兼營運總經理，負責監督本集團蘇州生產廠房之整體管理。彼於電子產品及製造行業累積超過27年豐富經驗。於加入本集團前，彼曾於美國、歐洲、中國及香港多家跨國上市公司出任高級管理層，全力承擔盈虧責任。倫先生於美國俄亥俄州立大學取得工業及系統工程理學士及理碩士學位。

陳漢平先生 ，現年44歲，於二零零七年十一月加入本集團，其後於二零一零年三月晉升至高級副總裁。彼現時負責本集團深圳沙井廠房之財務、行政管理、採購及廠房工程。彼於電子製造業擁有超過15年經驗。彼於香港浸會大學取得工商管理學（會計）學士學位及於香港城市大學取得工商管理學深造證書。彼為香港會計師公會會員及英國特許公認會計師公會資深會員。

劉秋明先生 ，現年44歲，於二零零九年九月加入本集團，擔任本集團位於深圳沙井廠房營運部的高級副總裁。彼取得英國華威大學之製造系統工程學碩士學位。彼在製造業累積超過20年經驗。在加入本集團之前，彼於其他公司之品質保證及營運部門擔任不同的高級管理。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Senior Management (continued)

Mr. Lun Wing Chuen, Francis , aged 63, joined the Group in June 2010 as Senior Vice President and General Manager of Operations to oversee the overall management of the Group’s manufacturing factory in Suzhou. He has more than 27 years of extensive experience in electronic products and manufacturing industry. Prior to joining the Group, he had held senior management positions in various multinational public listed companies from USA, Europe, China as well as Hong Kong with full P&L responsibility. Mr. Lun received his BSC and MSc in Industrial & Systems Engineering from the Ohio State University, USA.

Mr. Chan Hon Ping , aged 44, joined the Group in November 2007 and subsequently promoted to Senior Vice President in March 2010. He is currently responsible for the finance, administration, purchasing and plant engineering of the Group’s Shajing factory in Shenzhen. He has more than 15 years of experience in the field of electronics manufacturing. He received his Bachelor degree in Business Administration (Accounting) from the Hong Kong Baptist University and Post Graduate Certificate in Business Administration from City University of Hong Kong. He is a member of The Hong Kong Institute of Certified Public Accountants and a fellow member of The Association of Chartered Certified Accountants.

Mr. Lau Chau Ming , aged 44, joined the Group in September 2009 as the Senior Vice President to head up the Group’s Operations for the Shajing factory in Shenzhen. He obtained a Master of Science in Manufacturing Systems Engineering from the University of Warwick. He has more than 20 years of working experiences in the manufacturing industry. Prior to joining the Group, he held various senior management positions in quality assurance and operations with other manufacturing companies.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

高級管理層（續）

林錫崇先生 ，現年53歲，於一九八五年加入本集團。彼於二零零七年五月及二零零九年四月分別獲委任為本集團財務總裁及本公司董事。於二零一零年九月，彼自本公司離任，惟仍繼續擔任本公司附屬公司 Wong’s International （USA）Corp. 之董事，該公司負責開發本公司原設計及製造業務之北美洲市場。於獲委任為本集團財務總裁之前，林先生曾於本集團擔任多個高級管理職位，於財務及營運方面擁有豐富經驗。林先生於金門大學取得會計學士學位及信息科學碩士學位。

根據上市規則第13.51B(1) 條更新董事資料

於本公司之職位

於二零一一年一月二十七日，王忠秣先生獲委任為行政委員會主席，而王賢敏女士、王忠椏先生、陳子華先生及溫民強先生獲委任為行政委員會成員。董事會轄下之行政委員會於同日成立。

於其他上市公司之董事職務

李家祥博士於二零一零年六月一日辭任 Meadville Holdings（BVI）Limited（前稱美維控股有限公司並於二零一零年十二月十三日解散）之獨立非執行董事。

楊孫西博士於二零一零年九月三日退任中聯能源投資集團有限公司之獨立非執行董事。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Senior Management (continued)

Mr. Lam Sek Sung, Patrick , aged 53, joined the Group in 1985. In May 2007 and April 2009, he was appointed the Group’s Chief Financial Officer and Director of the Company, respectively. In September 2010, he resigned from the Company but remains as Director of Wong’s International (USA) Corp., a subsidiary of the Company engaged in the development of the Company’s original design and manufacturing business in the North America market. Prior to his appointment as the Group’s Chief Financial Officer, Mr. Lam has held various senior management positions within the Group with a depth of financial and operation experiences. Mr. Lam earned a Bachelor degree in Accounting and a Master degree in Information Science from Golden Gate University.

UPDATE ON DIRECTORS’ INFORMATION UNDER RULE 13.51B(1) OF THE LISTING RULES

Positions held with the Company

On 27 January 2011, Mr. Wong Chung Mat, Ben was appointed as Chairman of the Administrative Committee and Ms. Wong Yin Man, Ada, Mr. Wong Chung Ah, Johnny, Mr. Chan Tsze Wah, Gabriel and Mr. Wan Man Keung were appointed as members of the Administrative Committee. The Administrative Committee was established under the Board on the same date.

Other directorships held in public companies

Dr. Li Ka Cheung, Eric resigned as an Independent Nonexecutive Director of Meadville Holdings (BVI) Limited (formerly known as Meadville Holdings Limited and dissolved on 13 December 2010) on 1 June 2010.

Dr. Yu Sun Say retired as an Independent Non-executive Director of Sino Union Energy Investment Group Limited on 3 September 2010.

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董事會報告書 Directors’ Report

根據上市規則第13.51B(1) 條更新董事資料（續）

UPDATE ON DIRECTORS’ INFORMATION UNDER RULE 13.51B(1) OF THE LISTING RULES (continued)

董事酬金

Directors’ emoluments

董事目前可享有之董事酬金如下：

The Directors are currently entitled to directors’ emoluments as follows:

		年度董事袍金	年度薪金
		Annual	Annual
		Directors’ Fees	Salary
		港幣	港幣
		HK$	HK$
執行董事	Executive Directors
王忠秣先生	Mr. Wong Chung Mat, Ben	50,000	2,581,670
王賢敏女士	Ms. Wong Yin Man, Ada	50,000	1,071,200
王忠椏先生	Mr. Wong Chung Ah, Johnny	50,000	722,475
陳子華先生	Mr. Chan Tsze Wah, Gabriel	50,000	494,400
譚靜安先生	Mr. Tan Chang On, Lawrence	50,000	1,173,300
溫民強先生	Mr. Wan Man Keung	50,000	1,796,730
獨立非執行董事	Independent Non-executive Directors
李家祥博士	Dr. Li Ka Cheung, Eric	110,000	–
楊孫西博士	Dr. Yu Sun Say	110,000	–
葉天養先生	Mr. Alfred Donald Yap	110,000	–

本公司各董事於截至二零一零年十二月三十一日止年度之酬金總額載於綜合財務報表附註 10 。

The total amount of emoluments of each Director of the Company for the year ended 31 December 2010 is set out in note 10 to the consolidated financial statements.

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董事會報告書 Directors’ Report

董事及主要行政人員之權益

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES

於二零一零年十二月三十一日，本公司董事及主要行政人員於本公司或其任何相聯法團（定議見證券及期貨條例（「證券及期貨條例」）第 XV 部）之股份、相關股份及債券中擁有須記錄於證券及期貨條例第352條規定置存之記錄冊內之權益或淡倉，或須根據上市發行人董事進行證券交易的標準守則（「標準守則」）知會本公司及香港聯合交易所有限公司（「聯交所」）之權益或淡倉如下：

As at 31 December 2010, the interests or short positions of the Directors and chief executives of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”), were as follows:

於本公司股份及相關股份之好倉

Long positions in shares and underlying shares of the Company

			相關股份		約佔已發行
			（購股權）	普通股總數	股份百分比
		普通股數目	Underlying	Total	Approximate
		Number of	shares	number of	percentage of
董事姓名	身份	ordinary	(share	ordinary	the issued
Name of Directors	Capacity	shares	options)	shares	shares
王忠秣	實益擁有人及受控制
	法團之權益（附註1）
Wong Chung Mat, Ben	Beneficial owner and interest of	121,630,911	–	121,630,911	25.90%
	controlled corporation (Note 1)
王賢敏	實益擁有人
Wong Yin Man, Ada	Beneficial owner	500,000	500,000	1,000,000	0.21%
王忠椏	實益擁有人、配偶權益及
	全權信託之創辦人權益（附註2）
Wong Chung Ah, Johnny	Beneficial owner, interest of spouse and	40,693,487	–	40,693,487	8.66%
	founder of a discretionary trust
	(Note 2)
陳子華	實益擁有人
Chan Tsze Wah, Gabriel	Beneficial owner	1,387,500	450,000	1,837,500	0.39%
譚靜安	實益擁有人
Tan Chang On, Lawrence	Beneficial owner	10,000	1,000,000	1,010,000	0.22%
溫民強	實益擁有人
Wan Man Keung	Beneficial owner	500,000	500,000	1,000,000	0.21%

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董事會報告書 Directors’ Report

董事及主要行政人員之權益（續）

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES (continued)

於本公司股份及相關股份之好倉（續）

Long positions in shares and underlying shares of the Company (continued)

附註：

Notes:

王忠秣先生被視為（根據證券及期貨條例）於本公司 121,630,911股股份中持有權益。該等股份透過以下身份持有：
Mr. Wong Chung Mat, Ben was deemed (by virtue of the SFO) to be interested in 121,630,911 shares in the Company. These shares were held in the following capacity:
(a) 1,000,000股股份由王忠秣先生個人持有。
(a) 1,000,000 shares were held by Mr. Wong Chung Mat, Ben personally.
(b) 120,630,911股股份由Salop Investment Limited 持有，而該公司由王忠秣先生全資擁有及控制。
(b) 120,630,911 shares were held by Salop Investment Limited, which was wholly owned and controlled by Mr. Wong Chung Mat, Ben.
王忠椏先生被視為（根據證券及期貨條例）於本公司 2. 40,693,487股股份中持有權益。該等股份透過以下身份持有：
Mr. Wong Chung Ah, Johnny was deemed (by virtue of the SFO) to be interested in 40,693,487 shares in the Company. These shares were held in the following capacity:
(a) 1,000,000股股份由王忠椏先生個人持有。
(a) 1,000,000 shares were held by Mr. Wong Chung Ah, Johnny personally.
(b) 1,235,000股股份由王忠椏先生之妻子陸潔貞女士持有。
(b) 1,235,000 shares were held by Ms. Luk Kit Ching, wife of Mr. Wong Chung Ah, Johnny.
(c) 38,458,487股股份由 Kong King International Limited 根據一項全權信託持有。根據證券及期貨條例，王忠椏先生被視為該信託之創辦人。 Kong King International Limited 由 Mountainview International Limited全資擁有，而該公司則由 HSBC Trustee (Cook Islands) Limited全資擁有。王忠椏先生（於本段披露）、 K o n g K i n g I n t e r n a t i o n a l L i m i t e d 、 Mountainview International Limited 及 HSBC Trustee (Cook lslands) Limited（於「主要股東之權益」一節披露）各自被視為持有同一批 38,458,487股股份之權益。
(c) 38,458,487 shares were held by Kong King International Limited under a discretionary trust, of which Mr. Wong Chung Ah, Johnny was regarded as the founder (by virtue of the SFO). Kong King International Limited was wholly owned by Mountainview International Limited, which was wholly owned by HSBC Trustee (Cook Islands) Limited. Each of Mr. Wong Chung Ah, Johnny (as disclosed herein), Kong King International Limited, Mountainview International Limited and HSBC Trustee (Cook Islands) Limited (as disclosed in the section headed “Interests of substantial shareholders”) was deemed to be interested in the same block of 38,458,487 shares.

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董事會報告書 Directors’ Report

董事及主要行政人員之權益（續）

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES (continued)

於本公司相聯法團股份之好倉

Long positions in shares of associated corporations of the Company

	the	Company
				約佔已發行
				股份百分比
			普通股數目	Approximate
			Number of	percentage of
董事姓名	相聯法團	身份	ordinary	the issued
Name of Director	Associated corporation	Capacity	shares	shares
王忠椏	王氏地產發展有限公司	受控制法團之權益
		（附註）
Wong Chung Ah, Johnny	Wong’s Properties Limited	Interest of controlled	2	50%
		corporation (Note)

附註：王忠椏先生被視為（根據證券及期貨條例）於王氏地產發展有限公司之2股股份（佔50% 權益）中持有權益。

Note: Mr. Wong Chung Ah, Johnny was deemed (by virtue of the SFO) to be interested in 2 shares representing 50% in Wong’s Properties Limited.

若干董事以信託方式，代表本公司或本公司其他附屬公司持有本公司若干附屬公司之合資格股份。

Certain Directors held qualifying shares in certain subsidiaries of the Company on trust for the Company or other subsidiaries of the Company.

除本報告披露者外，於二零一零年十二月三十一日，本公司董事或主要行政人員或彼等各自之聯繫人士概無於本公司或其任何相聯法團（定議見證券及期貨條例第 XV 部）之股份、相關股份或債券中擁有須記錄於證券及期貨條例第 352條規定置存之記錄冊內之權益或淡倉，或須根據標準守則知會本公司及聯交所之權益或淡倉。

Save as disclosed herein, as at 31 December 2010, none of the Directors or chief executives of the Company or their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

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董事會報告書 Directors’ Report

主要股東之權益

INTERESTS OF SUBSTANTIAL SHAREHOLDERS

據本公司董事或主要行政人員所知，於二零一零年十二月三十一日，下列人士（本公司董事或主要行政人員除外）於本公司股份或相關股份中擁有須記錄於證券及期貨條例第336條規定置存之記錄冊內之權益或淡倉如下：

So far as is known to the Directors or chief executives of the Company, as at 31 December 2010, persons (other than the Directors or chief executives of the Company) who had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO were as follows:

於本公司股份之好倉

Long positions in shares of the Company

			約佔已發行
			股份百分比
		普通股數目	Approximate
主要股東名稱	身份	Number of	percentage of
Name of substantial shareholders	Capacity	ordinary shares	the issued shares
	實益擁有人（附註1）
Salop Investment Limited	Beneficial owner (Note 1)	120,630,911	25.68%
王華湘父子有限公司	實益擁有人（附註2）
W. S. Wong & Sons	Beneficial owner (Note 2)	103,698,379	22.08%
Company Limited
王忠梴	全權信託之創辦人（附註3）
Wong Chung Yin, Michael	Founder of discretionary trusts	75,504,172	16.08%
	(Note 3)
	信託人（附註3(a)）
Batsford Limited	Trustee (Note 3(a))	46,620,212	9.93%
	實益擁有人（附註3(a)）
Levy Investment Limited	Beneficial owner (Note 3(a))	46,620,212	9.93%
	信託人（附註4）
HSBC International Trustee Limited	Trustee (Note 4)	40,957,546	8.72%
	實益擁有人（附註5）
Kong King International Limited	Beneficial owner (Note 5)	38,458,487	8.19%
	信託人（附註5）
Mountainview International Limited	Trustee (Note 5)	38,458,487	8.19%
	信託人（附註5）
HSBC Trustee (Cook Islands) Limited	Trustee (Note 5)	38,458,487	8.19%

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

主要股東之權益（續）

於本公司股份之好倉（續）

附註：

Salop Investment Limited 由王忠秣先生全資擁有及控制。請參閱「董事及主要行政人員之權益」一節附註1(b) 。
王華湘父子有限公司為一間由王氏家族控制之公司。
王忠梴先生被視為（根據證券及期貨條例）於本公司 75,504,172股股份中持有權益。該等股份透過以下身份持有：
(a) 46,620,212股股份由 Levy Investment Limited （由 Batsford Limited 全資擁有）根據一項全權信託持有。根據證券及期貨條例，王忠梴先生被視為該信託之創辦人。
(b) 17,584,960股股份由 Levy Pacific Limited 根據一項全權信託持有。根據證券及期貨條例，王忠梴先生被視為該信託之創辦人，而 HSBC International Trustee Limited 為信託人。請參閱下文附註4(a) 。
(c) 11,299,000股股份由 The Pacific Way Unit Trust 持有。就該批股份而言，根據證券及期貨條例，王忠梴先生被視為該信託之創辦人。
HSBC International Trustee Limited 被視為（根據證券及期貨條例）於本公司40,957,546股股份中持有權益。該等股份透過以下身份持有：
(a) 17,584,960股股份由Levy Pacific Limited（該公司由 HSBC International Trustee Limited 全資擁有）根據一項全權信託持有。王忠梴先生被視為該信託之創辦人（請參閱上文附註 3(b)）而 HSBC International Trustee Limited 為信託人。
(b) 11,357,150股股份由 Floral (PTC) Inc.（由 HSBC International Trustee Limited 全資擁有）根據一項全權信託持有。 HSBC International Trustee Limited 為該信託之信託人。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS (continued)

Long positions in shares of the Company (continued)

Notes:

Salop Investment Limited was a company wholly owned and controlled by Mr. Wong Chung Mat, Ben. Please refer to Note 1(b) under the section headed “Interests of directors and chief executives”.
W. S. Wong & Sons Company Limited was a company controlled by the Wong’s family.
Mr. Wong Chung Yin, Michael was deemed (by virtue of the SFO) to be interested in 75,504,172 shares in the Company. These shares were held in the following capacity:
(a) 46,620,212 shares were held by Levy Investment Limited, which was in turn wholly owned by Batsford Limited, a trustee under a discretionary trust of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO).
(b) 17,584,960 shares were held by Levy Pacific Limited under a discretionary trust, of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO) and HSBC International Trustee Limited was the trustee. Please see Note 4(a) below.
(c) 11,299,000 shares were held by The Pacific Way Unit Trust of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO).
HSBC International Trustee Limited was deemed (by virtue of the SFO) to be interested in 40,957,546 shares in the Company. These shares were held in the following capacity:
(a) 17,584,960 shares were held by Levy Pacific Limited (which was wholly owned by HSBC International Trustee Limited) under a discretionary trust, of which Mr. Wong Chung Yin, Michael was regarded as the founder (please refer to Note 3(b) above) and HSBC International Trustee Limited was the trustee.
(b) 11,357,150 shares were held by Floral (PTC) Inc. (which was wholly owned by HSBC International Trustee Limited) under a discretionary trust of which HSBC International Trustee Limited was the trustee.

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主要股東之權益（續）

於本公司股份之好倉（續）

附註：（續）

（續）
(c) 12,015,436股股份由Sycamore Assets Limited （由 HSBC International Trustee Limited 全資擁有）根據一項全權信託持有。 HSBC International Trustee Limited 為該信託之信託人。
38,458,487股股份由 Kong King International Limited 根據一項全權信託持有。王忠椏先生被視為該信託之創辦人。 Kong King International Limited 由 Mountainview International Limited 全資擁有，而 Mountainview International Limited則由 HSBC Trustee (Cook Islands) Limited 全資擁有。王忠椏先生、 Kong K ing I nternati onal L imite d 、 M ount ainv i ew International Limited及 HSBC Trustee (Cook Islands) Limited 各自被視為持有同一批38,458,487股股份之權益。

除披露者外，於二零一零年十二月三十一日，董事並不知悉任何其他人士於本公司股份或相關股份中擁有須記錄於證券及期貨條例第336 條規定置存之記錄冊內之權益或淡倉。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS (continued)

Long positions in shares of the Company (continued)

Notes: (continued)

(continued)
(c) 12,015,436 shares were held by Sycamore Assets Limited (which was wholly owned by HSBC International Trustee Limited) under a discretionary trust of which HSBC International Trustee Limited was the trustee.
38,458,487 shares were held by Kong King International Limited under a discretionary trust, of which Mr. Wong Chung Ah, Johnny was regarded as the founder. Kong King International Limited was wholly owned by Mountainview International Limited, which was wholly owned by HSBC Trustee (Cook Islands) Limited. Each of Mr. Wong Chung Ah, Johnny, Kong King International Limited, Mountainview International Limited and HSBC Trustee (Cook Islands) Limited was deemed to be interested in the same block of 38,458,487 shares.

Save as disclosed, the Directors are not aware of any other persons who, as at 31 December 2010, had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

購股權

SHARE OPTIONS

本公司於二零零零年七月三十日生效之僱員購股權計劃（「舊計劃」）已於二零一零年七月二十九日營業時間結束時屆滿，並已於二零一零年六月二日採納一項新購股權計劃（「新計劃」）。年內，概無購股權根據新計劃獲授出。年內根據舊計劃授出之購股權之變動載列如下：

The Company’s employee share option scheme came into effect on 30 July 2000 (the “Old Scheme”) was expired at the close of business on 29 July 2010 and a new share option scheme was adopted on 2 June 2010 (the “New Scheme”). During the year, no option was granted under the New Scheme. Movements of the options granted under the Old Scheme during the year were as follows:

承授人 Grantee 授出日期 Date of grant 每股行使價 Exercise price per share 行使期限 Exercisable period	購股權數目 Number of share options 於二零一零年一月一日之結餘 Balance as at 1 January 2010 於年度內授出 Granted during the year 於年度內行使 Exercised during the year 於年度內失效 Lapsed during the year 於二零一零年十二月三十一日之結餘 Balance as at 31 December 2010
董事 Directors 王賢敏二零零八年十二月二十二日港幣0.46元二零零九年十二月二十二日至二零一三年十二月二十一日 Wong Yin Man, Ada 22 December 2008 HK$0.46 22 December 2009 to 21 December 2013 陳子華二零零八年十二月二十二日港幣0.46元二零零九年十二月二十二日至二零一三年十二月二十一日 Chan Tsze Wah, Gabriel 22 December 2008 HK$0.46 22 December 2009 to 21 December 2013 譚靜安二零零八年十二月二十二日港幣0.46元二零零九年十二月二十二日至二零一三年十二月二十一日 Tan Chang On, Lawrence 22 December 2008 HK$0.46 22 December 2009 to 21 December 2013 溫民強二零零八年十二月二十二日港幣0.46元二零零九年十二月二十二日至二零一三年十二月二十一日 Wan Man Keung 22 December 2008 HK$0.46 22 December 2009 to 21 December 2013 僱員二零零八年十二月二十二日港幣0.46元二零零九年十二月二十二日至二零一三年十二月二十一日 Employees 22 December 2008 HK$0.46 22 December 2009 to 21 December 2013 總計 TOTAL:	1,000,000 – (500,000)1 – 500,000 600,000 – (150,000)2 – 450,000 1,000,000 – – – 1,000,000 1,000,000 – (500,000)3 – 500,000
	3,600,000 – (1,150,000) – 2,450,000
	9,650,0005 – (1,586,000)4 (1,463,000) 6,601,000
	13,250,000 – (2,736,000) (1,463,000) 9,051,000

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購股權（續）

SHARE OPTIONS (continued)

附註：

Notes:

於緊接購股權行使日期前的股份加權平均收市價為港幣1.80元。
The weighted average closing price of the shares immediately before the respective exercise date of the options was HK$1.80.
於緊接購股權行使日期前的股份加權平均收市價為港幣1.35元。
The weighted average closing price of the shares immediately before the respective exercise date of the options was HK$1.35.
於緊接購股權行使日期前的股份加權平均收市價為港幣1.81元。
The weighted average closing price of the shares immediately before the respective exercise date of the options was HK$1.81.
於緊接購股權行使日期前的股份加權平均收市價為港幣1.18元。
The weighted average closing price of the shares immediately before the respective exercise date of the options was HK$1.18.
由於林錫崇先生於二零一零年九月二十日辭任本公司董事，但仍為本集團僱員，1,000,000份先前分類於「董事」項下之購股權（於二零零八年十二月二十二日授出）已獲重新分類至「僱員」項下。
1,000,000 options (granted on 22 December 2008) previously classified under “Directors” were re-classified under “Employees” as a result of the resignation of Mr. Lam Sek Sung, Patrick as Director of the Company on 20 September 2010 but remains as an employee of the Group.
已授出購股權之有效期如下：
Options granted are vested as follows:

有效之購股權數目

No. of options vested

(1) 自授出日期首週年當日（包括該日）起至授出日期第二週年（不包括該日）止年度。
購股權項下股份總數之25%

In the year commencing on and including the date of the first anniversary up to 25% of the total number of of the date of grant up to and excluding the second anniversary of the shares comprised in the option date of grant. (2) 自授出日期第二週年當日（包括該日）起至授出日期第三週年（不包括該日）額外25%及上一年度25%的止年度。任何尚未行使部分 In the year commencing on and including the date of the second an additional 25% and any anniversary of the date of grant up to and excluding the third anniversary unexercised portion of the of the date of grant. previous year’s 25% (3) 自授出日期第三週年當日（包括該日）起至授出日期第四週年（不包括該日）額外25%及上兩個年度50%的止年度。任何尚未行使部分 In the year commencing on and including the date of the third anniversary an additional 25% and any of the date of grant up to and excluding the fourth anniversary of the unexercised portion of the date of grant. previous two years’ 50% (4) 自授出日期第四週年當日（包括該日）起至授出日期第五週年（不包括該日）購股權項下股份總數餘額止年度。 In the year commencing on and including the date of the fourth the balance of the total number of anniversary of the date of grant up to and excluding the fifth anniversary shares comprised in the option

(4) 自授出日期第四週年當日（包括該日）起至授出日期第五週年（不包括該日）止年度。 In the year commencing on and including the date of the fourth anniversary of the date of grant up to and excluding the fifth anniversary of the date of grant.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

購股權計劃概要

舊計劃

根據上市規則，舊計劃概要披露如下：

目的

作為給予僱員之獎勵。

參與者

合資格僱員包括本公司或任何附屬公司之任何執行董事，以及為向本公司或附屬公司提供全職或接近全職服務而僱用之本公司或任何附屬公司之任何高級行政人員、主任或僱員。

可予發行之股份總數，以及其於二零一零年十二月三十一日所佔已發行股本之百分比

根據該計劃，已授出之購股權之可發行股份數目為9,051,000股股份，佔二零一零年十二月三十一日已發行股本1.93%。

各參與者之權益上限

根據舊計劃，概無參與者獲授予購股權，而將導致向有關參與者所發行或可發行之股份數目超過當時根據舊計劃已發行或可予發行之股份總數之10%。根據上市規則第十七章，除非獲得股東批准，否則每名參與者於任何12個月內獲授出之購股權（包括已行使及尚未行使之購股權）予以行使時所發行及將予發行之股份總數，不得超過已發行股本之1%。

SUMMARY OF THE SHARE OPTION SCHEMES

Old Scheme

A summary of the Old Scheme disclosed in accordance with the Listing Rules is as follows:

1. Purpose

As incentive to employees.

2. Participants

Eligible employees including any executive director of the Company or any subsidiary, and any senior executive, officer or employee of the Company or any subsidiary employed to render full-time or substantially full-time service to the Company or a subsidiary.

Total number of shares available for issue and % of the issued capital that it represents as at 31 December 2010

The number of shares issuable under the share options granted under the Scheme was 9,051,000 shares representing 1.93% of the issued share capital as at 31 December 2010.

Maximum entitlement of each participant

Under the Old Scheme, no participant shall be granted an option which would result in the number of shares issued or issuable to the relevant participant exceeding 10% of the aggregate number of the shares for the time being issued or issuable under the Old Scheme. Pursuant to Chapter 17 of the Listing Rules, the total number of shares issued and to be issued upon exercise of the options granted to each participant (including both exercised and outstanding options) in any 12-month period must not exceed 1% of the issued share capital, unless approved by shareholders.

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購股權計劃概要（續）

舊計劃（續）

可根據購股權認購股份之期限

購股權不可於授出日期起計1年內行使。授出之購股權於授出日期起屆滿五週年前仍可行使。

購股權獲行使前須持有之最短期限

於授出日期後1年內不可行使購股權。

接納購股權須支付之金額及付款期限

為接納購股權，須於授予購股權之日期起計28日（或董事酌情釐定之其他日子）內支付港幣10元予本公司，作為接納購股權之代價。

8. 釐定行使價之基準

根據上市規則第十七章，行使價須不低於下列之最高者：

(a) 股份於授出日期（必須為營業日）於聯交所每日報價表所報之收市價；及
(b) 股份於緊接授出日期前5個營業日於聯交所每日報價表所報之平均收市價。

根據舊計劃，行使價不得低於股份之面值。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

Old Scheme (continued)

Period within which the shares must be taken up under an option

An option shall not be exercised within 1 year of the date of grant. An option granted shall remain exercisable before the fifth anniversary of the date of grant.

Minimum period for which an option must be held before it can be exercised

No option shall be exercisable earlier than 1 year after its date of grant.

Amount payable on acceptance of the option and the payment period

To accept the grant of an option, HK$10 as consideration for the grant of an option must be paid to the Company within a period of 28 days (or otherwise at the Directors’ discretion) from the date upon which the grant of an option is made.

Basis of determining the exercise price

Pursuant to Chapter 17 of the Listing Rules the exercise price must be at least the higher of:

(a) the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant, which must be a business day; and
(b) the average closing price of the shares as stated in the Stock Exchange’s daily quotations sheet for the 5 business days immediately preceding the date of the grant.

Under the Old Scheme, the exercise price must not be below the nominal amount of the shares.

Wong's International (Holdings) Limited 2010 Annual Report

董事會報告書 Directors’ Report

購股權計劃概要（續）

舊計劃（續）

舊計劃之有效期

舊計劃已於二零一零年七月二十九日營業時間結束時屆滿。舊計劃屆滿後，將不會再授出購股權，惟舊計劃之條文於所有其他方面仍然有效。

新計劃

根據上市規則，新計劃概要披露如下：

1. 目的

新計劃旨在確認及答謝對本集團有貢獻或將有貢獻之參與者。

2. 參與者

參與者為本公司董事（包括執行、非執行及獨立非執行董事），以及本公司任何成員公司及其附屬公司之全職或兼職僱員。

3. 可予發行之股份總數

根據新計劃及本公司任何其他計劃行使所有尚未行使及尚待行使之已授出購股權而可能獲發行之股份總數不得超過本公司不時之已發行股份之20%。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

Old Scheme (continued)

9. Life of the Old Scheme

The Old Scheme was expired at the close of business on 29 July 2010. Upon expiration of the Old Scheme, no further options shall be offered but in all other aspects, the provisions of the Old Scheme shall remain in force.

New Scheme

A summary of the New Scheme disclosed in accordance with the Listing Rules is as follows:

1. Purpose

The purpose of the New Scheme is to recognize and acknowledge participants who have contributed or will contribute to the Group.

Participants

The participants are Directors of the Company (including Executive, Non-executive and Independent Nonexecutive Directors) and full time or part time employees of any member of the Company and its subsidiaries.

Total number of shares available for issue

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購股權計劃概要（續）

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

新計劃（續）

New Scheme (continued)

4. 各參與者之權益上限

Maximum entitlement of each participant

根據新計劃及本公司任何其他計劃，除非獲得股東批准，否則於任何12個月期間內向任何參與者授出之購股權（包括已行使及尚未行使購股權）獲行使而發行及將予發行之股份總數，不得超過本公司已發行股本之1%。

The total number of shares issued and to be issued upon exercise of the options granted to any participant (including both exercised and outstanding options) under the New Scheme and any other schemes of the Company in any 12-month period must not exceed 1% of the issued shares of the Company, unless approved by shareholders.

可根據購股權認購股份之期限

5. Period within which the shares must be taken up under an option

購股權可根據新計劃條款，於董事會釐定並於提出要約時知會各承授人的期間任何時間內行使，惟於任何情況下，有關期間不得於授出日期起計10年後屆滿。

6. 購股權獲行使前須持有的最短期限

Minimum period for which an option must be held before it can be exercised

除董事會另行全權酌情決定者外，由購股權授出日期至購股權獲行使前，持有購股權最短期限必須為1年。

Unless otherwise determined by the Board at its sole discretion, there is a minimum period of 1 year for which an option must be held after its date of grant before such an option can be exercised.

7. 接納購股權須支付之金額及付款期限 7.

Amount payable on acceptance of the option and the payment period

為接納購股權，承授人須於接獲要約函件日期起計21日內支付港幣10元予本公司，作為接納購股權之代價。

To accept the grant of an option, HK$10 as consideration for the grant of an option must be paid by the grantee to the Company within 21 days from the date on which an offer letter is delivered to the grantee.

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購股權計劃概要（續）

新計劃（續）

8. 釐定行使價之基準

行使價須由董事會全權酌情釐定，惟於任何情況下不得低於下列之最高者：

(a) 股份於授出日期（必須為營業日）於聯交所每日報價表所報之收市價；
(b) 股份於緊接授出日期前5個營業日於聯交所每日報價表所報之平均收市價；及
(c) 股份面值。

9. 新計劃之有效期

新計劃將於自二零一零年六月二日至二零二零年六月一日（包括該日）止10年期間維持有效。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

New Scheme (continued)

Basis of determining the exercise price

The exercise price shall be such price determined by the Board in its absolute discretion but in any event shall not be less than the higher of:

(a) the closing price of the shares as stated in the daily quotations sheet issued by the Stock Exchange on the date of grant which must be a business day;
(b) the average closing price of the shares as stated in the daily quotations sheets issued by the Stock Exchange for the 5 business days immediately preceding the date of the grant; and
(c) the nominal value of the shares.
Life of the New Scheme

The New Scheme shall remain in force for 10 years commencing on 2 June 2010 up to and including 1 June 2020.

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認購股份或債券之安排

除購股權計劃外，本公司、其附屬公司或其相聯法團於本年度內概無訂立任何安排，致使本公司之董事或主要行政人員或彼等各自之聯繫人士可透過購入本公司或其相聯法團之股份、相關股份或債券而獲取利益。

關連人士交易

倘綜合財務報表附註40內所述任何交易構成關連交易，本公司則已遵守上市規則之有關披露及批准規定（如有）。

董事享有權益之合約

於年底或年內任何時間，各董事並未在任何與本公司或其任何附屬公司所訂立關乎本集團業務之重大合約中取得任何直接或間接利益。

董事服務合約

擬於應屆股東週年大會上提選連任之董事，並無與本公司或其附屬公司訂立任何倘本公司或其附屬公司不支付補償費用（法定補償除外）則不得於1年內終止之服務合約。

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

Apart from the share option schemes, at no time during the year was the Company, its subsidiaries or its associated corporations a party to any arrangement to enable the Directors or chief executives of the Company or their respective associates to acquire benefits by an acquisition of shares or underlying shares in, or debentures of, the Company or its associated corporations.

RELATED PARTY TRANSACTIONS

Where any transaction mentioned in note 40 to the consolidated financial statements constitutes a connected transaction, the disclosure and approval requirements, if any, under the Listing Rules have been complied with.

DIRECTORS’ INTERESTS IN CONTRACTS

No contracts of significance in relation to the Group’s business to which the Company or any of its subsidiaries was a party and in which a Director had, whether directly or indirectly, a material interest subsisted at the end of the year or at any time during the year.

SERVICE CONTRACTS OF DIRECTORS

There is no service contract, which is not determinable by the Company or its subsidiaries within 1 year without payment of compensation (other than statutor y compensation), with any Director proposed for re-election at the forthcoming annual general meeting.

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集團貸款及利息資本化

於1年內償還或按通知償還之銀行貸款及透支刊載於綜合財務報表附註33內，而可在超過1 年償還之銀行貸款及其他貸款則刊載於綜合財務報表附註33內。於年內，本集團並無將利息撥作為資本。

足夠公眾持股量

根據本公司獲得之公開資料並就本公司董事所知，於本報告日期，本公司相信，公眾所持有之本公司股份數目高於有關方面規定之最低百份比。

核數師

本年度之財務報表由羅兵咸永道會計師事務所審核，其任滿告退，備聘再任。

承董事會命

王忠秣

主席兼行政總裁香港，二零一一年三月二十八日

GROUP BORROWINGS AND INTEREST CAPITALISED

Bank loans and overdrafts repayable within 1 year or on demand are set out in note 33 to the consolidated financial statements. Bank loans and other borrowings repayable within a period of more than 1 year are set out in note 33 to the consolidated financial statements. No interest was capitalised by the Group during the year.

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the Directors of the Company as at the date of this Report, the Company believes that the number of shares of the Company which are in the hands of the public is above the relevant prescribed minimum percentage.

AUDITORS

The financial statements for the year have been audited by PricewaterhouseCoopers who retire and, being eligible, offer themselves for re-appointment.

On behalf of the Board

WONG CHUNG MAT, BEN

Chairman and Chief Executive Officer Hong Kong, 28 March 2011

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本公司致力制定良好的企業管治常規守則及程序，所遵行的企業管治原則著重高質素之董事會、健全之內部監控，以及對全體股東之透明度及問責性。

The Company is committed to the establishment of good corporate governance practices and procedures. The corporate governance principles of the Company emphasize a quality board, sound internal control, transparency and accountability to all shareholders.

董事認為，截至二零一零年十二月三十一日止年度內，本公司已遵守香港聯合交易所有限公司證券上市規則（「上市規則」）附錄十四所載「企業管治常規守則」（「守則」）之守則條文，惟以下除外：(a)主席及行政總裁之職位由同一人擔任，這與守則條文第A.2.1條有所偏離；及(b) 獨立非執行董事之委任並無固定任期，然而，須根據本公司細則於股東週年大會上輪值告退及膺選連任，這與守則條文第A.4.1條有所偏離。

In the opinion of the Directors, during the year ended 31 December 2010, the Company has complied with the code provisions of the “Code on Corporate Governance Practices” (the “Code”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), except that (a) the positions of Chairman and Chief Executive Officer were occupied by the same person, which deviates from code provision A.2.1; and (b) the Independent Non-executive Directors are not appointed for a specific term but are subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with the Bye-laws of the Company, which deviates from code provision A.4.1.

董事之證券交易

DIRECTORS’ SECURITIES TRANSACTION

本公司已採納上市規則附錄十所載上市發行人董事進行證券交易的標準守則（「標準守則」）。經向全體董事作具體查詢後，所有董事已確認於截至二零一零年十二月三十一日止年度內已遵守標準守則所載之規定。

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules. Having made specific enquiry to all Directors, all Directors confirmed that they had complied with the required standard set out in the Model Code during the year ended 31 December 2010.

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董事會

董事會（「董事會」）已擬備一份保留予董事會批准之事務清單。根據清單，董事會主要負責制定企業策略、通過業務計劃及監管本公司之財政及管理表現。董事會會議上討論之事項包括制定本集團策略及政策；批准重大業務、管理及財政事宜、年度預算、主要收購事項、出售事項及資本承諾；批准有關本公司組織章程及股本之事宜，以及更換董事會成員及核數師；成立董事委員會；審閱企業管治及維持良好的內部監控制度。

董事會向管理層指派多項特定責任，當中包括編製賬目以供董事會批准；實行董事會所批准之策略及政策；日常監控預算；實行特定業務及工作項目；實行企業管治及內部監控程序以及其他合規事宜。管理層定期向董事會提呈報告以供審閱及作出指引。

董事會現時由六名執行董事及三名獨立非執行董事組成。董事之個人資料（包括董事會成員間之關係）刊載於本年報第15頁至19頁內。

董事會已於二零一零年舉行四次定期會議（會議大約每季舉行一次），以討論本公司之整體策略、經營及財政狀況。除董事會定期會議外，董事會亦不時舉行會議，以審閱管理層獲指派事務之進度，以及處理董事會定期會議之間之任何重大發展及變動。截至二零一零年十二月三十一日止年度內舉行之此等董事會會議總數為二十一次。

BOARD OF DIRECTORS

The Board of Directors (the “Board”) has a schedule of matters reserved for its approval. Pursuant to the schedule, the Board is mainly responsible for formulating corporate strategies, approving business plans and supervising the Company’s financial and management performance. Matters which may be discussed in Board meetings include the formulation of the Group’s strategies and policies; approval of significant business, management and financial matters, annual budgets, major acquisitions, disposals and capital commitments; approval of matters relating to the Company’s constitution and share capital, and change of board members and auditors; establishment of board committees; review of corporate governance and the maintenance of a sound internal control system.

The Board delegates specific tasks to the management, which includes the preparation of accounts for the Board’s approval; implementation of strategies and policies approved by the Board; day-to-day monitoring of budgets; implementation of specific business and work projects; implementation of corporate governance and internal control procedures and other compliance matters. Management presents regular reports to the Board for their review and guidance.

The Board currently comprises six Executive Directors and three Independent Non-executive Directors. The biographical details of the Directors (including relationships among the members of the Board) are set out on pages 15 to 19 of this Annual Report.

The Board holds four regular Board meetings in 2010 at approximately quarterly intervals to discuss the overall strategy, operation and financial performance of the Company. In addition to the regular Board meetings, the Board also meets from time to time to review the progress of the matters delegated to the management and any major developments or changes taken place during the intervals between regular Board meetings. The total number of such Board meetings held during the year ended 31 December 2010 was twenty-one.

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董事會（續）

BOARD OF DIRECTORS (continued)

四次董事會定期會議之董事出席率如下：

The attendance of the Directors at the four regular Board meetings were as follows:

		出席率
		Attendance
執行董事	Executive Directors
王忠秣先生	Mr. Wong Chung Mat, Ben
（主席兼行政總裁）	(Chairman and Chief Executive Officer)	4/4
王賢敏女士	Ms. Wong Yin Man, Ada	4/4
王忠椏先生	Mr. Wong Chung Ah, Johnny	4/4
陳子華先生	Mr. Chan Tsze Wah, Gabriel	4/4
譚靜安先生	Mr. Tan Chang On, Lawrence	3/4
溫民強先生	Mr. Wan Man Keung	3/4
林錫崇先生*	Mr. Lam Sek Sung, Patrick*	4/4
獨立非執行董事	Independent Non-executive Directors
李家祥博士	Dr. Li Ka Cheung, Eric	3/4
楊孫西博士	Dr. Yu Sun Say	3/4
葉天養先生	Mr. Alfred Donald Yap	4/4

於二零一零年九月二十日辭任董事
resigned as Director on 20 September 2010

於舉行董事會會議前，董事會獲提供所有所需資料以考慮將予討論之事項。所有董事會會議按正式議程進行。季度董事會會議之時間表於財政年度開始時編定，確保最多董事可以出席。於董事會會議進行之所有業務均載入有關會議之會議記錄。董事會若干決定乃以全體董事通過書面決議案之方式作出。所有董事會成員可向公司秘書尋求意見及獲取服務。倘有需要，董事亦可向外尋求專業意見，費用由本公司支付。

Before the holding of a Board meeting, the Board is supplied with all necessary information to enable it to consider the matters to be discussed. A formal agenda is followed in all Board meetings. The quarterly Board meetings are scheduled at the beginning of the financial year in order to ensure maximum attendance by Directors. All business transacted at the Board meetings is documented in the minutes of such meeting. Some Board decisions are made by way of written resolutions of all Directors. All Board members have access to the advice and services of the Company Secretary. If necessary, Directors also have access to external professional advice at the expense of the Company.

年後，於二零一一年一月，本公司成立行政委員會，委員會獲董事會授予一般權力，以處理本公司之行政及日常營運，惟載於上述保留予董事會批准之事務清單內之事項除外。行政委員會由五名執行董事組成，分別為王忠秣先生（行政委員會主席）、王賢敏女士、王忠椏先生、陳子華先生及溫民強先生。

Subsequent to the year, in January 2011, the Company established an Administrative Committee which has all the general powers delegated by the Board to deal with administration and daily operation of the Company save as those matters set out in the schedule of matters reserved to the Board mentioned above. The Administrative Committee comprises five Executive Directors, namely Mr. Wong Chung Mat, Ben (the Chairman of the Administrative Committee), Ms. Wong Yin Man, Ada, Mr. Wong Chung Ah, Johnny, Mr. Chan Tsze Wah, Gabriel and Mr. Wan Man Keung.

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主席兼行政總裁

王忠秣先生為本集團主席兼行政總裁，自二零零三年二月起一直兼任這兩個職位。在容許兩個職位由同一人擔任時，本公司已考慮以下事項：

(a) 兩個職位均須對本集團業務具備透徹了解及豐富經驗。本集團內外均難以遇到同時具備合適知識、經驗及領導才能之人選。倘任何一個職位由不符合資格之人士擔任，可能會拖累本集團之表現。
(b) 本公司相信，董事會及其獨立非執行董事之監察可提供一個有效之制衡機制，並確保可足夠代表股東利益。

非執行董事

本公司認為獨立非執行董事由工業、財務及法律專才組成，能夠就制定策略及其他財政或監管規定向董事會及管理層提供意見。根據上市規則之規定，獨立非執行董事已分別向本公司提供有關其獨立性之年度確認書。本公司認為所有獨立非執行董事均具獨立性。

本公司現有非執行董事概無固定任期。然而，本公司各董事現時須根據本公司細則第112條輪值告退。由此，本公司認為已採取足夠措施，確保本公司之企業管治常規不遜於守則所載者。

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Mr. Wong Chung Mat, Ben is the Group’s Chairman and Chief Executive Officer and has occupied these two positions since February 2003. In allowing the two positions to be occupied by the same person, the Company has considered the following:

(a) Both positions require in-depth knowledge and considerable experience of the Group’s business. Candidates with the suitable knowledge, experience and leadership are difficult to find both within and outside the Group. If either of the positions is occupied by an unqualified person, the Group’s performance could be gravely compromised.
(b) The Company believes that the supervision of the Board and its Independent Non-executive Directors can provide an effective check and balance mechanism and ensures that the interests of the shareholders are adequately represented.

NON-EXECUTIVE DIRECTORS

The Company is satisfied that its Independent Non-executive Directors comprise a good mix of industrial, financial and legal expertise to advise the Board and the management team on strategy formulation and other financial or regulatory requirements. Pursuant to the requirement in the Listing Rules, each of the Independent Non-executive Directors has provided an annual confirmation of independence to the Company. The Company considers all of the Independent Non-executive Directors to be independent.

None of the existing Non-executive Directors of the Company is appointed for a specific term. However, every Director of the Company is now subject to retirement by rotation under Bye-law 112 of the Bye-laws of the Company. As such, the Company considers that sufficient measures have been taken to ensure that the Company’s corporate governance practices are no less exacting than those in the Code.

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董事之薪酬

REMUNERATION OF DIRECTORS

本公司已成立薪酬委員會，由兩名獨立非執行董事（楊孫西博士（其為薪酬委員會主席）及葉天養先生）及一名執行董事（陳子華先生）組成。

The Company has established a Remuneration Committee which comprises two Independent Non-executive Directors (Dr. Yu Sun Say, who is the Chairman of the Remuneration Committee and Mr. Alfred Donald Yap) and one Executive Director (Mr. Chan Tsze Wah, Gabriel).

薪酬委員會之主要責任包括制定本集團之薪酬政策、通過或建議執行董事及高級管理層之薪酬組合，並按照企業目標及宗旨審閱及批准按表現為衡量基準之薪酬。

The principal responsibilities of the Remuneration Committee include the formulation of the Group’s remuneration policy, the approval or recommendation of remuneration packages for the Executive Directors and the senior management, and the review and approval of performance based remuneration by reference to corporate goals and objectives.

於截至二零一零年十二月三十一日止年度，薪酬委員會舉行一次會議以批准執行董事之董事袍金，審閱及追認執行董事及高級管理層之薪酬組合，並對薪酬委員會之表現及人員組成進行年審。

During the year ended 31 December 2010, the Remuneration Committee held one meeting to approve the Directors’ fees of the Executive Directors, review and ratify the remuneration packages of the Executive Directors and senior management as well as to conduct an annual review of the performance and constitution of the Remuneration Committee.

該次會議之薪酬委員會成員出席率如下：

The attendance of the Remuneration Committee members at this meeting was as follows:

		出席率
		Attendance
獨立非執行董事	Independent Non-executive Directors
楊孫西博士（主席）	Dr. Yu Sun Say (Chairman)	1/1
葉天養先生	Mr. Alfred Donald Yap	1/1
執行董事	Executive Director
陳子華先生	Mr. Chan Tsze Wah, Gabriel	0/1

本公司之薪酬政策乃設立並維持合適及具競爭力之酬金以吸引、挽留及激勵僱員成功推動本集團業務。董事之酬金乃根據各董事預計所需付出之時間及努力、彼等於本公司之職責、本公司之薪酬政策及市場價格作基準。

The Company’s remuneration policy is to establish and maintain an appropriate and competitive level of remuneration to attract, retain and motivate employees to run the Group successfully. The emoluments of Directors are based on the anticipated time and effort required from each Director, duties and responsibilities with the Company, the Company’s remuneration policy and market benchmark.

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提名董事

本公司並無成立提名委員會。所有本公司董事均有責任就提名及委任董事以及董事繼任人選，向董事會作出推薦建議，並委任具有合適經驗及能力之董事會成員，以維持及改善本公司之競爭力。

在個別董事作出推薦建議後，董事會對有關人選之專業背景、經驗及往績記錄作出考慮。董事會亦考慮管理層及認識該人選之其他人士所作出之推薦建議。其後，董事會舉行會議以討論該等提名，倘適合，則通過委任有關人選為董事。

內部監控

董事會對維持本集團穩健有效之內部監控負有整體責任，並透過審核委員會檢討內部監控之有效性。內部審核部門對本集團之內部監控系統定期進行內部檢討，當中包括財務、營運、合規監控及風險管理功能。監管委員會由本集團行政人員組成，彼等定期開會，檢討內部審核部門進行內部審核工作之發現及意見，並提出相關建議。委員會之行政人員亦確保監控弱點已向有關部門有效溝通，並監察有關部門其後就其建議作出之行動。內部審核部門將向監督本集團內部監控有效性之審核委員會匯報其發現及意見。

NOMINATION OF DIRECTORS

The Company has not established a Nomination Committee. All Directors of the Company are responsible for making recommendations to the Board on nomination and appointment of Directors and Board succession, with a view to appoint to the Board individuals with suitable experience and capabilities to maintain and improve the competitiveness of the Company.

Following recommendations by individual Directors, the Board considers the professional background, experience and track records of the relevant candidates. The Board also considers the recommendations from the management team and other individuals who know the candidates. Subsequently, the Board meets to discuss the nominations and if appropriate, approve the appointment of the relevant candidates as Directors.

INTERNAL CONTROL

The Board has overall responsibility for maintaining sound and effective internal controls of the Group and reviewing its effectiveness through the Audit Committee. The Internal Audit Department conducts regular internal reviews of the Group’s internal control system covering the financial, operational, and compliance controls and risk management functions. The Compliance Committee which comprises the executives of the Group meets regularly to review the findings and opinions of internal audits conducted by the Internal Audit Department and makes the relevant recommendations. The executives from the Committee will also ensure the control weaknesses are effectively communicated to the relevant departments and monitor the follow-up actions in response to its recommendations. The Internal Audit Department will also report their findings and advice to the Audit Committee which oversees the effectiveness of the Group’s internal control.

王氏國際（集團）有限公司 2 0 1 0 年報

企業管治報告書

Corporate Governance Report

內部監控（續）

INTERNAL CONTROL (continued)

本集團內部監控系統旨在就提供合理而非絕對之保障，以防範出現重大錯誤陳述或損失，並管理而非消除營運系統失效之風險，從而令本集團可達到其目標。於二零一零年度，董事會並無識別到任何重大之內部監控弱點。審核委員會對目前已就鑒別、評估及管理本集團所面對風險設定之持續進行程序感到滿意。

The purpose of the Group’s internal control is to provide reasonable, but not absolute assurance against material misstatement or loss and to manage rather than eliminate risks of failure in operational system so that the Group’s objectives can be reached. For the year of 2010, the Board has not identified any critical internal control weaknesses. The Audit Committee is satisfied that there is an ongoing process in place for identifying, evaluating and managing the significant risks faced by the Group.

核數師酬金

AUDITORS’ REMUNERATION

截至二零一零年十二月三十一日止年度，已付或應付外聘核數師之酬金載列如下：

For the year ended 31 December 2010, the remuneration paid or payable to the external auditors is set out as follows:

		總額（港幣）
		Amount (HK$)
核數服務	Audit services
（由羅兵咸永道會計師事務所提供）	(provided by PricewaterhouseCoopers)	1,980,000
非核數服務	Non-audit services
–稅務諮詢服務	– tax consultancy services
（由羅兵咸永道會計師事務所提供）	(provided by PricewaterhouseCoopers)	340,000
		2,320,000

審核委員會

AUDIT COMMITTEE

本公司已成立審核委員會，由三名獨立非執行董事組成，包括李家祥博士（審核委員會主席）、楊孫西博士及葉天養先生。

The Company has established an Audit Committee which comprises three Independent Non-executive Directors, namely, Dr. Li Ka Cheung, Eric (the Chairman of the Audit Committee), Dr. Yu Sun Say and Mr. Alfred Donald Yap.

審核委員會之主要職責包括監察本集團之財務報告系統及內部監控程序、審閱本集團之財務資料及檢討與本公司核數師之關係。

The principal duties of the Audit Committee include the oversight of the Group’s financial reporting system and internal control procedures, review of the Group’s financial information and review of the relationship with the auditors of the Company.

Wong's International (Holdings) Limited 2010 Annual Report

企業管治報告書 Corporate Governance Report

審核委員會（續）

AUDIT COMMITTEE (continued)

截至二零一零年十二月三十一日止年度內，審核委員會與外聘核數師會面三次，並已審閱本集團採納之會計原則及慣例，討論核數、內部監控及財務申報事宜，包括審閱本集團二零零九年全年業績及二零一零年中期業績。審核委員會亦已審閱本集團截至二零一零年十二月三十一日止年度之經審核財務報表。

The Audit Committee met with the external auditors three times during the year ended 31 December 2010 and reviewed the accounting principles and practices adopted by the Group, discussed auditing, internal control and financial reporting matters including a review of the 2009 final results and 2010 interim results of the Group. It has reviewed the audited financial statements of the Group for the year ended 31 December 2010.

該三次會議之審核委員會成員出席率如下：

The attendance of the Audit Committee members at three meetings were as follows:

		出席率
		Attendance
獨立非執行董事	Independent Non-executive Directors
李家祥博士（主席）	Dr. Li Ka Cheung, Eric (Chairman)	1/3
楊孫西博士	Dr. Yu Sun Say	3/3
葉天養先生	Mr. Alfred Donald Yap	3/3

董事及核數師對財務報表之責任

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES FOR FINANCIAL STATEMENTS

有關董事及核數師編製本集團綜合財務報表之責任刊載於本年報第48頁至49頁之「獨立核數師報告」。

The responsibilities of the Directors and the auditor for preparing the consolidated financial statements of the Group are set out in the “Independent Auditor’s Report” on pages 48 to 49 of this Annual Report.

余大弟 ， FCCA， FCIS， FCPA， CGA 公司秘書

YU TAI TEI , FCCA, FCIS, FCPA, CGA Company Secretary

香港，二零一一年三月二十八日

Hong Kong, 28 March 2011

王氏國際（集團）有限公司 2 0 1 0 年報

管理層討論及分析 Management Discussions and Analyses

於二零一零年十二月三十一日，本集團之資產總值為港幣2,696,000,000元，較去年增長港幣968,000,000元。總資產變動分析如下：

The Group’s total assets was HK$2,696 million as at 31 December 2010 with an increase of HK$968 million as compared with last year. The changes are analyzed as below:

		增加╱（減少）
		Increase/(decrease)
		港幣百萬元
		HK$’M
物業、廠房及設備及租賃土地及	Property, plant and equipment, and leasehold land
土地使用權	and land use rights	86
聯營公司的投資	Investments in associates	18
共同控制實體的投資	Investments in jointly controlled entities	104
可供出售金融資產	Available-for-sale financial assets	4
存貨	Inventories	166
應收貿易賬款	Trade receivables	454
預付款項、訂金及其他應收款項	Prepayment, deposits and other receivables	10
應收聯營公司款項	Amounts due from associates	13
以公允價值計量且其變動計入損益	Financial assets at fair value through
的金融資產	profit or loss	1
已抵押銀行存款	Pledged bank deposits	155
現金及現金等價物	Cash and cash equivalents	(47)
其他	Sundries	4
		968

由於購買新辦公室港幣99,000,000元及增添新廠房及設備港幣40,000,000元，並部分與折舊及攤銷開支約港幣54,000,000元抵銷，物業、廠房及設備、及租賃土地及土地使用權增加港幣86,000,000元。

Property, plant and equipment, and leasehold land and land use rights were increased by HK$86 million, primarily resulting from the purchase of a new office for HK$99 million and additions of new plant and equipment for HK$40 million, partly offset by the depreciation and amortization charges of approximately HK$54 million.

於聯營公司的投資增加收購香港及新加坡戶外數位媒體公司 Focus Media Network Limited （「FMN」）22% 權益。本集團將利用 FMN 戶外數位屏幕網絡，推廣其將 RFID 互動技術與數位屏幕整合為一體的新開發互動數位屏幕（「互動數位屏幕」）服務。用戶可通過互動數位屏幕與數位屏幕顯示器互動，獲取不斷滾動的產品資訊或推廣優惠券。由於戶外數位媒體乃繼互聯網之後發展最快的廣告產業之一，

Investments in associates were added by the acquisition of 22% interests in Focus Media Network Limited (“FMN”), a digital out-of-home media company in Hong Kong and Singapore. The Group will utilize FMN’s out-of-home digital screen network to launch its newly developed Interactive Digital Signage (“IDS”) service, which integrates the RFID interactive technology with digital signage. The IDS enables users to interact with the digital signage displays to obtain product content information or promotional coupons on-thego. As Out-of-Home is one of the fastest growing advertising sectors after the Internet, FMN’s extensive network at office

Wong's International (Holdings) Limited 2010 Annual Report

管理層討論及分析 Management Discussions and Analyses

FMN 強大的網絡覆蓋寫字樓及購物商場，為推廣本集團新推出的互動數位屏幕服務提供優質平台。於本年度內， FMN將取得驕人成績。

年內，若干股東注資以股東貸款之形式注入觀塘物業發展項目之共同控制實體，金額達港幣104,000,000元。

隨著銷售額增長，營運資金亦因應增長：

– 存貨港幣166,000,000元 – 應收賬款港幣454,000,000元

然而，存貨周轉期（基於本集團之收入計算）為 9 ，上一年度為8 。

應收聯營公司款項增加淨額約為港幣 13,000,000元，乃由於目前物業市場復甦，半山住宅項目之港幣25,000,000元減值虧損獲撥回所致。有關撥回部分與本集團分佔一個複式單位及相連車位之銷售所得相抵銷。

年內，人民幣持續升值。為將上述升值所帶來的收益最大化，本集團之政策為盡可能將人民幣現金保留於手頭。就此，本集團將人民幣存款存放於中華人民共和國當地銀行，以取得銀行融資支付貿易付款。已抵押銀行存款因此而增長。

現金及現金等價物整體減少港幣47,000,000元。導致減少淨額的主要開支包括 (a) 購買位於觀塘偉業街108號17樓之新辦公室及12個車位，價值約港幣99,000,000元， (b) 向土地溢價及物業開發建築的合營公司注資約港幣 104,000,000元，及 (c) 投資於 Focus Media Network Limited 3,000,000美元。

buildings and shopping malls offers an excellent platform to launch the Group’s new IDS services. During the year, FMN delivered an encouraging result.

During the year, a series of injection in form of shareholder’s loan, amounting to HK$104 million, were introduced to the jointly controlled entities for the Kwun Tong property development project.

Following the growth in sales, working capital was inevitably increased:

– Inventories HK$166 million – Account receivables HK$454 million

Nevertheless, the inventory turnover (as calculated against the Group’s revenue) was 9, being improved from last year’s 8.

The net increase in amounts due from associates, approximately HK$13 million, resulted from the Mid-level residential project, where an impairment provision of HK$25 million was written back in view of the recovery from the current property market. The write-back was partly offset against the share of sale proceeds received by the Group in respect of a duplex unit plus a car park.

During the year, Renminbi continued its appreciation. In order to maximize the gain arising from the said appreciation, the Group had a policy to retain Renminbi cash on hand as far as possible. In this connection, the Group placed the Renminbi deposit with a local bank in the People’s Republic of China so that a banking facility was available to finance the trade payments. The increase in pledged deposit was entirely for this purpose.

Cash and cash equivalents were overall decreased by HK$47 million. Major spending leading to the net decrease included (a) purchase of a new office floor at 17/F, No. 108 Wai Yip Street, Kwun Tong and 12 car park spaces of approximately HK$99 million, (b) injection to the joint venture for the land premium and construction of the property development, amounting to approximately HK$104 million, and (c) investment in Focus Media Network Limited for US$3 million.

王氏國際（集團）有限公司 2 0 1 0 年報

獨立核數師報告 Independent Auditor’s Report

==> picture [103 x 58] intentionally omitted <==

致王氏國際（集團）有限公司股東

（於百慕達註冊成立的有限公司）

本核數師（以下簡稱「我們」）已審核列載於第50 頁至第160頁王氏國際（集團）有限公司（「貴公司」）及其附屬公司（以下合稱「貴集團」）的綜合財務報表，此綜合財務報表包括於二零一零年十二月三十一日的綜合及公司資產負債表與截至該日止年度的綜合收益表、綜合全面收入表、綜合權益變動表和綜合現金流量表，以及主要會計政策概要及其他解釋資料。

董事就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會頒佈的香港財務報告準則及按照香港《公司條例》的披露規定，及董事認為使綜合財務報表的呈列不存在由於欺詐或錯誤而導致的重大錯誤陳述所必須的內部控制，編製達致真實及公平觀點的綜合財務報表。

核數師的責任

我們的責任是根據我們的審核對該等綜合財務報表作出意見，並按照百慕達一九八一年《公司法》第90條僅向整體股東報告，除此之外本報告別無其他目的。我們不會就本報告的內容向任何其他人士負上或承擔任何責任。

TO THE SHAREHOLDERS OF WONG’S INTERNATIONAL (HOLDINGS) LIMITED (incorporated in Bermuda with limited liability)

We have audited the consolidated financial statements of Wong’s International (Holdings) Limited (the “Company”) and its subsidiaries (together, the “Group”) set out on pages 50 to 160, which comprise the consolidated and company balance sheets as at 31 December 2010, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The Directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the Directors determine is necessary to enable the presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these consolidated financial statements based on our audit and to report our opinion solely to you, as a body, in accordance with Section 90 of the Companies Act 1981 of Bermuda and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Wong's International (Holdings) Limited 2010 Annual Report

獨立核數師報告 Independent Auditor’s Report

我們已根據香港會計師公會頒佈的香港審計準則進行審核。這些準則要求我們遵守道德規範，並規劃及執行審核，以合理確定此等綜合財務報表是否不存有任何重大錯誤陳述。

審核涉及執行程序以獲取有關綜合財務報表所載金額及披露資料的審核憑證。所選定的程序取決於核數師的判斷，包括評估由於欺詐或錯誤而導致綜合財務報表存有重大錯誤陳述的風險。在評估該等風險時，核數師考慮與該公司編製達致真實及公平地觀點的綜合財務報表相關的內部控制，以設計適當的審核程序，但並非為對公司內部控制的效能發表意見。審核亦包括評價董事所採用的會計政策的合適性及所作出的會計估計的合理性，以及評價綜合財務報表的整體列報方式。

我們相信，我們所獲得的審核憑證是充足和適當地為我們的審核意見提供基礎。

意見

我們認為，該等綜合財務報表已根據香港財務報告準則真實而公平地反映貴公司及貴集團於二零一零年十二月三十一日的事務狀況及貴集團截至該日止年度的利潤及現金流量，並已按照香港《公司條例》的披露規定妥為編製。

羅兵咸永道會計師事務所 執業會計師

香港，二零一一年三月二十八日

We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2010 and of the Group’s profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, 28 March 2011

王氏國際（集團）有限公司 2 0 1 0 年報

綜合收益表 Consolidated Income Statement

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

		二零一零年	二零零九年
		2010	2009
		附註港幣千元	港幣千元
		Note HK$’000	HK$’000
收益	Revenue	5 3,944,019	2,409,050
其他收入	Other income	6 25,486	9,781
製成品及在製品存貨之	Changes in inventories of
變動	finished goods and work in progress	(40,668)	(10,411)
所使用之原料及消耗品	Raw materials and consumables used	(3,100,247)	(1,883,454)
僱員福利開支	Employee benefit expense	7 (352,982)	(262,085)
折舊及攤銷支出	Depreciation and amortisation charges	8 (53,928)	(59,913)
其他經營支出	Other operating expenses	8 (217,727)	(148,163)
投資物業公允價值	Change in fair value of investment
變動	properties	17 4,980	4,750
其他收益╱（虧損）–淨額	Other gains/(losses) – net	9 19,816	(1,621)
營運利潤	Operating profit	228,749	57,934
融資收入	Finance income	11 3,887	7,642
融資成本	Finance costs	11 (5,343)	(6,357)
應佔聯營公司虧損	Share of loss of associates	19 (324)	(154)
應佔共同控制實體	Share of loss of jointly controlled
虧損	entities	20 (144)	(115)
除所得稅前利潤	Profit before income tax	226,825	58,950
所得稅開支	Income tax expense	12 (29,884)	(6,591)
本公司股份持有人	Profit attributable to equity holders of
應佔利潤	the Company	196,941	52,359
股息	Dividends	14 42,252	14,008
本公司股份持有人	Earnings per share attributable to the
應佔年度每股盈利	equity holders of the Company
	during the year
每股基本盈利	Basic earnings per share	15 港幣HK$0.42元	港幣HK$0.11元
每股攤薄盈利	Diluted earnings per share	15 港幣HK$0.42元	港幣HK$0.11元

第59至160頁之附註為該綜合財務報表之組成 The notes on pages 59 to 160 are an integral part of these 部分。 consolidated financial statements.

Wong's International (Holdings) Limited 2010 Annual Report

綜合全面收入表 Consolidated Statement of Comprehensive Income

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
年度利潤	Profit for the year	196,941	52,359
其他全面收入︰	Other comprehensive income:
貨幣換算差額	Currency translation differences	16,130	(218)
年度其他全面收入，	Other comprehensive income for the year,
已扣稅	net of tax	16,130	(218)
本公司股份持有人應佔	Total comprehensive income attributable
年度全面收入總額	to equity holders of the Company for
	the year	213,071	52,141

第59至160頁之附註為該綜合財務報表之組成部分。

The notes on pages 59 to 160 are an integral part of these consolidated financial statements.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合資產負債表 Consolidated Balance Sheet

於二零一零年十二月三十一日 At 31 December 2010

		二零一零年	二零零九年
		2010	2009
		附註港幣千元	港幣千元
		Note HK$’000	HK$’000
資產	ASSETS
非流動資產	Non-current assets
物業、廠房及設備	Property, plant and equipment	16 262,485	176,372
投資物業	Investment properties	17 35,550	35,120
租賃土地及土地使用權	Leasehold land and land use rights	18 6,659	6,569
聯營公司的投資	Investments in associates	19 31,489	13,422
共同控制實體的投資	Investments in jointly controlled
	entities	20 282,292	177,878
可供出售金融資產	Available-for-sale financial assets	22 3,938	48
遞延所得稅資產	Deferred income tax assets	23 12,294	8,749
		634,707	418,158
流動資產	Current assets
存貨	Inventories	24 443,376	277,150
應收貿易賬款	Trade receivables	25 948,865	495,240
預付款項、訂金及	Prepayments, deposits and
其他應收賬款	other receivables	26 62,214	51,966
應收聯營公司款項	Amounts due from associates	27 27,843	15,202
衍生金融工具	Derivative financial instruments	32 –	113
以公允價值計量且其變動	Financial assets at fair value through
計入損益的金融資產	profit or loss	1,091	–
已抵押銀行存款	Pledged bank deposits	28 177,774	23,277
現金及現金等價物	Cash and cash equivalents	28 400,251	446,978
		2,061,414	1,309,926
總資產	Total assets	2,696,121	1,728,084
權益	EQUITY
歸屬於本公司權益	Equity attributable to owners of the
持有者	parent
股本	Share capital	34 46,966	46,692
其他儲備	Other reserves	35 476,454	459,325
保留盈利	Retained earnings	35
–擬派股息	– Proposed dividends	25,831	9,339
–其他	– Others	704,168	549,160
總權益	Total equity	1,253,419	1,064,516

Wong's International (Holdings) Limited 2010 Annual Report

綜合資產負債表 Consolidated Balance Sheet

於二零一零年十二月三十一日 At 31 December 2010

			二零一零年	二零零九年
			2010	2009
		附註	港幣千元	港幣千元
		Note	HK$’000	HK$’000
負債	LIABILITIES
非流動負債	Non-current liability
遞延所得稅負債	Deferred income tax liabilities	23	5,948	5,861
流動負債	Current liabilities
應付貿易賬款	Trade payables	29	774,711	457,923
應計費用及其他應付賬款	Accruals and other payables	30	195,532	144,894
應付一間聯營公司款項	Amount due to an associate	31	3,183	3,183
應付共同控制實體款項	Amounts due to jointly controlled
	entities	31	–	24
衍生金融工具	Derivative financial instruments	32	2,423	–
當期所得稅負債	Current income tax liabilities		24,646	2,837
貸款	Borrowings	33	436,259	48,846
			1,436,754	657,707
總負債	Total liabilities		1,442,702	663,568

總權益及負債	Total equity and liabilities		2,696,121	1,728,084
流動資產淨值	Net current assets		624,660	652,219
總資產減流動負債	Total assets less current liabilities		1,259,367	1,070,377

綜合財務報表已於二零一一年三月二十八日獲董事會批准及授權刊發，並由下列董事代表簽署：

The consolidated financial statements were approved and authorised for issue by the Board of Directors on 28 March 2011 and are signed on its behalf by:

王忠秣	王忠椏
主席兼行政總裁	董事

WONG CHUNG MAT, BEN	WONG CHUNG AH, JOHNNY
Chairman and	Director
Chief Executive Officer

第59至160頁之附註為該等綜合財務報表之組成部分。

The notes on pages 59 to 160 are an integral part of these consolidated financial statements.

53 王氏國際（集團）有限公司 2 0 1 0 年報

資產負債表 Balance Sheet

於二零一零年十二月三十一日 At 31 December 2010

		二零一零年二零零九年 2010 2009 附註港幣千元港幣千元 Note HK$’000 HK$’000
資產	ASSETS
非流動資產	Non-current asset
附屬公司的投資	Investments in subsidiaries	21 564,604 563,810
流動資產	Current assets
預付款項、訂金及	Prepayments, deposits and other
其他應收賬款	receivables	171 171
應收附屬公司款項	Amounts due from subsidiaries	21 359,515 335,989
現金及現金等價物	Cash and cash equivalents	28 1,331 653
		361,017 336,813
總資產	Total assets	925,621 900,623
權益	EQUITY
歸屬於本公司權益	Equity attributable to owners
持有者	of the parent
股本	Share capital	34 46,966 46,692
其他儲備	Other reserves	35 673,528 672,529
保留盈利	Retained earnings	35
–擬派股息	– Proposed dividends	25,831 9,339
–其他	– Others	11,824 5,211
總權益	Total equity	758,149 733,771
負債	LIABILITIES
流動負債	Current liabilities
應計費用及其他應付賬款	Accruals and other payables	2,267 2,222
應付附屬公司款項	Amounts due to subsidiaries	21 165,205 164,630
總負債	Total liabilities	167,472 166,852

總權益及負債	Total equity and liabilities	925,621 900,623
流動資產淨值	Net current assets	193,545 169,961
總資產減流動負債	Total assets less current liabilities	758,149 733,771

第59至160頁之附註為該等綜合財務報表之組成部分。

The notes on pages 59 to 160 are an integral part of these consolidated financial statements.

Wong's International (Holdings) Limited 2010 Annual Report

綜合權益變動表 Consolidated Statement of Changes in Equity 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

		股本	股份溢價	其他儲備	總額
		Share	Share	Other
		capital	premium	reserves	Total
		（附註34）（附註35）（附註35）
		(Note 34)	(Note 35)	(Note 35)
		港幣千元	港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000
於二零零九年一月一日	As at 1 January 2009	46,692	148,864	844,100	1,039,656
全面收入	Comprehensive income
年度利潤	Profit for the year	–	–	52,359	52,359
其他全面收入	Other comprehensive income
貨幣換算差額	Currency translation difference	–	–	(218)	(218)
其他全面收入總額	Total other comprehensive income	–	–	(218)	(218)
全面收入總額	Total comprehensive income	–	–	52,141	52,141
與擁有人之交易	Transactions with owners
已付本公司股份持有人	Dividend paid to equity holders
之股息	of the Company	–	–	(28,015)	(28,015)
僱員購股權計劃	Employee share option scheme
–僱員服務價值	– value of employment services	–	–	734	734
與擁有人之交易總額	Total transactions with owners	–	–	(27,281)	(27,281)
於二零零九年
十二月三十一日	As at 31 December 2009	46,692	148,864	868,960	1,064,516

王氏國際（集團）有限公司 2 0 1 0 年報

綜合權益變動表 Consolidated Statement of Changes in Equity

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

		股本股份溢價其他儲備總額 Share capital Share premium Other reserves Total （附註34）（附註35）（附註35） (Note 34) (Note 35) (Note 35) 港幣千元港幣千元港幣千元港幣千元 HK$’000 HK$’000 HK$’000 HK$’000
於二零一零年一月一日	As at 1 January 2010	46,692 148,864 868,960 1,064,516
全面收入	Comprehensive income
年度利潤	Profit for the year	– – 196,941 196,941
其他全面收入	Other comprehensive income
貨幣換算差額	Currency translation difference	– – 16,130 16,130
其他全面收入總額	Total other comprehensive income	– – 16,130 16,130

全面收入總額	Total comprehensive income	– – 213,071 213,071
與擁有人之交易	Transactions with owners
已付本公司股份持有人	Dividend paid to equity holders
之股息	of the Company	– – (25,760) (25,760)
購股權計劃	Share option scheme
–僱員服務價值	– value of employment services	– – 334 334
–發行股份所得款項	– proceeds from shares issued	274 984 – 1,258
與擁有人之交易總額	Total transactions with owners	274 984 (25,426) (24,168)
於二零一零年
十二月三十一日	As at 31 December 2010	46,966 149,848 1,056,605 1,253,419

第59至160頁之附註為該等綜合財務報表之組成部分。

The notes on pages 59 to 160 are an integral part of these consolidated financial statements.

Wong's International (Holdings) Limited 2010 Annual Report

綜合現金流量表 Consolidated Cash Flow Statement 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

			二零一零年	二零零九年
			2010	2009
		附註	港幣千元	港幣千元
		Note	HK$’000	HK$’000
營運活動所得現金流量	Cash flows from operating activities
營運（所用）╱產生的	Net cash (used in)/generated from
現金淨額	operations	37(a)	(3,140)	160,763
已付香港利得稅	Hong Kong profits tax paid		(3,369)	(11,945)
已付境外稅款	Overseas tax paid		(9,893)	(4,499)
香港利得稅退款	Hong Kong profits tax refund		1,729	4,488
已付利息	Interest paid		(5,343)	(6,357)
營運活動（所用）╱產生的	Net cash (used in)/generated from
現金淨額	operating activities		(20,016)	142,450
投資活動所得現金流量	Cash flows from investing activities
購入物業、廠房及設備	Acquisition of property, plant and
	equipment		(140,244)	(33,529)
出售物業、廠房及設備以及	Proceeds from disposal of
土地使用權所得款項	property, plant and equipment
	and land use rights	37(b)	303	3,007
出售投資物業所得款項	Proceeds from disposal of an
淨額	investment property	37(c)	4,652	2,671
一間聯營公司的額外投資	Additional investment in an
	associate		(23,314)	–
應收聯營公司款項減少	Decrease in amounts due from
	associates		12,243	10,667
已收一間聯營公司股息	Dividends received from an
	associate		6,128	3,685
貸款予共同控制實體	Loans to jointly controlled entities		(104,558)	(3,682)
應付共同控制實體款項	(Decrease)/increase in amounts
（減少）╱增加	due to jointly controlled entities		(24)	14
可供出售金融資產的	Additional investment in an
額外投資	available-for-sale financial asset		(3,891)	–
購入以公允價值計量且其變	Acquisition of financial assets at
動計入損益的金融資產	fair value through profit or loss		(1,091)	–
原到期日超過3個月之	Decrease in time deposits with
定期存款減少	original maturity over 3 months		–	117,663
已抵押銀行存款（增加）╱	(Increase)/decrease in pledged
減少	bank deposits		(154,497)	15,699
已收利息	Interest received		3,887	7,642
投資活動（所用）╱產生的	Net cash (used in)/generated from
現金淨額	investing activities		(400,406)	123,837

王氏國際（集團）有限公司 2 0 1 0 年報

綜合現金流量表 Consolidated Cash Flow Statement

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

		二零一零年	二零零九年
		2010	2009
		附註港幣千元	港幣千元
		Note HK$’000	HK$’000
融資活動所得現金流量	Cash flows from financing activities
僱員購股權計劃所得	Proceeds from employee share
款項	option scheme	1,258	–
新造銀行貸款	New bank loans	748,149	48,846
償還銀行貸款	Repayment of bank loans	(360,736)	(293,706)
已付股息	Dividends paid	(25,760)	(28,015)
融資活動之現金	Net cash generated from/(used in)
產生╱（所用）的淨額	from financing activities	362,911	(272,875)
現金及現金等價物之	Net decrease in cash and cash
減少凈額	equivalents	(57,511)	(6,588)
年初之現金及現金	Cash and cash equivalents,
等價物	beginning of the year	446,978	454,573
匯兌差額	Exchange differences	10,784	(1,007)
年終之現金及現金	Cash and cash equivalents,
等價物	end of theyear	28 400,251	446,978

第59至160頁之附註為該等綜合財務報表之組 The notes on pages 59 to 160 are an integral part of these 成部分。 consolidated financial statements.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

1 一般資料

1 GENERAL INFORMATION

王氏國際（集團）有限公司（「本公司」）及其附屬公司（統稱「本集團」）主要從事透過向原設備製造商提供完整工程製造服務而製造電子產品。

Wong’s International (Holdings) Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in the manufacturing of electronics products by providing complete engineering and manufacturing services to original equipment manufacturers.

本公司乃於百慕達註冊成立之獲豁免有限責任公司。註冊辦事處及主要營業地點分別位於 Clarendon House, Church Street, Hamilton HM 11, Bermuda及香港九龍官塘偉業街180A 號王氏工業中心。

The Company is an exempted limited liability company incorporated in Bermuda. The address of its registered office and principal place of business are Clarendon House, Church Street, Hamilton, HM11, Bermuda and Wong’s Industrial Centre, 180A Wai Yip Street, Kwun Tong, Kowloon, Hong Kong respectively.

本公司之股份主要於香港聯合交易所有限公司主板上市。

The Company has its primary listing on the Main Board of The Stock Exchange of Hong Kong Limited.

除另有指明外，綜合財務報表以港幣千元（「港幣千元」）單位呈列。綜合財務報表已於二零一一年三月二十八日獲董事會批准刊發。

These consolidated financial statements are presented in thousands of units of Hong Kong dollars (“HK$’000”), unless otherwise stated. These consolidated financial statements have been approved for issue by the Board of Directors on 28 March 2011.

2 主要會計政策概要

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

呈列該等綜合財務報表所採用之主要會計政策載於下文。除另有指明外，該等政策已於所有呈列年度貫徹應用。

The principal accounting policies applied in the presentation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 編製基準

2.1 Basis of preparation

該等綜合財務報表已按照香港財務報告準則（「香港財務報告準則」）編製。該等報表已根據歷史成本慣例（透過重估可供出售金融資產、以公允價值計量且其變動計入損益的金融資產、金融負債（包括衍生工具）及投資物業進行修正）編製。

These consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). They have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and investment properties, which are carried at fair value.

59 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準（續）

2.1 Basis of preparation (continued)

編製符合香港財務報告準則之綜合財務報表要求使用若干關鍵會計估計，亦要求管理層於應用本集團會計政策之過程中行使判斷。涉及高度判斷或複雜的範疇，或對綜合財務報表有重大影響的假設及估計已於附註4披露。

The preparation of consolidated financial statements in conformity with HKFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4.

本集團已採納以下須於二零一零年一月一日或之後開始之會計期間應用且有關本集團營運之現有準則及詮釋之修訂：

The Group has adopted the following amendments to existing standards and interpretations that are mandatory for accounting periods beginning on or after 1 January 2010 and relevant to the Group’s operations:

香港會計準則第17號租賃（修訂版）香港詮釋第5號財務報表之列報 – 借款方對包含可要求提前償還的條款的定期貸款的分類

HKAS 17 (amendment) Leases

Presentation of financial statements – classification by the borrower of a term loan that contains a repayment on demand clause

HK – Int 5

採納該等新訂或經修訂準則及現有準則之修訂對綜合財務報表並無重大影響，並不會導致本集團會計政策出現重大變動，惟綜合財務報表之呈列發生若干變動除外。

The adoption of such new or revised standards and amendments to existing standards does not have material impact on the consolidated financial statements and does not result in substantial changes to the Group’s accounting policies except certain changes on the presentation of the consolidated financial statements.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準（續）

2.1 Basis of preparation (continued)

以下為就二零一零年一月一日或之後開始之會計期間必須採納的準則及詮釋之修訂，惟與本集團營運無關︰

The following amendments to standards and interpretations are mandatory for accounting periods beginning on or after 1 January 2010, but they are not relevant to the Group’s operations:

香港財務報告準則首次採納香港財務報告第1號（經修訂）準則香港財務報告準則集團以現金結算以股份第2號（修訂版）為基礎的支付交易香港財務報告準則業務合併第3號（經修訂）香港財務報告準則持有待售的非流動資產第5號（修訂版）和終止經營香港會計準則財務報表的列報第1號（修訂版）香港會計準則合併及單獨財務報表第27號（經修訂）香港會計準則資產減值第36號（修訂版）香港會計準則符合條件的被套期項目第39號（修訂版）香港（國際財務報告嵌入衍生工具的重估詮釋委員會） – 詮釋第9號

香港（國際財務報告境外經營淨投資的套期詮釋委員會） – 詮釋第16號
香港（國際財務報告向所有者分配非現金詮釋委員會）資產 – 詮釋第17號
香港（國際財務報告客戶轉讓的資產詮釋委員會） – 詮釋第18號
年度改進項目對二零零九年香港財務報告準則的改進

HKFRS 1 (revised) First-time adoption of HKFRSs

HKFRS 2 (amendment) Group cash-settled share-based payment transactions
HKFRS 3 (revised) Business Combinations
HKFRS 5 (amendment) Non-current assets held for sale and discontinued operations
HKAS 1 (amendment) Presentation of financial statements
HKAS 27 (revised) Consolidated and separate financial statements
HKAS 36 (amendment) Impairment of assets

HKAS 39 (amendment) Eligible hedge items

HK(IFRIC) – Int 9 Reassessment of embedded derivatives
HK(IFRIC) – Int 16 Hedges of a net investment in a foreign operation
HK(IFRIC) – Int 17 Distribution of non-cash assets to owners
HK(IFRIC) – Int 18 Transfers of assets from customers
Annual improvements Improvements to HKFRSs 2009 project

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準（續）

2.1 Basis of preparation (continued)

已頒佈但未於二零一零年一月一日開始之財政年度生效且未提早採納之新訂及經修訂準則、修訂及詮釋。

New or revised standards, amendments and interpretations have been issued but are not effective for the financial year beginning 1 January 2010 and have not been early adopted.

香港財務報告準則金融工具第9號

香港會計準則遞延所得稅：相關資產的第12號（修訂版）收回香港會計準則關聯方披露第24號（經修訂）香港會計準則配股權的分類第32號（修訂版）

香港（國際財務報告最低提存資金要求的詮釋委員會）預付款 – 詮釋第14號（修訂版）

香港（國際財務報告以權益工具解除詮釋委員會）金融負債 – 詮釋第19號

年度改進項目對二零一零年香港財務報告準則的改進

HKFRS 9 Financial instruments

HKAS 12 (amendment) Deferred tax: recovery of underlying assets HKAS 24 (revised) Related party disclosures

HKAS 32 (amendment) Classification of rights issues

HK(IFRIC) – Int 14 Prepayments of a minimum funding (amendment) requirement HK(IFRIC) – Int 19 Extinguishing financial liabilities with equity instruments

Annual improvements Improvements to HKFRSs 2010 project

本集團正評估首次應用新訂或經修訂準則、準則之修訂及詮釋之影響。迄今為止，本集團認為應用新訂或經修訂準則、準則之修訂及詮釋不大可能對本集團的經營業績及財務狀況造成重大影響。

The Group is in the process of making an assessment of the impact of the new or revised standards, amendments to standards and interpretations upon initial application. So far, it has concluded that the new or revised standards, amendments to standards and interpretations are unlikely to have significant impact on the Group’s results of operations and financial position.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2.2 綜合

綜合財務報表包括本公司及其所有附屬公司截至二零一零年十二月三十一日止之財務報表。

(a) 附屬公司

附屬公司乃指本集團有權控制其整體財務及營運政策並擁有逾半數投票權之股權之所有公司（包括特別功能公司）。於評估本集團是否控制另一公司時，會考慮現時可行使或可換轉之潛在投票權及其影響。附屬公司賬目自控制權轉讓予本集團之日起全面綜合入賬，並自該控制權終止之日起停止綜合入賬。

本集團利用購買法將業務合併入賬。購買的對價根據於交易日期所給予資產、所產生或承擔的負債及發行的股本工具的公允價值計算。所轉讓的對價包括或有對價安排所產生的任何資產和負債的公允價值。購買相關成本在產生時支銷。在業務合併中所購買可辨認的資產以及所承擔的負債及或有負債，首先以彼等於購買日期的公允價值計量。就個別收購基準，本集團可按公允價值或按非控制性權益應佔被購買方淨資產的比例，計量被收購方的非控制性權益。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 Consolidation

The consolidated financial statements include the financial statements of the Company and all of its subsidiaries made up to 31 December 2010.

(a) Subsidiaries

Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the noncontrolling interest’s proportionate share of the acquiree’s net assets.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 綜合

2.2 Consolidation (continued)

(a) 附屬公司

(a) Subsidiaries (continued)

轉讓的對價被購買方任何非控制性權益，以及被收購方任何之前權益在購買日期的公允價值，超過本集團應佔所購買可辨認淨資產公允價值的數額，列為商譽。就廉價購買而言，若該數額低於所購入附屬公司淨資產的公允價值，該差額直接在綜合收入表中確認。

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statement of comprehensive income.

集團旗下公司間之交易、結餘及集團公司間交易之未變現收益相互對銷。未變現虧損亦會對銷。

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated.

附屬公司之會計政策已於有需要時變更，確保與本集團所採納者一致。

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

本公司資產負債表內，附屬公司的投資按成本值扣減減值虧損撥備（附註2.8）後入賬。成本乃就反映修訂或然代價對代價造成的變動而作出調整。成本亦包括直接應佔成本。本公司按已收及應收股息基準計入附屬公司之業績。

In the Company’s balance sheet, the investments in subsidiaries are stated at cost less provision for impairment losses (Note 2.8). Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. The results of subsidiaries are accounted by the Company on the basis of dividend received and receivable.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2.2 綜合（續）

(b) 聯營公司

聯營公司指所有本集團對其有重大影響力但無控制權之公司，通常擁有其附帶20% 至50% 投票權之股權。聯營公司的投資以權益會計法入賬，初步按成本確認。本集團於聯營公司的投資包括收購時已識別之商譽（扣除任何累計減值虧損）。有關非金融資產（包括商譽）之減值請參閱附註2.8 。

本集團應佔聯營公司之收購後利潤或虧損於綜合收益表內確認，而應佔收購後儲備之變動則於儲備內確認。投資賬面值會根據累計收購後之變動而作出調整。倘本集團應佔一間聯營公司之虧損等於或超過其於該聯營公司之權益，包括任何其他無抵押應收賬款，則不會確認進一步虧損，除非本集團已代聯營公司承擔責任或作出付款。

本集團與其聯營公司交易之未變現收益按本集團於聯營公司之權益對銷。除非交易提供已轉讓資產減值之證據，否則未變現虧損亦會對銷。已於有需要時修訂聯營公司之會計政策，確保與本集團所採納者一致。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 Consolidation (continued)

(b) Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. See note 2.8 for the impairment of nonfinancial assets including goodwill.

The Group’s share of its associates’ postacquisition profits or losses is recognized in the consolidated income statement, and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 綜合（續）

2.2 Consolidation (continued)

(b) 聯營公司（續）

(b) Associates (continued)

於聯營公司的投資產生之攤薄收益及虧損於綜合收益表確認。

Dilution gains and losses arising in investments in associates are recognized in the consolidated income statement.

(c) 合營企業

(c) Joint ventures

共同控制實體為本集團與其他夥伴以共同控制方式進行經濟活動之公司，而各參與方對共同控制實體的經濟活動均無單方面控制權。於共同控制實體的投資採用權益會計法入賬，初步按成本確認。

Jointly controlled entities are entities where the Group and other parties undertake an economic activity which is subject to joint control and none of the participating parties has unilateral control over the economic activity. Investments in jointly controlled entities are accounted for using the equity method of accounting and are initially recognized at cost.

本集團應佔其共同控制實體收購後利潤或虧損於綜合收益表確認，而應佔收購後儲備之變動則於儲備內確認。投資賬面值會根據累計收購後之變動而作出調整。倘本集團應佔一間共同控制實體之虧損等於或超過其於該共同控制實體之權益（包括任何其他無抵押應收賬款），則不會確認進一步虧損，除非本集團已代共同控制實體承擔責任或作出付款。

The Group’s share of its jointly controlled entities’ post-acquisition profits or losses is recognized in the consolidated income statement, and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investments. When the Group’s share of losses in a jointly controlled entity equals or exceeds its interest in the jointly controlled entity, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the jointly controlled entity.

本集團與其共同控制實體交易之未變現收益按本集團於共同控制實體的權益對銷。除非交易提供已轉讓資產減值之證據，否則未變現虧損亦會對銷。

Unrealised gains on transactions between the Group and its jointly controlled entities are eliminated to the extent of the Group’s interests in the jointly controlled entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.3 分部報告

2.3 Segment reporting

經營分部按向主要經營決策者提供內部報告之一致方式呈報。本集團高級行政管理層負責分配經營分部資源及評估其表現，視為作出主要策略決定的主要經營決策者（「主要經營決策者」）。

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group’s senior executive management, who is responsible for allocating resources and assessing performance of the operating segments, is considered as the Chief Operating Decision Maker (“CODM”) that makes strategic decisions.

2.4 外幣換算

2.4 Foreign currency translation

(a) 功能及呈報貨幣

(a) Functional and presentation currency

本集團各實體財務報表所列項目均以有關實體經營業務所在主要經濟環境所用貨幣（「功能貨幣」）計算。綜合財務報表以本公司之功能及本集團之呈報貨幣港幣列值。

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (t h e “f u n c t i o n a l c u r r e n c y ”). T h e consolidated financial statements are presented in Hong Kong dollars, which is the Company’s functional and the Group’s presentation currency.

(b) 交易及結餘

(b) Transactions and balances

外幣交易按交易日期之匯率或當項目經重新計量之估值換算為功能貨幣。結算該等交易及按年結時匯率換算以外幣計值貨幣資產及負債所產生匯兌盈虧，均於綜合收益表確認，惟於權益遞延處理之合資格現金流量對沖項目或合資格淨投資對沖項目除外。

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated income statement, except when deferred in equity as qualifying cash flow hedges or qualifying net investment hedges.

67 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.4 外幣換算（續）

2.4 Foreign currency translation (continued)

(b) 交易及結餘（續）

(b) Transactions and balances (continued)

分類為可供出售之以外幣計值貨幣證券之公允價值變動，就證券攤銷成本變動與證券賬面值其他變動兩者所產生換算差額進行分析。攤銷成本變動相關換算差額於損益確認，而賬面值其他變動則於權益確認。

Changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are analysed between translation differences resulting from changes in the amortised cost of the security, and other changes in the carrying amount of the security. Translation differences related to changes in the amortised cost are recognized in profit or loss, and other changes in the carrying amount are recognized in equity.

非貨幣金融資產及負債（例如透過利潤或虧損按公允價值計算之股本）之換算差額列作公允價值盈虧於損益確認，作為公允價值盈虧之部份。非貨幣金融資產（例如分類為可供出售之股本）之換算差額，計入權益之可供出售儲備。

Translation difference on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets such as equities classified as available-forsale are included in the available-for-sale reserve in equity.

(c) 集團旗下公司

(c) Group companies

集團旗下所有功能貨幣與呈報貨幣不同實體（該等實體概無擁有極度通脹經濟體系之貨幣）之業績及財務狀況，按以下方式換算為呈報貨幣：

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) 各資產負債表所呈列資產及負債，按結算日之收市匯率換算；
(i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.4 外幣換算（續）

2.4 Foreign currency translation (continued)

(c) 集團旗下公司（續）

(c) Group companies (continued)
(ii) 各收益表之收入及支出按平均匯率換算，惟此平均值並非該等交易日期通行匯率累積效果之合理約數除外。在此情況下，收入及支出於交易日期換算；及
(ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
(iii) 所產生全部匯兌差額將確認為其他全面收入。
(iii) all resulting exchange differences are recognized in other comprehensive income.

綜合賬目時，換算外國業務淨投資所產生匯兌差額以及指定用作對沖該等投資之貸款及其他貨幣工具之匯兌差額，列入股東權益。出售部分外國業務時，該等已計入權益之匯兌差額於綜合收益表確認為出售收益或虧損之一部分。

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the consolidated income statement as part of the gain or loss on sale.

收購外國實體所產生商譽及公允價值調整視為外國實體之資產及負債處理，按收市匯率換算。

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.5 物業、廠房及設備

2.5 Property, plant and equipment

在建工程指正在興建或待安裝的樓宇及機器，按成本入賬。成本包括於建造或安裝及測試（如有）期間內建造樓宇成本及為該等資產融資而進行貸款所產生之利息開支。並無對在建工程作出折舊撥備，直至完成相關資產及可作擬定用途時方作出相關撥備。當有關資產投入使用後，成本將轉撥至其他物業、廠房及設備，且根據下文所列政策計提折舊。

Construction-in-progress represents buildings under construction and machinery under installation and is stated at cost. Cost includes the costs of construction of buildings and interest charges arising from borrowings used to finance these assets during the period of construction or installation and testing, if any. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for intended use. When the assets concerned are brought into use, the costs are transferred to other property, plant and equipment and depreciated in accordance with the policy as stated below.

樓宇主要包括廠房及辦公室。物業、廠房及設備按歷史成本減累計折舊及累計減值虧損（如有）列賬。歷史成本包括收購項目直接應佔的開支。

Buildings comprise mainly factories and offices. Property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

僅在與該項目相關的未來經濟利益有可能流入本集團且能可靠計量該項目成本之情況下，其後成本方計入資產賬面值或確認為獨立資產（如適用）。重置部分之賬面值則終止確認。所有其他維修及保養成本於產生之財政期間於綜合收益表內扣除。

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged in the consolidated income statement during the financial period in which they are incurred.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.5 物業、廠房及設備（續）

2.5 Property, plant and equipment (continued)

分類為融資租賃之租賃土地自土地權益可供用作其擬定用途時開始攤銷。分類為融資租賃之租賃土地之攤銷及其他資產之折舊採用以下估計可使用年期將成本按直線法分攤至剩餘價值計算：

Leasehold land classified as finance lease commences amortisation from the time when the land interest becomes available for its intended use. Amortisation on leasehold land classified as finance lease and depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

分類為融資租剩餘租賃期限或賃之租賃土可使用年期之地較短者

Leasehold land classified Shorter of remaining as finance lease lease term or useful life

物業、廠房及設備之折舊按以下估計可使用年期，以直線法將成本分攤至剩餘價值計算：

Depreciation of property, plant and equipment is calculated using the straight-line method to allocate their costs to their residual values over their estimated useful lives, as follows:

樓宇	40年
廠房、機器及設備	5至7年
傢俱及裝置	5至7年
汽車	4年

Buildings	40 years
Plant, machinery and equipment	5 to 7 years
Furniture and fixtures	5 to 7 years
Motor vehicles	4 years

資產剩餘價值及可使用年期會於各結算日作出檢討及調整（如適用）。

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

倘資產賬面值大於其估計可收回金額，則資產賬面值即時撇減至其可收回金額（附註2.8）。

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.8).

出售盈虧經比較所得款項與賬面值而釐定，並計入綜合收益表。

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized, in the consolidated income statement.

71 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.6 租賃土地及土地使用權

2.6 Leasehold land and land use rights

就租賃土地及土地使用權支付之預付款項，作為經營租賃入賬。彼等採用直線法按租賃或土地使用權年期於綜合收益表確認，倘出現減值則於綜合收益表確認減值。

The up-front prepayments made for leasehold land and land use rights are accounted for as operating leases. They are recognized in the consolidated income statement on a straight-line basis over the periods of the lease or the land use rights, or when there is impairment, the impairment is recognized in the consolidated income statement.

2.7 投資物業

2.7 Investment properties

為獲得長期租金收益或資本升值或同時獲得兩者而持有，但並非由本集團公司佔用之物業分類為投資物業。

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the companies in the Group, is classified as investment property.

投資物業包括根據經營租賃及融資租賃而持有之土地及樓宇。倘根據經營租賃持有之土地符合投資物業其他定義，則分類並入賬為投資物業。有關經營租賃視為融資租賃入賬。

Investment property comprises land held under operating leases and buildings held under finance leases. Land held under operating leases are classified and accounted for as investment property when the rest of the definition of investment property is met. The operating lease is accounted for as if it were a finance lease.

投資物業初步按成本（包括相關交易成本）入賬。初步確認後，投資物業按公允價值列賬，該公允價值為外聘估值師至少每年評審一次之公開市值。公允價值乃基於活躍市場價格，若有需要，將根據個別資產的性質、地區分佈或狀況作出調整。倘未能獲取有關資料，外聘估值師會採用其他估值法，如不活躍市場的近期價格或貼現現金流量預測。公允價值之變動於綜合收益表確認。

Investment property is measured initially at its cost, including related transaction costs. After initial recognition, investment property is carried at fair value, representing open market value determined by external valuers at least annually. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the external valuers use alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Changes in fair values are recognized in the consolidated income statement.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.7 投資物業（續）

2.7 Investment properties (continued)

僅在與該項目相關的未來經濟利益將流入本集團且能可靠計量項目成本之情況下，其後開支方會於資產賬面值扣除。所有其他維修及保養成本於其產生期間於綜合收益表支銷。

Subsequent expenditure is charged to the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed in the consolidated income statement during the period in which they are incurred.

倘投資物業由集團旗下公司佔用，則重新分類為物業、廠房及設備，為進行會計處理，其於重新分類當日之公允價值即為成本。

If an investment property becomes owneroccupied, it is reclassified as property, plant and equipment, and its fair value at the date of reclassification becomes its cost for accounting purposes.

倘物業、廠房及設備項目因用途變更而成為投資物業，則此項目於轉讓日期之賬面值與公允價值之任何差額根據香港會計準則第16號於權益中列作物業、廠房及設備之重估。然而，倘公允價值收益抵銷先前之減值虧損，則該收益於綜合收益表確認。

If an item of property, plant and equipment becomes an investment property because its use has changed, any difference between the carrying amount and the fair value of this item at the date of transfer is recognized in equity as a revaluation of property, plant and equipment under HKAS 16. However, if a fair value gain reverses a previous impairment loss, the gain is recognized in the consolidated income statement.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.8 附屬公司、聯營公司、共同控制實體及非金融資產的投資減值
2.8 Impairment of investments in subsidiaries, associates, jointly-controlled entities and non-financial assets

沒有確定使用年期（例如商譽）之資產無需攤銷，但每年須就減值進行測試。各項資產當有事件出現或情況改變顯示賬面值可能無法收回時就減值進行檢討。減值虧損按資產之賬面值超出其可收回金額之差額確認。可收回金額以資產之公允價值扣除銷售成本或使用價值兩者之間較高者為準。於評估減值時，資產按可分開識辨現金流量（現金產生單位）之最低層次分組。除商譽外，已蒙受減值之非金融資產於每個報告日期均就減值是否可以撥回進行檢討。

Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

2.9 金融資產

2.9 Financial assets

2.9.1 分類

2.9.1 Classification

本集團按以下類別分類其金融資產：以公允價值計量且其變動計入損益的金融資產、貸款及應收款項及可供出售金融資產。分類視乎購入金融資產之目的而定。管理層於初步確認時決定金融資產之分類。

The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.9 金融資產（續）

2.9 Financial assets (continued)

2.9.1 分類（續）

2.9.1 Classification (continued)

(a) 以公允價值計量且其變動計入損益的金融資產

(a) Financial assets at fair value through profit or loss

以公允價值計量且其變動計入損益的金融資產為持作買賣金融資產。倘購入時主要目的為在短期內出售，則金融資產歸入此類別。除非指定作對沖用途，否則衍生工具亦歸類為持作買賣。在此類別之資產分類為流動資產。

Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets.

(b) 貸款及應收款項

(b) Loans and receivables

貸款及應收款項為有固定或待定付款且並無在活躍市場報價之非衍生金融資產。貸款及應收款項計入流動資產，惟到期日於結算日後超過 12個月者，則分類為非流動資產。本集團之貸款及應收款項包括綜合資產負債表內之「貿易及其他應收賬款」、「應收聯營公司款項」及「現金及現金等價物」（附註 2.14及2.15）。

Loans and receivables are nonderivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. The Group’s loans and receivables comprise ‘trade and other receivables’, ‘amount due from associates’ and ‘cash and cash equivalent s’ in the consolidated balance sheet (Notes 2.14 and 2.15).

(c) 可供出售金融資產

(c) Available-for-sale financial assets

可供出售金融資產為被界定為此類別或並無分類至任何其他類別之非衍生工具。除非管理層擬於結算日起計12個月內出售有關投資，否則可供出售金融資產列入非流動資產。

Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in noncurrent assets unless management intends to dispose of the investment within 12 months of the balance sheet date.

75 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.9 金融資產（續）

2.9 Financial assets (continued)

2.9.2 確認及計量

2.9.2 Recognition and measurement

金融資產之常規買賣在交易日確認 – 交易日指本集團承諾購入或出售該資產之日。就並非透過利潤或虧損按公允價值計算之所有金融資產而言，投資初步按公允價值加交易成本確認。透過利潤或虧損按公允價值計算之金融資產初步按公允價值確認，而交易成本則於綜合收益表支銷。當自投資獲取現金流量之權利已到期或轉讓，且本集團已將擁有權之絕大部分風險和回報轉讓時，則金融資產會終止確認。可供出售金融資產及透過利潤或虧損按公允價值計算之金融資產其後按公允價值列賬。貸款及應收款項以實際利率法按攤銷成本列賬。

Regular way purchases and sales of financial assets are recognized on the trade-date – the date on which the Group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the consolidated income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Availablefor-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortised cost using the effective interest method.

「以公允價值計量且其變動計入損益的金融資產」類別之公允價值變動所產生收益或虧損，於產生期間連同綜合收益表中其他淨收益於收益表中呈列。當本集團收取款項之權利確立時，來自透過利潤或虧損按公允價值計算之金融資產之股息收入，於綜合收益表確認為其他收入一部分。

Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the income statements within other gains – net in the consolidated income statement, in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the consolidated income statement as part of other income when the Group’s right to receive payments is established.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.9 金融資產（續）

2.9 Financial assets (continued)

2.9.2 確認及計量（續）

2.9.2 Recognition and measurement (continued)

歸類為可供出售之以外幣計值貨幣證券之公允價值變動，就證券攤銷成本變動與證券賬面值其他變動兩者所產生換算差額分析。貨幣證券之換算差額於損益確認；非貨幣證券之換算差額於其他全面收入確認。歸類為可供出售之貨幣及非貨幣證券之公允價值變動於其他全面收入確認。

Changes in the fair value of monetary securities denominated in a foreign currency and classified as available-for-sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognized in other comprehensive income. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognized in other comprehensive income.

歸類為可供出售之證券售出或減值時，已於權益確認之累計公允價值調整計入綜合收益表。

When securities classified as available-forsale are sold or impaired, the accumulated fair value adjustments recognized in equity are included in the consolidated income statement.

以實際利率法計算之可供出售證券利息於綜合收益表內確認為其他收入一部分。當本集團收取款項之權利確立時，可供出售股本工具之股息於綜合收益表內確認。

Interest on available-for-sale securities calculated using the effective interest method is recognized in the consolidated income statement as part of other income. Dividends on available-for-sale equity instruments are recognised in the consolidated income statement when the Group’s right to receive payments is established.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註

Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.10 抵銷金融工具

2.10 Offsetting financial instruments

當有依法可執行的權利可抵銷已確認金額，並有意圖按淨額基準結算或同時變現資產和結算負債時，金融資產與負債可互相抵銷，並在資產負債表報告其淨額。

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

2.11 金融資產減值

2.11 Impairment of financial assets

(a) 以攤銷成本列賬的資產
(a) Assets carried at amortised cost

本集團於每個報告期末評估是否存在客觀證據證明某一金融資產或某一金融資產組出現減值。只有當存在客觀證據證明於因為首次確認資產後發生一宗或多宗事件導致出現減值（「損失事項」），而該宗（或該等）損失事項對該項或該組金融資產的估計未來現金流量構成的影響可以合理估計，有關的金融資產或金融資產組才算出現減值及產生減值損失。

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

本集團用於釐定是否存在減值損失客觀證據的標準如下：

The criteria that the Group uses to determine that there is objective evidence of an impairment loss include:

發行人或欠債人遇上嚴重財政困難；
Significant financial difficulty of the issuer or obligor;
違反合同，例如逾期或拖欠償還利息或本金；
A breach of contract, such as a default or delinquency in interest or principal payments;

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.11 金融資產減值（續）

2.11 Impairment of financial assets (continued)
(a) 以攤銷成本列賬的資產（續）
(a) Assets carried at amortised cost (continued)
本集團基於與借款人的財政困難有關的經濟或法律原因，向借款人提供一般貸款人不會考慮的特惠條件；
The Group, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider;
借款人有可能破產或進行其他財務重組；
It becomes probable that the borrower will enter bankruptcy or other financial reorganisation;
因為財政困難而使該財務資產的活躍市場不再存在；或
The disappearance of an active market for that financial asset because of financial difficulties; or
可察覺的數據顯示自從初始確認後，某組財務資產的估計未來現金流量有可計量的減少，雖然該減少尚未能在該組別的個別財務資產內確定，有關資料包括：
Observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including:
(i) 該組別的借款人的還款狀況的不利變動；或
(i) adverse changes in the payment status of borrowers in the portfolio; or
(ii) 與該組別資產逾期還款相關連的全國性或地方經濟狀況。
(ii) national or local economic conditions that correlate with defaults on the assets in the portfolio.

本集團首先評估是否存在減值的客觀證據。

The Group first assesses whether objective evidence of impairment exists.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.11 金融資產減值（續）

2.11 Impairment of financial assets (continued)

(a) 以攤銷成本列賬的資產（續）

(a) Assets carried at amortised cost (continued)

損失金額乃根據資產賬面價值與按金融資產原實際利率折現而估計未來現金流量（不包括仍未產生的未來信用損失）的現值兩者的差額計量。資產賬面價值予以削減，而損失金額則在綜合收益表確認。如借款或持有至到期投資有浮動利率，計量任何減值損失的折現率為按合同釐定的當前實際利率。在實際應用中，集團可利用可觀察的市場價格，按工具的公允價值計量減值。

The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The asset’s carrying amount of the asset is reduced and the amount of the loss is recognized in the consolidated income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable market price.

如在後繼期間，減值損失的數額減少，而此減少可客觀地聯繫至確認減值後才發生的事件（例如債務人的信用評級有所改善），則之前已確認的減值損失可在綜合收益表轉回。

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the reversal of the previously recognized impairment loss is recognized in the consolidated income statement.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2.11 金融資產減值（續）

(b) 可供銷售資產

本集團在每個報告期末評估是否有客觀證據證明某一金融資產或某一金融資產組已經減值。對於債券，本集團利用上文 (a) 的標準。至於分類為可供銷售的權益投資，證券公允價值大幅度或長期跌至低於其成本值，亦是證券已經減值的證據。若可供出售金融資產存在此等證據，累計虧損 – 按購買成本與當時公允價值的差額，減該金融資產之前在損益確認的任何減值損失計算 – 自權益中剔除並在單獨綜合收益表確認。在單獨綜合收表確認的權益工具的減值損失不會透過單獨綜合收益表轉回。如在較後期間，被分類為可供銷售之債務工具公允價值增加，而增加客觀上與減值損失在損益確認後發生的事件有關，則將減值損失在單獨綜合收益表轉回。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.11 Impairment of financial assets (continued)

(b) Assets classified as available for sale

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. For debt securities, the Group uses the criteria refer to (a) above. In the case of equity investments classified as available for sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss – is removed from equity and recognized in the separate consolidated income statement. Impairment losses recognized in the separate consolidated income statement on equity instruments are not reversed through the separate consolidated income statement. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the separate consolidated income statement.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.12 衍生金融工具及對沖活動

2.12 Derivative financial instruments and hedging activities

衍生工具初步按衍生工具合約訂立日之公允價值確認，其後按其公允價值重新計量。確認產生收益或虧損之方法取決於該衍生工具是否指定作對沖工具及（如屬實）獲對沖項目之性質。

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designed as a hedging instrument, and if so, the nature of the item being hedged.

由於本集團訂立之衍生工具並不符合資格採用對沖會計法，故該等衍生工具公允價值之變動即時於綜合收益表之「其他收益╱（虧損）– 淨額」確認。

Since the derivative instruments entered into by the Group do not qualify for hedge accounting, changes in the fair value of these derivative instruments are recognized immediately in the consolidated income statement within ‘other gains/(losses) – net’.

2.13 存貨

2.13 Inventories

存貨乃按成本值或可變現淨值兩者較低者列賬。成本值以加權平均法計算，而製成品及在製品之成本值則包括原料、直接工資、其他直接成本及適當比例之間接生產費用（根據一般運作能力釐定），但不包括貸款成本。可變現淨值根據於日常業務過程中之估計售價扣除適當之浮動銷售開支。

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.14 貿易及其他應收賬款

2.14 Trade and other receivables

應收賬款為在一般業務過程中就商品銷售或服務而應收客戶款項。如貿易及其他應收賬款的收回預期在一年或以內（如仍在一般經營周期中，則可較長時間），其被分類為流動資產；否則分類為非流動資產。

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

貿易及其他應收賬款初步以公允價值確認，其後利用實際利率法按攤銷成本扣除減值準備計量。

Trade and other receivables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.15 現金及現金等價物

2.15 Cash and cash equivalents

現金及現金等價物包括手頭現金、銀行通知存款、原到期日為三個月或以下的其他短期高度流動性投資及銀行透支。銀行透支於綜合資產負債表內列於流動負債項下之貸款內。

Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the consolidated balance sheet.

2.16 股本

2.16 Share capital

普通股被列為權益。直接歸屬於發行新股份或購股權之新增成本在權益中列為所得款項之減少。

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.17 貿易及其他應付賬款

2.17 Trade and other payables

應付貿易賬款為在一般業務過程中購買商品或服務而應支付的承擔。如應付賬款的支付日期在一年或以內（如仍在一般經營周期中，則可較長時間），其被分類為流動負債；否則分類為非流動負債。

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

應付貿易賬款初步以公允價值確認，其後利用實際利率法按攤銷成本計量。

Trade payables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.18 貸款

2.18 Borrowings

貸款初始按公允價值並扣除產生的交易成本確認。貸款其後按攤銷成本列賬。所得款項（扣除交易成本）與贖回價值的任何差額利用實際利率法於貸款期間內在綜合收益表確認。

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated income statement over the period of the borrowings using the effective interest method.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.18 貸款（續）

2.18 Borrowings (continued)

為建立貸款融資所支付的費用，當部分或所有融資很可能使用時確認為貸款的交易成本。在該情況下，該費用在實際提取前將作為遞延支出。倘沒有任何證據表明部分或所有融資會被提取時，該費用將作為流動性服務之預付款項資本化，並在融資相關的期間內攤銷。

Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

除非本集團有無條件權力於結算日後遞延償還負債最少12個月，否則貸款均分類為流動負債。

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of balance sheet date.

2.19 財務擔保

2.19 Financial guarantee contracts

財務擔保合約為發行人支付特定款項以補償持有人因一名特定債務人於到期時未能根據債務工具之條款支付款項而引起之損失之合約。該等財務擔保是代表附屬公司或聯營公司向銀行、金融機構及其他組織發出，以取得貸款、透支及其他銀行融資。

Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions and other bodies on behalf of subsidiaries or associates to secure loans, overdrafts and other banking facilities.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註

Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.19 財務擔保（續）

2.19 Financial guarantee contracts (continued)

財務擔保初步按發出擔保當日之公允價值在財務報表確認。由於所有擔保均在正常商業關係下協定，而所協定之溢價價值與所擔保之責任的價值亦相符，因此財務擔保於簽訂時之公允價值為零。概不會確認未來溢價之應收款項。經初步確認後，本公司在該等擔保下之負債，乃按初始金額減去根據香港會計準則第18號確認之費用之攤銷與清償有關擔保所需之金額之最佳估計兩者中之較高者計量。該等估計乃根據同類交易經驗及過往虧損歷史，輔以管理層作出的判斷而釐定。所得之費用收入於擔保期內以直線法確認。任何有關擔保之負債增加，一概在綜合收益表內呈列為其他經營開支。

Financial guarantees are initially recognized in the financial statements at fair value on the date the guarantee was given. The fair value of a financial guarantee at the time of signature is zero because all guarantees are agreed on arm’s length terms and the value of the premium agreed corresponds to the value of the guarantee obligation. No receivable for the future premiums is recognized. Subsequent to initial recognition, the company’s liabilities under such guarantees are measured at the higher of the initial amount, less amortisation of fees recognized in accordance with HKAS 18, and the best estimate of the amount required to settle the guarantee. These estimates are determined based on experience of similar transactions and history of past losses, supplemented by the judgment of Management. The fee income earned is recognized on a straight-line basis over the life of the guarantee. Any increase in the liability relating to guarantees is reported in the consolidated income statement within other operating expenses.

若按無償代價就附屬公司或聯營公司之貸款或其他應付款項而作出擔保，有關公允價值則作為注資，並在本公司的財務報表內確認為投資成本的一部分。

Where guarantees in relation to loans or other payables of subsidiaries or associates are provided for no compensation, the fair values are accounted for as contributions and recognized as part of the cost of the investment in the financial statements of the company.

2.20 當期及遞延所得稅

2.20 Current and deferred income tax

當期稅項開支包括當期及遞延稅項。稅項在綜合收益表中確認，但與直接在權益中確認之項目有關者則除外。在該情況下，稅項亦在權益中確認。

The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is recognized in equity.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.20 當期及遞延所得稅（續）

2.20 Current and deferred income tax (continued)

當期所得稅支出根據本公司及其附屬公司和聯營公司營運及產生應課稅收入之國家於結算日已頒佈或實質頒佈的稅務法例計算。管理層就適用稅務法例詮釋所規限的情況定期評估報稅表的狀況，並在適用情況下根據預期須向稅務機關支付的稅款設定撥備。

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

遞延所得稅利用負債法就資產和負債的稅基與資產和負債在財務報表的賬面值之差額產生的暫時差異全數撥備。然而，若遞延所得稅來自交易（不包括企業合併）中對資產或負債之初步確認，而交易時不會影響會計或應課稅損益，則不作記賬。遞延所得稅採用在結算日前已頒佈或實質頒佈，並在有關之遞延所得稅資產實現或遞延所得稅負債結算時預期將會採用之稅率（及法例）釐定。

Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

遞延所得稅資產僅會就很可能有未來應課稅溢可用作抵銷暫時差額時確認。

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

遞延所得稅就附屬公司及聯營公司的投資產生之暫時差額而撥備，但假若本集團能控制撥回暫時差異之時間，以及暫時差異於可預見將來很有可能不會撥回則除外。

Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.20 當期及遞延所得稅（續）

2.20 Current and deferred income tax (continued)

當有依法可執行的權利將當期所得稅資產與當期所得稅負債抵銷，且遞延所得稅資產和負債涉及由同一稅務機關對納稅主體或不同納稅主體但有意向以淨額基準結算所得稅結餘時，則可將遞延所得稅資產與負債互相抵銷。

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

2.21 僱員福利

2.21 Employee benefits

(a) 退休金責任

(a) Pension obligations

集團公司設有多項界定供款退休金計劃。界定供款計劃為本集團據此向一獨立實體作出供款之退休金計劃。倘該基金並無足夠資產支付所有僱員於本期間及過往期間有關僱員服務所得之福利，本集團亦無進一步供款的法定或推定責任。

Group companies participate in general defined contribution pension schemes. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

本集團按強制、合約或自願基準向公營或私人管理退休金保險計劃作出供款。一旦支付供款後，本集團即無進一步付款責任。供款於到期時確認為僱員福利開支。預付供款在可取得退回現金或日後付款減少的情況下確認為資產。

The Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.21 僱員福利（續）

2.21 Employee benefits (continued)

(b) 僱員應享假期

(b) Employee leave entitlements

僱員的應享年假乃於應計予僱員時確認。僱員因提供服務而產生的應享年假乃按截至結算日之年假估計負債計算撥備。僱員應享病假及分娩假期僅於支取時才確認。

Employee entitlements to annual leave are recognised when they accrued to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. Employee entitlements to sick leave and maternity leave are not recognized until the time of leave.

(c) 終止服務福利

(c) Termination benefits

終止服務福利在本集團於正常退休日期前終止僱用或當僱員接受自願遣散以此換取此等福利時支付。本集團在可證明承諾如下時確認終止服務福利：根據詳細的正式計劃（無撤回的可能）終止現有僱員的僱傭；或因提出一項要約以鼓勵自願遣散而提供的終止服務福利。於結算日後超過12個月到期的福利折現至現值計算。

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

(d) 利潤共享及花紅計劃

(d) Profit-sharing and bonus plans

結算日後12個月內悉數到期之利潤共享及花紅計劃之撥備乃當本集團因僱員提供服務而產生現有法定或推定責任，且能可靠估計有關責任時予以確認。

Provisions for profit sharing and bonus plans due wholly within 12 months after balance sheet date are recognized when the Group has a present legal or constructive obligation as a result of services rendered by employees and a reliable estimate of the obligation can be made.

89 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.22 以股份為基礎之付款

2.22 Share-based payments

本集團實行一項以股本結算以股份為基礎的報酬計劃，有關公司獲得僱員之服務作為本集團股本工具（購股權）之代價。授出購股權所相應獲得的僱員服務公允價值確認為開支。列為開支的總額乃參考已授購股權的公允價值釐定：

The Group operates an equity-settled, sharebased compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted:

包括任何市場表現條件；
including any market per formance conditions;
不包括任何服務及非市場表現歸屬條件（例如盈利能力、銷售增長目標及於一段特定期間內保留一名公司僱員）的影響；及
excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and
不包括任何非歸屬條件（如規定僱員儲蓄）的影響。
excluding the impact of any non-vesting conditions (for example, the requirement for employees to save).

非市場歸屬條件包括對預期歸屬購股權數目的假設。開支總額於歸屬期間確認，即達成所有特定歸屬條件的期間。於各呈報期末，有關公司根據非市場歸屬條件修訂預期歸屬購股權數目的估計。有關公司於損益表確認修訂原來估計（如有）的影響，並相應調整股本。

Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-marketing vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity.

於購股權獲行使時認購已發行股份的現金扣除任何直接應佔交易成本後計入股本（面值）及股份溢價。

The cash subscribed for the shares issued when the options are exercised is credited to share capital (nominal value) and share premium, net of any directly attributable transaction costs.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.22 以股份為基礎之付款（續）

2.22 Share-based payments (continued)

本公司向集團附屬公司的僱員授出有關股本工具的購股權視作注資。所獲僱員服務之公允價值參考購股權授出當日的公允價值計量，於歸屬期間確認為於附屬公司投資的增加，並相應計入權益。

The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity.

2.23 撥備

2.23 Provisions

撥備於本集團因過往事件而有法定或推定責任；可能需要流出資源以結算責任及已可靠估計金額時確認。

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

2.24 收益確認

2.24 Revenue recognition

收益包括於本集團一般業務中出售貨品及服務已收或應收代價的公允價值。收益按扣減增值稅、退貨、回扣及折扣並與本集團內部銷售對銷後列賬。

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.

當收益款額能夠可靠計量，未來經濟利益可能流入有關公司，而本集團各項業務均達成具體準則時（見下文所述），本集團即確認收益。除非與銷售有關的所有或然事項均已解決，否則收益款額不視為能夠可靠計量。本集團根據其過往業績並考慮客戶類別、交易種類和每項安排的特點作出估計。

The Group recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Group’s activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.24 收益確認（續）

2.24 Revenue recognition (continued)

收益確認如下：

Revenue is recognized as follows:

(a) 貨品銷售

(a) Sales of goods

貨品銷售在集團公司已將產品交付予顧客，顧客已接收產品，以及有關應收賬款的收回性得以合理確保時確認。

Sales of goods are recognized when a Group entity has delivered products to the customer, the customer has accepted the products and collectibility of the related receivables is reasonably assured.

(b) 製模收入

(b) Tooling income

本集團向現有客戶提供製模服務，於完成服務時確認收益。

The Group provides tooling services to the existing customers. Revenue is recognized upon the completion of services performed.

(c) 利息收入

(c) Interest income

利息收入使用實際利率法按時間比例確認。

Interest income is recognized on a timeproportion basis using the effective interest method.

(d) 租金收入

(d) Rental income

租金收入於租賃期間以直線法確認。

Rental income is recognized on a straightline basis over the lease periods.

(e) 股息收入

(e) Dividend income

股息收入於收取款項的權利確定時確認。

Dividend income is recognized when the right to receive payment is established.

Wong's International (Holdings) Limited 2010 Annual Report

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

綜合財務報表附註 Notes to the Consolidated Financial Statements

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.25 租賃

2.25 Leases

(a) 作為承租人

(a) As a lessee

如租賃擁有權的大部分風險和回報由出租人保留，則分類為經營租賃。根據經營租賃支付的款項（扣除自出租人收取之任何獎勵金後）於租賃期內以直線法在綜合收益表扣除。

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases net of any incentives received from the lessor are charged to the consolidated income statement on a straight-line basis over the period of the lease.

(b) 作為出租人

(b) As a lessor

當資產根據經營租賃出租，資產於綜合資產負債表按資產性質入賬。租賃收入於租賃期內以直線法確認。

When assets are leased out under an operating lease, the asset is included in the consolidated balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis.

2.26 股息分派

2.26 Dividend distribution

向本公司股東分派的股息在股息獲本公司股東批准的期間內於本集團及本公司的財務報表確認為負債。

Dividend distribution to the Company’s shareholders is recognized as a liability in the Group’s and the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理

3 FINANCIAL RISK MANAGEMENT

3.1 財務風險因素

3.1 Financial risk factors

本集團的業務承受著多類財務風險：市場風險（包括外匯風險及現金流量利率風險）、信貸風險及流動資金風險。本集團的整體風險管理計劃專注於金融市場的不可預測性，並尋求盡量減低對本集團財務表現可能產生之不利影響。本集團利用衍生金融工具對沖若干風險。

The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures.

(a) 市場風險

(a) Market risk

(i) 外匯風險

(i) Foreign exchange risk

本集團經營國際業務，故面對不同貨幣所產生之外匯風險。本集團之外幣資產、負債及交易主要以中國人民幣（「人民幣」）、美元（「美元」）及日圓（「日圓」）計值。該等貨幣並非與該等結餘有關的集團公司之功能貨幣。由於港幣（「港幣」）與美元掛鈎，故港幣與美元間並無重大外匯風險。外匯風險主要源自未來商業交易、已確認資產及負債以及以人民幣及日圓計值之淨投資。

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. The Group’s foreign currency assets, liabilities and t r a n s a c t i o n s a r e p r i n c i p a l l y denominated in Chinese renminbi (“RMB”), United States dollars (“US$”) and Japanese yen (“JPY”). These currencies are not the functional currencies of the group entities to which these balances related. As Hong Kong dollars (“HK$”) are pegged to US$, there is no material foreign exchange risk between HK$ and US$. Foreign exchange risk mainly arises from future commercial transactions, recognized assets and liabilities and net investments denominated in RMB and JPY.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3.1 財務風險因素（續）

(a) 市場風險（續）

(i) 外匯風險（續）

為管理來自未來商業交易及已確認資產與負債的外匯風險，本集團與外界金融機構訂立外幣遠期合約以對沖部分外匯風險。本集團亦透過設置港幣、美元、日圓及人民幣銀行賬戶緩減此項風險，本集團使用該等賬戶支付以該等貨幣計值之交易。

本集團在中國內地設有若干投資，其資產淨值以人民幣計值。人民幣與外幣之兌換，須遵照中國內地政府頒佈之外匯管制規則和法規。

於二零一零年十二月三十一日，倘港幣兌人民幣貶值╱升值5%而所有其他可變因素保持不變，本年度除稅後利潤將增加╱減少港幣3,902,000 元（二零零九年升值╱ 貶值2%：港幣171,000 元），主要來自換算以人民幣計值的應收貿易賬款及應付賬款以及現金及現金等價物的外匯收益╱虧損。

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 Financial risk factors (continued)
(a) Market risk (continued)
- (i) Foreign exchange risk (continued)

To manage the foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, the Group enters into foreign currency forward contracts with external financial institutions to partially hedge against such foreign exchange risk. The Group also mitigates this risk by maintaining HK$, US$, JPY and RMB bank accounts which are used by the Group to pay for the transactions denominated in these currencies.

The Group has certain investments in Mainland China, whose net assets are denominated in RMB. The conversion of RMB into foreign currencies is subject to the rules and regulations to the foreign exchange control promulgated by the Mainland China government.

At 31 December 2010, if HK$ had weakened/strengthened by 5% against RMB with all other variables held constant, profit before tax for the year would have been HK$3,902,000 (2009 by 2%: HK$171,000) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of RMB-denominated trade receivables and payables, and cash and cash equivalents.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(a) 市場風險（續）

(a) Market risk (continued)

(i) 外匯風險（續）

(i) Foreign exchange risk (continued)

於二零一零年十二月三十一日，倘港幣兌日圓貶值╱升值5%而所有其他可變因素保持不變，本年度除稅後利潤將減少╱增加港幣4,739,000 元（二零零九年升值╱貶值5%：港幣2,731,000 元），主要來自換算以日圓計值的應付貿易賬款、現金及現金等價物以及銀行貸款的外匯虧損╱ 收益。

At 31 December 2010, if HK$ had weakened/strengthened by 5% against the JPY with all other variables held constant, profit before tax for the year would have been HK$4,739,000 (2009 by 5%: HK$2,731,000) lower/ higher, mainly as a result of foreign exchange losses/gains on translation of JPY-denominated trade payables, cash and cash equivalents and bank borrowings.

(ii) 現金流量利率風險

(ii) Cash flow interest rate risk

除若干銀行存款外，由於本集團並無重大計息資產，故本集團的收入和經營現金流量基本上不受市場利率變動影響。

As the Group has no significant interest-bearing assets except for certain bank deposits, the Group’s income and operating cash flows are substantially independent of changes in market interest rates.

於二零一零年十二月三十一日，倘銀行貸款利率增加╱減少1%而所有其他可變因素保持不變，本年度除稅後利潤將減少╱增加港幣4,363,000 元（二零零九年：港幣 488,000元），主要由於浮息銀行貸款之利息開支增加╱減少。

As at 31 December 2010, if interest rate on bank borrowings had been 1% higher/lower with all variables held constant, profit before tax for the year would have been HK$4,363,000 (2009: HK$488,000) lower/higher, mainly as a result of higher/lower interest expense on floating rate bank borrowing.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險

(b) Credit risk

本集團之信貸風險主要來自現金及銀行存款以及客戶之信貸承擔，例如應收貿易賬款、應收聯營公司款項、向共同控制實體貸款、訂金及其他應收賬款。現金及銀行存款之信貸風險有限，原因是本集團主要將存款存放於高信貸評級之銀行，管理層預料不會因銀行違約而導致任何虧損。

Credit risk of the Group mainly arises from cash and bank deposits as well as credit exposures to customers such as trade receivables, amounts due from associates and loans to jointly controlled entities, deposits and other receivables. The credit risk on cash and bank deposits is limited because the Group mainly places the deposits in banks with high credit rating and management does not expect any losses from non-performance by banks.

本集團債務人可能受到經濟狀況欠佳及流動資金水平降低的影響，繼而可能影響彼等償還結欠金額的能力。債務人之經營狀況惡化亦可能影響管理層對現金流量之預測及應收賬款減值之評估。根據可獲取的資料，管理層均已於彼等之減值評估中反映修訂後之估計預期未來現金流量。

Debtors of the Group may be affected by the unfavourable economic conditions and the lower liquidity situation which could in turn impact their ability to repay the amounts owned. Deteriorating operating conditions for debtors may also have an impact on management’s cash flow forecasts and assessment of the impairment of receivables. To the extent that information is available, management has properly reflected revised estimates of expected future cash flows in their impairment assessments.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險（續）

(b) Credit risk (continued)

本集團已制訂政策，確保獲銷售產品之客戶均具有良好信貸紀錄，而本集團亦會定期評估客戶的信貸狀況。本集團通敘要求客戶於三十至九十日的一般信貸期內償還結欠。於二零一零年十二月三十一日，五名（二零零九年：五名）客戶佔本集團全年末應收貿易賬款結餘36%（二零零九年：41%），故本集團面對信貸風險集中的情況。管理層經考慮該等客戶的財務狀況及過往經驗，認為有關該等客戶的信貸風險十分輕微。本集團過往未收回之應收貿易賬款及其他應收賬款並無超出有關撥備額，而董事認為，已就不可收回的應收賬款作出足夠撥備。

The Group has put in place policies to ensure that sales of products are made to customers with an appropriate credit history and the Group performs periodic credit evaluations of its customers. The Group usually requires customers to settle the balances with normal credit terms of 30 to 90 days. As at 31 December 2010, the Group has a concentration of credit risk given that the top five (2009: five) customers account for 36% (2009: 41%) of the Group’s total year end trade receivable balance. Management considers that the credit risk in respect of these customers is minimal after considering the financial position and past experience with these customers. The Group’s historical experience in collection of trade and other receivables falls within the recorded allowances and the Directors are of the opinion that adequate provision for uncollectible accounts receivable has been made.

管理層經考慮有關實體的財務狀況，認為應收聯營公司款項及向共同控制實體貸款的信貸風險並不重大。管理層已對該等結餘的可收回程度進行評估，預期並不會因為該等公司不履行責任而導致任何損失。

Management considers the credit risk on amounts due from associates and loans to jointly controlled entities is minimal after considering the financial conditions of these entities. Management has performed assessment over the recoverability of these balances and management does not expect any losses from non-performance by these companies.

(c) 流動資金風險

(c) Liquidity risk

審慎的流動資金風險管理包括保持充裕現金和透過可得信用額度獲取充足資金的能力。董事之目標是通過信貸額度以保持資金的靈活性。

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of available credit facilities. The Directors aim to maintain flexibility in funding by keeping credit lines available.

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(c) 流動資金風險（續）

本公司之政策為定期監察流動其資金需要、有否履行借貸責任及與往來銀行的關係，以確保具有足夠現金儲備、可隨時套現的有價證券及來自主要金融機構的資金來源，以應付短期及長期流動資金需要。

The Company’s policy is to regularly monitor its liquidity requirements, its compliance with lending covenants and its relationship with its bankers to ensure that it maintains sufficient reserves of cash and readily realisable marketable securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term.

下表展示本集團非衍生金融負債於報告期末之餘下合約年期，其根據未折現現金流（包括按合約利率或（如屬浮息）按結算日利率計算之利息付款）及本集團最早須還款日期。由於在12個月內到期結餘之貼現影響並不重大，故該等到期結餘等於其賬面值。

The following tables show the remaining contractual maturities at the end of the reporting period of the Group’s nonderivative financial liabilities, based on undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the balance sheet date) and the earliest date the Group can be required to pay. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

此外，就具有於要求時償還條文並可由銀行全權酌情行使的按揭貸款而言，有關分析列示實體須還款的最早期間（即借方行使其無條件權力要求即時還款）的現金外流。倘借方不行使其無條件權力，未折現現金流不包括採用合約利率計算的利息付款。其他銀行貸款的到期日分析乃根據預定還款期呈列。

Specifically, for mortgage loan which contains a repayment on demand clause that can be exercised at the bank’s sole discretion, the analysis shows the cash outflow based on the earliest period in which the entity can be required to pay, that is if the lenders were to invoke their unconditional rights to call the loans with immediate effect. The undiscounted cash flow does not included interest payments computed using contractual rates if the lender does not invoke their unconditional rights. The maturity analysis for other bank borrowings is prepared based on the scheduled repayment dates.

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續） 3 FINANCIAL RISK MANAGEMENT (continued)
3.1 財務風險因素（續）
3.1 Financial risk factors (continued)
(c) 流動資金風險（續）
(c) Liquidity risk (continued)

綜合

					Consolidated	Consolidated
				到期日分析 –未折現現金流出
				Maturity Analysis – Undiscounted cash			outflows:
			於要求時	1年內	1至2年	2至5年	5年以上	總額
				Less than 1	Between 1	Between 2	Over
			On demand	year	and 2 years	and 5 years	5 years	Total
			港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元
			HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零零九年	At	31 December 2009
十二月三十一日
應付貿易賬款		Trade payables	–	457,923	–	–	–	457,923
應計費用及其他		Accruals and other
應付賬款		payables	–	144,894	–	–	–	144,894
應付一間聯營公司		Amount due to an
款項		associate	–	3,183	–	–	–	3,183
應付共同控制實體		Amounts due to jointly
款項		controlled entities	–	24	–	–	–	24
信託收據銀行貸款		Trust receipts bank loan	–	411	–	–	–	411
其他銀行貸款		Other bank borrowings	–	48,959	–	–	–	48,959
			–	655,394	–	–	–	655,394
於二零一零年	At	31 December 2010
十二月三十一日
應付貿易賬款		Trade payables	–	774,711	–	–	–	774,711
應計費用及其他		Accruals and other
應付賬款		payables	–	195,532	–	–	–	195,532
應付一間聯營公司		Amount due to an
款項		associate	–	3,183	–	–	–	3,183
信託收據銀行貸款		Trust receipts bank loan	–	124,593	–	–	–	124,593
具有於要求時償還		Mortgage loan subject to
條文的按揭貸款		a repayment on demand
		clause	65,550	–	–	–	–	65,550
其他銀行貸款		Other bank borrowings	–	248,484	–	–	–	248,484
			65,550	1,346,503	–	–	–	1,412,053

100

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續） 3 FINANCIAL RISK MANAGEMENT (continued)
3.1 財務風險因素（續）
3.1 Financial risk factors (continued)
(c) 流動資金風險（續）
(c) Liquidity risk (continued)

(c)	流動	資金風險（續）		(c)	Liquidity risk (continued)	Liquidity risk (continued)
					本公司
					Company
			於要求時	1年內	1至2年	2至5年	5年以上	總額
				Less than 1	Between 1	Between 2	Over
			On demand	year	and 2 years	and 5 years	5 years	Total
			港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元
			HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零零九年	At	31 December 2009
十二月三十一日
應計費用及其他		Accruals and other
應付賬款		payables	–	2,222	–	–	–	2,222
應付附屬公司		Amounts due to
款項		subsidiaries	–	164,630	–	–	–	164,630
			–	166,852	–	–	–	166,852
於二零一零年	At	31 December 2010
十二月三十一日
應計費用及其他		Accruals and other
應付賬款		payables	–	2,267	–	–	–	2,267
應付附屬公司		Amounts due to
款項		subsidiaries	–	165,205	–	–	–	165,205
			–	167,472	–	–	–	167,472

101 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(c) 流動資金風險（續）

(c) Liquidity risk (continued)

下表綜合具有於要求時償還條文的按揭貸款的到期日分析，其根據貸款協議所載之議定還款期。金額包括按合約利率計算的利息付款。因此，該等金額大於下文到期日分析中「於要求時」時間範圍所披露的金額。經考慮本集團之財務狀況，董事認為銀行不太可能行使權利要求即時還款。董事相信有關按揭貸款將按照貸款協議所載之議定還款期償還。

The table that follows summarises the maturity analysis of mortgage loan with a repayment on demand clause based on agreed scheduled repayments set out in the loan agreement. The amounts include interest payments computed using contractual rates. As a result, these amounts were greater than the amounts disclosed in the ‘on demand’ time band in the maturity analysis contained below. Taking into account the Group’s financial position, the Directors do not consider that it is probable that the bank will exercise its discretion to demand immediate repayment. The Directors believe that such mortgage loan will be repaid in accordance with the scheduled repayment date set out in the loan agreements.

到期日分析 – 具有於要求時償還條文的按揭貸款，根據預定還款期

Maturity Analysis – Mortgage loans subject to a repayment on demand clause based on scheduled repayments:

								未折現
			於要求時	1年內	1至2年	2至5年	5年以上	現金流總額
					More	More
					than 1	than 2
					year but	years but	More	Total
			On	Within	less than	less than	than	undiscounted
			demand	1 year	2 years	5 years	5 years	cash flows
			港幣千元港幣千元港幣千元港幣千元港幣千元					港幣千元
			HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零一零年	31	December
十二月三十一日		2010	–	7,387	7,333	21,675	31,605	68,000
於二零零九年	31	December
十二月三十一日		2009	–	–	–	–	–	–

102

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(c) 流動資金風險（續）

(c) Liquidity risk (continued)

下表按由結算日起至合約到期日止剩餘期限，將以總額基準結算之衍生金融工具分類為相關到期日組別之分析。表內披露的金額為合約未貼現現金流量。由於在12個月內到期結餘之貼現影響並不重大，故該等到期結餘等於其賬面值。

The table below analyses the Group’s derivative financial instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

					綜合	綜合
					Consolidated
			1年內		1至2年	2至5年		總額
				Between		Between
			Less than	1 and 2		2 and	5
			1 year		years	years		Total
			港幣千元港幣千元港幣千元港幣千元
			HK$’000	HK$’000		HK$’000		HK$’000
於二零零九年十二月三十一日	At	31 December 2009
遠期外匯		Forward foreign exchange
合約		contracts
流出		Outflow	23,501		–		–	23,501
流入		Inflow	23,762		–		–	23,762
於二零一零年十二月三十一日	At	31 December 2010
遠期外匯		Forward foreign exchange
合約		contracts
流出		Outflow	111,288		–		–	111,288
流入		Inflow	109,920		–		–	109,920

103

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.2 資本風險管理

3.2 Capital risk management

本集團的資金管理目標是確保本集團能持續營運，繼續為股東提供回報並為其他利益相關者帶來利益，同時維持最佳的資本結構以減低資金成本。

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

為維持或調整資本結構，本集團可能會調整支付予股東的股息金額、向股東退回資本、發行新股份或出售資產以降低債務。

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

與其他同業一致，本集團以負債資產比率作為監控資本的基準。該比率按淨負債除以總資本計算。淨負債按總貸款減現金及現金等價物及已抵押銀行存款計算。總資本按綜合資產負債表所載之「權益」加上淨負債計算。

Consistent with others in the industry, the Group monitors capital on the basis of gearing ratio. The ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalent and pledged bank deposits. Total capital is calculated as ‘equity’, as shown in the consolidated balance sheet, plus net debt.

於二零一零年及二零零九年十二月三十一日，本集團處於淨現金狀況。

The Group was in a net cash position as at 31 December 2010 and 2009.

3.3 公允價值估計

3.3 Fair value estimation

下表載列以估值法計量按公允價值列賬之金融工具分析。不同等級之定義如下︰

The table below analyses financial instruments carried at fair value by valuation method. The different level have been defined as follows:

可識別資產或負債在活躍市場報價（未經調整）（第1級）。
Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
除第1級計及的報價外，就資產或負債直接（即價格）或間接
（即自價格所得）觀察所得參數（第2級）。
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

104

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.3 公允價值估計（續）

3.3 Fair value estimation (continued)

並非基於可觀察市場數據（無法觀察參數）之資產或負債之參數（第3級）。
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
下表呈列本集團於二零零九年十二月三十一日按公允價值計量之資產及負債。

The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2009.

		第1級		第2級	第3級	總額
		Level 1		Level 2	Level 3	Total
		港幣千元	港幣千元		港幣千元	港幣千元
		HK$’000	HK$’000		HK$’000	HK$’000
資產	Assets
可供出售金融資產	Available-for-sale financial assets	48		–	–	48
衍生金融工具	Derivative financial instruments	–		113	–	113
資產總額	Total assets	48		113	–	161
下表呈列本集團於二零一零年十二		The following	table presents the Group’s assets
月三十一日按公允價值計量之資產		and liabilities that		are measured at		fair value at
及負債。		31 December 2010.
		第1級第2級 Level 1 Level 2 港幣千元港幣千元 HK$’000 HK$’000			第3級 Level 3 港幣千元 HK$’000	總額 Total 港幣千元 HK$’000
資產	Assets
可供出售金融資產	Available-for-sale financial assets	47		–	3,891	3,938
以公允價值計量且其變動計	Financial assets at fair value through
入損益的金融資產	profit or loss	1,091		–	–	1,091
資產總額	Total assets	1,138		–	3,891	5,029
負債	Liabilities
衍生金融工具	Derivative financial instruments	–		(2,423)	–	(2,423)
負債總額	Total liabilities	–		(2,423)	–	(2,423)

105

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.3 公允價值估計（續）

3.3 Fair value estimation (continued)

在活躍市場買賣的金融工具之公允價值根據結算日的市場報價列賬。倘該報價可方便或定期自交易所、經銷商、經紀、行業集團、股價服務或監管機構獲得，而該等報價反映實際及定期按公平原則進行之市場交易，則該市場視為活躍市場。本集團持有的金融資產的市場報價為當時買盤價。該等工具計入第1 級。

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

並非在活躍市場買賣的金融工具（例如場外衍生工具）的公允價值採用估值法釐定。該等估值法在有可觀察市場數據之情況下盡量利用該等數據，並盡量降低對實體具體估計之倚賴。倘工具公允價值之全部所需重要參數均可觀察，則該工具計入第2級。

The fair value of financial instruments that are not traded in an active market (for example, overthe-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

倘一項或多項重大參數並非基於可觀察市場數據，則工具計入第3級。對工具進行估值時使用類似工具之市場報價。

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The quoted market prices of similar instruments are used to value the instruments.

106

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

3 財務風險管理（續）

3 FINANCIAL RISK MANAGEMENT (continued)

3.3 公允價值估計（續）

3.3 Fair value estimation (continued)

下表呈列第3級工具於截至二零一零年十二月三十一日止年度之變動。

The following table represents the changes in level 3 instruments for the year ended 31 December 2010.

		可供出售金融資產總額 Available-for-sale financial assets Total 港幣千元港幣千元 HK$’000 HK$’000
年初結存	Opening balance	– –
增加	Additions	3,891 3,891
年末結存	Closing balance	3,891 3,891

4 重大會計估計及判斷

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

估計及判斷須持續評估，並基於過往經驗及其他因素，包括依據當時情況相信屬未來事件的合理預期。

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

本集團就未來作出估計及假設。產生的會計估計顧名思義多數與有關實際結果不同。對下一財政年度有重大風險，造成資產與負債賬面值須作出重大調整的估計及假設載於下文。

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

107

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

(a) 物業、廠房及設備之使用年限
(a) Useful lives of property, plant and equipment

本集團管理層釐定其物業、廠房及設備的估計使用年限與相關折舊開支。該估計乃根據同類性質及功能之物業、廠房及設備實際使用年限的過往經驗作出。倘使用年限早於先前估計之年限，管理層會增加折舊支出，或註銷或撇減已棄用或出售之技術過時或非戰略性資產。實際經濟年期或會與估計使用期限不同。定期檢討可能使可折舊年期出現變動，因而導致未來期間之折舊支出有所變動。

The Group’s management determines the estimated useful lives, and related depreciation charges for its property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. Management will increase the depreciation charges where useful lives are less than previously estimated lives. It will write-off or write-down technically obsolete or non-strategic assets that have been abandoned or sold. Actual economic lives may differ from estimated useful lives. Periodic review could result in a change in depreciable lives and therefore depreciation expense in future periods.

(b) 非金融資產之減值

(b) Impairment of non-financial assets

倘有任何事件或情況變動顯示非金融資產之賬面值無法收回，則須進行減值檢討。可收回金額乃依據使用價值或市值而釐定。該等計算方法須行使判斷及估計。

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts have been determined based on value-in-use calculations or market valuations. These calculations require the use of judgments and estimates.

管理層須判斷資產是否減值，尤其是評估：(i) 是否已發生可能顯示有關資產價值可能無法收回之事件；(ii) 可收回款項（即按業務中持續使用資產而估計公允價值減銷售成本或未來現金流量淨現值（以較高者為準））是否達致該項資產之賬面值；及 (iii) 於編製現金流量預測時使用適當的主要假設，包括是否採用適當利率貼現該等現金流量預測。

Management judgment is required in the area of asset impairment particularly in assessing: (i) whether an event has occurred that may indicate that the related asset values may not be recoverable; (ii) whether the carrying value of an asset can be supported by the recoverable amount, being the higher of fair value less costs to sell or net present value of future cash flows which are estimated based upon the continued use of the asset in the business; and (iii) the appropriate key assumptions to be applied in preparing cash flow projections including whether these cash flow projections are discounted using an appropriate rate.

108

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

(b) 非金融資產之減值（續）

(b) Impairment of non-financial assets (continued)

倘管理層評估減值之假設有變（包括現金流量預測所採用之貼現率或增長率假設），或會影響減值測試所使用的淨現值，因而影響本集團財務狀況及營運業績。

Changing the assumptions selec ted by management in assessing impairment, including the discount rates or the growth rate assumptions in the cash flow projections, could affect the net present value used in the impairment test and as a result affect the Group’s financial position and results of operations.

(c) 存貨之估計撥備

(c) Estimated provision for inventories

本集團根據對存貨可變現程度的評估，將存貨撇減至可變現淨值。倘有事件或情況變化顯示結餘可能無法變現，則會將存貨撇減值入賬。識別撇減值時須運用判斷及估計。倘預期金額與原有估計有別，該差額將影響存貨賬面值及估計變更期間的存貨撇減值。

Inventories are written down to net realisable value based on an assessment of the realisability of inventories. Writedowns on inventories are recorded where event s or changes in circumstances indicate that the balances may not be realised. The identification of write-downs requires the use of judgment and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of inventories and write-downs of inventories in the periods in which such estimate has been changed.

(d) 應收賬款之估計減值

(d) Estimated impairment of receivables

本集團基於對應收賬款可收回程度之評估，對應收賬款作出減值撥備。倘發生事件或情況改變顯示該結餘可能無法收回，則會就應收賬款作出撥備。識別應收賬款減值須作出判斷及估計。倘預期金額與原有估計有差異，則該等差額將影響應收賬款之賬面值，而應收賬款減值虧損會於估計變更年度內確認。

The Group makes provision for impairment of receivables based on an assessment of the recoverability of the receivables. Provisions are applied to receivables where events or changes in circumstances indicate that the balances may not be collectible. The identification of impairment of receivables requires the use of judgment and estimates. Where the expectations are different from the original estimates, such differences will impact the carrying value of receivables and loss for the impairment of receivable is recognized in the years in which such estimates have been changed.

109

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

(e) 所得稅及遞延所得稅

(e) Income taxes and deferred income tax

本集團於多個司法權區須繳納所得稅。於釐定各地所得稅撥備時須作出重大判斷。日常業務過程中有多宗交易且計算釐定該等交易最終稅項尚不明確。本集團根據估計是否須繳納額外稅項而確認預計稅務審核事宜之負債。倘有關事宜之最終稅務結果有別於初始入賬款額，有關差額將影響釐定有關數額期間之所得稅及遞延稅項撥備。

The Group is subject to income taxes in various jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be required. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

倘管理層認為未來應課稅利潤將可用作抵銷可使用暫時差額或稅項虧損，則確認涉及若干暫時差額之遞延稅項資產及稅項虧損。倘有關預測有別於原有估計，有關差額將影響估計變動期間之遞延稅項資產及所得稅支出之確認。

Deferred tax assets relating to certain temporary differences and tax losses are recognized when management considers it is likely that future taxable profits will be available against which the temporary differences or tax losses can be utilised. When the expectations are different from the original estimates, such differences will impact the recognition of deferred tax assets and income tax charges in the period in which such estimates have been changed.

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Wong's International (Holdings) Limited 2010 Annual Report

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

綜合財務報表附註 Notes to the Consolidated Financial Statements

5 分部資料

5 SEGMENT INFORMATION

本集團之高級行政管理層被視為主要營運決策者。本集團分為兩個經營部門：

The Group’s senior executive management is considered as the CODM. The Group was organised into two operating divisions:

電子製造服務（「EMS」） – 為 EMS 顧客製造及分銷電子產品。

Electronic Manufacturing Service (“EMS”) – manufacture and distribution of electronic products for EMS customers.

原設計及製造（「ODM」） – 為 EMS及ODM 顧客提供原設計及製造。

Original Design and Manufacturing (“ODM”) – original design and manufacturing for both EMS and ODM customers.

主要營運決策者定期審閱本集團表現及其內部報告，以評估表現及分配資源。主要營運決策者根據分部業績之計量評估營運分部表現。該計量基準包括未扣除其他收入之營運分部盈虧、其他收益╱ （虧損） – 淨額、應佔聯營公司及共同控制實體虧損、利息收入、利息開支、稅項與投資物業公允價值變動，惟不包括企業及未分配開支。向本集團管理層提供之其他資料按與綜合財務報表所載方式一致者計量。

The CODM reviews the performance of the Group on a regular basis and reviews the Group’s internal reporting in order to assess performance and allocate resources. The CODM assesses the performance of the operating segments based on a measure of segment results. This measurement basis includes profit or loss of the operating segments before other income, other gains/ (losses) – net, share of loss of associates and jointly controlled entities, interest income, interest expense, tax and change in fair value of investment properties but excludes corporate and unallocated expenses. Other information provided to the Group’s management is measured in a manner consistent with that in the consolidated financial statements.

111

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

5 分部資料（續）

5 SEGMENT INFORMATION (continued)

		EMS部門	ODM部門	總額
		EMS	ODM
		division	division	Total
		港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000
截至二零一零年	For the year ended 31 December 2010
十二月三十一日止年度
毛收益總值	Total gross revenue	3,940,536	4,807	3,945,343
分部間收益	Inter-segment revenue	(1,324)	–	(1,324)
對外收益	External revenue	3,939,212	4,807	3,944,019
分部業績	Segment results	220,590	(18,581)	202,009
折舊及攤銷支出	Depreciation and amortisation charges	52,467	199	52,666
物業、廠房及設備之減值虧損	Impairment loss for property, plant and
	equipment	2,786	–	2,786
預付款項、訂金及其他	Impairment loss for prepayments,
應收賬款之減值虧損	deposits and other receivables	2,125	–	2,125
資本開支	Capital expenditure	37,180	105	37,285
截至二零零九年	For the year ended 31 December 2009
十二月三十一日止年度
毛收益總值	Total gross revenue	2,404,992	5,365	2,410,357
分部間收益	Inter-segment revenue	(1,307)	–	(1,307)
對外收益	External revenue	2,403,685	5,365	2,409,050
分部業績	Segment results	80,318	(13,858)	66,460
折舊及攤銷支出	Depreciation and amortisation charges	59,551	199	59,750
資本開支	Capital expenditure	32,794	139	32,933

112

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

5 分部資料（續）

5 SEGMENT INFORMATION (continued)

		EMS部門	ODM部門	總額
		EMS	ODM
		division	division	Total
		港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000
可呈報分部資產	Reportable segment assets
於二零一零年十二月三十一日	As at 31 December 2010	2,018,000	5,138	2,023,138
於二零零九年十二月三十一日	As at 31 December 2009	1,377,844	5,172	1,383,016

分部資產主要包括物業、廠房及設備、租賃土地及土地使用權、存貨、應收貿易賬款、預付款項、訂金及其他應收賬款以及現金，惟不包括企業及未分配資產。

Segment assets consist primarily of property, plant and equipment, leasehold land and land use rights, inventories, trade receivables, prepayments, deposits and other receivables and cash, but exclude corporate and unallocated assets.

可呈報分部業績除與除所得稅前利潤之對賬如下︰

A reconciliation of reportable segment results to profit before income tax is provided as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
可呈報分部業績	Reportable segment results	202,009	66,460
其他收入	Other income	25,486	9,781
投資物業公允價值變動	Change in fair value of investment
	properties	4,980	4,750
其他收益╱（虧損）–淨額	Other gains/(losses) – net	19,816	(1,621)
融資（成本）╱收入–淨額	Finance (costs)/income – net	(1,456)	1,285
應佔聯營公司虧損	Share of loss of associates	(324)	(154)
應佔共同控制實體虧損	Share of loss of jointly controlled entities	(144)	(115)
企業及未分配開支	Corporate and unallocated expenses	(23,542)	(21,436)
除所得稅前利潤	Profit before income tax	226,825	58,950

113 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

5 分部資料（續） 5 SEGMENT INFORMATION (continued)

可呈報分部資產與總資產之對賬如下︰

Reportable segments assets are reconciled to total assets as follows:

	二零一零年	二零零九年
	2010	2009
	港幣千元	港幣千元
	HK$’000	HK$’000
可呈報分部資產	Reportable segment assets 2,023,138	1,383,016
投資物業	Investment properties 35,550	35,120
聯營公司的投資	Investments in associates 31,489	13,422
共同控制實體的投資	Investments in jointly controlled entities 282,292	177,878
可供出售金融資產	Available-for-sale financial assets 3,938	48
遞延所得稅資產	Deferred income tax assets 12,294	8,749
應收聯營公司款項	Amounts due from associates 27,843	15,202
衍生金融工具	Derivative financial instruments –	113
以公允價值計量且其變動	Financial assets at fair value through
計入損益的金融資產	profit or loss 1,091	–
企業及未分配資產	Corporate and unallocated assets 278,486	94,536
綜合資產負債表內的總資產Total assets per consolidated balance sheet 2,696,121		1,728,084

其他重大項目之對賬如下︰

Reconciliations of other material items are as follows:

	二零一零年	二零零九年
	2010	2009
	港幣千元	港幣千元
	HK$’000	HK$’000
折舊及攤銷支出	Depreciation and amortisation charges
–可呈報分部總額	– Reportable segment total 52,666	59,750
–公司總部	– Corporate headquarters 1,262	163
	53,928	59,913
資本開支	Capital expenditure
–可呈報分部總額	– Reportable segment total 37,285	32,933
–公司總部	– Corporate headquarters 102,959	596
	140,244	33,529

114

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

5 分部資料（續）

5 SEGMENT INFORMATION (continued)

本公司於百慕達註冊。以下為本集團按地區市場劃分之收益分析（按出具發票之地點決定）：

The Company is domiciled in Bermuda. Analysis of the Group’s revenue by geographical market, which is determined by the destination of the invoices billed, is as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
北美洲	North America	332,879	260,976
亞洲（不包括香港）	Asia (excluding Hong Kong)	2,274,876	1,578,630
歐洲	Europe	695,781	262,157
香港	HongKong	640,483	307,287
		3,944,019	2,409,050

截至二零一零年十二月三十一日止年度，約港幣1,184,988,000元（二零零九年：港幣555,733,000元）、港幣679,721,000元（二零零九年：港幣380,508,000元）、港幣405,241,000元（二零零九年：港幣 53,691,000元）及港幣400,000,000元（二零零九年：港幣584,833,000元）之收益分別來自四大外部客戶。該等收益為 EMS 部門應佔收益。

For the year ended 31 December 2010, revenues of a p p r o x i m a t e l y H K $1,1 8 4 , 9 8 8 , 0 0 0 ( 2 0 0 9 : H K $555 ,7 33 , 0 0 0 ), H K $ 6 7 9,7 21, 0 0 0 ( 20 0 9 : H K $3 8 0 ,5 0 8 , 0 0 0 ), H K $ 4 0 5, 241, 0 0 0 ( 20 0 9: HK$53,691,000) and HK$400,000,000 (2009: HK$584,833,000) were derived from the top four external customers respectively. These revenues are attributable to the EMS division.

以下為本集團按地區市場劃分之非流動資產分析：

Analysis of the Group’s non-current assets by geographical market is as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
北美洲	North America	185	218
亞洲（不包括香港）	Asia (excluding Hong Kong)	170,234	164,806
歐洲	Europe	52	57
香港	HongKong	451,942	244,328
		622,413	409,409

非流動資產包括物業、廠房及設備、投資物業、租賃土地及土地使用權、聯營公司的投資、共同控制實體的投資及可供出售金融資產，惟不包括遞延所得稅資產。

Non-current assets comprise property, plant and equipment, investment properties, leasehold land and land use rights, investments in associates, investments in jointly controlled entities and available-for-sale financial assets. They exclude deferred income tax assets.

115 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

6 其他收入

6 OTHER INCOME

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
租金收入	Rental income	1,498	1,807
加工收入	Tooling income	19,204	5,148
其他	Others	4,784	2,826
		25,486	9,781

7 僱員福利開支（包括董事酬金） 7 EMPLOYEE BENEFIT EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS)

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
工資、薪金、津貼及	Wages, salaries, allowances and other
其他離職福利	termination benefits	329,680	249,740
退休金成本	Pension costs
–界定供款計劃	– defined contribution schemes	22,968	11,611
購股權計劃	Share option scheme
–僱員服務價值	– value of employment services	334	734
		352,982	262,085

本集團為香港所有合資格僱員設立強制性公積金計劃（「公積金計劃」）。公積金計劃之資產與本集團資產分開持有，以基金方式由受託人管理。根據公積金計劃，本集團及其僱員每月分別向公積金計劃作出供款，金額為僱員相關收入（定義見香港強制性公積金計劃條例）之5%。本集團及僱員之供款上限均為每月港幣 1,000元。供款全部即時歸屬予僱員。

The Group operates a Mandatory Provident Fund Scheme (the “Fund Scheme”) for all qualifying employees in Hong Kong. The assets of the Fund Scheme are held separately from those of the Group, in funds under the control of trustees. Under the Fund Scheme, each of the Group and its employees make monthly contributions to the Fund Scheme at 5% of the employees’ relevant income as defined in the Hong Kong Mandatory Provident Fund Scheme Ordinance. Both the Group’s and the employees’ contributions are subject to a cap of HK$1,000 per month. The contributions are fully and immediately vested for the employees.

116

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

7 僱員福利開支（包括董事酬金） 7 EMPLOYEE BENEFIT EXPENSE (INCLUDING （續） DIRECTORS’ EMOLUMENTS) (continued)

中華人民共和國（「中國」）附屬公司之僱員為中國政府設立之退休福利計劃成員。

The employees of the subsidiaries in the People’s Republic of China (the “PRC”) are members of retirement benefits schemes operated by the PRC government.

有關中國附屬公司須在中國向國家退休計劃供款。根據有關政府法規，僱員可享有按退休時之基本薪金及服務年期計算之退休金。中國政府負責退休僱員之退休金。

The relevant PRC subsidiaries are required to make contributions to the state retirement schemes in the PRC. The employees are entitled to retirement pension calculated with reference to their basic salaries on retirement and their length of service in accordance with the relevant government regulations. The PRC government is responsible for the pension liability to the retired staff.

列入綜合收益表處理之總成本約港幣 22,968,000元（二零零九年：港幣 11,611,000元）指本集團就本財政年度向該等計劃應付之供款。

The total cost charged to the consolidated income statement of approximately HK$22,968,000 (2009: HK$11,611,000) represents contributions payable to the schemes by the Group in respect of the current financial year.

8 除所得稅前利潤 8

PROFIT BEFORE INCOME TAX

除所得稅前利潤分析如下：

Profit before income tax is analysed as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
核數師酬金	Auditor’s remuneration	2,468	2,298
物業、廠房及設備之折舊	Depreciation of property, plant and equipment	53,780	59,733
攤銷租賃土地及	Amortisation on leasehold land and land use
土地使用權	rights	148	180
土地及樓宇之	Operating lease rental in respect of land and
經營租賃租金	buildings	10,646	8,649
公共事業開支	Utility expenses	32,765	27,096
撥回應收貿易賬款	Write-back of trade receivables	(393)	(975)
運輸費	Transportation	49,202	27,821
化學品及消耗品	Chemicals and consumables	42,477	28,036
物業、廠房及設備之	Impairment loss for property, plant and
減值虧損	equipment	2,786	–
預付款項、訂金及其他應收	Impairment loss for prepayments, deposits and
賬款之減值虧損	other receivables	2,125	–
其他	Others	75,651	55,238
折舊、攤銷及其他經營	Total depreciation, amortisation and other
開支總額	operatingexpenses	271,655	208,076

117

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

9 其他收益╱（虧損） – 淨額

9 OTHER GAINS/(LOSSES) – NET

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
撥回應收一間聯營公司款項之	Write-back of impairment provision on amount due
減值撥備	from an associate	24,884	–
金融工具公允價值變動淨額	Fair value change on financial instruments, net
–未變現虧損	– Unrealised losses	(2,536)	(1,869)
–已變現（虧損）╱收益	– Realised (losses)/gains	(1,766)	1,455
匯兌（虧損）╱收益淨額	Exchange (losses)/gains, net	(1,086)	2,287
出售物業、廠房及設備與	Gains/(loss) on disposal of property, plant and
土地使用權之收益╱（虧損）	equipment and land use rights	218	(2,255)
出售投資物業之收益╱（虧損）	Gains/(loss)on disposal of an investmentproperty	102	(1,239)
		19,816	(1,621)

10 董事及高級管理層之酬金

10 DIRECTORS’ AND SENIOR MANAGEMENT’S EMOLUMENTS

(a) 董事酬金

(a) Directors’ emoluments

各董事於截至二零一零年十二月三十一日止年度之酬金載列如下：

The emolument of every Director for the year ended 31 December 2010 is set out below:

		袍金基本薪金、津貼及實物福利酌情花紅退休福利計劃供款購股權 – 服務價值總酬金 Fees Basic salaries, allowances and benefits in kind Discretionary bonus Retirement benefits schemes contributions Share options – value of services Total emoluments 港幣千元港幣千元港幣千元港幣千元港幣千元港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
王忠秣	Wong Chung Mat, Ben	50 2,519 272 12 – 2,853
王忠椏	Wong Chung Ah, Johnny	50 722 272 – – 1,044
陳子華	Chan Tsze Wah, Gabriel	50 480 – 12 22 564
譚靜安	Tan Chang On, Lawrence	50 1,285 272 – 37 1,644
溫民強	Wan Man Keung	50 1,736 272 12 37 2,107
王賢敏	Wong Yin Man, Ada	50 973 272 12 37 1,344
林錫崇*	Lam Sek Sung, Patrick*	50 1,163 272 9 26 1,520
李家祥	Li Ka Cheung, Eric	100 – – – – 100
楊孫西	Yu Sun Say	100 – – – – 100
葉天養	Alfred Donald Yap	100 – – – – 100
總額	Total	650 8,878 1,632 57 159 11,376

於二零一零年九月二十日辭任董事。
resigned as Director on 20 September 2010.

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Wong's International (Holdings) Limited 2010 Annual Report

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

綜合財務報表附註 Notes to the Consolidated Financial Statements

10 董事及高級管理層之酬金（續）

10 DIRECTORS’ AND SENIOR MANAGEMENT’S EMOLUMENTS (continued)

(a) 董事酬金（續）

(a) Directors’ emoluments (continued)

各董事於截至二零零九年十二月三十一日止年度之酬金載列如下：

The emolument of every Director for the year ended 31 December 2009 is set out below:

			基本薪金、
			津貼及		退休福利	購股權–
		袍金	實物福利	酌情花紅	計劃供款	服務價值	總酬金
			Basic
			salaries,		Retirement	Share
			allowances		benefits	options
			and benefits	Discretionary	schemes	– value of	Total
		Fees	in kind	bonus	contributions	services	emoluments
		港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
王忠秣	Wong Chung Mat, Ben	50	2,519	1,201	12	–	3,782
王忠椏	Wong Chung Ah, Johnny	50	722	1,201	–	–	1,973
陳子華	Chan Tsze Wah, Gabriel	50	480	480	12	33	1,055
譚靜安	Tan Chang On, Lawrence	50	1,325	1,201	–	55	2,631
溫民強	Wan Man Keung	50	1,718	1,201	12	55	3,036
王賢敏	Wong Yin Man, Ada	50	910	1,201	12	55	2,228
林錫崇*	Lam Sek Sung, Patrick*	50	1,500	1,201	12	55	2,818
李家祥	Li Ka Cheung, Eric	100	–	–	–	–	100
楊孫西	Yu Sun Say	100	–	–	–	–	100
葉天養	Alfred Donald Yap	100	–	–	–	–	100
總額	Total	650	9,174	7,686	60	253	17,823

於二零零九年四月十七日獲委任為董事。
appointed as Director on 17 April 2009.

截至二零一零年及二零零九年十二月三十一日止年度，概無董事放棄或同意放棄任何酬金。

No Directors waived or agreed to waive any emoluments in any of the years ended 31 December 2010 and 2009.

(b) 五名獲最高酬金人士

(b) Five highest paid individuals

年內，本集團五名獲最高酬金人士，包括五名（二零零九年：五名）董事，彼等之酬金已載於上文呈列之分析。

The five individuals whose emoluments were the highest in the Group for the year include five (2009: five) Directors whose emoluments are reflected in the analysis presented above.

年內，本集團概無支付酬金予董事，作為吸引彼等加入本集團或加入本集團後之獎勵或作為離職補償。

No emolument was paid by the Group to the Directors as an inducement to join or upon joining the Group, or as compensation for loss of office during the year.

119

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

11 融資（成本）╱收入 – 淨額

11 FINANCE (COSTS)/INCOME – NET

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
融資收入	Finance income
短期銀行存款之利息收入	Interest income on short-term bank
	deposits	3,887	7,642
融資成本	Finance costs
銀行貸款之利息開支	Interest expenses on bank borrowings	(5,343)	(6,357)
融資（成本）╱收入–淨額	Finance (costs)/income – net	(1,456)	1,285

12 所得稅開支

12 INCOME TAX EXPENSE

本公司獲豁免繳納百慕達稅項，直至二零一六年為止。

The Company is exempted from taxation in Bermuda until 2016.

香港利得稅已就產生自或源於香港之估計應課稅利潤按稅率16.5%（二零零九年： 16.5%）計提撥備。

Hong Kong profits tax has been provided at the rate of 16.5% (2009: 16.5%) on the estimated assessable profit arising in or derived from Hong Kong.

根據中國新企業所得稅法，外商投資企業的企業所得稅率由二零零八年一月一日起從過往的優惠稅率調高至25%。於二零零七年三月十六日前在中國內地成立且過往稅率是15%之公司稅率將於五年內逐漸增至25%。本公司於中國內地成立的若干附屬公司將由二零零八年至二零一一年期間享有優惠所得稅率，並在優惠待遇屆滿時於二零一二年起按稅率 25%繳納稅項。

The new Corporate Income Tax Law in the PRC increases the corporate income tax rate for foreign investment enterprises from previous preferential rates to 25% with effect from 1 January 2008. Companies established in Mainland China before 16 March 2007 and previously taxed a rate of 15% may be offered a gradual increase of tax rate to 25% within 5 years. Certain subsidiaries of the Company established in Mainland China will enjoy preferential income tax rate from 2008 to 2011 and be taxed at the rate of 25% from 2012 when the preferential treatment expires.

120

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

12 所得稅開支（續）

12 INCOME TAX EXPENSE (continued)

計入綜合收益表的所得稅金額指︰

The amount of income tax charged to the consolidated income statement represents:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
當期所得稅	Current income tax
–香港利得稅	– Hong Kong profits tax	10,660	4,320
–海外稅項	– Overseas taxation	15,951	6,396
遞延所得稅（附註23）	Deferred income tax (Note 23)	(3,830)	(3,023)
過往年度撥備不足╱（超額撥備）Under/(over)-provision in prior years
–當期所得稅	– Current income tax	6,731	(1,916)
–遞延所得稅	– Deferred income tax	372	814
		29,884	6,591

有關本集團除稅前利潤之稅項有別於採用合併實體利潤適用的加權平均稅率所得出的理論金額如下：

The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
除稅前利潤	Profit before income tax	226,825	58,950
按適用於各地利潤之國內稅率	Tax calculated at the domestic tax
計算之稅項	rates applicable to profits in the
	respective places	40,737	11,533
稅率變動影響	Effect of changes in tax rate	(388)	(290)
不可扣稅開支	Expenses not deductible for tax
	purposes	2,415	853
毋須課稅收入	Income not subject to tax	(14,479)	(4,517)
並無確認遞延所得稅資產的	Tax losses and other temporary
稅項虧損及其他臨時差額	differences for which no deferred
	income tax asset was recognized	6,656	5,716
免稅期影響	Effect of tax holiday	(12,160)	(5,602)
過往年度撥備不足╱（超額撥備）Under/(over)-provision inprioryears		7,103	(1,102)
所得稅開支	Income tax expense	29,884	6,591

121

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

12 所得稅開支（續）

12 INCOME TAX EXPENSE (continued)

適用加權平均稅率為18.0%（二零零九年︰ 19.6%）。

The weighted average applicable tax rate was 18.0% (2009: 19.6%).

13 本公司股份持有人應佔利潤

13 PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

本公司股份持有人應佔利潤約港幣 48,546,000元（二零零九年︰港幣 13,231,000元）在本公司財務報表內處理。

The profit attributable to equity holders of the Company is dealt with in the financial statements of the Company to the extent of approximately HK$48,546,000 (2009: HK$13,231,000).

14 股息

14 DIVIDENDS

二零一零年及二零零九年已付的股息分別為約港幣25,760,000元（每股港幣0.055 元）及港幣28,015,000元（每股港幣0.06 元）。將於本公司應屆股東週年大會上建議宣派截至二零一零年十二月三十一日止年度之末期股息每股港幣0.055元，合共約港幣25,831,000元。此財務報表並無反映是次應付之末期股息。

The dividends paid in 2010 and 2009 were approximately HK$25,760,000 (HK$0.055 per share) and HK$28,015,000 (HK$0.06 per share) respectively. A final dividend in respect of the year ended 31 December 2010 of HK$0.055 per share, amounting to a total dividend of approximately HK$25,831,000, will be proposed at the upcoming annual general meeting of the Company. These financial statements do not reflect this final dividend payable.

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
已付中期股息–每股港幣0.035元	Interim dividend paid – HK$0.035
（二零零九年：港幣0.01元）	(2009: HK$0.01) per share	16,421	4,669
擬派末期股息–每股港幣0.055元	Proposed final dividend – HK$0.055
（二零零九年：港幣0.02元）	(2009: HK$0.02) per share	25,831	9,339
		42,252	14,008

於二零一零年及二零零九年已付及擬派之股息已根據香港公司條例於綜合收益表披露。

The aggregate amounts of the dividends paid and proposed during 2010 and 2009 have been disclosed in the consolidated income statement in accordance with the Hong Kong Companies Ordinance.

122

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

15 每股盈利

15 EARNINGS PER SHARE

(a) 基本

(a) Basic

每股基本盈利乃按公司股份持有人應佔利潤除以年內已發行普通股之加權平均數計算。

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

		二零一零年	二零零九年
		2010	2009
本公司股份持有人應佔利潤	Profit attributable to equity holders of the
（港幣千元）	Company (HK$’000)	196,941	52,359
已發行普通股之加權平均數	Weighted average number of ordinary
（千股）	shares in issue (in thousands)	468,196	466,922
每股基本盈利（港幣元）	Basic earnings per share (HK$)	0.42	0.11

(b) 攤薄

(b) Diluted

每股攤薄盈利透過調整已發行普通股之加權平均數計算，假設所有可攤薄的潛在普通股均獲兌換。本公司尚未獲行使之購股權具有攤薄潛力。就購股權而言，根據尚未行使購股權所附認購權利之貨幣價值，釐定按公允價值（釐定為本公司股份之平均全年市價）可購入的股份數目。按以上方式計算的股份數目，與假設購股權獲行使下原應發行之股份數目作出比較。

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has outstanding share options, which are of dilutive potential. For share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

123

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

15 每股盈利（續） 15 EARNINGS PER SHARE (continued)

(b) 攤薄（續） (b) Diluted (continued)

		二零一零年	二零零九年
		2010	2009
本公司股份持有人應佔利潤	Profit attributable to equity holders of the
（港幣千元）	Company (HK$’000)	196,941	52,359
已發行普通股之加權平均數	Weighted average number of ordinary
（千股）	shares in issue (in thousands)	468,196	466,922
就購股權作出調整（千份）	Adjustment for share options (in thousands)	5,456	4,824
計算每股攤薄盈利的普通股	Weighted average number of ordinary
加權平均數	shares for diluted earnings per share
（千股）	(in thousands)	473,652	471,746
每股攤薄盈利（港幣元）	Diluted earnings per share (HK$)	0.42	0.11

124

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

16 物業、廠房及設備

16 PROPERTY, PLANT AND EQUIPMENT

				廠房、	傢俬
		樓宇	在建工程	機器及設備	及裝置	汽車	合計
				Plant,
				machinery	Furniture
		Land and	Construction	and	and	Motor
		buildings	in progress	equipment	fixtures	vehicles	Total
		港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零零九年一月一日	At 1 January 2009
成本值	Cost	47,676	20,924	647,987	152,051	10,876	879,514
累計折舊及減值	Accumulated depreciation and impairment	(7,763)	–	(553,523)	(104,687)	(9,561)	(675,534)
賬面淨值	Net book amount	39,913	20,924	94,464	47,364	1,315	203,980
截至二零零九年十二月三十一日止年度	Year ended 31 December 2009
期初賬面淨值	Opening net book amount	39,913	20,924	94,464	47,364	1,315	203,980
添置	Additions	–	24,728	7,896	322	583	33,529
轉撥	Transfer	49	(72)	23	–	–	–
出售	Disposals	(948)	–	(1,215)	–	–	(2,163)
折舊	Depreciation	(1,948)	–	(56,408)	(657)	(720)	(59,733)
匯兌差額	Exchange differences	204	120	433	1	1	759
期末賬面淨值	Closing net book amount	37,270	45,700	45,193	47,030	1,179	176,372
於二零零九年十二月三十一日	At 31 December 2009
成本值	Cost	46,891	45,700	639,280	151,417	9,710	892,998
累計折舊及減值	Accumulated depreciation and impairment	(9,621)	–	(594,087)	(104,387)	(8,531)	(716,626)
賬面淨值	Net book amount	37,270	45,700	45,193	47,030	1,179	176,372
截至二零一零年十二月三十一日止年度	Year ended 31 December 2010
期初賬面淨值	Opening net book amount	37,270	45,700	45,193	47,030	1,179	176,372
添置	Additions	103,690	3,058	32,756	360	380	140,244
轉撥	Transfer	93	(756)	663	–	–	–
出售	Disposals	–	–	(54)	(8)	(23)	(85)
減值	Impairment	–	(2,786)	–	–	–	(2,786)
折舊	Depreciation	(3,041)	–	(49,615)	(417)	(707)	(53,780)
匯兌差額	Exchange differences	987	86	1,438	8	1	2,520
期末賬面淨值	Closing net book amount	138,999	45,302	30,381	46,973	830	262,485
於二零一零年十二月三十一日	At 31 December 2010
成本值	Cost	152,093	48,088	668,259	151,892	8,687	1,029,019
累計折舊及減值	Accumulated depreciation and impairment	(13,094)	(2,786)	(637,878)	(104,919)	(7,857)	(766,534)
賬面淨值	Net book amount	138,999	45,302	30,381	46,973	830	262,485

125 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

16 物業、廠房及設備（續）

16 PROPERTY, PLANT AND EQUIPMENT (continued)

本集團分類為土地及樓宇之租賃土地權益之賬面值為約港幣74,919,000元（二零零九年：無），乃於香港按租期為10至50 年之中期租約持有。

The Group’s interest in leasehold land classified under land and buildings with carrying amount of approximately HK$74,919,000 (2009: Nil) are on medium term leases between 10 to 50 years located in Hong Kong.

於二零一零年十二月三十一日，由土地及樓宇抵押之若干銀行貸款之賬面值為約港幣101,802,000元（二零零九年：無）（附註33）。

As at 31 December 2010, certain bank borrowings are secured on land and buildings for the carrying amount of approximately HK$101,802,000 (2009: Nil) (Note 33).

17 投資物業

17 INVESTMENT PROPERTIES

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
於一月一日	At 1 January	35,120	34,280
出售	Disposals	(4,550)	(3,910)
公允價值收益	Fair value gains	4,980	4,750
於十二月三十一日	At 31 December	35,550	35,120

本集團按賬面淨值入帳之投資物業按10 至50年之中期租約持有，並位於香港。

The Group’s interest in investment properties at their net book values are on medium-term leases of 10 to 50 years and are located in Hong Kong.

獨立專業合資格估值師每年於十二月三十一日按公開市值基準為投資物業估值。

The investment properties are valued annually on an open market value basis by an independent, professionally qualified valuer on 31 December.

本集團根據經營租賃租出投資物業，初步期限為1年，可選擇按重新磋商條款續期。有關租賃概無包含或然租金。截至二零一零年十二月三十一日止年度，投資物業之租金收入總額約港幣1,498,000 元（二零零九年︰港幣1,807,000元）。

The Group leases out the investment properties under operating leases, for an initial period of 1 year, with an option to renew on renegotiated terms. None of the leases includes contingent rentals. During the year ended 31 December 2010, the gross rental income from investment properties amounted to approximately HK$1,498,000 (2009: HK$1,807,000).

126

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

18 租賃土地及土地使用權

18 LEASEHOLD LAND AND LAND USE RIGHTS

本集團於租賃土地及土地使用權之權益指預付營運租賃款項，彼等之賬面淨值分析如下︰

The Group’s interests in leasehold land and land use rights represent prepaid operating lease payments and their net book values are analysed as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
於一月一日	At 1 January	6,569	9,809
出售	Disposals	–	(3,099)
攤銷	Amortisation	(148)	(180)
匯兌差額	Exchange difference	238	39
於十二月三十一日	At 31 December	6,659	6,569

本集團於按賬面淨值入帳之土地及土地使用權之權益為位於香港境外之10年至 50年之中期租賃。

The Group’s interest in leasehold land and land use rights at their net book values are on medium term leases between 10 to 50 years located outside Hong Kong.

19 聯營公司的投資

19 INVESTMENTS IN ASSOCIATES

19聯營公司的投	19 INVESTMENTS 資	IN ASSOCIATES
		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
聯營公司的投資	Investments in associates
–應佔資產淨值	– Share of net assets	17,144	13,422
–商譽	– Goodwill	14,345	–
總額	Total	31,489	13,422

127 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

19 聯營公司的投資（續） 19 INVESTMENTS IN ASSOCIATES (continued)

應佔聯營公司的投資之變動如下︰

The movements of investments in associates are as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
於一月一日	At 1 January	13,422	17,261
收購	Acquisition	21,930	–
應佔聯營公司虧損	Share of loss of associates	(324)	(154)
來自一間聯營公司之股息	Dividend received from an associate	(6,128)	(3,685)
匯兌儲備	Exchange differences	2,589	–
於十二月三十一日	At 31 December	31,489	13,422

於二零一零年一月十三日，本集團訂立一項認購及轉讓協議以收購 Focus Media Network Limited（「Focus Media」）2,200股普通股，佔於交易完成時 Focus Media已發行股本22%，代價為3,000,000美元。根據認購及轉讓協議，本集團所認購之 Focus Media 權益百分比須按照 Focus Media 截至二零一零年十二月三十一日止年度之純利予以調整。

On 13 January 2010, the Group entered into a Subscription and Transfer Agreement to acquire 2,200 ordinary shares of Focus Media Network Limited (“Focus Media”) at a consideration of US$3,000,000, representing 22% of the issued shares of Focus Media upon completion. Pursuant to the Subscription and Transfer Agreement, the percentage of equity interests in Focus Media subscribed by the Group is subject to adjustment by reference to the net profit of Focus Media for the year ended 31 December 2010.

128

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

19 聯營公司的投資（續）

19 INVESTMENTS IN ASSOCIATES (continued)

本集團應佔其聯營公司（均無上市）之收益、業績及應佔總資產和負債如下︰

The Group’s share of the revenue and results of its associates, all of which are unlisted, and their aggregate assets and liabilities, are as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
總資產	Total assets	19,495	18,994
總負債	Total liabilities	(2,351)	(5,572)
資產淨值	Net assets	17,144	13,422
收益	Revenue	23,636	20,080
本年度虧損	Loss for the year	(324)	(154)

本集團於若干聯營公司應佔之虧損超出於該等聯營公司之投資淨額，故本集團已終止確認應佔此等聯營公司之業績。摘錄自聯營公司之相關財務報表之未確認應佔聯營公司虧損之金額（本年度及累計）如下︰

The Group has discontinued the recognition of its share of result of certain associates as the Group’s share of losses in these associates exceed its net investments in these associates. The amounts of unrecognized share of loss of associates, extracted from the relevant financial statements of associates, both for the year and cumulatively, are as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
年內未確認應佔	Unrecognized share of (profit)/loss of
聯營公司（利潤）╱虧損	associates for theyear	(6,760)	281
累計未確認應佔	Accumulated unrecognized share of losses
聯營公司虧損	of associates	4,380	11,140

129

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

19 聯營公司的投資（續）

19 INVESTMENTS IN ASSOCIATES (continued)

於二零一零年十二月三十一日，本集團於以下主要聯營公司擁有權益︰

As at 31 December 2010, the Group had interests in the following principal associates:

公司名稱註冊成立地點擁有權權益比例主要業務 Proportion of Place of ownership Name of company incorporation interest Principal activities 英屬處女島 Dinastech Holdings Limited British Virgin 34.87% Islands (“BVI”)

發展技術，以支持寬頻網絡之映像服務 34.87% Development of technologies to support video services on broadband networks

英屬處女島

Focus Media Network Limited BVI 香港 Ming Dragon Limited Hong Kong 旭電 – 王氏（惠州）工業中國有限公司[#] Solectron-Wong’s (Huizhou) PRC Industries Co., Ltd.[#]

廣告網絡供應商

22.00% Advertising network provider

物業投資 42.50% Property investment

未有業務

46.25% Inactive

# 中外合資企業

# Sino-foreign equity enterprise

董事認為，載列聯營公司之全部詳情將過份冗長，因此上表僅載列主要對本集團業績或資產淨值有重要影響之聯營公司的詳情。

In the opinion of the Directors, a complete list of the particulars of associates will be of excessive length and therefore the above list contains only the particulars of those associates which principally affect the results or net assets of the Group.

130

Wong's International (Holdings) Limited 2010 Annual Report

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

綜合財務報表附註 Notes to the Consolidated Financial Statements

20 共同控制實體的投資

20 INVESTMENTS IN JOINTLY CONTROLLED ENTITIES

	ENTITIES
		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
應佔資產淨值	Share of net assets	1,648	1,792
應收共同控制實體貸款	Loans to jointly controlled entities	280,644	176,086
		282,292	177,878

本集團應佔共同控制實體（均無上市）之 The Group’s share of the revenue and results of its 收益及業績以及本集團應佔總資產和負 jointly controlled entities, all of which are unlisted, and 債如下︰ the Group’s share of total assets and liabilities, are as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
總資產	Total assets	429,354	324,898
總負債	Total liabilities	(427,706)	(323,106)
資產淨值	Net assets	1,648	1,792
收益	Revenue	95	104
本年度虧損	Loss for the year	(144)	(115)

131

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

20 共同控制實體的投資（續）

20 INVESTMENTS IN JOINTLY CONTROLLED ENTITIES (continued)

於二零一零年十二月三十一日，本集團於以下主要共同控制實體（並無上市）擁有權益︰

As at 31 December 2010, the Group had interests in the following principal jointly controlled entities, which are unlisted:

公司名稱	註冊成立地點	擁有權權益比例	主要業務
		Proportion of
		ownership
Name of company	Place of incorporation	interest	Principal activities
易偉有限公司	香港		物業控股
Easywise Limited	Hong Kong	35.70%	Property holding
冠奧投資有限公司	香港		物業控股
Crown Opal Investment Limited	Hong Kong	35.70%	Property holding

董事認為，載列共同控制實體之全部詳情將過於冗長，因此上表僅載列主要對本集團資產淨值結果有重要影響之共同控制實體的詳情。

In the opinion of the Directors, a complete list of the particulars of jointly controlled entities will be of excessive length and therefore the above list contains only the particulars of those jointly controlled entities which principally affect the results of net assets of the Group.

應收共同控制實體貸款為無抵押、免息及毋須於未來12個月償還。董事認為向共同控制實體提供之貸款之賬面值與彼等之公允價值相若。該等金額以港幣計值。

The loans to jointly controlled entities are unsecured, interest-free and will not be repaid in the coming 12 months. The Directors consider that the carrying amounts of the loans to the jointly controlled entities approximate their fair values. The amounts are denominated in Hong Kong dollars.

132

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

21 附屬公司的投資 21 INVESTMENTS IN SUBSIDIARIES

21附屬公司的投資	21 INVESTMENTS	IN SUBSIDIARIES
		本公司
		Company
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
非上市股份，按成本值	Unlisted shares, at cost	564,604	563,810

附屬公司之未償還金額為無抵押、免息及無預定還款期，賬面值與彼等之公允價值相若。於二零一零年及二零零九年十二月三十一日，應收附屬公司款項未逾期及並無減值。

The amounts outstanding with subsidiaries are unsecured, non-interest bearing and without predetermined repayment terms. The carrying amounts approximated their fair values. The amounts due from subsidiaries were neither past due nor impaired as at 31 December 2010 and 2009.

133

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度

For the year ended 31 December 2010

21 附屬公司的投資（續）

21 INVESTMENTS IN SUBSIDIARIES (continued)

於二零一零年十二月三十一日，主要附屬公司之詳情如下︰

Details of the principal subsidiaries as at 31 December 2010 are as follows:

			本集團應佔
		已發行及	股本權益
公司名稱	註冊成立地點	繳足股本	百分比	主要業務
			Percentage of
			equity interest
	Place of	Issued and	attributable to
Name of company	incorporation	fully paid share capital	the Group	Principal activities
邦緯有限公司	香港	港幣2元		投資控股
Bondwide Limited	Hong Kong	HK$2	100%	Investment holding
	英屬處女島	港幣110元		投資控股
Catel (B.V.I.) Limited	BVI	HK$110	100%	Investment holding
	香港	港幣1,000,000元		開發、推廣及分銷無線通訊產品
Emerging Technologies Limited	Hong Kong	HK$1,000,000	100%	Development, marketing and distribution
				of wireless communication products
兆偉實業有限公司	香港	港幣2元		製造電子產品
Siu Wai Industrial Limited	Hong Kong	HK$2	100%	Electronic products manufacturing
	英屬處女島	1美元		持有物業
Ubiquitous International Limited	BVI	US$1	100%	Property holding
	香港	港幣2元		投資控股
Wapdon Company Limited	Hong Kong	HK$2	100%	Investment holding
華高科技（蘇州）有限公司#	中國	24,000,000美元		製造電子產品
Welco Technology (Suzhou) Limited#	PRC	US$24,000,000	100%	Electronic products manufacturing
	加拿大	6,326,252加拿大元		開發、推廣及分銷無線通訊產品
Wireless Dynamics Inc.	Canada	CA$6,326,252	80.66%	Development, marketing and distribution
				of wireless communication products
	新加坡	102,799,653新加坡元		投資控股
Wong’s Circuits (Holdings) Pte Ltd	Singapore	S$102,799,653	100%	Investment holding
王氏電子有限公司	香港	港幣1,000,000元		製造電子產品
Wong’s Electronics Co., Limited	Hong Kong	HK$1,000,000	100%	Electronic products manufacturing
王氏工業（集團）有限公司	香港	港幣500元		投資控股
Wong’s Industrial (Holdings) Limited	Hong Kong	HK$500	100%	Investment holding
	日本	20,000,000日圓		銷售及市場拓展
Wong’s International Japan, Inc.	Japan	JPY20,000,000	100%	Sales and marketing
	美國	10,000美元		市場拓展
Wong’s International (USA)	United States of	US$10,000	100%	Marketing
Corporation	America

此公司為外商獨資企業。
The company is a wholly-owned foreign enterprise.

134

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

21 附屬公司的投資（續）

21 INVESTMENTS IN SUBSIDIARIES (continued)

上表列出對本集團業績有重大影響或佔本集團主要部分資產淨值之主要附屬公司。本公司董事及本集團管理層認為，載列其他附屬公司之全部詳情將過分冗長。

The above lists the principal subsidiaries which principally affected the results or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the Company’s Directors and the Group’s management, result in particulars of excessive length.

截至二零一零年十二月三十一日止年度內任何時候，附屬公司概無任何已發行貸款資本。

None of the subsidiaries had any loan capital in issue at any time during the year ended 31 December 2010.

22 可供出售金融資產

22 AVAILABLE-FOR-SALE FINANCIAL ASSETS

結餘指在香港境外上市的股本證券，其賬面值與其公允價值相若。

Balance represents equity securities listed outside Hong Kong. The carrying amount approximated its fair value.

可供出售金融資產之變動如下︰

Movement of the available-for-sale financial assets is as below:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
於一月一日	At 1 January	48	43
增加	Addition	3,891	–
匯兌差額	Exchange difference	(1)	5
於十二月三十一日	At 31 December	3,938	48

於結算日，所有可供出售金融資產均按公允價值列賬。

As at the balance sheet date, all available-for-sale financial assets are stated at fair value.

本年度內並無確認任何減值虧損（二零零九年︰無）。

No impairment loss was recognized during the year (2009: Nil).

135

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

22 可供出售金融資產（續）

22 AVAILABLE-FOR-SALE FINANCIAL ASSETS (continued)

可供出售金融資產之賬面值以下列貨幣計值︰

The carrying amounts of available-for-sale financial assets are denominated in the following currencies:

			綜合
			Consolidated
			二零一零年	二零零九年
			2010	2009
			港幣千元	港幣千元
			HK$’000	HK$’000
美元	United	States dollar	3,891	–
英磅	Sterling		47	48
			3,938	48

23 遞延所得稅資產╱（負債）

23 DEFERRED INCOME TAX ASSETS/(LIABILITIES)

以下為遞延稅項資產及遞延稅項負債分析：

The analysis of deferred tax assets and deferred tax liabilities is as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
遞延所得稅資產	Deferred income tax assets	12,294	8,749
遞延所得稅負債	Deferred income tax liabilities	(5,948)	(5,861)
遞延所得稅資產淨值	Net deferred income tax assets	6,346	2,888

136

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

23 遞延所得稅資產╱（負債）（續） 23 DEFERRED INCOME TAX ASSETS/(LIABILITIES) (continued)

遞延所得稅賬目總變動如下︰

The gross movements on the deferred income tax account is as follow:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
於一月一日	At 1 January	2,888	679
在綜合收益表確認	Recognized in the consolidated income
（附註12）	statement (Note 12)	3,458	2,209
於十二月三十一日	At 31 December	6,346	2,888

未計入抵銷同一稅務機關之結餘前，遞延稅項資產及負債於年內之變動如下︰

The movements in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:

遞延稅項資產︰

Deferred tax assets:

		減速折舊	存貨撥備	總額
		Decelerated
		tax	Inventory
		depreciation	provision	Total
		港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000
於二零零八年十二月三十一日	At 31 December 2008	5,692	–	5,692
在綜合收益表扣除	Credited to the consolidated income
	statement	1,794	1,263	3,057
於二零零九年十二月三十一日	At 31 December 2009	7,486	1,263	8,749
在綜合收益表扣除	Credited to the consolidated income
	statement	1,429	2,116	3,545
於二零一零年十二月三十一日	At 31 December 2010	8,915	3,379	12,294

137 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

23 遞延所得稅資產╱（負債）（續） 23 DEFERRED INCOME TAX ASSETS/(LIABILITIES) (continued)

遞延稅項負債︰

Deferred tax liabilities:

		投資物業的
		公允價值收益
		Fair value gains of
		investment properties
		港幣千元
		HK$’000
於二零零八年十二月三十一日	At 31 December 2008	(5,013)
在綜合收益表扣除	Charged to the consolidated income statement	(848)
於二零零九年十二月三十一日	At 31 December 2009	(5,861)
在綜合收益表扣除	Charged to the consolidated income statement	(87)
於二零一零年十二月三十一日	At 31 December 2010	(5,948)

遞延所得稅資產乃因應相關稅務利益可能透過未來應課稅利潤變現而就所結轉之稅項虧損進行確認。於二零一零年十二月三十一日，本集團可用以抵銷未來利潤之估計未動用稅項虧損約港幣 83,782,000元（二零零九年︰港幣 126,591,000元）。由於不可能透過該等結轉之稅項虧損變現有關稅項利益，故未就稅項虧損確認遞延稅項資產。所有稅項虧損均可無限期結轉。

Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. At 31 December 2010, the Group has estimated unused tax losses of approximately HK$83,782,000 (2009: HK$126,591,000) available for offsetting against future profits. No deferred tax asset has been recognized in respect of the tax losses as the realisation of the related tax benefit through future taxable profit from these tax loss carry-forward is not probable. All the tax losses may be carried forward indefinitely.

138

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

24 存貨 24 INVENTORIES

24存貨	24 INVENTORIES
		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
原材料	Raw materials	342,790	217,232
在製品	Work in progress	43,466	32,557
製成品	Finished goods	57,120	27,361
		443,376	277,150

139

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

25 應收貿易賬款 25 TRADE RECEIVABLES

綜合

			綜合
			Consolidated
			二零一零年	二零零九年
			2010	2009
			港幣千元	港幣千元
			HK$’000	HK$’000
應收貿易賬款	Trade	receivables	948,865	495,955
減︰減值撥備	Less:	Provision for impairment	–	(715)
應收貿易賬款–淨額	Trade	receivables – net	948,865	495,240

本集團給予貿易客戶之賒賬期主要介乎 30日至90日不等，且並無收取任何利息。

The credit period allowed by the Group to its trade customers mainly ranges from 30 days to 90 days and no interest is charged.

本集團應收貿易賬款按發票日期之賬齡分析如下：

Ageing analysis of Group’s trade receivables by invoice date is as follows:

分析如下：	date is as follows:
		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
0至60日	0–60 days	754,235	378,393
61至90日	61–90 days	141,456	85,708
超過90日	Over 90 days	53,174	31,139
		948,865	495,240

140

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

25 應收貿易賬款（續）

25 TRADE RECEIVABLES (continued)

於二零一零年十二月三十一日，應收貿易賬款約港幣100,897,000元（二零零九年︰港幣31,883,000元）已逾期但並無減值。該等賬款與多名近期並無拖欠款項記錄之獨立客戶有關。該等應收賬款之賬齡分析如下︰

As of 31 December 2010, trade receivables of approximately HK$100,897,000 (2009: HK$31,883,000) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these receivables is as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
0至60日	0–60 days	95,697	30,980
61至90日	61–90 days	3,427	395
超過90日	Over 90 days	1,773	508
		100,897	31,883

應收貿易賬款減值撥備之變動如下︰

Movements on the Group’s provision for impairment of trade receivables are as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
於一月一日	At 1 January	715	1,783
應收貿易賬款減值撥備	Provision for impairment of trade
	receivables	–	74
撇銷金額	Amounts written off	(322)	(93)
在綜合收益表撥回之金額	Amounts written back in the consolidated
	income statement	(393)	(1,049)
於十二月三十一日	At 31 December	–	715

141

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

25 應收貿易賬款（續）

25 TRADE RECEIVABLES (continued)

於二零一零年十二月三十一日，並無應收貿易賬款已經減值及作出撥備（二零零九年︰港幣715,000元）。年內，在綜合收益表撥回之撥備金額約港幣393,000元（二零零九年︰約港幣1,049,000元）。未逾期及並無減值之應收貿易賬款與多名近期並無拖欠款項記錄之客戶有關。

As at 31 December 2010, no trade receivables were impaired and provided for (2009: HK$715,000). The amount of written back in the consolidated income statement during the year was approximately HK$393,000 (2009: approximately HK$1,049,000). Trade receivables that were neither past due nor impaired relate to a wide range of customers from whom there was no recent history of default.

本集團已對釐定為不能收回之所有應收貿易賬款全數作出撥備。根據過往經驗，由於信貸質素並無重大變動及應可全數收回結餘，管理層相信並無必要對餘下結餘作出減值撥備。

The Group has fully provided for all trade receivables that are determined to be not recoverable. Based on past experience, the management believed that no impairment allowance is necessary in respect of the remaining balances as there had not been a significant change in credit quality and the balances were considered fully recoverable.

於呈報日期面臨的最大信貸風險為上述各類應收賬款之賬面值。本集團並無持有任何抵押品作擔保。

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral on security.

本集團應收貿易賬款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s trade receivables are denominated in the following currencies:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
美元	United States dollar	753,019	385,651
人民幣	Chinese renminbi	177,560	94,792
港幣	Hong Kong dollar	18,286	14,797
		948,865	495,240

142

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

26 預付款項、訂金及其他應收賬款

26 PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

預付款項、訂金及其他應收賬款之賬面值以下列貨幣計值：

The carrying amounts of prepayments, deposits and other receivables are denominated in the following currencies:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
人民幣	Chinese renminbi	34,893	31,032
美元	United States dollar	7,281	5,664
港幣	Hong Kong dollar	9,448	8,070
日圓	Japanese yen	9,260	5,701
其他	Others	1,332	1,499
		62,214	51,966

27 應收聯營公司款項

27 AMOUNTS DUE FROM ASSOCIATES

應收聯營公司款項為無抵押、免息及無預定還款期。賬面值與彼等之公允價值相若。於二零一零年十二月三十一日，應收聯營公司款項約港幣3,752,000元（二零零九年：港幣28,636,000元）已經減值。管理層參考對手方違約率之過往資料而評估未逾期及未減值結餘之信貸質素。應收聯營公司款項淨額以下列貨幣計值：

The amounts due from associates are unsecured, interest-free and without pre-determined repayment terms. The carrying amounts approximated their fair values. As at 31 December 2010, amounts due from associates of approximately HK$3,752,000 (2009: HK$28,636,000) were impaired. The credit quality of the balances that are neither past due nor impaired were assessed by management with reference to historical information about counter party default rates. The net amounts due from associates were denominated in the following currencies:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
美元	United States dollar	3,584	3,178
港幣	HongKongdollar	24,259	12,024
		27,843	15,202

143

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

28 現金及現金等價物及已抵押銀 28 CASH AND CASH EQUIVALENTS AND 行存款 PLEDGED BANK DEPOSITS

28現金及現金等行存款	28 價物及已抵押銀	CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS	CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS
		綜合本公司
		Consolidated Company
		二零一零年二零零九年二零一零年二零零九年
		2010 2009 2010	2009
		港幣千元港幣千元港幣千元	港幣千元
		HK$’000 HK$’000 HK$’000	HK$’000
手頭現金	Cash on hand	314 336 –	–
銀行存款	Cash at bank	336,329 441,128 1,331	653
短期銀行存款	Short-term bank deposits	63,608 5,514 –	–
現金及現金等價物	Cash and cash equivalents	400,251 446,978 1,331	653
已抵押銀行存款	Pledged bank deposits	177,774 23,277 –	–
		578,025 470,255 1,331	653

現金及現金等價物及已抵押銀行存款以下列貨幣計值：

Cash and cash equivalents and pledged bank deposits were denominated in the following currencies:

		綜合本公司	綜合本公司
		Consolidated Company
		二零一零年二零零九年二零一零年二零零九年
		2010 2009 2010	2009
		港幣千元港幣千元港幣千元	港幣千元
		HK$’000 HK$’000 HK$’000	HK$’000
港幣	Hong Kong dollar	20,262 95,095 1,331	518
人民幣	Chinese renminbi	340,685 195,446 –	–
美元	United States dollar	206,563 175,250 –	135
歐元	Euro	– 1 –	–
其他	Others	10,515 4,463 –	–
		578,025 470,255 1,331	653

短期銀行存款之加權平均實際年利率為 1.7%（二零零九年：0.3%）。

The weighted average effective interest rate on short term bank deposit was 1.7% (2009: 0.3%) per annum.

於二零一零年十二月三十一日，銀行存款約港幣177,774,000元（二零零九年：港幣23,277,000元）已作為本集團銀行貸款之抵押品（附註33）。已抵押銀行存款之加權平均實際年利率為2.19%（二零零九年：4.14%）。

As at 31 December 2010, bank deposits of approximately HK$177,774,000 (2009: HK$23,277,000) were pledged as collateral for the Group’s bank borrowings (Note 33). The weighted average effective interest rate on the pledge bank deposits was 2.19% (2009: 4.14%) per annum.

144

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

28 現金及現金等價物及已抵押銀行存款（續）

28 CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS (continued)

銀行存款按基於每日銀行存款利率之浮動利率賺取利息。以人民幣計值之結餘與外幣之兌換，須遵照中國政府頒佈之外匯管制規則和法規。

Cash at bank earns interest at floating rates based on daily bank deposit rates. The conversion of RMB denominated balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the PRC government.

29 應付貿易賬款

29 TRADE PAYABLES

本集團應付貿易賬款按發票日期之賬齡分析如下：

Ageing analysis of the Group’s trade payables by invoice date is as follows:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
0至60日	0–60 days	714,607	423,695
61至90日	61–90 days	34,550	20,134
超過90日	Over 90 days	25,554	14,094
		774,711	457,923

本集團應付貿易賬款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s trade payables are denominated in the following currencies:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
港幣	Hong Kong dollar	60,574	66,180
人民幣	Chinese renminbi	28,435	84,482
美元	United States dollar	620,374	266,469
日圓	Japanese yen	55,360	36,758
歐元	Euro	9,410	3,459
其他	Others	558	575
		774,711	457,923

145

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

30 應計費用及其他應付賬款

30 ACCRUALS AND OTHER PAYABLES

本集團應計費用及其他應付賬款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s accruals and other payables are denominated in the following currencies:

		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
人民幣	Chinese renminbi	76,835	45,938
港幣	Hong Kong dollar	47,641	28,706
美元	United States dollar	68,076	69,138
新加坡元	Singapore dollar	199	211
其他	Others	2,781	901
		195,532	144,894

31 應付一間聯營公司及共同控制實體款項

31 AMOUNTS DUE TO AN ASSOCIATE AND JOINTLY CONTROLLED ENTITIES

該等金額為無抵押、免息及無預定還款期，主要以港幣計值。

The amounts are unsecured, interest-free and have no pre-determined repayment terms and were mainly denominated in Hong Kong dollars.

董事認為，應付一間聯營公司及共同控制實體款項之賬面值與彼等之公允價值相若。

The Directors consider that the carrying amount of amounts due to an associate and jointly controlled entities approximated its fair value.

32 衍生金融工具

32 DERIVATIVE FINANCIAL INSTRUMENTS

本集團之衍生金融工具之公允價值淨額如下：

The Group’s net fair values of derivative financial instruments were as follows:

		二零一零年二零零九年 2010 2009 資產負債資產負債	二零一零年二零零九年 2010 2009 資產負債資產負債
		Asset Liability Asset	Liability
		港幣千元港幣千元港幣千元	港幣千元
		HK$’000 HK$’000 HK$’000	HK$’000
外匯遠期合約	Foreign currency forward contracts	– 2,423 113	–

146

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

32 衍生金融工具（續）

32 DERIVATIVE FINANCIAL INSTRUMENTS (continued)

倘相關項目之到期日不足12個月，則衍生工具之公允價值列為流動資產或負債。

The fair value of a derivative is classified as a current asset or liability if the maturity of the underlying item is less than 12 months.

衍生工具資產之信貸質素已參照對手方違約率之過往資料而評估。現存對手方於過往未曾違約。

The credit quality of derivative assets has been assessed by reference to historical information about the counterparty default rates. The existing counterparties do not have defaults in the past.

於二零一零年十二月三十一日，未履行遠期外匯合約之名義本金總額為買入約 14,129,000美元換取人民幣94,392,000元（二零零九年︰買入約3,064,000美元換取人民幣20,706,000元）。遠期外匯合約之公允價值收益 ╱ （虧損）淨額已於綜合收益表之其他收益 ╱ （虧損）確認。

The total notional principal amounts of the outstanding forward foreign currency contracts at 31 December 2010 was buying USD of approximately US$14,129,000 for RMB94,392,000 (2009: buying USD of approximately US$3,064,000 for RMB20,706,000). Net fair value gains/(losses) on forward foreign currency contracts were recognized in other gains/(losses) in the consolidated income statement.

上列衍生工具乃按結算日之公允價值計量。彼等之公允價值乃根據結算日之遠期匯率報價而釐定。

The above derivatives are measured at fair value at balance sheet date. Their fair values are determined based on the quoted forward exchanges rates at the balance sheet date.

33 貸款

33 BORROWINGS

33貸款	33 BORROWINGS
		綜合
		Consolidated
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
信託收據銀行貸款，無抵押Trust receipts bank loans, unsecured		124,035	411
短期銀行貸款，無抵押	Short-term bank loans, unsecured	246,674	48,435
來自銀行之部分按揭貸款，	Portion of mortgage loans from banks due
於一年內償還	for repayment within one year	6,900	–
來自銀行之部分按揭貸款，	Portion of mortgage loans from banks due
於一年後償還及具有於	for repayment after one year which
要求時償還條文	contain a repayment on demand clause	58,650	–
總貸款	Total borrowings	436,259	48,846

147

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

33 貸款（續）

33 BORROWINGS (continued)

於二零一零年十二月三十一日，本集團若干貸款以本集團銀行存款約港幣 177,774,000元（二零零九年：港幣 23,277,000元）（附註28）之抵押作為擔保。

As at 31 December 2010, certain of the Group’s borrowings were secured by pledge of bank deposits of the Group of approximately HK$177,774,000 (2009: HK$23,277,000) (Note 28).

於二零一零年十二月三十一日，約港幣 65,550,000元（二零零九年：無）之按揭貸款由賬面值為港幣101,802,000元（二零零九年：無）之本集團土地及樓宇抵押（附註16）。

As at 31 December 2010, mortgage loans of approximately HK$65,550,000 (2009: Nil) were secured by the land and buildings of the Group with a carrying amount of HK$101,802,000 (2009: Nil) (Note 16).

貸款之賬面值與公允價值相若。

The carrying amounts of the borrowings approximate their fair value.

本集團貸款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s borrowings are denominated in the following currencies:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
港幣	Hong Kong dollar	199,550	–
美元	United States dollar	184,869	23,676
日圓	Japaneseyen	51,840	25,170
		436,259	48,846

貸款於結算日之實際年利率如下：

The effective annual interest rates of borrowings at the balance sheet dates are as follows:

		二零一零年二零零九年 2010 2009
信貸收據銀行貸款	Trust receipts bank loans	1.17%–2.95% 1.98%
短期銀行貸款	Short-term bank loans	1.01%–2.98% 1.15%–2.35%
按揭貸款	Mortgage loans	0.90% –

148

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

34 股本 34 SHARE CAPITAL

		股份數目	面值
		Number of shares	Nominal value
			港幣千元
			HK$’000
每股面值港幣0.10元之普通股	Ordinary shares of HK$0.10 each
法定股本：	Authorised:
於二零零九年一月一日及	At 1 January 2009 and
二零零九年十二月三十一日	31 December 2009	700,000,000	70,000
於二零一零年一月一日及	At 1 January 2010 and
二零一零年十二月三十一日	31 December 2010	700,000,000	70,000
已發行及繳足股本：	Issued and fully paid:
於二零零九年一月一日及	At 1 January 2009 and
二零零九年十二月三十一日	31 December 2009	466,921,794	46,692
於二零一零年一月一日	At 1 January 2010	466,921,794	46,692
發行新股	New shares issued	2,736,000	274
於二零一零年十二月三十一日	At 31 December 2010	469,657,794	46,966

年內，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券。

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year.

149 王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

35 儲備 – 本集團

35 RESERVES – GROUP

			資本		投資	以股份支付
		股份溢價	贖回儲備	實繳盈餘	重估儲備	之薪酬儲備	匯兌儲備	保留盈利	總額
			Capital		Investment	Share based
		Share	redemption	Contributed	revaluation	compensation	Translation	Retained
		premium	reserve	surplus	reserve	reserve	reserve	earnings	Total
		港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零零九年一月一日	At 1 January 2009	148,864	345	331,559	(80)	22	(21,901)	534,155	992,964
本年度利潤	Profit for the year	–	–	–	–	–	–	52,359	52,359
已付股息	Dividends paid	–	–	–	–	–	–	(28,015)	(28,015)
貨幣換算差額	Currency translation differences	–	–	–	–	–	(218)	–	(218)
僱員購股權計劃	Employee share option scheme
–僱員服務價值	– value of employment
	services	–	–	–	–	734	–	–	734
於二零零九年十二月三十一日	At 31 December 2009	148,864	345	331,559	(80)	756	(22,119)	558,499	1,017,824
於二零一零年一月一日	At 1 January 2010	148,864	345	331,559	(80)	756	(22,119)	558,499	1,017,824
本年度利潤	Profit for the year	–	–	–	–	–	–	196,941	196,941
已付股息	Dividends paid	–	–	–	–	–	–	(25,760)	(25,760)
貨幣換算差額	Currency translation differences	–	–	–	–	–	16,130	–	16,130
購股權計劃	Share option scheme
–僱員服務價值	– value of employment
	services	–	–	–	–	334	–	–	334
–已失效的購股權	– lapse of share options	–	–	–	–	(319)	–	319	–
–已發行股份之所得款項	– proceeds from shares
	issued	984	–	–	–	–	–	–	984
於二零一零年十二月三十一日	At 31 December 2010	149,848	345	331,559	(80)	771	(5,989)	729,999	1,206,453

附註：本集團之實繳盈餘指本集團於一九九零年重組時所收購附屬公司股份之面值與本公司就收購而發行股份之面值兩者之差額。

Note: The contributed surplus of the Group represents the difference between the nominal value of the shares of the acquired subsidiaries, and the nominal value of the Company’s shares issued for the acquisition at the time of the Group’s reorganisation in 1990.

150

Wong's International (Holdings) Limited 2010 Annual Report

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

綜合財務報表附註 Notes to the Consolidated Financial Statements

35 儲備 – 本公司（續）

35 RESERVES – COMPANY (continued)

			資本		以股份支付之
		股份溢價	贖回儲備	實繳盈餘(ii)	薪酬儲備	保留盈利	總額
			Capital		Share based
		Share	redemption	Contributed	compensation	Retained
		premium	reserve	surplus (ii)	reserve	earnings	Total
		港幣千元	港幣千元	港幣千元	港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零零九年一月一日	At 1 January 2009	148,864	345	522,564	22	29,334	701,129
本年度利潤	Profit for the year	–	–	–	–	13,231	13,231
僱員購股權計劃	Employee share option scheme
–僱員服務價值	– value of employment services	–	–	–	734	–	734
已付股息	Dividends paid	–	–	–	–	(28,015)	(28,015)
於二零零九年十二月三十一日	At 31 December 2009	148,864	345	522,564	756	14,550	687,079
於二零一零年一月一日	At 1 January 2010	148,864	345	522,564	756	14,550	687,079
本年度利潤	Profit for the year	–	–	–	–	48,546	48,546
購股權計劃	Share option scheme
–僱員服務價值	– value of employment services	–	–	–	334	–	334
–已發行股份之所得款項	– proceeds from shares issued	984	–	–	–	–	984
–已失效的購股權	– share options lapsed	–	–	–	(319)	319	–
已付股息	Dividends paid	–	–	–	–	(25,760)	(25,760)
於二零一零年十二月三十一日	At 31 December 2010	149,848	345	522,564	771	37,655	711,183

附註：

Notes:

(i) 本公司於結算日可供分派予股東之儲備（按百慕達公司法及本公司之細則所規定計算）為港幣560,219,000元（二零零九年：港幣 537,114,000元）。此外，本公司之股份溢價可以繳足紅股方式派發。
(i) The reserves of the Company available for distribution to the shareholders, as calculated under the Company Act of Bermuda and the Bye-laws of the Company, as at the balance sheet date amounted to HK$560,219,000 (2009: HK$537,114,000). In addition, the Company’s share premium may be distributed in the form of fully-paid bonus shares.
(ii) 本公司之實繳盈餘指本集團於一九九零年重組時所收購附屬公司相關資產淨值之賬面值與本公司就收購而發行股份之面值兩者之差額。根據百慕達公司法及本公司之細則，本公司之實繳盈餘可供分派予股東。
(ii) The contributed surplus of the Company represents the difference between the book values of the underlying net assets of the subsidiaries acquired by the Company, and the nominal value of the Company’s shares issued for the acquisition at the time of the Group’s reorganisation in 1990. Under the Company Act of Bermuda and the Bye-laws of the Company, contributed surplus of the Company is available for distribution to the shareholders.

151

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

36 購股權計劃

36 SHARE OPTION SCHEME

本公司於二零零零年七月三十日生效之僱員購股權計劃（「舊計劃」）已於二零一零年七月二十九日營業時間結束時屆滿。舊計劃屆滿後，將不會再授出購股權，惟舊計劃之條文於所有其他方面仍然有效。

The Company’s employee share option scheme came into effect on 30 July 2000 (the “Old Scheme”) was expired at the close of business on 29 July 2010. Upon expiration of the Old Scheme, no further options shall be offered but in all other aspects, the provisions of the Old Scheme shall remain in force.

本公司已於二零一零年六月二日採納一項新購股權計劃（「新計劃」）。

A new share option scheme was adopted by the Company on 2 June 2010 (the “New Scheme”).

36.1 舊計劃

36.1 Old Scheme

舊計劃之主要目的是向合資格僱員（包括本公司或任何附屬公司之任何執行董事，以及為向本公司或附屬公司提供全職或接近全職服務而僱用之本公司或任何附屬公司之任何高級行政人員、主任或僱員）給予獎勵。

The Old Scheme was for the primary purpose of providing incentives to eligible employees, including any executive director of the Company or any subsidiary, and any senior executive, officer or employee of the Company or any subsidiary employed to render full-time or substantially fulltime service to the Company or a subsidiary.

根據舊計劃，購股權可於董事就該購股權授出條款所指定之期限行使，惟該期限不得早於授出日期起計1 年或遲於授出日期起計10年。於授出日期後1年內不可行使購股權。

Under the Old Scheme, an option may be exercised as specified by the Directors in relation to such option in its terms of grant which shall not be earlier than 1 year after its date of grant, nor be more than 10 years from its date of grant. No option shall be exercisable earlier than 1 year after its date of grant.

根據舊計劃，可發行之股份總數為當時本公司已發行股本之10%。行使價須不低於股份於授出日期（必須為營業日）於聯交所每日報價表所報之收市價，及股份於緊接授出日期前5個營業日於聯交所每日報價表所報之平均收市價（以最高者為準）。根據舊計劃，行使價不得低於股份之面值。

Total number of shares available for issue under the Old Scheme is 10% of the issued share capital of the Company for the time being. The exercise price must be at least the higher of the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant (which must be a business day) and the average closing price of the shares as stated in Stock Exchange’s daily quotations sheets for the 5 business days immediately preceding the date of the grant. Under the Old Scheme, the exercise price must not be below the nominal amount of the shares.

152

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

36 購股權計劃（續）

36 SHARE OPTION SCHEME (continued)

36.2 新計劃

36.2 New Scheme

新計劃旨在確認及答謝對本集團有貢獻或將有貢獻之參與者，即本公司董事（包括執行、非執行及獨立非執行董事），以及本公司任何成員公司及其附屬公司之全職或兼職僱員。

The purpose of the New Scheme is to recognize and acknowledge participants, being Directors of the Company (including Executive, Non-executive and Independent Non-executive Directors) and full time or part time employees of any member of the Company and its subsidiaries, who have contributed or will contribute to the Group.

購股權可根據新計劃條款，於董事會釐定並於提出要約時知會各承授人的期間任何時間內行使，惟於任何情況下，有關期間不得於授出日期起計10年後屆滿。除董事會另行全權酌情決定者外，由購股權授出日期至購股權獲行使前，持有購股權最短期限必須為1年。

An option may be exercised in accordance with the terms of the New Scheme at any time during a period to be determined and notified by the Board to each grantee at the time of making an offer, and in any event such period of time shall not expire later than 10 years from the date of grant. Unless otherwise determined by the Board at its sole discretion, there is a minimum period of 1 year for which an option must be held after its date of grant before such an option can be exercised.

根據新計劃及本公司任何其他計劃行使所有尚未行使及尚待行使之已授出購股權而可能獲發行之股份總數任何時候不得超過本公司已發行股份之20%。行使價不得低於下列之最高者：股份於授出日期（必須為營業日）於聯交所每日報價表所報之收市價、股份於緊接授出日期前 5個營業日於聯交所每日報價表所報之平均收市價，以及股份面值。

The total number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the New Scheme and any other schemes of the Company must not exceed 20% of the issued shares of the Company from time to time. The exercise price must not be less than the higher of the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant (which must be a business day), the average closing price of the shares as stated in the Stock Exchange’s daily quotations sheets for the 5 business days immediately preceding the date of grant, and the nominal value of the shares.

新計劃將由二零一零年六月二日至二零二零年六月一日（包括該日）止 10年期間維持有效。

The New Scheme shall remain in force for 10 years commencing on 2 June 2010 up to and including 1 June 2020.

153

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

36 購股權計劃（續）

36 SHARE OPTION SCHEME (continued)

36.3 根據舊計劃授出之購股權之變動如下︰

36.3 Movements of share options granted under the Old Scheme were:

36.3 根據舊計劃授出之購股權之變動如下︰	36.3 Movements of share options granted under the Old Scheme were:
授出日期行使期限每股行使價 Date of grant Exercisable period Exercise price per share 港元 HK$	購股權數目 Number of share options 年初已授出已行使已失效年終 Beginning of year Granted Exercised Lapsed End of year 千份千份千份千份千份 ‘000 ‘000 ‘000 ‘000 ‘000
二零零八年十二月二十二日二零零九年十二月二十二日至二零一三年十二月二十一日 22 December 2008 22 December 2009 to 21 December 2013 0.46

	13,250 – (2,736) (1,463) 9,051

直至二零一零年十二月三十一日， 2,736,000份購股權已根據舊計劃獲行使，1,463,000份購股權已失效。本集團並無法定或推定責任以現金購回或結算購股權。

Up to 31 December 2010, 2,736,000 share options were exercised and 1,463,000 share options were lapsed under the Old Scheme. The Group has no legal or constructive obligation to repurchase or settle the options in cash.

年內，概無購股權根據新計劃獲授出。

During the year, no share option was granted under the New Scheme.

154

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

37 綜合現金流量表

37 CONSOLIDATED CASH FLOW STATEMENTS

(a) 除所得稅前利潤與營運（所用）╱產 (a) Reconciliation of profit before income tax to net 生的現金淨額之對賬如下： cash (used in)/generated from operations is as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
營運活動	Operating activities
除所得稅前利潤	Profit before income tax	226,825	58,950
就下列各項調整：	Adjustments for:
融資成本╱（收入）–淨額	Finance costs/(income) – net	1,456	(1,285)
應佔聯營公司虧損	Share of loss of associates	324	154
應佔共同控制實體虧損	Share of loss of jointly controlled entities	144	115
物業、廠房及設備之折舊	Depreciation of property, plant and
	equipments	53,780	59,733
租賃土地及土地使用權	Amortisation on leasehold land and land
之攤銷	use rights	148	180
金融工具之公允價值變動	Fair value changes on financial
	instruments	2,536	1,869
出售一間投資物業之	(Gain)/loss on disposal of an investment
（收益）╱虧損	property	(102)	1,239
出售物業、廠房及設備	(Gain)/loss on disposal of property,
及土地使用權之	plant and equipment and
（收益）╱虧損	land use rights	(218)	2,255
物業、廠房及設備之減值	Impairment for property, plant and
	equipment	2,786	–
按金、預付款項及其他應收	Impairment for deposits, prepayments and
賬款之減值虧損	other receivables	2,125	–
以下各項之撥回	Write-back of
–貿易應收賬款	– trade receivables	(393)	(975)
–應收一間聯營公司款項	– amount due from an associate	(24,884)	–
投資物業公允價值變動	Fair value gain of investment properties	(4,980)	(4,750)
購股權計劃	Share option scheme
–僱員服務價值	– value of employment services	334	734
營運資金變動前之	Operating cash flows before changes in
經營現金流量	working capital	259,881	118,219
存貨	Inventories	(166,226)	(36,727)
貿易應收賬款、按金、預付款	Trade receivables, deposits, prepayments and
項及其他應收賬款	other receivables	(464,221)	(2,447)
貿易應付賬款、應計費用及其	Trade payables, accruals and other
他應付賬款	payables	367,426	81,718
營運（所用）╱產生的	Cash (used in)/generated from operations
現金淨額		(3,140)	160,763

155

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

37 綜合現金流量表（續）

37 CONSOLIDATED CASH FLOW STATEMENTS (continued)

(b) 在現金流量表內，出售物業、廠房及設備及土地使用權所得款項包括：
(b) In the cash flow statement, proceeds from disposals of property, plant and equipment and land use rights comprise:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
賬面淨值	Net book amount	85	5,262
出售物業、廠房及設備	Gain/(loss) on disposals of property, plant
及土地使用權之	and equipment and land use rights
收益╱（虧損）		218	(2,255)
出售物業、廠房及設備及	Proceeds from disposals of property, plant
土地使用權所得款項	and equipment and land use rights	303	3,007

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
賬面淨值	Net book amount	4,550	3,910
出售一間投資物業之	Gain/(loss) on disposal of an investment
收益╱（虧損）	property	102	(1,239)
出售一間投資物業所得款項Proceeds from disposal of an investment
	property	4,652	2,671

156

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

38 承擔

38 COMMITMENTS

(a) 物業、廠房及設備之資本承擔如下： (a) Capital commitments in respect of property, plant and equipment are as follows:

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
已訂約但未撥備	Contracted but not provided for	17,210	21,586
已授權但未訂約	Authorised but not contracted for	5,658	5,640
		22,868	27,226

(b)	於二零一零年十二月三十一日，本	於二零一零年十二月三十一日，本	As at 31	December 2010,	the Group’s future
	集團根據多份不可撤銷之租賃樓宇		aggregate minimum lease payments under various
	經營租賃須履行之日後最低租賃款		non-cancellable operating lease agreements in
	項總額如下：		respect of	rented premises	are analysed as
			follows:
				二零一零年	二零零九年
				2010	2009
				港幣千元	港幣千元
				HK$’000	HK$’000
一年內		Within one year		11,573	2,532
第二至第五年		In the second to fifth year inclusive
（包括首尾兩年）				34,640	4,179
超過五年		Over five years		–	992
				46,213	7,703

經營租賃款項指本集團就其若干寫字樓物業須付之租金。租約及租金按平均年期2年磋商及釐定。

Operating lease payments represent rentals payable by the Group for certain of its office premises. Leases and rentals are negotiated and fixed for an average of 2 years.

157

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

38 承擔（續）

38 COMMITMENTS (continued)

(c) 於二零一零年十二月三十一日，本集團根據多份不可撤銷之租賃樓宇經營租賃日後應收之租金收入分析如下：
(c) As at 31 December 2010, the Group’s future rental income receivables under various noncancellable operating leases in respect of rented premises are analysed are as follows:

	二零一零年	二零零九年
	2010	2009
	港幣千元	港幣千元
	HK$’000	HK$’000
Within one year	13	388

一年內 Within one year

經營租賃款項指本集團就出租其投資物業應收之租金。租約及租金按平均年期 1年磋商及釐定。

Operating lease payments represent rentals receivable by the Group for leasing its investment properties. Leases and rentals are negotiated and fixed for an average of 1 year.

39 擔保 39 GUARANTEE

39擔保	39 GUARANTEE
		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
本公司就其附屬公司之	Guarantees provided by the Company in
銀行融資提供擔保	respect of banking facilities of its
	subsidiaries	286,430	198,430

158

Wong's International (Holdings) Limited 2010 Annual Report

綜合財務報表附註 Notes to the Consolidated Financial Statements 截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

40 關連人士交易

40 RELATED PARTY TRANSACTIONS

本集團受到王華湘父子有限公司及 Salop Investment Limited 控制。於二零一零年十二月三十一日，王華湘父子有限公司及 Salop Investment Limited 分別實益擁有本公司已發行股本之22.08%及25.68%。

The Group was controlled by W. S. Wong & Sons Company Limited and Salop Investment Limited. As at 31 December 2010, W. S. Wong & Sons Company Limited and Salop Investment Limited beneficially owned 22.08% and 25.68% of the issued shares of the Company respectively.

(a) 與關連人士之交易

(a) Transactions with related parties

除綜合財務報表其他內容披露之關連人士交易外，年內本集團與其聯營公司進行以下交易。

In addition to those related party transactions disclosed elsewhere in the consolidated financial statements, during the year, the Group entered into the following transactions with its associates.

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
已收管理費	Management fee received	231	280

159

王氏國際（集團）有限公司 2 0 1 0 年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零一零年十二月三十一日止年度 For the year ended 31 December 2010

40 關連人士交易（續）

40 RELATED PARTY TRANSACTIONS (continued)

(b) 與關連人士之結餘

(b) Balances with related parties

應收╱應付聯營公司及共同控制實體款項載於綜合資產負債表。有關條款載於附註20 、27及31。

The amounts due from/to associates and jointly controlled entities are set out in the consolidated balance sheet. The terms are set out in notes 20, 27 and 31.

(c) 主要管理人員報酬

(c) Key management compensation

		二零一零年	二零零九年
		2010	2009
		港幣千元	港幣千元
		HK$’000	HK$’000
薪金及津貼	Salaries and allowances	12,639	12,581
花紅	Bonus	2,459	8,561
退休金成本–界定供款	Pension costs – defined contribution
計劃	schemes	93	75
購股權計劃–僱員服務	Share option scheme – value of
價值	employment services	192	253
		15,383	21,470

160

Wong's International (Holdings) Limited 2010 Annual Report

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AI assistant

Brockman Mining Limited — Annual Report 2010

48994_rns_2011-04-19_aea9a883-c426-4d15-abe0-c1209f19b513.pdf

企業管治報告書 Corporate Governance Report 目錄 Contents

公司資料 Corporate Information

董事會

執行董事

獨立非執行董事

審核委員會

薪酬委員會

行政委員會

公司秘書

核數師

BOARD OF DIRECTORS

Executive Directors

Independent Non-executive Directors

AUDIT COMMITTEE

REMUNERATION COMMITTEE

ADMINISTRATIVE COMMITTEE

COMPANY SECRETARY

AUDITOR

律師

來往銀行

註冊辦事處

總辦事處

主要股份過戶登記處

香港股份過戶登記分處

SOLICITORS

BANKERS

REGISTERED OFFICE

PRINCIPAL OFFICE

PRINCIPAL SHARE REGISTRARS

HONG KONG BRANCH SHARE REGISTRARS

主席報告書

Chairman’s Statement

股息

暫停辦理股東登記手續

業務回顧

本集團

DIVIDENDS

CLOSURE OF REGISTER OF MEMBERS

REVIEW OF BUSINESS ACTIVITIES

The Group

業務回顧（續）

EMS部門

ODM 部門

REVIEW OF BUSINESS ACTIVITIES (continued)

The EMS Division

The ODM Division

主席報告書 Chairman’s Statement

業務回顧（續）

物業發展

官塘寫字樓物業

半山區住宅

媒體網絡

REVIEW OF BUSINESS ACTIVITIES (continued)

Property Development

Kwun Tong office buildings

Mid-level residential

Media Network

業務回顧（續）

媒體網絡（續）

新香港總辦事處

財務

REVIEW OF BUSINESS ACTIVITIES (continued)

Media Network (continued)

New Hong Kong Head Office

FINANCE

主席報告書

Chairman’s Statement

資本結構

僱員

前景

CAPITAL STRUCTURE

EMPLOYEES

PROSPECTS

WONG CHUNG MAT, BEN

財務摘要 Financial Highlights

除所得稅後利潤

主要業務

Brockman Mining Limited Annual Report 2010

根據上市規則第13.51B(1) 條更新董事資料