Great Eagle Holdings Limited — Interim / Quarterly Report 2011

Sep 7, 2011

Cover Output.ai 2011/9/3 1:10:45 AM

==> picture [233 x 33] intentionally omitted <==

中期業績報告

Interim Report

截至二零一一年六月三十日止六個月 For the six months ended 30th June, 2011

Tian An China Investments Company Limited Interim Report 2011

Contents 目錄

公司資料	2
Corporate Information
簡明綜合收益賬	4
Condensed Consolidated Income Statement
簡明綜合全面收益表	5
Condensed Consolidated Statement of Comprehensive Income
簡明綜合財務狀況表	6
Condensed Consolidated Statement of Financial Position
簡明綜合權益變動表	8
Condensed Consolidated Statement of Changes in Equity
簡明綜合現金流動表	10
Condensed Consolidated Statement of Cash Flows
簡明綜合財務報表附註	12
Notes to the Condensed Consolidated Financial Statements
獨立審閱報告	37
Independent Review Report
中期股息	39
Interim Dividend
管理層討論及分析	39
Management Discussion and Analysis
董事之權益	44
Directors’ Interests
主要股東及其他人士之權益	45
Substantial Shareholders’ and Other Persons’ Interests
企業管治及其他資料	48
Corporate Governance and Other Information
審核委員會之審閱	52
Audit Committee Review
購回、出售或贖回股份	52
Purchase, Sale or Redemption of Shares

1

天安中國投資有限公司 二零一一年中期業績報告

公司資料

CORPORATE INFORMATION

董事會

執行董事

胡愛民，副主席 宋增彬，副主席 李成偉，董事總經理 黃清海，副董事總經理 馬申，副總裁 勞景祐 杜燦生

BOARD OF DIRECTORS

Executive Directors

Hu Aimin, Deputy Chairman Song Zengbin, Deputy Chairman Patrick Lee Seng Wei, Managing Director Ng Qing Hai, Deputy Managing Director Ma Sun, Deputy Managing Director Edwin Lo King Yau Tao Tsan Sang

非執行董事

李成輝，主席 鄭慕智 李樹賢

Non-Executive Directors

Lee Seng Hui, Chairman Moses Cheng Mo Chi Lee Shu Yin

獨立非執行董事

鄭鑄輝 金惠志 魏華生 楊麗琛

Independent Non-Executive Directors

Francis J. Chang Chu Fai Jin Hui Zhi Ngai Wah Sang Lisa Yang Lai Sum

執行委員會

EXECUTIVE COMMITTEE

李成偉，主席 Patrick Lee Seng Wei, Chairman 黃清海 Ng Qing Hai 馬申 Ma Sun 勞景祐 Edwin Lo King Yau 杜燦生 Tao Tsan Sang 薪酬委員會 REMUNERATION COMMITTEE 鄭鑄輝，主席 Francis J. Chang Chu Fai, Chairman 金惠志 Jin Hui Zhi 魏華生 Ngai Wah Sang 楊麗琛 Lisa Yang Lai Sum 審核委員會 AUDIT COMMITTEE 魏華生，主席 Ngai Wah Sang, Chairman 鄭鑄輝 Francis J. Chang Chu Fai 鄭慕智 Moses Cheng Mo Chi 金惠志 Jin Hui Zhi 楊麗琛 Lisa Yang Lai Sum

REMUNERATION COMMITTEE

2

Tian An China Investments Company Limited Interim Report 2011

公司資料（續）

往來銀行

香港 中國銀行（香港）有限公司 東亞銀行有限公司 中信銀行國際有限公司 香港上海滙豐銀行有限公司 渣打銀行（香港）有限公司 永亨銀行有限公司

中國內地 中國銀行 交通銀行 中國建設銀行 招商銀行 中國工商銀行 深圳發展銀行

註冊辦事處

香港灣仔告士打道138號 聯合鹿島大廈22樓 電話：2533 3233 傳真：2845 3034 電郵：info@tiananchina.com

股份過戶登記處

卓佳秘書商務有限公司 香港 皇后大道東28號 金鐘匯中心26樓

公司秘書

容綺媚

核數師 德勤 • 關黃陳方會計師行

律師

萬盛國際律師事務所 胡百全律師事務所

股份代號

28

網站

http://www.tiananchina.com http://www.irasia.com/listco/hk/ tiananchina/index.htm

CORPORATE INFORMATION (continued)

BANKERS

Hong Kong Bank of China (Hong Kong) Limited The Bank of East Asia, Limited CITIC Bank International Limited The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank (Hong Kong) Limited Wing Hang Bank, Limited

Mainland China Bank of China Bank of Communications China Construction Bank Corporation China Merchants Bank Industrial and Commercial Bank of China Shenzhen Development Bank Co., Ltd.

REGISTERED OFFICE

22nd Floor, Allied Kajima Building 138 Gloucester Road, Wanchai, Hong Kong Tel. : 2533 3233 Fax : 2845 3034 E-mail : info@tiananchina.com

SHARE REGISTRAR

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

COMPANY SECRETARY

Cindy Yung Yee Mei

AUDITOR

Deloitte Touche Tohmatsu

SOLICITORS

Mallesons Stephen Jaques P. C. Woo & Co.

STOCK CODE

28

WEBSITES

http://www.tiananchina.com http://www.irasia.com/listco/hk/ tiananchina/index.htm

3

天安中國投資有限公司 二零一一年中期業績報告

簡明綜合收益賬

（截至二零一一年六月三十日止 六個月）

天安中國投資有限公司（「本公 司」）董事會（「董事會」）宣佈本 公司及其附屬公司（「本集團」） 截至二零一一年六月三十日止 六個月之未經審核綜合業績連 同二零一零年同期之比較數字 如下：

CONDENSED CONSOLIDATED INCOME STATEMENT

(For the six months ended 30th June, 2011)

The board of directors (“Board”) of Tian An China Investments Company Limited (“Company”) announces that the unaudited consolidated results of the Company and its subsidiaries (“Group”) for the six months ended 30th June, 2011 with the comparative figures for the corresponding period in 2010 are as follows:

figures for the corresponding period in 2010 are as fo 截至二零一一年六月三十日止 六個月之未經審核綜合業績連 同二零一零年同期之比較數字 如下：	llows:
附註 NOTES	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
收入 Revenue 3 銷售成本 Cost of sales 毛利 Gross profit 其他收入及收益 Other income and gains 4 巿場及分銷費用 Marketing and distribution expenses 行政費用 Administrative expenses 其他營運費用 Other operating expenses 持作買賣投資公允價值之 淨增加（減少） Net increase (decrease) in fair value of held-for-trading investments 已竣工物業存貨轉撥至 投資物業之公允價值 收益 Fair value gain on transfer of inventories of completed properties to investment properties 投資物業公允價值之 增加 Increase in fair value of investment properties 已竣工物業存貨之 減值撥備撥回 Reversal of write-down of inventories of completed properties 呆壞賬撥回 Recovery of bad and doubtful debts 待發展物業攤銷 Amortisation of properties for development 出售一間附屬公司之收益 Gain on disposal of a subsidiary 5 場地動拆遷補償收益 Gain on site relocation compensation 6 融資成本 Finance costs 7 應佔聯營公司（虧損）溢利 Share of (loss) profit of associates 應佔共同控制公司溢利 Share of profit of jointly controlled entities 除稅前溢利 Profit before tax 稅項 Taxation 8 本期間溢利 Profit for the period 9 本期間溢利應佔方： Profit for the period attributable to: 本公司股東 Owners of the Company 非控股權益 Non-controlling interests 每股盈利 Earnings per share 10 基本 Basic	812,659 735,487 (525,877) (381,464)
	286,782 354,023 64,762 41,164 (16,939) (16,589) (142,223) (114,996) (26,521) (16,219) 936 (7,561) 12,275 4,763 241,724 134,381 169 – 41,065 2,373 (28,257) (27,658) 118,785 – – 507,505 (73,572) (64,651) (18) 1,397 259,952 150,690
	738,920 948,622 (168,716) (229,135)
	570,204 719,487
	564,564 541,087 5,640 178,400
	570,204 719,487
	港仙 港仙 HK cents HK cents 37.47 35.91

4

Tian An China Investments Company Limited Interim Report 2011

簡明綜合全面收益表

（截至二零一一年六月三十日止六個月）

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(For the six months ended 30th June, 2011)

	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
本期間溢利 Profit for the period 其他全面收益（費用） Other comprehensive income (expenses) 換算海外業務所產生之 滙兌差異 Exchange differences arising on translation of foreign operations 應佔共同控制公司之 其他全面收益 Share of other comprehensive income of jointly controlled entities 可供出售投資公允價值之 減少 Decrease in fair value of available-for-sale investments 於出售物業時所實現之 儲備 Reserves released upon disposal of properties 於出售一間附屬公司時確認之 其他儲備 Other reserves realised on disposal of a subsidiary 物業轉撥至投資物業時之 重新估價盈餘 Surplus on revaluation of properties upon transfer to investment properties 本期間之其他全面 收益（費用） Other comprehensive income (expenses) for the period 本期間全面收益總額 Total comprehensive income for the period 全面收益總額應佔方： Total comprehensive income attributable to: 本公司股東 Owners of the Company 非控股權益 Non-controlling interests	570,204 719,487
	263,808 (487) 35,487 3 (9,397) (5,737) 53 139 30,843 – 7,339 –
	(6,082) (6,082) 328,133 (6,082)
	898,337 713,405
	881,133 535,027 17,204 178,378
	898,337 713,405

5

天安中國投資有限公司 二零一一年中期業績報告

簡明綜合財務狀況表 CONDENSED CONSOLIDATED STATEMENT OF 一一 FINANCIAL POSITION

一一 （於二零 年六月三十日）

(At 30th June, 2011)

附註 NOTES	（未經審核） （已審核） (Unaudited) (Audited) 二零一一年 二零一零年 六月三十日 十二月三十一日 30th June, 31st December, 2011 2010 千港元 千港元 HK$’000 HK$’000
非流動資產 Non-current assets 物業、廠房及設備 Property, plant and equipment 12 收購物業、廠房及設備之 按金 Deposits for acquisition of property, plant and equipment 投資物業 Investment properties 13 待發展物業 Properties for development 收購待發展物業之 按金 Deposits for acquisition of properties for development 土地使用權之預付 租賃款 Prepaid lease payments on land use rights 於聯營公司之權益 Interests in associates 於共同控制公司之權益 Interests in jointly controlled entities 應收貸款 Loans receivable 14 可供出售投資 Available-for-sale investments 商譽 Goodwill 遞延稅項資產 Deferred tax assets 流動資產 Current assets 物業存貨 Inventories of properties －發展中 – under development －已竣工 – completed 其他存貨 Other inventories 聯營公司欠款 Amounts due from associates 共同控制公司 欠款 Amounts due from jointly controlled entities 非控股股東 欠款 Amount due from non-controlling shareholders 應收貸款 Loans receivable 14 貿易及其他應收賬款、按金及 預付款 Trade and other receivables, deposits and prepayments 15 土地使用權之預付 租賃款 Prepaid lease payments on land use rights 指定透過損益按公允價值處理之 金融資產 Financial assets designated as at fair value through profit or loss 16 持作買賣投資 Held-for-trading investments 預繳稅項 Prepaid tax 用作抵押之銀行存款 Pledged bank deposits 24 銀行結存及現金 Bank balances and cash 分類為待售資產 Assets classified as held for sale 17	784,450 639,205 2,292 41 7,126,590 6,651,340 3,997,951 3,586,628 2,018,009 1,426,113 106,047 90,753 7,390 7,408 762,790 776,838 48,250 47,059 99,668 112,340 640 640 47,125 37,559
	15,001,202 13,375,924
	1,097,414 1,169,064 874,280 601,011 42,717 43,994 3,244 3,244 382,521 101,503 12,459 12,166 44,011 160,505 1,161,137 1,080,966 2,504 1,824 332,185 35,608 25,200 24,131 21,173 15,810 128,177 288,183 2,510,675 2,923,509
	6,637,697 6,461,518 1,634 736,113
	6,639,331 7,197,631

6

Tian An China Investments Company Limited Interim Report 2011

簡明綜合財務狀況表（續） CONDENSED CONSOLIDATED STATEMENT OF （於二零一一年六月三十日）一一年六月三十日）年六月三十日） FINANCIAL POSITION (continued)

（於二零一一年六月三十日）一一年六月三十日）年六月三十日）

(At 30th June, 2011)

附註 NOTES	（未經審核） （已審核） (Unaudited) (Audited) 二零一一年 二零一零年 六月三十日 十二月三十一日 30th June, 31st December, 2011 2010 千港元 千港元 HK$’000 HK$’000
流動負債 Current liabilities 貿易及其他應付賬款 Trade and other payables 18 預售按金 Pre-sale deposits 稅項負債 Tax liabilities 附息借款 Interest-bearing borrowings 20 免息借款 Interest-free borrowings 21 分類為待售資產之 相關負債 Liabilities associated with assets classified as held for sale 17 流動資產淨值 Net current assets 總資產減流動負債 Total assets less current liabilities 股本及儲備 Capital and reserves 股本 Share capital 19 儲備 Reserves 本公司股東應佔之 權益 Equity attributable to owners of the Company 非控股權益 Non-controlling interests 權益總額 Total equity 非流動負債 Non-current liabilities 附息借款 Interest-bearing borrowings 20 一名租戶之遞延租金收入 Deferred rental income from a tenant 租戶之租金按金 Rental deposits from tenants 會籍債券 Membership debentures 22 遞延稅項負債 Deferred tax liabilities	1,632,072 1,262,893 543,777 482,199 563,049 578,552 846,330 1,139,844 34,387 26,652
	3,619,615 3,490,140 7,291 392,602
	7,291 3,626,906 3,882,742
	3,012,425 3,314,889
	18,013,627 16,690,813
	301,354 301,354 13,021,691 12,291,235
	13,323,045 12,592,589 790,778 773,574
	14,113,823 13,366,163
	2,113,214 1,761,137 90,985 93,074 20,716 18,065 45,427 – 1,629,462 1,452,374
	3,899,804 3,324,650
	18,013,627 16,690,813

7

天安中國投資有限公司 二零一一年中期業績報告

簡明綜合權益 CONDENSED CONSOLIDATED STATEMENT OF 變動表 CHANGES IN EQUITY

（截至二零一一年六月 (For the six months ended 30th June, 2011)

三十日止六個月）

三十日止六個月）
	本公司股東應佔 Attributable to owners of the Company 股本 Share capital 股本溢價 Share premium account 特殊 資本儲備 Special capital reserve 資本 贖回儲備 Capital redemption reserve 匯兌 浮動儲備 Exchange translation reserve 重估儲備 Revaluation reserves 其他儲備 Other reserves 累計溢利 Retained earnings 總計 Total 非控股權益 Non- controlling interests 權益總額 Total equity 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
於二零一零年一月一日（已審核） At 1st January, 2010 (audited) 301,354 3,352,781 1,417,669 134,679 874,890 26,452 (61,354) 4,837,845 10,884,316 501,201 11,385,517 換算所產生之匯兌差異 Exchange differences arising on translation – – – – (465) – – – (465) (22) (487) 應佔共同控制公司之 其他全面收益 Share of other comprehensive income of jointly controlled entities – – – – 3 – – – 3 – 3 可供出售投資公允價值之 減少 Decrease in fair value of available-for-sale investments – – – – – (5,737) – – (5,737) – (5,737) 於出售物業時所實現之 儲備 Reserves released upon disposal of properties – – – – – – 139 – 139 – 139 本期間溢利 Profit for the period – – – – – – – 541,087 541,087 178,400 719,487 本期間全面收益總額 Total comprehensive income for the period – – – – (462) (5,737) 139 541,087 535,027 178,378 713,405 於出售一間聯營公司時確認 Realised on disposal of an associate – – – – (826) – – 826 – – – 於出售一間共同控制公司時 確認 Realised on disposal of a jointly controlled entity – – – – (2,198) – – 2,198 – – – 股息分配 Dividend recognised as distribution – – – – – – – (105,474) (105,474) – (105,474) 已分配予非控股權益之 股息 Dividend distributed to non-controlling interest – – – – – – – – – (5,088) (5,088) 於二零一零年六月三十日（未經審核） At 30th June, 2010 (unaudited) 301,354 3,352,781 1,417,669 134,679 871,404 20,715 (61,215) 5,276,482 11,313,869 674,491 11,988,360 換算所產生之滙兌差異 Exchange differences arising on translation – – – – 343,228 – – – 343,228 12,819 356,047 應佔共同控制公司之 其他全面收益 Share of other comprehensive income of jointly controlled entities – – – – 41,638 – – – 41,638 – 41,638 可供出售投資公允價值之 增加 Increase in fair value of available-for-sale investments – – – – – 2,486 – – 2,486 – 2,486 本期間溢利 Profit for the period – – – – – – – 891,368 891,368 10,866 902,234 本期間全面收益總額 Total comprehensive income for the period – – – – 384,866 2,486 – 891,368 1,278,720 23,685 1,302,405 非控股權益 注資 Capital contribution from non-controlling interests – – – – – – – – – 96,872 96,872 於出售附屬公司時確認 Realised on disposal of subsidiaries – – – – (1,525) – – 1,525 – – – 於出售一間聯營公司時確認 Realised on disposal of an associate – – – – (7,182) – – 7,182 – – – 於出售一間共同控制公司時 確認 Realised on disposal of a jointly controlled entity – – – – (9,421) – – 9,421 – – – 已分配予非控股權益之 股息 Dividend distributed to non-controlling interests – – – – – – – – – (21,474) (21,474) 於二零一零年十二月三十一日（已審核） At 31st December, 2010 (audited) 301,354 3,352,781 1,417,669 134,679 1,238,142 23,201 (61,215) 6,185,978 12,592,589 773,574 13,366,163	301,354 3,352,781 1,417,669 134,679 874,890 26,452 (61,354) 4,837,845 10,884,316 501,201 11,385,517
	– – – – (465) – – – (465) (22) (487) – – – – 3 – – – 3 – 3 – – – – – (5,737) – – (5,737) – (5,737) – – – – – – 139 – 139 – 139 – – – – – – – 541,087 541,087 178,400 719,487
	– – – – – – – – – 96,872 96,872 – – – – (1,525) – – 1,525 – – – – – – – (7,182) – – 7,182 – – – – – – – (9,421) – – 9,421 – – – – – – – – – – – – (21,474) (21,474)
	301,354 3,352,781 1,417,669 134,679 1,238,142 23,201 (61,215) 6,185,978 12,592,589 773,574 13,366,163

8

Tian An China Investments Company Limited Interim Report 2011

簡明綜合權益 CONDENSED CONSOLIDATED STATEMENT OF 變動表（續） CHANGES IN EQUITY (continued)

（截至二零一一年六月 (For the six months ended 30th June, 2011)

三十日止六個月）

本公司股東應佔

	本公司股東應佔
	Attributable to owners of the Company 股本 Share capital 股本溢價 Share premium account 特殊 資本儲備 Special capital reserve 資本 贖回儲備 Capital redemption reserve 匯兌 浮動儲備 Exchange translation reserve 重估儲備 Revaluation reserves 其他儲備 Other reserves 累計溢利 Retained earnings 總計 Total 非控股權益 Non- controlling interests 權益總額 Total equity 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
於二零一一年一月一日（已審核） At 1st January, 2011 (audited) 301,354 3,352,781 1,417,669 134,679 1,238,142 23,201 (61,215) 6,185,978 12,592,589 773,574 13,366,163 換算所產生之匯兌差異 Exchange differences arising on translation – – – – 252,244 – – – 252,244 11,564 263,808 應佔共同控制公司之 其他全面收益 Share of other comprehensive income of jointly controlled entities – – – – 35,487 – – – 35,487 – 35,487 可供出售投資公允價值之 減少 Decrease in fair value of available-for-sale investments – – – – – (9,397) – – (9,397) – (9,397) 於出售物業時所實現之 儲備 Reserves released upon disposal of properties – – – – – – 53 – 53 – 53 於出售一間附屬公司時確認 Realised on disposal of a subsidiary – – – – – – 30,843 – 30,843 – 30,843 物業轉撥至投資物業時之 重新估價盈餘 Surplus on revaluation of properties upon transfer to investment properties – – – – – 7,339 – – 7,339 – 7,339 本期間溢利 Profit for the period – – – – – – – 564,564 564,564 5,640 570,204 本期間全面收益總額 Total comprehensive income for the period – – – – 287,731 (2,058) 30,896 564,564 881,133 17,204 898,337 於出售一間附屬公司時確認 Realised on disposal of a subsidiary – – – – (9,145) – – 9,145 – – – 股息分配 Dividend recognised as distribution – – – – – – – (150,677) (150,677) – (150,677) 於二零一一年六月三十日（未經審核） At 30th June, 2011 (unaudited) 301,354 3,352,781 1,417,669 134,679 1,516,728 21,143 (30,319) 6,609,010 13,323,045 790,778 14,113,823	301,354 3,352,781 1,417,669 134,679 1,238,142 23,201 (61,215) 6,185,978 12,592,589 773,574 13,366,163
	– – – – 252,244 – – – 252,244 11,564 263,808 – – – – 35,487 – – – 35,487 – 35,487 – – – – – (9,397) – – (9,397) – (9,397) – – – – – – 53 – 53 – 53 – – – – – – 30,843 – 30,843 – 30,843 – – – – – 7,339 – – 7,339 – 7,339 – – – – – – – 564,564 564,564 5,640 570,204
	– – – – (9,145) – – 9,145 – – – – – – – – – – (150,677) (150,677) – (150,677)
	301,354 3,352,781 1,417,669 134,679 1,516,728 21,143 (30,319) 6,609,010 13,323,045 790,778 14,113,823

9

天安中國投資有限公司 二零一一年中期業績報告

簡明綜合現金流動表

（截至二零一一年六月三十日止 六個月）

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(For the six months ended 30th June, 2011)

六個月）
附註 NOTES	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
用於經營業務之現金淨額 Net cash used in operating activities 來自投資業務之現金淨額 Net cash from investing activities 已收利息 Interest received 已收共同控制公司 股息 Dividends received from jointly controlled entities 已收來自可供出售投資之 股息 Dividend received from available- for-sale investments 購買物業、廠房及 設備 Purchases of property, plant and equipment 12 出售物業、廠房及設備 所得款項 Proceeds on disposal of property, plant and equipment 購買投資物業 Purchases of investment properties 出售投資物業 扣除營業稅 所得款項 Proceeds from disposal of investment properties, net of business tax 收購一間共同 控制公司 Acquisition of a jointly controlled entity 出售一間附屬公司 之現金流入淨額 Net cash inflow from disposal of a subsidiary 5 購買可供出售 投資 Purchases of available-for-sale investment 購買指定透過損益按 公允價值處理之 金融資產 Purchases of financial assets designated as at fair value through profit or loss 購買其他投資 Purchase of other investments 出售持作買賣投資 所得款項 Proceeds from disposal of held-for-trading investment 贖回指定透過損益 按公允價值處理之 金融資產所得款項 Proceeds from redemption of financial assets designated as at fair value through profit or loss 場地動拆遷補償 所得款項 Proceeds from site relocation compensation 支付場地動拆遷 補償之交易成本 Payment of transaction costs for site relocation compensation 有關出售附屬公司之 已收取按金 Deposits received in relation to disposal of subsidiaries 共同控制公司 還款 Repayment from jointly controlled entities 非控股股東 借款 Advances to non-controlling shareholders 歸還貸款 Loans repayment 用作抵押之銀行存款之提取 Withdrawal of pledged bank deposits 用作抵押之銀行存款之存入 Placement of pledged bank deposits 其他投資現金流量 Other investing cash flows	(629,575) (62,845)
	18,246 24,144 63,477 56,819 9,735 146 (35,776) (71,957) 3,247 1,538 (41,632) (38,481) 4,548 17,923 (42,370) – 141,182 – (12,801) (194) (551,807) (289,773) – (56,818) – 105 267,566 – – 283,776 – (72,681) 261,067 175,000 7,362 2,764 (293) – 119,206 285,584 238,315 – (77,108) (31,327) – (371)
	372,164 286,197

10

Tian An China Investments Company Limited Interim Report 2011

簡明綜合現金流動表 （續）

（截至二零一一年六月三十日止 六個月）

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

(For the six months ended 30th June, 2011)

附註 NOTES （用於）來自融資業務之 現金淨額 Net cash (used in) from financing activities 已付利息 Interest paid 已付股息 Dividend paid 已付非控股股東 股息 Dividend paid to non-controlling shareholders 新借銀行及其他貸款 New bank and other loans raised 償還銀行及其他 貸款 Repayment of bank and other loans 來自共同控制公司 借款 Advances from jointly controlled entities 來自聯營公司借款 Advances from associates （歸還）來自非控股股東 借款 (Repayment to) advances from non-controlling shareholders 其他融資現金流量 Other financing cash flows 現金及現金等值項目（減少）增加 淨額 Net (decrease) increase in cash and cash equivalents 期初現金及現金等值 項目 Cash and cash equivalents at the beginning of the period 外匯兌換率變動之影響 Effect of foreign exchange rate changes 期末現金及現金等值 項目 Cash and cash equivalents at the end of the period 現金及現金等值項目結餘 分析 Analysis of the balances of cash and cash equivalents 銀行結存及現金 Bank balances and cash 包括在分類為待售資產之 銀行結存及現金 Bank balances and cash included in assets classified as held for sale 17	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
	(83,747) (80,079) (150,677) (105,474) – (5,281) 533,312 575,133 (520,428) (311,006) 2,888 – 158 1,470 (1,875) 527 749 145
	(219,620) 75,435
	(477,031) 298,787 2,945,845 2,510,926 42,678 (534)
	2,511,492 2,809,179
	2,510,675 2,805,293 817 3,886
	2,511,492 2,809,179

11

天安中國投資有限公司 二零一一年中期業績報告

簡明綜合財務報表附註

（截至二零一一年六月三十日止六個月）

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(For the six months ended 30th June, 2011)

1. 編製基準

本簡明綜合財務報表乃按照香港聯合交易所有限 公司（「聯交所」）證券上市規則（「上市規則」）附錄 十六之適用披露規定及香港會計準則（「香港會計 準則」）第34號「中期財務報告」而編製。

2. 主要會計政策

除若干物業及金融工具按公允價值計量外（按情 況適用），本簡明綜合財務報表乃按歷史成本基 準編製。

本簡明綜合財務報表所採用之會計政策與本集團 編製截至二零一零年十二月三十一日止年度之年 度財務報表所採用的一致。

於本期間，本集團已首次應用下列由香港會計師 公會（「香港會計師公會」）所頒佈之新訂或經修訂 之準則及詮釋（「新訂或經修訂之香港財務報告準 則」）。

香港財務報告準則（修訂本）

二零一零年頒佈的香港財務報告準則的改進 香港會計準則第24號（二零零九年經修訂） 關連方披露 香港會計準則第32號（修訂本） 供股分類 香港（國際財務報告詮釋委員會）－詮釋第14號（修訂本） 最低資金規定的預付 香港（國際財務報告詮釋委員會）－詮釋第19 號 以權益工具清償金融負債

於本中期期間，上述新訂或經修訂之香港財務報 告準則的應用，對本簡明綜合財務報表內所報告 的金額及本簡明綜合財務報表所載的披露並無重 大影響。

1. BASIS OF PREPARATION

The condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities (“Listing Rules”) on The Stock Exchange of Hong Kong Limited (“Stock Exchange”) and with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” .

2. SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at fair values, as appropriate.

The accounting policies used in the condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31st December, 2010.

In the current period, the Group has applied, for the first time, the following new or revised standards and interpretations (“new or revised HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

HKFRSs (Amendments) Improvements to HKFRSs issued in 2010 HKAS 24 (Revised in 2009) Related Party Disclosures HKAS 32 (Amendments) Classification of Rights Issues HK(IFRIC) – Int 14 (Amendments) Prepayments of a Minimum Funding Requirement HK(IFRIC) – Int 19

Extinguishing Financial Liabilities with Equity Instruments

The application of the above new or revised HKFRSs in the current interim period has had no material effect on the amounts reported in these condensed consolidated financial statements and disclosures set out in these condensed consolidated financial statements.

12

Tian An China Investments Company Limited Interim Report 2011

2. 主要會計政策（續）

本集團並無提早應用已頒佈但尚未生效的新訂或 經修訂的準則及修訂。以下新訂或經修訂的準則 及修訂於截至二零一零年十二月三十一日止年度 的綜合財務報表被授權發表後頒佈但尚未生效：

香港財務報告準則第10號 綜合財務報表[1] 香港財務報告準則第11號 聯合安排[1] 香港財務報告準則第12號 於其他實體之權益披露[1] 香港財務報告準則第13號 公允價值計量[1] 香港會計準則第1號（修訂本） 其他全面收益之項目呈列[2] 香港會計準則第19號（2011年經修訂） 員工福利[1] 香港會計準則第27號（2011年經修訂） 獨立財務報表[1] 香港會計準則第28號（2011年經修訂） 於聯營公司及合營企業之投資[1]

• 1 於二零一三年一月一日或以後開始之年度期間生效 2 於二零一二年七月一日或以後開始之年度期間生效

香港財務報告準則第 10 號取代香港會計準則第 27號「綜合及獨立財務報表」處理綜合財務報表的 部份。根據香港財務報告準則第10號，只有一個 綜合的準則，該準則為控制。此外，香港財務報 告準則第10號包括一個對控制的新定義，該定義 包含三個要素：(a)對被投資方的權力；(b)對被 投資方參與的可變回報之風險或權利；及(c)利用 對被投資方的權力，從而影響投資方回報金額的 能力。香港財務報告準則第10號已增加廣泛的指 引以處理複雜的情況。總體而言，香港財務報告 準則第10號的應用需要大量的判斷。香港財務報 告準則第10號的應用可能會導致本集團不再綜合 某些被投資方，及綜合以往沒有被綜合的被投資 方。

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Group has not early applied the new or revised standards and amendments that have been issued but are not yet effective. The following new or revised standards and amendments have been issued after the date of the consolidated financial statements for the year ended 31st December, 2010, which were authorised for issuance and are not yet effective:

HKFRS 10 Consolidated Financial Statements[1] HKFRS 11 Joint Arrangements[1] HKFRS 12 Disclosure of Interests in Other Entities[1] HKFRS 13 Fair Value Measurement[1] HKAS 1 (Amendments) Presentation of Items of Other Comprehensive Income[2] HKAS 19 (Revised in 2011) Employee Benefits[1] HKAS 27 (Revised in 2011) Separate Financial Statements[1] HKAS 28 (Revised in 2011) Investments in Associates and Joint Ventures[1]

1 Effective for annual periods on or after 1st January, 2013

2 Effective for annual periods on or after 1st July, 2012

HKFRS 10 replaces the parts of HKAS 27 “ Consolidated and Separate Financial Statements ” that deal with consolidated financial statements. Under HKFRS 10, there is only one basis for consolidation, that is control. In addition, HKFRS 10 includes a new definition of control that contains three elements: (a) power over an investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) ability to use its power over the investee to affect the amount of the investor’s returns. Extensive guidance has been added in HKFRS 10 to deal with complex scenarios. Overall, the application of HKFRS 10 requires a lot of judgement. The application of HKFRS 10 might result in the Group no longer consolidating some of its investees, and consolidating investees that were not previously consolidated.

13

天安中國投資有限公司 二零一一年中期業績報告

2. 主要會計政策（續）

香港財務報告準則第 11 號取代香港會計準則第 31號「於合營公司之權益」。香港財務報告準則第 11號處理由兩方或更多方共同擁有控制權的聯合 安排應如何分類。根據香港財務報告準則第 11 號，有兩種類型的聯合安排：合營企業和共同業 務。香港財務報告準則第11號的分類基於在安排 內各方的權利和責任。相反，根據香港會計準則 第31號，有三種不同類型的聯合安排：共同控制 公司、共同控制資產和共同控制業務。

此外，在香港財務報告準則第11號的合營企業需 以權益會計法入賬，而在香港會計準則第31號的 共同控制公司能夠以權益會計法或比例會計法入 賬。香港財務報告準則第11號的應用可能導致本 集團的聯合安排的分類及其會計處理的改變。具 體而言，根據香港財務報告準則第11號，現正使 用權益會計法入賬的本集團之共同控制公司會被 分類為共同業務。

該等綜合、聯合安排及披露的新訂或經修訂準則 由香港會計師公會於二零一一年六月頒佈及於二 零一三年一月一日或以後開始之年度期間生效。 若所有該等新訂或經修訂準則同時提早應用，提 前應用會被允許。本公司董事預計，該等新訂或 經修訂的準則將於本集團截至二零一三年十二月 三十一日止財政年度的綜合財務報表應用。

本集團現正評估新訂或經修訂之準則及修訂之潛 在影響。本集團現時尚未適宜去判斷該等新訂或 經修訂的準則對本集團營運業績及財務狀況之影 響。該等新訂或經修訂之準則可能導致本集團業 績及財務狀況有所改變。

3. 分部資料

本集團於本期間之收入主要來自在中華人民共和 國（「中國」）所經營之業務，當中並不包含香港地 區。本集團組織基礎之釐定基於四個主要營運部 門：物業發展、物業投資、生產、銷售及買賣水 泥、熟料及建築物料及其他營運（包括物業管理 及高爾夫球場營運）。同樣地，按匯報予本公司 董事會就資源分配及評估表現之本集團經營分部 亦集中於四個主要營運部門。

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

HKFRS 11 replaces HKAS 31 “Interests in Joint Ventures” . HKFRS 11 deals with how a joint arrangement of which two or more parties have joint control should be classified. Under HKFRS 11, there are two types of joint arrangements: joint ventures and joint operations. The classification in HKFRS 11 is based on parties’ rights and obligations under the arrangements. In contrast, under HKAS 31, there are three different types of joint arrangements: jointly controlled entities, jointly controlled assets and jointly controlled operations.

In addition, joint ventures under HKFRS 11 are required to be accounted for using the equity method of accounting, whereas jointly controlled entities under HKAS 31 can be accounted for using the equity method of accounting or proportionate accounting. The application of HKFRS 11 might result in changes in the classification of the Group’s joint arrangements and their accounting treatments. Specifically, the Group’s jointly controlled entities that are currently accounted for using the equity method of accounting may be classified as joint operations in accordance with HKFRS 11.

These new or revised standards on consolidation, joint arrangements and disclosures were issued by the HKICPA in June 2011 and are effective for annual periods beginning on or after 1st January, 2013. Earlier application is permitted provided that all of these new or revised standards are applied early at the same time. The directors of the Company anticipate that these new or revised standards will be applied in the Group’s consolidated financial statements for the financial year ending 31st December, 2013.

The Group is in the process of assessing the potential impact of the new or revised standards and amendments. The Group is not yet in position to determine the impact of these new or revised standards on the results of operations and financial position of the Group. These new or revised standards may result in changes in the results and financial position of the Group.

3. SEGMENT INFORMATION

The Group’s revenue for the period was derived mainly from activities carried out and located in the People’s Republic of China (“PRC”) other than Hong Kong. The Group’s basis of organisation is determined based on four main operating divisions: property development, property investment, manufacture, sale and trading of cement, clinker and construction materials and other operations, that includes property management and golf course operation. Similarly, the Group’s operating segments, reported to the Board of the Company for the purposes of resource allocation and performance assessment, also focused on the four main operating divisions.

14

Tian An China Investments Company Limited Interim Report 2011

3. 分部資料（續） 3. SEGMENT INFORMATION (continued)

於回顧期間，本集團按應呈報 及經營分部之收入、業績及資 產的分析如下︰

The following is an analysis of the Group’s revenue, results and assets by reportable and operating segments for the period under review:

	物業發展 Property development 物業投資 Property investment 生產、銷售及 買賣水泥、 熟料及 建築物料 Manufacture, sale and trading of cement, clinker and construction materials 其他營運 Other operations 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000	合計 Consolidated 千港元 HK$’000
截至二零一一年六月三十日止 六個月 For the six months ended 30th June, 2011 分部收入 SEGMENT REVENUE 對外銷售 External sales 191,980 181,459 391,674 47,546 業績 RESULTS 分部溢利 Segment profit 121,662 363,681 43,585 26,817 其他收入及收益 Other income and gains 未能分攤之企業費用 Unallocated corporate expenses 融資成本 Finance costs 應佔聯營公司虧損 Share of loss of associates (18) – – – 應佔共同控制公司 溢利（虧損） Share of profit (loss) of jointly controlled entities 159,064 113,177 – (12,289) 除稅前溢利 Profit before tax 稅項 Taxation 本期間溢利 Profit for the period 於二零一一年六月三十日 As at 30th June, 2011 資產 ASSETS 分部資產 Segment assets 8,184,207 7,330,434 810,740 164,579 於聯營公司之權益 Interests in associates 10,577 – – 57 於共同控制公司之 權益 Interests in jointly controlled entities 645,332 462,791 – 37,188 未能分攤之企業資產 Unallocated corporate assets 合併總資產 Consolidated total assets	191,980 181,459 391,674 47,546	812,659
		555,745 64,762 (67,949) (73,572) (18) 259,952
		738,920 (168,716)
		570,204
		16,489,960 10,634 1,145,311 3,994,628
		21,640,533

15

天安中國投資有限公司 二零一一年中期業績報告

3. 分部資料（續） 3. SEGMENT INFORMATION (continued)

	物業發展 Property development 物業投資 Property investment 生產、銷售及 買賣水泥、 熟料及 建築物料 Manufacture, sale and trading of cement, clinker and construction materials 其他營運 Other operations 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000	合計 Consolidated 千港元 HK$’000
截至二零一零年六月三十日止 六個月 For the six months ended 30th June, 2010 分部收入 SEGMENT REVENUE 對外銷售 External sales 業績 RESULTS 分部溢利（虧損） Segment profit (loss) 其他收入及收益 Other income and gains 未能分攤之企業費用 Unallocated corporate expenses 融資成本 Finance costs 應佔聯營公司溢利（虧損） Share of profit (loss) of associates 應佔共同控制公司 溢利 Share of profit of jointly controlled entities 除稅前溢利 Profit before tax 稅項 Taxation 本期間溢利 Profit for the period 於二零一零年十二月三十一日 As at 31st December, 2010 資產 ASSETS 分部資產 Segment assets 於聯營公司之權益 Interests in associates 於共同控制公司之 權益 Interests in jointly controlled entities 未能分攤之企業資產 Unallocated corporate assets 合併總資產 Consolidated total assets	359,814 166,982 161,884 46,807	735,487
	131,163 236,465 499,364 (13,693) (816) 2,213 – – 94,090 54,832 – 1,768 7,736,045 6,856,813 632,462 386,270 10,595 – – 57 439,817 428,628 – 9,896	853,299 41,164 (33,277) (64,651) 1,397 150,690
		948,622 (229,135)
		719,487
		15,611,590 10,652 878,341 4,072,972
		20,573,555

16

Tian An China Investments Company Limited Interim Report 2011

4. 其他收入及收益

4. OTHER INCOME AND GAINS

	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
可供出售投資之股息 收入 Dividend income on available-for-sale investments 銀行存款及應收賬款之 利息收入 Interest income on bank deposits and receivables 非流動免息應收賬款之估算 利息收入 Imputed interest income on non-current interest-free receivables 出售持作買賣投資之 收益 Gain on disposal of held-for-trading investments 指定透過損益按公允價值處理之金融 資產之公允價值收益 Fair value gain on financial assets designated as at fair value through profit or loss 其他收入 Other income	12,315 146 20,661 22,093 – 2,712 – 83 11,477 5,171 20,309 10,959
	64,762 41,164

5. 出售一間附屬公司之 5. GAIN ON DISPOSAL OF A SUBSIDIARY 收益

於截至二零一一年六月三十日止六個 月內，本集團出售一間附屬公司之全 部權益及股東貸款，該附屬公司於英 屬維京群島註冊成立，並在中國從事 物業發展。該被出售附屬公司之一間 附屬公司的一位董事持有買家的50% 權益。出售之詳情如下：

During the six months ended 30th June, 2011, the Group disposed of its entire interests in and shareholder’s loan to a subsidiary which is incorporated in the British Virgin Islands and is engaged in property development in the PRC. The subsidiary is disposed of to a company, of which its 50% interest is held by a director of a subsidiary of the disposed subsidiary. Details of the disposal are as follows:

17

天安中國投資有限公司 二零一一年中期業績報告

5. 出售一間附屬公司之 5. GAIN ON DISPOSAL OF A SUBSIDIARY (continued) 收益（續）

於二零一零年十二月三十一日被分類 為待售之附屬公司在出售當日之資產 淨值如下：

The net assets of the subsidiary which were classified as held for sale as at 31st December, 2010, at the date of disposal were as follows:

	千港元 HK$’000
所出售資產淨值： Net assets disposed of: 物業、廠房及設備 Property, plant and equipment 貿易及其他應收賬款、按金及預付款 Trade and other receivables, deposits and prepayments 發展中物業存貨 Inventories of properties under development 銀行結存及現金 Bank balances and cash 貿易及其他應付賬款 Trade and other payables 預售按金 Pre-sale deposits 非流動附息借款 Non-current interest-bearing borrowings 其他儲備重新分類至損益 Other reserves reclassified to profit or loss 出售收益 Gain on disposal 總代價，以現金支付： Total consideration, satisfied by cash: 於本期間已收取之代價 Consideration received in current period 於過往年度已收取之代價 Consideration received in prior year 因出售產生之現金流入淨額： Net cash inflow arising on disposal: 於本期間已收取之現金代價 Cash consideration received during the current period 已出售之銀行結存及現金 Bank balances and cash disposed of	370 12,793 487,049 74,044 (64) (231,629) (192,771)
	149,792 30,843
	180,635 118,785
	299,420
	215,226 84,194
	299,420
	215,226 (74,044)
	141,182

6. 場地動拆遷補償收益

6. GAIN ON SITE RELOCATION COMPENSATION

於二零零九年十一月二十七日，本集 團與上海市政府訂立一份關於收回由 一間非全資附屬公司持有的土地使用 權之場地動拆遷補償合同。於截至二 零一零年六月三十日止六個月，本集 團已完成該需要之動拆遷。該補償為 本集團帶來的收益為 507,505,000 港 元。於截至二零一零年六月三十日止 六個月，就場地動拆遷而言，本公司 股東應佔稅後溢利為 190,238,000 港 元。

On 27th November, 2009, the Group entered into a site relocation compensation agreement with Shanghai Municipal Government for land resumption in respect of land use right which was held by a non wholly-owned subsidiary. During the six months ended 30th June, 2010, the Group had completed the required relocation. The compensation resulted in a gain of HK$507,505,000 to the Group. Profit after tax attributable to the owners of the Company in respect of the site relocation amounted to HK$190,238,000 for the six months ended 30th June, 2010.

18

Tian An China Investments Company Limited Interim Report 2011

7. 融資成本 7. FINANCE COSTS

7.融資成本 7. FINANCE COSTS
	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
利息付予： Interest on: 銀行貸款 Bank loans 其他貸款 Other loans 貸款安排費 Loans arrangement fee 非流動免息借款之估算利息 費用 Imputed interest expenses on non-current interest-free borrowings 減：資本化於發展中物業 金額 Less: amount capitalised on properties under development 8. TAXATION 8.稅項	82,739 78,920 – 692 5,852 – 1,102 1,151
	89,693 80,763 (16,121) (16,112)
	73,572 64,651

8. TAXATION 8.稅項
	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
支出包括： The charge comprises: 中國企業所得稅及 土地增值稅 PRC Enterprise Income Tax and Land Appreciation Tax －本期間撥備 – current period provision －過往年度撥備不足 – under provision in prior years 遞延稅項 Deferred tax	68,434 212,153 3,852 5,525
	72,286 217,678 96,430 11,457
	168,716 229,135

於香港經營之集團公司於該兩段期間 內並無任何應課稅溢利，故並無就香 港利得稅作出撥備。中國企業所得稅 按其附屬公司適用稅率計算提撥。根 據適用於外商投資企業的稅法，一間 附屬公司有權免繳從首個經營獲利年 度即二零零七年開始兩年的中國企業 所得稅及於其後三年享有 50% 的中 國企業所得稅減免。根據於二零零七 年三月十六日頒佈之中國企業所得稅 法，該附屬公司能夠繼續享有該稅務 優惠及經考慮該等稅務獎勵後，本期 間之中國企業所得稅已作出提撥。

No provision for Hong Kong Profits Tax has been made as the group companies operating in Hong Kong do not have any assessable profit for both periods. The PRC Enterprise Income Tax is calculated at the rates applicable to respective subsidiaries. In accordance with the tax legislations applicable to foreign investment enterprises, a subsidiary is entitled to exemptions from the PRC Enterprise Income Tax for the two years commencing from the first profit-making year of operation in 2007 and thereafter, entitled to a 50% relief from the PRC Enterprise Income Tax for the following three years. The subsidiary can continue to entitle such tax concession according to the Law of the PRC on Enterprise Income Tax promulgated on 16th March, 2007 and the charge of PRC Enterprise Income Tax for the period has been provided for after taking these tax incentive into account.

19

天安中國投資有限公司 二零一一年中期業績報告

9. 本期間溢利 9. PROFIT FOR THE PERIOD

	（未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000
本期間溢利已扣除 （計入）： Profit for the period has been arrived at after charging (crediting): 物業、廠房及設備折舊 Depreciation of property, plant and equipment 19,110 15,418 減：資本化於發展中 物業金額 Less: amount capitalised on properties under development (705) (845) 18,405 14,573 攤銷： Amortisation of: 待發展物業 Properties for development 28,257 27,658 土地使用權之預付租賃款 Prepaid lease payments on land use rights 1,570 1,259 折舊和攤銷總額 Total depreciation and amortisation 48,232 43,490 存貨之成本作費用處理 Cost of inventories recognised as expenses 417,387 302,678 包含於其他營運費用之匯兌虧損 （收益） Exchange loss (gain) included in other operating expenses 7,785 (121) 應佔聯營公司稅項（已包括在應佔 聯營公司溢利內） Share of tax of associates (included in share of profit of associates) – 1,149 應佔共同控制公司稅項 （已包括在應佔共同控制 公司溢利內） Share of tax of jointly controlled entities (included in share of profit of jointly controlled entities) 280,574 174,115	19,110 15,418 (705) (845)
	18,405 14,573 28,257 27,658 1,570 1,259
	48,232 43,490

20

Tian An China Investments Company Limited Interim Report 2011

10. 每股盈利

10. EARNINGS PER SHARE

本公司股東應佔之每股基本盈利乃按 The calculation of the basic earnings per share attributable to owners of the 下列數據計算： Company is based on the following:

（未經審核）

(Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千港元 千港元 HK$’000 HK$’000 盈利 Earnings 用以計算每股基本盈利之溢利 Earnings for the purposes of basic earnings per （本公司股東應佔本期間 share (profit for the period attributable to 溢利） owners of the Company) 564,564 541,087 （未經審核） (Unaudited) 截至六月三十日止六個月 Six months ended 30th June, 二零一一年 二零一零年 2011 2010 千位 千位 ’000 ’000 股數 Number of shares 用以計算每股基本盈利之普通股 Weighted average number of ordinary shares 加權平均數 for the purpose of basic earnings per share 1,506,769 1,506,769

截至二零一一年六月三十日及二零一 No diluted earnings per share has been presented for both periods as there were

零年六月三十日止六個月，並沒有呈 no outstanding potential ordinary shares during the six months ended 30th June,

列每股攤薄盈利，因為於該兩段期間 2011 and 30th June, 2010. 內並沒有潛在的普通股。

21

天安中國投資有限公司 二零一一年中期業績報告

11. 股息

11. DIVIDEND

		（未經審核）	（未經審核）
		(Unaudited)
		截至六月三十日止六個月
		Six months ended	30th June,
		二零一一年	二零一零年
		2011	2010
		千港元	千港元
		HK$’000	HK$’000
於期內確認分派	Dividend recognised as distribution
之股息：	during the period:
已付二零一零年度末期股息為	Final dividend paid of HK10 cents in
每股10港仙（二零一零：	respect of 2010 (2010: HK7 cents in
二零零九年度為7港仙）	respect of 2009) per share	150,677	105,474

12. 物業、廠房及設備

12. PROPERTY, PLANT AND EQUIPMENT

於截至二零一一年六月三十日止六個 月內，本集團以現金代價33,525,000 港元（二零一零年十二月三十一日： 153,382,000港元）購入物業、廠房及 設備。

During the six months ended 30th June, 2011, the Group acquired property, plant and equipment for a cash consideration of HK$33,525,000 (31st December, 2010: HK$153,382,000).

13. 投資物業

13. INVESTMENT PROPERTIES

於截至二零一一年六月三十日止六個 月內，

During the six months ended 30th June, 2011,

• (a) 賬面值為 4,548,000港元之投資 物業以現金代價 4,804,000港元 出售。而以轉撥日之公允價值 計算，由已竣工物業存貨轉撥 至投資物業之金額為15,538,000 港元。於轉撥當日之公允價值 為 20,711,000 港元之物業、廠 房及設備轉撥至投資物業。

(a) Investment properties with carrying amount of HK$4,548,000 were disposed of for a cash consideration of HK$4,804,000. Inventories of completed properties with fair value of HK$15,538,000 at the date of transfer were transferred to investment properties. Property, plant and equipment with fair value of HK$20,711,000 at the date of transfer were transferred to investment properties.

• (b) 本集團投資物業於轉撥當日及 二零一一年六月三十日之公允 價值乃由與本集團無任何關係 －

• 的獨立及專業評估師 普敦國 際評估有限公司於當日進行估 值。該估值主要基於投資法， 計入現行租金及日後的租賃回 報收入潛力。就目前空置的物 業而言，估值乃按每個物業權 益的一般租約條款及參考直接 比較法，基於假定合理市場租 金的市值。就物業由已竣工物 業存貨轉撥為投資物業而言， 估值乃按直接比較法。

(b) The fair value of the Group’s investment properties at the date of transfer and on 30th June, 2011 have been arrived at on the basis of a valuation carried out on that date by Norton Appraisals Limited, a firm of independent and qualified professional valuers not connected with the Group. The valuation was principally based on investment approach by taking into account the current rents passing and the reversionary income potential of tenancies. For the properties which are currently vacant, the valuation was based on each of the property interests by capitalisation of the hypothetical and reasonable market rents with a typical lease term and also make reference to the direct comparison approach. For the properties which were transferred from inventories of completed properties to investment properties, the valuation was based on direct comparison approach.

22

Tian An China Investments Company Limited Interim Report 2011

14. 應收貸款

14. LOANS RECEIVABLE

於二零一一年六月三十日，應收貸款 23,529,000 港元（二零一零年十二月 三十一日：64,729,000港元）之年利 率為4.5%（二零一零年十二月三十一 日：4.5%），以股權抵押作為擔保及 於二零一一年十二月償還（二零一零 年十二月三十一日：於二零一一年 十二月償還）。

At 30th June, 2011, a loan receivable of HK$23,529,000 (31st December, 2010: HK$64,729,000) bears interests at 4.5% (31st December, 2010: 4.5%) per annum, is secured by share mortgage and repayable in December 2011 (31st December, 2010: repayable in December 2011).

應收貸款 48,250,000 港元（二零一零 年十二月三十一日： 107,541,000 港 元）之年利率為 4.25%（二零一零年 十二月三十一日：3.5%至4.25%）， 並無抵押及於二零一二年十一月償還 （二零一零年十二月三十一日：於二 零一一年三月至二零一二年十一月償 還）。

Loans receivable of HK$48,250,000 (31st December, 2010: HK$107,541,000) bear interests at 4.25% per annum (31st December, 2010: ranging from 3.5% to 4.25%) per annum, are unsecured and repayable in November 2012 (31st December, 2010: repayable between March 2011 to November 2012).

應收貸款 20,482,000 港元（二零一零 年十二月三十一日： 35,294,000 港 元）之年利率為25%（二零一零年十二 月三十一日： 20% ）於二零一一年 四月償還（二零一零年十二月三十一 日：於二零一一年三月償還），該應 收貸款部份已於截至二零一一年六月 三十日止期間內償還及以土地作為擔 保。

15. 貿易及其他應收賬款

A loan receivable of HK$20,482,000 (31st December, 2010: HK$35,294,000) bears interests at 25% (31st December, 2010: 20%) per annum is repayable in April 2011 (31st December, 2010: repayable in March 2011), which is partially repaid during the period ended 30th June, 2011 and secured by land.

15. TRADE AND OTHER RECEIVABLES

應收租戶之租金乃按出示發票時到 期支付。本集團一般給予物業買家 及其他客戶之信用期限為三十日至 一百二十日。於報告期末，貿易應收 賬款根據發票日期之賬齡分析如下：

Rental receivables from tenants are payable upon presentation of invoice. The Group generally allows a credit period of 30 to 120 days to property purchasers and other customers. The following is an aged analysis of trade receivables by invoice date at the end of the reporting period:

	（未經審核） （已審核） (Unaudited) (Audited) 二零一一年 六月三十日 二零一零年 十二月三十一日 30th June, 31st December, 2011 2010 千港元 千港元 HK$’000 HK$’000
未到期 Not yet due 三個月內 Within 3 months 四至六個月 Between 4 and 6 months 七至十二個月 Between 7 and 12 months 超過十二個月 Over 12 months	26,407 35,648 295,897 138,322 37,092 28,107 9,415 11,422 3,910 22,546
	372,721 236,045

23

天安中國投資有限公司 二零一一年中期業績報告

15. 貿易及其他應收賬款 （續）

15. TRADE AND OTHER RECEIVABLES (continued)

於二零一一年六月三十日，其他 應收賬款包括按金 553,176,000 港 元（二零一零年十二月三十一日： 290,224,000 港元），此按金用作支 付從獨立第三者收購物業而交易預計 於二零一一年年底前完成。此外，其 他應收賬款亦包括場地動拆遷補償 應收賬款 60,241,000 港元（二零一零 年十二月三十一日： 58,824,000 港 元），並預期自報告期末起之十二個 月內收取。

As at 30th June, 2011, other receivables included a deposit of HK$553,176,000 (31st December, 2010: HK$290,224,000). The deposit was paid for acquisition of properties from an independent third party and the transaction is expected to be completed by the end of 2011. In addition, other receivables also included site relocation compensation receivable of HK$60,241,000 (31st December, 2010: HK$58,824,000) and is expected to be received within twelve months from the end of the reporting period.

16. 指定透過損益按公允 價值處理之金融資產

16. FINANCIAL ASSETS DESIGNATED AS AT FAIR VALUE THROUGH PROFIT OR LOSS

		（未經審核）	（已審核）
		(Unaudited)	(Audited)
		二零一一年	二零一零年
		六月三十日	十二月三十一日
		30th June,	31st December,
		2011	2010
		千港元	千港元
		HK$’000	HK$’000
結構性存款	Structured deposits	332,185	35,608

於截至二零一一年六月三十日止六 個月內，本集團與銀行訂立若干以 人民幣計值，本金總額為人民幣 268,000,000元（相當於322,892,000 港元）的保本結構性存款，到期日由 二零一一年十月至二零一二年三月。 結構性存款的利息因應美元與歐元的 匯率變動及上海銀行間同業拆放利率 而改變。故此，該等結構性存款包含 與主合同並無密切關係的嵌入式外匯 衍生工具。於首次確認時，所有結構 性存款被指定為透過損益按公允價值 處理之金融資產。

During the six months ended 30th June, 2011, the Group entered into principal protected-structured deposits that are denominated in RMB with the aggregate principal amount of RMB268,000,000 (equivalent to HK$322,892,000) with banks with maturity dates ranging from October, 2011 to March, 2012. Interests of the structured deposits vary depending on the exchange rate movement between the United States Dollars, the Euro and Shanghai Interbank Offered Rate. Hence the structured deposits contain embedded foreign exchange derivatives that are not closely related to the host contracts. The entire structured deposits are designated as financial assets at fair value through profit or loss on initial recognition.

於報告期末，指定透過損益按公允價 值處理之金融資產之結構性存款由本 公司管理層參考外匯兌換率之改變及 上海銀行間同業拆放利率作出評估。 本公司管理層認為結構性存款之公允 價值約為其本金金額，因利率範圍狹 窄，只由3％到6％。

The structured deposits that are designated as financial assets carried at fair value through profit or loss at the end of the reporting periods are assessed by the management of the Company by reference of foreign exchange rate changes and the Shanghai Interbank Offered Rate. The management of the Company considers the fair value of the structured deposits is approximately to its principal amount as the interest range is narrow which is only ranging from 3% to 6%.

24

Tian An China Investments Company Limited Interim Report 2011

17. 分類為待售資產及負債

• (a) 於二零零七年十二月三日，本集團與一間 關連公司訂立一份買賣協議，而該擬出售 附屬公司之一位董事為該關連公司之實益 擁有者。根據買賣協議，本集團同意出售 之附屬公司經營高爾夫球場營運及物業發 展。於二零零八年一月三十日，該買賣協 議之普通決議已於股東特別大會上取得本 公司股東批准。根據買賣協議，完成買 賣該附屬公司的日期，不能遲於二零零 八年十二月七日。為了取得代價餘款的 融資，關連公司要求延長交易完成的日 期。於過往年度，已收取不能退回的按金 111,418,000 港元及已包含於貿易及其他 應付賬款。

於二零一一年六月十日，本集團訂立了 一份新的買賣協議。根據新的買賣協 議，總代價修訂為 810,000,000 港元。進 一步的付款 195,000,000 港元安排於二 零一一年九月三十日或之前支付及餘款 510,000,000 港元安排於二零一三年九月 或之前分期支付。

於二零一一年六月三十日，本集團尚未取 得獨立股東對於新協議的批准。於二零 一一年六月三十日，本公司之董事預期此 交易不會於自報告期末起之十二個月內完 成。因此，於二零一一年六月三十日，本 集團停止將該附屬公司之資產及負債分類 為待售資產及負債。本集團仍然依照計劃 出售該附屬公司及預期交易將於二零一三 年完成。新買賣協議於二零一一年八月一 日之股東特別大會獲本公司獨立股東通過。

17. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

(a) On 3rd December, 2007, the Group entered into a sale and purchase agreement with a related company, of which a director of the subsidiary to be disposed of is a beneficial owner. Pursuant to the sale and purchase agreement, the Group agreed to sell the subsidiary which is engaged in golf course operation and property development. On 30th January, 2008, the ordinary resolution for approving the sale and purchase agreement was duly passed by the shareholders of the Company at an extraordinary general meeting. Pursuant to the sale and purchase agreement, the completion date of sale and purchase of the subsidiary shall not be later than 7th December, 2008. The related company requested to extend the completion date in order to obtain financing for the payment of the balance of the consideration. A non-refundable deposit of HK$111,418,000 was received in the previous years and had been included in trade and other payables.

On 10th June, 2011, the Group entered into a new sale and purchase agreement. Pursuant to the new sale and purchase agreement, the total consideration has been revised to HK$810,000,000. A further payment of HK$195,000,000 is scheduled to be paid on or before 30th September, 2011 and the remaining balance of HK$510,000,000 is scheduled to be paid by instalments on or before September 2013.

As at 30th June, 2011, the Group has not yet obtained independent shareholders’ approval with respect to the new agreement. As at 30th June, 2011, the directors of the Company do not expect that the transaction will be completed within twelve months from the end of the reporting period. Therefore, as at 30th June, 2011, the Group ceased to classify assets and liabilities of the subsidiary as assets and liabilities as held for sale. The Group remains committed to its plan to sell the subsidiary and expect the transaction to be completed in 2013. The new sale and purchase agreement was passed by independent shareholders at an extraordinary general meeting on 1st August, 2011.

25

天安中國投資有限公司 二零一一年中期業績報告

17. 分類為待售資產及負債（續）

• (b) 於二零零九年一月二十三日，本集團與第 三方訂立了一份買賣協議。根據買賣協議， 本集團同意以11,635,000港元之現金代價 出售一間從事物業發展之附屬公司之全部 權益。所有的代價已經收取及包含於貿易 及其他應付賬款。於報告期末，該交易並 未完成。

• (c) 於二零一零年七月十五日，本集團與一 間關連公司訂立一份買賣協議，而該擬 出售附屬公司之一間附屬公司的一位董 事持有該關連公司之 50% 權益。根據買 賣協議，本集團同意以現金代價人民幣 235,000,000 元（相當於約 283,133,000 港 元）出售一間從事物業發展的附屬公司。於 截至二零一一年六月三十日止期間內，出 售已完成及帶來出售收益 118,785,000 港 元。該收益已載列在附註5的出售一間附屬 公司之收益內。

該一間（二零一零年十二月三十一日：三間）附 屬公司之資產及負債於二零一一年六月三十日分 類為待售之被處理組（見下文）。其經營業務於分 部報表中被列在本集團物業發展及其他營運業務 （見附註3）。出售之所得款項預期超出相關資產 及負債之賬面淨值；因此，該等經營業務分類為 待售業務無須作減值虧損確認。本集團已收到所 有代價作為不能退回的按金及包含於貿易及其他 應付賬款內。

17. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE (continued)

• (b) On 23rd January, 2009, the Group entered into a sale and purchase agreement with a third party. Pursuant to the sale and purchase agreement, the Group agreed to sell its entire interest in a subsidiary, which is engaged in property development for a cash consideration of HK$11,635,000. Full consideration has been received and included in trade and other payables. The transaction has not been completed at the end of the reporting date.

• (c) On 15th July, 2010, the Group entered into a sale and purchase agreement with a related company, of which its 50% interest is held by a director of a subsidiary of the subsidiary to be disposed of. Pursuant to the sale and purchase agreement, the Group agreed to sell the subsidiary which is engaged in property development for a cash consideration of RMB235,000,000 (equivalent to approximately HK$283,133,000). During the period ended 30th June, 2011, the disposal was completed and resulted in gain on disposal of HK$118,785,000. Such a gain was included in gain on disposal of a subsidiary as set out in note 5.

The assets and liabilities attributable to one subsidiary (31st December, 2010: three subsidiaries) has been classified as assets and liabilities as disposal group held for sale as at 30th June, 2011 (see below). The operations are included in the Group’s property development and other operations for segment reporting purposes (see note 3). The proceeds of disposal are expected to exceed the net carrying amount of the relevant assets and liabilities and, accordingly, no impairment loss has been recognised on the classification of these operations as held for sale. The Group has already received the full consideration as nonrefundable deposits and included in trade and other payables.

26

Tian An China Investments Company Limited Interim Report 2011

17. 分類為待售資產及 負債（續）

17. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE (continued)

被分類為待售之被處理組之主要資產 及負債組成如下（見上述附註(b)）：

The major classes of assets and liabilities comprising the disposal group classified as held for sale are as follows (see note (b) above):

	（未經審核） （已審核） (Unaudited) (Audited) 二零一一年 六月三十日 二零一零年 十二月三十一日 30th June, 31st December, 2011 2010 千港元 千港元 HK$’000 HK$’000
物業、廠房及設備 Property, plant and equipment 待發展物業 Property for development 土地使用權之預付租賃款 Prepaid lease payments on land use rights 發展中物業存貨 Inventories of properties under development 其他存貨 Other inventories 銀行結存及現金 Bank balances and cash 分類為待售資產 Assets classified as held for sale 貿易及其他應付賬款 Trade and other payables 預售按金 Pre-sale deposits 稅項負債 Tax liabilities 附息借款 Interest-bearing borrowings 免息借款 Interest-free borrowings 會籍債券 Membership debentures 遞延稅項負債 Deferred tax liabilities 分類為待售資產之 相關負債 Liabilities associated with assets classified as held for sale	817 128,831 – 204,717 – 15,941 – 363,391 – 897 817 22,336
	1,634 736,113
	7,078 87,147 111 21,239 102 102 – 176,258 – 6,564 – 43,576 – 57,716
	7,291 392,602

27

天安中國投資有限公司 二零一一年中期業績報告

18. 貿易及其他應付賬款

18. TRADE AND OTHER PAYABLES

於報告期末，貿易應付賬款（包括在 貿易及其他應付賬款內）按發票日期 呈列之賬齡分析如下：

The following is an aged analysis of trade payables, presented based on the invoice date, which are included in trade and other payables, at the end of the reporting period:

	（未經審核） （已審核） (Unaudited) (Audited) 二零一一年 六月三十日 二零一零年 十二月三十一日 30th June, 31st December, 2011 2010 千港元 千港元 HK$’000 HK$’000
三個月內 Within 3 months 四至六個月 Between 4 and 6 months 七至十二個月 Between 7 and 12 months 超過十二個月 Over 12 months	280,321 229,741 11,049 7,649 8,588 2,648 256,039 233,399
	555,997 473,437

於二零一一年三月二十三日，本集 團與第三方訂立了一份買賣協議， 根據買賣協議，本集團同意以現金代 價人民幣 450,000,000 元（相當於約 542,169,000 港元）出售一間從事物 業投資之附屬公司之50%股權及股東 貸款。於本期間，已收取不能退回的 按金 256,067,000 港元及已包含於貿 易及其他應付賬款。根據協議，餘下 的代價將於二零一二年九月二十二日 或之前收取。於二零一一年六月三十 日，此交易預期不會於自報告期末 起之十二個月內完成；因此，於二零 一一年六月三十日，該附屬公司之資 產及負債不被分類為待售。

On 23rd March, 2011, the Group entered into a sale and purchase agreement with a third party. Pursuant to the sale and purchase agreement, the Group agreed to sell the 50% shareholding and the shareholder’s loan in a subsidiary which is engaged in property investment for a cash consideration of RMB450,000,000 (equivalent to approximately HK$542,169,000). A non-refundable deposit of HK$256,067,000 was received during the current period and had been included in trade and other payables. Pursuant to the agreement, the remaining consideration will be received on or before 22nd September, 2012. As at 30th June, 2011, the transaction is not expected to be completed within twelve months from the end of the reporting period and hence the assets and liabilities of the subsidiary are not classified as held for sale as at 30th June, 2011.

28

Tian An China Investments Company Limited Interim Report 2011

19. 股本

19. SHARE CAPITAL

	普通股股份數目 面值 Number of ordinary shares Nominal value 千港元 HK$’000
法定： Authorised: 於二零一零年十二月三十一日及 二零一一年六月三十日 每股面值0.20港元之普通股股份 Ordinary shares of HK$0.20 each at 31st December, 2010 and 30th June, 2011 已發行及繳足： Issued and fully paid: 於二零一一年一月一日及 二零一一年六月三十日 At 1st January, 2011 and 30th June, 2011	2,000,000,000 400,000
	1,506,769,491 301,354

20. 附息借款

20. INTEREST-BEARING BORROWINGS

於截至二零一一年六月三十日止六個 月內，本集團獲得新借銀行及其他貸 款 533,312,000 港元及償還銀行及其 他貸款520,428,000港元。該等貸款 大部份於五年內償還及按市場定息或 浮息利率計息，而該等利率平均界乎 1.17%至10%。新借款所得款項用於 支付於中國之投資物業之款項、在建 物業工程進度款及收購新物業項目。

During the six months ended 30th June, 2011, the Group obtained new bank and other loans of HK$533,312,000 and repaid bank and other loans of HK$520,428,000. The majority of the loans are repayable within 5 years and bear interest at fixed or floating market rates which on average range from 1.17% to 10%. Proceeds from new borrowings were used to finance the payment of investment properties, progress payments for properties under development and the acquisition of new property projects in the PRC.

29

天安中國投資有限公司 二零一一年中期業績報告

21. 免息借款

21. INTEREST-FREE BORROWINGS

	（未經審核） （已審核） (Unaudited) (Audited) 二零一一年 六月三十日 二零一零年 十二月三十一日 30th June, 31st December, 2011 2010 千港元 千港元 HK$’000 HK$’000
來自非控股股東借款 Advances from non-controlling shareholders 應付共同控制公司 Amounts due to jointly controlled entities 應付聯營公司 Amounts due to associates	3,409 5,284 6,070 3,182 24,908 18,186
	34,387 26,652

22. 會籍債券

22. MEMBERSHIP DEBENTURES

會籍債券指於參加高爾夫球會後二十 年後可退還給會員或會員能用作抵扣 購買於高爾夫球場的別墅的成本的會 籍費用。

Membership debentures represent membership fees which are refundable to members twenty years after joining the golf club or can be used by members to set off against the cost of purchasing villas at the golf course.

23. 或有負債

23. CONTINGENT LIABILITIES

(a) 本集團於二零一一年六月三十 (a) At 30th June, 2011, the Group had guarantees as follows: 日之擔保如下：

		（未經審核）	（已審核）
		(Unaudited)	(Audited)
		二零一一年	二零一零年
		六月三十日	十二月三十一日
		30th June,	31st December,
		2011	2010
		千港元	千港元
		HK$’000	HK$’000
就給予被分類為可供出售投資的	Guarantees given to banks in respect
被投資者已使用之	of bank facilities utilised by an
銀行信貸而向銀行	investee classified as available-for-sale
作出擔保	investments	13,209	–
就給予物業購買者之按揭	Guarantees given to banks in
貸款而向銀行	respect of mortgage loans granted
作出擔保	to property purchasers	215,723	209,924

30

Tian An China Investments Company Limited Interim Report 2011

23. 或有負債（續）

• (b) 由一間共同控制公司持有而賬面值為 7,118,000港元的部份待發展物業正被當地 機關進行閑置土地調查。該塊由共同控制 公司持有之土地擁有若干張土地使用證， 除了兩張土地使用證之土地部份作為整個 項目餘下發展外，約佔一半的土地發展已 告完成或正在發展中。

若干共同控制公司賬面總值為 221,325,000 港元的待發展物業的進度未 能完全滿足土地出讓合同內的建築條款， 這些共同控制公司的整片土地正處於分期 發展階段，除了一部份空置土地作為整個 項目的後續發展，其餘部份已完成或部份 正在發展。

賬面值為 267,995,000 港元之待發展物業 的再開發時限已經屆滿，為符合當地機關 的要求，本集團已作出重組該待發展物業 的擁有權的申請，而新的附屬公司將會成 立以持有及發展該物業。

本集團一塊賬面值為 320,351,000 港元的 投資物業土地已被當地機關識別為閑置土 地，本集團已邀請另一位投資者共同發展 該土地，第一期發展的基礎工程現正進行。

本集團現就上述地塊的發展與當地機關緊 密洽商，防止被分類為閒置土地，包括商 討發展方案之可行性。根據法律意見，本 集團已對有關問題作出評估，並認為有關 土地被沒收之情況可能不會發生。

23. CONTINGENT LIABILITIES (continued)

• (b) A portion of a property for development that is held by a jointly controlled entity with carrying value of HK$7,118,000 is under idle land investigation by the local authority. The piece of land owned by the jointly controlled entity was entitled for several land use right certificates. The development of approximately half of the piece of land was either completed or under development, except for a portion of the land with 2 land use right certificates for the remaining development of the whole project.

The development progress of properties for development of several jointly controlled entities with carrying value of totally HK$221,325,000 cannot wholly fulfill building covenants under land grant contracts. The whole pieces of land of these jointly controlled entities are under phased construction stage and portions of them are either completed or under development, except for a portion of vacant land for the remaining development of the whole project.

Further development of another property for development of the Group with carrying value of HK$267,995,000 has been overdue. In order to comply with the requirements of local authorities, the Group has made application to restructure the ownership of that property for development and new subsidiaries will be established to hold and develop that property.

A land site included in investment property of the Group with carrying value of HK$320,351,000 had been identified as idle land by the local authority. The Group has invited another investor to develop this land site jointly. Foundation works for the first phase of development is in progress.

The Group is currently working diligently to prevent the possible classification as idle land for the above land development, including negotiating the feasibility of development plans with local authorities. Based on legal advices, the Group has assessed the issue and considers that the idle land confiscation may not materialise.

31

天安中國投資有限公司 二零一一年中期業績報告

23. 或有負債（續）

• (c) 一名先前購入深圳一項物業之買家，向本 公司一間全資附屬公司提出法律訴訟， 要求撤銷銷售合同及索回已付樓款合共 約 138,588,000 港元及賠償。賬面值為 45,180,000港元的已竣工物業存貨由法院 保管持有。於二零零七年及二零零八年， 訂約方達成有條件和解協議；據此物業買 家同意就有關案件進行和解，條件是本集 團須安排以物業買家之名義發出標的物業 之產權證。由於部份標的物業之產權證已 發出給物業買家，於二零一零年三月及二 零一一年一月，賬面總值為26,140,000港 元之部份法院保管物業已交還本集團。預 期待餘下標的物業之產權證以物業買家之 名義發出後，餘下賬面值為19,040,000港 元現由法院存管之物業將交還本集團。

• (d) 一間分判商控告本公司一間附屬公司，要 求索償有爭議的未付建築費及賠償共約 30,518,000港元。此項仲裁仍然進行中， 但本集團已根據法律意見，對此項索償進 行評估及認為此項索償之最終結果將對本 集團的財務狀況並無重大影響。

• (e) 於一九九八年，本公司收購一間附屬公 司，該附屬公司持有一塊位於中國之土 地，本公司以一間共同控制公司之權益轉 讓給賣方作為支付部份收購代價。該名聲 稱為賣方之實益擁有人向本公司提出法律 訴訟，就此項訴訟本公司於二零零八年三 月份收到法院傳票，由於本公司沒有把該 共同控制公司之股權過戶給賣方名下，賣 方要求履行轉讓共同控制公司權益及索償 22,940,000港元等值之人民幣損失、利息 及其他費用。於二零零九年七月的法庭裁 決判令本公司勝訴，原告已提出上訴。於 二零一零年十一月，高級人民法院判令重 審此案件。本集團已對此項索償進行評估 及在徵求法律意見後，認為此項索償之最 終結果對本集團的財務狀況並無重大影響。

23. CONTINGENT LIABILITIES (continued)

(c) A property purchaser who previously purchased a property in Shenzhen initiated legal proceedings against a wholly-owned subsidiary of the Company to rescind the sale contracts and claim for total sales proceeds paid of approximately HK$138,588,000 together with compensation. Inventories of completed properties with carrying amount of HK$45,180,000 were held in the custody of the court. In 2007 and 2008, conditional settlement agreements had reached between the parties whereby the property purchaser agreed to settle the case on condition that the Group has to arrange the issue of ownership certificates of the subject properties under the name of the property purchaser. In March 2010 and January 2011, portions of the properties held in custody of the court with total carrying amount of HK$26,140,000 were released to the Group as a result of the issue of ownership certificates of part of the subject properties to the property purchaser. It is expected that the remaining properties held in custody of the court with carrying amount of HK$19,040,000 will be released to the Group following the issue of ownership certificates of the remaining subject properties under the name of the property purchaser.

• (d) A contractor has applied for arbitration against a subsidiary claiming for outstanding construction costs and compensation of totally approximately HK$30,518,000 which are being disputed. The arbitration is still in progress, but based on legal opinions, the Group has assessed the claim and considers that the final outcome of the claim will not have material effect on the financial position of the Group.

• (e) In 1998, the Company acquired a subsidiary that held a land site in the PRC with the consideration partially satisfied by disposing of its interest in a jointly controlled entity to the vendor. A person who claimed to be the beneficial owner of the vendor has initiated legal proceedings against the Company, for which proceeding a writ was received by the Company in March 2008, claiming the transfer of the interest in the jointly controlled entity and losses in Renminbi of HK$22,940,000 equivalent plus interest and other costs on the grounds that the Company had not effectively transferred the legal title to the interest in that jointly controlled entity to the vendor. The court judgement made in July 2009 was held in favour of the Company and the plaintiff had appealed. In November 2010, The Higher Court had ordered retrial to the case. The Group has assessed the claim and obtained legal advice, and considers that the final outcome of the claim will not have material effect on the financial position of the Group.

32

Tian An China Investments Company Limited Interim Report 2011

23. 或有負債（續）

• (f) 一名水泥業務之前物料供應商向本公司 附屬公司提出法律訴訟，要求索償有爭 議的未付工程及物料供應款及賠償共約 8,410,000港元。法庭裁決判令前物料供應 商勝訴。被告已提出上訴，而高級人民法 院亦判令重審此案件。有關此索償，共約 4,442,000 港元確認為貿易及其他應付賬 款。本集團已對此項索償進行評估及在徵 求法律意見後，認為無需為關於潛在補償 之應付賬款作出額外撥備。

24. 資產抵押

於二零一一年六月三十日，

• (a) 若干附屬公司持有之銀行存款、物業、 廠房及設備、待發展物業、發展中物 業、已竣工物業存貨、投資物業及持 作買賣投資之賬面值分別為 3,193,000 港元（二零一零年十二月三十一日： 241,433,000港元）、273,618,000港元（二 零一零年十二月三十一日： 254,904,000 港元）、 606,953,000 港元（二零一零 年十二月三十一日： 600,552,000 港 元）、 603,251,000 港元（二零一零年 十二月三十一日： 1,234,304,000 港 元）、 871,141,000 港元（二零一零年 十二月三十一日： 374,370,000 港元）、 5,659,583,000 港元（二零一零年十二 月三十一日： 5,268,151,000 港元）及 5,553,000港元（二零一零年十二月三十一 日：4,987,000港元）已抵押予銀行作為本 集團獲授銀行信貸。

• (b) 賬面值為1,839,000港元（二零一零年十二 月三十一日：1,792,000港元）之待發展物 業已作為其他貸款之抵押。

• (c) 賬面值分別為 124,096,000 港元（二零一 零年十二月三十一日： 45,882,000 港元） 及 115,520,000 港元（二零一零年十二月 三十一日：115,690,000港元）之銀行存款 及物業、廠房及設備已作為應付票據之抵 押。

• (d) 賬面值為888,000港元（二零一零年十二月 三十一日：867,000港元）之銀行存款已抵 押予銀行作為物業買家獲授按揭貸款。

• (e) 本集團之若干資產，如附註23(c)所述，現 由法院所保管。

23. CONTINGENT LIABILITIES (continued)

• (f) A former material supplier of cement business has initiated legal proceeding against subsidiaries of the Company claiming for outstanding construction and material supply costs and compensation of approximately HK$8,410,000 which are being disputed. The court judgement was held in favour of the former material supplier. The defendants had appealed and the Higher Court had ordered retrial to the case. A total of approximately HK$4,442,000 was recognised as trade and other payable in relation to these claims. The Group has assessed the claims and obtained legal advice, and considers that no further provision was required in relation to the potential compensation payable.

24. PLEDGED ASSETS

At 30th June, 2011,

• (a) Bank deposits, property, plant and equipment, properties for development, properties under development, inventories of completed properties, investment properties and held-fortrading investments of certain subsidiaries with carrying values of HK$3,193,000 (31st December, 2010: HK$241,433,000), HK$273,618,000 (31st December, 2010: HK$254,904,000), HK$606,953,000 (31st December, 2010: HK$600,552,000), HK$603,251,000 (31st December, 2010: HK$1,234,304,000), HK$871,141,000 (31st December, 2010: HK$374,370,000), HK$5,659,583,000 (31st December, 2010: HK$5,268,151,000) and HK$5,553,000 (31st December, 2010: HK$4,987,000) respectively were pledged to banks for banking facilities granted to the Group.

• (b) Properties for development with carrying value of HK$1,839,000 (31st December, 2010: HK$1,792,000) were pledged against other loans.

• (c) Bank deposits and property, plant and equipment with carrying value of HK$124,096,000 (31st December, 2010: 45,882,000) and HK$115,520,000 (31st December, 2010: HK$115,690,000) respectively were pledged against the bills payable.

• (d) Bank deposits with carrying value of HK$888,000 (31st December, 2010: HK$867,000) were pledged against mortgage loans granted to property purchasers.

• (e) Certain assets of the Group are under the custody of courts, as described in note 23(c).

33

天安中國投資有限公司 二零一一年中期業績報告

25. 有關連人士之交易及 結餘

25. RELATED PARTY TRANSACTIONS AND BALANCES

於截至二零一一年六月三十日止六個 月內，本集團與有關連人士之交易及 結餘如下：

During the six months ended 30th June 2011, the Group had transactions and balances with related parties as follows:

			（未經審核）
			(Unaudited)
			截至六月三十日止六個月
			Six months ended 30th June,
			二零一一年	二零一零年
			2011	2010
			千港元	千港元
			HK$’000	HK$’000
(a)	新鴻基有限公司（「新鴻基」）	Sun Hung Kai & Co. Limited (”SHK”)
	（附註(i)）	(Note (i))
	－已付保險費用	– Insurance paid	1,475	61
	－租金收入	– Rental income	–	650
	－利息收入	– Interest income	1,019	–
(b)	聯合地產（香港）有限公司（「聯合地	Allied Properties (H.K.) Limited (“APL”) and its
	產」）及其附屬公司，以及該公司	subsidiaries and its ultimate holding company and
	之最終控股公司及該公司之最終	subsidiaries of its ultimate holding company
	控股公司之附屬公司（附註(i)）	(Note (i))
	－已付租金、物業管理及	– Rent, property management and
	空調費用	air-conditioning fees paid	1,269	1,304
	－管理費	– Management fee	8,100	7,070
	－其他費用	– Sundry expenses	233	–
(c)	本集團之附屬公司之	Non-controlling shareholders of the Group’s
	非控股股東	subsidiary
	－管理費用	– Management fee	–	815
	－其他費用	– Sundry expenses	–	7
(d)	本公司一位非執行董事為其合作	A company of which a non-executive director of the
	夥伴之公司	Company is a partner
	－法律及專業費用	– Legal and professional fee	1,159	370
(e)	主要管理層人員薪酬	Key management personnel compensation
	－薪金及其他短期福利	– Salaries and other short-term benefits	21,933	9,973
	－退休福利費用	– Post-employment costs	349	531
(f)	本公司一位非執行董事之	A company which is significantly influenced by an
	一位近親有重大影響力之	individual who is a close family member of a non-
	公司	executive director of the Company
	－利息收入	– Interest income	–	10,800
(g)	一間共同控制公司	A jointly controlled entity
	－利息收入	– Interest income	–	3,418

34

Tian An China Investments Company Limited Interim Report 2011

25. 有關連人士之交易及 結餘（續）

25. RELATED PARTY TRANSACTIONS AND BALANCES (continued)

本集團若干主要管理層人員從一間擁 有本公司重大權益之公司或其全資附 屬公司收取酬金。該公司向本集團提 供管理服務，並向本集團就該等人員 及其他並非本集團之主要管理層人員 所提供服務收取費用，該費用已包括 在此附註(b)部份所披露之管理費中。

Certain key management personnel of the Group received remuneration from a company, or a wholly-owned subsidiary of such company, which has significant beneficial interests in the Company. Such company provided management services to the Group and charged the Group a fee, which has been included in management fee as disclosed in part (b) of this note, for services provided by those personnel as well as others who were not key management personnel of the Group.

上述之管理費乃按管理層於本集團 事務所付出之時間計算，並可分配 至上述主要管理層人員。總分配金 額為 8,329,000 港元（二零一零年： 5,683,000港元），並已包括在上述之 主要管理層人員薪酬內。

The above-mentioned management fee is calculated by reference to the time devoted by the management personnel on the affairs of the Group and can be apportioned to the above key management personnel. The total of such apportioned amounts, which has been included in the key management personnel compensation above, is HK$8,329,000 (2010: HK$5,683,000).

			（未經審核）	（已審核）
			(Unaudited)	(Audited)
			二零一一年	二零一零年
			六月三十日	十二月三十一日
			30th June,	31st December,
			2011	2010
			千港元	千港元
			HK$’000	HK$’000
(h)	新鴻基（附註(i)）	SHK_(Note (i))_
	－應付金額	– Amounts payable	2,883	2,758
	－應收貸款（附註(ii)） （附註14）	– Loan receivable_(Note (ii)) (note 14)_	48,193	47,059
	－應收貸款利息（附註14）	– Loan interest receivable_(note 14)_	57	61
(i)	聯合地產及其附屬公司，以及	APL and its subsidiaries and its ultimate holding
	該公司之最終控股公司及	company and subsidiaries of its ultimate holding
	該公司之最終控股公司之	company_(Note (i))_
	附屬公司（附註(i)）
	－應付金額	– Amounts payable	4,461	4,960

35

天安中國投資有限公司 二零一一年中期業績報告

25. 有關連人士之交易及 結餘（續）

附註：

• (i) 於二零一零年四月十九日，新鴻基與其母公司聯 合地產訂立了一份收購協議，據此新鴻基出售本 公司全部已發行股本之38.06%，即新鴻基於本 公司之所有權益。於二零一零年六月二十八日交 易完成後，聯合地產成為本公司有重大影響力之 主要股東。於二零一一年六月三十日及二零一零 年十二月三十一日，新鴻基為聯合地產的附屬公 司。

• (ii) 應收貸款之年利率為4.25%，無抵押並需於二零 一二年十一月償還。

25. RELATED PARTY TRANSACTIONS AND BALANCES (continued)

Notes:

• (i) On 19th April, 2010, SHK entered into the Acquisition Agreement with its parent company, APL, whereby SHK disposed of 38.06% of the total issued share capital of the Company which represents the entire interest of SHK in the Company. Upon completion on 28th June, 2010, APL became a major shareholder with significant influence over the Company. SHK is a subsidiary of APL as at 30th June, 2011 and 31st December, 2010.

• (ii) The loan receivable bear interest at 4.25% per annum, is unsecured and repayable in November 2012.

36

Tian An China Investments Company Limited Interim Report 2011

獨立審閱報告

INDEPENDENT REVIEW REPORT

==> picture [72 x 54] intentionally omitted <==

致天安中國投資有限公司董事會

（於香港註冊成立之有限公司）

TO THE BOARD OF DIRECTORS OF TIAN AN CHINA INVESTMENTS COMPANY LIMITED

(Incorporated in Hong Kong with limited liability)

引言

吾等已審閱列載於第4頁至第36頁天安中國投資 有限公司（「貴公司」）之中期財務資料，包括 貴 公司及其附屬公司（統稱「貴集團」）於二零一一年 六月三十日之簡明綜合財務狀況表與截至該日止 六個月期間之相關簡明綜合收益賬、全面收益 表、權益變動表和現金流動表及若干說明附註。 香港聯合交易所有限公司主板證券上市規則規定， 就中期財務資料編製之報告必須符合當中有關條 文以及香港會計師公會頒佈之香港會計準則（「香 港會計準則」）第34號「中期財務報告」。 貴公司 之董事須對根據香港會計準則第34號編製及呈列 該中期財務資料負責。吾等之責任為根據審閱對 該中期財務資料作出結論，並按照委聘之協定條 款僅向作為實體之 閣下報告結論，除此以外， 本報告不可用作其他用途。吾等不會就本報告之 內容向任何其他人士負上或承擔任何責任。

Introduction

We have reviewed the interim financial information set out on pages 4 to 36 which comprise the condensed consolidated statement of financial position of Tian An China Investments Company Limited (the “Company”) and its subsidiaries (collectively referred to the “Group”) as of 30th June, 2011 and the related condensed consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the six-month period then ended and certain explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants. The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with HKAS 34. Our responsibility is to express a conclusion on this interim financial information based on our review, and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

37

天安中國投資有限公司 二零一一年中期業績報告

審閱範圍

吾等已根據香港會計師公會頒佈之香港審閱工作 準則第2410號「由實體的獨立核數師對中期財務 資料的審閱」作出審閱。審閱中期財務資料包括 主要向負責財務和會計事務之人員作出查詢，並 應用分析性和其他審閱程序。審閱範圍遠少於根 據香港核數準則進行審核之範圍，故不能讓吾等 保證吾等將知悉在審核中可能發現之所有重大事 項。因此，吾等不會發表審核意見。

結論

按照吾等之審閱，吾等並無發現任何事項，令吾 等相信中期財務資料在各重大方面未有根據香港 會計準則第34號編製。

德勤 • 關黃陳方會計師行

執業會計師

香港，二零一一年八月十九日

Scope of review

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with HKAS 34.

Deloitte Touche Tohmatsu Certified Public Accountants

Hong Kong, 19th August, 2011

38

Tian An China Investments Company Limited Interim Report 2011

中期股息

董事會認為保留適當水平之資金，以便充份掌握 日後之業務發展機會，乃審慎之舉，故此不建議 宣派中期股息（二零一零年：無）。

管理層討論及分析

財務業績

本集團截至二零一一年六月三十日止六個月之收 入為812.7百萬港元（二零一零年：735.5百萬港 元），較去年同期增加10.5%。本公司股東應佔溢 利為564.6百萬港元（二零一零年：541.1百萬港 元），較去年同期增加4.3%。

本期間溢利增加之理由是：

• (1) 租金收入增加9%；及

• (2) 本集團投資物業組合之重估收益。

本集團本期間的毛利率的下跌是因為通常享有較 高毛利率的物業發展分部帶來的收入減少及來自 毛利率較低的水泥業務的收入增加所致（不包括於 二零一零年的場地動拆遷補償收益）。

每股盈利為 37.47 港仙（二零一零年： 35.91 港 仙），而於二零一一年六月底，本公司股東應佔每 股賬面資產淨值為8.84港元（二零一零年十二月： 8.36港元）。

INTERIM DIVIDEND

The Board considers that it is prudent to retain an appropriate level of funds to take advantage of business opportunities as and when they arise, and therefore does not intend to declare an interim dividend (2010: nil).

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL RESULTS

The revenue of the Group for the six months ended 30th June, 2011 was HK$812.7 million (2010: HK$735.5 million), an increase of 10.5% compared to the same period of last year. The profit attributable to owners of the Company was HK$564.6 million (2010: HK$541.1 million), representing a 4.3% increase over the corresponding period of last year.

The increase in profit for the period was the result of:

• (1) an increase in rental income of 9%; and

• (2) revaluation gains in respect of the Group’s investment property portfolio.

The reduction in gross profit margin of the Group for the period was due to the decrease in revenue generated from the property development segment, which usually enjoys a higher gross profit margin, and the increase in revenue from the cement business (excluding gain on site relocation compensation in 2010) which has a lower gross profit margin.

Earnings per share amounted to HK37.47 cents (2010: HK35.91 cents), while net asset value per share attributable to owners of the Company was HK$8.84 at the end of June 2011 (December 2010: HK$8.36).

39

天安中國投資有限公司 二零一一年中期業績報告

管理層討論及分析（續）

業務回顧

本集團主要經營範圍包括：在中國開發高檔住 宅、別墅、辦公樓及商用物業、物業投資及物業 管理，以及生產、銷售及買賣水泥和熟料。

以下為本集團於二零一一年上半年之業績概述：

• (1) 本集團繼續出售非核心資產。於本期間，本 集團完成出售江門天安花園之權益。本集團 亦與肇慶項目之買家訂立一份新的買賣協 議，從而以天安滿意的條款重組出售該項 目。出售惠陽淡水項目50%權益預期於二 零一二年年底前完成。

• (2) 本集團二零一一年上半年之應佔總銷售為 40,000平方米（二零一零年：47,800平方 米），減少16%。於回顧期間內，已完工住 宅╱商業物業之應佔總樓面面積（「總樓面 面積」）約為84,700平方米（二零一零年： 54,400平方米），增加56%。截至二零一一 年上半年年底，應佔在建總樓面面積約為 620,300平方米（二零一零年：472,000平 方米），較去年同日增加31%，包括上海天 安別墅（二期一批）、上海天安豪園（一期一 批及二批）、無錫曼哈頓（一期二批）、南通 天安花園（四期及五期）、常州天安別墅（二 期一批）、常州天安數碼城（二期）、南京天 安數碼城（一期）、無錫天安智慧城（一期一 批）、江陰天安數碼城（一期）、深圳天安龍 崗數碼新城（三期）、佛山天安南海數碼新城

• （四期）、廣州天安番禺節能科技園（五期）、 東莞天安數碼城（一期）及天津天安數碼城

• （於西青區）（一期）。

• (3) 租金收入較二零一零年增加9%。

MANAGEMENT DISCUSSION AND ANALYSIS (continued)

BUSINESS REVIEW

The Group is engaged principally in the development of high-end apartments, villas, office buildings and commercial properties, property investment and property management, as well as the manufacture, sale and trading of cement and clinker in China.

An outline of our achievements in the first half of 2011 is described below:

• (1) We have continued to dispose of non-core assets. During the period, we completed the disposal of our interest in Jiangmen Tian An Garden. We also entered into a new sale and purchase agreement with the buyer of the Zhaoqing project to restructure the disposal on terms satisfactory to Tian An. The disposal of our 50% interest in Huiyang Danshui project is expected to be completed before the end of 2012.

• (2) Total attributable sales of the Group amounted to 40,000 m[2] in the first half of 2011 (2010: 47,800 m[2] ), representing a decrease of 16%. A total attributable gross floor area (“GFA”) of approximately 84,700 m[2] (2010: 54,400 m[2] ) of residential/ commercial properties was completed during the period under review, representing an increase of 56%. By the end of 2011 half year, a total attributable GFA of approximately 620,300 m[2 ] (2010: 472,000 m[2] ) was under construction, representing a 31% increase over the corresponding date of last year, including Shanghai Tian An Villa (Phase 2 Part 1), Shanghai Tian An Place (Phase 1 Parts 1 and 2), Wuxi Manhattan (Phase 1 Part 2), Nantong Tian An Garden (Phases 4 and 5), Changzhou Tian An Villas (Phase 2 Part 1), Changzhou Tian An Cyber Park (Phase 2), Nanjing Tian An Cyber Park (Phase 1), Wuxi Tian An Intelligent Park (Phase 1 Part 1), Jiangyin Tian An Cyber Park (Phase 1), Shenzhen Tian An Longgang Cyber Park (Phase 3), Foshan Tian An Nanhai Cyber Park (Phase 4), Guangzhou Tian An Panyu HiTech Ecological Park (Phase 5), Dongguan Tian An Cyber Park (Phase 1) and Tianjin Tian An Cyber Park (in Xiqing District) (Phase 1).

• (3) Rental income increased by 9% as compared with 2010.

40

Tian An China Investments Company Limited Interim Report 2011

管理層討論及分析（續）

業務回顧（續）

• (4) 本集團將繼續致力發展數碼城之投資項目。 本集團於華南之數碼城進展良好。位於深 圳、番禺、龍崗及佛山之項目表現均符合預 期。就華東及華北之數碼城而言，南京天安 數碼城（一期）及常州天安數碼城（二期）之建 造工程預期於二零一一年內竣工。無錫天安 智慧城及南通天安數碼城的建造工程已經開 始，並正在按計劃進行。於二零一一年上半 年，本集團購入之額外土地儲備為天津（於 東麗區）（870畝）及重慶（540畝），以擬興建 綜合商務園。

• (5) 來自山東及上海經營的生產和買賣水泥及 相關產品的銷售貢獻分部溢利為43.6百萬 港元。

財務回顧

資金流動狀況及融資

於二零一一年六月三十日，本集團致力維持一貫 穩健且財政資源平衡分配之流動資金。本集團之 銀行結餘及現金儲備約2,638.9百萬港元，為本集 團之日常運作提供足夠營運資金。

於二零一一年六月三十日，本集團之總借款約 2,993.9百萬港元（二零一零年十二月三十一日： 2,927.6百萬港元），包括流動負債880.7百萬港元 （二零一零年十二月三十一日：1,166.5百萬港元） 及非流動負債2,113.2百萬港元（二零一零年十二 月三十一日：1,761.1百萬港元）。本集團之資產 負債率（負債淨額除以權益總額）為3%（二零一零 年十二月三十一日：負值2%）。借款主要為待發 展物業及發展中物業提供所需資金。融資成本增 加主要是市場利率上升所致。

MANAGEMENT DISCUSSION AND ANALYSIS (continued)

BUSINESS REVIEW (continued)

• (4) We will continue to devote significant efforts to our cyberpark investments. Our southern cyberparks have been progressing well. The projects in Shenzhen, Panyu, Longgang and Foshan all performed in line with our expectations. As far as our eastern and northern cyberparks are concerned, we expect completion of construction works for our Nanjing Tian An Cyber Park (Phase 1) and Changzhou Tian An Cyber Park (Phase 2) in 2011. Construction works in Wuxi Tian An Intelligent Park and Nantong Tian An Cyber Park have commenced and are progressing as planned. During the first half of 2011, we acquired additional landbank in Tianjin (in Dongli District) (870 mu) and Chongqing (540 mu), where we intend to build integrated business parks.

• (5) Sales from production and trading of cement and related products by the operations in Shandong and Shanghai contributed a segment profit of HK$43.6 million.

FINANCIAL REVIEW

Liquidity and Financing

As at 30th June, 2011, the Group maintained its liquidity at a healthy level with a balanced portfolio of financial resources. The total bank balances and cash reserves of the Group were approximately HK$2,638.9 million, providing sufficient working capital for the daily operations of the Group.

As at 30th June, 2011, the total borrowings of the Group amounted to approximately HK$2,993.9 million (31st December, 2010: HK$2,927.6 million), including current liabilities of HK$880.7 million (31st December, 2010: HK$1,166.5 million) and non-current liabilities of HK$2,113.2 million (31st December, 2010: HK$1,761.1 million). The gearing ratio (net debt over total equity) of the Group was 3% (31st December, 2010: negative of 2%). The borrowings were mainly used to finance the properties for development and properties under construction. Increase in finance costs is mainly due to the increase in market interest rates.

41

天安中國投資有限公司 二零一一年中期業績報告

管理層討論及分析（續）

財務回顧（續）

資金流動狀況及融資（續）

本集團之未償還借款約75%將於兩年內到期。由 於本集團之投資及營運乃在中國進行，故大部份 銀行借款以人民幣計算及歸還。本集團借款中約 67%為定息借款，餘下者則為浮息借款。

外匯波動風險

本集團需要就經常性營運活動以及現有及潛在投 資活動而持有外匯結餘，此表示本集團會承受合 理的匯兌風險；然而，本集團將按需要密切監控 所承擔之風險。

資產抵押

於二零一一年六月三十日，128.2百萬港元之銀行 存款、5.6百萬港元之持作買賣投資、賬面總值分 別約389.1百萬港元、2,083.2百萬港元及5,659.6 百萬港元之物業、廠房及設備、發展物業及投資 物業已作抵押，以便為本集團取得銀行信貸和其 他貸款，並為物業買家取得按揭貸款，以及貿易 應付賬款。

MANAGEMENT DISCUSSION AND ANALYSIS (continued)

FINANCIAL REVIEW (continued)

Liquidity and Financing (continued)

Approximately 75% of the Group’s outstanding borrowings will mature within 2 years. Since the investments and operation of the Group are carried out in the PRC, most of the bank borrowings are denominated in Renminbi which will be repaid in the same currency. Around 67% of the Group’s borrowings bear interest at fixed rates while the remainder is at floating rates.

Risk of Foreign Exchange Fluctuation

The Group is required to maintain foreign currency exposure to cater for its recurring operating activities and present and potential investment activities, meaning it will be subject to reasonable exchange rate exposure. However, the Group will closely monitor this risk exposure as required.

Pledge on Assets

As at 30th June, 2011, bank deposits of HK$128.2 million, held-fortrading investments of HK$5.6 million, aggregate carrying values of property, plant and equipment, development properties and investment properties of approximately HK$389.1 million, HK$2,083.2 million and HK$5,659.6 million respectively, were pledged for banking facilities and other loans granted to the Group and mortgage loans granted to property purchasers and trade payables.

42

Tian An China Investments Company Limited Interim Report 2011

管理層討論及分析（續）

財務回顧（續）

或有負債

由一間共同控制公司持有而賬面值為7.1百萬港元 的部份待發展物業正被當地機關進行閑置土地調 查。該塊由共同控制公司持有之土地擁有若干張 土地使用證，除了兩張土地使用證之土地部份作 為整個項目餘下發展外，約佔一半的土地發展已 告完成或正在發展中。若干共同控制公司賬面總 值為221.3百萬港元的待發展物業的進度未能完全 滿足土地出讓合同內的建築條款，這些共同控制 公司的整片土地正處於分期發展階段，除了一部 份空置土地作為整個項目的後續發展，其餘部份 已完成或部份正在發展。賬面值為268.0百萬港元 之待發展物業的再開發時限已經屆滿，為符合當 地機關的要求，本集團已作出重組該待發展物業 的擁有權的申請，而新的附屬公司將會成立以持 有及發展該物業。本集團一塊賬面值為320.4百 萬港元的投資物業土地已被當地機關識別為閑置 土地，本集團已邀請另一位投資者共同發展該土 地，第一期發展的基礎工程現正進行。本集團現 就上述地塊的發展與當地機關緊密洽商，防止被 分類為閒置土地，包括商討發展方案之可行性。 根據法律意見，本集團已對有關問題作出評估， 並認為有關土地被沒收之情況可能不會發生。

於二零一一年六月三十日，本集團授予就物業買 家獲授之按揭貸款及被分類為可供出售投資的被 投資者已使用之銀行信貸而向銀行提供約228.9百 萬港元之擔保。本集團提供之所有擔保乃應銀行 要求，並根據一般商業條款而作出。本集團被採 取法律行動所引致之可能或有負債金額約為196.0 百萬港元。本集團對此等索償進行評估並在取得 法律意見後，認為現階段對可能產生之責任作出 評估實言之尚早，或無需作出額外撥備。

僱員

於二零一一年六月三十日，本集團（包括其附屬公 司，但不包括聯營公司及共同控制公司）之僱員人 數為2,157名（二零一零年十二月三十一日：2,239 名）。本集團確保薪酬制度與市場相若，並按僱員 表現發放薪金及花紅獎勵。

MANAGEMENT DISCUSSION AND ANALYSIS (continued)

FINANCIAL REVIEW (continued)

Contingent Liabilities

A portion of a property for development that is held by a jointly controlled entity with carrying value of HK$7.1 million is under idle land investigation by the local authority. The piece of land owned by the jointly controlled entity was entitled for several land use right certificates. The development of approximately half of the piece of land was either completed or under development, except for a portion of the land with 2 land use right certificates for the remaining development of the whole project. The development progress of properties for development of several jointly controlled entities with carrying value of totally HK$221.3 million cannot wholly fulfill building covenants under land grant contracts. The whole pieces of land of these jointly controlled entities are under phased construction stage and portion of them are either completed or under development, except for a portion of vacant land for the remaining development of the whole project. Further development of another property for development of the Group with carrying value of HK$268.0 million has been overdue. In order to comply with the requirements of local authorities, the Group has made application to restructure the ownership of that property for development and new subsidiaries will be established to hold and develop that property. A land site included in investment property of the Group with carrying value of HK$320.4 million had been identified as idle land by the local authority. The Group has invited another investor to develop this land site jointly. Foundation works for the first phase of development is in progress. The Group is currently working diligently to prevent the possible classification as idle land for the above land development, including negotiating the feasibility of development plans with local authorities. Based on legal advices, the Group has assessed the issue and considers that the idle land confiscation may not materialise.

As at 30th June, 2011, guarantees given to banks in respect of mortgage loans granted to property purchasers and bank facilities utilised by an investee classified as available-for-sale investments amounted to approximately HK$228.9 million. All the guarantees provided by the Group were requested by banks and under normal commercial terms. Legal actions were taken against the Group resulting in possible contingent liabilities of approximately HK$196.0 million. The Group has assessed the claims and obtained legal advice, and considers that either it is too early to assess the range of possible liability at this stage or no additional provision is required to be made.

EMPLOYEES

As at 30th June, 2011, the Group including its subsidiaries but excluding associates and jointly controlled entities, employed 2,157 (31st December, 2010: 2,239) persons. The Group maintains a policy of paying competitive remuneration packages and employees are also rewarded on performance related basis including salary and bonus.

43

天安中國投資有限公司 二零一一年中期業績報告

管理層討論及分析（續）

MANAGEMENT DISCUSSION AND ANALYSIS (continued)

業務展望

BUSINESS OUTLOOK

自二零一零年後期以來，中央政府關注房地產價 格的上升，故相應地收緊貨幣政策、限制購買房 產的數量以及增加廉價房，而外來投資住宅物業 亦受到限制。此等措施對市場情緒於短期內造成 一定的打擊，惟本集團對中國房地產市場之長遠 前景仍具信心。本集團將繼續處於有利之位置， 從而在中國房地產市場抓緊被發掘之商機。

Since the latter part of 2010, the central government has been concerned with the increase in property prices. Accordingly, it has tightened monetary policy, restricted the number of homes that can be purchased and increased its low cost housing programme. Foreign investment in residential properties has also been restricted. These measures have dampened sentiment in the short term but we remain confident of the longer term prospects of the property market in China. We will continue to position our Group to take advantage of opportunities as they are identified.

董事之權益

DIRECTORS’ INTERESTS

於二零一一年六月三十日，根據證券及期貨條例 （「證券及期貨條例」）第352條規定所存置之登記 冊所載，董事李成輝先生及馬申先生於本公司 股份中持有以下權益：

At 30th June, 2011, Messrs. Lee Seng Hui and Ma Sun, Directors, had the following interests in the shares of the Company as recorded in the register required to be kept under Section 352 of the Securities and Futures Ordinance (“SFO”):

		佔有關
		已發行股本之
		概約百分比
		Approximate % of
董事姓名	持有股份之數目	the relevant issued	權益性質
Name of Directors	Number of shares held	share capital	Nature of interests
李成輝	602,789,096	40.00%	其他權益
Lee Seng Hui	（附註1）		Other interests
	(Note 1)
馬申	62,550	0.004%	個人權益
Ma Sun			Personal interests
			（以實益擁有人身份持有）
			(held as beneficial owner)

附註：

Notes:

1. 李成輝先生與李淑慧女士及李成煌先生皆為全 權信託Lee and Lee Trust之信託人。彼等透過Lee and Lee Trust合共持有聯合集團有限公司（「聯合 集團」）已發行股本約53.32%權益（包括李成輝先 生之個人權益），故被視作擁有聯合集團透過其擁 有72.34%權益之附屬公司聯合地產（香港）有限公 司所持有之股份之權益。

2. Mr. Lee Seng Hui together with Ms. Lee Su Hwei and Mr. Lee Seng Huang are the trustees of Lee and Lee Trust, being a discretionary trust. They together, through Lee and Lee Trust, owned approximately 53.32% interest in the issued share capital of Allied Group Limited (“AGL”) (inclusive of Mr. Lee Seng Hui’s personal interest) and were therefore deemed to have an interest in the shares in which AGL was interested through Allied Properties (H.K.) Limited, its 72.34%-owned subsidiary.

3. 上述所有權益均屬好倉。

4. All interests stated above represent long positions.

44

Tian An China Investments Company Limited Interim Report 2011

董事之權益（續）

DIRECTORS’ INTERESTS (continued)

除上文所披露者外，於二零一一年六月三十日， 本公司之各董事及最高行政人員概無於本公司或 其任何相聯法團（釋義見證券及期貨條例第XV部） 之任何股份、相關股份或債券中擁有須記錄於根 據證券及期貨條例第352條規定所存置之登記冊 內，或根據上市規則附錄十所載之上市發行人董 事進行證券交易的標準守則（「標準守則」）須另行 知會本公司及聯交所之任何權益或淡倉。

Save as disclosed above, at 30th June, 2011, none of the Directors and chief executive of the Company had any interests or short positions in any 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 for Securities Transactions by Directors of Listed Issuers (“Model Code”) as set out in Appendix 10 of the Listing Rules.

主要股東及其他人士之權益

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS

於二零一一年六月三十日，根據證券及期貨條例 第336條規定所存置之登記冊所載，擁有本公司 股份或相關股份權益之本公司股東（「股東」）如下：

At 30th June, 2011, the following shareholders of the Company (“Shareholders”) had interests in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO:

持有股份及相關股份之數目

Number of shares and underlying shares held

	個人權益	法團權益
	（以實益擁有人	（受控法團			佔有關
	身份持有）	之權益）			已發行股本之
	Personal	Corporate			概約百分比
	Interests	Interests			Approximate
	(held as	(interest of		權益總額	% of the
股東名稱	beneficial	controlled	其他權益	Total	relevant issued
Name of Shareholders	owner)	corporation)	Other Interests	Interests	share capital
聯合地產（香港）有限公司（「聯合地產」）	–	602,789,096	–	602,789,096	40.00%
Allied Properties (H.K.) Limited (“APL”)		（附註1）		（附註2）
		(Note 1)		(Note 2)
聯合集團有限公司（「聯合集團」）	–	602,789,096	–	602,789,096	40.00%
Allied Group Limited (“AGL”)		（附註3）		（附註2）
		(Note 3)		(Note 2)
Lee and Lee Trust	–	602,789,096	–	602,789,096	40.00%
		（附註4）		（附註2）
		(Note 4)		(Note 2)
Penta Investment Advisers Limited (“Penta”)	–	–	437,217,476	437,217,476	29.02%
			（以投資管理人	（附註5）
			身份持有）	(Note 5)
			(held as
			investment
			manager)
Penta Master Fund, Limited	144,615,440	–	–	144,615,440	9.60%
				（附註6）
				(Note 6)

45

天安中國投資有限公司 二零一一年中期業績報告

主要股東及其他人士之權益（續）

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS (continued)

持有股份及相關股份之數目

	持有股份及相關股份之數目
股東名稱 Name of Shareholders	Number of shares and underlyingshares held 個人權益 （以實益擁有人 身份持有） Personal Interests (held as beneficial owner) 法團權益 （受控法團 之權益） Corporate Interests (interest of controlled corporation) 其他權益 Other Interests 權益總額 Total Interests 佔有關 已發行股本之 概約百分比 Approximate % of the relevant issued share capital
Penta Asia Long/Short Fund, Ltd. 高盛集團有限公司（「高盛」） The Goldman Sachs Group, Inc. (“Goldman Sachs”) UBS AG IGM Financial Inc. (“IGM”) Power Financial Corporation (“Power Financial”) Power Corporation of Canada (“Power Corporation”) Gelco Enterprises Ltd (“Gelco”) Nordex Inc. (“Nordex”) Paul G. Desmarais	106,756,064 – – 106,756,064 （附註7） (Note 7) 7.09% – 175,470,800 – 175,470,800 （附註8） (Note 8) 11.65% 15,539,000 （好倉） (long position) – 81,148,258 （好倉） (long position) 96,687,258 （好倉） (long position) 6.42% （好倉） (long position) 15,539,000 （淡倉） (short position) 15,539,000 （淡倉） (short position) （附註9） (Note 9) 1.03% （淡倉） (short position) – 75,364,000 – 75,364,000 5.00% – 75,387,000 – 75,387,000 （附註10） (Note 10) 5.00% – 75,387,000 – 75,387,000 （附註11） (Note 11) 5.00% – 75,387,000 – 75,387,000 （附註12） (Note 12) 5.00% – 75,387,000 – 75,387,000 （附註13） (Note 13) 5.00% – 75,387,000 – 75,387,000 （附註14） (Note 14) 5.00%

46

Tian An China Investments Company Limited Interim Report 2011

主要股東及其他人士之權益（續）

附註：

1. 有關權益由Fine Class Holdings Limited之全資附屬 公司China Elite Holdings Limited（「China Elite」）持 有，而前者則為聯合地產之全資附屬公司，故聯 合地產被視作擁有China Elite 所持有之股份之權 益。

2. 此數字指聯合地產持有之同一批602,789,096股 股份。

3. 聯合集團擁有聯合地產已發行股本約72.34%權 益，故被視作擁有聯合地產所持有之股份之權益。

4. 董事李成輝先生與李淑慧女士及李成煌先生為全 權信託Lee and Lee Trust之信託人，彼等合共持有 聯合集團已發行股本約53.32%權益（包括李成輝 先生之個人權益），故被視作擁有聯合集團所持有 之股份之權益。

5. 該等權益包括(i)424,045,476股股份之權益；及 (ii)相當於13,172,000股本公司相關股份之本公司 非上市以現金結算之衍生工具之權益。

6. 此為 Penta 部份重複之權益，並包括 (i)138,541,440 股股份之權益；及 (ii) 相當於 6,074,000股本公司相關股份之本公司非上市以 現金結算之衍生工具之權益。

7. 此為 Penta 透過其控制之管理賬戶（ Penta Asia Long/Short Fund, Ltd. ）部份重複之權益，並包 括 (i)96,281,064 股股份之權益；及 (ii) 相當於 10,475,000股本公司相關股份之本公司非上市以 現金結算之衍生工具之權益。

8. 於二零一一年六月三十日，高盛透過其多家聯屬 公司（包括Sky (Delaware) LLC、Sky (Cayman) Ltd. 及 Elevatech Limited）被視為擁有(i)113,070,800 股股份；(ii)相當於31,200,000股股份之保證權 益；及(iii)相當於31,200,000股本公司相關股份之 本公司非上市以現金結算之衍生工具之權益。

9. 有關權益包括持有(i) 96,687,258股股份（好倉）； 及(ii) 15,539,000股股份（淡倉），當中包括可產 生15,539,000股本公司相關股份權益之本公司非 上市以現金結算之衍生工具。

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS (continued)

Notes:

1. The interest was held by China Elite Holdings Limited (“China Elite”), a wholly-owned subsidiary of Fine Class Holdings Limited which in turn was a wholly-owned subsidiary of APL. APL was therefore deemed to have an interest in the shares in which China Elite was interested.

2. The figure refers to the same interest of APL in 602,789,096 shares.

4. AGL owned approximately 72.34% interest in the issued share capital of APL and was therefore deemed to have an interest in the shares in which APL was interested.

Mr. Lee Seng Hui, a Director, together with Ms. Lee Su Hwei and Mr. Lee Seng Huang are the trustees of Lee and Lee Trust, being a discretionary trust. They together owned approximately 53.32% interest in the issued share capital of AGL (inclusive of Mr. Lee Seng Hui’s personal interest) and were therefore deemed to have an interest in the shares in which AGL was interested.

2. These include (i) an interest in 424,045,476 shares; and (ii) an interest in unlisted cash settled derivatives of the Company equivalent to 13,172,000 underlying shares of the Company.

These duplicated parts of the interests of Penta and include (i) an interest in 138,541,440 shares; and (ii) an interest in unlisted cash settled derivatives of the Company equivalent to 6,074,000 underlying shares of the Company.

2. These duplicated parts of the interests of Penta held through its controlled management account, Penta Asia Long/Short Fund, Ltd. and include (i) an interest in 96,281,064 shares; and (ii) an interest in unlisted cash settled derivatives of the Company equivalent to 10,475,000 underlying shares of the Company.

4. Goldman Sachs (through various of its affiliates including Sky (Delaware) LLC, Sky (Cayman) Ltd. and Elevatech Limited) was deemed to be economically interested in (i) 113,070,800 shares; (ii) security interests equivalent to 31,200,000 shares; and (iii) unlisted cash settled derivatives of the Company equivalent to 31,200,000 underlying shares of the Company as at 30th June, 2011.

The interest includes the holding of (i) 96,687,258 shares (long position); and (ii) 15,539,000 shares (short position), of which included unlisted cash settled derivatives of the Company giving rise to an interest in 15,539,000 underlying shares of the Company.

47

天安中國投資有限公司 二零一一年中期業績報告

主要股東及其他人士之權益（續）

1. Power Financial擁有IGM已發行股本約56.37%權 益，故被視作擁有IGM所持有之股份之權益。此 外，Power Financial被視作擁有其非全資附屬公司 Great-West Lifeco Inc.所持有23,000股股份之權益。

2. Power Corporation 透過 171263 Canada Inc.（乃 Power Corporation 之全資附屬公司）擁有 Power Financial已發行股本約 66.26%權益，故被視作擁 有Power Financial所持有之股份之權益。

3. Gelco擁有Power Corporation已發行股本約53.74% 權益，故被視作擁有Power Corporation所持有之 股份之權益。

4. Nordex擁有Gelco已發行股本約94.95%權益，故 被視作擁有Gelco所持有之股份之權益。

5. Paul G. Desmarais先生擁有Nordex已發行股本約 68.00%權益，故被視作擁有Nordex所持有之股份 之權益。

6. 除UBS AG之淡倉外，上述所有於二零一一年六月 三十日，根據證券及期貨條例第336條規定所存 置之登記冊所載之權益皆屬好倉。

企業管治及其他資料

企業管治常規守則

於截至二零一一年六月三十日止六個月內，除下 列摘要之若干偏離行為外，本公司已應用及一直 遵守上市規則附錄十四所載之企業管治常規守則 （「企業管治守則」）之原則及適用之守則條文：

(1) 守則條文 B.1.3 及 C.3.3

企業管治守則之守則條文B.1.3及C.3.3規定 薪酬委員會及審核委員會在職權範圍方面應 最低限度包括相關守則條文所載之該等特定 職責。

本公司已採納之薪酬委員會（「薪酬委員會」） 之職權範圍乃遵照守則條文B.1.3之規定， 惟薪酬委員會僅會就執行董事（不包括高級 管理人員）（而非守則條文所述之執行董事及 高級管理人員）之薪酬待遇作出檢討（而非守 則條文所述之釐定），並向董事會提出建議。

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS (continued)

1. Power Financial owned approximately 56.37% interest in the issued share capital of IGM and was therefore deemed to have an interest in the shares in which IGM was interested. Additionally, Power Financial was deemed to have an interest in 23,000 shares held by Great-West Lifeco Inc., a non wholly-owned subsidiary of Power Financial.

2. Power Corporation, through 171263 Canada Inc. (a wholly-owned subsidiary of Power Corporation), owned approximately 66.26% interest in the issued share capital of Power Financial and was therefore deemed to have an interest in the shares in which Power Financial was interested.

3. Gelco owned approximately 53.74% interest in the issued share capital of Power Corporation and was therefore deemed to have an interest in the shares in which Power Corporation was interested.

4. Nordex owned approximately 94.95% interest in the issued share capital of Gelco and was therefore deemed to have an interest in the shares in which Gelco was interested.

5. Mr. Paul G. Desmarais owned approximately 68.00% interest in the issued share capital of Nordex and was therefore deemed to have an interest in the shares in which Nordex was interested.

6. Save for the short positions of UBS AG, all interests stated above as at 30th June, 2011 represent long positions as recorded in the register required to be kept under Section 336 of the SFO.

CORPORATE GOVERNANCE AND OTHER INFORMATION

CODE ON CORPORATE GOVERNANCE PRACTICES

During the six months ended 30th June, 2011, the Company has applied the principles of, and complied with, the applicable code provisions of the Code on Corporate Governance Practices (“CG Code”) as set out in Appendix 14 of the Listing Rules, except for certain deviations which are summarised below:

(1) Code Provisions B.1.3 and C.3.3

Code provisions B.1.3 and C.3.3 of the CG Code stipulate that the terms of reference of the remuneration committee and audit committee should include, as a minimum, those specific duties as set out in the respective code provisions.

The terms of reference of the remuneration committee (“Remuneration Committee”) adopted by the Company are in compliance with the code provision B.1.3 except that the Remuneration Committee shall review (as opposed to determine under the code provision) and make recommendations to the Board on the remuneration packages of the Executive Directors only and not senior management (as opposed to Executive Directors and senior management under the code provision).

48

Tian An China Investments Company Limited Interim Report 2011

企業管治及其他資料（續）

企業管治常規守則（續）

(1) 守則條文 B.1.3 及 C.3.3 （續）

本公司已採納之審核委員會（「審核委員會」） 之職權範圍乃遵照守則條文C.3.3之規定， 惟審核委員會(i)應就委聘外聘核數師提供非 核數服務之政策作出建議（而非守則條文所 述之執行）；(ii)僅具備監察（而非守則條文 所述之確保）管理層已履行其職責建立有效 之內部監控系統之有效能力；及(iii)可推動 （而非守則條文所述之確保）內部和外聘核數 師之工作得到協調，及檢閱（而非守則條文 所述之確保）內部審計功能是否獲得足夠資 源運作。

有關上述偏離行為之理由已載於本公司截至 二零一零年十二月三十一日止財政年度年報 之企業管治報告內。董事會認為薪酬委員會 及審核委員會應繼續根據本公司採納之職權 範圍運作。董事會將最少每年檢討該等職權 範圍一次，並在其認為需要時作出適當更 改。

(2) 守則條文 E.1.2

企業管治守則之守則條文E.1.2規定董事會 主席應出席股東週年大會，並安排審核委員 會、薪酬委員會及提名委員會（視何者適用 而定）的主席，或在該等委員會的主席缺席 時由另一名委員（或如該名委員未能出席， 則其適當委任的代表）在股東週年大會上回 答提問。

董事會主席李成輝先生由於另有公務，因此 未能出席本公司於二零一一年五月二十日舉 行的股東週年大會。惟當天本公司執行董事 勞景祐先生擔任該大會之主席，而另一名執 行董事及一名審核委員會成員皆有出席該大 會就任何提問作出回應，以確保與股東保持 有效的溝通。

CORPORATE GOVERNANCE AND OTHER INFORMATION (continued)

CODE ON CORPORATE GOVERNANCE PRACTICES (continued)

(1) Code Provisions B.1.3 and C.3.3 (continued)

The terms of reference of the audit committee (“Audit Committee”) adopted by the Company are in compliance with the code provision C.3.3 except that the Audit Committee (i) shall recommend (as opposed to implement under the code provision) the policy on the engagement of the external auditors to supply non-audit services; (ii) only possesses the effective ability to scrutinise (as opposed to ensure under the code provision) whether management has discharged its duty to have an effective internal control system; and (iii) can promote (as opposed to ensure under the code provision) the co-ordination between the internal and external auditors, and check (as opposed to ensure under the code provision) whether the internal audit function is adequately resourced.

The reasons for the above deviations were set out in the Corporate Governance Report contained in the Company’s Annual Report for the financial year ended 31st December, 2010. The Board considers that the Remuneration Committee and the Audit Committee should continue to operate according to the terms of reference adopted by the Company. The Board will review the terms at least annually and make appropriate changes if considered necessary.

(2) Code Provision E.1.2

Code provision E.1.2 of the CG Code stipulates that the chairman of the board should attend the annual general meeting and arrange for the chairmen of the audit, remuneration and nomination committees (as appropriate) or in the absence of the chairman of such committees, another member of the committee or failing this his duly appointed delegate, to be available to answer questions at the annual general meeting.

Due to another business engagement, Mr. Lee Seng Hui, the Chairman of the Board, was unable to attend the annual general meeting of the Company held on 20th May, 2011. However, Mr. Edwin Lo King Yau, an Executive Director of the Company, took the chair of that meeting and another Executive Director and a member of the Audit Committee were present thereat to be available to answer any question to ensure effective communication with the Shareholders.

49

天安中國投資有限公司 二零一一年中期業績報告

企業管治及其他資料（續）

董事進行證券交易之行為守則

本公司已採納標準守則作為其董事進行證券交易 之行為守則。經本公司作出特定查詢後，所有董 事確認彼等於回顧期內已完全遵守標準守則所定 之標準。

董事之變更資料

根據上市規則第13.51B(1)條，董事之資料變更如 下:

於過去三年擔任其他董事職務之經驗及其他主要 任命

1. 非執行董事鄭慕智博士在中國遠洋控股股份 有限公司於二零一一年五月十七日舉行之股 東週年大會上退任獨立非執行董事。

董事酬金及計算董事酬金的基準之變更

1. 按本公司之主要股東聯合集團有限公司（「聯 合集團」）告知，追溯自二零一一年一月一日 起，主席兼非執行董事李成輝先生及執行董 事勞景祐先生因向本集團提供管理服務而獲 得之月薪較二零一零年上調約4%。於二零 一一年六月就截至二零一零年十二月三十一 日止年度向李先生及勞先生支付的花紅分別 為4,500,000港元及990,000港元。所有該 等酬金由聯合集團直接支付及已由聯合集團 按比例向本公司收取管理服務費用。根據聯 合集團與本公司於二零一一年一月三十一日 訂立之重訂行政服務及管理服務分攤協議， 釐定該比例乃經參考李先生及勞先生為本集 團事務所投放之時間百分比計算。

CORPORATE GOVERNANCE AND OTHER INFORMATION (continued)

CODE OF CONDUCT REGARDING SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as its code of conduct regarding securities transactions by the Directors. All Directors have confirmed, following a specific enquiry by the Company, that they have fully complied with the required standard as set out in the Model Code throughout the period under review.

CHANGES IN DIRECTORS’ INFORMATION

Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in information on Directors are as follows:

Experience including other directorships held in the last three years and major appointments

1. Dr. Moses Cheng Mo Chi, a Non-Executive Director, retired as an independent non-executive director of China COSCO Holdings Company Limited at its annual general meeting held on 17th May, 2011.

Changes in Directors’ emoluments and the basis of determining Directors’ emoluments

1. As informed by Allied Group Limited (“AGL”), a substantial shareholder of the Company, the monthly salary of the Chairman and Non-Executive Director, namely Mr. Lee Seng Hui, and an Executive Director, namely Mr. Edwin Lo King Yau, for their provision of management services to the Group was both increased by approximately 4% with retrospective effect from 1st January, 2011 as compared with 2010. The bonus for the year ended 31st December, 2010 paid to Mr. Lee and Mr. Lo in June 2011 was in the amount of HK$4,500,000 and HK$990,000 respectively. All such remuneration is directly paid by AGL and was proportionally charged by AGL in the form of management services fee to the Company. Such proportion charged is determined by reference to the percentage of time devoted by Mr. Lee and Mr. Lo on the affairs of the Group pursuant to a renewed sharing of administrative services and management services agreement dated 31st January, 2011 entered into between AGL and the Company.

50

Tian An China Investments Company Limited Interim Report 2011

企業管治及其他資料（續）

董事之變更資料（續）

董事酬金及計算董事酬金的基準之變更（續）

1. 主席兼非執行董事李成輝先生之部份月薪 由本公司之一間全資附屬公司以人民幣 40,000元支付。因採納新人民幣兌港元匯 率，追溯自二零一一年一月一日起，李先生 之該部份月薪兌換為港元後因而較二零一零 年上調約3.5%

2. 因採納新人民幣兌港元匯率，追溯自二零 一一年一月一日起，副總裁兼執行董事馬申 先生之月薪兌換為港元後因而較二零一零年 上調約6%

3. 追溯自二零一一年一月一日起，董事總經理 兼執行董事李成偉先生之月薪較彼於二零一 零年六月十八日起全職受聘於本公司之月薪 上調約4%。

4. 追溯自二零一一年一月一日起，副董事總經 理兼執行董事黃清海先生及執行董事杜燦生 先生之月薪分別較二零一零年上調約8.1% 及22.2%。

5. 本公司於二零一一年六月分別向下列人士 支付截至二零一零年十二月三十一日止年 度之花紅︰兩名副主席兼執行董事胡愛民 先生及宋增彬先生分別為500,000港元及 2,000,000港元、董事總經理兼執行董事李 成偉先生為2,500,000港元、副董事總經理 兼執行董事黃清海先生及副總裁兼執行董事 馬申先生分別為700,000港元及300,000港 元及執行董事杜燦生先生為600,000港元。

CORPORATE GOVERNANCE AND OTHER INFORMATION (continued)

CHANGES IN DIRECTORS’ INFORMATION (continued)

Changes in Directors’ emoluments and the basis of determining Directors’ emoluments (continued)

1. Part of the monthly salary of the Chairman and Non-Executive Director, namely Mr. Lee Seng Hui, is paid by a wholly-owned subsidiary of the Company in the amount of RMB40,000. Due to the adoption of new exchange rate for translation of Renminbi into Hong Kong dollars, this portion of his monthly salary translated into Hong Kong dollars represents an increment of approximately 3.5% with retrospective effect from 1st January, 2011 as compared with 2010.

2. Due to the adoption of new exchange rate for translation of Renminbi into Hong Kong dollars, the monthly salary of a Deputy Managing Director and Executive Director, namely Mr. Ma Sun, translated into Hong Kong dollars represents an increment of approximately 6% with retrospective effect from 1st January, 2011 as compared with 2010.

The monthly salary of the Managing Director and Executive Director, namely Mr. Patrick Lee Seng Wei, was increased by approximately 4% with retrospective effect from 1st January, 2011 as compared with his monthly salary since 18th June, 2010 when he was employed under the Company on a full time basis.

2. The monthly salary of a Deputy Managing Director and Executive Director, namely Mr. Ng Qing Hai, and an Executive Director, namely Mr. Tao Tsan Sang, was increased by approximately 8.1% and 22.2% respectively with retrospective effect from 1st January, 2011 as compared with 2010.

4. The bonus for the year ended 31st December, 2010 was paid by the Company to the Deputy Chairmen and Executive Directors, namely Messrs. Hu Aimin and Song Zengbin, in the amount of HK$500,000 and HK$2,000,000 respectively, the Managing Director and Executive Director, namely Mr. Patrick Lee Seng Wei, in the amount of HK$2,500,000, the Deputy Managing Directors and Executive Directors, namely Messrs. Ng Qing Hai and Ma Sun, in the amount of HK$700,000 and HK$300,000 respectively, and an Executive Director, namely Mr. Tao Tsan Sang, in the amount of HK$600,000 in June 2011.

51

天安中國投資有限公司 二零一一年中期業績報告

審核委員會之審閱

審核委員會連同管理層已審閱本集團所採納之會 計原則及慣例，並就內部監控及財務匯報事項進 行商討，包括對截至二零一一年六月三十日止六 個月之未經審核中期財務報告作出概括之審閱。 審核委員會乃倚賴本集團外聘核數師按照香港會 計師公會頒佈之香港審閱工作準則第2410號「由 實體的獨立核數師對中期財務資料的審閱」所作出 之審閱結果，以及管理層之報告進行上述審閱。 審核委員會並無進行詳細之獨立核數審查。

購回、出售或贖回股份

本公司或其任何附屬公司概無於截至二零一一年 六月三十日止六個月內購回、出售或贖回本公司 之任何股份。

承董事會命 董事總經理 李成偉

香港，二零一一年八月十九日

AUDIT COMMITTEE REVIEW

The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters including a general review of the unaudited interim financial report for the six months ended 30th June, 2011. In carrying out this review, the Audit Committee has relied on a review conducted by the Group’s external auditor in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the HKICPA as well as reports obtained from management. The Audit Committee has not undertaken detailed independent audit checks.

PURCHASE, SALE OR REDEMPTION OF SHARES

Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares during the six months ended 30th June, 2011.

On behalf of the Board Patrick Lee Seng Wei Managing Director

Hong Kong, 19th August, 2011

52

Cover Output.ai 2011/9/3 1:10:45 AM