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Sisram Medical Ltd Interim / Quarterly Report 2012

Dec 30, 2011

50098_rns_2011-12-30_324e9317-2dda-43d7-b841-cf95c97886d9.pdf

Interim / Quarterly Report

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(Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號：723

目錄

Contents

==> picture [257 x 464] intentionally omitted <==

----- Start of picture text -----

we can do no great
things, only small things
with great love
Mother Teresa
1910-1997
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Contents
目錄
Corporate Information 2
公司資料
Chairman’s Statement 4
主席報告
Financial Highlights 5
財務摘要
Management Discussion and Analysis 6
管理層討論及分析
Independent Interim Review Report 9
獨立中期審閱報告
Condensed Consolidated Income Statement 10
簡明綜合收益表
Condensed Consolidated Statement of 11
Comprehensive Income
簡明綜合全面收益表
Condensed Consolidated Statement of 12
Financial Position
簡明綜合財務狀況表
Condensed Consolidated Statement of 14
Changes in Equity
簡明綜合權益變動表
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流轉表		 15
Notes to the Condensed Consolidated 16
Financial Statements
簡明綜合財務報告附註
Supplementary Information 63
補充資料

Corporate Information 公司資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

BOARD OF DIRECTORS Executive Directors

Ms. Loh Jiah Yee, Katherine (Chairman)

Ms. Fletcher Yurk Nam, Sandy

Mr. Shih Chiu, David (appointed on 12 July 2011)

Mr. Li Zhixiong (appointed on 2 September 2011)

Mr. Leung Siu Hung, Joel (re-designated on 4 November 2011)

董事會 執行董事

樂家宜女士（主席） 姜若男女士

施秋先生 ( 於二零一一年七月十二日獲委任 ) 李志雄先生 ( 於二零一一年九月二日獲委任 ) 梁紹雄先生

( 於二零一一年十一月四日重新調任 )

Non-Executive Director

Mr. Leung Chau Ping, Paul

非執行董事

梁秋平先生

Independent Non-Executive Directors

Mr. John Tewksbury Banigan

Mr. Keung Paul Hinsum

Mr. Donald Smith Worthley (appointed on 4 November 2011)

獨立非執行董事

John Tewksbury Banigan 先生 姜顯森先生

Donald Smith Worthley 先生 （於二零一一年十一月四日獲委任）

BOARD COMMITTEES Executive Committee

Ms. Loh Jiah Yee, Katherine

Ms. Fletcher Yurk Nam, Sandy

董事委員會 執行委員會

樂家宜女士 姜若男女士

Remuneration Committee

Ms. Loh Jiah Yee, Katherine (Chairman) Mr. John Tewksbury Banigan

Mr. Keung Paul Hinsum

Mr. Donald Smith Worthley (appointed on 4 November 2011)

薪酬委員會

樂家宜女士（主席） John Tewksbury Banigan 先生 姜顯森先生 Donald Smith Worthley 先生 （於二零一一年十一月四日獲委任）

Audit Committee

Mr. John Tewksbury Banigan (Chairman)

Mr. Keung Paul Hinsum

Mr. Donald Smith Worthley (appointed on 4 November 2011)

審核委員會

John Tewksbury Banigan 先生（主席） 姜顯森先生

Donald Smith Worthley 先生 （於二零一一年十一月四日獲委任）

COMPANY SECRETARY

Ms. Yeung Wing Yee, Solicitor (appointed on 18 November 2011)

公司秘書

楊穎怡女士，律師 （於二零一一年十一月十八日獲委任）

AUTHORIZED REPRESENTATIVES

Ms. Loh Jiah Yee, Katherine

Ms. Yeung Wing Yee (appointed on 18 November 2011)

法定代表

樂家宜女士 楊穎怡女士

（於二零一一年十一月十八日獲委任）

02

Corporate Information 公司資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited Shanghai Commercial Bank Ltd.

主要往來銀行

香港上海滙豐銀行有限公司

上海商業銀行有限公司

REGISTERED OFFICE

Clarendon House 2 Church Street Hamilton HM11 Bermuda

註冊辦事處

Clarendon House 2 Church Street Hamilton HM11 Bermuda

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Rooms 3001–02, Top Glory Tower 262 Gloucester Road Causeway Bay Hong Kong Tel. No.: (852) 2857 7723 Fax. No.: (852) 2857 1723 E-mail: [email protected]

總辦事處及於香港之 主要營業地點 香港 銅鑼灣 告士打道 262 號 鵬利中心 3001–02 室 電話：(852) 2857 7723 圖文傳真：(852) 2857 1723 電子郵箱：[email protected]

SHARE REGISTRARS

Principal Share Registrar

Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM08 Bermuda

股份過戶登記處

主要股份過戶登記處

Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM08 Bermuda

Hong Kong Branch Share Registrar

Tricor Tengis Limited 26/F., Tesbury Centre 28 Queen’s Road East Wanchai Hong Kong

香港股份過戶登記分處

卓佳登捷時有限公司 香港 灣仔 皇后大道東 28 號 金鐘匯中心 26 樓

AUDITORS

Crowe Horwath (HK) CPA Limited

核數師

國富浩華（香港）會計師事務所有限公司

WEBSITE ADDRESSES

http://www.susfor.com http://www.irasia.com/listco/hk/sustainableforest

網址

http://www.susfor.com http://www.irasia.com/listco/hk/sustainableforest

HONG KONG STOCK EXCHANGE CODE

723

香港聯交所股份代號

723

03

Chairman’s Statement 主席報告

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

Dear Shareholders, Stakeholders and Employees,

The six-month period ended 30 September 2011 has been a very difficult period for Sustainable Forest Holdings Limited (“Company”) and its subsidiaries (collectively “Group”). The Group incurred a net loss (HK$244.5 million) for this reporting period, the first time since the acquisition of the forestry group. The losses were attributable directly to the Group’s tree felling operations in Rondonia, Brazil. Continuous setbacks in its Rondonia operations in Brazil led to write off of HK$360 million made on the inventory and accounts receivable, which were charged to profit and loss for the six months ended 30 September 2011. And as a result of the loss of inventory that would have been available for sale, revenue was significantly reduced during the half year under review when compared to the corresponding period of the fiscal year before.

RONDONIA OPERATIONS, BRAZIL

The Group began the tree felling services for the hydro power plants in Rondonia State at the end of 2009. The unit made positive progress and results until second half of financial year ended 31 March 2011 when massive industrial actions at the construction sites caused its operations to halt completely as reported in our Annual Report 10/11. Although operations resumed in around May 2011, there were no allocations of forest areas for clearing by the hydro power plants since the industrial actions ended. In the beginning of 2011, the Group began receiving threats and extortion blackmails from a working partner in connection with the tree felling project in Rondonia. The threats and blackmails eventually escalated to blocking of our access to the hydro power plants.

The Group explained in its Annual Report 10/11 that the board (“Board”) of directors (“Director(s)”) was studying the Rondonia operations and considering its options due to the inherent challenges of such project in terms of planning of resources allocation and operational forecasts. Notwithstanding the above, the abrupt end of its Rondonia operations was still unexpected and not without pain.

LOOKING FORWARD

Plagued by the unfortunate events in Rondonia, Brazil, the results of operations during the first six months of financial year ending 31 March 2012 were no doubt unsatisfactory. However, the Group believes that the worst of the Rondonia operations is behind us. Realignments of its business plan will be the focus of the second half of the current financial year. The Group will also continue its effort in extending its supply network and fostering new relationships or joint venture in its distribution channels.

STRATEGIC PARTNERSHIP

On 22 September 2011, the Group formed strategic partnership and entered into a warrant subscription agreement with CITIC Merchant Co., Limited (“CITIC”) under which CITIC will be able to subscribe for up to 300 million shares in the Company. Also, a letter of intent was signed with CITIC in respect of the proposed acquisition of a wood-based biomass power plant in Inner Mongonia.

CONTINUED COMMITMENT

The continued loyalty and commitment of our shareholders and our employees at every level are of utmost importance to us at such trying of times. On behalf of the Board, we would like to thank you for your support.

Yours sincerely,

Loh Jiah Yee, Katherine Chairman & Managing Director

Hong Kong, 28 November 2011

各位股東、權益持有人及僱員：

截至二零一一年九月三十日止六個月期間是永保 林業控股有限公司（「本公司」）及其附屬公司（統 稱「本集團」）之非常艱難時期。自收購林業業務 以來，本集團首次就本報告期間產生淨虧損（港 幣 244,500,000 元）。虧損乃直接來自本集團之 巴西朗多尼亞州伐木業務。巴西朗多尼亞州業務 持續受挫，導致就存貨及應收賬款作出撇銷港幣 360,000,000 元，有關金額於截至二零一一年九 月三十日止六個月之損益扣除。原定可供出售存 貨之損失，導致回顧半年期間內之收益較上一個 財政年度之相應期間顯著減少。

巴西朗多尼亞州業務

本集團於二零零九年底開始為朗多尼亞州水力發 電廠提供伐木業務。誠如本集團一零╱一一年年 報所報告，該業務單位一直進展順利並錄得正面 業績，直至截至二零一一年三月三十一日止財政 年度下半年在該建築場地發生大規模工業行動， 導致有關業務完全停頓。儘管有關業務於二零 一一年五月前後恢復營運，惟自工業行動結束以 來，該水力發電廠並無向本集團分配林地以進行 清理工作。本集團自二零一一年初開始接到一名 與朗多尼亞州伐木業務有關之工作夥伴發出的威 脅及勒索，其後威脅及勒索進一步惡化，以致本 集團被阻擋進入水力發電廠。

本集團已於一零╱一一年年報中，闡釋董事（「董 事」）會（「董事會」）正研究朗多尼亞州業務，並就 有關項目於分配資源及預測業務前景方面所面對 固有困難考慮其選擇。儘管如此，其朗多尼亞州 業務突然中斷仍屬意料之外，並造成一定損害。

前景

受巴西朗多尼亞州的負面事件拖累，截至二零 一二年三月三十一日止財政年度首六個月之經營 業績無疑未如理想。然而，本集團相信，朗多尼 亞州業務之最壞情況已經過去。本集團將於本財 政年度下半年集中重訂業務計劃，以拓闊本集團 之供應網絡及建立新關係。重整業務計劃將為本 財政年度下半年之工作重點。本集團亦將繼續致 力擴闊其供應網絡及在其分銷渠道中建立新關係 或合營企業。

策略夥伴

於二零一一年九月二十二日，本集團與中信國通 投資管理有限公司（「中信」）締結策略夥伴關係並 與其簽訂認股權證認購協議。據此，中信將可認 購本公司最多 300,000,000 股股份。另已就建議 收購內蒙古木質生物質發電廠與中信簽訂意向書。

持續支持

在此艱難時刻，股東與員工繼續於各方面給予忠 誠支持對本集團攸關重要。本人謹代表董事會 就 閣下鼎力支持由衷致謝。

此致

主席兼董事總經理 樂家宜 香港，二零一一年十一月二十八日

04

Financial Highlights 財務摘要

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended
30 September
截至九月三十日止六個月		 For the six months ended
30 September
截至九月三十日止六個月
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
Changes
港幣千元
變化幅度
(Unaudited)
（未經審核）
Operating results
經營業績
Continuing operations
持續經營業務
Revenue
收入
Gross profit
毛利
Discontinued operations
已終止業務
Revenue
收入
Gross profit
毛利
(Loss)/profit attributable
to the owners of the Company
本公司擁有人應佔
（虧損）╱溢利
Per share information
每股資料
Basic (loss)/earnings per share
每股基本（虧損）╱盈利
(Hong Kong cents)
（港幣仙）
Continuing operations
持續經營業務
Continuing and discontinued
operations
持續經營業務及
已終止業務		 88,455
10,129
—
—
(244,492)		 340,778
(74.0%
238,845
(95.8%
—
—
—
—
183,442
(233.3%
(4.59 cents仙)
(4.70 cents仙)		 6.71 cents仙
(168.4%
6.32 cents仙
(174.4%
At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
Changes
港幣千元
變化幅度
(Audited)
（經審核）
Financial position at period/
year end
於期╱年終之財務狀況
Property, plant and equipment
物業、廠房及設備
Biological assets
生物資產
Goodwill
商譽
Cash and cash equivalents
現金及現金等價物
Net current assets
流動資產淨值
Total assets
總資產
Total interest — bearing loans
總計息貸款
Total liabilities
總負債
Equity attributable to the
Company’s owners
本公司擁有人應佔之
權益
Per share information
每股資料
Net asset value per share
每股資產淨值		 209,008
1,269,581
1,860,450
18,215
373,154
4,298,624
14,573
1,236,419
3,062,129		 231,846
(9.9%
1,173,150
8.2%
1,686,883
10.3%
23,679
(23.1%
726,848
(48.7%
4,186,991
2.7%
18,768
(22.4%
930,622
32.9%
3,256,293
(6.0%
51.5 cents仙 ()
72.1 cents仙
(28.6%

05

Management Discussion and Analysis 管理層討論及分析

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

FINANCIAL PERFORMANCE

For the six months ended 30 September 2011, revenue totaled HK$88.5 million and net losses was HK$244.5 million, representing decreases of 74.0% and 233.3%, respectively when compared to 30 September 2010.

財務表現

截至二零一一年九月三十日止六個月，總收 入及淨虧損分別為港幣 88,500,000 元及港幣 244,500,000 元，較二零一零年九月三十日下跌 74.0% 及 233.3%。

Total revenue consisted entirely of sales of forestry and timber products. No contributions were recorded from tree felling services segment.

總收入全數來自銷售木材及木料產品。伐木服務 分部並無帶來貢獻。

BUSINESS REVIEW

Rondonia Operations

The Group has provided tree felling services to hydro power plants under construction in Rondonia, Brazil since the second half of the financial year ended 31 March 2010. On 20 October 2011 and 7 November 2011, the Group made public announcements that it had reported to Policia Civil do Estado de Sao Paulo (Sao Paulo State Police Department) and to Hong Kong Police Force that it and its employees had been receiving extortion threats in Brazil from a working party. The working party also published and/or procured the publication on internet and other media serious accusations regarding the Group’s integrity. The disputes with the working party escalated in denial of access to the sites of the hydro power plants in September 2011. The Group is taking legal advice on its options and rights.

業務回顧

巴西朗多尼亞州業務

本集團自截至二零一零年三月三十一日止財政年 度下半年起為巴西朗多尼亞州一項在建水力發電 廠提供伐木服務。於二零一一年十月二十日及二 零一一年十一月七日，本集團刊發公告披露，本 集團已就本集團及其員工接獲巴西一名工作方之 威脅及勒索向巴西 Policia Civil do Estado de Sao Paulo（聖保羅警處）及香港警務處報案。該名工 作方亦曾於互聯網及其他媒體發表及╱或促成發 表對本集團誠信之嚴重指控。與工作方之糾紛其 後惡化，以致本集團於二零一一年九月被拒進入 水力發電廠場地。本集團正就其可採取之行動及 權利尋求法律意見。

The Group stored its own logs and residue inventory as well as logs purchased by its customers at various yards inside the hydro power plants. As a result of blocked access, the Board decided that it was prudent to write off HK$246 million for the full carrying value of the logs and HK$114 million of trade receivables relating to sales of logs stored in the hydropower plant for PRC customers during the interim period ended 30 September 2011. Please see Note 7 of the notes to the condensed consolidated financial statements for further details on these events.

本集團將本身之原木及剩餘存貨以及其客戶所 購入原木存放於水力發電廠內各場地。由於本集 團被拒進入水力發電廠，董事會決定於截至二零 一一年九月三十日止中期期間撇銷原木全部賬面 值港幣 246,000,000 元及向中國客戶銷售存放於 水力發電廠之原木所涉及之應收貿易款項港幣 114,000,000 元乃審慎做法。該等事件之進一步 詳情請參閱簡明綜合財務報告附註 7。

The inventory stored at the hydro power plants represented inventories that would have been available for sale during the current financial year.

存置於水力發電廠之存貨指原定於本財政年度內 可供出售之存貨。

Acre Operations

Harvesting operations in our 45,000-hectare Acre forest in Brazil began as planned in July 2011. At the time of preparing the interim report, harvesting has stopped due to rainy season. Harvesting is expected to begin again in March–April 2012 when rainy season ends. Beginning financial year ending 31 March 2013, Acre forest is expected to contribute on average 60,000m[3] of logs each year.

亞克裏州業務

本集團如期於二零一一年七月在旗下佔地 45,000 公頃之巴西亞克裏州森林區展開伐木業務。於編 製中期報告期間內，伐木工作因雨季而暫停。預 料伐木工作將於雨季結束後在二零一二年三至四 月再次展開。於截至二零一三年三月三十一日止 財政年度開始，預期亞克裏州森林區可帶來每年 平均 60,000 立方米原木。

06

Management Discussion and Analysis 管理層討論及分析

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

China Operations

China continues to be the primary market for our forestry and timber products. During the interim period ended 30 September 2011, 91.1% of the total revenue were derived from sales to customers in China. The acquisition of Susfor-Oasis Timber (Zhongshan) Company Limited* was completed in August 2011. The Group is carrying out its post acquisition consolidation activities. The Group will report its contribution and results in its annual report for the financial year ending 31 March 2012.

中國業務

中國繼續為本集團之木材及木料產品主要市場。 截至二零一一年九月三十日止中期期間內，總收 入之 91.1% 乃來自向中國客戶之銷售。收購中山 市永保新綠洲木業有限公司已於二零一一年八月 完成。本集團正進行收購後綜合業務工作，並將 於截至二零一二年三月三十一日止財政年度之年 報中報告其貢獻及業績。

Chita (Russia) Operations

We have signed a definitive agreement to dispose of our Chita operations on 6 October 2011. The buyer is currently conducting due diligence on the disposal group and we expect to complete the sale before the end of the current financial year.

赤塔（俄羅斯）業務

本集團已於二零一一年十月六日簽訂正式協議出 售其赤塔業務。買方現在對出售集團進行盡職調 查，預期將於本財政年度結束前完成出售。

LIQUIDITY AND FINANCIAL RESOURCES

As at 30 September 2011, the Group had cash and cash equivalents amounted to 18.2 million (31 March 2011: HK$23.7 million).

流動資金及財務資源

於二零一一年九月三十日，本集團之現金及現 金等價物為港幣 18,200,000 元（二零一一年三月 三十一日：港幣 23,700,000 元）。

The Group gearing ratio expressed as a percentage of total interest bearing borrowings, excluding the interest bearing borrowings classified under liabilities held for sale, over equity attributable to the owners of the Company, decreased from 0.8% as at 31 March 2011 to 0.7% as at 30 September 2011.

本集團之資本負債比率為計息借貸總額（不包括 分類為持作出售負債項下之計息借貸）除本公司 擁有人應佔權益之百分比，由二零一零年三月 三十一日之 0.8% 降至二零一一年九月三十日之 0.7%。

As at 30 September 2011, the Group had HK$21.0 million (31 March 2011: HK$25.2 million) interest bearing borrowings, in which of HK$14.2 million are repayable within one year and the remaining of HK$6.8 million were repayable after one year. The total interest bearing borrowings consisted of HK$14.2 million in bank and other loans, HK$0.4 million in finance lease payable and HK$6.4 million in promissory notes. As at 30 September 2011, the Group’s working capital was approximately HK$373.2 million (31 March 2011: HK$726.8 million).

於二零一一年九月三十日，本集團之計息借貸 為港幣 21,000,000 元（二零一一年三月三十一 日：港幣 25,200,000 元），其中港幣 14,200,000 元須於一年內償還，餘額港幣 6,800,000 元則須 於一年後償還。計息借貸總額包括銀行及其他貸 款港幣 14,200,000 元、融資租約應付款項港幣 400,000 元及承付票據港幣 6,400,000 元。於二零 一一年九月三十日，本集團之營運資金約為港幣 373,200,000 元（二零一一年三月三十一日：港幣 726,800,000 元）。

CHARGE ON ASSETS

As at 30 September 2011, general banking facilities granted to the Group were secured by property, plant and equipment with a carry value of HK$0.4 million.

資產抵押

於二零一一年九月三十日，本集團獲授之一般銀 行融資乃以賬面值為港幣 400,000 元之物業、廠 房及設備作抵押。

CONTINGENT LIABILITIES

The Group’s contingent liabilities at 30 September 2011 are disclosed in Note 30 to the condensed consolidated financial statement.

或然負債

本集團於二零一一年九月三十日之或然負債已於 簡明綜合財務報告附註 30 披露。

* For identification purpose only

  • 僅供識別

07

Management Discussion and Analysis 管理層討論及分析

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

FOREIGN EXCHANGE RISK

The Group’s continuing operation mainly operates in Brazil, the PRC and Hong Kong.

外匯風險

本集團之持續經營業務主要位於巴西、中國及香 港。

During the six months ended 30 September 2011, the revenue from continuing operations was denominated mainly in Renminbi, United States dollars and the Euro while its costs and expenses were primarily in Renminbi, Hong Kong dollars and Brazilian Reals where the Group’s continuing operations are based. The Group is exposed to potential foreign exchange risk as a result of fluctuations between those currencies.

截至二零一一年九月三十日止六個月，來自持續 經營業務之收入主要以人民幣、美元及歐元列 賬，其成本及開支主要基於本集團持續經營業務 所在地以人民幣、港元及巴西之雷亞爾計值。本 集團面對因該等貨幣匯率波動而產生之潛在外匯 風險。

In addition, the main operational assets of the Group are located and denominated in local currencies in Brazil and China while the Group’s reporting currency is in Hong Kong dollars. This also exposes the Group to potential foreign exchange risk upon translation of those assets on each reporting date.

此外，本集團主要營運資產位於巴西及中國並以 當地貨幣計值，而本集團之呈報貨幣為港幣，此 亦導致本集團於每個報告日期換算該等資產時承 受潛在外匯風險。

The Group did not enter into any arrangements for financial instruments for the purpose of hedging against the potential foreign exchange risks during the period under review. Management believes that the Group’s exposure to foreign exchange risks can be mitigated by increasing local sales denominated in Reals to pay for the operating costs and expenses were those currencies to rise substantially against US dollars or the Euro. In addition, the Group’s Renminbi operating expenses are offset by revenue denominated in Renminbi. Costs of sales are primarily denominated in US dollars and Euro. There may be favourable foreign exchange exposure as the Group’s sales are mainly in Renminbi and the market generally expects Renminbi to appreciate against those currencies in the medium term. As for the operational assets of the Group, any foreign exchange gain or losses due to translation of the carrying value of the assets to the Group’s reporting currency on reporting dates are unrealized and non-cash in nature. As such, active hedging activities are not considered warranted. Nonetheless, management will monitor closely its foreign currency exposure to ensure appropriate measures are taken promptly against any significant potential adverse impact.

於回顧期間，本集團並無作出任何安排以任何財 務工具對沖潛在外匯風險。管理層相信，本集團 所承受外匯風險可於該等貨幣對美元或歐元大幅 升值時透過增加以雷亞爾計值之當地銷售額以支 付當地營運成本及開支而減輕。此外，本集團之 人民幣經營開支由人民幣計值之收入抵銷。銷售 成本一般以美元及歐元列值。由於本集團之銷售 主要以人民幣計值及市場普遍預期人民幣對該等 貨幣於中期內將升值，故可能出現有利之外匯變 動。就本集團營運資產而言，任何因於報告日期 換算資產賬面值為本集團呈報貨幣所產生外匯盈 虧屬未變現及非現金性質。因此，認為毋須積極 進行對沖活動。然而，管理層將密切監察其外匯 風險，以確保已就任何重大潛在不利影響採取及 時及恰當措施。

HUMAN RESOURCES AND REMUNERATION POLICY

As at 30 September 2011, the Group has approximately 438 employees (30 September 2010: 203) mainly in Hong Kong, PRC, Brazil and Russia. The total remuneration paid by the Group to its employees (including Directors) for the period was approximately HK$25.4 million (30 September 2010: HK$36.8 million).

人力資源及薪酬政策

於二零一一年九月三十日，本集團有約 438 名僱 員（二零一零年九月三十日：203 名），主要駐於 香港、中國、巴西及俄羅斯。本集團期內支付予 僱員（包括董事）之薪酬總額約為港幣 25,400,000 元（二零一零年九月三十日：港幣36,800,000元）。

The Group rewards its employees according to prevailing market practices, individual experience and performance and requirements under applicable labor laws in the Group’s operational locations. In addition to the provision of annual bonus, provident fund scheme and medical insurance coverage, discretionary bonuses and share options are also available to employees.

本集團根據當前市場慣例、僱員之個人經驗及表 現以及本集團營運所在地之適用勞工法例規定酬 謝僱員。除了發放年度花紅、設立公積金計劃及 提供醫療保險外，本集團亦向僱員發放酌情花紅 及授出購股權。

08

Independent Interim Review Report 獨立中期審閱報告

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

香港銅鑼灣希慎道33號利園34樓 34/F The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong

REPORT ON REVIEW OF INTERIM FINANCIAL REPORT TO THE BOARD OF DIRECTORS OF SUSTAINABLE FOREST HOLDINGS LIMITED (Incorporated in Bermuda with limited liability)

INTRODUCTION

We have reviewed the interim financial report set out on pages 10 to 62, which comprises the condensed consolidated statement of financial position of Sustainable Forest Holdings Limited (the “Company”) and its subsidiaries (together the “Group”) as at 30 September 2011 and the related condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six months period then ended, a summary of significant accounting policies and explanatory notes. The Main Board Listing Rules governing the Listing of Securities on The Stock Exchange of Hong Kong Limited requires the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 “Interim Financial Reporting” issued by the International Accounting Standards Board. The directors of the Company are responsible for the preparation and presentation of this interim financial report in accordance with International Accounting Standard 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 another person for the contents of this report.

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 report consists of making inquiries, 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 report as at 30 September 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34.

Crowe Horwath (HK) CPA Limited

Certified Public Accountants Hong Kong, 28 November 2011

Alvin Yeung Sik Hung

Practising Certificate Number P05206

中期財務報告審閱報告 致永保林業控股有限公司董事會

（於百慕達註冊成立之有限公司）

緒言

本核數師（以下簡稱「我們」）已審閱第 10 至 62 頁 所載永保林業控股有限公司（「貴公司」）及其附屬 公司（統稱「貴集團」）之中期財務報告，包括於 二零一一年九月三十日之簡明綜合財務狀況表， 以及截至該日止六個月期間之相關簡明綜合收益 表、簡明綜合全面收益表、簡明綜合權益變動表 及簡明綜合現金流轉表，以及主要會計政策概要 及說明附註。根據香港聯合交易所有限公司主板 證券上市規則，就中期財務資料編製之報告必須 符合當中條文及國際會計準則委員會所頒佈國際 會計準則第 34 號「中期財務報告」之規定。 貴 公司董事須負責根據國際會計準則第 34 號編製及 呈列本中期財務報告。我們的責任是根據我們審 閱工作的結果，對本中期財務資料作出結論，並 按照雙方所協定應聘書條款，只向作為法人團體 的董事會報告我們的結論，除此之外，本報告不 可用作其他用途。我們不會就本報告的內容向任 何其他人士負上或承擔任何責任。

審閱範圍

我們按照香港會計師公會所頒佈香港審閱委聘準 則第 2410 號「由實體獨立核數師對中期財務資 料的審閱」進行審閱工作。審閱中期財務報告工 作包括主要向負責財務及會計事務的人員作出查 詢，以及進行分析程序及其他審閱程序。由於審 閱工作的範圍遠較根據香港審核準則進行審核為 小，故無法使我們取得憑證確保我們得知可能於 審核中發現的所有重大事宜。因此，我們不會發 表審核意見。

結論

根據我們的審閱工作，我們並無發現任何事項使 我們認為於二零一一年九月三十日之中期財務報 告在各重大方面並非根據國際會計準則第 34 號編 製。

國富浩華（香港）會計師事務所有限公司 執業會計師 香港，二零一一年十一月二十八日

楊錫鴻

執業證書編號 P05206

09

Condensed Consolidated Income Statement 簡明綜合收益表

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

For the six months ended
30 September
截至九月三十日止六個月		 For the six months ended
30 September
截至九月三十日止六個月
Note
附註		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）
340,778
(101,933)
238,845
3,065
—
(8,914)
(48,563)
—
(105)
71,049
255,377
793
(4,506)
(3,713)
251,664
(56,886)
194,778
(11,319)
183,459
183,442
17
183,459
6.32 cents仙
2.90 cents仙
6.71 cents仙
3.08 cents仙
CONTINUING OPERATIONS
持續經營業務
Revenue
收入
5
Cost of sales
銷售成本
Gross profit
毛利
Other income
其他收入
6
Other net loss
其他虧損淨額
6
Selling and distribution costs
銷售及分銷成本
Administrative expenses
行政支出
Loss on business disruption
業務干擾之虧損
7
Other operating expenses
其他營運開支
Change in fair value of biological assets
less costs to sell
生物資產公平值變動減
銷售成本
15
(Loss)/Profit from operations
經營（虧損）╱溢利
Finance income
融資收入
Finance costs
融資費用
Net finance costs
融資費用淨額
8(a)
(Loss)/Profit before taxation
除稅前（虧損）╱溢利
8
Income tax
所得稅
9
(Loss)/Profit for the period from
continuing operations
持續經營業務之期間
（虧損）╱溢利
DISCONTINUED OPERATION
已終止業務
Loss from discontinued operation
已終止業務之虧損
10
(LOSS)/PROFIT FOR THE PERIOD
期間（虧損）╱溢利
Attributable to:
應佔：
Owners of the Company
本公司擁有人
Non-controlling interests
非控制性權益
(Loss)/Earnings per share
每股（虧損）╱盈利
From continuing and
discontinued operations
持續經營業務及
已終止業務
12
— Basic
— 基本
— Diluted
— 攤薄
From continuing operations
持續經營業務
12
— Basic
— 基本
— Diluted
— 攤薄		 88,455
(78,326)
10,129
3,715
(31,466)
(7,861)
(47,753)
(347,118)
—
244,192
(176,162)
313
(3,998)
(3,685)
(179,847)
(59,277)
(239,124)
(5,368)
(244,492)
(244,492)
—
(244,492)
(4.70 cents仙)
(4.70 cents仙)
(4.59 cents仙)
(4.59 cents仙)

The notes on pages 16 to 62 form part of these financial statements.

第16至62頁之附註構成此等財務報告之一部分。

10

Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(Loss)/profit for the period
期間（虧損）╱溢利
(244,492)
183,459
Other comprehensive (loss)/income
其他全面（虧損）╱收益
Exchange differences on translation of financial
statement of overseas subsidiaries
換算海外附屬公司財務報告
產生之滙兌差額
(81,424)
38,621
Other comprehensive (loss)/income
for the period
期間其他全面（虧損）╱收益
(81,424)
38,621
Total comprehensive (loss)/income
for the period
期間全面（虧損）╱收益總額
(325,916)
222,080
Total comprehensive (loss)/income
attributable to:
以下人士應佔全面
（虧損）╱收益總額︰
Owners of the Company
本公司擁有人
(325,916)
222,059
Non-controlling interests
非控制性權益
—
21
(325,916)
222,080		 For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(Loss)/profit for the period
期間（虧損）╱溢利
(244,492)
183,459
Other comprehensive (loss)/income
其他全面（虧損）╱收益
Exchange differences on translation of financial
statement of overseas subsidiaries
換算海外附屬公司財務報告
產生之滙兌差額
(81,424)
38,621
Other comprehensive (loss)/income
for the period
期間其他全面（虧損）╱收益
(81,424)
38,621
Total comprehensive (loss)/income
for the period
期間全面（虧損）╱收益總額
(325,916)
222,080
Total comprehensive (loss)/income
attributable to:
以下人士應佔全面
（虧損）╱收益總額︰
Owners of the Company
本公司擁有人
(325,916)
222,059
Non-controlling interests
非控制性權益
—
21
(325,916)
222,080		 For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(Loss)/profit for the period
期間（虧損）╱溢利
(244,492)
183,459
Other comprehensive (loss)/income
其他全面（虧損）╱收益
Exchange differences on translation of financial
statement of overseas subsidiaries
換算海外附屬公司財務報告
產生之滙兌差額
(81,424)
38,621
Other comprehensive (loss)/income
for the period
期間其他全面（虧損）╱收益
(81,424)
38,621
Total comprehensive (loss)/income
for the period
期間全面（虧損）╱收益總額
(325,916)
222,080
Total comprehensive (loss)/income
attributable to:
以下人士應佔全面
（虧損）╱收益總額︰
Owners of the Company
本公司擁有人
(325,916)
222,059
Non-controlling interests
非控制性權益
—
21
(325,916)
222,080
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
(Loss)/profit for the period
期間（虧損）╱溢利
Other comprehensive (loss)/income
其他全面（虧損）╱收益
Exchange differences on translation of financial
statement of overseas subsidiaries
換算海外附屬公司財務報告
產生之滙兌差額
Other comprehensive (loss)/income
for the period
期間其他全面（虧損）╱收益
Total comprehensive (loss)/income
for the period
期間全面（虧損）╱收益總額
Total comprehensive (loss)/income
attributable to:
以下人士應佔全面
（虧損）╱收益總額︰
Owners of the Company
本公司擁有人
Non-controlling interests
非控制性權益		 (244,492) 183,459
(81,424) 38,621
(81,424) 38,621
(325,916) 222,080
(325,916)
—		 222,059
21
(325,916) 222,080

The notes on pages 16 to 62 form part of these financial statements.

第16至62頁之附註構成此等財務報告之一部分。

11

Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

As at 30 September 2011於二零一一年九月三十日 At
30 September
2011
At
31 March
2011
於二零一一年
九月三十日
於二零一一年
三月三十一日
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Audited)
（未經審核）
（經審核）
209,008
231,846
199,967
—
1,269,581
1,173,150
1,860,450
1,686,883
27,312
30,336
3,566,318
3,122,215
20,170
241,980
407,998
519,289
18,215
23,679
10,733
—
457,116
784,948
275,190
279,828
732,306
1,064,776
227,043
199,286
14,094
18,230
100
100
49,456
49,456
290,693
267,072
68,459
70,856
359,152
337,928
373,154
726,848
3,939,472
3,849,063		 At
30 September
2011
At
31 March
2011
於二零一一年
九月三十日
於二零一一年
三月三十一日
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Audited)
（未經審核）
（經審核）
209,008
231,846
199,967
—
1,269,581
1,173,150
1,860,450
1,686,883
27,312
30,336
3,566,318
3,122,215
20,170
241,980
407,998
519,289
18,215
23,679
10,733
—
457,116
784,948
275,190
279,828
732,306
1,064,776
227,043
199,286
14,094
18,230
100
100
49,456
49,456
290,693
267,072
68,459
70,856
359,152
337,928
373,154
726,848
3,939,472
3,849,063
Note
附註		 At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核
NON-CURRENT ASSETS
非流動資產
Property, plant and equipment
物業、廠房及設備
13
Intangible assets
無形資產
14
Biological assets
生物資產
15
Goodwill
商譽
16
Deposit for purchase of property,
plant and equipment
購買物業、廠房及設備
之訂金
CURRENT ASSETS
流動資產
Inventories
存貨
17
Trade and other receivables
應收貿易款項及其他
應收款項
18
Cash and cash equivalents
現金及現金等價物
Financial assets held for trading
持作買賣之財務資產
Assets classified as held for sale
分類為持作待售資產
19
CURRENT LIABILITIES
流動負債
Trade and other payables
應付貿易款項及其他
應付款項
20
Loans and borrowings
貸款及借貸
21
Finance leases payable
應付融資租約
Provision for taxation
稅項撥備
Liabilities associated with assets
classified as held for sale
與分類為持作待售資產
有關之負債
19
NET CURRENT ASSETS
流動資產淨值
TOTAL ASSETS LESS CURRENT
LIABILITIES
總資產減流動負債		 209,008
199,967
1,269,581
1,860,450
27,312		 231,846
—
1,173,150
1,686,883
30,336
3,566,318 3,122,215
20,170
407,998
18,215
10,733		 241,980
519,289
23,679
—
457,116
275,190		 784,948
279,828
732,306 1,064,776
227,043
14,094
100
49,456		 199,286
18,230
100
49,456
290,693
68,459		 267,072
70,856
359,152 337,928
373,154 726,848
3,939,472 3,849,063

12

Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

As at 30 September 2011於二零一一年九月三十日 As at 30 September 2011於二零一一年九月三十日 As at 30 September 2011於二零一一年九月三十日
Note
附註		 At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核）
88
131,527
350
—
6,388
454,341
592,694
3,256,369
359,324
2,896,969
3,256,293
76
3,256,369
NON-CURRENT LIABILITIES
非流動負債
Loans and borrowings
貸款及借貸
21
Amounts due to shareholders
應付股東款項
Finance leases payable
應付融資租約
Consideration payables
應付代價
23
Promissory notes
承付票據
25
Deferred tax liabilities
遞延稅項負債
NET ASSETS
資產淨值
CAPITAL AND RESERVES
資本及儲備
Share capital
股本
26
Reserves
儲備
Total equity attributable to
the owners of the Company
本公司擁有人應佔總權益
Non-controlling interests
非控制性權益
TOTAL EQUITY
總權益		 79
196,149
300
163,477
6,452
510,810
877,267
3,062,205
379,601
2,682,528
3,062,129
76
3,062,205

The notes on pages 16 to 62 form part of these financial statements.

第16至62頁之附註構成此等財務報告之一部分。

13

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

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

Note
附註		 Attributable to the owners of the Company
本公司擁有人應佔
Capital
Exchange
Share
Non-
Share
Share
Contributed Distributable
redemption
fluctuation
option
Retained
controlling
Total
capital
premium
surplus
reserve
reserve
reserve
reserve
profit
Sub-total
interest
equity
股本
股份溢價
實繳盈餘
可供分派
儲備
股本贖回
儲備
匯兌波動
儲備
購股權儲備
保留溢利
小計
非控制性
權益
總權益
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
At 1 April 2010 (audited)
於二零一零年
四月一日（經審核）
Profit for the period
期間溢利
Exchange differences on
translation of financial
statements of overseas
subsidiaries
換算海外
附屬公司財務報告
之匯兌差額
Total other comprehensive income
其他全面收入總額
Total comprehensive income
for the period
期間全面收入總額
Placement of new shares
配售新股份
Shares issue expenses
股份發行開支
Deemed capital distribution
視作股本分派
Issuance of share options
發行購股權
Forfeiture of share options
沒收購股權
Total transactions with owners
與擁有人進行之
交易總額
At 30 September 2010 (unaudited)
於二零一零年
九月三十日
（未經審核）
At 1 April 2011 (audited)
於二零一一年
四月一日（經審核）
Loss for the period
期間虧損
Exchange differences on
translation of financial
statements of overseas
subsidiaries
換算海外附屬公司
財務報告
之匯兌差額
Total other comprehensive
income
其他全面收入總額
Total comprehensive loss
for the period
期間全面虧損
總額
Shares issued upon exercise
of share options
於行使購股權時
發行股份
Consideration shares issued for
the acquisition of subsidiaries
就收購附屬公司
發行代價股份
Dividends declared in respect of
the previous period
就過往期間
宣派股息
Issuance of share options
發行購股權
Forfeiture of share options
沒收購股權
Total transactions with owners
與擁有人進行
之交易總額
At 30 September 2011
(Unaudited)
於二零一一年
九月三十日
（未經審核）		 322,855
2,009,852
54,770
2,216
8,000
667
2,005
106,203
2,506,568
62
2,506,630
—
—
—
—
—
—
—
183,442
183,442
17
183,459
—
—
—
—
—
38,617
—
—
38,617
4
38,621
—
—
—
—
—
38,617
—
—
38,617
4
38,621
322,855
2,009,852
54,770
2,216
8,000
39,284
2,005
289,645
2,728,627
83
2,728,710
21,973
184,027
—
—
—
—
—
—
206,000
—
206,000
—
(15,981)
—
—
—
—
—
—
(15,981)
—
(15,981)
—
—
(1,746)
—
—
—
—
—
(1,746)
—
(1,746)
—
—
—
—
—
—
27,670
—
27,670
—
27,670
—
—
—
—
—
—
(754)
754
—
—
—
21,973
168,046
(1,746)
—
—
—
26,916
754
215,943
—
215,943
344,828
2,177,898
53,024
2,216
8,000
39,284
28,921
290,399
2,944,570
83
2,944,653
359,324
2,310,765
10,003
2,216
8,000
86,674
29,311
450,000
3,256,293
76
3,256,369
—
—
—
—
—
—
—
(244,492)
(244,492)
—
(244,492)
—
—
—
—
—
(81,424)
—
—
(81,424)
—
(81,424)
—
—
—
—
—
(81,424)
—
—
(81,424)
—
(81,424)
359,324
2,310,765
10,003
2,216
8,000
5,250
29,311
205,508
2,930,377
76
2,930,453
10
84
—
—
—
—
(22)
—
72
—
72
20,267
139,333
—
—
—
—
—
—
159,600
—
159,600
—
—
—
—
—
—
—
(31,996)
(31,996)
—
(31,996)
—
—
—
—
—
—
4,076
—
4,076
—
4,076
—
—
—
—
—
—
(418)
418
—
—
—
20,277
139,417
—
—
—
—
3,636
(31,578)
131,752
—
131,752
379,601
2,450,182
10,003
2,216
8,000
5,250
32,947
173,930
3,062,129
76
3,062,205

The notes on pages 16 to 62 form part of these financial statements.

第16至62頁之附註構成此等財務報告之一部分。

14

Condensed Consolidated Statement of Cash Flows 簡明綜合現金流轉表

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
Net cash used in operating activities
經營業務流出之現金淨額
(40,933)
(79,537)
Net cash generated from/(used in)
investing activities
投資活動流入╱（流出）之現金淨額
602
(19,179)
Net cash generated from financial activities
融資活動流入之現金淨額
35,035
87,593
Decrease in cash and cash equivalents
現金及現金等價物減少
(5,296)
(11,123)
Cash and cash equivalents at beginning of
the period
於期初之現金及現金等價物
23,679
36,822
Effect of foreign exchange rate changes, net
匯率變動之影響淨額
(168)
43
Cash and cash equivalents at end
of the period
於期終之現金及現金等價物
18,215
25,742
ANALYSIS OF BALANCES OF
CASH AND CASH EQUIVALENTS
現金及現金等價物結存分析
Cash and cash equivalents
現金及現金等價物
18,214
25,745
Cash and bank balances classified
as held for sale
分類為持作待售之現金及銀行結餘
1
1
Bank overdrafts
銀行透支
—
(4)
18,215
25,742		 For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
Net cash used in operating activities
經營業務流出之現金淨額
(40,933)
(79,537)
Net cash generated from/(used in)
investing activities
投資活動流入╱（流出）之現金淨額
602
(19,179)
Net cash generated from financial activities
融資活動流入之現金淨額
35,035
87,593
Decrease in cash and cash equivalents
現金及現金等價物減少
(5,296)
(11,123)
Cash and cash equivalents at beginning of
the period
於期初之現金及現金等價物
23,679
36,822
Effect of foreign exchange rate changes, net
匯率變動之影響淨額
(168)
43
Cash and cash equivalents at end
of the period
於期終之現金及現金等價物
18,215
25,742
ANALYSIS OF BALANCES OF
CASH AND CASH EQUIVALENTS
現金及現金等價物結存分析
Cash and cash equivalents
現金及現金等價物
18,214
25,745
Cash and bank balances classified
as held for sale
分類為持作待售之現金及銀行結餘
1
1
Bank overdrafts
銀行透支
—
(4)
18,215
25,742		 For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
Net cash used in operating activities
經營業務流出之現金淨額
(40,933)
(79,537)
Net cash generated from/(used in)
investing activities
投資活動流入╱（流出）之現金淨額
602
(19,179)
Net cash generated from financial activities
融資活動流入之現金淨額
35,035
87,593
Decrease in cash and cash equivalents
現金及現金等價物減少
(5,296)
(11,123)
Cash and cash equivalents at beginning of
the period
於期初之現金及現金等價物
23,679
36,822
Effect of foreign exchange rate changes, net
匯率變動之影響淨額
(168)
43
Cash and cash equivalents at end
of the period
於期終之現金及現金等價物
18,215
25,742
ANALYSIS OF BALANCES OF
CASH AND CASH EQUIVALENTS
現金及現金等價物結存分析
Cash and cash equivalents
現金及現金等價物
18,214
25,745
Cash and bank balances classified
as held for sale
分類為持作待售之現金及銀行結餘
1
1
Bank overdrafts
銀行透支
—
(4)
18,215
25,742
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Net cash used in operating activities
經營業務流出之現金淨額
Net cash generated from/(used in)
investing activities
投資活動流入╱（流出）之現金淨額
Net cash generated from financial activities
融資活動流入之現金淨額
Decrease in cash and cash equivalents
現金及現金等價物減少
Cash and cash equivalents at beginning of
the period
於期初之現金及現金等價物
Effect of foreign exchange rate changes, net
匯率變動之影響淨額
Cash and cash equivalents at end
of the period
於期終之現金及現金等價物
ANALYSIS OF BALANCES OF
CASH AND CASH EQUIVALENTS
現金及現金等價物結存分析
Cash and cash equivalents
現金及現金等價物
Cash and bank balances classified
as held for sale
分類為持作待售之現金及銀行結餘
Bank overdrafts
銀行透支		 (40,933)
602
35,035		 (79,537
(19,179
87,593
(5,296)
23,679
(168)		 (11,123
36,822
43
18,215 25,742
18,214
1
—		 25,745
1
(4
18,215 25,742

The notes on pages 16 to 62 form part of these financial statements.

第16至62頁之附註構成此等財務報告之一部分。

15

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

1. CORPORATE INFORMATION

Sustainable Forest Holdings Limited (the “Company”, together with its subsidiaries collectively referred to as the “Group”) was incorporated in Bermuda as an exempted company with limited liability under the Companies Act 1981 of Bermuda and its ordinary shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

1. 公司資料

永保林業控股有限公司（「本公司」，連同其 附屬公司統稱「本集團」）根據一九八一年 百慕達公司法在百慕達註冊成立為獲豁免 有限公司。本公司之普通股股份在香港聯 合交易所有限公司（「聯交所」）上市。

The principal activity of the Company is investment holding. The principal activities of the subsidiaries comprised tree felling service, sustainable forest management and manufacturing and sale of timber products including but not limited to wooden door, furniture and wooden floor panels (“Zhongshan operation”).

本公司之主要業務為投資控股，其附屬公 司之主要業務包括伐木服務、可持續森林 管理及製造銷售木材產品，包括但不限於 木門、傢俱及木地板（「中山業務」）。

2. BASIS OF PREPARATION

The condensed consolidated financial statements for the six months ended 30 September 2011 have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) and with International Accounting Standard (“lAS”) 34 “Interim Financial Reporting” issued by the International Accounting Standards Board (“lASB”).

2. 編製基準

截至二零一一年九月三十日止六個月之簡 明綜合財務報告遵守聯交所證券上市規則 （「上市規則」）附錄 16 之適用披露規定及國 際會計準則委員會（「國際會計準則委員會」） 頒佈之國際會計準則（「國際會計準則」）第 34 號「中期財務報告」編製。

These condensed consolidated financial statements should be read in conjunction with the Group’s annual financial statements for the year ended 31 March 2011.

此等簡明綜合財務報告應與本集團截至二 零一一年三月三十一日止年度之年度財務 報告一併閱覽。

The condensed consolidated financial statements are denominated in Hong Kong Dollar (“HK$”). Unless otherwise specifically stated, all amounts are presented in thousand.

簡明綜合財務報告以港元（「港元」）列值。 除另有具體指明者外，所有金額均以千元 列示。

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These condensed consolidated financial statements have been prepared under the historical cost convention except that the biological assets and buildings held for own use are stated at fair values.

3. 重大會計政策概要

此等簡明綜合財務報告乃按歷史成本慣例 編製，惟生物資產及持作自用之樓宇則以 公平值計量。

The accounting policies and basis of preparation adopted in preparation of these condensed consolidated financial statements are consistent with those used in the Group’s annual financial statements for the year ended 31 March 2011, except as described below.

除下述者外，編製此等簡明綜合財務報告 採納之會計政策及編製基準與本集團於截 至二零一一年三月三十一日止年度之年度 財務報告所用者一致。

In the current interim period, the Group has applied, for the first time, the following new and revised standards, amendments and interpretations (“new and revised IFRSs”) issued by the IASB.

於本中期期間，本集團首次應用下列由國 際會計準則委員會頒佈之新訂及經修訂準 則、修訂及詮釋（「新訂及經修訂國際財務 報告準則」）。

16

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

3. SUMMARY OF SIGNIFICANT ACCOUNTING

3. 重大會計政策概要 （續）

POLICIES (continued)

IFRSs (Amendments) Improvements to IFRSs 2010

IAS 24 (Revised) Related Party Disclosures

IFRS 1 (Amendments) Limited Exemption from Comparative IFRS 7 Disclosure for First-time Adopters IFRIC 14 (Amendments) Prepayments of a Minimum Funding Requirement

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

國際財務報告準則 二零一零年國際財務報告 （修訂本） 準則之改進 國際會計準則 關連人士披露 第 24 號（經修訂） 國際財務報告準則 比較國際財務報告準則 第 1 號（修訂本） 第 7 號首次採納者之披露 之有限豁免 國際財務報告詮釋 最低資金規定之預付款項 委員會第 14 號 （修訂本） 國際財務報告詮釋 以股本工具抵銷財務負債 委員會第 19 號

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.

  • 本集團並無應用任何於本會計期間尚未生 效之新訂準則或詮釋。

The amendments to IFRIC 14 have had no material impact on the Group’s financial statements as they were consistent with policies already adopted by the Group. IFRIC 19 has not yet had a material impact on the Group’s financial statements as these changes will first be effective as and when the Group enters a relevant transaction (for example, a debt for equity swap).

國際財務報告詮釋委員會第 14 號之修訂對 本集團之財務報告並無重大影響，此乃由 於該等修訂與本集團已經採納之會計政策 一致。國際財務報告詮釋委員會第 19 號對 本集團之財務報告尚未有重大影響，此乃 由於該等變動將於本集團訂立相關交易（如 股本掉期債務）時才首次生效。

The impacts of other developments are discussed below:

其他變動之影響載列如下：

  • IAS 24 (Revised) revises the definition of a related party. As a result, the Group has re-assessed the identification of related parties and concluded that the revised definition does not have any material impact on the Group’s related party disclosures in the current and previous periods. IAS 24 (Revised) also introduces modified disclosure requirements for government-related entities. This does not impact the Group because the Group is not a government-related entity.

  • 國際會計準則第 24 號（經修訂）對關 連人士之定義作出修訂。因此，本集 團已重新評估關連人士之識別方法， 並認為該經修訂定義對本集團於本期 間及過往期間之關連人士披露並無任 何重大影響。此外，國際會計準則第 24 號（經修訂）亦對政府相關實體之 披露規定作出修改。由於本集團並非 政府相關實體，故此修訂對本集團並 無影響。

  • Improvements to IFRSs (2010) omnibus standard introduces a number of amendments to the disclosure requirements in IFRS 7, Financial instruments: Disclosures . These amendments do not have any material impact on the classification, recognition and measurements of the amounts recognised in the condensed consolidated financial statements in the current and previous periods.

  • 國際財務報告準則之改進（二零一零 年）綜合準則對國際財務報告準則第 7 號財務工具：披露之披露規定作出 多項修訂。該等修訂對本期間及過往 期間於簡明綜合財務報告內確認金額 之分類、確認及計量並無任何重大影 響。

The application of the other new and revised IFRSs had no material effect on the condensed consolidated financial statements of the Group for the current or prior accounting periods.

  • 應用其他新訂及經修訂國際財務報告 準則對本集團於本期間或過往會計期 間之簡明綜合財務報告並無構成任何 重大影響。

17

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

3. SUMMARY OF SIGNIFICANT ACCOUNTING

3. 重大會計政策概要 （續）

POLICIES (continued)

The Group has not early applied the following new or revised standards, amendments or interpretations that have been issued but are not yet effective:

本集團並無提早應用以下已頒佈但尚未生 效之新訂或經修訂準則、修訂或詮釋：

IFRS 7 (Amendments) Financial instruments: Disclosures — Transfer of financial assets[1] IAS 12 (Amendments) Income taxes — Deferred tax: Recovery of underlying assets[2] IAS 1 (Amendments) Presentation of financial statements — Presentation of items of other comprehensive income[3] IFRS 9 Financial instruments[4] IFRS 10 Consolidated financial statements[4] IFRS 11 Joint arrangements[4] IFRS 12 Disclosure of interests in other entities[4]

  • IFRS 13 Fair value measurement[4] IAS 27 Separate financial statements (2011)[4] IAS 28 Investments in associates and joint ventures (2011)[4]

  • IAS 19 (Revised) Employee benefits[4]

1 Effective for accounting periods beginning on or after 1 July 2011

2 Effective for accounting periods beginning on or after 1 January 2012

3 Effective for accounting periods beginning on or after 1 July 2012

4 Effective for accounting periods beginning on or after 1 January 2013

國際財務報告準則 財務工具：披露[—] 財務資產 第 7 號（修訂本） 之轉讓[1] 國際會計準則 所得稅[—] 遞延稅項： 第 12 號（修訂本） 收回相關資產[2] 國際會計準則 財務報告呈報[—] 其他全面 第 1 號（修訂本） 收入項目呈報[3] 國際財務報告準則 財務工具[4] 第 9 號 國際財務報告準則 綜合財務報告[4] 第 10 號 國際財務報告準則 聯合安排[4] 第 11 號 國際財務報告準則 其他實體權益之披露[4] 第 12 號 國際財務報告準則 公平值計量[4] 第 13 號 國際會計準則第 27 號 獨立財務報告（二零一一年）[4] 國際會計準則第 28 號 投資聯營公司及合營企業 （二零一一年）[4] 國際會計準則第 19 號 僱員福利[4] （經修訂）

1 於二零一一年七月一日或之後開始之會計期 間生效

2 於二零一二年一月一日或之後開始之會計期 間生效

3 於二零一二年七月一日或之後開始之會計期 間生效

4 於二零一三年一月一日或之後開始之會計期 間生效

The Group is in the process of making an assessment of what the impact of these amendments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the Group’s results of operations and financial position.

本集團正評估此等修訂在首次應用期間預 期產生之影響，至今結論為採納該等修訂 不大可能對本集團之經營業績和財務狀況 構成重大影響。

4. SEGMENT REPORTING

Operating segments are identified on the basis of internal reports which provides information about components of the Group. This information is reported to and reviewed by the board (“Board”) of directors (“Director(s)”) of the Company for the purposes of resource allocation and performance assessment.

4. 分部報告

經營分部乃根據提供有關本集團各部分資 料之內部報告而識別。此等資料乃向本公 司董事（「董事」）會（「董事會」）報告，且由 其審閱，以分配資源及評核表現。

The Group manages its business by business lines and has presented the following reportable segments. These segments are managed separately.

本集團按業務分類管理其業務，並呈報下 列可報告分部。此等分部乃獨立管理。

18

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

4. SEGMENT REPORTING (continued)

Continuing operations

Tree felling service: provision of tree felling and clearing services.

4. 分部報告 （續） 持續經營業務

伐木服務：提供伐木及清理服務。

Sustainable forest management: sustainable management of and investment in natural forests, timber and wood processing, timber trading and timber sales and marketing.

可持續森林管理：天然森林之可持續管理 及投資、木材及木料加工、木材貿易及木 材銷售與市場推廣。

Zhongshan operation: manufacturing and sale of timber products including but not limited to wooden door, furniture and wooden flooring.

中山業務：製造及銷售木材產品，包括但 不限於木門、傢俱及木地板。

Discontinued operation

Chita forests operation: logging, timber and wood processing, timber trading and timber sales and marketing.

已終止業務

赤塔森林業務：伐木、木材及木料加工、 木材貿易以及木材銷售與市場推廣。

In accordance with IFRS 8, segment information disclosed in this interim financial report has been prepared in a manner consistent with the information used by the Board of the Company for the purposes of assessing segment performance and allocating resources among segments. In this regard, the Board of the Company monitors the results and assets attributable to each reportable segment on the following bases:

根據國際財務報告準則第 8 號，於本中期 財務報告披露之分部資料乃以與本公司董 事會就評估分部表現及於分部間分配資源 所用資料一致之方式編製。就此，本公司 董事會按下列基準監察各可報告分部之業 績及應佔資產：

Segment assets include non-current assets and current assets with the exception of certain unallocated corporate assets to an individual reportable segment.

分部資產包括非流動資產及流動資產，但 不包括未獲分配至個別可報告分部之若干 企業資產。

All liabilities are allocated to reportable segments other than current, deferred tax liabilities and unallocated corporate liabilities.

所有負債乃分配至可報告分部，惟即期稅 項負債、遞延稅項負債及未分配企業負債 則除外。

Revenue and expenses are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments or, which otherwise arise from the depreciation or amortisation of assets attributable to these segments.

收入及開支乃參考來自該等分部之銷售及 該等分部所產生開支或折舊或攤銷該等分 部應佔資產所產生之開支而分配至可報告 分部。

Sales between segments are carried out in the ordinary course of Group’s business on terms determined by the management of the Group. The revenue from external parties reported to the Board of the Company is measured in a manner consistent with that in the condensed consolidated income statement.

分部間銷售乃於本集團日常業務過程中按 本集團管理人員釐定之條款進行。向本公 司董事會報告來自外界人士收益之計量方 法與簡明綜合收益表所用者一致。

The reportable segment profit represents the profit from each segment which excluded those items not specifically attributed to an individual reportable segment, such as corporate administrative expenses. To arrive at reportable segment profit, the management additionally provided the segment information concerning interest income, finance costs and major non-cash items such as depreciation, amortisation and impairment losses derived from reportable segments.

可報告分部溢利乃各分部之溢利，不包括 該等並非個別可報告分部特別應佔之項目， 如企業行政開支。為得出可報告分部溢利， 管理層額外提供有關來自可報告分部之分 部資料包括利息收入、融資費用及主要非 現金項目，如折舊、攤銷及減值虧損。

19

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

4. SEGMENT REPORTING (continued)

(a) Segment results, assets and liabilities

An analysis of the Group’s reportable segments is reported below:

4. 分部報告 （續）

(a) 分部業績、資產及負債

本集團可報告分部之分析報告如下：

For the six months ended 30 September 2011 (Unaudited)
截至二零一一年九月三十日止六個月（未經審核）
Continuing operations
Discontinued
operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Sub-total
Chita forests
operation
Total
可持續
森林管理
伐木服務
中山業務
小計
赤塔森林
業務
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元		 For the six months ended 30 September 2011 (Unaudited)
截至二零一一年九月三十日止六個月（未經審核）
Continuing operations
Discontinued
operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Sub-total
Chita forests
operation
Total
可持續
森林管理
伐木服務
中山業務
小計
赤塔森林
業務
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
Segment revenue
分部收入
Revenue from external customers
來自外界客戶之收入
Inter-segment revenue
分部間收入
Reportable segment revenue
可報告分部收入
Reportable segment profit/(loss)
before taxation
除稅前可報告分部
溢利╱（虧損）
Change in fair value of biological
assets less costs to sell
生物資產公平值變動減
銷售成本
Depreciation
折舊
Write off of trade receivables
撇銷應收貿易款項
Write down of inventories
撇減存貨
Reversal of service fee payables
撥回服務費應付款項
Interest expenses
利息開支
Interest income
利息收入
Reportable segment assets
可報告分部資產
Additions to non-current
segment assets
非流動分部資產添置
Reportable segment liabilities
可報告分部負債		 7,862
—
80,593
88,455
—
—
45,570
45,570		 —
88,455
—
45,570
7,862
—
126,163
134,025		 —
134,025
51,350
(232,846)
24,112
(157,384)
244,192
—
—
244,192
(639)
(2)
(7)
(648)
(114,274)
—
—
(114,274)
—
(245,682)
—
(245,682)
—
12,838
—
12,838
(633)
—
—
(633)
312
—
—
312		 (5,368)
(162,752)
—
244,192
—
(648)
—
(114,274)
—
(245,682)
—
12,838
—
(633)
—
312
3,544,557
41
468,813
4,013,411		 275,190
4,288,601
480
—
127
607		 —
607
344,677
44,714
41,458
430,849		 68,459
499,308

20

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

4. SEGMENT REPORTING (continued)

(a) Segment results, assets and liabilities

4. 分部報告 （續）

(a) 分部業績、資產及負債 （續）

(continued)

For the six months ended 30 September 2010 (Unaudited)
截至二零一零年九月三十日止六個月（未經審核）
Continuing operations
Discontinued
operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Sub-total
Chita forests
operation
Total
可持續森林
管理
伐木服務
中山業務
小計
赤塔森林
業務
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
Segment revenue
分部收入
Revenue from external customers
來自外界客戶之收入
Reportable segment
profit/(loss) before taxation
除稅前可報告分部
溢利╱（虧損）
Change in fair value of
biological assets less costs to sell
生物資產公平值變動
減銷售成本
Depreciation
折舊
Write off of intangible assets
撇銷無形資產
Interest expenses
利息開支
Interest income
利息收入		 10,502
330,276
—
340,778
—
340,778
39,655
244,235
—
283,890
(11,913)
271,977
71,049
—
—
71,049
—
71,049
(437)
—
—
(437)
—
(437)
—
—
—
—
(9,887)
(9,887)
(3,986)
—
—
(3,986)
(113)
(4,099)
793
—
—
793
—
793
As at 31 March 2011 (Audited)
於二零一一年三月三十一日（經審核）
Continuing operations
Discontinued
operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Sub-total
Chita forests
operation
Total
可持續森林
管理
伐木服務
中山業務
小計
赤塔森林
業務
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
Reportable segment assets
可報告分部資產
Additions to non-current
segment assets
非流動分部資產添置
Reportable segment liabilities
可報告分部負債		 3,662,618
240,841
—
3,903,459
279,828
4,183,287
21,323
116
—
21,439
—
21,439
297,106
50,546
—
347,652
70,856
418,508

21

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

4. SEGMENT REPORTING (continued)

(b) Reconciliation of reportable segment revenue, profit or loss, assets and liabilities:

4. 分部報告 （續）

(b) 可報告分部收入、溢利或虧損、 資產及負債之對賬：

For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
134,025
340,778
(45,570)
—
88,455
340,778
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(157,384)
283,890
—
—
(139)
(166)
1
—
(3,365)
(520)
(18,960)
(31,540)
(179,847)
251,664		 For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
134,025
340,778
(45,570)
—
88,455
340,778
For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(157,384)
283,890
—
—
(139)
(166)
1
—
(3,365)
(520)
(18,960)
(31,540)
(179,847)
251,664
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
(i)
Revenue
(i)
收入
Reportable segment revenue
可報告分部收入
Elimination of inter-segment revenue
對銷分部間收入		 134,025
(45,570)		 340,778
—
88,455 340,778
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
(ii)
(Loss)/Profit
(ii)（虧損）╱溢利
Reportable segment (loss)/profit
before taxation
除稅前可報告分部
（虧損）╱溢利
Unallocated corporate income
未分配企業收入
Unallocated depreciation
未分配折舊
Unallocated interest income
未分配利息收入
Unallocated interest expense
未分配利息開支
Unallocated corporate expenses
未分配企業開支
(Loss)/Profit before taxation (continuing
operations)
除稅前（虧損）╱
溢利（持續經營業務）		 (157,384)
—
(139)
1
(3,365)
(18,960)		 283,890
—
(166
—
(520
(31,540
(179,847) 251,664

22

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

4. SEGMENT REPORTING (continued)

(b) Reconciliation of reportable segment revenue, profit or loss, assets and liabilities:

4. 分部報告 （續）

  • (b) 可報告分部收入、溢利或虧損、 資產及負債之對賬： （續）

(continued)

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
(iii) Assets
(iii)資產
Segment assets for reportable segments
from continuing operations
持續經營業務可報告
分部之分部資產
Segment assets for reportable segment
from discontinued operation
已終止業務可報告分部
之分部資產
Total segment assets
分部資產總值
Unallocated corporate assets
未分配企業資產
Total assets as per condensed
consolidated statement of financial
position
簡明綜合財務狀況表
所呈列資產總值
Liabilities
負債
Segment liabilities for reportable
segments from continuing operations
持續經營業務可報告分部
之分部負債
Segment liabilities for reportable segment
from discontinued operation
已終止業務可報告分部
之分部負債
Total segment liabilities
分部負債總額
Unallocated:
未分配：
— Provision for taxation
— 稅項撥備
— Deferred tax liabilities
— 遞延稅項負債
— Corporate liabilities
— 企業負債
Total liabilities as per condensed
consolidated statement of financial
position
簡明綜合財務狀況表
所呈列負債總額		 4,013,411
275,190		 3,903,459
279,828
4,288,601
10,023		 4,183,287
3,704
4,298,624 4,186,991
430,849
68,459		 347,652
70,856
499,308
49,456
510,810
176,845		 418,508
49,456
454,341
8,317
1,236,419 930,622

23

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

4. SEGMENT REPORTING (continued)

(b) Reconciliation of reportable segment revenue, profit or loss, assets and liabilities:

4. 分部報告 （續）

(b) 可報告分部收入、溢利或虧損、 資產及負債之對賬： （續）

(continued)

(iv) Other material items

(iv) 其他重要項目

For the six months ended 30 September 2011 (Unaudited)
截至二零一一年九月三十日止六個月（未經審核）
Continuing operations
Discontinued operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Unallocated
Sub-total
Chita forests
operation
Unallocated
Sub-total
Total
可持續森林管理
伐木服務
中山業務
未分配
小計
赤塔森林業務
未分配
小計
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元		 For the six months ended 30 September 2011 (Unaudited)
截至二零一一年九月三十日止六個月（未經審核）
Continuing operations
Discontinued operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Unallocated
Sub-total
Chita forests
operation
Unallocated
Sub-total
Total
可持續森林管理
伐木服務
中山業務
未分配
小計
赤塔森林業務
未分配
小計
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
Depreciation
折舊
Interest expenses
利息開支
Interest income
利息收入		 639
2
7
139
787
633
—
—
3,365
3,998
312
—
—
1
313		 —
—
—
787
—
—
—
3,998
—
—
—
313
For the six months ended 30 September 2010 (Unaudited)
截至二零一零年九月三十日止六個月（未經審核）
Continuing operations
Discontinued operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Unallocated
Sub-total
Chita forests
operation
Unallocated
Sub-total
Total
可持續森林管理
伐木服務
中山業務
未分配
小計
赤塔森林業務
未分配
小計
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元		 For the six months ended 30 September 2010 (Unaudited)
截至二零一零年九月三十日止六個月（未經審核）
Continuing operations
Discontinued operation
持續經營業務
已終止業務
Sustainable
forest
management
Tree felling
service
Zhongshan
operation
Unallocated
Sub-total
Chita forests
operation
Unallocated
Sub-total
Total
可持續森林管理
伐木服務
中山業務
未分配
小計
赤塔森林業務
未分配
小計
總計
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
Depreciation
折舊
Interest expenses
利息開支
Interest income
利息收入		 437
—
—
166
603
3,986
—
—
520
4,506
793
—
—
—
793		 —
—
—
603
113
—
113
4,619
—
—
—
793

(c) Revenue from major products and services:

(c) 來自主要產品及服務之收入：

For the six months ended 30 September

截至九月三十日止六個月

截至九月三十日止六個月 截至九月三十日止六個月
Continuing operations
持續經營業務		 Discontinued operation
已終止業務		 Consolidated
綜合
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）
Sales of forestry and timber
products
出售木材及木料產品
Tree felling service income
伐木服務收入		 88,455
—		 10,502
330,276		 —
—		 —
—		 88,455
—		 10,502
330,276
88,455 340,778 — — 88,455 340,778

24

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

5. REVENUE

Revenue represents the invoiced value of goods sold, net of allowances for returns and trade discounts and revenue.

5. 收入

收入指經扣除退貨及商業折扣備抵後出售 貨品之發票淨值及收入。

An analysis of revenue is as follows:

收入分析如下：

For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
88,455
10,502
—
—
88,455
10,502
—
330,276
—
—
—
330,276
88,455
340,778
—
—
88,455
340,778		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
88,455
10,502
—
—
88,455
10,502
—
330,276
—
—
—
330,276
88,455
340,778
—
—
88,455
340,778		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
88,455
10,502
—
—
88,455
10,502
—
330,276
—
—
—
330,276
88,455
340,778
—
—
88,455
340,778		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
88,455
10,502
—
—
88,455
10,502
—
330,276
—
—
—
330,276
88,455
340,778
—
—
88,455
340,778		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
88,455
10,502
—
—
88,455
10,502
—
330,276
—
—
—
330,276
88,455
340,778
—
—
88,455
340,778		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
88,455
10,502
—
—
88,455
10,502
—
330,276
—
—
—
330,276
88,455
340,778
—
—
88,455
340,778
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Sales of forestry and timber products
出售木材及木料產品
Tree felling service income
伐木服務收入		 88,455
—		 10,502
330,276		 —
—		 —
—		 88,455
—		 10,502
330,276
88,455 340,778 — — 88,455 340,778

6. OTHER INCOME AND OTHER NET LOSS

6. 其他收入及其他虧損淨額

For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
14
9
234
307
248
316
3,701
3,056
—
—
3,701
3,056
3,715
3,065
234
307
3,949
3,372
31,466
—
4,050
—
35,516
—		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
14
9
234
307
248
316
3,701
3,056
—
—
3,701
3,056
3,715
3,065
234
307
3,949
3,372
31,466
—
4,050
—
35,516
—		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
14
9
234
307
248
316
3,701
3,056
—
—
3,701
3,056
3,715
3,065
234
307
3,949
3,372
31,466
—
4,050
—
35,516
—		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
14
9
234
307
248
316
3,701
3,056
—
—
3,701
3,056
3,715
3,065
234
307
3,949
3,372
31,466
—
4,050
—
35,516
—		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
14
9
234
307
248
316
3,701
3,056
—
—
3,701
3,056
3,715
3,065
234
307
3,949
3,372
31,466
—
4,050
—
35,516
—		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
14
9
234
307
248
316
3,701
3,056
—
—
3,701
3,056
3,715
3,065
234
307
3,949
3,372
31,466
—
4,050
—
35,516
—
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Other income
其他收入
Rental income
租金收入
Others
其他
Other net loss
其他虧損淨額
Net exchange loss
匯兌虧損淨額		 14
3,701		 9
3,056		 234
—		 307
—		 248
3,701		 316
3,056
3,715 3,065 234 307 3,949 3,372
31,466 — 4,050 — 35,516 —

25

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

7. LOSS ON BUSINESS DISRUPTION

7. 業務干擾之虧損

For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
114,274
—
245,682
—
(12,838)
—
347,118
—		 For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
114,274
—
245,682
—
(12,838)
—
347,118
—
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Write off of trade receivables
撇銷應收貿易款項
Write down of inventories
撇減存貨
Reversal of service fee payables
撥回服務費應付款項		 114,274
245,682
(12,838)		 —
—
—
347,118 —

In November 2009, Universal Timber Resources Do Brasil Participacao LTDA (“UTRB”), a wholly-owned subsidiary of the Company and a main contractor being an independent third party of the Group (“Main Contractor”) entered into a service agreement, pursuant to which the Main Contractor engaged UTRB to provide tree felling services in the hydropower plant in Rondonia, Brazil. The main contract was signed between the operator of the hydropower plant and the Main Contractor.

於二零零九年十一月，本公司全資附屬公 司 Universal Timber Resources Do Brasil Participacao LTDA（「UTRB」）與主承包商 （「主承包商」，為本集團之獨立第三方）訂 立服務協議，據此，主承包商委聘 UTRB 在 巴西朗多尼亞州之水力發電廠提供伐木服 務。水力發電廠之經營者與主承包商簽訂 主合約。

In May 2010, the alleged agent (“Alleged Agent”) of the Main Contractor’s owner started negotiation with UTRB for the proposed sale of the equity interest of the Main Contractor to UTRB (the “Proposed Deal”). UTRB was not satisfied with the results of due diligence exercise on the Main Contractor and the Alleged Agent failed to provide proper authorization document from the equityowner of the Main Contractor to proceed with the Proposed Deal. As such, the Proposed Deal did not materialize.

  • 於二零一零年五月，主承包商擁有人之 指稱代理（「指稱代理」）開始與 UTRB 就向 UTRB 建議銷售主承包商之股本權益（「建議 交易」）進行磋商。UTRB 對主承包商之盡職 審查結果並不滿意，而指稱代理無法提供 由主承包商之權益擁有人發出之適當授權 文件以進行建議交易。因此，建議交易無 法實現。

Since around February 2011, UTRB and some of the senior officers of the Company have been receiving threatening emails and phone calls from the Alleged Agent extorting money including that payable under the Proposed Deal. It is also believed that the Alleged Agent has published or procured the publication on internet and articles posing serious accusations against the Group on its integrity and manner of doing business.

大概自二零一一年二月以來，UTRB 及本公 司若干高級職員一直接獲指稱代理勒索金 錢之恐嚇電郵及電話，包括建議交易項下 之應付款項。本集團亦相信指稱代理曾於 互聯網上發表或促成發表文章，對本集團 之誠信及營商手法提出嚴重指控。

26

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

7. LOSS ON BUSINESS DISRUPTION (continued)

As a result of the above events (“Events”), UTRB made a police report with the Sao Paulo State Police Department on 10 October 2011. The alleged accusations against the Group and its business have adversely affected the reputation, business and operation of the Group in Rondonia. Further, since the occurrence of the above Events, the relationship between the Group and the Main Contractor deteriorated. In August 2011, unrelated to the Events and the operation of the Group in the power plant, hydropower plant operator terminated the main contract with the Main Contractor. Thereafter, UTRB were rejected access to the hydropower plant. As at 30 September 2011, inventories amounting to HK$246 million kept inside the hydropower plant.

7. 業務干擾之虧損 （續）

鑑於上述事件（「事件」），UTRB 於二零一一 年十月十日向聖保羅警處報案。該等對本 集團及其業務作出之聲稱指控已對本集團 於朗多尼亞州之聲譽、業務及營運構成不 利影響。此外，自從發生上述事件，本集 團與主承包商之關係惡化。於二零一一年 八月，在與事件及本集團經營發電廠無關 之情況下，水力發電廠之經營者終止與主 承包商訂立之主合約。其後，UTRB 被拒絕 進入水力發電廠。於二零一一年九月三十 日，合共港幣 246,000,000 元之存貨存放於 水力發電廠內。

In March 2011, the Group sold logs located inside the hydropower plant at total sale prices of approximately HK$114 million to some PRC customers. The abovementioned sold logs at the hydropower plant were part of the goods sold under these sales contracts which also included other timber products from Africa and USA. The sold logs remained inside the hydropower plant up to the time when UTRB was denied access to the hydropower plant in September 2011. For goodwill with these PRC customers, the Group negotiated and agreed with PRC customers that it will not demand for payment of the outstanding trade receivables in the sum of HK$114 million relating to the logs kept at the hydropower plant.

於二零一一年三月，本集團以總售價約港 幣 114,000,000 元向若干中國客戶出售存放 於水力發電廠內之原木。上述所出售存放 於水力發電廠之原木為該等銷售合約項下 之部分出售貨品，另外亦包括非洲及美國 之其他木材產品。所出售之原木一直存放 於水力發電廠內，直至 UTRB 於二零一一年 九月被拒絕進入水力發電廠。基於與此等 中國客戶關係良好，本集團與中國客戶協 商及同意本集團將不會要求客戶支付存放 於水力發電廠之原木合共港幣 114,000,000 元之應收貿易賬款。

The Group is consulting legal counsels for the possible civil legal actions against the Alleged Agent and/or the Main Contractor in relations to the above Events and the blockage on the Group to operate in the hydropower plant. In light of the above matters which may adversely affect the Group’s operations and prospects in Rondonia, the Group decided to write off HK$246 million for the full carrying value of the logs and the trade receivables with PRC customers of HK$114 million during the interim period ended 30 September 2011.

本集團現正諮詢法律顧問之意見，可能就 該等事件及本集團被阻撓於水力發電廠營 運向指稱代理及╱或主承包商提出民事法 律訴訟。考慮到上述事宜可能對本集團於 朗多尼亞州之業務及前景構成不利影響， 本集團決定於截至二零一一年九月三十 日止中期期間撇銷原木全部賬面值港幣 246,000,000 元及中國客戶應收貿易款項港 幣 114,000,000 元。

27

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

8. (LOSS)/PROFIT BEFORE TAXATION

The Group’s (loss)/profit before taxation is arrived at after charging/ (crediting):

8. 除稅前（虧損）╱溢利

本集團除稅前（虧損）╱溢利乃經扣除╱（計 入）下列各項後得出：

For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）
(a) Net finance costs
(a) 融資費用淨額
Finance income
融資收入
Finance costs
融資費用
Interest on bank and other borrowings
wholly repayable within five years
須於五年內悉數
償還銀行及
其他借貸之利息
Interest on promissory notes
承付票據之利息
Interest on amounts due to shareholders
應付股東款項
之利息
Interest on amounts due to
related parties
應付關連人士款項
之利息
Finance charges on obligations
under finance leases
融資租約承擔
之融資開支
Total interest expenses on financial
liabilities not at fair value through
profit or loss
並非按公平值計入
損益賬之財務負債
之利息開支總額
(b) Staff costs (including Directors’
remuneration)
(b)員工成本（包括
董事薪酬）
Salaries, wages and other benefits
薪金、工資及
其他福利
Pension scheme contributions
公積金計劃供款
Equity-settled share-based
payment expenses
以股權結算以股份
支付開支		 (313)
627
64
3,301
—
6
3,998		 (793)
1,120
520
2,176
690
—
4,506		 —
—
—
—
—
—
—		 —
113
—
—
—
—
113		 (313)
627
64
3,301
—
6
3,998		 (793)
1,233
520
2,176
690
—
4,619
3,685 3,713 — 113 3,685 3,826
21,114
233
4,076		 16,054
159
20,588		 —
—
—		 —
—
—		 21,114
233
4,076		 16,054
159
20,588
25,423 36,801 — — 25,423 36,801

28

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

8. (LOSS)/PROFIT BEFORE TAXATION (continued)

8. 除稅前（虧損）╱溢利 （續）

For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
71,718
18,065
—
—
71,718
18,065
787
603
—
—
787
603
—
—
—
9,887
—
9,887
2,108
1,510
—
—
2,108
1,510
5
—
—
—
5
—
550
407
—
—
550
407		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
71,718
18,065
—
—
71,718
18,065
787
603
—
—
787
603
—
—
—
9,887
—
9,887
2,108
1,510
—
—
2,108
1,510
5
—
—
—
5
—
550
407
—
—
550
407		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
71,718
18,065
—
—
71,718
18,065
787
603
—
—
787
603
—
—
—
9,887
—
9,887
2,108
1,510
—
—
2,108
1,510
5
—
—
—
5
—
550
407
—
—
550
407		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
71,718
18,065
—
—
71,718
18,065
787
603
—
—
787
603
—
—
—
9,887
—
9,887
2,108
1,510
—
—
2,108
1,510
5
—
—
—
5
—
550
407
—
—
550
407		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
71,718
18,065
—
—
71,718
18,065
787
603
—
—
787
603
—
—
—
9,887
—
9,887
2,108
1,510
—
—
2,108
1,510
5
—
—
—
5
—
550
407
—
—
550
407		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
71,718
18,065
—
—
71,718
18,065
787
603
—
—
787
603
—
—
—
9,887
—
9,887
2,108
1,510
—
—
2,108
1,510
5
—
—
—
5
—
550
407
—
—
550
407
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
(c) Other items
(c)其他項目
Cost of inventories sold
已售出之存貨成本
Depreciation
折舊
Write off of intangible assets
撇銷無形資產
Minimum lease payments under
operating leases for land and
buildings (including Directors’
quarters)
土地及樓宇（包括
董事宿舍）經營
租約之最低租金
Auditor’s remuneration
核數師酬金
— audit services
— 審核服務
— other services
— 其他服務		 71,718
787
—
2,108
5
550		 18,065
603
—
1,510
—
407		 —
—
—
—
—
—		 —
—
9,887
—
—
—		 71,718
787
—
2,108
5
550		 18,065
603
9,887
1,510
—
407

  • Cost of inventories sold includes depreciation of HK$212,000 (2010: HK$116,000) and staff costs of HK$2,188,000 (2010: HK$3,505,000), the amount of which is also included in the respective total amounts disclosed separately above.

  • 已售出之存貨成本包括折舊港幣 212,000 元（二零一零年：港幣 116,000 元）及員工 成本港幣 2,188,000 元（二零一零年：港幣 3,505,000 元），有關款項亦已包括在上文分 別披露之相關總額當中。

29

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

9. INCOME TAX

Income tax in the condensed consolidated income statement represents:

9. 所得稅

簡明綜合收益表之所得稅代表：

For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
—
32,518
—
—
—
32,518
59,277
24,368
—
(594)
59,277
23,774
59,277
56,886
—
(594)
59,277
56,292		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
—
32,518
—
—
—
32,518
59,277
24,368
—
(594)
59,277
23,774
59,277
56,886
—
(594)
59,277
56,292		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
—
32,518
—
—
—
32,518
59,277
24,368
—
(594)
59,277
23,774
59,277
56,886
—
(594)
59,277
56,292		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
—
32,518
—
—
—
32,518
59,277
24,368
—
(594)
59,277
23,774
59,277
56,886
—
(594)
59,277
56,292		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
—
32,518
—
—
—
32,518
59,277
24,368
—
(594)
59,277
23,774
59,277
56,886
—
(594)
59,277
56,292		 For the six months ended 30 September
截至九月三十日止六個月
Continuing operations
Discontinued operation
Consolidated
持續經營業務
已終止業務
綜合
2011
2010
2011
2010
2011
2010
二零一一年
二零一零年
二零一一年
二零一零年
二零一一年
二零一零年
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
港幣千元
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
（未經審核）
—
32,518
—
—
—
32,518
59,277
24,368
—
(594)
59,277
23,774
59,277
56,886
—
(594)
59,277
56,292
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Current tax
即期稅項
— Hong Kong Profits Tax
— 香港利得稅
Deferred tax
遞延稅項
— Origination and (reversal) of
temporary differences
— 所產生及（撥回）
暫時差額		 —
59,277		 32,518
24,368		 —
—		 —
(594)		 —
59,277		 32,518
23,774
59,277 56,886 — (594) 59,277 56,292
  • Hong Kong Profits Tax is calculated at 16.5% (2010: 16.5%) of the estimated assessable profits arising in Hong Kong. Brazil income tax has been provided at the rate of 34% of the estimated assessable profits arising in Brazil. Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.

香港利得稅根據於香港產生之估計應課稅 溢利按稅率 16.5%（二零一零年：16.5%） 計算。巴西所得稅根據於巴西產生之估計 應課稅溢利按稅率 34% 計提撥備。於其他 司法權區產生之稅項按相關司法權區之適 用稅率計算。

10. DISCONTINUED OPERATION

For the six months ended 30 September 2010 and 2011

  • (i) In February 2010, the Group has commenced negotiations to dispose of the Chita forests operation in Russia. In October 2010, the Group set up Ally Rise Limited, a wholly-owned subsidiary of the Company incorporated in British Virgin Islands, as an immediate holding company of the Russian subsidiary, namely OOO “Zabaikalskaya lesnaya kompaniya” (“ZLK”) which held 99.95% equity interest in OOO “Novoles” (“Novoles”) (collectively “ZLK Group”). ZLK Group was principally engaged in the forestry business in Russia.

10. 已終止業務

截至二零一零年及二零一一年九月 三十日止六個月

  • (i) 於二零一零年二月，本集團開始商討 出售俄羅斯之赤塔森林業務。於二零 一零年十月，本集團成立合昇有限 公司（於英屬處女群島註冊成立之本 公司全資附屬公司），作為俄羅斯附 屬公司 OOO “Zabaikalskaya lesnaya kompaniya”（「ZLK」）（其持有 OOO “Novoles” （「Novoles」）99.95% 股本 權益，統稱「ZLK 集團」）的直接控股 公司。ZLK 集團主要在俄羅斯從事林 業業務。

30

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

10. DISCONTINUED OPERATION (continued)

For the six months ended 30 September 2010 and 2011 (continued)

  • (i) (continued)

On 6 October 2011, Amplewell Holdings Limited (“Amplewell”), a wholly-owned subsidiary of the Company, entered into a disposal agreement with Source Bright Limited, an independent third party, to dispose of the Group’s entire equity interest in issued share capital of Ally Rise Limited which held 100% equity interest in ZLK (collectively “Ally Rise Group”). The expected completion date for disposal is before 31 March 2012.

  • (ii) The operations of Ally Rise Group were classified as discontinued operation and the losses arising from discontinued operation are analysed as follows:

10. 已終止業務 （續） 截至二零一零年及二零一一年九月 三十日止六個月 （續）

  • (i) （續）

於二零一一年十月六日，本公司全資 附屬公司沛源控股有限公司（「沛源」） 與獨立第三方煒源有限公司訂立出售 協議，以出售本集團於合昇有限公司 之已發行股本全部股本權益。合昇有 限公司持有 ZLK 之 100% 股本權益（統 稱「合昇集團」）。出售之預計完成日 期為二零一二年三月三十一日之前。

  • (ii) 合昇集團之業務分類為已終止業務， 而已終止業務產生之虧損分析如下：
For the six months ended
30 September
截至九月三十日止六個月
Chita forests operation
赤塔森林業務
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
—
—
—
—
—
—
234
307
(4,050)
—
(1,552)
(12,107)
(5,368)
(11,800)
—
(113)
(5,368)
(11,913)
—
594
(5,368)
(11,319)
(5,368)
(11,309)
—
(10)
(5,368)
(11,319)		 For the six months ended
30 September
截至九月三十日止六個月
Chita forests operation
赤塔森林業務
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
—
—
—
—
—
—
234
307
(4,050)
—
(1,552)
(12,107)
(5,368)
(11,800)
—
(113)
(5,368)
(11,913)
—
594
(5,368)
(11,319)
(5,368)
(11,309)
—
(10)
(5,368)
(11,319)
Note
附註		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Revenue
收入
5
Cost of sales
銷售成本
Gross profit
毛利
Other income
其他收入
6
Other net loss
其他虧損淨額
6
Administrative expenses
行政支出
Loss from operations
經營虧損
Finance costs
融資費用
Loss before taxation
除稅前虧損
8
Income tax
所得稅
9
Loss from discontinued operation
已終止業務之虧損
Attributable to:
應佔：
Owners of the Company
本公司擁有人
Non-controlling interests
非控制性權益		 —
—		 —
—
—
234
(4,050)
(1,552)		 —
307
—
(12,107
(5,368)
—		 (11,800
(113
(5,368)
—		 (11,913
594
(5,368) (11,319
(5,368)
—		 (11,309
(10
(5,368) (11,319

11. DIVIDENDS

The Directors do not recommend the payment or declaration of any dividend for both six months ended 30 September 2010 and 30 September 2011 respectively.

11. 股息

董事於兩個分別截至二零一零年九月三十 日及二零一一年九月三十日止六個月建議 不派發或宣派任何股息。

31

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

12. (LOSS)/EARNINGS PER SHARE

(a) From continuing and discontinued operations

The calculation of the basic and diluted (loss)/earnings per share is based on the following data:

12. 每股（虧損）╱盈利

(a) 持續經營業務及已終止業務 每股基本及攤薄（虧損）╱盈利乃根 據以下數據計算：

For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(244,492)
183,442
’000
’000
千股
千股
5,204,640
2,901,729
1,657,430
3,424,211
7,691
—
6,869,761
6,325,940		 For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
(244,492)
183,442
’000
’000
千股
千股
5,204,640
2,901,729
1,657,430
3,424,211
7,691
—
6,869,761
6,325,940
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
(Loss)/Earnings
（虧損）╱盈利
(Loss)/earnings for the purpose of basic and
diluted (loss)/earnings per share
用以計算每股基本及攤薄
（虧損）╱盈利之（虧損）╱盈利
— (Loss)/profits attributable to the owners of
the Company
— 本公司擁有人應佔
（虧損）╱溢利
Number of shares
股份數目
Weighted average number of ordinary shares for
the purposes of basic (loss)/earnings per share
用以計算每股基本（虧損）╱盈利
之普通股加權平均數
Effect of dilutive potential ordinary shares
arising from conversion of convertible
preference shares
兌換可換股優先股份產生
之潛在攤薄普通股之影響
Effect of dilutive potential ordinary shares arising
from exercise of share options
行使購股權產生之潛在
攤薄普通股之影響
Weighted average number of ordinary shares
for the purposes of diluted (loss)/earnings
per share
用以計算每股攤薄（虧損）╱
盈利之普通股加權平均數		 (244,492) 183,442
’000
千股
5,204,640
1,657,430
7,691		 ’000
千股
2,901,729
3,424,211
—
6,869,761 6,325,940

The share options had no dilutive effect on the basic earnings per share for the six months ended 30 September 2010.

購股權對截至二零一零年九月三十 日止六個月之每股基本盈利並無攤 薄影響。

32

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

12. (LOSS)/EARNINGS PER SHARE (continued)

(b) For continuing operations

The calculation of basic and diluted (loss)/earnings per share from continuing operations attributable to the owners of the Company is based on the following data:

12. 每股（虧損）╱盈利 （續）

(b) 持續經營業務

本公司擁有人應佔來自持續經營業務 之每股基本及攤薄（虧損）╱盈利乃根 據以下數據計算：

(Loss)/Earnings （虧損）╱盈利 (Loss)/Profits attributable to the owners of 本公司擁有人應佔 the Company （虧損）╱溢利

For the six months ended 30 September 截至九月三十日止六個月 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 港幣千元 港幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） (239,124) 194,778

The denominators used are the same as those detailed above for basic and diluted (loss)/earnings per share from continuing and discontinued operations.

所用分母與上文詳述來自持續經營業 務及已終止業務之每股基本及攤薄 （虧損）╱盈利所使用者相同。

(c) For discontinued operation

Basic and diluted loss per share for the discontinued operation is HK$0.11 cents per share (2010: HK$0.39 cents per share) which is based on the loss from the discontinued operation of HK$5,368,000 (2010: HK$11,309,000) and the denominators used are the same as those detailed above for basic and diluted (loss)/earnings per share from continuing and discontinued operations.

(c) 已終止業務

  • 已終止業務之每股基本及攤薄虧損為 每股港幣 0.11 仙（二零一零年：每股 港幣 0.39 仙），乃根據已終止業務之 虧損港幣 5,368,000 元（二零一零年： 港幣 11,309,000 元）計算，而所用分 母與上文所詳述來自持續經營業務 及已終止業務之每股基本及攤薄（虧 損）╱盈利所用者相同。

(d) Diluted loss per share

Diluted loss per share is equal to the basic loss per share for the six months ended 30 September 2010 and 2011 because the outstanding convertible preference shares and the share options had an anti-dilutive effect on the basic loss per share.

(d) 每股攤薄虧損

  • 截至二零一零年及二零一一年九月 三十日止六個月之每股攤薄虧損相等 於每股基本虧損，此乃由於尚未行使 可換股優先股份及購股權對每股基本 虧損具反攤薄作用。

33

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

13. PROPERTY, PLANT AND EQUIPMENT

(a) Acquisitions and disposals

During the six months ended 30 September 2011, the Group acquired property, plant and equipment of HK$607,000 (2010: HK$930,000) including property, plant and equipment of HK$127,000 acquired through subsidiaries (2010: Nil).

13. 物業、廠房及設備 (a) 收購及出售

截至二零一一年九月三十日止六個 月，本集團購入港幣 607,000 元（二 零一零年：港幣930,000元）之物業、 廠房及設備，包括透過附屬公司所收 購港幣 127,000 元（二零一零年：無） 之物業、廠房及設備。

During the six months ended 30 September 2010, motor vehicles with carrying amount of HK$195,000 was disposed of, resulting in a loss on disposal of HK$105,000.

截至二零一零年九月三十日止六個 月，出售賬面值港幣 195,000 元之汽 車導致出售虧損港幣 105,000 元。

  • (b) Certain motor vehicles are pledged to banks for certain banking facilities granted to the Group as disclosed in note 21.

  • (b) 若干汽車已就附註 21 所披露授予本 集團之若干銀行融資抵押予銀行。

14. INTANGIBLE ASSETS

14. 無形資產

HK$’000 港幣千元

Cost
成本
At 1 April 2010 and 31 March 2011 (Audited)
於二零一零年四月一日及
二零一一年三月三十一日（經審核）
Acquisition of subsidiaries (Note 28)
收購附屬公司（附註28）
At 30 September 2011 (Unaudited)
於二零一一年九月三十日（未經審核）
Accumulated amortisation
累計攤銷
At 1 April 2010 and 31 March 2011 (Audited)
於二零一零年四月一日及
二零一一年三月三十一日（經審核）
Charge for the period
期內攤銷
At 30 September 2011 (Unaudited)
於二零一一年九月三十日（未經審核）
Carrying amount
賬面值
At 30 September 2011 (Unaudited)
於二零一一年九月三十日（未經審核）
At 31 March 2011 (Audited)
於二零一一年三月三十一日（經審核）		 —
199,967
199,967
—
—
—
199,967
—

The Group acquired the patent for the “curved floor panels”, outstanding sales contracts, favourable leasing contracts and the registered trademark “新綠洲” through the acquisition of Originate Tech Global Investments Limited (“Originate Tech”) and its subsidiaries (collectively the “Originate Tech Group”) on 2 August 2011 as disclosed in Note 28.

誠如附註 28 所披露，於二零一一年八月二 日，本集團透過收購創科環球投資有限公 司（「創科」）及其附屬公司（統稱「創科集團」） 取得「曲線地板」之專利權、未完成銷售合 約、有利租賃合約及註冊商標「新綠洲」。

34

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011截至二零一一年九月三十日止六個月 For the six months ended 30 September 2011截至二零一一年九月三十日止六個月 For the six months ended 30 September 2011截至二零一一年九月三十日止六個月
15. BIOLOGICAL ASSETS 15.生物資產
HK$’000
港幣千元
At 1 April 2010 (Audited) 於二零一零年四月一日（經審核） 833,323
Changes in fair value less costs to sell 公平值變動減銷售成本 250,243
Exchange movement 匯兌變動 89,584
At 31 March 2011 (Audited) 於二零一一年三月三十一日（經審核） 1,173,150
Changes in fair value less costs to sell 公平值變動減銷售成本 244,192
Harvested timber logs transferred to inventories 已砍伐木材轉入存貨 (4,568)
Exchange movement 匯兌變動 (143,193)
At 30 September 2011 (Unaudited) 於二零一一年九月三十日（未經審核） 1,269,581

The Group’s forest assets, acquired through the business combination of Amplewell and its subsidiaries, are located in the Northwest of Brazil, the State of Acre, Amazon Region (the “Brazil Forest”). As at 30 September 2011, the biological assets represented natural tropical forests. The total area of the Brazil Forest is approximately 44,500 hectares. Under the environmental laws in Brazil, 15% or 6,675 hectares of the Brazil Forest area is the permanent preservation area and therefore is restricted from logging. At least 80% of the remaining area is designated as the sustainable forest management area and the balance is the permissible clear cut area that has no restriction on felling under the environmental laws of Brazil. In the sustainable forest management area, minimum impact logging techniques are used and forests are managed in a sustainable manner which means that the harvesting rate is below the overall natural growth of the forest. The main objective in sustainable forest management program is to ensure the substance of the forests be preserved. The maximum logging rate allowed under relevant regulations governing sustainable forest management is 30m[3] per hectare, on average, over a 25 to 30-year harvesting cycle.

本集團透過沛源及其附屬公司之業務合併 收購之森林資產位於巴西西北部之亞克 裏州亞馬遜叢林區（「巴西森林」）。於二零 一一年九月三十日，生物資產指天然熱帶 森林。巴西森林之總面積約 44,500 公頃。 根據巴西之環保法律，巴西森林面積之 15% 或 6,675 公頃為永久保護區，故此嚴 禁砍伐。餘下範圍最少 80% 指定作為可持 續森林管理區，根據巴西環保法，餘下範 圍屬並無砍伐限制之砍伐區。在可持續森 林管理範圍內，已採用構成最低影響之砍 伐技術，而森林乃以可持續之方式管理， 保持砍伐比率低於森林整體天然增長。可 持續森林管理計劃之主要目的為確保森林 之主要物質得以保留。根據可持續森林管 理之相關監管規例，最高砍伐率為二十五 至三十年之砍伐周期內平均每公頃 30 立方 米。

35

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

15. BIOLOGICAL ASSETS (continued)

The Brazil Forest was independently valued by Greater China Appraisal Limited (“GCA”). GCA has experience in valuating similar forestry assets. GCA has adopted a discounted cash flow methodology in valuating the Brazil Forest. The following are the major assumptions used in the valuation:

15. 生物資產 （續）

  • 巴西森林由漢華評值有限公司（「漢華評值」） 獨立評估。漢華評值具有評估類似森林資 產之經驗。漢華評值於評估巴西森林時已 採用貼現現金流量法。以下為評估所用主 要假設：

  • (i) a logging volume of 21.5m[3] per hectare in the sustainable forest management program area.

  • (i) 可持續森林管理計劃範圍之砍伐量為 每公頃 21.5 立方米。

  • (ii) a discount rate of 14.2% based on the data and factors relevant to the economy of Brazil, the industry of forest business and the harvestable resources in the Brazil Forest, and the weighted average cost of capital.

  • (ii) 折現率 14.2% 乃按照與巴西經濟、林 業業務行業概況、於巴西森林之砍伐 資源有關之數據及因素以及資本加權 平均成本釐定。

  • (iii) for the first 30-year cycle, harvesting activities has begun in the second half of 2011 and expected to be completed in 8 years. Revenue or costs from subsequent harvesting cycles are not taken into account.

  • (iii) 首三十年周期砍伐活動已自二零一一 年下半年開始，預期於八年內結束。 並無計及往後砍伐周期之收入或成 本。

  • (iv) average log price growth at 3% per annum in the next 7 years. The expected long term growth rate was estimated by reference to the Consumer Price Index in USA.

  • (iv) 未來七年之平均原木價格增幅為每年 3%。預期長期增長率乃參考美國消 費物價指數所作出估計得出。

  • (v) the Group will obtain Forest Stewardship Council (“FSC”) certification in 2012. FSC certification demonstrates fulfillment of social and ecological criteria, while increasing the prices achievable for timber products. Based on current market practices, the Directors estimate that the Group can enjoy a price premium of 15% over non FSC timber products from 2012 when the Group obtains the FSC certification.

  • (v) 本集團將於二零一二年取得森林管理 委員會（「FSC」）認證，FSC 認證反映 符合社會及生態標準，同時可提升木 材產品售價。按現時市場慣例，董事 估計本集團於二零一二年取得 FSC 認 證後可享有較非 FSC 木材產品高出 15% 之溢價。

The Group is exposed to a number of risks related to its natural forest.

本集團就其天然森林面對多項風險。

(i) Regulatory and environmental risks

The Group is subject to laws and regulations in Brazil in which it operates. The Group has established environmental policies and procedures aimed at compliance with local environmental and other laws. Management performs regular reviews to identify environmental risks and to ensure that the systems in place are adequate to manage those risks. The Directors are not aware of any environmental liabilities as at 30 September 2011.

(i) 監管及環境風險

  • 本集團受其業務所在之巴西法例及規 例規管。本集團已制定環境政策及程 序，旨在遵守地方環保及其他法例。 管理層定期進行檢討，以識別環境風 險及確保現行制度足以管理有關風 險。於二零一一年九月三十日，董事 並不知悉有任何環境負債。

(ii) Supply and demand risk

The Group is exposed to risks arising from fluctuations in the price and sales volume of logs. When possible the Group manages this risk by controlling its harvesting volume, according to market conditions. Management performs regular industry trend analysis to ensure the Group’s pricing policy is comparable to the market and the projected harvesting volumes are consistent with the expected demand.

(ii) 供求風險

  • 本集團面對木材價格及銷量波動產生 之風險。在可行情況下，本集團根據 市況控制其砍伐量以管理此項風險。 管理層定期進行行業趨勢分析，以確 保本集團定價政策可與市場水平比較 及預計砍伐量與預期需求一致。

36

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月 16. GOODWILL 16. 商譽

HK$’000
港幣千元
Cost
成本
At 1 April 2010, 31 March 2011 and
1 April 2011 (Audited)
於二零一零年四月一日、
二零一一年三月三十一日及
二零一一年四月一日（經審核）
Arising from acquisition of subsidiaries (Note 28)
收購附屬公司所產生（附註28）
At 30 September 2011 (Unaudited)
於二零一一年九月三十日（未經審核）		 1,686,883
173,567
1,860,450

Goodwill was allocated to the Group’s cash-generating unit identified according to the operating segments as follows:

商譽分配至根據經營分部識別之本集團現 金產生單位如下：

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核）
Sustainable forest management
可持續森林管理業務
Zhongshan operation
中山業務		 1,686,883
173,567		 1,686,883
—
1,860,450 1,686,883

Sustainable forest management

The recoverable amount of the sustainable forest management segment was determined to be higher than its carrying amount, therefore, there was no impairment loss.

可持續森林管理

可持續森林管理分部之可收回金額乃釐定 為高於其賬面值，因此，並無減值虧損。

The recoverable amount of the sustainable forest management segment cash-generating unit was based on value in use and was determined with the assistance of independent valuer.

可持續森林管理分部現金產生單位之可收 回金額以使用價值為基礎，並在獨立估值 師協助下釐定。

37

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

16. GOODWILL (continued)

Sustainable forest management (continued)

Value-in-use was determined by discounting the future cash flows generated from the continuing use of the unit. The calculation of the value in use was based on the following key assumptions:

16. 商譽 （續） 可持續森林管理 （續）

  • 使用價值乃按貼現來自持續使用該單位之 未來現金流轉釐定。使用價值乃按以下主 要假設計算：

  • Cash flows for sustainable forest management segment were projected based on past experience and financial budget approved by management. Management estimated that the cash flows after 8 years are immaterial to the overall recoverable amount of the unit because the management planned to complete the harvesting and selling activities for the first 30-year cycle of the Brazil Forest within 8 years. Therefore, cash flows after 8 years are not included in the value in use calculations. Cash flows from year 5 to year 8 are extrapolated using an estimated weighted average growth rate of 3%, which is consistent with the expected long term growth rate of Consumer Price Index in USA. Management estimated that there would be a negative growth of 59% in year 9 as a result of the completion of harvesting and selling activities for the first 30-year cycle of the Brazil Forest.

  • 可持續森林管理分部之現金流轉乃按 過往經驗及管理層批准之財務預算 預測。由於管理層計劃於八年內完成 巴西森林之首三十年周期之砍伐及銷 售活動，管理層估計八年後之現金流 轉相對單位之整體可收回金額並不重 大，因此，於計算使用價值時並無計 入八年後之現金流轉。第五年至第八 年之現金流轉使用估計加權平均增長 率 3%，其與美國消費物價指數之預 期長期增長率一致。管理層估計待巴 西森林首三十年周期之砍伐及銷售活 動完成後，於第九年將出現 59% 負 增長。

  • Revenue for sustainable forest management segment was projected based on management’s past experience and their expectations for market development and the harvesting plan.

  • 可持續森林管理分部之收入乃按管理 層之過往經驗及彼等對市場發展及砍 伐計劃之預期作出預測。

  • Timber product average price growth at 3% per annum. The expected long term growth rate was estimated by reference to the Consumer Price Index in USA.

  • 木材產品之平均價格增幅為每年 3%。預計長期增長率乃參考美國消 費物價指數估計得出。

  • A pre-tax discount rate of 19.5% (31 March 2011: 21.2%) based on the data and factors relevant to the economy of Brazil, the forest industry, the timber products in the Brazil Forest, and the weighted average cost of capital.

  • 除稅前貼現率 19.5%（二零一一年三 月三十一日：21.2%）乃根據與巴西 經濟、林業行業以及巴西森林木材產 品相關之數據及因素以及加權平均資 本成本計算。

— The Group will obtain FSC certification in 2012. FSC certification demonstrates fulfillment of social and ecological criteria, while increasing the prices achievable for timber products. Based on current market practices, the Directors estimate that the Group can enjoy a price premium of 15% over non FSC timber products from 2012 when the Group obtains the FSC certification.

  • 本集團將於二零一二年取得 FSC 認 證，FSC 認證顯示符合社會及生態標 準，同時可提升木材產品售價。按現 時市場慣例，董事估計本集團自二零 一二年取得 FSC 認證後，產品價格可 較非 FSC 木材產品高出 15%。

38

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

16. GOODWILL (continued)

Zhongshan operation

The recoverable amount of Zhongshan operation segment was determined to be higher than its carrying amount, therefore, there was no impairment loss.

16. 商譽 （續） 中山業務

中山業務分部之可收回金額乃釐定為高於 其賬面值，因此，並無減值虧損。

The recoverable amount of Zhongshan operation segment cashgenerating unit was based on value in use and was determined with the assistance of independent valuer.

中山業務分部現金產生單位之可收回金額 以使用價值為基礎，並在獨立估值師協助 下釐定。

Value-in-use was determined by discounting the future cash flows generated from the continuing use of the unit. The calculation of the value in use was based on the following key assumptions:

使用價值乃按貼現來自持續使用該單位之 未來現金流轉釐定。使用價值乃按以下主 要假設計算：

  • Cash flows for Zhongshan operation segment were projected based on past experience and financial budget approved by management. Management estimated that the cash flows after 5 years are immaterial to the overall recoverable amount of the unit.

  • 中山業務分部之現金流轉乃根據過往 經驗及管理層批准之財務預算預測。 管理層估計，五年後之現金流轉相對 單位之整體可收回金額並不重大。

  • Revenue for Zhongshan operation segment was projected based on management’s expectation for market development and the existing agreement with customers.

  • 中山業務分部之收入乃按管理層對市 場發展之預期及與客戶之現有協議預 測得出。

  • Timber product average price growth at 3% per annum. The expected long term growth rate was estimated by reference to the Consumer Price Index in USA.

  • 木材產品之平均價格增幅為每年 3%。預計長期增長率乃參考美國消 費物價指數估計得出。

  • A pre-tax discount rate of 21.95% (31 March 2011: NIL) based on the data and factors relevant to the economy of China, and the weighted average cost of capital.

  • 除稅前貼現率 21.95%（二零一一年三 月三十一日：無）乃根據與中國經濟 相關之數據及因素以及加權平均資本 成本計算。

17. INVENTORIES

17. 存貨

INVENTORIES
17.存貨
At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
Timber logs
木材原木
Raw materials
原材料
Work in progress
在製品
Finished goods
製成品		 14,202
4,568
1,327
73		 240,383
865
490
242
20,170 241,980

39

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

18. TRADE AND OTHER RECEIVABLES

Customers are generally not given any credit terms. Letter of credit or advance deposits are required from customers, except for some where sales terms are based on cash on delivery.

18. 應收貿易款項及其他應收款項

一般不會給予客戶任何信貸期。客戶須出 示信用證或預先支付訂金，惟部分客戶的 銷售條款按貨到付現金訂立。

The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management.

本集團對未收回之應收款項實施嚴格控制， 並已設立信貸控制部進行管理，以求盡量 降低信貸風險。高級管理層定期審閱逾期 結餘。

The ageing analysis of the trade receivables as at the reporting date, based on invoice date, was as follows:

於報告日期，按發票日期計算之應收貿易 款項之賬齡分析如下：

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
0 to 30 days
0至30日
31 to 60 days
31至60日
61 to 90 days
61至90日
Over 90 days
90日以上
Trade receivables, net
應收貿易款項淨額
Other receivables
其他應收款項
Prepayment and deposits
預付款項及按金		 52,824
25,176
14
307,148		 512,845
—
827
21
385,162
6,031
16,805		 513,693
1,480
4,116
407,998 519,289

40

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

19. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

In February 2010, the Group commenced negotiations to dispose of the Chita forests operation in Russia as part of its ongoing strategy to seek forest assets or operations with better return on investments, hence improving the value they bring to shareholders. The assets and liabilities attributable to the forestry operation in Russia which are expected to be sold within twelve months, have been classified as assets held for sale and are presented separately in the condensed consolidated statement of financial position.

19. 分類為持作待售之資產及負債

於二零一零年二月，本集團開始就出售俄 羅斯赤塔森林業務進行磋商，作為尋求具 更佳投資回報之森林資產或業務之持續策 略之一部分，從而提升為股東帶來之價值。 預期將於十二個月內出售之俄羅斯林業業 務應佔資產及負債已分類為持作待售資產， 並於簡明綜合財務狀況表內分別呈列。

On 6 October 2011, the Group entered into a disposal agreement with Source Bright Limited to dispose of the Group’s entire equity interest in issued share capital of Ally Rise Limited, which held 100% equity interest in ZLK. The expected completion date for disposal is before March 2012. Under the negotiation between the parties, the selling price of the disposal shall be greater than the book value, as such, the Directors expected that no impairment is necessary.

於二零一一年十月六日，本集團與煒源有 限公司訂立出售協議，以出售本集團於合 昇有限公司已發行股本全部股本權益。合 昇有限公司持有 ZLK 之 100% 股本權益。有 關出售之預計完成日期為於二零一二年三 月前。根據協議方之磋商，出售事項之售 價將高於賬面值，故董事預期毋須作出減 值撥備。

The major classes of assets and liabilities of Chita forests operation in Russia, which have been classified as held for sale at the end of the respective reporting period, are as follows:

於各報告期間結算日，已分類為持作待售 之俄羅斯赤塔森林業務之資產及負債主要 類別如下：

Note
附註		 At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
Property, plant and equipment
物業、廠房及設備
Intangible assets
無形資產
Trade and other receivables
應收貿易款項及
其他應收款項
Amount due from a non-controlling shareholder 應收一名非控股股東款項
(a)
Cash and bank balances
現金及銀行結餘
Assets classified as held for sale
分類為持作待售資產
Trade and other payables
應付貿易款項及
其他應付款項
Other loans, secured
有抵押之其他貸款
(b)
Other loans, unsecured
無抵押之其他貸款
(c)
Deferred tax liabilities
遞延稅項負債
Liabilities associated with assets classified
as held for sale
與分類為持作待售資產
相關之負債		 66,236
152,588
696
55,669
1		 74,019
152,506
505
52,797
1
275,190 279,828
24,935
3,686
2,246
37,592		 26,639
4,131
2,517
37,569
68,459 70,856

41

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

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

(a) Amount due from a non-controlling shareholder

The amount is unsecured and interest-free. In the opinion of the Directors, the amount is expected to be realised within twelve months from the end of the reporting period.

19. 分類為持作待售資產及負債 （續）

(a) 應收一名非控股股東款項

有關款項為無抵押及免息。董事認 為，有關款項預期將自報告期間結算 日起計十二個月內變現。

The amount is guaranteed by a substantial shareholder of the Company, Assure Gain International Limited (“Assure Gain”). Under the guarantee agreement, Assure Gain agrees to dispose sufficient shares in the Company to repay the outstanding amount in the event of default by the noncontrolling shareholder.

該款項由本公司主要股東 Assure Gain International Limited（「Assure Gain」）擔保。根據擔保協議，於非 控股股東拖欠款項之情況下，Assure Gain 同意出售足夠之本公司股份以償 還尚欠金額。

(b) Other loans, secured

The loans were secured by the subsidiary’s building with carrying amount of HK$2,836,000 (31 March 2011: HK$3,139,000) and the personal assets given by a noncontrolling shareholder. The loans are bearing fixed interest rate at 3% to 5% per annum and repayable within one year.

(b) 有抵押之其他貸款

該等貸款以賬面值為港幣 2,836,000 元（二零一一年三月三十一日：港幣 3,139,000 元）之附屬公司樓宇及一名 非控股股東提供之個人資產作抵押。 貸款按固定年利率 3 厘至 5 厘計息， 並須於一年內償還。

(c) Other loans, unsecured

Out of the amount of HK$2,246,000 (31 March 2011: HK$2,517,000), HK$1,220,000 (31 March 2011: HK$1,368,000) is bearing fixed interest rate at 5% per annum, HK$147,000 (31 March 2011: HK$164,000) is interest free and the remaining HK$879,000 (31 March 2011: HK$985,000) is bearing fixed interest rate at 16% per annum.

(c) 無抵押之其他貸款

港幣 2,246,000 元（二零一一年三月 三十一日：港幣 2,517,000 元）之款項 當中，港幣 1,220,000 元（二零一一年 三月三十一日：港幣 1,368,000 元）按 固定年利率 5 厘計息，港幣 147,000 元（二零一一年三月三十一日：港 幣 164,000 元）為免息，而餘額港幣 879,000 元（二零一一年三月三十一 日：港幣 985,000 元）則按固定年利 率 16 厘計息。

42

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

20. TRADE AND OTHER PAYABLES

20. 應付貿易款項及其他應付款項

Note
附註		 At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
Trade payables
應付貿易款項
(a)
Other payables and accruals
其他應付款項及應計費用		 207,510
19,533		 180,231
19,055
227,043 199,286

(a) Trade payables

An ageing analysis of the Group’s trade payables as at the end of the reporting date, based on invoiced date, was as follows:

(a) 應付貿易款項

於報告日期結算日，按發票日期計算 之本集團應付貿易款項之賬齡分析如 下：

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
0 to 30 days
0至30日
31 to 60 days
31至60日
61 to 90 days
61至90日
Over 90 days
90日以上
Total trade payables
應付貿易款項總額		 16,818
19,565
—
171,127		 130,566
—
—
49,665
207,510 180,231

43

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

21. LOANS AND BORROWINGS

21. 貸款及借貸

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）







)
Bank loans, secured
有抵押之銀行貸款
Unsecured interest-bearing loan
無抵押之計息貸款
Carrying amount repayable:
於以下期間須償還之賬面值：
On demand or within one year
應要求或一年內
More than one year but not exceeding
two years
超過一年但不超過兩年
More than two years but not more than
five years
超過兩年但不超過五年
Less: Amounts due within one year shown under
current liabilities
減：流動負債項下列為於
一年內到期之款項
Non-current liabilities
非流動負債		 145
14,028		 304
18,014
14,173 18,318
14,094
—
79		 18,230
—
88
14,173
(14,094)		 18,318
(18,230
79 88

The bank loan of HK$145,000 (31 March 2011: HK$304,000) were secured by the Group’s motor vehicles with a carrying amount of HK$412,000 (31 March 2011: HK$533,000) (Note 13) and is bearing interest at a fixed rate of 20.27% to 23.87% (31 March 2011: 21.27% to 23.87%) per annum.

銀行貸款港幣 145,000 元（二零一一年三月 三十一日：港幣 304,000 元）乃以賬面值為 港幣412,000元（二零一一年三月三十一日： 港幣 533,000 元）之本集團汽車（附註 13） 作抵押，並按固定年利率 20.27 厘至 23.87 厘（二零一一年三月三十一日：21.27 厘至 23.87 厘）計息。

At 30 September 2011, the Group had total banking facilities of HK$145,000 (31 March 2011: HK$304,000) which had been fully utilised.

於二零一一年九月三十日，本集團有銀行 融資總額港幣 145,000 元（二零一一年三月 三十一日：港幣 304,000 元）已悉數動用。

44

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告 For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

22. SEASONALITY OF OPERATIONS

The Group’s forest operations in Brazil is located in the Amazon and is subject to weather conditions during the rainy season ranging roughly from December to April each year. Forest logging activities in the Amazon are substantially scaled down or stopped completely in some areas. Log prices usually increase during the rainy season due to diminished supplies. This affects many sawmill operators that have to stock up logs and tie up significant working capital, but benefits forest owners who can plan ahead to reserve stock pile prior to the start of the rainy season. The Group incorporates this seasonality in its forest management plan to avoid supply shortage as well as to take advantage of seasonal price differentials in logs.

22. 業務之季節性因素

本集團於巴西之林業業務位於亞馬遜，於 雨季受天氣狀況所限制，而雨季一般為每 年十二月至四月，期間亞馬遜森林砍伐活 動規模大幅減少，於若干地區更加完全停 頓。木材價格一般於雨季上升，乃由於供 應減少所致。此影響多家鋸木廠經營者， 令該等經營者須儲起木材及凍結大量營運 資金，但此情況將為森林擁有者帶來好處， 彼等可計劃於雨季前儲備充足木材。本集 團將此季節性因素加入森林管理計劃，以 避免供應短缺，並可受惠於木材季節性價 格變動。

23. CONSIDERATION PAYABLE

23. 應付代價

Note
HK$’000
附註
港幣千元
(Unaudited)
（未經審核）
Long-term portion
長期部分
— Payable by issuance of the third tranche
—透過發行第三批普通代價
ordinary consideration shares
股份之方式支付		 (i)
163,477
(i)
The third tranche ordinary consideration shares to be issued is subject		 (i) 將予發行第三批普通代價股份須達成溢利保
to the fulfillment of the profit guarantee. Pursuant to the acquisition 證。根據沛源（作為買方）及李志雄先生（作
agreement dated 21 March 2011 and entered into between Amplewell 為賣方（「賣方」））就收購創科所訂立日期為
as the purchaser and Mr. Li Zhixiong as the vendor (“Vendor”) regarding 二零一一年三月二十一日之收購協議，賣方
the acquisition of Originate Tech, the Vendor warranted and guaranteed 向本集團保證及擔保，截至二零一二年三月
to the Group that the aggregated audited consolidated net profits after 三十一日、二零一三年三月三十一日及二零
taxation of Originate Tech for the three years ending 31 March 2012, 31 一四年三月三十一日止三個年度（「保證期
March 2013 and 31 March 2014 (“Guarantee Period”) as reflected in the 間」），於創科根據國際財務報告準則編製之
audited consolidated financial statements of the Originate Tech prepared 經審核綜合財務報告所反映之經審核除稅後
in accordance with International Financial Reporting Standards shall 綜合純利總額將不少於港幣300,000,000元，
not be less than HK$300,000,000 and that the consolidated results of 而於保證期間內任何財政年度，經審核綜合
Originate Tech as reflected in the audited consolidated financial statement 財務報告所反映創科之綜合業績將不會錄得
for any of the financial years during the Guarantee Period will not be a net 除稅後淨虧損。
loss after taxation.

The fair value of ordinary consideration shares are based on the published share price of HK$0.42 revised per share as at 2 August 2011.

普通代價股份之公平值乃根據於二零一一年 八月二日已公佈經修訂股價每股港幣 0.42 元 計算。

24. AMOUNTS DUE TO SHAREHOLDERS

The amounts are unsecured, bearing interest at 5% per annum and not repayable within twelve months.

24. 應付股東款項

該等款項為無抵押、按年利率 5 厘計息及 毋須於十二個月內償還。

45

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

25. PROMISSORY NOTES

25. 承付票據

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）


)
At beginning of the period/year
於期╱年初
Accrued effective interests
應計實際利息
Less: Repayment
減：償還
At end of the period/year
於期╱年終		 6,388
64
—		 24,617
847
(19,076
6,452 6,388

On 31 July 2009, the Company issued promissory notes in an aggregate principal amount of HK$232,000,000 as part of the consideration for the acquisition of Amplewell. The promissory notes bear interest at 2% per annum. The interest shall be repaid together with principal in one lump sum upon maturity on 31 January 2011. On 1 September 2010, the Company entered into a letter with the holder of the promissory notes to extend the maturity date of the promissory note to 31 July 2012. On 1 September 2011, further extension to 31 July 2013 was granted from the holder. The promissory notes may be assigned or transferred (in integral multiple of HK$1,000,000) to any third party (other than a connected person as defined in the Listing Rules) subject to the Listing Rules and the applicable laws. The Company may repay all or part of the principle amount and interest at any time prior to the maturity date (i.e. 31 July 2013) by giving the holder not less than seven days’ prior written notice specifying the amount and date of repayment provided that the amount shall be at least HK$1,000,000. Otherwise, the payment of principal and interest payment of promissory notes shall be made in full upon the maturity date.

  • 於二零零九年七月三十一日，本公司發行 本金總額為港幣 232,000,000 元之承付票 據，作為收購沛源之部分代價。承付票據 按年利率 2 厘計息。利息連同本金於二零 一一年一月三十一日到期，屆時一次過償 還。於二零一零年九月一日，本公司與承 付票據持有人訂立一份函件，將承付票據 之到期日延期至二零一二年七月三十一日。 於二零一一年九月一日，獲持有人給予進 一步延期至二零一三年七月三十一日。在 符合上市規則及適用法律之情況下，承付 票據將可以港幣 1,000,000 元之完整倍數出 讓或轉讓予任何第三方，惟上市規則所界 定關連人士除外。本公司可於到期日（即二 零一三年七月三十一日）之前任何時間償還 全部或部分本金額及利息，方式為向持有 人發出不少於七日的事先書面通知，列明 所償還金額及還款日期，惟償還金額須最 少為港幣 1,000,000 元。否則，承付票據之 本金及利息須於到期日清償。

The fair value of the promissory note at the date of issuance was HK$191,911,000, which was determined by GCA. Valuations were made on the basis of effective interest method which is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate used in the calculation of the fair value is 15.74%.

承付票據於發行日期之公平值為港幣 191,911,000 元，乃由漢華評值釐定。估值 乃按實際利率法作出，其為計算財務資產 或財務負債攤銷成本及於相關期間分配利 息收入或利息開支之方法。計算公平值所 用實際利率為 15.74 厘。

46

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告 For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

25. PROMISSORY NOTES (continued)

The promissory notes are held by a substantial shareholder. On 12 April 2010, the Company made repayment of promissory notes with carrying amount of HK$19,076,000 at par value of HK$20,822,000. The excess of the repayment amount over the carrying amount of HK$1,746,000 for the year ended 31 March 2011 was accounted for as a distribution to the shareholder.

25. 承付票據 （續）

承付票據由一名主要股東持有。於二零 一零年四月十二日，本公司按面值港幣 20,822,000 元償還賬面值港幣 19,076,000 元之承付票據。截至二零一一年三月三十一 日止年度，償還金額超出賬面值之金額港幣 1,746,000 元入賬列作股東分派。

Given that the Company has the legal obligation to settle the full face value of the promissory notes for the aforesaid acquisition, the Directors considered that it is a transaction with shareholder in the capacity as owner. The excess shall be accounted for as a deemed capital distribution to the shareholder and charged to the contributed surplus account.

基於本公司有法律責任就上述收購全數償 付承付票據之面值，董事認為此乃以擁有 人身份與股東進行之交易。超出金額應入 賬列作視作股東資本分派，並於實繳盈餘 賬扣除。

26. SHARE CAPITAL

26. 股本

SHARE CAPITAL 26.股本
Note
附註		 Number of
ordinary
shares of
HK$0.0533
per share
每股面值港幣
0.0533元之
普通股數目
Number of
convertible
preference
shares of
HK$0.01
per share
每股
面值港幣
0.01元之
可換股優
先股份數目
Total
總計
’000
HK$’000
’000
HK$’000
HK$’000
千股
港幣千元
千股
港幣千元
港幣千元
Authorised
法定
At 1 April 2010, 31 March 2011,
1 April 2011 and
30 September 2011
於二零一零年四月一日、
二零一一年三月三十一日、
二零一一年四月一日
及二零一一年九月三十日
Issued and fully paid
已發行及繳足
At 1 April 2010
於二零一零年四月一日
Placing of new shares
配售新股
(a)
Convertible preference shares
issued for settlement of
consideration payables
就償還應付代價發行
可換股優先股份
(b)
Conversion of convertible
preference shares
兌換可換股優先股份
(c)
Shares issued upon exercise of
share options
行使購股權後發行股份
(d)
At 31 March 2011 and 1 April 2011 於二零一一年三月三十一日
及二零一一年四月一日
Conversion of convertible
preference shares
兌換可換股優先股份
(e)
Shares issued upon exercise of
share options
行使購股權後發行股份
(f)
Consideration shares issued for
the acquisition of subsidiaries
就收購附屬公司發行代價
股份
(g)
At 30 September 2011
於二零一一年九月三十日		 8,437,500
450,000
27,534,000
275,340
725,340
2,326,454
124,078
19,877,708
198,777
322,855
412,000
21,973
—
—
21,973
—
—
1,402,000
14,020
14,020
1,771,712
94,491
(9,449,130)
(94,491)
—
8,908
476
—
—
476
4,519,074
241,018
11,830,578
118,306
359,324
1,049,933
55,997
(5,599,645)
(55,997)
—
190
10
—
—
10
380,000
20,267
—
—
20,267
5,949,197
317,292
6,230,933
62,309
379,601

47

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

26. SHARE CAPITAL (continued)

  • (a) On 26 May 2010, the Company entered into a subscription agreement with NWS Financial Management Services Limited (the “Subscriber”), a subsidiary of NWS Holdings Limited who is an independent third party to the Group, pursuant to which the Company has agreed to allot and issue to the Subscriber, the subscription shares of 412,000,000 at HK$0.50 per subscription share (the net price per subscription share amounted to HK$0.46). The aggregate nominal amount of the subscription share amounted to HK$21,973,000. The Company completed the subscription of 412,000,000 shares on 2 June 2010. The net proceeds raised from the subscription were approximately HK$190.6 million. The said subscription shares rank pari passu in all respects with the issued ordinary shares of the Company, including the right to receive all dividends and distributions. The closing price per share of the Company as quoted on the Stock Exchange on 26 May 2010 (being the date on which the terms of the subscription agreement were fixed) was HK$0.53. The Directors believed that the said subscription provided not only capital to assist the Group in achieving its corporate objectives and goals, but also allowed the Group to gain a strategic partnership with the Subscriber. The net proceeds from the subscription were used for business development and as general working capital.

26. 股本 （續）

  • (a) 於二零一零年五月二十六日，本公 司與為本集團獨立第三方之新創建 集團有限公司旗下附屬公司 NWS Financial Management Services Limited（「認購人」）訂立認購協議， 據此，本公司同意按每股認購股份 港幣 0.50 元向認購人配發及發行 412,000,000 股認購股份（每股認購 股份之價格淨值為港幣 0.46 元）。認 購股份之面值總額達港幣 21,973,000 元。本公司已於二零一零年六月二 日完成認購 412,000,000 股股份。 認購事項之所得款項淨額約為港幣 190,600,000 元。上述認購股份於各 方面與本公司已發行普通股享有同等 地位，包括收取所有股息及分派之權 利。於二零一零年五月二十六日（即 釐定認購協議條款當日）本公司股份 於聯交所所報之收市價為每股港幣 0.53 元。董事相信，上述認購不僅為 本集團帶來資金以協助其達成其企業 目標，亦令本集團得以與認購人建立 策略夥伴關係。認購所得款項淨額用 於業務發展及作為一般營運資金。

  • (b) On 31 January 2011, the Company allotted and issued 1,402,000,000 second tranche of the convertible preference shares to Winner Global Holdings Limited for the settlement of part of the consideration payable under an acquisition agreement.

  • (b) 於二零一一年一月三十一日，本公司 向 Winner Global Holdings Limited 配 發及發行 1,402,000,000 股第二批可 換股優先股份以償還收購協議項下之 應付代價。

  • (c) During the year ended 31 March 2011, an aggregate of 1,771,711,913 new ordinary shares of HK$0.0533 each were issued upon the conversion of 9,449,130,212 convertible preference shares of HK$0.01 each.

  • (c) 截至二零一一年三月三十一日止年度 內，於兌換 9,449,130,212 股每股面 值港幣 0.01 元之可換股優先股份後， 發行合共 1,771,711,913 股每股面值 港幣 0.0533 元之新普通股。

  • (d) During the year ended 31 March 2011, 8,907,500 options were exercised to subscribe for 8,907,500 new ordinary shares of the Company at a consideration of HK$3,341,000 of which HK$476,000 was credited to share capital and the balance of HK$2,865,000 was credited to share premium account. HK$1,537,000 has been transferred from share option reserve to the share premium account.

  • (d) 截至二零一一年三月三十一日止年度 內，8,907,500 份購股權已獲行使， 以認購 8,907,500 股本公司新普通 股，代價為港幣 3,341,000 元，當中 港幣 476,000 元已計入股本，餘額港 幣 2,865,000 元則計入股份溢價賬。 港幣 1,537,000 元已由購股權儲備轉 撥至股份溢價賬。

48

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

26. SHARE CAPITAL (continued)

  • (e) During the six months ended 30 September 2011, an aggregate of 1,049,933,434 new ordinary shares of HK$0.0533 each were issued upon the conversion of 5,599,644,991 convertible preference share of HK$0.01 each.

26. 股本 （續）

  • (e) 截至二零一一年九月三十日止六個 月，於兌換 5,599,644,991 股每股面 值 0.01 港元之可換股優先股份後發 行合共 1,049,933,434 股每股面值港 幣 0.0533 元之新普通股。

  • (f) During the six months ended 30 September 2011, 190,000 options were exercised to subscribe for 190,000 new ordinary shares of the Company at a consideration of HK$72,000 of which HK$10,000 was credited to share capital and the balance of HK$84,000 was credited to share premium account. HK$22,000 has been transferred from share option reserve to the share premium account.

  • (f) 截至二零一一年九月三十日止六個 月，190,000 份購股權已獲行使以認 購本公司 190,000 股新普通股，代價 為港幣 72,000 元，其中港幣 10,000 元計入股本，餘額港幣 84,000 元則 計入股份溢價賬。港幣 22,000 元已 由購股權儲備轉撥至股份溢價賬。

  • (g) On 2 August 2011, the Company allotted and issued 100,000,000 first tranche ordinary shares with par value of HK$0.0533 each at HK$0.42 per share as part of the consideration for the acquisition of Originate Tech pursuant to the acquisition agreement dated 21 March 2011 entered into between the Company, Amplewell as the purchaser, and Mr. Li Zhixiong as the Vendor (Note 28). On the same date, the Company allotted and issued 280,000,000 second tranche ordinary shares with par value of HK$0.0533 each at HK$0.42 per share as part of the consideration for the acquisition of Originate Tech.

  • (g) 根據本公司與沛源（作為買方）及李志 雄先生（作為賣方）所訂立日期為二零 一一年三月二十一日之收購協議，於 二零一一年八月二日，本公司按每股 港幣 0.42 元配發及發行 100,000,000 股每股面值港幣 0.0533 元之第一批 普通股，作為收購創科之部分代價

  • （附註 28）。同日，本公司按每股港 幣 0.42 元配發及發行 280,000,000 股 每股面值港幣 0.0533 元之第二批普 通股，作為收購創科之部分代價。

The fair value of the 380,000,000 ordinary consideration shares issued of HK$159,600,000 is based on the published price of the shares of the Company at 2 August 2011 of HK$0.42 per share. The premium of HK$139,333,000 upon issuance of the ordinary consideration shares was credited to the share premium account.

公平值為港幣 159,600,000 元之 380,000,000 股普通股代價股份乃根 據本公司股份於二零一一年八月二 日之公開價格每股港幣 0.42 元而釐 定，發行普通股代價股份之溢價港幣 139,333,000 元已計入股份溢價賬。

49

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

27. SHARE OPTIONS

The Company terminated the share option scheme adopted by the Company on 9 September 2002 (“Old Scheme”) and adopted a new share option scheme (“New Scheme”) pursuant to an ordinary resolution passed by the shareholders of the Company at the special general meeting held on 27 November 2009. There was no share option granted under the old scheme.

27. 購股權計劃

本公司終止本公司於二零零二年九月九日 採納之購股權計劃（「舊計劃」），並根據於 二零零九年十一月二十七日舉行之股東特 別大會獲本公司股東通過之普通決議案採 納新購股權計劃（「新計劃」）。並無根據舊 計劃授出任何購股權。

Movements of the share options for the six months ended 30 September 2011 are as below.

截至二零一一年九月三十日止六個月之購 股權變動如下：

Date of Grant
Exercise period
Exercise price
per share
授出日期
行使期
每股行使價		 Number of share options
購股權數目
Outstanding at
1 April
2011
Granted Exercised
Lapsed
Outstanding at
30 September
2011
Exercisable
30 September
2011
於二零一一年
四月一日
尚未行使
已授出
已行使
已失效
於二零一一年
九月三十日
尚未行使
於二零一一年
九月三十日
可行使
13 January 2010
二零一零年一月十三日
13 January 2011 to
12 January 2020
二零一一年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
13 January 2010
二零一零年一月十三日
13 January 2012 to
12 January 2020
二零一二年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
13 January 2010
二零一零年一月十三日
13 January 2013 to
12 January 2020
二零一三年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
13 January 2010
二零一零年一月十三日
15 July 2010 to
12 January 2020
二零一零年七月十五日至
二零二零年一月十二日
HK$0.940
港幣0.940元
13 January 2010
二零一零年一月十三日
15 July 2011 to
12 January 2020
二零一一年七月十五日至
二零二零年一月十二日
HK$0.940
港幣0.940元
7 May 2010
二零一零年五月七日
15 July 2010 to
6 May 2020
二零一零年七月十五日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
7 November 2010 to
6 May 2020
二零一零年十一月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
13 January 2011 to
6 May 2020
二零一一年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
7 May 2011 to
6 May 2020
二零一一年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
15 July 2011 to
6 May 2020
二零一一年七月十五日至
二零二零年五月六日
HK$0.710
港幣0.710元		 9,223,587
—
—
—
9,223,587
9,223,587
9,223,592
—
—
—
9,223,592
—
9,223,596
—
—
—
9,223,596
—
5,105,428
—
—
—
5,105,428
5,105,428
5,105,427
—
—
—
5,105,427
5,105,427
5,105,427
—
—
—
5,105,427
5,105,427
2,000,000
—
—
—
2,000,000
2,000,000
3,681,412
—
—
(1,701,809)
1,979,603
1,979,603
2,872,411
—
—
(46,753)
2,825,658
2,825,658
5,105,428
—
—
—
5,105,428
5,105,428

50

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

27. SHARE OPTIONS (continued)

27. 購股權計劃 （續）

Date of Grant
Exercise period
Exercise price
per share
授出日期
行使期
每股行使價		 Number of share options
購股權數目
Outstanding at
1 April
2011
Granted Exercised
Lapsed
Outstanding at
30 September
2011
Exercisable
30 September
2011
於二零一一年
四月一日
尚未行使
已授出
已行使
已失效
於二零一一年
九月三十日
尚未行使
於二零一一年
九月三十日
可行使
7 May 2010
二零一零年五月七日
13 January 2012 to
6 May 2020
二零一二年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
7 May 2012 to
6 May 2020
二零一二年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
13 January 2013 to
6 May 2020
二零一三年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
7 May 2010
二零一零年五月七日
7 May 2013 to
6 May 2020
二零一三年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
14 September 2010
二零一零年九月十四日
14 September 2010 to
27 November 2019
二零一零年九月十四日至
二零一九年十一月二十七日
HK$0.375
港幣0.375元
18 February 2011
二零一一年二月十八日
30 June 2011 to
17 February 2021
二零一一年六月三十日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
31 July 2011 to
17 February 2021
二零一一年七月三十一日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
5 December 2011 to
17 February 2021
二零一一年十二月五日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
16 December 2011 to
17 February 2021
二零一一年十二月十六日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
2 January 2012 to
17 February 2021
二零一二年一月二日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
9 January 2012 to
17 February 2021
二零一二年一月九日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
30 June 2012 to
17 February 2021
二零一二年六月三十日至
二零二一年二月十七日
HK$0.42
港幣0.42元		 1,979,604
—
—
—
1,979,604
—
2,872,412
—
—
(46,753)
2,825,659
—
1,979,611
—
—
—
1,979,611
—
2,872,414
—
—
(46,755)
2,825,659
—
69,842,500
—
(190,000)
—
69,652,500
69,652,500
1,701,809
—
—
(1,701,809)
—
—
273,529
—
—
—
273,529
273,529
266,666
—
—
—
266,666
—
1,433,333
—
—
—
1,433,333
—
333,333
—
—
(333,333)
—
—
433,333
—
—
(433,333)
—
—
1,701,809
—
—
(1,701,809)
—
—

51

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

27. SHARE OPTIONS (continued)

27. 購股權計劃 （續）

Date of Grant
Exercise period
Exercise price
per share
授出日期
行使期
每股行使價		 Number of share options
購股權數目
Outstanding at
1 April
2011
Granted Exercised
Lapsed
Outstanding at
30 September
2011
Exercisable
30 September
2011
於二零一一年
四月一日
尚未行使
已授出
已行使
已失效
於二零一一年
九月三十日
尚未行使
於二零一一年
九月三十日
可行使
18 February 2011
二零一一年二月十八日
31 July 2012 to
17 February 2021
二零一二年七月三十一日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
5 December 2012 to
17 February 2021
二零一二年十二月五日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
16 December 2012 to
17 February 2021
二零一二年十二月十六日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
2 January 2013 to
17 February 2021
二零一三年一月二日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
9 January 2013 to
17 February 2021
二零一三年一月九日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
30 June 2013 to
17 February 2021
二零一三年六月三十日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
31 July 2013 to
17 February 2021
二零一三年七月三十一日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
5 December 2013 to
17 February 2021
二零一三年十二月五日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
16 December 2013 to
17 February 2021
二零一三年十二月十六日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
2 January 2014 to
17 February 2021
二零一四年一月二日至
二零二一年二月十七日
HK$0.42
港幣0.42元
18 February 2011
二零一一年二月十八日
9 January 2014 to
17 February 2021
二零一四年一月九日至
二零二一年二月十七日
HK$0.42
港幣0.42元		 273,529
—
—
—
273,529
—
266,667
—
—
—
266,667
—
1,433,333
—
—
—
1,433,333
—
333,333
—
—
(333,333)
—
—
433,333
—
—
(433,333)
—
—
1,701,810
—
—
(1,701,810)
—
—
273,530
—
—
—
273,530
—
266,667
—
—
—
266,667
—
1,433,334
—
—
—
1,433,334
—
333,334
—
—
(333,334)
—
—
433,334
—
—
(433,334)
—
—
149,518,865
—
(190,000) (9,247,498)
140,081,367
106,376,587
Weighted average
exercise price:
加權平均行使價：		 HK$0.496
港幣0.496元
—
HK$0.375
港幣0.375元
HK$0.425
港幣0.425元
HK$0.595
港幣0.595元
HK$0.535
港幣0.535元

52

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

27. SHARE OPTIONS (continued)

(b) The vesting period for the share options is as below.

27. 購股權計劃 （續）

(b) 購股權之歸屬期如下。

Date of grant
授出日期		 No. of share
options granted
Vesting conditions
已授出購股權數目
歸屬條件
No. of shares
options vested
Vesting date
已歸屬購股權數目
歸屬日期
13 January 2010
二零一零年一月十三日
7 May 2010
二零一零年五月七日
14 September 2010
二零一零年九月十四日
18 February 2011
二零一一年二月十八日
Total share option granted
已授出購股權總數
Less: Lapsed
減： 已失效
Exercised
已行使
Outstanding at
30 September 2011
於二零一一年九月三十日
尚未行使		 10,210,855
5,105,428
15 July 2010二零一零年七月十五日
5,105,427
15 July 2011二零一一年七月十五日
45,040,069
18,398,633
13 January 2011二零一一年一月十三日
13,320,716
13 January 2012二零一二年一月十三日
13,320,720
13 January 2013二零一三年一月十三日
10,210,855
5,105,427
15 July 2010二零一零年七月十五日
5,105,428
15 July 2011二零一一年七月十五日
8,000,000
2,000,000
7 November 2010二零一零年十一月七日
2,000,000
7 May 2011二零一一年五月七日
2,000,000
7 May 2012二零一二年五月七日
2,000,000
7 May 2013二零一三年五月七日
6,488,035
2,162,677
7 May 2011二零一一年五月七日
2,162,678
7 May 2012二零一二年五月七日
2,162,680
7 May 2013二零一三年五月七日
28,144,944
9,381,644
13 January 2011二零一一年一月十三日
9,381,646
13 January 2012二零一二年一月十三日
9,381,654
13 January 2013二零一三年一月十三日
79,350,000
79,350,000
14 September 2010二零一零年九月十四日
5,105,428
1,701,809
30 June 2011二零一一年六月三十日
1,701,809
30 June 2012二零一二年六月三十日
1,701,810
30 June 2013二零一三年六月三十日
820,588
273,529
31 July 2011二零一一年七月三十一日
273,529
31 July 2012二零一二年七月三十一日
273,530
31 July 2013二零一三年七月三十一日
1,000,000
333,333
6 September 2011二零一一年九月六日
333,333
6 September 2012二零一二年九月六日
333,334
6 September 2013二零一三年九月六日
800,000
266,666
5 December 2011二零一一年十二月五日
266,667
5 December 2012二零一二年十二月五日
266,667
5 December 2013二零一三年十二月五日
4,300,000
1,433,333
16 December 2011二零一一年十二月十六日
1,433,333
16 December 2012二零一二年十二月十六日
1,433,334
16 December 2013二零一三年十二月十六日
1,000,000
333,333
2 January 2012二零一二年一月二日
333,333
2 January 2013二零一三年一月二日
333,334
2 January 2014二零一四年一月二日
1,300,000
433,333
9 January 2012二零一二年一月九日
433,333
9 January 2013二零一三年一月九日
433,334
9 January 2014二零一四年一月九日
201,770,774
(52,591,907)
(9,097,500)
140,081,367

53

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

27. SHARE OPTIONS (continued)

(b) (Continued)

The option outstanding as at 30 September 2011 have a weighted average remaining contractual life of 8.28 years (31 March 2011: 9.25 years).

The weighted average share price at the date of exercise for share options exercised during the period was HK$0.54 (year ended 31 March 2011: HK$0.428).

No other share options granted under the New Scheme were cancelled during the period ended 30 September 2011 (year ended 31 March 2011: Nil). The Group had no legal or constructive obligation to repurchase or settle the options in cash.

(c) The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the share options granted is measured based on binomial option pricing model. The contractual life of the share option is used as an input into this model. Expectations of early exercise are incorporated into the binomial option pricing.

27. 購股權計劃 （續）

(b) （續）

於二零一一年九月三十日尚未行使購 股權之加權平均餘下合約年期為 8.28 年（二零一一年三月三十一日：9.25 年）。

期內已行使購股權於行使日期之加 權平均股價為港幣 0.54 元（截至二零 一一年三月三十一日止年度：港幣 0.428 元）。

截至二零一一年九月三十日止期間 （截至二零一一年三月三十一日止年 度：無），概無其他根據新計劃授出 之購股權獲註銷。本集團並無法律或 推定責任須以現金購回或支付購股 權。 (c) 以授出購股權換取之服務公平值乃參 考已授出購股權之公平值計量。已授 出購股權之估計公平值按二項式期權 定價模式計量。購股權之合約年期作 為輸入該模式之數據，而預期提早行 使已計入二項式期權定價模式之中。

Date of grant Date of grant Date of grant Date of grant
授出日期
**18/2/2011 ** 14/9/2010 **7/5/2010 ** 13/1/2010
二零一一年 二零一零年 二零一零年 二零一零年
二月十八日 九月十四日 五月七日 一月十三日
Fair value of share options and 購股權之公平值
assumptions 及假設
Share price 股價 HK$0.415 HK$0.375 HK$0.65 HK$0.94
港幣0.415元 港幣0.375元 港幣0.65元 港幣0.94元
Exercise price 行使價 HK$0.42 HK$0.375 HK$0.71 HK$0.94
港幣0.42元 港幣0.375元 港幣0.71元 港幣0.94元
Expected volatility (expressed as 預期波幅（根據
weighted average volatility 二項式期權定價
used in the modeling under 模式模擬時所用
binomial option pricing) 加權平均波幅） 55.67% 70.650% 70.53% 70.572%
Option life (expressed as 購股權年期
weighted average life used （根據二項式期權
in the modeling under 定價模式模擬時
binomial option pricing model) 所使用加權平均
年期） 10 years年 10 years年 10 years年 10 years年
Expected dividends 預期股息 HK$Nil HK$Nil HK$Nil HK$Nil
港幣零元 港幣零元 港幣零元 港幣零元
Risk-free interest rate (based on 無風險利率（以十年
10-year Hong Kong Exchange 期香港外匯基金
Fund Notes) 票據為準） 2.868% 2.017% 2.670% 2.799%

The expected volatility is based on annualized standard deviations of the continuously compounded rates of return on the share prices of five comparable companies in Hong Kong and Brazil Exchange with similar business operations. No dividends are expected as the Company had no history of payment of dividends.

Share options were granted under a service condition. This condition has not been taken into account in the grant date fair value measurement of the services received. There were no market conditions associated with the share option grants.

預期波幅乃以於香港及巴西證券交易 所從事同類業務營運之五家可資比較 公司之股價回報持續複合比率之年度 標準差為基準。由於本公司過往並無 派付股息記錄，故預期不會派付任何 股息。

購股權乃根據服務條件而授出。此條 件並無計入所獲取服務於授出日期之 公平值。授出購股權並無附帶市場條 件。

54

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

28. ACQUISITION OF SUBSIDIARIES

On 2 August 2011, the Group obtained control of Originate Tech Group by acquiring 100% equity interest and voting rights in Originate Tech. Originate Tech is an investment holding company and its subsidiaries are engaged in manufacturing and sale of timber products including but not limited to wooden door, furniture and wooden floor panels.

28. 收購附屬公司

於二零一一年八月二日，本集團透過收購 創科全部股本權益及投票權而取得創科集 團之控制權。創科為一家投資控股公司， 其附屬公司從事製造及銷售木材產品，包 括（但不限於）木門、傢具及木地板。

The Group is optimistic about the prospect of the timber and wood processing and timber sales in the PRC having taking into consideration the continuous growth of gross domestic products and sales of floor panels in the PRC in recent years. Based on the increasing sales of floor panels in the PRC and as the Group has been seeking suitable investment opportunities to expand the business of the Group, the Group considers that the acquisition represents an attractive opportunity for the Group to diversify its business scope and income stream and is in line with its business strategy.

有見中國國內生產總值及木地板銷售於近 年持續增長，本集團對中國木材與木加工 以及木材銷售之前景感樂觀。基於中國之 地板銷量不斷增長，加上本集團一直致力 物色合適投資機會以擴充旗下業務，本集 團認為收購可為其提供多元化擴展業務範 疇及收入來源之優厚機會，故符合其業務 策略。

The following summarises the acquisition-date provisional fair value of consideration transferred and the acquisition-date provisional fair value of each major class of consideration:

以下概述已轉讓代價於收購日期之暫定公 平值及各主要類別代價於收購日期之暫定 公平值：

Note
附註		 HK$’000
港幣千元
Fair value of first tranche ordinary consideration
shares issued
已發行第一批普通代價股份
之公平值
Fair value of second tranche ordinary consideration
shares issued
已發行第二批普通代價股份
之公平值
Fair value of third tranche ordinary consideration
shares to be issued
將予發行第三批普通代價股份
之公平值
23		 42,000
117,600
163,477
323,077

The fair value of ordinary consideration shares are based on the published share price of HK$0.42 revised per share as at 2 August 2011.

普通代價股份之公平值乃根據於二零一一 年八月二日已公佈經修訂股價每股港幣0.42 元計算。

55

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

28. ACQUISITION OF SUBSIDIARIES (continued)

The following summarized the recognised amounts of identifiable assets acquired and liabilities assumed as at 2 August 2011.

28. 收購附屬公司 （續）

所收購可識別資產及所承擔負債於二零 一一年八月二日之已確認金額概列如下。

Acquiree’s
carrying
amount
before
combination
合併前被
收購方之
賬面值
Fair value
adjustments
公平值調整
HK$’000
HK$’000
港幣千元
港幣千元		 Provisional
fair value
暫定公平值
HK$’000
港幣千元
Property, plant and equipment
物業、廠房及設備
Intangible assets (Note 14)
無形資產（附註14）
Cash and cash equivalent
現金及現金等價物
Inventories
存貨
Other receivables
其他應收款項
Trade and other payables
應付貿易款項及其他應付款項
Deferred tax liabilities
遞延稅項負債
Total net identifiable assets
可識別淨資值總額
Goodwill (Note 16)
商譽（附註16）
Total consideration
總代價
Goodwill arising on acquisition		 165
—
—
199,967
897
—
567
—
179
—
(2,273)
—
—
(49,992)		 165
199,967
897
567
179
(2,273)
(49,992)
(465)
149,975
收購產生之商譽		 149,510
173,567
323,077
HK$’000
港幣千元
Consideration transferred
已轉讓代價
Less: provisional fair value of identifiable net assets acquired
減：所收購可識別淨資產之
暫定公平值
Goodwill arising on acquisition
收購產生之商譽
Cash and cash equivalents acquired of
所收購之現金及現金等價物		 323,077
(149,510)
173,567
897

None of the goodwill recognised is expected to be deductible for income tax purposes.

預期概無已確認商譽可用作扣除所得稅。

The Group incurred acquisition-related costs of HK$330,000 relating to legal and professional fees and other charges which have been excluded from the cost of acquisition. The acquisition related costs have been recognised as expenses in the six months ended 30 September 2011, within the ‘other operating expenses’ line item in the condensed consolidated income statement.

本集團就法律及專業費用以及其他收費涉 及之收購相關成本港幣 330,000 元並無計 入收購成本內。截至二零一一年九月三十 日止六個月，收購相關成本已確認為開支， 並於簡明綜合收益表中列入「其他營運開支」 一項。

56

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

29. COMMITMENTS

(a) Commitments in respect of capital expenditure

At the end of reporting period, the Group had commitments in respect of capital expenditure outstanding but not provided for in the condensed consolidated financial statements were as follows:

29. 承擔

(a) 有關資本開支之承擔

本集團於報告期間結算日就資本開支 有下列未償還但並無於簡明綜合財務 報告撥備之承擔：

Note
附註		 At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
Contracted, but not provided for
已訂約但未撥備
— Acquisition of forest, forest
concession rights, a wood
processing plant, investment in
a flooring company and exclusive
production rights
— 收購森林、森林特許
權、一家木材加工
廠、於一家地板
公司之投資及
獨家生產權
(i)
— Acquisition of forest, sawmill and
fibreboard processing facilities
— 收購森林、鋸木廠及
纖維板加工廠
(ii)
— Acquisition of subsidiaries
— 收購附屬公司
28		 298,725
341,400
—		 331,800
379,200
380,000
640,125 1,091,000

Notes:

(i) On 12 February 2010, the Group entered into a term sheet (the “Team Sheet”) to acquire the entire equity interests in a company (an independent third party) incorporated in Brazil holding among others approximately 98,000 hectares of forest are in Brazil, up to 800,000 hectares of forest concession rights in Bolivia, a wood processing plant, investment interests in a flooring company and exclusive production rights. The Term Sheet is legally binding and pursuant to its terms, the consideration of the acquisition shall be R$70,000,000 (equivalent to approximately HK$298,725,000 (31 March 2011: HK$331,800,000)). The consideration shall be payable by instalments as follows: (i) R$45,000,000 (equivalent to approximately HK$192,038,000 (31 March 2011: HK$213,300,000)) to be satisfied upon completion of the acquisition and (ii) R$25,000,000 (equivalent to approximately HK$106,687,000 (31 March 2011: HK$118,500,000)) to be satisfied by payment in cash in United State dollars on a date falling within three years after completion. According to the terms of the Term Sheet, the consideration may be reduced, if the net profit after tax for each of the three years after completion shall be less than R$10,000,000.

附註：

(i) 於二零一零年二月十二日，本集團 訂立條款表（「條款表」），收購一家 於巴西註冊成立之公司（為獨立第三 方）全部股本權益，該公司持有（其中 包括）巴西約 98,000 公頃之森林區、 達 800,000 公頃之玻利維亞森林特許 權、一家木材加工廠、於一家地板公 司之投資權益及獨家生產權。條款 表具法律約束力，根據其條款，收 購代價將為 70,000,000 雷亞爾（約相 當於港幣 298,725,000 元（二零一一 年三月三十一日：港幣 331,800,000 元））。代價須以下列方式分期支付： (i) 45,000,000 雷亞爾（約相當於港 幣 192,038,000 元（二零一一年三月 三十一日：港幣 213,300,000 元））將 於收購完成時支付；及 (ii) 25,000,000 雷亞爾（約相當於港幣 106,687,000 元（二零一一年三月三十一日：港幣 118,500,000 元））將於交易完成後三 年內以美元現金支付。根據條款表之 條款，倘於完成後三個年度各年之除 稅後純利少於 10,000,000 雷亞爾，則 代價或會減少。

57

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

29. COMMITMENTS (continued)

(a) Commitments in respect of capital

29. 承擔 （續）

(a) 有關資本開支之承擔 （續）

expenditure (continued)

Notes: (continued)

附註：（續）

  • (ii) On 1 November 2009, the Group entered into a legally binding Memorandum of Intent (“MOU”) to acquire the entire equity interests in a company (an independent third party) incorporated in Brazil holding freehold forest area of approximately 137,000 hectares in Brazil, a sawmill and a fibreboard processing facility. Pursuant to the terms of the MOU, the consideration of the acquisition should be R$80,000,000 (equivalent to approximately HK$341,400,000 (31 March 2011: HK$379,200,000)). The consideration shall be payable as follows: (i) R$27,000,000 (equivalent to approximately HK$115,223,000 (31 March 2011: HK$127,980,000)) to be satisfied by cash on the completion date of the acquisition; (ii) R$26,000,000 (equivalent to approximately HK$110,954,000 (31 March 2011: HK$123,240,000)) to be satisfied by the allotment and issue of new shares of the Company on the completion date of the acquisition and (iii) R$27,000,000 (equivalent to approximately HK$115,223,000 (31 March 2011: HK$127,980,000)) to be paid in 6 instalments, falling due on a halfyearly basis, with the first instalment falling due after 12 months form the completion date of the acquisition.

(ii) 於二零零九年十一月一日，本集團 訂立具法律約束力之意向諒解備忘 錄（「諒解備忘錄」），收購一家於巴西 註冊成立之公司（為獨立第三方）全 部股本權益，該公司於巴西永久持有 約 137,000 公頃之森林區、一家鋸木 廠及一家纖維板加工廠。根據諒解備 忘錄之條款，收購代價為 80,000,000 雷亞爾（約相當於港幣 341,400,000 元（二零一一年三月三十一日：港幣 379,200,000 元））。代價須以下列方 式支付：(i) 27,000,000 雷亞爾（約相 當於港幣 115,223,000 元（二零一一 年三月三十一日：港幣 127,980,000 元））於收購完成日期以現金支付； (ii) 26,000,000 雷亞爾（約相當於港 幣 110,954,000 元（二零一一年三月 三十一日：港幣 123,240,000 元）） 於收購完成日期以配發及發行本公 司新股份支付；及 (iii) 27,000,000 雷 亞爾（約相當於港幣 115,223,000 元 （二零一一年三月三十一日：港幣 127,980,000 元））分六期支付，每半 年到期付款，首期將於收購完成日期 起計 12 個月後到期支付。

(b) Operating lease commitment

The Group leases certain of its office premises under operating leases. Leases for these properties are negotiated for terms ranging one to two years. At the end of reporting period, the total future minimum lease payments under noncancellable operating leases are payable as follows:

(b) 經營租約承擔

本集團根據經營租約租用若干辦公室 物業。該等物業之租約經磋商後為期 一至兩年。於報告期間結算日，根據 不可撤銷經營租約應付之日後最低租 金總額如下：

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
Within one year
一年內
In the second to fifth years, inclusive
第二至第五年（包括首尾兩年）		 1,040
—		 2,495
—
1,040 2,495

58

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

29. COMMITMENTS (continued)

(c) Minimum royalty payments

The total future minimum royalty payments payable under the terms of the timber concession licenses are as follows:

29. 承擔 （續）

(c) 最低專利權費付款

根據木材特許權證之條款於日後應付 之最低專利權費付款總額如下：

At
30 September
2011
於二零一一年
九月三十日
HK$’000
港幣千元
(Unaudited)
（未經審核）		 At
31 March
2011
於二零一一年
三月三十一日
HK$’000
港幣千元
(Audited)
（經審核







）
Within one year
一年內
In the second to fifth years, inclusive
第二至第五年（包括首尾兩年）
After five years
五年後		 2,648
10,442
25,648		 3,028
11,704
30,209
38,738 44,941

The terms of the timber concession licences ranging from 3 to 23 years.

木材特許權證之年期介乎 3 至 23 年 不等。

30. CONTINGENT LIABILITIES

(a) Litigations

  • (i) On 9 August 2010, the Arbitration Court of Zabaykalsky region of Russia (the “Court”) initiated a procedure of observation (bankruptcy) (the “Observation”) for ZLK. Within the period for the Observation, the Court received certain claims from the several creditors against ZLK to repay approximately 24 million Russian rubles (approximately HK$5.8 million) of liabilities. These liabilities were included in the liabilities associated with assets held for sale. The Directors represented that the ZLK and the Purchaser are at the stage of negotiations with the creditors about the conclusion of the settlement agreements for the liabilities. According to the legal opinion issued by a legal advisor, the Directors is in the opinion that the risk of negative consequences of the Observation is low because the Directors believe that the settlement agreements with the creditors can be concluded.

30. 或然負債

  • (a) 訴訟

  • (i) 於二零一零年八月九日，俄羅 斯 Zabaykalsky 仲裁法院（「法 院」）向 ZLK 展開觀察（破產） 程序（「觀察」）。於觀察期間， 法院收到多名債權人入禀追討 ZLK 償還約 24,000,000 俄羅斯 盧布（約港幣 5,800,000 元）之 負債。此等負債已列作與持作 待售資產有關之負債。董事指 ZLK 及買方正就有關負債與債 權人磋商達成和解協議。根據 法律顧問之法律意見，董事認 為觀察帶來不利後果之風險甚 低，因董事相信能與債權人達 成和解協議。

59

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

30. CONTINGENT LIABILITIES (continued)

(a) Litigations (continued)

(ii) On 11 February 2011, a lender (the “Lender”) of loans submitted a claim to the Court against ZLK to repay the alleged defaulted loan principal, interests with penalties of approximately 40 million Russian rubles (approximately HK$9.8 million) (the “Claim”), which is different from the balance of approximately 21 million Russian rubles (approximately HK$5.1 million) in the records of the Company. According to the legal opinion issued by a legal advisor, the Court would probably validate the total loan principal with interests of approximately 21 million Russian rubles (approximately HK$5.1 million) which is the same as the records of the Company. These amounts were included in the liabilities associated with assets held for sale. Subsequent to the end of the reporting period, the Claim was suspended by the Court. Court would appoint the date of review of the Claim from Lender after 14 December 2011.

30. 或然負債 （續）

(a) 訴訟 （續）

  • (ii) 於二零一一年二月十一日，一 名借出多筆貸款之貸款方（「貸 款方」）入禀法院追討 ZLK 償還 聲稱拖欠之貸款本金、利息連 罰款，金額約為 40,000,000 俄 羅斯盧布（約港幣9,800,000元）

  • （「申索」），有別於本公司記錄 所列約 21,000,000 俄羅斯盧布

  • （約港幣5,100,000元）之結餘。 根據法律顧問之法律意見，法 院將可能承認貸款本金連利息 約 21,000,000 俄羅斯盧布（約 港幣 5,100,000 元）為有效， 與本公司之記錄相符。此等款 項已列作與持作待售資產相關 之負債。於報告期間結算日之 後，法院暫緩申索。法院將於 二零一一年十二月十四日後確 定覆核貸款方申索日期。

(b) Claims against the Company

A third party (the “Plaintiff”) asserted claims against the Company for salaries in amount equivalent in the aggregate to US$901,539, together with certain other employment benefits, by reason of the alleged breach by the Company of two separate but concurrent contracts of employment that the Plaintiff asserted were entered into between the Plaintiff and the Company in April 2009. The Company disputed the existence of any contracts, whether of employment or otherwise, between itself and the Plaintiff. Arbitration proceedings commenced on 30 October 2009 and hearing was scheduled for the week of 19 September 2011. The Company is defending itself vigorously in those proceedings. In the opinion of the Directors of the claims were at a preliminary stage and no provision has been made in respect of such claims.

(b) 對本公司提出之申索

第三方（「原告」）以本公司涉嫌違反兩 份原告聲稱是由原告與本公司於二零 零九年四月分開簽訂但同時生效之僱 傭合約為理由，向本公司提出申索， 涉及相當於合共 901,539 美元之薪金 連同若干其他僱員福利。本公司對 本公司與原告之間存在任何合約（不 論為僱傭或其他性質之合約）提出爭 議。仲裁程序於二零零九年十月三十 日展開，並排期於二零一一年九月 十九日之一週內進行聆訊。本公司將 於聆訊過程中積極抗辯。董事認為， 申索尚處於初步階段，故並無就有關 申索作出撥備。

60

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

31. SUBSEQUENT EVENTS

(i) On 10 October 2011, UTRB filed a police report with the Policia Civil do Estado de Sao Paulo (Sao Paulo State Police Department) of Brazil in connection with possible threats and extortion against the Group. The details were disclosed in note 7.

31. 結算日後事項

  • (i) 於二零一一年十月十日，UTRB 就本 集團可能面對之威脅及勒索向巴西 Policia Civil do Estado de Sao Paulo

  • （聖保羅警處）報案。詳情於附註 7 披 露。

  • (ii) On 6 October 2011, the Group entered into a disposal agreement with Source Bright Limited, an independent third party, pursuant to which, the Group has agreed to sell and vendor agreed to purchase the entire issued share capital of Ally Rise Limited at a consideration of HK$208,000,000, of which HK$10,400,000 shall be payable as part consideration to the vendor upon completion and the balance of HK$197,600,000 shall be payable to the vendor within 9 months upon completion. The expected completion date for disposal is before March 2012.

  • (ii) 於二零一一年十月六日，本集團與獨 立第三方煒源有限公司訂立出售協 議，據此，本集團同意出售而賣方同 意購買合昇有限公司全部已發行股 本，代價為港幣 208,000,000 元，其 中港幣 10,400,000 元須於完成時支 付予賣方作為部分代價，而餘下港幣 197,600,000 元則須於完成後九個月 內支付予賣方。出售之預計完成日期 為於二零一二年三月前。

32. MATERIAL RELATED PARTY TRANSACTIONS

The Group had the following transactions with related parties during the six months ended 30 September 2011.

32. 重大關連人士交易

截至二零一一年九月三十日止六個月，本 集團曾與關連人士進行以下交易。

(a) Key management personnel remuneration

The key management personnel of the Group are the Directors of the Company. The remuneration of Directors was as follows:

(a) 主要管理人員之薪酬 本集團之主要管理人員為本公司董 事。董事薪酬如下：

For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
450
2,130
12
11
3,004
11,889
3,466
14,030		 For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
450
2,130
12
11
3,004
11,889
3,466
14,030
2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Salaries and other short-term
employee benefits
薪金及其他短期僱員福利
Retirement scheme contributions
退休計劃供款
Share based payment
以股份支付		 450
12
3,004		 2,130
11
11,889
3,466 14,030

61

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報告附註

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

For the six months ended 30 September 2011 截至二零一一年九月三十日止六個月

32. MATERIAL RELATED PARTY TRANSACTIONS

32. 重大關連人士交易 （續）

(continued)

(b) Other related party transactions

(b) 其他關連人士交易

For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
3,301
2,176
—
690
64
520		 For the six months ended
30 September
截至九月三十日止六個月
2011
2010
二零一一年
二零一零年
HK$’000
HK$’000
港幣千元
港幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
3,301
2,176
—
690
64
520
Note
附註		 2011
二零一一年
HK$’000
港幣千元
(Unaudited)
（未經審核）		 2010
二零一零年
HK$’000
港幣千元
(Unaudited)
（未經審核
Interest on amounts due to shareholders 應付股東款項之利息
(i)
Interest on amounts due to
related companies
應付關連公司款項之利息
(ii)
Interest on promissory notes
承付票據之利息
(iii)		 3,301
—
64		 2,176
690
520

Notes:

附註：

  • (i) The interest expensed charged on amounts due to shareholders were calculated at 5% per annum.

  • (i) 應付股東款項之利息開支乃按年利率 5 厘計算。

  • (ii) The interest expenses charged on amounts due to related companies were calculated at 5% per annum.

  • (ii) 應付關連公司款項之利息開支乃按年 利率 5 厘計算。

  • (iii) This represent interest on promissory notes issued to Winner Global Holdings Limited was calculated at a coupon rate of 2% per annum (effective interest rate: 15.74%). The outstanding balance at the end of the reporting period is disclosed in Note 25.

(iii) 此乃發行予 Winner Global Holdings Limited 之承付票據之利息，乃按承 付票據票面息率每年 2 厘（實際利率： 15.74 厘）計算之利息。於報告期間結 算日之尚未償還結餘於附註 25 披露。

62

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

INTERIM DIVIDEND

The Directors do not recommend the payment of an interim dividend for the six months ended 30 September 2011 (2010: Nil).

中期股息

董事不建議派發截至二零一一年九月三十日止六 個月之中期股息（二零一零年：無）。

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

As at 30 September 2011, the interests and short positions of the Directors and the chief executive in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong, “SFO”)) which were required to be notified to the Company and The Stock Exchange of Hong Kong Limited (“Stock Exchange”) pursuant to Divisions 7 and 8 of the SFO; as recorded in the register required to be kept by the Company pursuant to 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 to the Rules Governing the Listing of Securities on the Stock Exchange (“Listing Rules”), were as follows:

董事及最高行政人員於股份及相關股份 之權益及淡倉

於二零一一年九月三十日，董事及最高行政人員 於本公司或其相聯法團（定義見香港法例第 571 章證券及期貨條例（「證券及期貨條例」）第 XV 部） 之股份、相關股份及債券中，擁有根據證券及期 貨條例第 7 及 8 分部知會本公司及香港聯合交易 所有限公司（「聯交所」）之權益及淡倉；或已記錄 於本公司根據證券及期貨條例第 352 條規定所存 置之登記冊，或根據聯交所證券上市規則（「上市 規則」）附錄 10 所載上市公司董事進行證券交易 的標準守則（「標準守則」）另行知會本公司及聯交 所之權益及淡倉如下：

Number and Approximate
class of shares percentage of
and underlying issued shares
shares held 佔已發行股份
所持股份及 概約百分比
Name of Directors Nature of interest 相關股份之 (Note 1)
董事姓名 權益性質 數目及類別 （附註1）
Ms. Loh Jiah Yee, Katherine Beneficial owner 4,300,000 0.072%
(“Ms. Loh”)(Note 2) 實益擁有人
樂家宜女士（「樂女士」）
（附註2）		 Interest of controlled corporation 2,368,137,025 39.81%
受控制法團之權益
Ms. Fletcher Yurk Nam, Sandy Interest of controlled corporation 31,421,710 0.53%
(“Ms. Fletcher”)(Note 3) 受控制法團之權益
姜若男女士（「姜女士）」
（附註3）
Mr. Shih Chiu, David (“Mr. Shih”)(Note 4) Beneficial owner 3,000,000 0.05%
施秋先生（「施先生」）
（附註4）		 實益擁有人
Mr. Li Zhixiong (“Mr. Li”)(Note 5) Beneficial owner 769,230,769 12.93%
李志雄先（「李先生」）
（附註5）		 實益擁有人

63

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES (continued)

董事及最高行政人員於股份及相關股份 之權益及淡倉 （續）

Number and Approximate
class of shares percentage of
and underlying issued shares
shares held 佔已發行股份
所持股份及 概約百分比
Name of Directors Nature of interest 相關股份之 (Note 1)
董事姓名 權益性質 數目及類別 （附註1）
Mr. Leung Siu Hung, Joel Beneficial owner 2,042,171 0.03%
(“Mr. Joel Leung”)(Note 6) 實益擁有人
梁紹雄先生（「梁紹雄先生」）
（附註6）
Mr. Leung Chau Ping, Paul Beneficial owner 26,421,710 0.44%
(“Mr. Paul Leung”)(Note 7) 實益擁有人
梁秋平先生（「梁秋平先生」）
（附註7）
Mr. John Tewksbury Banigan Beneficial owner 2,042,171 0.03%
(“Mr. Banigan”)(Note 8) 實益擁有人
John Tewksbury Banigan先生
（「Banigan先生」）
（附註8）
Mr. Keung Paul Hinsum Interest of controlled corporation 15,334,820 0.26%
(“Mr. Keung”)(Note 9) 受控制法團之權益
姜顯森先生（「姜先生」）
（附註9）
Mr. Donald Smith Worthley Beneficial owner 15,334,820 0.26%
(“Mr. Worthley”)(Note 10) 實益擁有人
Donald Smith Worthley先生
（「Worthley先生」）
（附註10）

64

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES (continued) Notes:

  1. The percentage figures are calculated based on 5,949,197,255 ordinary shares of the Company (“Shares”) having a par value of HK$0.0533 each in issue as of 30 September 2011.

  2. Ms. Loh was beneficially interested in 100% of the issued share capital of Assure Gain International Limited (“Assure Gain”), which held 100% of the issued share capital of Splendid Asset Holdings Limited (“Splendid Asset”) and 90.06% of the issued share capital of Winner Global Holdings Limited (“Winner Global”). Ms. Loh was also beneficially interested in 50% of the issued share capital of Corp Insights Holdings Inc. (“Corp Insights”) held through Corporate Insights Limited. Assure Gain was the registered holder of 492,762,347 Shares and 4,111,966,650 convertible preferred shares of the Company (“CPS”) convertible into 770,993,746 underlying Shares; Splendid Asset was the registered holder of 622,017,963 Shares; Winner Global was the registered holder of 320,041,100 Shares and 557,089,213 CPS convertible into 104,454,227 underlying Shares and Corp Insights was the registered holder of 308,627,424 CPS convertible into 57,867,642 underlying Shares. Under Part XV of the SFO, Ms. Loh was therefore deemed to have interests in 1,434,821,410 Shares and 933,315,615 underlying Shares upon conversion of the CPS in which Assure Gain, Winner Global and Corp Insights were interested. Ms. Loh was also entitled to share options to subscribe for a maximum of 4,300,000 Shares upon exercise of the options in full.

  3. Ms. Fletcher was beneficially interested in 100% of the issued share capital of AMF Vietnam Investments Limited (“AMF”). AMF was entitled to share options to subscribe for a maximum of 31,421,710 Shares upon exercise of the options in full. Ms. Fletcher was therefore deemed to have an interest in 31,421,710 Shares in which AMF was interested under Part XV of the SFO.

  4. Mr. Shih was entitled to share options to subscribe for a maximum of 3,000,000 Shares upon exercise of the options in full.

  5. Mr. Li was the registered holder of 380,000,000 Shares. He was also beneficially interested in an additional 389,230,769 underlying Shares which may be allotted and issued by the Company to Mr. Li subject to the terms and conditions of an acquisition agreement entered into between, among other party, the Company and Mr. Li on 21 March 2011 (details of which are set out in a circular of the Company dated 23 May 2011).

  6. Mr. Joel Leung was entitled to share options to subscribe for a maximum of 2,042,171 Shares upon exercise of the options in full.

  7. Mr. Paul Leung was entitled to share options to subscribe for a maximum of 26,421,710 Shares upon exercise of the options in full.

  8. Mr. Banigan was entitled to share options to subscriber for a maximum of 2,042,171 Shares upon exercise of the options in full.

  9. Mr. Keung was beneficially interested in 80% of the issued share capital of Million Great Investment Limited (“Million Great”), Million Great was the registered holder of 81,785,711 CPS convertible into 15,334,820 underlying Shares. Mr. Keung was therefore deemed to have an interest in 15,334,820 underlying Shares in which Million Great was interested under Part XV of the SFO.

  10. Mr. Worthley was the registered holder of 81,785,711 CPS carrying rights to convert into 15,334,820 underlying Shares.

  11. All interests stated above represent long positions.

Save as disclosed above, as at 30 September 2011, none of the Directors and chief executive 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 Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of the SFO or which were required to be entered in the register required to be kept pursuant to Section 352 of the SFO or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code.

董事及最高行政人員於股份及相關股份 之權益及淡倉 （續）

附註：

  1. 該等百分比數字乃根據本公司於二零一一年九月 三十日已發行 5,949,197,255 股每股面值港幣 0.0533 元之普通股（「股份」）計算。

  2. 樂女士實益擁有 Assure Gain International Limited （「Assure Gain」）已發行股本之全部權益，Assure Gain 持有 Splendid Asset Holdings Limited（「Splendid Asset」）已發行股本之全部權益及 Winner Global Holdings Limited（「Winner Global」）已發行股本之 90.06% 權益。樂女士亦通過 Corporate Insights Limited 持有 Corp Insights Holdings Inc.（「Corp Insights」） 已發行股本之 50% 權益。Assure Gain 登記持有 492,762,347 股股份及可兌換為 770,993,746 股相 關股份之 4,111,966,650 股本公司可換股優先股 份（「可換股優先股份」）；Splendid Asset 登記持 有 622,017,963 股股份；Winner Global 登記持有 320,041,100 股股份及可兌換為 104,454,227 股相 關股份之 557,089,213 股可換股優先股份；而 Corp Insights 則登記持有可兌換為 57,867,642 股相關股 份之 308,627,424 股可換股優先股份。根據證券 及期貨條例第 XV 部，樂女士因此被視為於 Assure Gain、Winner Global 及 Corp Insights所擁有之 1,434,821,410 股股份及可換股優先股份獲兌換而產 生之 933,315,615 股相關股份中擁有權益。樂女士亦 享有可於悉數行使時認購最多 4,300,000 股股份之購 股權。

  3. 姜女士實益擁有 AMF Vietnam Investments Limited （「AMF」）已發行股本之全部權益。AMF 享有可於悉 數行使時認購最多 31,421,710 股股份之購股權。根 據證券及期貨條例第 XV 部，姜女士因此被視為於 AMF 所擁有之 31,421,710 股股份中擁有權益。

  4. 施先生享有可於悉數行使時認購最多 3,000,000 股股 份之購股權。

  5. 李先生登記持有 380,000,000 股股份，並實益擁有另 外 389,230,769 股相關股份權益，本公司可能按本公 司與（其中包括）李先生於二零一一年三月二十一日 訂立之收購協議之條款及條件，向李先生配發及發 行該等相關股份。協議詳情載於本公司日期為二零 一一年五月二十三日之通函。

  6. 梁紹雄先生享有可於悉數行使時認購最多 2,042,171 股股份之購股權。

  7. 梁秋平先生享有可於悉數行使時認購最多 26,421,710 股股份之購股權。

  9. Banigan先生享有可於悉數行使時認購最多2,042,171 股股份之購股權。

姜先生實益擁有萬偉投資有限公司（「萬偉」）已 發行股本之 80% 權益。萬偉登記持有可兌換為 15,334,820 股相關股份之 81,785,711 股可換股優先 股份。根據證券及期貨條例第 XV 部，姜先生因此被 視為於萬偉所擁有之 15,334,820 股相關股份中擁有 權益。

  2. Worthley 先生登記持有可兌換為 15,334,820 股相關 股份之 81,785,711 股可換股優先股份。

  3. 上列全部權益均為好倉。

除上文披露者外，於二零一一年九月三十日，各 董事及最高行政人員概無於本公司或其任何相聯 法團（定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，擁有根據證券及期貨條 例第 7 及第 8 分部須知會本公司及聯交所，或須 記錄於根據證券及期貨條例第 352 條規定存置之 登記冊，或根據標準守則須知會本公司及聯交所 之任何權益或淡倉。

65

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

INTERESTS OF SUBSTANTIAL SHAREHOLDERS AND OTHERS PERSONS IN SHARES AND UNDERLYING SHARES

As at 30 September 2011, the following persons, other than a Director or chief executive of the Company, had interests or short positions in the Shares or underlying Shares of the Company which would be required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO:

主要股東及其他人士於股份及相關股份 之權益

於二零一一年九月三十日，除董事及本公司最高 行政人員外，以下人士於本公司股份或相關股份 中，擁有根據證券及期貨條例第 XV 部第 2 及第 3 分部之條文須向本公司披露，或登記在本公司根 據證券及期貨條例第 336條須存置之登記冊之權 益或淡倉如下：

Number and
class of Shares
and underlying Approximate
Shares held percentage of
所持股份及 issued Shares
Name of Shareholders Nature of interest 相關股份之 佔已發行股本
股東姓名╱名稱 權益性質 數目及類別 概約百分比
(Note 1)
（附註1）
Mr. Lau Jack (“Mr. Lau”)(Note 2) Interest of spouse 2,372,437,025 39.88%
廖家俊先生（「廖先生」）
（附註2）		 配偶權益
Assure Gain_(Note 3)_ Beneficial owner/ 2,310,269,383 38.83%
Assure Gain（附註3） Interest of Controlled
Corporation
實益擁有人╱
受控制法團之權益
Splendid Asset Beneficial owner 622,017,963 10.46%
Splendid Asset 實益擁有人
Winner Global_(Note 4)_ Beneficial owner 424,495,327 7.14%
Winner Global（附註4） 實益擁有人
Ms. Wu Guanwen (“Ms. Wu”)(Note 5) Interest of spouse 769,230,769 12.93%
吳觀文女士（「吳女士」）
（附註5）		 配偶權益
NWS Financial Management Services Limited Beneficial owner 412,000,000 6.93%
(“NWS Financial”)(Note 6) 實益擁有人
NWS Financial Management Services Limited
（「NWS Financial」）
（附註6）
Integrated Asset Management (Asia) Limited Beneficial owner 302,636,405 5.09%
(“IAM”)(Note 7) 實益擁有人
Integrated Asset Management (Asia) Limited
（「IAM」）
（附註7）

66

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

INTERESTS OF SUBSTANTIAL SHAREHOLDERS AND OTHERS PERSONS IN SHARES AND UNDERLYING SHARES (continued) Notes:

  1. The percentage figures are calculated based on 5,949,197,255 Shares in issue as of 30 September 2011.

  2. Mr. Lau, being the spouse of Ms. Loh, was therefore deemed to have an interest in the same parcel of the Shares and underlying Shares in which Ms. Loh was interested under Part XV of the SFO.

  3. Assure Gain held 100% of the issued share capital of Splendid Asset and 90.06% of the issued share capital of Winner Global. Assure Gain was the registered holder of 492,762,347 Shares and 4,111,966,650 CPS convertible into 770,993,746 underlying Shares; Splendid Asset was the registered holder of 622,017,963 Shares and Winner Global was the registered holder of 320,041,100 Shares and 557,089,213 CPS convertible into 104,454,227 underlying Shares. Under Part XV of the SFO, Assure Gain was therefore interested and deemed to have interests in 1,434,821,410 Shares and 875,447,973 underlying Shares in which itself, Splendid Asset and Winner Global were interested.

  4. Winner Global was the registered holder of 320,041,100 Shares and 557,089,213 CPS convertible into 104,454,227 underlying Shares.

  5. Ms. Wu, being the spouse of Mr. Li, was therefore deemed to have an interest in the same parcel of the Shares and underlying Shares in which Mr. Li was interested under Part XV of the SFO.

  6. (i) NWS Service Management Limited (incorporated in the British Virgin Islands) (“NWS Service (BVI)”) owned 100% interest in the issued share capital of NWS Financial, and was therefore deemed to have an interest in the Shares in which NWS Financial was interested.

  7. (ii) NWS Service Management Limited (incorporated in Cayman Islands) (“NWS Service (Cayman)”) owned 100% interest in the issued share capital of NWS Service (BVI), and was therefore deemed to have an interest in the Shares in which NWS Service (BVI) was interested.

  8. (iii) NWS Holdings Limited (“NWS Holdings”) owned 100% interest in the issued share capital of NWS Service (Cayman), and was therefore deemed to have an interest in the Shares in which NWS Service (Cayman) was interested.

  9. (iv) New World Development Company Limited (“New World”) owned 59.79% interest in the issued share capital of NWS Holdings, and was therefore deemed to have an interest in the Shares in which NWS Holdings was interested.

  10. (v) Chow Tai Fook Enterprises Limited (“Chow Tai Fook”) owned 40.51% interest in the issued share capital of New World, and was therefore deemed to have an interest in the Shares in which New World was interested.

  11. (vi) Chow Tai Fook (Holding) Limited (“CTF Holding”) (formerly known as “Centennial Success Limited”) owned 100% interest in the issued share capital of Chow Tai Fook, and was therefore deemed to have an interest in the Shares in which Chow Tai Fook was interested.

  12. (vii) Cheng Yu Tung Family (Holdings) Limited owned 51% interest in the issued share capital of CTF Holding, and was therefore deemed to have an interest in the Shares in which CTF Holding was interested.

  13. Mr. Yam Tak Cheung owned 100% interested in the issued share capital of IAM, and was therefore deemed to have an interest in the Shares in which IAM was interested.

  14. All interests stated above as at 30 September 2011 represent long positions.

主要股東及其他人士於股份及相關股份 之權益 （續）

附註：

  1. 該等百分比數字乃根據於二零一一年九月三十日已 發行 5,949,197,255 股股份計算。

  2. 廖先生為樂女士之配偶，因此根據證券及期貨條例 第 XV 部被視為於樂女士所擁有之同一批股份及相關 股份中擁有權益。

  3. Assure Gain 擁有 Splendid Asset 已發行股本之全部 權益及 Winner Global 已發行股本之 90.06% 權益。 Assure Gain 登記持有 492,762,347 股股份及可兌換 為 770,993,746 股相關股份之 4,111,966,650 股可換 股優先股份；Splendid Asset 登記持有 622,017,963 股股份，Winner Global 登記持有 320,041,100 股股份 及可兌換為 104,454,227 股相關股份之 557,089,213 股可換股優先股份。因此，根據證券及期貨條 例第 XV 部，Assure Gain 因此自身擁有及被視為 於 Splendid Asset 及 Winner Global 所擁有的上述 1,434,821,410 股股份及 875,447,973 股相關股份中 擁有權益。

  4. Winner Global 登記持有 320,041,100 股股份及可兌 換為 104,454,227 股相關股份之 557,089,213 股可換 股優先股份。

  5. 吳女士為李先生之配偶，因此根據證券及期貨條例 第 XV 部被視為於李先生擁有權益之同一批股份及相 關股份中擁有權益。

  6. (i) NWS Service Management Limited（「NWS Service (BVI)」，於英屬處女群島註冊成立）擁 有 NWS Financial 已發行股本之全部權益，因 此被視為於 NWS Financial 擁有權益之股份擁 有權益。

  8. (ii) NWS Service Management Limited（「NWS Service (Cayman)」，於開曼群島註冊成立）擁 有NWS Service (BVI)已發行股本之全部權益， 因此被視為於 NWS Service (BVI) 擁有權益之 股份擁有權益。

  9. (iii) 新創建集團有限公司（「新創建集團」）擁有 NWS Service (Cayman) 已發行股本之全部權 益，因此被視為於 NWS Service (Cayman) 擁 有權益之股份擁有權益。

  10. (iv) 新世界發展有限公司（「新世界」）擁有新創建 集團已發行股本之 59.79% 權益，因此被視為 於新創建集團擁有權益之股份擁有權益。

  11. (v) 周大福企業有限公司（「周大福」）擁有新世界 已發行股本之 40.51% 權益，因此被視為於新 世界擁有權益之股份擁有權益。

  12. (vi) Chow Tai Fook (Holding) Limited（「CTF Holding」） （前稱為「Centennial Success Limited」）擁有 周大福已發行股本之全部權益，因此被視為 於周大福擁有權益之股份擁有權益。

  13. (vii) Cheng Yu Tung Family (Holdings) Limited 擁有 CTF Holding 已發行股本之 51% 權益，因此 被視為於 CTF Holding 擁有權益之股份擁有權 益。

  14. 任德章先生擁有 IAM 已發行股本之全部權益，因此 被視為於 IAM 擁有之股份中擁有權益。

  16. 於二零一一年九月三十日，上列全部權益均為好倉。

67

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

INTERESTS OF SUBSTANTIAL SHAREHOLDERS AND OTHERS PERSONS IN SHARES AND UNDERLYING SHARES (continued)

Save as disclosed above, as at 30 September 2011, the Company had not been notified of any other persons (other than the Directors or chief executive of the Company) who had interests or short positions in the Shares or underlying Shares of the Company which would be required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.

主要股東及其他人士於股份及相關股份 之權益 （續）

除上文披露者外，於二零一一年九月三十日，本 公司並無獲悉任何其他人士（董事或本公司最高 行政人員除外）於本公司之股份或相關股份中， 擁有根據證券及期貨條例第 XV 部第 2 及 3 分部之 條文須向本公司披露，或記錄於本公司根據證券 及期貨條例第 336 條規定所存置之登記冊之權益 或淡倉。

DIRECTORS’ RIGHT TO ACQUIRE SECURITIES

Save as disclosed in the paragraph headed “Directors’ and Chief Executive’s Interests and Short Positions in Shares and Underlying Shares” above, during the six months ended 30 September 2011, none of the Director nor the chief executive of the Company had been granted any right to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate and none of the Directors, their respective spouses nor their respective children under the age of 18 had any right to subscribe for the securities of the Company or had exercised any such rights.

董事購買證券之權利

除上文「董事及最高行政人員於股份及相關股份 之權益及淡倉」一節所披露外，於截至二零一一 年九月三十日止六個月，董事及本公司最高行政 人員並無獲授予任何權利可藉收購本公司或任何 其他法團之股份或債券而獲益，且董事或彼等各 自之配偶或彼等各自未滿 18 歲之子女概無擁有任 何認購本公司證券之權利亦無行使任何該等權利。

SHARE OPTION SCHEME

Pursuant to the share option scheme adopted by the shareholders on 27 November 2009 (“Share Option Scheme”), the Company may grant share options to the directors, employees, executive or officers, managers, consultants, any customers, suppliers of goods or services to any member of the Group or any entity in which any member of the Group holds any equity interests who, in the sole discretion of the Board have contributed or will contribute to the growth and development of the Group, to provide incentives or rewards for their contribution to the success of the Group’s operation.

購股權計劃

根據股東於二零零九年十一月二十七日採納之購 股權計劃（「購股權計劃」），本公司可向董事會全 權認為曾經或將會對本集團之增長及發展作出貢 獻的本集團任何成員或本集團任何成員持有其股 本權益之實體之董事、僱員、行政人員或職員、 經理、顧問、任何客戶、提供貨品或服務之供應 商授出購股權，以獎勵或回饋彼等對本集團成功 營運所作出之貢獻。

68

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

SHARE OPTION SCHEME (continued)

During the period, the movements in the share options under the Share Option Scheme were as follows:

購股權計劃 （續）

於期內，根據購股權計劃之購股權變動如下：

Name
姓名
Nature of
interest
權益性質		 Number of share options
購股權數目
Outstanding
at 1 April
2011
於二零一一年
四月一日
尚未行使
Granted
已授出
Exercised
已行使
Lapsed
已失效
Outstanding
at 30 September
2011
於二零一一年
九月三十日
尚未行使
Date of grant
授出日期
Exercise period
行使期
Exercise
price
per share
每股行使價
(HK$)
（港幣）
1,433,333
—
—
—
1,433,333
18 February 2011
二零一一年二月十八日
16 December 2011 to
17 February 2021
二零一一年十二月十六日至
二零二一年二月十七日
HK$0.420
港幣0.420元
1,433,333
—
—
—
1,433,333
18 February 2011
二零一一年二月十八日
16 December 2012 to
17 February 2021
二零一二年十二月十六日至
二零二一年二月十七日
HK$0.420
港幣0.420元
1,433,334
—
—
—
1,433,334
18 February 2011
二零一一年二月十八日
16 December 2013 to
17 February 2021
二零一三年十二月十六日至
二零二一年二月十七日
HK$0.420
港幣0.420元
5,105,428
—
—
—
5,105,428
13 January 2010
二零一零年一月十三日
15 July 2010 to
12 January 2020
二零一零年七月十五日至
二零二零年一月十二日
HK$0.940
港幣0.940元
5,105,427
—
—
—
5,105,427
13 January 2010
二零一零年一月十三日
15 July 2011 to
12 January 2020
二零一一年七月十五日至
二零二零年一月十二日
HK$0.940
港幣0.940元
5,105,427
—
—
—
5,105,427
7 May 2010
二零一零年五月七日
15 July 2010 to
6 May 2020
二零一零年七月十五日至
二零二零年五月六日
HK$0.710
港幣0.710元
5,105,428
—
—
—
5,105,428
7 May 2010
二零一零年五月七日
15 July 2011 to
6 May 2020
二零一一年七月十五日至
二零二零年五月六日
HK$0.710
港幣0.710元
11,000,000
—
—
—
11,000,000
14 September 2010
二零一零年九月十四日
14 September 2010 to
27 November 2019
二零一零年九月十四日至
二零一九年十一月二十七日
HK$0.375
港幣0.375元
Director
董事
Ms Loh Jiah Yee, Katherine
樂家宜女士
Personal
個人
Personal
個人
Personal
個人
Ms Fletcher Yurk Nam, Sandy
姜若男女士
Interest of controlled
corporation
受控制法團之權益
Interest of controlled
corporation
受控制法團之權益
Interest of controlled
corporation
受控制法團之權益
Interest of controlled
corporation
受控制法團之權益
Interest of controlled
corporation
受控制法團之權益

69

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

SHARE OPTION SCHEME (continued)

購股權計劃 （續）

Name
姓名
Nature of
interest
權益性質		 Number of share options
購股權數目
Outstanding
at 1 April
2011
於二零一一年
四月一日
尚未行使
Granted
已授出
Exercised
已行使
Lapsed
已失效
Outstanding
at 30 September
2011
於二零一一年
九月三十日
尚未行使
Date of grant
授出日期
Exercise period
行使期
Exercise
price
per share
每股行使價
(HK$)
（港幣）
Director (Continued)
董事（續）
Mr Shih Chiu, David
施秋先生
Personal
個人
Personal
個人
Personal
個人
Personal
個人
Personal
個人
Personal
個人
Personal
個人
Mr Leung Siu Hung, Joel
梁紹雄先生
Personal
個人
Personal
個人
Personal
個人		 333,333
—
—
—
333,333
13 January 2010
二零一零年一月十三日
13 January 2011 to
12 January 2020
二零一一年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
333,333
—
—
—
333,333
13 January 2010
二零一零年一月十三日
13 January 2012 to
12 January 2020
二零一二年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
333,334
—
—
—
333,334
13 January 2010
二零一零年一月十三日
13 January 2013 to
12 January 2020
二零一三年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
333,333
—
—
—
333,333
7 May 2010
二零一零年五月七日
13 January 2011 to
6 May 2020
二零一一年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
333,333
—
—
—
333,333
7 May 2010
二零一零年五月七日
13 January 2012 to
6 May 2020
二零一二年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
333,334
—
—
—
333,334
7 May 2010
二零一零年五月七日
13 January 2013 to
6 May 2020
二零一三年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
1,000,000
—
—
—
1,000,000
14 September 2010
二零一零年九月十四日
14 September 2010 to
27 November 2019
二零一零年九月十四日至
二零一九年十一月二十七日
HK$0.375
港幣0.375元
680,723
—
—
—
680,723
7 May 2010
二零一零年五月七日
7 May 2011 to
6 May 2020
二零一一年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
680,724
—
—
—
680,724
7 May 2010
二零一零年五月七日
7 May 2012 to
6 May 2020
二零一二年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
680,724
—
—
—
680,724
7 May 2010
二零一零年五月七日
7 May 2013 to
6 May 2020
二零一三年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元

70

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

SHARE OPTION SCHEME (continued)

購股權計劃 （續）

Name
姓名
Nature of
interest
權益性質		 Number of share options
購股權數目
Outstanding
at 1 April
2011
於二零一一年
四月一日
尚未行使
Granted
已授出
Exercised
已行使
Lapsed
已失效
Outstanding
at 30 September
2011
於二零一一年
九月三十日
尚未行使
Date of grant
授出日期
Exercise period
行使期
Exercise
price
per share
每股行使價
(HK$)
（港幣）
6,807,236
—
—
—
6,807,236
13 January 2010
二零一零年一月十三日
13 January 2011 to
12 January 2020
二零一一年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
6,807,237
—
—
—
6,807,237
13 January 2010
二零一零年一月十三日
13 January 2012 to
12 January 2020
二零一二年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
6,807,237
—
—
—
6,807,237
13 January 2010
二零一零年一月十三日
13 January 2013 to
12 January 2020
二零一三年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
6,000,000
—
—
—
6,000,000
14 September 2010
二零一零年九月十四日
14 September 2010 to
27 November 2019
二零一零年九月十四日至
二零一九年十一月二十七日
HK$0.375
港幣0.375元
680,723
—
—
—
680,723
13 January 2010
二零一零年一月十三日
13 January 2011 to
12 January 2020
二零一一年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
680,724
—
—
—
680,724
13 January 2010
二零一零年一月十三日
13 January 2012 to
12 January 2020
二零一二年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
680,724
—
—
—
680,724
13 January 2010
二零一零年一月十三日
13 January 2013 to
12 January 2020
二零一三年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
69,227,762
—
—
—
69,227,762
1,402,295
—
—
—
1,402,295
13 January 2010
二零一零年一月十三日
13 January 2011 to
12 January 2020
二零一一年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
1,402,298
—
—
—
1,402,298
13 January 2010
二零一零年一月十三日
13 January 2012 to
12 January 2020
二零一二年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
1,402,301
—
—
—
1,402,301
13 January 2010
二零一零年一月十三日
13 January 2013 to
12 January 2020
二零一三年一月十三日至
二零二零年一月十二日
HK$0.940
港幣0.940元
2,000,000
—
—
—
2,000,000
7 May 2010
二零一零年五月七日
7 November 2010 to
6 May 2020
二零一零年十一月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
Director (Continued)
董事（續）
Mr Leung Chau Ping, Paul
梁秋平先生
Personal
個人
Personal
個人
Personal
個人
Personal
個人
Mr John Tewksbury Banigan
John Tewksbury Banigan先生
Personal
個人
Personal
個人
Personal
個人
Sub-total
小計
Employees and other
participants_(Note)_
僱員及其他參與者（附註）

71

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

SHARE OPTION SCHEME (continued)

購股權計劃 （續）

Name
姓名
Nature of
interest
權益性質		 Number of share options
購股權數目
Outstanding
at 1 April
2011
於二零一一年
四月一日
尚未行使
Granted
已授出
Exercised
已行使
Lapsed
已失效
Outstanding
at 30 September
2011
於二零一一年
九月三十日
尚未行使
Date of grant
授出日期
Exercise period
行使期
Exercise
price
per share
每股行使價
(HK$)
（港幣）
Employees and other
participants_(Note)_(Continued)
僱員及其他參與者（附註）（續）		 3,348,079
—
—
(1,701,809)
1,646,270
7 May 2010
二零一零年五月七日
13 January 2011 to
6 May 2020
二零一一年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
2,191,688
—
—
(46,753)
2,144,935
7 May 2010
二零一零年五月七日
7 May 2011 to
6 May 2020
二零一一年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
1,646,271
—
—
—
1,646,271
7 May 2010
二零一零年五月七日
13 January 2012 to
6 May 2020
二零一二年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
2,191,688
—
—
(46,753)
2,144,935
7 May 2010
二零一零年五月七日
7 May 2012 to
6 May 2020
二零一二年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
1,646,277
—
—
—
1,646,277
7 May 2010
二零一零年五月七日
13 January 2013 to
6 May 2020
二零一三年一月十三日至
二零二零年五月六日
HK$0.710
港幣0.710元
2,191,690
—
—
(46,755)
2,144,935
7 May 2010
二零一零年五月七日
7 May 2013 to
6 May 2020
二零一三年五月七日至
二零二零年五月六日
HK$0.710
港幣0.710元
51,842,500
—
(190,000)
—
51,652,500
14 September 2010
二零一零年九月十四日
14 September 2010 to
27 November 2019
二零一零年九月十四日至
二零一九年十一月二十七日
HK$0.375
港幣0.375元
1,701,809
—
(1,701,809)
—
18 February 2011
二零一一年二月十八日
30 June 2011 to
17 February 2021
二零一一年六月三十日至
二零二一年二月十七日
HK$0.420
港幣0.420元
273,529
—
—
—
273,529
18 February 2011
二零一一年二月十八日
31 July 2011 to
17 February 2021
二零一一年七月三十一日至
二零二一年二月十七日
HK$0.420
港幣0.420元
266,666
—
—
—
266,666
18 February 2011
二零一一年二月十八日
5 December 2011 to
17 February 2021
二零一一年十二月五日至
二零二一年二月十七日
HK$0.420
港幣0.420元
333,333
—
—
(333,333)
—
18 February 2011
二零一一年二月十八日
2 January 2012 to
17 February 2021
二零一二年一月二日至
二零二一年二月十七日
HK$0.420
港幣0.420元
433,333
—
—
(433,333)
—
18 February 2011
二零一一年二月十八日
9 January 2012 to
17 February 2021
二零一二年一月九日至
二零二一年二月十七日
HK$0.420
港幣0.420元
1,701,809
—
—
(1,701,809)
—
18 February 2011
二零一一年二月十八日
30 June 2012 to
17 February 2021
二零一二年六月三十日至
二零二一年二月十七日
HK$0.420
港幣0.420元

72

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

SHARE OPTION SCHEME (continued)

購股權計劃 （續）

Name
姓名
Nature of
interest
權益性質		 Number of share options
購股權數目
Outstanding
at 1 April
2011
於二零一一年
四月一日
尚未行使
Granted
已授出
Exercised
已行使
Lapsed
已失效
Outstanding
at 30 September
2011
於二零一一年
九月三十日
尚未行使
Date of grant
授出日期
Exercise period
行使期
Exercise
price
per share
每股行使價
(HK$)
（港幣）
273,529
—
—
—
273,529
18 February 2011
二零一一年二月十八日
31 July 2012 to
17 February 2021
二零一二年七月三十一日至
二零二一年二月十七日
HK$0.420
港幣0.420元
266,667
—
—
—
266,667
18 February 2011
二零一一年二月十八日
5 December 2012 to
17 February 2021
二零一二年十二月五日至
二零二一年二月十七日
HK$0.420
港幣0.420元
333,333
—
—
(333,333)
—
18 February 2011
二零一一年二月十八日
2 January 2013 to
17 February 2021
二零一三年一月二日至
二零二一年二月十七日
HK$0.420
港幣0.420元
433,333
—
—
(433,333)
—
18 February 2011
二零一一年二月十八日
9 January 2013 to
17 February 2021
二零一三年一月九日至
二零二一年二月十七日
HK$0.420
港幣0.420元
1,701,810
—
—
(1,701,810)
—
18 February 2011
二零一一年二月十八日
30 June 2013 to
17 February 2021
二零一三年六月三十日至
二零二一年二月十七日
HK$0.420
港幣0.420元
273,530
—
—
—
273,530
18 February 2011
二零一一年二月十八日
31 July 2013 to
17 February 2021
二零一三年七月三十一日至
二零二一年二月十七日
HK$0.420
港幣0.420元
266,667
—
—
—
266,667
18 February 2011
二零一一年二月十八日
5 December 2013 to
17 February 2021
二零一三年十二月五日至
二零二一年二月十七日
HK$0.420
港幣0.420元
333,334
—
—
(333,334)
—
18 February 2011
二零一一年二月十八日
2 January 2014 to
17 February 2021
二零一四年一月二日至
二零二一年二月十七日
HK$0.420
港幣0.420元
433,334
—
—
(433,334)
—
18 February 2011
二零一一年二月十八日
9 January 2014 to
17 February 2021
二零一四年一月九日至
二零二一年二月十七日
HK$0.420
港幣0.420元
80,291,103
—
(190,000)
(9,247,498)
70,853,605
149,518,865
—
(190,000)
(9,247,498)
140,081,367
Employees and other
participants_(Note)_(Continued)
僱員及其他參與者（附註）（續）
Sub-total
小計
Total
總計

Note:

附註﹕

Mr. Shih Chiu, David (“Mr. Shih”) was appointed as a Director of the Company on 12 July 2011. The details of the outstanding options under the Share Option Scheme of the Company held by Mr. Shih during the period ended 30 September 2011 were accounted for and described under the heading “Director” as shown above.

施秋先生（「施先生」）於二零一一年七月十二日獲委任為本 公司董事。施先生於截至二零一一年九月三十日止期間根 據本公司購股權計劃所持尚未行使購股權之詳情已納入及 概列於上表「董事」一欄。

73

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

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

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the six months ended 30 September 2011.

購買、出售或贖回本公司上市證券

於截至二零一一年九月三十日止六個月內，本公 司或其任何附屬公司概無購買、出售或贖回任何 本公司上市證券。

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as its own code of conduct for dealing in securities of the Company by the Directors. Having made specific enquiry of all Directors, all Directors confirmed that they have complied with the required standard set out in the Model Code during the six months period ended 30 September 2011.

董事進行證券交易之標準守則

本公司已採納標準守則，作為其本身董事買賣本 公司證券之操守守則。經向全體董事作出特定 查詢後，全體董事確認，於截至二零一一年九月 三十日止六個月期間內一直遵守標準守則所載規 定準則。

CORPORATE GOVERNANCE PRACTICES

During the six months ended 30 September 2011, the Company has applied the principles of, and complied with, the applicable code provisions set out in the Code on Corporate Governance Practices (“Code Provisions”) as set out in Appendix 14 to the Listing Rules, except for deviation mentioned below:

企業管治常規

於截至二零一一年九月三十日止六個月內，本公 司已應用其原則並一直遵守上市規則附錄十四 企業管治常規守則所載適用守則條文（「守則條 文」），惟下文所述若干偏離情況除外：

Code Provision A.2.1

Under Code Provision A.2.1, the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. The roles of the chairman (“Chairman”) and the chief executive officer (“CEO”) of the Company are segregated and are clearly defined to ensure their respective independence, accountability and responsibilities. The Chairman is responsible for the formulation of the Group’s overall business development policies while the CEO is responsible for the implementation of major decisions of the Board and overall management of the Group’s business.

守則條文 A.2.1

根據守則條文 A.2.1，主席及行政總裁之職責應 有所區分，且不應由同一人擔任。本公司設有主 席（「主席」）及行政總裁（「行政總裁」）兩個獨立職 位，且已清楚界定兩者角色，以確保彼等各自之 獨立身分、問責性與職責。主席負責制訂本集團 整體業務發展政策，而行政總裁則負責實行董事 會之重要決策，以及整體管理本集團業務。

During the period under review, the role of the Chairman has been performed by Ms. Loh Jiah Yee Katherine. On 6 April 2011, Mr. Leung Chau Ping, Paul re-designated from the position as an executive director of the Company to a non-executive director and resigned as the CEO. Since 6 April 2011 to up the date of this report, the position of the CEO has not been appointed. During such period, the functions of the CEO have been performed by the executive directors of the Company with the assistance of the senior management of the Company. The Board considers that such structure does not impair the balance of power and authority between the Board and the management of the Company. The Board will however regularly review the effectiveness of this structure to ensure that such structure is appropriate in view of the Group’s prevailing circumstances.

回顧期內，主席之職務由樂家宜女士履行。於二 零一一年四月六日，梁秋平先生由本公司執行 董事重新調任為非執行董事，並辭任行政總裁職 務。自二零一一年四月六日起至本報告日期，行 政總裁一職尚未委任。於有關期間，行政總裁之 職務於本公司高級管理層之協助下由本公司執行 董事履行。董事會認為，此架構並未影響董事會 與本公司管理層之權力及授權平衡。然而，董事 會將定期檢討此架構之成效，以確保此架構適用 於本集團當前情況。

74

Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

CORPORATE GOVERNANCE PRACTICES (continued) Code Provision E.1.2

Code Provision E.1.2 stipulates among others, that the chairman of the board should attend the annual general meeting.

Due to another business engagement, Ms. Loh Jiah Yee, Katherine, the Chairman, was unable to attend the annual general meeting of the Company held on 25 August 2011. However, Ms. Fletcher Yurk Nam, Sandy, an executive director, took the chair of that meeting. The nonexecutive director , namely Mr. Leung Chau Ping, Paul and one of the then independent non-executive directors, namely, Mr. Leung Siu Hung, Joel (who was also the then chairman of the audit committee and a member of the remuneration committee of the Board) were also present at that meeting who were available to answer questions from the shareholders.

CHANGES IN DIRECTORSHIP AND OTHER CHANGES IN DIRECTORS’ INFORMATION

Changes in directorship during the six months ended 30 September 2011 are as follows:

  1. Mr. Ng Tik Hong resigned as a non-executive director of the Company on 11 July 2011.

  2. Mr. Shih Chiu, David was appointed as an executive director of the Company on 12 July 2011.

  3. Mr. Li Zhixiong was appointed as an executive director of the Company on 2 September 2011.

  4. Mr. Leung Siu Hung, Joel, an independent non-executive director of the Company prior to such re-designation, was re-designated as an executive director of the Company and resigned as a member of each of the remuneration committee and the audit committee of the Board both on 4 November 2011.

  5. Mr. Donald Smith Worthley was appointed as an independent nonexecutive director of the Company on 4 November 2011.

企業管治常規 （續） 守則條文 E.1.2

守則條文 E.1.2 訂明（其中包括），董事會主席應 出席股東週年大會。

主席樂家宜女士因另有公務，未能出席本公司於 二零一一年八月二十五日舉行之股東週年大會。 然而，執行董事姜若男女士擔任該大會之主席， 非執行董事梁秋平先生及當時其中一名獨立非執 行董事梁紹雄先生（當時亦分別為董事會審核委 員會之主席及薪酬委員會之成員）亦有出席該大 會回應股東提問。

董事變動及董事資料其他變動

於截至二零一一年九月三十日止六個月內，董事 於變動如下：

  1. 吳廸康先生於二零一一年七月十一日辭任 本公司非執行董事。

  2. 施秋先生於二零一一年七月十二日獲委任 為本公司執行董事。

  3. 李志雄先生於二零一一年九月二日獲委任 為本公司執行董事。

  4. 於是次調任前為本公司獨立非執行董事之 梁紹雄先生於二零一一年十一月四日調任 為執行董事，並辭任董事會薪酬委員會及 審核委員會成員職務。

  5. Donald Smith Worthley 先生於二零一一年 十一月四日獲委任為本公司獨立非執行董 事。

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Supplementary Information 補充資料

Sustainable Forest Holdings Limited 永保林業控股有限公司 • Interim Report 2011 二零一一年中期報告

AUDIT COMMITTEE

During the six months ended 30 September 2011, the audit committee of the Board comprised three independent non-executive directors of the Company, namely Mr. Leung Siu Hung, Joel, Mr. John Tewksbury Banigan and Mr. Keung Paul Hinsum. On 4 November 2011, Mr. Leung Siu Hung, Joel was re-designated as an executive director and resigned as a member of the audit committee and Mr. Donald Smith Worthley was appointed as an independent non-executive director and a member of the audit committee. The audit committee has reviewed the unaudited condensed consolidated financial statements and the interim report for the six months ended 30 September 2011. After review and discussions, the audit committee recommended the Board to approve the unaudited condensed consolidated interim financial statements for the six months ended 30 September 2011.

By order of the Board

Loh Jiah Yee, Katherine

Chairman

Hong Kong, 28 November 2011

審核委員會

截至二零一一年九月三十日止六個月內，董事 會審核委員會由三名獨立非執行董事梁紹雄先 生、John Tewksbury Banigan 先生及姜顯森先生 組成。於二零一一年十一月四日，梁紹雄先生調 任為執行董事，並辭任審核委員會成員，Donald Smith Worthley 先生則獲委任為獨立非執行董事 及審核委員會成員。審核委員會已審閱截至二零 一一年九月三十日止六個月之未經審核簡明綜合 財務報告及中期報告。審核委員會於審閱及磋商 後，建議董事會批准截至二零一一年九月三十日 止六個月之未經審核簡明綜合中期財務報告。

承董事會命

主席 樂家宜

香港，二零一一年十一月二十八日

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