VSTECS Holdings Limited — Annual Report 2012

Apr 12, 2012

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目
錄
Contents
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• 02 Corporate Information 公司資料

• 06 Chairman’s Statement 主席報告書

• 09 Management Discussion and Analysis 管理層討論及分析

• 12 Corporate Governance Report 企業管治報告

• 23 Biographical Details of Directors and Company Secretary 董事及公司秘書履歷

• 27 Directors’ Report 董事會報告

• 42 Independent Auditor’s Report 獨立核數師報告

• 44 Consolidated Balance Sheet 綜合資產負債表

• 46 Balance Sheet 資產負債表

• 47 Consolidated Income Statement 綜合損益表

• 48 Consolidated Statement of Comprehensive Income 綜合全面損益表

• 49 Consolidated Statement of Changes in Equity 綜合權益變動報表

• 51 Consolidated Cash Flow Statement 綜合現金流量報表

• 52 Notes to the Financial Statements 財務報表附註

• 128 Financial Summary 財務概要

Corporate Information 公司資料

Board of Directors

Executive Directors

Mr. Li Jialin (Chairman and Chief Executive Officer) Mr. Ong Wei Hiam, William Mr. Chan Hoi Chau Mr. Mao Xiangqian

Non-executive Directors

Mr. Tay Eng Hoe (Re-designated from Executive Director to Non-executive Director on 23 March 2011) Ms. Liu Li (Appointed on 8 June 2011)

Independent Non-executive Directors

Dr. Chan Po Fun Peter Mr. Li Wei Mr. Ng Yat Cheung (Appointed on 27 September 2011)

Company Secretary

Ms. Yue Cheuk Ying (Appointed on 28 September 2011)

Qualified Accountant

Mr. Ong Wei Hiam, William

Audit Committee

Dr. Chan Po Fun Peter (Chairman) Mr. Li Wei Mr. Ng Yat Cheung (Appointed on 27 September 2011)

Remuneration Committee

Mr. Li Wei (Chairman) Dr. Chan Po Fun Peter Mr. Ng Yat Cheung (Appointed on 27 September 2011)

董事會

執行董事

李佳林先生（主席兼行政總裁） 王偉炘先生 陳海洲先生 毛向前先生

非執行董事

鄭永和先生（於二零一一年三月二十三日由 執行董事調任為非執行董事） 劉莉女士（於二零一一年六月八日獲委任）

獨立非執行董事

陳普芬博士 李煒先生 吳日章先生（於二零一一年九月二十七日獲委任）

公司秘書

余卓盈女士（於二零一一年九月二十八日獲委任）

合資格會計師

王偉炘先生

審核委員會

陳普芬博士（主席） 李煒先生 吳日章先生（於二零一一年九月二十七日獲委任）

薪酬委員會

李煒先生（主席） 陳普芬博士 吳日章先生（於二零一一年九月二十七日獲委任）

VST HOLDINGS LIMITED Annual Report 2011

Corporate Information (continued) 公司資料（續）

Auditors

KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong

Principal Bankers

Australia and New Zealand Banking Group Bank of China Bank of Communications Bank of Hangzhou Bank of Tokyo-Mitsubishi UFJ China Citic Bank China Construction Bank China Merchants Bank Chinatrust Commercial Bank Citibank, N.A., Hong Kong Branch Citic Bank International DBS Bank Deutsche Bank AG, Hong Kong Branch Fubon Bank Hang Seng Bank Industrial and Commercial Bank of China KBC Bank N.V. Oversea-Chinese Banking Corporation Shenzhen Development Bank Standard Chartered Bank Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation The Royal Bank of Scotland United Overseas Bank

(The above are shown according to alphabetical order)

Investor and Media Relations Consultant

Aries Consulting Limited

核數師

畢馬威會計師事務所 執業會計師 香港中環 遮打道 10號 太子大廈 8樓

主要往來銀行

澳洲紐西蘭銀行集團 中國銀行 交通銀行 杭州銀行 三菱東京日聯銀行 中信銀行 中國建設銀行 招商銀行 中國信託商業銀行 花旗銀行（香港分行） 中信銀行國際 星展銀行 德意志銀行（香港分行） 富邦銀行 恒生銀行 中國工商銀行 比利時聯合銀行 華僑銀行有限公司 深圳發展銀行 渣打銀行 三井住友銀行 香港上海滙豐銀行有限公司 蘇格蘭皇家銀行 大華銀行

（以上排序乃按英文字母次序列示）

投資者及傳媒關係顧問

Aries Consulting Limited

偉仕控股有限公司 二零一一年年報

Corporate Information (continued) 公司資料（續）

Head Office and Principal Place of Business in Hong Kong

Unit 3312, 33rd Floor China Merchants Tower Shun Tak Centre 200 Connaught Road Central Hong Kong

Registered Office

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

Cayman Islands Principal Share Registrar and Transfer Office

Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 609 Grand Cayman KY1-1107 Cayman Islands

總辦事處及香港主要 營業地點

香港 干諾道中 200號 信德中心 招商局大廈 33樓 3312室

註冊辦事處

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

開曼群島主要股份 過戶登記處

Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 609 Grand Cayman KY1-1107 Cayman Islands

VST HOLDINGS LIMITED Annual Report 2011

Corporate Information (continued) 公司資料（續）

Hong Kong Branch Share Registrar and Transfer Office

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

Stock Code

856

Website

http://www.vst.com.hk

香港股份過戶登記分處

卓佳雅柏勤有限公司 香港 皇后大道東 28號 金鐘匯中心 26樓

股份代號

856

網址

http://www.vst.com.hk

偉仕控股有限公司 二零一一年年報

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Chairman’s Statement 主席報告書

On behalf of the Board of Directors, I am pleased to present to shareholders the annual report of VST Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) for the year ended 31 December 2011.

本人謹代表董事會向股東欣然提呈偉仕控股有 限公司（「本公司」）與其附屬公司（統稱「本集團」） 截至二零一一年十二月三十一日止年度之年報。

2011 has been a challenging year. We had the earthquake and tsunami in Japan and the floods in Thailand resulted in supply chain disruptions to the electronics industry. We also have uncertainty surrounded the Eurozone debt crisis. Despite these challenges, we have continued to grow our business and strengthen our relationships with our vendors, customers and bankers. We have continued to widen our product range, enlarge our distribution network and improve our operational efficiency.

二零一一年充滿挑戰。日本地震和海嘯及泰 國水災，均干擾電子業的供應鏈，而我們亦面 臨有關歐元區債務危機的不明朗因素。儘管 面對該等挑戰，我們的業務增長仍然邁步向 前，與供應商、客戶及銀行的關係更形鞏固。 我們一直持續擴大產品範圍、擴展分銷網絡 並改善營運效率。

The Group’s turnover for the year ended 31 December 2011 was HK$32,617,058,000 (2010: HK$26,212,600,000). Gross profit for the year ended 31 December 2011 amounted to HK$1,513,443,000 (2010: HK$1,152,535,000). Net profit for the year ended 31 December 2011 amounted to HK$488,794,000 (2010: HK$408,058,000). Basic earnings per share for the year ended 31 December 2011 amounted to HK36.80 cents (2010: HK29.41 cents) per share.

本集團截至二零一一年十二月三十一日止年 度的營業額為 32,617,058,000 港元（二零一零 年：26,212,600,000 港元）。截至二零一一年十 二月三十一日止年度的毛利為 1,513,443,000 港元（二零一零年：1,152,535,000 港元）。截至 二零一一年十二月三十一日止年度的純利為 488,794,000 港元（二零一零年：408,058,000 港 元）。截至二零一一年十二月三十一日止年度 的每股基本盈利為每股 36.80 港仙（二零一零 年：29.41港仙）。

VST HOLDINGS LIMITED Annual Report 2011

The Group has achieved another set of excellent results for the year. Leveraging on our diversified products and strong distribution network, the Group further improved its product range and expanded its distribution channels in Asia Pacific. The Group has strong distribution networks with over 25,000 business partners in six countries, including China, Thailand, Malaysia, Singapore, Indonesia and the Philippines, and our businesses have also extended from distribution of IT products for the commercial and consumer markets to provision of enterprise system tools for IT infrastructure, training, maintenance and support services. Our diversified product lines include HP, Apple, Seagate, AMD, Intel, Western Digital, Lenovo, Dell, IBM, Acer, Microsoft, Oracle, Cisco, Asus and many more.

本集團在過去一年再度取得卓越的成績。憑 藉多元化產品組合及強大的分銷網絡，本集 團進一步優化產品種類及擴大亞太區分銷渠 道。本集團於六個國家（包括中國、泰國、馬 來西亞、新加坡、印尼及菲律賓）擁有強大的 分銷網絡，合共有超過 25,000 個業務夥伴，而 我們的業務範圍亦由商業及消費市場之資訊 科技產品分銷拓展至為資訊科技基建提供企 業系統工具、培訓、維修及支援服務。本集團 多元化的產品線由眾多供應商提供，如惠普、 蘋果、希捷、AMD、英特爾、西部數據、聯想、 戴爾、IBM、宏碁、微軟、甲骨文、思科、華碩 等。

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偉仕控股有限公司 二零一一年年報

Chairman’s Statement (continued) 主席報告書（續）

PROSPECTS

前景

The economic uncertainty and supply chain disruptions will continue to impact spending on technology products in the coming months. However, we expect the usage of IT products will continue to penetrate all the markets in which we have operations, resulting in steady continue growth in the long run. Market penetration of computers in China is still low with tremendous potential for growth. The Group plans to continue to strengthen its foothold in the China market, capitalising on our expanding product mix, our comprehensive sales network and dynamic marketing strategy. With good growth in 2011, we have also consolidated our foundation in our South East Asia markets. With our experienced management team, the Group will continue to look for opportunities to work with world famous IT suppliers and continue to expand our product mix and sales channels so to achieve excellent results.

經濟的不明朗因素及供應鏈干擾將於未來數 月持續對科技產品消費造成影響。然而，我們 預期資訊科技產品的使用將繼續滲透至我們 經營所在的所有市場，因而可獲得長遠的穩 定及持續增長。中國的電腦市場滲透率仍然 偏低，增長潛力甚為可觀。本集團擬繼續擴充 產品組合、利用全面的銷售網絡以及積極的 營銷策略，以繼續鞏固在中國的市場地位。我 們於二零一一年錄得強勁增長，並已鞏固東 南亞市場的基礎。憑藉經驗豐富的管理團隊， 本集團將繼續尋求機會與世界知名的資訊科 技供應商合作，並持續擴大我們的產品組合 及銷售渠道，力爭佳績。

Lastly, I would like to thank our shareholders for their loyal support for the Group. I would also like to take this opportunity to express my deepest gratitude to all of our staff for their whole-hearted devotion and passion towards their duties and to thank our Board members and business partners for their trust and support. We are confident in overcoming the challenges ahead and will strive our best to maximize returns for our shareholders.

最後，本人謹此感謝股東對本集團的鼎力支 持，並藉此機會向全體員工全情投入的工作 態度及對工作的熱情致以衷心感謝。同時，本 人亦衷心感謝各位董事會成員及業務夥伴一 直以來的信任和支持。我們有信心克服眼前 重重挑戰，為股東謀求豐盛的回報。

Li Jialin

Chairman and Chief Executive Officer

李佳林

主席兼行政總裁

Hong Kong, 22 March 2012

香港，二零一二年三月二十二日

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VST HOLDINGS LIMITED Annual Report 2011

Management Discussion and Analysis 管理層討論及分析

Business Review

業務回顧

The Group’s turnover for the year ended 31 December 2011 was HK$32,617,058,000 (2010: HK$26,212,600,000). The Group has shown strong growth in the distribution segment, driven by increased sales of media tablets, desktops, notebooks, CPUs and hard disks. In the enterprise systems segment, due to the strong demand last year, FY2011 was relatively weaker, impacted by slower demand in IT infrastructure tools, such as servers, databases and storage products.

本集團截至二零一一年十二月三十一日止年 度的營業額為 32,617,058,000 港元（二零一零 年：26,212,600,000 港元）。本集團於分銷分部 取得強勁增長，乃由媒體平板電腦、桌上電 腦、筆記本型電腦、中央處理器及硬盤銷售增 加所推動。在企業系統分部方面，由於去年需 求殷切，受到對伺服器、數據庫及儲存產品等 資訊科技基建工具的需求放緩所影響，二零 一一年財政年度的需求相對較弱。

Gross profit for the year ended 31 December 2011 amounted to HK$1,513,443,000 (2010: HK$1,152,535,000). Operating profit for the year ended 31 December 2011 amounted to HK$700,643,000 (2010: HK$540,996,000). Net profit for the year ended 31 December 2011 amounted to HK$488,794,000 (2010: HK$408,058,000). Basic earnings per share for the year ended 31 December 2011 amounted to HK36.80 cents (2010: HK29.41 cents) per share.

截至二零一一年十二月三十一日止年度的 毛利為 1,513,443,000 港元（二零一零年： 1,152,535,000 港元）。截至二零一一年十二 月三十一日止年度的經營溢利為 700,643,000 港元（二零一零年：540,996,000 港元）。截至 二零一一年十二月三十一日止年度的純利為 488,794,000 港元（二零一零年：408,058,000 港 元）。截至二零一一年十二月三十一日止年度 的每股基本盈利為每股 36.80 港仙（二零一零 年：29.41港仙）。

The Group has continuously aimed to widen our product range in order to provide more choices to our customers. Our extensive and diversified product lines now include HP, Apple, Seagate, AMD, Intel, Western Digital, Lenovo, Dell, IBM, Acer, Microsoft, Oracle, Cisco, Asus and many more.

本集團向來以擴闊產品範圍為目標，藉以向 客戶提供更多選擇。本集團廣泛及多元化的 產品線由眾多供應商提供，如惠普、蘋果、希 捷、AMD、英特爾、西部數據、聯想、戴爾、 IBM、宏碁、微軟、甲骨文、思科、華碩等。

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偉仕控股有限公司 二零一一年年報

Management Discussion and Analysis (continued) 管理層討論及分析（續）

Prospects

With projected double digit growth for our markets in China and South East Asia, the Group expects to continue growth in the coming year. We will look to further expand our product portfolio, especially in tablets and smartphone products. With the expertise of our experienced management team and extensive and diversified product lines and distribution network, we are in an excellent position to continue to focus on the potential growth of the Group. The Group aims to achieve consistent and healthy operating margin and maximise shareholders’ return.

Liquidity and Financial Resources

As at 31 December 2011, the Group’s cash and cash equivalents were HK$1,573,134,000 (2010: HK$1,015,251,000).

As at 31 December 2011, the Group’s borrowings amounted to HK$1,870,974,000 (2010: HK$1,773,400,000). The gearing ratio, calculated as borrowings less cash and cash equivalents divided by total equity, was 0.11 as at 31 December 2011 (2010: 0.33).

As at 31 December 2011, the Group recorded total current assets of HK$7,743,552,000 (2010: HK$7,165,232,000) and total current liabilities of HK$4,999,907,000 (2010: HK$4,901,534,000). The current ratio of the Group, calculated by dividing the total current assets by the total current liabilities, was 1.55 times as at 31 December 2011 (2010: 1.46 times).

The Group recorded an increase in shareholders’ funds from HK$2,326,332,000 as at 31 December 2010 to HK$2,797,229,000 as at 31 December 2011.

前景

本集團冀望來年繼續增長，並預期將於中國 及東南亞市場取得雙位數字增長。我們將致 力進一步擴張產品組合，尤其是發展平板電 腦及智能電話產品。憑藉管理層團隊的豐富 經驗及專業知識以及廣泛而多元化的產品線 及分銷網絡，我們已做好充分準備，繼續專注 本集團的增長潛力。本集團將以取得持續、穩 健的經營利潤以及為股東提供最大回報為目 標。

流動資金及財務資源

於二零一一年十二月三十一日，本集團之現 金及現金等價物為 1,573,134,000 港元（二零一 零年：1,015,251,000港元）。

於二零一一年十二月三十一日，本集團的 借貸為 1,870,974,000 港元（二零一零年： 1,773,400,000 港元）。於二零一一年十二月三 十一日，負債比率（以借款額減現金及現金等 價物除以總權益計算）為 0.11（二零一零年： 0.33）。

於二零一一年十二月三十一日，本集團錄 得流動資產總額為 7,743,552,000 港元（二 零一零年：7,165,232,000 港元）以及流動負 債總額為 4,999,907,000 港元（二零一零年： 4,901,534,000 港元）。於二零一一年十二月三 十一日，本集團的流動比率（以流動資產總額 除以流動負債總額計算）為 1.55 倍（二零一零 年：1.46倍）。

本集團之股東資金由二零一零年十二月三十 一日的 2,326,332,000 港元增至二零一一年十 二月三十一日的 2,797,229,000港元。

VST HOLDINGS LIMITED Annual Report 2011

Management Discussion and Analysis (continued) 管理層討論及分析（續）

Treasury Policies

The Group generally finances its operations with internally generated resources and banking facilities provided by banks in the PRC, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and the Philippines. The bank borrowings of the Group are predominantly subject to floating interest rates.

Cash and bank deposits of the Group are mainly denominated in United States dollars, Renminbi and Singapore dollars.

Transactions of the Group are mainly denominated in Hong Kong dollars, United States dollars, Renminbi, Singapore dollars and Thailand baht.

Charge on Assets

As at 31 December 2011, the Group has property, plant and equipment held under finance leases as set out in note 18 to the financial statements.

Contingent Liabilities

As at 31 December 2011, the Group did not have contingent liabilities.

Employees

As at 31 December 2011, the Group has 2,375 (2010: 2,243) full time employees.

The Group remunerated its employees mainly based on industry practice, individual’s performance and experience. Apart from the basic remuneration, discretionary bonus and share options may be granted to eligible employees by reference to the Group performance as well as individual performance. Other benefits include medical, annual leave and retirement schemes. The net total remuneration paid for the year ended 31 December 2011 amounted to HK$444,282,000 (2010: HK$375,770,000). The Group also provides training courses or seminars to its staff.

財務政策

本集團一般以內部產生的財務資源以及中 國、香港、新加坡、泰國、馬來西亞、印尼以 及菲律賓銀行所提供的銀行融資作為營運資 金。本集團銀行借貸主要以浮動利率計算利 息。

本集團現金及銀行存款主要以美元、人民幣 及新加坡元計值。

本集團的交易主要以港元、美元、人民幣、新 加坡元及泰銖計值。

資產抵押

於二零一一年十二月三十一日，本集團持有 財務報表附註 18 所載融資租賃項下之物業、 廠房及設備。

或然負債

於二零一一年十二月三十一日，本集團並無 或然負債。

僱員

於二零一一年十二月三十一日，本集團有 2,375名（二零一零年：2,243名）全職僱員。

本集團主要根據業內行規、員工之個人表現 及經驗向其僱員支付薪金。除基本薪酬外， 亦會參照本集團之業務表現以及員工之個人 表現向合資格僱員授出酌情花紅及購股權。 其他福利包括醫療、年假及退休計劃。於截 至二零一一年十二月三十一日止年度支付之 總薪酬淨額達 444,282,000 港元（二零一零年： 375,770,000 港元）。本集團亦為其員工提供培 訓課程或研討會。

偉仕控股有限公司 二零一一年年報

Corporate Governance Report 企業管治報告

The board of directors (the “Board”) of the Company is pleased to present this Corporate Governance Report for the year ended 31 December 2011.

The Company endeavours to attain high standards of corporate governance practices to enhance and maintain shareholder value and investor confidence.

Corporate Governance Practices

Throughout the year ended 31 December 2011, the Company has complied with the code provisions on Corporate Governance Practices (the “CG Code”) as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (the “Listing Rules”) except for code provision A.2.1.

Code provision A.2.1 stipulates that the roles of Chairman and Chief Executive Officer (“CEO”) should be separate and should not be performed by the same individual. The division of responsibilities between the Chairman and CEO should be clearly established and set out in writing.

Mr. Li Jialin, one of the founders of the Group, currently holds the offices of Chairman and CEO. The Board believes that vesting the roles of both Chairman and CEO in the same person will not impair the balance of power and authority between the Directors and the management of Company and considers that this structure will enable the Group to make and implement decisions promptly and effectively. The Directors will meet regularly to consider major matters affecting the operations of the Company.

The Company will continue to review and improve its corporate governance practices from time to time to ensure that its corporate governance practices comply with the regulatory requirements and appropriate for the needs of its business.

本公司董事會（「董事會」）欣然提呈截至二零 一一年十二月三十一日止年度的《企業管治報 告》。

本公司致力構建高標準的企業管治常規水 平，以提高股東價值及增強投資者信心。

企業管治常規

截至二零一一年十二月三十一日止年度內， 本公司一直遵守香港聯合交易所有限公司 （「聯交所」）證券上市規則（「上市規則」）附錄14 所載之《企業管治常規守則》（「企管守則」）之守 則條文，惟守則條文第 A.2.1條除外。

守則條文第 A.2.1 條規定，主席與行政總裁 （「行政總裁」）之角色應予區分，不應由一人同 時兼任。主席與行政總裁之間職責之分工應 清楚界定並以書面列載。

李佳林先生作為本集團創辦人之一，目前同 時兼任主席與行政總裁。董事會相信一人同 時兼任主席與行政總裁的角色，不會構成董 事與本公司管理層之間之權力及權限失衡， 並認為此架構將使本集團能迅速及有效地制 定及推行決策。董事將定期舉行會議，以考慮 對本公司營運有所影響之重大事宜。

本公司將持續不時審視並改善其企業管治常 規，以確保符合規章要求及其商業需求。

VST HOLDINGS LIMITED Annual Report 2011

Corporate Governance Report (continued) 企業管治報告（續）

The key corporate governance principles and practices of the Company are summarised as follows:

The Board

Responsibilities

The overall management of the Company’s business is vested in the Board, which assumes the responsibility for leadership and control of the Company and is collectively responsible for promoting the success of the Company by directing and supervising its affairs. All Directors should take decisions objectively in the interests of the Company.

The Board reserves for its decisions on all major matters of the Company, including: the approval and monitoring of all policy matters, overall strategies and budgets, internal control and risk management systems, material transactions (in particular those may involve conflict of interests), financial information, appointment of Directors and other significant financial and operational matters.

All Directors have full and timely access to all relevant information as well as the advice and services of the company secretary of the Company, with a view to ensuring that Board procedures and all applicable rules and regulations are followed.

Each Director is able to seek independent professional advice in appropriate circumstances at the Company’s expense, upon making request to the Board.

The day-to-day management, administration and operation of the Company are delegated to the Chief Executive Officer of the Company and the senior management. The delegated functions and work tasks are periodically reviewed. Approval has to be obtained from the Board prior to any significant transactions entered into by the abovementioned officers.

The Board has full support of the Chief Executive Officer and the senior management to discharge their responsibilities.

Composition

The composition of the Board ensures a balance of skills and experience necessary for its independent judgement and fulfilling its business needs.

The Board currently comprises nine members, consisting of four executive Directors, two non-executive Directors and three independent non-executive Directors.

本公司之主要企業管治原則及常規概述如下：

董事會

責任

董事會（其承擔本公司之領導及監控責任）乃 全面管理本公司之業務，並共同負責透過指 導及監督本公司事務促進本公司業務成功發 展。所有董事均須客觀地作出符合本公司利 益之決定。

董事會可對本公司一切重大事宜作出決定， 包括：批准及監察一切政策事宜、整體策略及 預算、內部監控及風險管理系統、重大交易 （特別是可能涉及利益衝突者）、財務資料、委 任董事及其他重大財務與營運事宜。

全體董事均可全面並適時地獲得所有相關資 料，及要求本公司之公司秘書提供意見及服 務，以確保符合董事會程序及所有適用規則 和規例。

各董事均可於適當情況下向董事會提出尋求 獨立專業意見，費用由本公司承擔。

本公司的日常管理、行政及運作已授權本公 司行政總裁及高級管理層負責，並會定期檢 討所授予的職能及工作任務。上述人員訂立 任何重大交易前，必須先取得董事會的批准。

董事會獲行政總裁及高級管理層全力支持， 履行其職責。

組成

董事會成員兼具多樣才能和豐富經驗，協助 董事會作出獨立決定，滿足業務需求。

董事會現時由九名成員組成，包括四名執行 董事、兩名非執行董事及三名獨立非執行董 事。

偉仕控股有限公司 二零一一年年報

Corporate Governance Report (continued) 企業管治報告（續）

The Board of the Company comprises the following Directors:

Executive Directors

Mr. Li Jialin (Chairman and Chief Executive Officer) Mr. Ong Wei Hiam, William Mr. Chan Hoi Chau Mr. Mao Xiangqian Non-executive Directors Mr. Tay Eng Hoe (Re-designated from Executive Director to Non-executive Director on 23 March 2011) Ms. Liu Li (Appointed on 8 June 2011) Independent non-executive Directors Dr. Chan Po Fun Peter Chairman of Audit Committee and member of Remuneration Committee Mr. Li Wei Chairman of Remuneration Committee and member of Audit Committee Mr. Ng Yat Cheung Member of Audit Committee and Remuneration Committee (Appointed on 27 September 2011) Mr. Ni Zhenwei (Deceased on 25 July 2011)

The list of Directors (by category) is also disclosed in all corporate communications issued by the Company pursuant to the Listing Rules from time to time.

During the year ended 31 December 2011, the Board at all times met the requirements of the Listing Rules relating to the appointment of at least three independent non-executive Directors with at least one independent nonexecutive Director possessing appropriate professional qualifications, or accounting or related financial management expertise.

The Company has received written annual confirmation from each independent non-executive Director of his independence pursuant to the requirements of the Listing Rules. The Company considers all independent non-executive Directors to be independent in accordance with the independence guidelines set out in the Listing Rules.

The independent non-executive Directors bring a wide range of technical, business and financial expertise, experiences and independent judgement to the Board. Through their active participation in Board meetings, taking the lead in managing issues involving potential conflict of interests and serving on Board committees, all independent non-executive Directors make various contributions to the effective direction of the Company.

本公司董事會包括下列董事：

執行董事

李佳林先生（主席兼行政總裁） 王偉炘先生 陳海洲先生 毛向前先生

非執行董事

鄭永和先生（於二零一一年三月二十三日由 執行董事調任為非執行董事） 劉莉女士 （於二零一一年六月八日獲委任）

獨立非執行董事

陳普芬博士審核委員會主席兼 薪酬委員會成員 李煒先生 薪酬委員會主席兼 審核委員會成員 吳日章先生審核委員會兼 薪酬委員會成員 （於二零一一年九月二十七日獲委任） 倪振偉先生 （於二零一一年七月二十五日離世）

本公司亦不時根據上市規則於所刊發的所有 企業通訊內披露董事名單（按類別分類）。

於截至二零一一年十二月三十一日止年度 內，董事會一直符合上市規則的規定，即須委 任最少三名獨立非執行董事，而其中最少一 名獨立非執行董事須具備適當專業資格或會 計或相關財務管理專長。

本公司已獲得各名獨立非執行董事根據上市 規則的規定就其獨立身份所發出的年度書面 確認書。本公司認為，根據上市規則所載有關 獨立身份指引，所有獨立非執行董事均為獨 立人士。

獨立非執行董事以廣泛之技術、商業及財務 專長、經驗及獨立判斷為董事會作出貢獻。 全體獨立非執行董事透過積極參與董事會會 議，於涉及潛在利益衝突之管理問題上發揮 領導作用並服務於董事會轄下之委員會，為 有效管理本公司作出各種貢獻。

VST HOLDINGS LIMITED Annual Report 2011

Corporate Governance Report (continued) 企業管治報告（續）

Appointment and Succession Planning of Directors

The Company has established formal, considered and transparent procedures for the appointment and succession planning of Directors.

Each executive Director of the Company has entered a service contract with the Company. For Mr. Li Jialin, his term of appointment is renewable for successive years of one year each commencing from the day immediately after the expiry of the current term of the service contract unless and until terminated by either party by not less than three months’ notice in writing. Other executive Directors are appointed with no specific term and shall continue unless terminated by a specific months of notice in writing. For other non-executive Directors, the Company has issued appointment letters to them and they are subject to re-election or retirement by rotation according to the Company’s Articles and Association.

Under the service agreements, the initial annual emoluments of each executive Director is fixed and the remuneration payable to each of them will be reviewed by the Board each year.

The procedures and process of appointment, re-election and removal of directors are laid down in the Company’s Articles of Association. Pursuant to the Company’s Articles of Association, all Directors will be subject to retirement by rotation at least once every three years and any new Directors appointed to fill a causal vacancy or as an addition to the Board shall submit himself/herself for re-election by shareholders at the first general meeting after appointment.

The Board as a whole is responsible for reviewing the Board composition, developing and formulating the relevant procedures for nomination and appointment of Directors, monitoring the appointment of Directors and assessing the independence of independent non-executive Directors.

The Board reviewed its own structure, size and composition regularly to ensure that it has a balance of expertise, skills and experience appropriate for the requirements of the business of the Company. Where vacancies on the Board exist, the Board will carry out the selection process by making reference to the skills, experience, professional knowledge, personal integrity and time commitments of the proposed candidates, the Company’s needs and other relevant statutory requirements and regulations.

Pursuant to Article 86 of the Company’s Articles of Association, Ms. Liu Li and Mr. Ng Yat Cheung will retire from office and, being eligible, offer themselves for re-election at the forthcoming annual general meeting of the Company. In accordance with Article 87 of the Company’s Articles of Association, Mr. Chan Hoi Chau, Mr. Mao Xiangqian and Dr. Chan Po Fun, Peter will retire from office and, being eligible, offer themselves for re-election at the forthcoming annual general meeting of the Company. The Board recommended the re-appointment of the Directors standing for re-election at the forthcoming annual general meeting of the Company. The Company’s circular contains detailed information of the Directors standing for re-election.

董事委任及繼任機制

本公司已確立正式、經仔細考慮及具透明度 的董事委任及繼任機制。

本公司各執行董事已與本公司簽訂服務合 約。李佳林先生的委任年期可由緊接服務合 約現時期限屆滿之日起續期一年，除非任何 一方向另一方發出不少於三個月之書面通知 終止。其他執行董事並無指定委任年期，及須 持續任職，除非獲指定月數的書面通知終止。 就其他非執行董事而言，本公司已發出委任 函件予彼等，而彼等須根據本公司的組織章 程細則重選或輪值退任。

根據服務協議，每名執行董事之初步年薪屬 固定，而董事會將會每年檢討應付予各執行 董事之薪酬。

董事委任、重選及免職之程序和過程在本公 司的組織章程細則中均有規定。根據本公司 的組織章程細則，全體董事均須至少每三年 輪值退任一次，而任何獲委任填補董事會臨 時空缺或作為新增成員之新董事均須於獲委 任後之首次股東大會上由股東重選。

董事會整體將負責檢討董事會的組成、發展 並規範董事提名和委任的相關程序、監察董 事的委任，並對獨立非執行董事的獨立身份 進行評估。

董事會定期檢討自身的架構、規模和組成，以 確保在專業知識、才能與經驗等各方面取得 平衡，以滿足本公司業務需要。若董事會出現 空缺，董事會將執行甄選程序，並參考建議候 選人的才能、經驗、專業知識、個人誠信和投 入時間，以及本公司的需要及其他相關法令 及法規。

根據本公司組織章程細則第 86 條，劉莉女士 和吳日章先生將於本公司應屆股東週年大會 上退任，並符合資格且願意膺選連任。根據本 公司組織章程細則第 87條，陳海洲先生、毛向 前先生和陳普芬博士將於本公司應屆股東週 年大會上退任，並符合資格且願意膺選連任。 董事會推薦重新委任在本公司應屆股東週年 大會上參加重選之董事。本公司通函載有參 與重選的董事的詳細資料。

偉仕控股有限公司 二零一一年年報

Corporate Governance Report (continued) 企業管治報告（續）

Training for Directors

Each of the newly appointed Directors receives comprehensive, formal and tailored induction on the first occasion of his/her appointment, so as to ensure that he/she has appropriate understanding of the business and operations of the Company and that he/she is fully aware of his/her responsibilities and obligations under the Listing Rules and relevant regulatory requirements.

董事培訓

每名新委任董事均於首次獲委任時獲得全 面、正式及特別為其而設之就任須知，以確保 其清楚了解本公司之業務及營運，且充分明 瞭其於上市規則及有關監管規定下之責任及 義務。

The Directors are continually updated with legal and regulatory developments, and the business and market chances to facilitate the discharge of their responsibilities. Continuing briefings and professional development to Directors will be arranged whenever necessary.

董事會持續獲提供法律及法規文件以及商業 和市場機遇等信息，以便其順利履行職責。於 必要時，董事將獲安排提供持續簡介會及專 業發展培訓。

Board Meetings

Directors’ Attendance and Number of Meetings

The attendance of Directors at Board meetings held during the year ended 31 December 2011 is set out below:

董事會會議

董事出席情況及會議次數

截至二零一一年十二月三十一日止年度內， 董事出席董事會會議之情況載列如下：

	Attendance/		出席╱舉行
Directors	Number of Meetings	董事	會議次數
Executive Directors		執行董事
Mr. Li Jialin	6/6	李佳林先生	6/6
Mr. Ong Wei Hiam, William	6/6	王偉炘先生	6/6
Mr. Chan Hoi Chau	6/6	陳海洲先生	6/6
Mr. Mao Xiangqian	5/6	毛向前先生	5/6
Non-executive Directors		非執行董事
Mr. Tay Eng Hoe	6/6	鄭永和先生	6/6
(Re-designated from Executive Director to		（於二零一一年三月二十三日由
Non-executive Director on 23 March 2011)		執行董事調任為非執行董事）
Ms. Liu Li	3/3	劉莉女士	3/3
(Appointed on 8 June 2011)		（於二零一一年六月八日獲委任）
Independent non-executive Directors		獨立非執行董事
Dr. Chan Po Fun Peter	6/6	陳普芬博士	6/6
Mr. Li Wei	6/6	李煒先生	6/6
Mr. Ng Yat Cheung	1/1	吳日章先生	1/1
(Appointed on 27 September 2011)		（於二零一一年九月二十七日獲委任）
Mr. Ni Zhenwei	3/3	倪振偉先生	3/3
(Deceased on 25 July 2011)		（於二零一一年七月二十五日離世）

Practices and Conduct of Meetings

Annual meeting schedules and draft agenda of each meeting are normally made available to Directors in advance. Notices of Board meetings are served to all Directors in accordance with the CG Code before the meetings.

會議常規及守則

週年大會時間表及每次會議之草擬議程一般 會預先分發予董事。董事會會議通告於會議 召開前根據企管守則送達全體董事。

VST HOLDINGS LIMITED Annual Report 2011

Corporate Governance Report (continued) 企業管治報告（續）

Agenda and Board papers together with all appropriate, complete and reliable information are sent to all Directors at least 3 days before each Board meeting or committee meeting to keep the Directors appraised of the latest developments and financial position of the Company and to enable them to make informed decisions. The Board and each Director also have separate and independent access to the senior management whenever necessary.

The Chief Executive Officer, Chief Financial Officer and Company Secretary of the Company normally attend all regular Board meetings and when necessary, other committee meetings to advise on business developments, financial and accounting matters, statutory compliance, corporate governance and other major aspects of the Company.

Minutes of all Board meetings and committee meetings are kept by the Company Secretary. Draft minutes are normally circulated to Directors for comment within a reasonable time after each meeting and the final version is open for Directors’ inspection.

According to the current Board practice, any material transaction, which involves a conflict of interests for a substantial shareholder or a Director, will be considered and dealt with by the Board at a duly convened Board meeting. The Company’s Articles of Association also contain provisions requiring Directors to abstain from voting and not to be counted in the quorum at meetings for approving transactions in which such Directors or any of their associates have a material interest.

Model Code for Securities Transactions

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules (the “Model Code”). Specific enquiry has been made to all the Directors and the Directors have confirmed that they have complied with the Model Code throughout the year ended 31 December 2011.

The Company also has established a written guideline on no less exacting terms than the Model Code for governing the securities transactions by employees who are likely to be possession of unpublished price-sensitive information of the Company or its securities. No incident of non-compliance by the employees was noted by the Company.

議程及董事會文件連同所有適用、完備及可 靠資料於各董事會會議或委員會會議召開日 期至少 3 日前送達全體董事，令董事得悉本公 司之最新發展及財政狀況，供彼等作出知情 決定。董事會及各董事亦於有需要時個別與 高級管理層獨立會面。

本公司行政總裁、首席財務總監及公司秘書 一般會出席所有定期董事會會議及（如有需 要）其他委員會會議，以就本公司之業務發 展、財政及會計事宜、法定守規、企業管治及 其他重大方面提出意見。

所有董事會會議及委員會會議記錄均由公司 秘書存檔。會議記錄草擬本一般於召開每次 會議後一段合理時間內供董事傳閱及提出意 見，而定稿亦供董事審閱。

依據現有董事會常規，任何涉及主要股東或 董事利益衝突之重大交易，將於正式召開之 董事會會議上由董事會考慮及處理。本公司 之組織章程細則亦載有條文，要求董事於就 批准其或其任何聯繫人士於當中擁有重大權 益之交易所召開之會議上放棄投票，且不得 被計入會議法定人數內。

證券交易之標準守則

本公司已採納上市規則附錄十所載之上市 公司董事進行證券交易的標準守則（「標準守 則」）。經向全體董事作出特定查詢後，董事確 認於截至二零一一年十二月三十一日止年度 內，一直遵守標準守則。

本公司亦為可能獲悉本公司未公佈價格敏感 資料及擁有本公司證券之員工進行證券交易 制定條款不遜於標準守則之書面指引。本公 司並不知悉有任何員工違反員工書面指引。

偉仕控股有限公司 二零一一年年報

Corporate Governance Report (continued) 企業管治報告（續）

Board Committees

The Board has established two committees, namely the Audit Committee and Remuneration Committee, for overseeing particular aspects of the Company’s affairs. All Board committees of the Company are established with defined written terms of reference. The terms of reference of the Board committees are available upon request.

The members of each Board committee are independent non-executive Directors and the list of the Chairman and members of each Board committee is set out under the headline of “Composition” of “The Board” of the Corporate Governance report.

The Board committees are provided with sufficient resources to discharge their duties and, upon reasonable request, are able to seek independent professional advice in appropriate circumstances, at the Company’s expenses.

Audit Committee

The Audit Committee comprises three independent non-executive Directors (including one independent non-executive Director who possesses the appropriate professional qualifications or accounting or related financial management expertise). None of the members of the Audit Committee are a former partner of the Company’s existing external auditors.

The main duties of the Audit Committee include the following:

• (a) To review the financial statements and reports and consider any significant or unusual items raised by the qualified accountant or external auditors before submission to the Board.

• (b) To review the relationship with the external auditors by reference to the work performed by the auditors, their fees and terms of engagement, and make recommendation to the Board on the appointment, reappointment and removal of external auditors.

• (c) To review the adequacy and effectiveness of the Company’s financial reporting system, internal control system and risk management system and associated procedures.

The Audit Committee held two meetings during the year ended 31 December 2011 to review the financial results and reports, financial reporting and compliance procedures, and the re-appointment of the external auditors.

董事委員會

董事會已經成立兩個委員會，即審核委員會 及薪酬委員會，以監督本公司特定方面之事 務。本公司所有董事委員會均具備明確之書 面職權範圍。董事委員會之職權範圍在要求 下可供索閱。

各董事委員會之成員大多數為獨立非執行董 事，各董事委員會之主席及成員名單載於企 業管治報告「董事會」中「組成」內。

董事委員會獲提供充足資源以履行彼等之職 責，並可作出合理要求在適當情況下尋求獨 立專業意見，費用由本公司承擔。

審核委員會

審核委員會包括三名獨立非執行董事（包括一 名擁有適當專業資格或會計或相關財務管理 專長之獨立非執行董事）。概無審核委員會之 成員乃本公司現時外聘核數師之前任合夥人。

審核委員會之主要職責包括下列各項：

• (a) 於向董事會提交前審閱財務報表及報 告，並考慮合資格會計師或外聘核數師 提出之任何重大或不尋常項目。

• (b) 經參考核數師所履行之工作後檢討與外 聘核數師之間的關係、彼等之費用及聘 任條款，並就委任、重新委任及罷免外 聘核數師提供建議。

• (c) 檢討本公司的財務申報制度、內部監控 制度及風險管理制度以及相關程序是否 足夠及有效。

於截至二零一一年十二月三十一日止年度 內，審核委員會已經舉行兩次會議，以審閱財 務業績及報告、財務申報及合規程序，以及重 新委任外聘核數師。

VST HOLDINGS LIMITED Annual Report 2011

Corporate Governance Report (continued) 企業管治報告（續）

The attendance of individual members at Audit Committee meetings is set out below:

各成員出席審核委員會會議的情況載列如下：

Attendance/ Number of Meetings Dr. Chan Po Fun Peter_(Chairman)_ 2/2 Mr. Li Wei 2/2 Mr. Ni Zhenwei (Deceased on 25 July 2011) 1/1 Mr. Ng Yat Cheung (Appointed on 27 September 2011) N/A	出席╱ 舉行會議次數
	陳普芬博士（主席） 2/2 李煒先生 2/2 倪振偉先生（於二零一一年 七月二十五日離世） 1/1 吳日章先生（於二零一一年 九月二十七日獲委任） 不適用

There is no material uncertainties relating to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.

概無任何可能對本公司之持續經營能力存有 重大疑問之重大不確定事件或狀況。

There is no disagreement between the Board and the Audit Committee regarding the selection, appointment, resignation or dismissal of external auditors.

董事會與審核委員會就外聘核數師之甄選、 委任、辭任或解僱並無意見分歧。

The Company’s annual results for the year ended 31 December 2011 have been reviewed by the Audit Committee.

審核委員會已審閱本公司截至二零一一年十 二月三十一日止年度之年度業績。

Remuneration Committee

薪酬委員會

The Remuneration Committee comprises three independent non-executive Directors.

薪酬委員會包括三名獨立非執行董事。

The primary objectives of the Remuneration Committee include establishing a formal and transparent procedure for fixing the remuneration of the executive Directors and for fixing the remuneration packages of all the Directors and senior management. The Remuneration Committee is also responsible for ensuring the remuneration packages are sufficient to attract and retain the Directors for running the Company successfully; avoiding over-paying and that no Directors or any of his/her associates will participate in deciding his/ her own remuneration. The remuneration will be determined by reference to the performance of the individual and the Company as well as market practice and conditions.

薪酬委員會之主要目的包括就釐定執行董事 之薪酬及全體董事及高級管理層之薪酬待 遇，建立正式及具透明度之程序。薪酬委員會 亦負責確保薪酬待遇足以吸引及挽留董事， 以成功管理本公司；避免薪酬過高，且董事或 其任何聯繫人士概不會參與釐定本身薪酬。 薪酬將參照個人及本公司之表現，以及市場 慣例及情況而釐定。

偉仕控股有限公司 二零一一年年報

Corporate Governance Report (continued) 企業管治報告（續）

The Remuneration Committee normally meets during the year for reviewing the policy, structure and related matters of the remuneration packages of the executive Directors and senior management. The human resources department is responsible for collection and administration of the human resources data and making recommendations to the Remuneration Committee for consideration. The Remuneration Committee will consult the Chairman and the Chief Executive Officer about their recommendations on remuneration policy, structure and related matters of remuneration packages.

薪酬委員會會議通常於年內召開，檢討執行 董事及高級管理層之薪酬待遇之政策、結構 及有關事宜。人事部負責收集並管理人力資 源數據，並作出建議供薪酬委員會審議。薪酬 委員會將會就薪酬政策、結構及薪酬待遇之 有關事宜之建議諮詢主席及行政總裁之意見。

One Remuneration Committee meeting has been held during the year ended 31 December 2011 to review (a) whether the remuneration package of the directors and senior management are reasonable; (b) the basis of the remuneration package, i.e. qualification, working experience and market level of comparable position etc. to see whether any improvements needed to be made.

於截至二零一一年十二月三十一日止年度 內，薪酬委員會已經舉行一次會議，審閱 (a)董 事及高級管理層之薪酬待遇是否合理；(b) 薪 酬待遇之基準，即資歷、工作經驗及市場上可 資比較職位之薪酬水平等，以評估是否需作 出任何改善。

The attendance of individual members at Remuneration Committee meeting is set out below:

各成員出席薪酬委員會會議之情況載列如下：

	Attendance/		出席╱
	Number of Meetings		舉行會議次數
Mr. Li Wei_(Chairman)_	1/1	李煒先生（主席）	1/1
Dr. Chan Po Fun Peter	1/1	陳普芬博士	1/1
Mr. Ni Zhenwei		倪振偉先生（於二零一一年
(Deceased on 25 July 2011)	N/A	七月二十五日離世）	不適用
Mr. Ng Yat Cheung		吳日章先生（於二零一一年
(Appointed on 27 September 2011)	N/A	九月二十七日獲委任）	不適用

Responsibilities in Respect of the Financial Statements and Auditors’ Remuneration

有關財務報表及核數師酬金 之責任

The Board is responsible for presenting a balanced, clear and understandable assessment of annual and interim reports, price-sensitive information announcements and other disclosures required under the Listing Rules and other regulatory requirements.

董事會須負責就年度及中期報告、價格敏感 資料公佈以及其他根據上市規則及其他監管 規定須作出之披露呈報作出平衡、清晰及可 理解之評估。

The Directors acknowledge their responsibility for preparing the financial statements of the Company for the year ended 31 December 2011.

董事確認彼等負責編製本公司截至二零一一 年十二月三十一日止年度之財務報表之責任。

The statement of the external auditors of the Company about their reporting responsibilities on the financial statements is set out in the “Independent Auditor’s Report”.

有關本公司外聘核數師就其對財務報表之申 報責任之聲明載於「獨立核數師報告」內。

VST HOLDINGS LIMITED Annual Report 2011

Corporate Governance Report (continued) 企業管治報告（續）

The Company’s external auditors are KPMG. The Group was charged approximately HK$4,423,000 and HK$1,350,000 by KPMG for auditing and non-auditing services respectively for the year ended 31 December 2011.

Internal Controls

The Board is responsible for maintaining an adequate internal control system to safeguard shareholder investments and the Company’s assets, and reviewing the effectiveness of such on a semi-annual basis through the Audit Committee.

The Company has maintained a tailored governance structure with defined lines of responsibility and appropriate delegation of responsibility and authority to the senior management.

The management of the Company is responsible for establishing the Group’s internal control framework, covering all material controls including financial, operational and compliance controls. The internal control framework also provides for identification and management of risk.

The management also conducts periodic independent reviews on the operations of individual divisions to identify any irregularities and risks, develops action plans and recommendations to address the identified risks, and reports to the Audit Committee on any key findings. The Audit Committee, in turn, reports to the Board on any material issues and makes recommendations to the Board.

The Directors have conducted an annual review of the adequacy of resources, qualifications and experience of staffing of the financial reporting function as well as the oversight role of the Audit Committee and consider that the existing internal control system of the Group is effective and adequate.

本公司之外聘核數師為畢馬威會計師事務 所。截至二零一一年十二月三十一日止年度， 本集團就審核及非審核服務向畢馬威會計師 事務所分別支付約 4,423,000 港元及 1,350,000 港元。

內部監控

董事會負責維持充足內部監控制度，以保障 股東投資及本公司資產，並負責透過審核委 員會每半年對內部監控制度之效力進行檢討。

本公司採用之管治架構切合本身所需，且具 備明確之責任劃分，並向高級管理層授予適 當之責任及授權。

本公司之管理層負責建立本集團內部監控架 構，範圍涵蓋所有重要監控，包括財政、營運 及合規監控。內部監控架構亦對風險識別及 管理作出規定。

管理層亦對個別部門營運進行定期獨立檢討 以識別有否任何違規及風險，制定行動計劃 及提出建議以處理所識別的風險並向審核委 員會報告任何主要發現。而審核委員會則向 董事會報告任何重大事項並向董事會提出建 議。

董事已對資源充足性、履行財務呈報職能人 員之資歷及經驗以及審核委員會之監督角色 進行年度檢討，並認為本集團之現有內部監 控制度屬有效及足夠。

偉仕控股有限公司 二零一一年年報

Corporate Governance Report (continued) 企業管治報告（續）

Shareholders’ Rights and Investor Relations

The general meetings of the Company provide an opportunity for communication between the shareholders and the Board. The Chairman of the Board as well as chairmen of the Audit Committee and Remuneration Committee, or in their absence, other members of the respective committees, are available to answer questions at the shareholders’ meetings.

To safeguard the shareholders’ interests and rights, separate resolutions are proposed at shareholders’ meetings on each substantial issue, including the election of individual Directors.

The Company continues to enhance communications and relationships with its investors. Designated senior management maintain regular dialogue with institutional investors and analysts to keep them abreast of the Company’s developments. Enquiries from investors are dealt with in an informative and timely manner. To promote effective communication, the Company also maintains a website at www.vst.com.hk, where extensive information and updates on the Company’s business developments and operations, financial information, corporate governance practices and other information are posted.

According to the amendments of the Listing Rules with effect from 1 January 2009, all resolutions proposed at shareholders’ meeting of listed issuers will be voted by poll. The poll results shall be posted on the websites of the Stock Exchange and the Company.

股東權利及投資者關係

本公司股東大會向股東及董事會提供機會互 相溝通。董事會主席以及審核委員會及薪酬 委員會主席（或如彼等未克出席，則相關委員 會其他成員）會出席股東大會，以回應提問。

為保障股東之權益及權利，於股東大會上，將 就各項重要事項（包括選舉個別董事）提呈獨 立決議案。

本公司不斷加強與投資者溝通並建立關係。 指定高級管理層定期與機構投資者及分析員 進行對話，使其知悉本公司之最新發展。投資 者之提問均獲得有效及時處理。為促進有效 溝通，本公司亦設有網站 www.vst.com.hk，廣 泛登載本公司業務發展及營運之最新資訊、 財務資料、企業管治常規及其他訊息。

按照二零零九年一月一日生效的上市規則修 訂本，上市公司股東大會上提出的所有決議 均由投票表決。投票結果須在聯交所和本公 司網站上公佈。

VST HOLDINGS LIMITED Annual Report 2011

Biographical Details of Directors and Company Secretary 董事及公司秘書履歷

Executive Directors

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Mr. LI Jialin, aged 50, is one of the founders of the Group and is the Company’s Chairman and Chief Executive Officer and Executive Director. He is also the director of VST Group Limited (BVI) and VST Computers (H.K.) Limited and Chairman of ECS Technology (China) Limited, all are the subsidiaries of the Company. Mr. Li was also the Chairman and non-executive Director of ECS Holdings Limited from 2008 to September 2010, a subsidiary of the Company, which is a public listed company on the main board of the Singapore Stock Exchange (“ECS”). He is responsible for the overall management and strategic positioning of the Group. Mr. Li graduated from Tsinghua University of the People’s Republic of China with a Degree of Bachelor of Engineering in 1983 and a Master Degree in Management Engineering in 1986. He is the spouse of Ms. Liu Li, an Nonexecutive Director of the Company.

Mr. ONG Wei Hiam, William, aged 40, is the Executive Director and Chief Financial Officer of the Company. Mr. Ong is also the non-executive Director of ECS. He holds a Bachelor Degree in Economics from University College London and a Master Degree in Analysis, Design & Management of Information Systems from the London School of Economics and Political Science. He is a member of the Institute of Chartered Accountants in England and Wales, and Fellow of the Hong Kong Institute of Certified Public Accountants. Prior to joining the Company, Mr. Ong served in a senior position at PricewaterhouseCoopers and has extensive working experience in London and Hong Kong.

Mr. CHAN Hoi Chau, aged 42, appointed as an Executive Director of the Company in July 2009. He holds a Bachelor Degree in Electrical Engineering from the University of Wisconsin-Madison in the United States of America. Mr. Chan has over 15 years of experience in personal computer and semiconductor industry. Mr. Chan is currently the Vice President of sales of VST Computers (H.K.) Limited, an indirectly wholly owned subsidiary of the Company. Prior to joining the Company in May 2005, Mr. Chan served as the Distribution Director of Advanced Micro Devices and was in charge of the distribution business in China and Hong Kong.

執行董事

李佳林先生 ，50 歲，本集團創辦人之一，為本 公司主席兼行政總裁及執行董事。彼亦為本 公司附屬公司偉仕集團有限公司（英屬處女群 島）及偉仕電腦（香港）有限公司之董事及佳杰 科技（中國）有限公司的主席。李先生於二零零 八年至二零一零年九月期間亦曾出任本公司 附屬公司兼新加坡證券交易所主板上市公司 佳杰科技有限公司（「佳杰科技」）的主席兼非 執行董事。彼負責本集團的整體管理工作及 策略制定。李先生畢業於中華人民共和國清 華大學，於一九八三年取得工程學學士學位， 於一九八六年取得管理工程碩士學位。彼為 本公司非執行董事劉莉女士之配偶。

王偉炘先生 ， 40 歲，本公司執行董事兼首席財 務總監。王先生亦為佳杰科技非執行董事。彼 持有倫敦大學學院經濟學學士學位及倫敦政 治經濟學院資訊系統分析、設計及管理學碩 士學位。彼為英格蘭及威爾斯特許會計師協 會會員及香港會計師公會資深會員。在加盟 本公司前，王先生於羅兵咸永道會計師事務 所擔任高級職位，彼擁有多年於倫敦及香港 之工作經驗。

陳海洲先生 ，42 歲，於二零零九年七月獲委任 為本公司執行董事。彼持有美國威斯康辛（麥 迪遜校區）大學頒授之電機工程學士學位。 陳先生於個人電腦及半導體行業擁有逾十五 年經驗。陳先生現時為本公司之間接全資附 屬公司偉仕電腦（香港）有限公司之銷售副總 裁。於二零零五年五月加入本公司前，陳先生 擔任 Advanced Micro Devices 之分銷總監，負責 中國及香港區之分銷業務。

偉仕控股有限公司 二零一一年年報

Biographical Details of Directors and Company Secretary (continued) 董事及公司秘書履歷（續）

Executive Directors

Mr. MAO Xiangqian, aged 46, appointed as an Executive Director of the Company in July 2009. He is also an Executive Director of ECS. He is also the Chief Executive Officer of ECS Technology (China) Limited, a subsidiary of the Company. He has more than 20 years experience in China’s IT industry. Mr. Mao holds a Bachelor and a Master Degree both in Mechanical Engineering from the Tian Jin University. Mr. Mao also holds an Executive MBA (EMBA) from the China Europe International Business School. Prior to joining the Company, Mr. Mao served as the Senior Vice President of Digital China Holdings Limited (“DC Holdings”) and as a Director (Vice President) of Digital China Technology Limited (“DC Technology”) simultaneously and was in charge of the distribution business in both DC Holdings and DC Technology.

Non-Executive Directors

Mr. TAY Eng Hoe, aged 60, is the Non-executive Director and Vice Chairman of the Company. He joined the Company in January 2008. He is also the Non-executive Chairman of ECS and the Director of ECS ICT Berhad, an associate of the Company, which is a public listed company on the main board of Bursa Malaysia Securities Berhad. He is the founder of ECS Group and brings with him more than 25 years of experience in the IT business. In 2005, Mr. Tay was conferred the Public Services Medal by the President of the Republic of Singapore in recognition of his public services to Singapore. He holds a Bachelor degree in Science (Honours) from the LaTrobe University and a Master degree in Business Administration from the University of Melbourne.

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Ms. LIU Li, aged 48, appointed as a Non-executive Director of the Company in June 2011. Ms. Liu was one of the founders of the Group and had been responsible for the overall operations of the Group’s business in the mainland China from 1991 to 1999 before the Company was listed on The Hong Kong Stock Exchange Limited (the “Stock Exchange”) in 2002. Ms. Liu holds a bachelor degree in Beijing Construction Engineering University. She is the spouse of Mr. Li Jialin, the Chairman and Chief Executive Officer and Executive Director of the Company.

執行董事

毛向前先生 ，46歲，於二零零九年七月獲委任 為本公司執行董事。彼亦為佳杰科技的執行 董事。彼亦為本公司附屬公司佳杰科技 ( 中國 ) 有限公司的行政總裁，彼於中國資訊科技行 業擁有逾二十年經驗。毛先生持有天津大學 機械工程學士學位及碩士學位。毛先生亦持 有中歐國際工商學院高級工商管理碩士學位 （EMBA）。於加入本公司前，毛先生於神州數 碼控股有限公司（「神州數碼控股」）擔任高級 副總裁，並同時於神州數碼科技發展有限公 司（「神州數碼科技」）擔任董事（副總裁），負責 神州數碼控股及神州數碼科技之分銷業務。

非執行董事

鄭永和先生 ，60歲，本公司非執行董事兼副主 席。彼於二零零八年一月加入本公司。彼亦為 佳杰科技的非執行主席以及本公司聯營公司 兼馬來西亞證券交易所有限公司主板上市公 司 ECS ICT Berhad 之董事。彼為佳杰科技集團 創辦人，於資訊科技業擁有逾二十五年經驗。 鄭先生於二零零五年獲新加坡共和國總統頒 授公共服務獎章，以表揚其對新加坡公共服 務之貢獻。彼持有 LaTrobe University 之理學學 士（榮譽）學位及墨爾本大學之工商管理碩士 學位。

劉莉女士 ，48 歲，於二零一一年六月獲委任為 本公司非執行董事。劉女士為本集團發起人 之一，在本公司於二零零二年在香港聯合交 易所有限公司（「聯交所」）上市前，彼於一九九 一年至一九九九年間負責本集團中國內地業 務之整體營運。劉女士持有北京建築工程大 學學士學位。彼為本公司主席兼行政總裁及 執行董事李佳林先生之配偶。

VST HOLDINGS LIMITED Annual Report 2011

Biographical Details of Directors and Company Secretary (continued) 董事及公司秘書履歷（續）

Independent Non-Executive Directors

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Dr. CHAN Po Fun Peter BBS, MBE, JP, FHKICPA, FCPA (Aust.), aged 90, practised accountancy in Hong Kong for 60 years. He has a doctorate in Offshore Petroleum Technology and Modern Chinese Law and is an honorary fellow of the Society for Underwater Technology. Dr. Chan is a trustee of Hong Kong Shue Yan University (also as its Research Professor) and the United College of Chinese University of Hong Kong. He was the Chairman of the Kowloon Stock Exchange, a founding Director of the Stock Exchange and has served three terms as the Chairman of the former Hong Kong Federation of Stock Exchanges. Dr. Chan has been appointed by the Group since April 2005 as an Independent Non-executive Director. He is also an independent non-executive director of Chuang’s China Investments Limited and Chuang’s Consortium International Limited, both are listed on the Stock Exchange. Dr. Chan was also an independent nonexecutive director of China Resources Enterprise, Limited, a company listed on the Stock Exchange and subsequently retired in May 2011. He also serves as the Chairman of Audit Committee and a member of Remuneration Committee of the Company.

Mr. LI Wei, aged 57, was educated in the PRC, Germany and Australia. He has over 20 years of experience in establishing and operating businesses in Asia, particularly in Hong Kong and the PRC. Mr. Li has previously served as the Managing Director of a number of listed companies in Hong Kong. Mr. Li has been appointed as an independent non-executive Director of the Company in August 2007. He also serves as the Chairman of Remuneration committee and a member of Audit Committee of the Company.

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Mr. NG Yat Cheung, JP, aged 56, appointed as an Independent Non-executive Director of the Company in September 2011. Mr. Ng holds an Associate Degree in Arts in Business Data Processing from Chabot College in the United States. Mr. Ng holds offices as director with a number of private companies which are principally engaged in technology, property development, finance and property holding. Mr. Ng is also an independent nonexecutive director of China Agri-Products Exchange Limited and Tao Heung Holdings Limited, the shares of both companies are listed on the Main Board of the Stock Exchange and was previously an independent non-executive director of Pan Asia Mining Limited (previously known as “Intelli-Media Group (Holdings) Limited”), a company listed on the Growth Enterprise Market of the Stock Exchange. He also serves as the members of Audit Committee and Remuneration Committee of the Company.

獨立非執行董事

陳普芬博士 （銅紫荊星章、英帝國成員勳章、 太平紳士、香港會計師公會資深會員、澳洲會 計師公會資深會員），90 歲。陳博士在香港從 事會計業逾六十年，為離岸石油科技博士及 現代中國法律博士以及海底科技協會名譽院 士。陳博士亦為香港樹仁大學之校董兼研究 教授及香港中文大學聯合書院之校董。陳博 士亦曾任九龍證券交易所主席、聯交所之創 立董事，並曾為前香港證券交易所聯會三屆 主席。陳博士自二零零五年四月起獲本集團 委任為獨立非執行董事。彼亦為聯交所上市 公司莊士中國投資有限公司及莊士機構國際 有限公司之獨立非執行董事。陳博士亦為聯 交所上市公司華潤創業有限公司之獨立非執 行董事，並其後於二零一一年五月退任。彼亦 為本公司審核委員會主席及薪酬委員會成員。

李煒先生 ，57 歲，於中國、德國及澳洲接受教 育。彼於亞洲（尤其是香港及中國）設立及經營 業務方面擁有逾二十年經驗。李先生曾擔任 多間香港上市公司之董事總經理。李先生於 二零零七年八月獲委任為本公司獨立非執行 董事。彼亦為本公司薪酬委員會主席及審核 委員會成員。

吳日章先生 ，太平紳士，56 歲，於二零一一年 九月獲委任為本公司獨立非執行董事。吳先 生持有美國 Chabot College 頒授之副文學士學 位，主修商業數據處理。吳先生於若干私營機 構擔任董事職位，該等機構主要從事科技、物 業發展、金融及物業控股。吳先生亦為中國農 產品交易有限公司及稻香控股有限公司（該等 公司之股份均於聯交所主板上市）之獨立非執 行董事及曾擔任聯交所創業板上市公司寰亞 礦業有限公司（前稱「智庫媒體集團（控股）有 限公司」）之獨立非執行董事。彼亦為本公司之 審核委員會及薪酬委員會成員。

偉仕控股有限公司 二零一一年年報

Biographical Details of Directors and Company Secretary (continued) 董事及公司秘書履歷（續）

公司秘書

Company Secretary

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余卓盈女士 ，31歲，於二零一一年九月獲委任 為本公司之公司秘書，負責本集團之秘書事 宜。彼持有香港城市大學公共及社會行政（榮 譽）文學士學位及專業會計與企業管治理學碩 士學位。彼為香港特許秘書公會會員及特許 秘書及行政人員公會會員。彼於二零零九年 十二月加入本集團。

Ms. YUE Cheuk Ying, aged 31, appointed as the company secretary of the Company in September 2011 and is responsible for the secretarial matters of the Group. She holds a Bachelor of Arts (Honours) in Public and Social Administration and a Master of Science in Professional Accounting and Corporate Governance from the City University of Hong Kong. She is a member of The Hong Kong Institute of Chartered Secretaries and The Institute of Chartered Secretaries and Administrators. She joined the Group in December 2009.

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VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report 董事會報告

The directors (the “Directors”) of VST Holdings Limited (the “Company”) are pleased to present their annual report together with the audited financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended 31 December 2011.

Principal Activities

The Company is an investment holding company. Its subsidiaries are principally engaged in the distribution of information technology (“IT”) products and provision of enterprise systems and IT services.

Particulars of the Company’s subsidiaries are set out in note 7 to the financial statements.

Major Customers and Suppliers

The largest customer for the year ended 31 December 2011 represented approximately 10.2% (2010: approximately 7.6%) of the Group’s total turnover, and the combined total of the five largest customers accounted for approximately 13.8% (2010: approximately 11.1%) of the Group’s total turnover for the year ended 31 December 2011.

In addition, the largest supplier for the year ended 31 December 2011 represented approximately 25.7% (2010: approximately 32.2%) of the Group’s total purchases, and the combined total of the five largest suppliers accounted for approximately 68.8% (2010: approximately 64.0%) of the Group’s total purchases for the year ended 31 December 2011.

None of the Directors, their associates or any shareholder (which to the knowledge of the Directors owns more than 5% of the Company’s share capital) had an interest in the major suppliers or customers noted above.

Results and Appropriations

The results of the Group for the year ended 31 December 2011 are set out in the consolidated income statement on page 47.

The Directors recommend the payment of a final dividend for the year ended 31 December 2011 of HK8 cents per ordinary share (2010: Nil).

偉仕控股有限公司（「本公司」）之董事（「董事」） 欣然提呈本公司及其附屬公司（統稱「本集 團」）截至二零一一年十二月三十一日止年度 之年報及經審核財務報表。

主要業務

本公司為一間投資控股公司。其附屬公司主 要從事資訊科技產品分銷以及供應企業系統 及資訊科技服務。

本公司附屬公司之詳情載於財務報表附註7。

主要客戶及供應商

截至二零一一年十二月三十一日止年度，最 大客戶佔本集團總營業額約 10.2%（二零一零 年：約 7.6%），而五大客戶之合併總額佔本集 團截至二零一一年十二月三十一日止年度總 營業額約 13.8%（二零一零年：約11.1%）。

此外，截至二零一一年十二月三十一日止年 度之最大供應商佔本集團總採購額約 25.7% （二零一零年：約 32.2%），而五大供應商之合 併總額佔本集團截至二零一一年十二月三十 一日止年度總採購額約 68.8%（二零一零年： 約 64.0%）。

董事、彼等之聯繫人士或據董事所知擁有本 公司股本 5% 以上之任何股東概無於上文所述 之主要供應商或客戶中擁有任何權益。

業績及分配

本集團截至二零一一年十二月三十一日止年 度之業績載於第 47頁之綜合損益表。

董事建議就截至二零一一年十二月三十一日 止年度派付末期股息每股普通股 8 港仙（二零 一零年：無）。

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

Reserves

Movements in the reserves of the Group and of the Company during the year ended 31 December 2011 are set out in the consolidated statement of changes in equity on page 49 and note 15 to the financial statements respectively.

Property, Plant and Equipment

Details of the movements in property, plant and equipment of the Group are set out in note 5 to the financial statements.

Borrowings

Particulars of the Group’s borrowings are set out in note 18 to the financial statements.

Share Capital

Details of the movements in share capital of the Company are set out in note 13 to the financial statements.

Distributable Reserves

At 31 December 2011, the Company’s reserves available for distribution amounted to approximately HK$310,300,000 (2010: approximately HK$267,600,000). In addition, the Company’s share premium account as at 31 December 2011, in the amount of approximately HK$774,200,000 (2010: approximately HK$774,200,000), may be distributed in the form of fully paid bonus shares in accordance with the Companies Law (revised) of the Cayman Islands.

儲備

本集團及本公司於截至二零一一年十二月三 十一日止年度內之儲備變動分別載於第 49 頁 之綜合權益變動表及財務報表附註15。

物業、廠房及設備

本集團物業、廠房及設備之變動詳情載於財 務報表附註 5。

借貸

本集團借貸詳情載於財務報表附註18。

股本

本公司股本變動之詳情載於財務報表附註13。

可供分派儲備

於二零一一年十二月三十一日，本公司可供 分派之儲備約達 310,300,000 港元（二零一零 年：約 267,600,000 港元）。此外，本公司於二 零一一年十二月三十一日之股份溢價賬約為 774,200,000 港元（二零一零年：約 774,200,000 港元），可根據開曼群島公司法（經修訂）以繳 足紅股方式分派。

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

Pre-emptive Rights

優先購股權

There is no provision for pre-emptive rights under the Company’s Articles of Association and there is no restriction against such rights under the Companies Law (revised) of the Cayman Islands.

本公司之組織章程細則並無有關優先購股權 之條款，而開曼群島公司法（經修訂）亦無有關 該等權利之限制。

Five-Year Financial Summary

五年財務概要

A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 128.

本集團於過往五個財政年度之業績及資產與 負債概要載於第 128頁。

Purchase, Sale or Redemption of Securities

購買、出售或贖回證券

During the year ended 31 December 2011, the Company repurchased 18,232,000 ordinary shares of the Company on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The repurchased shares were cancelled. Details of the repurchase of shares by the Company are as follows:

截至二零一一年十二月三十一日止年度，本 公司於香港聯合交易所有限公司（「聯交所」） 購回 18,232,000 股本公司普通股。購回股份已 被註銷。本公司購回股份之詳情如下：

Month of repurchase 購回月份	No. of shares repurchased Highest price per share (HK$) Lowest price per share (HK$) 購回股份數目 每股最高 價格（港元） 每股最低 價格（港元）	Aggregate price paid (HK$) 已支付總 價格（港元） 996,760 1,513,840 7,518,880 8,725,500 18,754,980
May 2011 二零一一年五月 October 2011 二零一一年十月 November 2011 二零一一年十一月 December 2011 二零一一年十二月	570,000 1.76 1.74 2,008,000 0.79 0.71 6,648,000 1.26 1.04 9,006,000 1.10 0.88 18,232,000

Save as disclosed above, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares during the year under review.

除上文所披露者外，本公司或其任何附屬公 司概無於回顧年度內購買、出售或贖回本公 司任何股份。

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

Directors

The Directors of the Company who held office during the year ended 31 December 2011 and up to the date of this report are:

Executive Directors:

Mr. Li Jialin (Chairman and Chief Executive Officer)

Mr. Ong Wei Hiam, William Mr. Chan Hoi Chau Mr. Mao Xiangqian

Non-executive Directors

Mr. Tay Eng Hoe (Re-designated from Executive Director to Non-executive Director on 23 March 2011)

Ms. Liu Li (Appointed on 8 June 2011)

Independent Non-executive Directors:

Dr. Chan Po Fun Peter Mr. Li Wei Mr. Ng Yat Cheung (Appointed on 27 September 2011) Mr. Ni Zhenwei (Deceased on 25 July 2011)

Pursuant to Article 86 of the Company’s Articles of Association, Ms. Liu Li and Mr. Ng Yat Cheung will retire and being eligible, will offer themselves for re-election at the forthcoming annual general meeting. In accordance with Article 87 of the Company’s Articles of Association, Mr. Chan Hoi Chau, Mr. Mao Xiangqian and Dr. Chan Po Fun, Peter will retire by rotation and being eligible, will offer themselves for re-election at the forthcoming annual general meeting.

The Company confirms that it has received from each of its independent nonexecutive Directors an annual confirmation of his independence pursuant to the Listing Rules and the Company considers the independent non-executive Directors to be independent.

董事

於截至二零一一年十二月三十一日止年度內 及截至本報告日期在任之本公司董事載列如 下：

執行董事：

李佳林先生（主席兼行政總裁） 王偉炘先生 陳海洲先生 毛向前先生

非執行董事

鄭永和先生（於二零一一年三月二十三日由執 行董事調任為非執行董事） 劉莉女士（於二零一一年六月八日獲委任）

獨立非執行董事：

陳普芬博士 李煒先生 吳日章先生（於二零一一年九月二十七日獲委任） 倪振偉先生（於二零一一年七月二十五日離世）

根據本公司之組織章程細則第 86 條，劉莉女 士和吳日章先生將於應屆股東週年大會上輪 值退任，並符合資格且願意膺選連任。根據本 公司之組織章程細則第 87條，陳海洲先生、毛 向前先生和陳普芬博士將於應屆股東週年大 會上輪值退任，並符合資格且願意膺選連任。

本公司確認已根據上市規則之規定獲得其各 獨立非執行董事就彼等之獨立性作出年度確 認，而本公司認為獨立非執行董事均具備獨 立性。

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

Directors’ Service Contracts

Executive Directors

Mr. Li Jialin has entered into service agreements with the Company for a term of two years commencing from 9 May 2002 and expiring on 8 May 2004, renewable automatically for successive years of one year each commencing from the day immediately after the expiry of the then current term of the service agreement, unless terminated by not less than 3 months’ notice in writing served by either party on the other. Other executive Directors have also entered into service agreements with the Company with no specific term of appointment and shall continue unless terminated by a specific months of notice in writing served by either party on the other.

Under the service agreements, the annual emoluments of each executive Director is fixed and the remuneration payable to each of them will be reviewed by the Board each year.

Non-executive Directors

The non-executive and the independent non-executive Directors are appointed by the Board but subject to re-election or retirement by rotation at each annual general meeting as appropriate.

Save as disclosed above, no Director has an unexpired service contract which is not terminable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations.

Directors’ Interests In Contracts

No contracts of significance in relation to the Group’s business to which the Company or any of the companies comprising the Group was a party and in which a Director had a material interest, either directly or indirectly, subsisted at the year ended 31 December 2011 or at any time during the year under review.

董事之服務合約

執行董事

李佳林先生已與本公司訂立服務協議，為期 兩年，由二零零二年五月九日起至二零零四 年五月八日屆滿，於緊接該服務協議當時的 期限屆滿後一天自動續期一年，除非任何一 方向另一方發出不少於 3 個月之書面通知終 止。其他執行董事亦已與本公司訂立服務協 議，並無指定委任年期，及須持續任職，除非 任何一方向另一方發出指定月數的書面通知 終止。

根據服務協議，各執行董事之年薪已獲釐定， 而董事會將會每年檢討應付予各執行董事之 薪酬。

非執行董事

非執行及獨立非執行董事由董事會委任，惟 須於適當時候在每年的股東週年大會上重選 或輪值退任。

除上文所披露者外，概無與董事訂立任何本 公司或其任何附屬公司不可於一年內不付賠 償（一般法定賠償除外）而終止之未屆滿服務 合約。

董事於合約之權益

各董事概無直接或間接擁有本公司或組成本 集團之任何公司所訂立而於截至二零一一年 十二月三十一日止年度或回顧年度內任何時 間有效且與本集團業務有關連之重大合約之 重大權益。

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

Biographical Details of Directors and Company Secretary

董事及公司秘書履歷

Brief biographical details of Directors and company secretary are set out on pages 23 to 26.

董事及公司秘書履歷詳情載於第23頁至26頁。

Directors’ and Chief Executive’s Interests and Short Positions in Shares, Underlying Shares and Debentures

董事及主要行政人員於股 份、相關股份及債務證券之 權益及短倉

As at 31 December 2011, the interests and short positions of the Directors and the chief executive of the Company in shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong)) (the “SFO”) which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and/or short positions of which they were taken or deemed to have under such provisions of the SFO) and/or required to be entered in the register maintained by the Company pursuant to Section 352 of the SFO or which would have to be notified to the Company and the Stock Exchange pursuant to the Listing Rules were as follows:

於二零一一年十二月三十一日，本公司董事 及主要行政人員於本公司或其任何相聯法團 （定義見證券及期貨條例（香港法例第 571 章） （「證券及期貨條例」）第 XV 部）之股份、相關股 份或債務證券中擁有根據證券及期貨條例第 XV 部第 7 及 8 分部須知會本公司及聯交所之權 益及短倉（包括根據證券及期貨條例之條文當 作或視為擁有之權益及╱或短倉）及╱或須記 入本公司根據證券及期貨條例第 352條置存之 登記冊或根據上市規則須知會本公司及聯交 所之權益或短倉如下：

(a) Interests in shares and underlying shares of the Company

(a) 於本公司股份及相關股份的 權益

Company			權益
			Number of	Approximate
			ordinary shares	percentage of
	Long/Short		or underlying	issued share capital
Name of Director	Position	Capacity	shares held	of the Company
			持有普通股或	佔本公司已發行
董事姓名	長╱短倉	身份	相關股份數量	股本之概約百分比
Mr. Li Jialin	Long	Beneficial owner	56,146,000	4.52%
李佳林先生	長倉	實益擁有人
	Long	Beneficial owner	1,500,000	0.12%
			Share options
	長倉	實益擁有人	份購股權
	Long	Interest of a controlled	241,950,000	19.49%
		corporation	(Note 1)
	長倉	受控法團權益	（附註1）
	Long	Family interest	168,168,000	13.54%
			(Note 2)
	長倉	家族權益	（附註2）

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

			Number of	Approximate
			ordinary shares	percentage of
	Long/Short		or underlying	issued share capital
Name of Director	Position	Capacity	shares held	of the Company
			持有普通股或	佔本公司已發行
董事姓名	長╱短倉	身份	相關股份數量	股本之概約百分比
Mr. Ong Wei Hiam, William	Long	Beneficial owner	208,000	0.02%
王偉炘先生	長倉	實益擁有人
	Long	Beneficial owner	1,200,000	0.10%
	長倉	實益擁有人	Share options
			份購股權
Ms. Liu Li	Long	Beneficial owner	168,168,000	13.54%
劉莉女士	長倉	實益擁有人
	Long	Interest of a controlled	241,950,000	19.49%
		corporation	(Note 1)
	長倉	受控法團權益	（附註1）
	Long	Family interest	56,146,000	4.52%
	長倉	家族權益	(Note 3)
			（附註3）
	Long	Family interest	1,500,000	0.12%
	長倉	家族權益	Share options
			份購股權
			(Note 4)
			（附註4）
Mr. Chan Hoi Chau	Long	Beneficial owner	1,200,000	0.10%
陳海洲先生	長倉	實益擁有人	Share options
			份購股權
Mr. Mao Xiangqian	Long	Beneficial owner	671,000	0.05%
毛向前先生	長倉	實益擁有人
	Long	Beneficial owner	200,000	0.02%
	長倉	實益擁有人	Share options
			份購股權
Mr. Tay Eng Hoe	Long	Beneficial owner	5,200,000	0.42%
鄭永和先生	長倉	實益擁有人	Share options
			份購股權
Dr. Chan Po Fun Peter	Long	Beneficial owner	640,000	0.05%
陳普芬博士	長倉	實益擁有人
	Long	Beneficial owner	200,000	0.02%
	長倉	實益擁有人	Share options
			份購股權
Mr. Li Wei	Long	Beneficial owner	200,000	0.02%
李煒先生	長倉	實益擁有人	Share options
			份購股權

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

Notes:

附註：

1. 241,950,000 shares of the Company are held by L & L Limited, the entire issued share capital of which is equally held by Mr. Li Jialin and his spouse, Ms. Liu Li.

2. 本公司之 241,950,000 股股份由 L & L Limited 持有，而該公司之全部已發行股 本由李佳林先生及其配偶劉莉女士均 等持有。

3. 168,168,000 shares of the Company are held by Ms. Liu Li, the spouse of Mr. Li Jialin.

4. 李佳林先生之配偶劉莉女士持有本公 司之168,168,000股股份。

5. 56,146,000 shares of the Company are held by Mr. Li Jialin, the spouse of Ms. Liu Li.

6. 劉莉女士之配偶李佳林先生持有本公 司之56,146,000股股份。

7. 1,500,000 share options of the Company are held by Mr. Li Jialin, the spouse of Ms. Liu Li.

8. 劉莉女士之配偶李佳林先生持有本公 司之1,500,000份購股權。

9. (b)(i) Interests in shares and underlying shares of associated corporation — ECS Holdings Limited (“ECS”)

10. (b)(i) 於相聯法團之股份及相關股 份之權益[—] 佳杰科技有限公 司（「佳杰科技」）

			Number of	Approximate
			ordinary shares	percentage of
	Long/Short		or underlying	issued share capital
Name of Director	Position	Capacity	shares held	of ECS
			持有普通股或	佔佳杰科技已發行
董事姓名	長╱短倉	身份	相關股份數量	股本之概約百分比
Mr. Ong Wei Hiam, William	Long	Beneficial owner	300,000	0.08%
王偉炘先生	長倉	實益擁有人	Share options
			份購股權
Mr. Mao Xiangqian	Long	Beneficial owner	900,000	0.25%
毛向前先生	長倉	實益擁有人	Share options
			份購股權
Mr. Tay Eng Hoe	Long	Beneficial owner	700,000	0.19%
鄭永和先生	長倉	實益擁有人	Share options
			份購股權

• (b)(ii) Interests in shares and underlying shares of associated corporation — ECS ICT Berhad (“ECS ICT”)

• (b)(ii) 於相聯法團之股份及相關股 份之權益[—] ECS ICT Berhad（「ECS ICT」）

			ICT」）
			Number of	Approximate
			ordinary shares	percentage of
	Long/Short		or underlying	issued share capital
Name of Director	Position	Capacity	shares held	of ECS ICT
			持有普通股或	佔ECS ICT已發行
董事姓名	長╱短倉	身份	相關股份數量	股本之概約百分比
Mr. Tay Eng Hoe	Long	Beneficial owner	150,000	0.13%
鄭永和先生	長倉	實益擁有人

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

Save as disclosed above, as at 31 December 2011, none of the Directors nor the chief executives of the Company had any interests or short positions in any shares, underlying shares or debentures of the Company or any associated corporations (within the meaning of Part XV of the SFO) which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and/or short positions of which they were taken or deemed to have under such provisions of the SFO), or which were required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein, or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Companies in the Listing Rules, to be notified to the Company and the Stock Exchange.

除上文所披露者外，於二零一一年十二 月三十一日，概無本公司董事或主要 行政人員於本公司或任何相聯法團（定 義見證券及期貨條例第 XV 部）之任何股 份、相關股份或債務證券中擁有須根據 證券及期貨條例第 XV 部第 7 及 8 分部須 知會本公司及聯交所之任何權益或短倉 （包括根據證券及期貨條例條文被當作 或視作擁有之權益及╱或短倉）或根據證 券及期貨條例第 352 條之規定須記入該 條所指登記冊或根據上市規則中上市公 司董事進行證券交易的標準守則須知會 本公司及聯交所之權益或短倉。

Substantial Shareholders’ and other Persons’ Interests and Short Positions in Shares, Underlying Shares and Debentures

主要股東及其他人士於股 份、相關股份及債務證券之 權益及短倉

As at 31 December 2011, so far is known to the Directors, the following persons had an interest and/or a short position in the shares and/or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange pursuant to the provisions of Divisions 2 and 3 of Part XV of the SFO and/or required to be entered in the register maintained by the Company pursuant to Section 336 of the SFO and/or were directly or indirectly interested in 5% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meeting of any other members of the Group:

於二零一一年十二月三十一日，就董事所知， 以下人士於本公司之股份及╱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 之條文須向本公司及聯交所披露之權益及╱ 或短倉及╱或須記入本公司根據證券及期貨 條例第 336 條置存之登記冊之權益及╱或短 倉，及╱或於附有投票權可在任何情況下於本 集團任何其他成員公司之股東大會上投票之 任何類別股本中直接或間接擁有面值 5% 或以 上之權益：

			Number of
			ordinary shares	Approximate
	Long/Short		or underlying	percentage of
Name of shareholder	Position	Capacity	shares held	shareholding
			持有普通股或
股東名稱	長╱短倉	身份	相關股份數量	概約股權百分比
Mr. Li Jialin	Long	Beneficial owner	56,146,000	4.52%
李佳林先生	長倉	實益擁有人
	Long	Beneficial owner	1,500,000	0.12%
			Share options
	長倉	實益擁有人	份購股權
	Long	Interest of a controlled	241,950,000	19.49%
		corporation	(Note 1)
	長倉	受控法團權益	（附註1）
	Long	Family interest	168,168,000	13.54%
			(Note 2)
	長倉	家族權益	（附註2）

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

			Number of
			ordinary shares	Approximate
	Long/Short		or underlying	percentage of
Name of shareholder	Position	Capacity	shares held	shareholding
			持有普通股或
股東名稱	長╱短倉	身份	相關股份數量	概約股權百分比
Ms. Liu Li	Long	Beneficial owner	168,168,000	13.54%
劉莉女士	長倉	實益擁有人
	Long	Interest of a controlled	241,950,000	19.49%
		corporation	(Note 1)
	長倉	受控法團權益	（附註1）
	Long	Family interest	56,146,000	4.52%
			(Note 3)
	長倉	家族權益	（附註3）
	Long	Family interest	1,500,000	0.12%
			Share options
	長倉	家族權益	份購股權
			(Note 4)
			（附註4）
L & L Limited	Long	Beneficial owner	241,950,000	19.49%
			(Note 5)
	長倉	實益擁有人	（附註5）
Eternal Asia (HK) Limited	Long	Beneficial owner	159,159,999	12.82%
			(Note 6)
	長倉	實益擁有人	（附註6）
深圳市怡亞通供應鏈股份	Long	Interest of a controlled	159,159,999	12.82%
有限公司		corporation	(Note 7)
	長倉	受控法團權益	（附註7）
深圳市聯合數碼控股有限公司	Long	Interest of a controlled	159,159,999	12.82%
		corporation	(Note 8)
	長倉	受控法團權益	（附註8）
Zhou Guohui	Long	Interest of a controlled	159,159,999	12.82%
		corporation	(Note 8)
周國輝	長倉	受控法團權益	（附註8）
Fidelity	Long	Investment manager	100,686,000	8.11%
	長倉	投資經理

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

Notes:

1. 241,950,000 shares of the Company are held by L & L Limited, the entire issued share capital of which is equally held by Mr. Li Jialin and his spouse, Ms. Liu Li

2. 168,168,000 shares of the Company are held by Ms. Liu Li, the spouse of Mr. Li Jialin.

3. 56,146,000 shares of the Company are held by Mr. Li Jialin, the spouse of Ms. Liu Li.

4. 1,500,000 share options of the Company are held by Mr. Li Jialin, the spouse of Ms. Liu Li.

5. The entire issued share capital of L & L Limited is equally held by Mr. Li Jialin and his spouse, Ms. Liu Li.

6. The entire issued share capital of Eternal Asia (HK) Limited are held by 深圳市怡 亞通供應鏈股份有限公司.

7. 6.88% and 49.52% of the shares of 深圳市怡亞通供應鏈股份有限公司 are held by 深圳市聯合精英科技有限公司 and 深圳市聯合數碼控股有限公司 respectively. 49.1% of the shares of 深圳市聯合精英科技有限公司 are held by 深圳市聯合數碼控股有限公司.

8. 92.5% of the shares of 深圳市聯合數碼控股有限公司 are held by Mr. Zhou Guohui.

Save as disclosed above, as at 31 December 2011, so far is known to the Directors, there was no person had an interest and/or a short position in the shares and/or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange pursuant to the provision of Divisions 2 and 3 of Part XV of the SFO and/or required to be entered in the register maintained by the Company pursuant to Section 336 of the SFO and/or was directly or indirectly interested in 5% of more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meeting of any other members of the Group, or any options in respect of such capital.

附註：

1. 本公司之241,950,000股股份由L & L Limited持 有，而該公司之全部已發行股本由李佳林先生及 其配偶劉莉女士均等持有。

2. 李佳林先生之配偶劉莉女士持有本公司之 168,168,000股股份。

3. 劉莉女士之配偶李佳林先生持有本公司之 56,146,000股股份。

4. 劉莉女士之配偶李佳林先生持有本公司之 1,500,000份購股權。

5. L & L Limited之全部已發行股本由李佳林先生及 其配偶劉莉女士均等持有。

6. Eternal Asia (HK) Limited 之全部已發行股本由深 圳市怡亞通供應鏈股份有限公司持有。

7. 深圳市聯合精英科技有限公司及深圳市聯合 數碼控股有限公司分別持有深圳市怡亞通供 應鏈股份有限公司之 6.88%及 49.52% 股份。深 圳市聯合精英科技有限公司 49.1% 之股份由 深圳市聯合數碼控股有限公司持有。

8. 深圳市聯合數碼控股有限公司之 92.5% 股份由 周國輝先生持有。

除上文所披露者外，於二零一一年十二月三 十一日，就董事所知，概無人士於本公司之股 份及╱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及聯 交所披露之權益及╱或短倉及╱或須記入本公 司根據證券及期貨條例第 336 條置存之登記冊 之權益及╱或短倉及╱或於附有投票權可在任 何情況下於本集團任何其他成員公司之股東 大會上投票之任何類別股本中直接或間接擁 有面值 5% 以上之權益或有關該股本之任何購 股權。

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

Share Options

購股權

(a) Share option scheme of the Company

The Company adopted a share option scheme (the “Scheme”) on 17 April 2002 for the purpose of providing incentives and rewards to eligible participants for their contribution to the Group. Further details of the Scheme are set out in note 14 to the financial statements.

(a) 本公司購股權計劃

本公司在二零零二年四月十七日採納了 購股權計劃（「該計劃」），向合資格的參 與者提供嘉獎和激勵制度，以感謝彼等 為本集團作出的貢獻。該計劃的進一步 詳情載於財務報表附註 14內。

During the year under review, 15,300,000 share options have been granted and no share options have been exercised or cancelled. Details of the share options movement under the Scheme are as follows:

在回顧年度內，已授出 15,300,000 份購 股權，且概無任何購股權已獲行使或註 銷。根據該計劃授出的購股權的變動詳 情如下：

		As at	Granted	Lapsed	As at	Exercise
Name or category		1 January	during	during	31 December	price per
of participant	Date of offer	2011	the year	the year	2011	share (HK$)	Exercise period
		於二零一一年			於二零一一年	每股行使價
參與者姓名或類別	授予日期	一月一日	年內授出	年內失效	十二月三十一日	（港元）	行使期
Director
董事
Mr. Li Jialin	23/03/2011	—	1,500,000	—	1,500,000	2.434	23/03/2013 — 22/03/2021
李佳林先生
Mr. Ong Wei Hiam,	23/03/2011	—	1,200,000	—	1,200,000	2.434	23/03/2013 — 22/03/2021
William
王偉炘先生
Mr. Chan Hoi Chau	23/03/2011	—	1,200,000	—	1,200,000	2.434	23/03/2013 — 22/03/2021
陳海洲先生
Mr. Mao Xiangqian	23/03/2011	—	200,000	—	200,000	2.434	23/03/2013 — 22/03/2021
毛向前先生
Mr. Tay Eng Hoe	20/02/2009	5,000,000	—	—	5,000,000	0.54	20/02/2009 — 19/02/2019
鄭永和先生
	23/03/2011	—	200,000	—	200,000	2.434	23/03/2013 — 22/03/2021
Dr. Chan Po Fun Peter	23/03/2011	—	200,000	—	200,000	2.434	23/03/2013 — 22/03/2021
陳普芬博士
Mr. Li Wei	23/03/2011	—	200,000	—	200,000	2.434	23/03/2013 — 22/03/2021
李煒先生
Mr. Ni Zhenwei	23/03/2011	—	200,000	(200,000)	—	2.434	23/03/2013 — 22/03/2021
倪振偉先生
Sub-total小計:		5,000,000	4,900,000	(200,000)	9,700,000
Employees	17/02/2011	—	10,400,000	—	10,400,000	2.672	17/02/2013 – 16/02/2021
僱員
Total總計:		5,000,000	15,300,000	(200,000)	20,100,000

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

(b) Share option scheme of a subsidiary — ECS Holdings Limited (“ECS”)

The Company’s subsidiary, ECS, adopted a share option scheme, the ECS Share Option Scheme II (the “Scheme II”) on 13 December 2000 whereby the directors of ECS are authorized, at their discretion, to invite ECS’s employees and directors, including non-executive directors of ECS and its subsidiaries to take up options to subscribe for shares of ECS.

(b) 附屬公司購股權計劃[—] 佳杰 科技有限公司（「佳杰科技」）

本公司的附屬公司佳杰科技於二零零零 年十二月十三日採納一項購股權計劃[—] 佳杰科技購股權計劃（「計劃II II」），據此， 佳杰科技董事獲授權酌情邀請佳杰科技 的僱員及董事（包括佳杰科技及其附屬 公司的非執行董事）接納認購佳杰科技 股份的購股權。

During the year under review, no share options have been exercised or cancelled. Details of the share options movement under the Scheme II are as follows:

在回顧年度內，概無任何購股權已獲行 使或註銷。根據計劃 II 授出的購股權的變 動詳情如下：

			Granted	Lapsed	As at
Name or category		As at	during	during	31 December	Exercise price
of participant	Date of offer	1 January 2011	the year	the year	2011	per share (S$)	Exercise period
參與者姓名或		於二零一一年			於二零一一年	每股行使價
類別	授予日期	一月一日	年內授出	年內失效	十二月三十日	（新加坡元）	行使期
Director
董事
Mr. Tay Eng Hoe	15/10/2010	700,000	—	—	700,000	0.55	5 years from date of grant
鄭永和先生							自授出日期起計5年
Mr. Mao Xiangqian	15/10/2010	900,000	—	—	900,000	0.55	10 years from date of grant
毛向前先生							自授出日期起計10年
Mr. Ong Wei Hiam,	15/10/2010	300,000	—	—	300,000	0.55	5 years from date of grant
William
王偉炘先生							自授出日期起計5年
Sub-total小計:		1,900,000	—	—	1,900,000
Employees	15/10/2010	11,870,000	—	(920,000)	10,950,000	0.55	5 to 10 years from date of
							grant
僱員							自授出日期起計5至10年
Total總計:		13,770,000	—	(920,000)	12,850,000

• (c) Share option of a subsidiary — ECS Indo Pte Ltd (“ECS Indo”)

On 16 October 2009, the Company’s subsidiary, ECS Indo granted 120,000 share options to four senior employees of a subsidiary of ECS Indo.

• (c) 附屬公司購股權計劃[—] ECS Indo Pte Ltd （「ECS Indo」）

於二零零九年十月十六日，本公司的附 屬公司 ECS Indo 向 ECS Indo 一家附屬公 司的四名高級僱員授出 120,000 份購股 權。

			Granted	Lapsed	As at
Name or category		As at	during	during	31 December	Exercise price
of participant	Date of offer	1 January 2011	the year	the year	2011	per share (US$)	Exercise period
		於二零一一年			於二零一一年	每股行使價
參與者姓名或類別	授予日期	一月一日	年內授出	年內失效	十二月三十一日	（美元）	行使期
Employees	16/10/2009	113,392	—	—	113,392	1.8156	16/10/2009 — 16/10/2012
僱員

偉仕控股有限公司 二零一一年年報

Directors’ Report (continued) 董事會報告（續）

Directors’ Rights to Acquire Shares

Save as disclosed above, at no time during the year was the Company or any of the companies comprising the group, a party to any arrangements to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in, or debenture of, the Company or any other body corporate and none of the Directors, their spouses or their children under the age of 18, had any right to subscribe for the securities of the Company, or had exercised any such right during the year.

Directors’ Interests in Competing Business

The Directors consider that they have no interests in any competing business.

Management Contracts

No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the year ended 31 December 2011.

Connected Transactions

Connected transactions have been disclosed in Note 30 of the financial statements.

The above transactions constituted connected transactions under the Listing Rules. The Directors are of the opinion that the above transactions were entered into on normal commercial terms and on an arm’s length basis and the terms of the above transactions are fair and reasonable so far as the shareholders of the Company are concerned and in the interests of the Company and the shareholders of the Company taken as a whole.

The above connected transactions constituted exempted connected transactions under the Listing Rules as each of the percentage ratios is less than 0.1% as defined under the Listing Rules when the agreements were entered into.

Directors’ and Senior Management’s Emoluments

A summary of the Directors and senior management’s emoluments is set out in note 27 to the financial statements.

董事認購股份的權利

除上文所披露者外，於年內任何時間，本公司 或組成本集團之任何公司於年內並無參與任 何安排，致使本公司之董事可藉認購本公司 或任何其他法人團體之股份或債務證券而獲 利，而董事、彼等之配偶或其十八歲以下的子 女於年內概無權利認購本公司證券，或無行 使任何該項權利。

董事於競爭業務之權益

董事認為彼等並無於任何競爭業務中擁有權 益。

管理合約

於截至二零一一年十二月三十一日止年度內 概無訂立或存有關於本公司全部或任何重大 部分業務之管理及行政方面之合約。

關連交易

關連交易已於財務報表附註30內披露。

上述交易構成上市規則項下的關連交易。董事認 為，上述交易乃按一般商業條款及按公平磋商基 準訂立，而上述交易的條款對本公司股東乃屬公 平合理，並符合本公司及本公司股東整體利益。

上述關連交易構成上市規則項下的獲豁免關連交 易，因訂立協議時，各百分比率乃低於上市規則 項下所定義之0.1%。

董事及高級管理層之薪酬

董事及高級管理層之薪酬概要載於財務報表 附註 27。

VST HOLDINGS LIMITED Annual Report 2011

Directors’ Report (continued) 董事會報告（續）

Sufficiency of Public Float

Based on the information publicly available to the Company and within the knowledge of the Directors, the Company has maintained a sufficient public float throughout the year ended 31 December 2011.

Corporate Governance

Details of the corporate governance are set out in the section headed “Corporate Governance Report” in this annual report.

Audit Committee

The Company’s audited results for the year ended 31 December 2011 have been reviewed by the Audit Committee who was of the opinion that the preparation of such results complied with the applicable accounting standards and requirements and that adequate disclosures have been made.

Auditors

The financial statements of the Group for the year ended 31 December 2011 have been audited by KPMG who will retire and, being eligible, offer themselves for re-appointment at the forthcoming annual general meeting of the Company.

On behalf of the Board

Li Jialin Chairman and Chief Executive Officer

Hong Kong, 22 March 2012

公眾持股量之充足性

基於本公司可公開獲得之資料並就董事所 知，本公司已於截至二零一一年十二月三十 一日止年度內維持足夠之公眾持股量。

企業管治

企業管治詳情載於本年報「企業管治報告」一 節。

審核委員會

本公司截至二零一一年十二月三十一日止年 度之經審核業績已由審核委員會審閱，審核 委員會認為該等業績之編製符合適用之會計 準則及規定，並已作出充份披露。

核數師

本集團截至二零一一年十二月三十一日止年 度之財務報表已由畢馬威會計師事務所審 核，彼將於本公司應屆股東週年大會上退任 並符合資格再予以續聘。

代表董事會 主席兼行政總裁 李佳林

香港，二零一二年三月二十二日

偉仕控股有限公司 二零一一年年報

Independent Auditor’s Report 獨立核數師報告

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF VST HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

We have audited the consolidated financial statements of VST Holdings Limited (“the Company”) and its subsidiaries (together the “Group”) set out on pages 44 to 127, which comprise the consolidated and company balance sheets as at 31 December 2011, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Directors’ Responsibility for the Consolidated Financial Statements

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

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. This report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

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

致偉仕控股有限公司列位股東的獨立核數師 報告

（於開曼群島註冊成立的有限公司）

我們已審核列載於第 44 至 127 頁偉仕控股有限 公司（「貴公司」）及其附屬公司（統稱「貴集團」） 的綜合財務報表，此綜合財務報表包括於二 零一一年十二月三十一日的綜合及公司資產 負債表與截至該日止年度的綜合損益表、綜 合全面損益表、綜合權益變動報表及綜合現 金流量報表，以及主要會計政策概要及其他 解釋資料。

董事就綜合財務報表須承擔 之責任

貴公司董事須負責根據香港會計師公會頒佈 的香港財務報告準則及按照香港《公司條例》 的披露規定編製綜合財務報表，作出真實而 公平的反映，以及董事認為就編製不存在由 於欺詐或錯誤而導致重大錯誤陳述的綜合財 務報表屬必要的內部控制。

核數師之責任

我們的責任是根據我們的審核對該等綜合財 務報表發表意見。本報告僅向整體股東作出， 除此之外本報告別無其他目的。我們不會就 本報告的內容向任何其他人士負上或承擔任 何責任。

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

42 VST HOLDINGS LIMITED Annual Report 2011

Independent Auditor’s Report (continued) 獨立核數師報告（續）

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

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

Opinion

In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2011 and of the Group’s profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

KPMG

Certified Public Accountants

8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong

22 March 2012

審核涉及執行程序以獲取有關綜合財務報表 所載金額及披露資料的審核憑證。所選定的 程序取決於核數師的判斷，包括評估由於欺 詐或錯誤而導致綜合財務報表存有重大錯誤 陳述的風險。在評估該等風險時，核數師考慮 與該實體編製綜合財務報表，作出真實而公 平的反映相關的內部控制，以設計於該等情 況下適當的審核程序，但並非為對實體內部 控制的效能發表意見。審核亦包括評價董事 所採用的會計政策的合適性及所作出的會計 估計的合理性，以及評價綜合財務報表的整 體列報方式。

我們相信，我們所獲得的審核憑證充足和適 當地為我們的審核意見提供基礎。

意見

我們認為，綜合財務報表已根據香港財務報 告準則真實而公平地反映 貴公司及 貴集 團於二零一一年十二月三十一日的事務狀況 及 貴集團截至該日止年度的溢利及現金流 量，並已按照香港《公司條例》的披露規定妥為 編製。

畢馬威會計師事務所

執業會計師

香港中環 遮打道 10號 太子大廈 8樓

二零一二年三月二十二日

偉仕控股有限公司 二零一一年年報 43

Consolidated Balance Sheet 綜合資產負債表

As at 31 December 2011 於二零一一年十二月三十一日

			2011	2010
			二零一一年	二零一零年
		Notes	HK$’000	HK$’000
ASSETS	資產	附註	千港元	千港元
Non-current assets	非流動資產
Property, plant and equipment	物業、廠房及設備	5	127,351	115,895
Goodwill	商譽	6	327,689	330,370
Interest in associates	於聯營公司的權益	9	277,047	252,005
Deferred expenses	遞延開支	10	19,854	—
Deferred tax assets	遞延稅項資產	17	49,622	42,008
			801,563	740,278
Current assets	流動資產
Trade and other receivables	貿易及其他應收款項	10	4,043,098	4,164,365
Inventories	存貨	11	2,127,320	1,985,616
Cash and cash equivalents	現金及現金等價物	12	1,573,134	1,015,251
			7,743,552	7,165,232
Total assets	總資產		8,545,115	7,905,510
EQUITY	權益
Share capital	股本	13	124,066	125,889
Reserves	儲備		2,463,461	2,007,971
			2,587,527	2,133,860
Non-controlling interests	非控股權益		209,702	192,472
Total equity	總權益		2,797,229	2,326,332

VST HOLDINGS LIMITED Annual Report 2011

44

Consolidated Balance Sheet (continued) 綜合資產負債表（續） As at 31 December 2011 於二零一一年十二月三十一日

			2011	2010
			二零一一年	二零一零年
		Notes	HK$’000	HK$’000
LIABILITIES	負債	附註	千港元	千港元
Non-current liabilities	非流動負債
Deferred income	遞延收入	16	23,549	3,454
Borrowings	借貸	18	697,427	650,104
Deferred tax liabilities	遞延稅項負債	17	27,003	24,086
			747,979	677,644
Current liabilities	流動負債
Trade and other payables	貿易及其他應付款項	16	3,731,628	3,716,513
Borrowings	借貸	18	1,173,547	1,123,296
Taxation payable	應付稅項		94,732 4,999,907	61,725 4,901,534
Total liabilities	總負債		5,747,886	5,579,178
Total equity and liabilities	權益及負債總額		8,545,115	7,905,510
Net current assets	流動資產淨值		2,743,645	2,263,698
Total assets less current liabilities	總資產減流動負債		3,545,208	3,003,976

Approved and authorised for issue by the Board of Directors on 22 March 2012.

董事會於二零一二年三月二十二日批准及授權刊 發。

Li Jialin Tay Eng Hoe 李佳林 鄭永和 Director Director 董事 董事

The notes on pages 52 to 127 are an integral part of these financial statements.

第 52 至 127 頁之附註構成本財務報表之一部 分。

偉仕控股有限公司 二零一一年年報

45

Balance Sheet 資產負債表 As at 31 December 2011 於二零一一年十二月三十一日

		Notes	2011 2010 二零一一年 二零一零年 HK$’000 HK$’000
ASSETS	資產	附註	千港元 千港元
Non-current assets	非流動資產
Property, plant and equipment	物業、廠房及設備	5	932 1,332
Investments in subsidiaries	於附屬公司之投資	7	1,393,898 1,393,898 1,394,830 1,395,230
Current assets	流動資產
Prepayments	預付款項	10	345 340
Cash and cash equivalents	現金及現金等價物	12	2,121 847 2,466 1,187
Total assets	總資產		1,397,296 1,396,417
EQUITY	權益
Share capital	股本	13	124,066 125,889
Reserves	儲備	15	1,099,550 1,046,457
Total equity	總權益		1,223,616 1,172,346
LIABILITIES	負債
Current liabilities	流動負債
Amount due to a subsidiary	應付附屬公司款項	8	173,594 91,888
Other payables and accruals	其他應付款項及應計款項	16	86 183
Borrowings	借貸	18	— 132,000
Total liabilities	總負債		173,680 224,071
Total equity and liabilities	權益及負債總額		1,397,296 1,396,417
Net current liabilities Total assets less current liabilities	流動負債淨值 總資產減流動負債		(171,214) (222,884) 1,223,616 1,172,346

Approved and authorised for issue by the Board of Directors on 22 March 董事會於二零一二年三月二十二日批准及授權刊 2012. 發。

Li Jialin Tay Eng Hoe 李佳林 鄭永和 Director Director 董事 董事

The notes on pages 52 to 127 are an integral part of these financial 第 52 至 127 頁之附註構成本財務報表之一部 statements. 分。

VST HOLDINGS LIMITED Annual Report 2011

46

Consolidated Income Statement 綜合損益表

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

		Notes	2011 2010 二零一一年 二零一零年 HK$’000 HK$’000
		附註	千港元 千港元
Turnover	營業額	19	32,617,058 26,212,600
Cost of sales Gross profit	銷售成本 毛利		(31,103,615) (25,060,065) 1,513,443 1,152,535
Other gains, net	其他收入淨額	20	32,237 74,530
Selling and distribution expenses	銷售及分銷開支		(574,949) (449,416)
Administrative expenses	行政開支		(270,088) (236,653)
Operating profit	經營溢利	21	700,643 540,996
Finance costs Share of associates’ profits	財務費用 分佔聯營公司溢利	22	(103,654) (60,552) 596,989 480,444 37,592 29,919
Profit before taxation	除稅前溢利		634,581 510,363
Taxation Profit for the year	稅項 年內溢利	23	(145,787) (102,305) 488,794 408,058
Attributable to:	以下人士應佔：
Equity shareholders of the Company	本公司權益持有人		462,516 370,280
Non-controlling interests	非控股權益		26,278 37,778
Earnings per share (HK cents per share)	每股盈利（每股港仙）	26	488,794 408,058
— Basic	－ 基本		36.80 cents仙 29.41 cents仙
— Diluted	－ 攤薄		36.70 cents仙 29.32 cents仙
Dividend attributable to equity shareholders	應付權益持有人股息	25
Final dividend proposed	擬派末期股息		100,000 —

The notes on pages 52 to 127 are an integral part of these financial statements.

第 52 至 127 頁之附註構成本財務報表之一部 分。

偉仕控股有限公司 二零一一年年報

47

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

Consolidated Statement of Comprehensive Income 綜合全面損益表

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Profit for the year	年內溢利	488,794	408,058
Other comprehensive income for the year, net of tax:	年內其他全面收入，除稅：
Exchange differences	匯兌差額	357	132,977
Total comprehensive income for the year	年內全面收入總額	489,151	541,035
Attributable to:	以下人士應佔：
Equity shareholders of the Company	本公司權益持有人	463,502	488,732
Non-controlling interests	非控股權益	25,649	52,303
Total comprehensive income for the year	年內全面收入總額	489,151	541,035

The notes on pages 52 to 127 are an integral part of these financial statements.

第 52 至 127 頁之附註構成本財務報表之一部 分。

VST HOLDINGS LIMITED Annual Report 2011

48

Consolidated Statement of Changes in Equity 綜合權益變動報表 For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

Share capital Share premium Capital redemption reserve Capital reserve General reserve Translation reserve Other reserve Retained earnings Equity attributable to the Company’s equity shareholders Non- controlling interests 股本 股份溢價 資本 贖回儲備 資本儲備 一般儲備 匯兌儲備 其他儲備 保留盈利 本公司權益 持有人應佔 權益 非控股 權益 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Note (i) Note (ii) Note (iii) Note (iv) Note (v) Note (vi) 附註(i) 附註(ii) 附註(iii) 附註(iv) 附註(v) 附註(vi)	Total equity 總權益 HK$’000 千港元
Balance at 1 January 2010 於二零一零年 一月一日之結餘 125,889 772,512 2,643 3,808 16,700 31,741 (183,871) 873,120 1,642,542 254,647	1,897,189
Profit for the year 年內溢利 — — — — — — — 370,280 370,280 37,778 Other comprehensive income 其他全面收入 — — — — — 118,452 — — 118,452 14,525	408,058 132,977
Total comprehensive income for the year 年內全面收入 總額 — — — — — 118,452 — 370,280 488,732 52,303 Derecognition of financial liability 解除確認財務負債 — — — — — — 2,500 — 2,500 — Dilution and partial disposal of a subsidiary to an associate 出售一間附屬公司 部份權益使成為 聯營公司 — — — — — — — — — (108,018) Dividends paid to non-controlling interests 向非控股權益支付 之股息 — — — — — — — — — (6,460) Transfer of reserves 轉撥儲備 — — — — 9,317 — — (9,317) — — Equity-settled share-based payment 以股份支付之 權益結算款項 — — — 86 — — — — 86 — Balance at 31 December 2010 於二零一零年十二月 三十一日之結餘 125,889 772,512 2,643 3,894 26,017 150,193 (181,371) 1,234,083 2,133,860 192,472	541,035 2,500 (108,018) (6,460) — 86 2,326,332
Balance at 1 January 2011 於二零一一年 一月一日之結餘 125,889 772,512 2,643 3,894 26,017 150,193 (181,371) 1,234,083 2,133,860 192,472	2,326,332
Profit for the year 年內溢利 — — — — — — — 462,516 462,516 26,278 Other comprehensive income 其他全面收入 — — — — — 986 — — 986 (629)	488,794
	357
Total comprehensive income for the year 年內全面收入 總額 — — — — — 986 — 462,516 463,502 25,649 Dividends paid to non-controlling interests 向非控股權益支付 之股息 — — — — — — — — — (8,419) Transfer of reserves 轉撥儲備 — — — — 10,265 — — (10,265) — — Equity-settled share-based payment 以股份支付之 權益結算款項 — — — 8,920 — — — — 8,920 — Repurchase of own shares 購回本身股份 — Par value paid — 已付面值 (1,823) — — — — — — — (1,823) — — Premium paid — 已付溢價 — — — — — — — (16,932) (16,932) — — Transfer between reserves — 儲備間轉撥 — — 1,823 — — — — (1,823) — —	489,151
	(8,419)
	—
	8,920
	(1,823)
	(16,932)
	—
Balance at 31 December 2011 於二零一一年十二月 三十一日之結餘 124,066 772,512 4,466 12,814 36,282 151,179 (181,371) 1,667,579 2,587,527 209,702	2,797,229
Representing: 代表： Share capital 股本 Reserves 儲備 Proposed dividend 擬派股息
	124,066
	2,363,461
	100,000
	2,587,527

第 52 至 127 頁之附註構成本財務報表之一部 分。

The notes on pages 52 to 127 are an integral part of these financial statements.

偉仕控股有限公司 二零一一年年報

49

Consolidated Statement of Changes in Equity (continued) 綜合權益變動報表（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

Notes:		附註：	附註：
(i)	The share premium account of the Group includes: (a) the difference between	(i)	本集團之股份溢價賬包括：(a)根據二零零二
	the nominal values of the share capital of the subsidiaries acquired and that of		年四月之集團重組所收購之附屬公司之股本
	the Company issued in exchange pursuant to the Group reorganisation in April		面值與本公司作為交換而發行之股本面值之
	2002; (b) the capitalisation issue in April 2002; and (c) the premium arising from		差額；(b)二零零二年四月之資本化發行；及(c)
	the new issue of shares, net of share issuance costs.		發行新股產生之溢價，扣除股份發行成本。
	In accordance with the Companies Law (revised) of the Cayman Islands, the		根據開曼群島公司法（經修訂），股份溢價賬
	share premium account is distributable to the shareholders of the Company		可分派予本公司之股東，惟緊隨股息建議分
	provided that immediately following the date on which the dividend is proposed		派之日後，本公司須有能力償還於日常業務
	to be distributed, the Company will be in a position to pay off its debts as they		過程中到期之債項。股份溢價亦可以繳足紅
	fall due in the ordinary course of business. The share premium may also be		股方式予以分派。
	distributed in the form of fully paid bonus shares.
(ii)	The capital redemption reserve comprises the par value of the cancelled shares	(ii)	資本贖回儲備包括根據開曼群島公司法（經修
	of the Company transferred from retained earnings pursuant to Companies Law		訂）從保留盈利轉撥之本公司已註銷股份的面
	(revised) of the Cayman Islands.		值。
(iii)	The capital reserve comprises the fair value of the actual or estimated number of	(iii)	資本儲備指根據附註2.16(d)中就以股份形式
	unexercised share options granted to employees of the Company and the Group		付款所採納之會計政策確認授予本公司及本
	recognised in accordance with the accounting policy adopted for share-based		集團僱員實際或估計數目之尚未行使購股權
	payments in Note 2.16(d).		之公平值。
(iv)	According to the current People’s Republic of China (“PRC”) Company Law, the	(iv)	根據現行中華人民共和國（「中國」）公司法，
	PRC subsidiaries of the Group are required to transfer 10% of their profits after		本集團中國附屬公司須向法定公積金儲備轉
	taxation to statutory surplus reserve until the surplus reserve balance reaches		撥10%除稅後溢利，直至公積金儲備結餘達
	50% of the registered capital. For the purpose of calculating the amount to be		至註冊資本的50%。為計算轉撥至儲備的金
	transferred to the reserve, the profit after taxation is the amount determined		額，除稅後溢利按中國會計準則釐定。轉撥款
	under PRC accounting standards. The amount of transfer to this reserve has to		項至該儲備後方可向股東分派溢利。根據有
	be made before profit distribution to shareholders. In accordance with the		關規例，該儲備可以用作彌補任何已產生虧
	relevant regulations, this reserve may be used to make up any losses incurred or		損或增加中國附屬公司的註冊資本。
	to increase the registered capital of the PRC subsidiaries.
(v)	The translation reserve comprises all foreign exchange differences arising from	(v)	匯兌儲備包括所有因匯兌外國附屬公司之財
	the translation of the financial statements of foreign subsidiaries. The reserve is		務報表所產生之匯兌差額。該筆儲備按照附
	dealt with in accordance with the accounting policy set out in Note 2.3(c).		註2.3(c)所載之會計政策處理。
(vi)	Other reserve comprises the difference between consideration paid and the	(vi)	其他儲備指與附屬公司非控股權益持有人之
	relevant share of the carrying value of net assets of the subsidiary for the		交易之已付代價與分佔附屬公司淨資產賬面
	transactions with holders of non-controlling interests of subsidiaries (Note 2.2(a)).		值的差額（附註2.2(a)）。

VST HOLDINGS LIMITED Annual Report 2011

50

Consolidated Cash Flow Statement 綜合現金流量報表 For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

		Notes	2011 2010 二零一一年 二零一零年 HK$’000 HK$’000
Cash flows from operating activities	經營業務之現金流量	附註	千港元 千港元
Net cash generated from operations	經營業務產生之現金淨額	28	687,003 258,494
Hong Kong Profits Tax paid	已付香港利得稅		(27,360) (19,275)
Overseas tax paid	已付海外稅項		(90,433) (67,382)
Net cash generated from operating activities	經營業務所得之現金淨額		569,210 171,837
Cash flows from investing activities	投資活動之現金流量
Interest received	已收利息		11,838 7,678
Purchase of property, plant and equipment	購買物業、廠房及設備		(31,042) (19,101)
Proceeds from disposal of property, plant	出售物業、廠房及設備
and equipment	所得款項		514 425
Proceeds from disposal of	出售可供出售財務資產
available-for-sale financial assets	所得款項		— 707
Proceeds from dilution and partial disposal	出售一間附屬公司部份
of a subsidiary to an associate	權益使成為聯營公司
Dividends received from an associate	所得款項 收取聯營公司股息		— (31,877) 4,995 4,817
Acquisition of additional interest in	收購聯營公司
an associate Net cash used in investing activities	額外權益 投資活動所用之現金淨額		— (3,604) (13,695) (40,955)
Cash flows from financing activities	融資活動之現金流量
Payment for repurchase of shares	購回股份付款		(18,755) —
New bank borrowings	新增銀行借貸		8,466,650 6,683,898
Repayment of bank borrowings	償還銀行借貸		(8,336,690) (6,197,805)
Payment to non-controlling interests	支付非控股權益		(8,419) (6,460)
Interest paid	已付利息		(103,654) (60,552)
Net cash (used in)/generated from	融資活動（所用）╱所得之
financing activities	現金淨額		(868) 419,081
Net increase in cash and cash equivalents	現金及現金等價物增加淨額		554,647 549,963
Cash and cash equivalents at 1 January	於一月一日之現金及
	現金等價物		1,015,251 450,840
Effect of foreign exchange rate changes	匯率變動之影響		3,236 14,448
Cash and cash equivalents at 31 December	於十二月三十一日之
	現金及現金等價物	12	1,573,134 1,015,251

The notes on pages 52 to 127 are an integral part of these financial statements.

第 52 至 127 頁之附註構成本財務報表之一部 分。

偉仕控股有限公司 二零一一年年報

51

Notes to the Financial Statements 財務報表附註

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

1. General Information

VST Holdings Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in the distribution of information technology (“IT”) products, provider of enterprise systems and IT services.

The Company is a limited liability company incorporated in the Cayman Islands. Its principal place of business is at Unit 3312, 33th Floor, China Merchants Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong.

The Company’s shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

These financial statements are presented in thousands of Hong Kong dollars (HK$’000), unless otherwise stated. These financial statements have been approved for issue by the Board of Directors on 22 March 2012.

2. Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to the current and prior years presented, unless otherwise stated.

2.1 Basis of preparation

These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange.

1. 一般資料

偉仕控股有限公司（「本公司」）及其附屬 公司（統稱「本集團」）之主要業務為分銷 資訊科技（「資訊科技」）產品，供應企業 系統及資訊科技服務。

本公司為在開曼群島註冊成立之有限 公司。其主要營業地點為香港干諾道中 200號信德中心招商局大廈33樓3312室。

本公司股份於香港聯合交易所有限公司 （「聯交所」）主板上市。

除非另有說明外，該等財務報表以千港 元（千港元）呈列。該等財務報表已於二 零一二年三月二十二日獲董事會批准刊 發。

2. 主要會計政策概要

編製該等財務報表應用之主要會計政策 載列如下。除非另有說明外，於當前及 過往年度均貫徹採用該等會計政策。

2.1 編製基準

該等財務報表乃根據所有適用香 港財務報告準則（「香港財務報告 準則」）編製，包括香港會計師公會 （「香港會計師公會」）刊發之所有個 別適用之香港財務報告準則、香港 會計準則（「香港會計準則」）及詮 釋、香港公認會計原則及香港《公 司條例》之披露規定。該等財務報 表亦符合聯交所證券上巿規則適 用之披露規定。

VST HOLDINGS LIMITED Annual Report 2011

52

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.1 Basis of preparation (continued)

The financial statements have been prepared under the historical cost basis except that other financial assets and liabilities at fair value through profit or loss are stated at their fair values as explained in the accounting policies set out below.

The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 4.

The HKICPA has issued a number of amendments to HKFRSs and one new Interpretation that are first effective for the current accounting period of the Group and the Company. Of these, the following developments are relevant to the Group’s financial statements:

• ‧ HKAS 24 (revised 2009), Related party disclosures

• ‧ Improvements to HKFRSs (2010)

2.1 編製基準（續）

誠如下文載列之會計政策所闡述， 財務報表乃根據歷史成本法編製， 惟按公平值列入損益賬的其他財 務資產及負債乃以其公平值列賬。

財務報表的編製符合香港財務報 告準則要求管理層作出會影響政 策應用及資產、負債、收入與開支 的報告數額的判斷、估計及假設的 規定。估計及有關假設乃根據過往 經驗及多個相信在有關情況下屬 合理的其他因素而作出，其結果成 為對在其他來源並不顯然易見的 資產與負債賬面值作出判決的基 礎。實際結果可能有別於該等估 計。

估計及相關假設會持續檢討。對會 計估計進行修訂時，若修訂只影響 該期間，則修訂會在修訂估計的期 間內確認；若修訂影響到當期及未 來期間，則修訂會在修訂及未來期 間確認。

管理層於應用香港財務報告準則 過程中所作出而對財務報表及估 計不確定性主要來源具重大影響 之判斷於附註 4論述。

香港會計師公會已頒佈於本集團 及本公司本會計期間首次生效之 若干香港財務報告準則之修訂及 一項新詮釋。其中，下列該等變動 乃與本集團之財務報表相關：

• ‧ 香港會計準則第 24 號（二零 零九年經修訂），關連方披露

• ‧ 香港財務報告準則的改進（二 零一零年）

偉仕控股有限公司 二零一一年年報 53

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.1 Basis of preparation (continued)

HKAS 24 (revised 2009) 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 years. HKAS 24 (revised 2009) also introduces modified disclosure requirements for governmentrelated entities. This does not impact the Group because the Group is not a government-related entity.

Improvements to HKFRSs (2010) omnibus standard introduces a number of amendments to the disclosure requirements in HKFRS 7, Financial instruments: Disclosures. The disclosures about the Group’s financial instruments in note 3 have been conformed to the amended disclosure requirements. These amendments do not have any material impact on the classification, recognition and measurements of the amounts recognised in the financial statements in the current and previous years.

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

2.2 Consolidation

• (a) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account.

2.1 編製基準（續）

香港會計準則第 24 號（二零零九年 經修訂）對關連人士的定義作出修 訂。因此，本集團已重新評估關連 人士的識別方法，並認為該經修訂 定義對本集團於本年度及過往年 度的關連人士披露並無任何重大 影響。香港會計準則第 24 號（二零 零九年經修訂）亦對政府相關實體 的披露規定作出修改。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。

• 香港財務報告準則的改進（二零一 零年）綜合準則對香港財務報告準 則第 7 號金融工具：披露的披露規 定作出多項修訂。附註 3 有關本集 團金融工具的披露已經遵守經修 訂披露規定。該等修訂對本年度及 過往年度於財務報表內確認金額 的分類、確認及計量並無任何重大 影響。

本集團並無應用任何於本會計期 間並未生效之新準則或詮釋。

2.2 綜合賬目

• (a) 附屬公司及非控股權益 附屬公司為本集團所控制之 實體。當本集團有權管治一 家實體之財務及經營政策從 而由其活動獲取利益，均視 為控制權存在。在評估控制 權時，現時可行使之潛在表 決權已計算在內。

VST HOLDINGS LIMITED Annual Report 2011

54

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.2 Consolidation (continued)

• (a) Subsidiaries and non-controlling interests (continued)

An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment.

Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at their proportionate share of the subsidiary’s net identifiable assets.

Non-controlling interests are presented in the consolidated balance sheet within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated income statement and the consolidated statement of comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated balance sheet in accordance with note 2.8 depending on the nature of the liability.

2.2 綜合賬目（續）

• (a) 附屬公司及非控股權益 （續） 於附屬公司之投資於擁有控 制權日期起獲綜合入賬至綜 合財務報表，直至該控制權 終止當日為止。集團內部往 來之結餘與交易及因集團內 部往來交易而產生之任何未 變現溢利，均於編製綜合財 務報表時全數對銷。在無出 現減值之情況下，集團內部 交易所產生之未變現虧損， 會按與未變現收益相同之方 法抵銷，惟僅於無減值證據 下作出。

非控股權益指並非本公司直 接或間接應佔之一家附屬公 司之權益，而本集團未與該 等權益持有人達成任何附加 條款，致令本集團整體上對 該等權益產生符合財務負債 定義之合同義務。就各業務 合併而言，本集團可選擇按 公平值或按附屬公司之可識 別資產淨值所佔比例計量任 何非控股權益。

非控股權益於綜合資產負債 表權益項下呈列，獨立於本 公司權益股東應佔權益。本 集團業績之非控股權益於綜 合損益表及綜合全面損益表 呈列作為就非控股權益及本 公司權益股東之間分配年度 損益總額及全面收入總額。 來自非控股權益持有人之貸 款及該等持有人之其他合同 義務，乃根據附註 2.8 視乎負 債性質於綜合資產負債表呈 列為財務負債。

偉仕控股有限公司 二零一一年年報 55

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.2 Consolidation (continued)

(a) Subsidiaries and non-controlling interests (continued)

Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised.

When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see note 2.8) or, when appropriate, the cost on initial recognition of an investment in associates (see note 2.2(b)).

In the Company’s balance sheet, an investment in a subsidiary is stated at cost less impairment losses (see note 2.7), unless the investment is classified as held for sale (or included in a disposal group that is classified as held for sale).

(b) Associates

An associate is an entity in which the Group or Company has significant influence, but not control or joint control, over its management, including participation in the financial and operating policy decisions.

2.2 綜合賬目（續）

• (a) 附屬公司及非控股權益 （續）

並非導致失去控制權之本集 團於一家附屬公司之權益 變動入賬列為權益交易。據 此，綜合權益項下之控股及 非控股權益金額經過調整以 反映有關權益之變動，惟毋 須對商譽作出任何調整，而 且毋須確認任何盈虧。

倘本集團失去一家附屬公司 之控制權，將列作出售該附 屬公司之全部權益，而所得 盈虧則於損益賬內確認。任 何於失去控制權當日保留於 該前附屬公司之權益乃按公 平值確認，而該金額被視為 財務資產初步確認時的公平 值（見附註 2.8) 或（倘適合）為 聯營公司投資之初步確認成 本（見附註 2.2(b)）。

於本公司資產負債表內，於 附屬公司之投資按成本減減 值虧損列賬（見附註 2.7），除 非投資被分類為持作出售（或 歸為持作出售之出售組別內） 則當別論。

(b) 聯營公司

聯營公司為本集團或本公司 可對其發揮重大影響之一家 實體，惟對其管理（包括參與 財務及經營政策決定）並無控 制權或共同控制權。

VST HOLDINGS LIMITED Annual Report 2011

56

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.2 Consolidation (continued)

(b) Associates (continued)

An investment in an associate is accounted for in the consolidated financial statements under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale). Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). Thereafter, the investment is adjusted for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (see note 2.7). Any acquisition-date excess over cost, the Group’s share of the post-acquisition, post-tax results of the investees and any impairment losses for the year are recognised in the consolidated income statement, whereas the Group’s share of the post-acquisition post-tax items of the investees’ other comprehensive income is recognised in the consolidated statement of comprehensive income.

When the Group’s share of losses exceeds its interest in the associate, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method together with the Group’s long-term interests that in substance form part of the Group’s net investment in the associate.

Unrealised profits and losses resulting from transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the investee, except where unrealised losses provide evidence of an impairment of the asset transferred, in which case they are recognised immediately in profit or loss.

2.2 綜合賬目（續）

• (b) 聯營公司（續） 於一家聯營公司之投資乃根 據權益法於綜合財務報表入 賬，除非其歸類為持作出售

• （或歸類為持作出售之出售 組別內）則作別論。根據權益 法，有關投資初步按成本記 賬，就本集團應佔收購日期 被投資方之可識別資產公平 值超出該投資成本（如有）作 出調整。其後，該投資就收 購後本集團應佔被投資方之 資產淨值變動及任何有關該 投資之減值虧損作出調整（見 附註 2.7)。年內任何收購日期 超越成本、本集團應佔被投 資方之收購後及除稅後業績 及任何減值虧損乃於綜合損 益表確認，而本集團應佔被 投資方之收購後及除稅後其 他全面收入項目乃於綜合全 面損益表確認。

倘本集團應佔聯營公司之虧 損超越其權益，則本集團之 權益將減至零，並會停止確 認進一步虧損，惟本集團所 承擔之法律或推定責任或 替該被投資方作出之付款除 外。就此目的而言，本集團 於聯營公司之權益為按權益 法計算之投資賬面值，連同 實質上構成本集團於聯營公 司之淨投資之長期權益。

本集團與其聯營公司之間交 易所產生之未變現損益，均 按本集團於該被投資方所佔 之權益比率對銷；但假如未 變現虧損顯示已轉讓資產出 現減值，則有關未變現虧損 會即時在損益賬內確認。

偉仕控股有限公司 二零一一年年報

57

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.2 Consolidation (continued)

• (b) Associates (continued)

When the Group ceases to have significant influence over an associate, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when significant influence is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see note 2.8) or, when appropriate, the cost on initial recognition of an investment in an associate.

2.3 Foreign currency translation

(a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The financial statements are presented in Hong Kong dollars (“HK$”), which is the Company’s functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

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

2.2 綜合賬目（續）

• (b) 聯營公司（續）

當本集團不再對一家聯營公 司有重大影響力，其將被入 賬列為出售該被投資方之全 部權益，所得出盈虧於損益 賬內確認。於失去重大影響 力當日於前被投資方保留之 任何權益乃按公平值確認， 而有關金額被視為初步確認 一項財務資產之公平值（見附 註 2.8）或（如適用）初步確認 於一家聯營公司投資之成本。

2.3 外幣換算

• (a) 功能及呈報貨幣 本集團旗下各實體之財務報 表所包括之項目，均以該實 體之主要營運之經濟環境之 貨幣（「功能貨幣」）計算。本 財務報表乃以港元（「港元」） 呈報，港元為本公司之功能 及呈報貨幣。

• (b) 交易及結餘 外幣交易均按交易當日之匯 率換算為功能貨幣。此等交 易結算以及按年結日之匯率 換算外幣資產及負債而產生 之匯兌收益及虧損，均於損 益賬內確認。

非貨幣財務資產及負債之換 算差額列報為公平值收益或 虧損之部分。非貨幣財務資 產及負債（如按公平值持有列 入損益賬之權益）之換算差額 於損益賬內確認為公平值收 益或虧損之部分。非貨幣財 務資產（如分類為可供出售之 股權）之換算差額計入權益內 之可供出售投資儲備。

58 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.3 Foreign currency translation (continued)

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

• (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

• (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and

• (iii) all resulting exchange differences are recognised as a separate component of equity.

On consolidation, exchange differences arising from the translation of the net investment in foreign operation and other currency instruments designated as hedges of such investments, are taken to equity. When a foreign operation is sold, exchange differences that were recorded in equity are reclassified to profit or loss as part of the gain or loss on disposal.

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

2.3 外幣換算（續）

• (c) 集團公司 集團旗下所有實體如持有與 呈報貨幣不一致之功能貨幣

• （其中並無任何公司持有嚴重 通脹之經濟體系之貨幣），其 業績及財務狀況均按以下方 法換算為呈報貨幣：

• (i) 每項資產負債表之資產 及負債均按照該資產負 債表結算日之收市匯率 換算；

• (ii) 每項損益表的收入和支 出均按照平均匯率換 算，但若此平均匯率未 能合理地反映各交易日 之匯率所帶來的累積影 響，則按照交易日之匯 率換算此等收入及支 出；及

• (iii) 所有所得匯兌差額均確 認為獨立之權益組成部 分。

在綜合賬目時，換算海外業 務投資淨額及換算被指定為 此等投資之對沖之其他貨幣 工具而產生之匯兌差額，均 列入權益。當出售海外業務 時，記入權益之匯兌差額將 於出售時重新分類至損益賬 內作為收益或虧損的部份。

收購海外實體產生的商譽及 公平值調整按海外實體的資 產及負債處理，並按收市匯 率換算。

偉仕控股有限公司 二零一一年年報 59

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.4 Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items.

2.4 物業、廠房及設備

物業、廠房及設備乃按成本減累計 折舊及減值虧損列賬。成本包括收 購項目直接應佔之開支。

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are expensed in profit or loss during the financial period in which they are incurred.

當與項目有關之未來經濟收益可 能會流入本集團，且能可靠地計量 項目之成本時，方會將其後之成本 包括入資產之賬面值或確認為一 項獨立資產（如適用）。所有其他維 修及保養費用，均於產生之財政期 間內，於損益賬內支銷。

Depreciation is calculated to write off the carrying values of items of property, plant and equipment, less their estimated residual values, if any, on a straight line basis over the shorter of the unexpired period of lease and the anticipated remaining useful lives of the assets. The annual rates of depreciation which have been adopted are summarised as follows:

折舊按直線基準於租賃的未屆滿 期間及資產剩餘預計可用期限的 較短期間者，自物業、廠房及設備 項目賬面值撇銷（減估計剩餘價值 （如有））。所採納的折舊年率概述 如下：

Leasehold improvements	20% or lease period whichever is shorter
租賃樓宇裝修	20%或租賃期（以較短者為準）
Buildings held for own use carried at cost	2%
按成本列值之持作自用樓宇
Furniture and fixtures	20%
傢具及裝置
Office equipment	20%
辦公室設備
Computers	20%
電腦
Motor vehicles	20%
汽車

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

資產之剩餘價值及可使用年期均 於各結算日予以審閱及調整（如適 用）。

An asset’s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount (see note 2.7).

倘資產賬面值高於其估計可收回 款額，則資產賬面值即時撇減至其 可收回款額（見附註2.7）。

60 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.4 Property, plant and equipment (continued)

Gains or losses on retirement or disposal of an item of property, plant and equipment are determined by comparing proceeds with carrying amounts. These are included in profit or loss on the date of retirement or disposal.

2.5 Assets under construction

Assets under construction represent property, plant and equipment under construction and pending installation and is stated at cost less accumulated impairment losses, if any (see note 2.7). Cost includes the costs of construction of buildings, the costs of plant and machinery and interest charges arising from borrowings used to finance these assets during the period of construction or installation and testing. No provision for depreciation is made on assets under construction until such time as the relevant assets are completed and are available for the intended use. When the assets concerned are brought into use, the costs are transferred to items of property, plant and equipment and depreciated in accordance with the policy as stated in note 2.4 above.

2.6 Goodwill

Goodwill represents the excess of:

• (i) the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over

• (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date.

When (ii) is greater than (i), then this excess is recognised immediately in profit or loss as a gain on a bargain purchase.

2.4 物業、廠房及設備（續）

報廢或出售之物業、廠房及設備項 目盈虧均透過將所得款項與賬面 值作比較而釐定，並於報廢或出售 日期計入損益賬內。

2.5 在建資產

在建資產指興建中及待安裝的物 業、廠房及設備，按成本扣除累 計減值虧損（如有）列賬（見附註 2.7）。成本包括樓宇的建造成本、 廠房及機器的成本，以及於建造或 安裝及測試期間內為該等資產融 資而借貸所產生的利息支出。於有 關資產竣工及可作擬定用途前，不 會就在建資產作折舊撥備。當有關 資產投入使用時，成本將轉撥至物 業、廠房及設備項目，並按上文附 註 2.4所述政策折舊。

2.6 商譽

商譽代表以下的差額：

• (i) 所支付代價的累計公平值、 任何非控股權益所佔被收購 方的金額及本集團此前於被 收購方所持有的權益的公平 值之總和；

• (ii) 在收購日期在被收購方的可 辨認資產和負債的權益的淨 公平值。

當 (ii) 大於 (i) 時，此差額應立即在損 益賬中確認為議價購買收益。

偉仕控股有限公司 二零一一年年報 61

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.6 Goodwill (continued)

Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see note 2.7).

On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal.

2.7 Impairment of investments in subsidiaries and associate and non-financial assets

Assets that have an indefinite useful life or have not yet been available for use are not subject to amortisation, and are tested at least annually for impairment. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to those cashgenerating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The Company allocates goodwill to groups of cash-generating units in the same geographical location with similar principal activities.

2.6 商譽（續）

商譽按成本值減累計減值虧損列 賬。業務合併產生的商譽按照預期 得以從合併的協同效應中受益的 情況分配至各現金產生單位或現 金產生單位組合，並每年作測試減 值（見附註 2.7）。

年內出售某現金產生單位時，購併 商譽之任何應佔金額乃計入計算 出售的損益中。

2.7 於附屬公司及聯營公司的 投資及非財務資產的減值

無固定可使用年期或尚未可供使 用之資產毋須攤銷，並至少每年作 減值測試。資產於出現顯示其賬面 值或不能收回之事件或情況變動 時就減值作出檢討。減值虧損乃按 資產賬面值超出其可收回款額之 金額於損益賬內確認。可收回款額 指資產之公平值減出售成本及使 用價值兩者之較高者。在評估使用 價值時，估計未來現金流量會按可 以反映當時市場對貨幣時間值及 資產特定風險的評估的稅前貼現 率，貼現至其現值。

就減值測試之目的而言，資產集合 為資產之最小組別，由持續使用中 產生現金流量，當中大部分獨立於 其他資產或一組資產之現金流入 （「現金產生單位」）。業務合併時獲 得之商譽，就減值測試而言，分配 在該等現金產生單位或現金產生 單位組合，預期將於產生商譽之業 務合併中得益。本公司分配商譽至 同類主要業務之同一地區中的現 金產生單位組合。

62 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.7 Impairment of investments in subsidiaries and associate and non-financial assets (continued)

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cashgenerating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

In respect of assets other than goodwill, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised.

Under the Rules Governing the Listing of Securities on the Stock Exchange, the Group is required to prepare an interim financial report in compliance with HKAS 34, Interim financial reporting, in respect of the first six months of the financial period. At the end of the interim period, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year.

Impairment losses recognised in an interim period in respect of goodwill are not reversed in a subsequent period. This is the case even if no loss, or a smaller loss, would have been recognised had the impairment been assessed only at the end of the financial year to which the interim period relates.

• 2.7 於附屬公司及聯營公司的 投資及非財務資產的減值

• （續）

倘資產或其現金產生單位的賬面 值超過其估計可收回金額，則會確 認減值虧損。減值虧損於損益賬內 確認。就現金產生單位確認的減值 虧損會予以分配，先減去分配至該 等單位的任何商譽的賬面值，再按 比例減去該單位（或一組單位）中 其他資產的賬面值。

就商譽以外之資產而言，倘用以釐 定可收回款額之估計出現有利轉 變，則撥回減值虧損。撥回之減值 虧損僅限於倘過往年度並未確認 減值虧損而釐定之資產的賬面值。 撥回之減值虧損乃於確認撥回之 年度計入損益賬內。

根據聯交所證券上市規則，本集團 須遵照香港會計準則第 34 號，中 期財務報告編製財政期間首六個 月的中期財務報告。於中期期間結 束時，本集團應用與財政年度結束 時相同的減值測試、確認及撥回準 則。

於中期期間就商譽確認之減值虧 損不會於其後期間撥回。即使有關 中期期間的減值評估於財政年度 末進行而並無虧損，或虧損較輕 微，有關減值虧損仍不會撥回。

偉仕控股有限公司 二零一一年年報 63

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.8 Financial instruments

Financial assets

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the balance sheet date. These are classified as non-current assets. Loans and receivables are classified as “trade and other receivables” and “cash and cash equivalents” in the balance sheet (see notes 2.10 and 2.11).

Loans and receivables are carried at amortised cost using the effective interest method.

The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.

Derivative financial instruments and hedging activities

The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivates are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss.

2.8 金融工具

財務資產

貸款及應收款項為附帶固定或可 釐定付款，在交投活躍市場並無報 價之非衍生財務資產。該等資產計 入流動資產內，惟到期日超過結算 日後 12個月者除外。該等資產歸類 為非流動資產。貸款及應收款項於 資產負債表歸類為「貿易及其他應 收款項」及「現金及現金等價物」（見 附註 2.10及 2.11）。

貸款及應收款項採用實際利息法 按攤銷成本列賬。

本集團在每個結算日評估是否有 客觀證據證明某項財務資產或某 組財務資產經已減值。倘有客觀證 據顯示一宗或多宗事件已對財務 資產之估計未來現金流量產生消 極影響，則該項資產或該組資產被 認為將予以減值。

衍生金融工具及對沖業務

本集團持有衍生金融工具以對沖 外匯及利率風險。倘主合約及嵌入 式衍生工具的經濟特徵及風險並 沒有密切關係，與嵌入式衍生工具 的條款相同的另一工具符合衍生 工具的定義，且合併工具並非按公 平值列入損益賬計量，則嵌入式衍 生工具與主合約分開並單獨入賬。

VST HOLDINGS LIMITED Annual Report 2011

64

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.8 Financial instruments (continued)

Derivative financial instruments and hedging activities (continued)

Derivative financial instruments are recognised initially at fair value; attributable transaction costs are recognised in profit or loss when incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. When a derivative financial instrument is not held for trading, and is not designated in a qualifying hedge-relationship, all changes in its fair value are recognised immediately in profit or loss.

Financial liabilities and equity

Financial liabilities and equity instruments issued by a group entity are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Interest expense is recognised on an effective interest basis.

2.9 Inventories

Inventories comprise IT products for distribution and are stated at the lower of cost and net realisable value.

Cost is determined using weighted average cost formula. The cost of finished goods comprises all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. It excludes borrowing costs.

Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

2.8 金融工具（續）

衍生金融工具及對沖業務（續）

衍生金融工具最初按公平值確認； 應計交易成本於產生時於損益賬 內確認。於初步確認後，衍生金融 工具按公平值計量。倘衍生金融工 具並非持作買賣，且並非指定為符 合資格對沖關係，則其公平值的所 有變動均即時於損益內確認。

財務負債及股權

集團實體發行的財務負債及股權 工具乃根據已訂立的合約安排內 容及財務負債與股權工具的定義 分類。

股權工具指證明本集團於扣除所 有負債後之資產持有剩餘權益的 任何合約。

實際利息法為計算財務負債攤銷 成本及於有關期間分配利息開支 的方法。實際利率為在財務負債估 計年期或較短期間（如適用）內折 現估計未來現金付款的實際利率。 利息開支乃按實際利息法確認。

2.9 存貨

存貨包括供分銷之資訊科技產品， 乃按成本值及可變現淨值兩者之 較低者列賬。

成本值採用加權平均成本公式釐 定。製成品之成本值包括所有採購 成本及將存貨運送至其現有地點 及達致目前狀況所引致之其他成 本。成本值不包括借貸成本。

可變現淨值乃按於日常業務過程 中之估計售價，減適用之可變銷售 費用。

偉仕控股有限公司 二零一一年年報 65

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.9 Inventories (continued)

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any writedown of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the writedown or loss occurs. The amount of any reversal of any writedown of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

2.10 Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less allowance for impairment of doubtful debts, except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts. Impairment losses for bad and doubtful debts are recognised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of impairment loss is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate where the effect of discounting is material.

Impairment losses for trade receivables within trade and other receivables whose recovery is considered doubtful but not remote are recorded using an allowance account. Where the Group is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade receivables directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss.

2.9 存貨（續）

存貨一經出售，該等存貨的賬面值 在相應收入的確認期間內即被確 認為支出。存貨撇滅至可變現淨值 及存貨所有損失的金額在撇滅或 損失發生的當期確認為支出。任何 存貨撇減的任何轉回金額於轉回 發生期間均確認為存貨金額減少， 獲確認為開支金額的減少。

2.10 貿易及其他應收款項

貿易及其他應收款項初步按公平 值確認，其後以實際利息法按攤銷 成本扣除呆賬減值撥備計算，惟向 關連人士提供之無固定還款期之 免息貸款或折現影響不大的應收 款項除外。在有關情況下，應收款 項按成本減呆賬減值撥備呈列。呆 壞賬減值虧損在有客觀證據顯示 本集團將不能根據應收款項的原 來條款收取所有到期金額時確認。 債務人的重大財務困難、債務人將 可能破產或進行財務重組，及違約 或拖欠付款均被視作應收款項已 減值的跡象。減值虧損金額為資產 賬面值與估計未來現金流量（在折 現的影響屬重大時，按實際利率折 現）之間的差額。

就貿易及其他應收款項內的貿易 應收款項減值虧損而言，其收回被 視作有懷疑但並非機會極微者乃 使用撥備賬入賬。倘本集團信納收 回為機會極微，被視作不可收回的 金額會直接從貿易應收款直接撇 銷，而有關該債項於撥備賬內持有 的任何金額會被撥回。過往於撥備 賬內扣除的金額的其後收回及過 往直接撇銷的金額的其後收回會 直接於損益賬內確認。

66 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.11 Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are also included as a component of cash and cash equivalents for the purpose of the consolidated cash flow statement.

2.12 Share capital

Ordinary shares

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

Repurchase of share

When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs is recognised as a deduction from equity. Repurchased shares are presented as a deduction from total equity.

2.13 Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

2.14 Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

2.11 現金及現金等價物

現金及現金等價物包括銀行及手 頭現金，於銀行及其他金融機構的 活期存款和短期及流動性極高的 投資項目。該等項目可以在沒有重 大價值轉變的風險下容易地換算 為已知現金數額，並在收購後三個 月內到期。就編製綜合現金流量表 而言，現金及現金等價物也包括作 為本集團現金管理一部分而隨時 可被要求還款的銀行透支。

2.12 股本

普通股

普通股乃歸類為權益。與發行新股 或購股權直接相關之遞增成本於 扣除稅項後於權益中列示為所得 款項之減項。

購回股份

購回確認為權益之股本時，所支付 之代價（包括直接應佔成本）確認 為權益之扣除。購回之股份呈列為 自總權益作出之扣除。

2.13 貿易及其他應付款項

貿易及其他應付款項初步按公平 值確認，其後以實際利息法按攤銷 成本計量，除非折現影響不大，則 在該情況下按成本列賬。

2.14 計息借貸

計息借貸初步按公平值減應佔交 易成本確認。於初步確認後，計息 借貸按攤銷成本列賬，而初步確認 之金額與償還金額的任何差額按 實際利息法於借貸期連同任何利 息及應付費用於損益賬內確認。

偉仕控股有限公司 二零一一年年報 67

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.15 Income tax

Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively.

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

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not discounted.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

2.15 所得稅

期內所得稅包括本期稅項及遞延 稅項資產和負債的變動。本期稅項 及遞延稅項資產和負債的變動均 在損益賬內確認，但與於其他全面 收入或直接於權益確認之項目相 關者除外，在該情況下，有關金額 之稅項分別於其他全面收入或直 接於權益賬內確認。

本期稅項按於結算日本公司及其 附屬公司與聯營公司經營處產生 應課稅收入所在國家已實施或實 質上已實施的稅法計算。管理層定 期檢討在適用稅法須按詮釋填報 的稅務報表的情況，並按預期將向 稅務部門繳付的稅項作出撥備（如 適用）。

遞延稅項採用負債法就資產與負 債之稅基與其在財務報表之賬面 值兩者之暫時差異作全數撥備。然 而，倘遞延稅項乃因進行一項不影 響會計或應課稅溢利或虧損之交 易時初步確認該項交易（業務合併 除外）之資產或負債而產生，則遞 延稅項不予入賬。

遞延稅項以於結算日已實施或實 質上已實施及預期於相關遞延稅 項資產變現或遞延稅項負債清償 時適用之稅率及稅法釐定。遞延稅 項資產及負債並無折讓。

遞延稅項資產乃於有可能出現未 來應課稅溢利以抵銷暫時差異時 確認。遞延稅項資產賬面值於每個 結算日檢討，如不大可能有足夠應 課稅溢利以動用有關稅務利益則 作扣減。當可能有足夠應課稅溢利 時將撥回扣減額。

68 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.15 Income tax (continued)

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

2.16 Employee benefits

Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.

(a) Pension obligations

The Group operates defined contribution plans, the assets of which are held in separate trustee-administered funds. The retirement plans are generally funded by payments from employees and by the relevant group companies. For employees in the PRC, the Group participates in defined contribution retirement schemes organised by the relevant local government in the PRC.

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

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

2.15 所得稅（續）

遞延稅項乃就於附屬公司及聯營 公司的投資產生之暫時差異而撥 備，惟倘本集團可以控制暫時差異 之撥回時間及暫時差異可能在可 見未來不會撥回則除外。

2.16 僱員福利

薪金、年度花紅、有薪年假、向定 額供款退休計劃作出之供款及非 貨幣福利成本於僱員提供相關服 務之年度累計。倘延遲付款或結算 且構成重大影響，則此等金額會以 現值列賬。

• (a) 退休金責任 本集團設有定額供款計劃， 有關計劃之資產由獨立信託 管理基金持有。退休計劃一 般依靠僱員及有關集團公司 之供款運作。就於中國之僱 員而言，本集團參與由中國 有關地方政府籌辦之定額供 款退休計劃。

本集團以強制性、合約性或 自願性之方式向公共或私人 管理退休保險計劃供款。本 集團作出供款後，即無進一 步付款責任。供款在到期應 付時確認為僱員福利開支。 預付供款於有現金退款或未 來付款減少時確認為資產。

(b) 僱員應享假期 僱員之年假權益於應計予僱 員時確認。截至結算日止， 本集團就僱員已提供之服務 而產生年假之估計負債作出 撥備。僱員應享病假及產假 權益於其休假時方予確認。

偉仕控股有限公司 二零一一年年報 69

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.16 Employee benefits (continued)

(c) Bonus plans

The Group recognises a liability and an expense for bonuses taking into account the profit attributable to the Company’s shareholders. The Group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

• (d) Share-based payments

The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in a capital reserve within equity. The fair value is measured at grant date using the trinomial lattice model, taking into account the terms and conditions upon which the options were granted.

Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.

During the vesting period, the number of share options that is expected to vest is reviewed. Any adjustment to the cumulative fair value recognised in prior years is charged/ credited to profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the capital reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the capital reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognised in the capital reserve until either the option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained earnings).

2.16 僱員福利（續）

(c) 花紅計劃 本集團在計及本公司股東應 佔溢利後確認花紅負債及開 支。本集團於有合約責任或 過往慣例已產生推定責任時 確認撥備。

(d) 股份付款

授予僱員之購股權之公平 值乃作為僱員成本確認，並 會相應增加權益內之資本儲 備。公平值於授出日期採用 三項式點陣模式，經考慮授 出購股權之條款及條件計量。

倘僱員於無條件有權獲授購 股權前符合歸屬條件，購股 權之估計總公平值經考慮購 股權歸屬之可能性後，於歸 屬期內分攤。

歸屬期內會審閱預期將會 歸屬之購股權數目。凡對過 往年度已確認之累計公平值 作出之任何調整，須扣自╱ 計入回顧年度之損益賬內， 並會對資本儲備作出相應調 整，惟合資格確認為資產之 原有僱員開支則除外。於歸 屬日期，已確認為開支之款 額會作出調整，以反映實際 歸屬之購股權數目，並會對 資本儲備作出相應調整，惟 只因未能達成有關本公司股 份市價之歸屬條件而沒收之 情況則除外。權益數額在資 本儲備內確認，直至購股權 於轉撥至股份溢價賬時獲行 使或購股權直接自保留盈利 解除時到期為止。

VST HOLDINGS LIMITED Annual Report 2011

70

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.17 Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or amount when the Group or the Company has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

2.18 Leases

An arrangement, comprising a transaction or a series of transactions, is or contains a lease if the Group determines that the arrangement conveys a right to use a specific asset or assets for an agreed period of time in return for a payment or a series of payments. Such a determination is made based on an evaluation of the substance of the arrangement and is regardless of whether the arrangement takes the legal form of a lease.

(a) Operating leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred.

2.17 撥備及或然負債

當本集團或本公司須就過往事件 承擔法律或推定責任，而履行有關 責任可能會導致經濟利益外流， 並可作出可靠的估計時，本集團或 本公司便會就時間或金額不定的 負債計提撥備。倘貨幣時間值屬重 大，則按預計清償責任所須開支的 現值計提撥備。

倘將不可能需要經濟利益流出， 或金額不可被可靠地計量，責任乃 披露為或然負債，除非經濟利益流 出的可能性極微。可能責任（其存 在將僅由出現或不出現一項或以 上未來事件確認）亦披露為或然負 債，除非經濟利益流出的可能性極 微。

2.18 租賃

倘本集團決定附有權利的安排在 協定的時期內使用一項或以上特 定資產以換取付款或一系列付款， 則該安排（包括交易或一系列交易） 屬於或包括租賃。有關釐定乃根據 實際安排的評估作出，而不論安排 是否屬於法律形式的租賃。

(a) 經營租賃

凡擁有權之重大部分風險及 回報由出租人保留之租賃乃 分類為經營租賃。根據經營 租賃支付之款項（扣除自出租 人收取之任何優惠後）於租賃 期內以直線法在損益賬內扣 除。取得之租賃優惠於損益 賬內確認為淨租金付款總額 的一部分。或然租金於產生 時於損益賬內扣除。

偉仕控股有限公司 二零一一年年報 71

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.18 Leases (continued)

(b) Finance leases

The Group leases certain property, plant and equipment. Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments.

Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element of the lease payments is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the shorter of the useful life of the asset and the lease term. Impairment losses are accounted for in accordance with the accounting policy as set out in note 2.7.

2.19 Segment reporting

Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

2.18 租賃（續）

(b) 融資租賃 本集團租賃若干物業、廠房 及設備。本集團租賃物業、 廠房及設備而擁有權的絕大 部分風險及回報轉移至本集 團的租賃乃分類為融資租 賃。融資租賃於租賃開始時 按租賃物業公平值及最低租 賃款項現值的較低者撥充資 本。

各項租賃款項於負債及融資 支出間分配，以就未償還融 資結餘達致不變利率。相關 的租賃承擔扣除融資支出 後，計入借貸。租賃款項的利 息成分於租賃期自損益賬內 扣除，以於各期間就負債的 結餘釐定不變定期利率。根 據融資租賃所收購的物業、 廠房及設備於資產可使用年 期或租賃期的較短者折舊。 減值虧損乃根據附註2.7所載 之會計政策入賬。

2.19 分部報告

經營分部及於財務報表內呈報的 各分部項目金額自定期提供予本 集團最高行政管理人員就資源分 配及評估本集團的多個業務線及 地理位置的表現的財務資料中識 別出來。

就財務呈報而言，除非分部具備相 似的經濟特徵及在產品及服務性 質、生產工序性質、客戶類型或類 別、用作分配產品或提供服務的方 法及監管環境的性質方面相似， 否則各個重大經營分部不會進行 合算。個別非重大的經營分部如果 符合上述大部分標準，則可進行合 算。

72 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

2. Summary of Significant Accounting Policies

2. 主要會計政策概要 （續）

(continued)

2.20 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows:

(i) Sale of goods

• Sale of goods is recognised when products have been delivered to the customers which is taken to be the point in time when the customer has accepted the products and the related risks and rewards of ownership. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

(ii) Service fees

Fees from service maintenance contracts are recognised over the period of the contract.

(iii) Project revenue

Revenue on projects is recognised in the income statement based on the percentage of completion method, measured by reference to the percentage of contract costs incurred to date to estimated total contract costs for the contract.

(iv) Interest income

Interest income is recognised as it accrues using the effective interest method.

(v) Dividend income Dividend income is recognised when the right to receive payment is established.

2.21 Dividend distribution

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the directors (for interim dividends) or approved by the shareholders (for final dividends).

2.20 收益確認

收益乃按已收或應收代價之公平 值計量。只當經濟利益可能流入本 集團，而收益和成本（如適用）能被 可靠地計量時，收益才會根據下列 方法於損益賬內確認：

• (i) 貨品銷售 貨品銷售於產品已交付予 客戶，客戶已接納產品及所 有權的有關風險及回報時確 認。收益不包括增值稅或其 他銷售稅並經扣除任何貿易 折扣。

• (ii) 服務費 服務維修合約費用於合約期 內確認。

• (iii) 項目收益 項目收益按完成百分比法（參 考截至該日已產生合約成本 佔合約估計總成本百分比計 量）於損益表內確認。

• (iv) 利息收入 利息收入採用實際利息法累 計確認。

• (v) 股息收入 股息收入於確立收取股息的 權利時確認。

2.21 股息分派

向本公司股東分派之股息在董事 批准（就中期股息而言）股息或股 東批准（就末期股息而言）股息之 期間於財務報表內確認為負債。

偉仕控股有限公司 二零一一年年報 73

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. Financial Risk Management and Fair Values

3.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.

(a) Foreign exchange risk

The Group operates in various countries and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to Chinese Renminbi (“RMB”), the United States Dollar (“US$”), Singapore Dollar (“S$”) and Thai Baht (“THB”). Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations.

To manage the foreign exchange risk arising from future commercial transactions and recognised assets and liabilities, the Group uses foreign currency forward contracts to reduce foreign exchange risk. As at 31 December 2011, the Group had outstanding foreign currency forward contracts with a notional amount of approximately HK$627,620,000 (2010: approximately HK$912,129,000).

A 5% strengthening of HK$ against financial assets and liabilities denominated in the following currencies other than the functional currencies of the Group’s entities at 31 December 2011 and 31 December 2010 would have increased/(decreased) the post-tax profit of the Group by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for the year ended 31 December 2010.

3. 財務風險管理及公平值

3.1 財務風險因素

本集團之業務承受外匯風險、利率 風險、信貸風險及流通性風險等多 種財務風險。本集團整體風險管理 計劃著重金融市場的不可預測性， 並尋求盡量減低對本集團財務表 現的潛在不利影響。

(a) 外匯風險

本集團在不同國家經營，承 受來自不同貨幣之外匯風 險，主要為中國人民幣（「人 民幣」）、美元（「美元」）、新 加坡元（「新加坡元」）及泰銖 （「泰銖」）。外匯風險來自海 外業務之未來商業交易、已 確認資產及負債以及投資淨 額。

為管理來自未來商業交易及 已確認資產及負債之外匯風 險，本集團利用外幣遠期合 約以減低外匯風險。於二零 一一年十二月三十一日，本 集團未平倉之外幣遠期合約 的面值約為 627,620,000 港元 （二零一零年：約 912,129,000 港元）。

港元兌以下貨幣（本集團實體 的功能貨幣除外）計值的財 務資產及負債於二零一一年 十二月三十一日及二零一零 年十二月三十一日升值 5%， 會令本集團的除稅後溢利增 加╱（減少）如下。該分析假 設所有其他變數（特別是利 率）維持不變。該分析按與截 至二零一零年十二月三十一 日止年度相同之基準進行。

VST HOLDINGS LIMITED Annual Report 2011

74

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. Financial Risk Management and Fair Values 3. 財務風險管理及公平值 (continued) （續）

3.1 Financial risk factors (continued)

(a) Foreign exchange risk (continued)

3.1 財務風險因素（續） (a) 外匯風險（續）

		Group	Group
		本集團
		2011		2010
		二零一一年		二零一零年
		HK$’000		HK$’000
		千港元		千港元
RMB US$	人民幣 美元	46,812 (34,895)		26,973 (5,269)
S$ THB Indonesian Rupiah (“RP”)	新加坡元 泰銖 印尼盾（「印尼盾」）	7,821 10,769 (215)		10,042 8,514 294
Philippine Pesos (“PHP”)	菲律賓披索（「披索」）	—		2,033

A 5% weakening of HK$ against the above currencies would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

港元兌上述貨幣減值 5% 的影 響相反，惟數額與上述數額 相同，乃假設所有其他變數 維持不變。

(b) Interest rate risk

The Group’s income and operating cash flows are substantially independent of changes in market interest rates and the Group has no significant interest-bearing assets except for the cash and cash equivalents, details of which have been disclosed in note 12. The Group’s exposure to changes in interest rates is mainly attributable to its borrowings, details of which have been disclosed in note 18. Borrowings carried at floating rates expose the Group to cash flow interest rate risk.

(b) 利率風險

本集團的收入及經營現金流 量大部分不受市場利率變動 影響，而除現金及現金等價 物外，本集團並無重大計息 資產，詳情披露於附註 12。 本集團的利率變動風險主要 來自借貸，詳情披露於附註 18。浮息借貸使本集團面對 現金流量利率風險。

At 31 December 2011, if the interest rates on bank borrowings had been 100 basis points higher/lower with all other variables held constant, the Group’s post-tax profit for the year would have been HK$15,653,000 (2010: HK$14,786,000) lower/higher, mainly as a result of higher/ lower interest expense on floating rate bank borrowings.

於二零一一年十二月三十 一日，倘銀行借貸的利率上 升╱下調 100 個基點，而所有 其他變數維持不變，則本集 團年內除稅後溢利減少╱增 加 15,653,000 港元（二零一零 年：14,786,000 港元），主要 由於浮息銀行借貸的利息開 支增加╱減少。

偉仕控股有限公司 二零一一年年報 75

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. Financial Risk Management and Fair Values

(continued)

3.1 Financial risk factors (continued)

(c) Credit risk

The carrying amount of trade and other receivables and cash and cash equivalents included in the consolidated balance sheet represents the Group’s maximum exposure to credit risk in relation to its financial assets. The exposures to these credit risks are closely monitored on an ongoing basis by established credit policies and procedures.

Cash and cash equivalents are mainly deposited in various financial institutions, which management believes are of high quality. Management does not expect any loss from non-performance by these counterparties.

The Group has put in place policies to ensure that sales of products are made to customers with an appropriate credit history and the Group performs periodic credit evaluations of its customers. The Group’s historical experience in collection of trade receivables falls within the recorded allowances. The Group has no significant concentrations of credit risk.

3. 財務風險管理及公平值

（續）

3.1 財務風險因素（續）

(c) 信貸風險 計入綜合資產負債表之貿易 及其他應收款項與現金及現 金等價物之賬面值乃指本集 團就財務資產面對之最高信 貸風險。該等信貸風險以現 有信貸政策及程序持續緊密 監控。

現金及現金等價物主要存於 多間管理層相信質素良好的 金融機構。管理層預期不會 有因該等交易對手不履約而 產生的虧損。

本集團設有政策以確保產品 乃銷售予信貸紀錄良好之客 戶，而本集團亦會對其客戶 進行定期信貸評估。本集團 過去收回之貿易應收款項為 已記錄之撥備。本集團並無 重大集中信貸風險。

VST HOLDINGS LIMITED Annual Report 2011

76

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. Financial Risk Management and Fair Values

(continued)

3. 財務風險管理及公平值

（續）

3.1 Financial risk factors (continued)

(d) Liquidity risk

Prudent liquidity risk management includes maintaining sufficient cash and the availability of funding from an adequate amount of credit facilities. The Group’s treasury department maintains flexibility in funding by keeping credit lines available.

3.1 財務風險因素（續）

(d) 流通性風險

審慎之流通性風險管理包括 維持充足之現金及透過足夠 額度之信貸融資維持備用資 金。本集團財資部透過維持 信貸額度的可用性，以維持 資金之靈活性。

Management monitors rolling forecasts of the Group’s liquidity reserve, comprises of undrawn facility and cash and cash equivalents on the basis of expected cash flows. The table below analyses the Group’s and the Company’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date.

管理層按預期現金流量監察 本集團流通儲備（包括未提取 額度以及現金及現金等價物） 的滾動預測。下表為本集團 及本公司財務負債按於結算 日與合約到期日的餘下期間 分類至有關到期組別的分析。

				Between	Between
			Less than	1 and	2 and	After
		Total	1 year	2 years	5 years	5 years
		合計	一年內	一年至兩年	兩年至五年	超過五年
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
Group	本集團
At 31 December 2011	二零一一年十二月三十一日
Bank borrowings	銀行借貸	1,922,182	1,205,571	667,965	31,318	17,328
Finance lease liabilities	融資租賃負債	1,758	999	759	—	—
Trade and other payables	貿易及其他應付款項	3,731,628	3,731,628	—	—	—
At 31 December 2010	二零一零年十二月三十一日
Bank borrowings	銀行借貸	1,841,039	1,166,499	3,597	650,032	20,911
Finance lease liabilities	融資租賃負債	2,636	1,012	1,624	—	—
Trade and other payables	貿易及其他應付款項	3,716,513	3,716,513	—	—	—
Company	本公司
At 31 December 2011	二零一一年十二月三十一日
Other payables and accruals	其他應付款項及應計款項	86	86	—	—	—
At 31 December 2010	二零一零年十二月三十一日
Bank borrowings	銀行借貸	134,784	134,784	—	—	—
Other payables and accruals	其他應付款項及應計款項	183	183	—	—	—

偉仕控股有限公司 二零一一年年報 77

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. Financial Risk Management and Fair Values

(continued)

3. 財務風險管理及公平值 （續）

3.2 Capital risk management

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

3.2 資本風險管理

本集團管理資本的目的為確保本 集團能持續為股東賺取回報及使 其他利益相關者獲利，及維持適合 的資本架構以減低資本成本。

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

為維持或調整資本架構，本集團或 會調整派付股東的股息、給予股東 的資本回報、發行新股份或出售資 產的金額以減輕負債。

The Group monitors capital on the basis of the net debt/equity ratio. This ratio is calculated as net debt divided by total equity. Net debt is calculated as total borrowings (including current and non-current borrowings as shown in the consolidated balance sheet) less cash and cash equivalents. Equity is calculated as shown in the consolidated balance sheet.

本集團按淨負債╱權益比率監察資 本。該比率按債項淨額除以總權 益計算。債項淨額按總借貸（包括 綜合資產負債表所示的流動及非 流動借貸）減現金及現金等價物計 算。權益按綜合資產負債表所示計 算。

The table below analyses the Group’s capital structure as at 31 December 2011:

下表分析本集團於二零一一年十 二月三十一日的資本架構：

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Total borrowings_(Note 18)_	借貸總額（附註18）	1,870,974	1,773,400
Less: Cash and cash equivalents	減：現金及現金等價物
(Note 12)	（附註12）	(1,573,134)	(1,015,251)
Net debt Total equity	債項淨額 總權益	297,840 2,797,229	758,149 2,326,332
Net debt/equity ratio	淨負債╱權益比率	0.11	0.33

78 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. Financial Risk Management and Fair Values

(continued)

3.3 Fair value estimation

The fair values of receivables, bank balances and other current assets, payables and accruals, current borrowings and provisions are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

The fair value of forward foreign exchange contracts is determined by using the forward exchange rates at the balance sheet date and comparing to the contractual rates. The fair value of borrowings is estimated as the present value of future cash flows, discounted at current market interest rates for similar financial institutions.

All financial instruments are carried at amounts not materially different from their fair values as at 31 December 2011 and 31 December 2010.

Financial instruments carried at fair value

The following table presents the carrying value of financial instruments measured at fair value at the balance sheet date across the three levels of the fair value hierarchy defined in HKFRS 7, Financial Instruments: Disclosures, with the fair value of each financial instrument categorised in its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:

• Level 1 (highest level): fair values measured using quoted prices (unadjusted) in active markets for identical financial instruments

• Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation techniques in which all significant inputs are directly or indirectly based on observable market data

• 財務風險管理及公平值 （續）

3.3 公平值估計

應收款項、銀行結餘及其他流動資 產、應付款項及應計款項、即期借 貸及撥備為於短期內到期的資產 及負債，其公平值可假定為與其賬 面值相若。

外匯遠期合約的公平值是以於結 算日的遠期匯率及比較合約匯率 而釐定。借貸的公平值估計為未來 現金流量的現值，按類似金融機構 的現行市場利率折現。

所有金融工具均按其於二零一一 年十二月三十一日及二零一零年 十二月三十一日的公平值並無重 大差異的金額報值。

以公平值列賬之金融工具

下表呈列於結算日在香港財務報 告準則第 7 號，金融工具：披露所 界定之公平值三個層次中，以公平 值計量之金融工具之賬面值，而各 金融工具之公平值以對該公平值 計量屬重大之最低層次輸入數據 而整體分類。所界定之層次如下：

• ‧ 第一層次（最高層次）：以可 識別金融工具的活躍市場所 報價格（未經調整）計量公平 值

• ‧ 第二層次：以類似的金融工 具活躍市場報價，或以估值 技術（其中所有重大輸入數據 乃直接或間接以可觀察市場 數據為本）計量公平值

偉仕控股有限公司 二零一一年年報 79

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

3. 財務風險管理及公平值

3. Financial Risk Management and Fair Values

（續）

(continued)

• 3.3 公平值估計（續）

3.3 Fair value estimation (continued)

value estimation_(continued)_	value estimation_(continued)_	3.	3公平值估計（續）	3公平值估計（續）	3公平值估計（續）	3公平值估計（續）	3公平值估計（續）
ial instruments carried at fair value_(continued)_			以公平值列賬之金融工具（續）
Level 3 (lowest level): fair values measured using valuation			‧	第三層次（最低層次）：以估
techniques in which any significant input is not based on				值技術（其中重大輸入數據乃
observable market date				並非可觀察市場數據為本）計
				量公平值
				Group
				本集團
		Level 1	Level 2			Level 3	Total
		第一層次	第二層次		第三層次		合計
		HK$’000	HK$’000			HK$’000	HK$’000
		千港元	千港元			千港元	千港元
At 31 December 2011	於二零一一年
	十二月三十一日
Liabilities	負債
Forward foreign exchange	遠期外匯合約
contracts		—	17,734			—	17,734
At 31 December 2010	於二零一零年
	十二月三十一日
Liabilities	負債
Forward foreign exchange	遠期外匯合約
contracts		—	39,362			—	39,362

Financial instruments carried at fair value (continued)

• Level 3 (lowest level): fair values measured using valuation techniques in which any significant input is not based on observable market date

4. Critical Accounting Estimates and Judgements

4. 重要會計估計及判斷

(a) Estimated write-down of inventories to net realisable value

The Group writes down inventories to net realisable value based on an assessment of the realisability of inventories. Writedowns of inventories are recorded where events or changes in circumstances indicate that the balances may not be realised.

(a) 估計存貨撇減至可變現淨 值

本集團根據存貨可變現性之評估 撇減存貨至可變現淨值。倘出現顯 示存貨結餘可能未能變現之事件 或情況變動，會將存貨撇減入賬。

The identification of write-downs requires the use of judgement and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of inventories and write-downs of inventories in the period in which such estimate has been changed.

識別撇減需要應用判斷及估計。倘 預期之金額有別於原有估計，該差 額將會影響該估計出現變動期間 存貨之賬面值及存貨撇減。

80 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

4. Critical Accounting Estimates and Judgements

4. 重要會計估計及判斷 （續）

(continued)

(b) Estimated provision for impairment of trade receivables

The Group makes provision for impairment of trade receivables based on an assessment of the recoverability of trade receivables. Provisions are applied to trade receivables where events or changes in circumstances indicate that the balances may not be collectible.

The identification of impairment of trade receivables requires the use of judgement and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of trade receivables and impairment loss in the period in which such estimate has been changed.

(c) Estimated impairment of goodwill

The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in note 2.7. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates (see note 6).

In assessing the value-in-use of the goodwill, management considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are highly subjective and judgements are based on the Group’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in business and economic conditions, operating costs, inflation and competition.

(d) Income taxes

The Group is subject to income taxes in various jurisdictions. Significant judgement is required in determining the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

(b) 估計貿易應收款項減值撥 備

本集團根據貿易應收款項之可收 回情況作出之評估，就貿易應收款 項減值作出撥備。倘出現顯示有關 結餘可能無法收回之事件或情況 變動，會就貿易應收款項作出撥 備。

識別貿易應收款項減值須運用判 斷及估計。倘預算金額有別於原有 估計，有關差額將影響該估計出現 變動期間貿易應收款項之賬面值 及減值虧損。

(c) 估計商譽減值

本集團每年均根據附註 2.7 所述會 計政策作出測試，以釐定商譽有否 減值。現金產生單位的可收回金額 已根據使用價值法計算。該等計算 需要運用估計（見附註6）。

評估商譽的使用價值時，管理層會 考慮經濟情況變動及就估計未來 現金流量作出的假設，以及其他因 素。估計未來現金流量十分主觀， 乃根據本集團經驗及營運知識作 出判斷。該等估計可受業務及經濟 環境轉變、經營成本、通脹及競爭 等多項因素的重大影響。

(d) 所得稅

本集團須繳納多個司法權區的所 得稅。於釐定所得稅撥備時，須作 出重大判斷。在日常業務過程中， 許多交易及計算均難以明確作出 最終稅務釐定。倘該等事宜之最終 稅務結果與初步入賬之金額不同， 該等差額將影響稅務釐定期內之 所得稅及遞延稅項撥備。

偉仕控股有限公司 二零一一年年報 81

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

5. Property, Plant and Equipment

5. 物業、廠房及設備

Group

本集團

			Building held
		Leasehold	for own use	Furniture and	Office			Assets under
		improvements	carried at cost	fixtures	equipment	Computers	Motor vehicles	construction	Total
		租賃	按成本列值	傢具及	辦公室
		物業裝修	的持作自用樓宇	裝置	設備	電腦	汽車	在建資產	總計
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
At 1 January 2010	二零一零年一月一日
Cost	成本值	8,948	67,390	8,972	10,918	32,665	9,057	5,459	143,409
Accumulated depreciation	累計折舊	(4,378)	(1,183)	(2,450)	(5,849)	(9,744)	(3,351)	—	(26,955)
Net book amount	賬面淨值	4,570	66,207	6,522	5,069	22,921	5,706	5,459	116,454
Year ended 31 December 2010	截至二零一零年
	十二月三十一日止年度
Opening net book amount	期初賬面淨值	4,570	66,207	6,522	5,069	22,921	5,706	5,459	116,454
Additions	添置	4,045	—	2,213	2,842	5,901	2,729	3,326	21,056
Transfer	轉撥	—	—	2,600	—	252	—	(2,852)	—
Disposals	出售	(9)	—	(43)	(26)	(358)	(311)	—	(747)
Dilution and partial disposal of	出售一間附屬公司部份	—
a subsidiary to an associate	權益使成為聯營公司		—	(2,420)	(2,600)	(2,694)	(368)	—	(8,082)
Depreciation	折舊	(2,011)	(1,327)	(1,769)	(1,246)	(7,446)	(1,676)	—	(15,475)
Exchange difference	匯兌差額	272	21	205	158	1,309	89	635	2,689
Closing net book amount	期末賬面淨值	6,867	64,901	7,308	4,197	19,885	6,169	6,568	115,895
At 31 December 2010 and	於二零一零年
1 January 2011	十二月三十一日
	及二零一一年一月一日
Cost	成本值	12,726	67,701	9,278	9,490	27,811	8,309	6,568	141,883
Accumulated depreciation	累計折舊	(5,859)	(2,800)	(1,970)	(5,293)	(7,926)	(2,140)	—	(25,988)
Net book amount	賬面淨值	6,867	64,901	7,308	4,197	19,885	6,169	6,568	115,895
Year ended 31 December 2011	截至二零一一年
	十二月三十一日止年度
Opening net book amount	期初賬面淨值	6,867	64,901	7,308	4,197	19,885	6,169	6,568	115,895
Additions	添置	4,308	3,169	3,646	2,326	8,753	768	8,072	31,042
Transfer	轉撥	3,076	—	2,080	588	5,874	—	(11,618)	—
Disposals	出售	(440)	—	(31)	(64)	(873)	(297)	—	(1,705)
Depreciation	折舊	(2,569)	(1,401)	(1,867)	(1,463)	(7,527)	(1,692)	—	(16,519)
Exchange difference	匯兌差額	(135)	(4)	(335)	(134)	(500)	(19)	(235)	(1,362)
Closing net book amount	期末賬面淨值	11,107	66,665	10,801	5,450	25,612	4,929	2,787	127,351
At 31 December 2011	於二零一一年
	十二月三十一日
Cost	成本值	17,570	70,822	13,596	11,734	34,324	8,564	2,787	159,397
Accumulated depreciation	累計折舊	(6,463)	(4,157)	(2,795)	(6,284)	(8,712)	(3,635)	—	(32,046)
Net book amount	賬面淨值	11,107	66,665	10,801	5,450	25,612	4,929	2,787	127,351

The net book value of property, plant and equipment under finance leases as at 31 December 2011 was HK$2,165,000 (2010: HK$3,353,000).

融資租賃項下之物業、廠房及設備於二 零一一年十二月三十一日的賬面淨值為 2,165,000 港元（二零一零年：3,353,000 港元）。

VST HOLDINGS LIMITED Annual Report 2011

82

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

5. Property, Plant and Equipment (continued)

5. 物業、廠房及設備 （續）

Company

本公司

Company	本公司
		Motor vehicles
		汽車
		HK$’000
		千港元
At 1 January 2010	於二零一零年一月一日
Cost	成本值	1,998
Accumulated depreciation	累計折舊	(266)
Net book amount	賬面淨值	1,732
Year ended 31 December 2010	截至二零一零年十二月三十一日止年度
Opening net book amount	期初賬面淨值	1,732
Depreciation	折舊	(400)
Closing net book amount	期末賬面淨值	1,332
At 31 December 2010 and at 1 January 2011	於二零一零年十二月三十一日及
	二零一一年一月一日
Cost	成本值	1,998
Accumulated depreciation	累計折舊	(666)
Net book amount	賬面淨值	1,332
Year ended 31 December 2011	截至二零一一年十二月三十一日止年度
Opening net book amount	期初賬面淨值	1,332
Depreciation	折舊	(400)
Closing net book amount	期末賬面淨值	932
At 31 December 2011	於二零一一年十二月三十一日
Cost	成本值	1,998
Accumulated depreciation	累計折舊	(1,066)
Net book amount	賬面淨值	932

偉仕控股有限公司 二零一一年年報 83

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

6. Goodwill

6. 商譽

		Group	Group
		本集團
		2011		2010
		二零一一年		二零一零年
		HK$’000		HK$’000
		千港元		千港元
Goodwill At 1 January	商譽 於一月一日	327,689 330,370		330,370 313,609
Exchange difference	匯兌差額	(2,681)		16,761
At 31 December	於十二月三十一日	327,689		330,370

Goodwill is allocated to groups of cash generating units (“CGUs”) in the same geographical location with similar principal activities. The recoverable amount of each group of CGUs is determined based on value-in-use calculations. Cash flow projection for impairment review is based on budget prepared on the basis of assumptions reflective of the prevailing market conditions. Key assumptions used for value-in-use calculations include:

商譽分配至同一地區且主要業務類似的 現金產生單位組別。各組現金產生單位 的可收回金額按使用價值釐定。為進行 審閱減值測試的現金流量預測乃根據當 時市況為假設基準編製的預算。使用價 值所用主要假設包括：

• (a) Cash flows were projected based on actual operating results and the five-year business plan.

• (a) 現金流量根據實際經營業績及五 年業務計劃預測。

• (b) The anticipated annual revenue growth rate included in the cash flow projections is 10% (2010: 10%).

• (b) 包括於現金流量預測的預測收益 年增長率為 10%（二零一零年： 10%）。

• (c) A pre-tax discount rate at 31 December 2011 of 7.6% (2010: 7.6%) was applied in determining the recoverable amount of the CGUs. The discount rate used reflects the risk-free rate and the premium for specific risks relating to the business units.

• (c) 二零一一年十二月三十一日的除 稅前貼現率為 7.6%（二零一零年： 7.6%），已用作釐定現金產生單位 的可收回金額。所用貼現率反映無 風險利率及有關業務單位的特定 風險溢價。

The values assigned to the key assumptions represent management’s assessment of future trends in the IT industry and are based on both external sources and internal sources and both past performance (historical data) and its expectations for market development.

用於主要假設的價值為管理層對資訊 科技業未來趨勢的評估，乃根據內外來 源、過往表現（歷史數據）及其對市場發 展的預期得出。

Group management believes that any reasonably possible changes in the above key assumptions applied are not likely to cause the recoverable amount to be materially lower than the carrying amount of goodwill.

本集團管理層相信上述主要假設不會在 任何合理潛在改變下使可收回金額大幅 低於商譽賬面值。

84 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

7. Investments in Subsidiaries

7. 於附屬公司之投資

Company 本公司 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元	Company 本公司 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元
Investments at cost 投資成本 — Shares listed in Singapore — 新加坡上市股份 1,218,903 — Unlisted investments, at cost — 非上市投資，按成本值 174,995	1,218,903 174,995
1,393,898	1,393,898

Particulars of the principal subsidiaries as at 31 December 2011 are as follows:

於二零一一年十二月三十一日之主要附 屬公司之詳情如下：

	Place of		Particulars of issued
	incorporation/	Principal activities and	share capital/registered	Percentage of
Name	establishment	place of operations	capital	interest	held
	(Note a)			Directly	Indirectly
	註冊成立╱	主要業務及	已發行股本╱	所持權益百分比
名稱	成立地點	經營地點	註冊資本詳情	直接	間接
	（附註a）
VST Group Limited	British Virgin	Investment holding,	4 ordinary shares of	100%	—
	Islands	British Virgin Islands	US$1 each
偉仕集團有限公司	英屬處女群島	投資控股，	4股每股面值	100%	—
		英屬處女群島	1美元之普通股
Shenzhen VST Grand	PRC	Distribution of IT	RMB100,000,000	100%	—
Electronic Co., Ltd.		products in the PRC
深圳偉仕宏業電子	中國	於中國分銷資訊	人民幣100,000,000元	100%	—
有限公司		科技產品
VST Computers (H.K.)	Hong Kong	Distribution of IT	2 ordinary shares of	—	100%
Limited		products in Hong Kong	HK$1 each
偉仕電腦（香港）	香港	於香港分銷資訊	2股每股面值	—	100%
有限公司		科技產品	1港元之普通股
			62,000,000 non-voting
			deferred shares
			of HK$1 each
			62,000,000股
			每股面值1港元之
			無投票權遞延股份

偉仕控股有限公司 二零一一年年報 85

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

7. Investments in Subsidiaries (continued)

7. 於附屬公司之投資 （續）

	Place of		Particulars of issued
	incorporation/	Principal activities and	share capital/registered	Percentage of
Name	establishment	place of operations	capital	interest	held
	(Note a)			Directly	Indirectly
	註冊成立╱	主要業務及	已發行股本╱	所持權益百分比
名稱	成立地點	經營地點	註冊資本詳情	直接	間接
	（附註a）
北京偉仕志遠科技	PRC	Distribution of IT	RMB10,000,000	—	100%
有限公司		products in the PRC
北京偉仕志遠科技	中國	於中國分銷資訊	人民幣10,000,000元	—	100%
有限公司		科技產品
ECS Holdings Limited	Singapore	Investment holding and	365,360,174 ordinary	89.66%	—
		distribution of IT	shares of S$0.3088
		products, provision of IT	each
		services and enterprise
		systems in Singapore
佳杰科技有限公司	新加坡	於新加坡從事投資控股、	365,360,174股	89.66%	—
		分銷資訊科技產品、	每股面值0.3088
		提供資訊科技服務	新加坡元之普通股
		及企業系統
EC Sure Holdings	Thailand	Investment holding	196,000 preferred shares,	—	89.66%
(Thailand) Co.,		in Thailand	non-accumulative
Limited			dividend, Baht 1.25 per
			share; and 204,000
			ordinary shares,
			Baht 1.25 per share
EC Sure Holdings	泰國	於泰國從事投資控股	196,000股優先股，	—	89.66%
(Thailand) Co.,			非累計股息，每股
Limited			面值1.25泰銖；
			及204,000股普通股，
			每股面值1.25泰銖
The Value Systems	Thailand	Provider of information	7,783,000 shares	—	89.66%
Co., Limited		technology products	of 10 Baht each
		and services for IT
		infrastructure in Thailand
The Value Systems	泰國	泰國資訊科技產品及	7,783,000股	—	89.66%
Co., Limited		資訊科技基礎設施	每股面值10泰銖
		服務供應商	之股份

VST HOLDINGS LIMITED Annual Report 2011

86

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

7. Investments in Subsidiaries

(continued)

7. 於附屬公司之投資 （續）

	Place of		Particulars of issued
	incorporation/	Principal activities and	share capital/registered	Percentage of
Name	establishment	place of operations	capital	interest	held
	(Note a)			Directly	Indirectly
	註冊成立╱	主要業務及	已發行股本╱	所持權益百分比
名稱	成立地點	經營地點	註冊資本詳情	直接	間接
	（附註a）
ECS Vietnam Company	Vietnam	Trading of information	US$100,000	—	89.66%
Limited		and communications
		technology products
		and services
ECS Vietnam Company	越南	資訊及通訊科技產品及	100,000美元	—	89.66%
Limited		服務交易
ECS Computers	Singapore	Provider of information	13,600,000 ordinary	—	89.66%
(Asia) Pte. Ltd		technology products	shares of S$1 each
		and services for IT
		infrastructure
		in Singapore
ECS Computers	新加坡	新加坡資訊科技產品	13,600,000股每股面值	—	89.66%
(Asia) Pte. Ltd.		及資訊科技基礎設施	1新加坡元之普通股
		服務供應商
Pacific City (Asia Pacific)	Singapore	Retail of information	150,000 ordinary	—	89.66%
Pte Ltd		technology products, IT	shares of S$1 each
		equipment and
		accessories in Singapore
Pacific City (Asia Pacific)	新加坡	於新加坡從事	150,000股	—	89.66%
Pte Ltd.		資訊科技產品、	每股面值1新加坡元
		資訊科技設備及	之普通股
		配件零售
Isan System Pte Ltd.	Singapore	Provision and distribution	2 ordinary shares of	—	89.66%
		of information technology	S$1 each
		products and general
		trading of IT equipment
		in Singapore
Isan System Pte Ltd.	新加坡	於新加坡提供及分銷	2股每股面值	—	89.66%
		資訊科技產品及	1新加坡元之普通股
		從事一般資訊科技
		設備貿易

偉仕控股有限公司 二零一一年年報 87

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

7. Investments in Subsidiaries (continued)

7. 於附屬公司之投資 （續）

	Place of		Particulars of issued
	incorporation/	Principal activities and	share capital/registered	Percentage of
Name	establishment	place of operations	capital	interest	held
	(Note a)			Directly	Indirectly
	註冊成立╱	主要業務及	已發行股本╱	所持權益百分比
名稱	成立地點	經營地點	註冊資本詳情	直接	間接
	（附註a）
ECS Enterprise	Singapore	Distribution of IT solutions	5,000,000 ordinary	—	89.66%
Solutions Pte Ltd			shares of S$1 each
ECS Enterprise	新加坡	分銷資訊科技產品	5,000,000股每股面值	—	89.66%
Solutions Pte Ltd			1新加坡元之普通股
ECS Technology	Hong Kong	Investment holding,	11,500,000 ordinary	—	89.66%
(China) Limited		provider of information	shares of HK$1 each
		technology products and
		services for IT
		infrastructure
		in Hong Kong
ECS Technology	香港	投資控股、	11,500,000股每股面值	—	89.66%
(China) Limited		香港資訊科技產品	1港元之普通股
		及資訊科技基礎
		設施服務供應商
ECS Technology	PRC	Provider of information	US$10,000,000	—	89.66%
(Guangzhou)		technology products and
Company Limited		services for IT
		infrastructure in the PRC
ECS Technology	中國	中國資訊科技產品及	10,000,000美元	—	89.66%
(Guangzhou)		資訊科技基礎設施
Company Limited		服務供應商
ECS Technology	PRC	Provider of information	US$1,282,000	—	89.66%
Company Limited		technology products and
		services for IT
		infrastructure in the PRC
ECS Technology	中國	中國資訊科技產品及	1,282,000美元	—	89.66%
Company Limited		資訊科技基礎設施
		服務供應商
ECS (Shanghai)	PRC	Provider of information	US$25,000,000	—	89.66%
Management Co., Ltd		technology products and
		services for IT
		infrastructure in the PRC
ECS (Shanghai)	中國	中國資訊科技產品及	25,000,000美元	—	89.66%
Management Co., Ltd		資訊科技基礎設施
		服務供應商

VST HOLDINGS LIMITED Annual Report 2011

88

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

7. Investments in Subsidiaries

(continued)

7. 於附屬公司之投資 （續）

	Place of		Particulars of issued
	incorporation/	Principal activities and	share capital/registered	Percentage of
Name	establishment	place of operations	capital	interest	held
	(Note a)			Directly	Indirectly
	註冊成立╱	主要業務及	已發行股本╱	所持權益百分比
名稱	成立地點	經營地點	註冊資本詳情	直接	間接
	（附註a）
ECS China Technology	PRC	Provider of information	US$15,000,000	—	89.66%
(Shanghai) Company		technology products and
Limited		services for IT
		infrastructure in the PRC
ECS China Technology	中國	中國資訊科技產品及	15,000,000美元	—	89.66%
(Shanghai) Company		資訊科技基礎設施
Limited		服務供應商
ECS Beijing	PRC	Provider of information	US$1,000,000	—	89.66%
Chuang Yue		technology products and
Technology Co., Ltd		services for IT
		infrastructure in the PRC
ECS Beijing	中國	中國資訊科技產品及	1,000,000美元	—	89.66%
Chuang Yue		資訊科技基礎設施
Technology Co., Ltd		服務供應商
EIT Info-tech Limited	Hong Kong	Provider of information	US$5,000,000	—	89.66%
		technology products
		and services for IT
		infrastructure in
		the PRC
EIT Info-tech Limited	香港	中國資訊科技產品及	5,000,000美元	—	89.66%
		資訊科技基礎設施
		服務供應商
ECS Technology	Hong Kong	Provider of information	US$10,000,000	—	89.66%
(HK) Co., Limited		technology products
		and services for IT
		infrastructure in
		the PRC
ECS Technology	香港	中國資訊科技產品及	10,000,000美元	—	89.66%
(HK) Co., Limited		資訊科技基礎設施
		服務供應商
ECS Indo Pte. Ltd	Singapore	Distributor of information	2,524,785 ordinary	—	79.90%
		technology products	shares, issued and
		in Singapore	paid up capital:
			US$1,615,392
ECS Indo Pte. Ltd	新加坡	新加坡資訊科技產品	2,524,785股已發行及	—	79.90%
		分銷商	繳足股本普通股：
			1,615,392美元

偉仕控股有限公司 二零一一年年報 89

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

7. Investments in Subsidiaries (continued)

7. 於附屬公司之投資 （續）

	Place of		Particulars of issued
	incorporation/	Principal activities and	share capital/registered	Percentage of
Name	establishment	place of operations	capital	interest	held
	(Note a)			Directly	Indirectly
	註冊成立╱	主要業務及	已發行股本╱	所持權益百分比
名稱	成立地點	經營地點	註冊資本詳情	直接	間接
	（附註a）
PT ECS Indo Jaya	Indonesia	Distributor of information	100,000 ordinary	—	79.90%
		technology products	shares of US$1 each
		in Indonesia
PT ECS Indo Jaya	印尼	印尼資訊科技產品	100,000股每股面值	—	79.90%
		分銷商	1美元之普通股
ECS Infocom (Phils)	Singapore	Investment holding	2 ordinary shares	—	89.66%
Pte. Ltd		in Singapore	of S$1 each
ECS Infocom (Phils)	新加坡	於新加坡從事投資控股	2股每股面值1新加坡元	—	89.66%
Pte. Ltd			之普通股

Note:

附註：

(a) All subsidiaries are limited liability companies except for those established in the PRC, which are wholly-owned foreign enterprises.

• (a) 除於中國成立的附屬公司為外商全資 企業外，所有附屬公司均為有限公司。

8. Amount Due to a Subsidiary

8. 應付附屬公司款項

The amount due to a subsidiary of HK$173,594,000 (2010: HK$91,888,000) is unsecured, interest-free, denominated in HK$ and is repayable on demand.

應付附屬公司款項 173,594,000 港元（二 零一零年：91,888,000 港元）屬無抵押、 免息、以港元計值及須於要求時償還。

9. Interest in Associates

9. 於聯營公司的權益

		Group	Group	Group
		本集團
		2011			2010
		二零一一年			二零一零年
		HK$’000			HK$’000
		千港元			千港元
Unlisted	非上市
Share of net assets Loan to an associate Listed outside Hong Kong	分佔淨資產 向聯營公司貸款 香港以外地區上市	55,272 3,498 58,770			47,400 3,545 50,945
Share of net assets Market value of listed shares	分佔淨資產 上市股票市值	218,277 277,047 150,857			201,060 252,005 166,548

VST HOLDINGS LIMITED Annual Report 2011

90

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

9. Interest in Associates (continued)

9. 於聯營公司的權益 （續）

Details of the associates as at 31 December 2011 are as follows:

於二零一一年十二月三十一日聯營公司 的詳情如下：

Name Country of incorporation Principal activities Particulars of issued shares held 名稱 註冊成立國家 主要業務 所持已發行 股份詳情	Equity interest held by the Group 本集團所持之股權 2011 2010 二零一一年 二零一零年	Equity interest held by the Group 本集團所持之股權 2011 2010 二零一一年 二零一零年
	2011
	二零一一年
MSI-ECS Phils., Inc Philippines Distribution of IT products 3,097,055 ordinary shares of Peso 100 each MSI-ECS Phils., Inc 菲律賓 分銷資訊科技產品 3,097,055股每股面值 100披索之普通股	49.99%	49.99%
ECS ICT Berhad Malaysia Provision of information technology and services for IT infrastructure in Malaysia 120,000,000 ordinary shares of RM0.5 each ECS ICT Berhad 馬來西亞 為馬來西亞資訊科技 基建提供資訊技術 及服務 120,000,000股每股面值 0.5馬幣之普通股	41%	41%

The loan to an associate is denominated in US$ and is unsecured, interest-free and not expected to be recovered within one year.

The summarised financial information of the associates as at 31 December 2011 are as follows:

向聯營公司貸款以美元計值，並為無抵 押、免息及不預期於一年內收回。 於二零一一年十二月三十一日，聯營公 司財務資料概述如下：

	Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元
Assets 資產 Liabilities 負債	1,314,486 1,184,870 (664,539) (599,661)
Equity 權益	649,947 585,209
Revenue 收益	4,793,988 4,054,216
Profit 溢利	93,178 86,372

偉仕控股有限公司 二零一一年年報 91

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

10. Trade and Other Receivables

10. 貿易及其他應收款項

		Group	Group	Company
		本集團		本公司
		2011		2010 2011	2010
		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
		千港元		千港元 千港元	千港元
Trade receivables, net Other receivables and	貿易應收款項淨額 其他應收款項及	3,429,086		3,593,978 —	—
prepayments	預付款項	599,104		570,387 345	340
Deferred expenses	遞延開支
(Note 16(e))	（附註16(e)）	34,762		— —	—
Less: Non-current	減：非即期遞延開支	4,062,952		4,164,365 345	340
deferred expenses	（附註16(e)）
(Note 16 (e))		(19,854) 4,043,098		— — 4,164,365 345	— 340

There is no concentration of credit risk with respect to trade and other receivables as the Group has large number of customers and counterparties.

由於本集團有大量客戶及交易對手，故 本集團的貿易及其他應收款項並無集中 信貸風險。

The Group grants credit period to third party customers ranging from 7 to 150 days, which may be extended for selected customers depending on their trade volume and settlement history with the Group. The ageing analysis of net trade receivables by invoice date is as follows:

本集團給予第三方客戶之信貸期介乎 7 至 150 日，而個別客戶之信貸期可予延 長，視乎彼等與本集團之交易量及付款 紀錄而定。貿易應收款項淨額按發票日 期進行之賬齡分析如下：

Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元	Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元
0–30 days 0至30日 2,220,954 31–60 days 31至60日 601,529 61–90 days 61至90日 226,079 Over 90 days 超過90日 380,524	2,109,784 923,705 314,609 245,880
3,429,086	3,593,978

92 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

10. Trade and Other Receivables (continued)

10. 貿易及其他應收款項 （續）

As at 31 December 2011, trade receivables of HK$864,361,000 (2010: HK$705,189,000), which were fully performing, were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:

於二零一一年十二月三十一日，已全部 履行的貿易應收款項 864,361,000 港元 （二零一零年：705,189,000 港元）已過期 但無減值。該等款項與多名獨立客戶有 關，彼等最近並無違約紀錄。該等貿易 應收款項的賬齡分析如下：

Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元	Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元
0–30 days 0至30日 537,482 31–60 days 31至60日 145,207 61–90 days 61至90日 65,857 Over 90 days 超過90日 115,815	498,860 104,679 44,145 57,505
864,361	705,189

As at 31 December 2011, trade receivables of HK$148,280,000 (2010: HK$94,885,000) were impaired and full provision has been made. The ageing analysis of these receivables is as follows:

於二零一一年十二月三十一日，貿易應 收款項 148,280,000 港元（二零一零年： 94,885,000 港元）已減值，並已作出全數 撥備。該等應收款項的賬齡分析如下：

Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元	Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元
0–90 days 0至90日 13,359 Over 90 days 超過90日 134,921	— 94,885
148,280	94,885

偉仕控股有限公司 二零一一年年報 93

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

10. Trade and Other Receivables (continued)

10. 貿易及其他應收款項 （續）

Movements on the provision for trade receivables are as follows:

貿易應收款項撥備的變動如下：

		Group	Group
		本集團
		2011		2010
		二零一一年		二零一零年
		HK$’000		HK$’000
		千港元		千港元
At 1 January	於一月一日	94,885		70,533
Provision Receivables written off during the year	撥備 年內撇銷為不可收回的應收	57,435		25,330
as uncollectible Dilution and partial disposal of a subsidiary	款項 出售一間附屬公司部份權益	(4,249)		(1,918)
to an assoicate	使成為聯營公司	—		(3,498)
Exchange difference	匯兌差額	209		4,438
At 31 December	於十二月三十一日	148,280		94,885

The carrying amounts of trade and other receivables were denominated 貿易及其他應收款項賬面值以下列貨幣 in the following currencies: 計值：

		Group	Group	Company
		本集團		本公司
		2011		2010 2011	2010
		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
		千港元		千港元 千港元	千港元
HK$ RMB	港元 人民幣	4,129 2,168,641		4,232 345 2,317,030 —	340 —
S$	新加坡元	302,219		282,365 —	—
US$	美元	939,250		846,006 —	—
THB	泰銖	602,438		667,100 —	—
RP	印尼盾	26,421		47,632 —	—
		4,043,098		4,164,365 345	340

The carrying amounts of trade and other receivables approximate their fair values due to their short-term maturities.

由於將於短期內到期，故貿易及其他應 收款項的賬面值與其公平值相若。

The maximum exposure to the credit risk at the balance sheet date is the carrying value of the trade and other receivables above. The Group did not hold any collateral as security.

於結算日的信貸風險上限為上述貿易及 其他應收款項的賬面值。本集團並無持 有抵押品作為擔保。

The credit quality of trade and other receivables that are neither past due nor impaired has been assessed by reference to historical information about counterparty default rates. The existing counterparties do not have significant defaults in the past.

無逾期或減值的貿易及其他應收款項的 信貸質素乃參考交易對手的過往違約率 資料評估。現有交易對手過往並無重大 違約。

VST HOLDINGS LIMITED Annual Report 2011

94

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

11. Inventories

11. 存貨

Inventories	11.	存貨	存貨
		Group
		本集團
		2011		2010
		二零一一年		二零一零年
		HK$’000		HK$’000
		千港元		千港元
Inventories on hand held for re-sale	持有供轉售手頭存貨	1,772,795		1,597,048
Inventories-in-transit	轉運中存貨	354,525		388,568
		2,127,320		1,985,616

The analysis of the amount of inventories recognised as an expense is shown in note 21.

確認為開支之存貨金額之分析載於附註 21。

12. Cash and Cash Equivalents

12. 現金及現金等價物

		Group	Company
		本集團	本公司
		2011	2010 2011	2010
		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
		千港元	千港元 千港元	千港元
Cash at bank and in hand	銀行存款及庫存現金	1,423,214	909,863 2,121	847
Short-term bank deposits	短期銀行存款
(Note a)	（附註a）	149,920	105,388 —	—
Cash and cash equivalents	現金及現金等價物	1,573,134	1,015,251 2,121	847

The carrying amounts of cash and cash equivalents were denominated in the following currencies:

現金及現金等價物賬面值以下列貨幣計

值：

in the following currencies:	值：
	Group 本集團 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元	Company 本公司 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元
HK$ 港元 US$ 美元 RMB_(Note b)_ 人民幣（附註b） S$ 新加坡元 THB 泰銖 RP 印尼盾	7,746 24,481 653,680 324,427 749,462 560,260 126,306 93,177 32,421 6,689 3,519 6,217	1,074 76 33 18 — — 1,014 753 — — — —
	1,573,134 1,015,251	2,121 847

偉仕控股有限公司 二零一一年年報 95

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

12. Cash and Cash Equivalents (continued)

12. 現金及現金等價物 （續）

Notes:

附註：

• (a) The effective interest rate on short-term bank deposits was 0.45% (2010: 0.53%) per annum. These deposits have an average maturity of 9.95 days (2010: 10.5 days).

• (a) 短期銀行存款之實際年利率為 0.45% （二零一零年：0.53%）。該等存款之平 均到期日為 9.95 日（二零一零年：10.5 日）。

• (b) The Group’s bank balances and deposits denominated in RMB are deposited with banks in the PRC. The conversion of these RMB denominated balances into foreign currencies and the remittance of funds out of the PRC is subject to the rules and regulations of foreign exchange control promulgated by the government of the PRC.

• (b) 本集團以人民幣計值之銀行結餘及存 款乃存放於中國之銀行。兌換該等以人 民幣計值之結餘為外幣及將資金匯出 中國須遵守中國政府所頒佈之外匯管 制規則及法例。

13. Share Capital

13. 股本

					2011	2010
					二零一一年	二零一零年
					HK$’000	HK$’000
Authorised:		法定：			千港元	千港元
2,000,000,000 (2010: 2,000,000,000)		2,000,000,000
ordinary shares of HK$0.1 each		（二零一零年：2,000,000,000）股
			每股面值0.1	港元之普通股	200,000	200,000
Ordinary shares, issued and fully paid:				已發行及繳足之普通股：
				2011	2010
				二零一一年	二零一零年
			Number	of issued	Number of issued
			ordinary	shares of	ordinary shares of
			HK$0.1 each Par		value HK$0.1 each	Par value
				每股面值	每股面值
				0.1港元	0.1港元
				之已發行	之已發行
			普通股數目		面值 普通股數目	面值
				HK$’000		HK$’000
				千港元		千港元
At 1 January	於一月一日		1,258,888,665 125,889 1,258,888,665			125,889
Repurchase of own	購回本身股份
shares_(Note a)_	（附註a）		(18,232,000) (1,823) —			—
At 31 December	於十二月三十一日		1,240,656,665 124,066 1,258,888,665			125,889

96 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

13. Share Capital (continued)

13. 股本 （續）

Notes:

附註：

(a) Repurchase of own shares

(a) 購回本身股份

During the year ended 31 December 2011, the Company repurchased its own shares on the Stock Exchange as follows:

於截至二零一一年十二月三十一日止 年度，本公司於聯交所購回其本身股份 如下：

Month of repurchase 購回月份	Number of ordinary shares repurchased Highest price paid per share Lowest price paid per share 購回普通股數目 已付每股最高價格 已付每股最低價格 HK$ HK$ 港元 港元	Aggregate purchase price paid 已付總購買價格 HK$ 港元
May 2011 二零一一年五月 October 2011 二零一一年十月 November 2011 二零一一年十一月 December 2011 二零一一年十二月	570,000 1.76 1.74 2,008,000 0.79 0.71 6,648,000 1.26 1.04 9,006,000 1.10 0.88 18,232,000	996,760 1,513,840 7,518,880 8,725,500
		18,754,980

The repurchased shares were cancelled and accordingly the issued share capital of the Company was reduced by the nominal value of these shares. Pursuant to Companies Law (revised) of the Cayman Islands, an amount equivalent to the par value of the shares cancelled of HK$1,823,000 was transferred from the retained earnings to the capital redemption reserve. The premium paid on the repurchase of the shares of HK$16,932,000 was charged to the retained earnings.

(b) Terms of unexpired and unexercised share options at the balance sheet date

已購回股份已被註銷，而本公司的已發 行股本已因此被該等股份面值削減。根 據開曼群島公司法（經修訂），相等於已 註銷股份面值 1,823,000 港元的金額已 經自保留盈利轉撥至資本贖回儲備。購 回股份的已支付溢價 16,932,000 港元已 自保留盈利扣除。

(b) 於結算日未到期及未行使之購股權年 期

		Exercise price	2011	2010
Exercise period	行使期	行使價	二零一一年	二零一零年
20 February 2009 to	二零零九年二月二十日至	HK$0.54	5,000,000	5,000,000
19 February 2019	二零一九年二月十九日	0.54港元
17 February 2013 to	二零一三年二月十七日至	HK$2.672	10,400,000	—
16 February 2021	二零二一年二月十六日	2.672港元
23 March 2013 to	二零一三年三月二十三日至	HK$2.434	4,700,000	—
22 March 2021	二零二一年三月二十二日	2.434港元

Each option entitles the holder to subscribe for one ordinary share of the Company. Further details of these options are set out in note 14 to the financial statements.

每份購股權賦予持有人權利認購一股 本公司普通股。該等購股權之進一步詳 情載於財務報表附註14。

偉仕控股有限公司 二零一一年年報 97

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment

(a) Share option scheme of the Company

The Company has a share option scheme which was adopted on 17 April 2002 whereby the Directors of the Company are authorised, at their discretion, to invite employees (including both full time and part time employees, and executive Directors), nonexecutive Directors, suppliers, customers and other corporations or individuals that provide support to the Group (as defined in the share option scheme) to take up options to subscribe for shares of the Company. The maximum number of shares in respect of which options may be granted under the share option scheme may not exceed 10% of the issued share capital of the Company. The subscription price is determined by the Company’s Board of Directors and will not be less than the higher of (i) the nominal value of the Company’s ordinary shares; (ii) the closing price of the Company’s ordinary shares as stated in the daily quotation sheets issued by the Stock Exchange on the date of offer; and (iii) the average closing price of the Company’s ordinary shares as stated in the daily quotation sheets issued by the Stock Exchange for the five business days immediately preceding the date of offer. The options vest immediately at the date of grant and are then exercisable within a period of ten years. Each share option gives the holders the right to subscribe for one ordinary share in the Company.

During the year, 10,400,000 and 4,900,000 share options were granted to employees and directors (both executive and nonexecutive) on 17 February 2011 and 23 March 2011 respectively. No share options were granted during the year ended 31 December 2010.

No option were exercised during the year ended 31 December 2011 (2010: nil).

14. 以股份支付之權益結算 款項

(a) 本公司購股權計劃

於二零零二年四月十七日，本公司 已採納一項購股權計劃，據此本 公司董事獲授權酌情邀請僱員（包 括全職及兼職僱員及執行董事）、 非執行董事、供應商、客戶及其他 對本集團提供支援之公司或個別 人士（定義見購股權計劃）接納購 股權，以認購本公司之股份。根據 購股權計劃可予授出之購股權所 涉及之最高股份數目不得超逾本 公司已發行股本之 10%。認購價由 本公司董事會釐定，並將不少於下 列之較高者：(i) 本公司普通股之面 值；(ii) 於要約日期聯交所發出之每 日報價表所列之本公司普通股收 市價；及 (iii) 於緊接要約日期前五個 營業日聯交所發出之每日報價表 所列之本公司普通股平均收市價。 購股權於授出日期即時歸屬，並於 十年之期間內可予行使。每份購股 權賦予持有人認購本公司一股普 通股之權利。

於年內，分別於二零一一年二月十 七日及二零一一年三月二十三日 授出 10,400,000 及 4,900,000 份購股 權予僱員及董事（執行及非執行）。 於截至二零一零年十二月三十一 日止年度，概無授出購股權。

概無任何購股權於截至二零一一 年十二月三十一日止年度（二零一 零年：無）獲行使。

VST HOLDINGS LIMITED Annual Report 2011

98

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

14. 以股份支付之權益結算 款項 （續）

(a) Share option scheme of the Company (continued)

• (a) 本公司購股權計劃（續）

• (i) The terms and conditions of the grants are as follows, (i) 以下為授出購股權之條 whereby all options are settled by physical delivery of shares 款及條件，截至二零一 for the year ended 31 December 2011: 一年十二月三十一日止 度，所有購股權均透過 實物交付股份結算：

Date of grant		Outstanding at 1 January 2011 Granted during the year Lapsed during the year Outstanding at 31 December 2011 Exercisable at 31 December 2011 Exercise price (HK$) Vesting conditions Contractual term of options Remaining contractual life
授出日期		於二零一一年 一月一日 尚未行使 於年內 授出 於年內 失效 於二零一一年 十二月 三十一日 尚未行使 於二零一一年 十二月 三十一日 可予行使 行使價 （港元） 歸屬條件 購股權 合約年期 剩餘 合約年期
Directors	董事
20 February 2009	二零零九年	5,000,000 — — 5,000,000 5,000,000 0.54 Nil無 10 Years 7.14 Years
	二月二十日	10年 7.14年
23 March 2011	二零一一年	— 4,900,000 (200,000) 4,700,000 — 2.434 2 Years from 10 Years 9.23 Years
Employees	三月二十三日 僱員	date of grant 10年 9.23年 自授出日期 起計兩年
17 February 2011	二零一一年	— 10,400,000 — 10,400,000 — 2.672 2 Years from 10 Years 9.14 Years
	二月十七日	date of grant 自授出日期 起計兩年 10年 9.14年 5,000,000 15,300,000 (200,000) 20,100,000 5,000,000

偉仕控股有限公司 二零一一年年報 99

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

14. 以股份支付之權益結算 款項 （續）

• (a) Share option scheme of the Company (continued)

• (ii) The terms and conditions of the grants are as follows, whereby all options are settled by physical delivery of shares for the year ended 31 December 2010:

• (a) 本公司購股權計劃（續） (ii) 以下為授出購股權之條 款及條件，截至二零一 零年十二月三十一日止 年度，所有購股權均以 實物交付股份結算：

		Outstanding at	Granted	Lapsed	Outstanding at	Outstanding at	Exercisable at	Exercisable at	Exercise		Contractual	Remaining
		1 January	during	during	31 December		31 December		price	Vesting	term of	contractual
Date of grant		2010	the year	the year		2010		2010	(HK$)	conditions	options	life
					於二零一零年		於二零一零年
		於二零一零年				十二月		十二月
		一月一日	於年內	於年內		三十一日		三十一日	行使價		購股權	剩餘
授出日期		尚未行使	授出	失效		尚未行使		可予行使	（港元）	歸屬條件	合約年期	合約年期
Directors	董事
20 February 2009	二零零九年	5,000,000	—	—		5,000,000		5,000,000	0.54	Nil無	10 Years	8.2 Years
	二月二十日										10年	8.2年
		5,000,000	—	—		5,000,000		5,000,000

VST HOLDINGS LIMITED Annual Report 2011

100

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

14. 以股份支付之權益結算 款項 （續）

(a) Share option scheme of the Company (continued)

• (iii) Fair value of share options and assumptions

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 a trinomial model. The contractual life of the share option is used as an input into this model. Expectations of early exercise are incorporated into the trinomial lattice model.

• (a) 本公司購股權計劃（續）

• (iii) 購股權公平值及假設 換取授出購股權所獲得服務 之公平值乃參考所授出購股 權之公平值計量。所授出購 股權之公平值乃根據三項式 模式估計。購股權之合約年 期用作輸入至該模式。對提 早行使之預期亦輸入至三項 式點陣模式。

Fair value of share options and assumption are as follows:

購股權公平值及假設載列如 下：

	2011	2010
	二零一一年	二零一零年
Fair value at measurement date	於計量日期之公平值 HK$1.35	HK$0.40
	1.35港元	0.40港元
Share price	股價 HK$2.54	HK$0.54
	2.54港元	0.54港元
Exercise price	行使價 HK$2.60	HK$0.54
	2.60港元	0.54港元
Expected volatility	預期波幅 61.6%	67.3%
Option life	購股權有效期 10 years	10 years
	十年	十年
Expected dividends	預期股息 4.3%	—
Risk-free interest rate	無風險利率 2.8%	1.7%

The expected volatility is based on the historic volatility. Expected dividends are based on historical dividends. Change in the subjective input assumptions could materially affect the fair value estimate.

預期波幅乃以歷史波幅為基 準。預期股息乃按歷史股息 為依據。主觀輸入假設之變 動可對公平值估計構成重大 影響。

偉仕控股有限公司 二零一一年年報 101

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

• (b) Share option scheme of a subsidiary — ECS Holdings Limited (“ECS”)

The Company’s subsidiary, ECS, has a share option scheme, the ECS Share Option Scheme II (“Scheme II”), which was adopted on 13 December 2000 whereby the directors of ECS are authorised, at their discretion, to invite ECS’s employees and directors, including non-executive directors of ECS and its subsidiaries (“ECS Group”) to take up options to subscribe for shares of ECS. The subscription price is determined by the ECS’s Board of Directors and is set either at (i) a price equal to the average of the last dealt price of ECS’s share for the three consecutive trading days immediately preceding the grant of the option (ii) a discount to the market price not exceeding 20% of the market price in respect of that option. Each share option gives the holders the right to subscribe for one ordinary share in ECS. The options vest after one year from the date of grant and are then exercisable at any time after the first anniversary of the grant date and in case of option with exercise price set at a discount, at any time after the second anniversary of date of grant and those granted to non-executive directors are exercisable up to the fifth anniversary of the date of grant. The scheme will continue to be in force at the discretion of the compensation committee of ECS, subject to a maximum period of ten years commencing 13 December 2000.

1. 以股份支付之權益結算 款項 （續）

2. (b) 附屬公司佳杰科技有限公 司（「佳杰科技」）的購股權 計劃

本公司附屬公司佳杰科技之購股 權計劃，佳杰科技購股權計劃 II （「計劃 II」）於二零零零年十二月十 三日獲採納。據此，佳杰科技董事 獲授權酌情邀請佳杰科技之僱員 及董事（包括佳杰科技及其附屬公 司（「佳杰科技集團」）之非執行董 事）接納購股權以認購佳杰科技之 股份。佳杰科技之董事會釐定認購 價為 (i) 相等於緊接授出購股權日期 前三個連續交易日佳杰科技股份 的平均最後買賣價或 (ii) 就購股權較 市價的折讓不超過市價的 20%。每 份購股權賦予持有人認購佳杰科 技一股普通股之權利。購股權於授 出日期起計一年後歸屬並可於授 出日期一週年後隨時行使，倘購股 權之行使價有折讓，則可於授出日 期兩週年後隨時行使，授予非執行 董事的購股權可於授出日期五週 年之日前行使。計劃將按佳杰科技 薪酬委員會酌情決定繼續生效，由 二零零零年十二月十三日起最長 為期十年。

VST HOLDINGS LIMITED Annual Report 2011

102

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

  14. **以股份支付之權益結算款 項** （續）

• (b) Share option scheme of a subsidiary — ECS Holdings Limited (“ECS”) (continued)

• (i) The terms and conditions of the grants are as follows, whereby all options are settled by physical delivery of shares for the year ended 31 December 2011:

• (b) 附屬公司佳杰科技有限公 司（「佳杰科技」）的購股權 計劃（續）

• (i) 以下為授出購股權之條款及 條件，截至二零一一年十二 月三十一日止年度，所有購 股權均透過實際交付股份結 算：

Date of grant	Outstanding at 1 January 2011 Granted during the year Lapsed during the year Outstanding at 31 December 2011 Exercisable at 31 December 2011 Exercise price (S$) Vesting conditions Contractual term of options Weighted average remaining contractual life
授出日期	於二零一一年 一月一日 尚未行使 於年內 授出 於年內 失效 於二零一一年 十二月 三十一日 尚未行使 於二零一一年 十二月 三十一日 可予行使 行使價 （新加坡元） 歸屬條件 購股權 合約年期 加權 平均剩餘 合約年期
Directors	董事
15 October 2010	二零一零年 1,900,000 — — 1,900,000 1,900,000 0.55 1 Year 5 to 10 3.8 to 8.8
Employees	十月十五日 from date of grant Years Years 自授出日期 起計一年 5至10年 3.8至8.8年 僱員
15 October 2010	二零一零年 十月十五日 11,870,000 — (920,000) 10,950,000 10,950,000 0.55 1 Year from date of grant 5 to 10 Years 3.8 to 8.8 Years 自授出日期 起計一年 5至10年 3.8至8.8年 13,770,000 — (920,000) 12,850,000 12,850,000

偉仕控股有限公司 二零一一年年報 103

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

14. 以股份支付之權益結算款 項 （續）

• (b) Share option scheme of a subsidiary — ECS Holdings Limited (“ECS”) (continued)

• (ii) The terms and conditions of the grants are as follows, whereby all options are settled by physical delivery of shares for the year ended 31 December 2010:

• (b) 附屬公司佳杰科技有限公 司（「佳杰科技」）的購股權 計劃（續）

• (ii) 以下為授出購股權之條款 及條件，截至二零一零年 十二月三十一日止年度， 所有購股權均以實物交付 股份結算：

										Weighted
										average
		Outstanding at	Granted	Lapsed	Outstanding at	Exercisable at			Contractual	remaining
		1 January	during	during	31 December	31 December	Exercise	Vesting	term of	contractual
Date of grant		2010	the year	the year	2010	2010	price (S$)	conditions	options	life
						於二零一零
					於二零一零年	年
		於二零一零年			十二月	十二月				加權
		一月一日	於年內	於年內	三十一日	三十一日	行使價		購股權	平均剩餘
授出日期		尚未行使	授出	失效	尚未行使	可予行使	（新加坡元）	歸屬條件	合約年期	合約年期
Directors	董事
15 October 2010	二零一零年	—	1,900,000	—	1,900,000	—	0.55	1 Year	5 to 10	4.8 to 9.8
	十月十五日							from date	Years	Years
								of grant
								自授出日期	5至10年	4.8至9.8年
								起計一年
Employees	僱員
15 October 2010	二零一零年	—	11,870,000	—	11,870,000	—	0.55	1 Year	5 to 10	4.8 to 9.8
	十月十五日							from date	Years	Years
								of grant
								自授出日期	5至10年	4.8至9.8年
								起計一年
		—	13,770,000	—	13,770,000	—

The fair value of the share option granted is measured by reference to ECS share price as at year end.

已授出購股權的公平值乃參 考年末佳杰科技股價計量。

The expected volatility is based on the historic volatility. Expected dividends are based on historical dividends. Change in the subjective input assumptions could materially affect the fair value estimate.

預期波幅乃按歷史波幅得 出。預期股息乃按歷史股息 得出。主觀數據假設的變動 可能會對公平值估計造成重 大影響。

104 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

14. Equity-Settled Share-Based Payment (continued)

14. 以股份支付之權益結算 款項 （續）

(c) Share option of a subsidiary — ECS Indo Pte Ltd (“ECS Indo”)

On 16 October 2009, ECS Indo granted 120,000 share options to four senior employees of a subsidiary of ECS Indo. Each option is, upon full payment of the exercise price, convertible into one new ordinary share of ECS Indo. The options are exercisable at any time within 3 years from the grant date and are settled by physical delivery of shares.

(c) 附屬公司 ECS Indo Pte Ltd （「ECS Indo」）的購股權計劃

於二零零九年十月十六日，ECS Indo 向 ECS Indo 附屬公司的四名高 級僱員授出 120,000 份購股權。各 份購股權於悉數支付行使價後， 可轉換為 ECS Indo 一股新普通股。 該等購股權由授出日期起三年內 可隨時行使，並以實物交付股份結 算。

The terms and conditions of the grants are as follows, whereby all options are settled by physical delivery of shares:

以下為授出購股權之條款及條件， 而所有購股權均以實物交付股份 結算：

		Outstanding at 1	Outstanding at	Exercise		Exercisable at	Contractual
		January	31 December	price	Vesting	31 December	term of
Date of grant		2010/2011	2010/2011	(US$)	conditions	2010/2011	options
			於二零一零年╱
		於二零一零年╱	二零一一年			於二零一零年╱
		二零一一年	十二月			二零一一年
		一月一日	三十一日	行使價		十二月三十一日	購股權
授出日期		尚未行使	尚未行使	（美元）	歸屬條件	可予行使	合約年期
Employees	僱員
16 October 2009	二零零九年	113,392	113,392	1.8156	Nil	113,392	3 Years
	十月十六日				無		3年

The fair value of such equity-settled share-based payments was determined based on adjusted market comparables.

以股份支付之權益結算款項之公 平值乃按經調整市場可資比較款 項釐定。

偉仕控股有限公司 二零一一年年報 105

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

15. Reserves

15. 儲備

The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of current and prior year are set out below:

本集團綜合權益各成分的期初及期末結 餘的對賬載於綜合權益變動表。本年度 及過往年度初及末本公司各股權成分變 動之詳情載於下文：

Company

本公司

			Capital
		Share	redemption	Capital	Retained
		premium	reserve	reserve	earnings	Total
			資本
		股份溢價	贖回儲備	資本儲備	保留盈利	總計
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
		(Note)	(Note)	(Note)
		（附註）	（附註）	（附註）
Balance at 1 January 2010	於二零一零年
	一月一日的結餘	774,195	2,643	1,978	218,299	997,115
Profit and total comprehensive	年內溢利及
income for the year	全面收入總額	—	—	—	49,342	49,342
Balance at 31 December 2010	於二零一零年
	十二月三十一日
	的結餘	774,195	2,643	1,978	267,641	1,046,457
Balance at 1 January 2011	於二零一一年
	一月一日的結餘	774,195	2,643	1,978	267,641	1,046,457
Profit and total comprehensive	年內溢利及
income for the year	全面收入總額	—	—	—	61,439	61,439
Repurchase of own shares	購回本身股份
—Par value paid	— 已付面值	—	—	8,586	—	8,586
—Premium paid	— 已付溢價	—	—	—	(16,932)	(16,932)
—Transfer between reserves	—儲備間轉撥	—	1,823	—	(1,823)	—
Balance at 31 December 2011	於二零一一年
	十二月三十一日
	的結餘	774,195	4,466	10,564	310,325	1,099,550
Representing:	代表：
Reserves	儲備					999,550
Proposed dividend	擬派股息					100,000
						1,099,550

Note:

附註：

See notes to the consolidated statement of changes in equity for the nature and purpose of reserves.

儲備之性質及目的，請見綜合權益變動報表 附註。

106 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

16. Trade and Other Payables

16. 貿易及其他應付款項

		Group	Company
		本集團	本公司
		2011	2010 2011	2010
		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
		千港元	千港元 千港元	千港元
Trade payables	貿易應付款項	3,398,019	3,354,143 —	—
Other payables	其他應付款項及
and accruals	應計款項	314,748	357,086 86	183
Deferred income_(Note (e))_	遞延收入（附註(e)） 42,410		8,738 —	—
Less: Non-current	減：非流動遞延	3,755,177	3,719,967 86	183
deferred income_(Note (e))_	收入（附註(e)）	(23,549) 3,731,628	(3,454) — 3,716,513 86	— 183

(a) The Group’s suppliers grant credit periods ranging from 30 to 90 days to the Group. The ageing analysis of trade payables is as follows:

• (a) 本集團之供應商給予本集團之信 貸期介乎 30 至 90 日。貿易應付款 項之賬齡分析如下：

		Group	Group
		本集團
		2011		2010
		二零一一年		二零一零年
		HK$’000		HK$’000
		千港元		千港元
0–60	days	0至60日 3,269,280		3,307,467
Over	60 days	超過60日 128,739 3,398,019		46,676 3,354,143

• (b) The carrying amounts of trade payables approximate to their fair values due to their short-term maturities.

(b) 由於將於短期內到期，該等貿易應 付款項的賬面值與其公平值相若。

偉仕控股有限公司 二零一一年年報 107

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

16. Trade and Other Payables (continued)

16. 貿易及其他應付款項 （續）

• (c) The carrying amounts of trade and other payables were (c) 貿易及其他應付款項賬面值以下 denominated in the following currencies: 列貨幣計值：

		Group	Company
		本集團	本公司
		2011	2010 2011	2010
		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
		千港元	千港元 千港元	千港元
HK$	港元	15,668	7,629 86	183
RMB	人民幣	1,409,332	1,653,004 —	—
S$	新加坡元	243,980	154,242 —	—
US$	美元	1,768,261	1,597,774 —	—
THB	泰銖	286,925	302,561 —	—
RP	印尼盾	7,462	1,303 —	—
		3,731,628	3,716,513 86	183

• (d) Included in other payables and accruals is an amount HK$12,460,000 (2010:HK$5,256,000) which relates to nondeliverable foreign exchange forward contract. The notional amount of foreign exchange forward contracts has been disclosed in note 3.1(a).

• (d) 其他應付款項及應計款項包括金 額 12,460,000 港元（二零一零年： 5,256,000 港元）有關不可交付外匯 遠期合約。外匯遠期合約的面值已 於附註 3.1(a)披露。

• (e) Deferred income and expenses relate to fees billed/paid in advance on service maintenance contracts.

• (e) 遞延收入及開支與預先繳付╱支付 費用的服務維修合約有關 。

108 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

17. Deferred Taxation

17. 遞延稅項

Deferred taxation is calculated in full on temporary differences under 遞延稅項乃按負債法就暫時性差異全數 the liability method. 計算。 Movement in net deferred tax assets/(liabilities) is as follows: 遞延稅項資產╱（負債）淨額變動如下：

Movement in net deferred tax assets/(liabilities) is as follows:

		Group	Group
		本集團
		2011		2010
		二零一一年		二零一零年
		HK$’000		HK$’000
		千港元		千港元
At 1 January	於一月一日	17,922		25,652
Credited/(charged) to the consolidated	計入╱（扣除）綜合損益表
income statement_(Note 23)_	（附註23）	6,002		(6,326)
Dilution and partial disposal of a subsidiary	出售一間附屬公司部份權益
to an associate	使成為聯營公司	—		(3,124)
Exchange difference	匯兌差額	(1,305)		1,720
At 31 December	於十二月三十一日	22,619		17,922

Movements of the gross deferred tax assets and liabilities during the 年內的遞延稅項資產及負債總額變動如 year are as follows: 下：

		Group	Group
		本集團
		2011		2010
Deferred tax assets —	遞延項資產 —	二零一一年		二零一零年
Inventories and	存貨及貿易應收	HK$’000		HK$’000
trade receivables provisions	款項撥備	千港元		千港元
At 1 January	於一月一日	42,008		36,802
Credited to the consolidated	計入綜合損益表
income statement		9,217		6,578
Dilution and partial disposal of a subsidiary	出售一間附屬公司部份權益
to an associate	使成為聯營公司	—		(3,403)
Exchange difference	匯兌差額	(1,603)		2,031
At 31 December	於十二月三十一日	49,622		42,008

偉仕控股有限公司 二零一一年年報 109

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

17. Deferred Taxation (continued)

17. 遞延稅項 （續）

		Group	Group
		本集團
		2011		2010
Deferred tax liabilities —	遞延稅項負債 —	二零一一年		二零一零年
Accelerated tax depreciation	加速稅項折舊	HK$’000 千港元		HK$’000 千港元
At 1 January	於一月一日	(24,086)		(11,150)
Charged to the consolidated	於綜合損益表扣除
income statement Dilution and partial disposal of a subsidiary	出售一間附屬公司部份權益	(3,215)		(12,904)
to an associate	使成為聯營公司	—		279
Exchange difference	匯兌差額	298		(311)
At 31 December	於十二月三十一日	(27,003)		(24,086)

18. Borrowings

18. 借貸

		Group	Company	Company
		本集團	本公司
		2011	2010 2011	2010
		二零一一年	二零一零年 二零一一年	二零一零年
		Notes HK$’000	HK$’000 HK$’000	HK$’000
Non-current	非流動	附註 千港元	千港元 千港元	千港元
Unsecured bank borrowings	無抵押銀行借貸	(a) 665,403	613,502 —	—
Secured mortgage loan	有抵押按揭貸款	(c) 31,414	34,978 —	—
Finance lease liabilities	融資租賃負債	(d) 610	1,624 —	—
Current	流動	697,427	650,104 —	—
Unsecured bank borrowings	無抵押銀行借貸	(a) 1,169,188	986,720 —	—
Secured bank borrowings	有抵押銀行借貸	(b) —	132,000 —	132,000
Secured mortgage loan	有抵押按揭貸款	(c) 3,564	3,564 —	—
Finance lease liabilities	融資租賃負債	(d) 795	1,012 —	—
		1,173,547	1,123,296 —	132,000
Total borrowings	總借貸	(e) 1,870,974	1,773,400 —	132,000

VST HOLDINGS LIMITED Annual Report 2011

110

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

18. Borrowings (continued)

18. 借貸 （續）

Notes:

附註：

• (a) Unsecured bank borrowings

The loans are unsecured and bear interests at rate as disclosed in section (e) below. The loans are repayable within twelve months except for syndicated loans amount of HK$605,403,000 (2010: HK$613,502,000) which is repayable on 30 August 2013.

• (a) 無抵押銀行借貸 貸款為無抵押及按下文 (e) 披露之利率 計息。貸款須於 12 個月內償還，惟銀 團貸款 605,403,000 港元（二零一零年： 613,502,000 港元）則須於二零一三年八 月三十日償還。

• (b) Secured bank borrowings

The term loan facility was interest-bearing at HIBOR plus 2.0% and was secured by 51% shares of ECS Holdings Limited owned by the Company. The loan had a term of three years commencing from the date of the Term Loan Facility Agreement and repayable in five equal instalments started on 30 September 2009 with the remaining instalments repayable semi-annually. The loan was fully repaid on 11 April 2011.

• (b) 有抵押銀行借貸 定期貸款融資按香港銀行同業拆息加 2.0% 計息，以本公司擁有佳杰科技有 限公司股本權益之 51% 抵押。該貸款從 定期貸款融資協議日期起計為期三年， 分五期以相等金額償還。首期於二零零 九年九月三十日償付，其餘應付款期按 每半年償付。貸款已於二零一一年四月 十一日悉數償還。

• (c) Secured mortgage loan

The loan is secured by a building with net book value of HK$62,155,000 as at 31 December 2011 (2010: HK$63,457,000).

• (c) 有抵押按揭貸款

於二零一一年十二月三十一日，貸款由 賬面淨值為 62,155,000 港元之樓宇提供 抵押（二零一零年：63,457,000 港元）。

(d) Finance lease liabilities Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.

• (d) 融資租約負債

由於違約時租賃資產的權利歸還予出 租人，故租賃負債實際有抵押。

		Group
		本集團
		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Gross finance lease liabilities	融資租賃負債總額	千港元	千港元
— minimum lease payments:	－最低租賃款項：
Within 1 year	一年內	999	1,279
Between 1 and 5 years	一年至五年	759 1,758	2,030 3,309
Future finance charges on finance leases	融資租賃的未來融資支出	(353)	(673)
The present value of finance lease liabilities	融資租賃負債的	1,405	2,636
is as follows:	現值如下：
Within 1 year	一年內	795	1,012
Between 1 and 5 years	一年至五年	610 1,405	1,624 2,636

偉仕控股有限公司 二零一一年年報 111

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

18. Borrowings (continued)

18. 借貸 （續）

Notes: (continued) 附註：（續）

(e) At 31 December 2011, the Group’s borrowings wer follows: Bank borrowings 銀行借貸 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元 Within 1 year 一年內 1,172,752 1,122,284 Between 1 and 2 years 一年至兩年 648,967 3,564 Between 2 and 5 years 兩年至五年 30,692 624,194 After 5 years 超過五年 17,158 20,722 1,869,569 1,770,764	e repayable as Group 本集團 Financial lease liabilities 融資租賃負債 2011 2010 二零一一年 二零一零年 HK$’000 HK$’000 千港元 千港元	Company 本公司 Total Bank borrowings 合計 銀行借貸 2011 2010 2011 2010 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 千港元 千港元 千港元 千港元 (e) 於二零一一年十二月三十一日，本集團 應償還的借貸如下：	Company 本公司 Total Bank borrowings 合計 銀行借貸 2011 2010 2011 2010 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 千港元 千港元 千港元 千港元 (e) 於二零一一年十二月三十一日，本集團 應償還的借貸如下：
	795 1,012 610 1,624 — — — —	1,173,547 1,123,296 649,577 5,188 30,692 624,194 17,158 20,722	— 132,000 — — — — — —
	1,405 2,636	1,870,974 1,773,400	— 132,000

The effective interest rates were as follows:

實際利率如下：

		2011	2010
		二零一一年	二零一零年
Unsecured bank borrowings	無抵押銀行借貸	1.58%–10.45%	1.10%–5.10%
Secured bank borrowings	有抵押銀行借貸	—	2.11%
Secured mortgage loan	有抵押按揭貸款	0.99%	0.91%
Finance lease liabilities	融資租賃負債	7.00%	7.00%

The carrying amounts of borrowings approximate to their fair values.

借貸的賬面值與其公平值相若。

The carrying amounts of the borrowings were denominated in the 借貸的賬面值以下列貨幣計值： following currencies:

		Group	Group	Group	Company	Company
		本集團			本公司
		2011			2010 2011		2010
		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
		千港元			千港元 千港元		千港元
HK$	港元	135,985			170,542 —		132,000
RMB	人民幣	210,980			163,032 —		—
S$	新加坡元	37,124			9,235 —		—
US$	美元	1,327,727			1,229,423 —		—
THB	泰銖	132,397			201,168 —		—
IDR	印尼盾	26,761			— —		—
		1,870,974			1,773,400 —		132,000

VST HOLDINGS LIMITED Annual Report 2011

112

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

19. Turnover and Segment Information

19. 營業額及分部資料

Segment information has been prepared in a manner consistent with the information used by the Group’s most senior executive management for the purposes of assessing segment performance and allocating resources between segments. The Group’s most senior executive management has been identified as the Board. In this regard, the Group’s senior executive management monitors the results attributable to each reportable segment on the following bases:

分部資料乃按照本集團之最高層行政管 理人員就評估分部表現及分部間資源配 置所用資料一致之方式而編製。本集團 之最高層行政管理人員為董事會。就此 而言，本集團之高層行政管理人員按以 下基準監控各可呈報分部應佔之業績：

Revenue and expenses are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments.

收益及開支按可報告分部產生的銷售額 及產生的開支分配至該等分部。

The measure used for reporting segment profit is the segment results, including items specifically attributed to individual segments, such as directors’ and auditors’ remuneration and other administration costs within the segment.

報告分部溢利之計量方法為分部業績， 包括個別分部特別應佔的項目，例如董 事及核數師酬金及其他分部內之行政開 支。

Information regarding the Group’s reportable segments for the purposes of resource allocation and assessment of segment performance for the year is set out below.

年內本集團就資源分配及評估分部表現 之可報告分部資料載列如下。

(a) Business segments

The main business segments of the Group are the following:

(a) 業務分部

本集團的主要業務分部如下：

Segments Principal activities 分部 主要業務 Distribution Distribution of IT products (desktop PCs, notebooks, tablets, handhelds, printers, CPUs, hard disk, memory device, etc) for the commercial and consumer markets. 分銷 於商業及消費市場分銷資訊科技產品（桌上電腦、筆記本型電腦、平板電腦、 手提電腦、打印機、中央處理器、硬盤、記憶體等）。 Enterprise systems Provider of enterprise system tools (middleware, operating systems, Unix/NT servers, databases, storage and security products) for IT infrastructure. 企業系統 資訊科技基礎設施的企業系統工具（中間件、操作系統、Unix/NT 伺服器、數據 庫、儲存及保安產品）供應商。 IT services IT infrastructure design and implementation, training, maintenance and support services. 資訊科技服務 資訊科技基礎設施設計及執行、培訓、維修及支援服務。

偉仕控股有限公司 二零一一年年報 113

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

19. Turnover and Segment Information_(continued) (a) Business segments(continued)_ The segment results for the year ended 31 December 2011 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Total segment revenue 分部收益總額 26,772,547 5,669,718 174,793 32,617,058 Segment results 分部業績 544,345 145,156 11,142 700,643 Finance costs 財務費用 (103,654) 596,989 Share of associates’ profits 分佔聯營公司溢利 37,592 Profit before taxation 除稅前溢利 634,581 Taxation 稅項 (145,787) Profit for the year 年內溢利 488,794 Reportable segment assets 可報告分部資產 4,985,592 1,228,681 34,056 6,248,329 The segment results for the year ended 31 December 2010 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Total segment revenue 分部收益總額 19,617,859 6,455,313 139,428 26,212,600 Segment results 分部業績 361,520 172,858 6,618 540,996 Finance costs 財務費用 (60,552) 480,444 Share of associates’ profits 分佔聯營公司溢利 29,919 Profit before taxation 除稅前溢利 510,363 Taxation 稅項 (102,305) Profit for the year 年內溢利 408,058 Reportable segment assets 可報告分部資產 4,483,112 1,718,974 30,924 6,233,010 19.營業額及分部資料（續） (a) 業務分部（續） 截至二零一一年十二月三十一日 止年度的分部業績如下： 截至二零一零年十二月三十一日 止年度的分部業績如下：	19. Turnover and Segment Information_(continued) (a) Business segments(continued)_ The segment results for the year ended 31 December 2011 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Total segment revenue 分部收益總額 26,772,547 5,669,718 174,793 32,617,058 Segment results 分部業績 544,345 145,156 11,142 700,643 Finance costs 財務費用 (103,654) 596,989 Share of associates’ profits 分佔聯營公司溢利 37,592 Profit before taxation 除稅前溢利 634,581 Taxation 稅項 (145,787) Profit for the year 年內溢利 488,794 Reportable segment assets 可報告分部資產 4,985,592 1,228,681 34,056 6,248,329 The segment results for the year ended 31 December 2010 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Total segment revenue 分部收益總額 19,617,859 6,455,313 139,428 26,212,600 Segment results 分部業績 361,520 172,858 6,618 540,996 Finance costs 財務費用 (60,552) 480,444 Share of associates’ profits 分佔聯營公司溢利 29,919 Profit before taxation 除稅前溢利 510,363 Taxation 稅項 (102,305) Profit for the year 年內溢利 408,058 Reportable segment assets 可報告分部資產 4,483,112 1,718,974 30,924 6,233,010 19.營業額及分部資料（續） (a) 業務分部（續） 截至二零一一年十二月三十一日 止年度的分部業績如下： 截至二零一零年十二月三十一日 止年度的分部業績如下：	19. Turnover and Segment Information_(continued) (a) Business segments(continued)_ The segment results for the year ended 31 December 2011 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Total segment revenue 分部收益總額 26,772,547 5,669,718 174,793 32,617,058 Segment results 分部業績 544,345 145,156 11,142 700,643 Finance costs 財務費用 (103,654) 596,989 Share of associates’ profits 分佔聯營公司溢利 37,592 Profit before taxation 除稅前溢利 634,581 Taxation 稅項 (145,787) Profit for the year 年內溢利 488,794 Reportable segment assets 可報告分部資產 4,985,592 1,228,681 34,056 6,248,329 The segment results for the year ended 31 December 2010 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Total segment revenue 分部收益總額 19,617,859 6,455,313 139,428 26,212,600 Segment results 分部業績 361,520 172,858 6,618 540,996 Finance costs 財務費用 (60,552) 480,444 Share of associates’ profits 分佔聯營公司溢利 29,919 Profit before taxation 除稅前溢利 510,363 Taxation 稅項 (102,305) Profit for the year 年內溢利 408,058 Reportable segment assets 可報告分部資產 4,483,112 1,718,974 30,924 6,233,010 19.營業額及分部資料（續） (a) 業務分部（續） 截至二零一一年十二月三十一日 止年度的分部業績如下： 截至二零一零年十二月三十一日 止年度的分部業績如下：
		Group
		本集團
		HK$’000
		千港元
	Total segment revenue 分部收益總額 26,772,547 5,669,718 174,793	32,617,058
	Segment results 分部業績 544,345 145,156 11,142 Finance costs 財務費用 Share of associates’ profits 分佔聯營公司溢利 Profit before taxation 除稅前溢利 Taxation 稅項 Profit for the year 年內溢利	700,643
		(103,654)
		596,989
		37,592
		634,581
		(145,787)
		488,794
	Reportable segment assets 可報告分部資產 4,985,592 1,228,681 34,056	6,248,329
	The segment results for the year ended 31 December 2010 are as follows: Distribution Enterprise systems IT services Group 分銷 企業系統 資訊 科技服務 本集團 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 截至二零一零年十二月三十一日 止年度的分部業績如下：
	Total segment revenue 分部收益總額 19,617,859 6,455,313 139,428	26,212,600
	Segment results 分部業績 361,520 172,858 6,618 Finance costs 財務費用 Share of associates’ profits 分佔聯營公司溢利 Profit before taxation 除稅前溢利 Taxation 稅項 Profit for the year 年內溢利	540,996 (60,552)
		480,444 29,919
		510,363 (102,305)
		408,058
	Reportable segment assets 可報告分部資產 4,483,112 1,718,974 30,924	6,233,010

114 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

19. Turnover and Segment Information (continued)

19. 營業額及分部資料 （續）

(a) Business segments (continued)

The Group’s customer base is diversified and includes only one customer with whom transactions have exceeded 10% of the Group’s revenues. Distribution revenue from this customer amounted to approximately HK$3,334,000,000 (2010: HK$1,983,000,000).

(a) 業務分部（續）

本集團的客戶群多元化，僅包括一 名交易額超過本集團營業額 10%的 客戶。來自該名客戶的分銷營業額 約達 3,334,000,000 港元 ( 二零一零 年：1,983,000,000港元)。

• (b) Reconciliations of reportable segment profit or loss and assets

Profit

Reconciliation of segment profit to the profit for the year in the consolidated income statement is not presented as the segment profit is the same as the profit for the year presented in the consolidated income statement.

(b) 可報告分部溢利或虧損及 資產的對賬

溢利

由於分部溢利與綜合損益表所呈 列的年內溢利相同，故並無呈列綜 合損益表內分部溢利與年內溢利 的對賬。

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Assets	資產	千港元	千港元
Reportable segment assets	可報告分部資產	6,248,329	6,233,010
Goodwill	商譽	327,689	330,370
Interest in associates	於聯營公司的權益	277,047	252,005
Deferred tax assets	遞延稅項資產	49,622	42,008
Other receivables and prepayments	其他應收款項及預付款項	69,294	32,866
Cash and cash equivalents	現金及現金等價物	1,573,134	1,015,251
Consolidated total assets	綜合總資產	8,545,115	7,905,510

偉仕控股有限公司 二零一一年年報 115

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

19. Turnover and Segment Information (continued)

1. 營業額及分部資料 （續）

(c) Geographical information

(c) 地區資料

Geographical information	Geographical information	(c) 地區資料	(c) 地區資料
The Group’s two business segments operate principally in North		本集團的兩個業務分部主要在北
Asia and South East Asia.		亞 及東南亞經營。
		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Revenue	收益	千港元	千港元
North Asia	北亞	24,701,806	18,766,450
South East Asia	東南亞	7,915,252	7,446,150
Total segment revenue	分部收益總額	32,617,058	26,212,600
Revenue is allocated based on the country in which the customer		收益根據客戶所在國家劃分。
is located.
		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Assets	資產	千港元	千港元
North Asia	北亞	4,305,212	4,367,760
South East Asia	東南亞	1,943,117	1,865,250
Reportable segment assets	可報告分部資產	6,248,329	6,233,010

Reportable segment assets are allocated based on where the 可報告分部資產根據資產所在地 assets are located. 劃分。

116 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

20. Other Gains, Net

20. 其他收入淨額

Other Gains, Net	20.	其他收入淨額
		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Interest income	利息收入	11,838	7,678
Loss on disposal of property, plant	出售物業、廠房及設備
and equipment	之虧損	(1,191)	(322)
Net exchange gain	匯兌收益淨額	11,100	7,254
Gain on dilution and partial disposal of	出售一間附屬公司部份權益
a subsidiary to an associate	使成為聯營公司之收益	—	52,075
Other	其他	10,490	7,845
		32,237	74,530

21. Operating Profit

21. 經營溢利

Operating profit is derived after charging the following:

經營溢利經扣除以下各項所得：

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Cost of inventories	存貨成本	30,971,852	25,058,127
Staff costs, including directors’	員工成本
emoluments	（包括董事酬金）
— Salaries, allowance and welfare	－薪金、津貼及福利	381,605	331,348
— Provident fund contributions	－公積金供款	53,757	44,336
Equity-settled share-based payment	以股份支付之權益結算款項	8,920	86
Operating lease rentals in respect of	物業及貨倉之
premises and warehouse	經營租賃租金	50,895	40,049
Auditors’ remuneration	核數師酬金	5,833	4,131
Depreciation of property, plant and	物業、廠房及
equipment	設備折舊	16,519	15,475
Written off of available-for-sale	撇銷可供出售財務資產
financial assets		—	798
Provision for and written off of inventories	存貨撥備及撇銷	131,763	2,075
Provision for and written off of	貿易應收款項撥備及
trade receivables	撇銷	56,365	25,810

偉仕控股有限公司 二零一一年年報 117

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

22. Finance Costs

22. 財務費用

Finance Costs	22.	財務費用
		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Interest expense on:	下列各項之利息開支：	千港元	千港元
— Bank overdrafts	—銀行透支	25	34
— Unsecured bank borrowings	—無抵押銀行借貸	102,283	55,644
— Secured bank borrowings	—有抵押銀行借貸	721	4,266
— Secured mortgage loan	—有抵押按揭借貸	365	369
— Finance lease liabilities	—融資租賃負債	260	239
		103,654	60,552

23. Taxation

23. 稅項

The amount of taxation charged to the consolidated income statement represents:

於綜合損益表扣除之稅項乃指：

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Current taxation	本期稅項	千港元	千港元
— Hong Kong Profits Tax	—香港利得稅	58,464	12,795
— Overseas taxation	—海外稅項	91,865	83,898
(Over)/under-provision of Hong Kong	過往年度香港利得稅
Profits Tax in prior years	（超額撥備）╱撥備不足	(219)	340
Under/(over)-provision of overseas	過往年度海外稅項
taxation in prior years	撥備不足╱（超額撥備）	1,679	(1,054)
Deferred taxation_(Note 17)_	遞延稅項（附註17）	(6,002) 145,787	6,326 102,305

Hong Kong Profits Tax has been provided at the rate of 16.5% (2010: 16.5%) on the estimated assessable profit for the year ended 31 December 2011.

香港利得稅乃按截至二零一一年十二月 三十一日止年度內估計應課稅溢利以 16.5% 稅率（二零一零年：16.5%）提撥準 備。

Overseas taxation has been calculated based on the estimated assessable profit for the year at rates of taxation prevailing in the countries in which the entities comprising the Group operate.

海外稅項按年內之估計應課稅溢利以本 集團旗下實體經營所在國家當時的稅率 計算。

118 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

23. Taxation (continued)

23. 稅項 （續）

The taxation on the Group’s profit before taxation differs from the theoretical amount that would arise using the taxation rate of Hong Kong as follows:

本集團除稅前溢利之稅項與使用香港稅 率計算之理論金額之差異如下：

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Profit before taxation	除稅前溢利	634,581	510,363
Calculated at a taxation rate of 16.5%	按稅率16.5%計算之稅項	104,706	84,210
Effect of different tax rates in different	不同稅務司法權區不同稅率
tax jurisdictions	之影響	20,084	4,233
Income not subject to taxation	毋須課稅之收入	(1,820)	(640)
Expenses not deductible for	就稅務而言不得扣減之
taxation purposes	開支	16,289	11,100
Under/(over)-provision in prior years	過往年度之
	不足撥備╱（超額撥備）	1,460	(714)
Tax losses for which no deferred tax	並無確認遞延稅項資產
assets were recognised	的稅項虧損	1,688	1,066
Utilisation of tax losses previously	使用以前未確認之
not recognised	稅項虧損	—	(809)
Tax effect of withholding tax of profit	中國附屬公司溢利留置稅
from the PRC subsidiaries	的稅務影響	3,380	3,859
Taxation charge	稅項支出	145,787	102,305

24. Profit Attributable to Equity Shareholders of the Company

24. 本公司權益持有人應佔 溢利

The profit attributable to equity shareholders of the Company for the year ended 31 December 2011 is dealt with in the financial statements of the Company to the extent of HK$61,439,000 (2010: HK$49,342,000).

截至二零一一年十二月三十一日止年 度，於本公司財務報表中處理之本公司 權益持有人應佔溢利為 61,439,000 港元 （二零一零年：49,342,000港元）。

25. Proposed Dividends Attributable to Equity Shareholders

25. 建議權益持有人應佔股 息

Shareholders		息
		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
Final dividend proposed after the	於結算日後擬派末期股息	千港元	千港元
balance sheet date of HK8 cents (2010: Nil)	每股普通股8港仙
per ordinary share	（二零一零年：無）	100,000	—

The final dividend proposed after the balance sheet date has not been recognised as a liability at the balance sheet date.

於結算日後擬派末期股息並無於結算日 確認為負債。

偉仕控股有限公司 二零一一年年報

119

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

26. Earnings Per Share

26. 每股盈利

Basic

The calculation of basic earnings per share for the year is based on the profit attributable to equity shareholders of the Company of HK$462,516,000 (2010: HK$370,280,000) and the weighted average of 1,256,898,000 shares (2010: 1,258,889,000 shares) in issue during the year.

基本

本年度每股基本盈利乃按本公司權益持 有人應佔溢利 462,516,000 港元（二零一 零年：370,280,000 港元）以及年內已發 行股份之加權平均數1,256,898,000股（二 零一零年：1,258,889,000股）而計算。

		2011	2010
Issued ordinary shares at	二零一一年 於一月一日已發行普通股（千計）		二零一零年
1 January (thousands)		1,258,889	1,258,889
Repurchase for own shares (thousands)	購回本身股份（千計）	(1,991)	—
Weighted average number of ordinary	於十二月三十一日
shares at 31 December (thousands)	普通股加權平均數（千計）	1,256,898	1,258,889
Basic earnings per share	每股基本盈利
(HK cents per share)	（每股港仙）	36.80	29.41

Diluted

The calculation of diluted earnings per share for the year is based on the profit attributable to equity shareholders of the Company of HK$462,516,000 (2010: HK$370,280,000) and the weighted average number of shares of 1,260,398,000 (2010: 1,262,700,000 shares), calculated as follows:

攤薄

本年度之每股攤薄盈利乃按本公司權益 持有人應佔溢利 462,516,000 港元（二零 一零年：370,280,000 港元）及股份加權 平均數 1,260,398,000 股（二零一零年： 1,262,700,000股）計算如下：

		2011	2010
Weighted average number of ordinary	已發行普通股加權平均數	二零一一年	二零一零年
shares in issue (thousands)	（千計）	1,256,898	1,258,889
Adjustment for assumed conversion of	假設購股權獲轉換之調整
share options (thousands)	（千計）	3,500	3,811
Weighted average number of ordinary	計算每股攤薄盈利之
shares for diluted earnings per share	普通股加權平均數
(thousands)	（千計）	1,260,398	1,262,700
Diluted earnings per share	每股攤薄盈利
(HK cents per share)	（每股港仙）	36.70	29.32

120 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

27. Directors’ and Senior Management’s 27. 董事及高級管理層酬金 Emoluments

(a) 董事酬金

(a)	Directors’ emoluments			(a)	董事酬金
	The aggregate amounts of emoluments paid or payable to				於年內已付或應付予本公司董事
	Directors of the Company during the year are as		follows:		之酬金總額如下：
					2011		2010
					二零一一年		二零一零年
					HK$’000		HK$’000
					千港元		千港元
	Fees	袍金			924		323
	Other emoluments	其他酬金
	— Basic salaries and	—基本薪金及房屋津貼
	housing allowances				10,224		12,474
	— Discretionary bonus	—酌情花紅			4,448		12,166
	— Contributions to pension scheme	—退休計劃供款			405		418
	— Equity-settled share-based	—以股份支付之權益
	payments		結算款項		2,231 18,232		11 25,392
	The remuneration of each Director	for the	year ended 31		於截至二零一一年十二月三十一
	December 2011 is set out below:				日止年度，各董事之酬金載列如
					下：

Name of Director 董事姓名		Fees Basic salaries and housing allowance Discretionary bonus Contribution to pension scheme Equity- settled share-based payment Total 袍金 基本薪金及 房屋津貼 酌情花紅 退休計劃 供款 以股份支付 之權益結算 款項 合計
Executive Directors	執行董事	HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元
Li Jialin	李佳林	— 5,200 800 300 697 6,997
Ong Wei Hiam, William	王偉炘	238 1,180 630 12 565 2,625
Chan Hoi Chau	陳海洲	— 748 789 12 558 2,107
Mao Xiangqian	毛向前	— 2,353 2,229 81 115 4,778
Non-executive Directors	非執行董事
Tay Eng Hoe	鄭永和	303 743 — — 110 1,156
Liu Li	劉莉	62 — — — — 62
Independent non-executive Directors	獨立非執行董事
Chan Po Fun, Peter	陳普芬	126 — — — 93 219
Li Wei	李煒	106 — — — 93 199
Ng Yat Cheung	吳日章	32 — — — — 32
Ni Zhenwei	倪振偉	57 — — — — 57 924 10,224 4,448 405 2,231 18,232

偉仕控股有限公司 二零一一年年報

121

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

1. Directors’ and Senior Management’s Emoluments (continued)

27. 董事及高級管理層酬金 （續）

(a) Directors’ emoluments (continued)

The remuneration of each Director for the year ended 31 December 2010 is set out below:

(a) 董事酬金（續）

於截至二零一零年十二月三十一 日止年度，各董事之酬金載列如 下：

			Basic salaries		Contribution	Equity-settled
			and housing	Discretionary	to pension	share-based
Name of Directors		Fees	allowance	bonus	scheme	payment	Total
						以股份支付
			基本薪金及		退休計劃	之權益結算
董事姓名		袍金	房屋津貼	酌情花紅	供款	款項	合計
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元	千港元
Executive Directors	執行董事
Li Jialin	李佳林	—	5,200	500	285	—	5,985
Tay Eng Hoe	鄭永和	3	3,223	9,494	32	4	12,756
Ong Wei Hiam, William	王偉炘	—	1,181	400	12	2	1,595
Chan Hoi Chau	陳海洲	—	618	300	12	—	930
Mao Xiangqian	毛向前	—	2,252	1,472	77	5	3,806
Independent non-executive Directors	獨立非執行董事
Chan Po Fun, Peter	陳普芬	120	—	—	—	—	120
Ni Zhenwei	倪振偉	100	—	—	—	—	100
Li Wei	李煒	100	—	—	—	—	100
		323	12,474	12,166	418	11	25,392

Directors’ emoluments disclosed above include approximately HK$507,000 (2010: HK$320,000) paid to independent nonexecutive Directors.

上文所披露之董事酬金包括支付 予獨立非執行董事的約 507,000 港 元（二零一零年：320,000港元）。

No emoluments have been paid to these individuals as an inducement to join or upon joining the Group or as compensation for loss of office during the year (2010: HK$Nil).

年內概無向上述人士支付任何酬 金（二零一零年：零港元），作為招 攬彼等加入本集團或彼等加入本 集團後之獎勵或作為離職補償。

During the year, no Director of the Company waived any emoluments (2010: HK$Nil).

於年內，本公司董事並無放棄收取 任何酬金（二零一零年：零港元）。

122 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

27. Directors’ and Senior Management’s 27. 董事及高級管理層酬金 Emoluments (continued) （續）

(b) Five highest paid individuals

(b) 五名最高薪人士

Five highest paid individuals	Five highest paid individuals	(b)五名最高薪人士	(b)五名最高薪人士	(b)五名最高薪人士	(b)五名最高薪人士
The five individuals whose emoluments were the highest in the		本集團年內之五名最高薪人士包
Group for the year included two	(2010: three) Directors whose	括 兩名（二零一零年：三名）董事，
emoluments are reflected in the analysis presented above. The		彼等之酬金已於上文所呈列之分
emoluments payable to the remaining three (2010: two)		析中反映。於年內支付予其餘三名
individuals during the year are as follows:		（二零一零年：兩名）人士之酬金如
		下：
		2011			2010
		二零一一年			二零一零年
		HK$’000			HK$’000
		千港元			千港元
Basic salaries and allowances	基本薪金及津貼	4,811			3,086
Discretionary bonuses	酌情花紅	14,935			7,366
Contributions to pension schemes	退休計劃供款	49 19,795			672 11,124
The emoluments fell within the following bands:		酬金介乎下列範圍：
		Number of individuals
		人數
Emolument band	酬金範圍	2011			2010
		二零一一年			二零一零年
HK$4,000,001–HK$4,500,000	4,000,001港元至4,500,000港元	2			—
HK$5,000,001–HK$5,500,000	5,000,001港元至5,500,000港元	—			1
HK$5,500,001–HK$6,000,000	5,500,001港元至6,000,000港元	—			1
HK$11,000,001–HK$11,500,000	11,000,001港元至11,500,000港元 1				—

偉仕控股有限公司 二零一一年年報 123

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

28. Notes to the Consolidated Cash Flow Statement 28. 綜合現金流量報表附註

Reconciliation of profit before taxation to net cash generated from operations

除稅前溢利與經營所產生之 現金淨額之對賬

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Profit before taxation	除稅前溢利	634,581	510,363
Interest income	利息收入	(11,838)	(7,678)
Interest expense	利息支出	103,654	60,552
Depreciation of property, plant	物業、廠房及
and equipment	設備折舊	16,519	15,475
Share of associates’ profits	分佔聯營公司溢利	(37,592)	(29,919)
Equity-settled share-based payment	以股份支付之權益
	結算款項	8,920	86
Loss on disposal of property,	出售物業、廠房及設備
plant and equipment	之虧損	1,191	322
Written off of available-for-sale	撇銷可供出售財務
financial assets	資產	—	798
Gain on dilution and partial disposal of	出售一間附屬公司部份權益
a subsidiary to an associate	使成為聯營公司之收益	—	(52,075)
Operating profit before working	營運資金變動前之
capital changes	經營溢利	715,435	497,924
Changes in working capital	營運資金變動
Trade and other receivables	貿易及其他應收款項	84,655	(557,130)
Inventories	存貨	(158,325)	(451,379)
Trade and other payables	貿易及其他應付款項	45,238	769,079
Net cash generated from operations	經營所得現金淨額	687,003	258,494

124 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續）

For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

29. Commitments under Operating Leases

29. 經營租賃項下之承擔

As at 31 December 2011, the Group had future aggregate minimum lease payments under non-cancellable operating leases as follows:

於二零一一年十二月三十一日，本集團 根據不可撤銷之經營租賃而承擔之日後 最低租金總額如下：

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Within 1 year	一年內	31,694	25,283
Between 1 and 5 years	一年至五年	47,955 79,649	29,284 54,567

The Group is the lessee in respect of a number of properties and items of plant and machinery and office equipment held under operating leases. The leases typically run for an initial period of one to three years, with an option to renew the lease when all terms are renegotiated. None of the leases includes contingent rentals.

本集團為多個物業及以經營租賃持有之 廠房及機械以及辦公室設備項目之承租 人。租約之初步年期一般為一至三年， 可選擇續期並重新磋商所有條款。概無 租約包括或然租金。

偉仕控股有限公司 二零一一年年報 125

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

30. Related Party Transactions

30. 關連人士交易

The following transactions were carried out with related parties:

以下為與關連人士進行之交易：

(a) Director’s quarter

The Group entered into a rental agreement with Joint Honour Development Limited, a company in which Mr. Li Jialin, the Chairman and an executive Director of the Company is a major shareholder, in respect of a director’s quarter. Pursuant to the agreement, the Group paid a monthly rental of HK$200,000 to Joint Honour Development Limited for the year ended 31 December 2011 (2010: HK$200,000).

(a) 董事宿舍

本集團與本公司主席兼執行董事 李佳林先生為主要股東之公司 集中發展有限公司就一間董事宿 舍訂立一份租賃協議。根據該協 議，本集團於截至二零一一年十 二月三十一日止年度向集中發展 有限公司支付月租 200,000 港元 （二零一零年：200,000港元）。

(b) License fee

The Group also entered into an agreement with Kong Lung Ind Co., a company in which Mr. Li Jialin is a major shareholder. Pursuant to the agreement, the Group paid a monthly license fee of HK$14,000 in respect of the China-Hong Kong Vehicle License to Kong Lung Ind Co. with effect from 1 January 2011 (2010: Nil)

(b) 牌照費

本集團亦與李佳林先生為主要股 東的公司港龍實業公司訂立協議。 根據該協議，本集團已就中港車輛 牌照每月支付牌照費 14,000 港元予 港龍實業公司，於二零一一年一月 一日起生效（二零一零年：零）。

• (c) Key management compensation (including the amounts disclosed in note 27)

• (c) 主要管理人員酬金（包括 於附註27 披露之款項）

		2011	2010
		二零一一年	二零一零年
		HK$’000	HK$’000
		千港元	千港元
Short-term employment benefits	短期僱員福利	58,411	60,879
Other long-term employment benefits	其他長期僱員福利	3,091 61,502	1,041 61,920

126 VST HOLDINGS LIMITED Annual Report 2011

Notes to the Financial Statements (continued) 財務報表附註（續） For the year ended 31 December 2011 截至二零一一年十二月三十一日止年度

1. Possible Impact of Amendments, New Standards and Interpretations Issued but not yet Effective for the Year ended 31 December 2011

2. 截至二零一一年十二月 三十一日止年度已頒佈 但尚未生效之修訂、新 準則及詮釋可能帶來之 影響

Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and five new standards which are not yet effective for the year ended 31 December 2011 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group:

截至該等財務報表之刊發日期，香港會 計師公會已頒佈於截至二零一一年十二 月三十一日止年度尚未生效且並未於該 等財務報表採納之若干修訂以及五項新 準則，包括以下可能與本集團有關者：

Amendments to HKAS 1,	香港會計準則第1號（修訂本），	1 July 2012
Presentation of financial statements —Presentation of items and other comprehensive income	財務報表的呈列： —項目及其他全面收入的呈列	二零一二年七月一日
HKFRS 10, Consolidated financial	香港財務報告準則第10號，	1 January 2013
statements	綜合財務報表	二零一三年一月一日
HKFRS 12, Disclosure of interests	香港財務報告準則第12號，	1 January 2013
in other entities	披露於其他實體的權益	二零一三年一月一日
HKFRS 13, Fair value measurement	香港財務報告準則第13號，	1 January 2013
	公平值計量	二零一三年一月一日
HKAS 27, Separate financial	香港會計準則第27號，	1 January 2013
statements (2011)	獨立財務報表（二零一一年）	二零一三年一月一日
HKAS 28, Investments	香港會計準則第28號，	1 January 2013
in associates and joint ventures	於聯營公司及合營企業的投資	二零一三年一月一日
HKFRS 9, Financial instruments	香港財務報告準則第9號，金融工具	1 January 2015
		二零一五年一月一日

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.

本集團正在評估此等修訂於首次應用期 間之預期影響。迄今為止，採納此等修 訂不大可能對本集團之經營業績及財務 狀況造成重大影響。

偉仕控股有限公司 二零一一年年報 127

Financial Summary 財務概要

A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out below:

本集團過去五個財政年度之業績以及資產與 負債概要載列如下：

Results

業績

業績
				Nine months
		Year ended	Year ended	ended	Year ended	Year ended
		31 December	31 December	31 December	31 March	31 March
		2011	2010	2009	2009	2008
		截至二零一一年	截至二零一零年	截至二零零九年	截至二零零九年	截至二零零八年
		十二月三十一日	十二月三十一日	十二月三十一日	三月三十一日	三月三十一日
		止年度	止年度	止九個月	止年度	止年度
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
Turnover	營業額	32,617,058	26,212,600	19,705,697	22,091,272	12,350,522
Profit before taxation	除稅前溢利	634,581	510,363	420,714	318,414	329,263
Taxation	稅項	(145,787)	(102,305)	(100,887)	(56,605)	(69,710)
Profit for the year/period	年╱期內溢利	488,794	408,058	319,827	261,809	259,553
Attributable to:	以下人士應佔：
Equity Shareholders of	本公司權益持有人	462,516	370,280	276,333	231,624	244,743
the Company
Non-controlling interests	非控股權益	26,278	37,778	43,494	30,185	14,810
		488,794	408,058	319,827	261,809	259,553

Assets and Liabilities

資產及負債

		As at	As at	As at	As at	As at
		31 December	31 December	31 December	31 March	31 March
		2011	2010	2009	2009	2008
		於二零一一年	於二零一零年	於二零零九年	於二零零九年	於二零零八年
		十二月三十一日	十二月三十一日	十二月三十一日	三月三十一日	三月三十一日
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
Total assets	總資產	8,545,115	7,905,510	6,391,828	4,755,011	5,095,669
Total liabilities	總負債	(5,747,886)	(5,579,178)	(4,494,639)	(3,403,719)	(3,906,095)
Total equity	總權益	2,797,229	2,326,332	1,897,189	1,351,292	1,189,574

128 VST HOLDINGS LIMITED Annual Report 2011

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