ZO Future Group - Annual Report 2013

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BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED 伯明翰環球控股有限公司

（ Incorporated in the Cayman Islands with Limited Liability ）（於開曼群島註冊成立之有限公司）

（ Stock Code 股份代號：2309）

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2011
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Contents 目錄

CoRpoRAte InfoRmAtIon	公司資料	2
ChAIRmAn’s stAtement	主席報告	4
mAnAgement DIsCussIon AnD AnAlysIs	管理層討論及分析	6
BIogRAphICAl DetAIls of DIReCtoRs	董事履歷	11
CoRpoRAte goveRnAnCe RepoRt	企業管治報告	13
RepoRt of the DIReCtoRs	董事會報告	21
InDepenDent AuDItoR’s RepoRt	獨立核數師報告	31
ConsolIDAteD stAtement of CompRehensIve InCome	綜合全面收益表	35
ConsolIDAteD stAtement of fInAnCIAl posItIon	綜合財務狀況表	37
stAtement of fInAnCIAl posItIon	財務狀況表	39
ConsolIDAteD stAtement of ChAnges In equIty	綜合股東權益變動表	40
ConsolIDAteD stAtement of CAsh flows	綜合現金流量表	41
notes to the ConsolIDAteD fInAnCIAl stAtements	綜合財務報表附註	45
fIve yeARs fInAnCIAl summARy	五年財務概要	148

年報 Annual Report 2011 1

Corporate InformatIon 公司資料

BOARD OF DIRECTORS

Executive Directors

mr. yeung Ka sing, Carson (Chairman)

mr. peter pannu (CEO) (appointed on 19 September 2012)

mr. hui ho luek, vico (resigned on 1 July 2012)

mr. steven mcmanaman (resigned on 2 June 2012)

mr. lee yiu tung (disqualified on 11 January 2013)

mr. Chan shun wah (appointed on 22 July 2010)

mr. Ip wing lun (resigned on 31 May 2011)

ms. wong po ling, pauline

mr. Cheung Kwai nang (appointed on 14 June 2012)

mr. hua yong (appointed on 30 August 2011 and resigned on 10 January 2012)

mr. Jiang hong qing (appointed on 30 August 2011 and resigned on 20 January 2012)

mr. yang yue Zhou (appointed on 30 August 2011 and resigned on 4 June 2012)

mr. ma shui Cheong (appointed on 7 December 2012)

Non-executive Directors

mr. Christian lali Karembeu (resigned on 17 December 2010)

mr. Chan wai Keung (resigned on 16 October 2012)

Independent Non-executive Directors

mr. Chang Kin man (resigned on 31 May 2011)

mr. yau yan ming, Raymond

mr. Zhou han ping (disqualified on 11 January 2013)

mr. wong Ka Chun, Carson (appointed on 25 June 2012)

COMPANY SECRETARY

mr. Ip wing lun (resigned on 7 December 2012)

mr. Chow hiu tung (appointed on 7 December 2012)

AUDIT COMMITTEE

mr. Chang Kin man (resigned on 31 May 2011)

mr. yau yan ming, Raymond

mr. Zhou han ping (disqualified on 11 January 2013)

mr. wong Ka Chun, Carson (appointed on 25 June 2012)

董事會

執行董事

楊家誠先生（主席） peter pannu 先生（首席執行官）（於二零一二年九月十九日獲委任）許浩略先生（於二零一二年七月一日辭任） steven mcmanaman 先生（於二零一二年六月二日辭任）

李耀東先生（於二零一三年一月十一日被取消資格）陳順華先生（於二零一零年七月二十二日獲委任）葉泳倫先生（於二零一一年五月三十一日辭任）王寶玲女士張貴能先生（於二零一二年六月十四日獲委任）

華勇先生（於二零一一年八月三十日獲委任及於二零一二年一月十日辭任）姜洪慶先生（於二零一一年八月三十日獲委任及於二零一二年一月二十日辭任）楊越洲先生（於二零一一年八月三十日獲委任及於二零一二年六月四日辭任）馬瑞昌先生（於二零一二年十二月七日獲委任）

非執行董事

Christian lali Karembeu 先生（於二零一零年十二月十七日辭任）陳偉強先生（於二零一二年十月十六日辭任）

獨立非執行董事

鄭健民先生（於二零一一年五月三十一日辭任）邱恩明先生周漢平先生（於二零一三年一月十一日被取消資格）黃家駿先生（於二零一二年六月二十五日獲委任）

公司秘書

葉泳倫先生（於二零一二年十二月七日辭任）周曉東先生（於二零一二年十二月七日獲委任）

審核委員會

2 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

Corporate InformatIon 公司資料

NOMINATION COMMITTEE AND REMUNERATION COMMITTEE

mr. Chang Kin man (resigned on 31 May 2011)

mr. yau yan ming, Raymond

mr. Zhou han ping (disqualified on 11 January 2013)

mr. Chan shun wah (appointed on 5 April 2012) mr. wong Ka Chun, Carson (appointed on 25 June 2012)

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

units 1901 & 1910, 19/f, harbour Centre, 25 harbour Road, wan Chai, hong Kong

REGISTERED OFFICE

Cricket square hutchins Drive p.o. Box 2681 grand Cayman Ky1-1111 Cayman Islands

SHARE REGISTRAR

Principal share registrar and transfer office

hsBC trustee (Cayman) limited p.o. Box 484, hsBC house, 68 west Bay Road, grand Cayman, Ky1-1106, Cayman Islands

Hong Kong Branch share registrar

tricor tengis limited 26/f., tesbury Centre 28 queen’s Road east wanchai, hong Kong

COMPANY WEBSITE

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

AUDITOR

Jh CpA Alliance limited

LEGAL ADVISERS TO THE COMPANY

As to Hong Kong law Robertsons solicitors & notaries

As to Cayman Islands law Conyers Dill & pearman, Cayman

PRINCIPAL BANKERS

wing hang Bank limited

STOCK CODE

2309

提名委員會及薪酬委員會 鄭健民先生（於二零一一年五月三十一日辭任）邱恩明先生周漢平先生（於二零一三年一月十一日被取消資格）陳順華先生（於二零一二年四月五日獲委任）黃家駿先生（於二零一二年六月二十五日獲委任）

香港主要營業地點 香港灣仔港灣道 25 號海港中心 19 樓 1901 及 1910 室

註冊辦事處

Cricket square hutchins Drive p.o. Box 2681 grand Cayman Ky1-1111 Cayman Islands

股份登記處

股份過戶登記總處

hsBC trustee (Cayman) limited p.o. Box 484, hsBC house, 68 west Bay Road, grand Cayman, Ky1-1106, Cayman Islands

股份過戶登記香港分處

卓佳登捷時有限公司香港灣仔皇后大道東 28 號金鐘滙中心 26 樓

公司網站

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

核數師 晉華會計師事務所有限公司

本公司之法律顧問有關香港法律 羅拔臣律師事務所

有關開曼群島法律

Conyers Dill & pearman, Cayman

主要往來銀行

永亨銀行有限公司

股份代號

2309

年報 Annual Report 2011

ChaIrman’s statement 主席報告

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on behalf of the Board of Directors (the “Board”) of Birmingham International holdings limited (the “Company”), I am pleased to report the audited consolidated results of the Company together with its subsidiaries (collectively the “group”) for the year ended 30 June 2011.

PERFORMANCE AND REVIEW

the group recorded a turnover of approximately hK$781 million for the year ended 30 June 2011, representing an increase of 34% comparing to the turnover of approximately hK$582 million in the fifteen months ended 30 June 2010. the group also recorded a net loss of approximately hK$785 million in the current year comparing to the net loss of approximately hK$431 million in the last period.

BUSINESS PROSPECT AND LOOKING FORWARD

the group is principally engaged in professional football operation, and entertainment and media services.

本人謹代表伯明翰環球控股有限公司（「本公司」）之董事會（「董事會」），欣然呈報本公司及其附屬公司（統稱「本集團」）截至二零一一年六月三十日止年度之經審核綜合業績。

表現及回顧

截至二零一一年六月三十日止年度，本集團錄得營業額約 781,000,000 港元，較截至二零一零年六月三十日止十五個月之營業額約 582,000,000 港元增加 34%。本集團亦於本年度錄得虧損淨額約 785,000,000 港元，而上一期間則錄得虧損淨額約 431,000,000 港元。

業務前景及展望將來

本集團主要從事職業足球業務，以及娛樂及媒體服務。

4 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

ChaIrman’s statement 主席報告

going forward, given the relegation from the premier league for the season ending 2010/2011, the BCp group’s revenue will shrink enormously due to the extinction of the premier league broadcasting income. the BCp group’s operation will require careful strategic planning to ensure high end earning football players are off loaded and to reduce overall costs whilst to generate new streams of revenue suitable for the expected environment in the Championship.

the BCp group will endeavor to secure a promotion back to the premier league in the season 2012/2013.

APPRECIATION

finally, I would like to take this opportunity to express my gratitude to my fellow directors, management, players, employees for their contribution and dedication to the development of the group and deep thanks to our shareholders, football club fans, other customers, suppliers and business partners for continuous support.

Mr. Yeung Ka Sing, Carson

Chairman

hong Kong, 15 march 2013

展望未來，鑑於二零一零年╱二零一一年球季於結束後從英格蘭超級聯賽降班，BCp 集團之收益將會因為英格蘭超級聯賽廣播收入終止而大減。BCp 集團之營運須謹慎規劃，以確保在冠軍聯賽之預期環境下削減高收入球員並減低整體成本，同時開拓新收益來源。

BCp 集團將盡力落實在二零一二年╱二零一三年球季重返英格蘭超級聯賽。

致謝

最後，本人謹此感謝各董事、管理層、球員及僱員對本集團發展所作出之貢獻及努力，並謹此向股東、球會支持者、其他客戶、供應商及業務夥伴一直以來之支持致以深切謝意。

主席

楊家誠先生

香港，二零一三年三月十五日

年報 Annual Report 2011

management DIsCussIon anD analysIs 管理層討論及分析

RESULTS

for the year ended 30 June 2011, the group recorded a consolidated turnover of approximately hK$781 million, representing an increase of 34% compared to the consolidated turnover of approximately hK$582 million in the fifteen months ended 30 June 2010. such increase was mainly due to the professional football business revenue generated from Birmingham City football Club (“BCfC”) whose holdings company was acquired by the Company in october 2009.

業績

截至二零一一年六月三十日止年度，本集團錄得綜合營業額約 781,000,000 港元，較截至二零一零年六月三十日止十五個月之綜合營業額約 582,000,000 港元增加 34%。有關增加乃主要由於自 Birmingham City football Club（「BCfC」）產生之職業足球業務收益所致，而本公司乃於二零零九年十月收購 BCfC 之控股公司。

the group’s loss before taxation for the year ended 30 June 2011 amounted to approximately hK$785 million (fifteen months ended 30 June 2010: net loss of approximately hK$432 million). the expense for the year included the impairment loss on goodwill of approximately hK$24 million (fifteen months ended 30 June 2010: approximately hK$400 million), the amortisation of intangible assets of approximately hK$166 million (fifteen months ended 30 June 2010: approximately hK$293 million), impairment loss on intangible assets of approximately hK$567 million (fifteen months ended 30 June 2010: nil) and the staff costs of approximately hK$562 million (fifteen months ended 30 June 2010: approximately hK$451 million). the loss of the group for the current year was mainly due to a very significant impairment loss on the intangible assets.

本集團截至二零一一年六月三十日止年度之除稅前虧損約為 785,000,000 港元（截至二零一零年六月三十日止十五個月：虧損淨額約 432,000,000 港元）。本年度開支包括商譽之減值虧損約 24,000,000 港元（截至二零一零年六月三十日止十五個月：約 400,000,000 港元）、無形資產攤銷約 166,000,000 港元（截至二零一零年六月三十日止十五個月：約 293,000,000 港元）、無形資產之減值虧損約 567,000,000 港元（截至二零一零年六月三十日止十五個月：零）及員工成本約 562,000,000 港元（截至二零一零年六月三十日止十五個月：約 451,000,000 港元）。本集團於本年度之虧損乃主要由於無形資產之非常重大減值虧損所致。

BUSINESS REVIEW AND PROSPECTS

the Company is engaged in investment holding. the principal activities of its main subsidiaries are engaged in professional football operation, entertainment and media services.

業務回顧及前景

本公司從事投資控股。其主要附屬公司之主要業務為從事職業足球營運以及娛樂及媒體服務。

FOOTBALL OPERATION BUSINESS

Birmingham City plc (“BCp”) is a company domiciled in the united Kingdom, the principal activities of Birmingham City plc and its subsidiaries (collectively refer to as the “BCp group”) was the operation of a professional football club in the united Kingdom. the revenue streams of BCp group comprised of (i) gate receipts which consisted of season and matchday tickets; (ii) broadcasting revenue, including distribution from the football Association and premier league broadcasting agreements, cup competitions and revenue from the local media; and (iii) commercial income which comprised of sponsorship income, corporate hospitality, merchandising, conference and banqueting and other sundry revenue.

足球營運業務

Birmingham City plc（「BCp」）為一間於英國註冊之公司，Birmingham City plc 及其附屬公司（統稱「BCp 集團」）之主要業務為英國之職業球會營運。BCp 集團之收入來源包括 (i) 包括賽季及比賽日門票之門票收入；(ii) 包括分銷英格蘭足球超級聯賽廣播協議、杯賽之廣播收入以及來自本地媒體之收入；及 (iii) 商業收入，包括贊助收入、公司款待、採購、會議及宴會，以及其他雜項收益。

6 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

management DIsCussIon anD analysIs 管理層討論及分析

FOOTBALL OPERATION BUSINESS (Continued)

BCp group contributed a turnover of approximately hK$778 million to the group’s turnover for the year. It contributed a profit before additional depreciation for revalued property and amortisation of intangible assets of approximately hK$56 million and a net loss of approximately hK$687 million to the group’s loss for the year (fifteen months ended 30 June 2010: approximately hK$5 million).

the BCp group will endeavor to secure a promotion back to the premier league in the season 2011/2012.

ENTERTAINMENT AND MEDIA BUSINESS

In the year ended 30 June 2011, the group recorded a turnover of approximately hK$0.2 million (fifteen months ended 30 June 2010: approximately hK$2 million) relating to entertainment and media services in the group’s overall turnover.

DIVIDEND

no dividend was paid or proposed for the year ended 30 June 2011 (fifteen months ended 30 June 2010: nil), nor has any dividend been proposed since the end of reporting date.

足球營運業務（續）

BCp 集團為本集團本年度營業額帶來約 778,000,000 港元之營業額。其為本集團之本年度帶來計及重估物業額外折舊及無形資產攤銷前溢利約 56,000,000 港元及虧損淨額 687,000,000 港元（截至二零一零年六月三十日止十五個月：約 5,000,000 港元）。

展望未來，鑑於從英格蘭超級聯賽二零一零年╱二零一一年球季於結束後降班，BCp 集團之收益將會因為英格蘭超級聯賽廣播收入終止而大減。BCp 集團之營運須謹慎規劃，以確保在冠軍聯賽之預期環境下削減高收入球員並減低整體成本，同時開拓新收益來源。

BCp 集團將盡力落實在二零一一年╱二零一二年球季重返英格蘭超級聯賽。

娛樂及媒體服務

於截至二零一一年六月三十日止年度，本集團於其整體營業額中錄得約 200,000 港元（截至二零一零年六月三十日止十五個月：約 2,000,000 港元）與娛樂及媒體服務有關之營業額。

股息

截至二零一一年六月三十日止年度並無派付或擬派股息（截至二零一零年六月三十日止十五個月：零），自報告期末以來亦無擬派任何股息。

年報 Annual Report 2011

management DIsCussIon anD analysIs 管理層討論及分析

FINANCIAL REVIEW

Liquidity and Financial Resources

the current ratio (current assets to current liabilities) of the group as at 30 June 2011 was 14.92% (2010: 19.37%) and the gearing ratio (borrowings in long term portion to equity and non-current liabilities) of the group as at 30 June 2011 was 104.12% (2010: 25.28%). the ratio of total liabilities to total assets of the group as at 30 June 2011 was 119.51% (2010: 72.68%).

財務回顧

流動資金及財務資源

於二零一一年六月三十日，本集團之流動比率（流動資產對流動負債）為 14.92%（二零一零年：19.37%），而本集團於二零一一年六月三十日之資本負債比率（長期借貸對權益及非流動負債）為 104.12%（二零一零年： 25.28%）。於二零一一年六月三十日，本集團之負債總額對資產總值之比率為 119.51% （二零一零年：72.68%）。

As at 30 June 2011, the cash and bank balances of the group amounted to approximately hK$8 million, representing a decrease of 50% compared to the cash and bank balances of approximately hK$16 million as at the last financial period end.

於二零一一年六月三十日，本集團之現金及銀行結餘約為 8,000,000 港元，較上個財政期末之現金及銀行結餘約 16,000,000 港元減少 50%。

As at 30 June 2011, the borrowings (including current portion and long term portion) of the group amounted to approximately hK$180 million (2010: hK$78 million), representing bank overdraft and bank loans in the united Kingdom and other borrowings in hong Kong.

於二零一一年六月三十日，本集團之借貸（包括流動部分及長期部分）約為 180,000,000 港元（二零一零年：78,000,000 港元），乃於英國之銀行透支及銀行貸款，以及於香港之其他借貸。

Capital Raising

(i) on 22 march 2011, the Company raised approximately hK$87,000,000, after expenses by issuing 450,000,000 shares by placements at subscription prices hK$0.2 each to provide additional working capital of the group, resulting in additional amount of approximately hK$4,500,000 and hK$82,500,000 standing in the share capital and share premium account respectively.

集資

(i) 於二零一一年三月二十二日，本公司透過按每股 0.2 港元之認購價配售發行 450,000,000 股股份，籌得約 87,000,000 港元（扣除開支後），以為本集團提供額外營運資金，分別為股本及股份溢價賬帶來約 4,500,000 港元及 82,500,000 港元之進賬。
(ii) on 4 may 2011, the Company raised approximately hK$49,000,000, after expenses by issuing 250,000,000 shares by placements at subscription prices of hK$0.2 and to provide additional working capital of the group, resulting in additional amount of approximately hK$2,500,000 and hK$46,500,000 standing in the share capital and share premium account respectively.
(ii) 於二零一一年五月四日，本公司透過按每股 0.2 港元之認購價配售發行 250,000,000 股股份，籌得約 49,000,000 港元（扣除開支後），以為本集團提供額外營運資金，分別為股本及股份溢價賬帶來約 2,500,000 港元及 46,500,000 港元之額外金額。

SHARE CAPITAL

Details of the movements in share capital of the Company during the year are set out in note 35 to the financial statements.

股本

本公司年內之股本變動詳情載於財務報表附註 35。

8 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

management DIsCussIon anD analysIs 管理層討論及分析

FOREIGN ExCHANGE ExPOSURE

the group’s subsidiaries mainly operates in the united Kingdom and most of their transactions, assets and liabilities are denominated in pound sterling (“£”) and does not have significant exposure to risk resulting from changes in foreign currency exchange rate. the group does not have any derivative financial instruments to hedge its foreign currency risks.

外匯風險

本集團附屬公司主要於英國營運，而其大部分交易、資產及負債以英鎊（「英鎊」）為單位，故並無因匯率變動而面對重大外匯風險。本集團並無使用任何衍生金融工具對沖其外匯風險。

PLEDGE OF GROUP’S ASSET

At 30 June 2011, the group has the freehold land and buildings with the carrying value of approximately £23 million (equivalent to approximately hK$271 million) pledged for bank borrowings and the general banking facilities granted to the group. the secured bank borrowings of the group of approximately hK$8 million are also secured by unlimited multilateral guarantees given by certain of its subsidiaries in the group.

本集團之資產質押

於二零一一年六月三十日，本集團質押賬面值約 23,000,000 英鎊（相等於約 271,000,000 港元）之永久業權土地及樓宇，作為授予本集團之銀行借貸及一般銀行融資之抵押品。本集團約 8,000,000 港元之有抵押銀行借貸亦以本集團內其若干附屬公司所提供之無限多邊擔保作抵押。

save as the above, the group did not have assets charged nor pledged to secure any outstanding borrowing.

除上述者外，本集團並無資產已抵押或質押作為任何未償還借貸之抵押品。

COMMITMENT

承擔

		2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元
Commitments for the acquisition of property,	收購物業、廠房及設備之承擔
plant and equipment
— contracted for but not provided	—已訂約但未撥備	— 634

HUMAN RESOURCE

As at 30 June 2011, the group employs approximately 200 full time employees and approximately 600 temporary staff in hong Kong and the united Kingdom (2010: 200 full time employees and 360 temporary staff). the group remunerated its employees mainly based on industrial practice, individual’s performance and experience. Apart from the basic remuneration, discretionary bonus may be granted to eligible employees with reference to the group’s performance as well as the individual performance. In addition, share options may also be granted from time to time in accordance with the term of the Company’s approved share option scheme.

人力資源

於二零一一年六月三十日，本集團於香港及英國僱用約 200 名全職僱員及約 600 名臨時僱員（二零一零年：200 名全職僱員及 360 名臨時僱員）。本集團主要根據行業慣例、個人表現及經驗制定其僱員之薪酬。除基本薪酬外，本集團可能根據本集團表現以及個人表現向合資格僱員授予酌情花紅。此外，本集團亦可能不時根據本公司獲批准之購股權計劃之條款授出購股權。

年報 Annual Report 2011 9

management DIsCussIon anD analysIs 管理層討論及分析

PLAYER TRANSFER COSTS

under the terms of contracts with other football clubs in respect of the player transfers, additional player transfer cost would become payable if certain specific performance conditions are met. the maximum amount not provided that could be payable in respect of the transfers up to 30 June 2011 was approximately hK$21,268,000 (equivalent to £1,706,000). As the end of the reporting period and up to the date of approval of the financial statement, none of these amounts has become crystallise.

no outstanding litigation at the end of the reporting period was noted in the Company.

EVENTS AFTER THE REPORTING PERIOD

(i) subsequent to the end of the reporting period, the football registrations of two players were contracted for sale during the winter transfer window in January 2013 and the said transfers are expected to be completed in August 2013. the terms of the agreement are confidential between the two parties and are therefore not disclosed.
(ii) the group have been approached by some prospective buyers to explore the possibility of purchasing BCp group. At the date of issuance of these consolidation financial statements, no binding agreement has been reached. Details of the potential sale are set out in the announcement of the Company dated 22 January 2013 and 26 february 2013.

球員轉會費用

根據就球員轉會與其他球會訂立之合約之條款，倘符合若干特定表現條件，則應付額外球員轉會費用。截至二零一一年六月三十日可能就轉會應付而尚未撥備之最高款項約為 21,268,000 港元（相等於 1,706,000 英鎊）。於報告期末及截至財務報表批准日期，概無該等款項已經實現。

於報告期末，就本公司所知，本公司並無未完結訴訟。

報告期後事項

(i) 報告期後，兩名球員之足球註冊已於二零一三年一月之冬季轉會期內訂約出售，上述轉會預期將於二零一三年八月完成。協議條款屬訂約雙方間之機密，因此不作披露。
(ii) 若干潛在買家曾與本集團接洽，以發掘購買 BCp 集團之可能性。於刊發此等綜合財務報表日期，概無達成具約束力之協議。有關潛在出售之詳情載於本公司於二零一三年一月二十二日及二零一三年二月二十六日刊發之公佈。

10 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

BIographICal DetaIls of DIreCtors 董事履歷

ExECUTIVE DIRECTORS

Mr. Yeung Ka Sing, Carson , aged 51, has accumulated many years of experience in international investments. he has been the Chairman of hong Kong Rangers football Club during 2005 to 2006. mr. yeung is a director of universal management Consultancy limited and universal energy Resources holdings limited.

Mr. Peter Pannu , aged 49, has obtained a ll. B degree and ll. m degree majoring in corporate and financial law from london university and a post graduate certificate law (p.C.l.l) from hong Kong City university. In addition, mr. pannu holds a master of management & Business of football from university of london. he was appointed on 19 september 2012.

Mr. Cheung Kwai Nang , aged 46, has extensive experience in law and litigation for both civil and criminal. he has obtained the qualification of ll. B and is a member of law society of hong Kong. mr. Cheung is a partner of K.B. Chau & Co.. he has been employed as a court prosecutor in the department of justice of hKsAR. he was appointed on 14 June 2012.

Mr. Chan Shun Wah , aged 48, has senior experience in the management of project investments. he also has extensive experience in engineering and multi-media. he has completed his diploma at the hong Kong polytechnic university. he was appointed as an executive director on 22 July 2010.

Ms. Wong Po Ling, Pauline , aged 33, is an associate member of the hong Kong Institute of Certified public Accountants, the Institute of Chartered Accountants in england and wales and a Certified tax Adviser in hong Kong. she is also an associate member of the Institute of Chartered secretaries and Administrator, the hong Kong Institute of Chartered secretaries and the taxation Institute of hong Kong and an ordinary member of the hong Kong securities Institute. she holds a master degree of Corporate governance and a Bachelor’s degree in Accountancy. ms. wong has more than 10 years of experience in financial accounting, management accounting and auditing, including working experience in other listed companies.

Mr. Ma Shui Cheong , aged 52. he is currently a managing director and an executive director of sing pao media enterprises limited (stock code: 8010) which is listed on the gem Board of the stock exchange of hong Kong limited. he holds a Bachelor Degree in Business Administration in management from the open university of hong Kong. In the past working experience, he had substantial senior management experience in managing various businesses.

執行董事

楊家誠先生 ，51 歲，在國際投資方面累積多年經驗。彼於二零零五年至二零零六年曾任香港流浪足球會主席。楊先生為環球資產管理有限公司及環球能源控股有限公司董事。

Peter Pannu 先生 ，49 歲，取得倫敦大學法學學士學位及法學碩士學位（公司及商業法），及香港城市大學法學研究生證書（法律專業證書）。此外，pannu 先生持有倫敦大學足球管理及業務碩士學位。彼於二零一二年九月十九日獲委任。

張貴能先生 ，46 歲，於法律以及民事及刑事訴訟方面擁有豐富經驗。彼已取得法律學士資格，並為香港律師會會員。張先生現為周啟邦律師事務所之合夥人。彼曾獲聘任為香港特別行政區律政司之法庭檢控主任。彼於二零一二年六月十四日獲委任。

陳順華先生 ，48 歲，於項目投資管理方面擁有資深經驗，亦於工程及多媒體方面擁有豐富經驗。彼已於香港理工大學完成其文憑課程。彼於二零一零年七月二十二日獲委任為執行董事。

王寶玲女士 ，33 歲，香港會計師公會及英格蘭及威爾斯特許會計師公會會員，並為香港註冊稅務師。彼亦為英國特許秘書及行政人員公會、香港特許秘書公會及香港稅務學會會員，以及香港證券專業學會會員。彼持有企業管治碩士學位及會計學學士學位。王女士於財務會計、管理會計與審計方面擁有逾 10 年經驗，當中包括於其他上市公司之工作經驗。

馬瑞昌先生 ，52 歲。彼現為香港聯合交易所有限公司創業板上市公司成報傳媒集團有限公司（股份代號：8010）之董事總經理及執行董事。彼持有香港公開大學管理學工商管理學士學位。彼從過去之工作經驗累積了管理多種業務之豐富高級管理層經驗。

年報 Annual Report 2011

BIographICal DetaIls of DIreCtors 董事履歷

INDEPENDENT NON-ExECUTIVE DIRECTORS

Mr. Yau Yan Ming, Raymond , aged 43, has over 13 years of work experience in auditing, accounting, taxation, company secretarial, corporate finance and financial management, in both private and listed companies. mr. yau is an associate member of both the hong Kong Institute of Certified public Accountants and American Institute of Certified public Accountants. he is currently an independent non-executive director of willie International holdings limited (stock code: 273), tack flori International group limited (stock code: 928) and Chanceton financial group limited (stock code: 8020) which are listed on the main board and growth enterprise market of the stock exchange of hong Kong and executive director of Chinese energy holdings limited (“formerly known as imerchants limited”) (stock code: 8009) which is listed on the growth enterprise market of the stock exchange of hong Kong. mr. yau holds a master degree in science majoring in Japanese business studies and Bachelor degree in Business Administration majoring in accounting in the united states of America. he was appointed as an independent non-executive director on 9 october 2007.

獨立非執行董事

邱恩明先生 ，43 歲，於私人及上市公司之核數、會計、稅務、公司秘書、企業融資及財務管理方面擁有逾 13 年工作經驗。邱先生為香港會計師公會及美國會計師公會會員。彼現為於香港聯交所主板上市之威利國際控股有限公司（股份代號：273），野馬國際集團有限公司（股份代號：928）及於香港聯交所創業板上市之川盟金融集團有限公司（股份代號：8020）之獨立非執行董事及於香港聯交所創業板上市之華夏能源控股有限公司（「前稱為菱控有限公司」）（股份代號：8009）之執行董事。邱先生持有美國理學碩士學位（主修日本商業研究）及工商管理學士學位（主修會計）。彼於二零零七年十月九日獲委任為獨立非執行董事。

Mr. Wong Ka Chun, Carson , aged 34, has substantial experience in auditing and financial accounting experiences. he is a member of the American Institute of Certified public Accountants. he was an executive director of Chinese energy holdings limited (“formerly known as imerchants limited”) (stock code: 8009) which is listed on the growth enterprise market of the stock exchange of hong Kong. mr. wong holds a Bachelor degree in economics from simon fraser university and a Diploma in financial management from British Columbia Institution of technology. he was appointed on 25 June 2012.

黃家駿先生 ，34 歲，於審核及財務會計方面擁有豐富經驗。彼為美國會計師公會會員。彼曾出任香港聯交所創業板上市之華夏能源控股有限公司（「前稱為菱控有限公司」）（股份代號：8009）之執行董事。黃先生持有西蒙菲莎大學經濟學學士學位及加拿大卑斯省理工學院財務管理文憑。彼於二零一二年六月二十五日獲委任。

12 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

Corporate governanCe report 企業管治報告

the board of directors of the Company (the “Board”) is pleased to present this Corporate governance Report in the Company’s annual report for the year ended 30 June 2011.

CORPORATE GOVERNANCE

the Board believes that good corporate governance is crucial to improve the efficiency and performance of the group and to safeguard the interests of the shareholders.

the Company has complied with the applicable code provisions of the Corporate governance Code (the “Cg Code”) as set out in Appendix 14 of the listing Rules throughout the year ended 30 June 2011 except for the deviations as detailed in the Company’s last annual report as follows:

(a) Code provision A.4.1 stipulates that non-executive directors should be appointed for a specific term, subject to reelection. the Company deviates from the above code provision as all non-executive director and independent nonexecutive Directors (“IneDs”) are not appointed for specific terms. According to the provisions of the Company’s Articles of Association, however, and IneDs are subject to retirement and re-election. the reason for the deviation is that the Company believes that the Directors ought to be committed to representing the long term interest of the Company’s shareholders.
(b) Code provision A.4.2 stipulates that all directors should be subject to retirement by rotation at least once every three years. pursuant to the Company’s Articles of Association, the chairman shall not be subject to retirement by rotation or be taken into account in determining the number of directors to retire in each year. In order to ensure the smooth running and continuous adhering to the strategic view of the Company, the Company believes that the position of chairman is more practical to be maintained and not to be subject to retirement by rotation.

本公司董事會（「董事會」）欣然提呈本公司截至二零一一年六月三十日止年度之年報所載之本企業管治報告。

企業管治

董事會相信良好企業管治對改善本集團效率與表現，以及保障股東利益至為重要。

本公司於截至二零一一年六月三十日止年度內一直遵守上市規則附錄十四所載之企業管治守則（「企業管治守則」）之適用守則條文，惟以下偏離（於本公司上一份年報詳述）除外：

(a) 守則條文第 A.4.1 條規定非執行董事之委任應有指定任期，並須接受重選。由於全部非執行董事及獨立非執行董事（「獨立非執行董事」）之委任並無指定任期，故本公司偏離上述守則條文。然而，根據本公司之組織章程細則，獨立非執行董事須退任及接受重選。偏離原因乃本公司相信董事須承諾代表本公司股東之長遠利益。
(b) 守則條文第 A.4.2 條規定所有董事應最少每三年輪值告退一次。根據本公司之組織章程細則，主席毋須輪值告退，而於釐定每年告退之董事人數時，亦不會計入其中。為確保本公司順利營運及持續堅守本公司之策略性視野，本公司相信主席維持其職務及毋須輪值告退更切實可行。

年報 Annual Report 2011 13

Corporate governanCe report 企業管治報告

DIRECTORS’ SECURITIES TRANSACTIONS

the Company has adopted the full set of model Code set out in Appendix 10 of the listing Rules as the code of the conduct for securities transactions by directors (the “model Code”). the prohibitions on securities dealing and disclosure requirements in the model Code apply to specified individuals including the group’s senior management and also persons who are privy to price sensitive information of the group. having made specific enquiry of all directors, the Board confirms that the directors of the Company have complied with the model Code regarding directors’ securities transactions during the year and up to the date of this Annual Report.

董事進行證券交易

本公司已採納上市規則附錄十所載之整套標準守則作為董事進行證券交易之行為守則（「標準守則」）。標準守則有關證券買賣之限制及披露規定適用於特定個別人士，包括本集團之高級管理人員及其他知悉本集團股價敏感資料之人士。經向全體董事作出特定查詢後，董事會確認於年內直至本年報刊發日期，本公司董事已遵守有關董事進行證券交易之標準守則。

CHAIRMAN AND CHIEF ExECUTIVE OFFICER

the Company has a separate chairman and chief executive officer. the two positions are assumed by different persons, in order to ensure that their independence, accountability and power are clear. mr. yeung Ka sing, Carson, the chairman of the Board, is responsible for the operation of the Board and the formulation of the Company’s strategies and policies, mr. pannu and mr. hui ho luek, vico (resigned on 1 July 2012), the chief executive officer, with the assistance of other members of the Board and senior management, is responsible for the management of the Company’s business, the implementation of significant policies, the daily operational decisions as well as the coordination of the overall.

主席及首席執行官

本公司設有主席及首席執行官兩職。兩個職位由不同人士擔任，以確保其獨立性、問責性及權力清晰。董事會主席楊家誠先生負責董事會運作及制定本公司策略及政策。首席執行官 pannu 先生及許浩略先生（於二零一二年七月一日辭任）在其他董事會成員及高級管理人員協助下，負責管理本公司業務、實施重大政策、作出日常營運決定以及整體協調。

BOARD OF DIRECTORS

(a) up to the date of this Annual Report, the Board comprises a total of eight members including six executive directors and two independent non-executive directors. members of the Board have different professional and relevant industry experiences and background so as to bring in valuable contributions and advices for the development of the group’s business. two out of eight of the Board is independent non-executive directors and one of them is qualified accountant in hong Kong.

董事會

(a) 截至本年報日期，董事會由合共八名成員組成，包括六名執行董事及兩名獨立非執行董事。董事會成員具備不同專業及相關行業經驗及背景，可為本集團之業務發展提供寶貴貢獻及意見。董事會八名成員中，兩名成員為獨立非執行董事，而其中一名為香港合資格會計師。

14 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

Corporate governanCe report 企業管治報告

BOARD OF DIRECTORS [(Continued)]

(b) the Company has received written annual confirmation from each independent non-executive director of their independence to the group. the group considered that all independent non-executive directors meet the independence guidelines set out in Rule 3.13 of the listing Rules and are independent in accordance with the terms of the guidelines. the names of the directors and their respective biographies are set out on pages 11 to 12 of this Annual Report.

董事會[（續）]

(b) 本公司已接獲各獨立非執行董事就彼等之獨立性而向本集團發出之年度確認書。本集團認為全體獨立非執行董事符合上市規則第 3.13 條所載之獨立指引，且根據該指引之條款屬獨立人士。董事姓名及彼等各自之履歷載於本年報第 11 至 12 頁。
(c) the Board holds meetings on a regular basis and will meet on other occasions when a board-level decision on a particular matter is required. the Board also monitors and controls financial performance in pursuit of the group’s strategic objectives. the names of the directors during the financial year and their individual attendance of are set out below:
(c) 董事會定期及於有需要就個別事項作出董事會決策時舉行會議。董事會亦監察及監控本集團於達致策略性目標時之財務表現。財政年度內之董事姓名及其個別出席率載列如下：

				Audit
			Board	Committee
Name of Directors	董事姓名		董事會	審核委員會
Executive:	執行董事：
mr. yeung Ka sing, Carson (Chairman)	楊家誠先生（主席）		6/15	n/A不適用
mr. hui ho luek, vico	許浩略先生
(resigned on 1 July 2012)	（於二零一二年七月一日辭任）		15/15	n/A不適用
mr. steven mcmanaman	steven mcmanaman先生
(resigned on 2 June 2012)	（於二零一二年六月二日辭任）		0/15	n/A不適用
mr. lee yiu tung	李耀東先生
(disqualified on 11 January 2013)	（於二零一三年一月十一日被取消資格）		13/15	n/A不適用
mr. Chan shun wah	陳順華先生
(appointed on 22 July 2010)	（於二零一零年七月二十二日獲委任）		13/14	n/A不適用
mr. Ip wing lun	葉泳倫先生
(resigned on 31 may 2011)	（於二零一一年五月三十一日辭任）		6/14	n/A不適用
ms. wong po ling, pauline	王寶玲女士		8/15	n/A不適用
mr. peter pannu (Ceo)	peter pannu先生（首席執行官）
(appointed on 19 september 2012)	（於二零一二年九月十九日獲委任）	n/A	不適用	n/A不適用
mr. Cheung Kwai nang	張貴能先生
(appointed on 14 June 2012)	（於二零一二年六月十四日獲委任）	n/A	不適用	n/A不適用
mr. ma shui Cheong	馬瑞昌先生
(appointed on 7 December 2012)	（於二零一二年十二月七日獲委任）	n/A	不適用	n/A不適用
mr. Jiang hong qing	姜洪慶先生
(appointed on 30 August 2011 and	（於二零一一年八月三十日獲委任及
resigned on 20 January 2012)	於二零一二年一月二十日辭任）	n/A	不適用	n/A不適用
mr. yung yue Zhou	楊越洲先生
(appointed on 30 August 2011 and	（於二零一一年八月三十日獲委任及
resigned on 4 June 2012)	於二零一二年六月四日辭任）	n/A	不適用	n/A不適用
mr. hua yong	華勇先生
(appointed on 30 August 2011 and	（於二零一一年八月三十日獲委任及
resigned on 10 January 2012)	於二零一二年一月十日辭任）	n/A	不適用	n/A不適用

年報 Annual Report 2011 15

Corporate governanCe report 企業管治報告

BOARD OF DIRECTORS [(Continued)]

董事會[（續）]

				Audit
			Board	Committee
Name of Directors	董事姓名		董事會	審核委員會
Non-executive:	非執行董事：
mr. Christian lali Karembeu	Christian lali Karembeu先生
(resigned on 17 December 2010)	（於二零一零年十二月十七日辭任）		0/7	n/A不適用
mr. Chan wai Keung	陳偉強先生
(resigned on 16 october 2012)	（於二零一二年十月十六日辭任）		0/15	n/A不適用
Independent non-executive:	獨立非執行董事：
mr. Chang Kin man	鄭健民先生
(resigned on 31 may 2011)	（於二零一一年五月三十一日辭任）		3/14	2/2
mr. yau yan ming, Raymond	邱恩明先生		8/15	2/2
mr. Zhou han ping	周漢平先生
(disqualified on 11 January 2013)	（於二零一三年一月十一日被取消資格）		0/15	2/2
mr. wong Ka Chun, Carson	黃家駿先生
(appointed on 25 June 2012)	（於二零一二年六月二十五日獲委任）	n/A	不適用	n/A不適用

(d) the Board is responsible for the leadership and control of the Company, oversee the group’s businesses and evaluate the performance of the group. the Board also focuses on overall strategies and policies with particular attention paid to the growth and financial performance of the group.
(d) 董事會負責本公司之領導及監控、監督本集團之業務及評估本集團之表現。董事會亦集中制定整體策略及政策，尤其關注本集團之增長及財務表現。
(e) the Board delegates day-to-day operations of the group to executive Directors and senior management, while reserving certain key matters for its approval. when the Board delegates aspects of its management and administration functions to management, it has given clear directions as to the powers of the management, in particular, with respect to the circumstances where management shall report back and obtain prior approval from the Board before making decisions or entering into any commitments on behalf of the Company.
(e) 董事會授權執行董事及高級管理人員處理本集團日常運作，同時保留批准若干關鍵事項之權力。董事會將其管理及行政職能授予管理層時，已就管理層之權力給予清晰指引，尤其是涉及管理層在何種情況下須作出匯報，及於代表本公司作出決定或作出任何承諾前須取得董事會之事先批准。

16 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

Corporate governanCe report 企業管治報告

NON-ExECUTIVE DIRECTORS

the Board has two non-executive directors mr. Christian lali Karembeu (resigned on 17 December 2010) and mr. Chan wai Keung (resigned on 16 october 2012). they are subject to retirement and eligible for election in annual general meeting in accordance with the Articles of Association of the Company.

NOMINATION COMMITTEE

the Board established a nomination Committee which comprises two independent non-executive directors and one executive director, mr. Chang Kin man (resigned on 31 may 2011), mr. yau yan ming, Raymond, mr. Zhou han ping (disqualified on 11 January 2013), mr. Chan shun wah (appointed on 5 April 2012) and mr. wong Ka Chun, Carson (appointed on 25 June 2012) up to the date of this report. It is chaired by mr. yau yan ming, Raymond. the terms of reference of the nomination Committee have been reviewed with reference to the Code.

the nomination Committee is responsible for reviewing the Board composition, developing and formulating relevant procedures for nomination and appointment of directors, making recommendations to the Board on the appointment and succession planning of directors, and assessment of the independence of the independent non-executive directors. the nomination Committee carries out the process of selecting and recommending candidates for directorships by making reference to the skills, experience, professional knowledge and personal integrity of such individuals, the Company’s needs and other relevant statutory requirements and regulations. An external recruitment agency may be engaged to carry out the recruitment and selection process when necessary.

the nomination Committee is also responsible for considering and approving the appointment of its members and making recommendations to shareholders on directors standing for reelection, providing sufficient biographical details of directors to enable shareholders to make an informed decision on the reelection and where necessary, nominate and appoint directors to fill casual vacancies. the chairman may in conjunction with the other directors from time to time review the composition of the Board with particular regard to ensuring that there is an appropriate number of directors on the Board independent of management.

非執行董事

董事會有兩名非執行董事 Christian lali Karembeu 先生（於二零一零年十二月十七日辭任）及陳偉強先生（於二零一二年十月十六日辭任）。彼等須根據本公司之組織章程細則於股東週年大會上輪值退任並符合資格膺選連任。

提名委員會

董事會設有提名委員會，截至本報告日期，成員包括兩名獨立非執行董事及一名執行董事鄭健民先生（於二零一一年五月三十一日辭任）、邱恩明先生、周漢平先生（於二零一三年一月十一日被取消資格）、陳順華先生（於二零一二年四月五日獲委任）及黃家駿先生（於二零一二年六月二十五日獲委任）。委員會由邱恩明先生擔任主席。提名委員會之職權範圍已參考守則作出檢討。

提名委員會負責檢討董事會組成、發展及制定提名及委任董事之有關程序、就董事之委任及繼任計劃向董事會提出建議，以及評核獨立非執行董事之獨立性。提名委員會參照候選人之技能、經驗、專業知識、個人誠信、本公司之需要，以及其他有關法定要求及法規，挑選及推薦候選人出任董事。本公司於有需要時或會委任外界人事顧問公司進行招聘及挑選工作。

提名委員會亦負責考慮及批准其成員之委任，並就擬重選之董事向股東提出建議，提供足夠董事履歷，以便股東就重選作出知情決定，並於有需要時提名及委任董事填補臨時空缺。主席可不時聯同其他董事檢討董事會組成，特別要確保董事會內有足夠董事人數獨立於管理人員。

年報 Annual Report 2011

Corporate governanCe report 企業管治報告

REMUNERATION COMMITTEE

the Board established a Remuneration Committee which comprises two independent non-executive directors and one executive director, namely mr. Chang Kin man (resigned on 31 may 2011), mr. yau yan ming, Raymond, mr. Zhou han ping (disqualified on 11 January 2013), mr. Chan shun wah (appointed on 5 April 2012) and mr. wong Ka Chun, Carson (appointed on 25 June 2012) up to the date of this report. mr. yau yan ming, Raymond is the chairman of the Committee.

the primary objectives of the Remuneration Committee include making recommendations on and approving the remuneration policy and structure and remuneration packages of the executive directors and the senior management. the Remuneration Committee is also responsible for establishing transparent procedures for developing such remuneration policy and structure to ensure that no director or any of his/her associates will participate in deciding his/her own remuneration, which remuneration will be determined by reference to the performance of the individual and the Company as well as market practice and conditions.

the Remuneration Committee normally meets annually for reviewing the remuneration policy and structure and determination of the annual remuneration packages of the executive directors and the senior management and other related matters. the Remuneration Committee shall consult the Board about these recommendations on remuneration policy and structure and remuneration packages.

Emolument Policy

the directors are paid fees in line with market practice. the group adopted the following main principles of determining the directors’ remuneration:

no individual should determine his or her own remuneration;
Remuneration should be broadly aligned with companies with who the group competes for human resources;
Remuneration should reflect performance.

In addition to the basic salaries, a share option scheme is adopted for rewarding good performers as well as retaining talented staff for the continual operation and development of the group.

薪酬委員會

董事會設有薪酬委員會，截至本報告日期，成員包括兩名獨立非執行董事及一名執行董事鄭健民先生（於二零一一年五月三十一日辭任）、邱恩明先生、周漢平先生（於二零一三年一月十一日被取消資格）、陳順華先生（於二零一二年四月五日獲委任）及黃家駿先生（於二零一二年六月二十五日獲委任）。邱恩明先生為委員會之主席。

薪酬委員會主要目標包括就薪酬政策及架構及執行董事及高級管理人員之薪酬待遇提出建議及作出批准。薪酬委員會亦負責就制定薪酬政策及架構設立具透明度之程序，以確保董事或其任何聯繫人士並無參與決定其本身之薪酬，其薪酬會參考個人及本公司表現及市場慣例及狀況釐定。

薪酬委員會一般會為檢討薪酬政策及架構及釐定執行董事及高級管理人員之年度薪酬待遇及其他相關事項而每年進行會晤。薪酬委員會須就其對薪酬政策及架構及薪酬待遇之建議諮詢董事會之意見。

酬金政策

董事獲支付之袍金符合市場慣例。本集團採納以下釐定董事酬金之主要原則：

任何個別人士不得釐定本身之酬金；
酬金應大致與本集團爭取人力資源之公司配合；
酬金應反映表現。

除基本薪金外，本公司亦採納購股權計劃，就本集團之持續經營及發展獎勵優秀員工及挽留有才幹職員。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

Corporate governanCe report 企業管治報告

AUDIT COMMITTEE

the Audit Committee comprises of two independent non-executive directors, namely mr. Chang Kin man (resigned on 31 may 2011), mr. yau yan ming, Raymond (Chairman of the Audit Committee), mr. Zhou han ping (disqualified on 11 January 2013) and mr. wong Ka Chun, Carson (appointed on 25 June 2012).

the main duties of the Audit Committee include the following:

to review the financial statements and reports and consider any significant or unusual items raised by the qualified accountant, compliance officer or external auditors before submission to the Board;
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, re-appointment and removal of external auditors;
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 30 June 2011 including the review the financial results and reports, financial reporting and compliance procedures, and the reappointment of the external auditors. the Board has not taken any different view from that of the Audit Committee regarding the selection, appointment, resignation or dismissal of external auditors.

there are no material uncertainties relating to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. the Board has not taken any different view from that of the Audit Committee regarding the selection, appointment, resignation or dismissal of external auditors.

the Company’s annual results for the year ended 30 June 2011 were reviewed by the Audit Committee.

審核委員會

審核委員會成員包括兩名獨立非執行董事鄭健民先生（於二零一一年五月三十一日辭任）、邱恩明先生（審核委員會主席）、周漢平先生（於二零一三年一月十一日被取消資格）及黃家駿先生（於二零一二年六月二十五日獲委任）。

審核委員會主要職責包括下列各項：

審閱財務報表及報告，並於呈交董事會之前考慮合資格會計師、合規主任或外聘核數師提出之任何重大或非尋常項目；
參考核數師所進行之工作、其酬金及聘用條款檢討與外聘核數師之關係，並就委聘、續聘及罷免外聘核數師向董事會提出建議；
檢討本公司財務申報制度、內部監控制度及風險管理制度及相關程序之足夠性及有效性。

審核委員會於截至二零一一年六月三十日止年度內舉行兩次會議，其工作包括審閱財務業績及報告、財務申報及合規程序以及續聘外聘核數師。就選擇、委聘、辭退或解聘外聘核數師而言，董事會與審核委員會之意見並無分歧。

本公司並不存在有關可能對其持續經營之能力產生重大疑問之事件或情況之重大不確定性。就選擇、委聘、辭退或解聘外聘核數師而言，董事會與審核委員會之意見並無分歧。

審核委員會已審閱本公司截至二零一一年六月三十日止年度之全年業績。

年報 Annual Report 2011 19

Corporate governanCe report 企業管治報告

AUDITORS’ REMUNERATION

An amount of approximately hK$1,100,000 was charged to the group’s consolidated financial statements for the year ended 30 June 2011 for the auditing services provided by Jh CpA Alliance limited.

INTERNAL CONTROLS

the Board had conducted a review of the effectiveness of the system of internal control of the group. the group’s internal control system includes a defined management structure with limits of authority, is designed to help the achievement of business objectives, safeguard assets against unauthorized use or disposition, ensure the maintenance of proper accounting records for the provision of reliable financial information for internal use or for publication, and ensure compliance with relevant legislation and regulations. the system is designed to provide reasonable, but not absolute, assurance against material misstatement or loss and to manage rather than eliminate risks of failure in operation systems and achievement of the group’s objectives. the Board throughout the group maintains and monitors the internal control systems on an ongoing basis.

核數師酬金

約 1,100,000 港元之款項已就晉華會計師事務所有限公司提供之審核服務自本集團截至二零一一年六月三十日止年度之綜合財務報表扣除。

內部監控

董事會已檢討本集團內部監控制度之成效。本集團之內部監控制度包括具有權限之界定管理架構，乃為協助達成業務目標、保管資產以防未經授權之使用或處理、確定適當之會計紀錄得以保存並可提供可靠之財務資料供內部使用或對外發放，並確保符合相關法例與規則而設。該制度旨在合理地（惟非絕對地）保證並無重大失實陳述或損失，並管理（而非減低）本集團之營運系統失誤之風險，以達成本集團之目標。董事會於本集團內持續維持及監察內部控制制度。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

report of the DIreCtors 董事會報告

the Board of Directors (the “Board”) have pleasure in submitting their report together with the audited financial statements of Birmingham International holdings limited (hereinafter referred as to the “Company”) and its subsidiaries (hereinafter collectively referred as to the “group”) for the year ended 30 June 2011.

PRINCIPAL ACTIVITIES

the principal activity of the Company is investment holding. the principal activities of the subsidiaries are engaged in (i) professional football operation; (ii) entertainment and media services and (iii) investment holding. the activities and other particulars of the subsidiaries are set out in note 20 to the consolidated financial statements.

RESULTS

the results of the group for the year ended 30 June 2011 are set out in the consolidated statement of comprehensive income on page 35 to 36.

the state of affairs of the group and the Company as at 30 June 2011 are set out in the consolidated and Company’s statement of financial position on pages 37 to 38 and 39 respectively.

the directors do not recommend the payment of a final dividend nor transfer of any amount to reserves in respect of the year ended 30 June 2011 (2010: nil).

SEGMENT INFORMATION AND TURNOVER

An analysis of the group’s turnover and contribution to the results by principal activities for the year ended 30 June 2011 is set out in notes 6 and 7 to the consolidated financial statements.

PROPERTY, PLANT AND EqUIPMENT

Details of the movements in property, plant and equipment of the group and of the Company during the year ended are set out in note 16 to the consolidated financial statements.

SHARE CAPITAL

Details of the movements in the Company’s share capital during the year ended are set out in note 35 to the consolidated financial statements respectively.

董事會（「董事會」）欣然提呈截至二零一一年六月三十日止年度之報告連同伯明翰環球控股有限公司（以下稱為「本公司」）及其附屬公司（以下統稱「本集團」）之經審核財務報表。

主要業務

本公司之主要業務為投資控股。其附屬公司之主要業務為 (i) 職業足球營運；(ii) 娛樂及媒體服務及 (iii) 投資控股。附屬公司之業務及其他資料載於綜合財務報表附註 20。

業績

本集團截至二零一一年六月三十日止年度之業績載於第 35 至第 36 頁之綜合全面收益表。

本集團及本公司於二零一一年六月三十日之財務狀況分別載於第 37 至 38 及 39 頁之綜合及本公司財務狀況表。

董事不建議派發截至二零一一年六月三十日止年度之末期股息或轉撥任何金額至儲備（二零一零年：零港元）。

分類資料及營業額

本集團截至二零一一年六月三十日止年度按主要業務劃分之營業額及業績貢獻分析載於綜合財務報表附註 6 及 7。

物業、廠房及設備

於年內，本集團及本公司物業、廠房及設備之變動詳情載於綜合財務報表附註 16。

股本

本公司於年內之股本變動詳情分別載於綜合財務報表附註 35。

年報 Annual Report 2011

report of the DIreCtors 董事會報告

RESERVES

Details of movements in the reserves of the group and of the Company during the year ended are set out in the consolidated statement of changes in equity on page 40 and note 36 to the consolidated financial statements.

FIVE YEARS FINANCIAL SUMMARY

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 148.

DIRECTORS

the Directors of the Company during the financial year and up to the date of this report were:

Executive Directors

mr. yeung Ka sing, Carson

mr. peter pannu (appointed on 19 september 2012) mr. hui ho luek, vico (resigned on 1 July 2012) mr. steven mcmanaman (resigned on 2 June 2012) mr. lee yiu tung (disqualified on 11 January 2013) mr. Chan shun wah (appointed on 22 July 2010) mr. Ip wing lun (resigned on 31 may 2011) ms. wong po ling, pauline mr. Cheung Kwai nang (appointed on 14 June 2012) mr. Jiang hong qing (appointed on 30 August 2011 and resigned on 10 January 2012)

mr. hua yong (appointed on 30 August 2011 and resigned on 20 January 2012) mr. yang yue Zhou (appointed on 30 August 2011 and resigned on 4 June 2012) mr. ma shui Cheong (appointed on 7 December 2012)

儲備

本集團及本公司於年內之儲備變動詳情載於第 40 頁之綜合股東權益變動表及綜合財務報表附註 36。

五年財務概要

本集團過去五個財政年度之業績及資產與負債概要載於第 148 頁。

董事

於本財政期間內及截至本報告日期，本公司之董事如下：

執行董事

楊家誠先生 peter pannu 先生（於二零一二年九月十九日獲委任）許浩略先生（於二零一二年七月一日辭任） steven mcmanaman 先生（於二零一二年六月二日辭任）李耀東先生（於二零一三年一月十一日被取消資格）陳順華先生（於二零一零年七月二十二日獲委任）葉泳倫先生（於二零一一年五月三十一日辭任）王寶玲女士張貴能先生（於二零一二年六月十四日獲委任）姜洪慶先生（於二零一一年八月三十日獲委任及於二零一二年一月十日辭任）華勇先生（於二零一一年八月三十日獲委任及於二零一二年一月二十日辭任）楊越洲先生（於二零一一年八月三十日獲委任及於二零一二年六月四日辭任）馬瑞昌先生（於二零一二年十二月七日獲委任）

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

report of the DIreCtors 董事會報告

DIRECTORS [(Continued)]

Non-executive Directors

mr. Christian lali Karembeu (resigned on 17 December 2010) mr. Chan wai Keung (resigned on 16 october 2012)

Independent Non-executive Directors

mr. Chang Kin man (resigned on 31 may 2011) mr. yau yan ming, Raymond mr. Zhou han ping (disqualified on 11 January 2013) mr. wong Ka Chun (appointed on 25 June 2012)

In accordance with Articles 87(1) and 87(2) of the Company’s Articles of Association, mr. hui ho luek, vico, mr. steven, mcmanaman, mr. lee yiu tung, mr. Ip wing lun, mr. Jiang hong qing, mr. hua yong, mr. yang yue Zhou, mr. Chan wai Keung, ms. wong po ling, pauline, mr. yau yan ming, Raymond, mr. Chang Kin man and mr. Zhou han ping, shall retire from office at the forthcoming annual general meeting (“Agm”) and mr. yau yan ming, Raymond shall be eligible for re-election.

DIRECTORS’ BIOGRAPHICAL DETAILS

Biographical details of the directors of the Company are set out on pages 11 to 12 of the annual report.

DIRECTORS’ SERVICES CONTRACTS

mr. steven mcmanaman (resigned on 2 June 2012), an executive Director, has entered into a service agreement with the Company for an initial fixed term of 3 years commencing from 2 July 2007 which is subject to termination with six months’ notice in writing served by either party to the other party or payment in lieu of notice. mr. mcmanaman is entitled to a monthly director’s salary of hK$100,000 which was determined by the Board on the basis of his qualification, experience and level of responsibilities and by reference to market benchmark. In 1 August 2008, the changes of the terms of employment under the service agreement have been made with the Company regarding a monthly director’s salary changed from hK$100,000 to hK$50,000 with effect from 1 August 2008. other than the rate of monthly director’s salary, the remaining terms of service agreement shall be unaffected. he is subject to retirement by rotation and re-election at annual general meeting of the Company in accordance with the Company’s Articles of Association.

董事[（續）] 非執行董事

Christian lali Karembeu 先生（於二零一零年十二月十七日辭任）陳偉強先生（於二零一二年十月十六日辭任）

獨立非執行董事

根據本公司之組織章程細則第 87(1) 條及 87(2) 條，許浩略先生、steven mcmanaman 先生、李耀東先生、葉泳倫先生、姜洪慶先生、華勇先生、楊越洲先生、陳偉強先生、王寶玲女士、邱恩明先生、鄭健民先生及周漢平先生將於應屆股東週年大會（「股東週年大會」）上退任，邱恩明先生將符合資格膺選連任。

董事履歷

本公司董事之履歷載於年報第 11 至 12 頁。

董事之服務合約

執行董事 steven mcmanaman 先生（於二零一二年六月二日辭任）已與本公司訂立服務協議，初步固定任期由二零零七年七月二日起，為期三年，直至任何一方向另一方發出六個月之書面通知或支付等額之代通知金為止。mcmanaman 先生有權獲取董事薪金每月 100,000 港元，乃由董事會根據其資歷、經驗及責任水平參考市場標準釐定。於二零零八年八月一日，本公司對服務協議項下之僱傭條款作出更改，將董事薪金由每月 100,000 港元改為 50,000 港元，由二零零八年八月一日起生效。除每月董事薪金外，服務協議之其餘條款均不受影響。彼將根據本公司之組織章程細則於本公司之股東週年大會上輪值退任及接受重選。

年報 Annual Report 2011

report of the DIreCtors 董事會報告

DIRECTORS’ SERVICES CONTRACTS

董事之服務合約[（續）]

(Continued)

mr. Christian lali Karembeu (resigned on 17 December 2010), an non-executive Director, has entered into a service agreement with the Company for an initial fixed term of 3 years commencing from 7 August 2007 which is subject to termination with six months’ notice in writing served by either party to the other party or payment in lieu of notice. mr. Karembeu is entitled to a monthly director’s salary of hK$100,000 which was determined by the Board on the basis of his qualification, experience and level of responsibilities and by reference to market benchmark. In 1 August 2008, the changes of the terms of employment under the service agreement have been made with the Company regarding a monthly director’s salary changed from hK$100,000 to hK$50,000 with effect from 1 August 2008. other than the rate of monthly director’s salary, the remaining terms of service agreement shall be unaffected. he is subject to retirement by rotation and re-election at annual general meeting of the Company in accordance with the Company’s Articles of Association.

save as the above, none of the directors has a services contract with Company and of its subsidiaries which is not determinable by the Company within one year without payment of compensation, other than statutory compensation.

DIRECTORS’ INTERESTS IN CONTRACTS

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

非執行董事 Christian lali Karembeu 先生（於二零一零年十二月十七日辭任）已與本公司訂立服務協議，初步固定任期由二零零七年八月七日起，為期三年，直至任何一方向另一方發出六個月之書面通知或支付等額之代通知金為止。Karembeu 先生有權獲取董事薪金每月 100,000 港元，乃由董事會根據其資歷、經驗及責任水平參考市場標準釐定。於二零零八年八月一日，本公司對服務協議項下之僱傭條款作出更改，將董事薪金由每月 100,000 港元改為 50,000 港元，由二零零八年八月一日起生效。除每月董事薪金外，服務協議之其餘條款均不受影響。彼將根據本公司之組織章程細則於本公司之股東週年大會上輪值退任及接受重選。

除上述者外，概無董事與本公司及其附屬公司訂立本公司不可於一年內免付賠償（法定賠償除外）予以終止之服務合約。

董事之合約權益

本公司或其任何附屬公司概無訂立於年終或年內任何時間仍然生效、本公司董事直接或間接擁有重大權益而對本集團業務關係重大之合約。

24 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

report of the DIreCtors 董事會報告

DIRECTORS’ INTERESTS IN SECURITIES

As at 30 June 2011, the interests of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of part Xv of the securities and futures ordinance (the “sfo”)) as recorded in the register required to be kept by the Company under section 352 of the sfo, or as otherwise notified to the Company and the stock exchange pursuant to the model Code, were as follows:

董事之證券權益

於二零一一年六月三十日，根據證券及期貨條例（「證券及期貨條例」）第 352 條規定本公司須予保存之登記冊所記錄，或根據標準守則本公司及聯交所接獲之通知，各董事及本公司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第 Xv 部）之股份、相關股份及債券之權益如下：

(i) Shares

(i) 股份

Name of directors 董事姓名 Nature of interest 權益性質 notes 附註	Number of issued ordinary shares held 所持已發行普通股數目	Percentage of the issued share capital of the Company 佔本公司已發行股本百分比
mr. yeung Ka sing, Carson 楊家誠先生 held by controlled corporation 由受控制公司持有 (1) personal interest 個人權益 mr. peter pannu personal interest peter pannu先生個人權益 mr. Cheung Kwai nang personal interest 張貴能先生個人權益 mr. hui ho luek, vico (resigned on 1 July 2012) 許浩略先生（於二零一二年七月一日辭任） held by controlled corporation 由受控制公司持有 (2)	837,469,066 (l) 185,452,800 (l) 1,022,921,866 1,500,000 (l) 250,000 (l) 163,800,000 (l)	21.54% 4.77%
		26.31%
		0.04% 0.01% 4.21%

the letter “l” denotes a long position in shares of the Company.

「l」代表於本公司股份之好倉。

Notes:

附註：

(1) these shares were held by great luck management limited, a company incorporated in the British virgin Islands and wholly owned by mr. yeung Ka sing, Carson.
(1) 該等股份由鴻祥管理有限公司持有，該公司乃於英屬處女群島註冊成立，並由楊家誠先生全資擁有。
(2) these shares were held by premier Rise Investments limited, a company incorporated in the British virgin Islands and wholly owned by mr. hui ho luek, vico.
(2) 該等股份由致尊投資有限公司持有，該公司乃於英屬處女群島註冊成立，並由許浩略先生全資擁有。

年報 Annual Report 2011 25

report of the DIreCtors 董事會報告

DIRECTORS’ INTERESTS IN SECURITIES

董事之證券權益[（續）]

(Continued)

(ii) Share options (ii) 購股權 Nature of Number of Exercise price Name of director interest options held per share Expiry date 董事姓名權益性質所持購股權數目每股行使價屆滿日期 hK$ 港元 mr. steven mcmanaman Beneficial owner 2,089,720 1.0777 20 August 2017 (resigned on 2 June 實益擁有人二零一七年八月二十日 2012)

steven mcmanaman 先生（於二零一二年六月二日辭任）

save as disclosed above, as at 30 June 2011, none of the Directors and chief executives and their associates has any interests in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of part Xv of the sfo) which were required to be notified to the Company and the stock exchange pursuant to Divisions 7 & 8 of part Xv of the sfo (including interests which they are taken or deemed to have under section 344 of the sfo), or which are required, pursuant to section 352 of the sfo, to be entered in the register referred to therein, or which are required to be notified to the Company and the stock exchange pursuant to the model Code for securities transactions by Directors of listed Companies.

除上文所披露者外，於二零一一年六月三十日，董事及主要行政人員與彼等之聯繫人士並無於本公司或其任何相聯法團（定義見證券及期貨條例第 Xv 部）之股份、相關股份及債券中擁有任何根據證券及期貨條例第 Xv 部第 7 及第 8 分部須知會本公司及聯交所之權益（包括根據證券及期貨條例第 344 條被視為或當作擁有之權益），或根據證券及期貨條例第 352 條須載入該條例所指之登記冊之權益，或根據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。

26 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

report of the DIreCtors 董事會報告

SUBSTANTIAL SHAREHOLDERS

As at 30 June 2011, the following parties (not being Directors or chief executive of the Company disclosed under the section “Directors’ Interests in securities”) had an interest in 5% or more of the shares and underlying shares of the Company as recorded in the register required to be kept by the Company pursuant to section 336 of the sfo.

主要股東

於二零一一年六月三十日，根據證券及期貨條例第 336 條規定本公司須予保存之登記冊所記錄，下列人士（「董事之證券權益」一節所披露之董事或本公司主要行政人員除外）於本公司之股份及相關股份中擁有 5% 或以上權益。

			Percentage of
	Number of issued		the issued share
	ordinary shares		capital of the
	interested	Long/Short	Company
Name of substantial shareholder	擁有權益之	Position in shares	佔本公司
主要股東名稱	已發行普通股數目	股份之好╱淡倉	已發行股本百分比
liu Xingcheng	453,237,000	long position	14.22%
劉星成		好倉

save as disclosed above, as at 30 June 2011, no person had registered an interest and short positions in the share capital of the Company that was required to be recorded under section 336 of the sfo.

除上文所披露者外，於二零一一年六月三十日，概無人士已登記於本公司股本中擁有根據證券及期貨條例第 336 條須予記錄之權益及淡倉。

PURCHASE, SALE OR REDEMPTION OF SECURITIES OF THE COMPANY

During the year ended 30 June 2011, neither the Company, nor any of its subsidiaries has purchased, redeemed or sold any of the Company’s listed securities.

購買、出售或贖回本公司證券

截至二零一一年六月三十日止年度內，本公司或其任何附屬公司概無購買、贖回或出售本公司任何上市證券。

年報 Annual Report 2011 27

report of the DIreCtors 董事會報告

DIRECTORS’ INTEREST IN COMPETING BUSINESS

During the year and up to date of this report, no director of the Company or any of its subsidiaries is considered to have an interest in a business which competes or is likely to compete, either directly or indirectly, with the business of the group, pursuant to the listing Rules, other than those business of which the directors were appointed as directors to represent the interest of the Company and/or the group.

PRE-EMPTIVE RIGHTS

there are no provisions for pre-emptive rights under the Company’s Articles of Association or the laws of the Cayman Islands, being the jurisdiction in which the Company was incorporated, which would oblige the Company to offer new shares on a pro rata basis to its existing shareholders.

DIRECTORS’ RIGHTS TO ACqUIRE SHARES OR DEBENTURES

save as disclosed under the heading “shARe optIon sCheme” below, at no time during the year was the Company, its holding company or any of its subsidiaries, a party to any arrangements to enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of the Company or any other body corporate. none of the directors, or their spouses or their children under the age of 18, had any right to subscribe for the shares of the Company, or had exercised any such rights during the year.

董事於競爭性業務之權益

於年內及截至本報告日期，本公司或其任何附屬公司之董事概無被視為擁有（根據上市規則）與本集團業務直接或間接構成競爭或可能構成競爭之業務中擁有權益，惟董事獲委任為董事，以代表本公司及╱或本集團權益而參與之業務則除外。

優先購股權

本公司之組織章程細則或開曼群島（本公司註冊成立所在之司法權區）法例概無載列有關本公司須按比例向其現有股東提呈發售新股份之優先購買權規定。

董事認購股份或債券之權利

除下文「 購股權計劃 」所披露者外，本公司、其控股公司或其任何附屬公司於年內任何時間並無參與任何安排，致使本公司之董事藉購入本公司或任何其他法團之股份或債券而獲取利益。董事或彼等之配偶或未滿十八歲之子女於年內概無擁有認購本公司股份之任何權利或已行使任何有關權利。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

report of the DIreCtors 董事會報告

SHARE OPTION SCHEME

under the old share option scheme and new share option scheme adopted by the Company on 22 october 2002 and 30 July 2007 respectively, the board of directors of the Company may, at its discretion, grant options to eligible participants to subscribe for share in the Company. the details of share option scheme are set out in note 41 to the consolidated financial statements.

購股權計劃

根據本公司分別於二零零二年十月二十二日及二零零七年七月三十日採納之舊購股權計劃及新購股權計劃，本公司董事會可酌情向合資格參與者授出購股權，以認購本公司股份。購股權計劃詳情載於綜合財務報表附註 41。

Details of the movements of share options granted under the old scheme and new scheme during the year are set out below:

本公司根據舊計劃及新計劃授出之購股權於年內之變動詳情載列如下：

Date of grant 授出日期	Outstanding as at 30 June 2010 and 2011 於二零一零年及二零一一年六月三十日尚未行使 Exercise price 行使價 Note (i) 附註(i)
Directors: 董事： steven mcmanaman (resigned on 2 June 2012) steven mcmanaman（於二零一二年六月二日辭任） 21 August 2007 二零零七年八月二十一日 employees: 僱員： 7 June 2007 二零零七年六月七日 Grand total	2,089,720 1.0777 25,076,636 0.4786 27,166,356

Grand total 總計

(i) the exercise prices and numbers of share options have been adjusted due to the completion of open offer.

(i) 行使價及購股權數目已因公開發售完成而作出調整。

CORPORATE GOVERNANCE

the Company’s corporate governance principles and practices are set out in the Corporate governance Report on pages 13 to 20 of this Annual Report.

企業管治

本公司之企業管治原則及常規載於本年報第 13 至 20 頁企業管治報告內。

年報 Annual Report 2011

report of the DIreCtors 董事會報告

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

the Company has adopted the model Code for securities transactions by Directors of listed Issuers (the “model Code”) as set out in Appendix 10 to the listing Rules as its own Code of conduct regarding securities transaction by the Directors of the Company. All Directors have confirmed following specific enquiry by the Company that they have complied with the required standard set out in the model Code during the year ended 30 June 2011.

AUDIT COMMITTEE

the Audit Committee comprises two independent non-executive directors of the Company has reviewed with the management in the accounting principles and practices adopted by the group and discussed auditing, internal control and financial reporting matters including review of the audited financial information and financial report for the year ended 30 June 2011.

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the knowledge of the directors of the Company as at date of this report, the Company has maintained the prescribed public float under the listing Rules.

AUDITOR

the financial statements for the 15 months ended 30 June 2010 was audited by BDo limited. on 31 october 2012 BDo limited resigned as auditors of the Company and Jh CpA Alliance limited was appointed by the directors to till the causal vacancy so arising and the financial statements for the year ended 31 June 2011 were audited by Jh CpA Alliance limited. A resolution for the reappointment of Jh CpA Alliance limited as auditors of the Company will be proposed of the forthcoming annual general meeting of the Company.

on behalf of the Board

Yeung Ka Sing, Carson

Executive Director and Chairman

hong Kong, 15 march 2013

董事進行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發行人董事進行證券交易的標準守則（「標準守則」），作為其有關本公司董事進行證券交易之行為守則。於本公司作出特定查詢後，全體董事均已確認彼等於截至二零一一年六月三十日止年度內一直遵守標準守則所載之規定標準。

審核委員會

審核委員會由本公司兩名獨立非執行董事組成，其已與管理層審閱本集團所採納之會計原則及慣例，並商討審核、內部監控及財務申報事宜，包括審閱截至二零一一年六月三十日止年度之經審核財務資料及財務報告。

公眾持股量之充足性

根據本公司可公開取得之資料及就本公司董事於本報告日期所知，本公司已維持上市規則所規定之公眾持股量。

核數師

截至二零一零年六月三十日止十五個月之財務報表經香港立信德豪會計師事務所有限公司審核。於二零一二年十月三十一日，香港立信德豪會計師事務所有限公司辭任本公司之核數師，及晉華會計師事務所有限公司獲董事委聘以填補因此產生之臨時空缺，截至二零一一年六月三十日止年度之財務報表經晉華會計師事務所有限公司審核。將於本公司應屆股東週年大會上提呈續聘晉華會計師事務所有限公司為本公司核數師之決議案。

代表董事會執行董事兼主席 楊家誠

香港，二零一三年三月十五日

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

InDepenDent auDItor’s report 獨立核數師報告

==> picture [212 x 38] intentionally omitted <==

Certified Public Accountants

TO THE SHAREHOLDERS OF BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED

致伯明翰環球控股有限公司各股東

（於開曼群島註冊成立之有限公司）

(Incorporated in the Cayman Islands with limited liability)

we were engaged to audit the consolidated financial statements of Birmingham International holdings limited (the “Company”) and its subsidiaries (collectively referred to as the “group”) set out on pages 35 to 147, which comprise the consolidated and company statements of financial position as at 30 June 2011, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

吾等獲委聘審核列載於第 35 至 147 頁伯明翰環球控股有限公司（「貴公司」）及其附屬公司（統稱為「貴集團」）之綜合財務報表，此財務報表包括於二零一一年六月三十日之綜合及公司財務狀況表與截至該日止年度之綜合全面收益表、綜合股東權益變動表及綜合現金流量表，以及主要會計政策及其他附註解釋。

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.

董事就綜合財務報表須承擔之責任

本公司董事須負責根據香港會計師公會頒佈之香港財務報告準則及香港公司條例之披露要求編製及真實而公平地呈列綜合財務報表並落實董事認為編製綜合財務狀況表所必要之內部監控，以使該等財務報表不存在由於欺詐或錯誤而導致之重大錯誤陳述。

AUDITOR’S RESPONSIBILITY

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

核數師之責任

吾等之責任是根據吾等之審核，對綜合財務報表作出意見，並僅向整體股東報告，除此之外本報告別無其他目的。吾等不會就本報告之內容向任何其他人士負上或承擔責任。

香港上環文咸東街68號興隆商業大廈17樓1702室

Room 1702, Hing Lung Commercial Building, 68 Bonham Stand, Sheung Wan, Hong Kong

電話： 2573 9063 傳真： 28912830

Tel ： 2573 9063 Fax ： 28912830

年報 Annual Report 2011

InDepenDent auDItor’s report 獨立核數師報告

except for the limitations in scope of our work as described in the basis for disclaimer of opinion paragraphs and the fundamental uncertainties relating to the going concern basis as explained below, 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. however, because of the matters described in the basis for disclaimer of opinion paragraphs, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.

BASIS FOR DISCLAIMER OF OPINION

Limitation of Scope

1. Royalty Fee Income

on 14 January 2010, the group entered into a sponsorship and co-operation agreement (the “Agreement”) with an independent third party. pursuant to the Agreement, the group agreed to enter into further agreements with the independent third party for the use of the Birmingham football Club’s (the “BCfC”) logo to manufacture sportswear (the “sportswear”) during the five football seasons for the period from August 2010 to may 2015, and in return, the independent third party will pay a royalty fee to the group. the royalty, subject to the said mutual agreements, is to be calculated at a certain percentage to be determined based on the performance of BCfC in english premier league or in the uefA Cup tournaments and by reference to the aggregate amount of the net sales prices of the sportswear sold.

following the relegation of BCfC from the english premier league in the 2010/2011 football season, the independent third party has early terminated the agreement. no information was provided by the independent third party in relation to the royalty fee for the respective periods. up to the date of this report, the group and the independent third party are in the process of negotiating the royalty fee for the respective periods.

除不發表意見等段所述之工作範圍限制及下文所闡釋之有關持續經營基準之基本不確定性外，吾等已根據香港會計師公會頒佈之香港審核準則進行審核。該等準則要求吾等遵守道德規範，並規劃及執行審核，合理地確定綜合財務報表是否不存在任何重大錯誤陳述。然而，由於不發表意見等段所述事宜，吾等未能獲取充足及適當之審核憑證，為吾等之審核意見提供基礎。

不發表意見之基準範圍限制

1. 特許權使用費收入 於二零一零年一月十四日，貴集團與一名獨立第三方訂立贊助及合作協議（「該協議」）。根據該協議，貴集團同意與該獨立第三方另行訂立協議，以於二零一零年八月至二零一五年五月期間之五個球季內使用 Birmingham football Club

（「BCfC」）標誌製造運動服裝（「運動服裝」），作為回報，該獨立第三方將向貴集團支付特許權使用費（受限於另行訂立之雙方協議）。特許權使用費（受限於上述雙方協議）按將根據 BCfC 於英超或歐霸盃比賽之表現及參考已售運動服裝淨售價總額而釐定之某百分比計算。

BCfC 於二零一零年╱二零一一年球季由英超降班後，該獨立第三方已提早終止協議。該獨立第三方並無提供有關相關期間特許權使用費之資料。截至本報告日期，貴集團與該獨立第三方正在就相關期間之特許權使用費進行磋商。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

InDepenDent auDItor’s report 獨立核數師報告

the group has not recognised any royalty income generated from the usage of the BCfC logo. there was no adequate system of internal control on which we could rely on for the purposes of our audit. there were no other satisfactory evidence available to us to ascertain the amount and there were no alternative procedure that we could perform to satisfy ourselves as to the completeness of the recorded turnover for the year ended 30 June 2011.

2. Amounts Due to Directors

Included in the amounts due to directors in the statements of financial position as at 30 June 2011 is an amount due to hui ho leuk, vico (“mr. hui”) of approximately hK$5,765,000. mr. hui resigned as director of the Company on 1 July 2012. we were unable to obtain sufficient evidence to verify the amount and repayment terms of this amount. there were no other satisfactory audit procedures including direct confirmation that we could perform to satisfy ourselves as to whether this amount was fairly stated in the statements of financial position as at 30 June 2011.

Any adjustments that might have been found to be necessary in respect of the above figures would have a significant consequential effect on the financial positions of the group as at 30 June 2011, and the loss and cash flows of the group for the year then ended and the related disclosures in the consolidated financial statements.

FUNDAMENTAL UNCERTAINTY RELATING TO THE GOING CONCERN BASIS

As explained in note 3 to the consolidated financial statements, which indicates that the group incurred a consolidated loss attributable to owners of the Company of approximately hK$612,054,000 for the year ended 30 June 2011, and had a consolidated net current liabilities of approximately hK$386,405,000 and a capital deficiency of approximately hK$122,365,000 as at 30 June 2011, the consolidated financial statements have been prepared on a going concern basis, the validity of which is dependent on future funding available and the favorable outcome from selling of player’s registration.

貴集團並無確認使用 BCfC 標誌所產生之任何特許權使用費收入。吾等大部份時間並無足夠內部監控系統可供進行審核時依賴。吾等並無其他可信納之憑證以確定該金額，亦無其他程序可進行，以使吾等信納截至二零一一年六月三十日止年度所錄得營業額之完整性。

2. 應付董事款項

於二零一一年六月三十日之財務狀況表中應付董事款項包括應付董事許浩略（「許先生」）款項約 5,765,000 港元。許先生於二零一二年七月一日辭任貴公司董事。吾等無法取得足夠資料以核實該金額及其還款期。吾等並無其他可進行之令人滿意審核程序（包括直接確認），以使吾等信納此款項是否於二零一一年六月三十日之財務狀況表中公平地呈列。

任何發現須對上述數字作出之調整可能因而對貴集團於二零一一年六月三十日之財務狀況、貴集團截至該日止年度之溢利及現金流量以及綜合財務報表之相關披露事項構成重大影響。

有關持續經營基準之基本不確定性

誠如綜合財務報表附註 3 所解釋，貴集團於二零一一年六月三十日錄得截至二零一一年六月三十日止年度貴公司擁有人應佔綜合虧損約 612,054,000 港元，並有綜合流動負債約 386,405,000 港元及資金不足約 122,365,000 港元，綜合財務報表乃按持續經營基準編製，其有效性取決於未來能否取得資金及出售球員註冊之有利結果。

年報 Annual Report 2011

InDepenDent auDItor’s report 獨立核數師報告

the consolidated financial statements do not include any adjustments that would result from the unavailability of future funding. we consider that appropriate disclosures have been made. however, the uncertainty surrounding the outcomes of future funding available and the revenue from the sale of player’s registration raises significant doubt about the group’s ability to continue as a going concern.

the consolidated financial statements do not include any adjustments that may be necessary should the future funding be unavailable. we consider that appropriate disclosures have been made in the consolidated financial statements concerning this situation, but we consider that this fundamental uncertainty relating to whether the going concern basis is appropriate is so extreme that we have disclaimed our opinion.

DISCLAIMER OF OPINION

Because of the significance of the matters described in the basis for disclaimer of opinion paragraphs and the material uncertainty relating to the going concern basis as described above, we do not express an opinion on the consolidated financial statements as to whether they give a true and fair view of the state of affairs of the group and of the Company as at 30 June 2011, and of the group’s loss and cash flows for the year then ended in accordance with hong Kong financial Reporting standards. In all other respects, in our opinion, the consolidated financial statements have been properly prepared in accordance with the disclosure requirements of the hong Kong Companies ordinance.

JH CPA Alliance Limited

Certified Public Accountants

15 march 2013 fung Kwok leung practising Certificate number: p2357

綜合財務報表並不包括未能取得資金而可能產生之任何調整。吾等認為已作出適當披露。然而，有關取得未來資金結果之不確定性對貴集團持續經營之能力構成重大疑問。

綜合財務報表並不包括倘不能取得資金時所需作出之任何調整。吾等認為已於綜合財務報表中就此情況作出適當披露，惟吾等認為此有關持續經營基準是否適當之基本不確定性極高，以致吾等不發表意見。

不發表意見

基於不發表意見之基準段落所述事項之重大性及上述有關持續經營基準之重大不確定性，吾等並不對綜合財務報表是否根據香港財務報告準則真實而公平地反映貴集團及貴公司於二零一一年六月三十日之事務狀況以及貴集團截至該日止年度之溢利及現金流量發表意見。在所有其他方面，吾等認為綜合財務報表已按照香港公司條例之披露規定妥善編製。

晉華會計師事務所有限公司

執業會計師二零一三年三月十五日馮國良執業證書編號：p2357

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

ConsolIDateD statement of ComprehensIve InCome 綜合全面收益表 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

		Notes	For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月 for the 15 months ended 30 June 2010 截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000
		附註	千港元千港元
turnover operating expenses	營業額經營開支	7	781,366 581,596 (711,389) (446,481)
profit from operations before	未計攤銷之經營溢利
amortisations other revenue and net gains	其他收益及盈利淨值	8	69,977 135,115 3,820 5,407
profit on sales of players’ registrations	出售球員註冊之溢利		7,259 3,454
gain on disposal of subsidiaries	出售附屬公司之收益	37	— 17,311
fair value gain on available-for-sale	可供出售金融資產之
financial assets	公平值收益	21	— 236,079
Impairment loss on property,	物業、廠房及設備之
plant and equipment	減值虧損	16	(10,213) (1,285)
Impairment loss on intangible assets	無形資產之減值虧損	18	(566,692) —
Impairment loss on goodwill	商譽之減值虧損	19	(23,574) (400,000)
Impairment loss on other receivables	其他應收款項之減值虧損	24	(6,488) —
Impairment loss on amounts due from	應收關連公司款項之
related companies	減值虧損	25	(3,672) —
Amortisation of intangible assets	無形資產攤銷	18	(165,616) (292,953)
Administrative and other expenses	行政及其他開支		(76,137) (117,515)
finance costs	融資成本	9	(13,266) (17,474)
loss before taxation Income tax credit	除稅前虧損所得稅抵免	10 11	(784,602) (431,861) 153,783 40,757
loss for the year/period	本年度╱期間虧損		(630,819) (391,104)

年報 Annual Report 2011 35

ConsolIDateD statement of ComprehensIve InCome 綜合全面收益表

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

		Notes	For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月 for the 15 months ended 30 June 2010 截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000
		附註	千港元千港元
Other comprehensive income/	其他全面收益╱（開支），
(expenses), after tax	除稅後
fair value gain on available-for-	可供出售金融資產之
sale financial assets, net of tax of	公平值收益，扣除稅
hK$29,818,000	項29,818,000港元後		— 206,261
Reclassification adjustment on	解除確認可供出售金
derecognition of available-for-	融資產時之重新分
sale financial assets, net of tax of	類調整，扣除稅項
hK$29,818,000	29,818,000港元後		— (206,261)
exchange differences on translation	換算海外附屬公司財務
of financial statements of overseas	報表之匯兌差額
subsidiaries			26,783 (40,097)
total other comprehensive income/	本年度╱期間其他全面
(expenses) for the year/period	收益╱（開支）總額		26,783 (40,097)
Total comprehensive expenses	本年度╱期間全面開支
for the year/period	總額		(604,036) (431,201)
Loss for the year/period	以下各項應佔本年度╱
attributable to:	期間虧損：
owners of the Company	本公司擁有人		(612,054) (387,684)
non-controlling interests	非控股權益		(18,765) (3,420)
			(630,819) (391,104)
Total comprehensive expenses	應佔全面開支總額：
attributable to:
owners of the Company	本公司擁有人		(586,193) (426,560)
non-controlling interests	非控股權益		(17,843) (4,641)
			(604,036) (431,201)
Loss per share	每股虧損	15
— Basic and diluted_(HK cents)_	—基本及攤薄（港仙）		(18.27) (16.97)

36 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

ConsolIDateD statement of fInanCIal posItIon 綜合財務狀況表 At 30 June 2011 於二零一一年六月三十日

		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
Non-current assets	非流動資產
property, plant and equipment	物業、廠房及設備	16	298,649 282,585
Investment property	投資物業	17	— —
Intangible assets	無形資產	18	246,344 838,200
goodwill	商譽	19	— 22,185
prepayments	預付款項	24	14,599 18,466
Available-for-sale financial assets	可供出售金融資產	21	— —
			559,592 1,161,436
Current assets	流動資產
Inventories trade receivables Deposits, prepayments and other	存貨應收貿易賬款按金、預付款項及	22 23	2,331 1,838 15,559 22,420
receivables Amounts due from related companies	其他應收款項應收關連公司款項	24 25	23,032 38,249 1,317 3,390
Cash held at non-bank financial	於非銀行金融機構
institutions Cash and cash equivalents	所持現金現金及現金等價物	26 26	17,533 — 7,966 15,902
			67,738 81,799
Current liabilities	流動負債
transfer fee payables	應付轉會費	27	114,283 148,681
trade payables	應付貿易賬款	27	41,639 26,409
Accruals and other payables	應計款項及其他應付款項	27	81,521 145,028
provision	撥備	28	— 24,264
Deferred capital grants	遞延資本撥款	29	711 669
Amounts due to directors Deferred income Income tax payable	應付董事款項遞延收入應付所得稅	30 31	5,765 — 37,625 41,191 418 418
Borrowings	借貸	32	172,181 35,724
			454,143 422,384
Net current liabilities	流動負債淨額		(386,405) (340,585)
Total assets less current liabilities	資產總值減流動負債		173,187 820,851

年報 Annual Report 2011

ConsolIDateD statement of fInanCIal posItIon 綜合財務狀況表

At 30 June 2011 於二零一一年六月三十日

		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
Non-current liabilities	非流動負債
transfer fee payables	應付轉會費	27	26,342 56,749
other payables	其他應付款項	27	16,319 9,773
Deferred capital grants	遞延資本撥款	29	23,189 22,490
Amounts due to directors Borrowings	應付董事款項借貸	30 32	177,098 161,759 8,103 42,008
Deferred tax liabilities Convertible notes	遞延稅項負債可換股票據	33 34	44,501 188,467 — —
			295,552 481,246
NET (LIABILITIES)/ASSETS	（負債）╱資產淨值		(122,365) 339,605
Capital and reserves	資本及儲備
share capital	股本	35	38,878 31,878
Reserves	儲備	36(a)	(156,555) 293,036
equity attributable to owners of the	本公司擁有人應佔權益
Company			(117,677) 324,914
non-controlling interests	非控股權益		(4,688) 14,691
TOTAL EqUITY	權益總值		(122,365) 339,605

the consolidated financial statements on pages 32 to 147 were approved and authorised for issue by the board of directors on 15 march 2013 and signed on its behalf by:

第 32 至第 147 頁之綜合財務報表經董事會於二零一三年三月十五日批准及授權刊發，並由下列董事代表簽署：

Mr. Yeung Ka Sing, Carson

楊家誠先生

Director

董事

Mr. Chan Shun Wah

陳順華先生

Director

董事

38 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

statement of fInanCIal posItIon 財務狀況表 At 30 June 2011 於二零一一年六月三十日

		2011 2010 二零一一年二零一零年 Notes *HK$’000* HK$’000 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	16 2,875 643
Investments in subsidiaries	於附屬公司之投資	20 — 414,741
		2,875 415,384
Current assets	流動資產
Deposits, prepayments and other	按金、預付款項及其他
receivables Amounts due from subsidiaries Amounts due from related companies	應收款項應收附屬公司款項應收關連公司款項	24 2,222 1,961 20 97,598 — 25 1,218 3,390
Cash held at non-bank financial	於非銀行金融機構
institutions Cash and cash equivalents	所持現金現金及現金等值項目	26 17,533 — 26 1,072 376
		119,643 5,727
Current liabilities	流動負債
Accruals and other payables	應計款項及其他應付款項	27 24,519 7,817
provision	撥備	28 — 800
Amounts due to subsidiaries Amounts due to directors Borrowings	應付附屬公司款項應付董事款項借貸	20 6,619 34,400 30 5,765 — 32 71,861 25,758
		108,764 68,775
Net current assets/(liabilities)	流動資產╱（負債）淨額	10,879 (63,048)
Total assets less current liabilities	資產總值減流動負債	13,754 352,336
Non-current liabilities	非流動負債
Amounts due to directors Convertible notes	應付董事款項可換股票據	30 5,692 17,102 34 — —
		5,692 17,102
NET ASSETS	資產淨值	8,062 335,234
Capital and reserves	資本及儲備
share capital	股本	35 38,878 31,878
Reserves	儲備	36(b) (30,816) 303,356
TOTAL EqUITY	權益總值	8,062 335,234

the financial statements on page 32 to 147 were approved and authorised for issue by the board of directors on 15 march 2013 and signed on its behalf by:

第 32 頁至第 147 頁之財務報表經董事會於二零一三年三月十五日批准及授權刊發並由下列董事代表簽署：

Mr. Yeung Ka Sing, Carson

楊家誠先生

Director 董事

Mr. Chan Shun Wah

==> picture [44 x 36] intentionally omitted <==

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

陳順華先生
Director
董事
----- End of picture text -----

年報 Annual Report 2011 39

ConsolIDateD statement of Changes In equIty 綜合股東權益變動表

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

The Group

本集團

	Attributable to owners of the Company 本公司擁有人應佔 Non- Share capital Contribution surplus Share premium Share option reserve Capital reserve Translation reserve Revaluation reserve Accumulated losses Total controlling interests Total 股本繳入盈餘股份溢價購股權儲備資本儲備換算儲備重估儲備累計虧損總計非控股權益總計 (Note 35) (Note 36(a)) (Note 36(a)) (Note 36(a)) (Note 36(a)) (Note 36(a)) （附註35）（附註36(a)）（附註36(a)）（附註36(a)）（附註36(a)）（附註36(a)） HK$’000 HK$’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千港元 9,852 (85) 194,680 1,497 — — — (271,167) (65,223) — (65,223)
At 1 April 2009 於二零零九年四月一日
loss for the period 本期間虧損 other comprehensive income 其他全面收益 fair value gain on available-for- sale financial assets, net of tax of hK$29,818,000_(Note 21)_ 可供出售金融資產之公平值收益，扣除稅項 29,818,000港元後（附註21） Reclassification adjustment on derecognition on available-for-sales financial assets, net of tax of hK$29,818,000 解除確認可供出售金融資產之重新分類調整，扣除稅項 29,818,000港元後 exchange difference on translation of financial statements of overseas subsidiary 換算海外附屬公司財務報表之匯兌差額	— — — — — — — (387,684) (387,684) (3,420) (391,104) — — — — — — 206,261 — 206,261 — 206,261 — — — — — — (206,261) — (206,261) — (206,261) — — — — — (38,876) — — (38,876) (1,221) (40,097) — — — — — (38,876) — (387,684) (426,560) (4,641) (431,201)
total comprehensive income for the period 本期間全面收益總額
Issue of shares by placements_(Note 35) 透過配售發行股份（附註35） Issue of shares by open offer(Note 35) 透過公開發售發行股份（附註35） Issue of shares upon conversion of convertible notes(Note 34)_ 於兌換可換股票據時發行股份（附註34） Disposal of subsidiaries 出售附屬公司 non-controlling interests arising on the acquisition of subsidiaries 收購附屬公司產生之非控股權益 Acquired equity interest of a subsidiary from non-controlling interests 向非控股權益收購之附屬公司股權	1,500 — 56,684 — — — — — 58,184 — 58,184 19,617 — 748,812 — — — — — 768,429 — 768,429 909 — 3,218 — — — — — 4,127 — 4,127 — 85 — — — — — (85) — — — — — — — — — — — — 31,639 31,639 — — — — — — — (14,043) (14,043) (12,307) (26,350) 31,878 — 1,003,394 1,497 — (38,876) — (672,979) 324,914 14,691 339,605 — — — — — — — (612,054) (612,054) (18,765) (630,819) — — — — — 25,861 — — 25,861 922 26,783 — — — — — 25,861 — (612,054) (586,193) (17,843) (604,036) 7,000 — 129,199 — — — — — 136,199 — 136,199 — — — — 6,510 — — — 6,510 — 6,510 — — — — — — — 893 893 (1,536) (643) 38,878 — 1,132,593 1,497 6,510 (13,015) — (1,284,140) (117,677) (4,688) (122,365)
At 30 June 2010 於二零一零年六月三十日
loss for the year 本年度虧損 other comprehensive income 其他全面收益 exchange difference on translation of financial statements of overseas subsidiary 換算海外附屬公司之財務報表之匯兌差額
total comprehensive income (expenses) for the year 本年度全面收益（開支）總額
Issue of shares by placements_(Note 35)_ 透過配售發行股份（附註35） waiver of amounts due to a major shareholder 豁免應付大股東款項 Acquired equity interest of a subsidiary from non-controlling interests 向非控股權益收購之附屬公司股權
At 30 June 2011 於二零一一年六月三十日

40 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

ConsolIDateD statement of Cash flows 綜合現金流量表 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

	For the for the 12 months 15 months ended ended 30 June 30 June 2011 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
Operating activities	經營活動
loss before taxation Adjustments for:	除稅前虧損 (784,602) (431,861) 調整：
Amortisation of intangible assets	無形資產攤銷 165,616 292,953
Depreciation of property, plant and	物業、廠房及設備折舊
equipment	15,801 10,106
fair value gain on available-for-sale	可供出售金融資產之
financial assets gain on disposal of subsidiaries	公平值收益 — (236,079) 出售附屬公司之收益 — (17,311)
Impairment loss on amounts due from	應收關連公司款項之
related companies	減值虧損 3,672 —
Impairment loss on goodwill	商譽之減值虧損 23,574 400,000
Impairment loss on intangible assets	無形資產之減值虧損 566,692 —
Impairment loss on other receivables	其他應收款項之減值虧損 6,488 —
Impairment loss on property,	物業、廠房及設備之
plant and equipment	減值虧損 10,213 1,285
Impairment loss on trade receivables	應收貿易賬款之減值虧損 37 751
Imputed interest expense on	可換股票據之估算利息
convertible notes	支出 — 19
Interest expenses	利息支出 13,266 17,455
Interest income profit on sale of players’ registrations	利息收入 (2,065) (5,255) 出售球員註冊之溢利 (7,259) (3,454)
property, plant and equipment	年內撇銷物業、廠房
written off during the year	及設備 314 —
Reversal of impairment loss recognised	應收貿易賬款已確認之減
on trade receivables	值虧損撥回 (309) —
operating cash flows before working	營運資金變動前之經營
capital changes	現金流 11,438 28,609

年報 Annual Report 2011

ConsolIDateD statement of Cash flows 綜合現金流量表

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

	For the for the 12 months 15 months ended ended 30 June 30 June 2011 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
(Increase)/decrease in inventories	存貨（增加）╱減少 (387) 2,010
Decrease in trade receivables Decrease/(increase) in deposits,	應收貿易賬款減少 8,537 63,940 按金、預付款項及其他應收
prepayments and other receivables	款項減少╱（增加） 16,865 (55,525)
Decrease in transfer fee payables	應付轉會費減少 (77,670) (40,769)
Increase in trade payables	應付貿易賬款增加 13,576 26,429
(Decrease)/increase in other payables	其他應付款項及應計款項
and accruals Decrease in provision	（減少）╱增加 (65,810) 151,667 撥備減少 (25,733) (4,339)
Increase in deferred capital grants	遞延資本撥款增加 741 5,971
Decrease in deferred income	遞延收入減少 (6,091) (212,304)
Net cash used in operating activities	經營活動所用之現金淨額 (124,534) (34,311)
Investing activities	投資活動
Acquisition of intangible assets	收購無形資產 (94,050) (204,373)
Acquisition of property, plant and	收購物業、廠房及設備
equipment	(24,971) (6,141)
Advance to related companies	預付關連公司款項 (1,599) (3,390)
proceeds from sale of intangible assets	出售無形資產之所得款項 7,259 4,498
Interest received Acquisition of equity interest of a	已收利息 2,065 5,255 收購附屬公司之股權，
subsidiary, net of cash acquired	扣除所收購現金
(Note 37 (ii))	（附註37(ii)） — (625,958)
net cash outflow from disposal of	出售附屬公司之現金
subsidiaries proceeds from sale of property, plant	流出淨額 — (16) 銷售物業、廠房及設備之
and equipment	所得款項 — 488
Net cash used in investing activities	投資活動所用之現金淨額 (111,296) (829,637)

42 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

ConsolIDateD statement of Cash flows 綜合現金流量表 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

	For the for the 12 months 15 months ended ended 30 June 30 June 2011 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
Financing activities	融資活動
Issue of ordinary shares, net of	發行普通股，扣除
transaction cost Advances from directors proceeds from new borrowings	交易成本 136,199 830,740 董事墊款 46,900 150,173 新借貸之所得款項 44,270 70,616
Repayment to a director	向董事還款 (19,286) (94,520)
Increase in cash held at non-bank	於非銀行金融機構所持
financial institutions Interest expenses paid	現金增加 (17,533) — 已付利息支出 (13,266) (17,455)
Repayment of borrowings	償還借貸 (4,000) (45,667)
Acquisition of additional equity interest in	收購附屬公司之額外
a subsidiary	股權 (643) (26,350)
Repayment of convertible notes	償還可換股票據 — (4,127)
Net cash from financing activities	融資活動之現金淨額 172,641 863,410
Decrease in cash and cash equivalents	現金及現金等值項目
Cash and cash equivalents at the	減少 (63,189) (538) 年╱期初之現金及
beginning of the year/period	現金等值項目 (3,421) 2,968
effect of exchange rate changes on cash	匯率變動對現金及
and cash equivalents	現金等值項目之影響 (4,339) (5,851)
Cash and cash equivalents at the end	年╱期終之現金及
of the year/period	現金等值項目 (70,949) (3,421)

年報 Annual Report 2011

ConsolIDateD statement of Cash flows 綜合現金流量表

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

		For the for the
		12 months 15 months
		ended ended
		30 June 30 June
		2011 2010
		截至截至
		二零一一年二零一零年
		六月三十日六月三十日
		止十二個月止十五個月
		*HK$’000* HK$’000
		千港元千港元
Analysis of the balances of cash and	現金及現金等值項目結餘
cash equivalents	分析
Bank overdrafts_(Note 32)_	銀行透支（附註32）	(78,915) (19,323)
Cash and bank balances	現金及銀行結餘	7,966 15,902
		(70,949) (3,421)

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

1. ORGANISATION AND OPERATIONS

Birmingham International holdings limited (the “Company”) was incorporated in the Cayman Islands as an exempted company with limited liability and its shares are listed on the stock exchange of hong Kong limited (the “stock exchange”). trading in the shares of the Company have been suspended from trading since 30 June 2011.

the addresses of the registered office and principal place of business of the Company are disclosed in the corporate information section to the annual report.

the functional currency of the Company and its subsidiaries (collectively referred to as the “group”) is hong Kong dollars (“hK$”) and for those subsidiaries established in the united Kingdom (“u.K.”) is great Britain pounds (“gBp”). the consolidated financial statements are presented in hong Kong dollars (“hK$”) for the convenience of users of the consolidated financial statements as the Company is listed in hong Kong.

the Company is engaged in investment holding and the principal activities of its principal subsidiaries are set out in note 20.

1. 組織及管理

伯明翰環球控股有限公司（「本公司」）在開曼群島註冊成立為獲豁免有限公司，其股份於香港聯合交易所有限公司（「聯交所」）上市。本公司之股份自二零一一年六月三十日起暫停買賣。

本公司之註冊辦事處及主要營業地點之地址於本年報公司資料一節披露。

本公司及其附屬公司（統稱「本集團」）之功能貨幣為港元（「港元」），而於英國（「英國」）成立之附屬公司之功能貨幣為英鎊（「英鎊」）。由於本公司於香港上市，為方便綜合財務報表使用者，綜合財務報表乃以港元（「港元」）呈報。

本公司從事投資控股，而其主要附屬公司之主要業務載於附註 20。

年報 Annual Report 2011 45

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

In the current year, the group has applied a number of amendments and interpretations issued by the hong Kong Institute of Certified public Accountants (the “hKICpA”) that are mandatorily effective for accounting periods beginning on 1 July 2010.

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」）

於本年度，本集團已應用由香港會計師公會（「香港會計師公會」）頒佈及於二零一零年七月一日開始之會計期間強制生效之若干修訂及詮釋。

the application of those amendments and interpretations in the current year has had no material effect on the amounts reported in these consolidated financial statements and/or disclosures set out in the consolidated financial statements.

於本年度應用該等修訂及詮釋對此等綜合財務報表所呈報之金額及╱或此等綜合財務報表所載披露事項並無重大影響。

New and revised HKFRSs issued but not yet effective

the group has not early applied the following new and revised hKfRss that have been issued but are not yet effective:

已頒佈但尚未生效之新訂及經修訂香港財務報告準則

本集團並無提早應用下列已頒佈但尚未生效之新訂及經修訂香港財務報告準則：

hKfRss (Amendments)	Improvements to hKfRss issued in 2010
	that are effective for annual periods
	beginning on or after 1 January 20111
Amendments to hKfRss	Annual Improvements to hKfRss 2009-
	2011 Cycle, except for the amendments
	hKfRs 13
Amendments to hKfRs 1	government loans3
hKfRs 7 (Amendments)	Disclosures — transfers of financial
	Assets2
hKfRs 7 (Amendments)	Disclosures — offsetting financial Assets
	and financial libilities3
hKfRs 9	financial Instruments7
hKfRs 9 and hKfRs 7	mandatory effective Date of hKfRs 9 and
(Amendments)	transition Disclosures7

香港財務報告準則	對二零一零年頒佈、於二零
（修訂本）	一一年一月一日或之後開始
	之年度期間生效之香港財務
	報告準則之改進1
香港財務報告準則	二零零九年 ─ 二零一一年週期
之修訂	對香港財務報告準則之年度
	改進，不包括香港財務報告
	準則第1號之修訂3
香港財務報告準則	政府貸款3
第1號之修訂
香港財務報告準則	披露 ─ 轉讓金融資產2
第7號
（修訂本）
香港財務報告準則	披露 — 抵銷金融資產及金融負
第7號	債3
（修訂本）
香港財務報告準則	金融工具7
第9號
香港財務報告準則	香港財務報告準則第9號之強制
第9號及香港財	生效日期及過渡披露７
務報告準則第7
號（修訂本）

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

hKfRs 10, hKfRs 11 and	Disclosure of Interests in other entities:	香港財務報告準則	披露於其他實體權益：
hKfRs 12 (Amendments)	transition guidance3	第10號、	過渡指引3
		香港財務報告
		準則第11號
		及香港財務報
		告準則第12號
		（修訂本）
hKfRs 10	Consolidated financial statements3	香港財務報告準則	綜合財務報表3
		第10號
hKfRs 11	Joint Arrangements3	香港財務報告準則	合營安排3
		第11號
hKfRs 12	Disclosure of Interests in other entities3	香港財務報告準則	披露於其他實體權益3
		第12號
hKfRs 13	fair value measurement3	香港財務報告準則	公平值計量3
		第13號
hKAs 1 (Amendments)	presentation of Items of other	香港會計準則第1	其他全面收益項目之呈列4
	Comprehensive Income4	號（修訂本）
hKAs 12 (Amendments)	Deferred tax: Recovery of underlying	香港會計準則第12	遞延稅項：收回相關資產5
	Assets5	號（修訂本）
hKAs 19 (Revised 2011)	employee Benefits3	香港會計準則第19	僱員福利3
		號（二零一一年
		經修訂）
hKAs 24 (Revised)	Related party Disclosures1	香港會計準則第24	關連人士披露1
		號（經修訂）
hKAs 27 (Revised 2011)	separate financial statements3	香港會計準則第27	獨立財務報表3
		號（二零一一年
		經修訂）
hKAs 28 (Revised 2011)	Investments in Associates and Joint	香港會計準則第28	於聯營公司及合營企業之投資3
	ventures3	號（二零一一年
		經修訂）
hKAs 32 (Amendments)	offsetting financial Assets and financial	香港會計準則第32	抵銷金融資產及金融負債6
	liabilities6	號（修訂本）
hK(IfRIC)* — Int 14	prepayments of a minimum funding	香港(IfRIC)*—	最低資本規定之預付款項1
(Amendments)	Requirement1	詮釋第14號（修
		訂本）
hK(IfRIC)* — Int 20	stripping Costs in the production phase of	香港(IfRIC)*—	露天礦生產階段之剝採成本3
	a surface mine3	詮釋第20號

年報 Annual Report 2011 47

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

1 Effective for annual periods beginning on or after 1 January 2011.
2 Effective for annual periods beginning on or after 1 July 2011.
3 Effective for annual periods beginning on or after 1 January 2013.
4 Effective for annual periods beginning on or after 1 July 2012.
5 Effective for annual periods beginning on or after 1 January 2012.
6 Effective for annual periods beginning on or after 1 January 2014.
7 Effective for annual periods beginning on or after 1 January 2015.
IfRIC represents the IfRs Interpretations Committee.

HKFRS 9 Financial Instruments

hKfRs 9 issued in 2009 and amended in 2010 introduces new requirements for the classification and measurement of financial assets and financial liabilities and for derecognition.

Key requirements of hKfRs 9 are described as follows:

HKFRS 9 requires all recognised financial assets that are within the scope of hKAs 39 “financial Instruments: Recognition and measurement” to be subsequently measured at amortised cost or fair value. specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of subsequent accounting periods. All other debt investments and equity investments are measured at their fair values at the end of subsequent reporting periods. In addition, under hKfRs 9, entities may make an irrevocable election to present changes in the fair value of an entity investment (that is not held-for-trading) in other comprehensive income, with only dividend income generally recognised in profit or loss.

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續） 1 於二零一一年一月一日或之後開始之年度期間生效。

2 於二零一一年七月一日或之後開始之年度期間生效。

3 於二零一三年一月一日或之後開始之年度期間生效。

4 於二零一二年七月一日或之後開始之年度期間生效。

5 於二零一二年一月一日或之後開始之年度期間生效。

6 於二零一四年一月一日或之後開始之年度期間生效。

7 於二零一五年一月一日或之後開始之年度期間生效。

IfRIC 指國際財務報告詮釋委員會。

香港財務報告準則第 9 號金融工具

於二零零九年頒佈及於二零一零年修訂之香港財務報告準則第 9 號引入有關金融資產及金融負債分類及計量以及解除確認之新規定。

香港財務報告準則第 9 號之主要規定載述如下：

香港財務報告準則第 9 號規定屬香港會計準則第 39 號「金融工具：確認及計量」範圍以內之所有已確認金融資產，在其後均須按攤銷成本或公平值計量。具體情況是，於目的為收集合約現金流量之業務模式內所持有，及合約現金流量僅為支付本金及尚未償還本金之利息之債務投資，均一般於其後會計期末按攤銷成本計量。所有其他債務投資及股本投資均於其後會計期末按公平值計量。此外，根據香港財務報告準則第 9 號，實體可以不可撤回地選擇於其他全面收益呈列股本投資（並非持作買賣）之公平值變動，僅股息收入一般於損益確認。

48 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

HKFRS 9 Financial Instruments (Continued)

The most significant effect of HKFRS 9 regarding the classification and measurement of financial liabilities relates to the presentation for changes in fair value of a financial liability (designated as at fair value through profit or loss) attributable to changes in the credit risk of that liability. specially, under hKfRs 9, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to profit or loss. previously, under hKAs 39, the entire amount of the change in the value of the financial liability designated as at fair value through profit or loss was presented in profit or loss.

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續）

香港財務報告準則第 9 號金融工具 （續）
就金融負債之分類及計量而言，香港財務報告準則第 9 號之最重大影響乃與因金融負債
（指定為按公平值計入損益）之信貸風險變動而引致該負債公平值變動之呈列方法有關。特別是根據香港財務報告準則第 9 號，就指定為按公平值計入損益之金融負債而言，除非於其他全面收益中確認負債信貸風險變動之影響，將會於損益中產生或擴大會計錯配，否則，因金融負債之信貸風險變動而引致有關負債公平值變動之金額，乃於其他全面收益中呈列。金融負債信貸風險產生之公平值變動其後不會重新分類至損益。過往，根據香港會計準則第 39 號，指定為按公平值計入損益之金融負債之全部公平值變動金額均於損益中呈列。

hKfRs 9 is effective for annual periods beginning on or after 1 January 2015, with earlier application permitted.

香港財務報告準則第 9 號於二零一五年一月一日或之後開始之年度期間生效，並可提早應用。

the directors of the Company anticipate that the adoption of hKfRs 9 in the future is not expected to have significant impact on the amounts reported in respect of the group’s financial assets and financial liabilities. the directors of the Company are in the process of assessing the impact on application of hKfRs 9.

本公司董事預期，日後採納香港財務報告準則第 9 號不會對就本集團之金融資產及金融負債所呈報之金額造成重大影響。本公司董事現正評估應用香港財務報告準則第 9 號之影響。

年報 Annual Report 2011 49

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

New and revised standards on consolidation, joint arrangements, associates and disclosures

In June 2011, a package of five standards on consolidation, joint arrangements, associates and disclosures was issued, including hKfRs 10, hKfRs 11, hKfRs 12, hKAs 27 (Revised 2011) and hKAs 28 (Revised 2011).

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」）（續）

有關綜合賬目、共同安排、聯營公司及披露之新訂及經修訂準則

於二零一一年六月已頒佈有關綜合賬目、共同安排、聯營公司及披露之五項準則組合，包括香港財務報告準則第 10 號、香港財務報告準則第 11 號、香港財務報告準則第 12 號、香港會計準則第 27 號（二零一一年經修訂）及香港會計準則第 28 號（二零一一年經修訂）。

Key requirements of these five standards are described below.

此五項準則之主要規定載述如下。

hKfRs 10 replaces the parts of hKAs 27 “Consolidated and separate financial statements” that deal with consolidated financial statements. hK(sIC)-Int 12 “Consolidation — special purpose entities” will be withdrawn upon the effective date of hKfRs 10. under hKfRs 10, there is only one basis for consolidation, that is, control. In addition, hKfRs 10 includes a new definition of control that contains three elements: (a) power over an investee, (b) exposure, or rights, to variable returns from its involvements with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor’s returns. extensive guidance has been added in hKfRs 10 to deal with complex scenarios.

香港財務報告準則第 10 號取代香港會計準則第 27 號「綜合及獨立財務報表」內有關處理綜合財務報表之部分。香港（常務詮釋委員會）─ 詮釋第 12 號「綜合 ─ 特殊目的實體」將於香港財務報告準則第 10 號生效日期予以撤銷。根據香港財務報告準則第 10 號，僅有一個綜合賬目基準，即控制權。此外，香港財務報告準則第 10 號包含控制權之新定義，其中包括三個元素：(a) 對被投資公司之權力；(b) 自參與被投資公司營運所得浮動回報之承擔或權利；及 (c) 運用對被投資公司之權力以影響投資者回報金額之能力。香港財務報告準則第 10 號已就複雜情況之處理方法加入詳細指引。

hKfRs 11 replaces hKAs 31 “Interests in Joint ventures”. hKfRs 11 deals with how a joint arrangement of which two or more parties have joint control should be classified. hK(sIC)-Int 13 “Jointly Controlled entities — nonmonetary Contributions by venturers” will be withdrawn, upon the effective date of hKfRs 11. under hKfRs 11, joint arrangement are classified as joint ventures or joint operations, depending on the rights and obligations of the parties to the arrangements. In contrast, under hKAs 31,there are three types of joint arrangements: jointly controlled entities, jointly controlled assets and jointly controlled operations. In addition, joint ventures under hKfRs 11 are required to be accounted for using the equity method of accounting,whereas jointly controlled entities under hKAs 31 can be accounted for using the equity method of accounting or proportionate consolidation.

香港財務報告準則第 11 號取代香港會計準則第 31 號「於合營企業之權益」。香港財務報告準則第 11 號訂明由兩方或以上擁有共同控制權之合營安排應如何分類。香港（常務詮釋委員會） ─ 詮釋第 13 號「共同控制實 ─ 體合營方之非貨幣性出資」將於香港財務報告準則第 11 號生效日期予以撤銷。根據香港財務報告準則第 11 號，合營安排歸類為合營企業或合營業務，視乎安排訂約方之權利及責任而定。相反，根據香港會計準則第 31 號，合營安排分為三類：共同控制實體、共同控制資產及共同控制業務。此外，根據香港財務報告準則第 11 號，合營企業須採用權益會計法入賬，而根據香港會計準則第 31 號，共同控制實體可採用權益會計法或比例合併法入賬。

50 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

New and revised standards on consolidation, joint arrangements, associates and disclosures (Continued) hKfRs 12 is a disclosure standard and is applicable to entities that have interests in subsidiaries, joint arrangements, associates and/or unconsolidated structured entities. In general, the disclosure requirements in hKfRs12 are more extensive than those in the current standards.

In July 2012, the amendments to hKfRs 10, hKfRs 11 and hKfRs 12 were issued to clarify certain transitional guidance on application of these five hKfRss for the first time.

these five standards, together with the amendments relating to the transitional guidances, are effective for annual periods beginning on or after 1 January 2013. earlier application is permitted provided that all of these five standards are applied early at the same time.

the directors of the Company anticipate that these standards will be adopted in the group’s consolidated financial statements for annual period beginning 1 July 2013 and are in the process of assessing the impact on application of these standards.

Amendments to HKFRS 10, HKFRS 12 and HKAS 27

Investment Entities

the amendments to hKfRs 10 introduce an exception to consolidating subsidiaries for an investment entity, except where the subsidiaries provide services that relate to the investment entity’s investment activities. under the amendments to hKfRs 10, an investment entity is required to measure its interests in subsidiaries at fair value through profit or loss.

to qualify as an investment entity, certain criteria have to be met. specifically, an entity is required to:

obtain funds from one or more investors for the purpose of providing them with professional investment management services;
commit to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」）（續）

有關綜合賬目、共同安排、聯營公司及披露之新訂及經修訂準則 （續）香港財務報告準則第 12 號為一項披露準則，適用於於附屬公司、合營安排、聯營公司及╱或未綜合結構實體擁有權益之實體。一般而言，香港財務報告準則第 12 號所載之披露規定較現行準則所規定者更為全面。

於二零一二年七月，香港財務報告準則第 10 號、香港財務報告準則第 11 號及香港財務報告準則第 12 號經已頒佈，以澄清首次應用此五項準則之若干過渡性指引。

此五項（連同有關過渡性指引之修訂）準則將於二零一三年一月一日或之後開始之年度期間生效，並可提早應用，惟此等五項準則須全部同時提前應用。

本公司董事預期本集團將於二零一三年七月一日開始之年度期間之綜合財務報表中採納該等準則，現正評估應用此等準則之影響。

香港財務報告準則第 10 號、香港財務報告準則第 12 號及香港會計準則第 27 號投資實體之修訂

香港財務報告準則第 10 號之修訂引入一項有關投資實體將附屬公司綜合入賬之例外情況，惟倘該等附屬公司提供與該投資實體之投資活動有關之服務除外。根據香港財務報告準則第 10 號之修訂，一間投資實體須以按公平值計入損益之方式計量其於附屬公司之權益。

為符合資格作為一間投資實體，該實體必須符合若干準則。具體而言，該實體須：

從一名或以上之投資者獲取資金，以向投資者提供專業投資管理服務；
向其投資者承諾，其業務目的是純粹為從資本增值、投資收入或兩者中獲取回報而作出資金投資；及

年報 Annual Report 2011 51

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued) Amendments to HKFRS 10, HKFRS 12 and HKAS 27 Investment Entities (Continued)

measure and evaluate performance of substantially all of its investments on a fair value basis.

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」） （續） 香港財務報告準則第 10 號、香港財務報告準則第 12 號及香港會計準則第 27 號投資實體之修訂 （續）

按公平值基準計量及評估其絕大部分投資之表現。

Consequential amendments to hKfRs 12 and hKAs 27 have been made to introduce new disclosure requirements for investment entities.

香港財務報告準則第 12 號及香港會計準則第 27 號已作出相應修訂，以為投資實體引入新披露規定。

the amendments to hKfRs 10, hKfRs 12 and hKAs 27 are effective for annual periods beginning on or after 1 January 2014, with early application permitted. the directors anticipate that the application of the amendments will have no effect on the group as the Company is not an investment entity.

香港財務報告準則第 10 號、香港財務報告準則第 12 號及香港會計準則第 27 號之修訂於二零一四年一月一日或之後開始之年度期間生效，並可提早應用。董事預期，應用該等修訂將不會對本集團產生影響，原因是本公司並非一間投資實體。

HKFRS 13 Fair value measurement

hKfRs 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. the standard defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. the scope of hKfRs 13 is broad; it applies to both financial instrument items and non-financial instrument items for which other hKfRss require or permit fair value measurements and disclosures about fair value measurements, except in specified circumstances. In general, the disclosure requirements in hKfRs 13 are more extensive than those in the current standards. for example, quantitative and qualitative disclosures based on the three-level fair value hierarchy currently required for financial instruments only under hKfRs 7 “financial instruments: Disclosures” will be extended by hKfRs 13 to cover all assets and liabilities within its scope.

香港財務報告準則第 13 號公平值計量 香港財務報告準則第 13 號確立有關公平值計量及披露公平值計量資料之單一指引。該準則界定公平值，確立計量公平值之框架及有關公平值計量之披露規定。香港財務報告準則第 13 號之範圍寬廣；適用於其他香港財務報告準則規定或允許公平值計量及披露公平值計量資料之金融工具項目及非金融工具項目，惟特定情況除外。一般而言，香港財務報告準則第 13 號之披露規定較現行準則之規定更為全面。例如，香港財務報告準則第 7 號「金融工具：披露」僅須金融工具採用之三級公平值層級之定量及定性披露資料將藉香港財務報告準則第 13 號而擴大至涵蓋其範圍內之所有資產及負債。

hKfRs 13 is effective for annual periods beginning on or after 1 January 2013, with earlier application permitted.

香港財務報告準則第 13 號將於二零一三年一月一日或之後開始之年度期間生效，並可提早應用。

the directors of the Company anticipate that hKfRs13 will be adopted in the group’s consolidated financial statements for the annual period beginning 1 July 2013 and are in the process of assessing the impact on application of hKfRs 13.

本公司董事預期本集團將於二零一三年七月一日開始之年度期間之綜合財務報表中採納香港財務報告準則第 13 號，現正評估應用香港財務報告準則第 13 號之影響。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

Amendments to HKAS 1 Presentation of items of other

comprehensive income

the amendments to hKAs 1 retain the option to present profit or loss and other comprehensive income in either a single statement or in two separate but consecutive statements. however, the amendments to hKAs 1 require additional disclosures to be made in the other comprehensive income section such that items of other comprehensive income are grouped into two categories: (a) items that will not be reclassified subsequently to profit or loss; and (b) items that may be reclassified subsequently to profit or loss when specific conditions are met. Income tax on items of other comprehensive income is required to be allocated on the same basis.

the amendments to hKAs 1 are effective for annual periods beginning on or after 1 July 2012. the presentation of items of other comprehensive income will be modified accordingly when the amendments are applied in the future accounting periods.

HKAS 19 (Revised 2011) Employee benefits

the amendments to hKAs 19 change the accounting for defined benefit plans and termination benefits. the most significant change relates to the accounting for changes in defined benefit obligations and plan assets. the amendments require the recognition of changes in defined benefit obligations and in the fair value of plan assets when they occur, and hence eliminate the “corridor approach” permitted under the previous version of hKAs 19.

the amendments require all actuarial gains and losses to be recognised immediately through other comprehensive income in order for the net pension asset or liability recognised in the consolidated statement of financial position to reflect the full value of the plan deficit or surplus.

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」）（續）

香港會計準則第 1 號其他全面收益項目之呈列之修訂

香港會計準則第 1 號之修訂本保留可選擇於一個單一報表內或於兩個獨立而連續之報表內呈列損益及其他全面收益。然而，香港會計準則第 1 號之修訂本規定須於其他全面收益部分作出額外披露，致令其他全面收益項目分為兩類：(a) 其後將不會重新分類至損益之項目；及 (b) 日後在符合特定條件時可重新分類至損益之項目。其他全面收益項目所產生之所得稅須按相同基準分配。

香港會計準則第 1 號之修訂本於本集團二零一二年七月一日或之後開始之年度期間生效。日後會計期間應用該等修訂時，其他全面收益項目之呈列將作出相應修改。

香港會計準則第 19 號（二零一一年經修訂）僱員福利

香港會計準則第 19 號之修訂改變界定福利計劃及離職福利之會計處理方式。最重大之轉變與界定福利責任及計劃資產變動之會計處理方式有關。該等修訂規定界定福利責任以及計劃資產公平值出現轉變時須予以確認，及因此取消香港會計準則第 19 號過往版本允許之「區間方法」。

此等修訂規定所有精算盈虧須即時透過其他全面收益確認，以便於綜合財務狀況表確認之淨退休金資產或負債，反映計劃虧絀或盈餘之全面價值。

年報 Annual Report 2011 53

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued) HKAS 19 (Revised 2011) Employee benefits (Continued)

the amendments to hKAs 19 are effective for annual periods beginning on or after 1 January 2013 and require retrospective application with certain exceptions. the directors anticipate that the amendments to hKAs 19 will be adopted in the group’s consolidated financial statements for the annual period beginning 1 July 2013 and that the application of the amendments to hKAs 19 may have impact on amounts reported in respect of the groups’ defined benefit plans. however, the directors have not yet performed a detailed analysis of the impact of the application of the amendments and hence have not yet quantified the extent of the impact.

the directors of the Company anticipate that the application of the other new and revised standards, amendments and interpretation will have no material impact on the consolidated financial statements.

3. BASIS OF PREPARATION

(a) Statement of compliance

the consolidated financial statements have been prepared in accordance with hong Kong financial Reporting standards issued by the hKICpA. In addition, the consolidated financial statements include applicable disclosures required by the Rules governing the listing of securities on the stock exchange and by the hong Kong Companies ordinance.

(b) Basis of preparation of financial statements

the financial statements have been prepared under the historical cost convention, except for certain financial instruments which are measured at fair value, as explained in the accounting policies set out below. historical cost is generally based on the fair value of the consideration given in exchange for goods.

2. 應用新訂及經修訂香港財務報告準則（「香港財務報告準則」）（續）

香港會計準則第 19 號（二零一一年經修訂）僱員福利 （續）

香港會計準則第 19 號之修訂將於二零一三年一月一日或之後開始之年度期間生效，除若干例外情況外須追溯應用。董事預期本集團將於二零一三年七月一日開始之年度期間之綜合財務報表中採納香港會計準則第 19 號之修訂，而應用香港會計準則第 19 號之修訂本可能影響本集團之界定福利計劃呈報之金額。然而，董事仍未對應用此等修訂之影響進行詳細分析，因此未能量化其影響程度。

本公司董事預期，應用其他新訂及經修訂準則、修訂及詮釋不會對綜合財務報表造成重大影響。

3. 編製基準

(a) 遵例聲明 綜合財務報表乃按香港會計師公會頒佈之香港財務報告準則編製。此外，綜合財務報表包括聯交所證券上市規則及香港公司條例規定之適用披露事項。
(b) 財務報表之編製基準 財務報表乃按歷史成本常規編製，惟若干金融工具按公平值計量則除外（於下文所載會計政策詳述）。歷史成本一般以換取貨品所支付代價之公平值計算。

54 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

3. BASIS OF PREPARATION (Continued)

(c) Going concern basis At 30 June 2011, the group reported a consolidated loss attributable to owners of the Company of approximately hK$612,054,000 for the year ended 30 June 2011, and had consolidated net current liabilities of approximately hK$386,405,000 and a capital deficiency of approximately hK$122,365,000. the condition indicates the existence of a material uncertainty which may cast significant doubt on the group’s ability to continue as a going concern and therefore that it may be unable to realise its assets and discharge its liability in the normal course of business. nevertheless, the directors of the Company are of the opinion that the group will have sufficient working capital to meet its financial obligations as and when they fall due for the next twelve months from 30 June 2011 giving that the directors of the Company will consider different sources of financing being available including revenue generated from the sale of player’s registrations.

Accordingly, the directors of the Company are of the opinion that it is appropriate to prepare the consolidated financial statements on a going concern basis. should the group be unable to continue to operate as a going concern, adjustments would have to be made to the consolidated financial statements to write down the value of assets to their recoverable amounts, to provide for further liabilities which might arise and to reclassify noncurrent assets and non-current liabilities as current assets and current liabilities respectively. the effect of these adjustments have not been reflected in the consolidated financial statements.

3. 編製基準（續）

(c) 持續經營基準 於二零一一年六月三十日，本集團錄得截至二零一一年六月三十日止年度本公司擁有人應佔綜合虧損約 612,054,000 港元，並有綜合流動負債淨額約 386,405,000 港元及資金不足約 122,365,000 港元。此情況指出存有重大不明朗因素，其可能對本集團持續經營之能力構成重大疑問，故本集團可能未可於正常業務過程中變現其資產及負債。然而，由於本公司董事將考慮不同資金來源之可能（包括出售球員註冊產生之收益），本公司董事認為本集團將具有足夠營運資金，以自二零一一年六月三十日起未來十二個月到期時履行其財務責任。

因此，本公司董事認為，按持續經營基準編製綜合財務報表屬恰當。倘本集團未能繼續持續經營，則須對綜合財務報表作出調整，以分別撇減資產值至其可收回金額、就其他可能產生之負債計提撥備，以及將非流動資產及非流動負債重新分類為流動資產及流動負債。該等調整之影響並無於綜合財務報表中反映。

年報 Annual Report 2011 55

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

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(a) Basis of consolidation
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the consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

4. 主要會計政策

(a) 綜合賬目基準

綜合財務報表載有本公司及受本公司控制之實體（其附屬公司）之財務報表。當本公司有能力監控實體之財務及經營政策，以從其業務中獲利，則具有控制權。

Income and expenses of subsidiaries acquired or disposed of during the year/period are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate.

年 ╱ 期內已購入或出售之附屬公司收入及支出分別由收購生效之日起及截至出售生效之日止（在適用情況下）計入綜合全面收益表。

where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the group.

倘有需要，本公司會修訂附屬公司之財務報表，以使其會計政策與本集團其他成員公司所使用者一致。

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

所有集團內公司間之交易、結餘、收入及支出均已於綜合賬目時全數抵銷。

non-controlling interests in subsidiaries are presented separately from the group’s equity therein.

於附屬公司之非控股權益與本集團於其中之權益分開呈列。

Allocation of total comprehensive income to noncontrolling interests

total comprehensive income and expense of a subsidiary is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

將全面收益總額分配至非控股權益

即使附屬公司之全面收益及開支總額歸屬於本公司擁有人及非控股權益會導致非控股權益產生虧損結餘，仍會如此分配。

Changes in the Group’s ownership interests in existing subsidiaries

Changes in the group’s ownership interests in existing subsidiaries that do not result in the group losing control over the subsidiaries are accounted for as equity transactions. the carrying amounts of the group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

本集團於現有附屬公司擁有權之變動

本集團於現有附屬公司擁有權之變動如無導致本集團喪失對該等附屬公司之控制權，則將作為股本交易入賬。本集團之權益及非控股權益之賬面值將予調整，以反映其於該等附屬公司有關權益之變動。非控股權益之經調整金額與已付或已收代價之公平值之間如有任何差額，乃直接於權益中確認並歸屬於本公司擁有人。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Business combinations
Acquisitions of businesses are accounted for using the acquisition method. the consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the group, liabilities incurred by the group to the former owners of the acquiree and the equity interests issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:

deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with hKAs 12 “Income taxes” and hKAs 19 “employee Benefits” respectively;
liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with hKfRs 2 “share-based payment” at the acquisition date; and
assets (or disposal groups) that are classified as held for sale in accordance with hKfRs 5 “non-current Assets held for sale and Discontinued operations” are measured in accordance with that standard.

4. 主要會計政策（續）

(b) 業務合併 業務收購乃採用收購法入賬。於業務合併中轉讓之代價按公平值計量，乃按本集團所轉讓資產於收購日期之公平值、本集團結欠被收購公司前擁有人之負債，以及本集團發行以換取被收購公司控制權之股權之總和計算。收購相關成本在產生時於損益中確認。
於收購日期，所收購可識別資產與所承擔負債按其公平值確認，惟：
遞延稅項資產或負債及有關僱員福利安排之資產或負債分別根據香港會計準則第 12 號「所得稅」及香港會計準則第 19 號「僱員福利」確認及計算；
有關被收購公司以股份支付之款項安排之負債或權益工具，或本集團訂立以取代被收購公司以股份支付之款項安排之以股份支付之款項安排，乃於收購日期根據香港財務報告準則第 2 號
「以股份支付之款項」計量；及
根據香港財務報告準則第 5 號「持作出售之非流動資產及已終止經營業務」分類為持作出售之資產（或出售組別）根據該準則計量。

年報 Annual Report 2011 57

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(b) Business combinations (Continued)

goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.

(b) 業務合併 （續）商譽乃按所轉讓代價、於被收購公司之任何非控股權益金額及收購公司過往於被收購公司持有之股權公平值（如有）之總額超逾所收購可識別資產與所承擔負債於收購日期之淨額之款項而計量。倘經重新評估後，所收購可識別資產與所承擔負債於收購日期之淨額超逾所轉讓代價、於被收購公司之任何非控股權益金額及收購公司過往於被收購公司持有之權益公平值（如有），超出部分即時於損益中確認為議價購買收益。

non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets. the choice of measurement basis is made on a transactionby-transaction basis. other types of non-controlling interests are measured at their fair value or, when applicable, on the basis specified in another standard.

屬於現有擁有權權益及授權其持有人在清盤時獲得該實體淨資產之按比例計算部份之非控股權益，可初步按公平值或非控股權益於被收購公司可識別淨資產之按比例計算部份計量。計量基準乃按個別交易基準作出選擇。其他類型之非控股權益乃按其公平值或（如適用）根據另一準則所訂明之基準計算。

(c) Investments in subsidiaries

Investments in subsidiaries are included in the Company’s statement of financial position at cost less impairment loss, if any.

(c) 於附屬公司之投資 於附屬公司之投資乃按成本扣除減值虧損（如有）計入本公司之財務狀況表。

58 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(d) Goodwill

goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any, and is presented separately in the consolidated statement of financial position.

(d) 商譽

收購業務產生之商譽乃按成本減累計減值虧損（如有）列賬，並於綜合財務狀況表分開呈列。

for the purpose of impairment testing, goodwill is allocated to each of the group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.

為進行減值測試，商譽分配至預期將從合併之協同效益受惠之各本集團現金產生單位（或現金產生單位組別）。

A cash-generating unit to which goodwill has been allocated is tested for impairment annually or more frequently when there is indication that the unit may be impaired. for goodwill arising on an acquisition in a reporting period, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit, and then to the other assets of the unit on a pro-rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

已獲分配商譽之現金產生單位每年進行減值測試，或於有跡象顯示單位可能減值時更頻繁地進行減值測試。就於報告期進行收購產生之商譽而言，已獲分配商譽之現金產生單位於該報告期末前進行減值測試。倘現金產生單位之可收回金額少於其賬面值，則減值虧損先分配以減少分配至單位之任何商譽之賬面值，再按單位內各資產賬面值按比例分配至單位之其他資產。任何商譽之減值虧損直接於損益確認。商譽之已確認減值虧損不會於往後期間撥回。

年報 Annual Report 2011 59

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(e) Property, plant and equipment

property, plant and equipment including freehold land and buildings held for use in the supply of goods or service or for administrative purposes are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

(e) 物業、廠房及設備 物業、廠房及設備（包括持作供應商品或服務或持作行政用途使用之永久業權土地及樓宇）乃按成本減其後累計折舊及累計減值虧損（如有）其後於綜合財務狀況表列賬。

Depreciation is recognised so as to write off the cost of items of property, plant and equipment less their residual values over their estimated useful lives, using the straight-line method. the estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

物業、廠房及設備項目乃按其估計可使用年期，以直線法撇銷其成本減其剩餘價值而確認折舊。本公司會於各報告期末檢討估計可使用年期、剩餘價值及折舊方法，任何估計變動之影響按未來適用基準入賬。

the principal annual rates used for this purpose are as follows:

就此目的而應用之主要年利率如下：

freehold land	not depreciated
Buildings	2%, or over the terms of the
	leasehold land, if shorter
leasehold	20%, or over the terms of the
improvements	lease if shorter
furniture and	20%
fixtures
office equipment	20%, or over the terms of the
	lease if shorter
motor vehicles	15% to 33%

永久業權不予折舊土地樓宇 2% 或租賃土地之年期（如較短）租賃物業 20% 或租賃年期裝修（如較短）傢俬及 20% 裝置辦公室 20% 或租賃之設備年期（如較短）汽車 15% 至 33%

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

物業、廠房及設備項目於出售或預期持續使用該資產並不會產生未來經濟利益時解除確認。出售或棄用物業、廠房及設備項目所產生盈虧乃按出售所得款項與資產賬面值之差額釐定，並於損益確認。

60 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(f) Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including any directly attributable expenditure. subsequent to initial recognition, investment properties are measured at their fair values. gains or losses arising from changes in the fair value of investment properties are included in profit or loss for the period in which they arise.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposals. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit or loss in the period in which the property is derecognised.

(g) Impairment losses on tangible and intangible assets other than goodwill (see the accounting policy in respect of goodwill above)

At the end of the reporting period, the group reviews the carrying amounts of its tangible and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. when it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. when a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

(f) 投資物業投資物業為持作賺取租金及 ╱ 或作資本增值之物業。

投資物業初步按成本計量，包括任何直接產生之開支。首次確認後，投資物業乃按其公平值計量。投資物業公平值變動所產生之收益或虧損，計入其產生期間之損益。

投資物業於出售或該投資物業永久棄用及預期日後不會從出售產生經濟利益時解除確認。因解除確認物業所產生之任何收益或虧損（按出售所得款項淨額及該資產賬面值之差額計算），計入該物業解除確認期間之損益。

(g) 有形及無形資產（商譽（見上文有關商譽之會計政策）除外）減值虧損

本集團於各報告期末檢討其具有限可使用年期之有形及無形資產之賬面值，以確定有否跡象顯示該等資產出現減值虧損。倘存在任何該等跡象，則估計資產之可收回金額以確定減值虧損（如有）程度。倘無法估計個別資產之可收回金額，則本集團估計資產所屬現金產生單位之可收回金額。倘可識別分配之合理一致基準，則公司資產亦分配至個別現金產生單位或以其他方式分配至可識別合理一致分配基準之現金產生單位最小組別。

年報 Annual Report 2011 61

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(g) Impairment losses on tangible and intangible assets other than goodwill (see the accounting policy in respect of goodwill above) (Continued) Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that they may be impaired.

(g) 有形及無形資產（商譽（見上文有關商譽之會計政策）除外）減值虧損 （續）具無限可使用年期之無形資產及尚未可使用之無形資產至少每年及於有跡象顯示其可能減值時進行減值測試。

Recoverable amount is the higher of 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 which the estimates of future cash flows have not been adjusted.

可收回金額為公平值減銷售成本與使用價值兩者中之較高者。評估使用價值時，估計未來現金流量會按照可反映現時市場對貨幣時間值及未調整未來現金流量估計之資產特定風險之評估之稅前貼現率，貼現至其現值。

If the recoverable amount of an asset (or a cashgenerating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

倘資產（或現金產生單位）之可收回金額估計低於其賬面值，則資產（或現金產生單位）之賬面值減至其可收回金額，而減值虧損即時於損益確認。

where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or a cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately.

倘減值虧損於日後撥回，則資產（或現金產生單位）之賬面值增至其可收回金額經修訂估計，惟增加後之賬面值不得高於假設過往年度並無就資產（或現金產生單位）確認減值虧損而釐定的賬面值。減值虧損撥回即時確認為收入。

62 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(h) Intangible assets Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at costs less accumulated amortisation and any accumulated impairment losses. Amortisation for intangible assets with finite useful lives is recognised on a straight-line basis over their estimated useful lives. the estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less any subsequent accumulated impairment losses (see the accounting policy in respect of impairment losses on tangible and intangible assets above).

Amortisation is recognised in profit or loss as follows:

trademark not amortised Backlog contracts 1 year players’ registration based on respective players’ contracts terms from 1-5 years

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. gains or losses arising from derecognition of an intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss in the period when the asset is derecognised.

(h) 無形資產單獨收購之無形資產

單獨收購而具有限可使用年期之無形資產，按成本減累計攤銷及任何累計減值虧損列賬。具有限可使用年期之無形資產攤銷於估計可使用年期內以直線法確認。於各報告期末檢討估計可使用年期及攤銷方法，估計任何變動之影響按未來適用基準入賬。單獨收購而具無限可使用年期之無形資產，按成本減任何其後累計減值虧損
（見上文有關有形及無形資產減值虧損之會計政策）列賬。

攤銷於損益確認如下：

商標不予攤銷積壓合約 1 年球員註冊根據有關球員之合約年期 1-5 年計算

無形資產於出售或預期日後不會從使用或出售產生經濟利益時解除確認。因解除確認無形資產所產生之任何收益或虧損（按出售所得款項淨額及該資產賬面值之差額計算）於該資產解除確認期間之損益中確認。

年報 Annual Report 2011 63

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(i) Inventories

Inventories are stated at the lower of cost and net realisable value. Costs of inventories is calculated using the weighted average method/first-in first out method. net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
(j) Signing on fees and image rights
signing on fees and image rights are charged on a straight-line basis, to profit or loss over the period of the player’s contract. prepayments/accruals arising at the end of the reporting period are included within repayments and accrued income or accruals within current assets or current liabilities, as appropriate.
(k) Acquired players’ registrations
Costs of acquisition of players’ registrations are initially recorded at the fair value at the date of acquisition and are amortised over the period of the respective player’s contract, being between 1 to 5 years. A provision is made in accruals, where in management’s opinion, the club is likely to achieve a contractually agreed number of first team appearances. where the outcome of this is uncertain, the maximum amount payable is disclosed as a contingent liability.

for the purposes of impairment reviews, acquired players’ registration are classified as a single cash-generating unit until the point at which it is made clear that the player no longer remains as an active member of the playing squad. In these circumstances the carrying value of the players’ registration is reviewed against a measureable net realisable value.

(i) 存貨 存貨按成本及可變現淨值兩者之較低者列賬。存貨成本以加權平均法╱先進先出法計算。可變現淨值指於日常業務過程中之存貨估計售價減完成及銷售所需之全部估計成本。
(j) 簽約費用及肖像權 簽約費用及肖像權於球員合約期內以直線法自損益扣除。於各報告期末產生之預付款項╱ 應計款項乃計入流動資產或流動負債之預付款項及應計收入或應計款項（按適用情況而定）。
(k) 所收購球員註冊 收購球員註冊之成本初步按收購日期之公平值記賬，並於各有關球員之合約期間（即一至五年）全數攤銷。倘管理層認為該球會有機會達致一線隊出場之合約協定次數，則就應計款項計提撥備。倘有關結果不確定，則應付之最高金額披露為或然負債。

就減值檢討而言，所收購之球員註冊分類為單一現金產生單位，直至清楚界定球員不再為球隊之活躍隊員為止。於該等情況下，球員註冊之賬面值乃對比可計量之可變現淨值進行檢討。

64 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(k) Acquired players’ registrations (Continued) for the purposes of impairment review, acquired players’ registration are classified as a single cashgenerating unit until the point at which the carrying amount of a registration will be recovered through sale. the measurement of such registration is at the lower of (a) fair value (less costs to sell) and (b) carrying value. Amortisation of such registration is suspended at the time of reclassification, although impairment charges still need to be made if applicable.
(k) 所收購球員註冊 （續）就減值檢討而言，所收購球員註冊分類為單一現金產生單位，直至註冊之賬面值可透過出售收回為止。註冊乃按 (a) 公平值（減出售成本）及 (b) 賬面值之較低者計量。有關註冊於重新分類時暫停攤銷，惟屆時仍需作出減值開支（如適用）。
(l) Deferred income Deferred income comprises amounts received from sponsorship and season ticket income. the deferred income is released to the consolidated statement of comprehensive income on a straight-line basis over the period to which it relates.
(l) 遞延收入 遞延收入包括自贊助及季度門票收入收取之款項。遞延收入按其涉及之期間以直線法撥入綜合全面收益表。
(m) Financial Instruments financial assets and financial liabilities are recognised in the consolidated statement of financial position when a group entity becomes a party to the contractual provisions of the instrument.
(m) 金融工具 金融資產及金融負債於集團實體成為工具合約條文之訂約方時於綜合財務狀況表確認。

financial assets and financial liabilities are initially measured at fair value. transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.

金融資產及金融負債初步以公平值計量。收購或發行金融資產及金融負債直接應佔之交易成本（按公平值計入損益之金融資產及金融負債除外）於初步確認時計入或扣自金融資產及金融負債之公平值（按適用情況而定）。

年報 Annual Report 2011 65

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued)

Financial assets

the group’s financial assets are classified into one of the two categories, including loans and receivables and available-for-sale financial assets. the classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

Effective interest method

the effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Interest income is recognised on an effective interest basis for debt instruments.

Loans and receivables

loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. subsequent to initial recognition, loans and receivables (including trade receivables, other receivables, amounts due from related companies, cash held in non-bank financial institutions and cash and cash equivalents) are measured at amortised cost using the effective interest method, less any identified impairment losses (see accounting policy on impairment loss on financial assets below).

(m) 金融工具（續）金融資產

本集團之金融資產分為貸款及應收款項以及可供出售金融資產兩者其一。分類視乎金融資產性質及用途而定，乃於初步確認時釐定。正常情況下買入及出售之所有金融資產於交易日期確認。正常情況下買入或出售乃須於規例或市場慣例一般設定之期間內交付資產之金融資產買入或出售。

實際利息法

實際利息法為計算債務工具攤銷成本及於有關期間分配利息收入之方法。實際利率為於債務工具預期年期或（如適用）較短期間內將估計未來現金收入（包括所有屬於實際利率一部分之已付或已收費用及息率、交易成本及其他溢價或折扣）準確貼現至初步確認之賬面淨值之利率。

債務工具之利息收入按實際利率基準確認。

貸款及應收款項

貸款及應收款項為在活躍市場並無報價之固定或可釐定付款之非衍生金融資產。初步確認後，貸款及應收款項（包括應收貿易賬款、其他應收款項、應收關連公司款項、於非銀行金融機構所持現金以及現金及現金等值項目）乃採用實際利息法按攤銷成本減任何已識別減值虧損（見下文有關金融資產減值虧損之會計政策）列賬。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued) Financial assets (Continued) Available-for-sale financial assets (“AFS”)

Afs are non-derivatives that are designated as available-for-sale or are not included in other categories of financial assets.

(m) 金融工具 （續） 金融資產 （續）可供出售金融資產（「可供出售」）
可供出售為指定為可供出售或並非計入金融資產其他類別之非衍生工具。

equity and debt securities held by the group that are classified as Afs and are traded in an active market are measured at fair value at the end of each reporting period. Changes in the carrying amount of Afs monetary financial assets relating to interest income calculated using the effective interest method and dividends on Afs equity investments are recognised in profit or loss. when the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss (see the accounting policy in respect of impairment loss on financial assets below).

分類為可供出售並於活躍市場交易之本集團所持股本及債務證券於各報告期末按公平值計量。與利息收入有關之可供出售貨幣金融資產之賬面值變動以實際利息法計算，而可供出售股本投資之股息於損益確認。倘投資已出售或釐定為已減值，過往累計於投資重估儲備之累計收益或虧損則重新分類至損益（見下文有關金融資產減值虧損之會計政策）。

Impairment loss on financial assets

financial assets are assessed for indicators of impairment at the end of each reporting period. financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected.

金融資產減值虧損

金融資產於各報告期末評估有否出現減值跡象。倘有客觀證據顯示由於初步確認後發生之一項或多項事件令金融資產之估計未來現金流量受到影響，則金融資產視為已減值。

for an available-for-sale equity investment, a significant or prolonged decline in the fair value of that investment below its cost is considered to be objective evidence of impairment.

對於可供出售股本投資，該投資公平值大幅或持續下跌至低於成本視為減值之客觀證據。

年報 Annual Report 2011 67

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES 4.

主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued)
Impairment loss on financial assets (Continued) for all other financial assets, objective evidence of impairment could include:
significant financial difficulty of the issuer or counterparty; or
breach of contract, such as default or delinquency in interest and principal payments; or
it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
disappearance of an active market for that financial asset because of financial difficulties.

for certain categories of financial assets, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. objective evidence of impairment for a portfolio of receivables could include the group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period and observable changes in national or local economic conditions that correlate with default on receivables.

for financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial asset’s original effective interest rate.

for financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. such impairment loss will not be reversed in subsequent periods.

(m) 金融工具 （續） 金融資產減值虧損 （續）所有其他金融資產之客觀減值證據可包括：
發行人或交易對手出現嚴重財務困難；或
• 違反合約，如拖欠償還利息或本金；或
借款人很有可能破產或進行財務重組；或
由於財務困難致令該金融資產之活躍市場消失。

此外，個別評估為並無減值之應收貿易賬款等若干類別之金融資產會綜合進行減值評估。應收款項組合減值之客觀證據可能包括本集團過往收款經驗、組合內超過平均信貸期之逾期還款數目上升以及國家或地區經濟狀況出現與拖欠應收款項相關之明顯轉變。

對於按攤銷成本列賬之金融資產，減值虧損確認之金額為資產賬面值與按金融資產原實際利率所貼現估計未來現金流量現值間之差額。

對於按成本列賬之金融資產，減值虧損之金額按資產賬面值與同類金融資產按當時市場回報率貼現之估計未來現金流量現值之差額計算。該等減值虧損不會於往後期間撥回。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued)

Impairment loss on financial assets (Continued) the carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. when a trade receivable is considered uncollectible, it is written off against the allowance account. subsequent recoveries of amounts previously written off are credited to profit or loss.

(m) 金融工具 （續） 金融資產減值虧損 （續）金融資產之減值虧損會直接於所有金融資產之賬面值扣減，惟應收貿易賬款之賬面值會透過撥備賬扣減。撥備賬之賬面值增減會於損益確認。應收貿易賬款被視為不可收回時，於撥備賬內撇銷。過往撇銷之款項如其後收回，則計入損益。

when an available-for-sale financial asset is considered to be impaired, cumulative gains o r l o s s e s p r e v i o u s l y r e c o g n i s e d i n o t h e r comprehensive income are reclassified to profit or loss in the period in which the impairment takes place.

可供出售金融資產被視為減值時，過往於其他全面收益確認之累計收益或虧損會於減值發生之期間重新分類至損益。

for financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment losses was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

對於按攤銷成本計量之金融資產，倘於往後期間，減值虧損金額減少，而該減少客觀上與確認減值虧損後發生之事件有關，則過往確認之減值虧損會透過損益撥回，惟該資產於撥回減值日期之賬面值不得超過在並無確認減值情況下應有之攤銷成本。

Impairment losses on available-for-sale equity investments will not be reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised directly in other comprehensive income and accumulated in fair value reserve.

可供出售股本投資減值虧損不會透過損益撥回。減值虧損後之任何公平值增加會直接於其他全面收益確認，及累計於公平值儲備。

年報 Annual Report 2011 69

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued)

Financial liabilities and equity instruments

Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

(m) 金融工具 （續） 金融負債及股本工具 集團實體發行之債務及股本工具根據所訂立之合約安排內容及金融負債及股本工具之定義分類為金融負債或股權。

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. equity instruments issued by the group are recognised at the proceeds received, net of direct issue costs.

股本工具

股本工具乃證明於本集團經扣除其所有負債後資產有剩餘權益之任何合約。本集團發行之股本工具按已收所得款項扣除直接發行成本確認。

Transactions with owners

the group applies a policy of treating loans from shareholders as transactions between owners in their capacity as owners. no gain or loss is recognised in profit or loss from the waiver of loans. Any deemed contribution from the shareholder arising from the waiver is recognised directly in the consolidated statement of changes in equity.

與擁有人之交易

本集團應用一項政策，將股東之貸款視作與擁有人（以彼等作為擁有人之身份）之交易。概無因豁免貸款而於損益確認收益或虧損。任何來自豁免之視作股東注資直接於綜合股東權益變動表內確認。

Effective interest method

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 (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

實際利息法

實際利息法為計算金融負債攤銷成本及於有關期間分配利息開支之方法。實際利率為於金融負債預期年期或（如適用）較短期間內將估計未來現金付款（包括所有屬於實際利率一部分之已付或已收費用及息率、交易成本及其他溢價或折扣）準確貼現至初步確認時之賬面淨值之利率。

Interest expense is recognised on an effective interest basis.

利息開支按實際利息基準確認。

Other financial liabilities

other financial liabilities including transfer fee payables, trade payables, other payables, amounts due to directors and borrowings are subsequently measured at amortised cost, using the effective interest method.

其他金融負債

其他金融負債（包括應付轉會費、應付貿易賬款、其他應付賬款、應付董事款項及借貸）其後使用實際利息法按攤銷成本計量。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued)

Convertible notes

Convertible notes issued by the group that contain both the liability and conversion option components are classified separately into respective items on initial recognition in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments is classified as an equity instrument.

on initial recognition, the fair value of the liability component is determined using the prevailing market interest of similar non-convertible debts. the difference between the gross proceeds of the issue of the convertible notes and the fair value assigned to the liability component, representing the conversion option for the holder to convert the loan notes into equity, is included in equity (convertible loan notes equity reserve).

In subsequent periods, the liability component of the convertible loan notes is carried at amortised cost using the effective interest method. the equity component, representing the option to convert the liability component into ordinary shares of the Company, will remain in convertible loan notes equity reserve until the embedded option is exercised (in which case the balance stated in convertible loan notes equity reserve will be transferred to share premium). where the option remains unexercised at the expiry dates, the balance stated in convertible loan notes equity reserve will be released to the accumulated losses. no gain or loss is recognised in profit or loss upon conversion or expiration of the option.

(m) 金融工具（續）可換股票據

本集團發行之可換股票據包括負債及兌換權部分，乃根據所訂立之合約安排內容及金融負債及股本工具之定義於初步確認權時各自分類為有關項目。將以固定金額現金或另一項金融資產交換本公司本身固定數目之股本工具方式結清之兌換權乃分類為股本工具。

於初步確認時，負債部分之公平值乃按類似不可換股債務之現行市場利率釐定。發行可換股票據之所得款項總額與撥往負債部分之公平值之差額（指可讓持有人將貸款票據兌換為股本之兌換權）於權益（可換貸款票據權益儲備）內入賬。

於往後期間，可換股貸款票據之負債部分乃以實際利息法按攤銷成本列賬。權益部分（指可將負債部分兌換為本公司普通股之兌換權）將保留於可換股貸款票據權益儲備，直至嵌入式兌換權獲行使為止（於此情況下，可換股貸款票據權益儲備所載列之結餘將轉撥至股份溢價）。倘兌換權於到期日尚未行使，則可換股貸款票據權益儲備載列之結餘將撥入累計虧損。兌換權獲轉換或屆滿時不會於損益確認任何盈虧。

年報 Annual Report 2011 71

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(m) Financial Instruments (Continued)

Derecognition

the group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the group continues to recognise the asset to the extent of its continuing involvement and recognises an associated liability. If the group retains substantially all the risks and rewards of ownership of a transferred financial asset, the group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

on derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.

on derecognition of a financial asset other than in its entirety, the group allocates the previous carrying amount of the financial asset between the part it continues to recognise, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. the difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.

the group derecognises financial liabilities when, and only when, the group’s obligations are discharged, cancelled or expire. the difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

(m) 金融工具（續）解除確認

倘本集團自資產獲得現金流量之合約權利屆滿或其轉讓金融資產及該資產所有權之絕大部分風險及回報予另一實體時，則會解除確認該項金融資產。倘本集團既無轉讓亦無保留所轉讓資產所有權之絕大部分風險及回報並繼續控制該所轉讓資產，則本集團會繼續就其繼續參與資產之程度確認該資產，且確認相關負債。倘本集團保留所轉讓金融資產所有權之絕大部分風險及回報，則本集團會繼續確認該項金融資產，亦會就所收取之所得款項確認有抵押借貸。

於全面解除確認金融資產時，資產賬面值與已收及應付代價以及已於其他全面收益確認並於權益累計之累計盈虧之總和兩者之差額，乃於損益確認。

除全面解除確認外，於解除確認金融資產時，本集團將金融資產之過往賬面值在其仍確認為繼續參與之部分及不再確認之部分之間，按照該兩者於轉讓日期之相關公平值作出分配。不再確認部分獲分配之賬面值與該部分已收代價及其已於其他全面收益確認獲分配之任何累計收益或虧損之總和之間之差額，乃於損益確認。已於其他全面收益確認之累計收益或虧損，乃按繼續確認部分及不再確認部分之相關公平值在該兩者之間作出分配。

本集團僅會於本集團責任遭解除、註銷或屆滿時解除確認金融負債。已解除確認之金融負債賬面值與已付及應付代價之差額於損益確認。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(n) Cash and cash equivalents Cash and cash equivalent in the consolidated statement of financial position comprise of cash at bank and on hand and short-term deposits with a maturity of three months or less. for the purpose of the consolidated statement of cash flows, cash and cash equivalent consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts.
- (n) 現金及現金等值項目 綜合財務狀況表內之現金及現金等值項目包括銀行及手頭現金，以及到期日為三個月或以下之短期存款。就綜合現金流量表而言，現金及現金等值項目包括上文界定之現金及短期存款，扣除未償還銀行透支。
(o) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods sold and services provided in the normal course of business, net of discounts, returns and sales related taxes.
(o) 收益確認 收益按已收或應收代價之公平值計量，指在正常業務過程中出售貨品及服務之已收金額，扣除折扣、退貨及銷售相關稅項。
(i) Revenue from the sale of products is recognised when the group has delivered products to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured.
(i) 銷售產品之收益在本集團將產品送達客戶，而客戶接收產品，且可合理確保可收回有關應收款項時確認。
(ii) season ticket and corporate hospitality revenue is recognised over the period of the football season as home matches are played.
(ii) 季度門票及公司款待收益於進行主場賽事之球季期間內確認。
(iii) gate receipts and other matchday revenue are recognised as the games are played. prize money in respect of cup competitions is recognised when received. sponsorship and similar commercial income is recognised over the duration of the respective contracts. the fixed element of broadcasting revenues is recognised over the duration of the football season whilst facility fees received for live coverage or highlights are taken when earned. merit awards are accounted for only when known at the end of the football season.
(iii) 入場費用及其他比賽日收益於球賽進行時確認。杯賽獎金於收取時確認。贊助及類似商業收入於有關合約期間確認。廣播收益之固定項目於球季期間確認，而現場覆蓋及花絮之已收設施費用則於賺取時確認。功績獎金僅於球季結束時就已知悉者入賬。

年報 Annual Report 2011 73

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(o) Revenue recognition (Continued)
(iv) Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
(o) 收益確認 （續）
- (iv) 金融資產之利息收入於經濟利益可能流入本集團而收入金額能可靠計量時確認。利息收入按時間基準根據未償還本金額及適用實際利率（即將金融資產預期年期之估計日後現金收入準確貼現至初步確認時之資產賬面淨值之比率）計算。
(v) Revenue from services is recognised when services are rendered and according to the terms of the agreement.
(v) 服務之收益於提供服務時根據協議之條款確認。

(p) Capital grants

grants and donations received in respect of safety work and ground developments are credited to deferred capital grants and are released to the profit or loss over the anticipated useful life of the assets to which they relate. football trust grants received are released to profit or loss when the related expenditures are incurred.
(p) 資金撥款 就安全工程及球場發展獲得之撥款及捐款計入遞延資本撥款，並按資產涉及之預計可使用年期撥入損益。足球信託撥款於相關開支產生時撥入損益。

(q) Taxation

Income tax expenses represents the sum of the tax currently payable and deferred tax.

(q) 稅項 所得稅開支指即期應付稅項及遞延稅項之總和。

the tax currently payable is based on taxable profit for the year. taxable profit differs from “loss before taxation” as reported in the consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. the group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

即期應付稅項按年內應課稅溢利計算。由於應課稅溢利不包括其他年度之應課稅收入或可扣稅開支項目，亦不包括毋須課稅或不可扣稅之項目，故此有別於綜合全面收益表所列「除稅前虧損」。本集團之即期稅項負債按報告期末前已頒佈或實際頒佈之稅率計算。

74 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(q) Taxation (Continued) Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary difference to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

the carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

the measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

(q) 稅項 （續）遞延稅項按綜合財務報表內資產及負債賬面值與計算應課稅溢利所用相關稅基之暫時差額確認。遞延稅項負債一般按所有應課稅暫時差額確認。遞延稅項資產之所有可扣稅暫時差額一般按可抵銷應課稅溢利之可扣稅暫時差額確認。倘暫時差額因商譽或在不影響應課稅溢利及會計溢利之交易中初次確認（業務合併除外）其他資產及負債，則有關資產及負債不予確認。

遞延稅項資產之賬面值於各報告期末進行檢討，並在不可能再有足夠應課稅溢利以收回全部或部份遞延稅項資產時予以減少。

遞延稅項資產及負債乃根據於各報告期末已頒佈或實質上已頒佈之稅率（及稅務法例），按預期適用於清償負債或變現資產期間之稅率計算。

遞延稅項負債及資產計量反映本集團於報告期末所預期對收回或清償其資產及負債之賬面值方式所產生之稅務結果。

即期及遞延稅項於損益確認，惟當其與於其他全面收益確認或直接於權益確認之項目相關，於該情況下，即期及遞延稅項亦分別於其他全面收益確認或直接於權益確認。倘因對業務合併進行初始會計處理而產生之即期稅項或遞延稅項，稅務影響乃計入業務合併之會計處理。

年報 Annual Report 2011

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(r) Foreign currencies

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

(r) 外幣 於編製個別集團實體之財務報表時，以該實體功能貨幣以外之貨幣（外幣）列值之交易按交易當日之匯率以相關功能貨幣（即該實體經營所處主要經濟環境之貨幣）入賬。於各報告期末，以外幣列值之貨幣項目均按當日之現行匯率重新換算。以外幣列值之非貨幣項目按公平值入賬，按釐定公平值當日之現行匯率重新換算。以外幣及歷史成本計算之非貨幣項目不會重新換算。

exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise. exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period.

結算貨幣項目及重新換算貨幣項目時產生之匯兌差額，均於產生期間在損益確認。重新換算按公平值列賬之非貨幣項目時產生之匯兌差額，於期內計入損益。

for the purposes of presenting the consolidated financial statements, the assets and liabilities of the group’s foreign operations are translated into the presentation currency of the group (i.e. hong Kong dollars) using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the year. exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of translation reserve (attributed to non-controlling interests as appropriate).

於呈列綜合財務報表時，本集團海外業務之資產與負債按各報告期末之通行匯率換算為本集團之呈報貨幣（即港元）。收支項目則按年內之平均匯率換算。匯兌差額（如有）均於其他全面收益確認並於權益之換算儲備（非控股權益應佔（如適用））累計。

76 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(r) Foreign currencies (Continued) on the disposal of a foreign operation (i.e. a disposal of the group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a jointly controlled entity that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. In addition, in relation to a partial disposal of a subsidiary that does not result in the group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. for all other partial disposals (i.e. partial disposals of associates or jointly controlled entities that do not result in the group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.
(r) 外幣 （續）於出售海外業務（即出售本集團於海外業務之全部權益，或涉及失去對附屬公司（包含海外業務）之控制權之出售、涉及失去對共同控制實體（包含海外業務）之共同控制權之出售、或涉及失去對聯營公司
（包含海外業務）之重大影響力之出售）時，就本公司擁有人應佔該業務而於權益內累計之所有匯兌差額乃重新分類至損益。此外，就並不會導致本集團失去對附屬公司控制權之部分出售附屬公司而言，按比例分佔之累計匯兌差額乃重新歸屬於非控股權益，且並不於損益內確認。就所有其他部分出售（即不會導致本集團失去重大影響力或共同控制權之部分出售聯營公司或共同控制實體）而言，按比例分佔之累計匯兌差額乃重新分類至損益。

goodwill and fair value adjustments on identifiable assets acquired arising on an acquisition of a foreign operation on or after 1 January 2005 are treated as assets and liabilities of that foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. exchange differences arising are recognised in equity under the heading of translation reserve.

於二零零五年一月一日或之後收購海外業務產生之商譽及可識別資產之公平值調整，乃作為該海外業務之資產與負債處理，並按於各報告期末現行之匯率換算。所產生之匯兌差額乃於權益之換算儲備確認。

(s)

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale.

(s) 借貸成本

因收購、建築或生產合資格資產（即需要長時間準備作擬定用途或銷售之資產）而直接產生之借貸成本計入該等資產之成本，直至該等資產大致可作擬定用途或銷售。

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

所有其他借貸成本於其產生期間於損益確認。

年報 Annual Report 2011 77

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(t) Leasing

leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to lessee. All other leases are classified as operating leases.

The Group as lessee

operating leases are recognised as an expense on a straight-line basis over the lease term.

(u) Provisions

provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. provisions are measured at the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. when a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material).

(v) Employee benefits

(i) Short term benefits

salaries, annual bonuses and paid annual leaves are accrued in the year/period in which the associated services are rendered by employees. where payments or settlements are deferred and the effect would be material, these amounts are stated at their present value.

(t) 租賃

凡租賃條款規定擁有權之絕大部分風險及回報撥歸承租人之租約均列為融資租約。所有其他租約均列為經營租約。

本集團作為承租人

經營租約於租期內以直線法確認為開支。

(u) 撥備

當本集團因過往事件須承擔現有之法律或推定責任，而本集團有可能須履行該責任及責任金額能可靠估計時，則會確認撥備。撥備乃經計及責任附帶之風險及不確定因素後，按於報告期末須履行現有責任所需代價之最佳估算計量。倘撥備使用為履行現有責任所估計之現金流量計算，其賬面值為該等現金流量之現值（倘資金之時值之影響屬重大）。

(v) 僱員福利

(i) 短期福利

薪金、年度花紅及有薪年假於僱員提供相關服務年度╱期間內累計。當付款或結算遞延而影響屬重大，則該等金額按現值列賬。

78 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

4. SIGNIFICANT ACCOUNTING POLICIES

4. 主要會計政策（續）

(Continued)

(v) Employee benefits (Continued)

(ii) Pension obligations

Contributions to the mandatory provident fund scheme as required under the hong Kong mandatory provident fund schemes ordinance are recognised as expense in profit or loss when the services are rendered by the employees. the group has no further payment obligations once the contribution has been made.

(v) 僱員福利（續）

(ii) 退休金責任

香港強制性公積金計劃條例規定之強制性公積金計劃供款於僱員提供服務時在損益確認為開支。本集團於作出供款後即無進一步付款責任。

(w) Share based payments

Share options granted to employees/directors

the fair value of services received is determined by reference to the fair value of share options granted at the date of grant is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity (share option reserve).

(w) 以股份支付之款項授予僱員 ╱ 董事之購股權 所獲服務之公平值乃參考購股權於授出日期之公平值釐定，在歸屬期間以直線法列作支出，並於權益（購股權儲備）中作相應增加。

At the end of the reporting period, the group revises its estimates of the number of options that are expected to ultimately vest. the impact of the revision of the original estimates during the vesting period, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to share option reserve.

於各報告期末，本集團修訂預期最終歸屬購股權數目之估計。原估計之變動所帶來之影響（如有）於損益確認，致令累計開支反映已修訂估計，而購股權儲備亦會作出相應調整。

when share options are exercised, the amount previously recognised in share option reserve will be transferred to share premium. when the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognised in share option reserve will be transferred to accumulated losses.

購股權獲行使時，過往於購股權儲備中確認之金額將轉撥至股份溢價。當購股權於歸屬日期後被沒收或於屆滿日仍未獲行使，則過往於購股權儲備中確認之金額將轉撥至累計虧損。

年報 Annual Report 2011 79

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, which are described in note 4, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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.

Critical judgements in applying accounting policies

the following are the critical judgements, apart from those involving estimations (see below), that the directors have made in the process of applying the group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

(i) Going concern basis

Although the group has net current liabilities at the end of the reporting period, the group manages its liquidity risk by monitoring its current and expected liquidity requirements regularly and ensuring sufficient liquid cash to meet the group’s liquidity requirements in the short and long term. the directors of the Company consider that the group has no significant liquidity risk.
(ii) Income tax the group’s tax losses are mainly from its major subsidiary, Birmingham City plc. (“BCp”), who has a subsidiary, Birmingham City football Club (the “Club”) (together referred to as the “BCp group”) engaging in operation of a football league club in the u.K. At the end of each reporting period, the directors of the Company estimates whether there are any deferred tax assets from future profits or taxable temporary differences that should be recognised. no deferred tax assets will be recognised if the future profit streams are unpredictable.

5. 重大會計判斷及主要估計不明朗因素

於應用本集團之會計政策（詳情載於附註 4）時，本公司董事須就無法依循其他途徑即時得知資產及負債之賬面值作出判斷、估計及假設。估計及相關假設乃以過往經驗及其他被認為有關之因素為基礎。實際結果可能與此等估計不同。

本集團持續審閱估計和相關假設。倘會計估計之修訂僅對該期間有影響，則有關修訂在該期間內確認；倘修訂對本期間及未來期間均有影響，則在作出修訂之期間及未來期間確認。

應用會計政策之重大判斷

以下為董事在應用本集團之會計政策之過程中作出且對綜合財務報表內確認之金額有重大影響之重大判斷（不包括涉及估計（見下文）之重大判斷）。

(i) 持續基準 儘管本集團於報告期末錄得流動負債淨額，本集團透過定期監察目前及預期流動資金需要，及確保其維持足夠流動現金應付本集團短期及長期之流動資金需要，以管理其流動資金風險。本公司董事認為本集團並無重大流動資金風險。

(ii) 所得稅

本集團之稅項虧損主要來自其主要附屬公司 Birmingham City plc.（「BCp」），其擁有一間附屬公司 Birmingham City football Club（「球會」）（統稱
「BCp 集團」），從事於英國經營足球聯賽球會。本公司董事於各報告期末評估是否須確認來自未來溢利或應課稅暫時差額之任何遞延稅項資產。倘未來溢利流難以預測，則不會確認遞延稅項資產。

80 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Key sources of estimation uncertainty

the following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

5. 重大會計判斷及主要估計不明朗因素（續）

估計不明朗因素之主要來源

以下為於報告期末有重大風險會導致下一個財政年度內資產及負債之賬面值須作重大調整之與未來有關之主要假設及估計不明朗因素之其他主要來源。

(i) Write down of inventories

the group performs regular reviews of the carrying amounts of inventories with reference to the aged inventories analysis, expected future consumption and management judgment. Based on this review, write down of inventories would be made when the carrying amount of the inventories declined below the estimated net realisable value. however, actual consumption may be different from estimation and profit or loss could be affected by differences in this estimation. At 30 June 2011, the carrying amounts of inventories was approximately hK$2,331,000 (2010: hK$1,838,000). no impairment was recognised for the year ended 30 June 2011 and for the 15 months ended 30 June 2010.
(i) 存貨撇減 本集團參考貨齡分析、預期未來消費及管理層之判斷定期就存貨之賬面值作出檢討。根據該檢討，倘存貨之賬面值跌至低於其估計可變現淨值，則將對存貨進行撇減。然而，實際消費可能有別於估計，且本估計之差額可能影響損益。於二零一一年六月三十日，存貨之賬面值約為 2,331,000 港元（二零一零年：1,838,000 港元）。截至二零一一年六月三十日止年度及截至二零一零年六月三十日止十五個月並無確認減值。

(ii) Impairment of property, plant and equipment

when there are circumstances which indicate that the carrying values of property, plant and equipment may not be recoverable, the assets may be considered “impaired”, and an impairment loss is recognised in accordance with hKAs 36 “Impairment of assets”. under hKAs 36, assets are tested for impairment whenever events or changes in circumstances indicate that the recorded carrying amounts may not be recoverable. when such a decline has occurred, the carrying amount is reduced to its recoverable amount. the recoverable amount is the higher of the net selling price and the value in use. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to the level of sales volume, selling price and amount of operating costs.
(ii) 物業、廠房及設備之減值 倘情況顯示物業、廠房及設備之賬面值可能無法收回，資產可被視為「已減值」，並可按照香港會計準則第 36 號「資產減值」確認減值虧損。根據香港會計準則第 36 號，資產於事件或情況變化顯示其記錄之賬面值可能無法收回時，即須進行減值測試。於出現有關減幅時，賬面值須削減至其可收回金額。可收回金額為淨售價與使用價值兩者之較高者。於釐定使用價值時，資產所產生之預期現金流量乃貼現至其現值，需要對有關銷量、售價及經營成本金額作出重大判斷。

年報 Annual Report 2011 81

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

(ii) Impairment of property, plant and equipment (Continued)
the group uses readily available information in determining a reasonable approximation of recoverable amount, including estimates based on reasonable and supportable assumptions and projections of sales volume, selling price and amount of operating costs. however, actual sales volume, selling price and operating costs may be different from assumptions which may require a material adjustment to the carrying amount of the assets affected. At 30 June 2011, the carrying values of property, plant and equipment was approximately hK$298,649,000 (2010: hK$282,585,000), net of accumulated impairment loss of approximately hK$11,498,000 (2010: hK$1,285,000).
(iii) Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cashgenerating units to which goodwill has been allocated. the value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate the present value. At 30 June 2011, the carrying amount of goodwill was nil (2010: hK$22,185,000), net of accumulated impairment loss of approximately hK$442,132,000 (2010: hK$419,947,000).

(iv) Impairment allowance on loans and receivables

the directors of the Company periodically review its loan portfolios to assess whether impairment allowances exist. In determining whether impairment allowances should be recorded in the consolidated statement of comprehensive income, the directors of the Company have evaluated individually each loan account for impairment after taking into account the value of each client account’s underlying collateral and the latest financial position of those borrowers in default of settlement.

5. 重大會計判斷及主要估計不明朗因素（續）

估計不明朗因素之主要來源 （續） (ii) 物業、廠房及設備之減值 （續）本集團使用可取得之資料以釐定合理接近可收回金額，包括根據銷量、售價及經營成本金額之合理及具支持力假設和預測作出之估計。然而，實際銷量、售價及經營成本可能有別於假設，並可能須對受影響資產之賬面值作出重大調整。於二零一一年六月三十日，物業、廠房及設備之賬面值約為 298,649,000 港元
（二零一零年：282,585,000 港元）（扣除累計減值虧損約 11,498,000 港元（二零一零年：1,285,000 港元））。
(iii) 商譽減值 於釐定商譽是否減值時須估計獲分配商譽之現金產生單位之使用價值。董事計算使用價值時須估計預期可自現金產生單位產生之未來現金流量及合適貼現率，以計算現值。於二零一一年六月三十日，商譽之賬面值為零（二零一零年： 22,185,000 港元）（扣除累計減值虧損約 442,132,000 港元
（二零一零年：419,947,000 港元））。
(iv) 貸款及應收款項減值撥備 本公司董事定期檢討其貸款組合，以評估是否存有減值撥備。本公司董事於釐定減值撥備應否記入綜合全面收益表時已就各貸款賬戶作獨立減值評估，並已計及各客戶賬戶之相關抵押品之價值及該等欠款借款人之最近期財務狀況。

82 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

(iv) Impairment allowance on loans and receivables (Continued)

At 30 June 2011, the carrying amount of trade receivables was approximately hK$15,559,000 (2010: hK$22,420,000), net of accumulated impairment loss of approximately hK$524,000 (2010: hK$751,000).

5. 重大會計判斷及主要估計不明朗因素（續）

估計不明朗因素之主要來源（續） (iv) 貸款及應收款項減值撥備（續）

於二零一一年六月三十日，應收貿易賬款之賬面值約為 15,559,000 港元（二零一零年：22,420,000 港元），扣除累計減值虧損約 524,000 港元（二零一零年：751,000 港元）。

At 30 June 2011, the carrying amount of other receivables was approximately hK$525,000 (2010: hK$26,924,000), net of accumulated impairment loss of approximately hK$6,488,000 (2010: nil).

於二零一一年六月三十日，其他應收款項之賬面值約為 525,000 港元（二零一零年： 26,924,000 港元），扣除累計減值虧損約 6,488,000 港元（二零一零年：零）。

At 30 June 2011, the carrying amount of amounts due from related companies was approximately hK$1,317,000 (2010: hK$3,390,000), net of accumulated impairment loss of approximately hK$3,672,000 (2010: nil).

於二零一一年六月三十日，應收關連公司款項之賬面值約為 1,317,000 港元（二零一零年：3,390,000 港元），扣除累計減值虧損約 3,672,000 港元（二零一零年：零）。

(v) Player transfer costs

the management of BCp have to make certain judgements as to whether a liability should be recognised under the terms of the contracts with other football clubs in respect of player transfers. this includes whether in the managements’ opinion, at the end of reporting period, the Club is likely to retain premier league status in the next season. It also requires certain judgements as to whether a player will continue to make the contractually agreed number of first team appearances. Based on these judgements, management decide on a player by player basis as to whether the liability is disclosed as a contingent liability in note 40 or whether it becomes recognised as a liability in trade payables on the consolidated statement of financial position.

(v) 球員轉會費

BCp 之管理層須作出若干判斷以判定應否就球員轉會根據與其他球會之合約條款確認負債。其包括根據管理層之意見，於報告期未，球會是否有望於下一賽季保有其聯賽地位。管理層亦須判斷球員將能否繼續獲一線隊出場紀錄。根據該等判斷，管理層按個別球員基準決定負債於附註 40 披露為或然負債或於綜合財務狀況表確認為應付貿易賬款之負債。

年報 Annual Report 2011 83

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

(vi) Intangible assets — acquire player registration the management of BCp consider the recoverability of the acquired player registration at the end of each reporting period based on current estimated fair values. the management of BCp considers the economic life of the intangible asset to be between 1 to 5 years, based on the respective players’ contracts. these are reviewed annually on a player by player basis to determine whether there are indicators of impairment. Determining whether the intangible asset should be impaired at the end of the reporting period is based on management’s judgement of whether the player will no longer remain an active member of the playing squad and an assessment of the league that the Club will be playing in. At 30 June 2011, the carrying value of intangible assets — player registration was approximately hK$204,493,000 (2010: hK$297,726,000), net of accumulated impairment loss of approximately hK$38,613,000 (2010: nil).
(vii) Intangible assets — trademark trademark acquired in a business combination are recognised at fair value as at the acquisition date and classified as an indefinite-lived intangible asset in accordance with hKAs 38 “Intangible Assets”. this conclusion is supported by the fact that the cost of maintaining the trademark is insignificant and is perpetual in duration. the trademark relates to a well known and long established premier league Club since 1905, and based on future financial performance of the Club, the management of the group expect the Club to generate positive cash flows indefinitely. this view is agreed by an independent professional appraiser, who was appointed by the group to perform an assessment of the useful life of trademarks in accordance with the requirements set out in hKAs 38. having considered the factors specific to the group, the appraiser agreed that trademarks should be regarded as an intangible asset with an indefinite useful life. under hKAs 38, the group re-evaluates the useful life of trademarks each year to determine whether events and circumstances continue to support the view of indefinite useful life for this asset.

5. 重大會計判斷及主要估計不明朗因素（續）

估計不明朗因素之主要來源 （續） (vi) 無形資產 — 收購球員註冊 BCp 管理層認為，於各報告期末之所收購球員註冊之可收回性乃基於現時估計之公平值。BCp 管理層認為，無形資產之經濟年期根據各球員合約將介乎 1 至 5 年。其乃按個別球員基準每年檢討，以釐定是否存有減值跡象。於釐定無形資產應否於報告期末減值時，乃根據管理層就球員是否仍為球場上之活躍球員之判斷及球會將參與之聯賽評估而定。於二零一一年六月三十日，無形資產 — 球員註冊之賬面值約為 204,493,000 港元
（二零一零年：297,726,000 港元），扣除累計減值虧損約 38,613,000 港元（二零一零年：零）。
(vii) 無形資產 — 商標 於業務合併中收購之商標乃於收購日期按公平值確認，並根據香港會計準則第 38 號「無形資產」分類為具無限可使用年期之無形資產。此結論之支持理據為維持商標之成本不大及屬無限期。商標與自一九零五年成立之著名及歷史悠久英格蘭足球超級聯賽有關，並以球會之未來財務表現為基礎，本集團管理層預期球會可不斷產生正數現金流量。獨立專業評值師亦同意此觀點，該估計師乃本集團委任以根據香港會計準則第 38 號所載之規定評估商標之可使用年期。經考慮本集團之獨有因素後，評值師同意商標應被視為具無限可使用年期之無形資產。根據香港會計準則第 38 號，本集團每年重新評估商標之可使用年期，以釐定各事件及情況是否繼續支持此資產具無限可使用年期之觀點。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)
(vii) Intangible assets — trademark (Continued) In accordance with hKAs 36 “Impairment of Assets”, the group completed its annual impairment test for trademark by comparing their recoverable amount to its carrying amount as at 30 June 2011. the group has conducted a valuation of the trademark as a cash generating unit based on the income approach. this valuation uses cash flow projections based on financial estimates management believes that any reasonably foreseeable change in any of the above key assumptions would not cause the aggregate carrying amount of trademarks to exceed the aggregate recoverable amount. At 30 June 2011, the carrying value of intangible assets — trademark was approximately hK$41,851,000 (2010: hK$540,474,000), net of accumulated impairment loss of approximately hK$528,079,000 (2010: nil).

5. 重大會計判斷及主要估計不明朗因素（續）

估計不明朗因素之主要來源（續）

(vii) 無形資產 — 商標 （續）根據香港會計準則第 36 號「資產減值」，本集團完成透過比較商標於二零一一年六月三十日之可收回金額與其賬面值完成商標之年度減值測試。本集團已根據收益法將商標作為現金產生單位進行估值。此估值乃採用現金流量預測根據管理層相信上述任何主要假設之任何合理可預見變動均不會導致商譽之賬面總值超出可收回總額之財務估計進行。於二零一一年六月三十日，無形資產 — 商標之賬面值約為 41,851,000 港元
（二零一零年：540,474,000 港元），扣除累計減值虧損約 528,079,000 港元（二零一零年：零）。

6. SEGMENT INFORMATION

Information reported to the chief operating decision makers, for the purposes of resource allocation and assessment of segment performance focuses on types of goods or services delivered or provided.

6. 分類資料

向首席營運決策者呈報以供分配資源及評估分類表現之資料乃著重所付運或所提供貨品或服務之類別。

specifically, the group’s reportable and operating segments under hKfRs 8 are as follows:

具體而言，本集團根據香港財務報告準則第 8 號之可呈報及經營分類如下：

(i) professional football operation;
(i) 職業足球營運；
(ii) apparel sourcing and trading;
(ii) 服飾採購及貿易；
(iii) entertainment and media; and
(iii) 娛樂及媒體；及
(iv) investment holding.
(iv) 投資控股。

年報 Annual Report 2011 85

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

SEGMENT INFORMATION (Continued)

segment information about these reportable segments is presented below:

6. 分類資料（續）

該等可呈報分類之分類資料載列如下：

(a) Segment Revenue and Results

(a) 分類收益及業績

Professional football operation Apparel Sourcing & trading Entertainment & media services Investment holding 職業足球營運服飾採購及貿易娛樂及媒體服務投資控股 12 months ended 30 June 2011 15 months ended 30 June 2010 12 months ended 30 June 2011 15 months ended 30 June 2010 12 months ended 30 June 2011 15 months ended 30 June 2010 12 months ended 30 June 2011 15 months ended 30 June 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *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	Total 總計 12 months ended 30 June 2011 15 months ended 30 June 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
SEGMENT REVENUE: 分類收益： external sales 外部銷售 781,155 579,517 — — 211 2,079 — —	781,366 581,596
SEGMENT RESULTS 分類業績 (687,093) (551,584) — — 1,207 99 808 253,863 unallocated corporate income and expenses 未分配公司收入及開支 loss before taxation 除稅前虧損	(685,078) (297,622) (99,524) (134,239)
	(784,602) (431,861)

segment results represents the results earned by each segment without allocation of central administration costs, directors’ salaries, amounts due from related companies, interest income and finance costs. this is the measure reported to the chief operating decision maker, being the directors of the Company, for the purposes of resource allocation and assessment of segment performance.

分類業績乃未分配中央行政成本、董事薪金、應收關連公司款項、利息收入及融資成本之各分類所賺取之業績。此乃向首席營運決策者（即本公司董事）報告以分配資源及評估分類表現之衡量。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

6. 分類資料（續）

6. SEGMENT INFORMATION (Continued)

Segment Assets and Liabilities *At 30 June* Professional football operation Apparel Sourcing & trading Entertainment & media services Investment holding Total 職業足球營運服飾採購及貿易娛樂及媒體服務投資控股總計 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 二零一一年二零一零年二零一一年二零一零年二零一一年二零一零年二零一一年二零一零年二零一一年二零一零年 *HK$’000* HK$’000 *HK$’000* HK$’000 *HK$’000* HK$’000 *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 (b) 分類資產及負債於六月三十日	Segment Assets and Liabilities *At 30 June* Professional football operation Apparel Sourcing & trading Entertainment & media services Investment holding Total 職業足球營運服飾採購及貿易娛樂及媒體服務投資控股總計 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 二零一一年二零一零年二零一一年二零一零年二零一一年二零一零年二零一一年二零一零年二零一一年二零一零年 *HK$’000* HK$’000 *HK$’000* HK$’000 *HK$’000* HK$’000 *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 (b) 分類資產及負債於六月三十日
Assets 資產 segment assets 分類資產 574,321 1,184,460 — 161 286 430 2,876 643 unallocated segment assets 未分配分類資產 total assets 資產總值 lIABIlItIes 負債 segment liabilities 分類負債 317,053 466,218 — 42 20 357 24,555 8,637 unallocated segment liabilities 未分配分類負債 total liabilities 負債總額	577,483 1,185,694 49,847 57,541
	627,330 1,243,235
	341,628 475,254 408,067 428,376
	749,695 903,630

(b) Segment Assets and Liabilities At 30 June

for the purpose of monitoring segment performances and allocating resources between segment:

為方便監察分類表現及於分類間分配資源：

all assets are allocated to reportable segments, other than cash held at non-bank financial institutions, cash and cash equivalents and amounts due from related companies which are not able to allocate into reportable segments.
除於非銀行金融機構所持現金、現金及現金等值項目及應收關連公司款項不能分配至可呈報分類外，所有資產已分配予可呈報分類。
all liabilities are allocated to reportable segments, other than borrowings, deferred tax liabilities, income tax payable and amounts due to directors which are not able to allocate into reportable segments.
除借貸、遞延稅項負債、應付所得稅及應付董事款項不能分配至可呈報分類外，所有負債已分配予可呈報分類。

年報 Annual Report 2011 87

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

SEGMENT INFORMATION (Continued)

(c) Other segment information:

6. 分類資料 （續）

(c) 其他分類資料：

	Professional Apparel	Professional Apparel	Professional Apparel	Entertainment &	Entertainment &
	football	operation sourcing & Trading		media	services	Investment holding		Total
	職業足球營運服飾採購及貿易			娛樂及媒體服務		投資控股		總計
	12 months		15 months 12 months 15 months 12 months		15 months 12 months		15 months 12 months			15 months
	ended		ended ended ended ended		ended ended		ended ended			ended
	30 June 2011		30 June 2010 30 June 2011 30 June 2010 30 June 2011		30 June	2010 30 June 2011	30 June 2010 30 June 2011		30	June 2010
	截至		截至截至截至截至			截至截至	截至截至			截至
	二零一一年		二零一零年二零一一年二零一零年二零一一年		二零一零年二零一一年		二零一零年二零一一年			二零一零年
	六月三十日止		六月三十日止六月三十日止六月三十日止六月三十日止		六月三十日止六月三十日止		六月三十日止六月三十日止		六月三十日止
	十二個月		十五個月十二個月十五個月十二個月		十五個月十二個月		十五個月十二個月			十五個月
	*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
other segment	其他分類資料：
information:
Additions to non-current	添置非流動資產
assets_(Note)_	（附註） 115,580		210,315 —	— —		— 3,441	199 119,021			210,514
Amortisation of intangible	無形資產攤銷
assets	(165,616)		(292,953) —	— —		— —		— (165,616)		(292,953)
finance costs Impairment loss on	融資成本 (10,534) 應收關連公司		(2,036) —	— (—)		— (2,732)	(15,438) (13,266)			(17,474)
amounts due from	款項之減值
related companies	虧損 —		— —	— —		— (3,672)		— (3,672)		—
Impairment loss on	商譽之減值虧損
goodwill	(23,574)		(400,000) —	— —		— —		— (23,574)		(400,000)
Impairment loss on	無形資產之減值
intangible assets	虧損 (566,692)		— —	— —		— —		— (566,692)		—
Impairment loss on other	其他應收款項之
receivables Impairment loss on	減值虧損 — 物業、廠房及		— —	— (6,488)		— —		— (6,488)		—
property,	設備之減值
plant and equipment	虧損 (10,213)		(1,258) —	— —		— —		— (10,213)		(1,285)
Impairment loss on trade	應收貿易賬款之
receivables	減值虧損 (37)		(751) —	— —		— —		— (37)		(751)
Income tax credit other revenue and net	所得稅抵免 153,783 其他收益及盈利		40,757 —	— —		— —		— 153,783		40,757
gains	淨值 2,015		4,933 —	— 996		— 809	474 3,820			5,407
profit on sales of players’	出售球員註冊之
registrations	溢利 7,259		3,454 —	— —		— —		— 7,259		3,454
property, plant and	撇銷物業、廠房
equipment written off	及設備 —		— —	— —		— (314)		— (314)		—

Note: non-current assets included property, plant and equipment and intangible assets.

附註：非流動資產包括物業、廠房及設備以及無形資產。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

6. SEGMENT INFORMATION (Continued)

(d) Geographic information

the following table provides an analysis of the group’s revenue from external customers and noncurrent assets other than financial instruments, deferred tax assets/liabilities and post-employment benefit assets (“specified non-current assets”).

6. 分類資料（續）

(d) 地區資料

下表載列本集團來自外部客戶之收益及金融工具、遞延稅項資產╱負債及離職後福利資產外之非流動資產（「特定非流動資產」）分析。

Revenue from external customers

來自外部客戶之收益

	Revenue from external customers 來自外部客戶之收益	Revenue from external customers 來自外部客戶之收益
	For the for the 12 months 15 months ended ended Specified 30 June 30 June
	non-current assets at 30 June 於六月三十日之 2011 2010 截至截至
	特定非流動資產二零一一年二零一零年
	六月三十日六月三十日 2011	2010
	止十二個月止十五個月二零一一年	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
hong Kong	香港 211 2,079 3,161	1,073
united Kingdom	英國
(place of domicile)	（註冊地） 781,155 579,517 541,832	1,141,897
	781,366 581,596 544,993	1,142,970

(e) Information about major customers

no revenue was received from customers contributing more than 10% of the total sales of group for the 12 months ended 30 June 2011 and for the 15 months ended 30 June 2010.

(e) 有關主要客戶之資料

截至二零一一年六月三十日止十二個月及截至二零一零年六月三十日止十五個月，概無收取客戶之收益佔本集團總銷售額之 10% 以上。

年報 Annual Report 2011 89

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

7. TURNOVER

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowance and exclude value added tax or other sales related taxes and are analysed as follows:

7. 營業額

收益按已收或應收代價之公平值計量。收益已就估計客戶退貨、回扣及其他類似津貼作出扣減，且不包括增值稅或其他銷售相關稅項，並分析如下：

		For the 12 months ended 30 June 2011 for the 15 months ended 30 June 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
television Broadcasting	電視廣播	549,691 426,430
Commercial income matching receipts	商業收入球賽收入	118,432 75,338 113,032 77,749
service income from entertainment	來自娛樂事業之服務收入
business		211 2,079
		781,366 581,596

8. OTHER REVENUE AND NET GAINS 8. 其他收益及盈利淨值

		For the for the
		12 months 15 months
		ended ended
		30 June 30 June
		2011 2010
		截至截至
		二零一一年二零一零年
		六月三十日六月三十日
		止十二個月止十五個月
		*HK$’000* HK$’000
		千港元千港元
Interest income sundry income	利息收入雜項收入	2,065 5,255 1,446 152
Reversal of impairment loss on trade	應收貿易賬款之減值虧損撥回
receivables		309 —
		3,820 5,407

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

9. FINANCE COSTS

9. 融資成本

		For the 12 months ended 30 June 2011 for the 15 months ended 30 June 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
Interest on:	以下各項之利息：
— Bank loan and overdraft repayable	—須於五年內償還之銀行
within five years	貸款及透支	1,471 15,418
— other borrowings repayable within	—須於五年內償還之其他
five years	借貸	11,449 1,976
finance leases	融資租約	346 61
Imputed interest expense on convertible	可換股票據之估算利息支出
notes		— 19
		13,266 17,474

年報 Annual Report 2011 91

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

10. LOSS BEFORE TAxATION

10. 除稅前虧損

	For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月 *HK$’000* 千港元	for the 15 months ended 30 June 2010 截至二零一零年六月三十日止十五個月 HK$’000 千港元 292,953
loss before taxation is arrived at after charging: 除稅前虧損經扣除以下各項後達致： Amortisation of intangible assets 無形資產攤銷 Auditor’s remuneration 核數師酬金 — current year/period —本年度╱期間 — under-provision in prior period —過往期間撥備不足	165,616 3,462 272 3,734
		1,897 —
		1,897 6,387 440,094 10,106 751 — 26,458
Cost of inventories sold_(Note i) 出售存貨成本（附註i） Cost on operating expenses(Note ii)_ 經營開支成本（附註ii） Depreciation of property, plant and equipment 物業、廠房及設備折舊 Impairment loss on trade receivables 應收貿易賬款之減值虧損 minimum lease payments under operating lease in respect of premises 經營租約項下之物業最低租金 net foreign exchange loss 外匯虧損淨額 staff costs (excluding directors) 員工成本（不包括董事） — wages and salaries —工資及薪金 — contributions to defined contribution retirement plans —界定供款退休計劃之供款	10,757 700,632 15,801 37 2,593 2,419 501,436 60,218 561,654
		396,950 54,325
		451,275 —
property, plant and equipment written off 撇銷物業、廠房及設備	314

Notes:

附註：

i. Cost of inventories sold represents the cost in relation to the sales of sportswear and other accessories in relation to the Club.
ii. Cost of operating expenses mainly represents the salaries and related bonus to the football players and expenses incurred during matches of the Club.
i. 出售存貨成本指出售球會之運動服裝及其他配件之成本。
ii. 經營開支成本主要指支付予球員之薪金及相關花紅，以及球會於球賽期間所產生之開支。

92 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

11. INCOME TAx CREDIT

(a) Income tax credit in the consolidated statement of comprehensive income represents:

11. 所得稅抵免

(a) 綜合全面收益表內之所得稅抵免指：

		For the 12 months ended 30 June 2011 for the 15 months ended 30 June 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
Deferred taxation — u.K.	遞延稅項—英國
Current year	本年度	140,322 40,757
Attributable to a change in tax rate	稅率變動收致	13,461 —
		153,783 40,757

no provision for hong Kong profits tax has been made as the group had no assessable profits arising from hong Kong during the year ended 30 June 2011 and for the 15 months ended 30 June 2010.

由於本集團於截至二零一一年六月三十日止年度及截至二零一零年六月三十日止十五個月內並無於香港產生應課稅溢利，故並無就香港利得稅作出撥備。

taxation arising in other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

其他司法權區產生之稅項按有關司法權區之現行稅率計算。

the group’s subsidiaries in the u.K. are subject to Corporation tax in the u.K. (“Corporation tax”). no provision has been made in respect of Corporation tax as these subsidiaries did not derive any assessable profits from u.K. during the year ended 30 June 2011 and for the 15 months ended 30 June 2010.

本集團於英國之附屬公司須繳付英國企業稅（「企業稅」）。由於該等附屬集團於截至二零一一年六月三十日止年度及截至二零一零年六月三十日止十五個月內並無於英國產生任何應課稅溢利，故並無就企業稅作出撥備。

年報 Annual Report 2011 93

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

11. INCOME TAx CREDIT (Continued)

(b) the income tax credit for the year/period can be reconciled to the loss before taxation per the consolidated statement of comprehensive income as follows:

11. 所得稅抵免（續）

(b) 本年度╱期間所得稅抵免與於綜合全面收益表之除稅前虧損對賬如下：

		For the 12 months ended 30 June 2011 for the 15 months ended 30 June 2010 截至二零一一年六月三十日止十二個月截至二零一零年六月三十日止十五個月 *HK$’000* HK$’000 千港元千港元
loss before taxation	除稅前虧損	(784,602) (431,861)
taxation calculated at respective	以各本地法定稅率計算之稅項
domestic statutory tax rates		(209,631) (89,118)
effect of a change in tax rate	稅率變動之影響	13,461 —
tax effect of expenses not deductible	毋須扣稅支出之稅務影響
for taxation purposes		6,946 86,764
tax effect of income not taxable for	毋須課稅收入之稅務影響
taxation purposes		(2,979) (39,304)
tax effect of unused tax losses not	未確認未使用稅項虧損之稅務
recognised	影響	38,420 901
Income tax credit for the year/period	本年度╱期間所得稅抵免	(153,783) (40,757)

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

12. DIRECTORS’ AND CHIEF ExECUTIVE’S EMOLUMENTS

(a) Directors’ emoluments the emoluments paid or payable to each of the twelve (2010: twelve) directors and chief executive were as follows:

12. 董事及主要行政人員之酬金

(a) 董事酬金
已付或應付予十二名（二零一零年：十二名）董事及主要行政人員各自之酬金如下：

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

		Fees 袍金 Salaries and allowances 薪金及津貼 Retirement scheme contributions 退休計劃供款 Total 總計 *HK$’000* *HK$’000* *HK$’000* *HK$’000* 千港元千港元千港元千港元
Executive directors	執行董事
yeung Ka sing, Carson	楊家誠	— 9,150 — 9,150
hui ho luek, vico	許浩略（於二零一二年
(resigned on 1 July 2012)	七月一日辭任）	— 453 12 465
Ip wing lun, Allan	葉泳倫（於二零一一年
(resigned on 31 may 2011)	五月三十一日辭任）	— 552 11 563
lee yiu tung	李耀東（於二零一三年
(disqualified on	一月十一日被取消
11 January 2013)	資格）	— 780 12 792
steven mcmanaman (resigned	steven mcmanaman
on 2 June 2012)	（於二零一二年六月
	二日辭任）	— 600 — 600
wong po ling, pauline	王寶玲	— 598 12 610
Chan shun wah (appointed on	陳順華（於二零一零年
22 July 2010)	七月二十二日
	獲委任）	— 418 11 429
		— 12,551 58 12,609
Non-executive directors	非執行董事
Chan wai Keung	陳偉強（於二零一二年
(resigned on	十月十六日辭任）
16 october 2012)		— 180 — 180
Christian lali Karembeu	Christian lali Karembeu
(retired on	（於二零一零年
17 December 2010)	十二月十七日退休）	— 277 — 277
		— 457 — 457
Independent non-executive	獨立非執行董事
directors
Chang Kin man	鄭健民（於二零一一年五
(resigned on 31 may 2011)	月三十一日辭任）	132 — — 132
yau yan ming, Raymond	邱恩明	144 — — 144
Zhou han ping	周漢平（於二零一三年
(disqualified on	一月十一日被取消
11 January 2013)	資格）	120 — — 120
		396 — — 396
		396 13,008 58 13,462

年報 Annual Report 2011

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

12. DIRECTORS’ AND CHIEF ExECUTIVE’S EMOLUMENTS (Continued)

(a) Directors’ emoluments (Continued) For the 15 months ended 30 June 2010

12. 董事及主要行政人員之酬金 （續）

(a) 董事酬金 （續） 截至二零一零年六月三十日止十五個月

				Retirement
				scheme
			salaries and	contributions
		fees	allowances	退休	total
		袍金	薪金及津貼	計劃供款	總計
		HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元
Executive directors	執行董事
yeung Ka sing, Carson	楊家誠	—	750	—	750
fan Zhi yi	范志毅	—	159	—	159
hui ho luek, vico	許浩略	—	542	15	557
Ip wing lun, Allan	葉泳倫	—	675	15	690
lee yiu tung	李耀東	—	960	7	967
steven mcmanaman	steven mcmanaman	—	750	—	750
wong po ling, pauline	王寶玲	—	676	15	691
		—	4,512	52	4,564
Non-executive directors	非執行董事
Chan wai Keung	陳偉強	—	225	—	225
Christian lali Karembeu	Christian lali Karembeu	—	750	—	750
		—	975	—	975
Independent non-executive	獨立非執行董事
directors
Chang Kin man	鄭健民	180	—	—	180
yau yan ming, Raymond	邱恩明	180	—	—	180
Zhou han ping	周漢平	150	—	—	150
		510	—	—	510
		510	5,487	52	6,049

hui ho luek, vico is also the Chief executive of the Company and his emoluments disclosed above include those for services rendered by him as the Chief executive.

許浩略同時擔任本公司行政總裁，上文披露之其酬金包括彼身為行政總裁提供服務之酬金。

there were no other emoluments payable to the directors during the year ended 30 June 2011 and for the 15 months ended 30 June 2010. there was no arrangement under which a director waived or agreed to waive any remuneration during the year ended 30 June 2011 and for the 15 months ended 30 June 2010.

截至二零一一年六月三十日止年度及截至二零一零年六月三十日止十五個月內並無應付予董事之其他酬金。截至二零一一年六月三十日止年度及截至二零一零年六月三十日止十五個月內並無董事放棄或同意放棄任何薪酬之安排。

96 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

12. DIRECTORS’ AND CHIEF ExECUTIVE’S EMOLUMENTS (Continued)

(b) Management’s emoluments

of the five individuals with the highest emoluments in the group, all (for the 15 months ended 30 June 2010: all) were directors and the chief executive of the Company whose emoluments are included in the disclosures above:

12. 董事及主要行政人員之酬金 （續）

(b) 管理層酬金 本集團五名最高薪酬人士中，全部（截至二零一零年六月三十日止十五個月：全部）均為本公司董事及主要行政人員，彼等之酬金載於上文之披露資料：

		For the	for the
		12 months 15 months
		ended	ended
		30 June	30 June
		2011	2010
		截至	截至
		二零一一年二零一零年
		六月三十日六月三十日
		止十二個月止十五個月
		*HK$’000*	HK$’000
		千港元	千港元
salaries, other allowances and	薪金、其他津貼及
benefits in kind Bonus	實物福利花紅	11,528 152	50,751 14,146
Retirement scheme contributions	退休計劃供款	35	—
		11,715	64,897
the emoluments are within the	酬金介乎以下範圍：
following bands:
Below $1,500,000	1,500,000元以下	4	—
$1,500,001 — $2,000,000	1,500,001元 —2,000,000元	—	—
$2,000,001 — $2,500,000	2,000,001元 —2,500,000元	—	—
$2,500,001 — $3,000,000	2,500,001元 —3,000,000元	—	—
$3,500,001 — $4,000,000	3,500,001元 —4,000,000元	—	—
$4,500,001 — $5,000,000	4,500,001元 —5,000,000元	—	—
over $5,000,000	5,000,000元以上	1	5
		5	5

年報 Annual Report 2011

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

13. LOSS FOR THE YEAR/PERIOD ATTRIBUTABLE TO OWNERS OF THE COMPANY

the loss for the year/period attributable to owners of the Company includes a loss of hK$469,881,000 (15 months ended 30 June 2010: hK$443,102,000) which has been dealt with in the financial statements of the Company.

13. 本公司擁有人應佔本年度╱期間虧損

本公司擁有人應佔本年度╱期間虧損包括虧損 469,881,000 港元（截至二零一零年六月三十日止十五個月： 443,102,000 港元），已於本公司之財務報表中處理。

14. DIVIDEND

no dividend was paid or proposed for the year ended 30 June 2011 (2010: nil), nor has any dividend been proposed since the end of reporting date.

14. 股息

截至二零一一年六月三十日止年度並無派付或擬派股息（二零一零年：零），自報告期末以來亦無擬派任何股息。

15. LOSS PER SHARE

the calculation of basic loss per share is based on the loss for the year/period attributable to the owners of the Company, and the weighted average number of ordinary shares in issue during the year/period.

15. 每股虧損

每股基本虧損乃按本公司擁有人應佔本年度╱期間虧損及年╱期內已發行普通股之加權平均數計算。

the calculation of diluted loss per share is based on the loss for the year/period attributable to the owners of the Company. the weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the year/period, as used in the basic loss per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all potential dilutive ordinary shares into ordinary shares.

每股攤薄虧損乃按本公司擁有人應佔本年度╱期間虧損計算。計算所用之普通股加權平均數為計算每股基本虧損所用之年╱期內已發行普通股數目，以及假設於視作行使或兌換所有潛在攤薄普通股為普通股時無償發行之普通股加權平均數。

98 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

15. LOSS PER SHARE [(Continued)]

the calculations of basic and diluted loss per share are based on:

15. 每股虧損[（續）]

每股基本及攤薄虧損按以下數字計算：

		For the	for the
		12 months	15 months
		ended	ended
		30 June	30 June
		2011	2010
		截至	截至
		二零一一年	二零一零年
		六月三十日	六月三十日
		止十二個月	止十五個月
		*HK$’000*	HK$’000
		千港元	千港元
loss attributable to the owners of the Company,	計算每股基本虧損所用之本公司
used in the basic loss per share calculations	擁有人應佔虧損	(612,054)	(387,684)
_Add:_Imputed interest on convertible notes*	加：可換股票據之估算利息*	—	19
		(612,054)	(387,665)
		Number of shares
		股份數目
		For the	for the
		12 months	15 months
		ended	ended
		30 June	30 June
		2011	2010
		截至	截至
		二零一一年	二零一零年
		六月三十日	六月三十日
		止十二個月	止十五個月
		*’000*	’000
		千股	千股
shares:	股份：
weighted average number of ordinary shares	計算每股基本虧損所用之普通股
for basic loss per share calculation	加權平均數	3,350,082	2,284,551
effect of dilution on weighted average number	兌換可換股票據涉及之普通股
of ordinary shares in respect of conversion of	加權平均數之攤薄影響*
convertible notes*		—	3,163
weighted average number of ordinary shares	就攤薄影響作出調整之普通股加
adjusted for the effect of dilution	權平均數	3,350,082	2,287,714

Diluted loss per share was the same as the basic loss per share for the year ended 30 June 2011 as the effect of the conversion of the Company’s share options shares was anti-dilutive.

由於兌換本公司之購股權股份具反攤薄影響，因此，截至二零一一年六月三十日止年度之每股攤薄虧損與每股基本虧損相同。

Diluted loss per share amounts for the 15 months ended 30 June 2010 was the same as the respective basic loss per share amounts because the basic loss per share amounts for the period was reduced when taking respective convertible notes and share options (where applicable) into account, and therefore the conversion of convertible notes and share options had an anti-dilutive effect on the basic loss per share.
由於本期間之每股基本虧損金額分別計入可換股票據及購股權（如適用）後有所減少，故兌換可換股票據及購股權對每股基本虧損具反攤薄影響，因此，截至二零一零年六月三十日止十五個月之每股攤薄虧損金額與有關每股基本虧損金額相同。

年報 Annual Report 2011

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

16. PROPERTY, PLANT AND EqUIPMENT The Group

16. 物業、廠房及設備

本集團

		Freehold Land
		and buildings	Leasehold	Furniture and	Office
		永久業權	improvements	fixtures	equipment	Motor vehicles	Total
		土地及樓宇	租賃物業裝修	傢俬及裝置	辦公室設備	汽車	總計
		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
At 1 April 2009	於二零零九年四月一日	2,100	5,891	1,378	1,367	552	11,288
Additions through business	透過業務合併添置
combination_(Note 37)_	（附註37）	287,870	—	10,321	—	1,659	299,850
Additions	添置	2,534	95	2,724	248	540	6,141
Disposals	出售	(2,100)	(5,031)	(1,300)	(950)	(118)	(9,499)
exchange realignment	匯兌調整	(12,987)	—	(466)	—	(75)	(13,528)
At 30 June 2010	於二零一零年六月三十日	277,417	955	12,657	665	2,558	294,252
Additions	添置	2,768	2,845	19,078	230	50	24,971
written off during the year	年內撇銷
(note ii)	（附註ii）	—	(955)	(87)	—	—	(1,042)
exchange realignment	匯兌調整	17,373	—	771	—	89	18,233
At 30 June 2011	於二零一一年六月三十日	297,558	2,845	32,419	895	2,697	336,414
Accumulated depreciation	累計折舊
and impairment	及減值
At 1 April 2009	於二零零九年四月一日	383	5,364	1,331	1,108	110	8,296
provided for the period	本期間撥備	6,205	238	2,838	166	659	10,106
eliminated on disposals	出售時對銷	—	(5,031)	(1,300)	(950)	(12)	(7,293)
Impairment loss_(note i)_	減值虧損（附註i）	1,285	—	—	—	—	1,285
exchange realignment	匯兌調整	(621)	—	(90)	—	(16)	(727)
At 30 June 2010	於二零一零年六月三十日	7,252	571	2,779	324	741	11,667
provided for the year	本年度撥備	8,172	664	6,094	180	691	15,801
eliminated on written off	撇銷時對銷
(note ii)	（附註ii）	—	(667)	(61)	—	—	(728)
Impairment loss_(note i)_	減值虧損（附註i）	10,213	—	—	—	—	10,213
exchange realignment	匯兌調整	606	—	206	—	—	812
At 30 June 2011	於二零一一年六月三十日	26,243	568	9,018	504	1,432	37,765
Net carrying value	賬面淨值
At 30 June 2011	於二零一一年六月三十日	271,315	2,277	23,401	391	1,265	298,649
At 30 June 2010	於二零一零年六月三十日	270,165	384	9,878	341	1,817	282,585

Notes: (i) the freehold land and buildings represents the stadium and the training pitch of BCp situated in Birmingham, uK. for the purpose of impairment review, the freehold land and building was revalued at its opening market value as at 30 June 2011 by reference to a valuation carried out by grant sherman Appraisal limited, independent qualified professional valuers not connected with the group (“grant sherman”). Based on the result of the valuation report, an impairment loss of hK$10,213,000 (15 months ended 30 June 2010: hK$1,285,000) was recognised for the year ended 30 June 2011.
(ii) During the year ended 30 June 2011, the net carrying values of the group’s leasehold improvements and furniture and fixtures amounting to approximately hK$314,000 (15 months ended 30 June 2010: nil) were written off, which was mainly due to the termination of a rental agreement with the landlord in respect of a leased property.

附註：(i) 永久業權土地及樓宇指位於英國伯明翰之 BCp 體育館及訓練場。就減值檢討而言，永久業權土地及樓宇參考與本集團並無關連之獨立合資格專業估值師中證評估有限公司（「中證」）進行之估值按其於二零一一年六月三十日之公開市值重估。根據估值報告之結果，減值虧損 10,213,000 港元（截至二零一零年六月三十日止十五個月：1,285,000 港元）已於截至二零一一年六月三十日止年度確認。

(ii) 截至二零一一年六月三十日止年度內，本集團之租賃物業裝修以及傢俬及裝置之賬面淨值約 314,000 港元（截至二零一零年六月三十日止十五個月：零）已撇銷，乃主要由於終止與業主就租賃物業訂立之租賃協議所致。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

100

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

16. PROPERTY, PLANT AND EqUIPMENT

16. 物業、廠房及設備[（續）]

(Continued)

The Company

本公司

		Leasehold	Furniture	Office
		improvements	and fixtures	equipment	Total
		租賃物業裝修	傢俬及裝置	辦公室設備	總計
		HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元
Cost	成本
At 1 April 2009	於二零零九年
	四月一日	860	77	418	1,355
Additions	添置	95	9	95	199
At 30 June 2010	於二零一零年
	六月三十日	955	86	513	1,554
Additions	添置	2,845	366	230	3,441
written off during the year	年內撇銷	(955)	(87)	—	(1,042)
At 30 June 2011	於二零一一年
	六月三十日	2,845	365	743	3,953
Accumulated depreciation	累計折舊
At 1 April 2009	於二零零九年
	四月一日	333	30	159	522
provided for the period	本期間撥備	239	22	128	389
At 30 June 2010	於二零一零年
	六月三十日	572	52	287	911
provided for the year	本年度撥備	664	82	149	895
eliminated on written off	撇銷時對銷	(667)	(61)	—	(728)
At 30 June 2011	於二零一一年
	六月三十日	569	73	436	1,078
Net carrying value	賬面淨值
At 30 June 2011	於二零一一年
	六月三十日	2,276	292	307	2,875
At 30 June 2010	於二零一零年
	六月三十日	383	34	226	643

年報 Annual Report 2011

101

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

17. INVESTMENT PROPERTY

17. 投資物業

		The Group	The Group
		本集團
		At	At
		30 June	30 June
		2011	2010
		於	於
		二零一一年	二零一零年
		六月三十日	六月三十日
		*HK$’000*	HK$’000
		千港元	千港元
fair value:	公平值：
At the beginning of the year/period	於年╱期初	—	1,060
Disposal	出售	—	(1,060)
At the end of the year/period	於年終╱期	—	—

the group’s investment property was located in hong Kong and held under medium term lease. During the 15 months ended 30 June 2010, the group entered into a sale and purchase agreement with an independent third party for the disposal of the investment property at a total consideration of hK$1,060,000, which was considered by the directors of the Company to be the amount that approximated the fair value of the investment property by the time of disposal.

本集團之投資物業位於香港，並以中期租約持有。截至二零一零年六月三十日止十五個月內，本集團與一名獨立第三方訂立買賣協議，以按總代價 1,060,000 港元出售投資物業，本公司董事認為總代價與投資物業於出售時之公平值相若。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

102

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

18. INTANGIBLE ASSETS

18. 無形資產

The Group			本集團
		Player	Backlog
		registration	contract	Trademark	Total
		球員註冊	積壓合約	商標	總計
		(note iii)	(note i & ii)	(note i & iv)
		（附註iii）	（附註i及ii）	（附註i及iv）
		HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元
Cost	成本
At 1 April 2009	於二零零九年四月一日	—	—	—	—
Additions through business	透過業務合併添置
combination_(Note 37)_	（附註37）	248,271	147,560	566,009	961,840
Additions	添置	204,373	—	—	204,373
Disposals	出售	(127,563)	—	—	(127,563)
exchange realignment	匯兌調整	(11,201)	(6,657)	(25,535)	(43,393)
At 30 June 2010	於二零一零年六月三十日	313,880	140,903	540,474	995,257
Additions	添置	94,050	—	—	94,050
exchange realignment	匯兌調整	18,235	—	33,846	52,081
At 30 June 2011	於二零一一年六月三十日	426,165	140,903	574,320	1,141,388
Accumulated amortisation	累計攤銷及減值
and impairment
At 1 April 2009	於二零零九年四月一日	—	—	—	—
provided for the period	本期間撥備	147,391	145,562	—	292,953
elimination on disposals	出售時對銷	(126,519)	—	—	(126,519)
exchange realignment	匯兌調整	(4,718)	(4,659)	—	(9,377)
At 30 June 2010	於二零一零年六月三十日	16,154	140,903	—	157,057
provided for the year	本年度撥備	165,616	—	—	165,616
Impairment loss	減值虧損	38,613	—	528,079	566,692
exchange realignment	匯兌調整	1,289	—	4,390	5,679
At 30 June 2011	於二零一一年六月三十日	221,672	140,903	532,469	895,044
Net carrying value	賬面淨值
At 30 June 2011	於二零一一年六月三十日	204,493	—	41,851	246,344
At 30 June 2010	於二零一零年六月三十日	297,726	—	540,474	838,200

Notes:

附註：

(i) the fair value of backlog contract and trademark as at the date of acquisition (detailed in note 37) were valued by Kovas magni Appraisal limited (“Kovas”), independent professional valuers not connected with the group.

(i) 積壓合約及商標於收購日期之公平值（詳情載於附註 37）乃由與本集團並無關連之獨立專業估值師高盟評估有限公司（「高盟」）進行估值。

年報 Annual Report 2011

103

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

18. INTANGIBLE ASSETS [(Continued)]

The Group (Continued)

Notes: (Continued)

(ii) Backlog contract represents the contract signed between the Club and the football Association premier league limited (“fA premier”) which the Club will have the right to receive an annual income from fA premier in relation to the income arrived from television broadcastings, sponsorships, merit amount determined by the final position at the end of the premier league season and the facility fees determined by the number of the matches being broadcasted by fA premier. the backlog contract is signed on a yearly base and will renew before the premier league season starts each year and hence, the amount of backlog contract was fully amortised during the 15 months ended 30 June 2010.
(iii) the player registration is considered to have a useful life ranging from 1 to 5 years and was tested for impairment at the end of the reporting period.
Any players whom the Club do not consider to be a long term part of the first team squad and who will therefore not contribute to future cash flows earned by the Club are assessed for impairment by considering the carrying value with the Club’s best estimate of fair value (being post year end sales proceeds or expected sales proceeds) less costs to sell. the directors have made an impairment loss of approximately hK$38,613,000 (15 months ended 30 June 2010: nil) against this category of players and are satisfied that this impairment is adequate, even in the circumstances of the Club not having achieved promotion to the premier league following the 2011/2012 season.
(iv) the trademark is considered to have an indefinite useful life and was tested for impairment at 30 June 2011.

According to the valuation report of grant sherman, an impairment loss of approximately hK$528,079,000 (15 months ended 30 June 2010: nil) was recognised for the year ended 30 June 2011 because the recoverable amount of the trademark with reference to the value in use as at 30 June 2011 performed by grant sherman was estimated to be less than its carrying value by hK$528,079,000. Accordingly the carrying value of the trademark is reduced to its recoverable amount.

18. 無形資產[（續）] 本集團 （續）附註：（續）

(ii) 積壓合約指球會與 football Association premier league limited（「fA premier」）簽訂之合約，球會將有權自 fA premier 就來自電視廣播、贊助、獎金（按英超聯球季結束時之最終排名釐定）及設施費用（按 fA premier 廣播之球賽數目釐定）之收入收取年度收入。積壓合約按年簽訂及於每年英超聯球季開始前續訂，故積壓合約之金額於截至二零一零年六月三十日止十五個月內全數攤銷。
(iii) 球員註冊之可使用年期被視為介乎 1 至 5 年，並於報告期末進行減值測試。
- 任何球會不認為屬一線隊長遠部分因而不會對球會賺取之未來現金流量帶來貢獻之球員均進行減值評估，方式為考慮賬面值與球會對公平值（即下年度年結日之出售所得款項或預期出售所得款項）減出售成本之最佳估計。董事已就此類別球員計提 38,613,000 港元減值虧損（截至二零一零年六月三十日止十五個月：零），並信納即使在球會於二零一一年╱二零一二年球季後未能晉級英超之情況下，此撥備仍然足夠。
(iv) 商標被視為具無限可使用年期，並於二零一一年六月三十日進行減值測試。
- 根據中證之估值報告，減值虧損約 528,079,000 港元（截至二零一零年六月三十日止十五個月：零）已於截至二零一一年六月三十日止年度確認，此乃由於參考中證於二零一一年六月三十日進行估值之使用價值之商標可收回金額估計較其賬面值少 528,079,000 港元。因此，商標之賬面值減少至其可收回金額。

104 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

19. GOODWILL

The Group

19. 商譽本集團

		HK$’000
		千港元
Cost	成本
At 1 April 2009	於二零零九年四月一日	—
Additions through business combinations_(Note 37)_	透過業務合併添置（附註37）	442,132
Impairment loss recognised during the period	期內已確認減值虧損	(400,000)
exchange realignment	匯兌調整	(19,947)
At 30 June 2010	於二零一零年六月三十日	22,185
Impairment loss recognised during the year	年內已確認減值虧損	(23,574)
exchange realignment	匯兌調整	1,389
At 30 June 2011	於二零一一年六月三十日	—

the goodwill is solely allocated to the cash generating unit (“Cgu”) in the professional football operation by BCp.

Impairment test of goodwill

the fair value of the Cgu of goodwill is determined taking into account the valuation performed by grant sherman, independent professional valuers not connected with the group, based on the cash flow forecasts derived from the most recent financial budgets for the next 5 years approved by the management using the discount rate of 20.16% (2010: 10.13%) which reflects current market assessments of the time value of money and the risks specific to the Cgu. the cash flows beyond the 2-year-period are extrapolated for 3 years assuming no growth (2010: growth rate of 4% to 6% per annum depending on the nature of component in cash flow). the recoverable amount of the Cgu is determined from value in use calculations.

商譽僅分配至 BCp 所營運之職業足球業務之現金產生單位（「現金產生單位」）。

商譽之減值測試

商譽之現金產生單位之公平值乃經計及與本集團並無關連之獨立專業估值師中證根據現金流量預測所進行之估值而釐定。現金流量預測乃根據管理層批准之未來五年之最近期財政預算以 20.16%（二零一零年：10.13%）之貼現率計算，該貼現率反映市場當時所評估之貨幣時間值和現金產生單位之獨有風險。超逾兩年期間之現金流量乃假設並無增長推算三年（二零一零年：視乎現金流量之組成性質按年增長率介乎 4% 至 6%）。現金產生單位之可收回金額以使用價值釐定。

the key assumptions used for the value-in-use calculations are those regarding the discount rates, growth rates and based on the assumption that BCp will retain its status in the english football league Championship and all players will continue to make the contractually agreed number of first team appearance during the period. management estimates discount rates using pre-tax rates and the growth rates based on the football industry growth forecasts. Changes in position of the Club are based on past practices and expectations of future changes in the football industry.

According to the valuation report of grant sherman, an impairment loss of approximate hK$23,574,000 was recognised (approximately gBp1,907,000) for the year ended 30 June 2011 (15 months ended 30 June 2010: hK$400,000,000 (approximately gBp34,094,000)) as a result of the relegation of BCp from the english premier league as the recoverable amount of the Cgu with reference to the value in use at 30 June 2011 performed by grant sherman was estimated to be less than its carrying value by hK$23,574,000 (2010: hK$400,000,000). Accordingly the carrying value of the Cgu is reduced to its recoverable amount.

使用價值計算法所採用之主要假設乃有關貼現率、增長率之假設，並假設 BCp 將保有其英冠地位及所有球員將繼續獲合約所訂明之一線隊出場紀錄。管理層根據足球業增長預測，使用除稅前比率及增長率估計其貼現率。球會之地位變動乃根據過往慣例及對足球業未來變動之預期進行。

根據中證之估值報告，由於 BCp 從英超降班，減值虧損約 23,574,000 港元（約 1,907,000 英鎊）已於二零一一年六月三十日止年度確認（截至二零一零年六月三十日止十五個月：400,000,000 港元（約 34,094,000 英鎊）），原因是參考中證於二零一一年六月三十日進行估值之使用價值之現金產生單位之可收回金額估計低於其賬面值 23,574,000 港元（二零一零年： 400,000,000 港元）。因此，現金產生單位之賬面值減少至其可收回金額。

年報 Annual Report 2011

105

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

20. INVESTMENTS IN SUBSIDIARIES

20. 於附屬公司之投資

			The Company	The Company
			本公司
			2011	2010
			二零一一年二零一零年
		Notes	*HK$’000*	HK$’000
		附註	千港元	千港元
unlisted shares, at cost _Less:_Impairment loss	非上市股份，按成本減：減值虧損	(i)	965,583 (965,583)	964,741 (550,000)
			—	414,741
Amounts due from subsidiaries	應收附屬公司款項	(ii)	118,317	17,975
_Less:_Impairment loss	減：減值虧損	(iii)	(20,719)	(17,975)
			97,598	—
Amounts due to subsidiaries	應付附屬公司款項	(i)	(6,619)	(34,400)
			90,979	380,341

(i) At 30 June 2011, an accumulated impairment loss on investment costs of approximately hK$965,583,000 (2010: hK$550,000,000) was noted because the related recoverable amounts of the investment costs with reference to the net assets value of the respective subsidiaries were estimated to be less than their carrying amounts. Accordingly, the carrying amounts of the related investment costs are reduced to their recoverable amounts.
(i) 於二零一一年六月三十日，約 965,583,000 港元（二零一零年：550,000,000 港元）之投資成本累計減值虧損已予確認，原因是參考各附屬公司之資產淨值之投資成本之相關可收回金額估計低於其賬面值。因此，相關投資成本之賬面值減少至其可收回金額。
(ii) Amounts due from/(to) subsidiaries are unsecured, interest free and repayable on demand.
(ii) 應收╱（應付）附屬公司之款項為無抵押、免息及須應要求償還。
(iii) During the year ended 30 June 2011, an impairment loss on amounts due from subsidiaries of approximately hK$20,719,000 (15 months ended 30 June 2010: hK$17,975,000) was recognised because the recoverable amount was estimated to be less than its carrying amounts and the possibility of the recovery was remote. Accordingly, the carrying amounts are reduced to their recoverable amounts.
(iii) 截至二零一一年六月三十日止年度內，應收附屬公司款項之減值虧損約 20,719,000 港元
（截至二零一零年六月三十日止十五個月：17,975,000 港元）已予確認，原因是可收回金額估計低於其賬面值及收回之可能性不大。因此，其賬面值減少至其可收回金額。

106 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

20. INVESTMENTS IN SUBSIDIARIES

20. 於附屬公司之投資[（續）]

(Continued)

(iii) (Continued)

(iii) （續）

The 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
At the beginning of the year/period	於年╱期初	17,975	17,975
Recognised for the year/period	本年度╱期間確認	2,744	—
At the end of the year/period	於年╱期終	20,719	17,975

(iv) particulars of the Company’s principal subsidiaries as at 30 June 2011 are as follows:

(iv) 本公司於二零一一年六月三十日之主要附屬公司詳情如下：

			Proportion of ownership	Proportion of ownership	interest
				擁有權權益比例
	Country of
	incorporation		Group’s	Held	Held
	and		effective	by the	by the
	operation	Particulars of issued	interest	Company	subsidiaries
Name of company	註冊成立及	and paid-up capital	本集團之	由本公司	由附屬公司	Principal activity
公司名稱	經營國家	已發行及繳足資本詳情	實際權益	持有	持有	主要業務
Blue noses limited	hK	hK$10,000 ordinary	100%	—	100%	Dormant
藍鼻子有限公司	香港	10,000港元普通股				暫無營業
Birmingham City plc	uK	gBp8,505,000	96.58%	96.58%	—	professional football
	英國	ordinary				operation
		8,505,000英鎊普通股				職業足球營運
Birmingham (China)	hK	hK$1 ordinary	100%	100%	—	Dormant
limited	香港	1港元普通股				暫無營業
伯明翰（中國）有限公司
Birmingham (China)	BvI	us$1 ordinary	100%	—	100%	Dormant
Developments limited	英屬處女群島	1美元普通股				暫無營業
Birmingham Culture &	hK	hK$1 ordinary	100%	—	100%	production and design
Communications	香港	1港元普通股				生產及設計
limited
伯明翰文化傳播有限公司
Dollar Concept	BvI	us$1 ordinary	100%	100%	—	Apparel sourcing and
International limited	英屬處女群島	1美元普通股				trading (overseas based)
						服飾採購及貿易（海外）
leader Ahead	BvI	us$1 ordinary	100%	100%	—	provision of entertainment
Investments limited	英屬處女群島	1美元普通股				services
						提供娛樂服務

the above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the group. to give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.

上表載列董事認為主要影響本年度業績或構成本集團資產淨值主要部分之本公司附屬公司。董事認為提供其他附屬公司之詳情會導致篇幅過於冗長。

年報 Annual Report 2011

107

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

21. AVAILABLE-FOR-SALE FINANCIAL ASSETS

21. 可供出售金融資產

	The 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
equitysecurities listed in u.K. At cost of acquisition Add:_fair value gain during the period _Less:_impairment loss in previous years transfer as investment in subsidiaries (Note 37(ii))_	英國上市之股本證券按收購成本 — 245,287 加：期內之公平值收益 — 236,079 減：過往年度之減值虧損 — (184,868) 轉撥為於附屬公司之投資（附註37(ii)） — (296,498)
At fair value	按公平值 — —

Available-for-sale financial assets represents the group’s equity interests in 29.9% in BCp which was acquired for approximately hK$245,287,000 in 2008. on 12 october 2009, the group acquired an additional 64.10% equity interest in BCp and on the same day BCp became a subsidiary of the group. with reference to the share price of BCp at the date of acquisition, a gain on the disposal of available-for-sale financial assets of approximately hK$236,079,000 was recognised for the 15 months ended 30 June 2010 from the deemed disposal.

可供出售金融資產指本集團於二零零八年以約 245,287,000 港元收購於 BCp 之 29.9% 股權。於二零零九年十月十二日，本集團收購於 BCp 之額外 64.10% 股權及 BCp 於同日成為本集團之附屬公司。經參考 BCp 於收購日期之股價，截至二零一零年六月三十日止十五個月，出售可供出售金融資產之收益約 236,079,000 港元已自視作出售確認。

22. INVENTORIES

22. 存貨

INVENTORIES	22.存貨
		The 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
finished goods and goods for resale	製成品及轉售品	2,331	1,838

108 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

23. TRADE RECEIVABLES

23. 應收貿易賬款

			The Group	The 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
trade receivables _Less:_Impairment	loss recognised	應收貿易賬款減：已確認減值虧損	16,083 (524)	23,171 (751)
			15,559	22,420

(i) the average credit period to the group’s trade receivables is 90 days (2010: 90 days). the average credit period of the group solely represents the average credit period of BCp as all the trade receivables for the period belong to BCp.
(i) 本集團應收貿易賬款之平均信貸期為 90 天（二零一零年： 90 天）。本集團之平均信貸期僅為 BCp 之平均信貸期，原因是期內所有應收貿易賬款均屬 BCp。

trade receivables from the sale of player’s registrations are received in accordance with the terms of the related transfer agreement. the group does not hold any collateral over these balances.

出售球員註冊之應收貿易賬款乃根據相關轉讓協議之條款收取。本集團並無就該等結餘持有任何抵押品。
(ii) the movements in the impairment loss during the year/period, including both specific and collective loss components are as follows:
(ii) 年╱期內之減值虧損變動（包括特別及綜合虧損部分）如下：

		The Group	The 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 the beginning of the year/period	於年╱期初	751	4,687
Recognised for the year/period	本年度╱期間確認	37	751
Reversal of impairment loss recognised	已確認減值虧損撥回	(309)	—
eliminated on the disposal of	出售附屬公司時對銷
subsidiaries		—	(4,687)
exchange realignment	匯兌調整	45	—
At the end of the year/period	於年╱期終	524	751

年報 Annual Report 2011

109

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

23. TRADE RECEIVABLES [(Continued)]

(ii) (Continued)

At 30 June 2011, the group’s trade receivables of approximately hK$524,000 (2010: hK$751,000) were individually determined to be impaired. the individually impaired receivables related to customers that were in financial difficulties and management assessed that none of the related receivables is expected to be recovered. Consequently, an impairment loss on trade receivables of hK$37,000 (15 months ended 30 June 2010: hK$751,000) was recognised for the year ended 30 June 2011. the group does not hold any collateral over these balances.

23. 應收貿易賬款[（續）]

(ii) （續）

於二零一一年六月三十日，本集團之應收貿易賬款約 524,000 港元（二零一零年： 751,000 港元）乃個別釐定為減值。已個別減值之應收賬款乃與有財務困難之客戶有關，而管理層評定預期有關應收賬款概不會收回。因此，截至二零一一年六月三十日止年度，應收貿易賬款之減值虧損 37,000 港元（截至二零一零年六月三十日止十五個月： 751,000 港元）已予確認。本集團並無就該等結餘持有任何抵押品。

(iii) the ageing analysis of trade receivables based on invoice date net of impairment loss is as follows:
(iii) 按發票日期作出並扣除減值虧損之應收貿易賬款總額之賬齡分析如下：

		2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元
within 30 days	30天內	10,747 17,715
31 to 90 days	31至90天	1,932 2,124
91 to 180 days	91至180天	312 669
181 to 365 days	181至365天	2,568 1,912
		15,559 22,420

At 30 June 2011 and 2010, the analysis of trade receivables that were past due but not impaired are as follows: Neither past Total due but nor impaired 總計未逾期及未減值 HK$’000 HK$’000 千港元千港元 (iv)	Past due but not impaired 已逾期但未減值於二零一一年及二零一零年六月三十日，已逾期但未減值之應收貿易賬款分析如下：
	Less than 60 days 61-90 days 91-365 days 少於60天 61至90天 91至365天 HK$’000 HK$’000 HK$’000 千港元千港元千港元
At 30 June 2011 於二零一一年六月三十日 15,559 12,679 At 30 June 2010 於二零一零年六月三十日 22,420 19,839	312 1,423 1,145 669 985 927

(iv) At 30 June 2011 and 2010, the analysis of trade receivables that were past due but not impaired are as follows:

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

110

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

23. TRADE RECEIVABLES [(Continued)]

(iv) (Continued)

trade receivables that were neither past due nor impaired relate to a wide range of customers for whom there was no recent history of default.

23. 應收貿易賬款[（續）]

(iv) （續）未逾期及未減值之應收貿易賬款涉及眾多客戶，其並無近期欠款記錄。

trade receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the group. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. the group does not hold any collateral over these balances.

已逾期但未減值之應收貿易賬款涉及若干於本集團具有良好往績記錄之獨立客戶。根據過往經驗，管理層相信毋須就此等結餘計提減值撥備，此乃由於信貸質素並無重大變動及結餘仍被視作可悉數收回。本集團並無就此等結餘持有任何抵押品。

24. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

24. 按金、預付款項及其他應收款項

	The Group	The Group	The Company	The 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
other receivables _Less:_Impairment loss	其他應收款項 7,013 減：已確認減值		26,924 —	—
recognised	虧損 (6,488)		— —	—
Deposits and	525 按金及預付款項		26,924 —	—
prepayments	37,106		29,791 2,222	1,961
_Less:_prepayments —	37,631 減：預付款項 —		56,715 2,222	1,961
non current	非流動 (14,599)		(18,466) —	—
Amounts shown in	流動資產所示金額
current assets	23,032		38,249 2,222	1,961

年報 Annual Report 2011

111

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

24. DEPOSITS, PREPAYMENTS AND

OTHER RECEIVABLES [(Continued)]

the movements in the impairment loss on other receivables during the year/period, are as follows:

24. 按金、預付款項及其他應收款項[（續）]

年╱期內其他應收款項之減值虧損變動如下：

		The Group	The Group	The Company	The 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
At the beginning of the	於年╱期初
year/period		—		— —	—
Recognised for the	本年度╱期間
year/period	確認	6,488		— —	—
At the end of the	於年╱期終
year/period		6,488		— —	—

During the year ended 30 June 2011, an impairment loss of approximately hK$6,488,000 (15 months ended 30 June 2010: nil) on other receivables was recognised. the group has individually assessed all other receivables and provided impairment for the amounts that are considered not recoverable.

截至二零一一年六月三十日止年度內，其他應收款項之減值虧損約 6,488,000 港元（截至二零一零年六月三十日止十五個月：零）已予確認。本集團已個別評估所有其他應收款項，並就被視作不可收回之金額提撥減值。

the remaining financial assets included in the above balance relate to receivables for which there was no recent history of default.

上述結餘所載之其餘金融資產乃與應收款項有關，其並無近期欠款記錄。

Included in prepayments are amounts of approximately hK$14,599,000 as at 30 June 2011 (2010: hK$18,466,000) relating to sign-on fees for purchases of the players.

於二零一一年六月三十日，預付款項包括約 14,599,000 港元（二零一零年：18,466,000 港元），涉及購買球員之簽約費用。

112 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

25. AMOUNTS DUE FROM RELATED COMPANIES

Details of amounts due from related companies disclosed pursuant to section 161B of the Company ordinance are as follows:

25. 應收關連公司款項

根據公司條例第 161B 條披露之應收關連公司款項詳情如下：

The Group

本集團

2011 2010 二零一一年二零一零年 Notes *HK$’000* HK$’000 附註千港元千港元 *(Note i)* (Note ii) （附註i）（附註ii）	Maximum amount outstanding during the year/period 年╱期內未償還最高金額 2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元 *(Note ii)* （附註ii）
sing pao media enterprises limited (“sing pao media”) 成報傳媒集團有限公司（「成報傳媒」） (i) 3,672 3,312 sing pao newspaper Company limited (“sing pao newspaper”) 成報報刊有限公司（「成報報刊」） (ii) 1,317 78	3,672 3,390 3,345 78
4,989 3,390 _Less:_Impairment loss recognised 減：已確認減值虧損 (3,672) — 1,317 3,390

The Company

本公司

The Company 本公司
2011 2010 二零一一年二零一零年 Notes *HK$’000* HK$’000 附註千港元千港元	Maximum amount outstanding during the year/period 年╱期內未償還最高金額 2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元
sing pao media 成報傳媒 (i) 3,672 3,312 sing pao newspaper 成報報刊 (ii) 1,218 78	3,672 3,390 3,345 78
4,890 3,390 _Less:_Impairment loss recognised 減：已確認減值虧損 (3,672) — 1,218 3,390

年報 Annual Report 2011

113

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

25. AMOUNTS DUE FROM RELATED

25. 應收關連公司款項[（續）]

COMPANIES [(Continued)]

the directors of the Company considered sing pao media, a company listed on the stock exchange, but trading of its shares have been suspended since 28 April 2005, and its subsidiary, sing pao newspaper (together referred to as the “sing pao group”) are related companies of the group as yeung Ka sing, a substantial shareholder of the Company is also the key shareholder of the sing pao group, and Ip wing lun, an executive director was also the non-executive director of sing pao group.

本公司董事認為，成報傳媒（一間於聯交所上市之公司，惟其股份已自二零零五年四月二十八日起暫停買賣）及其附屬公司成報報刊（統稱為「成報集團」）乃本集團之關連公司，原因是本公司主要股東楊家誠亦為成報集團之主要股東，及本公司執行董事葉泳倫亦為成報集團之非執行董事。

Notes:

附註：

(i) mr. yeung Ka sing, Carson, the Chairman and executive director of the Company, has beneficial interests in sing pao media. the amount is unsecured, interest bearing at 12% and repayable within one year.
(ii) sing pao newspaper is an indirect subsidiary of sing pao media. the amount is unsecured, interest-free and repayable on demand.
(i) 本公司之主席兼執行董事楊家誠先生於成報傳媒擁有實益權益。該款項為無抵押、按 12% 計息及須於一年內償還。
(ii) 成報報刊為成報傳媒之間接附屬公司。該款項為無抵押、免息及須應要求償還。

movements in impairment loss during the year/period are as follows:

年╱期內之減值虧損變動如下：

		The Group	The Group	The Company	The 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
At the beginning of the	於年╱期初
year/period		—		— —	—
Recognised for the	本年度╱期間
year/period	確認	3,672		— 3,672	—
At the end of the	於年╱期終
year/period		3,672		— 3,672	—

In the opinion of the directors of the Company, the possibility of the recovery of hK$3,672,000 is remote, an impairment loss of hK$3,672,000 (15 months ended 30 June 2010: nil) was recognised during the year ended 30 June 2011.

本公司董事認為，收回 3,672,000 港元之款項之可能性不大，故於截至二零一一年六月三十日止年度內確認減值虧損 3,672,000 港元（截至二零一零年六月三十日止十五個月：零）。

114 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

26. CASH HELD AT NON-BANK FINANCIAL INSTITUTIONS, CASH AND CASH EqUIVALENTS

The Group and the Company

for the purpose of the consolidated statement of financial position and consolidated statement of cash flows, cash and cash equivalents include cash and bank balances.

26. 於非銀行金融機構所持現金以及現金及現金等值項目

本集團及本公司

就綜合財務狀況表及綜合現金流量表而言，現金及現金等值項目包括現金及銀行結餘。

most of the Company’s cash and cash equivalents are denominated in hong Kong dollar whereas the group’s cash and cash equivalents are mainly denominated in gBp.

本公司之大部分現金及現金等值項目以港元為單位，而本集團之現金及現金等值項目主要以英鎊為單位。

Cash at banks earns interest at floating rates based on daily bank deposit rates. short term time deposits are made for varying periods between one day and three months depending on the immediate cash requirements of the group and earn interest at the respective short term time deposit rates.

銀行現金按每日銀行存款利率以浮動利率賺取利息。短期定期存款具有不同之存款期限，由一天至三個月不等，視乎本集團之即時現金需要而定，並按有關短期定期存款利率賺取利息。

Cash held at non-bank financial institutions carry interest at 0.001% per annum (2010: nil).

於非銀行金融機構所持現金按年利率 0.001% 計息（二零一零年：零）。

27. TRANSFER FEE PAYABLES, TRADE PAYABLES, ACCRUALS AND OTHER PAYABLES

(i) Transfer fee payables

27. 應付轉會費、應付貿易賬款、應計款項及其他應付款項

(i) 應付轉會費

	The Group	The Company	The 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
transfer fee payables	應付轉會費
— within one year	—一年內 114,283	148,681 —	—
— due after one year	—一年後到期 26,342	56,749 —	—
	140,625	205,430 —	—

All transfer fee payables are stated at amortised cost that approximately equal to the fair value.

所有應付轉會費按與公平值相若之攤銷成本列賬。

(ii) Trade payables

(ii) 應付貿易賬款

Trade payables			(ii) 應付貿易賬款	(ii) 應付貿易賬款
		The Group	The 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	應付貿易賬款	41,639	26,409 —	—

年報 Annual Report 2011

115

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

27. TRANSFER FEE PAYABLES, TRADE PAYABLES, ACCRUALS AND OTHER PAYABLES [(Continued)]

(ii) Trade payables (Continued) the group normally received credit periods from suppliers averaging 90 days.

27. 應付轉會費、應付貿易賬款、應計款項及其他應付款項[（續）]

(ii) 應付貿易賬款 （續）本集團一般向供應商取得平均 90 天之信貸期。

應付貿易賬款之賬齡分析如下：

An aged analysis of the trade payables is as follows:

		The Group	The Company	The 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
within 30 days	30天內	33,361 15,172	—	—
31 to 90 days	31至90天	5,884 9,209	—	—
91 days to 180 days	91至180天	1,035 1,176	—	—
181 days to 365 days	181至365天	1,359 852	—	—
		41,639 26,409	—	—
Accruals and other payables		(iii) 應計款項及其他應付款項
		The Group	The 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
Receipt in advance	預收款項	— 8,000	—	—
Accruals taxation and social security	應計款項稅項及社會保障	33,063 73,076 56,898 63,952	24,519 —	7,817 —
Agent’s fee payables	應付經紀人費用	7,879 9,773	—	—
		97,840 154,801	24,519	7,817
less:	減：
other payables	於一年後到期之
after 1 year	其他應付款項
— taxation and social security	—稅項及社會保障	(8,440) —	—	—
— agent’s fee	—經紀人費用	(7,879) (9,773)	—	—
		(16,319) (9,773)	—	—
Amounts due within one	列為流動負債
year shown under current	於一年內到期之
liabilities	款項	81,521 145,028	24,519	7,817

(iii) Accruals and other payables

其他應付款項包括年內就購買球員支付之經紀人費用，當中 7,879,000 港元（二零一零年：9,773,000 港元）按照球員之轉會協議於 1 年後到期。本公司董事認為，流動及非流動應計款項及其他應付款項均與其於二零一一年及二零一零年六月三十日之公平值相若。

Included in other payables represents the agent’s fee paid for the purchase of football players during the year and of which hK$7,879,000 (2010: hK$9,773,000) was due after 1 year according to the transfer agreement of players. the directors of the Company consider the amounts in accrual and other payables, both current and non-current, were approximate to their fair value as at 30 June 2011 and 2010.

116 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

28. PROVISION

At 30 June 2010, the group made a provision of approximately hK$23,464,000 which consisted mainly of indirect taxes occurred in BCp. the directors of the Company have reached a satisfactory settlement for these liabilities during the year ended 30 June 2011. whereas for the Company, approximately hK$800,000 provision was solely provided as the settlement cost to its previous employee which filed a writ against the Company on 26 July 2010 in respect of the claim for outstanding salary. the case was settled during the year ended 30 June 2011.

28. 撥備

於二零一零年六月三十日，本集團作出約 23,464,000 港元之撥備，主要包括 BCp 所產生之間接稅項。本公司董事已於截至二零一一年六月三十日止年度就該等負債達成滿意之解決。而就本公司而言，約 800,000 港元之撥備僅撥作其前僱員於二零一零年七月二十六日就追討欠薪而向本公司提交之令狀之和解成本。案件已於截至二零一一年六月三十日止年度解決。

29. DEFERRED CAPITAL GRANTS

29. 遞延資本撥款

DEFERRED CAPITAL GRAN	TS 29.遞延	資本撥款	資本撥款
		The 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
Amount to be released within one year	將於一年內撥回之款項	711	669
Amount to be released after one year	將於一年後撥回之款項	23,189	22,490
		23,900	23,159

Deferred capital grants relate to the redevelopment of the stadium located in Birmingham of BCp. the grant has been treated as a deferred grant and is being amortised in line with the depreciable assets to which it relates.

遞延資本撥款乃與重新發展 BCp 位於伯明翰之體育館有關。撥款乃視作遞延撥款，且與其有關之可予折舊資產同步攤銷。

年報 Annual Report 2011

117

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

AMOUNTS DUE	TO DIRECTORS	TO DIRECTORS	30.	應付董事款項	應付董事款項
			The Group		The 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
		附註	千港元	千港元	千港元	千港元
Amounts due to directors	應付董事款項
hui ho luek ,vico yeung, Ka sing, Carson	許浩略楊家誠	(i) (ii)	5,765 177,098	6,829 154,930	5,765 5,692	6,829 10,273
			182,863	161,759	11,457	17,102

Analysed for reporting purposes	就報告而作分析
as follows:	如下：
Current liabilities non-current liabilities	流動負債非流動負債		5,765 177,098	— 161,759	5,765 5,692	— 17,102
			182,863	161,759	11,457	17,102

30. AMOUNTS DUE TO DIRECTORS

(i) the amount is unsecured, interest-free and repayable on demand (2010: not repayable within twelve months).
(i) 該款項為無抵押、免息及須應要求償還（二零一零年：毋須於十二個月內償還）。
(ii) the amount is unsecured, subject to interest of 5% per annum, and has no fixed term of repayment. yeung Ka sing, Carson has undertaken not to demand for repayment of these amounts until the Company and the group are financially capable to do so. the interest advance is not repayable within twelve months from the end of the reporting period and is therefore considered in substance as a quasi-equity loan to finance the group’s long-term investments.
(ii) 該款項為無抵押、按年利率 5% 計息及無固定還款期。楊家誠已承諾不會要求償還該等款項直至本公司及本集團有財政能力還款為止。該利息墊款毋須於報告期末起計十二個月內償還，故被視為實質上屬撥付本集團長期投資之準股權貸款。

pursuant to a “Restraint and Charging order” (the “order”) issued by the high Court of hong Kong on 6 July 2011, the assets of yueng Ka sing ,Carson, have been frozen. As at the date of issuance of these consolidated financial statements, the order has not yet been lifted.

根據香港高等法院於二零一一年七月六日頒發之「限制及押記令」（「頒令」），楊家誠之資產已被凍結。於此等綜合財務報表之刊發日期，該頒令仍未解除。

118 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

31. DEFERRED INCOME

the movements of deferred income for the 12 months ended 30 June 2011 were as follows:

31. 遞延收入

遞延收入於截至二零一一年六月三十日止十二個月期間內之變動如下：

The Group

本集團

		Matching	Television	Commercial
		receipt	broadcasting	income	Total
		球賽收入	電視廣播	商業收入	總計
		HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元
Cost	成本
At 1 April 2009	於二零零九年四月一日	—	—	—	—
Additions through business	透過業務合併添置（附註37）
combination_(Note 37)_		40,005	171,543	53,925	265,473
Additions during the period	期內添置	29,158	243,417	15,952	288,527
Recognised as revenue during	期內確認為收益
the period		(28,501)	(407,230)	(65,110)	(500,841)
exchange realignment	匯兌調整	(1,805)	(7,730)	(2,433)	(11,968)
At 30 June 2010	於二零一零年六月三十日	38,857	—	2,334	41,191
Additions during the year	年內添置	34,727	—	2,587	37,314
Recognised as revenue during	年內確認為收益
the year		(40,947)	—	(2,458)	(43,405)
exchange realignment	匯兌調整	2,379	—	146	2,525
At 30 June 2011	於二零一一年六月三十日	35,016	—	2,609	37,625

32. BORROWINGS

32. 借貸

BORROWING	S 32.	借貸	借貸
	The Group	The 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
secured	有抵押
Bank loans_(i)_	銀行貸款(i) 12,928	22,866 —	—
Bank overdrafts_(i)_	銀行透支(i) 78,915	19,323 —	—
unsecured	無抵押
other loans_(ii)_	其他貸款(ii) 88,441	35,543 71,861	25,758
	180,284	77,732 71,861	25,758

年報 Annual Report 2011

119

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

32. BORROWINGS [(Continued)]

At 30 June 2011 and 2010, total current and non-current bank loans and overdrafts and other borrowings were repayable as follows:

32. 借貸[（續）]

於二零一一年及二零一零年六月三十日，流動及非流動銀行貸款、透支及其他借貸總額須按以下年期償還：

	The Group	The Company	The 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
Carrying amounts repayable:	須償還賬面值：
on demand or within one year	應要求或一年內 172,181	35,724 71,861	25,758
more than one year, but not	一年以上，但
exceeding two years	兩年以內 2,888	41,797 —	—
more than two years, but not	兩年以上，但
exceeding five years	五年以內 677	211 —	—
more than five years	五年以上 4,538	— —	—
_Less:_Amounts due within one	180,284 減：流動負債所列於一年	77,732 71,861	25,758
year shown in current	內到期之款項
liabilities	(172,181)	(35,724) (71,861)	(25,758)
Amounts shown under	列作非流動負債之
non-current liabilities	款項 8,103	42,008 —	—

All of the group’s bank loans, bank overdrafts and other loans were denominated in gBp and hK$. the directors of the Company believe that the group and the Company do not have foreign exchange exposures as the group’s bank loans and bank overdrafts denominated in gBp will be repayable in gBp.

本集團所有銀行貸款、銀行透支及其他貸款均以英鎊及港元為單位。本公司董事相信，由於本集團以英鎊為單位之銀行貸款及銀行透支將須以英鎊償還，故本集團及本公司並無外匯風險。

120 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

32. BORROWINGS [(Continued)]

Notes:

(i) the secured bank loans and bank overdraft was utilised by BCp group for financing its football operations. the bank loans and the bank overdrafts were secured by the BCp’s land and building of approximately hK$271,315,000 (2010: hK$270,165,000) (note 16). Included in the above bank loans was the fixed-rate bank borrowings of hK$6,788,000 (2010: nil) at the interest rate of 5.47% per annum (2010: nil) and the amount of hK$12,928,000 (2010: hK$16,078,000) were the floating rate bank borrowings at lIBoR +1.5% per annum (2010: lIBoR+3% per annum).
(ii) At 30 June 2011, included in other loans are loans from independent parties of approximately hK$34,837,000 (2010: hK$21,270,000) which are unsecured, with a 5% to 12% fixed interest rate charged per annum and repayable within one year. such loans were raised mainly for financing the football operation in BCp and the Company’s operations.

32. 借貸[（續）] 附註：

(i) BCp 集團已就撥付其足球營運動用有抵押銀行貸款及銀行透支。銀行貸款及銀行透支以本集團之土地及樓宇約 271,315,000 港元（二零一零年：270,165,000 港元）（附註 16）作抵押。上述銀行貸款包括按年利率 5.47%
（二零一零年：零利率）計息之定息銀行貸款 6,788,000 港元（二零一零年：無），而 12,928,000 港元（二零一零年： 16,078,000 港元）為按倫敦銀行同業拆息 + 年利率 1.5%（二零一零年：倫敦銀行同業拆息 + 年利率 3%）計息之浮息銀行借貸。
(ii) 於二零一一年六月三十日，其他貸款包括來自獨立人士之貸款約 34,837,000 港元（二零一零年： 21,270,000 港元），乃無抵押、按固定年利率 5% 至 12% 計息及須於一年內償還。籌集該等貸款之主要用途乃為 BCp 足球營運及本公司營運提供資金。

年報 Annual Report 2011 121

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

33. DEFERRED TAx LIABILITIES

the components of deferred tax liabilities (assets) recognised in the consolidated statement of financial position and the movements during the year/period were as follows:

33. 遞延稅項負債

於綜合財務狀況表確認之遞延稅項負債（資產）之組成部分及於年╱期內之變動如下：

The Group

本集團

The Group				本集團
			Fair value
			gain on
			available
		Accelerated	for sales	Revaluation	Revaluation
		tax	financial asset	of land	of intangible
		depreciation	可供出售	and building	assets
		加速	金融資產之	重估	重估	Total
		稅項折舊	公平值收益	土地及樓宇	無形資產	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
At 1 April 2009	於二零零九年
	四月一日	167	—	—	—	167
Charged/(credited) to	扣自╱（計入）綜
the consolidated	合全面收益表
statement of
comprehensive
income		—	29,818	—	(40,757)	(10,939)
Additions through	透過業務合併
business	添置
combination	（附註37）
(Note 37)		—	—	38,888	199,799	238,687
Disposal of subsidiaries	出售附屬公司
(Note 37)	（附註37）	(167)	—	—	—	(167)
Reversal upon	解除確認時撥回
derecognition		—	(29,818)	—	—	(29,818)
exchange realignment	匯兌調整	—	—	(1,754)	(7,709)	(9,463)
At 30 June 2010	於二零一零年
	六月三十日	—	—	37,134	151,333	188,467
Credited to the	計入綜合全面
consolidated	收益表
statement of
comprehensive
income		—	—	(3,021)	(137,301)	(140,322)
effect of a change in	稅率變動之
tax rate	影響			(2,652)	(10,809)	(13,461)
exchange realignment	匯兌調整	—	—	2,159	7,658	9,817
At 30 June 2011	於二零一一年
	六月三十日	—	—	33,620	10,881	44,501

At 30 June 2011, the group has unused tax losses of approximately hK$311,209,000 (2010: hK$163,439,000) available for offset against future profits which is solely arising on BCp. no deferred tax asset has been recognised in respect of such tax losses due to the unpredictability of future profit streams. such losses may be carried forward indefinitely.

於二零一一年六月三十日，本集團有未動用稅項虧損約 311,209,000 港元（二零一零年：163,439,000 港元）可用作抵銷僅自 BCp 產生之未來溢利。由於未來溢利流難以預測，故概無就有關稅項虧損確認遞延稅項資產。有關虧損可無限期結轉。

122 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

34. CONVERTIBLE NOTES

The Group and the Company

on 7 may 2008, the Company entered into a subscription agreement with pacific Capital Investment management limited (“pacific Capital”) pursuant to which pacific Capital agreed to subscribe for convertible notes (the “Convertible notes”) for an aggregate principal amount of up to hK$200,000,000 to be issued by the Company.

Convertible notes are convertible into conversion shares at the option of the noteholders at any time during the conversion period into conversion shares at the conversion price. the price at which conversion shares will be issued shall be either:

(i) 125% of the average of the closing day price of the Company for the thirty business days immediately prior to:
in respect of tranche 1 of the Convertible notes, the date of the subscription agreement; and
in respect of the subsequent tranches of the Convertible notes, the respective closing dates (the “fixed Conversion price”), subject to adjustment in accordance with the terms and conditions; or
(ii) 90% of the average of the closing day price on any 5 consecutive business days (as selected by the relevant noteholder) during the 30 business d a y s i m m e d i a t e l y p r e c e d i n g t h e r e l e v a n t conversion date as selected at the discretion of the relevant noteholder at the time of exercising the conversion right in respect of the relevant tranche of the Convertible notes provided always that the conversion price shall not in any event be less than hK$0.05 per conversion share (the “floating Conversion price”).

34. 可換股票據

本集團及本公司

於二零零八年五月七日，本公司與 pacific Capital Investment management limited（「pacific Capital」）訂立認購協議，據此， pacific Capital 已同意認購本公司將發行本金總額最多為 200,000,000 港元之可換股票據（「可換股票據」）。

可換股票據可於兌換期內任何時間按票據持有人之選擇，以兌換價兌換為兌換股份。兌換股份將予發行之價格為：

(i) 緊接以下日期前 30 個營業日之平均收市日價格之 125%：
就第一批可換股票據而言，認購協議日期；及
就可換股票據之其後批次而言，有關截止日期（「固定兌換價」），可根據條款及條件作出調整；或
(ii) 緊接於行使相關批次之可換股票據之兌換權時按有關票據持有人酌情選擇之有關兌換日期前 30 個營業日內任何 5 個連續營業日（按有關票據持有人之選擇）之平均收市日價格之 90%，惟無論如何兌換價不得低於每股兌換股份 0.05 港元（「浮動兌換價」）。

年報 Annual Report 2011 123

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

34. CONVERTIBLE NOTES [(Continued)]

The Group and the Company (Continued)

the Company may redeem those Convertible notes presented by the noteholder for conversion redemption amount if on presentation of such convertible notes, the fixed Conversion price or the floating Conversion price (as the case may be) is less than or equal to 70% of the closing day price for the 30 consecutive business days prior to the relevant closing date in respect such Convertible note.

34. 可換股票據[（續）]

本集團及本公司（續）

倘於提交可換股票據時，固定兌換價或浮動兌換價（視情況而定）低於或相等於有關可換股票據之有關截止日期前 30 個連續營業日之收市日價格之 70%，則本公司可按兌換贖回金額贖回票據持有人提交之該等可換股票據。

the maturity date of the Convertible notes was 36 months from the date of issue. the Convertible notes will not bear any interest. unless previously redeemed, purchased, converted or cancelled in the circumstances set out in the terms and conditions, the Company will redeem the outstanding convertible notes on the maturity date at 100% of the principal amount thereof.

可換股票據之到期日為發行日期起計 36 個月。可換股票據將不計任何利息。除非先前在條款及條件所載之情況下贖回、購買、兌換或註銷，否則本公司將於到期日按本金額之 100% 贖回未兌換可換股票據。

on 4 June 2008, the Company and pacific Capital entered into a supplementary agreement to supplement the subscription agreement including, among other things, the addition of a conversion restriction in the terms and conditions so that no conversion of the Convertible notes can be made at any time when the Company cannot maintain 25% public float as a result of such conversion.

於二零零八年六月四日，本公司與 pacific Capital 訂立補充協議，以補充認購協議，其中包括在條款及條件中加入兌換限制，致使於本公司因兌換可換股票據而未能維持 25% 公眾持股量之任何時間，不得進行任何有關兌換。

on 28 July 2008 and 7 August 2008, the Convertible notes with an aggregate principal amount of hK$20,000,000 were issued.

於二零零八年七月二十八日及二零零八年八月七日，本金總額為 20,000,000 港元之可換股票據已經發行。

on 30 April 2009, all the outstanding Convertible notes were fully converted into shares of the Company. for details of the conversion, please refer to the announcement of the Company dated 7 July 2009.

於二零零九年四月三十日，所有未行使可換股票據已悉數轉換為本公司股份。轉換之詳情請參閱本公司於二零零九年七月七日刊發之公佈。

124 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

34. CONVERTIBLE NOTES [(Continued)]

The Group and the Company (Continued)

the movements of the liability component and derivative

component of the issued Convertible notes were as follows:

34. 可換股票據[（續）]

本集團及本公司 （續）已發行可換股票據負債部分及衍生工具部分之變動如下：

		Liability	Derivative
		component	component
		of	of
		Convertible	Convertible
		Notes	Notes
		可換股票據之	可換股票據	Total
		負債部分	衍生現部分	總計
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元
At 1 April 2009	於二零零九年四月一日	3,799	309	4,108
Conversion into ordinary	轉換為普通股
shares		(3,818)	(309)	(4,127)
Imputed interest_(Note 9)_	估算利息（附註9）	19	—	19
At 30 June 2010 and	二零一零年及二零一一年
2011	六月三十日	—	—	—

Interest on the Convertible notes is calculated using the effective interest method by applying the effective interest rate of 9.1968% per annum.

可換股票據之利息乃透過應用實際年利率 9.1968% 採用實際利息法計算。

年報 Annual Report 2011 125

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

35. SHARE CAPITAL

35. 股本

	2011	2010
	二零一一年	二零一零年
	Number	number
	of shares Amount	of shares	Amount
	股份數目金額	股份數目	金額
	*HK$’000*		HK$’000
	千港元		千港元
Authorised:	法定：
ordinary shares of	每股面值0.01港元之
hK$0.01 each	普通股 10,000,000,000 100,000	10,000,000,000	100,000
Issued and fully paid:	已發行及繳足：
At beginning of year/period	於年╱期初 3,187,753,400 31,878	985,151,000	9,852
Issue of shares upon	因兌換可換股票據而
conversion of Convertible	發行股份(i)
Notes (i)	— —	90,908,000	909
Issue of share by way	透過配售發行股份(ii)
of placements_(ii)_	700,000,000 7,000	150,000,000	1,500
open offer_(iii)_	公開發售(iii) — —	1,961,694,400	19,617
At end of year/period	於年╱期終 3,887,753,400 38,878	3,187,753,400	31,878

Notes:

(i) on 6 April 2009 and 30 April 2009, the Convertible notes in the aggregate carrying amount of hK$4,108,000 were converted into 90,908,000 shares of hK$0.01 each of the Company, resulting in additional amount of approximately hK$909,000 and hK$3,218,000 standing in the share capital and share premium account respectively.
(ii) on 19 June 2009, the Company raised approximately hK$58,184,000, after expenses by issuing 150,000,000 shares by placements at subscription prices hK$0.4 each to provide additional working capital of the group, resulting in additional amount of approximately hK$1,500,000 and hK$56,684,000 standing in the share capital and share premium account respectively.

on 22 march 2011 and 4 may 2011, the Company raised approximately hK$136,199,000, after expenses by issuing 700,000,000 shares by placements at subscription prices hK$0.2 each to provide additional working capital of the group, resulting in additional amount of approximately hK$7,000,000 and hK$129,199,000 standing in the share capital and share premium account respectively.

(iii) on 20 october 2009, the Company raised approximately hK$768,429,000, after expenses by issuing 1,961,694,400 shares by open offer at subscription prices hK$0.4 each on basis of 8 offer share for every 5 existing shares held by the qualifying shareholders to provide additional funding for the acquisition of BCp group, resulting in additional amount of approximately hK$19,617,000 and hK$748,812,000 standing in the share capital and share premium account respectively.

All the above shares issued by the Company rank pari passu with the existing shares in all respects.

附註：

(i) 於二零零九年四月六日及二零零九年四月三十日，賬面總值為 4,108,000 港元之可換股票據已經兌換為 90,908,000 股每股面值 0.01 港元之本公司股份，導致股本及股份溢價賬分別增加約 909,000 港元及 3,218,000 港元。
(ii) 於二零零九年六月十九日，本公司按認購價每股 0.4 港元透過配售發行 150,000,000 股股份，集資約 58,184,000 港元（扣除開支後），以為本集團提供額外營運資金，導致股本及股份溢價賬分別增加約 1,500,000 港元及 56,684,000 港元。

於二零一一年三月二十二日及二零一一年五月四日，本公司按認購價每股 0.2 港元透過配售發行 700,000,000 股股份，集資約 136,199,000 港元（扣除開支後），以為本集團提供額外營運資金，導致股本及股份溢價賬分別增加約 7,000,000 港元及 129,199,000 港元。

(iii) 於二零零九年十月二十日，本公司按合資格股東每持有 5 股現有股份獲發 8 股發售股份之基準，按認購價每股 0.4 港元透過公開發售發行 1,961,694,400 股股份，集資約 768,429,000 港元（扣除開支後），以為收購 BCp 集團提供額外資金，導致股本及股份溢價賬分別增加約 19,617,000 港元及 748,812,000 港元。

所有上述本公司發行之股份將在各方面與現有股份享有同等權益。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

126

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

36. RESERVES

Reserves of the Group

36. 儲備

本集團之儲備

		Contribution	Share	Share option		Translation	Revaluation	Accumulated
		surplus	premium	reserve	Capital reserve	reserve	reserve	losses	Total
		繳入盈餘	股份溢價	購股權儲備	資本儲備	換算儲備	重估儲備	累計虧損	總計
		Note (i)	Note (ii)	Note (iii)	Note (vi)	Note (iv)	Note (v)
		附註(i)	附註(ii)	附註(iii)	附註(vi)	附註(iv)	附註(v)
		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 April 2009	於二零零九年四月一日	(85)	194,680	1,497	—	—	—	(271,167)	(75,075)
loss for the period	本期間虧損	—	—	—	—	—	—	(387,684)	(387,684)
other comprehensive income	其他全面收益
fair value gain on available-for-	可供出售金融資產之
sale financial assets, net of tax of	公平值收益，扣除稅項
hK$29,818,000_(Note 21)_	29,818,000港元後（附註21）	—	—	—	—	—	206,261	—	206,261
Reclassification adjustment on	解除確認可供出售金融資產之
derecognition on available-for-	重新分類調整，扣除稅項
sales financial assets, net of tax of	29,818,000港元後
hK$29,818,000		—	—	—	—	—	(206,261)	—	(206,261)
exchange difference on translation of	換算海外附屬公司
financial statements of overseas	財務報表之
subsidiary	匯兌差額	—	—	—	—	(38,876)	—	—	(38,876)
total comprehensive income	本期間全面收益總額
for the period		—	—	—	—	(38,876)	—	(387,684)	(426,560)
Issue of shares by placements_(Note 35)_	透過配售發行股份（附註35）	—	56,684	—	—	—	—	—	56,684
Issue of shares by open offer_(Note 35)_	透過公開發售發行股份（附註35）	—	748,812	—	—	—	—	—	748,812
Issue of shares upon conversion	於兌換可換股票據時發行股份
of convertible notes_(Note 34)_	（附註34）	—	3,218	—	—	—	—	—	3,218
Disposal of subsidiaries	出售附屬公司	85	—	—	—	—	—	(85)	—
Acquired equity interest of a subsidiary	向非控股權益收購之附屬公司
from non-controlling interests	股權	—	—	—	—	—	—	(14,043)	(14,043)
At 30 June 2010	於二零一零年六月三十日	—	1,003,394	1,497	—	(38,876)	—	(672,979)	293,036
loss for the year	本年度虧損	—	—	—	—	—	—	(612,054)	(612,054)
other comprehensive income	其他全面收益
exchange difference on translation of	換算海外附屬公司
financial statements of overseas	財務報表之
subsidiary	匯兌差額	—	—	—	—	25,861	—	—	25,861
total comprehensive income for the year	本年度全面收益總額	—	—	—	—	25,861	—	(612,054)	(586,193)
Issue of shares by placements_(Note 35)_	透過配售發行股份（附註35）	—	129,199	—	—	—	—	—	129,199
waiver of amounts due to a major	豁免應付大股東
shareholder	款項	—	—	—	6,510	—	—	—	6,510
Acquired equity interest of a subsidiary	向非控股權益收購之附屬公司股權
from non-controlling interests		—	—	—	—	—	—	893	893
At 30 June 2011	於二零一一年六月三十日	—	1,132,593	1,497	6,510	(13,015)	—	(1,284,140)	(156,555)

年報 Annual Report 2011

127

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

36. RESERVES [(Continued)]

(a) Reserves of the Group (Continued) Notes:

(i) Contributed surplus

the contributed surplus represents the difference between the nominal value of share capital of the subsidiaries acquired pursuant to the group reorganisation on 22 october 2002, over the nominal value of the shares of the Company issued in exchange therefor.

under the Companies law (2001 second Revision) of the Cayman Islands, the contributed surplus account is distributable to the shareholders of the Company under certain circumstances.

(ii) Share premium

the application of the share premium account is governed by applicable regulations of the Cayman Islands.

(iii) Share option reserve

the share option reserve represents the fair value at respective grant dates in respect of the outstanding share options of the Company.

(iv) Translation reserve translation reserve arising from the translate of overseas subsidiary from its functional currency to the group’s presentation currency.

(v) Revaluation reserve Revaluation reserve includes fair value changes of available-for-sale financial assets and is stated net of applicable deferred taxes.

(vi) Capital reserve

Capital reserve represents the waiver of amounts due to a major shareholder.

36. 儲備[（續）]

(a) 本集團之儲備 （續）附註：

(i) 繳入盈餘

繳入盈餘指根據二零零二年十月二十二日集團重組所收購之附屬公司之股本面值超過與本公司為交換該等股份而發行之股份面值兩者之差額。

按照開曼群島公司法（二零零一年第二次修訂版），本公司可在若干情況下以繳入盈餘賬內之款項向其股東作出分派。

(ii) 股份溢價

股份溢價賬之應用受開曼群島適用規例監管。

(iii) 購股權儲備

購股權儲備指有關本公司尚未行使購股權之各個授出日期之公平值。

(iv) 匯兌儲備 匯兌儲備產生自換算海外附屬公司功能貨幣至本集團呈列貨幣。

(v) 重估儲備 重估儲備包括可供出售金融資產之公平值變動，並已扣減適用之遞延稅項。
(vi) 資本儲備 資本儲備指豁免應付大股東款項。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

128

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

36. 儲備[（續）]

36. RESERVES [(Continued)]

Reserves of	the Company				(b)	本公司之儲備	本公司之儲備
		Contribution	Share	Share option	Capital	Revaluation	Accumulated
		surplus	premium	reserve	reserve	reserve	losses	Total
		繳入盈餘	股份溢價	購股權儲備	資本儲備	重估儲備	累計虧損	總計
		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
		(Note (i))			(Note (ii))
		（附註(i)）			（附註(ii)）
At 1 April 2009	於二零零九年
	四月一日	22,116	194,680	1,497	—	—	(280,549)	(62,256)
loss for the period	本期間虧損	—	—	—	—	—	(443,102)	(443,102)
other Comprehensive	其他全面收益
income
fair value gain on	可供出售金融資產之
available-for-sales	公平值收益，扣除
financial assets,	稅項29,818,000
net of tax of	港元後
hK$29,818,000	（附註21）
(Note 21)		—	—	—	—	206,261	—	206,261
Reclassification	解除確認可供出售金
adjustment on	融資產時之重新分
derecognition of	類調整，扣除稅項
available-for sales	29,818,000
financial assets,	港元後
net of tax of
hK$29,818,000		—	—	—	—	(206,261)	—	(206,261)
total comprehensive	本期間全面開支
expenses for the	總額
period		—	—	—	—	—	(443,102)	(443,102)
Issue of shares upon	兌換可換股票據時
conversion of	發行股份
convertible notes	（附註34）
(Note 34)		—	3,218	—	—	—	—	3,218
share premium arising	公開發售股份產生之
on open offer of	股份溢價
shares_(Note 35)_	（附註35）	—	748,812	—	—	—	—	748,812
share premium arising	配售股份產生之
on placements of	股份溢價
shares_(Note 35)_	（附註35）		56,684	—	—	—	—	56,684
Disposal of subsidiaries	出售附屬公司	85	—	—	—	—	(85)	—
At 30 June 2010	於二零一零年
	六月三十日	22,201	1,003,394	1,497	—	—	(723,736)	303,356
loss for the year	本年度虧損	—	—	—	—	—	(469,881)	(469,881)
waiver of amounts	豁免應付大股東
due to a major	款項
shareholder		—	—	—	6,510	—	—	6,510
share premium arising	配售股份產生之
on placement of	股份溢價
shares_(Note 35)_	（附註35）	—	129,199	—	—	—	—	129,199
At 30 June 2011	於二零一一年
	六月三十日	22,201	1,132,593	1,497	6,510	—	(1,193,617)	(30,816)

(b) Reserves of the Company

年報 Annual Report 2011

129

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

36. RESERVES [(Continued)]

(b) Reserves of the Company (Continued) Notes:

36. 儲備[（續）]

(b) 本公司之儲備 （續）附註：

(i) Contributed surplus the contributed surplus represents the excess of the fair value of the subsidiaries acquired pursuant to the group reorganisation over the nominal value of the shares of the Company issued in exchange therefor.

(i) 繳入盈餘

繳入盈餘指根據集團重組所收購附屬公司公平值與本公司為交換該等附屬公司而發行之股份面值兩者之差額。

under the Companies law (2001 second Revision) of the Cayman Islands, the contributed surplus account is distributable to the shareholders of the Company under certain circumstances.

按照開曼群島公司法（二零零一年第二次修訂版），本公司可在若干情況下以繳入盈餘賬內之款項向股東作出分派。

(ii) Capital reserve Capital reserve represents the waiver of amounts due to a major shareholder.

(ii) 資本儲備 資本儲備指豁免應付大股東款項。

37. DISPOSAL OF SUBSIDIARIES AND BUSINESS COMBINATION

(i) Disposal of subsidiaries on 20 July 2009, the group disposed of its subsidiaries — fanlink far east limited and sun Ace group limited and their wholly own subsidiaries which were engaged in the apparel sourcing and trading.

37. 出售附屬公司及業務合併

(i) 出售附屬公司 於二零零九年七月二十日，本集團出售其附屬公司 — fanlink far east limited 及 sun Ace group limited 及其全資附屬公司。該等公司從事服飾採購及貿易。

the net liabilities of those subsidiaries at the date of disposal were as follows:

該等附屬公司於出售日期之負債淨值如下：

		HK$’000
		千港元
property, plant and equipment	物業、廠房及設備	1,718
trade and other receivables	應收貿易賬款及其他應收款項	1,060
Cash and cash equivalent	現金及現金等值項目	16
trade and other payables	應付貿易賬款及其他應付款項	(20)
Deferred tax liabilities	遞延稅項負債	(167)
Income tax liabilities	所得稅負債	(19,918)
		(17,311)
gain on disposal of subsidiaries	出售附屬公司之收益	17,311
total consideration	總代價	—
satisfied by:	以下列方式支付：
Cash	現金	—
net cash inflow arising on disposal:	出售產生之現金流入淨額：
Cash consideration	現金代價	—
Cash and bank balances disposed of	所出售之現金及銀行結餘	(16)
		(16)

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

130

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

37. DISPOSAL OF SUBSIDIARIES AND BUSINESS COMBINATION [(Continued)]

(ii) Business combination the Company made a conditional offer to acquire the entire issued share capital of BCp not already owned by the Company (excluding those already owned by the Company, i.e. 57,129,025 BCp shares) on the terms and subject to the conditions set out in the offer document (the “general offer”) dated 14 september 2009. under the general offer, BCp’s shareholders entitle to receive 100 pence (approximately hK$12.29) in cash for each BCp share. on 12 october 2009, the date of the acquisition, the Company had received valid acceptance of the general offer in respect of 52,244,161 BCp shares which represents approximately 64% equity interest in BCp for a consideration of hK$641,893,000. this transaction was accounted for by the acquisition method of accounting. BCp was incorporated in the u.K. with limited liability. BCp’s principal place of business is in the u.K. and is principally engaged in investment holding. BCp has one subsidiary, Birmingham City football Club plc. registered in the u.K. and it is principally engaged in operation of a football league club in the u.K..

37. 出售附屬公司及業務合併 （續）

(ii) 業務合併 本公司已根據日期為二零零九年九月十四日之要約文件所載之條款及受限於其條件作出有條件要約以收購本公司尚未擁有之 BCp 全部已發行股本
（不包括本公司已擁有者，即 57,129,025 股 BCp 股份）（「全面要約」）。根據全面要約， BCp 股東有權就每股 BCp 股份收取 100 便士（約 12.29 港元）現金。於二零零九年十月十二日（收購事項日期），本公司已接獲全面要約之有效接納共 52,244,161 股 BCp 股份，相當於 BCp 約 64% 股權，代價為 641,893,000 港元。是項交易已以收購會計法入賬。 BCp 乃於英國註冊成立之有限公司。BCp 之主要營業地點為英國並主要從事投資控股。BCp 有一間於英國註冊之附屬公司 Birmingham City football Club plc.，其主要從事於英國經營足球聯賽球會。

the consideration was satisfied as to approximately hK$641,893,000, after expenses by issuing 1,961,694,400 shares by open offer at subscription prices hK$0.4 each on basis of 8 offer shares for every 5 existing shares held by the qualifying shareholders of the Company (Details refer to note 35).

代價經計及按本公司合資格股東每持有 5 股現有股份獲發 8 股發售股份之基準按認購價每股 0.4 港元透過公開發售發行 1,961,694,400 股股份（詳情請參閱附註 35）之開支後，以約 641,893,000 港元支付。

年報 Annual Report 2011 131

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

37. DISPOSAL OF SUBSIDIARIES AND BUSINESS COMBINATION [(Continued)]

(ii) Business combination (Continued) the net identifiable assets and liabilities acquired in the transactions, and the excess of the group’s share of net fair value over cost of the acquisition arising therefrom, were as follows:

37. 出售附屬公司及業務合併

（續）

(ii) 業務合併 （續）

於該等交易中收購之可識別資產及負債淨額及本集團所佔公平淨值超出由此產生之收購成本之差額如下：

		Acquiree’s
		carrying
		amount before
		combination
		被收購公司	Fair value
		於合併前之	adjustments	Fair value
		賬面值	公平值調整	公平值
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元
net assets and liabilities acquired	所收購資產及負債淨額
property, plant and equipment	物業、廠房及設備	160,965	138,885	299,850
trademark	商標	—	566,009	566,009
players’ registration	球員註冊	248,271		248,271
Backlog contracts	積壓合約	—	147,560	147,560
Inventories	存貨	4,030		4,030
trade and other receivables	應收貿易賬款及
	其他應收款項	91,227		91,227
Cash and cash equivalents	現金及現金等價物	15,935		15,935
trade and other payables	應付貿易賬款及
	其他應付款項	(257,830)		(257,830)
Borrowings	借貸	(35,041)		(35,041)
Deferred capital grants	遞延資本撥款	(17,999)		(17,999)
Deferred income	遞延收入	(265,473)		(265,473)
provision	撥備	(29,954)		(29,954)
Deferred tax liabilities	遞延稅項負債	—	(238,687)	(238,687)
		(85,869)		527,898
_Less:_non-controlling interests (6%)	減：非控股權益(6%)			(31,639)
				496,259
goodwill_(Note 19)_	商譽（附註19）			442,132
Total consideration	總代價			938,391
Consideration satisfied by:	代價以下列方式支付：
Cash paid	已付現金			641,893
fair value of equity interest	過往持作可供出售金融
previously held as available-for-	資產之股權公平值
sale financial assets_(Note 21)_	（附註21）			296,498
				938,391
				HK$’000
				千港元
net cash outflow arising on	收購產生之現金流出
acquisition:	淨額：
Consideration paid on cash	已支付現金代價			641,893
Cash and cash equivalent balances	所收購現金及現金等值
acquired	項目結餘			(15,935)
				625,958

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

132

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

37. DISPOSAL OF SUBSIDIARIES AND BUSINESS COMBINATION [(Continued)]

(ii) Business combination (Continued)

the fair value of the trade and other receivables amounted to hK$91,227,000. the gross amount of trade and other receivables was hK$94,323,000. Impairment was made on the differences on the gross amount and the fair value of trade and other receivables.

37. 出售附屬公司及業務合併 （續）

(ii) 業務合併 （續）應收貿易賬款及其他應收款項之公平值為 91,227,000 港元。應收貿易賬款及其他應收款項之總額為 94,323,000 港元。已就應收貿易賬款及其他應收款項之總額與公平值之差額作出減值。

the goodwill arose in the acquisition of BCp because the cost of the business combination included the value of synergies with existing businesses and future revenue growth.

由於業務合併成本包括現有業務與日後收益增長之協同價值，故收購 BCp 產生商譽。

fair value of contingent liabilities in respect of player transfer costs and image rights payable has not been recognised as it is subject to certain specific performance and contractual conditions which cannot be assessed and measured reliably.

並無就應付球員轉會費用及肖像權確認或然負債之公平值，原因是其受限於若干不能可靠評估及計量之特定表現及合約條件。

transaction costs of hK$16,704,000 were expensed and was included in administrative expenses.

16,704,000 港元之交易成本已獲支銷，並計入行政開支。

the Company previously held 29.9% equity interest of BCp which was accounted for as available-forsale financial assets and measured at fair value with changes in fair value recognised in other comprehensive income. the accumulated fair value changes of the 29.9% equity interest of BCp, amounted to hK$236,079,000 was reclassified to profit or loss upon the group obtained control of BCp.

本公司先前持有 BCp 之 29.9% 股權，乃入賬列作可供出售金融資產，並按公平值計量，而公平值變動於其他全面收益確認。BCp 之 29.9% 股權之累計公平值變動 236,079,000 港元已於本集團取得 BCp 之控制權時重新分類至損益。

BCp suffered loss of hK$114,566,000 attributable to the group’s loss for the period between the date of acquisition and 30 June 2010.

於收購日期至二零一零年六月三十日期間，BCp 為本集團之本期間虧損帶來 114,566,000 港元虧損。

It is impracticable to assess the financial impact had the combination taken place at the beginning of the 15 months ended 30 June 2010 due to the change of the group financial year and different previous financial year end of BCp as at 31 August.

評估合併倘於截至二零一零年六月三十日止十五個月開始時進行之財務影響並不切實可行，因為本集團財政年度結算日有所更改及與 BCp 過往財政年度之結算日八月三十一日不同。

年報 Annual Report 2011

133

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

37. DISPOSAL OF SUBSIDIARIES AND BUSINESS COMBINATION [(Continued)]

(ii) Business combination (Continued)
During the year, the group acquired additional 0.06% (2010: 2.58%) of the shares of BCp, increasing its ownership from 96.58% to 96.64% (2010: 94% to 96.58%). total cash consideration of hK$26,350,000 was paid to non-controlling interest shareholders. the carrying value of the additional interest acquired was hK$1,536,000 (2010: hK$12,307,000). the difference of hK$893,000 (2010: hK$14,043,000) between the consideration and the carrying value of the interest acquired has been recognised in accumulated losses within equity.

37. 出售附屬公司及業務合併 （續）

(ii) 業務合併 （續）年內，本集團收購 BCp 額外 0.06%（二零一零年： 2.58%）之股份，將其擁有權由 96.58% 增加至 96.64%
（二零一零年：由 94% 增加至 96.58%）。總現金代價 26,350,000 港元已支付予非控股股東。所收購額外權益之賬面值為 1,536,000 港元
（二零一零年：12,307,000 港元）。代價與所收購權益賬面值之差額 893,000 港元（二零一零年：14,043,000 港元）已於權益之累計虧損內確認。

the group has elected to measure the noncontrolling interests in this acquisition at the proportionate share of the acquiree’s identifiable net assets.

本集團已選擇按應佔被收購公司可識別資產淨值之比例計量此項收購之非控股權益。

38. RELATED PARTY AND CONNECTED PARTY TRANSACTIONS

Details of transactions between the group and other related parties are disclosed below.

38. 關聯方及關連人士交易

本集團與其他關連人士之交易詳情於下文披露。

(a) Details of the amounts with related parties and directors are set out in note 25 and 30 respectively.
(a) 應付關連人士及董事款項詳情分別載於附註 25 及 30。
(b) Included in the Company’s and the group’s accruals and other payables as at 30 June 2011 was an aggregate salaries and other allowances amount of approximately hK$1,510,836 (2010: hK$3,263,000) due to directors which is unsecured, interest-free and repayable on demand.
(b) 本公司及本集團於二零一一年六月三十日之應計款項及其他應付款項包括應付董事之薪金及其他津貼總額約 1,510,836 港元（二零一零年： 3,263,000 港元），乃無抵押、免息及須應要求償還。
(c) members of key management personnel during the year/period comprised only of the directors whose remuneration is set out in note 12.
(c) 年 ╱ 期內主要管理層成員僅包括董事，其薪酬載於附註 12。

134 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

38. RELATED PARTY AND CONNECTED PARTY TRANSACTIONS [(Continued)]

(d) Included in the group’s borrowings as at 30 June 2011 was an unsecured loan of hK$10,000,000 (2010: hK$9,000,000) and accrued interest payable of hK$60,000 (2010: hK$10,000) with interest charged at 0.5% per annum borrowed from imerchant’s Asia limited, a subsidiary of Chinese energy holdings limited (“Cehl”) (formerly known as imerchants limited (“imerchants”) of which yau yan ming, Raymond, an independent non-executive director of the Company is also the chairman and executive director of Cehl, Chan wai Keung, a non-executive director of the Company was also the executive director of Cehl, and Chang Kin man, an independent non-executive director of the Company was also the independent non-executive director of Cehl.
(e) Included in the group’s borrowings as at 30 June 2011 was an unsecured loan of approximately hK$42,404,000 (2010: hK$5,273,000) and accrued interest payable of hK$1,140,000 (2010: hK$144,000) with the interest charged at 5% per annum borrowed from China water Industry (hK) limited and China water Industry group limited (together referred to as “China water group”) of which Chang Kin man, an independent nonexecutive director of the Company was also the independent non-executive director of China water group.
(f) During the year, the Company has entered into a contract with sing pao newspaper to provide advertising and promotion services for the group and BCfC. the advertising expense for the year ended 30 June 2011 was hK$6,800,000 (15 months ended 30 June 2010: nil). the advertising expense represents the ordinary business transactions with the Company and sing pao group. Ip wing lun, an executive director of the Company was also the nonexecutive director of sing pao group and yeung Ka sing, Carson, a substantial shareholder of the Company is also the key shareholder of sing pao group. the transaction is carried out at term agreed by both parties.
(g) During the year ended 30 June 2011, yeung Ka sing, Carson, a director and major shareholder of the Company wavied amounts of approximately hK$6,510,000 due to him (15 months ended 31 June 2010: nil).

38. 關聯方及關連人士交易[（續）]

(d) 計入本集團於二零一一年六月三十日之借貸為向華夏能源控股有限公司（「華夏能源控股」）（前稱 imerchant limited
（「imerchants」））之附屬公司 imerchant’s Asia limited 借取按年利率 0.5% 計息之無抵押貸款 10,000,000 港元（二零一零年：9,000,000 港元）及應付應計利息 60,000 港元（二零一零年：10,000 港元），而本公司獨立非執行董事邱恩明亦為華夏能源之執行董事，本公司非執行董事陳偉強亦為華夏能源之執行董事，及本公司獨立非執行董事鄭健民亦為華夏能源之獨立非執行董事。
(e) 計入本集團於二零一一年六月三十日之借貸為向中國水業
（香港）有限公司及中國水業集團有限公司（統稱「中國水業集團」）借取按年利率 5% 計息之無抵押貸款約 42,404,000 港元（二零一零年：5,273,000 港元）及應付累計利息1,140,000 港元（二零一零年：144,000 港元），而本公司獨立非執行董事鄭健民亦為中國水業集團之獨立非執行董事。
(f) 年內，本公司與成報報刊訂立合約，以為本集團及 BCfC 提供廣告及宣傳服務。截至二零一一年六月三十日止年度之廣告開支為 6,800,000 港元（截至二零一零年六月三十日止十五個月：無）。廣告開支指本公司與成報集團之日常業務交易。本公司執行董事葉泳倫亦為成報集團之非執行董事，及本公司主要股東楊家誠亦為成報集團之主要股東。交易乃按雙方協定之條款進行。
(g) 於截至二零一一年六月三十日止年度，本公司董事兼大股東楊家誠先生豁免應付彼款項約 6,510,000 港元（截至二零一零年六月三十日止十五個月：無）。

年報 Annual Report 2011

135

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

39. OPERATING LEASE ARRANGEMENTS

the groups leases certain premises under operating lease arrangements. leases are negotiated for a term ranging from three to six years. the group does not have an option to purchase the leased assets at the expiry of the lease period. At the end of the reporting period, the group’s total future minimum lease payments under non-cancellable operating leases are as follows:

39. 經營租約安排

本集團根據經營租約安排租賃若干物業。租賃議定租期介乎 3 至 6 年。本集團並無於租賃期屆滿時可購買租賃資產之選擇權。於報告期末，本集團根據不可撤銷經營租約之未來最低租金總額如下︰

The Group as lessee

本集團作為承租人

The Group as lessee	本集團	作為承租人
		2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元
within one year	一年內	7,428 2,270
After one year but within five years	一年後但於五年內	1,777 2,188
After five years	五年後	12 —
		9,217 4,458

40. CONTINGENT LIABILITIES

the group had the following outstanding litigations at the end of reporting period:

40. 或然負債

於報告期末，本集團有以下未完結訴訟：

Player transfer costs

under the terms of contracts with other football clubs in respect of the player transfers, additional player transfer cost would become payable if certain specific performance conditions are met. the maximum amount not provided that could be payable in respect of the transfers up to 30 June 2011 was approximately hK$21,268,000 (equivalent to gBp1,706,000). At the end of the reporting period and up to the date of approval of the consolidated financial statements, none of these amounts has become crystallise.

球員轉會費用

根據就球員轉會與其他球會訂立之合約之條款，倘符合若干特定表現條件，則應付額外球員轉會費用。截至二零一一年六月三十日可能就轉會應付而尚未撥備之最高款項約為 21,268,000 港元（相等於 1,706,000 英鎊）。於報告期末及截至綜合財務報表批准日期，概無該等款項已經實現。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

136

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

41. SHARE-BASED PAYMENTS

the Company’s existing share option scheme (the “scheme”) became effective on 22 october 2002. the major terms of the scheme, in conjunction with the requirements of Chapter 17 of the listing Rules, are set out as follows:

(i) the purpose of the scheme is providing incentives rewards to full-time employees and consultants of the group in recognition of their contribution to the group.
(ii) subject to the terms of the scheme, the directors may, at their absolute discretion, invite full-time employees of the group including executive directors of the Company or any of its subsidiaries and consultants (the “eligible persons”) to take up options to subscribe for shares.
(iii) the total number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the scheme of the Company must not exceed 30% of the total issued share capital of the Company from time to time.
(iv) the total number of shares issued and to be issued on the exercise of options granted and to be granted (including both exercised and outstanding options) in any 12-month period up to the date of grant to each of the eligible persons shall not exceed 1% of the total issued share capital of the Company in issue unless (i) a shareholders’ circular is dispatched to the shareholders; (ii) the shareholders approve the grant of the options in excess of the limit referred to herein; and (iii) the relevant eligible persons and their associates abstain from voting on the resolution.
(v) An offer of the grant of an option shall be made to the eligible persons by letter in such form as the board of directors may from time to time determine and shall remain open for acceptance by the eligible persons concerned for a period of 28 days from the date upon which it is made, provided that no such offer shall be open for acceptance after the 10th anniversary of the adoption date or after the scheme has been terminated.

41. 以股份支付之款項

本公司之現有購股權計劃（「該計劃」）於二零零二年十月二十二日生效。該計劃之主要條款連同上市規則第 17 章之規定載列如下：
(i) 該計劃之目的在於表揚及回饋對本集團作出貢獻之全職僱員及顧問。
(ii) 董事可在該計劃條款之規限下，全權酌情邀請本集團之全職僱員（包括本公司或其任何附屬公司之執行董事）及顧問
（「合資格人士」）接納購股權以認購股份。
(iii) 根據本公司該計劃授出而有待行使之所有尚未行使購股權獲行使而可能須予發行之股份總數不得超過本公司不時已發行股本總數 30%。
(iv) 截至向各合資格人士授出日期之任何 12 個月期間，因已授出及將予授出之購股權（包括已行使及尚未行使者）獲行使而已發行及將予發行之股份總數不得超過本公司已發行股本總數 1%，除非 (i) 已向股東寄發股東通函；(ii) 股東批准授出超過本文所述限額之購股權；及 (iii) 有關合資格人士及其聯繫人士就有關決議案放棄投票。
(v) 購股權之要約須按董事會可能不時釐定之格式致函予合資格人士後授出，而合資格人士可於要約日期起計 28 日期間內接納，惟不得於採納日期起計 10 週年後或該計劃終止後接納要約。

年報 Annual Report 2011

137

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011

截至二零一一年六月三十日止十二個月

41. SHARE-BASED PAYMENTS [(Continued)]

(vi) A non-refundable nominal consideration of hK$1 is payable by the grantee upon acceptance of an option. An option shall be deemed to have been accepted when the duplicate letter comprising acceptance of the option duly signed by the eligible persons together with the said consideration of hK$1 is received by the Company.

41. 以股份支付之款項[（續）]

(vi) 接納購股權時，承授人應繳付 1 港元之不可退還象徵式代價。倘本公司接獲由合資格人士正式簽署之接納購股權函件副本，連同上述 1 港元代價，則購股權將被視為已獲接納。
(vii) the exercise price for shares under the scheme may be determined by the directors at its absolute discretion but in any event will not be less than the highest of:
(vii) 該計劃下股份之行使價可由董事全權酌情釐定，惟於任何情況下不得低於下列最高者：
(a) the closing price of the shares as stated in the daily quotations sheet of the stock exchange of hong Kong limited (the “stock exchange”) on the date of grant, which must be a business day;
(a) 於授出日期（必須為營業日）香港聯合交易所有限公司（「聯交所」）每日報價表所列股份之收市價；
(b) the average closing price of the shares as stated in daily quotations sheets of the stock exchange for the five business days immediately preceding the date of grant; and
(b) 緊接授出日期前五個營業日聯交所每日報價表所列股份之平均收市價；及
(c) nominal value of shares.
(c) 股份面值。

unless otherwise in the terms of the scheme, an option may be exercised any time during the period commencing on the expiry of six calendar months after the date on which the option is deemed to be granted and accepted and expiring on a date to be determined and notified by the board of directors to each grantee, but in any event not later than 10 years from the date of grant of option but subject to the early termination of the scheme.

除非該計劃之條款另有規定，否則購股權可於由購股權被視為已授出及獲接納之日期後六個曆月屆滿起至董事會釐定及通知各承授人之日期止期間內隨時行使，惟於任何情況下不得遲於授出購股權日期起計 10 年，惟該計劃可提早終止。

BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

138

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

41. SHARE-BASED PAYMENTS [(Continued)]

(a) the following table shows the movements in the Company’s share options during the year and period:

41. 以股份支付之款項[（續）]

(a) 下表顯示年內及期內本公司購股權之變動：

	For the 15 months ended 30	For the 15 months ended 30	June 2010
	截至二零一零年六月三十日止十五個月
			Outstanding
	Outstanding	Adjustment	at 30 June 2010	Closing price
	at	due to open	and 2011	immediately
	1 April 2009	offer during	於二零一零年及	before the
	於二零零九年	the period	二零一一年	date of grant
Date of grant	四月一日	期內因公開	六月三十日	緊接授出日期前
授出日期	尚未行使	發售而作出調整	尚未行使	之收市價
				HK$
				港元

Directors: 董事：

steven mcmanaman (resigned on 2 June 2012) steven mcmanaman （於二零一二年六月二日辭任） 21/8/2007 other employees 7/6/2007 其他僱員	2,000,000 89,720 2,089,720 1.0777 24,000,000 1,076,636 25,076,636 0.4786 26,000,000 1,166,356 27,166,356

pursuant to the terms of the share option scheme of the Company, the outstanding share options granted on 7 June 2007 were adjusted from 24,000,000 shares to 25,076,636 shares and the exercise prices were adjusted from hK$0.5 to hK$0.4786, and the outstanding share options granted on 21 August 2007 were adjusted from 2,000,000 shares to 2,089,720 shares and the exercise price was adjusted from hK$1.126 to hK$1.077 as a result of the completion of the open offer of the Company made during the period.

因應本公司於期內進行之公開發售完成，根據本公司購股權計劃之條款，於二零零七年六月七日授出之未行使購股權已由 24,000,000 股股份調整至 25,076,636 股股份，行使價則已由 0.5 港元調整至 0.4786 港元，而於二零零七年八月二十一日授出之未行使購股權已由 2,000,000 股股份調整至 2,089,720 股股份，而行使價已由 1.126 港元調整至 1.077 港元。
(b) the weighted average exercise price of the share options outstanding during the year ended 30 June 2011 was hK$0.5247 (15 months ended 30 June 2010: hK$0.5247). the options outstanding at the end of the year have a weighted average remaining contractual life of 6 years (2010: 7 years).
(b) 於截至二零一一年六月三十日止年度，尚未行使之購股權加權平均行使價為 0.5247 港元
（截至二零一零年六月三十日止十五個月：0.5247 港元）。於年終，尚未行使之購股權之加權平均剩餘合約年期為 6 年
（二零一零年：7 年）。

年報 Annual Report 2011

139

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

41. SHARE-BASED PAYMENTS [(Continued)]

(b) (Continued)

At the end of the reporting period and at the date of approval of these financial statements, the Company had 27,166,356 (2010: 27,166,356) share options outstanding under the scheme. the exercise in full of the remaining share options would, under the present capital structure of the Company, result in the issue of 27,166,356 (2010: 27,166,356) additional ordinary shares of the Company which represented 0.7% (2010: 0.9%) of the Company’s shares in issue and as at the end of reporting period.

42. MAJOR NON-CASH TRANSACTION

During the year ended 30 June 2011, the group received an amount of approximately hK$6,510,000 (15 months ended 30 June 2010: nil) as deemed capital contribution following the waiver of an amount due to a major shareholder.

43. CAPITAL RISK MANAGEMENT

the group’s objective of managing capital is 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 cost of capital. the group’s overall strategy remains unchanged from prior periods.

the capital structure of the group consists of debts, which includes the amounts due to directors disclosed in note 30 and borrowings in note 32, Cash and cash equivalents disclosed in note 26 and equity attributable to owners of the Company, comprising share capital and reserves as disclosed in the consolidated statement of changes in equity.

41. 以股份支付之款項[（續）]

(b) （續）

於報告期末及批准此等財務報表日期，本公司根據該計劃尚未行使之購股權為 27,166,356 份（二零一零年： 27,166,356 份）。根據本公司現時之資本架構，行使全數餘下購股權將導致發行 27,166,356 股（二零一零年： 27,166,356 股）本公司之額外普通股，佔本公司於報告期末已發行股份之 0.7%（二零一零年：0.9%）。

42. 主要非現金交易

於截至二零一一年六月三十日止年度，本集團獲得款項約 6,510,000 港元（截至二零一零年六月三十日止十五個月：無），於豁免應付主要股東款項後被視為注資。

43. 資金風險管理

本集團管理資金之目的為保障本集團之持續經營能力，以為股東提供回報及為其他利益相關者提供利益，並維持理想之資本架構，以減低資本成本。本集團之整體策略自過往期間維持不變。

本集團之資本架構由債項（包括附註 30 所披露之應付董事款項及附註 32 之借貸、附註 26 披露之現金及現金等值項目及本公司擁有人應佔權益（包括綜合股東權益變動表所披露之股本及儲備）組成。

140 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

43. CAPITAL RISK MANAGEMENT [(Continued)]

the group’s risk management reviews the capital structure on a semi-annual basis. As part of this review, the management considers the cost of capital and the risks associated with each class of capital. the group has a target gearing ratio of 15%-20% determined as the proportion of net debt to equity.

43. 資金風險管理[（續）]

本集團每半年檢討資本架構以管理風險。作為檢討之一部分，管理層考慮資本成本及與各類資本相關之風險。本集團之目標資本負債比率為 15% 至 20%，乃按債項淨額與權益之比例釐定。

the gearing ratios at the end of the reporting period was as follows:

於報告期末之資本負債比率如下：

		2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元
Debts_(Note 1)_	債項（附註1）	363,147 239,491
Cash and cash equivalents	現金及現金等值項目	(7,966) (15,902)
net debt	債項淨額	355,181 223,589
equity_(Note 2)_	權益（附註2）	(117,677) 324,914
net debt to equity ratio	債項淨額對權益之比率	N/A* 69%

Notes:

附註：

(1) Debt comprises long-term and short-term borrowings.
(1) 債務包括長期及短期借貸。
(2) equity includes all capital and reserves attributable to owners of the Company.
(2) 權益包括所有本公司擁有人應佔資本及儲備。
As the group had a net deficiency in capital at 30 June 2011, the group’s gearing ratio as at that date were not applicable. the directors of the Company have given careful consideration on the measures currently undertaken in respect of the group’s liquidity position. the directors of the Company believe that the group will be able to meet in full its financial obligations as they fall due based on the group’s working capital sufficiency plans as explained in note 3.
由於本集團於二零一一年六月三十日之資本淨額虧絀，本集團於該日之資本負債比率為不適用。本公司董事已審慎考慮現時就本集團之流動資金狀況採取之措施。本公司之董事認為，根據本集團營運資金之充足性計劃（誠如附註 3 所解釋），本集團將能全面履行其到期之財務責任。

年報 Annual Report 2011 141

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

44. FINANCIAL RISK MANAGEMENT

the Company’s major financial instruments include trade and other receivables, amounts due from related companies, cash held in non-bank financial institutions, cash and cash equivalents, trade and other payables, amounts due to directors and borrowings are disclosed in respective notes. the risks associated with these financial instruments include market risk (currency risk and interest rate risk), credit risk and liquidity risk. the policies on how to mitigate these risks are set out below. the management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

44. 金融風險管理

本公司之主要金融工具包括於各附註披露之應收貿易賬款及其他應收款項、應收關連公司款項、非銀行金融機構所持現金、現金及現金等值項目、應付貿易賬款及其他應付款項、應付董事款項及借貸。與該等金融工具相關之風險包括市場風險（貨幣風險及利率風險）、信貸風險及流動資金風險。減低該等風險之政策載於下文。管理層管理及監察該等風險以確保及時並有效地實施適當措施。

(a) Currency risk

the group’s main operation is in the uK with most of the transactions settled in gBp and does not have significant exposure to risk resulting from changes in foreign currency exchange rates.

(a) 貨幣風險 本集團於英國之主要營運以及大部分交易均以英鎊結算，及並無面對因外幣匯率變動而產生之重大風險。

(b) Interest rate risk

the interest income derived from the group’s current and short-term time deposits that carry interest at the respective banking deposit rate of the banks and non-bank financial institutions at fixed rates located in the u.K. and hong Kong.

利率風險

(b) 利率風險 利息收入衍生自本集團存放於位於英國及香港銀行之活期及短期定期存款，以及存放於非銀行金融機構之定息存款。

the group is exposed to fair value interest rate risk in relation to fixed-rate borrowings (see note 32 for details of these borrowings) for the year ended 30 June 2011 and 15 months ended 30 June 2010. the group currently does not have an interest rate hedging policy. however, management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated.

本集團於截至二零一一年六月三十日止年度及截至二零一零年六月三十日止十五個月須就定息借貸（該等借貸詳情見附註 32）承受公平值利率風險。本集團現時並無利率對沖政策。然而，管理層監察利率風險，並將於預期有重大利率風險時考慮其他必要行動。

the group’s cash flow interest rate risk relates primarily to variable-rate borrowings (see note 32 for details of these borrowings). It is the group’s policy to keep its borrowings at floating rate of interests so as to minimise the fair value interest rate risk.

本集團之現金流量利率風險主要有關浮動利率借貸（該等借貸詳情見附註 32）。本集團之政策為保持其借貸於浮動利率以減低公平值利率風險。

the group’s exposure to interest rates on financial liabilities is detailed in the liquidity risk management section of this note. the group’s cash flow interest rate risk is mainly concentrated on the fluctuation of the london Interbank offered Rate.

本集團對金融負債之利率風險於本附註流動資金風險管理一節內詳述。本集團之現金流量利率風險主要集中於倫敦銀行同業拆息波動。

142 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

44. FINANCIAL RISK MANAGEMENT [(Continued)]

(b) Interest rate risk (Continued) Sensitivity analysis

As of 30 June 2011, it is estimated that a general 100 basis point increase or decrease in interest rates, with all other variables held constant, would increase or decrease the group’s loss/profit for the year ended and accumulated losses by approximately hK$129,000 (15 months ended 30 June 2010: hK$161,000).

the above sensitivity analysis has been determined assuming that a change in interest rates had occurred at the end of the reporting period and had been applied to the exposure to interest rate risk for financial instruments in existence at that date. the 100 basis point increase or decrease represents directors’ assessment of a reasonably possible change in interest rates over the period until the next reporting period. the analysis was performed on the same basis for 15 months ended 30 June 2010.

(c) Credit risk

the group’s credit risk is primarily attributable to its trade and other receivables. management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis.

In respect of trade and other receivables and amounts due from related companies, individual credit evaluations are performed on all receivables requiring credit over a certain amount. these evaluations focus on the customers’ past history of making payments when due and current ability to pay, and take into account information specific to the customers as well as pertaining to the economic environment in which the customers operate. normally, the group does not obtain collateral from customers.

the group’s exposure to credit risk is influenced mainly by the individual characteristics of each receivable. the default risk of the industry and country in which the receivable operate also has an influence on credit risk but to a lesser extent. At the end of reporting period, the group has no significant concentration of credit risk.

the maximum exposure to credit risk without taking account of any collateral held is represented by the carrying amount of each financial asset.

41. 金融風險管理[（續）]

(b) 利率風險（續）敏感度分析

於二零一一年六月三十日，估計利率整體上調或下調 100 個基點，而所有其他變數維持不變，將增加或減少本集團截至本年度止之虧損╱溢利及累計虧損約 129,000 港元（截至二零一零年六月三十日止十五個月：161,000 港元）。

上述敏感度分析已假設利率變動已於報告期末發生而釐定，並已應用於該日期所面對金融工具之利率風險。上調或下調 100 個基點指董事對直至下一個報告期期間之利率合理可能變動之評估。本集團曾於截至二零一零年六月三十日止十五個月按相同基準進行分析。

(c) 信貸風險
本集團之信貸風險主要由其應收貿易賬款及其他應收款項產生。管理層已制訂信貸政策，並持續監察該等信貸風險。

就應收貿易賬款及其他應收款項以及應收關連公司款項而言，凡要求授出若干金額以上信貸之所有應收款項均需接受個別信貸評估。該等評估集中於客戶過往於賬項到期時之還款紀錄及目前之還款能力，並考慮客戶之特定資料以及有關客戶所營運經濟環境之資料。在一般情況下，本集團不會向客戶收取抵押品。

本集團之信貸風險主要受個別應收款項不同情況所影響。應收款項所經營之行業及國家之違約風險亦對信貸風險產生影響，惟影響較少。於報告期末，本集團並無信貸風險重大集中情況。

在並無考慮持有任何抵押品之情況下，信貸風險上限為各金融資產之賬面值。

年報 Annual Report 2011

143

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註

For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

44. FINANCIAL RISK MANAGEMENT [(Continued)]

(c) Credit risk (Continued)

the Company does not have any other significant concentration of credit risk. trade receivables consist of a large number of customers.

At 30 June 2011 and 2010, the group has concentration of credit risk by geographical locations as all of the trade receivables was from the u.K.

the credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit ratings agencies and authorised banks in hong Kong and u.K with high-credit ratings.

(d) Liquidity risk Individual operating entities within the group are responsible for their own cash management, including the short term investment of cash surpluses and the raising of loans to cover expected cash demands, subject to approval by the holding company’s board when the borrowings exceed certain predetermined levels of authority.

the group’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and longer term.

the group is exposed to liquidity risk as at 30 June 2011 as the group had net current liabilities and capital deficiency of approximately hK$386,405,000 and hK$122,365,000 respectively. the directors of the Company are of the opinion that the Company will have sufficient working capital to meet its financial obligations and the details of which are set out in note 3.

44. 金融風險管理[（續）]

(c) 信貸風險 （續）本公司並無任何其他信貸風險重大集中情況。應收貿易賬款包括眾多客戶。

於二零一一年及二零一零年六月三十日，由於所有應收貿易賬款均來自英國，本集團之信貸風險按地區集中。

由於交易對手為國際信貸評級機構指定高信貸評級之銀行及高信貸評級之獲授權香港及英國銀行，流動資金之信貸風險有限。

(b) 流動資金風險 本集團內個別營運實體須自行負責現金管理，包括將現金盈餘作短期投資及籌集貸款以應付預期現金需求（惟借貸額超過若干預先釐定之授權水平時須獲得控股公司董事會批准）。

本集團之政策為定期監察目前及預期流動資金需要，以確保其維持足夠現金儲備，應付其短期及較長期之流動資金需要。

由於本集團之流動負債淨值及資金虧絀分別約 386,405,000 港元及 122,365,000 港元，本集團於二零一一年六月三十日須承受流動資金風險。本公司董事認為本公司將具備足夠營運資金以應付其財務責任，其詳情載於附註 3。

144 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

44. FINANCIAL RISK MANAGEMENT [(Continued)]

(d) Liquidity risk (Continued)

the following table details the Company’s remaining contractual maturity for its non-derivative financial liabilities. the table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. the maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates.

44. 金融風險管理[（續）]

(b) 流動資金風險 （續）下表詳述本公司非衍生金融負債之餘下合約到期日。該表已按金融負債之未貼現現金流量按於本集團可能被要求付款之最早日期制訂。其他非洐生金融負債之到期日乃按協定之還款日期而定。

the table includes both interest and principal cash flows. to the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curve at the end of the reporting period.

該表包括利息及本金現金流量。倘利息流量按浮息計算，則以報告期末之利率曲線計算未貼現金額。

			Total		More than	More than
			contractual		1 year but	2 years
		Carrying	undiscounted	Within 1 year	less than	but less than	More than
		amount	cash flow	or on demand	2 years	5 years	5 years
			總合約未貼現	於一年內或	一年後	兩年後
The Group	本集團	賬面值	現金流量	應要求	但於兩年內	但於五年內	五年後
		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
At 30 June 2011	於二零一一年
	六月三十日
transfer fee payables	應付轉會費	140,625	142,425	114,283	28,142	—	—
trade payables	應付貿易賬款	41,639	41,639	41,639	—	—	—
Accruals and	應計款項及
other payables	其他應付款項	97,840	97,840	81,521	16,319	—	—
Borrowings	借貸	180,284	198,434	189,367	3,052	936	5,079
Amounts due to	應付董事款項
directors		182,863	200,432	5,765	194,667	—	—
		643,251	680,770	432,575	242,180	936	5,079
At 30 June 2010	於二零一零年
	六月三十日
transfer fee payables	應付轉會費	205,430	209,308	148,681	60,627	—	—
trade payables	應付貿易賬款	26,409	26,409	26,409	—	—	—
Accruals and	應計款項及
other payables	其他應付款項	154,801	154,801	145,028	9,773	—	—
Borrowings	借貸	77,732	81,029	37,233	43,562	234	—
Amounts due to	應付董事款項
directors		161,759	169,878	—	169,878	—	—
		626,131	641,425	357,351	283,840	234	—

年報 Annual Report 2011

145

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

44. FINANCIAL RISK MANAGEMENT [(Continued)]

(e) Fair values

the fair value of financial assets and financial liabilities is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments.

44. 金融風險管理[（續）]

(e) 公平值

金融資產及金融負債之公平值乃根據普遍接納之定價模式按可觀察現行市場交易之價格及交易商就類似工具之報價以貼現現金流量分析法釐定。

the directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate to their fair values due to their short-term maturities.

本公司董事認為於財務報表內按攤銷成本入賬之金融資產及金融負債之賬面值因屬短期性質，故與其公平值相若。

45. FINANCIAL INSTRUMENTS

Categories of financial instruments

45. 金融工具

金融工具之類別

		2011 2010 二零一一年二零一零年 *HK$’000* HK$’000 千港元千港元
Financial assets	金融資產
loans and receivables (including cash and	貸款及應收款項（包括現金及
bank balances)	銀行結餘）	42,900 68,636
Financial liabilities	金融負債
quasi-equity loan	準股權性質貸款	177,098 154,930
financial liabilities at amortised cost	按攤銷成本之金融負債	466,153 471,201
		643,251 626,131

146 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

notes to the ConsolIDateD fInanCIal statements 綜合財務報表附註 For the 12 months ended 30 June 2011 截至二零一一年六月三十日止十二個月

46. COMMITMENT

The Group

46. 承擔

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
Commitments for the acquisition of	收購物業、廠房及設備
property, plant and equipment	之承擔
— contracted for but not provided	—已訂約但未撥備	—	634

47. EVENTS AFTER THE REPORTING PERIOD

(i) subsequent to the end of the reporting period, the football registrations of two players were contracted for sale during the winter transfer window in January 2013 and the said transfers are expected to be completed in August 2013. the terms of the agreement are confidential between the two parties and are therefore not disclosed.

47. 報告期後事項

(i) 報告期後，兩名球員之足球註冊已於二零一三年一月之冬季轉會期內訂約出售，上述轉會預期將於二零一三年八月完成。協議條款屬訂約雙方間之機密，因此不作披露。
(ii) the group have been approached by some prospective buyers to explore the possibility of purchasing BCp group. At the date of issuance of these consolidation financial statements, no binding agreement has been reached. Details of the potential sale are set out in the announcement of the Company dated 22 January 2013 and 26 february 2013.
(ii) 若干潛在買家曾與本集團接洽，以發掘購買 BCp 集團之可能性。於刊發此等綜合財務報表日期，概無達成具約束力之協議。有關潛在出售之詳情載於本公司於二零一三年一月二十二日及二零一三年二月二十六日刊發之公佈。

年報 Annual Report 2011 147

fIve years fInanCIal summary 五年財務概要

		For the	for the
		12 months	15 months
		ended	ended
		30 June	30 June
		截至	截至
		六月三十日	六月三十日	for the 12	months ended	31 march
		止十二個月	止十五個月	截至三月三十一日止十二個月
Results	業績	2011	2010	2009	2008	2007
		二零一一年	二零一零年	二零零九年	二零零八年	二零零七年
		*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
turnover	營業額	781,366	581,596	10,660	20,595	42,813
loss before taxation Income tax credit/	除稅前虧損所得稅抵免╱（開支）	(784,602)	(431,861)	(91,755)	(151,715)	(11,050)
(expense)		153,783	40,757	78	(418)	—
loss before	未計非控股權益
non-controlling	虧損
interests		(630,819)	(391,104)	(91,677)	(152,133)	(11,050)
Attributable to:	應佔：
owners of the Company	本公司擁有人	(612,054)	(387,684)	(91,677)	(152,133)	(11,050)
non-controlling interests	非控股權益	(18,765)	(3,420)	—	—	—

		At 30	June		At 31 march
		於六月三十日			於三月三十一日
Assets and liabilities	資產及負債	2011	2010	2009	2008	2007
		二零一一年	二零一零年	二零零九年	二零零八年	二零零七年
		*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
total assets	資產總值	627,330	1,243,235	68,629	147,381	23,175
total liabilities	負債總額	(749,695)	(903,630)	(133,852)	(134,735)	(23,230)
shareholder’s fund	股東資金	(122,365)	339,605	(65,223)	12,646	(55)
total equity	應佔權益總額：
attributable to:
owners of the	本公司擁有人
Company		(117,677)	324,914	(65,223)	12,646	(55)
non-controlling	非控股權益
interests		(4,688)	14,691	—	—	—
		(122,365)	339,605	(65,223)	12,646	(55)

148 BIRmInghAm InteRnAtIonAl holDIngs lImIteD 伯明翰環球控股有限公司

At 30 June 2011 and 2010, the analysis of trade receivables that were past due but not impaired are as follows: Neither past Total due but nor impaired 總計未逾期及未減值 HK$’000 HK$’000 千港元千港元 (iv)	Past due but not impaired 已逾期但未減值於二零一一年及二零一零年六月三十日，已逾期但未減值之應收貿易賬款分析如下：
	Less than 60 days 61-90 days 91-365 days 少於60天 61至90天 91至365天 HK$’000 HK$’000 HK$’000 千港元千港元千港元
At 30 June 2011 於二零一一年六月三十日 15,559 12,679 At 30 June 2010 於二零一零年六月三十日 22,420 19,839	312 1,423 1,145 669 985 927

AI assistant

ZO Future Group — Annual Report 2013

50510_rns_2013-03-28_1ee3bbf8-4695-4df5-bffb-cde5dce275db.pdf

Corporate InformatIon 公司資料

BOARD OF DIRECTORS

Executive Directors

Non-executive Directors

Independent Non-executive Directors

COMPANY SECRETARY

AUDIT COMMITTEE

董事會

執行董事

非執行董事

獨立非執行董事

公司秘書

審核委員會

NOMINATION COMMITTEE AND REMUNERATION COMMITTEE

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

REGISTERED OFFICE

SHARE REGISTRAR

Hong Kong Branch share registrar

COMPANY WEBSITE

AUDITOR

LEGAL ADVISERS TO THE COMPANY

PRINCIPAL BANKERS

STOCK CODE

註冊辦事處

股份登記處

股份過戶登記總處

股份過戶登記香港分處

公司網站

有關開曼群島法律

主要往來銀行

PERFORMANCE AND REVIEW

BUSINESS PROSPECT AND LOOKING FORWARD

表現及回顧

業務前景及展望將來

APPRECIATION

Mr. Yeung Ka Sing, Carson

致謝

楊家誠先生

management DIsCussIon anD analysIs 管理層討論及分析

RESULTS

業績

BUSINESS REVIEW AND PROSPECTS

業務回顧及前景

FOOTBALL OPERATION BUSINESS

足球營運業務

FOOTBALL OPERATION BUSINESS (Continued)

ENTERTAINMENT AND MEDIA BUSINESS

DIVIDEND

足球營運業務 （續）

娛樂及媒體服務

股息

management DIsCussIon anD analysIs 管理層討論及分析

FINANCIAL REVIEW

Liquidity and Financial Resources

財務回顧

流動資金及財務資源

Capital Raising

集資

SHARE CAPITAL

股本

FOREIGN ExCHANGE ExPOSURE

外匯風險

PLEDGE OF GROUP’S ASSET

本集團之資產質押

COMMITMENT

承擔

HUMAN RESOURCE

人力資源

PLAYER TRANSFER COSTS

EVENTS AFTER THE REPORTING PERIOD

球員轉會費用

報告期後事項

ExECUTIVE DIRECTORS

執行董事

BIographICal DetaIls of DIreCtors 董事履歷

INDEPENDENT NON-ExECUTIVE DIRECTORS

獨立非執行董事

ZO Future Group Annual Report 2013

足球營運業務（續）