国际会计准则第34号
中期财务报告
目标
本准则的目标是规定中期财务报告最基本内容，并规定中期完整或简明的财务报表中应采用的确认和计量原则。及时和可靠的中期财务报告可以帮助投资者、债权人和其他人士了解企业获利和产生现金流量的能力及其财务状况和流动性。
范围
１．本准则不强制规定哪些企业应公布中期报告，间隔多长，或一个中期期末后多长时间公布中期报告。但是，政府、证券监管机构、证券交易所和会计团体通常要求其债券或权益证券公开交易的企业公布中期报告。如果企业被要求或自行选择依据国际会计准则公布中期报告，应采用本准则。国际会计准则委员会鼓励那些公开交易的企业提供符合本准则规定的确认、计量和披露原则的财务报告。特别地，鼓励公开交易的企业：
（１）至少提供截至其财务年度前半年末的中期财务报告；
（２）在中期期末以后60天内提供其中期报告。
２．每类财务报告，无论是年度报告还是中期报告，在评价其是否符合国际会计准则时具有独立性。在一个特定的财务年度，可能出现企业没有提供中期财务报告，或提供的财务报告不符合本准则要求等情况，这并不防碍企业的年度财务报表与国际会计准则保持一致。
3．如果一个企业的中期财务报告被描述成是符合国际会计准则，则其应符合本准则的所有要求。在这点上，第19段要求作某些披露。
定义
4．本准则所使用的下列术语，其含义为：
中期，指短于 个完整的财务年度的财务报告期间。
中期财务报告，指包括涵盖 个中期的 套完整的财务报表（“财务报表” 词见《国际会计准则第1号 财务报表列报》的规定）或 套简明的财务报表的财务报告。
中期财务报告的内容
5．《国际会计准则第1号》将“一套完整的财务报表”界定为包括如下组成部分：
（1）资产负债表；
（2）收益表；
（3）反映①权益变动；或②与业主的资本交易和给业主的分派所引起的权益变动以外的权益变动的报表；
（4）现金流量表；
（5）会计政策和说明性附注。
6．考虑及时和成本效益原则，也为避免重复以前已报告过的信息，企业可能被要求或可能自行选择在中期提供较其年度财务报表少的信息。本准则将中期财务报告的最基本内容界定为包括简明的财务报表和选择的说明性附注，中期报告旨在提供比最近那套完整的年度财务报表更新的信息。相应地，中期财务报告注重新的活动、事项和情况，不重复以前已报告过的信息。
7．本准则决不禁止或阻拦企业在其中期财务报告中公布一套完整的财务报表（“财务报表”见《国际会计准则第1号》的规定），而不是简明的财务报告和选择的说明性的附注，本准则也不禁止或阻拦企业在简明的中期财务报表中包括比本准则所规定的最基本项目或选择的说明性的附注更多的内容，本准则中的确认和计量指南也适用于完整的中期财务报表，这些财务报表既包括本准则要求的所有披露（尤其是第16段规定的选择附注披露），也包括具他国际会计准则要求的披露。
中期财务报告的基本组成部分
8．中期财务报告至少应包括下列组成部分：
（1）简明资产负债表；
（2）简明收益表；
（3）反映①权益变动；或②与业主的资本交易和给业主的分派所引起的权益变动以外的权益变动的简明报表；
（4）简明现金流量表；
（5）选择的说明性附注。
中期财务报告的格式和内容
9．如果企业在其中期财务报告中公布 套完整的财务报表，这些报表的格式和内容应符合《国际会计准则第1号》为 套完整的财务报表所设立的要求。
10．如果企业在其中期财务报告中公布 套简明的财务报表，这些简明报表至少应包括最近的年度财务报表中列出的每个标题和小计项目和本准则要求的选择的说明性附注。如果缺少某些额外的项目或附注将使筒明中期财务报告产生误导，则还应将这些额外项目或附注包括在内。
11．基本和稀释每股收益应在中期收益表内列报，无论收益表是完整的还是简明的。
12．《国际会计准则第1号》提供了有关财务报表结构的指南，并包括一个附录：“示范性的财务报表结构”，该附录为主要标题和小计项目提供了进一步的指南。
13．虽然《国际会计准则第1号）要求反映权益变动的报表作为企业财务报表的单独组成部分列报，但是该准则允许有关资本交易和给业主的分派引起的权益变动的信息，或者在表内，或者在附注中反映，企业就反映权益变动的中期报表所采用的格式，应与其最近的年度财务报表所采用的格式一致。
14．如果企业最近的年度财务报表是合并报表，则中期财务报告应按合并基础来编制，母公司的单独财务报表与最近的年度财务报告中的合并报表不一致，如果企业的年度财务报告除包括合并财务报表外，还包括母公司的单独财务报表，本准则既不要求也不单上将母公司单独的财务报表包括在企业的中期财务报告中。
选择的说明性附注
15．企业中期财务报告的使用者也可以取得该企业最近的年度财务报告，因此，中期财务报告的附注中无需提供最近的年度财务报告中己报告过的，那些不十分重要的更新信息。
16．如果重要且不在中期财务报告以外的其他地方披露，则企业在牛期财务报表的附注中至少应包括下列信息。这些信息通常应以“年初至今”为基础报告。但是，企业也应披露对于理解本中期显得重要的事项或交易。
（1） 项中期财务报表采用了与最近年度财务报表 致的会计政策和计算方法的声明，或如果这些政策或方法己变更，对变更的性质和影响的损述；
（2）对中期经营的季节性或周期性的说明性评述，
（3）由其性质、大小或影响程度而特别，且影响资产、负债，权益、净收益或现金流量的项目的性质和金额；
（4）本财务年度的以前中期己报告过的金额的预计变更的性质和金额，或在以前年财务年度报告过的金额的预计变更的性质和金额，如果这些变更对本中期有重要影响的话；
（5）债务和权益证券的发行、回购和提前偿还；
（6）为普通股和其他股分别支付的股利（总额或每股股利）；
（7）产业分部或地区分部的分部收入和分部成果，视产业分部还是地区分部为企业分部报告的主要基础而定（只有当《国际会计准则第14号 分部报告》要求企业在其年度财务报表中披露分部数据时，才要求企业在中期财务顿告中披露分部数据）；
（8）发生在中期期末之后，未在中期财务报表中反映的重要事项：
（9）中期内企业结构变化的影响，包括企业合并、子公司和长期投资的购买或处置、重组和中止营业；
（10）自上 个年度资产负债表以来发生的或有负债或或有资产的变化。
17．第16段要求披露的种类的范例列示如下。单项国际会计准则为其中的许多项目的披露提供了指南。
（1）存货减记至可实现净值，以及这项减记的转记；
（2）固定资产、无形资产或其他资产的减值损失的确认，以及减值损失的转记；
（3）重置成本准备的转记；
（4）固定资产项目的购买和处置，
（5）购买固定资产的承诺；
（6）诉讼清偿；
（7）以前报告过的财务数据中存在的重大错误的更正；
（8）非常项目；
（9）债务违约或后来未纠正的债务契约的违约；
（10）关联方交易。
18．其他国际会计准则规定了应在财务报表中所作的披露，就其而言，财务报表指通常包括在年度财务报告和有时包括在其他报告中的那类整套财务报表。如果企业中期财务报告只包括简明的财务报表和选择的说明性附注而非一套完整的财务报表，则不要求作其他国际会计准则所要求的披露。
与国际会计准则保持 致的说明
19．如果企业的中期财务报告与本准则保持 致，则应对此予以披露。只有中期财务报告符合每项适用的准则和每项适用的常设解释委员会解释公告的所有要求时，才能认为是与国际会计准则保持 致。
要求列报中期报表的期间
20．中期报告应包括如下期间的中期（简明或完整的）财务报表：
（1）截至本中期期末的资产负债表和截至上 个财务年度末的比较资产负债表；
（2）本中期的收益表和本财务年度年初累积至今的收益表，并提供上 个财务年度可比中期（当期和年初至今）的收益表；
（3）反映本财务年度年初累积至今权益变动的报表，以及上 个财务年度年初至今可比期间的比较报表；
（4）本财务年度年初累积至今的现金流量表，以及上 个财务年度年初至令可比期间的比较报表。
21．对于经营具有高度季节性的企业，截至中期财务报告日前十二个月的信息以及前一个十二个月的比较信息可能是有用的。因此，鼓励那些经营具有高度季节性的企业除提供第20段所要求的信息外，提供这种信息。
22．附录1针对半年报告和季度报告的企业，说明了要求列报的期间。
重要性
23．为编制中期财务报告而决定如何确认、计量、分类或披露某项目时，应对中期财务数据的重要性进行评估。在评估重要性时，应认识到与年度财务数据相比，中期计量可能在更大程度上依靠估计。
24．国际会计准则前言指出：“国际会计准则不打算运用干不重要项目。”国际会计准则概念框架指出：“如果信息的省略或差错会影响使用者根据财务报表作出的经济决策，该信息就具有重要性。”〈国际会计准则第8号 当期净损益、重大差额和会计政策的变更》要求单独披露重要的特别项目、非常的一般项目、中止营业、会计政策的变更、重大错误和会计政策的变更。《国际会计准则第8号》没有对重要性提供量化指南。
25．虽然为编制财务报表而对重要性进行评估时需要运用判断，但是，为便于理解中期数据，本准则还是以中期数据本身为基础拟定确认和计量政策。因此，特别和非经常项目、会计政策或估计变更以及重大差错应以与中期数据相关的重要性为基础子以确认和披露，以避免由于不披露而产生误导性干扰。最重要的目标是确保中期财务报告囊括与理解企业中期财务状况和经营成果相关的所有信息。
年度财务报表中的披露
26．如果中期报告的前项估计金额在财务年度的最后一个中期内发生了重大的变化，而该最后中期的财务报告不单独公布，则该估计变更的性质和金额应在该年度财务报表的耐注中披露。
27．《国际会计准则第8号》要求披露对本期有重大影响或对以后期间预计有重大影响的估计变更的性质和（如果可行话）金额。本准则第16段（4）要求在中期财务报告中作类似的披露。这方面的例子包括在财务年度的以前中期已报告过的最后一个中期内发生的存货减值、重组或减值损失等方面估计的变更。第26段要求的披露与《国际会计准则第8号》的要求一致，但在范围上较窄，仅与估计变更有关。不要求企业在其年度财务报表中包括额外的中期财务信息。 确认和计量
与年报 致的会计政策
28．企业应在中期财务报表中采用与其年度财务报表所采用的会计政策相一致的会计政策，但在最近一个年度财务报表日后己作出，并在下 个年度财务报表中反映的会计政策变更可以例外。不过，企业报告的频率（年报、半年报或季报）不应影响年报结果的计量。实现这个目标，中期财务报告的计髓应以年初至今为基础。
29．要求企业在中期财务报表和年度财务报表中采用同样的会计政策，似乎让人觉得进行中期计量是将每个中期作为一个独立的报告期来进行的。但是，第28段通过对企业报告的频率不影响年度成果计量的说明，表明了一个中期是一个较大的财务年度的一部分。年初至今计量可能涉及在本财务年度的以前中期已报告过的金额的估计变更。但是，确认中期的资产、负债、收益和费用的原则，应与年度财务报表采用的原则一致。
30．说明：
（1）在中期确认和计量存货减记、重组或减值引起的损失的原则，应与企业只编制年度财务报表时采用的原则一致。但是，如果这些项目在一个中期确认和计量，且在该财务年度内后续中期发生估计变更，则最初的估计应在后续的中期通过应计一项额外的损失或转记以前已确认的金额来改变。
（2）在中期期末不符合资产定义的一项费用不应在资产负债表中递延，既不能等待未来信息，看其是否已符合资产的定义，也不应用于平衡财务年度内各中期的利润。
（3）应在每个中期确认所得税，确认时应依据预期在整个财务年度采用的加权平均年所得税税率的最好估计。如果年度所得税税率发生变化，在一个中期确认的所得税费用金额可能需要在该财务年度后续中期予以调整。
31．根据《编制和提供财务报表的框架》（简称“框架”），确认指“将符合要素定义并符合确认标准的项目计入资产负债表或收益表的过程。”资产、负债、收益和费用的定义对于年度和中期财务报告日的确认是重要的。
32．对于资产，在中期报告日和企业的财务年结束日应采用相同的未来经济利益测试。根据其性质，某些费用如果在财务年度结束时不具资产资格，在中期报告日也同样不具资产资格。类似地，中期报告日的一项负债必须代表该日的现有义务，正如其在年度报告日所代表的那样。
33．收益（收入）和费用的基本特征是资产和负债的相关流入和流出已经发生。如果这些流入和流出已经发生，相关的收入和费用应予确认；否则，就不应予以确认。框架指出，“如果与资产的减少或负债的增加有关的未来经济利益的减少已发生，且可以可靠地予以计量，则应在收益表中确认费用??。框架不允许在资产负债表中确认不符合资产或负债定义的项目。”
34．在计量财务报表中报告的资产、负债、收益、费用和现金流量时，只编制年度报告的企业能够考虑整个年度可利用的信息。事实上，其计量是以年初至今为基础的。
35．编制半年报告的企业在对前六个月的财务报表进行计量时，可利用到年度中间或稍后可获得的信息，而在对十二个月的财务报表进行计量时，可利用到年末或稍后可获得的信息。十二月期的计假将反映前六个月期报告过的金额的可能估计变更，在前六个月的中期财务报告中已报告的金额不追溯调整。但是，第16段（4）和第26段要求披露重大会计变更的性质和金额。
36．比半年更频繁报告的企业应利用每套财务报表编制时可利用的信息，以年初至今为基础计量每个中期的收益和费用，在本中期报告的收益和费用金额将反映该财务年度中本中期之前的中期报告的金额的估计变更，对前中期报告的金额不追溯调整。但是，第16段（4）和第26段要求披露重大会计变更的性质和金额。
季节性、周期性或偶然性收入
37．如果企业财务年度末预计或递延财务年度内季节性、周期性或偶然性收入不合适的话，则在中期报告日也不应预计或递延这些收入。
38．这方面的例子包括：股利收入、特许权使用费和政府补助。此外，有些企业一贯地在财务年度的某些中期赚取比在其他中期更多的收入，零售商的季节性收入就是一例，这些收入应在其发生时予以确认。
财务年度中不均匀发生的费用
39．当且仅当在企业的财务年度末预计或递延年度中不均匀发生的费用是恰当时，在编制中期报告时才能对这类费用进行预计或递延。
确认和计量原则的采用
40．附录2提供了采用第28至39段设立的一般性确认和计量原则的例子。
估计的运用
41．在中期财务报告中采用的计量程序应设计为能够确保形成的信息是可靠的，且与理解企业的财务状况和经营成果相关的所有重要的财务信息都恰当地得到披露。虽然年度和中期报告中的计量均常常基于合理的估计，编制中期财务报告通常要求运用比年度财务报告更多的估计。
42．附录3提供了中期运用估计的例子。
以前已报告中期的重述
43．会计政策的变更（不包括 项新国际会计准则为之设立过渡性规定的变更）应通过如下方式反映：
（1）如果企业采用《国际会计准则第8号》基准处理方法，则重述本财务年度内以前各中期的财务报表，以及以前财务年度内可比中期的财务报表（见第20段）；
（2）如果企业采用《国际会计准则第8号》允许选用的处理方法，则重述本财务年度内以前各中期的财务报表。在这种情况下，以前财务年度的可比中期不需要重述。
44．第43段的目的之一是确保某一单项会计政策在整个财务年度中一贯地运用于一种特定类型的交易，，根据《国际会计准则第8号》的规定，会计政策的变更应通过追溯运用来反映，并在可能的情况下，重述以前期间的财务数据。但是，如果与以前财务年度相关的调整金额不能合理地确定，则根据《国际会计准则第8号》的规定，新的会计政策应适用于未来。允许选用的
方法是将全部累积追溯调整额包括在会计政策变更期间的净损益中。第43段规定的原则的结果，是要求本财务年度内的会计政策变更追溯地运用于财务年度的期初。
45．为使本财务年度内的会计政策变更在中期报告日得到反映，必将允许两种不同的会计政策运用于单个财务年度内的一种特定类型的交易，结果将是中期分摊的困难、经营成果的歪曲、中期信息分析的复杂和难以理解。
生效日期
46．本国际会计准则对财务报表自19xx年1月1日或以后开始的财务报表有效。鼓励较早地运用本准则。
第二篇：20xx年中期财务报告
2
????????????????????????????????????????????????????????????????????????????????????????????????????????????CEPA??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????26%????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????7????8??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????2003??9??30????6??????????????????????6.78????????????????????????????7.2??????????????????6.19????????????????????????????1????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????42%??HIGHLIGHTS?Group results significantly impacted by SARS (Severe AcuteRespiratory Syndrome).?Steady growth in information systems turnover?Future Strategic marketing efforts to capitalize onopportunities in China arising from CEPA (Closer EconomicPartnership Arrangement)OVERVIEWAs a result of over stock caused by SARS (Severe AcuteRespiratory Syndrome) and the cut-throat price competitionafter SARS, the Group’s revenue and profitability wereimpacted. Coupled with grant for subsidies to customers andthe obsolete inventories incurred by the Group, a loss wasrecorded for the period under review.During the period under review, the Group recorded a decreaseof approximately 26% in turnover due to SARS. Our film andD&P service businesses were also affected by the fiercecompetition resulting from price cuts by parallel imports anddifferent branded products, particularly during the SARS period.Despite a steady sales growth in July and August, the losscaused by SARS could not be recovered.However, given the enormous growth potential of the Chinamarket, we remain confident in the long-term prospects of theGroup there.MANAGEMENT DISCUSSION AND ANALYSISThe Group’s consolidated turnover for the six months ended 30September 2003 was HK$678 million, and net loss attributableto shareholders was HK$72 million. Loss per share was HK6.19cents, with an interim special dividend of HK1 cent declared.Imaging SystemsThe imaging systems segment includes businesses related tophotographic films, motion picture films, digital cameras,electronic imaging equipment, magnetic audiovisual mediaproducts, and accounted for 42% of the Group’s total turnoverduring the period under review.
??????????????????????????????????????????????39%??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????15%????????????????????????????????????????????????(CEPA)??????????????????????????????????????????????????
????????
??????????????????????????????????????????????????????????19%????????????????????????????????????38%??
????????????????????????????????????????????????????????????????????????????????????(Frontier)????????????????????????????????????????????????????????????????????????????????????????????????????(Frontier)????????????50????????????????????
????????
????????????????????????????????????????????????????????????????????????????26%??
??????????????????????????????????????????27%??????????????????????????????X??????????????????????????????????????????25%??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????Affected by SARS, the total segment turnover decreased by39%. Sales of photographic films and digital cameras dropped,due to the digitalization trend and the delayed launch of newdigital camera models by Fujifilm Japan, coupled with severeprice cuts of different branded products subsequent to theoutbreak of SARS.Led by the booming film and advertising industry in China, anincreased number of Taiwan and Hong Kong productioncompanies filmed on the mainland. This helped drive salesgrowth in professional movie films in China by 15% during theperiod. With the commencement of CEPA (Closer EconomicPartnership Arrangement) next year, we believe this steadygrowth in demand for movie films will continue.Photofinishing SystemsThis segment includes products such as photographic paper,chemicals and photo-finishing equipment, and accounted for19% of the Group’s total turnover. Total sales of this segmentrecorded a decrease of 38%, compared to the correspondingperiod last year.The outbreak of SARS impacted tourism which is key to oursales, despite this, Fujifilm Digital Minilab Frontier continued itsexpansion pace. Given the prevailing digitalization trends, ourbusinesses in imaging and information sectors are in a growthsituation. The Frontier system has been installed in more than50 cities in China, Hong Kong and Macau.Information SystemsActivities in this segment include medical imaging systems,graphic art products and data storage media. This segmentaccounted for 26% of the Group’s total turnover.During the period under review, turnover for the informationsystems segment was up 27% compared to the same period lastyear, primarily as a result of the SARS outbreak. The surgingdemand for X-ray films, together with the digitalization ofmedical systems whose sales increased by over 25% versus thecorresponding period last year, have created a strong demandin this sector of business.Fuji Medical Products Ltd., a subsidiary of the Group, has soughtbusiness expansion to provide value-added services throughstrategic development with leading market players in China,
Hong Kong and Macau.
3
Interim Financial Report 20032003????????????????4??????????????????????????????????X????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????29%??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????13%??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????63????????76????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????(FDi)????????????????????????????????????????????????????????????????????????????????????10%??????????40%??????????????????????????????????????????????????7.2??????????????????????????6.78??????The introduction of Fujifilm’s dry imaging technology as areplacement for the conventional X-ray function is also a majorbreakthrough in terms of technology advancement. Thisenvironmentally friendly and cost effective technology deliverssuperb image quality and stability with no chemical or solidwaste, it will further accelerate the market demand of therelevant medical products.In addition, Fuji graphic art products recorded a 29% growth insales during the period. Given the continued demand for qualitygraphic art products, the Group will further expand into theChina market.Aiming to provide marketing, distribution and after-salesservices of the graphic art products in China, Hong Kong andMacau, we established a wholly-owned subsidiary called ???????????????????????????????? in Shanghai. Showrooms and anafter-sales service centre have also been set up in Shanghai,with more branches to be opened later in key cities.Retail OperationsThe retail front accounted for 13% of the Group’s total turnover.The Fotomax chain benefits from a clear position as thepremium, high-quality photo and digital imaging retail chain.During the period under review, Fotomax expanded strategicallyfrom 63 shops to 76 in the Hong Kong region. In addition toHong Kong, the Group has also leveraged Fotomax’s strongbrand and reputation in the China market. The Group is well-covered in key cities in China, including Beijing, Shanghai,Guangzhou and Shenzhen.Sales of digital cameras contributed significantly to the growthin turnover. With the popularity of digital cameras, an increasednumber of digital camera users will employ our FDi service. As aresult, this raised the demand for digital output from 10% toover 40% compared to the same period last year.Loss Attributable to ShareholdersDuring the period, the Group’s net loss attributable toshareholders was HK$72 million with a consolidated turnover ofHK$678 million.
????????
????2003??9??30????6????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????
????????2003??9??30??????????????????????????3.76????????????????????????
????????????????????????3.71??????????????????2.22??????
????
??????????????????????7%??????????????????????????????????????????????????????????????????????????????
????????????????????????CEPA??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????
????????????2004??2??6????????????????????????????????????????2003??9??30??????????????????????????????1??????????????2004??2??24??????????????????????????????????????????????????MarketingFor the six months ended 30 September 2003, the Group hasengaged its brand building strategy to support businessexpansion. Aiming to sustain its brand awareness, the Grouphas continued to sponsor and participate in different kinds ofpublic activities, including photo contest, tournaments,seminars, exhibitions, trade shows, TV programs and jointpromotions to reach our target customers in China, Hong Kongand Macau.Financial ResourcesThe Group’s cash and bank balances as at 30 September 2003were approximately HK$376 million with a zero gearing ratio.Trade receivables of HK$371 million were recorded for theperiod, while inventory was HK$222 million.OUTLOOKWith an average annual growth of over 7%, China is the newengine for the world’s economy. The Group remains confidentand optimistic about the long-term growth potential of theChina market.The recently signed CEPA between Hong Kong and Chinaprovides us with tremendous opportunities that we cancapitalize on. While focusing on our existing business strategy,the Group will continue to identify investment options andstrategic partnerships to accelerate our development in China.The strong tourism growth in China and the “Individual VisitScheme” which allows individual mainland visitors to flock toHong Kong are positive factors for the Group. Our businesseswill continue to ride on the growth momentum, particularly theinformation systems, digital products and services sectors andretail operations, and achieve promising results in future.DIVIDENDSThe directors recommend the payment of an interim specialdividend of HK1 cent per ordinary share in respect of the periodended 30 September 2003 to shareholders on the register ofmembers on 6 February 2004 (Friday). The dividend will be payableon or before 24 February 2004 (Tuesday). This recommendation has
been incorporated in the financial statements.
5
6Interim Financial Report 20032003????????????????????????????????????CLOSURE OF SHARE REGISTER??????????2004??2??3??????????????2004??The register of members will be closed from 3 February 20042??6??????????????????????????????????????(Tuesday) to 6 February 2004 (Friday), both days inclusive,??????????????????????????????????????during which period no transfer of shares will be registered. In??????????????????????????????????????order to qualify for the proposed interim special dividend, all????2004??2??2????????????????4??30????transfers accompanied by the relevant share certificates must be??????????????????????????????????????lodged with Tengis Limited, the Hong Kong Branch Registrars of????????????????????????????????56????the Company, at G/F, BEA Harbour View Centre, 56 Gloucester????????????????????Road, Wanchai, Hong Kong not later than 4:30 pm on 2February 2004 (Monday).??????????????????????????????????DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND????????????????????SHORT POSITIONS IN SHARES, UNDERLYING SHARES ORDEBENTURES??2003??9??30????????????????????????As at 30 September 2003, the interests of the directors and??????????????????????????????????????chief executive in the shares, underlying shares or debentures of??????????????????????????????????????the Company or any of its associated corporations as recorded??????????????????????????????????352????in the register required to be kept by the Company pursuant to??????????????????????????????????????section 352 of the Securities and Futures Ordinance (the “SFO”),??????????????????????????????????????or as otherwise notified to the Company and The Stock??????????????????????????????????????Exchange of Hong Kong Limited (the “Stock Exchange”)pursuant to the Model Code for Securities Transactions byDirectors of Listed Companies, were as follows:(1)??????????????????????(1)Long positions in shares of the CompanyPercentage ofshareholdingName ofNature ofNumber ofin the CompanydirectorinterestNotesCapacityShares????????????????????????????????????????????????????Sun Tai LunPersonal(i) & (vi)Beneficial owner2,000,000DennisCorporate(ii)Beneficiary of a trust11,242,000and others(iii)Founder700,034,214??????????????????????????????????????????????Ng Yuk Wah713,276,21461.28EileenPersonal(iv) & (vi)Beneficial owner500,0000.04????????????????????Tang Kwok TongSimonPersonal(v) & (vi)Beneficial owner800,0000.06????????????????????
(2)????????????????????????(2)Long position in shares of the Associated Corporations
Percentage of
Name ofshareholding
Name ofAssociatedNumber ofin the AssociateddirectorCorporationNotesCapacitySharesCorporations????????????????????????????????????????????????????
??????
Sun Tai LunSearich Group(ii)Beneficiary of25
DennisLimiteda trust100100%??????-do-??????????
(iii)Founder of a trust75}
??????????
Sun Tai LunFine Products(iii)Founder of a trust103,000,000100%DennisLimited??????????
??????
??????Notes:
(i)????????????1,000,000??????????????(i)The number of shares includes 1,000,000 shares and the options to
1,000,000??????????????????????acquire 1,000,000 shares in the Company.
(ii)??????????????11,242,000????????????????(ii)Sun Tai Lun Dennis was interested in a total of 11,242,000 shares
????????Dago Corporation??????????Dagodirectly held by Dago Corporation, which was incorporated in theCorporation??????????????????????????British Virgin Islands and was owned by Ansbacher (BVI) Limited inAnsbacher (BVI) Limited??????????????????its capacity as the trustee of The Dennis Family Trust, a trust
??????????????????????The Dennis Familyestablished for the benefit of Sun Tai Lun Dennis and his familyTrust??????????????????????Dagomembers. Dago Corporation also held 25% of the share capital ofCorporation??????Searich Group Limited????Searich Group Limited.
??????25%??
(iii)??????????????????The Sun Family Trust??(iii)In addition, Sun Tai Lun Dennis was deemed to be interested in
??????????????????Fine Products Limited??700,034,214 shares held by Fine Products Limited by virtue of his??????????????????Searich Group Limited??being the founder of The Sun Family Trust which held the entire75%??Fine Products Limited??????????????issued share capital of Fine Products Limited, 75% of Searich Group??????????Fine Products Limited??????Limited was held by Fine Products Limited. Details of the interest of700,034,214??????????????Fine ProductsFine Products Limited and Searich Group Limited can be found inLimited??Searich Group Limited????????????the section of “Substantial Shareholders” below.
??????????????????????????
(iv)????????????250,000??????????????(iv)The number of shares includes 250,000 shares and the options to
250,000??????????????????????acquire 250,000 shares in the Company.
7
Interim Financial Report 20032003????????????????8(v)????????????400,000??????????????400,000??????????????????????(vi)??????????????????????????????????????????????????????????????????????????????2003??9??30????????????????????????????????????????????????????????????????????????????????????????????????XV??????????????????????????????????????????????????????????????????????XV????7??8????????????????????????????????????????????????????????????????????????????????????????????????????????????????352??????????????????????????????????????????????????????????????????????????????????????????2003??9??30????????????????????????336??????????????????????????????????????????????????????????????????????????????(v)The number of shares includes 400,000 shares and the options toacquire 400,000 shares in the Company.(vi)Details of the directors’ interests in the share options of theCompany are separately disclosed in the section “Share OptionScheme” below.Save as disclosed above, as at 30 September 2003, none of theDirectors and the chief executive of the Company and theirrespective associates had any interest or short positions in theshares, underlying shares and debentures of the Company orany of its associated corporation (within the meaning of Part XVof the SFO) which had to be notified to the Company and theStock Exchange pursuant to Divisions 7 and 8 of Part XV of theSFO (including interests and short positions which he/she wastaken or deemed to have under such provisions of the SFO) orwhich were required, pursuant to Section 352 of the SFO, to beentered in the register referred to therein or which wererequired, pursuant to the Model Code contained in the ListingRules, to be notified of the Company and the Stock Exchange.SUBSTANTIAL SHAREHOLDERSAs at 30 September 2003, the following persons had interestsor short positions in the shares and the underlying shares of theCompany as recorded in the register of interests required to bekept by the Company under Section 336 of the SFO:
(1)????????????????????????????????(1)Long position of substantial shareholders who were
????????????????10%????????????entitled to exercise or control the exercise of 10% or
??????????more of the voting power at any general meeting of the
Company
Percentage of
Name ofNumber ofShareholdingshareholderNotesCapacitySharesin the Company??????????????????????????????????????
??????
Sun Tai Lun DennisBeneficial owner2,000,000
Beneficiary of a trust11,242,000
Founder700,034,214
????????????????
??????????
??????713,276,21461.28
Fine Products Limited1 & 2Beneficial owner &700,034,21460.15
interest of controlled
corporation
??????????????????????????
Searich Group Limited1 & 2Interest of controlled600,034,21451.56
corporation
??????????????
Ansbacher (BVI)1 & 2Trustee711,276,21461.12Limited??????
Tang Sau Ying Betty2 & 3Interest of spouse713,276,21461.28??????????????
9
10Interim Financial Report 20032003????????????????(2)????????????????????????????????(2)Long position of other persons who were entitled to????????????????5%??????????????exercise or control the exercise of 5% or more of the????????voting power at any general meeting of the CompanyPercentage ofName ofNumber ofShareholdingshareholderNotesCapacitySharesin the Company????????????????????????????????????????????The China RetailBeneficial owner101,802,6328.74Fund, LDC??????????Fung Kwok Lun William4Interest of controlled corporation70,000,0006.01????????????????????Li Fung (Retailing) LimitedBeneficial owner70,000,0006.01??????????????????????????????Li Fung (1937) LimitedInterest of controlled corporation70,000,0006.01????(1937)??????????????????????King Lun Holdings LimitedInterest of controlled corporation70,000,0006.01??????????????J.P. Morgan Trust Company5Trustee70,000,0006.01(Jersey) Limited????????????Notes:1??????????????????100,000,000????????1100,000,000 shares representing 8.59% of the Company’s shares in8.59%??Fine Products Limited????????????issue were directly owned by Fine Products Limited. The remaining??600,034,214????????Searich Group600,034,214 shares were owned by Searich Group Limited, inLimited????????Fine Products Limited??????which Fine Products Limited held 75% of its issued share capital.????????????????75%??Fine ProductsFine Products Limited was incorporated in the British Virgin IslandsLimited??????????????????????????and was owned by Ansbacher (BVI) Limited in its capacity as theAnsbacher (BVI) Limited??The Sun Familytrustee of The Sun Family Trust.Trust????????????????????2??????????????????????????????????2Such interest has been included as the interest of Sun Tai LunDennis.3??????????????????????????????????????3Tang Sau Ying was deemed to be interested in 713,276,214 shares713,276,214????????????????of the Company through the interests of her spouse, Sun Tai LunDennis.
4??????????????????????????????????????
????????????????????????????????(1937)????
??????King Lun Holdings Limited??
5J.P. Morgan Trust Company (Jersey) Limited
????????????????????????????????????????
????????????????????????(1937)??????????
King Lun Holdings Limited??
????????????????????2003??9??30??????
??????????????????????????????????????
??????????????????????????????????????
????????????????????????????XV????2??3
??????????????????????????????????????
????????????336????????????????????????
??????????
??????????????????????????????????????
????????????????????????????????????
????????????
??????????2002??8??30????????????????
??????????????????????????????????????
????????????????????????????17????????
??????????????????????????????????????????
??1994??8??31??????????????????????????
????????????????????????????????????????
??????????????????????????????????????
??????????????????????????????????????
????????
????????????????????????????????????????
????????????????????????????????????????
??????????????????????????????????????
??????????????????????????????????????
??????????????????????????????????????
??????????????????????????????????????
????????????????????????????????????
??????????????????????????????????????
??????????????4The interests of Fung Kwok Lun William are held via a chain ofcontrolled corporations, namely Li Fung (Retailing) Limited, Li Fung(1937) Limited and King Lun Holdings Limited.5The interests of J.P. Morgan Trust Company (Jersey) Limited are heldvia a chain of controlled corporations, namely Li Fung (Retailing)Limited, Li Fung (1937) Limited and King Lun Holdings Limited.Saved as disclosed above, as at 30 September 2003, there wasno other person who was recorded in the register of theCompany as having interests or short positions in the shares orunderlying shares of the Company which would fall to bedisclosed to the Company under the provisions of Divisions 2and 3 of Part XV of the SFO, or which were recorded in theregister required to be kept by the Company under Section 336of the SFO.SHARE OPTION SCHEMEThe Company operates a share option scheme (the “Scheme”)for the purpose of providing incentives and rewards to eligibleparticipants who contribute to the success of the Group’soperations.In the Company’s annual general meeting held on 30 August2002, an ordinary resolution was passed by the Company’sshareholders for the adoption of a new share option scheme(the “New Scheme”) in compliance with the amended Chapter17 of the Listing Rules and the termination of the Company’sshare option scheme (the “Old Scheme”) adopted on 31 August1994. Upon termination of the Old Scheme, no further optionscan be granted thereunder but all options granted prior to suchtermination shall continue to be valid and exercisable inaccordance with the provisions of the Old Scheme.Eligible participants of the Scheme include the Company’sdirectors, including independent non-executive directors, otheremployees of the Group, suppliers of goods and services to theGroup, customers of the Group, any entity in which the Groupholds any equity interest, any agent, advisors, consultant,strategist, contractor, sub-contractor, expert that providesresearch, development or other technological support to theGroup or any holder of any securities issued by any member ofthe Group any shareholder of any member of the Group, and
any entity in which the Group holds any equity interest.
11??
Interim Financial Report 20032003????????????????12??????????????????????????????????????????????????????2002??8??30??????????????????????????????????????????10????????????????????????????????????????????????????????????????????????????????????????????????????10%????2003??9??30??????????????????????????????????????????????2,110,000????????????????????????????0.18%????????????????????????????????????????????????????????????????????????????????????????????????????1%??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????0.1%??????????????????????????????????????????????????????5,000,000??????????????????????????????????????????????????????????????????????28????????????????????????????????????1??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????(i)??????????????????????????????????????????????????????????(ii)??????????????????????????????????????????????????????????????(iii)??????????????????????????????????????????????????????????????????????SHARE OPTION SCHEME (Continued)During the period, no share options were granted under theNew Scheme. The New Scheme became effective on 30 August2002 and, unless otherwise cancelled or amended, will remainin force for 10 years from that date.The maximum number of unexercised share options currentlypermitted to be granted under the New Scheme is an amountequivalent, upon their exercise, to 10% of the shares of theCompany in issue at any time.As at 30 September 2003, the number of shares issuable undershare options granted under the Old Scheme was 2,110,000,which represented approximately 0.18% of the Company’sshares in issue as at that date. The maximum number of sharesissuable under share options to each eligible participant in theScheme within any 12-month period is limited to 1% of theissued capital of the Company for the time being. Any furthergrant of share options in excess of this limit is subject toshareholders’ approval in a general meeting.Share options granted to a director, chief executive orsubstantial shareholder of the Company, or to any of theirassociates, are subject to approval in advance by theindependent non-executive directors. In addition, any shareoptions granted to a substantial shareholder or an independentnon-executive director of the Company, or to any of theirassociates, in excess of 0.1% of the shares of the Company inissue at any time or with an aggregate value (based on the priceof the Company’s shares at the date of the grant) in excess ofHK$5 million, within any 12-month period, are subject toshareholders’ approval in advance in a general meeting.The offer of a grant of share options may be accepted within 28days from the date of the offer. A consideration of HK$1 ispayable on acceptance of the offer of grant of an option. Theexercise period of the share options granted is determinable bythe directors, and commences after a certain vesting period andends on a date which is not later than ten years from the date ofthe offer of the share options.The exercise price of the share options is determinable by thedirectors, but may not be less than the higher of (i) the StockExchange closing price of the Company’s shares on the date ofthe offer of grant, which must be a trading date; (ii) the averageStock Exchange closing price of the Company’s shares for thefive trading days immediately preceding the date of the offer ofgrant; and (iii) the nominal value of the Company’s shares.Share options do not confer rights on the holders to dividendsor to vote at shareholders’ meetings.
????????????????SHARE OPTION SCHEME (Continued)
??????????????????????????????????The following share options were outstanding under the Old
Scheme during the period:
Number of share optionCompany’s shares***
????????????????????***
Exercise
priceAt grantAt exercise
LapsedExerciseof sharedate ofdate of
Name or categoryAtduringAtDate of grantperiod ofoptions**optionsoptionsof participant1 Aprilthe period30 Septemberof share options*share options????????????????????????????????????4??1??????????9??30????????????????????**??????????????????2003????2003????????*??????HK$HK$????Directors
??????Sun Tai Lun Dennis1,000,000–1,000,00021/6/200021/6/2000 - 30/6/20040.75680.97–??????Ng Yuk Wah Eileen250,000–250,00031/1/200031/1/2000 - 29/2/20040.80480.95–??????Tang Kwok Tong Simon400,000–400,00021/6/200021/6/2000 - 30/6/20040.75680.97–??????????Other employees,
????in aggregate460,000–460,00031/1/200031/1/2000 - 29/2/20040.80480.95–
2,110,000–2,110,000
??????????????????????????????????????No theoretical value of the share option is disclosed as no share????options were granted during the period.
*????????????????????????????????????????*The vesting period of the share options is from the date of the grant
??????until the commencement of the exercise period.
**????????????????????????????????????????**The exercise price of the share options is subject to adjustment in
????????????????????????????the case of rights or bonus issues, or other similar changes in the
Company’s share capital.
***????????????????????????????????????????***The price of the Company’s shares disclosed as at the date of the
????????????????????????????????????????grant of the share options is the Stock Exchange closing price on????????????????????????????????????????the trading day immediately prior to the date of the grant of the????????????????????????????????????????options. The price of the Company’s shares disclosed as at the date????????????????????????????????????????of the exercise of the share options is the weighted average of the??????????????????????????????????Stock Exchange closing prices over all of the exercises of options
within the disclosure category. As no share option was exercised or
cancelled during the period, no disclosure of such information was
made.
13
Interim Financial Report 20032003????????????????14??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????2003??9??30????6??????????????????????????????????????????????????????????14??????????????????????????????????????????????????????????2003??12??10??PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIESNeither the Company, nor any of its subsidiaries purchased, soldor redeemed any of the Company’s listed securities during theperiod.CODE OF BEST PRACTICENone of the Directors is aware of information that wouldreasonably indicate that the Company is not, or was not for anypart of the accounting period for the six months ended 30September 2003 in compliance with the Code of Best Practice asset out in Appendix 14 of the Rules Governing the Listing ofSecurities on the Stock Exchange of Hong Kong Limited, exceptthat the independent non-executive directors were notappointed for specific terms.ON BEHALF OF THE BOARDDennis Sun Tai LunChairman and Managing DirectorHong Kong, 10 December 2003