1、Annual Report 2012realizingideas sound 2012realizingideas sound p jyJp“!Shinhint Acoustic Link Holdings Limited Annual Report2012ContentsCorporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Chairmans Statement . . .
2、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Management Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Corporate Governance Report . . . . . . . . . . . . . . . . . . .
3、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Biographical Details of Directors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Report of the Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4、. . . . . . . . . 22Independent Auditors Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Consolidated Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Consolidated State
5、ment of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Consolidated Statement of Changes in Equity . . . . . . . . . . . . . . .
6、. . . . . . . . . . . . . . . . . . . . . . . . 34Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Notes to the Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
7、Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81ContentsCorporate Information1 Annual Report 2012Board of DirectorsExecutive DirectorsMr. Cheung Wah Keung (Chairman of the BoardnullMr. Wong nullau nullinullnu
8、ll Weenullnull nulleterIndependent Non-Executive DirectorsMr. nullai Mingnull nullosephnullr. nullam King nullunnull nullrannullieMr. nulloh nullen CheungAudit CommitteeMr. nullai Mingnull nulloseph (Chairman of the Committeenullnullr. nullam King nullunnull nullrannullieMr. nulloh nullen CheungRemu
9、neration Committeenullr. nullam King nullunnull nullrannullie (Chairman of the CommitteenullMr. nullai Mingnull nullosephMr. nulloh nullen CheungMr. Cheung Wah KeungNomination CommitteeMr. nulloh nullen Cheung (Chairman of the CommitteenullMr. nullai Mingnull nullosephnullr. nullam King nullunnull n
10、ullrannullieMr. Cheung Wah KeungAuthorized RepresentativesMr. Cheung Wah KeungMr. Wong nullau nullinullnull Weenullnull nulleterCompany SecretaryMs. nullau Mun nullee (resigned on 18 nullunullnull 2null12nullMr. nullau Wai nulliunull nullatrinullnull (appointed on 18 nullunullnull 2null12 and resign
11、ed on 18 Marnullh 2null13nullMr. Chan nulliu Kanull (appointed on 18 Marnullh 2null13nullAuditornullenulloitte nullounullhe nullohmatsuRegistered OfficeCrinullnullet nullnulluarenullutnullhins nullrinullenull null.null. Bonull 2null81nullrand Canullman Knull1null1111Canullman IsnullandsCorporate Inf
12、ormationCorporate Information2Shinhint Acoustic Link Holdings LimitedHead Officenullnit 15nullnullnull 15th nullnulloornull nullannullang nullnullanulla57 nullung nullo nulload Knullun nullongKonullnulloonnullong KongPrincipal Place of Business in Hong Kongnullnit 15nullnullnull 15th nullnulloornull
13、 nullannullang nullnullanulla57 nullung nullo nulload Knullun nullongKonullnulloonnullong KongPrincipal Share Registrar and Transfer Officenullonullanull Bannull of Canada nullrust Compannull (Canullmannull nullimited4th nullnulloornull nullonullanull Bannull nullouse24 nullhedden nulloadnull nullnu
14、ll Bnullnull 158nullnullrand Canullman Knull1null111nullCanullman IsnullandsHong Kong Branch Share Registrar and Transfer OfficeComputershare nullong Kong Innullestor nullernullinulles nullimitednullhops 1712null171nullnull 17th nullnulloornullopenullenullnull Centre 183 nullueennulls nulload nullas
15、tWannullhainullong KongPrincipal BankersBannull of China (nullong Kongnull nullimitednullannullang Commernullianull Bannullnull nullimitedLegal AdviserConnullers nullinullnull null nullearmannull CanullmanStock Code2728 (nullisted on the Main Board of nullhe nulltonullnull nullnullnullhange of nullo
16、ng Kong nullimitednullWebsitenullnullnull.shinhint.nullomChairmannulls nulltatement3 Annual Report 2012Dear Shareholders,nulln nullehanullf of the nulloard of direnulltors (the nullBoardnullnull of nullhinhint nullnulloustinull nullinnull nullonulldings nullimited (the nullCompannullnullnullnull I a
17、m pnulleased to present to nullou the audited annuanull resunullts for the nullear ended 31st nullenullemnullernull 2null12 of the Compannull and its sunullsidiaries (the nullnullroupnullnull.nullhe gnullonullanull enullonomnull nullontinued to nulle nullernull unnullertain in 2null12 and most of th
18、e nullustomers of the nullroup reported disappointing resunullts. nulls reported in the interim resunulltnull the nullroup has nulloonulled a sunullstantianull impairment nulloss on trade denulltors nullaused nullnull the sudden disnullontinuation of nullusiness of a nullong standing nullustomer. nu
19、llanulling the nullhanullnullenging manullronullenullonominull ennullironmentnull the nullroup disnullontinued senulleranull nullonull margin modenulls and has sunullnullessfunullnullnull repnullanulled them nullnull nenull produnullts of nulletter margin. nullt the same timenull stringent nullost r
20、edunulltion measures nullere dunullnull enullenulluted. nullhese nullomprehensinulle strateginull anulltions shonulled effenulltinulleness and hanulle henullped generate a net profit of nullKnull2nullnull3null3nullnullnullnull for the senullond hanullf of the nullear nulleing reported. Whinulle the
21、funullnull nullear resunullt nullas stinullnull reporting a nulloss of nullKnull33null398nullnullnullnullnull nullhinullh nullas mostnullnull a resunullt of the impairment nullossnull the nullroup nullas anullnulle to maintain a siminullar renullenue nullenullenull and has denullentnullnull impronul
22、led the gross profit margin nullomparing nullith 2null11. nullperating nullost in the nulleopnullenulls nullepunullnullinull of China (nullnullCnull nullontinued to rise in the reporting nullear. nullnullthough the nulluangdong pronullinnullianull gonullernment has not innullreased the mandatornull
23、minimum nullage in 2null12null nullanullor nullost nullontinued to rise due to the nullanullor suppnullnull shortage in the area. nullther fanulltors sunullh as apprenulliation of nullenminnulli (nullMBnull and innullrease of Consumer nullrinulle Indenull (CnullInull nullept on raising the operating
24、 nullost for the nullroup.Chairmannulls nulltatementnullhe nullroup shanullnull strinulle to nullapitanullinulle from its enullpanded nullustomer nullase and the researnullh and denullenullopment nullapanullinullities anullnulluired in the nullast tnullo nullears.Cheung Wah KeungChairmanChairmannull
25、s nulltatement4Shinhint Acoustic Link Holdings Limitednullhe nullonsumer enullenulltroninull marnullet has not shonulln sign of renullonullernull nullith audio headphones nulleing the onnullnull enullnulleption. nullhe enullpanding marnullet sinulle of audio headphones nullas predominantnullnull nul
26、laused nullnull the innullreasing retainull prinulle point nullith them nulleing marnulleted heanullinullnull and sunullnullessfunullnullnull as a fashion and nullifestnullnulle. Whinulle the smartphone and the tanullnullet nullomputer marnullets nullept gronullingnull marnullet researnullh shonulle
27、d that the sanulles of most of their renullated anulloustinull peripheranulls nullere stanulling fnullat. nullne of the pushnullanullnull fanulltors nullas nullppnulle Innullnulls announnullement of introdunulling the nenull nullightning nullonnenulltor on its inullhone 5 for repnullanulling the onu
28、lld 3nullnullpin nullonnenulltor. nullhis nullong antinullipated nullhange has nullaused unnullertainties and nullompanies had to honulld nullanullnull onulld produnulltsnull ordering for anulloiding innullentornull onullsonullesnulles as nullenullnull as nenull produnullt introdunulltion as spenull
29、ifinullations nullere not nullnonulln. nullonullenullernull nullith Bnulluetooth nullirenulless transmission nulleing enulluipped in most portanullnulle audio pnullanullersnull innullnulluding smartphones and tanullnullet nullomputersnull for assurannulle of nullompatinullnulle nullonnenulltinullitn
30、ullnull produnullt denullenullopers nullere nullidenullnull adopting Bnulluetooth for speanullers and headphones. nullhannulls to the past nullesearnullh and nullenullenullopment (nullnullnullnull innullestment nulle hanulle made in the nullirenulless tenullhnonullogiesnull the nullroup has renullor
31、ded notinulleanullnulle sanulles gronullth on nullirenulless produnullts in the reporting nullear. We nullinullnull onullsernulle the nullirenulless trend and nullounulld nullonsider renullising our produnullt segmentation in the nulloming finannullianull nullear for nulletter ananullnullsis purpose
32、. nulluring the reporting nullearnull the sanulles of speanuller drinuller sanull a snullight drop. It nullas mainnullnull nullaused nullnull the nullonullered and stanullinullinulled nullost of neodnullmium magnetnull nullhinullh is an enulltranullt of rare earthnull and the demand drop from the nu
33、llnull industrnullnull nullhinullh nullas one of the most nullompetitinulle nullategories in nullonsumer enullenulltroninulls. nullrodunulltion nullonullume for the automotinulle industrnull stanulled stanullnulle.In the marnulleting endnull the sustained denullt nullrisis in nullurope nullontinued
34、to hinder the gnullonullanull enullonomnull. nullnd in the manufanullturing sidenull nullontinuous nullanullor nullost innullrease and nullenminnulli apprenulliation are going to further impanullt the operating nullost. nullhe nullroup shanullnull nullontinue to denullenullop higher margin produnull
35、ts nullith more fonullus nulleing put on high nulluanullitnull audio headphones and nullirenulless tenullhnonullogies. nullt the same timenull nulle nullonnullt nulloosen our nullost nullontronull initiatinulles in anullnull operating areas. nullenullentnulless efforts nullinullnull nulle put on fur
36、ther enullpansion of nullustomer nullase and gronulling sanulles nullith enullisting ones.nulln nullehanullf of the Boardnull I nullounulld nullinulle to enulltend mnull sinnullere gratitude to our nullusiness partners and sharehonullders for their nullontinued support. nullhe management team and an
37、ullnull staff memnullers shounulld anullso nulle nullauded for their unnullanullering efforts and dedinullation to the nullroup. We nullinullnull nullornull nullnullosenullnull together for ensuring the sustainanullinullitnull of the nullroup and remain nullommitted to generating greater returns for
38、 our sharehonullders.Cheung Wah KeungChairman of the Board22nd Marnullhnull 2null13Management nullisnullussion and nullnanullnullsis5 Annual Report 2012Market Reviewnullhe nullear of 2null12 stanulled nullernull nullhanullnullenging for the enullport oriented manufanullturing nullompanies nullased i
39、n the nullnullC. nullhe manullor enullport marnullets nullontinued enullnulling nullhinulle the operating nullost nullontinued to rise. nullhe snulluggish nullonsumer spending in the manullor marnullets of the nullroup nullas nullenullnull refnullenullted nullnull the disappointing performannulle of
40、 our nullustomers during the reporting period. nulls a matter of fanulltnull the nullessation of nullusiness of nullnulltenull nullansingnull the nullongnullstanding nullustomer nullho nullaused the sunullstantianull impairment nulloss for the nullroup reported in the interim resunulltnull nullas a
41、nullonsenulluennulle of the nullhanullnullenging marnullet nullonditions. nulln the operation sidenull in the nullnullCnull operating nullost nullontinued to rise nullith the apprenulliating nullenminnulli and innullreasing Consumer nullrinulle Indenull (CnullInull. nulluangdong pronullinnullenulls
42、suspending mandatornull minimum nullanullor nullage in 2null12 nullas anullnullenulliating the enullpanding pressure. But nullanullor nullost nullas stinullnull nullifted during the reporting nullear nullith the nullanullor shortage anullross the pronullinnulle. nullnullthough the smart phone and ta
43、nullnullet nullomputer marnullets nullontinued to see gronullthnull the onulleranullnull demand for their anulloustinull peripheranulls nullas snulluggish.nulln the produnullt and tenullhnonullognull frontnull nullhinulle the most parts of the audio nullonsumer enullenulltroninull marnullet nullere
44、not seeing gronulling demandsnull there nullere stinullnull onullnullious nullright spots. In the reporting nullearnull audio headphones and Bnulluetooth nullirenulless tenullhnonullognull hanulle renullorded signifinullant gronullth. nullhe nullomposition of the nullroupnulls renullenue nullas anul
45、lso refnullenullting these trends. nullue to the gronulling signifinullannulle of these marnullets and the nullonnullergennulle of produnullt segments and tenullhnonullogiesnull nulle shanullnull nullonsider renullsegmenting our renullenue in the finannullianull nullear of 2null13.Business Reviewnul
46、lhe speanuller drinullers nullusiness sanull a snullight denullnulline in the reporting nullear. nullor the nullear ended 31st nullenullemnullernull 2null12null its turnonuller nullas nullKnull398null451nullnullnullnull (2null11null nullKnull443null8null4nullnullnullnullnullnull a nullearnullonnulln
47、ullear drop of 1null.2null. nullhe nullonullume shipped to the automotinulle industrnull nullas stanullnulle nullhinulle the nullnull marnullet nullontinued to see drop nullenullause of the senullere nullompetition among nullnull manullers. nullhe nullonullered nullost of neodnullmium magnetnull a m
48、anullor nullomponent enulltranullted from rare earth for speanullersnull nullontrinulluted to the denullnullined sanulles as nullenullnull.nullhe turnonuller of the Communinullation nulleripheranull segment nullas pinullnulling up momentum again and its sanulles reanullhed nullKnull178null194nullnul
49、lnullnull (2null11null nullKnull153null3null8nullnullnullnullnullnull representing a nullearnullonnullnullear innullrease of 1null.2null. nullhe upnullard trend nullas mainnullnull due to the sunullnullessfunull nullaunnullh of some nullC nullommuninullation headsetsnull nullith internet tenullephonnull more nullidenullnull adopted nullnull the nullonsumers.nullor nullortanullnulle nulludionull turnonuller sanull a denullrease of 2null.2nullnull reanullhing nullKnull3nullnullnull24nullnullnullnullnull (2null11null nullKnull383null723nullnullnull
