1、(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: 885),Annual Report 年 報,* For identi cation purposes only 僅供識別,2,4,11,14,21,29,31,32,33,34,35,37,1,Contents目錄,Corporate InformationChairmans Statement & Management Discussion and AnalysisProfile of the Mana
2、gementReport of the DirectorsCorporate Governance ReportIndependent Auditors ReportConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Fina
3、ncial Statements,公司資料主席報告以及管理層論述及分析管理層履歷董事會報告企業管治報告獨立核數師報告綜合全面收入報表綜合財務狀況表財務狀況表綜合股東權益變動表綜合現金流量表財務報表附註,Financial Summary,財務概要,107ANNUAL REPORT 2011 二 零 一 一 年 年 報,#,#,#,*,*,#,#,2,Corporate Information公司資料,BOARD OF DIRECTORSExecutive Directors:Mr. Yeung Ming Kwong(re-designated as Chairman on 25 May 201
4、1)Ms. Lo Oi Kwok, ShereeMr. Lam Yick SingMr. Wen LouisMr. Zhuang You DaoIndependent Non-Executive Directors:Mr. Chung Yuk Lun*Ms. Lam Yan Fong, Flora*#Mr. Pak William Eui Won*Member of Audit CommitteeMember of Remuneration CommitteeMember of Nomination CommitteeNomination Committee was established o
5、n 16 March 2012COMPANY SECRETARYMr. Chui Kark MingREGISTERED OFFICEP.O. Box 309, Ugland House,South Church Street, George Town,Grand Cayman, Cayman Islands,British West Indies.PRINCIPAL PLACE OF BUSINESSRoom 1103, 11/F., China United Centre,28 Marble Road, North Point,Hong Kong.AUDITORMazars CPA Lim
6、itedCertified Public Accountants42nd Floor, Central Plaza,18 Harbour Road,Wan Chai,Hong Kong.FOREFRONT GROUP LIMITED 福 方 集 團 有 限 公 司,董事會執行董事：楊明光先生#（ 於二零一一年五月二十五日調任為主席）羅愛過女士林益勝先生溫耒先生莊友道先生獨立非執行董事：鍾育麟先生*#林欣芳女士*#Pak William Eui Won先生*#審核委員會成員薪酬委員會成員提名委員會成員提名委員會於二零一二年三月十六日成立公司秘書崔格鳴先生註冊辦事處P.O. Box 309, Ug
7、land House,South Church Street, George Town,Grand Cayman, Cayman Islands,British West Indies.主要營業地點香港北角馬寶道28號華滙中心11樓1103室核數師瑪澤會計師事務所有限公司執業會計師香港灣仔港灣道18號中環廣場42樓,3,Corporate Information公司資料,CAYMAN ISLAND LEGAL ADVISERSMaples and Calder Asia1504, One International Finance Centre,1 Harbour View Street,Ho
8、ng Kong.Conyers Dill & Pearman2901 One Exchange Square8 Connaught Place, CentralHong KongPRINCIPAL BANKERStandard Chartered Bank (Hong Kong) LimitedHONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICETricor Tengis Limited26/F., Tesbury Centre,28 Queens Road East, Wan ChaiHong KongSTOCK CODE885COMPANY
9、 WEBSITE.hk,開曼群島法律顧問Maples and Calder Asia香港港景街1號國際金融中心一期1504室Conyers Dill & Pearman香港中環康樂廣場8號交易廣場第一座2901室主要往來銀行渣打銀行（ 香港）有限公司香港股份過戶登記分處卓佳登捷時有限公司香港灣仔皇后大道東28號金鐘滙中心26樓股份代號885公司網址.hkANNUAL REPORT 2011 二 零 一 一 年 年 報,4,Chairmans Statement & Management Discussion and Analysis主席報告以及管理層論述及分析,On behalf of the
10、 Board of Directors, I would like to present theannual report of the Group for the year ended 31 December 2011.BUSINESS REVIEW AND PROSPECTSFINANCIAL RESULTSThe Groups audited consolidated net loss for the year wasHK$329.31 million (2010: net loss of HK$229.46 million) . The netasset value of the Gr
11、oup increased from HK$890.25 million as at31 December 2010 to HK$954.84 million as at 31 December 2011.The net loss is mainly attributed to the loss from securities trading.FINAL DIVIDENDThe Board of Directors does not recommend the payment of a finaldividend for the year.BUSINESS REVIEWTianjin Moto
12、r BusinessThe Company through its indirect wholly-owned subsidiary, CrownCreation Limited, acquired 50% of the equity interest in 天津市凱 聲 汽 車 維 修 有 限 公 司 (Tianjin Kai Sheng Automobile ServiceCo., Ltd.) (“Tianjin Kai Sheng”) since October 2007. Tianjin KaiSheng and its subsidiaries engaged in the busi
13、ness of selling anddistribution of Nissan motor vehicles, operation of the Nissan 4Sshops, provision of heavy motor vehicle repair and maintenanceservices in the PRC.On 21 September 2011, the Group disposed of its entire interestin Tianjin Kai Sheng through the disposal of Crown CreationLimited. Det
14、ails of the disposal are set out in note 19 to thefinancial statements. For the financial year, Tianjin Motor Businesscontributed a profit of HK$1.07 million to the Group up to thedate of disposal.FOREFRONT GROUP LIMITED 福 方 集 團 有 限 公 司,本人謹代表董事會提呈本集團截至二零一一年十二月三十一日止年度之年報。業務回顧及前景財務業績本集團之年內經審核綜合虧損淨額為32
15、9,310,000港 元（ 二 零 一 零 年：虧 損 淨 額229,460,000港 元 ）。本 集 團 之 資 產 淨 值 由二 零 一 零 年 十 二 月 三 十 一 日 之890,250,000港元增至二零一一年十二月三十一日之954,840,000港元。虧損淨額主要源自證券買賣虧損。末期股息董事會不建議派付本年度之末期股息。業務回顧天津汽車業務本公司自二零零七年十月起透過其間接全資附屬公司Crown Creation Limited收購天津市凱聲汽車維修有限公司（天津市凱聲）50%股本權益。天津市凱聲及其附屬公司於中國從事銷售及分銷日產汽車、經營日產4S店及提供重型汽車維修保養服務等
16、業務。於二零一一年九月二十一日，本集團透過出售Crown Creation Limited出售其於天津市凱聲之全部權益。出售事項之詳情載於財務報表附註19。截至出售日期，天津汽車業務於本財政年度為本集團貢獻1,070,000港元溢利。,5,Chairmans Statement & Management Discussion and Analysis主席報告以及管理層論述及分析,Logistic ServicesThe Group through its indirect wholly-owned subsidiaryinvests 40% issued share capital of Go
17、lden Fame InternationalInvestments Group Limited (“GFIIGL”) since 13 September 2007.The Companys interest in GFIIGL was treated as an interest inassociates. GFIIGL provides various logistic services in Hong Kongand the PRC including third party logistics, freight forwarding,airline general sales age
18、ncy, supply chain management, river tradeshipping and terminal stevedoring. During the year, the overallperformance of GFIIGL remain stable despite a weak economicrecovery in North America, the fragile economic conditions inEurope, leading to stubbornly low international trade and cargovolume. The h
19、igh fuel price also affected the performance ofGFIIGL. A loss of approximately HK$0.76 million was shared by theGroup. Subject to the market trends and conditions, it is expectedthat the result of GFIIGL for the first half of 2012 will be stable.As disclosed in the Companys annual report 2010 and in
20、terimreport 2011, GFIIGL and its subsidiaries intended to list on thegrowth enterprise market of the Hong Kong Stock Exchange(“GEM”).Reference is also made to the Companys announcement dated15 November 2011 that GFIIGL and its subsidiaries informed theCompany that its application for listing on GEM
21、postponed and itis expected that the application will be made in or around the first,物流服務本集團自二零零七年九月十三日起透過其間接全資附屬公司投資於金信環球投資集團有限公司（金信）已發行股本之40%。本公司於金信之權益被視為於聯營公司之權益。金信在香港及中國提供各類物流服務，包括第三方物流、貨運、一般航空銷售代理、供應鏈管理、內河貨運及碼頭裝卸。於年內，儘管北美經濟復甦緩慢，歐洲經濟狀況疲弱，令國際貿易及貨運量低企，金信之整體表現仍然保持平穩。燃油價格高企亦影響金信表現，本集團攤佔虧損約760,000港元。
22、取決於市場走勢及市況，預期金信於二零一二年上半年之業績平穩。如本公司之二零一零年年報及二零一一年中期報告所披露，金信及其附屬公司擬申請在香港聯交所創業板（創業板）上市。謹此同時提述本公司日期為二零一一年十一月十五日之公佈，金信及其附屬公司知會本公司已延遲其創業板上市申請，並預期將於二零一二年第一季或前後作出申請。,quarter of 2012.ANNUAL REPORT 2011 二 零 一 一 年 年 報,港元。,6,Chairmans Statement & Management Discussion and Analysis主席報告以及管理層論述及分析,Forestry Busines
23、sOn 26 April 2010, the Companys indirectly wholly-ownedsubsidiary, Regent Square Limited, completed its acquisition ofRichful Zone International Limited at a consideration of HK$79.2million. The consideration was satisfied by an issue of 330,000,000shares of the Company at an issue price of HK$0.24
24、per share toMascotte Holdings Limited. Richful Zone International Limited andits subsidiary hold 50% of the interests in the concession rightsand forestry contracts in respect of three pieces of forest landslocated in Simao District, Puer City, Yunnan Province, the PRC,with a total site area of appr
25、oximately 36,735 Chinese Mu. Theconcession rights and interest in the forest lands are expiring onJanuary 2060. Since acquisition, the operation of the forest landsmade no contribution to the Group after payment of managementfee to the PRCs partner according to the concession contractdated 18 June 2
26、007. In view of the current condition of the forestlands and market environments, it is expected that the operationof the forest lands will have profits contribution and appreciationin forest lands value, to the Group in the medium to long termspectrum. As at 31 December 2011, the fair value of the
27、forestryrights attributable to the Group is stated at approximately HK$67.5million.Investment in a Limited PartnershipOn 17 August 2010, the Companys indirect wholly-ownedsubsidiary, Pan Fortune Investments Limited entered intoan investors subscription agreement to invest a total ofUS$10,000,000 int
28、o a co-investment vehicle, a limited partnership,established for the purpose of acquiring control of the equitysecurities and loan receivables of an investee group which isa supplier of automotive components, supplying both originalequipment manufacturers and the aftermarket. The investmentwas appro
29、ved by independent shareholders at the extraordinarygeneral meeting of the Company on 27 September 2010. In April2011, the Group completed its investment by payment of theremaining investment balance of approximately HK$17.28 million(US$2,222,222.22). The investment represents 22.2% holdingson the l
30、imited partnership. The limited partnership is managed byAITS Cayman Limited which is an affiliate of Unitas Capital PteLtd (“Unitas”). Unitas is one of the pioneers in large leveragedbuyout transactions in Asia. Since inception in 1999, funds advisedby Unitas have invested in excess of US$2.3 billi
31、on in equitycapital in 28 transactions across a broad range of industries andgeographies. The Company plays a passive role on the investmentand to keep the investment as available-for-sale financial assets.FOREFRONT GROUP LIMITED 福 方 集 團 有 限 公 司,林地業務於二零一零年四月二十六日，本公司之間接全資附屬公司Regent Square Limited完成收購
32、豐域國際有限公司，代價為79,200,000港元。代價已透過按發行價每股0.24港元向馬斯葛集團有限公司發行330,000,000股本公司股份之方式支付。豐域國際有限公司及其附屬公司持有三塊林地之特許權利及林地合約之50%權益。該等林地位於中國雲南省普洱市思茅區，總地盤面積約為36,735畝。該等林地之特許權利及權益將於二零六零年一月屆滿。自收購以來，經按日期為二零零七年六月十八日之特許權協議向中國夥伴支付管理費後，該等林地之營運並未為本集團帶來貢獻。鑑於該等林地之現況及市場環境，預期該等林地之營運於中長期將會為本集團帶來溢利貢獻及林地升值。於二零一一年十二月三十一日，本集團應佔林地權益之公平
33、值約為67,500,000投資於有限責任合夥公司於二零一零年八月十七日，本公司之間接全資附屬公司Pan Fortune Investments Limited訂立一項投資者認購協議，以向一間共同投資有限責任合夥公司投資合共10,000,000美元，該公司乃為取得一個接受投資集團之股本證券及應收貸款之控制權而成立，而後者為汽車零件供應商，對象為原設備製造商及售後市場。該投資於二零一零年九月二十七日在本公司之股東特別大會上獲獨立股東批 准。於 二 零 一 一 年 四 月，本 集 團 透 過 支 付投 資 餘 額 約17,280,000港 元（2,222,222.22美 元）完 成 其 投 資。該
34、投 資 為 有 限 責 任 合 夥公 司 之22.2%股 權。該 有 限 責 任 合 夥 公 司 由AITS Cayman Limited管理，而AITS CaymanLimited為Unitas Capital Pte Ltd（Unitas ）之 聯 屬 公 司。Unitas為 亞 洲 大 型 槓 桿 收 購 交易 先 驅 之 一。自 一 九 九 九 年 創 業 以 來，接 受Unitas建議之基金於各行各業及不同地區進行28宗交易，於股權資本方面之投資額超過23億美元。本公司於該投資擔當被動角色，並以可供銷售財務資產形式持有該投資。,7,Chairmans Statement & Mana
35、gement Discussion and Analysis主席報告以及管理層論述及分析,On 21 September 2011, the Group disposed of its entire interestin the limited partnership through the disposal of Crown CreationLimited. Details of the disposal are set out in note 19 to thefinancial statements.Trading of SecuritiesThe Group invested its
36、surplus cash in Hong Kongs listed securitiesand unlisted securities as short-term investments. During the year,the European sovereign debt crisis, high unemployment rate in theUnited States and tighten monetary policy in China attributableto the volatility of the Hong Kong stock market. As a result,
37、 theGroup recorded realised losses of approximately HK$97.88 millionfrom the disposal of certain securities and an unrealised loss ofapproximately HK$346.73 million on the portfolio.Money Lending BusinessThe Group has used part of its surplus cash through its indirectwholly-owned subsidiary, Forefro
38、nt Finance Co., Limited to provideshort-term loans to various borrowers. Those short-term loansnormally carried interest rates of 2% per annum to 1% per monthduring the year. Within the financial year, the money lendingbusiness contributed HK$11.52 million interest income to theGroup. After the year
39、-end date, a borrower defaulted his loanrepayment together with the outstanding interests. The Group istaking legal action against the borrower to recover the outstandingloan, a provision against the defaulted principal and accruedinterests amounting to HK$19.26 million has been made in thefinancial
40、 statements for the year 2011.During the year under review, a provision for bad and doubtfuldebts of HK$89.40 million was written back due to repayment,於二零一一年九月二十一日，本集團透過出售Crown Creation Limited出售其於有限責任合夥公司之全部權益。出售事項之詳情載於財務報表附註19。證券買賣本集團將現金盈餘投資於香港上市證券及非上 市 證 券 作 短 期 投 資。年 內，歐 洲 發 生 主 權債 務 危 機，美 國 失
41、業 率 高 企，中 國 收 緊 貨 幣政 策，均 令 香 港 股 票 市 場 動 蕩 不 定。因 此，本集團透過出售若干證券錄得已變現虧損約97,880,000港元，而投資組合則錄得未變現虧損約346,730,000港元。貸款業務本集團透過其間接全資附屬公司福方財務有限公司，利用其部分現金盈餘向多名借款人提供短期貸款。年內，該等短期貸款一般按利率 每 年2厘 至 每 月1厘 計 息。於 本 財 政 年 度，貸款業務為本集團貢獻利息收入11,520,000港元。於年結日後，一名借款人拖欠貸款還款連同未償還利息。本集團正針對該名借款人採取法律行動以收回未償還貸款，並於二零一一年度財務報表內就拖欠本
42、金及應計利息19,260,000港元作出撥備。於 本 回 顧 年 度，由 於 借 款 人 已 償 還 貸 款，故89,400,000港元之呆壞帳撥備已經撥回。,loans by borrowers.ANNUAL REPORT 2011 二 零 一 一 年 年 報,8,Chairmans Statement & Management Discussion and Analysis主席報告以及管理層論述及分析,Disposal of a subsidiaryOn 21 September 2011, the Companys indirect wholly ownedsubsidiary, Loy
43、al Fine Limited entered into the share purchaseagreement to sell the entire issued share capital of Crown CreationLimited at the Consideration of HK$100 million. Crown CreationGroup held various investments which engaged in (i) the businessof selling and distribution of Nissan motor vehicles, operat
44、ionof the Nissan 4S shops, provision of heavy motor vehicle repairand maintenance services in the PRC (Tianjin Motor Business); (ii)manufacturing of carbon fiber in the PRC (Carbon Fiber Project wasfully impaired in the Year 2009); (iii) development, managementand operation of an e-ticketing system
45、for railway passengers andrelated railway freight cargo services in the PRC (Investment ine-ticketing system in the PRC was fully impaired in the Year 2007);and (iv) co-investment in automotive components manufacturing(Investment in a Limited Partnership). The disposal contributed again of HK$17.66
46、million to the Groups results for the year ended31 December 2011. Details of the disposal are set out in note 19to the financial statements.PROSPECTOn 20 January 2012, Sino Wealthy Limited, an indirect whollyowned subsidiary of the Company entered into the note purchaseagreement, pursuant to which t
47、he Quinella InternationalIncorporated had conditionally agreed to sell and Sino WealthyLimited had conditionally agreed to purchase the 2.5% unsecuredbonds due 2014 in the aggregate principal amount of HK$300million issued by Mascotte Holdings Limited (Stock code: 136)at a total consideration of HK$
48、265 million. The acquisition wasapproved by the Shareholders at extraordinary general meeting ofthe Company on 2 March 2012. The notes offers an interest rateof 2.5% per annum on the outstanding principal amount, payablequarterly which provides stable interest income for the Group.Save as disclosed above, the Company will continuously identifysuitable investment opportunity and seeking acquisition of newbusiness and assets where suitable opportunity arise.FOREFRONT GROUP LIMITED 福 方 集 團 有 限 公 司,
