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seclusive 2008-04-26 15:35 http://www.6wen.net/doc/130987 1 ORGANISATION AND PRINCIPAL ACTIVITIES 1 组织及主要业务 Forefront International Holdings Limited ("the Company") was incorporated in the Cayman Islands on 10th September 1998 as an exempted company with limited liability under the Companies Law (Revised). Its shares have been listed on The Stock Exchange of Hong Kong Limited since 12th July 2001. 福方国际控股有限公司（「本公司」）於一九九八年九月十日在开曼群岛根据开曼群岛公司法（经修订）注册成立为获豁免有限公司。本公司的股份已於二零零一年七月十二日在香港联合交易所有限公司上市。 The Company is an investment holding company. The Company's subsidiaries (together with the Company referred to as "the Group") are principally engaged in the trading of motor trucks, coaches and vehicle accessories, provision of motor vehicle repairs and maintenance services, sale of fuel, provision of other motor vehicle related services, assembling of motor vehicles, motor vehicle financing business, development of smart card system and investment holding. 本公司为一间投资控股公司，其附属公司（连同本公司统称为「本集团」）主要从事货车，旅游巴士及汽车零配件的贸易，提供汽车维修保养服务，销售燃油，提供其他汽车相关服务，汽车组装，汽车融资，发展「智慧卡」系统及投资控股等业务。 2 PRINCIPAL ACCOUNTING POLICIES 2 主要会计政策 The principal accounting policies adopted in the preparation of these accounts are set out below: 编制帐目所采纳的主要会计政策载列如下： (a) Basis of presentation （a）呈报基准 In February 2004, the Group issued certain convertible bonds and raised US$15 million (equivalent to HK$117 million) of which approximately HK$77,000,000 was utilised to repay the Group's long-term syndicated loans. On 7th April 2004, the Company received a redemption notice, as originally granted under the bond issuance agreement, which requested the Company to redeem the bond at issue price of US$6 million (equivalent to HK$47 million) on 3rd May 2004. Management intends to repay the US$6 million from its existing bank facilities (Note 31). In addition, management believes that the group will be able to obtain adequate fundings from the remaining bank facilities and cash inflow from operations. Accordingly, the accounts as at 31st December 2003 have been prepared on a going concern basis. 於二零零四年二月，本集团发行若干可换股债券筹措1，500万美元（等值1.17亿港元）。部份发行债券所得款项偿还了总值约7，700万港元的长期银团贷款。於二零零四年四月七日，本公司按照原债券发行协议所授予之权利收到一赎回通知要求本公司於二零零四年五月三日赎回已发行可换股债券本金额中的600万美元（等值4，700万港元）。管理层拟用其现有银行备用额之600万美元偿还此部份可换股债券金额（附注31）。此外，管理层相信本集团将可从其馀银行备用额及从营运之现金流入获取足够资金。因此，截至二零零三年十二月三十一日止之帐目乃按持续经营基准编制。 (b) Basis of preparation （b）编制基准 The accounts have been prepared in accordance with accounting principles generally accepted in Hong Kong and comply with the accounting standards issued by the Hong Kong Society of Accountants ("HKSA"). They have been prepared under the historical cost convention except that, as disclosed in the accounting policies below, certain properties and investments in securities are stated at fair value. 帐目乃按香港公认会计原则编制，符合香港会计师公会颁布的会计准则。除了下文会计政策所披露，若干物业及证券投资是按公允值列帐以外，帐目乃按历史成本基准编制。 In the current year, the Group adopted the Statement of Standard Accounting Practice ("SSAP") No. 12 "Income Taxes" issued by the HKSA which is effective for accounting periods commencing on or after 1st January 2003. The adoption of SSAP 12 had no material effect on amounts reported in prior years. 本集团於本年度采纳了香港会计师公会颁布的会计实务准则第12号「入息税」，此项会计实务准则对二零零三年一月一日或以後开始的会计期间有效。采纳会计实务准则第12号对过往年度所报的帐目并无重大影响。 (c) Group accounting （c）集团之会计处理 (i) Consolidation （i）综合入帐 The consolidated accounts include the accounts of the Company and its subsidiaries made up to 31st December. Subsidiaries are those entities in which the company, directly or indirectly, controls more than half the voting power; has the power to govern the financial and operating policies; to appoint or remove the majority of the members of the board of directors or to cast majority of votes at the meetings of the board of directors. The results of subsidiaries acquired or disposed of during the year are included in the consolidated profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. 综合帐目包括本公司及其附属公司截至十二月三十一日为止的帐目。附属公司乃指本公司在其中直接或间接控制超过一半投票权，有权掌管其财政及营运决策，可委任或罢免董事会大多数成员或可於其董事会会议上投大多数票的实体。年内购入或出售的附属公司之业绩，由收购生效日期起或截至出售之生效日期止（如适用）於综合损益帐内综合入帐。 All significant intercompany transactions and balances within the Group are eliminated on consolidation. The gain or loss on the disposal of a subsidiary represents the difference between the proceeds of the sale and the Group's share of its net assets together with any unamortised goodwill or negative goodwill or goodwill/ negative goodwill taken to reserves and which was not previously charged or recognised in the consolidated profit and loss account and any related accumulated foreign currency translation reserve. 本集团内公司间的所有重大交易及结馀已於综合帐目内抵销。出售附属公司的收益或亏损乃指出售所得的收入与本集团应占该公司资产净值的差额，连同任何未经摊销的商誉或负商誉，或拨入储备内但以往并未在综合损益帐扣除或确认的商誉负商誉，以及任何相关的累计汇兑储备。 Minority interests represent the interests of outside shareholders in the operating results and net assets of subsidiaries. 少数股东权益指外界股东於附属公司经营业绩及资产净值中所占的权益。 In the company's balance sheet, investments in subsidiaries are stated at cost less provision for impairment losses. The results of subsidiaries are accounted for by the company on the basis of dividends received and receivable. 在本公司的资产负债表内，於附属公司的投资乃按成本值扣除减值亏损拨备後列帐。附属公司的业绩由本公司根据已收及应收的股息入帐。 (ii) Joint ventures （ii）合营企业 A joint venture is an entity established between the Group and one or more other parties for a pre-determined period of time, with the rights and obligations of the joint venture partners being governed by a contract. If the Group is able to control and govern the financial and operating policies of the joint venture so as to obtain benefits from its activities, such joint venture is accounted for as a subsidiary. If the Group is only be able to exercise significant influence over the joint venture, such joint venture is accounted for as an associate. 合营企业乃指本集团与另外一方或多方成立并在一段预定期间内经营的企业，而合营伙伴的权责须受合约规管。倘本集团能控制及监管合营企业的财政及营运决策，以从业务当中获益，则该合营企业列为附属公司入帐。倘本集团只能对合营企业行使重大影响力，则该合营企业会列为联营公司。 (iii) Associated companies （iii）联营公司 An associated company is a company, not being a subsidiary, in which an equity interest is held for the long- term and significant influence is exercised in its management. The consolidated profit and loss account includes the Group's share of the results of associated companies for the year, and the consolidated balance sheet includes the Group's share of the net assets of the associated companies and also goodwill/ negative goodwill (net of accumulated amortisation) on acquisition. 联营公司乃指本集团在其中长期持有股权，且对其管理有重大影响力但并非附属公司的公司。综合损益帐包括本集团应占联营公司於年内的业绩，而综合资产负债表则包括本集团应占联营公司的资产净值以及收购时产生的商誉负商誉（扣除累计摊销）。 In the company's balance sheet the investments in associated companies are stated at cost less provision for impairment losses. The results of associated companies are accounted for by the company on the basis of dividends received and receivable. No loss of associated companies will be equity accounted for when the carrying amount of the investment in an associated company reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associated company. 在本公司的资产负债表内，於联营公司的投资乃按成本值扣除减值亏损拨备列帐。联营公司的业绩由本公司根据已收及应收的股息入帐。倘联营公司投资的帐面值为零，则联营公司的亏损不会以权益会计法入账，惟若本集团就该联营公司产生责任或担保责任则作别论。 (iv) Translation of foreign currencies （iv）外币换算 Transactions in foreign currencies are translated at exchange rates ruling at the transaction dates. Monetary assets and liabilities expressed in foreign currencies at the balance sheet date are translated at rates of exchange ruling at the balance sheet date. Exchange differences arising in these cases are dealt with in the profit and loss account. 以外币进行的交易乃按交易日适用的汇率换算。於结算日以外币计值的货币资产及负债乃按结算日适用的汇率换算。由此产生的汇兑差额於损益帐内处理。 The balance sheet of subsidiaries and associated companies expressed in foreign currencies are translated at the rates of exchange ruling at the balance sheet date whilst the profit and loss is translated at an average rate. Exchange differences are dealt with as a movement in reserves. 附属公司及联营公司以外币计值的资产负债表乃以结算日适用的汇率换算，而盈利及亏损则按平均汇率换算。由此产生的汇兑差额列作储备变动处理。 (d) Property and equipment and depreciation （d）物业及设备与折旧 Property and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Major expenditures on modifications and betterments of property and equipment which will increase their future economic benefits are capitalised, where expenditures on maintenance and repairs are expensed when incurred. Properties are subject to independent valuations on a regular basis, with the last valuation performed on 31st December 2003. Any increase in valuation on properties is credited to the property revaluation reserve; and any decrease is firstly offset against any earlier increase in valuation in respect of the same asset and is thereafter charged to the profit and loss account. Freehold land is not depreciated. Leasehold land is depreciated over the period of the lease while other fixed assets are depreciated at rates sufficient to write off their cost less accumulated impairment losses over their estimated useful lives on a straight-line basis. The principal annual rates are as follows: 物业及设备乃按成本值或估值减累计折旧及累计减值亏损列帐。可增加未来经济效益之物业及设备改造及修葺的主要开支则资本化，而保养及维修物业及设备之开支於产生时列作支出。物业须进行定期独立估值，而最近一次的估值已於二零零三年十二月三十一日进行。物业的增值会入帐列为物业重估储备，而减值则先抵销该项资产先前的增值，之後才在损益帐内扣除。拥有永久业权的土地不会计提折旧；批租土地乃按租期计提折旧；其他固定资产乃於估计可使用年期内，以直线法按足以撇销其成本减累计减值亏损的比率计提折旧。主要年率如下： Leasehold land 2% Buildings 4% Leasehold improvements 20% to 25% Furniture and office equipment 10% to 50% Motor vehicles 20% to 30% 批租土地2% 楼宇4% 租赁物业装修20%至25% 家具及办公室设备10%至50% 汽车20%至30% At each balance sheet date, both internal and external sources of information are considered to assess whether there is any indication that assets included in property and equipment are impaired. If any such indication exists, the recoverable amount of the asset is estimated and where relevant, an impairment loss is recognised to reduce the asset to its recoverable amount. Such impairment losses are recognised in the profit and loss account except where the asset is carried at valuation and the impairment loss does not exceed the revaluation surplus for that same asset, in which case it is treated as a decrease in revaluation surplus. 於每个结算日均会考虑内部及外来讯息，以评定物业及设备当中的资产是否有减值的迹象。倘发现有减值迹象，即会估计资产的可收回金额，并（如有关）确认减值亏损，以便将资产减至其可收回金额。减值亏损乃於损益帐内确认，惟若资产乃按估值列帐，而且减值亏损不超逾该项资产的重估盈馀，则视作重估盈馀减少。 Gains and losses on disposals of property and equipment are recognised in the profit and loss account based on the net disposal proceeds less the then carrying amount of the assets. Upon disposal of revalued properties, the relevant portion of revaluation reserve recognised in respect of previous revaluations is released from the property revaluation reserve to retained profit. 出售物业及设备之盈亏，按出售所得款项净额减该项资产当时之帐面值，於损益帐中确认。当出售重估物业时，重估储备内就先前重估物业确认的有关部份，会由物业重估储备转拨往保留溢利。 (e) Investments in securities （e）证券投资 (i) Investment securities （i）投资证券 Investment securities are stated at cost less any provision for impairment losses. 投资证券乃按成本值减任何减值亏损拨备列帐。 The carrying amounts of individual investments are reviewed at each balance sheet date to assess whether the fair values have declined below the carrying amounts. When a decline other than temporary has occurred, the carrying amount of such securities will be reduced to its fair value. The impairment loss is recognised as an expense in the profit and loss account. This impairment loss is written back to profit and loss when the circumstances and events that led to the write-downs or write-offs cease to exist and there is persuasive evidence that the new circumstances and events will persist for the foreseeable future. 个别项目投资的帐面值会於每个结算日检视，以釐定其公允值是否已跌低於帐面值。倘发生非暂时性的减值，则该等证券的帐面值将会撇减至其公允值。减值亏损乃於损益帐确认为开支。倘导致撇减或撇销减值亏损的情况及事件不再存在，并有充足证明显示新情况及事件於可见未来会持续，则於损益帐内撇回减值亏损。 (ii) Other investments （ii）其他投资 Other investments are carried at fair value. At each balance sheet date, the net unrealised gains or losses arising from the changes in fair value of other investments are recognised in the profit and loss account. Profits or losses on disposal of other investments, representing the difference between the net sales proceeds and the carrying amounts, are recognised in the profit and loss account as they arise. 其他投资乃按公允值列帐。於每个结算日，其他投资的公允值出现变动而产生的未变现收益或亏损净额，会於损益帐确认。出售其他投资的溢利或亏损，指销售所得款项净额与帐面值之间的差额，在产生时会於损益帐确认。 (e) Finance leases （e）融资租赁 A lease is classified as a finance lease where substantially all the risks and rewards of ownership of the underlying assets are transferred to the lessee. The amount due from the lessee under a finance lease is recorded in the balance sheet as receivable at the amount of the Group's net investments in the lease, being the total of the minimum lease rentals less earnings allocated to future periods, less bad and doubtful rental receivable. The total gross earnings (interest income) under a finance lease is allocated to accounting periods to give a constant periodic rate of return on the Group's net investment in the lease in each period. Initial direct costs are recognised as expense at the commencement of the lease. 凡有关资产的所有权的绝大部分风险及回报已转嫁予承租人的租赁乃被列为融资租赁。融资租赁项下应收承租人的款项，会於资产负债表内按本集团於租赁的净投资额，入帐列为应收款项，即为最低应付租金总额减未来期间摊分的盈利减应收的呆坏帐租金。融资租赁项下的收入总额（利息收入）会於会计期间内摊分，令本集团在各个期间於租赁的净投资所得回报有固定回报率。初步直接成本乃於租赁开始时确认为开支。 (f) Goodwill （f）商誉 Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net assets of the acquired business at the date of acquisition. Goodwill is amortised using the straight-line method over its estimated useful life of 10 years. Where an indication of impairment exists, the carrying amount of the goodwill is assessed and written down immediately to its recoverable amount. 商誉指收购成本高出本集团於收购当日所占被收购业务净资产的公允值之数额。商誉乃按估计可使用期限（十年）以直线法摊销。倘有迹象显示会出现减值，则会评估商誉的帐面值，并随即撇减至其可收回金额。 (g) Inventories （g）存货 Inventories are stated at the lower of cost and net realisable value. For motor vehicles, cost is determined on the specific identification basis, while for other inventories, cost is determined on the weighted average basis and in the case of work-in-progress, also direct labour and an appropriate proportion of production overheads. Net realisable value is determined on the basis of anticipated sales proceeds less estimated selling expenses. 存货乃按成本及可变现净值两者中之较低者入帐。汽车的成本按特定确认基准釐定，其他存货的成本按加权平均法计算，在制品则按直接人工成本及生产的经常费用之适当部分计算。可变现净值乃按预期从销售所得款项减估计销售开支计算。 (h) Accounts receivables （h）应收帐款 Provision is made against accounts receivables to the extent they are considered to be doubtful. Accounts receivables in the balance sheet are stated net of such provision. 应收帐款凡被视为呆帐时即计提拨备。资产负债表内的应收帐款乃在扣除该项拨备後入帐。 (i) Cash and cash equivalents （i）现金及现金等值物 Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, cash investments with a maturity of three months or less from date of investment and bank overdrafts. 现金及现金等值物乃於资产负债表内按成本入帐。对现金流量表而言，现金及现金等值物包括手头现金，活期银行存款，自投资当日起计到期日不出三个月的现金投资，以及银行透支。 (j) Operating leases （j）经营租赁 Leases where substantially all the risks and rewards of ownership of assets remain with the leasing company are accounted for as operating leases. Payments made under operating leases net of any incentives received from the leasing company are charged to the profit and loss account on a straight-line basis over the lease periods. 凡租赁资产所有权之绝大部份风险及回报仍属出租公司拥有之租约均为经营租赁。经营租赁之付款扣除出租公司收取的任何减租宽免後，按有关租约年期以直线法於损益帐扣除。 (k) Provisions （k）拨备 A provision is recognised when there is a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligations. Provisions are reviewed regularly and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditures expected to be required to settle the obligation. 倘因过往发生之事件引致目前出现法律或推定责任，而该等责任可能导致资源流出（经济利益外流），以清还负债，并能够可靠估计负债金额时，则计提拨备。拨备金额予以定期检视，并会不时调整以反映目前最准确之估计数额。假如金额时值影响重大，则拨备之金额将为预期清偿债务所需开支之现值。 (l) Contingent liabilities and contingent assets （l）或然负债及或然资产 A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. It can also be a present obligation arising from past events that is not recognised because it is not probable that outflow of economic resources will be required or the amount of obligation cannot be measured reliably. A contingent liability is not recognised but is disclosed in the notes to the accounts. When a change in the probability of an outflow occurs so that outflow is probable, they will then be recognised as a provision. A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain events not wholly within the control of the Group. Contingent assets are not recognised but are disclosed in the notes to the accounts when an inflow of economic benefits is probable. When inflow is virtually certain, an asset is recognised. 或然负债指因过往事件而可能产生的负债，其最终是否出现则要视乎一项或多项不确定的未来事件是否发生而定，而该等未来事件更非本集团控制之内。或然负债亦可能是因过往事件而产生但尚未确认的现有负债，尚未确认的原因是经济资源流出的机会不大或未能可靠衡量负债金额。或然负债不予确认，而是於帐目附注内披露。当经济资源流出的可能性出现变动，导致经济资源有机会流出，则将或然负债确认为拨备。或然资产指因过往事件而可能产生的资产，其最终是否出现则要视乎一项或多项不确定的事件是否发生而定，而该等不确定事件并非本集团控制之内。或然资产不予确认，而是当经济利益有机会流入时，於帐目附注内披露。若经济利益流入的机会几近确定，则确认资产。

seclusive 2008-04-26 15:41 (m) Employee benefits （m）雇员福利 (i) Employee leave entitlements （i）雇员可享的假期 Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave and long-service leave as a result of services rendered by employees up to the balance sheet date. Employee entitlements to sick leave and maternity are not recognised until the time of leave. 雇员可享的年假於雇员应可取得时确认入帐。本集团会就直至结算日为止，雇员提供服务而可享有的年假及长期服务假期的估计负债作出拨备。雇员可享有的病假及产假於请假时方会确认。 (ii) Pension obligations （ii）退休金责任 The Group operates a number of defined benefit and defined contribution plans in Hong Kong and Taiwan, the assets of which are generally held in separate trustee - administered funds. The pension plans are generally funded by payments from employees and by the relevant Group companies, taking account of the recommendations of independent qualified actuaries. The Group's contributions to the defined contribution retirement scheme are expensed as incurred and are reduced by contributions forfeited by those employees who leave the scheme prior to vesting fully in the contributions. 本集团於香港及台湾设立多项界定福利及界定供款计划，该等计划的资产一般存於受托人管理的个别基金内。退休计划通常於考虑独立合资格精算师的推荐意见後，由雇员及有关集团公司供款。本集团对界定供款退休计划的供款於产生时列作开支，而雇员在全数取得供款前离开该计划而被没收的任何供款，会用作减少本集团的供款。 For defined benefit plans, pension costs are assessed using the projected unit credit cost method: the cost of providing pensions is charged to the profit and loss account so as to spread the regular cost over the service lives of employees in accordance with the advice of the actuaries who carry out a full valuation of the plans each year. The pension obligation is measured as the present value of the estimated future cash outflows using interest rates of government securities. Actuarial gains and losses are recognised over the average remaining service lives of employees. Past service costs are recognised as an expense on a straight-line basis over the average period until the benefits become vested. The Group's contributions to defined benefits pension plans are charged to the profit and loss account in the period to which the contributions relate. 对於界定福利计划而言，退休成本利用预计单位贷记法评估:提供退休福利的成本，会根据精算师每年对该等计划进行全面评估後作出的建议，於损益帐内扣除，令退休成本於雇员服务年期内固定摊分。退休责任乃利用政府证券的息率，按估计未来现金流出量的现值计算。精算收益及亏损於雇员的平均馀下服务年期内确认。过往服务成本会按直线法於平均期间内确认为开支，直至给予有关福利为止。本集团对界定退休福利计划的供款，乃於供款相关的期间内在损益帐内扣除。 (n) Turnover and revenue recognition （n）营业额及收入确认 Revenue is recognised when the outcome of a transaction can be measured reliably and when it is probable that the economic benefits associated with the transaction will flow to the Group. Sales revenue is recognised when the significant risks and rewards of ownership of the merchandise have been transferred to the buyers. Service fees are recognised when the services are rendered. Interest income is recognised on a time- proportion basis on the principal outstanding and at the rates applicable. 收入乃於交易之结果得以可靠衡量且有关交易之经济利益可能流入本集团时确认。销售收入於商品的所有权的绝大部份风险及回报已转予买方时确认。服务费用於提供有关服务时确认。利息收入以未到期本金按时间比例及适用利率确认。 (o) Deferred taxation （o）递延税项 Deferred taxation is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the accounts. Taxation rates enacted or substantively enacted by the balance sheet date are used to determine deferred taxation. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. In prior year, deferred taxation was accounted for at the current taxation rate in respect of timing differences between profit as computed for taxation purposes and profit as stated in the accounts to the extent that a liability or an asset was expected to be payable or recoverable in the foreseeable future. The adoption of the new SSAP 12 has no material impact on the Group's results and financial positions for the current and prior accounting periods. 递延税项乃就资产和负债的税基与账目中所示账面值两者的暂时差异，以负债法全数拨备。递延税项按结算日当日制定或实质制定的税率计算。倘若日後可望有应课税溢利，使暂时差异可予抵扣，则确认递延税项资产。上年度所用的基准，是倘若预计於可见将来会有负债须予支付或资产可予收回，则对用於计税之溢利与帐面溢利之间的重大时差，按当期税率计提递延税项拨备。采纳新的会计实务准则第12号对本集团本期及过往会计期间的业绩及财务状况概无重大影响。 (p) Borrowing costs （p）借贷成本 Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial period of time to prepare for its intended use or sale are capitalised as part of the cost of that asset at rates based on the actual cost of the specific borrowings. All other borrowing costs are recognised as an expense in the period in which they are incurred. 凡资产需要一段颇长时间始能达至拟定用途或出售，则直接属於购入，建造或生产该项资产的借贷成本乃按该项特定借贷之实际成本拨充资本，作为资产成本之一部份。所有其他借贷成本均於产生之期间内确认为开支。 (q) Segment reporting （q）分类申报 In accordance with the Group's internal financial reporting, the Group has determined that business segments be presented as the primary reporting format and geographical as the secondary reporting format. 根据本集团的内部财务申报，本集团决定将业务分类作为主要申报形式，而地区分类则为次要申报形式。 Unallocated costs represent corporate expenses. Segment assets consist primarily of intangible assets, fixed assets, inventories, receivables, operating cash, investments in securities and investments in associated companies. Segment liabilities comprise operating liabilities and exclude items such as taxation and certain corporate borrowings. Capital expenditure comprises additions to intangible assets and fixed assets, including additions resulting from acquisitions through purchases of subsidiaries. In respect of geographical segment reporting, sales are based on the country in which the customer is located and total assets and capital expenditure are where the assets are located. 未分配成本乃指公司开支。分类资产主要包括无形资产，固定资产，存货，应收款项，经营现金，证券投资及於联营公司的投资。分类负债包括经营负债，但不包括税项和若干公司借贷等项目。资本开支包括无形资产及固定资产之增加，当中包括因透过收购附属公司而添置的无形资产及固定资产。就地区分类申报而言，销售额乃按客户所在国家划分，而总资产及资本开支则以资产所在地划分。 3 RELATED PARTY TRANSACTIONS 3有关连人士交易 Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. 倘一方有能力直接或间接控制另一方，或在另一方的财务及经营决策上发挥重大影响力者，则该等人士被视为有关连人士。倘任何人士受同一控制权或受同一重大影响，亦被视为有关连人士。 (a) Particulars of significant transactions with related parties are summarised below: 与有关连人士进行的重大交易详情摘要如下： 20032002 二零零三年二零零二年 NoteHK$'000HK$'000 附注千港元千港元 Sales to: 向以下公司进行销售： - Forefront Motors (Hong Kong) Limited-福方汽车（香港）有限公司(i)138157 - Ankor Services Limited-安佳汽车维修有限公司(i)384351 - Todaytech Asia Limited-Todaytech Asia Limited (ii)7- - Sunshine Finance Co., Ltd.-胜山实业股份有限公司(i)-21,461 Interest income in respect of overdue accounts receivable from Sunshine Finance Co., Ltd. (i)-761应收胜山实业股份有限公司过期应收帐款利息收入 Rental income received/receivable from已收应收下列公司的租金收入 - Forefront Motors (Hong Kong) Limited(i)360360-福方汽车（香港）有限公司 - Todaytech Asia Limited-Todaytech Asia Limited (ii)150- Management fee income received/receivable from已收应收以下公司的管理费： - Sunshine Finance Co. Ltd.胜山实业股份有限公司(i)10037 - Fuyo Leasing Co. Ltd.福友租赁股份有限公司(iii)8232 - Achieve Leasing Co. Ltd.福企租赁股份有限公司(iii)8232 - Fully Leasing Co. Ltd.福兆租赁股份有限公司(iii)8232 - Forth Leasing Co. Ltd.福之租赁股份有限公司(iii)8232 - Free Leasing Co. Ltd.福立租赁股份有限公司(iii)42- - Future Leasing Co. Ltd.福昌租赁股份有限公司(iii)42- - Fortune Leasing Co. Ltd.福川租赁股份有限公司(iii)42- - Fund Leasing Co. Ltd.福采租赁股份有限公司(iii)8- 20032002 二零零三年二零零二年 NoteHK$'000HK$'000 附注千港元千港元 Rental expense in respect of office已付应付福方股份 premises paid/payable to Forefront有限公司的办公室 International Limited物业租金开支(i)5,3974,320 Repair & maintenance charges paid/payable to已付应付下列公司之维修保养费用 - Ankor Services Ltd.- 安佳汽车维修有限公司(i)376- Purchase of motor vehicles from从下列公司购入汽车 - Forefront International Limited- 福方股份有限公司(i)-139 - Forefront Motors (Hong Kong) Limited- 福方汽车(香港)有限公司(i)-998 (b) Particulars of significant balances with related parties are summarised below: 与有关连人士的主要结馀摘要如下： 20032002 二零零三年二零零二年 HK$'000HK$'000 千港元千港元 Accounts receivable from应收下列公司的帐款 - Forefront International Limited-福方股份有限公司676676 - Forefront Motors (Hong Kong) Limited -福方汽车（香港）有限公司552,132 - Ankor Services Limited-安佳汽车维修有限公司462498 - Todaytech Asia Limited-Todaytech Asia Limited72- Finance lease receivables from Sunshine Finance Co., Ltd. (Note 3(c) & 3(d)) 应收胜山实业股份有限公司的融资租赁款项（附注3(c)及3(d)）9,91228,005 Other receivables from应收以下公司的其他款项 - Sunshine Finance Co., Ltd.-胜山实业股份有限公司165155 - Forefront Motors (Hong Kong) Limited -福方汽车（香港）有限公司57421 - Todaytech Asia Limited-Todaytech Asia Limited 150- All the balances with related companies were unsecured, non-interest bearing and repayable within the granted credit terms. 所有与有关连公司之间的结馀均属无抵押，免息及须於获授的信贷期内偿还。 (c) During the year ended 31st December 2002, the Group acquired the motor vehicle and equipment financing businesses from Sunshine Finance Co., Ltd. In connection with such acquisition, Forefront International Limited and Sunshine Finance Co., Ltd. have agreed to indemnify the Group against any default of the related finance lease receivables acquired by the Group. （c）在截至二零零二年十二月三十一日止年度内，本集团从胜山实业股份有限公司收购汽车及设备融资业务。在该项收购中，福方股份有限公司及胜山实业股份有限公司已经同意，若本集团所购入相关融资租赁应收款项不能收回，会向本集团赔偿。 (d) During the year ended 31st December 2003, Sunshine Finance Co., Ltd. paid to the Group interest income of approximately HK$1,055,000 (2002: HK$777,000) in respect of the finance lease receivables. （d）在截至二零零三年十二月三十一日止年度内，胜山实业股份有限公司已经就该等融资租赁应收款项，向本集团支付约1，055，000港元（二零零二年:777，000港元）的利息收入。 (e) Forefront International Limited and Sunshine Finance Co., Ltd. have agreed to indemnify the Group against any shortfall in respect of the Group's obligations under the defined benefits retirement plans for employees transferred from these two companies to the Group up to an amount of approximately HK$6,293,000 (2002: HK$6,906,000). （e）福方股份有限公司和胜山实业股份有限公司已经同意，向本集团赔偿关於从这两家公司转职到本集团的雇员而须支付之退体金（界定福利）款项的任何差额，款项最高约达6，293，000港元（二零零二年:6，906，000港元）。 Notes: 附注： (i) Forefront International Limited is a substantial shareholder of the Company, and Sunshine Finance Co., Ltd., Forefront Motors (Hong Kong) Limited and Ankor Services Limited are subsidiaries of Forefront International Limited. （i）福方股份有限公司为本公司的主要股东，而胜山实业股份有限公司，福方汽车（香港）有限公司及安佳汽车维修有限公司则为福方股份有限公司的附属公司。 (ii) Todaytech Asia Limited is owned by a director of the Company. （ii）Todaytech Asia Limited由本公司一位董事拥有。 (iii) Certain directors and a former director have interests in these companies. In the opinion of the Directors, the above related party transactions were conducted in accordance with the respective arrangements entered into between the Group and the related parties. （iii）若干董事及一位前任董事在此等公司中拥有权益。董事认为，上述有关连人士交易乃按本集团与该等有关连人士各自订立的安排而进行。 4 TURNOVER, REVENUE AND SEGMENT INFORMATION 4营业额，收益及分类资料 Analysis of turnover and revenue in the consolidated income statement is as follows: 综合损益帐内营业额及收益之分析如下： 2003 2002二零零三年 二零零二年 HK$'000千港元 Sale of motor trucks, coaches and vehicle accessories销售货车,旅游巴士及汽车零配件 Provision of motor vehicle repairs and maintenance services提供汽车维修保养服务 Sale of fuel销售燃油 Provision of other vehicle related services提供其他汽车相关服务 Interest income in respect of financing business融资业务的利息收入 Total turnover总营业额 Interest income - others利息收入-其他 Others其他 Total revenue总收益 Business segments业务分类 The Group is principally engaged in the trading of motor trucks, coaches and vehicle accessories, provision of motor vehicle repairs and maintenance services, sale of fuel, provision of other motor vehicle related services, assembling of motor vehicles services, motor vehicle financing business, development of smart card system and investment holding. An analysis by business segment is as follows: 本集团主要从事货车，旅游巴士及汽车零配件的贸易;提供汽车维修及保养服务；销售燃油；提供其他汽车相关服务；组装汽车;汽车融资业务；发展「智慧卡」系统及投资控股。按业务划分的分析如下： 2003 二零零三年 Trading of Provision of trucks, Provision of other motor coaches repairs and vehicle Assembling Motor Development and vehicle maintenance related of motor vehicle of smart Investment accessories services Sale of fuel services vehicles financing card system holding Elimination Total 货车，旅游巴士提供提供及汽车零配件汽车维修其他汽车汽车发展的贸易及保养服务销售燃油相关服务组装汽车融资业务「智慧卡」系统投资控股对销总计 HK$'000千港元 Turnover营业额 Sales to external customers对外间客户销售 Inter-segment sales分类业务间销售 Total turnover总营业额 Operating results经营业绩 Segment result分类业绩 Unallocated corporate expense未分配公司开支 Unallocated corporate interest expense未分配公司利息开支 Gain on disposal of interest in a subsidiary出售附属公司权益收益 Share of loss of an associated company所占联营公司亏损 Taxation税项 Loss after taxation but before minority interests税後但未计少数股东权益前亏损 Other information其他资料 Assets资产 Segment assets分类资产 Unallocated corporate assets未分配公司资产 Liabilities负债 Segment liabilities分类负债 Unallocated corporate liabilities未分配公司负债 Capital expenditures资本开支 Segment capital分类资本 expenditures开支 Unallocated corporate capital未分配公司资本 expenditures开支 Depreciation and amortisation折旧及摊销 Segment depreciation and amortisation分类折旧及摊销 Unallocated corporate depreciation and amortisation未分配公司折旧及摊销 Impairment charge on fixed assets固定资产减值亏损 Non-cash expenditures other than depreciation and amortisation折旧及摊销以外之非现金开支 2002二零零二年 Trading of Provision trucks, Provision of of other coaches repairs and motor vehicle Motor Development and vehicle maintenance related vehicle of smart card Investment accessories services Sale of fuel services financing system holding Elimination Total 货车，旅游巴士提供提供及汽车零配件汽车维修及其他汽车汽车发展的贸易保养服务销售燃油相关服务融资业务「智慧卡」系统投资控股对销总计 Turnover营业额 Sales to external customers对外间客户销售 Inter-segment sales分类业务间销售 Total turnover总营业额 Operating results经营业绩 Segment result分类业绩 Unallocated corporate expenses未分配公司开支 Unallocated corporate interest expense未分配公司利息开支 Share of loss of an associated company所占联营公司亏损 Taxation税项 Loss after taxation but before minority interests税後但未计少数股东权益前亏损 Other information其他资料 Assets资产 Segment assets分类资产 Unallocated corporate assets未分配公司资产 Liabilities负债 Segment liabilities分类负债 Unallocated corporate liabilities未分配公司负债 Capital expenditures资本开支 Segment capital expenditures分类资本开支 Unallocated corporate capital expenditures未分配公司资本开支 Depreciation and amortisation折旧及摊销 Segment depreciation and amortisation分类折旧及摊销 Unallocated corporate depreciation and amortisation未分配公司折旧及摊销 Non-cash expenditures other than depreciation and amortisation折旧及摊销以外之非现金开支 Geographical segments地区分类 The Group's activities are conducted predominantly in Taiwan, Hong Kong and People's Republic of China ("Mainland China"). An analysis by geographical segment is as follows: 本集团的业务主要在台湾，香港及中华人民共和国（「中国内地」）进行.以地区划分的分析如下： 2003 二零零三年 Mainland Taiwan Hong Kong China Unallocated Total台湾香港中国内地未分配总计 Turnover营业额 Segments result分类业绩 Loss from operations经营亏损 Assets资产 Capital expenditures资本开支 2002二零零二年 Mainland Taiwan Hong Kong China Unallocated Total台湾香港中国内地未分配总计 Turnover营业额 Segments result分类业绩 Profit/(Loss) from operations经营溢利（亏损） Assets资产 Capital expenditures资本开支 Turnover by geographical location is determined on the basis of the destination of shipment of merchandise. 按地区划分的营业额以货品付运之目的地而釐定。 5 LOSS BEFORE TAXATION 5税前亏损 Loss before taxation is stated after charging and crediting the following: 税前亏损乃於扣除及计入下列各项後列帐： 2003 2002 二零零三年 二零零二年 Charging经扣除 Staff costs (include directors' emoluments)员工成本（包括董事酬金） Operating lease rental of premises物业经营租赁租金 Provision for obsolete and slow-moving inventories陈旧及滞销存货拨备 Provision for/write-off of bad and doubtful receivables呆坏应收款项拨备撇销 Depreciation of property and equipment物业及设备折旧 Amortisation of goodwill (included in general and administrative expenses)商誉摊销（计入一般及行政开支内） Loss on disposal of equipment出售设备亏损 Interest expense on bank borrowings wholly repayable within five years须於五年内全数偿还的银行借贷的利息开支 Impairement loss on fixed assets固定资产减值亏损 Auditors' remuneration核数师酬金 Crediting经计入 Interest income from利息收入 - financing business-融资业务 - bank deposits-银行存款 - government debt security-政府债务证券 - overdue accounts receivables-逾期应收帐款 Dividend income from unlisted long-term investments非上市长期投资的股息收入 Dividend income from other investments其他投资的股息收入 Gain on disposal of other investments出售其他投资的收益 Unrealised gain on other investments其他投资未变现的收益 Net exchange gain汇兑收益净额 Gain on disposal of interest in a subsidiary (note a)出售附属公司权益的收益（附注a） Write back of provision for obsolete and slow-moving inventories陈旧及滞销存货拨备拨回 Note附注: (a) During the year, the Group disposed of 1.3% interest in U-Drive Company Limited ("U-Drive"), a subsidiary, to an independent party (who is also a vendor of U- Drive) at a consideration of HK$10,612,000 (2002: Nil) and recognised a gain of approximately HK$10,961,000 (2002: Nil). （a）年内，本集团按10，612，000港元（二零零二年：无）之代价，向一家独立第三方出售任我行有限公司（「任我行」）的1.3%权益（该独立第三方亦是任我行的供应商），并确认为数约10，961，000港元（二零零二年：无)之收益。 6 STAFF COSTS 6员工成本 Staff costs, including directors' emoluments (consolidated) consisted of: 员工成本（包括综合入帐的董事酬金）包括： 2003 2002二零零三年 二零零二年 Wages and salaries工资及薪金 Unutilised annual leave未动用年假 Other staff benefits其他的员工福利 Pension costs - defined contribution plans (Note 23(a))退休成本-界定供款计划（附注23(a)） Pension costs - defined benefits plans (Note 23(b))退休成本-界定福利计划（附注23(b)） 7 DIRECTORS' AND SENIOR EXECUTIVES' EMOLUMENTS 7董事及高级行政人员酬金 (a) Details of emoluments of the Company's directors are: (a)本公司董事的酬金详情如下： Fees for executive directors执行董事袍金 Fees for non-executive directors非执行董事袍金 Fees for independent non-executive directors独立非执行董事袍金 Other emoluments for executive directors执行董事其他酬金 - Basic salaries and allowances- 基本薪金及津贴 - Pension scheme contributions- 退休计划供款 No directors waived any emoluments during the year. No incentive payment nor compensation for loss of office was paid or payable to any directors for the year ended 31st December 2003. The number of directors whose remuneration fell within the following bands is as follows: 年内并无董事放弃任何酬金.於截至二零零三年十二月三十一日止年度，本集团概无向董事支付或应付任何款项作为奖金或离职补偿。酬金介乎以下范围的董事人数如下： Executive directors执行董事 - Nil to HK$1,000,000-零至1,000,000港元 Non-executive directors非执行董事 - Nil to HK$1,000,000-零至1,000,000港元 (b) The five individuals whose emoluments were the highest in the Group for the year included three (2002: three) directors whose emoluments are reflected in the analysis presented above. The emoluments payable to the remaining two (2002: two) individuals during the year are as follows: (b)本集团本年度五位最高薪人士包括三位董事（二零零二年：三位），其酬金已於上文所述分析中反映。本年度其馀两位最高薪人士（二零零二年：两位）的酬金如下： Basic salaries and allowances基本薪金及津贴 Pension scheme contributions退休计划供款 The emoluments fell within the following band: 酬金介乎以下范围： Number of individual 人数 During the year, no emoluments were paid to the five highest paid individuals (including directors and other employees) as inducement to join or upon joining the Group or as compensation for loss of office. 年内，本集团并无向五位最高薪人士（包括董事及其他雇员）支付酬金，作为鼓励加盟或加盟本集团时的奖金或离职补偿。

seclusive 2008-04-26 23:19 8 TAXATION 8税项 The Company is incorporated in the Cayman Islands and is exempt from taxation in the Cayman Islands. Hong Kong profits tax was provided at the rate of 17.5% (2002 - 16%) on estimated assessable profit arising in or derived from Hong Kong. Taiwan income tax was provided at the rate of 25% (2002 - 25%) on estimated taxable profit in Taiwan. 本公司於开曼群岛注册成立，并获豁免缴纳开曼群岛税项。香港利得税乃根据於香港产生或源自香港的估计应课税溢利，按税率17.5%（二零零二年:16%）提呈拨备。台湾所得税乃根据台湾估计应课税溢利，按税率25%（二零零二年:25%）提呈拨备。 Taxation in the consolidated profit and loss account consisted of: 综合损益帐内的税项包括： Hong Kong profits tax香港利得税 - Current taxation-本年度税项 - (Over)/under-provision in prior year-上年度（超额拨备）拨备不足 Taiwan income tax台湾所得税 - Current taxation-本年度税项 - Under-provision in prior year-上年度拨备不足 Deferred tax credit (note 25)递延税项抵免（附注25） Total taxation税项总额 The reconciliation between the Group's actual tax charge and the amount which is calculated based on the statutory tax rate of Hong Kong is as follows: 本集团实际的税项支出与按照香港法定税率计算所得的金额对账如下： Loss before taxation税前亏损 Tax at 17.5% (2002: 16%)按17.5% (2002: 16%)计算之税项 Tax effect on income not subject to taxation不计税收入的税务影响 Tax effect on expenses not deductible for taxation不可扣税开支的税务影响 Under-provision in prior year上年度拨备不足 Unrecognised tax losses尚未确认税项亏损 Utilisation of previously unrecognised tax losses抵扣先前尚未确认税项亏损 Effect of different taxation rates in other countries按其他国家不同税率计算之影响 Taxation charge税项支出 9 LOSS ATTRIBUTABLE TO SHAREHOLDERS 9股东应占亏损 The consolidated loss attributable to shareholders included a loss of approximately HK$51,874,000 (2002: HK$26,902,000) dealt with in the accounts of the Company. 股东应占综合亏损包括亏损约51,874,000港元（二零零二年：26,902,000港元），已於本公司帐目内处理。 Unlisted shares, at cost非上市股份,按成本 Due from subsidiaries应收附属公司款项 Due to subsidiaries应付附属公司款项 Less: Provision for amounts due from subsidiaries减：应收附属公司款项的拨备 The balances with subsidiaries are unsecured, non-interest bearing and not repayable within the next twelve months. The underlying value of investment in subsidiaries is, in the opinion of the Directors, not less than its carrying value as at 31st December 2003. 与附属公司有关的结馀均为无抵押，免息及不需於未来十二个月内偿还。董事认为，於附属公司的投资之相关价值不会比其於二零零三年十二月三十一日之帐面值低。 10 LOSS PER SHARE 10每股亏损 The calculation of loss per share for the year ended 31st December 2003 is based on the consolidated loss attributable to shareholders of approximately HK$56,739,000 (2002: HK$30,833,000) and on the weighted average number of approximately 441,700,000 shares (2002: 439,261,000 shares) in issue during the year. No diluted loss per share is presented as there were no dilutive potential ordinary shares in existence during the years ended 31st December 2003 and 2002. 截至二零零三年十二月三十一日止年度之每股亏损，乃按股东应占综合亏损约56，739，000港元（二零零二年：30，833，000港元）及本年度内已发行之加权平均股数约441，700，000股（二零零二年：439，261，000股）计算。由於截至二零零三年及二零零二年十二月三十一日止年度内并无任何具摊薄作用之潜在普通股，故此并无呈列每股摊薄亏损。 11 INVESTMENT IN SUBSIDIARIES 11於附属公司的投资 In the Company's balance sheet, investment in subsidiaries consisted of: 在本公司的资产负债表中,於附属公司的投资包括： Details of the subsidiaries as at 31st December 2003 were as follows: 於二零零三年十二月三十一日之附属公司详情如下： Place of Issued and fully paid Percentage incorporation/ share capital/ of equity Name operations registered capital interest held 注册已发行及缴足所持股本名称成立经营地点股本注册资本权益百分比 (i) Principal activities (i)主要业务 Allen Motor Co. Limited Hong Kong HK$2 93.7% Provision of agency services for insurance and financing of motor vehicles 亚伦车行有限公司香港2港元提供汽车保险及融资代理服务 Cybergear Limited British Virgin Islands US$1 100% Investment holding 英属处女群岛1 美元投资控股 Cyber Centre Holdings Limited Hong Kong HK$2 100% Inactive 数码中心控股有限公司香港2 港元暂无业务 Cyber Centre Limited Hong Kong HK$2 100% Property holding 数码中心有限公司香港2 港元持有物业 Digital Cyber Technologies Group Ltd British Virgin Islands US$1 100% Property holding 英属处女群岛1 美元持有物业 Forefront Automotive Services Company Limited Hong Kong HK$20 100% Trading of motor vehicle 福方汽车服务有限公司香港20 港元 accessories and provision of motor vehicle repairs and maintenance services 汽车零配件贸易及提供汽车维修保养服务 Forefront Automotive Industry Limited Taiwan NT$100,000,000 100% Assembling of motor vehicles 福方汽车工业股份有限公司台湾新台币100,000,000元组装汽车 Forefront (China) Company Limited Hong Kong HK$20 100% Investment holding 福方（中国）有限公司香港20 港元投资控股 Forefront Finance Co. Limited Hong Kong HK$2,000,000 93.7% Provision of hire purchase financing 福方财务有限公司香港2,000,000港元提供租购融资 Forefront International Automotive Limited British Virgin Islands/ US$3,254,681 100% Trading of motor trucks, coaches and vehicle accessories and provision of motor vehicle repairs and maintenance services 福方国际汽车股份有限公司Taiwan 3,254,681 美元英属处女群岛台湾货车，旅游巴士及汽车零配件贸易以及提供汽车维修保养服务 Forefront International (Hong Kong) Limited Hong Kong HK$100,000 100% Trading of motor trucks ordinary shares and coaches non-voting-deferred shares (ii) 福方(香港)有限公司香港HK$6,000,000货车及旅游巴士贸易100,000 港元普通股6,000,000 港元无投票权递延股份(ii) Forefront International Management Limited British Virgin Islands US$10 100% Inactive 英属处女群岛10美元暂无业务 Forefront International Trading (Shanghai) Mainland China US$200,000 100% Trading of motor trucks Co., Ltd. (iii) and vehicle accessories 中国内地200,000 美元福方国际贸易（上海）有限公司(iii)货车及汽车零配件贸易 Forefront Investment Holdings Limited British Virgin Islands US$47,252 100% Investment holding 英属处女群岛47,252 美元投资控股 Forefront (Macau) Automotive Limited Macau MOP25,000 100% Trading of coaches and vehicle accessories and provision of motor vehicle repairs and maintenance services 福方(澳门)汽车有限公司澳门澳门币25,000 元 旅游巴士与汽车零配件贸易及提供汽车维修保养服务 Forefront Science and Technology Hong Kong HK$2 100% Inactive Company Limited香港2 港元暂无业务 Forerunner (China) Development Co. Limited Hong Kong HK$10,000 63.75% Investment holding 福伦（中国）发展 有限公司香港10,000 港元投资控股 Pureland Development Corporation British Virgin Islands US$1 100% Investment holding 英属处女群岛1 美元投资控股 Prime Wish Development Limited Hong Kong HK$2 93.7% Investment holding 志大发展有限公司香港2港元投资控股 Scantle Management Limited British Virgin Islands US$2 100% Investment holding 英属处女群岛2 美元投资控股 Shenzhen Forerunner Automotive Services Limited (iv) Mainland China RMB2,000,000 51% Provision of motor vehicle repairs and maintenance services 深圳福联通汽车修配有限公司(iv)中国内地人民币2,000,000元提供汽车维修及保养服务 Stareast International Limited British Virgin Islands US$2 100% Investment holding 英属处女群岛2 美元投资控股 Sunshine Credit Limited Taiwan NT$201,000,000 93.7% Provision of hire purchase financing 胜山财务股份有限公司台湾新台币201,000,000元提供租购融资 U-Drive Company Limited Hong Kong HK$1,000 93.7% Provision of chain services to vehicle customers 任我行有限公司香港1,000 港元向汽车客户提供连锁服务 U-Drive Smart Card Company Limited Taiwan NT$360,000,000 93.7% Development and operation of multi-application smart card system 任我行智慧卡有限公司台湾新台币360,000,000元研发及经营多用途智慧卡系统 U-Drive Company (B.V.I.) Limited British Virgin Islands US$10 93.7% Investment holding 英属处女群岛10 美元投资控股 V-Guard Technology Limited Hong Kong HK$100 93.7% Provision of telematics services 香港100 港元提供遥距传讯服务 Note附注- (i) Cybergear Limited, Forefront International Automotive Limited, Forefront International Management Limited, Forefront Investment Holdings Limited and Scantle Management Limited are held directly by the Company, while the other subsidiaries are held indirectly. i. Cybergear Limited ，福方国际汽车股份有限公司，Forefront International Management Limited，Forefront Investment Holdings Limited及Scantle Management Limited 由本公司直接持有，而其他附属公司则由本公司间接持有。 (ii) Holders of deferred shares have no rights to vote at general meetings or receive any dividend. Upon winding-up, they are entitled to one half of the balance of the company's assets after HK$100,000,000,000 has been distributed to holders of ordinary shares. ii. 递延股份的持股人无权在股东大会上投票或收取任何股息。在清盘时，首笔剩馀资产100，000，000，000港元将首先用於分派予普通股的持有人，然後该笔资产馀额的一半才分派予递延股份的持有人。 (iii) Forefront International Trading (Shanghai) Co., Ltd. is a wholly foreign owned enterprise established in Mainland China to be operated for a period of 50 years up to May 2050. iii.福方国际贸易（上海）有限公司为在中国内地成立的全外资企业，经营期限将直至二零五零年五月，为期五十年。 (iv) Shenzhen Forerunner Automotive Services Limited is a sino-foreign equity joint venture established in Mainland China to be operated for a period of 20 years up to September 2019. None of the subsidiaries had any loan capital in issue at any time during the year ended 31st December 2003. iv. 深圳福联通汽车修配有限公司为在中国内地成立的中外合资合营企业，经营期限将直至二零一九年九月，为期二十年。各附属公司於截至二零零三年十二月三十一日止年度内的任何时间并无任何已发行借贷资本。 12 INVESTMENT IN AN ASSOCIATED COMPANY 12於联营公司的投资 Investment in an associated company (consolidated) consist of: 於联营公司的投资（经综合入帐）包括： Unlisted shares, at cost非上市股份，按成本 Share of losses应占亏损 Translation adjustments汇兑调整 Share of net assets应占资产净值 The underlying value of investment in an associated company is, in the opinion of the Directors, not less than its carrying value as at 31st December 2003. Details of the associated company as at 31st December 2003 were as follows: 本公司董事认为，於联营公司的投资之相关价值不会比其於二零零三年十二月三十一日的帐面值低。於二零零三年十二月三十一日之联营公司详情如下： Place of Issued and fully Percentage of incorporation/ paid share equity interest Name operations capital held indirectly Principal activities 间接所持名称注册成立经营地点已发行及缴足股本股本权益百分比主要业务 清美国际股份有限公司 Taiwan NT$350,000,000 28.57% Property investment and management 台湾新台币350,000,000元物业投资及管理 13 PROPERTY AND EQUIPMENT 13物业及设备 Movements of property and equipment (consolidated) were: 物业及设备（经综合入帐）之变动如下： Furniture Land and Leasehold and Motor buildings improvements equipment vehicles Total 土地及楼宇租赁物业装修家具及设备汽车总计 Cost or valuation成本或估值 Beginning of year年初 Additions添置 Surplus on revaluation, net重估盈馀净额 Disposals出售 Translation adjustments汇兑调整 End of year年终 Representing -呈报方式- At cost按成本 At professional valuation in December 2003按二零零三年十二月之专业估值 Accumulated depreciation and impairment累计折旧及减值 Charge for the year本年度支出 Revaluation重估 Impairment charge (note 5)减值亏损（附注5） Translation adjustments汇兑调整 End of year年终 Net book value帐面净值 End of year年终 Beginning of year年初 Analysis of land and buildings by geographical locations is as follows: 按地区分析之土地及楼宇如下： Hong Kong香港 Mainland China中国内地 Taiwan台湾 Land and buildings in Hong Kong are held under leases of 50 years up to 2047 on the basis of the rights of extension provided by the New Territories Leases (Extension) Ordinance. Approximately HK$430,000 (2002: HK$370,000) of the land and buildings in Mainland China are held under land use rights for 70 years up to 2055, approximately HK$1,100,000 (2002: HK$850,000) of the land and buildings in Mainland China are held under land use rights for 45 years up to 2042, and approximately HK$980,000 (2002: HK$820,000) of land and buildings in Mainland China are held under land use rights without a specified land use period. Land in Taiwan is freehold and held by a director of the Company in trust of the Group. 香港之土地及楼宇均按五十年租约持有直至二零四七年，并享有新界土地契约（续期）条例订明之权利。在中国内地持有之土地及楼宇中，有价值约430，000港元（二零零二年:370，000港元）乃根据二零五五年到期为期七十年之土地使用权而持有；另有价值约1，100，000港元（二零零二年:850，000港元）的土地及楼宇乃根据二零四二年到期为期四十五年之土地使用权而持有；以及价值约980，000港元（二零零二年:820，000港元）之土地及楼宇乃根据无特定土地使用期之土地使用权持有。在台湾之土地乃按永久产权及由本公司一名董事以信托方式替本集团持有。 Land and buildings were revalued as at 31st December 2003 on an open market value basis of approximately HK$61,417,000 (2002: HK$57,680,000) as determined by LCH (Asia-Pacific) Surveyors Limited, independent qualified valuers. Had all land and buildings been carried at cost less depreciation, the net book value of the Group's land and buildings as at 31st December 2003 would have been approximately HK$57,504,000 (2002: HK$59,418,000). 土地及楼宇於二零零三年十二月三十一日之公开市值重估为约61，417，000港元（二零零二年：57，680，000港元），由独立合资格估值师利骏行测量师有限公司进行估值。倘所有土地及楼宇均按成本减折旧列值，则本集团之土地及楼宇於二零零三年十二月三十一日之帐面净值应约为57，504，000港元（二零零二年:59，418，000港元）。 14 GOODWILL 14商誉 Movements of goodwill (consolidated) were: 商誉变动（经综合入帐）包括： At 1st January於一月一日- Additions添置 Translation adjustment汇兑调整 Amortisation during the year年度摊销 At 31st December於十二月三十一日 Analysis of goodwill:商誉分析： Cost成本 Accumulated amortisation and translation adjustment累计摊销及汇兑调整 Net book value帐面净值 15 LONG-TERM INVESTMENTS 15长期投资 Long-term investments comprised: 长期投资包括： Consolidated Company 综合本公司 Unlisted equity securities in Taiwan, at cost台湾的非上市股本证券，按成本 At 1st January於一月一日 Additions增加 Translation adjustments兑调整 At 31st December於十二月三十一日 The underlying value of long-term investments is, in the opinion of the Directors, not less than its carrying value as at 31st December 2003. During the year ended 31st December 2003, the Group acquired an additional 0.14% interest in 统联汽车客运股份有限公司 ("统联"), a company incorporated in Taiwan, at a cash consideration of approximately HK$430,000. 统联 is principally engaged in the operation of bus transportation business in Taiwan. As at 31st December 2003, the Group has an aggregate of 0.69% interest in 统联. 本公司董事认为，长期投资之相关价值不会比其於二零零三年十二月三十一日的帐面值低。在截至二零零三年十二月三十一日止年度，本集团按约430，000港元之现金代价，购入统联汽车客运股份有限公司（「统联」）额外的0.14%权益。统联在台湾注册成立，主要在台湾从事巴士运输业务，於二零零三年十二月三十一日，本集团合共持有统联的0.69%权益。 During the year ended 31st December 2003, the Group acquired a 14.3% interest in Riez Technology Corporation ("Riez"), a company incorporated in Taiwan, at a cash consideration of HK$20,695,000. Riez is principally engaged in the smart card system development and integration services in Taiwan. During the year ended 31st December 2002, the Group acquired a 9.64% interest in Coventive Advance Technologies Limited ("CATL"; formerly known as Wahoo International Enterprise Co., Ltd.,) a company incorporated in Taiwan, at a cash consideration of approximately HK$6,908,000 from an independent third party. CATL is principally engaged in the development of software and provision of system integration services in Taiwan. 在截至二零零三年十二月三十一日止年度，本集团按20，695，000港元之现金代价，购入铼易科技股份有限公司（「铼易」）的14.3%权益。铼易在台湾注册成立，主要在台湾从事智慧卡系统开发及整合服务.在截至二零零二年十二月三十一日止年度，本集团按约6，908，000港元之现金代价，从独立第三方购入Conventive Advance Technologies Limited（「CATL」，前称网虎国际企业股份有限公司）的9.64%权益，CATL在台湾注册成立，主要在台湾从事开发软件和提供系统整合服务。 16 FINANCE LEASE RECEIVABLES 16融资租赁应收款项 Finance lease receivables (consolidated) are analysed as follows: 融资租赁应收款项(经综合入帐)分析如下： Finance lease rental receivables within a period融资租赁应收租金年期 - not exceeding one year-一年内 - of more than one year but not exceeding five years一年以上但在五年内 Less: Earnings allocated to future periods减:分配至未来期间的盈利 Present value of minimum lease rental receivables最低应收租金的现值 Less: Provision for doubtful rental receivables减:应收租金呆坏帐拨备 Present value of minimum lease rental receivables, less provision for bad and doubtful amounts, is analysed as follows: 应收租金最低金额现值减呆坏帐拨备之分析如下： Certain finance lease receivables were pledged as collateral for the Group's banking facilities (Note 31). 若干融资租赁应收款项已质押作本集团银行备用额的抵押品（附注31）： 17 INVENTORIES 存货 Inventories (consolidated) consisted of: 存货（经综合入帐）包括： Motor trucks and coaches货车及旅游巴士 Vehicle accessories (including chassis and other accessories) 汽车零配件（包括汽车底盘及其他配件） Less: Provision for obsolete and slow-moving inventories减：陈旧及滞销存货拨备 As at 31st December 2003, no inventories were stated at net realisable value.於二零零三年十二月三十一日,没有存货以可变现净值列帐： 18 ACCOUNTS RECEIVABLE 18应收帐款 The Group grants to its customers credit terms ranging from 1 to 3 months. Aging analysis of accounts receivable (consolidated) is analysed as follows: 本集团给予客户的信贷期介乎一至三个月不等。应收帐款（经综合入帐）的帐龄分析如下： 0 to under 3 months零至不超过三个月 3 to under 6 months三至不超过六个月 6 to under 9 months六至不超过九个月 9 to under 12 months九至不超过十二个月 Over 12 months超过十二个月 Less: Provision for bad and doubtful debts减：呆坏帐拨备 19 OTHER INVESTMENTS 19其他投资 Government debt securities in Taiwan台湾政府债务证券 Equity securities listed in Taiwan台湾上市股本证券 Fair value of other investments其他投资的公允值 Equity securities listed in Taiwan of approximately HK$1,739,000 (2002: HK$1,743,000) were pledged as collateral for the Group's banking facilities (Note 31). 20 PLEDGED BANK DEPOSITS As at 31st December 2003, the Group's bank deposits of approximately HK$7,078,000 (2002: HK$6,455,000) were pledged as collateral for the Group's banking facilities in Taiwan (Note 31). 约1，739，000港元（二零零二年：1，743，000港元）的台湾上市股本证券已经质押，作为本集团银行备用额的抵押品（附注31）。20 已质押银行存款於二零零三年十二月三十一日，本集团约有7，078，000港元（二零零二年：6，455，000港元）的银行存款已经质押，作为本集团台湾银行备用额的抵押品（附注31）。

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crazyzhang 2008-07-12 17:10 这个就更专业了

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