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Company Profile

Corporate Information

Group Structure

Significant Events of the Year

Financial Highlights

Chairman’s Statement

Management Discussion and Analysis

Corporate Governance

Pursuit of Excellence – Synergis

An Overview of the Group’s Financial Results and Position

Biography of Directors and Senior Management

Report of the Directors

Consolidated Financial Statements

Contents

2

4

5

6

9

10

12

23

27

32

34

39

101

Synergis Holdings Limited Annual Report 2004/2005 2

Company Profile

Founded in 1978, Synergis Holdings Limited (“Synergis”) is the leading provider of comprehensive

property and facility management services in Hong Kong and the Mainland of China. Synergis is the

first and only property and facility management company listed on the Main Board of The Stock Exchange

of Hong Kong Limited (the “Stock Exchange”) in Hong Kong (Stock Code: 2340). Synergis provides a

wide range of management services through established quality systems and state-of-the-art

technologies, implemented by our well-trained and dedicated employees. Synergis’ clients range from

governmental bodies, property developers, incorporated owner organizations to multinational and

other large corporations in Hong Kong and the Mainland of China.

As at 31st March 2005, Synergis has over 4,600 employees, providing property and facility management

services to over 230 sites, comprising more than 140,000 residential units and approximately 2.4 million

square meters of gross floor area of office, commercial, industrial and special use space such as

educational institutions, logistics terminals , museum and health care facilities. Leveraging its experience

and successes in Hong Kong over the past 27 years, Synergis began expanding into the Chinese Mainland

markets, focusing on major cities such as Beijing and Shanghai, and developing strategic relationships

with partners and clients who understand and value not only Synergis’ experience and operational

expertise but also our management philosophy and systems.

Synergis has continuously developed and improved its operational processes and management systems.

Synergis is the first property and facility management company to implement Total Quality Management

(“TQM”). TQM is a management philosophy focused on motivating all of our employees – managers

and frontline staff alike – to continuously improve its operations and management processes to achieve

good business results and customer satisfaction. Because of the commitment and persistence of our

management and employees to this approach, Synergis is the first property and facility management

company in Hong Kong to be the Overall Winner of the Hong Kong Management Association’s

Quality Award (2001) and the FAME (FAacility Management Establishment) Award 2003 of The

Hong Kong Institute of Facility Management.


Our people are the key to Synergis’ ability to deliver on our commitments to our clients and our

business partners. With our dedication to training, improving and motivating staff, Synergis leads the

industry in our ability to attract, retain and motivate employees at all levels to provide quality management

service. In 2003, Synergis was the first and only property and facility management company to be

recognized the “Best Employers in Hong Kong 2003” as well as one of the top ten “Best Employers

in Asia 2003” in the studies conducted by Hewitt Associates, in partnership with Far East Economic

Review, the Asian Wall Street Journal, the Hong Kong Management Association and South China

Morning Post Publishers Limited.

Synergis has implemented a number of internationally recognized quality systems across its services,

including ISO 14001:1996 Environmental Management System and ISO 9001:2000 Quality Management

System – all of which help us deliver consistently high quality services and provide meaningful solutions

for our customers. It is our relentless focus and commitment to quality management systems that has

enabled us to be awarded the Business Performance Index (“BPI”) 9004 Excellence Class Certificate,

the highest level of the BPI, accredited by the Hong Kong Quality Assurance Agency.

“Synergis” embodies our promise to our stakeholders – that we will shape

the future of our industry and create value by providing innovative and practical customized solutions

that enrich quality of life, improve cost and operational effectiveness, provide peace of mind and

contribute to sustainable growth.


Corporate Information

Board of DirectorsWoo Chia Wei (Chairman)*Fung Yi Hao, Yvette (Deputy Chairman)Fan Cheuk Hung (Managing Director)Barry John Buttifant

(Alternate Director to Fung Yi Hao, Yvette)Lai Ming, Joseph**Kwong Ki Chi**Shih Wing Ching*Tsang Cheung*Tsui Yiu Wa, Alec*Nicholas David Swain*

* Independent Non-executive Director** Non-executive Director

Audit CommitteeShih Wing ChingWoo Chia WeiLai Ming, JosephTsang CheungTsui Yiu Wa, Alec

Company SecretaryChan Ip Sing

Legal AdvisorsHong KongF. Zimmern & Company

BermudaConyers Dill & Pearman

The People’s Republic of ChinaFangda Partners

AuditorsPricewaterhouseCoopers

Principal BankersThe Hongkong and Shanghai Banking Corporation LimitedHang Seng Bank LimitedDBS Bank (Hong Kong) LimitedLiu Chong Hing Bank Limited

Registered OfficeClarendon House,

2 Church Street,

Hamilton HM 11,

Bermuda

Principal Place of Business3rd Floor, Hsin Chong Center,

107-109 Wai Yip Street,

Kwun Tong, Kowloon,

Hong Kong

Websitehttp://www.synergis.com.hk

E-mail [email protected]

Principal Share Registrar and Transfer OfficeButterfield Fund Services (Bermuda) Limited

Rosebank Centre,

11 Bermudiana Road,

Pembroke,

Bermuda

Hong Kong Branch Registrarand Transfer Office

Computershare Hong Kong Investor Services Limited

46th Floor, Hopewell Centre,

183 Queen’s Road East,

Wan Chai,

Hong Kong

Stock Code2340

Board Lot4000 shares

Financial CalendarAnnouncement of interim results December 2, 2004Payment date for interim dividend December 29, 2004Announcement of final results June 3, 2005Ex-dividend date for final dividend July 22, 2005Book closing dates for final dividend July 25 -28, 2005Annual General Meeting for 2005 July 28, 2005Payment date for final dividend August 4, 2005


Group Structure

* For identification purpose only

Synergis Holdings (BVI) Limited

Synergis ManagementServices Limited

Service Pro LimitedSynergis Facility

ManagementLimited

OptimumEngineering

Limited

Synergis PropertyManagement

(China) Limited

S-Club Limited

Synergis Property& Facility

Management(China) Limited

Hsin ShengSecurity Services

Limited

Focus SuccessManagement

Limited

Synergis Property &Facility Management

(Beijing) Limited

Synergis Property &Facility Management(Guangzhou) Limited

Synergis Shui OnManagement Services

(Shanghai) Limited

新昌物業管理（深圳）有限公司

Synergis PropertyManagement

(Shenzhen) Co. Ltd.*

北京實創新昌物業管理有限責任公司Beijing Strong SynergisProperty Management

Co. Ltd.*

廣州新昌建囱物業管理有限公司

Guangzhou SynergisCDC Property

Management Co., Ltd.*

新昌瑞安物業管理（上海）有限公司

Synergis Shui OnProperty Management(Shanghai) Co. Ltd.*

LaundrimateService Limited

北京金融街新昌物業管理有限公司Beijing Financial Street

Synergis PropertyManagement Company

Limited*

Master CleanService Limited

100%

100%

100%

100%

100%

50%

100%

60%

50%

100%

30%

100%

100%




MaySynergis was one of the first batch of property and facility

management companies to receive the “Q-Mark Service

Certificates” from the Hong Kong Q-Mark Council of Federation

of Hong Kong Industries.

JuneSynergis won The Top Service Award 2004 (Property Management

Section) organized by the Next Media.

JulyThe Group participated in the “Corporate & Employee

Contribution Programme” organized by The Community Chest

of Hong Kong and raised approximately HK$120,000 for the

community.

AugustSynergis was honoured to receive the “Superbrand” status from

the Superbrand Council, representing the external recognition

of the Synergis brand’s goodwill and market dominance.

2004


OctoberSynergis was appointed by the Hong Kong Jockey Club to provide

facility management consultancy services to the Club’s off-course

betting branches, telebet centers, quarters, riding schools, staff

resort house and staff social club.

2004

OctoberSynergis was appointed by the Hong Kong Housing Authority to

manage its Headquarters (Blocks 3 & 4) in Homantin.

DecemberThe Annual “Vision Day” was held to promote the Group’s

business directions among all management staff and encourage

them to join hands together for achieving goals and mutual

benefits.

SeptemberSynergis expanded its management portfolio to the cultural and

arts sector by taking over the management of the Hong Kong

Heritage Museum.



JanuaryThe Annual Strategic Planning Workshop was held for the senior

management team to discuss and devise the Group’s future

business directions and strategies.

JanuarySynergis established a new joint venture Beijing Financial Street

Synergis Property Management Company Limited to manage

Xihuan Plaza, which is a large scale commercial development

located in Xicheng District of Beijing.

MarchSynergis was the only company being awarded the Business

Performance Index (BPI) 9004 Excellence Class Certificate, the

highest level of achievement accredited by the Hong Kong Quality

Assurance Agency.

2005 January

Synergis was awarded a contract to provide facility management

services to the Society for the Prevention of Cruelty to Animals.

(“SPCA”).


Financial Highlights

% change 2005 2004

Operating results (HK$’000)

Turnover -1.4 382,445 387,969

Gross profit -7.1 79,229 85,292

Earnings before interest, taxation, depreciation and

amortization (EBITDA) -15.0 34,697 40,810

Profit attributable to shareholders -18.3 25,837 31,611

Financial position (HK$’000)

Total assets -3.6 198,805 206,140

Current assets -4.5 186,431 195,210

Net cash (1) 9.3 106,110 97,087

Net assets 6.1 157,201 148,224

Per share data (HK$)

Basic earnings per share -29.7 0.078 0.111

Dividend per share 20.0 0.060 0.050

Net assets per share 6.1 0.473 0.446

Key ratios

Gross margin -5.9 20.7% 22.0%

Net profit margin -16.0 6.8% 8.1%

Current ratio 35.3 4.6 3.4

Free cash flow (2) per operating profit 5.1x 78.3% 12.8%

Return on shareholders’ equity (ROE) -43.1 16.9% 29.7%

Dividend payout ratio 46.9 77.1% 52.5%

Dividend yield

Year high 38.1 5.8% 4.2%

Year low 28.4 8.6% 6.7%

Price to earnings ratio

Year high 24.3 13.21 10.63

Year low 32.7 8.97 6.76

(1) Cash and cash equivalents less bank loan

(2) Free cash flow is calculated based on cash generated from operations less interest paid, Hong Kong profits tax paid and net capitalexpenditure




Dear Shareholders,

I am pleased to present the annual results of Synergis Holdings Limited and its subsidiaries (collectively,

“Synergis” or the “Group”). The past year has been challenging due primarily to unprecedented aggressive

market competition and a shifting outsourcing model by one of Synergis’ largest customers, the Hong

Kong Housing Authority (“HKHA”). Despite the difficult conditions, the Group’s turnover only decreased

by 1.4% to HK$382.4 million for the year ended March 31, 2005 (“FY2004/05”). This decrease is largely

due to the fact that two significant HKHA contracts were not available for re-tendering on contract

expiry. However, Synergis was able to counterbalance the loss of revenue almost entirely with growth in

other areas and by diversifying its customer base. More importantly, the Group was able to maintain a

99% contract renewal rate and continuously expand its management portfolio – clear and convincing

evidence of customers’ confidence in, and appreciation of, Synergis’ ability to deliver on its value proposition.

Nevertheless, as a consequence of the challenging market conditions explained in more detail in the

Management Discussion and Analysis (“MD&A”) section of this report, net profit was HK$25.8 million, a

decrease of 18.3% on the results of the year ended March 31, 2004 (“FY2003/04”). This should, however,

be considered a reasonably acceptable result in the circumstances because of our ability to maintain a

satisfactory gross profit margin of 20.7% in FY2004/05 compared with 22.0% in FY2003/04 despite the

change in HKHA’s outsourcing model and the excessively aggressive pricing and operational strategies

employed by smaller service providers. What is particularly noteworthy is that both turnover and earnings

in the second half of FY2004/05 showed recovery and improvement – up 4% and 15.6%, respectively,

over the first half of the year. Given these encouraging trends and the strong financial position of the

Group, the Board of Directors is recommending a final dividend of 4.0 HK cents per share. Together with

the interim dividend of 2.0 HK cents per share, total dividends for FY 2004/05 will amount to 6.0 HK

cents per share, representing a 77% payout of earnings for the year. While this payout ratio may appear

paradoxical in light of the decrease in net profits, the Board believes that the Group’s dividend policy

should reflect the cash generative nature of its business, taking into account its medium term working

capital needs and strategic plans. With a cash balance of over HK$100 million and banking facilities of

HK$100 million as at March 31, 2005, the total dividend payout of HK$19.9 million represents a reasonable

dividend distribution of earnings and cash flow generated in the year and does not have any adverse

impact on the Group’s financing requirements for the foreseeable future.

Professor WOO Chia Wei,Chairman


In response to changing market dynamics, Synergis’ strategies were focused on diversification of its

client base and expansion of its business in the Mainland of China (the “Mainland”). As explained in

more detail in the MD&A, in FY2004/05, the Group added upscale residential developments to its

portfolio and started providing management services to clients in the arts and catering sectors, among

others. Our “total solutions” approach and our people’s ability to understand the critical needs of our

clients have enabled us to not only be successful in private residential projects, such as The Paragon

(悠然山莊) and The Hillgrove (漣山) but also develop relationships with niche clients such as the Hong

Kong Jockey Club and Tao Heung Holding Limited (稻香集團有限公司).

Furthermore, as mentioned in our FY2004/2005 Interim Report, our strategy for expansion in the

Mainland is focused on the Group’s ability to transfer and consistently implement its management

systems, its corporate culture and core values to its operations in the Mainland. This strategy is beginning

to bear fruit. The solid foundation and operational excellence we have established in Shanghai and

Beijing is providing the Group with a springboard for further expansion in the Mainland, as evidenced

by the successful establishment of the Group’s second joint venture in Beijing with Beijing Financial

Street Property Management Co., Ltd (北京金融街物業管理有限責任公司).

The Group’s focus and unwavering commitment to quality and service excellence has brought new

awards and accolades. The awards of the Q-Mark Certificate by the Hong Kong Q-Mark Council; The

Top Service Award by the Next Media; and the recent award of the Business Performance Index (BPI)

9004 Excellence Class Certificate by the Hong Kong Quality Assurance Agency are all continuing proof

of Synergis’ status as a “Superbrand”. These awards are external recognition of the Group’s

professionalism, quality management and service performance.

Looking ahead, Synergis is poised to continue to capture new market opportunities and reinforce its market

leadership position, given its proven track record, diversified portfolio and strong management team.

On behalf of the Board of Directors, I would like to thank all of our customers, suppliers, bankers,

business associates and shareholders for their continuous support. The Board would also like to express

its appreciation to more than 4,600 employees for their dedication, conscientious work and contribution

to the Group’s achievements throughout the year.

Professor Woo Chia Wei

Chairman

Left:Xihuan Plaza,Beijing



Mr FAN Cheuk Hung,Managing Director

Financial Review of Group Operations

Analysis of Turnover, Gross Profit and MarginsThe 2004/2005 financial year was a difficult year for Synergis. Notwithstanding the beginning of a

rebound in the Hong Kong economy in 2004, the Group was operating under a tough business

environment in the property management industry, faced with irrational price competition from small

scale management companies in competing for the Property Services Contracts (“PSC Contracts”)

tenders and the change of outsourcing model by the HKHA from the existing PSC contracts to Property

Services Agents contracts, which removes large scale planned maintenance work from the scope of

works to be provided by the management company. The resultant outsourcing model radically reduces

the ability of companies to achieve cost savings through efficient and effective process management

and training because a significant share of a service provider’s costs (60% to 70%) have been fixed

through a combination of minimum working hours and wages and staffing numbers – that is, even if

a service provider is able to improve productivity through the use of technology and/or process

improvement, it is contractually bound to continue to employ such numbers of people.

This is further exacerbated by severe price competition in the public sector market, as evidenced by the

significant reduction in contract value from the most recent award of PSC contracts upon contract

renewal. The impact is shown in Table 1 below. While none of those estates were previously managed

by Synergis, it is important to note that the previous service providers were all large scale management

companies while the winning service providers are smaller scale companies which may not have invested

similarly in management infrastructure and systems.



Table 1: Recent Pricing Trends in HKHA PSC Contracts

Previous

Contract Value New Contract Value

(contract period – (contract period –

April 2001 – November 2004 –

Public Housing Estate March 2004) October 2007) % change Remarks

Chung On Estate; Pok Hong Estate;

Cheung Kwai Estate; Nga Ning

Court & Cheung Wang Estate HK$116.4 million HK$88.8 million -23.7% Note 1

Shek Lei (II) Estate HK$86.7 million HK$59.4 million -31.5%

Kwai Shing (E) Estate & Kwai Hing

Estate HK$95.1 million HK$55.3 million -41.8% Note 2

Note 1: The scope of the new contract had been extended by including Cheung Wang Estate.

Note 2: The scope for Kwai Hing Estate was relatively reduced.

Source: The Government of the HKSAR – Gazette

In recognition of the changing market conditions, Synergis’ management team and operational staff

promptly adjusted its business development strategy by redoubling its expansion efforts in opportunities

outside of the HKHA market. This has been rewarded by further diversification of the Group’s portfolio

into both the private residential and non-residential markets. These factors coupled with the Group’s

ability to maintain its existing customer base by achieving a 99% renewal rate, resulted in a turnover

for the year of HK$382.4 million, a slight decrease of 1.4% as compared to HK$388.0 million in

FY2004. Turnover and gross profit both increased by approximately 4% in the second half of FY2005

compared with the results achieved in the first half of the year.

Consistent with previous years, over 85% of the total turnover was generated from the Group’s core

business – property management and facility management services. The Group managed to maintain

a stable contract-mix ratio amongst Lump Sum (“LS”) contracts versus Management Remuneration

(“MR”) contracts. The same contract-mix ratio of 93% LS contracts: 7% MR contracts was recorded

for both financial years.



Labour is the major cost element associated with LS contracts. On average 80% of the cost of sales are

labour costs. Over the preceding 12 month period, the overall annual increment for salaries was less

than 1%, which was in line with the market. As indicated in past reports, Synergis’ compensation

policy is to provide a competitive remuneration package with performance bonuses designed to award

employees according to their contribution in a variety of areas and commensurate with their job

responsibilities. In line with that policy, and in response to the recommendation of the Employers’

Federation of Hong Kong to implement a “Performance-Based Pay” policy, the Group began restructuring

employees’ salary package by applying part of the fixed salary as an incentive bonus tied to performance.

Revenue generated from supporting services to the Group (before inter-segment elimination) for FY2005

increased to HK$60.6 million (FY2004: HK$55.4 million). Except for security services, which were affected

by the expiration of the two PSC contracts, all other supporting services reported steady growth during

the year. Total gross profit contributed by the supporting services amounted to HK$10.7 million for the

year, a 20.2% increase compared to the HK$8.9 million for FY2004. Gross margins for this business

segment remained relatively stable at 17.6% (FY2004: 16.1%). For the total business, FY2005 recorded

a gross margin of 20.7% (FY2004: 22.0%), although gross profit dropped HK$6.1 million to HK$79.2

million (FY2004: HK$85.3 million).

Other revenues last year included a one-time gain on disposals of security investment of HK$1.4 million

and therefore for FY2005 declined by 30.9% to HK$2.9 million (FY2004: HK$4.2 million).

Supporting services to propertymanagement and facility management

Property management and facilitymanagement services

Turnover byBusiness Segment

382,

445

HK$’000

152,

786

387,

969

05 01020304

239,

644

78,3

72

Gross Profit

HK$’000

79,2

29

85,2

92

63,0

1071,7

69

41,2

73

05 01020304

Profit Attributableto Shareholders

05 01020304

25,8

37 31,6

11

23,6

21

22,6

83

11,3

13

HK$’000


General and Administrative Expenses and Net ProfitSales, general and administrative expenses for FY2005 were HK$51.3 million, up 1.1% over last year.

As a percentage of turnover, costs increased from 13.1% to 13.4%. The increase was primarily

attributable to additional costs for recruiting, training and developing the “right” people; depreciation

of new investment in IT infrastructure and financial applications; and the full year effect on expenses in

connection with public listing of the Group.

As a result, EBITDA for FY2005 declined by 15.0% from HK$40.8 million to HK$34.7 million. Net profit

attributable to shareholders dropped by 18.3% from HK$31.6 million to HK$25.8 million. Nevertheless,

it is important to note that the operating profit percentage increased from 7.7% in the first six months

of FY2005 to 8.4% in the second half of the year.

Share of Losses of Jointly Controlled EntitiesShare of losses of jointly controlled entities reduced by 78.5% to HK$166,000 for the reporting year

(FY2004: HK$773,000). Improved results were mainly attributed to the joint venture with Shui On

Holdings Limited in Shanghai which contributed HK$205,000 profits to the Group after one year of

operation, against a share of loss of HK$164,000 in the previous year.

The results of the joint venture with Beijing Strong Science Park Business Services Co. (北京實創科技

園經營服務公司 ) in Beijing also improved, recording a reduced loss of HK$371,000 (FY2004:

HK$609,000 loss).

TaxationTax on profits decreased 15.8% to HK$5.1 million, compared to HK$6.0 million in the previous year.

The effective tax rate for the year was 16.5% against last year’s 16.1%.

Cash FlowNet cash from operating activities is the main source of liquidity to the Group’s operation. Cash generated

from operating activities increased substantially to HK$36.0 million compared to HK$15.9 million in

FY2004 and HK$6.9 million in the first six months of the year. This dramatic improvement in cash flow

was a result of the extensive efforts undertaken by management, working closely with the HKHA, all

reported in the FY2004/2005 Interim Report. This demonstrates Synergis’ staff’s ability to address the

concerns of its clients and adapt to operational processes accordingly. The cash generation of Synergis’

business showed significant improvement in free cash flow per dollar of operating profit, which for

FY2005, increased to 78.3% from 12.8% in the previous year.



Apart from payment of Hong Kong profits tax of HK$5.7 million, cash flow from investing activities

recorded a net outflow of HK$4.7 million (FY2004: HK$9.0 million outflow), of which:

• HK$5.9 million was used to fund planned acquisition and development of IT applications and the

development of a call center with a customised computerised maintenance management system;

and

• HK$0.4 million was used for capital injection into Beijing Financial Street Synergis Property

Management Company Limited (北京金融街新昌物業管理有限公司 ) (“Financial Street

Synergis”), a new joint venture established in February 2005 to provide facility management

services to Xihuan Plaza (西環廣場 ) in Beijing, in which the Group has a 30% equity interest.

During FY2005, net cash used in financing activities included repayment of bank loans of HK$20.0

million and payment of dividends of HK$16.6 million. After repayment of bank loans, the Group had

no debt.

Total cash and cash equivalents at March 31, 2005 decreased by HK$11.0 million or 9.4% to HK$106.1

million as compared to HK$117.1 million at March 31, 2004, though it increased by HK$14.4 million or

15.7% as compared to the balance at September 30, 2004. The Group has no bank debt.

Total Assets and Net Working CapitalAt March 31, 2005, the Group’s total assets were HK$198.8 million, down by HK$7.3 million or 3.6%,

mainly due to reduced bank balances after repayment of bank loan of HK$20.0 million. Net current

assets remained strong at HK$145.7 million (2004: HK$137.8 million), up 5.8% with a current ratio

recorded at 4.6:1 (2004: 3.4:1), of which HK$185.3 million were liquid assets. The Group maintained

a strong balance sheet and is well positioned to develop future business opportunities in both Hong

Kong and the Mainland.

Trade ReceivablesAt March 31, 2005, trade receivables increased by 16.3% to HK$59.9 million (March 31, 2004: HK$51.5

million), of which HK$40.9 million was due from PSC Batch 7 contracts (2004: HK$31.1 million).

Increase in receivables for PSC Batch 7 contracts was a result of additional revenues generated from

in-take of 3 new sites during the year. Management has made significant progress in the collection of

such receivables. At June 3, 2005, over 49% of the outstanding receivables (including approximately

73% with an aging over 90 days) relating to the PSC Batch 7 contracts had been received.


Banking, Financial Management and TreasuryThe outstanding bank loan of HK$20.0 million at March 31, 2004 was fully repaid on time, and the

Group had no borrowing at March 31, 2005. For day-to-day cash management and maintaining flexibility

in funding potential business opportunities, the Group has access to uncommitted short term borrowings

and bank guarantee facilities, readily provided by its relationship banks. Total uncommitted banking

facilities available to the Group amounted to HK$100.0 million of which HK$96.0 million remained

unutilise. Most of the Group’s assets and liabilities were denominated in Hong Kong dollars whilst a

small part of the cash balances were retained in US dollar deposits (approximately US$0.9 million) at

balance sheet date. Our Mainland operations are in the early stages of development and exposure to

Renminbi currency fluctuation, in term of assets and liabilities, is not considered material. There is,

therefore, no significant exposure to foreign exchange fluctuation. The Group has adopted a prudent

treasury management policy and not engaged in any leveraged or speculative derivative products. In

view of the substantial cash balances with no bank debt, the Group’s exposure to interest rate fluctuation

is minimal. An investment policy has been established for monitoring the investments of the Group’s

uncommitted funds to achieve the highest practicable return on the investments consistent with

maintaining adequate liquidity and preservation of capital. The Directors will closely monitor the financial

risks associated with the Group’s assets, liabilities, rights or obligations.

Business and Operations Review

Hong Kong

For the year ended March 31, 2005, Synergis has progressively expanded its business in both Hong

Kong and the Mainland. In Hong Kong, a total of 215 sites were under management, representing an

increase of 8.0% compared to last year. Of particular note is the growth in the size of the Group’s non-

residential facilities portfolio – an increase of 31.2% from 1.34 million sq. m. to 1.76 million sq. m.

Despite intense market competition, our contract renewal rate was consistently maintained at 99%.

Taking into account our portfolio in the Mainland, the Group managed a total portfolio of 230 sites

and over 2.42 million sq. m. of non-residential facilities. The increase, not only in the size of our

management portfolio but also its diversity, is proof that despite increasingly difficult market conditions,

opportunities exist for Synergis to take advantage of its leadership position through a “total solutions”

approach – such requires the continuous investment in our people, processes and technologies.

In Hong Kong, the competition in property management market remained fierce in both private and

public sectors. As noted, Synergis has strengthened its business development efforts and technological

applications in service delivery. Our solutions approach and our people’s ability to understand the

critical needs of our clients have enabled us to be successful in a number of new private residential

projects, including The Paragon (悠然山莊 ), Billows Villa (浪濤苑 ), The Hillgrove (漣山 ), The Aegean

(愛琴灣 ) and Greenview Garden (綠怡花園 ).

Table 2 below reflects the changing nature of the Group’s customer-mix, with a shift towards the

private sector, where Synergis has consistently been able to achieve a high renewal rate and where

clients understand and appreciate the importance of having a company with a proven track record and

the ability to deliver innovative yet practical customised solutions and services to address their needs.



Table 2: Analysis of Turnover of Property Management and Facility Management Services by

Customer

FY2004/2005Public

Sector-Others19%

PSC Contracts33%

Private sector48%

PublicSector-Others

19%

PSC Contracts40%

Private Sector41%

FY2003/2004

Private SectorPSC Contracts Public Sector-Others

The growth in the public residential sector slowed down compared to the previous year. The HKHA has

changed the assessment criteria for the new batch of PSC tenders by waiving the requirement on the

intake of ex-Housing Department staff and imposing strict requirements on minimum wages and working

hours for non-skilled labour. We faced with severe competition from small-scale management companies

that have taken a highly aggressive pricing approach in bidding the PSC tenders. As already mentioned

in the Interim Report, Synergis has and continues to institute process re-engineering measures to

streamline our cost structure and improve competitiveness in this dynamic market environment.

Despite such fierce competition in the public sector, the Group successfully secured three contracts

with the Hong Kong Government – the HKHA Headquarters (Blocks 3 and 4), the Hong Kong Heritage

Museum and the Hong Kong Heritage Discovery Centre of the Antiquities and Monuments Office.

These contracts result in a more diversified portfolio mix for Synergis, enhancing our capability to

develop facility management business in different industries.

Left:The Hillgrove

Right:Hong KongHeritageMuseum


As further evidence of Synergis’ leadership position in the facility management business, which we

believe has yet to mature, the Group successfully won contracts from the Hong Kong Jockey Club and

the Society of the Prevention of Cruelty to Animals. In addition, the Group’s investment in its technological

infrastructure, including the Synergis Customer Services Center (Call Center), over the past year has

been instrumental in enabling Synergis to continue to differentiate itself and secure business in this

market. We successfully extended our service to facility maintenance by securing a facility maintenance

contract from Tao Heung Holding Limited (稻香集團有限公司 ), a large Chinese restaurant group

with over 30 business outlets in Hong Kong. Our technological platform has already been deployed in

other customer sites; moreover, this contract provides an additional foothold for us to extend our

service capabilities to clients operating in multiple dispersed locations.

Mainland of China

While our business in the Zhongguancun (中關村 ) area of Beijing showed stable growth, we believe

that the Group must penetrate Beijing’s Central Business District by strategically building a brand presence.

In February 2005, Synergis formed a new joint venture with Beijing Financial Street Property Management

Co., Ltd. (北京金融街物業管理有限責任公司). The new joint venture, Beijing Financial Street Synergis

Property Management Company Limited (北京金融街新昌物業管理有限公司 ) will provide

professional and quality property and facility management services to Xihuan Plaza (西環廣場 ) in

Xicheng District (西城區 ) of Beijing. Upon its completion in late 2005, Xihuan Plaza will house a mega

shopping mall and modern office buildings with over 180,000 square metres. Financial Street Synergis

will manage this new Beijing landmark, which will also serve as a comprehensive transportation hub of

railway, underground subway, light rail and public transport.

In Shanghai, with the successful implementation of our management and operational systems in Synergis

Shui On Property Management (Shanghai) Co., Ltd. (“Synergis Shui On”), we successfully took over the

management of four projects from Shui On Land (“Shui On”). With the intake of Rui Hong Xin Cheng (瑞

虹新城) Phase 2 in mid 2005 and the expected completion of the first phase of Chuangzhi Tiandi (創智天

地) in late 2005, our management portfolio size in Shanghai alone will increase to 974,000 sq. m. from

446,000 sq. m. in FY2004. Chuangzhi Tiandi will be a multi-function community concentrating on education,

technology, culture, research and business incubation with a total area of over 1 million sq. m.

“We are impressed by Synergis’capability in providingcomprehensive facilitymanagement solutions forAAT’s state-of-the-art facilitiesin a cost-effective way ”

Mr. Nelson LeeGeneral Manager, Planning and ServicesAsia Airfreight Terminal Co. Ltd.



Left:CorporateAvenue,Shanghai

Right:Rui Hong XinCheng,Shanghai

It was particularly heartening to note that our professional management team received a number of

customers’ appreciation letters during a traditionally difficult time – tenant handover – of Corporate

Avenue (企業天地 ), a Class A commercial building, and Rui Hong Xin Cheng (瑞虹新城), a large scale

residential estate. This again is proof of our success in establishing Synergis’ quality management

system and corporate culture in operations in the Mainland and providing a solid foundation for Synergis

to further increase its market share in the Mainland.

Outlook

While Hong Kong has begun an economic recovery which has gathered pace over the past year, there

is still substantial pressure, in both public and private organisations, to control costs and to focus

resources on core businesses. Moreover, consumers are not only price conscious, but also demand

quality services and attention to their specific needs. The Group is confident that the increasing level of

market sophistication will help differentiate Synergis from other competitors because of our strong

financial position and solid foundation in delivery of customised management solutions, well-maintained

customer relationships and sizeable portfolio.

To cope with the increasing customer expectations, the Group will continue to enhance and deliver

innovative and quality services through a “total solutions” approach. Given the somewhat irrational

competition in the public rental housing market and the lack of incentive to encourage innovation and

process improvement in the current outsourcing model for public rental housing, the Group will focus

its efforts on opportunities in market segments where the customer understands and appreciates the


Left & Right:Tin Yiu Estate

relationship between value, on the one hand, and the importance of quality, professionalism and

management systems, on the other. Meanwhile, we shall continue with our efforts to contain costs in

order to sustain a reasonable level of profitability in the highly competitive market.

The Group is keen to leverage our established platform of management solutions to benefit from the

outsourcing strategy of the Hong Kong government. One example will be the emergence of Real

Estate Investment Trust (“REIT”) in the market. While the re-launch of REIT by The Link Management

Limited (“The Link”) may take some time, The Link has been progressively assuming control over the

management of the HKHA’s portfolio of shopping centres and car parks. The Link will focus on deploying

innovative information technology and cost-effective management systems to manage its assets. To

maintain a commercially attractive asset portfolio, we believe that The Link would strive to improve the

asset quality and maximise returns by working in partnership with strong and reputable business

associates. Synergis stands ready to capture this business opportunity as it arises since Synergis is the

leading total management solutions provider in the industry.

Besides the Link, property developers in the Mainland have indicated a growing interest in raising

capital through REIT activity, particularly given the current austerity program. REIT is regarded as a

positive move to provide liquidity to Chinese property developers, enabling them to unlock the real

value of their assets. In pursuit of launching a REIT in Hong Kong or overseas markets such as Singapore,

most Chinese developers will need to identify an experienced and professional management company

to assist them in improving and sustaining the quality and value of their portfolio of properties. Synergis

believes that it is well positioned to capture this developing market, particularly given our well-established

technology infrastructure and track record of professional and innovative service delivery in the industry.

Establishing a strong foundation and business in the Mainland continues to be another area of focus.

Our initial success in “transplanting” our systems does not signify an end to the process but rather



Left & Right:Our teams inShanghai

provides a stimulus to it. Synergis will continue to review the most effective means of deploying and

customising those systems in our operations in the Mainland. One of the most important areas will be

the recruitment, training and development of our local employees not only to enable them to achieve

operational excellence, but also to inculcate them with Synergis’ core values and culture. The Board of

Directors is delighted to note the satisfactory progress on these initiatives, as demonstrated by the

appreciation and recognition received from our customers and would like to thank our Mainland teams

for their dedication and hard work.

We will continue to strengthen the Synergis brand through striving for service excellence, innovation

and practical solutions and by instilling a sense of purpose in our people. With a highly motivated team

and customised management systems in place, Synergis is confident to further increase its business

and reputation in the coming years.

Fan Cheuk HungManaging Director



Synergis recognises the interests of and its responsibility to one of its most important stakeholders – its

shareholders. The Group is committed to upholding high standards of corporate governance as a

means of protecting and enhancing shareholder value and ensuring the integrity of operations of

individual companies. These standards are built on the principles of independence, accountability,

transparency and fairness with an appropriate system of checks and balances which are regularly reviewed

to address the growth of the Group. The responsibility for ensuring compliance within the corporate

governance framework begins first and foremost with our independent, professional and diligent board

of Directors (the “Board”).

The Code on Corporate Governance Practices (the “CG Code”) promulgated by the Stock Exchange

became effective for the 2005 reporting year. Whilst the Company is only required to report on

compliance with the new code from the 2005/2006 financial year onwards, the Board is committed to

meeting all the provisions of the CG Code and those recommended best practices which the Board has

determined to be in the best long term interests of its stakeholders within the earliest possible time.

The BoardThe Board is accountable to shareholders for the strategic development of the Group with the objective

of enhancing shareholder value. Currently the Board is composed of the independent non-executive

Chairman, the executive Deputy Chairman (who has appointed an alternate executive director), the

executive Managing Director and six non-executive directors (of whom four are independent). The

biographical details of all directors are set out in the “Biography of Directors and Senior Management”

section on pages 34 to 38. Coming from diverse business and professional backgrounds, the Chairman

and the non-executive directors leverage on their invaluable expertise and experience to help protect

shareholder interests and enhance shareholder value. The Board has received from each independent

non-executive director a written annual confirmation of his independence under the Rules Governing

the Listing of Securities on the Stock Exchange (the “Listing Rules”) and continues to consider each of

them to be independent.

The CG Code requires the roles of Chairman and Chief Executive to be separate and not performed by

the same individual – a model adopted by Synergis from the first day it became a listed company. The

Chairman of the Company, an independent non-executive Chairman, is responsible for the leadership

and proper functioning of the Board, whilst the executive Deputy Chairman and the executive Managing

Director are responsible for the day to day management of Synergis’ business.

The Board conducts regular meetings throughout the year to discuss business strategy and review the

financial performance of the Group. The Board has reserved for its decision on matters covering overall

group strategy, business plans, annual budgets, major acquisitions and disposals, significant capital

expenditures, appointment and reappointment of directors, interim and annual results announcements,

dividend policy and other significant operational and financial issues. The agendas and accompanying

board papers are circulated to board members in advance before the Board meetings. The Directors

have full access to information relating to the Group and free to seek professional advice whenever

deemed necessary.



The Board held four board meetings during FY2004/2005, including a strategic planning session. Details

of directors’ attendance at the Board meetings and the Audit Committee meetings are set out in the

table below:

Directors Board Audit Committee

Independent Non-executive Chairman

Professor Woo Chia Wei 4/4 2/2

Executive Directors

Fung Yi Hao, Yvette (Deputy Chairman) 4/4

Fan Cheuk Hung (Managing Director) 4/4 2/2

Independent Non-executive Directors

Shih Wing Ching 4/4 2/2

Tsang Cheung (1) 2/2 1/1

Pau Wah Kin (2) 2/2 1/1

Tsui Yiu Wa, Alec (3) 1/1

Non-executive Directors

Lai Ming, Joseph 3/4 2/2

Kwong Ki Chi (4) 4/4

Alternate Director

Barry John Buttifant (5) 1/1

Notes:(1) Appointed as an independent non-executive director on September 13, 2004.

(2) Appointed as an independent non-executive director on September 30, 2004 for a term of six months and resignedon April 1, 2005.

(3) Appointed as an independent non-executive director on January 1, 2005.

(4) Appointed as an alternative director to Fung Yi Hao, Yvette on January 2, 2004 and re-designated as a non-executivedirector on September 13, 2004.

(5) Appointed as an alternate director to Fung Yi Hao, Yvette on January 1, 2005.

Directors appointed by the Board are subject to election by shareholders at the first annual general

meeting after their appointment. Under the Company’s existing bye-laws, one-third of the directors

(excluding the Chairman of the Board and Managing Director) are required to retire from office by

rotation at each annual general meeting and the directors to retire shall be those who have been

longest in office since their last re-election or appointment. A retiring director is eligible for re-election.


Audit CommitteeThe Audit Committee (the “Committee”) was established upon the listing of Synergis’ shares on the

Stock Exchange in October 2003. The majority of Committee members are independent non-executive

directors. To further enhance the independence, two additional independent non-executive directors

with appropriate accounting and related financial management expertise were invited to join the

Committee during the year. The Committee is now composed of five non-executive directors of whom

four are independent and is chaired by an independent non-executive director.

The terms of reference of the Committee follow the guidelines set out by the Hong Kong Institute of

Certified Public Accountants. Under its terms of reference, the Committee is required, amongst other

things, to oversee the relationship with the external auditors, to review the Group’s financial statements,

annual reports and interim results, to review the scope, extent and effectiveness of the Group’s internal

audit function, and to make relevant recommendations to the Board.

The Committee held two meetings during the year in FY2004/2005. During the meetings, the committee

members reviewed and discussed with the senior management the interim results, preliminary result

announcements and annual report with a view to ensuring that the Group’s financial statements are

prepared in accordance with accounting principles generally accepted in Hong Kong. The Committee

also considered the reports from the external auditors on the scope and findings of their independent

review of the interim results and annual audit of the consolidated financial statements. The internal

audit reports on business operations and corporate functions submitted by the internal audit team

with findings and improvement recommendations were reviewed by the Committee with the presence

of senior management. The minutes of Committee meetings and internal audit reports are circulated

to other Board members who are not appointed to the Committee and the external auditors.

Internal AuditIn accordance with the audit scope, objectives and audit cycle as set out in the Internal Audit Strategy

Memorandum which was formally adopted by the Audit Committee, the internal audit team examines

the processes, practices and procedures of internal control for business operations and corporate

functions of the Group on a regular basis. The primary objective of internal audit is to provide objective

assurance on the systems of internal control, set out the findings and give recommendations to improve

internal control weaknesses as identified during examination, so as to ensure a reliable internal control

system is in place. The Internal Audit team reports directly to the Audit Committee.

Executive Management CommitteeThe Executive Management Committee (the “EMC”), composed of executive directors and senior

executives and chaired by the executive Managing Director, meets on a monthly basis to discuss business

operations with significant issues, review the financial statements and monitor the performance of the

Group against approved budgets by the Board. The EMC also reviews the implementation of those

strategies and policies adopted by the Board.



Finance CommitteeThe Finance Committee, composed of one executive director, one non-executive director and the

Group’s chief financial officer, is responsible for setting strategies, policies and guidelines on financial

management and treasury operations. The Finance Committee also assists the Board in reviewing the

financial results and performance of the Group. The Finance Committee meets as and when required

to review the financial operation of the Group, such reviews include financial performance, treasury

management, performance against the annual budgets and risk assessment.

Model Code for Securities Transactions by DirectorsThe Company has adopted stringent procedures governing directors’ securities transactions in compliance

with the Model Code for Securities Transactions by Directors of Listed Companies (“Model Code”)

contained in Appendix 10 to the Listing Rules. Proper procedures have been established to ensure that

directors strictly comply with the applicable code provisions of the Model Code as well as applicable

laws and regulations. A copy of the Model Code is sent to each director on his first appointment.

Obligations of directors under the Model Code include the disclosure of their interests in securities,

disclosure of any conflict of interest in a transaction involving Synergis, prohibition on dealing in shares

under specified circumstances pursuant to the Listing Rules and restriction on the disclosure of price-

sensitive information. No incident of non-compliance was noted by the Company during the year.

Directors’ interest as at March 31, 2005 in the shares of the Company and its associated corporations

(within the meaning of Part XV of the Securities and Futures Ordinance) are set out on page 44.

Compliance with the Code of Best PracticeSave as disclosed below, the Company has complied throughout the year with the Code of Best Practice

as set out in the Appendix 14 to the Listing Rules.

Non-executive directors of Synergis are not appointed for a specific term, except for Professor Woo

Chia Wei, who is the Chairman and therefore not subject to re-election at the Company’s annual

general meeting, but subject to retirement by rotation and re-election at the Company’s annual general

meeting in accordance with the Company’s bye-laws 87.

Investor Relations and CommunicationsThe Company continues to pursue a proactive policy of promoting investors relations and communications

by setting up regular briefing meetings with institutional shareholders and analysts promptly after the

interim and annual financial results have been announced. The Company is committed to providing

performance information of the Group to shareholders in a clear, forthcoming and timely manner

through the publication of interim and annual reports and newspaper announcements. The results

announcements, press releases, interim and annual reports and other announcements are also posted

on the Company’s investor relations website – http://www.synergis.com.hk – and regularly updated

with the latest available information. Comments and suggestions are welcome and can be addressed

to the company secretary or corporate communications manager.

During FY2004/2005, except for the amendments to the Company’s bye-laws required to facilitate

alignment with the change in the Listing Rules relating to enhancing corporate governance and the

Companies Ordinance, the Board confirmed that there was no significant change made in the Company’s

bye-laws affecting Synergis’ reporting practices in this area.



What is the Synergis Brand?“Unbounded Thinking, Meaningful Results” is Synergis’ management philosophy. This simple phrase

reflects our commitment to providing innovative yet practical solutions tailored to the needs of our

customers, as well as our relentless focus on delivering excellence.

“Synergis”, our brand is our promise to our customers. All that we do is focused on our ability to

deliver on that promise and ultimately to achievement of our vision of becoming the benchmark of the

property and facility management industries in Asia.

Our ability to deliver the “right solutions” to our customers depends not on catchy slogans or glossy

brochures but instead the reliance on having the RIGHT PEOPLE; the RIGHT MANAGEMENT; and

the RIGHT INFRASTRUCTURE AND SYSTEMS.

The Right People

Our greatest asset is our people. Everything we do, we count on our people to deliver to the best of

their ability, whether under normal operating conditions, in emergencies or in new environments. With

27 years of experience in the property management industry and as the first property management

company to be recognized as the Best Employer in Hong Kong and Asia, Synergis has clearly

demonstrated its ability to recruit, develop and retain the right people. Our success is a result of our

steadfast belief in “Every Manager a Human Resources Manager.” Our line managers’ commitment to,

and implementation of, this belief enables us to continuously evaluate and adapt our recruitment,

training and development programs to meet the changing needs of our customers and changing

nature of their facilities. This philosophy means that every supervisor plays an active role in

– Identifying talented employees

– Attracting quality employees

– Fully utilising each employee’s capabilities

– Rewarding talented employees

– Developing employees to their fullest potential

– Retaining talented employees



Learning and Development

During FY2004/05, Synergis’ operational and management staff, including those on the Chinese

Mainland, received a total of 33,265 man-hour of training in 260 training courses, covering topics on

customer service, leadership, quality management systems, total quality excellence and the industry

best practices. These training programs, together with close supervision and our performance

management system, play an essential role in enhancing our staff’s professional skills and competencies,

equipping them with the knowledge and tools to anticipate the critical needs of our customers and

develop solutions accordingly.

In 2005, we launched two new training programs –

“The Synergis Way Workshop” and “Thought of the

Day” – to enhance our staff’s commitment to quality

and service.

“The Synergis Way Workshop” will help improve

employees’ understanding of and commitment

to the pursuit of quality excellence the Synergis way.

“Thought of the Day”, a 15-minute daily series

of 31 thoughts of the day which was a simple yet innovative solution suggested by one of our

line managers, to help improve our employees’ understanding of Synergis’ core values.

The Group’s continuing efforts in developing our people were again rewarded this year when Synergis

won the Top Service Award 2004 (Property Management Section) organized by Next Media. Perhaps

even more significant was our customers’ vote of confidence leading to 99% contract renewal in

FY2004/05.

Performance Management

A comprehensive performance management system is vital to developing, rewarding and retaining

staff. In 2001 Synergis began implementing a performance management system which measured staff

performance in a number of different ways, using a Balanced Scorecard, Key Performance Indicators

and Competency Assessment approach. This system enables the Group to identify our star performers

for further development. At the same time, it allows us to analyse and determine our broader training

needs so we can tailor our programs according to the current regulatory environment and the changing

needs of our customers.

Commitment is a two-way street. We are confident that if Synergis continuously demonstrates our

commitment to our people through a fair and transparent performance management system and

continuous investment in training and development, our employees will demonstrate their commitment

to Synergis by bringing passion to their work and providing the right solutions and best service to our

customers.


Company Vision / Mission / Values

HeadquartersSupport

CustomerSatisfaction

CustomerRequirement

Business Development

Planning of Services

Revision andControl System

Continual Improvement Delivery of Services

Strategic Planning

Excellence in Systems

Synergis has continuously developed and refined its operational processes and management systems

since the inception of our business 27 years ago. Our intranet-based process management system, the

Synergis Management System (“SMS”), encompasses all of our operation processes online. With intranet

accessibility, SMS helps streamline management operations for different customer segments – and all

without geographical limitations. Our success in “transporting” our SMS to our operations in Shanghai

and Beijing exemplifies the robustness of this system.

In FY2004/05, Synergis again became the benchmark in the property and facility management industries

as it was the first company in the industry to be awarded the “Q-Mark Service Certificates” by the

Hong Kong Q-Mark Council of Federation of Hong Kong Industries and the BPI 9004 Excellence Class

Certificate. The latter recognition is all the more satisfying because we voluntarily participated in the

Business Performance Index (“BPI”) Scheme launched by the Hong Kong Quality Assurance Authority

so as to use independent objective standards to measure the maturity and performance of our systems.

Synergis’ quality management systems were comprehensively assessed using ISO 9004 standards and

attained the highest score in all 14 key performance categories.

Synergis Management System



Center of Excellence

• Operational Excellence

• Benchmark of the best practices

• Innovative but Practical Solutions

Synergis TotalManagement

Solutions COE

Platform and Tools for Systemand Process Continual Improvement

Human ResourcesManagement

Provision ofProperty and Facility

ManagementServices

BusinessGrowth

CustomerRelations

Management

Center of Excellence

Synergis’ Center of Excellence (“COE”) was established in 2003 to analyse and develop the improvement

and innovative ideas and document best practices from our employees’ quality circles. The COE facilitates

the cycle of continuous improvement as best practices are implemented across our sites and then

improvement ideas are generated from broad implementation. It provides a platform for benchmarking,

knowledge management and process re-engineering for the Group and most importantly, has become

a repository of our institutional knowledge.


Examples of the best practice and quality tools deployed on a daily basis to enhance staff productivity,

efficiency and safety including inter-alia the Synergis Environmental Hygiene Management System – a

system designed to transform the concept of cleaning from mere “dirt removal” to hygiene management;

the tele-protection system – an automated system to track and maintain records of security staff

attendance at multi-sites to ensure compliance with the statutory requirements and performance

undertakings on security staffing; an invention for checking water levels in water tanks; and a device

for lifting manhole covers.

We are particularly proud of two new innovations developed recently by our front line staff – the

“Carpet Handling Unit” and “Safety Railing Cart”. The “Carpet Handling Unit” is designed to minimise

workplace injuries, save manpower and improve work efficiency. This invention by our site team won

the Bronze Award in the 2005 Hong Kong Occupational Safety and Health Award – Safety Technological

Achievement Award. The “Safety Railing Cart” was invented for cleaning and working at the top of

the covered walkways. This innovative tool has proved itself to be an excellent device to not only

minimise work injuries but also improve operational efficiency.

Left:CarpetHandling Unit

Right:Safety RailingCart


An Overview of the Group’s Financial Results and Position

Consolidated Cash Flow StatementFor the year ended 31/3/2005

HK$’000

Cash generated from operations 36,015Interest paid (49 )Hong Kong profits tax paid (5,662 )

Net cash from operating activities 30,304Purchase of fixed assets (5,860 )Proceeds from disposal of

fixed assets 94Proceeds from disposal of

other investments 1,002Interest received 508Capital injection into an

associated company (425 )Repayment of bank loan (20,000 )Dividends paid– 2004 final dividend paid (9,960 )– 2005 interim dividend paid (6,640 )

Net decrease in cash andcash equivalents (10,977 )

Cash and cash equivalentsas at 31/3/2004 117,087

Cash and cash equivalentsas at 31/3/2005 106,110

6

7

8

Consolidated Profit and Loss AccountFor the year ended 31/3/2005

HK$’000

Turnover 382,445Cost of sales (303,216 )

Gross profit 79,229Other revenues 2,933General and administrative expenses (51,352 )

Operating profit 30,810Finance costs (13 )Share of net losses of jointly

controlled entities (166 )

Profit before taxation 30,631Taxation (5,054 )

Profit for the year 25,577Minority interest 260

Profit attributable to shareholders 25,837

Dividends:Interim paid 6,640Final proposed 13,280

1

3

4

5

2

Last Year’s Consolidated Balance SheetAs at 31/3/2004

HK$’000

AssetsFixed assets 8,289Jointly controlled entities 2,164Deferred tax assets 477Accounts receivable 51,500Bank balances and cash 117,087Current portion of long-term bank loan (20,000 )Other net current liabilities (10,812 )

148,705

Shareholders’ funds and non-current liabilitiesShare capital 33,200Other reserves 27,572Retained profits 86,992Minority interest 460Deferred tax liabilities 481

148,705


Movement of Retained ProfitsFor the year ended 31/3/2005

HK$’000

Balance as at 31/3/2004 86,992Profit attributable to shareholders 25,8372004 final dividend paid (9,960 )2005 interim dividend paid (6,640 )

Balance as at 31/3/2005 96,229

This Year’s Consolidated Balance SheetAs at 31/3/2005

HK$’000

AssetsFixed assets 9,842Jointly controlled entities 1,996Associated company 425Deferred tax assets 111Accounts receivable 59,899Bank balances and cash 106,110Current portion of long-term

bank loan –Other net current liabilities (20,286 )

158,097

Shareholders’ funds and non-current liabilitiesShare capital 33,200Other reserves 27,572Retained profits 96,229Minority interest 200Deferred tax liabilities 896

158,097

9

10

2

3

4

5

9

10

6

7

8

1 Despite the difficult market conditions, the Group’sturnover slightly decreased by 1.4% to HK$382.4million for FY2005. This decrease is largely due to twosignificant HKHA contracts were not available for re-tendering on contract expiry. However, Synergis wasable to counterbalance the loss of revenue almostentirely with growth in other areas, by diversifying itscustomer base and maintaining a 99% contract renewalrate.

General and administrative expenses increased by 1.1%to HK$51.3 million which was primarily attributable toadditional costs for recruiting, training and developingthe “right” people; depreciation of new investment inIT infrastructure and financial applications; and the fullyear effect on expenses in connection with public listingof the Group.

Share of losses of jointly controlled entities reduced by78.5% to HK$166,000. Improved results were mainlyattributed from joint venture with Shui On in Shanghaiwhich contributed HK$205,000 profits to the Group,against a share of loss HK$164,000 in the previousyear.

Return on equity was at 16.9% and earnings per shareamounted to 7.8 HK cents.

Interim dividend of 2.0 HK cents per share was paid inDecember 2004. Together with the proposed finaldividend of 4.0 HK cents per share, total dividend of6.0 HK cents per share were paid or declared by theCompany.

Cash generated from operating activities increasedsubstantially to HK$36.0 million compared to HK$15.9million in FY2004. This dramatic improvement in cashflow was a result of the extensive efforts undertakenby management working closely with the HKHA onthe collection of receivables due from PSC Contracts.As a result, there is a significant improvement in freecash flow per dollar of operating profit which increasedto 78.3% from 12.8% in the previous year.

Capital injection into an associated companyrepresenting our contribution to Beijing Financial StreetSynergis Property Management Company Limited, anew joint venture established in February 2005 toprovide facility management services to Xihuan Plazain Beijing, in which the Group has a 30% equityinterest.

The outstanding bank loan of HK$20.0 million at March31,2004 was fully repaid on time, and the Group hadno bank borrowing at March 31, 2005.

Trade receivables increased by 16.3% to HK$59.9million of which HK$40.9 million was due from PSCBatch 7 contracts as additional revenues generatedfrom in-take of 3 new sites in respect of PSC contracts.Over 49% of the outstanding receivables (includingapproximately 73% with an aging over 90 days) relatingto PSC Batch 7 contracts had been received as of June3, 2005.

Included in the other reserves were share premiumamounting to HK$25.9 million and merger reserve ofHK$1.5 million.



Independent non-executive DirectorsProfessor Woo Chia Wei, aged 67, is an independent non-executive director and the non-executive

chairman of the Group, appointed on September 16, 2003. Professor Woo was the founding president

of the Hong Kong University of Science and Technology from 1988 to 2001. He was a professor of

physics at Northwestern University, University of Illinois, and University of California. In 1983, he became

the president of San Francisco State University, the first Chinese-American to serve as president of a

major university in the United States. Professor Woo works as a Senior Advisor for Shui On Holdings

Limited, and also serves on the Chinese People’s Political Consultative Conference. Professor Woo acts

as an independent non-executive director of several companies listed on the Stock Exchange of Hong

Kong, among which are First Shanghai Investments Limited, Lenovo Group Limited, Shanghai Industrial

Holdings Limited and IDT International Limited.

Mr. Shih Wing Ching, aged 56, is an independent non-executive director of the Group appointed on

September 16, 2003. Mr. Shih has more than 26 years of experience in the real estate agency industry.

He established Centaline Property Agency Limited in 1978 and is currently the chairman of Centaline

(Holdings) Company Limited. Mr. Shih is the chairman of the Board of Governors of Hong Kong

Sinfonietta and a member of Oxfam Hong Kong. In 2003, Mr. Shih was appointed by the Hong Kong

Housing Authority to be a member of the Subsidised Housing Committee. In 2005, Mr. Shih was

further appointed by the Hong Kong Housing Authority as a member of the Housing Authority and

Commercial Properties Committee respectively.

Mr. Tsang Cheung, aged 57, is an independent non-executive director of the Group appointed on

September 13, 2004. Mr. Tsang graduated from The University of Hong Kong with a master degree in

business administration. Mr. Tsang is the chairman of iMagic Systems Limited, Asia’s leading multimedia

kiosk solutions and VoIP products provider and service operator and the founder of INFA Group, which

has played a major role in the telecommunications and technology industries of Hong Kong and the

Chinese Mainland since its establishment in 1974. Mr. Tsang also serves as a Justice of the Peace of the

Hong Kong Special Administrative Region. From 1988 to 2002, he was a member of the Hong Kong

Trade Development Council. He also served as a member of the Listing Committees of the Main Board

and the Growth Enterprise Market of The Stock Exchange of Hong Kong. He was a board member of

the Applied Research Council and a founding member of the Quality Education Fund Steering Committee

of Hong Kong.



Independent non-executive Directors (Continued)

Mr. Tsui Yiu Wa, Alec, aged 56, is an independent non-executive director of the Group appointed on

January 1, 2005. Mr. Tsui holds a Bachelor of Science degree and a Master of Engineering degree in

Industrial Engineering from the University of Tennessee and has completed the Program for Senior

Managers in Government at the John F. Kennedy School of Government at Harvard University. Mr. Tsui

is the chief executive of WAG Financial Services Group Limited, a Hong Kong based provider of financial

and management consulting services, and also the vice-chairman of China Mergers and Acquisitions

Association. He has been appointed as a director of the Hong Kong Securities Institute (“HKSI”) since

1998 and acted as the chairman of HKSI from December 2001 to December 2004. He was also the

adviser and council member of the Shenzhen Stock Exchange from July 2001 to June 2002. Mr. Tsui

joined The Stock Exchange of Hong Kong Limited in 1994 as executive director of the Finance and

Operations Services Division and became chief executive in 1997. He was the chief operating officer of

Hong Kong Exchanges and Clearing Limited from March 2000 to July 2000. Mr. Tsui is an independent

non-executive director of a number of listed companies in Hong Kong, including Industrial and

Commercial Bank of China (Asia) Limited, CITIC 21CN Company Limited, Stockmartnet Holdings Limited,

Vertex Communications & Technology Group Limited, China Chengtong Development Group Limited,

COSCO International Holdings Limited and China Power International Development Limited. Mr. Tsui

has extensive experience in finance and administration, corporate and strategic planning, information

technology and human resources management. Mr. Tsui also involved in numerous government and

community activities including being a former chairman of the Supervisory Committee of Tracker Fund

of Hong Kong and the Organising Committee of the ICAC Professional Ethics Programme for the

Securities, Futures and Investments Sectors, a former member of the Standing Committee on Company

Law Reform, the Hong Kong Trade Development Council Financial Services Advisory Committee, The

Community Chest of Hong Kong Corporate and Employee Contribution Programme Organising

Committee Banking and Finance Group, and the Banking and Finance Industry Training Board of the

Vocational Training Council.

Mr. Nicholas David Swain, aged 48, is an independent non-executive director of the Group appointed

on June 1, 2005. Mr. Swain holds a Master of Arts (Asian Studies) and a Bachelor of Social Science

(Psychology) with 1st Class Honours from the University of Hong Kong in 1991 and 1989 respectively.

Mr. Swain has extensive corporate portfolio experience. He was previously a high ranking police officer

in the Royal Hong Kong Police Force from 1975 to 1994 and subsequently a leader in corporate roles

in top 3% of Nortel global management team. In Nortel, Mr. Swain assumed a variety of corporate

roles, first as Director Security Asia Pacific responsible for managing functions of environment, health

and safety, security and business ethics. He led the Global Business Ethics function during 1997 to

1998 and heightened corporate ethics standards during his tenure. He worked as Director Employee

Relations and HR Greater China and Asia Pacific from 1998 to 1999 and was also responsible for

managing the human resources function for business units in 4 ASEAN countries. Mr. Swain led the

Real Estate function for Nortel in China and Asia Pacific from 1999 until his departure in July 2004. In

1988 to 1989, Mr. Swain was appointed by the Governor of Hong Kong as a member of the Security

Services Training Board of the Vocational Training Council.



Non-executive DirectorMr. Lai Ming, Joseph, aged 60, is a non-executive director of the Group appointed on August 5,

2003. Mr. Lai is a fellow member of the Hong Kong Institute of Certified Public Accountants (“HKICPA”),CPA Australia and the Chartered Institute of Management Accountants. He has over 30 years of corporatefinance and management experience. Mr. Lai was the president of the Hong Kong Society of Accountants

in 1986 (now known as HKICPA) and is currently on the Audit Committee and the Investigation Panelof the Institute. He was an executive director of the companies of the Hsin Chong Group until 1992.After a number of years in Canada, Mr. Lai rejoined the Hsin Chong Group in 2001 and served as an

executive director of Hsin Chong Construction Group Limited and the managing director of Hsin ChongInternational Holdings Limited until December 2003 when he retired. He serves as an independentnon-executive director of SNP Leefung Holdings Limited and Dynasty Fine Wines Group Limited, the

shares of both of which are listed on the Stock Exchange of Hong Kong. He is also an Adviser to theCorporate Governance Committee of the CPA Australia Hong Kong China Division, a founding memberand director of Opera Hong Kong Ltd. and a director of the Hong Kong University of Science and

Technology R and D Corporation Ltd.

Mr. Kwong Ki Chi, aged 54, is a non-executive director of the Group. He was first appointed as an

alternate director to Mrs. Fung Yi Hao, Yvette on January 2, 2004 and redesignated as a non-executivedirector of the Company on September 13, 2004. Mr. Kwong graduated from the University of HongKong and was awarded a Master of Philosophy degree in Economics and Politics of Development by

the University of Cambridge, England. He served in the Government of Hong Kong for 27 years andheld positions principally in the economic and financial fields before he left in 2000, including asSecretary for the Treasury (1995 - 1998) and Secretary for Information Technology and Broadcasting(1998 - 2000). Mr. Kwong then served as the chief executive of Hong Kong Exchanges and Clearing

Limited until April 2003. He is currently the managing director of Hong Kong Sales (Int’l) Limited. He isalso an independent non-executive director of CDC Corporation, the shares of which are listed on theNASDAQ, and Giordano International Limited and a non-executive director of Hsin Chong Construction

Group Ltd., the shares of both of which are listed on the Stock Exchange of Hong Kong. Mr. Kwong isa non-official Justice of the Peace in Hong Kong and has been awarded the Gold Bauhinia Star by theGovernment of the Hong Kong Special Administrative Region. He holds a number of public service

positions, including a member of the Council of The Chinese University of Hong Kong and a memberof the board of directors of The Hong Kong Community Chest.

Executive DirectorsMrs. Fung Yi Hao, Yvette, aged 43, is an executive director and the deputy chairman of the Group.

Mrs. Fung is responsible for the policies, strategies and overall operations of the Group. Mrs. Fung

holds a Juris Doctor degree from Stanford Law School, a Masters in Business Administration degree

from the University of California, Los Angeles and a Bachelor of Arts degree from Stanford University.

Prior to joining the Hsin Chong Group in 1998, Mrs. Fung had practised law for over ten years in both

international law firms and corporations. Apart from being an executive director, she is an executive

director of Hsin Chong Holdings (H.K.) Limited and Hsin Chong International Holdings Limited. She

also serves as a non-executive director of Fountain Set (Holdings) Limited and an independent non-

executive director of Hong Kong Catering Management Limited and Tai Ping Carpets International

Limited, the shares of all of which are listed on the Stock Exchange of Hong Kong. Mrs. Fung is a

member of the Court of the Hong Kong University of Science and Technology and a member of the

Board of Managers at Hong Kong International School.


Executive Directors (Continued)

Mr. Fan Cheuk Hung, aged 50, is an executive director and the managing director of the Group.

Mr. Fan is responsible for the strategic planning, business development and overall operations of the

Group. Mr. Fan is one of the Hong Kong property management industry’s pioneers in the implementation

of TQM for achieving performance excellence of the company. Mr. Fan holds a diploma in Housing

Management from the University of Hong Kong. Mr. Fan is a fellow member of the Chartered Institute

of Housing, the Hong Kong Institute of Housing and the Hong Kong Institute of Facility Management.

He is a Registered Professional Housing Manager registered under the Housing Managers Registration

Board. Mr. Fan joined the Group in 1997 and has over 21 years of experience in property and facility

management. Prior to joining the Group, Mr. Fan had been employed by the Housing Department and

large-scale Hong Kong property developers for approximately 15 years.

Mr. Barry John Buttifant, aged 60, is an alternate director to Mrs. Fung Yi Hao, Yvette. Mr. Buttifantis a fellow member of the Association of Chartered Certified Accountants, the Hong Kong Institute of

Certified Public Accountants, the Chartered Management Institute, the Hong Kong ManagementAssociation and the Hong Kong Institute of Directors. He is an independent non-executive director ofa number of listed companies in Hong Kong, including China Merchants DiChain (Asia) Limited, Giordano

International Limited, Daiwa Associate Holdings Limited and MediaNation Inc. He is also an independentnon-executive director of a NASDAQ listed company, China Technology Global Corporation and aNYSE public company, Global-Tech Appliances Inc. Mr. Buttifant has been appointed as the managingdirector of Hsin Chong International Holdings Limited (“HCI Holdings”), a substantial shareholder of

the Company, and the alternate director to Mr. V-nee Yeh of Hsin Chong Construction Group Limitedsince December 2004. Before joining HCI Holdings, Mr. Buttifant was an operating partner of BaringPrivate Equity Asia Limited. He was also the managing director of Wo Kee Hong (Holdings) Limited

(“Wo Kee Hong”) from 2001 to 2002 and was the adviser to the board of directors of Wo Kee Hongfrom November 2002 to April 2004. Prior to joining Wo Kee Hong, he was the managing director ofIDT International Limited for over eight years and had worked for Sime Darby Hong Kong Limited and

Polly Peck Group for more than eleven years in the capacity of finance director and managing director,respectively during the period.

Senior ManagementMr. Chan Ip Sing, aged 50, a member of the Executive Management Committee (the “EMC”) of the

Group, is the chief financial officer and company secretary of the Group. Mr. Chan is responsible for

financial and accounting operations as well as managing legal and company secretarial administration

issues for the Group. Mr. Chan is a fellow of the Association of Chartered Certified Accountants, an

associate of the Hong Kong Institute of Certified Public Accountants and a member of the Hong Kong

Securities Institute. Mr. Chan joined the Group in 1988 and has over 30 years of finance and accounting

experience. Prior to joining the Group, Mr. Chan had worked as an auditor for approximately 14 years.



Senior Management (Continued)

Mr. Chua Kwok Cheung, Vincent, aged 38, a member of the EMC of the Group, is an assistant

director of the Group and the head of Hsin Sheng Security Services Limited. Mr. Chua is responsible for

business development and management operation of the business segment of residential properties of

the Group. He is also responsible for overall supervision of the security operation and quality management

of the Group. Mr. Chua holds a Bachelor of Housing Studies degree from City University of Hong Kong

and a Master of Business Administration (TQM) degree from Newport University in the United States.

Mr. Chua is a Registered Professional Housing Manager under the Housing Managers Registration

Board, a corporate member of the Chartered Institute of Housing and a member of the Hong Kong

Institute of Housing. Mr. Chua joined the Group in 1993 and has over 17 years of property management

experience.

Mr. Tsang Tin Po, Henry, aged 44, is an assistant general manager of the Group and the head of

Master Clean Service Limited. He is responsible for business development and management operation

in Shanghai. Mr. Tsang holds a Bachelor of Housing Management degree from the University of Hong

Kong. He is a Registered Professional Housing Manager under the Housing Managers Registration


Institute of Housing. Mr. Tsang joined the Group in 1995 and has over 19 years of property management

experience.

Mr. Wong Yuk Kwong, Edmond, aged 45, is an assistant general manager and the head of the

maintenance team of the Group and the head of Optimum Engineering Limited. Mr. Wong is responsible

for the Group’s property and facility maintenance department. Mr. Wong holds an associateship in

mechanical engineering from Hong Kong Polytechnic University (formerly known as Hong Kong

Polytechnic). Mr. Wong is a Registered Professional Engineer, a member of the Chartered Institution of

Building Services Engineers and the Hong Kong Institution of Engineers. Mr. Wong joined the Group in

2001 and has over 20 years of building maintenance experience.

Mr. Leung Yau Kuen, William, aged 39, is an assistant general manager of the Group and the head

of Laundrimate Service Limited. Mr. Leung is responsible for business development and management

operation of the business segment of residential properties in the New Territories of Hong Kong.

Mr. Leung holds a Bachelor of Housing Management degree from the University of Hong Kong. Mr. Leung

is a registered Professional Housing Manager under the Housing Managers Registration Board, a corporate

member of the Chartered Institute of Housing and a member of the Hong Kong Institute of Housing.

Mr. Leung joined the Group in 1998 and has over 19 years of property management experience.

Ms. Yau Shuk Mee, Brenda, aged 44, a member of the EMC of the Group, is an assistant general

manager of the Group. Ms. Yau is responsible for the overall supervision of the Group’s operations

relating to PSC Contracts with the Housing Authority and is currently overseeing two joint-venture

projects in Beijing. Ms. Yau holds a Bachelor of Housing Management degree from the University of

Hong Kong. She is a Registered Professional Housing Manager under the Housing Managers Registration


Institute of Housing. Ms. Yau joined the Group in 2000 and has over 20 years of property management

and functional administration experience.


The directors have pleasure in submitting their report together with the audited accounts of the Company

and the Group for the year ended March 31, 2005.

Principal ActivitiesThe principal activity of the Company is investment holding and the principal activities of the subsidiaries

are provision of property management and facility management services, security services, cleaning

services, laundry services, repair and maintenance works and trading of related products. Particulars of

subsidiaries of the Company are shown in note 31 to the accounts.

An analysis of the Group’s performance for the year by business segments is set out in note 3 to the

accounts.

Results and AppropriationsThe results of the Group for the year ended March 31, 2005 are set out in the Consolidated Profit and

Loss Account on page 104.

An interim dividend of 2.0 HK cents per share amounting to HK$6,640,000 was paid to shareholders

during the year.

The directors recommend the payment of a final dividend of 4.0 HK cents per share to shareholders on

the register of members of the Company on July 28, 2005. Subject to approval of the directors’

recommendation by shareholders at the forthcoming annual general meeting, the final dividend will

be paid on August 4, 2005.

The register of members will be closed from Monday, July 25, 2005 to Thursday, July 28, 2005, both

days inclusive, during which period, no transfer of shares will be registered. In order to qualify for the

final dividend, all share certificates with completed transfer forms either overleaf or separately, must be

lodged with the Company’s Branch Share Registrar, Computershare Hong Kong Investor Services Limited,

Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong not later than

4:00 p.m. on Friday, July 22, 2005.

ReservesMovements in the reserves of the Group and the Company during the year are set out in note 23 to the

accounts.

Five-year Financial SummaryA summary of the operating results and of the assets and liabilities of the Group for the last five

financial years is set out in the section entitled “Five Year Financial Summary” in the annual report.

Fixed AssetsDetails of the movements in fixed assets of the Group are set out in note 12 to the accounts.




DonationsDonations by the Group for charitable and other purposes during the year amounted to HK$84,000

(2004: HK$1,336,000).

Share CapitalDetails of the movements in share capital of the Company are set out in note 22 to the accounts.

Distributable ReservesDistributable reserves of the Company as at March 31, 2005, calculated under the Company Act 1981

of Bermuda (as amended), amounted to HK$94,968,000 (2004: HK$84,359,000).

Pre-emptive RightsThere is no provision for pre-emptive rights under the Company’s bye-laws (the “Bye-laws”) and there

is no restriction against such rights under the laws of Bermuda, which would oblige the Company to

offer new shares on a pro rata basis to existing shareholders.

DirectorsThe directors of the Company during the year and up to the date of the report were:

Woo Chia Wei (Chairman)*

Fung Yi Hao, Yvette (Deputy Chairman)

Fan Cheuk Hung (Managing Director)

Lai Ming, Joseph**

Kwong Ki Chi** (ceased to be an alternate director to Fung Yi Hao,

Yvette and re-designated as a non-executive

director on September 13, 2004)

Shih Wing Ching*

Tsang Cheung* (appointed on September 13, 2004)

Pau Wah Kin* (appointed on September 30, 2004 and resigned

on April 1, 2005)

Tsui Yiu Wa, Alec* (appointed on January 1, 2005)

Barry John Buttifant (appointed as an alternate director to Fung Yi Hao,

Yvette on January 1, 2005)

Nicholas David Swain* (appointed on June 1, 2005)

* independent non-executive director** non-executive director

In accordance with Bye-law 86(2), Messrs. Kwong Ki Chi, Tsang Cheung, Tsui Yiu Wa, Alec and Nicholas

David Swain will retire at the forthcoming annual general meeting and, being eligible, offer themselves

for re-election.


Directors (Continued)

In accordance with Bye-law 87(2), Messrs. Lai Ming, Joseph and Shih Wing Ching will retire at the

forthcoming annual general meeting and will not offer themselves for re-election.

In accordance with Bye-law 92, Mr. Barry John Buttifant will hold office until the forthcoming annual

general meeting and will be re-appointed by Mrs. Fung Yi Hao, Yvette as her alternate director.

Directors’ Service ContractsNone of the directors who are proposed for re-election at the forthcoming annual general meeting has

a service contract with the Company which is not determinable within one year without payment of

compensation, other than statutory compensation.

Directors’ Interests in ContractsNo contracts of significance in relation to the Group’s business to which the Company, its subsidiaries,

its fellow subsidiaries or its holding company was a party and in which a director of the Company had

a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during

the year.

Management ContractsNo contract concerning the management and administration of the whole or any substantial part of

the business of the Company was entered into or existed during the year.

Share Option SchemePursuant to the resolution passed by all shareholders of the Company on September 19, 2003, a share

option scheme (the “Scheme”) was approved and adopted for the purpose of motivating the Group’s

employees and recognising their contribution by granting them options to acquire shares in the Company.

The following information relating to the Scheme is disclosed pursuant to the requirements as contained

in Chapter 17 of the Listing Rules:

(a) Purpose of the Scheme

The Scheme is set up for the purpose of recognising and motivating the contribution of the

Eligible Persons (as defined below) to the Company and/or any of its subsidiaries and/or any

Invested Entity (as defined below).



Share Option Scheme (Continued)

(b) Participants of the Scheme

The Board or a duly authorised committee thereof may at its sole and absolute discretion at any

time on any business day following the date of adoption and before the tenth anniversary thereof,

offer to grant to any person belonging to any of the following classes of participants (“Eligible

Person”), an option to subscribe for shares.

(i) any employee (whether full time or part time) of the Company, any of its subsidiaries or any

entity in which the Company or any of its subsidiaries holds an equity interest (the “Invested

Entity”), including any executive director of the Company, any of its subsidiaries or any

Invested Entity but excluding any employee employed or to be employed by the Company,

any of its subsidiaries or any Invested Entity in the Mainland of China;

(ii) any non-executive director (including any independent non-executive director) of the

Company, any of its subsidiaries or any Invested Entity;

(iii) any shareholder of the Company, any of its subsidiaries or any Invested Entity or any holder

of any securities issued by the Company, any of its subsidiaries or any Invested Entity who

has, in the opinion of the Board, made contribution to the business growth of the Company,

any of its subsidiaries or any Invested Entity;

(iv) any person or entity that provides research, development or other technological support to

the Company, any of its subsidiaries or any Invested Entity;

(v) any supplier of goods and/or services to the Company, any of its subsidiaries or any Invested

Entity;

(vi) any business collaborator, business consultant, joint venture or business partner, technical,

financial, legal and other professional advisers engaged by the Company, any of its subsidiaries

or any Invested Entity;

(vii) any associate of the directors or the substantial shareholders of the Company, any of its

subsidiaries or any Invested Entity who has, in the opinion of the Board, made contribution

to the business growth of the Company, any of its subsidiaries or any Invested Entity; or

(viii) the trustee of any trust pre-approved by the Board, the beneficiary (or in case of discretionary

trust, the discretionary objects) of which includes any of the above-mentioned persons and,

for the purposes of the Scheme, the options may be granted to any company wholly-owned

by one or more Eligible Persons.


Share Option Scheme (Continued)

(c) Maximum number of shares available for issue under the Scheme

The maximum number of shares which may be issued upon exercise of all outstanding options

granted and yet to be exercised under the Scheme and any other share option schemes of the

Company shall not exceed 10% of the issued share capital of the Company as at the date of the

listing of the shares on the Main Board of the Stock Exchange. No share option was granted

pursuant to the Scheme as at March 31, 2005 and up to the date of this report. Accordingly, there

was no share available for issue under the Scheme as at March 31, 2005 and up to the date of this

report.

(d) Maximum entitlement of each participant under the Scheme

No option may be granted to any one Eligible Person in any 12-month period which, if exercised

in full, would result in the total number of shares already issued to him/her under all the options

previously granted to him/her which have been exercised and, issuable to him/her under all the

options previously granted to him/her which are for the time being subsisting and unexercised,

exceeding 1% of the share capital of the Company in issue on the last date of such 12-month

period.

(e) Period and payment on acceptance of options

An offer for the grant of an option may be accepted by an Eligible Person concerned (and by no

other person including his/her personal representative(s)) in respect of all shares for which it is

offered to such Eligible Person when the duplicate offer letter comprising acceptance of the offer

duly signed by such Eligible Person together with a remittance in favour of the Company of

HK$1.00 by way of consideration for the grant thereof is received by the Company within the

time period specified in the offer letter.

(f) The basis of determining the exercise price

The subscription price for shares under the Scheme shall be a price determined by the Board and

notified to each grantee and shall not be less than the highest of (i) the closing price of the shares

as stated in daily quotations sheet of the Stock Exchange on the date of grant, which must be a

business day; (ii) the average closing price of the shares as stated in the Stock Exchange’s daily

quotations sheets for the 5 business days immediately preceding the date of grant and (iii) the

nominal value of a share.

(g) Period of the Scheme

The Scheme shall remain in force for a period of 10 years commencing on the date of its adoption

unless otherwise terminated under the terms of the Scheme.



Directors’ and Chief Executive’s Interests and Short Positions in the Shares,Underlying Shares and Debentures of the Company and its AssociatedCorporationsAs at March 31, 2005, the interests and short positions of the directors and chief executive of the

Company (including those interests and short positions which were taken or deemed to have been

taken under the provisions of the Securities and Futures Ordinance (the “SFO”)) in the shares, underlying

shares and debentures of the Company and its associated corporations (within the meaning of Part XV

of the SFO) as recorded in the register required to be kept by the Company pursuant to Section 352 of

the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code

for Securities Transactions by Directors of Listed Companies (“Model Code”), were as follows:

The Company

Long position in shares of the Company

Percentage

interest in theNumber of Ordinary Shares Company’s

Personal Family Corporate Other issued share

Name of Director interests interests interests interests capital

Fung Yi Hao, Yvette

(“Mrs. Fung”) (Note) – – – 220,448,000 66.40%

Fan Cheuk Hung 11,616,000 – – – 3.50%

Note:Mrs. Fung’s interests in the shares of the Company are held through Hsin Chong International Holdings Limited (“HCIHoldings”) (the ultimate holding company of Hsin Chong Holdings (H.K.) Limited (“HCHK Holdings”)), the entire issuedshare capital of which is beneficially owned as to approximately 47.78% by Dr. Yeh Meou Tsen, Geoffrey (“Dr. Yeh”), as toapproximately 27.08% by Mr. Yeh Mou Chong, David (deceased) (the elder brother of Dr. Yeh), as to approximately18.14% by GHY Company Limited (a trustee of The GHY HK Trust, the ultimate beneficiaries of which are Mr. Yeh V Nee(the son of Dr. Yeh), the issue of Mr. Yeh V Nee and The Hsin Chong KN Godfrey Yeh Education Fund), as to approximately4.86% by Mr. Yeh V Nee, as to approximately 2.13% by Mrs. Fung (the daughter of Dr. Yeh, the deputy chairman of theGroup and an executive director of the Company) and as to approximately 0.01% by Mrs. Yeh Wang Zung Sing, Helen (thespouse of Dr. Yeh).

Save as disclosed above, as at March 31, 2005, none of the directors or chief executive of the Company

had, or were deemed under the SFO to have, any interests or short positions in any of the shares,

underlying shares and debentures of the Company and any of its associated corporations (within the

meaning of Part XV of the SFO) which were required to be recorded in the register kept by the Company

under Section 352 of the SFO, or as otherwise required to be notified to the Company and the Stock

Exchange pursuant to the Model Code.


Substantial Shareholders’ Interests and Short Positions in the Shares andUnderlying Shares of the CompanyAs at March 31, 2005, according to the register required to be kept by the Company under Section 336

of the SFO, the following persons (other than the directors and chief executive of the Company) had

interests, being 5% or more of the Company’s issued share capital, and short positions in the shares

and underlying shares of the Company:

The Company

Long position in shares of the Company

Percentage interest

Number of in the Company’s

Name of Shareholder shares held Nature of interest issued share capital

HCHK Holdings (Note 1) 220,448,000 Interest of a 66.40%

controlled corporation

Hsin Chong Holdings (BVI) Limited 220,448,000 Interest of a 66.40%

(Note 2) controlled corporation

HCI Holdings (Note 3) 220,448,000 Interest of a 66.40%

controlled corporation

Yeh Meou Tsen, Geoffrey (“Dr. Yeh”) 220,448,000 Beneficial Owner 66.40%

(Note 4)

Deutsche Bank Aktiengesellschaft 19,260,000 Person having a security 5.80%

interest in shares

Notes:1. HCHK Holdings is beneficially wholly-owned by Hsin Chong Holdings (BVI) Limited, which in turn, is beneficially

wholly-owned by HCI Holdings. HCI Holdings is beneficially owned as to approximately 47.78% by Dr. Yeh, as toapproximately 27.08% by Mr. Yeh Mou Chong, David (deceased) (the elder brother of Dr. Yeh), as to approximately18.14% by GHY Company Limited (a trustee of The GHY HK Trust, the ultimate beneficiaries of which are Mr. Yeh VNee (the son of Dr. Yeh), the issue of Mr. Yeh V Nee and The Hsin Chong KN Godfrey Yeh Education Fund), as toapproximately 4.86% by Mr. Yeh V Nee, as to approximately 2.13% by Mrs. Fung (the daughter of Dr. Yeh, thedeputy chairman of the Group and an executive director of the Company) and as to approximately 0.01% by Mrs.Yeh Wang Zung Sing, Helen (the spouse of Dr. Yeh).

2. The interest of Hsin Chong Holdings (BVI) Limited was held through its interest in HCHK Holdings.

3. The interest of HCI Holdings was held through its interest in Hsin Chong Holdings (BVI) Limited and HCHK Holdings.

4. The interest of Dr. Yeh was held through his interest in HCI Holdings.

Save as disclosed above, as at March 31, 2005, there was no other person (other than the directors and

chief executive of the Company) who had an interest or a short position in the shares and underlying

shares of the Company as recorded in the register required to be kept under Section 336 of the SFO

and/or who were directly or indirectly interested in 5% or more of the Company’s issued share capital,

and short positions in the shares and underlying shares of the Company.



Major Customers and SuppliersDuring the financial year, the Group’s five largest customers comprised approximately 57% of the

Group’s total turnover and the turnover attributable to the Group’s largest customer was approximately

37% of the Group’s total turnover. None of the directors, their associates, or any shareholder which, to

the knowledge of the directors, own more than 5% of the Company’s share capital has any interest in

any of the Group’s five largest customers. The Group’s five largest suppliers attributable to the Group’s

total purchases were less than 20%.

Bank BorrowingsAs at March 31, 2005, the Group has no outstanding bank borrowings (2004: HK$20 million). Particulars

of borrowings are set out in note 21 to the accounts.

Reward for EmployeesAs at March 31, 2005, the Group employed over 4,600 employees in Hong Kong and the Mainland of

China. Employees of the Group are remunerated with monthly salary, subject to annual review and

discretionary bonuses. Employees of the Group are also entitled, subject to eligibility, to retirement

fund and provident fund and to participate in a share option scheme. The Group places strong emphasis

on nurturing a continuous learning culture within the organisation and implements a variety of

programmes to promote training. The Group has implemented various bonus schemes for its

management staff in Hong Kong. The payment of bonuses under these schemes is tied to the profitability

of the Group and the performance of the particular staff. These schemes help to provide incentives for

the Group’s staff to pursue and achieve the targets and goals set by the Group.

Connected Transactions1. By virtue of HCHK Holdings being the substantial shareholder of the Company, transactions entered

into between HCHK Holdings or its associates and the Group constituted connected transactions.

Details of discloseable connected transactions of the Group during the year are set out below.

(a) On September 18, 2003, a sub-lease agreement was entered into between HCHK Holdings

and Synergis Management Services Limited (“SMS”), a subsidiary of the Company whereby

HCHK Holdings confirmed its agreement to sub-lease to SMS the premises located at portions

of the 3/F, 6/F and 10/F together with eleven car parking spaces at Hsin Chong Center,

107-109 Wai Yip Street, Kwun Tong, Kowloon. The sub-lease agreement is for a period of

twenty months from August 1, 2003 to March 31, 2005 with a total consideration of

HK$4,071,000. The premises are used by SMS for office and car parking purposes.


Connected Transactions (Continued)

(b) During the financial year, Summit Insurance (Asia) Limited (“Summit”), a general insurer

registered with the Insurance Authority and a direct 88%-owned subsidiary of HCHK Holdings,

provided various insurance policies (the “Insurance Policies”) for the Group to cover its risks

in respect of the properties and facilities that were managed by the Group and in compliance

with the legal requirements against loss on fire, burglary, public liability, contractors all risks,

property all risks, fidelity guarantee, money, vehicle and employee compensation. The

Insurance premium paid by the Group to Summit amounted to approximately HK$2.5 million.

(c) During the financial year, Master Clean Service Limited (“Master Clean”), a subsidiary of the

Company, provided cleaning services to HCHK Holdings and its associates. Cleaning service

fees received by Master Clean from HCHK Holdings and its associates for the provision of

cleaning services amounted to approximately HK$856,000.

(d) During the financial year, HCHK Holdings provided guarantees (the “Guarantee

Arrangements”) to the clients of SMS in respect of SMS’s performance under various property

management contracts and SMS gave “back-to-back” counter-indemnities to HCHK Holdings

in respect of the Guarantee Arrangements. In the event that HCHK Holdings has to make

good on guarantees made pursuant to the Guarantee Arrangements as a result of SMS’s

non-performance, the aggregate amount paid by HCHK Holdings is theoretically recoverable

from SMS pursuant to the “back-to-back” counter indemnities given by SMS. The total

maximum theoretical liabilities under the Guarantee Arrangements payable by SMS to HCHK

Holdings for the year in respect of the Guarantee Arrangements amounted to approximately

HK$10.0 million.

(e) During the financial year, Summit provided guarantees (the “Surety Arrangements”) as surety

to the clients of SMS in respect of SMS’s performance under various property management

contracts and SMS paid premiums and gave “back-to-back” counter-indemnities to Summit

or the Company gave guarantees as guarantor to Summit in respect of the Surety

Arrangements. In the event that Summit has to make good on guarantees made pursuant to

the Surety Arrangements as a result of SMS’s non-performance, the aggregate amount paid

by Summit is theoretically recoverable from the Company or SMS pursuant to the respective

guarantees or “back-to-back” counter indemnities given under the Surety Arrangements.

The total maximum theoretical liabilities under the Surety Arrangements and the aggregate

premiums payable by the Company and SMS to Summit for the year in respect of the Surety

Arrangements amounted to approximately HK$114.5 million and HK$309,000 respectively.

With regards to those connected transactions under (d) to (e) (the “Transactions”) above, the

Stock Exchange has granted conditional waivers to the Company from strict compliance with the

requirements of the Listing Rules up to March 31, 2006. The independent non-executive directors

of the Company confirmed that the Transactions were conducted in compliance with the conditions

set out in the waivers granted by the Stock Exchange.




In the opinion of the directors of the Company (including the independent non-executive directors):–

(i) the connected transactions under (a) to (e) above were conducted in the ordinary and usual

course of business of the Group, on normal commercial terms and in accordance with the

relevant agreements governing them that were fair and reasonable so far as the shareholders

of the Company were concerned and in the interests of the shareholders as a whole; and

(ii) the total maximum theoretical liabilities and the aggregate annual amount of commissions

and premiums payable to the relevant connected persons of the Company for the year in

respect of the connected transactions under (d) and (e) above were within the relevant caps

as agreed by the Stock Exchange.

2. Since February 2004, the Group has been providing property and facility management and related

services (the “PFM Transactions”) to Shui On Holdings Limited (“Shui On”) and its subsidiaries

and associates (the “Shui On Group”) through Synergis Shui On Management Services (Shanghai)

Limited (“Synergis Shui On Shanghai”), a company owned as to 50% indirectly by the Company

and 50% indirectly by Shui On. Although Synergis Shui On Shanghai was formed and accounted

for as a joint venture company, the company was deemed as a subsidiary for the purpose of the

Listing Rules as the Company indirectly controls the composition of a majority of the members of

the Board of Synergis Shui On Shanghai. By virtue of Billion World Limited, an associate of Shui

On, being the substantial shareholder of Synergis Shui On Shanghai, the PFM Transactions between

the Group and the Shui On Group constitute connected transactions for the Company under the

Chapter 14A of the Listing Rules.

A framework business services agreement was entered into on November 5, 2004 between the

Company and Shui On for a fixed term of not more than 3 years. The services provided would be

settled by way of cash monthly. The directors considered that the PFM Transactions had been

entered into on normal commercial terms which were fair and reasonable. The PFM Transactions

constituted continuing connected transactions for the Company under the Listing Rules which

would be subject to an annual cap of HK$4 million, HK$5 million and HK$9 million for the respective

period from April 2004 to March 2005, April 2005 to March 2006, and April 2006 to March

2007. The actual aggregate value of the PFM Transactions during the year was HK$3.0 million. It

was anticipated that the PFM Transactions would further strengthen the Group’s position as a

provider of the said services within China.



As a result of the annual review of the PFM Transactions as stated in (2) above, the directors of the

Company (including the independent non-executive directors) confirmed that these PFM

Transactions were entered into:–

(i) in the ordinary and usual course of the business of the Group;

(ii) on normal commercial terms; and

(iii) in accordance with the relevant agreement governing them on terms that were fair and

reasonable and in the interests of the shareholders of the Company as a whole.

In addition, the auditors of the Company confirmed to the Board in writing that:–

(i) the connected transactions as stated in (1) and (2) above were approved by the Board and had

been entered into in accordance with the relevant agreements governing such connected

transactions;

(ii) the connected transactions under (1c) and (2) above were in accordance with the pricing policies

of the Group; and

(iii) the connected transactions under (1d), (1e) and (2) above did not exceed the relevant caps as

disclosed in the previous announcement and prospectus of the Company.

Purchase, Sale or Redemption of Listed Shares of the CompanyNeither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s

listed shares during the year.

Disclosure Pursuant to Rule 13.20 of the Listing RulesAs at March 31, 2005, accounts receivables due from the Hong Kong Housing Authority (“HKHA”)

amounted to approximately HK$50.0 million (the “Receivables”), representing more than 8% of the

relevant percentage ratios as defined in Listing Rules. As of April 30, 2005, approximately 28% of the

Receivables have been settled by HKHA. HKHA, being the largest customer of the Group, is not a

connected person (as defined in the Listing Rules) of the Company.

The Receivables are interest-free, unsecured and with credit terms ranging from 30 to 60 days and

primarily arose from the provision of property management services in the ordinary course of business

of the Group transacted with HKHA.



Public FloatAs at the date of this report, the Company has maintained the prescribed public float under the Listing

Rules, based on the information that is publicly available to the Company and within the knowledge of

the Directors.

AuditorsThe retiring auditors, PricewaterhouseCoopers, have signified their willingness to continue in office. A

resolution will be proposed at the annual general meeting to re-appoint them and to authorise the

directors to fix their remuneration.

On Behalf of the Board

Professor Woo Chia Wei

Chairman

Hong Kong, June 3, 2005

目錄

公司簡介

公司資料

集團架構表

本年大事回顧

財務摘要

主席報告書

管理層討論及分析

企業管治

追求卓越－新昌管理

集團財務業績及狀況概覽

董事及高層管理人員履歷

董事會報告

綜合財務報表

52

54

55

56

59

60

62

73

77

82

84

89

101

新昌管理集團有限公司二零零四年／二零零五年年報 52

公司簡介

新昌管理集團有限公司（「新昌管理」）於一九七八年創立，現為香港及中國內地具領導地位的物業

及設施管理服務公司。新昌管理是首間兼唯一一間於香港聯合交易所有限公司（「聯交所」）主板上

市之物業及設施管理公司（股份代號：2340）。新昌管理擁有完備的優質管理系統及尖端技術，而優

秀並訓練有素的員工亦全心全意為客戶提供廣泛及周全的管理服務。新昌管理擁有不同類型的客

戶，包括政府機構、物業發展商、業主立案法團組織以至跨國企業及其他中港大型公司。

於二零零五年三月三十一日，新昌管理擁有逾4,600名僱員，於230個地點提供物業及設施管理服務，

當中涉及逾140,000個住宅單位及總樓面面積約2,400,000平方米之寫字樓、商業、工業樓宇及特別

用地，如教育機構、物流貨運站、博物館及保健設施。憑藉過去逾27年於香港累積的豐富經驗及成

就，新昌管理積極拓展中國內地市場，專注發展北京及上海等主要城市，並憑著經驗及營運專業知

識，以及其管理理念和制度，與夥伴及客戶建立策略關係。

新昌管理一直致力發展及改進其運作流程及管理制度，並成為首間推行全面優質管理（「TQM」）之

物業及設施管理公司。TQM為一套專門激勵全體員工（包括經理及前線員工）之管理理念，務求不

斷改善運作及管理流程，從而獲取佳績及令客戶稱心滿意。有賴管理層及僱員共同堅守有關方針，

使新昌管理成為首間香港物業及設施管理公司，榮獲香港管理專業協會「二零零一年度優質管理

獎大獎」及香港設施管理學會「傑出設施管理獎2003」的「傑出獎」。


員工是新昌管理的重要資產，全賴他們致力為客戶及業務夥伴實踐我們的服務承諾。我們積極培訓、

改善及激勵員工，使新昌管理能吸納、維繫及激發上下各級員工，致力提供優質管理服務。於二零

零三年，新昌管理成為首間兼唯一一間榮獲「二零零三年香港最優秀僱主」及十大「二零零三年亞

洲最優秀僱主」殊榮之物業及設施管理公司。該選舉由翰威特諮詢有限公司與遠東經濟評論、亞洲

華爾街日報、香港管理專業協會及南華早報出版有限公司攜手合辦。

新昌管理成功推行多項國際認可之優質系統，包括 ISO 14001: 1996環境管理系統及 ISO 9001: 2000

品質管理系統，這些管理系統均有助我們向客戶提供優質服務及有效的解決方案。本集團鍥而不捨

專心致志實施品質管理系統，致使本集團榮獲「企業表現指標計劃9004卓越表現證書」，此為香港

品貿保證局認可的最高企業表現指標水平。

新昌管理矢志為利益相關者實踐承諾，為業內未來發展勾畫鴻圖，並透過

提供創新務實的方案創造價值，務求提高生活質素，改善成本及營運效益，令客戶安枕無憂，並推

動持續增長。


公司資料

董事會吳家瑋（主席）*葉儀皓（副主席）樊卓雄（董事總經理）Barry John Buttifant（葉儀皓之替任董事）黎明**鄺其志**施永青*曾祥*徐耀華*Nicholas David Swain*

* 獨立非執行董事

** 非執行董事

審核委員會施永青

吳家瑋

黎明

曾祥

徐耀華

公司秘書陳葉誠

法律顧問香港

施文律師行

百慕達

Conyers Dill & Pearman

中華人民共和國

方達律師事務所

核數師羅兵咸永道會計師事務所

主要往來銀行香港上海㶅豐銀行有限公司

囱生銀行有限公司

星展銀行（香港）有限公司

廖創興銀行有限公司

註冊辦事處Clarendon House,

2 Church Street,

Hamilton HM 11,

Bermuda

主要營業地點香港

九龍觀塘

偉業街107-109號

新昌中心3樓

網站http://www.synergis.com.hk

電郵地址[email protected]

股份過戶登記總處Butterfield Fund Services (Bermuda) Limited

Rosebank Centre,

11 Bermudiana Road,

Pembroke,

Bermuda

股份過戶登記香港分處香港中央證券登記有限公司

香港

灣仔

皇后大道東183號

合和中心46樓

股份代號2340

每手買賣單位4000股

財務日誌公佈中期業績二零零四年十二月二日

派付中期股息日期二零零四年十二月二十九日

公佈全年業績二零零五年六月三日

末期股息除息日二零零五年七月二十二日

末期股息截止過戶期間二零零五年七月二十五日至二十八日

二零零五年股東週年大會二零零五年七月二十八日

派付末期股息日期二零零五年八月四日


集團架構表

* 僅供識別

Synergis Holdings (BVI) Limited

新昌管理服務有限公司

諾迅服務有限公司新昌設施管理有限公司

卓領工程有限公司新昌物業管理（中國）有限公司

S-Club Limited新昌物業及

設施管理（中國）有限公司

新盛保安服務有限公司

Focus SuccessManagement

Limited

新昌物業及設施管理

（北京）有限公司

新昌物業及設施管理

（廣州）有限公司

新昌瑞安管理服務（上海）有限公司

新昌物業管理（深圳）有限公司

北京實創新昌物業管理有限責任公司

廣州新昌建囱物業管理有限公司

新昌瑞安物業管理（上海）有限公司

洗衣樂服務有限公司

北京金融街新昌物業管理有限公司

宏潔服務有限公司

100%

100%

100%

100% 100% 50%

30%

100%

100%

100% 50% 60% 100%

本年大事回顧


五月憑著優質的管理服務，新昌管理成為首批物業及設施管理公

司榮獲香港優質標誌局頒發「Q嘜優質服務計劃證書」。

六月新昌管理榮獲壹週刊2004年「第壹服務大獎－物業管理組

別」。

七月新昌管理參加由公益金主辦的商業及僱員募捐計劃，為社會

上有需要的人士籌得約港幣十二萬元善款。

八月新昌管理獲全球品牌認可權威組織「超級品牌」頒發「香港

超級品牌」證書，證明新昌管理的良好品牌備受公眾的認同。

2004

本年大事回顧


十月新昌管理成功取得為香港賽馬會提供設施管理顧問服務的

合約，管理設施包括投注站、電話投注站、員工宿舍、騎術學

校、員工度假擥及員工俱樂部。

2004

十月新昌管理獲香港房屋委員會委任，為其位於何文田的總部

（第3及第4座）提供物業管理服務。

十二月新昌管理舉辦每年一度的Vision Day，讓管理級的同事更加

瞭解集團的發展方向，使他們能夠與集團攜手朝著目標努

力，以取得美好的成果。

九月新昌管理接獲香港文化博物館的管理合約，使管理組合擴展

至文化及藝術領域。

本年大事回顧


一月新昌管理舉辦一連兩天的「周年業務發展策略計劃工作

坊」，讓高級管理層探討及釐定公司未來的業務發展及策略

方向。

一月新昌管理成立新合資公司北京金融街新昌物業管理有限公

司，為位於北京西城區的西環廣場提供物業管理服務。

三月新昌管理成為首間公司榮獲香港品質保證局頒發「企業表

現指標計劃」最高級別的「9004卓越表現證書」。

2005

一月新昌管理接獲為香港愛護動物協會提供設施管理服務的合

約。


財務摘要

變動百分比（%）二零零五年二零零四年

經營業績（港幣千元）

營業額 -1.4 382,445 387,969

毛利 -7.1 79,229 85,292

除利息、稅項、折舊與攤銷前盈利 -15.0 34,697 40,810

股東應佔溢利 -18.3 25,837 31,611

財務狀況（港幣千元）

資產總值 -3.6 198,805 206,140

流動資產 -4.5 186,431 195,210

現金淨額 (1) 9.3 106,110 97,087

資產淨值 6.1 157,201 148,224

每股資料（港幣元）

每股基本盈利 -29.7 0.078 0.111

每股股息 20.0 0.060 0.050

每股資產淨值 6.1 0.473 0.446

主要比率

邊際毛利 -5.9 20.7% 22.0%

邊際純利 -16.0 6.8% 8.1%

流動比率 35.3 4.6 3.4

自由現金流量 (2)相對經營溢利 5.1x 78.3% 12.8%

股本權益回報率 -43.1 16.9% 29.7%

派息率 46.9 77.1% 52.5%

股息率

全年最高 38.1 5.8% 4.2%

全年最低 28.4 8.6% 6.7%

市盈率

全年最高 24.3 13.21 10.63

全年最低 32.7 8.97 6.76

(1) 現金及現金等值減銀行貸款

(2) 自由現金流量計算乃根據經營業務所產生現金減已付利息、已付香港利得稅及資本開支淨額


主席報告書

致各股東：

本人欣然提呈新昌管理集團有限公司及其附屬公司（統稱「新昌管理」或「本集團」）之全年業績。

過去一年充滿挑戰，主要是由於市場出現前所未見之激烈競爭以及新昌管理其中一名最大客戶香

港房屋委員會（「房委會」）之外判模式轉變所致。儘管經營環境困難，截至二零零五年三月三十一

日止年度（「二零零四╱零五財政年度」），本集團營業額僅減少1.4%至約港幣382,400,000元。此

項減少主要是由於兩份房委會重大合約於合約屆滿時未能重新招標。然而，新昌管理自其他業務範

疇之增長及透過擴充其客戶基礎彌補收益損失。更重要的是，本集團能夠維持99%續約率之餘，並

不斷擴充其管理組合，足見客戶對新昌管理達致其價值理念之信心及讚賞。

然而，誠如本報告內管理層討論及分析（「管理層討論及分析」）一節所闡釋，由於市況艱巨，故即

使純利較截至二零零四年三月三十一日止年度（「二零零三╱零四財政年度」）之業績減少18.3%

至約港幣25,800,000元，仍屬合理可接納之業績，而且儘管房委會外判模式轉變及較小型服務供應

商採取大幅割價及極進取之經營策略，本集團仍能於二零零四／零五財政年度維持邊際毛利率達

20.7%之理想水平，二零零三／零四財政年度則為22.0%。尤須加以注意的是二零零四╱零五財政

年度下半年之營業額及盈利均見復甦及改善，較上半年分別增加4%及15.6%。鑑於此等向好趨勢，

加上本集團財務狀況強勁，董事會建議派付末期股息每股港幣4.0仙。連同中期股息每股港幣2.0仙，

二零零四／零五財政年度之股息合共港幣6.0仙，本年度之盈利派息率為77%。在純利減少情況下，

有關派息比率稍現矛盾，惟經計及中期營運資金需要及策略計劃後，董事會相信本集團之股息政策

可反映其業務產生現金之實力。於二零零五年三月三十一日，現金結餘超過港幣100,000,000元及

銀行信貸港幣100,000,000元，派息共約港幣19,900,000元乃分派本年度產生之盈利及現金流量之

合理股息水平，且將不會對本集團於可見將來之融資需要構成任何負面影響。

主席吳家瑋教授


面對市場之瞬息萬變，新昌管理於中國內地（「內地」）之策略為專注於擴闊多元化客戶基礎及擴展

其業務。誠如管理層討論及分析所詳述，於二零零四／零五財政年度，本集團於其管理組合增加高

級住宅發展項目，以及開始為（其中包括）藝術及飲食行業客戶提供管理服務。本集團之「全面解決

方案」模式及上下員工深切瞭解客戶關鍵需要之能力，不單推動本集團於悠然山莊及漣山等私人

住宅項目取得成功，更有助本集團與香港賽馬會及稻香集團有限公司等大客戶建立關係。

此外，誠如本集團二零零四╱二零零五財政年度中期報告所提述，本集團於內地擴充之策略一直專

注於向合營企業轉移及貫徹施行其管理系統、灌輸企業文化與核心價值，是項策略已開始取得成果。

本集團於上海及北京所建立之穩固基礎及卓越營運成績為本集團奠下於內地進一步擴充業務之跳

板，本集團更夥拍北京金融街物業管理有限責任公司，於北京成功建立第二家合營企業，彰顯本集

團成就斐然。

本集團矢志提供優質卓越服務之承諾帶來更多獎項及殊榮，其中香港優質標誌局頒發之Q嘜優質

服務計劃證書、壹週刊頒發之第壹服務大獎及最近獲得香港品質保證局頒發之企業表現指標計劃

9004卓越表現證書，均為新昌管理穩踞「超級品牌」地位之憑證。此等獎項更代表外界對本集團專

業、優質管理及服務表現之認同。

展望未來，憑藉卓越往績、多元化管理組合及強大管理隊伍，新昌管理有信心繼續抓緊新市場商機，

並鞏固其市場領導地位。

本人謹代表董事會感謝所有客戶、供應商、往來銀行、業務夥伴及股東一直以來的支持。董事會謹

此對逾4,600名員工竭誠盡心工作及於年內一直對本集團付出之貢獻致以衷心謝意。

主席

吳家瑋教授

左：北京西環廣場



本集團營運之財務回顧

營業額、毛利及邊際毛利之分析

二零零四／二零零五財政年度對新昌管理而言屬艱巨的一年。儘管香港經濟於二零零四年開始復

甦，惟本集團所經營物業管理業務之業務環境極為艱困，一方面在競投物業服務合約（「物業服務

合約」）時面對小型管理公司的惡性價格競爭；另一方面房委會外判合約模式有變，由現行物業服

務合約轉為物業服務代理合約，此合約模式之轉變刪除了管理公司於大型計劃保養工程之服務範

圍。這種外判模式大大削弱了物業管理公司可透過具效率與效益的管理流程及培訓而節省成本之

能力，因為實施最低工時、薪金及員工數目的限制，即使管理公司可藉科技及／或改善管理流程提

升生產力，卻受到合約限制而仍須繼續僱用一定數目的員工，因而無法靈活調節佔管理公司大部分

營運開支 (60%-70%)的員工成本。

最近重續之物業服務合約價值大幅減少，反映公營項目市場之價格競爭激烈，令經營狀況更形艱困。

有關影響載於下文表一。儘管以下屋擥先前並非由新昌管理所管理，惟上一任服務供應商均為大型

管理公司，而成功取得新合約之服務供應商卻全是小型公司，相信該等公司對管理系統之基建投資

定有所不及。


董事總經理樊卓雄先生


表一：最近房委會物業服務合約訂價趨勢

先前合約價值新合約價值

（合約期間－（合約期間－

二零零一年四月二零零四年十一月

公共屋擥至二零零四年三月）至二零零七年十月）變動百分比備註

頌安擥、博康擥、長貴擥、

雅寧苑及長宏擥港幣116,400,000元港幣88,800,000元 -23.7% 附註1

石梨二擥港幣86,700,000元港幣59,400,000元 -31.5%

葵盛東擥及葵興擥港幣95,100,000元港幣55,300,000元 -41.8% 附註2

附註1：新合約範圍擴闊至包括長宏擥。

附註2：葵興擥服務範圍相對減少。

資料來源：香港特別行政區政府－憲報

明白到市況瞬息萬變，新昌管理之管理層及員工更積極擴展房委會市場以外商機，迅速調整其業務

發展策略，並進一步多元化發展私人住宅及非住宅市場管理組合。基於上述因素，加上本集團成功

維持現有客戶基礎，取得達99%續約率，本年度錄得營業額約港幣382,400,000元，較二零零四財政

年度約港幣388,000,000元輕微減少1.4%。二零零五財政年度下半年之營業額及毛利均較上半年

所錄得之業績增加約4%。

一如過去多個年度，超過85%之總營業額來自本集團核心業務－物業管理及設施管理服務。本集團

的合約分為全包賬式合約與經理人酬金合約兩類，兩者分佔的比例於上述兩個財政年度均保持不

變，分別佔93%及7%。



382,

445

152,

786

387,

969

239,

644

78,3

72

79,2

29

85,2

92

63,0

1071,7

69

41,2

73

25,8

37 31,6

11

23,6

21

22,6

83

11,3

13

員工成本為全包賬式合約成本主要部分，平均佔銷售成本80%。過去十二個月期間，整體薪金年增

長率少於1%，與市場水平一致。誠如過往報告所示，新昌管理所奉行酬金政策旨在提供具競爭力薪

酬待遇，按其職責給予酬金，並按僱員於不同範疇的貢獻發放表現花紅以作獎勵。本集團著手重組

僱員薪酬待遇，劃撥部分固定薪金為與表現掛漖之花紅，落實有關政策及回應香港僱主聯合會實行

「薪酬與表現掛漖」政策之建議。

於二零零五財政年度，來自本集團支援服務之收益（進行分類間對銷前）增至約港幣60,600,000元

（二零零四財政年度：約港幣55,400,000元）。除保安服務因兩份物業服務合約屆滿而受影響外，年

內所有其他支援服務均錄得穩健增長。本年度支援服務毛利總額達約港幣10,700,000元，較二零零

四財政年度約港幣8,900,000元增加20.2%。此項業務分類之邊際毛利維持於17.6%（二零零四財政

年度：16.1%）之相當穩健水平。就整體業務而言，儘管毛利減少約港幣6,100,000元至約港幣

79,200,000元（二零零四財政年度：約港幣85,300,000元），二零零五財政年度錄得邊際毛利20.7%

（二零零四財政年度：22.0%）。

去年之其他收益包括一次性出售證券投資收益約港幣1,400,000元，二零零五財政年度之其他收益

因而減少30.9%至約港幣2,900,000元（二零零四財政年度：約港幣4,200,000元）。

物業管理及設施管理支援服務

物業管理及設施管理服務

股東應佔溢利港幣千元

按業務分類之營業額港幣千元

毛利港幣千元

05 01020304 05 01020304 05 01020304


一般及行政開支及純利

二零零五財政年度之銷售、一般及行政開支約港幣51,300,000元，較上年度增加1.1%。成本佔營業

額百分比由13.1%增至13.4%，乃主要源自招聘、培訓及培育「合適」人才之額外成本；資訊科技基

建新投資及財務應用系統產生折舊；以及本集團上市相關開支之全年影響。

因此，二零零五財政年度之除利息、稅項、折舊及攤銷前盈利由約港幣40,800,000元下跌15.0%至

約港幣34,700,000元，而股東應佔溢利則由約港幣31,600,000元減少18.3%至約港幣25,800,000元。

然而，值得注意的是，二零零五財政年度首六個月之經營溢利百分比由7.7%增至下半年之8.4%。

分佔共同控制實體之虧損

於報告年度，分佔共同控制實體之虧損減少78.5%至約港幣166,000元（二零零四財政年度：約港幣

773,000元），業績改善主要是由於與瑞安集團有限公司於上海成立之合資企業經過一年營運後，

為本集團帶來約港幣205,000元之溢利貢獻，而去年則錄得分佔虧損約港幣164,000元。

與北京實創科技園經營服務公司於北京成立之合資企業業績亦有所改善，虧損減少至約港幣

371,000元（二零零四財政年度：虧損約港幣609,000元）。

稅項

溢利稅項減少15.8%至約港幣5,100,000元，而去年則約港幣6,000,000元。本年度之實際稅率為

16.5%，而去年則為16.1%。

現金流量

經營業務產生之現金淨額為本集團業務之主要流動資金來源。經營業務產生之現金大幅增至約港

幣36,000,000元，而二零零四財政年度及本年度首六個月分別為約港幣15,900,000元及約港幣

6,900,000元。現金流量大大改善之原因為管理層積極與房委會緊密合作，上述各項均已於二零零

四／二零零五財政年度中期報告載述。由此可見，新昌管理員工關注其客戶所需並改善運作程序。

二零零五財政年度，新昌管理於業務上產生之現金大幅改善，每一元經營溢利之自由流動現金由去

年12.8%增至78.3%。



除繳納香港利得稅約港幣5,700,000元外，投資業務產生之現金流量錄得流出淨額約港幣4,700,000

元（二零零四財政年度：流出約港幣9,000,000元），當中：

‧ 約港幣5,900,000元用作撥付資訊科技應用系統收購及開發計劃以及開發備有度身訂造之電

腦化維修管理系統之客戶服務中心所需資金；及

‧ 約港幣400,000元用作注資於二零零五年二月成立之新合資企業北京金融街新昌物業管理有

限公司，為北京西環廣場提供設施管理服務，本集團持有該合資企業30%股權。

二零零五財政年度，融資業務耗用之現金淨額包括償還銀行貸款港幣20,000,000元及派付股息港

幣16,600,000元。償還銀行貸款後，本集團並無任何借貸。

與二零零四年三月三十一日之現金及現金等值約港幣117,100,000元比較，現金及現金等值總額於

二零零五年三月三十一日減少約港幣11,000,000元或9.4%至約港幣106,100,000元，而與二零零四

年九月三十日結餘相比則增加約港幣14,400,000元或15.7%。本集團並無任何銀行債務。

資產總值及營運資金淨額

於二零零五年三月三十一日，本集團資產總值約港幣198,800,000元，減少約港幣7,300,000元或

3.6%，主要由於償還銀行貸款港幣20,000,000元後，銀行結存減少所致。流動資產淨值繼續維持於

約港幣145,700,000元（二零零四年：約港幣137,800,000元）之強勁水平，流動比率增加5.8%，為

4.6:1（二零零四年：3.4:1），當中約港幣185,300,000元為速動資產。本集團之資產負債表狀況維持

強勁，為把握香港及內地日後業務發展機遇作好準備。

應收賬款

於二零零五年三月三十一日，應收賬款增加16.3%至約港幣59,900,000元（二零零四年三月三十一

日：約港幣51,500,000元），當中約港幣40,900,000元與第七批物業服務合約有關（二零零四年：約

港幣31,100,000元）。第七批物業服務合約之應收款項增加，乃來自年內所取得3個新項目產生之額

外收益。管理層在改善收回有關應收款項方面取得重大進展。於二零零五年六月三日，逾49%第七

批物業服務合約之未償還應收款項（包括賬齡超過90日之款項約73%）已收回。


銀行、財務管理及庫務政策

於二零零四年三月三十一日之未償還銀行貸款港幣20,000,000元已按時清還，本集團於二零零

五年三月三十一日並無任何借貸。本集團可隨時自其往來銀行取得未定用途短期借貸及銀行擔

保融資，以應付日常現金管理所需及維持資金靈活彈性把握潛在商機。本集團之未定用途銀行

融資總額為港幣100,000,000元，其中約港幣96,000,000元尚未動用。於結算日，本集團大部分

資產及負債以港元結算，而小量現金結存則為美元存款（約900,000美元）。本集團內地業務仍

處於早期發展階段，故本集團認為，就資產及負債而言，人民幣匯率波動風險不大。因此，本集

團不會承受重大外匯波動風險。本集團一向採納審慎庫務管理政策，且無參與任何槓桿或屬投

機性質之衍生產品投資。鑑於本集團持有大量現金結存，且無銀行負債，所承受利率波動風險

極低。本集團已制定投資政策，以監察本集團之未定用途資金，該政策之目的旨在於維持足夠

流動資金及保本之同時，盡可能爭取最佳投資回報。董事將密切監察與本集團資產、負債、權利

或債務相關之財務風險。

業務及營運回顧

香港

截至二零零五年三月三十一日止年度，新昌管理積極擴展香港及內地業務。於香港合共管理215

個項目，較去年增加8.0%。值得注意的是本集團非住宅設施管理組合規模擴大，由1,340,000平

方米增加31.2%至1,760,000平方米。儘管市場競爭激烈，本集團的合約續約率仍維持99%之穩

定水平。計及本集團於內地之物業管理組合，本集團管理合共230個項目及逾2,420,000平方米

非住宅設施。旗下管理組合不僅規模擴大，類型亦更見廣泛，足以證明雖然經營環境日趨艱鉅，

但新昌管理仍能透過「全面解決方案」模式，不斷於人才、管理流程及技術方面作出投資，發揮

其領導地位，抓緊機會。

香港私營及公營項目物業管理市場競爭依然激烈。誠如上文所述，新昌管理已加強業務拓展及

應用科技於提供服務方面。本集團憑著方案為本及旗下員工瞭解客戶需要之能力，成功取得悠

然山莊、浪濤苑、漣山、愛琴灣及綠怡花園等私人住宅項目的管理合約。

下文表二載列本集團客戶組合性質逐漸轉為私營項目，而且新昌管理一直取得極佳續約率，反

映出客戶瞭解及欣賞一間公司需具備良好業績記錄，並能因應客戶需要而提供創新、務實及貼

身解決方案及服務之重要性。



表二：按客戶劃分物業管理及設施管理服務營業額之分析

二零零四／二零零五財政年度

二零零三／二零零四財政年度

公營項目－其他19%

物業服務合約33%

私營項目48%

公營項目－其他19%

物業服務合約40%

私營項目41%

私營項目物業服務合約公營項目－其他

與去年相比，公營住宅項目增長放緩。房委會更改新一批物業服務合約投標評審準則，撤銷前房屋

署職員參與之規定，並對非技術人員嚴格實施最低工資及工時的規定。我們亦面對小型管理公司於

競投物業服務合約時所採取非常進取的訂價策略之嚴峻競爭。誠如中期報告所述，新昌管理已經並

繼續制定新措施，精簡成本結構，改善在這個瞬息萬變市場之競爭力。

縱使公營項目市場競爭激烈，本集團成功取得香港政府三份合約，包括房委會總部（第3及第4座）、

香港文化博物館及古物古蹟辦事處香港文物探知館。該等合約令新昌管理之管理組合更見多元化，

有助提高在不同行業發展設施管理業務之能力。

左：漣山

右：香港文化博物館


此外，本集團成功取得香港賽馬會及愛護動物協會之合約，正好彰顯其於設施管理業之領導地位，

而本集團相信此方面業務將可進一步發展。另一方面，本集團投資於科技基建，包括新昌客戶服務

中心（客戶服務中心），藉此於過去一年脫穎而出，於該市場成功爭取業務。本集團取得稻香集團有

限公司之設施保養合約，成功擴展其服務至設施保養範疇。稻香集團有限公司為大型中式飲食集團，

於香港擁有逾30間食肆。本集團已於其他客戶項目應用其科技平台，此外，此合約足證本集團具備

卓越能力，可向設施遍佈不同地區之客戶提供服務。

中國內地

本集團在北京中關村的業務穩步發展，因此相信可透過建立品牌據點，進軍北京商業中心區。

於二零零五年二月，新昌管理與北京金融街物業管理有限責任公司成立新合資企業北京金融街新

昌物業管理有限公司，為位於北京市西城區的西環廣場提供專業及優質的物業及設施管理服務。西

環廣場將於二零零五年年底落成，該項目設有大型購物中心及現代化辦公室大樓，面積逾180,000

平方米，將為北京新地標，亦為鐵路、地鐵、輕鐵及多項公共交通運輸樞紐。

於上海，隨著本集團成功於新昌瑞安物業管理（上海）有限公司（「新昌瑞安」）推行管理及營運系

統，本集團已成功取得瑞安房地產（「瑞安」）四個管理項目。隨著瑞虹新城第二期於二零零五年年

中入伙及預期創智天地第一期將於二零零五年年底落成，本集團上海的管理組合規模將由二零零

四財政年度之446,000平方米增至974,000平方米。創智天地將為集教育、科技、文化、研究及業務

培育於一身之多功能社區，總面積超過1,000,000平方米。

」

「我們十分欣賞新昌管理能夠為亞洲空運中心提供全面及具成本效益的設施管理方案。

亞洲空運中心有限公司策劃及服務科總經理李耀榮先生



一般而言，新建樓宇在收樓期間往往較易出現問題，但本集團的專業管理隊伍卻能夠於甲級商業大

廈企業天地及大型屋苑瑞虹新城的收樓期間，收到多份令人鼓舞的客戶嘉許信，足以證明我們已成

功地在內地的業務中確立了集團的優質管理系統及企業文化，並為新昌管理進一步擴展內地市場

奠下穩健基礎。

展望

過去一年，香港經濟開始逐步復甦，惟公營及私營項目仍承受重大壓力，須控制成本及集中資源發

展核心業務。此外，顧客不僅注重價格，亦同時要求能配合其特定需要之優質服務。本集團深信，市

場日趨成熟，新昌管理憑藉其雄厚財務狀況及能提供貼身管理解決方案之穩健根基、與客戶之良好

關係及具規模的管理組合，反而有利於在芸芸競爭對手中脫穎而出。

為滿足不斷提升之客戶期望，本集團將繼續透過以「全面解決方案」的模式去提升及提供創新優質

服務。由於公屋市場的不理性競爭及現行的公屋外判模式並不鼓勵創新及改善流程，本集團將集中

左：上海企業天地

右：上海瑞虹新城


資源發展一些重視品質、專業及管理系統的客戶市場。同時，本集團將繼續致力控制成本，於競爭

激烈的市場維持合理盈利水平。

本集團務求憑藉其既有的管理解決方案平台，以受惠於香港政府之外判政策，市場出現房地產投資

信託基金（「房地產信託基金」）便是其中一個例子。雖然領匯管理有限公司（「領匯」）可能需要一

段時間才可重新推出房地產信託基金，惟領匯已陸續接管房委會商場及停車場的管理組合。領匯將

集中運用創新資訊科技及具成本效益的管理系統，以管理其資產，以維持資產組合的商業價值，本

集團相信，領匯將藉著與著名及規模大的業務夥伴合作，致力改善資產質素，以提升回報。新昌管

理作為業內居領導地位及能夠提供全面解決方案的服務供應商之一，已作好準備，抓緊即將出現之

商機。

除領匯外，內地物業發展商在現行宏觀調控政策下，對透過房地產信託基金集資深感興趣。他們視

房地產信託基金為提供流動資金之合適途徑，有助變現資產之真正價值。為求於香港或新加坡等海

外市場推行房地產信託基金，大部分中國發展商需物色富經驗之專業管理公司，協助其改善及維持

物業組合的質素及價值。新昌管理相信，本集團將可利用已建立的科技基建以及業內提供嶄新專業

服務之佳績去把握此發展中市場。

於內地設立穩健基礎及發展業務繼續為本集團的另一重點。本集團初步在「轉移」系統至國內方面

取得佳績，將推動我們繼續朝此方向發展。新昌管理將繼續檢討內地業務系統調配及針對當地需要

左及右：天耀擥



加以改善系統之最有效方法。其中一個最重要範疇為招聘、培訓及啟發當地僱員不單要達致營運力

臻完美，更要向他們灌輸新昌管理核心價值及文化。董事會喜見本集團客戶之嘉許及認同，反映出

此等措施成績理想，謹此對內地隊伍之竭誠服務及努力不懈致以衷心謝意。

本集團將繼續提供盡善盡美服務、創新務實的解決方案及向員工灌輸有關知識，提升新昌管理品牌

形象。憑藉充滿幹勁的管理隊伍及專為客戶而設的管理系統，新昌管理深信，未來數年的業務及聲

譽定能更上一層樓。

董事總經理

樊卓雄

左及右：本集團在上海的管理隊伍


股東是新昌管理最重要之利益相關者之一，本集團既重視保障股東利益，亦承諾對股東承擔責任。

本集團承諾秉持高水平企業管治，以保障及提升股東價值，同時確保各公司誠實公正運作。此等企

業管治水平以獨立性、問責性、透明度及公平性為原則，並制訂完善檢討及平衡制度，因應本集團

發展定期檢討。我們獨立、專業兼竭誠之董事會（「董事會」）負責帶領堅守此企業管治架構。

聯交所頒佈之企業管治常規守則（「企業管治守則」）已於二零零五年申報年度生效。儘管本公司自

二零零五╱二零零六財政年度起才須申報有否遵守新守則，惟董事會承諾遵守企業管治守則全部

規定，並盡早實行董事會視為符合股東最佳長遠利益之最佳常規建議。

董事會

董事會須就本集團之策略發展向股東負責，以致力提升股東價值為目標。董事會現由獨立非執行主

席、執行副主席（彼委任一名替任執行董事）、執行董事總經理及六名非執行董事（其中四名為獨立

非執行董事）組成，彼等之履歷詳情載於第84至88頁「董事及高層管理人員履歷」一節。主席與非

執行董事來自不同行業及專業背景，致力運用各人之專業知識及寶貴經驗以保障股東利益與提升

股東價值。董事會已接獲各獨立非執行董事根據聯交所證券上市規則（「上市規則」）就彼等之獨立

身份發出之年度確認書，且繼續視彼等為獨立人士。

企業管治守則規定主席與行政總裁之職能必須分開，且不可由同一人履行，新昌管理自上市以來已

一直採納此摸式。新昌管理主席（獨立非執行主席）負責領導董事會以及確保董事會妥善運作，而

執行副主席及執行董事總經理則負責新昌管理之業務日常管理。

董事會於年內定期舉行會議，以討論本集團之業務策略及檢討財務表現。董事會保留整體集團策略、

業務計劃、年度預算、主要收購與出售、重大資本開支、委任與續聘董事、中期與年度業績公佈、股

息政策及其他重大營運與財務事宜各方面之決策權。議程及隨附之董事會會議文件會於董事會會

議前預先提呈董事會成員。董事可全面取得有關本集團之資料，並可於彼等認為需要時隨時尋求專

業意見。

企業管治

企業管治


董事會於二零零四╱二零零五財政年度曾舉行四次會議，包括一次策略規劃會議。董事於董事會會

議及審核委員會會議之出席率詳情載於下表：

董事董事會審核委員會

獨立非執行主席

吳家瑋教授 4/4 2/2

執行董事

葉儀皓（副主席） 4/4

樊卓雄（董事總經理） 4/4 2/2

獨立非執行董事

施永青 4/4 2/2

曾祥 (1) 2/2 1/1

鮑華健 (2) 2/2 1/1

徐耀華 (3) 1/1

非執行董事

黎明 3/4 2/2

鄺其志 (4) 4/4

替任董事

Barry John Buttifant (5) 1/1

附註︰

(1) 於二零零四年九月十三日獲委任為獨立非執行董事。

(2) 於二零零四年九月三十日獲委任為獨立非執行董事，任期為六個月，其後於二零零五年四月一日辭任。

(3) 於二零零五年一月一日獲委任為獨立非執行董事。

(4) 於二零零四年一月二日獲委任為葉儀皓之替任董事，並於二零零四年九月十三日轉任為非執行董事。

(5) 於二零零五年一月一日獲委任為葉儀皓之替任董事。

董事會所委任之董事須於彼等獲委任後首個股東週年大會由股東推選。根據本公司之現有章程細

則，三分之一董事（不包括董事會主席及董事總經理）須於每屆股東週年大會輪值告退，而退任董

事須為自彼等最近一次膺選連任或獲委任以來任期最長之董事。退任董事符合資格應選連任。


審核委員會

新昌管理自其股份於二零零三年十月在聯交所上市時已成立審核委員會（「委員會」）。委員會成員

大部分為獨立非執行董事。為進一步提高獨立性，本公司於年內額外邀請兩名擁有適當會計及相關

財務管理專業知識之獨立非執行董事加入委員會。委員會現由五名非執行董事組成，其中四名為獨

立非執行董事，並由一名獨立非執行董事出任主席。

委員會之職權範圍符合香港會計師公會制訂之指引。根據其職權範圍，委員會須（其中包括）監察

與外聘核數師之關係、審閱本集團之財務報表、年報與中期業績、檢討本集團內部審核職能之範圍、

程度與效能以及向董事會提出相關建議。

委員會於二零零四╱二零零五財政年度曾舉行兩次會議。委員會成員於會上與高層管理人員審閱

及討論中期業績、初步業績公佈與年報，以確保本集團之財務報表按照香港普通採納之會計原則編

製。委員會亦已考慮外聘核數師就彼等對中期業績與綜合財務報表之年度審核之範圍及結果作出

之獨立審閱報告。內部審核隊伍所提交有關業務運作及企業職能之調查結果與改善建議之內部審

核報告已於高層管理人員在場情況下由委員會審閱。委員會會議之記錄及內部審核報告已提呈其

他非為委員會成員之董事會成員及外聘核數師傳閱。

內部審核

根據審核委員會正式採納之內部審核策略備忘錄所載審核範圍、目標及審核周期，內部審核隊伍定

期考查本集團業務運作及企業職能之內部監控流程、慣例與程序。內部審核之主要目標為就內部監

控制度提供客觀保證、呈報調查結果以及就考查時獲悉有關內部監控不足之處，提供改善意見，以

確保本公司維持可靠的內部監控制度。內部審核隊伍直接向審核委員會匯報。

行政管理委員會

行政管理委員會由執行董事及高級行政人員組成，並由執行董事總經理出任主席，每月召開會議，

以討論有關業務運作之重要事宜、審閱財務報表及按董事會批准之預算監察本集團之業績。行政管

理委員會亦審閱就董事會所採納之策略及政策之實施成效。

企業管治


財務委員會

財務委員會由一名執行董事、一名非執行董事及本集團財務總監組成，負責就財務管理及庫務運作

制定策略、政策及指引。財務委員會亦協助董事會檢討本集團財務業績及表現。財務委員會於需要

時會面以便檢討本集團財務運作，檢討範圍包括財務表現、庫務管理、比對年度預算之業績及風險

評估表現等。

董事進行證券交易的標準守則

本公司已遵照上市規則附錄10所載上市公司董事進行證券交易的標準守則（「標準守則」）採納嚴

謹程序，監管董事進行之證券交易。本公司已制定適當程序，以確保董事嚴格遵守標準守則之適用

守則規定以及適用法例與規例。各董事於首次獲委任時已獲發一份標準守則。董事根據標準守則須

予承擔之責任包括披露彼等之證券權益及任何涉及新昌管理交易之利益衝突、根據上市規則禁止

於特定情況下買賣股份以及披露股價敏感資料之限制。新昌管理於年內並無發現任何違反有關守

則之情況。

於二零零五年三月三十一日，董事於本公司及其相聯法團（定義見證券及期貨條例第XV部）股份之

權益載於第94頁。

遵守最佳應用守則

除下文披露者外，本公司於年內一直遵守上市規則附錄14所載最佳應用守則。

除吳家瑋教授因出任主席而毋須於本公司股東週年大會應選連任外，新昌管理各非執行董事並無

指定任期，惟須根據本公司之章程細則第87條於本公司股東週年大會輪值告退及應選連任。

投資者關係及溝通

本公司繼續推行積極政策，透過於公佈中期及年度財務業績後隨即與機構股東及分析員定期舉行

簡介會，促進投資者關係及溝通。本公司致力透過刊登中期及年度報告與報章公佈清晰、全面及適

時地向股東提供有關本集團表現之資料。本公司投資者關係網站「http://www.synergis.com.hk」刊

登業績公佈、新聞稿、中期及年度報告以及其他公佈，並定期更新資料。如有任何意見及建議，歡迎

聯絡公司秘書或企業傳訊經理。

於二零零四╱二零零五財政年度，除修訂本公司之章程細則以符合上市規則有關提升企業管治之

變動及公司條例外，董事會確認，本公司之章程細則並無任何影響新昌管理申報慣例之重大變動。



新昌管理品牌是什麼？

「無限思維、深遠成果」是新昌管理之管理理念，反映了本集團致力迎合客戶需要，向客戶提供創新、

務實和貼身的方案及鍥而不捨地追求卓越的決心。

「新昌管理」這個品牌正好表達本集團對客戶的承諾。我們一直盡力履行承諾，實踐本集團的遠景，

成為亞洲物業及設施管理業的基準。

本集團有能力向客戶提供最合適的方案，並非依靠引人注目的宣傳口號或印刷精美的宣傳冊子，反

而是有賴最合適的人才、最合適的管理層以及最合適的基建及系統。

最合適的人才

人才是本集團最寶貴的資產。不論在日常業務運作、緊急情況或嶄新環境中，本集團所作的一切均

有賴員工盡展所長。憑藉於物業管理業的27年經驗及作為首家物業管理公司榮膺香港及亞洲最優

秀僱主殊榮，新昌管理已盡顯其招攬、培育及維繫最合適人才的能力。我們的成就建基於堅定的信

念，相信「每位管理人員均是人力資源經理」。我們的部門經理堅守及實踐這信念，讓本集團能夠不

斷評估及調整其招攬、培訓及發展人才計劃，以切合本集團客戶不斷轉變的需要及客戶設施性質的

轉變。這種理念表示各主管人員在下列各方面扮演積極角色：

－發掘人才

－吸引人才

－善用人才

－獎勵人才

－栽培人才

－維繫人才



學習與發展

於二零零四／零五財政年度，本集團的營運及管理員工，包括於中國內地的員工，接受了260項合

共達33,265個工時的培訓課程，課程內容涵蓋客戶服務、領導才能、優質管理系統、全面卓越服務

實施及行業最佳實踐等範疇。該等培訓計劃，配合嚴密監督及本集團推行表現管理系統，對提升員

工的職業技能、工作能力，以及對教導員工預計客戶迫切需要及發展相應的解決方案的相關知識及

工具極為重要。

於二零零五年，本集團舉辦兩項名為「The Synergis

Way Workshop」及「每天金句」的嶄新培訓計劃，以

提升員工對質素及服務的要求。

「The Synergis Way Workshop」將有助改善員工對新

昌管理卓越服務的理解和實踐。「每天金句」為一系列

共三十一次、每天十五分鐘的思考活動。此活動是由

一名部門經理建議的簡單而別具創意的方案，藉以協

助提升員工對新昌管理核心價值的理解。

本集團不斷致力栽培員工的努力再度獲得回報，於二零零四年榮獲壹週刊「第壹服務大獎－物業

管理組別」殊榮。更重要的是，我們於二零零四／零五財政年度的續約率高達99%，反映客戶對本

集團投以信任票。

表現管理

一套全面的表現管理系統對培育、獎勵及維繫員工起關鍵作用。於二零零一年，新昌管理開始推行

表現管理系統，利用平衡計分卡、核心表現指標及工作能力評估等多種方法，從多方面評估員工表

現。這系統讓本集團能夠物色表現最優秀的員工，以作進一步培訓。與此同時，這系統亦讓本集團

分析及釐定更多方面的培訓需要，以便根據現時規管環境及客戶不斷轉變的需要而作出計劃。

承諾有賴雙方面的實踐。我們深信，倘新昌管理透過推行公平及透明度高的表現管理系統，並不斷

在培訓與發展方面投資，實踐對員工的承諾，員工亦會更加投入工作，並向本集團客戶提供最合適

的方案及最佳服務，以示他們對新昌管理的承諾。


系統力臻完美

新昌管理自二十七年前開始發展業務以來一直持續發展及改良其管理運作流程及管理系統。我們

設立的內聯網流程管理系統，名為新昌管理系統，涵蓋本集團所有運作流程。透過內聯網，新昌管

理系統有助精簡不同業務類型客戶的管理運作，超越地域限制。本集團成功將新昌管理系統「轉移」

至上海及北京運作，正好顯示系統之穩健性。

另外，於二零零四／零五財政年度，新昌管理再次成為物業及設施管理業的典範，因為我們是業內

首批公司榮獲香港工業總會轄下香港優質標誌局頒發的「Q嘜優質服務計劃證書」。此外，我們更是

首間公司在香港品質保證局舉辦的企業表現指標計劃中榮獲「9004卓越表現證書」，此項殊榮為本

集團帶來很大滿足感，原因是本集團自發性地參與該項計劃，希望透過其獨立客觀、並按 ISO 9004

的標準來全面評估本集團系統的成熟程度及表現。結果，新昌管理的品質管理系統於全部14項主

要表現類別均獲得最高分數。

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卓越管理中心

新昌管理的「卓越管理中心」於二零零三年成立，負責從本集團員工的品質圈提案中，分析及研究

改善方法和創新構思，並記錄最佳業務實踐。本集團在所管理的項目中實行最佳業務實踐，透過廣

泛實行從而衍生改善意見，因此卓越管理中心正好促成持續改善，為本集團提供借鑑基準、知識管

理及重整流程的平台，更重要是成為本集團的機構知識庫。

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本集團於日常運作應用最佳實踐及優質工具，以提高員工生產力、效率及安全，其中例子包括新昌

環境衛生管理系統，這系統的概念是把「清潔」提升至衛生管理的層面；另一個例子為電話報更系

統，該系統可記錄及搜索駐守於各項物業的保安人員之出勤記錄，以確保符合法例及本集團的人手

編制要求。其他例子尚包括檢查水缸水位及揭開沙井蓋的器材。

本集團尤其對前線員工近期開發的「安全收放地毯機」及「活動安全護欄車」這兩項嶄新發明引以

為傲。「安全收放地毯機」專為盡量減少工傷、節省人手及改善工作效率而設，此項發明最近更榮獲

二零零五年香港職業安全健康大獎－安全科技成就大獎銅獎。「活動安全護欄車」則為有蓋天橋

之清潔工作而設。該項創新工具已證實可減少工傷，亦能改善運作效率。

左：安全收放地毯機

右：活動安全護欄車


集團財務業績及狀況概覽

綜合現金流量表截至二零零五年三月三十一日止年度

港幣千元

經營業務產生之現金 36,015已付利息 (49 )已付香港利得稅 (5,662 )

經營業務產生之現金淨額 30,304購買固定資產 (5,860 )出售固定資產所得款項 94出售其他投資所得款項 1,002已收利息 508向一家聯營公司注入資本 (425 )償還銀行貸款 (20,000 )已派股息

－已派二零零四年末期股息 (9,960 )－已派二零零五年中期股息 (6,640 )

現金及現金等值之減少淨額 (10,977 )於二零零四年三月三十一日之

現金及現金等值 117,087

於二零零五年三月三十一日之

現金及現金等值 106,110

6

7

8

綜合損益表截至二零零五年三月三十一日止年度

港幣千元

營業額 382,445銷售成本 (303,216 )

毛利 79,229其他收益 2,933一般及行政開支 (51,352 )

經營溢利 30,810融資成本 (13 )分佔共同控制實體之虧損淨額 (166 )

除稅前溢利 30,631稅項 (5,054 )

年內溢利 25,577少數股東權益 260

股東應佔溢利 25,837

股息：已派中期股息 6,640擬派末期股息 13,280

1

3

4

5

2

上年度之綜合資產負債表於二零零四年三月三十一日

港幣千元

資產固定資產 8,289共同控制實體 2,164遞延稅項資產 477應收賬款 51,500銀行結餘及現金 117,087長期銀行貸款即期部分 (20,000 )其他流動負債淨額 (10,812 )

148,705

股東資金及非流動負債股本 33,200其他儲備 27,572保留溢利 86,992少數股東權益 460遞延稅項負債 481

148,705


保留溢利變動表截至二零零五年三月三十一日止年度

港幣千元

於二零零四年三月三十一日之結餘 86,992股東應佔溢利 25,837已派二零零四年末期股息 (9,960 )已派二零零五年中期股息 (6,640 )

於二零零五年三月三十一日之結餘 96,229

本年度之綜合資產負債表於二零零五年三月三十一日

港幣千元

資產固定資產 9,842共同控制實體 1,996聯營公司 425遞延稅項資產 111應收賬款 59,899銀行結餘及現金 106,110長期銀行貸款即期部分－其他流動負債淨額 (20,286 )

158,097

股東資金及非流動負債股本 33,200其他儲備 27,572保留溢利 96,229少數股東權益 200遞延稅項負債 896

158,097

9

10

2

3

4

5

9

10

6

7

8

1 儘管經營環境困難，於二零零五財政年度，本集團

營業額僅減少1.4%至約港幣382,400,000元。此項

減少主要是由於兩份房委會重大合約於合約屆滿

時未能重新招標。然而，新昌管理自其他業務範疇

之增長及透過擴充其客戶基礎彌補收益損失，並能

夠維持99%續約率。

一般及行政開支增加1.1%至約港幣51,300,000元，

乃主要源自招聘、培訓及培育「合適」人才之額外成

本；資訊科技基建新投資及財務應用系統產生折

舊；以及本集團上市相關開支之全年影響。

分佔共同控制實體之虧損減少 78.5%至約港幣

166,000元，業績改善主要是由於與瑞安於上海成

立之合資企業為本集團帶來約港幣205,000元之溢

利貢獻，相對於去年分佔虧損約港幣164,000元。

股本權益回報率為16.9%，每股盈利則為港幣7.8

仙。

於二零零四年十二月派付之中期股息每股港幣2.0

仙。連同擬派末期股息每股港幣4.0仙，本公司所派

發或宣派股息合共每股港幣6.0仙。

與二零零四財政年度之約港幣15,900,000元比較，

經營業務產生之現金大幅增至約港幣36,000,000

元，原因為管理層積極與房委會緊密合作，收回與

物業服務合約有關之應收賬款之成果，因此，每一

元經營溢利之自由流動現金由去年12.8%大幅增

至 78.3%。

向一家聯營公司注入資本指本集團注資30%股權

於二零零五年二月成立之新合資企業北京金融街

新昌物業管理有限公司，為北京西環廣場提供設施

管理服務。

於二零零四年三月三十一日之未償還銀行貸款港

幣20,000,000元已按時悉數償還，本集團於二零零

五年三月三十一日概無任何銀行貸款。

應收賬款增加16.3%至約港幣59,900,000元，當中

約港幣40,900,000元與第七批物業服務合約有關。

第七批物業服務合約之應收款項增加，乃來自年內

所取得3個新物業服務合約項目產生之額外收益。

於二零零五年六月三日，逾49%第七批物業服務合

約之未償還應收款項（當中約73%之賬齡超過90

天）已收回。

其他儲備包括股份溢價約港幣25,900,000元及合

併儲備約港幣1,500,000元。




獨立非執行董事

吳家瑋教授，67歲，於二零零三年九月十六日獲委任為本集團獨立非執行董事兼非執行主席。吳教

授於一九八八年至二零零一年期間擔任香港科技大學創校校長；彼亦曾任西北大學 (Northwestern

University)、伊利諾伊州大學 (University of Illinois)及加州大學 (University of California)物理學教授。

彼於一九八三年出任三藩市州立大學 (San Francisco State University)校長，成為美國有史以來第一

位出任美國一間具規模大學的華裔大學校長。吳教授現為瑞安集團有限公司高級顧問，亦為中國人

民政治協商會議委員會成員，並擔任多家於香港聯交所上市公司之獨立非執行董事，當中包括第一

上海投資有限公司、聯想集團有限公司、上海實業控股有限公司及萬威國際有限公司。

施永青先生，56歲，於二零零三年九月十六日獲委任為本集團獨立非執行董事。施先生於地產代理

行業積逾26年經驗，彼於一九七八年成立中原地產代理有限公司，現為中原（集團）有限公司主席、

香港小交響樂團監察委員會主席及香港樂施會成員。施先生於二零零三年獲香港房屋委員會委任

為資助房屋小組委員會委員，並於二零零五年再獲委任為香港房屋委員會委員及商業樓宇小組委

員會委員。

曾祥先生，57歲，於二零零四年九月十三日獲委任為本集團獨立非執行董事。曾先生於香港大學畢

業，持有工商管理學碩士學位。曾先生現為面面通網絡系統有限公司之主席，該公司為一間於亞洲

具領導地位之多媒體導覽系統方案及互聯網語音通訊 (VoIP)產品供應商及服務操作者，彼亦為英福

電訊集團之創辦人，該公司自一九七四年成立以來，於香港及中國內地之電訊及科技工業扮演著重

要角色。曾先生現亦為香港特別行政區政府之太平紳士。曾先生於一九八八年至二零零二年期間曾

出任香港貿易發展局成員。曾先生亦為前香港聯合交易所主板及創業板上市委員會委員，彼亦曾為

應用研究局董事及優質教育基金督導委員會創會委員。


獨立非執行董事（續）

徐耀華先生，56歲，於二零零五年一月一日獲委任為本集團獨立非執行董事。徐先生持有美國田納

西州大學理學士及工程學碩士（工業工程學）學位，並修畢美國哈佛大學甘迺迪政府研究院政府高

級經理管理學課程。徐先生現為一家提供金融及管理顧問服務之香港公司華高金融服務有限公司

之行政總裁及全國工商聯併購公會副會長。徐先生由一九九八年起獲委任為香港證券專業學會之

董事，並於二零零一年十二月至二零零四年十二月期間兼任為主席。彼亦於二零零一年七月至二零

零二年六月期間為深圳證券交易所諮詢顧問及理事。徐先生於一九九四年加入香港聯合交易所有

限公司出任財務及運作服務科執行總監，並於一九九七年出任行政總裁一職。彼於二零零零年三月

至二零零零年七月期間出任香港交易及結算所有限公司營運總裁。徐先生現為多間香港上市公司

之獨立非執行董事，包括中國工商銀行（亞洲）有限公司、中信21世紀有限公司、金融社控股有限公

司、慧㶴集團有限公司、中國誠通發展集團有限公司、中遠國際控股有限公司及中國電力國際發展

有限公司。徐先生於財務及行政、企業及策略規劃、資訊科技及人力資源管理等方面均具豐富經驗。

徐先生過往亦曾積極參與多項政府及社會活動，包括為盈富基金監督委員會及廉政公署證券、期貨

及投資界專業道德推廣計劃籌劃委員會之前任主席、公司法改革常務委員會、香港貿易發展局金融

服務諮詢委員會、香港公益金商業及僱員募捐計劃銀行及金融組別籌劃委員會，以及職業訓練局銀

行及金融業訓練委員會等之前任委員。

Nicholas David Swain先生，48歲，於二零零五年六月一日獲委任為本集團獨立非執行董事。Swain

先生分別於一九九一年及一九八九年獲香港大學頒授文學碩士（亞洲研究）及社會科學（心理學）

一級榮譽學士學位。Swain先生擁有豐富企業管理經驗。彼曾於一九七五年至一九九四年任職皇家

香港警察高級警務人員，其後為Nortel環球管理隊伍中3%最高層公司職務之領袖。於Nortel，Swain

先生曾擔任多個公司職位，首先是亞太區安全主管 (Director Security Asia Pacific)，負責管理環境、

衛生及安全、保安及商業道德等職能。於一九九七年至一九九八年間，彼統率環球商業道德 (Global

Business Ethics)部門，並於任內提升公司道德標準。彼曾於一九九八年至一九九九年擔任僱員關係

主管 (Director Employee Relations)及大中華及亞太區人力資源主管 (HR Greater China and Asia

Pacific)，亦負責管理設於4個東盟國家之業務單位之人力資源職能。於一九九九年直至二零零四年

七月離職前，Swain先生率領Nortel於中國及亞太區之房地產職能。於一九八八年至一九八九年，

Swain先生曾獲港督委任為職業訓練局保安服務業訓練委員會委員。



非執行董事

黎明先生，60歲，於二零零三年八月五日獲委任為本集團非執行董事。黎先生為香港會計師公會、

澳洲會計師公會及特許管理會計師學會資深會員。彼於企業融資及管理方面積逾30年經驗。黎先

生於一九八六年出任香港會計師公會會長，現為該公會審核委員會及調查小組成員。黎先生曾在新

昌集團轄下公司擔任執行董事直至一九九二年。移居加拿大數年後，黎先生於二零零一年重返新昌

集團，出任新昌營造集團有限公司之執行董事及Hsin Chong International Holdings Limited之董事

總經理，直至彼於二零零三年十二月退任為止。彼現為利豐雅高印刷集團有限公司及王朝酒業集團

有限公司獨立非執行董事，該兩家公司之股份均於香港聯交所上市。黎先生亦為澳洲會計師公會中

國香港分會企業管治委員會顧問、香港歌劇院創會會員兼董事及香港科技大學研究開發有限公司

董事。

鄺其志先生，54歲，為本集團非執行董事，彼先於二零零四年一月二日獲委任為葉儀皓女士之替任

董事，其後於二零零四年九月十三日獲轉任為本公司非執行董事。鄺先生畢業於香港大學，並獲取

英國劍橋大學 (University of Cambridge)經濟及政治發展哲學碩士學位。彼在香港政府服務27年，於

二零零零年離任前，主要擔任經濟及金融事務之職位，包括庫務局局長（一九九五年至一九九八年）

及資訊科技及廣播局局長（一九九八年至二零零零年）。鄺先生其後擔任香港交易及結算所有限公

司之行政總裁直至二零零三年四月。鄺先生現時為偉新（國際）有限公司之董事總經理，彼亦為於

納斯達克 (NASDAQ)上市之CDC Corporation以及於香港聯交所上市之佐丹奴國際有限公司之獨立

非執行董事及新昌營造集團有限公司之非執行董事。鄺先生現為香港非官守太平紳士及獲香港特

別行政區政府頒授金紫荊星章。彼亦擔任多項公職，包括香港中文大學校董會成員及香港公益金董

事會成員。

執行董事

葉儀皓女士，43歲，現為本集團執行董事兼副主席，負責本集團之政策、策略及整體營運。葉女士持

有史丹福大學法學院 (Stanford Law School)法學博士學位、洛杉磯加州大學 (University of California)

工商管理碩士學位及史丹福大學(Stanford University)文學士學位。彼於一九九八年加入新昌集團前，

曾於多家國際律師事務所及公司任職律師超過10年。除擔任執行董事外，彼亦為新昌集團（香港）

有限公司和Hsin Chong International Holdings Limited之執行董事，亦為於香港聯交所上市之福田

實業（集團）有限公司之非執行董事與香港飲食管理有限公司及太平地氈國際有限公司之獨立非

執行董事。葉女士為香港科技大學顧問委員會成員及香港國際學校（Hong Kong International

School）Board of Managers成員。


執行董事（續）

樊卓雄先生，50歲，現為本集團執行董事兼董事總經理，負責本集團之策略規劃、業務發展及整體

營運。樊先生在香港物業管理行業中，為其中一位最先實行全面優質管理並取得優良成果之人士。

彼持有香港大學房屋管理文憑，並為英國特許屋宇經理學會、香港房屋經理學會及香港設施管理學

會資深會員，亦為房屋經理註冊管理局之註冊專業房屋經理。樊先生於一九九七年加入本集團，在

物業及設施管理方面積逾21年經驗。於加入本集團前，樊先生曾受僱於房屋署及香港大型物業發

展公司約達15年。

Barry John Buttifant先生，60歲，為葉儀皓女士之替任董事。Buttifant先生為英國特許公認會計師

公會、香港會計師公會、The Chartered Management Institute、香港管理專業協會及香港董事學會

之資深會員。彼現為多間香港上市公司之獨立非執行董事，包括招商迪辰（亞洲）有限公司、佐丹奴

國際有限公司、台和商事控股有限公司及媒體世紀集團；彼亦為於納斯達克 (NASDAQ)上市之China

Technology Global Corporation及於紐約證券交易所上市之Global-Tech Appliances Inc.之獨立非執

行董事。Buttifant先生於二零零四年十二月獲委任為Hsin Chong International Holdings Limited （「新

昌國際」）（本公司之一位主要股東）之董事總經理及新昌營造集團有限公司葉維義先生之替任董

事。於加入新昌國際前，Buttifant先生為霸菱亞洲投資有限公司之營運合夥人。彼於二零零一年至

二零零二年期間擔任和記行（集團）有限公司（「和記行」）之董事總經理，並曾於二零零二年十一

月至二零零四年四月出任和記行之董事會顧問。於加入和記行前，彼於萬威國際有限公司擔任董事

總經理超過八年及曾於森那美香港有限公司和寶麗碧集團工作超過十一年，期間分別出任財務董

事及董事總經理職務。

高層管理人員

陳葉誠先生，50歲，現為本集團行政管理委員會成員、本集團財務總監兼公司秘書，負責本集團財

務及會計運作以及法律及公司秘書行政事宜。陳先生為英國特許公認會計師公會資深會員、香港會

計師公會會員及香港證券學院會員。陳先生於一九八八年加入本集團，並積逾30年財務及會計經

驗。彼在加盟本集團前曾任職核數師約達14年。



高層管理人員（續）

蔡國璋先生，38歲，現為本集團行政管理委員會成員、本集團助理董事兼新盛保安服務有限公司主

管，負責本集團住宅物業業務發展及管理工作。彼亦負責本集團之整體保安業務及質量管理之監督

工作。蔡先生持有香港城市大學房屋學學士學位及美國洛普大學 (Newport University)之工商管理

碩士（全面優質管理）學位。彼為房屋經理註冊管理局之註冊專業房屋經理、英國特許屋宇經理學

會會員及香港房屋經理學會會員。蔡先生於一九九三年加入本集團，已積逾17年物業管理工作經

驗。

曾天寶先生，44歲，現為本集團助理總經理兼宏潔服務有限公司主管，負責上海業務發展及管理工

作。曾先生持有香港大學房屋管理學士學位。彼為房屋經理註冊管理局之註冊專業房屋經理、英國

特許屋宇經理學會會員及香港房屋經理學會會員。曾先生於一九九五年加入本集團，已積逾19年

物業管理工作經驗。

黃煜光先生，45歲，現為本集團助理總經理兼保養部主管及卓領工程有限公司主管，負責本集團物

業及設施保養部。黃先生持有香港理工大學（前稱香港理工學院）機械工程院士資格。彼為註冊專

業工程師、英國特許屋宇設備工程師學會及香港工程師學會會員。黃先生於二零零一年加入本集團，

已積逾20年屋宇保養工作經驗。

梁有權先生，39歲，現為本集團助理總經理兼洗衣樂服務有限公司主管，負責香港新界住宅物業之

業務發展及管理工作。梁先生持有香港大學房屋管理學士學位。彼為房屋經理註冊管理局之註冊專

業房屋經理、英國特許屋宇經理學會會員及香港房屋經理學會會員。梁先生於一九九八年加入本集

團，已積逾19年物業管理工作經驗。

游淑眉女士，44歲，現為本集團行政管理委員會成員及本集團助理總經理。游女士負責本集團與房

委會所簽訂物業服務合約相關業務之整體管理，現時彼亦負責兩個位於北京之合營企業項目。游女

士持有香港大學房屋管理學士學位。彼為房屋經理註冊管理局之註冊專業房屋經理、英國特許屋宇

經理學會會員及香港房屋經理學會會員。游女士於二零零零年加入本集團，已積逾20年物業管理

及實務行政工作經驗。


董事會報告

董事欣然提呈其報告連同本公司及本集團截至二零零五年三月三十一日止年度之經審核賬目。

主要業務

本公司主要業務為投資控股，其附屬公司之主要業務為提供物業管理及設施管理服務、保安服務、

清潔服務、洗衣服務、維修及保養工程及相關產品貿易。本公司附屬公司詳情載於賬目附註31。

本集團按業務分類之本年度表現分析載於賬目附註3。

業績及分派

本集團截至二零零五年三月三十一日止年度之業績載於第104頁之綜合損益表。

本年度已向股東派付中期股息每股港幣2.0仙，合共港幣6,640,000元。

董事建議向於二零零五年七月二十八日名列本公司股東名冊之股東派付末期股息每股港幣4.0仙。

待股東於應屆股東週年大會批准董事建議後，末期股息將於二零零五年八月四日派付。

本公司將於二零零五年七月二十五日星期一至二零零五年七月二十八日星期四（包括首尾兩天在

內）期間暫停辦理股東登記，期間將不會辦理股份過戶登記手續。為符合領取獲派末期股息之資格，

所有股票連同填妥之過戶表格（不論為背頁或另頁）須於二零零五年七月二十二日星期五下午四

時正前，送達本公司之股份過戶登記分處香港中央證券登記有限公司，地址為香港皇后大道東183

號合和中心17樓1712-1716室。

儲備

本集團及本公司於年內之儲備變動載於賬目附註23。

五年財務摘要

本集團於過去五個財政年度之經營業績及資產負債概要載於年報「五年財務摘要」一節。

固定資產

本集團固定資產之變動詳情載於賬目附註12。

董事會報告


捐款

本集團於年內作出之慈善及其他捐款合共港幣84,000元（二零零四年：港幣1,336,000元）。

股本

本公司股本之變動詳情載於賬目附註22。

可供分派儲備

本公司於二零零五年三月三十一日之可供分派儲備乃根據百慕達一九八一年公司法（經修訂）計

算為港幣94,968,000元（二零零四年：港幣84,359,000元）。

優先購買權

本公司章程細則（「章程細則」）並無優先購買權之條文，而百慕達法例亦無就該等權力設有任何限

制，致使本公司須按比例向現有股東提呈發售新股份。

董事

於年內及截至本報告日期止，本公司董事如下：

吳家瑋（主席）*

葉儀皓（副主席）

樊卓雄（董事總經理）

黎明**

鄺其志** （於二零零四年九月十三日終止為葉儀皓之替任董事，

並獲轉任為非執行董事）

施永青*

曾祥* （於二零零四年九月十三日獲委任）

鮑華健* （於二零零四年九月三十日獲委任，其後於二零零五年四月一

日辭任）

徐耀華* （於二零零五年一月一日獲委任）

Barry John Buttifant （於二零零五年一月一日獲委任為葉儀皓之替任董事）

Nicholas David Swain* （於二零零五年六月一日獲委任）

* 獨立非執行董事

** 非執行董事

根據章程細則第86(2)條，鄺其志先生、曾祥先生、徐耀華先生及Nicholas David Swain先生將於應屆

股東週年大會退任，並合資格及願應選連任。


董事（續）

根據章程細則第87(2)條，黎明先生及施永青先生將於應屆股東週年大會退任，並將不會應選連任。

根據章程細則第92條，Barry John Buttifant先生任期至應屆股東週年大會為止，並將獲葉儀皓女士

重新委任為其替任董事。

董事服務合約

擬於應屆股東週年大會重選之董事概無與本公司簽訂任何不可於一年內免付補償（法定補償除外）

而終止之服務合約。

董事於合約之權益

於年終或年內任何時間，概無訂立任何與本集團業務有關，而本公司、其附屬公司、其同系附屬公

司或其控股公司為其中一方，且本公司董事於其中直接或間接擁有重大權益之重大合約。

管理合約

本公司於年內概無就其全部或任何主要部分業務簽訂或訂有任何管理及行政合約。

購股權計劃

本公司全體股東於二零零三年九月十九日通過決議案，批准並採納購股權計劃（「計劃」），旨在透

過授出認購本公司股份之購股權，鼓勵本集團員工及肯定彼等所作出之貢獻。根據上市規則第17

章之規定所披露有關計劃之資料如下：

(a) 計劃之目的

計劃旨在認許及鼓勵合資格人士（定義見下文）為本公司及／或其任何附屬公司及／或任何

投資實體（定義見下文）作出貢獻。

董事會報告


購股權計劃（續）

(b) 計劃之參與者

董事會或其正式授權之委員會可全權酌情於採納日期後任何營業日之任何時間至其十週年前

期間，提呈授予下列任何類別參與者（「合資格人士」）購股權以認購股份。

(i) 本公司、其任何附屬公司或本公司或其任何附屬公司持有任何股本權益之任何實體（「投

資實體」）之任何僱員（不論全職或兼職），包括本公司、其任何附屬公司或任何投資實體

之任何執行董事，惟不包括本公司或其任何附屬公司或任何投資實體於中國內地僱用或

將予僱用之任何僱員；

(ii) 本公司、其任何附屬公司或任何投資實體的任何非執行董事（包括任何獨立非執行董事）；

(iii) 本公司、其任何附屬公司或任何投資實體之任何股東或本公司、其任何附屬公司或任何

投資實體所發行任何證券之持有人（即董事會認為其對本公司、其任何附屬公司或任何

投資實體之業務發展有所貢獻者）；

(iv) 向本公司、其任何附屬公司或任何投資實體提供研究、開發或其他技術支援之任何人士

或實體；

(v) 本公司、其任何附屬公司或任何投資實體的任何貨品及／或服務供應商；

(vi) 與本公司、其任何附屬公司或任何投資實體已訂約之任何業務合作方、業務顧問、合資企

業或業務夥伴、或技術、財務、法律及其他專業顧問；

(vii) 本公司、其任何附屬公司或任何投資實體之董事或主要股東之任何聯繫人士（即董事會

認為其對本公司、其任何附屬公司或任何投資實體之業務發展有所貢獻者）；或

(viii) 經董事會預先批准之任何信託之受託人，其受益人（或倘為全權信託，則為受益對象）包

括任何上述人士，及就計劃而言，董事會可向由一名或以上合資格人士全資擁有之任何

公司授予購股權。


購股權計劃（續）

(c) 根據計劃可予發行之股數上限

根據計劃及本公司任何其他購股權計劃授出之所有尚待行使之購股權獲行使而可予發行之股

份數目，最多不得超過本公司於其股份在聯交所主板上市當日之已發行股本10%之股份數目。

截至二零零五年三月三十一日及本報告日期止，本公司並無根據計劃授出任何購股權。因此，

截至二零零五年三月三十一日及本報告日期止，並無任何根據計劃可予發行之股份。

(d) 計劃各參與者獲授購股權之上限

倘於任何12 個月內向任何一位合資格人士授出之購股權獲悉數行使時，將導致因行使過往其

獲授之所有購股權（當時仍存在及未行使者）下已向其發行及可向其發行之股份總數超過於

該12 個月內最後一日之本公司已發行股本1%，則不可向該合資格人士授出有關購股權。

(e) 接納購股權之期限及付款

有關合資格人士（不包括其遺產代理人在內之其他人士）可於建議函件指定時間內，將接納函

件副本正式簽妥並連同抬頭人為本公司而款額為港幣1.00 元（獲授購股權之代價）之支票交

予本公司，以就其獲提呈之股份接納授出購股權建議。

(f) 釐定行使價之基準

計劃下之股份認購價由董事會決定及知會各承授人，惟不得低於下列三者中的最高者：(i)股份

於授出購股權當日（須為營業日）之收市價（以聯交所每日報價表所載者為準）；(ii)股份於緊

接授出購股權日期前五個營業日之平均收市價（以聯交所每日報價表所載者為準）；及 (iii)每

股股份之面值。

(g) 計劃期限

除根據計劃條款終止外，計劃由其採納日期起計10 年期間內有效。

董事會報告


董事及行政總裁在本公司及其相聯法團股份、相關股份及債券中擁有的權益及

淡倉

於二零零五年三月三十一日，本公司根據證券及期貨條例（「證券及期貨條例」）第352條所規定須

存置的登記冊所記錄或根據上市公司董事進行證券交易的標準守則（「標準守則」）須通知本公司

及聯交所，本公司各董事及行政總裁在本公司及其相聯法團（定義見證券及期貨條例第XV部）股份、

相關股份及債券中擁有之權益及淡倉（包括根據證券及期貨條例條文中被當作或視為由彼等擁有

之權益及淡倉）如下：

本公司

本公司股份之好倉

於本公司已

普通股數目發行股本之

董事姓名個人權益家族權益公司權益其他權益權益百分比

葉儀皓（「葉女士」）

（附註）－－－ 220,448,000 66.40%

樊卓雄 11,616,000 －－－ 3.50%

附註：

葉女士於本公司之股份權益乃透過Hsin Chong International Holdings Limited（「新昌國際」）持有。新昌國際為新昌集

團（香港）有限公司（「新昌集團（香港）」）之最終控股公司，其全部已發行股本分別由葉謀遵博士（「葉博士」）實益擁

有約47.78%、葉謀彰先生（已故）（葉博士之兄長）實益擁有約27.08%、GHY Company Limited（其為The GHY HK Trust

之信託人，The GHY HK Trust之最終受益人為葉維義先生（葉博士之兒子）、葉維義先生的後嗣及新昌－葉庚年教育基

金信託人法團）實益擁有約18.14%、葉維義先生實益擁有約4.86%、葉女士（葉博士之女兒，本集團副主席兼本公司執

行董事）實益擁有約2.13%以及葉王仁心女士（葉博士之配偶）實益擁有約0.01%。

除上文披露者外，於二零零五年三月三十一日，本公司各董事或行政總裁概無在本公司或其任何相

聯法團（定義見證券及期貨條例第XV部）的股份、相關股份及債券中擁有或根據證券及期貨條例被

視為擁有任何權益或淡倉而須根據證券及期貨條例第352條記錄於本公司須存置的登記冊內，或

根據標準守則須知會本公司及聯交所。


主要股東在本公司股份及相關股份中擁有的權益及淡倉

於二零零五年三月三十一日，根據證券及期貨條例第336條規定本公司須存置之登記冊所記錄，以

下人士（除本公司董事及行政總裁外）於本公司股份及相關股份中擁有權益（佔本公司已發行股本

5%或以上）及淡倉︰

本公司

本公司股份之好倉

於本公司已發行

股東名稱所持股份數目權益性質股本之權益百分比

新昌集團（香港）（附註1） 220,448,000 受控制公司權益 66.40%

Hsin Chong Holdings (BVI) Limited 220,448,000 受控制公司權益 66.40%

（附註2）

新昌國際（附註3） 220,448,000 受控制公司權益 66.40%

葉謀遵（「葉博士」）（附註4） 220,448,000 實益擁有人 66.40%

Deutsche Bank Aktiengesellschaft 19,260,000 於股份擁有證券 5.80%

權益之人士

附註：

1. 新昌集團（香港）由Hsin Chong Holdings（BVI）Limited實益全資擁有，而Hsin Chong Holdings（BVI）Limited則由

新昌國際實益全資擁有。新昌國際分別由葉博士實益擁有約47.78%、葉謀彰先生（已故）（葉博士之兄長）實益擁

有約27.08%、GHY Company Limited（其為The GHY HK Trust之信託人，The GHY HK Trust之最終受益人為葉維

義先生（葉博士之兒子）、葉維義先生之後嗣及新昌－葉庚年教育基金信託人法團）實益擁有約18.14%、葉維義

先生實益擁有約4.86%、葉女士（葉博士之女兒，本集團副主席兼本公司執行董事）實益擁有約2.13%以及葉王仁

心女士（葉博士之配偶）實益擁有約0.01%。

2. Hsin Chong Holdings（BVI）Limited之權益乃透過其於新昌集團（香港）之權益持有。

3. 新昌國際之權益乃透過其於Hsin Chong Holdings（BVI）Limited及新昌集團（香港）之權益持有。

4. 葉博士之權益乃透過其於新昌國際之權益持有。

除上文所披露者外，於二零零五年三月三十一日，概無其他人士（除本公司董事及行政總裁外）根

據證券及期貨條例第336條規定須存置之登記冊所記錄在本公司股份及相關股份中擁有任何權益

或淡倉及／或直接或間接地擁有本公司已發行股本5%或以上權益及在本公司股份及相關股份中

擁有淡倉。

董事會報告


主要客戶及供應商

於本財政年度，本集團最大五個客戶佔本集團總營業額約57%，而本集團最大客戶則佔本集團總營

業額約37%。據董事所知，概無擁有本公司股本5%以上權益之董事、彼等之聯繫人士或任何股東，

於本集團最大五個客戶中擁有任何權益。本集團最大五個供應商佔本集團之總採購額少於20%。

銀行貸款

於二零零五年三月三十一日，本集團並無尚未償還之銀行貸款（二零零四年：港幣20,000,000元）。

貸款詳情載於賬目附註21。

員工報酬

於二零零五年三月三十一日，本集團於香港及中國內地僱用逾4,600名員工，並向本集團員工支付

月薪及酌情花紅，月薪於每年檢討。本集團之合資格員工可享有退休金及公積金，並可參與購股權

計劃。本集團著重培育持續進修之企業文化，推行多項計劃以推廣培訓文化。本集團為香港之管理

員工提供多個紅利計劃，按本集團之盈利能力和個別員工之表現派付花紅。該等計劃有助本集團激

勵員工達致本集團既定指標與目標。

關連交易

1. 由於新昌集團（香港）為本公司主要股東，故新昌集團（香港）或其聯繫人士與本集團訂立之

交易構成關連交易。本集團於年內進行之可予披露關連交易詳情載列如下。

(a) 於二零零三年九月十八日，新昌集團（香港）與本公司附屬公司新昌管理服務有限公司

（「新昌管理服務」）訂立分租協議。據此，新昌集團（香港）確認其同意將位於九龍觀塘

偉業街107-109號新昌中心3樓、6樓及10樓的物業連同十一個車位分租予新昌管理服務。

分租協議年期由二零零三年八月一日起至二零零五年三月三十一日，為期二十個月，總

代價為港幣4,071,000元。物業撥作新昌管理服務之辦公室及停車位用途。


關連交易（續）

(b) 於財政年度內，於保險業監督註冊之保險機構健㶴保險（亞洲）有限公司（「健㶴」）為新

昌集團（香港）直接擁有88%權益之附屬公司為本集團提供不同範疇之保險服務（「保險

服務」），承保本集團所管理之物業及設施須承擔之風險，並遵守法律規定就所有關於火

災、盜竊、公眾責任、承辦商綜合風險、物業綜合風險、忠誠保證、金錢、汽車及僱員賠償所

引致之損失提供保障。本集團向健㶴支付之保金合共約港幣2,500,000元。

(c) 於財政年度內，本公司之附屬公司宏潔服務有限公司（「宏潔」）為新昌集團（香港）及其

聯營公司提供清潔服務。宏潔就向新昌集團（香港）及其聯營公司提供之清潔服務收取清

潔服務費合共約港幣856,000元。

(d) 於財政年度內，新昌集團（香港）就新昌管理服務履行多份物業管理合約向新昌管理服務

之客戶提供保證（「保證安排」），而新昌管理服務須就該保證安排向新昌集團（香港）作

出「背對背」反彌償保證。倘新昌集團（香港）須就新昌管理服務未有履約而根據保證安

排作出補償，則新昌集團（香港）所支付之款項理論上可根據新昌管理服務所作出之「背

對背」反彌償保證向新昌管理服務收回。新昌管理服務年內就保證安排應付予新昌集團

（香港）之最高理論賠償金額約為港幣10,000,000元。

(e) 於財政年度內，健㶴就新昌管理服務履行多份物業管理合約向新昌管理服務之客戶提供

擔保（「擔保安排」），而新昌管理服務已向健㶴支付保金及作出「背對背」反彌償保證或

本公司就該擔保安排擔任保證人而向健㶴作出保證。倘健㶴須就新昌管理服務未有履約

而根據擔保安排作出保證，則健㶴所支付之總額理論上可根據有關保證或根據擔保安排

所作出之「背對背」反彌償保證向本公司或新昌管理服務收回。擔保安排之最高理論賠償

金額及本公司與新昌管理服務就擔保安排應付予健㶴之年度保金總額分別約為港幣

114,500,000元及港幣309,000元。

就上述 (d)至 (e)項關連交易（「交易」）而言，聯交所已向本公司授出有條件豁免嚴格遵守上市

規則之規定，直至二零零六年三月三十一日為止。本公司之獨立非執行董事確認，交易乃按聯

交所授出之豁免所載條件進行。

董事會報告



本公司董事（包括獨立非執行董事）認為：

(i) 上述(a)至 (e)項關連交易乃於本集團日常及一般業務範圍內進行，並按一般商業條款訂立，

且遵照相關監管該等交易之協議進行，對本公司股東而言屬公平合理，且符合股東之整

體利益；及

(ii) 就上述 (d)及 (e)項關連交易最高理論賠償金額及向本公司有關關連人士支付之年度佣金

及保金總額均為聯交所同意之有關上限金額範圍內。

2. 自二零零四年二月起，本集團一直透過新昌瑞安管理服務（上海）有限公司（「新昌瑞安上海」，

由本公司及瑞安集團有限公司（「瑞安」）各自間接擁有其50%權益）向瑞安及其附屬公司及

聯營公司（「瑞安集團」）提供物業及設施管理及相關業務（「管理交易」）。縱然新昌瑞安上海

以合資企業形式組成並被列作合資企業入賬，就上市規則而言，由於本公司間接控制新昌瑞

安上海董事會大部分成員之組成，因此該公司被視作附屬公司。根據上市規則第14A章，瑞安

之聯營公司瑞億有限公司為新昌瑞安上海之主要股東，故本集團與瑞安集團之管理交易構成

本公司關連交易。

本公司與瑞安於二零零四年十一月五日簽訂為期不超過三年之框架業務服務協議。所提供服

務之費用將每月以現金支付。董事認為，管理交易乃按一般商業條款訂立，且屬公平合理。根

據上市規則，管理交易構成本公司之持續關連交易，於二零零四年四月至二零零五年三月、二

零零五年四月至二零零六年三月及二零零六年四月至二零零七年三月各期間之年度上限分別

為港幣4,000,000元、港幣5,000,000元及港幣9,000,000元。管理交易於年內之實際總值為港幣

3,000,000元。預計管理交易將進一步鞏固本集團於中國提供上述服務之供應商地位。



在按年度審閱上文 (2)所載之管理交易後，本公司董事（包括獨立非執行董事）確認，該等管理

交易：

(i) 在本集團的日常及一般業務過程中訂立；

(ii) 按照一般商業條款進行；及

(iii) 根據相關監管協議按公平合理並符合本公司股東整體利益的條款訂立。

此外，本公司核數師已向董事會書面確認：

(i) 上文 (1)及 (2)所述關連交易已獲董事會批准，且根據相關監管該等關連交易之協議進行；

(ii) 上文 (1c)及 (2)所載關連交易乃根據本集團的定價政策進行；及

(iii) 上文(1d)、(1e)及(2)所載關連交易並無超過於以往公告及本公司招股章程所披露的有關金額上

限。

購買、出售或贖回本公司上市股份

本公司或其任何附屬公司於年內概無購買、出售或贖回本公司任何上市股份。

根據上市規則第13.20條須予作出之披露

於二零零五年三月三十一日，應收香港房屋委員會（「房委會」）賬款約為港幣50,000,000元（「應

收賬款」），較上市規則所界定之相關百分比比率超逾8%。於二零零五年四月三十日，房委會已償

付約28%之應收賬款。本集團最大客戶房委會並非本公司關連人士（定義見上市規則）。

應收賬款為免息、無抵押及信貸期介乎30至60日，主要是本集團於日常業務過程中向房委會提供

物業管理服務所產生。

董事會報告


公眾持股量

截至本報告日期為止，據本公司所獲資料及董事所知悉，本公司維持上市規則所訂明之公眾持股量。

核數師

退任核數師羅兵咸永道會計師事務所已表明願意繼續出任核數師。本公司將於應屆股東週年大會

提呈重選彼等之決議案，並授權董事釐定彼等之酬金。

董事會代表

主席

吳家瑋教授

香港，二零零五年六月三日


Auditors’ Report

核數師報告 102Consolidated Profit and Loss Account

綜合損益表 104Balance Sheets

資產負債表 105Consolidated Statement of Changes in Equity

綜合權益變動表 106Consolidated Cash Flow Statement

綜合現金流量表 107Notes to the Accounts

賬目附註 108Five Year Financial Summary

五年財務摘要 153Major Properties

主要物業 154

Consolidated Financial Statements綜合財務報表


Auditors’ Report核數師報告

AUDITORS’ REPORT TO THE SHAREHOLDERS OF

SYNERGIS HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

We have audited the accounts on pages 104 to 152 which have been

prepared in accordance with accounting principles generally accepted

in Hong Kong.

Respective responsibilities of directors andauditorsThe Company’s directors are responsible for preparation of accounts

which give a true and fair view. In preparing accounts which give a

true and fair view it is fundamental that appropriate accounting policies

are selected and applied consistently.

It is our responsibility to form an independent opinion, based on our

audit, on those accounts and to report our opinion solely to you, as a

body, in accordance with section 90 of the Companies Act 1981 of

Bermuda, and for no other purpose. We do not assume responsibility

towards or accept liability to any other person for the contents of this

report.

Basis of opinionWe conducted our audit in accordance with Statements of Auditing

Standards issued by the Hong Kong Institute of Certified Public

Accountants. An audit includes examination, on a test basis, of

evidence relevant to the amounts and disclosures in the accounts. It

also includes an assessment of the significant estimates and

judgements made by the directors in the preparation of the accounts,

and of whether the accounting policies are appropriate to the

circumstances of the Company and the Group, consistently applied

and adequately disclosed.

We planned and performed our audit so as to obtain all the information

and explanations which we considered necessary in order to provide

us with sufficient evidence to give reasonable assurance as to whether

the accounts are free from material misstatement. In forming our

opinion we also evaluated the overall adequacy of the presentation

of information in the accounts. We believe that our audit provides a

reasonable basis for our opinion.

致新昌管理集團有限公司

（於百慕達註冊成立之有限公司）

全體股東

本核數師已審核第104至第152頁之賬

目，該等賬目乃按照香港普遍採納之會

計原則編製。

董事及核數師各自之責任

編製真實兼公平之賬目乃貴公司董事

之責任。在編製該等真實兼公平之賬目

時，董事必須採用適當之會計政策，並且

貫徹應用該等會計政策。

本核數師之責任是根據審核之結果，對

該等賬目作出獨立意見，並按照百慕達

一九八一年公司法第90條僅向整體股東

報告，除此之外本報告別無其他用途。本

核數師不會就本報告的內容向任何其他

人士負上或承擔任何責任。

意見之基礎

本核數師已按照香港會計師公會所頒佈

之核數準則進行審核工作。審核範圍包

括以抽查方式查核與賬目所載數額及披

露事項有關之憑證，亦包括評審董事於

編製賬目時所作之重大估計和判斷，所

採用之會計政策是否適合貴公司

及貴集團之具體情況，及有否貫徹應

用並足夠披露該等會計政策。

本核數師在策劃和進行審核工作時，均

以取得所有本核數師認為必需之資料及

解釋為目標，以便獲得充分憑證，就該等

賬目是否存有重大錯誤陳述，作出合理

之確定。在作出意見時，本核數師亦已評

估該等賬目所載之資料在整體上是否足

夠。本核數師相信我們之審核工作已為

下列意見提供合理之基礎。


OpinionIn our opinion the accounts give a true and fair view of the state of

affairs of the Company and of the Group as at March 31, 2005 and of

the Group’s profit and cash flows for the year then ended and have

been properly prepared in accordance with the disclosure requirements

of the Hong Kong Companies Ordinance.

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, June 3, 2005

意見

本核數師認為，上述賬目足以真實兼公

平地顯示貴公司及貴集團於二零零

五年三月三十一日之財務狀況以及貴

集團截至該日止年度之溢利及現金流

量，並按照香港公司條例之披露規定妥

為編製。

羅兵咸永道會計師事務所

香港執業會計師

香港，二零零五年六月三日


Consolidated Profit and Loss Account

For the year ended March 31, 2005 截至二零零五年三月三十一日止年度

綜合損益表

2005 2004

Note HK$’000 HK$’000

附註港幣千元港幣千元

Turnover 營業額 2 382,445 387,969

Cost of sales 銷售成本 (303,216) (302,677)

Gross profit 毛利 79,229 85,292

Other revenues 其他收益 2 2,933 4,242

General and administrative expenses 一般及行政開支 (51,352) (50,777)

Operating profit 經營溢利 4 30,810 38,757

Finance costs 融資成本 5 (13) (664)

Share of net losses of jointly controlled 分佔共同控制實體

entities 之虧損淨額 (166) (773)

Profit before taxation 除稅前溢利 30,631 37,320

Taxation 稅項 8 (5,054) (6,003)

Profit for the year 年內溢利 25,577 31,317

Minority interest 少數股東權益 260 294

Profit attributable to shareholders 股東應佔溢利 25,837 31,611

Dividends 股息 10

Interim paid 已派中期股息 6,640 6,640

Final proposed 擬派末期股息 13,280 9,960

Earnings per share 每股盈利 11 7.8 cents仙 11.1 cents仙

隨附第108至152頁之附註乃此等財務報表一部分。

The accompanying notes on pages 108 to 152 form an integral part of these financialstatements.


Balance Sheets

As at March 31, 2005 於二零零五年三月三十一日

資產負債表

The Group The Company本集團本公司

2005 2004 2005 2004Note HK$’000 HK$’000 HK$’000 HK$’000附註港幣千元港幣千元港幣千元港幣千元

Fixed assets 固定資產 12 9,842 8,289 – –

Subsidiaries 附屬公司 13 – – 117,538 104,777

Jointly controlled entities 共同控制實體 14 1,996 2,164 – –

Associated company 聯營公司 15 425 – – –

Deferred tax assets 遞延稅項資產 24 111 477 111 –

Current assets 流動資產Contracting work-in-progress 在建合約工程 16 1,108 511 – –Accounts and other receivables 應收賬款及其他應收款項 17 66,632 62,799 – –Utility deposits and prepayments 公用設施按金及預付款項 3,015 4,902 252 256Other investments 其他投資 18 8,203 9,123 – –Amounts due from related 應收關連公司款項

companies 19 258 719 – –Taxation recoverable 可收回稅項 1,105 69 – –Bank balances and cash 銀行結餘及現金 106,110 117,087 37,503 39,329

186,431 195,210 37,755 39,585

Current liabilities 流動負債Accounts payable and accruals 應付賬款及應計費用 20 39,325 36,352 1,323 890Amount due to an immediate 應付直接控股公司款項

holding company 19 588 264 – –Amounts due to related companies 應付關連公司款項 19 63 92 – –Current portion of long-term bank 長期銀行貸款即期部分

loan 21 – 20,000 – –Taxation payable 應付稅項 732 727 – –

40,708 57,435 1,323 890

Net current assets 流動資產淨值 145,723 137,775 36,432 38,695

Deferred tax liabilities 遞延稅項負債 24 (896) (481 ) – –

Net assets 資產淨值 157,201 148,224 154,081 143,472

Financed by: 資金來源：

Share capital 股本 22 33,200 33,200 33,200 33,200

Reserves 儲備 23 123,801 114,564 120,881 110,272

Shareholders’ funds 股東資金 157,001 147,764 154,081 143,472

Minority interest 少數股東權益 200 460 – –

157,201 148,224 154,081 143,472

Fung Yi Hao, Yvette 葉儀皓 Fan Cheuk Hung 樊卓雄Director 董事 Director 董事




Consolidated Statement of Changes in Equity


綜合權益變動表

2005 2004



Total equity at beginning of the year 於年初權益總額 147,764 64,934

Profit attributable to shareholders 股東應佔溢利 23 25,837 31,611

Dividends paid 已派股息 10, 23 (16,600) (6,640)

Issuance of shares 發行股份 22, 23 – 69,000

Share issuance costs 股份發行費用 23 – (10,887)

Repurchase of shares of a subsidiary 一家附屬公司購回股份 23 – (254)

Total equity at the end of the year 於年終權益總額 157,001 147,764




Consolidated Cash Flow Statement


綜合現金流量表

2005 2004Note HK$’000 HK$’000附註港幣千元港幣千元

Cash flows from operating activities 經營業務產生之現金流量

Cash generated from operations 經營業務產生之現金 27(a) 36,015 15,928Interest paid 已付利息 (49) (672)Hong Kong profits tax paid 已付香港利得稅 (5,662) (6,087)

Net cash from operating activities 經營業務產生之現金淨額 30,304 9,169

Cash flows from investing activities 投資業務產生之現金流量Purchase of fixed assets 購買固定資產 (5,860) (2,958)Purchase of other investments 購買其他投資 – (8,247)Proceeds from disposal of fixed assets 出售固定資產所得款項 94 9Proceeds from disposal of other 出售其他投資所得款項

investments 1,002 2,810Interest received 已收利息 508 533Dividends received 已收股息 – 144Capital injection into an associated 向一家聯營公司

company 注入資本 (425) –Shareholders’ advance to a jointly 給予一家共同控制實體

controlled entity 之股東墊款 – (1,250)

Net cash used in investing activities 投資業務耗用之現金淨額 (4,681) (8,959)

Cash flows from financing activities 融資業務產生之現金流量 27(b)Repayment of bank loan 償還銀行貸款 (20,000) (20,000)Issuance of shares 發行股份 – 69,000Repurchase of shares of a subsidiary 一家附屬公司購回股份 – (254)Dividends paid 已派股息 (16,600) (6,640)Share issuance costs 股份發行費用 – (10,887)Capital injection from a minority 少數股東注入資本

shareholder – 754

Net cash (used in)/from financing 融資業務（耗用）／產生之activities 現金淨額 (36,600) 31,973

Net (decrease)/increase in cash and 現金及現金等值之cash equivalents （減少）／增加淨額 (10,977) 32,183

Cash and cash equivalents at the 於年初之現金及現金等值beginning of the year 117,087 84,904

Cash and cash equivalents at the 於年終之現金及現金等值end of the year 106,110 117,087



Notes to the Accounts賬目附註



1. PRINCIPAL ACCOUNTING POLICIES主要會計政策

The principal accounting policies adopted in the preparation of

these accounts are set out below:

(a) Basis of preparation

The accounts have been prepared in accordance with

accounting principles generally accepted in Hong Kong and

comply with accounting standards issued by the Hong Kong

Institute of Certified Public Accountants (“HKICPA”). They

have been prepared under the historical cost convention

except that, as disclosed in the accounting policies below,

investment properties and other investments are stated at

fair value.

The HKICPA has issued a number of new and revised Hong

Kong Financial Reporting Standards and Hong Kong

Accounting Standards (“new HKFRSs”) which are effective

for accounting periods beginning on or after January 1,

2005. The Group has not early adopted these new HKFRSs

in the financial statements for the year ended March 31,

2005. The Group has already commenced an assessment of

the impact of these new HKFRSs but is not yet in a position

to state whether these new HKFRSs would have a significant

impact on its results of operations and financial position.

編製此等賬目所採納之主要會計

政策載列如下：

(a) 編製基準

賬目乃根據香港普遍採納之

會計原則，並遵照香港會計師

公會（「會計師公會」）頒佈之

會計準則而編製。誠如下列會

計政策所披露，此等賬目乃按

歷史成本慣例而編製，惟有關

投資物業及其他投資乃按公

平值列賬。

會計師公會已頒佈多項新訂

及經修訂香港財務報告準則

及香港會計準則（「新香港財

務報告準則」），於二零零五

年一月一日或以後開始之會

計期間生效。本集團並無於截

至二零零五年三月三十一日

止年度之財務報表提前採納

此等新香港財務報告準則。本

集團已著手評估此等新香港

財務報告準則之影響，惟於現

階段未能指出此等新香港財

務報告準則會否對其經營業

績及財務狀況構成任何重大

影響。


1. PRINCIPAL ACCOUNTING POLICIES (Continued)

主要會計政策（續）

(b) Consolidation

The consolidated accounts include the accounts of the

Company and its subsidiaries made up to March 31.

(i) Subsidiaries

Subsidiaries are those entities in which the Company,

directly or indirectly, controls more than half of the

voting power, or has the power to govern the financial

and operating policies; to appoint or remove a majority

of the members of the board of directors; or to cast a

majority of votes at the meetings of the board of

directors.

All significant intercompany transactions and balances

within the Group are eliminated on consolidation.

Minority interests represent the interests of outside

shareholder in the operating results and net assets of

subsidiaries.

In the Company’s balance sheet, the investments in

subsidiaries are stated at cost less provision for

impairment losses, if any. The results of subsidiaries

are accounted for by the Company on the basis of

dividends received and receivable.

(b) 綜合賬目

綜合賬目包括本公司及其附

屬公司截至三月三十一日止

之賬目。

(i) 附屬公司

附屬公司指本公司直接

或間接控制其一半以上

表決權，或有權管治其

財務及營運決策；委任

或罷免董事會大多數成

員；或於其董事會會議

上可投大多數票表決的

實體。

本集團公司間所有重大

交易及結餘已於綜合賬

目時撇銷。

少數股東權益指外界股

東於附屬公司之經營業

績及資產淨值中所佔權

益。

於本公司資產負債表

中，於附屬公司之投資

乃按成本值減減值虧損

撥備（如有）列賬。附屬

公司之業績由本公司按

已收及應收股息基準列

賬。





(b) Consolidation (Continued)

(ii) Jointly controlled entities

Jointly controlled entities are those entities formed

under a contractual arrangement whereby the Group

and other parties undertake an economic activity which

is subject to joint control and none of the participating

parties has unilateral control over the economic activity.

The consolidated profit and loss account includes the

Group’s share of the results of the jointly controlled

entities and the consolidated balance sheet includes

the Group’s share of the net assets of the jointly

controlled entities.

(iii) Associated companies

An associated company is a company, not being a

subsidiary or a joint venture, 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 the associated company

for the year, and the consolidated balance sheet

includes the Group’s share of the net assets of the

associated company.

(b) 綜合賬目（續）

(ii) 共同控制實體

共同控制實體為按合約

安排而組成之實體，據

此，本集團及其他訂約

方進行由各方共同控制

的經濟活動，而參與各

方不可以單方面控制該

項經濟活動。

綜合損益表包括本集團

分佔共同控制實體之業

績，而綜合資產負債表

則包括本集團分佔共同

控制實體之資產淨值。

(iii) 聯營公司

聯營公司為附屬公司或

合營企業以外，其股權

持有作長期投資，並對

其管理具有重大影響力

之公司。

綜合損益表包括本集團

分佔聯營公司年度業

績，而綜合資產負債表

則包括本集團分佔聯營

公司之資產淨值。




(c) Fixed assets

(i) Investment properties

Investment properties are interests in land and buildings

in respect of which construction work and development

have been completed and which are held for their

investment potential, any rental income being

negotiated at arm’s length.

Investment properties held on leases with unexpired

periods of greater than 20 years are valued annually

by independent valuers. The valuations are on an open

market value basis related to individual properties and

separate values are not attributed to land and buildings.

The valuations are incorporated in the annual accounts.

Increases in valuation are credited to the investment

properties revaluation reserve. Decreases in valuation

are first set off against increases on earlier valuations

on a portfolio basis and thereafter are debited to

operating profit. Any subsequent increases are credited

to operating profit up to the amount previously debited.

Upon the disposal of an investment property, the

relevant portion of the revaluation reserve realised in

respect of previous valuations is released from the

investment properties revaluation reserve to the

consolidated profit and loss account.

(c) 固定資產

(i) 投資物業

投資物業指建築工程及

發展已完成並因其有投

資潛力而持有的土地及

樓宇權益，有關租金收

入乃按公平基準磋商而

釐定。

地契剩餘年期逾二十年

的投資物業每年由獨立

估值師估值。估值乃指

以公開市值基準對個別

物業進行之估值，不會

對土地及樓宇提供獨立

之價值。估值計入年度

賬目。估值增加乃撥入

投資物業重估儲備。估

值減少首先按組合基準

抵銷較早前估值增幅，

其後自經營溢利中扣

除。其後任何估值增加

均按過往扣除的金額為

限撥入經營溢利。

於出售一項投資物業

時，就過往估值予以變

現的重估儲備相關部分

由投資物業重估儲備回

撥至綜合損益表。





(c) Fixed assets (Continued)

(ii) Other fixed assets

Fixed assets, other than investment properties, are

stated at cost less accumulated depreciation and

accumulated impairment losses. They are depreciated

at rates sufficient to write off their cost less

accumulated impairment losses over their estimated

useful lives, on a straight-line basis, at the following

annual rates:

Leasehold improvements Over the lease period 租賃物業裝修按租約年期

Motor vehicles 25% – 30% 汽車 25%－30%

Furniture and equipment 10% – 50% 傢具及設備 10%－50%

Major costs incurred on restoring fixed assets to their

normal working condition are charged to the

consolidated profit and loss account. Improvements are

capitalised and depreciated over their expected useful

lives to the Group.

The gain or loss on disposal of a fixed asset is the

difference between the net sales proceeds and the

carrying amount of the relevant asset, and is recognised

in the consolidated profit and loss account.

(iii) Impairment

At each balance sheet date, both internal and external

sources of information are considered to assess whether

there is any indication that fixed assets, other than

investment properties, 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.

(c) 固定資產（續）

(ii) 其他固定資產

固定資產（投資物業除

外）按成本值減累計折

舊及累計減值虧損列

賬，並以直線法按其預

計可使用年期以足夠撇

銷其成本值減累計減值

虧損的比率計算折舊，

主要折舊年率如下：

將固定資產重修至正常

運作狀態而產生的主要

成本均在綜合損益表內

支銷，而資產改良成本

則撥作資本及按本集團

預計可使用年期折舊。

出售固定資產所產生盈

虧乃指有關資產出售所

得款項淨額與賬面值的

差額，並於綜合損益表

中確認。

(iii) 減值

於各結算日，在評估固

定資產（投資物業除外）

是否有任何減值跡象

時，會考慮內部及外界

資料來源。倘出現任何

減值跡象，則會估計資

產的可收回金額，及在

適當情況下確認減值虧

損，將資產撇減至其可

收回金額。該等減值虧

損在損益表內予以確

認。




(d) Other investments

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 consolidated 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 consolidated profit and loss account

as they arise.

(e) Contracting work-in-progress

Contracting work-in-progress is valued at cost incurred plus

an appropriate proportion of profit after deducting progress

payments and allowances for foreseeable losses. Cost

comprises direct materials, labour and overheads attributable

in bringing the work-in-progress to its present condition.

(f) Accounts receivable

Provision is made against accounts receivable to the extent

that they are considered to be doubtful. Accounts receivable

in the balance sheet is stated net of such provision.

(g) Provisions

Provisions are recognised when the Group has a present legal

or constructive obligation as a result of past events, it is

probable that an outflow of resources will be required to

settle the obligation, and a reliable estimate of the amount

can be made. Where the Group expects a provision to be

reimbursed, the reimbursement is recognised as a separate

asset but only when the reimbursement is virtually certain.

(d) 其他投資

其他投資按公平價值列賬。於

每個結算日，因其他投資之公

平價值變動所產生之未變現

盈虧淨額，在綜合損益表內予

以確認。出售其他投資之盈虧

指出售所得款項淨額與賬面

值之差額，並於產生之期間在

綜合損益表中確認。

(e) 在建合約工程

在建合約工程按成本值加合

適比例之溢利並扣除進度付

款及可預見虧損撥備後列值。

成本包括將在建工程達致其

現時狀況所需之直接原料、勞

工以及間接開支。

(f) 應收賬款

凡認為屬於呆賬的應收賬款

須予計提撥備。應收賬款經扣

除該等撥備後於資產負債表

列賬。

(g) 撥備

當本集團因過往事件需承擔

法定或推定現有責任，可能須

就解決有關責任而導致資源

流出，於能夠可靠地估計有關

金額時確認撥備。凡本集團預

期撥備可獲補償，則只有在實

際確定取得賠償時方確認為

一項個別資產。





(h) Contingent liabilities

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, it will then

be recognised as a provision.

(i) Deferred taxation

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.

Deferred taxation is provided on temporary differences

arising on investments in subsidiaries, associates and jointly

controlled entities, except where the timing of the reversal

of the temporary difference can be controlled and it is

probable that the temporary difference will not reverse in

the foreseeable future.

(h) 或然負債

或然負債指因過往事件而可

能引起之責任，此等責任需視

乎日後一宗或多宗不確定事

件會否發生才能確定，而有關

事件會否發生並非完全受控

於本集團控制範圍之內。或然

負債亦可以是因過往事件引

致之現有責任，但由於可能不

需要消耗經濟資源，或責任金

額未能可靠地衡量而未有確

認。

或然負債不予確認入賬，惟會

於賬目附註中披露。當流出資

源的可能性發生變動而導致

有可能出現資源流出，則此等

負債會確認為撥備。

(i) 遞延稅項

遞延稅項以負債法就資產及

負債之稅基與其在賬目之賬

面值間所產生暫時差額作全

數撥備。遞延稅項按結算日頒

佈或實際上已頒佈之稅率計

算。

遞延稅項資產乃於有可能出

現未來應課稅溢利用以抵銷

暫時差額時方予以確認。

遞延稅項按於附屬公司、聯營

公司及共同控制實體之投資

所產生之暫時差額作出撥備，

惟可以控制暫時差額之回撥

時間，且暫時差額在可見未來

將不會回撥之情況則除外。




(j) Operating leases

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 of the lease.

(k) Translation of foreign currencies

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. All exchange differences arising are dealt with

in the profit and loss account.

The balance sheets of subsidiaries, jointly controlled entities

and associated company expressed in foreign currencies are

translated at the rates of exchange ruling at the balance

sheet date whilst the profit and loss account is translated at

an average rate. Exchange differences are dealt with as

movements in reserves.

(l) Revenue recognition

Property management and facility management fees are

recognised when the services are rendered and in accordance

with the terms of agreements. There are two types of

property management and facility management agreements,

namely management remuneration contracts (“MR

Contracts”) and lump sum contracts (“LS Contracts”). Under

a MR Contract, the Group is remunerated by way of a fixed

fee equal to a fixed percentage on top of the costs involved

in the management of the property or facility as the

management remuneration and only such fee is recognised

as revenue for the Group. Under a LS Contract, the Group

is paid a lump sum fee which normally covers the costs

involved in the management of the property or facility, thus

the whole of lump sum fee is recognised as revenue for the

Group.

(j) 經營租賃

凡由出租公司保留資產擁有

權的絕大部分風險及回報的

租賃，均歸類為經營租賃入

賬。經營租賃的租金減去任何

收取自出租公司的獎勵金後，

以直線法按租期於損益表扣

除。

(k) 外幣換算

以外幣進行的交易按交易日

適用的匯率換算。於結算日以

外幣計值的貨幣資產及負債，

按該日適用的匯率換算。由此

產生之所有匯兌差額於損益

表內處理。

附屬公司、共同控制實體及聯

營公司以外幣呈列之資產負

債表按結算日適用的匯率換

算；而損益表則按平均匯率換

算。匯兌差額作儲備變動處

理。

(l) 收入確認

物業管理及設施管理費於根

據協議條款提供服務時確認。

物業管理及設施管理協議分

為經理人酬金合約及全包賬

式合約兩種。根據經理人酬金

合約，本集團將收取相等於管

理物業或設施所涉及成本另

加固定百分比計算之固定費

用作為經理人酬金，只有該等

費用會確認為本集團之收入。

根據全包賬式合約，本集團將

獲付一筆款項，該等款項一般

可支付管理物業或設施所涉

及成本，故此整筆款項乃確認

為本集團之收入。





(l) Revenue recognition (Continued)

Revenue from provision of other supporting services for the

management of the property or facility is recognised when

the services are rendered.

Revenue from contracting work is recognised based on the

stage of completion of the contracts, provided that the stage

of contract completion and the gross billing value of

contracting work can be measured reliably. The stage of

completion of a contract is established by reference to the

gross billing value of contracting work to date as compared

to the total contract sum receivable under the contracts.

Revenue from the sale of goods is recognised on the transfer

of risks and rewards of ownership, which generally coincides

with the time when the goods are delivered to customers

and title has passed.

Operating lease income is recognised on a straight-line basis.

Dividend income is recognised when the right to receive

payment is established.

Interest income is recognised on a time proportion basis,

taking into account the principal amounts outstanding and

the interest rates applicable.

(m) Employee benefits

(i) Employee leave entitlements

Employee entitlements to annual leave and long service

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 leave

are not recognised until the time of leave.

(l) 收入確認（續）

為管理物業或設施而提供其

他支援服務之收入，於提供服

務時予以確認。

合約工程之收入根據合約完

成階段確認，惟合約完成階段

及合約工程之總賬單值必須

能可靠地計算。合約之完成階

段乃參考迄今合約工程之總

賬單值與合約之應收合約總

額比例而計算。

貨品銷售收入於擁有權的風

險及回報轉移時予以確認，風

險及回報轉移一般與於貨品

交付予客戶及移交所有權時

同步發生。

經營租賃收入以直線法確認。

股息收入於收取股息之權利

確立後確認。

利息收入按未償還本金及適

用利率以時間比例基準予以

確認。

(m) 僱員福利

(i) 僱員享有假期權益

僱員享有年假及長期服

務假的權益於僱員應該

享有時予以確認。就僱

員截至結算日止已提供

服務而產生的年假及長

期服務假而估計之負債

作出撥備。

僱員享有之病假及產假

的權益於休假當日方可

予以確認。




(m) Employee benefits (Continued)

(ii) Profit sharing and bonus plans

Provisions for profit sharing and bonus plans due wholly

within twelve months after the balance sheet date are

recognised when the Group has a present legal or

constructive obligation as a result of services rendered

by employees and a reliable estimate of the obligation

can be made.

(iii) Retirement benefit

The Group contributes to two defined contribution

retirement schemes available for all the employees in

Hong Kong namely Hsin Chong Group Retirement Fund

Scheme (“RFS”) and Hsin Chong Group Mandatory

Provident Fund Scheme (“MPF”). The assets of the

schemes are held separately from those of the Group

in independently administered funds. The Group’s

contributions to RFS and MPF are based on rates

ranging from 5% to 10% of employees’ salaries

depending on their length of service and are expensed

as incurred. The contributions to RFS are not reduced

by contribution forfeited by those employees who leave

the schemes prior to vesting fully in the contributions.

Such forfeited amounts are retained in the funds for

the benefit of other employees.

(m) 僱員福利（續）

(ii) 攤分溢利及花紅計劃

於結算日後十二個月內

悉數到期之溢利分享及

花紅計劃之撥備乃當本

集團因僱員提供服務而

產生法定或推定現有責

任，且能夠可靠地估計

其有關責任時予以確

認。

(iii) 退休福利

本集團就向所有香港僱

員提供兩項定額供款退

休計劃而供款，分別為

新昌集團退休金計劃

（「退休金計劃」）及新昌

集團強制性公積金計劃

（「強積金計劃」）。該兩

項計劃之資產均獨立於

本集團之資產，並由獨

立管理之基金持有。本

集團根據僱員之服務年

資按其薪金 5%至 10%

之比例向退休金計劃及

強積金計劃供款，而有

關供款於產生時支銷。

僱員在未悉數獲取有關

供款前退出退休金計劃

而被沒收之供款，不會

用於扣減本集團向退休

金計劃提供之供款，而

所沒收之供款將保留在

該基金內作為其他僱員

之利益。





(m) Employee benefits (Continued)

(iii) Retirement benefit (Continued)

Pursuant to the relevant regulations of the government

in the People’s Republic of China (“PRC”), the

subsidiaries in PRC participates in the municipal

government contribution scheme whereby the

subsidiaries are required to contribute to the scheme

for the retirement benefit of eligible employees. The

municipal government of the PRC is responsible for the

entire benefit obligations payable to the retired

employees. The only obligation of the Group with

respect to the scheme is to pay the ongoing

contributions required by the scheme. The Group’s

contributions to the scheme are expensed as incurred.

(n) Segment reporting

In accordance with the Group’s internal financial reporting,

the Group has determined that business segments be

presented as the primary reporting format and no

geographical segment information is presented as all the

major operations of the Group are carried out in Hong Kong.

Unallocated costs primarily represent corporate expenses.

Segment assets consist primarily of fixed assets, contracting

work-in-progress, receivables and operating cash, and

exclude other investments, taxation recoverable, deferred

tax assets and amounts due from related companies.

Segment liabilities comprise operating liabilities and exclude

items such as taxation payable, deferred tax liabilities,

amounts due to related companies and immediate holding

company and bank borrowings. Capital expenditure

comprises additions to fixed assets.

(m) 僱員福利（續）

(iii) 退休福利（續）

根據中華人民共和國

（「中國」）政府之有關規

例，於中國的附屬公司

須參與市政府的供款計

劃，據此，附屬公司須就

該計劃為合資格僱員提

供退休福利供款。中國

市政府負責支付予退休

僱員的所有福利承擔，

而本集團就該項計劃所

承擔之唯一責任是根據

該計劃規定持續作出供

款。本集團於計劃之供

款於產生時支銷。

(n) 分類呈報

根據本集團的內部財務呈報

政策，本集團已決定以業務分

類為主要呈報方式，而由於本

集團全部主要業務於香港進

行，故並未呈列地區分類資

料。

未分配成本主要指公司開支。

分類資產主要包括固定資產、

在建合約工程、應收賬款及經

營現金，但不包括其他投資、

可收回稅項、遞延稅項資產及

應收關連公司款項。分類負債

指經營負債，但不包括應付稅

項、遞延稅項負債、應付關連

公司及直接控股公司款項及

銀行借貸等項目。資本開支包

括添置固定資產。


2. TURNOVER AND OTHER REVENUES營業額及其他收益

The Group is principally engaged in the provision of property

management and facility management services, security services,

cleaning services, laundry services, repair and maintenance works

and trading of related products. Revenues recognised during the

year are as follows:

2005 2004

HK$’000 HK$’000

港幣千元港幣千元

Turnover 營業額

Property management and facility 物業管理及設施

management services 管理服務 337,929 349,309

Security services 保安服務 10,865 10,957

Cleaning services 清潔服務 9,481 7,955

Laundry services 洗衣服務 2,123 2,050

Repair and maintenance works 維修及保養工程 17,436 13,894

Trading of related products 相關產品貿易 4,611 3,804

382,445 387,969

Other revenues 其他收益

Copying services 複印服務 702 637

Rental income 租金收入 184 179

Membership programmes 會員活動收入 180 –

Dividend income from other investments 其他投資股息收入 – 144

Interest income on bank deposits and 銀行存款及其他

other investments 投資利息收入 508 505

Support service income from a related 一家關連公司支援

company (note 28) 服務收入（附註28） – 200

Net unrealised gain on 其他投資未變現

other investments 收益淨額 – 420

Gain on disposal of other investments 出售其他投資收益 82 1,396

Miscellaneous income 其他收入 1,277 761

2,933 4,242

385,378 392,211

本集團主要從事提供物業管理及

設施管理服務、保安服務、清潔服

務、洗衣服務、維修及保養工程，以

及相關產品貿易業務。年內已確認

之收益如下：



3. SEGMENT INFORMATION分類資料Primary reporting format: business segmentsThe Group is organised into two major business segments, beingprovision of property management and facility managementservices and provision of supporting services to propertymanagement and facility management.

2005Supporting

Property services tomanagement property

and facility managementmanagement and facility

services management物業管理物業管理

及設施管理及設施管理 Total服務支援服務總計

HK$’000 HK$’000 HK$’000港幣千元港幣千元港幣千元

Segment revenue 分類收入 337,929 60,574 398,503Inter-segment transactions 分類之間交易 – (16,058) (16,058)

Segment turnover of the Group 本集團分類營業額 337,929 44,516 382,445

Segment results of the Group 本集團分類業績 25,413 7,315 32,728

Unallocated corporate expenses, 扣除收入後之未分配net of income 公司開支 (2,426)

Interest income 利息收入 508

Operating profit 經營溢利 30,810Finance costs 融資成本 (13)Share of net losses of jointly 分佔共同控制實體

controlled entities 之虧損淨額 (166) – (166)

Profit before taxation 除稅前溢利 30,631Taxation 稅項 (5,054)

Profit for the year 年內溢利 25,577Minority interest 少數股東權益 260

Profit attributable to shareholders 股東應佔溢利 25,837

Segment assets 分類資產 126,505 22,449 148,954Jointly controlled entities 共同控制實體 1,996 – 1,996Associated company 聯營公司 425 – 425Unallocated assets 未分配資產 46,214Taxation recoverable 可收回稅項 1,105Deferred tax assets 遞延稅項資產 111

Total assets 資產總值 198,805

Segment liabilities 分類負債 31,122 6,874 37,996Unallocated liabilities 未分配負債 1,980Taxation payable 應付稅項 732Deferred tax liabilities 遞延稅項負債 896

Total liabilities 負債總額 41,604

Capital expenditure 資本開支 5,716 144 5,860Depreciation 折舊 3,725 328 4,053

主要呈報方式：業務分類本集團分為兩個主要業務範疇，即提供物業管理及設施管理服務以及提供物業管理及設施管理支援服務。


3. SEGMENT INFORMATION (Continued)分類資料（續）Primary reporting format: business segments (Continued)

2004Supporting

Property services tomanagement property

and facility managementmanagement and facility

services management物業管理物業管理

及設施管理及設施管理 Total服務支援服務總計

HK$’000 HK$’000 HK$’000港幣千元港幣千元港幣千元

Segment revenue 分類收入 349,309 55,351 404,660Inter-segment transactions 分類之間交易 – (16,691) (16,691)

Segment turnover of the Group 本集團分類營業額 349,309 38,660 387,969

Segment results of the Group 本集團分類業績 34,378 5,553 39,931

Unallocated corporate expenses, 扣除收入後之未分配net of income 公司開支 (1,823)

Interest income and dividend income 利息收入及股息收入 649

Operating profit 經營溢利 38,757Finance costs 融資成本 (664)Share of losses of jointly controlled 分佔共同控制實體

entities 之虧損 (773) – (773)

Profit before taxation 除稅前溢利 37,320Taxation 稅項 (6,003)

Profit for the year 年內溢利 31,317Minority interest 少數股東權益 294

Profit attributable to shareholders 股東應佔溢利 31,611

Segment assets 分類資產 137,078 16,924 154,002Jointly controlled entities 共同控制實體 2,164 – 2,164Unallocated assets 未分配資產 49,428Taxation recoverable 可收回稅項 69Deferred tax assets 遞延稅項資產 477

Total assets 資產總值 206,140

Segment liabilities 分類負債 51,597 3,851 55,448Unallocated liabilities 未分配負債 1,260Taxation payable 應付稅項 727Deferred tax liabilities 遞延稅項負債 481

Total liabilities 負債總額 57,916

Capital expenditure 資本開支 2,887 71 2,958Depreciation 折舊 2,416 410 2,826

主要呈報方式：業務分類（續）



3. SEGMENT INFORMATION (Continued)

分類資料（續）

Secondary reporting format: geographical segments

Over 90% of the activities of the Group during the year were

carried out in Hong Kong. Accordingly, a geographical analysis

is not presented.

4. OPERATING PROFIT經營溢利

Operating profit is stated after crediting and charging the

following:

2005 2004

HK$’000 HK$’000


Crediting 計入

Net exchange gain 匯兌收益淨額 – 167

Net unrealised gain on other investments 其他投資未變現收益淨額 – 420

Gain on disposal of other investments 出售其他投資收益 82 1,396

Charging 扣除

Staff costs, including directors’ 員工成本，包括董事酬金

emoluments (note 6) （附註6） 284,935 249,838

Depreciation 折舊 4,053 2,826

Auditors’ remuneration 核數師酬金 627 581

Loss on disposal of fixed assets 出售固定資產虧損 160 15

Provision for doubtful debts 呆賬撥備 297 8

Costs of brand-building program 品牌建立成本 – 4,284

Operating lease rental on land and 租賃土地及樓宇之

buildings 經營租約 3,287 3,151

次要呈報方式：地區分類

年內，本集團超過90%主要業務均

在香港進行，因此並無呈報地區分

類資料分析。

經營溢利經計入及扣除下列各項

後列賬：


5. FINANCE COSTS融資成本

2005 2004

HK$’000 HK$’000


Interest expenses on bank loans 銀行貸款之利息開支 13 664

6. STAFF COSTS, INCLUDING DIRECTORS’ EMOLUMENTS員工成本，包括董事酬金

2005 2004

HK$’000 HK$’000


Wages and salaries 工資及薪金

– included in cost of sales －計入銷售成本 240,784 216,393

– included in general and administrative －計入一般及

expenses 行政開支 32,857 31,193

Retirement benefit costs (note (a)) 退休福利成本（附註 (a)）

– annual contributions －年度供款 11,294 7,480

– write back of provision for special －特別退休福利成本

retirement benefit costs (note (b)) 撥回（附註 (b)） – (5,228)

284,935 249,838

Note:

(a) The retirement benefit costs represent contributions paid and payableby the Group to the retirement fund schemes operated in Hong Kongand PRC as described in note 1(m)(iii) above (collectively “theRetirement Schemes”).

(b) Up to September 30, 2003, the rules of RFS provided for a 5% perannum guaranteed return of the total amount due to the members.With effect from October 1, 2003, the rules of RFS were amended towithdraw such guaranteed return. As at March 31, 2003, full provisionamounting to HK$5,228,000 was made by the Group to cover any ofits pro rata share of the deficits between the vested liabilities due toRFS members and the assets of the scheme. Due to the improvementin the value of the underlying assets of the scheme from April 1,2003 to September 30, 2003, the entire amount of such deficits wasrecovered and accordingly, the provision of HK$5,228,000 was writtenback.

附註：

(a) 退休福利成本指上文附註1(m)(iii)所述本集團向在香港及中國運作的退

休福利計劃（統稱「退休金計劃」）

而支付及應付之供款。

(b) 截至二零零三年九月三十日止，退

休金計劃之條款規定，就應付予成

員之款項總額提供每年5%之保證回報。自二零零三年十月一日起，該

計劃之條款經已修訂撤銷有關保證

回報。於二零零三年三月三十一日，

本集團已作出金額達港幣

5,228,000元之悉數撥備，以彌補應付退休金計劃成員之既得利益相對

於該計劃之資產總值的虧絀。由於

在二零零三年四月一日至二零零三

年九月三十日期間，該計劃相關資

產之價值已回升，致使該虧絀悉數

反回，港幣5,228,000元之撥備因而回撥。



7. EMOLUMENTS FOR DIRECTORS AND HIGHEST PAID INDIVIDUALS董事及最高薪人士酬金(a) Directors’ emoluments

董事酬金

2005 2004

HK$’000 HK$’000


Fees 袍金 655 135

Salaries and allowances 薪金及津貼 3,398 2,603

Bonus 花紅 2,380 2,560

Retirement benefit costs 退休福利成本 132 108

6,565 5,406

No director of the Company waived any emoluments and

no emoluments were paid by the Group to any of the

directors as an inducement to join or upon joining the Group

or as compensation for loss of office during the year.

Total emoluments payable to independent non-executive

directors represent director’s fees amounted to HK$400,000

(2004: HK$60,000).

The emoluments of the directors of the Company fell within

the following bands:

Number of directors

董事人數

2005 2004

Nil to HK$1,500,000 零至港幣1,500,000元 8 4

HK$1,500,001 to HK$2,000,000 港幣1,500,001元至

港幣2,000,000元 – 1

HK$2,000,001 to HK$2,500,000 港幣2,000,001元至

港幣2,500,000元 – –

HK$2,500,001 to HK$3,000,000 港幣2,500,001元至

港幣3,000,000元 1 1

HK$3,000,001 to HK$3,500,000 港幣3,000,001元至

港幣3,500,000元 1 –

10 6

年內，本公司董事概無放棄收取任

何酬金，而本集團亦無向任何董事

支付任何酬金，作為促使加入或加

入本集團時的酬金或作為離職補

償。

向獨立非執行董事支付之酬金總

額指董事袍金合共港幣400,000元

（二零零四年：港幣60,000元）。

本公司董事酬金範圍如下：


7. EMOLUMENTS FOR DIRECTORS AND HIGHEST PAID INDIVIDUALS (Continued)

董事及最高薪人士酬金（續）

(b) Five highest paid individuals

五位最高薪人士

During the year, the five individuals whose emoluments were

the highest in the Group include two directors (2004: two)

whose emoluments are included in note 7(a) above. The

emoluments payable to the other three (2004: three) highest

paid individuals during the year are as follows:

2005 2004

HK$’000 HK$’000


Salaries and allowances 薪金及津貼 2,618 2,707

Bonus 花紅 800 585

Retirement benefit costs 退休福利成本 175 185

3,593 3,477

The emoluments of the above individuals fell within the

following bands:

Number of individuals

人數

2005 2004

Nil to HK$1,000,000 零至港幣1,000,000元 – –

HK$1,000,001 to HK$1,500,000 港幣1,000,001元至

港幣1,500,000元 3 3

3 3

During the year, no emoluments were paid by the Group to

any of the five highest paid individuals as an inducement to

join or upon joining the Group or as compensation for loss

of office.

年內，本集團五位最高薪人士

包括兩名（二零零四年：兩

名）董事，彼等之酬金已載於

上文附註7(a)。年內，應付予其

他三名（二零零四年：三名）

最高薪人士之酬金詳情如下：

上述人士的酬金介乎以下範圍：

年內，本集團並無向五位最高薪人

士支付任何酬金，作為促使加入或

加入本集團時的酬金或作為離職

補償。



8. TAXATION稅項

Hong Kong profits tax has been provided at the rate of 17.5%

(2004: 17.5%) on the estimated assessable profit for the year.

No Mainland of China income tax has been provided on the

estimated assessable income for the year as the Group has

available tax losses brought forward (2004: Nil).

2005 2004

HK$’000 HK$’000


Company and subsidiaries 本公司及附屬公司

Hong Kong profits tax 香港利得稅

– provision for the year －年內撥備 5,056 5,995

– (over)/underprovision in prior years －過往年度（超額撥備）／

撥備不足 (425) 4

Deferred taxation relating to the 遞延稅項暫時差異

origination and reversal of temporary 的產生及轉回

differences (note 24) （附註24） 545 4

5,176 6,003

Jointly controlled entity 共同控制實體

Deferred taxation relating to the 遞延稅項暫時差異

origination and reversal of temporary 的產生及轉回

differences (122) –

5,054 6,003

香港利得稅乃按年內估計應課稅

溢利，以稅率17.5%（二零零四年：

17.5%）作出撥備。由於本集團有

承前結轉稅項虧損，故此並無於年

內就估計應課稅收入為中國內地

所得稅作出撥備（二零零四年：

無）。


8. TAXATION (Continued)

稅項（續）

The taxation on the Group’s profit before taxation differs from

the theoretical amount that would arise using the taxation rate

of the home country of the Company as follows:

2005 2004

HK$’000 HK$’000


Profit before taxation 除稅前溢利 30,631 37,320

Calculated at a taxation rate of 17.5% 按稅率17.5%（二零零四年：

(2004: 17.5%) 17.5%）計算 5,360 6,531

Effect of different taxation rates in other 其他國家不同稅率產生

countries 之影響 (115) (218)

(Over)/underprovision in prior years 過往年度（超額撥備）／

撥備不足 (425) 4

Income not subject to taxation 毋須課稅收入 (103) (968)

Expenses not deductible for taxation 不可扣稅開支

purposes 62 90

Recognition of previously unrecognised 確認過往未確認之

deferred tax assets 遞延稅項資產 – 360

Unrecognised tax losses 未獲確認之稅項虧損 275 204

5,054 6,003

9. PROFIT ATTRIBUTABLE TO SHAREHOLDERS股東應佔溢利

The profit attributable to shareholders is dealt with in the accounts

of the Company to the extent of HK$27,209,000 (2004:

HK$8,398,000).

本集團除稅前溢利之稅項與按本

公司所在國家之稅率應產生之理

論稅款之差異如下：

於本公司賬目內處理之股東應佔

溢利為港幣27,209,000元（二零零

四年：港幣8,398,000元）。



10. DIVIDENDS股息

2005 2004

HK$’000 HK$’000


Dividends approved and paid by the 本公司已批准及派付股息：

Company:

2004 final dividend of 3.0 HK cents per 二零零四年末期股息

ordinary share 每股普通股港幣3.0仙 9,960 –

2005 interim dividend of 2.0 HK cents 二零零五年中期股息

(2004: 2.0 HK cents) per ordinary share 每股普通股港幣2.0仙

（二零零四年：港幣2.0仙） 6,640 6,640

16,600 6,640

Dividend proposed by the Company: 本公司擬派股息：

2005 final dividend of 4.0 HK cents 二零零五年末期股息

(2004: 3.0 HK cents) per 每股普通股港幣4.0仙

ordinary share (note (a)) （二零零四年：

港幣3.0仙）（附註 (a)） 13,280 9,960

Note:(a) At a meeting held on June 3, 2005, the directors proposed a final

dividend of 4.0 HK cents per ordinary share for the year ended March 31,2005. This proposed dividend is not reflected as a dividend payable inthese accounts but will be reflected as an appropriation of retainedprofits for the year ending March 31, 2006.

11. EARNINGS PER SHARE每股盈利

The calculation of basic earnings per share is based on the Group’s

profit attributable to shareholders of HK$25,837,000 (2004:

HK$31,611,000) and the weighted average number of ordinary

shares of 332,000,000 in issue during the year (2004:

284,362,000).

No diluted earnings per share for the year ended March 31, 2005

is presented because there were no dilutive potential ordinary

shares outstanding during the year (2004: Nil).

附註：

(a) 於二零零五年六月三日舉行之會議

上，董事擬派截至二零零五年三月

三十一日止年度之末期股息每股普

通股港幣4.0仙。此項擬派股息並未於該等賬目內反映為應付股息，惟

將反映為截至二零零六年三月三十

一日止年度之保留溢利分派。

每股基本盈利乃根據本集團之股

東應佔溢利港幣25,837,000元（二

零零四年﹕港幣31,611,000元）及

年內已發行普通股加權平均數

332,000,000股（二零零四年：

284,362,000股）計算。

由於截至二零零五年三月三十一

日止年度並無具攤薄影響的已發

行普通股，故並無呈列年內之每股

攤薄盈利（二零零四年：無）。


12. FIXED ASSETS固定資產

Group

本集團

Leasehold

improve- Furniture

Investment ments Motor and

properties 租賃 vehicles equipment Total

投資物業物業裝修汽車傢具及設備總計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

港幣千元港幣千元港幣千元港幣千元港幣千元

Cost or valuation 成本值或估值

At April 1, 2004 於二零零四年

四月一日 1,940 4,954 1,676 11,296 19,866

Additions 添置 – 185 212 5,463 5,860

Disposals 出售 – – (327) (949) (1,276)

At March 31, 2005 於二零零五年

三月三十一日 1,940 5,139 1,561 15,810 24,450

Accumulated 累計折舊

depreciation

At April 1, 2004 於二零零四年

四月一日 – 3,559 1,008 7,010 11,577

Charge for the year 年度折舊 – 1,100 276 2,677 4,053

Disposals 出售 – – (283) (739) (1,022)


三月三十一日 – 4,659 1,001 8,948 14,608

Net book value 賬面淨值


三月三十一日 1,940 480 560 6,862 9,842

At March 31, 2004 於二零零四年

三月三十一日 1,940 1,395 668 4,286 8,289



12. FIXED ASSETS (Continued)

固定資產（續）

The analysis of the cost or valuations at March 31, 2005 of the

above assets is as follows:

Leasehold

improve- Furniture




HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


At cost 按成本值 – 5,139 1,561 15,810 22,510

At professional valuation 按專業估值 1,940 – – – 1,940

1,940 5,139 1,561 15,810 24,450

The analysis of the cost or valuations at March 31, 2004 of the

above assets is as follows:

Leasehold

improve- Furniture




HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


At cost 按成本值 – 4,954 1,676 11,296 17,926

At professional valuation 按專業估值 1,940 – – – 1,940

1,940 4,954 1,676 11,296 19,866

Note: The investment properties are held on leases of between 10 and 50years in Hong Kong.

The investment properties were revalued at March 31, 2005 on

the basis of their open market value by independent professional

property valuer, Knight Frank Hong Kong Limited.

上述資產於二零零五年三月三十

一日之成本值或估值分析如下：

上述資產於二零零四年三月三十

一日的成本值或估值的分析如下：

附註：投資物業為介乎十至五十年租期及在香港持有之物業。

投資物業於二零零五年三月三十

一日由獨立專業物業估值師萊坊

（香港）有限公司按公開市值基準

重新估值。


13. SUBSIDIARIES附屬公司

Company

本公司

2005 2004

HK$’000 HK$’000


Unlisted shares, at cost 非上市股份，按成本值 83,601 83,601

Amounts due from/(to) subsidiaries 應收／（應付）附屬公司款項 33,937 21,176

117,538 104,777

Amounts due from/(to) subsidiaries are unsecured, interest free

and have no fixed terms of repayment.

Details of subsidiaries are set out in note 31 to the accounts.

14. JOINTLY CONTROLLED ENTITIES共同控制實體

2005 2004

HK$’000 HK$’000


Share of net assets 分佔資產淨值 733 541

Amount due from a jointly controlled 應收一家共同控制實體

entity 款項 1,263 1,623

1,996 2,164

應收／（應付）附屬公司款項乃無

抵押、免息及無固定還款期。

附屬公司之詳情載於賬目附註31。



14. JOINTLY CONTROLLED ENTITIES (Continued)

共同控制實體（續）

Particulars of the jointly controlled entities of the Group at

March 31, 2005 are set out as follows:

Place of Effective

incorporation percentage of

and operation Principal interest held

Name 註冊成立 activities 所持實際權益

名稱及經營地點主要業務百分比

Interest held indirectly:

間接持有權益：

北京實創新昌物業管理 PRC Provision of property management 50%

有限責任公司中國 and property management

(Beijing Strong Synergis consulting services in Beijing

Property Management Co., Ltd.) 於北京提供物業管理

及物業管理顧問服務

新昌瑞安管理服務（上海） Hong Kong Investment holding 50%

有限公司香港投資控股

(Synergis Shui On Management

Services (Shanghai) Ltd.)

新昌瑞安物業管理（上海） PRC Provision of property management 50%

有限公司中國 and facility management services

(Synergis Shui On Property in Shanghai

Management (Shanghai) Co. Ltd.) 於上海提供物業管理

及設施管理服務

15. ASSOCIATED COMPANY聯營公司

2005 2004

HK$’000 HK$’000


Share of net assets 分佔資產淨值 425 –

於二零零五年三月三十一日本集

團之共同控制實體之詳情載列如

下：


15. ASSOCIATED COMPANY (Continued)

聯營公司（續）Particulars of the associated company of the Group at March 31,

2005 are set out as follows:

Place of Effective

incorporation percentage of

and operation Principal interest held

Name 註冊成立 activities 所持實際權益

名稱及經營地點主要業務百分比



北京金融街新昌物業管理 PRC Provision of property 30%

有限公司中國 management and facility

(Beijing Financial Street Synergis management services in Beijing

Property Management Co., Ltd.) 於北京提供物業管理及

設施管理服務

Pursuant to joint venture agreement dated January 25, 2005

between北京金融街物業管理有限責任公司 (Beijing Financial

Street Property Management Co. Ltd.) and Synergis Property

Management (China) Limited, an indirect wholly owned subsidiary

of the Company, an equity joint venture, Beijing Financial Street

Synergis Property Management Co., Ltd., has been established

on February 18, 2005 in Mainland of China and engages in the

provision of property management and facility management

services for Xihuan Plaza in Beijing.

16. CONTRACTING WORK-IN-PROGRESS在建合約工程

2005 2004

HK$’000 HK$’000


Contract costs incurred plus attributable 合約成本加應佔溢利

profits less foreseeable losses 減可預見虧損 3,494 1,074

Less: progress payments received and 減：已收及應收工程

receivable 進度賬款 (2,386) (563)

1,108 511

Represented by: 呈列為：

Amounts due from contract customers 應收合約客戶款項 1,108 511

於二零零五年三月三十一日本集

團聯營公司之詳情載列如下：

根據北京金融街物業管理有限責

任公司與本公司間接全資附屬公

司新昌物業管理（中國）有限公司

於二零零五年一月二十五日訂立

之合營協議，合資合營企業北京金

融街新昌物業管理有限公司已於

二零零五年二月十八日在中國內

地成立，為北京西環廣場從事提供

物業管理及設施管理服務等業務。



17. ACCOUNTS AND OTHER RECEIVABLES應收賬款及其他應收款項

2005 2004

HK$’000 HK$’000


Accounts receivable 應收賬款 59,899 51,500

Retention receivable 應收保固金 520 611

Other receivables 其他應收款項 6,213 10,688

66,632 62,799

The credit period of the Group’s accounts receivable generally ranges

from one to two months. The ageing analysis of accounts receivable

is as follows:

2005 2004

HK$’000 HK$’000


0 to 30 days 0至30日 20,898 18,148

31 to 60 days 31至60日 12,739 10,956

61 to 90 days 61至90日 10,850 12,662

Over 90 days 90日以上 15,412 9,734

59,899 51,500

18. OTHER INVESTMENTS其他投資

2005 2004

HK$’000 HK$’000


Hong Kong 香港

– listed investments, at fair value －上市投資，按公平值 – 920

– unlisted investments, at fair value －非上市投資，按公平值 8,203 8,203

8,203 9,123

本集團應收賬款之信貸期一般介

乎一至兩個月。應收賬款之賬齡分

析如下：


19. AMOUNTS DUE FROM/TO RELATED COMPANIES AND AN IMMEDIATE HOLDINGCOMPANY應收／應付關連公司及一家直接控股公司款項

Amounts due from/to related companies and an immediate holding

company are unsecured, interest free and have no fixed terms of

repayment.

20. ACCOUNTS PAYABLE AND ACCRUALS應付賬款及應計費用

2005 2004

HK$’000 HK$’000


Accounts payable 應付賬款 17,807 17,303

Retention payables 應付保固金 155 119

Other payables and accruals 其他應付款項及應計費用 21,363 18,930

39,325 36,352

The credit period of the Group’s accounts payable generally ranges

from one to two months. The ageing analysis of accounts payable is

as follows:

2005 2004

HK$’000 HK$’000


0 to 30 days 0至30日 8,633 7,459

31 to 60 days 31至60日 1,894 4,147

61 to 90 days 61至90日 959 1,988

Over 90 days 90日以上 6,321 3,709

17,807 17,303

應收／應付關連公司及一家直接

控股公司款項乃無抵押、免息及無

固定還款期。

本集團應付賬款之信貸期一般介

乎一至兩個月。應付賬款之賬齡分

析如下：



21. LONG-TERM BANK LOAN長期銀行貸款

2005 2004

HK$’000 HK$’000


Unsecured bank loan wholly repayable 須於五年內悉數償還之

within five years 無抵押銀行貸款 – 20,000

Less: Amount due within one year 減：於一年內到期並已計入

included under current liabilities 流動負債之款項 – (20,000)

– –

The Group’s bank loan is repayable as follows:

2005 2004

HK$’000 HK$’000


Within one year 一年內 – 20,000

22. SHARE CAPITAL股本

Ordinary shares at HK$0.10 each

每股面值港幣0.10元之普通股

No. of shares HK$’000

股份數目港幣千元

Authorised: 法定股本：

At the date of incorporation (note (a)) 於註冊成立日期（附註 (a)） 1,000,000 100

Increase in authorised ordinary share capital 法定普通股本增加

(note (b)(i)) （附註 (b)(i)） 9,999,000,000 999,900

At March 31, 2004 and March 31, 2005 於二零零四年三月三十一日

及二零零五年三月三十一日 10,000,000,000 1,000,000

Issued and fully paid: 已發行及繳足股本：

At the date of incorporation (note (a)) 於註冊成立日期（附註 (a)） – –

Issue of shares arising from the 重組導致發行股份

reorganisation (note (a) and (b)(ii)) （附註 (a)及 (b)(ii)） 10,000,000 1,000

Issue of shares by placing and public offer 透過配售及公開發售

(note (c)) 發行股份（附註 (c)） 92,000,000 9,200

Capitalisation issue (note (d)) 資本化發行（附註 (d)） 230,000,000 23,000

At March 31, 2004 and March 31, 2005 於二零零四年三月三十一日

及二零零五年三月三十一日 332,000,000 33,200

本集團銀行貸款之還款期如下：


22. SHARE CAPITAL (Continued)

股本（續）Note:(a) The Company was incorporated in Bermuda on August 4, 2003 with an

authorised capital of HK$100,000 divided into 1,000,000 shares ofHK$0.10 each. 1,000,000 shares were allotted and issued nil paid to HsinChong Holdings (HK) Limited (“HCHK Holdings”) on August 5, 2003.

(b) Pursuant to the written resolutions of the sole shareholder of the Companyon September 19, 2003:

(i) the authorised share capital for the Company was increased fromHK$100,000 to HK$1,000,000,000 by the creation of additional9,999,000,000 shares of HK$0.10 each; and

(ii) the Company acquired the entire issued share capital in SynergisHoldings (BVI) Limited (“Synergis BVI”), in consideration of and inexchange for which the Company (a) allotted and issued, credited asfully paid, an aggregate of 9,000,000 new shares to the thenshareholders of Synergis BVI and (b) credited as fully paid at par the1,000,000 shares allotted and issued nil paid to HCHK Holdings onAugust 5, 2003.

(c) On October 7, 2003, 92,000,000 shares of HK$0.10 each were allotted andissued for cash at HK$0.75 per share (the “New Issue”) by way of publicoffer and placing totalling HK$69,000,000. The excess of HK$59,800,000over the par value of the shares issued was credited to the share premiumaccount.

(d) Also on October 7, 2003, 230,000,000 shares of HK$0.10 each were allottedand issued at par as fully paid to the shareholders whose names appearedon the register of members of the Company on September 19, 2003 bydebiting an amount of HK$23,000,000 of the share premium account ofthe Company arising from the New Issue.

(e) There was no movement in the share capital of the Company during theyear ended March 31, 2005.

附註：(a) 本公司於二零零三年八月四日在百

慕達註冊成立，法定股本為港幣

100,000元，分為1,000,000股每股面值港幣0.10元之股份。新昌集團（香港）有限公司（「新昌集團（香

港）」）於二零零三年八月五日獲配

發及發行1,000,000股未繳股款股份。

(b) 根據本公司唯一股東於二零零三年

九月十九日之書面決議案：

(i) 藉增設9,999,000,000股每股面值港幣0.10元之股份，將本公司法定股本由港幣100,000元增至港幣 1,000,000,000元；及

(ii) 本公司購入Synergis Holdings(BVI ) L imited（「 Synerg isBVI」）全部已發行股本，以作為下列事項之交換代價：(a)本公司向Synergis BVI當時股東配發及發行合共9,000,000股入賬列作繳足新股份及 (b)本公司於二零零三年八月五

日以未繳股款方式向新昌

集團（香港）配發及發行之

1,000,000股按面值入賬列作繳足股份。

(c) 於二零零三年十月七日，本公司以

公開發售及配售方式按每股港幣

0.75元配發及發行92,000,000股每股面值港幣0.10元之股份（「新發行」），以換取現金合共港幣

69,000,000元。高於所發行股份面值之差額港幣59,800,000元撥入股份溢價賬。

(d) 於二零零三年十月七日，透過扣除

新發行產生之本公司股份溢價賬港

幣23,000,000元，以繳足股款方式按面值配發及發行230,000,000股每股面值港幣0.10元之股份予於二零零三年九月十九日名列本公司股

東名冊之股東。

(e) 於截至二零零五年三月三十一日止

年度期間，本公司之股本並無任何

變動。



23. RESERVES儲備(a) Group

本集團

Investmentproperties

revaluationShare Merger reserve Retained

premium reserve 投資物業 profits Total股份溢價合併儲備重估儲備保留溢利總計

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000港幣千元港幣千元港幣千元港幣千元港幣千元

At April 1, 2003 於二零零三年四月一日 – 1,513 146 62,275 63,934

Profit attributable to shareholders 股東應佔溢利 – – – 31,611 31,6112004 interim dividend paid (note 10) 已派二零零四年中期股息

（附註10） – – – (6,640 ) (6,640 )

Repurchase of shares of a subsidiary 一家附屬公司購回股份

(note (a)) （附註 (a)） – – – (254 ) (254 )Issuance of shares (note 22 (c)) 發行股份（附註22(c)） 59,800 – – – 59,800

Capitalisation issue (note 22 (d)) 資本化發行（附註22(d)） (23,000 ) – – – (23,000 )Share issuance costs 股份發行費用 (10,887 ) – – – (10,887 )


三月三十一日 25,913 1,513 146 86,992 114,564

Company and subsidiaries 本公司及附屬公司 25,913 1,513 146 87,871 115,443Jointly controlled entities 共同控制實體 – – – (879 ) (879 )


三月三十一日 25,913 1,513 146 86,992 114,564

At April 1, 2004 於二零零四年四月一日 25,913 1,513 146 86,992 114,564Profit attributable to shareholders 股東應佔溢利 – – – 25,837 25,8372004 final dividend paid (note 10) 已派二零零四年

末期股息（附註10） – – – (9,960 ) (9,960 )2005 interim dividend paid (note 10) 已派二零零五年

中期股息（附註10） – – – (6,640 ) (6,640 )


三月三十一日 25,913 1,513 146 96,229 123,801

Company and subsidiaries 本公司及附屬公司 25,913 1,513 146 97,152 124,724Jointly controlled entities 共同控制實體 – – – (923 ) (923 )


三月三十一日 25,913 1,513 146 96,229 123,801


23. RESERVES (Continued)

儲備（續）(b) Company

本公司

Contributed

Share surplus Retained

premium (note (b)) profits Total

股份溢價繳入盈餘保留溢利總計

（附註 (b)）

HK$’000 HK$’000 HK$’000 HK$’000

港幣千元港幣千元港幣千元港幣千元

At the date of incorporation 於註冊成立日期 – – – –

Profit attributable to 股東應佔溢利

shareholders (note 9) （附註9） – – 8,398 8,398

2004 interim dividend paid 已派二零零四年中期

(note 10) 股息（附註10） – – (6,640) (6,640)

Issuance of shares 發行股份 25,913 82,601 – 108,514

At April 1, 2004 於二零零四年四月一日 25,913 82,601 1,758 110,272


shareholders (note 9) （附註9） – – 27,209 27,209

2004 final dividend paid 已派二零零四年末期

(note 10) 股息（附註10） – – (9,960) (9,960)

2005 interim dividend paid 已派二零零五年中期

(note 10) 股息（附註10） – – (6,640) (6,640)


三月三十一日 25,913 82,601 12,367 120,881

Note:(a) On June 2, 2003, 584 non-voting ordinary “B” shares of Synergis

Management Services Limited (“SMS”), a subsidiary of the Group, ofHK$1.00 each were repurchased by SMS from two employees pursuant tothe Employee Share Subscription Scheme at a total consideration ofHK$254,049 when the employees left the Group.

(b) The contributed surplus represents the difference between the consolidatedshareholders’ funds of the subsidiaries and the nominal value of theCompany’s shares issued for the acquisition of these subsidiaries at the timeof the Group’s reorganisation in 2003. Under the Companies Act 1981 ofBermuda (as amended), the Company may make distributions to its membersout of the contributed surplus.

(c) Distributable reserves of the Company at March 31, 2005 amounted toHK$94,968,000 (2004: HK$84,359,000).

附註：(a) 於二零零三年六月二日，本集團附

屬公司新昌管理服務有限公司（「新

昌管理服務」）於兩名僱員離開本集

團時，根據僱員股份認購計劃向彼

等購回新昌管理服務584股每股面值港幣1.00元之無投票權普通「B」股，總代價為港幣254,049元。

(b) 繳入盈餘指附屬公司綜合股東資金

與本公司於二零零三年集團重組時

就收購該等附屬公司所發行之本公

司股份之面值兩者之間差額。根據

百慕達一九八一年公司法（經修

訂），本公司可自繳入盈餘向股東作

出分派。

(c) 本公司於二零零五年三月三十一日

之可供分派儲備為港幣94,968,000元（二零零四年：港幣84,359,000元）。



24. DEFERRED TAXATION遞延稅項

Deferred taxation are calculated in full on temporary differences under

the liability method using tax rates substantively enacted as at the

balance sheet date.

The movement on the deferred tax liabilities/(assets) account is as

follows:

2005 2004

HK$’000 HK$’000


At April 1, 2004 於二零零四年四月一日 4 –

Deferred taxation of a jointly controlled 重新分類共同控制實體

entity reclassified 之遞延稅項 236 –

Deferred taxation charged to consolidated 於綜合損益表扣除

profit and loss account (note 8) 之遞延稅項（附註8） 545 4

At March 31, 2005 於二零零五年三月三十一日 785 4

Deferred tax assets are recognised for tax losses carry forward to the

extent that realisation of the related tax benefit through the future

taxable profits is probable. As March 31, 2005, the Group has

unrecognised tax losses of HK$1,788,000 (2004: HK$ 1,014,000) to

carry forward against future taxable income.

遞延稅項採用結算日所實質頒佈

之稅率按負債法就暫時差額悉數

計算。

遞延稅項負債／（資產）賬目之變

動如下：

遞延稅項資產乃因應相關稅務利

益可透過未來應課稅溢利變現而

就所結轉之稅損作確認。於二零零

五年三月三十一日，本集團有未確

認稅損港幣1,788,000元（二零零

四年：港幣1,014,000元）可結轉以

抵銷未來應課稅收入。


24. DEFERRED TAXATION (Continued)

遞延稅項（續）

The movement in deferred tax assets and liabilities (prior to offsetting

of balances within the same taxation jurisdiction) during the year is

as follows:

Deferred tax liabilities

Accelerated tax depreciation

加速稅項折舊

2005 2004

HK$’000 HK$’000



Charged to consolidated profit and 於綜合損益表扣除

loss account 415 481


Deferred tax assets

Tax losses

稅損

2005 2004

HK$’000 HK$’000



Deferred taxation of a jointly controlled 重新分類共同控制實體之

entity reclassified 遞延稅項 (236) –

(Charged)/credited to consolidated （扣除自）／計入綜合損益表

profit and loss account (130) 477


遞延稅項資產及負債（於相同徵稅

司法權區抵銷前結餘）於年內之變

動如下：

遞延稅項負債

遞延稅項資產



24. DEFERRED TAXATION (Continued)

遞延稅項（續）

Deferred tax assets and liabilities are offset when there is a legally

enforceable right to set off current tax assets against current tax

liabilities and when the deferred taxes relate to the same fiscal

authority. The following amounts, determined after appropriate

offsetting, are shown in the consolidated balance sheet:

2005 2004

HK$’000 HK$’000


Deferred tax assets 遞延稅項資產 (111) (477)

Deferred tax liabilities 遞延稅項負債 896 481

785 4

25. OPERATING LEASES COMMITMENTS經營租賃承擔

(a) The future aggregate minimum lease rental expenses in respect

of land and buildings under non-cancellable operating leases

of the Group are payable in the following periods:

2005 2004

HK$’000 HK$’000


Within one year 一年內 550 3,090

In the second to fifth years inclusive 第二年至第五年

（包括首尾兩年） 100 269

650 3,359

當有法定權利可將現有稅項資產

與現有稅務負債抵銷，而遞延稅項

涉及同一財政機關，則可將遞延稅

項資產與遞延稅項負債互相抵銷。

在計入適當抵銷後，下列金額在綜

合資產負債表內列賬：

(a) 於下列期間，本集團根據不可

撤銷經營租賃就土地及樓宇

須於日後支付的最低租金費

用總額如下：


25. OPERATING LEASES COMMITMENTS (Continued)

經營租賃承擔（續）

(b) The future aggregate minimum lease rental expenses in respect

of office equipment under non-cancellable operating leases of

the Group are payable in the following periods:

2005 2004

HK$’000 HK$’000


Within one year 一年內 183 34

In the second to fifth years inclusive 第二年至第五年

（包括首尾兩年） 619 100

802 134

26. CAPITAL COMMITMENTS資本承擔

Capital commitments of the Group for equipment

2005 2004

HK$’000 HK$’000


Authorised but not contracted for 已授權但未訂約 18,255 24,973

Contracted but not provided for 已訂約但未撥備 891 1,537

(b) 於下列期間，本集團根據不可

撤銷經營租賃就辦公室設備

須於日後支付的最低租金費

用總額如下：

本集團於設備之資本承擔



27. NOTES TO CASH FLOW STATEMENTS現金流量表附註

(a) Reconciliation of operating profit to cash generated from operations

經營溢利與經營業務產生之現金對賬表

2005 2004

HK$’000 HK$’000


Operating profit 經營溢利 30,810 38,757

Net unrealised gain on other 其他投資未變現收益淨額

investments – (420)

Depreciation 折舊 4,053 2,826

Interest income 利息收入 (508) (505)

Dividend income 股息收入 – (144)

Loss on disposal of fixed assets 出售固定資產虧損 160 15

Gain on disposal of other investments 出售其他投資收益 (82) (1,396)

Operating profit before working capital 營運資金變動前之

changes 經營溢利 34,433 39,133

Decrease/(increase) in amount due 應收一家共同控制實體

from a jointly controlled entity 款項減少／（增加） 360 (373)

(Increase)/decrease in contracting 合約在建工程

work-in-progress （增加）／減少 (597) 498

Increase in accounts receivable and 應收賬款及其他應收款項

other receivables 增加 (3,833) (29,493)

Decrease/(increase) in utility deposits 公用設施按金及預付款項

and prepayments 減少／（增加） 1,887 (1,270)

Decrease in net amounts due from 應收關連公司款項淨額

related companies 減少 432 2,242

Increase in accounts payable and 應付賬款及應計費用增加

accruals 3,009 8,287

Increase/(decrease) in amount due to 應付直接控股公司款項

an immediate holding company 增加／（減少） 324 (3,096)

Cash generated from operations 經營業務產生之現金 36,015 15,928


27. NOTES TO CASH FLOW STATEMENTS (Continued)

現金流量表附註（續）

(b) Analysis of changes in financing during the year

年內融資變動分析

Share capital

including

share Minority

premium interest Dividend

Bank loans 股本（包括少數股東 payable

銀行貸款股份溢價）權益應付股息

HK$’000 HK$’000 HK$’000 HK$’000

港幣千元港幣千元港幣千元港幣千元

As at April 1, 2003 於二零零三年四月一日 40,000 1,000 – –

2004 interim dividend (note 10) 二零零四年中期股息

（附註10） – – – 6,640

Cash inflow/(outflow) from financing 融資業務產生之現金

流入／（流出） (20,000) 58,113 754 (6,640)

Minority interests’ share of loss 少數股東權益應佔虧損 – – (294 ) –

As at April 1, 2004 於二零零四年四月一日 20,000 59,113 460 –

2004 final dividend (note 10) 二零零四年末期股息

（附註10） – – – 9,960

2005 interim dividend (note 10) 二零零五年中期股息

（附註10） – – – 6,640

Cash outflow from financing 融資業務產生之現金流出 (20,000) – – (16,600)

Minority interests’ share of loss 少數股東權益應佔虧損 – – (260 ) –

As at March 31, 2005 於二零零五年

三月三十一日 – 59,113 200 –



28. RELATED PARTY TRANSACTIONS關連人士交易

The following is a summary of the significant related party transactions

carried out in the Group during the year:

2005 2004



Administration support fee from a 來自一家關連公司之

related company 行政支援費 (a) – 200

Site security services income from 來自關連公司之地盤

related companies 保安服務收入 (b) 405 467

Repair and maintenance fee from a 來自一家關連公司之

related company 維修及保養費用 (c) 130 189

Services charges to 向下列公司支付服務費

– ultimate holding company －最終控股公司 (d) (180) (1,415)

– related companies －關連公司 (d) (476) (1,600)

Commission fee to immediate and 支付予直接及最終控股

ultimate holding companies 公司之佣金 (e) – (135)

Rental expenses to 向下列公司支付租金開支

– immediate holding company －直接控股公司 (f) (2,144) (2,383)

– related companies －關連公司 (f) (362) (309)

Insurance expense to a fellow 支付予一家同系附屬公司

subsidiary 之保險開支 (g) (2,835) (3,257)

Facility management income from 來自關連公司之設施

related companies 管理收入 (h) 596 893

Copying services income from 來自關連公司之複印

related companies 服務收入 (i) 613 639

Cleaning services income from 來自下列公司之清潔服務收入

– immediate holding company －直接控股公司 (j) 328 407

– related companies －關連公司 (j) 528 1,198

Consultancy services income from a 來自一家共同控制實體之

jointly controlled entity 顧問服務收入 (k) 650 –

本集團於年內進行之重大關連人

士交易概要如下：


28. RELATED PARTY TRANSACTIONS (Continued)

關連人士交易（續）Note:Related companies are entities which have common shareholders and directorswith the Company.

(a) Fees received from a related company represent fees earned on administrativeservices and accountancy services provided by the Group and were chargedbased on costs incurred.

(b) Site security services income received from related companies representsfees earned on security services rendered to related companies. The pricesand terms were comparable to those with third parties.

(c) Repair and maintenance income represents fees earned on repair andmaintenance works rendered to a related company. The prices and termswere comparable to those with third parties.

(d) Services charges paid to ultimate holding company and related companieswere in respect of administrative services provided by the ultimate holdingcompany and related companies to the Group and were reimbursed at costbased on time and expenses allocated to the Group.

(e) An immediate and ultimate holding companies provide guarantees in respectof the Group’s performance under various property management contractsand certain bank loans to the Group. Commission fee was calculated at0.125% on the amounts of guarantees granted by the immediate andultimate holding companies. The rate of commission fee was determinedwith reference to prevailing market rate and comparable to those with thirdparties.

(f) Rental expenses paid to immediate holding company and related companieswere based on the floor area occupied by the Group at prevailing marketrate.

(g) A fellow subsidiary company provides certain general insurance policy tothe Group and guarantees to third parties in respect of the Group’sperformance under various property management contracts. Insuranceexpenses thereon were charged at prices and terms comparable to thosewith third parties.

(h) Facility management income represents fixed monthly fee earned on facilitymanagement services rendered to related companies. The prices and termswere comparable to those with third parties.

(i) Copying services income represents fees earned on copying services renderedto related companies. The prices and terms were comparable to those withthird parties.

(j) Cleaning services income represents fees earned on cleaning services renderedto immediate holding company and related companies. The prices and termswere comparable to those with third parties.

(k) Fees received from a jointly controlled entity represent fees earned on theprovision of property management and facility management consultingservices in Shanghai. The prices and terms were comparable to those withthird parties.

附註：關連公司乃與本公司有共同股東及董事之

企業。

(a) 來自一家關連公司之費用指就本集

團提供的行政服務及會計服務按所

產生成本收取之費用。

(b) 來自關連公司之地盤保安服務收入

指向關連公司提供保安服務所賺取

費用。有關價格及條款與第三方之

價格及條款相若。

(c) 維修及保養收入指向一家關連公司

提供維修及保養工程所賺取費用。

有關價格及條款與第三方之價格及

條款相若。

(d) 向最終控股公司及關連公司支付之

服務費指最終控股公司及關連公司

向本集團提供行政服務之服務費，

費用按分配予本集團之時間及費用

按成本付還。

(e) 直接控股公司及最終控股公司就本

集團履行多項物業管理合約及本集

團所獲授若干銀行貸款提供擔保。

佣金按由直接控股公司及最終控股

公司提供擔保之總額按0.125%計算，佣金乃經參考現行市場佣金後

釐定，與第三方之佣金相若。

(f) 向直接控股公司及關連公司支付之

租金開支乃根據本集團佔用之樓面

面積按現行市值租金計算。

(g) 一家同系附屬公司向本集團提供若

干一般保險及就本集團履行多項物

業管理合約向第三方作出擔保。保

險開支乃按與第三方相若之價格及

條款計算。

(h) 設施管理收入指向關連公司提供設

施管理服務所賺取之固定月費。有

關價格及條款乃與第三方之價格及

條款相若。

(i) 複印服務收入指向關連公司提供複

印服務所賺取之費用。有關價格及

條款與第三方之價格及條款相若。

(j) 清潔服務收入指向直接控股公司及

關連公司提供清潔服務所賺取之費

用。有關價格及條款與第三方之價

格及條款相若。

(k) 來自一家共同控制實體之費用指就

於上海提供物業管理及設施管理顧

問服務所賺取之費用。有關價格及

條款與第三方之價格及條款相若。



28. RELATED PARTY TRANSACTIONS (Continued)

關連人士交易（續）

In the opinion of the directors of the Company, the above related

party transactions were carried out in the ordinary course of business

and at normal commercial terms.

Items (a), (b), (c), (d), (h), (i) and (k) are not connected transactions

while items (e), (f), (g) and (j) are connected transactions as defined

under Chapter 14A of the Listing Rules of The Stock Exchange of

Hong Kong Limited.

29. ULTIMATE HOLDING COMPANY最終控股公司

The directors regard Hsin Chong International Holdings Limited, a

company incorporated in Bermuda, as being the ultimate holding

company.

30. APPROVAL OF ACCOUNTS批准賬目

The accounts were approved by the board of directors on June 3,

2005.

31. SUBSIDIARIES附屬公司

Issued and Effective

Place of paid up/ percentage

incorporation registered of interest

and operation Principal capital held

Name 註冊成立及 activities 已發行及繳足／所持權益

公司名稱經營地點主要業務註冊股本實際百分比

Interest held directly:

直接持有權益：

Synergis Holdings British Virgin Islands/ Investment holding 100,000 ordinary 100%

(BVI) Limited Hong Kong 投資控股 shares of

英屬維爾京群島／ HK$0.1 each

香港 100,000股每股面值

港幣0.1元之

普通股

本公司董事認為，上述關連人士交

易均於日常業務過程中按一般商

業條款進行。

第(a)、(b)、(c)、(d)、(h)、(i)及(k)項並

非關連交易，而第(e)、(f)、(g)及(j)項

則為香港聯合交易所有限公司上

市規則第14A章所界定之關連交

易。

董事視於百慕達註冊成立之Hsin

Chong International Holdings

Limited為最終控股公司。

董事會已於二零零五年六月三日

批准本賬目。


31. SUBSIDIARIES (Continued)

附屬公司（續）









Synergis Management Hong Kong Provision of property 206,837 ordinary 100%

Services Limited 香港 management services shares of

新昌管理服務有限公司 and investment holdings HK$1 each

提供物業管理服務及 206,837股每股面值

投資控股港幣1元之普通股

Service Pro Limited Hong Kong Sales of cleaning related 2 ordinary shares 100%

諾迅服務有限公司香港 products, provision of of HK$1 each

copying services and 2股每股面值港幣

property holding 1元之普通股

銷售清潔相關產品、

提供複印服務及

持有物業

Hsin Sheng Security Hong Kong Provision of security 2 ordinary shares 100%

Services Limited 香港 services of HK$1 each

新盛保安服務有限公司提供保安服務 2股每股面值港幣

1元之普通股

Optimum Engineering Hong Kong Provision of repair and 2 ordinary shares 100%

Limited 香港 maintenance services of HK$1 each

卓領工程有限公司提供維修及保養 2股每股面值港幣

服務 1元之普通股

Laundrimate Service Hong Kong Provision of laundry 2 ordinary shares 100%

Limited 香港 services of HK$1 each

洗衣樂服務有限公司提供洗衣服務 2股每股面值港幣

1元之普通股











Interest held indirectly: (Continued)

間接持有權益：（續）

Master Clean Service Hong Kong Provision of cleaning 2 ordinary shares 100%

Limited 香港 services of HK$1 each

宏潔服務有限公司提供清潔服務 2股每股面值港幣

1元之普通股

S-Club Limited* Hong Kong Provision of membership 1 ordinary share 100%

香港 programmes of HK$1 each

提供會員計劃 1股面值港幣

1元之普通股

Synergis Property & Hong Kong Investment holding 2 ordinary shares 100%

Facility Management 香港投資控股 of HK$1 each

(China) Limited 2股每股面值港幣

新昌物業及設施管理 1元之普通股

（中國）有限公司

Synergis Facility Hong Kong Provision of facilities 2 ordinary shares 100%

Management Limited 香港 management services of HK$1 each

新昌設施管理有限公司提供設施管理服務 2股每股面值港幣

1元之普通股

Synergis Property British Virgin Islands/ Investment holding 1 ordinary share 100%

Management (China) Hong Kong 投資控股 of US$1 each

Limited** 英屬維爾京群島／ 1股面值1美元之

新昌物業管理（中國）香港普通股

有限公司**












Focus Success British Virgin Islands/ Investment holding 1 ordinary share 100%

Management Limited Hong Kong 投資控股 of US$1 each

英屬維爾京群島／ 1股面值1美元之

香港普通股

Synergis Property & British Virgin Islands/ Investment holding 1 ordinary share 100%

Facility Management Hong Kong 投資控股 of US$1 each

(Beijing) Limited 英屬維爾京群島／ 1股面值1美元之

新昌物業及設施管理香港普通股

（北京）有限公司

Synergis Property & British Virgin Islands/ Investment holding 1 ordinary share 100%

Facility Management Hong Kong 投資控股 of US$1 each

(Guangzhou) Limited 英屬維爾京群島／ 1股面值1美元之

新昌物業及設施管理香港普通股

（廣州）有限公司

新昌物業管理（深圳） PRC Provision of property RMB1,000,000 100%

有限公司 (Wholly-owned management, repair 人民幣1,000,000元

(Synergis Property foreign enterprise) and maintenance of

Management 中國 sophisticated equipment

(Shenzhen) Co., Ltd.) （全外資企業） and indoor cleaning

services in Shenzhen

在深圳提供物業管理、

維修保養先進設備

以及室內清潔服務













廣州新昌建囱物業 PRC Provision of property RMB2,000,000 60%

管理有限公司# (Equity joint venture) management and project 人民幣2,000,000元

(Guangzhou Synergis 中國 management consulting

CDC Property （合資合營企業） services in Guangzhou

Management Co., Ltd.)# 在廣州提供物業管理

及項目管理顧問服務

* S-Club Limited was incorporated on May 5, 2004 and engaged in the

provision of membership programmes.

** Synergis Property Management (China) Limited was incorporated on

August 6, 2004 and engaged in investment holding in 北京金融街新昌物

業管理有限公司 (Beijing Financial Street Synergis Property Management

Co., Ltd.), in which the Group has 30% equity interest.

# Guangzhou Synergis CDC Property Management Co., Ltd. is in the process

of liquidation.

* S-Club Limited於二零零四年五月五

日註冊成立，從事提供會員計劃業

務。

** 新昌物業管理（中國）有限公司於二

零零四年八月六日註冊成立，從事

投資控股業務於北京金融街新昌物

業管理有限公司，本集團擁有北京

金融街新昌物業管理有限公司30%

股本權益。

# 廣州新昌建囱物業管理有限公司正

在進行清盤。


Five Year Financial Summary五年財務摘要

Year ended March 31,截至三月三十一日止年度

2005 2004 2003 2002 2001HK$’000 HK$’000 HK$’000 HK$’000 HK$’000港幣千元港幣千元港幣千元港幣千元港幣千元

OPERATING RESULTS 經營業績

Turnover 營業額 382,445 387,969 239,644 152,786 78,372

Operating profit 經營溢利 30,810 38,757 29,137 29,555 13,411Finance costs 融資成本 (13) (664) (1,188) (1,658) (501)Share of net losses of 分佔共同控制實體

jointly controlled entities 之虧損淨額 (166) (773) (106) – –

Profit before taxation 除稅前溢利 30,631 37,320 27,843 27,897 12,910Taxation 稅項 (5,054) (6,003) (5,160) (4,276) (1,597)

Profit for the year 年內溢利 25,577 31,317 22,683 23,621 11,313Minority interest 少數股東權益 260 294 – – –


shareholders 25,837 31,611 22,683 23,621 11,313

ASSETS AND LIABILITIES 資產及負債

Assets 資產

Fixed assets 固定資產 9,842 8,289 8,181 7,577 8,463Jointly controlled entities 共同控制實體 1,996 2,164 1,314 – –Associated company 聯營公司 425 – – – –Deferred tax assets 遞延稅項資產 111 477 – – –Current assets 流動資產 186,431 195,210 127,807 100,603 54,584

Total assets 資產總值 198,805 206,140 137,302 108,180 63,047

Liabilities 負債

Current liabilities 流動負債 40,708 57,435 52,368 36,628 9,924Deferred tax liabilities 遞延稅項負債 896 481 – – –Non-current liabilities 非流動負債 – – 20,000 20,000 20,000

Total liabilities 負債總額 41,604 57,916 72,368 56,628 29,924

Minority interest 少數股東權益 200 460 – – –

Shareholders’ funds 股東資金 157,001 147,764 64,934 51,552 33,123

Note: The results, assets and liabilities of the Group for each of the five yearsended March 31 have been prepared on the basis of merger accounting asif the Group, at the time when the Reorganisation in September 2003 wascompleted, had been in existence throughout the years presented.

附註：本集團截至三月三十一日止五個年度

各年之業績、資產及負債乃按合併會計

法編製，猶如本集團於二零零三年九月

重組完成時已於所呈列之年度內一直

存在。


Major Properties主要物業

PROPERTIES HELD FOR INVESTMENT AS AT MARCH 31, 2005於二零零五年三月三十一日持作投資之物業

Percentage

of Group’s

Interest

Description Use Status Lease Term 本集團所佔

詳情用途狀況租賃年期權益百分比

Loading bay L101 on 1st Floor, Carpark Rental Medium 100%

Fortune Commercial Building,

No.362 Sha Tsui Road,

Tsuen Wan, New Territories

60/27, 700th shares of and

in The Remaining Portion of

Tsuen Wan Town Lot No. 355

新界荃灣停車場出租中期 100%

沙咀道362號

全發商業大廈

1樓起卸區L101

荃灣市地段355號餘段

第27, 700份之60份

Car Park Nos. P250, P251, P252, Carpark Rental Medium 100%

P253, P254, P255, P256 and P257,

Sun Hing Garden, No. 2 On Po Lane,

Tai Po, New Territories

24/64, 299th shares of and

in Tai Po Town Lot No. 26

新界大埔停車場出租中期 100%

安埔里2號新興花園

P250、P251、P252、

P253、P254、P255、P256

及P257號車位

大埔市地段26號餘段

第64, 299份之24份

新昌管理集團有限公司香港九龍觀塘偉業街107-109號新昌中心3樓

電話 : (852) 2579 8313

傳真 : (852) 2516 7431

www.synergis.com.hk

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