Corporate Information 2-3 公司资料 Mission Statement 4 宗旨 Corporate Profile 5 集团简介 Chairman’s Statement 6-9 主席报告 Management Discussion and Analysis 10-11 管理层讨论及分析 Environmental, Social and Governance Report 12-38 环境、社会及管治报告 Corporate Governance Report 39-50 企业管治报告 Directors’ Report 51-60 董事报告 Independent Auditor’s Report 61-67 独立核数师报告 Consolidated Income Statement 68 综合损益表 Consolidated Statement of Comprehensive Income 69 综合全面收益表 Consolidated Statement of Financial Position 70-71 综合财务状况表 Consolidated Statement of Changes in Equity 72-73 综合权益变动表 Consolidated Statement of Cash Flows 74-75 综合现金流量表 Notes to the Consolidated Financial Statements 76-151 综合财务报表附注 Financial Highlights 152 财务概括 CONTENTS 目录 2 Perennial International Limited 恒都集团有限公司 CORPORATE INFORMATION 公司资料 Board of Directors Executive Directors MON Chung Hung (Chief Executive Officer and Deputy Chairman) SIU Yuk Shing, Marco MON Wai Ki, Vicky MON Tiffany Non-Executive Director KOO Di An, Louise (Chairman) Independent Non-Executive Directors LAU Chun Kay LEE Chung Nai, Jones MA Chun Hon, Richard Audit Committee LAU Chun Kay (Committee chairman) LEE Chung Nai, Jones MA Chun Hon, Richard KOO Di An, Louise Remuneration Committee LAU Chun Kay (Committee chairman) LEE Chung Nai, Jones MA Chun Hon, Richard KOO Di An, Louise Nomination Committee LAU Chun Kay (Committee chairman) LEE Chung Nai, Jones MA Chun Hon, Richard KOO Di An, Louise Compliance Committee KOO Di An, Louise (Committee chairman) MON Chung Hung SIU Yuk Shing, Marco MON Wai Ki, Vicky MON Tiffany LAU Chun Kay LEE Chung Nai, Jones MA Chun Hon, Richard Authorised Representatives MON Chung Hung SIU Yuk Shing, Marco Company Secretary AU Sui Cheung 董事会 执行董事 孟振雄 （行政总裁及副主席） 萧旭成 孟玮琦 孟韦怡 非执行董事 顾�f安 （主席） 独立非执行董事 刘振麒 李宗鼐 马镇汉 审核委员会 刘振麒 （委员会主席） 李宗鼐 马镇汉 顾迪安 薪酬委员会 刘振麒 （委员会主席） 李宗鼐 马镇汉 顾�f安 提名委员会 刘振麒 （委员会主席） 李宗鼐 马镇汉 顾�f安 监察委员会 顾�f安 （委员会主席） 孟振雄 萧旭成 孟玮琦 孟韦怡 刘振麒 李宗鼐 马镇汉 授权代表 孟振雄 萧旭成 公司秘书 欧瑞祥 Annual Report 2016 年报 3 Corporate Information (Continued) 公司资料 （续） 注册办事处 Clarendon House 2 Church Street Hamilton HM11 Bermuda 香港主要营业地点 香港 九龙尖沙咀 科学馆道1号 康宏广场 南座 20楼2002�C2006室 股份代号 香港联合交易所有限公司 股份代号：00725 律师 华盛国际律师事务所 香港 金钟道88号 太古广场一期 1703�C1707室 主要往来银行 恒生银行 香港 德辅道中83号 核数师 罗兵咸永道会计师事务所 香港中环 太子大厦22楼 股份登记及过户总处 Codan Services Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda 股份登记及过户分处 香港证券登记有限公司 香港湾仔 皇后大道东183号 合和中心 17M楼 网址 http://perennial.todayir.com Registered Office Clarendon House 2 Church Street Hamilton HM11 Bermuda Principal Place of Business in Hong Kong Units 2002�C2006, 20th Floor Greenfield Tower Concordia Plaza 1 Science Museum Road Tsimshatsui, Kowloon Hong Kong Stock Code Stock Code on The Stock Exchange of Hong Kong Limited: 00725 Solicitor Watson Farley & Williams Units 1703�C1707 One Pacific Place 88 Queensway Hong Kong Principal Banker Hang Seng Bank 83 Des Voeux Road Central Hong Kong Auditors PricewaterhouseCoopers 22nd Floor, Prince’s Building Central, Hong Kong Principal Registrar and Transfer Office Codan Services Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda Branch Registrar and Transfer Office Hong Kong Registrars Limited 17M Floor Hopewell Centre 183 Queen’s Road East Wan Chai, Hong Kong Website http://perennial.todayir.com 4 Perennial International Limited 恒都集团有限公司 MISSION STATEMENT 宗旨 Perennial International Limited is dedicated to maintain the high quality of its products, manufacturing processes and service to customers and to forge a worldwide reputation as a business demanding excellence in all of its operations. 恒都集团有限公司致力提供优质产品、严格监控生 产过程、以及奉行以客为本的精神，务求达到尽善 尽美，让集团声名远播，享誉全球。 Annual Report 2016 年报 5 CORPORATE PROFILE 集团简介 The Perennial Group, founded in 1989, manufactures and trades quality power cord, power cord sets, cables and solid wire, wire harnesses and plastic resins. The Group’s primary markets are America, Europe, Australia, Mainland China, Japan and Southeast Asia where it sells to prominent multi-national producers of electrical and electronic products. Headquartered in Hong Kong, the Group employs approximately 1,000 staff worldwide involved in management, sales and marketing, shipping, procurement, financial and accounting, research and development, production and manufacturing. The Group considers its employees to be its most important asset while its key values are quality, prudence and integrity. 恒都集团於一九八九年成立，专门制造及营销优质 的电源线、电源线组合、导线、组合线束及塑胶皮 料。本集团主要的外销市场是美洲、欧洲、澳洲、 中国大陆、日本及东南亚客户对象为着名的跨国电 器及电子产品生产商。 本集团总部设於香港，在全球雇用约1,000名员 工，主要负责管理、销售及市场推广、船务、采 购、财务及会计、研发及生产等工作。本集团视员 工为最宝贵的资产，而优质、审慎及诚信则为最重 要的价值。 6 Perennial International Limited 恒都集团有限公司 CHAIRMAN’S STATEMENT 主席报告 On behalf of the Board of Directors (the “Board”) of Perennial International Limited (the “Company”), I am pleased to announce the audited consolidated financial results of the Company, together with its subsidiaries (the “Group”) for the year ended 31st December 2016. T h e G r o u p ’ s r e v e n u e w a s H K $ 3 5 9 , 0 3 5 , 0 0 0 ( 2 0 1 5 : HK$401,669,000). Profit for the year was HK$14,622,000 compared to HK$11,688,000 in 2015. Earnings per share was HK$0.073 (2015: HK$0.059). Final Dividend The Board recommends the payment of a final dividend of HK$0.02 per share. The Group’s total dividend for the year ended 31st December 2016 amounts to HK$0.02 per share (2015: HK$0.02 per share). The proposed final dividend is subject to approval of the shareholders at the forthcoming Annual General Meeting to be held on 27th April 2017 (“2017 AGM”) and is to be payable on 17th May 2017 to shareholders whose names appear on the register of members of the Company on 5th May 2017. The register of members of the Company will be closed during the following periods: (i) from 24th April 2017 to 27th April 2017, both days inclusive and during which period no share transfer will be effected, for the purpose of ascertaining shareholders’ eligibility to attend and vote at the 2017 AGM. In order to be eligible to attend and vote at the 2017 AGM, all transfer documents accompanied by the relevant share certificates must be lodged for registration with the Company’s branch share registrar, Hong Kong Registrars Limited at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m. on 21st April 2017; and (ii) from 8th May 2017 to 10th May 2017, both days inclusive and during which period no share transfer will be effected, for the purpose of ascertaining shareholders’ entitlement to the proposed final dividend. In order to establish entitlements to the proposed final dividend, all transfer documents accompanied by the relevant share certificates must be lodged for registration with the Company’s branch share registrar, Hong Kong Registrars Limited at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later that 4:30 p.m. on 5th May 2017. 本人谨代表恒都集团有限公司 （ 「本公司」）董事会 （ 「董事会」），宣布本公司及其附属公司 （ 「本集团」） 截至二零一六年十二月三十一日止年度的经审核综 合财务业绩。 本集团的营业额为359,035,000港元 （二零一五年： 401,669,000 港 元 ） 。 全 年 溢 利 为 14,622,000 港 元，而二零一五年同期则为11,688,000港元。每股 盈利为7.3港仙 （二零一五年：5.9港仙）。 末期股息 董事会建议派发末期股息每股2港仙。本集团二零 一六年十二月三十一日年末之全年股息为每股2港 仙 （二零一五年：每股2港仙）。 建议末期股息须待本公司於二零一七年四月二十七 日举行的应届股东周年大会 （ 「二零一七年股东周年 大会」）获股东批准方可作实，并将於二零一七年五 月十七日派发予二零一七年五月五日名列於本公司 股东名册内之股东。 本公司将於下列时段暂停办理股份过户登记手续： (i) 由二零一七年四月二十四日至二零一七年 四月二十七日止，首尾两天包括在内，共 於该期间内暂停办理股份过户登记手续， 以厘定有权出席二零一七年股东周年大会 并於会上投票之股东身份。为确保合资格 出席二零一七年股东周年大会并於会上投 票之权利，所有股份过户文件连同有关股 票须於二零一七年四月二十一日下午四时 三十分前送达本公司在香港之过户登记分 处香港证券登记有限公司办理过户登记手 续，地址为香港湾仔皇后大道东183号合和 中心17M楼；及 (ii) 由二零一七年五月八日至二零一七年五月 十日止，首尾两天包括在内，并於该期间 内暂停办理股份过户登手续，以厘定股东 享有建议之末期股息。为确保享有收取建 议的末期股息之权利，所有股份过户文件 连同有关股票须於二零一七年五月五日下 午四时三十分前送达本公司在香港之过户 登记分处香港证券登记有限公司办理过户 登记手续，地址为香港湾仔皇后大道东183 号合和中心17M楼。 Annual Report 2016 年报 7 Chairman’s Statement (Continued) 主席报告 （续） Business Review The Group’s turnover decreased by 10.6% to HK$359 million in this financial year. The decline in turnover was mainly due to decrease in number of orders received from customers as a result of keen price competition. Turnover in terms of sales mix was stable when compared with that of last year. Sales of power cords and power cord sets, cables and wires, wire harnesses and plastic resins accounted for 56%, 8%, 34% and 2% of the Group’s total turnover respectively. Although the price competition was keen during the year, the gross margin improved from 18.4% in 2015 to 22.4% in 2016. The Group has placed more focus on high margin products with less order quantity. The improvement in gross margin was also mainly due to lower operations cost as a result of depreciation of Renminbi and reduction in labor costs. The freeze of the minimum level of wages in Guangdong province and the gradual shift of labor intensive production to the existing plant of the new production complex in Dongyuan County, Heyuan City, the PRC (“New Production Complex”) help alleviating labor costs. The net margin was slightly improved from 2.9% in 2015 to 4.1% in 2016 despite the increase in administrative expenses. Increase in administrative expenses was mainly due to discretionary bonus paid to general manager for her retirement after 23 years of service to the Group. Other increases in administrative expenses includes (i) safety & certificates fees and (ii) professional fees relating to construction contracts, internal control and environmental, social and governance (“ESG”) reporting. The Group’s operating environment is challenging. The continual request for price reduction from various customers did exert pressure on the Group’s product selling price. In order to remain price competitive, the Group decided to set up the New Production Complex in 2014 in a more cost effective location which has a lower level of minimum wages. The New Production Complex includes an existing plant and a new plant of which construction was completed in November 2016. The New Production Complex has been in full operation since January 2017. Regarding the Group’s ESG performance, please refer to the Group’s first ESG report on page 12 to 38. 业务回顾 於本财政年度，本集团的营业额减少10.6%至3.59 亿港元。营业额减少主要由於价格竞争炽烈，来自 客户的订单数目减少所致。与去年比较，按销售组 合划分的营业额相对稳定。电源线及电源线组合、 导线、组合线束和塑胶皮料的销售额，分别占本集 团总营业额56%、8%、34%及2%。 尽管年内价格竞争炽烈，但毛利仍能由二零一五年 的18.4%改善至二零一六年的22.4%。本集团集中 溢利较高而订单量较少的产品。毛利改善亦主要 由於人民币贬值及劳工成本下降令营运成本减少所 致。广东省冻结最低工资水平，加上劳工密集生产 工序逐步迁移至中国河源��东源县新生产厂房的既 有厂房 （ 「新生产厂房」），均有助减低劳工成本。 尽管行政开支上升，但净利润率由二零一五年的 2.9%轻微改善至二零一六年的4.1%。行政开支上 升主要由於向总经理支付酌情花红，以答谢彼於本 集团服务23年後荣休。行政开支的其他增加包括(i) 安全规格认证费用及(ii)有关建筑合约、内部监控及 环境、社会及管治报告的专业费用。 本集团的经营环境仍然充满挑战。多名客户连番要 求下调价格，令本集团产品的售价饱受压力。为维 持价格的竞争力，本集团於二零一四年决定在一个 具有较优越成本效益且最低工资水平较低的地点设 立新生产厂房。新生产厂房包括一个既有厂房及一 个於二零一六年十一月完成建造的新厂房。新生产 厂房已於二零一七年一月起全面投产。 有关本集团的环境、社会及管治表现，请参阅第 12至38页本集团的第一份环境、社会及管治报告。 8 Perennial International Limited 恒都集团有限公司 Chairman’s Statement (Continued) 主席报告 （续） 未来展望 二零一七年将充斥着不确定性。诚如世界银行指 出，特朗普时代出现及英国脱欧使全球经济增长处 於风险。考虑到全球经济的不明朗前景，本集团对 其经营成本采取更审慎态度。本集团将搬迁更多劳 工密集的生产工序 （例如装配及包装等）至新生产厂 房，以减省劳工成本。至於深圳市的旧厂房，本集 团将用作进行铜杆拉丝及退火以及新产品开发等部 份资本密集生产工序。在可见未来，本集团仍会在 深圳市旧厂房维持一定程度的生产作业。 本集团亦已决定重建新生产厂房的既有厂房，以便 将部份资本密集生产工序迁移至河源��。重建工程 将包括改善钢结构厂房及底层加固。重建过程将需 时约一年完成。 就市场拓展而言，本集团已与主要客户重续销售合 约，令销售订单状况获得保证。此外，藉着新生产 厂房的较优越成本效益，本集团将可获取更多着重 价格的客户的订单。 要业务长期持续营运，中国的经营成本是主要的考 虑因素。尽管中国自二零一五年起冻结最低工资， 但中国的劳工成本相较亚洲其他发展中国家为高。 经过仔细考量後，本集团决定於越南广义租赁一幅 土地。有关该项交易的详情，请参阅本公司日期为 二零一六年七月十八日的公告。 越南政府给予优惠税务待遇及外资奖励。本集团计 划於越南广义设立生产厂房。本集团暂定将建造工 程分三期进行。工程的进度会配合业务发展。本集 团会审慎部署於海外进行生产的投资。 Future Prospect Uncertainty will be the buzzword for 2017. As said by The World Bank, Trump Era and Brexit put global economic growth at risk. Considering the uncertain outlook of the global economy, the Group is more conscious of its operations costs. The Group will transfer more labor intensive production processes such as assembling and packaging to the New Production Complex so as to reap more savings in labor costs. For the old factory in Shenzhen City, the Group will use it for certain part of the capital intensive production process such as copper rod drawing and annealing and new product development. In the foreseeable future, the Group will retain a certain level of production in the old factory in Shenzhen City. The Group also decided to redevelop the existing plant of the New Production Complex so that a certain part of the capital intensive production can be moved to Heyuan City. The redevelopment will consist of improvement of the steel structure plant and ground floor strengthening. It will take about one year to complete the redevelopment process. In respect of market development, the Group has renewed sales contracts with major customers so as to secure the sales order position. Moreover, by leveraging on the New Production Complex which is more cost effective, the Group can secure more orders from price sensitive customers. In view of long term sustainability of business, operations costs in the PRC is a prime consideration. Notwithstanding the freeze of minimum wage in the PRC since 2015, labor costs in the PRC are relatively high when compared with that of other developing Asian countries. After careful consideration, the Group decided to lease a piece of land in Quang Ngai, Vietnam. For details of the transaction, please refer to Company’s announcement dated 18th July 2016. There are preferential tax treatment and foreign investment incentive granted by the Vietnamese government. The Group plans to set up a production plant in Quang Ngai, Vietnam. Tentatively, the Group will split up the construction into three phases. The pace of construction gears with the business development. The Group will move cautiously regarding investment in overseas manufacturing. ……