(incorporated in Hong Kong with limited liability) (在香港註冊成立的有限責任公司) Stock Code 股份代號 : 880 Annual Report 年報 2011! u a c a M l a e R e Th
目錄 2002 3 2011 12 31 17 3 1,700 3,900 8 10 11 12 20 22 24 26 31 55 69 71 72 74 75 76 78 139 140
真正豪華!
真正享受!
真正娛樂!
大事回顧 1 2011 年 2 月 3 2 3 2011 年 4 月 4 2011 年 5 月 5 5 2011 年 6 月 6 7 2011 年 8 月 11 8 2011 年 9 月 9 10 2011 年 11 月 58 7 11 12 2011 年 12 月 2011 8 澳門博彩控股有限公司 2011
大事回顧 4 2 1 12 8 9 2011 澳門博彩控股有限公司 9
財務摘要及股息派發時間表 財務摘要 截至 2011 年 12 月 31 日止年度百萬港元 2010 12 31 75,514 57,195 789 606 EBITDA* 6,923 4,858 5,308 3,559 96.4 港仙 95.4 港仙 43 港仙 22 港仙 69.2 66.2 30 * EBITDA 股息派發時間表 日期及時間 2012 2012 2012 2 29 2012 5 102 30 2012 5 14 2012 5 15 2012 5 154 30 2012 5 30 10 澳門博彩控股有限公司 2011
概覽 2011 32.0%EBITDA 42.5% 49.1% 29.0% 2011 EBITDA 46.6% 39.1% 49.6% 57.7% 92.6% 2,055 2011 207 2011 12 3131 70,468 43 22 2012 8 73 澳門博彩控股有限公司 蘇樹輝 2012 2 29 2011 澳門博彩控股有限公司 11
業務回顧 集團經營業績 2011 12 31 EBITDA EBITDA 集團經營業績 截至 12 月 31 日止年度 2011 年百萬港元 2010 增幅 76,092 57,653 32.0% 75,514 57,195 32.0% 5,308 3,559 49.1% EBITDA 1 6,923 4,858 42.5% EBITDA 2 9.1% 8.4% 1 EBITDA 2 EBITDA EBITDA 2011 35.8% 24.1% 23.4% 2011 2,600.65 29.0% 2010 31.3% 2011 5 EBITDA EBITDA 9.1% 2010 8.4% 2011 EBITDA 16.3% 2010 14.8% 2011 5.36 4,8002011 11.142010 11.70 1.232.15 12 澳門博彩控股有限公司 2011
業務回顧 經營業績 貴賓博彩業務 截至 12 月 31 日止年度 貴賓博彩業務 2011 年 2010 增幅 52,779 38,862 35.8% 243,024 229,958 5.7% 1,830,047 1,334,035 37.2% 595 463 28.5% 2011 69.9% 67.9% 2011 12 31 609 32 2010 12 31 507 33 2011 12 31 14 35.8% 2010 2.91% 2011 2.88% 2011 澳門博彩控股有限公司 13
業務回顧 經營業績 中場賭枱博彩業務 截至 12 月 31 日止年度 增幅 / 中場經營業務 2011 年 2010 ( 減幅 ) 21,281 17,154 24.1% 50,218 36,460 37.7% 1,161 1,289 (9.9)% 2011 28.2% 201030.0% 2011 12 31 1,1662010 12 311,183 24.1% 經營業績 角子機及其他博彩業務 截至 12 月 31 日止年度 增幅 / 角子機業務 2011 年 2010 ( 減幅 ) 1,455 1,179 23.4% 1,009 732 37.8% 3,947 4,407 (10.4)% 2011 1.9% 2010 2.1% 2011 12 313,9102010 12 314,147 2011 12 31 14 3 2011 1 14 澳門博彩控股有限公司 2011
業務回顧 娛樂場業務之經營業績 新葡京娛樂場 截至 12 月 31 日止年度 新葡京娛樂場 2011 年 2010 增幅 22,797 15,579 46.3% 3,232 2,293 40.9% EBITDA 3 3,756 2,562 46.6% EBITDA 4 16.5% 16.4% 3 EBITDA 4 EBITDAEBITDA 截至 12 月 31 日止年度 增幅 / 新葡京娛樂場 2011 年 2010 ( 減幅 ) 貴賓博彩業務 16,896 11,295 49.6% 364,482 355,691 2.5% 653,533 414,316 57.7% 127 87 46.0% 中場博彩業務 5,449 3,917 39.1% 61,940 44,348 39.7% 241 242 (0.4)% 角子機業務 453 367 23.5% 1,619 1,393 16.2% 766 721 6.2% 2011 澳門博彩控股有限公司 15
業務回顧 EBITDA 201127.2% 2010 26.5% 2011 12,238,494 33,530 2011 2.67 8,400 83,000 394,393 娛樂場業務之經營業績 其他自行推廣娛樂場及角子機中心 截至 12 月 31 日止年度 其他自行推廣娛樂場及角子機中心 2011 年 2010 增幅 12,012 11,434 5.1% 929 643 44.3% EBITDA 1,226 895 36.9% EBITDA 10.2% 7.8% 16 澳門博彩控股有限公司 2011
業務回顧 EBITDA 截至 12 月 31 日止年度 增幅 / 其他自行推廣娛樂場及角子機中心 2011 年 2010 ( 減幅 ) 貴賓博彩業務 7,449 7,660 (2.8)% 364,428 355,686 2.5% 252,448 265,039 (4.8)% 56 59 (5.1)% 中場博彩業務 4,135 3,409 21.3% 35,070 25,941 35.2% 323 360 (10.3)% 角子機業務 428 366 17.1% 921 773 19.2% 1,271 1,291 (1.5)% 2011 12 3151 132 72 2011 12 31 188 6 667 2011 澳門博彩控股有限公司 17
業務回顧 娛樂場業務之經營業績 衛星娛樂場及角子機中心 2011 12 31 14 2011 1 19 12 2 616 418 1,884 截至 12 月 31 日止年度 衛星娛樂場及角子機中心 2011 年 2010 增幅 40,706 30,182 34.9% 1,525 1,087 40.3% EBITDA 1,658 1,176 41.0% EBITDA 4.1% 3.9% 截至 12 月 31 日止年度 增幅 / 衛星娛樂場及角子機中心 2011 年 2010 ( 減幅 ) 貴賓博彩業務 28,434 19,907 42.8% 189,083 172,051 9.9% 924,066 654,681 41.1% 412 317 30.0% 中場博彩業務 11,698 9,828 19.0% 53,682 39,194 37.0% 597 687 (13.1)% 角子機業務 574 447 28.4% 823 511 60.9% 1,911 2,395 (20.2)% 18 澳門博彩控股有限公司 2011
業務回顧 非博彩業務 2011 12 31 5.86 E B I T D A 2.03 4.30 EBITDA 1.31 402 92.6% 77.9% 2011 2,055 2010 1,951 2011 12 Robuchon au Dôme 10 51% 2011 1.62 2010 1.36 408 2011 72.8% 2010 71.3% 20.5% 1,202 2011 5.78 2010 4.58 26.0% 1.48 2.12 2011 澳門博彩控股有限公司 19
企業社會責任 一直以來, 澳博集團本著 取諸社會, 用諸社會 的態度, 致力回饋社會 2011 年, 我們繼續支持教育 文化藝術 體育, 以及其他慈善活動, 惠澤澳門居民, 並鼓勵員工積極參與社區事務, 服務社羣 教育 10 10 20,000 2005 69 28 文化藝術 2011 11 12 502011 11 體育 11 58 FIA 2012 1 17 2011 6 20 澳門博彩控股有限公司 2011
企業社會責任 負責任博彩 2011 202 2011 年的其他活動 5512 3,000 2011 12 440 2011 12 10 2011 澳門博彩控股有限公司 21
前景與近期發展 市場環境 2011 42% 2011 12.2% 28,002,279 22.2% 16,162,747 57.7% 2012 1 1,363,172 67% 19% 2012 目前及近期計劃 2011 2012 新葡京娛樂場 2011 10 12 2012 回力海立方娛樂場 2011 10 11 2012 2012 22 澳門博彩控股有限公司 2011
前景與近期發展 十六浦度假村 EBITDA 2010 2.07 2011 3.17 2011 10 2011 12 19 4 2012 40,000 2014 新葡京酒店 EBITDA 2011 12 Robuchon a Galera Robuchon au Dôme 未來項目 70,468 2011 澳門博彩控股有限公司 23
2011 12 31 205.71 1.72 2010 12 31 151.7535.6% EBITDA 2011 1 1 2.59 5.24 2011 12 31 30.722010 12 31 41.12 2011 12 31 19 4 51% 2012 2011 2010 12 31 2011 12 31 1.582010 12 31 2.89 2011 12 31 54.15 7.18 2010 12 31 58.32 7.58 2011 12 311.72 2010 12 31 1.72 2011 12 319,3002010 12 31 9,300 2011 12 31 2011 12 31 99% 24 2011
2011 12 31 2011 12 3119,600 2011 EBITDA EBITDA EBITDA 16.3% EBITDA 9.1% 2011 25
9020062009 2001 2010 1962 Euronext Estoril Sol, SGPS, S.A. 2010 20032007 2001 (O.B.E.) Commandeur de l Ordre de la Couronne 26 2011
602006 20092008 2002 1976 35 Euronext Estoril Sol, SGPS, S.A. MACAUPORT Sociedade de Administração de Portos, S.A. 1991 2009 1973 2001 IMC/Southern Cross University 20092005 602006 2009 2002 1978 30 1999 2002 2011 27
7020062001 2003 1981 1965 1981 1964 5020072009 20082007 2010 12 2005 2005 2009 20052011 3 2009 5720072009 2008 2007 1998 Urbana-Champaign 662010 8 2004 1999 28 2011
8620062001 Commandeur de L ordre des Arts et des Lettres 2008 692008 2010 11 2009 9 2003 2009 1988 2002 1967 2002 712008 2010 11 200039 2003 Advanced Management Program (AMP) Queen Elizabeth House (Oxford) 2011 29
662008 2007 2008 2005 20082000 19952007 642008 2010 1976 1984 20031997 2000 13.51B(1)2011 7 1 2011 12 31 30 2011
2011 12 31 7 52 2011 12 3171 138 2011 9 21 2011 6 30 8 2010 6 305 2011 12 31 43(2010 30222012 5 10 2012 2012 5 15 2012 5 154 30 183 17 1712 1716 2012 2012 5 30 2012 2012 2012 5 8 2012 5 10 2012 5 74 30 183 17 1712 1716 2011 31
2011 12 31139 I. 37.1% (i) 9.5% (ii) 8.4% (iii) 8.0% (iv) Angel Playing Cards Co., Ltd. 6.6% (v) 4.6% 42.6% 28.4%29% 5% II. 30% 32 2011
44 2011 12 31 60.842010 12 31 23.66 8,180 2011 12 31 11,626 135,442 100% 23,066 126,500 51% 93-103 I 1-5 1 2 3 5,582.72 100% 7,585.72 100% 2011 33
2011 12 31 39 2010 100 15 17 42 2009 10 28Champion Path Holdings Limited Champion Path 20 2015 201017.415.24332,175,488 2.592011 1 1 2011 4 20 5.2449,503,805 2011 4 29 40 34 2011
2009 5 13 2009 5 13 10% 500,000,000 209,100,000 3.8% 12 (a) 1% (b) (i) (ii) 0.1% 500 2011 35
1.00 28 (a) (b) (c) 10 36 2011
2011 12 31 2011 1 1 2011 12 31 2009 7 13 1 2011 3 17 5 2011 3 17 5 2011 3 17 5 2009 7 13 1 2011 3 17 5 2011 3 17 5 2009 7 13 1 2011 3 17 5 2010 8 31 4 2011 3 17 5 2009 7 13 1 2010 8 31 4 2011 3 17 5 2011 3 17 5 2009 7 13 1 2011 3 17 5 2009 7 13 1 2011 3 17 5 2009 7 13 1 2011 3 17 5 2010 1 13 2019 1 12 2011 9 17 2020 9 16 2011 9 17 2020 9 16 2011 9 17 2020 9 16 2010 1 13 2019 1 12 2011 9 17 2020 9 16 2011 9 17 2020 9 16 2010 1 13 2019 1 12 2011 9 17 2020 9 16 2011 2 28 2020 2 27 2011 9 17 2020 9 16 2010 1 13 2019 1 12 2011 2 28 2020 2 27 2011 9 17 2020 9 16 2011 9 17 2020 9 16 2010 1 13 2019 1 12 2011 9 17 2020 9 16 2010 1 13 2019 1 12 2011 9 17 2020 9 16 2010 1 13 2019 1 12 2011 9 17 2020 9 16 2.82 5,000,000 (5,000,000) 12.496 5,000,000 (5,000,000) 12.496 35,000,000 35,000,000 12.496 32,000,000 32,000,000 2.82 3,000,000 (3,000,000) 12.496 3,000,000 3,000,000 12.496 30,000,000 30,000,000 2.82 3,000,000 3,000,000 12.496 3,000,000 3,000,000 7.48 3,000,000 3,000,000 12.496 3,000,000 3,000,000 2.82 1,000,000 1,000,000 7.48 2,000,000 2,000,000 12.496 3,000,000 3,000,000 12.496 500,000 500,000 2.82 500,000 500,000 12.496 500,000 500,000 2.82 500,000 500,000 12.496 500,000 500,000 2.82 500,000 500,000 12.496 500,000 500,000 18,500,000 116,000,000 (13,000,000) 121,500,000 2011 37
2009 7 13 1 2009 7 13 1 2009 7 13 1 2010 5 19 2 2010 5 26 3 2010 1 13 2019 1 12 2011 1 13 2019 1 12 2012 1 13 2019 1 12 2010 11 19 2019 11 18 2010 11 26 2019 11 25 2011 1 1 2011 12 31 2.82 9,260,000 (4,170,000) 5,090,000 2.82 10,000,000 10,000,000 2.82 10,000,000 10,000,000 5.11 1,500,000 (100,000) 1,400,000 5.03 500,000 (240,000) 260,000 31,260,000 (4,510,000) 26,750,000 2009 7 13 2010 1 13 2.82 2,800,000 (550,000) 2,250,000 1 2019 1 12 52,560,000 116,000,000 (18,060,000) 150,500,000 1. 2009 7 1330,000,000 2010 1 13 2.85 2009 7 13166,700,000 146,700,000 2010 1 13 2019 1 12 1.25819 10,000,000 2011 1 13 2019 1 12 1.28888 10,000,000 2012 1 13 2019 1 12 1.31545 2. 2010 5 194.81 2.0728 3. 2010 5 264.83 2.0178 4. 2010 8 317.49 2.8926 5. 2011 3 1712.58 4.5320 6. 16.49 38 2011
26 30 11 97 2012 3.13 2012 (i) (ii) 2011 39
I. Many Town Company Limited United Worldwide Investment S.A. 93.3%United Worldwide Investment S.A.50% A. 1. 2011 2008 6 18 2008 6 18 2020 3 31 45 2008 6 26 2009 6 16 2009 9 11 2010 12 30 40 2011
2. 2011 2008 6 18 2008 6 18 2011 6 17 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 45 2011 41
2. 2011 2011 6 19 2008 6 18 2011 6 18 2013 12 31 (i) (ii) (iii) (iv) (v) 45 2008 6 26 2009 3 25 2009 6 16 2010 12 30 2011 6 19 42 2011
B. 1. 2011 2008 6 18 2002 4 1 45 2008 6 26 2010 12 30 2011 2011 43
2. 2011 11 20 (i) (ii) (iii) (iv) (v) (vi) (vii) 2012 1 1 (i) (ii) (iii) (iv) 2012 1 1 2011 11 20 44 2011
C. Sky Reach Investments Limited Sky ReachCompanhia de Aviação Jet Asia Limitada Jet Asia 2011 2007 2008 10 Sky ReachJet Asia 2008 6 26 2009 1 20 2009 7 30 2010 12 30 2011 12 31 2011 12 31 2012 12 31 2013 12 31 1 2 3 4 1 2 3 4 1 2 3 4 1 81.9 109.0 131.0 157.0 1 7.1 1 67.8 100.0 110.0 121.0 1 134.0 173.0 176.0 193.6 1 171.1 259.0 259.0 259.0 1 9.0 1 50.8 82.0 82.0 82.0 2 218.4 300 315 331 3 6.6 400 200 100 4 44.0 150 150 150 2011 45
1. 2010 122011 1 1 2011 6 17 2011 6 2011 2012 2013 12 31 (i) (ii)(iii)(iv) 2. 2010 12 2011 2012 2013 12 31 3.003.153.31(i) (ii)2011 1 1 (iii) 2013 12 31 3. (i)2011 (ii) 2010 12 2011 2012 2013 12 31 4.002.001.00 4. 2010 12 2011 2012 2013 12 31 1.50 II. 51% 50% 46 2011
2011 2011 6 24 2011 6 24 2013 12 31 2011 6 24 2011 2011 2012 2013 12 31 12 31 12 31 12 31 39.6 60 77 88 (i)(ii) (iii)(iv) 2011 47
III. 50% 2010 6 3 14A.11(4)(b)(ii) 2011 2010 2 19 2009 10 1 2020 3 31 2009 10 1,442.4 2010 12 13 A 14A.38 740 2011 (1) (2) 48 2011
(3) (4) 2010 12 30 2011 6 19 2011 6 24 (a) (b) (c) 2012 2 29 2008 6 18 2011 12 31 660 2011 12 31 298,982,18824.28% 19.54%342 2011 49
2011 12 31 XV 352 I. 2 128,327,922 2.32% 35,000,000 0.63% 1 128,327,922 35,000,000 2.95% 96,452,922 1.75% 32,000,000 0.58% 1 96,452,922 32,000,000 2.33% 19,000,500 0.34% 3,000,000 0.05% 1 19,000,500 3,000,000 0.39% 427,950,000 7.75% 30,000,000 0.54% 1 427,950,000 30,000,000 8.29% 6,000,000 0.11% 1 6,000,000 0.11% 1 6,000,000 0.11% 1 500,000 0.01% 1 1,000,000 0.02% 1 1,000,000 0.02% 1 1,000,000 1 0.02% 50 2011
II. 100 100 0.12% 637 5,215 5,852 6.86% 1,004 1,004 1.18% STDM STDM 2011 8 153 1,000 0.01% B 300,000 10.00% 1. 2. 2011 12 31 5,522,079,293 3. STDM 3,049,987,500 STDM STDM STDM 2011 8 15 2011 51
2011 12 31 XV 7 8XV 352 2011 12 31XV 336 2 427,950,000 7.75% 30,000,000 0.54% 1 427,950,000 30,000,000 8.29% 3,049,987,500 55.23% 1. 2. 2011 12 31 5,522,079,293 2011 12 31 336 51 51(b) 51(j) 52 2011
2008 6 18 2012 2 292012 2 2008 2012 2 29 STDM 2007 11 20 STDM 2011 8 STDM STDM STDM 2011 12 31 2011 53
55 68 2012 2011 12 31 2012 2 29 54 2011
2011 2011 4 29 E.1.2 2011 10 28 2012 2011 2011 55
121 3 7 58.3% 1 8.3% 42 33.4%4 1. 12 82 2. 33.10(1) 3. 3.10(2) 4. 1/3 A.3.2 26 30 56 2011
(i) (ii) 10% 2012 5 10 2012 97 2012 3 29 (i) (a) (b) (ii) 2011 57
(i) (ii) (iii) 3.13 58 2011
2009 7 14 2011 59
2011 12 31 1/6 6/6 3/3 1/1 6/6 6/6 5/6 3/3 1/1 6/6 1/1 5/6 4/6 5/6 5/6 3/3 1/1 6/6 6/6 3/3 1/1 6/6 6/6 3/3 1/1 6/6 6/6 3/3 1/1 96(K) 60 2011
2008 6 4 100% 2 (i) (ii) 2011 61
2011 60 2011 2010 12 31 2011 6 30 2011 3 31 2011 9 30 2012 62 2011
2008 6 6 67% 1 2011 2011 2009 5 13 2011 63
60 2011 4 29 2012 50 2008 6 7 57% 1 64 2011
2011 2011 2012 3.13 2012 60 20103 31 9 30 69 70 2011 65
2011 2011 2011 8.7 3.7 0.7 0.1 0.5 4.3 18.0 (i)(ii)(iii) (iv) (i) (ii)(iii) (iv) (v) (i) (ii)(iii) (iv) (v) 66 2011
2011 12 31 2011 8 (i)(ii) (iii) (iv) 2011 4 29 1 32 3201 3205 ir@sjmholdings.com 2011 67
20 10 2011 4 29168 200 1 2010 12 31 http://www.sjmholdings.com 2012 2 29 68 2011
71 138 2011 12 31 141 2011 69
2011 12 31 2012 2 29 P181 2012 2 29 70 2011
2011 12 31 2011 2010 76,092.0 57,653.3 8 75,514.4 57,195.0 (29,071.1) (22,089.9) 46,443.3 35,105.1 577.6 458.3 (246.0) (216.4) 211.8 147.9 (34,090.7) (25,130.4) (7,389.4) (6,627.1) 9 (123.0) (215.4) 20 (45.1) 4.9 21 7.3 5.5 10 5,345.8 3,532.4 12 (35.0) (17.6) 5,310.8 3,514.8 5,307.6 3,559.4 3.2 (44.6) 5,310.8 3,514.8 14 96.4 69.2 14 95.4 66.2 2011 71
2011 12 31 2011 2010 15 8,777.2 9,486.0 17 775.2 804.9 18 33.2 39.5 19 289.2 290.4 20 28.9 74.0 21 80.5 73.2 22 5.5 5.5 23 153.0 122.6 24 268.7 304.5 25 40.8 26 14.3 27 128.9 144.2 28 145.6 145.6 10,741.0 11,490.4 68.5 55.9 29 1,318.0 1,258.2 30 246.0 246.0 31 0.3 546.7 25 20.0 26 14.3 32 48.9 56.2 28 26.3 26.4 33 6,011.1 5,036.7 14,559.9 10,138.6 22,279.0 17,399.0 34 11,338.8 10,020.8 35 29.1 37 324.0 38 25.4 23.5 38.8 38.8 39 3,072.0 1,040.0 40 218.7 14,799.0 11,370.9 7,480.0 6,028.1 18,221.0 17,518.5 72 2011
2011 12 31 2011 2010 38 268.7 304.5 39 3,072.0 37 690.8 966.6 41 14.9 974.4 4,343.1 17,246.6 13,175.4 42 5,522.1 5,454.5 11,685.6 7,683.2 17,207.7 13,137.7 38.9 37.7 17,246.6 13,175.4 71 138 2012 2 29 2011 73
2011 12 31 2011 2010 15 1.5 3.2 16 4,359.3 4,359.3 23 1.4 4,362.2 4,362.5 27.3 15.0 35 512.0 1,093.2 4,854.4 1,747.6 33 5,272.8 4,063.3 1,232.7 526.2 11,899.2 7,445.3 1.0 0.5 35 291.6 413.2 292.6 413.7 11,606.6 7,031.6 15,968.8 11,394.1 42 5,522.1 5,454.5 44 10,446.7 5,939.6 15,968.8 11,394.1 74 2011
2011 12 31 2010 1 1 5,000.0 1,627.4 173.9 387.0 1,266.4 8,454.7 64.7 8,519.4 3,559.4 3,559.4 (44.6) 3,514.8 122.3 379.8 (155.2) 346.9 346.9 332.2 1,449.9 (336.8) 1,445.3 1,445.3 (0.3) (0.3) (0.3) 47.7 47.7 47.7 17.6 17.6 13 (716.0) (716.0) (716.0) 454.5 1,829.4 (107.5) (336.8) (716.0) 1,123.6 17.6 1,141.2 2010 12 31 5,454.5 3,456.8 66.4 50.2 4,109.8 13,137.7 37.7 13,175.4 5,307.6 5,307.6 3.2 5,310.8 18.1 121.4 (39.4) 100.1 100.1 49.5 222.1 (50.2) 221.4 221.4 (0.2) (0.2) (0.2) 535.9 535.9 535.9 (2.0) (2.0) 13 (2,094.8) (2,094.8) (2,094.8) 67.6 343.3 496.5 (50.2) (2,094.8) (1,237.6) (2.0) (1,239.6) 2011 12 31 5,522.1 3,800.1 562.9 7,322.6 17,207.7 38.9 17,246.6 2011 75
2011 12 31 2011 2010 5,345.8 3,532.4 (170.4) (73.5) 74.1 97.6 46.2 42.0 2.7 75.8 (23.7) (1.5) 65.5 (13.3) 45.1 (4.9) (7.3) (5.5) 6.3 6.3 1,114.2 1,170.4 5.5 14.5 41.0 40.2 1.2 10.0 53.6 25.7 (27.8) 535.9 47.7 7,117.8 4,954.0 (12.6) (3.8) (46.0) (143.5) 1,368.6 3,477.1 8,427.8 8,283.8 (20.1) (17.6) 8,407.7 8,266.2 148.3 57.2 5.3 1.5 (421.1) (811.6) 3.9 3.2 (11.3) (1.2) (136.8) (34.6) (114.0) 546.4 (523.4) (20.8) 33.9 106.0 15.3 12.5 0.1 239.0 (974.4) (3,636.7) (811.2) (4,702.1) 76 2011
2011 12 31 2011 2010 (77.3) (92.7) (2,094.8) (716.0) 100.1 346.9 (0.2) (0.3) (29.1) 29.1 (33.9) (34.5) 10.0 (1,040.0) (1,040.0) 134.9 (3,175.2) (1,362.6) 4,421.3 2,201.5 1 1 10,138.6 7,937.1 12 31 14,559.9 10,138.6 14,559.9 10,138.6 2011 77
2011 12 31 1. 2. 2011 1 1 242009 32 14 19 2010 78 2011
2011 12 31 2. 7 1 7 4 7 9 9 6 9 6 10 4 11 4 12 4 13 4 1 3 12 2 19 2011 4 27 2011 4 28 2011 4 32 5 4 20 1 2011 7 1 2 2012 1 1 3 2012 7 1 4 2013 1 1 5 2014 1 1 6 2015 1 1 32 7 32 7 2013 1 1 322014 1 1 2011 79
2011 12 31 2. 9 2009 92010 9 9 9 39 9 9 9 39 2011 6 101112 272011 282011 10 27 12 10 (a) (b) (c) 10 11 31 13 11 11 31 80 2011
2011 12 31 2. 11 31 12 12 2013 1 1 2013 1 1 13 13 13 13 7 13 132013 1 1 13 2013 1 1 1 1 1 (a) (b) 1 2012 7 1 1213 2011 81
2011 12 31 3. 3.1 2010 1 1 3.2 3.3 39 36 36 82 2011
2011 12 31 3. 3.4 39 36 36 3.5 2011 83
2011 12 31 3. 3.6 25 40 310 25% 7.6% 50% 25% 20% 10% 84 2011
2011 12 31 3. 3.7 3.8 3.9 3.10 3.11 3.12 2011 85
2011 12 31 3. 3.13 (a) (i) (ii) (iii) 86 2011
2011 12 31 3. 3.13 (a) (iv) (v) 2011 87
2011 12 31 3. 3.13 (b) (i) (ii) (iii) (c) 88 2011
2011 12 31 3. 3.13 (c) (d) (e) 3.14 2011 89
2011 12 31 3. 3.15 3.16 90 2011
2011 12 31 3. 3.17 (a) (b) 3.18 (a) (b) 2011 91
2011 12 31 3. 3.19 4. 2011 12 3110.15 2010 9.67 2011 12 31 8,0502010 7,320 2,8902010 7,4003,4302010 3,430 5. 92 2011
2011 12 31 6. (a) (b) 2011 2010 2011 2010 22,665.9 17,778.5 11,897.6 7,443.9 48.9 56.2 5.5 5.5 22,720.3 17,840.2 11,897.6 7,443.9 12,363.7 12,884.5 292.6 413.7 294.1 328.0 12,657.8 13,212.5 292.6 413.7 3 (c) 36 49 2011 93
2011 12 31 6. (c) 86% 2010 84% 49 30 80% 2010 73% 94 2011
2011 12 31 6. (d) 2010 50 2010 100 502010 100 2011 2010 50.2 45.7 502010 100 2011 95
2011 12 31 6. (d) 502010 100 2011 2010 6.2 5.2 (e) 10% 2010 10% 10% 2010 10% 2011 2010 4.9 5.6 (f) 96 2011
2011 12 31 6. (f) 3 3 6 6 1 1 2011 12 31 2,038.5 138.3 7.4 2,184.2 2,184.2 4,991.4 4,991.4 4,991.4 582.7 417.4 101.2 1,101.3 1,101.3 4.8% 343.0 880.9 1,223.9 1,014.8 2.63% 6.7 8.5 17.2 295.9 328.3 294.1 6(f)(i) 2.03% 267.4 714.1 2,131.3 3,112.8 3,072.0 6(f)(iii) 92.6 92.6 30 4.0 4.0 5,088.0 2,895.3 1,278.3 2,600.1 1,176.8 13,038.5 12,657.8 2010 12 31 1,890.7 41.9 19.2 1,951.8 1,951.8 4,325.1 4,325.1 4,325.1 830.4 357.9 92.9 1,281.2 1,281.2 29.1 29.1 29.1 4.8% 1,223.9 1,223.9 966.6 3.78% 7.1 9.2 18.3 355.0 389.6 328.0 6(f)(i) ) 2.04% 269.8 279.4 555.3 3,121.0 4,225.5 4,112.0 6(f)(ii) 5.82% 292.3 292.3 218.7 6(f)(iii) 92.6 92.6 30 4.0 4.0 4,450.8 2,998.0 688.4 685.7 4,992.2 13,815.1 13,212.5 2011 97
2011 12 31 6. (f) 3 3 6 6 1 1 2011 12 31 1.0 1.0 1.0 291.6 291.6 291.6 291.6 1.0 292.6 292.6 2010 12 31 0.5 0.5 0.5 413.2 413.2 413.2 6(f)(iii) 259.4 259.4 672.6 0.5 673.1 413.7 (i) (ii) 2010 12 31 40 (iii) 98 2011
2011 12 31 6. (g) 40 (h) 13 1 2 3 2011 12 31 48.9 48.9 2010 12 31 56.2 56.2 (i) (ii) 1 21 (iii) 3 2011 99
2011 12 31 7. (i) (ii) 8 (a) 2011 2010 2011 2010 75,514.4 57,195.0 5,795.9 4,088.0 577.6 458.3 239.5 149.0 817.1 607.3 (366.0) (446.3) (239.5) (149.0) 577.6 458.3 76,092.0 57,653.3 5,429.9 3,641.7 (20.6) (147.5) (25.7) 27.8 (45.1) 4.9 7.3 5.5 5,345.8 3,532.4 3 100 2011
2011 12 31 7. (b) 2011 2010 18,774.3 15,658.5 6,487.1 7,239.3 25,261.4 22,897.8 28.9 74.0 80.5 73.2 6,521.6 4,719.3 1,127.6 1,125.1 33,020.0 28,889.4 1,375.0 1,800.0 1,697.0 2,312.0 3,072.0 4,112.0 11,142.9 9,821.6 220.3 238.5 11,363.2 10,060.1 14,435.2 14,172.1 218.7 1,338.2 1,323.2 15,773.4 15,714.0 (i) (ii) (iii) (iv) 2011 101
2011 12 31 7. (c) 2011 2010 355.8 338.1 70.1 195.6 0.2 2.0 426.1 535.7 601.8 667.3 516.5 506.9 2.2 2.5 1,120.5 1,176.7 4.7 2.2 0.8 12.3 5.5 14.5 510.5 37.8 25.4 9.9 535.9 47.7 29.2 36.2 35.1 44.2 58.7 135.0 123.0 215.4 87.0 25.7 0.4 0.3 83.0 47.5 170.4 73.5 102 2011
2011 12 31 7. (c) 8. 10% 2011 2010 52,778.8 38,861.8 21,280.7 17,153.9 1,454.9 1,179.3 75,514.4 57,195.0 9. 2011 2010 (64.1) (81.4) (10.0) (17.2) (46.2) (42.0) (2.7) (75.8) (123.0) (216.4) 1.0 (123.0) (215.4) 2011 103
2011 12 31 10. 2011 2010 11 590.5 74.3 74.1 73.4 (28.3) (19.8) 45.8 53.6 5.6 27.7 3,800.3 3,471.1 3,805.9 3,498.8 4,442.2 3,626.7 8.7 7.8 9.3 4.9 18.0 12.7 10.0 53.6 6.3 6.3 1,114.2 1,170.4 5.5 14.5 25.7 1.2 41.0 40.2 313.4 298.9 354.4 339.1 1.9 23.7 1.5 27.8 13.3 9.8 17.2 153.8 51.3 6.8 5.0 170.4 73.5 104 2011
2011 12 31 11. 2011 2010 24.3 22.6 46.9 24.3 0.4 24.7 8.4 1.2 158.6 168.2 8.0 1.2 2.8 12.0 7.3 1.1 145.0 153.4 7.0 1.1 2.7 10.8 1.7 0.2 13.6 15.5 1.6 0.2 0.3 2.1 5.4 1.7 136.0 143.1 2.8 1.3 1.7 5.8 0.9 13.6 14.5 0.9 0.3 1.2 0.3 16.3 16.6 0.1 5.9 6.0 6.0 15.4 21.4 6.0 4.0 10.0 0.3 0.5 2.3 3.1 0.3 0.5 0.8 0.3 2.3 2.6 0.3 0.3 0.3 2.3 2.6 0.3 0.3 0.3 2.3 2.6 0.3 0.3 55.5 4.7 530.3 590.5 51.9 4.3 18.1 74.3 3402010 300 2010 2010 2011 2010 10.5 21.2 31.7 2011 105
2011 12 31 12. 2011 2010 (17.5) (17.5) (2.6) (0.1) (20.1) (17.6) (14.9) (35.0) (17.6) 2007 12 82007 2011 2011 11 23 20122016 2008 12 2 2007 2011 1,8001,750 1,7502010 1,750 2012 2016 12% 106 2011
2011 12 31 12. 2011 2010 % % 5,345.8 3,532.4 (641.5) (12.0) (423.9) (12.0) 687.9 12.9 482.5 13.7 (4.5) (0.1) 1.2 4.1 0.1 5.1 0.1 (25.4) (0.5) (18.1) (0.5) (40.3) (0.8) (55.3) (1.5) 4.8 0.1 8.5 0.2 (17.5) (0.3) (17.5) (0.5) (2.6) (0.1) (35.0) (0.6) (17.6) (0.5) 13. 2011 2010 302010 1,653.4 92009 453.8 82011 441.4 52010 262.2 2,094.8 716.0 2012 2 29 43 22 35.90 5,522,679,293 2011 107
2011 12 31 14. 2011 2010 5,307.6 3,559.4 2.7 75.8 5,310.3 3,635.2 2011 2010 5,505,065,288 5,145,389,186 53,335,481 68,643,549 8,240,144 277,503,528 61,575,625 346,147,077 5,566,640,913 5,491,536,263 108 2011
2011 12 31 15. 2010 1 1 4,281.0 360.8 4,728.9 625.3 2,646.5 11.6 13.7 464.4 13,132.2 42.8 26.9 271.6 30.4 20.4 6.6 135.8 534.5 (11.6) (17.3) (19.3) (2.7) (50.9) 542.9 57.3 (600.2) 2010 12 31 4,866.7 387.7 5,046.2 638.4 2,647.6 15.5 13.7 13,615.8 22.5 23.3 199.8 46.7 119.6 2.9 414.8 (31.6) (12.7) (30.1) (74.4) 2011 12 31 4,889.2 411.0 5,214.4 672.4 2,737.1 18.4 13.7 13,956.2 2010 1 1 348.4 323.6 1,142.6 400.8 761.7 5.8 9.7 2,992.6 213.3 21.1 548.5 111.9 271.8 2.5 1.3 1,170.4 (8.4) (17.3) (7.5) (33.2) 2010 12 31 561.7 344.7 1,682.7 495.4 1,026.0 8.3 11.0 4,129.8 234.1 25.5 516.7 80.6 253.0 2.9 1.4 1,114.2 (24.6) (12.7) (27.7) (65.0) 2011 12 31 795.8 370.2 2,174.8 563.3 1,251.3 11.2 12.4 5,179.0 2011 12 31 4,093.4 40.8 3,039.6 109.1 1,485.8 7.2 1.3 8,777.2 2010 12 31 4,305.0 43.0 3,363.5 143.0 1,621.6 7.2 2.7 9,486.0 2011 12 31 29.272010 31.93 2020 2011 109
2011 12 31 15. 2010 1 1 1.1 3.6 4.7 0.4 0.4 (0.1) (0.1) 2010 12 31 2011 12 31 1.5 3.5 5.0 2010 1 1 0.3 0.2 0.5 0.2 1.2 1.4 (0.1) (0.1) 2010 12 31 0.5 1.3 1.8 0.4 1.3 1.7 2011 12 31 0.9 2.6 3.5 2011 12 31 0.6 0.9 1.5 2010 12 31 1.0 2.2 3.2 16. 2011 2010 3,972.3 3,972.3 387.0 387.0 4,359.3 4,359.3 52 110 2011
2011 12 31 17. 2011 2010 1 1 804.9 845.8 11.3 (0.7) (41.0) (40.2) 12 31 775.2 804.9 18. 2010 1 1 2010 12 31 2011 12 31 63.2 2010 1 1 17.4 6.3 2010 12 31 23.7 6.3 2011 12 31 30.0 2011 12 31 33.2 2010 12 31 39.5 10 2011 111
2011 12 31 19. 2010 1 1 289.2 1.2 2010 12 31 290.4 (1.2) 2011 12 31 289.2 20. 2011 2010 25.0 25.0 6.8 6.8 (2.9) 42.2 28.9 74.0 49% 112 2011
2011 12 31 20. 2011 2010 509.4 431.3 (450.4) (280.2) 59.0 151.1 28.9 74.0 322.8 348.6 (92.1) 13.5 * (45.1) 4.9 * 2010 12 31 1702011 21. 2011 2010 39.7 39.7 40.8 33.5 80.5 73.2 49% 50% 3,430 2010 3,430 2011 113
2011 12 31 21. 2011 2010 66.4 60.2 (20.2) (21.3) 46.2 38.9 7.1 7.1 7.3 5.5 22. 23. 2011 2010 2011 2010 48 65.5 153.0 57.1 1.4 153.0 122.6 1.4 24. 38 Companhia de Aviacao Jet Asia Limitada Jet Asia 2.43% 2.81% 2010 2.29% 6.10% 114 2011
2011 12 31 25. 2011 12 31 12 26. 2011 12 31 12 27. 2011 12 31 12 28. 2011 12 311.46 2010 1.462007 4 1 180 2020 3 31 2.91 2011 12 31 1002010 100 2011 12 31 302010 30 2011 12 31 2,5002010 2,510 12 2011 12 31 0.08% 1.56% 2010 0.08% 1.11% 2011 115
2011 12 31 29. 2011 2010 915.7 744.9 61.8 189.0 94.0 102.7 246.5 221.6 1,318.0 1,258.2 38 2011 2010 0 30 905.7 670.9 61 90 0.3 90 10.0 73.7 915.7 744.9 116 2011
2011 12 31 29. 2011 2010 1 1 78.1 24.5 13.0 53.6 (3.0) 12 31 88.1 78.1 8,8102010 7,810 2011 2010 A 45.6 56.4 1.2 4.4 70.0 68.0 116.8 128.8 30. 2009 10 22 SJM SJM SJM (100%)2.50 (i) (ii) (iii) 2011 117
2011 12 31 30. SJM 0.1% 51% SJM 2012 10 2.50 2.6% 2.7% 2.9% 2010 2.8% 2.9% 2011 12 31 2.462010 2.46 31. 51(b) 12 32. 33. 2011 12 310.58% 2.59% 2010 0.44% 1.47% 411 2010 418 12 2011 12 311.45% 2.59% 2010 0.45% 1.47% 411 2010 418 12 118 2011
2011 12 31 34. 2011 2010 2,184.2 1,951.8 2,329.6 2,117.9 4,991.4 4,325.1 102.4 61.4 133.8 222.0 693.6 292.5 332.9 484.5 134.5 104.0 38.7 52.3 397.7 409.3 11,338.8 10,020.8 2011 2010 0 30 2,159.1 1,925.2 31 60 15.0 5.0 61 90 1.9 1.0 90 8.2 20.6 2,184.2 1,951.8 90 2011 119
2011 12 31 34. 2011 2010 A 178.9 161.0 17.6 55.5 374.9 317.7 571.4 534.2 35. 2011 12 31 12 36. 49 2011 12 31 2010 12 31 2010 12 31 40 2011 12 31 120 2011
2011 12 31 37. 2012 2010 12 31 2011 12 31 2012 3.246.91 3.246.912011 12 31 200 10.152010 9.67 4,620 2010 4,20012.242010 12.24 4.80% 2010 4.80% 38. 2011 2010 2011 2010 32.4 34.6 25.4 23.5 34.2 36.6 27.5 25.7 102.5 109.9 86.9 83.8 159.2 208.5 154.3 195.0 328.3 389.6 294.1 328.0 (34.2) (61.6) 294.1 328.0 (25.4) (23.5) 268.7 304.5 2011 121
2011 12 31 38. 2007 2008Sky Reach Investments Limited Sky Reach Jet Asia Jet Asia Jet Asia 2011 12 31 2.43% 2.81% 2010 2.29% 6.10% (i) Jet Asia(ii) Sky Reach 2011 12 31Jet Asia 2.94 2010 3.282.692010 3.05 24 2,5402010 2,350 39. 2011 2010 3,072.0 1,040.0 3,072.0 3,072.0 4,112.0 (3,072.0) (1,040.0) 3,072.0 2011 12 313 1.4% 2.1% 1.6% 2.5% 2010 1.7% 2.4% 2011 12 31 54.152010 58.32 7.182010 7.58 (i) (ii) (iii) 29.622010 38.46 (iv) 122 2011
2011 12 31 40. 2009 10 28 Champion Path Holdings Limited Champion Path 20 2015 10 28 (a) (b) (c) 2009 12 87 1 5.35 112.68% 2011 4 28 Champion Path 2% Champion Path 2011 4 28 3.95 16.05 5.82% 2010 12 31 2009 10 28 2011 4 28 2011 123
2011 12 31 40. 2010 1 1 1,588.2 75.8 (1,445.3) 2010 12 31 218.7 2.7 (221.4) 2011 12 31 2010 6 1 20092010 5 31 5.24 2010 1% 2011 12 312010 12 31 2.59 5.24 2010 12 31 5.98 124 2011
2011 12 31 41. 2011 2010 (14.9) (14.9) 2010 1 1 2010 12 31 (34.8) 19.9 (14.9) 2011 12 31 (34.8) 19.9 (14.9) 2011 12 31 13.582010 14.79 2011 2010 2011 416.2 2012 561.2 601.3 2013 461.2 461.2 2014 335.5 1,357.9 1,478.7 2011 125
2011 12 31 42. 1 2010 1 1 15,000,000,000 15,000.0 5,000,000,000 5,000.0 122,340,000 122.3 332,175,488 332.2 2010 12 31 15,000,000,000 15,000.0 5,454,515,488 5,454.5 18,060,000 18.1 49,503,805 49.5 2011 12 31 15,000,000,000 15,000.0 5,522,079,293 5,522.1 18,060,0002.82 5.11 5.03 12.49612,720,000 100,000 240,000 5,000,000 1 2.595.24 49,503,805 43. 2009 5 13 2019 5 13 28 1 (i) (ii) (iii) 10% 30% 126 2011
2011 12 31 43. 12 1% (a) 0.1%(b) 500 2011 3 17 2009 5 13 116,000,00012.496 12 2011 12 31 2010 1 1 2010 2010 2010 12 31 2011 2011 2011 12 31 2009 7 13 2009 7 13 2010 1 12 2010 8 31 2010 8 31 2011 2 27 2011 3 17 2011 3 17 2011 9 16 2010 1 13 2019 1 12 2011 2 28 2020 2 27 2011 9 17 2020 9 16 2.82 101,000,000 (87,500,000) 13,500,000 (8,000,000) 5,500,000 7.48 5,000,000 5,000,000 5,000,000 12.496 116,000,000 (5,000,000) 111,000,000 2009 7 13 2009 7 13 2010 1 12 2009 7 13 2009 7 13 2011 1 12 2009 7 13 2009 7 13 2012 1 12 2010 5 19 2010 5 19 2010 11 18 2010 5 26 2010 5 26 2010 11 25 2010 1 13 2019 1 12 2011 1 13 2019 1 12 2012 1 13 2019 1 12 2010 11 19 2019 11 18 2010 11 26 2019 11 25 2.82 39,800,000 (30,540,000) 9,260,000 (4,170,000) 5,090,000 2.82 10,000,000 10,000,000 10,000,000 2.82 10,000,000 10,000,000 10,000,000 5.11 1,500,000 1,500,000 (100,000) 1,400,000 5.03 500,000 500,000 (240,000) 260,000 2009 7 13 2009 10 7 2009 7 13 2010 1 12 2009 10 7 2010 1 13 2019 1 12 2010 4 7 2.82 5,900,000 (3,100,000) 2,800,000 (550,000) 2,250,000 4.48 1,200,000 (1,200,000) 2010 4 6 2019 4 6 167,900,000 7,000,000 (122,340,000) 52,560,000 116,000,000 (18,060,000) 150,500,000 2.83 6.80 2.84 3.35 12.496 5.54 10.14 2011 127
2011 12 31 43. 16.06 140,500,000 2010 27,560,000 2011 3 175.26 2010 5 192010 5 26 2010 8 313101001,450 (Black Scholes pricing model) (Binomial option pricing model) 2009 7 13 2009 10 7 2010 5 19 2010 5 26 2010 8 31 2011 3 17 166,700,000 1,200,000 1,500,000 500,000 5,000,000 116,000,000 6 30 6 6 6 6 6 2.82 4.32 5.11 5.03 7.48 12.14 5 6 5 9.5 9.5 9.5 5 2.82 4.48 5.11 5.03 7.48 12.496 1.79 1.79 1.81 66.46% 65.07% 56.77% 56.16% 49.56% 54.83% 1.74% 1.94% 1.695% 2.47% 2.35% 1.89% 2.49% 3.26% 1.12% 1.76% 1.79% 1.87% 3.33% 2011 3 172008 7 2010 1.79 1.81 2011 5.362,5402010 4,770960 5.112010 3,810 128 2011
2011 12 31 44. 2010 1 1 1,627.4 173.9 395.2 504.2 2,700.7 2009 (8.2) (8.2) 379.8 (155.2) 224.6 1,449.9 (336.8) 1,113.1 (0.3) (0.3) 47.7 47.7 13 (716.0) (716.0) 2,578.0 2,578.0 2010 12 31 3,456.8 66.4 50.2 2,366.2 5,939.6 121.4 (39.4) 82.0 222.1 (50.2) 171.9 (0.2) (0.2) 535.9 535.9 13 (2,094.8) (2,094.8) 5,812.3 5,812.3 2011 12 31 3,800.1 562.9 6,083.7 10,446.7 58.252010 25.24 2011 129
2011 12 31 45. 2011 12 31 (a) (b) (c) 4,0902010 8,010 1,840 2010 2010 12 316,550 2010 48 46. 2011 2010 2011 2010 2.5 2.5 228.4 204.0 10.0 10.0 529.4 595.4 41.6 44.1 189.3 261.7 54.1 56.6 947.1 1,061.1 1 13 255 2004 11 2020 3 31 (i) 60 40% (ii) 30% 2011 12 31 7.50 2010 8.68 130 2011
2011 12 31 46. 2011 2010 15.5 4.7 28.1 1.9 43.6 6.6 47. 2011 2010 2011 2010 92.9 118.7 64.8 170.0 3.4 2011 12 31 1902010 2,220 48. 2004 9,710 1.85 2011 12 31 6,5502010 6,550 2011 131
2011 12 31 49. 2011 2010 67.3 61.0 67.3 60.7 25.3 450.0 25.3 500.0 92.6 511.0 92.6 560.7 50. 5% 2003 7 1 132 2011
2011 12 31 51. (a) A 2011 2010 A A 51(c) 218.4 184.2 51(d) 171.1 184.8 51(d) 134.0 107.5 51(d) 81.9 77.9 51(d) 67.8 59.8 51(d) 50.8 58.5 51(e) 44.0 51.7 51(d) 9.0 16.8 51(d) 7.1 6.1 A 51(f) 77.5 40.7 51(g) 20.3 17.8 51(d) (g) 11.1 51(d) (g) 10.7 51(g) 22.8 21.1 A A 1,422.4 575.2 51(h) 51(i) 39.6 A 51(g) 61.0 33.9 51(i) 19.8 51(g) 41.2 32.1 1,503.5 993.3 43.4 42.2 15.7 19.9 12.0 11.7 51(i) 18.8 10.5 0.8 1.5 0.4 119.6 37.4 37.2 34.2 150.9 1.1 2.7 14.4 14.4 2011 133
2011 12 31 51. (b) 2002 2002 2002 4 1 2008 6 18 2011 12 31 6602010 4.30 (c) (d) (e) (f) 2008 6 18 2020 3 31 51(a) 2008 6 18 2011 6 19 51(g) 2013 12 31 38 2011 12 31 4,4002010 5,170 2008 6 18 (i) (ii) 2011 6 19 2013 12 31 51(a) 134 2011
2011 12 31 51. (g) 14A.31(2) 14A.33(3) (h) (i) 2010 2 19 2009 10 1 2020 3 3121 14A.11(4)(b)(ii)2010 6 3 50% 2011 6 24 2011 6 24 2010 6 3 14A.11(4)(b)(ii) 50% (j) 2011 11 20 (i) (ii) (iii) (iv) (v) (vi) (vii) 2012 1 1 (i) (ii) (iii) (iv) 2011 135
2011 12 31 51. (k) 39 (i) (ii) 8.60 (i) (ii) (iii) (iii) (iv) 2007 11 STDM STDM STDM (a) (b) 2008 6 26 2011 8 STDM 2011 12 31 STDM STDM 136 2011
2011 12 31 52. 2011 2010 25,000 100% Brilliant Sky Investments Limited Champion Path Holdings Limited 1 100% 100% 1 100% 100% 2011 4 28 40 100 100% 100% 100 100% 100% 100 100% 100% 1 100% 100% 100 25,000 50,000 25,000 1,000 100% 100% 51% 51% 51% 51% 51% 51% 51% 51% 1 100% 25,000 100% 100% 2 100% 100% 2011 137
2011 12 31 52. 2011 2010 SJM 100 100% 100% Sky Reach Investments Limited 1 100% 100% A 2.7 B 3,000 100% 52(a) 100% 52(a) (a) (b) (c) (d) A B 90% 10% A AA B B B B 1 100% Champion Path Holdings Limited Champion Path Holdings Limited 2009 20 2010 12 312.59 138 2011
12 31 2007 2008 2009 2010 2011 32,227.1 28,165.0 34,352.8 57,653.3 76,092.0 32,146.6 27,992.4 34,065.8 57,195.0 75,514.4 1,493.4 672.2 812.3 3,532.4 5,345.8 (0.2) (16.7) (17.5) (17.6) (35.0) 1,493.2 655.5 794.8 3,514.8 5,310.8 1,533.5 796.1 906.7 3,559.4 5,307.6 (40.3) (140.6) (111.9) (44.6) 3.2 1,493.2 655.5 794.8 3,514.8 5,310.8 12 31 2007 2008 2009 2010 2011 18,039.4 18,920.6 23,366.5 28,889.4 33,020.0 (11,479.3) (11,484.3) (14,847.1) (15,714.0) (15,773.4) 6,560.1 7,436.3 8,519.4 13,175.4 17,246.6 6,365.0 7,287.1 8,454.7 13,137.7 17,207.7 195.1 149.2 64.7 37.7 38.9 6,560.1 7,436.3 8,519.4 13,175.4 17,246.6 2007 12 31 2008 6 26 2011 139
1 32 3201 3205 (852) 3960 8000 (852) 3960 8111 http://www.sjmholdings.com ir@sjmholdings.com 2008 7 16 880 1,000 João Nuno Riquito & Associados Advogados 183 17 1712 1716 (852) 2862 8555 (852) 2865 0990 http://www.computershare.com.hk 140 2011
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