( 於百慕達註冊成立之有限公司 ) ( 股份代號 :608) 弘揚絲綢之府打造女裝之都 06 年報
2 4 6 11 15 22 30 31 32 34 35 37 82 83 84
August Silk 32% 17% Theme Stefanel Stefanel Mango 14 2
2006 3
2,253 2,108 2,173 1,964 1,918 2,500 2,000 1,500 1,000 500 0 2002 2003 2004 2005 2006 4
2.38 2.12 1.98 1.82 1.74 2.5 2.0 1.5 1.0 0.5 0 2002 2003 2004 2005 2006 2006 5
22 5,0007%8,500 6,700 25.52.4 : 1,974,750 1,856,872 133,336 102,386 278,448 251,625 (179) (884) 2,253,198 2,108,497 133,157 101,502 1,364,138 1,431,675 100,808 76,109 392,703 298,100 2,352 1,307 453,264 348,875 26,237 20,988 43,093 29,847 3,760 3,098 2,253,198 2,108,497 133,157 101,502 61% 68%August Silk 35%August Silk 6
2006 7
17% 14% 2 7,80011% 20 4 6,100 3 6,900 9% 1.2 2 1,900 1 200 8
12,200 8,530 4,600 2006 9
10
XV Queen s University of Belfast 2006 11
FCPA (Aust.) CPA (Macau) FCPA (Practising) PKF High Fashion International (USA) Inc. August Silk Inc. Ellen DAWSON-BRUCKENTHAL August Silk Inc.Dawson Bloomingdales Federated BerkeleyDawsonAugust Silk Inc. 12
Daniele FURLAN Padova Benetton Benetton Lanificio di Follina Benetton (Far East) Limited Donald Michael HORNING High Fashion Garments, Inc. August Silk Inc. High Fashion Garments, Inc.Jones Appareal Group, Bugle Boy, J.H. Collectibles David Crystal/Izod. Syracuse University 2006 13
Nicholas E. G. WRIGHT High Fashion (U.K.) Limited 14
40 3181 3 7 82 15 17 31 32 2006 15
0.1 110,000 72,000 1.45 1.45 104,400 38,000 1.45 1.45 55,100 110,000 159,500 148,500 183,850,000 23,319,000 296,041,000 815,0001,391,000 32%10% 30% 5% 16
87 86(2) 3.13 26 9 10 11 14 2006 17
37 XVXV7 8 352 (i) 4 1,2 139,433,986 139,433,986 41.73% 2,652,007 2,652,007 0.79% 2,900,000 2,900,000 0.87% 3 2,104,309 720,000 2,824,309 0.85% 18
(ii) 5 5,339,431 35.60% 1. Hinton Company Limited 104,516,419 2. High Fashion Charitable Foundation Limited 34,917,567 3. 32 4. 334,161,550 5. XV352 18 2006 19
XV2 3 Hinton Company Limited 1 104,516,419 31.28% Veer Palthe Voute NV VPV 2 49,337,000 14.76% Dresdner Bank Aktiengesellschaft 2 49,337,000 14.76% DBAG Allianz Aktiengesellschaft AAG 2 49,337,000 14.76% High Fashion Charitable 1 34,917,567 10.45% Foundation Limited Excel Investments Ltd. 25,800,000 7.72% : 1.. 2. 49,337,000VPVVPVAAG DBAGAAG DBAG 49,337,000 ( 336 39 20
A.2.1 22 29 2006 21
A.2.1 14 3.13 3.13 22
27 11 14 A.2.1 2526 2006 23
30 24
3,800,000 2,056,000 (i) (ii) (iii) (iv) (v) (vi) 2006 25
27 27 32 26
: 4/4 1/1 4/4 3/4 2/4 : 4/4 1/2 1/1 : 3/4 2/2 1/1 4/4 2/2 1/1 3/4 2/2 1/1 ()() 2006 27
(i) (ii) (iii) (iv) (v) 28
(i)(ii) (iii) (iv) 2006 29
31 81 90 30
6 2,253,198 2,108,497 (1,569,836) (1,506,305) 683,362 602,192 52,903 60,253 (296,245) (278,150) 4,000 22,400 (309,863) (304,446) 15 (1,000) (747) 8 (30,159) (26,041) 1,176 1,153 104,174 76,614 11 (19,030) (9,181) 12 85,144 67,433 85,118 67,433 26 85,144 67,433 14 25.5 20.3 25.4 20.1 2006 31
15 490,635 371,327 16 76,404 44,957 17 68,000 64,000 18 14,565 3,977 19 20 16,459 14,695 21 675 675 29 3,908 2,537 670,646 502,168 22 406,410 333,051 23 330,547 272,751 24 39,960 45,161 16 2,203 1,327 24 96,585 67,094 15,582 25 6,513 4,000 34 100 159 24 219,126 205,426 1,117,026 928,969 26 249,713 172,257 24 4,026 6,012 24 214,729 131,405 20 9,234 4,542 19 600 602 42,597 32,904 27 406 222 28 400,814 304,330 28 1,051 1,393 923,170 653,667 193,856 275,302 864,502 777,470 32
27 220 290 28 59,500 63,000 29 8,560 6,014 30 1,315 2,024 69,595 71,328 794,907 706,142 31 33,416 33,315 755,472 672,027 788,888 705,342 6,019 800 794,907 706,142 31 81 2006 33
i ii 32,935 294,144 1,147 6,332 4,703 312,348 651,609 800 652,409 4,000 4,000 4,000 7,033 7,033 7,033 7,033 4,000 11,033 11,033 67,433 67,433 67,433 7,033 4,000 67,433 78,466 78,466 380 1,540 1,920 1,920 (16,658 ) (16,658 ) (16,658 ) (9,995 ) (9,995 ) (9,995 ) 380 1,540 (26,653 ) (24,733 ) (24,733 ) 33,315 295,684 8,180 6,332 4,703 4,000 353,128 705,342 800 706,142 5,193 5,193 6,513 6,513 6,513 22,245 22,245 22,245 22,245 6,513 28,758 5,193 33,951 85,118 85,118 26 85,144 (4,000 ) (4,000 ) (4,000 ) 22,245 2,513 85,118 109,876 5,219 115,095 39,853 (39,853 ) (2,462 ) 2,462 1,863 (1,863 ) 112 454 566 566 (11 ) (97 ) 11 (63 ) (160 ) (160 ) (16,708 ) (16,708 ) (16,708 ) (10,028 ) (10,028 ) (10,028 ) 101 357 (599 ) 11 39,853 (66,053 ) (26,330 ) (26,330 ) 33,416 296,041 30,425 5,733 4,714 6,513 39,853 372,193 788,888 6,019 794,907 (i) (ii) 10% 34
104,174 76,614 6,667 (866) 3,850 2,674 2,206 1,327 30,159 26,041 (1,176) (1,153) (4,428) (3,155) (4,000) (22,400) 59,651 58,367 795 (2,628) (642) 1,187 692 1,000 747 1,071 200,085 136,689 (73,344) (3,399) (61,646) (24,256) 5,201 (24,507) (27,601) 24,643 2,277 77,456 (43,818) (1,986) 372 78,427 12,019 4,692 2,786 (2) (3) (709) (570) 200,573 82,233 (15,582) (9,935) (1,507) 175,056 80,726 2006 35
(153,405) (76,986) (30,518) (2,019) 38 (15,954) (13,414) 4,428 3,155 4,310 10,292 59 5,395 13,760 10,000 (2,791) (204,494) (39,194) 554,673 130,000 566 1,920 181 (2,528) (461,870) (210,110) (26,736) (26,653) (22,092) (17,173) (4,791) (5,853) (3,239) (2,982) (350) (12) (160) (37) (33) 36,145 (133,424) 6,707 (91,892) 204,033 295,858 7,335 67 218,075 204,033 219,126 205,426 (1,051) (1,393) 218,075 204,033 36
1. 83 2. 1 1 7 1 8 2 7 29 3 8 2 4 9 5 10 6 11 2 7 12 8 1 2 3 4 5 6 7 8 2006 37
3. 38
3. 2006 39
3. 40
3. 2006 41
3. 42
3. 2006 43
3. 44
3. 2006 45
3. 46
4. 11 5. 25 28 2006 47
5. 6. 1,974,750 1,856,872 278,448 251,625 2,253,198 2,108,497 48
7. (a) (i) (ii) 1,974,750 287,107 2,261,857 (8,659) (8,659) 1,974,750 278,448 2,253,198 118,392 (736) 117,656 11,363 138 11,501 129,755 (598) 129,157 4,000 (30,159) 1,176 104,174 (19,030) 85,144 2006 49
7. (a) 1,452,970 229,978 1,682,948 104,724 1,787,672 405,377 64,406 469,783 522,982 992,765 139,296 33,649 172,945 10,000 10,000 47,121 12,530 59,651 1,000 1,000 558 237 795 687 500 1,187 4,002 (152) 3,850 5,418 1,249 6,667 50
7. (a) 1,856,872 258,540 2,115,412 (6,915) (6,915) 1,856,872 251,625 2,108,497 76,425 593 77,018 1,870 214 2,084 78,295 807 79,102 22,400 (26,041) 1,153 76,614 (9,181) 67,433 2006 51
7. (a) 1,209,758 139,313 1,349,071 82,066 1,431,137 300,374 42,524 342,898 382,097 724,995 61,730 15,256 76,986 47,790 10,577 58,367 747 747 1,573 1,055 2,628 692 692 2,261 413 2,674 28 (894) (866) 52
7. (b) 1,364,138 1,431,675 392,703 298,100 453,264 348,875 43,093 29,847 2,253,198 2,108,497 172,409 160,348 6,105 1,063 16,348 11,430 3,150 685 1,491,262 1,174,611 156,670 74,985 2,929 2,682 7,020 253 1,682,948 1,349,071 172,945 76,986 2006 53
8. 22,092 17,173 37 33 3,239 2,982 4,791 5,853 30,159 26,041 9. 89 80 5,070 12 1,000 6,162 80 2,600 12 2,692 80 1,885 12 150 2,127 80 1,950 12 1,400 3,442 120 120 120 120 240 240 120 120 920 11,505 48 2,550 15,023 54
9. 80 5,070 12 1,000 6,162 80 2,567 12 2,659 80 1,885 12 400 2,377 80 1,950 12 1,000 3,042 80 2,220 11 2,311 80 80 80 80 160 160 80 80 800 13,692 59 2,400 16,951 10. 9 1,790,00012,000200,000 9 2006 55
11. 51 1,386 20,035 8,315 (48) (663) (410) (1,336) 19,628 7,702 29 (598) 1,479 19,030 9,181 15,582,000 17.5% 13.2% 33% 50% 56
11. 104,174 76,614 17.5% 18,230 13,407 (213) 876 (206) (202) (3,802) (12,830) 9,450 2,110 4,006 12,266 (7,977) (4,447) (458) (1,999) 19,030 9,181 2006 57
12. 1,563,169 1,507,171 59,545 57,976 106 391 1,187 692 2,206 1,327 63,044 60,386 3,850 2,674 * 6,667 (866) 4,311 3,274 148 65 83,399 68,114 9 310,912 284,735 15,630 13,697 (408) (85) 15,222 13,612 326,134 298,347 4,284 4,232 4,599 3,779 795 (2,628) (642) (8,538) (23,445) (8,364) (8,201) 1,291 1,485 (7,073) (6,716) (4,006) (3,339) (4,428) (3,155) (8,906) (798) 214 247 * 58
13. 50 33 10,028 9,995 75 23,319 16,658 33,397 26,653 26,736 26,653 75 14. 85,118 67,433 333,873,165 332,318,673 968,067 3,426,494 334,841,232 335,745,167 2006 59
15. 19,900 194,450 9,613 41,734 241,668 65,675 22,879 595,919 7,313 32,742 2,310 11,301 18,695 4,625 76,986 9,002 (36,253 ) (17,932 ) 25,484 19,084 615 (9,340 ) (72 ) (4,440 ) (7,609 ) (2,243 ) (23,704 ) 4,432 136 (195 ) 3,505 (1 ) 60 7,937 19,900 205,857 6,238 25,845 277,518 95,844 25,936 657,138 21,661 84,810 8,030 13,606 18,791 6,971 153,869 18,816 9 201 50 19,076 4,920 (13,330 ) 8,420 (10 ) (188 ) (11,327 ) (12,056 ) (7,623 ) (3,234 ) (34,428 ) 7,825 383 459 9,362 1,776 900 20,705 19,900 258,891 78,101 23,007 296,859 108,979 30,623 816,360 4,536 33,280 20,122 118,341 50,180 14,516 240,975 398 7,083 6,670 27,382 13,875 2,959 58,367 747 747 (5,153 ) (71 ) (2,705 ) (6,630 ) (1,650 ) (16,209 ) 216 (9,925 ) (984 ) 10,693 639 (7 ) 1,279 (9 ) 29 1,931 4,934 36,812 16,789 143,313 68,109 15,854 285,811 398 10,096 3,847 25,279 14,679 5,352 59,651 1,000 1,000 (98 ) (10,742 ) (9,173 ) (6,815 ) (2,495 ) (29,323 ) 3 (3) 1,679 165 4,608 1,776 358 8,586 5,332 49,489 10,059 164,030 77,746 19,069 325,725 14,568 209,402 78,101 12,948 132,829 31,233 11,554 490,635 14,966 169,045 6,238 9,056 134,205 27,735 10,082 371,327 4,500,000 60
15. 14,568 14,966 17,291 192,111 169,045 223,970 184,011 2% 5% 5 9% 20% 9% 25% 9% 25% 1,095,000811,000 1,000,000 747,000 16. 6,024 6,169 42,624 40,115 29,959 78,607 46,284 76,404 44,957 2,203 1,327 78,607 46,284 2006 61
17. 41,600 22,400 64,000 4,000 68,000 18. 6,917 6,917 1,800 10,000 11,800 (44) (44) 1,800 16,873 18,673 2,248 2,248 692 692 2,940 2,940 1,187 1,187 (19) (19) 4,108 4,108 1,800 12,765 14,565 3,977 3,977 62
18. (a) 10 (b) (i) 50% 70% (ii) 0% 2% (iii) 12% 19. 2,000 2,000 (2,000) (2,000) % 37.5 2006 63
19. (1,572) (1,569) (1,572) (1,569) (3) (3) 1 1 1,405 1,404 20. 9,467 9,467 6,404 5,228 588 16,459 14,695 64
20. 90 % % % 51 50 51 51 60 51 51% 31,184 29,126 20,530 20,966 19,441 21,278 16,459 14,695 84,878 65,617 82,572 63,356 1,176 1,153 2006 65
21. 1,000 1,000 (325) (325) 675 675 22. 155,780 101,602 127,351 128,654 123,279 102,795 406,410 333,051 23. 30 90 90 295,824 248,232 91 180 31,394 14,014 181 360 1,945 4,824 360 1,384 5,681 330,547 272,751 66
24. 90 1.75% 5.12% 3 44,000,000, 25. 6,513 4,000 865,000,000 465,000,000 1 0.9893 1.0015 1.0289 1.05 1 6,513,0004,000,000 2006 67
26. 90 171,589 126,471 91 180 6,575 4,973 181 360 6,559 6,807 360 13,425 10,331 198,148 148,582 51,565 23,675 249,713 172,257 188,900,000 138,827,000 27. 439 255 407 222 237 305 219 290 676 560 626 512 (50) (48) 626 512 626 512 (406) (222) 220 290 8% 8% 68
28. 1,931 1,750 458,383 365,580 460,314 367,330 40,348 36,528 419,966 330,802 460,314 367,330 400,814 304,330 23,000 60,000 36,500 3,000 460,314 367,330 (400,814) (304,330) 59,500 63,000 4.8% 8.25% 3.56% 7.75% 62,149,000114,055,000 159,000 11,774,00017,055,000 88,643,00098,185,000 2006 69
29. (881 ) (881 ) 2,012 812 2,824 188 (91 ) (870 ) (938 ) (1,711 ) (730 ) 3,920 3,190 3 25 27 55 (693 ) (88 ) (845 ) (911 ) (2,537 ) 1,282 4,732 6,014 71 165 220 (1,800 ) (1,344 ) 700 46 746 1,800 1,800 (1 ) (79 ) 53 (27 ) (622 ) (89 ) (759 ) (638 ) (1,800 ) (3,908 ) 1,282 5,432 1,800 46 8,560 819,463,000825,138,000 209,109,000226,130,000 70
30. 2,594 (570) 2,024 (709) 1,315 31. 0.10 1,000,000 100,000 329,352 32,935 3,800 380 333,152 33,315 (i) 1,120 112 (ii) (110) (11) 334,162 33,416 2006 71
31. (i) 1,120,000 0.5051,120,000 0.10 566,000 (ii) 72,000 1.45 1.45 104 38,000 1.45 1.45 55, 32. (A) (a) (b)(c) (d) 30%12 1%28 (1) (2) 5 (3) 72
32. (A) 1,020,0000.3% 1,020,000 515,000 0.505 3,800,000 (3,800,000 ) 0.505 1,500,000 (1,500,000 ) 0.505 720,000 720,000 720,000 0.505 1,000,000 1,000,000 (1,000,000 ) 0.505 420,000 420,000 (120,000 ) 300,000 7,440,000 (3,800,000 ) (1,500,000 ) 2,140,000 (1,120,000 ) 1,020,000 (1) 40%30% 30% (2) (3) 1.581.58 2006 73
32. (B) 10% 1% 0.1%5,000,000 28 (i) (ii) 5 (iii) 33. 464,000 74
34. 90,581 98,185 11,774 17,055 100 159 102,455 115,399 100,000 100,000 35. (a) 10,953 9,552 7,237 7,264 2,246 20,436 16,816 2006 75
35. (b) 38,699 37,980 44,357 59,905 8,024 12,605 91,080 110,490 24 148 82 392 106 540 91,186 111,030 1 10 36. 41,662 1,247 94 76
37. 51,659 47,611 2,323 89 274 445 366 9 10 38. (i) 260 260 10,000 10,000 6,682 6,682 1,890 1,890 (2,878) (2,878) (1,800) (1,800) 5,954 8,200 14,154 1,800 15,954 15,954 2006 77
38. (i) 3,700,000 (ii) 73%14,257,000 ( 14,041,000)1,810,000 18,816,000 39. 4,000,000 40. % 2 75 75 2 August Silk Inc. 10 100 2 100 Bramead International Inc. 1 100 78
40. % 2 100 2 100 28,000,000 100 1 10,000,000 69 2 2 100 75 1 5,000,000 100 1 3,000,000 High Fashion Garments, Inc. 5,000 100 High Fashion Apparel 1,000 100 Limited 14,600,000 100 1 High Fashion (BVI) Limited 1 100 High Fashion (FG) Limited 1 100 High Fashion (HZ) Limited 1 100 2006 79
40. % 2 100 100 10,000,000 100,000 100 20 100 20 100 High Fashion International 1,800 100 (USA) Inc. 2 100 2 100 10,000 100 20,000,000 100 1 High Fashion (UK) Limited 20,000 70.5 Navigation Limited 1 100 Stage II Limited 800,000 75 75 80,000,000 1 75 1 75 1 75 Theme (Dongguan) Limited 1 75 80
40. % 10,000,000 75 1 Theme Fashion (Singapore) 100,000 75 Pte. Ltd. 2,000,000 75 1 2 100 50,166,588 75 2 75 1,000,000 75 2 100 (1) (2) High Fashion Apparel Limited High Fashion Apparel Limited 101,587,000 97,824,000 2006 81
2,253,198 2,108,497 1,964,018 1,917,911 2,173,480 104,174 76,614 51,309 35,264 (20,993) (19,030) (9,181) (5,461) (1,998) (2,192) 85,144 67,433 45,848 33,266 (23,185) 85,118 67,433 72,400 33,266 (23,912) 26 (26,552) 727 85,144 67,433 45,848 33,266 (23,185) 1,787,672 1,431,137 1,480,571 1,361,473 1,316,117 (992,765) (724,995) (829,233) (756,924) (742,639) 794,907 706,142 651,338 604,549 573,478 82
Clarendon House, 2 Church Street Hamilton HM11, Bermuda 1-11 11 Westbroke Limited Clarendon House, Church Street Hamilton HM 11, Bermuda 28 26 10 6 Conyers Dill & Pearman 8 1 2901 88 35 2006 83
2006 2006 2005 2005 2007 4 11 2006 9 13 2006 4 13 2005 9 16 2007 2007 6 5 2007 6 12007 6 5 2006 72007 6 15 2006 32006 10 11 2005 52006 6 16 2005 32005 10 19 1,000,000,000 334,161,550 2006 12 31 2,000 0.1000 12 31 608 www.highfashion.com.hk 1992 8 4 84