Tsui Wah Holdings Limited 333,334,000 33,334,000 300,000,000 2.27 1.0% 0.003% 0.005% 0.01 1314 32 342C 2.27 1.89 www.hkexnews.hk www.tsuiwah.com
( 1 ) 50 3....... www.hkeipo.hk (2).............. (3)............................. (4)............................................. (3)............................. (5)................................... (1) www.hkexnews.hk (6) www.tsuiwah.com (7)......... (2) III. 7................... (3) www.hkexnews.hk (6) www.tsuiwah.com (7) (1) (2)............................ i
( 1 ) www.tricor.com.hk/ipo/results..... (8)................... (9)............................ ii
( 1 ) (1) (2) www.hkeipo.hk (3) III. V. (4) (5) (6) www.hkexnews.hk (7) (8) 1,000,000 1,000,000 28 26 (9) iii
...................................................... i........................................................... iv...................................................... 1........................................................... 14...................................................... 28........................................................ 29........................................................ 30.............................................. 60............................. 64.......................................... 68........................................................ 71........................................................ 73...................................................... 99................................................ 113........................................................... 139.................................................. 210........................................................ 219................................................ 228........................................................ 239........................................................... 241........................................................ 244........................................................ 247.......................................... 294........................................................... 296.............................................. 306........................... 315........................................... I-1................................. II-1................... III-1....................................... IV-1......................... V-1 iv
Frost & Sullivan (1) 26 (2) 21 23 EATery Concept Concept (1) Frost & Sullivan (2) 1
800,000 600,000 400,000 200,000 0 762,791 598,047 440,010 592,675 435,771 4,239 5,372 748,322 223,623 219,035 14,469 4,588 2010 2011 2012 2013 (1) % % % % %........... 400,471 91.9 535,043 90.3 667,407 89.2 146,059 88.7 186,500 85.1........... 35,300 8.1 57,632 9.7 80,915 10.8 18,648 11.3 32,535 14.9........... 435,771 100.0 592,675 100.0 748,322 100.0 164,707 100.0 219,035 100.0 (2)......... 12 15 18 19 20......... 1 2 2 4 4......... 13 17 20 23 24 (1) (2) 2
(1).................... 11 11 11 11 15 15.................... 1 1 2 2.................... 11 11 12 12 17 17.................... 385,850 433,990 433,990 488,220 146,059 166,315.................... 47,724 55,449 18,648 24,789................ 385,850 433,990 481,714 543,669 164,707 191,104 (2).................... 96 108 108 122 107 122.................... 131 152 102 136........ 96 108 110 124 106 124.................... 12.5% 12.5% 13.9%.................... 16.2% 32.9%................ 12.5% 12.9% 16.0% (1) (2) 365 91 3
(1).................... 11 11 11 11 15 15.................... 1 1 2 2.................... 11 11 12 12 17 17 (2).................... 21 24 24 25 24 24.................... 7 8 6 7 21 24 22 22 20 21 (3).................... 66 68 68 74 71 74.................... 169 190 193 190.. 66 68 72 80 76 81 (4) (5) (6) (7) (1) (2) 365 91 (3) (4) (5) (6) (7) 4
30.4% 30.6% 31.0% 30.9% 27.7% 27.2% 25.9% 28.4%.................. 4,175 4,146 4,260 1,065 1,065.............. 4,160 11,937 19,113 3,724 5,948........ 113,436 146,674 174,161 38,530 56,516................ 121,771 162,757 197,534 43,319 63,529 10.4% 12.5% 12.6% 13.6% (1)........... 12 38,084 16 (2) 63,861 18 81,032 15 18,888 19 22,715........... 1 4,544 2 5,319 2 6,495 2 1,772 4 5,438........... 13 42,628 18 69,180 20 87,527 17 20,660 23 28,153 (1) (2) 5
Frost & Sullivan 171 227 7.3% 62.5% 89.0% Frost & Sullivan 3.2% Frost & Sullivan 91 248 28.6% 42.0% Frost & Sullivan 71.4% Frost & Sullivan 0.2% Frost & Sullivan 6
(1) Frost & Sullivan.................... 4 (2) 5 5................. 2 5...................... 1 (3) 1 1..................................... 5 8 11 30,000 40 200 15,000 20 200 45,000,000 127,000,000 159,000,000 (1) (2) (3) 7
3,200,000 14,300,000 30,000 40,000 50 200 48,500,000 97,000,000 47,000,000 8,000,000 12,300,000 95,700,000 232,000,000 8
214,000,000...................... 440,010 598,047 762,791 167,250 223,623................. 67,568 83,526 134,206 24,535 31,117............... 57,319 68,024 110,429 20,149 25,648............. 53,812 64,909 103,910 19,137 23,956............... 3,507 3,115 6,519 1,012 1,692...................... 248,535 317,772 378,134 160,702...................... 161,925 202,460 226,490 120,881.................. 86,610 115,312 151,644 39,821...................... 139,983 195,591 280,788 184,080............ 140,111 196,454 281,507 184,883 9
... 80,925 70,934 113,844 23,987 27,291.. (92,693) (77,408) (65,437) (21,044) (4,186)............. 16,764 30,192 (19,052) (2,229) (11,736)... 4,996 23,718 29,355 714 11,369.... 33,802 38,810 62,906 62,906 92,082........... 12 378 (179) 82 629.... 38,810 62,906 92,082 63,702 104,080 1.................................................. 789,092,000 59.18% 2.................................................. 85,408,000 6.41% 3.................................................. 63,456,000 4.76% Macca Investment.............................................. 60,000,000 4.50%...................................................... 2,044,000 0.15%..................................................... 333,334,000 25%........................................................ 1,333,334,000 100% (1) 48.19% 37.35% 14.46% (2) (3) E. 10
5 2,520,000,000 3,026,700,000 25% 10% 90% 10% 15% 1.89 2.27 2,000 2.08 631,100,000 126,200,000 20% 220,900,000 35% 63,100,000 10% 11
126,200,000 20% 31,600,000 5% 63,100,000 10% 5,000,000 12,100,000 15,300,000 117,900,000 53,500,000 30% 12
(i) (ii) 26,600,000 44,400,000 44,400,000 4,000,000 3,700,000 9,700,000 9,200,000 38,000,000 13
123 14
8,000,000 800,000,000 22 3 32 15
LT Growth Investment XV Limited Prax Capital China Growth Fund III, L.P. 48.19% 37.35% 14.46% G. 2. Macca Investment 16
3,332,000 3,332,000 1% 80% 20% Frost & Sullivan Frost & Sullivan 17
Frost & Sullivan 18
www.hkeipo.hk www.hkeipo.hk 33,334,000 19
(a) 144A (b) S 300,000,000 40% 30% 10% 10% 10% 20
Macca Investment Macca Investment Limited 40 40 21
1.0% 0.005% 0.003% 2.27 1.89 22
50,000,000 15% 70% 30% 23
E. 144A S S 144A 144A Macca Investment 24
571 0.01 E. 1 2 4 5 6 7 25
26
99.23% 0.77% % (1) (2) (3) (4) (5) 1.00 7.7572 27
28
571V Frost & Sullivan 29
95,700,000 232,000,000 214,000,000 12 30
8.0% 9.6% 10.6% 14.5% 31
30.4% 30.6% 31.0% 30.9% 30.2% 27.0% 23.9% 21.8% 9.0% 8.1% 5.7% 4.7% 32
45,600,000 74,100,000 95,000,000 30,200,000 10.4% 12.4% 12.4% 13.5% 33
121,800,000 162,800,000 197,500,000 63,500,000 27.7% 27.2% 25.9% 28.4% 28 28 30 30 24 14 34
40(1BA) (a) 200,000 (b) 20,000 123 14 24 35
50% 6,000 36
(i) (ii) (iii) (iv) (i) 2011 2012 (ii) 37
200 50 400,500,000 535,000,000 667,400,000 186,500,000 91.0% 89.5% 87.5% 83.4% 38
50% 30,000 40,000 39
26 (1) (2) 10 12 15 (1) (2) 40
(1) (2) (3) (1) (2) (3) 41
(1) (1) 42
8.0% 9.6% 10.6% 14.5% 5.9% 11.7% 10.0% 14.4% 1:1 43
(1) 14 26 (1) 44
2. 45
(i) (ii) (iii) 46
56% 47% 42% 35% 56% 45% 41% 39% 47
48
2,176 88 2,088 49
5,000,000 12,100,000 15,300,000 117,900,000 53,500,000 50
SARS SARS (H1N1) (H5N1) 51
[2009]698 698 698 [2011]24 (i) 12.5% (ii) 52
10% 698 698 698 698 Macca Investment 11.9% 6.8% 4 0.5% 53
21 54
55
50% 2,346,000 56
10% 25% 5% 25% 25% 10% 57
193 100,000,200 6,000,000 13,000,000 6,000,000 2,000,000 E. 58
E. 59
333,334,000 (i) 33,334,000 (ii) 300,000,000 10% Macca Investment 1.89 2.27 50,000,000 30% 0.1% 0.2% 60
44B(1) 61
62
Codan Trust Company (Cayman) Limited 63
14A (i) (ii) 14A 17.02(1)(b)1A 27 I10(d) E. 193 100,000,200 10,000,000 E. 10,000,000 (i) 17.02(1)(b) 1A 27 (ii) I 10(d) 187 64
19,313,500 (i) (ii) 187 (iii) (iv) (v) E. (vi) 187 (a) (b) 10,000,000 17.02(1) (b) A 27 I 10 65
(c) (1) (2) (3) (4) (5) (d) (e) (f) (g) 17.02(1)(b) A 27 I 10 342A I 10(d) (aa) 10,000,000 I 10 (bb) (aa) (1) (2) (3) 66
(cc) (aa) I 10 (dd) E. 67
29 10 A 9A 1 11 B 25 2 31 A 54 56 3 D 9 7 33 C 9 41 F 3 D 638 7 46 A 68
1 52 1 52 1 52 89 1 7 1 52 88 34 18 5 Dorsey & Whitney 88 3008 12 6 100022 69
Conyers Dill & Pearman (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1 1111 Cayman Islands 555 23 2301 2302 1 21 22 77 3 34 100025 1 22 1 388 15 83 70
XI Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 50 3 29 10 A 2 35 G 1 35 Codan Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 28 26 71
4 4A 15 www.tsuiwah.com 72
Frost & Sullivan Frost & Sullivan Frost & Sullivan Frost & Sullivan A. 7.0% 6.0% Frost & Sullivan 16,223 19,232 Frost & Sullivan 27,687 7.3% 229,613.2 267,858.6 9.4% Frost & Sullivan 370,442.8 6.4% 73
3,000 2,500 2,000 1,500 1,000 500 0 2,768.7 2,581.7 2,418.9 2,257.3 2,090.4 1,923.2 1,615.6 1,677.0 1,743.9 1,622.3 370,422.8 348,198.5 328,869.4 288,808.4 309,383.2 267,858.6 232,362.9 239,268.8 229,613.2 244,839.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 600,000 500,000 400,000 300,000 200,000 100,000 Frost & Sullivan 27.5% 31.7% 17.1% 3.9% 6.4% 25,562.2 9.1% Frost & Sullivan 35,044.5 6.2% 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 35,044.5 32,989.9 31,202.9 29,401.4 27,499.3 25,562.2 22,280.1 22,919.1 23,436.0 22,026.6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Frost & Sullivan 74
1,550 2,960 11.4% 749 1,629 Frost & Sullivan 2.4 15.35 57 187 +227% 20,000 15,000 10,000 5,710 8,031 6,439 8,132 +538% 9,713 10,022 10,456 11,116 10,645 15,136 18,670 0 240 335 361 415 506 563 844 1,020 840 1,115 1,535 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Frost & Sullivan 75
16.8% 4.3% % 20 15 10 5 0-5 16.8 9.9 7.1 2.5 3.3 2.5 3.5 0.9-3.1-1.7 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Frost & Sullivan 698 893 Frost & Sullivan 7.1% 1,262 140 120 100 80 60 40 69.8 6.3% 79.0 79.9 84.0 89.3 95.9 7.1% 117.9 110.7 103.5 126.2 20 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Frost & Sullivan 76
Frost & Sullivan Frost & Sullivan 15,760 34.9% 34.8% 11.8% 18.5% 77
140 120 100 80 60 40 20 0 69.8 27.2 12.0 27.7 3.0 79.0 79.9 30.8 13.5 31.7 3.0 31.1 13.6 32.1 3.0 84.0 32.7 14.3 33.9 3.0 89.3 34.9 15.2 36.3 3.0 95.9 37.4 16.2 39.2 3.1 103.5 40.3 17.5 42.6 3.1 110.7 43.1 18.6 45.8 3.2 117.9 45.8 19.8 49.1 3.2 126.2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 49.0 21.1 52.8 3.2 (07-11 ): 6.4% 6.1% 7.0% 0.3% (12-16 ): 7.0% 6.8% 7.8% 1.2% Frost & Sullivan 165 18.5% 728 81.5% Frost & Sullivan 78
Frost & Sullivan 79
55 50 45 40 35 30 25 20 15 10 5 0 27.7 17.1 10.6 31.7 19.7 12.0 32.1 20.0 12.2 33.9 21.1 12.8 36.3 22.7 13.6 39.2 24.6 14.6 2007 2008 2009 2010 2011 2012 42.6 26.8 15.8 2013 45.8 29.0 16.9 2014 49.1 31.1 18.0 2015 52.8 33.6 19.2 2016 7.3% 6.4% 8.1% 7.1% Frost & Sullivan Frost & Sullivan 80
8,418 9,626 14.4% 3,337 3,911 17.2% 2,059 2,444 18.7% Frost & Sullivan 3,481 32.4% 20,000.0 15,000.0 10,000.0 8,418 9,537 9,678 9,507 9,626 10,249 10,978 11,651 12,307 13,062 27.4% 5,000.0 0 4,518 4,824 5,124 5,471 3,911 4,190 3,337 3,825 3,894 3,844 2,374 2,419 2,394 2,444 2,628 2,845 3,048 3,248 3,481 2,059 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 30.6% 32.4% Frost & Sullivan Frost & Sullivan 1,800 50 35 30 25 20 15 10 5 17 1.8 15.3 19.7 2.1 17.6 20.0 2.1 21.1 2.2 17.9 18.9 22.7 2.4 24.6 2.6 20.3 22.0 26.8 2.8 24.0 29.0 3.1 25.9 31.1 3.3 27.8 33.6 3.6 30.0 7.6% 7.3% 8.4% 8.1% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1,800 50 Frost & Sullivan 81
Frost & Sullivan Frost & Sullivan 2,520 10.1% 227 11.1% 990 11.3% 35 30 25 20 15 10 5 0 17.1 1.9 15.2 19.7 2.2 17.5 20.0 2.2 17.8 21.1 2.3 18.8 22.7 2.5 20.2 24.6 2.7 21.8 26.8 3.0 23.8 29.0 3.3 25.7 31.1 3.5 27.6 33.6 3.8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 29.8 7.7% 7.3% 8.5% 8.1% 9.9 8.9 +11.3% Frost & Sullivan 82
Frost & Sullivan 1 10............................ 4 7.4% 2 2 9............................. 30 7.2% 3 1.............................. 2,000 85.4% 83
Frost & Sullivan (%)............. 722 3.2 11.47 40.4 105.6 806 90 37 19 7 7 5 2,950......... 497 2.2 10.72 19.3 49.3 470 61 33 28 10 13 5 2,510........... 305 1.3 9.67 27.7 77.0 741 66 33 11 1 9 1 1,630....... 270 1.2 9.80 20.1 53.6 589 52 30 14 2 3 9 1,675........... 156 0.7 10.44 31.3 86.7 825 35 32 5 3 2 820........... 63 0.3 8.39 13.6 29.2 331 30 30 6 4 1 1 630....... 60 0.3 10.80 15.0 41.7 502 33 29 4 4 360............... 46 0.2 11.43 12.1 31.9 343 44 29 4 3 1 295........... 43 0.2 10.32 10.7 43.8 554 30 27 4 1 3 285....... 37 0.2 10.49 9.3 25.7 306 29 27 4 3 1 230 365 16,223 19,232 4,200 16.4% 2,810 67.0% 1,450 (51.6%) 31.7% 65.3% 1,830 28.8% 84
B. 8.6% 85
9.5% 458,218 Frost & Sullivan 12.3% 10.3% 92% 33,989.4 59,248.8 11.7% 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 45,821.8 39,798.3 31,404.5 34,090.3 26,581.0 23,647.6 25,540.8 29,668.9 33,989.4 20,117.5 81,891.5 72,999.3 65,079.8 57,948.7 51,517.8 53,079.3 47,557.6 42,558.1 38,024.4 59,248.8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 120,000 100 000 80,000 60,000 40,000 20,000 0 Frost & Sullivan 44.9% 50.4% Frost & Sullivan 53.1% 3,500 5 3 86
13,786.0 21,810.0 12.2% Frost & Sullivan 36,210.9 10.7% 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 10.7% 36,210.9 12.2% 32,682.0 29,523.7 26,664.1 24,070.9 21,810.0 19,109.0 17,175.0 15,781.0 13,786.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Frost & Sullivan 10.8% 5,464.0 13.7% Frost & Sullivan 8,604.9 9.6% 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 8,604.9 7,834.5 7,145.0 6,520.7 5,464.0 5,954.5 4,259.8 4,478.5 4,804.7 3,628.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Frost & Sullivan 87
14.3% 0.6% 0.7% % 16 14 12 10 8 6 4 2 0 3.4 9.9 2.9 2.3 12.3 14.3 0.7 7.2 11.8-2 -0.6 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Frost & Sullivan 88
12,000 21,000 13.3% Frost & Sullivan 40,000 13.6% 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 13.6% 4.0 3.5 13.3% 3.1 2.7 2.4 2.1 1.5 1.8 1.8 1.2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Frost & Sullivan Frost & Sullivan Frost & Sullivan 42,349 Frost & Sullivan 2 1,907 4,005 20.4% Frost & Sullivan 20.9% 10,676 89
42,349 45.6% 25.0% 23.0% 6.4% 1,100 1,000 900 800 700 600 500 400 300 200 100 0 889.1 1,067.6 738.4 657.5 609.9 552.7 500.3 462.7 400.5 384.7 319.5 259.3 268.6 317.2 192.1 254.9 190.7 163.1 166.2 170.4 203.0 138.0 116.2 121.3 22.5 38.8 52.9 32.2 54.6 36.9 64.5 79.7 97.3 8.1 8.0 6.8 45.2 6.8 59.0 6.9 78.6 7.1 101.7 130.3 165.9 210.4 7.3 7.4 7.5 7.6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (07-11 ) 20.4% 19.7% 27.2% -3.8% (12-16 ) 20.0% 18.5% 27.9% 1.6% Frost & Sullivan 14.7% 590 27.2% Frost & Sullivan 27.9% 2,104 20.0% 18.5% 42,349 40.5% 90
645 1,095 27.3% 2,206 14.5% 1,200 1,067.6 (07-11 ) (12-16 ) 1,000 889.1 220.6 14.1% 14.5% 800 600 400 200 0 190.7 64.5 126.2 259.3 79.6 179.7 268.6 87.3 181.3 319.5 95.5 224.0 400.5 109.5 291.0 500.3 128.4 371.9 609.9 147.9 461.9 738.4 169.6 568.8 193.6 695.5 847.0 23.2% 22.8% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Frost & Sullivan (i) (ii) (iii) (iv) Frost & Sullivan 91
220 200 180 160 140 120 100 80 60 40 20 0 22.5 9.1 13.4 32.2 13.2 19.0 36.9 15.2 21.7 45.2 18.8 26.4 59.0 24.8 34.2 78.6 33.5 45.2 2007 2008 2009 2010 2011 2012 101.7 43.7 57.9 2013 130.3 56.7 73.6 2014 165.9 72.9 93.0 2015 210.4 (07-11 ) (12-16 ) 93.4 117.0 2016 28.6% 26.3% 29.3% 26.8% 8.8% 91.2% Frost & Sullivan 3,728 Frost & Sullivan 144 106% 297 17 157% 44 7 18 168% 92
Frost & Sullivan 772 68 174% 900 800 700 600 500 400 300 200 100 0 144 195 201 238 17 7 24 10 28 11 34 14 297 369 2007 2008 2009 2010 2011 2012 448 540 44 58 75 95 18 25 32 2013 2014 647 121 41 53 2015 772 152 68 2016 +109% +162% +174% Frost & Sullivan Frost & Sullivan 2,000 55 100 90 80 70 60 50 40 30 20 10 0 33.5 24.8 5.1 18.8 3.8 9.1 13.2 15.2 2.0 2.3 2.8 28.3 1.3 7.7 11.2 12.9 16.0 21.0 2007 2008 2009 2010 2011 2012 43.7 6.7 37.0 2013 56.7 8.8 47.9 2014 72.9 11.4 61.5 2015 93.4 14.7 78.7 2016 (07-11 ): 29.4% 28.4% (12-16 ): 30.1% 29.1% * 2,000 55 Frost & Sullivan Frost & Sullivan 93
3,728 27.5% 248 28.6% 25 71 177 650 28.7% 100 90 80 70 60 50 40 30 20 10 0 33.5 24.8 9.7 18.8 13.2 15.2 7.1 9.1 3.7 4.3 5.3 2.5 6.6 9.5 10.9 13.4 17.7 23.7 2007 2008 2009 2010 2011 2012 43.7 12.9 30.8 2013 56.7 16.9 39.8 2014 72.9 22.0 50.9 2015 93.4 28.5 65.0 2016 (07-11 ): 30.0% 28.0% (12-16 ): 30.7% 28.7% Frost & Sullivan (i) (ii) Frost & Sullivan 1 10................................ 6 6.7% 2 2 9................................. 900 22.2% 3 1.................................. 2,700 71.1% 94
Frost & Sullivan..................... 560 4.33 19.2 48.6 383 127 36 32 1 31 6,595...................... 275 5.05 26.6 69.4 469 148 39 11 11 3,085...................... 283 5.29 26.9 71.5 395 181 48 11 3 8 2,650............... 198 5.09 17.0 45.8 355 129 41 12 3 6 3 2,080................... 175 5.16 25.0 69.4 489 142 33 7 7 1,545................. 157 4.91 22.4 62.3 461 135 32 7 7 1,380..................... 120 4.82 16.2 37.0 301 123 31 9 9 1,790................. 118 4.95 10.7 29.8 314 95 31 11 10 1,870................. 97 4.62 9.7 26.9 317 85 16 10 10 1,528................... 56 4.85 11.2 31.1 232 134 29 5 5 830................... 56 6.18 27.9 77.8 418 186 55 2 2 552 365 Frost & Sullivan Frost & Sullivan 72 16 95
Frost & Sullivan 20,117.5 33,989.4 Frost & Sullivan 44.9% 50.4% 97 285 30.7% 96
Frost & Sullivan Frost & Sullivan Frost & Sullivan Frost & Sullivan 800,000 Frost & Sullivan Frost & Sullivan Frost & Sullivan 97
Frost & Sullivan Frost & Sullivan 24,070.9 36,210.9 10.7% Frost & Sullivan 16,586.0 23,331.8 8.9% 5,954.5 8,604.9 9.6% Frost & Sullivan 50.9% 53.1% 4,100 Frost & Sullivan Frost & Sullivan 40 1,800 Frost & Sullivan 98
(a) (b) (c) 132 132X 31(1) 31(1) 99
31(1) (a) 15 (b) 15 14 (c) 15 (d) 100
(e) (f) 358 8(1) 8(2) (i) (ii) 9(1) 9(2) 12(1)(b) 8(1) 8(2) 9(1) 9(2) 109B 109 17(3B) 101
25A 2011 102
30 103
60 5,000 104
OK 105
106
107
0.2% 108
25% 3 5% 17% 13% 698 109
(i) 12.5% (ii) 16/96/M 83/96/M 16/96/M 110
16/96/M 83/96/M 24/95/M 24/95/M 2/91/M 30 5/2011 400 100,000 46/96/M 54/94/M 7/2008 111
21/2009 112
(i) 78.91% (ii) 8.54% (iii) 6.35% (iv) 6.00% Macca Investment (v) 0.20% 70.35% Frost & Sullivan EATery Concept 113
EATery Concept MCL 2011-2012 2011-2012 26 (1) (1) 114
.................................................................................................................... 2008 2009 EATery Concept 2011 2012 2011 2012 (1) 1 115
41.............. 100% 10,000 1 10,000 1,225 1 1,225.............. 100% 10,000 1 10,000 10,000 1 10,000................... 100% 10,000 1 10,000 99.23% 1,400,000 1 1 1,400,000 9,400 1 9,400 1,400,000 1 1,400,000.............. 100% 10,000 1 10,000 10,000 1 10,000.............. 100% 10,000 1 10,000 100 1 100.............. 100% 10,000 1 10,000 9,000 1 9,000.............. 100% 10,000 1 10,000 8 1 8.............. 100% 10,000 1 10,000 10,000 1 10,000.............. 100% 10,000 1 10,000 8 1 8.............. 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10 1 10 116
............ Concept 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10 1 10............ 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10 1 10......................... 100% 10,000 1 10,000 100% 10,000 1 10,000 10 1 10 10 1 10.............. EATery 100% 10,000 1 10,000 10 1 10.............. 100% 10,000 1 10,000 10,000 1 10,000.............. 100% 10,000 1 10,000 10,000 1 10,000............ 100% 10,000 1 10,000 10,000 1 10,000............ 100% 10,000 1 10,000 10,000 1 10,000 (1) 99.23% 0.77% 117
.... 100% 1,200,000 1 1,200,000 1,200,000 1 1,200,000........ 100% 20,600,000........ 100% 4,300,000........ 100% 2,000,000............ 100% 10,000 1 10,000 10 1 10............ 100% 50,000 1 50,000 50,000 1 50,000......... 100% 50,000 1 50,000 8 1 8......... 100% 10,000 1 10,000 10 1 10............ 100% 10,000 1 10,000 10,000 1 10,000............ 100% 10,000 1 10,000 10,000 1 10,000............ 100% 10,000 1 10,000 10,000 1 10,000 118
10,000 1 10,000 10,000 1 10,000 80% 20% (i) (ii) 80% 20% (iii) 80% 20% 119
(iv) (v) 25,000 70% 30% (i) (vi) (ii) 70% 30% (iii) 120
(iv) (v) (vi) (a) (b) (a) (b) 23 121
13.13 13.19 (i) (ii) 13.09(1) (iii) 14 (iv) 14A (v) (vi) (a) (b) (c) 14A (vii) (viii) 13 (ix) 15 (x) 17 (xi) 15 122
(1) (2) (3) (a) (b) 2,000,000 1 2,000,000 1,000,000 1 1,000,000 (i) 7,210 76.70% (ii) 7,775 86.39% (iii) 9,400 94% 123
(iv) 7,808 78.08% (v) 8,500 85% (vi) 685,714 48.98% 2,000,000 1 2,000,000 1,000,000 1 1,000,000 Macca Investment 0.77% (i) (ii) 100% 100% 38.11% 29.54% 11.43% 8.56% 6.36% 124
37 (a) (b) (c) (d) 70.35% 125
(1) 126
(i) (a) 4 (b) 3 (c) 1 (ii) (a) 35 35 (b) 24 24 (c) 15 15 (d) 20 20 (e) 6 6 (iii) (a) 425 425 (b) 350 350 (c) 250 250 (d) 200 200 (iv) (a) 100 100 (b) 100 100 (c) 45 45 (d) 100 100 (e) 45 45 (v) (a) 235,715 235,715 (b) 128,572 128,572 (c) 42,857 42,857 (d) 42,857 42,857 42,857 42,857 (vi) (a) 405 405 (b) 310 310 (c) 95 95 (d) 95 95 (e) 95 95 127
(vii) (a) 25 25 (b) 25 25 (c) 25 25 (d) 10 (e) 15 15 (viii) (a) 50 50 (b) 50 50 (c) 20 20 (d) 75 75 (e) 30 30 (ix) 4 3 1 (x) 30 30 10 20 20 (xi) (a) 4 (b) 3 (c) 1 (xii) 2 (xiii) (a) 5,000 5,000 (b) 3,750 3,750 (c) 1,250 1,250 (xiv) 2 2 2 2 2 128
(xv) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xvi) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xvii) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xviii) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xix) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xx) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xxi) (a) 4 (b) 3 (c) 1 (d) 129
1 (e) 1 (xxii) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xxiii) 4 1 1 3 1 (xxiv) : (a) 4 (b) 3 (c) 1 (xxv) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xxvi) : (a) 25,000 25,000 (b) 18,750 18,750 (c) 6,250 6,250 (xxvii) (a) 4 (b) 3 (c) 1 (d) 1 (e) 1 (xxviii) (i) 600,000 (ii) 450,000 (iii) 150,000 130
48.19% 37.35% 14.46% 100% 100% 100% 79.08% 8.56% 6.36% 6.00% 100% 100% 80.84% 88.89% 95.00% 79.08% 95.00% 84.18% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 80% 70% (1) 80.84% 5.32% 5.32% 2.13% 2.13% 4.26% (2) 88.89% 8.89% 2.22% (3) 95.00% 5.00% (4) 79.08% 0.71% 1% 5% 5% 0.71% 1% 2% 5.50% (5) 95.00% 5.00% (6) 84.18% 7.14% 7.14% 0.77% 0.77% 131
(i) 1,200,000 800 300,000 200 (ii) (i) 10,714 10,714 (ii) 400,000 100,000 (iii) 400,000 100,000 99.23% 0.77% (iii) (i) 1,500,000 500 (ii) 1,500,000 500 (iii) 600,000 200 (iv) 600,000 200 (v) 1,200,000 400 (iv) (i) 30,000 71 (ii) 40,000 100 (iii) 200,000 500 (iv) 200,000 500 (v) 30,000 71 (vi) 40,000 100 132
(vii) 80,000 200 94.50% 5.50% (v) 5,000,000 500 133
48.19% 37.35% 14.46% 100% 100% 100% 79.08% 8.56% 6.36% 6.00% 100% 100% 5.00% 5.50% 100% 100% 95.00% 94.50% 100% 99.23% 100% 100% 100% 100% 100% (1) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 80% 70% (1) 99.23% 0.77% 134
(i) 100,000,000 0.01 10,000,000,000 (ii) 550 500 3,439 372 277 (iii) Macca Investment 157,818,399 17,081,600 12,691,200 12,000,000 408,800 (iv) Macca Investment (a) Macca Investment 787,372 85,222 63,318 60,000 4,088 (b) Macca Investment 790,811 85,594 63,595 60,000 Macca Investment 78.91% 8.54% 6.35% 6.00% 0.20% 135
48.19% 37.35% 14.46% 100% 100% 100% 0.20% Macca Investment 78.91% 8.54% 6.35% 6.00% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 99.23% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 80% 70% (2) (3) (1) 99.23% 0.77% (2) 20% (3) 30% 136
8,000,000 800,000,000 137
48.19% 37.35% 14.46% 100% 100% 100% Macca Investment 25.00% 59.18% 6.41% 4.76% 4.50% 0.15% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 99.23% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 80% 70% (1) 99.23% 0.77% (2) 20% (3) 30% Boomview Enterprises Limited 138
Frost & Sullivan 26 (1) 21 23 (i) 2011 2012 (ii) Frost & Sullivan (1) 139
EATery Concept Concept (1) 440,000,000 598,000,000 35.9% 598,000,000 762,800,000 27.5% 167,300,000 223,600,000 33.7% 53,800,000 64,900,000 20.6% 64,900,000 103,900,000 60.1% 19,100,000 24,000,000 25.2% 23 (i) 2011 2012 (ii) (1) 140
Frost & Sullivan 171 227 7.3% 89.0% Frost & Sullivan Frost & Sullivan 91 248 28.6% Frost & Sullivan 71.4% 141
(1) 24 7 11 11 2 30 2 30 6 6 12 (2) 24 12 7 (3) (1) (2) (3) 142
124,000 (1) 25 (1) 365 143
26 (1) Frost & Sullivan 1 144
7,000 200 40 200 20 45,000,000 127,000,000 159,000,000 3,200,000 14,300,000 50 200 30,000 145
40,000 22.8% 1,000 1,300 48,500,000 97,000,000 47,000,000 8,000,000 12,300,000 146
147
24 148
(i) (ii) 149
23 170 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) 150
100 151
(i) (ii) (iii) (iv) 3,000 30 67 152
業 務 下 圖 為 旗 下 設 於 香 港 太 平 山 頂 的 翠 華 餐 廳 的 內 部 裝 潢 下 圖 為 旗 下 設 於 香 港 太 平 山 頂 的 翠 華 餐 廳 的 外 觀 153
業 務 中國的翠華餐廳 我 們 現 時 於 中 國 經 營 四 家 翠 華 餐 廳 一 般 而 言 中 國 翠 華 餐 廳 相 對 於 我 們 旗 下 香 港 餐 廳 佔 地 較 大 每 間 餐 廳 的 面 積 一 般 介 乎 7,000 平 方 呎 至 10,000 平 方 呎 以 上 不 等 設 有 約 65 至 84 張 餐 桌 每 桌 可 容 納 約 二 至 四 名 顧 客 每 間 中 國 翠 華 餐 廳 均 由 建 築 師 及 設 計 師 提 供 獨 特 設 計 設 計 通 常 與 所 在 建 築 或 周 遭 環 境 氣 氛 互 相 呼 應 下 圖 為 旗 下 設 於 上 海 的 其 中 一 間 翠 華 餐 廳 的 內 部 裝 潢 下 圖 為 旗 下 設 於 上 海 的 其 中 一 間 翠 華 餐 廳 的 外 觀 154
業 務 澳門的翠華餐廳 我們現時根據與合營夥伴所訂立的合營安排在澳門銀河酒店渡假城範圍內的娛樂 場 經 營 一 家 翠 華 餐 廳 下 圖 為 旗 下 澳 門 翠 華 餐 廳 的 內 部 裝 潢 下 圖 為 旗 下 澳 門 翠 華 餐 廳 的 外 觀 155
Concept Concept Concept Concept Concept 1,000 Concept Concept EATery EATery 156
(1) 14 18 22 25 26 (1) Concept EATery 21 (2) (3) 22 (4).......................................................................................................................................................................................................................................... *.............................................................. Concept............................................................................................................ **........................................ EATery 4.................................................................................................... 1......................... * ** (1) (2) (3) (4) 157
7,200 4,000 158
Concept EATery 11 7,000 159
7,000 10,000 65 84 9,000,000 45,000,000 72,000,000 99,000,000 3,200,000 14,300,000 30,000 40 200 15,000 20 60,000,000 50,000,000 10,000,000 60,000,000 50,000,000 160
10,000,000 55,000,000 60,000,000 13 16 19 20 (1) 3,000 30 67 9,000,000 45,000,000 36,000,000 36,000,000 7,400,000 12,200,000 (1) 161
30,000 40,000 200 50 60,000,000 50,000,000 10,000,000 55,000,000 5,000,000 22.8% 162
1,000 150 1,500,000 1,500,000 4,500,000 4,500,000 1,300 5,000,000 2,000,000 1,500,000 1,500,000 600,000 100,000 163
16 (i) (ii) 12 Frost & Sullivan (i) 171 227 7.3% (ii) 91 248 28.6% 164
(i) (ii) (iii) (i) (ii) 165
166
EATery Concept EATery 167
168
50% 9,000 169
(i) (ii) 25 30,000 40,000 50 200 30,000 40 200 15,000 20 200 70% 170
200 50 171
30% EATery 172
173
100 (i) (ii) (iii) (iv) (v) 20 174
2 5 8 1 30 12 24 9.0% 8.1% 5.7% 4.7% 30.2% 27.0% 23.9% 21.8% 5% 45 175
30.4% 30.6% 31.0% 30.9% 176
(i) (ii) (iii) (iv) (Hazard Analysis Critical Control Point) HACCP HACCP HACCP HACCP HACCP HACCP 177
SGS Limited SGS SGS 50 SGS 1,200 SGS SGS SGS 30 SGS SGS SGS SGS SGS 46,000 SGS SGS SGS 10 9 178
(i) (ii) 179
Frost & Sullivan 227 8.5% Frost & Sullivan 180
Frost & Sullivan 248 30.7% 23 1,222 1,397 1,739 2,181........................ 5 5 5 5........................ 24 61 83 88.............. 1,193 1,331 1,651 2,088........................... 1,222 1,397 1,739 2,181 27.7% 27.2% 25.9% 28.4% (i) (ii) (iii) (iv) 181
100 30 182
(i) (ii) 183
E.............................................. 184
...................... U Magazine.......................... Concept EATery Tsui Wah EATery (i) (ii) 185
186
350 45,700,000 75,000,000 96,200,000 30,500,000 36 21 70,000 11 70,790 61,890 10,000 187
188
(i) (ii) (iii) (i) (ii) (iii) (iv) 189
(i) (ii) (iii) 21 1 (i) (ii) 1 190
1.................................... 21 2.............................. 3 3.......................... 3 4.............................. 3 18 5........................................ 8 1. 20 EATery 2. EATery 3. 4. 5. (i) 22 (ii) 16 (iii) 14 191
(i) (ii) (iii) (iv) (v) (vi) G. 2. 192
(i) (ii) (iii) (a) 123 14 (b) (c) 131 (i) (ii) (iii) (iv) 14 (iv) (i) 193
123 14 (ii) (iii) 132X 34C 132X 60 60 6% 5% 4% 3% 9% 2% 2% 2% 194
132X 6,000 5 S (i) (ii) 195
123 24 14............................................................................................. 1....... 2........... 1 2 196
40(1BA) 24(1) 200,000 20,000 (i) (ii) (a) (b) (c) (d) 10,000 100 860,000 197
40(6) 24 910,000 198
G. 2. 358 9(1) 9(2) 9(1) 9(2) 11 200,000 400,000 10,000 10A 6 (i) 199
(ii) 10,000 50 360,000 (iii) 10A (iv) 95F 14(1) 129C 129C 150,000 50 150,000 200
G. 2. 60 201
2 3 69 7 27 28 34 39 66 24 10 12 14 16 202
(i) (a) 203
15 (b) ISO 22000 (c) 204
16 205
(d) (e) (a) (b) 206
(c) (d) (a) (b) (ii) 207
(iii) (iv) 3A.19 (v) (vi) 3,000,000 208
209
1................................... 789,092,000 59.18% 2................................... 85,408,000 6.41% 3................................... 63,456,000 4.76% Macca Investment............................... 60,000,000 4.50%....................................... 2,044,000 0.15%...................................... 333,334,000 25%......................................... 1,333,334,000 100% (1) 48.19% 37.35% 14.46% (2) (3) (i) (ii) 100% 100% 38.11% 29.54% 11.43% 8.56% 6.36% 37 210
(a) (b) (c) (d) 70.35% 211
(i) (ii) (iii) (iv) (v) 212
(vi) (vii) (i) (ii) (iii) (iv) (v) (vi) 213
28 (i) 40% 30% 10% 10% 10% (ii) 50% 37.50% 12.50% (iii) 20% 20% 20% 20% 20% (iv) 40% 30% 10% 10% 10% (v) 40% 30% 10% 10% 10% 214
5% (i) Frost & Sullivan 440,000,000 598,000,000 762,800,000 223,600,000 53,800,000 64,900,000 103,900,000 24,000,000 104,100,000 113,800,000 (ii) (iii) 215
(a) (b) 216
(a) (b) (i) 10% (ii) 5% (i) (ii) (iii) 30% 30% 30% (i) 217
(ii) (iii) (iv) (v) (vi) (vii) (viii) 14 14 218
..................... 14A.34 2,800,000 9,600,000 502.7 84 86 40% 30% 10% 10% 10% 219
9,600,000 11,600,000 14A 2,800,000 9,600,000 9,600,000 2,400,000 (i) (ii) (i) (ii).................................. 9.6 9.6 11.6 (i) (ii) (i) (ii) 220
960,000 1,572,000 344.76 108 18 1 2 3 10 50% 37.5% 12.5% 1,572,000 1,900,000 14A 960,000 960,000 1,572,000 393,000 221
.................................. 1,572,000 1,572,000 1,900,000 (i) (ii) (i) (ii) 240,000 658,800 1,133.87 611 619 4 A-C 20% 20% 20% 20% 20% 658,800 800,000 222
14A 240,000 240,000 658,800 165,000.................................. 658,800 658,800 800,000 (i) (ii) (i) (ii) 2,580,000 50 1 2 834.73 40% 30% 10% 10% 10% 223
2,580,000 3,100,000 14A 215,000.................................. 2,580,000 2,580,000 3,100,000 (i) (ii) (i) (ii) 224
855,000 1,140,000 875.98 50 3 5 6 40% 30% 10% 10% 10% 1,140,000 1,500,000 14A 855,000 1,140,000 285,000 225
.................................. 1,140,000 1,140,000 1,500,000 (i) (ii) (i) (ii) (a) 14A.45 14A.47 14A.48 5% 14A.45 14A.47 226
(b) 14A 14A (c) (d) 227
.......... 57.......... 49.......... 55.......... 61.......... 50.......... 41.......... 39.......... 44 228
57 Frost & Sullisan 26 (1) 40 49 (1) 229
30 55 30 61 230
50 30 41 379 340 231
39 15 866 Monash University 44 17 6 4 9 John E. Anderson Graduate School of Management 232
8351............ 51............ 50.............. 38............ 52 51 20 D. 3. 13.51(2) 233
50 38 52 15 BASF Care Chemicals (Shanghai) Co., Ltd. Cognis Chemicals (China) Co. Ltd. 234
(Middlesex Polytechnic) (Middlesex University) 3.28 8.17 (a) (b) 159 (c) 50 3.22 14 C3 3.26 14 B1 235
14 A5 14 3A.19 3A.23 (i) (ii) (iii) (iv) 60,000 60,000 60,000 15,000 236
4,100,000 4,100,000 4,200,000 1,100,000 7,500,000 13.51(2) Country Rank International Limited Country Rank International Limited Country Rank Country Rank 177 (i) Country Rank 14 347 Country Rank (ii) Country Rank D. 3. 13.51(2) 237
Silver Success Asia Limited Silver Success Asia Limited Silver Success Silver Success 8,130,000 D. 3. 13.51(2) 238
XV 2 3 10% (%) (2)................ 937,956,000(L) 70.35% (4)............ 937,956,000(L) 70.35% (2)................ 937,956,000(L) 70.35% (5)............ 937,956,000(L) 70.35% (3).................. 789,092,000(L) 59.18% (2)............ 937,956,000(L) 70.35% LAM Hiu Man (6)....... 937,956,000(L) 70.35% (2)............ 937,956,000(L) 70.35% WONG Yung Kuen (7)... 937,956,000(L) 70.35% (2)............ 937,956,000(L) 70.35% WOO Chun Li (8)....... 937,956,000(L) 70.35% (1) L XV (2) 59.18% 6.41% 4.76% 239
48.19% 37.35% 14.46% (3) 59.18% (4) (5) (6) LAM Hiu Man LAM Hiu Man (7) WONG Yung Kuen WONG Yung Kuen (8) WOO Chun Li WOO Chun Li XV 2 3 10% 240
10,000,000,000 0.01 100,000,000 200,000,000 2,000,000 800,000,000 8,000,000 333,334,000 3,333,340 1,333,334,000 13,333,340 200,000,000 2,000,000 800,000,000 8,000,000 383,334,000 3,833,340 1,383,334,000 13,833,340 (a) (b) 241
8,000,000 800,000,000 E. E. (a) 20% (b) (i) (ii) (iii) (iv) 17 (a) (b) (c) 242
A. 4. 10% A. 6. (a) (b) (c) A. 4. 243
LT Growth Investment XV Limited LT Prax Capital China Growth Fund III, L.P. Prax LT 10,000,000 2,000 2.08 1.00 7.7572 LT 37,294,000 11.2% 2.8% Prax 10,000,000 2,000 2.08 1.00 7.7572 Prax 37,294,000 11.2% 2.8% LT Capital Today China Growth Fund II, L.P. Capital Today China Growth Fund II 244
6.8 360buy.com Tudou.com Netease.com Inoherb Skincare Co., Ltd City Bra (Business Week) Prax Prax 3,000 Prax (a) (b) (c) (d) (e) 245
LT Prax 246
Frost & Sullivan 26 (1) 21 23 50% EATery Concept Concept (1) 247
(1) 440,000,000 598,000,000 35.9% 598,000,000 762,800,000 27.5% 167,300,000 223,600,000 33.7% 53,800,000 64,900,000 20.6% 64,900,000 103,900,000 60.1% 19,100,000 24,000,000 25.2% (i) (ii) (1) 248
(1)............. 12 15 18 19 20............. 1 2 2 4 4............. 13 17 20 23 24 (1) 249
(1) (2)................................ 400,471 35,300 435,771...................... 91.9% 8.1% 100%............................ 12 1 13................................ 481,714 101,999 8,962 592,675...................... 81.3% 17.2% 1.5% 100%............................ 12 5 1 17................................ 724,787 23,535 748,322...................... 96.9% 3.1% 100%............................ 17 3 20................................ 210,302 8,733 219,035...................... 96.0% 4.0% 100%............................ 20 3 23 (3) (4) (5) (6) (1) (2) (3) (4) (5) (6) 250
251
(1).................. 11 11 11 11 15 15.................. 1 1 2 2.................. 11 11 12 12 17 17.................. 385,850 433,990 433,990 488,220 146,059 166,315.................. 47,724 55,449 18,648 24,789.............. 385,850 433,990 481,714 543,669 164,707 191,104 (2).................. 96 108 108 122 107 122.................. 131 152 102 136...... 96 108 110 124 106 124.................. 12.5% 12.5% 13.9%.................. 16.2% 32.9%.............. 12.5% 12.9% 16.0% (1) (2) 365 91 252
(1).................. 11 11 11 11 15 15.................. 1 1 2 2.................. 11 11 12 12 17 17 (2).................. 21 24 24 25 24 24.................. 7 8 6 7................ 21 24 22 22 20 21 (3).................. 66 68 68 74 71 74.................. 169 190 193 190.............. 66 68 72 80 76 81 42,000,000 (1) (2) 365 91 (3) 253
16.4% 28,100,000 67% 133,700,000 183,000,000 236,500,000 69,100,000 30.4% 30.6% 31.0% 30.9% 254
5.0% 10.0% 15.0% +5% -5% +10% -10% +15% -15%................ 6,685 (6,685) 13,371 (13,371) 20,056 (20,056).................. (6,685) 6,685 (13,371) 13,371 (20,056) 20,056.................. (5,669) 5,669 (11,338) 11,338 (17,007) 17,007................ 9,152 (9,152) 18,304 (18,304) 27,456 (27,456).................. (9,152) 9,152 (18,304) 18,304 (27,456) 27,456.................. (7,450) 7,450 (14,899) 14,899 (22,349) 22,349................ 11,823 (11,823) 23,646 (23,646) 35,469 (35,469).................. (11,823) 11,823 (23,646) 23,646 (35,469) 35,469.................. (9,730) 9,730 (19,461) 19,461 (29,191) 29,191................ 3,453 (3,453) 6,906 (6,906) 10,359 (10,359).................. (3,453) 3,453 (6,906) 6,906 (10,359) 10,359.................. (2,845) 2,845 (5,691) 5,691 (8,536) 8,536 121,800,000 162,800,000 197,500,000 63,500,000 27.7% 27.2% 25.9% 28.4% (i) (ii) 255
(iii) (iv) 5.0% 8.0% 10.0% +5% -5% +8% -8% +10% -10%.................... 6,089 (6,089) 9,742 (9,742) 12,177 (12,177).................. (6,089) 6,089 (9,742) 9,742 (12,177) 12,177.................. (5,163) 5,163 (8,261) 8,261 (10,326) 10,326.................... 8,138 (8,138) 13,021 (13,021) 16,276 (16,276).................. (8,138) 8,138 (13,021) 13,021 (16,276) 16,276.................. (6,624) 6,624 (10,599) 10,599 (13,248) 13,248.................... 9,877 (9,877) 15,803 (15,803) 19,753 (19,753).................. (9,877) 9,877 (15,803) 15,803 (19,753) 19,753.................. (8,129) 8,129 (13,006) 13,006 (16,257) 16,257.................... 3,176 (3,176) 5,082 (5,082) 6,353 (6,353).................. (3,176) 3,176 (5,082) 5,082 (6,353) 6,353.................. (2,617) 2,617 (4,188) 4,188 (5,235) 5,235 45,700,000 75,000,000 96,200,000 30,500,000 10.4% 12.5% 12.6% 13.6% (i) (ii) (i) (ii) 256
10.0% 15.0% 20.0% +10% -10% +15% -15% +20% -20%.......... 4,568 (4,568) 6,853 (6,853) 9,137 (9,137).................. (4,568) 4,568 (6,853) 6,853 (9,137) 9,137.................. (3,874) 3,874 (5,811) 5,811 (7,748) 7,748.......... 7,502 (7,502) 11,253 (11,253) 15,004 (15,004).................. (7,502) 7,502 (11,253) 11,253 (15,004) 15,004.................. (6,107) 6,107 (9,160) 9,160 (12,213) 12,213.......... 9,617 (9,617) 14,426 (14,426) 19,234 (19,234).................. (9,617) 9,617 (14,426) 14,426 (19,234) 19,234.................. (7,915) 7,915 (11,872) 11,872 (15,830) 15,830.......... 3,048 (3,048) 4,571 (4,571) 6,095 (6,095).................. (3,048) 3,048 (4,571) 4,571 (6,095) 6,095.................. (2,511) 2,511 (3,767) 3,767 (5,022) 5,022 3.1 257
3.2 10 10 258
11 31 13 11 259
5,500,000 4,200,000 2,100,000 1,500,000.......... 435,771 592,675 748,322 164,707 219,035.......... 4,239 5,372 14,469 2,543 4,588............. 440,010 598,047 762,791 167,250 223,623 EATery................... 80.5 76.3 75.1 72.7................. 18.1 19.3 18.8 18.9................. 1.4 4.4 6.1 8.4................... 100.0 100.0 100.0 100.0 260
(1) (1) % % % % %... 400,471 91.9 535,043 90.3 667,407 89.2 146,059 88.7 186,500 85.1... 35,300 8.1 57,632 9.7 80,915 10.8 18,648 11.3 32,535 14.9... 435,771 100.0 592,675 100.0 748,322 100.0 164,707 100.0 219,035 100.0 133,700,000 183,000,000 236,500,000 69,100,000 30.4% 30.6% 31.0% 30.9% (i) (ii) (iii) 1,222 175 14.3% 1,397 1,397 342 24.5% 1,739 1,739 442 25.4% 2,181 121,800,000 162,800,000 197,500,000 63,500,000 27.7% 27.2% 25.9% 28.4% (1) 261
% % % % %............. 4,175 3.4 4,146 2.6 4,260 2.2 1,065 2.5 1,065 1.7......... 4,160 3.4 11,937 7.3 19,113 9.7 3,724 8.6 5,948 9.4........... 113,436 93.2 146,674 90.1 174,161 88.1 38,530 88.9 56,516 88.9................. 121,771 100.0 162,757 100.0 197,534 100.0 43,319 100.0 63,529 100.0 (i) (ii) % % % % %................. 97,731 83.1 131,910 83.2 163,411 84.5 36,461 86.3 51,289 82.1 (1)............... 8,488 7.2 11,333 7.1 7,079 3.7 1,004 2.4 1,608 2.6..... 4,939 4.2 5,678 3.6 6,630 3.4 1,476 3.5 2,368 3.8................. 5,620 4.8 8,327 5.3 14,437 7.5 2,852 6.7 6,097 9.8 (2)............... 468 0.4 694 0.4 512 0.3 234 0.6 462 0.7..... 350 0.3 669 0.4 1,205 0.6 227 0.5 640 1.0.................. 117,596 100.0 158,611 100.0 193,274 100.0 42,254 100.0 62,464 100.0 (1) (2) (i) (ii) 262
45,700,000 75,000,000 96,200,000 30,500,000 10.4% 12.5% 12.6% 13.6% (1).................. 12 38,084 14 (2) 57,333 15 66,191 13 15,724 16 17,865.................. 1 4,544 2 5,319 2 6,495 2 1,772 3 4,706.................. 2 6,528 3 14,841 2 3,164 3 4,850.................. 1 732................... 13 42,628 18 69,180 20 87,527 17 20,660 23 28,153.............. 3 1 1 6.............. 1 5 1 5......................... 4 6 2 11 3.4% 3.7% 2.9% 3.3% (1) (2) 263
5.8% 5.3% 4.6% 5.0% 0.8% 0.5% 0.4% 0.4% % % % % %......... 6,824 22.9 8,310 20.4 7,341 14.8 1,623 14.3 1,588 10.8............... 5,744 19.3 7,769 19.0 9,012 18.2 2,030 17.8 2,485 16.9............. 3,132 10.5 3,116 7.6 3,834 7.7 923 8.1 1,114 7.6................ 2,608 8.8 2,722 6.7 4,062 8.2 531 4.7 357 2.4..... 2,252 7.6 4,777 11.7 5,377 10.9 888 7.8 1,984 13.5.................. 1,215 4.1 1,973 4.8 3,341 6.7 565 5.0 1,025 6.9......... 1,434 4.8 1,824 4.5 3,202 6.5 422 3.7 335 2.3.................. 2,320 7.8 3,101 7.6 5,681 11.5 1,072 9.4 2,404 16.3............... 944 3.2 1,614 4.0 2,817 5.7 461 4.0 755 5.1........... 352 1.2 1,041 2.5 1,408 2.8 383 3.4 299 2.0............... 2,920 9.8 4,579 11.2 3,468 7.0 2,485 21.8 2,382 16.2.................. 29,745 100.0 40,826 100.0 49,543 100.0 11,383 100.0 14,728 100.0 6.8% 6.8% 6.5% 6.6% 342,000 54,000 134,000 19,000 47,000 27,000 6,000 12,800,000 264
15 16.5% 25.0% 10 14.1% 16.9% 16.8% 17.2% 42.3% 29.0% 27.9% 25.0% 25 265
.................. 440,010 100.0 598,047 100.0 762,791 100.0 167,250 100.0 223,623 100.0......... 1,630 0.4 1,956 0.3 1,975 0.3 248 0.1 356 0.2........... (133,706) (30.4) (183,037) (30.6) (236,463) (31.0) (51,391) (30.7) (69,063) (30.9)............... (121,771) (27.7) (162,757) (27.2) (197,534) (25.9) (43,319) (25.9) (63,529) (28.4).................. (15,045) (3.4) (22,096) (3.7) (21,887) (2.9) (5,600) (3.3) (7,334) (3.3)..... (45,684) (10.4) (75,019) (12.5) (96,171) (12.6) (22,490) (13.5) (30,475) (13.6)..... (25,667) (5.8) (31,610) (5.3) (34,805) (4.6) (8,270) (5.0) (11,187) (5.0)..... (3,369) (0.8) (2,821) (0.5) (2,901) (0.4) (852) (0.5) (895) (0.4)........... (29,745) (6.7) (40,826) (6.8) (49,543) (6.5) (11,383) (6.8) (14,728) (6.6)............... (361) (0.1) (101) (0.0) (161) (0.0) (73) (0.0) (6) (0.0)........... 1,276 0.3 1,790 0.3 8,905 1.2 415 0.2 4,355 1.9............. 67,568 15.4 83,526 14.0 134,206 17.6 24,535 14.6 31,117 13.9............. (10,249) (2.3) (15,502) (2.6) (23,777) (3.1) (4,386) (2.6) (5,469) (2.4)........... 57,319 13.0 68,024 11.4 110,429 14.5 20,149 12.0 25,648 11.5......... 53,812 12.2 64,909 10.9 103,910 13.6 19,137 11.4 23,956 10.7........... 3,507 0.8 3,115 0.5 6,519 0.9 1,012 0.6 1,692 0.8 57,319 13.0 68,024 11.4 110,429 14.5 20,149 12.0 25,648 11.5 167,300,000 56,400,000 33.7% 223,600,000 164,700,000 54,300,000 33.0% 219,000,000 26,400,000 27,900,000 2,500,000 2,100,000 80.4% 4,600,000 266
200,000 400,000 0.2% 51,400,000 17,700,000 34.4% 69,100,000 43,300,000 20,200,000 46.7% 63,500,000 25.9% 28.4% (i) (ii) 5,600,000 1,700,000 31.0% 7,300,000 22,500,000 8,000,000 35.6% 30,500,000 (i) (ii) 8,300,000 2,900,000 35.3% 11,200,000 4.9% 5.0% 267
852,000 43,000 5.1% 895,000 11,400,000 3,300,000 29.4% 14,700,000 73,000 6,000 4,400,000 400,000 24,500,000 6,600,000 26.8% 31,100,000 4,400,000 1,100,000 24.7% 5,500,000 17.9% 17.6% 19,100,000 4,900,000 25.2% 24,000,000 268
598,000,000 164,800,000 27.5% 762,800,000 592,700,000 155,600,000 26.3% 748,300,000 79,100,000 62,000,000 23,500,000 5,400,000 9,100,000 168.5% 14,500,000 2,000,000 0.3% 183,000,000 53,500,000 29.2% 236,500,000 29.2% 27.5% 162,800,000 34,700,000 21.4% 197,500,000 27.2% 25.9% 269
22,100,000 200,000 0.9% 21,900,000 3.7% 2.9% 75,000,000 21,200,000 28.2% 96,200,000 (1) 31,600,000 3,200,000 10.1% 34,800,000 (1) 5.3% 4.6% 2,800,000 100,000 2.8% 2,900,000 40,800,000 21.4% 8,700,000 49,500,000 100,000 100,000 59.4% 200,000 (1) 270
8,900,000 1,800,000 83,500,000 50,700,000 60.7% 134,200,000 15,500,000 8,300,000 53.4% 23,800,000 18.6% 17.7% 64,900,000 39,000,000 60.1% 103,900,000 440,000,000 158,000,000 35.9% 598,000,000 435,800,000 156,900,000 36.0% 592,700,000 102,000,000 48,100,000 271
4,200,000 1,200,000 26.7% 5,400,000 1,600,000 400,000 20.0% 2,000,000 133,700,000 49,300,000 36.9% 183,000,000 121,800,000 41,000,000 33.7% 162,800,000 15,000,000 7,100,000 46.9% 22,100,000 45,700,000 29,300,000 64.2% 75,000,000 (i) (ii) 25,700,000 5,900,000 23.2% 31,600,000 5.8% 5.3% 272
3,400,000 600,000 16.3% 2,800,000 29,700,000 11,100,000 37.3% 40,800,000 6.8% 400,000 300,000 72.0% 100,000 1,800,000 1,300,000 67,600,000 15,900,000 23.6% 83,500,000 10,200,000 5,300,000 51.3% 15,500,000 15.2% 18.6% 53,800,000 20.6% 11,100,000 64,900,000 273
86,600,000 115,300,000 151,600,000 39,800,000 60,300,000........................................................ 12,198................................................ 4,048................................. 50,636............................................ 126,030.............................................. 438 193,350................................................ 50,801...................................... 60,503................................................ 412.................................................... 21,373 133,089.................................................. 60,261 80,900,000 70,900,000 113,800,000 27,300,000 104,100,000 12 104,100,000 274
.. 80,925 70,934 113,844 23,987 27,291................ (92,693) (77,408) (65,437) (21,044) (4,186)............ 16,764 30,192 (19,052) (2,229) (11,736)................ 4,996 23,718 29,355 714 11,369.............. 33,802 38,810 62,906 62,906 92,082.......... 12 378 (179) 82 629.............. 38,810 62,906 92,082 63,702 104,080 27,300,000 31,100,000 4,400,000 7,300,000 34,100,000 800,000 14,100,000 3,300,000 1,000,000 12,500,000 5,500,000 275
6,000,000 113,800,000 134,200,000 8,900,000 21,900,000 147,300,000 19,100,000 24,200,000 16,400,000 2,400,000 2,100,000 (1) 16,000,000 10,000,000 14,300,000 70,900,000 83,500,000 1,800,000 22,100,000 103,900,000 17,200,000 14,100,000 11,500,000 4,000,000 6,600,000 6,100,000 15,700,000 80,900,000 67,600,000 1,300,000 15,000,000 82,000,000 7,300,000 8,500,000 4,100,000 1,400,000 (1) 276
5,200,000 1,000,000 8,000,000 4,200,000 (i) 13,300,000 (ii) 1,500,000 10,600,000 65,400,000 (i) 63,300,000 (ii) 2,700,000 (iii) 1,400,000 300,000 1,600,000 77,400,000 (i) 31,000,000 ii 15,000,000 27,500,000 (iii) 5,900,000 2,100,000 92,700,000 (i) 15,000,000 (ii) 9,100,000 (iii) 16,900,000 53,100,000 1,400,000 11,700,000 6,800,000 5,000,000 277
19,100,000 12,800,000 16,800,000 6,900,000 2,700,000 900,000 30,200,000 23,300,000 7,100,000 12,800,000 12,900,000 16,800,000 28,900,000 6,000,000 5,500,000 6,000,000................... 12,814................... 139 143 143 143.................. 135 135 135.......... 268 149 118..................... 139 546 427 396 12,800,000 2.3% 278
100,000 500,000 400,000 400,000 8.2% 5.8% 5.8% 5.8% 1,500,000 400,000...................... 3,025 7,009 9,384 9,720 (1)............. 6.9 10.0 12.7 12.6 (1) 365 91 9,700,000 9,400,000 3,000,000 131.7% 7,000,000 7,000,000 33.9% 9,400,000 6.9 10.0 279
10.0 12.7 12.6 12.7 9,700,000 9,200,000 EATery................... 493 873 2,054 2,768................. 910 1,221...................... 493 873 2,964 3,989 (1)...... 21.2 44.5 42.4 56.7 (1) EATery 365 91 3,000,000 1,000,000 34.6% 4,000,000 EATery 900,000 2,100,000 239.5% 3,000,000 500,000400,000 77.1% 900,000 60 280
42.4 56.7 4,000,000 3,700,000 1.4% 12,300,000 10,600,000 33,200,000 42,900,000 12,300,000 1,700,000 14.1% 10,600,000 10,600,000 22,600,000 213.7% 33,200,000 33,200,000 9,700,000 29.3% 42,900,000...................... 82,965 97,974 99,395................... 110,928 138,432 141,126..................... 193,893 236,406 240,521 281
83,000,000 98,000,000 99,400,000 110,900,000 138,400,000 141,100,000 27,000,000 45,700,000 87,200,000 93,000,000 27,000,000 18,700,000 69.3% 45,700,000 45,700,000 41,500,000 90.8% 87,200,000 87,200,000 5,800,000 6.6% 93,000,000 45................... 11,549 15,931 21,360 24,679................. 11,267 13,029 17,563 19,727...................... 22,816 28,960 38,923 44,406 (1)...... 56.8 51.6 52.4 54.9 (1) 365 91 282
22,800,000 6,200,000 26.9% 29,000,000 29,000,000 9,900,000 34.4% 38,900,000 38,900,000 5,500,000 14.1% 44,400,000 56.8 51.6 44,400,000 44,400,000 27,300,000 33,800,000 49,900,000 62,300,000 27,300,000 6,500,000 24.2% 33,800,000 33,800,000 16,100,000 47.3% 49,900,000 49,900,000 12,400,000 25.0% 62,300,000...................... 25,423 32,532 44,609................... 79,093 88,347 78,906...................... 104,516 120,879 123,515 25,400,000 32,500,000 44,600,000 79,100,000 88,300,000 78,900,000 283
(i) (ii) (iii) 15,000,000 40,800,000 63,300,000 13,300,000 15,000,000 25,800,000 171.8% 40,800,000 40,800,000 22,500,000 55.2% 63,300,000 95,700,000 232,000,000 214,000,000......................... 5 8 11.................... 45.0 72.0 99.0..................... 1 1.................... 55.0 60.0......................... 5 4 4.................... 45.0 36.0 36.0..................... 1.................... 55.0 5.0..................... 1 3 3.................... 1.5 4.5 4.5.................... 2.0 1.5 1.5.................... 2.2 8.0 8.0 284
70.0% 30.0% 26,600,000............... 4,743 13,873 5,222 327............... 4,000 4,743 13,873 9,222 327.................... 30,384 53,661 73,985 66,307... 27,542 63,062 90,616 106,355.................... 1,165 311 21,324 12,153...................... 59,091 117,034 185,925 184,815 285
28................ 35.9% 27.5% 33.7%.................. 1 18.7% 62.3% 27.3%.................. 2 1.5 1.6 1.7 1.3.................. 3 1.5 1.5 1.6 1.2.............. 4 74.8% 68.4% 44.0% 0.1%.............. 5-27.6% -25.3% -32.6% -56.3%................ 6 188.2 828.0 834.6 5,187.2................ 7 40.9% 34.8% 39.3% 55.9%............ 8 19.0% 17.1% 21.7% 33.6%................... 9 69.6% 69.4% 69.0% 69.1%.... 10 15.4% 14.0% 17.6% 13.9%................... 11 13.0% 11.4% 14.5% 11.5%.............. 12 6.9 10.0 12.7 12.6.......... 13 21.2 44.5 42.4 56.7.......... 14 56.8 51.6 52.4 54.9 1. 2. 3. 4. 5. 6. 7. 100% 365/91 100% 8. 100% 365/91 100% 286