(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 The Heart of Annual Report 年 報 2012
2002 3 2012 12 3117 21,750 3,500 8 10 11 12 20 22 25 27 32 54 73 75 76 78 79 80 82 143 144
2012 1 1 1 2012 2 2012 4 2012 2 2012 5 5 3 2012 6 4 2012 8 5 2012 10 8 6 2012 11 59 7 8 2012 12 2012 8 2012
3 4 2 6 7 2012 9
2012 12 31 2011 12 31 78,884 75,514 1,058 789 EBITDA* 7,631 6,928 6,745 5,308 121.8 96.4 120.9 95.4 50 43 30 22 * EBITDA 2013 2013 2013 2 27 2013 5 312 30 2013 6 4 2013 6 5 2013 6 54 30 2013 6 19 10 2012
2012 13.3%4.5%EBITDA 10.1%27.1% 26.7% 2012 EBITDA 19.3% 34.4%11.5% 95.0% 2,129 2012241 2012 12 3117 2012 10 1970,468 700 1,0002,0002012 12 19 800,000,000777,000,0002,150,504,955 2,088,000,000 50302013 10 90 2013 2 27 2012 11
2012 12 31EBITDA EBITDA 12 31 2012 2011 79,519 76,092 4.5% 78,884 75,514 4.5% 6,745 5,308 27.1% EBITDA 1 7,631 6,928 10.1% EBITDA 2 9.6% 9.1% 0.5% 1 EBITDA 2 EBITDA EBITDA 2012 13.3% 1.0% 3.0% 2012 2,952.80 26.7% 201129.0%2011 52012 4 EBITDA EBITDA9.6%20119.1% 2012 EBITDA16.9% 201116.3% 201220 5.362012 11.19201111.14 1.161.23 12 2012
12 31 2012 2011 53,282 52,779 1.0% 240,625 243,024 (1.0)% 1,757,756 1,830,047 (4.0)% 605 595 1.7% 201267.5%69.9%2012 12 31 587362011 12 31609 322012 12 3114 4.0%1.0% 20112.88%20123.03% 2012 13
12 31 2012 2011 24,104 21,281 13.3% 56,579 50,218 12.7% 1,164 1,161 0.3% 201230.6%201128.2%2012 12 31 1,1842011 12 311,166 13.3% 12 31 2012 2011 1,499 1,455 3.0% 1,083 1,009 7.3% 3,776 3,947 (4.3)% 20121.9%2011 2012 12 313,5322011 12 313,910 2012 12 31 14 2011 1 2012 11 14 2012
34,73340,770 EBITDA 12 31 2012 2011 29,233 22,797 28.2% 4,223 3,232 30.6% EBITDA 3 4,481 3,756 19.3% EBITDA 4 15.3% 16.5% (1.1)% 3 EBITDA 4 EBITDAEBITDA 12 31 2012 2011 22,714 16,896 34.4% 413,738 364,482 13.5% 762,016 653,533 16.6% 150 127 18.1% 6,073 5,449 11.5% 71,218 61,940 15.0% 233 241 (3.3)% 446 453 (1.5)% 1,639 1,619 1.2% 743 766 (3.0)% 2012 15
2012 2012 1 11342012 12 31 175 29 EBITDA2012 25.8%2011 27.2% 2012 1,360 37,238 11.1% 2012 2.77 7,500 88,000476,966 2012 12 31175 240731 12 31 2012 2011 11,084 12,012 (7.7)% 1,000 929 7.6% EBITDA 1,189 1,228 (3.1)% EBITDA 10.7% 10.2% 0.5% 16 2012
EBITDA 12 31 2012 2011 6,117 7,449 (17.9)% 341,098 364,428 (6.4)% 214,052 252,448 (15.2)% 49 56 (12.5)% 4,497 4,135 8.8% 38,275 35,070 9.1% 321 323 (0.6)% 470 428 9.6% 1,044 921 13.4% 1,226 1,271 (3.5)% 2012 12 314813172 2012 12 311881648 2012 17
2012 12 3114 2011 1 19 2012 12 3112 6253631,718 12 31 2012 2011 38,567 40,706 (5.3)% 1,635 1,525 7.2% EBITDA 1,590 1,661 (4.3)% EBITDA 4.1% 4.1% 12 31 2012 2011 24,450 28,434 (14.0)% 164,541 189,083 (13.0)% 781,687 924,066 (15.4)% 406 412 (1.5)% 13,534 11,698 15.7% 60,619 53,682 12.9% 610 597 2.2% 583 574 1.6% 882 823 7.2% 1,807 1,911 (5.4)% 18 2012
2012 12 31 6.60EBITDA 2.05 5.86EBITDA 2.03412 95.0%92.6% 2012 2,129 20112,055 2012(2012 Michelin Guide Awards) (Robuchon au Dôme)8 The Miele Guide 1890 (Don Alfonso 1890)Wine Spectator 51% 2012 1.8420111.62408 2012 80.8% 201172.8% 0.7% 1,2102012 (Travelers Choice) 201225 2012 6.35 20115.789.9% 2.124.23 2012 19
2012 10 2013 200,000 10 20,000 201210 10,0002005 79 38 2012 1112 2012 1159 FIA 2012 117 2012 6 20 2012
2012 593 2012 5512 3,000 2012 122012 450 2012 2013 2012 2012 1210 2012 9 1502012 11300 2012 21
201213.5% 20120.3% 28,082,292 4.6% 16,902,49960.2%7,131,904 201115.1% 1,8642013 2 991,11315.2% 22 2012
20122013 2012 10 1970,468 521,435 2,150,504,9552,087,868,888 8 776,699,0292012 12 19 7001,000 2,000 2013 2013 2012 23
2013 2013 150 2012 11 18 2014 1 1 EBITDA 2011 3.17 20123.32 2012 4 194 40,000 2014 24 2012
2012 12 31234.266.47 2011 12 31205.7113.9% EBITDA 194 51% 2012 12 31 17.292011 12 3130.72 2012 12 31 1 1 2 2 5 5 14% 18% 68% 0% 100% 20122011 12 31 2012 12 317.962011 12 311.58 2012 12 3113.178,2002011 12 31 54.15 7.18 2012 12 316.47 2011 12 311.72 2012 12 318,7002011 12 319,300 2012 12 31 2012 25
2012 12 31 4.81 97% 2012 8 4.8 4% 2012 12 31 2012 12 3121,0002012 EBITDA EBITDA 2012 12 31 EBITDA 16.9% EBITDA 9.6% 26 2012
9120062009 2001 2010 1962 Euronext Estoril-Sol, SGPS, S.A. 2010200320072001 O.B.E. Commandeur de l Ordre de la Couronne 2012 27
612006 20092008 2012 32002 1976 35 Euronext Estoril-Sol, SGPS, S.A. MACAUPORT Sociedade de Administração de Portos, S.A. 2009 2012 2005 19732001IMC/Southern Cross University 6120062009 2002 1978 3019992002 28 2012
7120062001 2003 1981 19651981 20121964 512007 2009 20082007 2010 12 2005 20052009 20052011 3 2009 58200720092008 2007 1998 Urbana-Champaign 672010 8 19982012 20041999 2012 29
8720062001 2012 3 1 20112012 12 Commandeur de L Ordre des Arts et des Lettres 2008 7020082010 11 20082012 3 2009 9 2012 10 19882002 1967 2002 7220082010 11 20082012 3 200039 Advanced Management Program (AMP) Queen Elizabeth House (Oxford) 30 2012
672008 2000 19952007 652008 2010 19761984 200319972000 13.51B(1)2012 7 12012 12 31 2012 31
2012 12 31 7 51 2012 12 3175 142 2012 9 19 2012 6 30 10 2011 6 308 2012 12 31502011 4330201122 2013 5 31 2013 2013 6 5 2013 2013 6 19 2013 6 54 30 183 17 1712 1716 2013 2013 2013 5 292013 5 31 2013 5 284 30 183 17 1712 1716 32 2012
2012 12 31143 I. 35.6% (i) (ii) 9.4% 9.2% (iii) Angel Playing Cards Co., Ltd. 7.0% (iv) 5.9% (v) Champion Power Property Inc. 4.1% Interdragon Limited 5% II. 30% 2012 33
44 2012 12 3178.172011 12 3160.84 1,420 2012 12 31 93 103 I 1 5 123 11,626 135,442 100% 23,066 126,500 51% 5,582.72 100% 7,585.72 100% 2012 12 31 39 2011 15 17 34 2012
42 2009 5 13 2009 5 13 10%500,000,000 209,100,000 3.8% 12 (a) 1% (b) (i) (ii) 0.1% 500 2012 35
1 28 (a) (b) (c) 10 36 2012
2012 12 31 2011 3 17 5 2011 3 17 5 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 2011 9 17 2020 9 16 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 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 2012 1 1 2012 12 31 12.496 35,000,000 35,000,000 12.496 32,000,000 32,000,000 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 12.496 500,000 500,000 121,500,000 (3,000,000) 118,500,000 2012 37
2012 1 1 2012 12 31 2009 7 13 2010 1 13 2.82 5,090,000 (1,265,000) 3,825,000 1 2019 1 12 2009 7 13 2011 1 13 2.82 10,000,000 (10,000,000) 1 2019 1 12 2009 7 13 2012 1 13 2.82 10,000,000 (10,000,000) 1 2019 1 12 2010 5 19 2010 11 19 5.11 1,400,000 (400,000) 1,000,000 2 2019 11 18 2010 5 26 2010 11 26 5.03 260,000 260,000 3 2019 11 25 26,750,000 (21,665,000) 5,085,000 2009 7 13 2010 1 13 2.82 2,250,000 (1,100,000) 1,150,000 1 2019 1 12 150,500,000 (25,765,000) 124,735,000 1. 2009 7 1330,000,000 2010 1 13 2.85 2009 7 13166,700,000 146,700,000 2010 1 132019 1 12 1.25819 10,000,000 2011 1 132019 1 12 1.28888 10,000,000 2012 1 132019 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. 16.19 38 2012
27 3111 97 2013 2013 98(a) 2013 2013 4 12 3.13 2013 2012 39
(i) (ii) I. Interdragon LimitedMany Town Company LimitedUnited Worldwide Investment S.A.93.3%United Worldwide Investment S.A.50% A. 1. 2012 2008 6 18 2008 6 18 2020 3 31 43 2008 6 26 2009 6 162009 9 112010 12 30 40 2012
2. 2012 2011 6 19 2011 6 18 2013 12 31 (i) (ii) (iii) (iv) (v) 43 2011 6 19 2012 41
B. 2012 2008 6 18 2002 4 1 43 2008 6 26 2010 12 30 2012 C. Sky Reach Investments LimitedSky ReachCompanhia de Aviação Jet Asia LimitadaJet Asia 2012 2007 2008 10 Sky ReachJet Asia 43 2008 6 26 2009 1 202009 7 302010 12 30 42 2012
2012 12 31 2012 12 31 2013 12 31 1 2 3 4 1 2 3 4 1 104.8 131.0 157.0 56.3 110.0 121.0 122.2 176.0 193.6 145.4 259.0 259.0 15.8 82.0 82.0 2 247.7 315 331 3 2.2 200 100 4 41.0 150 150 1. 2011 6201120122013 12 31 (i) (ii)(iii)(iv) 2. 2010 12 201120122013 12 31 3.003.153.31(i) (ii)2011 1 1 (iii) 2013 12 31 3. (i)2011 (ii) 2010 12201120122013 12 31 4.002.001.00 4. 2010 12 201120122013 12 31 1.50 2012 43
II. 51% 50% 2012 2011 6 24 2011 6 24 2013 12 31 2011 6 24 2012 12 31 2012 12 31 2013 12 31 44.6 77 88 (i)(ii) (iii)(iv) 44 2012
III. 50% 2010 6 3 14A.11(4)(b)(ii) 2012 2010 2 19 2009 10 1 2020 3 31 2009 10 1,638.3 2010 12 13 2012 45
IV. Netlink Capital LimitedNetlink Netlink 97.3% Netlink 97.3%Netlink Netlink 2012 11 18 2014 1 1 2016 12 31 Netlink 10,300,000 10,000,000 Netlink82,400,000 80,000,000 47 Netlink 2012 12 312012 11 18 46 2012
12 31 2014 2015 2016 126 126 126 (i)(ii) 5% A 14A.38 740 2012 (1) (2) (3) (4) 2010 12 302011 6 19 2011 6 24 (a) (b) (c) 2012 47
2013 2 27 2008 6 18 2012 12 31220 2012 12 31 2012 9298,982,187 19.5%342 2012 12 31 XV352 48 2012
I. 2 128,327,922 2.31% 35,000,000 0.63% 1 128,327,922 35,000,000 2.94% 96,452,922 1.74% 32,000,000 0.58% 1 96,452,922 32,000,000 2.32% 18,107,500 0.33% 3,000,000 0.05% 1 18,107,500 3,000,000 0.38% 427,950,000 7.71% 30,000,000 0.54% 1 427,950,000 30,000,000 8.25% 6,000,000 0.11% 1 6,000,000 0.11% 1 2,000,000 0.04% 3,000,000 0.05% 1 2,000,000 3,000,000 0.09% 500,000 0.01% 1 1,000,000 0.02% 1 1,000,000 0.02% 1 1,000,000 1 0.02% 2012 49
II. 100 100 0.12% 637 5,215 5,852 6.86% 1,004 1,004 1.18% B 300,000 10.00% 1. 2. 2012 12 31 5,547,844,293 2012 12 31 XV78XV 352 50 2012
2012 12 31XV 336 3 3,049,987,500 54.98% 427,950,000 7.71% 30,000,000 0.54% 1 427,950,000 30,000,000 8.25% The Capital Group Companies, Inc. Capital Research and Management Company 402,719,000 2 280,606,000 2 1. 7.26% 5.06% 2. The Capital Group Companies, Inc. Capital Research and Management CompanyCRMC Capital Group International, Inc.CGIICGII Capital Guardian Trust CompanyCGTCCapital International, Inc.CIICapital International LimitedCIL Capital International SarlCIS 3362012 12 31CRMC CGTC CII CIL CIS 402,719,000 3. 2012 12 31 5,547,844,293 2012 12 31 336 2012 51
50 50(b) 50(j) 50(m) 2008 6 18 2013 2 272013 1 2008 2013 2 27 STDM-Investments Limited STDM-I2011 8 15 2007 11 20 STDM-I2011 8 STDM-ISTDM-I STDM-I 2012 12 31 52 2012
54 72 2012 9 19 2013 2012 12 31 2013 2 27 2012 53
Euromoney 2013 2012 4 1 2012 12 31 A.6.5 A.6.7 2012 5 10 2012 2012 E.1.2 2012 2012 54 2012
121 7 58.3% 1 8.3% 3 42 33.4% 4 1. 1282 2. 33.10(1) 3. 3.10(2) 4. 1/33.10A 27 31 2012 55
(i) (ii) 10% 56 2012
2013 5 312013 97 2013 98(a)2013 2013 4 12 (i) (ii) (a) (b) 2012 2012 2012 2012 57
(i) (ii) (iii) 3.13 58 2012
14 2012 59
2012 12 31 2012 2012 2/5 0/1 5/5 1/1 1/1 1/1 5/5 1/1 4/5 1/1 5/5 1/1 1/1 1/1 5/5 1/1 1/1 4/5 1/1 2/5 0/1 5/5 6/6 1/1 1/1 0/1 5/5 6/6 1/1 1/1 1/1 5/5 6/6 1/1 1/1 0/1 5/5 6/6 1/1 1/1 1/1 96(K) 2012 60 2012
2008 6 4 100% 2 2012 61
(i) (ii) 2012 60 2012 2011 12 31 2012 6 30 2012 3 312012 9 30 2012 9 19 2013 62 2012
2008 6 2012 4 1 2012 4 1 6 67% 1 B.1.2(c)(i) 2012 63
2012 2012 2012 2011 2012 2011 2012 2013 22013 60 2012 5 10 2013 11 49 64 2012
2008 6 2012 4 1 2012 4 1 7 57% 1 2012 65
2012 2012 A.5.1 20132013 4 12 2013 2 2013 2013 4 12 60 D.3.1 66 2012
2012 2012 2012 2012 67
2012 1 12012 12 31 1219 20103 319 30 68 2012
7374 2012 2012 2012 2012 8.3 2012 3.7 2012 0.6 0.1 0.9 13.6 (i)(ii)(iii) (iv) (i) (ii)(iii) (iv) (v) 2012 69
(i) (ii)(iii) (iv) (v) 2012 12 31 2011 8 (i)(ii)(iii) (iv) 70 2012
20 201215 50113 113 2128 1 30 3001 3006 ir@sjmholdings.com comsec@sjmholdings.com 2012 71
2012 2012 2012 20 10 1 30 3001 3006 ir@sjmholdings.com 2012 5 102 30 168 2001 2011 12 31 201310 http://www.sjmholdings.com 2013 2 27 72 2012
75 142 2012 12 31 141 2012 73
2012 12 31 2013 2 27 74 2012
2012 12 31 2012 2011 79,518.9 76,092.0 8 78,884.1 75,514.4 (30,353.7) (29,071.1) 48,530.4 46,443.3 634.8 577.6 (276.6) (246.0) 423.0 211.8 (34,757.4) (34,090.7) (7,603.5) (7,389.4) 9 (115.6) (123.0) 20 (16.0) (45.1) 21 7.5 7.3 10 6,826.6 5,345.8 12 (74.9) (35.0) 6,751.7 5,310.8 6,745.4 5,307.6 6.3 3.2 6,751.7 5,310.8 14 121.8 96.4 14 120.9 95.4 2012 75
2012 12 31 2012 2011 15 8,130.8 8,777.2 17 739.7 775.2 18 26.9 33.2 19 289.2 289.2 20 12.9 28.9 21 88.0 80.5 22 480.0 5.5 23 1,195.0 153.0 24 234.2 268.7 25 40.8 40.8 26 14.3 14.3 27 112.9 128.9 28 645.8 145.6 12,010.5 10,741.0 63.8 68.5 29 1,706.8 1,318.0 30 246.0 31 0.8 0.3 32 84.3 48.9 28 1.3 26.3 33 11,494.5 6,011.1 11,931.8 14,559.9 25,283.3 22,279.0 34 14,558.6 11,338.8 37 22.9 324.0 38 26.2 25.4 62.4 38.8 39 237.9 3,072.0 14,908.0 14,799.0 10,375.3 7,480.0 22,385.8 18,221.0 76 2012
2012 12 31 2012 2011 38 234.2 268.7 39 1,490.6 37 698.3 690.8 41 48.7 14.9 2,471.8 974.4 19,914.0 17,246.6 42 5,547.8 5,522.1 14,330.4 11,685.6 19,878.2 17,207.7 35.8 38.9 19,914.0 17,246.6 75142 2013 2 27 2012 77
2012 12 31 2012 2011 15 4.9 1.5 16 4,359.3 4,359.3 23 1.4 4,364.2 4,362.2 34.2 27.3 35 650.5 512.0 5,825.2 4,854.4 33 6,455.5 5,272.8 750.7 1,232.7 13,716.1 11,899.2 3.5 1.0 35 291.6 291.6 295.1 292.6 13,421.0 11,606.6 17,785.2 15,968.8 42 5,547.8 5,522.1 44 12,237.4 10,446.7 17,785.2 15,968.8 78 2012
2012 12 31 2011 1 1 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 6,745.4 6,745.4 6.3 6,751.7 25.7 94.0 (36.8) 82.9 82.9 (0.1) (0.1) (0.1) 0.2 0.2 0.2 (9.4) (9.4) 13 (4,157.9) (4,157.9) (4,157.9) 25.7 93.9 (36.6) (4,157.9) (4,074.9) (9.4) (4,084.3) 2012 12 31 5,547.8 3,894.0 526.3 9,910.1 19,878.2 35.8 19,914.0 2012 79
2012 12 31 2012 2011 6,826.6 5,345.8 (353.9) (170.4) 75.5 74.1 40.1 46.2 2.7 (9.9) (23.7) 65.5 16.0 45.1 (7.5) (7.3) 6.3 6.3 1,119.0 1,114.2 31.9 5.5 (7.5) 41.5 41.0 1.2 3.9 10.0 (35.4) 25.7 0.2 535.9 7,746.8 7,117.8 4.7 (12.6) (369.6) (46.0) 3,186.2 1,368.6 10,568.1 8,427.8 (17.5) (20.1) 10,550.6 8,407.7 80 2012
2012 12 31 2012 2011 331.6 148.3 9.9 5.3 (382.7) (421.1) 3.1 3.9 (6.0) (11.3) (480.0) 13.0 (1,092.5) (136.8) 246.0 (0.5) 546.4 (20.8) 33.7 33.9 16.0 15.3 18,032.6 6,153.7 (23,516.0) (7,128.1) 25.0 0.1 (500.2) (7,267.0) (811.2) (116.4) (77.3) (4,157.9) (2,094.8) 82.9 100.1 (0.1) (0.2) (29.1) (33.7) (33.9) 1,848.5 (3,192.0) (1,040.0) (343.0) (5,911.7) (3,175.2) (2,628.1) 4,421.3 1 1 14,559.9 10,138.6 12 31 11,931.8 14,559.9 11,931.8 14,559.9 2012 81
2012 12 31 1. 2. 12 7 82 2012
2012 12 31 2. 20092011 2 7 2 9 9 4 7 10 11 2 12 10 3 12 27 9 4 10 2 11 2 12 2 13 2 1 1 192011 2 272011 2 282011 2 32 3 2 20 1 2012 7 1 2 2013 1 1 3 2014 1 1 4 2015 1 1 2012 620092011 20092011 2013 1 116 32 1616 32 12 2012 83
2012 12 31 2. 327 32 7 2013 1 1 322014 1 1 9 2009 92010 9 9 39 9 9 39 2011 6 101112 272012 282011 84 2012
2012 12 31 2. 1027 12 10 (a)(b)(c) 10 1131 13 11 11 31 12 12 2012 7101112 2013 1 1 2013 1 1 1012 27 10 10 2012 85
2012 12 31 2. 1012 27 12 27 1012 27 2014 1 1 13 13 13 13 7 13 132013 1 1 13 2013 1 1 1 1 1 (a)(b) 12012 7 1 9 1213 86 2012
2012 12 31 3. 3.1 3.2 3.3 39 36 36 2012 87
2012 12 31 3. 3.4 39 36 36 3.5 88 2012
2012 12 31 3. 3.6 2540 310 25% 7.6% 50% 25% 20% 10% 2012 89
2012 12 31 3. 3.7 3.8 3.9 3.10 3.11 90 2012
2012 12 31 3. 3.12 3.13 (a) (i) (ii) (iii) 2012 91
2012 12 31 3. 3.13 (a) (iv) (v) 92 2012
2012 12 31 3. 3.13 (b) (i) (ii) (iii) (c) 2012 93
2012 12 31 3. 3.13 (d) 3.14 3.15 94 2012
2012 12 31 3. 3.15 3.16 3.17 (a) (b) 2012 95
2012 12 31 3. 3.17 (b) 3.18 (a) (b) 3.19 4. 96 2012
2012 12 31 4. 2012 12 31 12.1820119.788,710 20118,810 2012 12 317.212011 10.15 2012 12 31 8,80020118,050 1,2902011 2,8903,43020113,430 5. 2012 97
2012 12 31 5. 6. (a) (b) 2012 2011 2012 2011 26,070.9 22,665.9 13,714.8 11,897.6 84.3 48.9 480.0 5.5 26,635.2 22,720.3 13,714.8 11,897.6 13,373.4 12,363.7 295.1 292.6 260.4 294.1 13,633.8 12,657.8 295.1 292.6 3 (c) 36 48 98 2012
2012 12 31 6. (c) 81% 201186% 48 2011 86% 201180% (d) 2011 2012 99
2012 12 31 6. (d) 2011 50 201150 50201150 2012 2011 41.6 50.2 50201150 50201150 2012 2011 3.8 6.2 100 2012
2012 12 31 6. (e) 10% 201110% 10% 201110% 2012 2011 8.4 4.9 (f) 2012 101
2012 12 31 6. (f) 3 3 6 6 1 1 2012 12 31 2,187.0 665.1 12.3 2,864.4 2,864.4 6,587.2 6,587.2 6,587.2 907.4 321.0 243.7 1,472.1 1,472.1 4.44% 24.5 856.4 880.9 721.2 2.31% 6.6 8.3 16.7 251.4 283.0 260.4 6(f)(i) 3.21% 73.9 73.6 145.9 1,620.3 1,913.7 1,728.5 6(f)(ii) 87.3 87.3 6,674.5 3,174.9 1,068.0 443.1 2,728.1 14,088.6 13,633.8 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 4.80% 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)(ii) 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 12,657.8 102 2012
2012 12 31 6. (f) 3 3 6 6 1 1 2012 12 31 3.1 0.4 3.5 3.5 291.6 291.6 291.6 291.6 3.1 0.4 295.1 295.1 2011 12 31 1.0 1.0 1.0 291.6 291.6 291.6 291.6 1.0 292.6 292.6 (i) (ii) (g) 2012 103
2012 12 31 6. (g) (h) 1 3 1 2 3 2012 12 31 84.3 84.3 2011 12 31 48.9 48.9 (i) (ii) 1 21 (iii) 3 7. (i) (ii) 8 104 2012
2012 12 31 7. (a) 2012 2011 2012 2011 78,884.1 75,514.4 7,083.3 5,795.9 634.8 577.6 284.4 239.5 919.2 817.1 (360.1) (366.0) (284.4) (239.5) 634.8 577.6 79,518.9 76,092.0 6,723.2 5,429.9 194.7 112.6 (118.2) (133.2) 35.4 (25.7) (16.0) (45.1) 7.5 7.3 6,826.6 5,345.8 3 2012 105
2012 12 31 7. (b) 2012 2011 21,535.5 18,774.3 6,816.8 6,487.1 28,352.3 25,261.4 12.9 28.9 88.0 80.5 7,297.9 6,521.6 1,542.7 1,127.6 37,293.8 33,020.0 934.6 1,375.0 793.9 1,697.0 1,728.5 3,072.0 14,395.9 11,142.9 238.1 220.3 14,634.0 11,363.2 16,362.5 14,435.2 1,017.3 1,338.2 17,379.8 15,773.4 (i) (ii) (iii) (iv) 106 2012
2012 12 31 7. (c) 2012 2011 582.0 402.8 45.4 135.6 978.6 24.5 1,606.0 562.9 613.5 601.8 508.6 516.5 3.2 2.2 1,125.3 1,120.5 19.0 4.7 12.9 0.8 31.9 5.5 0.2 510.5 25.4 0.2 535.9 30.6 29.2 38.0 35.1 47.0 58.7 115.6 123.0 166.2 87.0 10.6 0.4 177.1 83.0 353.9 170.4 2012 107
2012 12 31 7. (c) 10% 8. 2012 2011 53,281.5 52,778.8 24,104.0 21,280.7 1,498.6 1,454.9 78,884.1 75,514.4 9. 2012 2011 68.6 64.1 2.8 3.0 4.1 7.0 40.1 46.2 2.7 115.6 123.0 108 2012
2012 12 31 10. 2012 2011 11 81.8 590.5 85.6 74.1 (21.2) (28.3) 64.4 45.8 0.2 5.6 4,534.1 3,800.3 4,534.3 3,805.9 4,680.5 4,442.2 8.3 8.7 5.3 9.3 13.6 18.0 44.0 43.5 363.2 313.4 407.2 356.9 3.9 10.0 6.3 6.3 1,119.0 1,114.2 31.9 5.5 25.7 1.2 9.9 23.7 35.4 7.5 6.9 9.8 343.4 153.8 3.6 6.8 353.9 170.4 2012 109
2012 12 31 11. 2012 2011 24.3 4.0 28.3 24.3 22.6 46.9 10.9 3.3 14.2 8.4 1.2 158.6 168.2 9.5 2.9 12.4 7.3 1.1 145.0 153.4 2.7 0.7 3.4 1.7 0.2 13.6 15.5 8.0 0.8 2.7 11.5 5.4 0.8 0.9 136.0 143.1 1.1 0.2 1.3 0.9 13.6 14.5 0.4 0.1 0.5 0.3 16.3 16.6 6.2 1.0 7.2 6.0 15.4 21.4 0.5 0.8 0.2 1.5 0.3 0.5 2.3 3.1 0.4 0.1 0.5 0.3 2.3 2.6 0.4 0.1 0.5 0.3 2.3 2.6 0.4 0.1 0.5 0.3 2.3 2.6 64.8 1.6 15.4 81.8 55.5 1.3 3.4 530.3 590.5 2011 2012 2012 2011 10.6 0.2 10.8 110 2012
2012 12 31 12. 2012 2011 41.1 17.5 2.6 41.1 20.1 33.8 14.9 74.9 35.0 2007 12 82007 2011 2011 11 23 20122016 2008 12 22012 8 10 20072011201220161,8001,750 4,2304,110 4,11020111,750 12% 2012 2011 % % 6,826.6 5,345.8 819.2 12.0 641.5 12.0 (844.1) (12.4) (687.9) (12.9) 1.0 4.5 0.1 (22.1) (0.3) (4.1) (0.1) 24.1 0.4 25.4 0.5 82.6 1.2 40.3 0.8 (26.9) (0.4) (4.8) (0.1) 41.1 0.6 17.5 0.3 2.6 74.9 1.1 35.0 0.6 2012 111
2012 12 31 13. 2012 2011 302010 1,653.4 82011 441.4 432011 2,383.7 222011 1,219.6 102012 554.6 4,157.9 2,094.8 2013 2 2750 30 44.38 5,547,844,293 14. 2012 2011 6,745.4 5,307.6 2.7 6,745.4 5,310.3 2012 2011 5,538,603,924 5,505,065,288 39,918,931 53,335,481 8,240,144 39,918,931 61,575,625 5,578,522,855 5,566,640,913 112 2012
2012 12 31 15. 2011 1 1 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 10.3 14.5 176.0 35.4 262.6 8.7 507.5 (53.5) (65.2) (74.0) (192.7) 2012 12 31 4,899.5 425.5 5,336.9 642.6 2,925.7 27.1 13.7 14,271.0 2011 1 1 561.7 344.7 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 5,179.0 235.1 24.8 510.7 55.8 287.6 3.7 1.3 1,119.0 (42.5) (65.0) (50.3) (157.8) 2012 12 31 1,030.9 395.0 2,643.0 554.1 1,488.6 14.9 13.7 6,140.2 2012 12 31 3,868.6 30.5 2,693.9 88.5 1,437.1 12.2 8,130.8 2011 12 31 4,093.4 40.8 3,039.6 109.1 1,485.8 7.2 1.3 8,777.2 2012 12 31 27.92201129.27 2020 2012 113
2012 12 31 15. 2011 1 12011 12 31 1.5 3.5 5.0 2.2 3.5 5.7 (3.2) (3.2) 2012 12 31 3.7 3.8 7.5 2011 1 1 0.5 1.3 1.8 0.4 1.3 1.7 2011 12 31 0.9 2.6 3.5 0.5 1.8 2.3 (3.2) (3.2) 2012 12 31 1.4 1.2 2.6 2012 12 31 2.3 2.6 4.9 2011 12 31 0.6 0.9 1.5 16. 2012 2011 3,972.3 3,972.3 387.0 387.0 4,359.3 4,359.3 51 114 2012
2012 12 31 17. 2012 2011 1 1 775.2 804.9 6.0 11.3 (41.5) (41.0) 12 31 739.7 775.2 18. 2011 1 12011 12 312012 12 31 63.2 2011 1 1 23.7 6.3 2011 12 31 30.0 6.3 2012 12 31 36.3 2012 12 31 26.9 2011 12 31 33.2 10 2012 115
2012 12 31 19. 2011 1 1 290.4 (1.2) 2011 12 312012 12 31 289.2 20. 2012 2011 25.0 25.0 6.8 6.8 (18.9) (2.9) 12.9 28.9 49% 2012 2011 566.0 509.4 (725.5) (450.4) * (159.5) 59.0 451.8 322.8 * (218.9) (92.1) * 116 2012
2012 12 31 21. 2012 2011 39.7 39.7 48.3 40.8 88.0 80.5 49% 50% 3,43020113,430 2012 2011 73.3 66.4 (19.6) (20.2) 53.7 46.2 7.1 7.1 7.5 7.3 2012 117
2012 12 31 22. 2012 12 31 5501,300750 2012 84.84% (a)(b) 2012 12 31 23. 2012 2011 2012 2011 776.7 418.3 153.0 1.4 1,195.0 153.0 1.4 2012 12 31 25 20.887.77 2012 12 31 46(b) 118 2012
2012 12 31 24. 38 Companhia de Aviação Jet Asia Limitada Jet Asia2.31% 20112.43% 2.81% 25. 2012 12 31 12 26. 2012 12 31 12 27. 2012 12 31 12 28. 2012 2011 a 500.2 b 145.6 145.6 645.8 145.6 c 25.0 1.0 1.0 0.3 0.3 1.3 26.3 647.1 171.9 2012 119
2012 12 31 28. (a) (b) (c) 2012 12 31 12 2007 4 1 180 2020 3 31 2.91 2012 12 31 2012 12 31 1.00% 2.75% 2011 12 310.08% 1.56% 29. 2012 2011 1,157.6 915.7 60.6 61.8 112.3 94.0 376.3 246.5 1,706.8 1,318.0 38 2012 2011 0 30 1,154.1 905.7 90 3.5 10.0 1,157.6 915.7 120 2012
2012 12 31 29. 15 2012 12 311702011 2012 2011 1 1 88.1 78.1 (4.9) 4.2 13.0 (0.3) (3.0) 12 31 87.1 88.1 8,71020118,810 2012 121
2012 12 31 29. 2012 2011 A 47.7 45.6 1.2 1.2 149.1 70.0 198.0 116.8 30. 2009 10 22 SJM SJM SJM 100%2.50 (i) (ii) (iii) SJM 0.1% 51% SJM 2012 10 2.6%2.7% 2.9% 20112.7% 2.9% 2012 12 31 122 2012
2012 12 31 31. 50(b) 12 32. 33. 2012 12 310.79% 2.90% 20110.58% 2.59% 412 2011411 12 2012 12 310.79% 2.21% 20111.45% 2.59% 612 2011411 12 34. 2012 2011 2,864.4 2,184.2 2,746.2 2,329.6 6,587.2 4,991.4 191.7 102.4 118.9 133.8 864.7 693.6 501.5 332.9 197.3 134.5 24.0 38.7 462.7 397.7 14,558.6 11,338.8 2012 123
2012 12 31 34. 2012 2011 0 30 2,833.1 2,159.1 31 60 16.9 15.0 61 90 1.5 1.9 90 12.9 8.2 2,864.4 2,184.2 90 2012 2011 A 234.8 178.9 3.5 17.6 392.8 374.9 631.1 571.4 124 2012
2012 12 31 35. 12 36. 48 2012 12 312011 12 31 37. 20122011 12 31 2012 12 31 2012 12 3120123.24 3.432,29020113.24 6.9820116.912012 12 31 9402011200 2012 12 31 7.212011 10.15 4,010 2011 4,620 8.81 2011 12.244.44% 20114.80% 2012 125
2012 12 31 38. 2012 2011 2012 2011 31.6 32.4 26.2 25.4 33.4 34.2 28.3 27.5 100.1 102.5 89.0 86.9 117.9 159.2 116.9 154.3 283.0 328.3 260.4 294.1 (22.6) (34.2) 260.4 294.1 (26.2) (25.4) 234.2 268.7 20072008 Sky Reach Investments LimitedSky Reach Jet Asia Jet Asia Jet Asia 2012 12 312.31% 2011 2.43% 2.81% (i) Jet Asia (ii) Sky Reach 2012 12 31 Jet Asia 2.60 20112.942.3420112.69 242,62020112,540 126 2012
2012 12 31 39. 2012 2011 237.9 3,072.0 317.7 1,172.9 1,728.5 3,072.0 (237.9) (3,072.0) 1,490.6 2012 12 3132.75% 3.0% 201131.4% 2.1%3.15% 3.4% 20111.6% 2.5%3.0%4.81 2011 2012 12 3113.172011 54.15 8,19020117.18 (i) (ii) 52011 24201167.6 11.76 20118.6 (iii) (iv) 14.68201129.62 (v) (vi) (vii) 2012 127
2012 12 31 40. 2009 10 28 Champion Path Holdings LimitedChampion Path 202015 10 28 2011 12 31 2011 1 1 218.7 2011 12 31 2.7 (221.4) 2011 12 31 5.35 2010 6 120092010 5 31 5.24 2010 1% 2010 12 312.592011 12 31 5.24 41. 2012 2011 (48.7) (14.9) (48.7) (14.9) 128 2012
2012 12 31 41. 2011 1 1 (34.8) 19.9 (14.9) 2011 12 31 (34.8) 19.9 (14.9) (86.5) 52.7 (33.8) 2012 12 31 (121.3) 72.6 (48.7) 2012 12 31 9.73201113.58 2012 129
2012 12 31 42. 1 2011 1 1 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 25,765,000 25.7 2012 12 31 15,000,000,000 15,000.0 5,547,844,293 5,547.8 25,765,0002.82 5.11 7.48 23,365,000400,0002,000,000 1 2011 12 312.59 5.24 49,503,805 43. 2009 5 13 2019 5 13 28 1 (i)(ii) (iii) 10% 30% 130 2012
2012 12 31 43. 12 1% (a)0.1% (b)500 2011 3 172009 5 13 116,000,00012.496 12 2012 12 31 2011 1 1 2011 2011 2011 12 31 2012 2012 12 31 2009 7 13 2009 7 13 2010 1 12 2010 8 31 2011 3 17 2010 8 31 2011 2 27 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 13,500,000 (8,000,000) 5,500,000 (1,000,000) 4,500,000 7.48 5,000,000 5,000,000 (2,000,000) 3,000,000 12.496 116,000,000 (5,000,000) 111,000,000 111,000,000 2009 7 13 2009 7 13 2010 1 12 2009 7 13 2009 7 13 2010 5 19 2010 5 26 2009 7 13 2011 1 12 2009 7 13 2012 1 12 2010 5 19 2010 11 18 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 9,260,000 (4,170,000) 5,090,000 (1,265,000) 3,825,000 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 (100,000) 1,400,000 (400,000) 1,000,000 5.03 500,000 (240,000) 260,000 260,000 2009 7 13 2009 7 13 2010 1 12 2010 1 13 2019 1 12 2.82 2,800,000 (550,000) 2,250,000 (1,100,000) 1,150,000 52,560,000 116,000,000 (18,060,000) 150,500,000 (25,765,000) 124,735,000 3.35 12.496 5.54 10.14 3.22 11.57 2012 131
2012 12 31 43. 16.15 124,735,000 2011140,500,000 2011 3 175.26 (Black-Scholes pricing model) (Binomial option pricing model) 2009 7 13 2010 5 19 2010 5 26 2010 8 31 2011 3 17 166,700,000 1,500,000 500,000 5,000,000 116,000,000 6 30 6 6 6 6 2.82 5.11 5.03 7.48 12.14 5 6 9.5 9.5 9.5 5 2.82 5.11 5.03 7.48 12.496 1.79 1.79 1.81 66.46% 56.77% 56.16% 49.56% 54.83% 1.74 1.94% 2.47% 2.35% 1.89% 2.49% 3.26% 1.76% 1.79% 1.87% 3.33% 2011 3 172008 7 2010 1.791.81 2012 202011 5.362,540 2020115.11 132 2012
2012 12 31 44. 2011 1 1 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 94.0 (36.8) 57.2 (0.1) (0.1) 0.2 0.2 13 (4,157.9) (4,157.9) 5,891.3 5,891.3 2012 12 31 3,894.0 526.3 7,817.1 12,237.4 58.25201158.25 2012 133
2012 12 31 45. (a) (b) (c) 5,04020114,090 2011 1,840 201120116,550 46. (a) 2012 2011 2012 2011 2.5 2.5 231.6 228.4 10.0 10.0 720.3 529.4 39.1 41.6 131.1 189.3 51.6 54.1 1,083.0 947.1 1 13 255 2012 12 319.512011 7.5 (b) 23 13.115% 1.83 25210870 5 134 2012
2012 12 31 46. 2012 2011 1.9 47. 2012 2011 2012 2011 138.6 92.9 657.7 64.8 3.4 48. 2012 2011 67.3 67.3 61.0 20.0 25.3 450.0 87.3 92.6 511.0 2012 135
2012 12 31 49. 5% 2003 7 1 50. (a) A 2012 2011 A 50(c) 247.7 218.4 A 50(d) 145.4 171.1 50(d) 122.2 134.0 50(d) 104.8 81.9 50(d) 56.3 67.8 50(d) 15.8 50.8 50(e) 41.0 44.0 50(d) 9.0 50(d) 7.1 A 50(f) 12.9 77.5 50(g) 22.3 20.3 50(d) (g) 23.9 11.1 50(d) (g) 17.4 10.7 50(g) 20.9 22.8 136 2012
2012 12 31 50. (a) 2012 2011 A 50(j)) 8.0 A A 50(h) 1,638.3 1,422.4 50(i) 44.6 39.6 A 50(g) 69.0 61.0 50(g) 47.9 41.2 A 50(m) 36.0 50(k) 1,444.1 1,503.5 49.1 43.4 3.6 15.7 18.8 17.7 6.5 12.0 17.7 20.9 5.8 34.2 1.1 14.4 14.4 2012 137
2012 12 31 50. (b) 2002 2002 2002 4 1 2008 6 18 2012 12 31 2202011660 (c) (d) (e) (f) 2008 6 18 2020 3 31 50(a) 2008 6 18 2011 6 19 50(g) 2013 12 31 38 2012 12 31 4,10020114,400 2008 6 18 (i) (ii) 2011 6 19 2013 12 31 50(a) 138 2012
2012 12 31 50. (g) 14A.31(2) 14A.33(3) (h) (i) 2010 2 19 2009 10 1 2020 3 3121 14A.11(4)(b)(ii)2011 6 3 50% 2011 6 24 2011 6 24 2011 6 3 14A.11(4)(b)(ii) 50% (j) 2012 12 312011 11 20 2012 1 1(i) (ii) (iii) 800 (iv) 2012 139
2012 12 31 50. (k) (l) 39 (i) (ii) 11.76 (i) (ii) (iii) (iii) (iv) (m) 222012 12 314.8 14A 2007 11 STDM STDM STDM (a) (b) 2008 6 26 2011 8 STDM 2011 12 31 STDM STDM 140 2012
2012 12 31 51. 2012 2011 25,000 100% 100% Brilliant Sky Investments Limited 1 100% 100% 1,000,000 100% 100% 1,000,000 100% 100% 1,000,000 100% 100% 1 100% 100% 1,000,000 100% 100% 25,000 51% 51% 50,000 51% 51% 25,000 51% 51% 10,000,000 51% 51% 1 100% 100% 25,000 100% 100% 2012 141
2012 12 31 51. 2012 2011 2 100% 100% SJM 1,000,000 100% 100% 1 100% Sky Reach Investments Limited 1 100% 100% A 2.7 B 3,000 100% 51(a) 100% 51(a) 1 100% (a) (b) (c) (d) AB 90% 10% A AA B BB B 1 100% 142 2012
12 31 2008 2009 2010 2011 2012 28,165.0 34,352.8 57,653.3 76,092.0 79,518.9 27,992.4 34,065.8 57,195.0 75,514.4 78,884.1 672.2 812.3 3,532.4 5,345.8 6,826.6 (16.7) (17.5) (17.6) (35.0) (74.9) 655.5 794.8 3,514.8 5,310.8 6,751.7 796.1 906.7 3,559.4 5,307.6 6,745.4 (140.6) (111.9) (44.6) 3.2 6.3 655.5 794.8 3,514.8 5,310.8 6,751.7 12 31 2008 2009 2010 2011 2012 18,920.6 23,366.5 28,889.4 33,020.0 37,293.8 (11,484.3) (14,847.1) (15,714.0) (15,773.4) (17,379.8) 7,436.3 8,519.4 13,175.4 17,246.6 19,914.0 2012 143
2012 4 1 2012 4 1 2012 4 1 2012 4 1 1 30 3001 3006 (852) 3960 8000 (852) 3960 8111 http://www.sjmholdings.com ir@sjmholdings.com 2008 7 16 880 1,000 Riquito Advogados 183 17 1712 1716 (852) 2862 8555 (852) 2865 0990 http://www.computershare.com.hk hkinfo@computershare.com.hk 144 2012
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