0027
02 04 05 10 13 22 33 35 37 38 39 41 43 53 54 55 56 57 58 59
1.46 11.368 184 02
3.5 2.5 6 03
GBS MBELLD DSSc * GBS OBE * LLD* * GBS OBE LLD 10 183 The Bank of New York 101 Barclay Street New York, NY 10286 USA http://www.galaxyentertainment.com 27 27 HK 0027.HK GXYEY 04
88 3 1. 2. 3. 4. 4.1 (i) (ii) (iii) 4.2 05
(i)(ii) (iii) (iv) 4.1 (i) (ii) (iii) 4.3 4.2 06
4.4 2 4.1 4.2 4.4 07
08
09
GBS MBE LLD DSSc 2005 200 10
11 600 25% 34 6 2005 126 B+B1 470 95% 2005
7 10% GBS MBELLD DSSc 12
4 4142 3.13 3.10(1) (2) 13
10 14
(i) (ii) 15
(iii) (iv) (v) (vi) (i) (ii) 9(a) 16
* (4) (2) (2) 2/4 1/2 4/4 2/2 3/4 1/2 4/4 2/2 4/4 2/2 4/4 2/2 2/4 1/2 1/2 4/4 2/2 2/2 3/4 2/2 2/2 4/4 2/2 * 17
3.24 53 8 3,800,000 3,470,000 www.galaxyentertainment.com 18
A.4.2B.1.1E.1.2 C.2 A.4.2 A.4.2 19
20
21
Canton Treasure Group Ltd. 88.1% 97.9% 18,405,198,023 (i) 80% 8 1,840,519,798 (ii) 20%2,544,239,603 1,136,800,000 8146,000,000 1,136,800,000 97.9% 22
1,292,000,0002,395,000,000 1,299,000,00056,000,000 3,039,000,00014,000,000 66,000,000 66,213 1,225,714 1,291,927 2,095 13,721 36,213 52,029 2,624,750 3,683 (38,343) 2,590,090 (116,423) 31,025 31,025 (109,000) (109,000) (77,975) (77,975) 2,696 2,696 2,398,388 (1,683) 2,396,705 (1,436) 2,395,269 23
EBITDA 2,624,750 3,683 (38,343) 2,590,090 (3,025,019) (9,184) 20,000 (3,014,203) 419,609 116,459 536,068 19,340 110,958 (18,343) 111,955 (73,913) (73,913) 109,000 109,000 35,087 35,087 19,340 146,045 (18,343) 147,042 A 66,213 B 1,225,714 1,299,143 A (5%) A (0%) 1,291,927 1,299,143 2005 2004 B (95%) B (100%) A 18,808,799 B 2,143,535 2,136,967 C 367,373 106,664 D 5,068,214 170,952 26,387,921 2,414,583 C (2%) B (8%) D (19%) D (7%) A (0%) A (71%) C (4%) 2005 2004 B (89%) 24
A 493,504 461,800 B 126,936 C 671,487 837,343 1,291,927 1,299,143 A (38%) 2005 2004 C (52%) C (64%) B (10%) A (36%) C (5%) A (4%) A 1,078,696 1,156,580 B 24,094,083 C 1,215,142 1,258,003 26,387,921 2,414,583 2005 2004 A (48%) B (91%) C (52%) 25
163,000,000 124,000,000 19,000,000 EBITDA 430 38 9% 43 20 74 34 6,000 Rocco Yim LRF Designers Ltd. 2,000 290 300 500 25,000 450 1,000 1,500 26
75 150 15 100 350 1646 600,000,000 350,000,0009.875 250,000,000 5 242,000,000 27
28
29
63.5% 30
14,932,000,000 1,425,000,000 948% 26,388,000,000 2,415,000,000 8146,000,000 1,137,000,000 5,068,000,000 171,000,000 A 329,058 129,648 B 11,439,469 558,552 C 3,118,363 735,930 D 37,561 E 8,003 1,134 F 491,910 39,025 G 4,643,355 311,580 H 1,922,891 194,893 21,990,610 1,970,762 G (21%) F (2%) E (0%) D (0%) A (2%) H (9%) H (10%) A (7%) C (14%) B (52%) G (16%) 2005 2004 F (2%) E (0%) D (0%) C (37%) B (28%) 7,587,000,000 322,000,000 12% 7% 31
17 23 41 3,944 232,000,000 32
Thuy Trinh 56 30 Kwa Yew Sang 54 3018 Ciarán Pearse Carruthers 37 18 Bernard Francis Millman 52 Royal Melbourne Institute of Technology Millman 30 Millman Gary Woollard 51 Woollard 21 33
34
12 2005 2005 52 2005 35
541,200 230 54 36
www.galaxyentertainment.com 37
38
1,082,615 1,010,999 1,130,894 1,299,143 1,291,927 112,801 62,328 40,205 55,886 2,395,269 48,330 24,829 25,168 25,805 9.6 5.1 3.2 4.4 110.7 4.0 2.0 2.0 2.0 675,498 740,946 802,153 787,028 2,926,125 16,494,369 263,851 211,571 253,547 266,893 300,778 141,709 240,974 240,727 408,883 514,502 423,790 362,758 481,179 507,958 1,754,836 1,504,848 1,556,249 1,777,606 1,970,762 21,990,610 121,674 124,321 125,893 129,648 329,058 1,235,958 1,268,249 1,288,370 1,295,616 14,603,396 1,357,632 1,392,570 1,414,263 1,425,264 14,932,454 125,547 145,334 147,891 39,025 491,910 200,800 311,580 4,643,355 21,669 18,345 14,652 14,020 1,778,531 180,873 144,360 1,504,848 1,556,249 1,777,606 1,970,762 21,990,610 1.12 1.12 1.12 1.10 4.54 39
1,400 120 1,200 100 1,000 80 800 60 600 40 400 200 20 0 2001 2002 2003 2004 2005 0 2001 2002 2003 2004 2005 5.00 2,500 4.50 4.00 2,000 3.50 3.00 1,500 2.50 2.00 1,000 1.50 1.00 500 0.50 0 2001 2002 2003 2004 2005 0 2001 2002 2003 2004 2005 40
GBS MBELLD DSSc 41
Prime Investments Holdings Limited 2002 GBS OBE University of Waikato Churngold Construction Holdings Limited LLD (Concordia University) 42
Canton Treasure Group Ltd.Canton Treasure 88.1% 97.9% 18,405,198,023 Galaxy Entertainment Group Limited 43 54 1 1 28 3,000,000,000 0.10388,800,000 688,800,0006,888,000,000 0.10 Sutimar Enterprises Limited 146,000,000 0.10 8.00 8.00 8.556.4%1,136,800,000 1,840,519,798 0.10 8.00 43
1,802,0002,216,000 3,566,000 0.53330.52160.514 GALAXY ENT 1,000 172,434,536 A 2,371,805,067 B Galaxy Entertainment Finance Company Limited 600,000,000 350,000,0009.875 250,000,000 30 15 41 42 100,000 80,000 100,00080,000 44
(a) 17,187,632 2,181,518 80,693,238 (1) 1,905,118,394 (2) 2,005,180,782 60.94 11,498,896 436,753,661 (3) 1,905,118,394 (2) 2,353,370,951 71.52 380,000 380,000 0.01 2,720,000 2,720,000 0.08 1,926,000 1,926,000 0.06 8,939,722 1,905,118,394 (2) 1,914,058,116 58.17 582,533 582,533 0.02 500,000 500,000 0.02 250,000 250,000 0.01 250,000 250,000 0.01 (b) (c) 2,320,898,413 (4) 2,320,898,413 50,906,654 2,320,898,413 (4) 2,371,805,067 2,320,898,413 (4) 2,320,898,413 (1) Best Chance Investments Ltd. 80,387,837305,401 (2) 1,267,165,313 22,969,034 614,984,047 45
(3) Recurrent Profits Limited 111,138,039 Top Notch Opportunities Limited Kentlake International Investments Limited 231,615,73193,999,891 (4) 2,320,898,413 XV Brightwealth Investments Limited 325,615,622 9.90 325,615,622 9.90 City Lion Profits Corp. 1,160,449,206 35.27 Davos Investment Holdings Private Limited 325,615,622 9.90 325,615,622 9.90 325,615,622 9.90 325,615,622 9.90 Guoline Capital Assets Limited 325,615,622 9.90 325,615,622 9.90 Guoline Overseas Limited 325,615,622 9.90 325,615,622 9.90 HL Holdings Sdn Bhd 325,615,622 9.90 325,615,622 9.90 Hong Leong Company (Malaysia) Berhad 325,615,622 9.90 325,615,622 9.90 Hong Leong Investment Holdings Pte. Ltd. 325,615,622 9.90 325,615,622 9.90 HSBC International Trustee Limited 1,905,132,394 () 57.90 Kwek Holdings Pte Ltd 325,615,622 9.90 325,615,622 9.90 Kwek Leng Kee 325,615,622 9.90 325,615,622 9.90 614,984,047 18.69 176,250,301 5.36 Quek Leng Chan 325,615,622 9.90 325,615,622 9.90 Top Notch Opportunities Limited 231,615,731 7.04 HSBC International Trustee Limited 1,905,118,394 (i) 1,905,118,394 2,320,898,413 a. 614,984,047 b. City Lion Profits Corp. 1,160,449,206 46
(ii) (iii) (iv) Top Notch Opportunities Limited 231,615,731 93,999,891 Brightwealth Investments Limited Davos Investment Holdings Private LimitedGuoline Capital Assets Limited Guoline Overseas Limited HL Holdings Sdn Bhd Hong Leong Company (Malaysia) Berhad Hong Leong Investment Holdings Pte. Ltd. Kwek Holdings Pte Ltd Kwek Leng Kee Quek Leng Chan 325,615,622(ii) (iii) 325,615,622 (1) (2) (i) (ii) (iii) (iv) (v) (vi) (vii) (a)(b)(c)(d) (e) (f) (g)(h) 47
(3) 10%121,787,040 30% 61,833,0401.88% (4) 1% (5) (6) (7) 1.00 (8) (i) (ii) (iii) (9) 48
1,500,000 1,500,000 0.5333 1,800,000 1,800,000 0.5216 2,000,000 2,000,000 0.5140 2,700,000 2,700,000 4.5900 590,000 590,000 4.5900 1,000,000 1,000,000 0.5333 1,600,000 1,600,000 0.5216 1,870,000 1,870,000 0.5140 6,000,000 6,000,000 4.5900 580,000 580,000 4.5900 110,000 110,000 0.5140 270,000 270,000 4.5900 1,000,000 1,000,000(a) 0.5140 270,000 270,000 4.5900 1,500,000 1,500,000 4.5900 230,000 230,000 4.5900 600,000 600,000(a) 0.5333 1,070,000 1,070,000(a) 0.5216 1,270,000 1,270,000(b) 0.5140 3,000,000 3,000,000 4.5900 400,000 400,000 4.5900 300,000 300,000(c) 0.5140 250,000 250,000 4.5900 300,000 300,000 0.5140 200,000 200,000 4.5900 250,000 250,000 4.5900 250,000 250,000 4.5900 1,602,000 1,202,000(d) 400,000 0.5333 1,374,000 1,146,000(e) 228,000 0.5216 1,276,000 996,000(f) 280,000 0.5140 15,900,000 15,900,000 4.5900 5,062,000 104,000 4,958,000 4.5900 300,000 300,000 0.5333 1,070,000 1,070,000 0.5216 300,000 300,000 0.5140 3,500,000 3,500,000 4.5900 302,000 302,000 4.5900 49
a. 4.55 b. 5.20 c. 5.40 d. 5.92 e. 6.99 f. 6.11 4.59 32,600,000 1.00 (Black-Scholes) 1 1.030.944.425 4.59 35% 2.5 3 2% 4.075% 260 4.40 Canton Treasure City Lion Profits Corp. Recurrent Profits Limited Canton Treasure 18,405,198,02380% 8.001,840,519,798 20%2,544,239,603 1,136,800,000 (1) City Lion Profits Corp. (2) Recurrent Profits Limited 50
1. 60% 100% 99% 1010 1802 1804 21,528167,920 (1) (2) (3) (1) (2) (3) 1,175,430 2. Great Place Developments Limited330,000,000 2.38 (1) (2) 51
(1) (2) 39 40 5% 3,194,000 52
54 116 141 53
7 1,291,927 1,299,143 (1,181,342) (1,244,337) 110,585 54,806 7 52,029 21,355 38(a) 3,039,019 56,247 49,448 (196,662) (54,376) (471,128) (15,084) 8 2,590,090 56,149 10 (116,423) (7,794) (77,975) 13,866 2,696 2,561 2,398,388 64,782 11 (1,683) (2,295) 2,396,705 62,487 30 2,395,269 55,886 1,436 6,601 2,396,705 62,487 14 25,805 13 110.7 4.4 109.4 4.3 54
15 1,224,505 466,883 16 63,000 65,500 17 1,638,620 254,645 18 16,494,369 20 279,432 248,243 21 21,346 18,650 22 35,483 152,375 23 479,019 256,508 20,235,774 1,462,804 24 86,971 93,175 25 926,428 681,497 1,039 1,938 26 69,495 4,217 27 5,068,214 170,952 6,152,147 951,779 26,387,921 2,414,583 28 329,058 129,648 30 14,603,396 1,295,616 14,932,454 1,425,264 491,910 39,025 15,424,364 1,464,289 31 4,643,355 311,580 32 1,778,531 13,884 136 33 144,360 180,873 6,566,246 506,473 34 1,452,047 432,425 31 2,943,806 10,000 1,458 1,396 4,397,311 443,821 10,963,557 950,294 26,387,921 2,414,583 55
19 1 1 19 15,715,425 2,103,854 19 338,629 284,164 25 361 4 339 339 27 2,253 21,179 16,057,007 2,409,540 16,057,008 2,409,541 28 329,058 129,648 30 12,038,414 1,282,172 12,367,472 1,411,820 31 117,000 311,580 19 723,287 673,952 34 30,661 2,189 31 2,818,588 10,000 3,572,536 686,141 3,689,536 997,721 16,057,008 2,409,541 56
35(a) (13,261) 21,229 881 6,731 (1,603) (1,996) (55,204) (3,864) (69,187) 22,100 (411,061) (65,496) (3,398) (141) 1,091 5,883 35(c) (97,374) (108,704) (95,883) (56,373) (37,376) 14,397 (724) (4,145) 4,150 1,440 (51,864) 7,137 1,402 (18,456) 49,031 15,563 57,528 70,000 23,492 3,296 (3,532) 1,871 3,223 (519,212) (175,811) 1,141,520 13,842 334,400 271,580 (496,580) (250,800) 4,680,000 (154,624) (83) (9,046) (12,972) (17,205) (851) 5,482,615 16,566 4,894,216 (137,145) 3,046 1,743 170,952 306,354 5,068,214 170,952 57
129,648 1,315,885 1,445,533 50,676 1,496,209 17 (27,363) (27,363) (27,363) 17 5,133 5,133 5,133 40 22,230 22,230 22,230 16 37 1 (20,269) (20,269) (11,651) (31,920) 129,648 1,295,616 1,425,264 39,025 1,464,289 3 136 136 136 129,648 1,295,752 1,425,400 39,025 1,464,425 (3,871) (3,871) (3,871) 10,740 10,740 1,259 11,999 6,869 6,869 1,259 8,128 38a 184,052 9,754,755 9,938,807 450,190 10,388,997 14,600 1,122,971 1,137,571 1,137,571 758 3,191 3,949 3,949 37,561 37,561 37,561 2,395,269 2,395,269 1,436 2,396,705 (12,972) (12,972) (12,972) 199,410 13,300,775 13,500,185 451,626 13,951,811 329,058 14,603,396 14,932,454 491,910 15,424,364 125,893 1,288,370 1,414,263 44,580 1,458,843 17 (27,363) (27,363) (27,363) 17 4,830 4,830 4,830 16 37 1 (20,199) (20,199) (11,610) (31,809) 125,893 1,245,638 1,371,531 32,970 1,404,501 1,210 1,210 305 1,515 1,210 1,210 305 1,515 2,695 11,147 13,842 13,842 1,060 (1,060) 8,318 8,318 8,318 55,886 55,886 6,601 62,487 (12,690) (12,690) (12,690) (12,833) (12,833) (12,833) (851) (851) 3,755 48,768 52,523 5,750 58,273 129,648 1,295,616 1,425,264 39,025 1,464,289 58
1. 10 16 1606 88.1% 97.9% 38(a) Galaxy Entertainment Group Limited 2. 5 (a) 1 2 7 8 10 16 17 21 23 24 27 28 31 32 33 36 59
2. (a) 37 38 39 39 40 12 13 15 21 1 2 3 1 24 2, 7, 8, 10, 21, 23, 27, 28, 31, 33 12 13 15 21 (1) 17 (2) 32 39 39 60
2. (a) (3) 40 (4) 3 36 38 136,000 (5) 16 37 1 (6) 2 2 39 2 (b) (c) 61
2. (b) (i) 16 37 1 1 32 39 40 2 3 (3,840) (3,840) 3,039,019 3,039,019 10,012 10,012 37,561 37,561 2,500 2,500 3,012,810 1,650 387 2,037 (645) (645) (721) (721) 3,009,407 (1,366) (1,366) 2,190 9,625 (2,500) (37,561) 3,039,019 3,010,773 1,391 9,625 (2,500) (37,561) 3,039,019 3,009,974 799 799 2,190 9,625 (2,500) (37,561) 3,039,019 3,010,773 0.1 0.4 (0.1) (1.7) 140.4 139.1 0.1 0.4 (0.1) (1.7) 138.8 137.5 62
2. (b) (ii) 16 37 17 1 32 39 2 3 (1,638,620) (1,638,620) 1,638,620 1,638,620 (190,266) (190,266) (3,871) (3,871) 120,930 120,930 190,266 190,266 10,012 10,012 120,930 6,141 127,071 (3,871) 37,561 33,690 (18,878) 10,399 (37,561) 3,039,155 2,993,115 (10,852) (94,288) (105,140) 2,921,665 (312) (312) (3,039,155) (3,039,155) 144,360 144,360 6,300 94,288 100,588 (75) (75) (2,794,594) 120,930 6,141 127,071 63
2. (c) (i) 16 37 1 17 40 1 1,299,143 1,299,143 (1,248,459) 303 3,819 (1,244,337) 50,684 54,806 21,355 21,355 27,218 22,230 49,448 (54,376) (54,376) (15,084) (15,084) 29,797 56,149 (3,864) (3,930) (7,794) 14,622 (756) 13,866 3,371 (810) 2,561 43,926 64,782 (3,861) 1,566 (2,295) 40,065 303 22,230 (111) 62,487 33,423 303 22,230 (70) 55,886 6,642 (41) 6,601 40,065 303 22,230 (111) 62,487 2.6 1.8 4.4 2.6 1.7 4.3 64
2. (c) (ii) 16 37 32 39 17 40 1 787,028 (320,145) 466,883 65,500 65,500 254,645 254,645 382,136 (133,893) 248,243 18,650 18,650 152,375 152,375 272,834 (152,375) 136,049 256,508 1,460,648 1,462,804 93,175 93,175 547,604 133,893 681,497 1,938 1,938 4,217 4,217 170,952 170,952 817,886 951,779 2,278,534 136,049 2,414,583 129,648 129,648 587,049 (27,363) 559,686 728,836 27,363 (20,269) 735,930 1,445,533 1,425,264 154,010 (103,334) (11,651) 39,025 1,599,543 1,464,289 311,580 311,580 13,884 13,884 136 136 180,873 180,873 325,600 506,473 341,995 103,334 (12,904) 432,425 10,000 10,000 1,396 1,396 353,391 443,821 678,991 950,294 2,278,534 136,049 2,414,583 65
2. (d) 19 21 39 39 39 4 6 4 5 6 7 1 7 1 29 4 39 (a)(b) 66
3. 2(a) 3.1 3.2 3.3 67
3. 3.4 3.5 20% 50% 3.6 68
3. 3.7 5 25% 20 33.3% 10 33.3% 3.8 69
3. 3.9 3.10 3.11 3.12 3.13 (a) 12 (b) 12 70
3. 3.13 (c) 12 3.14 3.15 71
3. 3.16 3.17 3.18 3.19 12 3.20 3.21 72
3. 3.22 3.23 (a) (b) 3.24 73
3. 3.25 (a) (b) (c) (d) (e) (f) 3.26 (a) (b) 74
3. 3.26 (c) (i) (ii) (iii) 3.27 3.28 4. 4.1 (a) 75
4. 4.1 (b) (c) (d) (e) 76
4. 4.2 5. (a) (b) (c) (d) 77
5. (e) (f) (g) (h) 6. 78
6. 66,213 1,225,714 1,291,927 2,095 13,721 36,213 52,029 2,624,750 3,683 (38,343) 2,590,090 (116,423) (77,975) (77,975) 2,696 2,696 2,398,388 (1,683) 2,396,705 (19,076,899) (73,337) (19,150,236) (765) (76,857) (77,622) (418,844) (39,602) (458,446) 3,039,019 3,039,019 (13,070) (13,070) (28,500) (28,500) (1,505) (1,505) 18,808,799 1,842,757 5,435,587 26,087,143 279,432 279,432 21,346 21,346 26,387,921 900,262 570,923 9,492,372 10,963,557 79
6. 493,504 11,232 1,078,696 126,936 19,112,855 24,094,083 671,487 26,149 1,215,142 1,291,927 19,150,236 26,387,921 461,800 10,303 1,156,580 837,343 62,736 1,258,003 1,299,143 73,039 2,414,583 7. 1,225,714 1,299,143 a 66,213 1,291,927 1,299,143 13,721 13,138 579 25b 2,532 981 3,940 20,257 1,396 23a 703 1,321 2,095 12,721 52,029 21,355 1,343,956 1,320,498 80
7. (a) Waldo Hotel Limited 1,570,687 12,207 5,510 1,588,404 (628,882) (611,322) (3,044) (108,304) (12,500) (17,326) (1,381,378) 207,026 (140,813) 66,213 81
8. 36,554 2,074 6,522 22,230 823 632 77,622 70,825 1,905 1,780 16,192 16,400 418,762 82 15,120 15,120 a 6,385 6,305 9,049 13,067 3,607 5,906 5,003 107 1,109 1,062,157 1,141,258 b 254,802 163,353 1,505 2,880 13,070 28,500 2,893 933 2,500 1,681 652 270 1,847 1,038 c 262 190 (a) (b) (c) 52,636,000 37,561,000 7,322,000 82
9. (a) d 80 3,058 3,138 80 2,082 156 196 6,453 8,967 80 2,103 80 127 2,390 57 1,874 125 163 127 2,346 57 500 1,653 2,210 80 3,278 3,358 434 6,059 781 439 14,696 22,409 160 118 278 160 94 254 114 118 232 1 118 119 33 33 468 448 916 902 6,059 781 439 15,144 23,325 390 5,655 408 181 6,634 (b) (a) 3,129 5,040 500 142 186 d 5,459 9,230 5,226 83
9. (b) 2,000,0012,500,000 1 3,000,0013,500,000 1 3,500,0014,000,000 1 5,000,0015,500,000 1 2 2 (c) 5% 6% 22.5% 15,443,000 12,307,000434,000419,000 171,000 47,000 (d) 2 2 84
10. 18,910 3,864 78,425 9,283 12,996 24 1,650 3,930 121,288 7,794 (4,865) 116,423 7,794 11. 1,049 78 634 2,217 1,683 2,295 17.5% 17.5% 85
11. 2,398,388 64,782 77,975 (13,866) (2,696) (2,561) 2,473,667 48,355 (288,893) (2,694) 4,292 10,281 372,607 111 (87,888) (2,028) 5,393 662 (7,111) (8,950) (83) 323 (1,683) (2,295) 12. 147,264,00031,573,000 86
13. 2,395,269 55,886 2,164,208,891 1,276,188,991 25,507,219 23,183,947 2,189,716,110 1,299,372,938 14. 12,833 1 12,972 25,805 1 87
15. 40,295 32,546 700,383 256,681 1,029,905 900 61 5,168 3,702 9,831 1,962 30,873 11,318 333,085 377,238 578 1,271 24,465 91 22,936 419,221 468,562 (1,062) (3,872) (11,699) (16,633) 41,773 34,778 726,144 30,964 282,938 752,306 1,868,903 4,668 24,153 396,713 137,488 563,022 97 12 1,792 1,310 3,211 1,273 2,113 49,530 1,950 25,664 80,530 (176) (3,560) (11,699) (15,435) 1,698 10,702 670 13,070 7,736 26,102 455,177 1,950 153,433 644,398 34,037 8,676 270,967 29,014 129,505 752,306 1,224,505 24,068 31,983 668,523 262,314 986,888 16,227 563 42,448 6,258 65,496 (10,588) (11,891) (22,479) 40,295 32,546 700,383 256,681 1,029,905 2,399 22,299 360,423 122,563 507,684 2,269 1,854 42,782 23,920 70,825 (6,492) (8,995) (15,487) 4,668 24,153 396,713 137,488 563,022 35,627 8,393 303,670 119,193 466,883 (a) (b) (c) 382,000 4,865,000 52,636,000 4.8% 88
16. 65,500 42,000 1,270 (2,500) 22,230 63,000 65,500 17. 254,645 258,416 47,215 3,804 38a 1,395,781 (1,270) (59,021) (6,305) 1,638,620 254,645 1,743,328 300,332 (104,708) (45,687) 1,638,620 254,645 245,369 251,302 1,393,251 3,343 1,638,620 254,645 221,290,000226,628,000 31 89
18. 24,259 16,887,329 1,620 16,913,208 141 141 24,259 16,887,329 1,761 16,913,349 418,762 218 418,980 418,762 218 418,980 24,259 16,468,567 1,543 16,494,369 19. 1 1 43(a) 90
20. 248,243 141,913 108,704 95,883 b (77,330) 14,622 (645) (756) (77,975) 13,866 (1,871) (3,223) 2,331 (196) 279,432 248,243 (a) 391,750 285,386 238,846 144,797 (132,598) (101,564) (218,566) (80,376) 279,432 248,243 400,621 183,204 b (477,951) (168,582) (77,330) 14,622 (b) (c) 66,000,000 43,000,000 43(b) 91
21. 18,650 16,098 3,417 3,371 (721) (810) 2,696 2,561 (9) 21,346 18,650 (a) 6,303 6,265 32,388 24,118 (4,519) (4,116) (12,826) (7,617) 21,346 18,650 44,995 39,528 (41,578) (36,157) 3,417 3,371 (b) 43(c) 92
22. 152,375 104,793 51,864 (51,864) (59,652) (1,402) (3,871) (1,505) (2,880) 35,483 152,375 23. 83,920 99,679 12,459 14,073 96,379 113,752 120,930 136,049 a 2,557 6,707 b 259,153 479,019 256,508 (a) (b) 485,000,000 291,000,00075,000,000 3.80% 93
24. 34,326 36,959 15,944 16,762 7,177 8,750 21,050 22,620 6,285 8,084 84,782 93,175 2,189 86,971 93,175 25. a 497,406 455,380 b 190,266 133,893 150,425 32,973 5 4 88,331 59,251 356 926,428 681,497 361 4 94
25. (a) 3060 120180 130,362 124,282 152,782 153,943 98,995 88,658 115,267 88,497 497,406 455,380 76% (b) (c) 51,091,00042,705,000 5,648,000 5,645,000 28,500,000 26. 59,483 4,217 10,012 69,495 4,217 95
27. 476,292 145,219 2,253 3,201 4,591,922 25,733 17,978 5,068,214 170,952 2,253 21,179 4,283,000,000 31(b) 3.7% 2.1% 28. 0.10 3,888,000,000 388,800 a 3,000,000,000 300,000 6,888,000,000 688,800 1,258,934,651 125,893 26,936,000 2,695 10,604,912 1,060 1,296,475,563 129,648 b 146,000,000 14,600 c 1,840,519,798 184,052 7,584,000 758 3,290,579,361 329,058 (a) (b) (c) 3,000,000,000 0.10388,800,000 688,800,0006,888,000,000 0.10 146,000,000 0.108.0 38a 1,840,519,798 0.108.0 38a 96
29. 20,342,000 58,746,000 a 41,254,000 b (7,584,000) (26,936,000) c (104,000) (11,468,000) d 53,908,000 20,342,000 (a) 4.59 (b) 0.5333 200,000 0.5216 416,000 0.5140 100,000 0.5333 270,000 0.5140 404,000 0.5333 1,272,000 0.5216 1,800,000 0.5140 1,476,000 0.5140 1,270,000 0.5333 60,000 0.5140 316,000 7,584,000 97
29. (c) 0.5333 3,876,000 0.5216 6,314,000 0.5140 1,278,000 4.5900 104,000 104,000 11,468,000 (d) 0.5333 2,500,000 3,100,000 0.5216 3,400,000 4,470,000 0.5140 4,280,000 6,850,000 4.5900 13,200,000 4.5900 3,290,000 0.5333 700,000 1,902,000 0.5216 1,298,000 2,444,000 0.5140 580,000 1,576,000 4.5900 19,400,000 4.5900 5,260,000 53,908,000 20,342,000 (e) Black-Scholes41,713,000 4.425 4.59 35% 2.5 3 2% 4.075% 260 98
30. 554,087 4,395 70 27,363 1,134 728,836 1,315,885 17 (27,363 ) (27,363 ) 17 5,133 5,133 40 22,230 22,230 16 37 1 (20,269 ) (20,269 ) 554,087 4,395 70 1,134 735,930 1,295,616 3 136 136 554,087 4,395 70 1,134 736,066 1,295,752 10,740 10,740 38a 9,754,755 9,754,755 1,122,971 1,122,971 3,191 3,191 37,561 37,561 (3,871 ) (3,871 ) 2,395,269 2,395,269 (12,972 ) (12,972 ) 11,435,004 4,395 70 (3,871 ) 37,561 11,874 3,118,363 14,603,396 544,000 4,395 70 27,363 (76 ) 712,618 1,288,370 17 (27,363 ) (27,363 ) 17 4,830 4,830 16 37 1 (20,199 ) (20,199 ) 544,000 4,395 70 (76 ) 697,249 1,245,638 1,210 1,210 11,147 11,147 (1,060 ) (1,060 ) 8,318 8,318 55,886 55,886 (12,690 ) (12,690 ) (12,833 ) (12,833 ) 554,087 4,395 70 1,134 735,930 1,295,616 99
30. 554,087 235,239 70 492,776 1,282,172 1,122,971 1,122,971 9,754,755 9,754,755 3,191 3,191 35,561 35,561 (147,264) (147,264) (12,972) (12,972) 11,435,004 235,239 70 35,561 332,540 12,038,414 544,000 235,239 70 478,408 1,257,717 11,147 11,147 (1,060) (1,060) 8,318 8,318 31,573 31,573 (12,690) (12,690) (12,833) (12,833) 554,087 235,239 70 492,776 1,282,172 332,540,000492,776,000 100
31. 232,400 157,400 244,000 321,580 194,000 321,580 476,400 321,580 351,400 321,580 a 2,584,188 2,584,188 b 4,526,265 7,586,853 321,580 2,935,588 321,580 c 308 7,587,161 321,580 2,935,588 321,580 (2,943,806) (10,000) (2,818,588) (10,000) 4,643,355 311,580 117,000 311,580 (a) (b) 2,544,240,000 2,371,805,000 6% Galaxy Entertainment Finance Company Limited 600,000,000350,000,000 9.875250,000,000 5 27 101
31. (c) 279 218 114 90 393 308 (d) 359,400 10,000 2,584,188 117,000 40,000 271,580 1,885,944 2,640,321 476,400 321,580 2,584,188 4,526,265 234,400 10,000 2,584,188 117,000 40,000 271,580 351,400 321,580 2,584,188 102
31. (e) 4.7% 0.6% 6.9% 10.5% (f) 3,060,588 321,580 2,935,588 321,580 4,526,573 7,587,161 321,580 2,935,588 321,580 32. 13,884 13,884 38a 1,764,647 1,778,531 13,884 103
32. 44,130 (29,426) (820) 13,884 (4,667) 3,847 820 39,463 (25,579) 13,884 38a 1,764,647 1,764,647 (5,317) 5,317 34,146 (20,262) 1,764,647 1,778,531 189,952,000165,108,000 37,993,00032,252,000 133,106,000 121,008,000 33. 145,894 54,880 200,774 11,580 12,820 24,400 (18,502) (8,710) (27,212) 138,972 58,990 197,962 1,650 12,820 14,470 (18,552) (8,720) (27,272) 122,070 63,090 185,160 40,800,00017,089,000 104
34. a 423,667 193,859 348,778 55,773 12,500 345,924 b 14,397 b 94,288 103,334 219,671 74,174 18,161 2,189 5,322 5,285 1,452,047 432,425 30,661 2,189 (a) 275,848 80,834 49,207 62,659 41,135 26,502 57,477 23,864 423,667 193,859 19,032 18,778 227,898 176,737 175,081 423,667 193,859 (b) 105
35. (a) 2,590,090 56,149 (3,039,019) 77,622 70,825 2,500 (22,230) 107 1,109 2,893 (36,554) (6,522) (2,074) 1,505 2,880 13,070 933 (23,492) (8,217) (12,721) 33,217 18,180 418,844 (632) 6,385 6,305 37,561 60,519 128,195 9,781 (24,459) (104,413) (135,294) 20,852 52,787 (13,261) 21,229 106
35. (b) 683,735 321,580 39,025 103,334 1,147,674 1,259 1,259 1,436 1,436 9,938,807 2,861,633 450,190 13,250,630 40,835 40,835 1,141,520 4,363,113 (9,046) 5,495,587 11,764,062 7,587,161 491,910 94,288 19,937,421 669,893 300,800 32,970 103,334 1,106,997 305 305 6,601 6,601 13,842 20,780 (851) 33,771 683,735 321,580 39,025 103,334 1,147,674 (c) 38a (1,155,543) 38b (24,394) 38a 1,082,563 (97,374) 107
36. 740,444 75,198 2,741,982 43 16 37. 16,921 7,497 46,311 24,843 115,978 22,696 179,210 55,036 108
38. (a) 28c 14,724,158 31a 2,544,240 1,136,800 18,405,198 (4,785,351) 13,619,847 18,743 13,638,590 16,677,609 3,039,019 8.00 1,840,519,798 0.10 3 5.40 9,938,807,000 109
38. (a) 66,213,0002,612,244,000 162,540,0002,626,460,000 377,073 377,073 1,620 16,888,949 232,450 1,395,781 255,621 255,621 3,577 3,577 84,145 84,145 1,082,563 1,082,563 (317,393) (317,393) (877,900) (877,900) (1,764,647) 841,756 17,127,769 (450,160) 16,677,609 (b) 24,394 (135) 24,259 51% 31% 110
38. (b) 165 165 (30) 135 39. 13,524 13,444 43,584 47,952 10,504 20,525 67,612 81,921 40. (a) (b) (c) (d) 18,230,00018,640,000 62,600,000 579,000 9,603,0009,737,000 City Lion Profits Corp. Recurrent Profits Limited 17,605,000 386,000 City Lion Profits Corp. Recurrent Profits Limited 111
40. (e) (f) 1,172,000 K. Wah International Holdings Limited 434 200 6,059 5,655 781 439 408 14,696 181 22,409 6,444 41. 262,440,000289,804,000 123,868,000104,792,000 42. 112
43. (a) 3,000,000 1 99.93 2 1 100 Chelsfield Limited 2,111,192 10 100 Construction Materials 30,000 10 100 Limited Doran (Hong Kong) 1,000 10 100 Limited 1 1 100 2 1,000 100 100 2 2 10 100 2 1,000 100 100 28,080,002 1 100 2 100,000 100 100 2 1,000 10 100 2 2 10 100 9,000,000 1 63.5 2 2 1 100 2 1 100 2 1 100 2 1 100 100 1 95 2 1 100 2 1 100 113
43. (a) 10,000,000 100 1,290,000 100 1,560,000 100 350,000 100 4,250,000 100 20,000,000 100 2,420,000 100 2,100,000 100 2,450,000 100 2,800,000 100 1,330,000 100 31,500,000 100 17,400,000 60 10,000,000 100 2,500,000 100 4,000,000 60 1,400,000 55 2,100,000 99 114
43. (a) Canton Treasure Group Ltd. 10 1 100* Eternal Profits International Limited 10 1 100 Galaxy Entertainment Finance 10 1 100 Company Limited K. Wah Construction Materials Limited 10 1 100* Fairlight Investments Limited High Regard Investments Limited 10 1 100 Latent Developments Limited 10 1 100 Profit Access Investments Limited 10 1 100 Prosperous Fields Limited 10 1 100 Taksin Profits Limited 17 1 100 Woodland Assets Limited 10 1 100 951,900 100,000 88.1 Majesty (International) Hotel Investment Company Limited 88.1 1 10,000 100 Wise Concrete Limited 25,000 25,000 75 * 115
43. (b) 4,290,000 30 50,000,000 40 100,000,000 50 4,000,000 50 2,450,000 30 660,000,000 31 6,000,000 35 (c) 1,100,000 10 20 116