Annual Report 2003

Annual Report 2003

02 3 4 5 6 15 16 18 19 26 27 33 34 56 57 58 59 60 61 62 65 66 67 181 182 184

03 2004 4 16 * * * * 148 28 29 (852) 2860 4368 (852) 2528 4386 http://www.gdi.com.hk 56 * Goldman Sachs Capital Markets, L.P.

04 2004 4 16

05 2004 4 16

06 12 31 2003 2002 5,163,943 6,737,025 2,172,072 1,850,733 51,903 317,192 2,223,975 2,167,925 616,582 1,244,999 * 249,120 * 1,672,562 530,142 1,106,721 194,904 8,932,305 8,819,984 31,542,363 32,233,128 6 17,139,409 16,554,638

07 12 31 2003 2002 0.5 5,244 5,162 8,181 5,007 1.56 0.97 20.14 2.27 19.41 2.23 1.70 1.71 12 31 2003 2002 1 12.47% 2.24% 2 4.54% 0.89% 3 3.56 1.39 4 2.11 2.15 5 1.47 1.15 1 4 2 2 5 2 3 6

08 12 31 2003 2002 1 355,770 1,016,173 2 869,034 677,237 35 3,411,712 4,135,631 5 13,852,306 12,496,506 18,488,822 18,325,547 % % 90.3 81.8 0.0 10.5 0.0 0.1 9.7 7.6 % % *75.8 92.8 12.1 7.2 12.1 0.0 * 91 % 6.7 75.8 12.1 5.4 100.0

09 EBITDA EBITDA % 2,958,281 57.29 1,042,809 2,462,897 623,786 12.08 101,157 163,478 8,880 0.17 (51,451) (46,910) 304,165 5.89 94,924 112,114 154,722 3.00 77,687 126,625 773,511 14.98 64,817 82,979 2,439 0.05 204,372 182,504 4,825,784 93.46 1,534,315 3,083,687 110,513 2.14 12,135 34,191 64,274 1.25 (91) 6,550 102,047 1.96 11,161 24,628 61,325 1.19 (2,030) (200) 338,159 6.54 21,175 65,169 5,163,943 100 1,555,490 3,148,856 4,988,083 96.59 175,860 3.41 5,163,943 100

10 2002 12 31 EBITDA % 2,831,978 42.04 302,765 2,415,241 464,370 6.89 (65,409) 2,579 8,587 0.13 39,755 157,151 391,113 5.81 106,926 147,171 212,615 3.16 73,811 87,948 736,032 10.93 30,037 46,673 15,261 0.23 (207,243) (53,631) 4,659,956 69.19 280,642 2,803,132 593,052 8.80 104,943 189,469 529,055 7.84 (73,672) (47,710) 683,931 10.15 57,821 106,814 271,031 4.02 (13,120) 4,546 2,077,069 30.81 75,972 253,119 6,737,025 100 356,614 3,056,251 6,246,485 92.72 476,235 7.07 14,305 0.21 6,737,025 100

11 () (EBITDA) 2003 57.29% 12.08% 0.17% 5.89% 3.00% 14.98% 2.14% 1.25% 1.19% 1.96% 0.05% 2002 42.04% 6.89% 0.13% 5.81% 3.16% 10.93% 8.80% 7.84% 4.02% 10.15% 0.23% 2003 77.06% 5.12% 3.51% 3.96% 2.60% 1.07% 0.20% 0.77% 5.71% 2002 76.49% 0.08% 4.98% 4.66% 2.79% 1.48% 6.00% 0.14% 3.38% 2003 2002 2003 2002

12 ( ) 1,800,000 3,000,000 1,600,000 2,500,000 1,400,000 1,200,000 2,000,000 1,000,000 1,500,000 800,000 600,000 1,000,000 400,000 500,000 200,000 0 1999 2000 2001 2002 2003 0

13 () 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1999 2000 2001 2002 2003 D B 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 1999 2000 2001 2002 2003 D B

14 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1999 2000 2001 2002 2003 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1999 2000 2001 2002 2003

15 90,000 100% 80,000 90% 70,000 80% 60,000 70% 50,000 40,000 30,000 20,000 10,000 0 2000 2001 2002 2003 60% 50% 40% 30% 20% 10% 0% EBITDA 30,000 25,000 20,000 15,000 10,000 5,000 0 2000 2001 2002 2003

16 2003 2004 (1) 1,500,000,000 2000 12 (2) (a) (b) 2003 9 29 2003 12 17 2003 6 30 3,900,000,000 2003 9 29 2003 12 17 2004 (3) 4,700,000,000

17 5,163,943,00020026,737,025,000 2003 3 D 1,106,721,000 2002 194,904,000467.83% 877,537,000747,341,000 219,833,000 (60,000,000(89,416,000 26,836,00023,554,000 58,031,000 46,895,000 62,010,000 2003 2003 2.27787.22% 20.14 (1) (2)

18 2004 2004 4 16

19 2003 6 2004 12 2003 2003 200215.62% 1,740,000,000 1.25% 3.8% 79.78% 20031,626,693,0002002 1,634,804,000 14,800,000,000 1,332,494,000585,960,000 829,483,0002002113,947,000

20 D 2002D 2002 789 2002 7 2003200319.22200212.8 2003623,786,0002002 464,370,00034.33% 232.74% 2003155,040,000200246,595,000 200315.45200215.42 2003552,126,0002002 554,793,000 63,356,000 14,669,000200263,662,00012,111,000 B 15.25200213.96 9.24% 2003 4 6 509,333,0002002514,163,0000.94% 195,104,0002002239,902,00018.67%

21 124,233,0002002 120,898,000 2.76% 26,900,0002002 59,800,000 15.02% 2003 34,829200230,280 473,719,0002002395,365,00019.82% 15.3% 3.82% 200313,251200212,764 134,145,0002002123,156,0008.92% 15.3% 6.25% 200328,734200227,045 126,935,0002002120,189,0005.61% 26.01% 200323.16%24,448 200231,815177,087,0002002272,499,00035.01% 7.23% 60,000,000 24.5% 20034,13520023,969 70%

22 99%2003 6,676 271,204,0002002263,100,000 3.08% 200382.67% 200280%2.67% 2003 20,352,000200224,040,000 15.34% 2002 2003 2003 63.69%19,630,000 2003 20022003 61% 2002 88%2.7% 2003158,778,0002002220,066,00027.85% 18,603,000 200246,848,000 773,511,0002002736,032,000 78

23 2003 12 314.05 13.83 200217.88 (3.19169.07881.5596 2000 12 2003 5 164,000,000 (i) 2003 12 994,640,000 (ii) 23.64 6.84 2003 10(iii)3,880,000,000 184.89 2002183.25 3.5642.81 138.52 2 5 5 2003 12 3120032.112002 2.15 2003 12 31 2002725,157,000 2003 4,923,757,000 4,814,659,000 2003 4,700,000,000

24 2003 12 3117.96 2002 33.3019.23 1,60013.91 140.17 2002170.12 91 2002 35 4 9 2003 12 31 2003 12 313,6443,418 226665 233,724,000 2002373,607,000

25 (a) 1,500,000,0002000 12 2003 2 Guangdong Brewery Holdings Limited 72% 71.56% 1,451,226,000 2003 3 2003 5 (b) 2003 8 (i)2003 6 30 3,879,160,000 2003 6 30 (ii)1 1,0003.25% 497,320,0005.1% 497,320,0002.0% 2003 122003 12 24 GDI Finance (Cayman) 2003 Limited 994,640,000138,175,730 1,077,771,000 83,131,000

26 2003 12 24 61 2003 12 24 2003

27 522000 3 2001 3 2001 19841995 19951998 19982000 2 532000 3 2001 3 1977 1994 19942000 452002 1012 1996 72000 9 2002 7 611998 61993 11 1

28 1964 1997 10 1964197819801993 1992 101993 5 19781980 1994(JP)1999(GBS) 651998 6 1918 McKinsey Global Institute Pacific Bankers Management Institute Lafarge Munichre Service Limited

29 1993 6 1994 7 1996 3 1996 11 541999 11 Guangdong Brewery Holdings Limited 19911995 502000 1 1975 19771990 1994 1997 19981999

30 2000 Distinguished Fulbright Scholar / /Laos 472000 5 2000 8 552002 11976 1992 1993 1995 Emory 19961999 IVY International LLC 20002001 472000 5 3 53

31 592000 5 30 472002 1 48 2000 52004 2 197823 198419871995 19972000 2000 112002 1 2000 82003 7

32 492003 22004 2 19902001 1990199319931995 1995199619962001 5219951997 1997 2003 5 58 19851988 12 2001 4 571995 92000 51969 1983 19881992 1995

33 511992 92000 5 19911998 1981 19851988 1992 481992 121996 72000 5 2000 78

34 2003 12 31 17 18 19 5 6 58181 0.50 2002

35 12 31 2003 2002 2001 2000 1999 4,825,784 4,659,956 4,956,992 2,576,377 3,057,940 338,159 2,077,069 2,314,526 2,371,607 2,301,502 5,163,943 6,737,025 7,271,518 4,947,984 5,359,442 1,555,490 356,614 592,694 (1,168,591) (2,463,046) 63,359 62,320 39,320 15,397 10,603 53,713 111,208 28,332 8,298 51,318 1,672,562 530,142 660,346 (1,144,896) (2,401,125) 1,650,584 452,862 652,975 (662,255) (2,269,201) 21,978 77,280 7,371 (482,641) (131,924) 1,672,562 530,142 660,346 (1,144,896) (2,401,125) (221,793) (217,359) (119,108) (107,630) (45,859) (1,794) (20,559) (11,542) (19,448) (5,706) (223,587) (237,918) (130,650) (127,078) (51,565) 1,448,975 292,224 529,696 (1,271,974) (2,452,690) (342,254) (97,320) (244,154) (84,328) 75,337 1,106,721 194,904 285,542 (1,356,302) (2,377,353)

36 12 31 2003 2002 2001 2000 1999 12,737,077 9,860,868 10,364,378 10,826,482 6,725,972 37,141 69,600 173,147 406,956 537,568 2,106,139 2,289,280 2,332,118 2,894,255 3,234,067 (120,767) (130,411) (104,209) 961,297 968,130 972,344 929,662 872,157 371,404 423,617 641,163 604,003 592,155 77,340 245,598 245,725 324,878 13,134,949 13,628,236 14,123,023 14,622,619 35,000 2,311,506 5,008,572 4,630,970 5,387,077 4,579,090 3,617 37,896 31,542,363 32,233,128 33,378,532 35,916,779 16,900,887 (994,640) (417,085) (650,179) (1,313,906) (1,244,404) (245,282) (382,349) (826,726) (823,811) (18,764,207) (19,625,306) (20,556,930) (22,325,476) (8,383,068) (881,907) (819,016) (2,285) (2,285) (2,739) (20,640,754) (21,106,689) (21,591,743) (24,468,393) (10,454,022) (1,969,304) (2,306,455) (2,669,292) (2,931,253) (1,923,991) 8,932,305 8,819,984 9,117,497 8,517,133 4,522,874

37 2003 1 112 12 2003 2002 2002 14 16 15 4546 2000 12 22 330,000,000 198,000,000 2004 2 27 13 47 55 45 47 79B47(b) 7,712,000 2002483,963

38 2003 5 7 2003 5 7 2003 8 7 2003 8 8 2008 8 7 1.22 2003 2003 2003 2003 5 7 5 7 12 31 12 31 (2) (3) 3,000,000 1,440,000 3,000,000 2,190,000 3,000,000 1,440,000 3,000,000 2,190,000 3,000,000 1,440,000 3,000,000 2,190,000 1,000,000 480,000 1,000,000 730,000 1,000,000 480,000 1,000,000 730,000 1,000,000 480,000 1,000,000 730,000 1,000,000 480,000 1,000,000 730,000 3,000,000 1,440,000 3,000,000 2,190,000 1,500,000 720,000 1,500,000 1,095,000 1,000,000 480,000 1,000,000 730,000 1,000,000 480,000 1,000,000 730,000 1,500,000 720,000 1,500,000 1,095,000 1,000,000 480,000 1,000,000 730,000 1,000,000 480,000 1,000,000 730,000 1,000,000 480,000 1,000,000 730,000 31,900,000 15,312,000 29,200,000 21,316,000 55,900,000 26,832,000 53,200,000 38,836,000 (1) 1.22

39 (2) 1 2003 5 7 26,832,000 2.95%2003 5 7 5 38.6%2002 5 72003 5 7 5.25 2002 5 72003 5 7 (3) 1 2003 12 3138,836,000 3.16%5 40.7%2003 1 1 4.6 2003 1 12003 12 31 (4) 1

40 46 18 * * * * 2004 2 27 2004 2 27 2003 2 252004 2 27 * 77 (i) 2007 (ii)2007 6 30 2733

41 2003 12 31

42 2003 12 31XV (i) XV7 8 (ii) 352(iii) (i) 2,000,000 0.03814% 500,000 0.0095% 76,000 0.0014% 100,000 0.0019% 5,244,522,672

43 (ii) 2003 2003 1 1 12 31.... 12,000,000 02.05.2002 0.74 5,000,000 7,000,000 01.05.2007 9,000,000 08.11.2002 0.814 9,000,000 07.11.2007 6,000,000 05.03.2003 1 0.96 6,000,000 04.03.2008 07.05.2003 3,000,000 08.08.2003 1 1.22 3,000,000 07.08.2008 12,000,000 11.02.2002 0.5312 5,000,000 7,000,000 10.02.2007 9,000,000 08.11.2002 0.814 9,000,000 07.11.2007 6,000,000 05.03.2003 1 0.96 6,000,000 04.03.2008 07.05.2003 3,000,000 08.08.2003 1 1.22 3,000,000 07.08.2008 5,000,000 05.03.2003 1 0.96 5,000,000 04.03.2008 07.05.2003 3,000,000 08.08.2003 1 1.22 3,000,000 07.08.2008 1,000,000 02.05.2002 0.74 1,000,000 01.05.2007 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008

44 (ii) 2003 2003 1 1 12 31.... 1,000,000 02.05.2002 0.74 1,000,000 01.05.2007 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008 1,000,000 02.05.2002 0.74 1,000,000 01.05.2007 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008 1,000,000 02.05.2002 0.74 1,000,000 01.05.2007 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008 12,000,000 11.02.2002 0.5312 5,000,000 7,000,000 10.02.2007 9,000,000 08.11.2002 0.814 9,000,000 07.11.2007 6,000,000 05.03.2003 1 0.96 6,000,000 04.03.2008 07.05.2003 3,000,000 08.08.2003 1 1.22 3,000,000 07.08.2008

45 (ii) 2003 2003 1 1 12 31.... 1,500,000 02.05.2002 0.74 800,000 700,000 01.05.2007 1,500,000 08.11.2002 0.814 1,500,000 07.11.2007 1,500,000 05.03.2003 1 0.96 1,500,000 04.03.2008 07.05.2003 1,500,000 08.08.2003 1 1.22 1,500,000 07.08.2008 12,000,000 11.02.2002 0.5312 12,000,000 10.02.2007 9,000,000 08.11.2002 0.814 9,000,000 07.11.2007 6,000,000 05.03.2003 1 0.96 6,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008

46 (ii) 2003 2003 1 1 12 31.... 1,000,000 11.02.2002 0.5312 1,000,000 10.02.2007 1,500,000 08.11.2002 0.814 500,000 1,000,000 07.11.2007 1,500,000 05.03.2003 1 0.96 1,500,000 04.03.2008 07.05.2003 1,500,000 08.08.2003 1 1.22 1,500,000 07.08.2008 1,000,000 02.05.2002 0.74 1,000,000 01.05.2007 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008 1,000,000 08.11.2002 0.814 1,000,000 07.11.2007 1,000,000 05.03.2003 1 0.96 1,000,000 04.03.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008 07.05.2003 1,000,000 08.08.2003 1 1.22 1,000,000 07.08.2008

47 Guangdong Brewery Holdings Limited (i) 2003 2003 1 1 12 31.... 26.05.2003 300,000 27.08.2003 1 0.84 300,000 26.08.2008 26.05.2003 2,000,000 27.08.2003 1 0.84 2,000,000 26.08.2008 (i) 150,000 0.001% 2003 12 319,015,832,859 2003 12 31 XV (i) XV7 8 (ii) 352(iii) 18

48 XV2 3 3,611,456,781 68.86% 1 2 3,611,456,781 68.86% Guangdong Trust Ltd. 576,404,918 10.99% 1. 100%568.86% 11.42%57.44% 2. Guangdong Trust Ltd.5 68.86% 11.42%57.44% 2003 12 31 XV2 3

49 1. 2003 2 261,451,226,000 Guangdong Brewery Holdings Limited 2003 3 316 2. 2003 4 11170,000,000 HIBOR 1% 2003 12 12 53 3. 2003 8 21 85,9493 1 /4% 497,320,0005.1%497,320,0002.0% 2003 12 24 GDI Finance (Cayman) 2003 Limited 47(a)

50 (i) 59,400,000 0.5312 31,553,280 6,800,000 0.74 5,032,000 5,200,000 0.814 4,232,800 8,040,000 0.96 7,718,400 2,700,000 1.22 3,294,000 82,140,000 51,830,480 (ii) 2000 12 22 66,000,000 330,000,0002001 92002 3 2002 92003 32003 6 330,000,000 2004 2 27198,000,00066,000,000 2004 12 2166,000,0002005 12 21 13 47 55 (i) Guangdong Investment Finance (Cayman) Limited 2003 5 2 20052002 1% 53,472,388

51 (ii) 2003 5 2 2005 2001 28,565,795.30 2003 3 312003 1 12003 3 31 2003 4 72003 4 72003 4 82004 4 7 6.60%2003 4 7 9.60% 47 2003 12 24 67.05% 48.39%33.41% 24.13% 5% 55 55.71%

52 1998 9 (i) (ii) (iii) (iv)

53 2004 3 31 2002 12 312003 6 306 2003 4 282003 9 26 2003 4 28 14.09(1)14.09(3) (i) 2001 5 3(ii)2001 5 32001 8 242001 10 9(iii) 2001 8 242001 10 9

54 2003 4 28 2003 9 26 1,000,000 14.06 14.09 14.12 14.20 2003 6 30 14.06 14.09 14.12 14.20 (i) 5%15%698,926,0002,096,779,000 (ii) 15%25%2,096,779,0003,494,632,000 (iii) 25%3,494,632,000 (iv) 5%698,926,000

55 2003 6 30 (i) A 17(2) 15%2,096,779,000 (ii) C 16(2) 15%2,096,779,000 (iii) 36 15%2,096,779,000 (iv) 135.1 15%2,096,779,000 (v) 153(e)(ii) 15%2,096,779,000 19 1.3 191.3 2003 6 30 (i) 15.2 1%139,785,000 (ii) 23 5%698,926,000 (iii) 193.2.1 8%1,118,282,000 (iv) 193.2.2 3%419,356,000 (v) 193.3 8%1,118,282,000

56 14.24 14.252003 6 30 (i) 14.24(5) (a)1,000,000 (b)0.01%1,398,000 (ii) 14.25(1) (a)10,000,000 (b)1%139,785,000 (iii) 14.25(2)(b)(i)5%698,926,000 2004 3 31 2004 4 16

57 58181 141 2004 4 16

58 2003 2002 4 4,825,784 4,659,956 6 338,159 2,077,069 5,163,943 6,737,025 (2,634,796) (3,951,985) 2,529,147 2,785,040 95,634 148,921 (80,818) (223,945) (346,838) (512,986) 7 (21,315) (346,381) 6 (3,738) 84 7 2,172,072 1,850,733 9 (616,582) (1,494,119) 1,555,490 356,614 63,359 62,320 53,713 111,208 1,650,584 452,862 6 21,978 77,280 1,672,562 530,142 10 (221,793) (217,359) 6 (1,794) (20,559) (223,587) (237,918) 1,448,975 292,224 (342,254) (97,320) 11, 47 1,106,721 194,904 13 20.14 2.27 19.41 2.23

59 2003 2002 14 12,737,077 9,860,868 16 2,106,139 2,289,280 21 597 835 21 (121,364) (131,246) 18 961,297 968,130 19 371,404 423,617 20 77,340 22 22,988 33,244 23 13,134,949 13,628,236 44 3,617 37,896 24 53,597 1,954,103 29,270,301 29,142,303 15 37,141 69,600 20 58,005 30,949 884 22 199 151 28 1,334 1,470 29 8,726 30 1,826 401 21 25 43,637 476,387 26 773,542 686,778 27 34,000 17,513 27 1,349,413 1,770,910 2,272,062 3,090,825

60 2003 2002 33 (107,215) (292,098) (795,265) (941,975) (37,447) (19,751) 30 (544) (2,635) 31 (2,087) (1,050) 32 (248,924) (405,172) 34 (237,570) (1,034,019) 42 (118,200) (1,547,252) (2,696,700) 724,810 394,125 29,995,111 29,536,428 34 (16,005,452) (17,034,079) 42 (2,127,600) 32 (78,543) (198,373) 43 (358,521) 44 (881,907) (819,016) (19,093,502) (18,409,989) 10,901,609 11,126,439 (1,969,304) (2,306,455) 8,932,305 8,819,984 45 2,622,261 2,581,857 47 6,310,044 6,238,127 8,932,305 8,819,984

61 2003 2002 1 1 9,415,383 9,117,497 56 (595,399) (509,195) 8,819,984 8,608,302 47 (7,773) (256) 45 51,818 15,617 1,106,721 194,904 45, 47(d) (994,640) 47 (43,805) 1,417 12 31 8,932,305 8,819,984

62 2003 2002 1,672,562 530,142 9 616,582 1,494,119 (63,359) (62,320) (53,713) (111,208) 7 (19,028) (31,457) 7 362,150 426,100 7 8,154 4,998 7 2,023 6,667 7 493,287 493,287 7 700 7 111,010 111,009 7 238 238 7 89,416 89,432 7 (62,010) (2,763) 7 23,554 55,343 7 60,000 7 110,253 7 10,256 1,890 7 26,836 28,800 7 415 13,857 7 977 260 7 2,747 7 (46,895) 7 (994) (3,207) 7 9,771 8,327 7 (58,031) 40,906 7 (11,633) (11,003) 7 (850) (636) 7 (19,474) (37,386) 63 3,152,094 3,158,245

63 2003 2002 62 3,152,094 3,158,245 (274) 7,899 1,995 170,177 (5,279) 22,452 540 (48) 17,004 136 131 1,185 (329) 6,767 (431) 1,063 (196,880) 26,504 (453,277) 213,797 184,432 (121,235) (772) 2,635 1,037 (60,906) 9,122 14,817 2,713,978 3,438,623 29,303 31,457 9 (488,285) (1,264,677) 9 (249,120) 9 (153,908) 57,045 102,448 (229,841) (213,338) (957) (5,341) (109,389) (92,179) 1,817,946 1,747,873

64 2003 2002 (47,434) (107,034) (693,129) (613,894) (11,073) (22,256) 12,461 (61,139) 135,345 71,343 48(b) 693,528 65,202 22,467 107,525 11,693 1,389 74,711 (16,487) 57,153 (78,284) 952 (44,513) (352,448) 45 51,818 15,617 1,012,776 13,749,606 (1,746,006) (2,283,830) 202,031 568,284 (327,965) (58,065) (265,034) (148,106) (245,282) (137,067) (174,958) (12,394,956) (417,085) (233,094) (358,521) (200,348) (37,690) (2,268,226) (1,159,649)

65 2003 2002 (494,793) 235,776 1,770,410 1,534,634 (4,988) 1,270,629 1,770,410 48(c) 827,758 1,400,275 442,871 370,135 1,270,629 1,770,410

66 2003 2002 14 1,958 5,887 17 5,798,677 9,041,124 19 115,062 115,152 24 51,069 154 5,966,766 9,162,317 28 1,334 1,470 30 203 40 53,368 6,112 27 527,766 469,101 582,671 476,723 (45,316) (53,415) 31 (1,283) (387) 34 (294,518) (46,599) (348,320) 536,072 128,403 6,502,838 9,290,720 34 (1,539,827) 43 (358,521) (1,898,348) 6,502,838 7,392,372 45 2,622,261 2,581,857 47 3,880,577 4,810,515 6,502,838 7,392,372

67 1. 2003 3 900,000,000 375,100,000 100% 100% 24.8% 33 5 6 2002 Alpha Universal LimitedAlpha Universal60% 5 6

68 2. 12 35 20 12 12

69 2. 10 44 3 56 35 3 9 20 12 3. 2003 12 31

70 3. (a) (b) (c) 20% (d) 20%

71 3. 20%

72 3. 2001 30 30 30

73 3. 2001 30 30 30

74 3. 2% 20% 3.3% 10% 4% 25% 4% 32% 6% 30%

75 3. 2003 1 1 3.6% 3,257,000

76 3. 20 20 2000 8 1830 30

77 3. 424(b) 4

78 3. 3 3

79 3.

80 3. 24(c) 424(b)

81 3.

82 3. (a) (b) (c) (d) (e) (f) (g) (h) 4.

83 4. 2003 2002 773,511 736,032 3,582,066 3,296,348 90,148 458,888 513,580 15,161 8,880 8,587 2,439 100 4,825,784 4,659,956 276,834 1,806,038 61,325 271,031 338,159 2,077,069 5,163,943 6,737,025

84 5. (i)(ii) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii)

85 5. (a) 6(a) (i) (ii) (iii) (iv) (v) (b) 6(b) Alpha Universal 60% (c) 6(c)

86 5. (a) 2003 2002 2003 2002 2003 2002 304,165 300,965 90,148 8,880 8,587 60,573 78,614 3,972 2,835 4,031 259 37,166 (114) 937 (417) 71 368,596 383,351 94,179 8,722 45,824 188,139 142,165 (37,184) (26,830) 1,122 35,699 63,359 62,320 (6,633) 4,502 52,976

87 5. (a) 2003 2002 2003 2002 2003 2002 2,958,281 2,831,978 623,786 464,370 154,722 212,615 4,056 1,675 1,446 8,275 3,186 (12,265) 31 2,401 127 856 2,946,016 2,833,424 623,817 466,771 167,180 218,332 1,621,097 1,621,343 155,884 44,260 102,137 73,432 55,530 49,992

88 5. (a) 2003 2002 2003 2002 2003 2002 773,511 736,032 2,439 15,261 4,825,784 4,659,956 (4,241) 60,388 80,289 6,425 5,723 11,083 801 30,014 55,188 652 652 8 2 (1,132) (2,472) (13,762) 1,795 779,944 741,757 8,149 14,242 4,902,424 4,797,880 71,776 27,690 (57,341) (92,489) 2,045,630 1,825,270 63,359 62,320 4,013 6,332 52,910 113,802

89 5. (a) 2003 2002 2003 2002 2003 2002 61,325 271,031 110,513 593,052 102,047 683,931 19,670 66,505 128 7,838 3,374 32,773 1,429 6,404 24 (25) (387) 378 (345) 61,453 278,893 113,862 625,438 123,524 756,495 (240) (9,160) 11,690 103,682 15,098 67,712 803 1,843 (4,437)

90 5. (a) 2003 2002 2003 2002 2003 2002 64,274 412,759 90,329 17,665 149 1,121 3,900 2,308 105 (222) (297) (42) 64,528 413,658 93,932 19,931 2,350 (39,612) (24,562) (439)

91 5. (a) 2003 2002 2003 2002 8,302 338,159 2,077,069 19,670 66,505 5,080 54,344 458 (1,269) 8,302 363,367 2,196,649 (89) 28,898 97,532 803 (2,594)

92 5. (a) 2003 2002 2003 2002 5,163,943 6,737,025 (80,058) (146,794) 35,094 109,532 (652) (13,304) 526 (80,058) (147,446) 5,185,733 6,847,083 2,074,528 1,922,802 19,028 31,457 36,927 (111,683) 41,589 11,118 (2,961) 2,172,072 1,850,733 (616,582) (1,494,119) 63,359 62,320 53,713 111,208 1,672,562 530,142 (223,587) (237,918) 1,448,975 292,224 (342,254) (97,320) 1,106,721 194,904

93 5. (a) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 3,295,856 3,553,361 43,630 80,767 201,380 205,934 23,230,612 21,174,115 686,651 610,315 89,852 343,818 297,705 961,297 968,130 268,632 394,315 4,589 38,191 79,671 79,693 357,654 164,728 244,328 264,572 4,639 6,388 11 150 4,541 7,790 834,127 779,981 62,321 44,241 4,712 26,836 28,800 9,687 89,416 89,432 9,275 1,013 131 640,168 604,042 15,081 36,319

94 5. (a) 2003 2002 2003 2002 2003 2002 2003 2002 1,826,913 1,760,717 262,770 136,229 601,011 504,032 30,148,823 28,025,470 27,586 25,153 371,404 412,710 961,297 968,130 30,426 38,708 228,285 177,445 53,155 74,832 1,266,740 1,232,484 13,650 14,134 18,004 25,493 3,608 9,039 940,901 887,216 13,867 50,390 33,512 (59,796 ) 3,283 7,421 42,178 96,853 10,703 10,913 879 2,613 51,374 15,245 719,218 669,263

95 5. (a) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 123,738 1,409,329 736,086 414,904 2,964 10,907 131,128 220,283 168,148 79,625 2,475 12 11,630 22,055 88,963 9,494 38,792 4,162 15,294 46 46,992 2,146 1,493 11,930 29,169 216 1,802 20,101 26,073 340 8,405 1,307 15,039

96 5. (a) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2,687,021 (10,132 ) 30,148,823 30,702,359 10,907 371,404 423,617 961,297 968,130 60,839 139,022 31,542,363 32,233,128 601,659 (10,132 ) 1,266,740 1,824,011 19,374,014 19,282,678 20,640,754 21,106,689 1,058 35,723 155,783 976,624 1,042,999 238 976,862 1,042,999 50,631 50,390 84,143 70,256 112,143 120,646 196,286 713 41,812 42,178 138,665 342 4 21,964 51,665 741,182 720,928

97 5. (b) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 175,860 476,235 4,988,083 6,246,485 14,305 5,163,943 6,737,025 14,069 8,557 21,025 104,251 3,917 35,094 116,725 (1,569 ) (2,762 ) (11,735 ) 3,498 (210 ) (13,304 ) 526 188,360 482,030 4,997,373 6,354,234 18,012 5,185,733 6,854,276 2,305,577 2,523,300 27,843,246 28,087,858 19,062 (3,756 ) 30,148,823 30,626,464 59,260 6,071 681,922 714,857 741,182 720,928

98 6. (a) 1 2003 2 26 1,451,226,000 900,000,000 375,100,000 100% 100% 24.8% 2003 3 313,738,000 (b) Alpha Universal 60% 2002 6 6,596,000 Alpha Universal Alpha Universal 60% 2002 7 Alpha Universal 636,000

99 6. (c) 2002 6 2002 6 30 552,000 2003 2002 2003 2002 2003 2002 12 31 12 31 12 31 12 31 12 31 12 31 110,513 593,052 64,274 412,759 90,329 (68,774) (351,680) (57,984) (416,233) (84,761) 41,739 241,372 6,290 (3,474) 5,568 3,794 34,034 292 1,080 3,775 (26,495) (133,960) (527) (2,318) (311) (6,903) (36,504) (3,667) (12,036) (4,252) (22,685) (29,169) 12,135 104,942 2,388 (39,433) (24,389) (2,479) (5,063) (4,471) (4,437) 12,135 100,505 (91) (44,496) (28,860) (574) (14,654) 11,561 85,851 (91) (44,496) (28,860) (5,371) (28,078) 6,190 57,773 (91) (44,496) (28,860)

100 6. 2003 2002 2003 2002 2003 2002 12 31 12 31 12 31 12 31 12 31 12 31 7,549 182,264 (42,864) 19,682 (22,082) (12,038) (6,036) 9,308 (10,333) 1,778 153 (5,930) (47) (31,275) (4,336) 176,228 (39,486) 9,302 (51,579) 2003 2002 2003 2002 2003 2002 12 31 12 31 12 31 12 31 12 31 12 31 1,439,401 412,865 1,219 (221,457) (138,895) (605) 1,217,944 273,970 614

101 6. 2003 2002 2003 2002 2003 2002 12 31 12 31 12 31 12 31 12 31 12 31 102,047 683,931 61,325 271,031 17,665 (76,413) (560,662) (53,645) (227,360) (5,985) 25,634 123,269 7,680 43,671 11,680 1,843 6,368 155 9,242 2,332 (5,077) (34,131) (838) (4,794) (7,259) (7,267) (25,082) (4,926) (47,907) (7,144) (2,342) (2,283) (7,992) (24) 15,133 68,082 (212) (7,780) (415) (3,972) (10,200) (1,818) (1,611) (29) 803 2,016 11,161 57,882 (1,227) (7,375) (444) (955) (5,190) (265) (715) 10,206 52,692 (1,492) (8,090) (444) (5,570) (19,349) (57) 177 4,636 33,343 (1,492) (8,147) (267)

102 6. 2003 2002 2003 2002 2003 2002 12 31 12 31 12 31 12 31 12 31 12 31 (29,424) 160,645 (12,835) 53,403 (608) (341) (8,258) 5,204 (553) (317) 95,273 (160,720) (69,262) 65,508 (8,333) (7,631) (16,412) (925) 2003 2002 2003 2002 2003 2002 12 31 12 31 12 31 12 31 12 31 12 31 736,086 134,645 (316,831) (172,523) 419,255 (37,878)

103 6. 2003 2002 2003 2002 12 31 12 31 12 31 12 31 8,302 338,159 2,077,069 (6,067) (256,816) (1,652,748) 2,235 81,343 424,321 157 6,084 56,988 (832) (32,937) (183,605) (760) (22,763) (133,685) (732) (2,283) (62,944) 68 29,444 101,075 (8,269) (21,374) 803 (2,421) 68 21,978 77,280 (1,794) (20,559) 68 20,184 56,721 (10,941) (47,307) 68 9,243 9,414

104 6. 2003 2002 2003 2002 12 31 12 31 12 31 12 31 (287) (77,574) 393,017 154 2,133 (23,565) 89,496 (261,304) (133) 14,055 108,148 2003 2002 2003 2002 12 31 12 31 12 31 12 31 2,724,216 (850,311) 1,873,905

105 7. 2003 2002 * 908,049 2,385,997 14 362,150 426,100 * 8,154 4,998 * 2,023 6,667 * 23 493,287 493,287 * 700 * 24(a) 111,010 111,009 1,915 16,916 2,877 6,500 8 233,724 373,607 17,899 30,511 (309) (943) # 17,590 29,568 251,314 403,175 (254,658) (278,568) 5,023 14,547 (249,635) (264,021) ** 21 (11,633) (11,003) (29,272) (37,975) 17 (850) 48(b) (19,474) (37,386) (500) (3,900) (19,028) (31,457) 13,304 (526)

106 7. 2003 2002 21 238 238 16 89,416 77,643 14 (62,010) (2,763) 14 23,554 55,343 18 60,000 20 110,253 10,256 1,890 15 26,836 28,800 415 13,857 977 260 2,747 17 (46,895) (994) (3,207) 9,771 8,327 (58,031) 40,906 * ** # 2002

107 8. 5 (a) 161 2003 2002 800 800 800 800 3,849 3,343 844 708 720 583 720 583 6,213 5,434 2003 2002 1,000,000 13 13 1,000,001 1,500,000 2 1,500,001 2,000,000 2 1 15 16 24,000,000 (200285,000,000 46(a)

108 8. 5 (b) 5 2(20022 3 (20023 2003 2002 3,162 3,068 454 1,415 150 71 3,766 4,554 3 (20023 2003 2002 1,000,001 1,500,000 2 2 1,500,001 2,000,000 1 1 3 3 3,100,000 (20024,000,000 3 (2002 32 46(a) 5

109 9. 2003 2002 5* 30,903 140,552 5** 453,312 1,103,052 4,070 21,073 488,285 1,264,677 24(c) (25,611) (34,006) 462,674 1,230,671 153,908 40(b)(iii) 14,328 40(b)(iii) 136,266 112,854 616,582 1,494,119 * 556,000218,00037) 38) ** 25,992,000

110 10. 17.5% 200216% 2003 2004 2003 2002 2,403 4,795 (1,643) (75) 128,038 84,039 1,612 543 44 70,484 133,614 200,894 222,916 10,466 (1,287) 12,227 16,289 223,587 237,918

111 10. 2003 % % % 145,351 1,527,211 1,672,562 25,436 17.5 503,980 33.0 629,416 31.7 (308,699) (20.2) (308,699) (18.5) 150 0.1 150 (1,643) (1.1) 1,612 0.1 (31) (48,726) (33.5) (69,497) (4.6) (118,223) (7.1) 28,982 19.9 11,684 0.8 40,666 2.4 16,827 11.5 28,883 1.9 45,710 2.7 (12,406) (8.5) (12,406) (0.7) 46,714 3.1 46,714 2.8 1,188 0.8 (898) (0.1) 290 9,808 6.7 213,779 14.0 223,587 13.3

112 10. 2002 % % % (300,218) 830,360 530,142 (48,035) 16.0 274,019 33.0 225,984 42.6 (212,571) (25.6) (212,571) (40.1) (75) 543 0.1 468 0.1 (23,373) 7.8 (16,193) (2.0) (39,566) (7.5) 49,358 (16.4 97,839 11.8 147,197 27.8 40,424 13.4 18,749 2.3 59,173 11.2 (6,714) 2.2 (14,715) (1.8) (21,429) (4.0) 84,262 10.1 84,262 15.9 (6,067) 2.0 467 0.1 (5,600) (1.1) 5,518 (1.8) 232,400 28.0 237,918 44.9 33% 15% 20022003 11. 2003 12 31 7,432,0002002143,201,000

113 12. 45(2002 2002 12 314592,236,000 1998 10 72003 12 24 47(a) 2003 12 24 3738 47(a) (d) 13. 20032002 12 31 2003 2002 1,106,721 194,904 * (53,048) * (21,788) 1,106,721 120,068 218 1,106,939 120,068 * 47(a)2003 12

114 13. 2003 2002 5,214,533,083 5,141,494,726 47(c) 280,500,000 137,500,000 5,495,033,083 5,278,994,726 5,214,533,083 5,141,494,726 151,284,000 48,915,741 5,891,538 330,000,000 198,000,000 5,701,708,621 5,388,410,467 2000 81% 2000 12 2256,600 2000 12 22 2000 9 15 2001 92002 32002 92003 32003 6 12345 330,000,0002004 2 27 198,000,00066,000,000 2004 12 21 66,000,000 2005 12 21 12345330,000,000

115 14. 1,638,168 5,445,538 1,428,421 2,469,063 279,666 118,442 148,985 225,120 527,430 12,280,833 2,532 1,842,098 544,521 13,045 402 484 8,352 2,411,434 24 450,403 1,600,050 461,870 2,512,323 16 (70,395 ) (70,395 ) 8,418 40,833 5,480 1,159 563 (56,453 ) (30,713 ) (7,227 ) (5,521 ) (2,706 ) (2,309 ) (48,476 ) 48(b) (978,729 ) (1,750,177 ) (37,128 ) (24,578 ) (124,357 ) (32,884 ) (2,947,853 ) 7 62,010 62,010 (1,538 ) (1,391 ) (1,186 ) (247 ) (234 ) (101 ) (868 ) (1,864 ) (7,429 ) 2003 12 31 1,698,640 4,825,663 4,911,402 1,722,344 250,974 91,889 22,702 224,252 444,581 14,192,447 757,584 101,807 1,084,397 234,257 96,907 112,979 32,034 2,419,965 160,916 70,146 103,396 10,723 7,006 5,422 4,541 362,150 7 13,867 9,687 23,554 16 (2,520 ) (2,520 ) (15,898 ) (781 ) (4,881 ) (1,803 ) (2,231 ) (25,594 ) 48(b) (313,737 ) (857,990 ) (26,367 ) (21,584 ) (100,629 ) (1,320,307 ) (551 ) (682 ) (279 ) (266 ) (18 ) (82 ) (1,878 ) 2003 12 31 599,661 171,953 328,340 213,453 80,260 15,523 36,493 9,687 1,455,370 2003 12 31 1,698,640 4,226,002 4,739,449 1,394,004 37,521 11,629 7,179 187,759 434,894 12,737,077 2002 12 31 1,638,168 4,687,954 1,326,614 1,384,666 45,409 21,535 36,006 193,086 527,430 9,860,868 42003 10 2003 12 31

116 14. 2003 2002 2003 2002 692,700 686,035 235,612 404,149 399,266 394,834 41,268 6,399 20,468 606,674 557,299 3,949,122 4,254,404 2,534 1,698,640 1,638,168 4,226,002 4,687,954 1,698,640,00020021,638,168,000 62,010,00020022,763,000 1,698,640,00020021,638,168,000

117 14. 11,215 10,311 612 22,138 117 186 303 (1,971) (1,971) 11,332 8,526 612 20,470 9,609 6,030 612 16,251 1,271 2,183 3,454 (1,193) (1,193) 10,880 7,020 612 18,512 452 1,506 1,958 2002 12 31 1,606 4,281 5,887

118 15. 2003 2002 69,600 173,147 7 (26,836) (28,800) (74,711) 48(b) (5,600) (23) (36) 12 31 37,141 69,600 2003 2002 37,141 64,000 5,600 37,141 69,600

119 16. 2003 2002 2,289,280 2,332,118 30,000 14 67,875 7,549 (500) (89,416) (77,643) (12,670) (1,649) 48(b) (147,731) (1,199) (595) 12 31 2,106,139 2,289,280 12 31 2003 2002 12,670 287,400 370,400 1,500 5,570 1,817,239 1,900,640 2,106,139 2,289,280 2003 12 31 184

120 17. 2003 2002 726,825 4,908,120 6,107,276 4,908,120 6,834,101 4,453,672 5,570,624 (1,425,460) (837,840) 7,936,332 11,566,885 (2,137,655) (2,525,761) 5,798,677 9,041,124 12 31 504,018 445,000,0001% 9%5 994,640,0002% 5.1%

121 17. Bateson Developments 9 100% Limited 91 2 100% 2 1,000,000 82.66% * A 100 B 10 840,000,000 8.77% 54% (1) 2 100% 5,000,000 10,000 100% Guangdong Investment 2 100% Finance (Cayman) Limited GDI Finance (Cayman) 1 100% 2003 Limited Guangdong Nan Fang 10,000 56.34% (Holding) Co., Ltd Guangdong Power 44,078,850 51% (International) Limited

122 17. 2 100% 8,000,000 76.92% (4) 6,116,000,000 81.83% (2) * 93,200,000 70% (2) 75,000,000 80% (2) Sen International 2 100% Ventures Corporation (Hong Kong) Limited D (1) 51,500,000 45.9% 114,787,016 99% (2) (3) 10,000,000 100% 2 100% 100 95% * Ernst & Young International

123 17. (1) (2) (3) (4) 2003 2002 2003 2002 ) (483,888) (483,888) 209,731 209,731 (274,157) (274,157) 582,885 582,885 582,885 582,885 308,728 308,728 582,885 582,885 (261,833) (308,728) (535,990) (582,885) 46,895 46,895 (46,895) (46,895)

124 17. # 500,000,000 70% 2 100% # 2003 12 22 70% 50,000,00046,895,000 50,000,00046,895,000 2003 12 31 2001 7 27850,000 56.01% 2002 4 2002 850,000

125 18. 2003 2002 777,407 724,514 243,890 243,616 1,021,297 968,130 7 (60,000) 961,297 968,130 Guangdong Transport 100,000 51% Investment (BVI) Company Limited ) 2002 12 31 2002 12 31 2002 21,862 124,725

126 18. 2002 12 31 2002 2,465,433 86,151 (56,964) (1,074,004) 1,420,616 19. 2003 2002 2003 2002 115,062 115,062 314,121 431,014 61,139 9,266 90 (3,856) (9,135) 371,404 431,145 115,062 115,152 (7,528) 12 31 371,404 423,617 115,062 115,152

127 19. 21.97% Guangdong Power Investment 49% 49% Limited 11.48% 20. 2003 2002 271,152 271,152 (271,152) (271,152) 135,345 70,227 70,227 (70,227) (70,227) 12 31 135,345 (58,005) 77,340

128 20. 2.71 2013 14.25% 2003 1 51 21. 1,192 (152,535) (1,751) 1,192 (154,286) 357 (21,289) ) 238 (11,633) 595 (32,922) 597 (121,364) 2002 12 31 835 (131,246)

129 21. 32001 30 2001 30 1,259,300 (1,897,463) 56 65,419 (2,340) 1,324,719 (1,899,803) 48(b) (2,354) 65,035 182,160 1,322,365 (1,652,608) (1,018,662) 303,703 (1,652,608) 2002 12 31 306,057 (1,899,803)

130 22. 2003 2002 115,153 134,491 (92,165) (101,247) 22,988 33,244 180 132 19 19 12 31 23,187 33,395 (199) (151) 22,988 33,244 12 31 180 132 2003 12 3124.5% 18,646,000(200218,646,000

131 23. 14,798,611 1,170,375 493,287 1,663,662 13,134,949 2002 12 31 13,628,236 2000 8 1830 24.23 2000 8 1830

132 24. 2003 2002 2003 2002 (a) 69,646 180,656 (b) 2,370 452,773 (c) 1,406,681 15,778 (d) 51,069 51,069 158 8,312 154 123,243 2,064,200 51,069 154 (a) (69,646) (110,097) 53,597 1,954,103 51,069 154 (a) 2000 8 18 111,010,000(2002111,009,000 12 69,646,000(2002110,097,000 (b) 442000 8 1830 2003 10

133 24. (c) 2000 8 18 2000 12 154 447 25,611,000200234,006,000 5.184% 2002 5.184%42003 10 2,061,920,000 (d) Teem Holdings Limited 25. 2003 2002 4,023 238,428 72,861 39,614 157,214 7,884 12 31 43,637 476,387 2002 12 3153,937,000 26. 2003 12 31531,554,0002002385,283,000 30 180

134 26. 2003 12 31 2003 2002 3 530,455 379,895 36 1,494 3,948 61 880 32,765 1 10,559 243,966 543,388 660,574 (11,834) (275,291) 531,554 385,283 27. 2003 2002 2003 2002 (a) 827,758 1,412,667 156,669 426,444 521,655 375,756 371,097 42,657 (b) 34,000 1,383,413 1,788,423 527,766 469,101 (b) (34,000) (17,513) 12 31 48(c) 1,349,413 1,770,910 527,766 469,101

135 27. (a) 210,455,0002002127,545,000 (b) 2003 12 1747(a) Guangdong Investment (Nominees) Limited 34,000,00047(a) 34,000,000 2002 12 31 28. 161B 2003 2003 12 31 1 1 Eken Development Limited * 1,334 1,470 1,470 * 2%9

136 29. 30. 43,922,000200244,949,000 2002 (i)2003 6 30(ii)2003 6 30 LIBOR1.8%HIBOR1.8% 2003 12 31 31. 2003 2002 2003 2002 2,087 1,050 1,283 387 34 626,623 568,000 12 31 2,087 627,673 1,283 568,387

137 31. 2002 12 31568,000,000 1% 58,623,000 4%2002 9 2003 2002 2003 2002 1 305,316 294,518 2 10,798 35 305,303 273,482 5 5,206 626,623 568,000 (305,316) (294,518) 321,307 273,482

138 32. 2003 2002 34 7,047 35,401 42,448 248,924 405,172 78,543 198,373 327,467 603,545 327,467 645,993 1.8% 20022% 2003 2002 1 248,924 412,219 2 44,075 128,506 35 18,187 97,510 5 16,281 7,758 327,467 645,993

139 33. 12 31 2003 2002 3 101,306 214,383 36 2,356 14,064 61 253 2,330 1 3,300 61,321 107,215 292,098 34. 2003 2002 31 305,316 321,307 626,623 32 7,047 35,401 42,448 35 237,570 13,779,528 14,017,098 721,656 14,343,728 15,065,384 2005 36 417,085 417,085 37 497,320 497,320 38 497,320 497,320 39 245,282 245,282 40 1,231,284 1,231,284 1,406,242 1,406,242 41 265,034 265,034 12 31 237,570 16,005,452 16,243,022 1,034,019 17,034,079 18,068,098

140 34. 2003 2002 31 294,518 273,482 568,000 35 663,612 663,612 39 245,282 245,282 40 92,417 92,417 41 265,034 265,034 12 31 294,518 1,539,827 1,834,345 35. 2003 2002 2003 2002 34 14,017,098 14,448,708 114,854 616,676 548,758 12 31 14,017,098 15,065,384 663,612

141 35. 2003 2002 2003 2002 1 237,570 721,656 2 750,834 677,238 35 2,062,472 2,483,810 663,612 5 10,966,222 11,182,680 14,017,098 15,065,384 663,612 (237,570) (721,656) 13,779,528 14,343,728 663,612 2002 11 27 128 A20 B 2003 12 31A 114.21 2002119.44 A A C75.88%B 40(b))A31.399% 10182003 12 B8(20028 B B361% 2013 AB 91 20082012 BAB

142 36. 2005 2005 2005 20052%(20022% 2003 4 12005 2005 2003 5 22005 37. 47(a) Guangdong Finance (Cayman) 2003 LimitedGDI Cayman497,320,000 497,320,000 5.1% 5 45) 5.1% 2008 12 23100% 2005 12 2366.66% 2005 12 24 GDI Cayman 1560 5,000,000 350,000,000

143 38. 47(a) GDI Cayman 2003 12 24497,320,000 497,320,0002% 5 45) 2.0% 2008 12 23100% 2004 1 262008 12 172008 12 17 7 1.85 0.5 2005 12 2366.66% 2005 12 24GDI Cayman 1560 5,000,000 95%GDI Cayman 1560 3655.10%

144 39. 2003 2002 2000 22,469 2001 222,813 12 31 245,282 2003 2002 35 245,282 2002 12 31200020012,880,000 28,566,000 200320022% 2005 6 2003 5 2 40. 2003 2002 (a) 92,417 92,417 (b) 1,231,284 1,231,284 1,313,825 1,313,825 12 31 1,231,284 1,231,284 1,406,242 1,406,242 12 31 92,417 92,417

145 40. (a) 2% 2005 6 (b) 3A B C (i) A A5,448,300,0008%10 1012001 12 A2002 (ii) B B5,448,300,0008%2010 2002B 4,134,475,000 B1,231,284,000(20021,313,825,000 (iii) C C 17.75853,103,400,000 7%2008C 2000 12 20 C 8% 17.80

146 40. (b) 3A B C (iii) C 2001 12 31C17.80 2001 12 3114,328,000 2002C 14,328,000 C 4 2002 12 20 C 136,266,0002002 3,500,000,000 2012 12 20 B76,262,000(2002 41. 2003 2002 35 265,034

147 41. 2003 5 2 42. 2,360,000,000 2003 20202003 12 2003 2002 1 118,200 2 118,200 35 354,600 5 1,654,800 2,245,800 (118,200) 2,127,600

148 43. 2003 2002 1 1 358,521 558,869 (358,521) (200,348) 12 31 358,521 2002 12 31 2002 12 312 2000 12 22 2.375%2.375% 1,017,500,0002% 2002 12 31 18,408,000

149 44. 2003 2003 1 1 2,285 2,285 12 309,035 512,173 (4,477) 816,731 311,320 512,173 (4,477) 819,016 150,000 10 35,284 36,440 (5,438) 66,286 (1,700) (1,700) (275) (1,420) (1,695) 344,629 547,193 (9,915) 881,907

150 44. 2003 2003 1 1 12 (1,396) (36,500) (37,896) (1,396) (36,500) (37,896) 10 559 3,639 4,198 30,072 30,072 9 9 2003 12 31 (828) (2,789) (3,617) 2003 12 31 878,290

151 44. 2002 2002 1 1 2,285 2,285 12 274,763 419,205 (7,602) 686,366 277,048 419,205 (7,602) 688,651 10 34,272 92,968 3,125 130,365 2002 12 31 311,320 512,173 (4,477) 819,016

152 44. 2002 2002 1 1 12 (2,450) (38,695) (41,145) (2,450) (38,695) (41,145) 10 1,054 2,195 3,249 2002 12 31 (1,396) (36,500) (37,896) 2002 12 31 781,120 15,937,000200259,814,000 122 56

153 45. 2003 2002 8,000,000,00020028,000,000,000 0.50 4,000,000 4,000,000 200,0002002200,000 1.003.25% 1,549 4,000,000 4,001,549 5,244,522,67220025,162,382,672 2,622,261 2,581,191 200285,949 666 2,622,261 2,581,857 2002 1 1 5,132,982,672 2,566,491 5,926,972 8,493,463 (i) 29,400,000 14,700 917 15,617 2002 12 31 2003 1 1 5,162,382,672 2,581,191 5,927,889 8,509,080 (i) 82,140,000 41,070 10,748 51,818 47(a) (3,879,159) (3,879,159) 47(d) (328,832) (328,832) 5,244,522,672 2,622,261 1,730,646 4,352,907

154 45. (i) 82,140,000200229,400,0000.5312 1.222002 0.5312 82,140,000200229,400,000 51,818,000200215,617,000 20022003 1 1 85,949 666 665,142 665,808 47(d) (85,949) (666) (665,142) (665,808) 1,0003.25% 2003 4 8139.564% 9.6%3.7 2000 12 22 7.74654 1 2003 4 7139.564%

155 45. 2002 9 16 135% 2003 4 82004 4 7 6.60%2003 4 82004 4 7 3,600,000 2002 8 78 192002 8 23 2003 2 8 100% 47(d)2003 12 24 46 Citibank, N.A. 1994 8 516,000,000 160,000,000 Citibank, N.A. 2003 2 24

156 46. (a) 2002 5 311994 2 2 2002 6 310 30% 10% 10% 317,553,939 6.05% 12 1%

157 46. (a) 12 0.1%5,000,000 141 10 3(i) (ii) (iii)

158 46. (a) *** 2003 2003 1 1 ## 12 31 * # **.... 12,000,000 (5,000,000) 7,000,000 01.11.2001 02.05.2002 0.74 0.73 1.22 01.05.2007 9,000,000 9,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 6,000,000 6,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 3,000,000 3,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 12,000,000 (5,000,000) 7,000,000 10.08.2001 11.02.2002 0.5312 0.66 1.27 10.02.2007 9,000,000 9,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 6,000,000 6,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 3,000,000 3,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 5,000,000 5,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 3,000,000 3,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 (1,000,000) 01.11.2001 02.05.2002 0.74 0.73 1.57 01.05.2007 1,000,000 (1,000,000) 07.05.2002 08.11.2002 0.814 0.81 1.57 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 1,000,000 01.11.2001 02.05.2002 0.74 0.73 01.05.2007 1,000,000 1,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008

159 46. (a) *** 2003 2003 1 1 ## 12 31 * # **.... 1,000,000 1,000,000 01.11.2001 02.05.2002 0.74 0.73 01.05.2007 1,000,000 1,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 1,000,000 01.11.2001 02.05.2002 0.74 0.73 01.05.2007 1,000,000 1,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 12,000,000 (5,000,000) 7,000,000 10.08.2001 11.02.2002 0.5312 0.66 1.35 10.02.2007 9,000,000 9,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 6,000,000 6,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 3,000,000 3,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,500,000 (800,000 ) 700,000 01.11.2001 02.05.2002 0.74 0.73 1.22 01.05.2007 1,500,000 1,500,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,500,000 1,500,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,500,000 1,500,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 12,000,000 12,000,000 10.08.2001 11.02.2002 0.5312 0.66 10.02.2007 9,000,000 9,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 6,000,000 6,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 1,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008

160 46. (a) *** 2003 2003 1 1 ## 12 31 * # **.... 1,000,000 (1,000,000) 10.08.2001 11.02.2002 0.5312 0.66 1.21 10.02.2007 1,500,000 (500,000 ) 1,000,000 07.05.2002 08.11.2002 0.814 0.81 1.72 07.11.2007 1,500,000 1,500,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,500,000 1,500,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 1,000,000 01.11.2001 02.05.2002 0.74 0.73 01.05.2007 1,000,000 1,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 1,000,000 07.05.2002 08.11.2002 0.814 0.81 07.11.2007 1,000,000 1,000,000 04.12.2002 05.03.2003 0.96 0.89 04.03.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 1,000,000 1,000,000 07.05.2003 08.08.2003 1.22 1.22 07.08.2008 140,500,000 24,000,000 (19,300,000 ) 145,200,000 2,705,000 (2,705,000 ) 18.02.1998 19.08.1998 2.892 3.50 18.08.2003 2,850,000 (2,850,000 ) 16.03.1998 17.09.1998 3.024 3.80 16.09.2003 90,200,000 (48,400,000 ) 41,800,000 10.08.2001 11.02.2002 0.5312 0.66 1.14 10.02.2007 13,800,000 (3,700,000) 10,100,000 07.05.2002 08.11.2002 0.814 0.81 1.35 07.11.2007 67,900,000 (8,040,000) 59,860,000 04.12.2002 05.03.2003 0.96 0.89 1.55 04.03.2008 31,900,000 (2,700,000) 29,200,000 07.05.2003 08.08.2003 1.22 1.22 1.59 07.08.2008 31,393,939 31,393,939 03.06.2002 21.12.2002 0.816 0.81 03.06.2007 208,848,939 31,900,000 (5,555,000 ) (62,840,000 ) 172,353,939 349,348,939 55,900,000 (5,555,000 ) (82,140,000 ) 317,553,939

161 46. (a) * ** *** # 5 01 ## 2002 12 42003 5 71.00 (b) 6(a)

162 47. 47(c) 47(b) 47(a) 2002 1 1 665,142 5,926,972 121,440 3,790,383 98,742 (67,772 ) (3,984,567) 6,550,340 56) (63,079) (446,116) (509,195) 665,142 5,926,972 121,440 3,727,304 98,742 (67,772 ) (4,430,683) 6,041,145 45(i) 917 917 121,440 (121,440) (3,774 ) 1,417 3,774 1,417 194,904 194,904 50,345 (50,345) (256 ) (256) 2002 12 31 665,142 5,927,889 242,880 3,605,864 145,313 (66,611 ) (4,282,350) 6,238,127 665,142 5,927,889 242,880 3,605,864 130,309 (61,829 ) (4,456,649) 6,053,606 10,571 (4,782 ) 99,072 104,861 4,433 75,227 79,660 2002 12 31 665,142 5,927,889 242,880 3,605,864 145,313 (66,611 ) (4,282,350) 6,238,127

163 47. 47(c) 47(b) 47 (a) (b) 2003 1 1 665,142 5,927,889 242,880 3,668,943 145,313 (66,611) (3,750,030) 6,833,526 56) (63,079) (532,320) (595,399) 665,142 5,927,889 242,880 3,605,864 145,313 (66,611) (4,282,350) 6,238,127 45(i) 10,748 10,748 47(d) (665,142) (328,832) (993,974 ) 60,720 (60,720) (462,527) (36,336) 18,876 436,182 (43,805) 1,106,721 1,106,721 47(a) (3,879,159) 3,879,159 48,734 (48,734) (7,773) (7,773 ) 2003 7 1 47(b)) 127,433 (127,433) 47(b)) (7,712) 7,712 1,730,646 303,600 3,082,617 157,711 (55,508) 119,721 971,257 6,310,044 1,730,646 303,600 3,082,617 145,210 (53,498) 119,721 774,826 6,103,122 6,856 (816) 68,328 74,368 5,645 (1,194) 128,103 132,554 1,730,646 303,600 3,082,617 157,711 (55,508) 119,721 971,257 6,310,044

164 47. 47(c) 47(b) 47(a) (b) 2002 1 1 665,142 5,926,972 121,440 1,733,711 (14,813) (3,887,495) 4,544,957 45(i) 917 917 121,440 121,440 143,201 143,201 2002 12 312003 1 1 665,142 5,927,889 242,880 1,733,711 (14,813) (3,744,294) 4,810,515 45(i) 10,748 10,748 47(d) (665,142) (328,832) (993,974 ) 60,720 60,720 (7,432) (7,432 ) 47(a) (3,879,159) 3,879,159 2003 7 1 47(b) 127,433 (127,433) 47(b) (7,712) 7,712 1,730,646 303,600 1,733,711 (14,813) 119,721 7,712 3,880,577

165 47. (a) 2003 8 21(i)3,879,159,000 2003 6 302003 6 30(ii) 37 38) 2003 2003 9 29 2003 12 24 61 2003 12 24 3,879,159,000 (b) (a) 2003 6 30(b)

166 47. 2,984,676,517 2003 6 30 2003 7 1 2,976,964,517 119,721,532 (c) 1323 2000 12 225 66,000,000 2001 92002 32002 92003 32003 6 1 2 3 4 5 3.355(b)198,000,000 2004 2 2766,000,000 2004 12 2166,000,000 2005 12 21

167 47. 1.20 1.20 2000 10 19 30 2001 12 31 0.92 2000 3.3303,600,000 30 (d) 2003 12 29 GDI Finance (Cayman) 2003 Limited 2003 12 24 994,640,000 45 138,175,730 1,077,771,000 83,131,000 85,949 666,000993,974,000 328,832,000665,142,000

168 48. (a) (i) 423.64 1 1.182 42 (ii) 37 38 47(d)

169 48. (b) 2003 2002 1,627,546 4,260 147,731 100,371 40,916 800 30,072 26,187 5,600 9,055 619,859 4,155 248,404 4,409 346,786 1,945 (290,276) (4,783) (228,454) (2,654) (85,653) (1,319) (326,463) (311,327) (1,700) (434,084) (3,994) 1,479,681 47,708 2,354 (65,035) 18,876 1,417 1,435,876 49,125 636 19,474 37,386 1,455,350 87,147

170 48. (b) 2003 2002 1,040,314 67,147 20,000 415,036 1,455,350 87,147 2003 2002 1,040,314 67,147 (346,786) (1,945) 693,528 65,202 2003 12 316 2002 12 31 (c) 2003 2002 12 31 27 1,349,413 1,770,910 (78,784) (500) 12 31 1,270,629 1,770,410

171 49. (a) 17 2003 2002 1 235,310 292,354 25 242,534 318,659 5 732 82,150 478,576 693,163 (b) 141 2003 2002 1 312 5,388 25 890 5,080 5 17,363 17,549 18,565 28,017

172 50. 49 2003 2002 (a) 11,490 8,666 536,460 5,623 547,950 14,289 (b) 76,992 76,992 (c) 1%15 16151.01% 8% (d) 2008201291 BAB

173 50. (e) 2001 2 13 16,760,000 95% 2,970,0002001 8 17,500,000 2003 1 51. 2003 2002 2003 2002 451,960 103,195 37 38 994,960 395 395 1,217 685 20 81,900 81,900 81,900 2,297 1,076,860 555,550 52. 2002725,157,000

174 53. 2003 2002 (464,371) (i) (5,621) (7,195) (ii) (670) (1,766) SAP (iii) (1,487) (2,575) (iv) (4,427) (v) (1,399) (1,429) 183 (vi) 1,103 1,887 (vii) 1,679 (viii) 11,069 157,894 (ix) 802 1,679 (x) 9 613 (xi) 1,476 SAP (xii) 526 (i) (ii) 2000 30

175 53. (iii) SAP 2003 4 30 (iv) (v) (vi) (vii) 2% (viii) (a)170,000,0002002626,623,000 2003 12 12 31 (b) 2003 12 31 76,262,000200244,721,000 35 40(b) 43(c) 2003 12 12 994,640,000 37 38 (ix) (x) (xi) (xii) 2003 5 SAP (xiii) 2002 6 3 AMRI Financial Group LimitedAMRI 31,393,939 AMRI AMRI 2007 6 3 0.816 200246

176 53. (xiv) 47,238,000200222,795,000 54. 37 38 47(a) 47(c) 47(d) 53(i) 53(ii) 53(iii) 53(iv) 53(v) 53(vi) 53(viii) 53(ix) 53(x) 53(xi) 53(xii) 53(xiv)55(b)14 (a) 295% 97% 2002 12 31 178,721,00056,063,000 6 0.75%5122,658,000 1 2002 12 31315,277,000168,566,000 6 0.75% 5 146,661,000 1 2003 3 (b) 2002 12 31 62.77% 58,000,000917,000 38,000,0003.8% 38,000,0002003 12 19,707,250

177 54. (c) 2002 12 3183.6% 1,359,0001,066,000 1.8% 293,000 2003 3 (d) 2002 12 3151% 34,354,00032,865,000 1.8%1,489,000 2003 3 (e) 2002 12 31 51% 203,427,000 110,224,000 2008 3 2002 94% 2003 3 (f) 227,040,0002002219,567,000 81,184,000200281,184,000 9% 145,856,0002002138,383,000 (g) 2002 12 3146,226,415 3.8%1 2003 3

178 54. (h) 70% 423,974,0002002423,974,000 404,278,000 2002 2004 150,000,000 (i) 95% 162,639,0002002 162,620,0002001 50(e) (j) 2002 12 3117,500,000 14.25%1998 4 10 50(e) 17,500,0002003 1 (k) 2002 12 31 13 (i) 60% Guangdong Parking Limited 70,904,000 (ii) 32,291,000 2003

179 54. (l) 200199% 23,000,000 4%2002 42003 103.8% 2003 3 20027,000,000 3.8%2003 4 (m) 200176.92% 40,000,0004%2002 4 2003 103.8%10,000,0002003 3 (n) 2002 1145,000,000 3.8%20,000,0002002 2003 11 (o) 2002 12 31 10,000,0007,000,000 3.8% 2003 4 4.2% 2003 1 (p) 2003 12 30,000,000 3.8% 2004 1

180 55. 17 37 (a) 0.11% 5,553,65082.68% 82.79% 422,000 (b) 2000 12 22 2004 2 271.20 198,000,000 81,000,000 2000 9 15 1.20 2001 12 3130 3030 0.92

181 56. 12 2003 1 1 2002 1 1 37,896 41,145 816,731 686,366 (50,934) (59,922) (234,370) (195,948) 532,320 446,116 63,079 63,079 2002 12 31 124,626 (38,422) (86,204) 2 57. 2004 4 16

182 57 73 2819 E1 84 88 D2 2818 F 2817 2818 G 2817 D 18 8340 8342 8550 8748 8915

183 1145 D 148 332 333 2 9 334 A 11 AB2 335 18 A1 336A 19 A20 B 2142 2628-30 2143 80% 64,000

184 555 100% 901 905-08 1101 110810 1719 22 208 62.77% 148 100% 15-810 121619 B 22-232527 148 51% 18 A2B 56.34% 14