Annual Report 年報2010 - HKExnews

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Annual Report 年報2010 - HKExnews

(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

Annual Report 年 報 2010


目 錄

8

10

11

12

20

22

24

26

31

52

65

66

67

69

70

71

73

131

132


大 事 回 顧


















8

澳 門 博 彩 控 股 有 限 公 司 2010


大 事 回 顧



















2010 澳 門 博 彩 控 股 有 限 公 司 9


財 務 摘 要 及 股 息 派 發 時 間 表

財 務 摘 要

截 至 2010 年

12 月 31 日 止 年 度

( 百 萬 港 元 ,

每 股 金 額 除 外 )

2009

1231



57,195 34,066

606 410

EBITDA* 4,838 2,269

3,559 907



69.2 港 仙

66.2 港 仙

18.1

18.1

30 港 仙 9

*

股 息 派 發 時 間 表

事 項






2011


2011

期 間 / 日 期 / 時 間

2011316

2011421

2011426430

2011427

2011429


2011429230

2011518

10

澳 門 博 彩 控 股 有 限 公 司 2010


概 覽



67.9%EBITDA

113.2%

292.4%

99%

1,830 57.8%

29.4%31.3%

EBITDA2010

19.3%16.3%

153

2010 EBITDA 25.57

23.5% 7.8% 12.2%

38 39 2010 9

20112


73,856



30 2011

535



澳 門 博 彩 控 股 有 限 公 司


蘇 樹 輝

2011316

2010 澳 門 博 彩 控 股 有 限 公 司 11


業 務 回 顧


集 團 經 營 業 績

截 至 12 月 31 日 止 年 度

2010 年

百 萬 港 元

2009


增 幅

57,653 34,353 67.8%

57,195 34,066 67.9%

3,559 907 292.4%

EBITDA 1 4,838 2,269 113.2%

EBITDA 8.5% 6.7% –

1


2010

94.1% 31.6%

16.7%

2010

2010 1,828.57

31.3%

2009 29.4%


EBITDA


EBITDA 8.5% 2009 6.7%


2010EBITDA14.8%2009

10.8%

2010 11.70

11.09 6,100

2009 12

4,800

1.74 1.26 2010

2.152009 1.98

12

澳 門 博 彩 控 股 有 限 公 司 2010


業 務 回 顧

截 至 以 下 日 期 止 三 個 月

2010 年

12 月 31 日

百 萬 港 元

( 未 經 審 核 )

2010

930



增 幅

16,842 14,095 19.5%

16,689 13,987 19.3%

1,125 867 29.8%

EBITDA 1,428 1,178 21.2%

EBITDA 8.5% 8.4% –

2010 19.3%

16.3% 2010 12 31 EBITDA


經 營 業 績 — 貴 賓 博 彩 業 務

截 至 12 月 31 日 止 年 度

2010 年 2009 增 幅

38,862 20,017 94.1%

229,958 229,536 0.2%

1,334,035 718,849 85.6%

463 239 93.7%

2010

67.9% 58.8% 2010 12

31 507 33

2009 12 31

320 30

2010 12 31 14


94.1%



2009

2.78% 20102.91%

2010 澳 門 博 彩 控 股 有 限 公 司 13


業 務 回 顧

經 營 業 績 — 中 場 賭 枱 博 彩 業 務

截 至 12 月 31 日 止 年 度

2010 年 2009 增 幅

17,154 13,039 31.6%

36,460 29,978 21.6%

1,289 1,192 8.1%

2010 30.0% 2009 38.3% 2010 12 31

1,183200912311,404

31.6%


經 營 業 績 — 角 子 機 及 其 他 博 彩 業 務

截 至 12 月 31 日 止 年 度

2010 年 2009 增 幅

1,179 1,010 16.7%

732 698 4.9%

4,407 3,955 11.4%

2010


2.1%2009 3.0% 2010 12

31 4,147

200912314,567

2010 12 31 15

4

2011 1


14

澳 門 博 彩 控 股 有 限 公 司 2010


業 務 回 顧

娛 樂 場 業 務 之 經 營 業 績 — 新 葡 京 娛 樂 場

2010 EBITDA


截 至 12 月 31 日 止 年 度

2010 年 2009 增 幅

15,579 9,436 65.1%

2,293 1,352 69.6%

EBITDA 2,557 1,654 54.6%

EBITDA 16.4% 17.5% –


截 至 12 月 31 日 止 年 度 增 幅 /

2010 年 2009 ( 減 幅 )

貴 賓 博 彩 業 務

11,295 5,900 91.4%

355,691 329,905 7.8%

414,316 190,167 117.9%

87 49 77.6%

中 場 博 彩 業 務

3,917 3,207 22.1%

44,348 35,908 23.5%

242 245 (1.2)%

角 子 機 業 務

367 329 11.6%

1,393 1,241 12.2%

721 726 (0.7)%

2010 澳 門 博 彩 控 股 有 限 公 司 15


業 務 回 顧


EBITDA

2010 26.4% 2009

25.8%


2010 9 38

3 9

29 2011

2


17

2010

29,373

1,000


2010 1.44

7,600 58,000

304,277

娛 樂 場 業 務 之 經 營 業 績 — 其 他 自 行 推 廣 娛 樂 場 及 角 子 機 中 心



截 至 12 月 31 日 止 年 度

2010 年 2009 * 增 幅

11,434 10,101 13.2%

643 141 356.0%

EBITDA 891 261 241.4%

EBITDA 7.8% 2.6% –

* 2009 2009 2.62


16

澳 門 博 彩 控 股 有 限 公 司 2010


業 務 回 顧


截 至 12 月 31 日 止 年 度 增 幅 /

2010 年 2009 ( 減 幅 )

貴 賓 博 彩 業 務

7,660 7,781 (1.6)%

355,686 333,054 6.8%

265,039 290,649 (8.8)%

59 64 (7.8)%

中 場 博 彩 業 務

3,409 2,257 51.0%

25,941 26,204 (1.0)%

360 236 52.5%

2010 12 31

54 129

72

2010 12 31

198

2 653

173 569



400

2009 12

80,027

2010 澳 門 博 彩 控 股 有 限 公 司 17


業 務 回 顧

娛 樂 場 業 務 之 經 營 業 績 — 衛 星 娛 樂 場 及 角 子 機 中 心

2010 12 31 14 12

613 353 1,994

201015120101231



截 至 12 月 31 日 止 年 度

2010 年 2009 # 增 幅

30,182 14,529 107.7%

1,087 56 1,841.1%

EBITDA 1,164 246 373.2%

EBITDA 3.9% 1.7% –

# 2009 2009 2.62 2010



截 至 12 月 31 日 止 年 度 增 幅 /

2010 年 2009 ( 減 幅 )

貴 賓 博 彩 業 務

19,907 6,336 214.2%

172,051 137,590 25.0%

654,681 238,032 175.0%

317 126 151.6%

中 場 博 彩 業 務

9,828 7,575 29.7%

39,194 29,180 34.3%

687 711 (3.4)%

18

澳 門 博 彩 控 股 有 限 公 司 2010


業 務 回 顧

非 博 彩 業 務

2008 12


8

2010


BIB 1890

Wine SpectatorGrand Award

2010 12 31

4.30 EBITDA 1.31

3.28EBITDA 7,100

409 2010

77.9% 57.2%

2010 12 94.2%2010

1,95120091,990

51%

2010

1.36 2009 9,430

408 2010

71.3% 2009 47.5% 2010 12

81.9%

2010

4.58 2009 2.87

59.6%


1.23

1.48

2010 澳 門 博 彩 控 股 有 限 公 司 19


企 業 社 會 責 任

2010


教 育




20,000


2005

59 17




文 化 藝 術




201011

體 育

11 2010

FIA



2010 10


負 責 任 博 彩

2010

26 10


325

20

澳 門 博 彩 控 股 有 限 公 司 2010


企 業 社 會 責 任

2010 年 的 其 他 活 動


180

20 200

2010 9 13


100 2010 11 27

1252010

55 12



2010 12


290











2010




12



2010 澳 門 博 彩 控 股 有 限 公 司 21


前 景 與 近 期 發 展

市 場 環 境

2010


24,965,411 2009 21,752,751

14.8% 2010 20.4%

13,229,058200910,989,533

2010 3 5,500



2011 2012


目 前 及 近 期 計 劃

2010 2011


• 新 葡 京 娛 樂 場

2010930

2011217

22

澳 門 博 彩 控 股 有 限 公 司 2010


前 景 與 近 期 發 展

• 葡 京 娛 樂 場

2010




• 回 力 海 立 方 娛 樂 場

2010 8







• 衛 星 娛 樂 場

2010

2010 14





• 十 六 浦 渡 假 村

2010

EBITDA 2009 6,850 2.07 2010 2

10

2011 51%

2005

EBITDA

• 新 葡 京 酒 店

EBITDA 2010

Robuchon a Galera2011

未 來 娛 樂 場 項 目

73,856


2010 澳 門 博 彩 控 股 有 限 公 司 23


20101231151.751.72

2009123193.3762.5% EBITDA


20091020

2010201012312.59

5.24

2010123141.12

20101231


1 12 25 5

25.3% 74.7% 0.0% 0.0% 100.0%



201020091231


201012312.89200912316.63





2010 12 31 58.32 7.58 2009 12 31 61.27

7.97

201012311.72200912314.11


201012319,300200912312.44

200910

201012312.59

20101231

24

2010


20101231




20101231


2010123119,5852009123119,936

3512010









EBITDA EBITDA

EBITDA 14.8%

EBITDA 8.5%

2010

25


8920062009

2001

2010

1962


Euronext

Estoril Sol, SGPS, S.A.

2008429


1984





2010200320072001


(O.B.E.)

Commandeur de l’Ordre de la Couronne



26

2010


592006

20092008

2002


197630


Euronext Estoril Sol, SGPS,

S.A.MACAUPORT – Sociedade de Administração de Portos, S.A. 1991

2009




1973

2001IMC/Southern Cross University

20092005

5920062009

2002


19783019992002



2010

27


6920062001


2003


1981

19651981


1964

4920072009

20082007201012

2005


20052009

20052009


56200720092008

2007

1998


Urbana-Champaign

6520108




20041999

28

2010


8520062001





Commandeur de Lordre des Arts et des Lettres

2008


682008

20101120099

20032009


19882002

19672002


702008

201011





200039

2003


Advanced Management Program (AMP)

Queen Elizabeth House (Oxford)

2010

29


652008








20072008200520082000

19952007



632008




2010


19761984

200319972000



30

2010


20101231






7



52


2010123166

130


201010132010630

52009630

201012313020099

20114292011

20115182011429



2011

20114272011429

2011426

430183

171712 – 1716


20101231131

2010

31


I.




34.1%

(i)

7.7%

(ii)

7.6%

(iii)

6.8%

(iv) Angel Playing Cards Co., Ltd. 6.3%

(v) 49%

5.7%






5%


II.

30%

32

2010


43


2010123123.66 20095.04


2,050


20101231









11,626 135,442 100%











23,066 126,500 51%









93–103

I


1–5


12

3

5,582.72 100%

7,585.72 100%

2010

33


2010123138


100


1517


41


20091028Champion Path Holdings LimitedChampion Path

202015


5.24381,679,38920101231

1,740,600,0005.24

332,175,48820101231259,400,000

2011316144,500,000

90% Champion Path

90%Champion Path

DB Trustees (Hong Kong) Limited

2011428 Champion Path 2011314

40

34

2010


2009513














2009513

10%500,000,000

325,100,0005.9%

12

(a)

1%



(b)

(i) 0.1%



(ii)

500

2010

35


1.00

28



(a)

(b)

(c)



10

36

2010


20101231






2010

11


2010

1231




2009

2010113 2.82 5,000,000 5,000,000

713 2019112


2009

2010113 2.82 35,000,000 (35,000,000)

713 2019112


2009

2010113 2.82 32,000,000 (32,000,000)

713 2019112


2009

2010113 2.82 3,000,000 3,000,000

713 2019112


2009

2010113 2.82 20,000,000 (20,000,000)

713 2019112


2009

2010113 2.82 3,000,000 3,000,000

713 2019112


2010

2011228 7.48 3,000,000 3,000,000

831 2020227


2009

2010113 2.82 1,000,000 1,000,000

713 2019112

2010

2011228 7.48 2,000,000 2,000,000

831 2020227


2009

2010113 2.82 500,000 (500,000)

713 2019112


2009

2010113 2.82 500,000 500,000

713 2019112


2009

2010113 2.82 500,000 500,000

713 2019112


2009

2010113 2.82 500,000 500,000

713 2019112

101,000,000 5,000,000 (87,500,000) 18,500,000


2009

2010113 2.82 39,800,000 (30,540,000) 9,260,000

713 2019112


2009

2011113 2.82 10,000,000 10,000,000

713 2019112


2009

2012113 2.82 10,000,000 10,000,000

713 2019112


2010

20101119 5.11 1,500,000 1,500,000

519 20191118


2010

20101126 5.03 500,000 500,000

526 20191125

59,800,000 2,000,000 (30,540,000) 31,260,000

2009

2010113 2.82 5,900,000 (3,100,000) 2,800,000

713 2019112

2009

201047 4.48 1,200,000 (1,200,000)

107 201946

7,100,000 (4,300,000) 2,800,000

167,900,000 7,000,000 (122,340,000) 52,560,000

2010

37


a. 200971330,000,000

2010113

2.85

2009713

166,700,000

146,700,000 20101132019112 1.25819

10,000,000 20111132019112 1.28888

10,000,000 20121132019112 1.31545

b. 20091074.53

2.28692

c. 20105194.81

2.0728

d. 20105264.83

2.0178

e. 20108317.49

2.8926

f. 9.14










2010830








38

2010


263011

97

2011

83(B)2011


3.13



2011



(i)

(ii)


I.



Many Town Company Limited United Worldwide Investment S.A. 93.3%

United Worldwide Investment S.A. 50%


(i)


2008618






20086182020331


2010

39


2009

2007103120086232009911

201012312.06

2.66729500

200981

1.84

2010122011201220131231

3.003.153.31(i)

(ii)201111(iii)

20131231


20086262009

616200991120101230

(ii)


2008618

(i)

(ii)(iii)(iv)(v)

(vi)(vii)(viii)





20092009

2010123120096

(i)(ii)

20102009

2010123143

40

2010


(i)2011617(ii)

201012312010122011112011617

43


2011

2008626

2009325200961620101230

(iii)

2008618


20086

18(i)


(ii)

20086264,070

(iv)

2008618

200241



201012314.30

(i)2011

(ii)

201012201120122013

1231421

2008626

20101230

2010

41


(v)


Sky Reach Investments LimitedSky Reach

Companhia de Aviação Jet Asia LimitadaJet Asia20072008

Sky Reach Jet Asia

10 Sky Reach Jet Asia


2009Sky Reach Credit Suisse

Sky Reach Jet Asia Sky Reach

2009

20101.5

20101231Jet Asia

5,170

2010122011201220131231

1.5



2008626

2009120200973020101230

42

2010


20101231201111

2011617201120122013

1231



2010

1231




2010

1231




2011

11

2011

617



2011

1231




2012

1231




2013

1231




e e e e


a 77.9 187 86.1

a 6.1 42 19.3

a 59.8 115 52.9

107.5 134 61.7

184.8 758 348.9

16.8 35 16.1

58.5 98 45.1

b 184.2 266 300 315 331

c 430.3 917 400 200 100

d 51.7 150 150 150 150


a. 20092010

20102009325

b. 200991120102.062.66

c. 201011201012314.30

d. 2009120200920105,500

2009730200920105,500

1.5

e. 2011112011617

2011201220131231

20101230

2010

43


II.


201020101213

2010219200910


20106314A.11(4)(b)(ii)

50%



20106320101231

5.75

20101213

A

14A.38

20106201012

31740


2010

(1)

(2)


(3)


(4) 43

2008626

200932520097302009911

44

2010


(a)


(b)



(c)


2011316

2008618201012

314.30



2010 12 31

18,587,789 1.51%2010 12 31

Great Respect Limited

298,982,18819.55%20101231

Lanceford Company LimitedLanceford3,127,107

0.25%




2010

45


20101231

XV352



I.









a



5,000,000

b




c

0.09%

128,327,922 2.35%

96,452,922 1.77%

19,000,500 0.35%

3,000,000

0.06%

b

19,000,500 3,000,000 0.41%

417,200,000 7.65%

3,000,000

b

3,000,000

b

3,000,000

b

500,000

b

500,000

b

500,000

b

0.06%

0.06%

0.06%

0.01%

0.01%

0.01%

46

2010


II.










100 100 0.36%

a


a

637 100 737 0.86%

1,004 1,004 1.18%

STDM –










1,000 0.01%


a




B




300,000 10.00%


a. 2010 1 1 2010 12 26 STDM –

3,049,987,5002010122655.92%STDM –

99.99%0.01%31.66%(4.84%)

Lanceford26.82%

201112Lanceford31.66%

Lanceford 9,9982010122799.98%4.84%

Lanceford20113


2010

47


.

c. 201012315,454,515,488


20101231

XV78XV



352



20101231XV

336









b





5,000,000 0.09%


a

417,200,000 7.65%

3,049,987,500 55.92%

STDM – 3,049,987,500 55.92%


a. a

b. 201012315,454,515,488

20101231

336


48

2010


51

51(b)51(h)


2008 6 18










20113162011

3132011228


STDM –


STDM





20101231

2010

49


5264


13.51B(1)201020101231





201020101231

20101230

2010121120101231

978

20104909202009430




20103408102009470

2010401802009140

20101230

20101804102009230



2010456,000860,0002009404,000

2010119

201083,000303,0002009220,000

201011920101231

3,00020,000

50

2010


201020101231

2010119

201066,000286,0002009220,000

201011920101231

6,00040,000


20109102266


2010930199


2011111313


201090,000320,0002009230,000


2010100,000840,0002009740,000



2011








2011316

2010

51


2010

2010531

E.1.2



2010

















2010830








52 2010


2630











(i)


(ii)

10%






20114292011


9783(B)

2011

325

2010

53


(i)

(a)

(b)


(ii)







(i)


(ii)

(iii)

3.13













54

2010


20097


13.51B






14










2010

55


20101231












1/6 1

6/6 2/2 2/2

6/6

6/6

4/6 1 2/2 2/2

5/6 1 2/2

2010830 3/6 2


3/6 1


2010119

6/6 5/5 0/2 4 2/2

2010119

6/6 1/5 3 2/2 2/2

6/6 5/5 2/2 2/2

6/6 5/5 2/2 2/2

56

2010


1 96(K)




2 201083020101231

3 201011920101231

4 201011920101231











20086


2010119







2010

57


(i)


(ii)



2010


56


(i)

200912312010630

20103312010930


(ii)


(iii)

(iv)

(v) 2011

(vi)

(vii)

(viii)

58

2010


20086


2010119












20101231

(i)

2009513


(ii)

(iii)

2010

59


56



2010531

2011


50



20086












60

2010


20101231

(i)

(a)(b)

(c)

(ii)

972011

(iii) 83(B)2011


(iv)

(v) 3.13

2011

56




2010331930










2010

61



65





2010



2010


2010 7.8

2010 3.7

2010 0.7

0.1

0.4

12.7



(i)(ii)(iii)

(iv)


(i)

(ii)(iii)

(iv)

(v)

62

2010


(i)(ii)(iii)

(iv)(v)





15




20101231












2010

63


2010

531







132

3201 – 3205ir@sjmholdings.com

20

10

2010531

3168 – 2001

20091231



http://www.sjmholdings.com






2011316

64

2010


6613020101231








141











2010

1231




2011316




P181

2011316

2010

65


20101231

2010

2009


57,653.3 34,352.8

8 57,195.0 34,065.8

(22,089.9) (13,219.5)

35,105.1 20,846.3

458.3 287.0

(216.4) (164.8)

147.9 123.3

(25,130.4) (13,318.1)

(6,627.1) (6,755.6)

9 (215.4) (197.7)

4.9 (13.5)

5.5 5.4

10 3,532.4 812.3

12 (17.6) (17.5)

3,514.8 794.8


3,559.4 906.7

(44.6) (111.9)

3,514.8 794.8


14 69.2 18.1

14 66.2 18.1

66 2010


20101231

2010

2009



15 9,486.0 10,139.6

17 804.9 845.8

18 39.5 45.8

19 290.4 289.2

20 74.0 67.4

21 73.2 67.7

22 5.5 5.5

23 122.6 168.1

24 304.5 329.2

25 144.2

26 145.6 145.6

27 — 1,000.0

11,490.4 13,103.9


55.9 52.1

28 1,258.2 1,233.3

29 246.0 132.0

30 546.7 23.3

31 20.0 20.0

32 14.3 14.3

25 — 156.7

33 56.2 28.4

26 26.4 265.4

27 5,036.7 400.0

10,138.6 7,937.1

17,399.0 10,262.6


34 10,020.8 6,895.0

35 29.1

36 — 13.3

37 23.5 33.3

38.8 38.8

38 1,040.0 1,040.0

40 218.7

11,370.9 8,020.4

6,028.1 2,242.2

17,518.5 15,346.1

2010

67


20101231

2010

2009



37 304.5 329.2

38 3,072.0 4,102.0

39 966.6 807.3

40 — 1,588.2

4,343.1 6,826.7

13,175.4 8,519.4


41 5,454.5 5,000.0

7,683.2 3,454.7

13,137.7 8,454.7

37.7 64.7

13,175.4 8,519.4

661302011316





68 2010


20101231

2010

2009



15 3.2 4.2

16 4,359.3 4,367.5

27 — 1,000.0

4,362.5 5,371.7


15.0 5.8

35 1,093.2 2,980.3

1,747.6

27 4,063.3 400.0

526.2 902.2

7,445.3 4,288.3


0.5 0.8

35 413.2 1,958.5

413.7 1,959.3

7,031.6 2,329.0

11,394.1 7,700.7


41 5,454.5 5,000.0

43 5,939.6 2,700.7

11,394.1 7,700.7





2010

69


20101231













200911 5,000.0 1,627.4 659.7 7,287.1 149.2 7,436.3

906.7 906.7 (111.9) 794.8

173.9 173.9 173.9

395.2 395.2 395.2

(8.2) (8.2) (8.2)


27.4 27.4

13 (300.0) (300.0) (300.0)

173.9 387.0 (300.0) 260.9 27.4 288.3

20091231 5,000.0 1,627.4 173.9 387.0 1,266.4 8,454.7 64.7 8,519.4

— — — — 3,559.4 3,559.4 (44.6) 3,514.8

122.3 379.8 (155.2) — — 346.9 — 346.9

332.2 1,449.9 — (336.8) — 1,445.3 — 1,445.3

— (0.3) — — — (0.3) — (0.3)

— — 47.7 — — 47.7 — 47.7


— — — — — — 17.6 17.6

13 — — — — (716.0) (716.0) — (716.0)

454.5 1,829.4 (107.5) (336.8) (716.0) 1,123.6 17.6 1,141.2

20101231 5,454.5 3,456.8 66.4 50.2 4,109.8 13,137.7 37.7 13,175.4

70 2010


20101231

2010


2009



3,532.4 812.3


(73.5) (36.0)

97.6 145.0

42.0 36.0

75.8 16.7

(1.5) (1.4)

(13.3) (14.5)

(4.9) 13.5

(5.5) (5.4)

6.3 6.3

1,170.4 1,109.0

14.5 6.1

40.2 39.9

53.6


(27.8) (15.3)

47.7 173.9

4,954.0 2,286.1

(3.8) (8.7)

(143.5) (272.7)

3,477.1 2,074.8

8,283.8 4,079.5

(17.6) (16.8)

8,266.2 4,062.7


57.2 36.4

1.5 1.4

(811.6) (1,344.0)

3.2 0.3

(34.6) (26.8)

(1.2) (7.5)

(114.0) (132.0)

(523.4) (18.7)

106.0 21.5

12.5 4.0

239.0 3.4

(3,636.7) (1,400.0)

(4,702.1) (2,862.0)

2010

71


20101231

2010


2009



(92.7) (162.7)

(716.0) (300.0)

346.9

(0.3)

— 2,000.0

— (41.5)

29.1

(34.5) (93.0)

10.0 318.0

(1,040.0) (1,020.0)

134.9 188.5

(1,362.6) 889.3

2,201.5 2,090.0

11 7,937.1 5,847.1

1231 10,138.6 7,937.1


10,138.6 7,937.1

72 2010


20101231

1.





1323201–3205


2.





272008

39

2

32008

17

5

2008

5

2009

1









32008201011

272008

201011


3200827

200832008272008



32008

272008

2010

73


20101231

2.

17

200917

17

17

17

201011

17


5

5

5






2010 3

12 6

242009 4

32 1

7 5

9 7


4

14

19 2

1

201021

2

201071

3

201071201111

4

201111

5

201171

6

201211

7

201311

74 2010


20101231

2.


9200911

9201011



939






9



39


9



3.




3.1




2010

75


20101231

3.

3.1

201011



3.2




3.3













3.4









76 2010


20101231

3.

3.4







3.5







3.6










2010

77


20101231

3.

3.6




2540


310



25%


7.6%50%

25%

20%

10%




3.7




3.8





78 2010


20101231

3.

3.9





3.10




3.11


3.12






(a)





(i)







2010

79


20101231

3.

3.12

(a)

(ii)






(iii)





(iv)





(v)














80 2010


20101231

3.

3.12

(a)

(v)












(b)




(i)







(ii)




2010

81


20101231

3.

3.12

(b)

(iii)


(c)















(d)



82 2010


20101231

3.

3.12

(e)





(i)37(ii)

18

(f)








3.13








2010

83


20101231

3.

3.14



















3.15






84 2010


20101231

3.

3.16



(a)



(b)








3.17

(a)







2010

85


20101231

3.

3.17

(b)





3.18


4.






201012317,320

20096,770201012313,4302009

3,430

5.







86 2010


20101231

6.

(a)




(b)



2010 2009 2010 2009




17,778.5 11,570.6 7,443.9 5,285.3


56.2 28.4 —

5.5 5.5 —

17,840.2 11,604.5 7,443.9 5,285.3


12,884.5 12,852.2 413.7 1,959.3

328.0 362.5 —

— 13.3 —

13,212.5 13,228.0 413.7 1,959.3


3

(c)







3649

2010

87


20101231

6.

(c)



84%200988%










49

29








73%200967%


40




88 2010


20101231

6.

(d)









100

2009100




1002009100


2010


2009


45.7 14.4




1002009100



2010

89


20101231

6.

(d)

1002009100


2010


2009


5.2 9.0

(e)






10%200910%

10%200910%

2010


2009


5.6 2.8



(f)







90 2010


20101231

6.

(f)







3

3

6

6

1 1






20101231

— — 1,890.7 41.9 19.2 — 1,951.8 1,951.8

— 4,325.1 — — — — 4,325.1 4,325.1

— — 830.4 357.9 92.9 — 1,281.2 1,281.2

— 29.1 — — — — 29.1 29.1


4.8% — — — — 1,223.9 1,223.9 966.6

3.78% — 7.1 9.2 18.3 355.0 389.6 328.0

6(f)(i) 2.04% — 269.8 279.4 555.3 3,121.0 4,225.5 4,112.0

6(f)(ii) 5.82% — — — — 292.3 292.3 218.7


6(f)(iii)49 — 92.6 — — — — 92.6 —


29 — 4.0 — — — — 4.0 —

4,450.8 2,998.0 688.4 685.7 4,992.2 13,815.1 13,212.5

20091231

1,206.8 20.9 11.9 1,239.6 1,239.6

2,725.9 2,725.9 2,725.9

972.1 306.3 70.8 1,349.2 1,349.2


5.08% 1,089.0 1,089.0 807.3

5.73% 19.4 10.0 20.2 417.4 467.0 362.5

6(f)(i) 1.68% 270.4 280.3 557.8 4,204.0 5,312.5 5,142.0

6(f)(ii) 5.82% 2,253.6 2,253.6 1,588.2


6(f)(iii)49 243.7 243.7 13.3


29 118.0 118.0

3,087.6 2,468.7 617.5 660.7 7,964.0 14,798.5 13,228.0

2010

91


20101231

6.

(f)



3

3

6

6

1 1






20101231

— — 0.5 — — — 0.5 0.5

— 413.2 — — — — 413.2 413.2


6(f)(iii)49 — 259.4 — — — — 259.4 —

672.6 0.5 — — — 673.1 413.7

20091231

0.7 0.1 0.8 0.8

1,958.5 1,958.5 1,958.5


6(f)(iii)49 2,000.0 2,000.0

3,958.5 0.7 0.1 3,959.3 1,959.3


(i)



(ii)


40

(iii)


7200911





92 2010


20101231

6.

(g)












40


(h)


1

3

1 2 3


20101231


56.2 — — 56.2

20091231


28.4 28.4

2010

93


20101231

6.

(h)


(i)

(ii)

(iii)

1

21


3


7.


(i)

(ii)



8


94 2010


20101231

7.


(a)



2010 2009 2010 2009


57,195.0 34,065.8 4,088.0 1,509.2


458.3 287.0

149.0 125.6

607.3 412.6 (446.3) (532.1)

(149.0) (125.6)

458.3 287.0

57,653.3 34,352.8

3,641.7 977.1

(147.5) (172.0)


27.8 15.3


4.9 (13.5)

5.5 5.4

3,532.4 812.3

3





2010

95


20101231

7.

(b)

2010


2009




15,658.5 12,102.7

7,239.3 7,669.3

22,897.8 19,772.0

74.0 67.4

73.2 67.7

4,719.3 2,359.8

1,125.1 1,099.6

28,889.4 23,366.5



1,800.0 2,225.0

2,312.0 2,917.0

4,112.0 5,142.0


9,821.6 6,427.7

238.5 479.0

10,060.1 6,906.7

14,172.1 12,048.7

218.7 1,588.2

1,323.2 1,210.2

15,714.0 14,847.1


(i)

(ii)




(iii)


(iv)

96 2010


20101231

7.

(c)


2010


2009



338.1 1,068.4

195.6 653.6

2.0 4.9

535.7 1,726.9


667.3 627.2

506.9 486.4

2.5 1.7

1,176.7 1,115.3


2.2 6.0

12.3 0.1

14.5 6.1


37.8 55.1

9.9 118.8

47.7 173.9


36.2 56.2

44.2 65.5

135.0 76.0

215.4 197.7


25.7 5.9

0.3 1.5

47.5 28.6

73.5 36.0


10%

2010

97


20101231

8.

2010


2009



38,861.8 20,016.7

17,153.9 13,039.1

1,177.6 1,008.3

1.7 1.7

57,195.0 34,065.8

9.

2010


2009



(81.4) (123.7)

(17.2) (23.3)

(42.0) (36.0)

(75.8) (16.7)

(216.4) (199.7)

1.0 2.0

(215.4) (197.7)

98 2010


20101231

10.

2010


2009



11 74.3 163.6

73.4 63.5

(19.8) (14.4)

53.6 49.1

27.7 46.8

3,471.1 3,174.5

3,498.8 3,221.3

3,626.7 3,434.0


7.8 8.6

4.9 6.0

12.7 14.6

53.6

6.3 6.3

1,170.4 1,109.0

14.5 6.1


40.2 39.9

298.9 323.0


— 1.1

— 0.1

339.1 364.1


1.9 8.3



1.5 1.4


27.8 15.3

13.3 14.5


17.2 23.3

51.3 12.1

5.0 0.6

73.5 36.0

2010

99


20101231

11.


2010

2009







24.3 — 0.4 24.7 24.3 5.9 30.2

9.2 — 2.8 12.0 4.3 41.2 45.5

8.1 — 2.7 10.8 3.8 0.9 37.6 42.3

1.8 — 0.3 2.1 1.4 3.5 4.9

3.3 0.8 1.7 5.8 1.7 0.6 23.5 25.8

0.9 — 0.3 1.2 0.4 3.5 3.9

0.1 — 5.9 6.0


6.0 — 4.0 10.0 6.0 1.2 7.2


0.3 0.5 — 0.8 0.3 0.5 0.6 1.4

0.3 — — 0.3 0.2 0.6 0.8

0.3 — — 0.3 0.2 0.6 0.8

0.3 — — 0.3 0.2 0.6 0.8

54.9 1.3 18.1 74.3 42.8 2.0 118.8 163.6

2009


2010


2009



10.5 10.6

21.2 11.8

31.7 22.4



100 2010


20101231

12.

2010


2009


(17.5) (17.5)

(0.1)

(17.6) (17.5)


2007128

200720112011


20081222007

20111,8001,750

1,75020091,750

12%



2010

2009

% %

3,532.4 812.3

(423.9) (12.0) (97.5) (12.0)

482.5 13.7 200.3 24.7


1.2 — (1.0) (0.1)


5.1 0.1 3.8 0.5


(18.1) (0.5) (33.7) (4.2)

(55.3) (1.5) (72.2) (8.9)

8.5 0.2 0.4

(17.5) (0.5) (17.5) (2.2)

(0.1) —

— — (0.1)

(17.6) (0.5) (17.5) (2.2)

2010

101


20101231

13.

2010


2009


20086 — 300.0

20099 453.8

20105 262.2

716.0 300.0

20113163016.43

5,477,572,965


14.



2010


2009



3,559.4 906.7


75.8

3,635.2 906.7


2010

2009

5,145,389,186 5,000,000,000


68,643,549 16,461,819

277,503,528

346,147,077 16,461,819

5,491,536,263 5,016,461,819

20091231


102 2010


20101231

15.











200911 4,055.3 326.2 3,642.5 531.0 2,371.9 9.1 13.7 507.2 11,456.9

34.6 915.5 94.3 86.0 2.6 586.1 1,719.1

(9.3) (34.4) (0.1) (43.8)

225.7 180.2 223.0 (628.9)

20091231 4,281.0 360.8 4,728.9 625.3 2,646.5 11.6 13.7 464.4 13,132.2

42.8 26.9 271.6 30.4 20.4 6.6 — 135.8 534.5

— — (11.6) (17.3) (19.3) (2.7) — — (50.9)

542.9 — 57.3 — — — — (600.2) —

20101231 4,866.7 387.7 5,046.2 638.4 2,647.6 15.5 13.7 — 13,615.8


200911 154.9 280.4 695.1 285.4 493.0 3.9 8.3 1,921.0

193.5 43.2 452.7 115.4 300.9 1.9 1.4 1,109.0

(5.2) (32.2) (37.4)

20091231 348.4 323.6 1,142.6 400.8 761.7 5.8 9.7 — 2,992.6

213.3 21.1 548.5 111.9 271.8 2.5 1.3 — 1,170.4

— — (8.4) (17.3) (7.5) — — — (33.2)

20101231 561.7 344.7 1,682.7 495.4 1,026.0 8.3 11.0 — 4,129.8


20101231 4,305.0 43.0 3,363.5 143.0 1,621.6 7.2 2.7 — 9,486.0

20091231 3,932.6 37.2 3,586.3 224.5 1,884.8 5.8 4.0 464.4 10,139.6


20101231

31.93200933.632020


2010

103


20101231

15.








200911 0.3 0.2 0.5

0.8 3.4 4.2

20091231 1.1 3.6 4.7

0.4 — 0.4

— (0.1) (0.1)

20101231 1.5 3.5 5.0


200911 0.1 0.1

0.2 0.2 0.4

20091231 0.3 0.2 0.5

0.2 1.2 1.4

— (0.1) (0.1)

20101231 0.5 1.3 1.8


20101231 1.0 2.2 3.2

20091231 0.8 3.4 4.2

16.

2010



2009


3,972.3 3,972.3

387.0 395.2

4,359.3 4,367.5

52

104 2010


20101231

17.

2010


2009




11 845.8 886.5

— 0.3

(0.7) (1.1)

(40.2) (39.9)

1231 804.9 845.8


18.




2009112009123120101231 63.2


200911 11.1

6.3

20091231 17.4

6.3

20101231 23.7


20101231 39.5

20091231 45.8

10

2010

105


20101231

19.




200911 281.7

7.5

20091231 289.2

1.2

20101231 290.4




20.


2010


2009


25.0 25.0

6.8 6.8

42.2 35.6

74.0 67.4

49%


106 2010


20101231

20.


2010


2009


431.3 766.1

(280.2) (628.5)

151.1 137.6

74.0 67.4

348.6 982.6

13.5 5.7

* 4.9 (13.5)

* 2010123117020091,630


21.

2010



2009


39.7 39.7

33.5 28.0

73.2 67.7

49%


50%


3,43020093,430

2010

107


20101231

21.


2010


2009


60.2 54.3

(21.3) (20.9)

38.9 33.4

7.1 7.5

5.5 5.4

22.




23.


2010


2009



48 65.5 65.5

57.1 102.6

122.6 168.1

24.


37 Companhia de Aviação Jet Asia Limitada

Jet Asia2.29% 6.10%

20092.28%6.68%

108 2010


20101231

25.


20101231

12

26.


201012311.46

20091.46200741

18020203312.91



201012311002009


2010123130200930



201012312,51020092.65

12

201012310.08%1.11%20090.05%0.52%


27.


201012310.44%1.47%20090.2%0.63%

4182009612


20091.25%18


200912311.25%1820101231

0.45%1.47%20090.2%0.63%418

2009612

2010

109


20101231

28.

2010



2009


744.9 733.8

189.0 113.9

102.7 86.3

221.6 299.3

1,258.2 1,233.3


2010



2009



030 670.9 617.1

3160 — 0.4

6190 0.3 9.1

90 73.7 107.2

744.9 733.8











110 2010


20101231

28.


2010



2009


11 24.5 24.5

53.6

1231 78.1 24.5


7,81020092,450



2010


2009


56.4 126.7

4.4 9.5


68.0 42.0

128.8 178.2

29.


2009 10 22 SJM SJM

SJM (100%)2.5






51%

SJM

2010

111


20101231

29.

2.5

2.6%2.8%2.9%20092.8%

SJM 0.1%



201012312.4620091.32

30.


51(b)

12

31.


12

32.


12

33.



34.


2010


2009


1,951.8 1,239.6

2,117.9 1,325.2

4,325.1 2,725.9

61.4 78.3

222.0 562.3

292.5 237.5

484.5 194.1

104.0 106.7

52.3 17.6

409.3 407.8

10,020.8 6,895.0

112 2010


20101231

34.


2010



2009



030 1,925.2 1,176.5

3160 5.0 26.7

6190 1.0 6.4

90 20.6 30.0

1,951.8 1,239.6

90




2010


2009


161.0 95.1

55.5 341.1


317.7 265.7

534.2 701.9

35.




12


2010

113


20101231

36.


200912312010


49201020091231



2010123120091231

40



37.




2010 2009 2010 2009



34.6 49.6 23.5 33.3

36.6 40.3 25.7 23.6

109.9 121.0 83.8 79.2

208.5 256.1 195.0 226.4

389.6 467.0 328.0 362.5

(61.6) (104.5)

328.0 362.5


(23.5) (33.3)

304.5 329.2

20101231Sky Reach Investments LimitedSky Reach

Jet Asia 10

Jet Asia

Jet Asia

201012312.29%6.10%20092.28% 6.68%

Jet AsiaSky Reach

114 2010


20101231

37.

2009

8,4507,150200920091231

Jet Asia Jet Asia 2010


20101231Jet Asia 3.28

20093.633.0520093.29

242,35020093,330


38.


2010


2009



1,040.0 1,040.0

3,072.0 1,040.0

— 3,062.0

4,112.0 5,142.0

(1,040.0) (1,040.0)

3,072.0 4,102.0

2010123131.4%2.1%

1.7%2.4%20091.5%5.9%

20101231

58.32200961.277.5820097.97


(i)

(ii)




(iii) 38.46200954.11


(iv)

2010

115


20101231

39.




201012319.6720098.07

12.24200910.894.8%2009

5.08%



40.


20091028 Champion Path Holdings LimitedChampion Path

20

20151028



(a)

(b)

(c)

20091287

15.35


112.68%

2011428Champion Path


2%


Champion Path

2011428

3.9516.05

5.82%


116 2010


20101231

40.



20091231

2011428




20091028 1,604.8

(33.3)

1,571.5

16.7

20091231 1,588.2

75.8

(1,445.3)

20101231 218.7

20091028201061

20092010531

5.2420101%


201012315.98200921.61

2010

117


20101231

41.






1

20091120091231 15,000,000,000 15,000.0 5,000,000,000 5,000.0

— — 122,340,000 122.3

— — 332,175,488 332.2

20101231 15,000,000,000 15,000.0 5,454,515,488 5,454.5

122,340,0002.824.48121,140,000

1,200,0001

17.415.24332,175,488

5.24


42.

2009513

2019513




969

281

(i) (ii)

(iii)

10%

30%

118 2010


20101231

42.

12

1%


(a)

0.1% (b) 500


2010519201052620108315

21,500,000500,0005,000,000

5.115.037.48

5

20101231







2009

11


2009


2009

1231


2010


2010


2010

1231


2009713 2009713

2010112

2010113

2019112

2.82 101,000,000 101,000,000 — (87,500,000) 13,500,000

2010831

2010831

2011227

2011228

2020227

7.48 — 5,000,000 — 5,000,000

2009713 2009713

2010112

2010113

2019112

2.82 39,800,000 39,800,000 — (30,540,000) 9,260,000

2009713

2009713

2011112

2011113

2019112

2.82 10,000,000 10,000,000 — — 10,000,000

2009713

2009713

2012112

2012113

2019112

2.82 10,000,000 10,000,000 — — 10,000,000

2010519

2010519

20101118

20101119

20191118

5.11 — 1,500,000 — 1,500,000

2010526

2010526

20101125

20101126

20191125

5.03 — 500,000 — 500,000



2009713

2009713

2010112

2010113

2019112

2.82 5,900,000 5,900,000 — (3,100,000) 2,800,000

2009107

2009107

201046

201047

201946

4.48 1,200,000 1,200,000 — (1,200,000) —

167,900,000 167,900,000 7,000,000 (122,340,000) 52,560,000

2.83 2.83 6.80 2.84 3.35

2010

119


20101231

42.



9.127,560,000

2009

201051920105262010831310

1001,45020097132009107

2.11270

– (Black-Scholes Options Pricing Model)

(Binomial Options Pricing Model)


2009713 2009107 2010519 2010526 2010831





166,700,000 1,200,000 1,500,000 500,000 5,000,000



630


6


6


6


6

2.82 4.32 5.11 5.03 7.48

5-6 5 9.5 9.5 9.5

2.82 4.48 5.11 5.03 7.48

1.79 1.79 1.81

66.46% 65.07% 56.77% 56.16% 49.56%

1.74%-1.94% 1.695% 2.47% 2.35% 1.89%

3.26% 1.12% 1.76% 1.79% 1.87%



20087



2010

1.791.81

20104,770

96020091.741.19

3,81020095,510

120 2010


20101231

43.









200911 1,627.4 332.0 1,959.4


173.9 173.9


395.2 395.2

13 (300.0) (300.0)

472.2 472.2

20091231 1,627.4 173.9 395.2 504.2 2,700.7


2009

— — (8.2) — (8.2)

379.8 (155.2) — — 224.6

1,449.9 — (336.8) — 1,113.1

(0.3) — — — (0.3)


— 47.7 — — 47.7

13 — — — (716.0) (716.0)

— — — 2,578.0 2,578.0

20101231 3,456.8 66.4 50.2 2,366.2 5,939.6

20113159.71

2011331

2010

121


20101231

44.

2010123114.79200912.23




2010


2009



2010 — 142.1

2011 416.2 479.3

2012 601.3 601.3

2013 461.2

1,478.7 1,222.7


45.

20108,01020097,7402009

5,780

20097,410

46.






2010 2009 2010 2009


2.5 2.5 204.0 219.4

10.0 10.0 595.4 647.4

44.1 46.7 261.7 469.7

56.6 59.2 1,061.1 1,336.5

113

122 2010


20101231

46.

255

200411


2020331

(i)60

40%(ii)

30%)

20101231

8.68 200911.44




2010


2009


4.7 4.7

1.9 6.6

6.6 11.3

47.


2010


2009



118.7 252.9

170.0 410.3

20101231

2,220200912315.86

2010

123


20101231

48.


2004

9,7101.85

201012316,55020096,550

4,61020094,610


49.


2010

2009











67.3 60.7 67.3 0.9

25.3 500.0 86.5 335.0


— — 89.9 89.9

92.6 560.7 243.7 425.8









2009102820

20151028201012

312.59200920

124 2010


20101231

50.







5%

200371




2010

125


20101231

51.




(a)


2010 2009





A

A


51(c) 77.9 76.9

51(c) 6.1 6.4

51(c) 59.8 76.0

51(c) 107.5 82.7

51(c) 184.8 239.7

51(c) 16.8 23.3

51(c) 58.5 67.5

51(d) 184.2 111.1

51(e) 51.7 115.9

A


51(f) 40.7 42.7

51(g) 17.8 11.2

51(g) 21.1 21.3



A

A



51(h)

575.2

A


51(g) 33.9

51(g) 19.8

51(g) 32.1 13.5





993.3 118.3

119.6 312.4

42.2 43.8

38.7 48.4

11.7 49.2

10.5 52.6

1.5 24.7

37.2 51.4

150.9 724.6

2.7 19.8

14.4 15.3

126 2010


20101231

51.

(b)

2002

2002


200241

2008618



20101231

4.3020092,430

(c)

(d)

(e)

(f)

2008 6 18




51(a)

2008618


202033151(a)

3720101231

5,17020091.16


2008618



(i)

(ii)

51(a)

2010

127


20101231

51.

(g)

14A.31(2)

14A.33(3)


(h)

(i)

20102192009101

202033121

14A.11(4)(b)(ii)

201063

50%

38


(i)

(ii)

8.60

(i)

(ii)

(iii)


(iii)

(iv)


200711 STDM –


(a)

(b)



2008626


128 2010


20101231

52.












2010 2009


Brilliant Sky Investments Limited



1 100% 100%

Champion Path Holdings Limited 1 100% 100%

(Champion Path)


100 100% 100%

100 100% 100%




1 100% 100%


100


25,000


5


25,000


1,000

100% 100%

51% 51%


51%

51% 51%

51% 51%

Sky Reach Investments Limited



1 100% 100%






A

2.7

B

3,000

100% 100%

52(a)

52(a)




25,000

100% 100%





2

100% 100%

SJM

100

100% 100%

2010

129


20101231

52.


(a)

(b)

(c)

(d)

AB

90%10%A

AAB

B

BB1

100%

Champion Path




Champion Path 20092020101231

2.59200920


130 2010


1231

2006 2007 2008 2009 2010




34,196.3 32,227.1 28,165.0 34,352.8 57,653.3

34,196.3 32,146.6 27,992.4 34,065.8 57,195.0

2,644.0 1,493.4 672.2 812.3 3,532.4

(220.1) (0.2) (16.7) (17.5) (17.6)

2,423.9 1,493.2 655.5 794.8 3,514.8


2,423.9 1,533.5 796.1 906.7 3,559.4

(40.3) (140.6) (111.9) (44.6)

2,423.9 1,493.2 655.5 794.8 3,514.8

1231

2006 2007 2008 2009 2010



11,708.9 18,039.4 18,920.6 23,366.5 28,889.4

(6,872.7) (11,479.3) (11,484.3) (14,847.1) (15,714.0)

4,836.2 6,560.1 7,436.3 8,519.4 13,175.4

200712312008626



2010

131


2010830





2010119















2010119









1


323201 – 3205

(852) 3960 8000

(852) 3960 8111

http://www.sjmholdings.com

ir@sjmholdings.com




2008716


880

1,000








João Nuno Riquito & Associados Advogados
















183

17

1712 – 1716

(852) 2862 8555

(852) 2865 0990

http://www.computershare.com.hk

132 2010


TdA - concept, design and production www.tda.com.hk


SJM HOLDINGS LIMITED

澳 門 博 彩 控 股 有 限 公 司

Suites 3201 – 3205, 32nd Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong

香 港 中 環 港 景 街 1 號 國 際 金 融 中 心 一 期 3 2 樓 3 2 0 1 – 3 2 0 5 室

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