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
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