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未知代码: 2008年中期报告
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Condensed Consolidated Income Statement
简明综合收益表
For the six months ended 30 June 2008
截至二零零八年六月三十日止六个月
The board of directors (the “Board”) of Sing Tao News 星岛新闻集团有限公司（「本公司」）董事会（「董事
Corporation Limited (the “Company”) is pleased to 会」）欣然公布本公司及其附属公司（「本集团」）截
announce the unaudited condensed consolidated results of 至二零零八年六月三十日止六个月之未经审核简
the Company and its subsidiaries (the “Group”) for the six 明综合业绩，连同二零零七年同期之比较数字如
months ended 30 June 2008 together with the comparative 下：
figures for the corresponding period in 2007 as follows:
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
Notes (Unaudited) (Unaudited)
附注 （未经审核） （未经审核）
HK$’000 HK$’000
千港元 千港元
REVENUE 收入 2 1,210,263 1,065,628
Cost of sales 销售成本 (930,446) (771,820)
Gross profit 毛利 279,817 293,808
Other income and gains, net 其他收入及收益净额 3 (85,382) 84,043
Distribution costs 分销成本 (129,513) (124,976)
Administrative expenses 行政开支 (150,636) (139,419)
Other expenses 其他开支 (1,755) (6,524)
Recovery of fair value losses on derivative 收回衍生金融工具
financial instruments 公平值亏损 4 62,196 –
Finance costs 融资成本 5 (4,741) (978)
Share of profits 应占下列公司溢利及
and losses of: 亏损：
Jointly-controlled entities 共同控制公司 10,725 10,678
Associates 联营公司 36,501 (23)
Reversal of impairment/(impairment) of 拨回应收共同控制
amounts due from jointly-controlled 公司款项减值╱
entities, net （减值）净额 (2,150) 5,906
PROFIT BEFORE TAX 除税前溢利 6 15,062 122,515
Tax 税项 7 8,012 (15,797)
PROFIT FOR THE PERIOD 期内溢利 23,074 106,718
ATTRIBUTABLE TO: 以下人士应占：
Equity holders of the Company 本公司股权持有人 23,074 106,718
Minority interests 少数股东权益 – –
23,074 106,718
Earnings per share attributable to ordinary 本公司普通股权持有
equity holders of the Company 人应占每股溢利
– (HK cents) – （港仙） 8
Basic 基本 2.72 12.20
Diluted 摊薄 2.69 11.92
DIVIDEND PER SHARE – (HK cents) 每股股息 – （港仙） 9 2.0 2.5
SING TAO NEWS CORPORATION LIMITED Interim Report 2008 1
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Condensed Consolidated Balance Sheet
简明综合资产负债表
30 June 2008
二零零八年六月三十日
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
Notes (Unaudited)
附注 (未经审核)
HK$’000 HK$’000
千港元 千港元
NON-CURRENT ASSETS 非流动资产
Property, plant and equipment 物业、厂房及设备 713,903 678,345
Investment properties 投资物业 35,139 35,268
Prepaid land lease payments 预付土地租赁款 26,663 27,013
Goodwill 商誉 857 857
Other intangible assets 其他无形资产 15,651 16,214
Interests in jointly-controlled entities 于共同控制公司之权益 155,262 175,058
Interests in associates 于联营公司之权益 56,364 38,998
Available-for-sale investments 可供出售投资 10 7,512 7,512
Deferred tax assets 递延税项资产 8,387 7,932
Deposits paid 已缴按金 14,847 56,600
Total non-current assets 非流动资产总值 1,034,585 1,043,797
CURRENT ASSETS 流动资产
Inventories 存货 123,787 88,903
Trade receivables 应收账款 11 397,974 397,168
Prepayments, deposits and other 预付款项、按金及
receivables 其他应收款项 134,793 144,457
Financial assets at fair value through 按公平值记入损益账之
profit or loss 财务资产 12 254,662 366,230
Derivative financial instruments 衍生性金融工具 2,369 7,242
Loans to jointly-controlled entities 贷款予共同控制公司 66,179 63,675
Tax recoverable 可收回税项 12,357 8,925
Pledged time deposits 已抵押定期存款 13 5,158 22,560
Cash and cash equivalents 现金及现金等值项目 308,579 397,386
Total current assets 流动资产总值 1,305,858 1,496,546
CURRENT LIABILITIES 流动负债
Trade and bills payables 应付账款及票据 14 116,743 129,344
Other payables and accruals 其他应付款项及应计款项 227,246 272,794
Derivative financial instruments 衍生性金融工具 77,294 109,410
Tax payable 应付税款 76,561 84,718
Interest-bearing bank borrowings 计息银行借款 115,569 220,000
Finance lease and hire purchase contract 融资租约及租购合约
payables 应付款项 1,244 1,346
Total current liabilities 流动负债总值 614,657 817,612
NET CURRENT ASSETS 流动资产净值 691,201 678,934
TOTAL ASSETS LESS CURRENT LIABILITIES 已减流动负债之资产总值 1,725,786 1,722,731
NON-CURRENT LIABILITIES 非流动负债
Finance lease and hire purchase contract 融资租约及租购合约
payables 应付款项 2,647 3,438
Deferred tax liabilities 递延税项负债 47,010 48,034
Total non-current liabilities 非流动负债总值 49,657 51,472
Net assets 资产净值 1,676,129 1,671,259
EQUITY 股权
Equity attributable to equity holders of the 本公司股权持有人
Company 应占股权
Issued capital 已发行股本 15 169,381 169,611
Other reserves 其他储备 528,780 525,565
Retained earnings 保留溢利 977,968 954,882
Proposed final dividend 建议末期股息 – 21,201
1,676,129 1,671,259
Minority interests 少数股东权益 – –
Total equity 股权总额 1,676,129 1,671,259
2 SING TAO NEWS CORPORATION LIMITED Interim Report 2008
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Condensed Consolidated Statement of Changes in Equity
简明综合权益变动表
For the six months ended 30 June 2008
截至二零零八年六月三十日止六个月
Unaudited
未经审核
Attributable to equity holders of the Company
本公司股权持有人应占
Issued
ordinary Share Share Asset Exchange Proposed
share premium Contributed option revaluation fluctuation Retained final Total
capital account surplus reserve reserve reserve earnings dividend equity
已发行 股份 购股权 资产重估 汇兑波动 拟派
普通股股本 溢价账 缴入盈余 储备 储备 储备 保留溢利 末期股息 股权总额
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
At 1 January 2008 于二零零八年
一月一日 169,611 264 414,898 17,994 41,955 50,454 954,882 21,201 1,671,259
Exchange realignment 汇兑调整及直接
and total income and 在股权中确认
expense for the period 之期内收入及
recognised directly in 开支总额
equity – – – – – 3,730 – – 3,730
Profit for the period 期内溢利 – – – – – – 23,074 – 23,074
Total income and expense 期内之收入及
for the period 开支总额 – – – – – 3,730 23,074 – 26,804
Issue of ordinary shares 发行普通股 60 425 – (266) – – – – 219
Repurchase of shares 购回股份 (290) (689) (717) – – – – – (1,696)
Equity-settled share 股权结算
option arrangements 购股权安排 – – – 732 – – – – 732
Final 2007 dividend 已宣派二零零七年
declared 末期股息 – – – – – – 12 (21,201) (21,189)
At 30 June 2008 于二零零八年
六月三十日 169,381 – 414,181 18,460 41,955 54,184 977,968 – 1,676,129
At 1 January 2007 于二零零七年
一月一日 176,176 469 449,205 15,419 13,498 48,247 837,660 22,001 1,562,675
Exchange realignment 汇兑调整及直接
and total income and 在股权中确认
expense for the period 之期内收入及
recognised directly in 开支总额
equity – – – – – 7,542 – – 7,542
Profit for the period 期内溢利 – – – – – – 106,718 – 106,718
Total income and expense 期内之收入及
for the period 开支总额 – – – – – 7,542 106,718 – 114,260
Repurchase of shares 购回股份 (4,225) (469) (21,275) – – – – – (25,969)
Equity-settled share option 股权结算
arrangements 购股权安排 – – – 1,742 – – – – 1,742
Final 2006 dividend declared 已宣派二零零六年
末期股息 – – – – – – – (22,001) (22,001)
At 30 June 2007 于二零零七年
六月三十日 171,951 – 427,930 17,161 13,498 55,789 944,378 – 1,630,707
SING TAO NEWS CORPORATION LIMITED Interim Report 2008 3
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Condensed Consolidated Cash Flow Statement
简明综合现金流量表
For the six months ended 30 June 2008
截至二零零八年六月三十日止六个月
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
NET CASH INFLOW FROM OPERATING 经营业务之现金流入净额
ACTIVITIES 10,627 41,788
NET CASH INFLOW/(OUTFLOW) FROM 投资业务之现金流入╱（流出）
INVESTING ACTIVITIES 净额 37,816 (41,947)
NET CASH INFLOW/(OUTFLOW) FROM 融资活动之现金流入╱（流出）
FINANCING ACTIVITIES 净额 (132,731) 56,328
NET INCREASE/(DECREASE) IN CASH AND 现金及现金等值项目增加╱（减少）
CASH EQUIVALENTS 净额 (84,288) 56,169
Cash and cash equivalents at beginning 期初之现金及现金等值项目
of period 388,520 323,146
Effects of foreign exchange rate changes, net 汇率变动之影响净额 4,347 1,391
CASH AND CASH EQUIVALENTS AT END 期终之现金及现金等值项目
OF PERIOD 308,579 380,706
ANALYSIS OF THE BALANCES OF CASH 现金及现金等值项目结余分析
AND CASH EQUIVALENTS
Cash and bank balances 现金及银行结余 308,579 380,706
4 SING TAO NEWS CORPORATION LIMITED Interim Report 2008
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
1. ACCOUNTING POLICIES 1. 会计政策
The condensed consolidated interim financial 本简明综合中期财务报表乃根据香港联合交
statements are prepared in accordance with the 易所有限公司（「联交所」）证券上市规则（「上
applicable disclosure requirements of Appendix 16 to 市规则」）附录 所载之适用披露规定以及香
16
the Rules Governing the Listing of Securities (the “Listing 港会计师公会（「香港会计师公会」）颁布之香
Rules”) on The Stock Exchange of Hong Kong Limited 港会计准则（「香港会计准则」）第 号「中期
34
(the “Stock Exchange”) and the Hong Kong Accounting 财务报告」编制。
Standard (“HKAS”) 34 “Interim Financial Reporting”
issued by the Hong Kong Institute of Certified Public
Accountants (“HKICPA”).
The accounting policies and basis of preparation 编制本中期财务报表时所采纳之会计政策
adopted in the preparation of the interim financial 及编制基准与编制截至二零零七年十二月
statements are consistent with those adopted in the 三十一日止年度全年财务报表所采用者相同。
preparation of the annual financial statements for the
year ended 31 December 2007.
In the current period, the Group has applied, for the 于本期间，本集团首次应用香港会计师公会
first time, a number of new standards, amendments 所颁布之多项于二零零八年一月一日或之后
and interpretations (the “new HKFRSs”) issued by the 开始会计期间生效之新订及经修订香港财
HKICPA, which are effective for accounting periods 务报告准则及其诠释（「新香港财务报告准
beginning on or after 1 January 2008. The first time 则」）。首次采纳该等新香港财务报告准则对
adoption of these new HKFRSs had no material 本集团于本会计期间及过往会计期间之业绩
effect on how the results for the current and prior 之编制及呈列方式并无重大影响。故此，概
accounting periods are prepared and presented. 无需要作出任何上期调整。
Accordingly, no prior period adjustment has been
required.
HK (IFRIC) – Int 11 HKFRS 2 – Group and 香港（国际财务报告诠 香港财务报告准则
Treasury Share Transactions 释委员会）诠释第 第号 集团与库
– 2 –
11号 务股份交易
HK (IFRIC) – Int 12 Service Concession 香港（国际财务报告诠 特许服务权安排
Arrangements 释委员会）诠释第
–
12号
HK (IFRIC) – Int 14 HKAS 19 – The Limit 香港（国际财务报告诠 香港会计准则第19
on a Defined Benefit 释委员会）诠释第 号 界定利益资
– –
Assets, Minimum Funding 14号 产的限制、最低
Requirements and their 资金要求和两者
Interaction 的互相关系
SING TAO NEWS CORPORATION LIMITED Interim Report 2008 5
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
1. ACCOUNTING POLICIES (continued) 1. 会计政策（续）
The Group has not applied the following new and 本集团并无应用下列已颁布但仍未生效之新
revised HKFRSs that have been issued but are not yet 订及经修订香港财务报告准则。本集团正评
effective. The Group is in the process of assessing the 估该等香港财务报告准则之潜在影响，惟现
potential impact of these HKFRSs but is not yet in 阶段未能厘定该等新香港财务报告准则是否
the position to determine whether these new HKFRSs 会对经营业绩及财务状况之编制及呈列方式
will have a significant impact on how its results of 造成重大影响。该等新香港财务报告准则可
operations and financial position are prepared and 能导致未来业绩及财务状况之编制及呈列方
presented. These new HKFRSs may result in changes 式造成变动。
in the future as to how the results and financial
position are prepared and presented.
HKAS 1 (Revised) Presentation of Financial 香港会计准则第号 财务报表的呈列1
1
Statements1 （经修订）
HKAS 23 (Revised) Borrowing Costs1 香港会计准则第 号 借贷成本1
23
（经修订）
HKAS 27 (Revised) Consolidated and Separate 香港会计准则第 号 综合及单独财务
27
Financial Statements2 （经修订） 报表2
HKFRS 2 Amendment Share-based Payments1 香港财务报告准则 以股份为基础的
第号（修订本） 付款1
2
HKFRS 3 (Revised) Business Combinations2 香港财务报告准则 业务合并2
第号（经修订）
3
HKFRS 8 Operating Segments1 香港财务报告准则 经营分类1
第号
8
HK (IFRIC) – Int 13 Customer Loyalty Programmes3 香港（国际财务报告诠 客户忠诚度计划3
释委员会）
–
诠释第 号
13
1 Effective for annual periods beginning on or after 1 于二零零九年一月一日或之后开始之年度
1 January 2009. 期间生效。
2 Effective for annual periods beginning on or after 2 于二零零九年七月一日或之后开始之年度
1 July 2009. 期间生效。
3 Effective for annual periods beginning on or after 3 于二零零八年七月一日或之后开始之年度
1 July 2008. 期间生效。
6 SING TAO NEWS CORPORATION LIMITED Interim Report 2008
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
2. SEGMENT INFORMATION 2. 分类资料
The Group’s operating businesses are structured and 本集团之经营业务按各自业务之经营性质与
managed separately according to the nature of their 所提供之产品和服务独立地构成和管理。本
operations and the products and services they provide. 集团每个业务分类代表一个策略业务单位，
Each of the Group’s business segments represents 各单位所提供之产品和服务承受与其他业务
a strategic business unit that offers products and 分类不同之风险与回报。下表呈列本集团之
services which are subject to risks and returns that are 基本分类之收入及业绩。
different from those of the other business segments.
The following table presents revenue and results for
the Group’s primary segments.
For the six months ended 30 June (unaudited)
截至六月三十日止六个月 未经审核
( )
Media Trading Corporate and others Eliminations Consolidated
媒体 贸易 公司及其他 对销 综合
2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
二零零八年二零零七年 二零零八年二零零七年 二零零八年二零零七年 二零零八年二零零七年 二零零八年 二零零七年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Segment revenue: 分类收入：
Sales to external 向外界客户销售
customers 845,067 773,029 363,338 290,491 1,858 2,108 – – 1,210,263 1,065,628
Intersegment sales 分类业务间之
销售 1 364 – – 62,700 59,689 (62,701) (60,053) – –
Other income and 其他收入及收益
gains, net 净额 10,536 6,863 1,520 (83) (35,242) 77,263 – – (23,186) 84,043
Intersegment other 分类业务间之
income 其他收入 – 79 – – 745 513 (745) (592) – –
Total 总计 855,604 780,335 364,858 290,408 30,061 139,573 (63,446) (60,645) 1,187,077 1,149,671
Segment results 分类业绩 13,400 37,227 7,537 8,819 (46,210) 60,886 (25,273) 106,932
Finance costs 融资成本 (4,741) (978)
Share of profits and 应占下列公司溢
losses of: 利及亏损：
Jointly-controlled 共同控制
entities 公司 10,263 12,678 – – 462 (2,000) 10,725 10,678
Associates 联营公司 – (9) – – 36,501 (14) 36,501 (23)
Reversal of 拨回应收共同控
impairment/ 制公司款项
(impairment) of 减值╱（减值）
amounts due 净额
from jointly-
controlled
entities, net – 6,909 – – (2,150) (1,003) (2,150) 5,906
Profit before tax 除税前溢利 15,062 122,515
Tax 税项 8,012 (15,797)
Profit for the period 期内溢利 23,074 106,718
SING TAO NEWS CORPORATION LIMITED Interim Report 2008 7
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
3. OTHER INCOME AND GAINS, NET 3. 其他收入及收益净额
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
Interest income 利息收入 6,313 7,595
Investment income 投资收入 4,823 17,009
Dividend income from listed investments 来自上市投资之股息收入 622 2,653
Fair value gains/(losses), net on: 公平值收益╱（亏损）
之净额：
Financial assets at fair value through 按公平值记入损益账
profit or loss 之财务资产 (63,762) 50,408
Derivative financial instruments – 衍生性金融工具 –
transactions not qualifying as hedges* 不符合对冲资格之交易* (46,847) (1,325)
Exchange gains/(losses), net 汇兑收益╱（亏损）净额 4,712 (116)
Others 其他 8,757 7,819
(85,382) 84,043
* Included the fair value losses on certain commodity * 包括有待从一名雇员收回之若干商品合约
contracts and forward currency contracts of 及远期货币合约公平值亏损62,196,000 （二
零零七年：无）港元。有关详情截于附注 。
HK$62,196,000 (2007: Nil) to be recovered from an 4
employee. Further details of the arrangement are set
out in note 4.
4. RECOVERY OF FAIR VALUE LOSSES ON 4. 收回衍生金融工具公平值亏损
DERIVATIVE FINANCIAL INSTRUMENTS
The treasury function of the Group has been managed 本集团之库务功能乃由司库管理，其为本集
by a treasurer, who is an employee of the Group (the 团一名雇员（「司库」）。由于其在截至二零
“Treasurer”). As a result of her non-compliance with 零七年十二月三十一日止年度内，未有遵守
certain of the Group’s investment guidelines during the 本集团若干投资指引，于二零零七年十二月
year ended 31 December 2007, on 7 December 2007, 七日，司库与本集团订立两项结算契据（「契
the Treasurer entered into two deeds of settlement 据」）。根据该等契据的条款，司库将承担若
(the “Deeds”) with the Group pursuant to which any 干黄金及远期外汇衍生金融工具（「合约」）而
and all losses, costs, expenses, damages and liabilities 招致的任何及一切亏损、成本、费用、损害
incurred in connection with certain gold and forward 及负债。
foreign exchange derivative financial instruments (the
“Contracts”) would be borne by the Treasurer.
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
4. RECOVERY OF FAIR VALUE LOSSES ON 4. 收回衍生金融工具公平值亏损（续）
DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
At the same time, in order for the Group, as a 与此同时，为使本集团（作为该等合约之主
primary obligor under the Contracts, to mitigate its 要义务人）减轻其日后可能因此而出现的亏
future potential losses so arising, the Group has 损，本集团已予司库贸易信贷之便利，于结
facilitated the Treasurer, by way of trading facilities, to 算日后可订立若干受限制衍生工具合约（「后
hedge against the potential losses from the Contracts 续合约」）以对冲可能因该等合约而出现的亏
by entering into certain restricted derivative contacts 损，而司库将独自负责因此而出现的任何及
subsequent to 31 December 2007 (the “Subsequent 一切亏损。司库须于每月月底后一个月内，
Contracts”), and the Treasurer will be solely 在计及司库所订立之后续合约而产生的任何
responsible for any and all losses arising therefrom. 已变现收益或亏损后，清偿因该等合约而出
The Treasurer is required to settle within the following 现的已变现亏损。
month after each month end the realised losses arising
from the Contracts, after taking into account of any
realised gains or losses arising from the Subsequent
Contracts.
Up to 31 December 2007, fair value losses arising 截至二零零七年十二月三十一日，因该等合
from the Contracts of approximately HK$98,671,000 约而出现的公平值亏损约98,671,000港元已
were recorded in the consolidated income statement 记录于截至二零零七年十二月三十一日止年
for the year ended 31 December 2007 and income 度的综合收益表内；而从司库收回相应的衍
from recovery of such fair value losses from the 生金融工具公平值亏损之收入亦已记录于截
Treasurer was also recorded in the consolidated 至二零零七年十二月三十一日止年度的综合
income statement for the year ended 31 December 收益表内。于二零零七年十二月三十一日，
2007. As at 31 December 2007, the unsettled fair value 因该等合约而出现的未清偿公平值亏损约
losses arising from the Contracts of approximately 96,271,000港元，已包括在该日的综合资产负
HK$96,271,000 were included in derivative financial 债表内衍生金融工具负债一项；而相应的应
liabilities and the corresponding receivable from 收司库款项约96,271,000港元亦已记录在该日
the Treasurer of approximately HK$96,271,000 was 的综合资产负债表内预付款项、按金及其他
recorded under prepayments, deposits and other 应收款一项内。
receivables in the consolidated balance sheet as at
that date.
Up to 30 June 2008, further fair value losses arising 截至二零零八年六月三十日，因该等合约及
from the Contracts and Subsequent Contracts of 后续合约而出现的公平值亏损约62,196,000港
approximately HK$62,196,000 were recorded in the 元已记录于截至二零零八年六月三十日止期
consolidated income statement for the period ended 间的综合收益表内；而从司库收回相应的衍
30 June 2008 and income from recovery of such fair 生金融工具公平值亏损之收入亦已记录于截
value losses was also recorded in the consolidated 至二零零八年六月三十日止期间的综合收益
income statement for the period ended 30 June 表内。于截至二零零八年六月三十日止六个
2008. During the six months ended 30 June 2008, 月期间，合共76,439,000港元已获司库清偿。
an aggregate amount of HK$76,439,000 was settled 于二零零八年六月三十日，因该等合约及后
by the Treasurer. As at 30 June 2008, the fair value 续合约而出现的公平值亏损约76,469,000港
losses arising from the Contracts and Subsequent 元，已包括在该日的综合资产负债表内衍生
Contracts of approximately HK$76,469,000 were 金融工具负债一项。而相应的未清偿应收司
included in derivative financial liabilities and the 库款项约82,028,000港元亦已记录在该日的综
corresponding unsettled receivable from the Treasurer 合资产负债表内预付款项、按金及其他应收
of approximately HK$82,028,000 was recorded under 款一项内。
prepayments, deposits and other receivables in the
consolidated balance sheet as at that date.
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
4. RECOVERY OF FAIR VALUE LOSSES ON 4. 收回衍生金融工具公平值亏损（续）
DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
Continuous settlements were made by the Treasurer 于截至二零零八年六月三十日止期间，司库
during the period ended 30 June 2008. The unsettled 已陆续清偿。于结算日应收款项的尚未清偿
portion of the receivable at the balance sheet date, 部分（于财务报表批准日期尚未到期），已获
which has not been due at the date of approval of 得公司一名主要股东何柱国先生于二零零八
these financial statements, is adequately covered by 年四月十四日作出两项以本集团为受益人之
two bank guarantees for an aggregate amount of 银行担保合共21,400,000美元（约为166,920,000
US$21,400,000 (approximately HK$166,920,000) dated 港元）所担保。有鉴于司库陆续清偿，加上
14 April 2008 given in favour of the Group by a 其并无欠缴记录，而于结算日尚未清偿的应
major shareholder of the Company, Mr. Ho Tsu Kwok, 收款项有银行担保，董事认为，于二零零八
Charles. In view of the continuous settlements and no 年六月三十日无须为应收司库款项作出减值
history of default by the Treasurer, and the availability 拨备。
of the bank guarantees to cover the unsettled
receivable at the balance sheet date, the directors are
of the opinion that no provision for impairment of the
receivable is necessary as at 30 June 2008.
5. FINANCE COSTS 5. 融资成本
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
Interest on bank loans and overdrafts 须于五年内悉数偿还之银行
wholly repayable within five years 贷款及透支利息 4,710 952
Interest on finance leases 融资租赁利息 31 26
4,741 978
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
6. PROFIT BEFORE TAX 6. 除税前溢利
Profit before tax was determined after charging the 除税前溢利已扣除下列各项：
following:
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
Amortization of intangible assets 摊销无形资产 563 558
Recognition of prepaid 预付土地租赁款
land lease payments 之确认 351 –
Depreciation 折旧 38,103 20,743
7. TAX 7. 税项
Hong Kong profits tax has been provided at the rate 香港利得税乃按期内于香港产生之估计应课
税溢利以 （二零零七年： ）税率拨
of 16.5% (2007: 17.5%) on the estimated assessable 16.5% 17.5%
profits arising in Hong Kong during the period. Taxes 备。于其他地区之应课税溢利之税项乃按本
on profits assessable elsewhere have been calculated 集团有业务经营之国家之现行税率，并按当
at the rates of tax prevailing in the countries in which 地现行法例、诠释及惯例计算。
the Group operates, based on existing legislation,
interpretations and practices in respect thereof.
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
Current: 即期：
Charge for the period: 期内支出：
The People’s Republic of China: 中华人民共和国：
Hong Kong 香港 3,174 13,256
Elsewhere 其他地区 20 –
Elsewhere 其他地区 2,958 2,526
Under/(over) provision in prior periods 过往期间之拨备不足╱
（超额拨备） (12,957) 2
Deferred 递延 (1,207) 13
Total tax charge/(credit) for the period 期内税项开支╱（抵免）总额 (8,012) 15,797
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
8. EARNINGS PER SHARE ATTRIBUTABLE TO 8. 本公司普通股权持有人应占每股溢利
ORDINARY EQUITY HOLDERS OF THE COMPANY
The calculation of basic earnings per share is based 每股基本溢利乃按期内本公司普通股权持有
on the profit for the period attributable to ordinary 人应占溢利及期内已发行普通股之加权平均
equity holders of the Company and the weighted 数计算。
average number of ordinary shares in issue during the
period.
The calculation of diluted earnings per share is based 每股摊薄溢利乃按用于计算每股基本溢利之
on the profit for the period attributable to ordinary 期内本公司普通股权持有人应占溢利计算。
equity holders of the Company, as used in the basic 计算时所用之普通股加权平均数为计算每股
earnings per share calculation. The weighted average 基本溢利所用之期内已发行之普通股数目，
number of ordinary shares used in the calculation 以及假设普通股加权平均数于所有具摊薄潜
is the number of ordinary shares in issue during 力之普通股被视作获行使或兑换成普通股时
the period, as used in the basic earnings per share 已以无偿形式发行。
calculation, and the weighted average number of
ordinary shares assumed to have been issued at no
consideration on the deemed exercise or conversion of
all the dilutive potential ordinary shares into ordinary
shares.
The calculations of basic and diluted earnings per 每股基本及摊薄溢利乃按下列基准计算：
share are based on:
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
Earnings 溢利
Profit attributable to ordinary equity holders of 本公司普通权益持有人
the Company 应占溢利 23,074 106,718
Number of shares
股份数目
Shares 股份
Weighted average number of ordinary shares 期内已发行普通股加权
in issue during the period used in the basic 平均数用作计算每股
earnings per share calculation 基本溢利 847,655,493 874,392,675
Effect of dilution – weighted average number of 摊薄影响 普通股加权
–
ordinary shares: Share options 平均数：购股权 9,565,702 21,019,204
857,221,195 895,411,879
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
9. DIVIDEND 9. 股息
At a meeting of the Board held on 4 September 本公司于二零零八年九月四日举行之董事会
2008, an interim dividend of HK2.0 cents per share 会议上宣布截至二零零八年十二月三十一日
was declared for the year ending 31 December 2008. 止年度派发中期股息每股 港仙。此拟派发
2.0
This proposed dividend is not reflected as a dividend 之股息并未于本简明财务报表中以应付股息
payable in these condensed financial statements, but 反映，惟将于截至二零零八年十二月三十一
will be reflected as an appropriation of retained 日止年度之保留溢利拨款中反映。
earnings for the year ending 31 December 2008.
10. AVAILABLE-FOR-SALE INVESTMENTS 10. 可供出售投资
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
(Unaudited)
(未经审核)
HK$’000 HK$’000
千港元 千港元
Investment securities: 投资证券：
Overseas listed equity securities, 于海外之上市股本
at fair value 证券，按公平值 376 376
Unlisted equity securities, 非上市股本证券，
at cost 按成本值 5,000 5,000
Unlisted debt securities, 非上市债务证券，
at fair value 按公平值 2,136 2,136
7,512 7,512
The Group’s unlisted equity securities are stated at 本集团之非上市股本证券，因其公平值不能
cost less impairment because their fair values could 于结算日可靠地衡量而以成本减去减值列值。
not be reliably measured as at the balance sheet date. 本公司董事认为公平值不能可靠地计量，因
The directors of the Company consider that the fair 为该等投资合理公平值估计范围有很大不稳
value cannot be measured reliably as the variability 定性，而范围内多项估计之可能性不能合理
in the range of reasonable fair value estimates is 评估及用于估计其公平值。本集团无意于不
significant for these investments and the probabilities 久将来将其出售。
of the various estimates within the range cannot be
reasonably assessed and used in estimating the fair
value. The Group does not intend to dispose of them
in the near future.
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
11. TRADE RECEIVABLES 11. 应收账款
The Group allows an average credit period of 30 to 本集团向其贸易客户给予平均 日至 日不
30 90
90 days to its trade customers. An aged analysis of 等之信贷期。于结算日，应收账款根据款项
trade receivables as at the balance sheet date, based 到期日之账龄分析载列如下：
on the payment due date, is as follows:
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
(Unaudited)
(未经审核)
HK$’000 HK$’000
千港元 千港元
Current to 30 days 即期至 天 291,028 264,107
30
31–60 days 至 天 35,081 56,742
31 60
61–90 days 至 天 30,831 33,767
61 90
91–120 days 至 天 14,380 16,410
91 120
Over 120 days 超过 天 41,595 41,213
120
412,915 412,239
Less: Impairment 减值 (14,941) (15,071)
397,974 397,168
12. FINANCIAL ASSETS AT FAIR VALUE THROUGH 12. 按公平值记入损益账之财务资产
PROFIT OR LOSS
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
(Unaudited)
(未经审核)
HK$’000 HK$’000
千港元 千港元
Listed equity securities, at market value: 上市股本证券，按市值：
Hong Kong 香港 106,960 170,416
Elsewhere 其他地方 12,786 2,709
Unlisted debt securities, at fair value 非上市债务证券，按公平值 134,916 185,575
Equity-linked deposits, at fair value 股本挂钩存款，按公平值 – 7,530
254,662 366,230
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
12. FINANCIAL ASSETS AT FAIR VALUE THROUGH 12. 按公平值记入损益账之财务资产（续）
PROFIT OR LOSS (continued)
As at 31 December 2007, one of the Group’s unlisted 于二零零七年十二月三十一日，本集团非上
debt securities with a carrying value of HK$20,000,000 市债务证券之一（账面值为20,000,000港元）
was pledged to secure certain of the Group’s bank 已经抵押，以取得本集团若干银行贷款为数
loans of HK$120,000,000. 120,000,000港元。
13. PLEDGED TIME DEPOSITS 13. 抵押定期存款
The pledged time deposits were used to secure 抵押定期存款已用作授予本集团一般银行信
general banking facilities granted to the Group. 贷之担保。
14. TRADE AND BILLS PAYABLES 14. 应付账款及票据
An aged analysis of trade and bills payables as at the 于结算日，应付账款及票据根据款项到期日
balance sheet date, based on the payment due date, 之账龄分析载列如下：
is as follows:
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
(Unaudited)
(未经审核)
HK$’000 HK$’000
千港元 千港元
Current to 30 days 即期至 天 83,144 118,125
30
31–60 days 至 天 21,528 5,207
31 60
61–90 days 至 天 1,565 1,510
61 90
91–120 days 至 天 2,578 2,766
91 120
Over 120 days 超过 天 7,928 1,736
120
116,743 129,344
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
15. SHARE CAPITAL 15. 股本
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
(Unaudited)
(未经审核)
HK$’000 HK$’000
千港元 千港元
Authorised: 法定股本：
2,354,256,546 ordinary shares of 2,354,256,546股每股面值0.2
HK$0.2 each 港元之普通股 470,851 470,851
1,291,486,908 5% redeemable cumulative 1,291,486,908股每股面值0.1
convertible preference shares of 港元之 累积可赎回可
5%
HK$0.1 each 转换优先股 129,149 129,149
600,000 600,000
Issued and fully paid: 已发行及缴足股本：
846,903,537 ordinary shares of 846,903,537 股每股面值0.2
HK$0.2 each 港元之普通股
(31 December 2007: 848,053,537 （二零零七年十二月
ordinary shares of HK$0.2 each) 三十一日：848,053,537股
每股面值 港元之
0.2
普通股） 169,381 169,611
During the period ended 30 June 2008, the Company 截至二零零八年六月三十日止期间，本公司
repurchased a total of 1,450,000 of its own shares 在联交所购回其本身股份合共1,450,000股，
through the Stock Exchange for an aggregate 总代价约为1,696,000港元。本公司在此期间
consideration of approximately HK$1,696,000. The 支付购回的股份每股最高及最低价格分别为
港元及 港元。
highest and lowest prices per share paid by the 1.20 1.08
Company for the purchase of shares during the period
were HK$1.20 and HK$1.08, respectively.
All the repurchased shares were cancelled by the 本公司购回股份后注销所有被购回的股份，
Company upon such repurchase and, accordingly, the 本公司之已发行股本因此按该等股份之面值
issued share capital of the Company was reduced 而削减。购回股份应付之溢价在股份溢价账
by the nominal value of these shares. The premium 及缴入盈余中扣除。
payable on the repurchase was charged against the
share premium account and contributed surplus
account.
The directors considered that, as the Company’s shares 董事认为，由于本公司之股份以每股预期资
are trading at a discount to the expected net asset 产净值之折让价买卖，故购回股份对本公司
value per share, the repurchase of shares would be 有利。
beneficial to the Company.
16 SING TAO NEWS CORPORATION LIMITED Interim Report 2008
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
15. SHARE CAPITAL (continued) 15. 股本（续）
During the period ended 30 June 2008, the 截至二零零八年六月三十日止期间，赋予
subscription rights attaching to 300,000 share options 认购权之购股权300,000股已被行使，行使价
were exercised at an exercise price of HK$0.73 per 为每股 港元，导致发行 股新普通
0.73 300,000
share, resulting in the issue of 300,000 new ordinary 股，每股面值 港元，总现金代价（扣除开
0.2
shares of HK$0.2 each for a total cash consideration, 支前）为219,000港元。在该等购股权行使后，
before expenses of HK$219,000. The related share 266,000港元由相关的购股权储备转拨至股份
option reserve of HK$266,000 was transferred to the 溢价账。
share premium account upon the exercise of these
share options.
16. SHARE OPTION SCHEME 16. 购股权计划
Share options are granted to certain directors and 购股权可授予若干董事及雇员。授出之购股
employees. The exercise price of the granted options 权行使价相等于股份收市价与股份面值之较
is equal to the highest of the closing price of the 高者。购股权之条件为雇员须服务满三年（归
shares and the nominal value of the shares. Options 属期）。购股权之合约年期为十年，而本集
are conditional on the employee completing three 团并无以现金购回或清偿购股权之法律或推
years’ service (the vesting period). The contractual 定责任。
life of the options is ten years and the Group has no
legal or constructive obligation to repurchase or settle
the options in cash.
17. COMMITMENTS 17. 承担
The Group had the following capital commitments at 本集团于结算日有以下资本承担：
the balance sheet date:
30 June 31 December
2008 2007
二零零八年 二零零七年
六月三十日 十二月三十一日
(Unaudited)
(未经审核)
HK$’000 HK$’000
千港元 千港元
Contracted, but not provided for 已订约但未拨备 3,602 7,784
Authorised, but not contracted for 已批准但未订约 16,500 16,500
20,102 24,284
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Notes to the Condensed Consolidated Interim Financial Statements
简明综合中期财务报表附注
18. RELATED PARTY TRANSACTIONS 18. 关连人士交易
(a) Material transactions with related parties (a) 与关连人士之重大交易
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
News service fee income received from a 来自一间共同控制公司
jointly-controlled entity 之已收新闻服务费用
收入 8,158 7,248
Printing service charges paid and payable 已付及应付一间共同控
to a jointly-controlled entity 制公司之印刷服务
费用 – 60,478
(b) Compensation of key management personnel (b) 本集团主要管理人员之薪酬
of the Group
For the six months ended
30 June
截至六月三十日止六个月
2008 2007
二零零八年 二零零七年
(Unaudited) (Unaudited)
(未经审核) (未经审核)
HK$’000 HK$’000
千港元 千港元
Short term employee benefits 短期雇员福利 15,734 12,373
Post-employment benefits 退休后福利 36 36
Share-based payments 以股份为基础之付款 450 1,108
Total compensation paid to key 向主要管理人员支付之
management personnel 酬金总额 16,220 13,517
19. APPROVAL OF THE INTERIM FINANCIAL 19. 批核本中期财务报告
REPORT
These condensed consolidated interim financial 董事会于二零零八年九月四日批核并授权刊
statements were approved and authorised for issue by 发此等简明综合中期财务报表。
the Board on 4 September 2008.
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Management Discussion and Analysis
管理层论述及分析
REVIEW OF OPERATIONS 营运回顾
The principal activities of the Group comprise Media and 本集团之主要业务为媒体与媒体相关业务，包括
Media-related operations including Newspapers, Magazines, 报章、杂志、招聘媒体及其他媒体相关业务。此
Recruitment Media and other media-related businesses. In 外，本集团亦从事贸易和远程教育与企业培训。
addition, the Group is also engaged in Trading and E-learning
and Corporate Training.
The Group recorded consolidated revenue of HK$1,210.3 本集团于截至二零零八年六月三十日止六个月（「本
million for the six months ended 30 June 2008 (“Period”), 期内」）录得综合收入约1,210,300,000港元，相较截
representing an increase of 13.6% as compared with 至二零零七年六月三十日止六个月（「去年同期」）
approximately HK$1,065.6 million for the six months 约1,065,600,000港元上升13.6% 。综合收入的增幅主
ended 30 June 2007 (“Previous Period”). The increase 要来自本集团在香港的报刊之收入增长，以及本
was largely attributable to the revenue growth of the 集团贸易业务的营业额上升。然而，《英文虎报》
Group’s publications in Hong Kong, as well as to a rise 所面对的业务变化导致收入减少，以及金融巿场
in turnover of the Group’s Trading unit. However, due to 明显转弱而令本集团的库房资产的投资回报下跌，
the drop in revenue resulting from the changes affecting 导致本公司股权持有人应占溢利于本期内减少至
The Standard and a decline in the investment return of the 约23,100,000港元，而去年同期则为约106,700,000港
Group’s treasury assets caused by the evidently deteriorating 元。
financial markets, profit attributable to equity holders of
the Company for the Period decreased to approximately
HK$23.1 million, as compared with approximately HK$106.7
million for the Previous Period.
Media and Media-related Operations 媒体与媒体相关业务
The Group’s Media operations achieved an increase in 本集团的媒体及媒体相关业务的收入录得增
revenue from approximately HK$773.0 million for the 长，由去年同期约773,000,000港元增至本期内约
Previous Period to approximately HK$845.1 million for the 845,100,000港元，主要受本集团的香港报章及杂
Period, mainly resulting from growth in advertising revenue 志广告收入增加所推动，其中尤以免费报章《头
of the Group’s newspapers and magazines in Hong Kong, 条日报》的表现最为突出。然而，《英文虎报》的
most notably the free newspaper Headline Daily. However, 收入随著取消上市公司在报章刊登付费公告的强
The Standard saw a drop in revenue of approximately 制性规定而减少约43,000,000港元，加上整体生产
HK$43 million due to the abolition of the requirement for 成本飙升，及折旧开支因应新印刷厂房的投产而
mandatory newspaper announcements by listed companies. 有所增加，令媒体业务之经营溢利由去年同期约
Coupled with the negative impact of the generally surging 37,200,000港元减至本期内约13,400,000港元。
production costs and increased depreciation charges from
the new printing factory, this led to a decline in segment
profit from approximately HK$37.2 million for the Previous
Period to approximately HK$13.4 million for the Period.
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Management Discussion and Analysis
管理层论述及分析
Newspapers 报章
Sing Tao Daily, the Group’s flagship paid newspaper, 本期内，本集团的旗舰收费报章《星岛日报》录得
achieved steady and satisfactory results for the Period. Our 稳定且令人满意的业绩。《星岛日报》以为中产读
unswerving focus on producing a high-quality newspaper 者提供一份高质素报章为己任，其坚持及努力使
for middle-class readers has earned continual gains in 该报的发行量及读者人数持续上升，同时广告收
circulation and readership at Sing Tao Daily. At the same 入亦继续按其势头于本期内稳步增长，当中尤以
time, advertising revenue continued its stable growth trend 银行服务类别的广告为甚。面对销售成本上涨，
during the Period, especially in the banking services sector. 特别是白报纸价格不断攀升，加上薪酬及其他成
Faced with rising cost of sales, in particular newsprint 本增加，《星岛日报》严格控制营运开支，成功维
prices, as well as inflationary pressure on salaries and other 持其盈利能力。
expenditure, Sing Tao Daily has carefully kept its operating
expenses in check and has been able to maintain its
profitability.
Headline Daily continued to make significant contribution 本期内，《头条日报》继续对本集团的收入及溢利
to the Group’s revenue and profit during the Period. Its 作出重大贡献，其广告收入增长超越巿场平均数，
advertising revenue growth outperformed the market’s 而广告量及广告页收费均有稳健增长。《头条日报》
average and both advertising volume and page rates saw 的平均发行量维持逾700,000份，而读者人数依然大
healthy advances. Average circulation was maintained at 幅抛离竞争对手。为庆祝三周年及满足读者及广
over 700,000 copies, and Headline Daily’s readership also 告商对周末报章的需求，《头条日报》在本年七月
consistently surpassed that of its competitors by a large 推出周六版。此外，头条网(www.hkheadline.com)
margin. In celebrating its third anniversary and to meet the 也加以升级，提供即时新闻与其他独特及互动的
demand of readers and advertisers for a weekend product, 内容，成为最全面及简便易用的门户网站之一，
Headline Daily launched a Saturday version in July this year. 服务本地读者。
In addition, the website www.hkheadline.com was upgraded
with instant news and other unique and interactive content,
making it one of the most comprehensive and user-friendly
web portals for local readers.
The Standard’s results for the Period were adversely 本期内，《英文虎报》的业绩随著取消上市公司在
affected by the abolition of the requirement for paid 报章刊登付费公告的规定于去年生效，而受到不
announcements in newspapers by listed companies which 利影响。为开创新收入来源，《英文虎报》由二零
took effect last year. In order to open up new revenue 零七年九月起以免费报章模式经营，平均发行量
sources, The Standard has since September 2007 adopted a 增至逾200,000份。虽然失去付费公告的收入及加
free newspaper model under which average circulation has 大发行量提高了成本，导致溢利受挫，但免费报
grown to over 200,000 copies. Although the loss in revenue 章吸引了新类别的广告，其进展令人鼓舞。
from paid announcements and the increased costs from the
circulation expansion have caused a setback in profit, we
are encouraged by the progress of the free newspaper in
attracting new categories of advertisements.
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Management Discussion and Analysis
管理层论述及分析
Although the North American and European markets were 纵使北美及欧洲巿场受金融巿场波动及经济不景
shadowed by financial volatility and economic uncertainties, 气的阴影笼罩，《星岛日报》海外业务依然在本期
the overseas operations of Sing Tao Daily upheld its 内维持其整体业务表现。面对免费刊物及其他媒
overall business performance in the Period. Circulation 体的竞争，其发行量仍录得轻微增长。为了应付
registered a moderate increase despite competition from free 白报纸及其他物料成本急升的压力，《星岛日报》
publications and other media. To counteract the pressure of 海外业务致力改善营运效益，例如于本年七月起
the soaring newsprint and other material costs, much effort 采用较细小的报章版式，从而节省白报纸的使用
was spent on improving operational efficiency. For example, 量。
a trimmed-down format of the newspaper has been adopted
since July in order to save newsprint consumption.
Magazines 杂志
The Magazine unit of the Group performed well during 本期内，本集团的杂志业务录得理想表现，在收
the Period, registering steady growth in top line and in 入及盈利方面均有稳定增长。旗舰杂志《东周刊》
profit. The improvement was most marked at East Week, 的进步最为突出，在广告收入、发行收入及读者
the flagship magazine of the unit, which saw double- 人数均有双位数字增长。《东周刊》拥有高质素内
digit increases in advertising revenue, circulation revenue 容，并以高档的巿场定位，建立优质的读者及广告
as well as readership. The magazine’s high quality content 商基础，以缔造持续向好的经营业绩。《东 》
Touch
and up-market positioning has earned itself a premium 采用类似的市场策略，在广告方面亦表现理想，
base of readers and advertisers, which helped to generate 但时尚类别杂志的竞争预期将会加剧。《 》及
JET
consistently positive operating results. East Touch adhered 《 》在收入及溢利方面均录得一定的增长。在
Spiral
to a similar strategy, which also brought about satisfactory 电脑及资讯科技类别方面，纵使有部份广告开支
performance in advertising, although competition among 正从专业杂志转移至综合性的杂志，但《电脑广场》
lifestyle magazines could be expected to intensify. JET and 仍能维持其巿场占有率。
Spiral both recorded sound increases in revenue and profit.
In the computer and IT category, advertising spending has
seen some siphoning off from professional magazines to the
more general titles, but PC Market managed to maintain its
market share.
Recruitment Media 招聘媒体
The recruitment advertising market continued to see a 本期内，招聘广告继续逐步由印刷媒体转移至网
shift from print media to online media during the Period. 上媒体。于上半年，印刷招聘巿场的广告收入减
Advertising revenue of the print recruitment market is 少 。虽然《 求职广场》的整体业绩受
14% JobMarket
estimated to have declined by 14% in the first half. 到该趋势的不利影响，然而其网上招聘收入亦稳
Although JobMarket’s overall results were negatively affected 步增长。与此同时，本集团于去年十月推出的新
by this trend, its online recruitment revenue has been 求职网站「headlinejobs.hk 」，其巿场占有率不断扩
increasing steadily. At the same time, the new jobs website 大，以张贴的职位平均数计算，已成为香港第二
launched by the Group last October, headlinejobs.hk, has 大的求职网站。
grown in market share and has become the number 2 jobs
website in Hong Kong in terms of average number of jobs
posted.
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Management Discussion and Analysis
管理层论述及分析
Non-Media Operations 非媒体业务
Trading 贸易
Although the demand for digital cameras in the PRC 在上半年，尽管国内市场对于数码相机的需求依
continued to be buoyant in the first half, competition in the 然殷切，但由于行内竞争剧烈，单位售价受压。
market was intense and unit retail prices were constrained. 通胀的环境亦推高了经营开支，薪酬及其他员工
The inflationary environment also led to higher operating 成本上升，进一步拖低利润。本期内，本集团的
expenses, especially in wages and other staff costs, which 贸易业务录得收入约363,300,000港元，而去年同期
further eroded profit margins. The Trading unit of the 则录得约290,500,000港元。然而，贸易业务的溢利
Group recorded revenue of approximately HK$363.3 million 在本期内下跌至约7,500,000港元，去年同期则为约
for the Period, as compared with approximately HK$290.5 8,800,000港元。
million for the Previous Period. However, segment profit for
the Period dropped to approximately HK$7.5 million, from
approximately HK$8.8 million for the Previous Period.
Other Non-Media Operations 其他非媒体业务
The Group’s other non-media operations mainly consist of 本集团的非媒体业务主要包括本集团拥有 股权
70%
the 70%-owned China Human Capital Management Company 的北京经华智业教育科技有限公司，经营远程教
Limited, the business of which comprises e-learning and 育与企业培训业务。本期内，与北京对外经济贸
corporate training. The e-learning business, which is 易大学合办的远程教育业务保持平稳。另一方面，
operated in co-operation with the University of International 为迎合巿场需求，企业培训业务将其重点投放在
Business and Economics, continued on a steady trend during 以企业及个人客户为对象的英语培训课程。
the Period. To meet the market’s demand, the corporate
training business turned its focus on English training courses
for corporate as well as individual customers.
PROSPECTS 展望
The first half of 2008 started on an optimistic note but 二零零八年开始时，巿场普遍明朗乐观，但各种
challenges came out in the open as the year progressed. 挑战在上半年内逐步浮现。美国金融失衡对全球
The financial disorder in the US has spread its impact 造成影响，世界经济也逐渐放缓，甚至步入衰退。
globally and the world economy has gone into a slowdown, 与此同时，高原料价格导致通胀高企，带动成本
if not heading towards a recession. At the same time, 上升，令经营环境更加困难。有见及此，本集团对
high commodities prices have led to an inflationary spiral 下半年的前景持审慎态度。管理层将时刻警觉，
which escalated costs and created a difficult operating 审时度势，致力实现集团最大的营运效益，以及
environment. Against this background, the Group is cautious 维持最有利的成本架构。
about the outlook for the rest of the year. Management
will remain vigilant about maximizing the Group’s operating
efficiency and maintaining an optimized cost structure.
Our strategic focus on quality, in spite of the more testing 本集团重视质素的策略，使旗下的核心媒体产品
market circumstances, for our core Media products has 在日趋严峻的巿场环境下，仍能维持集团的竞争
helped us to remain competitive. Management will continue 力。管理层将再接再厉，延续对免费报章巿场的
our efforts to fuel the success of our investment in the free 成功投资，为本集团缔造提高收入及溢利的新动
newspaper market, which has opened up a new momentum 力。我们充满信心，本集团的媒体业务将在稳健
for revenue and profit for the Group. We are confident that 增长的轨道上迈步前进。
the Group’s Media Operations are progressing on a healthy
growth path.
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Management Discussion and Analysis
管理层论述及分析
LIQUIDITY AND FINANCIAL RESOURCES, GEARING 流动资金及财务资源、资本负债比率及本集
RATIO, CHARGES ON THE GROUP’S ASSETS 团资产抵押
The Group maintained a strong financial position with a net 本集团于本期内维持稳健之财政状况并保持净现
cash position throughout the Period under review. As at 30 金状况。于二零零八年六月三十日，本集团现金
June 2008, the Group had a net cash balance (calculated 结余净额（根据本集团现金结余及借贷总额计算）
with reference t