2007
Annual Repor
Contents
2 Directors and Corporate Information
3 Financial Highlights and Calendar
6 Chairman’s Statement
10 Managing Director’s Operational Review
18 Biography of Directors and Senior Management
23 Corporate Governance and Corporate Responsibility Report
35 Report of the Directors
48 Consolidated Balance Sheet
50 Balance Sheet
51 Consolidated Income Statement
52 Consolidated Statement of Recognised Income and Expense
53 Consolidated Cash Flow Statement
54 Notes to the Consolidated Financial Statements
127 Principal Properties held for Investment Purposes
128 Independent Auditor’s Report
130 Five-Year Summary
Directors and Corporate Information
2
C
AF DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
BOARD OF DIRECTORS
Executive Directors
Mr. Chan Yue Kwong, Michael (Chairman)
Mr. Lo Hoi Kwong, Sunny
(Managing Director)
Ms. Lo Pik Ling, Anita
Mr. Lo Tak Shing, Peter
Non-executive Directors
Mr. Lo Tang Seong, Victor
Mr. Lo Hoi Chun
Mr. Hui Tung Wah, Samuel
Mr. Choi Ngai Min, Michael
Mr. Li Kwok Sing, Aubrey
Mr. Kwok Lam Kwong, Larry
Independent Non-executive Directors
COMPANY SECRETARIES
Ms. Li Oi Chun, Helen
Mr. To Hon Fai, Alfred
QUALIFIED ACCOUNTANT
Ms. Chung Sau Man, Grace
REGISTERED OFFICE
Canon’s Court, 22 Victoria Street
Hamilton HM12, Bermuda
HEAD OFFICE
10th Floor, Caf de Coral Centre
5 Wo Shui Street, Fo Tan
Shatin, New Territories, Hong Kong
AUDITORS
Messrs. PricewaterhouseCoopers
SOLICITORS
Messrs. Johnson Stokes & Master
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
Bank of Communications Co., Ltd.
Bank of Tokyo-Mitsubishi UFJ
BNP Paribas
Calyon Corporate and Investment Bank
China Construction Bank Corporation
Citibank, N.A.
Hang Seng Bank Limited
The Hongkong and Shanghai Banking
Corporation Limited
Mizuho Corporate Bank, Ltd.
Standard Chartered Bank (Hong Kong) Ltd.
Sumitomo Mitsui Banking Corporation
Wing Lung Bank Ltd.
BERMUDA SHARE
REGISTRARS
The Bank of Bermuda Limited
HONG KONG BRANCH SHARE
REGISTRARS
Computershare Hong Kong Investor
Services Limited
WEBSITE
http://www.cafedecoral.com
Financial Highlights and Calendar
3
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F
DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
FINANCIAL HIGHLIGHTS
Year ended 31st March, 2007 2006 Change
HK$’000 HK$’000 %
(As restated)
Revenue 3,885,151 3,440,493 12.92
Profit attributable to equity holders
of the Company 370,067 319,853 15.70
Total assets 2,485,027 2,313,307 7.42
Net assets 1,996,467 1,883,393 6.00
Basic earnings per share 67.95 HK cents 59.24 HK cents 14.70
Interim and final dividends per share 42 HK cents 35 HK cents 20.00
Special dividend per share Nil 20 HK cents N/A
Net assets per share $3.67 $3.49 5.16
FINANCIAL CALENDAR
Half year results Announcement on 5th December, 2006
Full year results Announcement on 10th July, 2007
Annual Report Despatched to shareholders in late July, 2007
Closure of register of members 11th September, 2007 to 18th September, 2007
for the proposed final
dividend
Annual General Meeting 18th September, 2007
Dividends Interim: 12 HK cents per share paid on 11th January, 2007
Final: 30 HK cents per share payable on 5th October, 2007
4
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
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Financial Highlights and Calendar
240
200
160
120
80
40
0
Total No. of Operating Units: 584
(As of 10/7/2007)
North
American
QSR
Hong Kong
QSR
China &
Overseas
QSR
Institutional
Catering
Specialty
Restaurants
Financial Growth Trends
Group Net Profits & EPS Growth
Net Profits
EPS
EPS (HK$ cents)Net Profits (HK$m)
Systemwide Sales Distribution
North American QSR
20.6%
Food Processing
& Distribution
2.4%
China &
Overseas QSR
8.6%
Asia Pacific
Catering
9.3%
Specialty
Restaurants
7.2%
Caf de Coral Group
Strategic Businesses
Food Processing
& Distribution
QSR Specialty
Restaurant
Institutional
Catering
Property &
Development
Caf de Coral
(HK)
Caf de Coral
(China)
Manchu Wok
(Canada)
Manchu Wok
(USA)
New Asia Dabao
Oliver's Super
Sandwiches
Asia Pacific
Catering
Luncheon Star
The Spaghetti
House
Ah Yee
Leng Tong
Super Super
Congee & Noodles
Dai Bai Dang
(USA)
Scanfoods
Denny's
Franchising
Property
Hong Kong QSR
51.9%
95 96 97 98 99 00 01 02 03 04 05
0
50
100
150
200
250
300
400
17.7
27.9 26.9
45.8
51.2
44.8
48.6
0
10
20
30
40
50
70
93
124
145 139
172
219
252
280
No.of New Shops: 70
(since April 01, 2006)
Total:201
Total:146
Total:113
Total:85
Total:39
07
350
06
60
53.4
32.8
39.6
23.9
59.2
243
258
286
370
320
68.0
17
17
18
12
6
184
129
95
73
33
HIGHLIGHTS
• Continuous turnover growth for the 20th consecutive year with
an increase of 1,400% since listing.
• A double-digit growth in profits for the 3rd consecutive year to
historical high of HK$370 million.
• Record-high development expansion in Hong Kong, together with
a remarkable performance growth in Southern China and
substantial business improvement in North America.
• Enhanced commitment on food processing infrastructure and
the establishment of an “Executive Development Board” for
sustainable corporate growth.
• For the 12th consecutive year, shareholders’ value was enhanced
with another dividend per share increase.
Chairman’s Statement
6
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F
DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
BUSINESS PERFORMANCE
For the year ended 31st March, 2007, the
Group recorded another encouraging growth
in terms of both turnover and profit
attributable to shareholders. Profit attributable
to shareholders has for the 3rd consecutive
year attained a double-digit growth to
HK$370 million. As compared with that of
last year, turnover was substantially increased
to HK$3.89 billion after consolidating, for the
first time, the full year results of our wholly-
owned subsidiary of Manchu Wok.
To share the joy of our sustainable growth
with our shareholders, I would recommend
to the Board to propose a final dividend of
30 HK cents per share. Together with the
interim dividend paid earlier, a total dividend
of 42 HK cents per share would have been
repatriated to our shareholders for the whole
year, with substantial increase of 20%,
representing an ever-increasing dividend
payout ratio of 62%.
BUSINESS REVIEW
Over the years, the Group’s business horizon
has kept on expanding both in business
portfolio, customer base and geographical
coverage, tapping into strategic growth
markets here in Hong Kong as well as in the
People’s Republic of China and North
America.
In our familiar home territory here in Hong
Kong, our core businesses in the quick
service and the specialty restaurant sectors
continued to prosper. Our long established
brands such as Caf de Coral and The
Spaghetti House, through aggressive
marketing campaigns and development
program, have gained much solid ground
both in market share and brand preference.
It was gratifying to witness the fruit bearing
effort of our innovative product launches and
marketing initiatives, which together
contribute to the encouraging performance
of our various restaurant brands in Hong
Kong both in terms of volume and value.
Indeed, the encouraging performance in the
local restaurant sectors in year 2006 were
aided by the buoyant sentiment in the capital
and consumer markets. Capitalizing on such
improved business environment, and riding
on our own branding power and long-
established business reputation, we further
accelerated the pace of our branch
development in Hong Kong by opening a
record high of 23 new outlets in the year,
maintaining a firm grip of our market
leadership in an ever-increasingly competitive
landscape.
On the institutional front, our Luncheon Star
has also firmly secured its market leading
position in the school catering sector. Being
accredited with “HACCP”, “ISO 9001” and
the strictest “ISO 22000” food safety system,
which is the first of its kind in the Hong Kong
school catering industry, Luncheon Star not
only has become an established preference
among parents and teachers in the selection
of school meal caterers, but has also clearly
demonstrated our commitment to the food
safety and corporate responsibility to the
local community.
In the PRC, we continued with our proactive
expansion initiatives in this market. As of
Chairman’s Statement
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DE CORAL HOLDINGS LIMITED
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today, the total number of our operating units
in China is well over 133. Encouraged by the
performance of our Caf de Coral in the
Southern China region both in the first and
second tier cities, we adhere to our
aggressive branch development program by
bringing the total number of stores in the
region to 31, where it has now become not
only a sizable business growth platform but
has developed as another meaningful profit
contributor to the Group.
In Eastern China, we are encouraged to
witness a significant business improvement
in our 50% owned restaurant chain New
Asia Dabao. At the same time, we have also
commenced a development program for
Caf de Coral in the region, which at this
stage have inevitably incurred certain one-
off pre-opening expenses and development
costs. Despite the initial growing pain, we
remained positive and committed to this
business platform as it is an indispensable
development strategy for unlocking the vast
business potential in the Yangtze River Delta
Region.
Across the ocean, we are pleased to report
substantial improvement in our North
American business Manchu Wok. The
substantial reduction in loss is a positive
signal for us that we are heading toward the
right direction in turning around the business.
We have decided to take this opportunity to
further write-off certain assets as we believe
that it would be of long term benefits to all
our stakeholders to adopt the most stringent
and prudent accounting principle. The loss
sustained by this business has drastically
reduced for the year as compared with the
year before. In fact, on the operating level,
we have already witnessed an encouraging
business turnaround with a slight profitability.
As we are moving in the right direction, we
envisage that our North American business
will be a market of great potential for the
Group in the years ahead.
BUSINESS STRATEGIES
Throughout the years, we have never let go
of our relentless effort to explore the
opportunities presented to us and create
value to our customers in various segments
of the catering industry, at home and abroad.
Our strategies are aimed to enlarge our
market share in the catering industry as a
whole and to establish a balanced business
portfolio against waves of fierce competition.
We remain committed to sustainable growth
in our group of business and adhere to our
core competence in the restaurant business
to tap into the growing catering industry in
Hong Kong and abroad. The Group’s recent
acquisition of a strategic stake in the “Tao
Heung”, a leading Chinese restaurant group
here in Hong Kong and Southern China,
exemplifies our continuing effort in this
regard.
As encouraged by the business performance
both in Hong Kong and in Southern China,
we decide to devote more resources on our
back up infrastructures for our rapid
development in the region. In addition to the
aggressive branch development program
which has already been in place, we are fully
aware of the need to expand on our 17 years
old central food processing plant, in order to
satisfy the ever-growing market demand for
our business in the region. To this end, we
are rigorously looking for suitable site to
Chairman’s Statement
8
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
establish a new central food processing
plants both in Hong Kong and in the Pearl
River Delta Region. We believe that these
much-needed infrastructures would enhance
our competitive edge in the short run and
our market dominance in the longer term.
In June, 2007, the Group has acquired
approximately 6,500 sq. feet property in
Admiralty Centre, Hong Kong at a total
consideration of HK$60 million. The Group
aims to continue its policy of securing sites
at strategic location on a self-owned basis.
The acquisition not only opens up another
stream of rental revenue to the Group but
also alleviates us from the soaring rental
escalation which we would anticipate at this
strategic location.
BUSINESS GOVERNANCE
Maintaining high standard of corporate
governance is one of the key elements to
success for any business enterprise. The
Group will continue to promote a committed
culture of corporate governance so as to
reflect the fundamental values underlying the
principles of accountability, transparency and
independency. I would like to draw your
attention to the section “Corporate
Governance and Corporate Responsibility
Report” of the Company’s 2007 Annual
Report for details about the Group’s
attainment on corporate governance during
the year.
As always, people are key to deliver
excellence in business. We have set up an
independent “Executive Development Board”
for purpose of succession planning and for
selecting and equipping our people with the
skill-sets and business perspective for a
sustainable development growth in our
various global business platforms.
To conclude, I would like to express my
heartfelt gratitude to every member of our
staff and management. Without their
commitment and perseverance during the
past year, it is not possible for the Group to
achieve another milestone in our business
performance.
Chan Yue Kwong, Michael
Chairman
Hong Kong, 10th July, 2007
Managing Director’s Operational Review
10
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F
DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
INTRODUCTION
The Group registered another encouraging
performance for the year under review. Both
turnover and profit attributable to
shareholders reached a record high of
HK$3.89 billion and HK$370 million
respectively, achieving an increase of 12.9%
and 15.7% over those of last year.
Notwithstanding another successful year, we
remain attentive to our business development
in different geographical regions. Various
strategic imperatives have been employed to
deal with local challenges in order to enhance
our performance in respective areas.
FAST FOOD BUSINESS
During the year, we witnessed an improved
spending sentiment in the local arena brought
on by the fall in unemployment rate and the
buoyant stock market. Taking advantage of
this positive business environment, Caf de
Coral accelerated its pace of development
with thirteen new shops opened during the
year, breaking the Company’s own record
for its branch development program by
bringing the total number of Caf de Coral
fast food restaurants in Hong Kong to 133
as at 31st March, 2007. Among these new
openings, we successfully identified some
locations with growth opportunities such as
Western District, Hong Kong, where we never
had any presence before. Riding on the
brand power of Caf de Coral, we saw an
encouraging and immediate return on
investment for the two new stores opened
there.
As part of our on-going facelift program to
refresh our store image, we invested over
HK$32.7 million in the year to renovate 15
Caf de Coral shops. Our latest 4th
Generation post-modern design concept,
which offers a stylish restaurant image and a
comfortable dining environment, has been
well accepted by our customers as the
preferred choice for causal dining.
In addition to our efforts in upgrading the
dining environment, offering quality products
and services have always been our key
emphases. Innovative products introduced
during the year, such as Steamed Rice with
Oat and Banana Split Sizzling Plate, received
good market response. To complement the
on-going customer-centered trainings
provided to our frontline staff, a series of
training courses were also held with the aim
of equipping our middle management with
updated skills for day-to-day operations of
our stores. Internal logistics in our branches
were also re-visited to satisfy the ever-rising
demand of our customers. Take-away service
counter was set up to respond to customers’
needs more efficiently. The above initiatives
exemplify our commitment to provide “100%
Complete” services to our valued customers.
Promotion and marketing initiatives are key
strategic tools we deployed in our business.
The launch of a series of new TV commercials
with popular celebrities not only presents the
energetic, happy, positive and youthful image
of our brand, but also keeps our brand as
another ‘hot and hip’ item among teenage
customers. In the meantime, “Club 100” VIP
Managing Director’s Operational Review
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DE CORAL HOLDINGS LIMITED
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Program continued its success as an
important marketing channel for us since its
debut last year. The Program rewards
members who make frequent visits to our
branches, thereby accumulating bonus points
that can be redeemed into fabulous gifts.
Due to the overwhelming response received
from our loyal customers after the Program’s
first implementation, a second round of
registration was held in the year to allow more
devoted customers to join the “Club 100”
VIP Program.
To cope with business growth, we relocated
some of the production facilities in Fo Tan to
our 50,000 sq. feet production plant in Tai
Po during the year. This new production plant
not only enhances our production capacity
to satisfy increasing demand of our business
expansion here but it also strengthens our
quality control on food. In addition to our
production facilities in Hong Kong, our factory
plant in Dongguan, PRC continues to
supplement our Hong Kong operations with
high quality processed materials. Meanwhile,
we are also actively pursuing any opportunity
that will allow us to expand our food
manufacturing facilities in the PRC in order
to respond to fast business growth in this
region.
Super Super Congee & Noodles, as
another Concept amongst our fast food
businesses in Hong Kong, delivered
satisfactory performance for the year. As
of 31st March, 2007, there were 5 outlets
in Hong Kong. Consistent with our
expansion strategy to develop this Concept
into another successful, reputable chain,
we opened another new store at Metro
City, Tseung Kwan O subsequent to the
year’s end.
Oliver’s Super Sandwiches, a chain of well-
known sandwich restaurants, recorded a
stable performance for the year. Another 3
new shops were opened during the year,
bringing the total number of stores to 15 as
at 31st March, 2007.
To meet the ever-changing demand of our
customers, we have introduced a variety of
products that are deemed to be high “value-
for-money” products to our customers. As
part of our overall strategy to create an
attractive and leisurely ambience in our
stores, we brought in “illy”, the World famous
Italian coffee to be served in our entire
sandwich chain. Together with ‘illy’ coffee,
Oliver’s Super Sandwiches is well
positioned to be the preferred gathering place
for our valued customers with discerning
tastes.
INSTITUTIONAL CATERING
Institutional catering is another market of
interest to the Group. Asia Pacific Catering
performed beyond management expectations
in this market by achieving increments in both
turnover and number of clientele. The year
under review was one of particular challenge
in that the number of expiring catering
contracts in Hong Kong that needed to be
renewed accounted for more than 80% of
the turnover of this business unit. Riding on
our expertise in the institutional catering
market and the value-added services
recognized by our clients, we are happy to
report that we successfully renewed most of
our major contracts. We also added The
Hong Kong Institute of Vocational Education
(Tsing Yi) and Hong Kong Air Cargo Terminals
Limited into our clientele list, thus taking our
number of operating units in Hong Kong to
61 as at 31st March, 2007.
Managing Director’s Operational Review
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DE CORAL HOLDINGS LIMITED
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While business in Hong Kong currently
accounts for the lion’s share of this business
unit, we are committed to continuous
expansion in the PRC market where, we
believe, will be a crucial growth driver for
Asia Pacific Catering in the coming years.
During the year, the number of operating
units in this region increased from 20 to 25,
demonstrating the dedicated efforts made by
management in exploring the potential of this
vast market.
Food safety is another looming issue that is
capturing the awareness of the general public
in Hong Kong. Luncheon Star, our flagship
in the school catering market, won the hearts
of parents and teachers in their selection of
meal caterers by being accredited with
“HACCP” and “ISO9001” on food safety and
monitoring systems. Since its inception in
September, 1999, Luncheon Star has been
leading the school catering market sector
with meaningful profit contribution to the
Group.
In responding to business growth, the
relocation of some of our existing central food
processing facilities freed up much needed
space by Luncheon Star for expansion. The
recent accreditation with “ISO 22000” once
again demonstrates Luncheon Star’s
commitment to the strictest safety standards
requisite in our food preparation business.
Other than its local business, Luncheon Star
is also actively pursuing any opportunities to
expand its business outside Hong Kong.
SPECIALTY RESTAURANT
With the emergence of numerous new brands
given improved spending sentiment in the
local market, we witnessed acute competition
in the mid-priced specialty restaurant sector.
Notwithstanding this competitive
environment, The Spaghetti House
continued to deliver satisfactory performance.
Two restaurants were opened in the year,
one at Citygate, Tung Chung, the largest
outlet mall in Hong Kong which houses
international brands, and the other at Tee
Mall, Guangzhou, PRC, which is a prestigious
shopping mall close to Guangzhou East
Station. With the opening of these two new
stores, the total number of The Spaghetti
House reached 26 as at 31st March, 2007.
As part of our program to upgrade our image,
renovation was made to 4 of our existing
stores. Our trendy and stylish image was
freshened up to provide a more comfortable
dining experience to our customers. The main
menu of The Spaghetti House was also
redesigned to be more user-friendly and to
entice first time visitors to try our long-
recognized signature dishes.
Contemporary as well as original products
of high-perceived value were introduced
during the year and they successfully won
the hearts of our customers. We continued
to launch joint promotions with various
institutions, initiated media coverage and
advertised on bus panels. All these initiatives,
together with our zealous efforts in expanding
our VIP memberships, not only resulted in
sales growth, but also demonstrated our
commitment in overcoming market
challenges to outperform our peers.
Since opening the first company-owned store
at “Mix City”, Shenzhen, PRC in December,
2004, we have been impressed by the
overwhelming response from local customers.
As part of our strategic initiatives to expand
in the Southern China region, we opened a
second store at the Tee Mall during the year.
After the year end, we successfully opened
Managing Director’s Operational Review
13
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DE CORAL HOLDINGS LIMITED
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another store at “Central Walk”, Shenzhen,
PRC to meet the growing demand in this
market. Leveraging on our successful
experience, we plan to open the fourth store
in the second half of this year.
Regarding the strategic franchise business
units, The Spaghetti House has 2 franchise
restaurants in operation overseas, both
located in Indonesia.
As recognition of our outstanding services,
we were awarded the “2007 Airport
Customer Services Excellence Award”
and the “Mystery Shoppers Programme –
Category Leader – Fast Food/Restaurant
Category” by the Airport Authority Hong
Kong and the Hong Kong Retail Management
Association respectively.
SCANFOODS
Scanfoods, our food processing and
distribution business, continued to prosper
in the year. After years of development, the
high quality of “Viking Boat”, as our ham and
sausage products are known, established its
solid presence in the institutional market. With
its extensive and strong distribution channels,
Scanfoods has laid a very solid foundation
in the Hong Kong market.
In the PRC, our products successfully
penetrated the retail market, covering major
supermarkets and other retail points through
our dedicated distribution network in the
Pearl River Delta region. In support of our
continuous effort to broaden our presence
in this market, our fully automated
manufacturing facilities in Dongguan, PRC
has enhanced its production capacity to
make room for further expansion.
During the year, a pilot-test joint-venture
business was set up in Xian, PRC with an
aim to bolster our ability to source beef as a
raw material. Since start-up, its performance
has met management’s expectations.
Looking forward, we envisage the scope of
business to include packaged food, thereby
extending the range of products available to
our customers in the longer term.
CAF DE CORAL IN THE PRC
AND MACAU
Since committing to our program of opening
new stores in Southern China and opening
our store in Xiaolan, Zhongshan in 2002, a
most exciting and encouraging performance
has ensued in this market. Since then, we
have seen a total of 25 stores opened from
the then 6 stores, bringing the total number
of stores to 31 as of today. Now, we are
proud to report that our presence covers the
key first-tier and second-tier delta cities,
including Shenzhen, Zhuhai, Guangzhou,
Dongguan, Jiangmen, Zhongshan and
Foshan.
The significant achievements in our business
development across different cities in the
Southern China region is not a coincidence.
Experience accumulated in the past for over
a decade provides us with an insight, allowing
us to understand the needs of our customers
there. Utilizing this tremendous wealth of
invaluable experience, we adopted flexible
business strategies such as fine-tuning our
products, reviewing our pricing strategies,
upgrading the dining environments and
enhancing our information technology
infrastructure to satisfy the specific needs of
different groups of customers in different
geographical regions.
Managing Director’s Operational Review
14
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DE CORAL HOLDINGS LIMITED
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Our established business reputation,
combined with our efforts in forming strategic
alliances with major retail business partners
enabled us to secure prime locations with
vast business potential. All the above
strategies contributed significantly to our
remarkable business performance in this
market.
The population in the Guangdong province
has reached 82 million. As evidenced by the
strong economic growth in recent years, the
Pearl River Delta region has already become
one metropolis. We have seen the quality
and standard of living of its people improve
substantially as compared to that of a decade
ago. This opens up ample room for the Group
to further expand and develop its business
network in this exhilarating area. Although
the Central Government imposed and is still
imposing certain austerity measures to
prevent the economy from being over-heated,
it is envisaged that such measures will not
have any major adverse impact on the retail
market. We will closely monitor the situation
and execute our expansion strategy as
planned unless we witness any adverse
changes in this market.
MANCHU WOK
Following the complete control we took on
Manchu Wok in October, 2005, we
concentrated our efforts in extricating this
business from untenable situations that have
lingered in the last few years. I am glad to
report that we are moving in a positive
direction and first-rate track in controlling
runaway overheads, identifying opportunities
for future expansions, and establishing
processes to make Manchu Wok ready for
the successful pursuit of business potential
in the Asian cuisine market in a Western
setting.
Our operations in Canada remained
relatively healthy while units in the US
market generally suffered. However,
opportunities with non-traditional venues
such as casinos, airports, university
campuses and military bases, and street
location business have been identified and
are progressing well. On the other hand,
our efforts to reduce overhead proved
highly successful. To raise the bar on store
image, we are also introducing a program
to upgrade design in order to project a
more trendy image to our customers.
All the above initiatives contribute positively
to business performance. Though Manchu
Wok still records a loss for the year under
review, we are confident that it is moving
ahead in the right direction to a complete
business turnaround next year.
As of 31st March, 2007, Manchu Wok has
a total of 203 restaurants operating in North
America, including 1 Dai Bai Dang in the
United States.
NEW ASIA DABAO
Since acquiring a 50% stake in New Asia
Dabao and taking up management control
over its operation in 2003, we had initiated a
wide range of strategic imperatives such as
enhancing product quality, upgrading dining
environments and services standards,
adjusting price levels and product mixes. We
also closed down some non-performing
stores and opened new stores in locations
where there is great potential. With the
successful implementation of these initiatives,
we witnessed progressive business
turnaround. Other than the expansion in
Shanghai, we also tested this concept in
neighboring cities by opening two pilot stores
in Jiaxing and Hangzhou.
Managing Director’s Operational Review
15
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DE CORAL HOLDINGS LIMITED
Ann
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As part of our strategy to tap into the mid-
priced fast casual dining segment, we have
embarked on establishing Caf de Coral’s
presence in the region. Since the opening of
the first Caf de Coral fast food restaurant
in Shanghai three years ago, the number of
Caf de Coral restaurants in this region has
reached 6 as at 31st March, 2007. Despite
certain one-off expenses in building up the
brand presence in the region, we are
confident that the current two-pronged
market penetration strategy would enable us
to capture the sizeable potential for business
growth in the Eastern China market in the
years to come.
As of 31st March, 2007, New Asia Dabao,
together with Caf de Coral restaurants,
have a total of 72 stores in the Eastern China
region.
NEW BUSINESS PROCESSES
Information technology has continued to gain
importance on our operations over the years.
Six years ago, we were one of the pioneers
in installing the computerized point-of-sale
system in our chain of stores replacing the
stand-alone cashier system. The system not
only enables us to handle transactions more
efficiently but also assists us in making
management decisions more promptly,
thereby giving us a competitive edge over
our rivals.
Other than the Business Management System
we put in place two years ago, we introduced
Oracle’s Financial System into our accounting
and treasury functions in the year so as to
enhance our own internal logistics to support
our ever-growing business. IT solutions are
also tailor-made to serve the specific needs
of our business units, such as the
implementation of the Lunch Box System for
Luncheon Star to facilitate payment, and
the launch of “Club 100” VIP program for
Caf de Coral.
Strengthening the application of information
technology to our business is crucial for our
successful operations. Management will, as
has been in the past, continue to provide
sufficient resources to support its utilization
within the Group.
FINANCIAL REVIEW
The Group’s financial position as of 31st
March, 2007 continues to be very strong,
with a net cash of close to about HK$547
million and available banking facilities of
HK$836 million.
As of 31st March, 2007, the Group did not
have any external borrowings (2006: Nil) and
maintained a healthy gearing (being total
borrowings over shareholders’ funds) of Nil
(2006: Nil). There has been no material
change in contingent liabilities or charges on
assets since 31st March, 2006.
As of 31st March, 2007, the Company has
given guarantees of approximately
HK$836,000,000 (2006: HK$836,000,000) to
Managing Director’s Operational Review
16
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
financial institutions in connection with the
banking facilities granted to its subsidiaries.
Regarding foreign exchange fluctuations, the
Group earned revenue and incurred costs
and expenses are mainly denominated in
Hong Kong dollars while those of our North
America and PRC subsidiaries and jointly-
controlled entities are denominated in United
States dollars, Canadian dollars and
Renminbi respectively. While foreign currency
exposure did not pose significant risk for the
Group, but we will continue to take proactive
measures and monitor closely of our
exposure to such currency movement.
HUMAN RESOURCES
As of 31st March, 2007, the Group (other
than associated companies and jointly-
controlled entities) employed approximately
13,000 employees. Remuneration packages
are generally structured by references to
market terms as well as individual
qualifications and experience. With a unique
Share Option Scheme, together with profit
sharing bonus and performance incentive
system, employees are entitled to participate
in the growth of the Group.
During the year, various training activities
have been conducted to improve the front-
end quality of services as well as to ensure
the smooth and effective installation of the
Group’s business systems.
CONCLUSION
We are wholly committed and dedicated to
growing businesses in Hong Kong. It is also
the Group’s target to propel our businesses
in both the PRC and North American regions
to become longer-term growth drivers for the
Group. Though our business in PRC has
been achieving initial success, we will not
take it for granted nor will we become
complacent. We understand that our success
is only a reflection of our past efforts and
the proper execution of intelligent and pro-
active strategies. All in all, we remain
optimistic about our business developments
in different geographical settings. It has
always been the unique strength of our
management to overcome challenges of
different types and eventually lead us to yet
another milestone in the Group’s history.
Lo Hoi Kwong, Sunny
Managing Director
Hong Kong, 10th July, 2007
Biography of Directors and Senior Management
18
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
CHAIRMAN
Mr. Chan Yue Kwong, Michael, aged 55,
is the Executive Chairman of the Group. He
joined the Group in 1984 and was appointed
as a director of the Group in 1988. He has
been the Managing Director of the Group
since 1989 and is now the Executive
Chairman of the Group. Having worked as a
professional town planner for various
Government bodies in Hong Kong and
Canada, he has considerable experience in
planning and management. He holds a
Degree in Sociology and Political Science, a
Master Degree in City Planning from the
University of Manitoba, Canada and an
Honorary Doctorate Degree in Business
Administration. He is currently an Executive
Committee Member of the Hong Kong Retail
Management Association, Council Member
of the Employers’ Federation of Hong Kong,
Elected Member of the Quality Tourism
Services Association, a Full member of the
Canadian and the Hong Kong Institute of
Planners, a Fellow of the Chartered Institute
of Marketing, a Court Member of the Hong
Kong University of Science and Technology,
the Honorary President of Hong Kong
Foodstuffs Association, Honorary Adviser of
the Hong Kong Institute of Marketing and
the Institute of Business Administrants. In
past years, Mr. Chan was personally
bestowed with “The Stars of Asia Awards”,
the “Executive of the Year Award”, the
“Bauhinia Cup Outstanding Enterpreneur
Awards”, the “Hong Kong Business
Mastermind Award”, the “Directors of the
Year Award” as well as the Honoree, Beta
Gamma Sigma of the Hong Kong University
of Science and Technology. He is the son-
in-law of Mr. Lo Tang Seong, Victor, another
Director of the Company. He is also a relative
of Mr. Lo Hoi Kwong, Sunny, Ms. Lo Pik
Ling, Anita, Mr. Lo Hoi Chun and Mr. Lo Tak
Shing, Peter, all of whom are Directors of
the Company.
MANAGING DIRECTOR
Mr. Lo Hoi Kwong, Sunny, aged 51, is the
Managing Director of the Group. He joined
the Group in 1982 and has been an Executive
Director of the Company since 1990. He is
responsible for business development in
Hong Kong and overseas, as well as the
marketing, operation and food processing
functions of the Group. He holds a Master
Degree in Chemical Engineering from
Stanford University. Mr. Lo is the son of Mr.
Lo Tang Seong, Victor and is the brother of
Ms. Lo Pik Ling, Anita, both of whom are
Directors of the Company. He is also a
relative of Mr. Chan Yue Kwong, Michael,
Mr. Lo Hoi Chun and Mr. Lo Tak Shing,
Peter, all of whom are Directors of the
Company. Mr. Lo is a director of NKY Holding
Corporation which has discloseable interests
in the shares of the Company under the
provisions of Part XV of the Securities and
Futures Ordinance.
EXECUTIVE DIRECTORS
Ms. Lo Pik Ling, Anita, aged 54, is an
Executive Director and the Group General
Manager. She joined the Group in 1982 and
has been an Executive Director of the
Company since 1990. She is responsible for
the sales and marketing of the Hong Kong
Fast Food, Contract Catering Business and
School Lunch-Box Catering Business. She
holds a Bachelor Degree in Social Sciences
from the University of Hong Kong. She is the
daughter of Mr. Lo Tang Seong, Victor and
is the sister of Mr. Lo Hoi Kwong, Sunny,
both of whom are Directors of the Company.
Ms. Lo is also a relative of Mr. Chan Yue
Kwong, Michael, Mr. Lo Hoi Chun and Mr.
Lo Tak Shing, Peter, all of whom are
Directors of the Company. She is a director
of NKY Holding Corporation which has
discloseable interests in the shares of the
Company under the provisions of Part XV of
the Securities and Futures Ordinance.
Biography of Directors and Senior Management
19
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
EXECUTIVE DIRECTORS (Continued)
Mr. Lo Tak Shing, Peter, aged 45, is the
Director of Business Logistics of the Group.
He joined the Company in 1996 and has
been an Executive Director of the Company
since 1998. He is responsible for central food
processing, central purchasing and project
management functions of the Group. He
holds a Bachelor Degree in Electronic
Engineering & Physics from the
Loughborough University of Technology, a
Master Degree in Medical Physics from the
University of Surrey and a Doctorate Degree
in Medical Physics from the University of
London. Mr. Lo is a relative of Mr. Lo Tang
Seong, Victor, Mr. Lo Hoi Chun, Mr. Chan
Yue Kwong, Michael, Mr. Lo Hoi Kwong,
Sunny and Ms. Lo Pik Ling, Anita, all of whom
are Directors of the Company. He is a
director of Wandels Investment Limited,
Verdant Success Holdings Limited and Sky
Bright International Limited, each of which
has discloseable interests in the shares of
the Company under the provisions of Part
XV of the Securities and Futures Ordinance.
NON-EXECUTIVE DIRECTORS
Mr. Lo Tang Seong, Victor, aged 92, is
the founder of the Group and has been a
Non-executive Director of the Company since
1990. He had considerable experience in the
food and beverage industry. Prior to founding
the Group in 1968, he has been in charge of
the production management at The Hong
Kong Soya Bean Products Company, Limited
for 17 years. Mr. Lo is the father of Ms. Lo
Pik Ling, Anita, Mr. Lo Hoi Kwong, Sunny
and the father-in-law of Mr. Chan Yue
Kwong, Michael, all of whom are Directors
of the Company. Mr. Lo is also a relative of
Mr. Lo Hoi Chun and Mr. Lo Tak Shing,
Peter, both of whom are Directors of the
Company. He is a director of NKY Holding
Corporation which has discloseable interests
in the shares of the Company under the
provisions of Part XV of the Securities and
Futures Ordinance.
Mr. Lo Hoi Chun, aged 68, joined the Group
in 1976 and has been a Non-executive
Director of the Company since 1990. Prior
to joining the Company, he had considerable
experience in the food and beverage industry.
He is a relative of Mr. Lo Tang Seong, Victor,
Mr. Chan Yue Kwong, Michael, Mr. Lo Hoi
Kwong, Sunny, Ms. Lo Pik Ling, Anita and
Mr. Lo Tak Shing, Peter, all of whom are
Directors of the Company. Mr. Lo is a director
of LBK Holding Corporation and MMW
Holding Corporation, both of which have
discloseable interests in the shares of the
Company under the provisions of Part XV of
the Securities and Futures Ordinance.
Mr. Hui Tung Wah, Samuel, aged 53,
joined the Group in 1984 and has been a
Non-executive Director of the Company since
1997. He is an executive director of
Omnicorp Limited. He holds a Bachelor
Degree in Social Sciences from the University
of Hong Kong and a Master Degree in
Business Administration from the Brunel
University.
Biography of Directors and Senior Management
20
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
INDEPENDENT NON-
EXECUTIVE DIRECTORS
Mr. Choi Ngai Min, Michael, J.P., aged
49, was appointed as an Independent Non-
executive Director of the Company in 1994.
He is the chairman of Land Power
International Holdings Limited. Mr. Choi has
been in the real estate industry for over 26
years with extensive knowledge and
experience in the real estate markets in Hong
Kong and Mainland China. Currently, he is a
member of the Real Estate and Infrastructure
Committee of the Hong Kong General
Chamber of Commerce and Chairman of the
Public Affairs Committee of the Hong Kong
Institute of Real Estate Administration. Mr.
Choi was a member of the Housing Authority
from 1999 to 2007, chairman of the
Subsidised Housing Committee of Housing
Authority from 2006 to 2007, President of
the Society of Hong Kong Real Estate Agents
from 1992 to 1996, Vice President of the
Hong Kong Association For The
Advancement of Real Estate and
Construction Technology from 1997 to 2001,
a member of the Estate Agents Authority from
1997 to 2002 and a member of the
Infrastructure Development Advisory
Committee of the Hong Kong Trade
Development Council from 2003 to 2006. Mr.
Choi graduated from the Business
Management Department of the Hong Kong
Baptist College and obtained a Master
Degree in Business Administration from the
University of East Asia, Macau. Mr. Choi is a
Justice of the Peace appointed by the
Government of the Hong Kong Special
Administrative Region in 2005.
Mr. Li Kwok Sing, Aubrey, aged 57, was
appointed an Independent Non-executive
Director of the Company in 1994 and is a
member of the Audit, Nomination and
Remuneration Committees. He is director of
Management Capital Limited, a Hong Kong-
based financial advisory and direct
investment firm, and has over 30 years’
experience in merchant banking and
commercial banking. He is a non-executive
director of ABC Communications (Holdings)
Limited, The Bank of East Asia, Limited,
China Everbright International Limited, CNPC
(Hong Kong) Limited, Kowloon Development
Company Limited, and Pokfulam
Development Company Limited, and was
previously an independent non-executive
director of Value Partners China Greenchip
Fund Limited. He is non-executive Chairman
of Atlantis Asian Recovery Fund plc. Mr. Li
has a Master of Business Administration from
Columbia University and a Bachelor of
Science in Civil Engineering from Brown
University.
Mr. Kwok Lam Kwong, Larry, J.P., aged
51, was appointed as an Independent Non-
executive Director of the Company in July
2004. Mr. Kwok is a practising solicitor in
Hong Kong and is also qualified to practise
as a solicitor in Australia, England and Wales
and Singapore. He is also qualified as an
accountant in Hong Kong, Australia and the
United Kingdom. He graduated from the
University of Sydney, Australia with
Bachelor’s degrees in economics and laws
as well as a master’s degree in laws. He is
currently the Vice-Chairman of the Consumer
Council, a member of the Hospital Governing
Committee of Princess Margaret Hospital/
Kwai Chung Hospital, the Traffic Accident
Victims Assistance Advisory Committee, the
Insurance Claims Complaints Panel and the
Telecommunications (Competition Provisions)
Appeal Board in Hong Kong. He is also a
member of the Political Consultative
Committee of Guangxi in the People’s
Republic of China.
Biography of Directors and Senior Management
21
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
COMPANY SECRETARY
Dr. Li Oi Chun, Helen, aged 48, joined the
Group in 1981. She is currently the Group
Company Secretary and Director of
Corporate Logistics of the Group. Dr. Li is
responsible for investor relations, financial
investment, global governance and
information technology functions of the
Group. Dr. Li holds a Doctorate Degree in
Business Administration from The Hong Kong
Polytechnic University, a Master Degree in
Business Administration from the University
of Surrey and a Master Degree in Marketing
Management from the Macquarie University.
Dr. Li is currently a Fellow member of both
the Hong Kong Institute of Chartered
Secretaries and The Institute of Chartered
Secretaries and Administrators in United
Kingdom and also holds a Postgraduate
Diploma in Corporate Administration from The
Hong Kong Polytechnic University.
QUALIFIED ACCOUNTANT
Ms. Chung Sau Man, Grace, aged 42,
joined the Group in 2004 and is now the
Chief Accountant of the Group. She is the
Qualified Accountant of the Company as
required under the Listing Rules, and is
responsible for finance, accounting, treasury
and taxation functions of the Group. Prior to
joining the Group, she has considerable
professional experience in financial
management at Hong Kong public listed
companies and a Canadian corporation in
food and beverage industry, including
external auditing with one of the Big 4
accounting firms. Ms. Chung holds a Master
Degree in Business Administration from The
University of Western Ontario in Canada. She
is a member of The Association of Chartered
Certified Accountants in United Kingdom,
Hong Kong Institute of Certified Public
Accountants, and Certified General
Accountants Association of Ontario in
Canada.
SENIOR MANAGEMENT
Ms. Lau Lee Fong, Rosa, aged 52, joined
the Group in 1979 and is currently the Senior
General Manager – Specialty Restaurants of
the Group. She is responsible for
development, management and overseas
franchising of the chain of The Spaghetti
House Restaurants and Oliver’s Super
Sandwiches. She holds a Master Degree in
Business Administration from the University
of East Asia, Macau and a Master of Science
in Hotel & Tourism Management from The
Hong Kong Polytechnic University. She is
currently a member of the Hotel & Catering
International Management Association (U.K.)
and the Honorary Treasurer of Hong Kong
Institute of Marketing.
Mr. Wong Yau Kwong, aged 51, joined the
Group in 1983 and is the General Manager
of the Food Manufacturing and Distribution
– China. He is responsible for development
and management of the Scanfoods Group
of business and the central food processing
functions in the PRC. He is a graduate of
Business Management Department, Baptist
University.
Mr. Leung Cho Shing, aged 51, joined the
Group in 1983 and is currently the General
Manager of Caf de New Asia Group Co.,
Limited. He is responsible for development
and management of Caf de New Asia and
Caf de Coral fast food business in Eastern
China region. He holds a Bachelor Degree in
Hotel and Catering Management from The
Hong Kong Polytechnic University.
Corporate Governance and
Corporate Responsibility Report
23
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
CORPORATE GOVERNANCE
The Board and management of the Group are committed to maintaining a high standard of
corporate governance and striving for a transparent, responsible and value-driven
management focused on enhancing and safeguarding shareholder value and interest. The
Board believes that effective corporate governance is an essential factor to create more
value to shareholders. The Board will continuously review and be committed to improving
corporate governance practices and maintain its ethical corporate culture.
During the year, the Company has complied with the code provisions set out in the Code on
Corporate Governance Practices (the “Code”) contained in Appendix 14 of the Rules
Governing the Listing of Securities on
We conducted our audit in accordance with Hong Kong Standards on Auditing issued by
the Hong Kong Institute of Certified Public Accountants. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance as to whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and true and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the directors, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Independent Auditor’s Report
129
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
OPINION
In our opinion, the consolidated financial statements give a true and fair view of the state of
affairs of the Company and of the Group as at 31st March, 2007 and of the Group’s profit
and cash flows for the year then ended in accordance with Hong Kong Financial Reporting
Standards and have been properly prepared in accordance with the disclosure requirements
of the Hong Kong Companies Ordinance.
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, 10th July, 2007
Five-Year Summary
130
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Ann
ual Repor
t 2007
CONSOLIDATED INCOME STATEMENTS
For the five years ended 31st March, 2007
2007 2006 2005 2004 2003
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
(As restated)
Revenue/Turnover 3,885,151 3,440,493 3,038,498 2,723,295 2,621,547
Cost of sales (3,234,421) (2,903,642) (2,568,071) (2,302,148) (2,235,220)
Gross profit 650,730 536,851 470,427 421,147 386,327
Other gains/income, net 10,385 14,254 20,699 18,860 23,541
Administrative expenses (238,804) (160,021) (135,440) (117,319) (126,595)
Operating profit 422,311 391,084 355,686 322,688 283,273
Finance income 34,859 31,695 19,449 13,075 19,244
Finance costs (3,676) (4,695) (1,061) (237) (9,485)
Share of profit of associates 2,269 2,663 2,645 1,471 526
Share of loss of jointly
controlled entities (2,857) (27,863) (25,205) (23,628) (5,456)
Profit before income tax 452,906 392,884 351,514 313,369 288,102
Income tax expense (82,839) (73,031) (65,793) (55,295) (45,290)
Profit attributable to equity holders
of the Company 370,067 319,853 285,721 258,074 242,812
Dividends 230,181 298,926 148,141 199,284 129,940
Basic earnings per share 67.95 HK cents 59.24 HK cents 53.38 HK cents 48.62 HK cents 44.76 HK cents
Diluted earnings per share 66.95 HK cents 58.47 HK cents 52.45 HK cents 47.66 HK cents 43.87 HK cents
Five-Year Summary
131
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DE CORAL HOLDINGS LIMITED
Ann
ual Repor
t 2007
CONSOLIDATED BALANCE SHEETS
For the five years ended 31st March, 2007
2007 2006 2005 2004 2003
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
(As restated)
ASSETS
Non-current assets
Leasehold land and land use rights 308,788 338,976 345,929 ––
Property, plant and equipment 491,978 468,396 414,057 769,637 796,224
Investment properties 155,200 122,450 110,400 106,700 104,900
Intangible assets 213,068 223,427 18,452 21,289 22,754
Investments in associates 4,357 4,188 2,205 1,180 838
Investments in jointly
controlled entities 32,195 30,260 65,873 63,597 28,257
Available-for-sale financial assets/
investments 267,398 173,106 216,183 170,557 92,336
Held-to-maturity investments 8,837 5,466 –––
Deferred income tax assets 12,647 13,224 5,580 5,358 3,769
Non-current deposits 107,079 99,723 1,178 1,657 –
Retirement benefit assets 31,736 12,243 –––
1,633,283 1,491,459 1,179,857 1,139,975 1,049,078
Current assets
Inventories 74,413 69,008 64,728 50,994 52,966
Trade and other receivables 44,145 48,110 36,116 29,541 26,586
Prepayments, deposits and
other current assets 87,811 52,213 111,786 113,459 103,870
Short-term investments – – 87,488 24,722 7,365
Financial assets at fair value
through profit or loss 98,720 93,011 –––
Cash and cash equivalents 546,655 559,506 524,989 473,243 733,281
851,744 821,848 825,107 691,959 924,068
Total assets 2,485,027 2,313,307 2,004,964 1,831,934 1,973,146
Five-Year Summary
132
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Ann
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t 2007
2007 2006 2005 2004 2003
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
(As restated)
LIABILITIES
Non-current liabilities
Deferred income tax liabilities 65,121 64,158 17,153 15,435 15,728
Provision for long service payments 4,377 4,102 –––
69,498 68,260 17,153 15,435 15,728
Current liabilities
Short-term borrowings – ––10,000 220,000
Trade payables 94,741 78,977 73,399 62,087 61,365
Other creditors and
accrued liabilities 300,463 258,036 215,230 183,953 198,796
Current income tax liabilities 23,858 24,641 22,324 12,126 14,109
419,062 361,654 310,953 268,166 494,270
Total liabilities 488,560 429,914 328,106 283,601 509,998
EQUITY
Share capital 54,593 54,081 53,576 53,119 53,364
Other reserves 354,008 312,821 284,749 273,655 282,720
Retained earnings 1,587,866 1,516,491 1,338,533 1,221,559 1,127,064
Total equity 1,996,467 1,883,393 1,676,858 1,548,333 1,463,148
Total equity and liabilities 2,485,027 2,313,307 2,004,964 1,831,934 1,973,146
Note: The Group adopted HKAS19 Amendment for the years ended 31st March, 2007. Figures as at and for the
year ended 31st March, 2006 have been restated as required. Figures as at and for each of years ended
31st March, 2003, 2004, 2005 have not been adjusted and it is not practicable to restate earlier years for
comparison purposes.
Annual Report 2007 年報
2007
Annual Report
