黄山旅游(600054)G黄山2005年年度报告

黄山旅游发展股份有限公司 Huangshan Tourism Development Co., Ltd. 2005 年年度报告 2005 Annual Report 二ΟΟ六年四月 April 2006 黄山旅游发展股份有限公司 2005 年年度报告 重要提示 本公司董事会、监事会及董事、监事、高级管理人员保证本报告所载资 料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性负个别及连带责任。 公司全体董事出席了董事会会议。 公司 2005 年度财务报告已经安徽华普会计师事务所（境内）和香港陈叶 冯会计师事务所有限公司（境外）审计，出具了标准无保留意见的审计报告。 公司董事长江山先生，总裁许继伟先生，主管会计工作负责人殷寅先生 及会计机构负责人何益飞先生声明：保证年度报告中财务报告的真实、完整。 本报告分别以中、英文编制，在对中英文本的理解上发生歧义时，以中 文文本为准。 ------黄山旅游发展股份有限公司董事会 目 录 一、公司基本情况简介--------------------------------------------------2 二、会计数据和业务数据摘要-----------------------------------------3 三、股本变动和股东情况-----------------------------------------------5 四、董事、监事、高级管理人员和员工情况-----------------------8 五、公司治理结构-------------------------------------------------------10 六、股东大会简介-------------------------------------------------------12 七、董事会报告----------------------------------------------------------12 八、监事会报告----------------------------------------------------------20 九、重要事项-------------------------------------------------------------21 十、财务报告-------------------------------------------------------------23 十一、备查文件目录----------------------------------------------------66 1 黄山旅游发展股份有限公司 2005 年年度报告 一、公司基本情况简介 （一）公司法定中文名称： 黄山旅游发展股份有限公司 公司中文名称简称： 黄山旅游 公司法定英文名称：Huangshan Tourism Development Co.,Ltd. 公司英文名称缩写：HSTD （二）公司法定代表人姓名：江山 （三）公司董事会秘书：黄慧敏 联系电话：0559-5561113 传 真：0559-5561756 电子信箱：hshhm666@126.com 董事会证券事务代表：黄嘉平 联系电话：0559-5561756 传 真：0559-5561756、5561110 电子信箱：hstd56@126.com （四）公司注册地址：安徽省黄山市黄山风景区温泉 公司办公地址：安徽省黄山市黄山风景区温泉 邮政编码：245800 公司网址：http://www.huangshan.com.cn 或 tourmart.cn 公司电子信箱：hs600054@yahoo.com.cn （五）定期报告刊登报刊：《上海证券报》 、《香港商报》 登载公司年度报告的国际互联网网址：http://www.sse.com.cn 公司年报备置地点：公司董事会办公室 （六）公司股票上市交易所：上海证券交易所 A 股简称：黄山旅游 （自 2006 年 2 月 17 日起，A 股简称改为“G 黄山”） A 股代码：600054 B 股简称：黄山 B 股 B 股代码：900942 （七）其它有关资料 公司首次注册登记日期、地点：1996 年 11 月 18 日在黄山风景区 公司变更登记日期：2000 年 3 月 3 日 企业法人营业执照注册号：3400001300017 公司税务登记号码：341002610487768 公司聘请的会计师事务所名称、办公地址： 境内：安徽华普会计师事务所 办公地址：安徽省合肥市荣事达大道 100 号振信大厦 B 区 7－10 楼 境外：陈叶冯会计师事务所有限公司 办公地址：香港铜锣湾轩尼诗道 500 号 37 楼 2 黄山旅游发展股份有限公司 2005 年年度报告 二、会计数据和业务数据摘要 (一)本年度主要利润指标 单位：人民币元 项 目 金 额 利润总额 125,134,519.18 净利润 68,816,337.22 扣除非经常性损益后的净利润 70,427,286.47 主营业务利润 244,070,986.90 其他业务利润 6,464,349.18 营业利润 149,790,530.53 投资收益 -22,387,720.95 补贴收入 营业外收支净额 -2,268,290.40 经营活动产生的现金流量净额 168,716,236.69 现金及现金等价物净增减额 -41,377,447.52 注： 1、扣除非经常性损益项目和涉及金额： 处置长期股权投资、固定资产、在建工程、无形资产、其他长期资产产生的收益； 817,278.49 计入当期损益的对非金融企业收取的资金占用费 115,200.00 扣除日常根据企业会计制度规定计提的资产减值准备后的其他各项营业外收入 88,324.68 投资收益 142,297.02 小 计 1,163,100.19 非经常性支出项目： 处置长期股权投资、固定资产、在建工程、无形资产、其他长期资产产生的损失 1,241,034.25 计入当期损益的对非金融企业支付的资金占用费 流动资产盘亏 797,638.36 扣除日常根据企业会计制度规定计提的资产减值准备后的其他各项营业外支出 1,932,859.32 小 计 3,971,531.93 影响利润总额 -2,808,431.74 减：所得税 -1,205,323.38 减：少数股东收益 7,840.89 影响净利润 -1,610,949.25 扣除非经常性损益后的净利润 70,427,286.47 2、公司按国内会计准则审计，净利润为 68,816,337 元人民币。按国际会计准则计算，实 现税后利润 6,116,002 元人民币。 差异原因：公司于 2005 年中期追加计提华安证券长期股权投资减值准备 6267 万元， 3 黄山旅游发展股份有限公司 2005 年年度报告 并追溯调整 2004 年度会计报表。根据国际会计准则规定，此项不需追溯调整，全部计入 2005 年度损益。 （二）公司近三年主要会计数据和财务指标 单位:元 币种:人民币 2004 年 本期比上 2003 年 主要会计数据 2005 年 调整后 调整前 期增减(%) 调整后 调整前 主营业务收入 689,053,706 529,872,324 529,872,324 30.04% 305,343,870 295,235,175 利润总额 125,134,519 55,593,684 118,262,678 125.09% -24,108,779 -43,848,889 净利润 68,816,337 4,327,489 66,996,484 1490.21% -41,468,079 -61,208,189 扣除非经常性损益的净利润 70,427,286 2,547,475 65,216,470 2664.59% -36,563,079 -56,071,774 2005 年末 2004 年末 本期比上期 2003 年末 主要会计数据 调整后 调整前 增减(%) 调整后 调整前 总资产 964,424,385 909,101,819 971,770,814 6.09% 909,061,882 903,257,848 股东权益 717,006,712 678,459,366 741,128,361 5.68% 673,805,042 689,158,674 经营活动产生的现金流量净额 168,716,237 211,434,485 211,434,485 -20.20% 23,588,933 23,588,933 2005 年 2004 年 本期比上期 2003 年 主要财务指标 调整后 调整前 增减(%) 调整后 调整前 每股收益（全面摊薄） 0.23 0.01 0.22 2200.00% -0.14 -0.2 净资产收益率（全面摊薄）（%） 9.60 0.64 9.04 1399.64% -6.15 -8.9 扣除非经常性损益的净利润的 净资产收益率（全面摊薄）（%） 9.82 0.38 8.79 2484.84% -5.43 -7.9 每股经营活动产生的现金流量 净额 0.56 0.70 0.70 -20.20% 0.08 0.08 2005 年末 2004 年末 本期比上期 2003 年末 主要财务指标 调整后 调整前 增减(%) 调整后 调整前 每股净资产 2.37 2.24 2.45 5.68% 2.22 2.28 调整后的每股净资产 2.32 2.18 2.38 6.48% 2.14 2.3 （三）按照中国证监会《公开发行证券公司信息披露编报规则（第 9 号） 》要求计算本年 度利润的净资产收益率和每股收益 净资产收益率（%）每股收益（元/股） 项 目 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 34.04 35.24 0.81 0.81 营业利润 20.89 21.62 0.49 0.49 净利润 9.60 9.93 0.23 0.23 扣除非经常性损益后的净利润 9.82 10.17 0.23 0.23 4 黄山旅游发展股份有限公司 2005 年年度报告 (四)报告期内股东权益变化情况 单位：人民币元 项 目 期初数 本期增加 本期减少 期末数 股 本 302,900,000.00 - - 302,900,000.00 资本公积 255,897,390.64 21,009.60 255,918,400.24 盈余公积 64,284,051.73 9,402,995.35 73,687,047.08 法定公益金 35,236,368.04 8,143,003.72 43,379,371.76 未分配利润 20,141,555.22 68,816,337.22 47,835,999.07 41,121,893.37 股东权益合计 678,459,365.63 86,383,345.89 47,835,999.07 717,006,712.45 变动原因： 盈余公积和法定公益金变动是由于本年度利润本公司和所属子公司提取数额所致,资 本公积变动为确认子公司股权投资准备。 三、 股本变动及股东情况 (一)股本变动情况 1、公司股份变动情况表 （单位：万股） 本次变动前 本次变动增减（+、-） 本次变动后 比例 发行 送 公积金 其 小 比例 数量 数量 (%) 新股 股 转股 他 计 (%) 一、未上市流通股份 1、发起人股份 14,690 48.50 14,690 48.50 其 中： 国家持有股份 境内法人持有股份 14,690 48.50 14,690 48.50 境外法人持有股份 其 他 2、募集法人股份 3、内部职工股 4、优先股或其他 未上市流通股份合计 14,690 48.50 14,690 48.50 二、已上市流通股份 1、人民币普通股 5,200 17.17 5,200 17.17 2、境内上市的外资股 10,400 34.33 10,400 34.33 3、境外上市的外资股 4、其 他 已上市流通股份合计 15,600 51.50 15,600 51.50 三、股份总数 30,290 100 30,290 100 2、股票发行与上市情况 截至报告期末近三年内，公司没有发行股票或其他任何衍生证券。 5 黄山旅游发展股份有限公司 2005 年年度报告 （注：公司于 1996 年 10 月 31 日以每股 0.258 美元（折合人民币 2.14 元/股）价格发 行 8000 万股 B 股，同年 11 月 22 日在上海证券交易所上市交易；于 1997 年 4 月 17 日以 每股 6.02 元人民币价格发行 4000 万股 A 股，同年 5 月 6 日在上海证券交易所上市交易； 于 1999 年中期实施了以资本公积金按 10∶3 比例转增股本的方案。） 3、公司股份总数及结构的变化情况 报告期内，公司股份总数及结构均无变化。 4、现存的内部职工股情况 本报告期末公司无内部职工股。 （二）股东情况介绍 1、股东数量及持股情况 报告期末股东总数 共 43,060 户（其中 A 股股东 27,795 户，B 股股东 15,265 户） 前十名股东持股情况 股东 持股 质押或冻 持股总数 报告期 持有非流通 性质 比例 结的股份 股东名称（全称） 增减 股数量 （％） 数量 国有 1.黄山旅游集团有限公司 48.50 146,900,000 - 146,900,000 无 股东 2.SHENYIN WANGGUO NOMINEES 其他 1.68 5,098,364 3,889,015 0 未知 (H.K) LTD. 3. HARVEST CHINA EQUITIES 其他 1.59 4,809,832 4,809,832 0 未知 INVESTMENT COMPANY LIMITED 4. PINPOINT CHINA FUND 其他 1.20 3,640,764 3,640,764 0 未知 5. GOLDEN CHINA MASTER FUND 其他 1.14 3,440,979 3,440,979 0 未知 6. 中国建设银行－宝康消费品 其他 0.87 2,641,211 2,141,644 0 未知 证券投资基金 7. 中国建设银行－华宝兴业多 其他 0.78 2,350,284 1,192,644 0 未知 策略增长投资基金 8. OCBC SECURITIES PRIVATE 其他 0.73 2,223,886 2,223,886 0 未知 LIMITED A/C CLIENTS 9. 中国工商银行－申万巴黎盛 其他 0.66 1,984,484 1,984,484 0 未知 利精选证券投资基金 10. 中国工商银行－中银国际 中国精选混合型开放式证券投 其他 0.53 1,604,690 1,604,690 0 未知 资基金 公司前 10 名流通股股东的持股情况 序号 股 东 名 称 年末持股数 股份性质 1 SHENYIN WANGGUO NOMINEES (H.K) LTD. 5,098,364 B股 2 HARVEST CHINA EQUITIES INVESTMENT COMPANY LIMITED 4,809,832 B股 3 PINPOINT CHINA FUND 3,640,764 B股 4 GOLDEN CHINA MASTER FUND 3,440,979 B股 5 中国建设银行－宝康消费品证券投资基金 2,641,211 A股 6 中国建设银行－华宝兴业多策略增长投资基金 2,350,284 A股 6 黄山旅游发展股份有限公司 2005 年年度报告 7 OCBC SECURITIES PRIVATE LIMITED A/C CLIENTS 2,223,886 B股 8 中国工商银行－申万巴黎盛利精选证券投资基金 1,984,484 A股 9 中国工商银行－中银国际中国精选混合型开放式证券投资基金 1,604,690 A股 10 单丽华 1,383,700 B股 说明： （1）持有公司 5%以上股份的股东为黄山旅游集团有限公司，为本公司最大股东，持 有公司 14,690 万股国有法人股，占股本总额的 48.5%，其所持股份未上市流通，也无质 押、冻结或托管情况； （2）前 10 名股东中，国有法人股东黄山旅游集团有限公司与其余 9 名股东之间不存 在关联关系，也不属于《上市公司股东持股变动信息披露管理办法》规定的一致行动人。 公司未知前 10 名流通股股东之间有无关联关系，也未知前 10 名流通股股东是否属于 《上市公司股东持股变动信息披露管理办法》规定的一致行动人。 （3）报告期内，除控股股东黄山旅游集团有限公司外，本公司没有其他持股 10%（含 10%）以上的股东。 2、公司控投股东及实际控制人情况介绍 （1）控股股东 公司名称：黄山旅游集团有限公司 法定代表人：江山 成立日期：1999 年 6 月 18 日 注册资本：83,800 万元 公司类别：国有独资有限公司 经营范围：主营旅游服务接待、餐饮娱乐、旅游商品、酒店管理、风景资源管理和旅 行社管理，兼营广告、房地产、交通运输、商务和旅游相关的工业、农业等。 （2）公司控股股东的实际控制人 单位名称：黄山市黄山风景区管理委员会 单位性质：国家行政事业单位 主要业务：保护风景名胜资源，自然生态环境；组织实施风景区规划，合理开发风景 名胜资源；审查、监督有关建设项目；建设、管理和保护基础设施及其他公共设施，改善 游览服务条件；负责封山育林，植树绿化，护林防火，防治林木病虫害和防止水土流失； 做好爱护黄山、保护黄山的宣传教育工作；管理与风景区保护的有关其他事项。 （3）公司控股股东及其实际控制人变更情况 报告期内，公司控股股东及其实际控制人没有发生变更。 （4）本公司与黄山旅游集团有限公司之间的产权及控制关系方框图 黄山市黄山 100% 黄山旅游集 48.5% 黄山旅游发展 风景区管理 团有限公司 股份有限公司 委员会 3、其它持股 10%以上（含 10%）股东情况 公司无其它持股 10%以上（含 10%）股东情况 7 黄山旅游发展股份有限公司 2005 年年度报告 四、 董事、监事、高级管理人员和员工情况 （一）基本情况 1、董事、监事、高级管理人员情况 报告期内 年初 年末 性 年 变动 从公司领 姓 名 职 务 任 期 持股 持股 别 龄 原因 取报酬总 数 数 额(万元) 江 山 董事长 男 43 2004.5-2007.5 0 0 0 许继伟 副董事长、总裁 男 41 2004.5-2007.5 2535 2535 11.2 詹永清 董事、副总裁 男 51 2004.5-2007.5 0 0 9.9 殷 寅 董事、副总裁 男 43 2004.5-2007.5 0 0 9.8 王自云 董事 男 54 2004.5-2007.5 0 0 0 王玉求 董事、副总裁 男 41 2005.5-2007.5 0 0 9.3 周亚娜 独立董事 女 51 2004.5-2007.5 0 0 3.6 段爱群 独立董事 男 43 2004.5-2007.5 0 0 3.6 周扣山 独立董事 男 35 2004.5-2007.5 0 0 3.6 黄慧敏 董事会秘书 男 33 2004.5-2007.5 0 0 8.9 朱立刚 监事长 男 59 2004.5-2005.5 7800 0 离任 5.4 叶树敏 监事长 男 51 2005.5-2007.5 0 0 9.9 何宗仪 监事 男 51 2004.5-2007.5 0 0 0 汪 钧 监事 女 30 2004.5-2007.5 0 0 0 解传付 总裁助理 男 42 2004.12-2007.5 0 0 9.1 徐希义 总裁助理 男 36 2004.12-2007.5 0 0 8.6 董事、监事及高管人员主要工作简历 （1）董事 江山，大学学历，中共党员。曾任黄山市黄山区委副书记、区政府区长、区委书记、 党组书记，黄山市政府副市长、中共黄山市第三届委员会委员，黄山市委副书记。现任黄 山旅游集团有限公司董事局主席兼总裁、本公司党委书记、董事长。 许继伟，研究生，高级经济师，中共党员。曾任本公司董事、副董事长、副总经理， 黄山市旅游局局长、党组书记，黄山市政府副秘书长。现任本公司副董事长、总裁。 詹永清，研究生，中共党员。曾任黄山市中国旅行社总经理，本公司副总经理兼旅行 社管理分公司总经理。现任本公司董事、副总裁。 殷寅，研究生，高级经济师。曾任中国平安保险公司黄山支公司总经理，中国平安保 险公司合肥分公司团险销售总监，本公司副总经理兼财务部经理。现任本公司董事、副总 裁。 王自云，大学文化，政工师，中共党员。曾任黄山管委会黄山索道总公司总经理，本 公司工程建设部经理，本公司总经理助理。现任黄山旅游集团有限公司副总裁、本公司董 事。 王玉求，大学文化，中共党员。曾任黄山风景区玉屏楼宾馆总经理，黄山国际大酒店 8 黄山旅游发展股份有限公司 2005 年年度报告 总经理，黄山风景区北海宾馆总经理。现任本公司董事、副总裁。 周亚娜，安徽大学经济学学士，天津财经学院会计学硕士，注册会计师，中共党员。 曾任安徽大学经济学院副院长兼会计学系主任。现任安徽大学工商管理学院院长、硕士研 究生导师、本公司独立董事。 段爱群，华东政法学院经济法专业学士，复旦大学国际金融专业硕士，财政学博士（财 政部财政科学研究所），法学博士后，证券律师，中国致公党党员。曾任安徽省对外经济 律师事务所副主任。现任上海市华益律师事务所副主任、本公司独立董事。 周扣山，南京工业大学化工专业学士，南京大学国际金融专业硕士，工程师，经济师， 获得证券代理发行、证券咨询、证券经纪业务资格，中共党员。曾任南京化学工业（集团） 公司工程师，中信证券有限责任公司研发部项目经理。现任中信证券股份有限公司投资银 行部副总裁、本公司独立董事。 （2）监事 叶树敏，大学文化，中共党员。曾任黄山市中国国际旅行社总经理，黄山市旅游局副 局长兼黄山市中国国际旅行社总经理，本公司总经理助理、副总经理、董事。现任黄山旅 游集团有限公司常务副总裁、本公司第三届监事会监事长。 何宗仪，大专学历，政工师，中共党员。曾任黄山白云宾馆总经理，本公司总经办副 主任，合肥东怡酒店董事会董事、副总经理，黄山玉屏楼宾馆总经理，合肥东怡酒店总经 理。现任本公司监事。 汪钧，大专学历，助理会计师。曾任黄山国际大酒店会计、财务副经理。现任黄山国 际大酒店财务经理、本公司监事。 （3）其他高级管理人员 解传付，大学学历，高级工程师，中共党员。曾任黄山云谷索道公司副总经理，黄山 玉屏索道公司总经理。现任本公司总裁助理。 徐希义，大学文化，会计师，中共党员。曾任黄山风景区狮林大酒店副总经理，桃源 宾馆副总经理、总经理，西海饭店总经理。现任本公司总裁助理。 黄慧敏，硕士研究生，中共党员。曾任本公司董事会秘书室主办、董事会证券事务代 表，本公司总经理办公室副主任。现任本公司董事会秘书、董事会办公室主任。 2、董事、监事及高级管理人员在股东单位任职情况 在股东单位 是否领取报 姓 名 任职的股东名称 任职期间 担任的职务 酬、津贴 江 山 黄山旅游集团有限公司 董事长、总裁 2003.7 至今 是 叶树敏 黄山旅游集团有限公司 常务副总裁 2004.12 至今 否 王自云 黄山旅游集团有限公司 副总裁 2004.12 至今 是 （二）董事、监事及高级管理人员年度报酬情况 1、董事、监事及高级管理人员报酬的决策程序 在公司领取报酬的董事、监事及高级管理人员年度报酬按公司所在省、市人事劳动 主管部门有关工资管理和等级标准的规定以及公司管理层业绩考核制度核发。 2、不在公司领取报酬津贴的董事、监事情况 不在公司领取报酬津贴的董事、监事姓名 是否在股东单位或其他关联单位领取 9 黄山旅游发展股份有限公司 2005 年年度报告 江 山 是 王自云 是 何宗仪 是 汪 钧 是 3、独立董事的津贴及其他待遇情况 公司独立董事的津贴由公司董事会审议通过后提交股东大会批准执行。 根据公司 2004 年年度股东大会有关决议，公司给予独立董事每人每年 3.6 万元人民 币（含税）的津贴，并为每位独立董事购买一份独立董事责任保险，独立董事出席公司 董事会和股东大会的差旅费及按《公司章程》履行职权所需的费用均由公司承担。 （三）董事、监事及高级管理人员变动情况 1、公司于 2005 年 4 月 18 日召开三届七次董事会，会议同意叶树敏先生因工作变动 辞去公司董事职务，同时提名增补王玉求先生为公司董事。 2、公司于 2005 年 4 月 18 日召开三届四次监事会，会议同意朱立刚先生辞去公司监 事、监事长职务，同时提名增补叶树敏先生为公司监事。 3、公司于 2005 年 5 月 26 日召开 2004 年度股东大会，会议同意增补王玉求先生为 公司董事，增补叶树敏先生为公司监事。 4、公司于 2005 年 5 月 26 日召开三届五次监事会，会议选举叶树敏先生为监事会召 集人。 （四）公司员工数量、专业构成、教育程度及退休人员情况 1、截至报告期末，公司现有员工总数 2,677 人。其中大专以上学历 605 人，占公司 员工总数的 23％。 2、公司各个层次的专业人员数量结构情况如下： 人 员 构 成 人 数 占总数的比例（%） 生产人员 1,602 59.8 销售人员 220 8.2 技术人员 368 13.7 财务人员 217 8.1 行政人员 270 10.1 3、公司需承担费用的离退休职工为 72 人。 五、公司治理结构 （一）公司治理结构情况 公司严格按照《公司法》、 《证券法》、 《上市公司治理准则》等有关法律法规的要求， 结合公司发展的实际状况，不断完善公司法人治理结构建设，规范运作，加强信息披露， 做好投资者关系管理工作。 报告期内，根据中国证监会《关于加强社会公众股股东权益保护的若干规定》及上 海证券交易所有关通知要求，并结合公司实际，公司修改了《公司章程》、“三会”议事 规则等规章制度，进一步明确了“三会”的职能和责任，从而使公司治理和“三会”的 10 黄山旅游发展股份有限公司 2005 年年度报告 运作更趋规范。 报告期内，公司按照中国证监会、国资委联合颁布的《关于规范上市公司与关联方 资金往来及上市公司对外担保若干问题的通知》(证监发[2003]56 号)和安徽省人民政府 《关于进一步加快发展和利用资本市场的意见》(皖政[2004]57 号)要求，对公司以往年度 和报告期内的“清欠解保”工作进行了全面清理。报告期内，公司未发生控股股东资金 占用及违规对外担保的情况。 目前，公司治理的实际情况符合规范性文件的基本要求，基本上已形成规范运作、 有效制衡、协调运转的法人治理结构。 （四）独立董事履行职责情况 1、独立董事参加董事会的出席情况 本年应参加 亲自出席 委托出席 缺席 独立董事姓名 董事会次数 （次） （次） （次） 段爱群 6 5 1 0 周亚娜 6 5 0 1 周扣山 6 5 1 0 报告期内，公司独立董事勤勉尽责，认真履行职责，能够按时出席董事会会议。报 告期内，独立董事对公司高管人员的聘任、公司章程的修改、公司更换会计师事务所及 其他规范运作等事项发表了独立意见，为公司规范运作和稳健发展作出了积极贡献，切 实维护了公司整体利益和广大投资者的合法权益。 2、独立董事对公司有关事项提出异议的情况 报告期内，公司独立董事未对公司董事会有关审议事项提出异议。 （三）公司与控股股东在人员、资产、财务、机构、业务等方面的分开情况 公司与控股股东在人员、资产、财务、机构、业务等方面完全分开，做到了业务、 财务、人员独立，资产、机构完整。公司具有独立完整的采供、计调和销售系统，同时 具有面向市场自主经营的能力。 1、人员分开方面：本公司在劳动、人事及工资管理等方面实行独立，设立了独立的 人力资源管理中心，负责管理公司劳动人事及工资工作，并制订了一系列规章制度对员 工进行考核和奖惩。公司总裁、副总裁、财务负责人、董事会秘书等高级管理人员均在 本公司领取报酬，未在控股股东单位领取报酬。 2、资产完整方面：本公司拥有独立的门票专营权，独立的“计调销售中心”、 “采购 配送中心”及独立的旅游服务配套设施。 3、财务独立方面：本公司拥有独立的财务部门，建立了会计核算体系和财务管理制 度，并在银行独立开户，依法独立纳税。 4、机构独立方面：本公司设立了完全独立于控投股东的组织机构。为适应公司内部 管理需要，更好整合公司经营资源，优化公司管理流程，公司董事会对原公司组织架构 作了适当调整，设立了四个中心及四个管理公司，即行政管理、人力资源、财务管理及 市场营销四大管理中心，景区开发、索道管理、饭店管理及泛旅实业四大管理公司。各 管理中心、管理公司实行定岗、定编，各司其职，互相配合，不存在与控股股东合署办 公的情况。 5、业务分开方面：本公司在业务方面独立于控股股东，具有完整的业务及自主经营 能力。 11 黄山旅游发展股份有限公司 2005 年年度报告 （四）高级管理人员的考评及激励情况 报告期内，公司已制订了与绩效挂钩的薪酬制度。 公司将进一步按照市场化的原则不断完善考评与激励机制，使高级管理人员的薪酬收 入与管理水平、经营业绩紧密挂钩，以有效调动和激发高级管理人员的积极性和创造力， 以效益为中心，实现股东价值最大化。 六、股东大会情况简介 报告期内，公司共召开了二次股东大会，即公司 2005 年度第一次临时股东大会和 2004 年年度股东大会。 （一）临时股东大会情况 公司于 2005 年 2 月 24 日召开 2005 年第一次临时股东大会，该次会议的决议公告刊 登于 2005 年 2 月 25 日的《上海证券报》、《香港商报》。 （二）年度股东大会情况 公司于 2005 年 5 月 26 日召开 2004 年年度股东大会，该次会议的决议公告刊登于 2005 年 5 月 27 日的《上海证券报》、《香港商报》。 七、董事会报告 （一）管理层讨论与分析 公司类属资源型旅游企业，主营业务收入主要来自客运索道、园林门票、酒店食宿及 旅游服务等部分。公司所依托的黄山风景区是目前中国唯一、世界仅有同时拥有世界文化 与自然遗产和世界地质公园三项桂冠的景区。本公司为我国旅游行业的一面旗帜，是安徽 省最大的旅游企业，其各项指标在全国同行业中均居于前列。 1、报告期公司总体经营情况回顾 2005 年是公司继往开来的一年，也是一个“蓄势待发”的一年。在这一年里，公司 在董事会的领导下，在广大股东及有关部门的大力支持下，以黄山风景区争创“全国文明 风景旅游区”及引入 ISO14001 环境管理体系认证为契机，一方面，狠抓内部管理，挖潜 降耗，控制成本费用，完善服务质量和安全管理体系，做好企业改革后续平稳过渡工作； 另一方面，公司采取了一系列有效措施，强化市场营销工作，明确促销对象，实行重点 突破，争取更多客源。管理基础的夯实和改革能量的释放为公司生产经营创造了良好氛 围， 公司生产经营继续保持良好的发展态势。 12 黄山旅游发展股份有限公司 2005 年年度报告 报告期内，公司主营业务收入、主营业务利润、净利润等主要财务指标变化情况如下： 项 目 2005 年 2004 年(调整后) 增减额 同比增减(%) 主营业务收入(万元) 68,905.37 52,987.23 15,918.14 30.04 主营业务利润(万元) 24,407.10 22,996.58 1,410.51 6.13 净利润(万元) 6,881.63 432.75 6,448.88 1,490.21 (1)主营业务得到进一步发展。报告期内，公司配合黄山风景区管委会组织实施了门 票调价工作，园林门票业务累计接待进山游客 170.96 万人次，同比增长 6.7%，其中境外 游客 13.9 万人次，同比增长 179.2%；来山游客总量的增长及景区门票调价致使公司主营 业务收入同比增长 30%。净利润同比大幅增长是由于一方面公司经营持续向好，另一方面 公司在去年大幅计提了华安证券投资减值准备所致。 (2)市场营销工作取得新突破。报告期内，面对日益激烈的市场竞争，公司确定了新 的营销策略，先后实施了“万千百十”工程，开通了长三角 15 城市至黄山旅游的直通车， 举办了首届花山谜窟国际论坛、“天都峰重新开放、黄山红色之旅”等系列主题活动，组 团参加了国内外大型系列旅游博览会。同时，为适应旅游形势发展的需要，公司开创性地 组建了黄山途马电子商务公司，借助电子网络平台实施网上营销及相关配套服务工作。上 述系列活动的成功实施，进一步提高了市场占有率，尤其是境外游客的增长，首创历史新 高，为确保全年目标任务的完成奠定了基础。 (3)内部管理进一步深化。报告期内，公司认真抓好年度财务预算工作，严格执行财 务制度，突出加强财务审计监控，加强资金管理；建立了重大投资项目调研认证、咨询评 估、审议决策、付诸实施的工作程序，加强投资项目风险控制；稳妥推进企业改革，并做 好相关后续平稳过渡工作；出台了相应的企业目标责任制和量化细化考核办法， 层层分解、 考核兑现、奖惩分明，有效地调动了广大干部员工的积极性；加强文明创建工作，开展了 “优质服务月”活动，提高安全生产和服务意识，为公司高效运营、安全生产提供保障。 (4)股权分置改革顺利完成。报告期内，根据国资委及中国证监会的统一部署，公司 及时抓住有利时机推进并顺利完成了股权分置改革工作，使全体股东价值取向趋于一致， 进一步完善了公司法人治理结构，为公司长远发展奠定了基础。 (5)投资者关系管理成效显著。2005 年，通过积极推进投资者关系管理工作，公司信 息披露工作更加规范，透明度进一步提升。公司以实施股权分置改革为契机，通过多种方 式积极与投资者进行沟通与交流，公平对待中小投资者， 促进公司全体股东共谋公司发展。 2、公司主营业务分行业、分产品情况表 单位：人民币元 主营业务 主营业务收入 主营业务成本 分行业或 主营业务 主营业务 主营业务 利润率比 比上年增减 比上年增减 分产品 收入 成本 利润率(%) 上年增减 （％） （％） （％） 客运索道 164,454,024.50 47,639,187.96 65.56 7.42 95.34 -13.04 园林门票 263,245,549.00 154,139,440.12 38.18 37.98 46.89 -3.55 酒店食宿 166,700,773.41 121,638,198.74 21.56 28.45 28.49 -0.02 旅游服务 143,828,901.76 140,312,228.37 1.99 58.82 35.52 0.53 其 中： 8,469,696.59 关联交易 13 黄山旅游发展股份有限公司 2005 年年度报告 3、占公司主营业务收入或主营业务利润额 10%以上的产品或服务情况 单位：人民币元 主营业务收入 主营业务毛利 毛利率 项 目 金 额 占比(%) 金 额 占比(%) (%) 客运索道 164,454,024.5 23.87 116,814,836.54 43.16 71.03 园林门票 263,245,549 38.20 109,106,108.88 40.32 41.45 酒店食宿 166,700,773.41 24.19 45,062,574.67 16.65 27.03 旅游服务 143,828,901.76 20.87 3,516,673.39 1.30 2.45 其 他 2,531,862.95 0.37 -1,400,682.89 -0.52 -55.32 （1）园林门票 本公司于 1996 年 8 月 13 日与黄山管委会签订管理黄山风景区门票发售收取合同， 期限至 2036 年底。黄山园林开发公司的主要职能是管理风景区内环境卫生；维护和开发 景区内人文自然景观；旅游门票的印制发售、相关旅游产品的开发。依约黄山园林开发 公司每年应将门票收入减营业税及附加和票房成本后净额的 50%按季支付给黄山管委会， 作为黄山管委会将黄山风景区门票专营权授予黄山园林开发公司的报酬及对管委会防火 防虫等支出的补偿。 （2）客运索道 公司客运索道业务来自公司属下三家索道公司，即黄山云谷索道公司、黄山玉屏客 运索道有限责任公司及黄山太平索道有限责任公司。报告期公司三条索道累计运送游客 265 万人次。 （3）酒店业务 公司酒店业务系由宾馆、酒店及招待所组成，其主要业务为住宿及饮食。报告期内， 公司属下共有 12 家酒店(其中三星级以上酒店 8 家)。报告期公司酒店业务累计接待 82 万人次。 （4）旅游服务 旅游服务系公司旅行社的境内外旅游业务。黄山旅游发展股份有限公司旅行社管理 分公司下辖四家旅行社，即黄山海外旅行社（“海外”）、黄山市中国旅行社（“中旅”）、 黄山中国国际旅行社（“国旅”）和中海假日。报告期内，公司旅行社管理分公司累计接 待游客 21 万人次。 4、报告期公司资产构成同比发生重大变动的说明 单位：人民币元 项 目 2005 年 2004 年 同比增减（%） 变动原因 货币资金 371,368,219.98 301,036,861.45 23.36 主营业务收入增长 应收账款 25,194,182.54 17,954,096.35 40.33 主营业务收入增长 存 货 13,526,498.28 12,021,758.31 12.52 主营业务增长 在建工程 12,602,091.87 26,547,973.25 -52.53 完工转入固定资产 长期待摊费用 14,379,531.44 18,547,326.72 -22.47 本年摊销 14 黄山旅游发展股份有限公司 2005 年年度报告 5、报告期公司主要财务数据同比发生重大变动的说明 单位：人民币元 项 目 2005 年 2004 年(调整后) 同比增减（%） 总资产 964,424,385.04 909,101,818.97 6.09 股东权益 717,006,712.45 678,459,365.63 5.68 主营业务利润 244,070,986.90 229,965,839.16 6.13 管理费用 101,892,120.36 116,390,353.01 -12.46 财务费用 -1,147,314.81 918,378.40 - 所得税 50,526,328.63 47,551,617.87 6.26 报告期总资产变动系货币资金增加所致；股东权益变动系本年实现利润增长所致； 主营业务利润增长系旅游接待人次增长所致；管理费用下降是由于管理层加大费用控制 力度；财务费用下降是因本年偿还部分短期借款使借款利息减少；所得税增加是因税前 利润增加。 6、报告期公司现金流量同比发生重大变动的说明 单位：人民币元 项 目 2005 年 2004 年 增减额 增减（%） 经营活动产生的现金流量净额 168716236.7 211434484.8 -42718248.13 -20.20 投资活动产生的现金流量净额 -162819259.5 -159824781.3 -2994478.19 1.87 筹资活动产生的现金流量净额 -46690917.3 -50181888.09 3490970.79 -6.96 报告期公司经营活动产生的现金流量总金额同比减少是由于支付的各种税款和门票 分成款增加所致；公司投资活动产生的现金流量总金额同比减少是由于现金投资增加所 致；公司筹资活动产生的现金流量总金额同比增加是由于本年分配股利支付现金增加所 致。 7、公司主要控股公司及参股公司的经营情况及业绩 （1）黄山玉屏客运索道有限责任公司(控股公司) 该公司注册资本为 1,900 万元，本公司持有其 80%股份，主营索道运输及工艺美术品 销售。截至报告期末该公司总资产为 7,252 万元，2005 年度实现净利润 3,150 万元。 （2）黄山太平索道有限责任公司(控股公司) 该公司注册资本为 698 万美元，本公司持有其 70%股份，主营客运索道运输及代办售 票餐馆购物服务。截至报告期末该公司总资产为 9,086 万元，2005 年度实现净利润-214 万元。 （3）黄山皮蓬文化发展有限责任公司(控股公司) 该公司注册资本为 500 万元，本公司持有其 90%股份，主要经营广告代理、策划、设 计、发布制作。截至报告期末该公司总资产为 425 万元，2005 年度实现净利润-0.66 万 元。 （4）华安证券有限责任公司(参股公司) 该公司系由安徽省证券公司为主体增资扩股改制而设立的综合类证券公司，主营证 券经纪业务、证券承销业务、证券自营业务、证券投资咨询业务及证监会批准的其他业 务；注册资本为 17.05 亿元人民币，本公司原始投资成本为 10,000 万元人民币，持有其 5.87%股份。 由于华安证券经营出现亏损， 本公司于 2004 年对该项投资计提了 321 万元减值准备； 为了真实反映该项投资的价值，遵循谨慎性原则，根据华安证券 2004 年度审计结果，经 15 黄山旅游发展股份有限公司 2005 年年度报告 公司于 2005 年 8 月 18 日召开的三届九次董事会决议，公司再次追加计提 6267 万元减值 准备，并追溯调整了 2004 年度会计报表。根据公司于 2006 年 4 月 26 日召开的三届十二 次董事会决议，公司再次对该项投资计提了 2412 万元减值准备。截至报告期末，本公司 根据所占权益比例累计对该项投资计提长期投资减值准备 9,000 万元。 （5）长春净月潭游乐有限责任公司(参股公司) 该公司注册资本为 1,000 万元，本公司持有其 20%股份，主营客运索道及相关旅游服 务等业务。报告期本公司享有的投资收益为 2.15 万元。 （6）黄山市花山谜窟旅游开发有限责任公司(合营公司) 本公司于 2000 年 4 月 17 日与黄山市屯溪花山旅游开发有限责任公司签订合作协议， 成立黄山市花山谜窟旅游开发有限责任公司(“花山谜窟”)，本公司投资 300 万元负责 开发黄山市屯溪郊区之国家重点风景名胜区“花山谜窟-渐江风景名胜区”在远古时期留 下的几十余处石窟群，将其修建成一个集揽胜探幽、休闲娱乐于一体的旅游胜地。按照 合作协议和公司章程，公司成立后前五年盈亏分配比例按本公司与黄山市屯溪花山旅游 开发有限责任公司投资比例进行，以后各年按 65%和 35%进行分配，合作期限为四十年。 2005 年度花山谜窟实现净利润 183 万元。 8、主要客户销售情况 项 目 2005 年度 2004 年度 前五名客户销售总额(元) 24,933,329.01 21,810,801.69 占主营业务收入比例（%） 3.62 4.11 (二)公司未来发展的展望 1、公司所处行业的发展趋势及公司面临的市场竞争格局 (1) 行业的发展趋势 旅游业作为我国一个新兴的产业，经过二十多年的发展，目前已初具规模，成为我 国第三产业中最有活力的行业之一。 随着我国加入 WTO，世界经济一体化步伐不断加快，中国与世界各国的经济文化交 流和贸易往来将更趋广泛和深入。中国稳定的社会环境和丰富的旅游资源，也将持续吸 引着世界各国的客人。随着我国小康社会进程的不断推进，人们生活水平日益提高，可 自由支配收入比重不断增加，节假日和闲暇时间的日益增多，人们对旅游消费的需求越 来越大。同时，旅游业是低能耗、高清洁的生态友好型产业，符合国家“十一五”经济 增长方式的转变方向，政府支持力度将会进一步加大，从而将会继续形成有利于旅游业 发展的宏观环境，上述这些都预示着公司所处行业的良好发展趋势。 (2) 公司面临的市场竞争格局 因旅游业具有良好的发展前景，近年来,行业的整体规模和单体规模不断扩大,发展速 度超过了市场的增长速度，加剧了行业内部的竞争。 2、管理层所关注的公司未来发展机遇与挑战、公司发展战略和新年度的经营计划 (1) 公司未来的发展机遇与挑战 在宏观环境方面。我国中部崛起战略和安徽东向发展战略的加快推进，为公司创造 了良好的外部环境；黄山市按照构筑“安徽旅游龙头、华东旅游中心、中国旅游名牌、世 界旅游胜地”的发展思路，提出把黄山风景区打造成全国综合竞争力最强的自然景区，把 黄山市建设成为全国同类旅游城市综合竞争力最强的城市之一的宏伟目标，这些目标的 确立有利于加快黄山旅游的发展。 在区位优势方面。黄山位于长三角腹地，是距离长三角地区最近的世界级山岳型风 16 黄山旅游发展股份有限公司 2005 年年度报告 景名胜区，与长三角地区山相连、水相通、人相亲，良好的区位优势，使黄山市大步融 入长三角，成为经济发达的江、浙、沪三地的后花园。 在交通优势方面。黄山外围交通环境发生了战略性改变，黄山机场改扩建已经完成， 高速公路网雏形初现。徽杭高速公路（安徽段）已建成通车，目前在建的合铜黄高速、 黄景高速均计划在 2007 年通车；安徽省沿江高速公路也正在加速推进，届时，武汉、安 庆至黄山，南京、芜湖至黄山都将便捷地融为一体。随着未来一至两年内多条高速公路 的相继贯通，黄山将从一个单纯的旅游目的地转变为华东地区高速公路的重要交通枢纽， 景区可进入性将会大大改善。 在旅游资源优势方面。黄山是中国目前惟一同时拥有世界文化与自然遗产和世界地 质公园三项桂冠的景区；黄山市是徽州文化的发祥地, 徽学是中国三大地方显学之一，与 藏学、敦煌学齐名。作为中华文化的一个经典，徽州文化是一首异彩纷呈的篇章，与黄 山旅游资源珠联璧合。黄山地区聚合了 2 处世界遗产地、3 处国家级风景名胜区、5 处国 家森林公园和地质公园、2 处国家级自然保护区、1 座国家级历史文化名城、1 处国家级 重点历史文化保护街区，国家级、省级重点文物 56 处。这些丰富的文化资源、历史遗存 将为黄山旅游发展提供广阔的战略纵深空间。 与此同时，随着旅游业的发展，近年来全国各地相继涌现出一批优秀的旅游景区和 旅游企业，在产品开发、服务创新、营销策划等方面展开竞争，这些将在一定程度上给 本公司的经营带来新的挑战。 (2) 公司发展战略 综合分析黄山面临的内外环境，今后的五年间公司将选择快速发展的战略态势，统 筹协调公司各种人、财、物资源，挖潜增效，发挥自身优势，寻求“黄山旅游”再次质 的突破。公司总体发展思路是依托黄山风景区，在强化现有旅游主业的基础上，积极发 展与旅游相关的产业，以网络化营销为手段，进一步整合旅游资源，增强公司核心竞争 力，充分发挥资本市场优势，实现资本运作与资源扩张的有效结合，使黄山旅游在竞争 日益激烈的市场环境下，实现资产规模和收益的持续增长，实现公司价值的最大化。 (3) 新年度经营计划 ①提升旅游产品结构。充分发挥黄山旅游资源类型多、品位高的独特优势，在完善 旅游功能的基础上，巩固观光旅游产品，大力发展文化体验、休闲度假、商务会议和个性 化旅游产品，提升旅游产品结构，实现旅游产品由观光型向复合型转变。 ②强化旅游市场营销。加大策划力度，抓好形象宣传和产品整体促销；境内稳定近 程客源市场，启动远程客源市场。境外巩固港台市场，主攻韩日市场，开发欧美市场； 综合运用多种手段，抓好淡季旅游市场开发；细分旅游市场，开展主题促销，打造黄山 旅游目的地新形象。 ③延伸旅游产业链。围绕旅游六要素，针对购物、娱乐等薄弱环节，加快推进黄山温 泉改造等重点旅游配套项目建设。 ④加强人力资源工作。坚持“重视质量，分类操作，按需引进，充实一线”的原则， 大力引进人才，加强员工队伍建设和人才培训工作，进一步合理配置人力资源。 ⑤进一步完善目标责任考核制度、成本控制制度； ⑥继续在加强标准化建设、提高企业信息化水平及加强投资者关系管理等方面加大 工作力度，为公司的持续、稳定发展奠定坚实基础。 3、公司未来发展所需的资金需求和使用计划及资金来源情况 公司 2006 年的资金需求将视有关项目进度而定，主要用于收购黄山旅游集团有限公 司下属经营单位部分股权和相关资产、云谷索道改线项目及部分相关旅游配套设施的建 17 黄山旅游发展股份有限公司 2005 年年度报告 设和修缮等。公司将根据具体项目和情况采用自有资金、银行贷款及与合作伙伴共同投 资等多种筹资方式。 4、可能对公司未来发展战略和经营目标实现产生不利影响的风险因素 (1)行业风险 本公司的业务开展是以黄山自然风景资源为依托，具有较强的环境相关性和敏感性， 特别是国内外重大政治、经济、军事、自然灾害、突发事件以及重大疫情(如 2003 年的“非 典型性肺炎”)或其他不可抗力因素，都会给公司的发展带来全面的或局部的风险。 对策：各种重大自然灾害及突发事件具有较大的偶然性，根据以往的经验和教训， 黄山风景区对各类可能发生的自然灾害及突发事件的防范、预警已形成了一套完整的体 系。公司将进一步完善相关的预防、控制措施，细化安全工作，确保景区和游客的安全。 (2)经营风险 公司业务主要集中在黄山风景区，目前主营业务收入主要来自客运索道、园林门票、 酒店食宿及旅游服务等部分，主业过于集中，抗风险能力较弱。另外，受气候及消费习 惯的影响，公司经营业务受季节支配性较强，有淡、旺季之分。 对策： 围绕旅游六要素，合理调整战略布局，推动相关产业协调发展，完善旅游产 业链。本公司将从实际出发，加强宣传促销活动，紧密配合每年的旅游主题，及时了解 旅游市场的需求， 设计出各种极具季节特色和地域文化内涵的旅游活动，努力丰富和完 善旅游产品，尽量减少季节性因素给公司带来的不良影响。切实加强高端散客的促销和 接待工作， 完善散客经营接待体系，探索散客经营上规模、增效益的经验和规律。 (3)管理风险 公司实施股权分置改革后，公司控股股东黄山旅游集团有限公司持有本公司 43.52% 的股权，这种股权的相对集中致使其在股东大会上处于优势地位，集团公司的决策对本 公司的运作起主导作用。对集团公司决策权的使用如何进行有效监督，对本公司的发展 有很大影响。 对策：公司将严格按照《公司法》、《证券法》等有关法律法规和公司章程的规定， 依法经营，规范运作，不断完善相关议事规则，发挥独立董事和监事会的作用，进一步 完善法人治理结构。同时，在现有的基础上，做好信息披露和投资者关系管理工作，从 而维护全体股东特别是中小股东的合法权益。 (4)价格风险 本公司主营业务中的园林门票、客运索道票由政府物价部门统一定价，公司在未取 得政府有关部门批准之前不能根据市场变化及时调整景区门票和索道票的价格，因此公 司的价格决策权受到一定程度的限制。 对策：一方面，公司将在国家政策范围内，根据旅游市场动态变化，结合公司的营 运成本和景区实际情况，在市场情况发生变化时申请核定新的符合市场需求的价格，争 取有利的价格政策。另一方面，公司将从管理入手，降低运营成本，完善服务设施和功 能，提高服务质量，增加服务内容，提高旅游产品的附加值。 （三）公司投资情况 1、募集资金运用情况 （1）B 股募集资金使用情况说明 公司已严格按照《B 股招股说明书》之承诺在以前年度就将该募集资金使用完毕。 18 黄山旅游发展股份有限公司 2005 年年度报告 （2）A 股募集资金使用情况说明 报告期本公司无 A 股募集资金或前期募集资金使用到本期的情况。 公司所有 A 股募集资金投资项目除西海大峡谷开发工程部分项目未完工外，其他投资 项目均已在以前年度按计划完工并交付使用(请参见本公司 2002 年及 2003 年年度报告“董 事会报告”之“投资情况”一节的说明)，且已产生较好的经济效益。 2、未达到计划进度和收益项目的说明 西海大峡谷综合开发工程之游览步道建设项目已于 2002 年 5 月底完工并全面投入使 用。截至报告期末，因受制于《黄山风景区总体规划》修编工作，该工程部分项目筹备工 作暂缓。新开发的西海大峡谷景区为黄山风景区内之精华景区之一，由于黄山风景区对来 山游客采取一票制，目前该项目收益情况尚未体现。 3、非募集资金的投资、进度及收益情况： 徽商故里大酒店建设项目：根据公司二届十二次董事会决议，公司拟用自有资金 2,870 万元把原公司下属莲花宾馆（位于黄山市区）改建并命名为徽商故里大酒店。截止报告 期末，公司对该项目已累计投入资金 3069 万元。该酒店已于 2005 年元月试运营，因处 于市场培育期，报告期尚处亏损状态。 报告期公司其他投资项目详见会计报表附注之“在建工程”部分。 （四）董事会日常工作情况 1、报告期内董事会会议情况及决议内容 报告期内，公司董事会共召开了六次会议，会议具体情况如下： （1）公司于 2005 年 3 月 1 日采用通讯表决方式召开第三届董事会第六次会议，会 议审议并通过了关于公司以自有资金 1000 万元认购华富竞争力优选混合型基金的议案。 （2）公司于 2005 年 4 月 18 日召开第三届董事会第七次会议，会议审议并通过了公 司 2004 年年度报告及其摘要、公司 2004 年度利润分配预案等多项议案，决议公告刊登在 2005 年 4 月 20 日的《上海证券报》、 《香港商报》上。 （3）公司于 2005 年 4 月 26 日召开第三届董事会第八次会议，会议审议并通过了公 司公司 2005 年第一季度报告，该公告刊登在 2005 年 4 月 27 日的《上海证券报》、《香港 商报》上。 （4）公司于 2005 年 8 月 18 日召开第三届董事会第九次会议，会议审议并通过了公 司 2005 年半年度报告及其摘要、关于重大会计差错更正的议案及关于成立黄山旅游发展 股份有限公司电子商务公司的议案，决议公告刊登在 2005 年 8 月 20 日的《上海证券报》、 《香港商报》上。 （5）公司于 2005 年 9 月 21 日召开第三届董事会第十次会议，会议审议并通过了关 于成立中海国际会议展览服务公司等议案。 （6）公司于 2005 年 10 月 24 日召开第三届董事会第十一次会议，会议审议并通过了 公司 2005 年第三季度报告，该公告刊登在 2005 年 10 月 25 日的《上海证券报》、 《香港商 报》上。 19 黄山旅游发展股份有限公司 2005 年年度报告 2、董事会对股东大会决议的执行情况 （1）2004 年度，公司董事会本着对全体股东负责的精神，按照《公司法》和《公司 章程》的有关要求，规范运作，认真履行董事会职责，为贯彻执行股东大会各项决议作出 了不懈的努力。 （2）公司组织实施了 2004 年度利润分配方案。 根据公司 2004 年度股东大会决议，以 2004 年末总股本 30,290 万股为基数，向全体 股东按每 10 股派发现金红利 1.00 元（含税）；B 股股利以美元派发。公司于 2005 年 6 月 17 日发布分红派息实施公告，以 6 月 22 日（A 股）、6 月 27 日（B 股）为股权登记日，6 月 23 日为除息日，6 月 29 日（A 股）、7 月 6 日（B 股）为红利发放日。 （五）本次利润分配预案和资本公积金转增股本预案 经安徽华普会计师事务所（境内）和香港陈叶冯会计师事务所有限公司（境外）审计， 按国内会计准则计算，公司 2005 年度实现净利润 68,816,337 元人民币，提取 10%法定公 积金 9,402,995 元人民币，提取 10%法定公益金 8,143,003 元人民币（合并子公司提取数）， 未分配利润为 51,270,339 元人民币，加上上年度未分配利润-10,148,444.78 元人民币, 累计未分配利润 41,121,893 元人民币。按国际会计准则计算税后利润为 6,116,002 元。 按国际会计准则审计的累计未分配利润为 45,204,398 元。 董事会拟定本年度润分配预案： 1、以 2005 年末总股本 30,290 万股为基数，向公司全体股东按每 10 股派发现金红利 0.85 元（含税） ，共送出现金红利 25,746,500 万元，剩余未分配利润 15,375,393 元结转 下一年度。 2、上述 B 股股利以美元派发，美元与人民币汇率按 2005 年年度股东大会批准后的第 一个工作日中国人民银行公布的美元兑人民币的中间价计算。 本年度不进行资本公积金转增股本。 此利润分配预案须提交 2005 年度股东大会审议批准后实施。 （十）其他事项 1、报告期内，根据公司 2005 年度第一次临时股东大会决议，公司不再续聘普华永道 中天会计师事务所。公司决定聘请安徽华普会计师事务所和香港陈叶冯会计师事务所有限 公司为公司 2004 年度境内和境外的财务审计机构，聘期一年。 2、公司 2005 年度选定的信息披露报刊为《上海证券报》、《香港商报》。 八、监事会报告 （一）、报告期内监事会的工作情况 报告期内，监事会共召开三次会议，主要情况如下： 1、公司于 2005 年 4 月 18 日召开了第三届监事会第四次会议，会议审议并一致通过 了如下议案： (1)公司 2004 年年度报告及其摘要； (2)公司 2004 年度监事会工作报告； (3)关于朱立刚先生辞去公司监事、监事长的议案； 20 黄山旅游发展股份有限公司 2005 年年度报告 (4)关于增补叶树敏先生为公司监事的议案； (5)关于重大会计差错更正的议案。 上述公告刊登在 2005 年 4 月 20 日的《上海证券报》、《香港商报》上。 2、公司于 2005 年 5 月 26 日召开了第三届监事会第五次会议，会议审议并一致通过 了关于选举叶树敏先生为公司监事会召集人的议案。 上述公告刊登在 2005 年 5 月 28 日的《上海证券报》、《香港商报》上。 3、公司于 2005 年 8 月 18 日召开了第三届监事会第六次会议，会议审议并一致通过 了如下议案： (1)公司 2005 年半年度报告及其摘要； (2)关于重大会计差错更正的议案。 上述公告刊登在 2005 年 8 月 20 日的《上海证券报》、《香港商报》上。 2005 年公司监事会严格按照《公司法》和《公司章程》的有关规定，从维护公司利 益和广大股东利益出发，认真履行监事会的职责，对公司的依法运作情况、公司财务情 况、高级管理人员的履职守法情况等进行了有效监督。 （二）、监事会对年度报告的审核意见 公司 2005 年年度报告的编制和审议程序符合法律、法规、公司章程和公司内部管理 制度的各项规定；该年度报告的内容和格式符合中国证监会和上海证券交易所的各项规 定，所包含的信息真实地反映了公司 2005 年度的经营管理和财务状况；在对该年度报告 审核过程中，未发现参与年度报告编制和审议工作的人员有违反保密规定的行为。 （三）、监事会对以下事项发表独立意见 1、公司依法运作情况 监事会认为，公司能够严格按照国家有关政策法规和公司章程规范运作，股东大会 和董事会的召开程序、议事规则和决议程序合法有效，内部控制制度完善，符合《公司 法》等法律法规和《公司章程》的有关规定。公司董事、总裁等高级管理人员恪尽职守， 其经营行为和决策均以全体股东利益为出发点，未发现有违反法律法规、 《公司章程》或 损害公司利益行为。 2、检查公司财务情况 公司聘请安徽华普会计师事务所（境内）和陈叶冯会计师事务所有限公司（境外） 对公司 2005 年度财务报告进行审计，出具了标准无保留意见的审计报告。公司监事会认 真检查了公司的财务状况，认为该报告真实、准确，客观地反映了公司 2005 年度的财务 状况和经营成果。公司财务制度严明，内控制度完善，不存在违反财务制度和侵害投资 者利益的现象。 3、募集资金使用情况 报告期内，公司未有募集资金投入事项发生。 4、收购、出售资产公允情况 报告期内，公司未有收购、出售资产事项发生。 5、关联交易事项 报告期内，公司无重大关联交易事项发生。 21 黄山旅游发展股份有限公司 2005 年年度报告 九、重要事项 （一）报告期内，公司无重大诉讼、仲裁事项发生。 （二）报告期内，公司无委托理财事项发生。 （三）报告期内，公司无重大资产收购、出售或吸收合并事项发生。 （四）报告期内，公司关联交易情况 向关联方销售产品和提供劳务 向关联方采购产品和接受劳务 关联方 占同类交易金额 占同类交易 交易金额 交易金额 的比例(%) 金额的比例(%) 黄山旅游集团 238,989.86 0.03 9,628,658.80 7.34 黄山管委会 8,230,706.73 1.19 - - 合 计 9,628,658.80 8,469,696.59 1.23 7.34 其中：报告期内上市公司向控股股东及其子公司销售产品或提供劳务的关联交易金额 为 8,469,696.59 元。 （五）报告期内，公司无重大担保事项发生。 （六）重大合同及其履行情况 1、报告期内，公司没有发生或以前期间发生但延续到报告期的重大托管、承包、租 赁其他公司资产或其他公司托管、承包、租赁上市公司资产的事项。 2、报告期内，公司没有发生或以前期间发生但延续到报告期的重大委托他人进行现 金资产管理事项。 （七）报告期内，公司或持股 5%以上股东没有在指定报纸和网站上披露承诺事项。 （八）报告期内，公司更换会计师事务所及支付报酬情况 1、根据公司 2005 年度第一次临时股东大会决议，公司不再续聘普华永道中天会计师 事务所。公司决定聘请安徽华普会计师事务所和香港陈叶冯会计师事务所有限公司为公司 2004 年度境内和境外审计机构，聘期一年。 2、报告年度公司支付给安徽华普会计师事务所和香港陈叶冯会计师事务所有限公司的 年审计费用合计 50 万元人民币。公司聘请的上述两家境内外审计机构为公司提供审计服 务的连续年限为 2 年。 （九）报告期内，公司、公司董事会及董事未有受中国证监会稽查、中国证监会行政 处罚、通报批评、证券交易所公开谴责的情况发生。 （十）其它重大事项 1、报告期内，根据黄山市物价局有关文件，黄山风景区门票价格从 2005 年 6 月 1 日 起作如下调整：①黄山风景区门票价格旺季每票由 130 元调整为 200 元，淡季每票由 85 元调整 120 元。票价内含遗产保护费每票 20 元；②淡旺季时间：淡季时间为当年 12 月 1 日至次年 2 月 28 日，旺季时间为 3 月 1 日至 11 月 30 日。该事项公告刊登于 2005 年 4 月 1 日《上海证券报》和《香港商报》。 2、报告期内，黄山风景区通过 ISO14001 环境管理体系认证，黄山风景区的环境保护 和环境管理已步入国际标准化、规范化轨道。 3、报告期内，经三届九次董事会决议，公司成立了黄山途马旅游电子商务有限责任公 司。 黄山旅游电子商务网(http://www.huangshan.com.cn,或 www.tourmart.cn)是本公司为提 高景区管理、增加景区的服务效率、方便游客来黄山旅游观光而建设的一个商务型网站， 该网站依托本公司的经营景点、酒店等终端资源，为游客提供各类旅游信息查询服务、在 线预定服务、代理业务服务和网上促销等服务。 22 黄山旅游发展股份有限公司 2005 年年度报告 4、本公司于 2005 年 12 月 19 日披露股权分置改革说明书；2006 年 1 月 19 日召开 A 股市场相关股东会议审议通过了公司股权分置改革方案；2006 年 2 月 17 日披露股权分置 改革方案实施公告，流通 A 股股东每持有 10 股获得 2.9 股股票对价；自 2006 年 2 月 17 日起，公司 A 股股票简称由“黄山旅游”变更为“G 黄山”，A 股股票代码“600054”保持 不变。 十、财务报告 审计报告 华普审字[2006]第 0387 号 黄山旅游发展股份有限公司全体股东： 我们审计了后附的黄山旅游发展股份有限公司（以下简称“贵公司”）及其合并子公司（以下简称 “贵集团”）2005 年 12 月 31 日的合并及母公司资产负债表、2005 年度的合并及母公司利润表、合并 及母公司利润分配表和合并及母公司现金流量表。这些会计报表的编制是贵公司管理当局的责任，我 们的责任是在实施审计工作的基础上对这些会计报表发表意见。 我们按照中国注册会计师独立审计准则计划和实施审计工作，以合理确信会计报表是否不存在重 大错报。审计工作包括在抽查的基础上检查支持会计报表金额和披露的证据，评价管理当局在编制会 计报表时采用的会计政策和做出的重大会计估计，以及评价会计报表的整体反映。我们相信，我们的 审计工作为发表意见提供了合理的基础。 我们认为，上述会计报表符合国家颁布的企业会计准则和《企业会计制度》的规定，在所有重大 方面公允反映了贵集团和贵公司 2005 年 12 月 31 日的财务状况以及 2005 年度的经营成果和现金流量。 安徽华普会计师事务所 中国注册会计师： 朱宗瑞 中国 · 合肥 中国注册会计师： 张居忠 2006 年 4 月 26 日 23 黄山旅游发展股份有限公司 2005 年年度报告 （一）会计报表 资产负债表 编制单位：黄山旅游发展股份有限公司 单位：人民币元 合并数 母公司 附注 附注 资 产 2005 年 12 月 2004 年 12 月 2005 年 12 月 2004 年 12 月 号 号 31 日 31 日 31 日 31 日 流动资产： 货币资金 五.1 371,368,219.98 301,036,861.45 339,696,048.05 255,464,125.79 短期投资 五.2 11,425.00 11,425.00 11,425.00 11,425.00 应收票据 五.3 150,000.00 应收股利 4,833,782.42 2,803,178.78 应收利息 五.4 931,545.80 962,560.92 931,545.80 962,560.92 应收账款 五.5 25,194,182.54 17,954,096.35 六.1 13,959,361.45 11,781,900.43 其他应收款 五.6 30,181,618.82 32,063,975.83 六.2 43,040,528.24 59,688,646.45 预付帐款 五.7 1,153,800.68 1,757,752.91 152,739.18 596,859.94 应收补贴款 存货 五.8 13,526,498.28 12,021,758.31 6,216,626.49 6,076,852.69 待摊费用 五.9 172,756.80 205,511.91 56,004.40 59,196.00 一年内到期的长期债权投资 其他流动资产 流动资产合计 442,690,047.90 366,013,942.68 408,898,061.03 337,444,746.00 长期投资： 长期股权投资 五.10 53,694,161.36 43,441,826.74 六.3 101,745,701.71 86,224,083.47 长期债权投资 长期投资合计 53,694,161.36 43,441,826.74 101,745,701.71 86,224,083.47 其中：股权投资差额 五.10 6,160,743.52 896,011.90 六.3 6,160,743.52 896,011.90 固定资产： 固定资产原价 五.11 714,233,069.21 756,009,650.99 490,344,354.00 529,160,412.32 减：累计折旧 五.11 289,298,604.61 299,376,737.96 199,362,541.11 214,325,738.02 固定资产净值 五.11 424,934,464.60 456,632,913.03 290,981,812.89 314,834,674.30 减：固定资产减值准备 五.11 4,023,455.00 20,023,455.00 16,000,000.00 固定资产净额 五.11 420,911,009.60 436,609,458.03 290,981,812.89 298,834,674.30 工程物资 在建工程 五.12 12,602,091.87 26,547,973.25 11,450,844.90 25,403,389.28 固定资产清理 固定资产合计 433,513,101.47 463,157,431.28 302,432,657.79 324,238,063.58 无形资产及其他资产： 无形资产 五.13 16,047,542.87 16,716,291.55 8,815,941.01 9,093,139.09 长期待摊费用 五.14 14,379,531.44 18,547,326.72 11,326,920.14 15,396,158.21 其他长期资产 五.15 4,100,000.00 1,225,000.00 61,105,638.45 61,205,638.45 无形资产及其他资产合计 34,527,074.31 36,488,618.27 81,248,499.60 85,694,935.75 递延税项： 递延税款借项 资产总计 964,424,385.04 909,101,818.97 894,324,920.13 833,601,828.80 24 黄山旅游发展股份有限公司 2005 年年度报告 资产负债表(续) 编制单位：黄山旅游发展股份有限公司 单位：人民币元 合并数 附 母公司 附注 负债及股东权益 2005 年 12 月 2004 年 12 月 31 注 2005 年 12 月 2004 年 12 月 号 31 日 日 号 31 日 31 日 流动负债： 短期借款 五.16 25,000,000.00 30,200,000.00 应付票据 应付账款 五.17 16,804,303.61 15,061,885.55 4,640,540.21 7,196,561.25 预收账款 五.18 2,380,816.64 1,328,944.83 903,379.83 559,917.24 应付工资 五.19 27,276,317.07 20,390,536.47 24,837,001.75 18,871,037.08 应付福利费 五.20 2,739,755.59 3,410,169.38 2,007,172.12 2,793,941.06 应付股利 五.21 1,199,667.37 700,794.69 应交税金 五.22 61,732,047.62 45,743,864.76 44,690,792.45 31,102,511.18 其他应交款 五.23 1,003,208.61 965,770.69 928,660.11 947,938.81 其他应付款 五.24 70,977,107.43 74,576,850.29 70,611,223.50 65,102,718.17 预提费用 五.25 5,325,129.30 5,268,876.39 5,195,188.06 5,184,975.39 预计负债 20,288,886.07 20,253,282.96 一年内到期的长期负债 其他流动负债 流动负债合计 214,438,353.24 197,647,693.05 174,102,844.10 152,012,883.14 长期负债： 长期借款 五.26 3,201,580.03 3,129,580.03 3,201,580.03 3,129,580.03 应付债券 长期应付款 五.27 26,143,845.05 26,143,845.05 专项应付款 其他长期负债 长期负债合计 29,345,425.08 29,273,425.08 3,201,580.03 3,129,580.03 递延税项： 递延税款贷项 负债合计 243,783,778.32 226,921,118.13 177,304,424.13 155,142,463.17 少数股东权益 3,633,894.27 3,721,335.21 股东权益： 股 本 五.28 302,900,000.00 302,900,000.00 302,900,000.00 302,900,000.00 减：已归还投资 股本净额 五.28 302,900,000.00 302,900,000.00 302,900,000.00 302,900,000.00 资本公积 五.29 255,918,400.24 255,897,390.64 255,918,400.24 255,897,390.64 盈余公积 五.30 117,066,418.84 99,520,419.77 95,214,627.84 81,448,603.68 其中：法定公益金 五.30 43,379,371.76 35,236,368.04 36,095,441.42 29,212,429.34 未分配利润 五.31 41,121,893.37 20,141,555.22 62,987,467.92 38,213,371.31 其中：现金股利 25,746,500.00 30,290,000.00 25,746,500.00 30,290,000.00 股东权益合计 717,006,712.45 678,459,365.63 717,020,496.00 678,459,365.63 负债和股东权益总计 964,424,385.04 909,101,818.97 894,324,920.13 833,601,828.80 25 黄山旅游发展股份有限公司 2005 年年度报告 利 润 表 编制单位：黄山旅游发展股份有限公司 单位：人民币元 附注 合并数 附注 母公司 项 目 号 2005 年度 2004 年度 号 2005 年度 2004 年度 一、主营业务收入 五.32 689,053,705.55 529,872,324.22 六.4 503,877,668.65 398,875,913.82 减：主营业务成本 五.33 418,429,381.27 278,859,442.26 六.5 302,300,847.28 212,160,120.88 主营业务税金及附加 五.34 26,553,337.38 21,047,042.80 20,902,368.61 16,383,057.05 二、主营业务利润 244,070,986.90 229,965,839.16 180,674,452.76 170,332,735.89 加：其他业务利润 五.35 6,464,349.18 6,493,814.68 5,135,527.84 5,775,631.52 减：营业费用 管理费用 五.36 101,892,120.36 116,390,353.01 85,989,878.63 102,027,022.16 财务费用 五.37 -1,147,314.81 918,378.40 -2,446,600.56 -307,945.69 三、营业利润 149,790,530.53 119,150,922.43 102,266,702.53 74,389,290.94 加：投资收益 五.38 -22,387,720.95 -62,713,489.06 六.6 2,386,586.77 -39,054,347.41 补贴收入 营业外收入 五.39 905,603.17 912,001.00 853,169.85 902,726.00 减：营业外支出 五.40 3,173,893.57 1,755,750.64 3,132,295.11 1,677,481.44 四、利润总额 125,134,519.18 55,593,683.73 102,374,164.04 34,560,188.09 减：所得税 50,526,328.63 47,551,617.87 33,544,043.27 30,232,699.07 少数股东收益 5,791,853.33 3,714,576.84 五、净利润 68,816,337.22 4,327,489.02 68,830,120.77 4,327,489.02 补充资料： 附注 合并数 附注 母公司 项 目 号 2005 年度 2004 年度 号 2005 年度 2004 年度 1.出售、处置部门或被投资单位所得收益 2.自然灾害发生的损失 3.会计政策变更增加（或减少）利润总额 4.会计估计变更增加（或减少）利润总额 5.债务重组损失 6.其他 26 黄山旅游发展股份有限公司 2005 年年度报告 利润分配表 编制单位：黄山旅游发展股份有限公司 单位：人民币元 附注 合并数 附注 母公司 项 目 号 2005 年度 2004 年度 号 2005 年度 2004 年度 一、净利润 五.31 68,816,337.22 4,327,489.02 68,830,120.77 4,327,489.02 加：年初未分配利润 五.31 20,141,555.22 20,382,965.09 38,213,371.31 34,751,380.09 其他转入 二、可供分配的利润 88,957,892.44 24,710,454.11 107,043,492.08 39,078,869.11 减：提取法定盈余公积 五.31 9,402,995.35 2,901,682.96 6,883,012.08 432,748.90 提取法定公益金 五.31 8,143,003.72 1,667,215.93 6,883,012.08 432,748.90 提取职工奖励及福利基金 提取储备基金 提取企业发展基金 利润归还投资 三、可供投资者分配的利润 71,411,893.37 20,141,555.22 93,277,467.92 38,213,371.31 减：应付优先股股利 提取任意盈余公积 应付普通股股利 30,290,000.00 30,290,000.00 转作股本的普通股股利 四、未分配利润 41,121,893.37 20,141,555.22 62,987,467.92 38,213,371.31 27 黄山旅游发展股份有限公司 2005 年年度报告 现金流量表 编制单位：黄山旅游发展股份有限公司 2005 年度 单位：人民币元 金额 项 目 附注号 合并数 母公司 一、经营活动产生的现金流量： 销售商品、提供劳务收到的现金 685,897,699.17 501,722,965.02 收到的税费返还 收到的其他与经营活动有关的现金 五.41 43,487,066.43 60,813,795.48 现金流入小计 729,384,765.60 562,536,760.50 购买商品、接受劳务支付的现金 158,162,711.31 70,939,088.20 支付给职工以及为职工支付的现金 85,990,452.03 73,910,740.16 支付的各项税费 68,644,889.36 47,714,320.61 支付的其他与经营活动有关的现金 五.42 247,870,476.21 242,134,801.55 现金流出小计 560,668,528.91 434,698,950.52 经营活动产生的现金流量净额 168,716,236.69 127,837,809.98 二、投资活动产生的现金流量： 收回投资所收到的现金 10,191,796.19 9,918,267.53 取得投资收益所收到的现金 687,891.44 23,629,924.45 处置固定资产、无形资产和其他长期资产而所收回的现 9,555,310.01 9,554,110.01 金净额 收到的其他与投资活动有关的现金 五.43 164,617,938.32 163,674,482.71 现金流入小计 185,052,935.96 206,776,784.70 购建固定资产、无形资产和其他长期资产所支付的现金 50,856,060.42 46,397,351.38 投资所支付的现金 20,152,800.00 24,192,800.00 支付的其他与投资活动有关的现金 五.44 276,863,335.06 276,863,335.06 现金流出小计 347,872,195.48 347,453,486.44 投资活动产生的现金流量净额 -162,819,259.52 -140,676,701.74 三、筹资活动产生的现金流量： 吸收投资所收到的现金 借款所收到的现金 10,000,000.00 收到其他与筹资活动有关的现金 33,731,264.00 现金流入小计 10,000,000.00 33,731,264.00 偿还债务所支付的现金 15,200,000.00 分配股利、利润或偿付利息所支付的现金 37,433,101.30 30,412,110.54 支付其他与筹资活动有关的现金 五.45 4,057,816.00 17,687,932.56 现金流出小计 56,690,917.30 48,100,043.10 筹资活动产生的现金流量净额 -46,690,917.30 -14,368,779.10 四、汇率变动对现金的影响 -583,507.39 -269,212.93 五、现金及现金等价物净增加额 -41,377,447.52 -27,476,883.79 28 黄山旅游发展股份有限公司 2005 年年度报告 现金流量表（续） 编制单位：黄山旅游发展股份有限公司 2005 年度 单位：人民币元 附注 金额 补充资料 号 合并数 母公司 1.将净利润调节为经营活动的现金流量： 净利润 68,816,337.22 68,830,120.77 加：少数股东本期收益 5,791,853.33 计提的资产减值准备 24,133,995.28 24,479,611.05 固定资产折旧 36,030,338.68 27,451,649.44 无形资产摊销 1,500,548.68 277,198.08 长期待摊费用摊销 9,933,472.71 9,537,656.86 待摊费用的减少（减：增加） 32,755.11 3,191.60 预提费用的增加（减：减少） 56,252.91 10,212.67 处置固定资产、无形资产和其他长期资产的损失 -680,676.29 -686,076.77 （减：收益） 固定资产报废损失 1,104,432.05 1,098,482.05 财务费用 -1,894,473.86 -3,167,677.46 投资损失（减：收益） -1,733,284.45 -26,507,592.17 递延税款贷项（减：借项） 存货的减少（减：增加） -2,299,478.52 -934,512.35 经营性应收项目的减少（减：增加） 1,739,014.39 4,320,217.74 经营性应付项目的增加（减：减少） 26,185,149.45 23,125,328.47 其他 经营活动产生的现金流量净额 168,716,236.69 127,837,809.98 2.不涉及现金收支的投资和筹资活动： 债务转为资本 一年内到期的可转换公司债券 融资租入固定资产 3.现金及现金等价物增加情况： 现金的期末余额 125,993,769.90 94,642,774.41 减：现金的期初余额 167,371,217.42 122,119,658.20 加：现金等价物的期末余额 减：现金等价物的期初余额 现金及现金等价物净增加额 -41,377,447.52 -27,476,883.79 29 黄山旅游发展股份有限公司 2005 年年度报告 （二）会计报表附注 一、公司基本情况 黄山旅游发展股份有限公司（以下简称“公司”或“本公司”）是由黄山旅游集团有限 公司以其所属单位的净资产以独家发起的方式于 1996 年 11 月 18 日在中国安徽省黄山市 成立的股份公司，设立时国有法人股 113,000,000 股。1996 年 10 月 30 日公司经批准，于 1996 年 11 月 18 日发行境内上市外资股（B 股）80,000,000 股，1997 年 4 月 17 日经批准， 发行境内上市人民币普通股（A 股）40,000,000 股，1999 年 10 月 15 日经公司股东大会 决议，公司以资本公积金按每 10 股转增 3 股的比例转增股本 69,900,000 股，经两次发行 及转增后本公司的股本为 302,900,000 元，每股面值均为人民币 1 元，共计 302,900,000 股。 公司的 A 股及 B 股均在上海证券交易所上市，股票简称：黄山旅游，股票代码：A 股 600054，B 股 900942。 公司主要经营旅游服务、酒店经营、旅游运输、饮食服务、旅游资源开发、旅游商 品开发、旅游商品开发销售、其他与旅游相关贸易活动及广告代理。 截至 2005 年 12 月 31 日止，本公司拥有的控股子公司列示于附注三、1，本公司及 本公司的子公司以下合称为“本集团”。 二、本集团主要会计政策、会计估计和合并会计报表的编制方法 1、 执行的会计制度 本集团执行企业会计准则和《企业会计制度》。 2、 会计年度 采用公历年度，自每年一月一日起至十二月三十一日止。 3、 记账本位币 以人民币为记账本位币。 4、 记账基础和计价原则 以权责发生制为记账基础，以历史成本为计价原则。 5、 外币业务核算方法 对发生的外币经济业务，按发生时市场汇率折合人民币记账，期末各外币账户的余 额按期末市场汇率进行调整。调整的差额，属于与购建固定资产有关的借款产生的汇兑 损益，按照《企业会计准则—借款费用》的有关规定进行处理；属于筹建期间的，计入 长期待摊费用；属于生产经营期间的，计入当期损益。 6、 现金等价物的确定 凡同时具备期限短（从购买日起，三个月内到期）、流动性强、易于转换为已知金额 的现金、价值变动风险很小四个条件的投资，确认为现金等价物。 7、 短期投资核算方法 本集团持有的可随时变现并且持有时间不准备超过一年的投资，确认为短期投资， 包括股票投资、债券投资等。 短期投资在取得时以投资成本计价，持有期间收到短期投资的现金股利或利息不确 认收益，冲减短期投资账面价值；期末，短期投资以成本与市价孰低法计价，市价低于 成本的差额按投资总体计提短期投资跌价准备；处置短期投资时，按短期投资的账面价 值与实际收到的价款的差额作为当期投资损益。 8、 坏账核算方法 （1）坏账的确认标准：对于有确凿证据表明应收款项确实无法收回时，如债务单位 已撤销、破产、资不抵债、现金流量严重不足等，确认为坏账，并冲销已提取的相应坏 30 黄山旅游发展股份有限公司 2005 年年度报告 账准备。 （2）应收账款坏账准备的核算： 应收账款包括应收关联方款项及应收非关联方款项。本集团对应收账款的可收回性作 出具体评估后计提坏账准备。当有迹象表明应收关联方款项及应收非关联方款项的回收出 现困难时，计提专项坏账准备；对于其他未计提专项坏账准备的应收非关联方款项，运用 账龄分析法按以下比例计提一般坏账准备： 账 龄 计提比例 1 年以内 3% 1-2 年 50% 2 年以上 100% （3）其他应收款坏账准备的核算： 本集团对其他应收款的可收回性作出评估后计提专项坏账准备。 9、 存货核算方法和计提存货跌价准备的方法 存货包括食品及饮料、物料、备品备件、库存商品及低值易耗品。存货于取得时按 实际成本入账。除低值易耗品外的存货发出时按加权平均法计价，低值易耗品在领用时 采用一次性摊销法核算成本。 期末存货按成本与可变现净值孰低计价。对存货成本高于可变现净值的，按可变现 净值低于存货成本部分提取存货跌价准备。可变现净值按正常经营过程中，以存货估计 售价减去估计销售费用及相关税金后的金额确定。 10、长期投资及其减值准备的核算方法 长期股权投资在取得时按照初始投资成本入账。公司对其他单位的投资占该单位有 表决权资本总额 20%以下，或对其他单位的投资虽占该单位有表决权资本总额 20%或 20%以上，但不具有重大影响，采用成本法核算；公司对其他单位的投资占该单位有表 决权资本总额 20%或 20%以上，或虽投资不足 20%但具有重大影响，采用权益法核算。 采用权益法核算时，长期股权投资的初始投资成本与应享有被投资单位所有者权益份额 之间的差额，作为股权投资差额，分别情况进行会计处理：初始投资成本大于应享有被 投资单位所有者权益份额的差额，在合同规定的投资期限内平均摊销，合同没有规定投 资期限的，按 10 年平均摊销计入损益；初始投资成本小于应享有被投资单位所有者权益 份额的差额，计入资本公积—股权投资准备。 期末长期投资计提减值准备。长期投资减值准备按个别投资项目计算确定。对被投 资单位由于市价持续下跌或经营状况恶化等原因导致其可收回金额低于账面价值，按可 收回金额低于长期投资账面价值的差额计提减值准备。 11、固定资产计价、折旧政策及固定资产减值准备的计提方法 （1）固定资产是指为生产商品、提供劳务、出租或经营管理而持有的，使用年限超 过一年及单位价值较高的有形资产；同时该固定资产包含的经济利益很可能流入企业， 该固定资产的成本能够可靠的计量。购置或新建的固定资产按取得时的成本作为入账价 值。对本公司在改制时进行评估的固定资产，按其经国有资产管理部门确认后的评估值 作为入账价值。 固定资产的修理及维护支出于发生时计入当期费用。固定资产的重大改建、扩建、 改良及装修等发生的后续支出，在使该固定资产可能流入企业的经济利益超过了原先的 估计时，予以资本化；重大改建、扩建及改良等发生的后续支出按直线法于固定资产的 尚可使用年限期间内计提折旧，装修支出按直线法在预计受益期间内计提折旧。 （2）固定资产折旧采用直线法。即按其入账价值减去预计净残值后在预计使用年限 内计提。如已对固定资产计提了减值准备，则按该固定资产的账面价值及尚可使用年限 31 黄山旅游发展股份有限公司 2005 年年度报告 重新计算确定折旧率和折旧额。 固定资产的分类、预计净残值率、预计使用年限及年折旧率如下： 类别 净残值率(%) 使用年限(年) 年折旧率(%) 房屋及建筑物 3 20-40 2.4-4.9 索道设备 3 24 4.0 机器设备 3 6-20 4.9-16.2 通讯设备 3 3-14 6.9-32.3 运输设备 3 5-10 9.7-19.4 其他设备 3 5-8 12.1-19.4 （3）固定资产减值准备的计提方法和标准：本集团固定资产期末采用账面价值与可 收回金额孰低原则计价，并按单项固定资产的账面价值高于可收回金额的差额计提固定 资产减值准备，计提的固定资产减值准备计入当期损益。存在下列情况，应当计算固定 资产的可收回金额，以确定资产是否已经发生减值： ① 固定资产市价大幅度下跌，其跌幅大大高于因时间推移或正常使用而预计的下 跌，并且预计在近期内不可能恢复； ② 企业所处经营环境，如技术、市场、经济或法律环境，或者产品营销市场在当期 发生或在近期发生重大变化，并对企业产生负面影响； ③ 同期市场利率等大幅度提高，进而很可能影响企业计算固定资产可收回金额的折 现率，并导致固定资产可收回金额大幅度降低； ④ 固定资产陈旧过时或发生实体损坏等； ⑤ 固定资产预计使用方式发生重大不利变化，如企业计划终止或重组该资产所属的 经营业务、提前处置资产等情形，从而对企业产生负面影响； ⑥ 其他有可能表明资产已发生减值的情况。 12、在建工程核算方法及在建工程减值准备的计提方法 （1）在建工程按各项工程实际发生的成本入账，在工程达到预定可使用状态时转入 固定资产。与在建工程相关的借款所发生的借款费用，按照借款费用的会计政策进行处 理。 （2）期末，对在建工程进行全面检查，当存在下列一项或几项情况时，按单项资产 可收回金额低于在建工程账面价值的差额，计提在建工程减值准备。 ① 长期停建并且预计在未来 3 年内不会重新开工的在建工程； ② 在建项目无论在性能上、还是在技术上已经落后，并且给企业带来的经济利益具 有很大的不确定性； ③ 其他足以证明在建工程已经发生减值的情形。 13、无形资产计价及摊销方法 （1）无形资产计价：无形资产取得时按取得的实际成本计价；期末按照账面价值与 可收回金额孰低计价。 （2）无形资产摊销方法：无形资产自取得当月起在预计使用年限内分期平均摊销计 入损益。如预计使用年限超过了相关合同规定的受益年限或法律规定的有效年限，该无 形资产摊销年限按如下原则确定： ① 合同规定受益年限但法律没有规定有效年限的，摊销年限不应超过合同规定的受 益年限； ② 合同没有规定受益年限但法律规定有效年限的，摊销年限不应超过法律规定的有 效年限； ③ 合同规定了受益年限，法律也规定了有效年限的，摊销年限不应超过受益年限和 32 黄山旅游发展股份有限公司 2005 年年度报告 有效年限二者之中较短者； ④ 合同没有规定受益年限，法律也没有规定有效年限的，摊销年限不超过 10 年。 （3）无形资产减值准备的计提标准和方法：期末，检查各项无形资产预计给企业带 来未来经济利益的能力，当存在下列一项或几项情况时，按单项资产预计可收回金额低 于无形资产账面价值的差额，计提减值准备。 ① 某项无形资产已被其他新技术所代替，使其为企业创造经济利益的能力受到重大 不利影响； ② 某项无形资产的市价在当期大幅下跌，在剩余摊销年限内预期不会恢复； ③ 其他足以证明某项无形资产实质上已经发生减值的情形。 14、长期待摊费用摊销 长期待摊费用在费用项目的受益期限内分期平均摊销。其中：开办费先在长期待摊 费用中归集，待企业开始生产经营当月起一次计入当期损益；租入固定资产改良支出在 租赁期限与租赁资产尚可使用年限两者孰短的期限内平均摊销；其他长期待摊费用在受 益期内平均摊销。 15、借款费用的会计处理方法 （1）因购建固定资产借入专门借款而发生的利息、折价或溢价的摊销和汇兑差额， 在符合资本化期间和资本化金额的条件下，予以资本化，计入该项资产的成本；其他借 款利息、折价或溢价的摊销和汇兑差额，于发生当期确认为费用。因安排专门借款而发 生的辅助费用，属于在所购建固定资产达到预定可使用状态之前发生的，在发生时予以 资本化；其他辅助费用于发生当期确认为费用。若辅助费用的金额较小，于发生当期确 认为费用。 （2）借款费用资本化期间 ① 开始资本化：当以下三个条件同时具备时，因专门借款而发生的利息、折价或溢 价的摊销和汇兑差额开始资本化：a、资产支出已经发生；b、借款费用已经发生；c、为 使资产达到预定可使用状态所必要的购建活动已经开始。 ② 暂停资本化：若固定资产的购建活动发生非正常中断，并且中断时间连续超过 3 个月，暂停借款费用的资本化，将其确认为当期费用，直至资产的购建活动重新开始。 ③ 停止资本化：当所购建的固定资产达到预定可使用状态时，停止其借款费用的资 本化。 （3）借款费用资本化金额 在应予资本化的每一会计期间，利息的资本化金额为至当期末止购建固定资产累计 支出加权平均数与资本化率的乘积。 16、应付债券的核算方法 公司发行的债券，对发行价格总额与债券面值的差额在债券存续期间采用直线法分期 摊销。公司按期计提债券利息。分期计提的利息，扣除摊销的溢价金额或加上摊销的折价 金额，列入财务费用；若属于为营建在建工程项目而发行的债券的应计利息，在工程已达 到预定可使用状态前将应计利息扣除摊销的溢价金额或加上摊销的折价金额按借款费用 资本化原则列入工程成本，工程已达到预定可使用状态后计入当期损益。 17、预计负债的确认原则及预计负债最佳估计数的确定方法 （1）预计负债的确认原则 ① 当因过去的交易或事项而需在当期形成某些现时义务，同时该义务的履行很可能 会导致经济利益的流出，且对其金额能够可靠计量时，确认为预计负债。 ② 当子公司资不抵债仍持续经营时，由于本公司为子公司的银行贷款提供担保及提 供资金支持，则本公司对子公司的衍生经济责任在本公司的会计报表中确认为一项预计 33 黄山旅游发展股份有限公司 2005 年年度报告 负债。 （2）预计负债最佳估计数的确定方法 如果所需支出存在一个金额范围，则最佳估计数按该范围的上、下限金额的平均数 确定；如果所需支出不存在一个金额范围，则按如下方法确定： ① 或有事项涉及单个项目时，最佳估计数按最可能发生的金额确定； ② 或有事项涉及多个项目时，最佳估计数按各种可能发生额及其发生概率计算确定。 确认负债所需支出全部或部分预期由第三方或其他方补偿的，则补偿金额在基本确 定能收到时，作为资产单独确认。确认的补偿金额不超过所确认负债的账面价值。 18、收入确认的方法 （1）销售商品的收入，在下列条件均能满足时予以确认： ① 企业已将商品所有权上的主要风险和报酬转移给购货方； ② 企业既没有保留通常与所有权相联系的继续管理权，也没有对已售出的商品实施控制； ③ 与交易相关的经济利益能够流入企业； ④ 相关的收入和成本能够可靠地计量。 （2）提供劳务的收入，按以下方法确认： ① 在同一会计年度内开始并完成的劳务，在完成劳务时确认收入； ② 劳务的开始和完成分属不同的会计年度，在提供劳务交易的结果能够可靠估计的情况下，在 资产负债表日按完工百分比法确认相关的劳务收入。 （3）他人使用本集团资产等取得的收入，在下列条件均能满足时予以确认： ① 与交易相关的经济利益能够流入企业； ② 收入的金额能够可靠地计量。 19、所得税的会计处理方法 本集团所得税的会计处理采用应付税款法。 20、合并会计报表的编制方法 （1）合并范围的确定原则 公司对投资额占被投资单位资本总额 50%以上的或拥有实质控股权的投资按财 政部财会字（1995）11 号《合并会计报表暂行规定》及财政部财会二字（1996）2 号 文《关于合并报表合并范围请示函》的要求编制合并会计报表。 （2）合并方法 公司合并报表是以母公司和纳入合并范围的子公司的会计报表以及其他有关资 料为依据，按财政部《合并会计报表暂行规定》合并会计报表各项目数额，对相互间 重大交易和资金往来等相关项目抵销后编制而成。母公司和子公司主要会计政策一致。 三、控股子公司、联营公司及合营公司情况 1、本公司控股子公司及联营公司情况如下： 本公司 本公司所占比例 是否纳入 被投资单位名称 注册资本 主要业务 对其投资额 直接 间接 合并范围 黄山玉屏客运索 19,000,000 客运索道运输；工艺美术品销售 15,200,000 80% - 是 道有限责任公司 为国内外游客提供上、下风景区 黄山太平索道有 6,975,000 4,882,500 缆车交通，经营旅游团组客运业 70% - 是 限公司 （美元） （美元） 务；代办售票、餐饮、购物服务 黄山徽文化旅游开 旅游接待、服务；旅游纪念品开 3,368,000 2,357,600 70% - 是 发有限责任公司 发、销售 34 黄山旅游发展股份有限公司 2005 年年度报告 黄山皮蓬文化发 广告代理、策划、设计、发布、 5,000,000 4,500,000 90% - 是 展有限责任公司 制作，营销策划，旅游信息咨询 入境旅游业务；出境旅游业务； 黄山海外旅行社 2,890,000 国内旅游业务；信息咨询服务； 2,890,000 100% - 是 工艺美术品、字画等商品销售 入境旅游业务；国内旅游业务； 黄山市中国旅行社 2,200,000 2,200,000 100% - 是 工艺美术品、导游图销售 入境旅游业务、国内旅游业务； 黄山中国国际旅 1,500,000 外语资料翻译、旅游纪念品、工 1,500,000 100% - 是 行社 艺品零售 黄山市途马旅游 景区旅游网上销售系统的研发 电子商务有限责 5,000,000 及推广（以上项目涉及许可证的 4,950,000 90% 9% 是 任公司 凭许可证经营） 黄山中海假日旅 国内旅游业务；工艺美术品、纪 1,000,000 510,000 - 51% 是 行社有限公司 念品零售 黄山中海会议展 会议展览、服务，旅游服务（不 100,000 100,000 100% 否 览服务有限公司 含旅行社业务） 住宿、饮食；日用百货、工艺品、 黄山市黄河宾馆 6,200,000 1,440,000 23.22% 否 文化用品、食品饮料等商品销售 为游人提供客运索道，滑道，雪 长春净月潭游乐有 10,000,000 道，雪上，冰上，森林休闲娱乐 2,000,000 20% 否 限责任公司 服务，餐饮服务，日杂商品销售 2、本公司合营公司情况如下： 本公司 本公司所占比例 是否纳入 被投资单位名称 注册资本 主要业务 对其投资额 直接 间接 合并范围 黄山市花山迷窟 旅游接待、服务（不含住宿）； 旅游开发有限责 1,000,000 旅游商品开发、销售；饮食服务； 3,000,000 51% - 否 任公司 旅游资源开发 黄山温泉风景区联 旅游景区景点开发及其配套设 合旅游管理有限公 62,670,000 施建设保护和经营，住宿、餐饮 18,801,000 30% - 否 司 及其配套服务 3、合并会计报表范围本期变动情况说明 被投资单位名称 变动情况 备注 黄山顺通旅游汽车有限责任公司 股权转让，不再纳入合并范围 *1 黄山市途马旅游电子商务有限责任公司 投资新设，本期纳入合并范围 *2 黄山中海假日旅行社有限公司 股权收购，本期纳入合并范围 *3 黄山中海会议展览服务有限公司 投资新设，因属筹建期本期未纳入合并范围 *4 *1：2005 年 4 月，本公司控股子公司黄山海外旅行社、黄山市中国旅行社、黄山中国国 际旅行社分别将其持有的黄山顺通旅游汽车有限责任公司 84.42%的股权转让给自然人汪 洋和汪军。本次股权转让后，本公司不再持有黄山顺通旅游汽车有限责任公司股权，故本 期不再将其纳入合并报表范围。 *2：2005 年 9 月，本公司与控股子公司黄山皮蓬文化发展有限责任公司共同出资 500 万 35 黄山旅游发展股份有限公司 2005 年年度报告 元设立黄山市途马旅游电子商务有限责任公司。本公司出资 450 万元，直接持股 90%， 黄山皮蓬文化发展有限责任公司出资 50 万元，本公司通过黄山皮蓬文化发展有限责任公 司间接持股 9%，本公司合计持有黄山市途马旅游电子商务有限责任公司股权比例为 99 ％。故本期将其纳入合并报表范围。 *3：2005 年 1 月，本公司控股子公司黄山海外旅行社收购黄山中海假日旅行社有限公司 51%的股权，本公司通过黄山海外旅行社间接持有黄山中海假日旅行社有限公司股权比 例为 51%。故本期将其纳入合并报表范围。 *4：2005 年 10 月，本公司控股子公司黄山海外旅行、黄山市中国旅行社共同出资 10 万 元设立黄山中海会议展览服务有限公司，本公司通过黄山海外旅行、黄山市中国旅行社 间接持有黄山中海会议展览服务有限公司股权比例为 100%。截至 2005 年 12 月 31 日， 黄山中海会议展览服务有限公司正在筹建中，尚未开始经营，故本期暂未将其纳入合并 报表范围。 四、税项 1、 营业税 公司园林门票营业收入执行 3%的营业税率；索道门票和酒店营业收入执行 5%的营业 税率；旅行社营业额（收取的旅游费减去代付费用后的余额）执行 5%的营业税率。 2、 城建税、教育费附加和地方教育费附加 分别按应纳营业税额的 7%（或 5%）、3%和 1%计缴。 3、 所得税 本公司及其子公司适用的企业所得税率为 33%。 4、 其他税项按国家和地方有关规定计算缴纳。 五、本集团会计报表主要项目注释 1、 货币资金 项 目 2005.12.31 2004.12.31 现 金 1,146,549.72 679,611.70 银行存款 370,190,121.75 300,340,098.24 其他货币资金 31,548.51 17,151.51 合 计 371,368,219.98 301,036,861.45 （1）期末货币资金中包括以下外币余额： 外币名称 外币金额 汇率 折合人民币 美 元 1,562,067.42 8.0702 12,606,196.49 港 元 41,989.90 1.0403 43,682.09 日 元 135,438.00 0.068716 9,306.76 （2）列示于现金流量表的现金包括： 货币资金 371,368,219.98 减：3 个月以上的定期存款 245,036,122.13 受到限制的银行存款（住房周转金） 321,176.44 存出投资款 17,151.51 36 黄山旅游发展股份有限公司 2005 年年度报告 2005 年 12 月 31 日现金余额 125,993,769.90 减：2004 年 12 月 31 日现金余额 167,371,217.42 现金净增加额 -41,377,447.52 （3）本期其他货币资金系进行股票投资的存出投资款和在途资金。 （4）货币资金 2005 年末余额较 2004 年末增长 23.36%，主要系本期经营活动现金净流量 增加所致。 2、 短期投资 项 目 2005.12.31 2004.12.31 股票投资 11,425.00 11,425.00 合 计 11,425.00 11,425.00 短期投资 2005 年末余额系公司购买的 2500 股南方航空股票，本期尚未出售。 3、 应收票据 项 目 2005.12.31 2004.12.31 银行承对汇票 150,000.00 - 合 计 150,000.00 - 4、 应收利息 项 目 2005.12.31 2004.12.31 应收定期银行存款利 931,545.80 962,560.92 合 计 931,545.80 962,560.92 5、 应收账款 项 目 2005.12.31 2004.12.31 应收账款余额 32,814,995.32 36,314,214.46 减：一般坏账准备 6,531,361.98 13,925,073.31 专项坏账准备 1,089,450.80 4,435,044.80 应收账款净额 25,194,182.54 17,954,096.35 （1）应收账款账龄及相应的坏账准备分析如下： 2005.12.31 2004.12.31 账 龄 金额 比例(%) 坏账准备 金额 比例(%) 坏账准备 1 年以内 25,592,761.06 77.99 767,788.97 17,611,759.69 48.50 455,757.37 37 黄山旅游发展股份有限公司 2005 年年度报告 1-2 年 1,827,871.70 5.57 1,458,661.25 880,828.11 2.42 460,033.54 2 年以上 5,394,362.56 16.44 5,394,362.56 17,821,626.66 49.08 17,444,327.20 合 计 32,814,995.32 100.00 7,620,812.78 36,314,214.46 100.00 18,360,118.11 （2）应收账款 2005 年末余额中应收持本公司 5%（含 5%）以上表决权股份股东单位黄 山旅游集团有限公司的款项见附注七、8。 （3）应收账款 2005 年末余额前五名合计金额为 14,918,324.96 元，占应收账款总额的 45.46%。 （4）应收账款计提的坏账准备 2005 年末余额较 2004 年末下降 58.49%，主要系本期经黄 山市地方税务局黄地税【2005】213 号文批准，本公司核销无法收回的应收账款 1043 万 元，同时冲减已计提的坏账准备所致。 6、 其他应收款 （1） 2005 年 12 月 31 日其他应收款账龄情况 账 龄 其他应收款金额 比例(%) 专项坏账准备 其他应收款净额 1 年以内 18,990,861.12 40.80 212,533.43 18,778,327.69 1-2 年 4,612,653.81 9.91 8,376.65 4,604,277.16 2-3 年 4,750,739.47 10.20 4,473,529.80 277,209.67 3 年以上 18,195,093.40 39.09 11,673,289.10 6,521,804.30 合 计 46,549,347.80 100.00 16,367,728.98 30,181,618.82 （2）其他应收款 2005 年末余额中应收持本公司 5%（含 5%）以上表决权股份股东单位黄 山旅游集团有限公司的款项参见附注七、8。 （3）其他应收款 2005 年末余额前五名合计金额为 30,276,133.45 元，占其他应收款总额的 65.04%。 （4）其他应收款中包括本集团应收某单位欠款 736 万元，因账龄较长而且对方表示偿还 有困难，本集团已对该款项全额提取了坏账准备。此外，另有应收某业务合作方代垫款项 约 320 万元，因本集团已不再与其继续开展业务往来，而且该款项账龄较长，本集团已对 该款项全额计提了坏账准备。 （5） 2004 年 12 月 31 日其他应收款账龄情况 账 龄 其他应收款金额 比例(%) 专项坏账准备 其他应收款净额 1 年以内 16,425,369.92 34.10 195,320.50 16,230,049.42 1-2 年 7,409,448.72 15.38 3,717,970.60 3,691,478.12 2-3 年 1,580,632.67 3.28 946,661.77 633,970.90 3 年以上 22,754,124.20 47.24 11,245,646.81 11,508,477.39 合 计 48,169,575.51 100.00 16,105,599.68 32,063,975.83 38 黄山旅游发展股份有限公司 2005 年年度报告 7、 预付账款 2005.12.31 2004.12.31 账 龄 金额 比例(%) 金额 比例(%) 1 年以内 1,148,330.68 99.53 1,663,881.91 94.66 1-2 年 5,470.00 0.47 61,971.00 3.53 2-3 年 - - 31,520.00 1.79 3 年以上 - - 380.00 0.02 合 计 1,153,800.68 100.00 1,757,752.91 100.00 （1）预付账款 2005 年末余额中无预付持本公司 5%（含 5%）以上表决权股份的股东单 位的款项。 （2）本集团预付账款 2005 年末余额主要系索道公司预付的进口配件款及旅行社预付的 各种定金。 （3）账龄超过 1 年的预付账款主要系尚未结算的预付定金。 8、 存货及存货跌价准备 （1）2005 年 12 月 31 日存货明细分类 项 目 金 额 跌价准备 存货净额 食品及饮料 1,312,966.40 - 1,312,966.40 物料及备品备件 9,443,004.62 - 9,443,004.62 库存商品 962,182.36 - 962,182.36 低值易耗品 1,808,344.90 - 1,808,344.90 合 计 13,526,498.28 - 13,526,498.28 （2）2004 年 12 月 31 日存货明细分类 项 目 金 额 跌价准备 存货净额 食品及饮料 420,130.75 - 420,130.75 物料及备品备件 9,558,895.63 771,547.13 8,787,348.50 库存商品 915,852.67 - 915,852.67 低值易耗品 1,898,426.39 - 1,898,426.39 合 计 12,793,305.44 771,547.13 12,021,758.31 （3）公司期末按单个存货项目的成本高于其可变现净值的差额提取存货跌价准备，其可 变现净值系按照最近销售价格扣除变现所需相关费用确定。2005年末本集团存货未出现发 生减值的情形，无需计提存货跌价准备。 （4）2004 年度计提的存货跌价准备本期全部转出，原因系索道分公司在本期内对库龄较 长的低质备件进行处理，同时转销该部分存货已计提的存货跌价准备所致。 39 黄山旅游发展股份有限公司 2005 年年度报告 9、 待摊费用 项 目 2005.12.31 2004.12.31 养路费 42,887.20 39,551.33 报刊款 9,530.40 50,403.00 保险费 85,208.60 115,557.58 其 他 35,130.60 - 合 计 172,756.80 205,511.91 10、长期股权投资 （1）长期股权投资增减变动情况 项 目 2005.1.1 本期增加 本期减少 2005.12.31 对子公司投资 - 100,000.00 - 100,000.00 对联营公司投资 3,846,465.21 24,104.21 463,861.95 3,406,707.47 对合营公司投资 4,578,344.23 19,755,566.14 - 24,333,910.37 其他股权投资 100,000,000.00 9,692,800.00 - 109,692,800.00 股权投资差额 896,011.90 5,699,017.49 434,285.87 6,160,743.52 减：投资减值准备 65,878,994.60 24,121,005.40 - 90,000,000.00 合 计 43,441,826.74 11,150,482.44 898,147.82 53,694,161.36 （2）对子公司投资―按被投资单位列示如下： 投资 注册资 本期权益 被投资单位名称 初始投资额 2005.1.1 2005.12.31 备注 期限 本比例 增减金额 黄山中海会议展览 10 年 100% 100,000.00 - 100,000.00 100,000.00 *1 服务有限公司 合 计 100,000.00 - 100,000.00 100,000.00 注*1：2005 年 10 月，本公司控股子公司黄山海外旅行、黄山市中国旅行社共同出资 10 万元设立黄山 中海会议展览服务有限公司，本公司通过黄山海外旅行、黄山市中国旅行社间接持有黄山中海会议展 览服务有限公司股权比例为 100%。截至 2005 年 12 月 31 日，黄山中海会议展览服务有限公司正在筹 建中，尚未开始经营，本期暂未合并其会计报表。 （3）对联营公司投资―按被投资单位列示如下： 投资 注册资 本期权益 被投资单位名称 初始投资额 2005.1.1 2005.12.31 备注 期限 本比例 增减金额 黄山市黄河宾馆 15 年 23.22% 1,440,000.00 1,348,448.24 2,644.09 1,351,092.33 *1 40 黄山旅游发展股份有限公司 2005 年年度报告 长春净月潭游乐有 50 年 20% 2,000,000.00 2,034,155.02 21,460.12 2,055,615.14 *2 限责任公司 黄山锦江国际管理 15 年 40% 400,000.00 463,861.95 -463,861.95 - *3 有限责任公司 合 计 3,840,000.00 3,846,465.21 -439,757.74 3,406,707.47 注*1：黄山市黄河宾馆本期权益增加数系按权益法核算确认的投资收益。 注*2：长春净月潭游乐有限责任公司本期权益增加数系按权益法核算确认的投资收益。 注*3：黄山锦江国际管理有限责任公司本期已清算注销，本公司收回投资 479,251.80 元，所收回投资 金额高于账面投资价值的部分记入当期投资收益。 （4）对合营公司投资―按被投资单位列示如下： 投资 注册资 本期权益 被投资单位名称 初始投资额 2005.1.1 2005.12.31 备注 期限 本比例 增减金额 黄山市花山谜窟旅游 40 年 51% 3,000,000.00 4,578,344.23 933,556.54 5,511,900.77 *1 开发有限责任公司 黄山温泉风景区联合 50 年 30% 18,801,000.00 - 18,822,009.60 18,822,009.60 *2 旅游管理有限公司 合 计 21,801,000.00 4,578,344.23 19,755,566.14 24,333,910.37 注*1：本公司于 2000 年 4 月 17 日与黄山市屯溪花山旅游开发有限责任公司签订合作协议，成立黄山 市花山谜窟旅游开发有限责任公司，合作期限为四十年。由于花山谜窟分别由本公司及黄山市屯溪花 山旅游开发有限责任公司共同控制其战略经营、投资及筹资活动，因此其被视为是本公司的合营公司。 按照合作协议和公司章程花山谜窟成立后前五年盈亏分配比例按本公司与黄山市屯溪花山旅游开发有 限责任公司投资比例进行，以后各年按 65％和 35％进行分配。 由于黄山市花山谜窟旅游开发有限责任公司的资产总额、主营业务收入及当期利润总额分别均未 达到本公司资产总额、主营业务收入及当期利润总额的 10％，该合营公司未纳入合并范围。本期权益 增加数系按权益法核算确认的投资收益。 注*2：本公司于 2005 年 3 月 14 日与香港信恒集团有限公司、东莞市联华集团有限公司签订中外合作 经营合同，共同投资建立合作经营的黄山温泉风景区联合旅游管理有限公司，合作期限为五十年。本 公司以实物资产及黄山温泉水资源独家开采经营权出资作价 1,880.10 万元，占合作公司注册资本的 30%。按照合营合同及章程的规定，投资方以各自认缴的出资额对合作公司的债务承担责任，按出资 比例分享利润和分担风险及亏损；同时规定，合作公司由香港信恒集团有限公司以上交固定利润的方 式承包经营，并由香港信恒集团有限公司设立承包经营后合作公司的经营管理机构，负责合作公司的 项目开发及经营管理。 黄山温泉风景区联合旅游管理有限公司已于 2005 年 6 月 1 日正式成立，并取得黄山市工商行政 管理局核发的企作皖黄总字第 000244 号企业法人营业执照，注册资本 6267 万元已全部到位，并经安 徽天正达会计师事务所皖天会验字【2005】第 288 号验资报告和黄山双星会计师事务所歙星验【2005】 141 号验资报告验证确认。截至 2005 年 12 月 31 日止，该合作公司正在筹建中，尚未开始经营。 本期权益增加数 18,822,009.60 元，其中：18,801,000.00 元系本公司投资成本，21,009.60 元系本 公司按权益法确认的股权投资准备。 （5）其他股权投资―按被投资单位列示如下： 41 黄山旅游发展股份有限公司 2005 年年度报告 投资 注册资 本期权益 被投资单位名称 初始投资额 2005.1.1 2005.12.31 备注 期限 本比例 增减金额 华安证券有限责 无 5.87% 100,000,000.00 100,000,000.00 - 100,000,000.00 任公司 黄山市新徽投资 6年 16% 9,692,800.00 - 9,692,800.00 9,692,800.00 *1 有限公司 合 计 109,692,800.00 100,000,000.00 9,692,800.00 109,692,800.00 注*1：本公司于 2005 年 10 月 15 日与自然人胡必松、应赞寿、李行签订《增资扩股协议书》，出资 969.28 万元入股黄山市新徽投资有限公司，占其增资后注册资本比例为 16%，黄山市新徽投资有限公司变更 后注册资本为 6,058 万元，其注册资本实收情况已经安徽天正达会计师事务所皖天会验字【2005】第 357 号验资报告验证确认。根据变更后公司章程规定，该公司股东会为最高权利机构，股东会会议由 股东按照出资比例行使表决权，百分之五十以上表决权股东通过方为有效。自然人股东胡必松对该公 司持股 51%，已具有绝对控制权，本公司所持 16%的股权即不能构成实质性控制也不具有实施重大影 响，故本公司对该项长期股权投资按成本法进行核算。 （6）股权投资差额―按被投资单位列示如下： 摊销 被投资单位名称 原始金额 2005.1.1 本期增加 本期摊销 2005.12.31 备注 期限 黄山市中国旅行社 669,295.00 401,578.50 - 66,929.00 334,649.50 10 年 黄山中国国际旅行社 824,056.00 494,433.40 - 82,406.00 412,027.40 10 年 黄山温泉风景区联合 5,699,017.49 - 5,699,017.49 284,950.87 5,414,066.62 10 年 *1 旅游管理有限公司 合 计 7,192,368.49 896,011.90 5,699,017.49 434,285.87 6,160,743.52 注*1：本公司以实物资产及黄山温泉水资源独家开采经营权作价 1,880.10 万元，用于投资合作经营的 黄山温泉风景区联合旅游管理有限公司。所投入资产在资产移交日的账面价值 24,500,017.49 元与投资 确认价值 18,801,000.00 元所形成的差额 5,699,017.49 元作为该项投资的股权投资差额， 按 10 年期摊销， 本期摊销 6 个月。 （7）长期股权投资减值准备―按被投资单位列示如下： 被投资单位名称 2005.1.1 本期计提 本期转回 2005.12.31 备注 华安证券有限责任公司 65,878,994.60 24,121,005.40 - 90,000,000.00 *1 合 计 65,878,994.60 24,121,005.40 - 90,000,000.00 注*1：考虑到华安证券有限责任公司目前实际经营状况，本着谨慎性原则，公司本期按投资额的 90% 计提了对华安证券有限责任公司长期股权投资的减值准备。 （8）除已计提减值准备的对华安证券有限责任公司股权投资外，本集团内其他长期股权 投资的变现没有重大限制。 42 黄山旅游发展股份有限公司 2005 年年度报告 11、固定资产、累计折旧及固定资产减值准备 项 目 2005.1.1 本期增加 本期减少 2005.12.31 资产原值： 房屋及建筑物 370,495,548.66 40,353,806.93 60,671,932.87 350,177,422.72 索道设备 235,876,287.09 - - 235,876,287.09 机器设备 66,600,491.47 4,651,975.57 16,893,725.92 54,358,741.12 通讯设备 5,153,906.02 14,948.00 1,167,230.00 4,001,624.02 运输设备 30,576,249.94 1,808,890.00 10,392,407.55 21,992,732.39 其他设备 47,307,167.81 8,904,015.36 8,384,921.30 47,826,261.87 合 计 756,009,650.99 55,733,635.86 97,510,217.64 714,233,069.21 累计折旧： 房屋及建筑物 100,757,530.32 14,830,426.14 21,905,102.59 93,682,853.87 索道设备 104,836,080.51 9,888,271.18 - 114,724,351.69 机器设备 31,816,744.87 7,309,266.57 8,942,078.42 30,183,933.02 通讯设备 3,879,662.50 232,842.92 1,056,876.50 3,055,628.92 运输设备 23,093,994.61 1,567,173.41 7,833,172.09 16,827,995.93 其他设备 34,992,725.15 2,333,771.11 6,502,655.08 30,823,841.18 合 计 299,376,737.96 36,161,751.33 46,239,884.68 289,298,604.61 固定资产减值准备： 房屋及建筑物 10,901,522.84 - 10,775,474.84 126,048.00 索道设备 3,897,407.00 - - 3,897,407.00 机器设备 4,277,929.35 - 4,277,929.35 - 通讯设备 19,781.42 - 19,781.42 - 运输设备 1,859.16 - 1,859.16 - 其他设备 924,955.23 - 924,955.23 - 合 计 20,023,455.00 - 16,000,000.00 4,023,455.00 固定资产净额 436,609,458.03 420,911,009.60 （1）本期本集团固定资产减少金额较大，主要包括以下三方面： ① 对外投资：本公司以实物资产对外投资成立合作公司黄山温泉风景区联合旅游管理 有限公司，所投入实物资产中包含固定资产原值 5,390.88 万元，已提累计折旧 3,020.35 万元。 ② 资产出售：本公司与江苏雨润食品产业集团有限公司签订资产转让协议，转让原下 属分公司黄山国际旅游休闲中心整体实物资产。此项资产转让减少本公司固定资产原值 3,229.50 万元，已提累计折旧 790.09 万元，已提减值准备 1,600 万元。 ③ 股权转让：本集团中黄山海外旅行社、黄山市中国旅行社、黄山中国国际旅行社本 期内分别将其持有的黄山顺通旅游汽车有限责任公司 84.42%的股权转让给自然人汪洋和 汪军。本次股权转让后，黄山顺通旅游汽车有限责任公司已不再纳入合并报表范围，此项 合并报表范围的变化减少本集团固定资产原值 540.81 万元，已提累计折旧 348.85 万元。 （2）本期在建工程转入固定资产金额为 43,319,431.30 元。 （3）本集团的部分房屋尚未办理房屋产权证。 （4）本集团固定资产无抵押、担保情况。 （5）原计提的固定资产减值准备本期转出 1,600 万元，原因参见上述（1）、②。 43 黄山旅游发展股份有限公司 2005 年年度报告 12、在建工程 （1）在建工程增减变动情况： 工程资 本期转入 工程名称 2005.1.1 本期增加 其他减少数 2005.12.31 金来源 固定资产 景点道路工程 自筹 1,144,583.97 6,663.00 - - 1,151,246.97 西海观光缆车工程 自筹 1,021,352.00 - - - 1,021,352.00 黄山宾馆改造工程 自筹 552,392.31 30,000.00 - 582,392.31 - 云谷索道改线路组 自筹 890,203.88 267,801.21 - - 1,158,005.09 北海整治改造 自筹 159,005.00 4,594,816.45 4,720,109.75 - 33,711.70 徽商故里酒店工程 自筹 21,905,601.13 8,786,811.89 29,921,224.96 - 771,188.06 3＃楼改建工程 自筹 231,307.03 - 231,307.03 - - 华山宾馆改造 自筹 - 3,022,211.56 3,022,211.56 - - 西海山庄改造 自筹 - 2,518,850.00 2,518,850.00 - - 华山翠竹楼改造 自筹 - 2,063,790.00 2,063,790.00 - - 办公楼工程 自筹 - 6,400,000.00 - - 6,400,000.00 其他零星工程 自筹 1,664,879.93 2,264,998.12 841,938.00 - 3,087,940.05 合 计 27,569,325.25 29,955,942.23 43,319,431.30 582,392.31 13,623,443.87 在建工程减值准备： 西海观光缆车工程 1,021,352.00 - - - 1,021,352.00 在建工程净额： 26,547,973.25 12,602,091.87 （2）其他减少数为转入当期损失的无法形成资产的工程项目。 （3）由于西海观光缆车工程未能获取有关部门批准，故该工程已停建。本集团已对其账 面金额 1,021,352.00 元全额计提减值准备。除此之外，本集团其余在建工程无明显减值迹 象，故其他工程未提取减值准备。 （4）在建工程 2005 年末余额较 2004 年末下降 50.58%，主要系本期对徽商故里酒店工程 的投入基本完成转入固定资产所致。 13、无形资产及无形资产减值准备 剩余摊 取得 项 目 原始金额 2005.1.1 本期增加 本期摊销 2005.12.31 销年限 方式 黄山徽商故里 2,174,825.00 1,738,599.37 - 54,332.04 1,684,267.33 31 购入 土地使用权 华山宾馆土地 8,914,900.00 7,354,539.72 - 222,866.04 7,131,673.68 32 购入 使用权 黄山海外旅行 394,542.00 313,067.28 - 8,219.60 304,847.68 23 购入 社土地使用权 太平索道土地 20,000,000.00 6,111,079.40 - 1,111,086.60 4,999,992.80 5 购入 使用权 太平索道后方 基地及职工宿 1,670,667.18 1,199,005.78 - 33,413.40 1,165,592.38 15 购入 舍土地使用权 商务电子软件 831,800.00 831,800.00 70,631.00 761,169.00 10 购入 系统等 合 计 33,986,734.18 16,716,291.55 831,800.00 1,500,548.68 16,047,542.87 本集团的无形资产无明显减值迹象，故无需对无形资产计提减值准备。 14、长期待摊费用 44 黄山旅游发展股份有限公司 2005 年年度报告 剩余摊 项 目 原始金额 2005.1.1 本期增加 本期摊销 2005.12.31 销年限 道 路 17,499,095.00 9,875,123.76 1,085,000.00 3,435,457.85 7,524,665.91 1-3 年 景区修缮费 6,588,876.05 3,518,477.38 300,000.00 748,323.56 3,070,153.82 1-33 年 老景区整修及 8,319,914.89 3,121,537.82 2,894,393.63 3,456,081.05 2,559,850.40 2-5 年 新景点开发 其 他 5,756,153.58 2,032,187.76 1,486,283.80 2,293,610.25 1,224,861.31 1-5 年 合 计 38,164,039.52 18,547,326.72 5,765,677.43 9,933,472.71 14,379,531.44 15、其他长期资产 项 目 2005.12.31 2004.12.31 旅行社保证金 4,100,000.00 1,225,000.00 合 计 4,100,000.00 1,225,000.00 16、短期借款 借款条件 2005.12.31 2004.12.31 保证借款 25,000,000.00 30,200,000.00 合 计 25,000,000.00 30,200,000.00 （1）短期借款 2005 年末余额为本集团中黄山太平索道有限公司在中国农业银行黄山支 行的保证借款。本集团内公司黄山玉屏客运索道有限责任公司为其 1,786.50 万元借款提 供保证担保；本集团外第三方深圳维景京华酒店有限公司为其 713.50 万元借款提供保证 担保。 （2）短期借款 2005 年末余额较 2004 年末降低 17.22%，系本期黄山太平索道有限公司归 还到期借款所致。 17、应付账款 2005.12.31 2004.12.31 账 龄 金额 比例(%) 金额 比例(%) 1 年以内 16,253,993.97 96.73 11,160,575.16 74.10 1-2 年 100,167.20 0.60 503,920.77 3.35 2-3 年 166,644.91 0.99 1,106,542.04 7.35 3 年以上 283,497.53 1.68 2,290,847.58 15.20 合 计 16,804,303.61 100.00 15,061,885.55 100.00 应付账款 2005 年末余额中无应付持本公司 5%（含 5%）以上表决权股份的股东单 45 黄山旅游发展股份有限公司 2005 年年度报告 位的款项。 18、预收账款 2005.12.31 2004.12.31 账 龄 金额 比例(%) 金额 比例(%) 1 年以内 2,204,922.39 92.61 1,328,944.83 100.00 1-2 年 175,894.25 7.39 - - 合 计 2,380,816.64 100.00 1,328,944.83 100.00 （1）预收账款 2005 年末余额中无应付持本公司 5%（含 5%）以上表决权股份的股东单 位的款项。 （2）账龄超过 1 年的预收账款系尚未结算的预收押金。 19、应付工资 项 目 2005.12.31 2004.12.31 职工工资 27,276,317.07 20,390,536.47 合 计 27,276,317.07 20,390,536.47 应付工资 2005 年末余额较 2004 年末增长 33.77%，主要系 2005 年末根据公司制定 的薪酬管理制度及经营目标考核管理办法，计提的 2005 年度利润超额奖尚未发放。 20、应付福利费 项 目 2005.12.31 2004.12.31 职工福利费 2,739,755.59 3,410,169.38 合 计 2,739,755.59 3,410,169.38 21、应付股利 单位名称 2005.12.31 2004.12.31 中国旅游商贸服务总公司 1,199,667.37 700,794.69 合 计 1,199,667.37 700,794.69 应付股利 2005 年末余额为本集团内公司黄山玉屏客运索道有限责任公司 2005 年所分配 的股利尚未支付部分。 22、应交税金 项 目 2005.12.31 2004.12.31 企业所得税 55,187,652.88 36,787,422.55 营业税金及附加 5,272,536.71 7,922,702.89 46 黄山旅游发展股份有限公司 2005 年年度报告 其 他 1,271,858.03 1,033,739.32 合 计 61,732,047.62 45,743,864.76 应交税金 2005 年末余额较 2004 年末增长 34.95%，主要系 2005 年末计提的企业所得 税尚未缴纳所致。 23、其他应交款 项 目 2005.12.31 2004.12.31 教育费附加 329,613.22 328,334.09 地方教育费附加 129,116.06 84,930.32 蔬菜基金 447,711.90 484,974.01 水利基金 91,375.56 53,641.53 其 他 5,391.87 13,890.74 合 计 1,003,208.61 965,770.69 24、其他应付款 2005.12.31 2004.12.31 账 龄 金额 比例(%) 金额 比例(%) 1 年以内 37,628,047.85 53.01 47,777,603.52 64.06 1-2 年 16,448,611.95 23.18 7,010,074.77 9.40 2-3 年 4,024,269.37 5.67 8,354,860.69 11.21 3 年以上 12,876,178.26 18.14 11,434,311.31 15.33 合 计 70,977,107.43 100.00 74,576,850.29 100.00 （1）其他应付款 2005 年末余额中应付持本公司 5%（含 5%）以上表决权股份股东单位 黄山旅游集团有限公司的款项参见附注七、8。 （2）账龄在 3 年以上的其他应付款余额主要为应付景区建设工程款。 （3）其他应付款主要明细户如下： 单位名称 所欠金额 欠款时间 款项内容 黄山旅游集团有限公司 16,916,027.30 2005 年 生活服务费等 黄山西海饭店 11,337,526.04 2005 年 往来款 黄山市旅游局 2,500,000.00 2005 年 宣传推广费 公司董事会 2,000,000.00 2005 年 董事会奖励基金等 合 计 32,753,553.34 占其他应付款总额的比例 46.15% 47 黄山旅游发展股份有限公司 2005 年年度报告 25、预提费用 项 目 2005.12.31 2004.12.31 结存原因 水电费 1,634,199.86 1,919,627.80 未结算 审计费 597,462.00 500,000.00 未结算 物业管理费 2,020,261.60 1,588,467.44 未结算 其 他 1,073,205.84 1,260,781.15 未结算 合 计 5,325,129.30 5,268,876.39 26、长期借款 借款条件 2005.12.31 2004.12.31 信用借款 3,201,580.03 3,129,580.03 合 计 3,201,580.03 3,129,580.03 本集团长期借款系政府拨改贷借款，无固定期限，年利率 3.6%。 27、长期应付款 项 目 2005.12.31 2004.12.31 香港中旅（集团）有限公司 26,143,845.05 26,143,845.05 其中：借款本金 14,780,000.00 14,780,000.00 其中：应计利息 11,363,845.05 11,363,845.05 合 计 26,143,845.05 26,143,845.05 本集团内公司黄山太平索道有限公司应付其股东香港中旅（集团）有限公司借款。该 长期应付款无固定还款期限，自 2003 年 1 月 1 日起香港中旅（集团）有限公司不再收取 该借款的利息。 28、股本 公司股份变动情况表 数量单位：万股 本次变动增减（+，-） 股份类别 2005.1.1 公积金 2005.12.31 配股 送股 增发 其他 小计 转股 一、未上市流通股份 发起人股 14,690.00 - - - - - - 14,690.00 其中：国家拥有股份 14,690.00 - - - - - - 14,690.00 未上市流通股份合计 14,690.00 - - - - - - 14,690.00 48 黄山旅游发展股份有限公司 2005 年年度报告 二、已上市流通股份 1、人民币普通股 5,200.00 - - - - - - 5,200.00 2、境内上市外资股 10,400.00 - - - - - - 10,400.00 已上市流通股份合计 15,600.00 - - - - - - 15,600.00 三、股份总数 30,290.00 - - - - - - 30,290.00 29、资本公积 项 目 2005.1.1 本期增加 本期减少 2005.12.31 股本溢价 255,570,556.19 - - 255,570,556.19 无法支付款项 326,834.45 - - 326,834.45 股权投资准备 - 21,009.60 - 21,009.60 合 计 255,897,390.64 21,009.60 - 255,918,400.24 30、盈余公积 项 目 法定盈余公积 法定公益金 任意盈余公积 合 计 2005.1.1 41,260,306.73 35,236,368.04 23,023,745.00 99,520,419.77 本期增加 9,402,995.35 8,143,003.72 - 17,545,999.07 本期减少 - - - - 2005.12.31 50,663,302.08 43,379,371.76 23,023,745.00 117,066,418.84 31、未分配利润 项 目 2005 年度 2004 年度 年初未分配利润 20,141,555.22 20,382,965.09 加：本期实现净利润 68,816,337.22 4,327,489.02 减：本期计提法定盈余公积 9,402,995.35 2,901,682.96 本期计提法定公益金 8,143,003.72 1,667,215.93 分配普通股股利 30,290,000.00 - 年末未分配利润 41,121,893.37 20,141,555.22 其中：现金股利 25,746,500.00 30,290,000.00 （1）经本公司 2004 年度股东大会审议通过，以公司 2004 年末总股本 30,290 万股为基数， 向全体股东按每 10 股分配现金红利 1.00 元，共分配红利 30,290,000.00 元。公司已于 2005 年 6 月 30 日前派发完毕。 49 黄山旅游发展股份有限公司 2005 年年度报告 （2）根据本公司 2005 年度利润分配预案， 本公司按 2005 年末总股本 30,290 万股为基数， 向全体股东按每 10 股分配现金红利 0.85 元，共分配现金红利 25,746,500.00 元。 32、主营业务收入 （1）主营业务收入分类 项 目 2005 年度 2004 年度 酒店业务 166,700,773.41 129,779,978.44 索道业务 164,454,024.50 153,093,825.75 园林开发业务 263,245,549.00 190,785,738.00 旅游服务业务 143,828,901.76 90,560,052.15 其他业务 2,531,862.95 2,517,036.18 各业务分部间相互抵销 -51,707,406.07 -36,864,306.30 合 计 689,053,705.55 529,872,324.22 （2）主营业务收入前五名情况 项 目 2005 年度 2004 年度 前五名客户营业收入总额 24,933,329.01 21,810,801.69 占主营业务收入比例（%） 3.62% 4.11% （3）主营业务收入 2005 年度较 2004 年度增长 30.04%，主要系 2005 年度 6 月份开始黄山 风景区门票价格上涨，以及 2005 年度进山旅游人次较上年度有所增加所致。 33、主营业务成本 （1）主营业务成本分类 项 目 2005 年度 2004 年度 酒店业务 121,638,198.74 94,669,098.79 索道业务 47,639,187.96 24,388,316.00 园林开发业务 154,139,440.12 104,934,795.35 旅游服务业务 140,312,228.37 88,829,822.12 其他业务 3,932,545.84 2,901,716.30 各业务分部间相互抵销 -49,232,219.76 -36,864,306.30 合 计 418,429,381.27 278,859,442.26 （2）平均毛利率变化情况 项 目 2005 年度 2004 年度 主营业务毛利 270,624,324.28 251,012,881.96 50 黄山旅游发展股份有限公司 2005 年年度报告 主营业务平均毛利（%） 39.27 47.37 （3）主营业务平均毛利率 2005 年度较 2004 年度下降 8.1 个百分点，主要系本集团在本期 内将原列入管理费用核算的长期待摊费用摊销及修理费用按其发生的经济性质进行分类， 将与经营业务直接相关的部分调入主营业务成本核算；同时，将原列入管理费用的全集团 范围内职工奖金及福利费按经营业务人员和管理人员进行分类，将经营业务人员奖金及福 利费调入主营业务成本核算所致。 34、主营业务税金及附加 项 目 2005 年度 2004 年度 营业税 24,399,487.39 19,284,481.91 其 他 2,153,849.99 1,762,560.89 合 计 26,553,337.38 21,047,042.80 35、其他业务利润 项 目 2005 年度 2004 年度 承包业务利润 6,464,349.18 6,493,814.68 合 计 6,464,349.18 6,493,814.68 36、管理费用 项 目 2005 年度 2004 年度 各明细项目合计 104,367,306.67 116,390,353.01 各业务分部间相互抵销 -2,475,186.31 - 合 计 101,892,120.36 116,390,353.01 2005 年度本集团管理费用主要明细情况： 项 目 金 额 管理人员工资及福利费 30,155,071.32 职工社会保险及住房公积金 12,017,981.00 交纳的其他税费 6,687,104.78 广告宣传费 5,913,646.77 管理用资产折旧 5,816,100.52 生活服务费 5,400,000.00 合 计 65,989,904.39 占管理费用总金额比例： 64.76% 51 黄山旅游发展股份有限公司 2005 年年度报告 37、财务费用 项 目 2005 年度 2004 年度 利息支出 1,357,482.53 2,192,857.22 减：利息收入 3,868,282.65 1,683,574.19 汇兑损失 757,662.69 80,968.56 减：汇兑收益 141,336.43 75,642.91 银行手续费 747,159.05 403,769.72 合 计 -1,147,314.81 918,378.40 38、投资收益 项 目 2005 年度 2004 年度 备注 股票基金投资收益 126,907.17 2,000,518.45 股权处置收益 1,083,002.40 - *1 按权益法核算的股权投资收益 957,660.75 1,314,322.19 股权投资差额摊销 -434,285.87 -149,335.10 计提长期股权投资减值准备 -24,121,005.40 -65,878,994.60 合 计 -22,387,720.95 -62,713,489.06 注*1：本期收回对黄山锦江国际管理有限责任公司投资实现投资收益 15,389.85 元；转 让黄山顺通旅游汽车有限责任公司股权实现投资收益 1,067,612.55 元。 39、营业外收入 项 目 2005 年度 2004 年度 处理固定资产净收益 817,278.49 718,047.66 罚款收入 7,244.17 6,458.22 其 他 81,080.51 187,495.12 合 计 905,603.17 912,001.00 40、营业外支出 项 目 2005 年度 2004 年度 处理固定资产净损失 1,241,034.25 1,346,552.12 罚款支出 182,353.36 21,599.07 捐赠支出 1,745,460.10 340,000.00 其 他 5,045.86 47,599.45 合 计 3,173,893.57 1,755,750.64 52 黄山旅游发展股份有限公司 2005 年年度报告 41、收到的其他与经营活动有关的现金 项 目 2005 年度 代收西海饭店 31,090,000.00 承包款 5,836,515.83 保险到期退款 4,000,000.00 管委会拨款 1,321,000.00 其 他 1,239,550.60 合 计 43,487,066.43 42、支付的其他与经营活动有关的现金 项 目 2005 年度 景区门票专营权使用费 109,171,491.40 风景名胜资源保护费 25,469,640.00 门票价格调节基金 7,443,497.90 代付西海饭店 35,096,899.00 代垫集团职工安置费 6,578,990.23 风景区建设维护费 18,000,000.00 生活服务费 3,500,000.00 广告费 6,074,863.73 租赁费 2,722,338.76 赞助支出 1,733,760.10 洗涤费 1,202,360.88 差旅费 4,415,610.78 邮电费 2,991,798.37 保险费 2,944,339.14 服装费 3,117,618.74 汽车费用 2,526,187.23 董事会费 1,514,049.20 印刷费 1,006,529.40 办公费 2,184,171.44 排污绿化费 1,101,310.77 酒店管理费 1,405,879.35 其 他 7,669,139.79 合 计 247,870,476.21 43、收到的其他与投资活动有关的现金 项 目 2005 年度 利息收入 3,898,940.02 工程投标保证金 8,774,800.00 定期存单到期 151,327,316.08 53 黄山旅游发展股份有限公司 2005 年年度报告 其 他 616,882.22 合 计 164,617,938.32 44、支付的其他与投资活动有关的现金 项 目 2005 年度 花山谜窟借款 5,000,000.00 存入定期存款 263,305,335.06 工程投标保证金 8,558,000.00 合 计 276,863,335.06 45、支付的其他与筹资活动有关的现金 项 目 2005 年度 归还中国旅游商贸服务总公司借款 4,057,816.00 合 计 4,057,816.00 六、本公司会计报表主要项目注释 1、 应收账款 项 目 2005.12.31 2004.12.31 应收账款余额 19,609,129.05 27,794,579.94 减：一般坏账准备 5,649,767.60 11,577,634.71 专项坏账准备 - 4,435,044.80 应收账款净额 13,959,361.45 11,781,900.43 应收账款账龄及相应的坏账准备分析如下： 2005.12.31 2004.12.31 账 龄 金额 比例(%) 坏账准备 金额 比例(%) 坏账准备 1 年以内 12,030,314.97 61.35 53,047.03 11,307,572.20 40.68 87,251.68 1-2 年 1,936,000.26 9.87 491,043.13 312,741.36 1.13 150,481.16 2 年以上 5,642,813.82 28.78 5,105,677.44 16,174,266.38 58.19 15,774,946.67 合 计 19,609,129.05 100.00 5,649,767.60 27,794,579.94 100.00 16,012,679.51 2、 其他应收款 （1） 2005 年 12 月 31 日其他应收款账龄情况 账 龄 其他应收款金额 比例(%) 专项坏账准备 其他应收款净额 1 年以内 22,227,517.77 44.57 202,281.87 22,025,235.90 1-2 年 5,161,424.23 10.35 8,376.65 5,153,047.58 2-3 年 5,508,403.30 11.04 4,149,090.30 1,359,313.00 3 年以上 16,974,676.25 34.04 2,471,744.49 14,502,931.76 合 计 49,872,021.55 100.00 6,831,493.31 43,040,528.24 54 黄山旅游发展股份有限公司 2005 年年度报告 （2） 2004 年 12 月 31 日其他应收款账龄情况 账 龄 其他应收款金额 比例(%) 专项坏账准备 其他应收款净额 1 年以内 19,480,891.24 29.41 195,320.50 19,285,570.74 1-2 年 28,272,587.76 42.69 3,410,256.10 24,862,331.66 2-3 年 6,713,038.30 10.14 404,722.59 6,308,315.71 3 年以上 11,763,623.31 17.76 2,531,194.97 9,232,428.34 合 计 66,230,140.61 100.00 6,541,494.16 59,688,646.45 3、长期股权投资 （1）长期股权投资增减变动情况 项 目 2005.1.1 本期增加 本期减少 2005.12.31 对子公司投资 42,782,256.73 30,341,920.27 24,972,636.65 48,151,540.35 对联营公司投资 3,846,465.21 24,104.21 463,861.95 3,406,707.47 对合营公司投资 4,578,344.23 19,755,566.14 - 24,333,910.37 其他股权投资 100,000,000.00 9,692,800.00 - 109,692,800.00 股权投资差额 5,007,883.90 5,699,017.49 434,285.87 10,272,615.52 减：投资减值准备 69,990,866.60 24,121,005.40 - 94,111,872.00 合 计 86,224,083.47 41,392,402.71 25,870,784.47 101,745,701.71 （2）对子公司投资―按被投资单位列示如下： 注册资 本期权益 被投资单位名称 投资成本 2005.1.1 2005.12.31 备注 本比例 增减金额 黄山玉屏客运索道有 80% 27,341,281.00 38,090,199.99 227,196.09 38,317,396.08 *1 限责任公司 黄山太平索道有限 70% 54,510,927.00 - - - 公司 黄山徽文化旅游开发 70％ 2,357,887.00 1,391,544.40 -90,326.39 1,301,218.01 有限责任公司 黄山皮蓬文化发展有 90％ 4,500,000.00 2,614,779.00 -5,913.20 2,608,865.80 限责任公司 黄山海外旅行社 100％ 42,022.00 - - - 黄山市中国旅行社 100％ 2,635,072.00 - 761,885.50 761,885.50 黄山中国国际旅行社 100％ 3,703,042.00 685,733.34 114,277.17 800,010.51 黄山市途马旅游电子 90％ 4,500,000.00 - 4,362,164.45 4,362,164.45 *2 商务有限责任公司 合 计 99,590,231.00 42,782,256.73 5,369,283.62 48,151,540.35 *3 55 黄山旅游发展股份有限公司 2005 年年度报告 注*1：本期权益增加 227,196.09 元，其中：按权益法确认投资收益 25,199,832.74 元，收到 2005 年度 股利分配 24,972,636.65 元。 注*2：本期权益增加 4,362,164.45 元，其中：投资成本 4,500,000.00 元，按权益法确认投资收益-137,835.55 元。 注*3：除上述两项，其他单位本期权益增加均为按权益法确认的投资收益。 （3）股权投资差额―按被投资单位列示如下： 摊销 被投资单位名称 原始金额 2005.1.1 本期增加 本期摊销 2005.12.31 期限 黄山市中国旅行社 669,295.00 401,578.50 - 66,929.00 334,649.50 10 年 黄山中国国际旅行社 824,056.00 494,433.40 - 82,406.00 412,027.40 10 年 黄山太平索道有限 15,450,927.00 4,111,872.00 - - 4,111,872.00 10 年 公司 黄山温泉风景区联合 5,699,017.49 - 5,699,017.49 284,950.87 5,414,066.62 10 年 旅游管理有限公司 合 计 22,643,295.49 5,007,883.90 5,699,017.49 434,285.87 10,272,615.52 （4）长期股权投资减值准备―按被投资单位列示如下： 被投资单位名称 2005.1.1 本期计提 本期转回 2005.12.31 备注 黄山太平索道有限公司 4,111,872.00 - - 4,111,872.00 *1 华安证券有限责任公司 65,878,994.60 24,121,005.40 - 90,000,000.00 合 计 69,990,866.60 24,121,005.40 - 94,111,872.00 注*1：因前期已对黄山太平索道有限公司股权投资差额全额计提了减值准备，故本期不再进行其股权 投资差额的摊销。 4、主营业务收入 项 目 2005 年度 2004 年度 酒店业务 166,700,773.41 129,199,754.64 索道业务 73,500,530.00 77,031,607.15 园林开发业务 263,245,549.00 190,785,738.00 旅游服务业务 1,477,574.50 4,663,085.00 其他业务 385,839.04 725,240.08 各业务分部间相互抵销 -1,432,597.30 -3,529,511.05 合 计 503,877,668.65 398,875,913.82 56 黄山旅游发展股份有限公司 2005 年年度报告 5、主营业务成本 项 目 2005 年度 2004 年度 酒店业务 121,638,198.74 94,669,098.79 索道业务 20,919,692.88 10,229,323.35 园林开发业务 154,139,440.12 104,934,795.35 旅游服务业务 2,966,699.47 4,636,389.80 其他业务 2,649,131.07 1,220,024.64 各业务分部间相互抵销 -12,315.00 -3,529,511.05 合 计 302,300,847.28 212,160,120.88 6、投资收益 项 目 2005 年度 2004 年度 股票基金投资收益 126,907.17 2,000,518.45 股权处置收益 15,389.85 - 按权益法核算的股权投资收益 26,799,581.02 24,973,463.84 股权投资差额摊销 -434,285.87 -149,335.10 计提长期股权投资减值准备 -24,121,005.40 -65,878,994.60 合 计 2,386,586.77 -39,054,347.41 七、关联方关系及其交易 （一）关联方关系 1、 存在控制关系的关联方 与本企 经济 法定 企业名称 注册地址 主营业务 业关系 类型 代表人 旅游服务接待、餐饮娱乐、旅游 黄山旅游集 商品、酒店管理、风景资源管理、 安徽省 控股 团有限公司 旅行社管理。广告业、房地产开 国有 江山 黄山市 股东 （黄山旅游集团） 发、交通运输业、国内贸易业。 引进外资咨询服务 2、 存在控制关系的关联方的注册资本及其变化 单位：万元 企业名称 2005.1.1 本期增加 本期减少 2005.12.31 黄山旅游集团 83,800.00 - - 83,800.00 57 黄山旅游发展股份有限公司 2005 年年度报告 3、 存在控制关系的关联方所持股份及其变化 单位：万元 2005.1.1 本期增加 本期减少 2005.12.31 企业名称 金额 比例(%) 金额 比例(%) 金额 比例(%) 金 额 比例(%) 黄山旅游集团 14,690.00 48.50 - - - - 14,690.00 48.50 4、不存在控制关系的关联方 企业名称 与本公司关系 黄山风景区管理委员会（管委会） 风景区门票专营权授予方 中国旅游商贸服务总公司（中国旅贸） 子公司的投资者 香港中旅（集团）有限公司（港中旅） 子公司的投资者 黄山锦江国际管理有限责任公司（锦江国际） 联营公司 长春净月潭游乐有限责任公司（长春净月潭） 联营公司 黄山市花山谜窟旅游开发有限责任公司（花山谜窟） 合营公司 西海饭店 黄山旅游集团的子公司 黄山国际大酒店 黄山旅游集团的子公司 （二）关联交易 1、定价政策：本公司为关联方提供服务的收费按市场价作为定价基础。 2、关联方销售收入 企业名称 2005 年度 2004 年度 黄山旅游集团 238,989.86 5,000.00 管委会 8,230,706.73 6,577,611.77 西海饭店 2,980,293.44 1,814,242.71 黄山国际大酒店 505,684.50 362,433.00 花山谜窟 61,764.80 2,120.00 合 计 12,017,439.33 8,761,407.48 关联方销售收入系对关联方提供门票、酒店、餐饮及旅游等服务获得的收入。 3、关联方借款 企业名称 2005 年度 2004 年度 关联方借款合计 5,000,000.00 - －花山谜窟 *1 5,000,000.00 - 58 黄山旅游发展股份有限公司 2005 年年度报告 关联方还款合计 - 42,046,197.10 －黄山旅游集团 - 38,000,000.00 －西海饭店 - 4,046,197.10 注*1：本期公司收到花山谜窟为该笔借款支付的资金占用费 11.52 万元，并于实际收到时 计入当期财务费用中的利息收入。 4、关联方垫付款及还款 企业名称 2005 年度 2004 年度 为关联方垫付款合计 10,196,590.83 6,017,969.76 －黄山旅游集团 6,578,990.23 204,676.00 －西海饭店 3,617,600.60 5,813,293.76 接受关联方代垫款合计 3,727,625.95 5,576,084.66 －西海饭店 3,727,625.95 5,576,084.66 5、经营及生活服务费、门票专营权使用费等 项 目 2005 年度 2004 年度 经营及生活服务费 *1 6,958,795.61 6,988,467.44 景区建设维护费 *2 22,380,758.28 - 门票专营权使用费 *3 113,014,650.17 79,171,490.67 风景名胜资源保护费 *4 27,929,130.00 16,456,416.00 合 计 170,283,334.06 102,616,374.11 注*1：本公司于 1996 年与黄山旅游集团签订经营服务和生活服务合同，期限四十年，按照 合同黄山旅游集团向本公司雇员提供服务，包括水、电、气、员工食堂、公众浴室、学校 和医院等。本公司于每年年末与黄山旅游集团结算此生活服务费。本公司于 2002 年度与 黄山旅游集团就该经营服务和生活服务合同进行了再次协商，自 2002 年度起在不低于 5 年的期间内，本公司需向黄山旅游集团每年支付生活服务费 5,400,000.00 元。 此外，本公司还承担为本集团提供服务的黄山旅游集团公司某部门的费用 1,558,795.61 元。 注*2：本公司根据黄山市物价局《关于黄山风景区索道价格的批复（黄价字[2000]第 114 号）》，将每张索道票价调增的 5-10 元（淡旺季）支付给黄山旅游集团，作为黄山景区建设 及维护费。 注*3：本公司于 1996 年 8 月 13 日与黄山风景区管理委员会签订关于授权管理黄山风景区 门票事宜的协议，期限至 2036 年底。根据该协议本公司每年应将门票收入减营业税及附 加和票房成本后净额的 50％按季支付给黄山风景区管理委员会，作为黄山风景区门票专营 权使用费。 59 黄山旅游发展股份有限公司 2005 年年度报告 注*4：本公司根据黄山市物价局和财政局联合颁布的《关于征收黄山风景名胜资源保护费 的通知（黄价字[1992]第 85 号）》，将每张门票售价中的 3 元支付给黄山风景区管理委员会， 作为风景名胜资源保护费。根据黄山市物价局颁布的《关于调整黄山风景区门票价格的批 复（黄价字[2002]第 33 号）》，每张门票售价中的风景名胜资源保护费从 2002 年 5 月 1 日 起调整为 10 元。根据黄山市物价局颁布的《关于调整黄山风景区门票价格的批复（黄价 字[2005]第 57 号）》，每张门票售价中的风景名胜资源保护费从 2005 年 6 月 1 日起调整为 20 元。 6、其他交易 项 目 2005 年度 2004 年度 代垫改造修缮散花精舍费用合计 - 204,676.00 －黄山旅游集团 - 204,676.00 购买关联方固定资产合计 1,420,000.00 - －黄山旅游集团 1,420,000.00 - 支付关联方酒店管理费合计 968,755.86 817,188.71 －锦江国际 968,755.86 817,188.71 支付关联方客房餐饮及门票费用合计 11,042,123.05 6,686,157.22 －西海饭店 7,980,728.50 5,014,014.00 －黄山国际大酒店 2,397,105.55 1,672,143.22 －花山谜窟 664,289.00 - 7、担保 本公司本期内为其合营公司花山谜窟 560 万元借款提供保证担保。 8、 关联方应收应付款项余额 项 目 2005 年度 2004 年度 应收账款 －黄山旅游集团 86,078.28 118,081.32 －管委会 8,454,575.20 4,168,294.22 －西海饭店 320,170.10 291,687.85 －黄山国际大酒店 113,526.80 25,511.80 －花山谜窟 8,987.00 2,120.00 其他应收款 －黄山旅游集团 9,892,527.42 10,618,017.66 －长春净月潭 3,926,036.00 3,926,036.00 －花山谜窟 5,000,000.00 - 应付账款 60 黄山旅游发展股份有限公司 2005 年年度报告 －西海饭店 1,906,874.60 1,335,293.40 －黄山国际大酒店 570,337.97 392,743.92 －花山谜窟 353,289.00 - 应付股利 －中国旅贸 1,199,667.37 700,794.69 其他应付款 －黄山旅游集团 16,916,027.30 12,440,628.06 －管委会 1,067,532.75 5,204,689.24 －西海饭店 11,337,526.04 14,573,989.52 －中国旅贸 - 4,057,816.00 －锦江国际 - 397,327.03 长期应付款 －港中旅 26,143,845.05 26,143,845.05 八、或有事项 截止 2005 年 12 月 31 日本集团无需要披露的或有事项。 九、承诺事项 根据已签订的不可撤销的经营性租赁合同，未来最低应支付租金汇总如下： 未来支付期间 2005.12.31 2004.12.31 1 年以内 2,285,956.73 2,156,562.95 1－2 年 2,423,114.13 2,285,956.73 2－3 年 2,568,500.98 2,423,114.13 3 年以上 173,446,021.07 176,014,522.05 合 计 180,723,592.91 182,880,155.86 根据 1996 年 8 月 13 日和 1996 年 12 月 23 日本公司与安徽省黄山市土地管理局签订 的合同，本公司租用黄山风景区内的若干国有土地，面积分别为 74320 平方米和 9919.9 平 方米，期限四十年，即分别至 2036 年 10 月 1 日止及 2037 年 1 月 1 日止。2006 年度的土 地租金为 2,285,956.73 元，以后每年按 6%递增。 十、资产负债表日后事项中非调整事项 1、关于 2005 年度度利润预分配情况的说明 2006 年 4 月 26 日，本公司三届十二次董事会审议批准，本公司拟按 2005 年末总股本 302,900,000 股为基数向全体股东每 10 股派发现金股利 0.85 元（含税），合计派发现金股 利 25,746,500.00 元，此分配预案须提交 2005 年度股东大会审议批准后实施。 61 黄山旅游发展股份有限公司 2005 年年度报告 2、关于本公司股权分置改革的说明 2006 年 1 月 19 日本公司第一次临时股东会议审议通过了《黄山旅游发展股份有限公 司股权分置改革方案》，公司非流通股股东通过向方案实施的股权登记日登记在册流通 A 股股东按每 10 股支付 2.9 股股票对价，共支付 1,508 万股股票给全体流通 A 股股东，获得 其持有的非流通股在 A 股市场的上市流通权；公司非流通股股东承诺，其持有的非流通股 股份自获得上市流通权之日起十二个月内不上市交易或转让等。2006 年 2 月 16 日本公司 股权分置改革实施完毕，公司总股本仍为 30,290 万股，其中：有限售条件的流通 A 股为 13,182 万股，无限售条件的流通 A 股为 6,708 万股，无限售条件的流通 B 股为 10,400 万股。 十一、债务重组事项 截止 2005 年 12 月 31 日本集团无需要披露的债务重组事项。 十二、补充资料 a) 净资产收益率及每股收益计算表 净资产收益率及每股收益计算表 编制单位：黄山旅游发展股份有限公司 单位：人民币元 2005 年度 2004 年度 净资产收益率 净资产收益率 报告期利润 每股收益 每股收益 (%) (%) 全面 加权平 全面摊 加权平 全面 加权 全面 加权 摊薄 均 薄 均 摊薄 平均 摊薄 平均 主营业务利润 34.04 35.24 0.81 0.81 33.90 34.02 0.76 0.76 营业利润 20.89 21.62 0.49 0.49 17.56 17.63 0.39 0.39 净利润 9.60 9.93 0.23 0.23 0.64 0.64 0.01 0.01 扣除非经常性损 9.82 10.17 0.23 0.23 0.38 0.38 0.01 0.01 益后的净利润 b) 资产减值准备明细表 62 黄山旅游发展股份有限公司 2005 年年度报告 资产减值准备明细表 编制单位：黄山旅游发展股份有限公司 2005 年度 本期减少数 期初数 本期增加数 因资产价 项 目 值回升转回 其他原因转出数 数 合并 母公 合并数 母公司 合并数 母公司 合并数 母公司 合 数 司 一、坏帐准备合计 34,465,717.79 22,554,173.67 12,989.88 358,605.65 * * * * 10,49 其中：应收帐款 18,360,118.11 16,012,679.51 -327,116.46 68,606.50 * * * * 10,41 其他应收款 16,105,599.68 6,541,494.16 340,106.34 289,999.15 * * * * 7 二、短期投资跌价准备合计 其中：股票投资 基金投资 三、存货跌价准备合计 771,547.13 771,547.13 77 其中：库存商品 771,547.13 771,547.13 77 原材料 低值易耗品 四、长期投资减值准备合计 65,878,994.60 69,990,866.60 24,121,005.40 24,121,005.40 其中：长期股权投资 65,878,994.60 69,990,866.60 24,121,005.40 24,121,005.40 长期债权投资 五、固定资产减值准备合计 20,023,455.00 16,000,000.00 16,000,000.00 16,000,000.00 16,00 其中：房屋、建筑物 10,901,522.84 10,775,474.84 10,775,474.84 10,775,474.84 10,77 索道设备 3,897,407.00 机械设备 4,277,929.35 4,277,929.35 4,277,929.35 4,277,929.35 4,27 通迅设备 19,781.42 19,781.42 19,781.42 19,781.42 1 运输设备 1,859.16 1,859.16 1,859.16 1,859.16 其他设备 924,955.23 924,955.23 924,955.23 924,955.23 92 六、无形资产减值准备合计 其中：专利权 商标权 七、在建工程减值准备合计 1,021,352.00 1,021,352.00 其中：西海观光缆车工程 1,021,352.00 1,021,352.00 八、委托贷款减值准备合计 九、总 计 122,161,066.52 110,337,939.40 24,133,995.28 24,479,611.05 16,000,000.00 16,000,000.00 27,26 63 3、股东权益增减变动明细表 股东权益增减变动明细表 编制单位：黄山旅游发展股份有限公司 单位：人民币 元 项 目 2005 年度 2004 年度 一、股本 年初余额 302,900,000.00 302,900,000.00 本期增加数 其中：资本公积转入 盈余公积转入 利润分配转入 新增股本 本期减少数 期末余额 302,900,000.00 302,900,000.00 二、资本公积 年初余额 255,897,390.64 255,570,556.19 本期增加数 21,009.60 326,834.45 其中：股本溢价 接受捐赠非现金资产准备 接受现金捐赠 股权投资准备 拨款转入 外币资本折算差额 其他资本公积 21,009.60 326,834.45 本期减少数 其中：转增股本 期末余额 255,918,400.24 255,897,390.64 三、法定和任意盈余公积： 年初余额 64,284,051.73 61,382,368.77 本期增加数 9,402,995.35 2,901,682.96 其中：从净利润中提取数 9,402,995.35 2,901,682.96 其中：法定盈余公积 9,402,995.35 2,901,682.96 任意盈余公积 储备基金 企业发展基金 法定公益金转入 本期减少数 其中：弥补亏损 转增股本 分派现金股利或利润 分派股票股利 期末余额 73,687,047.08 64,284,051.73 其中：法定盈余公积 50,663,302.08 41,260,306.73 任意盈余公积 23,023,745.00 23,023,745.00 储备基金 企业发展基金 四、法定公益金 年初余额 35,236,368.04 33,569,152.11 本期增加数 8,143,003.72 1,667,215.93 其中：从净利润中提取数 8,143,003.72 1,667,215.93 本期减少数 其中：集体福利支出 期末余额 43,379,371.76 35,236,368.04 五、未分配利润 年初未分配利润 20,141,555.22 20,382,965.09 本期净利润（净亏损以“-”号填列） 68,816,337.22 4,327,489.02 本期利润分配 47,835,999.07 4,568,898.89 期末未分配利润（未弥补亏损以“-”号填列） 41,121,893.37 20,141,555.22 其中：现金股利 25,746,500.00 30,290,000.00 4、非经常损益明细表 非经常损益明细表 编制单位：黄山旅游发展股份有限公司 单位：人民币 元 项 目 2005 年度 非经常性收入项目： 1、处置长期股权投资、固定资产、在建工程、无形资产、其他长期资产产生的收益； 817,278.49 2、计入当期损益的对非金融企业收取的资金占用费 115,200.00 3、比较财务报表中会计政策变更对以前期间利润总额的追溯调整增加数 4、流动资产盘盈 5、交易价格显失公允的交易产生的超过公允价值部分的收益 6、扣除公司日常根据企业会计制度规定计提的资产减值准备后的其他各项营业外收入 88,324.68 7、投资收益 142,297.02 8、债务重组收益 9、资产置换收益 10、越权审批或无正式批准文件的税收返还、减免 11、各种形式的政府补贴 65 12、以前年度已经计提各项减值准备的转回 小计 1,163,100.19 非经常性支出项目： 1、处置长期股权投资、固定资产、在建工程、无形资产、其他长期资产产生的损失 1,241,034.25 2、计入当期损益的对非金融企业支付的资金占用费 3、比较财务报表中会计政策变更对以前期间利润总额的追溯调整减少数 4、流动资产盘亏 797,638.36 5、交易价格显失公允的交易产生的超过公允价值部分的损失 6、扣除公司日常根据企业会计制度规定计提的资产减值准备后的其他各项营业外支出 1,932,859.32 7、投资损失 8、债务重组损失 9、资产置换损失 小计 3,971,531.93 影响利润总额 -2,808,431.74 减：所得税 -1,205,323.38 减：少数股东收益 7,840.89 影响净利润 -1,610,949.25 扣除非经常性损益后的净利润 70,427,286.47 十一、备查文件目录 （一）载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的 会计报表； （二）载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件； （三）报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及 公告的原稿； （四）年度报告正本。 黄山旅游发展股份有限公司董事会 2006 年 4 月 26 日 66 黄山旅游发展股份有限公司 Huangshan Tourism Development Co., Ltd. 2005 年年度报告 2005 Annual Report （英文版） 二 ΟΟ 六年四月 April 2006 67 Important Notice The Board of Directors and its members, the Supervisory Committee and its members and the senior executives of the Company, ensure that the information contained in this Report does not have any false statement, serious misrepresentation or significant omission and will take the joint and several responsibilities for the truth, accuracy and completeness of the contents of the Report. Mr. Jiang Shan, Chairman of the Board of Directors, due to business travelling, entrusted Mr. Xu Jiwei, Vice Chairman of the Board of Directors, to preside over the meeting and exercise voting power on behalf of him. The Company's 2005 financial report has been audited by Anhui Huapu Certified Public Accountants (domestic) and Hong Kong CCIF CPA Limited (overseas), which have issued standard auditor's reports with unqualified opinion. Mr. Jiang Shan, Chairman of the Board, Mr. Xu Jiwei, general manager of the Company, Mr. Yin Yin, CFO, and Mr. He Yifei, head of the financial department declare that they can guarantee the truth and completeness of the financial report in this annual report. This report is presented in both Chinese and English. In the event of different meaning in the text, the Chinese version shall prevail. ------The Board of Directors Huangshan Tourism Development Co., Ltd. Contents 1. Brief Introduction to the Company------------------------------------------------------------68 2. Financial Highlights-----------------------------------------------------------------------------69 3. Change of Share Capital and Particulars of Shareholders----------------------------------71 4. Information on Directors, Supervisors, Senior Executives and Employees-------------74 5. Management Structure of the Company------------------------------------------------------78 6. Brief Introduction to the Shareholders' Meetings-------------------------------------------80 7. Report of the Board of Directors--------------------------------------------------------------80 8. Report of the Supervisory Committee--------------------------------------------------------90 9. Major Events-------------------------------------------------------------------------------------92 10. Financial Report------------------------------------------------------------------------------ -94 11. Documents for Reference--------------------------------------------------------------------127 68 1. Brief Introduction to the Company 1. Legal Chinese name of the Company: 黄山旅游发展股份有限公司 Chinese name for short: 黄山旅游 Legal English name: Huangshan Tourism Development Co., Ltd. Abbr. of English name: HSTD 2. Legal representative of the Company: Jiang Shan 3. Secretary of the Board of Directors of the Company: Huang Huiming Contact tel.: 0559-5561113 Fax: 0559-5561756 E-mail: hshhm666@126.com Securities representative of the Board: Huang Jiaping Contact tel.: 0559-5561756 Fax: 0559-5561756, 5561110 E-mail: hstd56@126.com 4. Registration address of the Company: Hot Spring of Huangshan Scenic Spot, Huangshan, Anhui, China Business address of the Company: Hot Spring of Huangshan Scenic Spot, Huangshan, Anhui, China Zip code: 245800 Website: http://www.huangshan.com.cn or tourmart.cn Company's E-mail: hs600054@yahoo.com.cn 5. Newspapers for publishing periodic report: Shanghai Securities News, Hong Kong Commercial Daily Website for publishing the Company's annual report: http://www.sse.com.cn Site for filing the Company's annual report: Board secretary's office 6. Site for listing of the Company's shares：Shanghai Stock Exchange Name of A share: Huangshan Tourism (changed to "G Huangshan" since February 17, 2006) Code of A share: 600054 Name of B share: Huangshan B share Code of B share: 900942 7. Other relevant information Date and place for the first registration: On Nov. 18, 1996 in Huangshan Scenic Spot Date for change of registration: March 3, 2000 Registration no. of business license: 3400001300017 Taxation registration no.: 341002610487768 Public accounting firm engaged by the Company: Domestic: Anhui Huapu Certified Public Accountants Business address: 7-10/F Zhenxin Bld, 100 Rongshida Rd., He Fei, An Hui, PRC Overseas: CCIF CPA Limited Business address: 37/F Hennessy Centre, 500 Hennessy Road, Causeway Bay, Hong Kong 69 2. Financial Highlights 1. Main profit indicators in this year Unit: RMB Item Amount Gross profit 115,134,519.18 Net profit 58,816,337.22 Net profit after non recurring profit and loss 60,395,742.87 Main business profit 244,070,986.9 Other business profit 6,464,349.18 Operating profit 149,790,530.5 Investment income -32,387,720.95 Subsidy income Net amount of non-operating revenue and expenditure -2,268,290.4 Net cash flow from operating activities 168,716,236.7 Net increase or decrease of cash and cash equivalents -41,377,447.52 Note: 1) Deducted items of non recurring profit and loss and involved amount: Income from disposal long-term equity investment, fixed assets, construction in progress, 817,278.49 intangible assets and other long-term assets Fund application cost received from non-financial businesses and listed into profit and 115,200.00 loss of current period Other non-operating revenue after appropriating provisions for depreciation of assets 111,864.68 according to provisions of enterprise accounting system Investment income 142,297.02 Subtotal 1,186,640.19 Items of non-recurring expenditure: Loss from disposal of long-term equity investment, fixed assets, construction in progress, 1,241,034.25 intangible assets and other long-term assets Fund application cost paid to non-financial businesses and listed into profit and loss of current period Inventory loss of current assets 797,638.36 Other non-operating expenses after appropriating provisions for depreciation of assets 1,909,319.32 according to the provisions of enterprise accounting system Subtotal 3,947,991.93 Impact on gross profit -2,761,351.74 Less: Income tax -1,189,786.98 Less: Minority shareholders' income 7,840.89 Impact on net profit -1,579,405.65 Net profit after non-recurring profit and loss 60,395,742.87 Total 2) Audited according to domestic accounting standard, the net profit is RMB 68,816,337 ; calculated according to international accounting standard, the after-tax profit is RMB 6,116,002 . 70 2. Main accounting data and financial indicators in previous three years Unit: RMB 2004 2003 Main accounting data 2005 After Before Increase/decrease After Before adjustment adjustment (%) adjustment adjustment Main business income 689,053,706 529,872,324 529,872,324 30.04 305,343,870 295,235,175 Gross profit 115,134,519 55,593,684 118,262,678 107.10 -24,108,779 -43,848,889 Net profit 58,816,337 4,327,489 66,996,484 1259.13 -41,468,079 -61,208,189 Net profit after non recurring profit or 60,395,743 2,547,475 65,216,470 2270.81 -36,563,079 -56,071,774 loss End of 2004 End of 2003 Main accounting data End of 2005 After Before Increase/decrease After Before adjustment adjustment (%) adjustment adjustment Total assets 954,424,385 909,101,819 971,770,814 4.99 909,061,882 903,257,848 Shareholders' equity 707,006,712 678,459,366 741,128,361 4.21 673,805,042 689,158,674 Net cash flow from 168,716,237 211,434,485 211,434,485 -20.20 23,588,933 23,588,933 operating activities 2004 2003 Main financial 2005 After Before Increase/decrease After Before indicators adjustment adjustment (%) adjustment adjustment Earnings per share (fully diluted) 0.19 0.01 0.22 1259.13 -0.14 -0.2 Earning rate of net assets (fully diluted, 8.32 0.64 9.04 1,199.85 -6.15 -8.9 %) Earning rate of net assets with net profit after non recurring 8.54 0.38 8.79 2,148.01 -5.43 -7.9 profit or loss (fully diluted, %) Net cash flow from operating activities 0.56 0.70 0.70 -20.20 0.08 0.08 per share Main financial End of 2004 End of 2003 End of 2005 After Before Increase/decrease After Before indicators adjustment adjustment (%) adjustment adjustment Net assets per share 2.33 2.24 2.45 4.21 2.22 2.28 Net assets per share 2.29 2.18 2.38 4.96 2.14 2.3 after adjusted 3. Earning rate of net assets and earnings per share calculated as per the requirements of "Editing Rule for Information Disclosure of Publicly Listed Companies (No. 9)" issued by the China Securities Regulatory Committee Earning rate of net assets Earnings per share Item (%) (RMB/share) Weighted Fully diluted Fully diluted Weighted average average Main business profit 34.52 35.49 0.81 0.81 Operating profit 21.19 21.78 0.49 0.49 71 Net profit 8.32 8.55 0.19 0.19 Net profit after non-recurring profit and 8.54 8.78 0.20 0.20 loss 4. Change of shareholders' equity during the report period Unit: RMB Item Beginning balance Increase during Decrease during Closing balance the report period the report period Share capital 302,900,000.00 - - 302,900,000.00 Capital reserves 255,897,390.64 21,009.60 255,918,400.24 Surplus reserves 64,284,051.73 8,402,995.35 72,687,047.08 Statutory public 35,236,368.04 7,143,003.72 42,379,371.76 welfare fund Undistributed profit 20,141,555.22 58,816,337.22 45,835,999.07 33,121,893.37 Total of 678,459,365.63 74,383,345.89 45,835,999.07 707,006,712.45 shareholders' equity Reason of change: The change of surplus reserves and statutory public welfare fund is caused by the appropriation for the profit of this year by the Company and its subsidiaries, and the change of capital reserves is caused by the confirmation of provisions for equity investment in subsidiaries. 3. Change of Share Capital and Particulars of Shareholders 1. Change of share capital 1) Change of the Company's Share Capital (Unit: '0000 shares) Before this Increase/decrease (+, -) After this change change Transferred New Ratio Bonus from Ratio Quantity share Other Subtotal Quantity (%) share capital (%) issue reserves 1. Untradable share 1) Promoter's share 14,690 48.50 14,690 48.50 Incl.: State-owned share Domestic legal 14,690 48.50 14,690 48.50 person owned share Overseas legal person owned share Other 2) Raised legal person share 3) Internal staff share 4) Preferred share or other Subtotal of untradable 14,690 48.50 14,690 48.50 share 2. Tradable share 1) Renminbi ordinary 5,200 17.17 5,200 17.17 share 2) Domestic listed 10,400 34.33 10,400 34.33 foreign capital share 3) Overseas listed 72 foreign capital share 4) Other Subtotal of tradable 15,600 51.50 15,600 51.50 share 3. Total shares 30,290 100 30,290 100 2) Issuance and listing of the shares During the previous three years before the end of the report period, the Company did not issue any shares or other derivative securities. (Note: On Oct. 31, 1996 the Company issued 80,000,000 B shares in the price of US$ 0.258 per share (RMB 2.14/share), which were listed in the Shanghai Stock Exchange on Nov. 22 in the same year; on Apr. 17, 1997 it issued 40,000,000 A shares in the price of RMB 6.02 per share, which were listed in the Shanghai Stock Exchange on May 6 in the same year; for the first half year the Company exercised a plan of transferring capital reserves into share capital in the ratio of 10:3.) 3) Change of the total number and structure of the Company's shares During the report period the total number and structure of the Company's share capital were not changed. 4) Current internal staff shares As of the end of the report period the Company did not have internal staff shares. 2. Particulars of shareholders 1) Particulars of shareholders Total number of shareholders at end of the 43,060 shareholders (27,795 holders of A share and 15,265 holders of B share) report period Top ten shareholders Increase or Nature of Shares Shareholding Shares held decrease Non-tradable shareholder pledged or Name of shareholder (in full) ratio (%) during the shares held frozen report period 1. Huangshan Tourism Group State-owned 48.50 146,900,00 - 146,900,000 No Co., Ltd. shareholder 0 2. SHENYIN WANGGUO Other 1.68 5,098,364 3,889,015 0 Unknown NOMINEES (H.K) LTD. 3. HARVEST CHINA Other 1.59 4,809,832 4,809,832 0 Unknown EQUITIES INVESTMENT COMPANY LIMITED 4. PINPOINT CHINA FUND Other 1.20 3,640,764 3,640,764 0 Unknown 5. GOLDEN CHINA MASTER Other 1.14 3,440,979 3,440,979 0 Unknown FUND 6. Construction Bank of China Other 0.87 2,641,211 2,141,644 0 Unknown - Baokang Consumables Securities Investment Fund 7. Construction Bank of China - Other 0.78 2,350,284 1,192,644 0 Unknown Huabao Xinye Multi-policy Investment Fund 8. OCBC SECURITIES Other 0.73 2,223,886 2,223,886 0 Unknown PRIVATE LIMITED A/C CLIENTS 9. Industrial and Commercial Other 0.66 1,984,484 1,984,484 0 Unknown Bank of China - Shenwan Paris Shengli Refined Securities Investment Fund 10. Industrial and Commercial Other 0.53 1,604,690 1,604,690 0 Unknown Bank of China - BOC International China Refined, Mixed & Open-ended 73 Securities Investment Fund Top ten holders of tradable share of the Company No. Name of shareholder Shares held at Nature of share end of year 1 SHENYIN WANGGUO NOMINEES (H.K) LTD. 5,098,364 B share 2 HARVEST CHINA EQUITIES INVESTMENT COMPANY 4,809,832 B share LIMITED 3 PINPOINT CHINA FUND 3,640,764 B share 4 GOLDEN CHINA MASTER FUND 3,440,979 B share 5 Construction Bank of China - Baokang Consumables 2,641,211 A share Securities Investment Fund 6 Construction Bank of China - Huabao Xinye 2,350,284 A share Multi-policy Investment Fund 7 OCBC SECURITIES PRIVATE LIMITED A/C 2,223,886 B share CLIENTS 8 Industrial and Commercial Bank of China - Shenwan 1,984,484 A share Paris Shengli Refined Securities Investment Fund 9 Industrial and Commercial Bank of China－ BOC 1,604,690 A share International China Refined, Mixed & Open-ended Securities Investment Fund 10 Shan Lihua 1,383,700 B share Notes: (1) The shareholder holding over 5% of the total shares of the Company is Huangshan Tourism Group Co., Ltd., which is biggest shareholder of the Company holding 146,900,000 state-owned legal person shares accounting for 54.64% of the total share capital of the Company. Its shares have been neither tradable, nor mortgaged, frozen or entrusted. (2) In the top 10 shareholders, there is no associative relation between the state-owned legal shareholder Huangshan Tourism Group Co., Ltd. and other 9 shareholders; they are not the concerted actors as specified in the Management Method for Information Disclosure for Change of Shares Held by the Shareholders of Listed Companies. The Company does not know whether there is related relation between the top 10 holders of tradable share and whether they belong to the concerted actors as specified in the Management Method for Information Disclosure for Change of Shares Held by the Shareholders of Listed Companies. (3) During the report period except the controlling shareholder Huangshan Tourism Group Co., Ltd., the Company did not have any other shareholders with shares accounting for 10% or higer of the total share capital of the Company. 2) Introduction to the controlling shareholder and actual controller of the Company (1) The controlling shareholder Company name: Huangshan Tourism Group Co., Ltd. Legal representative: Jiang Shan Foundation date: June 18, 1999 Registered capital: RMB 838,000,000 Company type: State sole-owned limited company Business scope: Mainly engaged with tourist service and reception, restaurant and recreation, tourist commodity, hotel management, scenic resource management and travel agency management, also engaged with advertisement, real estate, transportation, commerce and tourism related industry and agriculture. (2) The actual controller of the Company's controlling shareholder Name of the unit: Huangshan City Huangshan Scenic Spot Management Committee Type of the unit: State administrative institutional unit 74 Main business: Protect resources of scenic spot and ecological environment of nature, organize to implement the planning for scenic area to exploit resources of scenic spot reasonably, check and supervise relevant construction projects, build, manage and protect infrastructure and other public facilities to improve the service condition for tourism, be responsible for forest reservation, tree planting, forest protection against fire, prevention and cure for disease and pest in forest and prevention from water loss and soil erosion, make the propagandizing and educational work for loving Huangshan and protecting Huangshan, and manage other matters related to the protection for the scenic spot. (3) Change of the controlling shareholder and its actual controller During the report period the controlling shareholder and the actual controller were not changed. (4) The block diagram of property right and control relation between the Company and Huangshan Tourism Group Co., Ltd. Huangshan City 100% Huangshan 48.50% Huangshan Huangshan Tourism Tourism Scenic Spot Group Co., Development Management Ltd. Co., Ltd. Committee 3) Other shareholders holding 10% or higher equity interest The Company does not have any other shareholders holding 10% or higher equity interest. 4. Information on Directors, Supervisors, Senior Executives and Employees 1. Basic information 1) Information on Directors, Supervisors and senior executives Reward Shares Shares received from Reason held at held at the Company Name Position Gender Age Office term of during the beginning end of change report period of year year (RMB'0000) Jiang Shan Chairman of the Male 43 05/2004-05/2007 0 0 0 Board Xu Jiwei Vice Chairman, Male 41 05/2004-05/2007 2535 2535 11.2 general manager Yin Yin Director, deputy Male 43 05/2004-05/2007 0 0 9.8 general manager Zhan Director, deputy Male 51 05/2004-05/2007 0 0 9.9 Yongqing general manager Wang Ziyun Director Male 54 05/2004-05/2007 0 0 0 Wang Yuqiu Director, deputy Male 41 05/2005-05/2007 0 0 9.3 general manager Zhou Yana Independent Female 51 05/2004-05/2007 0 0 3.6 Director Duan Aiqun Independent Male 43 05/2004-05/2007 0 0 3.6 Director Zhou Independent Male 35 05/2004-05/2007 0 0 3.6 75 Koushan Director Huang Board secretary Male 33 05/2004-05/2007 0 0 8.9 Huimin Zhu Ligang Chief Supervisor Male 59 05/2004-05/2005 7800 0 Resigned 5.4 Ye Shumin Chief Supervisor Male 51 05/2004-05/2007 0 0 9.9 He Zhongyi Supervisor Male 51 05/2004-05/2007 0 0 0 Wang Jun Supervisor Female 30 05/2004-05/2007 0 0 0 Jie Chuanfu Assistant general Male 42 12/2004-05/2007 0 0 9.1 manager Xu Xiyi Assistant general Male 36 12/2004-05/2007 0 0 8.6 manager Main work career of Directors, Supervisors and senior executives (1) Directors Jiang Shan, university degree, member of CCP. He has been the deputy secretary of Party committee of Huangshan District of Huangshan City, Vice Head of District, Party secretary, Vice Mayor of Huangshan and Member of 3rd Party Committee of Huangshan City and vice secretary of Huangshan City Party Committee. Now he is Chairman of the Board and general manager of Huangshan Tourism Group Co., Ltd., and Party Secretary and Chairman of the Board of the Company. Xu Jiwei, post-graduate degree, senior economic engineer, member of CCP. He has been the Director, Vice Chairman of the Board and deputy general manager of the Company, director general of Huangshan Travel Bureau, Party secretary and deputy secretary of Huangshan City government. Now he is the Vice Chairman and general manager of the Company. Yin Yin, post-graduate degree, senior economic engineer. He has been the general manager of China Pingan Insurance Company Huangshan Branch Company, sales controller of China Pingan Insurance Hefei Branch Company, deputy general manager and manager of finance department of the Company. Now he is the Director and deputy general manager of the Company. Zhan Yongqing, post-graduate degree, member of CCP. He has been the general manager of Huangshan City China Travel Service, deputy general manager of the Company and general manager of travel agency management branch of the Company. Now he is the Director and deputy general manager of the Company. Wang Ziyun, undergraduate degree, political engineer, member of CCP. He has been the general manager of Huangshan Management Committee Huangshan Cableway General Manager, manager of engineering construction section of the Company and assistant general manager of the Company. Now he is the deputy general manager of Huangshan Tourism Group Co., Ltd. and Director of the Company. Wang Shuqiu, university degree, member of CCP. He has been the general manager of Yubinglou Hotel of Huangshan scenic area, general manager of Huangshan International Hotel and general manager of Beihai Hotel of Huangshan scenic area. Now he is the Director and deputy general manager of the Company. Zhou Yanan, bachelor of economics of Anhui University, master of accounting of Tianjing Institute of Economics and Finance, certified public accountant, member of CCP. She has been the vice president of economics institute of Anhui University and dean of the accounting department. Now she is the president of institute of business administration of Anhui University, research supervisor for master, and Independent 76 Director of the Company. Duan Aiqun, bachelor of economic law of East China Institute of Political Science and Law, master of international finance of Fudan University, doctor of fiscal science (Fiscal Science Institute of Ministry of Finance), post jurom doctor, securities lawyer, and member of China Zhigong Party. He has been the deputy chief of Anhui Foreign Economy Law Office. Now he is the deputy chief of Shanghai Huayi Law Office and Independent Director of the Company. Zhou Koushan, bachelor of chemical engineering of Nanjing Technical University, master of international finance of Nanjing University, engineer, economic engineer. He has acquired the qualification of marketing, consultation and brokerage for securities, member of CCP. He has been the engineer of Nanjing Chemical Industry (Group) Company, project manager of research and development division of Zhongxin Securities Co., Ltd. Now he is the vice president of investment banking division of Zhongxin Securities Co., Ltd. and Independent Director of the Company. (2) The Supervisors Ye Shumin, undergraduate degree, member of CCP. He has been the general manager of Huangshan China International Travel Service, deputy director general of Huangshan Travel Bureau and general manager of Huangshan China International Travel Service, assistant general manager, deputy general manager and Director of the Company. Now he is the routine vice president of Huangshan Tourism Group Co., Ltd. and Chief Supervisor of the Company's 3rd Supervisory Committee. He Zhongyi, junior college degree, political engineer, member of CCP. He has been the general manager of Huangshan Yungu Hill Village Hotel, general manager of Huangshan Baiyun Hotel, vice chief of general manager's office of the Company, Director and vice general manager of Hefei Dongyi Hotel, and general manager of Huangshan Yubinglou Hotel and general manager of Hefei Dongyi Hotel. Now he is the Supervisor of the Company. Wang Jun, junior college degree, assistant accountant. He has been the accountant and deputy finance manager of Huangshan International Hotel. Now he is the finance manager of Huangshan International Hotel and the Supervisor of the Company. (3) Other senior executives Jie Chuanfu, university degree, senior engineer, member of CCP. He has been the deputy general manager of Huangshan Yungu Cableway Company and general manager of Huangshan Yubing Cableway Company. Now he is the assistant general manager of the Company. Xu Xiyi, university degree, accountant, member of CCP. He has been the deputy general manager of Lion Woods Hotel, deputy general manager of Taoyuan Guesthouse and general manager of Xihai Hotel in Huangshan scenic area. Now he is the assistant general manager of the Company. Huang Huimin, post-graduate degree, member of CCP. She has been the chief of Board secretary's office, securities representative of the Board of Directors, and deputy chief of general manager's office of the Company. Now she is the Board secretary and chief of Board secretary's office of the Company. 2) The positions of Directors, Supervisors and senior executives in shareholder's units Name Name of shareholder Position Office term Whether get 77 rewards and allowance Chairman of Yes Huangshan Tourism Group Jiang Shan the Board, 07/2003-now Co., Ltd. President Huangshan Tourism Group Routine vice 12/2004-now No Ye Shumin Co., Ltd. president Huangshan Tourism Group Yes Wang Ziyun Vice president 12/2004-now Co., Ltd. 2. Annual rewards of Directors, Supervisors and senior executives 1) Decision-making process for rewards of Directors, Supervisors and senior executives For the Directors, Supervisors and senior executives getting rewards from the Company, the annual rewards were issued according to the relevant regulations on wage administration and grade standard by the personnel labor authorities of the city and province where the Company is at and the performance checking system on the Company's management. 2) The Directors and Supervisors not getting rewards or allowance from the Company The Directors and Supervisors not getting Whether get rewards from shareholder's rewards or allowance from the Company units or other related units Jiang Shan Yes Wang Ziyun Yes He Zhongyi Yes Wang Jun Yes 3) Allowance and other treatment of Independent Directors The allowance of the Company's Independent Director has been examined and passed by the Board of Directors of the Company and submitted to the shareholders' meeting for approval. According to the Company's 2004 annual shareholders' meeting, the Company decided to give each Independent Director RMB 360,000 (tax included) per year, and buy one independent director's liability insurance for each Independent Director. The cost for an Independent Director to attend Board meetings and shareholders' meetings and the cost for him to perform duties according to Articles of Association shall all be borne by the Company. 3. Change of Directors, Supervisors and senior executives 1) The Company convened the 7th meeting of the 3rd Board of Directors on April 18, 2005; the meeting agreed on Mr. Ye Shumin's resigning his directorship from the Company due to work change and meanwhile nominated Mr. Wang Yuqiu as director of the Company. 2) The Company convened the 4th meeting of the 3rd Supervisory Committee on April 18, 2005; the meeting agreed on Mr. Ye Shumin's resigning his post of supervisor and chief supervisor from the Company and meanwhile nominated Mr. Ye Shumin as supervisor of the Company. 3) The Company convened 2004 General Meeting of Shareholders on May 26,2005; the meeting agreed on appointing Mr. Wang Yuqiu as director of the Company and Mr. Ye Shumin as supervisor of the Company. 4) On May 26, 2005 the Company convened the 5th meeting of the 3rd Supervisory Committee, which elected Mr. Ye Shumin as the convener of the Supervisory Committee of the Company. 4. Particulars of the Company's employees and retirees 1) As of the end of the report period, the Company totally had 2,677 staff members. Among them 605 people have the educational level of junior college or higher, 78 accounting for 23% of the total employees of the Company. 2) Structure of professionals of the Company: Structure of personnel Number of people Ratio in total (%) Production personnel 1,602 59.8 Sales people 220 8.2 Technologist 368 13.7 Finance personnel 217 8.1 Administrative personnel 270 10.1 3) The Company needs to bear the cost for 72 retired employees. 5. Management Structure of the Company 1. Management status of the Company During the report period the Company, strictly in accordance with the requirements of the Company Law, Securities Law, the Management Principle of the Listed Companies and other relevant laws and codes and in consideration of its actual situation, continuously improved the corporate jurisdical person management structure, normalized the Company's operation, strengthened information disclosure and intensified the management on investors' relations. During the report period the Company, based on Some Regulations on Strengthening the Protection of Social Public Shareholders' Equity by China Securities Regulatory Committee and relevant notice by Shanghai Stock Exchange and in consideration of the Company's actual situation, amended the Articles of Association, the rules of procedure for "three meetings" and other regulations to clarify the function and responsibility of the "three meetings" and improve the Company's management and the running of "three meetings". During the report period the Company, based on the Notice on Normalizing the Cash Flow between the Listed Company and its Associative Parties and Some Problems Related to the Listed Company's Guarantee for Other Companies (Zhengjianfa [2003] No. 56) issued jointly by China Securities Regulatory Committee and State-owned Assets Supervision and Administration Commission and the Opinion on Further Speeding Up Development and Utilization of Capital Market (Waizheng [2004] No. 57), made an overall liquidation on the arrearages and guarantees from previous year and during the report period. During the report period the Company did not have application of funds by its controlling shareholder, nor make illegal guarantee for external entities. At present the Company's practical management situation meets the basic requirements of the instruction documents. It has formed a legal person management structure with normal operation, effective checks and balance and coordinative running. 2. Duty performance of Independent Directors 1) Independent Director's attendance in the Board meetings Name of Specified Attendance in Entrusted Absence 79 Independent attendances in person attendance Director Board meetings Duan Aiqun 6 5 1 0 Zhou Yana 6 5 0 1 Zhou Koushan 6 5 1 0 During the report period the Company's Independent Directors worked diligently, performed their duties earnestly, and attended the board meetings on schedule. During the report period the Independent Directors expressed their independent opinions to the engagement of the Company's senior executives, amendment of Articles of Association, change of public accounting firms and other operations, presented positive contribution to the Company's normal running and stable development, and earnestly maintained the lawful rights and interests of the Company and its immense investors. 2) Independent Director's objection to the relevant matters of the Company During the report period the Independent Directors did not make objection to the related matters of the Board of Directors of the Company. 3. The separation of personnel, assets, finance, organization and business between the Company and its controlling shareholder The Company has made complete separation from its controlling shareholder in personnel, assets, finance, organization and business, realized the independence of business, finance and personnel and the integrity of assets and organization. The Company owns independent and integrated purchase and supply, planning and marketing system, and also has independent operation ability in market. 1) Personnel: The Company has made independence in the management of labor, personnel and wage, set up independent human resource management center being in charge of the personnel affair and wage management of the Company, and formulated a series of rules and regulations to make checking, awards and punishments to the employees. The Company's president, vice president, principal of finance, Board secretary and other senior executives all get rewards from the Company, not from the controlling shareholder's unit. 2) Assets: The Company owns independent exclusive selling rights for entrance ticket, independent "Planning and Sales Center", "Purchase & Delivery Center" and independent supporting facilities for tourist service. 3) Finance: The Company owns an independent financial department, establishes accounting system and financial controlling system, opens independent bank account and pays tax independently and legally. 4) Organization: The Company set up its organization structure completely independent of its controlling shareholder. For meeting the needs of the Company's internal management, better organizing its operation resource and optimizing its management process, the Board of Directors of the Company made adjustment on its original organization structure, establishing 4 centers, i.e. administration, human resource, finance management and marketing, and 4 management companies, i.e. scenic spot development, cableway management, restaurant management, and tourist industry. All the management centers and management companies have their own staff members with definite duties, cooperate together and do not work together with the controlling shareholder in a same office. 5) Business: The Company is independent of its controlling shareholder in its business and owns integrated self operation ability. 4. Checking and encouraging to senior executives During the report period the Company laid down a wage system related to performance. 80 The Company shall further improve the checking and encouraging system according to market principle, make the wage income of senior executives closely related to their management level and operating performance, thus effectively stimulate the enthusiasm and creativity of the senior executives and realize the maximization of the shareholders. 6. Briefing of Shareholders' Meetings During the report period the Company totally convened two shareholders' meetings, 2005 first provisional shareholders' meeting and 2004 annual shareholders' meeting. 1. The provisional shareholders' meeting On February 24, 2005 the Company convened its first provisional shareholders' meeting in 2005. The resolution announcement of this meeting was published in Shanghai Securities News and Hong Kong Commercial Daily on February 25, 2005. 2. Annual shareholders' meeting On May 26, 2005 the Company convened its 2004 annual shareholders' meeting. The resolution announcement of this meeting was published in Shanghai Securities News and Hong Kong Commercial Daily on May 27, 2005. 7. Report of the Board of Directors 1. Discussion & Analysis of the Management The Company belongs to the resource-type tourist enterprise, and its main business income mostly comes from passenger cableway, garden tickets, hotel room and board and tourist service. The Huangshan scenic spot run by the Company, is the only scenic spot in both China and world which owns three laurels in world culture, nature heritage and world geology park. The Company is a banner in the tourist industry in China. As the biggest tourist enterprise in Anhui Province, its operating results rank first in the tourist industry of China. 1) Review of the Company's operating status during the report period 2005 was the year as a key turning point of the Company, and also the year with enormous potential for the Company. In this year under the leadership of the Board of Directors, with the great support from shareholders and relevant departments and in the good chance of Huangshan Scenic Area vying for the title of "the most civilized scenic area in China" and introducing ISO14001 environment system certification, the Company, on the one hand, has been paying special attention to internal management, tapping potential and reducing consumption, controlling cost and expenses, improving service quality and safety management system, and at the same time making steady transition after reform; on the other hand, the Company adopted a series of effective measures in improving marketing and sales by pinpointing objects of sales promotion, defining key areas and making breakthroughs in important parts so as to win more customer sources. With solid management basis and release of reform effect creating a good atmosphere for production and operation of the Company, the Company keeps on a good development situation in production and operation. During the report period the changes of the Company’s main financial indicators such 81 as main business income, main business profit and net profit are as follows: Item 2005 2004 (after Amount of Increase/decrease than adjustment) increase or same period of last decrease year (%) Main business income 68,905.37 52,987.23 15,918.14 30.04 (RMB'0000) Main business profit 24,407.10 22,996.58 1,410.51 6.13 (RMB'0000) Net profit (RMB'0000) 6,881.63 432.75 6,448.88 1,490.21 (1) The Main business has been improved. During the report period the Company assisted the Huangshan Scenic Spot Management Committee to adjust the price of entrance ticket. Its gardens totally received 1,709,600 tourists, an increase of 6.7%, including 139,000 tourists from abroad, an increase of 179.2%. The increase of tourists and adjustment of entrance tickets makes the Company's main business income increasing by 30% than the same period of last year. The big increase of net profit is due to the Company's appropriation of depreciation provision for long-term investment in Huaan Securities (2) New breakthrough of marketing. During the report period faced with the drastic market competition, the Company set a new marketing policy. It implemented a "Wanqianbaishi" project, connected Huangshan and 15 cities in Yangtze River Delta with direct transportation line, held the first international forum on Flower Hill & Labyrinth and series theme event of "Reopening Tiandu Peak and Red Trip in Huangshan", and organized groups to take part in large series tour exposition both at home and abroad. At the same time for meeting the development of tourist industry, the Company established Huangshan Tuma E-business Company, implementing marketing and other related work by internet. The successful implementation of above activities, enhanced the Company's market share, especially the tourists from abroad; this can establish sound foundation for completion of the task goal of the whole year. (3) Further deepen the construction of system. During the report period the Company earnestly grasped the work on annual financial budget, strictly executed financial system, strengthened the monitoring on financial audit and intensified the fund management; set up a working procedure for investigation, consultation and evaluation, examination and decision and implementation on important investment project, enforced risk control on investment project, promoted enterprise reform stably and arranged subsequent transition smoothly; issued a target-oriented system and evaluation method, implementing them in each level to exercise rewards and punishments and thus mobilizing the enthusiasm of all its employees; strengthened the work on civilization creation, held an activity of "good-quality service month" to enhance the sense of safety production and service, and provide guarantee for the Company's high-effective running and safety production. (4) Successful completion of equity division reform. During the report period, based on the arrangement by the State-owned Assets Supervision and Administration Commission and China Securities Regulatory Committee, the Company grasped a favorable chance to promote and finish the work on equity division reform, making the value for all its shareholders approaching the same, further improving the corporate jurisdical person management structure and establishing basis for the Company's long-term development. (5) Good management performance on investor's relation. In 2005 the Company endeavored to promote the management on investor's relation to improve its information disclosure. With the implementation of equity division reform, the Company adopted multi ways to communicate with its investors, did justice to middle and small investors, made all its shareholders work together for development of the 82 Company. 2) Main business according to sectors and products Unit: RMB Increase or Increase or Increase or Main Based on decrease of decrease of decrease of Main business Main business business sector or main business main business main business income cost profit rate product income than cost than last profit rate than (%) last year (%). year (%). last year (%). Passenger 164,454,024.50 47,639,187.96 65.56 7.42 95.34 -13.04 cableway Garden 263,245,549.00 tickets 154,139,440.12 38.18 37.98 46.89 -3.55 Hotel room 166,700,773.41 and board 121,638,198.74 21.56 28.45 28.49 -0.02 Tourist 143,828,901.76 service 140,312,228.37 1.99 58.82 35.52 0.53 Incl.: Related 8,469,696.59 transaction 3) The products or service with income or profit accounting for 10% or higher in the main business income or main business profit Unit: RMB Main business income Gross profit of main business Gross profit rate Item Amount Ratio (%) Amount Ratio (%) (%) Passenger 164454024.5 cableway 23.87 116,814,836.54 43.16 71.03 Garden tickets 263245549 38.20 109,106,108.88 40.32 41.45 Hotel room 166700773.4 and board 24.19 45,062,574.67 16.65 27.03 Tourist service 143828901.8 20.87 3,516,673.39 1.30 2.45 Other 2531862.95 0.37 -1,400,682.89 -0.52 -55.32 (1) Garden tickets On Aug. 13, 1996 the Company signed a contract with the Huangshan Management Committee for the sales of entrance tickets for Huangshan Scenic Spot, valid until the end of 2036. The main duty of Huangshan Garden & Forest Development Company is to manage the environmental hygiene inside the scenic spot, maintain and develop human culture and natural landscapes inside the spot, printing and selling of the entrance tickets, and development of relevant tourist commodities. According to the contract, the Huangshan Garden & Forest Development Company should pay 50% of the net balance of the income from garden tickets after business tax and extra and cost of book office to the Huangshan Management Committee. This is the rewards for the exclusive selling rights for garden tickets of Huangshan Scentic Spot authorized by the Huangshan Management Committee to the Huangshan Garden & Forest Development Company and the compensation to the expenditure for fire prevention and vermin-proof made by the Huangshan Management Committee. (2) The passenger cableway The Company's business of passenger transport of cableway comes from its three cableway companies, Huangshan Yungu Cable Company, Huangshan Yuebin Cableway Transport Co., Ltd. and Huangshan Taiping Cableway Co., Ltd. During the 83 report period, the three cableways totally transported 2,650,000 tourists. (3) Hotel business The Company's hotel business is composed of guesthouse, hotel and reception centre, the main business is boarding and food. During the report period the Company totally has 12 hotels (including 8 hotels with grade higher than three star). During the report period, the Company's hotels totally hosted 820,000 tourists. (4) Tourist service Tourist service refers to the domestic and overseas tourist business of the Company's travel agencies. Huangshan Tourism Development Co., Ltd.'s travel agency management branch company owns four subsidiary travel agencies, Huangshan Overseas Travel Agency ("Overseas"), Huangshan China Travel Agency ("China Travel") , Huangshan China International Travel Service ("International Travel") and Zhonghai Holiday. During the report period, the Company's travel agency management branch company totally hosted 210,000 tourists. 4) Notes on significant change of the Company's assets during the report period Unit: RMB Item 2005 2004 Increase/decrease Reason of change than same period of last year（% Monetary capital Increase of main 371,368,219.98 301,036,861.45 23.36 business income Account Increase of main 25,194,182.54 17,954,096.35 40.33 receivable business income Inventories Increase of main 13,526,498.28 12,021,758.31 12.52 business Construction in Completed and progress 12,602,091.87 26,547,973.25 -52.53 transferred to fixed assets Long-term prepaid Amortized in this 14,379,531.44 18,547,326.72 -22.47 expenses year 5) Notes on significant change of the Company's main financial data during the report period Unit: RMB Increase/decrease than 2004 (after Item 2005 same period of last year adjustment) （%) Total assets 954,424,385.04 909,101,818.97 4.99 Shareholders' equity 707,006,712.45 678,459,365.63 4.21 Main business profit 244,070,986.90 229,965,839.16 6.13 Overhead cost 101,892,120.36 116,390,353.01 -12.46 Financial expenses -1,147,314.81 918,378.40 - Income tax 50,526,328.63 47,551,617.87 6.26 The change of total assets during the report period is caused by the increase of monetary capital, change of shareholders' equity is caused by the increase of realized profit in this year, the increase of main business profit is caused by the increase of hosted tourists, decrease of overhead cost is caused by the strengthened expense control of the management, decrease of financial expenses is caused by the decrease of loan interest due to refunding of part of short-term loan, and increase of income tax is caused by increased of the profit before tax. 6) Notes on significant change of the Company's cash flow during the report period Unit: RMB 84 Amount of increase or Increase or Item 2005 2004 decrease decrease (%) Net cash flow from 168716236.7 211434484.8 -42718248.13 -20.20 operating activities Net cash flow from -162819259.5 -159824781.3 -2994478.19 1.87 investment activities Net cash flow from -46690917.3 -50181888.09 3490970.79 -6.96 financing activities The decrease of total amount of cash flow from operating activities during the report period is caused by the increase of disbursed tax and shared ticket income, the decrease of total amount o cash flow from investment activities is caused by the increase of invested cash, the increase of total amount of cash flow from financing activities is caused by the increase of paid cash dividend this year. 7) Operation results of the Company's main controlled companies and joint stock companies (1) Huangshan Yubing Passenger Transport Cableway Co., Ltd. (controlled company) This company has registered capital of RMB 19,000,000 with 80% equity interest held by the Company, and its main business is cable way transportation and sales of artistic handicrafts. As of the end of the report period this company had total assets of RMB 72,520,000, and realized net profit of RMB 31,500,000 in 2005. (2) Huangshan Taiping Cableway Co., Ltd. (controlled company) This company has registered capital of RMB 6.980,000 with 70% equity interest held by the Company, and its main business is passenger cableway transportation and service for booking, restaurant and shopping. As of the end of the report period this company had total assets of RMB 90,860,000, and realized net profit of RMB - 2,140,000 in 2005. (3) Huangshan Pipeng Cultural Development Co., Ltd. (controlled company) This company has registered capital of RMB 5,000,000 with 90% equity interest held by the Company, and it is mainly engaged in advertising agent, plan, design and issuance. As of the end of the report period this company had total assets of RMB 4,250,000, and realized net profit of RMB - 6,570 in 2005. (4) Huaan Securities Co., Ltd. (joint stock company) This company is a comprehensive securities company reorganized from the Anhui Provincial Securities Company through capital increase and equity expansion, mainly engaged in securities broking, securities underwriting, securities self-operating business, advisory service for securities investment and other business approved by the China Securities Regulatory Committee. It has registered capital of RMB 1,705,000,000, and the Company originally invested RMB 100,000,000, holding 5.87 equity interest in this company. Due to the loss of Huaan Securities, in 2004 the Company appropriated RMB 3,210,000 as the provision for depreciation of this investment. For reflecting the true value of this investment and based on the audit result of 2004 to Huaan Securities, the Company convened its 9th meeting of 3rd Board of Directors, deciding to further appropriate RMB 62,670,000 as provision of depreciation and make a trace adjustment on its accounting statements for 2004. In consideration of current operating situation of Huaan Securities and based on the resolution of the Company's 12th meeting of 3rd Board of Directors convening on April 26, 2006, the Company again appropriated RMB 24,120,000 as provision for depreciation of this investment. (5) Changchun Clean-moon Pool Recreation Co., Ltd. (joint stock company) This company has registered capital of RMB 10,000,000 with 20% equity interest held by the Company, and its main business is passenger cableway and related tourist service. During the report period the Company got investment income of RMB 21,460. 85 (6) Huangshan Flower Hill & Labyrinth Tourism Development Co., Ltd. (joint venture corporation) On April 17, 2000 the Company signed a cooperative agreement with the Huangshan Tunxi Flower Hill Tourism Development Co., Ltd. to establish the Huangshan Flower Hill & Labyrinth Tourism Development Co., Ltd. ("Flower Hill & Labyrinth"). The Company made investment of RMB 3,000,000 to develop dozens of rock cave group left over from remote ancient time in the " Flower Hill & Labyrinth-Jianjiang Scenic Spot", a key scenic area of state in the suburb of Huangshan Tunxi, build it into a tourist resort with attraction, recreation and exploration. According to the cooperative agreement and Articles of Association, after the establishment of Flower Hill & Labyrinth, the gain or loss in the first 5 years should be shared by the Company and Huangshan Tunxi Tourism Development Co., Ltd. based on the ratio between investments; then should be shared in the ratio of 65% and 35%. The cooperative term should be 40 years. In 2005 the Flower Hill & Labyrinth got net profit of RMB 1,830,000. 8) Sales to main customers Item 2005 2004 Total sales volume to top five 24,933,329.01 21,810,801.69 customers (RMB) Ratio in the main business 3.62 4.11 income (%) 2. Outlook of the Company's future development 1) The development trend of the industry and the situation of market competition (1) Development trend of the industry As a rising industry in China, tourist industry has experienced its development for more than 2 years and now become one of the most prosperous tertiary industries in China. After China has joined WTO, the unitization of global economy is increasingly growing and the mutual communication of economic civilization and commercial intercourse between China and other countries is developing more and more widely and deeply. The stable social environment and abundant tourism resources of China, are also of strong attract power to the tourists all over the world. The progress for an affluent society, the enhancing of people's living standard, the increase of the ratio of discretionarily controlled income and the increase of holidays and leisure time, make people demand more and more tourist consumption. At the same time, tourist industry is a ecology-friendly type industry of low energy consumption and highly-clean environment, which meets the direction of economic growth mode of the "Eleventh Five-year Plan" of China and can get further support from the government. All these can form an macro environment for development of tourist industry and predict a good development trend of the Company. (2) The market competition situation Due to the favorable prospect of tourist industry, in recent years it is increasingly expanding and the speed of development has exceeded the speed of market increasing. So the competition in this industry is more drastic. 2) The Company's development chance and challenge, its development strategy and new year's operating plan concerned by the management (1) The Company's development chance and challenge In macro environment. The strategy of grown-up in middle China and the strategy of development towards east in Anhui Province, create a favorable external environment for the Company. Huangshan City, based on its idea of "Leading Tourist Spot in Anhui, Tourism Center in East China, Famous Tourism Brand in China and World Tourist Attraction", has raised the great goal of transforming Huangshan Scenic Spot 86 into the natural zone with most powerful competitive force in China and transforming Huangshan City into one of the cities with the strongest competitive force among same kind of cities in China. This goal is favorable to the speeding up of development of Huangshan tourism. In location superiority. Located in the hinterland of Yangtze River Delta, Huangshan is a world-class scenic spot nearest to Yangtze River Delta region. The advantage of connection with Yangtze River Delta region in mountains and rivers and friendly relationship, have made Huangshan merged into Yangtze River Delta and become the rear garden of Jiangxi, Zhejiang and Shanghai, which are all of developed economies. In traffic superiority. Huangshan has got a strategic change in its surrounding traffic environment. The reform and expansion of Huangshan's airport have already finished, and the expressway network is just appearing. Hui-Hang express highway has been completed and open to traffic. The He-Tong-Huang express highway and Huang-Jing express highway are just in the process of construction and shall be open to traffic in 2007. The express highway along with Yangzi River in Anhui is just in the process of construction in high speed. If completed, from Wuhan and Anqing to Huangshan and from Nanjing and Huhu to Huangshan, shall all be unified into one body. After these express highways are open to traffic in one or two years, Huangshan shall be changed from a pure tourism destination to an important traffic junction. So it shall be much more convenient for tourists to access to Huangshan. In tourism resource superiority. Huangshan is the only scenic spot with three laurels of world culture, natural heritage and world geology park in China. Huangshan City is the cradle of Huizhou culture; and Hui school is one of the three local schools, the other two, Tibet school and Dunhuang school. As a classic of Chinese culture, the culture of Huizhou is a colourful picture, which can constitute a perfect pair with the tourist resource of Huangshan. Huangshan Area has 2 world-class heritages, 3 country-level scenic spot area, 5 National forest parks and geology parks, 2 country-level natural protection area, 1 country-level famous city in history and culture, 1 country-level key protection block in history and culture, and 56 country-level and province-level key cultural relics. These abundant cultural resources and historical heritage shall provide the development of Huangshan Tourism with extensive strategic space. In the meanwhile, however, the development of tourist industry has brought about a lot of excellent tourist scenic spot and tourist enterprises in all parts of the country in recent years, which are making competition in product development, service innovation and marketing plan. This makes the Company facing a new challenge. (2) Development strategy of the Company On analysis of the inside and outside environment, in the coming 5 years the Company shall strive to make rapid development, coordinate its resource of human, finance and material, tap potentials to enhance benefits, and exert its own advantage to seek a new breakthrough for Huangshan Tourism. The Company's general idea is: based on Huangshan Scenic Spot and the existing tourism business, endeavor to develop the business related to tourism, further adjust tourism resources, enhance the Company's central competitive force, exert fully the advantage of capital market to realize effective combination of capital running and resource expansion, make Huangshan Tourism increasingly get growth in assets scale and benefits in the drastic market competition, and realize maximization of the Company's value. (3) New year's operating plan ① Improve the structure of tourism products. The Company will make full use of the unique advantage of Huangshan's abundunt and high-quality tourism resources, enhance the tourism function and consolidate the tourism products, endeavor to 87 develop individualized tourism product for cultural experience, holiday spending and business meeting, improve the structure of tourism products, and transfer tourism products from sight-seeing type to comprehensive type. ② Strengthen sales in tourist market. The Company will strengthen the planning to promote advertising on image and the whole products. In domestic market it will stabilize the tourist resource in near area and attract the tourist resource in distant area. In overseas market it will consolidate the market in Hong Kong and Taiwan, endeavor to tap market in Korea and Japan, and develop market in Europe and North America. It will make use of multi means to develop tourist market in slack season, subdivide the market to make sales promotion on special subject and create novel image of Huangshan tourism. ③ Extend tourism industry chain. Based on the six elements of tourism and the weak parts of shopping and recreation, the Company will speed up the construction on key projects such as rebuilding of Huangshan Hot Spring. ④ Strengthen human resource. The Company will, based on the principle of "laying emphasis on quality, introducing talents as required and intensifying first line staffs", absorb talents to strengthen its staff team and the manpower training, further deploy manpower reasonably. ⑤ Further improve the system on rating of target responsibility and the system of cost control. ⑥ Continue to strengthen the construction for standardization, advance the informatization level of enterprise and strengthen management on investors' relation, and establish sound foundation for the Company's sustainable and stable development. 3) Fund demand and use plan for the Company's future development and the fund source The Company's fund demand in 2006 shall be based on the progress of relevant projects, mainly for purchasing part of operating assets of Huangshan Tourism Group Co., Ltd., rebuilding of Yungu Cableway and construction and maintenance of related supporting facilities for tourism. The Company shall adopt self-owned fund, bank loan or joint investment with partners to dispose the specific project. 4) Risk factors possibly making detrimental effect on the Company's future development strategy and operations objectives (1) Risk of industry Relying on Huangshan's natural scenic resource, the Company's business is of strong relativity and sensibility. Any unfavorable condition in economic environment may restrict the development of tourist industry, especially the significant political, economic and military events, natural disasters, accidents, epidemic situation (such as SARS in 2003) or other force majeure events both at home and abroad, will bring overall or local risk to the Company's development. Countermeasure: All the significant natural disasters and disruptive events are of considerable chanciness. Huangshan Scenic Spot has already formed a set of rounded system of prevention and pre-warning for contingent natural disasters and disruptive events. The Company shall further improve the relevant measures of prevention and control, subdivide safety work and ensure the security of the scenic spot and the tourists. (2) Operating risk The Company's business mostly focuses on Huangshan Scenic Spot. At present its main business income mostly comes from passenger cableway, garden tickets, hotel room and board and tourist service. The over-concentration of main business means a relative weak ability of anti-risk. Besides, the impact of weather and consumption custom makes the Company's business is easy to be controlled by season, i.e., divided 88 into slack season and busy season. Countermeasure: The Company shall, based on the six elements of tourism, adjust the strategic layout reasonably, promote development of related industries and improve the tourist industry chain. It will, based on actual situation, strengthen the sales promotion on tourism subject of each year, investigate the demand in tourist market to design different kinds of tourism activities of seasonal feature and local culture, strive to improve the tourism products and reduce the detrimental impacts of seasonal factors to the Company. It will strengthen the sales promotion and reception to the high-end individual tourists, improve the operating system of individual tourists and find the experience and rules for such operation. (3) Risk of management After the Company implemented the equity division reform, its controlling shareholder Huangshan Tourism Group Co., Ltd. holds 43.52% equity interest of the Company, such relative centralization of equity interest makes it being at superior position in the shareholders' meeting and its decision playing leading role in the Company's operation. How to make effective supervision on the use of the group company's decision making power, shall make important impacts on the Company's development. Countermeasure: The Company shall, strictly in accordance with the requirements of the Company Law, Securities Law and other relevant laws and codes and the Articles of Association, make operation legally, standardize its operation, continue to improve the relevant rules of procedure, exert the function of Independent Directors and Supervisory Committee, and further improve the corporate jurisdical person management structure. Meanwhile, it shall improve the work on information disclosure and investor's relation management to protect the lawful rights and interests of all the shareholders, especially the middle and small shareholders. (4) Price risk In the Company's main business, the prices for garden ticket and passenger cableway ticket are set by relevant department of the government. The Company cannot adjust the prices for such tickets in accordance with market situation without the approval of the relevant department of government. Therefore the Company's decision right on price-setting is limited. Countermeasure: On one hand, the Company shall, in the range of national policy, based on the situation of tourist market and in consideration of the operational cost and practical situation in the scenic spot, make application for approval of new price suitable to market demand. On the other hand, the Company shall strive to reduce its operating cost, improve its service facility and function, improve service quality, increase service's items and enhance the added value of its tourism product. 3. Investment of the Company 1) Utilization of raised capital (1) Utilization of capital raised from B share The Company already used up the raised capital in previous years strictly according to the commitment in the Prospectus of B Share. (2) Utilization of capital raised from A share During the report period the Company did not have raised capital from A share neither have such capital raised in previous years but continued to present period. All the projects invested with capital raised from A share, except that part of Xihai Grand Canyon Development Project has not been completed, was completed in the previous year and put into use (please see the section “Investment“ in “Report of the Board of Directors“ in the 2002 annual report and 2003 annual report), and has got good economic benefit until now. 89 2) Notes for the projects not meeting planned progress and yields The walking avenue of Xihai Grand Canyon Development Project was completed at the end of May 2002 and has been put into use completely. As of the end of the report period due to the compilation and amendment for the Overall Planning of Huangshan scenic spot, the preparatory work for part of this project was suspended. The new developed Xihai Grand Canyon is one of the best area of Huangshan Scenic Spot. Because the tourists can visit the Huangshan Scenic Spot with one ticket for all other sight-seeing, this project has not demonstrated special economic benefits. 3) The investment of non-raised capital and the progress and benefit of such invested projects: Hui Merchant Residence Hotel: Approved by the resolution of 12th meeting of 2nd Board of Directors, the Company planned to invest its own fund of RMB 28,700,000 to reconstruct the Lotus Hotel (in urban area of Huangshan City) and renamed it Hui Merchant Residence Hotel. As of the end of the report period, the Company had totally invested capital of RMB 30,690,000 in this project. This hotel started its trial running since January 2005, now is still in the market rearing stage; furthermore the initial cost has been listed into cost in one time, so it was in loss state during the report period. For the detailed contents of other investment projects of the Company during the report period, please refer to "projects in progress" section in notes of accounting statement. 4. Routine work of the Board of Directors 1) The Board meetings during the report period and the contents of the resolutions During the report period the Board of Directors of the Company totally convened six meetings, the details are as follows: (1) On March 1, 2005 the Company held its 6th meeting of 3rd Board of Directors in the mode of communication, which examined and passed the motion that the Company would acquire the optimized and mixed type fund of Huafu with its own capital of RMB 10,000,000. (2) On April 18, 2005 the Company held its 7th meeting of 3rd Board of Directors, which examined and passed the Company's 2004 Annual Report and the abstract, 2004 profit distribution proposal and other motions. The resolution announcement was published in Shanghai Securities News and Hong Kong Commercial Daily on April 20, 2005. (3) On April 26, 2005 the Company held its 8th meeting of 3rd Board of Directors, which examined and passed the Company's 2005 first quarterly report. The announcement of this meeting was published in Shanghai Securities News and Hong Kong Commercial Daily on April 27, 2005. (4) On August 18, 2005 the Company held its 9th meeting of 3rd Board of Directors, which examined and passed the Company's 2005 interim report, the motion of correcting significant accounting error and the motion on establishing the e-business company of Huangshan Tourism Development Co., Ltd. The resolution announcement was published in Shanghai Securities News and Hong Kong Commercial Daily on August 20, 2005. (5) On September 21, 2005 the Company held its 10th meeting of 3rd Board of Directors, which examined and passed the motion on establishing Zhonghai International Conference Exhibition Service Company. (6) On October 24, 2005 the Company held its 11th meeting of 3rd Board of Directors, which examined and passed the Company's 2005 third quarterly report. The announcement of this meeting was published in Shanghai Securities News and Hong Kong Commercial Daily on October 25, 2005. 2) The execution on resolutions of the shareholders' meeting by the Board of Directors (1) In 2004 the Board of Directors of the Company, in the spirit of being responsible for 90 the whole shareholders and based on the requirements of the Company Law and the Articles of Association, made operation in standardized mode, performed the duty of the Board of Directors earnestly, and endeavored to implement all the resolutions of the shareholders' meetings. (2) The Company executed its 2004 Profit Distribution Plan. Resolved warranty the Company's 2004 shareholders' annual meeting, the Company, with total share capital of 302,900,000 shares at end of 2004 as the basis, offer dividend of RMB 1.00 (tax included) in cash for every 10 shares held to the whole shareholders, for B share, offer the dividend in U.S. dollars. The Company published the announcement on dividend distribution on June 17, 2005 specifying June 22 (for A share) and June 27 (for B share) as equity registration day, June 23 as ex dividend day and June 29 (for A share) and July 6 (for B share) as dividend distribution day. 5. The proposal on profit distribution and proposal on transferring capital reserve into share capital Audited by Anhui Huapu Certified Public Accountants and CCIF CPA Limited (Hong Kong), in 2005 the Company realized net profit of RMB 68,816,337, after appropriating 10% statutory public reserves of RMB9,402,995and 10% statutory public welfare fund of RMB8,143,003(including the amount appropriated by the subsidiaries consolidated in statements), the undistributed profit should be RMB51,270,339; plus the undistributed profit of RMB-10,148,444 left over from previous year, the total undistributed profit should be RMB41,121,893. Calculated as per international accounting standard, the Company realized after-tax profit of RMB6,116,002. The Board of Directors of the Company suggested the plan of profit distribution as follows: 1) With total share capital of 302,900,000 shares at end of 2005 as the basis, distribute dividend in cash to the whole shareholders; offer cash dividend of RMB 30290for every 10 shares held, totally RMB 25,746,500; the remained undistributed profit of RMB15,375,393, shall be transferred to the next year for distribution. 2) The dividend of B share shall be distributed in US dollars. The exchange rate between US dollar and Renminbi shall be calculated according to the middle price for US dollar against Renminbi declared by the People's Bank of China in the first working day after approval by the 2005 annual shareholders' meeting. This distribution proposal should be submitted to the 2005 annual shareholders' meeting for approval. 6. Other Matters 1) During the report period based on the resolution of the Company's 2005 1st provisional shareholders' meeting, the Company will not engage the PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. The Company decided to engage Anhui Huapu Certified Public Accountants and Hong Kong CCIF CPA Limited as its domestic auditor and overseas auditor in 2004, the engagement period is one year. 2) The newspapers selected by the Company for information disclosure in 2005 are Shanghai Securities News and Hong Kong Commercial Daily. 8. Report of the Supervisory Committee 1. Work of the Supervisory Committee during the report period During the report period the Supervisory Committee totally held 3 meetings, the details are as follows: 1) On April 18, 2005 the Company held its 4th meeting of 3rd Supervisory Committee, which examined and passed unanimously the following motions: (1) The Company's 2004 Annual Report and abstract; 91 (2) The Company's 2004 work report of the Supervisory Committee; (3) The motion on Mr. Zhu Ligang's resignation of the Company's Supervisor and Chief Supervisor; (4) The motion on electing Mr. Ye Shumin as the Supervisor of the Company; (5) The motion on correction of significant accounting error. The announcement of the meeting was published in the Shanghai Securities News and Hong Kong Commercial Daily on April 20, 2005. 2) On May 26, 2005 the Company convened the 5th meeting of 3rd Supervisory Committee, which examined and passed unanimously the motion on electing Mr. Ye Shumin as the convener of the Supervisory Committee of the Company. The announcement of the meeting was published in the Shanghai Securities News and Hong Kong Commercial Daily on May 28, 2005. 3) On August 18, 2005 the Company held its 6th meeting of 3rd Supervisory Committee, which examined and passed unanimously the following motions: (1) The Company's 2005 interim report and abstract; (2) The motion on correction of significant accounting error. The announcement of the meeting was published in the Shanghai Securities News and Hong Kong Commercial Daily on August 20, 2005. In 2005 the Company's Supervisory Committee strictly observed the relevant regulations in the Company Law and Articles of Association, seriously performed its duties and made effective supervision on the Company's operation and financial status and duty performance of the senior executives to maintain the interest of the Company and its immense shareholders. 2. The Supervisory Committee's auditing opinion on the annual report The Company's program for compiling and checking of its 2005 annual report conforms to the provisions of laws, codes, Articles of Association and its internal management system; the content and form of this annual report conforms to the provisions as specified by China Securities Regulatory Committee and Shanghai Stock Exchange, and the information contained in it has truly reflected the Company's opeating management and financial status; during the review process for this annual report no person joining the compiling and checking of this annual report was discovered to make any behavior of violating confidentiality regulations. 3. The Supervisory Committee expresses its independent opinion on following events 1) The Company's operation status The Supervisory Committee deems that, the Company could make operation strictly according to the relevant state policies and statutes and the Articles of Association, the convening procedure, rules of procedure and resolution procedure for the Board of Directors were all legal and effective, and the internal controlling system was perfect and conformed to the Company Law, other statutes and codes and relevant provisions in the Article of Association. The Company's Directors, president and other senior executives, could all work diligently in their position, their operation behaviors and decisions were all based on the interest of the whole shareholders, and there was no such behavior as violating laws and codes and Articles of Association, or damaging the interest of the Company being discovered. 2) The Company's financial status The Company engaged Anhui Huapu Certified Public Accountants (domestic) and Hong Kong CCIF CPA Limited (overseas) to make audit on the Company's 2005 financial statements and issued auditor's report with unqualified opinion. The Company’s Supervisory Committee checked the Company's financial status seriously 92 and deems that this report has truly, accurately and objectively reflected the Company's financial status and operation results in 2005. The Company has strict financial system and perfect internal control system and did not have any behavior of violating the financial system and infringing the benefits of investors. 3) Utilization of raised capital During the report period, the Company did not use any raised capital. 4) Purchase and sales of assets During the report period, the Company did not purchase or sell assets. 5) Related transactions During the report period the Company did not have any significant related transactions. 9. Major Events 1. During the report period the Company did not have any significant lawsuits and arbitrations. 2. During the report period the Company did not have any entrusted financing events. 3. During the report period the Company did not have any significant acquisitions, sales and consolidation by merger of assets. 4. The Company's related transaction during the report period Sell products and render service to Purchase products and accept related parties service from related parties Ratio in the same Related party Ratio in the same Transaction kind of Transaction kind of transaction amount transaction amount amount (%) amount (%) Huangshan Tourism 238,989.86 0.03 9,628,658.80 7.34 Group Co., Ltd. Huangshan 8,230,706.73 1.19 - - Management Committee Total 8,469,696.59 1.23 9,628,658.80 7.34 Incl,: During the report period the total amount of related transactions in which the Company sold products or rendered service to its controlling shareholder and the subsidiaries was RMB 8,469,696.59. 5. During the report period the Company did not have any significant guarantees. 6. Important contracts and the implementation 1) During the report period there were no such matters of significant trusteeship, contracting and leasing for other company's assets or other company's trusteeship, contracting and leasing for the company's assets occurring before but going down to this report period. 2) During the report period, the Company did not have any significant entrusted management on cash or assets occurring before but going down to this report period. 7. During the report period the Company or its shareholders holding more than 5% equity interest of the Company did not declare promised matters in the appointed newspapers or website. 8. During the report period the change of the public accounting firm engaged by the Company and the disbursement for the rewards 1) Based on the resolution of the Company's 2005 1st provisional shareholders' meeting, the Company discontinued to engage the PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. The Company decided to engage Anhui Huapu Certified Public Accountants and Hong Kong CCIF CPA Limited as its domestic auditor and overseas auditor in 93 2004, the engagement period is one year. 2) For the reporting year the Company paid total audit fee of RMB 500,000 to the Anhui Huapu Certified Public Accountants and the Hong Kong CCIF CPA Limited. The above domestic and overseas audit agency engaged by the Company shall provide audit services to the Company for two years. 9. During the report period the Company, the Board of Directors of the Company and the Directors, all had not been checked, punished and publicly reprimanded by the China Securities Regulatory Committee and publicly condemned by the stock exchange. 10. Other significant events 1) During the report period, according to relevant files of Huangshan Commodity Price Bureau, the price of entrance ticket has been adjusted as follows since June 1, 2005: ① The ticket price of Huangshan Scenic Spot in peak season was adjusted from RMB 130 to RMB 200 and that in low season from RMB 85 to RMB 120. The price includes a heritage protection fee of RMB 20 per ticket; ② Time definition of low and peak season: December 1 in the first year to February 28 in the second year for low season and March 1 to November 30 in a year for peak season. The above announcement was published in the Shanghai Securities News and Hong Kong Commercial Daily on April 1, 2005. 2) During the report period the Huangshan Scenic Spot passed the certification of ISO14001 environmental management system; the environmental protection and environmental management of Huangshan Scenic Spot has entered the range of international standardization and normalization. 3) During the report period approved by the resolution of 9th meeting of 3rd Board of Directors, the Company established the Huangshan Tuma Tourism E-business Co., Ltd. Huangshan Tourism e-business website(http://www.huangshan.com.cn or www.tourmart.cn) is a commercial website for the Company to enhance the management on the scenic spot, increase service efficiency of the scenic spot and facilitate the tourists coming to Huangshan. This website uses the Company's resources of scenic spot and hotels to provide the tourists with all information consultation service, online reservation service, agent service and sales promotion service. 4) On December 19, 2005 the Company disclosed its memorandum on equity division reform; on January 19, 2006 it held a related shareholders' meeting on A share market to examine and pass its equity division reform plan; on February 17, 2006 it disclosed its announcement on implementation of its equity division reform plan, specifying the holders of tradable A share acquire 2.9 shares for every 10 shares held as the consideration; and since February 17, 2006 the short name of the Company's A share has been changed from "Huangshan Tourism" to "G Huangshan", but the stock code "600054" still keeps unchanged. 94 10. Financial Report CONTENTS AUDITORS’ REPORT CONSOLIDATED INCOME STATEMENT CONSOLIDATED BALANCE SHEET CONSOLIDATED STATEMENT OF CHANGE IN SHAREHOLDERS’ EQUITY CONSOLIDATED CASH FLOW STATEMENT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AUDITORS’ REPORT TO THE SHAREHOLDERS OF HUANGSHAN TOURISM DEVELOPMENT CO., LTD. We have audited the accompanying consolidated balance sheet of Huangshan Tourism Development Co., Ltd. (hereinafter referred to as “the Company”) and its subsidiaries (hereinafter collectively referred to as “the Group”) at 31 December 2005, and the related consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statements for the year then ended. These consolidated financial statements set out on pages 2 to 46 are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing published by the International Federation of Accountants. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group at 31 December 2005 and the consolidated results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards published by the International Accounting Standards Board. CCIF CPA Limited Certified Public Accountants Hong Kong, 26 April 2006 Chan Wai Dune, Charles Practising Certified Number P00712 95 HUANGSHAN TOURISM DEVELOPMENT CO., LTD. AND ITS SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005 (All amounts are stated in Renminbi (“RMB”)) Notes 2005 2004 RMB RMB Revenue, net 6 662,500,368 508,825,281 Operating costs and expenses (418,429,381) (278,859,442) Gross profit 244,070,987 229,965,839 Other operating income 8,680,030 9,481,980 Interest income 7 3,868,283 1,683,574 Administrative expenses (103,355,773) (117,024,426) Other operating expenses (3,173,894) (1,755,751) Impairment loss on available-for-sale investments (86,790,000) (3,120,000) Profit from operations 8 63,299,633 119,141,216 Finance expenses 7 (1,357,483) (2,192,857) 61,942,150 116,948,359 Share of results of associates and joint ventures 957,661 1,314,320 Profit before tax 62,899,811 118,262,679 Income tax expenses 9 (50,526,329) (47,551,618) Net profit for the year 12,373,482 70,711,061 Attributable to Equity holders of the Company 6,116,002 66,996,484 Minority interests 6,257,480 3,714,577 12,373,482 70,711,061 Earnings per share - basic 10 0.02 0.22 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. 96 Notes 2005 2004 RMB RMB ASSETS Non-current assets Property, plant and equipment, net 11 448,653,802 481,704,758 Leasehold land 12 13,856,456 15,286,374 Goodwill 13 896,012 896,012 Interests in associates 14 3,406,707 3,846,465 Interests in joint ventures 15 30,011,918 4,578,344 Available-for-sale investments 16 19,692,800 96,790,000 Other long term receivables 4,100,000 - 520,617,695 603,101,953 Current assets Short-term investments 17 11,425 11,425 Lease premium for land 12 1,429,918 1,429,918 Inventories, net 18 13,526,498 12,021,758 Receivables and prepayments, net 19 30,082,004 50,240,743 Due from related parties 26(d) 16,322,066 3,928,156 Cash and cash at banks 25(b) 371,368,220 301,036,861 432,740,131 368,668,861 Current liabilities Short-term borrowings 22(a) 25,000,000 30,200,000 Trade and other payables 23 94,708,339 97,822,140 Due to holding company 26(c) 6,937,422 1,704,529 Due to related parties 26(e) 14,580,709 22,177,160 Taxes payable 61,732,048 45,743,865 202,958,518 197,647,694 Net current assets 229,781,613 171,021,167 Total assets less current liabilities 750,399,308 774,123,120 Non-current liabilities Long-term borrowings, net of current portion 22(b) 3,201,580 3,129,580 Long-term payable to a related party 26(f) 26,143,845 26,143,845 (29,345,425) (29,273,425) NET ASSETS 721,053,883 744,849,695 Notes 2005 2004 RMB RMB SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity Share capital 20 302,900,000 302,900,000 Reserves 21 414,054,362 438,228,360 716,954,362 741,128,360 Minority interests 22 4,099,521 3,721,335 721,053,883 744,849,695 97 Reserves Statutory Statutory Discretionary Share Surplus Public Surplus Unappropriated Minority Total Share Capital Premium Reserve Fund Welfare Fund Reserve Fund Profits Total interest Equity Note RMB RMB RMB RMB RMB RMB RMB RMB RMB (Note 20) (Note 21(a)) (Note 21(b)) (Note 21(c)) (Note 21(d)) (Note 24) Balance at 1 January 2005 302,900,000 253,783,545 47,527,205 41,503,268 23,023,746 72,390,596 438,228,360 3,721,335 744,849,695 Dividends paid after 31 December 2004 - - - - - (30,290,000) (30,290,000) - (30,290,000) Net profit for 2005 - - - - - 6,116,002 6,116,002 - 6,116,002 Share of net profit for the year - - - - - - - 6,257,480 6,257,480 Dividend to minority shareholders - - - - - - - (6,234,381) (6,234,381) Acquisition of a subsidiary - - - - - - - 450,918 450,918 Disposal of a subsidiary - - - - - - - (95,831) (95,831) Profit appropriations - Statutory surplus reserve fund - - 2,136,096 - - (2,136,096) - - - - Statutory public welfare fund - - - 876,104 - (876,104) - - - Balance at 31 December 2005 302,900,000 253,783,545 49,663,301 42,379,372 23,023,746 45,204,398 414,054,362 4,099,521 721,053,883 Balance at 1 January 2004 As stated previously 302,900,000 253,456,710 40,909,414 36,119,942 25,064,377 30,708,231 386,258,674 5,139,651 694,298,325 Prior year adjustments - - (2,550,790) (2,550,790) (2,040,631) (8,211,422) (15,353,633) - (15,353,633) As restated 302,900,000 253,456,710 38,358,624 33,569,152 23,023,746 22,496,809 370,905,041 5,139,651 678,944,692 Net profit for 2004 - - - - - 66,996,484 66,996,484 - 66,996,484 Share of net profit for the year - - - - - - - 3,714,577 3,714,577 Dividend to minority shareholders - - - - - - - (5,132,893) (5,132,893) Amount waived on consolidateion - 326,835 - - - - 326,835 - 326,835 Profit appropriations - Statutory surplus reserve fund - - 9,168,581 - - (9,168,581) - - - - Statutory public welfare fund - - - 7,934,116 - (7,934,116) - - - Balance at 31 December 2004 302,900,000 253,783,545 47,527,205 41,503,268 23,023,746 72,390,596 438,228,360 3,721,335 744,849,695 Notes 2005 2004 RMB RMB CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operating activities 25(a) 208,718,607 261,889,569 Interest paid (1,285,483) (2,192,857) Income tax paid (34,536,962) (47,629,417) Net cash generated from operating activities 172,896,162 212,067,295 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (63,906,889) (38,711,820) Increase in restricted deposits (111,708,806) (133,330,185) Loss on investments - (20,000,000) Proceeds from disposal of property, plant and equipment 9,555,110 - Purchase of available-for-sale investments (9,692,800) - Acquisition of associates (1,420,000) - Net payment for acquisition of subsidiary 25(b) 256,882 - Interest received 3,899,298 1,683,574 Proceeds from sales of investments 479,252 4,400,000 Dividends from associates - 136,277 Proceeds from disposal of subsidiary 25(c) (11,275) - Net cash used in investing activities (172,549,228) (185,822,154) 98 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings - 28,344,000 Repayment of borrowings (5,200,000) (71,200,000) Dividends paid to minority shareholder of a subsidiary (6,234,381) (5,132,893) Dividends paid (30,290,000) - Net cash used in financing activities (41,724,381) (47,988,893) Net decrease in cash and cash equivalents (41,377,447) (41,743,752) Cash and cash equivalents at beginning of year 167,388,368 189,132,120 Cash and cash equivalents at end of year 25(d) 126,010,921 167,388,368 1. GENERAL INFORMATION (a) Organisation Anhui Huangshan Tourism Development Co. was established in 1985, and merged with the tourism department of Huangshan Scenic Administrative Committee (the “Huangshan Committee”) in February 1989 to form Huangshan Tourism Co. In June 1999, Huangshan Tourism Co. was renamed Huangshan Tourism Group Ltd. (“HTGC”). Pursuant to a reorganisation effective on 18 November 1996, HTGC contributed the net assets as reported in the audited financial statements as of 31 May 1996 amounting to RMB 169,568,780 in exchange for 113,000,000 state-owned legal person shares of Huangshan Tourism Development Co., Ltd. (the “Company”) with par value of RMB 1 each. On 30 October 1996 and 17 April 1997, the Company received approval for the issuance of 80,000,000 domestically listed foreign investment shares (“B shares”) and 40,000,000 domestic Renminbi ordinary shares (“A shares”) respectively. Both A shares and B shares are with par value of RMB 1 each, and are listed on the Shanghai Stock Exchange. On 15 October 1999, in accordance with the resolution of shareholders’ meeting the Company declared 69,900,000 bonus shares (3 shares for each 10 shares outstanding), which were appropriated from share premium. The address of the Company’s registered office is Hangshan Scenic Hot Springs, Huangshan Anhui Province. The parent company and ultimate parent company of the Company is Huangshan Tourism Group Limited. (b) Group’s operations The principal activities of the Group are tour services, hotel operations, transportation, food and entertainment services, trading and development of tourism related resources and advertising agency services. 2. IMPACT OF RECENTLY ISSUED INTERNATIONAL FINANCIAL REPORTING STANDARDS The following revised, amended and new standards which are generally effective for accounting periods beginning on or after 1 January 2006 may result in changes in the future as to how the Group’s financial performance and financial position are prepared and presented: - IAS 1 Presentation of Financial Statements (revised 2005); and - IAS 39 Financial instruments: Recognition and measurement (revised 2005); Adoption of revised, amended and new IFRSs 99 In 2005, the company has adopted all IFRSs issued up to 31 December 2005 pertinent to its operations. The applicable IFRSs are set out below and the 2005 accounts have been restated in accordance with the relevant requirements. - IAS 1 Presentation of Financial Statements (revised 2004); - IAS 2 Inventories (revised 2003); - IAS 8 Accounting policies, changes in accounting estimates and errors (revised 2003); - IAS 10 Events after the balance sheet date (revised 2003); - IAS 16 Property, plant and equipment (revised 2003); - IAS 17 Leases (revised 2003); - IAS 21 The Effects of Changes in Foreign Exchange Rates (revised 2003); - IAS 24 Related party disclosures (revised 2003); - IAS 27 Consolidated and separated financial statements (revised 2003); - IAS 32 Financial instruments: Disclosure and presentation (revised 2003); - IAS 33 Earnings per share (revised 2003); - IAS 36 Impairment of assets (revised 2004); - IAS 38 Intangible assets (revised 2004); - IAS 39 Financial instruments: Recognition and measurement (revised 2004); and - IFRS 3 Business combinations (revised 2003). The adoption of above list of IFRSs did not result in substantial changes to the company’s policies. 3. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in preparation of these consolidated financial statements of the Group are set out below: 3. SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”, which includes International Accounting Standards and Interpretations) published by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been prepared under the historical cost convention. This basis of accounting differs from that used in the Group’s statutory accounts which are prepared in accordance with PRC Accounting Standards for Business Enterprises and the Accounting System for Business Enterprises (“Statutory Accounts”). The adjustments made to conform the Statutory Accounts of the Group to IFRS are shown in Supplementary Information. The preparation of consolidated financial statements in conformity with IFRS requires the use of estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current event and actions, actual results could differ from those estimates. (b) Consolidated accounting (1) Subsidiaries Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies, are consolidated. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of 100 accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up or liabilities undertaken at the date of acquisition plus cost directly attributable to the acquisition. The excess of the cost of acquisition over the fair value of net assets of the subsidiary acquired is recorded as goodwill (See Note 3(f)). Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. 3. SIGNIFICANT ACCOUNTING POLICIES (Continued) (b) Consolidated accounting (Continued) (1) Subsidiaries (Continued) In the Company’s financial statements, interests in subsidiaries are accounted for using the equity method and are stated at cost less any identified impairment loss. An assessment of interests in subsidiaries is performed when there is an indication that the asset has been impaired or the impairment losses recognised in prior years no longer exist. The results of subsidiaries are accounted to the extent of dividends received and receivable. At 31 December 2005, the Group’s subsidiaries were held directly/indirectly as follows: Percentage of equity interest Country and date Registered directly and Name of incorporation capital indirectly held Principal activities RMB Huangshan China Travel The PRC 2,200,000 100% Provision of tourism Agency (“China Travel 27 May 1991 services Agency”) Huangshan Taiping The PRC USD 70% Provision of cableway Cableway Co., Ltd. 5 August 1992 6,975,000 transportation and related (“Taiping Cableway”) services Jade Screen Cableway Co., The PRC 19,000,000 80% Provision of cableway Ltd. (“Jade Screen 8 December 1995 transportation and related Cableway”) services Hui Wen Hua Co., Ltd. The PRC 3,368,000 70% Provision of tourism 25 May 1998 services and development Pi Peng Culture Co., Ltd. The PRC 5,000,000 90% Planning, designing, and 11 December production of 1998 advertisements 黃山中海假日日旅行社 The PRC 1,000,000 51% Provision of tourism 有限公司 17 June 2004 services and sales of souvenir 黃山市途馬旅遊電子商 The PRC 5,000,000 99% Development and 務有限責任公司 9 September promotion of online 2005 tourism services 黃山中海會議展覽服務 The PRC 100,000 100% Not yet commenced 有限公司 1 November business 2005 101 (b) Consolidated accounting (Continued) (2) Associates Interests in associates are accounted for by the equity method of accounting. Associates are entities over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the associates. (3) Joint ventures Interests in a joint venture is accounted for by the equity method of accounting. A joint venture is a venture undertaken by two parties whose rights and obligations with respect to the venture are specified in a joint venture agreement. No single party is in a position to control unilaterally the activity of the venture. (c) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Expenditures incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance and overhaul costs, are recognised as expense in the period in which they are incurred. In situations where it is probable that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of the asset. Major costs incurred in restoring property, plant and equipment to their normal working condition are charged to the income statement. Improvements are capitalised and depreciated over their expected useful lives to the company. The gain or loss on disposal of property, plant and equipment other than investment properties is the difference between the net sales proceeds and the carrying amount of the relevant asset, and is recognised in the income statement. Any revaluation reserve balance remaining attributable to the relevant asset is transferred to retained earnings and is shown as a movement in reserves. (d) Construction-in-progress Construction-in-progress represents properties and plant under construction and machinery and equipment under installation and testing, and is stated at cost. This includes cost of construction, site restoration cost, plant and equipment and other direct costs. Construction-in-progress is not depreciated until such time as the assets are completed, ready for their intended use and transferred into property, plant and equipment. (e) Leasehold land Payment for the use of long term leasehold land is classified as operating leases. The prepaid lease payments are amortised over the lease periods (18 to 40 years) on a straight-line basis. 102 (f) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiary at the date of acquisition. Goodwill is stated at cost less impairment (see note 3(i)). Negative goodwill arising on the acquisition of subsidiaries and associates represents the excess of the Group’s share of the fair values of the identifiable assets and liabilities acquired as at the date of acquisition, over the cost of the acquisition. The amount of any negative goodwill in excess of the fair values of the acquired non-monetary assets is recognised as income immediately after reassessment. At each balance sheet date, the Group assesses whether there is any indication of impairment. If such indications exist, an analysis is performed to assess whether the carrying amount of goodwill is fully recoverable. A write down is made if the carrying amount exceeds the recoverable amount. (g) Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Rentals receivables/payables under such operating leases are accounted for in the income statement on a straight-line basis over the periods of the respective lease. (h) Amortisation and depreciation Depreciation is not provided for freehold land. Property, plant and equipment are depreciated at rates sufficient to write off their cost less accumulated impairment loss over their estimated useful lives on a straight-line basis, after taking into account its estimated residue value (at 0% to 5%). No residual value is considered for leasehold improvements. The estimated useful lives are as follows: Years Leasehold improvements 1-40 years Buildings 20-40 years Cableway equipment 24 years Machinery and equipment 6-20 years Communication equipment 3-14 years Motor vehicles 5-10 years Others 5-8 years (i) Impairment of assets Internal and external sources of information are reviewed at each balance sheet date to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased: - property, plant and equipment; - interests in subsidiaries, associate, and joint venture; - goodwill; and - financial assets. 103 If any such indication exists, the asset’s recoverable amount is estimated. For intangible assets that are not yet available for use, or are amortised over more than 20 years from the date when the asset is available for use or goodwill that is amortised over 20 years from initial recognition, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. i) Calculation of recoverable amount The recoverable amount of an asset is the greater of its net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). (i) Impairment of assets (Continued) ii) Reversals of impairment losses In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is reversed only if the loss was caused by a specific external event of an exceptional nature that is not expected to recur, and the increase in recoverable amount relates clearly to the reversal of the effect of that specific event. A reversal of impairment losses is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to the income statement in the year in which the reversals are recognised. (j) Available-for-sale investments Available-for-sale investments are investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, and are included in non-current assets unless management has the express intention of holding the investment for less than 12 months from the balance sheet date or unless they will need to be sold to raise operating capital, in which case they are included in current assets. Purchases and sales of investments are recognised on the trade date, which is the date that the Group commits to purchase or sell the asset. Cost of purchase includes transaction costs. Available-for-sale investments are subsequently carried at fair value. For the available-for-sale investments that have a quoted market price in an active market, the fair value is based on quoted bid prices; for available-for-sale investments that does not have a quoted market price, but the fair value can be reliably determined, the fair value is constructed on the basis of the market price of the similar financial instrument or derived from cash flow models; for available-for-sale investments that the fair value cannot be reliably determined, the investments are carried at cost less accumulated impairment losses. Realised and unrealised gains and losses arising from changes in the fair value of available-for-sale investments are included in the consolidated income statement in the period in which they arise. (k) Inventories Inventories are stated at the lower of cost and net realisable value, after provision for 104 obsolete items. Cost, calculated on the weighted average basis, comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less estimated cost of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value, is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. (l) Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade receivables is established when there is an objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, discounted at the market rate of interest for similar borrowers. (m) Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less of maturity when acquired. Cash equivalents include investments and advances denominated in foreign currencies provided that they fulfil the above criteria. For the purposes of the cash flow statement, cash equivalents would also include cash, bank balances maturing within three months or less, bank overdrafts and advances from banks repayable within three months or less from the date of the advance. (n) Trade and other payables Liabilities for trade and other payables are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Group. (o) Provisions Provisions are recognised for liabilities of uncertain timing or amount when the company or group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditures expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. (p) Income tax i) Income tax for the period comprises current tax and movements in deferred tax assets 105 and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in the income statement except to the extent that they relate to items recognised directly in reserves, in which case they are recognised in reserves. ii) Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous periods. iii) The Group provide for income tax on the basis of their profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes. iv) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities if, and only if, the Group and the Company has the legally enforceable right to set off current tax assets against current tax liabilities. The principle of offsetting usually applies to income tax levied by the same tax authority on same taxable entity. (q) Revenue recognition Provided it is probable that the economic benefits associated with a transaction will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised on the following bases: i) Revenue Revenue mainly represents the income from hotel rooms, food and beverages and tourism services, which is recognised when the services have been rendered; income from cableway operations and entrance fees of Huangshan Scenic District is recognised when the entitlement to the sales consideration is obtained. ii) Interest income Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity. iii) Dividend income Dividend income from the available-for-sale investment is recognised when the right to receive payment is established. iv) Rental income Rental income is recognised within the rental period on straight-line method. (r) Foreign currency translation Items included in the consolidated financial statements of the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to the Group. The consolidated financial statements are presented in RMB, which is the measurement currency of the Group. Transactions in other currencies are translated into RMB at the exchange rates prevailing at the dates of transactions. Monetary assets and liabilities denominated in other currencies at the consolidated balance sheet date are re-translated at the exchange rates prevailing at the date. Exchange differences arising from changes in exchange rates subsequent to the transaction dates are included in consolidated income statement. 106 (s) Borrowing costs Borrowing costs include interest charges and other costs incurred in connection with the borrowing of funds. Borrowing costs are expensed as incurred, except when they are directly attributable to the acquisition, construction or production of assets that necessarily takes a substantial period of time to get ready for their intended use in which case they are capitalised as part of the cost of that asset. Capitalisation of borrowing costs commences when expenditures for the asset and borrowing costs are being incurred and the activities to prepare the asset for its intended use are in progress. Borrowing costs are capitalised at the weighted average cost of the related borrowings until the asset is ready for its intended use. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recorded. All other borrowing costs are charged to the income statement in the year in which they are incurred. (t) Employee benefits Salaries, annual bonuses, paid annual leave, leave passage and the cost to the Group of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Provision is made in respect of paid leave entitlement accumulated during the year, which can be carried forward into future periods for compensated absence or payment in lieu if the employee leaves employment. The Group operates a defined contribution retirement schemes and the regular cost of providing retirement benefits is charged to the income statement over the expected service lives of the members of the scheme on the basis of level percentages of pensionable pay. Variations from regular cost arising from triennial actuarial valuations are allocated to the income statement over the expected remaining service lives of the members. Pursuant to the PRC laws and regulations, contributions to the basic old age insurance for the Group’s local staff are made monthly to a government agency based on certain percentage of the standard salary set by the provincial government. The government agency is responsible for the pension liabilities relating to such staff on their retirement. The Group accounts for these contributions on an accrual basis. The Group has no obligation for the payment of pension benefits beyond the contribution described above. (u) Dividends Dividends are recorded in the Group’s consolidated financial statements as liability in the period in which they are approved by the Company’s shareholders. (v) Segment reporting Business segments provide products or services that are subject to risks and returns that are different from those of other business segments. Geographical segments provide products or services within a particular economic environment that is subject to risks and returns that are different from those of components operating in other economic environments. The Group conducts the business within five business segments and the Group operates within one geographical segment because its revenue are primarily generated in the PRC and its assets are located in the PRC. (w) Contingencies Contingent liabilities are not recognised in the consolidated financial statements. They are 107 disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. (x) Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. (y) Subsequent events Post balance sheet events that provide additional information about the Group’s position at the balance sheet date or those that indicate the going concern assumption is not appropriate (adjusting events), are reflected in the consolidated financial statements. Post balance sheet events that are not adjusting events are disclosed in the notes when material. 4. RISK MANAGEMENT (a) Financial risk factors and financial risk management The Group’s activities expose it to a variety of financial risks, including credit risk, liquidity risk, interest rate risk and foreign exchange risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Financial risk management is carried out by the financial department according to the policies approved by the board of directors. i) Credit risk The Group has no significant concentrations of credit risk. The Group has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history. The Group has policies that deposits are put in reputable banks. ii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. iii) Interest rate risk The Group’s income and operating cash flows are substantially independent of changes in market interest rates. The Group has no significant long term interest-bearing assets and borrowings. iv) Foreign exchange risk The Group has no significant foreign exchange risk due to limited foreign currency transactions. (b) Fair value estimation The fair value of publicly traded securities is based on quoted market prices at the balance sheet date. In assessing the fair value of non-trading securities and other financial instruments, the Group 108 uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for the specific or similar instruments are used for long-term debt. The face values less any estimated credit adjustments for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDEGEMENTS Estimates and judgements are continually evaluated and are bases on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. i) Useful lives of machinery and equipment The Group’s management determines the estimated useful lives and related depreciation charges for its machinery and equipment. This estimate is based on the historical experience of the actual useful lives of machinery and equipment of similar nature and functions. It could change significantly as a result of technical innovations and competitor actions in response to severe industry cycles. Management will increase the depreciation charge where useful lives are less than previously estimated lives, or its will write-off or write-down technically obsolete or non-strategic assets that have been abandoned or sold. ii) Impairment of goodwill The Group test annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in Note 3(f). The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. iii) Fair value of unlisted equity securities In the absence of current prices in an active market for similar unlisted equity securities, the Group determines the fair values by using valuation techniques including estimated discounted cash flows and based on information from variety of sources including the latest financial information of unlisted equity securities. iv) Net realisable value of inventories Net realisble value of inventories is the estimated selling price in the ordinary course of business, less estimated costs of completion and selling expenses. These estimates are based on the current market condition and the historical experience of manufacturing and selling products of similar nature. It could change significantly as a result of changes in customer taste and competitor actions in response to severe industry cycles. Management will reassess the estimations by the balance sheet date. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDEGEMENTS v) Trade and other receivables The Group’s management determines the provision for impairment of trade and other receivables. This estimate is based on the credit history of its customers and the current market condition. Management reassesses the provision by each balance sheet date. vi) Income tax and deferred taxation Significant judgement is required in determining the amount of the provision for taxation and the timing of payment of the related taxation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and 109 deferred tax provisions in the period in which such determination is made. Recognition of deferred tax assets, which principally relate to tax losses and certain temporary differences, depends on the management’s expectation of future taxable profit that will be available against which tax losses or temporary differences can be utilised. The outcome of their actual utilisation may be different. 6. REVENUE, NET Revenue comprised the following: 2005 2004 RMB RMB Hotel income 140,235,421 121,338,228 Cableway income 155,031,187 143,135,590 Entrance fees income 248,750,340 178,375,769 Tourism service income 143,427,933 84,669,426 Others 1,608,823 2,353,311 689,953,705 529,872,324 Less: Business, supplementary taxes and levies (26,553,337) (21,047,043) Revenue, net 662,500,368 508,825,281 6. REVENUE, NET (Continued) The Group is subject to Business Tax (“BT”) at 5% of revenue for its hotel operations, cableways, tourism services and 3% of revenue for its entrance fees income. In addition, the Group is subject to the following supplementary taxes and levies: (a) City construction tax at 5% of BT. (b) Education supplementary tax at 3% of BT. (c) Irrigation construction fund contribution at 1% of BT. 7. FINANCE INCOME/ (EXPENSES), NET 2005 2004 RMB RMB Interest income from - Bank deposits 3,753,083 1,683,574 - Related party 115,200 - 3,868,283 1,683,574 Interest expenses on - Bank borrowings (1,285,483) (2,192,857) - Related party (72,000) - (1,357,483) (2,192,857) Finance income / (expenses), net 2,510,800 (509,283) 110 8. PROFIT FROM OPERATIONS Profit from operation was determined after charging the following items: 2005 2004 RMB RMB After charging: Depreciation of property, plant and equipment (Note 11) 48,933,814 48,952,183 Loss on disposal of property, plant and equipment 4,039,669 4,611,685 Provision for doubtful debts of receivables (191,656) 3,866,203 Provision for obsolete and slow-moving inventory (18,237) 297,162 Costs of inventories 23,439,925 20,284,008 Franchise fees (Note 26(b)) 113,014,650 79,171,491 Scenery protection fee (Note 26(b)) 27,929,130 16,456,416 Staff costs - Salaries and wages 62,945,092 52,265,125 - Contribution to statutory pension scheme 8,211,378 7,802,980 - Provision for housing fund 4,631,150 3,803,749 - Provision for staff welfare 9,589,192 10,543,946 Amortisation - Leasehold land (Note 12) 1,429,918 1,431,636 - Goodwill (Note 13) - 149,335 The Company and its subsidiaries provide for contributions to the statutory pension fund and housing fund based on a certain percentage of the standard salaries. Staff welfare consists of staff welfare fund, medical insurance fund and unemployment. Provisions for staff welfare are made based on the following percentage of employees’ total salaries. Percentage 2005 2004 Statutory pension scheme (based on standard salaries) 20% 20% Housing fund (based on standard salaries) 15% 15% Staff welfare fund (based on total salaries) 14% 14% Medical insurance (included in staff welfare fund) 6% 6% Supplementary Medical insurance (included in staff welfare fund) 6% 6% Unemployment insurance (included in staff welfare fund) 2% 2% 9. INCOME TAX EXPENSES (a) Taxation in the consolidated income statement comprised: 2005 2004 RMB RMB Current tax 52,800,779 47,551,618 Over provision in prior years (2,274,450) - 50,526,329 47,551,618 The Company and its subsidiaries are subject to Enterprise Income Tax (“EIT”) at 33% on its taxable income. (b) The reconciliation of the effective tax rate to the applicable tax rate is as follows: 2005 2004 RMB RMB 111 Profit before tax 62,899,811 118,262,679 Tax at the effective statutory tax rate of 33% (2004: 33%) 20,756,937 39,026,684 Expenses not deductible for tax purposes 32,067,165 4,783,403 Absorption of tax losses of the Company and subsidiaries 607,713 3,741,531 Tax losses not recognised (631,036) - Over provision in prior year (2,274,450) - Current tax expense 50,526,329 47,551,618 At 31 December 2005, expenses not deductible for tax purposes include provision for doubtful debts of receivable, depreciation of property, plant and equipment, loss on disposal of property, plant and equipment and impairment of available-for-sale investments provided by each entity. Deductibility of these items for income tax purpose requires the approval from tax authorities. The management of the Company consider as the timing of obtaining the approval from related authorities are uncertain, no deferred tax asset in respect of these items was recognised and included in the consolidated financial statements. At 31 December 2005, tax impact of losses of the Company and subsidiaries is RMB10,298,914 (2004: RMB10,322,237). The management of the Company consider, as the future tax profit of the Company and subsidiaries are uncertain, no deferred tax asset in respect of this item was recognised and included in the consolidated financial statements. 10. EARNINGS PER SHARE The calculation of basic earnings per share on the consolidated net profit attributable to shareholders for the year of RMB6,116,002 (2004: RMB66,996,484) divided by the weighted average number of ordinary shares outstanding during the year of 302,900,000 shares (2004: 302,900,000 shares). No effect on dilutive potential ordinary shares was existed for the Company. No dilutive earnings per share was calculated. 112 HUANGSHAN TOURISM DEVELOPMENT CO., LTD. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 (All amounts are stated in Renminbi (“RMB”) unless otherwise stated) 11. PROPERTY, PLANT AND EQUIPMENT Movements in property, plant and equipment were as follows: 2005 Machinery Leasehold Cableway and Communication Motor Improvements Buildings equipment equipment equipment vehicles RMB RMB RMB RMB RMB RMB Cost Beginning of year 41,397,310 370,495,549 235,876,287 66,600,491 5,153,906 30,576,250 Reclassification - 1,923,684 - 517,893 (10,352) 4,800 Additions for the year 2,582,292 10,954,128 - 4,524,565 25,300 1,804,090 Acquisition of subsidiary - - - - - - Transfer of construction-in-progress 2,432,302 33,044,828 - 2,539,772 - - Disposal of subsidiary - - - - - (5,408,128) Disposals for the year - (66,240,766) - (19,823,980) (1,167,230) (4,984,280) End of year 46,411,904 350,177,423 235,876,287 54,358,741 4,001,624 21,992,732 Accumulated depreciation Beginning of year 22,849,983 100,757,530 104,836,080 31,816,745 3,879,663 23,093,995 Reclassification - 581,310 - 1,683,421 - (20,000) Additions for the year 9,535,168 15,011,463 9,888,272 8,050,601 232,843 1,587,173 Acquisition of subsidiary - - - - - - Disposal of subsidiary - - - - - (3,488,517) Disposals for the year - (22,667,449) - (11,366,834) (1,056,877) (4,344,655) End of year 32,385,151 93,682,854 114,724,352 30,183,933 3,055,629 16,827,996 Impairments Beginning of year - 10,901,523 3,897,407 4,277,929 19,782 1,859 Disposals for the year - (10,775,475) - (4,277,929) (19,782) (1,859) End of year - 126,048 3,897,407 - - - Net book value End of year 14,026,753 256,368,521 117,254,528 24,174,808 945,995 5,164,736 HUANGSHAN TOURISM DEVELOPMENT CO., LTD. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 (All amounts are stated in Renminbi (“RMB”) unless otherwise stated) 11. PROPERTY, PLANT AND EQUIPMENT (Continued) 2004 Machinery Road Cableway and Communication Improvements Buildings equipment equipment equipment Motor vehicles Others RMB RMB RMB RMB RMB RMB RMB Cost Beginning of year 36,944,977 367,992,150 235,876,287 65,181,501 4,742,186 31,185,897 46,037,771 Additions for the year 4,452,333 4,339,659 - 1,679,865 428,600 1,631,423 1,828,145 Disposals for the year - (1,836,260) - (260,875) (16,880) (2,241,070) (558,748) End of year 41,397,310 370,495,549 235,876,287 66,600,491 5,153,906 30,576,250 47,307,168 Accumulated depreciation Beginning of year 12,480,881 87,408,994 95,639,549 25,758,022 3,447,820 21,620,866 30,545,381 Additions for the year 10,369,102 14,380,252 9,196,531 6,400,168 448,085 3,471,347 4,686,698 Disposals for the year - (1,031,716) - (341,445) (16,242) (1,998,218) (239,354) End of year 22,849,983 100,757,530 104,836,080 31,816,745 3,879,663 23,093,995 34,992,725 Impairments Beginning of year - 10,901,523 3,897,407 4,277,929 19,782 1,859 924,955 Additions for the year - - - - - - - End of year - 10,901,523 3,897,407 4,277,929 19,782 1,859 924,955 Net book value End of year 18,547,327 258,836,496 127,142,800 30,505,817 1,254,461 7,480,396 11,389,488 As of 31 December 2005 and 31 December 2004, there was no capialised interest in construction-in-progress. 114 HUANGSHAN TOURISM DEVELOPMENT CO., LTD. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 (All amounts are stated in Renminbi (“RMB”) unless otherwise stated) 12. LEASEHOLD LAND 2005 2004 RMB RMB Cost 33,154,934 33,154,934 Accumulated amortisation Beginning of year 16,438,642 15,006,806 Additions for the year 1,429,918 1,431,836 End of year 17,868,560 16,438,642 Net book value End of year 15,286,374 16,716,292 Current portion (1,429,918) 1,429,918 Long term portion 13,856,456 15,286,374 At 31 December 2005, leasehold land with net book value of RMB Nil (2004: RMB1,199,006) (original cost of RMB1,670,667) has been pledged as collateral for short-term bank borrowings (see Note 22). 13. GOODWILL Goodwill on consolidation of subsidiaries: 2005 2004 RMB RMB Cost Beginning of year 12,718,574 12,718,574 Reclassification (11,822,562) - End of year 896,012 12,718,574 Accumulated amortisation Beginning of year 7,710,690 7,561,355 Additions for the year - 149,335 Reclassification (7,710,690) - End of year - 7,7,10,690 Accumulated provision Beginning of year 4,111,872 4,111,872 Additions for the year - - Reclassification (4,111,872) - End of year - 4,111,872 Net book value End of year 896,012 896,012 115 13. GOODWILL (Continued) 2005 2004 RMB RMB Additions for the year 5,699,017 - End of year 5,699,017 - 14. INTERESTS IN ASSOCIATES 2005 2004 RMB RMB Beginning of year 3,846,465 3,832,173 Disposal of investment in an associate (463,862) - Share of result of associates 24,104 (150,334) Dividends received from associates - (136,277) End of year 3,406,707 3,846,465 At 31 December 2005, details of the Company’s associates were as follows: Country of Principal Name incorporation Percentage of direct equity interest Carrying amount activities 2005 2004 2005 2004 RMB RMB Huang He Hotel The PRC 23.22% 23.22% 1,351,092 1,348,448 Provision of hotel, food and beverage services Chang Chun The PRC 20% 20% 2,055,615 2,034,155 Provision of Jing Yue Tan cableway Entertainment transportation Co., Ltd. and related (“Jing Yue services Tan”) Huangshan The PRC - 40% - 463,862 Provision of Jingjiang hotel International management Management services Co., Ltd. (liquidated) (“Jingjiang”)* 3,406,707 3,846,465 * According to the shareholders’ meeting on 22 June 2005, Jingjiang was liquidated during the year. 116 15. INTERESTS IN JOINT VENTURES 2004 2003 RMB RMB Beginning of year 4,578,344 3,414,593 Addition of investment 24,500,017 - Share of results after tax 933,557 1,163,751 End of year 30,011,918 4,578,344 At 31 December 2005, details of the Company’s joint venture were as follow: Contract Total Name period Contract party investment Principal activity Huangshan Huashan 40 years Huangshan Tunxi 3,000,000 Provision of Grotto Tourism Huashan Tourism tourism services, Development Co., Ltd. Development Co., development of (“Huashan Grotto”) Ltd. (“Huashan tourism related Tourism”) resources Huangshan Hot Spring 50 years 東莞市聯華集團有 18,801,000 Development of Holdings Limited 限公司及香港信 tourism related (“Hotspring 恆集團有限公司 resources Holdings”) In accordance with the co-operation joint venture agreement signed between the Company and Huangshan Tunxi Huashan Tourism on 17 April 2000, Huashan Grotto was incorporated with an operating period of 40 years. As the business activities of Huashan Grotto are subject to joint control of the Company and Huashan Tourism, it is treated as a jointly controlled entity of the Company. Based on the agreement, the Company shares 51% of its operating results for the first five years from the date of incorporation in accordance with the capital contribution percentage. The Company will share 65% of the operating results for the remaining 35 years. In accordance with the co-operation joint venture agreement signed between the Company between 東 莞市聯華集團有限公司 and 香港信恆集團有限公司 on 14 March 2005, Huangshan Hot Spring Holdings Limited was incorporated with an operating period of 50 years. The Company has 30% equity interest in Hot Spring Holdings and injected tangible assets for capital injection. The Hot Spring Holdings was set up on 6 July 2005. The share capital verification procedure was completed during the year. 16. AVAILABLE-FOR-SALE INVESTMENTS 2005 2004 RMB RMB Available-for-sale investments, at cost 109,692,800 100,000,000 Less : Impairment loss (100,000,000) (3,210,000) 19,692,800 96,790,000 117 16. AVAILABLE-FOR-SALE INVESTMENTS (Continued) Investment Registered Group’s equity Name of Company period capital interest Hua An Security Co., Ltd. No fixed term 1,705,000,000 5.87% 黃山市新徽投資公司 No fixed term 9,692,800 16% 17. SHORT TERM INVESTMENT 2005 2004 RMB RMB Investment at carrying amount 11,425 11,425 Market value 6,350 11,425 18. INVENTORIES, NET 2005 2004 RMB RMB Food and beverages 1,312,966 420,131 Spare parts and supplies 9,443,005 9,558,896 Merchandise 962,182 915,852 Low-value consumables 1,808,345 1,898,426 13,526,498 12,793,305 Less : Provision for obsolete and slow-moving inventories - (771,547) 13,526,498 12,021,758 19 RECEIVABLES AND PREPAYMENTS 2005 2004 RMB RMB Accounts receivable 23,981,658 36,314,214 Other receivables 28,762,331 46,634,494 52,743,989 82,948,708 Less: provision for doubtful debts of receivables (23,988,542) (34,465,718) 28,755,447 48,482,990 Prepayments 1,326,557 1,757,753 30,082,004 50,240,743 118 20. CAPITAL The authorised, issued, fully paid capital of the Company is RMB302,900,000 (2003: RMB 302,900,000) divided into 302,900,000 (2003: 302,900,000) shares of RMB1 each. The share capital comprised state-owned legal person shares, A shares and B shares. The B shares rank pari passu in all respects with the state-owned legal person shares and A shares. The details of share capital were as follows: Numbers of shares Amount 2005 2004 2005 2004 RMB RMB State-owned legal person shares 146,900,000 146,900,000 146,900,000 146,900,000 A shares 52,000,000 52,000,000 52,000,000 52,000,000 B shares 104,000,000 104,000,000 104,000,000 104,000,000 302,900,000 302,900,000 302,900,000 302,900,000 21. RESERVES (a) Share premium Share premium represents net assets acquired from HTGC in excess of par value of state-owned legal person shares issued and total proceeds from the issuance of B shares and A shares in excess of the par value, net of expenses relating to the listing of the shares such as underwriting commissions, fees for professional advisors and promotional expenses. Share premium can be utilised to offset prior years’ losses or to issue bonus shares. (b) Statutory surplus reserve fund In accordance with the Company Law of the PRC and the Company’s articles of association, the Company shall appropriate 10% of its annual statutory net profit (after offsetting any prior years’ losses) to statutory surplus reserve fund. When the balance of such reserve fund reaches 50% of the Company’s share capital, any further appropriation is optional. The statutory surplus reserve fund can be utilised to offset prior years’ losses or to issue bonus shares. However, such statutory surplus reserve fund must be maintained at a minimum of 25% of share capital after such issuance. 21. RESERVES (Continued) (c) Statutory public welfare fund According to the Company Law of the PRC and the Company’s articles of association, the Company is required to appropriate 5% to 10% of its annual statutory net profit (after offsetting any prior years’ losses) to statutory public welfare fund for capital expenditure on the collective welfare of the Company’s employees. (d) Discretionary surplus reserve fund As stated in the Company’s articles of association, the Company can appropriate its net profit to discretionary surplus reserve fund after the appropriations of statutory surplus reserve fund and statutory public welfare fund. For the year ended 31 December 2005, according to articles of associations and the board resolutions, the management of Jade Screen Cableway appropriated 10% and 5% (2004: 10% and 5%) of the statutory net profit for the year ended 31 December 2004 to statutory surplus reserve fund and statutory public welfare fund respectively. 119 22. BORROWINGS (a) Short-term bank borrowings Interest rate 2005 2004 per annum Conditions RMB RMB Guaranteed bank loans 25,000,000 30,200,000 5.58% Guaranteed by a ════════ ════════ subsidiary and third party (b) Long-term borrowings Details of long-term borrowings were as follows: Interest rate Nature 2005 2004 Period per annum Conditions Unsecured No fixed loan 3,201,580 3,129,580 repayment date 3.60% None 23. TRADE AND OTHER PAYABLES 2005 2004 RMB RMB Trade payables 14,327,091 15,061,886 Other payables 45,040,047 53,690,673 Accrued salaries 27,276,317 20,390,536 Staff welfare payable 2,739,755 3,410,169 Accrued expenses 5,325,129 5,268,876 94,708,339 97,822,140 24. MINORITY INTERESTS 2005 2004 RMB RMB Balance at beginning of year 3,721,335 5,139,651 Acquisition of a subsidiary 450,918 - Disposal of a subsidiary (95,831) - Share of net profit for the year 6,257,480 3,714,577 Dividends declared by a subsidiary (6,234,381) (5,132,893) Balance at end of year 4,099,521 3,721,335 120 HUANGSHAN TOURISM DEVELOPMENT CO., LTD. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 (All amounts are stated in Renminbi (“RMB”) unless otherwise stated) 25. CASH GENERATED FROM OPERATIONS (a) Reconciliation from net profit to cash generated from operations 2005 2004 RMB RMB Net profit 12,373,482 70,711,061 Adjustments for: Minority interests (957,661) (1,314,320) Income tax expenses 50,526,329 47,551,618 Provision for doubtful debts of receivables (191,656) 3,866,203 Gain on disposal of subsidiary (1,067,613) - Depreciation of property, plant and equipment 48,933,814 48,952,183 Amortisation of leasehold land 1,429,918 1,431,836 Loss on disposal of property, plant and equipment 4,039,669 3,467,962 Provision for obsolete and slow-moving inventories - 297,162 Gain on disposal of associate (15,390) - Loss on other investments - 12,886,683 Amortisation of available-for-sale investments 86,790,000 3,210,000 Amortisation goodwill - 149,335 Interest income (3,868,283) (1,683,574) Interest expenses 1,357,483 2,192,857 Operating profit before working capital changes 199,350,092 191,719,006 Increase in inventories (2,299,478) (549,399) Decrease/(increase) in receivables and prepayments 25,728,224 (15,506,771) Decrease/(increase) in due from holding company and other related parties (12,393,910) 41,433,182 Increase in trade and other payables and taxes payable 974,806 38,170,033 Increase/(decrease) in due to holding company and other related parties (2,641,127) 6,623,518 208,718,607 261,889,569 (b) Acquisition of subsidiary 2005 2004 RMB RMB Net assets acquired of: Property, plant and equipment 46,320 - Cash and cash equivalents 616,882 - Trade receivables 2,127,094 - Trade payables (1,975,336) - Tax payables (4,042) - Minority interests (450,918) 360,000 - Purchase consideration Satisfied by: Cash 360,000 - 121 Net cash inflow upon acquisition of subsidiary: 2005 2004 RMB RMB Cash consideration (360,000) - Less: Bank balances 616,882 - Net cash inflow 256,882 - (c) Disposal of subsidiary 2005 2004 RMB RMB Net assets disposal of: Property, plant and equipment 1,919,611 - Cash and cash equivalents 11,275 - Trade receivables 387,348 - Trade payables (1,697,767) - Taxation payables (5,226) - Minority interests (95,831) - 519,410 - Satisfied by: Trade payables set off 1,587,022 - Bank balances and cash disposal of (11,275) - Net cash outflow (11,275) - (d) Analysis of the balances of cash and cash equivalents 2005 2004 RMB RMB Cash on hand 1,146,550 679,612 Demand bank deposits 124,847,220 167,012,782 Fixed bank deposits 245,357,299 133,327,316 Securities deposits 17,151 17,151 371,368,220 301,036,861 Less: Restricted deposits (245,357,299) (133,648,493) 126,010,921 167,388,368 (e) Major non cash transactions In accordance with the co-operation joint venture agreement signed between the Company between 東莞市聯華集團有限公司 and 香港信恆集團有限公司 on 14 March 2005, Huangshan Hot Spring Holdings Limited was incorporated with an operating period of 50 years. The Company has 30% equity interest in Hot Spring Holdings and injected tangible assets for capital injection at total cost of approximately RMB24 million. 122 26. RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party, or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. (a) Name of related party and nature of relationship Name Relationship with the Company Huangshan Tourism Group Ltd. Parent enterprise (“HTGC”) Huangshan Committee Franchise holder for entrance fees to Huangshan Scenic District China Travel and Trading Service Investor of a subsidiary Company (“CTTSC”) China Travel Service (HK) Ltd. Investor of a subsidiary Jingjiang Associated company Jing Yue Tan Associated company Huashan Grotto Joint venture Xihai Hotel Subsidiary of HTGC Huangshan International Hotel Subsidiary of HTGC (b) Related party transactions 2005 2004 RMB RMB Income from services rendered (i) - Huangshan Committee 8,230,707 6,577,612 - HTGC 238,990 5,000 Franchise fees (ii) 113,014,650 79,171,491 Scenery protection fee (iii) 27,929,130 16,456,416 Charges by HTGC for services rendered (iv) 6,958,796 6,988,467 Scenery construction fund (v) 22,380,758 - Management fee to Jingjiang 1,366,083 817,189 Advance to Hunshan Grotto 5,115,200 Borrowings from Xihai Hotel 3,727,626 5,576,085 Payment on behalf of HTGC 6,578,990 204,676 Payment on behalf of Xihai Hotel - 5,813,294 Repayment of borrowings from HTGC - 38,000,000 Repayment of borrowings from Xihai Hotel - 4,046,197 Decoration of San Hua Jing She on behalf of HTGC - 204,676 Messing expenses - Xihai Hotel 7,409,147 5,014,014 - Huangshan International Hotel 2,219,512 1,672,143 (b) Related party transactions (Continued) (i) Income from services rendered represents tickets sold and hotel services rendered to HTGC. (ii) On 13 August 1996, the Company signed an agreement with Huangshan Committee to manage the ticket office of Huangshan Scenic District until 31 December 2036. The Company shall pay 50% of the entrance fees, net of business and supplementary taxes and administrative expenses of the ticket offices as franchise fees to Huangshan Committee. (iii) Pursuant to the "Notice about Levy of Huangshan Scenery Protection Fee (HJZ [1992] No.85)" promulgated by Huangshan Price Bureau and Fiscal Bureau, the Company shall pay RMB 3 123 included in the price of each entrance ticket as scenery protection fee to Huangshan Committee. Pursuant to the "Approval about Modification of Huangshan Scenic District Entrance Ticket Price (HJZ [2002] No.3)" promulgated by Huangshan Price Bureau, the scenery protection fee included in the price of each entrance ticket was modified to RMB 10 effective from 1 May 2002. Pursuant to the "Approval about Modification of Huangshan Scenic District Entrance Ticket Price (HJZ [2005] No. 57) promulgated by Huangshan Price Bureau, the scenery protection fee included in the price of each entrance ticket was modified to RMB20 effective from 1 June 2005. (iv) In 1996, the Company signed contracts with HTGC in relation to provision of services by HTGC to the Company and its employees for a period of forty years. According to the contracts, the services included provision of water, electricity, gas, staff canteens, public bathrooms, schools and hospitals. Charges by HTGC for services rendered are determined and settled at year end. In 2002, the Company and HTGC re-negotiated on the provision for services rendered by HTGC to the Company. The Company will pay to HTGC for services rendered amounting to RMB 5,400,000 every year since 2002. In addition, the Company shall bear part of the expenditure incurred by a department of HTGC that provided service to the Company. The amount paid for 2005 is RMB1,558,795 (2004: RMB1,588,467). (v) Pursuant to the “Approved about Modification of Huangshan Scenic District Cableway Ticket Price (HJZ [2000] No. 114)” promulgated by Huangshan Price Bureau, all income due to the ticket price modification was specifically used in the scenery development and protection of the Huangshan Scenic District. (c) Amounts due from/(to) holding company 2005 2004 RMB RMB Payable to HTGC 6,937,422 (1,704,529) (d) Amounts due from related parties 2005 2004 RMB RMB Receivable from Huangshan Committee 7,387,043 - Loans to Jing Yue Tan 3,926,036 3,926,036 Receivables from Huashan Grotto 5,008,987 2,120 16,322,066 3,928,156 Amounts due from related parties are interest free and have no fixed repayment terms. (e) Amounts due to related parties 2005 2004 RMB RMB Payable to Huangshan Committee - 1,036,395 Payable to Xihai Hotel 12,924,231 15,617,595 Advance from minority shareholder of a subsidiary - 4,057,816 Dividend to minority shareholder of subsidiaries 1,199,667 700,795 Payable to Huang Shan International Hotel 456,811 367,232 Management fee payable to Jingjiang - 397,327 14,580,709 22,177,160 Amounts due to related parties are all interest free and have no fixed repayment dates. (f) Long-term payables to a related party 124 2005 2004 RMB RMB Long-term loan from China Travel Service (HK) Ltd. - Principal 14,779,910 14,779,910 - Interest 11,363,935 11,363,935 26,143,845 26,143,845 The loan has no fixed repayment date and the loan interest was waived since January.1, 2004. (2004 : Nil). 27. SEGMENT INFORMATION 2005 Room food and Tourism beverages Cableway Entrance fee Service Others Eliminations Total RMB RMB RMB RMB RMB RMB RMB Revenue External 140,235,421 155,031,188 248,750,340 143,427,933 1,608,823 - 689,053,705 Inter-segment sales 26,465,352 9,422,837 14,495,209 400,969 923,040 (51,707,407) - Total revenue 166,700,773 164,454,025 265,863,129 143,828,902 2,531,863 (51,707,407) 689,053,705 Gross profit 37,404,043 108,933,496 103,251,642 4,305,801 467,547 (2,475,186) 251,887,343 Unallocated company expenses (7,816,356) Gross profit 244,070,987 G & A expenses (32,331,518) (15,675,803) (4,795,064) (3,932,685) (2,806,604) - (59,541,674) Unallocated G & A expenses - - - - - (43,814,099) Other operating income 4,251,126 1,134,310 309,110 1,787,557 266,000 - 7,748,109 Unallocated other operating - - - - - 931,921 Other operating expenses (146,794) (221,854) (353,399) (23,898) 108,547 - (854,402) Unallocated other operating expenses - - - - - - (2,319,492) Impairment loss on available-for-sale investment - - - - - - (86,790,000) Profit from operations 9,176,858 94,170,149 98,412,295 2,136,774 (218,514) - 59,431,350 Interest expenses (72,000) (1,285,483) - - - - (1,357,483) Interest income 106,502 291,536 100,660 47,609 29,078 - 575,385 Unallocated interest income - - - - - 3,292,898 Income tax expenses - (16,975,672) - (6,767) - - (16,982,439) Unallocated income tax expenses - - - - - (33,543,890) Share of results of associates - - - - 957,661 - 957,661 Net profit 12,373,482 Other information Segment assets 297,102,500 191,914,417 18,868,117 37,774,344 23,702,565 (47,908,899) 521,453,045 Unallocated company assets - - - - - - 431,904,781 Total assets 953,357,826 Segment liabilities 31,300,304 83,967,303 12,925,628 38,607,582 7,607,878 (47,908,899) 126,499,796 Unallocated company liabilities - - - - - - 105,804,147 Total liabilities 232,303,943 Depreciation 29,156,977 11,738,276 4,198,047 672,845 992,574 - 46,758,719 Unallocated depreciation 2,175,097 48,933,814 Impairment on property, plant and equipment - 4,023,455 - - - - 4,023,455 Loss on disposal property, plant and equipment 14,746 210,104 170,366 5,400 - - 400,616 Unallocated loss on disposal of property, plant and equipment - - - - - - 156,487 125 27. SEGMENT INFORMATION 2004 Room food and Tourism beverages Cableway Entrance fee Service Others Eliminations Total RMB RMB RMB RMB RMB RMB RMB Revenue - External sales 115,794,601 120,755,243 198,123,494 92,831,610 2,367,376 - 529,872,324 - Inter-segment sales 13,405,154 7,511,900 15,488,926 100,462 357,864 (36,864,306) - Total revenue 129,199,755 128,267,143 213,612,420 92,932,072 2,725,240 (36,864,306) 529,872,324 Gross profit 33,497,869 96,552,385 97,616,338 1,818,795 480,452 - 229,965,839 Unallocated company expense G&A expenses (31,921,633) (18,865,851) (4,874,046) (4,137,152) (57,225,744) - (117,024,426) Other operating income 8,346,623 423,709 396,986 73,182 241,480 - 9,481,980 Other operating expenses (4,371,160) (221,898) (207,903) (38,326) (126,464) - (4,965,751) Profit from operations 117,457,642 Interest expenses (528,134) (1,555,172) - (111,087) - - (2,194,393) Interest income 5,345 29,694 117,712 742 1,531,617 - 1,685,110 Dividends income - - - - - - - Share of results of associates and joint ventures before tax 2,176,915 Income tax expenses - (17,318,919) - (8,158) (30,224,541) - (47,551,618) Unallocated tax expenses - - - - - - - Share of tax of associates and a joint venture (862,595) Net profit 70,711,061 Other information Segment assets 200,070,795 141,287,981 126,864,660 15,617,599 487,929,779 - 971,770,814 Unallocated company assets - - - - - - - Total assets 971,770,814 Segment liabilities 61,088,657 34,534,131 36,984,972 5,970,051 88,343,308 - 226,921,119 Unallocated company liabilities - - - - - - - Total liabilities 226,921,119 Depreciation 10,078,407 7,117,270 6,390,706 786,724 24,579,076 - 48,952,183 Impairment on property, plant and equipment - - - - - - - Loss on disposal of property, plant and equipment 949,466 670,503 602,055 74,116 2,315,545 4,611,685 28. COMMITMENTS At 31 December 2004, the Company had commitments for future minimum lease under non-cancellable operating leases in respect of land which fall due as follows: 2005 2004 RMB RMB Within one year 2,323,757 2,156,563 Within second to five year inclusive 10,637,994 4,709,071 Over five year 167,761,842 176,014,522 180,723,593 182,880,156 126 The Company signed a contract with the Huangshan Land Administration Bureau of the Anhui Province to lease several parcels of state-owned land located at Huangshan Scenic District with a total area of 74,320 and 9,920 square metres respectively. The lease period is for forty years until 1 October 2036 and 1 January 2037 respectively. The lease for 2005 is RMB2,034,495 (2004: RMB2,156,563) and the amount is subject to a 6% increase for each year. 29. POST BALANCE SHEET EVENTS (i) According to the approval in the twelfth directors’ meeting held on 26 April 2006, the Company proposed final dividend of RMB0.085 (including tax) (2004: RMB0.1) per share, totaling RMB25,746,500 (2004: RMB30,290,000) based on the number of shares of 302,900,000 as at 31 December 2005. The proposed final dividend has to be subject to the approval in the annual general meeting. (ii) On 19 January 2006, the shareholders approved “The Proposal of Shares Allocations and Reformation of Huangshan Tourism Development Co., Ltd.” in an extraordinary meeting. The shareholders holding non trading shares agreed to give the shareholders of A shares 2.9 shares for each 10-shares held, and totally gave 15,080,000 shares to entire shareholders holding A shares in order to obtain the trading status of its previously non-trading shares. The shareholders holding previously non-trading shares committed that its non-trading shares would not be traded or transferred within twelve months after the date of granting the status of trading of those shares. On 16 February 2006, the proposal was completed and the share capital of the Company remained unchanged at 302,900,000. The number of restricted A shares was 131,820,000, unrestricted A shares was 67,080,000 and unrestricted B shares was 104,000,000. 30. IMPACT OF IFRS ADJUSTMENTS ON NET PROFIT AND SHAREHOLDERS’ EQUITY Net profit Shareholders’ equity 31 December 31 December 2004 2003 2004 2003 RMB RMB RMB RMB As reported in the Statutory Accounts of the Group 68,816,337 4,327,489 710,640,607 682,180,700 Timing difference on treatment of impairment on available-for-sale investments (a) (62,668,995) 62,668,995 - 62,668,995 Taken up the share of loss of minority shareholders (b) (465,626) - - - Reversal of amortisation of goodwill of subsidiaries and associates (c) 434,286 - 434,286 - Reversal of capital reserve of associates - - (21,010) - As restated under IFRS 6,116,002 66,996,484 711,053,883 744,849,695 (a) According to the statutory financial statements, the impairment loss on available-for-sale investments was adjusted to the prior year. Under IFRS, the impairment loss was recognised in the current year when the Company obtained the information for assessment of the impairment. (b) According to the statutory financial statements, the minority shareholders still shared the loss on the result of the subsidiary even exceed the minority interests to zero. In the financial statements prepared under IRFS, the minority shareholders will share the loss up to zero minority interest. The share of loss on the result of the subsidiary by minority shareholders will be fully recognised in the books the Company. If the subsidiary have profits in future, such profits will be allocated to the Company until the minority’s shares of losses previously absorbed by the Company has been recovered. (c) According to statutory financial statements, goodwill is amortised over 10 years on a straight-line basis. In the financial statements prepared under IFRS, goodwill is stated at cost and annual impairment test. 127 31. COMPARATIVE FIGURES With a review of financial statements presentation, certain items in the financial statements were reclassified, which would result in a more appropriate presentation of events or transactions. Accordingly, comparative figures have been reclassified to conform to the current year’s presentation. 32. ULTIMATE HOLDING COMPANY The directors regard Huangshan Tourish Group Limited (“HTGC”), as the ultimate holding company. 33. APPROVAL OF FINANCIAL STATEMENTS The consolidated financial statements were approved for issuance by the board of directors of the Company on 26 April 2006. 11. Documents for Reference 1. Accounting statements signed and stamped by the legal representative, principal in charge for accounting work and chief of accounting department; 2. The original auditor's report stamped by the public accounting firm and signed and stamped by the certified public accountant; 3. All the formal version and original manuscript for the files and announcements disclosed in the newspapers appointed by the China Securities Regulatory Committee during the report period; 4. Formal version of annual report. Huangshan Tourism Development Co., Ltd. April 26, 2006 128