Как нарисовать Bitmap с прозрачностью

procedure DrawTransparentBmp(Cnv: TCanvas; x,y: Integer; Bmp: TBitmap; clTransparent: TColor);
var
  bmpXOR, bmpAND, bmpINVAND, bmpTarget: TBitmap;
  oldcol: Longint;
begin
  try
    bmpAND := TBitmap.Create;
    bmpAND.Width := Bmp.Width;
    bmpAND.Height := Bmp.Height;
    bmpAND.Monochrome := True;
    oldcol := SetBkColor(Bmp.Canvas.Handle, ColorToRGB(clTransparent));
    BitBlt(bmpAND.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, Bmp.Canvas.Handle, 0, 0, SRCCOPY);
    SetBkColor(Bmp.Canvas.Handle, oldcol);

    bmpINVAND := TBitmap.Create;
    bmpINVAND.Width := Bmp.Width;
    bmpINVAND.Height := Bmp.Height;
    bmpINVAND.Monochrome := True;
    BitBlt(bmpINVAND.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpAND.Canvas.Handle, 0, 0, NOTSRCCOPY);

    bmpXOR := TBitmap.Create;
    bmpXOR.Width := Bmp.Width;
    bmpXOR.Height := Bmp.Height;
    BitBlt(bmpXOR.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, Bmp.Canvas.Handle, 0, 0, SRCCOPY);
    BitBlt(bmpXOR.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpINVAND.Canvas.Handle, 0, 0, SRCAND);

    bmpTarget := TBitmap.Create;
    bmpTarget.Width := Bmp.Width;
    bmpTarget.Height := Bmp.Height;
    BitBlt(bmpTarget.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, Cnv.Handle, x, y, SRCCOPY);
    BitBlt(bmpTarget.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpAND.Canvas.Handle, 0, 0, SRCAND);
    BitBlt(bmpTarget.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpXOR.Canvas.Handle, 0, 0, SRCINVERT);
    BitBlt(Cnv.Handle, x, y, Bmp.Width, Bmp.Height, bmpTarget.Canvas.Handle, 0, 0, SRCCOPY);
  finally
    bmpXOR.Free;
    bmpAND.Free;
    bmpINVAND.Free;
    bmpTarget.Free;
  end;
end;