V i t a s o y I n t e r n a t i o n a l Stock code (cid:1622)(cid:875)(cid:740) (cid:3796): 0345 l H o d n g s i L i m i t e d (cid:4176) (cid:738) (cid:792) (cid:2589) (cid:4300) (cid:3473) (cid:3974) (cid:964) (cid:2057) (cid:660) (cid:775) A n n u a l R e p o r t 2 0 0 5 / 0 6 (cid:945) (cid:3074) Vitasoy International Holdings Limited No.1, Kin Wong Street, Tuen Mun New Territories, Hong Kong (cid:4176)(cid:738)(cid:792)(cid:2589)(cid:4300)(cid:3473)(cid:3974)(cid:964)(cid:2057)(cid:660)(cid:775) (cid:2071)(cid:3211)(cid:3603)(cid:1928)(cid:688)(cid:1662)(cid:1786)(cid:1500)(cid:3383)(cid:569)(cid:3796) Tel (cid:3915)(cid:3831) (852) 2466 0333 Fax (cid:3496)(cid:2349) (852) 2456 3441 www.vitasoy.com www.vitasoy.com.hk www.vitaland.com.hk www.hkgourmet.com.hk www.vitasoy-chn.com www.vitasoy-usa.com www.vitasoy.com.au Vitasoy is renowned as a leading supplier of products made of soybeans that are natural, healthy and nutritious. The smiling face gives a healthy and sociable image that Vitasoy wishes to project. It is shaped like the globe which signifies the globalised nature of Vitasoy's business. The globe also shows Mainland China and Australia, two of Vitasoy's major markets with emerging potentials. The design gives the overall impression that Vitasoy products can be enjoyed anywhere, anytime and by anyone. (cid:4176)(cid:738)(cid:792)(cid:4949)(cid:834)(cid:680)(cid:3251)(cid:2538)(cid:2646)(cid:100)(cid:5098)(cid:4692)(cid:5396)(cid:3090)(cid:1599)(cid:611)(cid:8606)(cid:833)(cid:2832)(cid:2832)(cid:1730)(cid:99) (cid:1903)(cid:1015)(cid:3614)(cid:657)(cid:2926)(cid:1499)(cid:4308)(cid:4754)(cid:916)(cid:1021)(cid:1599)(cid:3931)(cid:906)(cid:8606)(cid:1730)(cid:4231)(cid:2981)(cid:2566)(cid:101)(cid:2384)(cid:5179)(cid:740)(cid:1650)(cid:575) (cid:4176)(cid:738)(cid:792)(cid:569)(cid:1602)(cid:1062)(cid:584)(cid:1786)(cid:851)(cid:1599)(cid:2538)(cid:2646)(cid:676)(cid:3329)(cid:1148)(cid:3403)(cid:101)(cid:3531)(cid:1148)(cid:1599)(cid:916)(cid:2824)(cid:2384)(cid:5179) (cid:4447)(cid:4236)(cid:3359)(cid:4176)(cid:738)(cid:792)(cid:3614)(cid:2555)(cid:3879)(cid:1047)(cid:882)(cid:2824)(cid:99)(cid:2384)(cid:5179)(cid:592)(cid:1967)(cid:5879)(cid:1599)(cid:635)(cid:2589)(cid:611)(cid:3002)(cid:1367) (cid:4812)(cid:1880)(cid:916)(cid:3975)(cid:99)(cid:819)(cid:1840)(cid:4176)(cid:738)(cid:792)(cid:1325)(cid:611)(cid:3619)(cid:1326)(cid:4470)(cid:584)(cid:1599)(cid:730)(cid:2028)(cid:799)(cid:3071)(cid:101) (cid:2971)(cid:2095)(cid:2953)(cid:2030)(cid:1081)(cid:3399)(cid:611)(cid:2172)(cid:99)(cid:634)(cid:4611)(cid:1028)(cid:916)(cid:100)(cid:1028)(cid:2242)(cid:100)(cid:1028)(cid:577)(cid:598)(cid:767)(cid:734)(cid:1300)(cid:834) (cid:4176)(cid:738)(cid:792)(cid:1599)(cid:2832)(cid:1730)(cid:101) D E T M I I L S S E R P I L A C N A N I F L A T I I P A C Y B D E T N R P & T E S E P Y T S T N A T L U S N O C D N A R B D N A N G S E D N & M T I Y B D E N G S E D I 目錄 Directors and Corporate Information 董事及集團資料 Financial Highlights Chairman’s Statement Management Report Corporate Governance Report 財務摘要 主席報告書 管理層報告書 企業管治報告書 Directors and Senior Management 董事及高層管理人員 Report of the Directors Report of the Auditors Consolidated Income Statement Consolidated Balance Sheet Balance Sheet 董事會報告書 核數師報告書 綜合損益報表 綜合資產負債表 資產負債表 Consolidated Statement of Changes in Equity 綜合權益變動表 Consolidated Cash Flow Statement 綜合現金流量表 02 04 08 18 36 47 51 65 67 68 70 72 75 77 Notes to the Financial Statements 167 Five Year Summary 財務報表附註 五年財務摘要 Directors and Corporate Information 董事及集團資料 BOARD OF DIRECTORS Executive Chairman Mr. Winston Yau-lai LO Independent Non-executive Directors Dr. The Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Chi-kian SHIU 董事會 執行主席 羅友禮先生 獨立非執行董事 李國寶爵士 布魯士先生 邵志堅先生 Mr. Jan P. S. ERLUND (appointed on 6th July, 2006) Jan P. S. ERLUND先生 （於二零零六年七月六日獲委任） Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Directors 非執行董事 羅慕貞女士 羅慕玲女士 執行董事 Mr. Ambrose Kam-shing CHAN (appointed on 11th July, 2005) 陳錦勝先生（於二零零五年七月十一日獲委任） Mr. Eric Fat YU Mr. John Shek-hung LAU 余發先生 劉錫鴻先生 Mr. Fransis Ming-yin KONG (resigned on 18th April, 2005) 江明彥先生（於二零零五年四月十八日辭任） COMPANY SECRETARY Ms. Paggie Ah-hing TONG REGISTERED & HEAD OFFICE No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong AUDITORS KPMG PRINCIPAL BANKERS The Bank of East Asia, Limited Citibank, N.A. BNP Paribas 公司秘書 湯亞卿小姐 註冊辦事總處 香港新界 屯門建旺街一號 核數師 畢馬威會計師事務所 主要往來銀行 東亞銀行有限公司 花旗銀行 法國巴黎銀行 Australia and New Zealand Banking Group Limited Australia and New Zealand Banking Group Limited Rabobank The Bank of Tokyo-Mitsubishi, Limited PRINCIPAL LAWYER Stephenson Harwood & Lo 荷蘭合作銀行 東京三菱銀行 主要法律顧問 羅夏信律師行 02 Vitasoy International Holdings Ltd. Annual Report 2005/06 SHARE REGISTRAR 股份過戶登記處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 46/F., Hopewell Centre, 183 Queen’s Road East, 香港灣仔皇后大道東183號 Wanchai, Hong Kong WEBSITE ADDRESSES 合和中心46樓 網址 Vitasoy International Holdings Limited 維他奶國際集團有限公司 – www.vitasoy.com (English & Chinese) － www.vitasoy.com （英文及中文） – www.vitasoy.com.hk (English & Chinese) － www.vitasoy.com.hk （英文及中文） Vitaland Services Limited 維他天地服務有限公司 – www.vitaland.com.hk (Chinese only) － www.vitaland.com.hk （中文） Hong Kong Gourmet Limited 香港美食有限公司 – www.hkgourmet.com.hk (Chinese only) － www.hkgourmet.com.hk （中文） Shenzhen Vitasoy (Guang Ming) Foods and Beverage 深圳維他（光明）食品飲料 Company Limited Vitasoy (Shanghai) Company Limited 有限公司 維他奶（上海）有限公司 – www.vitasoy-chn.com (Chinese only) － www.vitasoy-chn.com （中文） Vitasoy USA Inc. Vitasoy USA Inc. – www.vitasoy-usa.com (English only) － www.vitasoy-usa.com （英文） Vitasoy Australia Products Pty. Ltd. – www.vitasoy.com.au (English only) Vitasoy Australia Products Pty. Ltd. － www.vitasoy.com.au （英文） KEY DATES Closure of Register 5th September, 2006 (Tuesday) to 11th September, 2006 (Monday) 重要日期 暫停辦理過戶登記 二零零六年九月五日（星期二）至 二零零六年九月十一日（星期一） Annual General Meeting 股東週年大會 at 3:00 p.m., 11th September, 2006 (Monday), 於二零零六年九月十一日（星期一）下午三時正 Chater Rooms I & II, Function Room Level, The Ritz-Carlton Hong Kong, 3 Connaught Road Central, Hong Kong 假座香港干諾道中三號 香港麗嘉酒店 宴會樓層I及II宴會廳 Final and Special Dividends Payable 派發末期及特別股息 21st September, 2006 (Thursday) 二零零六年九月二十一日（星期四） 維他奶國際集團有限公司 二零零五 / 零六年年報 03 Financial Highlights 財務摘要 Results 業績 Turnover Gross Profit EBITDA 營業額 毛利 未計利息、稅項、折舊 及攤銷費用前盈利 Profit Attributable to Equity 本公司股權持有人 Shareholders of the Company 應佔溢利 Basic Earnings per Share (HK cents) 每股基本盈利（港仙） Dividends per Share (HK cents)# 每股股息（港仙）# # Including special dividend # 包括特別股息 Financial Position 財務狀況 Total Assets Net Cash Balance 總資產 現金淨額 Total Equity Attributable to Equity 本公司股權持有人 Shareholders of the Company 應佔權益總額 Year Ended 31st March 截至三月三十一日止年度 2006 HK$Mn 港幣百萬元 2005 HK$Mn 港幣百萬元 % Change 變動 5.9 8.3 18.5 42.1 41.0 5.4 2,380 1,368 281 121 12.2 18.5 At 31st March 於三月三十一日 2005 HK$Mn 港幣百萬元 1,796 364 1,248 % Change 變動 0.2 9.3 0.2 2,520 1,481 333 172 17.2 19.5 2006 HK$Mn 港幣百萬元 1,799 398 1,250 Turnover 營業額 Year Ended 31st March 截至三月三十一日止年度 Gross Profit 毛利 Year Ended 31st March 截至三月三十一日止年度 HK$Mn 港幣百萬元 HK$Mn 港幣百萬元 EBITDA 未計利息、稅項、折舊及攤銷費用前盈利 Year Ended 31st March 截至三月三十一日止年度 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 Year Ended 31st March 截至三月三十一日止年度 HK$Mn 港幣百萬元 HK$Mn 港幣百萬元 04 Vitasoy International Holdings Ltd. Annual Report 2005/06 Sales Analysis by Categories 銷售分析（按種類） Year Ended 31st March 截至三月三十一日止年度 Sales Analysis by Location of Customers 銷售分析（按顧客所在地） Year Ended 31st March 截至三月三十一日止年度 Soymilk 荳奶 Tea 茶 Tofu 荳腐 Lunch Boxes and Snacks 午膳餐盒及小食 Milk 牛奶 Water 水 Juice Drinks 果汁飲品 Others 其他 39% 25% 8% 8% 7% 6% 4% 3% Hong Kong 香港 North America 北美洲 64% 17% Australia and New Zealand 8% 澳洲及新西蘭 Mainland China 中國大陸 Others 其他 7% 4% 維他奶國際集團有限公司 二零零五 / 零六年年報 05 Always maintain a healthy lifestyle no matter where you are 無論身在何方，也要活得健康 Chairman’s Statement 主席報告書 It gives me much pleasure to report that for the year ended 31st March, 2006, the Group recorded a profit attributable to equity shareholders of the Company of HK$172 million, up 42.1% from fiscal 2004/2005. Total turnover increased by 5.9% year-on-year to HK$2,520 million. The Group’s gross profit for the year was HK$1,481 million, up 8.3%. Earnings per share were HK$0.172, compared to HK$0.122 recorded for the previous year. The Board of Directors is recommending a final dividend of HK6.7 cents per share at the upcoming Annual General Meeting on 11th September, 2006. This, together with the interim dividend of HK2.8 cents per share, will mean that the Group’s total dividend for fiscal 2005/2006 will be HK9.5 cents per share (2004/2005 total dividend: HK8.5 cents per share). On top of that, given the Group’s business performance and strong cash position, the Board is recommending a special dividend of HK10.0 cents per share (2004/2005 special dividend: HK10.0 cents per share). This marks the fourth consecutive year that a special dividend is 本人欣然匯報，本集團截至二零零六年三月三十 一日止年度之本公司股權持有人應佔溢利為港幣 172,000,000元，較二零零四／二零零五財政年 度增加42.1%。總營業額按年計增加5.9%至港幣 2,520,000,000元。本集團本年度之毛利為港幣 1,481,000,000元，增加8.3%。每股盈利為港幣 0.172元，去年則為港幣0.122元。 董事會將於二零零六年九月十一日舉行之股東週 年大會上建議派發末期股息每股港幣6.7仙。連同 已派發之中期股息每股港幣2.8仙，將使本集團於 二零零五／ 二零零六財政年度之全年股息總額達 每股港幣9.5仙（二零零四／ 二零零五年度股息總 額：每股港幣8.5仙）。此外，基於本集團之良好 業績表現及現金狀況，董事會建議派發特別股息 每股港幣10.0仙（二零零四／二零零五年度特別 股息：每股港幣10.0仙）。這已是本集團連續 Winston Yau-lai LO Executive Chairman 羅友禮 執行主席 08 Vitasoy International Holdings Ltd. Annual Report 2005/06 being paid, which speaks strongly for the Group’s commitment and capabilities to deliver higher value to shareholders. 第四年派發特別股息，足以證明本集團能夠實踐 為股東帶來更高回報之承諾。 I am also glad to report that, with effect from 30th November, 2005, the Company has become a constituent stock of MSCI HK Small Cap Index. 本人亦欣然匯報，本公司已由二零零五年十一月 三十日起成為摩根士丹利資本國際香港小型企業 指數成份股。 GENERAL REVIEW The operating environment as a whole continued to improve in 2005, which was conducive to business growth and development. Taking advantage of the improved conditions in its major markets, the Group was able to implement its focused business strategies worldwide and achieve better financial results than the year before. In line with the economic performance and hence demand growth of our major markets, particularly Hong Kong, sales growth was stronger in the second half than the first half of the year. The Group’s profitability also improved with the increase in sales and disciplined cost control. It should be noted that the Group’s performance in Mainland China and Australia and New Zealand was particularly impressive during the year. 概覽 整體營商環境於二零零五年持續好轉，有助於業 務增長和發展。本集團把握各主要市場營商環境 改善的機會，在全球各地採用重心業務策略，財 務業績更勝往年。隨著各主要市場（尤其是香港） 經濟表現向好以致需求上升，本年度下半年之銷 售額增長更勝上半年。其盈利能力亦因銷售額上 升以及嚴控成本而有所提升。年內，本集團於中 國大陸以及澳洲及新西蘭等市場之表現尤其 出色。 The Group was able to implement its focused business strategies worldwide and achieve better financial results than the year before. 本集團在全球各地採用重心業務策略， 財務業績更勝往年。 維他奶國際集團有限公司 二零零五 / 零六年年報 09 Chairman’s Statement 主席報告書 We will achieve steady growth in both sales and profit by capitalising on our brand portfolio and investing in our brands. 本集團將會善用本身的品牌組合並投入資源強 化本集團的品牌，達致銷售與盈利兩方面皆穩 定增長。 In Hong Kong, the economy maintained its upward trend and registered a strong GDP growth of 7% in 2005. More importantly this growth was broad-based, resulting directly in the improvement of the job market and a general rise in household income. These positive trends have fuelled domestic consumption and therefore created a more buoyant retail sector. The non-alcoholic beverage sector also benefited to a certain extent. Profiting from the relatively positive market environment and continuing with our proactive and innovative approach in product development, marketing and brand building as well as process improvement, we were rewarded with higher sales. Sales in the Hong Kong market rose by 3.9%. Our export business conducted through Hong Kong also expanded steadily as a result of our market and product development efforts. Export sales were up by an encouraging 14.5% year-on-year. Our tuck shop and catering businesses run by Vitaland Services Limited and Hong Kong Gourmet Limited respectively also witnessed stable growth in turnover and have maintained high market shares. The North American soyfood market experienced a mixed performance last year. While the water-packed tofu category continued to grow and gain popularity among consumers, the aseptic soymilk category kept declining in volume terms. Vitasoy USA’s rationalisation exercise was completed last year and we could move ahead full steam with business development. We have been actively repositioning our products towards “healthy eating made delicious and convenient”. At the same time, we succeeded in growing and reinforcing our market leadership in the water-packed tofu category. Total revenue dropped after the exit of some unprofitable products, but should these be excluded, our US revenue actually had a slight growth of nearly 2.0%. More importantly, in line with our expectation, operating loss narrowed further whereas gross profit margin improved. 香港的經濟增長趨勢持續，本地生產總值於二零 零五年錄得7%之強勁增長。更為重要的是此全 面的經濟增長是由就業市況獲改善和家庭入息普 遍增加所直接帶動。上述的利好趨勢刺激本地消 費增長，故能帶旺零售業，對非酒精類飲品行業 亦帶來一定的幫助。受惠於近期市況向好，加上 本集團繼續以積極創新的手法進行產品研究、市 場推廣及品牌建立，以及改善工作流程，致令本 集團錄得更高之銷售額。香港市場銷售額之升幅 達3.9%。香港的出口業務亦因市場推廣及產品發 展工作上的努力而穩步拓展。出口銷售額錄得 14.5%之按年增長，成績令人鼓舞。本集團旗下 的維他天地服務有限公司所經營之食物部業務， 與香港美食有限公司所經營之膳食業務亦錄得穩 定的營業額增長，並保持高市場佔有率。 北美洲大荳食品市場去年的表現則個別發展。雖 然水裝荳腐產品市場繼續增長並受消費者歡迎， 但無菌紙包裝荳奶產品之銷量持續下跌。本集團 美國公司已於去年完成重組計劃，今後將能全力 發展業務。本集團亦積極地將產品重新定位為 「美味方便的健康食品」。與此同時，本集團成功 提升並鞏固本身於水裝荳腐產品的市場領導地 位。停售某些無利可圖之產品雖然使總收入下 跌，但若撇除此類產品，本集團之美國收入實際 上錄得近2.0%之輕微增長。更重要的是，一如本 集團預期，經營虧損進一步收窄，而毛利率亦得 到提升。 10 Vitasoy International Holdings Ltd. Annual Report 2005/06 The performance of our Mainland China operation was strong 內地經濟健康增長，本集團之中國大陸業務亦表 on the back of the healthy growth of the domestic economy. 現強勁。本集團繼續採用「核心業務、核心品牌 By continuing to implement the focused strategy of “core 及核心強項」這重心發展策略，成功達致更佳的 business, core brand and core competency”, we succeeded 銷售點管理，使產品分銷更具效率，其中以華南 in achieving more efficient product distribution with better 地區的成績最為顯著。中國大陸市場之內銷收入 outlet management, particularly in southern China. A very 錄得28.6%之驕人增長。本集團於此市場的品牌 encouraging growth of 28.6% in revenue was recorded from 建立工作亦步入收成期，產品知名度與消費者購 domestic sales in the Mainland China market. Our brand 買量皆見提高。 building initiatives in this market were also bearing fruit with higher brand awareness and higher consumer off-take. In terms of growth, the Group’s operation in Australia and 本集團於澳洲及新西蘭之業務於二零零五／二零 New Zealand was the star performer of fiscal 2005/2006. 零六財政年度的增長率佔本集團首位。本集團承 Riding on its growth momentum since the previous year and 接當地市場去年之增長勢頭，再配合積極之市場 driven by intense marketing efforts, our revenue and profit 推廣活動，兩地市場之收入與盈利分別攀升 derived from these two markets soared by 37.2% and 37.2%及160.0%。除透過創新的市場推廣活動 160.0% respectively. In addition to boosting sales through 及成功推出產品以刺激銷量外，本集團亦達到提 innovative marketing and successful product launches, we 高市場佔有率之目標。基於對澳洲及新西蘭市場 also attained the goal of gaining market share. The sales 之銷售表現及前景極為樂觀，本集團已開始進行 performance and prospects of these markets have been so 擴充烏東加市廠房之計劃，以應付現有產品與新 encouraging that we have already commenced an expansion 產品之需求。 programme for the Wodonga plant in order to meet the demand for both existing and new products. OUTLOOK AND STRATEGY 展望與策略 Going forward, while we believe the operating environment 展望將來，本集團相信整體營商環境將基本上保 as a whole should remain basically stable, we will not 持穩定，但並不會因此而低估石油及原材料價格 underestimate the impact of various uncertainties, including 上升、通脹、息口波動及僱員薪酬普遍上升等不 the rise in the prices of oil and raw materials, inflation, volatile 明朗因素之影響。此等因素將對經營成本構成上 interest rates and the general increase in staff remuneration. 調之壓力。 All these will exert an upward pressure on operating costs. 維他奶國際集團有限公司 二零零五 / 零六年年報 11 Chairman’s Statement 主席報告書 We remain committed to maximising shareholder value and 本集團繼續承諾致力提高股東回報並成為顧客喜 being customers’ preferred choice. To ensure higher value 愛之品牌。為了給予股東與消費者更高的回報及 for our shareholders and consumers, we will continue to 價值，本集團將繼續採用以市場及顧客為主導之 pursue a market-driven and customer-oriented strategy by 業務策略，專注品牌建立、產品創新、進取的市 focusing on brand building, product innovation, aggressive 場推廣及宣傳活動以及發掘新商機，達到更高之 marketing and promotion as well as the exploration of new 收入和盈利。本集團更會全面嚴控成本以提高成 business opportunities as a means for generating higher 本效益，尤其是生產及分銷等方面。 revenue and profit. We will also maintain disciplined cost control by achieving higher cost-efficiency across the board, not least in production and distribution. Hong Kong The prospects of the Hong Kong economy are expected to 香港 預期香港經濟前景將保持興旺，失業率可望處於 remain upbeat and unemployment should stay at a low level, 低水平；但經過最近好景之市況後，經濟應會出 though a certain degree of consolidation is likely after the 現一定程度之整固。市場普遍認為，本地生產總 boom in the recent past. There is some consensus in the 值之增長步伐將會放緩。與此同時，本集團會密 market that the pace of GDP growth would slow down. At 切留意通脹將對成本管理構成威脅，另一方面， the same time, we should be mindful that inflation will be a 非酒精類飲品市場之價格競爭暫時仍未有歇息 challenge for cost management while there is still no sign 跡象。 that price competition in the non-alcoholic beverage market may subside. In the coming year, our focus in Hong Kong is on achieving 展望來年，本集團於香港之重點將會是善用本身 steady growth in both sales and profit by capitalising on our 的品牌組合以達致銷售額與盈利兩方面皆穩定增 brand portfolio and investing in further strengthening of our 長，並進一步投入資源強化本集團的品牌以求取 brands in order to capture a bigger market share. Our 得更大之市場佔有率。本集團將致力於產品及包 attention will be devoted to product and packaging innovation 裝創新以及市場推廣及宣傳活動上，並將繼續投 as well as marketing and promotion. We will continue to 資創新有效的廣告宣傳，以增加銷量並推動新產 invest in innovative and effective advertising campaigns to 品上市。與此同時，面對通脹壓力，本集團將奉 drive sales and support the launching of new products. At 行一貫之審慎成本管理原則。 the same time, in view of looming inflationary pressure, we will exercise prudent cost management on a continuous basis. 12 Vitasoy International Holdings Ltd. Annual Report 2005/06 On the question of brand building, while we will continue to 於建立品牌方面，本集團將繼續借助維他奶及維 leverage the advantages inherent in our core brands, VITASOY 他這兩個核心品牌的固有知名度，並會發揮鈣思 and VITA, we will also take advantage of the potential already 寶和維他清心棧等新品牌之潛力。本集團預期品 demonstrated by our new brands like CALCI-PLUS and VITA 牌組合中的新品牌銷量將會持續增長並且更受歡 TSING SUM ZHAN. These new members of our brand portfolio 迎，特別是年青一代的消費者。 are expected to grow and gain in popularity, especially among the younger generation of consumers. The Group’s tuck shops and meal box business still 本集團之食物部及餐盒業務的增長前景良好。可 demonstrate good prospects for further growth. Our focus 見將來之重點策略將是透過品質保證及提升服務 in the foreseeable future is to increase our share in these 質素來提高該等市場之佔有率。 markets through quality assurance and service enhancement. North America In North America, although the market for soy products is 北美洲 北美洲方面，雖然大荳產品市場在可見將來難有 unlikely to show significant improvement in the near future, 重大增長，惟隨著更多消費者養成健康飲食習 the demand for health products is on the rise as consumers 慣，健康產品之需求正逐步上升。因此，本集團 are becoming increasingly attuned to the concept of healthy 美國公司之重新定位策略正切合時宜，以價格合 eating. The repositioning of Vitasoy USA is therefore most 理之增值產品來進軍高檔產品市場。 timely as it allows us to go up-market by offering value-added products that justify higher prices. In the coming year, we will leverage our product innovation 於來年，本集團將善用本身的產品發展能力來增 capabilities to drive the sales of Tofu and consolidate our 加荳腐產品之銷量，並透過推出新產品鞏固本集 market leadership in this category through new product 團於此產品類別之市場領導地位。與此同時，本 launches. At the same time, we will adopt the product 集團將採取產品創新的方向方法及靈活的定價策 innovation approach as well as a flexible pricing strategy in 略來刺激無菌紙包裝荳奶產品之銷量。本集團將 respect of Aseptic Soymilk to stimulate growth. All these 以進取的市場推廣及宣傳活動以配合上述各項發 initiatives are to be supported by aggressive marketing and 展策略。雖然淨盈利初時難免會受到影響，惟此 promotion campaigns which, though having an initial impact 策略卻是鞏固品牌及確保長遠利益之關鍵。 on net profit, are crucial for reinforcing our brands and ensuring long-term gains. To ensure higher value for our shareholders and consumers, we will continue to pursue a market-driven and customer-oriented strategy. 為了給予股東與消費者更高的回報及價值，本集團 將繼續採用以市場及顧客為主導之業務策略。 維他奶國際集團有限公司 二零零五 / 零六年年報 13 Chairman’s Statement 主席報告書 Mainland China The Chinese economy is expected to continue with its upward trend in the foreseeable future. The general affluence of the urban population will still be the chief stimulant for the growth of domestic consumption. The soymilk market in Mainland China is likely to remain soft due to the fierce challenge from the dairy milk segment that has been engaging in a nationwide price war in recent years. The Chinese Government’s policy of supporting rural development would, however, imply more opportunities for penetrating into the smaller cities and big towns. Our focus will be on capturing these new business opportunities by capitalising on our existing sales and marketing capabilities. On the other hand, we will continue to profit from our success in the co-packing business to ensure better utilisation of our two production plants in Mainland China. We have already taken the first step forward to make use of the opportunities arising from CEPA (Closer Economic Partnership Arrangements) by starting to import some products from Hong Kong in the past few months. We will keep exploring such opportunities in the coming years. Australia and New Zealand Given our successful marketing and pricing strategy as well as the encouraging results achieved last year, we are confident that Vitasoy Australia will sustain healthy growth in sales, profitability and market share in the coming year. In order to sustain the advantageous position we have built up in Australia and New Zealand, we will devote ourselves to reinforce the VITASOY’s position as “the soy expert” by developing and launching new products in the “value soy beverage” area and also by introducing new flavours. As mentioned earlier, we have already started implementing an expansion plan in the Wodonga plant so as to equip ourselves properly for future growth. 中國大陸 相信中國經濟於可見將來將保持增長勢頭。城市 人口日趨富裕，仍為刺激國內消費增長之主要 動力。 近數年奶類業的全國性減價戰對中國大陸之荳奶 行業構成嚴峻挑戰，故預期內地之荳奶市場仍會 持續疲弱。惟中央政府支持農區發展之政策亦創 造不少機會，本集團可藉此進軍較小的城市與大 城鎮。本集團之重點策略將會是利用現有的銷售 及市場推廣能力把握上述之新商機。另一方面， 本集團將會持續從成功拓展的包裝加工業務中獲 利，並藉此增加本集團中國大陸兩間生產廠房之 使用率。本集團已把握更緊密經貿關係安排所提 供的機會而邁出第一步，在過去數月開始從香港 輸入部份產品。本集團將於未來數年繼續發展此 方面之商機。 澳洲及新西蘭 憑藉本集團成功的市場推廣和定價策略，加上去 年之理想成績，本集團充份相信本集團澳洲公司 之銷售、盈利能力及市場佔有率於來年可維持健 康增長。為保持本集團於澳洲及新西蘭建立之優 勢，本集團將在「高價值荳類飲品」方面發展，推 出新產品及口味，從而鞏固VITASOY品牌作為「荳 奶專家」的地位。誠如前文所述，本集團已開始 進行烏東加市廠房之擴充計劃，為未來增長打穩 根基。 14 Vitasoy International Holdings Ltd. Annual Report 2005/06 We will devote ourselves to reinforce the VITASOY’s position as “the soy expert” by developing and launching new products in the “value soy beverage” area. 本集團將在「高價值荳類飲品」方面發展，推出新產品 及口味，從而鞏固VITASOY品牌作為「荳奶專家」的 地位。 In May, 2005, San Miguel Corporation, through its subsidiary in Australia, acquired the controlling interest in National Foods Limited, our joint-venture partner in Australia. The robust growth experienced by the Group in this market in fiscal 2005/ 2006 has demonstrated clearly that the said acquisition has had no negative impact at all on our Australian and New Zealand operation. We are optimistic that going forward, this situation is unlikely to change. 於二零零五年五月，San Miguel Corporation（生 力集團）透過其澳洲附屬公司收購本集團在澳洲 的合營夥伴National Foods Limited之控制股權。 本集團於二零零五／二零零六財政年度在該市場 錄得之強勁增長，可清楚說明上述收購活動對本 集團之澳洲及新西蘭業務全無負面影響。展望將 來，本集團相信此形勢將保持不變。 THE BOARD OF DIRECTORS 董事會 Taking this opportunity, I would like to extend my thanks to Mr. Chi-kian SHIU, Independent Non-executive Director, who will retire as a Director at the forthcoming Annual General Meeting in September. 獨立非執行董事邵志堅先生將於九月之應屆股東 週年大會上退任，本人謹借此機會向邵先生 致謝。 On behalf of the Board, I would like to welcome Mr. Jan P. S. ERLUND, who joined as an Independent Non-executive Director with effect from 6th July, 2006. I am confident that the Board will benefit from Mr. Erlund’s wealth of experience and knowledge. 本人謹代表董事會歡迎Jan P. S. ERLUND先生。 ERLUND先生由二零零六年七月六日起出任獨立 非執行董事。本人相信，董事會將受惠於Erlund 先生之豐富經驗與知識。 VOTE OF THANKS 鳴謝 I must thank the Board of Directors for their continued guidance and support. I also wish to thank our shareholders and customers for their trust and loyalty. Last but not least, I wish to convey my heartfelt appreciation to our staff worldwide for their commitment and industry that are crucial for us as we move forward to excel ourselves and achieve higher goals. 本人謹此衷心感謝董事會於過去一年不斷之指導 與支持。本人亦感謝股東與客戶之信賴和忠實支 持。最後，本人衷心感謝本集團遍佈全球業務之 全體員工，全賴他們盡忠職守及勤奮工作，本集 團才得以繼續進步，再創新高。 Winston Yau-lai LO Executive Chairman 6th July, 2006 羅友禮 執行主席 二零零六年七月六日 維他奶國際集團有限公司 二零零五 / 零六年年報 15 Keep eating and drinking healthy any time of the day 不論早午晚，健康飲食總相宜 Management Report 管理層報告書 TURNOVER 營業額 The Group’s total turnover for the fiscal year ended 31st 本集團截至二零零六年三月三十一日止財政年度 March, 2006 was HK$2,520 million, up 5.9% from HK$2,380 之總營業額為港幣2,520,000,000元，較上一個財 million registered in the preceding fiscal year. This growth 政年度錄得之港幣2,380,000,000元上升5.9%。 was made possible by the Group’s active implementation of 業績增長有賴本集團採用積極之增長策略，包括 growth initiatives, including product innovation, 創新產品、鞏固品牌、加強分銷以及拓展全球 brand reinforcement, strengthening of distribution, and 業務。 global expansion. Following a relatively modest growth of 2.3% in the first half 本集團於本年度上半年錄得較平穩之2.3%增長 of the year, sales soared in the second half by 9.8%, which 後，銷售額於下半年急升9.8%，與市場增長趨勢 was in line with the market growth trend and was also the 同步，亦有賴於本集團凌厲的市場推廣及宣傳活 result of our strong marketing and promotion effort. The 動。本集團的澳洲及新西蘭業務以及中國大陸業 performances of the Group’s Australian and New Zealand 務之表現尤其出眾。本集團澳洲公司以「荳奶專 operation and Mainland China operation were particularly 家」定位繼續取得卓越之銷售表現，銷售額上升 impressive. Positioned as “the soy expert”, Vitasoy Australia 37.2%至港幣214,000,000元。內地業務方面， continued to deliver remarkable sales performance, which 本集團繼續採用「核心業務、核心品牌及核心強 rose 37.2% to HK$214 million. The Mainland also saw 項」的重心策略，其銷售額亦錄得雙位數增長。 double-digit sales growth under our focused strategy of “core 香港業務在經歷銷情稍為放緩之上半年後重拾增 business, core brand and core competency”. After a relatively 長動力，於下半年錄得10.0%之銷售額增長。北 slow first half, Hong Kong regained its growth momentum 美洲之銷售額下跌6.0%，乃由於在大型重組計劃 and achieved a sales growth of 10.0% in the second half. 下結束鮮凍荳奶業務，以及美國市場對無菌紙包 Sales in North America declined by 6.0% due mainly to a 裝荳奶之需求下降所致。若撇除已停產之產品， major restructuring project involving the exit of Refrigerated 此市場之銷售額可錄得近2.0%之正增長。 Soymilk as well as the weaker demand for Aseptic Soymilk in the US market. Should the exited products be excluded, sales in this market would have registered a positive growth of nearly 2.0%. We will leverage our product innovation capabilities to drive the sales of Tofu and consolidate our market leadership in this category through new product launches. 本集團將善用本身的產品發展能力來增加荳腐產 品之銷量，並透過推出新產品鞏固本集團於此產 品類別之市場領導地位。 18 Vitasoy International Holdings Ltd. Annual Report 2005/06 GROSS PROFIT 毛利 Notwithstanding the rise in production costs, especially sugar 雖然生產成本上升，尤以糖及能源成本為甚，但 and energy costs, we managed to improve our gross margin 本集團仍能將毛利率（與銷售額比較）改善至 to 58.8% of sales, as compared to 57.5% a year before. The 58.8%，而去年則為57.5%。本集團於本年度之 Group’s gross profit for the year totalled HK$1,481 million 毛利共為港幣1,481,000,000元（二零零四／二零 (2004/2005: HK$1,368 million), an increase of 8.3%. 零五年：港幣1,368,000,000元），增長8.3%。 The higher gross margin reflected the effectiveness of the 毛利率上升，證明本集團透過不斷推出增值產 Group’s strategy to improve margins by continually 品、善用品牌組合和把握業務增長來提高毛利率 introducing value-added products, capitalising on our brand 之策略奏效。本集團亦同時繼續實行生產力提升 portfolio and leveraging business volume growth. At the same 計劃及改善供應鏈管理。 time, we have persisted in implementing our productivity enhancement programmes and improving our supply chain management. OPERATING EXPENSES 經營費用 The Group is committed to prudent cost management as a 本集團致力執行審慎的成本管理工作，以保持 means for sustaining profit growth. Owing primarily to the 盈利持續增長。總經營費用增加8 . 0 % 至港幣 need to drive sales growth, brand reinforcement and market 1,298,000,000元，主要是由於需要增加銷量、鞏 expansion, total operating expenses increased 8.0% to 固品牌及拓展市場。推廣、銷售及分銷費用為港 HK$1,298 million. Marketing, selling and distribution 幣985,000,000元，上升7.5%，主要是因為本集 expenses were HK$985 million, up 7.5% due mainly to 團同時進行強化品牌和提高市場佔有率的工作， increased marketing activities for strengthening our brands 致使市場推廣活動有所增加。行政費用為港幣 and expanding our market share at the same time. 164,000,000元，增加3.1%。其他經營費用為港 Administrative expenses amounted to HK$164 million, an 幣149,000,000元，去年則為港幣127,000,000 increase of 3.1%. Other operating expenses amounted to 元。本集團認為，由於本集團能持續保持利潤增 HK$149 million, compared to HK$127 million last year. We 長以及較高的股息率，開支有所增加亦為合理。 consider such increases well justified as we have continued 於二零零五／二零零六年，本集團之經營費用總 to deliver profit growth and higher dividend payouts. For 額佔銷售額的51.5%（二零零四／二零零五年： 2005/2006, the Group’s total operating expenses amounted 50.5%）。 to 51.5% of sales (2004/2005: 50.5%). 維他奶國際集團有限公司 二零零五 / 零六年年報 19 Management Report 管理層報告書 OPERATING PROFIT AND EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION AND AMORTISATION EXPENSES (EBITDA) 經營溢利及未計利息、稅項、 折舊及攤銷費用前 盈利 (EBITDA) EBITDA for the year amounted to HK$333 million, up 18.5% 本年度之EBITDA為港幣333,000,000元，較去年 from HK$281 million a year earlier. With stringent cost 之港幣281,000,000元增長18.5%。憑藉嚴謹之 management measures and a programme for continuous 成本管理措施及持續改善生產力之計劃，本集團 productivity improvement, we were able to sustain high 將毛利率提升至佔銷售額的58.8%，亦保持高水 productivity by lifting our gross margin to 58.8% of sales. 平之生產力。雖然本集團為擴大市場佔有率及鞏 Despite higher marketing and promotional expenses for 固市場領導地位而提高了市場推廣開支，但本集 expanding market share and reinforcing market leadership, 團仍能成功將EBITDA利潤率提升至佔銷售額的 we managed to grow our EBITDA margin to 13.2% of sales 13.2%（二零零四／二零零五年：11.8%）。諸此 (2004/2005: 11.8%). All these numbers speak for the success 種種皆證明本集團的重心業務發展策略奏效。 of our focused business development strategy. PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY 本公司股權持有人 應佔溢利 For the year ended 31st March, 2006, profit attributable to equity shareholders of the Company was HK$172 million, 於截至二零零六年三月三十一日止年度，本公司 股權持有人應佔溢利為港幣172,000,000元，較 an increase of 42.1% from HK$121 million a year ago. 去年之港幣121,000,000元增加42.1%。 LIQUIDITY AND FINANCIAL RESOURCES 流動資金及財務資源 The Group’s financial position has remained very strong. As at 31st March, 2006, the Group was in a healthy net cash position of HK$398 million (31st March, 2005: HK$364 million). Banking facilities available to but not used by the Group amounted to HK$367 million. 本集團之財務狀況仍然保持穩健。於二零零六年 三月三十一日，本集團之現金淨額維持在港幣 398,000,000元（二零零五年三月三十一日：港幣 364,000,000元）之穩健水平。本集團可動用而未 提取之銀行信貸額達港幣367,000,000元。 As at 31st March, 2006, the Group’s borrowings amounted to HK$119 million (31st March, 2005: HK$169 million). The 於二零零六年三月三十一日，本集團之借貸為港 幣119,000,000元（二零零五年三月三十一日：港 20 Vitasoy International Holdings Ltd. Annual Report 2005/06 borrowings denominated in US dollars, Renminbi and 幣169,000,000元）。該等借貸分別以美元、人民 Australian dollars were the equivalents of HK$14 million, 幣及澳元為單位，分別相等於港幣14,000,000 HK$10 million and HK$95 million respectively. The maturity 元、港幣10,000,000元及港幣95,000,000元。有 profile of the borrowings is spread over a period of three 關借貸可分三年攤還，其中港幣41,000,000元須 years, with HK$41 million repayable in the first year and 於首年償還，另港幣78,000,000元須於第三年償 HK$78 million in the third year. The gearing ratio (total 還。借貸比率（借貸總額與本公司股權持有人應 borrowings/total equity attributable to equity shareholders 佔權益總額之比率）為9.5%（二零零五年三月三十 of the Company) was 9.5% (31st March, 2005: 13.5%). 一日：13.5%）。 The Group incurred capital expenditure totalling HK$64 本集團於二零零五／二零零六年錄得之資本開支 million in 2005/2006 (2004/2005: HK$53 million), which was 共達港幣64,000,000元（二零零四／二零零五 primarily funded by cash generated from various operations. 年：港幣53,000,000元），主要以經營業務所得 之現金撥款支付。 CHARGES ON GROUP ASSETS 本集團資產之抵押 As at 31st March, 2006, certain assets of the Group with an 於二零零六年三月三十一日，本集團賬面值合共 aggregate carrying value of HK$34 million (31st March, 2005: 港幣34,000,000元（二零零五年三月三十一日： HK$37 million) were pledged to secure loan facilities utilised 港幣37,000,000元）之若干資產已用作附屬公司 by subsidiaries. 所用貸款融資之抵押。 FINANCIAL RISK MANAGEMENT 財務風險管理 The Group’s financial management focuses on controlled 本集團之財務工作重點在於管控風險，所有交易 management of risks, with transactions being directly related 必須與本集團之相關業務有直接關係。本集團為 to the underlying businesses of the Group. We operate a 其所有附屬公司實行中央現金及財政管理制度。 central cash and treasury management system for all our 本集團之各營運附屬公司一般以當地貨幣舉債， subsidiaries. Borrowings are normally taken out in local 以資助及部份對沖其投資。 currencies by the Group’s operating subsidiaries to fund and partially hedge their investments. O u r f o c u s w i l l b e o n c a p t u r i n g t h e n e w b u s i n e s s o p p o r t u n i t i e s b y c a p i t a l i s i n g o n o u r e x i s t i n g s a l e s a n d m a r k e t i n g c a p a b i l i t i e s . 本 集 團 之 重 點 策 略 將 會 是 利 用 現 有 的 銷 售 及 市 場 推 廣 能 力 把 握 新 商 機 。 維他奶國際集團有限公司 二零零五 / 零六年年報 21 Management Report 管理層報告書 The financial risks faced by the Group are mainly connected 本集團所面對之財務風險主要與利率及匯率有 with interest rates and exchange rates. The Group makes use 關。本集團於需要時利用金融工具管理該等風 of financial instruments, where appropriate, to manage those 險。於二零零五／二零零六財政年度年結日，本 risks. At the close of fiscal 2005/2006, the Group had no 集團並無有關外匯合約或衍生金融工具之重大 significant exposure under foreign exchange contracts or 風險。 financial derivatives. EMPLOYMENT, TRAINING AND DEVELOPMENT 僱員、培訓及發展 The Group is fully aware of the need to make the best use of 本集團充份認識到善用人力資源能增加生產力之 its manpower resources to maximise productivity and, 重要性，故於人力資源運用方面取態審慎。於二 therefore, adopts a prudent approach with regard to 零零六年三月三十一日，本集團之員工人數於 manpower. As at 31st March, 2006, the Group’s workforce 年內增加2 . 5 % ，當中全職僱員人數微升至 increased by 2.5% during the year with the number of full- 2,361名。 time staff increasing slightly to 2,361. In terms of staff development, the Group continued to support 在員工發展方面，本集團繼續支持在香港、中國 a wide range of skills training and staff development 大陸、北美洲及澳洲等地舉辦之各項技能培訓及 programmes in Hong Kong, Mainland China, North America 員工發展課程，藉以提升員工與工作有關之技能 and Australia, with a view to improving job-related 及整體效率。本集團亦依據若干準則提供資助， competencies and overall efficiency. The Group also 從而鼓勵僱員參加外間主辦之培訓及教育課程， encouraged employees to attend external training and 包括工商管理碩士及其他學位課程。 education programmes, including MBA and other degree courses, by offering financial sponsorship in accordance with certain criteria. The Group is also fully committed to ensuring the safety and 本集團亦非常關注僱員之工業安全及健康。本集 health of its employees. The safety and health committees 團各業務分部均設有工業安全及健康委員會，專 established in the Group’s various operations are responsible 責不斷改善工作地點之安全及健康事宜，包括定 for constantly improving safety and health in the workplace 期對工作地點進行風險評估，制定改善政策及指 New members of our brand portfolio are expected to grow and gain in popularity, especially among the younger generation of consumers. 本集團預期品牌組合中的新品牌銷量將會持續增長 並且更受歡迎，特別是年青一代的消費者。 22 Vitasoy International Holdings Ltd. Annual Report 2005/06 by carrying out risk assessment of work sites regularly and by 引，並在需要情況下，作出糾正行動。本集團亦 establishing policies and guidelines for improvement and 就工業安全及健康等環節定期為員工提供深入之 taking corrective actions where necessary. Regular and 培訓。 intensive training on safety and health is also provided for staff. The Group’s remuneration policies remained unchanged 本集團之薪酬政策於年內保持不變。員工（包括 during the year. The remuneration packages for the staff 執行董事）之薪酬福利包括基本薪金、酌情花 (including the executive directors) that covered basic salaries, 紅、購股權及其他長期福利乃與本集團之業績及 discretionary bonuses, share options and other long-term 個別僱員之表現掛漖，亦藉此反映各員工於年內 benefits were pegged to the performance of both the Group 作出之貢獻。 and the individual employees, and were meant to reflect the value generated by everyone during the year. COMMUNITY SERVICE 服務社會 In the year under review, the Group continued to fulfil its 於回顧年度，本集團透過參與和支持不同組織及 responsibilities as a corporate citizen by participating in and 活動來繼續履行企業公民之責任，以下為一些重 supporting various relevant organisations and activities, some 要活動。 of which are highlighted below. The Group continued to support university education through 本集團透過不同的助學金持續支持大學教育。本 various education bursaries. Vitasoy Hong Kong donated to 集團香港公司向本地慈善團體捐款，受助團體包 local charitable organisations, including the Corporate and 括香港公益金之商業及僱員募捐計劃。本集團亦 Employee Contribution Programme of the Community Chest 參加2005樂施會毅行者籌款活動。 of Hong Kong. We also took part in the Oxfam Trailwalker 2005 for fundraising. We sponsored a number of programmes related to health 本集團亦贊助多項與健康及青少年有關的活動， and teenagers, including fun fairs of secondary schools, 包括中學賣物會或嘉年華會、大學迎新營、宣揚 orientation camps of universities, award schemes for 校內健康飲食習慣的獎勵計劃，以及學校的慈善 維他奶國際集團有限公司 二零零五 / 零六年年報 23 Management Report 管理層報告書 promoting healthy eating at school and school charitable 步行籌款。本集團亦贊助香港宣明會、香港展能 walkathons. We also supported major fundraising events 藝術會、香港救世軍等機構舉辦之大型籌款活 staged by organisations such as Hong Kong World Vision, 動。本集團美國公司亦捐贈荳奶予颶風卡特里娜 Arts with the Disabled Association of Hong Kong, Salvation 賑災活動及Food Banks。 Army Hong Kong, etc.. Vitasoy USA donated soymilk to Hurricane Katrina Relief and Food Banks. The Group was a participant in the School-Business Partnership 本集團亦參加香港特別行政區政府教育統籌局舉 Programme of the Education and Manpower Bureau of HKSAR 辦之「商校合作計劃」，通過主持學校講座、安排 Government to enhance students’ understanding of the 學生參觀和提供在職實習機會，加深學生對商界 business sector by giving school talks and arranging student 的認識。 tours and work attachments. RECOGNITIONS AND AWARDS 表揚及嘉許 The Group received the Caring Company Award from the 本集團榮獲香港社會服務聯會商界展關懷的嘉 Hong Kong Council of Social Service for providing a caring 許，表揚本集團為僱員提供親切之工作環境及示 environment for employees and demonstrating corporate 範企業公民責任。 citizenship. Vitaland Services Limited was given the Certificate of 維他天地服務有限公司因積極參與僱員再培訓計 Outstanding Performance by the Employees Retraining Board 劃，獲僱員再培訓局頒發僱主優異獎。維他天地 for its active participation in employee retraining programmes. 服務有限公司及香港美食有限公司為求職者提供 Vitaland Services Limited and Hong Kong Gourmet Limited 就業機會，獲新界社團聯會再培訓中心分別頒發 were honoured with the Caring Employer Award and Caring 愛心僱主大獎及愛心僱主榮譽大獎。 Employer Honorable Award respectively by the New Territories Association Retraining Centre for providing job opportunities for job seekers. VITASOY won the “Yahoo! Emotive Brand Award” organised 維他奶品牌連續第四年在「Yahoo!感情品牌大獎」 by Yahoo! Hong Kong in the beverage category for the fourth 飲品類別中奪得殊榮。維他品牌則榮獲2006年 consecutive year. VITA received the Gold Award in the Juice 「讀者文摘香港區信譽品牌（果汁類別）」之金獎。 Category of Reader’s Digest Hong Kong Trusted Brands 2006. Vitasoy Hong Kong was recognised by PARKnSHOP as Best 本集團香港公司憑其銷售表現、產品推動活動及 Supplier of the Year 2005 for sales performance, promotion 整體客戶服務而獲百佳超級市場頒發「2005年度 efforts and overall customer service. 最傑出供應商大獎」。 24 Vitasoy International Holdings Ltd. Annual Report 2005/06 HONG KONG Production Efficiency 香港 生產效率 By Location of Assets (Production Plants) 按資產（生產廠房）所在地 Revenue Segment Result 收入 分部業績 Segment Net Operating Assets 分部淨營運資產 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 Movement 變動 1,419 213 463 1,331 210 458 6.6% 1.4% 1.1% The Group’s production plant in Tuen Mun supports both 本集團之屯門生產廠房供應本地市場，以及分佈 domestic sales and exports to markets in Europe, Macau, 歐洲、澳門、東南亞及美洲之出口市場。截至二 Southeast Asia and the Americas. For the year ended 31st 零零六年三月三十一日止年度，廠房及本集團 March, 2006, the revenue generated by the plant and the 食品部業務之收入為港幣1,419,000,000元， Group’s tuck shop business reached HK$1,419 million, an 較去年上升6 . 6 % 。本年度之分部業績為港幣 increase of 6.6% over the previous year. The segment result 213,000,000元（二零零四／二零零五年：港幣 f o r t h e y e a r w a s H K $ 2 1 3 m i l l i o n ( 2 0 0 4 / 2 0 0 5 : 210,000,000元）。 HK$210 million). Market Performance By Location of Customers 按客戶所在地 Revenue – Hong Kong Domestic Market 收入－香港 本銷市場 Revenue – Export Markets 收入－出口市場 市場表現 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 Movement 變動 1,608 87 1,547 76 3.9% 14.5% 維他奶國際集團有限公司 二零零五 / 零六年年報 25 Management Report 管理層報告書 HONG KONG (continued) Market Performance (continued) (1) Hong Kong Domestic Market 香港（續） 市場表現（續） (1) 香港本銷市場 The Hong Kong economy continued to flourish during 香港經濟於回顧年度繼續興旺。儘管受到 the year under review. Despite the adverse impact of 高油價及息口上升之不利影響，但強勁的 high oil prices and rising interest rates, a real GDP growth 出口增長與內部需求繼續帶動經濟復蘇， of 7% was recorded in 2005 as solid export growth and 故香港本地生產總值於二零零五年錄得7% domestic demand continued to give impetus to economic 之實質增長。在此利好之經濟環境配合 recovery. Under this basically positive environment, the 下，儘管非酒精類飲品行業競爭激烈，但 non-alcoholic beverage industry also saw a growth of 整個行業仍錄得4%之增長。 4% in value amidst intense competition. Sales fell slightly in the first half of the year due to severe 由於市場內價格競爭激烈，本年度上半年 price competition in the market, but we had a strong 之銷量微跌；但本集團在重新調整定價策 rebound in the second half after readjusting our pricing 略以提升競爭力及刺激目標客戶之需求 strategy to enhance our competitiveness and create 後，本集團於下半年之銷售額成功錄得強 higher demand from our target customers. Sales in the 勁反彈，大幅增長10.0%。因此，香港市場 second half of the year rose by a substantial 10.0%. As 之全年總收入上升3.9%。 a result, total revenue from the Hong Kong market was up 3.9% for the full year. Product innovation was also a crucial factor for the 創 新 產 品 亦 是 增 長 之 重 要 因 素 。 維 他 Group’s incremental growth. Targeting the kids and teens SUPERICY檸檬茶以兒童和青少年為目標顧 segment, VITA SUPERICY Lemon Tea appeals to them 客，其持久的清涼口感正迎合他們的口 with its long-lasting icy sensation. The launch of the new 味。新推出的125毫升輕巧紙包裝備受小孩 125ml single pack has been welcomed by the pre-teen 歡迎。以健康飲品為概念研製和推廣的鈣 sector. Developed and marketed as healthy beverages, 思寶大荳燕麥飲品和維他高鈣低脂奶類飲 CALCI-PLUS Soya Bean Oat Drink and VITA Hi-Calcium 品，亦為關心健康一族所愛戴。維他清心 Low Fat Milk Beverage have proved to be popular 棧與維他茶字典產品系列的新款口味亦受 amongst the health-conscious. New variants of VITA 廣大消費者喜愛，銷售額隨之增加；再加 TSING SUM ZHAN and VITA CHA T DIN have boosted 上市場推廣及分銷工作上的努力，成功鞏 sales by meeting the taste preference of mass consumers. 固本集團在不同飲品類別之市場領導地 This, together with our efforts in marketing and 位。 distribution, has enabled us to reinforce our market leadership in various beverage categories. 26 Vitasoy International Holdings Ltd. Annual Report 2005/06 HONG KONG (continued) Market Performance (continued) (1) Hong Kong Domestic Market (continued) 香港（續） 市場表現（續） (1) 香港本銷市場（續） During the year, our tuck shop business and catering 年內，本集團之食物部業務及膳食業務面對 business faced keen competition in the industry. 業內的激烈競爭。雖然成功投標比以往困 Although it was tougher than before to win tenders, 難，但維他天地服務有限公司及香港美食有 Vitaland Services Limited and Hong Kong Gourmet 限公司仍維持高市場佔有率。維他天地藉推 Limited have still maintained high market shares. 廣活動及新產品錄得9%之銷售額增長。隨 Supported by marketing activities and new products, 著中央廚房擴充新設施，香港美食取得25% Vitaland achieved 9% sales growth. With the expansion 之營業額增長。 of new central kitchen facilities, Hong Kong Gourmet achieved 25% in volume growth. (2) Export Markets (2) 出口市場 Our export sales sustained a healthy year-on-year growth 本集團出口市場之銷售額錄得穩健之按年增 of 14.5%. The appointment of distributors for Central 長14.5%。於中南美洲市場委任分銷商，推 and South American markets and the launching of new 出如維他SUPERICY檸檬茶及鈣思寶大荳燕 products like VITA SUPERICY Lemon Tea Drink, CALCI- 麥飲品等新產品，以及推出多款新口味之維 PLUS Soya Bean Oat Drink and new variants of both VITA 他茶字典與維他清心棧茶類飲品，均有助出 CHA T DIN Tea Drink and VITA TSING SUM ZHAN Tea 口市場之增長。澳門之銷售額增長顯著，達 Drink supported the growth. Sales growth in Macau was 20%，乃由於當地經濟、基建及博彩業以及 outstanding, up 20%, driven mainly by the booming 旅遊業發展蓬勃所帶動。 economy, construction and gambling industries as well as tourism. 維他奶國際集團有限公司 二零零五 / 零六年年報 27 Management Report 管理層報告書 NORTH AMERICA Production Efficiency 北美洲 生產效率 By Location of Assets (Production Plant) 按資產（生產廠房）所在地 Revenue Segment Result 收入 分部業績 Segment Net Operating Assets 分部淨營運資產 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 386 (20) 205 415 (37) 196 Movement 變動 (7.0)% 45.9% 4.6% The Group’s production plant in Massachusetts supports the 本集團位於麻省之生產廠房供應北美洲市場。年 North American market. During the year, the plant generated 內，該廠房之收入為港幣386,000,000元，下跌 HK$386 million in revenue, a decrease of 7.0%. The segment 7.0%。分部業績錄得經營虧損港幣20,000,000 result was an operating loss of HK$20 million, compared to 元，去年為港幣37,000,000元。 HK$37 million a year ago. Market Performance By Location of Customers 按客戶所在地 市場表現 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 Movement 變動 Revenue – North American 收入－北美洲 Market 市場 440 468 (6.0)% During the year under review, the North American soyfood 於回顧年度，北美洲大荳食品市場的表現則個別 market experienced a mixed performance. The US market for 發展。美國之水裝荳腐產品市場輕微增長1%。 water-packed tofu grew slightly by 1%. The whole market 隨著消費者轉向選擇鮮凍荳奶產品，令無菌紙包 for aseptic soymilk continued to contract as consumers shifted 裝荳奶產品之整體市場繼續萎縮。無菌紙包裝荳 their preference to refrigerated soymilk. The overall aseptic 奶產品之整體按年跌幅達7%。 soymilk category dropped 7% year-on-year. 28 Vitasoy International Holdings Ltd. Annual Report 2005/06 NORTH AMERICA (continued) Market Performance (continued) Fiscal 2005/2006 was the first full year of operation after the 北美洲（續） 市場表現（續） 本集團於去年進行重組，結束無利可圖之鮮凍荳 Group’s rationalisation initiatives taken last year to exit from 奶業務及整合位於麻省艾爾市廠房內的所有生產 the non-profitable Refrigerated Soymilk business and to 設施，而二零零五／二零零六財政年度正是本集 consolidate all production facilities at Ayer, Massachusetts. 團完成重組後的首個營運年度。本集團積極地將 We have been actively repositioning our products toward 產品重新定位為「美味方便的健康食品」，亦重整 “healthy eating made delicious and convenient”. We also 銷售隊伍，主力開拓天然食品店、超級市場及全 reorganised our sales team for greater focus on natural food 國性客戶。本集團與零售商重新建立關係，核心 stores, supermarkets and national accounts. We have forged 業務亦隨之增長。停售一些無利可圖之產品雖然 new relationships with retailers and grown our core 使總收入下跌，但若撇除此類產品，本集團之美 businesses. Total revenue dropped after the exit of some 國收入實際上錄得近2.0%之輕微增長。更重要的 unprofitable products, but should these be excluded, our US 是，一如本集團預期，經營虧損進一步收窄，而 revenue actually had a slight growth of nearly 2.0%. More 毛利率亦得到提升。 importantly, in line with our expectation, operating loss narrowed further whereas gross profit margin improved. A notable achievement for us was that we succeeded in 另一突出成就是成功提升並鞏固本身於水裝荳腐 growing and reinforcing our market leadership in the water- 產品的市場領導地位。隨著本集團發展並推出新 packed tofu category. Our business grew substantially through 產品及新包裝以刺激銷量後，業務錄得大幅增 the development and launching of new products and 長。事實上，美國水裝荳腐市場之增長主要由本 packages that helped stimulate sales. Vitasoy USA was in 集團美國公司所帶動。本集團之NASOYA品牌的 fact the key driver of the national water-packed tofu market 銷售額增長4%，而AZUMAYA品牌之銷售額亦增 growth. The sales of our NASOYA brand grew 4% and that 長5%。另一方面，雖然無菌紙包裝荳奶市場萎 of our AZUMAYA brand 5%. On the other hand, despite the 縮，本集團仍能保持市場佔有率。 contraction of the aseptic soymilk market, we maintained our market share. 維他奶國際集團有限公司 二零零五 / 零六年年報 29 Management Report 管理層報告書 MAINLAND CHINA Production Efficiency 中國大陸 生產效率 By Location of Assets (Production Plants) 按資產（生產廠房）所在地 Revenue Segment Result 收入 分部業績 Segment Net Operating Assets 分部淨營運資產 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 509 56 228 485 56 217 Movement 變動 4.9% – 5.1% The Group’s production plants in Shanghai and Shenzhen 本集團設於上海及深圳之生產廠房負責供應中國 support the Mainland China and Hong Kong markets. During 大陸及香港市場。於回顧年度，此兩間獲頒發 the year under review, the two HACCP-accredited plants HACCP「危害分析與關鍵控制點」認證之廠房為本 together generated HK$509 million in revenue, representing 集團帶來總收入港幣5 0 9 , 0 0 0 , 0 0 0 元，上升 an increase of 4.9%. Owing to an additional spending 4.9%。由於投資市場推廣及品牌建立的費用增 investment of HK$9 million in marketing and brand-building 加港幣9,000,000元，年內之分部業績與去年 programmes, the segment result for the year was basically 相約。 the same as the previous year. Market Performance 市場表現 By Location of Customers 按客戶所在地 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 Movement 變動 Revenue – Mainland China 收入－中國大陸 Market 市場 171 133 28.6% The flourishing Chinese economy continued to favour the 受惠於中國經濟蓬勃發展，內地奶類產品行業之 growth of the dairy milk industry, which expanded in total 整體市場亦持續增長。至於荳類飲品行業方面， market size. The soy beverage industry witnessed active 廉價粉劑沖調飲品不斷有新產品和新品牌湧現， launches of new products and new brands in the low-cost 由此可見廉價飲品市場的需求持續上升，而即飲 powder segment, which reflected rising demand in the low- 飲品市場之競爭仍然激烈。 price segment, while competition in the ready-to-drink category remained fierce. 30 Vitasoy International Holdings Ltd. Annual Report 2005/06 MAINLAND CHINA (continued) Market Performance (continued) The fiscal year under review was the second year for 中國大陸（續） 市場表現（續） 回顧之財政年度已是中國大陸業務第二年採用 implementing the focused strategy of “core business, core 「核心業務、核心品牌及核心強項」這重心發展策 brand and core competency” in Mainland China. Revenue 略。此市場之收入為港幣171,000,000元，較去 generated from this market was HK$171 million, an increase 年增加28.6%。本集團積極採用核心城市策略， of 28.6% over last year. We have rigorously pursued the core 喜見憑藉華南地區之更佳銷售點管理，在加強產 city strategy and are glad to report that we have made good 品分銷工作上進展良好。維他奶品牌的投資亦提 progress in strengthening product distribution with better 高了品牌知名度和消費者購買量。通過更緊密經 outlet management in southern China. The investment in 貿關係安排，本集團之產品組合亦透過銷售從香 the VITASOY brand also yielded higher brand awareness and 港進口之1 公升包裝產品而拓展至家庭消費市 higher consumer off-take. Under the CEPA (Closer Economic 場。 Partnership Arrangements), our product portfolio also expanded into the family consumption segment through the launching of products of one-litre pack imported from Hong Kong. During the year, we continued to pursue co-packing 年內，本集團繼續開拓包裝加工業務的商機，以 opportunities for improving capacity utilisation and for better 改善廠房使用率及提升資產回報。透過包裝加工 return on assets. Through cooperative packaging agreements, 業務協議，本集團設於深圳及上海的廠房資產使 our plants in both Shenzhen and Shanghai improved 用率及經營效率均獲大幅改善。 substantially in asset utilisation and operating efficiency. 維他奶國際集團有限公司 二零零五 / 零六年年報 31 Management Report 管理層報告書 AUSTRALIA AND NEW ZEALAND 澳洲及新西蘭 Production Efficiency 生產效率 By Location of Assets (Production Plant) 按資產（生產廠房）所在地 Revenue Segment Result 收入 分部業績 Segment Net Operating Assets 分部淨營運資產 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 207 26 161 149 10 164 Movement 變動 38.9% 160.0% (1.8)% The Group’s joint-venture plant in Wodonga, Victoria supports 本集團設於維多利亞省烏東加市之合營廠房供應 the Australian and New Zealand markets. For the twelve 澳洲及新西蘭市場。於截至二零零六年三月三十 months to 31st March, 2006, the plant generated HK$207 一 日 止 十 二 個 月 ， 該 廠 房 錄 得 收 入 港 幣 million in revenue, representing a strong increase of 38.9%. 207,000,000元，較上年度大幅增長38.9%。分 The segment result was HK$26 million, an increase of HK$16 部業績為港幣26,000,000元，較去年增加港幣 million or 160.0% over the previous year. 16,000,000元，上升160.0%。 Market Performance 市場表現 By Location of Customers 按客戶所在地 Revenue – Australian and New Zealand Markets 收入－澳洲及 新西蘭市場 2005/2006 HK$million 2004/2005 HK$million 港幣百萬元 港幣百萬元 Movement 變動 214 156 37.2% The market for soymilk (including flavoured soymilk and rice 澳洲及新西蘭兩地之荳奶（包括不同口味之荳奶 milk) continued to grow steadily in both Australia and New 及米奶）市場均保持穩定增長，分別擴大5%及 Zealand, expanding by 5% and 17% respectively. The major 17%，其增長之主要原動力來自創新產品。由於 driver of category growth has been product innovation. The 絕大部份同業也推出自家品牌產品系列及新產 introduction of house brand product ranges and new product 品，令競爭更加激烈，使到各銷售點之上架位置 launches by almost all industry players resulted in keener 供應更形緊張。惟憑著成功的市場推廣攻勢，澳 competition and put increased pressure on shelf space in all 洲及新西蘭市場的收入為港幣214,000,000元， sales outlets. However, with the support of successful 較去年上升37.2%。 marketing initiatives, revenue generated from the Australian and New Zealand markets was HK$214 million, up 37.2% from last year. 32 Vitasoy International Holdings Ltd. Annual Report 2005/06 AUSTRALIA AND NEW ZEALAND (continued) Market Performance (continued) During the year, Vitasoy Australia maintained its focus on 澳洲及新西蘭（續） 市場表現（續） 年內，本集團澳洲公司繼續專注研製新產品，並 product innovation with five new products successfully 成功推出五款新產品－VITASOY LUSH無菌紙包裝 launched – VITASOY LUSH Aseptic Soymilk Caramel, VITASOY 焦糖味荳奶、VITASOY LUSH無菌紙包裝雲呢拿味 LUSH Aseptic Soymilk Vanilla , VITASOY LUSH Refrigerated 荳奶、VITASOY LUSH鮮凍草莓味荳奶、VITASOY Soymilk Berry Bliss, VITASOY LUSH Refrigerated Soymilk LUSH鮮凍雲呢拿味荳奶及VITASOY高蛋白質無菌 Vanilla and VITASOY Aseptic Ricemilk Protein Enriched. Apart 紙包裝米奶。除成功創新產品外，本集團凌厲的 from successful product innovation, our sales growth was 市場攻勢、有效的零售定價策略及本集團作為優 also driven by our strong marketing programme, effective 質產品供應商之聲譽，皆有助推動銷售額增長。 retail pricing strategy and our reputation as a supplier of high 本集團亦繼續與自然醫療師、營養師和醫生緊密 quality products. We have also continued to work closely with 合作，教授消費者有關荳奶的益處。 naturopaths, dieticians and physicians to educate consumers about the benefits of soymilk. Owing to Vitasoy Australia’s remarkable growth, the 由於本集團澳洲公司的增長強勁，烏東加市之廠 Wodonga production facility has almost reached its maximum 房已接近生產能力上限。因此，本集團已開始推 capacity. For this reason, we have commenced a capacity 行擴充計劃，以倍增廠房的生產能力。於二零零 expansion programme to double the factory’s volume 六／二零零七年度下半年完成擴充廠房生產量 capability. This capacity expansion, due to be completed in 後，本集團將可應付需求日增的澳洲及新西蘭大 the second half of 2006/2007, will enable us to meet the 荳食品市場及把握新商機。 rising demand of the burgeoning Australian and New Zealand soyfood market and capture new business opportunities. 維他奶國際集團有限公司 二零零五 / 零六年年報 33 Health is most important for you no matter who you are 不管年紀大小，健康體魄最重要 Corporate Governance Report 企業管治報告書 We are firmly committed to statutory and regulatory corporate 本集團奉行法定及監管企業管治標準，並時刻遵 governance standards and adherence to the principles of 循注重透明度、獨立、問責、負責與公平之企業 corporate gover nance emphasising transparency, 管治原則。董事會不時檢討企業管治常規，確保 independence, accountability, responsibility and fairness. The 有關常規能符合各股東、公眾投資者及其他利益 Board of Directors reviews the corporate governance practices 人士之利益與期望。 from time to time to ensure alignment of interests and expectations from our shareholders, the investing public and the other stakeholders. CODE ON CORPORATE GOVERNANCE PRACTICES 企業管治常規守則 The Company has, throughout the year ended 31st March, 本公司於截至二零零六年三月三十一日止年度一 2006, complied with the Code Provisions on the Code on 直遵守香港聯合交易所有限公司證券上市規則 Corporate Governance Practices set out in Appendix 14 of （「上市規則」）附錄14所載之企業管治常規守則中 the Rules Governing the Listing of Securities on The Stock 的守則條文，惟守則條文第A.2.1條有關執行主席 Exchange of Hong Kong Limited (the “Listing Rules”) except 與行政總裁角色區分之守則除外。 for the Code Provision A.2.1 for the separation of the roles of Executive Chairman and Chief Executive Officer. BOARD OF DIRECTORS 董事會 The general management of the Company’s business is vested 董事會負責本公司業務之整體管理工作，其已成 in the Board. The Board has established various committees 立不同之委員會來管理及監察本公司特定範疇之 to manage and oversee the specified affairs of the Company. 事務。董事會已將本公司之日常管理權力交予本 The Board has delegated the day-to-day management power 公司之執行董事及高層管理人員。 of the Company to the Executive Directors and senior management of the Company. The Board is committed to the Company’s mission to creating 董事會致力執行為股東創造價值之使命。董事會 value for our shareholders. The Board is responsible for 負責制定本公司之策略方向，不斷監察本公司整 developing strategic directions for the Company and 體管理表現。本公司的策略計劃一般為五年。董 continuous monitoring of the performance of the general 事會最近已採納五年策略計劃，並將定期不斷監 management of the Company. Strategic planning cycles are 察策略計劃與其實際進展之差距。 generally five years. The Board has recently adopted Five Year Strategic Plan and will continuously monitor the actual performance against the Strategic Plan on a regular basis. 36 Vitasoy International Holdings Ltd. Annual Report 2005/06 A defined schedule of matters reserved for Board decision 董事會已採納一個正式的預定計劃表，列載特別 has been adopted by the Board. Apart from strategic planning, 須要董事會作決定的事項。除策略計劃外，涉及 certain important matters involving finance and shareholders’ 財政及股東權益等重要事宜均須經董事會審批， interests are reserved for approval by the Board, including, 舉例來說，有關事項包括年度預算、財務報表與 for example, annual budget, financial statements against 預算之比較、股息政策、重大投資、重大收購及 budget, dividend policy, material investments, material 出售；主要融資活動及根據薪酬及提名委員會之 acquisitions and disposals; major financing activities and 建議委任董事。 appointment of Director(s) following the recommendation(s) by the Remuneration and Nomination Committee. BOARD COMPOSITION 董事會組成 The Board currently comprises six Non-executive Directors and 董事會現由六位非執行董事及四位執行董事組 four Executive Directors. Four of the Non-executive Directors 成。其中四位非執行董事為來自不同行業及專業 are independent, from different business and professional 界別之獨立人士。各董事所屬之類別、職位及簡 fields. The category, position and brief biographical 歷以及彼此間的關係載於本年報「董事及高層管 information of each Director, together with the relationship 理人員」一節。董事們（包括非執行董事）廣泛而 among each other, are set out in the “Directors and Senior 寶貴之業務經驗、知識及專業精神，有助董事會 Management” section in this Annual Report. The Directors, 有效及高效地履行其職責。 including the Non-executive Directors, have brought a wide spectrum of valuable business experience, knowledge and professionalism to the Board for its efficient and effective delivery of the Board functions. The Company has received, from each of the Independent 本公司已收到各獨立非執行董事根據上市規則第 Non-executive Directors, an annual confirmation of his 3.13條就其身份之獨立性發出之週年確認書。本 independence pursuant to Rule 3.13 of the Listing Rules. The 公司認為各獨立非執行董事確屬獨立人士。 Company considers all of the Independent Non-executive Directors are independent. The Company has arranged Directors’ and Officers’ Liability 本公司已為本公司董事及行政人員投保董事及行 Insurance for the Directors and Officers of the Company. 政人員之責任保險。 CHAIRMAN AND CHIEF EXECUTIVE OFFICER 主席及行政總裁 Code Provision A.2.1 of the Listing Rules sets out that the 上市規則之守則條文第A.2.1條規定，主席與行政 roles of the Chairman and Chief Executive Officer should be 總裁的角色應有區分，並不應由同一人同時兼 separate and should not be performed by the same individual. 任。羅友禮先生為本公司之執行主席及行政總 Mr. Winston Yau-lai LO is the Executive Chairman and Chief 裁。在現階段，本公司的董事會主席及行政總裁 Executive Officer of the Company. At the present stage, the 之角色基本上由羅友禮先生出任。惟本公司董事 roles of the Chairman of the Board and Chief Executive Officer 會與執行主席皆充份明白主席與行政總裁之角色 of the Company are performed basically by Mr. Winston Yau- 終需予以劃分，確保更佳的相互制衡，達致更良 lai LO. However, the Board of Directors and the Executive 好的公司管治。我們預計有關的過程或會需時， 維他奶國際集團有限公司 二零零五 / 零六年年報 37 Corporate Governance Report 企業管治報告書 Chairman of the Company fully recognise that the respective 藉此將公司運作可能受到的影響減至最低，但希 roles of the Chairman and the Chief Executive Officer should 望可以在二零零八年三月三十一日前完成。事實 be separated in the course of time to ensure better checks 上，本公司於二零零四年七月委任現同為執行董 and balances and hence better corporate governance. It is 事的亞洲區行政總裁陳錦勝先生後，已向前邁出 envisaged that the transition process will take some time so 了重要一步。陳錦勝先生與羅友禮先生或任何其 as to minimise any negative impact on the operation of the 他董事並無關連。在其獲委任後，本公司董事會 Company but it is hoped to achieve that goal by 31st March, 已訂下機制，而執行主席亦把其原先肩負的行政 2008. The Company has taken a significant step forward with 責任逐步並將繼續移交給亞洲區行政總裁。本集 the appointment of Mr. Ambrose Kam-shing CHAN as the 團欣然匯報，本公司就執行主席將行政職責移交 Chief Executive, Asia, who is also the Executive Director of 予亞洲區行政總裁方面之進展順利。 the Company, in July, 2004. Mr. Ambrose Kam-shing CHAN is not connected with Mr. Winston Yau-lai LO or any of the other Directors. After this appointment, the Board has already established a mechanism whereby the executive responsibilities originally assumed by the Executive Chairman have gradually been, and will continue to be, delegated to the Chief Executive, Asia. We are glad to report that the Company has been progressing smoothly in assigning the executive responsibilities from the Executive Chairman to the Chief Executive, Asia. BOARD PROCEEDINGS 董事會程序 The Board met six times in fiscal year of 2005/2006 to mainly 於二零零五／二零零六財政年度內董事會共開會 discuss and approve the overall strategies, including the Five 六次，主要討論及批准整體策略（包括本集團之 Year Strategic Plan for the Group; to review and monitor the 五年策略計劃）、檢討及監察本集團及各業務單 financial and operating performance of the Group and its 位之財務及營運表現，及考慮與批准本集團之全 business units respectively and to consider and approve the 年預算。 annual budget for the Group. All Directors have full and timely access to all relevant 各董事均可全面而適時地獲得一切有關本公司之 information in relation to the Company. There are established 資料。本公司已訂有程序讓董事可為履行職責及 procedures for Directors to seek independent professional 責任（視情況而定）而諮詢獨立專業意見，費用由 advice for them to discharge their duties and responsibilities, 本公司支付。 where appropriate, at the Company’s expense. 38 Vitasoy International Holdings Ltd. Annual Report 2005/06 Individual attendance of each Board member at these 董事會各成員於該等會議之出席率表列如下： meetings is as follows: Independent Non-executive Directors 獨立非執行董事 Dr. The Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Iain F. BRUCE Mr. Chi-kian SHIU Mr. Jan P. S. ERLUND 布魯士先生 邵志堅先生 Jan P. S. ERLUND先生 Attendance 出席率 6/6 6/6 6/6 (appointed on 6th July, 2006) （於二零零六年七月六日獲委任） N/A不適用 Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 非執行董事 羅慕貞女士 羅慕玲女士 Executive Directors 執行董事 Mr. Winston Yau-lai LO (Chairman) 羅友禮先生（主席） Mr. Ambrose Kam-shing CHAN 陳錦勝先生 (appointed on 11th July, 2005) （於二零零五年七月十一日獲委任） Mr. Eric Fat YU Mr. John Shek-hung LAU Mr. Fransis Ming-yin KONG 余發先生 劉錫鴻先生 江明彥先生 (resigned on 18th April, 2005) （於二零零五年四月十八日辭任） 6/6 6/6 6/6 4/4 6/6 6/6 0/0 APPOINTMENT, RE-ELECTION AND REMOVAL OF DIRECTORS 董事之委任、重選及 罷免 The appointment of a new Director is made on the 本公司乃根據本公司薪酬及提名委員會之建議或 recommendation of the Remuneration and Nomination 通過股東大會委任新董事。凡董事會委任之董事 Committee of the Company or by shareholders in general 均須於下一屆股東大會上告退。 meeting. Any Director who is appointed by the Board shall retire at the next General Meeting. The Non-executive Directors of the Company do not have a 本公司之非執行董事並非以指定任期委任。根據 specific term of appointment. Under the Company’s current 本公司現行之章程細則，全體董事均須最少每三 Articles of Association, all Directors are subject to retirement 年輪值告退，而每年須有三分一（或最接近但不 by rotation at least every three years and one-third (or the 能超越三分一）的董事於本公司股東週年大會上 number nearest to but not exceeding one-third) of Directors 退任。委任董事之年期不得超過三年。 shall retire from office every year at the Company’s Annual General Meeting. The term of appointment of a Director cannot exceed three years. 維他奶國際集團有限公司 二零零五 / 零六年年報 39 Corporate Governance Report 企業管治報告書 Induction programmes are arranged for the newly appointed 本公司會安排為新委任董事介紹本公司業務概 Directors on the general business of the Company. On 況。新任董事獲委任後亦會獲發一套就任須知資 appointment, new Directors will also be given an induction 料，以便彼等了解董事在不同監管規定及董事會 programme kit advising them of their responsibilities and 程序（包括董事委員會之職權範圍）下之責任及職 duties as Directors under various regulatory requirements and 責。 the Board procedures, including the Terms of Reference of the Board Committees. RESPONSIBILITIES OF DIRECTORS 董事責任 Directors acknowledge their responsibilities for preparing the 董事對編製本公司財務報表承擔責任。董事並不 financial statements of the Company. Directors are not aware 知悉有任何重大不明朗的事件或情況可能會嚴重 of any material uncertainties relating to events or conditions 影響本公司持續經營的能力。二零零五／二零零 that may cast significant doubt upon the Company’s ability 六年之全年財務報表乃按持續經營基準編製。本 to continue as a going concern. The Annual Financial 公司採納之所有新會計準則及政策先由審核委員 Statements for 2005/2006 are prepared on a going-concern 會經周詳討論後批准，然後再提交予董事會採 basis. All the new accounting standards and policies adopted 納。 by the Company have been thoroughly discussed and approved at the Audit Committee before adoption by the Board. The Group has adopted its own Code for Securities 本集團已就董事之證券交易採納一套行為守則 Transactions by Directors (the “Code”) on terms no less （「守則」），其條款不比上市規則附錄10所載之上 exacting than the required standards set out in the Model 市公司董事進行證券交易的標準守則載列之規定 Code for Securities Transactions by Directors of Listed 標準寬鬆。本公司已對各董事作出具體查詢，而 Companies contained in Appendix 10 of the Listing Rules. 各董事於截至二零零六年三月三十一日止年度均 Specific enquiry was made of all Directors and all Directors 確認遵守守則載列之規定標準。 have confirmed compliance with the required standard set out in the Code for the year ended 31st March, 2006. BOARD COMMITTEES 董事委員會 The Board has established an Executive Committee, a 董事會轄下已成立執行委員會、薪酬及提名委員 Remuneration and Nomination Committee (formerly known 會（前稱薪酬委員會）及審核委員會。 as Compensation Committee) and an Audit Committee. 40 Vitasoy International Holdings Ltd. Annual Report 2005/06 Executive Committee 執行委員會 The Executive Committee was established in 2001. Its current 執行委員會於二零零一年成立，現成員包括全部 members include all four Executive Directors, who are: 四位執行董事，分別為： Mr. Winston Yau-lai LO (Chairman) Mr. Ambrose Kam-shing CHAN Mr. Eric Fat YU Mr. John Shek-hung LAU 羅友禮先生（主席） 陳錦勝先生 余發先生 劉錫鴻先生 The Executive Committee operates as a general management 執行委員會為一般管理委員會，直屬於董事會， committee under the direct authority of the Board to deal 處理本集團部份營運事宜。 with certain operational matters of the Group. Remuneration and Nomination Committee 薪酬及提名委員會 The Compensation Committee was established in February, 薪酬委員會於一九九四年二月成立，於二零零五 1994 and was renamed as “Remuneration and Nomination 年二月二日改名為「薪酬及提名委員會」，其職權 Committee” on 2nd February, 2005 with increased scope of 範圍亦加以擴大。目前，委員會成員包括四位 authority. This Committee now comprises four Independent 獨 立 非 執 行 董 事 及 兩 位 非 執 行 董 事 ， 現 成 Non-executive Directors and two Non-executive Directors and 員為： its current members are: Independent Non-executive Directors Dr. The Hon. Sir David Kwok-po LI (Chairman) Mr. Iain F. BRUCE Mr. Chi-kian SHIU Mr. Jan P. S. ERLUND 獨立非執行董事 李國寶爵士 （主席） 布魯士先生 邵志堅先生 Jan P. S. ERLUND先生 (appointed on 6th July, 2006) （於二零零六年七月六日獲委任） Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 非執行董事 羅慕貞女士 羅慕玲女士 The Committee was set up to consider and approve the 委員會之成立旨在審批本集團執行董事及高層管 remuneration packages of Executive Directors and Senior 理人員之薪酬福利組合，包括薪金、非金錢利益 Management of the Group, including salaries, benefits in kind 及花紅；花紅計劃及其他長期獎勵計劃，包括購 and bonuses; the bonus schemes and the other long-term 股權及其他計劃。委員會亦不時檢討董事會之架 incentive schemes, including share option and other plans. 構、規模及組成（包括董事之技能、知識及經 The Committee also reviews the structure, size and 驗），並就董事之委任及董事繼任計劃向董事會 composition (including the skills, knowledge and experience) 提出建議。 of the Board from time to time and recommends to the Board on appointments of Directors and the succession planning for Directors. 維他奶國際集團有限公司 二零零五 / 零六年年報 41 Corporate Governance Report 企業管治報告書 The Committee met three times in fiscal year of 2005/2006. 於二零零五／二零零六財政年度內委員會共開會 Individual attendance of each Committee member at these 三次。各成員於該等會議之出席率表列如下： meetings is as follows: Independent Non-executive Directors 獨立非執行董事 Dr. The Hon. Sir David Kwok-po LI 李國寶爵士 (Chairman) Mr. Iain F. BRUCE Mr. Chi-kian SHIU （主席） 布魯士先生 邵志堅先生 Mr. Jan P. S. ERLUND Jan P. S. ERLUND先生 Attendance 出席率 3/3 3/3 3/3 (appointed on 6th July, 2006) （於二零零六年七月六日獲委任） N/A不適用 Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Attendance By Invitation: Executive Chairman Mr. Winston Yau-lai LO 非執行董事 羅慕貞女士 羅慕玲女士 應邀出席： 執行主席 羅友禮先生 3/3 3/3 3/3 Report of the Remuneration and Nomination Committee 薪酬及提名委員會之報告 The Committee has reviewed, discussed and approved the 委員會已審議、討論及批准本集團高層管理人員 remuneration of Senior Management including the Executive （包括執行董事及主要行政人員）之酬金，當中已 Directors and key executives of the Group by reference to 參考個別人士之職責及表現、同業水平及主要市 the individuals’ job responsibilities and performances, industry 場環境。委員會根據獨立顧問建議之按表現而釐 benchmarks and prevailing market conditions. The Committee 定的薪酬政策，充份考慮本集團之財務表現及有 has also approved the discretionary bonuses and the grant 關人士年內之個人表現後，已批准發放酌情花紅 of share options, having given due consideration to both the 及授出購股權。各執行董事並無參與釐定其薪酬 Group’s financial performance and the individuals’ 之決策程序。 performances during the year in accordance with the performance-based compensation policy recommended by an independent consultant. No individual Executive Director is involved in the decision process for his own remuneration. During the year, the Committee nominated Mr. Ambrose 年內，委員會提名亞洲區行政總裁陳錦勝先生出 Kam-shing CHAN, the Chief Executive, Asia, as the Executive 任執行董事以供董事會批准。陳錦勝先生於二零 Director for approval of appointment by the Board. Mr. 零五年七月十一日獲董事會正式委任為執行 Ambrose Chan was duly appointed as an Executive Director 董事。 by the Board on 11th July, 2005. 42 Vitasoy International Holdings Ltd. Annual Report 2005/06 Audit Committee 審核委員會 The Audit Committee was established in 1999. Its current 審核委員會於一九九九年成立，現成員包括四位 members include four Independent Non-executive Directors, 獨立非執行董事，分別為： who are: Mr. Iain F. BRUCE (Chairman) Dr. The Hon. Sir David Kwok-po LI Mr. Chi-kian SHIU Mr. Jan P. S. ERLUND 布魯士先生 （主席） 李國寶爵士 邵志堅先生 Jan P. S. ERLUND先生 (appointed on 6th July, 2006) （於二零零六年七月六日獲委任） The Audit Committee’s terms of reference are to make 審核委員會之職權範圍包括就外聘核數師之委 recommendations to the Board on the appointment, 任、重新委任及罷免，或處理任何有關該核數師 reappointment and removal of the External Auditors and any 辭職或辭退該核數師、核數師酬金、外聘核數師 questions of resignation or dismissal, their audit fees, matters 之獨立性等事宜向董事會提供意見；與外聘核數 relating to the independence of the External Auditors; to meet 師開會討論審核工作之性質及範圍及應外聘核數 with the External Auditors to discuss the nature and scope of 師要求處理值得關注事項；審閱中期財務報告及 the audit, matters of concern when requested to do so by 全年財務報表以便上呈董事會；討論源於中期審 the External Auditors; to review the interim financial report 閱及年結審核過程發現之問題及保留意見，及任 and annual financial statements before they are submitted 何其他外聘核數師欲討論之事宜；審閱外聘核數 to the Board; to discuss problems and reservations arising 師致管理層之函件及管理層之回應；審閱內部稽 from the interim review and final audit, and any other matters 核計劃並確保內部稽核師及外聘核數師間之協 the External Auditors may wish to discuss, and to review the 調；確保內部稽核職能備有足夠資源及地位；及 External Auditors’ management letter and management’s 審議自行或由董事會委派或因應管理層回應等關 response; to review the internal audit programmes and to 於內部監控等事宜的主要調查結果。 ensure co-ordination between the Internal and External Auditors, and ensure that the internal audit function is adequately resourced and has appropriate standing within the Group; and to consider any findings of major investigations of internal control matters as delegated by the Board or on its own initiative and management’s response. 維他奶國際集團有限公司 二零零五 / 零六年年報 43 Corporate Governance Report 企業管治報告書 The Audit Committee met three times in fiscal year of 2005/ 於二零零五／二零零六財政年度內審核委員會共 2006. Individual attendance of each Committee member at 開會三次。各成員於該等會議之出席率表列 these meetings is as follows: 如下： Independent Non-executive Directors 獨立非執行董事 Mr. Iain F. BRUCE (Chairman) 布魯士先生（主席） Dr. The Hon. Sir David Kwok-po LI Mr. Chi-kian SHIU Mr. Jan P. S. ERLUND 李國寶爵士 邵志堅先生 Jan P. S. ERLUND先生 Attendance 出席率 3/3 2/3 3/3 (appointed on 6th July, 2006) （於二零零六年七月六日獲委任） N/A不適用 Attendance by Invitation: Executive Chairman Mr. Winston Yau-lai LO 應邀出席： 執行主席 羅友禮先生 Executive Director and Chief Financial Officer 執行董事兼財務總監 Mr. John Shek-hung LAU Internal Auditor External Auditors 劉錫鴻先生 內部稽核師 外聘核數師 2/2 3/3 2/2 3/3 Report of the Audit Committee 審核委員會報告 The Audit Committee has reviewed the revised accounting 審核委員會已連同管理層及本公司外聘核數師審 standards, the 2005/2006 interim financial report and annual 閱經修訂之會計準則、二零零五／二零零六年度 financial statements with management and the Company’s 之中期財務報告及全年財務報表，並建議董事會 External Auditors and recommended their adoption by the 予以採納。委員會亦與內部稽核師檢討本公司之 Board. The Committee also reviewed with the Internal Auditor 內部監控系統及審閱內部稽核師定期編製之稽核 the Company’s internal control systems and the periodic audit 報告，並已批准二零零六／二零零七年之稽核 reports prepared by the Internal Auditor and approved the 方案。 2006/2007 audit plan. The Committee has met with the External Auditors to discuss 委員會已於審核工作開始前，與外聘核數師開會 with them the nature and scope of the audit and reporting 討論審核工作之性質及範疇以及匯報責任。審核 obligations prior to the commencement of the audit. The 委員會亦已審閱及考慮外聘核數師之委聘條件， Audit Committee has also reviewed and considered the terms 包括評估其獨立客觀性。審核委員會已審閱並批 of engagement of the External Auditors, including assessing 准/預先批准外聘核數師提供之審核及非審核服務 their independence and objectivity. The Audit Committee has 及各有關收費。 also reviewed and approved/pre-approved the audit and non- audit services provided by the External Auditors, together with their respective fees. 44 Vitasoy International Holdings Ltd. Annual Report 2005/06 SYSTEM OF INTERNAL CONTROL 內部監控系統 The Board recognises its overall responsibility for the 董事會認識到本身就建立、維持及檢討內部監控 establishment, maintenance and review of a system of internal 系統制度之整體責任，實須合理地保證財務及營 control that provides reasonable assurance on the reliability 運資料之可靠及完整性、有效及高效營運、保護 and integrity of financial and operational information, 資產及遵守法規。內部監控系統乃旨在管理而非 effective and efficient operations, safeguarding of assets and 消除所有失誤之風險，而它的宗旨是提供有關達 compliance with laws and regulations. The system of internal 成公司目標之合理保證而非絕對保證。 control is designed to manage rather than eliminate all risks of failure while its goal is to provide reasonable, not absolute, assurance regarding the achievement of organisational objectives. INTERNAL AUDIT 內部稽核 The Group Internal Audit Department supports management 本集團之內部稽核部通過有系統方法以評估風險 by carrying out a systematic approach to evaluate the risks 及改善本集團公司各階層內部監控系統之效率， and improve the effectiveness of the internal control systems 以配合管理層之工作。審核委員會每年確認稽核 at all levels of the companies in the Group. The Audit 方案。本集團內部稽核師可不受限制地接觸其認 Committee endorses the audit plan annually. The Group 為必要之業務範疇及各級管理層。本集團之內部 Internal Auditor has unrestricted access to all parts of the 稽核師將其調查結果及協議之糾正行動匯報予負 business, and direct access to any level of management as he 責有關被稽核範圍之高級管理層。彼又會定期向 considers necessary. The Group Internal Auditor reports his 審核委員會簡報檢討結果。 findings and the agreed corrective actions to senior management responsible for the area under audit. He also reports regularly the results of the reviews in a summary to the Audit Committee. EXTERNAL AUDITORS 外聘核數師 KPMG has been appointed as the External Auditors of the 畢馬威會計師事務所已於股東週年大會上獲股東 Company by shareholders at the Annual General Meeting. 委聘為本公司外聘核數師。畢馬威會計師事務所 An amount of HK$2.8 million (2004/2005: HK$2.5 million) 為本公司及其附屬公司所提供之二零零五／二零 was charged for the fiscal year of 2005/2006 for KPMG’s 零六年財務年度法定審核服務之費用為港幣 statutory audits for the Company and subsidiaries. The 2 , 8 0 0 , 0 0 0 元（二零零四／二零零五年：港幣 amount for the other non-audit services provided by KPMG 2,500,000元）。畢馬威會計師事務所於年內為本 for the Company and subsidiaries during the year was HK$2.3 公司及其附屬公司所提供之其他非核數服務費用 million (2004/2005: HK$0.5 million). The non-audit services 為港幣2,300,000元（二零零四／二零零五年：港 mainly comprised tax advisory services, risk advisory services 幣500,000元）。非核數服務主要包括稅務顧問服 and executive recruitment. 務、風險諮詢服務及行政人員招聘。 The responsibilities of the External Auditors with respect to 外聘核數師就二零零五／二零零六年財務報表所 the 2005/2006 financial statements are set out in the section 負之責任列載於第65至66頁之「核數師報告書」 of “Report of the Auditors” on pages 65 to 66. 一節。 維他奶國際集團有限公司 二零零五 / 零六年年報 45 Corporate Governance Report 企業管治報告書 INVESTOR RELATIONS 投資者關係 We believe accountability and transparency are indispensable 本集團相信問責制及透明度乃良好公司管治不可 for ensuring good corporate governance and, in this regard, 或缺之部分，故就此與股東（包括機構投資者）作 timely communication with our shareholders, including 適時溝通實為重要。本集團有系統地處理投資者 institutional investors, is crucial. We manage investor relations 關係並視為本集團之主要工作。 systematically as a key part of our operations. We maintain a website (www.vitasoy.com) to keep our 本集團設有網站(www.vitasoy.com)，以便向股東 shareholders and the investing public posted of our latest 及公眾投資者匯報本集團最新業務發展、本集團 business developments, our corporate governance policy, and 之公司管治政策及其他相關股東資訊。 other relevant shareholder information. During the year, we continued to follow a policy of 年內，本集團貫徹通過不同方式與機構及少數股 maintaining an open and regular dialogue with institutional 東、基金經理、分析員及媒體公開定期對話之政 and minority shareholders, fund managers, analysts and the 策。形式包括會面、演介會、電話會議、函件、 media through different means, including meetings, 媒體簡報會及新聞稿等，藉以發布有關本集團最 presentations, telephone conferences, correspondences, 新發展及策略之資料。本集團將繼續積極回應公 media briefings and press releases to distribute information 眾投資者、個人及機構投資者及投資分析員所提 on the Group’s latest developments and strategies. We also 出之一般查詢。 continued to be proactive in responding to general enquiries raised by the investing public, individual and institutional investors and investment analysts. 46 Vitasoy International Holdings Ltd. Annual Report 2005/06 Directors and Senior Management 董事及高層管理人員 BOARD OF DIRECTORS Executive Chairman 董事會成員 執行主席 Mr. Winston Yau-lai LO, aged 65, is the Executive Chairman 羅友禮先生，六十五歲，本集團執行主席，於一 of the Group. Mr. Lo was appointed a Director of the 九七二年獲委任為本公司董事。羅先生主要負責 Company in 1972. He is principally responsible for the Group’s 本集團之長期策略性發展。羅先生為全國人民政 long-term strategic development. Mr. Lo is a member of The 治協商會議委員會委員及香港科技大學顧問委員 National Committee of the Chinese People’s Political 會成員。彼為香港外展信託基金會副會長，以及 Consultative Conference and the Court of Hong Kong 東亞銀行有限公司（香港上市公司）及平平置業有 University of Science and Technology. He is the vice president 限公司之董事。彼為羅慕貞女士之胞弟，亦為羅 of the Council of Outward Bound Trust of Hong Kong and a 慕玲女士之胞兄。 director of The Bank of East Asia, Limited, a listed company in Hong Kong, and Ping Ping Investment Company Limited. He is the brother of Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO. Independent Non-executive Directors 獨立非執行董事 Dr. The Hon. Sir David Kwok-po LI, aged 67, was appointed 李國寶爵士，六十七歲，於一九九四年獲委任為 a Director of the Company in 1994. Sir David is the chairman 本公司董事。李爵士為東亞銀行有限公司之主席 and chief executive of The Bank of East Asia, Limited. He is 兼行政總裁。彼亦為香港華商銀行公會有限公司 the chairman of the Chinese Banks’ Association, Limited and 及香港管理專業協會之主席，並為外匯基金諮詢 the Hong Kong Management Association. He is a member 委員會及銀行業諮詢委員會之委員。李爵士亦為 of the Exchange Fund Advisory Committee and the Banking 香港特別行政區行政會議成員及立法會議員。李 Advisory Committee. He is also a member of both the 爵士亦出任以下於香港或海外上市之公司之董 Executive Council and the Legislative Council of the Hong 事，包括招商局中國基金有限公司、中國海外發 Kong Special Administrative Region. Sir David is also a director 展有限公司、中遠太平洋有限公司、道瓊斯公 of China Merchants China Direct Investments Limited, China 司、粵海投資有限公司、香港中華煤氣有限公 Overseas Land & Investment Limited, COSCO Pacific Limited, 司、香港上海大酒店有限公司、電訊盈科有限公 Dow Jones & Company, Inc., Guangdong Investment Limited, 司、香港生力啤酒廠有限公司及SCMP集團有限 The Hong Kong and China Gas Company Limited, The 公司。 Hongkong and Shanghai Hotels, Limited, PCCW Limited, San Miguel Brewery Hong Kong Limited and SCMP Group Limited, all being companies listed either in Hong Kong or overseas. 維他奶國際集團有限公司 二零零五 / 零六年年報 47 Directors and Senior Management 董事及高層管理人員 BOARD OF DIRECTORS (continued) Independent Non-executive Directors (continued) Mr. Iain F. BRUCE, aged 65, was appointed a Director of the 董事會成員（續） 獨立非執行董事（續） 布魯士先生，六十五歲，於二零零一年獲委任為 Company in 2001. Mr. Bruce joined KPMG Hong Kong in 本公司董事。布魯士先生於一九六四年加入香港 1964 and was its senior partner from 1991 to 1996. He is 畢馬威會計師事務所，並由一九九一年至一九九 the chairman of KCS Limited. Mr. Bruce is a director of China 六年擔任該會計師事務所之資深合夥人。彼為 Medical Technologies, Inc., Noble Group Limited, Paul Y KCS Limited之主席。布魯士先生為以下於香港或 Engineering Group Limited, Tencent Holdings Limited and 海外上市之公司之董事，包括中國醫療技術公 Wing On Company International Limited, all being companies 司、Noble Group Limited 、保華建業集團有限公 listed either in Hong Kong or overseas. 司、騰訊控股有限公司及永安國際有限公司。 Mr. Chi-kian SHIU, aged 74, was appointed a Director of 邵志堅先生，七十四歲，於一九八七年獲委任為 the Company in 1987. Mr. Shiu was a director of South China 本公司董事。邵先生曾為華南影院置業有限公司 Cinema & Investment Company Limited with which he had 之董事，彼自一九五二年起即參與該公司之 been associated since 1952. 業務。 Mr. Jan P. S. ERLUND, aged 67, was appointed a Director of Jan P. S. ERLUND先生，67歲，於二零零六年七 the Company on 6th July, 2006. Mr. Erlund is currently a 月六日獲委任為本公司董事。Erlund先生現為 partner of Gorrissen Federspiel Kierkegaard, a law firm in Gorrissen Federspiel Kierkegaard(一間位於丹麥哥 Copenhagen, Denmark. Mr. Erlund is a practising lawyer and 本哈根之律師行）的合夥人。彼為執業律師，為 specialises in corporate and commercial law and arbitration. 企業及商事法及仲裁之專家。彼曾任Danish Bar He was the president of the Danish Bar and Law Association, and Law Association(丹麥大律師及事務律師公會） president of the Danish Maritime Law Association and 主席、Danish Maritime Law Association(丹麥海 chairman of the Maritime and Transport Committee of the 事 法 律 師 公 會 ) 主 席 及 國 際 大 律 師 公 會 屬 下 International Bar Association, and most recently president of Maritime and Transport Committee(海事及運輸 Copenhagen Rotary Club. Mr. Erlund is the chairman of the 委員會)之主席，最近更出任哥本哈根扶輪社之主 board of directors of The East Asiatic Company Ltd., 席。Erlund先生為The East Asiatic Company Ltd. Dansk Skovseiskab A/S and deputy chairman of Rederiet 及Dansk Skovseiskab A/S之董事會主席及Rederiet Fabricius Marine A/S, all being listed on the Stock Fabricius Marine A/S之副主席，此三間公司均於 Exchanges in Denmark. 丹麥之證券交易所上市。 48 Vitasoy International Holdings Ltd. Annual Report 2005/06 BOARD OF DIRECTORS (continued) Non-executive Directors Ms. Myrna Mo-ching LO, aged 67, was appointed a Director 董事會成員（續） 非執行董事 羅慕貞女士，六十七歲，於一九九二年獲委任為 of the Company in 1992. Ms. Lo is a member of the Docent 本公司董事。羅女士為加拿大多倫多市皇家安大 Committee and Bishop White Committee of the Royal Ontario 略省博物館之Docent Committee 及Bishop White Museum in Toronto, Canada. She is the sister of Mr. Winston Committee 成員。彼為羅友禮先生及羅慕玲女士 Yau-lai LO and Ms. Yvonne Mo-ling LO. 之胞姊。 Ms. Yvonne Mo-ling LO, aged 58, was appointed a Director 羅慕玲女士，五十八歲，於一九九三年獲委任為 of the Company in 1993. Ms. Lo joined the Group in 1980 本公司董事。羅女士於一九八零年加入本集團， and was the President of Vitasoy USA until 2001. Ms. Lo was 並為本集團美國公司之主席，直至二零零一年 the president of the Soyfoods Association of North America 止。羅女士曾為北美大荳食品協會之主席，該會 which represents 60 soyfoods companies covering the US 代表美國及加拿大六十間大荳食品公司。彼為羅 and Canada. She is the sister of Ms. Myrna Mo-ching LO and 慕貞女士及羅友禮先生之胞妹。 Mr. Winston Yau-lai LO. Executive Directors Mr. Ambrose Kam-shing CHAN, aged 52, was appointed a 執行董事 陳錦勝先生，五十二歲，於二零零五年獲委任為 Director of the Company in 2005. Mr. Chan is the Group’s 本公司董事。彼為本集團之亞洲區行政總裁。陳 Chief Executive, Asia. Mr. Chan joined the Group in 2004. 先生於二零零四年加入本集團，擁有高流量消費 He has extensive fast moving consumer goods general 品之豐富管理經驗，曾從事亞太區具全球領導地 management experiences with global leaders in the foods 位之食品及飲料、個人護理及健康消費產品等行 and beverages, personal care and consumer healthcare 業。陳先生現時負責本集團於亞太區（包括香 industries in the Asia Pacific Region. He is currently responsible 港、中國大陸及澳洲業務）之整體策略企劃、業 for the overall strategic planning, business development and 務發展及一般管理。 general management of the Group in Asia Pacific, including Hong Kong, Mainland China and Australian operations. Mr. Eric Fat YU, aged 56, was appointed a Director of the 余發先生，五十六歲，於一九八九年獲委任為本 Company in 1989. Mr. Yu is the Group’s Senior Director – 公司董事。余先生為本集團之生產暨項目管理高 Manufacturing and Project Management. He had experience 級總監。彼於一九七四年加入本集團，之前曾在 in engineering works and project management whilst working 海外多間公司服務，擁有工程及項目管理經驗。 previously with a number of companies overseas. He joined 彼現時負責制定本集團之生產廠務政策及策略， the Group in 1974. He is now responsible for the formulation 以及管理本集團之新合營項目。 of the Group’s manufacturing policy and strategy and the management of the Group’s new joint venture project. Mr. John Shek-hung LAU, aged 59, was appointed a 劉錫鴻先生，五十九歲，於一九九零年獲委任為 Director of the Company in 1990. Mr. Lau is the Group’s 本公司董事。劉先生為本集團之財務及行政高級 Senior Director – Finance and Administration. He joined the 總監。彼於一九八八年加入本集團，之前曾在香 Group in 1988 having worked previously with a number of 港及海外多間跨國公司工作。彼現時負責本集團 multinational companies both in Hong Kong and overseas. 之財務及行政事宜。 He is currently responsible for the finance and administration of the Group. 維他奶國際集團有限公司 二零零五 / 零六年年報 49 Directors and Senior Management 董事及高層管理人員 SENIOR MANAGEMENT Hong Kong Operation Mr. Laurence P. EISENTRAGER, aged 54, Chief Executive, Hong Kong. Mr. Eisentrager is responsible for the general management and development of the Group’s operations in Hong Kong. He joined the Group in 2002 and was the General Manager of the Group’s operation in Australia until 2005. He has very extensive experience in the food and beverage industry in Hong Kong, Australia and internationally. North American Operation Mr. Robert C. JONES, aged 58, President and Chief Executive Officer of Vitasoy USA Inc.. Mr. Jones is responsible for the general management and development of the Group’s operations in North America. He joined the Group in 2004. He has extensive experience in innovation, marketing, sales and new product development (as well as finance and manufacturing) in the pharmaceutical and nutraceutical industries. Mainland China Operation Mr. Jack Jie YUAN, aged 37, Managing Director of Vitasoy (China) Investments Company Limited. Mr. Yuan is responsible for the general management and development of the Group’s operation in Mainland China. Mr. Yuan joined the Group in 2004 as the General Manager of the Group’s Shenzhen joint venture operation. He has extensive experience in the beverage industry and has previously worked with a number of multinational companies in Mainland China. Australian and New Zealand Operation Mr. Scott A. PANNELL, aged 36, General Manager of Vitasoy Australia Products Pty. Ltd.. Mr. Pannell is responsible for the general management and development of the Group’s operations in Australia and New Zealand. He joined the Group in 2005. He has very extensive experience in the fast moving consumer goods (FMCG) industry within Australia and New Zealand. He has experience in working in manufacturing businesses operating within the retail grocery, route and convenience and food service markets. Prior to joining Vitasoy Australia he was general manager of National Foods New Zealand dairy foods operation, with this role following on from his general management position with National Foods King Island Dairy Group. Previous to these roles, he held senior sales and marketing roles with several renowned FMCG companies. 50 Vitasoy International Holdings Ltd. Annual Report 2005/06 高層管理人員 香港業務 黎信彥先生，五十四歲，香港區行政總裁。黎信 彥先生負責管理及發展本集團在香港之業務。彼 於二零零二年加入本集團，於二零零五年前為本 集團澳洲業務之總經理。彼於香港、澳洲及其他 國家之食品及飲品行業均擁有豐富經驗。 北美洲業務 Robert C. JONES先生，五十八歲，Vitasoy USA Inc.之主席兼行政總裁。Jones 先生負責管理及發 展本集團在北美洲之業務。彼於二零零四年加入 本集團，於藥品及健康食品行業之革新、市場推 廣、銷售及新產品發展，以及財務及製造方面均 擁有豐富經驗。 中國大陸業務 袁杰先生，三十七歲，維他奶（中國）投資有限公 司之董事總經理。袁先生負責管理及發展本集團 在中國大陸之業務。彼於二零零四年加入本集 團，出任本集團深圳之合營企業的總經理。彼於 飲品行業擁有豐富經驗，曾於中國大陸內的多間 跨國公司工作。 澳洲及新西蘭業務 Scott A. PANNELL先生，三十六歲， Vitasoy Australia Products Pty. Ltd之總經理。Pannell先生 負責管理及發展本集團在澳洲及新西蘭之業務。 彼於二零零五年加入本集團，於澳洲及新西蘭之 高流量消費品行業擁有豐富經驗。彼曾從事零售 雜貨、便利商店以及食品服務市場內的生產業務 運作。在加入本集團澳洲公司前，彼為National Foods 新西蘭之奶類食品業務之總經理，在此之 前則出任National Foods King Island Dairy Group 之管理職位。彼於任職上述公司前曾在數間著名 的高流量消費品公司中出任高級銷售及市場推廣 之職位。 Report of the Directors 董事會報告書 The Directors have pleasure in submitting their annual report 董事會欣然提呈截至二零零六年三月三十一日止 together with the audited financial statements for the year 年度之年報及經審核財務報表。 ended 31st March, 2006. PRINCIPAL PLACE OF BUSINESS 主要營業地點 Vitasoy International Holdings Limited (“the Company”) is a 維他奶國際集團有限公司（「本公司」）為植根於香 company incorporated and domiciled in Hong Kong and has 港及於香港註冊成立之公司，其註冊辦事處及主 its registered office and principal place of business at No. 1 要營業地點位於香港新界屯門建旺街一號。 Kin Wong Street, Tuen Mun, New Territories, Hong Kong. PRINCIPAL ACTIVITIES 主要業務 The principal activities of the Company are the manufacture 本公司之主要業務為製造及銷售食品及飲品。附 and sale of food and beverages. The principal activities and 屬公司之主要業務及其他詳情載於財務報表附 other particulars of the subsidiaries are set out in note 16 to 註16。 the financial statements. The analysis of geographical locations of the operations of 本公司及其附屬公司（「本集團」）於本財政年度內 the Company and its subsidiaries (“the Group”) during the 按地區劃分之業務分析載於財務報表附註14。 financial year are set out in note 14 to the financial statements. MAJOR CUSTOMERS AND SUPPLIERS 主要客戶及供應商 The information in respect of the Group’s sales and purchases 以下所載為本年度主要客戶及供應商分別佔本集 attributable to the major customers and suppliers respectively 團銷售額及採購額之資料： during the year is as follows: The largest customer 最大客戶 Five largest customers in aggregate 首五大客戶合計 The largest supplier 最大供應商 Five largest suppliers in aggregate 首五大供應商合計 Percentages of the Group’s total Purchases Sales 佔本集團 佔本集團 銷售總額百分比 採購總額百分比 15% 37% 26% 38% At no time during the year have the Directors, their associates 各董事、彼等之聯繫人士或任何據董事會所知擁 or any shareholder of the Company (which to the knowledge 有本公司股本超過5%之本公司股東於本年度內 of the Directors owns more than 5% of the Company’s share 概無擁有該等主要客戶及供應商之任何權益。 capital) had any interest in these major customers and suppliers. 維他奶國際集團有限公司 二零零五 / 零六年年報 51 Report of the Directors 董事會報告書 FINANCIAL STATEMENTS 財務報表 The profit of the Group for the year ended 31st March, 2006 本集團截至二零零六年三月三十一日止年度之溢 and the state of the Company’s and the Group’s affairs as at 利及本公司與本集團於該日之財務狀況載於第67 that date are set out in the financial statements on pages 67 至166頁之財務報表內。 to 166. TRANSFER TO RESERVES 轉撥入儲備 Profit for the year, before dividends, of HK$185,025,000 本年度溢利（未計股息）港幣185,025,000元（二零 (2005 (restated): HK$123,570,000) has been transferred to 零五年（重列）：港幣123,570,000元）已轉撥入 reserves. Other movements in reserves are set out in note 27 儲 備 。 儲 備 之 其 他 變 動 載 於 財 務 報 表 附 to the financial statements. 註27。 An interim dividend of HK2.8 cents per ordinary share (2005: 本公司已於二零零六年一月十二日派發中期股息 HK2.8 cents per ordinary share) was paid on 12th January, 每股普通股港幣2.8仙（二零零五年：每股普通股 2006. The Directors now recommend the payment of a final 港幣2.8仙）。董事會現建議派發截至二零零六年 dividend of HK6.7 cents per ordinary share (2005: HK5.7 cents 三月三十一日止年度之末期股息每股普通股港幣 per ordinary share) and a special dividend of HK10.0 cents 6.7仙（二零零五年：每股普通股港幣5.7仙）及特 per ordinary share (2005: HK10.0 cents per ordinary share) 別股息每股普通股港幣10.0仙（二零零五年：每股 in respect of the year ended 31st March, 2006. 普通股港幣10.0仙）。 CHARITABLE DONATIONS 慈善捐款 Charitable donations made by the Group during the year 本集團於本年度內之慈善捐款共達港幣92,000元 amounted to HK$92,000 (2005: HK$1,489,000). （二零零五年：港幣1,489,000元）。 FIXED ASSETS 固定資產 Movements in fixed assets of the Company and the 本公司及本集團於本年度內之固定資產變動詳情 Group during the year are set out in note 15 to the 載於財務報表附註15。 financial statements. BANK LOANS 銀行貸款 Particulars of bank loans of the Group as at 31st March, 2006 本集團於二零零六年三月三十一日之銀行貸款詳 are set out in note 25 to the financial statements. 情載於財務報表附註25。 SHARE CAPITAL 股本 Details of the movements in share capital of the Company 本公司於本年度內之股本變動情況載於財務報表 during the year are set out in note 27 to the financial 附註27。本公司因購股權獲行使而於本年度內發 statements. Shares were issued during the year on exercise 行股份。 of share options. There were no purchases, sales or redemptions of the 本公司或其任何附屬公司於本年度內概無購回、 Company’s listed securities by the Company or any of its 出售或贖回本公司之上市證券。 subsidiaries during the year. 52 Vitasoy International Holdings Ltd. Annual Report 2005/06 DIRECTORS 董事 The Directors in office during the year and up to the date of 於本年度內及截至本年報之日期各在任董事之名 this report are set out on page 2. 單載於第2頁。 In accordance with Article 104 of the Company’s Articles of 根據本公司之章程細則第104條，李國寶爵士及 Association, Dr. The Hon. Sir David Kwok-po LI and Mr. Eric 余發先生須於應屆股東週年大會上輪值告退，並 Fat YU retire from the board by rotation at the forthcoming 願膺選連任。 Annual General Meeting and, being eligible, offer themselves for re-election. In accordance with Article 104 of the Company’s Articles of 根據本公司之章程細則第104條，邵志堅先生須 Association, Mr. Chi-kian SHIU retires from the board by 於應屆股東週年大會上輪值告退，惟不會膺選 rotation at the forthcoming Annual General Meeting but will 連任。 not offer himself for re-election. Mr. Jan P. S. ERLUND, appointed to the board on 6th July, Jan P. S. ERLUND先生於二零零六年七月六日獲委 2006, retires from the board in accordance with Article 110 任加入董事會，彼須根據本公司之章程細則第 of the Company’s Articles of Association, and offers himself 1 1 0 條告退，並願於應屆股東週年大會上膺選 for re-election at the forthcoming Annual General Meeting. 連任。 None of the Directors proposed for re-election at the 擬於應屆股東週年大會上膺選連任之董事並無與 forthcoming Annual General Meeting has a service contract 本公司或其任何附屬公司簽訂本公司或其任何附 with the Company or any of its subsidiaries which is not 屬公司不得於一年內終止而不作出賠償（一般法 determinable by the Company or any of its subsidiaries within 定賠償除外）之服務合約。 one year without payment of compensation, other than normal statutory obligation. Non-executive Directors are appointed under the same terms 根據本公司之章程細則，非執行董事乃按與其他 for rotational retirement as other Directors, pursuant to the 董事相同之輪值告退條款獲委任。 Articles of Association of the Company. 維他奶國際集團有限公司 二零零五 / 零六年年報 53 Report of the Directors 董事會報告書 DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES The Directors of the Company who held office at 31st March, 2006 had the following interests in the shares or underlying shares of the Company at that date as recorded in the register of directors’ interests and short positions required to be kept under section 352 of the Securities and Futures Ordinance (“SFO”): 董事於股份、相關股份及債權證 之權益及淡倉 根據《證券及期貨條例》第352條而保存之本公司 董事權益及淡倉登記冊所記錄，本公司於二零零 六年三月三十一日之在職董事當日在本公司已發 行股份或相關股份中擁有下列權益： (1) Interests in issued shares (1) 於已發行股份之權益 Ordinary shares of HK$0.25 each 每股面值港幣0.25元之普通股 Personal interests Family interests 個人權益 家族權益 Trusts and similar interests Total number of shares held 信託及 同類權益 所持股份 總數 % of total issued shares 佔已發行 股份總數之 百分比 49,939,800 28,702,500 72,678,300 151,320,600 15.08% 6,000,000 3,281,400 – 31,866,450 509,000 1,971,000 – – – – – – – – 6,000,000 0.60% 3,281,400 0.33% 100,653,000 100,653,000 10.03% 72,678,300 104,544,750 10.42% – – 509,000 0.05% 1,971,000 0.20% Note 附註 (i), (iii) (ii), (iii) (iii) Name 姓名 Mr. Winston Yau-lai LO 羅友禮先生 Dr. The Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Chi-kian SHIU 邵志堅先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Eric Fat YU 余發先生 Mr. John Shek-hung LAU 劉錫鴻先生 Notes: 附註： (i) Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares through interests of his wife. (i) 羅友禮先生由於其妻室擁有28,702,500股 股份，故被視為擁有該等股份之權益。 (ii) Ms. Myrna Mo-ching LO is interested in 27,974,700 shares held by Supreme Luck Holdings Limited which in turn holds such shares in trust for Myrna Lo Trust (formerly known as The Lo Kwee Seong 1987 Trust). (iii) Each of Mr. Winston Yau-lai LO, Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO is interested in 72,678,300 shares held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the K.S. Lo Foundation, a charitable trust. Each of them is a trustee of the K.S. Lo Foundation and is therefore deemed to be interested in such shares. (ii) 羅慕貞女士擁有由Supreme Luck Holdings Limited 持有之27,974,700股股份之權益， 該公司以託管人身份為Myrna Lo Trust（前稱 The Lo Kwee Seong1987 Trust）持有該等股 份。 (iii) 羅友禮先生、羅慕貞女士及羅慕玲女士均 擁有由東亞銀行受託代管有限公司以代理 人名義代慈善基金K. S. Lo Foundation持有 之72,678,300股股份。彼等均為K. S. Lo Foundation之受託人，故被視為擁有該等股 份之權益。 54 Vitasoy International Holdings Ltd. Annual Report 2005/06 DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES 董事於股份、相關股份及債權證 之權益及淡倉 (continued) (2) Interests in underlying shares （續） (2) 於相關股份之權益 Certain Directors of the Company have been granted options under the Company’s share option schemes, details of which are set out in the section “Share option schemes” below. 本公司若干董事根據本公司之購股權計劃獲 授購股權，詳情載於「購股權計劃」一節。 All interests in the shares and underlying shares of the 於本公司股份及相關股份中之全部權益均為 Company are long positions. 好倉。 Apart from the foregoing and other than certain nominee shares in subsidiaries held by the Directors in trust for the Company, none of the Directors of the Company or any of their spouses or children under eighteen years of age has interests or short positions in the shares, underlying shares or debentures of the Company, any of its subsidiaries or other associated corporations, as recorded in the register required 除上文所述者及董事以託管人身份代本公司持有 若干附屬公司之代理人股份外，本公司各董事或 彼等之配偶或未滿十八歲之子女概無在本公司、 其任何附屬公司或其他相聯公司之股份、相關股 份或債權證中擁有任何權益或淡倉為記錄在根據 證券及期貨條例第352條須存置之登記冊或須根 據上市公司董事進行證券交易的標準守則知會本 to be kept under section 352 of the SFO or as otherwise 公司。 notified to the Company pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. SHARE OPTION SCHEMES Old share option scheme 購股權計劃 舊購股權計劃 On 9th March, 1994, the Company adopted a share option scheme (the “Old Share Option Scheme”) under which the Directors might, at their discretion, grant options to employees and Directors of the Company or any of its subsidiaries to subscribe for ordinary shares of HK$0.25 each in the Company. This scheme was valid for 10 years ending 8th March, 2004, unless otherwise cancelled or amended. The 於一九九四年三月九日，本公司採納一項購股權 計劃（「舊購股權計劃」），據此，董事會可酌情向 本公司或其任何附屬公司之僱員及董事授予購股 權以認購本公司每股面值港幣0.25元之普通股。 除非另行取消或修訂該計劃，計劃之有效期為十 年，於二零零四年三月八日終止。該計劃旨在獎 勵及回饋對本集團作出貢獻之僱員。該計劃之主 purpose of this scheme was to provide incentives and rewards 要條款如下： to employees for their contribution to the Group. The principal terms of this scheme were as follows: – The exercise price of the options was the higher of (a) － 購股權之行使價須為以下兩者中之較高者： the nominal value of the shares and (b) an amount not less than 80% of the average of the closing prices of the shares on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on the five business days immediately preceding the date of offer. (a)股份之面值及(b)不少於股份於要約認購購 股權日期前五個營業日在香港聯合交易所有 限公司（「聯交所」）之平均收市價之80%。 維他奶國際集團有限公司 二零零五 / 零六年年報 55 Report of the Directors 董事會報告書 SHARE OPTION SCHEMES (continued) Old share option scheme (continued) – The options were exercisable for a period to be notified 購股權計劃（續） 舊購股權計劃（續） － 購股權之行使期限由董事會知會每名購股權 by the Directors to each option holder, such period not 持有人，該期限由購股權授出日期起計不得 to exceed 10 years from the date of grant. 超過十年。 – There was no minimum period which an option must － 購股權毋須先行持有一段最短期限方可行 be held before it could be exercised, but the Directors 使，惟董事會獲授權可酌情於要約日期時附 were empowered to impose at their discretion any such 加任何最短持有期。 minimum period at the date of offer. – The maximum number of shares in respect of which － 所授出購股權可認購之股份數目最多不得超 options could be granted should not exceed 10% of 過本公司不時之已發行股本（不包括根據購 the issued share capital of the Company in issue from 股權計劃發行之股份）之10%。 time to time (excluding shares issued under the share option scheme). – The maximum aggregate number of shares over which － 授予任何參與者之購股權所能認購之股份數 options could be granted to any one participant, when 目，在與根據購股權計劃已發行或可發行予 added to the number of shares issued or issuable to 該名參與者之股份數目合計，最多不得超過 that participant under the share option scheme must 根據購股權計劃當時已發行及可發行之股份 not exceed 25% of the maximum aggregate number of 最高總數之25%。 shares for the time being issued and issuable under the share option scheme. – An offer of the grant of an option remained open for － 合資格之董事或僱員可於要約認購購股權日 acceptance by an eligible Director or employee for a 期起計28日或董事會酌情決定之較長或較短 period of 28 days from the date of offer or such longer 期間內接納購股權之要約。合資格之董事或 or shorter period as the Directors might in their discretion 僱員須於接納購股權時支付港幣10元作為 determine. An eligible Director or employee had to pay 代價。 HK$10 on acceptance of the option as a consideration. As a result of the changes to Chapter 17 of the Rules 由於監管購股權計劃運作之香港聯合交易所有限 Governing the Listing of Securities on The Stock Exchange of 公司證券上市規則（「上市規則」）第17章的更改， Hong Kong Limited (the “Listing Rules”) which governs the 本公司於二零零二年九月四日終止舊購股權計劃 operation of share option schemes, the Company terminated 及採納一項新購股權計劃（「新購股權計劃」）。本 the Old Share Option Scheme and adopted a new share option 公司於終止舊購股權計劃後不再根據該計劃授予 scheme (the “New Share Option Scheme”) on 4th September, 任何購股權，而所有根據該計劃已授出之未行使 2002. No further options were granted under the Old Share 購股權將維持有效及可於行使期屆滿前根據舊購 Option Scheme upon its termination and all outstanding 股權計劃之條款予以行使。 options granted thereunder continued to be valid and exercisable in accordance with the terms of the Old Share Option Scheme until the expiry of the exercise period. 56 Vitasoy International Holdings Ltd. Annual Report 2005/06 SHARE OPTION SCHEMES (continued) Old share option scheme (continued) No share options granted under the Old Share Option Scheme were outstanding at 31st March, 2006 as they were either exercised or lapsed on expiry of exercise period during the year. New share option scheme The New Share Option Scheme became effective on 4th September, 2002 and, unless otherwise cancelled or amended, remains in force for 10 years from that date. The Directors may, at their discretion, grant options to any employee of the Group, including Directors of any company in the Group, to subscribe for ordinary shares of HK$0.25 each in the Company. The purpose and the terms of the New Share Option Scheme are the same as the Old Share Option Scheme, except for the following: 購股權計劃（續） 舊購股權計劃（續） 由於根據舊購股權計劃授出之購股權已於本年度 內獲行使或因行使期屆滿而失效，故於二零零六 年三月三十一日，並無根據舊購股權計劃授出之 購股權尚未行使。 新購股權計劃 新購股權計劃於二零零二年九月四日生效，除非 另行取消或修訂該計劃，計劃由當日起計為期十 年。董事會可酌情向本集團任何僱員（包括本集 團旗下任何公司之董事）授予購股權，以認購本 公司每股面值港幣0.25元普通股。除以下所述者 外，新購股權計劃之目的及條款與舊購股權計劃 相同： – – – The exercise price of the options is the highest of (a) the closing price of the shares on the Stock Exchange on the date of grant, which must be a business day; (b) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant; and (c) the nominal value of the shares. － 購股權之行使價為下列三者中之最高價：(a) 股份於授出日期（當日必須為營業日）在聯交 所錄得之收市價；(b)股份於截至授出日期止 過去五個營業日在聯交所錄得之平均收市 價；及(c)股份之面值。 The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. － 就行使全部將授予之購股權而可予發行之股 份數目，最多不得超過批准及採納計劃當日 之已發行股份10%。 Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. － 除獲本公司股東於股東大會上批准外，於截 至授出日期止之任何十二個月期間內，就任 何一名參予者行使授予之購股權（包括已行 使、已註銷及未行使之購股權）而已發行及 須予發行之股份總數，不得超過於授出日期 之已發行股份1%。 The total number of ordinary shares available for issue under the New Share Option Scheme at 31st March, 2006 is 88,382,550 shares (including options for 22,543,000 ordinary shares that have been granted but not yet exercised), which represents 8.81% of the issued share capital of the Company at 31st March, 2006. 於二零零六年三月三十一日根據新購股權計劃可 供發行之普通股總數為88,382,550股（包括已授 出但尚未行使之購股權涉及之22,543,000股普通 股），佔本公司於二零零六年三月三十一日之已 發行股本8.81%。 維他奶國際集團有限公司 二零零五 / 零六年年報 57 Report of the Directors 董事會報告書 SHARE OPTION SCHEMES (continued) New share option scheme (continued) The Directors of the Company individually and other 購股權計劃（續） 新購股權計劃（續） 於本年度及年結時，個別本公司董事及其他本集 employees of the Group in aggregate had the following 團之僱員在可認購本公司普通股之購股權中擁有 personal interests in options to subscribe for ordinary shares 之個人權益如下： of the Company during the year and at the end of the year: Number of options outstanding at the beginning of the year 年初 尚未行使之 購股權數目 Number of options granted during the year Number of options exercised during the year 於年內授出之 購股權數目 於年內行使之 購股權數目 Period during which options are exercisable 購股權 行使期 Price per share on exercise of options 行使購股權 時須付之 每股價格 HK$港元 Number of options lapsed on expiry of exercise period during the year 因行使 期屆滿而 於年內失效之 購股權數目 Number of options forfeited on termination of employment of eligible participants during the year 因合資格 參與者離職而 於年內沒收之 購股權數目 Number of options outstanding at the end of the year 年終 尚未行使之 購股權數目 * Market value per share at date of grant of options 於授出 購股權當日之 每股市價 * HK$港元 * Market value per share on exercise of options 於行使 購股權時之 每股市價 * HK$港元 7/9/2000 – 31/8/2005 1/4/2004 – 31/3/2013 1/4/2005 – 31/3/2014 1/6/2006 – 31/5/2015 3/8/2006 – 2/8/2014 1/6/2006 – 31/5/2015 7/9/2000 – 31/8/2005 1/4/2004 – 31/3/2013 1/4/2005 – 31/3/2014 1/6/2006 – 31/5/2015 7/9/2000 – 31/8/2005 1/4/2004 – 31/3/2013 1/4/2005 – 31/3/2014 1/6/2006 – 31/5/2015 7/9/2000 – 31/8/2005 1/4/2004 – 31/3/2013 1/4/2005 – 31/3/2014 7/9/2000 – 31/8/2005 1/4/2004 – 31/3/2013 1/4/2005 – 31/3/2014 1/6/2006 – 31/5/2015 1.193 1.688 1.904 2.375 1.910 2.375 1.193 1.688 1.904 2.375 1.193 1.688 1.904 2.375 1.193 1.688 1.904 1.193 1.688 1.904 2.375 3,450,000 2,220,000 1,700,000 – 900,000 – 435,000 738,000 450,000 – 1,953,000 820,000 500,000 – 1,000 1,526,000 978,000 1,123,000 6,458,000 4,454,000 – – – – 1,472,000 – 2,392,000 – – – 392,000 – – – 392,000 – – – – – – 3,512,000 3,450,000 – – – – – 434,000 – – – 1,952,000 – – – – 762,000 244,000 380,000 1,868,000 270,000 – – – – – – – 1,000 – – – 1,000 – – – – – – 742,000 – – – – – – – – – – – – – – – – – 1,000 764,000 734,000 1,000 663,000 680,000 376,000 – 2,220,000 1,700,000 1,472,000 900,000 2,392,000 – 738,000 450,000 392,000 – 820,000 500,000 392,000 – – – – 3,927,000 3,504,000 3,136,000 1.530 1.660 1.920 2.425 1.910 2.425 1.530 1.660 1.920 2.425 1.530 1.660 1.920 2.425 1.530 1.660 1.920 1.530 1.660 1.920 2.425 2.425 – – – – – 2.425 – – – 2.325 – – – – 2.250 2.250 2.307 2.654 2.376 – 27,706,000 8,160,000 9,360,000 744,000 3,219,000 22,543,000 Participants Date of grant Note 參與者 授出日期 附註 Directors 董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Ambrose Kam-shing CHAN (appointed on 11th July, 2005) 陳錦勝先生(於二零零五年 七月十一日獲委任) Mr. Eric Fat YU 余發先生 Mr. John Shek-hung LAU 劉錫鴻先生 Mr. Fransis Ming-yin KONG (resigned on 18th April, 2005) 江明彥先生(於二零零五年 四月十八日辭任) Eligible employees working under employment contracts 根據僱傭合約工作之 合資格僱員 4/7/2000 1/4/2003 1/4/2004 1/6/2005 3/8/2004 1/6/2005 4/7/2000 1/4/2003 1/4/2004 1/6/2005 4/7/2000 1/4/2003 1/4/2004 1/6/2005 4/7/2000 1/4/2003 1/4/2004 4/7/2000 1/4/2003 1/4/2004 1/6/2005 (i) (ii) (ii) (ii) (ii) (ii) (i) (ii) (ii) (ii) (i) (ii) (ii) (ii) (i) (ii) (ii) (i) (ii) (ii) (ii) 58 Vitasoy International Holdings Ltd. Annual Report 2005/06 SHARE OPTION SCHEMES (continued) New share option scheme (continued) * being the weighted average closing price of the Company’s 購股權計劃（續） 新購股權計劃（續） * 即本公司普通股於緊接購股權授出或獲行使（如適 ordinary shares immediately before the dates on which the 用）前之加權平均收市價。 options were granted or exercised, as applicable. Information on the accounting policy for share options 有關已授出購股權之會計政策及每項購股權之價 granted and the value per option is provided in note 1(p)(iv) 值之資料分別載於財務報表附註1 ( p ) ( i v ) 及附 and note 28 to the financial statements respectively. 註28。 Apart from the foregoing, at no time during the year was the 除上文所披露者外，在本年度之任何時間，本公 Company or any of its subsidiaries a party to any arrangement 司或其任何附屬公司概無參與任何安排，致使本 to enable the Directors of the Company to acquire benefits 公司董事可藉購入本公司或任何其他公司之股份 by means of the acquisition of shares in or debentures of the 或債權證而獲益。 Company or any other body corporate. Notes: 附註： (i) Options were granted under the Old Share Option Scheme. (i) 授出之購股權乃根據舊購股權計劃授出。 (ii) Options were granted under the New Share Option Scheme. (ii) 授出之購股權乃根據新購股權計劃授出。 For options granted on 1st April, 2003, 1st April, 2004 and 1st 就二零零三年四月一日、二零零四年四月一日及 June, 2005, they are exercisable progressively and the maximum 二零零五年六月一日授出之購股權而言，可予行 percentage of the options which may be exercised is determined 使之購股權數目乃逐步增加，而各階段可行使購 in stages as follows: 股權之百分比上限如下： On or after 1st year anniversary of 授出日期起計一週年 the date of grant 或其後 On or after 2nd year anniversary of 授出日期起計兩週年 the date of grant 或其後 On or after 3rd year anniversary of 授出日期起計三週年 the date of grant 或其後 On or after 4th year anniversary of 授出日期起計四週年 the date of grant 或其後 Percentage of options granted 佔獲授購股權之百分比 25% another另25% another另25% another另25% 維他奶國際集團有限公司 二零零五 / 零六年年報 59 Report of the Directors 董事會報告書 SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES 主要股東及其他人士 於股份及相關股份 之權益及淡倉 The Company has been notified of the following interests in 於二零零六年三月三十一日，本公司已獲知會下 the Company’s issued shares at 31st March, 2006 amounting 列佔本公司已發行普通股之5%或以上的本公司 to 5% or more of the ordinary shares in issue. These interests 已發行股份權益。該等權益不包括上文所披露之 are in addition to those disclosed above in respect of 董事權益。 the Directors. Ordinary shares of HK$0.25 each 每股面值港幣0.25元之普通股數目 Substantial shareholders 主要股東 Ms. Irene CHAN 陳羅慕連女士 Mr. Kai-tun LO 羅開敦先生 Mr. Peter Tak-shing LO 羅德承先生 Arisaig Greater China Fund (“Arisaig”) Arisaig Partners (Mauritius) Limited (“Arisaig Mauritius”) Mr. Lindsay William Ernest COOPER (“Cooper”) Matthews International Capital Management LLC Commonwealth Bank of Australia (vii) 澳洲聯邦銀行 Note 附註 Personal interests Family interests Corporate interests 個人權益 家族權益 公司權益 (i), (ii) 23,514,700 750,000 (ii) (ii) (iii) (iv) (v) (vi) 18,508,950 7,548,000 64,301,500 – – – – – – – – – – – – – – – 64,301,500 64,301,500 61,323,750 60,339,000 Trusts and similar interests 信託及 同類權益 Total number of shares held % of total issued shares 所持股份 佔已發行股份 總數 總數之百分比 72,678,300 96,943,000 9.66% 72,678,300 91,187,250 9.09% 72,678,300 80,226,300 8.00% – – – – – 64,301,500 6.41% 64,301,500 6.41% 64,301,500 6.41% 61,323,750 6.11% 60,339,000 6.01% 60 Vitasoy International Holdings Ltd. Annual Report 2005/06 SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES (continued) Notes: 主要股東及其他人士 於股份及相關股份 之權益及淡倉（續） 附註： (i) Ms. Irene CHAN is interested in 750,000 shares held for her (i) 陳羅慕連女士擁有代其未滿十八歲女兒Alexandra daughter Alexandra CHAN who is under the age of 18. CHAN持有之750,000股股份之權益。 (ii) Each of Ms. Irene CHAN, Mr. Kai-tun LO and Mr. Peter Tak- (ii) 陳羅慕連女士、羅開敦先生及羅德承先生均擁有 shing LO is interested in 72,678,300 shares held by The Bank 由東亞銀行受託代管有限公司以代理人名義代慈 of East Asia (Nominees) Limited which holds such shares as a 善基金K. S. Lo Foundation 持有之72,678,300股 nominee for the K.S. Lo Foundation, a charitable trust. Each of 股份。彼等均為K. S. Lo Foundation之受託人，故 them is a trustee of the K.S. Lo Foundation and is therefore 被視為擁有該等股份之權益。 deemed to be interested in such shares. (iii) These interests are held by Arisaig in the capacity of (iii) 該等權益乃由Arisaig 以實益擁有人身份持有。 beneficial owner. (iv) These interests are held by Arisaig Mauritius in the capacity of (iv) 該等權益乃由Arisaig Mauritius 以Arisaig之投資經 investment manager of Arisaig. These interests are duplicated 理身份持有。該等權益與上文附註(iii)所述者為同 by the interests described in Note (iii) above. 一份權益。 (v) These interests represent Cooper’s interests through his indirect (v) 該等權益乃Cooper透過間接持有Arisaig Mauritius 33% interest in Arisaig Mauritius. These interests are duplicated 之33%權益而擁有之權益。該等權益與上文附註 by the interests disclosed in Notes (iii) and (iv) above. (iii)及(iv)所披露者為同一份權益。 (vi) These interests are held by Matthews International Capital (vi) 該等權益乃由Matthews International Capital Management LLC in the capacity of investment manager. Management LLC以投資經理身份持有。 (vii) These interests represent Commonwealth Bank of Australia’s (vii) 該等權益乃澳洲聯邦銀行透過間接持有First State interests through its indirect 100% interest in First State Investment Management (UK) Limited（該公司持 Investment Management (UK) Limited (which holds 49,185,000 有本公司49,185,000股普通股）及首域投資（香港） shares of the Company’s ordinary shares) and First State 有限公司（該公司持有本公司11,154,000股普通 Investments (Hong Kong) Limited (which holds 11,154,000 股）之全部權益而擁有之權益。 shares of the Company’s ordinary shares). Apart from the foregoing, no other interests required to be 除上述者外，本公司並不獲知會有任何須紀錄在 recorded in the register kept under section 336 of the SFO 根據證券及期貨條例第336條而保存之登記冊內 have been notified to the Company. 之其他權益。 維他奶國際集團有限公司 二零零五 / 零六年年報 61 Report of the Directors 董事會報告書 SUFFICIENCY OF PUBLIC FLOAT 公眾持股量 Based on the information that is publicly available to the 根據本公司所掌握之公開資料以及就本公司董事 Company and within the knowledge of the Directors of the 所知，於本年報日期，本公司一直保持上市規則 Company as at the date of this annual report, the Company 規定之公眾持股量。 has maintained the prescribed public float under the Listing Rules. DIRECTORS’ INTERESTS IN CONTRACTS 董事於合約之權益 No contract of significance to which the Company or any of 本公司或其任何附屬公司概無於本年度終結時或 its subsidiaries was a party, and in which a Director of the 年內任何時間訂立本公司董事擁有重大權益之重 Company had a material interest, subsisted at the end of the 要合約。 year or at any time during the year. DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 董事及行政人員之責任保險 Directors’ and officers’ liability insurance was maintained 本年度內，本公司已投保董事及行政人員之責任 during the year. CONNECTED TRANSACTIONS 保險。 關連交易 On 10th December, 2002, the Company entered into a Milk 於二零零二年十二月十日，本公司與深圳市光明 Supply Agreement (the “Agreement”) with Shenzhen Guang 集團有限公司（「光明」）訂立鮮奶供應協議(「該協 Ming Holdings Limited (“Guangming”), a substantial 議」)；據此，光明將向本公司供應鮮奶產品及提 shareholder holding 30% of the registered capital of the 供鮮奶加工及包裝服務，由二零零三年三月十四 Company’s subsidiary, Shenzhen Vitasoy (Guang Ming) Foods 日起計為期三年。光明為持有本公司附屬公司深 and Beverage Company Limited (“Shenzhen Vitasoy”), under 圳維他（光明）食品飲料有限公司（「深圳維他奶」） which Guangming would supply milk products and provide 註冊資本之30%之主要股東。年內，光明根據該 milk processing and packaging services to the Company for 協議收取港幣2,827,000元（二零零五年：港幣 a period of 3 years commencing 14th March, 2003. During 3,054,000元）。 the year, an amount of HK$2,827,000 (2005: HK$3,054,000) was charged by Guangming under the Agreement. As the transactions are of a continuing nature and will arise 由於交易之持續性質以及將會定期進行，本公司 on a regular basis, the Company applied and the Stock 已向聯交所申請豁免就有關交易嚴格遵守上市規 Exchange granted a waiver to the Company on 4th February, 則之規定，而聯交所亦於二零零三年二月四日授 2003 of strict compliance with the requirements under the 出豁免。上市規則之修訂於二零零四年三月三十 Listing Rules in respect of these transactions. Following the 一日生效後，上述之交易事項將構成上市規則第 amendments of the Listing Rules effective 31st March, 2004, 14A.34(1)條項下的持續關連交易，僅須遵守上市 the transactions constitute continuing connected transactions 規則第14A.45至14A.47條所載之申報及公告規 under Rule 14A.34(1) of the Listing Rules which will only be 定。本公司已於二零零五年五月十二日就此發表 subject to the reporting and announcement requirements set 公告。 out in Rules 14A.45 to 14A.47 of the Listing Rules. An announcement was made by the Company on 12th May, 2005 in this respect. 62 Vitasoy International Holdings Ltd. Annual Report 2005/06 CONNECTED TRANSACTIONS (continued) 關連交易（續） The Directors, including the Independent Non-executive Directors, considered that the transactions during the year ended 31st March, 2006: 董事（包括獨立非執行董事）認為有關交易於截至 二零零六年三月三十一日止年度乃： (i) were entered in the ordinary and usual course of business of the Company and in accordance with the terms of the Agreement; (i) 根據該協議之條款及於一般日常業務過程中 進行； (ii) were on normal commercial terms and were fair and reasonable and in the interest of the shareholders as a whole; and (ii) 按一般商業條款進行，而交易條款公平合 理，並且符合股東的整體利益；及 (iii) were either on normal commercial terms, or if there were not sufficient comparable transactions to judge whether they were on normal commercial terms, on terms no less favourable than terms available from independent third parties. (iii) 按正常商業條款或按不遜於獨立第三者給予 之條款進行（倘缺乏其他可作比較交易以判 斷是否按正常商業條款）。 In addition, the Auditors of the Company confirmed that: 此外，本公司之核數師確認： (i) the transactions were approved by the board of directors; (i) 交易已獲董事會批准； (ii) the transactions were entered into in accordance with the agreed prices as set out in the Agreement; and (ii) 交易乃根據該協議所載之協定價格進行；及 (iii) the consideration for the transactions had not exceeded the annual cap of HK$4,000,000 for the year ended 31st March, 2006. (iii) 交易之代價並無超過截至二零零六年三月三 十一日止年度之年度上限港幣4,000,000 元。 On 21st March, 2006, the Company entered into a new Milk Supply Agreement (the “New Agreement”) with Guangming, under which Guangming will supply milk products to the Company for a period of 3 years commencing 1st April, 2006. 於二零零六年三月二十一日，本公司與光明訂立 新的鮮奶供應協議（「新協議」） ；據此，光明將向 本公司供應鮮奶產品，由二零零六年四月一日起 計為期三年。 The transactions will constitute continuing connected transactions under Rule 14A.34(1) of the Listing Rules, which are only subject to the reporting and announcement requirements and are exempt from the independent shareholders’ approval requirement. The Directors propose to set the amount of HK$5,000,000, HK$6,000,000 and HK$7,000,000 as the annual cap amounts for the transactions for the years ending 31st March, 2007, 2008 and 2009 respectively. An announcement was made by the Company on 21st March, 2006 in this respect. 根據上市規則第14A.34(1)條，有關交易將構成持 續關連交易，並只須遵守申報及公布規定而獲豁 免獨立股東批准之規定。董事會建議有關交易於 截至二零零七年、二零零八年及二零零九年三月 三十一日止各年度之年度上限金額分別為港幣 5,000,000元、港幣6,000,000元及港幣7,000,000 元。本公司已於二零零六年三月二十一日就此發 表公告。 維他奶國際集團有限公司 二零零五 / 零六年年報 63 Report of the Directors 董事會報告書 EMPLOYEE RETIREMENT PLANS 僱員退休計劃 Particulars of employee retirement plans of the Company and 有關本公司及本集團僱員退休計劃之詳情載於財 the Group are set out in note 17 to the financial statements. 務報表附註17。 FIVE YEAR SUMMARY 五年財務摘要 A summary of the results and of the assets and liabilities of 本集團於過去五年之業績、資產及負債摘要載於 the Group for the last five years is set out on pages 167 and 本年報第167及168頁。 168 of the annual report. AUDITORS 核數師 KPMG retire and, being eligible, offer themselves for re- 畢馬威會計師事務所任滿告退並願受聘連任。有 appointment. A resolution for the re-appointment of KPMG 關續聘畢馬威會計師事務所擔任本公司核數師之 as auditors of the Company is to be proposed at the 決議案將於應屆股東週年大會上提呈。 forthcoming Annual General Meeting. By Order of the Board Winston Yau-lai LO Executive Chairman 承董事會命 羅友禮 執行主席 Hong Kong, 6th July, 2006 香港，二零零六年七月六日 64 Vitasoy International Holdings Ltd. Annual Report 2005/06 Report of the Auditors 核數師報告書 Auditors’ report to the shareholders of Vitasoy International Holdings Limited (Incorporated in Hong Kong with limited liability) 致維他奶國際集團有限公司各股東 （於香港註冊成立之有限公司） We have audited the financial statements on pages 67 to 本核數師（以下簡稱「我們」）已審核刊於第67至 166 which have been prepared in accordance with accounting 166頁按照香港公認會計原則編製的財務報表。 principles generally accepted in Hong Kong. RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS 董事及核數師的責任 The Hong Kong Companies Ordinance requires the Directors 香港《公司條例》規定董事須編製真實和公允的財 to prepare financial statements which give a true and fair 務報表。在編製這些財務報表時，董事必須貫徹 view. In preparing financial statements which give a true and 採用合適的會計政策，作出審慎及合理的判斷與 fair view it is fundamental that appropriate accounting policies 估計，並說明任何重大背離適用會計準則的 are selected and applied consistently, that judgements and 原因。 estimates are made which are prudent and reasonable and that the reasons for any significant departure from applicable accounting standards are stated. It is our responsibility to form an independent opinion, based 我們的責任是根據我們審核工作的結果，對這些 on our audit, on those financial statements and to report our 財務報表提出獨立意見，並按照香港《公司條例》 opinion solely to you, as a body, in accordance with section 第1 4 1 條的規定，僅向整體股東報告。除此以 141 of the Hong Kong Companies Ordinance, and for no 外，我們的報告書不可用作其他用途。我們概不 other purpose. We do not assume responsibility towards or 就本報告書的內容，對任何其他人士負責或承擔 accept liability to any other person for the contents of 法律責任。 this report. BASIS OF OPINION 意見的基礎 We conducted our audit in accordance with Hong Kong 我們是按照香港會計師公會頒布的《香港核數準 Standards on Auditing issued by the Hong Kong Institute of 則》進行審核工作。審核範圍包括以抽查方式查 Certified Public Accountants. An audit includes examination, 核與財務報表所載數額及披露事項有關的憑證， on a test basis, of evidence relevant to the amounts and 亦包括評估董事於編製財務報表時所作的主要估 disclosures in the financial statements. It also includes an 計和判斷、所釐定的會計政策是否適合貴公司及 assessment of the significant estimates and judgements made 貴集團的具體情況、以及有否貫徹運用並足夠披 by the Directors in the preparation of the financial statements, 露這些會計政策。 and of whether the accounting policies are appropriate to the Company’s and the Group’s circumstances, consistently applied and adequately disclosed. 維他奶國際集團有限公司 二零零五 / 零六年年報 65 Report of the Auditors 核數師報告書 We planned and performed our audit so as to obtain all the 我們在策劃和進行審核工作時，是以取得一切我 information and explanations which we considered necessary 們認為必須的資料及解釋為目標，使我們能獲得 in order to provide us with sufficient evidence to give 充份的憑證，就財務報表是否存有重大的錯誤陳 reasonable assurance as to whether the financial statements 述，作合理的確定。在提出意見時，我們亦已衡 are free from material misstatement. In forming our opinion 量財務報表所載資料在整體上是否足夠。我們相 we also evaluated the overall adequacy of the presentation 信，我們的審核工作已為下列意見建立合理的 of information in the financial statements. We believe that 基礎。 our audit provides a reasonable basis for our opinion. OPINION 意見 In our opinion, the financial statements give a true and fair 我們認為，上述的財務報表均真實和公允地反映 view of the state of affairs of the Company and of the Group 貴公司及貴集團於二零零六年三月三十一日的財 as at 31st March, 2006 and of the Group’s profit and 政狀況及貴集團截至該日止年度的溢利和現金流 cash flows for the year then ended and have been 量，並已按照香港《公司條例》適當地編製。 properly prepared in accordance with the Hong Kong Companies Ordinance. KPMG Certified Public Accountants 畢馬威會計師事務所 執業會計師 Hong Kong, 6th July, 2006 香港，二零零六年七月六日 66 Vitasoy International Holdings Ltd. Annual Report 2005/06 Consolidated Income Statement 綜合損益報表 For the year ended 31st March, 2006 (Expressed in Hong Kong dollars) 截至二零零六年三月三十一日止年度（以港幣計算） Turnover Cost of sales Gross profit Other revenue Marketing, selling and distribution expenses Administrative expenses Other operating expenses 營業額 銷售成本 毛利 其他收入 推廣、銷售及 分銷費用 行政費用 其他經營費用 Profit from operations 經營溢利 Finance costs Restructuring cost Write back of provision for compensation for traffic accident Profit before taxation Income tax Profit for the year Attributable to: Equity shareholders of the Company Minority interests Profit for the year 融資成本 重組成本 交通意外賠償 之撥備 撥回 除稅前溢利 所得稅 本年度溢利 應佔： 本公司股權 持有人 少數股東權益 本年度溢利 Dividends payable to equity 應付予本公司 shareholders of the Company attributable to the year: Interim dividend declared during the year Final dividend proposed after the balance sheet date Special dividend proposed after the balance sheet date Earnings per share Basic Diluted 股權持有人之 本年度 股息： 年內宣派之 中期股息 結算日後擬派之 末期股息 結算日後擬派之 特別股息 每股盈利 基本 攤薄 2006 Note 附註 $’000 千元 2005 (restated)（重列） $’000 千元 3 &及14 2,520,409 2,379,955 (1,039,615) (1,012,415) 1,480,794 51,507 1,367,540 31,369 (985,153) (164,116) (149,257) (915,777) (159,302) (126,798) 233,775 197,032 (8,372) – (9,042) (24,782) – 765 4 5 6 7 5 8(a) 225,403 (40,378) 163,973 (40,403) 185,025 123,570 11 &及27(a) 27(a) 27(a) 172,076 12,949 185,025 120,982 2,588 123,570 12(a) 13 28,091 67,370 100,552 196,013 27,725 57,105 100,183 185,013 17.2 cents仙 12.2 cents仙 17.1 cents仙 12.1 cents仙 The notes on pages 77 to 166 form part of these financial statements. 第77至166頁之附註乃本財務報表之一部份。 維他奶國際集團有限公司 二零零五 / 零六年年報 67 Consolidated Balance Sheet 綜合資產負債表 At 31st March, 2006 (Expressed in Hong Kong dollars) 於二零零六年三月三十一日（以港幣計算） 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Non-current assets Fixed assets – Property, plant and equipment – Investment property – Interests in leasehold land held for own use under operating leases 非流動資產 固定資產 －物業、廠房 及設備 －投資物業 －根據經營租賃 持有作自用之 租賃土地權益 Employee retirement benefit assets Deferred tax assets Bank deposits Other financial asset 僱員退休 福利資產 遞延稅項資產 銀行存款 其他金融資產 Current assets Inventories Trade and other receivables Bank deposits Cash and cash equivalents 流動資產 存貨 應收賬款及其他應收款 銀行存款 現金及現金等值項目 Current liabilities Trade and other payables Bank loans Obligations under finance leases Current tax payable 流動負債 應付賬款及其他應付款 銀行貸款 融資租賃 之債務 應付現期稅項 15(a) 17(b) 18(b) 19 20 21 22 19 19 24 25 26 18(a) 700,863 10,405 5,364 716,632 1,467 2,952 22,768 13,922 757,741 754,341 10,931 5,419 770,691 1,988 1,224 38,427 – 812,330 208,111 352,131 78,497 402,540 1,041,279 345,986 41,279 2,945 10,561 400,771 185,340 304,452 91,606 402,673 984,071 303,678 154,250 3,235 11,201 472,364 Net current assets 淨流動資產 640,508 511,707 Total assets less current liabilities carried forward 總資產減 流動負債 結轉 1,398,249 1,324,037 68 Vitasoy International Holdings Ltd. Annual Report 2005/06 Total assets less current liabilities brought forward Non-current liabilities Bank loans Obligations under finance leases Employee retirement benefit liabilities Deferred tax liabilities 總資產減 流動負債 承前 非流動負債 銀行貸款 融資租賃 之債務 僱員退休 福利負債 遞延稅項負債 NET ASSETS 淨資產 CAPITAL AND RESERVES Share capital Reserves 資本及儲備 股本 儲備 Total equity attributable to equity shareholders of the Company 本公司股權 持有人應佔 權益總額 Minority interests 少數股東權益 TOTAL EQUITY 權益總額 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 25 26 17(b) 18(b) 27(a) 1,398,249 1,324,037 78,050 2,763 2,951 5,551 14,595 5,708 3,745 4,608 89,315 1,308,934 250,822 999,546 1,250,368 58,566 1,308,934 28,656 1,295,381 248,482 999,230 1,247,712 47,669 1,295,381 Approved and authorised for issue by the Board of Directors on 6th 於二零零六年七月六日獲董事會通過並批准發布 July, 2006 Winston Yau-lai LO John Shek-hung LAU Director Director 羅友禮 董事 劉錫鴻 董事 The notes on pages 77 to 166 form part of these financial statements. 第77至166頁之附註乃本財務報表之一部份。 維他奶國際集團有限公司 二零零五 / 零六年年報 69 Balance Sheet 資產負債表 At 31st March, 2006 (Expressed in Hong Kong dollars) 於二零零六年三月三十一日（以港幣計算） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2006 2005 Non-current assets Fixed assets – Property, plant and equipment – Investment property Interest in subsidiaries Employee retirement benefit assets Bank deposits Other financial asset Current assets Inventories Trade and other receivables Amounts due from subsidiaries Bank deposits Cash and cash equivalents Current liabilities Trade and other payables Current tax payable 非流動資產 固定資產 －物業、廠房 及設備 －投資物業 附屬公司權益 僱員退休 福利資產 銀行存款 其他金融資產 流動資產 存貨 應收賬款及其他 應收款 應收附屬公司 款項 銀行存款 現金及現金 等值項目 流動負債 應付賬款及其他 應付款 應付現期稅項 15(b) 16 17(b) 19 20 21 22 23 19 19 24 18(a) 155,460 10,405 165,865 143,425 1,659 22,768 13,922 347,639 165,719 10,931 176,650 273,901 2,166 38,427 – 491,144 90,418 229,562 400,646 50,055 269,447 1,040,128 168,827 6,164 174,991 83,426 199,377 242,176 70,593 314,242 909,814 146,498 10,488 156,986 Net current assets 淨流動資產 865,137 752,828 Total assets less current liabilities carried forward 總資產減 流動負債 結轉 1,212,776 1,243,972 70 Vitasoy International Holdings Ltd. Annual Report 2005/06 Total assets less current liabilities brought forward Non-current liabilities Employee retirement benefit liabilities Deferred tax liabilities 總資產減 流動負債 承前 非流動負債 僱員退休 福利負債 遞延稅項負債 NET ASSETS 淨資產 CAPITAL AND RESERVES Share capital Reserves 資本及儲備 股本 儲備 TOTAL EQUITY 權益總額 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2006 2005 1,212,776 1,243,972 17(b) 18(b) 2,834 5,050 3,595 4,457 27(b) 7,884 1,204,892 250,822 954,070 1,204,892 8,052 1,235,920 248,482 987,438 1,235,920 Approved and authorised for issue by the Board of Directors on 6th 於二零零六年七月六日獲董事會通過並批准發布 July, 2006 Winston Yau-lai LO John Shek-hung LAU Director Director 羅友禮 董事 劉錫鴻 董事 The notes on pages 77 to 166 form part of these financial statements. 第77至166頁之附註乃本財務報表之一部份。 維他奶國際集團有限公司 二零零五 / 零六年年報 71 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2006 (Expressed in Hong Kong dollars) 截至二零零六年三月三十一日止年度（以港幣計算） 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Total equity at 1st April 於四月一日之權益總額 As previously reported: 以往呈報： – attributable to equity shareholders of the Company – minority interests －本公司股權 持有人 應佔 －少數股東權益 Opening balance adjustment arising from change in accounting policy for financial instruments 有關金融工具之 會計政策變動 引致之期初 結餘調整 As restated, after opening balance adjustment 重列（已作出期初 結餘調整） Net income recognised directly in equity: 直接確認為權益之 收入淨額： Exchange differences on 換算外地附屬公司 translation of the financial statements of foreign subsidiaries 財務報表 所產生之 匯兌差額 Net profit for the year: 本年度溢利淨額： As previously reported: 以往呈報： – attributable to equity shareholders of the Company – minority interests －本公司股權 持有人 應佔 －少數股東權益 27(a) 27(a) 1,247,712 47,669 1,246,540 44,780 1,295,381 1,291,320 2(f) &及27(a) (1,749) – 27(a) 1,293,632 1,291,320 27(a) 1,109 2,194 123,747 2,588 126,335 Prior period adjustment arising from change in accounting policy for share-based payment Net profit for the year (2005: as restated) 有關以股份為基礎 的付款之會計 政策變動引致 之前期調整 本年度溢利淨額 2(a)(i) (2,765 ) （二零零五年：重列） 27(a) 185,025 123,570 Total recognised income 本年度確認之 and expense for the year (2005: as restated) 收入及開支總額 （二零零五年：重列） 186,134 125,764 72 Vitasoy International Holdings Ltd. Annual Report 2005/06 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Attributable to: – equity shareholders of the Company – minority interests 應佔： －本公司股權 持有人 －少數股東權益 Dividends 股息 27(a) Final dividend approved in 批准屬於上一年度之 respect of the previous year Special dividend approved in respect of the previous year Interim dividend declared in respect of the current year 末期股息 批准屬於上一年度之 特別股息 已宣派之本年度 中期股息 Dividend paid to minority 支付予少數股東之 shareholder 股息 Movements in equity arising from capital transactions: 因資本交易 而產生之 權益變動： Shares issued under share 根據購股權計劃 174,421 11,713 186,134 (57,139) (100,244) (28,091) (816) 121,954 3,810 125,764 (56,395 ) (49,469 ) (27,725 ) (921 ) (186,290) (134,510 ) option schemes Equity settled share-based transactions (2005: as restated) 發行股份 27(a) 12,824 以股份為基礎之支付 之交易（二零零五年： 重列） 27(a) 2,634 10,042 2,765 Total equity at 31st March 於三月三十一日之權益總額 15,458 1,308,934 12,807 1,295,381 維他奶國際集團有限公司 二零零五 / 零六年年報 73 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2006 (Expressed in Hong Kong dollars) 截至二零零六年三月三十一日止年度（以港幣計算） 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Restatement of total recognised income and expense for the year is attributable to: Equity shareholders of the Company Minority interests 重列本年度 確認之收入及 開支總額 應佔： 本公司股權 持有人 少數股東權益 Arising from restatement of: – net income recognised directly in equity – net profit for the year 重列以下項目： －直接確認為權益之 收入淨額 －本年度溢利淨額 (2,765 ) – (2,765 ) – (2,765 ) (2,765 ) The notes on pages 77 to 166 form part of these financial statements. 第77至166頁之附註乃本財務報表之一部份。 74 Vitasoy International Holdings Ltd. Annual Report 2005/06 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2006 (Expressed in Hong Kong dollars) 截至二零零六年三月三十一日止年度（以港幣計算） 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Operating activities 經營業務 Profit before taxation Adjustments for: – Depreciation of property, plant and equipment – Depreciation of investment property – Amortisation of interests in leasehold land held for own use under operating leases – Impairment loss on property, plant and equipment – Interest expenses – Finance charges on obligations under finance leases – Interest income – Loss on disposal of property, plant and equipment – Equity settled share-based payment expenses – Change in fair value of financial asset 除稅前溢利 調整： － 物業、廠房及 設備之折舊 － 投資物業之 折舊 － 根據經營租賃持有 作自用之租賃 土地權益 之攤銷 － 物業、廠房及設備之 減值虧損 － 利息支出 － 融資租賃 債務之 財務費用 － 利息收入 － 出售物業、廠房及 設備之虧損 － 以股份為基礎 之支付之費用 － 金融資產公允值之 變動 Foreign exchange (gain)/loss 外匯（收益）／虧損 Operating profit before changes in working capital (Increase)/decrease in inventories 未計營運資金 變動之 經營溢利 存貨（增加）／ 減少 Increase in trade and other 應收賬款及其他應收款 receivables 增加 Increase in trade and other 應付賬款及其他應付款 payables 增加 Decrease in net employee 僱員退休福利負債淨額 retirement benefit liabilities 減少 Cash generated from operations 經營業務 所得現金 Tax paid – Hong Kong Profits Tax paid – Taxation outside Hong Kong 已繳稅項 － 已繳香港利得稅 － 已繳香港以外地區 paid 稅項 Net cash generated from operating activities 經營業務所得 現金淨額 225,403 110,671 526 216 – 7,951 421 (12,474) 831 2,634 (53) (2,516) 163,973 112,329 527 209 15,020 8,349 693 (5,255 ) 1,803 2,765 – 750 333,610 301,163 (22,771) (47,679) 40,487 (273) 26,695 (14,750 ) 4,855 (1,846 ) 303,374 316,117 (39,503) (2,300) (35,895 ) (1,581 ) 261,571 278,641 維他奶國際集團有限公司 二零零五 / 零六年年報 75 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2006 (Expressed in Hong Kong dollars) 截至二零零六年三月三十一日止年度（以港幣計算） 2006 2005 (restated)（重列） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Investing activities 投資活動 Payment for purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Placement of bank deposits Maturity of bank deposits Interest received 購買物業、廠房 及設備 之款項 出售物業、廠房 及設備 所得款項 新造銀行存款 到期銀行存款 已收利息 Net cash used in investing 投資活動所用 activities 現金淨額 Financing activities 融資活動 Capital element of finance 已付融資租賃租金 lease rentals paid Proceeds from new bank loans Repayment of bank loans Interest element of finance lease rentals paid Interest paid Proceeds from shares issued 之資本部份 新增銀行貸款 償還銀行貸款 已付融資租賃租金 之利息部份 已付利息 根據購股權計劃發行股份 on exercise of share options 所得款項 27(c)(ii) 12,824 (185,474) (816) Dividends paid to equity shareholders of the Company Dividend paid to minority shareholder 向本公司股權 持有人 派發股息 向少數股東 派發股息 Net cash used in financing 融資活動所用 activities 現金淨額 Net (decrease)/increase in 現金及現金等值項目 cash and cash equivalents （減少）／增加淨額 Cash and cash equivalents 四月一日之現金 at 1st April 及現金等值項目 Effect of foreign exchange rate changes 匯率變動 之影響 Cash and cash equivalents 三月三十一日之現金及 (62,207) (50,071 ) 612 (333,450) 347,307 12,474 (3,234) 115,962 (157,594) (421) (7,951) 1,980 (314,166 ) 334,126 5,255 (35,264) (22,876 ) (6,324 ) – (14,129 ) (693 ) (8,349 ) 10,042 (133,589 ) (921 ) (226,704) (153,963 ) (397) 402,673 264 101,802 300,624 247 at 31st March 現金等值項目 19 402,540 402,673 The notes on pages 77 to 166 form part of these financial statements. 第77至166頁之附註乃本財務報表之一部份。 76 Vitasoy International Holdings Ltd. Annual Report 2005/06 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance 1 主要會計政策 (a) 遵例聲明 These financial statements have been prepared in accordance 本財務報表是按照所有適用的《香港財務報告準 with all applicable Hong Kong Financial Reporting Standards 則》而編製。《香港財務報告準則》一詞包括香港會 (“HKFRSs”), which collective term includes all applicable 計師公會頒布之所有適用的《香港財務報告準 individual Hong Kong Financial Reporting Standards, Hong 則》、《香港會計準則》及詮釋，香港公認會計原則 Kong Accounting Standards (“HKASs”) and Interpretations 及香港《公司條例》之規定。本財務報表亦符合適 issued by the Hong Kong Institute of Certified Public 用的香港聯合交易所有限公司證券上市規則（「上 Accountants (“HKICPA”), accounting principles generally 市規則」）之披露規定。本集團採納之主要會計政 accepted in Hong Kong and the requirements of the Hong 策概述如下。 Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). A summary of the significant accounting policies adopted by the Group is set out below. The HKICPA has issued a number of new and revised HKFRSs 香港會計師公會已頒布多項新訂及經修訂的《香港 that are effective or available for early adoption for accounting 財務報告準則》，並於二零零五年一月一日或其後 periods beginning on or after 1st January, 2005. Information 開始之會計期間生效或可供提早採納。開始應用 on the changes in accounting policies resulting from initial 此等新訂及經修訂的《香港財務報告準則》所引致 application of these new and revised HKFRSs for the current 當期及以往會計期間之會計政策變動已於本財務 and prior accounting periods reflected in these financial 報表內反映，有關資料載於附註2。 statements is provided in note 2. (b) Basis of preparation of the financial statements (b) 財務報表之編製基準 The consolidated financial statements for the year ended 31st 截至二零零六年三月三十一日止年度之綜合財務 March, 2006 comprise the Company and its subsidiaries 報表包括本公司及其附屬公司（統稱「本集團」）。 (together referred to as the “Group”). The measurement basis used in the preparation of the financial 除按公允值計量且其變動於損益確認之金融資產 statements is the historical cost basis except that financial assets 是以公允值列賬（詳見附註1(k)所載之會計政策的 at fair value through profit or loss are stated at their fair values 說明）外，編製財務報表時是以歷史成本作為計量 as explained in the accounting policy set out in note 1(k). 基準。 The preparation of financial statements in conformity with 管理層需在編製符合《香港財務報告準則》之財務 HKFRSs requires management to make judgements, estimates 報表時作出會影響會計政策應用，以及資產、負 and assumptions that affect the application of policies and 債、收入及支出之報告數額的判斷、估計及假 reported amounts of assets, liabilities, income and expenses. 設。此等估計及相關假設是根據以往經驗和管理 The estimates and associated assumptions are based on 層因應當時情況認為合理之多項其他因素作出， historical experience and various other factors that are believed 其結果構成了管理層在無法依循其他途徑即時得 to be reasonable under the circumstances, the results of which 知資產與負債之賬面值時所作出判斷之基礎。實 form the basis of making the judgements about carrying values 際結果可能有別於估計數額。 of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 維他奶國際集團有限公司 二零零五 / 零六年年報 77 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (b) Basis of preparation of the financial statements (b) 財務報表之編製基準 (continued) （續） The estimates and underlying assumptions are reviewed on an 管理層會不斷審閱各項估計和相關假設。倘若會 ongoing basis. Revisions to accounting estimates are recognised 計估計之修訂只影響某一期間，其影響便會在該 in the period in which the estimate is revised if the revision 期間內確認；如果修訂對當期和未來期間均有影 affects only that period, or in the period of the revision and 響，則在作出修訂之期間和未來期間確認。 future periods if the revision affects both current and future periods. Judgements made by management in the application of HKFRSs 有關管理層在應用《香港財務報告準則》時所作出 that have significant effect on the financial statements and 對財務報表有重大影響之判斷，以及作出極可能 estimates with a significant risk of material adjustment in the 在下年度構成重大調整風險之估計的討論內容， next year are discussed in note 35. 載於附註35。 (c) Subsidiaries (c) 附屬公司 A subsidiary, in accordance with the Hong Kong Companies 根據香港《公司條例》規定，附屬公司是指本集團 Ordinance, is a company in which the Group, directly or 直接或間接持有其過半數已發行股本、或控制其 indirectly, holds more than half of the issued share capital or 過半數投票權、或控制其董事會組成之公司。倘 controls more than half the voting power or controls the 若本公司有權直接或間接監控公司之財務及經營 composition of the board of directors. Subsidiaries are 政策以從有關公司之活動中得益，則附屬公司被 considered to be controlled if the Company has the power, 視為受本公司控制。 directly or indirectly, to govern the financial and operating policies, so as to obtain benefits from their activities. An investment in a controlled subsidiary is consolidated into 於受控制之附屬公司之投資由控制權開始之日起 the consolidated financial statements from the date that control 在綜合財務報表中合併計算，直至本公司不再擁 commences until the date that control ceases. 有控制權為止。 Intra-group balances and transactions and any unrealised profits 本集團內部往來之結餘和本集團內部交易及其產 arising from intra-group transactions are eliminated in full in 生之任何未變現溢利，均於編製綜合財務報表時 preparing the consolidated financial statements. Unrealised 全數抵銷。如無減值證據，本集團內部交易產生 losses resulting from intra-group transactions are eliminated 之未變現虧損按與未變現溢利相同之方式抵銷。 in the same way as unrealised profits but only to the extent that there is no evidence of impairment. Minority interests at the balance sheet date, being the portion 於結算日之少數股東權益，是指非本公司直接或 of the net assets of subsidiaries attributable to equity interests 透過附屬公司間接擁有之附屬公司淨資產部分， that are not owned by the Company, whether directly or 這些權益在綜合資產負債表及權益變動表之權益 indirectly through subsidiaries, are presented in the consolidated 部份內，與本公司股權持有人應佔權益分開呈 balance sheet and statement of changes in equity within equity, 列。少數股東所佔本集團業績之權益在綜合損益 separately from equity attributable to the equity shareholders 報表呈列，作為本年度之總溢利或虧損於少數股 of the Company. Minority interests in the results of the Group 東權益與本公司股權持有人之間的分配。 are presented on the face of the consolidated income statement as an allocation of the total profit or loss for the year between minority interests and the equity shareholders of the Company. 78 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (c) Subsidiaries (continued) (c) 附屬公司（續） Where losses applicable to the minority exceed the minority’s 倘少數股東應佔虧損超出附屬公司權益中的少數 interest in the equity of a subsidiary, the excess, and any further 股東權益，所超出之款額及任何少數股東應佔之 losses applicable to the minority, are charged against the 進一步虧損，將於本集團之權益中扣除，惟少數 Group’s interest except to the extent that the minority has a 股東受約束下有責任及能力作出額外投資以彌補 binding obligation to, and is able to, make additional 有關虧損除外。倘附屬公司其後錄得盈利，有關 investment to cover the losses. If the subsidiary subsequently 盈利將全數分配予本集團，直至之前本集團所分 reports profits, the Group’s interest is allocated all such profits 擔之少數股東應佔虧損被彌補為止。 until the minority’s share of losses previously absorbed by the Group has been recovered. In the Company’s balance sheet, an investment in a subsidiary 本公司之資產負債表所示之附屬公司之投資，是 is stated at cost less impairment losses (see note 1(g)). 按成本減去減值虧損（見附註1(g)）後入賬。 (d) Investment properties (d) 投資物業 Investment properties are land and/or buildings which are 投資物業是指為賺取租金收入及／或為資本增值 owned or held under a leasehold interest to earn rental income 而擁有或以租賃權益持有的土地及／或樓宇。 and/or for capital appreciation. Investment properties are stated in the balance sheet at cost 投資物業按成本值減累計折舊及減值虧損（見附註 less accumulated depreciation and impairment losses (see 1(g)）後記入資產負債表。 note 1(g)). Depreciation is calculated to write off the cost of investment 折舊乃將投資物業成本減其剩餘價值（如有），在 properties, less their estimated residual values, if any, using 未屆滿租賃期及其估計可使用年期（即落成日期起 the straight-line method over the shorter of the unexpired term 計不超過50年），兩者中較短期間以直線法計算 of lease and their estimated useful lives, being no more than 而撇銷。 50 years after the date of completion. Both the useful life and the residual value, if any, are 本公司會每年檢討投資物業之可使用年期及其剩 reviewed annually. 餘價值（如有）。 (e) Property, plant and equipment (e) 物業、廠房及設備 The following property, plant and equipment are stated in the 下列物業、廠房及設備按成本值減累計折舊及減 balance sheet at cost less accumulated depreciation and 值虧損（見附註1(g)）後記入資產負債表： impairment losses (see note 1(g)): – – freehold land and buildings; － 永久業權之土地及樓宇； land held under operating leases and buildings thereon, － 根據經營租賃持有之土地及建於其上之建 where the fair values of the leasehold interest in the land 築物，而有關土地及建築物之租賃權益的 and buildings cannot be measured separately at the 公允值無法於租賃開始時分開計量，以及 inception of the lease and the building is not held under 有關建築物並非根據經營租賃持有； an operating lease; 維他奶國際集團有限公司 二零零五 / 零六年年報 79 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (e) Property, plant and equipment (continued) (e) 物業、廠房及設備（續） – buildings situated on leasehold land, where the fair value － 建於租賃土地上之建築物，而於租賃開始 of the building could be measured separately from the 時可將建築物之公允值與租賃土地之公允 fair value of the leasehold land at the inception of the 值分開計量；及 lease; and – other items of plant and equipment. － 其他廠房及設備項目。 Gains or losses arising from the retirement or disposal of an 一項物業、廠房及設備報廢或出售時產生之損益 item of property, plant and equipment are determined as the 為出售該項目所得款項淨額與該項目賬面值之差 difference between the net disposal proceeds and the carrying 額，並於報廢或出售日在損益內確認。 amount of the item and are recognised in profit or loss on the date of retirement or disposal. Depreciation is calculated to write off the cost of items of 折舊乃按物業、廠房及設備之成本減其剩餘價值 property, plant and equipment, less their estimated residual （如有），在其估計可使用年期採用直線法以下列 values, if any, using the straight-line method over their 方式撇銷： estimated useful lives as follows: (i) Leasehold land and buildings over the shorter of the (i) 租賃土地及樓宇：按未屆滿租賃期及估計 unexpired term of lease and their estimated useful lives, 可使用年期（即落成日期起計不超過50年） being no more than 50 years after the date of completion. 兩者中之較短者。 No depreciation is provided for freehold land. 永久業權之土地不計提折舊。 (ii) Other plant and equipment at the following rates: (ii) 其他廠房及設備按以下年率： Factory machinery and equipment 6 – 25% Fixtures, furniture and office equipment Motor vehicles 9 – 33% 18 – 25% 工廠機器及設備 裝置、傢俬及 辦公室設備 汽車 6－25% 9－33% 18－25% Where parts of an item of property, plant and equipment have 倘一項物業、廠房及設備中的不同部份有不同的 different useful lives, the cost of the item is allocated on a 可使用年期，該項目之成本將合理地分配至各部 reasonable basis between the parts and each part is 份，而各部份則獨立地計提折舊。 depreciated separately. Both the useful life of an asset and its residual value, if any, are 本公司會每年檢討資產之可使用年期及其剩餘價 reviewed annually. 值（如有）。 80 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (f) Leased assets (f) 租賃資產 (i) Classification of assets leased to the Group (i) 本集團承租之資產的分類 Assets that are held by the Group under leases which 若本集團根據租賃持有資產，而有關租賃 transfer to the Group substantially all the risks and rewards 將擁有資產之絕大部份風險及報酬轉予本 of ownership are classified as being held under finance 集團，有關資產歸類為根據融資租賃持有 leases. Leases which do not transfer substantially all the 之資產。並未將擁有資產之絕大部份風險 risks and rewards of ownership to the Group are classified 及報酬轉予本集團之租賃，則歸類為經營 as operating leases. 租賃。 However, for land held for own use under an operating 然而，以經營租賃持有作自用，但無法在 lease, where the fair value of the land cannot be measured 租賃開始時將土地之公允值與建於其上的 separately from the fair value of a building situated 建築物的公允值分開計量的土地是按以融 thereon at the inception of the lease, is accounted for as 資租賃持有方式入賬；但清楚地以經營租 being held under a finance lease, unless the building is 賃持有的樓宇除外。就此而言，租賃的開 also clearly held under an operating lease. For these 始時間是指本集團首次訂立租賃時，或自 purposes, the inception of the lease is the time that the 前承租人接收樓宇時，或有關樓宇的建造 lease was first entered into by the Group, or taken over 日（如為較遲的時間）。 from the previous lessee, or at the date of construction of those buildings, if later. (ii) Assets acquired under finance leases (ii) 以融資租賃購入之資產 Where the Group acquires the use of assets under finance 倘若本集團乃以融資租賃使用資產，便會 leases, the amounts representing the fair value of the 將相當於租賃資產公允值或該等資產之最 leased assets, or, if lower, the present value of the 低租賃付款現值（如為較低之數額）列為物 minimum lease payments of such assets are included in 業、廠房及設備，而相應負債（不計財務費 property, plant and equipment and the corresponding 用）則列為融資租賃之債務。折舊乃於相關 liabilities, net of finance charges, are recorded as 租賃期或資產之可用年限（如本集團有可能 obligations under finance leases. Depreciation is provided 取得資產之擁有權）內，按比率沖銷資產之 at rates which write off the cost of the assets over the 成本值，詳見附註1(e)。減值虧損會根據附 term of the relevant lease or, where it is likely the Group 註1(g)所載之會計政策入賬。租賃付款內含 will obtain ownership of the asset, the life of the asset, 之財務費用會計入租賃期內之損益，以使 as set out in note 1(e). Impairment losses are accounted 每個會計期間之財務費用與債務餘額之比 for in accordance with the accounting policy as set out in 率大致上相同。 note 1(g). Finance charges implicit in the lease payments are charged to profit or loss over the period of the leases so as to produce an approximately constant periodic rate of charge on the remaining balance of the obligations for each accounting period. 維他奶國際集團有限公司 二零零五 / 零六年年報 81 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (f) Leased assets (continued) (iii) Operating lease charges (f) 租賃資產（續） (iii) 經營租賃費用 Where the Group has the use of assets held under 倘若本集團乃以經營租賃使用資產，則根 operating leases, payments made under the leases are 據租賃支付之款項於租賃期所涵蓋之會計 charged to profit or loss in equal instalments over the 期間內，以等額在損益內扣除。 accounting periods covered by the lease term. The cost of acquiring land held under an operating lease 根據經營租賃購入之土地的成本，乃以直 is amortised on a straight-line basis over the period of 線法按租期攤銷。 the lease term. (g) Impairment of assets (i) Impairment of receivables (g) 資產減值 (i) 應收款之減值 Current receivables that are stated at cost or amortised 本集團於各結算日檢討按成本值或攤銷成 cost are reviewed at each balance sheet date to determine 本列賬之即期應收款，以確定是否有客觀 whether there is objective evidence of impairment. If any 之減值跡象。倘有任何減值跡象，則按以 such evidence exists, an impairment loss is determined 下方式釐定並確認減值虧損： and recognised as follows: – For current receivables that are carried at cost, the － 就按成本值列賬之即期應收款而言， impairment loss is measured as the difference between the asset’s carrying amount and the estimated future cash flows, discounted at the current market rate of return for a similar asset where the effect of discounting is material. Impairment losses are reversed if in a subsequent period the amount of the impairment loss decreases. 減值虧損按資產之賬面值與其估計未 來現金流量（若貼現之影響重大，估 計未來現金流量則按類似資產目前之 市場回報率貼現）兩者之差額計量。 倘減值虧損之數額於往後之期間減 少，減值虧損則予以轉回。 – For current receivables that are carried at amortised － 就按攤銷成本列賬之即期應收款，減 cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of the asset). If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset’s carrying amount exceeding that which would have been determined had no impairment loss been recognised in prior years. 值虧損按資產之賬面值與使用資產之 原訂實際利率（即首次確認資產時計 算之實際利率）而貼現之估計未來現 金流量的現值之間的差額計量。 倘減值虧損之數額於往後期間減少， 而有關減少可客觀地與確認減值虧損 後發生的事件有聯繫，則減值虧損於 損益轉回。轉回減值虧損不應引致資 產之賬面值高於假若以往年度並無確 認減值虧損時原應釐定之數。 82 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (g) Impairment of assets (continued) (ii) Impairment of other assets (g) 資產減值（續） (ii) 其他資產之減值 Internal and external sources of information are reviewed 公司於每個結算日檢討內部及外間資料， at each balance sheet date to identify indications that 以確定下列資產有否出現減值跡象，或過 the following assets may be impaired or an impairment 往已確認之減值虧損不再存在或已減少： loss previously recognised no longer exists or may have decreased: – – – property, plant and equipment; － 物業、廠房及設備； investment property; － 投資物業； interests in leasehold land held for own use under － 根據經營租賃持有作自用之租賃土地 operating leases, and 權益；及 – interest in subsidiaries. － 附屬公司之權益。 If any such indication exists, the asset’s recoverable 倘有任何減值跡象，則會估計該項資產之 amount is estimated. 可收回金額。 (i) Calculation of recoverable amount (i) 計算可收回金額 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 flows largely independent of those from other assets, the recoverable amount is 資產之可收回金額為其售價淨額及使 用價值兩者中之較高者。於評估使用 價值時，會使用除稅前貼現率將估計 未來現金流量貼現至現值。該貼現率 應是反映市場當時所評估之貨幣時間 價值和該資產之獨有風險。倘個別資 產所產生之現金流量基本上不能獨立 於其他資產所產生之現金流量，則就 獨立產生現金流量之最小資產組合 determined for the smallest group of assets that （即 現 金 產 生 單 位）來 釐 定 可 收 回 generates cash inflows independently (i.e. a cash- 金額。 generating unit). (ii) Recognition of impairment losses (ii) 確認減值虧損 An impairment loss is recognised in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of the assets in the unit (or group of units) on a pro rata 凡資產或其所屬之現金產生單位的賬 面值高於其可收回金額時，則會於損 益確認減值虧損。就現金產生單位確 認之減值虧損乃予以分配，以按比例 削減現金產生單位（或一組單位）內資 產的賬面值，惟資產賬面值不可下調 至低於其獨立之公允值減銷售成本或 basis, except that the carrying value of an asset will 在用價值（如能釐定）。 not be reduced below its individual fair value less costs to sell, or value in use, if determinable. 維他奶國際集團有限公司 二零零五 / 零六年年報 83 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (g) Impairment of assets (continued) (g) 資產減值（續） (ii) Impairment of other assets (continued) (iii) Reversals of impairment losses (ii) 其他資產之減值（續） (iii) 減值虧損轉回 An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no 倘用以釐定可收回金額之估計發生有 利之變化，則會將資產減值虧損轉 回。所轉回之減值虧損僅限於倘若並 無於過往年度確認減值虧損而可釐定 之資產賬面值。所轉回之減值虧損在 impairment loss been recognised in prior years. 確認轉回之年度內計入損益。 Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised. (h) Inventories (h) 存貨 Inventories are carried at the lower of cost and net 存 貨 按 成 本 值 及 可 變 現 淨 值 兩 者 中 之 較 低 者 realisable value. 入賬。 Cost is calculated using the first-in, first-out method and 成本值乃以先入先出方法計算，並包括所有購貨 comprises all costs of purchase, costs of conversion and other 成本、加工成本及將存貨運往其現時地點及達至 costs incurred in bringing the inventories to their present 現有狀態之其他費用。 location and condition. Net realisable value is the estimated selling price in the ordinary 可變現淨值指正常業務中之估計售價減完成交易 course of business less the estimated costs of completion and 之估計成本及進行銷售所需之估計成本。 the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those 出售存貨時，其賬面值於有關收入確認期內確認 inventories is recognised as an expense in the period in which 為開支。存貨數額撇減至可變現淨值及存貨之所 the related revenue is recognised. The amount of any write- 有虧損均於減值或虧損之發生期內確認為開支。 down of inventories to net realisable value and all losses of 倘存貨之減值出現任何轉回，則於轉回出現期內 inventories are recognised as an expense in the period the write- 將費用作減額確認。 down or loss occurs. The amount of any reversal of any write- down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. (i) Receivables (i) 應收款 Receivables are initially recognised at fair value and thereafter 應收款之初值按公允值確認，其後則按攤銷成本 stated at amortised cost less impairment losses for bad and 減去呆壞賬減值虧損後所得數額入賬( 見附註 doubtful debts (see note 1(g)), except where the receivables 1(g))；惟倘若應收款為借予關連人士且無固定償 are interest-free loans made to related parties without any fixed 還年期的免息貸款，或貼現影響輕微者則除外。 repayment terms or the effect of discounting would be 在該等情況下，應收款會按成本減去呆壞賬減值 immaterial. In such cases, the receivables are stated at cost 虧損後所得數額入賬(見附註1(g))。 less impairment losses for bad and doubtful debts (see note 1(g)). 84 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 (j) SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and cash equivalents 1 主要會計政策（續） (j) 現金及現金等值項目 Cash and cash equivalents comprise cash at bank and on hand, 現金及現金等值項目包括銀行結存及庫存現金、 demand deposits with banks and other financial institutions, 存於銀行及其他財務機構之通知存款及短期而高 and short-term, highly liquid investments that are readily 流動性之投資，此等投資可隨時毋須通知而兌換 convertible into known amounts of cash and which are subject 為已知金額之現金，且所須承受之價值波動風險 to an insignificant risk of changes in value, having been within 不大，而兌換期乃購入日起計三個月內。 three months of maturity at acquisition. (k) Financial assets at fair value through profit or loss (k) 按公允值計量且其變動於損益確認之金融資產 Financial assets at fair value through profit or loss are initially 按公允值計量且其變動於損益確認之金融資產之 recognised at fair value. At each balance sheet date the fair 初值按公允值確認。有關公允值於各結算日重新 value is remeasured, with any resultant gain or loss being 計算，所得盈虧於損益內確認。 recognised in profit or loss. (l) Payables (l) 應付款 Payables are initially recognised at fair value and thereafter 應付款之初值按公允值確認，其後按攤銷成本入 stated at amortised cost unless the effect of discounting would 賬；但如貼現影響並不重大，則按成本入賬。 be immaterial, in which case they are stated at cost. (m) Interest-bearing borrowings (m) 附息借貸 Interest-bearing borrowings are recognised initially at fair value 附息借貸之初值按公允值扣除交易成本後確認。 less attributable transaction costs. Subsequent to initial 於隨後，該等借貸將按攤銷成本法確認，而成本 recognition, interest-bearing borrowings are stated at amortised 與贖回值之間的差額則以實際利率法於借貸期內 cost with any difference between cost and redemption value 於損益內確認。 being recognised in profit or loss over the period of the borrowings using the effective interest method. (n) Provisions and contingent liabilities (n) 撥備及或有負債 Provisions are recognised for liabilities of uncertain timing or 倘若本集團須就已發生之事件承擔法律或推定責 amount when the Group has a legal or constructive obligation 任，而履行該責任預期導致含有經濟效益之資源 arising as a result of a past event, it is probable that an outflow 外流，並可作出可靠之估計，便會就該時間或數 of economic benefits will be required to settle the obligation 額不定之負債計提準備。如果貨幣時間價值重 and a reliable estimate can be made. Where the time value of 大 ， 則 按 預 計 履 行 責 任 所 需 資 源 之 現 值 計 列 money is material, provisions are stated at the present value of 準備。 the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits 倘若含有經濟效益之資源外流之可能性較低，或 will be required, or the amount cannot be estimated reliably, 是無法對有關數額作出可靠之估計，便會將該責 the obligation is disclosed as a contingent liability, unless the 任披露為或有負債；但假如這類資源外流之可能 probability of outflow of economic benefits is remote. Possible 性極低則除外。須視乎某宗或多宗未來事件是否 obligations, whose existence will only be confirmed by the 發生才能確定存在與否之潛在責任，亦會披露為 occurrence or non-occurrence of one or more future events 或有負債；但假如這類資源外流之可能性極低則 are also disclosed as contingent liabilities unless the probability 除外。 of outflow of economic benefits is remote. 維他奶國際集團有限公司 二零零五 / 零六年年報 85 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (o) Revenue recognition (o) 收入確認 Provided it is probable that the economic benefits will flow to 收入只會於有關經濟利益有可能流入本集團並能 the Group and the revenue and costs, if applicable, can be 可靠計算該收入及成本（如適用）之情況下，方會 measured reliably, revenue is recognised in profit or loss 按下列基準於損益內確認： as follows: (i) Sale of goods (i) 貨物之銷售 Revenue is recognised when goods are delivered at the 貨物之銷售收入於貨物送交客戶之處所（即 customers’ premises which is taken to be the point in 客戶接納貨物及擁有權之相關風險和回報 time when the customer has accepted the goods and 權）時確認。收入不含增值稅或其他銷售稅 the related risks and rewards of ownership. Revenue 並扣除回收之貨值。 excludes value added tax or other sales taxes and is after deduction of returns. (ii) Service fees (ii) 服務費 Service fees are recognised when the related services 服務費於提供有關服務時確認。 are provided. (iii) Rental income from operating leases (iii) 經營租賃之租金收入 Rental income receivable under operating leases is 根據經營租賃應收之租金收入會於租賃期 recognised in profit or loss in equal instalments over the 所涵蓋之期間內，以等額在損益內確認。 periods covered by the lease term. (iv) Interest income (iv) 利息收入 Interest income is recognised as it accrues using the 利息收入按實際利率法累計確認。 effective interest method. (v) Dividends (v) 股息 Dividend income from unlisted investments is recognised 來自非上市投資之股息收入乃於股東收取 when the shareholder’s right to receive payment 股息之權利確定時確認。 is established. (p) Employee benefits (p) 僱員福利 (i) Short term employee benefits and contributions (i) 短期僱員福利及向界定供款退休計劃之 to defined contribution retirement plans 供款 Salaries, annual bonuses, paid annual leave, contributions 薪酬、年終花紅、有薪年假、向界定供款 to defined contribution retirement plans and the cost of 退休計劃之供款及非金錢福利之成本均於 non-monetary benefits are accrued in the year in which 僱員提供有關服務之年度累計。倘須延遲 the associated services are rendered by employees. Where 付款或結算及將因此而產生重大影響，有 payment or settlement is deferred and the effect would 關款項按其現值列賬。 be material, these amounts are stated at their present values. 86 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (p) Employee benefits (continued) (p) 僱員福利（續） (ii) Defined benefit retirement plan obligation (ii) 界定福利退休計劃承擔 The Group’s net obligation in respect of a defined benefit 本集團就界定福利退休計劃所承擔之責任 retirement plan is calculated by estimating the amount 淨額，乃透過估計僱員於本期間及以往期 of future benefit that employees have earned in return 間以提供服務所賺取之未來利益金額而計 for their services in the current and prior periods; that 算，在釐定現值時該項利益須予以貼現， benefit is discounted to determine the present value and 並扣除任何計劃資產之公允值。貼現率為 the fair value of any plan assets is deducted. The discount 優質公司債券（到期日與本集團履行責任之 rate is the yield at the balance sheet date on high quality 期限相近）於結算日之收益率。計算工作由 corporate bonds that have maturity dates approximating 合資格精算師採用預計單位信貸法進行。 the terms of the Group’s obligation. The calculation is performed by a qualified actuary using the projected unit credit method. In calculating the Group’s obligation in respect of a plan, 在計算本集團就一項計劃所承擔之責任 if any cumulative unrecognised actuarial gain or loss 時，倘任何累積之未確認精算損益超出界 exceeds ten percent of the greater of the present value 定福利責任現值或計劃資產公允值（以兩者 of the defined benefit obligation and the fair value of 中之較高價值為準）之百分之十，超額部份 plan assets, that portion is recognised in profit or loss 須於參加計劃之僱員之預計平均剩餘任職 over the expected average remaining working lives of 年期在損益確認。除此之外，精算損益概 the employees participating in the plan. Otherwise, the 不予以確認。 actuarial gain or loss is not recognised. Where the calculation of the Group’s net obligation results 倘在計算本集團所承擔之責任淨額時出現 in a negative amount, the asset recognised is limited to 負數，予以確認之資產僅限於任何累積之 the net total of any cumulative unrecognised net actuarial 未確認精算虧損淨額加以往服務成本及日 losses and past service costs and the present value of any 後來自計劃之退款或日後削減之計劃供款 future refunds from the plan or reductions in future 之現值等各項目之總和。 contributions to the plan. (iii) Long service payments obligation (iii) 長期服務金承擔 The Group’s net obligation in respect of lump sum long 本集團就根據香港《僱傭條例》須在若干情況 service amounts payable on cessation of employment in 下於終止僱用僱員時一筆過支付之長期服 certain circumstances under the Hong Kong Employment 務金所承擔之責任淨額，為僱員於本期間 Ordinance is the amount of future benefit that employees 及以往期間以提供服務所賺取之未來利益 have earned in return for their services in the current and 金額，在釐定現值時該項利益須予以貼 prior periods; that benefit is discounted to determine the 現，並減除根據本集團之退休計劃累計之 present value and reduced by entitlements accrued under 權益（屬於本集團作出之供款）。貼現率為優 the Group’s retirement plans that are attributable to 質公司債券（到期日與本集團履行責任之期 contributions made by the Group. The discount rate is 限相近）於結算日之收益率。有關責任由合 the yield at the balance sheet date on high quality 資格精算師採用預計單位信貸法計算。 corporate bonds that have maturity dates approximating the terms of the Group’s obligation. The obligation is calculated by a qualified actuary using the projected unit credit method. 維他奶國際集團有限公司 二零零五 / 零六年年報 87 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (p) Employee benefits (continued) (iv) Share-based payments (p) 僱員福利（續） (iv) 以股份為基礎的付款 The fair value of share options granted to employees is 授予僱員之購股權的公允值乃確認為僱員 recognised as an employee cost with a corresponding 成本，並相應增加權益項下的股份基礎補 increase in a share-based compensation reserve within 償儲備。購股權公允值乃於授出日期使用 equity. The fair value is measured at grant date using the 二項式點陣模式計量，並考慮到授出購股 binomial lattice model, taking into account the terms and 權之條款及條件。若僱員須履行歸屬條件 conditions upon which the options were granted. Where 後方可無條件享有購股權，則購股權之估 the employees have to meet vesting conditions before 計公允值總額會在歸屬期間攤分，並考慮 becoming unconditionally entitled to the share options, 到購股權會歸屬持有人所有之成數。 the total estimated fair value of the share options is spread over the vesting period, taking into account the probability that the options will vest. During the vesting period, the number of share options 於歸屬期間，本公司會檢討預期將歸屬的 that is expected to vest is reviewed. Any adjustment to 購股權數目。於過往年度確認的任何累計 the cumulative fair value recognised in prior years is 公允值調整會在檢討年度從損益扣除／計 charged/credited to the profit or loss for the year of the 入損益（除非原有僱員開支合資格確認為資 review, unless the original employee expenses qualify for 產），並相應調整股份基礎補償儲備。於歸 recognition as an asset, with a corresponding adjustment 屬日期，確認為開支的數額會作出調整， to the share-based compensation reserve. On vesting 以反映所歸屬之購股權之實際數目（而股份 date, the amount recognised as an expense is adjusted 基礎補償儲備亦會作出相應調整）。權益金 to reflect the actual number of share options that vest 額乃於股份基礎補償儲備確認，直至購股 (with a corresponding adjustment to the share-based 權獲行使（當有關金額轉撥至股份溢價賬）或 compensation reserve). The equity amount is recognised 購股權屆滿（當有關金額撥至保留溢利） in the share-based compensation reserve until either the 為止。 option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained profits). (q) Borrowing costs (q) 借貸成本 Borrowing costs are expensed in profit or loss in the period in 借貸成本在產生之期間在損益列作支出。 which they are incurred. 88 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (r) Translation of foreign currencies (r) 外幣換算 Foreign currency transactions during the year are translated at 年度內之外幣交易按交易當日之匯率換算。以外 the foreign exchange rates ruling at the transaction dates. 幣計算之貨幣資產及負債按結算日之匯率換算。 Monetary assets and liabilities denominated in foreign 匯兌損益於損益內確認。 currencies are translated at the foreign exchange rates ruling at the balance sheet date. Exchange gains and losses are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms 按歷史成本法以外幣計算之非貨幣資產及負債， of historical cost in a foreign currency are translated using the 則按交易當日之適用匯率換算。 foreign exchange rates ruling at the transaction dates. The results of foreign operations are translated into Hong Kong 海外業務之業績以接近交易當日之匯率換算為港 dollars at the exchange rates approximating the foreign 元，而資產負債表項目則按結算日之匯率換算為 exchange rates ruling at the dates of the transactions. Balance 港元，由此而產生之匯兌差額直接確認於權益之 sheet items are translated into Hong Kong dollars at the foreign 獨立部份。 exchange rates ruling at the balance sheet date. The resulting exchange differences are recognised directly in a separate component of equity. On disposal of a foreign operation, the cumulative amount of 於出售一項海外業務時，涉及該海外業務並已於 the exchange differences recognised in equity which relate to 權益確認之累積匯兌差額均計入出售損益。 that foreign operation is included in the calculation of the profit or loss on disposal. (s) Income tax (s) 所得稅 (i) Income tax for the year comprises current tax and (i) 年內所得稅包括本期稅項及遞延稅項資產 movements in deferred tax assets and liabilities. 和負債之變動。 (ii) Current tax is the expected tax payable on the taxable (ii) 本期稅項是按年內應課稅收入以結算日已 income for the year, using tax rates enacted or 生效或實際生效之稅率計算之預期應付稅 substantively enacted at the balance sheet date, and any 項，加以往年度應付稅項之任何調整。 adjustment to tax payable in respect of previous years. 維他奶國際集團有限公司 二零零五 / 零六年年報 89 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (s) Income tax (continued) (s) 所得稅（續） (iii) Deferred tax assets and liabilities arise from deductible (iii) 遞延稅項資產及負債分別由可抵扣及應稅 and taxable temporary differences respectively, being the 暫時差異產生。暫時差異是指資產及負債 differences between the carrying amounts of assets and 按財務與稅務基礎計算之賬面金額之間之差 liabilities for financial reporting purposes and their tax 異。遞延稅項資產也可以是未使用之稅損 bases. Deferred tax assets also arise from unused tax losses 及稅款抵減。 and unused tax credits. Apart from certain limited exceptions, all deferred tax 除了某些有限之例外情況外，所有遞延稅 liabilities, and all deferred tax assets to the extent that it 項負債及遞延稅項資產（只限於有可能用來 is probable that future taxable profits will be available 抵銷日後應稅溢利之資產）均予確認。 against which the asset can be utilised, are recognised. The amount of deferred tax recognised is measured based 已確認之遞延稅項數額是按照資產及負債 on the expected manner of realisation or settlement of 賬面金額之預期實現或清償方式，以結算 the carrying amount of the assets and liabilities, using 日已生效或實際生效之稅率計量。遞延稅 tax rates enacted or substantively enacted at the balance 項資產及負債均不貼現計算。 sheet date. Deferred tax assets and liabilities are not discounted. The carrying amount of a deferred tax asset is reviewed 於每個結算日本集團會對遞延稅項資產之 at each balance sheet date and is reduced to the extent 賬面金額作出審閱，倘預期不再有足夠應 that it is no longer probable that sufficient taxable profits 課稅盈利以實現相關稅務利益，則有關資 will be available to allow the related tax benefit to be 產賬面值將予以扣減。被扣減之遞延稅項 utilised. Any such reduction is reversed to the extent that 資產，在預期可取得足夠應課稅盈利時， it becomes probable that sufficient taxable profits 則予以撥回，但以該等盈利為限。 will be available. 90 Vitasoy International Holdings Ltd. Annual Report 2005/06 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (s) Income tax (continued) (s) 所得稅（續） (iv) Current tax balances and deferred tax balances, and (iv) 本期及遞延稅項結餘及其變動會分開呈 movements therein, are presented separately from each 列，而且不予抵銷。本期及遞延稅項資產 other and are not offset. Current tax assets are offset 只會在本公司或本集團有合法權利以本期 against current tax liabilities, and deferred tax assets 稅項資產抵銷本期稅項負債，並且符合以 against deferred tax liabilities, if the Company or the 下附帶條件的情況下，才可以分別抵銷本 Group has the legally enforceable right to set off current 期及遞延稅項負債： tax assets against current tax liabilities and the following additional conditions are met: – in the case of current tax assets and liabilities, the － 就本期稅項資產及負債而言，本公司 Company or the Group intends either to settle on a 或本集團計劃按淨額基準結算，或在 net basis, or to realise the asset and settle the liability 實現資產的同時清償負債；或 simultaneously; or – in the case of deferred tax assets and liabilities, if － 就遞延稅項資產及負債而言，這些資 they relate to income taxes levied by the same 產及負債必須與同一稅務機關就以下 taxation authority on either: 其中一項徵收之所得稅有關： – – the same taxable entity; or － 同一應稅實體；或 different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously. － 不同之應稅實體。這些實體計 劃在預期有大額遞延稅項負債 需要清償或遞延稅項資產可以 收回之每個未來期間，按淨額 基準實現本期稅項資產及清償 本期稅項負債，或在實現資產 之同時清償負債。 維他奶國際集團有限公司 二零零五 / 零六年年報 91 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 主要會計政策（續） (t) Related parties (t) 關連人士 For the purposes of these financial statements, parties are 就本財務報表而言，如本集團有能力直接或間接 considered to be related to the Group if the Group has the 控制另一人士，或對另一人士就財務及經營決策 ability, directly or indirectly, to control the party or exercise 作出重大影響（或另一人士對本集團有上述控制能 significant influence over the party in making financial and 力或影響），或本集團與另一人士受同一控制或同 operating decisions, or vice versa, or where the Group and the 一重大影響，此等人士均被視為與本集團有關 party are subject to common control or common significant 連。關連人士可為個別人士（即關鍵管理人員、重 influence. Related parties may be individuals (being members 要股東及／或與彼等關係密切的家族成員）或其他 of key management personnel, significant shareholders and/ 公司，並且包括受到本集團屬於個人身份的關連 or their close family members) or other entities and include 人士重大影響的公司，以及為本集團或作為本集 entities which are under the significant influence of related 團關連人士的任何公司的僱員福利而設的離職後 parties of the Group where those parties are individual, and 福利計劃。 post-employment benefit plans which are for the benefit of employees of the Group or of any entity that is a related party of the Group. (u) Segment reporting (u) 分部報告 A segment is a distinguishable component of the Group that 分部乃指本集團於特定經濟環境（地區分部）從事 is engaged in providing products or services within a particular 提供產品或服務之可區分部份，而該可區分部份 economic environment (geographical segment), which is 所面對之風險及回報與其他分部有所不同。 subject to risks and rewards that are different from those of other segments. Segment revenue, expenses, results, assets and liabilities include 分部收入、支出、業績、資產及負債包括分部直 items directly attributable to a segment as well as those that 接應佔之項目以及可合理分配予該分部之項目。 can be allocated on a reasonable basis to that segment. For 例如，分部資產可包括存貨、應收賬款及物業、 example, segment assets may include inventories, trade 廠房及設備。分部收入、支出、資產及負債包含 receivables and property, plant and equipment. Segment 須在編製綜合財務報表時抵銷的集團內部往來的 revenue, expenses, assets and liabilities are determined before 餘額和集團內部交易；但同屬一個分部的集團企 intra-group balances and intra-group transactions are 業之間的集團內部往來的餘額和交易則除外。 eliminated as part of the consolidation process, except to the extent that such intra-group balances and transactions are between group entities within a single segment. Segment capital expenditure is the total cost incurred during 分部資本支出為期內產生以收購預期會使用超過 the period to acquire segment assets (both tangible and 一年之分部資產（包括有形及無形資產）之成本 intangible) that are expected to be used for more than 總額。 one period. Unallocated items mainly comprise financial and corporate 未分配項目主要包括金融及企業資產、銀行貸 assets, bank loans, tax balances, corporate and financing expenses. 款、稅項結餘、企業及融資費用。 92 Vitasoy International Holdings Ltd. Annual Report 2005/06 2 CHANGES IN ACCOUNTING POLICIES 2 會計政策變動 The HKICPA has issued a number of new and revised HKFRSs 香港會計師公會已頒布了多項新訂及經修訂之《香 that are effective for accounting periods beginning on or after 港財務報告準則》，而該等準則於二零零五年一月 1st January, 2005. 一日或之後開始之會計期間生效。 The accounting policies of the Group after the adoption of 本集團於採納該等新訂及經修訂之《香港財務報告 these new and revised HKFRSs have been summarised in note 準則》後之會計政策概述於附註1。以下為財務報 1. The following sets out information on the significant changes 表中的本會計期間及過往會計期間之會計政策之 in accounting policies for the current and prior accounting 重大變動資料。 periods reflected in these financial statements. The Group has not applied any new standard or interpretation 本集團並無採納任何尚未於本會計期間生效之新 that is not yet effective for the current accounting period (see 準則或詮釋(見附註36)。 note 36). (a) Restatement of prior period balances (a) 重列前期結餘 The following tables disclose the adjustments that have been 下表披露根據相關《香港財務報告準則》之過渡條 made in accordance with the transitional provisions of the 文，對截至二零零五年三月三十一日止年度綜合 respective HKFRSs to each of the line items in the consolidated 損益報表及資產負債表以及本公司之資產負債表 income statement and balance sheet and the Company’s 內各個項目及以往呈報之其他主要相關披露項目 balance sheet and other significant related disclosure items as 作出之調整。會計政策變動對二零零四年四月一 previously reported for the year ended 31st March, 2005. The 日之儲備的影響已於附註27中披露。 effects of the changes in accounting policies on the reserves at 1st April, 2004 are disclosed in note 27. 維他奶國際集團有限公司 二零零五 / 零六年年報 93 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (a) Restatement of prior period balances (continued) (a) 重列前期結餘（續） (i) Effect on the consolidated financial statements (i) 對綜合財務報表之影響 Consolidated income statement for the year ended 31st 截至二零零五年三月三十一日止年度之綜 March, 2005 合損益報表 Effect of new policy (increase/(decrease) in profit for the year) 新政策之影響（本年度溢利之 2005 (as previously reported) HKFRS 2 (note 2(c)) 《香港財務 增加／（減少）） HKAS 17 (note 2(d)) 《香港 HKAS 1 (note 2(e)) 《香港 2005 (as restated) 報告準則》 會計準則》 會計準則》 第2號 (附註2(c)) $’000千元 第17號 (附註2(d)) $’000千元 第1號 (附註2(e)) $’000千元 (按以往呈報) $’000千元 Turnover Cost of sales Gross profit Other revenue Marketing, selling and distribution expenses Administrative expenses Other operating expenses 營業額 2,379,955 銷售成本 (1,012,415 ) 毛利 1,367,540 其他收入 推廣、銷售及 分銷費用 行政費用 其他經營費用 31,369 (915,777 ) (159,302 ) (124,033 ) – – – – – – (2,765 ) Profit from operations 經營溢利 199,797 (2,765 ) Finance costs Restructuring cost Write back of provision for compensation for traffic accident 融資成本 重組成本 交通意外賠償 之撥備 撥回 (9,042 ) (24,782 ) 765 – – – Profit before taxation 除稅前溢利 166,738 (2,765 ) Income tax 所得稅 (40,403 ) – Profit after taxation 除稅後溢利 126,335 (2,765 ) Minority interests 少數股東權益 (2,588 ) – Profit for the year 本年度溢利 123,747 (2,765 ) – – – – – – – – – – – – – – – – 94 Vitasoy International Holdings Ltd. Annual Report 2005/06 (重列) $’000千元 2,379,955 (1,012,415 ) 1,367,540 31,369 (915,777 ) (159,302 ) (126,798 ) 197,032 (9,042 ) (24,782 ) 765 163,973 (40,403 ) 123,570 – – – – – – – – – – – – – – 2,588 – 2,588 123,570 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (a) Restatement of prior period balances (continued) (a) 重列前期結餘（續） (i) Effect on the consolidated financial statements (i) 對綜合財務報表之影響 (continued) （續） Consolidated income statement for the year ended 31st 截至二零零五年三月三十一日止年度之 March, 2005 (continued) 綜合損益報表（續） Effect of new policy (increase/(decrease) in profit for the year) 新政策之影響（本年度溢利之 2005 (as previously reported) HKFRS 2 (note 2(c)) 《香港財務 增加／（減少）） HKAS 17 (note 2(d)) 《香港 HKAS 1 (note 2(e)) 《香港 2005 (as restated) 報告準則》 會計準則》 會計準則》 第2號 (附註2(c)) $’000千元 第17號 (附註2(d)) $’000千元 第1號 (附註2(e)) $’000千元 (重列) $’000千元 (按以往呈報) $’000千元 Attributable to: 應佔： Equity shareholders of the Company Minority interests 本公司股權 持有人 少數股東權益 123,747 – (2,765 ) – Profit for the year 本年度溢利 123,747 (2,765 ) Earnings per share 每股盈利 Basic Diluted 基本 攤薄 12.5 cents仙 (0.3 cents仙 ) 12.4 cents仙 (0.3 cents仙 ) Other significant disclosure items: 其他主要 披露項目： Staff costs 員工成本 (440,868 ) (2,765 ) – – – – – – Amortisation of interests in 根據經營租賃持有 leasehold land held for own use under operating leases 作自用之租賃 土地權益之攤銷 – Depreciation – other assets 折舊－其他資產 (108,375 ) – – (209 ) 209 – 2,588 120,982 2,588 2,588 123,570 – – – – – 12.2 cents仙 12.1 cents仙 (443,633 ) (209 ) (108,166 ) 維他奶國際集團有限公司 二零零五 / 零六年年報 95 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (a) Restatement of prior period balances (continued) (a) 重列前期結餘（續） (i) Effect on the consolidated financial statements (i) 對綜合財務報表之影響 (continued) （續） Consolidated balance sheet at 31st March, 2005 於二零零五年三月三十一日之綜合資 產負債表 2005 (as previously reported) (按以往呈報) $’000千元 770,691 – – 41,639 812,330 511,707 Non-current assets 非流動資產 Property, plant and equipment Investment property Interests in leasehold land held for own use under operating leases 物業、廠房及 設備 投資物業 根據經營租賃 持有作自用之 租賃土地權益 Other non-current assets 其他非流動資產 Net current assets 淨流動資產 Total assets less current 總資產減 liabilities 流動負債 1,324,037 Non-current liabilities 非流動負債 Minority interests 少數股東權益 (28,656 ) (47,669 ) Net assets 淨資產 1,247,712 Capital and reserves 資本及儲備 Attributable to equity shareholders of the Company 本公司股權 持有人 應佔 Share capital Reserves – Share-based compensation reserve – Other reserves – Retained profits 股本 儲備 －股份基礎補償 儲備 －其他儲備 －保留溢利 Attributable to minority 少數股東權益 interests Total equity 應佔 權益總額 248,482 – 363,058 636,172 1,247,712 – 1,247,712 96 Vitasoy International Holdings Ltd. Annual Report 2005/06 Effect of new policy (increase/(decrease) in net assets) 新政策之影響（淨資產之增加／（減少）） Reclassification of balance HKFRS 2 (note 2(c)) (note 34) 《香港財務 報告準則》 第2號 (附註2(c)) $’000千元 HKAS 17 (note 2(d)) 《香港 會計準則》 第17號 (附註2(d)) $’000千元 HKAS 1 (note 2(e)) 《香港 會計準則》 第1號 (附註2(e)) $’000千元 結餘 重新分類 (附註34) $’000千元 2005 (as restated) (重列) $’000千元 – – – – – – – – – – – 3,997 – (3,997 ) – – – (5,419 ) – 5,419 – – – – – – – – – – – – – – – – – – – – – – 47,669 47,669 – – – – – 47,669 47,669 (10,931 ) 10,931 754,341 10,931 – – – – – – – – – – – – – – – 5,419 41,639 812,330 511,707 1,324,037 (28,656 ) – 1,295,381 248,482 3,997 363,058 632,175 1,247,712 47,669 1,295,381 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (a) Restatement of prior period balances (continued) (a) 重列前期結餘（續） (ii) Effect on the Company’s balance sheet at 31st (ii) 對本公司於二零零五年三月三十一日之 March, 2005 資產負債表之影響 Effect of new policy (increase/ (decrease) in net assets) 新政策之影響 （淨資產之 2005 (as previously reported) 增加／（減少）） Reclassification of balance (note 34) HKFRS 2 (note 2(c)) 2005 (as restated) 《香港財務 報告準則》 第2號 結餘重新分類 （按以往呈報） $’000千元 (附註2(c)) $’000千元 （附註34） $’000千元 （重列） $’000千元 Non-current assets 非流動資產 Property, plant and equipment Investment property Other non-current assets 物業、廠房及設備 投資物業 其他非流動資產 Net current assets Total assets less current liabilities Non-current liabilities 淨流動資產 總資產減 流動負債 非流動負債 176,650 – 314,494 491,144 752,828 1,243,972 (8,052 ) Net assets 淨資產 1,235,920 Capital and reserves 資本及儲備 Share capital Reserves – Share-based compensation reserve – Other reserves – Retained profits 股本 儲備 －股份基礎 補償儲備 －其他儲備 －保留溢利 248,482 – 382,535 604,903 – – – – – – – – – 3,997 – (3,997 ) Total equity 權益總額 1,235,920 – (10,931 ) 10,931 – – – – – – – – – – – 165,719 10,931 314,494 491,144 752,828 1,243,972 (8,052 ) 1,235,920 248,482 3,997 382,535 600,906 1,235,920 維他奶國際集團有限公司 二零零五 / 零六年年報 97 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 2 CHANGES IN ACCOUNTING POLICIES (continued) (b) Estimated effect of changes in accounting policies on 2 會計政策變動（續） (b) 會計政策變動對本期間之估計 the current period The following tables provide estimates of the extent to which each of the line items in the consolidated income statement and balance sheet and the company’s balance sheet and other significant related disclosure items for the year ended 31st March, 2006 is higher or lower than it would have been had the previous policies still been applied in the year, where it is practicable to make such estimates. 影響 下表載列假設繼續採用過往會計政策，計算截 至二零零六年三月三十一日止年度綜合損益報 表及資產負債表以及本公司之資產負債表內各 個項目及其他主要相關披露項目時，可能增加 或減少之估計金額（如可估計）。 (i) Estimated effect on the consolidated financial statements Estimated effect on the consolidated income statement for the year ended 31st March, 2006 (i) 對綜合財務報表之估計 影響 對截至二零零六年三月三十一日止年度綜 合損益報表之估計影響 Estimated effect of new policy (increase/ (decrease) in profit for the year) 新政策之估計影響（本年度溢利之增加／（減少）） HKFRS 2 (note 2(c)) 《香港財務 報告準則》 第2號 (附註2(c)) $’000千元 HKAS 17 (note 2(d)) 《香港 會計準則》 第17號 (附註2(d)) $’000千元 HKAS 1 (note 2(e)) 《香港 會計準則》 第1號 (附註2(e)) $’000千元 HKAS 39 (note 2(f)) 《香港 會計準則》 第39號 (附註2(f)) $’000千元 Other revenue Other operating expenses Profit after taxation Minority interests Profit for the year Attributable to: Equity shareholders of the Company Minority interests Profit for the year Earnings per share Basic Diluted Other significant disclosure items: Staff costs Amortisation of interests in leasehold land held for own use under operating leases Depreciation – other assets Change in fair value of financial asset at fair value through profit or loss 其他收入 其他經營費用 除稅後溢利 少數股東權益 本年度溢利 應佔： 本公司股權 持有人 少數股東權益 本年度溢利 每股盈利 基本 攤薄 其他主要 披露項目： 員工成本 根據經營租賃 持有作自用之 租賃土地權益之 攤銷 折舊－其他資產 按公允值計量且其 變動於損益確認 之金融資產的 公允值變動 – (2,634 ) (2,634 ) – (2,634 ) (2,634 ) – (2,634 ) (0.3 cents仙 ) (0.3 cents仙 ) (2,634 ) – – – – – – – – – – – – – – (216 ) 216 – – – – 12,949 12,949 – 12,949 12,949 – – – – – – 98 Vitasoy International Holdings Ltd. Annual Report 2005/06 Total 總額 $’000千元 53 (2,634 ) (2,581 ) 12,949 10,368 (2,581 ) 12,949 10,368 (0.3 cents仙 ) (0.3 cents仙 ) (2,634 ) (216 ) 216 53 – 53 – 53 53 – 53 – – – – – 53 53 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (b) Estimated effect of changes in accounting policies on (b) 會計政策變動對本期間之估計 the current period (continued) 影響（續） (i) Estimated effect on the consolidated financial (i) 對綜合財務報表之估計 statements (continued) 影響（續） Estimated effect on the consolidated balance sheet at 對二零零六年三月三十一日之綜合資產負 31st March, 2006 債表之估計影響 Estimated effect of new policy (increase/(decrease) in net assets) 新政策之估計影響（淨資產之增加／（減少）） HKAS 1 (note 2(e)) 《香港 HKAS 17 (note 2(d)) 《香港 HKAS 39 HKFRS 2 (note 2(f)) (note 2(c)) 《香港財務 《香港 報告準則》 會計準則》 會計準則》 會計準則》 第39號 (附註2(f)) $’000千元 第2號 (附註2(c)) $’000千元 第17號 (附註2(d)) $’000千元 第1號 (附註2(e)) $’000千元 Total 總額 $’000千元 Non-current assets 非流動資產 Property, plant and 物業、廠房及 equipment 設備 Interests in leasehold land 根據經營租賃 held for own use under operating leases 持有作自用之 租賃土地權益 Bank deposits Other financial asset 銀行存款 其他金融資產 Minority interests 少數股東權益 Net assets 淨資產 Capital and reserves 資本及儲備 Attributable to equity 本公司股權 shareholders of the Company 持有人 應佔 Reserves – Share premium – Share-based compensation reserve – Retained profits 儲備 －股份溢價 －股份基礎 補償 儲備 －保留溢利 Attributable to minority 少數股東權益 interests Total equity 應佔 權益總額 – – – – – – – 712 5,919 (6,631) – – – (5,364) 5,364 – – – – – – – – – – – – – – – – – (5,364) – (15,618) 13,922 5,364 (15,618) 13,922 (1,696) (1,696) 58,566 – 58,566 58,566 (1,696) 56,870 – – – – – 712 – (1,696) 5,919 (8,327) (1,696) (1,696) 58,566 – 58,566 58,566 (1,696) 56,870 維他奶國際集團有限公司 二零零五 / 零六年年報 99 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (b) Estimated effect of changes in accounting policies on (b) 會計政策變動對本期間之估計 the current period (continued) 影響（續） (ii) Estimated effect on the Company’s balance sheet (ii) 對本公司於二零零六年三月三十一日之資 at 31st March, 2006 產負債表之估計影響 Estimated effect of new policy (increase/(decrease) in net assets) 新政策之估計影響 （淨資產之增加／（減少）） HKFRS 2 (note 2(c)) 《香港財務 HKAS 39 (note 2(f)) 《香港 報告準則》 會計準則》 第2號 (附註2(c)) $’000千元 第39號 (附註2(f)) $’000千元 Total 總額 $’000千元 – – – (15,618) 13,922 (15,618) 13,922 (1,696) (1,696) 712 5,919 (6,631) – – (1,696) 712 5,919 (8,327) Non-current assets 非流動資產 Bank deposits Other financial asset 銀行存款 其他金融資產 Net assets 淨資產 Capital and reserves 資本及儲備 Reserves – Share premium – Share-based 儲備 －股份溢價 －股份基礎 compensation reserve 補償儲備 – Retained profits －保留溢利 Total equity 權益總額 – (1,696) (1,696) 100 Vitasoy International Holdings Ltd. Annual Report 2005/06 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (c) Employee share option schemes (HKFRS 2 “Share-based (c) 僱員購股權計劃（《香港財務報告準則》第2號「以股 payment”) 份為基礎的付款」） In prior years, no amounts were recognised when employees 於過往年度，在僱員（包括董事）獲授本公司股份 (which term includes directors) were granted share options over 之購股權時，本集團概不確認任何金額入賬。倘 shares in the Company. If the employees chose to exercise the 僱員選擇行使購股權，則股本及股份溢價賬項僅 options, the nominal amount of share capital and share 會以應收之購股權行使價為限入賬。 premium were credited only to the extent of the option’s exercise price receivable. With effect from 1st April, 2005, in order to comply with HKFRS 自二零零五年四月一日起，為符合《香港財務報告 2, the Group has adopted a new policy for employee share 準則》第2號，本集團就僱員購股權採納新政策。 options. Under the new policy, the Group recognises the fair 根據新政策，本集團確認該等購股權之公允值為 value of such share options as an expense with a corresponding 開支，並會相應增加在權益項下之股份基礎補償 increase recognised in a share-based compensation reserve 儲 備 。 此 項 新 政 策 之 進 一 步 詳 情 載 於 附 within equity. Further details of the new policy are set out in 註1(p)(iv)。 note 1(p)(iv). This new accounting policy has been applied retrospectively 本集團已追溯採用此項新會計政策，並重列比較 with comparatives restated, except that the Group has taken 數字，惟本集團根據《香港財務報告準則》第2號所 advantage of the transitional provisions set out in HKFRS 2, 載之過渡條文，毋須就以下購股權採用新的確認 under which the new recognition and measurement policies 及計量政策： have not been applied to the following grants of options: (i) all options granted to employees on or before 7th (i) 所有於二零零二年十一月七日或之前授予 November, 2002; and 僱員之購股權；及 (ii) all options granted to employees after 7th November, (ii) 所有於二零零二年十一月七日後授予僱員 2002 but which had vested before 1st April, 2005. 但於二零零五年四月一日前歸屬之購股權。 The adjustments for each financial statement line affected for 截至二零零五年及二零零六年三月三十一日止年 the years ended 31st March, 2005 and 2006 are set out in 度財務報表中受此影響之各項目的調整載於附註 notes 2(a) and (b). 2(a)及(b)。 Details of the share option schemes are set out in note 28. 購股權計劃之詳情載於附註28。 (d) Leasehold land and buildings held for own use (HKAS (d) 持有作自用的租賃土地及樓宇（《香港會計準則》第 17 “Leases”) 17號「租賃」） In prior years, all interests in leasehold land held for own use 於過往年度，持有作自用的租賃土地的所有權益 were presented together with the buildings situated on that 乃與建於有關土地上的建築物一同按成本減累計 land and were stated at cost less accumulated depreciation 折舊及減值虧損入賬。 and impairment losses. 維他奶國際集團有限公司 二零零五 / 零六年年報 101 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (d) Leasehold land and buildings held for own use (HKAS (d) 持有作自用的租賃土地及樓宇（《香港會計準則》第 17 “Leases”) (continued) 17號「租賃」）（續） With effect from 1st April, 2005, in order to comply with HKAS 自二零零五年四月一日起，為符合《香港會計準 17, the Group has adopted a new policy for leasehold land 則》第17號，本集團就持有作自用的租賃土地及 and buildings held for own use. Under the new policy, the 樓宇採納新政策。根據新政策，若位於租賃土地 leasehold interest in the land held for own use is accounted 上的任何建築物權益的公允值能與本集團首次訂 for as being held under an operating lease, where the fair value 立租賃時或自前度承租人接收時或有關建築物興 of the interest in any buildings situated on the leasehold land 建日（如為較遲者）的租賃土地權益公允值分開計 could be measured separately from the fair value of the 量，持有作自用土地之租賃權益便會按持作經營 leasehold interest in the land at the time the lease was first 租賃列賬。 entered into by the Group, or taken over from the previous lessee, or at the date of construction of those buildings, if later. Any buildings held for own use which are situated on such 位於這類租賃土地上的任何自用建築物仍列作物 land leases continue to be presented as property, plant and 業、廠房及設備入賬。此項新政策之進一步詳情 equipment. Further details of the new policy are set out in 載於附註1(e)及(f)。 notes 1(e) and (f). The above new accounting policy has been adopted 本集團已追溯採用上述之新會計政策。截至二零 retrospectively. The adjustments for each financial statement 零 五 年 及 二 零 零 六 年 三 月 三 十 一 日 止 年 度 財 line item affected for the years ended 31st March, 2005 and 務報表中受此影響之各項目的調整載於附註2(a) 2006 are set out in notes 2(a) and (b). 及(b)。 (e) Minority interests (HKAS 1 “Presentation of financial (e) 少數股東權益（《香港會計準則》第1號「財務報表的 statements” and HKAS 27 “Consolidated and separate 呈列」及《香港會計準則》第27號「綜合及獨立財務 financial statements”) 報表」） In prior years, minority interests at the balance sheet date were 於過往年度，結算日時之少數股東權益乃列入綜 presented in the consolidated balance sheet separately from 合資產負債表並獨立於負債分開呈報，並列作淨 liabilities and as deduction from net assets. Minority interests 資產的扣減款項。本集團於該年度業績中的少數 in the results of the Group for the year were also separately 股東權益亦獨立列於綜合損益報表，作為計算股 presented in the consolidated income statement as a deduction 東（本 公司之股權持有人）應 佔 溢 利 前 扣 減 之 before arriving at the profit attributable to shareholders (the 款項。 equity shareholders of the Company). With effect from 1st April, 2005, in order to comply with HKAS 自二零零五年四月一日起，為符合《香港會計準 1 and HKAS 27, the Group has changed its accounting policy 則》第1號及《香港會計準則》第27號，本集團已更 relating to the presentation of minority interests. Under the 改其呈列少數股東權益之會計政策。根據新政 new policy, minority interests are presented as part of equity, 策，少數股東權益乃列作權益之一部份，與本公 separately from interests attributable to the equity shareholders 司股權持有人應佔權益分開呈報。此項新政策之 of the Company. Further details of the new policy are set out 進一步詳情載於附註1(c)。本集團已追溯採用此等 in note 1(c). These changes in presentation have been applied 呈 列 方 式 之 改 變 ， 重 列 之 比 較 數 字 載 於 附 retrospectively with comparatives restated as showed in 註2(a)。 note 2(a). 102 Vitasoy International Holdings Ltd. Annual Report 2005/06 2 CHANGES IN ACCOUNTING POLICIES (continued) 2 會計政策變動（續） (f) Financial instruments (HKAS 32 “Financial instruments: (f) 金融工具(《香港會計準則》第32號「金融工具：披 Disclosure and presentation” and HKAS 39 “Financial 露及呈列」及《香港會計準則》第39號「金融工具： instruments: Recognition and measurement”) 確認及計量」) In prior years, structured deposit contract with bank entered 於過往年度，本集團與銀行訂立之結構性存款合 into by the Group was classified as bank deposits and stated 約乃列作銀行存款，並按成本減撥備列賬。 at cost less provision. With effect from 1st April, 2005, and in accordance with HKAS 自二零零五年四月一日起，根據《香港會計準則》 39, such structured deposit is classified as a financial asset at 第39號，該等結構性存款乃列作按公允值計量且 fair value through profit or loss and carried at fair value. 其變動於損益確認之金融資產，並按公允值列 Changes in the fair value are recognised in profit or loss. Further 賬。公允值變動於損益確認。此項新政策之進一 details of the new policy are set out in note 1(k). 步詳情載於附註1(k)。 This change in accounting policy was adopted by way of an 採納此項會計政策之變動是透過對二零零五年四 opening balance adjustment to retained profits as at 1st April, 月一日之保留溢利作出期初結餘調整。有關調整 2005. The adjustment includes re-designation of the structured 包 括 將 二 零 零 五 年 三 月 三 十 一 日 賬 面 值 為 deposit with a carrying value of $15,618,000 at 31st March, 15,618,000元之結構性存款，重新設定為於二零 2005 as financial asset at fair value through profit or loss at 零五年四月一日按公允值計量且其變動於損益確 1st April, 2005. As at that date, such financial asset was restated 認之金融資產。於該日，有關金融資產乃透過期 to the fair value of $13,869,000 by way of an opening balance 初結餘調整將保留溢利削減1,749,000元，從而重 adjustment to reduce retained profits by $1,749,000. 列至13,869,000元之公允值。比較金額並無重 Comparative amounts have not been restated as this is 列，蓋《香港會計準則》第39號之過渡安排禁止此 prohibited by the transitional arrangements in HKAS 39. 做法。 The adjustments for each financial statement line item affected 截至二零零六年三月三十一日止年度財務報表中 for the year ended 31st March, 2006 are set out in note 2(b). 受此影響之各項目的調整載於附註2(b)。 (g) Definition of related parties (HKAS 24 “Related party (g) 關連人士之定義(《香港會計準則》第24號「關連人 disclosures”) 士披露」) As a result of the adoption of HKAS 24, Related party 由於採納《香港會計準則》第2 4 號「關連人士披 disclosures, the definition of related parties as disclosed in note 露」，附註1(t)所披露之關連人士的定義已予擴 1(t) has been expanded to clarify that related parties include 大，從而釐清關連人士包括受到屬於個人身份的 entities that are under the significant influence of a related 關連人士（即關鍵管理人員、重要股東及／或與彼 party that is an individual (i.e. key management personnel, 等關係密切的家族成員）重大影響的公司，以及為 significant shareholders and/or their close family members) and 本集團或作為本集團關連人士的任何公司的僱員 post-employment benefit plans which are for the benefit of 福利而設的離職後福利計劃。相比於《會計實務準 employees of the Group or of any entity that is a related party 則》第20號「關連人士披露」仍然生效時，釐清關 of the Group. The clarification of the definition of related parties 連人士之定義並無使到以往呈報之關連人士交易 has not resulted in any material changes to the previously 的披露出現任何重大變動，對本期間所作出的披 reported disclosures of related party transactions nor has it 露亦無任何重大影響。 had any material effect on the disclosures made in the current period, as compared to those that would have been reported had Statement of Standard Accounting Practice 20, Related party disclosures, still been in effect. 維他奶國際集團有限公司 二零零五 / 零六年年報 103 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 3 TURNOVER 3 營業額 The principal activities of the Group are the manufacture and 本 集 團 之 主 要 業 務 為 製 造 及 銷 售 食 品 及 sale of food and beverages. 飲品。 Turnover represents the gross sales value less returns, to 營 業 額 指 向 第 三 者 銷 售 貨 物 之 銷 貨 價 值 減 third parties. 4 OTHER REVENUE 退貨。 4 其他收入 Interest income Service fee Rental income 利息收入 服務費 租金收入 Change in fair value of financial 按公允值計量且其變動 asset at fair value through profit or loss Sundry income 於損益確認之金融 資產之公允值變動 雜項收入 2006 $’000 千元 12,474 31,465 1,748 2005 $’000 千元 5,255 19,204 1,296 53 5,767 – 5,614 51,507 31,369 104 Vitasoy International Holdings Ltd. Annual Report 2005/06 5 PROFIT BEFORE TAXATION 5 除稅前溢利 Profit before taxation is arrived at after charging/(crediting): 除稅前溢利已扣除／（計入）： (a) Finance costs: (a) 融資成本： Interest on bank loans Finance charges on obligations under finance leases 銀行貸款之利息 融資租賃債務 之財務費用 (b) Staff costs: (b) 員工成本： Contributions to defined contribution retirement plans Expense/(income) recognised in respect of: – retirement gratuities (note 17(c)(ii)) – long service payments (note 17(d)(ii)) Retirement costs Equity settled share-based payment expenses Salaries, wages and other benefits 界定供款退休計劃 之供款 以下項目之已確認費用／ （收入）： － 退休金 （附註17(c)(ii)） － 長期服務金 （附註17(d)(ii)） 退休成本 以股份為基礎 之支付之費用 薪酬、工資及其他 福利 (c) Other items: (c) 其他項目： Amortisation of interests in leasehold land held for own use under operating leases Depreciation – assets leased out under operating leases – assets acquired under finance leases – other assets Impairment losses – trade and other receivables – property, plant and equipment Auditors’ remuneration – audit services – tax services – other services Operating lease charges: minimum lease payments – hire of properties – hire of factory machinery and equipment Loss on disposal of property, plant and equipment Net foreign exchange loss 根據經營租賃持有 作自用之租賃土地 權益的攤銷 折舊 － 以經營租賃 出租之資產 － 以融資租賃 購入之資產 － 其他資產 減值虧損 － 應收賬款及其他應收款 － 物業、廠房及 設備 核數師酬金 － 審核服務 － 稅務服務 － 其他服務 經營租賃費用： 最低租賃付款 － 租用物業 － 租用工廠機器 及設備 出售物業、廠房及設備 之虧損 淨外匯虧損 2006 $’000 千元 2005 (restated)（重列） $’000 千元 7,951 421 8,372 8,349 693 9,042 18,237 16,809 1,125 (406) 18,956 2,634 425,396 446,986 216 526 3,696 106,975 (816) – 2,778 433 1,823 1,008 (207) 17,610 2,765 423,258 443,633 209 527 4,163 108,166 616 15,020 2,476 504 33 37,527 34,912 2,270 831 1,874 2,558 1,803 81 維他奶國際集團有限公司 二零零五 / 零六年年報 105 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 6 RESTRUCTURING COST 6 重組成本 During the year ended 31st March, 2005, the Group had 於截至二零零五年三月三十一日止年度內，本集 undergone a restructuring of its operations in the United States 團重組其於美國之業務，當中包括結束鮮凍荳奶 of America which included the exit from its Refrigerated Soymilk 業務、整合位於麻省艾爾市廠房內的生產設施以 business, the consolidation of production facilities in the plant 及關閉加州Burke的生產廠房。重組成本包括： in Ayer, Massachusetts and the closure of the production plant in Burke, California. The restructuring cost comprised: Impairment loss on property, plant 物業、廠房及設備之 and equipment (note 15(a)) 減值虧損（附註15(a)） Severance payments 遣散費 Compensation for early termination 提早終止鮮凍荳奶 of refrigerated soymilk copack 包裝加工協議之 agreement 賠償 Provision for the operating lease Burke 生產廠房關閉後 charges for the Burke production 就其經營租賃支出 plant after its closure Others 所作撥備 其他 2005 $’000 千元 15,020 2,363 4,679 522 2,198 24,782 7 WRITE BACK OF PROVISION FOR COMPENSATION FOR 7 交通意外賠償之撥備 TRAFFIC ACCIDENT 撥回 This represented the write back of over-provision for 此項撥備撥回乃本公司其中一間附屬公司Vitasoy compensation for traffic accident relating to one of the USA Inc. 於二零零零年所涉及之交通意外賠償之 Company’s subsidiaries, Vitasoy USA Inc., which occurred in 超額撥備撥回。於截至二零零五年三月三十一日 2000. During the year ended 31st March, 2005, the injury 止年度，該宗受傷索償已和解繳付，其超額撥備 claim was settled and an over-provision of $765,000 was 765,000元已相應地撥回至損益報表。 written back to the income statement. 106 Vitasoy International Holdings Ltd. Annual Report 2005/06 8 INCOME TAX IN THE CONSOLIDATED INCOME STATEMENT (a) Income tax in the consolidated income statement represents: 8 綜合損益報表之 所得稅 (a) 綜合損益報表內之 所得稅代表： Current tax 本期稅項 – Hong Kong Profits Tax －香港利得稅 Provision for the year Over-provision in respect of prior years 年內撥備 以往年度之 超額撥備 Current tax 本期稅項 – Outside Hong Kong －香港以外地區 Provision for the year Under-provision in respect of prior years 年內撥備 以往年度之 撥備不足 Deferred tax Origination and reversal of temporary differences Effect of increase in tax rate on deferred tax balance 遞延稅項 源自及撥回 暫時差異 因稅率上升 對遞延稅項 之影響 2006 $’000 千元 2005 $’000 千元 36,992 38,544 (145) (103) 36,847 38,441 3,920 396 4,316 1,039 124 1,163 (785) 1,154 – (785) (355) 799 40,378 40,403 The provision for Hong Kong Profits Tax is calculated at 17.5% 香港利得稅撥備是按該年度之估計應課稅溢利以 (2005: 17.5%) of the estimated assessable profits for the year. 17.5%（二零零五年：17.5%）之稅率計算。香港 Taxation for subsidiaries outside Hong Kong is charged at the 以外地區的附屬公司之稅項則按有關稅項司法管 appropriate current rates of taxation ruling in the relevant 轄區適用之現行稅率計算。 tax jurisdictions. One of the Company’s subsidiaries in the People’s Republic of 本公司其中一間於中華人民共和國的附屬公司， China enjoyed a tax relief of 50% reduction in the income tax 自二零零二年一月一日起計三年享有所得稅稅率 rate for a period of 3 years commencing 1st January, 2002. 減半之稅項寬減。此稅項寬減已於二零零四年十 Such tax relief expired on 31st December, 2004 and from 1st 二月三十一日屆滿，由二零零五年一月一日起， January, 2005 onwards, the subsidiary is subject to a tax rate 該附屬公司須按15%稅率繳稅。 of 15%. 維他奶國際集團有限公司 二零零五 / 零六年年報 107 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 8 INCOME TAX IN THE CONSOLIDATED INCOME STATEMENT (continued) 8 綜合損益報表之所得稅 （續） (b) Reconciliation between tax expense and accounting (b) 稅 項 支 出 與 會 計 溢 利 以 適 用 稅 率 計 算 之 profit at applicable tax rates: 對賬： Profit before taxation 除稅前溢利 225,403 163,973 2006 $’000 千元 2005 (restated)（重列） $’000 千元 Notional tax on profit before 按有關稅項司法 taxation, calculated at the rates applicable to profits in the tax jurisdictions concerned 管轄區適用的 利得稅稅率計算 除稅前溢利 之稅項 Tax effect of non-deductible 不可扣減支出之 expenses Tax effect of non-taxable revenue 稅務影響 非課稅收入之 稅務影響 Tax effect of unused tax losses 未確認且未使用之稅務 36,170 16,122 1,767 2,344 (1,814) (1,554) not recognised 虧損之稅務影響 4,004 23,825 Tax effect of increase in tax 因稅率上升對遞延稅項 rate on deferred tax balance Under-provision in respect of prior years 結餘之影響 以往年度稅項 撥備不足 – 251 (355) 21 Actual tax expense 實際稅項支出 40,378 40,403 108 Vitasoy International Holdings Ltd. Annual Report 2005/06 9 DIRECTORS’ REMUNERATION 9 董事酬金 Directors’ remuneration disclosed pursuant to section 161 of 根據香港《公司條例》第161條及上市規則披露之 the Hong Kong Companies Ordinance and the Listing Rules is 董事酬金如下： as follows: Salaries, allowances and benefits in kind 薪金、 津貼及 實物福利 $’000千元 Directors’ fees 董事袍金 $’000千元 2006 Discretionary bonuses Retirement scheme contributions Sub-total Share- based payments 以股份為 Total 酌情發放 之花紅 $’000千元 退休 計劃供款 $’000千元 小計 基礎的付款 總計 $’000千元 $’000千元 $’000千元 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Ambrose Kam-shing CHAN (note (i)) Mr. Eric Fat YU Mr. John Shek-hung LAU Mr. Fransis Ming-yin KONG (note (ii)) 羅友禮先生 陳錦勝先生 （附註(i)） 余發先生 劉錫鴻先生 江明彥先生 （附註(ii)） Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 羅慕貞女士 羅慕玲女士 Independent Non-executive 獨立非執行 Directors 董事 Dr. The Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Iain F. BRUCE Mr. Chi-kian SHIU 布魯士先生 邵志堅先生 153 3,598 2,712 54 76 76 2 84 84 248 255 250 3,143 1,434 1,898 556 1,005 308 387 936 – – – – – – – – – – 126 177 92 107 38 – – – – – 6,589 4,379 1,910 2,468 1,532 84 84 248 255 250 636 537 177 187 – – – – – – 7,225 4,916 2,087 2,655 1,532 84 84 248 255 250 1,282 10,629 5,348 540 17,799 1,537 19,336 維他奶國際集團有限公司 二零零五 / 零六年年報 109 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 9 DIRECTORS’ REMUNERATION (continued) 9 董事酬金（續） 2005 Retirement scheme contributions Discretionary bonuses 酌情發放 之花紅 退休 計劃供款 Salaries, allowances and benefits in kind 薪金、 津貼及 實物福利 (restated)（重列） Directors’ fees 董事袍金 Share- based payments 以股份為 基礎的付款 Sub-total 小計 Total 總計 (restated)（重列） (restated)（重列） $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Eric Fat YU Mr. John Shek-hung LAU Mr. Fransis Ming-yin KONG 羅友禮先生 余發先生 劉錫鴻先生 江明彥先生 Non-executive Directors 非執行董事 Mr. Frank Yau-yee LO (note (iii)) 羅友義先生（附註(iii)） Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 羅慕貞女士 羅慕玲女士 Independent Non-executive 獨立非執行 Directors Dr. The Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Chi-kian SHIU 董事 李國寶爵士 布魯士先生 邵志堅先生 165 76 76 76 46 84 84 255 282 148 3,631 1,413 1,778 2,160 2,471 271 419 792 – – – – – – – – – – – – 149 111 129 160 – – – – – – 6,416 1,871 2,402 3,188 46 84 84 255 282 148 573 166 185 354 – – – – – – 6,989 2,037 2,587 3,542 46 84 84 255 282 148 1,292 8,982 3,953 549 14,776 1,278 16,054 Share-based payments represent the estimated value of share options granted to the Directors under the Company’s share option schemes. The value of these share options is measured according to the Group’s accounting policies for share-based payment transactions as set out in note 1(p)(iv). The details of these benefits in kind, including the principal terms and number of options granted, are disclosed under the paragraph “Share option schemes” in the Report of the Directors and note 28. 以股份為基礎的付款指根據本公司之購股權計劃 授予董事之購股權的估計價值。此等購股權之價 值乃根據附註1(p)(iv)所載本集團就以股份為基礎 之付款交易採用的會計政策而計量。 此等實物福利（包括已授出之購股權之主要條款及 數目）之詳情已於董事會報告書「購股權計劃」一段 及附註28中披露。 110 Vitasoy International Holdings Ltd. Annual Report 2005/06 9 DIRECTORS’ REMUNERATION (continued) Notes: 9 董事酬金（續） 附註： (i) Mr. Ambrose Kam-shing CHAN was appointed as an (i) 陳錦勝先生於二零零五年七月十一日獲委任為 Executive Director on 11th July, 2005. 執行董事。 (ii) Mr. Fransis Ming-yin KONG resigned as an Executive Director (ii) 江明彥先生於二零零五年四月十八日辭任執行 on 18th April, 2005. 董事。 (iii) Mr. Frank Yau-yee LO resigned as a Non-executive Director (iii) 羅友義先生於二零零五年一月十九日辭任非執 on 19th January, 2005. 行董事。 10 INDIVIDUALS WITH HIGHEST EMOLUMENTS 10 最高酬金人士 Of the five individuals with the highest emoluments, three 在五名最高酬金人士中，三名（二零零五年（重 (2005 (restated): four) are Directors whose emoluments are 列）：四名）為董事，彼等之酬金於附註9中披露。 disclosed in note 9. The aggregate of the emoluments in respect 其餘兩名（二零零五年（重列）：一名）最高酬金人 of the other two (2005 (restated): one) individuals is as follows: 士之酬金總額如下： Salaries and other emoluments 薪金及其他酬金 Retirement scheme contributions 退休計劃供款 Discretionary bonuses Share-based payments 酌情發放之花紅 以股份為基礎的付款 2006 $’000 千元 2005 (restated)（重列） $’000 千元 4,944 113 1,128 170 6,355 1,608 33 955 154 2,750 Share-based payments represent the estimated value of share 以股份為基礎的付款指根據本公司之購股權計劃 options granted to the individuals under the Company’s share 授予個別人士之購股權的估計價值。此等購股權 option schemes. The value of these share options is measured 之價值乃根據附註1(p)(iv)所載本集團就以股份為 according to the Group’s accounting policies for share-based 基礎之付款交易採納的會計政策而計量。購股權 payment transactions as set out in note 1(p)(iv). The principal 計劃之主要條款已於董事會報告書「購股權計劃」 terms of the share option schemes are disclosed under the 一段及附註28中披露。 paragraph “Share option schemes” in the Report of the Directors and note 28. 維他奶國際集團有限公司 二零零五 / 零六年年報 111 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 10 INDIVIDUALS WITH HIGHEST EMOLUMENTS (continued) 10 最高酬金人士 （續） The emoluments of the two (2005 (restated): one) individuals 兩名（二零零五年（重列）：一名）最高酬金人士之 with the highest emoluments are within the following bands: 酬金介乎以下組別： 2006 Number人數 2005 (restated)（重列） Number人數 $2,500,001 to $3,000,000 2,500,001元至3,000,000元 $3,000,001 to $3,500,000 3,000,001元至3,500,000元 – 2 1 – 11 PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY 11 本公司股權持有人應佔 溢利 The consolidated profit attributable to equity shareholders of 本公司股權持有人應佔綜合溢利包括已列入本公 the Company includes a profit of $134,963,000 (2005 司財務報表中之溢利134,963,000元（二零零五年 (restated): $98,673,000) which has been dealt with in the （重列）：98,673,000元）。 financial statements of the Company. Reconciliation of the above amount to the Company’s profit 上述金額與本公司本年度溢利之對賬： for the year: 2006 $’000 千元 2005 (restated)（重列） $’000 千元 Amount of consolidated profit 已列入本公司財務報表之 attributable to equity shareholders dealt with in the 本公司股權 持有人應佔 Company’s financial statements 綜合溢利數額 134,963 98,673 Final dividends from subsidiaries 來自附屬公司上一個財政 attributable to the profits of the 年度溢利，並於本年度 previous financial year, approved 批准及支付之 and paid during the year 末期股息 5,774 5,058 Company’s profit for the year 本公司之本年度溢利 (note 27(b)) （附註27(b)） 140,737 103,731 112 Vitasoy International Holdings Ltd. Annual Report 2005/06 12 DIVIDENDS 12 股息 (a) Dividends payable to equity shareholders of the (a) 應付予本公司股權持有人之 Company attributable to the year 本年度股息 Interim dividend declared and 已宣派及已支付 paid of 2.8 cents per ordinary share (2005: 2.8 cents per ordinary share) (note 27) Final dividend proposed after the balance sheet date of 6.7 cents per ordinary share (2005: 5.7 cents per ordinary share) Special dividend proposed after the balance sheet date of 10.0 cents per ordinary share (2005: 10.0 cents per ordinary share) 中期股息每股普通股2.8仙 （二零零五年：每股 普通股2.8仙） （附註27） 於結算日後擬派 末期股息 每股普通股6.7仙 （二零零五年：每股 普通股5.7仙） 於結算日後擬派 特別股息 每股普通股10.0仙 （二零零五年：每股 普通股10.0仙） 2006 $’000 千元 2005 $’000 千元 28,091 27,725 67,370 57,105 100,552 100,183 196,013 185,013 The final and special dividends proposed after the balance sheet 於結算日後擬派之末期及特別股息並不確認為於 date have not been recognised as liabilities at the balance 結算日之負債。 sheet date. (b) Dividends payable to equity shareholders of the (b) 屬於上一財政年度，並於本年度 Company attributable to the previous financial year, 批准及支付予本公司股權持有人 approved and paid during the year 之股息 Final dividend in respect of the previous financial year, approved and paid during the year, of 5.7 cents per ordinary share (2005: 5.7 cents per ordinary share) (note 27) Special dividend in respect of the previous financial year, approved and paid during the year, of 10.0 cents per ordinary share (2005: 5.0 cents per ordinary share) (note 27) 屬於上一財政年度， 並於本年度批准及 支付之末期股息 每股普通股5.7仙 （二零零五年：每股 普通股5.7仙） （附註27） 屬於上一財政年度， 並於本年度批准及 支付之特別股息 每股普通股10.0仙 （二零零五年：每股 普通股5.0仙） （附註27） 2006 $’000 千元 2005 $’000 千元 57,139 56,395 100,244 49,469 157,383 105,864 維他奶國際集團有限公司 二零零五 / 零六年年報 113 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 13 EARNINGS PER SHARE (a) Basic earnings per share 13 每股盈利 (a) 每股基本盈利 The calculation of basic earnings per share is based on the 每股基本盈利乃根據本公司股權持有人應佔溢利 profit attributable to equity shareholders of the Company of 172,076,000元（二零零五年(重列)：120,982,000 $172,076,000 (2005 (restated): $120,982,000) and the 元）及本年度內已發行普通股之加權平均股數 weighted average number of 1,001,624,000 ordinary shares 1,001,624,000股（二零零五年：989,658,000股普 (2005: 989,658,000 ordinary shares) in issue during the year, 通股）計算。普通股之加權平均股數之計算如下： calculated as follows: Weighted average number of ordinary shares 普通股之加權平均股數 Issued ordinary shares at 1st April (note 27(c)) Effect of share options exercised Weighted average number of ordinary shares for the year (note (b)) 於四月一日之已發行普通股 （附註27(c)） 已行使之購股權 的影響 本年度普通股之 加權平均股數 （附註(b)） 2006 Number of shares 股份數目 ‘000千股 2005 Number of shares 股份數目 ‘000千股 993,928 985,828 7,696 3,830 1,001,624 989,658 (b) Diluted earnings per share (b) 每股攤薄盈利 The calculation of diluted earnings per share is based on the 每股攤薄盈利乃根據本公司股權持有人應佔溢利 profit attributable to equity shareholders of the Company of 172,076,000元（二零零五年（重列）：120,982,000 $172,076,000 (2005 (restated): $120,982,000) and the 元）及就所有具潛在攤薄盈利之普通股之影響作出 weighted average number of 1,008,726,000 ordinary shares 調整後之普通股加權平均股數1,008,726,000股 (2005: 996,448,000 ordinary shares) after adjusting for the （二零零五年：996,448,000股普通股）計算。普通 effects of all dilutive potential ordinary shares, calculated 股之加權平均股數（攤薄）之計算如下： as follows: Weighted average number of ordinary shares (diluted) 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares for the year (note (a)) 本年度普通股之 加權平均股數 （附註(a)） Effect of deemed issue of 假設因根據本公司之 ordinary shares under the Company’s share option schemes for nil consideration 購股權計劃 以無償方式 發行普通股 之影響 Weighted average number of ordinary shares (diluted) for the year 本年度普通股之 加權平均股數 （攤薄） 114 Vitasoy International Holdings Ltd. Annual Report 2005/06 2006 Number of shares 股份數目 ‘000千股 2005 Number of shares 股份數目 ‘000千股 1,001,624 989,658 7,102 6,790 1,008,726 996,448 14 SEGMENT REPORTING 14 分部報告 Segment information is presented in respect of the Group’s 分部資料乃就本集團之地區分部呈報。由於按 geographical segments. Information relating to geographical 資產所在地區分部呈報之資料可配合本集團之 segments based on the location of assets is chosen because 內部管理資料申報系統，故此選擇此為分部呈 this is in line with the Group’s internal management information 報資料之形式。 reporting system. No business segment analysis of the Group is presented as all 由於本集團之營業額及經營業績全部來自生產 the Group’s turnover and trading result are generated from 及銷售食品及飲品，故無提呈業務分部之 the manufacture and sale of food and beverages. Hong Kong 香港 2006 $’000千元 2005 (restated)（重列） $’000千元 North America Mainland China 北美洲 中國大陸 2006 2005 2006 $’000千元 $’000千元 $’000千元 2005 (restated)（重列） $’000千元 資料。 Australia and New Zealand 澳洲及新西蘭 Unallocated 未分配之項目 Consolidated 綜合 2006 2005 2006 2005 2006 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 2005 (restated)（重列） $’000千元 Revenue from 來自外間顧客 external customers 之收入 1,418,752 1,331,417 385,713 414,829 509,078 484,897 206,866 148,812 – – 2,520,409 2,379,955 Other revenue from 來自外界人士之 external parties 其他收入 6,120 5,854 289 1,249 32,571 19,011 – – 12,527 5,255 51,507 31,369 Total revenue 總收入 1,424,872 1,337,271 386,002 416,078 541,649 503,908 206,866 148,812 12,527 5,255 2,571,916 2,411,324 213,148 210,309 (19,583) (36,822) 55,907 55,803 26,495 9,626 275,967 238,916 – – – – – – (24,782) 765 – – – – – – – – (42,192) (41,884) 233,775 (8,372) – – 197,032 (9,042) (24,782) 765 (40,378) (40,403) 185,025 123,570 48,701 48,614 18,949 23,188 32,942 29,896 10,821 11,367 111,413 113,065 Segment result Unallocated operating 分部業績 未分配經營 income and expenses 收入及費用 Profit from operations Finance costs Restructuring cost 經營溢利 融資成本 重組成本 Write back of provision 交通意外賠償 for compensation for traffic accident Income tax 之撥備 撥回 所得稅 Profit for the year 本年度溢利 Depreciation and amortisation for the year 本年度之 折舊及 攤銷 Impairment of 減值 -– trade and other －應收賬款及 receivables 其他應收款 (849) -– property, plant and －物業、廠房 equipment 及設備 – 215 – – – 117 15,020 33 – 636 – – – (352) – (816) 616 – 15,020 維他奶國際集團有限公司 二零零五 / 零六年年報 115 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 14 SEGMENT REPORTING (continued) 14 分部報告（續） Hong Kong 香港 North America 北美洲 Mainland China Australia and New Zealand Consolidated 中國大陸 澳洲及新西蘭 綜合 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 628,559 601,875 237,355 237,581 349,813 317,745 182,310 179,461 1,398,037 1,336,662 165,793 144,064 32,010 41,671 122,088 100,326 21,694 15,267 400,983 459,739 1,799,020 1,796,401 341,585 148,501 301,328 199,692 490,086 501,020 42,125 34,344 3,205 10,581 9,512 3,332 9,431 5,025 64,273 53,282 Segment assets 分部資產 Unallocated assets 未分配之資產 Total assets 總資產 Segment liabilities 分部負債 Unallocated liabilities 未分配之負債 Total liabilities 總負債 Capital expenditure 本年度產生 incurred during the year 之資本 支出 Revenue from external customers by location of customers is 以顧客所在地區分部之來自外間顧客收入如下： as follows: Hong Kong North America Mainland China Australia and New Zealand Others 香港 北美洲 中國大陸 澳洲及新西蘭 其他地區 2006 $’000 千元 2005 $’000 千元 1,608,346 1,546,954 440,239 170,653 213,751 87,420 467,501 133,085 156,369 76,046 2,520,409 2,379,955 116 Vitasoy International Holdings Ltd. Annual Report 2005/06 15 FIXED ASSETS (a) The Group 15 固定資產 (a) 本集團 Property, plant and equipment Land and buildings held for own use Factory machinery and equipment 物業、廠房及設備 Fixtures, furniture and office equipment 持有 作自用的 工廠機器 裝置、 傢俬及 Motor vehicles Investment property Sub-total Interests in leasehold land held for own use under operating leases 根據經營 租賃持有作 自用之租賃 Total fixed assets 固定 土地及樓宇 及設備 辦公室設備 汽車 小計 投資物業 土地權益 資產總計 (restated)（重列） (restated)（重列） (restated)（重列） (restated)（重列） $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 Cost: 成本值： At 1st April, 2004 於二零零四年四月一日 547,723 945,121 132,415 60,585 1,685,844 22,698 7,119 1,715,661 Exchange adjustments 匯兌調整 Additions Disposals 添置 出售 1,680 229 2,013 34,666 61 11,029 3 7,358 3,757 53,282 (1,809 ) (75,627 ) (11,213 ) (4,086 ) (92,735 ) Reclassification 重新分類 (14,115 ) 14,115 – – – – – – – 4 – – – 3,761 53,282 (92,735 ) – At 31st March, 2005 於二零零五年三月三十一日 533,708 920,288 132,292 63,860 1,650,148 22,698 7,123 1,679,969 Accumulated amortisation, 累計攤銷、 depreciation and impairment losses: 折舊及 減值虧損： At 1st April, 2004 於二零零四年四月一日 129,899 573,395 98,671 54,573 856,538 11,240 1,495 869,273 Exchange adjustments Charge for the year 匯兌調整 本年度折舊 Impairment loss for the year 本年度減值虧損 Written back on disposal 出售時撥回 Reclassification 重新分類 139 17,655 – (1,020 ) (1,057 ) 697 79,810 15,020 33 11,961 – 3 2,903 – 872 112,329 15,020 (73,166 ) (10,900 ) (3,866 ) (88,952 ) 1,057 – – – – 527 – – – – 209 – – – 872 113,065 15,020 (88,952 ) – At 31st March, 2005 於二零零五年三月三十一日 145,616 596,813 99,765 53,613 895,807 11,767 1,704 909,278 Net book value: 賬面淨值： At 31st March, 2005 於二零零五年三月三十一日 388,092 323,475 32,527 10,247 754,341 10,931 5,419 770,691 維他奶國際集團有限公司 二零零五 / 零六年年報 117 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 15 FIXED ASSETS (continued) (a) The Group (continued) Impairment loss 15 固定資產（續） (a) 本集團（續） 減值虧損 The impairment loss represented the write down of the carrying 此減值虧損指將因美國業務重組而出售或報廢之 value of certain property, plant and equipment in respect of 若干物業、廠房及設備之賬面值撇減至該等資產 the operations in the United States of America to the estimated 之估計出售淨值或零。該等減值虧損已計入綜合 net disposal proceeds or nil, as these fixed assets would either 損益報表中的「重組成本」（附註6）。 be disposed of or retired from active use as a result of restructuring. The impairment loss recognised was included in “Restructuring cost” in the consolidated income statement (note 6). Property, plant and equipment Land and buildings held for own use Factory machinery and equipment 物業、廠房及設備 Fixtures, furniture and office equipment 持有 作自用的 工廠機器 裝置、 傢俬及 Motor vehicles Investment property Sub-total Interests in leasehold land held for own use under operating leases 根據經營 租賃持有作 自用之租賃 Total fixed assets 固定 土地及樓宇 及設備 辦公室設備 汽車 小計 投資物業 土地權益 資產總計 (restated)（重列） (restated)（重列） (restated)（重列） (restated)（重列） $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 Cost: 成本值： At 1st April, 2005 於二零零五年四月一日 533,708 920,288 132,292 63,860 1,650,148 22,698 Exchange adjustments 匯兌調整 Additions Disposals 添置 出售 (2,874 ) 3,502 (297 ) 1,082 38,215 (19,329 ) 308 13,459 (6,051 ) 216 9,097 (3,807 ) (1,268 ) 64,273 (29,484 ) – – – 7,123 214 – – 1,679,969 (1,054 ) 64,273 (29,484 ) At 31st March, 2006 於二零零六年三月三十一日 534,039 940,256 140,008 69,366 1,683,669 22,698 7,337 1,713,704 Accumulated amortisation, 累計攤銷、 depreciation and impairment losses: 折舊及 減值虧損： At 1st April, 2005 於二零零五年四月一日 145,616 596,813 Exchange adjustments Charge for the year Written back on disposal 匯兌調整 本年度折舊 出售時撥回 516 18,468 3,428 73,587 (158 ) (18,474 ) 99,765 266 14,928 (5,690 ) 53,613 159 3,688 895,807 4,369 110,671 (3,719 ) (28,041 ) 11,767 1,704 – 526 – 53 216 – 909,278 4,422 111,413 (28,041 ) At 31st March, 2006 於二零零六年三月三十一日 164,442 655,354 109,269 53,741 982,806 12,293 1,973 997,072 Net book value: 賬面淨值： At 31st March, 2006 於二零零六年三月三十一日 369,597 284,902 30,739 15,625 700,863 10,405 5,364 716,632 118 Vitasoy International Holdings Ltd. Annual Report 2005/06 15 FIXED ASSETS (continued) (b) The Company 15 固定資產（續） (b) 本公司 Property, plant and equipment 物業、廠房及設備 Land and buildings held for own use 持有 作自用的 土地及樓宇 (restated)（重列） Factory machinery and equipment 工廠機器 及設備 Fixtures, furniture and office equipment 裝置、 傢俬及 Motor vehicles Sub-total Investment property 辦公室設備 汽車 小計 投資物業 (restated)（重列） (restated)（重列） Total fixed assets 固定 資產總計 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 Cost: 成本值： At 1st April, 2004 於二零零四年四月一日 141,773 Additions Disposals 添置 出售 – – 338,038 13,655 (2,511 ) 64,211 2,227 (1,927 ) 49,518 6,307 (3,139 ) 593,540 22,189 (7,577 ) 22,698 – – 616,238 22,189 (7,577 ) At 31st March, 2005 於二零零五年三月三十一日 141,773 349,182 64,511 52,686 608,152 22,698 630,850 Accumulated depreciation: 累計 折舊： At 1st April, 2004 於二零零四年四月一日 Charge for the year 本年度折舊 Written back on disposal 出售時撥回 42,832 4,213 – 273,523 23,802 (2,289 ) 53,675 4,007 (1,909 ) 45,578 2,123 (3,122 ) 415,608 34,145 (7,320 ) 11,240 527 – 426,848 34,672 (7,320 ) At 31st March, 2005 於二零零五年三月三十一日 47,045 295,036 55,773 44,579 442,433 11,767 454,200 Net book value: 賬面淨值： At 31st March, 2005 於二零零五年三月三十一日 94,728 54,146 8,738 8,107 165,719 10,931 176,650 維他奶國際集團有限公司 二零零五 / 零六年年報 119 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 15 FIXED ASSETS (continued) (b) The Company (continued) 15 固定資產（續） (b) 本公司（續） Property, plant and equipment 物業、廠房及設備 Fixtures, furniture and office equipment Factory machinery and equipment Motor vehicles Sub-total Investment property 工廠機器 及設備 裝置、 傢俬及 辦公室設備 汽車 小計 投資物業 (restated)（重列） (restated)（重列） Land and buildings held for own use 持有 作自用的 土地及樓宇 (restated)（重列） Total fixed assets 固定 資產總計 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 Cost: 成本值： At 1st April, 2005 於二零零五年四月一日 141,773 Additions Disposals 添置 出售 – – 349,182 14,351 (8,643 ) 64,511 2,128 (3,021 ) 52,686 7,702 608,152 24,181 (2,882 ) (14,546 ) 22,698 – – 630,850 24,181 (14,546 ) At 31st March, 2006 於二零零六年三月三十一日 141,773 354,890 63,618 57,506 617,787 22,698 640,485 Accumulated depreciation: 累計 折舊： At 1st April, 2005 於二零零五年四月一日 Charge for the year 本年度折舊 Written back on disposal 出售時撥回 47,045 4,213 – 295,036 22,728 (8,104 ) 55,773 3,845 (3,014 ) 44,579 3,100 442,433 33,886 (2,874 ) (13,992 ) 11,767 526 – 454,200 34,412 (13,992 ) At 31st March, 2006 於二零零六年三月三十一日 51,258 309,660 56,604 44,805 462,327 12,293 474,620 Net book value: 賬面淨值： At 31st March, 2006 於二零零六年三月三十一日 90,515 45,230 7,014 12,701 155,460 10,405 165,865 120 Vitasoy International Holdings Ltd. Annual Report 2005/06 15 (c) FIXED ASSETS (continued) 15 固定資產（續） The analysis of net book value of properties is (c) 物業之賬面淨值之分析 as follows: 如下： The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 In Hong Kong 在香港 – medium-term leases － 中期租約 220,430 229,343 100,920 105,659 Outside Hong Kong 香港以外地區 – freehold – medium-term leases – short-term leases － 永久業權 － 中期租約 － 短期租約 Representing: 代表： Land and buildings held 持有作自用之 for own use 土地及樓宇 Investment property 投資物業 Interests in leasehold land 根據經營租賃持有作 held for own use under operating leases 自用之租賃 土地權益 106,642 115,858 34,397 23,897 35,401 23,840 – – – – – – 385,366 404,442 100,920 105,659 369,597 10,405 388,092 10,931 90,515 10,405 94,728 10,931 5,364 5,419 – – 385,366 404,442 100,920 105,659 (d) Fixed assets held under finance leases (d) 以融資租賃持有之固定資產 In addition to the leasehold land classified as being held under 除列作以融資租賃持有之租賃土地外，本集團透 finance leases, the Group leases factory machinery and 過於四年內到期之融資租賃，租用工廠機器及設 equipment under finance leases expiring in four years. At the 備。於租賃期結束時，本集團有權選擇以優惠價 end of the lease term the Group has the option to purchase 格購買該等工廠機器及設備。融資租賃並無包括 the factory machinery and equipment at a price deemed to be 或有租金。 a bargain purchase option. None of the leases includes contingent rentals. The net book value of the factory machinery and equipment 本集團以融資租賃持有之工廠機器及設備於二零 held under finance leases of the Group at 31st March, 2006 零六年三月三十一日之賬面淨值為6,466,000元 was $6,466,000 (2005: $10,529,000). （二零零五年：10,529,000元）。 維他奶國際集團有限公司 二零零五 / 零六年年報 121 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 15 FIXED ASSETS (continued) 15 固定資產（續） (e) Fixed assets leased out under operating leases (e) 根據經營租賃租出之固定資產 The Group and the Company leases out investment property 本集團及本公司以一項經營租賃租出投資物業。 under an operating lease. The lease runs for an initial period of 該項租賃一般初步為期三年，並且有權選擇在所 three years, with an option to renew the lease after that date 有 條 款 商 定 後 續 約 。 該 項 租 賃 並 無 包 括 或 有 at which time all terms are renegotiated. The lease does not 租金。 include contingent rentals. The Group’s and the Company’s total future minimum lease 本集團及本公司根據不可解除之經營租賃在日後 payments under the non-cancellable operating lease are 應收之最低租賃付款總額如下： receivable as follows: Within 1 year After 1 year but within 5 years 一年內 一年後 但五年內 The Group and the Company 本集團及本公司 2006 $’000 千元 2005 $’000 千元 2,090 2,960 5,050 540 – 540 (f) The fair value of investment property (f) 投資物業之公允值 The fair value of investment property at 31st March, 2006 is 投資物業於二零零六年三月三十一日之公允值為 $23,500,000 which is estimated on the basis of capitalisation 23,500,000元，此乃將淨租金收入資本化並計入 of the net rental income with due allowance for reversionary 租約屆滿後續約時淨租金收入增加的可能性為基 income potential. The valuation was carried out by an 礎進行重新計量。估值乃由獨立測量師行西門(遠 independent firm of surveyors, Sallmanns (Far East) Limited, 東)有限公司進行，其部份職員為香港測量師學會 who have among their staff Fellows of the Hong Kong Institute 的資深專業會員，在所估值房產的地區及類別具 of Surveyors with recent experience in the location and category 有近期相關之經驗。 of property being valued. 122 Vitasoy International Holdings Ltd. Annual Report 2005/06 16 INTEREST IN SUBSIDIARIES 16 附屬公司權益 Unlisted investments, at cost 非上市投資，按成本值 Amounts due from subsidiaries 應收附屬公司款項 Less: Impairment losses 減：減值虧損 The Company 本公司 2006 $’000 千元 93,072 718,749 811,821 (668,396) 2005 $’000 千元 93,072 823,022 916,094 (642,193) 143,425 273,901 At 31st March, 2006 and 2005, amounts due from subsidiaries 於二零零六年及二零零五年三月三十一日，應收 are unsecured, interest-free and have no fixed terms of 附屬公司款項屬無抵押、免息及無固定還款期。 repayment. The entire balance is expected to be recovered after 預期全部結餘可於超過一年後收回。 more than one year. Impairment losses on interest in subsidiaries represent the write 附屬公司權益之減值虧損指將於若干附屬公司之 down of the carrying values of the investments in certain 投 資 之 賬 面 值 撇 減 至 附 屬 公 司 之 資 產 subsidiaries to the net asset values of these subsidiaries. 淨值。 The following list contains the particulars of the subsidiaries of 下 表 載 有 本 集 團 附 屬 公 司 之 詳 情 。 除 另 有 the Group. The class of shares held is ordinary unless 註 明 外 ， 本 集 團 持 有 之 附 屬 公 司 股 份 均 為 otherwise stated. 普通股。 All of these are controlled subsidiaries as defined under note 此等附屬公司均為附註1(c)所界定之受控制附屬公 1(c) and have been consolidated into the Group’s 司，並在本集團之財務報表內綜合計算。 financial statements. 維他奶國際集團有限公司 二零零五 / 零六年年報 123 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 16 INTEREST IN SUBSIDIARIES (continued) 16 附屬公司權益（續） Place of incorporation and operation Particulars of issued and paid-up capital 註冊成立及 營業地點 已發行及 繳足股本詳情 Netherlands Antilles 荷蘭安的列斯 Netherlands 荷蘭 United Kingdom 英國 US$6,100 6,100美元 EUR22,500 歐羅22,500 GBP2 2英鎊 Name of company 公司名稱 Vitasoy Holdings N.V. Vitasoy International B.V. Vitasoy (UK) Investments Company Limited Vitasoy USA Inc. United States Common stock: of America US$12,061,000 美國 普通股： 12,061,000美元 Convertible series A preferred stock: US$25,400,000 可換股A類優先股： 25,400,000美元 Proportion of ownership interest held by the Company 本公司所持 擁有權權益比率 indirectly directly Principal activities 直接 % 100 間接 % 主要業務 – Investment holding 投資控股 – 100 Investment holding 投資控股 100 – Investment holding 投資控股 100 Manufacture and sale of soy related products 生產及銷售 荳製產品 100 – – Shenzhen Vitasoy (Guang Ming) Republic of RMB80,000,000 People’s Registered capital: 70 – Manufacture and sale of beverages 生產及 銷售飲品 Foods and Beverage China 註冊資本： Company Limited (note i) 深圳維他（光明） 食品飲料有限公司（附註i） 中華人民 人民幣80,000,000元 共和國 124 Vitasoy International Holdings Ltd. Annual Report 2005/06 16 INTEREST IN SUBSIDIARIES (continued) 16 附屬公司權益（續） Place of incorporation and operation Particulars of issued and paid-up capital Name of company 公司名稱 註冊成立及 營業地點 已發行及 繳足股本詳情 Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Hong Kong 香港 $20 20元 Vitasoy (Shanghai) Company Limited (note ii) 維他奶（上海） People’s Republic of Registered capital: China RMB191,476,367 中華人民 註冊資本： 有限公司（附註ii） 共和國 人民幣191,476,367元 Proportion of ownership interest held by the Company 本公司所持 擁有權權益比率 indirectly directly Principal activities 直接 % 100 間接 % 主要業務 – Investment holding 投資控股 – 100 Manufacture and sale of beverages 生產及 銷售飲品 100 – Investment Vita International Hong Kong Holdings Limited 維他國際集團有限公司 Vitasoy Australia Products Pty. Ltd. (note iii) （附註iii） Vitasoja (Macau) Limitada 維他奶（澳門）有限公司 Produtos De Soja Hong Kong (Macau) Limitada 香港荳品（澳門）有限公司 香港 Australia 澳洲 Macau 澳門 Macau 澳門 $20 20元 V class shares: A$8,925,000 V類股： 8,925,000澳元 N class shares: A$8,575,000 N類股： 8,575,000澳元 – – MOP100,000 100 澳門幣100,000元 MOP10,000 澳門幣10,000元 – 100 holding 投資控股 100 Manufacture and sale of beverages 生產及 銷售飲品 – – Distribution of beverages 分銷飲品 Dormant 暫無營業 維他奶國際集團有限公司 二零零五 / 零六年年報 125 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 16 INTEREST IN SUBSIDIARIES (continued) 16 附屬公司權益（續） Place of incorporation and operation Particulars of issued and paid-up capital Name of company 公司名稱 註冊成立及 營業地點 已發行及 繳足股本詳情 Vitaland Services Limited 維他天地服務有限公司 Hong Kong 香港 $3,000,000 3,000,000元 Hong Kong Gourmet Hong Kong Limited 香港美食有限公司 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 香港 Hong Kong 香港 $20 20元 $20 20元 Proportion of ownership interest held by the Company 本公司所持 擁有權權益比率 indirectly directly Principal activities 直接 % 100 間接 % 主要業務 – Operation of tuck shops 經營食物部 – 100 Provision of 100 catering services 提供膳食服務 Property investment 物業投資 Dormant 暫無營業 – – Vitasoy Distributors (Singapore) Pte. Ltd. Singapore 新加坡 S$2,500,000 100 新加坡幣 2,500,000元 Notes: 附註： (i) Shenzhen Vitasoy (Guang Ming) Foods and Beverage (i) 深圳維他（光明）食品飲料有限公司（「深圳維他 Company Limited (“Shenzhen Vitasoy”) is a sino-foreign 奶」）為於中華人民共和國註冊成立之中外合資 equity joint venture established in the People’s Republic of 合營企業，經營期為二十年，至二零一一 China and is to be operated for 20 years up to 2011. 年止。 (ii) Vitasoy (Shanghai) Company Limited is a wholly foreign (ii) 維他奶（上海）有限公司為於中華人民共和國註 owned subsidiary established in the People’s Republic of 冊成立之外資全資附屬公司，經營期為五十 China and is to be operated for 50 years up to 2045. 年，至二零四五年止。 (iii) The Group has an interest in 51% of the equity of Vitasoy (iii) 本集團持有Vitasoy Australia Products Pty. Ltd. Australia Products Pty. Ltd.. 51%之股本權益。 126 Vitasoy International Holdings Ltd. Annual Report 2005/06 17 EMPLOYEE RETIREMENT BENEFITS 17 僱員退休計劃 The Group operates and participates in a number of defined 本集團在香港及香港以外地區設立及參加多項界 contribution and defined benefit retirement plans in Hong Kong 定供款及界定福利退休計劃。 and outside Hong Kong. (a) Defined contribution retirement plans (a) 界定供款退休計劃 (i) The Group operates a defined contribution retirement (i) 本集團為所有於二零零零年八月一日之前 plan, Vitasoy International Holdings Limited Staff 在香港及澳門受聘於本集團之合資格員工 Provident Fund, which is available for all eligible staff 設立一項界定供款退休計劃（維他奶國際集 employed by the Group in Hong Kong and Macau before 團有限公司職員公積金）。該計劃之資金來 1st August, 2000. The plan is funded by contributions 自僱員及本集團之供款。雙方供款金額為 from employees and the Group, both of which contribute 底薪之5－7.5%。沒收供款均根據計劃之規 sums representing 5 - 7.5% of basic salaries. Forfeited 則撥入計劃成員之賬戶。該計劃交由信託 contributions are credited to members’ accounts in 人管理，所持資產亦與本集團之資產分開 accordance with the rules of the plan. The plan is 處理。在參予計劃滿10年後，僱員可享有 administered by trustees with the assets held separately 全部僱主供款，而參予計劃達5至9年可享 from those of the Group. The employees are entitled to 有之僱主供款百分比則由5 0 % 逐步增至 100% of the employer’s contributions after 10 complete 90%。 membership years, or at an increasing scale of between 50% to 90% after completion of 5 to 9 membership years. Staff employed by the Group in Hong Kong not joining 受僱於本集團而並無參加界定供款退休計 the defined contribution retirement plan are required to 劃之香港僱員，必須根據香港《強制性公積 join the Group’s mandatory provident fund plan under 金計劃條例》參加本集團之強制性公積金計 the Hong Kong Mandatory Provident Fund Schemes 劃。強制性公積金計劃為一項界定供款退 Ordinance. The mandatory provident fund plan is a 休計劃，由獨立法團受託人管理。根據該 defined contribution retirement plan administered by an 計劃，本集團及其僱員各按僱員有關收入 independent corporate trustee. Under the plan, the Group （有關收入之每月上限為20,000元）之5%向 and the employees are each required to make 計劃供款。向計劃支付之供款即時生效。 contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of $20,000. Contributions to the plan vest immediately. (ii) Employees in the subsidiaries in the People’s Republic of (ii) 設於中華人民共和國（「中國」）之附屬公司之 China (the “PRC”) are members of the central pension 僱員均參加由中國政府設立之中央退休金 scheme operated by the PRC government. The Group is 計劃。本集團須按僱員酬金之某一百分比 required to contribute a certain percentage of employees’ 向中央退休金計劃供款。本集團就中央退 remuneration to the central pension scheme to fund the 休金計劃所須履行之唯一責任為向中央退 benefits. The only obligation for the Group with respect 休金計劃供款。向計劃支付之供款即時 to the central pension scheme is the associated required 生效。 contribution under the central pension scheme. Contributions to the plan vest immediately. 維他奶國際集團有限公司 二零零五 / 零六年年報 127 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 17 EMPLOYEE RETIREMENT BENEFITS (continued) 17 僱員退休計劃（續） (a) Defined contribution retirement plans (continued) (a) 界定供款退休計劃（續） (iii) For employees in Australia, contributions are made by (iii) 澳洲僱員方面，本集團須按僱員薪酬之9% the Group to a registered superannuation fund 向一項為其僱員而設之註冊退休基金供 for its employees, at 9% of the employees’ salaries. 款。計劃資產由獨立管理之基金分開持 The assets of the scheme are held separately by an 有。向計劃支付之供款即時生效。 independent administered fund. Contributions to the plan vest immediately. (iv) Eligible employees in the United States of America are (iv) 美 國 之 合 資 格 僱 員 根 據 I n t e r n a l covered by a defined contribution retirement plan under Revenue Code第401(k)條受一項界定供款退 section 401(k) of the Internal Revenue Code. The plan 休計劃保障。該計劃規定僱員須按其薪金 provides for voluntary employee contributions, which 作出自願供款（就美國入息稅而言屬於延遲 represent a salary deferral for U.S. income tax purposes, 發 放 之 薪 金）， 最 高 可 達 僱 員 年 薪 之 of up to 100% of each employee’s annual salary, subject 100%，惟以15,000美元（二零零五年： to a cap of US$15,000 (2005: US$14,000). The Group 14,000美元）為上限。本集團亦就每名僱員 also contributes an annual amount in respect of each 之供款額按年供款。本集團之每年供款額 employee’s self contribution. The amount of the Group’s 以下列兩者中之較低金額為限：(i)每名僱員 annual contribution is limited by the lesser of (i) 50% of 之全年供款之50%；及(ii)每名僱員之全年 each employee’s annual contribution, and (ii) 6% of each 薪金總額之6%。服務年資達4年的僱員可 employee’s gross annual salary. The employees are entitled 享有全部僱主供款，而服務年資達1至3年 to 100% of the employer’s contributions after 4 complete 可享有之僱主供款百分比則由25%逐步增 years’ service, or at an increasing scale of between 25% 至75%。 to 75% after completion of 1 to 3 years’ service. Where there are employees who leave prior to vesting 如僱員在未享有全部供款前離職，因此沒 fully in the contributions, the forfeited employer’s 收之僱主供款將用於扣減日後之僱主供 contributions shall be used to reduce the future 款。年內，本集團已動用174,000元（二零 contributions of the employer. During the year, forfeited 零五年：62,000元）之沒收供款。於結算 contributions of $174,000 (2005: $62,000) was utilised. 日，共有47,000元（二零零五年：154,000 At the balance sheet date, the total amount of forfeited 元）之沒收供款可用於扣減往後應付供款。 contributions which are available to reduce the contributions payable in the future years was $47,000 (2005: $154,000). 128 Vitasoy International Holdings Ltd. Annual Report 2005/06 17 EMPLOYEE RETIREMENT BENEFITS (continued) (b) Defined benefit retirement plans 17 僱員退休計劃（續） (b) 界定福利退休計劃 At 31st March, 2006, the Group and the Company recognised 於二零零六年三月三十一日，本集團及本公司就 employee retirement benefit assets/(liabilities) in respect of the 下 列 僱 員 退 休 福 利 確 認 僱 員 退 休 福 利 資 產 ／ following employee retirement benefits: Employee retirement benefit assets – retirement gratuities (note (c)) Employee retirement benefit liabilities – long service payments (note (d)) 僱員退休 福利資產 －退休金 （附註(c)） 僱員退休 福利負債 －長期服務金 （附註(d)） （負債）： The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 1,467 1,988 1,659 2,166 (2,951) (3,745 ) (2,834) (3,595 ) (1,484) (1,757 ) (1,175) (1,429 ) (c) Retirement gratuities (c) 退休金 Employees of the Group in Hong Kong and Macau, who have 本集團在香港及澳門之僱員在服務年資達到一段 completed a prescribed minimum period of services and joined 指定之最短期限及於指定日期之前加入本集團， the Group before a specific date, are entitled to retirement 均可在屆退休年齡時領取退休金。金額視乎最後 gratuities upon retirement age. The gratuity is based on the 所領月薪及服務年資而定。 last month’s salary and the number of years of service. A funded defined benefit retirement plan, Vitasoy International 本集團為退休金成立一項資助界定福利退休計劃 Holdings Limited Defined Benefit Scheme, was established for －維他奶國際集團有限公司界定福利計劃。該項 the retirement gratuities. The defined benefit retirement plan 界定福利退休計劃由獨立公司信託人管理，其資 is administered by an independent corporate trustee, with 產與本集團之資產分開處理。該計劃由本集團按 assets held separately from those of the Group. The plan is 照獨立精算師之建議作出供款。 funded by contributions from the Group in accordance with an independent actuary’s recommendation. The latest actuarial valuation of the plan was at 31st March, 該計劃之最新精算估值乃於二零零六年三月三十 2006 and was prepared by qualified staff of Towers Perrin, 一日由Towers Perrin之合資格職員（為美國精算師 who are members of the Society of Actuaries of the United 學會之會員）採用預算單位信貸法進行。有關估值 States of America, using the projected unit credit method. The 顯示本集團根據該界定福利退休計劃所須履行之 valuation indicates that the Group’s obligation under this 責任其中148%（二零零五年：134%）受信託人持 defined benefit retirement plan is 148% (2005: 134%) covered 有之計劃資產保障。 by the plan assets held by the trustee. 維他奶國際集團有限公司 二零零五 / 零六年年報 129 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 17 (c) EMPLOYEE RETIREMENT BENEFITS (continued) 17 僱員退休計劃（續） Retirement gratuities (continued) (c) 退休金（續） (i) The amounts recognised in the balance sheets are (i) 於資產負債表確認之金額 as follows: 如下： The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 (52,659) (53,917) (50,977) (52,463) 78,181 72,192 76,400 70,740 Present value of wholly funded obligations Fair value of plan assets 全面資助 責任之 現值 計劃資產之 公允值 Net unrecognised 未確認之精算 actuarial gains 收益淨額 (24,055) (16,287) (23,764) (16,111) Employee retirement 僱員退休 benefit assets 福利資產 1,467 1,988 1,659 2,166 A portion of the above asset is expected to be recovered 預期上述資產部份可於超過一年後收回； after more than one year. However, it is not practicable 然而，由於未來供款亦涉及日後提供之服 to segregate this amount from the amounts receivable in 務及日後在精算假設及市況上可能出現之 the next twelve months, as future contributions will also 變動，故將此款額自未來十二個月內所應 relate to future services rendered and future changes in 收取之金額中抽離並不可行。 actuarial assumptions and market conditions. (ii) Movements in the net assets recognised in the balance (ii) 已 在 資 產 負 債 表 上 確 認 之 淨 資 產 變 動 sheets are as follows: 如下： The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 1,988 510 2,166 668 604 2,486 475 2,380 於四月一日 向計劃供款 已付福利 於損益 確認之 淨支出 （附註5(b)） (1,125) (1,008) (982) (882) At 1st April Contributions paid to the plan Net expense recognised in profit or loss (note 5(b)) At 31st March 於三月三十一日 1,467 1,988 1,659 2,166 130 Vitasoy International Holdings Ltd. Annual Report 2005/06 17 (c) EMPLOYEE RETIREMENT BENEFITS (continued) 17 僱員退休計劃（續） Retirement gratuities (continued) (c) 退休金（續） (iii) Net expense recognised in profit or loss is as follows: (iii) 於損益確認之淨支出如下： Current service cost Interest cost 現有服務成本 利息成本 Actuarial expected return 計劃資產之精算 on plan assets Net actuarial gains recognised 預計回報 已確認精算 收益淨額 2006 $’000 千元 (3,647) (2,244) 3,748 1,018 2005 $’000 千元 (3,843) (1,869) 3,358 1,346 (1,125) (1,008) The net expense is recognised in the following line items 上述淨支出列入綜合損益報表中之項目 in the consolidated income statement: 如下： Cost of sales Marketing, selling and distribution expenses Administrative expenses Other operating expenses 銷售成本 推廣、銷售及 分銷費用 行政費用 其他經營 費用 2006 $’000 千元 2005 $’000 千元 (241) (314) (413) (157) (225) (282) (354) (147) (1,125) (1,008) The actual return on plan assets (taking into account all 計劃資產之實際回報（計及計劃資產公允值 changes in the fair value of the plan assets excluding 之所有變動，惟不包括已付及已收供款）為 contributions paid and received) was net income of 淨收入9,030,000元（二零零五年：淨虧損 $9,030,000 (2005: net loss of $1,599,000). 1,599,000元）。 維他奶國際集團有限公司 二零零五 / 零六年年報 131 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 17 (c) EMPLOYEE RETIREMENT BENEFITS (continued) 17 僱員退休計劃（續） Retirement gratuities (continued) (c) 退休金（續） (iv) The principal actuarial assumptions used as at 31st March, (iv) 於二零零六年三月三十一日所採用之主要 2006 are as follows: 精算假設如下： Discount rate Expected rate of return on plan assets Future salary increases 貼現率 計劃資產之 預計回報率 未來薪酬增幅 The Group and the Company 本集團及本公司 2006 4.50% 5.50% 3.25% 2005 4.25% 5.25% 3.00% (d) Long service payments (d) 長期服務金 Under the Hong Kong Employment Ordinance, the Group is 根據香港《僱傭條例》，本集團須在若干情況下終 obliged to make lump sum payments on cessation of 止僱用為本集團服務至少五年之僱員時向彼等支 employment in certain circumstances to certain employees who 付一筆過款項。所須支付之金額視乎僱員最後所 have completed at least five years of service with the Group. 領薪酬及服務年資而定，並相應削減根據本集團 The amount payable is dependent on the employees’ final salary 退休計劃累計而屬於本集團所作供款之權益。本 and years of service, and is reduced by entitlements accrued 集團並未預留資產以提供履行任何剩餘責任所需 under the Group’s retirement plans that are attributable to 之資金。 contributions made by the Group. The Group does not set aside any assets to fund any remaining obligations. An actuarial valuation of long service payments was also carried 長 期 服 務 金 亦 於 二 零 零 六 年 三 月 三 十 一 日 由 out at 31st March, 2006, by qualified staff of Towers Perrin, Towers Perrin之合資格職員（為美國精算師學會之 who are members of the Society of Actuaries of the United 會員）採用預算單位信貸法進行精算估值。 States of America, using the projected unit credit method. (i) The amounts recognised in the balance sheets are (i) 於資產負債表確認之金額如下： as follows: The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 (602) (1,225) (437) (1,031) (2,349) (2,520) (2,397) (2,564) Present value of 無資助 unfunded obligations Net unrecognised actuarial gains 責任之 現值 未確認精算 收益淨額 Employee retirement 僱員退休 benefit liabilities 福利負債 (2,951) (3,745) (2,834) (3,595) 132 Vitasoy International Holdings Ltd. Annual Report 2005/06 17 EMPLOYEE RETIREMENT BENEFITS (continued) (d) Long service payments (continued) 17 僱員退休計劃（續） (d) 長期服務金（續） (ii) Movements in the net liabilities recognised in the balance (ii) 於 資 產 負 債 表 確 認 之 淨 負 債 變 動 sheets are as follows: 如下： At 1st April Net income recognised in profit or loss (note 5(b)) Benefits paid 於四月一日 於損益 確認之 淨收入 （附註5(b)） 已付福利 The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 (3,745) (4,113) (3,595) (3,977) 406 388 207 161 439 322 261 121 At 31st March 於三月三十一日 (2,951) (3,745) (2,834) (3,595) (iii) Net income recognised in profit or loss is as follows: (iii) 於損益確認之淨收入如下： Current service cost 現有服務成本 Interest cost Net actuarial gains recognised 利息成本 已確認精算 收益淨額 2006 $’000 千元 2005 $’000 千元 (31) (50) 487 406 (25) (73) 305 207 The net income is recognised in the following line items 上述淨收入列入綜合損益報表中之項目 in the consolidated income statement: 如下： Cost of sales Marketing, selling and distribution expenses Administrative expenses 銷售成本 推廣、銷售及 分銷費用 行政費用 Other operating expenses 其他經營費用 2006 $’000 千元 2005 $’000 千元 108 76 152 70 406 57 13 94 43 207 維他奶國際集團有限公司 二零零五 / 零六年年報 133 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 17 EMPLOYEE RETIREMENT BENEFITS (continued) (d) Long service payments (continued) 17 僱員退休計劃（續） (d) 長期服務金（續） (iv) The principal actuarial assumptions used as at 31st March, (iv) 於二零零六年三月三十一日所採用之主要 2006 are as follows: 精算假設如下： Discount rate 貼現率 Future salary increases 未來薪酬增幅 The Group and the Company 本集團及本公司 2006 4.50% 3.25% 2005 4.25% 3.00% 18 INCOME TAX IN THE BALANCE SHEET 18 資產負債表之所得稅 (a) Current tax payable in the balance sheets represents: (a) 資產負債表之應付現期稅項代表： Provision for Hong Kong Profits Tax for the year 本年度香港 利得稅撥備 Provisional Profits Tax paid 已繳付之預繳利得稅 Taxation outside Hong Kong 香港以外地區稅項 The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 36,992 (29,248) 7,744 2,817 38,544 (28,144 ) 10,400 801 10,561 11,201 33,620 (27,456) 6,164 – 6,164 36,571 (26,083 ) 10,488 – 10,488 134 Vitasoy International Holdings Ltd. Annual Report 2005/06 18 INCOME TAX IN THE BALANCE SHEET (continued) 18 資產負債表之所得稅（續） (b) Deferred tax assets and liabilities recognised: (b) 已確認遞延稅項資產及負債： The components of deferred tax assets/(liabilities) recognised 於資產負債表確認之遞延稅項資產／（負債）及 in the balance sheets and the movements during the year are 年內之變動如下： as follows: The Group Depreciation allowances in excess of related depreciation 超出有關折舊之 折舊免稅額 $’000千元 本集團 Future benefit of tax losses 稅務虧損之 未來利潤 $’000千元 Employee retirement benefits 僱員 退休福利 $’000千元 Provisions Total 撥備 $’000千元 總計 $’000千元 Deferred tax arising from: 來自各項之 遞延稅項： At 1st April, 2004 (Charged)/credited to profit or loss 於二零零四年四月一日 (27,794 ) 10,319 5,386 9,504 (2,585 ) 於損益 （扣除）／計入 (6,326 ) 9,054 (1,885 ) (1,642 ) (799 ) At 31st March, 2005 於二零零五年三月三十一日 (34,120 ) 19,373 At 1st April, 2005 Credited/(charged) to profit or loss 於二零零五年四月一日 (34,120 ) 19,373 於損益 計入／（扣除） 2,435 (2,037 ) (1,621 ) At 31st March, 2006 於二零零六年三月三十一日 (31,685 ) 17,336 1,880 3,501 3,501 7,862 7,862 2,008 9,870 (3,384 ) (3,384 ) 785 (2,599 ) 維他奶國際集團有限公司 二零零五 / 零六年年報 135 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 18 INCOME TAX IN THE BALANCE SHEET (continued) 18 資產負債表之所得稅（續） (b) Deferred tax assets and liabilities recognised: (b) 已確認遞延稅項資產及負債： (continued) The Company Deferred tax arising from: 來自各項之 遞延稅項： （續） 本公司 Depreciation allowances in excess of related depreciation 超出有關折舊之 折舊免稅額 $’000千元 Employee retirement benefits 僱員 退休福利 $’000千元 Provisions Total 撥備 $’000千元 總計 $’000千元 於二零零四年四月一日 (11,184 ) 5,250 1,984 (3,950 ) At 1st April, 2004 Credited/(charged) to profit or loss 於損益 計入／（扣除） At 31st March, 2005 於二零零五年三月三十一日 At 1st April, 2005 Credited/(charged) to profit or loss 於二零零五年四月一日 於損益 計入／（扣除） 1,044 (1,886 ) (10,140 ) (10,140 ) 3,364 3,364 335 2,319 2,319 (507 ) (4,457 ) (4,457 ) 985 (1,601 ) 23 (593 ) At 31st March, 2006 於二零零六年三月三十一日 (9,155 ) 1,763 2,342 (5,050 ) Summary Net deferred tax assets recognised on the balance sheet 於資產負債表 確認之遞延 稅項資產淨額 Net deferred tax liabilities 於資產負債表 recognised on the balance sheet 確認之遞延 稅項負債淨額 概要 The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 2,952 1,224 – – (5,551 ) (4,608 ) (5,050 ) (4,457 ) (2,599 ) (3,384 ) (5,050 ) (4,457 ) 136 Vitasoy International Holdings Ltd. Annual Report 2005/06 18 INCOME TAX IN THE BALANCE SHEET (continued) 18 資產負債表之所得稅（續） (c) Deferred tax assets not recognised (c) 未確認之遞延稅項資產 In accordance with the accounting policy set out in note 1(s), the 根據附註1(s)所載之會計政策，本集團並無確認有 Group has not recognised deferred tax assets of $153,127,000 (2005: 關於稅務虧損4 7 8 , 7 8 6 , 0 0 0 元（二零零五年： $156,443,000) in respect of tax losses of $478,786,000 (2005: 489,327,000元）之遞延稅項資產153,127,000元 $489,327,000) as it is not probable that future taxable profits against （二零零五年：156,443,000元），原因在有關稅項 which the losses can be utilised will be available in the relevant tax 司法管轄區及實體不大可能產生應課稅溢利以抵 jurisdictions and entities. 銷有關虧損。 Included in unrecognised tax losses is an amount of 根據現行稅例， 未確認稅務虧損中有81,296,000 $81,296,000 (2005: $92,119,000) which can be carried 元（二零零五年：92,119,000元）將可自產生日起 forward up to five years from the year in which the loss 五年屆滿，其餘397,490,000元（二零零五年： originated. The remaining balance of $397,490,000 (2005: 397,208,000元）稅務虧損不會逾期屆滿。 $397,208,000) does not expire under current tax legislation. 19 BANK DEPOSITS AND CASH AND CASH EQUIVALENTS 19 銀行存款與現金及現金等值項目 The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 Cash at bank and in hand 銀行結存及庫存現金 122,862 76,919 15,962 23,107 Bank deposits maturing within 3 months when placed Cash and cash equivalents in the consolidated cash flow statement 存款期少於 三個月之 銀行存款 綜合現金流動表 中的現金及 現金等值項目 Bank deposits maturing after 存款期介乎於 3 months but within 1 year when placed 三個月至一年 之銀行存款 Bank deposits maturing after 存款期多於一年之 279,678 325,754 253,485 291,135 402,540 402,673 269,447 314,242 78,497 91,606 50,055 70,593 1 year when placed 銀行存款 22,768 38,427 22,768 38,427 503,805 532,706 342,270 423,262 維他奶國際集團有限公司 二零零五 / 零六年年報 137 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 19 BANK DEPOSITS AND CASH AND CASH EQUIVALENTS 19 銀行存款與現金及現金等值項目 (continued) （續） Included in bank deposits and cash and cash equivalents are 銀行存款與現金及現金等值項目包括下列以有關 the following amounts denominated in a currency other than 實體之功能貨幣以外貨幣作計值貨幣： the functional currency of the entity to which they relate: Hong Kong dollars United States dollars Australian dollars 港元 美元 澳元 The Group 本集團 2006 ’000千 2005 ’000千 HKD 港元42,364 USD 美元3,768 AUD 澳元3,401 HKD 港元11,023 USD 美元7,306 AUD 澳元2,784 The Company 本公司 2006 ’000千 – 2005 ’000千 – USD 美元3,768 AUD 澳元2,855 USD 美元7,306 AUD 澳元2,382 20 OTHER FINANCIAL ASSET 20 其他金融資產 The Group and the Company 本集團及本公司 2006 $’000 千元 2005 $’000 千元 Financial asset at fair value 按公允值計量且其變動於 through profit or loss 損益確認之金融資產 13,922 – This represents a long-term structured deposit contract with a 此項資產指與一間銀行訂立之長期結構性存款合 bank. The contract will mature in 2008 and the principal 約。該合約將於二零零八年到期，其本金額為 amount is US$2,000,000. Interest is receivable semi-annually 2,000,000美元。利息將每半年收取，首年的利息 in the first year at 8% per annum and in subsequent years at 按8厘之年利率計算，而往後年度之利息則按8厘 rates based on the difference between 8% and two times 與 倫 敦 銀 行 同 業 拆 息 兩 倍 之 間 的 差 額 為 利 率 of LIBOR. 計算。 The contract will automatically be terminated early once the 倘 若 直 至 提 早 贖 回 日 的 累 計 利 息 相 等 或 高 於 sum of interest amounts receivable on all interest payment dates 200,000美元，該合約將自動提早終止，而銀行 up to and including the early maturity date equals to or exceeds 將會償還全部本金額以及累計利息。 US$200,000, and the bank will repay the full principal amount plus accrued interest. After the adoption of HKAS 39 “Financial instruments: 於二零零五年四月一日採納《香港會計準則》第39 Recognition and measurement” on 1st April, 2005, the 號「金融工具：確認及計量」後，該結構性存款乃 structured deposit is classified as a financial asset at fair value 列作按公允值計量且其變動於損益確認之金融資 through profit or loss and carried at fair value, with changes in 產，並按公允值列賬，其公允值變動則於綜合損 fair value recognised in the consolidated income statement. 益報表確認。比較金額並無重列，蓋《香港會計準 Comparative amount has not been restated as this is prohibited 則》第39號之過渡安排禁止此做法。有關過渡安 by the transitional arrangements in HKAS 39. Further details 排之進一步詳情載於附註2(f)。 of the transitional arrangements are set out in note 2(f). 138 Vitasoy International Holdings Ltd. Annual Report 2005/06 20 OTHER FINANCIAL ASSET (continued) 20 其他金融資產（續） This structured deposit was classified as bank deposits at 31st 此結構性存款於二零零五年三月三十一日乃列 March, 2005. 作銀行存款。 The financial asset is denominated in a currency other than 該金融資產之計值貨幣是有關實體之功能貨幣 the functional currency of the entity to which it relates: 以外之貨幣： The Group and the Company 本集團及本公司 United States dollars 美元 USD 美元 1,792 21 INVENTORIES 21 存貨 (a) Inventories in the balance sheets comprise: (a) 資產負債表中的存貨包括： 2006 ’000 千 2005 ’000 千 – Raw materials Finished goods 原料 製成品 The Group 本集團 The Company 本公司 2006 $’000千元 111,128 96,983 2005 $’000千元 111,062 74,278 2006 $’000千元 58,102 32,316 2005 $’000千元 54,972 28,454 208,111 185,340 90,418 83,426 (b) The analysis of the amount of inventories recognised as (b) 已確認為開支之存貨金額 an expense is as follows: 分析如下： Carrying amounts of inventories sold Write down of inventories 已售存貨之 賬面值 撇減存貨 The Group 本集團 2006 $’000 千元 2005 $’000 千元 1,122,840 5,574 1,092,643 3,969 1,128,414 1,096,612 維他奶國際集團有限公司 二零零五 / 零六年年報 139 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 22 TRADE AND OTHER RECEIVABLES Trade debtors and bills receivable Deposits, prepayments and other debtors 應收賬款及 應收票據 按金、預付款項及 其他應收款 22 應收賬款及其他應收款 The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 315,013 275,961 223,152 192,727 37,118 28,491 6,410 6,650 352,131 304,452 229,562 199,377 All of the trade and other receivables are expected to be 本集團預期所有應收賬款及其他應收款可於一年 recovered within one year, except rental and utility deposits 內收回，惟本集團7,201,000元（二零零五年： amounting to $7,201,000 (2005: $7,451,000) for the Group 7,451,000元）及本公司464,000元（二零零五年： and $464,000 (2005: $285,000) for the Company which are 285,000元）之租賃及水電按金則預期於一年後 expected to be recovered after more than one year. 收回。 Included in trade and other receivables are trade debtors and 於結算日，在應收賬款及其他應收款中，應收賬 bills receivable (net of impairment losses for bad and doubtful 款及應收票據（已扣除呆壞賬之減值虧損）之賬齡 debts) with the following ageing analysis as of the balance 分析如下： sheet date: By date of invoice 以發票日期計算 0 - 3 months 4 - 6 months Over 6 months 零至三個月 四至六個月 六個月以上 The Group 本集團 The Company 本公司 2006 $’000千元 267,932 45,802 1,279 2005 $’000千元 240,157 35,685 119 2006 $’000千元 177,276 44,795 1,081 2005 $’000千元 157,754 34,973 – 315,013 275,961 223,152 192,727 The Group’s credit policy is set out in note 29(a). 本集團之信貸政策載於附註29(a)。 140 Vitasoy International Holdings Ltd. Annual Report 2005/06 23 AMOUNTS DUE FROM SUBSIDIARIES 23 應收附屬公司款項 The amounts due from subsidiaries are unsecured, interest- 應收附屬公司款項均為無抵押及免息，且無固定 free and have no fixed terms of repayment. The entire balance 還款期。全部結餘可望於一年內償還。 is expected to be recovered within one year. Included in amounts due from subsidiaries are the following 應收附屬公司款項包括下列以有關實體之功能貨 amounts denominated in a currency other than the functional 幣以外貨幣作計值貨幣： currency of the entity to which they relate: The Company 本公司 2006 ’000 千 2005 ’000 千 Euros United States dollars 歐羅 美元 EUR歐羅7,211 USD美元34,812 EUR歐羅7,112 USD美元16,084 24 TRADE AND OTHER PAYABLES 24 應付賬款及其他應付款 Trade creditors and bills payable Accrued expenses and other payables 應付賬款及 應付票據 應計費用及 其他應付款 The Group 本集團 The Company 本公司 2006 $’000千元 2005 $’000千元 2006 $’000千元 2005 $’000千元 165,899 153,547 105,758 87,281 180,087 150,131 63,069 59,217 345,986 303,678 168,827 146,498 All of the trade and other payables are expected to be settled 本集團預期所有應付賬款及其他應付款將於一年 within one year, except customer deposits amounting to 內償還，惟本集團14,421,000元（二零零五年： $14,421,000 (2005: $14,047,000) for the Group and 14,047,000元）及本公司14,319,000元（二零零五 $14,319,000 (2005: $13,912,000) for the Company which are 年：13,912,000元）之客戶按金則預期於一年後 expected to be settled after more than one year. 償還。 Included in trade and other payables are trade creditors and 於結算日，在應付賬款及其他應付款中，應付賬 bills payable with the following ageing analysis as of the balance 款及應付票據之賬齡分析如下： sheet date: By date of invoice 0 - 3 months 4 - 6 months Over 6 months 以發票日期計算 零至三個月 四至六個月 六個月以上 The Group 本集團 The Company 本公司 2006 $’000千元 162,219 2,178 1,502 2005 $’000千元 149,774 1,548 2,225 2006 $’000千元 102,903 1,363 1,492 165,899 153,547 105,758 2005 $’000千元 84,375 1,111 1,795 87,281 維他奶國際集團有限公司 二零零五 / 零六年年報 141 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 24 TRADE AND OTHER PAYABLES (continued) 24 應付賬款及其他應付款（續） Included in trade and other payables are the following amounts 應付賬款及其他應付款包括下列以有關實體之功 denominated in a currency other than the functional currency 能貨幣以外貨幣作計值貨幣： of the entity to which they relate: The Group 本集團 2006 ’000千 2005 ’000千 The Company 本公司 2006 ’000千 2005 ’000千 United States dollars Japanese yen 美元 日圓 USD美元683 USD美元574 USD美元683 USD美元572 JPY日圓22,718 – JPY日圓22,718 – 25 BANK LOANS 25 銀行貸款 At 31st March, 2006, the bank loans were repayable as follows: 於二零零六年三月三十一日，銀行貸款須於下列 期限償還： The Group 本集團 2006 $’000千元 2005 $’000千元 Within 1 year 一年內 41,279 154,250 After 1 year but within 2 years After 2 years but within 5 years 一年後但兩年內 兩年後但五年內 – 78,050 78,050 4,490 10,105 14,595 119,329 168,845 At 31st March, 2006, bank loans totalling $14,517,000 (2005: 於二零零六年三月三十一日，總數為14,517,000 $19,085,000) were secured by charges over property, plant 元（二零零五年：19,085,000元）之銀行貸款乃 and equipment with net book values totalling $33,804,000 以賬面淨值共3 3 , 8 0 4 , 0 0 0 元（二零零五年： (2005: $37,069,000). 37,069,000元）之物業、廠房及設備作抵押。 One of the Group’s banking facilities is subject to the fulfilment 本集團其中一項銀行信貸須符合一項與本集團之 of a covenant relating to a balance sheet ratio of the Group, 資產負債表比率有關之契諾，這是與財務機構訂 as is commonly found in lending arrangements with financial 立貸款安排時的常見規定。倘若本集團違反有關 institutions. If the Group were to breach the covenant the 契諾，則須按要求償還已提取之信貸額。本集團 drawn down facility would become payable on demand. The 定期監察本身是否已遵守該契諾。有關本集團管 Group regularly monitors its compliance with the covenant. 理流動資金風險之詳情載於附註29(b)。於二零零 Further details of the Group’s management of liquidity risk are 六年三月三十一日，本集團已遵守該契諾。 set out in note 29(b). As at 31st March, 2006, the Group had complied with the covenant. 142 Vitasoy International Holdings Ltd. Annual Report 2005/06 26 OBLIGATIONS UNDER FINANCE LEASES 26 融資租賃之債務 At 31st March, 2006, the Group had obligations under finance 於二零零六年三月三十一日，本集團根據融資租 leases repayable as follows: 賃須償還之債務如下： Present value of the minimum lease payments 2006 Interest expense relating to future periods 最低租賃 有關未來期間 付款之現值 $’000千元 之利息開支 $’000千元 Present value of the minimum lease payments 2005 Interest expense relating to future periods 最低租賃 有關未來期間 付款之現值 $’000千元 之利息開支 $’000千元 Total minimum lease payments 最低租賃 付款總額 $’000千元 Total minimum lease payments 最低租賃 付款總額 $’000千元 Within 1 year 一年內 2,945 253 3,198 3,235 423 3,658 After 1 year but within 一年後 2 years 但兩年內 After 2 years but within 兩年後 5 years 但五年內 2,763 – 2,763 5,708 77 – 77 330 2,840 – 2,840 6,038 2,945 2,763 5,708 8,943 253 77 330 753 3,198 2,840 6,038 9,696 維他奶國際集團有限公司 二零零五 / 零六年年報 143 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 27 CAPITAL AND RESERVES (a) The Group At 1st April, 2004 – as previously reported – prior period adjustment in respect of equity settled share-based transactions 於二零零四年四月一日 －按以往呈報 －有關以股份為基礎之 支付之交易之 前期調整 27 股本及儲備 (a) 本集團 Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share capital 股本 $’000千元 Share premium 股份溢價 $’000千元 Capital redemption reserve 資本 贖回儲備 $’000千元 Capital reserve 資本儲備 $’000千元 Legal reserve 法定儲備 $’000千元 General reserve 一般儲備 $’000千元 Share- based Exchange compensation reserve reserve 股份基礎 補償儲備 $’000千元 匯兌儲備 $’000千元 Retained profits 保留溢利 $’000千元 Minority interests 少數股東 權益 $’000千元 Total equity 權益總額 $’000千元 Total 合計 $’000千元 246,457 279,242 1,101 96,001 6,185 2,261 (26,975) – 642,268 1,246,540 44,780 1,291,320 – – – – – – – 1,232 (1,232) – – – – as restated －重列 246,457 279,242 1,101 96,001 6,185 2,261 (26,975) 1,232 641,036 1,246,540 44,780 1,291,320 Exchange differences on translation of the financial statements of foreign subsidiaries Transfer from retained profits to legal reserve Transfer from capital reserve to retained profits Shares issued on exercise of share options Equity settled share-based transactions (restated) Final dividend approved in respect of the previous year (note 12(b)) Special dividend approved in respect of the previous year (note 12(b)) Interim dividend declared in respect of the current year (note 12(a)) Dividend paid to minority shareholder Profit for the year (restated) 換算外地附屬公司 財務報表所產生 之匯兌差額 自保留溢利轉撥至 法定儲備 自資本儲備轉撥至 保留溢利 就行使購股權而 發行股份 以股份為基礎之支付之交易 （重列） 批准屬於上一年度之末期股息 （附註12(b)） 批准屬於上一年度之特別股息 （附註12(b)） 宣派本年度之中期股息 （附註12(a)） 向少數股東派發股息 本年度溢利(重列) – – – – – – 2,025 8,017 – – – – – – – – – – – – – – – – – – – – – – – – (4,087) – – – – – – – – 341 – – – – – – – – – – – – – – – – – – 972 – – – – – – – – – – – – – 2,765 – – – – – – 972 1,222 2,194 (341) 4,087 – – – – 10,042 2,765 (56,395) (56,395) (49,469) (49,469) – – – – – – (27,725) – 120,982 (27,725) – 120,982 – (921) 2,588 – – 10,042 2,765 (56,395) (49,469) (27,725) (921) 123,570 At 31st March, 2005 (as restated) 於二零零五年三月三十一日(重列) 248,482 287,259 1,101 91,914 6,526 2,261 (26,003) 3,997 632,175 1,247,712 47,669 1,295,381 144 Vitasoy International Holdings Ltd. Annual Report 2005/06 27 CAPITAL AND RESERVES (continued) (a) The Group (continued) 27 股本及儲備（續） (a) 本集團（續） Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share capital 股本 $’000千元 Share premium 股份溢價 $’000千元 Capital redemption reserve 資本 贖回儲備 $’000千元 Capital reserve 資本儲備 $’000千元 Legal reserve 法定儲備 $’000千元 General reserve 一般儲備 $’000千元 Share- based Exchange compensation reserve reserve 股份基礎 補償儲備 $’000千元 匯兌儲備 $’000千元 Retained profits 保留溢利 $’000千元 Minority interests 少數股東 權益 $’000千元 Total equity 總額 $’000千元 Total 合計 $’000千元 248,482 287,259 1,101 91,914 6,526 2,261 (26,003) – 636,172 1,247,712 47,669 1,295,381 – – – – – – – 3,997 (3,997) – – – 248,482 287,259 1,101 91,914 6,526 2,261 (26,003) 3,997 632,175 1,247,712 47,669 1,295,381 – – – – – – – – (1,749) (1,749) – (1,749) 248,482 287,259 1,101 91,914 6,526 2,261 (26,003) 3,997 630,426 1,245,963 47,669 1,293,632 – – – – – – 2,340 10,484 – – – – – – – 712 – – – – – – – – – – – – – – – – – – – (4,086) – – – – – – – – – 304 – – – – – – – – – – – – – – – – – – – – 2,345 – – – – – – – – – – – – – – (712) 2,634 – – – – – – 2,345 (1,236) 1,109 (304) 4,086 – – – – – 12,824 – 2,634 (57,139) (57,139) (100,244) (100,244) – – – – – – – (28,091) – 172,076 (28,091) – 172,076 – (816) 12,949 – – 12,824 – 2,634 (57,139) (100,244) (28,091) (816) 185,025 At 1st April, 2005 – as previously reported – prior period adjustment in respect of equity settled share-based transactions (note 2(a)) 於二零零五年四月一日 －按以往呈報 －有關以股份為基礎之支付之 交易之前期調整 (附註2(a)) – as restated, before opening balance adjustment －重列（未作期初 結餘調整） – opening balance adjustment in respect of financial instruments (note 2(f)) －有關金融工具之期初結餘 調整(附註2(f)) – as restated, after opening balance adjustment －重列（已作期初 結餘調整） Exchange differences on translation of the financial statements of foreign subsidiaries Transfer from retained profits to legal reserve Transfer from capital reserve to retained profits Shares issued on exercise of share options Transfer from share-based compensation reserve to share premium on exercise of share options Equity settled share-based transactions Final dividend approved in respect of the previous year (note 12(b)) Special dividend approved in respect of the previous year (note 12(b)) Interim dividend declared in respect of the current year (note 12(a)) Dividend paid to minority shareholder Profit for the year 換算外地附屬公司 財務報表所產生之 匯兌差額 自保留溢利轉撥至 法定儲備 自資本儲備轉撥至 保留溢利 就行使購股權而 發行股份 就行使購股權而自 股份基礎補償儲備 轉撥至股份溢價 以股份為基礎之支付之交易 批准屬於上一年度之末期股息 （附註12(b)） 批准屬於上一年度之特別股息 （附註12(b)） 宣派本年度之中期股息 （附註12(a)） 向少數股東派發股息 本年度溢利 At 31st March, 2006 於二零零六年三月三十一日 250,822 298,455 1,101 87,828 6,830 2,261 (23,658) 5,919 620,810 1,250,368 58,566 1,308,934 維他奶國際集團有限公司 二零零五 / 零六年年報 145 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 27 CAPITAL AND RESERVES (continued) (b) The Company 27 股本及儲備（續） (b) 本公司 Share capital 股本 $’000千元 Share premium 股份溢價 $’000千元 Capital redemption reserve 資本 贖回儲備 $’000千元 Capital reserve 資本儲備 $’000千元 Share-based compensation reserve 股份基礎 補償儲備 $’000千元 General reserve 一般儲備 $’000千元 Retained profits 保留溢利 $’000千元 Total equity 權益總額 $’000千元 246,457 279,242 1,101 96,001 2,261 – 627,909 1,252,971 – – – – – 1,232 (1,232) – At 1st April, 2004 – as previously reported – prior period adjustment in respect of equity settled share-based transactions 於二零零四年四月一日 －按以往呈報 －有關以股份為基礎之 支付之交易之 前期調整 – as restated －重列 246,457 279,242 1,101 96,001 2,261 1,232 626,677 1,252,971 Transfer from capital reserve to retained profits Shares issued on exercise of share options 自資本儲備轉撥至 保留溢利 就行使購股權而 發行股份 Equity settled share-based transactions 以股份為基礎之支付之交易 (restated) Final dividend approved in respect of the previous year (note 12(b)) Special dividend approved in respect of the previous year (note 12(b)) Interim dividend declared in respect of the current year (note 12(a)) Profit for the year (restated) (note 11) （重列） 批准屬於上一年度之末期股息 （附註12(b)） 批准屬於上一年度之特別股息 （附註12(b)） 宣派本年度之中期股息 （附註12(a)） 本年度溢利（重列）（附註11） – – 2,025 8,017 – – – – – – – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – 2,765 – – – – 4,087 – – – 10,042 2,765 (56,395) (56,395) (49,469) (49,469) (27,725) 103,731 (27,725) 103,731 At 31st March, 2005 (as restated) 於二零零五年三月三十一日（重列） 248,482 287,259 1,101 91,914 2,261 3,997 600,906 1,235,920 146 Vitasoy International Holdings Ltd. Annual Report 2005/06 27 CAPITAL AND RESERVES (continued) (b) The Company (continued) 27 股本及儲備（續） (b) 本公司（續） Share capital 股本 $’000千元 Share premium 股份溢價 $’000千元 Capital redemption reserve 資本 贖回儲備 $’000千元 Capital reserve 資本儲備 $’000千元 Share-based compensation reserve 股份基礎 補償儲備 $’000千元 General reserve 一般儲備 $’000千元 Retained profits 保留溢利 $’000千元 Total equity 權益總額 $’000千元 248,482 287,259 1,101 91,914 2,261 – 604,903 1,235,920 – – – – – 3,997 (3,997) – 248,482 287,259 1,101 91,914 2,261 3,997 600,906 1,235,920 – – – – – – (1,749) (1,749) 248,482 287,259 1,101 91,914 2,261 3,997 599,157 1,234,171 – – 2,340 10,484 – – – – – – 712 – – – – – – – – – – – – – (4,086) – – – – – – – – – – – – – – – – – (712) 2,634 – – – – 4,086 – – – – 12,824 – 2,634 (57,139) (57,139) (100,244) (100,244) (28,091) 140,737 (28,091) 140,737 At 1st April, 2005 – as previously reported – prior period adjustment in respect of equity settled share-based transactions (note 2(a)) 於二零零五年四月一日 －按以往呈報 －有關以股份為基礎之支付之 交易之前期調整 (附註2(a)) – as restated, before opening balance adjustment －重列（未作期初 結餘調整） – opening balance adjustment in respect of financial instruments (note 2(f)) －有關金融工具之期初結餘 調整(附註2(f)) – as restated, after opening balance adjustment －重列（已作期初 結餘調整） Transfer from capital reserve to retained profits Shares issued on exercise of share options Transfer from share-based compensation reserve to share premium on exercise of share options Equity settled share-based transactions Final dividend approved in respect of the previous year (note 12(b)) Special dividend approved in respect of the previous year (note 12(b)) Interim dividend declared in respect of the current year (note 12(a)) Profit for the year (note 11) 自資本儲備轉撥至 保留溢利 就行使購股權而 發行股份 就行使購股權而自 股份基礎補償儲備 轉撥至股份溢價 以股份為基礎之支付之交易 批准屬於上一年度之末期股息 （附註12(b)） 批准屬於上一年度之特別股息 （附註12(b)） 宣派本年度之中期股息 （附註12(a)） 本年度溢利(附註11) At 31st March, 2006 於二零零六年三月三十一日 250,822 298,455 1,101 87,828 2,261 5,919 558,506 1,204,892 維他奶國際集團有限公司 二零零五 / 零六年年報 147 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 27 CAPITAL AND RESERVES (continued) (c) Share capital 27 股本及儲備（續） (c) 股本 (i) Authorised and issued share capital (i) 法定及已發行股本 2006 2005 Number of shares 股數 Amount 金額 ’000千 $’000千元 Number of shares 股數 ’000千 Amount 金額 $’000千元 Authorised: 法定股本： Ordinary shares of 每股面值0.25元之 $0.25 each 普通股 3,200,000 800,000 3,200,000 800,000 Ordinary shares, issued 已發行及已繳足 and fully paid: 普通股： At 1st April 於四月一日 993,928 248,482 985,828 246,457 Shares issued on exercise 就購股權行使 of share options 而發行之股份 9,360 2,340 8,100 2,025 At 31st March 於三月三十一日 1,003,288 250,822 993,928 248,482 The holders of ordinary shares are entitled to receive 普通股之持有人可收取不時宣派之股息， dividends as declared from time to time and are entitled 並可於本公司之大會上就每股股份享有一 to one vote per share at meetings of the Company. All 票投票權。就本公司之剩餘資產而言，所 ordinary shares rank equally with regard to the Company’s 有普通股享有同等權利。 residual assets. (ii) Shares issued under share option schemes (ii) 根據購股權計劃發行之股份 During the year, options were exercised to subscribe for 年內可認購本公司普通股9,360,000股（二零 9,360,000 (2005: 8,100,000) ordinary shares in the 零五年：8,100,000股）之購股權獲行使。所 Company. The net consideration was $12,824,000 (2005: 得代價淨額為12,824,000元（二零零五年： $10,042,000) of which $2,340,000 (2005: $2,025,000) 10,042,000元），其中2,340,000元（二零零 was credited to share capital and the balance of 五年：2 , 0 2 5 , 0 0 0元）已撥入股本，其餘 $10,484,000 (2005: $8,017,000) was credited to the 10,484,000元（二零零五年：8,017,000元） share premium account. An amount of $712,000 (2005: 則撥入股份溢價賬。712,000元（二零零五 Nil) has been transferred from the share-based 年：無）之款項已根據附註1(p)(iv)所載之會 compensation reserve to the share premium account in 計政策自股份基礎補償儲備轉撥至股份溢 accordance with the accounting policy set out in 價賬。 note 1(p)(iv). 148 Vitasoy International Holdings Ltd. Annual Report 2005/06 27 CAPITAL AND RESERVES (continued) (d) Nature and purpose of reserves 27 股本及儲備（續） (d) 儲備之性質及用途 (i) Share premium and capital redemption reserve (i) 股份溢價賬及資本贖回儲備 The application of the share premium account and the 股份溢價賬及資本贖回儲備之用途分別受 capital redemption reserve is governed by sections 香港《公司條例》第48B及49H條監管。 48B and 49H respectively of the Hong Kong Companies Ordinance. (ii) Capital reserve (ii) 資本儲備 As part of the restructuring of the Group in February, 作為本集團於一九九四年二月進行之重組 1994, the Company disposed of a property to a former 之一部份，本公司向一間前附屬公司出售 subsidiary and consideration was received in the form of 一項物業，代價以現金及另一項物業支 cash and another property. A total gain, representing the 付。總收益指所出售物業歷史賬面值與已 difference between the historical carrying value of the 收代價公允值之差額。 property disposed of and the fair value of the consideration received, resulted. The gain arising from this transaction was divided into 該項交易之收益按已收現金及物業（「物業」） realised and unrealised portions in the ratio of the amount 公允值之比例分為已變現及未變現部份。 of cash and the fair value of the property received (“the 未變現收益已計入資本儲備，並於計算物 property”). The unrealised gain was taken to capital 業折舊時變現。於本年度內，4,086,000元 reserve and is realised on depreciation of the property. （二零零五年：4,087,000元）自資本儲備轉 During the year, $4,086,000 (2005: $4,087,000) is 撥往保留溢利。 transferred from capital reserve to retained profits. (iii) Legal reserve (iii) 法定儲備 The legal reserve has been set up by Shenzhen Vitasoy 法定儲備由深圳維他奶及維他奶（澳門）有限 and Vitasoja (Macau) Limitada in accordance with 公司分別根據中華人民共和國及澳門之法 regulations in the People’s Republic of China and Macau 例設立。 respectively. (iv) Exchange reserve (iv) 匯兌儲備 The exchange reserve comprises all foreign exchange 匯兌儲備包含換算外地業務財務報表產生 differences arising from the translation of the financial 之所有匯兌差額。該儲備將根據附註1(r)所 statements of foreign operations. The reserve is dealt with 載之會計政策維持。 in accordance with the accounting policy set out in note 1(r). (v) Share-based compensation reserve (v) 股份基礎補償儲備 Share-based compensation reserve comprises the fair 股份基礎補償儲備包含授予本集團僱員之 value of the actual or estimated number of unexercised 實際或估計尚未行使購股權的公允值，有 share options granted to employees of the Group 關購股權乃根據附註1(p)(iv)所載就以股份為 recognised in accordance with the accounting policy 基礎的付款採納之會計政策而確認。 adopted for share-based payments in note 1(p)(iv). 維他奶國際集團有限公司 二零零五 / 零六年年報 149 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 27 CAPITAL AND RESERVES (continued) (e) Distributability of reserves 27 股本及儲備（續） (e) 可供分派儲備 At 31st March, 2006, the amounts of reserves available for 於二零零六年三月三十一日，可供分派予本公司 distribution to equity shareholders of the Company are 股權持有人之儲備數額如下： as follows: General reserve Retained profits 一般儲備 保留溢利 The Company 本公司 2006 $’000 千元 2,261 558,506 2005 (restated)（重列） $’000 千元 2,261 600,906 560,767 603,167 After the balance sheet date the directors proposed a final 於結算日後，董事建議派發末期股息每股普通股 dividend and a special dividend of 6.7 cents per ordinary share 6.7仙（二零零五年：每股普通股5.7仙）及特別股 (2005: 5.7 cents per ordinary share) and 10.0 cents per ordinary 息每股普通股10.0仙（二零零五年：每股普通股 share (2005: 10.0 cents per ordinary share) respectively, 10.0仙），總數為167,922,000元（二零零五年： amounting to $167,922,000 (2005: $157,383,000). These 157,383,000元）。有關股息於結算日並未確認為 dividends have not been recognised as liabilities at the balance 負債。 sheet date. 150 Vitasoy International Holdings Ltd. Annual Report 2005/06 28 EQUITY SETTLED SHARE-BASED TRANSACTIONS 28 以股份為基礎之支付之交易 The Company adopted a share option scheme on 9th March, 本公司於一九九四年三月九日採納一項購股權計 1994 (the “Old Share Option Scheme”) whereby the Directors 劃（「舊購股權計劃」）；據此，本公司之董事獲授 of the Company were authorised, at their discretion, to invite 權酌情邀請本集團之僱員（包括本集團旗下任何公 employees of the Group, including Directors of any company 司之董事）接納購股權以認購本公司每股面值0.25 in the Group, to take up options to subscribe for ordinary shares 元之普通股。購股權之行使價由本公司之董事釐 of $0.25 each in the Company. The exercise price of options 定及須為以下兩者中之較高者：(i)股份之面值及 was determined by the Directors of the Company and was the (ii)不少於股份於要約認購購股權日期前五個營業 higher of (i) the nominal value of the shares and (ii) an amount 日在香港聯合交易所有限公司（「聯交所」）之平均 not less than 80% of the average of the closing prices of the 收市價之80%。 shares on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) for the five business days immediately preceding the date of offer. On 4th September, 2002, the Company terminated the Old 於二零零二年九月四日，本公司終止舊購股權計 Share Option Scheme and adopted a new share option scheme 劃，並採納一項新購股權計劃（「新 購股權 計 (the “New Share Option Scheme”) for a period of 10 years 劃」），有效期為十年，由採納當日起計。根據該 commencing from that date. Under the terms of this scheme, 計劃之條款，購股權之行使價由本公司董事釐 the exercise price of the options is determined by the Directors 定，為下列三者中之最高金額：(i)股份於授出日 of the Company and is the highest of (i) the closing price of 期（須為營業日）在聯交所之收市價；(ii)股份於截 the shares on the Stock Exchange on the date of grant, which 至授出日期止過去五個營業日在聯交所錄得之平 must be a business day; (ii) the average of the closing prices of 均收市價；及(iii)股份之面值。 the shares on the Stock Exchange for the five business days immediately preceding the date of grant; and (iii) the nominal value of the shares. No further options were granted under the Old Share Option 本公司將於終止舊購股權計劃後不再根據該計劃 Scheme upon its termination and all outstanding options 授予任何購股權，而所有根據該計劃所授出之未 granted thereunder continued to be valid and exercisable in 行使購股權仍維持有效，並可於行使期屆滿前根 accordance with the terms of the Old Share Option Scheme 據舊購股權計劃之條款行使。 until the expiry of the exercise period. Under the Old Share Option Scheme and the New Share Option 根據舊購股權計劃及新購股權計劃，購股權毋須 Scheme, there is no minimum period for which an option must 先行持有一段最短期間方可行使，惟本公司之董 be held before it can be exercised, but the Directors of the 事獲授權於要約日期酌情附加任何最短持有期 Company are empowered to impose at their discretion any 限。購股權之行使期不得超過授出日期起計之十 such minimum period at the date of offer. The options are 年。每項購股權之持有人均有權認購一股本公司 exercisable for a period not to exceed 10 years from the date 股份。 of grant. Each option gives the holder the right to subscribe for one share in the Company. 維他奶國際集團有限公司 二零零五 / 零六年年報 151 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 28 EQUITY SETTLED SHARE-BASED TRANSACTIONS 28 以股份為基礎之支付之交易 (continued) （續） (a) The terms and conditions of the unexpired and (a) 於結算日之未屆滿及未行使購股權之條款及條件 unexercised share options at balance sheet date are as 如下，所有購股權均以股份之實物交收結算： follows, whereby all options are settled by physical delivery of shares: Date of grant Exercise period Contractual life of options 購股權之 合約年期 行使期 授出日期 4/7/2000 1/4/2003 1/4/2004 3/8/2004 1/6/2005 7/9/2000 to至31/8/2005 5 years年 1/4/2004 to至31/3/2013 (note附註) 10 years年 1/4/2005 to至31/3/2014 (note附註) 10 years年 3/8/2006 to至2/8/2014 10 years年 1/6/2006 to至31/5/2015 (note附註) 10 years年 2006 2005 Exercise price 行使價 $元 1.193 1.688 1.904 1.910 2.375 Remaining contractual life 尚餘 合約年期 – 7 years年 8 years年 8 years年 9 years年 Remaining contractual life 尚餘 合約年期 1 year年 8 years年 9 years年 9 years年 – Number of option 購股權 之數目 ‘000千 – 7,705 6,154 900 7,784 22,543 Number of options 購股權 之數目 ‘000千 6,962 11,762 8,082 900 – 27,706 Note: The options are exercisable progressively and the maximum 附註： 可予行使之購股權數目乃逐步增加，而各階 percentage of the options which may be exercised is 段可行使購股權之百分比上限如下： determined in stages as follows: Percentage of options granted 佔獲授購股權之百分比 On or after 1st year anniversary of 授出日期起計一週年 25% the date of grant 或其後 On or after 2nd year anniversary of 授出日期起計兩週年 another另25% the date of grant 或其後 On or after 3rd year anniversary of 授出日期起計三週年 another另25% the date of grant 或其後 On or after 4th year anniversary of 授出日期起計四週年 another另25% the date of grant 或其後 152 Vitasoy International Holdings Ltd. Annual Report 2005/06 28 EQUITY SETTLED SHARE-BASED TRANSACTIONS 28 以股份為基礎之支付之交易 (continued) （續） (b) The number and weighted average exercise prices of (b) 購股權之數目及加權平均 share options are as follows: Outstanding at 1st April Exercised during the year Granted during the year Lapsed on expiry of exercise period during the year 於四月一日尚未行使 於年內行使 於年內授出 因行使期屆滿 而在年內 失效 Forfeited on termination 因合資格參與者 of employment of eligible participants during the year 離職而 於年內 沒收 Outstanding at 31st March 於三月三十一日尚未行使 Exercisable at 31st March 於三月三十一日可行使 行使價如下： 2006 Number of options Weighted average exercise price 2005 Weighted average exercise price Number of options 加權平均行使價 購股權之數目 加權平均行使價 購股權之數目 $元 1.634 1.371 2.375 ’000千 27,706 (9,360) 8,160 $元 1.436 1.241 1.905 ’000千 28,372 (8,100 ) 9,456 1.193 (744) – – 1.863 1.993 (3,219) 22,543 4,588 1.705 1.634 (2,022 ) 27,706 9,662 The weighted average share price at the date of exercise for 已行使之購股權於年內的行使日期之加權平均股 share options exercised during the year was $2.405 價為2.405元（二零零五年：2.061元）。 (2005: $2.061). 維他奶國際集團有限公司 二零零五 / 零六年年報 153 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 28 EQUITY SETTLED SHARE-BASED TRANSACTIONS 28 以股份為基礎之支付之交易 (continued) （續） (c) Fair value of share options and assumptions (c) 購股權之公允值及假設 The fair value of services received in return for share options 本集團以授出購股權來獲得之服務的公允值，乃 granted are measured by reference to the fair value of share 參考已授出購股權之公允值計量。所收取服務費 options granted. The estimate of the fair value of the services 之估計公允值以二項式點陣模式計量。購股權之 received is measured based on a binomial lattice model. The 合約年期用作該模式之一項輸入參數。有關提早 contractual life of the option is used as an input into this model. 行使之預期已計入二項式點陣模式之內。 Expectations of early exercise are incorporated into the binomial lattice model. Fair values of share options and the related assumptions are 購股權之公允值及相關假設如下： as follows: Date of grant 授出日期 1/4/2003 1/4/2004 3/8/2004 1/6/2005 $0.356 $1.640 $1.688 35% $0.405 $1.880 $1.904 35% $0.442 $1.910 $1.910 35% $0.522 $2.375 $2.375 35% Fair value at measurement date 於計量日期之公允值 股價 行使價 預期波幅 Share price Exercise price Expected volatility Expected option life Expected dividends Risk-free interest rate 預期購股權之有效期 10 years年 10 years年 10 years年 10 years年 預期股息 無風險利率 7.50% 3.91% 7.50% 3.34% 7.50% 4.18% 7.50% 3.52% The expected volatility is based on the historic volatility, adjusted 預期波幅按歷史波幅釐定，並根據因公開資料導 for any expected changes to future volatility due to publicly 致未來波幅之任何預期變化予以調整。預期股息 available information. Expected dividends are based on 按歷史股息釐定。所採用主觀假設之變動可對公 historical dividends. Changes in the subjective input 允值之估計產生重大影響。 assumptions could materially affect the fair value estimate. Share options were granted under a service condition. This 購股權是根據服務條件而授出。此項條件在計量 condition has not been taken into account in the grant date 所得服務的公允值（於授出購股權日）時不在考慮 fair value measurement of the services received. There were 之列。授出購股權並無附有市場條件。 no market conditions associated with the share option grants. HKFRS 2 “Share-based payment” does not apply to the share 《香港財務報告準則》第2號「以股份為基礎的付款」 options granted on 4th July, 2000 as those shares were granted 不適用於二零零零年七月四日授出之購股權，因 before 7th November, 2002. 為 有 關 購 股 權 乃 於 二 零 零 二 年 十 一 月 七 日 前 授出。 154 Vitasoy International Holdings Ltd. Annual Report 2005/06 28 EQUITY SETTLED SHARE-BASED TRANSACTIONS 28 以股份為基礎之支付之交易 (continued) （續） (d) Share options granted subsequent to the balance (d) 於結算日後授出之 sheet date 購股權 Subsequent to the balance sheet date, on 5th June, 2006, 於結算日後，在二零零六年六月五日，合資格參 5,640,000 share options were granted to eligible participants 與者根據新購股權計劃獲授予可認購5,640,000股 under the New Share Option Scheme, with an exercise period 股份之購股權，行使期由二零零七年六月五日至 from 5th June, 2007 to 4th June, 2016 and exercise price of 二零一六年六月四日，行使價為2.90元。 $2.90. 29 FINANCIAL INSTRUMENTS 29 金融工具 Exposure to credit, liquidity, interest rate and currency risks 信貸、流動資金、利率及外匯面對之風險從本集 arises in the normal course of the Group’s business. These risks 團業務之正常過程中產生。本集團之財務管理政 are limited by the Group’s financial management policies and 策與慣例能限制有關風險，載述如下。 practices described below. (a) Credit risk (a) 信貸風險 The Group’s credit risk is primarily attributable to trade and 本集團之信貸風險主要來自應收賬款及其他應收 other receivables. Management has a credit policy in place and 款。管理層備有信貸政策，而該等信貸面對之風 the exposures to these credit risks are monitored on an 險持續受到監控。 ongoing basis. The credit terms given to the customers vary and are generally 本集團一般因應客戶本身之財政實力而給予客戶 based on the financial strength of the individual customer. In 不同之信貸期。為有效地管控有關應收賬款之信 order to effectively manage the credit risks associated with 貸風險，本集團會定期評估客戶之信貸情況。 trade debtors, credit evaluations of customers are performed periodically. At the balance sheet date, the Group has a certain 於結算日，本集團在某程度上出現信貸風險集中 concentration of credit risk as 17.4% (2005: 19.3%) and 58.3% 之情況，蓋本集團之最大客戶與五大客戶之欠款 (2005: 58.6%) of the total trade and other receivables was 分別佔應收賬款及其他應收款總額之17.4%（二零 due from the Group’s largest customer and the five largest 零五年：1 9 . 3 %）及5 8 . 3 %（二零零五年： customers respectively. 58.6%）。 The Group’s cash and bank deposits are placed with financial 本集團之現金及銀行存款乃存放於有良好信貸評 institutions with sound credit ratings. Management does not 級之財務機構。管理層並不預期任何投資對方會 expect any investment counterparty to fail to meet 不能履行責任。 its obligations. The maximum exposure to credit risk is represented by the 本集團因信貸而面對最大之風險以資產負債表之 carrying amount of each financial asset in the balance sheet. 各項金融資產之賬面值為限。 維他奶國際集團有限公司 二零零五 / 零六年年報 155 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 29 FINANCIAL INSTRUMENTS (continued) (b) Liquidity risk 29 金融工具（續） (b) 流動資金風險 The Group’s policy is to regularly monitor current and expected 本集團之政策是按時監控現時及預期流動資金需 liquidity requirements, to ensure that it maintains sufficient 要，以確保本集團能維持充足現金儲備及足夠的 reserves of cash and adequate committed lines of funding from 主要金融機關之信貸額以應付短期及長期之流動 major financial institutions to meet its liquidity requirements in 資金需要。 the short and longer term. (c) Interest rate risk (c) 利率風險 In respect of income-earning financial assets and interest- 就可產生收入之金融資產及計息金融負債而言， bearing financial liabilities, the following table indicates their 下表列出有關金融資產及金融負債於結算日之實 effective interest rates at the balance sheet date and the periods 際利率以及重新訂價之期間或到期日（如屬較早 in which they reprice or the maturity dates, if earlier. The Group 日期）。 本集團 2006 2005 Effective interest rate 實際利率 1 year or less Total 1-2 years 2-5 years Effective interest rate 1 year or less Total 1-2 years 2-5 years 總計 一年或以內 一至兩年 二至五年 實際利率 總計 一年或以內 一至兩年 二至五年 % $’000千元 $’000千元 $’000千元 $’000千元 % $’000千元 $’000千元 $’000千元 $’000千元 Repricing dates for assets/(liabilities) which reprice before maturity Cash at bank and in hand Bank deposits Other financial asset Bank loans Maturity dates for assets/(liabilities) which do not reprice before maturity Bank deposits Obligations under finance leases 於到期日前重訂價格之 資產／（負債）之 重訂價格 日期 銀行結存及 庫存現金 銀行存款 其他金融資產 銀行貸款 於到期日前 並無重訂 價格之 資產／（負債） 之到期日 銀行存款 融資租賃之 債務 0.74 – 1.80 5.61 122,862 – 13,922 (119,329) 122,862 – 13,922 (119,329) 17,455 17,455 – – – – – – – – – – 0.53 1.93 – 4.84 76,919 15,618 – (168,845) 76,919 15,618 – (168,845) (76,308) (76,308) – – – – – – – – – – 3.92 380,943 358,175 – 22,768 2.03 440,169 417,360 – 22,809 5.50 (5,708) (2,945) (2,763) – 5.55 (8,943) (3,235) (2,945) (2,763) 375,235 355,230 (2,763) 22,768 431,226 414,125 (2,945) 20,046 156 Vitasoy International Holdings Ltd. Annual Report 2005/06 29 FINANCIAL INSTRUMENTS (continued) (c) Interest rate risk (continued) The Company 29 金融工具（續） (c) 利率風險（續） 本公司 2006 2005 Effective interest rate 實際利率 1 year or less Total 1-2 years 2-5 years Effective interest rate 1 year or less Total 1-2 years 2-5 years 總計 一年或以內 一至兩年 二至五年 實際利率 總計 一年或以內 一至兩年 二至五年 % $’000千元 $’000千元 $’000千元 $’000千元 % $’000千元 $’000千元 $’000千元 $’000千元 0.06 – 1.80 15,962 – 13,922 15,962 – 13,922 29,884 29,884 – – – – – – – – 0.02 1.93 – 23,107 15,618 – 23,107 15,618 – 38,725 38,725 – – – – – – – – Repricing dates for assets 於到期日前重訂 which reprice before maturity 價格之資產之重訂 價格日期 Cash at bank and in hand 銀行結存及庫存現金 Bank deposits Other financial asset 其他金融資產 銀行存款 Maturity dates for assets 於到期日前 which do not reprice before maturity 並無重訂價格 之資產之到期日 Bank deposits 銀行存款 4.11 326,308 303,540 – 22,768 2.05 384,537 361,728 – 22,809 (d) Foreign currency risk (d) 外匯風險 The Group is exposed to foreign currency risk primarily through 本集團面對之外匯風險主要來自並非以有關業務 sales and purchases that are denominated in a currency other 之功能貨幣的貨幣所進行之買賣。產生外匯風險 than the functional currency of the operations to which they 之貨幣主要是美元、日圓及英鎊。管理層監控本 relate. The currencies giving rise to this risk are primarily United 集團之外匯風險，並會於需要時考慮對沖主要外 States dollars, Japanese yen and Sterling. Management 匯風險。 monitors the Group’s exposure to foreign currency risk and will consider hedging significant foreign currency exposure should the need arise. All the Group’s borrowings are denominated in the functional 本集團之借貸均以借取貸款之公司的功能貨幣計 currency of the entity taking out the loan. Given this, 值。因此，管理層並不預期本集團之借貸會附帶 management does not expect that there will be any significant 任何重大之外匯風險。 currency risk associated with the Group’s borrowings. 維他奶國際集團有限公司 二零零五 / 零六年年報 157 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 29 FINANCIAL INSTRUMENTS (continued) (e) Fair values 29 金融工具（續） (e) 公允值 All financial instruments are carried at amounts not materially 所有金融工具之賬面值與其於二零零六年及二零 different from their fair values as at 31st March, 2006 and 零五年三月三十一日之公允值並無重大差異，惟 2005 except as follows: 下述者除外： The Group and the Company 本集團及本公司 2006 2005 Carrying value 賬面值 $’000千元 Fair value 公允值 $’000千元 Carrying value 賬面值 $’000千元 Fair value 公允值 $’000千元 Other financial asset 其他金融資產 (2005: Bank deposits) （二零零五年：銀行存款） 13,922 13,922 15,618 13,869 In accordance with the transitional provisions in HKAS 39, the 根據《香港會計準則》第39號之過渡條文，金融資 carrying value of the financial asset at 31st March, 2005 has 產於二零零五年三月三十一日之賬面值並無重 not been restated and is therefore stated at cost (see note 2(f)). 列，故有關金融資產按成本值列賬(見附註2(f))。 The amounts due from subsidiaries are unsecured, interest- 應收附屬公司款項均為無抵押及免息，且無固定 free and have no fixed repayment terms. Given these terms, it 還款期。鑑於應收附屬公司款項之條款如此，故 is not meaningful to disclose fair values. 披露其公允值之意義不大。 (f) Estimation of fair values (f) 公允值之估計 The fair value of the long-term structured deposit contract (note 本集團以貼現現金流量法估計長期結構性存款合 20) is estimated by discounted cash flow techniques. Estimated 約(附註20)之公允值。估計未來現金流量乃根據 future cash flows are based on management’s best estimates 管理層之最佳估計而作出，貼現率為以結算日同 and the discount rate is a market related rate for a similar 類工具之市場相關利率。 instrument at the balance sheet date. 158 Vitasoy International Holdings Ltd. Annual Report 2005/06 30 COMMITMENTS 30 承擔 (a) At 31st March, 2006, the total future minimum lease (a) 於二零零六年三月三十一日，根據不可解 payments under non-cancellable operating leases are 除之經營租賃在日後應付之最低租賃付款 payable as follows: The Group 總額如下： 本集團 2006 2005 Factory machinery and equipment 工廠機器 及設備 $’000千元 735 858 – Properties 物業 $’000千元 26,513 17,051 158 1,593 43,722 Factory machinery and equipment 工廠機器 及設備 $’000千元 839 1,608 – 2,447 Properties 物業 $’000千元 24,888 22,178 86 47,152 Within 1 year After 1 year but within 5 years After 5 years 一年內 一年後 但五年內 五年後 The Company 本公司 2006 2005 Factory machinery and equipment 工廠機器 及設備 $’000千元 – – – Properties 物業 $’000千元 876 – 876 Factory machinery and equipment 工廠機器 及設備 $’000千元 – – – Properties 物業 $’000千元 764 92 856 Within 1 year After 1 year but within 5 years 一年內 一年後 但五年內 The Group leases a number of properties and items of 本集團根據經營租賃租用多項物業與工廠 factory machinery and equipment under operating leases. 機器及設備。該等租賃初步為期一年至八 The leases run for an initial period of one to eight years, 年，並且有權選擇在到期日後續期，屆時 with an option to renew the lease when all terms are 所有條款均可重新商定。各項經營租賃並 renegotiated. None of the leases includes contingent rentals. 不包括或有租金。 維他奶國際集團有限公司 二零零五 / 零六年年報 159 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 30 COMMITMENTS (continued) 30 承擔（續） (b) Capital commitments outstanding at 31st March, 2006 (b) 於二零零六年三月三十一日，未在財務報 not provided for in the financial statements were as follows: 表中撥備之未付資本承擔詳情如下： Contracted for Authorised but not contracted for 已訂約 已批准 但未訂約 The Group 本集團 2006 $’000千元 11,520 2005 $’000千元 4,401 The Company 本公司 2006 $’000千元 249 2005 $’000千元 – 77,557 66,364 40,457 27,347 89,077 70,765 40,706 27,347 31 CONTINGENT LIABILITIES 31 或有負債 (a) At 31st March, 2006, the Company had contingent (a) 本公司於二零零六年三月三十一日之或有 liabilities in respect of the following: 負債如下： Guarantees issued in respect 因銀行為若干附屬公司 of facilities granted by banks to certain subsidiaries 提供備用信貸 而作出之擔保 2006 $’000 千元 2005 $’000 千元 58,673 112,613 (b) The Company has given undertakings to certain wholly- (b) 本公司亦承諾向若干全資附屬公司提供財 owned subsidiaries to provide them with such financial 政援助以確保彼等繼續經營運作。 assistance as is necessary to maintain them as going concerns. 160 Vitasoy International Holdings Ltd. Annual Report 2005/06 32 MATERIAL RELATED PARTY TRANSACTIONS 32 重大關連人士交易 In addition to the transactions and balances disclosed elsewhere 除財務報表另有披露之交易及結餘外，本集團已 in these financial statements, the Group entered into the 訂立以下重大關連人士交易。 following material related party transactions. (a) Transactions with a related party (a) 與一名關連人士之交易 The Group has purchased milk products from a related party 本 集 團 向 一 名 在 中 華 人 民 共 和 國（「中 國」） in the People’s Republic of China (the “PRC”). The unit price 之關連人士採購奶類製品。奶類製品之單位價已 of the milk products is pre-determined in an agreement entered 在一份由本集團與該關連人士訂立之協議中預先 into between the Group and the related party, and will be 釐定，並會參考香港及中國同類產品之市價作出 revised by reference to the prevailing market price of similar 調 整 。 年 內 向 該 關 連 人 士 採 購 之 貨 品 共 值 products in Hong Kong and the PRC. Total purchases from the 2,827,000元（二零零五年：3,054,000元）。於二 related party amounted to $2,827,000 (2005: $3,054,000) 零零六年三月三十一日應付該關連人士之款項為 during the year. The amount due to the related party as at 631,000元（二零零五年：436,000元）。 31st March, 2006 amounted to $631,000 (2005: $436,000). These transactions also constitute continuing connected 根據上市規則，此等交易亦構成持續關連交易， transactions under the Listing Rules, in respect of which the 而本公司亦已就此遵守上市規則第14A章之披露 Company has complied with the disclosure requirements in 規定。 accordance with Chapter 14A of the Listing Rules. (b) Key management personnel remuneration (b) 關鍵管理人員之酬金 Remuneration for key management personnel, including 關鍵管理人員之酬金(包括附註9所述向本公司董 amounts paid to the Company’s directors as disclosed in note 事支付之款項以及附註10所述向若干最高薪僱員 9 and certain of the highest paid employees as disclosed in 支付之款項)如下： note 10, is as follows: Short-term employee benefits Post-employment benefits Equity compensation benefits 短期僱員福利 離職後福利 股本補償福利 2006 $’000 千元 27,158 743 1,891 29,792 2005 $’000 千元 19,629 655 1,373 21,657 Total remuneration is included in “staff costs” (see note 5(b)). 總酬金已計入「員工成本」 (見附註5(b))。 維他奶國際集團有限公司 二零零五 / 零六年年報 161 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 33 NON-ADJUSTING POST BALANCE SHEET EVENTS 33 毋須作出調整之結算日後事項 (a) On 5th June, 2006, 5,640,000 share options were granted (a) 於二零零六年六月五日，合資格參與者根 to eligible participants under the New Share Option 據新購股權計劃獲授予5,640,000項購股 Scheme with exercise period from 5th June, 2007 to 4th 權，行使期由二零零七年六月五日至二零 June, 2016 and exercise price of $2.90. Further details of 一六年六月四日止，行使價為2.90元。有關 the New Share Option Scheme are set out in note 28 新購股權計劃之進一步詳情載於附註28及 and the Report of the Directors. 董事會報告書。 (b) After the balance sheet date the Directors proposed a (b) 董 事 會 於 結 算 日 之 後 建 議 派 發 末 期 final dividend and a special dividend. Further details are 股 息 及 特 別 股 息 ， 進 一 步 詳 情 載 於 disclosed in note 12. 附註12。 34 COMPARATIVE FIGURES 34 比較數字 (a) Certain comparative figures have been adjusted or re- (a) 由於會計政策之變更，若干比較數字已作 classified as a result of the changes in accounting policies. 出調整或重新分類。進一步詳情於附註2 Further details are disclosed in note 2. 披露。 (b) Certain land and buildings with an aggregate net book (b) 於二零零四／二零零五年財務報表列作「固 value of $10,931,000, which were included in “Fixed 定資產」中總賬面淨值共10,931,000元之若 assets” in the 2004/2005 financial statements, have been 干土地及樓宇於本年度財務報表之綜合資 separately shown as “Investment property” on the face 產負債表上已分開列作「投資物業」。董事認 of the consolidated balance sheet in these financial 為經修訂之呈列方式能夠更貼切地反映此 statements. The Directors consider that the revised 等資產的性質。 presentation reflects more appropriately the nature of these assets. 162 Vitasoy International Holdings Ltd. Annual Report 2005/06 35 ACCOUNTING ESTIMATES AND JUDGEMENTS 35 會計估計及判斷 Notes 17, 28 and 29(f) contain information about the 附註17、28及29(f)分別載有關於界定福利退休責 assumptions and their risk factors relating to defined benefit 任、已授出購股權之公允值及按公允值計量且其 retirement obligations, fair value of share options granted and 變動於損益確認之金融資產的公允值之假設及相 fair value of financial asset at fair value through profit or loss 關風險因素。除上述者外，本集團相信於編製財 respectively. Apart from the above, the Group believes the 務報表時，以下關鍵會計政策亦涉及重大判斷及 following critical accounting policies also involve significant 估計： judgements and estimates used in the preparation of the financial statements: (a) Impairment of property, plant and equipment and (a) 物業、廠房及設備以及投資物業之 investment property 減值 If the circumstances indicate that the carrying values of property, 倘有情況顯示物業、廠房及設備以及投資物業的 plant and equipment and investment property may not be 賬面值可能無法收回，該等資產可能被視為「已減 recoverable, the assets may be considered “impaired”, and an 值」，而減值虧損可能會根據《香港會計準則》第 impairment loss may be recognised in accordance with HKAS 36號「資產減值」作出確認。物業、廠房及設備以 36 “Impairment of assets”. The carrying amounts of property, 及投資物業的賬面值均定期作出審閱，以評估有 plant and equipment and investment property are reviewed 關可收回數額有否降至賬面值以下。凡有事件或 periodically in order to assess whether the recoverable amounts 變動顯示有關賬面值可能無法收回，該等資產將 have declined below the carrying amounts. These assets are 進行減值測試。如減值已出現，賬面值將減至可 tested for impairment whenever events or changes in 收回數額。可收回數額為售價淨額與使用價值兩 circumstances indicate that their recorded carrying amounts 者中之較高者。釐定使用價值時，將根據銷量、 may not be recoverable. When such a decline has occurred, 售價及營運成本金額的水平作出重大判斷，將該 the carrying amount is reduced to recoverable amount. The 資產產生的預期現金流量貼現至其現值。本集團 recoverable amount is the greater of the net selling price and 運用所有可用的資料以釐定與可收回數額合理地 the value in use. In determining the value in use, expected 接近的金額，該等資料包括根據對銷量、售價及 cash flows generated by the asset are discounted to their 營運成本金額的合理及有證據支持的假設及預計 present value, which requires significant judgement relating 所作出的估計。 to level of sale volume, selling price and amount of operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount, including estimates based on reasonable and supportable assumptions and projections of sale volume, selling price and amount of operating costs. 維他奶國際集團有限公司 二零零五 / 零六年年報 163 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 35 ACCOUNTING ESTIMATES AND JUDGEMENTS (continued) 35 會計估計及判斷 （續） (b) Depreciation of property, plant and equipment and (b) 物業、廠房及設備以及投資物業 investment property 之折舊 Property, plant and equipment and investment property are 物業、廠房及設備以及投資物業之折舊是根據資 depreciated on a straight-line basis over their estimated useful 產之估計可使用年期扣除估計剩餘價值後以直線 lives, after taking into account the estimated residual values. 法計算。本集團定期審閱資產之估計可使用年 The Group reviews the estimated useful lives of the assets 期，以釐定在任何報告期間應被記錄之折舊費用 regularly in order to determine the amount of depreciation 數額。可使用年期乃根據本集團以往在類似資產 expense to be recorded during any reporting period. The useful 上之經驗而作出，並考慮到預期發生之技術上之 lives are based on the Group’s historical experience with similar 變化。倘若原來估計發生任何重大變化，未來期 assets and taking into account anticipated technological 間內之折舊費用將被調整。 changes. The depreciation expense for future periods is adjusted if there are significant changes from previous estimates. (c) Impairment loss for bad and doubtful debts (c) 呆壞賬減值虧損 The Group maintains an impairment loss for bad and doubtful 本集團為債務人無力付款而產生之呆壞賬減值虧 debts for estimated losses resulting from the inability of the 損進行估計。本集團對未來現金流量之估計是根 debtors to make required payments. The Group bases the 據應收賬款餘額之賬齡、債務人之信用及以往撇 estimates of future cash flows on the ageing of the trade 賬方面之經驗而作出。倘若債務人之財務狀況惡 receivables balance, debtors’ credit-worthiness, and historical 化，實際撇賬額可能高於估計。 write-off experience. If the financial condition of the debtors were to deteriorate, actual write-offs would be higher than estimated. (d) Write down of inventories (d) 撇減存貨 The Group performs regular review of the carrying amounts of 本集團參考存貨賬齡分析、預期未來耗用量及管 inventories with reference to aged inventories analysis, expected 理層之判斷來對存貨之賬面值作出定期審閱。倘 future consumption and management judgement. Based on 存貨之賬面值跌至低於其估計可變現淨值，則本 this review, write down of inventories will be made when the 集團會根據審閱之結果而撇減存貨之價值。然 carrying amounts of inventories decline below their estimated 而，實際耗用量可能與估計的不同，而此估計之 net realisable values. However, actual consumption may be 出入可能影響損益。 different from estimation and profit or loss could be affected by differences in this estimation. 164 Vitasoy International Holdings Ltd. Annual Report 2005/06 36 POSSIBLE IMPACT OF AMENDMENTS, NEW 36 已頒布但在截至二零零六年 STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE ANNUAL ACCOUNTING PERIOD ENDED 31ST MARCH, 2006 三月三十一日止全年會計期間 尚未生效的修訂、新準則及 詮釋的潛在影響 Up to the date of issue of these financial statements, the 截至本財務報表刊發之日，香港會計師公會已頒 H K I C PA h a s i s s u e d t h e f o l l o w i n g a m e n d m e n t s , 布以下在截至二零零六年三月三十一日止會計期 new standards and interpretations which are not 間尚未生效，亦沒有在本財務報表採用的修訂、 yet effective for the accounting period ended 31st March, 新訂準則及詮釋。 2006 and which have not been adopted in these financial statements. Of these developments, the following relate to matters that 於此等發展中，以下為可能與本集團業務及財務 may be relevant to the Group’s operations and financial 報表有關之事項： statements: Effective for accounting periods beginning on or after 對以下日期或以後 開始之會計期間有效 Amendments to HKAS 19 Employee benefits – Actuarial gains and 1st January, 2006 losses, group plans and disclosures 《香港會計準則》第19號之修訂 僱員福利－精算收益及虧損、 二零零六年一月一日 Amendments, as a consequence of the Hong Kong Companies (Amendment) Ordinance 2005, to: – HKAS 1 集體計劃及披露 由於香港《2005公司（修訂）條例》 而對以下準則作出修訂： Presentation of financial statements －《香港會計準則》第1號 財務報表之呈列 1st January, 2006 二零零六年一月一日 – HKAS 27 Consolidated and separate financial statements 1st January, 2006 －《香港會計準則》第27號 綜合及獨立財務報表 二零零六年一月一日 – HKFRS 3 Business combinations －《香港財務報告準則》第3號 業務合併 HKFRS 7 Financial instruments: Disclosures 《香港財務報告準則》第7號 金融工具：披露 1st January, 2006 二零零六年一月一日 1st January, 2007 二零零七年一月一日 維他奶國際集團有限公司 二零零五 / 零六年年報 165 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) （以港幣計算） 36 POSSIBLE IMPACT OF AMENDMENTS, NEW 36 已頒布但在截至二零零六年 STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE ANNUAL ACCOUNTING PERIOD ENDED 31ST MARCH, 2006 (continued) 三月三十一日止全年會計期間 尚未生效的修訂、新準則及 詮釋的潛在影響（續） Effective for accounting periods beginning on or after 對以下日期或以後 開始之會計期間有效 Amendment to HKAS 1 Presentation of financial statements: 1st January, 2007 Capital disclosures 《香港會計準則》第1號之修訂 財務報表之呈列：股本披露 二零零七年一月一日 Amendment to HKAS 39 Financial instruments: Recognition and 1st January, 2006 measurement – Financial guarantee contracts 《香港會計準則》第39號之修訂 財務報表之呈列：確認及計量－財務擔保合約 二零零六年一月一日 In addition, the Hong Kong Companies (Amendment) 此外，香港《2005公司（修訂）條例》於二零零五年 Ordinance 2005 came into effect on 1st December, 2005 and 十二月一日開始生效，此條例將會於二零零六年 would be first applicable to the Group’s financial statements 四月一日開始期間之本集團財務報表首次適用。 for the period beginning 1st April, 2006. The Group is in the process of making an assessment of what 本集團現正評估此等修訂、新訂準則及新訂詮釋 the impact of these amendments, new standards and new 預期於最初應用期間產生之影響。直至目前，概 interpretations is expected to be in the period of initial 括而言，雖然採納上述規定可能導致需作出新訂 application. So far it has concluded that while the adoption of 或修訂披露，惟本集團之營運業績及財務狀況受 them may result in new or amended disclosures, it is unlikely 重大影響之機會甚微。 to have a significant impact on the Group’s results of operations and financial position. 166 Vitasoy International Holdings Ltd. Annual Report 2005/06 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) （以港幣計算） 2006 $’000 千元 2005 2002 (restated)（重列） (restated)（重列） (restated)（重列） (restated)（重列） $’000 千元 2004 2003 $’000 千元 $’000 千元 $’000 千元 Results Turnover Profit from operations Finance costs Restructuring cost Compensation for traffic accident 業績 營業額 經營溢利 融資成本 重組成本 交通意外之 賠償金 Profit on disposal of 出售聯營公司 an associate 之溢利 Share of losses of 應佔聯營公司 associates 之虧損 2,520,409 2,379,955 2,269,422 2,228,227 2,192,156 233,775 197,032 151,252 175,352 148,006 (8,372) – – – – (9,042) (24,782) (8,421) – (9,617) (1,213) (17,355) (12,558) 765 1,464 (781) (3,567) – – – – 2,484 – (273) (3,308) Profit before taxation 除稅前溢利 225,403 163,973 144,295 165,952 111,218 Income tax 所得稅 (40,378) (40,403) (35,019) (27,760) (32,953) Profit for the year 本年度溢利 185,025 123,570 109,276 138,192 78,265 Attributable to: 應佔： – Equity shareholders －本公司股權 of the Company 持有人 172,076 120,982 114,793 139,378 – Minority interests －少數股東權益 12,949 2,588 (5,517) (1,186) 86,516 (8,251) Profit for the year 本年度溢利 185,025 123,570 109,276 138,192 78,265 Assets and liabilities 資產及負債 Fixed assets Bank deposits Other non-current assets Net current assets Total assets less current liabilities Non-current liabilities Net assets 固定資產 銀行存款 其他非流動 資產 淨流動資產 總資產減 流動負債 非流動 負債 淨資產 716,632 770,691 22,768 38,427 846,388 93,397 865,453 100,000 918,117 – 18,341 3,212 1,875 1,461 640,508 511,707 385,727 358,337 11,593 344,693 1,398,249 1,324,037 1,327,387 1,325,251 1,274,403 (89,315) (28,656) (36,067) (34,240) (60,051) 1,308,934 1,295,381 1,291,320 1,291,011 1,214,352 維他奶國際集團有限公司 二零零五 / 零六年年報 167 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) （以港幣計算） Capital and reserves 資本及儲備 2006 $’000 千元 2005 2002 (restated)（重列） (restated)（重列） (restated)（重列） (restated)（重列） $’000 千元 2003 2004 $’000 千元 $’000 千元 $’000 千元 Share capital Reserves 股本 儲備 250,822 999,546 248,482 246,457 244,261 999,230 1,000,083 1,004,483 243,148 937,556 Total equity attributable 本公司股權 to equity shareholders of the Company 持有人應佔 權益總額 1,250,368 1,247,712 1,246,540 1,248,744 1,180,704 Minority interests 少數股東權益 58,566 47,669 44,780 42,267 33,648 Total equity 權益總額 1,308,934 1,295,381 1,291,320 1,291,011 1,214,352 Earnings per share – Basic – Diluted Notes: 每股盈利 －基本 －攤薄 17.2 cents 仙 12.2 cents 仙 11.7 cents 仙 14.3 cents 仙 8.9 cents 仙 17.1 cents 仙 12.1 cents 仙 11.6 cents 仙 14.2 cents 仙 8.9 cents 仙 附註： (i) The HKICPA has issued a number of new and revised HKFRSs (i) 香港會計師公會已頒布多項新訂及修訂之《香港財務 that are effective or available for early adoption for accounting 報告準則》，並於二零零五年一月一日或其後開始之 periods beginning on or after 1st January, 2005. Information on 會計期間生效或可供提早採納。由於首次應用該等 the changes in accounting policies resulting from initial 新訂及經修訂之《香港財務報告準則》所導致之會計政 application of these new and revised HKFRSs is provided in note 策變動的資料，已載於財務報表附註2。二零零五年 2 to the financial statements. Figures for 2005 and 2006 have 及二零零六年數據已因應該等新訂及經修訂之政策 been adjusted for these new and revised policies in accordance 作出調整以符合過渡條文並載列於附註2。倘附註2 with the transitional provisions and as disclosed in note 2. Earlier 披露的新會計政策中有須追溯應用者，則會就此重 years have only been restated to the extent that the new 列早年之數據。 accounting policies are adopted retrospectively as disclosed in note 2. (ii) Pursuant to the revised (December 2001) Hong Kong Statement (ii) 根據經修訂之《香港會計準則》（二零零一年十二月）第 of Standard Accounting Practice No. 11 “Foreign currency 11號「外幣換算」，本集團於二零零三年就換算外地 translation”, the Group changed its accounting policy for 附屬公司業績而更改其會計政策。二零零二年年度 translation of the results of foreign subsidiaries in 2003. Figures 之數字並未作出調整以供比較，因更改此項會計政 for the year 2002 have not been adjusted for comparison 策之影響不大。 purposes as the effect of this change in accounting policy is not material. 168 Vitasoy International Holdings Ltd. Annual Report 2005/06 Vitasoy is renowned as a leading supplier of products made of soybeans that are natural, healthy and nutritious. The smiling face gives a healthy and sociable image that Vitasoy wishes to project. It is shaped like the globe which signifies the globalised nature of Vitasoy's business. The globe also shows Mainland China and Australia, two of Vitasoy's major markets with emerging potentials. The design gives the overall impression that Vitasoy products can be enjoyed anywhere, anytime and by anyone. (cid:4176)(cid:738)(cid:792)(cid:4949)(cid:834)(cid:680)(cid:3251)(cid:2538)(cid:2646)(cid:100)(cid:5098)(cid:4692)(cid:5396)(cid:3090)(cid:1599)(cid:611)(cid:8606)(cid:833)(cid:2832)(cid:2832)(cid:1730)(cid:99) (cid:1903)(cid:1015)(cid:3614)(cid:657)(cid:2926)(cid:1499)(cid:4308)(cid:4754)(cid:916)(cid:1021)(cid:1599)(cid:3931)(cid:906)(cid:8606)(cid:1730)(cid:4231)(cid:2981)(cid:2566)(cid:101)(cid:2384)(cid:5179)(cid:740)(cid:1650)(cid:575) (cid:4176)(cid:738)(cid:792)(cid:569)(cid:1602)(cid:1062)(cid:584)(cid:1786)(cid:851)(cid:1599)(cid:2538)(cid:2646)(cid:676)(cid:3329)(cid:1148)(cid:3403)(cid:101)(cid:3531)(cid:1148)(cid:1599)(cid:916)(cid:2824)(cid:2384)(cid:5179) (cid:4447)(cid:4236)(cid:3359)(cid:4176)(cid:738)(cid:792)(cid:3614)(cid:2555)(cid:3879)(cid:1047)(cid:882)(cid:2824)(cid:99)(cid:2384)(cid:5179)(cid:592)(cid:1967)(cid:5879)(cid:1599)(cid:635)(cid:2589)(cid:611)(cid:3002)(cid:1367) (cid:4812)(cid:1880)(cid:916)(cid:3975)(cid:99)(cid:819)(cid:1840)(cid:4176)(cid:738)(cid:792)(cid:1325)(cid:611)(cid:3619)(cid:1326)(cid:4470)(cid:584)(cid:1599)(cid:730)(cid:2028)(cid:799)(cid:3071)(cid:101) (cid:2971)(cid:2095)(cid:2953)(cid:2030)(cid:1081)(cid:3399)(cid:611)(cid:2172)(cid:99)(cid:634)(cid:4611)(cid:1028)(cid:916)(cid:100)(cid:1028)(cid:2242)(cid:100)(cid:1028)(cid:577)(cid:598)(cid:767)(cid:734)(cid:1300)(cid:834) (cid:4176)(cid:738)(cid:792)(cid:1599)(cid:2832)(cid:1730)(cid:101) D E T M I I L S S E R P I L A C N A N I F L A T I I P A C Y B D E T N R P & T E S E P Y T S T N A T L U S N O C D N A R B D N A N G S E D N & M T I Y B D E N G S E D I V i t a s o y I n t e r n a t i o n a l Stock code (cid:1622)(cid:875)(cid:740) (cid:3796): 0345 l H o d n g s i L i m i t e d (cid:4176) (cid:738) (cid:792) (cid:2589) (cid:4300) (cid:3473) (cid:3974) (cid:964) (cid:2057) (cid:660) (cid:775) A n n u a l R e p o r t 2 0 0 5 / 0 6 (cid:945) (cid:3074) Vitasoy International Holdings Limited No.1, Kin Wong Street, Tuen Mun New Territories, Hong Kong (cid:4176)(cid:738)(cid:792)(cid:2589)(cid:4300)(cid:3473)(cid:3974)(cid:964)(cid:2057)(cid:660)(cid:775) (cid:2071)(cid:3211)(cid:3603)(cid:1928)(cid:688)(cid:1662)(cid:1786)(cid:1500)(cid:3383)(cid:569)(cid:3796) Tel (cid:3915)(cid:3831) (852) 2466 0333 Fax (cid:3496)(cid:2349) (852) 2456 3441 www.vitasoy.com www.vitasoy.com.hk www.vitaland.com.hk www.hkgourmet.com.hk www.vitasoy-chn.com www.vitasoy-usa.com www.vitasoy.com.au