Vitasoy International Holdings Limited
Annual Report 2011

Plain-text annual report

Investing for Growth Annual Report 2010/11 年報 Stock Code 股份代號: 0345 HONG KONG AND MACAU 香港及澳門 Steady Performance under a Challenging Environment 激烈競爭下業績表現穩健 MAINLAND CHINA 中國內地 Strong Sales Growth with Enhanced Brand Awareness 品牌認知度提升帶動銷售強勁增加 NORTH AMERICA 北美洲 Continued Profitability Momentum 持續盈利增長動力 SINGAPORE 新加坡 Solid Performance Impacted by Tough Environment 嚴峻環境下表現平穩 Contents 目錄 Directors and Corporate Information 董事及集團資料 Financial Highlights 財務摘要 Chairman's Statement 主席報告 Group CEO's Report 集團行政總裁報告 Corporate Responsibility Report 企業責任報告 Awards and Recognitions 嘉許及表揚 Corporate Governance Report 企業管治報告 Directors and Senior Management 董事及高層管理人員 Report of the Directors 董事會報告 Independent Auditor's Report 獨立核數師報告 Consolidated Income Statement 綜合損益報表 Consolidated Statement of Comprehensive Income 綜合全面收益報表 Consolidated Balance Sheet 綜合資產負債表 Balance Sheet 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 Notes to the Financial Statements 財務報表附註 Five Year Summary 五年財務摘要 2 4 8 16 30 36 44 54 60 73 75 76 77 79 81 83 84 208 AUSTRALIA AND NEW ZEALAND 澳洲及新西蘭 Strong Sales and Category Growth 銷售額及品類錄得強勁增長 Directors and Corporate Information 董事及集團資料 Board of Directors Executive Chairman Mr. Winston Yau-lai LO 董事會 執行主席 羅友禮先生 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG (appointed on 1st September, 2010) Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Directors Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU Company Secretary Ms. Paggie Ah-hing TONG Qualified Accountant Ms. Kitty Kit-yi FUNG Registered & Head Office No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong Auditors KPMG Principal Bankers 李國寶爵士 布魯士先生 Jan P. S. ERLUND 先生 張建標先生 （於二零一零年九月一日獲委任） 非執行董事 羅慕貞女士 羅慕玲女士 執行董事 黎信彥先生 余發先生 公司秘書 湯亞卿小姐 合資格會計師 馮潔儀小姐 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 主要來往銀行 The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited Bank of China Limited Westpac Banking Corporation Citibank, N.A. BNP Paribas Rabobank International Hong Kong Branch The Bank of Tokyo-Mitsubishi, Limited 東亞銀行有限公司 香港上海滙豐銀行有限公司 中國銀行股份有限公司 西太平洋銀行 花旗銀行 法國巴黎銀行 荷蘭合作銀行香港分行 東京三菱銀行 02 Vitasoy International Holdings Ltd. Annual Report 2010/11 Directors and Corporate Information 董事及集團資料 Principal Lawyer Stephenson Harwood Share Registrar Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Website Addresses Vitasoy International Holdings Limited – www.vitasoy.com (English & Chinese) – www.vitavitasoy.com (Chinese only) 主要法律顧問 羅夏信律師事務所 股份過戶登記處 香港中央證券登記有限公司 香港灣仔皇后大道東 183 號 合和中心 46 樓 網址 維他奶國際集團有限公司 – www.vitasoy.com（中英文） – www.vitavitasoy.com（中文） Vitaland Services Limited – www.vitaland.com.hk (English & Chinese) 維他天地服務有限公司 – www.vitaland.com.hk（中英文） Hong Kong Gourmet Limited – www.hkgourmet.com.hk (English & Chinese) 香港美食有限公司 – www.hkgourmet.com.hk（中英文） Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited Vitasoy (Shanghai) Company Limited – www.vitasoy-chn.com (Chinese only) Vitasoy Australia Products Pty. Ltd. – www.vitasoy.com.au (English only) Vitasoy USA Inc. – www.vitasoy-usa.com (English only) Unicurd Food Co. (Private) Limited – www.unicurd.com.sg (English only) Key Dates Closure of Register: Annual General Meeting: 29th August, 2011 (Monday) to 1st September, 2011 (Thursday) at 3:00 p.m., 1st September, 2011 (Thursday), Magnolia and Camomile Rooms, Lower Level II, Kowloon Shangri-La Hong Kong, 64 Mody Road, Kowloon, Hong Kong 深圳維他（光明）食品飲料有限公司 維他奶（上海）有限公司 – www.vitasoy-chn.com（中文） Vitasoy Australia Products Pty. Ltd. – www.vitasoy.com.au（英文） Vitasoy USA Inc. – www.vitasoy-usa.com（英文） 統一食品（私人）有限公司 – www.unicurd.com.sg（英文） 重要日期 暫停辦理股份 二零一一年八月二十九日 過戶登記： （星期一）至 二零一一年九月一日 （星期四） 股東週年大會： 於二零一一年九月一日 （星期四）下午三時正 假座香港九龍麼地道 六十四號 九龍香格里拉大酒店 大堂地下二樓 木蘭及甘菊廳 Final Dividend Payable: 15th September, 2011 (Thursday) 派發末期股息： 二零一一年九月十五日 （星期四） 維他奶國際集團有限公司 二零一零 ∕一一年年報 03 Financial Highlights 財務摘要 Year Ended 31st March 截至三月三十一日止年度 Results 業績 2011 % HK$ million HK$ million Change 港幣百萬元 港幣百萬元 變動 2010 Turnover Gross Profit EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Impairment Losses on Property, Plant and Equipment) Profit Attributable to Equity Shareholders of the Company Basic Earnings per Share (HK cents) Total Dividends per Ordinary Share (HK cents) Special Dividend per Ordinary Share (HK cents) 營業額 毛利 未計利息收入、 融資成本、稅項、 折舊及攤捎費用 以及固定資產 減值前盈利 本公司股權持有人 應佔溢利 每股基本盈利（港仙） 每股普通股總股息 （港仙） 每股普通股特別股息 （港仙） 3,329 1,651 3,012 1,498 11 10 537 284 27.9 18.3 – 483 11 260 25.6 9 9 16.6 10 N/A 10.0 不適用 Year Ended 31st March 截至三月三十一日止年度 HK$ million 港幣百萬元 Turnover 營業額 營業額 2,441 2,133 2,809 3,012 3,329 Gross Profit 毛利 毛利 1,305 1,156 1,003 1,651 1,498 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 EBITDA 未計利息收入、融資成本、稅項、折舊 及攤銷費用以及固定資產減值前盈利 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 537 483 284 260 391 406 344 211 217 174 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 04 Vitasoy International Holdings Ltd. Annual Report 2010/11 Financial Highlights 財務摘要 At 31st March 於三月三十一日 Financial Position 財務狀況 2011 % HK$ million HK$ million Change 港幣百萬元 港幣百萬元 變動 2010 Total Assets Net Cash Balance 總資產 現金淨額 2,654 2,222 19 89 392 (77 ) Total Equity Attributable to Equity Shareholders of the Company 本公司股權持有人 應佔權益總額 1,416 1,358 4 Year Ended 31st March, 2011 截至二零一一年三月三十一日止年度 止止止年年度度 Sales Analysis by Categories 銷售額分析（按產品種類） 3% 4% 4% 5% Soymilk 豆奶 Dairy Milk 牛奶 Tea 茶 Tofu 豆腐 Lunch Box and Snacks 午膳餐盒及小食 Distilled Water 蒸餾水 Juice Drinks 果汁飲品 Others 其他 Sales Analysis by Locations 銷售額分析（按地區） 6% 10% 13% 18% 2% 13% 50% 46% Hong Kong and Macau 香港及澳門 Australia and New Zealand 澳洲及新西蘭 Mainland China 中國內地 Singapore 新加坡 North America 北美洲 26% 維他奶國際集團有限公司 二零一零 ∕一一年年報 05 06 Vitasoy International Holdings Ltd. Annual Report 2010/11 維他奶國際集團有限公司 二零一零 ∕一一年年報 07 Chairman’s Statement 主席報告 Winston Yau-lai LO 羅友禮 Executive Chairman 執行主席 08 Vitasoy International Holdings Ltd. Annual Report 2010/11 Chairman’s Statement 主席報告 Fiscal year of 2010/2011 was a challenging but exciting year. Despite the volatile and highly competitive global macroeconomic environment, we succeeded in growing our business and earnings and maintaining our leadership in various markets. 二零一零 ∕二零一一財政年度是充滿挑戰卻 又令人振奮的一年。儘管環球宏觀經濟環境 波動及競爭激烈，我們仍能成功推動業務及 盈利增長，並在各市場維持其領導地位。 Our financial results continued to improve in the year ended 31st March, 2011. Net sales revenue grew by 11% year-on- year to HK$3,329 million. Gross profit increased by 10% to HK$1,651 million. We were able to maintain our gross profit margin at 50% by improving our manufacturing efficiency through volume growth, implementing an effective pricing strategy and exercising prudent cost management amid inflationary pressure in all markets. 截至二零一一年三月三十一日止年度，本集 團的財務業績持續改善。銷售收入淨額按年 增加 11% 至港幣 3,329,000,000 元。毛利增 加 10% 至港幣 1,651,000,000 元。我們透過 銷售增長改善生產效率，執行有效之定價 策略，以及在所有市場均受通脹壓力下實施 審慎之成本管理，令我們之毛利率維持於 50%。 Profit attributable to shareholders amounted to HK$284 million, representing an increase of 9%. Earnings per share were HK27.9 cents, up 9%. The Group’s EBITDA was HK$537 million, up 11%, while EBITDA margin to net sales was maintained at 16%. In view of the Group’s business growth and solid financial position, the Board of Directors is recommending a final dividend of HK15.1 cents per ordinary share at the Annual General Meeting on 1st September, 2011. This, coupled with the interim dividend of HK3.2 cents per ordinary share, means that the Company’s total dividend for the 2010/2011 fiscal year will be HK18.3 cents per ordinary share (2009/2010 total dividend: HK16.6 cents per ordinary share). The increment is in line with the growth in our Group’s turnover and profit. In view of our investment in production capacity for future growth, the Board is recommending maintaining the cash position and no special dividend will be declared for Fiscal 2010/2011 (2009/2010 special dividend: HK10.0 cents per ordinary share). 股 東 應 佔 溢 利 為 港 幣 284,000,000 元， 增 加 9%。 每 股 盈 利 為 27.9 港 仙， 上 升 9%。 本集團之未計利息收入、融資成本、稅項、 折舊及攤銷費用以及固定資產減值前盈利 （「EBITDA」）為港幣 537,000,000 元，增加 11%，而 EBITDA 則佔銷售淨額之 16%。 由於本集團之業務增長及財務狀況穩健，董 事會將於二零一一年九月一日舉行之股東週 年大會上建議派發末期股息每股普通股 15.1 港仙。連同已派發之中期股息每股普通股 3.2 港仙，本公司於二零一零 ∕二零一一財 政年度之全年股息總額達每股普通股 18.3 港仙（二零零九 ∕二零一零年度股息總額： 每股普通股 16.6 港仙）。此增幅與本集團之 營業額及溢利升幅是一致的。由於我 們 就 長遠發展對生產設備作出投資，董事會建議 維持現有之現金水平，並於二零一零 ∕二零 一一財政年度不宣派特別股息（二零零九 ∕ 二零一零年度特別股息：每股普通股 10.0 港 仙）。 維他奶國際集團有限公司 二零一零 ∕一一年年報 09 Chairman’s Statement 主席報告 General Review 概覽 We recorded sales growth in almost every operating market in the year under review despite various challenges. The demand in some markets, including Hong Kong, was sluggish. Sales in major distribution channels like supermarkets failed to keep pace with the overall growth of retail sales. Meanwhile, the costs of raw materials, labour and fuel as well as other overheads had been trending upward throughout the year, thus putting severe pressure on the industry’s profit margin. 回顧二零一零 ∕二零一一財政年度，儘管面 對不同挑戰，我們大部分之營運市場均錄 得銷售增長。惟包括香港的部分市場之需求 疲弱，主要分銷渠道如超級市場之銷售增長 速度未能緊貼整體零售銷售增長之步伐。此 外，原材料、工資及燃料成本以及其他日常 開支等於年內日益上漲，對行業利潤帶來沉 重壓力。 During the year, our strategic focus was to grow sales and market share in all major markets while implementing capacity expansion plans in places where we foresee continuous growth in demand. We recorded impressive sales volume growth in both Mainland China and Australia and New Zealand. By strengthening our brand equity through promotional initiatives, our Hong Kong business outperformed the local industry as a whole. In Mainland China, the “Core Business, Core Brand and Core City” strategy continued to help us improve our top-line growth and expand our market share. We are the leading brand in packaged soymilk in both southern and eastern China. In Australia and New Zealand, the VITASOY brand is now the market leader in the milk alternative category. Our North American operation maintained its growth momentum and profitable position under a focused business strategy. In Singapore, the business performance of Unicurd Food Co. (Private) Limited (“Unicurd”), our wholly-owned tofu manufacturing subsidiary, was affected by the tough operating environment. 年內，我們之策略重點在於增加各主要市場 之銷售及擴大市場份額，同時在需求有持 續增長之地區按計劃地擴充產能。我們於中 國內地、澳洲及新西蘭之銷量均錄得驕人增 幅。我們透過宣傳推廣活動鞏固品牌價值， 令香港業務優於整體本地同業之表現。中國 內地方面，我們執行之「核心業務、核心品 牌及核心城市」策略繼續提高銷售增長及擴 大市場份額，我們成為華南及華東地區包裝 豆奶之領導品牌。澳洲及新西蘭方面，維他 奶品牌現為牛奶替代品類之市場領導者。我 們於北美洲之業務因採取重點業務策略，令 其能保持增長動力及盈利能力。在新加坡， 我們旗下生產豆腐之全資附屬公司 ─ 統一 食品（私人）有限公司（「統一」），其業績表 現受到嚴峻之經營環境所影響。 10 Vitasoy International Holdings Ltd. Annual Report 2010/11 Chairman’s Statement 主席報告 While driving business growth and development, we kept on investing and expanding our production capacity to cater for the increase in demand for our products worldwide. We are in the process of building a new plant in Nanhai, Mainland China and expanding our existing production facilities in Hong Kong and Australia. 我們在推動業務增長及發展之同時，亦繼續 為擴大產能作出投資，以滿足全球各地對我 們產品之增長需求。我們現於中國內地南海 興建新廠房，並在香港及澳洲擴展現有生產 設施。 As regards human capital, we continued to focus on people development through various training activities, including the Talent Management Scheme. These programmes are an integral part of our management development and succession plans for us to operate in the ever-changing and challenging business environment in order to achieve long-term business growth. 至於人力資源方面，我們透過舉辦不同培訓 活動，包括人才管理計劃，繼續致力人才發 展。這些活動計劃均為我們培育管理人才以 及接班團隊而舉辦，有助我們在日新月異且 富挑戰性之營商環境下營運，達到長期業務 增長之目標。 As part of our corporate policy to do our part to protect the environment, in 2010 we have taken critical evaluation in all our business operations. We have begun replacing equipment with modern facilities to conserve energy in our manufacturing facilities in Hong Kong, Australia, Shenzhen and Nanhai of Mainland China in the areas of engineering services and manufacturing. We continued to substitute delivery trucks with low emissions models as part of the ongoing program in Hong Kong and Singapore. We have taken major and smaller initiatives to conserve water and energy consumption on existing machinery as well as the designs for the new plants, and ongoing studies in the US and Singapore. I am pleased to share under the “Corporate Social R e s p o n s i b i l i t y” s e c t i o n o f t h i s A n nu a l R e p o r t t h e concrete steps that we have taken so far, in support of the communities that we operate in protecting the environment but I am fully aware at the same time that there is still a lot of room for further improvement in the coming years. 由於環境保護為我們企業政策之一部分，二 零一零年我們已在各業務分部作出重要評 估。我們已開始利用新式設備取代現有設 備，令香港、澳洲、中國深圳及南海等生產 廠房內之工程項目及生產設施發揮節能效 益。我們繼續按計劃，在香港及新加坡以新 型號低排量運輸車取代現有車輛。我們已採 取各項大大小小之措施，在現有機器設備及 新廠房設計上實施節約能源及用水方式，並 於美國及新加坡持續進行有關研究。 本人欣然於本年報「企業社會責任」一節內， 分享我們迄今在各業務營運所在社區所採取 之具體環保措施，然而，本人同時相信有關 措施仍有進一步需要改善之空間。 維他奶國際集團有限公司 二零一零 ∕一一年年報 11 Chairman’s Statement 主席報告 Outlook 展望 Looking forward, we expect Fiscal 2011/2012 to be another tough but rewarding year. Although the general economic condition, especially in Asia, seems to be improving, the growth of the non-alcoholic beverage sector as a whole is far from certain. Besides, major challenges arise from the escalating operating costs as well as intensifying competition are likely to prevail as before. However, given our strong foundations and the various initiatives we are taking to further reinforce our leading position in our major markets, we are confident that our effort will be duly rewarded. 展望未來，我們預期二零一一 ∕二零一二財 政年度雖仍艱困，但亦能取得成果。儘管 普遍經濟狀況似乎正在改善，尤其是亞洲地 區，但非酒精類飲料類別之整體增長仍不確 定。此外，經營成本持續攀升，加上競爭日 趨激烈，會繼續帶來重大挑戰。然而，憑藉 我們穩固之根基，並會於各主要市場採取不 同措施去進一步鞏固領導地位，我們有信 心，這些努力會帶來有效成果。 Amid the many challenges, we will continue to drive growth by leveraging our existing capabilities while investing in four core areas, namely, brand equity, production capacity, product and packaging innovation as well as human capital development. We will also remain highly prudent in cost management to ensure higher cost-effectiveness and maintain our profitability. 面對各種挑戰，我們將繼續透過運用現有優 勢並同時投資於四大主要範疇，包括鞏固品 牌價值、增加產能、創新產品及包裝以及發 展人力資源，以推動業務增長。我們亦進行 高度審慎之成本管理，確保提高成本效益及 維持盈利能力。 In Hong Kong, our aim is to safeguard our stable profit position, maintain our market leadership and outperform the industry primarily by further reinforcing our brand equity as well as enhancing our range of products and packages. The rejuvenation of our production capability will help expand our capacity and grow our sales. Mainland China will continue to be our growth engine. We will focus on driving organic growth and expanding our market presence under our proven business strategy. Our third plant in Mainland China scheduled for commissioning in Fiscal 2011/2012 will definitely allow us to reinforce our leading position in the affluent southern China 香港方面，我們之目標是憑藉進一步鞏固品 牌價值以及增加產品及包裝系列，以維持穩 定的溢利、保持市場領導地位以及令表現優 於同業水平。革新產能有助提升我們之產量 及增加銷售。中國內地將繼續是本集團之增 長動力。我們將持續行之有效的業務策略， 致力推動內部增長及擴大市場份額。我們於 中國內地之第三間廠房計劃於二零一一 ∕ 二零一二財政年度投產，此舉將進一步鞏固 我們於富裕之華南地區市場之領導地位。澳 洲及新西蘭方面，我們將繼續推動品類之市 12 Vitasoy International Holdings Ltd. Annual Report 2010/11 Chairman’s Statement 主席報告 market. In Australia and New Zealand, we will continue to drive category penetration, expand market share and maintain premium position to enhance our profitability. With the completion of the project to double the production capacity of the Wodonga plant later in the year, we will be well- poised to further increase our sales and enlarge our market share. In North America, we are aiming to grow on our profit foundation and fuel growth momentum through capitalising on our dominant market positions in both Tofu and Asian Pasta categories. In Singapore, we will expand our channels and seek to take advantage of the UNICURD brand to explore and further penetrate other ASEAN markets. 場滲透率、擴大市場份額及維持市場主導地 位以提高盈利能力。烏東加市廠房之產能倍 增項目於本年度稍後時間完成後，我們將可 進一步增加銷售及擴大市場份額。北美洲方 面，我們旨在透過其於豆腐及亞洲麵食品類 之市場主導地位，增強溢利基礎及帶動增 長。新加坡方面，我們將擴展銷售渠道，並 憑藉 UNICURD 統一品牌之優勢開拓及進一 步滲透其他東盟國家市場。 Notes of Appreciation 致謝 Despite the challenges we faced, we have achieved solid business results and significant progress in strengthening our position for future growth, for which I must thank the Board of Directors for their wise counsel and our shareholders, customers and business partners for their unwavering trust and support. On behalf of the Board, I would like to take this opportunity to welcome Mr. Valiant Kin-piu CHEUNG who joined us on 1st September, 2010 as our Independent Non-executive Director. My heartfelt thanks also go to my colleagues worldwide for their commitment and hard work on which our continuing success depends. 儘管面對不同挑戰，我們仍能取得穩健業 績，並在鞏固集團地位以作長遠增長方面取 得重大進展。本人謹藉此感謝董事會成員之 睿智領導，以及股東、客戶及業務夥伴對我 們之堅定信任及支持。本人亦藉此機會代表 董事會歡迎張建標先生於二零一零年九月一 日起出任本公司之獨立非執行董事。本人衷 心感謝全球各地每一位同事之盡忠職守及努 力工作，為集團不斷之成功作出貢獻。 Winston Yau-lai LO Executive Chairman 14th June, 2011 羅友禮 執行主席 二零一一年六月十四日 維他奶國際集團有限公司 二零一零 ∕一一年年報 13 14 Vitasoy International Holdings Ltd. Annual Report 2010/11 維他奶國際集團有限公司 二零一零 ∕一一年年報 15 Group CEO’s Report Group CEO’s Report 集團行政總裁報告 集團行政總裁報告 Business Performance 業務表現 Our performance for the year was very positive. Despite commodity pricing headwinds in all markets and capacity limitations in many markets, the growth in top and bottom line was better than expectation. For the most part, we were aided by better operational efficiencies at high capacity utilisation, as well as judicious price and promotion management. We are in the process of addressing capacity issues in three major markets, which will equip the business for future growth. 在這二零一零 ∕二零一一財政年度，本集團 之表現良好。儘管各個市場仍面對商品價格 上漲之挑戰，及大部分市場受到產能限制， 我們之銷售及溢利增長仍勝預期，增長原因 主要是受惠於高銷量帶來營運效率之提升， 以及審慎之定價及宣傳推廣管理。我們正在 處理三個主要市場之產能問題，為日後之業 務增長作好準備。 Net Sales 銷售淨額 Our net sales were HK$3,329 million (2009/2010: HK$3,012 million), up 11% year-on-year. This growth can be attributed to the positive performance of our operations in Hong Kong and Macau, Mainland China, Australia and New Zealand and North America. 銷 售 淨 額 為 港 幣 3,329,000,000 元（ 二 零 零 九 ∕二 零 一 零 年 度 ︰港 幣 3,012,000,000 元），按年上升 11%。增長原因是由於香港 及澳門、中國內地、澳洲及新西蘭以及北美 洲等業務錄得良好表現所致。 16 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 Laurence P. EISENTRAGER 黎信彥 Group Chief Executive Officer 集團行政總裁 (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) (cid:48)(cid:86)(cid:83)(cid:1) (cid:41)(cid:80)(cid:79)(cid:72)(cid:1) (cid:44)(cid:80)(cid:79)(cid:72)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:46)(cid:66)(cid:68)(cid:66)(cid:86)(cid:1) (cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:80)(cid:86)(cid:85)(cid:14)(cid:81)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:70)(cid:69)(cid:1) the sector as a whole with a net sales growth over 4%, of which domestic sales and exports increased by just under 4% and 11% respectively. Macau delivered an impressive sales growth of 23% during the year. (cid:116)(cid:1) 香港及澳門之業務表現優於行業整體 表現，其銷售淨額上升逾 4%，其中本 地和出口銷量分別上升近 4% 及 11%。 澳 門 於 年 內 亦 錄 得 顯 著 之 銷 售 增 長 23%。 (cid:42)(cid:79)(cid:1)(cid:46)(cid:66)(cid:74)(cid:79)(cid:77)(cid:66)(cid:79)(cid:69)(cid:1)(cid:36)(cid:73)(cid:74)(cid:79)(cid:66)(cid:13)(cid:1)(cid:67)(cid:90)(cid:1)(cid:70)(cid:79)(cid:73)(cid:66)(cid:79)(cid:68)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:1)(cid:81)(cid:80)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:13)(cid:1) maintaining our steady growth strategy and revamping our package designs, we recorded a solid sales growth of 17%. (cid:116)(cid:1) 中國內地方面，透過提升市場地位、 保持穩健增長策略及革新產品包裝設 計，故錄得穩健之銷售增長 17%。 (cid:42)(cid:79)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:59)(cid:70)(cid:66)(cid:77)(cid:66)(cid:79)(cid:69)(cid:13)(cid:1)(cid:88)(cid:70)(cid:1)(cid:66)(cid:68)(cid:73)(cid:74)(cid:70)(cid:87)(cid:70)(cid:69)(cid:1)(cid:66)(cid:1)(cid:83)(cid:70)(cid:78)(cid:66)(cid:83)(cid:76)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1) growth of 28% in net sales which was attributable to our premium brand equity and success in expanding our product portfolio and distribution channels. 12% of this growth is attributable to Australian Dollar appreciation. (cid:116)(cid:1) 澳洲及新西蘭方面，銷售淨額取得顯 著增長 28%，原因是我們卓越之品牌 價值，以及成功擴闊產品類別及銷售 渠道。其中 12% 之增長由澳幣升值所 致。 維他奶國際集團有限公司 二零一零 ∕一一年年報 17 Group CEO’s Report 集團行政總裁報告 (cid:116)(cid:1) (cid:116)(cid:1) (cid:42)(cid:79)(cid:1)(cid:47)(cid:80)(cid:83)(cid:85)(cid:73)(cid:1)(cid:34)(cid:78)(cid:70)(cid:83)(cid:74)(cid:68)(cid:66)(cid:13)(cid:1)(cid:88)(cid:70)(cid:1)(cid:76)(cid:70)(cid:81)(cid:85)(cid:1)(cid:86)(cid:81)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1)(cid:78)(cid:80)(cid:78)(cid:70)(cid:79)(cid:85)(cid:86)(cid:78)(cid:1) and recorded a broad-based year-on-year growth of 7% in net sales. (cid:116)(cid:1) 北美洲方面，繼續保持增長動力，全 線產品銷售淨額按年上升 7%。 (cid:42)(cid:79)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:54)(cid:79)(cid:74)(cid:68)(cid:86)(cid:83)(cid:69)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:77)(cid:90)(cid:1) lacklustre due mainly to a weak domestic market and retailer emphasis on house brands. Despite the drop in local sales of 3%, with the appreciation of the (cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:66)(cid:79)(cid:1)(cid:37)(cid:80)(cid:77)(cid:77)(cid:66)(cid:83)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:13)(cid:1)(cid:54)(cid:79)(cid:74)(cid:68)(cid:86)(cid:83)(cid:69)(cid:8)(cid:84)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1) were up 5% in Hong Kong Dollar terms. (cid:116)(cid:1) 新加坡方面，主要由於當地市場疲弱 及零售商偏重自家品牌產品，統一之 表 現 相 對 欠 佳。 儘 管 當 地 銷 售 下 跌 3%，但年內因新加坡幣升值，故以港 幣計算，統一之銷售淨額亦上升 5%。 Gross Profit 毛利 The gross profit for the year was HK$1,651 million (2009/2010: HK$1,498 million), up HK$153 million or 10%. Our gross profit margin was maintained at 50% (2009/2010: 50%) through improved manufacturing efficiency driven by volume growth, effective pricing strategy and prudent cost management. 本 年 度 之 毛 利 為 港 幣 1,651,000,000 元（ 二 零零九∕二零一零年度︰港幣1,498,000,000 元 ）， 上 升 港 幣 153,000,000 元 或 10%。 銷 量上升、加上有效之定價策略及審慎之成本 管理，生產效率得以改善，令毛利率維持於 50%（二零零九 ∕二零一零年度 ︰50%）。 Operating Expenses 經營費用 Total operating expenses amounted to HK$1,259 million (2009/2010: HK$1,163 million), up 8%, reflecting our focused efforts in building brand equity, engaging in product and packaging innovation, refurbishing production capacity and developing human resources. Marketing, selling and distribution expenses were HK$823 million, up 8%. Administrative expenses amounted to HK$245 million, up 8%. Other operating expenses were HK$191 million, up 11%. 總經營費用合共為港幣1,259,000,000元（二 零零九∕二零一零年度︰港幣1,163,000,000 元），上升 8%，反映我們繼續專注於建立品 牌價值、創新產品及包裝、改善產能、以及 發展人力資源。推廣、銷售及分銷費用為港 幣 823,000,000 元， 上 升 8%。 行 政 費 用 為 港 幣 245,000,000 元， 上 升 8%。 其 他 經 營 費用為港幣 191,000,000 元，上升 11%。 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Impairment Losses on Property, Plant and Equipment) (cid:38)(cid:35)(cid:42)(cid:53)(cid:37)(cid:34)(cid:1) (cid:71)(cid:80)(cid:83)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:90)(cid:70)(cid:66)(cid:83)(cid:1) (cid:88)(cid:66)(cid:84)(cid:1) (cid:41)(cid:44)(cid:5)(cid:22)(cid:20)(cid:24)(cid:1) (cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1) (cid:9)(cid:19)(cid:17)(cid:17)(cid:26)(cid:16)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1) (cid:41)(cid:44)(cid:5)(cid:21)(cid:25)(cid:20)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:10)(cid:13)(cid:1)(cid:86)(cid:81)(cid:1)(cid:41)(cid:44)(cid:5)(cid:22)(cid:21)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:83)(cid:1)(cid:18)(cid:18)(cid:6)(cid:15)(cid:1)(cid:38)(cid:35)(cid:42)(cid:53)(cid:37)(cid:34)(cid:1)(cid:78)(cid:66)(cid:83)(cid:72)(cid:74)(cid:79)(cid:1) to net sales was maintained at 16% which was on par with last year. 未計利息收入、融資成本、所得 稅、折舊及攤銷費用以及固定資 產減值前盈利（「EBITDA」） 本年度之EB(cid:42)TDA為港幣537,000,000元（二 零零九 ∕二零一零年度 ︰港幣 483,000,000 元 ）， 上 升 港 幣 54,000,000 元 或 11%。 EB(cid:42)TDA 佔銷售淨額維持於 16%，與去年之 水平相約。 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, 2011, profit attributable to equity shareholders of the Company was HK$284 million (2009/2010: HK$260 million), representing an increase of 9% from last year. 截至二零一一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 284,000,000 元（ 二 零 零 九 ∕二 零 一 零 年 度 ︰港 幣 260,000,000 元），較去年上升 9%。 18 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 Financial Review 財務回顧 Our financial position, as at 31st March, 2011, continued to be healthy. Given the planned investment to expand our production capacity in Mainland China, Australia and Hong Kong, our net cash position at the end of the year was HK$89 million (2009/2010: HK$392 million) with available banking facilities amounting to HK$986 million (2009/2010: HK$497 million). 於二零一一年三月三十一日止，我們之財 務狀況持續穩健。由於按計劃作出投資以 擴大中國內地、澳洲及香港之產能，我們 於年末之現金淨額為港幣 89,000,000 元（二 零零九 ∕二零一零年度 ︰港幣 392,000,000 元 ）， 而 可 供 動 用 之 銀 行 信 貸 額 為 港 幣 986,000,000元（二零零九∕二零一零年度︰ 港幣 497,000,000 元）。 The borrowings (including obligations under finance lease) as at 31st March, 2011 amounted to HK$274 million (2009/2010: HK$87 million). The gearing ratio (total borrowings/total equity attributable to equity shareholders of the Company) increased to 19% (2009/2010: 6%) due to the new bank loans drawn to finance the construction of the new production plant in Mainland China, production capacity expansion in Australia as well as manufacturing line improvement in Hong Kong. 於二零一一年三月三十一日止，借貸（包括 融資租賃之債務）為港幣 274,000,000 元（二 零 零 九 ∕二 零 一 零 年 度 ︰港 幣 87,000,000 元）。由於須動用新銀行貸款以作中國內地 興建新廠房、擴充澳洲之產能、以及改善香 港之生產線，故借貸比率（按借貸總額與本 公司股權持有人應佔權益總額比率計算）上 升至19%（二零零九∕二零一零年度︰6%）。 The capital expenditure incurred in fiscal year of 2010/2011 totalled HK$511 million (2009/2010: HK$91 million), which was funded by both internally generated cash and bank loans. As at 31st March, 2011, assets with a carrying value of HK$34 million (2009/2010: HK$49 million) were pledged under certain loans and lease agreements. 二零一零 ∕二零一一財政年度錄得之資本 性支出合共為港幣 511,000,000 元（二零零 九 ∕二零一零年度 ︰港幣 91,000,000 元）， 該支出以集團內部產生之現金及銀行貸款撥 付。 於二零一一年三月三十一日止，賬面值為 港幣 34,000,000 元（二零零九 ∕二零一零年 度 ︰港幣 49,000,000 元）之資產已用作為若 干貸款及租賃協議之抵押。 Financial Risk Management 財務風險管理 Our financial management focuses on controlled management of risks, with transactions being directly related to our underlying businesses. We operate a central cash and treasury management system for all our subsidiaries. Borrowings are normally taken out in local currencies by operating subsidiaries to fund and partially hedge their investments. 我們之財務風險管理重點在於管控風險，所 有交易必須與我們之相關業務有直接關係。 我們為其所有附屬公司實行中央現金及財政 管理制度。各營運附屬公司一般以當地貨幣 借貸注資，因而對沖部分出資匯率風險。 The financial risks we faced arise mainly from the fluctuation of interest rates and exchange rates. We use financial instruments, where appropriate, to manage those risks. At the end of the fiscal year of 2010/2011, we had no exposures under foreign exchange contracts or financial derivatives. 我們所面對之財務風險主要與利率及匯率波 動有關。我們於需要時會利用金融工具管理 該等風險。於二零一零 ∕二零一一財政年度 年結日，我們並無任何外匯合約或衍生金融 工具之風險。 維他奶國際集團有限公司 二零一零 ∕一一年年報 19 Group CEO’s Report 集團行政總裁報告 Review of Operations Hong Kong and Macau 業務回顧 香港及澳門 2011 2010 HK$ million HK$ million 港幣百萬元 港幣百萬元 % Change 變動 2011 2010 Group contribution % 佔本集團百分比 % Revenue from external 來自外間客戶 customers (cid:49)rofit from operations 之收入 經營溢利 1,530 285 1,470 278 4% 3% 46 57 49 61 The Hong Kong economy remained buoyant last year, driven by property and high end retail goods, but the operating environment for the non-alcoholic beverage sector became tougher. Demand was sluggish as sales volume was impacted by the increase in dining-out activities. Competition on price intensified and the costs of raw materials and labour continued to climb. 去年，香港經濟受房地產及高級零售商品推 動而持續蓬勃發展，但非酒精類飲料行業之 經營環境日趨困難。由於銷售量受到市民外 出用膳次數增加影響，以致需求疲弱。價格 競爭愈趨激烈，原材料及勞工成本亦持續攀 升。 (cid:42)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:88)(cid:70)(cid:77)(cid:87)(cid:70)(cid:1)(cid:78)(cid:80)(cid:79)(cid:85)(cid:73)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:20)(cid:18)(cid:84)(cid:85)(cid:1)(cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:13)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:72)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1) in Hong Kong and Macau (including exports business) were HK$1,530 million, up 4% from the preceding year, which surpassed the growth of the local non-alcoholic beverage sector as a whole. Operating profit went up by 3% to HK$285 million. 截至二零一一年三月三十一日止十二個月， 香港及澳門之銷售淨額（包括出口業務）為 港 幣 1,530,000,000 元， 較 去 年 上 升 4%， 高於本地非酒精類飲料行業之整體增長。經 營溢利上升 3% 至港幣 285,000,000 元。 The steady performance in Hong Kong can be attributed primarily to our ability to capitalise on our strong brand equity and competitive edge in product innovation and marketing to maintain our market lead and capture a larger market share. The successful launch of new products contributed to both the top- line and bottom-line growth of our business. These included (cid:55)(cid:42)(cid:53)(cid:34)(cid:49)(cid:48)(cid:49)(cid:13)(cid:1)(cid:66)(cid:1)(cid:79)(cid:70)(cid:88)(cid:1)(cid:83)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:77)(cid:74)(cid:72)(cid:73)(cid:85)(cid:14)(cid:85)(cid:66)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:83)(cid:86)(cid:74)(cid:85)(cid:1)(cid:69)(cid:83)(cid:74)(cid:79)(cid:76)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:49)(cid:38)(cid:53)(cid:1)(cid:9)(cid:81)(cid:77)(cid:66)(cid:84)(cid:85)(cid:74)(cid:68)(cid:10)(cid:1) 香港業務表現穩健，主要有賴我們善用強勁 之品牌價值，以及於產品創新及市場推廣方 面之競爭優勢，故得以保持市場領導地位， 並能取得更大市場份額。成功推出新產品對 我們業務之銷售及溢利增長均有幫助。這些 新產品包括為迎合年輕消費者口味並以塑膠膠 20 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 (cid:67)(cid:80)(cid:85)(cid:85)(cid:77)(cid:70)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:90)(cid:80)(cid:86)(cid:79)(cid:72)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:86)(cid:78)(cid:70)(cid:83)(cid:84)(cid:28)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:70)(cid:1)(cid:45)(cid:70)(cid:78)(cid:80)(cid:79)(cid:1)(cid:53)(cid:70)(cid:66)(cid:1)(cid:74)(cid:79)(cid:1)(cid:53)(cid:70)(cid:85)(cid:83)(cid:66)(cid:1)(cid:49)(cid:66)(cid:76)(cid:1) (cid:68)(cid:66)(cid:83)(cid:85)(cid:80)(cid:79)(cid:84)(cid:28)(cid:1)(cid:45)(cid:80)(cid:88)(cid:14)(cid:52)(cid:86)(cid:72)(cid:66)(cid:83)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1)(cid:52)(cid:80)(cid:90)(cid:78)(cid:74)(cid:77)(cid:76)(cid:1)(cid:74)(cid:79)(cid:1)(cid:80)(cid:79)(cid:70)(cid:14)(cid:77)(cid:74)(cid:85)(cid:83)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:78)(cid:66)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1) (cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1)(cid:48)(cid:83)(cid:72)(cid:66)(cid:79)(cid:74)(cid:68)(cid:1)(cid:35)(cid:77)(cid:66)(cid:68)(cid:76)(cid:1)(cid:52)(cid:80)(cid:90)(cid:66)(cid:1)(cid:37)(cid:83)(cid:74)(cid:79)(cid:76)(cid:13)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:67)(cid:70)(cid:68)(cid:66)(cid:78)(cid:70)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:79)(cid:84)(cid:85)(cid:66)(cid:79)(cid:85)(cid:1) winner in the market. During the year, we continued to invest in marketing with a strong focus on our flagship brands of products (cid:84)(cid:86)(cid:68)(cid:73)(cid:1)(cid:66)(cid:84)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1)(cid:52)(cid:80)(cid:90)(cid:78)(cid:74)(cid:77)(cid:76)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:1)(cid:45)(cid:70)(cid:78)(cid:80)(cid:79)(cid:1)(cid:53)(cid:70)(cid:66)(cid:1)(cid:85)(cid:80)(cid:1)(cid:71)(cid:86)(cid:83)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1) reinforce our core brand equity franchise. These brand building initiatives as well as advertising and marketing efforts were well- received, as evidenced by the large number of accolades bestowed on the Hong Kong operation in that regard during the year (For details, please refer to the “Awards and Recognitions” on pages 36 to 41). Apart from domestic sales, our export business also posted impressive results. Exports sales grew by 11% year-on-year. Exceptionally robust sales growth was registered in Macau, which went up by a hefty 23%. This could be attributed to (cid:46)(cid:66)(cid:68)(cid:66)(cid:86)(cid:8)(cid:84)(cid:1)(cid:70)(cid:68)(cid:80)(cid:79)(cid:80)(cid:78)(cid:74)(cid:68)(cid:1)(cid:86)(cid:81)(cid:85)(cid:86)(cid:83)(cid:79)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:80)(cid:79)(cid:70)(cid:1)(cid:73)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:81)(cid:83)(cid:80)(cid:66)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1) sales strategy on the other. Regarding the school tuck shop business operated through (cid:55)(cid:74)(cid:85)(cid:66)(cid:77)(cid:66)(cid:79)(cid:69)(cid:1) (cid:52)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1) (cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1) (cid:9)(cid:105)(cid:55)(cid:74)(cid:85)(cid:66)(cid:77)(cid:66)(cid:79)(cid:69)(cid:119)(cid:10)(cid:13)(cid:1) (cid:88)(cid:70)(cid:1) (cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:70)(cid:69)(cid:1) to safeguard our market position by focusing on quality, innovation and service excellence. Despite fierce competition, Vitaland further enlarged its market share by growing the number of tuck shops by 16% year-on-year to 299, winning new commercial outlets and increasing the sales of lunch boxes. Meanwhile, Vitaland continued to take proactive action (cid:85)(cid:80)(cid:1)(cid:81)(cid:83)(cid:80)(cid:85)(cid:70)(cid:68)(cid:85)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:66)(cid:67)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:15)(cid:1)(cid:42)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:83)(cid:70)(cid:87)(cid:74)(cid:70)(cid:88)(cid:13)(cid:1)(cid:55)(cid:74)(cid:85)(cid:66)(cid:77)(cid:66)(cid:79)(cid:69)(cid:8)(cid:84)(cid:1) net sales increased by 20% to HK$270 million. 瓶裝推出之清淡果汁飲料系列 V(cid:42)TA(cid:49)O(cid:49)； 利樂紙包裝維他青檸檸檬茶；一公升裝低糖 維他奶豆奶及剛推出即成為市場贏家的維他 奶有機黑豆漿。年內，我們繼續投資於市場 推廣活動，重點推廣如維他奶豆奶及維他檸 檬茶等旗艦品牌產品，進一步鞏固我們核心 品牌之專有價值。這些品牌建立活動以及市 場推廣活動廣受大眾歡迎，可從年內在香港 獲得多項獎項嘉許引證（詳情請參閱第 36 至 41 頁「嘉許及表揚」）。 除本地銷售外，我們之出口業務亦錄得理想 業績。出口銷售按年上升 11%。澳門錄得特 別凌厲之銷售升幅，大幅攀升 23%。原因是 澳門經濟好轉，加上積極之銷售策略。 至於維他天地服務有限公司（「維他天地」） 經營之學校小食部業務，由於著重質素、創 新及優質服務，故繼續維持市場地位。儘管 競爭激烈，維他天地仍能按年增加小食部數 目 16% 至 299 間，同時贏得新增商業銷售點 及增加午餐飯盒之銷售，皆進一步擴大其市 場份額。同時，維他天地繼續採取積極措施 保障其盈利能力。回顧去年，維他天地之銷 售淨額上升 20% 至港幣 270,000,000 元。 維他奶國際集團有限公司 二零一零 ∕一一年年報 21 Group CEO’s Report 集團行政總裁報告 Mainland China 中國內地 2011 2010 HK$ million HK$ million 港幣百萬元 港幣百萬元 % Change 變動 2011 2010 Group contribution % 佔本集團百分比 % Revenue from external 來自外間客戶 customers (cid:49)rofit from operations 之收入 經營溢利 854 110 729 104 17% 6% 26 22 24 23 The Chinese economy maintained a strong growth momentum last year. For nutritious drink suppliers, while consumption continued to grow, the intensification of competition remained unabated, especially from the dairy milk sector. At the same time, the surge in prices of raw materials, particularly sugar and milk powder, was exerting enormous pressure on profit margins. 中國經濟去年維持強勁增長動力。作為營養 飲品供應商，雖然消費量持續增長，但尤其 是來自牛奶行業之競爭仍十分激烈，與此同 時，原材料（特別是糖及奶粉）價格上升， 為利潤帶來龐大壓力。 Notwithstanding the above challenges, the effective execution of our well-tested focused growth strategy enabled us to achieve substantial growth in both sales and market share in southern China while further strengthening our foothold in eastern China. Our major focus last year was to enhance our brand image by positioning it as “healthy and green”. Effective consumer education campaigns, such as the launch (cid:80)(cid:71)(cid:1)(cid:105)(cid:53)(cid:73)(cid:80)(cid:86)(cid:84)(cid:66)(cid:79)(cid:69)(cid:1)(cid:49)(cid:70)(cid:80)(cid:81)(cid:77)(cid:70)(cid:1)(cid:45)(cid:74)(cid:72)(cid:73)(cid:85)(cid:14)(cid:90)(cid:80)(cid:72)(cid:66)(cid:1)(cid:49)(cid:66)(cid:83)(cid:85)(cid:90)(cid:119)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:71)(cid:86)(cid:83)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1) (cid:70)(cid:79)(cid:73)(cid:66)(cid:79)(cid:68)(cid:70)(cid:69)(cid:1)(cid:68)(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)(cid:70)(cid:83)(cid:84)(cid:8)(cid:1)(cid:66)(cid:88)(cid:66)(cid:83)(cid:70)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:67)(cid:83)(cid:66)(cid:79)(cid:69)(cid:15)(cid:1)(cid:56)(cid:70)(cid:1)(cid:66)(cid:77)(cid:84)(cid:80)(cid:1)(cid:80)(cid:67)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1) 儘管面對以上挑戰，透過持之有效的專注增 長策略，我們在華南之銷售及市場份額方面 均取得可觀增長，同時亦能在華東進一步打 穩根基。去年之主要重點是以「健康和綠色」 定位提升我們之品牌形象。年內，透過有 效之消費者教育活動，如舉行「千人輕瑜伽 派對」，均有助加深顧客對我們品牌之認知 度。我們取得廣受歡迎之「喜羊羊與灰太狼」 卡通人物之商標授權，並用於產品包裝上吸 22 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 (cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:83)(cid:66)(cid:69)(cid:70)(cid:78)(cid:66)(cid:83)(cid:76)(cid:1)(cid:77)(cid:74)(cid:68)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:86)(cid:84)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:80)(cid:81)(cid:86)(cid:77)(cid:66)(cid:83)(cid:1)(cid:105)(cid:49)(cid:77)(cid:70)(cid:66)(cid:84)(cid:66)(cid:79)(cid:85)(cid:1)(cid:40)(cid:80)(cid:66)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1) Big Big Wolf” cartoon characters on our product packages, which appeal to children. On the product development front, we brought new concepts to our soymilk product range by enhancing its nutrition contents, for example, through increase of the protein content and introducing new Calcium- (cid:51)(cid:74)(cid:68)(cid:73)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1) (cid:52)(cid:80)(cid:90)(cid:78)(cid:74)(cid:77)(cid:76)(cid:15)(cid:1)(cid:56)(cid:74)(cid:85)(cid:73)(cid:1) (cid:66)(cid:77)(cid:77)(cid:1) (cid:85)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1) (cid:74)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:13)(cid:1) (cid:85)(cid:80)(cid:72)(cid:70)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1) with an effective pricing strategy, we succeeded in growing sales, reinforcing our brand image, and expanding our market (cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:68)(cid:70)(cid:15)(cid:1) (cid:42)(cid:85)(cid:1) (cid:84)(cid:73)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1) (cid:67)(cid:70)(cid:1) (cid:79)(cid:80)(cid:85)(cid:70)(cid:69)(cid:1) (cid:85)(cid:73)(cid:66)(cid:85)(cid:1) (cid:74)(cid:79)(cid:1) (cid:85)(cid:70)(cid:83)(cid:78)(cid:84)(cid:1) (cid:80)(cid:71)(cid:1) (cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:1) (cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:13)(cid:1) (cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1)(cid:67)(cid:83)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:84)(cid:1)(cid:79)(cid:80)(cid:88)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:47)(cid:80)(cid:15)(cid:18)(cid:1)(cid:81)(cid:66)(cid:68)(cid:76)(cid:66)(cid:72)(cid:70)(cid:69)(cid:1)(cid:84)(cid:80)(cid:90)(cid:78)(cid:74)(cid:77)(cid:76)(cid:1)(cid:77)(cid:70)(cid:66)(cid:69)(cid:70)(cid:83)(cid:1)(cid:74)(cid:79)(cid:1) both southern and eastern China. Our brand is also one of the top market players in the dairy category in the south. 引兒童顧客。產品開發方面，透過提升營養 成份（如增加蛋白質成份）及推出全新之鈣 優維他奶豆奶，為豆奶產品注入新概念。以 上種種推動加上有效之定價策略，使我們於 銷售增長、鞏固品牌形象及擴大市場佔有率 方面均取得成功。值得注意的是，在市場份 額方面，維他奶品牌現於華南及華東之包裝 豆奶市場中均為領導者。我們之品牌亦為華 南奶品類市場之主要市場領導者。 Total net sales for the year reached HK$854 million, representing a solid growth of 17%, led primarily by the growth in southern China, despite manufacturing capacity constraints. Total operating profit also saw an encouraging increase of 6% to HK$110 million versus the preceding fiscal year. 去年，儘管受到生產產能限制，總銷售淨額 因華南之增長帶動亦穩步上升 17%，達港幣 854,000,000 元。經營溢利總額亦較前財政 年 度 增 加 6% 至 港 幣 110,000,000 元， 成 績 令人鼓舞。 The construction of our new production plant in Nanhai, Foshan has been in good progress and is on schedule. The target date for its commissioning is the latter half of the fiscal year of 2011/2012. 位於佛山南海之新建廠房工程進展良好，進 度符合預期。其投產目標日期為二零一一 ∕二零一二財政年度下半年。 維他奶國際集團有限公司 二零一零 ∕一一年年報 23 Group CEO’s Report 集團行政總裁報告 Australia and New Zealand 澳洲及新西蘭 2011 2010 HK$ million HK$ million 港幣百萬元 港幣百萬元 % Change 變動 2011 2010 Group contribution % 佔本集團百分比 % Revenue from external 來自外間客戶 customers (cid:49)rofit from operation 之收入 經營溢利 445 90 347 56 28% 60% 13 18 12 12 The Australian soymilk and rice milk markets returned to positive growth in the last quarter of the year. Vitasoy Australia (cid:49)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:85)(cid:84)(cid:1) (cid:49)(cid:85)(cid:90)(cid:15)(cid:1) (cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1) (cid:9)(cid:105)(cid:55)(cid:34)(cid:49)(cid:119)(cid:10)(cid:1) (cid:77)(cid:70)(cid:69)(cid:1) (cid:85)(cid:73)(cid:74)(cid:84)(cid:1) (cid:84)(cid:85)(cid:83)(cid:80)(cid:79)(cid:72)(cid:1) (cid:83)(cid:70)(cid:68)(cid:80)(cid:87)(cid:70)(cid:83)(cid:90)(cid:1) (cid:66)(cid:84)(cid:1) the market leader and we were the only manufacturer in the market to have maintained growth. On the other hand, the New Zealand market shrank slightly. 澳 洲 豆 奶 及 米 奶 市 場 於 去 年 最 後 一 季 重 拾 升 勢。Vitasoy Australia (cid:49)roducts (cid:49)ty. (cid:45)imited（「VA(cid:49)」）作為市場領導者，帶 領市場強勁復甦，而我們亦是市場中唯一能 維持增長之生產商。另一方面，新西蘭市場 有輕微下跌。 (cid:42)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:83)(cid:70)(cid:87)(cid:74)(cid:70)(cid:88)(cid:13)(cid:1)(cid:55)(cid:34)(cid:49)(cid:1)(cid:83)(cid:70)(cid:68)(cid:80)(cid:83)(cid:69)(cid:70)(cid:69)(cid:1)(cid:66)(cid:1)(cid:84)(cid:85)(cid:83)(cid:80)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1) 28% in net sales which reached HK$445 million. Operating profit registered an even stronger growth of 60% to HK$90 million. The appreciation of the Australian Dollar during the (cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:66)(cid:77)(cid:84)(cid:80)(cid:1)(cid:66)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:8)(cid:84)(cid:1)(cid:71)(cid:66)(cid:87)(cid:80)(cid:86)(cid:83)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:70)(cid:83)(cid:78)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:67)(cid:80)(cid:85)(cid:73)(cid:1)(cid:83)(cid:70)(cid:87)(cid:70)(cid:79)(cid:86)(cid:70)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:15)(cid:1)(cid:42)(cid:79)(cid:1)(cid:77)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:68)(cid:86)(cid:83)(cid:83)(cid:70)(cid:79)(cid:68)(cid:90)(cid:1)(cid:85)(cid:70)(cid:83)(cid:78)(cid:84)(cid:13)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:18)(cid:23)(cid:6)(cid:1) while operating profit grew by 45%. 回 顧 去 年，VA(cid:49) 之 銷 售 淨 額 錄 得 28% 之 強 勁 升 幅， 達 港 幣 445,000,000 元。 經 營 溢利錄得更凌厲之升幅，上升 60% 至港幣 90,000,000 元。 澳 元 於 年 內 升 值 亦 有 利 於 本集團之收入及溢利。以當地貨幣計算，銷 售淨額上升 16%，而經營溢利則增長 45%。 24 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 Wi h With our premium brand equity and innovation capability, we spearheaded the category growth and attained solid business results. Amid the downward pressure on price from both the competitors and the retailers, we succeeded in further reinforcing our market lead across Australia and New Zealand. We also made significant progress in expanding our distribution channels by establishing a firm foothold in the out-of-home (cid:68)(cid:80)(cid:71)(cid:71)(cid:70)(cid:70)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:13)(cid:1)(cid:77)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1)(cid:36)(cid:66)(cid:71)(cid:207)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:35)(cid:66)(cid:83)(cid:74)(cid:84)(cid:85)(cid:66)(cid:84)(cid:1)(cid:52)(cid:80)(cid:90)(cid:78)(cid:74)(cid:77)(cid:76)(cid:15)(cid:1)(cid:56)(cid:70)(cid:1) would like to recognise the tremendous contribution to sales (cid:70)(cid:89)(cid:81)(cid:66)(cid:79)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:75)(cid:80)(cid:74)(cid:79)(cid:85)(cid:1)(cid:87)(cid:70)(cid:79)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:79)(cid:70)(cid:83)(cid:1)(cid:45)(cid:74)(cid:80)(cid:79)(cid:1)(cid:47)(cid:66)(cid:85)(cid:73)(cid:66)(cid:79)(cid:1)(cid:47)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1) Foods. Our successful partnership continues to develop the (cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:55)(cid:42)(cid:53)(cid:34)(cid:52)(cid:48)(cid:58)(cid:1)(cid:67)(cid:83)(cid:66)(cid:79)(cid:69)(cid:15)(cid:1)(cid:56)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1) renovation of our product range, in particular the packaging design, to drive renewed energy in the category and further differentiate our products from those of competitors for the upcoming year. 憑藉卓越之品牌價值及創新能力，我們領 導品類增長並取得理想業績。雖然面對競 爭對手及零售商下調價格之壓力，我們仍 能成功於澳洲及新西蘭等市場進一步鞏固 其市場領導地位。我們亦透過維他奶 Caf(cid:207) for Baristas 豆 奶 於 咖 啡 餐 飲 市 場 建 立 穩 固 之市場地位，就擴展銷售渠道方面作出重 大 發 展。 我 們 感 謝 合 營 夥 伴 (cid:45)ion Nathan National Foods 對 擴 充 銷 售 作 出 之 重 大 貢 獻，我們成功建立之夥伴關係繼續有助維他 奶品牌在澳洲市場發展。我們已完成革新產 品系列，特別在包裝設計方面，於各品類中 注入新元素，並於來年進一步為產品建立有 別於競爭對手之形象。 Our management and operation teams were very successful in improving operational efficiency during a time of limited available capacity. We also embarked on an expansion project to double the production capacity of the Wodonga plant to prepare for future growth. The capacity expansion project has been proceeding smoothly and is on schedule. 在產能受限制之情況下，管理及營運團隊均 能成功大幅改善營運效率。我們亦開展了擴 充烏東加市廠房之產能倍增項目，為日後增 長作好準備。產能擴充項目現正如期順利進 行。 維他奶國際集團有限公司 二零一零 ∕一一年年報 25 Group CEO’s Report 集團行政總裁報告 North America 北美洲 2011 2010 HK$ million HK$ million 港幣百萬元 港幣百萬元 % Change 變動 2011 2010 Group contribution % 佔本集團百分比 % Revenue from external 來自外間客戶 customers (cid:49)rofit from operation 之收入 經營溢利 434 12 404 8 7% 52% 13 2 13 2 (cid:53)(cid:73)(cid:70)(cid:1) (cid:81)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:54)(cid:52)(cid:1) (cid:70)(cid:68)(cid:80)(cid:79)(cid:80)(cid:78)(cid:90)(cid:1) (cid:83)(cid:70)(cid:78)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1) (cid:77)(cid:66)(cid:68)(cid:76)(cid:77)(cid:86)(cid:84)(cid:85)(cid:83)(cid:70)(cid:15)(cid:1) However, our North American operation continued to show positive top-line and bottom-line results for the year ended 31st March, 2011. 美國經濟表現持續疲弱，然而，截至二零 一一年三月三十一日止年度，北美洲業務持 續錄得銷售增長及溢利。 (cid:39)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:74)(cid:79)(cid:72)(cid:1) (cid:77)(cid:66)(cid:84)(cid:85)(cid:1) (cid:90)(cid:70)(cid:66)(cid:83)(cid:8)(cid:84)(cid:1) (cid:85)(cid:86)(cid:83)(cid:79)(cid:1) (cid:85)(cid:80)(cid:1) (cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:13)(cid:1) (cid:80)(cid:86)(cid:83)(cid:1) (cid:47)(cid:80)(cid:83)(cid:85)(cid:73)(cid:1)(cid:34)(cid:78)(cid:70)(cid:83)(cid:74)(cid:68)(cid:66)(cid:79)(cid:1) operation strengthened its market share leadership position in (cid:85)(cid:73)(cid:70)(cid:1)(cid:54)(cid:52)(cid:1)(cid:85)(cid:80)(cid:71)(cid:86)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:34)(cid:84)(cid:74)(cid:66)(cid:79)(cid:1)(cid:81)(cid:66)(cid:84)(cid:85)(cid:66)(cid:1)(cid:68)(cid:66)(cid:85)(cid:70)(cid:72)(cid:80)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:88)(cid:73)(cid:74)(cid:77)(cid:70)(cid:1)(cid:83)(cid:70)(cid:66)(cid:77)(cid:74)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:84)(cid:85)(cid:83)(cid:80)(cid:79)(cid:72)(cid:1) (cid:69)(cid:80)(cid:86)(cid:67)(cid:77)(cid:70)(cid:14)(cid:69)(cid:74)(cid:72)(cid:74)(cid:85)(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1) (cid:74)(cid:79)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:84)(cid:74)(cid:66)(cid:79)(cid:1) (cid:42)(cid:78)(cid:81)(cid:80)(cid:83)(cid:85)(cid:70)(cid:69)(cid:1)(cid:35)(cid:70)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1)(cid:84)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:15)(cid:1) (cid:52)(cid:74)(cid:72)(cid:79)(cid:74)(cid:71)(cid:74)(cid:68)(cid:66)(cid:79)(cid:85)(cid:1)(cid:66)(cid:69)(cid:69)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:78)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:85)(cid:70)(cid:66)(cid:78)(cid:1)(cid:74)(cid:79)(cid:1)(cid:67)(cid:80)(cid:85)(cid:73)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)(cid:54)(cid:52)(cid:1)(cid:46)(cid:66)(cid:74)(cid:79)(cid:84)(cid:85)(cid:83)(cid:70)(cid:66)(cid:78)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:34)(cid:84)(cid:74)(cid:66)(cid:79)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:79)(cid:70)(cid:77)(cid:84)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:55)(cid:74)(cid:85)(cid:66)(cid:84)(cid:80)(cid:90)(cid:1) (cid:54)(cid:52)(cid:34)(cid:8)(cid:84)(cid:1)(cid:74)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:69)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:70)(cid:79)(cid:73)(cid:66)(cid:79)(cid:68)(cid:70)(cid:69)(cid:1)(cid:81)(cid:80)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) for sustainable profit growth. For the year ended 31st March, 2011, net sales revenue was HK$434 million, up 7% while operating profit was HK$12 million, up 52%. 繼去年成功轉虧為盈後，北美洲業務在鞏固 美國豆腐及亞洲麫食類別之市場領導地位 以外，亦同時於亞洲進口飲料銷量方面錄得 雙位數字之強大增長。由於分別擴大了美國 主流及亞洲渠道之銷售管理團隊，維他奶 美國業務之表現得以改善並鞏固其市場地 位，令溢利持續增長。截至二零一一年三 月三十一日止年度，銷售收入淨額為港幣 434,000,000 元， 上 升 7%， 經 營 溢 利 為 港 幣 12,000,000 元，上升 52%。 (cid:52)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1) (cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1) (cid:88)(cid:66)(cid:84)(cid:1) (cid:84)(cid:70)(cid:70)(cid:79)(cid:1) (cid:74)(cid:79)(cid:1) (cid:66)(cid:77)(cid:77)(cid:1) (cid:68)(cid:80)(cid:83)(cid:70)(cid:1) (cid:81)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:85)(cid:84)(cid:13)(cid:1) (cid:81)(cid:66)(cid:83)(cid:85)(cid:74)(cid:68)(cid:86)(cid:77)(cid:66)(cid:83)(cid:77)(cid:90)(cid:1) (cid:66)(cid:1) (cid:84)(cid:73)(cid:74)(cid:71)(cid:85)(cid:1)(cid:85)(cid:80)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:70)(cid:78)(cid:74)(cid:86)(cid:78)(cid:1)(cid:47)(cid:34)(cid:52)(cid:48)(cid:58)(cid:34)(cid:1)(cid:67)(cid:83)(cid:66)(cid:79)(cid:69)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:73)(cid:66)(cid:69)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1) the performance driver. We also took initiatives in product (cid:69)(cid:70)(cid:87)(cid:70)(cid:77)(cid:80)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:81)(cid:66)(cid:68)(cid:76)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)(cid:85)(cid:74)(cid:78)(cid:86)(cid:77)(cid:66)(cid:85)(cid:70)(cid:1)(cid:69)(cid:70)(cid:78)(cid:66)(cid:79)(cid:69)(cid:15)(cid:1)(cid:45)(cid:66)(cid:86)(cid:79)(cid:68)(cid:73)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1) (cid:47)(cid:34)(cid:52)(cid:48)(cid:58)(cid:34)(cid:1)(cid:53)(cid:80)(cid:71)(cid:86)(cid:49)(cid:77)(cid:86)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:47)(cid:34)(cid:52)(cid:48)(cid:58)(cid:34)(cid:1)(cid:52)(cid:86)(cid:81)(cid:70)(cid:83)(cid:1)(cid:41)(cid:86)(cid:78)(cid:78)(cid:86)(cid:84)(cid:1)(cid:84)(cid:86)(cid:68)(cid:68)(cid:70)(cid:84)(cid:84)(cid:71)(cid:86)(cid:77)(cid:77)(cid:90)(cid:1) drove both category and brand sales. On the other hand, the improvement in our profit position owed much to our effective cost management despite higher trade spending and fuel costs. 所有核心產品均錄得銷售增長，尤其集中高 價之 NA(cid:52)O(cid:58)A 品牌，其更成為業績之推動 者。我們亦致力產品開發及包裝創新以刺激 需求。推出之 NA(cid:52)O(cid:58)A Tofu(cid:49)lus（豆腐）及 NA(cid:52)O(cid:58)A (cid:52)uper Hummus（ 豆 製 沾 醬 ）成 功 地推動品類及品牌之銷售。另一方面，溢利 在銷售推廣費用及燃油成本上升影響下仍有 改善，實有賴於有效之成本管理。 26 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 Singapore 新加坡 2011 2010 HK$ million HK$ million 港幣百萬元 港幣百萬元 % Change 變動 2011 2010 Group contribution % 佔本集團百分比 % Revenue from external 來自外間客戶 customers (cid:49)rofit from operation 之收入 經營溢利 66 6 63 9 5% (29%) 2 1 2 2 (cid:53)(cid:73)(cid:70)(cid:1) (cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:66)(cid:79)(cid:1) (cid:70)(cid:68)(cid:80)(cid:79)(cid:80)(cid:78)(cid:90)(cid:1) (cid:72)(cid:83)(cid:70)(cid:88)(cid:1) (cid:84)(cid:85)(cid:83)(cid:80)(cid:79)(cid:72)(cid:77)(cid:90)(cid:1) (cid:74)(cid:79)(cid:1) (cid:19)(cid:17)(cid:18)(cid:17)(cid:1) (cid:67)(cid:86)(cid:85)(cid:1) supermarket sales remained flat. The consumption of tofu was obviously affected by the increase in dining-out activities. 新加坡經濟於二零一零年增長強勁，但超級 市場銷量仍然放緩，豆腐消耗量明顯因市民 外出用膳活動增加而受影響。 (cid:54)(cid:79)(cid:74)(cid:68)(cid:86)(cid:83)(cid:69)(cid:1)(cid:83)(cid:70)(cid:68)(cid:80)(cid:83)(cid:69)(cid:70)(cid:69)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:83)(cid:70)(cid:87)(cid:70)(cid:79)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:52)(cid:40)(cid:37)(cid:18)(cid:18)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:13)(cid:1)(cid:69)(cid:80)(cid:88)(cid:79)(cid:1) (cid:20)(cid:6)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:14)(cid:80)(cid:79)(cid:14)(cid:90)(cid:70)(cid:66)(cid:83)(cid:15)(cid:1)(cid:48)(cid:88)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:70)(cid:68)(cid:74)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:1) Dollar, net sales value increased by 5% in Hong Kong Dollar (cid:85)(cid:70)(cid:83)(cid:78)(cid:84)(cid:15)(cid:1) (cid:52)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1) (cid:74)(cid:79)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:83)(cid:70)(cid:84)(cid:85)(cid:66)(cid:86)(cid:83)(cid:66)(cid:79)(cid:85)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:88)(cid:70)(cid:85)(cid:1) (cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:1) (cid:68)(cid:73)(cid:66)(cid:79)(cid:79)(cid:70)(cid:77)(cid:84)(cid:1) (cid:66)(cid:84)(cid:1) well as exports increased whereas sales in the supermarket and wholesale channels declined. The focus of the year was (cid:80)(cid:79)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:85)(cid:1)(cid:69)(cid:70)(cid:87)(cid:70)(cid:77)(cid:80)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:15)(cid:1)(cid:54)(cid:79)(cid:74)(cid:68)(cid:86)(cid:83)(cid:69)(cid:1)(cid:77)(cid:66)(cid:86)(cid:79)(cid:68)(cid:73)(cid:70)(cid:69)(cid:1)(cid:66)(cid:1) marinated tofu “Vegetarian Chicken” for export and a highly pressed tofu sheet “Baiye” Tofu, which was well-received in all channels. Operating profit dropped by 29% to HK$6 million, mainly due to the removal of government subsidies and the increase in costs, including salaries, marketing spending, energy costs and various operation cost increases caused by new government measures. 統一之銷售收入淨額為新加坡幣11,000,000 元，按年下跌 3%。由於新加坡幣升值，銷 售淨額以港幣計算錄得 5% 增長。餐廳、濕 貨市場以及出口之銷量均錄得增長，惟超 級市場及批發等銷售渠道之銷量則下跌。 本年度之重點為市場推廣及產品開發。統 一推出了一款專供出口市場之「素雞」滷汁 豆腐，及一款廣受各銷售渠道歡迎之高壓 塊狀「百頁」豆腐。經營溢利下跌 29% 至港 幣 6,000,000 元，主要因政府津貼取消及包 括薪金、市場推廣開支、能源成本及多項因 受政府新措施影響而增加之經營成本增加所 致。 維他奶國際集團有限公司 二零一零 ∕一一年年報 27 Group CEO’s Report 集團行政總裁報告 Outlook and Strategy 展望及策略 Although economic conditions in Hong Kong seem to be improving, the risk of further volatility in the global economy still remains. We would expect higher inflation down the road. We will feel the full impact of increased commodity prices, and our pricing and promotional strategies will be tested by competitors. Our business strategy in the coming year will focus on driving our premium brand equity and innovation capabilities to enlarge our market share. Our export business is expected to maintain its growth momentum and demand in the Macau market is likely to remain strong. The new production line that will come on stream later in the year will enhance our competitive edge for growth. We will also continue to optimise manufacturing efficiency and strive to sustain our profitability through cost management. As for Vitaland, we will focus on better utilisation of assets and manpower resources. The Mainland Chinese economy is forecast to experience strong growth again in the fiscal year of 2011/2012. While the soymilk market is expected to expand, we are alert to the rising raw materials and labour costs as well as the increasing competition in the market. To drive the growth of sales and market share, we will continue to implement our focused business strategy and develop further in Guangdong and neighbouring provinces. The commissioning of the Nanhai production plant scheduled for the latter half of the fiscal year of 2011/2012 will help alleviate the existing capacity constraints and enable us to double our production capacity in southern China to cope with the rapid growth in demand. (cid:42) n addition, we will play a more active role in consumer education as regards the importance of a healthy diet. A prudent approach will be adopted for cost management to ensure cost effectiveness in the operation to maximise profitability. (cid:42)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:59)(cid:70)(cid:66)(cid:77)(cid:66)(cid:79)(cid:69)(cid:1) will continue to be difficult with retailers fighting for market share. We will continue to focus on maintaining our premium position while driving quality growth. We are confident that with the expansion of the Wodonga plant capacity, continuous product innovation and effective marketing initiatives, we will be in an even stronger position to enhance our product range, and drive the category growth. 儘管香港之經營環境正在改善，然而環球經 濟再度波動之風險仍然存在。我們預期往 後通漲將會更高，並將感受到商品價格上漲 所帶來的全面影響，而定價及宣傳推廣策略 亦會因競爭激烈而備受考驗。我們來年之業 務策略將專注於推動卓越品牌價值及創新能 力，以擴大市場份額。我們預期出口業務將 維持增長動力，澳門市場之需求仍繼續強 勁。將於本年度投產之新生產線將加強我們 之增長競爭優勢。我們亦將繼續優化生產效 率，並透過成本管理致力維持盈利能力。維 他天地方面，將集中於改善資產以及人力資 源之運用。 預期中國內地經濟於二零一一 ∕二零一二財 政年度將繼續大幅增 長。雖然豆奶市場預 期仍會擴大，但我們亦密切注意正在上升之 原材料及工資成本，以及愈趨激烈之市場競 爭。為推高銷售及市場份額，我們將繼續執 行專注業務策略，並於廣東及鄰近省份作進 一步發展。 南海之新廠房計劃於二零一一 ∕二零一二財 政年度下半年投產，將有助舒緩現有產能之 限制，並將令華南地區之生產力倍增，以應 付迅速增長之需求。此外，我們於消費者教 育上將擔當更積極角色，尤其有關健康飲食 之重要性。我們將於成本管理方面採取審慎 政策，確保符合營運成本效益，增加溢利能 力。 由於澳洲及新西蘭市場之零售商爭奪市場份 額，我們預期該等市場之經營環境將持續困 難。我們將繼續專注維持其卓越地位，並同 時增強品質。我們深信，憑藉設於烏東加市 廠房產能之擴充，加上持續產品創新及有效 市場推廣措施，我們能穩佔更強地位，增加 產品種類及推動品類增長。 28 Vitasoy International Holdings Ltd. Annual Report 2010/11 Group CEO’s Report 集團行政總裁報告 (cid:52)(cid:85)(cid:83)(cid:66)(cid:85)(cid:70)(cid:72)(cid:74)(cid:68)(cid:66)(cid:77)(cid:77)(cid:90)(cid:1)(cid:55)(cid:74)(cid:85)(cid:66)(cid:84)(cid:80)(cid:90)(cid:1)(cid:54)(cid:52)(cid:34)(cid:1)(cid:88)(cid:74)(cid:77)(cid:77)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:71)(cid:80)(cid:68)(cid:86)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:68)(cid:80)(cid:83)(cid:70)(cid:1) business while further enhancing its product offerings to expand category usage and attract health-conscious consumers. We will also explore new packaging formats to stimulate demand and enhance communication with consumers through our social media activities. Meanwhile, our marketing and sales teams in North America have been upgraded to better enable us to innovate and execute. 維他奶美國在策略上將繼續集中發展其核心 業務，進一步增加其產品種類以擴大品類 需求，並同時吸引關注健康之消費者。我們 亦開發新產品包裝以刺激需求，並透過不同 社交媒體活動加強與消費者之溝通。與此同 時，我們已提升北美洲之市場推廣及銷售團 隊質素，有助革新及推行業務策略。 (cid:42)(cid:79)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:13)(cid:1)(cid:66)(cid:77)(cid:85)(cid:73)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:68)(cid:80)(cid:79)(cid:80)(cid:78)(cid:90)(cid:1)(cid:74)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:70)(cid:68)(cid:66)(cid:84)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1) (cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:70)(cid:79)(cid:87)(cid:74)(cid:83)(cid:80)(cid:79)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:86)(cid:84)(cid:1)(cid:88)(cid:74)(cid:77)(cid:77)(cid:1)(cid:83)(cid:70)(cid:78)(cid:66)(cid:74)(cid:79)(cid:1)(cid:69)(cid:74)(cid:71)(cid:71)(cid:74)(cid:68)(cid:86)(cid:77)(cid:85)(cid:15)(cid:1)(cid:54)(cid:79)(cid:74)(cid:68)(cid:86)(cid:83)(cid:69)(cid:8)(cid:84)(cid:1) strategy will focus on brand building and promotion at different channels. We will also drive sales growth through product innovation and boosting our presence in the food catering channel. 新加坡方面，儘管經濟預期會有所增長，我 們之經營環境將仍然困難。統一之策略是專 注於品牌建立及在不同銷售渠道進行推廣活 動。我們亦將透過產品革新及提升餐飲渠道 之滲透率，以推動銷售增長。 Conclusion 總結 During the past year, we have achieved solid results, particularly when we are about to go through a period of heavy investment to support future growth. The coming year heralds an important phase of development for the future of the Group. We will ramp up our sales and marketing teams and programs to leverage the additional capacity from the plant expansions in Hong Kong, Mainland China and Australia. Despite the challenges brought by the commodity prices and market competition, we will strive to lead the growth in our categories and to develop brand equity through product and promotional innovation. We will continue our investment in human capital. We are committed to maximising shareholder value and being the partner of choices for our customers and (cid:68)(cid:80)(cid:79)(cid:84)(cid:86)(cid:78)(cid:70)(cid:83)(cid:84)(cid:15)(cid:1) (cid:42)(cid:1) (cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1) (cid:77)(cid:74)(cid:76)(cid:70)(cid:1) (cid:85)(cid:80)(cid:1) (cid:85)(cid:66)(cid:76)(cid:70)(cid:1) (cid:85)(cid:73)(cid:74)(cid:84)(cid:1) (cid:80)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:86)(cid:79)(cid:74)(cid:85)(cid:90)(cid:1) (cid:85)(cid:80)(cid:1) (cid:85)(cid:73)(cid:66)(cid:79)(cid:76)(cid:1) my fellow directors, our valued business partners, and all my colleagues for their dedication, energy and hard work in the past year. With their unwavering support, we are moving forward for another rewarding year. 於過去一年，我們錄得理想業績，特別是會 繼續投放龐大資源，為未來之增長作出準 備。來年標誌著我們未來發展之重要階段。 我們將加強銷售及市場推廣團隊及推廣項 目，以好好把握於香港、中國內地及澳洲擴 展廠房帶來之額外產能。雖然面對商品價格 及市場競爭帶來之挑戰，但我們將致力透過 創新產品及宣傳推廣活動，帶領品類市場增 長及建立品牌價值。我們將繼續投資於人力 資源，並致力提升股東價值，成為客戶及消 費者之最佳選擇。本人謹藉此機會，衷心感 謝各董事仝仁、尊貴之業務夥伴及去年不辭 勞苦且盡心盡力工作之全體同事。憑藉各位 之鼎力支持，我們將繼續邁步向前，為取得 理想成果而努力。 Laurence P. EISENTRAGER Group Chief Executive Officer 14th June, 2011 黎信彥 集團行政總裁 二零一一年六月十四日 維他奶國際集團有限公司 二零一零 ∕一一年年報 29 Corporate Responsibility Report 企業責任報告 Employment, Training and Development We believe that our continued s u c c e s s d e p e n d s o n t h e f u l l commitment of our employees and that it is crucial to have high- quality people with expertise in all aspects of our operation. Our human resources strategy aims at recruiting and retaining the best people for business growth and development. In building our workforce, an important part of our focus is on fostering a pool of potential leaders. Furthermore, we develop and nurture a corporate culture that motivates employees and encourages excellence. We also strive to ensure a safe, healthy and convivial working environment for our employees. We consider human resources to be our most valuable asset and are committed to ensuring harmonious e m p l o y e e r e l a t i o n s t h r o u g h effective internal communication. For this purpose, regular sharing sessions are held by the management team with the staff at all levels. We also closely monitor and constantly review the working conditions for our employees. scheme for Hong Kong-based employees operates under a robust talent management framework to develop requisite skills and capabilities while retaining talents within the organisation. The Management Trainee Programme, which is the main component of the Talent Management Scheme, has recruited its second batch. This programme aims to attract outstanding graduates from both local and overseas universities. It instills in the trainees our values and traditions, and offers them a wide range of opportunities to learn about the beverage industry and to acquire the skills and knowledge needed for contributing to our future development. As a part of the Talent Management Scheme, we have initiated a succession planning process, which aims to prepare key middle and senior managers for smooth transition to more senior positions as these opportunities become available through retirement or transfer. Leadership training programme has been launched for these key managers, preparing them for additional responsibilities. In the past year, we maintained a prudent approach with regard to the growth of human resources. To cope with business growth and development, our total workforce increased by 3.5%. As at 31st March, 2011, the total number of full-time employees was 3,312. We promote learning and growth of our executives and staff and encourage employees to take part in external training and education programmes, including MBA and other degree courses, by offering financial sponsorship in accordance with a clear set of criteria. Our performance management system recognises and rewards employee contributions. The Ta l e n t M a n a g e m e n t S c h e m e aims at cultivating staff with potential by providing a formal pathway for career advancement and personal development. This We also recognise the critical importance of continued professional development. During the fiscal year of 2010/2011, we provided a comprehensive suite of up-to-date internal training and development programmes such as leadership, coaching, quality awareness, food hygiene, work safety, customer services and various technical skill training workshops for our employees. Nearly 700 training programs were conducted across Hong Kong and Mainland China operations throughout the year with 9,950 attendances. We create and nurture a corporate culture which serves the interests of shareholders, customers and employees. A company-wide programme on “TEAM Power” wa s la u nc hed in H ong Kong during the year to inculcate among management-level staff the necessary mindset for building strong teams and for coaching subordinates to improve their performance. Follow-up training activities are in progress. We h a v e i n p l a c e a q u a l i t y improvement platform known as “WIN Planet”, for staff at all levels in Hong Kong to participate in work improvement projects. The theme for 2010/2011 was “Walk an Extra Mile”, which aims to encourage employees to exert themselves and to derive energy from one another’s extra effort. The ensuing projects in various areas resulted in significant process improvement. We recognise our responsibility to provide and ensure a safe and healthy working environment for employees. The safety and health committees established throughout our various operations are responsible for constantly improving safety and health in the workplace. They do this by carrying out regular risk assessments at work sites, establishing policies and guidelines for safety and health improvement, taking corrective a c t i o n w h e r e n e c e s s a r y, a n d providing regular and intensive staff training on safety and health. 30 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Responsibility Report 企業責任報告 品 質 認 知、 食 品 衛 生、 工 作 安 全、客戶服務及各類技能培訓工 作坊。本年度，我們於香港及中 國內地業務分部舉辦了接近 700 個 培 訓 課 程， 共 有 9,950 人 次 參 與。 我們建立及培養一套以股東、客 戶及僱員利益為重之企業文化。 年內在香港全面推出一項名為「千 帆動力」之計劃，向管理階層人 員灌輸所需具備之思維模式，務 求建立強大團隊以及指導下屬精 益求精，並正逐步推出有關跟進 培訓活動。 我們推出一項名為「智勝星系」之 品質提升平台，供香港各階層員 工參與工作提升計劃。二零一零 ╱二零一一年度之主題為「齊齊 多走一步」，旨在鼓勵僱員多盡一 份心力，繼續發揮所長，發光發 熱。不同範疇之持續計劃大大改 善了工作程序。 我們深明有責任為僱員提供及確 保一個安全及健康之工作環境。 本集團各業務分部均設有職業安 全及健康委員會，專責持續改善 工作地點之安全及健康事宜。委 員會定期對工作地點進行風險評 估，制定改善職業安全及健康之 政策及指引，並於有需要時會採 取糾正行動。我們亦定期為員工 提供有關職業安全及健康範疇之 深入培訓。 僱員、培訓及發展 管理制度，發展員工所需之技能 及能力，同時挽留人才。 我們深信，本集團之成功全賴全 體員工作出之竭誠貢獻，以及各 業務分部擁有之各類專業優秀人 才。我們之人力資源策略旨在聘 用及挽留優秀人才以促進業務增 長及發展。為建立優秀之工作團 隊，我們致力培訓一群富潛質之 領導人才，亦發展及培養企業文 化，以激勵員工及鼓勵他們發揮 潛能。同時，我們致力為僱員提 供安全、健康及融洽之工作環境。 我們視人力資源為彌足珍貴之資 產， 並 致 力 透 過 有 效 之 內 部 溝 通，確保勞資關係融洽和諧，為 此，管理層與各階層員工定期進 行溝通，我們亦會緊密跟進及持 續檢討僱員之工作情況。 過去一年，我們恪守審慎之人力 資源增長政策。為應付業務增長 與發展，本集團之僱員總人數增 加 了 3.5%。 於 二 零 一 一 年 三 月 三十一日，本集團之全職僱員人 數為 3,312 人。 我們之工作表現管理系統為表揚 及獎勵僱員所作之貢獻而設。我 們之人才管理計劃提供正式之職 位晉升機會及個人發展途徑，培 育有潛質之員工。該計劃為香港 僱員而設，透過實施健全之人才 管理層見習人員計劃是人才管理 計劃中至關重要，我們並已聘請 第二批見習人員。該計劃旨在吸 引 本 地 及 海 外 大 學 之 優 秀 畢 業 生，向見習人員灌輸本集團之價 值觀及企業文化，並為他們提供 各種機會，幫助他們瞭解飲料行 業及掌握為我們未來發展作出貢 獻所需之技能及知識。 作為人才管理計劃之一部分，我 們已著手推行接班計劃。隨著因 退休或調任而出現更多高級職位 空缺機會，該計劃旨在協助中層 及高層管理人才順利過渡而作好 準備。我們已為該等管理人才推 行領袖訓練計劃，讓他們準備就 緒承擔更多職責。 我們鼓勵行政人員及員工持續學 習及成長，並鼓勵僱員修讀外間 舉辦之培訓及教育課程，包括工 商管理碩士及其他學士課程，並 根據一套清楚訂明之準則向僱員 提供財政資助。 我們亦深明持續專業發展之重要 性。於二零一零╱二零一一財政 年度，我們為僱員提供一套全面 且嶄新之內部培訓及發展課程， 內容包括領袖訓練、員工指導、 維他奶國際集團有限公司 二零一零 ∕一一年年報 31 Corporate Responsibility Report 企業責任報告 soy.com.au) and invited celebrities and renowned experts as health ambassadors to advise the public and health professionals on the benefits of including soy in one’s diet. An on-going virtual campus known as “Tofu U” was introduced in the US under the NASOYA brand (www.nasoya.com/tofu-u/) , to impart knowledge about tofu to consumers, and share recipes to add fun regarding tofu cooking to the Americans. Community Support In the past year, we continued to support community activities by making donations as well as encouraging staff participation in the same. We provided support to the Food Bank in Boston, USA and St. James Settlement in Hong Kong by donating products throughout the year. In Hong Kong, our staff participated in Walk Up Jardine House and Oxfam Trailwalker 2010 to help raise fund for the needy. We supported large-scale activities such as the 30-Hour Famine Camp and the Hong Kong International Dragon Boat Carnival . We helped raise fund for the Community Chest of Hong Kong and UNICEF. We also supported various international health symposia such as the Health Promoting Schools Symposium and 2011 Nutrition and Health Symposium held by the Chinese University of Hong Kong, and the First Asia-Pacific Osteoporosis Meeting Singapore ’10 held by the International Osteoporosis Foundation. We donated 20,000 bottles of distilled water and supported the “One Person One Bottle of Water” campaign organised by Commercial Radio Hong Kong to help earthquake victims in Japan. Corporate Social Responsibility We aspire to be a corporation which is both financially successful and socially responsible. We seek constantly to integrate our business activities with contribution to the society. Health and Wellness In the past year, we continued to show our commitment to health and wellness by introducing and promoting low-sugar and nutritious products. In Hong Kong, for instance, SAN SUI Low-Sugar Black Soya Milk, made of organic black soya beans, was launched. We also introduced a range of p r o d u c t s i n va r i o u s m a r k e t s aiming at children’s healthy growth. These include VITA H i g h - C a l c i u m W h o l e M i l k i n H o n g K o n g , w h i c h i s enriched with Vitamin D to a i d c a l c i u m a b s o r p t i o n a n d good for children’s growth and bone development; VITASOY Low-Sugar High-Calcium Soymilk in Mainland China; and VITASOY Soy Milky Kids in Australia, which is formulated for children aged 4-8. In Mainland China, we were active in promoting a light and green lifestyle through organising low-carbon nutrition food tasting events, including the “Thousand People Light-Yoga Party” and other green lifestyle community activities such as giving away of 220,000 green plant boxes in shopping malls and community centres. In Australia, we launched a health care professionals’ website (www. 32 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Responsibility Report 企業責任報告 企業社會責任 我們矢志成為一間財政穩健及具 社會責任之企業，並將貢獻社會 之精神融入日常業務中。 健康生活 去年，我們推出及推廣低糖且營 養豐富之產品，彰顯本集團持續 對健康生活作出之承擔，例如在 香港推出以有機黑豆製成之山水 低糖黑豆漿。 我們亦於多個市場推出一系列針對 兒童健康成長之產品，包括在香港 推出含豐富維他命D之維他高鈣營 養牛奶，幫助兒童吸收鈣質，有利 兒童體格及骨骼成長；在中國內地 推出維他奶低糖鈣優豆奶；以及在 澳洲推出專為四至八歲兒童而設之 維他奶 Soy Milky Kids。 中國內地方面，我們透過舉辦低 碳營養食品試食活動，積極推廣 輕怡飲食文化及綠色生活習慣， 包括舉辦「千人輕瑜珈派對」及其 他環保生活社區活動，例如在商 場 及 社 區 中 心 送 贈 220,000 個 綠 色種植盒。 澳洲方面，我們設立一個健康專 門 網 站（www.soy.com.au）， 並 邀請名人及著名專家擔任健康大 使，向大眾及保健專家推廣食用 大豆之好處。 美國方面，以 NASOYA 品牌成立 名為「Tofu U」之網上校園（www. nasoya.com/tofu-u/）， 向 消 費 者 介紹有關豆腐知識，並與美國人 分享烹調豆腐之樂趣。 社會服務 去年，我們透過捐款及鼓勵員工參 與活動，不遺餘力支持社會活動。 於過去一年本集團捐贈產品予美 國波士頓及香港聖雅各福群會之 食物銀行。 香 港 方 面， 我 們 員 工 參 與「 齊 步 上怡廈」及「樂施毅行者」，為有 需 要 人 士 籌 款。 我 們 亦 贊 助「 飢 饉三十」及「香港國際龍舟嘉年華」 等大型活動及協助香港公益金及 聯合國兒童基金會之籌款活動， 以及贊助各項國際健康座談會， 如由香港中文大學舉辦之「健康 校 園 座 談 會 」及「2011 年 營 養 及 健康座談會」，以及國際骨質疏鬆 基金會於新加坡舉辦之「2010 年 首屆亞太骨質疏鬆會議」，並支持 香港商業電台舉辦之「一人一水」 捐 水 行 動， 捐 出 20,000 支 蒸 餾 水，協助日本地震災民。 維他奶國際集團有限公司 二零一零 ∕一一年年報 33 Corporate Responsibility Report 企業責任報告 We donated education kits and stationery to over 200 primary students in some remote villages to support the “Care for Village Students” Programme in Mainland China. Our North American operation participated in various Asian cultural activities such as the D r a g o n B o a t R a c e a n d t h e Children’s Drawing Contest to help promote good health and the Chinese culture. In Australia, we shared the festive happiness with local children with disabilities and donated funds to purchase Christmas presents for a local Children’s Christmas Party. In Singapore, Unicurd supported the Vegetarian Food Fiesta to help raise funds for the Ren Ci Hospital which is a non-profit voluntary welfare organisation for people with severe physical disabilities or terminal or long-term illnesses. Environment In regards to the environment, we have brought in high speed packaging and processing machines in Hong Kong with higher capacity but lower energy consumption. Greater use has been made of environment-friendly delivery trucks with newer and lower exhaust, including those meeting the “Euro V” emission standards. We are one of the endorsers of “the Clean Air Charter” launched by the Hong Kong General Chamber o f C o m m e r c e a n d t h e H o n g Kong Business Coalition on the Environment. The project is to seek support and endorsement in the business community, on a voluntary basis, to reduce emission and implement air quality management. An electricity saving programme was launched in the warehouse in Hong Kong. We participated actively in the government’s Voluntary Energy Efficiency Labeling Scheme (VEELS) and have introduced the energy-efficient VITA convertible water dispenser since 2009, which was the first product model in Hong Kong bearing the Energy Label (VEELS – water dispenser type). We enhanced the cooling water system in the production lines in Mainland China to save energy while the use of electrical forklift to replace diesel forklift helped reduce the emission of exhaust gas. Our Shanghai plant received an award for its relentless efforts in energy conservation and emission reduction. In Australia, a thorough review of all waste and its removal from site was carried out to enable our operation to increase the volume of materials for recycling and reduce wastes destined for landfills. In our new capital investment projects in Mainland China and Australia, we have built in a number of energy and waste-reduction considerations into the design and construction of these facilities. Last but not least, post-recycled materials and soy-based inks are now used in our North American o p e ra t i o n f o r a l l m a r k e t i n g materials. 34 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Responsibility Report 企業責任報告 環境 環境方面，我們在香港引入高產 能 且 節 能 之 快 速 包 裝 及 加 工 機 器，並增加使用新型減排廢氣之 環 保 運 輸 車， 包 括 符 合 歐 盟 5 期 排放標準之車輛。 我們為香港總商會及香港商界環 保大聯盟所協辦之「清新空氣約 章」承諾公司及機構之一，有關 計劃旨在尋求商界自願對環保作 出支持及承諾，致力減排及實施 空氣質素管理。我們於香港之倉 庫已實施省電計劃，積極參與政 府推行之自願參與能源效益標籤 計劃，並從二零零九年開始推行 符合能源效益之維他可轉換飲水 機，成為香港首部擁有能源標籤 之產品型號（自願參與能源效益標 籤計劃 – 飲水機類別）。 我們已提升中國內地生產線之冷 卻水系統以節省能源，同時使用 電動鏟車取代柴油鏟車，此舉有 助減少廢氣排放。我們位於上海 之 廠 房 一 直 對 節 能 減 排 不 遺 餘 力，並因而獲獎。 為支持中國內地「關懷農村學生」 計劃，我們向 200 多名居於偏遠 鄉村之小學生捐贈教材及文具。 本集團之北美洲業務參與多項亞 洲文化活動，例如龍舟比賽及兒 童繪畫比賽，協助推廣健康及中 國文化。 澳洲方面，我們與當地殘障兒童 分享佳節喜悅，向當地一個兒童 聖誕派對捐款，作購買聖誕禮物 之用。 新加坡方面，我們透過贊助素食 嘉年華為仁慈醫院籌款。仁慈醫 院乃一間非牟利福利機構，專為 嚴重殘障、末期及長期病患者服 務。 澳洲方面，我們全面檢討廠房所 有廢料存放及排放情況，旨在增 加可循環再用之物料數量，減少 送往堆填之廢料。 中國內地及澳洲之廠房擴展項目 在設計及建設時，已考慮節省能 源及減少廢料等各方面因素。 最後，現時北美洲業務所有市場 推廣物料均採用循環再用物料及 豆製墨水。 維他奶國際集團有限公司 二零一零 ∕一一年年報 35 Awards and Recognitions 嘉許及表揚 receive d As of June, 2011, we received a record number of 33 awards awarardsds a n d r e c o g n i t i o n s d u r i n g t h e i n g t h e year for our achievements in ments in uilding, areas such as brand building, n, quality marketing and promotion, quality assurance, product development, opment, environmental protection, human n, human s investor resources training as well as investor relations. Here are a few examples: amples: Our 2009/2010 annual report won the “Bronze Award” in the “Annual Report: Food & Consumer Packaged Goods” category in the 2010 Galaxy Awards. We also received Quamnet’s “Outstanding I n v e s t o r R e l a t i o n s P r o g r e s s Enterprise 2010” award for our efforts in maintaining timely communications with shareholders and analysts. In addition, we were given the “Manpower Developer Award” by the Hong Kong Employee Retraining Board for our achievements and commitment in staff training and development as well as the “Caring Company Logo” from the Hong Kong Council of Social Services for the seventh consecutive year. In Hong Kong, major awards received included the Reader’s Digest’s “Trusted Brands – Gold Award” in the juice category; t h e “ Y a h o o ! E m o t i v e B r a n d Award” ; the “TVB Most Popular TV Commercial Award” for the “Stand By Me” TV commercial in the food and beverage category; and the HK4A’s “2010 EFFIE Silver Award” and “Spikes Asia 2010 Silver Award” for the Company’s 70th anniversary campaign. The VITASOY brand was one of the 16 Asian finalists in the Cannes Lions Award 2010. In addition to these, our VITASOY, VITA and SAN SUI brands were recipients of a host of brand and marketing awards from leading retail chains and the media in Hong Kong . Our production plant in Shenzhen, Mainland China won the “Low- Carbon Green Brand Grand Award” at a major local event while the plant in Shanghai received the “Energy Conservation and Emission Reduction Award” for its success in the conservation of energy and oil, among others. Our Mainland China team also won the award o f “ 2 0 1 0 O u t s t a n d i n g S a l e s Enterprise Award” for their unique and innovative sales strategy of promoting “light” lifestyle. In Australia, VITASOY Soy Milky Lite was the dairy-free milk winner in the Best Products for 2010 in the Healthy Food Guide while VITASOY Soy Milky Kids was chosen as one of the Best New Products for 2011. In the US, NASOYA Super Hummus was highlighted as one of the Eat Right choices in Fitness magazine . NASOYA TofuPlus was chosen as one of the Best Ready to Eat Foods in Prevention magazine, one of the leading consumer magazines there. NASOYA TofuPlus was also highlighted as one of the latest and greatest nutritional and tasty foods in Clean Eating magazine. In Singapore, Unicurd received the Agri-Food and Veterinary Authority’s Silver Award and Food Safety Excellence Award 2010 for achieving high standards of hygiene and safety. 36 Vitasoy International Holdings Ltd. Annual Report 2010/11 Awards and Recognitions 嘉許及表揚 直至 2011 年 6 月，我們取得破紀 錄之 33 項嘉許及表揚，分別在品 牌建立、市場推廣及宣傳、質量 保證、產品發展、環境保護、人 力資源培訓以及投資者關係等方 面取得卓越成就。本集團榮獲之 部分嘉許及表揚如下 ︰ 我們二零零九 ∕二零一零年年報 榮 獲 二 零 一 零 年 Galaxy Awards 評 選 為「 年 報 ︰食 品 及 消 費 包 裝 商品」類別「銅獎」，亦獲華富財 經頒發「二零一零年傑出投資者 關係躍進企業」大獎，表揚本集 團與股東及分析員保持適時溝通 所作出之努力。此外，我們榮獲 香港僱員再培訓局嘉許為「人才 企業」，表揚我們對員工培訓及發 展之成就及承擔。我們亦連續第 七年獲得香港社會服務聯會之「商 界展關懷」標誌。 在香港，獲頒之主要獎項包括《讀 者文摘》果汁類別之「信譽品牌金 獎」、「Yahoo!感情品牌大獎」、而 「Stand By Me」電視廣告獲 TVB 最受歡迎電視廣告大獎之「最受 歡迎飲食餐宴廣告」、本公司七十 週年廣告活動獲香港廣告商會頒 發「2010 年 EFFIE 廣告效益大獎 – 銀獎」以及於 2010 年 Spikes Asia 亞洲廣告獎活動中獲得「最佳消 費品銀獎」。維他奶品牌於二零一 零年康城國際廣告大獎中榮登亞 洲最後 16 強。此外，維他奶、維 他及山水品牌獲香港多個 著名零 售連鎖店及媒體頒發多個品牌及 市場推廣大獎。 澳洲方面，維他奶 Soy Milky Lite 榮獲《健康飲食指南》頒發之二零 一零年最佳產品 － 不含牛奶奶類 產 品 組 別， 而維 他 奶 Soy Milky Kids 則獲選為二零一一年最佳新 產品之一。 美 國 方 面，NASOYA Super Hummus 獲《Fitness》 雜 誌 評 選 為「 最 佳 食 品（Eat Right）」 之 一。NASOYA TofuPlus 獲 美 國 其 中 一 本 暢 銷 消 費 者 雜 誌 《Prevention》評選為「最佳即食食 品」之一。NASOYA TofuPlus 亦 獲《Clean Eating》雜 誌 評 選 為 最 新及最佳營養美食之一。 新加坡方面，我們獲新加坡有關 農業食品部門頒發銀獎及食物安 全卓越大獎，表揚本集團嚴謹之 衛生及安全標準。 我們位於中國內地深圳之生產廠 我我們位位 房在當地大型活動中榮獲「影響 房在當 中國 2009-2010 年度（低碳）綠色 中中國國 2200 品牌大獎」，而位於上海之廠房則 品品牌牌大大 榮獲「節能減排專項獎」，以表彰 榮榮榮獲獲「「節 我們在節約能源及燃油方面取得 我我們們在在 之成就。我們之中國內地團隊亦 之之之成成就就 榮獲「2010 中國營銷標杆企業大 榮榮榮獲獲「「22 獎」，肯定了我們在推廣健康「輕」 獎獎獎獎獎獎獎」」」」，，肯肯 生活方式之獨特創新的銷售策略。 生生生生生生生活活活方方 維他奶國際集團有限公司 二零一零 ∕一一年年報 37 Awards and Recognitions 嘉許及表揚 Awards Gallery 獎項概覽 MAJOR AWARDS OF VITASOY INTERNATIONAL HOLDINGS LIMITED FROM 1ST APRIL, 2010 TO DATE OF THIS ANNUAL REPORT 維他奶國際集團有限公司於二零一零年四月一日至本年報日期止所獲主要獎項 CORPORATE 企業 Vitasoy Group’s 2009/2010 annual report won “Bronze Award” in the “Annual Report: Food & Consumer Packaged Goods” category in the 2010 Galaxy Awards. 維他奶集團 2009/2010 年報設計榮獲 2010 年美國 Galaxy Awards 中「年報：食品及包裝消費品類別」 之銅獎。 Vitasoy International Holdings Limited was awarded “Quamnet Outstanding Enterprise Awards 2010 – Outstanding Investor Relations Progress Enterprise 2010”. 維他奶國際集團有限公司榮獲「華富財經傑出企業大獎 2010 – 傑出投資者關係躍進企業 2010」。 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited was honoured as “National Excellent Taxpaying and Import & Export Performance Enterprise” from Shenzhen Association of Enterprises with Foreign Investment for the thirteenth consecutive year. 深圳維他（光明）食品飲料有限公司連續 13 年獲得「全國外商投資雙優企業」之榮譽，此項榮譽由國 家商務部及中國外商投資企業協會評選，並由深圳外商投資企業協會籌辦。 The Group’s wholly-owned subsidiary Unicurd Food Company (Pte) Ltd received AVA Silver Award and Food Safety Excellence Award 2010 from Singapore’s Agri-Food & Veterinary Authority for achieving Grade “A” status by adopting good hygiene practices as well as maintaining high standards of food safety to ensure that the products are safe and wholesome for fourteenth consecutive years. 本集團全資附屬公司統一食品有限公司連續十四年獲得新加坡農業食品部門頒發銀獎及食物安全卓 越大獎，以嘉許公司在採取良好衛生措施方面達至「A」級的標準，同時維持高水準之食品安全，令 產品安全及富營養。 HUMAN RESOURCES 人力資源 Vitasoy International Holdings Limited was accredited the “Manpower Developer Award” by the Employee Retraining Board for recognizing Vitasoy’s achievements and commitment in manpower training and development. 維他奶國際集團有限公司獲僱員再培訓局嘉許為「人才企業」，以表揚公司在人才培訓及發展工作有 卓越的成就。 Sales staff from Vitasoy International Holdings Limited, Ms. Jade Wong and Mr. Leo Ho, received the “Distinguished Salesperson Award”, and Ms. Jade Wong also received “The Best Presentation Award” in the “43rd Distinguished Salesperson Award Programme”, organised by The Hong Kong Management Association and Sales and Marketing Executives Club. 由香港管理專業協會及香港市場推銷研究社主辦的「第四十三屆傑出推銷員獎」中，維他奶國際集 團有限公司營業員黃慧瑜及何學敏獲頒「傑出推銷員獎」，而黃慧瑜同時獲得「最佳發佈大獎」。 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited’s newsletter, “Our Vitasoy”, received “Distinctive Company Publication Award in Guangdong Province” organised by Association of Enterprises in Guangdong Province and Association of Enterprise Consultants. 深圳維他（光明）食品飲料有限公司之公司報刊《我們維他奶》於廣東省企業聯合會及廣東省企業咨詢 協會聯合主辦的「企業發展與媒體宣傳高峰論壇 ─ 暨 2010 年度廣東省優秀企業報刊發佈會」中被 評選為「2010 年度廣東省優秀企業報刊」。 38 Vitasoy International Holdings Ltd. Annual Report 2010/11 Awards and Recognitions 嘉許及表揚 Awards Gallery 獎項概覽 CORPORATE SOCIAL RESPONSIBILITY 社會企業責任 Vitasoy International Holdings Limited received the Caring Company Logo from the Hong Kong Council of Social Services for the seventh times. 維他奶國際集團有限公司獲香港社會服務聯會第七年榮頒「商界展關懷」標誌。 Vitasoy International Holdings Limited was awarded the “Corporate Social Responsibility Awards 2011” in Hong Kong from Capital Magazine and Capital Weekly. 維他奶國際集團有限公司獲得香港《資本雜誌》及《資本壹週》頒發「企業社會責任大獎」獎項。 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited was awarded “Low Carbon Green Brand Grand Award” at General Assembly on China Brands and Communication 2010. 深圳維他（光明）食品飲料有限公司於第二屆中國品牌與傳播大會暨年度「品牌貢獻獎」頒獎活動中 榮獲「影響中國 2009—2010 年度（低碳）綠色品牌大獎」。 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited was awarded “The Best Low Carbon Enterprise” by Guangzhou Daily. 深圳維他（光明）食品飲料有限公司於廣州日報「2011 仁商 ‧ 低碳榜」評選活動中榮獲「仁商 ‧ 最佳 低碳企業」殊榮。 Vitasoy (Shanghai) Company Limited received “Energy Conservation and Emission Reduction Award” in Shanghai for its efforts and success in conservation of energy and oil. 維他奶（上海）有限公司榮獲上海市「節能減排專項獎」，以表揚其在節省能源燃油方面的努力及成 效。 VITASOY received the “Yahoo! Emotive Brand Awards” for the eighth consecutive year in Hong Kong. 「維他奶」連續第八年獲得香港「Yahoo! 感情品牌大獎」。 VITASOY’s 70th anniversary campaign received HK4As’ “2010 EFFIE Awards – Silver” in Alcoholic Beverages / Non Alcoholic Beverages category. SAN SUI brand was the Finalist in this award campaign. 維他奶 70 周年廣告活動於香港廣告商會《EFFIE 廣告效益大獎》酒精及非酒精飲品類別中獲得銀獎。 而山水品牌則於該獎項活動中最後入圍。 VITASOY was one of the last 16 brands of Asia in Cannes Lions Award 2010. 維他奶於「2010 康城國際廣告大獎」中晉身亞洲最後 16 強。 維他奶國際集團有限公司 二零一零 ∕一一年年報 39 BRAND 品牌 Awards and Recognitions 嘉許及表揚 Awards Gallery 獎項概覽 BRAND 品牌 VITASOY’s 70th anniversary campaign received “The Best Consumer Products – Silver” in Spikes Asia Award 2010. 維他奶 70 周年廣告活動於 2010 年 Spikes Asia 亞洲廣告獎活動中獲得「最佳消費品銀獎」。 VITASOY’s 70 Instant Message Packs campaign received “Best Integrated Campaign – Silver Award”, “Single – Use of Low Budget – Silver Award”, “Point of Sale (Non-Print) – Bronze Award”, “Best Integrated Media Campaign – Bronze Award”, “Design / Art Direction – Bronze Award” & “Single – Creative Innovation – Merit” in the Kam Fan Awards 2010 by The Association of Accredited Advertising Agencies of Hong Kong. 70 周年特別版維他奶活動於香港廣告商會「金帆廣告大獎」中，榮獲「最佳綜合廣告推廣系列銀獎」、 「小額媒體推廣應用銀獎」、「商業銷售點（非平面）銅獎」、「最佳綜合媒體系列廣告銅獎」、「設計 / 美 術銅獎」及「創意創新應用優異獎」。 VITASOY’s 70th anniversary advertising campaign won the “Apple Daily Advertising Award 2010 – Best Print and Digital Advertisement Award”. 維他奶「Friend 祝 70 年」廣告活動榮獲「2010 蘋果創意廣告獎 ─ 最佳平面及數碼廣告系列」。 VITASOY’s 70th anniversary advertising campaign received “Best Digital Campaign – Gold” in The Best of the Best Awards 2010 MTR Advertising by MTR Corporation and JCDecaux Transport. 維他奶「Friend 祝 70 年」廣告活動於香港鐵路有限公司及德高貝登有限公司聯合主辦的「最佳港鐵 廣告大獎 2010」中獲得「最佳數碼廣告媒體運用」金獎。 VITASOY’s 70th anniversary advertising campaign received the “Most Effective Use of Product Design and Packaging – Gold Award” and “Best Integrated Marketing Campaign – Bronze Award” in Asian Marketing Effectiveness Festival 2011. 維他奶「Friend 祝 70 年」廣告活動於 2011 亞洲實效營銷節中獲得「產品設計及包裝最具效益大獎」 及「最佳綜合營銷計劃大獎」。 VITASOY’s 70th anniversary advertising campaign received “Best Social Media Campaign”, “Best Use of Media – OOH Digital” and “Best Branding – Strategy” awards in MARKies Awards 2011 by Marketing Magazine. 維他奶「Friend 祝 70 年」廣告活動於《Marketing》雜誌舉辦的 2011 年 MARKies 獎項活動中獲得「最 佳社交媒体活動大獎」、「最佳媒体運用大獎」及「最佳品牌策略大獎」。 VITASOY’s 70th anniversary advertising campaign received “The Internationalist Awards for Innovation in Media – Bronze Award” by Internationalist Magazine. 維他奶「Friend 祝 70 年」廣告活動獲《Internationalist》雜誌頒發「媒体創意大獎」。 VITASOY received the “Panel Judge Award” and “Consumer Award” in the drinks and snacks category in the “Hong Kong Proud Brand” competition for the third consecutive year. 維他奶在香港《明報》及中文大學合辦的「香港驕傲企業品牌選舉」中連續第三年於飲品及零食類別 榮獲「香港驕傲企業品牌 – 評審團大獎」及「香港驕傲企業品牌 - 消費者大獎 」。 VITASOY was awarded in beverage category of “The Best for Home 10-11” by Take Me Home, a district newspaper published by Hong Kong Economic Times Group. 維他奶獲得由香港經濟日報集團旗下生活區報《Take Me Home》舉辦的「香港家庭最愛品牌大賞 10- 11」中飲品類之獎項。 40 Vitasoy International Holdings Ltd. Annual Report 2010/11 Awards and Recognitions 嘉許及表揚 Awards Gallery 獎項概覽 BRAND 品牌 VITASOY’s new usage advertising campaign received HK4As’ “2011 EFFIE Award – Merit” in Alcoholic Beverages / Non Alcoholic Beverages category. 維他奶 「幾時都好 ~ 飲維他奶」 廣告活動於香港廣告商會《EFFIE 廣告效益大獎》酒精及非酒精飲品類 別中獲得優異獎。 VITASOY and SANSUI were awarded as one of the 11th Wellcome “Top 10 Wellcome Favourite Brand Award” and “Rising Star” respectively. 維他奶及山水豆腐於第11屆惠康「10大超市名牌」中分別獲得「10大超市名牌」大獎及「最具潛力品牌」 獎。 VITASOY and VITA Lemon Tea received ParknShop’s “My Beloved Brand Award”. 維他奶及維他檸檬茶榮獲百佳「我最喜愛品牌大獎」。 VITA Lemon Tea was awarded FACE Weekly’s “Face Weekly Brands 2010” Award. 維他檸檬茶獲得香港《FACE Weekly》「2010 最撐 Brand 獎」。 VITA Lemon Tea was awarded 7-Eleven’s “Outstanding Sales Performance Award” and “Top Brands Award” respectively. 維他檸檬茶及山水分別榮獲 7-11 便利店頒發「貨品類別銷售傑出表現大獎 – 飲品類」及「最喜愛便 利品牌」。 VITA brand was awarded East Week’s “Hong Kong Service Award 2011 – Hall of Fame”. 維他品牌榮獲東周刊頒發「香港服務大獎 ─ 殿堂級大獎」獎項。 VITA won the “Reader’s Digest Trusted Brands Gold Award” for the juice category in Hong Kong market. 維他榮獲「讀者文摘信譽品牌金獎」香港區果汁飲品類別。 CALCI-PLUS brand was voted as “OL’s Favourite Healthy Drinks” in “OL’s Perfect Brands Award” by Fashion and Beauty Magazine. 鈣思寶品牌於《Fashion & Beauty 流行新姿》「完美生活 ‧OL 最愛品牌大賞 2011」活動中獲選為「OL 最愛健康飲品」。 Vitasoy China was awarded “2010 China Sales and Marketing Award” from New Sales & Marketing, a Chinese publication specialised in sales and marketing. 維他奶中國於「第六屆『標杆 20』中國營銷大獎頒獎盛典」中榮獲「2010 中國營銷標杆企業大獎」。 該獎項是由國內營銷雜誌《新營銷》頒發。 維他奶國際集團有限公司 二零一零 ∕一一年年報 41 42 Vitasoy International Holdings Ltd. Annual Report 2010/11 維他奶國際集團有限公司 二零一零 ∕一一年年報 43 Corporate Governance Report 企業管治報告 Corporate Governance Practices 企業管治常規 We are firmly committed to compliance of statutory and regulatory corporate governance standards and adherence to the principles of corporate governance emphasising transparency, independence, accountability, responsibility and fairness. The Board of Directors reviews the corporate governance practices from time to time to ensure alignment of interests and expectations from our shareholders, the investing public and the other stakeholders. 本集團奉行及遵守法定及監管企業管治標 準，並時刻遵循注重透明度、獨立、問責、 負責與公平之企業管治原則。董事會不時檢 討企業管治常規，確保有關常規能符合各股 東、公眾投資者及其他業務有關人士之利益 與期望。 The Company has, throughout the year ended 31st March, 2011, complied with the code provisions set out in the Code on Corporate Governance Practices contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). 本公司於截至二零一一年三月三十一日止年 度一直遵守香港聯合交易所有限公司證券上 市規則（「上市規則」）附錄 14 所載之企業管 治常規守則中之守則條文。 Board of Directors 董事會 The general management of the Company’s business is vested in the Board. The Board has established various committees to manage and oversee the specified affairs of the Company. The Board has delegated the day-to-day management power of the Company to the Executive Directors and senior management of the Company. 董事會負責本公司業務之整體管理工作，其 已成立不同之委員會來管理及監察本公司特 定範疇之事務。董事會已將本公司之日常管 理權力交予本公司之執行董事及高層管理人 員。 The Board is committed to the Company’s mission to creating value for our shareholders. The Board is responsible for developing the strategic directions for the Company and continuous monitoring of the performance of the general management of the Company. Therefore strategic planning has become a very crucial part of the Board’s function and a lot of focus and attention has been devoted to such a plan. Strategic planning horizons are generally three to five years. The Board has adopted its latest Three Year Strategic Plan for the fiscal years up to 2013/2014 in February of 2011. It is the practice of the Board to continue to review and update its Strategic Plans for the Company on a regular basis in response to changes in the business environment. A defined schedule of matters reserved for Board decision has been adopted by the Board. Apart from the strategic planning, certain important matters involving finance and shareholders’ interests are reserved for approval by the Board, including, for example, annual budget, financial statements against budget, dividend policy, material investments, material acquisitions and disposals; major financing activities and appointment of Director(s) following the recommendation(s) by the Remuneration and Nomination Committee. 董事會致力執行本公司為股東創造價值之使 命。董事會負責制定本公司之策略方向，不 斷監察本公司整體管理表現。因此，策略計 劃已成為董事會職能中非常重要之一環，董 事會並非常注意及重視有關策略計劃。策略 計劃一般涵蓋三至五年。董事會於二零一一 年二月採納截至二零一三 ∕二零一四年止財 政年度之最新三年策略計劃。董事會因應業 務環境之改變，持續定期檢討及更新本公司 之策略計劃。 董事會已採納一份明確之事項表，列載須要 董事會作決定之事項。除策略計劃外，涉及 財政及股東權益等重要事宜均須經董事會審 批，舉例包括年度預算、財務報表與預算之 比較、股息政策、重大投資、重大收購及出 售；主要融資活動及根據薪酬及提名委員會 之建議委任董事。 44 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Governance Report 企業管治報告 Board Composition 董事會組成 The Board currently comprises six Non-executive Directors and three Executive Directors. Four of the Non-executive Directors are independent, from different business and professional fields. The Independent Non-executive Directors represent over one-third of the Board. The category, position and brief biographical information of each Director, together with the relationship amongst each other, are set out in the “Directors and Senior Management” section in this Annual Report. The Directors, 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. 董事會現由六位非執行董事及三位執行董事 組成。其中四位非執行董事為來自不同行業 及專業界別之獨立人士。獨立非執行董事佔 董事會人數逾三分一。各董事所屬之類別、 職位及簡歷以及彼此間之關係載於本年報 「董事及高層管理人員」一節。董事會（包括 非執行董事）廣泛而寶貴之業務經驗、知識 及專業精神，有助董事會有效率及高效地履 行其職責。 The Company has received, from each of the Independent Non-executive Directors, an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all of the Independent Non-executive Directors are independent. 本公司已收到各獨立非執行董事根據上市規 則第 3.13 條就其身份之獨立性發出之週年 確認書。本公司認為各獨立非執行董事確屬 獨立人士。 The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company. 本公司已為本公司董事及行政人員投保董事 及行政人員之責任保險。 Chairman and Chief Executive Officer 主席及行政總裁 The roles of the Executive Chairman and Chief Executive Officer of the Company have been clearly defined. Mr. Winston Yau-lai LO serves as the Executive Chairman and is responsible for providing leadership in the Board to set strategies to achieve the Group’s goals. Mr. Laurence P. EISENTRAGER, the Group Chief Executive Officer is responsible for coordinating and managing all the Group’s operations. 本公司之執行主席及行政總裁之角色已清楚 區分。羅友禮先生擔任執行主席，負責領導 董事會制定策略以達成本集團之目標。集團 行政總裁黎信彥先生則負責統籌及管理本集 團所有業務。 Board Proceedings 董事會程序 The Board met five times in fiscal year of 2010/2011 to discuss and approve the overall business strategies, to review and monitor the financial and operating performance of the Group and its business units respectively, and to consider and approve the annual budget for the Group. 於二零一零 ∕二零一一財政年度內董事會共 開會五次，討論及批准整體業務策略、檢討 及監察本集團及各業務單位之財務及營運表 現，及審批本集團之全年預算。 All Directors have full and timely access to all relevant information in relation to the Company. There are established procedures for Directors to seek independent professional advice for them to discharge their duties and responsibilities, where appropriate, at the Company’s expenses. 各董事均可全面而適時地獲得一切有關本公 司之相關資料。本公司已有既定程序讓董事 為其履行職責及責任（若適宜的話）而諮詢 獨立專業意見，費用由本公司支付。 維他奶國際集團有限公司 二零一零 ∕一一年年報 45 Corporate Governance Report 企業管治報告 Individual attendance of each Board member at these meetings is as follows: 董事會各成員於該等會議之出席率表列如 下 ︰ Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG (appointed on 1st September, 2010) Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Directors Mr. Winston Yau-lai LO (Chairman) Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU 獨立非執行董事 李國寶爵士 布魯士先生 Jan P. S. ERLUND 先生 張建標先生 （於二零一零年九月一日獲委任） 非執行董事 羅慕貞女士 羅慕玲女士 執行董事 羅友禮先生（主席） 黎信彥先生 余發先生 Attendance 出席率 5/5 5/5 5/5 3/3 4/5 5/5 5/5 5/5 5/5 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 recommendation by the Remuneration and Nomination Committee of the Company or by shareholders in a general 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 specific term of appointment. Under the Company’s current Articles of Association, all Directors are subject to retirement by rotation at least every three years and one-third (or the number nearest to but not exceeding one-third) of Directors shall retire from office every year at the Company’s Annual General Meeting. The term of appointment of a Director cannot exceed three years. Induction programmes are arranged for the newly appointed Directors on the general business of the Company. On appointment, new Directors will also be given an induction programme kit advising them of their responsibilities and duties as Directors under various regulatory requirements and the Board procedures, including the Terms of Reference of the Board Committees. 本公司乃根據本公司薪酬及提名委員會之建 議或通過股東大會委任新董事。凡董事會委 任之董事均須於下一屆股東大會上告退。 本公司之非執行董事並非以指定任期委任。 根據本公司現行之章程細則，全體董事均 須最少每三年輪席告退，而每年須有三分一 （或最接近但不能超越三分一）之董事於本公 司股東週年大會上退任。委任董事之年期不 得超過三年。 本公司為新委任董事安排就任須知並介紹本 公司業務概況。新任董事獲委任後亦會獲發 一套就任須知資料，以便彼等了解董事在不 同監管規定及董事會程序（包括董事委員會 之職權範圍）下之責任及職責。 46 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Governance Report 企業管治報告 Responsibilities of Directors 董事責任 Directors acknowledge their responsibilities for preparing the financial statements of the Company. Directors are not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. The Annual Financial Statements for 2010/2011 are prepared on a going-concern basis. All the new accounting standards and policies adopted by the Company have been thoroughly discussed and approved at the Audit Committee before adoption by the Board. The Company has adopted its own Code for Securities Transactions by Directors (the “Code”) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) contained in Appendix 10 of the Listing Rules. A similar code has also been adopted by the Company for the specified group of employees who may possess or have access to price sensitive information. Specific enquiries was made of all Directors and the specified group of employees and all Directors and the specified group of employees have confirmed compliance with the required standard set out in the Code for the year ended 31st March, 2011. 董事對編製本公司財務報表承擔責任。董事 並不知悉有任何重大不明朗之事件或情況 可能會嚴重影響本公司持續經營之能力。二 零一零╱二零一一年之全年財務報表乃按持 續經營基準編製。本公司採納之所有新會計 準則及政策先由審核委員會經週詳討論後批 准，然後再提交予董事會採納。 本公司已就董事之證券交易採納一套行為守 則（「守則」），其條款不比上市規則附錄十所 載之上市公司董事進行證券交易的標準守則 （「標準守則」）載列之規定標準寬鬆。本公司 亦就相關類別員工可能擁有或得悉影響股價 敏感資料而採納一套類似守則。本公司已對 各董事及該相關類別員工作出具體查詢，而 各董事及該相關類別員工均確認於截至二零 一一年三月三十一日止年度一直遵守守則載 列之規定標準。 Board Committees 董事委員會 The Board has established an Executive Committee, a Remuneration and Nomination Committee and an Audit Committee. 董事會轄下已成立執行委員會、薪酬及提名 委員會及審核委員會。 Executive Committee 執行委員會 The Executive Committee was established in 2001. Its current members include all three Executive Directors, who are: 執行委員會於二零零一年成立，現成員包括 全部三位執行董事，分別為： Mr. Winston Yau-lai LO (Chairman) Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU 羅友禮先生（主席） 黎信彥先生 余發先生 The Executive Committee operates as a general management committee under the direct authority of the Board to deal with certain operational matters of the Group. 執行委員會為一般管理委員會，直屬於董事 會，處理本集團部份營運事宜。 Remuneration and Nomination Committee 薪酬及提名委員會 The Compensation Committee was established in February 1994 and was renamed as “Remuneration and Nomination Committee” on 2nd February, 2005 with increased scope of authority. This Committee now comprises four Independent Non-executive Directors and two Non-executive Directors and its current members are: 薪酬委員會於一九九四年二月成立，於二 零零五年二月二日改名為「薪酬及提名委員 會」，其職權範圍亦加以擴大。目前，委員 會成員包括四位獨立非執行董事及兩位非執 行董事，其現成員為： 維他奶國際集團有限公司 二零一零 ∕一一年年報 47 Corporate Governance Report 企業管治報告 Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI (Chairman) Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 獨立非執行董事 李國寶爵士（主席） 布魯士先生 Jan P. S. ERLUND 先生 張建標先生 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 remuneration packages of Executive Directors and Senior Management of the Group, including salaries, benefits in kind and bonuses; bonus schemes and other long-term incentive schemes, including share option and other plans. The Committee also reviews the structure, size and composition (including the skills, knowledge and experience) of the Board from time to time and recommends to the Board on appointments of Directors and the succession planning for Directors. 委員會之成立旨在審批本集團執行董事及高 層管理人員之薪酬福利組合，包括薪金、實 物利益及花紅；花紅計劃及其他長期獎勵計 劃，包括購股權及其他計劃。委員會亦不時 檢討董事會之架構、規模及組成（包括董事 之技能、知識及經驗），並就董事之委任及 董事繼任計劃向董事會提出建議。 The Committee met once in the fiscal year of 2010/2011. Individual attendance of each Committee member at this meeting is as follows: 於二零一零╱二零一一財政年度內委員會共 開會一次。各委員會成員於該會議之出席率 表列如下： Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG (appointed on 1st September, 2010) Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Attendance By Invitation: Executive Chairman Mr. Winston Yau-lai LO Group Chief Executive Officer Mr. Laurence P. EISENTRAGER 獨立非執行董事 李國寶爵士 布魯士先生 Jan P. S. ERLUND 先生 張建標先生 （於二零一零年九月一日獲委任） 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 集團行政總裁 黎信彥先生 Attendance 出席率 1/1 1/1 1/1 0/0 0/1 1/1 1/1 1/1 48 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Governance Report 企業管治報告 Report of the Remuneration and Nomination Committee 薪酬及提名委員會報告 The Committee has reviewed, discussed and approved the remuneration policies, remuneration of Senior Management including the Executive Directors and key executives of the Group by reference to the individuals’ job responsibilities and performances, industry benchmarks and prevailing market conditions. The Committee has also approved the discretionary bonuses and the grant of share options, having given due consideration to both the Group’s financial performance and the individuals’ performances during the year in accordance with the performance-based compensation policy recommended by an independent consultant. No individual Executive Director has voted in deciding his own remuneration. 委員會已審議、討論及批准酬金政策、本集 團高層管理人員（包括執行董事及主要行政 人員）之酬金，當中已參考個別人士之職責 及表現、同業水平及現行市場環境。委員會 根據獨立顧問建議之按表現而釐定之薪酬政 策，充份考慮本集團之財務表現及有關人士 年內之個人表現後，已批准發放酌情花紅及 授出購股權。各執行董事並無於釐定其薪酬 之決策程序中投票。 Audit Committee 審核委員會 The Audit Committee was established in 1999. Its current members include four Independent Non-executive Directors, who are: 審核委員會於一九九九年成立，現成員包括 四位獨立非執行董事，分別為： Mr. Iain F. BRUCE (Chairman) Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG 布魯士先生（主席） 李國寶爵士 Jan P. S. ERLUND 先生 張建標先生 The Audit Committee’s terms of reference are to make recommendations to the Board on the appointment, reappointment and removal of the External Auditors and any questions of resignation or dismissal, their audit fees, matters relating to the independence of the External Auditors; to meet with the External Auditors to discuss the nature and scope of the audit, and matters of concern when requested to do so by the External Auditors; to review the interim financial report and annual financial statements before they are submitted to the Board; to discuss problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and to review the External Auditors’ management letter and management’s response; to review the internal audit programmes and to 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; 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; and to conduct an annual review of the adequacy of staffing of the financial reporting functions. 審核委員會之職權範圍包括就外聘核數師之 委任、重新委任及罷免，或處理任何有關該 核數師辭職或辭退該核數師、核數師酬金、 外聘核數師之獨立性等事宜向董事會提供意 見；與外聘核數師開會討論審核工作之性質 及範圍及應外聘核數師要求處理值得關注事 項；審閱中期財務報告及全年財務報表以便 上呈董事會；討論源於中期審閱及年結審核 過程發現之問題及保留意見，及任何其他外 聘核數師欲討論之事宜；審閱外聘核數師致 管理層之函件及管理層之回應；審閱內部稽 核計劃並確保內部稽核師及外聘核數師間之 協調；確保內部稽核職能在本集團內備有足 夠資源及地位；審議自行或由董事會委派或 因應管理層回應等關於內部監控等事宜之主 要調查結果；及對財務匯報職能方面之員工 資歷是否足夠進行年度檢討。 維他奶國際集團有限公司 二零一零 ∕一一年年報 49 Corporate Governance Report 企業管治報告 The Audit Committee met three times in the fiscal year of 2010/2011. Individual attendance of each Committee member at these meetings is as follows: 於二零一零 ∕二零一一財政年度內審核委員 會共開會三次。各委員會成員於該等會議之 出席率表列如下： Independent Non-executive Directors Mr. Iain F. BRUCE Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG (appointed on 1st September, 2010) Attendance by Invitation: Executive Chairman Mr. Winston Yau-lai LO Group Chief Executive Officer Mr. Laurence P. EISENTRAGER Group Senior Director, Finance and Administration Ms. Kitty Kit-yi FUNG (appointed on 2nd August, 2010) Group Internal Audit Director Mr. Eric Wai-hon KAN External Auditors KPMG 獨立非執行董事 布魯士先生 李國寶爵士 Jan P. S. ERLUND 先生 張建標先生 （於二零一零年九月一日獲委任） 應邀出席： 執行主席 羅友禮先生 集團行政總裁 黎信彥先生 集團高級總監（財務及行政） 馮潔儀小姐 （於二零一零年八月二日獲委任） 集團內部稽核總監 簡偉漢先生 外聘核數師 畢馬威會計師事務所 Attendance 出席率 3/3 3/3 3/3 2/2 3/3 2/2 2/2 3/3 3/3 Report of the Audit Committee 審核委員會報告 The Audit Committee has reviewed the revised accounting standards, the 2010/2011 interim financial report and annual financial statements with management and the Company’s External Auditors, and recommended their adoption by the Board. The Committee also reviewed with the Internal Auditor the Company’s internal control systems and the periodic audit reports prepared by the Internal Auditor and approved the 2011/2012 audit plan. The Committee has met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit. The Audit Committee has also reviewed and considered the terms of engagement of the External Auditors, including assessing their independence and objectivity. The Audit Committee reviewed and approved/preapproved the audit and non-audit services provided by the External Auditors, together with their respective fees. 審核委員會已連同管理層及本公司外聘核數 師審閱經修訂之會計準則，二零一零 ∕二零 一一年度之中期財務報告及全年財務報表， 並建議董事會予以採納。委員會亦與內部稽 核師檢討本公司之內部監控系統及審閱內部 稽核師定期編製之稽核報告，並已批准二零 一一年 ∕二零一二年度之稽核方案。 委員會已於審核工作開始前，與外聘核數師 開會討論審核工作之性質及範疇以及匯報責 任。審核委員會亦已審閱及考慮外聘核數師 之委聘條件，包括評估其獨立客觀性。審核 委員會已審閱並批准 ∕預先批准外聘核數師 提供之審核及非審核服務及各有關收費。 50 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Governance Report 企業管治報告 In addition, the Committee has also reviewed the adequacy of resources, qualifications and experience of staff of the Group’s accounting and financial reporting function, and their training programmes and budget. The review performed by the Committee is summarised as follows: 此外，委員會亦已審閱本集團於會計及財務 匯報職能方面之資源、員工資歷及經驗是否 足夠，並對培訓課程及有關預算進行審閱。 委員會所進行之審閱概述如下： (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) (cid:53)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:8)(cid:84)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:83)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:86)(cid:79)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) as a whole is headed by the Group Senior Director, Finance and Administration, who is the Qualified Accountant of the Group with over twenty years of experience in the fields of finance, accounting and auditing. (cid:116) 集團高級總監（財務及行政）全面領導 本集團之會計及財務匯報職能，彼為 本集團之合資格會計師，擁有逾二十 年之財務管理、會計及審計工作經驗。 (cid:53)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:52)(cid:70)(cid:79)(cid:74)(cid:80)(cid:83)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:13)(cid:1)(cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:34)(cid:69)(cid:78)(cid:74)(cid:79)(cid:74)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:13)(cid:1) has been supported by the heads of finance and accounting function in each of the operations in Hong Kong, Mainland China, Australia, North America and Singapore. All of them have relevant professional qualifications and/or advanced university degrees in finance and accounting. (cid:116) 本集團在香港、中國內地、澳洲、北 美洲及新加坡各業務單位之財務及會 計職能主管一直輔助集團高級總監（財 務及行政）。有關主管均具備相關專業 資格及 ∕或持有財務及會計方面之大 學深造學位。 (cid:53)(cid:80)(cid:1)(cid:70)(cid:79)(cid:84)(cid:86)(cid:83)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:81)(cid:70)(cid:83)(cid:1)(cid:83)(cid:86)(cid:79)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:8)(cid:84)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1) and financial reporting functions, sufficient budget has been provided to enable internal and external training programmes to update the knowledge and skills of the Group’s accounting and financial reporting staff. (cid:116) 為確保本集團之會計及財務匯報職能 之正常運作，本集團已撥備足夠預算 提供內部及外間培訓課程，務求讓本 集團會計及財務匯報員工之知識及技 能與時並進。 System of Internal Control 內部監控系統 The Board has overall responsibility for maintaining a sound and effective internal control system of the Group. The Group’s system of internal control includes a defined management structure with limits of authority, is designed to help the achievement of business objectives, safeguard assets against unauthorised use or disposition, ensure the maintenance of proper accounting records for the provision of reliable financial information for internal use or for publication, and ensure compliance with relevant legislation and regulations. The system is designed to provide reasonable, but not absolute, assurance against material misstatement or loss and to manage rather than eliminate risks of failure in operational systems and achievement of the Group’s objectives. 董事會之整體職責是要為本集團維持良好和 有效之內部監控系統。本集團之內部監控系 統包括界定授權限制之清晰管理架構，旨在 幫助公司達致各項業務目標、保障資產免於 未經授權之挪用或處置、確保維持妥善之會 計記錄以提供可靠之財務資料供內部使用或 作公佈之用，以及確保遵守各項相關法律及 法規。此系統旨在提供合理（但非百分百）之 保證，避免營運系統出現重大錯誤或損失， 並管理（而非消除）失誤之風險，及達成本 集團目標。 Directors, through the Audit Committee, have conducted an annual review of the effectiveness of the system of internal control of the Group. The review covered all material controls, including financial, operational and compliance controls and risk management functions. 董事透過審核委員會每年審閱本集團內部監 控系統之有效性。有關審閱工作涵蓋所有重 要之監控範疇，包括財務、營運及合規監控 以及風險管理功能。 維他奶國際集團有限公司 二零一零 ∕一一年年報 51 Corporate Governance Report 企業管治報告 Internal Audit 內部稽核 The Group Internal Audit Department carries out annual risk assessment on auditable areas in accordance with a Risk-based Internal Audit Rolling Plan reviewed and pre-approved by the Audit Committee. In addition to its scheduled reviews, the Group Internal Audit Department also conducts other ad hoc reviews whenever deemed necessary. The results of significant internal audit reviews (and as applicable, agreed rectification plans) are reported to the Company’s senior executives and Audit Committee periodically. The Group Internal Audit Department also follows up the rectification actions to ensure that satisfactory controls are maintained. 集團內部稽核部門根據經審核委員會審閱及 事先批准以風險為本之內部滾動稽核計劃對 可以稽核之範疇進行年度風險評估。除了此 按計劃進行之審閱外，集團內部稽核部門亦 會於有需要時進行其他專項審閱工作。重大 內部稽核審閱（及協定之改善計劃（如適用）） 之結果會定期向本公司之高級行政人員及審 核委員會匯報。集團內部稽核部門亦會跟進 有關改善措施確保維持令人滿意之監控制 度。 External Auditors 外聘核數師 KPMG has been appointed as the External Auditors of the Company by shareholders at the last Annual General Meeting. An amount of HK$4.1 million (2009/2010: HK$3.9 million) was charged for fiscal year of 2010/2011 for statutory audits for the Company and subsidiaries. The amount for the other non-audit services provided by KPMG for the Company and subsidiaries during the year was HK$0.9 million (2009/2010: HK$0.8 million). The non-audit services mainly comprised tax advisory services. 畢馬威會計師事務所已於上屆股東週年大會 上獲股東委聘為本公司外聘核數師。畢馬 威會計師事務所為本公司及其附屬公司所提 供之二零一零╱二零一一財政年度法定審核 服務之費用為港幣 4,100,000 元（二零零九 ╱ 二 零 一 零 年： 港 幣 3,900,000 元 ）。 畢 馬 威會計師事務所於年內為本公司及其附屬 公司所提供之其他非審核服務費用為港幣 900,000 元（二零零九╱二零一零年：港幣 800,000 元）。非審核服務主要包括稅務顧 問服務。 The responsibilities of the External Auditors with respect to the 2010/2011 financial statements are set out in the section of “Independent Auditor’s Report” on pages 73 and 74. 外聘核數師就二零一零╱二零一一年財務報 表所負之責任列載於第 73 及 74 頁之「獨立 核數師報告」一節。 Communications with Shareholders and Investors 與股東及投資者之溝通 We believe accountability and transparency are indispensable for ensuring good corporate governance and, in this regard, timely communication with our shareholders, including institutional investors, is crucial. We manage investor relations systematically as a key part of our operations. 我們相信問責制及透明度乃良好企業管治不 可或缺之部份，故就此與股東（包括機構投 資者）作適時溝通實為重要。我們有系統地 處理投資者關係並視為我們之主要工作。 The Company’s Annual General Meeting is one of the important forums to communicate with its shareholders. During the 2010 Annual General Meeting, the Chairman of the Board briefed shareholders the business review and the outlook of the Group and answered questions raised by shareholders. The chairman of the Remuneration and Nomination Committee and the chairman of the Audit Committee were also there to answer questions raised by shareholders. 本公司之股東週年大會為其與股東溝通之重 要渠道之一。於二零一零年股東週年大會 上，董事會主席向股東簡報本集團之業務概 況及前景並回答股東之提問。薪酬及提名委 員會主席以及審核委員會主席亦在場回應股 東之提問。 52 Vitasoy International Holdings Ltd. Annual Report 2010/11 Corporate Governance Report 企業管治報告 Separate resolutions in respect of each substantial issue, including the appointment and re-election of Directors were proposed by the Chairman at the Annual General Meeting and were voted on by poll. The detailed procedures of conducting a poll were explained by the Chairman at the commencement of the Annual General Meeting to ensure that shareholders were familiar with such procedures. An independent scrutineer was appointed to count the votes and the poll results were posted on the websites of The Stock Exchange of Hong Kong Limited and the Company on the same day following the shareholders’ meeting. 股東週年大會之主席就各重要事項（包括委 任及重選董事）提呈獨立決議案，並以投票 方式對決議案進行表決。主席於股東週年大 會開始時詳細解釋進行投票之程序，以確保 股東熟悉有關程序。本公司並委任獨立監票 人進行點票，而投票結果於股東大會結束後 即日在香港聯合交易所有限公司及本公司之 網站刊登。 We maintain a website (www.vitasoy.com) to keep our shareholders and the investing public posted of our share price information, latest business developments, final and interim results announcements, financial reports, public announcements, corporate governance policy and practices, and other relevant shareholder information. 我們設有網站 (www.vitasoy.com)，向股東 及公眾投資者匯報本集團股價資料、最新業 務發展概況、年度及中期業績公佈、財務報 告、公告、企業管治政策及常規以及其他相 關股東資訊。 During the year, we continued to follow a policy of maintaining an open and regular dialogue with institutional shareholders, fund managers, analysts and the media through different means, including meetings, presentations, telephone conferences, correspondences, media briefings and press releases to distribute information on the Group’s latest developments and strategies. We also continued to be proactive in responding to general enquiries raised by the investing public, individual and institutional investors and investment analysts. 年內，我們貫徹通過不同方式與機構股東、 基金經理、分析員及媒體進行公開定期對 話之政策，其形式包括會面、推介會、電話 會議、函件、媒體簡報會及新聞稿等，藉以 發佈有關本集團最新發展及策略之資料。我 們亦將繼續積極回應公眾投資者、個人及機 構投資者以及投資分析員等所提出之一般查 詢。 維他奶國際集團有限公司 二零一零 ∕一一年年報 53 Directors and Senior Management 董事及高層管理人員 Board of Directors 董事會成員 Mr. Winston Yau-lai LO 羅友禮先生 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Iain F. BRUCE 布魯士先生 Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Valiant Kin-piu CHEUNG 張建標先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Laurence P. EISENTRAGER 黎信彥先生 Mr. Eric Fat YU 余發先生 Executive Chairman 執行主席 Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 70, is the Executive Chairman of the Group. Mr. Lo was appointed a Director of the Company in 1972. Mr. Lo graduated from the University of Illinois with a Bachelor of Science degree in Food Science and gained his Master of Science degree in Food Science from Cornell University. Mr. Lo is a member of The National Committee of the Chinese People’s Political Consultative Conference, Honorary Court Member of the Hong Kong University of Science and Technology, and member of Cornell University Council. Mr. Lo is a director of Ping Ping Investment Company Limited. He is also a director of The Bank of East Asia, Limited, a company listed on the Hong Kong Stock Exchange. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. He is the brother of Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO. 羅友禮先生 (SBS, BSc, MSc)，七十歲，本集團 執行主席，於一九七二年獲委任為本公司董 事。羅先生畢業於伊利諾大學，獲食物科學 理學學士學位，並獲康乃爾大學頒授食物科 學理學碩士學位。羅先生為中國人民政治協 商會議全國委員會委員、香港科技大學顧問 委員會榮譽委員及康乃爾大學校董會成員。 羅先生為平平置業有限公司董事，亦為香港 聯交所上市之東亞銀行有限公司之董事。除 已披露者外，彼於過往三年並無於其他上市 公眾公司擔任任何董事職務。彼為羅慕貞女 士之胞弟，亦為羅慕玲女士之胞兄。 54 Vitasoy International Holdings Ltd. Annual Report 2010/11 Directors and Senior Management 董事及高層管理人員 Board of Directors (Continued) 董事會成員（續） Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI (GBM, GBS, OBE, MA Cantab. (Economics & Law), Hon. DSc. (Imperial), Hon. DBA (Napier), Hon. D.Hum. 李國寶爵士(GBM, GBS, OBE, MA Cantab. (Economics & Law), Hon. DSc. (Imperial), Hon. DBA (Napier), Hon. Litt. (Trinity, USA), Hon. DSocSc (Lingnan), Hon. LLD (Hong Kong), Hon. LLD D.Hum. Litt. (Trinity, USA), Hon. DSocSc (Lingnan), (Warwick), Hon. LLD (Cantab), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, Hon. LLD (Hong Kong), Hon. LLD (Warwick), Hon. LLD FBCS, CITP, FCIArb, JP, Officier de L ’Ordre de la Couronne, Grand Officer (Cantab), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Officier de la Legion d ’Honneur), aged 72, was appointed a Director of the Company in 1994. Sir David holds Honorary Doctorate Degrees in Law from the Universities of Cambridge, Warwick and Hong Kong. He also holds Honorary Doctorate Degrees from Lingnan University (Social Sciences), Trinity College, Hartford (Humane Letters), Edinburgh Napier University (Business Administration) and Imperial College London (Science). He is Fellow of the Chartered Institute of Bankers, the Institute of Chartered Accountants in England and Wales and the Australian Society of Certified Practicing Accountants. Sir David is the chairman and chief executive of The Bank of East Asia, Limited, a company listed on the Hong Kong Stock Exchange. He is the chairman of The Chinese Banks’ Association, Limited and The Hong Kong Management Association. He is a member of the Legislative Council of the Hong Kong Special Administrative Region. He is also a member of the Banking Advisory Committee and the Council of the Treasury Markets Association. Sir David is a director of Hong Kong Interbank Clearing Limited and The Hong Kong Mortgage Corporation Limited. He is also a director of China Overseas Land & Investment Limited, COSCO Pacific Limited, Guangdong Investment Limited, The Hong Kong and China Gas Company Limited, The Hongkong and Shanghai Hotels, Limited, PCCW Limited, San Miguel Brewery Hong Kong Limited, SCMP Group Limited, AFFIN Holdings Berhad and Criteria CaixaCorp, S.A., all being companies listed either in Hong Kong or overseas. He was a director of China Merchants China Direct Investments Limited, a company listed in Hong Kong. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. FBCS, CITP, FCIArb, JP, Officier de L ’Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Officier de la Legion d ’Honneur)，七十二 歲，於一九九四年獲委任為本公司董事。李 爵士榮獲英國劍橋大學、英國華威大學及香 港大學頒授榮譽法律博士學位，彼亦榮獲多 間大學頒授榮譽博士學位，包括嶺南大學 （社會科學）、美國哈特福特 Trinity College （ 人 文 學 ）、 英 國 愛 丁 堡 Napier University （工商管理）及英國倫敦 Imperial College（科 學）。彼亦為香港銀行學會、英格蘭及威爾 士特許會計師公會及澳洲會計師公會之資深 會員。李爵士為香港聯交所上市之東亞銀行 有限公司之主席兼行政總裁。彼亦為香港華 商銀行公會有限公司及香港管理專業協會之 主席。李爵士亦為香港特別行政區立法會議 員，並為銀行業務諮詢委員會委員及財資市 場公會之議員成員。李爵士為香港銀行同業 結算有限公司及香港按揭證券有限公司之董 事。李爵士現今出任以下於香港或海外上 市之公司之董事，包括中國海外發展有限 公司、中遠太平洋有限公司、粵海投資有 限公司、香港中華煤氣有限公司、香港上 海大酒店有限公司、電訊盈科有限公司、 香港生力啤酒廠有限公司、SCMP 集團有限 公 司、AFFIN Holdings Berhad 及 Criteria CaixaCorp, S.A.。李爵士曾出任香港上市公 司招商局中國基金有限公司之董事。除已披 露者外，彼於過往三年並無於其他上市公眾 公司擔任任何董事職務。 維他奶國際集團有限公司 二零一零 ∕一一年年報 55 Directors and Senior Management 董事及高層管理人員 Board of Directors (Continued) Independent Non-executive Directors (Continued) 董事會成員（續） 獨立非執行董事（續） Mr. Iain F. BRUCE (CA, FCPA, FHKIoD, MHKSI), aged 70, was appointed a Director of the Company in 2001. Mr. Bruce joined KPMG Hong Kong in 1964 and was its senior partner from 1991 to 1996. Mr. Bruce is a member of the Institute of Chartered Accountants of Scotland, a fellow of the Hong Kong Institute of Certified Public Accountants and The Hong Kong Institute of Directors, and a member of the Hong Kong Securities Institute. Mr. Bruce is the chairman of KCS Limited and a director of Citibank (Hong Kong) Limited. He is also a director of Paul Y Engineering Group Limited, Tencent Holdings Limited, Wing On Company International Limited, Noble Group Limited, Sands China Ltd., Goodbaby International Holdings Limited, China Medical Technologies, Inc. and Yingli Green Energy Holding Company Limited, all being companies listed either in Hong Kong or overseas. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Mr. Jan P. S. ERLUND, aged 72, was appointed a Director of the Company in 2006. He graduated with a Master degree in Law from the University of Aarhus and studied at the Nordic Institute for Maritime Law, the University of Oslo. Mr. Erlund was admitted to the Danish Bar in 1968 and was admitted to the Supreme Court in 1976. Mr. Erlund is now a partner in Copenhagen Chambers focusing on Danish and international arbitration. He was a partner of Gorrissen Federspiel Kierkegaard, a law firm in Copenhagen, Denmark. He was the president of the Danish Bar and Law Association, president of the Danish Maritime Law Association and chairman of the Maritime and Transport Committee of the International Bar Association. Mr. Erlund was the chairman of the board of directors of Dansk Skovselskab A/S, deputy chairman of ERRIA A/S and a member of the board of directors of PSA International Pte. Ltd., all being companies listed overseas. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 布魯士先生 (CA, FCPA, FHKIoD, MHKSI)，七十 歲，於二零零一年獲委任為本公司董事。布 魯士先生於一九六四年加入香港畢馬威會計 師事務所，並由一九九一年至一九九六年擔 任該會計師事務所之資深合夥人。布魯士先 生為蘇格蘭特許會計師公會會員、香港會計 師公會資深會員、香港董事學會資深會員及 香港證券專業學會會員。彼為 KCS Limited 之主席及花旗銀行（香港）有限公司之董事。 布魯士先生亦為以下於香港或海外上市之公 司之董事，包括保華建業集團有限公司、 騰訊控股有限公司、永安國際有限公司、 Noble Group Limited、 金 沙 中 國 有 限 公 司、好孩子國際控股有限公司、中國醫療技 術公司及英利新能源有限公司。除已披露者 外，彼於過往三年並無於其他上市公眾公司 擔任任何董事職務。 Jan P. S. ERLUND 先生，七十二歲，於二 零零六年獲委任為本公司董事。彼畢業於 University of Aarhus， 獲 法 律 碩 士 學 位， 其後於 University of Oslo 之北歐海事法研 究 院 從 事 研 究。Erlund 先 生 於 一 九 六 八 年 獲委任為丹麥大律師，及於一九七六年獲委 任 為 丹 麥 最 高 法 院 律 師。Erlund 先 生 現 為 哥本哈根大律師事務所（主要從事丹麥當地 及國際間仲裁）之合夥人。彼曾為 Gorrissen Federspiel Kierkegaard（ 一 間 位 於 丹 麥 哥 本哈根之律師行）之合夥人。彼曾任丹麥大 律師及事務律師公會主席、丹麥海事法律 師公會主席及國際大律師公會屬下海事及 運 輸 委 員 會 主 席。Erlund 先 生 曾 任 Dansk Skovselskab A/S 之 董 事 會 主 席、ERRIA A/S 之副主席及 PSA International Pte. Ltd. 之董事會成員，該等公司均為海外上市公 司。除已披露者外，彼於過往三年並無於其 他上市公眾公司擔任任何董事職務。 56 Vitasoy International Holdings Ltd. Annual Report 2010/11 Directors and Senior Management 董事及高層管理人員 Board of Directors (Continued) Independent Non-executive Directors (Continued) 董事會成員（續） 獨立非執行董事（續） Mr. Valiant Kin-piu CHEUNG, aged 65, was appointed a Director of the Company in 2010. Mr. Cheung is a fellow member of the Institute of Chartered Accountants in England and Wales and the Hong Kong Institute of Certified Public Accountants. Mr. Cheung was a partner at KPMG, a leading international accounting firm in Hong Kong, until his retirement in March 2001. He has extensive experience in the fields of assurance and corporate finance, particularly in manufacturing, trading, wholesale, distribution and retails in Hong Kong and Mainland China. Mr. Cheung is an independent non-executive director of Pacific Century Premium Developments Limited, Dah Chong Hong Holdings Limited and The Bank of East Asia, Limited, all being companies listed on the Hong Kong Stock Exchange. He is also an independent non-executive director of unlisted Bank of East Asia (China) Limited, a wholly-owned subsidiary of The Bank of East Asia, Limited. He was an independent non-executive director of Dream International Limited and Winteam Pharmaceutical Group Limited (formerly known as Wing Shan International Limited). Save as disclosed, Mr. Cheung has not held any directorship in other listed public companies in the last three years. 張建標先生，六十五歲，於二零一零年獲委 任為本公司董事。張先生是英格蘭及威爾 斯特許會計師公會及香港會計師公會的資深 會員。於二零零一年三月退休前，張先生為 香港著名國際會計師事務所畢馬威會計師事 務所之合夥人。彼在審計及企業財務工作方 面具備豐富經驗，尤其擅長協助香港及中國 內地經營生產、貿易、批發、分銷和零售等 公司。張先生現為以下於香港聯交所上市之 盈科大衍地產發展有限公司、大昌行集團有 限公司及東亞銀行有限公司之獨立非執行董 事。彼亦擔任非上市公司東亞銀行（中國）有 限公司（是東亞銀行有限公司一家全資附屬 公司）之獨立非執行董事。彼亦曾出任德林 國際有限公司及盈天醫藥集團有限公司（前 稱榮山國際有限公司）之獨立非執行董事。 除已披露者外，張先生於過往三年並無於其 他上巿公眾公司擔任任何董事職務。 Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO, aged 72, was appointed a Director of the Company in 1992. Ms. Lo graduated from Oberlin College in the United States with a Bachelor of Arts degree in Music. Ms. Lo is a member of the Docent Committee and Bishop White Committee of the Royal Ontario Museum in Toronto, Canada. She does not hold/has not held any directorship in other listed public companies currently and in the last three years. She is the sister of Mr. Winston Yau-lai LO and Ms. Yvonne Mo-ling LO. 羅慕貞女士，七十二歲，於一九九二年獲 委 任 為 本 公 司 董 事。 羅 女 士 畢 業 於 美 國 歐柏林大學，獲音樂專業文學學士學位。 羅 女 士 為 加 拿 大 多 倫 多 市 皇 家 安 大 略 省 博 物 館 之 Docent Committee 及 Bishop White Committee 成 員。 彼 於 現 時 或 過 往 三年並無於其他上市公眾公司擔任任何董事 職務。彼為羅友禮先生及羅慕玲女士之胞 姊。 Ms. Yvonne Mo-ling LO, aged 63, was appointed a Director of the Company in 1993. Ms. Lo received a Bachelor of Arts degree from Oberlin College, Ohio in the United States and undertook graduate studies in Urban and Regional Planning at the University of Toronto in Canada. Ms. Lo joined the Group in 1980 and was the President of Vitasoy USA until 2001. Ms. Lo was the president of the Soyfoods Association of North America which represents 60 soyfoods companies covering the US and Canada. She does not hold/has not held any directorship in other listed public companies currently and in the past three years. She is the sister of Ms. Myrna Mo-ching LO and Mr. Winston Yau-lai LO. 羅慕玲女士，六十三歲，於一九九三年獲委 任為本公司董事。羅女士獲美國俄亥俄州歐 柏林大學頒發文學學士學位，並曾在加拿大 多倫多大學修讀城市與區域規劃。羅女士於 一九八零年加入本集團，並曾為維他奶美國 公司之主席，直至二零零一年止。羅女士亦 曾為北美大豆食品協會之主席，該會代表美 國及加拿大六十間大豆食品公司。彼於現時 或過往三年並無於其他上市公眾公司擔任任 何董事職務。彼為羅慕貞女士及羅友禮先生 之胞妹。 維他奶國際集團有限公司 二零一零 ∕一一年年報 57 Directors and Senior Management 董事及高層管理人員 Board of Directors (Continued) Executive Directors 董事會成員（續） 執行董事 Mr. Laurence P. EISENTRAGER, aged 59, was appointed a Director of the Company in 2007. Mr. Eisentrager graduated from the University of Queensland with a Bachelor degree in Applied Science. He is the Group Chief Executive Officer and is currently responsible for the overall strategic planning, business development and general management of all the Group’s operations in Hong Kong, Mainland China, Australia and New Zealand, North America and Singapore. Mr. Eisentrager joined the Group in 2002 and was the General Manager of the Group’s operation in Australia and New Zealand until 2005. He then became the Chief Executive Officer of the Group’s Hong Kong Operation and was promoted to Group Chief Executive Officer in 2007. He has very extensive experience in the food and beverage industry in Hong Kong, Australia and internationally. He does not hold/ has not held any directorship in other listed public companies currently and in the last three years. Mr. Eric Fat YU, aged 61, was appointed a Director of the Company in 1989. Mr. Yu obtained a higher certificate in mechanical engineering from the Hong Kong Technical College. Mr. Yu is the Group’s Senior Director, Manufacturing and Project Management. He has experience in engineering works and project management whilst working previously with a number of companies overseas. He joined the Group in 1974. He is now responsible for the formulation of the Group’s manufacturing policy and strategy and the management of the Group’s new joint venture project. He does not hold/has not held any directorship in other listed public companies currently and in the last three years. Senior Management Group Senior Directors Ms. Kitty Kit-yi FUNG, aged 47, Group Senior Director, Finance and Administration and also the Qualified Accountant of the Group. Ms. Fung is responsible for the finance and administration of the Group. She joined the Group in 2010. She has over twenty years of diversified experience working with leading multinational companies across consumer products, manufacturing, publishing, banking and retail industries in the United States, Greater China and Asia Pacific regions. Besides being a Certified Public Accountant, she is also a Chartered Financial Analyst and a Certified Management Accountant. 黎信彥先生，五十九歲，於二零零七年獲委 任為本公司董事。黎信彥先生畢業於昆士蘭 大學，獲應用科學學士學位。彼為集團行政 總裁，目前負責本集團香港、中國內地、澳 洲及新西蘭、北美洲及新加坡等業務之整體 策略規劃、業務發展及日常管理。黎信彥先 生於二零零二年加入本集團，於二零零五年 前為本集團澳洲及新西蘭業務之總經理。彼 其後擔任本集團香港區業務之行政總裁，並 於二零零七年獲晉升為集團行政總裁。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。彼於現時或過往三年並無於 其他上市公眾公司擔任任何董事職務。 余發先生，六十一歲，於一九八九年獲委任 為本公司董事。余先生持有香港工業學院頒 發之機械工程高級證書。余先生為集團高級 總監（生產暨項目管理）。彼於一九七四年 加入本集團，之前曾在海外多間公司任職， 擁有豐富工程及項目管理經驗。彼現時負責 制定本集團之生產廠務政策及策略，以及管 理本集團之新合營項目。彼於現時或過往三 年並無於其他上市公眾公司擔任任何董事職 務。 高層管理人員 集團高級總監 馮潔儀女士，四十七歲，集團高級總監（財 務及行政）兼集團合資格會計師。馮女士負 責本集團之財務及行政事宜。彼於二零一零 年加入本集團。彼曾於多間領先跨國公司任 職，於美國、大中華地區及亞太區之消費產 品、生產、出版、銀行及零售業擁有逾二十 年之豐富經驗。除為執業會計師外，彼亦為 特許財務分析師及註冊管理會計師。 58 Vitasoy International Holdings Ltd. Annual Report 2010/11 Directors and Senior Management 董事及高層管理人員 Senior Management (Continued) Group Senior Directors (Continued) 高層管理人員（續） 集團高級總監（續） Ms. Rosemary Pik-ling LI, aged 54, Group Senior Director, Human Resources. Ms. Li is responsible for the overall strategic planning and development of human resources of the Group. Her responsibilities include formulating and implementing strategies, policies and practices for human resources management and talent development. She joined the Group in 2000. She has over twenty years of human resources experience gained from multinational and local organisations before joining the Group. 李碧齡女士，五十四歲，集團高級總監（人 力資源）。李女士負責本集團人力資源之整 體策略規劃及發展。彼之職責包括制訂與執 行人力資源管理及人才發展之策略、政策及 守則。彼於二零零零年加入本集團，於加入 本集團前曾在多間跨國及本地機構任職，具 有逾二十年之人力資源經驗。 Hong Kong Operation 香港業務 Mr. Charles Chung CHYI, aged 56, Chief Executive Officer, Hong Kong. Mr. Chyi is responsible for the general management and development of the Group’s operations in Hong Kong. He joined the Group in 2008 and had held senior management positions with a couple of prominent multinational companies previously in the food and beverage industry focusing on Greater China. 齊松先生，五十六歲，香港區行政總裁。齊 先生負責管理及發展本集團之香港業務。彼 於二零零八年加入本集團，曾於大中華區飲 品及食品業內多家知名跨國企業出任高層管 理職位。 Mainland China Operation 中國內地業務 Mr. Jack Jie YUAN, aged 42, Managing Director of Vitasoy (China) Investments Company Limited. Mr. Yuan is responsible for the general management and development of the Group’s operations 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 had previously worked with a number of multinational companies in Mainland China. 袁杰先生，四十二歲，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 發展本集團在中國內地之業務。彼於二零零 四年加入本集團，出任本集團深圳之合營企 業之總經理。彼於飲品行業擁有豐富經驗， 曾於中國內地多間跨國公司工作。 North American Operation 北美洲業務 Mr. Walter M. RIGLIAN, aged 57, President and Chief Executive Officer of Vitasoy USA Inc.. Mr. Riglian is responsible for the general management and development of the Group’s operation in North America. He joined the Group in 2005. He has extensive experience in sales, marketing, and new product development. Prior to joining Vitasoy USA Inc., Mr. Riglian held numerous senior management positions with several renowned multi-national companies in the grocery and produce and natural products industries. Walter M. RIGLIAN 先 生， 五 十 七 歲， Vitasoy USA Inc. 之 總 裁 兼 行 政 總 裁。 Riglian 先生負責管理及發展本集團之北美 洲業務。彼於二零零五年加入本集團，於銷 售、市場推廣及新產品開發方面擁有豐富經 驗。Riglian 先生於加入 Vitasoy USA Inc. 之 前，曾先後於多間著名跨國食品雜貨、農產 品及天然食品公司擔任高層管理職位。 Singaporean Operation 新加坡業務 Mr. Joe Chui-wah HO, aged 59, Chief Executive Officer of Unicurd Food Co. (Private) Ltd., the Group’s tofu manufacturing company in Singapore. Mr. Ho is responsible for the general management and development of the Group’s operation in Singapore. He joined the Group in 1996 and was responsible for overseeing the research and development and technical knowhow of the Group. He had been seconded to the Group’s North American operation in 2000 and appointed as the Executive Vice President of Technical Services of the operation. Before joining the Group, he had worked in several well-known food and beverage companies. 何釗華先生，五十九歲，為本集團於新加坡 之豆腐生產公司，統一食品（私人）有限公 司之行政總裁。何先生負責管理及發展本集 團在新加坡之業務。彼於一九九六年加入本 集團，負責管理本集團之研發及專門技術工 作。彼於二零零零年曾調任至本集團之北美 洲分公司，獲委任為技術服務行政副總裁。 在加入本集團前，彼曾在數間知名食品及飲 品公司工作。 維他奶國際集團有限公司 二零一零 ∕一一年年報 59 Report of the Directors 董事會報告 The Directors have pleasure in submitting their annual report together with the audited financial statements for the year ended 31st March, 2011. 董事會欣然提呈截至二零一一年三月三十一 日止年度之年報及經審核財務報表。 Principal place of business 主要營業地點 Vitasoy International Holdings Limited (“the Company”) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong. 維他奶國際集團有限公司（「本公司」）為成 立於香港及於香港註冊成立之公司，其註冊 辦事處及主要營業地點位於香港新界屯門建 旺街一號。 Principal activities 主要業務 The principal activities of the Company are the manufacture and sale of food and beverages. The principal activities and other particulars of the subsidiaries are set out in note 14 to the financial statements. 本公司之主要業務為製造及銷售食品及飲 品。附屬公司之主要業務及其他詳情載於財 務報表附註 14。 The segment analysis of the operations of the Company and its subsidiaries (“the Group”) during the financial year is set out in note 12 to the financial statements. 本公司及其附屬公司（「本集團」）於本財政 年度內之業務分部分析載於財務報表附註 12。 Major customers and suppliers 主要客戶及供應商 The information in respect of the Group’s sales and purchases attributable to the major customers and suppliers respectively during the financial year is as follows: 以下所載為本財政年度主要客戶及供應商分 別佔本集團銷售額及採購額之資料： The largest customer Five largest customers in aggregate The largest supplier Five largest suppliers in aggregate 最大客戶 首五大客戶合計 最大供應商 首五大供應商合計 Percentages of the Group’s total Purchases 佔本集團 銷售總額百分比 採購總額百分比 Sales 佔本集團 7% 22% 26% 40% At no time during the year have the Directors, their associates or any shareholder of the Company (which to the knowledge of the Directors owns more than 5% of the Company’s share capital) had any interest in these major customers and suppliers. 各董事、彼等之聯繫人或任何據董事會所知 擁有本公司股本超過 5% 之本公司股東於本 年度內概無擁有該等主要客戶及供應商之任 何權益。 60 Vitasoy International Holdings Ltd. Annual Report 2010/11 Report of the Directors 董事會報告 Financial statements 財務報表 The profit of the Group for the year ended 31st March, 2011 and the state of the Company’s and the Group’s affairs as at that date are set out in the financial statements on pages 75 to 207. 本集團截至二零一一年三月三十一日止年度 之溢利及本公司與本集團於該日之財務狀況 載於第 75 至 207 頁之財務報表內。 Transfer to reserves 轉撥入儲備 Profits for the year, before dividends, of HK$331,379,000 (2010: HK$300,584,000) have been transferred to reserves. Other movements in reserves are set out in the consolidated statement of changes in equity. 本年度溢利（扣除股息前）港幣 331,379,000 元（二零一零年：港幣 300,584,000 元）已轉 撥入儲備。儲備之其他變動載於綜合權益變 動表。 An interim dividend of HK3.2 cents per ordinary share (2010: HK3.2 cents per ordinary share) was paid on 21st December, 2010. The Directors now recommend the payment of a final dividend of HK15.1 cents per ordinary share (2010: HK13.4 cents per ordinary share) and no special dividend (2010: HK10.0 cents per ordinary share) in respect of the year ended 31st March, 2011. 本公司已於二零一零年十二月二十一日派發 中期股息每股普通股 3.2 港仙（二零一零年： 每股普通股 3.2 港仙）。董事會現建議派發 截至二零一一年三月三十一日止年度之末期 股息每股普通股 15.1 港仙（二零一零年：每 股普通股 13.4 港仙）但無特別股息（二零一 零年：每股普通股 10.0 港仙）。 Charitable donations 慈善捐款 Charitable donations made by the Group during the year amounted to HK$265,000 (2010: HK$421,000). 本 集 團 於 本 年 度 內 之 慈 善 捐 款 共 達 港 幣 265,000元（二零一零年：港幣421,000元）。 Fixed assets 固定資產 Details of the movements in fixed assets of the Company and the Group are set out in note 13 to the financial statements. 本公司及本集團之固定資產變動詳情載於財 務報表附註 13。 Bank loans 銀行貸款 Particulars of bank loans of the Company and the Group, as at 31st March, 2011 are set out in note 24 to the financial statements. 本公司及本集團於二零一一年三月三十一日 之銀行貸款詳情載於財務報表附註 24。 維他奶國際集團有限公司 二零一零 ∕一一年年報 61 Report of the Directors 董事會報告 Share capital 股本 Details of the movements in share capital of the Company during the year are set out in note 26(c) to the financial statements. Shares were issued during the year on exercise of share options. 本公司於本年度內之股本變動詳情載於財務 報表附註 26(c)。本公司因購股權獲行使而 於本年度內發行股份。 There were no purchases, sales or redemptions of the Company’s listed securities by the Company or any of its subsidiaries during the year. 本公司或其任何附屬公司於本年度內概無購 買、出售或贖回本公司之上市證券。 Directors 董事 The Directors during the financial year and up to the date of this report are set out on page 2. 於本財政年度內及截至本年報之日期各董事 之名單載於第 2 頁。 In accordance with Article 104 of the Company’s Articles of Association, Ms. Yvonne Mo-ling LO and Mr. Iain F. BRUCE retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re- election. 根據本公司之章程細則第 104 條，羅慕玲女 士及布魯士先生須於應屆股東週年大會上輪 值告退，合資格並願膺選連任。 Mr. Valiant Kin-piu CHEUNG, appointed to the board on 1st September, 2010, retires from the board in accordance with Article 110 of the Company’s Articles of Association, and offers himself for re-election at the forthcoming Annual General Meeting. 張建標先生，於二零一零年九月一日獲委任 為董事，根據本公司之章程細則第 110 條， 彼於應屆股東週年大會上告退，並願膺選連 任。 None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. 擬於應屆股東週年大會上膺選連任之董事並 無與本公司或其任何附屬公司簽訂本公司或 其任何附屬公司不得於一年內終止而不作出 賠償（一般法定賠償除外）之服務合約。 Non-executive Directors are appointed under the same terms for rotational retirement as other Directors, pursuant to the Articles of Association of the Company. 根據本公司之章程細則，非執行董事乃按與 其他董事相同之輪值告退條款獲委任。 62 Vitasoy International Holdings Ltd. Annual Report 2010/11 Report of the Directors 董事會報告 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 The Directors of the Company who held office at 31st March, 2011 had the following interests in the shares of the Company and subsidiaries (within the meaning of the Securities and Futures Ordinance (“SFO”)) at that date as recorded in the register of directors’ interests and short positions required to be kept under section 352 of the SFO: 按《證券及期貨條例》第 352 條規定備存之董 事權益及淡倉登記冊記錄所載，於二零一一 年三月三十一日在職之本公司董事於當日持 有本公司及附屬公司（定義見《證券及期貨條 例》）之股份權益如下： (1) Interests in issued shares (1) 於已發行股份之權益 Number of ordinary shares of HK$0.25 each 每股面值港幣 0.25 元之普通股數目 Note 附註 Personal interests Family interests 個人權益 家族權益 Trusts and similar interests 信託及 同類權益 Total number of shares held * % of total issued shares 所持 * 佔已發行股份 股份總數 總數之百分比 (i), (iv) 49,939,800 28,702,500 72,678,300 151,320,600 14.84% 6,000,000 100,000 (ii), (iv) – (iii), (iv) 23,037,990 124,000 625,000 – – – – – – – – 6,000,000 100,000 100,653,000 100,653,000 78,806,760 101,844,750 – – 124,000 625,000 0.59% 0.01% 9.87% 9.99% 0.01% 0.06% 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. Jan P.S. ERLUND Jan P. S. ERLUND 先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Laurence P. EISENTRAGER 黎信彥先生 Mr. Eric Fat YU 余發先生 * Notes: (i) (ii) The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,019,851,500 ordinary shares) as at 31st March, 2011. Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares through interests of his wife. Ms. Myrna Mo-ching LO is interested in 27,974,700 shares held by Swift Luck Development Limited which in turn holds such shares in trust for Lo Myrna Trust (formerly known as Myrna Lo Trust). (iii) Ms. Yvonne Mo-ling LO is interested in 6,128,460 shares held by Yvonne Lo Charitable Remainder Unitrust. Ms. Yvonne Mo-ling LO is a beneficiary of Yvonne Lo Charitable Remainder Unitrust and is therefore deemed to be interested in such shares. (iv) 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. * 附註： (i) 百分比乃根據本公司於二零一一 年三月三十一日已發行之股份總 數（ 即 1,019,851,500 股 普 通 股 ） 計算。 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) 羅 慕 貞 女 士 擁 有 由 Swift Luck Development Limited 持 有 之 27,974,700 股 股 份 之 權 益， 該 公 司 以 託 管 人 身 份 為 Lo Myrna Trust（前稱 Myrna Lo Trust）持有 該等股份。 (iii) 羅 慕 玲 女 士 擁 有 由 Yvonne Lo Charitable Remainder Unitrust 持 有 之 6,128,460 股 股 份 之 權 益。 羅 慕 玲 女 士 為 Yvonne Lo Charitable Remainder Unitrust 之受益人，故被視為擁有該等股 份之權益。 (iv) 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 K. S. Lo Foundation 慈 善 基 金 持 有 之 72,678,300 股股份之權益。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。 維他奶國際集團有限公司 二零一零 ∕一一年年報 63 Report of the Directors 董事會報告 Directors’ interests and short positions in shares, underlying shares and debentures (Continued) 董事於股份、相關股份及債 權證之權益及淡倉（續） (2) Interests in underlying shares (2) 於相關股份之權益 Certain Directors of the Company have been granted options under the Company’s share option scheme, details of which are set out in the section “Share Option Scheme” below. 本公司若干董事根據本公司之購股權 計劃獲授購股權，詳情載於以下「購 股權計劃」一節。 All interests in the shares and underlying shares of the Company are long positions. 於本公司股份及相關股份中之全部權益均為 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 to be kept under section 352 of the SFO or as otherwise notified to the Company pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. 除上文所述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 各董事或彼等之任何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 何記錄在根據《證券及期貨條例》第 352 條須 備存之登記冊上或須根據上市公司董事進行 證券交易的標準守則知會本公司之權益或淡 倉。 Share option scheme 購股權計劃 On 4th September, 2002, the Company adopted a 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 3rd September, 2012, unless otherwise cancelled or amended. The purpose of this scheme was to provide incentives and rewards to employees for their contribution to the Group. The principal terms of this scheme were as follows: 於二零零二年九月四日，本公司採納一項購 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，於二零一二年九月三日終止。該計 劃旨在獎勵及回饋對本集團作出貢獻之僱 員。該計劃之主要條款如下： – – The exercise price of the options is the highest of (a) the closing price of the shares on The Stock Exchange of Hong Kong Limited (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. The options were exercisable for a period to be notified by the Directors to each option holder, such period not to exceed 10 years from the date of grant. – – 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）在香港聯合交易所有限公司 （「聯交所」）錄得之收市價；(b) 股份 於緊接授出日期前五個營業日在聯交 所錄得之平均收市價；及 (c) 股份之 面值。 購股權之行使期限由董事會知會每名 購股權持有人，該期限由購股權授出 日期起計不得超過十年。 64 Vitasoy International Holdings Ltd. Annual Report 2010/11 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） – – – – – There was no minimum period which an option must be held before it could be exercised, but the Directors were empowered to impose at their discretion any such minimum period at the date of offer. 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. The maximum aggregate number of shares over which options could be granted to any one participant, when added to the number of shares issued or issuable to that participant under the share option scheme must not exceed 25% of the maximum aggregate number of shares for the time being issued and issuable under the share option scheme. An offer of the grant of an option remained open for acceptance by an eligible Director or employee for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An eligible Director or employee had to pay HK$10 on acceptance of the option as a consideration. Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. – – – – – 購股權毋須先行持有一段最短期限方 可行使，惟董事會獲授權可酌情於要 約日期時附加任何最短持有期。 就行使全部將授予之購股權而可予發 行之股份總數，最多不得超過批准及 採納計劃當日之已發行股份 10%。 授予任何參與者之購股權所能認購之 股份數目，在與根據購股權計劃已發 行或可發行予該名參與者之股份數目 合計，最多不得超過根據購股權計劃 當時已發行及可發行之股份最高總數 之 25%。 合資格之董事或僱員可於要約認購購 股權日期起計 28 日或董事會酌情決 定之較長或較短期間內接納授出購股 權之要約。合資格之董事或僱員須於 接納購股權時支付港幣 10 元作為代 價。 除獲本公司股東於股東大會上批准 外，於截至授出日期止之任何十二個 月期間內，就任何一名參與者行使授 予之購股權（包括已行使、已註銷及 未行使之購股權）而已發行及須予 發 行之股份總數，不得超過於授出日期 之已發行股份 1%。 The total number of ordinary shares available for issue under the share option scheme as at 31st March, 2011 was 65,739,550 shares (including options for 24,882,000 ordinary shares that have been granted but not yet exercised), which represented 6.45% of the issued share capital of the Company at 31st March, 2011. 於二零一一年三月三十一日根據購股權計 劃可供發行之普通股總數為 65,739,550 股 （ 包 括 已 授 出 但 尚 未 行 使 之 購 股 權 涉 及 之 24,882,000 股 普 通 股 ）， 佔 本 公 司 於 二 零 一一年三月三十一日之已發行股本 6.45%。 維他奶國際集團有限公司 二零一零 ∕一一年年報 65 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） The Directors of the Company individually and other employees of the Group in aggregate had the following personal interests in options to subscribe for ordinary shares of the Company during the year and at the end of the year: 於本年度及年結時，個別本公司董事及本集 團之其他僱員在可認購本公司普通股之購股 權中合共擁有之個人權益如下： Participants Date of grant 參與者 授出日期 Period during which options are exercisable Price per share on exercise of options 行使購股權 時須付之 購股權行使期 每股價格 HK$ 港幣 Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 Number of options granted during the year 年內授出之 購股權數目 Number of options forfeited on termination of employment of eligible participants during the year 於年內因 合資格參與者 年內行使之 離職而沒收之 購股權數目 購股權數目 Number of options Exercised during the year Number of options outstanding at the end of the year * Market value per share at date of grant of options 年結時 * 授出 尚未行使之 購股權之日之 每股市價 購股權數目 HK$ 港幣 * Market value per share on exercise of options * 行使 購股權時之 每股市價 HK$ 港幣 Directors 董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Laurence P. EISENTRAGER 黎信彥先生 Mr. Eric Fat YU 余發先生 Eligible employees working under employment contracts 根據僱傭合約工作之 合資格僱員 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 7/9/2010 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 1/4/2004 to 至 31/3/2013 1/4/2005 to 至 31/3/2014 1/6/2006 to 至 31/5/2015 5/6/2007 to 至 4/6/2016 18/7/2008 to 至 17/7/2017 21/7/2009 to 至 20/7/2018 21/7/2010 to 至 20/7/2019 7/9/2011 to 至 6/9/2020 5/6/2007 to 至 4/6/2016 18/7/2008 to 至 17/7/2017 21/7/2009 to 至 20/7/2018 21/7/2010 to 至 20/7/2019 9/6/2011 to 至 8/6/2020 1/4/2004 to 至 31/3/2013 1/4/2005 to 至 31/3/2014 1/6/2006 to 至 31/5/2015 5/6/2007 to 至 4/6/2016 18/7/2008 to 至 17/7/2017 21/7/2009 to 至 20/7/2018 21/7/2010 to 至 20/7/2019 9/6/2011 to 至 8/6/2020 1/4/2004 to 至 31/3/2013 1/4/2005 to 至 31/3/2014 1/6/2006 to 至 31/5/2015 5/6/2007 to 至 4/6/2016 18/7/2008 to 至 17/7/2017 21/7/2009 to 至 20/7/2018 21/7/2010 to 至 20/7/2019 9/6/2011 to 至 8/6/2020 1.688 1.904 2.375 2.900 3.600 3.820 4.580 5.942 2.900 3.600 3.820 4.580 6.022 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 2,220,000 1,700,000 1,472,000 976,000 712,000 936,000 928,000 – 224,000 592,000 792,000 864,000 – 738,000 450,000 392,000 316,000 304,000 312,000 312,000 – 164,000 156,000 294,000 702,000 1,378,000 1,512,000 2,568,000 – – – – – – – – 2,120,000 – – – – 2,272,000 – – – – – – – 280,000 – – – – – – – 2,172,000 – – – – – – – – – – – – – (550,000) – – – – – – – – (70,000) (104,000) (440,000) (442,000) (366,000) (192,000) – – – – – – – – – – – – – – – – – – – – – – (2,000) – – (8,000) (136,000) (210,000) (456,000) – 2,220,000 1,700,000 1,472,000 976,000 712,000 936,000 928,000 2,120,000 224,000 592,000 792,000 864,000 2,272,000 188,000 450,000 392,000 316,000 304,000 312,000 312,000 280,000 162,000 86,000 190,000 254,000 800,000 936,000 1,920,000 2,172,000 21,014,000 6,844,000 (2,164,000) (812,000) 24,882,000 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.970 2.850 3.630 3.820 4.510 5.870 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.870 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.870 – – – – – – – – – – – – – 6.240 – – – – – – – – 6.251 6.009 6.139 6.177 6.226 6.234 – 66 Vitasoy International Holdings Ltd. Annual Report 2010/11 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） The options granted to the Directors are registered under the names of the Directors who are also the beneficial owners. 授予董事之購股權以同為實益擁有人之董事 之名義登記。 * being the closing price or the weighted average closing price of the Company’s ordinary shares immediately before the dates on which the options were granted or exercised, as applicable. * 即本公司普通股於緊接購股權授出或獲行 使日期前一日適用之收市價或加權平均收 市價。 All options are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: 可予行使之所有購股權數目乃逐步增加，而 各階段可行使購股權之百分比上限如下： Percentage of options granted 佔獲授購股權之百分比 On or after 1st year anniversary of the date of grant On or after 2nd year anniversary of the date of grant On or after 3rd year anniversary of the date of grant On or after 4th year anniversary of the date of grant 授出日期起計一週年或其後 授出日期起計二週年或其後 授出日期起計三週年或其後 授出日期起計四週年或其後 25% another 另 25% another 另 25% another 另 25% Information on the accounting policy for share options granted and the value per option is provided in note 1(o)(iv) and note 27 to the financial statements respectively. 有關已授出購股權之會計政策及每項購股權 之價值之資料分別載於財務報表附註 1(o) (iv) 及附註 27。 Apart from the foregoing, at no time during the year was the Company or any of its subsidiaries a party to any arrangement to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. 除上文所披露者外，在本年度之任何時間， 本公司或其任何附屬公司概無參與任何安 排，致使本公司董事可藉購入本公司或任何 其他公司之股份或債權證而獲益。 維他奶國際集團有限公司 二零一零 ∕一一年年報 67 Report of the Directors 董事會報告 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 the Company’s issued shares at 31st March, 2011 amounting to 5% or more of the ordinary shares in issue. These interests are in addition to those disclosed above in respect of the Directors. 於二零一一年三月三十一日，本公司已獲知 會下列佔本公司已發行普通股之 5% 或以上 之本公司已發行股份權益。該等權益不包括 上文所披露之董事權益。 Substantial shareholders Note Personal interests Family interests Corporate interests 主要股東 附註 個人權益 家族權益 公司權益 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 Number of ordinary shares of HK$0.25 each 每股面值港幣 0.25 元之普通股數目 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 Commonwealth Bank of Australia 澳洲聯邦銀行 Matthews International Capital Management LLC Arisaig Asia Consumer Fund Limited (“Arisaig”) Arisaig Partners (Mauritius) Limited (“Arisaig Mauritius”) Mr. Lindsay William Ernest COOPER (“Cooper”) COOPER 先生（「Cooper」） (i), (ii) 23,514,700 750,000 (ii) (ii) (iii) (iv) 18,508,950 7,548,000 – – (v) 60,600,000 (vi) (vii) – – – – – – – – – – – – 72,678,300 96,943,000 72,678,300 91,187,250 72,678,300 80,226,300 71,257,000 61,009,000 – 60,600,000 60,600,000 – – – – – 71,257,000 61,009,000 60,600,000 60,600,000 60,600,000 9.51% 8.94% 7.87% 6.99% 5.98% 5.95% 5.94% 5.94% * Notes: (i) (ii) (iii) (iv) (v) (vi) (vii) This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,019,851,500 ordinary shares) as at 31st March, 2011. * 百 分 比 乃 根 據 本 公 司 於 二 零 一 一 年 三 月 三 十 一 日 已 發 行 之 股 份 總 數（ 即 1,019,851,500 股普通股）計算。 Ms. Irene CHAN is interested in 750,000 shares held for her daughter Alexandra CHAN who is under the age of 18. Each of Ms. Irene CHAN, Mr. Kai-tun LO and Mr. Peter Tak- shing 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. Commonwealth Bank of Australia was taken to be interested in these 71,257,000 shares which were held by its wholly- owned subsidiaries. These interests are held by Matthews International Capital Management LLC in the capacity of investment manager. These interests are held by Arisaig in the capacity of beneficial owner. 附註： (i) 陳羅慕連女士擁有代其未滿十八歲女兒 Alexandra CHAN 持有之 750,000 股股份 之權益。 (ii) 陳羅慕連女士、羅開敦先生及羅德承先生 均擁有由東亞銀行受託代管有限公司以代 理人名義代 K.S. Lo Foundation 慈善基金 持 有之 72,678,300 股股份之權益。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。 (iii) 澳洲聯邦銀行被視為於其全資附屬公司所 持有之 71,257,000 股股份中擁有權益。 (iv) 該等權益乃由 Matthews International Capital Management LLC 以投資經理身 份持有。 (v) 該等權益乃由 Arisaig 以實益擁有人身份 持有。 These interests are held by Arisaig Mauritius in the capacity of investment manager of Arisaig. These interests are duplicated by the interests disclosed in Note (v) above. (vi) 該等權益乃由 Arisaig Mauritius 以 Arisaig 之投資經理身份持有。該等權益與上文附 註 (v) 所披露者為同一份權益。 These interests represent Cooper’s interests through his indirect 33% interest in Arisaig Mauritius. These interests are duplicated by the interests disclosed in Notes (v) and (vi) above. (vii) 該等權益乃 Cooper 透過間接持有 Arisaig Mauritius 之 33% 權益而擁有之權益。該 等權益與上文附註 (v) 及 (vi) 所披露者為 同一份權益。 68 Vitasoy International Holdings Ltd. Annual Report 2010/11 Report of the Directors 董事會報告 Substantial shareholders’ and other persons’ interests and short positions in shares and underlying shares (Continued) 主要股東及其他人士於股份 及相關股份之權益及淡倉（續） All interests in the shares and underlying shares of the Company are long positions. 於本公司股份及相關股份中之全部權益均為 好倉。 Apart from the foregoing, no other interests required to be recorded in the register kept under section 336 of the SFO have been notified to the Company. 除上述者外，本公司並無獲知會有任何其他 權益須紀錄在根據《證券及期貨條例》第 336 條而備存之登記冊內。 Sufficiency of public float 公眾持股量 Based on the information that is publicly available to the Company and within the knowledge of the Directors of the Company as at the date of this annual report, the Company has maintained the prescribed public float under the Listing Rules. 根據本公司所掌握之公開資料以及就本公司 董事所知，於本年報日期，本公司一直保持 上市規則規定之公眾持股量。 Directors’ interests in contracts 董事於合約之權益 No contract of significance to which the Company or any of its subsidiaries was a party, and in which a Director of the Company had a material interest, subsisted at the end of the year or at any time during the year. 本公司或其任何附屬公司概無於本年度終結 時或年內任何時間訂立本公司董事擁有重大 權益之重要合約。 Directors’ and officers’ liability insurance 董事及行政人員之責任保險 Directors’ and officers’ liability insurance was maintained during the year. 本年度內，本公司已投保董事及行政人員責 任保險。 維他奶國際集團有限公司 二零一零 ∕一一年年報 69 Report of the Directors 董事會報告 Connected transactions 關連交易 (1) On 10th February, 2009, the Company entered into a Milk Supply Agreement with Shenzhen GuangMing Group Co., Ltd. (“Guangming”), a substantial shareholder holding 30% of the registered capital of the Company’s subsidiary, Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (“Shenzhen Vitasoy”), under which Guangming would supply milk products and provide milk processing and packaging services to the Company for a period of 3 years commencing 1st April, 2009. During the year, HK$2,081,000 (2010: HK$2,085,000) was charged by Guangming. (1) 於二零零九年二月十日，本公司與深 圳市光明集團有限公司（「光明」）訂 立鮮奶供應協議，據此，光明將向本 公司供應鮮奶產品及提供鮮奶加工及 包 裝 服 務， 由 二 零 零 九 年 四 月 一 日 起計為期三年。光明為持有本公司附 屬公司深圳維他（光明）食品飲料有 限公司（「深圳維他奶」）註冊資本之 30% 之主要股東。年內，光明收取港 幣 2,081,000 元（ 二 零 一 零 年： 港 幣 2,085,000 元）之費用。 The transactions constituted 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. An announcement was made by the Company on 10th February, 2009 in this respect. 根據上市規則第 14A.34(1) 條，有關 交易構成持續關連交易，並只須遵守 申報及公佈規定且獲豁免獨立股東批 准之規定。本公司已於二零零九年二 月十日就此發表公佈。 The Directors, including the Independent Non- executive Directors, considered that the transactions during the year ended 31st March, 2011: 董事（包括獨立非執行董事）認為截 至二零一一年三月三十一日止年度之 有關交易乃： (i) (ii) were entered into the ordinary and usual course of business of the Company; (i) 於 本 公 司 一 般 日 常 業 務 過 程 中進行； were conducted on normal commercial terms or on terms no less favourable than terms available from independent third parties; and (ii) 按 正 常 商 業 條 款 或 按 不 遜 於 獨立第三者給予之條款進行； 及 (iii) were conducted in accordance with the Milk Supply Agreement on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole. In addition, the independent auditors of the Company, KPMG, confirmed in a letter to the board of directors that nothing has come to their attention that caused them to believe that the continuing connected transactions (i) had not been approved by the Board of the Company, (ii) were not entered into in all material respects in accordance with the relevant agreement governing such transactions, and (iii) had exceeded the cap amount of HK$2,750,000 disclosed in the announcement of the Company dated 10th February, 2009. (iii) 按 鮮 奶 供 應 協 議 進 行， 而 交 易 條 款 公 平 合 理， 並 且 符 合 本公司股東之整體利益。 此 外， 本 公 司 之 獨 立 核 數 師 畢 馬 威 會計師事務所於致董事會之函件中 確認，彼等並無發現任何事項令彼等 相信持續關連交易 (i) 未獲本公司董 事會批准；(ii) 在所有重大方面未有 根據規管該等交易之有關協議進行； 及 (iii) 超過本公司於二零零九年二月 十日之公佈所披露之上限金額港幣 2,750,000 元。 70 Vitasoy International Holdings Ltd. Annual Report 2010/11 Report of the Directors 董事會報告 Connected transactions (Continued) 關連交易（續） (2) On 4th August, 2008, the Company’s subsidiary, Vitasoy Australia Products Pty. Ltd. (“VAP”), entered into a Supplementary Services and Distribution Agreement to amend the original management fee so that it is 5% instead of 3.5% of gross sales from 1st July, 2008 onwards. National Foods Milk Limited (“NFML”), a fellow subsidiary of National Foods Holding Limited, a substantial shareholder holding 49% of the issued share capital of VAP, would provide services to VAP in relation to soy food and beverage products manufactured, imported and/or distributed by VAP targeted for mainstream market (“VAP Products”). As part of the services provided, NFML would be the exclusive distributor in Australia of the VAP Products. In return, VAP would pay a management fee equal to 5% of gross sales of VAP Products distributed by NFML in Australia. (2) 於 二 零 零 八 年 八 月 四 日， 本 公 司 之 附屬公司 Vitasoy Australia Products Pty. Ltd.（「VAP」）訂立一項補充服務 及 分 銷 協 議 以 修 訂 原 管 理 費 用， 據 此， 管 理 費 用 自 二 零 零 八 年 七 月 一 日起由總銷售額之 3.5% 調整為 5%。 National Foods Holding Limited（持 有 VAP 49% 已 發 行 股 本 之 主 要 股 東）之同系附屬公司 National Foods Milk Limited（「NFML」）將 就 VAP 製造、進口及╱或分銷之主流市場豆 製食品及飲品（「VAP 產品」）向 VAP 提 供 服 務。 作 為 所 提 供 服 務 之 一 部 份，NFML 成 為 VAP 產 品 在 澳 洲 之 獨 家 分 銷 商。VAP 須 就 此 向 NFML 支付相當於其在澳洲分銷之 VAP 產 品總銷售額之 5% 作為管理費用。 During the year, HK$23,805,000 (2010: HK$18,294,000) was charged by NFML. 年 內，NFML 收 取 港 幣 23,805,000元 （二零一零年：港幣 18,294,000元）。 The transactions constituted 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. Announcement was made by the Company on 7th August, 2008 in this respect. 根據上市規則第 14A.34(1) 條，有關 交易構成持續關連交易，並只須遵守 申報及公佈規定且獲豁免獨立股東批 准之規定。本公司已於二零零八年八 月七日就此發表公佈。 The Directors, including the Independent Non- executive Directors, considered that the transactions during the year ended 31st March, 2011: 董事（包括獨立非執行董事）認為截 至二零一一年三月三十一日止年度之 有關交易乃： (i) (ii) were entered into in the ordinary and usual course of business of the Company; (i) 於 本 公 司 一 般 日 常 業 務 過 程 中進行； were conducted on normal commercial terms or on terms no less favourable than terms available from independent third parties; and (ii) 按 正 常 商 業 條 款 或 按 不 遜 於 獨立第三者給予之條款進行； 及 (iii) were conducted in accordance with the Supplementary Services and Distribution Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. (iii) 按 補 充 服 務 及 分 銷 協 議 進 行， 而 交 易 條 款 公 平 合 理， 並且符合股東之整體利益。 維他奶國際集團有限公司 二零一零 ∕一一年年報 71 Report of the Directors 董事會報告 Connected transactions (Continued) 關連交易（續） (2) (continued) (2) （續） In addition, the independent auditors of the Company, KPMG, confirmed in a letter to the board of directors that nothing has come to their attention that caused them to believe that the continuing connected transaction (i) had not been approved by the Board of the Company, and (ii) were not entered into in all material respects in accordance with the relevant agreement governing such transactions. KPMG confirmed that for the year ended 31st March, 2011, the management fee charged by NFML was AUD3,229,000, which exceeded the annual cap of AUD3,000,000 disclosed in the previous announcement dated 25th March, 2010. 此外，本公司之獨立核數師畢馬威會 計師事務所於致董事會之函件中確 認，彼等並無發現任何事項令彼等相 信持續關連交易 (i) 未獲本公司董事 會批准；及 (ii) 在所有重大方面未有 根據規管該等交易之有關協議進行。 畢馬威會計師事務所確認，截至二零 一一年三月三十一日止年度，NFML 所 收 取 之 管 理 費 用 為 3,229,000 澳 元，超過本公司之前於二零一零年三 月二十五日之公佈所披露之年度上限 3,000,000 澳元。 The reasons for exceeding the annual cap for the above transaction are set out in the announcement published by the Company on 4th May, 2011. 上述交易超過年度上限之原因載於本 公司於二零一一年五月四日所刊發之 公佈。 Employee retirement plans 僱員退休計劃 Particulars of employee retirement plans of the Company and the Group are set out in note 17 to the financial statements. 有關本公司及本集團僱員退休計劃之詳情載 於財務報表附註 17。 Five year summary 五年財務摘要 A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 208 of the annual report. 本集團於過去五個財政年度之業績、資產及 負債摘要載於本年報第 208 頁。 Auditors 核數師 KPMG retire and, being eligible, offer themselves for re- appointment. A resolution for the re-appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual General Meeting. 畢馬威會計師事務所任滿告退並願受聘連 任。有關續聘畢馬威會計師事務所擔任本公 司核數師之決議案將於應屆股東週年大會上 提呈。 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, 14th June, 2011 香港，二零一一年六月十四日 72 Vitasoy International Holdings Ltd. Annual Report 2010/11 Independent Auditor’s Report 獨立核數師報告 Independent auditor’s 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之 獨立核數師報告 （於香港註冊成立之有限公司） We have audited the consolidated financial statements of Vitasoy International Holdings Limited (“the Company”) and its subsidiaries (together “the Group”) set out on pages 75 to 207, which comprise the consolidated and company balance sheets as at 31st March, 2011, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. 本核數師（以下簡稱「我們」）已審核列載於 第75至207頁維他奶國際集團有限公司（「貴 公司」）及其附屬公司（統稱「貴集團」）之綜 合財務報表，此綜合財務報表包括於二零 一一年三月三十一日之綜合及公司資產負債 表與截至該日止年度之綜合損益報表、綜合 全面收益報表、綜合權益變動表和綜合現金 流量表，以及主要會計政策概要及其他解釋 資料。 Directors’ responsibility for the consolidated financial statements 董事就綜合財務報表須承擔 的責任 The Directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 貴公司董事須負責根據香港會計師公會頒佈 的《香港財務報告準則》及香港《公司條例》編 製作出真實而公允反映的綜合財務報表，並 落實其認為屬必要之內部控制，致使綜合財 務報表之編製不存在由於欺詐或錯誤而導致 之重大錯誤陳述。 Auditor’s responsibility 核數師的責任 Our responsibility is to express an opinion on these consolidated financial statements based on our audit. This report is made solely to you, as a body, in accordance with section 141 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. 我們的責任是根據我們審核工作的結果，對 該等綜合財務報表發表意見。我們按照香港 《公司條例》第 141 條的規定，僅向整體股東 報告。除此之外，我們的報告書不可用作其 他用途。我們概不就本報告書之內容，對任 何其他人士負責或承擔法律責任。 We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. 我們已根據香港會計師公會頒佈的《香港審 計準則》進行審核。這些準則要求我們遵守 道德規範，並規劃及執行審核，以合理確定 綜合財務報表是否不存有任何重大錯誤陳 述。 維他奶國際集團有限公司 二零一零 ∕一一年年報 73 Independent Auditor’s Report 獨立核數師報告 Auditor’s responsibility (Continued) 核數師的責任（續） An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the consolidated financial statements. 審核涉及執行程序以獲取有關綜合財務報表 所載金額及披露資料的審核憑證。所選定之 程序取決於核數師的判斷，包括評估由於欺 詐或錯誤而導致綜合財務報表存有重大錯誤 陳述的風險。在評估該等風險時，核數師考 慮與該公司編製綜合財務報表相關的內部控 制，致使綜合財務報表作出真實而公允的反 映，以設計適當的審核程序，但並非為對公 司的內部控制的效能發表意見。審核亦包括 評價董事所採用的會計政策的合適性及所作 出的會計估計的合理性，以及評價綜合財務 報表的整體列報方式。 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 我們相信，我們所獲得的審核憑證是充足和 適當地為我們的審核意見提供基礎。 Opinion 意見 In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31st March, 2011 and of the Group’s profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance. 我們認為，該等綜合財務報表已根據《香港 財務報告準則》真實而公允地反映　貴公司 及　貴集團於二零一一年三月三十一日的財 政狀況及　貴集團截至該日止年度的溢利和 現金流量，並已按照香港《公司條例》適當地 編製。 KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 14th June, 2011 畢馬威會計師事務所 執業會計師 香港中環 遮打道 10 號 太子大廈 8 樓 二零一一年六月十四日 74 Vitasoy International Holdings Ltd. Annual Report 2010/11 Consolidated Income Statement 綜合損益報表 For the year ended 31st March, 2011 (Expressed in Hong Kong dollars) 截至二零一一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 Profit before taxation Income tax Profit for the year 融資成本 除稅前溢利 所得稅 本年度溢利 Attributable to: Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益 應佔 ︰ Profit for the year Earnings per share Basic Diluted 本年度溢利 每股盈利 基本 攤薄 Note 附註 3 & 12 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 3,329,336 (1,678,012) 3,012,312 (1,514,173) 1,651,324 1,498,139 4 33,875 45,015 (822,439) (245,182) (191,038) (763,715) (227,617) (171,641) 426,540 380,181 5(a) 5 (7,279) (5,222) 419,261 374,959 6(a) (87,882) (74,375) 331,379 300,584 9 11 284,314 47,065 331,379 260,459 40,125 300,584 27.9 cents 仙 25.6 cents 仙 27.6 cents 仙 25.4 cents 仙 The notes on pages 84 to 207 form part of these financial statements. 第 84 至 207 頁之附註乃本財務報表之一部 份。 Details of dividends payable to equity shareholders of the Company attributable to the profit for the year are set out in note 26(b). 有關本年度溢利中應付予本公司股權持有人 之股息詳情載於附註 26(b)。 維他奶國際集團有限公司 二零一零 ∕一一年年報 75 Consolidated Statement of Comprehensive Income 綜合全面收益報表 For the year ended 31st March, 2011 (Expressed in Hong Kong dollars) 截至二零一一年三月三十一日止年度（以港幣計算） Profit for the year 本年度溢利 Other comprehensive income for the year (after tax): 本年度其他全面收益 （除稅後）： Exchange differences on translation 換算香港以外地區 of the financial statements of subsidiaries outside Hong Kong Cash flow hedge: net movement in 現金流量對沖： 附屬公司財務報表 所產生之匯兌差額 the hedging reserve 對沖儲備之淨變動 Total comprehensive income 本年度全面收益總額 for the year Attributable to: Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益 應佔： Total comprehensive income 本年度全面收益總額 for the year 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 331,379 300,584 Note 附註 10 47,186 47,587 1,758 – 380,323 348,171 318,677 61,646 288,441 59,730 380,323 348,171 The notes on pages 84 to 207 form part of these financial statements. 第 84 至 207 頁之附註乃本財務報表之一部 份。 76 Vitasoy International Holdings Ltd. Annual Report 2010/11 Consolidated Balance Sheet 綜合資產負債表 At 31st March, 2011 (Expressed in Hong Kong dollars) 於二零一一年三月三十一日（以港幣計算） Non-current assets Fixed assets – Property, plant and equipment – Investment properties – 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 Deposits for the acquisition of fixed assets Intangible assets Goodwill Deferred tax assets 購買固定資產之訂金 無形資產 商譽 遞延稅項資產 Current assets Inventories Trade and other receivables Current tax recoverable Bank deposits Cash and cash equivalents 流動資產 存貨 應收賬款及其他應收款 應收回現期稅項 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 融資租賃之債務 Current tax payable 流動負債 應付賬款及其他應付款 銀行貸款 應付現期稅項 2011 二零一一年 2010 二零一零年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 13(a) 13(h) 15 16 18(b) 19 20 18(a) 21(a) 21(a) 23 24 25(a) 18(a) 1,214,979 7,772 32,992 1,255,743 14,011 13,737 39,194 11,805 1,334,490 805,720 8,299 7,056 821,075 15,808 14,238 35,197 7,996 894,314 372,467 579,101 5,438 10,412 352,311 303,584 544,601 1,160 15,500 463,245 1,319,729 1,328,090 720,064 141,037 5,225 18,675 885,001 577,745 64,456 6,307 22,985 671,493 Net current assets 淨流動資產 434,728 656,597 Total assets less current 總資產減流動負債結轉 liabilities carried forward 1,769,218 1,550,911 維他奶國際集團有限公司 二零一零 ∕一一年年報 77 Consolidated Balance Sheet 綜合資產負債表 At 31st March, 2011 (Expressed in Hong Kong dollars) 於二零一一年三月三十一日（以港幣計算） 2011 二零一一年 2010 二零一零年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Total assets less current liabilities brought forward 總資產減流動 負債承前 1,769,218 1,550,911 Non-current liabilities Bank loans Obligations under finance leases 融資租賃之債務 Employee retirement benefit 非流動負債 銀行貸款 僱員退休福利負債 liabilities Deferred tax liabilities 遞延稅項負債 NET ASSETS CAPITAL AND RESERVES Share capital Reserves 淨資產 資本及儲備 股本 儲備 Total equity attributable to equity 本公司股權持有人 shareholders of the Company Non-controlling interests 應佔權益總額 非控股權益 TOTAL EQUITY 權益總額 24 25(a) 17(b) 18(b) 26(c) 114,000 13,239 2,177 50,081 – 16,468 1,851 33,714 179,497 1,589,721 254,963 1,160,881 1,415,844 173,877 1,589,721 52,033 1,498,878 254,422 1,104,075 1,358,497 140,381 1,498,878 Approved and authorised for issue by the Board of Directors on 14th June, 2011 於二零一一年六月十四日獲董事會通過並批 准發佈 Winston Yau-lai LO 羅友禮 Director 董事 Laurence P. EISENTRAGER 黎信彥 Director 董事 The notes on pages 84 to 207 form part of these financial statements. 第 84 至 207 頁之附註乃本財務報表之一部 份。 78 Vitasoy International Holdings Ltd. Annual Report 2010/11 Balance sheet 資產負債表 At 31st March, 2011 (Expressed in Hong Kong dollars) 於二零一一年三月三十一日（以港幣計算） Non-current assets Fixed assets – Property, plant and equipment – Investment properties 非流動資產 固定資產 – 物業、廠房及設備 – 投資物業 Interest in subsidiaries Deposits for the acquisition of fixed assets Employee retirement benefit assets 附屬公司權益 購買固定資產之訂金 僱員退休福利資產 流動資產 存貨 應收賬款及其他應收款 Current assets Inventories Trade and other receivables Amounts due from subsidiaries 應收附屬公司款項 Current tax recoverable Bank deposits Cash and cash equivalents 應收回現期稅項 銀行存款 現金及現金等值項目 Current liabilities Trade and other payables Amounts due to subsidiaries Obligations under finance leases 流動負債 應付賬款及其他應付款 應付附屬公司款項 融資租賃之債務 Current tax payable 應付現期稅項 2011 二零一一年 2010 二零一零年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 13(b) 14 13(h) 17(b) 19 20 22 18(a) 21(a) 21(a) 23 22 25(b) 18(a) 123,636 286,933 238,679 4,907 9,992 113,164 777,311 267,421 67,276 1,363 – 336,060 385,044 7,772 392,816 457,741 1,223 – 851,780 271,263 8,299 279,562 290,133 – 462 570,157 119,454 301,750 255,757 – 1,000 244,692 922,653 272,962 34,129 1,259 13,349 321,699 Net current assets 淨流動資產 441,251 600,954 Total assets less current 總資產減流動負債結轉 liabilities carried forward 1,293,031 1,171,111 維他奶國際集團有限公司 二零一零 ∕一一年年報 79 Balance sheet 資產負債表 At 31st March, 2011 (Expressed in Hong Kong dollars) 於二零一一年三月三十一日（以港幣計算） Total assets less current liabilities brought forward 總資產減流動 負債承前 Non-current liabilities Bank loans Obligations under finance leases Employee retirement benefit liabilities Deferred tax liabilities 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 CAPITAL AND RESERVES Share capital Reserves TOTAL EQUITY 淨資產 資本及儲備 股本 儲備 權益總額 2011 二零一一年 2010 二零一零年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 1,293,031 1,171,111 24 114,000 25(b) 733 17(b) 18(b) 1,179 41,661 26(a) – 2,091 1,363 25,181 157,573 1,135,458 254,963 880,495 1,135,458 28,635 1,142,476 254,422 888,054 1,142,476 Approved and authorised for issue by the Board of Directors on 14th June, 2011 於二零一一年六月十四日獲董事會通過並批 准發佈 Winston Yau-lai LO 羅友禮 Director 董事 Laurence P. EISENTRAGER 黎信彥 Director 董事 The notes on pages 84 to 207 form part of these financial statements. 第 84 至 207 頁之附註乃本財務報表之一部 份。 80 Vitasoy International Holdings Ltd. Annual Report 2010/11 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2011 (Expressed in Hong Kong dollars) 截至二零一一年三月三十一日止年度（以港幣計算） Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share capital Share premium Capital redemption reserve Capital reserve Surplus reserve General reserve 股本 $’000 千元 股份溢價 資本贖回儲備 $’000 千元 $’000 千元 資本儲備 $’000 千元 盈餘儲備 $’000 千元 一般儲備 $’000 千元 Note 附註 reserve Share-based Exchange compensation reserve 股份基礎 補償儲備 $’000 千元 匯兌儲備 $’000 千元 Retained profits Total Non- controlling interests Total equity 保留溢利 $’000 千元 合計 非控股權益 $’000 千元 $’000 千元 權益總額 $’000 千元 253,805 324,168 1,101 75,568 14,746 2,261 (7,474) 6,611 616,232 1,287,018 109,979 1,396,997 Balance at 1st April, 2009 於二零零九年 四月一日結餘 Changes in equity for the year: 本年度之權益變動： Profit for the year 本年度溢利 Other comprehensive 其他全面收益 income 10 Total comprehensive 全面收益總額 income 轉撥至盈餘儲備 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 Transfer from retained 自保留溢利 profits to surplus reserve Transfer from capital 自資本儲備 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- 以股份為付款基礎之 based transactions Final dividend approved in respect of the previous year Special dividend approved in respect of the previous year Interim dividend declared in respect of the current year Dividends paid to non-controlling 交易 批准屬於上一年度之 末期股息 批准屬於上一年度之 特別股息 宣派本年度之 中期股息 向非控股權益 派發股息 interests Balance at 31st March, 2010 於二零一零年三月 三十一日結餘 – – – – – – – – – – 26(d)(ii) 26(c)(ii) 617 6,310 26(c)(ii) 26(b)(ii) 26(b)(ii) 26(b)(i) – – – – – – 1,300 – – – – – – – – – – – – – – – – – – – – – (4,087) – – – – – – – – – – 3,366 – – – – – – – – – – – – – – – – – – – – – 27,982 27,982 – – – – – – – – – 260,459 260,459 40,125 300,584 – 27,982 19,605 47,587 260,459 288,441 59,730 348,171 (3,366) 4,087 – – – 6,927 (1,300) 1,793 – – – 1,793 (91,489) (91,489) (101,656) (101,656) (32,537) (32,537) – – – – – – – – – – 6,927 – 1,793 (91,489) (101,656) (32,537) – – (29,328) (29,328) – – – – – – – – – – 254,422 331,778 1,101 71,481 18,112 2,261 20,508 7,104 651,730 1,358,497 140,381 1,498,878 維他奶國際集團有限公司 二零一零 ∕一一年年報 81 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2011 (Expressed in Hong Kong dollars) 截至二零一一年三月三十一日止年度（以港幣計算） Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share capital Share premium Capital redemption reserve Capital reserve Surplus reserve General reserve Hedging reserve 股本 $’000 千元 股份溢價 資本贖回儲備 $’000 千元 $’000 千元 資本儲備 $’000 千元 盈餘儲備 $’000 千元 一般儲備 $’000 千元 對沖儲備 $’000 千元 Note 附註 reserve Share-based Exchange compensation reserve 股份基礎 補償儲備 $’000 千元 匯兌儲備 $’000 千元 Retained profits Total Non- controlling interests Total equity 保留溢利 $’000 千元 合計 非控股權益 $’000 千元 $’000 千元 權益總額 $’000 千元 Balance at 1st April, 2010 於二零一零年 四月一日結餘 254,422 331,778 1,101 71,481 18,112 2,261 – 20,508 7,104 651,730 1,358,497 140,381 1,498,878 本年度之權益變動： Changes in equity for the year: Profit for the year Other comprehensive 其他全面收益 本年度溢利 income 10 Total comprehensive 全面收益總額 income Transfer from retained profits to surplus 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 Special dividend approved in respect of the previous year Interim dividend declared in respect of the current year Dividends paid to non- controlling interests 自保留溢利 轉撥至盈餘儲備 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 以股份為付款基礎之 交易 批准屬於上一年度之 末期股息 批准屬於上一年度之 特別股息 宣派本年度之 中期股息 向非控股權益 派發股息 Balance at 31st March, 2011 於二零一一年 三月三十一日結餘 – – – – – – – – – – 26(d)(ii) 26(c)(ii) 541 5,908 26(c)(ii) 26(b)(ii) 26(b)(ii) 26(b)(i) – – – – – – 1,087 – – – – – – – – – – – – – – – – – – – – – (4,087) – – – – – – – – – – 7,470 – – – – – – – – – – – – – – – – – – – – – 1,758 – 32,605 1,758 32,605 – – – – – – – – – – – – – – – – – – 284,314 – 284,314 34,363 47,065 14,581 331,379 48,944 284,314 318,677 61,646 380,323 (7,470) 4,087 – – – 6,449 (1,087) 3,200 – – – 3,200 (136,506) (136,506) (101,870) (101,870) (32,603) (32,603) – – – – – – – – – – 6,449 – 3,200 (136,506) (101,870) (32,603) – – (28,150) (28,150) – – – – – – – – – – 254,963 338,773 1,101 67,394 25,582 2,261 1,758 53,113 9,217 661,682 1,415,844 173,877 1,589,721 The notes on pages 84 to 207 form part of these financial statements. 第 84 至 207 頁之附註乃本財務報表之一部 份。 82 Vitasoy International Holdings Ltd. Annual Report 2010/11 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2011 (Expressed in Hong Kong dollars) 截至二零一一年三月三十一日止年度（以港幣計算） 經營活動 Operating activities Cash generated from operations 經營業務所得現金 Tax paid – Hong Kong Profits Tax paid – Tax paid outside Hong Kong 已繳稅項 – 已繳香港利得稅 – 已繳香港以外地區稅項 2011 二零一一年 2010 二零一零年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 21(b) 540,005 (37,855) (47,759) 410,706 (13,523) (41,473) Net cash generated from operating 經營活動所得現金淨額 activities 454,391 355,710 投資活動 Investing activities Payment for purchase of property, 購買物業、廠房 及設備之款項 plant and equipment Proceeds from disposal of 出售物業、廠房 及設備所得款項 property, plant and equipment Placement of bank deposits 新造存款期超過三個月 maturing after three months but 但於一年內之銀行存款 within one year when placed Maturity of bank deposits maturing after three months but 但於一年內到期之 within one year when placed Interest received 銀行存款 已收利息 到期存款期超過三個月 (466,652) 2,007 (116,525) 1,290 (10,412) (16,499) 17,146 1,949 105,970 1,948 Net cash used in investing activities 投資活動所用現金淨額 (455,962) (23,816) 融資活動 資本部份 償還銀行貸款 Financing activities Capital element of finance lease 已付融資租賃租金之 rentals paid Proceeds from new bank loans 新增銀行貸款所得款項 Repayment of bank loans Interest element of finance lease 已付融資租賃租金之 rentals paid Interest paid Proceeds from shares issued on exercise of share options Dividends paid to equity shareholders of the Company Dividends paid to non-controlling interests 利息部份 已付利息 就行使購股權發行股份 所得款項 向本公司股權持有人 派發股息 向非控股權益派發股息 (6,030) 326,982 (143,306) (1,628) (5,651) 6,449 (270,979) (28,150) (6,097) 13,945 (12,807) (2,014) (3,208) 6,927 (225,682) (29,328) Net cash used in financing activities 融資活動所用現金淨額 Net (decrease)/increase in cash 現金及現金等值項目 （減少）∕增加淨額 and cash equivalents Cash and cash equivalents 於四月一日之現金 及現金等值項目 at 1st April Effect of foreign exchange 匯率變動之影響 rate changes Cash and cash equivalents at 31st March 於三月三十一日之 現金及現金等值項目 21(a) (122,313) (258,264) (123,884) 463,245 12,950 352,311 73,630 379,298 10,317 463,245 The notes on pages 84 to 207 form part of these financial statements. 第 84 至 207 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 二零一零 ∕一一年年報 83 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies 1 主要會計政策 (a) Statement of compliance (a) 遵例聲明 These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual HKFRSs, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the requirements of the Hong 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 certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 2 provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. 本財務報表是按照所有適用之《香港 財務報告準則》而編製。《香港財務 報告準則》一詞包括香港會計師公會 頒佈之所有適用之《香港財務報告準 則》、《香港會計準則》及詮釋，香港 公認會計原則及香港《公司條例》之規 定。本財務報表亦符合適用之香港聯 合交易所有限公司證券上市規則（「上 市規則」）之披露規定。本集團採納 之主要會計政策概述如下。 香港會計師公會已頒佈若干新訂及經 修訂之《香港財務報告準則》，並於本 集團及本公司之本期會計期間首次生 效或可供提早採納。首次應用此等適 用於本集團之新訂準則所引致於當期 及以往會計期間之任何會計政策變動 已於本財務報表內反映，有關資料載 於附註 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 March, 2011 comprise the Company and its subsidiaries (together referred to as the “Group”). 截至二零一一年三月三十一日止年度 之綜合財務報表包括本公司及其附屬 公司（統稱「本集團」）。 The measurement basis used in the preparation of the financial statements is the historical cost basis. 編製財務報表時是以歷史成本作為計 量基準。 The preparation of financial statements in conformity w i t h H K F R S s r e q u i r e s m a n a g e m e n t t o m a k e judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 管理層須在編製符合《香港財務報告 準則》之財務報表時作出會影響會計 政策應用，以及資產、負債、收入及 支 出 之 報 告 金 額 之 判 斷、 估 計 及 假 設。此等估計及相關假設是根據以往 經驗和管理層因應當時情況認為合理 之多項其他因素作出，其結果構成當 管理層在無法依循其他途徑即時得知 資產與負債之賬面值時所作出判斷之 基 礎。 實 際 結 果 可 能 有 別 於 估 計 數 額。 84 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) (b) Basis of preparation of the financial statements (Continued) 1 主要會計政策（續） (b) 財務報表之編製基準（續） The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 34. 管理層會不斷審閱各項估計和相關假 設。倘若會計估計之修訂只影響某一 期間，其影響便會在該期間內確認， 或如果修訂對當期和未來期間均有影 響，則在作出修訂之期間和未來期間 確認。 有關管理層在應用《香港財務報告準 則》時所作出對財務報表有重大影響 之判斷，以及估計不確定因素之主要 來源之討論內容，載於附註 34。 (c) Subsidiaries and non-controlling interests (c) 附屬公司及非控股權益 Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. Non-controlling interests (previously known as “minority interests”) represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at their proportionate share of the subsidiary’s net identifiable assets. 附屬公司為本集團所控制之實體。當 本集團有權決定該實體之財政及經營 政策從而自其活動獲取利益，則本集 團已持有該實體之控制權。於評估控 制時，現時可行使之潛在投票權已計 算在內。 於附屬公司之投資由該控制權開始有 效日期起至結束日期止期間於綜合財 務報表綜合入賬。集團內公司之間之 結餘和交易，以及交易所產生之任何 未變現溢利，均於編製綜合財務報表 時全數撇銷。如無減值證據，集團內 公司之間之交易產生之未變現虧損按 未變現收益相同之方式撇銷。 非控股權益（前稱「少數股東權益」） 指非本公司直接或間接應佔之附屬公 司股權，而本集團並未與有關權益持 有人協定任何附加條款，令本集團整 體對該等權益產生符合金融負債定義 之合約義務。就各企業合併而言，本 集團可選擇按公允值或其所佔附屬公 司之淨可識別資產之比例計量任何非 控股權益。 維他奶國際集團有限公司 二零一零 ∕一一年年報 85 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) (c) Subsidiaries and non-controlling interests (Continued) 1 主要會計政策（續） (c) 附屬公司及非控股權益（續） Non-controlling interests are presented in the consolidated balance sheet within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated income statement and the consolidated statement of comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in accordance with notes 1(l) or (m) depending on the nature of the liability. Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised. When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or jointly controlled entity. 非控股權益在綜合資產負債表之權益 部份內，與本公司股權持有人應佔權 益分開呈列。非控股權益所佔本集團 業績之權益在綜合損益報表及綜合全 面收益報表呈列，以顯示本年度之總 溢利或虧損及全面收益總額於非控股 權益與本公司股權持有人之間之分 配。非控股權益持有人之貸款及該等 持有人之其他合約責任乃按該筆負債 之性質根據附註 1(l) 或 (m) 呈列為金 融負債。 本集團將不導致喪失控制權之附屬公 司權益變動乃以權益交易入賬，即只 調整在綜合權益表內之控股及非控股 權益金額以反映相關權益變動，但不 調整商譽及確認盈虧。 當本集團喪失對附屬公司之控制權， 將按出售該附屬公司之所有權益入 賬，而所產生的盈虧於損益確認。任 何於喪失控制權當日仍保留該前附屬 公 司 之 權 益 乃 按 公 允 值 確 認， 而 此 金額被視為初始確認金融資產之公允 值，或（如適用）按成本初始確認於 聯營公司或共同控制實體之投資。 In the Company’s balance sheet, an investment in a subsidiary is stated at cost less impairment losses (see note 1(i)). 本公司之資產負債表所示之附屬公司 之 投 資， 是 按 成 本 值 減 去 減 值 虧 損 （見附註 1(i)）後列賬。 86 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (d) Goodwill Goodwill represents the excess of (d) 商譽 商譽指： (i) t h e a g g r e g a t e o f t h e f a i r va l u e o f t h e consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over (i) 已 轉 讓 代 價 之 公 允 值、 於 被 收 購 方 任 何 非 控 股 權 益 金 額 與 本 集 團 先 前 持 有 被 收 購 方 權益公允值之總和；超出 (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date. (ii) 於 收 購 日 期 被 收 購 方 可 辨 別 資 產 及 負 債 之 公 允 值 淨 額 之 部份。 When (ii) is greater than (i), then this excess is recognised immediately in profit or loss as a gain on a bargain purchase. Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see note 1(i)(ii)). On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. 倘 (ii) 項高於 (i) 項，該差額即時於損 益確認為廉價收購之收益。 商譽按成本值減去累計減值虧損後列 賬。企業合併產生之商譽分配至預計 將會受惠於合併之協同作用之各現金 產 生 單 位 或 現 金 產 生 單 位 的 組 別， 並於每年進行減值測試（見附註 1(i) (ii)）。 年內，出售現金產生單位時，計算出 售之損益時將計入購入商譽之任何應 佔金額。 (e) Investment properties (e) 投資物業 Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 1(h)) to earn rental income and/or for capital appreciation. These include land held for a currently undetermined future use and property that is being constructed or developed for future use as investment property. 投資物業是指為賺取租金收入及╱或 為資本增值而擁有或以租賃權益持有 之 土 地 及 ╱ 或 樓 宇（ 見 附 註 1(h)）。 該等物業包括目前持有但未確定未來 用途之土地及興建中或已發展作未來 投資物業用途之物業。 Investment properties held under operating leases are accounted for as if they were held under a finance lease (see note 1(h)). Investment properties are stated in the balance sheet at cost less accumulated depreciation and impairment losses (see note 1(i)(ii)). 根 據 經 營 租 賃 持 有 之 投 資 物 業 乃 按 以 融 資 租 賃 持 有 般 入 賬（ 見 附 註 1(h)）。投資物業按成本值減去累計 折舊及減值虧損（見附註 1(i)(ii)）後 記入資產負債表。 維他奶國際集團有限公司 二零一零 ∕一一年年報 87 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (e) Investment properties (Continued) (e) 投資物業（續） Depreciation is calculated to write off the cost of investment properties using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years after the date of completion. 折舊乃將投資物業成本在未屆滿租賃 期及其估計可使用年期（不超過完成 日期後 50 年）兩者中較短期間以直線 法計算而撇銷。 The useful life of investment properties is reviewed annually. 本公司會每年檢討投資物業之可使用 年期。 Rental income from investment properties is accounted for as described in note 1(s)(iii). 投 資 物 業 之 租 金 收 入 乃 按 附 註 1(s) (iii) 所述方式入賬。 (f) Other property, plant and equipment (f) 其他物業、廠房及設備 The following items of property, plant and equipment are stated in the balance sheet at cost less accumulated depreciation and impairment losses (see note 1(i)(ii)): 下 列 物 業、 廠 房 及 設 備 項 目 按 成 本 值減去累計折舊及減值虧損（見附註 1(i)(ii)）後記入資產負債表： – – – Freehold land and buildings; － 永久業權之土地及樓宇； Land held under operating leases and buildings thereon, where the fair values of the leasehold interest in the land and buildings cannot be measured separately at the inception of the lease and the building is not clearly held under an operating lease (see note 1(h)); Buildings held for own use which are situated on leasehold land, where the fair value of the building could be measured separately from the fair value of the leasehold land at the inception of the lease (see note 1(h)); and － 根 據 經 營 租 賃 持 有 之 土 地 及 建 於 其 上 之 樓 宇， 而 有 關 土 地 及 樓 宇 之 租 賃 權 益 之 公 允 值 無 法 於 租 賃 開 始 時 分 開 計 量， 以 及 有 關 樓 宇 並 非 清 楚 地根據經營租賃持有（見附註 1(h)）； － 位 於 租 賃 土 地 而 持 作 自 用 之 樓 宇， 而 樓 宇 之 公 允 值 可 於 租 賃 訂 立 時 與 租 賃 土 地 之 公 允值分開計量（見附註 1(h)）； 及 – Other items of plant and equipment. － 其他廠房及設備項目。 The cost of self-constructed items of property, plant and equipment includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads and borrowing costs (see note 1(u)). 物業、廠房及設備等自建項目之成本 包括材料、直接勞工、初始估計之成 本、（如相關）拆除及移除建築物及 重置建築物所在土地之成本，以及生 產成本及借款成本之適當部份（見附 註 1(u)）。 88 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (f) Other property, plant and equipment (f) 其他物業、廠房及設備（續） (Continued) Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying 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 property, plant and equipment, less their estimated residual value, if any, using the straight line method over their estimated useful lives as follows: (i) Leasehold land and buildings are depreciated over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. 報廢或出售物業、廠房及設備項目所 產生之盈虧為出售該項目所得款項淨 額與該項目賬面值之差額，並於報廢 或出售當日在損益內確認。 折舊乃按物業、廠房及設備項目之成 本減去其估計剩餘價值（如有），在 其估計可使用年期採用直線法以下列 方式撇銷： (i) 租 賃 土 地 及 樓 宇 按 未 屆 滿 租 賃 期 及 估 計 可 使 用 年 期 兩 者 中 之 較 短 者 折 舊， 惟 不 超 過 50 年。 Freehold land is not depreciated. 永久業權之土地並無折舊。 (ii) Buildings situated on freehold land are depreciated over their estimated useful lives, being no more than 25 years. (ii) 於 永 久 業 權 之 土 地 上 之 樓 宇 以不超過 25 年之估計可使用 年期折舊。 (iii) Estimated useful lives of other plant and equipment are as follows: (iii) 其 他 廠 房 及 設 備 項 目 之 估 計 可使用年期如下： Factory machinery and equipment Fixtures, furniture and office equipment Motor vehicles 4 – 17 years 3 – 10 years 4 – 7 years 工廠機器 及設備 裝置、傢俬 及辦公室 設備 汽車 4 – 17 年 3 – 10 年 4 – 7 年 No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use. 直至有關資產已大致完成及可供使用 前，並無就在建工程作出折舊撥備。 Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. 倘一項物業、廠房及設備中之不同部 份有不同之可使用年期，該項目之成 本將合理地分配至各部份，而各部份 則獨立計提折舊。 Both the useful life of an asset and its residual value, if any, are reviewed annually. 資產之可使用年期及其剩餘價值（如 有）將於每年檢討。 維他奶國際集團有限公司 二零一零 ∕一一年年報 89 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (g) Intangible assets (other than goodwill) (g) 無形資產（商譽除外） Intangible assets that are acquired by the Group are stated in the balance sheet at cost less accumulated amortisation (where the estimated useful life is finite) and impairment losses (note 1(i)(ii)). 本集團收購之無形資產按成本值減去 累計攤銷（倘估計可使用年期有限） 及減值虧損後記入資產負債表（附註 1(i)(ii)）。 Amortisation of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful lives. The following intangible assets with finite useful lives are amortised from the date they are available for use and their estimated useful lives are as follows: 具有有限可使用年期之無形資產攤銷 於資產估計可使用年期內以直線法於 損益內扣除。下列具有有限可使用年 期之無形資產自其可供使用當日起攤 銷，其估計可使用年期如下： – – Brand name Customer list 20 years 7 years – – 品牌名稱 客戶名單 20 年 7 年 Both the period and method of amortisation are reviewed annually. 攤銷之期間及方法均於每年檢討。 (h) Leased assets (h) 租賃資產 An arrangement, comprising a transaction or a series of transactions, is or contains a lease if the Group determines that the arrangement conveys a right to use a specific asset or assets for an agreed period of time in return for a payment or a series of payments. Such a determination is made based on an evaluation of the substance of the arrangement and is regardless of whether the arrangement takes the legal form of a lease. 倘本集團釐定一項安排具有在協定期 限內通過支付一筆或一系列款項，從 而獲得使用某一特定資產或多項特定 資產之權利，則該安排（由一宗交易 或一系列交易組成）為租賃或包括租 賃。該釐定乃根據安排之內容評估而 作出，而不論安排是否具備租賃之法 律形式。 (i) Classification of assets leased to the Group (i) 本集團承租之資產之分類 Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases, with the following exceptions: – Property held under operating leases that would otherwise meet the definition of an investment property is classified as investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease (see note 1(e)); and 若本集團根據租賃持有資產，而有關 租賃將擁有該資產之絕大部份風險及 報酬轉予本集團，有關資產歸類為根 據融資租賃持有之資產。並未將擁有 資產之絕大部份風險及報酬轉予本集 團之租賃，則歸類為經營租賃，惟下 列兩項除外： － 以 經 營 租 賃 持 有 但 在 其 他 方 面 均 符 合 投 資 物 業 定 義 之 物 業， 會 按 每 項 物 業 之 基 準 歸 類 為 投 資 物 業， 而 倘 若 歸 類 為 投 資 物 業， 則 會 如 以 融 資 租 賃 持 有 般 入 賬（ 見 附 註 1(e)）；及 90 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (h) Leased assets (Continued) (h) 租賃資產（續） (i) Classification of assets leased to the Group (i) 本集團承租之資產之分類（續） (Continued) – Land held for own use under an operating lease, the fair value of which cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Group, or taken over from the previous lessee. － 以 經 營 租 賃 持 有 作 自 用， 但 無 法 在 租 賃 開 始 時 將 土 地 之 公 允 值 與 建 於 其 上 之 樓 宇 之 公 允 值 分 開 計 量 之 土 地 是 按 以 融 資 租 賃 持 有 方 式 入 賬， 惟 清 楚 地 以 經 營 租 賃 持 有 之 樓 宇 除 外。 就 此 而 言， 租 賃 之 開 始 時 間 是 指 本 集 團 首 次 訂 立 租 賃 時， 或 自 前 承 租 人 接收樓宇時。 (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 leases, the amounts representing the fair value of the leased assets, or, if lower, the present value of the minimum lease payments, of such assets are included in fixed assets and the corresponding liabilities, net of finance charges, are recorded as obligations under finance leases. Depreciation is provided at rates which write off the cost of the assets over the term of the relevant lease or, over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years, or where it is likely the Group will obtain ownership of the asset, the life of the asset, as set out in note 1(e) and note 1(f). Impairment losses are accounted for in accordance with the accounting policy as set out in note 1(i)(ii). 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. 倘若本集團乃以融資租賃取得資產之 使用，便會將相當於租賃資產公允值 或該等資產之最低租賃付款現值（如 為較低之數額）計入固定資產，而相 應負債（不計財務費用）則入賬列為 融資租賃之債務。折舊乃按於相關租 賃期或相關資產之未屆滿租賃期及其 估計可使用年期兩者之中較短者（不 超過 50 年）撇銷資產成本之比率作出 撥備，或倘本集團有可能將獲得資產 擁有權，則為資產可用年限，詳見附 註 1(e) 及附註 1(f)。 減值虧損會根據附註 1(i)(ii) 所載之 會計政策入賬。租賃付款內含之財務 費用會計入租賃期內之損益，以使每 個會計期間債務餘額之定期定額扣減 比率大致上相同。 維他奶國際集團有限公司 二零一零 ∕一一年年報 91 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (h) Leased assets (Continued) (iii) Operating lease charges (h) 租賃資產（續） (iii) 經營租賃費用 Where the Group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred. The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period of the lease term except where the property is classified as an investment property (see note 1(e)). Impairment losses are recognised in accordance with the accounting policy set out in note 1(i)(ii). 倘若本集團乃以經營租賃使用資產， 則根據租賃支付之款項於租賃期所涵 蓋之會計期間內，以等額在損益內扣 除，惟倘有其他基準能更清楚地反映 租賃資產所產生之收益模式則除外。 已收租賃獎勵均在損益中確認為應付 租賃淨付款總額之組成部份。或然租 金於其產生之會計期間計入損益。 根據經營租賃購入之土地之成本，乃 以直線法按租期攤銷，惟物業被劃分 為 投 資 物 業（ 見 附 註 1(e)）則 除 外。 減值虧損根據附註 1(i)(ii) 所載之會 計政策確認。 (i) Impairment of assets (i) 資產減值 (i) Impairment of investments in subsidiaries and financial assets (i) 於附屬公司之投資及金融資產減 值 Investments in subsidiaries that are stated at cost in the Company’s balance sheet and financial assets that are stated at cost or amortised cost are reviewed at the end of each reporting period to determine whether there is objective evidence of impairment. Objective evidence of impairment includes observable data that comes to the attention of the Group about one or more of the following loss events: 於附屬公司之投資於本公司資產負債 表按成本列賬，而本集團於各報告期 間結束時檢討按成本值或攤銷成本列 賬之金融資產，以確定是否出現減值 之客觀證據。減值之客觀證據包括本 集團注意到以下一項或多項虧損事項 之顯著數據： – – – – significant financial difficulty of the debtor; － 債務人有重大財務困難； a breach of contract, such as a default or delinquency in interest or principal payments; － 違 反 合 約， 如 拖 欠 利 息 或 本 金還款； it becoming probable that the debtor will enter bankruptcy or other financial reorganisation; and － 債 務 人 可 能 破 產 或 進 行 其 他 財務重組；及 significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor. － 科 技、 市 場、 經 濟 或 法 律 環 境 有 重 大 改 變 以 致 對 債 務 人 造成不利影響。 92 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (i) Impairment of assets (Continued) (i) 資產減值（續） (i) Impairment of investments in subsidiaries and financial assets (Continued) (i) 於附屬公司之投資及金融資產減 值（續） If any such evidence exists, any impairment loss is determined and recognised as follows: 倘有任何該等證據存在，則任何減值 虧損按下列方式釐定及確認： – – – For investments in subsidiaries, the impairment loss is measured by comparing the recoverable amount of the investment with its carrying amount in accordance with note 1(i)(ii). The impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount in accordance with note 1(i)(ii). For financial assets carried at cost, the impairment loss is measured as the difference between the carrying amount of the financial asset and the estimated future cash flows, discounted at the current market rate of return for a similar financial asset where the effect of discounting is material. For financial assets carried at amortised 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 financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of the assets), where the effect of discounting is material. This assessment is made collectively where financial assets carried at amortised cost share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group. – – – 就 於 附 屬 公 司 之 投 資 而 言， 減 值 虧 損 按 附 註 1(i)(ii) 所 述 比 較 投 資 之 可 收 回 金 額 與 其 賬 面 值 計 量。 倘 用 以 釐 定 按 附 註 1(i)(ii) 所 述 可 收 回 金 額 的 估 計 出 現 正 面 轉 變， 則 撥 回減值虧損。 就 按 成 本 值 列 賬 之 金 融 資 產 而 言， 如 折 現 之 影 響 屬 重 大， 則 任 何 減 值 虧 損 按 金 融 資 產 之 賬 面 值 與 按 類 似 金 融 資 產 之 現 行 市 場 回 報 率 而 折 現 之 估 計 未 來 現 金 流 量 之 差 額計量。 就 按 攤 銷 成 本 列 賬 之 金 融 資 產 而 言， 如 折 現 之 影 響 屬 重 大， 則 任 何 減 值 虧 損 按 資 產 之 賬 面 值 與 使 用 金 融 資 產 之 原訂實際利率（即初始確認該 等資產時計算之實際利率）而 折 現 之 估 計 未 來 現 金 流 量 之 現 值 之 間 之 差 額 計 量。 如 按 攤 銷 成 本 列 賬 之 金 融 資 產 具 備 類 似 之 風 險 特 徵， 例 如 類 似 之 逾 期 情 況 及 並 未 個 別 被 評 估 為 減 值， 則 有 關 之 評 估 會 共 同 進 行。 金 融 資 產 之 未 來 現 金 流 量 會 根 據 與 該 等 資 產 具 有 類 似 信 貸 風 險 特 徵 資 產 之 過 往 虧 損 情 況 共 同 評 估 減值。 維他奶國際集團有限公司 二零一零 ∕一一年年報 93 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (i) Impairment of assets (Continued) (i) 資產減值（續） (i) Impairment of investments in subsidiaries and financial assets (Continued) (i) 於附屬公司之投資及金融資產減 值（續） 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. Impairment losses are written off against the corresponding assets directly, except for impairment losses recognised in respect of trade debtors and bills receivable included within trade and other receivables, whose recovery is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the Group is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade debtors and bills receivable directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss. 倘 減 值 虧 損 之 金 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 之 事 件 有 聯 繫， 則 減 值 虧 損 於 損 益 撥 回。 撥 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 損時原應釐定之金額。 減值虧損直接與相應資產撇銷，惟就 列於應收賬款及其他應收款中之應收 賬款及應收票據所確認之減值虧損， 其收回情況屬存疑而不渺茫者，則作 別論。在此情況下，呆賬之減值虧損 透過撥備賬記錄。當本集團信納收回 機會渺茫，被視為無法收回之金額會 直接在應收賬款及應收票據中撇銷， 而任何列入撥備賬與此債項有關之金 額會被撥回。其後若收回之前已在撥 備賬中扣除之金額，則會在撥備賬中 撥回。撥備賬內之其他變動及其後收 回之前已直接撇銷之金額於損益內確 認。 (ii) Impairment of other assets (ii) 其他資產之減值 Internal and external sources of information are reviewed at each balance sheet date to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognised no longer exists or may have decreased: 本集團於每個結算日檢討內部及外間 資料，以確定下列資產有否出現減值 跡象，或過往已確認之減值虧損不再 存在或已減少（商譽除外）： – – property, plant and equipment; investment properties; – – 物業、廠房及設備； 投資物業； 94 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (i) Impairment of assets (Continued) (i) 資產減值（續） (ii) Impairment of other assets (Continued) (ii) 其他資產之減值（續） – – – interests in leasehold land held for own use under operating leases; intangible assets; and goodwill. – – – 根 據 經 營 租 賃 持 有 作 自 用 之 租賃土地權益； 無形資產；及 商譽。 If any such indication exists, the asset’s recoverable amount is estimated. In addition, for goodwill, the recoverable amount is estimated annually whether or not there is any indication of impairment. 倘有任何減值跡象，則會估計該項資 產 之 可 收 回 金 額。 此 外， 就 商 譽 而 言，不論是否有任何減值跡象存在， 亦於每年估計其可收回金額。 – Calculation of recoverable amount – 計算可收回金額 The recoverable amount of an asset is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). 資 產 之 可 收 回 金 額 為 其 公 允 值 減 去 銷 售 成 本 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 折 現 率 將 估 計 未 來 現 金 流 量 折 現 至 現 值。 該 折 現 率 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 入 基 本 上 不 能 獨 立 於 其 他 資 產 所 產 生 之 現 金 流 入， 則 就 獨 立 產生 現 金 流 入 之 最 小 資 產 組合（即現金產生單位）釐定 可收回金額。 – Recognition of impairment losses – 確認減值虧損 An impairment loss is recognised in profit or loss if 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 first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs to sell, or value in use, if determinable. 資 產 或 其 所 屬 之 現 金 產 生 單 位 之 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 會 首 先 分 配 予 削 減 已 分 配 至 該 現 金 產 生 單 位 （或一組單位）之任何商譽之 賬 面 值， 然 後 按 比 例 削 減 該 單位（或一組單位）內其他資 產 之 賬 面 值， 惟 資 產 賬 面 值 不 可 下 調 至 低 於 其 個 別 公 允 值 減 去 銷 售 成 本 或 使 用 價 值 （如能釐定）。 維他奶國際集團有限公司 二零一零 ∕一一年年報 95 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (i) Impairment of assets (Continued) (i) 資產減值（續） (ii) Impairment of other assets (Continued) (ii) 其他資產之減值（續） – Reversals of impairment losses – 減值虧損撥回 In respect of assets other than goodwill, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. 就 商 譽 以 外 之 資 產 而 言， 倘 用 以 釐 定 可 收 回 金 額 之 估 計 發 生 有 利 之 變 化， 則 會 將 減 值 虧 損 撥 回。 商 譽 之 減 值 虧 損不可撥回。 A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised. 所撥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。所撥回之減值虧損在確認 撥回之年度內計入損益。 (j) Inventories (j) 存貨 Inventories are carried at the lower of cost and net realisable value. 存貨按成本值及可變現淨值兩者中之 較低者入賬。 Cost is calculated using the first-in, first-out method and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. 成本值乃以先入先出方法計算，並包 括所有購貨成本、加工成本及將存貨 運往其現時地點及達至現有狀態之其 他成本。 可變現淨值指正常業務中之估計售價 減去完成交易之估計成本及進行銷售 所需之估計成本。 出售存貨時，其賬面值於有關收入確 認期內確認為開支。任何存貨金額撇 減至可變現淨值及存貨之所有虧損均 於撇減或虧損之發生期內確認為開 支。倘存貨之撇減出現任何撥回，則 於撥回出現期內將費用作減額確認。 96 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (k) Receivables (k) 應收款 Receivables are initially recognised at fair value and thereafter stated at amortised cost less allowance for impairment of doubtful debts (see note 1(i)(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts. 應收款之初值按公允值確認，其後則 按攤銷成本減去呆賬減值撥備後所得 數額入賬（見附註 1(i)(i)），惟倘若應 收款為借予關連人士且無任何固定償 還年期之免息貸款，或折現影響輕微 者則除外。在該等情況下，應收款會 按成本值減去呆賬減值撥備後所得數 額入賬。 (l) Interest-bearing borrowings (l) 附息借貸 Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method. 附息借貸之初值按公允值扣除應佔交 易成本後確認。首次確認後，附息借 貸將按攤銷成本法入賬，而最初確認 金額與贖回值之間之任何差額則以實 際利率法於借貸期內連同任何應付利 息及費用於損益內確認。 (m) Payables (m) 應付款 Payables are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost. 應付款之初值按公允值確認，其後按 攤銷成本入賬，但如折現影響輕微， 則按成本值入賬。 (n) Cash and cash equivalents (n) 現金及現金等值項目 Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. 現金及現金等值項目包括銀行結存及 庫存現金、存於銀行及其他財務機構 之活期存款及短期而高流動性之投 資，此等投資可隨時兌換為已知金額 之現金，且所須承受之價值波動風險 不大，而兌換期乃購入日起計三個月 內。 維他奶國際集團有限公司 二零一零 ∕一一年年報 97 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (o) Employee benefits (o) 僱員福利 (i) Short term employee benefits and contributions to defined contribution retirement plans (i) 短期僱員福利及向界定供款退休 計劃之供款 S a l a r i e s, a n n u a l b o n u s e s, p a i d a n n u a l l e av e, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. 薪酬、年終花紅、有薪年假、向界定 供款退休計劃之供款及非金錢福利之 成本均於僱員提供有關服務之年度累 計。倘延遲付款或結算並構成重大影 響，則有關金額按其現值入賬。 (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 retirement plan is calculated by estimating the amount of future benefit that employees have earned in return for their services in the current and prior periods; that benefit is discounted to determine the present value and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognised as an expense in profit or loss on a straight-line basis over the average period until the benefits become vested. If the benefits vest immediately, the expense is recognised immediately in profit or loss. In calculating the Group’s obligation in respect of a plan, if any cumulative unrecognised actuarial gain or loss exceeds ten percent of the greater of the present value of the defined benefit obligation and the fair value of plan assets, that portion is recognised in profit or loss over the expected average remaining working lives of the employees participating in the plan. Otherwise, the actuarial gain or loss is not recognised. 本集團就界定福利退休計劃所承擔之 責任淨額，乃透過估計僱員於本期間 及以往期間以提供服務所賺取之未來 利益金額而計算，在釐定現值時該項 利益須予以折現，並扣除任何計劃資 產之公允值。折現率為優質公司債券 （到期日與本集團履行責任之期限相 近）於結算日之收益率。計算工作由 合資格精算師採用預計單位信貸法進 行。 倘計劃之福利得到改善，則有關僱員 以往服務之福利之增加部份按直線法 於平均期間於損益確認為開支，直至 福利歸屬為止。倘福利即時歸屬，則 其開支隨即於損益確認。 在計算本集團就一項計劃所承擔之責 任時，倘任何累計之未確認精算盈虧 超出界定福利責任現值或計劃資產公 允值（以兩者中之較高價值為準）之 百分之十，超額部份須於參加計劃之 僱員之預計平均剩餘任職年期在損益 確認。除此之外，精算損益概不予以 確認。 98 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (o) Employee benefits (Continued) (o) 僱員福利（續） (ii) Defined benefit retirement plan obligation (ii) 界定福利退休計劃承擔（續） (Continued) Where the calculation of the Group’s net obligation results in a negative amount, the asset recognised is limited to the total of any cumulative unrecognised net actuarial losses and past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan. 倘在計算本集團所承擔之責任淨額時 出現負數，予以確認之資產僅限於任 何累計之未確認精算虧損淨額加以往 服務成本及任何日後來自計劃之退款 或日後削減之計劃供款之現值等各項 目之總和。 (iii) Long service payments obligation (iii) 長期服務金承擔 The Group’s net obligation in respect of lump sum long service amounts payable on cessation of employment in certain circumstances under the Hong Kong Employment Ordinance is the amount of future benefit that employees have earned in return for their services in the current and prior periods; that benefit is discounted to determine the present value and reduced by entitlements accrued under the Group’s retirement plans that are attributable to contributions made by the Group. The discount rate is the yield at the balance sheet date on high quality 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. 本集團就根據香港《僱傭條例》須在若 干情況下於終止僱用僱員時一筆過支 付之長期服務金所承擔之責任淨額， 為僱員於本期間及以往期間以提供服 務所賺取之未來利益金額；在釐定現 值時該項利益須予以折現，並扣除根 據本集團之退休計劃累計之權益（屬 於本集團作出之供款）。折現率為優 質公司債券（到期日與本集團履行責 任之期限相近）於結算日之收益率。 有關責任由合資格精算師採用預計單 位信貸法計算。 (iv) Share-based payments (iv) 以股份為基礎之付款 The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in the share-based compensation reserve within equity. The fair value is measured at grant date using the binomial lattice model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest. 授予僱員之購股權之公允值乃確認為 僱員成本，並相應增加權益項下之股 份基礎補償儲備。購股權公允值乃於 授出日期使用二項式點陣模式計量， 並計及授出購股權之條款及條件。若 僱員須履行歸屬條件後方可無條件享 有購股權，則購股權之估計公允值總 額會在歸屬期間攤分，並計及購股權 會歸屬持有人之可能性。 維他奶國際集團有限公司 二零一零 ∕一一年年報 99 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (o) Employee benefits (Continued) (o) 僱員福利（續） (iv) Share-based payments (Continued) (iv) 以股份為基礎之付款（續） During the vesting period, the number of share options that is expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognised in prior years is charged/credited to the profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the share-based compensation reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the share-based compensation reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognised in the share-based compensation reserve until either the option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained profits). 於歸屬期間，本公司會檢討預期將歸 屬之購股權數目。於過往年度確認之 任何累計公允值調整會在檢討年度從 損益扣除╱計入損益（除非原有僱員 開支合資格確認為資產），並相應調 整以股份為基礎之補償儲備。於歸屬 日 期， 確 認 為 開 支 之 金 額 會 作 出 調 整，以反映所歸屬之購股權之實際數 目（而以股份為基礎之補償儲備亦會 作出相應調整），惟只因未能達到與 本公司股份市價有關之歸屬條件而導 致被沒收則除外。權益金額乃於以股 份為基礎之補償儲備確認，直至購股 權獲行使（此時有關金額轉撥至股份 溢價賬）或 購股權屆滿（此時有關金 額直接撥至保留溢利）為止。 (p) Income tax (p) 所得稅 (i) Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. (ii) Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. (iii) Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. (i) 年 內 所 得 稅 包 括 本 期 稅 項 及 遞 延 稅 項 資 產 和 負 債 之 變 動。 本 期 稅 項 及 遞 延 稅 項 資 產 和 負 債 之 變 動 於 損 益 中 確 認， 惟 與 於 其 他 全 面 收 益 或 直 接 於 權 益 確 認 之 項 目 相 關 者 除 外， 在 此 情 況 下， 相 關 稅 額 分 別 於 其 他 全 面 收 益 或 直接於權益中確認。 (ii) 本 期 稅 項 是 按 年 內 應 課 稅 收 入 以 結 算 日 已 生 效 或 實 際 上 已 生 效 之 稅 率 計 算 之 預 期 應 付 稅 項， 加 以 往 年 度 應 付 稅 項之任何調整。 (iii) 遞 延 稅 項 資 產 及 負 債 分 別 由 可 抵 扣 及 應 課 稅 暫 時 差 異 產 生。 暫 時 差 異 是 指 資 產 及 負 債 按 財 務 申 報 目 的 之 賬 面 值 與 稅 務 基 礎 之 間 之 差 異。 遞 延 稅 項 資 產 亦 由 未 使 用 之 稅 務虧損及稅款抵減產生。 100 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (p) Income tax (Continued) (iii) (Continued) (p) 所得稅（續） (iii) （續） Apart from certain limited exceptions, all deferred tax liabilities and all deferred tax assets, to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. 除 了 某 些 有 限 的 例 外 情 況， 所 有 遞 延 稅 項 負 債 及 遞 延 稅 項資產（只限於很可能獲得能 動 用 該 資 產 來 抵 扣 的 未 來 應 課稅溢利）均予確認。支持確 認 由 可 抵 扣 暫 時 差 異 所 產 生 遞 延 稅 項 資 產 的 未 來 應 課 稅 溢 利 包 活 因 撥 回 目 前 存 在 的 應 課 稅 暫 時 差 異 而 產 生 的 數 額； 但 這 些 撥 回 的 差 異 必 須 與 同 一 稅 務 機 關 及 同 一 應 課 稅 實 體 有 關， 並 預 期 在 可 抵 扣 暫 時 差 異 預 計 撥 回 的 同 一 期 間 或 遞 延 稅 項 資 產 所 產 生 稅 務 虧 損 可 向 後 期 或 向 前 期 結 轉 的 期 間 內 撥 回。 在 決 定 目 前 存 在 的 應 課 稅 暫 時 差 異 是 否 定 以 支 持 確 認 由 未 動 用 稅 務 虧 損 和 抵 免 所 產 生 的 遞 延 稅 項 資 產 時， 亦 會 採 用同 一 準 則， 即 差 異 是 否 與 同 一 稅 務 機 關 及 同 一 準 則， 即 差 異 是 否 與 同 一 稅 務 機 關 及 同 一 應 課 稅 實 體 有 關， 並 是 否 預 期 在 能 夠 使 用 未 動 用 稅 務 虧 損 和 抵 免 撥 回 的 同 一 期 間 內。 不 確 認 為 遞 廷 稅 項 資 產 和 負 債 的 暫 時 差 異 是 產 生 自 以 下 有 限 的 例 外 情 況： 不 可 在 稅 務 方 面 獲 得 扣 減 的 商 譽； 不 影 響 會 計 或 應 課 稅 溢 利 的 資 產或負債的初始確認（如屬企 業合併的一部分則除外）；以 及 投 資 附 屬 公 司（ 如 屬 應 課 稅 差 異， 只 限 於 本 集 團 可 以 控 制 撥 回 的 時 間， 而 具 在 可 預 見 的 將 來 不 大 可 能 撥 回 的 暫 時 差 異； 或 如 屬 可 抵 扣 差 異， 則 只 限 於 很 可 能 在 將 來 撥回的差異）。 維他奶國際集團有限公司 二零一零 ∕一一年年報 101 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (p) Income tax (Continued) (iii) (Continued) (p) 所得稅（續） (iii) （續） The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted. The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. (iv) Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised. (v) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: – in the case of current tax assets and liabilities, the Company or the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or 已 確 認 之 遞 延 稅 項 金 額 是 按 照 資 產 及 負 債 賬 面 值 之 預 期 變 現 或 清 償 方 式， 以 結 算 日 已 生 效 或 實 際 上 已 生 效 之 稅 率 計 量。 遞 延 稅 項 資 產 及 負 債均不進行折現計算。 於 每 個 結 算 日 本 集 團 會 對 遞 延 稅 項 資 產 之 賬 面 值 作 出 審 閱， 倘 預 期 不 再 有 足 夠 應 課 稅 溢 利 以 實 現 相 關 稅 務 利 益， 則 有 關 資 產 賬 面 值 將 予 以 扣 減。 任 何 被 扣 減 之 遞 延 稅 項 資 產， 在 預 期 可 取 得 足 夠 應 課 稅 溢 利 時， 則 予 以 撥 回，但以該等溢利為限。 (iv) 股 息 分 派 產 生 之 額 外 所 得 稅 於 支 付 相 關 股 息 負 債 確 認 時 確認。 (v) 本 期 及 遞 延 稅 項 結 餘 及 其 變 動 會 分 開 呈 列， 而 且 不 予 撇 銷。 本 期 及 遞 延 稅 項 資 產 只 會 在 本 公 司 或 本 集 團 有 合 法 可 強 制 執 行 權 利 以 本 期 稅 項 資 產 撇 銷 本 期 稅 項 負 債， 並 且 符 合 以 下 附 帶 條 件 之 情 況 下， 才 可 以 分 別 撇 銷 本 期 及 遞延稅項負債： – 就 本 期 稅 項 資 產 及 負 債 而 言， 本 公 司 或 本 集 團 計 劃 按 淨 額 基 準 結 算， 或 在 變 現 資 產之同時清償負債；或 102 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (p) Income tax (Continued) (v) (Continued) (p) 所得稅（續） (v) （續） – in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: – 就 遞 延 稅 項 資 產 及 負 債 而 言， 這 些 資 產 及 負 債 必 須 與 同 一 稅 務 機 關 就 以 下 其 中 一 項徵收之所得稅有關： – – the same taxable entity; or 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. – – 同一應課稅實體；或 不 同 之 應 課 稅 實 體。 這 些 實 體 擬 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 變 現 本 期 稅 項 資 產 及 清 償 本 期 稅 項 負 債， 或 在 變 現 資 產 之 同 時 清償負債。 (q) Financial guarantees issued, provisions and contingent liabilities (q) 已發出之財務擔保、撥備及 或然負債 (i) Financial guarantees issued (i) 已發出之財務擔保 Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the “holder”) for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. Where the Group or the Company issues a financial guarantee, the fair value of the guarantee (being the transaction price, unless the fair value can otherwise be reliably estimated) is initially recognised as deferred income within trade and other payables. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognised in accordance with the Group’s policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognised in profit or loss on initial recognition of any deferred income. 財務擔保為要求發行人（即擔保人） 就擔保受益人（「持有人」）因特定債 務人未能根據債務工具之條款於到期 時付款而蒙受之損失，而向持有人支 付特定款項之合約。 當本集團或本公司發出財務擔保，該 擔保之公允值（即交易價格，除非該 公允值能以其他方式可靠估計則除 外）最初確認為應付賬款及其他應付 款內之遞延收入。倘在發出該擔保時 已收取或可收取代價，該代價則根據 本集團適用於該類資產之政策確認。 倘不存在已收取或應收取之代價，則 於最初確認任何遞延收入時即時於損 益內確認開支。 維他奶國際集團有限公司 二零一零 ∕一一年年報 103 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (q) Financial guarantees issued, provisions and contingent liabilities (Continued) (q) 已發出之財務擔保、撥備及 或然負債（續） (i) Financial guarantees issued (Continued) (i) 已發出之財務擔保（續） The amount of the guarantee initially recognised as deferred income is amortised in profit or loss over the term of the guarantee as income from financial guarantees issued. In addition, provisions are recognised in accordance with note 1(q)(ii) if and when (i) it becomes probable that the holder of the guarantee will call upon the Group or the Company under the guarantee, and (ii) the amount of that claim on the Group or the Company is expected to exceed the amount currently carried in trade and other payables in respect of that guarantee i.e. the amount initially recognised, less accumulated amortisation. 最初確認為遞延收入之擔保款額按擔 保年期於損益內攤銷為所發出之財務 擔保收入。此外，倘 (i) 擔保持有人 有可能根據有關擔保向本集團或本公 司提出申索；及 (ii) 對本集團或本公 司之申索款額預期超過現時列於應付 賬款及其他應付款內之擔保金額（即 最初確認之金額減累計攤銷），則會 根據附註 1(q)(ii) 確認撥備。 (ii) Other provisions and contingent liabilities (ii) 其他撥備及或然負債 Provisions are recognised for other liabilities of uncertain timing or amount when the Group or the Company has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. 倘若本集團或本公司須就已發生之 事 件 承 擔 法 律 或 推 定 責 任， 履 行 該 責任而預期會導致含有經濟效益之資 源外流，並可作出可靠之估計，便會 就該時間或金額不定之其他負債計提 撥備。如果貨幣時間價值重大，則按 預計履行責任所需資源之現值計提撥 備。 倘若含有經濟效益之資源外流之可能 性較低，或是無法對有關金額作出可 靠之估計，便會將該責任披露為或然 負債，但假如這類含有經濟效益之資 源外流之可能性渺茫則除外。須視乎 某宗或多宗未來事件是否發生才能確 定存在與否之潛在責任，亦會披露為 或然負債，但假如這類含有經濟效益 之資源外流之可能性渺茫則除外。 104 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (r) Cash flow hedges (r) 現金流量對沖 Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk of a committed future transaction, the effective portion of any gains or losses on re-measurement of the derivative financial instrument to fair value is recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any gain or loss is recognised immediately in profit or loss. If the hedging instrument is a non-derivative monetary item, which is permitted only for foreign currency risk, then the effective portion of the foreign currency gains or losses on the hedging instrument also are recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any foreign currency gains or losses are recognised immediately in profit or loss. If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated gain or loss is reclassified from equity to be included in the initial cost or other carrying amount of the non-financial asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss (such as when interest income or expense is recognised). 財務衍生工具被指定用作對沖因已確 認的資產或負債或極有可能發生的預 期交易而產生的現金流變動或因已訂 約的未來交易而承擔的外匯風險，重 計該等財務衍生工具的公允值而產生 的損益，其有效部份會確認為其他全 面收益並分別累計在股東權益帳中的 對沖儲備內，非有效部份則會即時確 認為損益。 倘若對沖工具為僅可用作對沖貨幣風 險之非衍生貨幣項目，則該對沖工具 之外匯收益或虧損之有效部份亦於其 他全面收益確認，並於對沖儲備之權 益中獨立累計。任何外匯收益或虧損 之非有效部份即時於損益內確認。 若被對沖的預期交易其後確認為非財 務資產或非財務負債，其在股東權益 帳中已確認的相關損益會計入該非財 務資產或負債的最初成本或其他帳面 金額內。 若被對沖的預期交易其後確認為財務 資產或財務負債，其在股東權益帳中 已確認的相關損益會在該購入的資產 或承擔的債項影響損益的同一或多個 期間內（例如當確認利息收入或支出 時）確認為損益。 For cash flow hedges, other than those covered by the preceding two policy statements, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the hedged forecast transaction affects profit or loss. 有別於上述兩個政策所涵蓋的現金流 量對沖，其在股東權益帳中已確認的 相關損益會在被對沖的預期交易影響 損益的同一或多個期間內確認為損 益。 維他奶國際集團有限公司 二零一零 ∕一一年年報 105 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (r) Cash flow hedges (Continued) (r) 現金流量對沖（續） When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity until the transaction occurs and it is recognised in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss is reclassified from equity to profit or loss immediately. 當對沖工具到期或被出售、終止或行 使或本集團取消該指定對沖關係，而 被對沖的預期交易仍預期發生時，其 累計損益會保留在股東權益帳內，並 在該交易發生時按上述政策確認。若 被對沖的交易預期不會發生，其累計 在股東權益帳中的未實現損益會即時 確認為損益。 (s) Revenue recognition (s) 收入確認 Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows: 收入乃按已收或應收代價之公允值計 量。收入只會於有關經濟利益有可能 流入本集團並能可靠計算該收入及成 本（如適用）之情況下，方會按下列 基準於損益內確認： (i) Sale of goods (i) 貨物之銷售 Revenue is recognised when goods are delivered at the customers’ premises or picked up by customers for domestic sales and when goods are shipped on board for export sales which are taken to be the point in time when the customer has accepted the goods and the related risks and rewards of ownership. Revenue excludes value added tax or other sales taxes and is after deduction of returns, rebates and discounts. 收入於貨物送交客戶之處所或客戶收 取貨物作本地銷售及當貨物付運作出 口銷售（即客戶接納貨物及擁有權之 相關風險和回報）時確認。收入不含 增值稅或其他銷售稅並扣除回收貨 值、回扣及折扣。 (ii) Service fees (ii) 服務費 Service fees are recognised when the related services are provided. 服務費於提供有關服務時確認。 (iii) Rental income from operating leases (iii) 經營租賃之租金收入 Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term. 根據經營租賃應收之租金收入會於租 賃期所涵蓋之期間內，以等額在損益 內確認。 (iv) Interest income (iv) 利息收入 Interest income is recognised as it accrues using the effective interest method. 利息收入按實際利率法累計確認。 106 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (s) Revenue recognition (Continued) (s) 收入確認（續） (v) Dividend income (v) 股息收入 Dividend income from unlisted investments is recognised when the shareholder’s right to receive payment is established as it accrues using the effective interest method. 來自非上市投資之股息收入乃於股東 收取款項之權利確立時，按實際利率 法確認。 (t) Translation of foreign currencies (t) 外幣換算 Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the balance sheet date. Exchange gains and losses are recognised in profit or loss, except those non-derivative monetary items used to hedge foreign currency risk which are recognised in other comprehensive income (see note 1(r)). Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The results of subsidiaries outside Hong Kong are translated into Hong Kong dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Balance sheet items, including goodwill arising on consolidation of subsidiaries outside Hong Kong, are translated into Hong Kong dollars at the closing foreign exchange rates at the balance sheet date. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange reserve. On disposal of a subsidiary outside Hong Kong, the cumulative amount of the exchange differences relating to that subsidiary outside Hong Kong is reclassified from equity to profit or loss when the profit or loss on disposal is recognised. Foreign exchange gains and losses arising from monetary items that in substance form part of the net investment in an operation outside Hong Kong, together with any related tax, are reclassified to equity on consolidation. 年內之外幣交易按交易當日之匯率換 算。以外幣計值之貨幣資產及負債按 結算日之匯率換算。匯兌盈虧於損益 內確認，惟該等於其他全面收益確認 並用作對沖外幣風險之非衍生貨幣項 目除外（見附註 1(r)）。 按歷史成本法以外幣計值之非貨幣資 產 及 負 債， 則 按 交 易 當 日 之 匯 率 換 算。 香港以外地區之附屬公司之業績以接 近交易當日之匯率換算為港幣，而資 產負債表項目（包括香港以外地區之 附屬公司綜合入賬時所產生之商譽） 則按結算日之近似匯率換算為港幣， 由此而產生之匯兌差額於其他全面收 益中確認，並於匯兌儲備之權益中獨 立累計。 就出售香港以外地區之附屬公司而 言，確認出售產生之損益時，與該香 港以外地區之附屬公司有關之匯兌差 額之累計金額會從權益重新分類至損 益。 貨幣項目產生之外幣匯兌盈虧（實質 屬於香港以外地區業務淨投資之一部 份）與任何相關稅項乃於綜合入賬時 重新分類至權益。 維他奶國際集團有限公司 二零一零 ∕一一年年報 107 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (u) Borrowing costs (u) 借貸成本 Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred. The capitalisation of borrowing cost, as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete. 倘一項資產需較長時間才可用作預定 用 途 或 出 售 狀 態， 則 直 接 歸 屬 於 收 購、興建或生產該項資產之借貸成本 將被資本化為該項資產之成本之一部 份。其他借貸成本在產生當期列作支 出。 當資產開支及借貸成本已經產生，且 為使資產可用作預定用途或可出售狀 態所必要之活動已經開始，借貸成本 即資本化為該合資格資產之成本之一 部份。倘為使合資格資產可用作預定 用途或可出售狀態所必需之大部份活 動中止或完成，借貸成本之資本化則 隨之中止或停止。 (v) Repair and maintenance expenditure (v) 維修及保養支出 Repair and maintenance expenditure, including cost of overhaul, is expensed as incurred. 維修及保養支出（包括檢修成本）於 產生時支銷。 (w) Related parties (w) 關連人士 For the purposes of these financial statements, a party is considered to be related to the Group if: 就本財務報表而言，以下人士被認為 是本集團之關連人士： (i) (ii) (iii) (iv) the party has the ability, directly or indirectly through one or more intermediaries, to control the Group or exercise significant influence over the Group in making financial and operating policy decisions, or has joint control over the Group; (i) 該 人 士 有 能 力 直 接 或 間 接 透 過 一 個 或 多 個 中 介 人 控 制 本 集 團 或 可 對 本 集 團 之 財 政 及 經 營 決 策 作 出 重 大 影 響， 或 共同控制本集團； the Group and the party are subject to common control; (ii) 本 集 團 與 該 人 士 均 受 共 同 控 制； the party is an associate of the Group or a joint venture in which the Group is a venturer; the party is a member of key management personnel of the Group or the Group’s parent, or a close family member of such an individual, or is an entity under the control or joint control, or significant influence of such individuals; (iii) 該 人 士 屬 本 集 團 之 聯 營 公 司 或 本 集 團 為 其 中 一 個 合 營 者 之合營企業； (iv) 該 人 士 屬 本 集 團 或 本 集 團 母 公 司 之 主 要 管 理 人 員 成 員 之 一， 或 該 個 別 人 士 之 近 親 家 庭 成 員， 或 受 該 個 別 人 士 控 制 或 共 同 控 制 或 重 大 影 響 之 公司； 108 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (w) Related parties (Continued) (w) 關連人士（續） (v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or (v) 該人士屬上文 (i) 項所指之近 親 家 庭 成 員 或 受 該 個 別 人 士 控 制、 共 同 控 制 或 重 大 影 響 之公司；或 (vi) the party is a post-employment benefit plan which is for the benefit of employees of the Group or of any entity that is a related party of the Group. (vi) 該 人 士 屬 提 供 予 本 集 團 或 與 本 集 團 有 關 連 人 士 之 任 何 公 司之僱員離職後福利計劃。 Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. 個別人士之近親家庭成員乃指該親屬 成員在與公司交易時可能影響或被影 響之親屬成員。 (x) Segment reporting (x) 分部報告 Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. 營運分部及財務報表所呈報之各分部 項目金額，乃根據就分配資源予本集 團各業務及地區分部及評估其表現而 定期提供予本集團最高層管理人員之 財務資料而確定。 就財務報告而言，個別重要營運分部 不會綜合呈報，除非這些分部具有類 似經濟特徵以及在產品及服務性質、 生產程序性質、客戶類型或類別、分 銷產品或提供服務所採用之方式及監 管環境性質方面類似。倘獨立而言並 非屬重要之營運分部共同擁有上述大 部份特徵，則可綜合呈報。 維他奶國際集團有限公司 二零一零 ∕一一年年報 109 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動 The HKICPA has issued two revised HKFRSs, a number of amendments to HKFRSs and two new Interpretations that are first effective for the current accounting period of the Group and the Company. Of these, the following developments are relevant to the Group’s financial statements: (cid:116)(cid:1) (cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:1)(cid:20)(cid:1)(cid:9)(cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1)(cid:19)(cid:17)(cid:17)(cid:25)(cid:10)(cid:13)(cid:1)Business combinations 香港會計師公會已頒佈於本集團及本 公司之當前會計期間首次生效之兩項 經修訂《香港財務報告準則》、多項 《香港財務報告準則》修訂及兩項新詮 釋。其中，下列變動與本集團之財務 報表相關： (cid:116)(cid:1) 《 香 港 財 務 報 告 準 則 》第 3 號 （於二零零八年修訂）「企業合 併」 (cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) (cid:85)(cid:80)(cid:1) (cid:41)(cid:44)(cid:34)(cid:52)(cid:1) (cid:19)(cid:24)(cid:13)(cid:1) Consolidated and separate financial statements (cid:116)(cid:1) 《 香 港 會 計 準 則 》第 27 號「綜 合及獨立財務報表」之修訂 (cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) (cid:85)(cid:80)(cid:1) (cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:1) (cid:22)(cid:13)(cid:1) Non-current assets held for sale and discontinued operations – plan to sell the controlling interest in a subsidiary (cid:116)(cid:1) 《 香 港 財 務 報 告 準 則 》第 5 號 「持作銷售之非流動資產及已 終止經營業務─計劃出售一 間附屬公司之控股權益」之修 訂 (cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:41)(cid:44)(cid:34)(cid:52)(cid:1)(cid:20)(cid:26)(cid:13)(cid:1)Financial instruments: Recognition and measurement – eligible hedged items (cid:116)(cid:1) 《 香 港 會 計 準 則 》第 3(cid:26) 號「金 融工具：確認及計量─合資 格對沖項目」之修訂 (cid:42)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:84)(cid:1)(cid:9)(cid:19)(cid:17)(cid:17)(cid:26)(cid:10) (cid:41)(cid:44)(cid:1)(cid:9)(cid:42)(cid:39)(cid:51)(cid:42)(cid:36)(cid:10)(cid:1)(cid:18)(cid:24)(cid:13)(cid:1)Distribution of non-cash assets to owners (cid:41)(cid:44)(cid:1)(cid:9)(cid:42)(cid:79)(cid:85)(cid:10)(cid:1)(cid:22)(cid:13)(cid:1)Presentation of financial statements – classification by the borrower of a term loan that contains a repayment on demand clause The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. (cid:53)(cid:73)(cid:70)(cid:1) (cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1) (cid:85)(cid:80)(cid:1) (cid:41)(cid:44)(cid:34)(cid:52)(cid:1) (cid:20)(cid:26)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:74)(cid:84)(cid:84)(cid:86)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) HK (Int) 5 have had no material impact on the Group’s financial statements as the amendment and the Interpretation’s conclusions were consistent with policies already adopted by the Group. The other developments resulted in changes in accounting policies but none of these changes in policies has had a material impact on the current or comparative periods, for the following reasons: 110 Vitasoy International Holdings Ltd. Annual Report 2010/11 (cid:116)(cid:1) 《香港財務報告準則》之改進 （二零零九年） (cid:116)(cid:1) (cid:116)(cid:1) 香港（國際財務報告詮釋委員 會）─詮釋第 17 號「向擁有人 分派非現金資產」 香港（詮釋）第 5 號「財務報表 之呈列─借款人對包含可隨 時要求償還條款之定期貸款 之分類」 本集團並無採納任何於當前會計期間 尚未生效之新訂準則或詮釋。 《香港會計準則》第 3(cid:26) 號之修訂及香 港（詮釋）第 5 號之頒佈並無對本集團 之財務報表造成重大影響，此乃由於 該等修訂及詮釋之結論與本集團已採 納之政策一致。其他變更導致會計政 策出現變動，惟會計政策變動對現行 或 比 較 期 間 並 無 重 大 影 響， 原 因 如 下： (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動（續） (Continued) (cid:116)(cid:1) (cid:116)(cid:1) (cid:116)(cid:1) (cid:53)(cid:73)(cid:70)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:68)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:66)(cid:75)(cid:80)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1) HKFRS 3, HKAS 27, HKFRS 5 and HK (IFRIC) 17 has not yet had a material effect on the Group’s financial statements as these changes will first be effective as and when the Group enters into a relevant transaction (for example, a business combination, a disposal of a subsidiary or a non-cash distribution) and there is no requirement to restate the amounts recorded in respect of previous such transactions. (cid:53)(cid:73)(cid:70)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:68)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:1)(cid:20)(cid:1)(cid:9)(cid:74)(cid:79)(cid:1) respect of recognition of acquiree’s deferred tax assets) and HKAS 27 (in respect of allocation of losses to non-controlling interests (previously known as “minority interests”) in excess of their equity interest) has had no material impact as there is no requirement to restate amounts recorded in previous periods and no such deferred tax assets or losses arose in the current period. (cid:53)(cid:73)(cid:70)(cid:1)(cid:42)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:84)(cid:1)(cid:9)(cid:19)(cid:17)(cid:17)(cid:26)(cid:10)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:84)(cid:85)(cid:1) of further amendments to existing standards, including amendments to HKAS 17 Leases. The amendment to HKAS 17 requires the land element of long-term leases to be classified as a finance lease rather than an operating lease if it transfers substantially all the risks and rewards of ownership. These amendments do not have a significant effect on the Group’s results or net assets. (cid:116)(cid:1) 《香港財務報告準則》第 3 號、 《香港會計準則》第 27 號、《香 港財務報告準則》第 5 號及香 港（ 國 際 財 務 報 告 詮 釋 委 員 會）─詮釋第 17 號之大部份修 訂 尚 未 對 本 集 團 財 務 報 表 構 成 重 大 影 響， 原 因 是 該 等 變 動 將 於 本 集 團 訂 立 相 關 交 易 （如企業合併、出售附屬公司 或非現金分派）時首次生效， 且 並 無 規 定 須 重 列 就 過 往 有 關交易記錄之款額。 (cid:116)(cid:1) 由 於 並 無 規 定 要 求 重 列 過 往 期 間 記 錄 金 額， 而 本 期 並 無 有關遞延稅項資產或虧損， 故 《香港財務報告準則》第 3 號之 修訂（有關確認被收購方的遞 延稅項資產）及《香港會計準 則》第 27 號（有關非控股權益 （前稱「少數股東權益」）之虧 損分配超過其股本權益）並無 造成重大影響。 (cid:116)(cid:1) 《香港財務報告準則》之改進 （二零零九年）包括對現有準 則 之 進 一 步 修 訂， 其 中 包 括 《 香 港 會 計 準 則 》第 17 號「 租 賃」之修訂。《香港會計準則》 第 17 號之修訂規定若長期租 賃 將 擁 有 權 絕 大 部 份 風 險 及 回 報 轉 移 至 本 集 團， 則 其 土 地 部 份 須 歸 類 為 融 資 租 賃 而 非 經 營 租 賃。 該 修 訂 對 本 集 團 業 績 或 淨 資 產 並 無 重 大 影 響。 維他奶國際集團有限公司 二零一零 ∕一一年年報 111 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動（續） (Continued) Further details of these changes in accounting policies are as follows: 該等會計政策變動之進一步詳情如 下： (cid:116)(cid:1) (cid:34)(cid:84)(cid:1)(cid:66)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:69)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:1)(cid:20)(cid:1)(cid:9)(cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1) (cid:19)(cid:17)(cid:17)(cid:25)(cid:10)(cid:13)(cid:1) (cid:66)(cid:79)(cid:90)(cid:1) (cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1) (cid:68)(cid:80)(cid:78)(cid:67)(cid:74)(cid:79)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1) (cid:80)(cid:79)(cid:1) or after 1st April, 2010 will be recognised in accordance with the new requirements and detailed guidance contained in HKFRS 3 (revised (cid:19)(cid:17)(cid:17)(cid:25)(cid:10)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1) accounting policies: (cid:116)(cid:1) 由 於 採 納《 香 港 財 務 報 告 準 則 》第 3 號（ 於 二 零 零 八 年 修 訂），於二零一零年四月一日 或 之 後 進 行 之 任 何 企 業 合 併 將 根 據《 香 港 財 務 報 告 準 則 》 第 3 號（於二零零八年修訂）所 載 之 新 規 定 及 詳 細 指 引 予 以 確 認， 包 括 下 列 會 計 政 策 變 動： – – – Transaction costs that the Group incurs in connection with a business combination, such as finder’s fees, legal fees, due diligence fee and other professional and consulting fees, will be expensed as incurred, whereas previously they were accounted for as part of the cost of the business combination and therefore impacted the amount of goodwill recognised. If the Group holds interests in the acquiree immediately prior to obtaining control, these interests will be treated as if disposed of and re-acquired at fair value on the date of obtaining control. Previously, the step-up approach would have been applied, whereby goodwill was computed as if accumulated at each stage of the acquisition. Contingent consideration will be measured at fair value at the acquisition date. Subsequent changes in the measurement of that contingent consideration unrelated to facts and circumstances that existed at the acquisition date will be recognised in profit or loss, whereas previously these changes were recognised as an adjustment to the cost of the business combination and therefore impacted the amount of goodwill recognised. – – – 本 集 團 因 企 業 合 併 產 生之交易成本（如中介 人 佣 金、 法 律 費 用、 盡 職 審 查 費 用 以 及 其 他 專 業 及 顧 問 費 ）將 於 產 生 時 支 銷， 而 先 前 有 關 費 用 均 列 賬 為 企 業 合 併 成 本 之 一 部 份， 故 影 響 已 確 認 商 譽金額。 倘 若 本 集 團 於 緊 接 取 得 控 制 權 前 持 有 被 收 購 方 之 權 益， 該 等 權 益 將 視 作 猶 如 按 取 得 控 制 權 當 日 之 公 允 值 出 售 及 重 新 收 購。 以 往， 本 集 團 應 用 累 進 法， 據 此 商 譽 猶 如 於 各收購階段累計計算。 或 然 代 價 將 於 收 購 日 期 按 公 允 值 計 量。 與 於 收 購 日 期 已 存 在 之 事 實 及 情 況 無 關 之 或 然 代 價 計 量 之 其 後 變 動將於損益確認（在此 情 況 下， 先 前 有 關 變 動 乃 確 認 為 企 業 合 併 成本之調整），故影響 已確認商譽金額。 112 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動（續） (Continued) – – If the acquiree has accumulated tax losses or other temporary deductible differences and these fail to meet the recognition criteria for deferred tax assets at the date of acquisition, then any subsequent recognition of these assets will be recognised in profit or loss, rather than as an adjustment to goodwill as was previously the policy. In addition to the Group’s existing policy of measuring the non-controlling interests in the acquiree at the non- controlling interest’s proportionate share of the acquiree’s net identifiable assets, in future the Group may elect, on a transaction by transaction basis, to measure the non-controlling interest at fair value. In accordance with the transitional provisions in (cid:41)(cid:44)(cid:39)(cid:51)(cid:52)(cid:1)(cid:20)(cid:1)(cid:9)(cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1)(cid:19)(cid:17)(cid:17)(cid:25)(cid:10)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:79)(cid:70)(cid:88)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1) policies will be applied prospectively to any business combinations in the current or future periods. The new policy in respect of recognition in the movement of deferred tax assets will also be applied prospectively to accumulated tax losses and other temporary deductible differences acquired in previous business combinations. No adjustments have been made to the carrying values of assets and liabilities that arose from business combinations whose acquisition dates preceded the application of this revised standard. – – 倘 若 於 收 購 日 期 被 收 購 方 有 累 計 稅 務 虧 損 或 其 他 可 抵 扣 暫 時 差 異， 且 並 未 符 合 遞 延 稅 項 資 產 之 確 認 標 準， 則 其 後 該 等 資 產 將 於 損 益 確 認， 而 非 按 過 往 政 策 確 認 為 商 譽調整。 本 集 團 現 有 政 策 乃 按 非 控 股 權 益 應 佔 被 收 購 方 淨 可 識 別 資 產 之 比 例 計 量 於 被 收 購 方 之 非 控 股 權 益， 日 後 本 集 團 可 選 擇 按 逐 項 交 易 基 準 以 公 允 值 計 量非控股權益。 根 據《 香 港 財 務 報 告 準 則 》第 3 號（ 於 二 零 零 八 年 修 訂 ）之 過 渡 條 文， 該 等 新 訂 會 計 政 策 預 期 將 適 用 於 本 期 間 或 未 來 期 間 之 任 何 企 業 合 併。 有 關 確 認 遞 延 稅 項 資 產 變 動 之 新 政 策 亦 預 期 將 適 用 於 以 往 企 業 合 併 中 所 取 得 之 累 計 稅 務 虧 損 及 其 他 可 抵 扣 暫 時 差 異。 並 無 對 收 購 日 期 為 於 應 用 此 項 經 修 訂 準 則 之 前 的 企 業 合 併 所 產 生 之 資 產 及 負 債 之賬面值作出調整。 維他奶國際集團有限公司 二零一零 ∕一一年年報 113 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動（續） (Continued) (cid:116)(cid:1) (cid:34)(cid:84)(cid:1) (cid:66)(cid:1) (cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:66)(cid:69)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:80)(cid:71)(cid:1) (cid:41)(cid:44)(cid:34)(cid:52)(cid:1) (cid:19)(cid:24)(cid:1) (cid:9)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1) (cid:19)(cid:17)(cid:17)(cid:25)(cid:10)(cid:13)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:74)(cid:79)(cid:72)(cid:1) (cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:84)(cid:1) (cid:74)(cid:79)(cid:1) policies will be applied as from 1st April, 2010: (cid:116) 由 於 採 納《 香 港 會 計 準 則 》第 27 號（二零零八年經修訂）， 以 下 政 策 變 動 將 於 二 零 一 零 年四月一日起適用： – – If the Group acquires an additional i n t e r e s t i n a n o n - w h o l l y o w n e d s u b s i d i a r y, t h e t r a n s a c t i o n w i l l be accounted for as a transaction with equity shareholders (the non- controlling interests) in their capacity as owners and therefore no goodwill will be recognised as a result of such transactions. Similarly, if the Group disposes of part of its interest in a subsidiary but still retains control, this transaction will also be accounted for as a transaction with equity shareholders (the non-controlling interests) in their capacity as owners and therefore no profit or loss will be recognised as a result of such transactions. Previously the Group treated such transactions as step-up transactions and partial disposals, respectively. If the Group loses control of a subsidiary, the transaction will be accounted for as a disposal of the entire interest in that subsidiary, with any remaining interest retained by the Group being recognised at fair value as if reacquired. In addition, as a result of the adoption of the amendment to HKFRS 5, if at the balance sheet date the Group has the intention to dispose of a controlling interest in a subsidiary, the entire interest in that subsidiary will be classified as held for sale (assuming that the held for sale criteria in HKFRS 5 are met) irrespective of the extent to which the Group will retain an interest. Previously such transactions were treated as partial disposals. – – 倘 若 本 集 團 收 購 非 全 資 附 屬 公 司 之 額 外 權 益， 該 交 易 將 列 賬 為 與 身 為 擁 有 人 之 股 權 持 有 人（ 非 控 股 權 益 ） 進 行 之 交 易， 故 毋 須 就 該 等 交 易 確 認 商 譽。 同 樣 地， 倘 本 集 團 出 售 其 於 附 屬 公 司 之 部 份 權 益 但 仍 保 留 控 制 權， 則 該 交 易 亦 將 列 賬 為 與 身 為 擁 有 人之股權持有人（非控 股權益）進行之交易， 故 毋 須 就 該 等 交 易 確 認 損 益。 以 往 本 集 團 分 別 將 該 等 交 易 視 作 遞進交易及部份出售。 倘 若 本 集 團 喪 失 對 某 間 附 屬 公 司 之 控 制 權， 該 交 易 將 列 賬 為 出 售 該 附 屬 公 司 之 全 部 權 益， 而 本 集 團 保 留 之 任 何 餘 下 權 益 按 公 允 值 確 認（ 猶 如 重 新收購）。此外，由於 採納《香港財務報告準 則 》第 5 號 之 修 訂， 倘 本 集 團 於 結 算 日 有 意 出 售 於 附 屬 公 司 之 控 股 權 益， 於 該 附 屬 公 司 之 全 部 權 益 將 分 類 為持作出售（假設符合 《 香 港 財 務 報 告 準 則 》 第 5 號 之 持 作 出 售 標 準），而不論本集團將 保 留 之 權 益 水 平。 該 等 交 易 以 往 被 視 作 部 份出售。 In accordance with the transitional provisions in HKAS 27, these new accounting policies will be applied prospectively to transactions in current or future periods and therefore previous periods have not been restated. 根據《香港會計準則》第 27 號 之 過 渡 條 文， 該 等 新 訂 會 計 政 策 預 期 將 適 用 於 本 期 間 或 未 來 期 間 之 交 易， 因 此 並 無 重列過往期間。 114 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動（續） (Continued) (cid:116)(cid:1) (cid:42)(cid:79)(cid:1)(cid:80)(cid:83)(cid:69)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:84)(cid:85)(cid:70)(cid:79)(cid:85)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:67)(cid:80)(cid:87)(cid:70)(cid:1)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) to HKFRS 3 and HKAS 27, and as a result of (cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:41)(cid:44)(cid:34)(cid:52)(cid:1)(cid:19)(cid:25)(cid:13)(cid:1)Investments in associates, and HKAS 31, Interests in joint ventures, the following policies will be applied as from 1st April, 2010: – – If the Group holds interests in the acquiree immediately prior to obtaining significant influence or joint control, these interests will be treated as if disposed of and reacquired at fair value on the date of obtaining significant influence or joint control. Previously, the step-up approach would have been applied, whereby goodwill was computed as if accumulated at each stage of the acquisition. If the Group loses significant influence or joint control, the transaction will be accounted for as a disposal of the entire interest in that investee, with any remaining interest being recognised at fair value as if reacquired. Previously such transactions were treated as partial disposals. (cid:116) 為符合上述《香港財務報告準 則》第 3 號及《香港會計準則》 第 27 號之修訂，以及由於《香 港會計準則》第 2(cid:25) 號「於聯營 公司之投資」及《香港會計準 則》第 31 號「合營公司之權益」 之 修 訂， 以 下 政 策 將 於 二 零 一零年四月一日起適用： – – 倘 若 本 集 團 在 緊 接 取 得 重 大 影 響 或 共 同 控 制 權 前 持 有 被 收 購 方 之 權 益， 該 等 權 益 將 以 假 設 已 出 售 及 重 新 收 購 之 方 式 按 於 取 得 重 大 影 響 或 共 同 控 制 權 當 日 之 公 允 值 處 理。 本 集 團 以 往 採 用 遞 進 法 處 理， 據 此 商 譽 猶 如 在 各 個 收 購 階 段累計。 倘 若 本 集 團 失 去 重 大 影 響 或 共 同 控 制 權， 有 關 交 易 將 列 賬 為 出 售 被 投 資 人 之 全 部 權 益， 而 任 何 剩 餘 權 益 將 以 假 設 被 重 新 收 購 之 方 式 按 公 允 值 確 認。 該 等 交 易 以 往 被 視作部份出售。 Consistent with the transitional provisions in HKFRS 3 and HKAS 27, these new accounting policies will be applied prospectively to transactions in current or future periods and therefore previous periods have not been restated. 為 符 合《 香 港 財 務 報 告 準 則 》 第 3 號 及《 香 港 會 計 準 則 》第 27 號之過渡條文，該等新訂 會 計 政 策 預 期 將 適 用 於 本 期 間 或 未 來 期 間 之 交 易， 因 此 並無重列過往期間。 維他奶國際集團有限公司 二零一零 ∕一一年年報 115 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Changes in accounting policies 2 會計政策之變動（續） (Continued) Other changes in accounting policies which are relevant to the Group’s financial statements are as follows: 與本集團財務報表相關之其他會計政 策變動如下： As a result of the amendments to HKAS 27, as from 1st April, 2010 any losses incurred by a non-wholly owned subsidiary will be allocated between the controlling and non-controlling interests in proportion to their interests in that entity, even if this results in a deficit balance within consolidated equity being attributed to the non-controlling interests. Previously, if the allocation of losses to the non-controlling interests would have resulted in deficit balance, the losses were only allocated to the non-controlling interests if the non-controlling interests were under a binding obligation to make good the losses. In accordance with the transitional provisions in HKAS 27, this new accounting policy is being applied prospectively. 由 於《 香 港 會 計 準 則 》第 27 號 之 修 訂，自二零一零年四月一日起，非全 資附屬公司產生之任何虧損將按其於 該實體之權益比例分配至控股及非控 股權益，即使結果導致非控股權益之 綜合權益出現赤字。過往倘分配至非 控股權益之虧損會產生赤字，除非非 控股權益受約束而須承擔虧損，否則 有關虧損將不會分配至非控股權益。 根據《香港會計準則》第 27 號之過渡 條文，新訂會計政策預期將適用於未 來期間。 3 Turnover 3 營業額 The principal activities of the Group are the manufacture and sale of food and beverages. 本集團之主要業務為製造及銷售食品 及飲品。 Turnover represents the invoiced value of products sold, net of returns, rebates and discounts. 營業額指已售貨物之發票值減回收貨 值、回扣及折扣。 4 Other revenue 4 其他收入 Interest income Service fee income Rental income Sundry income 利息收入 服務費收入 租金收入 雜項收入 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 1,949 23,852 2,530 5,544 33,875 (cid:18)(cid:13)(cid:26)(cid:21)(cid:25) 33,561 (cid:19)(cid:13)(cid:25)(cid:21)(cid:24) (cid:23)(cid:13)(cid:23)(cid:22)(cid:26) 45,015 116 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 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 銀行貸款利息 融資租賃債務之 財務費用 Less: interest expense capitalised 減：利息開支被 into property, plant and equipment * 資本化為物業、 廠房及設備 * 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 6,815 1,628 8,443 (1,164) 7,279 (cid:20)(cid:13)(cid:19)(cid:17)(cid:25) 2,014 5,222 – 5,222 * The borrowing costs have been capitalised at a rate of 1.4% – 6.4% per annum (2010: Nil%). * 該 等 借 貸 成 本 乃 按 年 利 率 1.4% 至 6.4% 被 資 本 化（ 二 零 一 零 年： 零 %）。 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 (b) Staff costs: (b) 員工成本： Contributions to defined contribution retirement plans Net expenses/(income) recognised in respect of: – retirement gratuities (note 17(c)(v)) – long service payments (note 17(d)(iii)) 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）淨額： – 退休金 （附註 17(c)(v)） – 長期服務金 （附註 17(d)(iii)） 退休成本 以股份為付款基礎之 費用 薪金、工資及其他福利 27,295 23,572 591 (138) 27,748 3,200 667,134 698,082 (cid:19)(cid:13)(cid:25)(cid:19)(cid:21) (cid:9)(cid:26)(cid:21)(cid:10) 26,302 (cid:18)(cid:13)(cid:24)(cid:26)(cid:20) (cid:22)(cid:23)(cid:19)(cid:13)(cid:25)(cid:26)(cid:20) (cid:22)(cid:26)(cid:17)(cid:13)(cid:26)(cid:25)(cid:25) 維他奶國際集團有限公司 二零一零 ∕一一年年報 117 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 5 Profit before taxation (Continued) 5 除稅前溢利（續） Profit before taxation is arrived at after charging/(crediting): (Continued) 除稅前溢利已扣除╱ （計入）：（續） 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 (c) Other items: (c) 其他項目： Amortisation of interests in leasehold land held for own use under operating leases Amortisation of intangible assets Depreciation – Investment properties – Assets acquired under finance leases – Other assets (Reversal of impairment losses)/ impairment losses on trade and other receivables (note 20(b)) (Reversal of impairment losses)/ impairment losses on property, plant and equipment (note 13(a)) Auditors’ remuneration – Audit services – Provision for the current year – Under-provision in respect of prior year – Tax services – Other services Operating lease charges: minimum lease payments – Hire of properties – Hire of factory machinery and equipment – Contingent rent Net loss on disposal of property, plant and equipment Net foreign exchange gain Net gain on forward exchange contracts not designated as hedging instruments (cid:36)(cid:80)(cid:84)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:79)(cid:85)(cid:80)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:9)(cid:79)(cid:80)(cid:85)(cid:70)(cid:1)(cid:18)(cid:26)(cid:9)(cid:67)(cid:10)(cid:10)(cid:1) (cid:1) 根據經營租賃持有作 自用之租賃土地 權益之攤銷 無形資產之攤銷 折舊 – 投資物業 – 以融資租賃購入之 資產 – 其他資產 應收賬款及其他 應收款（減值虧損 撥回）/ 減值虧損 （附註 20(b)） 物業、廠房及設備 （減值虧損撥回）∕ 減值虧損 （附註 13(a)） 核數師酬金 – 審核服務 – 本年度之撥備 – 以往年度之 撥備不足 – 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 – 或然租金 出售物業、廠房 及設備之虧損淨額 外匯收益淨額 非指定為對沖工具之 遠期外匯合約之 淨收益 存貨成本（附註 1(cid:26)(b)） 869 2,014 527 4,845 105,773 (cid:19)(cid:26)(cid:26) (cid:18)(cid:13)(cid:25)(cid:24)(cid:20) 526 5,342 (cid:26)(cid:21)(cid:13)(cid:26)(cid:19)(cid:22) (337) (cid:26)(cid:19)(cid:21) (1,475) 1,744 4,081 (cid:20)(cid:13)(cid:25)(cid:23)(cid:25) 457 541 354 204 (cid:21)(cid:24)(cid:26) (cid:19)(cid:25)(cid:25) 48,033 40,222 2,245 767 739 (787) (cid:26)(cid:21)(cid:21) 376 57 (cid:9)(cid:20)(cid:13)(cid:26)(cid:26)(cid:20)(cid:10) (265) 1,784,290 – 1,613,031 (cid:1) 118 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 6 Income tax in the consolidated income statement (a) Taxation in the consolidated income statement represents: 6 綜合損益報表之所得稅 (a) 綜合損益報表之稅項代表： Current tax – Hong Kong Profits Tax 本期稅項 — 香港利得稅 Provision for the year Under/(over)-provision in respect of prior years 年內撥備 以往年度撥備不足 ∕ （超額撥備） Current tax – Outside Hong Kong 本期稅項 — 香港以外地區 Provision for the year Under/(over)-provision in respect of prior years 年內撥備 以往年度撥備不足 ∕ （超額撥備 ） 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 19,224 30,736 1,071 20,295 (222) 30,514 54,240 41,403 1,190 55,430 (1,260) 40,143 Deferred tax 遞延稅項 Origination and reversal of temporary differences (cid:1) (cid:9)(cid:79)(cid:80)(cid:85)(cid:70)(cid:1)(cid:18)(cid:25)(cid:9)(cid:67)(cid:10)(cid:10)(cid:1) 源自及撥回暫時差異 （附註 1(cid:25)(b)） (cid:1) Notes: (i) The provision for Hong Kong Profits Tax for 2011 is calculated at 16.5% (2010: 16.5%) of the estimated assessable profits for the year. 12,157 87,882 (cid:20)(cid:13)(cid:24)(cid:18)(cid:25) 74,375 附註： (i) 二 零 一 一 年 之 香 港 利 得 稅 撥 備 是 按 年 內 之 估 計 應 課 稅 溢 利 以 16.5%（ 二 零 一 零 年：16.5%）之 稅率計算。 Taxation for subsidiaries outside Hong Kong is charged at the appropriate current rates of taxation ruling in the relevant tax jurisdictions. 香港以外地區之附屬公司之稅項 則按有關稅項司法管轄區適用之 現行稅率計算。 維他奶國際集團有限公司 二零一零 ∕一一年年報 119 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 6 Income tax in the consolidated income statement (Continued) 6 綜合損益報表之所得稅 （續） (a) Taxation in the consolidated income statement represents: (Continued) Notes: (Continued) (a) 綜合損益報表之稅項代表： （續） 附註：（續） (ii) In accordance with the relevant People’s Republic of China (“PRC”) corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company’s subsidiary in Shenzhen will change from 15% to 25% (cid:81)(cid:83)(cid:80)(cid:72)(cid:83)(cid:70)(cid:84)(cid:84)(cid:74)(cid:87)(cid:70)(cid:77)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:74)(cid:79)(cid:1)(cid:71)(cid:74)(cid:87)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:84)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:18)(cid:84)(cid:85)(cid:1)(cid:43)(cid:66)(cid:79)(cid:86)(cid:66)(cid:83)(cid:90)(cid:13)(cid:1)(cid:19)(cid:17)(cid:17)(cid:25)(cid:1) (cid:9)(cid:19)(cid:17)(cid:17)(cid:25)(cid:27)(cid:1)(cid:18)(cid:25)(cid:6)(cid:28)(cid:1)(cid:19)(cid:17)(cid:17)(cid:26)(cid:27)(cid:1)(cid:19)(cid:17)(cid:6)(cid:28)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:19)(cid:19)(cid:6)(cid:28)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:27)(cid:1)(cid:19)(cid:21)(cid:6)(cid:28)(cid:1)(cid:19)(cid:17)(cid:18)(cid:19)(cid:27)(cid:1) 25%). For the subsidiary located in Shanghai, the applicable statutory tax rate is 25% from 1st January, (cid:19)(cid:17)(cid:17)(cid:25)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:85)(cid:73)(cid:66)(cid:85)(cid:1) (cid:84)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:1) (cid:84)(cid:85)(cid:66)(cid:83)(cid:85)(cid:84)(cid:1) (cid:74)(cid:85)(cid:84)(cid:1) (cid:85)(cid:88)(cid:80)(cid:1) (cid:90)(cid:70)(cid:66)(cid:83)(cid:84)(cid:8)(cid:1) (cid:85)(cid:66)(cid:89)(cid:1) (cid:73)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:90)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:18)(cid:84)(cid:85)(cid:1)(cid:43)(cid:66)(cid:79)(cid:86)(cid:66)(cid:83)(cid:90)(cid:13)(cid:1)(cid:19)(cid:17)(cid:17)(cid:25)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:70)(cid:79)(cid:75)(cid:80)(cid:90)(cid:84)(cid:1)(cid:66)(cid:1) tax relief of 50% reduction in the income tax rate for a period of three years commencing 1st January, 2010. In addition, the Group is subject to withholding tax at the rate of 10% (unless reduced by treaty) on distribution of profits generated after 31st December, 2007 from the Group’s foreign-invested enterprises in the PRC. As all of the Group’s foreign-invested enterprises are directly and wholly owned by a Hong Kong incorporated subsidiary, a rate of 5% is applicable in the calculation of this withholding tax. Deferred tax liabilities have been provided for in this regard based on the expected dividends to be distributed from the Group’s foreign-invested enterprises in the foreseeable future in respect of the profits generated after 31st December, 2007. (ii) 根 據 相 關 中 華 人 民 共 和 國（「 中 國」）企業所得稅法律法規及實施 指引註釋，適用於本公司之深圳 附屬公司之法定所得稅率自二零 零八年一月一日起，於五年內由 15% 逐 步 變 更 為 25%（ 二 零 零 八 年：1(cid:25)% 二零零九年：20% 二零 一零年：22% 二零一一年：24% 二零一二年：25%）。而位於上海 之附屬公司，自二零零八年一月 一日起，適用法定稅率為 25%， 而該附屬公司自二零零八年一月 一日起開始其兩年免稅之稅務優 惠，並於二零一零年一月一日起 享有為期三年之 50% 所得稅率稅 務寬減。 此外，除非獲條約減免，否則本 集團須就本集團中國外資企業以 於二零零七年十二月三十一日後 產生之溢利作出之分派按 10% 稅 率繳納預扣稅。由於本集團所有 外資企業均由一間於香港註冊成 立之附屬公司直接全資擁有，故 計 算 此 預 扣 稅 所 適 用 之 稅 率 為 5%。本集團已就此根據本集團外 資企業於可預見未來預計以於二 零零七年十二月三十一日後產生 之溢利分派之股息計提遞延稅項 負債。 120 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 6 Income tax in the consolidated income statement (Continued) 6 綜合損益報表之所得稅 （續） (b) Reconciliation between tax expense and accounting profit at applicable tax rates: (b) 稅項支出與會計溢利以適用 稅率計算之對賬： 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Profit before taxation 除稅前溢利 419,261 (cid:20)(cid:24)(cid:21)(cid:13)(cid:26)(cid:22)(cid:26) Notional tax on profit before taxation, calculated at the rates applicable to profits in the tax jurisdictions concerned Tax effect of non-deductible expenses Tax effect of non-taxable revenue Withholding tax of PRC subsidiary Tax effect of unused tax losses not recognised for deferred tax purposes Tax effect of utilisation of unused tax losses not previously recognised for deferred tax purposes Under/(over)-provision in respect of prior years Others 按有關稅項司法管轄區 適用之利得稅稅率計算 除稅前溢利之稅項 不可扣減支出之稅務影響 非課稅收入之稅務影響 中國附屬公司之預扣稅 未就遞延稅項確認 且未使用之稅務虧損之 稅務影響 運用以往未確認作遞延稅項 且未使用之稅務虧損之 稅務影響 以往年度稅項之撥備不足 ∕ （超額撥備） 其他 Actual tax expense 實際稅項支出 86,328 1,951 (716) 2,975 (cid:24)(cid:18)(cid:13)(cid:24)(cid:25)(cid:20) 5,012 (cid:9)(cid:18)(cid:13)(cid:25)(cid:25)(cid:25)(cid:10) (cid:19)(cid:13)(cid:26)(cid:22)(cid:23) 1,536 2,023 (4,464) (3,234) 2,261 (1,989) 87,882 (cid:9)(cid:18)(cid:13)(cid:21)(cid:25)(cid:19)(cid:10) (cid:9)(cid:24)(cid:26)(cid:22)(cid:10) 74,375 維他奶國際集團有限公司 二零一零 ∕一一年年報 121 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 7 Directors’ remuneration 7 董事酬金 Directors’ remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance and the requirements of the Listing Rules is as follows: 根據香港《公司條例》第 161 條及上市 規則之規定披露之董事酬金如下： Directors’ fees 董事袍金 $’000 千元 176 88 88 97 97 294 294 288 167 1,589 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU 羅友禮先生 黎信彥先生 余發先生 Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO 羅慕貞女士 羅慕玲女士 Ms. Yvonne Mo-ling LO Independent Non-executive 獨立非執行董事 Directors Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P.S. ERLUND Mr. Valiant Kin-piu CHEUNG 李國寶爵士 布魯士先生 Jan P.S. ERLUND 先生 張建標先生 2011 二零一一年 Retirement scheme contributions Sub-total 發放之花紅 退休計劃供款 $’000 千元 $’000 千元 小計 $’000 千元 Salaries, allowances and benefits Discretionary bonuses 酌情 in kind 薪金、津貼 及實物福利 $’000 千元 Share- based payments 以股份為 基礎之付款 $’000 千元 Total 總計 $’000 千元 3,783 2,909 4,044 1,977 3,035 588 220 202 153 7,088 7,369 2,806 840 1,105 214 7,928 8,474 3,020 – – – – – – – – – – – – – – – – – – 97 97 294 294 288 167 – – – – – – 97 97 294 294 288 167 9,804 6,532 575 18,500 2,159 20,659 122 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 7 Directors’ remuneration (Continued) 7 董事酬金（續） Directors’ remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance and the requirements of the Listing Rules is as follows: (Continued) 根 據 香 港《 公 司 條 例 》第 161 條 及 上 市規則之規定披露之董事酬金如下： ( 續 ) Directors’ fees 董事袍金 $’000 千元 (cid:18)(cid:23)(cid:22)(cid:1) (cid:25)(cid:19)(cid:1) (cid:25)(cid:19)(cid:1) (cid:26)(cid:17)(cid:1) (cid:26)(cid:17)(cid:1) 275 275 (cid:19)(cid:23)(cid:26)(cid:1) (cid:18)(cid:13)(cid:20)(cid:19)(cid:25)(cid:1) Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Laurence P. (cid:1) (cid:38)(cid:42)(cid:52)(cid:38)(cid:47)(cid:53)(cid:51)(cid:34)(cid:40)(cid:38)(cid:51)(cid:1) Mr. Eric Fat YU 羅友禮先生(cid:1) 黎信彥先生 (cid:1) 余發先生(cid:1) Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO 羅慕貞女士(cid:1) Ms. Yvonne Mo-ling LO 羅慕玲女士(cid:1) Independent Non-executive 獨立非執行董事 Directors Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P.S. ERLUND 李國寶爵士 布魯士先生 Jan P.S. ERLUND 先生(cid:1) (cid:1) (cid:1) 2010 二零一零年 Retirement scheme contributions Sub-total 發放之花紅 退休計劃供款 $’000 千元 $’000 千元 小計 $’000 千元 Salaries, allowances and benefits Discretionary bonuses 酌情 in kind 薪金、津貼 及實物福利 $’000 千元 (cid:21)(cid:13)(cid:18)(cid:21)(cid:20)(cid:1) (cid:19)(cid:13)(cid:26)(cid:18)(cid:17)(cid:1) (cid:21)(cid:13)(cid:17)(cid:17)(cid:18)(cid:1) (cid:18)(cid:13)(cid:26)(cid:22)(cid:25)(cid:1) (cid:20)(cid:13)(cid:17)(cid:20)(cid:21)(cid:1) (cid:22)(cid:25)(cid:25)(cid:1) (cid:111)(cid:1) (cid:111)(cid:1) – – (cid:111)(cid:1) (cid:111)(cid:1) (cid:111)(cid:1) – – (cid:111)(cid:1) (cid:19)(cid:19)(cid:21)(cid:1) (cid:18)(cid:23)(cid:26)(cid:1) (cid:18)(cid:21)(cid:26)(cid:1) (cid:111)(cid:1) (cid:111)(cid:1) – – (cid:111)(cid:1) (cid:24)(cid:13)(cid:21)(cid:21)(cid:19)(cid:1) (cid:24)(cid:13)(cid:19)(cid:25)(cid:23)(cid:1) (cid:19)(cid:13)(cid:24)(cid:24)(cid:24)(cid:1) (cid:26)(cid:17)(cid:1) (cid:26)(cid:17)(cid:1) 275 275 (cid:19)(cid:23)(cid:26)(cid:1) Share- based payments 以股份為 基礎之付款 $’000 千元 Total 總計 $’000 千元 (cid:22)(cid:17)(cid:17)(cid:1) (cid:21)(cid:17)(cid:25)(cid:1) (cid:18)(cid:24)(cid:20)(cid:1) (cid:111)(cid:1) (cid:111)(cid:1) – – (cid:111)(cid:1) (cid:24)(cid:13)(cid:26)(cid:21)(cid:19) (cid:24)(cid:13)(cid:23)(cid:26)(cid:21) (cid:19)(cid:13)(cid:26)(cid:22)(cid:17) (cid:26)(cid:17) (cid:26)(cid:17) 275 275 (cid:19)(cid:23)(cid:26) (cid:18)(cid:17)(cid:13)(cid:18)(cid:17)(cid:19)(cid:1) (cid:23)(cid:13)(cid:22)(cid:20)(cid:19)(cid:1) (cid:22)(cid:21)(cid:19)(cid:1) (cid:18)(cid:25)(cid:13)(cid:22)(cid:17)(cid:21)(cid:1) (cid:18)(cid:13)(cid:17)(cid:25)(cid:18)(cid:1) (cid:18)(cid:26)(cid:13)(cid:22)(cid:25)(cid:22) Share-based payments represent the estimated value of share options granted to the Directors under the Company’s share option scheme. 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(o)(iv). 以股份為基礎之付款指根據本公司之 購股權計劃授予董事之購股權之估計 價值。此等購股權之價值乃根據附註 1(o)(iv) 所載本集團就以股份為付款 基礎之交易採用之會計政策而計量。 The details of these benefits in kind, including the principal terms and number of options granted, are disclosed in note 27. 此等實物福利之詳情（包括已授出之 購股權之主要條款及數目）於附註 27 中披露。 維他奶國際集團有限公司 二零一零 ∕一一年年報 123 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 8 Individuals with highest emoluments 8 最高酬金人士 Of the five individuals with the highest emoluments, two (2010: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2010: three) individuals are as follows: 在五名最高酬金人士中，二名（二零 一零年：兩名）為董事，彼等之酬金 於附註 7 中披露。其餘三名（二零一 零年：三名）最高酬金人士之酬金總 額如下： Salaries and other emoluments Retirement scheme contributions Discretionary bonuses Share-based payments 薪金及其他酬金 退休計劃供款 酌情發放之花紅 以股份為基礎之付款 Share-based payments represent the estimated value of share options granted to the individuals under the Company’s share option scheme. 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(o)(iv). The principal terms of the share option scheme are disclosed in note 27. The emoluments of the three (2010: three) individuals with the highest emoluments are within the following bands: $3,000,001 to $3,500,000 $3,500,001 to $4,000,000 $4,000,001 to $4,500,000 3,000,001 元至 3,500,000 元 3,500,001 元至 4,000,000 元 4,000,001 元至 4,500,000 元 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 7,224 196 3,281 567 (cid:24)(cid:13)(cid:17)(cid:20)(cid:25) (cid:19)(cid:25)(cid:20) 3,244 (cid:19)(cid:23)(cid:26) 11,268 (cid:18)(cid:17)(cid:13)(cid:25)(cid:20)(cid:21) 以股份為基礎之付款即根據本公司之 購股權計劃授予個別人士之購股權之 估計價值。此等購股權之價值乃根據 附註 1(o)(iv) 所載本集團就以股份為 付款基礎之交易採納之會計政策而計 量。 購 股 權 計 劃 之 主 要 條 款 於 附 註 27 中披露。 三名（二零一零年：三名）最高酬金 人士之酬金介乎以下組別： 2011 二零一一年 Number of individuals 人數 2010 二零一零年 Number of individuals 人數 1 1 1 1 2 – 124 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 9 Profit attributable to equity shareholders of the Company 9 本公司股權持有人應佔 溢利 The consolidated profit attributable to equity shareholders of the Company includes a profit of (cid:5)(cid:18)(cid:23)(cid:26)(cid:13)(cid:24)(cid:20)(cid:26)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) (cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:18)(cid:22)(cid:17)(cid:13)(cid:23)(cid:17)(cid:20)(cid:13)(cid:17)(cid:17)(cid:17)(cid:10)(cid:1) (cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1) dealt with in the financial statements of the Company. 本公司股權持有人應佔綜合溢利包 括 已 列 入 本 公 司 財 務 報 表 中 之 溢 利 16(cid:26),73(cid:26),000 元（ 二 零 一 零 年： 150,603,000 元）。 Reconciliation of the above amount to the Company’s profit for the year: 上述金額與本公司本年度溢利之對 賬： Amount of consolidated profit attributable 已列入本公司財務報表之 to equity shareholders dealt with in the Company’s financial statements Dividends from subsidiaries attributable 來自附屬公司 本公司股權持有人 應佔綜合溢利金額 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 169,739 150,603 to the profits of the previous financial year, approved and paid during the year Company’s profit for the year (note 26(a)) 上一個財政年度溢利， 並於本年度批准 及支付之股息 本公司之本年度溢利 （附註 26(a)） 82,815 (cid:21)(cid:26)(cid:13)(cid:25)(cid:23)(cid:26) 252,554 200,472 Details of dividends paid and payable to equity shareholders of the Company are set out in note 26(b). 已向本公司股權持有人派付及應付之 股息之詳情載於附註 26(b)。 10 Other comprehensive income 10 其他全面收益 Tax effects relating to each component of other comprehensive income: 有關其他全面收益各部份之稅務影 響： 2011 二零一一年 Tax benefit Before-tax Net-of-tax amount amount 稅務利益 扣除稅項金額 除稅前金額 $’000 千元 $’000 千元 $’000 千元 2010 二零一零年 Tax benefit Net-of-tax amount 稅務利益 扣除稅項金額 $’000 千元 $’000 千元 Before-tax amount 除稅前金額 $’000 千元 47,186 2,105 49,291 – 47,186 (cid:21)(cid:24)(cid:13)(cid:22)(cid:25)(cid:24)(cid:1) (347) (347) 1,758 48,944 – (cid:21)(cid:24)(cid:13)(cid:22)(cid:25)(cid:24)(cid:1) (cid:111)(cid:1) – (cid:111)(cid:1) (cid:21)(cid:24)(cid:13)(cid:22)(cid:25)(cid:24) – (cid:21)(cid:24)(cid:13)(cid:22)(cid:25)(cid:24) Exchange differences on 換算香港以外地區 附屬公司財務報表 所產生之匯兌差額 translation of the financial statements of subsidiaries outside Hong Kong Cash flow hedge: net movement 現金流量對沖： in the hedging reserve 對沖儲備之淨變動 There are no reclassification adjustments relating to components of other comprehensive income for the year ended 31st March, 2011 (2010: $Nil). 截至二零一一年三月三十一日止年度 並無有關其他全面收益之部份之重新 分類調整（二零一零年：零元）。 維他奶國際集團有限公司 二零一零 ∕一一年年報 125 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Earnings per share (a) Basic earnings per share 11 每股盈利 (a) 每股基本盈利 The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1) (cid:80)(cid:71)(cid:1) (cid:5)(cid:19)(cid:25)(cid:21)(cid:13)(cid:20)(cid:18)(cid:21)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) (cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1) (cid:5)(cid:19)(cid:23)(cid:17)(cid:13)(cid:21)(cid:22)(cid:26)(cid:13)(cid:17)(cid:17)(cid:17)(cid:10)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:88)(cid:70)(cid:74)(cid:72)(cid:73)(cid:85)(cid:70)(cid:69)(cid:1) (cid:66)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1) (cid:79)(cid:86)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1) (cid:80)(cid:71)(cid:1) (cid:18)(cid:13)(cid:17)(cid:18)(cid:25)(cid:13)(cid:22)(cid:24)(cid:20)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) ordinary shares (2010: 1,016,343,000 ordinary shares) in issue during the year, calculated as follows: 每股基本盈利乃根據本公司股權持 有人 應佔 溢利 (cid:19)(cid:25)(cid:21)(cid:13)(cid:20)(cid:18)(cid:21)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) 元（二零 一 零 年：260,45(cid:26),000 元 ）及 本 年 度內已發行普通股之加權平均股數 (cid:18)(cid:13)(cid:17)(cid:18)(cid:25)(cid:13)(cid:22)(cid:24)(cid:20)(cid:13)(cid:17)(cid:17)(cid:17) 股 普 通 股（ 二 零 一 零 年：1,016,343,000 股 普 通 股 ）計 算 如下： Weighted average number of ordinary shares 普通股之加權平均股數 2011 二零一一年 Number of shares 股份數目 ’000 千股 2010 二零一零年 Number of shares 股份數目 ’000 千股 Issued ordinary shares at 1 April (note 26(c)) Effect of share options exercised 於四月一日之已發行普通股 （附註 26(c)） 已行使購股權之影響 1,017,688 885 1,015,222 1,121 Weighted average number of ordinary shares for the year (note 11(b)) 本年度普通股之 加權平均股數 （附註 11(b)） 1,018,573 1,016,343 126 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Earnings per share (Continued) 11 每股盈利（續） (b) Diluted earnings per share (b) 每股攤薄盈利 The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of (cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:19)(cid:25)(cid:21)(cid:13)(cid:20)(cid:18)(cid:21)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:19)(cid:23)(cid:17)(cid:13)(cid:21)(cid:22)(cid:26)(cid:13)(cid:17)(cid:17)(cid:17)(cid:10)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:88)(cid:70)(cid:74)(cid:72)(cid:73)(cid:85)(cid:70)(cid:69)(cid:1) (cid:66)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1) (cid:79)(cid:86)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1) (cid:80)(cid:71)(cid:1) (cid:18)(cid:13)(cid:17)(cid:19)(cid:25)(cid:13)(cid:24)(cid:22)(cid:25)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) ordinary shares (2010: 1,024,063,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: Weighted average number of ordinary shares (diluted) 每股攤薄盈利乃根據本公司股權持 有 人 應 佔 溢 利 (cid:19)(cid:25)(cid:21)(cid:13)(cid:20)(cid:18)(cid:21)(cid:13)(cid:17)(cid:17)(cid:17) 元（ 二 零 一 零 年：260,45(cid:26),000 元 ）及 就 所 有具潛在攤薄盈利之普通股之影響 作出調整後之普通股加權平均股數 (cid:18)(cid:13)(cid:17)(cid:19)(cid:25)(cid:13)(cid:24)(cid:22)(cid:25)(cid:13)(cid:17)(cid:17)(cid:17) 股 普 通 股（ 二 零 一 零 年：1,024,063,000 股 普 通 股 ）計 算 如下： 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares for the year (note 11(a)) Effect of deemed issue of ordinary shares under the Company’s share option scheme for nil consideration Weighted average number of ordinary shares (diluted) for the year 本年度普通股之 加權平均股數 （附註 11(a)） 假設因根據本公司之 購股權計劃以無償方式 發行普通股之影響 本年度普通股之 加權平均股數（攤薄） 2011 二零一一年 Number of shares 股份數目 ’000 千股 2010 二零一零年 Number of shares 股份數目 ’000 千股 1,018,573 1,016,343 10,185 7,720 1,028,758 1,024,063 維他奶國際集團有限公司 二零一零 ∕一一年年報 127 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Segment reporting 12 分部報告 (a) The Group manages its businesses by entities, which are organised by geography. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following five reportable segments. No operating segments have been aggregated to form the following reportable segments. (a) 本集團透過按地區成立之實體管理業 務。本集團按照與向本集團最高層行 政管理人員就資源配置及表現評估之 內部匯報資料方式，呈報下列五個須 報 告 分 部。 本 集 團 並 無 合 併 營 運 分 部，以組成以下之須報告分部。 – – – – – The Hong Kong and Macau business mainly represents the manufacture and sale of soymilk, tea, water, juice, tofu, etc. in Hong Kong, Macau and overseas and the operating of tuck shops and catering businesses; The Mainland China business mainly represents the manufacture and sale of soymilk, tea, juice, etc. in Mainland China; The Australia and New Zealand business mainly represents the manufacture and sale of soymilk and rice milk in Australia and New Zealand; The North America business mainly represents the manufacture and sale of tofu, pasta, imported soymilk, imported juice, imported tea, etc. in North America; and The Singapore business mainly represents the manufacture and sale of soy related products in Singapore and overseas. – – – – – 香 港 及 澳 門 業 務 主 要 指 在 香 港、 澳 門 及 海 外 生 產 及 銷 售 豆 奶、 茶、 水、 果 汁 及 豆 腐 等 產 品， 以 及 經 營 學 校 小 食 部及餐飲業務； 中 國 內 地 業 務 主 要 指 在 中 國 內 地 生 產 及 銷 售 豆 奶、 茶 及 果汁等產品； 澳 洲 及 新 西 蘭 業 務 主 要 指 在 澳 洲 及 新 西 蘭 生 產 及 銷 售 豆 奶及米奶； 北 美 洲 業 務 主 要 指 在 北 美 洲 生 產 及 銷 售 豆 腐、 麵 食、 進 口 豆 奶、 進 口 果 汁、 進 口 茶 等產品；及 新 加 坡 業 務 主 要 指 在 新 加 坡 及 海 外 生 產 及 銷 售 大 豆 相 關 產品。 All of the Group’s turnover is generated from the manufacture and sale of food and beverages. 本集團之營業額全部來自生產及銷售 食品及飲品。 (b) Segment results, assets and liabilities (b) 分部業績、資產及負債 For the purposes of assessing segment performance and allocating resources between segments, the Group’s senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases: 就評估分部表現及各分部間之資源配 置而言，本集團高層行政管理人員根 據下列事項監控各須報告分部之業 績、資產及負債： 128 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Segment reporting (Continued) 12 分部報告（續） (b) Segment results, assets and liabilities (b) 分部業績、資產及負債（續） (Continued) Segment assets include all tangible assets, intangible assets and current assets with the exception of deferred tax assets, current tax recoverable and other corporate assets. Segment liabilities include trade creditors and bills payable attributable to the manufacture and sales activities of the individual segments, bank loans and obligations under finance leases managed directly by the segments and current liabilities with the exception of employee retirement benefit liabilities, current tax payable, deferred tax liabilities and other corporate liabilities. The measure used for reporting segment profit is “profit from operations”. To arrive at “profit from operations”, the Group’s profit is further adjusted for items not specifically attributed to individual segments, such as head office or corporate administration costs. Income tax is not allocated to reporting segments. Inter-segment sales are priced at cost plus a profit margin. The accounting policies of the reporting segments are the same as the Group’s accounting policies described in note 1. 分部資產包括全部有形資產、無形資 產及流動資產，惟遞延稅項資產、應 收回現期稅項及其他企業資產除外。 分部負債包括個別分部之生產及銷售 活動應佔之應付賬款及應付票據、銀 行貸款及分部直接管理之融資租賃之 債務，以及流動負債，惟僱員退休福 利負債、應付現期稅項、遞延稅項負 債及其他企業負債除外。 用於報告分部溢利之表示方法為「經 營溢利」。為了得出「經營溢利」，本 集團之溢利就並無明確歸於個別分部 之項目（如總公司或企業行政成本） 作出進一步調整。利得稅並無列入報 告分部。分部間銷售乃按成本加邊際 利潤定價。 報告分部所採納之會計政策與附註 1 所述之本集團會計政策相同。 維他奶國際集團有限公司 二零一零 ∕一一年年報 129 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Segment reporting (Continued) 12 分部報告（續） (b) Segment results, assets and liabilities (b) 分部業績、資產及負債（續） (Continued) Information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31st March, 2011 and 2010 is set out below: 截至二零一一年及二零一零年三月 三十一日止年度有關向本集團最高層 行政管理人員提供有關本集團須報告 分部之資源配置及分部表現評估資料 如下： Hong Kong & Macau 香港及澳門 Mainland China 中國內地 Australia & New Zealand 澳洲及新西蘭 North America 北美洲 Singapore 新加坡 Total 總計 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 二零一一年 二零一零年 二零一一年 二零一零年 二零一一年 二零一零年 二零一一年 二零一零年 2010 2010 2011 2011 2011 2010 2011 2010 2011 2010 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Revenue from external customers Inter-segment revenue 來自外間客戶之收入 分部間收入 1,530,131 (cid:18)(cid:13)(cid:21)(cid:23)(cid:26)(cid:13)(cid:26)(cid:20)(cid:20)(cid:1) 63,874 (cid:23)(cid:23)(cid:13)(cid:18)(cid:26)(cid:18)(cid:1) 854,183 129,108 (cid:24)(cid:19)(cid:25)(cid:13)(cid:22)(cid:22)(cid:21)(cid:1) 127,413 445,480 347,230 433,875 485 – 257 (cid:21)(cid:17)(cid:20)(cid:13)(cid:25)(cid:23)(cid:23)(cid:1) 264 65,667 – (cid:23)(cid:19)(cid:13)(cid:24)(cid:19)(cid:26)(cid:1) – 3,329,336 3,012,312 193,724 (cid:18)(cid:26)(cid:20)(cid:13)(cid:25)(cid:23)(cid:25) Reportable segment revenue 須報告分部之收入 1,594,005 1,536,124 983,291 (cid:25)(cid:22)(cid:22)(cid:13)(cid:26)(cid:23)(cid:24)(cid:1) 445,965 347,230 434,132 404,130 65,667 (cid:23)(cid:19)(cid:13)(cid:24)(cid:19)(cid:26)(cid:1) 3,523,060 (cid:20)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:18)(cid:25)(cid:17) Reportable segment profit 須報告分部之經營溢利 from operations 284,857 277,753 109,756 103,545 89,703 56,212 12,451 (cid:25)(cid:13)(cid:18)(cid:23)(cid:24)(cid:1) 6,421 (cid:26)(cid:13)(cid:17)(cid:21)(cid:24)(cid:1) 503,188 454,724 Interest income from 銀行存款之利息收入 bank deposits Finance costs Depreciation and amortisation for the year Other material non-cash items: – Reversal of impairment losses/ (impairment losses) on trade and other receivables – Reversal of impairment losses/ (impairment losses) on property, plant and equipment – Equity settled share-based payment expenses 融資成本 本年度之折舊及攤銷 其他重大非現金項目： – 應收賬款及其他 應收款減值虧損撥回 ∕ （減值虧損） – 物業、廠房及設備 減值虧損撥回 ∕ （減值虧損） – 以股份為付款 基礎之費用 497 (254) 721 (cid:9)(cid:20)(cid:21)(cid:26)(cid:10)(cid:1) 848 (2,909) (cid:24)(cid:18)(cid:25)(cid:1) (1,167) 582 (4,048) (cid:21)(cid:23)(cid:25)(cid:1) (3,640) – (68) 5 (66) 2 – 5 – 1,929 (7,279) (cid:18)(cid:13)(cid:26)(cid:18)(cid:24) (5,222) (54,621) (47,260) (19,852) (cid:9)(cid:18)(cid:25)(cid:13)(cid:18)(cid:18)(cid:17)(cid:10)(cid:1) (21,461) (cid:9)(cid:18)(cid:26)(cid:13)(cid:21)(cid:24)(cid:26)(cid:10)(cid:1) (13,881) (14,132) (4,213) (cid:9)(cid:20)(cid:13)(cid:26)(cid:25)(cid:21)(cid:10)(cid:1) (114,028) (cid:9)(cid:18)(cid:17)(cid:19)(cid:13)(cid:26)(cid:23)(cid:22)(cid:10) (8) (124) (57) (cid:9)(cid:26)(cid:26)(cid:10)(cid:1) 420 (453) – – – – 1,475 (1,744) (523) (cid:9)(cid:19)(cid:23)(cid:26)(cid:10)(cid:1) (155) (cid:9)(cid:24)(cid:25)(cid:10)(cid:1) – – – – – (cid:9)(cid:19)(cid:21)(cid:25)(cid:10)(cid:1) (18) – – – – – – – 337 (cid:9)(cid:26)(cid:19)(cid:21)(cid:10) 1,475 (1,744) (678) (347) Reportable segment assets 須報告分部之資產 1,642,529 1,521,773 868,655 (cid:21)(cid:26)(cid:22)(cid:13)(cid:20)(cid:19)(cid:21)(cid:1) 380,158 (cid:19)(cid:25)(cid:20)(cid:13)(cid:18)(cid:26)(cid:19)(cid:1) 193,343 (cid:19)(cid:17)(cid:23)(cid:13)(cid:25)(cid:26)(cid:23)(cid:1) 103,602 (cid:26)(cid:26)(cid:13)(cid:21)(cid:21)(cid:18)(cid:1) 3,188,287 2,606,626 Reportable segment liabilities 須報告分部之負債 435,475 305,143 639,673 (cid:19)(cid:23)(cid:24)(cid:13)(cid:26)(cid:24)(cid:22)(cid:1) 154,207 127,551 205,873 230,332 6,758 (cid:22)(cid:13)(cid:23)(cid:18)(cid:25)(cid:1) 1,441,986 (cid:26)(cid:20)(cid:23)(cid:13)(cid:23)(cid:18)(cid:26) Additions to non-current segment assets during the year 本年度添置 非流動分部資產 169,735 (cid:23)(cid:20)(cid:13)(cid:25)(cid:25)(cid:22)(cid:1) 261,219 (cid:20)(cid:18)(cid:13)(cid:23)(cid:19)(cid:26)(cid:1) 73,286 (cid:19)(cid:13)(cid:23)(cid:23)(cid:25)(cid:1) 2,906 7,423 1,104 (cid:18)(cid:13)(cid:18)(cid:25)(cid:20)(cid:1) 508,250 (cid:18)(cid:17)(cid:23)(cid:13)(cid:24)(cid:25)(cid:25) 130 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Segment reporting (Continued) 12 分部報告（續） (c) Reconciliations of reportable segment revenue, profit or loss, assets and liabilities (c) 須報告分部收入、損益、資 產及負債之對賬 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Revenue 收入 Reportable segment revenue Elimination of inter-segment revenue 須報告分部收入 分部間收入之撇銷 Consolidated turnover 綜合營業額 3,523,060 (193,724) (cid:20)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:18)(cid:25)(cid:17) (cid:9)(cid:18)(cid:26)(cid:20)(cid:13)(cid:25)(cid:23)(cid:25)(cid:10) 3,329,336 3,012,312 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Profit 溢利 Reportable segment profit from operations 須報告分部經營溢利 Finance costs Unallocated head office and corporate expenses 融資成本 未分配之總公司及企業費用 Consolidated profit before taxation 除稅前綜合溢利 503,188 (7,279) (76,648) 419,261 454,724 (5,222) (74,543) (cid:20)(cid:24)(cid:21)(cid:13)(cid:26)(cid:22)(cid:26) 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Interest income 利息收入 Reportable segment interest income Unallocated head office and corporate interest income 須報告分部利息收入 未分配之總公司 及企業利息收入 Consolidated interest income 綜合利息收入 1,929 20 1,949 (cid:18)(cid:13)(cid:26)(cid:18)(cid:24) 31 (cid:18)(cid:13)(cid:26)(cid:21)(cid:25) Equity settled share-based payment expenses Reportable segment expenses Unallocated head office and corporate expenses 以股份為付款基礎之費用 須報告分部費用 未分配之總公司 及企業費用 Consolidated equity settled share-based payment expenses 綜合以股份為付款基礎之 費用 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 678 2,522 3,200 347 1,446 (cid:18)(cid:13)(cid:24)(cid:26)(cid:20) 維他奶國際集團有限公司 二零一零 ∕一一年年報 131 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Segment reporting (Continued) 12 分部報告（續） (c) Reconciliations of reportable segment revenue, profit or loss, assets and liabilities (Continued) (c) 須報告分部收入、損益、資 產及負債之對賬（續） Assets 資產 Reportable segment assets Elimination of inter-segment receivables 分部間應收款之撇銷 須報告分部資產 Deferred tax assets Current tax recoverable Unallocated head office and corporate assets Consolidated total assets 遞延稅項資產 應收回現期稅項 未分配之總公司 及企業資產 綜合總資產 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 3,188,287 (570,717) 2,617,570 11,805 5,438 2,606,626 (cid:9)(cid:21)(cid:18)(cid:23)(cid:13)(cid:17)(cid:20)(cid:26)(cid:10) (cid:19)(cid:13)(cid:18)(cid:26)(cid:17)(cid:13)(cid:22)(cid:25)(cid:24) (cid:24)(cid:13)(cid:26)(cid:26)(cid:23) 1,160 19,406 22,661 2,654,219 2,222,404 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Liabilities 負債 Reportable segment liabilities Elimination of inter-segment payables 須報告分部負債 分部間應付款之撇銷 1,441,986 (465,678) (cid:26)(cid:20)(cid:23)(cid:13)(cid:23)(cid:18)(cid:26) (cid:9)(cid:19)(cid:26)(cid:24)(cid:13)(cid:18)(cid:23)(cid:18)(cid:10) Employee retirement benefit liabilities Deferred tax liabilities Current tax payable Unallocated head office and corporate liabilities 僱員退休福利負債 遞延稅項負債 應付現期稅項 未分配之總公司 及企業負債 Consolidated total liabilities 綜合總負債 976,308 2,177 50,081 18,675 17,257 1,064,498 (cid:23)(cid:20)(cid:26)(cid:13)(cid:21)(cid:22)(cid:25) (cid:18)(cid:13)(cid:25)(cid:22)(cid:18) 33,714 (cid:19)(cid:19)(cid:13)(cid:26)(cid:25)(cid:22) (cid:19)(cid:22)(cid:13)(cid:22)(cid:18)(cid:25) 723,526 132 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Segment reporting (Continued) 12 分部報告（續） (d) Geographic information (d) 地區資料 The following table sets out information about the geographic location of the Group’s fixed assets, deposits for the acquisition of property, plant and equipment, intangible assets and goodwill (“specified non-current assets”). The geographic location of the specified non- current assets is based on the physical location of the asset, in the case of fixed assets and deposits for the acquisition of fixed assets, and the location of the operation to which they are allocated, in the case of intangible assets and goodwill. 下 表 載 列 有 關 本 集 團 固 定 資 產、 購 置 物 業、 廠 房 及 設 備 之 訂 金、 無 形 資產及商譽（「特定非流動資產」）之 地理位置之資料。就特定非流動資產 而言，固定資產及購置固定資產之訂 金乃根據該資產之實體之地理位置確 定，而就無形資產及商譽而言則指其 業務所在地。 Hong Kong and Macau Mainland China Australia and New Zealand North America Singapore 香港及澳門 中國內地 澳洲及新西蘭 北美洲 新加坡 Specified non-current assets 特定非流動資產 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 517,367 434,182 200,894 96,867 73,375 805,318 1,322,685 (cid:21)(cid:17)(cid:20)(cid:13)(cid:26)(cid:18)(cid:21) (cid:18)(cid:24)(cid:26)(cid:13)(cid:25)(cid:23)(cid:22) (cid:18)(cid:19)(cid:23)(cid:13)(cid:17)(cid:25)(cid:17) (cid:18)(cid:17)(cid:24)(cid:13)(cid:22)(cid:26)(cid:17) (cid:23)(cid:25)(cid:13)(cid:25)(cid:23)(cid:26) (cid:21)(cid:25)(cid:19)(cid:13)(cid:21)(cid:17)(cid:21) (cid:25)(cid:25)(cid:23)(cid:13)(cid:20)(cid:18)(cid:25) The revenue from external customers and specified non-current assets of the Group attributed to Hong Kong, the Group’s place of domicile, amounted (cid:85)(cid:80)(cid:1) (cid:5)(cid:18)(cid:13)(cid:21)(cid:18)(cid:24)(cid:13)(cid:25)(cid:23)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) (cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1) (cid:5)(cid:18)(cid:13)(cid:20)(cid:24)(cid:25)(cid:13)(cid:23)(cid:22)(cid:24)(cid:13)(cid:17)(cid:17)(cid:17)(cid:10)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:5)(cid:22)(cid:18)(cid:17)(cid:13)(cid:21)(cid:22)(cid:19)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:20)(cid:26)(cid:24)(cid:13)(cid:17)(cid:24)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:10)(cid:1)(cid:83)(cid:70)(cid:84)(cid:81)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:77)(cid:90)(cid:15) 香 港（ 本 集 團 所 在 地 ）佔 本 集 團 來 自外間客戶之收入及本集團特定非 流 動 資 產 分 別 為 (cid:18)(cid:13)(cid:21)(cid:18)(cid:24)(cid:13)(cid:25)(cid:23)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17) 元 （ 二 零 一 零 年：1,37(cid:25),657,000 元 ） 及 510,452,000 元（ 二 零 一 零 年： 3(cid:26)7,070,000 元）。 (e) Major customers (e) 主要客戶 In 2011, the revenue from the Group’s largest customer (cid:66)(cid:79)(cid:69)(cid:1)(cid:71)(cid:74)(cid:87)(cid:70)(cid:1)(cid:77)(cid:66)(cid:83)(cid:72)(cid:70)(cid:84)(cid:85)(cid:1)(cid:68)(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)(cid:70)(cid:83)(cid:84)(cid:1)(cid:66)(cid:78)(cid:80)(cid:86)(cid:79)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:24)(cid:6)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:25)(cid:6)(cid:10)(cid:1) and 22% (2010: 24%) of the Group’s total revenue respectively. 於二零一一年，來自本集團最大客戶 及五大客戶之收入分別佔本集團總收 入 之 7%（ 二 零 一 零 年：(cid:25)%）及 22% （二零一零年：24%）。 Details of concentrations of credit risk arising from (cid:85)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:68)(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)(cid:70)(cid:83)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:84)(cid:70)(cid:85)(cid:1)(cid:80)(cid:86)(cid:85)(cid:1)(cid:74)(cid:79)(cid:1)(cid:79)(cid:80)(cid:85)(cid:70)(cid:1)(cid:19)(cid:25)(cid:9)(cid:66)(cid:10)(cid:15) 來自該等客戶之信貸集中風險之詳情 載於附註 2(cid:25)(a)。 維他奶國際集團有限公司 二零一零 ∕一一年年報 133 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (a) The Group 13 固定資產 (a) 本集團 Property, plant and equipment 物業、廠房及設備 Land and buildings held for own use Factory machinery and equipment Fixtures, furniture and office equipment Motor Construction in progress vehicles Sub-total 持有作 自用之 土地及樓宇 $’000 千元 工廠機器 裝置、 傢俬及 及設備 辦公室設備 $’000 千元 $’000 千元 汽車 $’000 千元 在建工程 $’000 千元 小計 $’000 千元 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 土地權益 $’000 千元 Investment properties 投資物業 $’000 千元 Total fixed assets 固定 資產總計 $’000 千元 Cost: 成本： At 1st April, 2009 Exchange adjustments Additions Transfer Disposals At 31st March, 2010 Accumulated amortisation, depreciation and impairment losses: At 1st April, 2009 Exchange adjustments Charge for the year Impairment losses (note 5(c)) Written back on disposals At 31st March, 2010 於二零零九年 四月一日 匯兌調整 添置 轉撥 出售 於二零一零年 三月三十一日 累計攤銷、 折舊 及減值虧損： 於二零零九年 四月一日 匯兌調整 本年度折舊 減值虧損 （附註5(c)） 出售時撥回 於二零一零年 三月三十一日 Net book value: 賬面淨值： At 31st March, 2010 於二零一零年 三月三十一日 581,224 21,086 126 – – 1,185,020 45,973 47,750 5,740 (13,358) 151,831 1,157 14,129 1,793 (7,376) 78,484 448 6,807 – (3,252) 23,458 202 22,168 (7,533) – 2,020,017 68,866 90,980 – (23,986) 22,698 – – – – 10,522 (18) - – – 2,053,237 68,848 90,980 – (23,986) 602,436 1,271,125 161,534 82,487 38,295 2,155,877 22,698 10,504 2,189,079 231,602 3,938 19,353 832,555 27,463 61,689 117,689 951 12,107 56,219 368 7,118 167 1,577 – – – (12,663) (6,835) (3,141) 255,060 910,621 123,912 60,564 – – – – – – 1,238,065 32,720 100,267 13,873 – 526 3,155 (6) 299 1,255,093 32,714 101,092 1,744 (22,639) – – – – 1,744 (22,639) 1,350,157 14,399 3,448 1,368,004 347,376 360,504 37,622 21,923 38,295 805,720 8,299 7,056 821,075 134 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (Continued) (a) The Group (Continued) 13 固定資產（續） (a) 本集團（續） Property, plant and equipment 物業、廠房及設備 Land and buildings held for own use Factory machinery and equipment Fixtures, furniture and office equipment Motor Construction in progress vehicles Sub-total 持有作 自用之 土地及樓宇 $’000 千元 工廠機器 裝置、 傢俬及 及設備 辦公室設備 $’000 千元 $’000 千元 汽車 $’000 千元 在建工程 $’000 千元 小計 $’000 千元 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 土地權益 $’000 千元 Investment properties 投資物業 $’000 千元 Total fixed assets 固定 資產總計 $’000 千元 Cost: 成本： At 1st April, 2010 Exchange adjustments Additions Transfer Disposals At 31st March, 2011 Accumulated amortisation, depreciation and impairment losses: At 1st April, 2010 Exchange adjustments Charge for the year Reversal of impairment losses (note 5(c)) 於二零一零年 四月一日 匯兌調整 添置 轉撥 出售 於二零一一年 三月三十一日 累計攤銷、 折舊 及減值虧損 於二零一零年 四月一日 匯兌調整 本年度折舊 減值虧損撥回 （附註5(c)） Written back on disposals 出售時撥回 At 31st March, 2011 於二零一一年 三月三十一日 Net book value: 賬面淨值： At 31st March, 2011 於二零一一年 三月三十一日 602,436 18,285 – – (307) 1,271,125 47,123 45,898 22,491 (31,130) 161,534 1,756 12,601 407 (10,438) 82,487 1,454 6,642 – (5,525) 38,295 11,979 419,597 (22,898) – 2,155,877 80,597 484,738 – (47,400) 22,698 – – – – 10,504 1,079 25,901 – – 2,189,079 81,676 510,639 – (47,400) 620,414 1,355,507 165,860 85,058 446,973 2,673,812 22,698 37,484 2,733,994 255,060 6,469 19,633 910,621 35,227 68,979 123,912 1,397 13,748 60,564 1,094 8,258 – (62) (1,475) (29,373) – (9,904) – (5,315) 281,100 983,979 129,153 64,601 – – – – – – 1,350,157 44,187 110,618 (1,475) (44,654) 14,399 – 527 – – 3,448 175 869 1,368,004 44,362 112,014 – – (1,475) (44,654) 1,458,833 14,926 4,492 1,478,251 339,314 371,528 36,707 20,457 446,973 1,214,979 7,772 32,992 1,255,743 維他奶國際集團有限公司 二零一零 ∕一一年年報 135 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (Continued) (b) The Company 13 固定資產（續） (b) 本公司 Property, plant and equipment 物業、廠房及設備 Land and Factory Fixtures, buildings machinery furniture held for and and office Motor Construction Investment own use equipment equipment vehicles in progress Sub-total properties 持有作 自用之 工廠機器 裝置、 傢俬及 Total fixed assets 固定 土地及樓宇 及設備 辦公室設備 汽車 在建工程 小計 投資物業 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 $’000 千元 141,766 441,757 – – 36,408 (7,992) 74,588 7,630 (2,103) 58,272 4,047 (2,430) 20,929 7,384 737,312 55,469 – (12,525) 22,698 – – 760,010 55,469 (12,525) Cost: 成本： At 1st April, 2009 Additions Disposals 於二零零九年 四月一日 添置 出售 At 31st March, 2010 於二零一零年 三月三十一日 141,766 470,173 80,115 59,889 28,313 780,256 22,698 802,954 Accumulated depreciation: 累計折舊： At 1st April, 2009 於二零零九年 四月一日 本年度折舊 出售時撥回 Charge for the year Written back on disposals At 31st March, 2010 於二零一零年 63,891 4,214 325,014 19,937 55,012 5,210 43,156 4,978 – (7,911) (2,098) (2,410) 三月三十一日 68,105 337,040 58,124 45,724 Net book value: 賬面淨值： At 31st March, 2010 於二零一零年 – – – – 487,073 34,339 13,873 526 500,946 34,865 (12,419) – (12,419) 508,993 14,399 523,392 三月三十一日 73,661 133,133 21,991 14,165 28,313 271,263 8,299 279,562 136 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (Continued) (b) The Company (Continued) 13 固定資產（續） (b) 本公司（續） Property, plant and equipment 物業、廠房及設備 Land and Factory Fixtures, buildings machinery furniture held for and and office Motor Construction Investment own use equipment equipment vehicles in progress Sub-total properties 持有作 自用之 工廠機器 裝置、 傢俬及 Total fixed assets 固定 土地及樓宇 及設備 辦公室設備 汽車 在建工程 小計 投資物業 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 $’000 千元 141,766 – – – 470,173 30,234 401 80,115 6,899 – 59,889 2,443 – 28,313 115,185 (401) 780,256 154,761 – (18,867) (3,896) (2,957) – (25,720) 22,698 – – – 802,954 154,761 – (25,720) Cost: 成本： At 1st April, 2010 Additions Transfer Disposals 於二零一零年 四月一日 添置 轉撥 出售 At 31st March, 2011 於二零一一年 三月三十一日 141,766 481,941 83,118 59,375 143,097 909,297 22,698 931,995 Accumulated depreciation: 累計折舊： At 1st April, 2010 於二零一零年 四月一日 本年度折舊 出售時撥回 Charge for the year Written back on disposals At 31st March, 2011 於二零一一年 68,105 4,213 337,040 24,076 58,124 6,601 45,724 5,479 – (18,284) (3,874) (2,951) 三月三十一日 72,318 342,832 60,851 48,252 Net book value: 賬面淨值： At 31st March, 2011 於二零一一年 – – – – 508,993 40,369 14,399 527 523,392 40,896 (25,109) – (25,109) 524,253 14,926 539,179 三月三十一日 69,448 139,109 22,267 11,123 143,097 385,044 7,772 392,816 維他奶國際集團有限公司 二零一零 ∕一一年年報 137 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (Continued) 13 固定資產（續） (c) The analysis of net book value of properties is as follows: (c) 物 業 之 賬 面 淨 值 之 分 析 如 下： The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 In Hong Kong – medium-term leases Outside Hong Kong – freehold – medium-term leases – short-term leases 在香港 – 中期租約 香港以外地區 – 永久業權 – 中期租約 – 短期租約 Representing: 代表： Land and buildings held for own use Investment properties Interests in leasehold land held for own use under operating leases 持有作自用之 土地及樓宇 投資物業 根據經營租賃 持有作自用之 租賃土地權益 175,868 184,779 77,220 81,960 110,182 63,251 30,777 106,896 37,954 33,102 – – – – – – 380,078 362,731 77,220 81,960 339,314 7,772 347,376 8,299 69,448 7,772 73,661 8,299 32,992 7,056 – – 380,078 362,731 77,220 81,960 (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 finance leases, the Group and the Company hold factory machinery and equipment under finance leases expiring from one to seven years. None of the leases includes contingent rentals. 除列作以融資租賃持有之租賃土地 外，本集團及本公司透過於一至七年 內到期之融資租賃，持有工廠機器及 設備。融資租賃並無包括或然租金。 There was no addition to the factory machinery and equipment of the Group and the Company financed by finance leases during the year (2010: $Nil). 年內，本集團及本公司並無透過融資 租賃（二零一零年：零元）添置工廠 機器及設備。 At the balance sheet date, the net book value of the factory machinery and equipment held under finance leases of the Group and the Company amounted to $21,204,000 (2010: $34,984,000) and $2,991,000 (2010: $3,755,000) respectively. The Group’s and the Company’s obligations under finance leases are secured by the lessor’s charge over the leased assets. 於結算日，本集團及本公司以融資租 賃持有之工廠機器及設備之賬面淨值 分 別 為 21,204,000 元（ 二 零 一 零 年： 34,984,000 元）及 2,991,000 元（二零 一 零 年：3,755,000 元 ）。 本 集 團 及 本公司根據融資租賃之債務乃以承租 人之租賃資產押記作擔保。 138 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (Continued) 13 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 lease out an investment property under an operating lease. The lease runs for an initial period of three years, with an option to renew the lease after that date at which time all terms are renegotiated. The lease does not include contingent rentals. The Group’s total future minimum lease payments under non-cancellable operating lease are receivable as follows: 本集團及本公司以一項經營租賃租出 投資物業。該項租賃初步為期三年， 並且有權選擇在到期日後續期，屆時 所有條款均可重新商定。該項租賃並 無包括或然租金。 本集團根據不可解除之經營租賃在日 後應收之最低租賃付款總額如下： The Group and the Company 本集團及本公司 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Within one year 一年內 579 1,188 (f) The fair value of investment properties (f) 投資物業之公允值 The fair value of investment properties at 31st March, 2011 is $44,540,000 (2010: $34,470,000) which is estimated on the basis of capitalisation of the net rental income with due allowance for reversionary income potential. The valuation was carried out by an independent firm of surveyors, Jones Lang LaSalle Sallmanns Limited, who have among their staff members of the Hong Kong Institute of Surveyors with recent experience in the location and category of the properties being valued. 投資物業於二零一一年三月三十一日 之公允值為 44,540,000 元（二零一零 年：34,470,000 元），此乃將淨租金 收入資本化並計入租約屆滿後續約時 淨租金收入增加之可能性為基礎進行 估計。估值乃由獨立測量師行仲量聯 行西門有限公司進行，其部份職員為 香港測量師學會之會員，在所估值物 業之地區及類別具有近期相關之經 驗。 維他奶國際集團有限公司 二零一零 ∕一一年年報 139 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Fixed assets (Continued) 13 固定資產（續） (g) Fixed assets pledged against bank loans (g) 就銀行貸款抵押之固定資產 The following items of property, plant and equipment are pledged to secure certain bank loans or bank facilities granted to the Group (note 24). 以 下 物 業、 廠 房 及 設 備 項 目 已 予 抵 押，以擔保本集團獲授之若干銀行貸 款或銀行信貸（附註 24）。 The Group 本集團 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Net book value of pledged assets: 抵押資產之賬面淨值： Land and buildings held for own use 持有作自用之土地及樓宇 12,438 14,356 (h) Deposits for the acquisition of fixed assets (h) 購置固定資產之訂金 As at 31st March, 2011, the Group and the Company m a d e d e p o s i t s t o t a l l i n g $ 1 4 , 0 1 1 , 0 0 0 ( 2 0 1 0 : $15,808,000) and $1,223,000 (2010: $Nil) respectively to acquire property, plant and equipment and interests in leasehold land. The remaining amount of the consideration is included in capital commitments (note 29(b)). 於 二 零 一 一 年 三 月 三 十 一 日， 本 集 團 及 本 公 司 為 購 置 物 業、 廠 房 及 設 備及租賃土地權益而分別支付訂金 合 共 14,011,000 元（ 二 零 一 零 年： 15,808,000 元）及 1,223,000 元（二零 一零年：零元）。代價之其餘金額已 計入資本承擔（附註 29(b)）。 14 Interest in subsidiaries 14 附屬公司權益 Unlisted investments, at cost Amounts due from subsidiaries 非上市投資，按成本值 應收附屬公司款項 Less: Impairment losses 減：減值虧損 The Company 本公司 2011 二零一一年 $’000 千元 93,072 1,170,243 1,263,315 (805,574) 2010 二零一零年 $’000 千元 93,072 967,193 1,060,265 (770,132) 457,741 290,133 140 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Interest in subsidiaries (Continued) 14 附屬公司權益（續） At 31st March, 2011 and 2010, amounts due from subsidiaries are unsecured and have no fixed terms of repayment. An amount due from a subsidiary of $114,000,000 (2010: $Nil) bears interest at Hong Kong Interbank Offer Rate plus 0.9% per annum, while other balances are interest-free. The entire balance is expected to be recovered after more than one year. Impairment losses on interest in subsidiaries represent the write down of the carrying values of the investment cost and receivables from certain subsidiaries to their recoverable amounts. 於 二 零 一 一 年 及 二 零 一 零 年 三 月 三十一日，應收附屬公司款項屬無抵 押及無固定還款期。應收附屬公司款 項 114,000,000 元（ 二 零 一 零 年： 零 元）每年按香港銀行同業拆息加 0.9% 計息，其他結餘則為免息。所有結餘 預計將於超過一年後償還。 附屬公司權益之減值虧損指將來自若 干附屬公司之投資成本及應收款之賬 面值撇減至其可收回金額。 The following list contains the particulars of the subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated. 下表載有本集團附屬公司之詳情。除 另有註明外，本集團持有之附屬公司 股份均為普通股。 All of these are controlled subsidiaries as defined under note 1(c) and have been consolidated into the Group’s financial statements. 此 等 附 屬 公 司 均 為 附 註 1(c) 所 界 定 之受控制附屬公司，並在本集團之財 務報表內綜合計算。 Place of incorporation/ establishment and operation Particulars of issued and paid-up capital Name of company 公司名稱 Vitasoy Holdings N.V. 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 US$6,100 6,100 美元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % 100 – Vitasoy International B.V. Netherlands 荷蘭 EUR22,500 22,500 歐元 – 100 Vitasoy (UK) Investments Company Limited United Kingdom 英國 GBP2 2 英鎊 100 – Principal activities 主要業務 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 維他奶國際集團有限公司 二零一零 ∕一一年年報 141 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Interest in subsidiaries (Continued) 14 附屬公司權益（續） Name of company 公司名稱 Vitasoy USA Inc. Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (note (i)) 深圳維他（光明）食品 飲料有限公司 （附註 (i)） Vitasoy (China) Investments Company Limited 維他奶（中國）投資 有限公司 Vitasoy (Shanghai) Company Limited (note (ii)) 維他奶（上海）有限公司 （附註 (ii)） Vita International Holdings Limited 維他國際集團 有限公司 Vitasoy Australia Products Pty. Ltd. Place of incorporation/ establishment 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 United States of America 美國 Common stock: US$12,061,000 普通股： 12,061,000 美元 Convertible series A preferred stock: US$38,400,000 可換股 A 類 優先股： 38,400,000 美元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % – 100 Principal activities 主要業務 Manufacture and sale of soy related products 生產及銷售 豆製產品 PRC RMB80,000,000 人民幣 中國 80,000,000 元 70 – Manufacture and sale of beverages 生產及銷售飲品 Hong Kong 香港 $20 20 元 100 – Investment holding 投資控股 PRC RMB191,476,367 人民幣 中國 191,476,367 元 – 100 Manufacture and sale of beverages 生產及銷售飲品 Hong Kong 香港 $20 20 元 100 – Investment holding 投資控股 – 51 Manufacture and sale of beverages 生產及銷售飲品 Australia 澳洲 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 142 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Interest in subsidiaries (Continued) 14 附屬公司權益（續） Place of incorporation/ establishment 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 Australia Food 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 Australia 澳洲 A$175 175 澳元 Macau 澳門 Macau 澳門 MOP100,000 澳門幣 100,000 元 MOP10,000 澳門幣 10,000 元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % – 100 100 – – 100 Principal activities 主要業務 Dormant 暫無營業 Distribution of beverages 分銷飲品 Dormant 暫無營業 Vitaland Services Limited 維他天地服務有限公司 Hong Kong 香港 $3,000,000 3,000,000 元 100 – Operation of tuck shops 經營學校小食部 Hong Kong Gourmet 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 Vitasoy Distributors (Singapore) Pte. Ltd. Hong Kong 香港 Hong Kong 香港 $20 20 元 $20 20 元 – 100 100 – Provision of catering services 提供餐飲服務 Property investment 物業投資 Singapore 新加坡 S$2,500,000 新加坡幣 2,500,000 元 100 – Dormant 暫無營業 維他奶國際集團有限公司 二零一零 ∕一一年年報 143 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Interest in subsidiaries (Continued) 14 附屬公司權益（續） Place of incorporation/ establishment 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 Investment Holdings Limited 維他奶投資控股有限公司 Hong Kong 香港 $1 1 元 Vitasoy Holdings (Malta) Limited Malta Ordinary shares: A$2,999 馬爾他 普通股： 2,999 澳元 Deferred shares: A$1 遞延股份： 1 澳元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % 100 – – 100 Vitasoy International Investment Limited 維他奶國際投資有限公司 Hong Kong 香港 $1 1 元 100 – Vitasoy Investment (Singapore) Pte. Ltd. Unicurd Food Co. (Private) Limited 統一食品（私人）有限公司 Singapore 新加坡 Singapore 新加坡 S$10,000 新加坡幣 10,000 元 S$1,800,000 新加坡幣 1,800,000 元 – – 100 100 Principal activities 主要業務 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Manufacture and sale of soy related products 生產及銷售 豆製產品 144 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Interest in subsidiaries (Continued) 14 附屬公司權益（續） Place of incorporation/ establishment 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) Holdings Limited 維他奶（中國）控股有限公司 Hong Kong 香港 $1 1 元 Vitasoy (Foshan) Company Limited (note (iv)) 維他奶（佛山）有限公司 （附註 (iv)） PRC 中國 RMB 200,000,000 人民幣 200,000,000 元 Notes: (i) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited is a sino-foreign equity joint venture established in the PRC and is to be operated for 20 years up to October 2011. The Group is in progress of extending the joint venture period upon its expiry in October 2011. Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % 100 – Principal activities 主要業務 Investment holding 投資控股 – 附註： (i) 100 Manufacture and sale of beverages 生產及銷售飲品 深圳維他（光明）食品飲料有限公 司為於中國註冊成立之中外合資 合營企業，經營期為二十年，至 二零一一年十月止。本集團正進 行合資合營期限於二零一一年十 月屆滿後延長其合營期限。 (ii) Vitasoy (Shanghai) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated for 50 years up to 2045. (ii) 維他奶（上海）有限公司為於中國 註冊成立之全外資附屬公司，經 營期為五十年，至二零四五年止。 (iii) The Group effectively owns a 51% equity interest in Vitasoy Australia Food Products Pty. Ltd. (iii) 本 集 團 持 有 Vitasoy Australia Food Products Pty. Ltd. 51% 之 實質權益。 (iv) Vitasoy (Foshan) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated for 20 years up to 2030. (iv) 維他奶（佛山）有限公司為於中國 註冊成立之全外資附屬公司，經 營期為二十年，至二零三零年止。 維他奶國際集團有限公司 二零一零 ∕一一年年報 145 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 15 Intangible assets The Group 15 無形資產 本集團 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 Cost: 成本值 At 1st April, 2009 Exchange adjustments 於二零零九年四月一日 匯兌調整 At 31st March, 2010 於二零一零年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April, 2009 Exchange adjustments Charge for the year 於二零零九年四月一日 匯兌調整 本年度攤銷 At 31st March, 2010 於二零一零年三月三十一日 Net book value: 賬面淨值： 6,703 568 7,271 335 34 358 727 9,929 842 10,771 1,418 144 1,515 3,077 16,632 1,410 18,042 1,753 178 1,873 3,804 At 31st March, 2010 於二零一零年三月三十一日 6,544 7,694 14,238 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 Cost: 成本值： At 1st April, 2010 Exchange adjustments 於二零一零年四月一日 匯兌調整 At 31st March, 2011 於二零一一年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April, 2010 Exchange adjustments Charge for the year 於二零一零年四月一日 匯兌調整 本年度攤銷 7,271 827 8,098 727 103 385 At 31st March, 2011 於二零一一年三月三十一日 1,215 Net book value: 賬面淨值： 10,771 1,223 11,994 3,077 434 1,629 5,140 18,042 2,050 20,092 3,804 537 2,014 6,355 At 31st March, 2011 於二零一一年三月三十一日 6,883 6,854 13,737 The amortisation charges for brand name and customer list for the year are included in “other operating expenses” in the consolidated income statement. 本年度品牌名稱及客戶名單之攤銷費 用已計入綜合損益報表「其他經營費 用」內。 146 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 16 Goodwill 16 商譽 The Group 本集團 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Cost: 成本： At 1st April Exchange adjustments At 31st March 於四月一日 匯兌調整 於三月三十一日 35,197 3,997 39,194 32,446 2,751 35,197 Impairment tests for cash-generating unit containing goodwill Goodwill arose from the acquisition of the entire share capital in Unicurd Food Co. (Private) Limited (“Unicurd”). Therefore it is allocated to Singapore segment according to the country of operation of Unicurd for impairment testing purposes. The recoverable amount of the Unicurd operations is determined based on a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering a three- year period. Cash flows beyond the three-year period are extrapolated using an annual growth rate of 3% (2010: 3%). The growth rate does not exceed the long- term average growth rate for the business in which the Unicurd operations operate. Key assumptions used for the value-in-use calculation: – Gross margin – Annual sales growth rate for the three-year period – Pre-tax discount rate – 毛利率 – 於三年期間之 年銷售增長率 – 除稅前折現率 包含商譽之現金產生單位之 減值測試 商譽因收購統一食品（私人）有限公 司（「統一」）之全部股本而產生。因 此，商譽按照統一經營所在國家分配 至新加坡業務以進行減值測試。 統一業務之可收回金額乃根據使用 價 值 計 算 釐 定。 該 計 算 使 用 按 管 理 層批准之三年財政預算得出之現金流 量預測。三年以後之現金流量則使用 3%（二零一零年：3%）之年增長率推 算。該增長率不超過統一業務所經營 業務之長期平均增長率。 計算使用價值時採用之主要假設如 下： 2011 二零一一年 2010 二零一零年 43.0% 9.2% 14.5% 48.1% 15.2% 14.5% 維他奶國際集團有限公司 二零一零 ∕一一年年報 147 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 16 Goodwill (Continued) 16 商譽（續） Impairment tests for cash-generating unit containing goodwill (Continued) Management determined the budgeted gross margin and sales growth rate based on past performance and its expectation for market development. The discount rate used is pre-tax and reflects specific risks relating to the relevant segment. 包含商譽之現金產生單位之 減值測試（續） 管理層根據過往表現及其對市場發展 之預測，確定預算毛利率及銷售增長 率。所使用之折現率則為反映相關分 部特定風險之稅前折現率。 Management believes that any reasonably possible change in the key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed its recoverable amount. 管理層認為，釐定可收回金額所依據 之主要假設出現任何合理可能變動， 均不會導致賬面值超過其可收回金 額。 17 Employee retirement benefits 17 僱員退休福利 The Group operates and participates in a number of defined contribution and defined benefit retirement plans in Hong Kong and outside Hong Kong. 本集團在香港及香港以外地區設立及 參加多項界定供款及界定福利退休計 劃。 (a) Defined contribution retirement plans (a) 界定供款退休計劃 (i) The Group operates a defined contribution retirement plan, Vitasoy International Holdings Limited Staff Provident Fund, which is available for all eligible staff employed by the Group in Hong Kong and Macau before 1st August, 2000. The plan is funded by contributions from employees and the Group, both of which contribute sums representing 5% - 7.5% of basic salaries. Forfeited contributions are credited to members’ accounts in accordance with the rules of the plan. The plan is administered by trustees with the assets held separately from those of the Group. The employees are entitled to 100% of the employer’s contributions after ten completed membership years, or at an increasing scale of between 50% to 90% after completion of five to nine membership years. (i) 本 集 團 為 所 有 於 二 零 零 零 年 八 月 一 日 之 前 在 香 港 及 澳 門 受 聘 為 本 集 團 之 合 資 格 員 工 設 立 一 項 界 定 供 款 退 休 計 劃 （維他奶國際集團有限公司職 員 強 積 金 ）。 該 計 劃 之 資 金 來 自 僱 員 及 本 集 團 之 供 款。 雙 方 供 款 金 額 為 底 薪 之 5% 至 7.5%。 沒 收 供 款 均 根 據 計 劃 之 規 則 撥 入 計 劃 成 員 之 賬 戶。 該 計 劃 交 由 信 託 人 管 理， 所 持 資 產 亦 與 本 集 團 之 資 產 分 開 處 理。 在 參 與 計 劃 滿 十 年 後， 僱 員 可 享 有 全 部 僱 主 供 款， 而 參 與 計 劃 達 五 至 九 年 可 享 有 之 僱 主 供 款 百 分比則由50%逐步增至90%。 148 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (a) Defined contribution retirement plans (a) 界定供款退休計劃（續） (Continued) (i) (Continued) (i) （續） Staff employed by the Group in Hong Kong not joining the defined contribution retirement plan are required to join the Group’s mandatory provident fund plan under the Hong Kong Mandatory Provident Fund Schemes Ordinance. The mandatory provident fund plan is a defined contribution retirement plan administered by an independent corporate trustee. Under the plan, the Group and the employees are each required to make 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. Employees of the subsidiaries in the PRC are members of the central pension scheme operated by the PRC government. The Group is required to contribute a certain percentage of employees’ remuneration to the central pension scheme to fund the benefits. The only obligation for the Group with respect to the central pension scheme is the associated required contribution under the central pension scheme. Contributions to the plan vest immediately. For employees in Australia, contributions are made by the Group to a registered superannuation fund for its employees, at 9% of the employees’ salaries. The assets of the scheme are held separately by an independent administered fund. Contributions to the plan vest immediately. (ii) (iii) 受 僱 於 本 集 團 而 並 無 參 加 界 定 供 款 退 休 計 劃 之 香 港 員 工，必須根據香港《強制性公 積 金 計 劃 條 例 》參 加 本 集 團 之 強 制 性 公 積 金 計 劃。 強 制 性 公 積 金 計 劃 為 一 項 界 定 供 款 退 休 計 劃， 由 獨 立 法 團 信 託 人 管 理。 根 據 該 計 劃， 本 集 團 及 其 僱 員 各 按 僱 員 有 關 收 入（ 有 關 收 入 之 每 月 上 限 為 20,000 元）之 5% 向計劃供 款。 向 計 劃 支 付 之 供 款 即 時 生效。 (ii) 設 於 中 國 之 附 屬 公 司 之 僱 員 均 參 加 由 中 國 政 府 設 立 之 中 央 退 休 金 計 劃。 本 集 團 須 按 僱 員 酬 金 之 某 一 百 分 比 向 中 央 退 休 金 計 劃 供 款。 本 集 團 就 中 央 退 休 金 計 劃 所 須 履 行 之 唯 一 責 任 為 向 中 央 退 休 金 計 劃 供 款。 向 計 劃 支 付 之 供 款即時生效。 (iii) 澳 洲 僱 員 方 面， 本 集 團 須 按 僱 員 薪 金 之 9% 向 一 項 為 其 僱 員 而 設 之 註 冊 退 休 基 金 供 款。 計 劃 資 產 由 獨 立 管 理 之 基 金 分 開 持 有。 向 計 劃 支 付 之供款即時生效。 維他奶國際集團有限公司 二零一零 ∕一一年年報 149 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (a) Defined contribution retirement plans (a) 界定供款退休計劃（續） (Continued) (iv) Eligible employees in the United States of America are covered by a defined contribution retirement plan under section 401(k) of the Internal Revenue Code. The plan provides for voluntary employee contributions, which represent a salary deferral for U.S. income tax purposes, of up to 75% (2010: 75%) of each employee’s annual salary, subject to a cap of US$16,500 (2010: US$16,500). The Group also contributes a discretionary amount in respect of each employee’s self contribution. The amount of the Group’s annual contribution is limited to a 50% match on the employee’s annual contribution up to 6% of the employee’s gross annual salary. The employees are entitled to 100% of the employer’s contributions after four completed years of service, or at an increasing scale of between 25% to 75% after completion of one to three years of service. Where there are employees who leave prior to vesting fully in the contributions, the forfeited employer’s contributions shall be used to reduce the future contributions of the employer. During the year, forfeited contributions of $103,000 (2010: $77,000) were utilised. At the balance sheet date, the total amount of forfeited contributions which are available to reduce the contributions payable in the future years was $28,000 (2010: $28,000). (iv) 美 國 之 合 資 格 僱 員 根 據 Internal Revenue Code 第 401(k) 條 受 一 項 界 定 供 款 退 休 計 劃 保 障。 該 計 劃 規 定 僱 員 可 按 其 薪 金 作 出 自 願 供 款 （就美國入息稅而言屬於延遲 發 放 之 薪 金 ）， 最 高 可 達 僱 員年薪之 75%（二零一零年： 75%）， 惟 以 16,500 美 元（ 二 零 一 零 年：16,500 美 元 ）為 上 限。 本 集 團 亦 就 每 名 僱 員 之 供 款 額 酌 情 供 款。 本 集 團 之 每 年 供 款 額 以 僱 員 全 年 供 款 之 50% 為 限， 最 多 不 超 過 僱員全年薪金總額之 6%。服 務 年 資 達 四 年 之 僱 員 可 享 有 全 部 僱 主 供 款， 而 服 務 年 資 達 一 至 三 年 可 享 有 之 僱 主 供 款 百 分 比 則 由 25% 逐 步 增 至 75%。 如 僱 員 在 未 享 有 全 部 供 款 前 離 職， 因 此 沒 收 之 僱 主 供 款 將 用 於 扣 減 日 後 之 僱 主 供 款。 年 內， 本 集 團 動 用 沒 收 供 款 103,000 元（ 二 零 一 零 年：77,000 元 ）。 於 結 算 日， 共有 28,000 元（二零一零年： 28,000 元）之沒收供款可用於 扣減往後應付供款。 150 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (b) Defined benefit retirement plans (b) 界定福利退休計劃 At 31st March, 2011, the Group and the Company recognised employee retirement benefit (liabilities)/ assets in respect of the following employee retirement benefits: 於二零一一年三月三十一日，本集團 及本公司就下列僱員退休福利確認僱 員退休福利（負債）╱資產： The Group 本集團 The Company 本公司 2011 2010 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Employee retirement benefit (liabilities)/assets 僱員退休福利 （負債）╱資產 – retirement gratuities (note 17(c)) Employee retirement benefit liabilities – long service payments (note 17(d)) (937) (346) (55) 462 – 退休金 （附註 17(c)） 僱員退休 福利負債 – 長期服務金 （附註 17(d)） (1,240) (1,505) (1,124) (1,363) (c) Retirement gratuities (c) 退休金 Employees of the Group in Hong Kong and Macau, who have completed a prescribed minimum period of service and joined the Group before a specific date, are entitled to retirement gratuities upon retirement age. The gratuity is based on the last month’s salary and the number of years of service. A funded defined benefit retirement plan, Vitasoy International Holdings Limited Defined Benefit Scheme, was established for the retirement gratuities. The defined benefit retirement plan is administered by an independent corporate trustee, with assets held separately from those of the Group. The plan is funded by contributions from the Group in accordance with an independent actuary’s recommendation. 本集團在香港及澳門之僱員在服務年 資達到一段指定之最短期限及於指定 日期之前加入本集團，均有權在屆退 休年齡時領取退休金。金額視乎最後 所領月薪及服務年資而定。 本集團為退休金成立一項資助界定福 利退休計劃 －維他奶國際集團有限公 司界定福利計劃。該項界定福利退休 計劃由獨立法團信託人管理，其資產 與本集團之資產分開持有。該計劃由 本集團按照獨立精算師之建議作出供 款。 維他奶國際集團有限公司 二零一零 ∕一一年年報 151 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (c) Retirement gratuities (Continued) (c) 退休金（續） The latest actuarial valuation of the plan was at 31st March, 2011 and was prepared by qualified staff of HSBC Life (International) Limited, who are members of the Society of Actuaries of the United States of America, using the projected unit credit method. The valuation indicates that the Group’s obligation under this defined benefit retirement plan is 110% (2010: 117%) covered by the plan assets held by the trustee. 該計劃之最新精算估值乃於二零一一 年三月三十一日由滙豐人壽保險（國 際）有限公司之合資格職員（為美國 精算師學會之會員）採用預算單位信 貸法進行。有關估值顯示本集團根據 該界定福利退休計劃所須履行之責任 其 中 110%（ 二 零 一 零 年：117%）受 信託人持有之計劃資產保障。 (i) The amounts recognised in the balance sheets are as follows: (i) 於資產負債表確認之金額如下： The Group 本集團 The Company 本公司 2010 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Present value of wholly funded obligations Fair value of plan assets Net unrecognised actuarial gains Employee retirement benefit (liabilities)/assets 全面資助責任之現值 計劃資產之公允值 未確認之 精算收益淨額 僱員退休福利 （負債）╱資產 (79,282) 87,035 (72,810) 85,541 (76,070) 84,713 (70,141) 83,207 (8,690) (13,077) (8,698) (12,604) (937) (346) (55) 462 A portion of the above (liabilities)/assets is expected to be settled/recovered after more than one year. However, it is not practicable to segregate this amount from the amounts payable/receivable in the next twelve months, as the retirement benefit entitled by scheme members and future contributions to the plan will also depend on staff turnover and future changes in actuarial assumptions. 預期上述（負債）╱資產部份將於超 過一年後清償╱收回。然而，由於計 劃成員有權享有之退休福利及日後之 計劃供款亦將視乎員工流動率及精算 假設日後之變動而定，故將此款額自 未來十二個月內所應支付╱應收取之 金額中抽離並不可行。 152 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (c) Retirement gratuities (Continued) (ii) Plan assets consist of the following: (c) 退休金（續） (ii) 計劃資產包括： The Group 本集團 The Company 本公司 2010 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Equity securities Bonds Cash 股本證券 債券 現金 67,452 10,357 9,226 87,035 65,952 8,041 11,548 85,541 65,653 10,080 8,980 84,713 64,153 7,821 11,233 83,207 (iii) Movements in the present value of the defined benefit (iii) 界定福利責任之現值變動如下： obligations are as follows: The Group 本集團 The Company 本公司 2010 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 At 1st April Benefits paid by the plan Current service cost Interest cost Actuarial (losses)/gains 於四月一日 計劃已付福利 現有服務成本 利息成本 精算（虧損）∕收益 (72,810) 5,893 (3,907) (1,817) (6,641) (75,400) 5,141 (4,374) (1,405) 3,228 (70,141) 5,682 (3,722) (1,749) (6,140) (72,608) 5,078 (4,152) (1,352) 2,893 At 31st March 於三月三十一日 (79,282) (72,810) (76,070) (70,141) 維他奶國際集團有限公司 二零一零 ∕一一年年報 153 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (c) Retirement gratuities (Continued) (c) 退休金（續） (iv) Movements in fair value of plan assets are as follows: (iv) 計劃資產之公允值變動如下： The Group 本集團 The Company 本公司 2011 2010 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 At 1st April Benefits paid by the plan Actuarial expected return on plan assets Actuarial gains At 31st March 於四月一日 計劃已付福利 計劃資產之 精算預計回報 精算收益 於三月三十一日 85,541 (5,893) 65,907 (5,141) 83,207 (5,682) 64,176 (5,078) 4,545 2,842 87,035 3,547 21,228 85,541 4,419 2,769 84,713 3,451 20,658 83,207 The Group does not expect to pay contribution to the defined benefit retirement plan during the year ended 31st March, 2012 (2010: $Nil). 本集團預期於截至二零一二年三月 三十一日止年度不為界定福利退休計 劃作出供款（二零一零年：零元）。 (v) Net expenses recognised in the consolidated income (v) 於綜合損益確認之開支淨額如下： statement are as follows: Current service cost Interest cost Actuarial expected return on plan assets 計劃資產之精算預計回報 Net actuarial gains/ (losses) recognised 已確認精算收益╱ （虧損）淨額 現有服務成本 利息成本 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 (3,907) (1,817) 4,545 588 (591) (4,374) (1,405) 3,547 (592) (2,824) 154 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (c) Retirement gratuities (Continued) (c) 退休金（續） (v) (Continued) (v) （續） The net expenses are recognised in the following line items in the consolidated income statement: 上述開支淨額列入綜合損益報表中之 項目如下： 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 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 (130) (137) (204) (120) (591) (659) (616) (1,060) (489) (2,824) The actual return on plan assets of the Group (taking into account all changes in the fair value of the plan assets excluding contributions paid and received) was net income of $7,387,000 (2010: $24,775,000). 本 集 團 之 計 劃 資 產 之 實 際 回 報（ 計 及 計 劃 資 產 公 允 值 之 所 有 變 動， 惟 不 包 括 已 付 及 已 收 供 款 ）為 收 入 淨 額 7,387,000 元（ 二 零 一 零 年： 24,775,000 元）。 (vi) The principal actuarial assumptions used as at 31st March, 2011 are as follows: (vi) 於二零一一年三月三十一日所採用之 主要精算假設如下： Discount rate Expected rate of return on plan assets Future salary increases 折現率 計劃資產之預計回報率 未來薪金增幅 The expected long-term rate of return on plan assets is based on the portfolio as a whole and not on the sum of the returns on individual asset categories. The return is based exclusively on historical returns, without adjustments. The Group and the Company 本集團及本公司 2011 二零一一年 2010 二零一零年 2.60% 2.50% 5.50% 5.50% 2.7% for 2010 3.5% for 2011 （二零一一年） （二零一零年） 3% for 2011 onwards （二零一二年起） （二零一一年起） 4% for 2012 onwards 計劃資產之預計長期回報率乃以整體 組合為基準，而非以個別資產類型之 回報總額為基準。有關回報僅以未經 調整之歷史回報為基準。 維他奶國際集團有限公司 二零一零 ∕一一年年報 155 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (c) Retirement gratuities (Continued) (vii) Historical information (c) 退休金（續） (vii) 歷史資料 The Group 本集團 2009 2011 2010 2007 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2008 Present value of the defined benefit obligations Fair value of plan assets 界定福利責任之現值 計劃資產之公允值 (79,282) 87,035 (72,810) 85,541 (75,400) 65,907 (79,545) 97,684 (60,610) 91,089 Surplus/(deficit) in the plan 計劃盈餘╱（虧絀） 7,753 12,731 (9,493) 18,139 30,479 Experience adjustments arising on plan liabilities Experience adjustments arising on plan assets 來自計劃負債之 經驗調整 來自計劃資產之 經驗調整 (126) (779) (100) 2 (1,932) 2,842 21,228 (33,671) 6,665 10,594 The Company 本公司 2009 2010 2011 2007 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2008 Present value of the defined benefit obligations Fair value of plan assets 界定福利責任之現值 計劃資產之公允值 (76,070) 84,713 (70,141) 83,207 (72,608) 64,176 (76,108) 95,090 (58,314) 88,842 Surplus/(deficit) in the plan 計劃盈餘╱（虧絀） 8,643 13,066 (8,432) 18,982 30,528 Experience adjustments arising on plan liabilities Experience adjustments arising on plan assets 來自計劃負債之 經驗調整 來自計劃資產之 經驗調整 80 (951) (702) (23) (1,687) 2,769 20,658 (32,775) 6,492 10,334 156 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (d) Long service payments (d) 長期服務金 Under the Hong Kong Employment Ordinance, the Group is obliged to make lump sum payments on cessation of employment in certain circumstances to certain employees who have completed at least five years of service with the Group. The amount payable is dependent on the employees’ final salary and years of service, and is reduced by entitlements accrued under the Group’s retirement plans that are attributable to contributions made by the Group. The Group does not set aside any assets to fund any remaining obligations. 根據香港《僱傭條例》，本集團須在 若干情況下終止僱用為本集團服務至 少五年之僱員時向彼等支付一筆過款 項。所須支付之金額視乎僱員最後所 領薪金及服務年資而定，並相應削減 根據本集團退休計劃累計而屬於本集 團所作供款之權益。本集團並未預留 任何資產以提供履行任何剩餘責任所 需之資金。 An actuarial valuation of long service payments was also carried out at 31st March, 2011, by qualified staff of HSBC Life (International) Limited, who are members of the Society of Actuaries of the United States of America, using the projected unit credit method. 長 期 服 務 金 亦 於 二 零 一 一 年 三 月 三十一日由滙豐人壽保險（國際）有 限公司之合資格職員（為美國精算師 學會之會員）採用預算單位信貸法進 行精算估值。 (i) The amounts recognised in the balance sheets are as follows: (i) 於資產負債表確認之金額如下： The Group 本集團 The Company 本公司 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Present value of unfunded obligations Net unrecognised actuarial gains 無資助責任之現值 未確認精算收益淨額 Employee retirement benefit liabilities 僱員退休福利負債 (196) (1,044) (1,240) (76) (1,429) (1,505) (16) (1,108) (1,124) (19) (1,344) (1,363) A portion of the above liabilities is expected to be settled after more than one year. However it is not practical to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit payable will also depend on staff turnover and future changes in actuarial assumptions. 預期上述負債部份將於超過一年後清 償。然而，由於應付退休福利亦將視 乎員工流動率及精算假設日後之變動 而定，故將此款額自未來十二個月內 所應支付之金額中抽離並不可行。 維他奶國際集團有限公司 二零一零 ∕一一年年報 157 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (d) Long service payments (Continued) (d) 長期服務金（續） (ii) Movements in the present value of the defined benefit (ii) 界定福利責任之現值變動如下： obligations are as follows: At 1st April Benefits paid Current service cost Interest cost Actuarial (losses)/gains At 31st March 於四月一日 已付福利 現有服務成本 利息成本 精算（虧損）╱收益 於三月三十一日 The Group 本集團 The Company 本公司 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 (76) 127 (8) (2) (237) (196) (600) 36 (4) (12) 504 (76) (19) 108 (1) – (104) (16) (132) 29 (1) (3) 88 (19) (iii) Net income recognised in the consolidated income (iii) 於綜合損益報表確認之收入淨額如 statement is as follows: 下： Current service cost Interest cost Net actuarial gains recognised 現有服務成本 利息成本 已確認精算收益淨額 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 (8) (2) 148 138 (4) (12) 110 94 158 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (d) Long service payments (Continued) (d) 長期服務金（續） (iii) (Continued) (iii) （續） The net income is recognised in the following line items in the consolidated income statement: 上述收入淨額列入綜合損益報表中之 項目如下： 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 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 34 38 53 13 138 46 16 11 21 94 (iv) The principal actuarial assumptions used as at 31st March, 2011 are as follows: (iv) 於二零一一年三月三十一日所採用之 主要精算假設如下： Discount rate Future salary increases 折現率 未來薪金增幅 The Group and the Company 本集團及本公司 2011 二零一一年 2010 二零一零年 2.50% 2.60% 3.5% for 2011 2.7% for 2010 （二零一一年） （二零一零年） 3% for 2011 onwards （二零一二年起） （二零一一年起） 4% for 2012 onwards 維他奶國際集團有限公司 二零一零 ∕一一年年報 159 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Employee retirement benefits 17 僱員退休福利（續） (Continued) (d) Long service payments (Continued) (d) 長期服務金（續） (v) Historical information (v) 歷史資料 The Group 本集團 2009 2011 2007 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2008 2010 Present value of unfunded obligations 無資助責任之現值 Experience adjustments arising on plan liabilities 來自計劃負債 之經驗調整 (196) (76) (600) (368) (121) (125) 410 (1,094) (180) (437) The Company 本公司 2009 2011 2007 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2008 Present value of unfunded obligations 無資助責任之現值 Experience adjustments arising on plan liabilities 來自計劃負債 之經驗調整 (16) (19) (132) (37) (10) (98) 76 (419) (137) (351) 18 Income tax in the balance sheet 18 資產負債表之所得稅 (a) Current tax recoverable/(payable) in the balance sheets represents: (a) 資產負債表之應收回 ∕ （應付）現期稅項代表： The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 Provision for Hong Kong Profits Tax for the year Provisional Profits Tax paid 本年度香港 利得稅撥備 已繳付之預繳利得稅 Taxation outside Hong Kong 香港以外地區稅項 (19,224) 24,368 5,144 (18,381) (13,237) (30,736) 18,320 (12,416) (9,409) (21,825) (16,681) 21,588 4,907 – 4,907 (27,772) 14,423 (13,349) – (13,349) 160 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 18 Income tax in the balance sheet (Continued) 18 資產負債表之所得稅（續） (a) Current tax recoverable/(payable) in the balance sheets represents: (Continued) (a) 資產負債表之應收回 ∕ （應付）現期稅項代表：（續） Summary 概要 The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 Current tax recoverable Current tax payable 應收回現期稅項 應付現期稅項 5,438 (18,675) 1,160 (22,985) (13,237) (21,825) 4,907 – 4,907 – (13,349) (13,349) (b) Deferred tax assets/(liabilities) recognised: (b) 已確認遞延稅項資產 ∕ （負債）： The components of deferred tax assets/(liabilities) recognised in the balance sheets and the movements during the year are as follows: 於資產負債表確認之遞延稅項資產 （負債）及年內之變動如下： The Group 本集團 Depreciation allowances in excess of the related depreciation Future benefit of tax losses 超出有關折舊 稅務虧損之 未來利益 之折舊免稅額 $’000 千元 $’000 千元 Employee retirement benefits 僱員 退休福利 $’000 千元 Provisions Withholding tax on dividends Fair value adjustment on tangible and intangible assets 有形及 無形資產之 撥備 股息預扣稅 公允值調整 $’000 千元 $’000 千元 $’000 千元 Total 總計 $’000 千元 Deferred tax arising from: 來自以下各項： 之遞延稅項 At 1st April, 2009 Exchange adjustments (Charged)/credited to profit or loss (note 6(a)) At 31st March, 2010 於二零零九年 四月一日 匯兌調整於損益 （扣除）╱計入 (附註6(a)) 於二零一零年 三月三十一日 (43,843) (687) 13,129 3 264 – 14,546 379 (1,858) – (4,025) 92 (21,787) (213) (2,214) (2,591) (18) 2,162 (1,448) 391 (3,718) (46,744) 10,541 246 17,087 (3,306) (3,542) (25,718) 維他奶國際集團有限公司 二零一零 ∕一一年年報 161 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，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/(liabilities) recognised: (Continued) The Group (Continued) Depreciation allowances in excess (b) 已確認遞延稅項資產 ∕ （負債）：（續） 本集團（續） Fair value adjustment on Future Employee Withholding tangible and of the related benefit of retirement tax on intangible Cash flow depreciation tax losses benefits 超出有關折舊 稅務虧損之 未來利益 之折舊免稅額 $’000 千元 $’000 千元 僱員 退休福利 $’000 千元 Provisions dividends assets 有形及 無形資產之 撥備 股息預扣稅 公允值調整 $’000 千元 $’000 千元 $’000 千元 Deferred tax arising from: 來自以下各項之 遞延稅項： At 1st April, 2010 Exchange adjustments (Charged)/credited to profit or loss (note 6(a)) Charged to reserves At 31st March, 2011 於二零一零年 四月一日 匯兌調整 於損益（扣除） ╱計入 （附註 6(a)） 於儲備扣除 於二零一一年 三月三十一日 (46,744) 10,541 (369) 25 246 – 17,087 670 (3,306) – (3,542) (380) (17,538) – 586 – (40) – 4,170 – 245 – 420 – (64,651) 11,152 206 21,927 (3,061) (3,502) (347) (38,276) hedges Total 現金 流量對沖 $’000 千元 總計 $’000 千元 – – – (347) (25,718) (54) (12,157) (347) 162 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，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/(liabilities) recognised: (Continued) (b) 已確認遞延稅項資產 ∕ （負債）：（續） The Company 本公司 Depreciation allowances in excess of the 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 撥備 $’000 千元 Cash flow hedges 現金流量 對沖 $’000 千元 Total 總計 $’000 千元 Deferred tax arising from: 來自以下各項之 遞延稅項： At 1st April, 2009 Charged to profit or loss 於二零零九年四月一日 於損益扣除 (23,789) (4,045) At 31st March, 2010 於二零一零年三月三十一日 (27,834) At 1st April, 2010 (Charged)/credited to profit or loss 於損益（扣除）╱計入 Charged to reserves 於二零一零年四月一日 於儲備扣除 (27,834) (17,335) – At 31st March, 2011 於二零一一年三月三十一日 (45,169) 253 (27) 226 226 (37) – 189 2,876 (449) 2,427 2,427 1,239 – 3,666 – – – – – (347) (20,660) (4,521) (25,181) (25,181) (16,133) (347) (347) (41,661) 維他奶國際集團有限公司 二零一零 ∕一一年年報 163 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，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/(liabilities) recognised: (Continued) Reconciliation to the balance sheets (b) 已確認遞延稅項資產 ∕ （負債）：（續） 資產負債表對賬 The Group 本集團 The Company 本公司 2010 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Net deferred tax assets recognised in the balance sheets Net deferred tax liabilities recognised in the balance sheets 於資產負債表 確認之遞延 稅項資產淨額 於資產負債表 確認之遞延 稅項負債淨額 11,805 7,996 – – (50,081) (33,714) (41,661) (25,181) (38,276) (25,718) (41,661) (25,181) (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(p), the Group has not recognised deferred tax assets in respect of tax losses of $426,816,000 (2010: $442,425,000) as it is not probable that future taxable profits against which the losses can be utilised will be available in the relevant tax jurisdictions and entities. Included in unrecognised tax losses is an amount of $19,259,000 (2010: $26,099,000) and $396,205,000 (2010: $406,132,000) which can be carried forward up to five years and twenty years respectively from the year in which the loss originated. The remaining balance of $11,352,000 (2010: $10,194,000) does not expire under current tax legislation. 根 據 附 註 1(p) 所 載 之 會 計 政 策， 本 集 團 並 無 確 認 有 關 於 稅 務 虧 損 426,816,000 元（ 二 零 一 零 年： 442,425,000 元 ）之 遞 延 稅 項 資 產， 原因在於有關稅項司法管轄區及實體 不大可能產生未來應課稅溢利以抵銷 有關虧損。 未 確 認 稅 務 虧 損 中 有 19,259,000 元（ 二 零 一 零 年：26,099,000 元 ） 及 396,205,000 元（ 二 零 一 零 年： 406,132,000 元 ）將 可 分 別 自 虧 損 產 生 日 起 結 轉 最 多 五 年 及 二 十 年。 其 餘 11,352,000 元（ 二 零 一 零 年： 10,194,000 元）稅務虧損不會根據現 行稅法屆滿。 164 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 19 Inventories 19 存貨 (a) Inventories in the balance sheets comprise: (a) 資產負債表中之存貨包括： The Group 本集團 The Company 本公司 2011 2010 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Raw materials Finished goods 原料 製成品 (b) The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows: 202,492 169,975 165,980 137,604 77,347 46,289 65,678 53,776 372,467 303,584 123,636 119,454 (b) 已於損益內確認為開支之存 貨金額分析如下： 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 2011 二零一一年 $’000 千元 1,781,739 2,551 2010 二零一零年 $’000 千元 1,611,702 1,329 1,784,290 1,613,031 維他奶國際集團有限公司 二零一零 ∕一一年年報 165 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 20 Trade and other receivables 20 應收賬款及其他應收款 The Group 本集團 The Company 本公司 2011 2010 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Trade debtors and bills receivable Less: Allowance for doubtful debts (note 20(b)) 應收賬款及 應收票據 減：呆賬撥備 （附註 20(b)） Other debtors, deposits and prepayments 其他應收款、按金及 預付款項 492,812 482,539 268,654 279,460 (1,765) (2,187) (418) (411) 491,047 480,352 268,236 279,049 88,054 64,249 18,697 22,701 579,101 544,601 286,933 301,750 The amount of the Group’s and the Company’s other debtors, deposits and prepayments expected to be recovered or charged as expense after more than one year is $12,012,000 (2010: $11,401,000) and $5,994,000 (2010: $6,533,000) respectively. All of the other trade and other receivables are expected to be recovered or recognised as expense within one year. 本集團及本公司預期於超過一年後 收 回 或 扣 除 為 開 支 之 其 他 應 收 款、 按 金 及 預 付 款 項 分 別 為 12,012,000 元（ 二 零 一 零 年：11,401,000 元 ） 及 5,994,000 元（ 二 零 一 零 年： 6,533,000 元 ）。 所 有 其 他 應 收 賬 款 及其他應收款預期於一年內收回或確 認為開支。 166 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 20 Trade and other receivables (Continued) 20 應收賬款及其他應收款 (a) Ageing analysis （續） (a) 賬齡分析 The ageing of trade debtors and bills receivable (net of allowance for doubtful debts) as of the balance sheet date is as follows: 於結算日，應收賬款及應收票據（已 扣除呆賬撥備）之賬齡如下： The Group 本集團 The Company 本公司 2010 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Current 未到期 402,894 392,900 199,669 207,497 Less than one month past due One to three months past due More than three months but less than twelve months past due 逾期少於一個月 逾期一至三個月 逾期超過三個月 但少於十二個月 More than twelve months past due 逾期超過十二個月 81,000 4,692 2,449 12 77,503 7,490 2,445 14 68,141 426 – – 68,499 2,689 364 – Amounts past due 逾期金額 88,153 87,452 68,567 71,552 491,047 480,352 268,236 279,049 The Group’s credit policies are set out in note 28(a). 本集團之信貸政策載於附註 28(a)。 維他奶國際集團有限公司 二零一零 ∕一一年年報 167 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 20 Trade and other receivables (Continued) 20 應收賬款及其他應收款 （續） (b) Impairment of trade debtors and bills receivable (b) 應收賬款及應收票據之減值 Impairment losses in respect of trade debtors and bills receivable are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against trade debtors and bills receivable directly (see note 1(i)(i)). 除非本集團信納收回該筆款項之可能 性渺茫，否則應收賬款及應收票據之 減值虧損使用撥備賬記錄。若可收回 之可能性渺茫，有關減值虧損直接於 應收賬款及應收票據中撇銷（見附註 1(i)(i)）。 The movement in the allowance for doubtful debts during the year is as follows: 呆賬撥備於年內之變動如下： The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2010 At 1st April Exchange adjustments Impairment losses (reversed)/recognised (note 5(c)) Uncollectible amounts written off 不可收回金額之撇銷 於四月一日 匯兌調整 減值虧損之（撥回）∕ 確認（附註 5(c)） 2,187 42 (337) (127) 1,685 76 924 (498) At 31st March 於三月三十一日 1,765 2,187 411 – 7 – 418 417 – 91 (97) 411 At 31st March, 2011, the Group’s and the Company’s trade debtors and bills receivable of $1,765,000 (2010: $2,187,000) and $418,000 (2010: $411,000) respectively were individually determined to be impaired. The individually impaired receivables related to customers that were in financial difficulties. The Group does not hold any collateral over these balances. 於 二 零 一 一 年 三 月 三 十 一 日， 本 集 團 及 本 公 司 之 應 收 賬 款 及 應 收 票 據 分 別 1,765,000 元（ 二 零 一 零 年： 2,187,000 元）及 418,000 元（二零一 零年：411,000 元）乃個別釐定為已 減值。該等已個別減值之應收款與有 財務困難之客戶有關。本集團並無就 此等結餘持有任何抵押品。 168 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 20 Trade and other receivables (Continued) 20 應收賬款及其他應收款 （續） (c) Trade debtors and bills receivable that are not impaired (c) 並無減值之應收賬款及應收 票據 The ageing analysis of trade debtors and bills receivable that are neither individually nor collectively considered to be impaired are set out in note 20(a). 並無個別或集體被視為減值之應收賬 款及應收票據之賬齡分析載列於附註 20(a)。 Receivables that were neither past due nor impaired relate to a wide range of customers for whom there was no recent history of default. Receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. The Group does not hold any collateral over these balances. 無逾期亦無減值之應收款與近期並無 拖欠還款紀錄之廣泛客戶有關。 逾期但並無減值之應收款與多名獨立 客戶有關，該等客戶與本集團間之信 貸紀錄良好。根據過往經驗，管理層 認為，由於信貸質素並無重大變動， 且結餘仍被視作可全數收回，因此毋 須就該等結餘作出減值撥備。本集團 並無就此等結餘持有任何抵押品。 維他奶國際集團有限公司 二零一零 ∕一一年年報 169 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Bank deposits and cash and cash equivalents 21 銀行存款與現金及現金 等值項目 (a) Bank deposits and cash and cash equivalents comprise: (a) 銀行存款與現金及現金等值 項目包括： The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2010 Cash at bank and in hand Bank deposits maturing within three months when placed Cash and cash equivalents in the balance sheet Bank deposits maturing after three months but within one year when placed 銀行結存及庫存現金 存款期於三個月內之 銀行存款 資產負債表內之現金 及現金等值項目 存款期超過三個月 但於一年內之 銀行存款 350,713 263,327 111,736 44,943 1,598 199,918 1,428 199,749 352,311 463,245 113,164 244,692 10,412 15,500 9,992 1,000 362,723 478,745 123,156 245,692 At 31st March, 2011, the Group and the Company have designated certain bank balances that are denominated in Euro and Renminbi which total $33,630,000 (2010: $Nil) to hedge foreign currency risk on committed purchases of property, plant and equipment and future purchases of raw materials. The gain on re-translation of these bank balances at the foreign exchange rates ruling at the balance sheet date is included in other comprehensive income. 於二零一一年三月三十一日，本集團 及本公司按歐元及人民幣計值之若干 銀行結存合共 33,630,000 元（二零一 零年：零元）指定用作對沖已承諾購 置物業、廠房及設備及日後購買原料 之貨幣風險。按結算日之匯率重新換 算銀行結存之收益已計入其他全面收 益。 170 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Bank deposits and cash and cash equivalents (Continued) 21 銀行存款與現金及現金 等值項目（續） (b) Reconciliation of profit before taxation to cash generated from operations: (b) 除稅前溢利與經營業務所得 現金之對賬： Profit before taxation 除稅前溢利 419,261 374,959 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 Note 附註 Adjustments for: – Depreciation of property, plant and equipment – Depreciation of investment properties – Amortisation of interests in leasehold land held for own use under operating leases – Amortisation of intangible assets – (Reversal of impairment losses)/impairment losses on property, plant and equipment – Interest on bank loans – Finance charges on obligations under finance leases – Interest income – Net loss on disposal of property, plant and equipment – Equity settled share-based payment expenses – Foreign exchange (gains)/losses Changes in working capital: – Increase in inventories – Increase in trade and other receivables – Increase/(decrease) in trade and other payables – Increase in net employee retirement benefit liabilities 5(c) 5(c) 5(c) 5(c) 5(c) 5(a) 5(a) 4 5(c) 5(b) 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 – 無形資產之攤銷 – 物業、廠房及 設備（減值 虧損撥回）∕ 減值虧損 – 銀行貸款利息 – 融資租賃債務 之財務費用 – 利息收入 – 出售物業、 廠房及設備 之虧損淨額 – 以股份為付款 基礎之費用 – 外匯（收益）∕虧損 營運資金變動： – 存貨增加 – 應收賬款及其他 應收款增加 – 應付賬款及其他 應付款增加 ∕ （減少） – 僱員退休褔利 負債淨額增加 110,618 100,267 527 526 869 2,014 (1,475) 5,651 1,628 (1,949) 299 1,873 1,744 3,208 2,014 (1,948) 739 57 3,200 (7,482) 1,793 11,820 (55,275) (4,601) (18,104) (76,042) 79,457 (7,957) 326 2,694 Cash generated from operations 經營業務所得現金 540,005 410,706 維他奶國際集團有限公司 二零一零 ∕一一年年報 171 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Amounts due from/(to) subsidiaries 22 應收 ∕（應付）附屬公司 The amounts due from/(to) subsidiaries are unsecured, interest-free and have no fixed terms of repayment. The balances are expected to be recovered/(settled) within one year. 款項 應收 ∕（應付）附屬公司款項均為無 抵押及免息，且無固定還款期。該等 結餘可望於一年內收回 ∕（償還）。 23 Trade and other payables 23 應付賬款及其他應付款 The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 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 319,437 275,499 171,982 174,585 400,627 302,246 95,439 98,377 720,064 577,745 267,421 272,962 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $13,817,000 (2010: $13,712,000) and unpaid consideration for acquisition of a subsidiary amounting to $Nil (2010: $13,866,000) for the Group and customer deposits amounting to $13,623,000 (2010: $13,558,000) for the Company which are expected to be settled after more than one year. 本 集 團 預 期 所 有 應 付 賬 款 及 其 他 應 付 款 將 於 一 年 內 償 還， 惟 本 集 團 13,817,000 元（ 二 零 一 零 年： 13,712,000 元 ）之 客 戶 按 金 及 收 購 一 間 附 屬 公 司 之 未 支 付 代 價 零 元 （ 二 零 一 零 年：13,866,000 元 ）及 本 公 司 13,623,000 元（ 二 零 一 零 年： 13,558,000 元）之客戶按金則預期於 超過一年後償還。 The ageing of trade creditors and bills payable as of the balance sheet date is as follows: 於結算日，應付賬款及應付票據之賬 齡如下： The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2010 By due date 以到期日計算 Due within one month or on demand Due after one month but within three months Due after three month but within six months Due over six months 到期日於一個月內或 按要求 到期日為一個月後但於 三個月內 到期日為三個月後但於 六個月內 到期日超過六個月 277,106 231,808 154,239 149,705 35,123 29,236 10,577 10,980 5,867 1,341 2,917 11,538 5,833 1,333 2,374 11,526 319,437 275,499 171,982 174,585 172 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Bank loans 24 銀行貸款 At 31st March, 2011, the bank loans were repayable as follows: 於二零一一年三月三十一日，銀行貸 款須於下列期限償還： The Group 本集團 The Company 本公司 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 Within one year or on demand 一年內或按要求 141,037 64,456 – After two years but within five years 兩年後但於五年內 After five years 五年後 47,766 66,234 114,000 – – – 47,766 66,234 114,000 255,037 64,456 114,000 – – – – – At 31st March, 2010, bank loans of $11,386,000 were secured by charges over property, plant and equipment with net book values totalling $14,356,000. At 31st March, 2011, certain items of property, plant and equipment with net book values totalling $12,438,000 were pledged against a bank facility granted to the Group. This bank facility was not utilised at 31st March, 2011. Certain of the Group’s banking facilities are subject to the fulfilment of covenants relating to certain of the Group’s balance sheet ratios, as are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, the drawn down facilities would become payable on demand. The Group regularly monitors its compliance with these covenants. Further details of the Group’s management of liquidity risk are set out in note 28(b). As at 31st March, 2011 and 2010, none of the covenants relating to drawn down facilities had been breached. 於二零一零年三月三十一日，金額為 11,386,000 元 之 銀 行 貸 款 乃 以 賬 面 淨 值 合 共 14,356,000 元 之 物 業、 廠 房及設備作為擔保。 於二零一一年三月三十一日，賬面淨 值合共 12,438,000 元之若干物業、廠 房及設備項目已抵押作為授予本集團 銀行信貸之抵押品。該筆銀行信貸於 二零一一年三月三十一日尚未動用。 本集團若干銀行信貸須符合若干與本 集團之資產負債比率有關之契諾，這 是與財務機構訂立貸款安排時之常見 規定。倘若本集團違反有關契諾，則 須按要求償還已提取之信貸額。本集 團定期監控本身遵守該等契諾之情 況。有關本集團管理流動資金風險之 進一步詳情載於附註 28(b)。於二零 一一年及二零一零年三月三十一日， 概無違反任何有關提取信貸之契諾。 維他奶國際集團有限公司 二零一零 ∕一一年年報 173 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Obligations under finance leases 25 融資租賃之債務 At 31st March, 2011, the Group and the Company had obligations under finance leases repayable as follows: 於二零一一年三月三十一日，本集團 及本公司根據融資租賃須償還之債務 如下： (a) The Group (a) 本集團 2011 二零一一年 2010 二零一零年 Present value of the minimum lease payments 最低租賃 付款之現值 $’000 千元 Present value of the Total minimum minimum lease lease payments payments 最低租賃 最低租賃 付款總額 付款之現值 $’000 千元 $’000 千元 Total minimum lease payments 最低租賃 付款總額 $’000 千元 5,225 4,518 4,299 4,422 13,239 18,464 6,307 6,205 8,583 1,680 16,468 22,775 6,511 5,398 5,780 4,892 16,070 22,581 (4,117) 18,464 7,926 7,361 9,716 1,791 18,868 26,794 (4,019) 22,775 Within one year 一年內 After one year but within two years 一年後但兩年內 After two years but within 兩年後但五年內 five years After five years 五年後 Less: Total future interest expenses 減：未來利息費用總額 Present value of lease obligations 租賃債務之現值 b) The Company (b) 本公司 2011 二零一一年 2010 二零一零年 Present value of the minimum lease payments 最低租賃 付款之現值 $’000 千元 Present value of the Total minimum minimum lease lease payments payments 最低租賃 最低租賃 付款總額 付款之現值 $’000 千元 $’000 千元 Total minimum lease payments 最低租賃 付款總額 $’000 千元 Within one year 一年內 1,363 1,530 After one year but within two years 一年後但兩年內 After two years but within five years 兩年後但五年內 Less: Total future interest expenses 減：未來利息費用總額 Present value of lease obligations 租賃債務之現值 733 – 733 2,096 792 – 792 2,322 (226) 2,096 1,259 1,360 731 2,091 3,350 1,527 1,527 790 2,317 3,844 (494) 3,350 174 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息 (a) Movements in components of equity (a) 權益組成部份之變動 The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below: 本集團綜合權益各組成部份之年初與 年末結餘之對賬載於綜合權益變動 表。本公司權益個別組成部份於年初 及年結之變動詳情如下： The Company 本公司 Balance at 1st April, 2009 於二零零九年 四月一日結餘 Changes in equity for the year: 本年度之權益變動： 保留溢利 就行使購股權而 發行股份 就行使購股權而 Transfer from capital reserve to 自資本儲備轉撥至 retained profits Shares issued on exercise of share options Transfer from share-based compensation reserve to share 自股份基礎 premium on exercise of share options Equity settled share-based 補償儲備轉撥 至股份溢價 以股份為付款基礎之 交易 批准屬於上一年度之 transactions Final dividend approved in respect of the previous year 末期股息 Special dividend approved 批准屬於上一年度之 Interim dividend declared in respect of the previous year 特別股息 宣派本年度之 中期股息 in respect of the current year Total comprehensive income 本年度全面收益總額 for the year Balance at 31st March, 2010 於二零一零年 三月三十一日結餘 Share capital Share premium Note 附註 股本 $’000 千元 股份溢價 $’000 千元 Capital redemption reserve 資本贖回 儲備 $’000 千元 Capital reserve General reserve 資本儲備 $’000 千元 一般儲備 $’000 千元 Share-based compensation reserve 股份基礎 補償儲備 $’000 千元 Retained profits Total equity 保留溢利 $’000 千元 權益總額 $’000 千元 253,805 324,168 1,101 75,568 2,261 6,611 495,452 1,158,966 26(d)(ii) 26(c)(ii) 26(c)(ii) 26(b)(ii) 26(b)(ii) 26(b)(i) 9 – 617 – – – – – – – 6,310 1,300 – – – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – – – (1,300) 1,793 – – – – 4,087 – – – – 6,927 – 1,793 (91,489) (91,489) (101,656) (101,656) (32,537) (32,537) 200,472 200,472 254,422 331,778 1,101 71,481 2,261 7,104 474,329 1,142,476 維他奶國際集團有限公司 二零一零 ∕一一年年報 175 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (a) Movements in components of equity (a) 權益組成部份之變動（續） (Continued) The Company (Continued) 本公司（續） Share capital Share premium Note 附註 股本 $’000 千元 股份溢價 $’000 千元 Capital redemption reserve 資本贖回 儲備 $’000 千元 Capital reserve General reserve 資本儲備 $’000 千元 一般儲備 $’000 千元 Share-based compensation reserve 股份基礎 補償儲備 $’000 千元 Hedging reserve Retained profits Total equity 對沖儲備 $’000 千元 保留溢利 $’000 千元 權益總額 $’000 千元 254,422 331,778 1,101 71,481 2,261 7,104 – 474,329 1,142,476 26(d)(ii) 26(c)(ii) 26(c)(ii) 26(b)(ii) 26(b)(ii) 26(b)(i) 9 – 541 – – – – – – – 5,908 1,087 – – – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – – – (1,087) 3,200 – – – – – – – – – – – 4,087 – – – – 6,449 – 3,200 (136,506) (136,506) (101,870) (101,870) (32,603) (32,603) 1,758 252,554 254,312 254,963 338,773 1,101 67,394 2,261 9,217 1,758 459,991 1,135,458 Balance at 1st April, 2010 於二零一零年 四月一日結餘 Changes in equity for the year: 本年度之權益變動： 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 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 以股份為付款基礎之交易 末期股息 Final dividend approved in respect 批准屬於上一年度之 of the previous year Special dividend approved in respect 批准屬於上一年度之 of the previous year 特別股息 Interim dividend declared in respect 宣派本年度之 中期股息 of the current year Total comprehensive income 本年度全面收益總額 for the year Balance at 31st March, 2011 於二零一一年 三月三十一日結餘 176 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (b) Dividends (b) 股息 (i) Dividends payable to equity shareholders of the Company attributable to the year (i) 應付予本公司股權持有人之本年度股 息 Interim dividend declared and paid of 3.2 cents per ordinary share (2010: 3.2 cents per ordinary share) Final dividend proposed after the balance sheet date of 15.1 cents per ordinary share (2010: 13.4 cents per ordinary share) Special dividend proposed after the balance sheet date of Nil cents per ordinary share (2010: 10.0 cents per ordinary share) 已宣派及已支付中期股息 每股普通股 3.2 仙 （二零一零年： 每股普通股 3.2 仙） 於結算日後擬派末期股息 每股普通股 15.1 仙 （二零一零年： 每股普通股 13.4 仙） 於結算日後擬派 特別股息每股普通股 零仙（二零一零年： 每股普通股 10.0 仙） The final and special dividends proposed after the balance sheet date are based on 1,019,851,500 ordinary shares (2010: 1,017,966,000 ordinary shares), being the total number of issued shares at the date of approval of the financial statements. The final and special dividends proposed after the balance sheet date have not been recognised as liabilities at the balance sheet date. 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 32,603 32,537 153,998 136,407 – 186,601 101,797 270,741 於結算日後擬派之末期及特別股息乃 按批准財務報表當日已發行股份總 數 1,019,851,500 股普通股（二零一零 年：1,017,966,000股普通股）計算。 於結算日後擬派之末期及特別股息於 結算日並未確認為負債。 維他奶國際集團有限公司 二零一零 ∕一一年年報 177 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (b) Dividends (Continued) (b) 股息（續） (ii) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year (ii) 屬於上一財政年度，並於本年度批准 及支付予本公司股權持有人之股息 Final dividend in respect of the previous financial year, approved and paid during the year, of 13.4 cents per ordinary share (2010: 9.0 cents per ordinary share) Special dividend in respect of the previous financial year, approved and paid during the year, of 10.0 cents per ordinary share (2010: 10.0 cents per ordinary share) 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 13.4 仙 （二零一零年： 每股普通股 9.0 仙） 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 （二零一零年： 每股普通股 10.0 仙） 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 136,506 91,489 101,870 238,376 101,656 193,145 The final and special dividends approved and paid during the year are based on the total number of issued shares at the date of Annual General Meeting. 於本年度批准及支付之末期及特別股 息乃按股東週年大會當日已發行股份 總數計算。 178 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (c) Share capital (c) 股本 (i) Authorised and issued share capital (i) 法定及已發行股本 2011 二零一一年 2010 二零一零年 Number of shares 股數 ’000 千股 Amount 金額 $’000 千元 Number of shares 股數 ’000 千股 Amount 金額 $’000 千元 3,200,000 800,000 3,200,000 800,000 1,017,688 254,422 1,015,222 253,805 2,164 541 2,466 617 Authorised: 法定股本： Ordinary shares of $0.25 each Ordinary shares, issued and fully paid: At 1st April Shares issued on exercise of share options 每股面值 0.25 元之 普通股 已發行及已繳足 普通股： 於四月一日 就行使購股權而 發行之股份 At 31st March 於三月三十一日 1,019,852 254,963 1,017,688 254,422 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. 普通股之持有人可收取不時宣派之股 息，並可於本公司之大會上就每股股 份享有一票投票權。就本公司之剩餘 資 產 而 言， 所 有 普 通 股 享 有 同 等 權 利。 (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 2,164,000 (2010: 2,466,000) ordinary shares in the Company. The net consideration was $6,449,000 (2010: $6,927,000) of which $541,000 (2010: $617,000) was credited to share capital and the balance of $5,908,000 (2010: $6,310,000) was credited to the share premium account. An amount of $1,087,000 (2010: $1,300,000) has been transferred from the share-based compensation reserve to the share premium account in accordance with the accounting policy set out in note 1(o)(iv). 年 內， 可 認 購 本 公 司 普 通 股 2,164,000 股（ 二 零 一 零 年： 2,466,000 股 ）之 購 股 權 獲 行 使。 代 價 淨 額 為 6,449,000 元（ 二 零 一 零 年：6,927,000 元 ）， 其 中 541,000 元（ 二 零 一 零 年：617,000 元 ）已 撥 入 股 本， 其 餘 5,908,000 元（ 二 零 一 零 年：6,310,000 元 ）則 撥 入 股 份 溢 價 賬。1,087,000 元（ 二 零 一 零 年： 1,300,000 元 ）之 款 項 已 根 據 附 註 1(o)(iv) 所載之會計政策自股份基礎 補償儲備轉撥至股份溢價賬。 維他奶國際集團有限公司 二零一零 ∕一一年年報 179 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (d) Nature and purpose of reserves (d) 儲備之性質及用途 (i) Share premium and capital redemption reserve (i) 股份溢價及資本贖回儲備 The application of the share premium account and the capital redemption reserve is governed by sections 48B and 49H respectively of the Hong Kong Companies Ordinance. 股份溢價賬及資本贖回儲備之用途分 別 受 香 港《 公 司 條 例 》第 48B 及 49H 條規管。 (ii) Capital reserve (ii) 資本儲備 As part of the restructuring of the Group in February 1994, the Company disposed of a property to a former subsidiary and consideration was received in the form of cash and another property. A total gain, representing the difference between the historical carrying value of the property disposed of and the fair value of the consideration received, resulted. The gain arising from this transaction was divided into realised and unrealised portions in the ratio of the amount of cash and the fair value of the property received (“the property”). The unrealised gain was taken to capital reserve and is realised on depreciation of the property. During the year, $4,087,000 (2010: $4,087,000) was transferred from capital reserve to retained profits. 作為本集團於一九九四年二月進行之 重組之一部份，本公司向一間前附屬 公司出售一項物業，代價以現金及另 一項物業支付。故此產生總收益，即 所出售物業歷史賬面值與已收代價公 允值之差額。 該項交易之收益按已收現金及物業 （「物業」）公允值之比例分為已變現 及未變現部份。未變現收益已計入資 本儲備，並於計算物業折舊時變現。 於本年度內，4,087,000 元（二零一零 年：4,087,000 元 ）自 資 本 儲 備 轉 撥 至保留溢利。 (iii) Surplus reserve (iii) 盈餘儲備 The surplus reserve has been set up by Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company and Vitasoja (Macau) Limitada in accordance with regulations in the PRC and Macau respectively. 盈餘儲備由深圳維他（光明）食品飲 料有限公司及維他奶（澳門）有限公 司分別根據中國及澳門之法例設立。 (iv) Exchange reserve (iv) 匯兌儲備 The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of subsidiaries outside Hong Kong and the foreign exchange differences arising from translation of monetary items that in substance form part of the net investment in subsidiaries outside Hong Kong. The reserve is dealt with in accordance with the accounting policy set out in note 1(t). 匯兌儲備包含換算香港以外地區之附 屬公司之財務報表產生之所有匯兌差 額及換算香港以外地區之附屬公司實 質構成投資淨額一部份之貨幣項目產 生 之 匯 兌 差 額。 該 儲 備 將 根 據 附 註 1(t) 所載之會計政策處理。 180 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (d) Nature and purpose of reserves (d) 儲備之性質及用途（續） (Continued) (v) Share-based compensation reserve (v) 股份基礎補償儲備 Share-based compensation reserve comprises the fair value of the actual or estimated number of unexercised share options granted to employees of the Group or the Company recognised in accordance with the accounting policy adopted for share-based payments in note 1(o) (iv). 股份基礎補償儲備包含授予本集團或 本公司僱員之實際或估計尚未行使購 股權之公允值，有關購股權乃根據附 註 1(o)(iv) 所載就以股份為基礎之付 款採納之會計政策而確認。 (vi) Hedging reserve (vi) 對沖儲備 The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition of the hedged cash flow in accordance with the accounting policy adopted for cash flow hedges in note 1(r). 對沖儲備包括用作有待其後根據附註 1(r) 所載就現金流量對沖採納之會計 政策確認對沖現金流量之對沖工具之 公允值累計淨變動之實際部份。 (e) Distributability of reserves (e) 可供分派儲備 At 31st March, 2011, the amounts of reserves available for distribution to equity shareholders of the Company are $462,252,000 (2010: $476,590,000). After the balance sheet date the directors proposed a final dividend of 15.1 cents per ordinary share (2010: 13.4 cents per ordinary share) and no special dividend (2010: 10.0 cents per ordinary share), amounting to $153,998,000 (2010: $238,204,000). These dividends have not been recognised as liabilities at the balance sheet date. 於 二 零 一 一 年 三 月 三 十 一 日， 可 供 分派予本公司股權持有人之儲備數 額 為 462,252,000 元（ 二 零 一 零 年： 476,590,000 元）。 於 結 算 日 後， 董 事 建 議 派 發 末 期 股 息每股普通股 15.1 仙（二零一零年： 每股普通股 13.4 仙）及並無特別股息 （二零一零年：每股普通股10.0仙）， 總數為 153,998,000 元（二零一零年： 238,204,000 元 ）。 有 關 股 息 於 結 算 日並未確認為負債。 維他奶國際集團有限公司 二零一零 ∕一一年年報 181 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (f) Capital management (f) 資本管理 The Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost. The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. Consistent with industry practices, the Group monitors its capital structure on the basis of a debt-to-adjusted capital ratio. For this purpose, the Group defines debt as the total of bank loans and obligations under finance leases, and adjusted capital as all components of equity less unaccrued proposed dividends. During 2011, the Group’s strategy was changed from 2010, which was to maintain the debt-to-adjusted capital ratio below 25% (2010: maintained at around 10%). In order to maintain or adjust the ratio, the Group may adjust the amount of dividends paid to shareholders, issue new shares, return capital to shareholders, raise new debt financing or sell assets to reduce debt. 本集團在管理資本時之首要目標為保 障本集團能持續經營的能力，透過將 產品及服務的價格訂於與風險相稱的 水平及按合理成本籌措融資，使其能 繼續為股東提供回報及為其他權益相 關者提供利益。 本集團積極及定期對資本架構進行檢 討及管理，以期在較高股東回報可能 附帶較高借貸水平與雄厚資本帶來之 優勢及保障間取得平衡，並因應經濟 環境之變化對資本架構作出調整。 本著業內慣例，本集團以負債對經調 整資本比率作為監控其資本架構之基 準。就此目的，本集團將負債界定為 銀行貸款及融資租賃債務之總額，經 調整資本為權益之所有組成部份減非 累計建議股息。 於二零一一年，本集團自二零一零年 開始改變策略，將負債對經調整資本 比率維持於 25% 以下（二零一零年： 維持於約 10%）。為保持或調整有關 比率，本集團或會調整向股東派付之 股息金額、發行新股份、向股東退回 資本、籌集新債項融資或出售資產以 減低負債。 182 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息（續） (Continued) (f) Capital management (Continued) (f) 資本管理（續） The debt-to-adjusted equity ratio at 31st March, 2011 and 2010 was as follows: 於 二 零 一 一 年 及 二 零 一 零 年 三 月 三十一日之負債對經調整資本比率如 下： The Group 本集團 The Company 本公司 Current liabilities: 流動負債： Bank loans (note 24) Obligations under finance leases (note 25) 銀行貸款（附註 24） 融資租賃之債務 （附註 25） Non-current liabilities: 非流動負債： Bank loans (note 24) Obligations under finance leases (note 25) 銀行貸款（附註 24） 融資租賃之債務 （附註 25） Total debt Total equity Less: Proposed dividends (note 26(b)(i)) 負債總額 權益總額 減：擬派股息 2011 2010 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 141,037 64,456 – – 5,225 146,262 6,307 70,763 1,363 1,363 1,259 1,259 114,000 – 114,000 – 13,239 127,239 273,501 16,468 16,468 87,231 733 114,733 116,096 2,091 2,091 3,350 1,589,721 1,498,878 1,135,458 1,142,476 （附註 26(b)(i)） (153,998) (238,204) (153,998) (238,204) Adjusted capital 經調整資本 1,435,723 1,260,674 981,460 904,272 Debt-to-adjusted equity ratio 負債對經調整資本比率 19% 7% 12% 0.4% Certain of the Group’s banking facilities are subject to fulfilment of covenants which include maintaining the Group’s debt-to-equity ratio below a certain amount and maintaining the Group’s net worth ratio above a certain amount. Except for the above, neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 本集團若干銀行信貸須符合契諾，包 括旨在將本集團之負債資本比率維持 於一定數值以下及將本集團之淨市值 比率維持於一定數值以上。除以上所 述外，本公司及其任何附屬公司概毋 須遵守外部施加之資本規定。 維他奶國際集團有限公司 二零一零 ∕一一年年報 183 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 27 Equity settled share-based transactions 27 以股份為付款基礎之交 易 The Company adopted a share option scheme on 4th September, 2002 whereby the Directors of the Company are authorised, at their discretion, to invite employees of the Group, including Directors of any company in the Group, to take up options to subscribe for ordinary shares of $0.25 each in the Company. The exercise price of the options is determined by the Directors of the Company and is the highest of (i) the closing price of the shares on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on the date of grant, which must be a business day; (ii) 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 (iii) the nominal value of the shares. There is no minimum period for which an option must be held before it can be exercised, but the Directors of the Company are empowered to impose at their discretion any such minimum period at the date of offer. The options are exercisable for a period not to exceed 10 years from the date of grant. Each option gives the holder the right to subscribe for one share in the Company. 本公司於二零零二年九月四日採納一 項購股權計劃；據此，本公司之董事 獲授權酌情邀請本集團之僱員（包括 本集團旗下任何公司之董事）接納購 股權以認購本公司每股面值 0.25 元 之普通股。購股權之行使價由本公司 董事釐定，為下列三者中之最高價： (i) 股份於授出日期（當日必須為營業 日）在香港聯合交易所有限公司（「聯 交所」）錄得之收市價；(ii) 股份於緊 接授出日期前五個營業日在聯交所 錄得之平均收市價；及 (iii) 股份之面 值。 購股權毋須先行持有一段最短時間方 可行使，惟本公司之董事獲授權於要 約日期酌情附加任何最短持有期限。 購股權之行使期不得超過授出日期起 計之十年。每項購股權之持有人均有 權認購一股本公司股份。 184 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 27 Equity settled share-based transactions (Continued) (a) The terms and conditions of the unexpired and unexercised share options at the balance sheet date are as follows, whereby all options are settled by physical delivery of shares: 27 以股份為付款基礎之交 易（續） (a) 於結算日之未屆滿及未行使購股權之 條款及條件如下，所有購股權均以股 份之實物交收結算： Date of grant Exercise period 授出日期 行使期 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 7/9/2010 1/4/2004 to 至 31/3/2013 1/4/2005 to 至 31/3/2014 1/6/2006 to 至 31/5/2015 5/6/2007 to 至 4/6/2016 18/7/2008 to 至 17/7/2017 21/7/2009 to 至 20/7/2018 21/7/2010 to 至 20/7/2019 9/6/2011 to 至 8/6/2020 7/9/2011 to 至 6/9/2020 2011 二零一一年 2010 二零一零年 Contractual life of options 購股權之 合約年期 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 Exercise price 行使價 $ 元 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 5.942 Remaining contractual life 尚餘 合約年期 2 years 年 3 years 年 4 years 年 5 years 年 6 years 年 7 years 年 8 years 年 9 years 年 9 years 年 Remaining contractual life 尚餘 合約年期 3 years 年 4 years 年 5 years 年 6 years 年 7 years 年 8 years 年 9 years 年 – – Number of options 購股權之 數目 ’000 千股 2,570 2,236 2,054 1,770 2,408 2,976 4,024 4,724 2,120 24,882 Number of options 購股權之 數目 ’000 千股 3,122 2,306 2,158 2,218 2,986 3,552 4,672 – – 21,014 All the options are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: 所有可予行使之購股權數目乃逐步增 加，而各階段可行使購股權之百分比 上限如下： 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或其後 25% the date of grant On or after 2nd year anniversary of 授出日期起計兩週年或其後 another 另 25% the date of grant On or after 3rd year anniversary of 授出日期起計三週年或其後 another 另 25% the date of grant On or after 4th year anniversary of 授出日期起計四週年或其後 another 另 25% the date of grant 維他奶國際集團有限公司 二零一零 ∕一一年年報 185 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 27 Equity settled share-based transactions (Continued) 27 以股份為付款基礎之交 易（續） (b) The number and weighted average exercise prices of (b) 購股權之數目及加權平均行使價如 share options are as follows: Outstanding at 1st April Exercised during the year Granted during the year Forfeited on termination of employment of eligible participants during the year Outstanding at 31st March 於四月一日尚未行使 於年內行使 於年內授出 因合資格參與者 離職而於年內 沒收 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 下： 2011 二零一一年 Weighted average exercise price 加權平均 行使價 $ 元 3.185 2.982 5.997 Number of options 購股權之 數目 ’000 千股 21,014 (2,164) 6,844 2010 二零一零年 Weighted average exercise price 加權平均 行使價 $ 元 2.800 2.811 4.580 Number of options 購股權之 數目 ’000 千股 19,106 (2,466) 4,672 4.196 (812) 3.458 (298) 3.943 24,882 9,623 3.185 21,014 10,830 The weighted average share price at the date of exercise for share options exercised during the year was $6.193 (2010: $4.790). 已行使之購股權於年內之行使日期之 加權平均股價為 6.193 元（二零一零 年：4.790 元）。 (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 granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the share options granted is measured based on a binomial lattice model. The contractual life of the share option is used as an input into this model. Expectations of early exercise are incorporated into the binomial lattice model. 本集團以授出購股權來獲得之服務之 公允值，乃參考已授出購股權之公允 值計量。已授出購股權之估計公允值 以二項式點陣模式計量。購股權之合 約年期用作該模式之一項輸入參數。 有關提早行使之預期已計入二項式點 陣模式之內。 186 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 27 Equity settled share-based transactions (Continued) (c) Fair value of share options and assumptions (Continued) 27 以股份為付款基礎之交 易（續） (c) 購股權之公允值及假設（續） Fair values of share options and assumptions: 購股權之公允值及假設： Date of grant 授出日期 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 7/9/2010 Fair value at measurement date Share price Exercise price Expected volatility Expected option life Expected dividends Risk-free interest rate 於計量日期 之公允值 股價 行使價 預期波幅 預期購股權 之有效期 預期股息 無風險利率 $0.356 $1.640 $1.688 35% $0.405 $1.880 $1.904 35% $0.522 $2.375 $2.375 35% $0.555 $2.900 $2.900 30% $0.579 $3.600 $3.600 26% $0.507 $3.820 $3.820 23% $0.627 $4.580 $4.580 26% $0.956 $5.950 $6.022 26% $0.956 $6.080 $5.942 26% 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 7.50% 3.91% 7.50% 3.34% 7.50% 3.52% 7.50% 4.69% 7.50% 4.69% 7.00% 3.60% 7.00% 2.19% 5.60% 2.12% 5.60% 1.90% The expected volatility is based on the historic volatility, adjusted for any expected changes to future volatility based on publicly available information. Expected dividends are based on historical dividends. Changes in the subjective input assumptions could materially affect the fair value estimate. Share options were granted under a service condition. This condition has not been taken into account in the grant date fair value measurement of the services received. There were no market conditions associated with the share option grants. 預期波幅按歷史波幅釐定，並根據因 公開資料導致未來波幅之任何預期變 化予以調整。預期股息按歷史股息釐 定。所採用主觀假設之變動可對公允 值之估計產生重大影響。 購股權是根據服務條件而授出。此項 條件在計量所得服務之公允值（於授 出購股權日）時不在考慮之列。授出 購股權並無附有市場條件。 維他奶國際集團有限公司 二零一零 ∕一一年年報 187 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values 28 財務風險管理及公允值 Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group’s exposures to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. 信貸、流動資金、利率及貨幣面對之 風險從本集團業務之正常過程中產 生。本集團面對之有關風險及本集團 用於管理有關風險之財務風險管理政 策與慣例載述如下。 (a) Credit risk (a) 信貸風險 The Group’s credit risk is primarily attributable to trade and other receivables. Management has a credit policy in place and the exposure to this credit risk is monitored on an ongoing basis. The credit terms given to the customers vary and are generally based on the financial strength of the individual customer. In order to effectively manage the credit risks associated with customers, credit evaluations of customers are performed periodically. Trade receivables are due within 30 to 90 days from the date of billing. Normally, the Group does not obtain collateral from customers. The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. At the balance sheet date, 15.0% (2010: 13.8%) and 43.4% (2010: 48.9%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet after deducting any impairment allowance. Except for the financial guarantees given by the Company to banks in respect of banking facilities granted to its subsidiaries (note 30(a)), the Group does not provide any financial guarantees which would expose the Group to credit risk. 本集團之信貸風險主要來自應收賬款 及 其 他 應 收 款。 管 理 層 備 有 信 貸 政 策，而有關該信貸之風險持續受到監 控。 本集團一般因應個別客戶之財政實力 給予不同之信貸期。為有效地管控有 關客戶之信貸風險，本集團會定期評 估客戶之信貸情況。應收賬款於發單 日起計三十日至九十日內到期。一般 而 言， 本 集 團 不 會 從 客 戶 取 得 抵 押 品。 本集團面對之信貸風險主要受各客戶 之個別情況影響。於結算日，本集團 最大客戶及五大 客戶之欠款分別佔 應收賬款及其他應收款總額之 15.0% （ 二 零 一 零 年：13.8%）及 43.4%（ 二 零一零年：48.9%）。 本集團因信貸而面對最大之風險以資 產負債表各項金融資產之賬面值減去 任何減值撥備後為限。除本公司就授 予其附屬公司之銀行備用信貸而向銀 行作出之財務擔保（附註 30(a)）外， 本集團並無提供任何使本集團須面對 信貸風險之財務擔保。 Further quantitative disclosures in respect of the Group’s exposure to credit risk arising from trade and other receivables are set out in note 20. 本集團因應收賬款及其他應收款而引 致之信貸風險，於附註 20 作進一步 定量披露。 188 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) 28 財務風險管理及公允值 （續） (a) Credit risk (Continued) (a) 信貸風險（續） The Group’s bank deposits and cash and cash equivalents are placed with financial institutions with sound credit ratings, and the management consider the Group’s exposure to credit risk is low. The Group’s exposure to the credit risk and its policies for managing such risk were unchanged from 2010. 本集團之銀行存款與現金及現金等值 項目乃存放於有良好信貸評級之金融 機構，管理層認為本集團面對之信貸 風險為低。 本集團面對之信貸風險及就管理有關 風險之政策自二零一零年起從未改 變。 (b) Liquidity risk (b) 流動資金風險 Individual operating entities within the Group are responsible for their own cash management, including the short term investment of cash surpluses and the raising of loans to cover expected cash demands, subject to approval by the parent company’s board when the borrowings exceed certain predetermined levels of authority. The Group’s policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term. The Group’s exposures to the liquidity risk and its policies for managing such risk were unchanged from 2010. 本集團個別經營實體負責其本身之現 金管理，包括將現金盈餘作短期投資 及借入貸款以滿足預期現金需求，惟 倘借貸超過若干預先授權之水平，則 須獲母公司董事會批准。本集團之政 策是定期監控流動資金需要及其遵守 貸款契諾之情況，以確保本集團維持 充足現金儲備及獲主要金融機構承諾 提供足夠之信貸額，以應付短期及長 期之流動資金需要。本集團面對之流 動資金風險及就管理有關風險之政策 自二零一零年起從未改變。 維他奶國際集團有限公司 二零一零 ∕一一年年報 189 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) 28 財務風險管理及公允值 （續） (b) Liquidity risk (Continued) (b) 流動資金風險（續） The following table details the remaining contractual maturities at the balance sheet date of the Group’s and the Company’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the balance sheet date) and the earliest date the Group and the Company can be required to pay: 下表詳列本集團及本公司於結算日之 金融負債之餘下合約到期時間，此乃 根據合約未折現現金流量（包括按合 約利率，或如屬浮息按結算日通行之 利率計算之利息）以及本集團及本公 司須償還有關款項之最早日期作分 析： The Group 本集團 2011 二零一一年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 More than More than 1 year but 2 years but Balance sheet carrying amount 資產負債表 總計 之賬面值 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 less than 5 years 2 years 兩年後 一年後 按要求 但兩年內 但五年內 less than More than 5 years 五年後 Total Trade and other payables Bank loans Obligations under 融資租賃之債務 應付賬款及 其他應付款 銀行貸款 (720,064) (144,710) – (1,585) – (51,313) – (66,835) (720,064) (264,443) 720,064 255,037 finance leases (6,511) (5,398) (5,780) (4,892) (22,581) 18,464 (871,285) (6,983) (57,093) (71,727) (1,007,088) 993,565 190 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) 28 財務風險管理及公允值 （續） (b) Liquidity risk (Continued) (b) 流動資金風險（續） The Group (Continued) 本集團（續） 2010 二零一零年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 More than More than 1 year but 2 years but Balance sheet carrying amount 資產負債表 總計 之賬面值 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 less than 5 years 2 years 兩年後 一年後 按要求 但兩年內 但五年內 less than More than 5 years 五年後 Total Trade and other payables Bank loans Obligations under 融資租賃之債務 應付賬款及 其他應付款 銀行貸款 (577,745) (65,046) – – – – – – (577,745) (65,046) 577,745 64,456 finance leases (7,926) (7,361) (9,716) (1,791) (26,794) 22,775 (650,717) (7,361) (9,716) (1,791) (669,585) 664,976 The Company 本公司 2011 二零一一年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 More than More than 1 year but 2 years but Balance sheet carrying amount 資產負債表 總計 之賬面值 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 less than 5 years 2 years 兩年後 一年後 按要求 但兩年內 但五年內 less than More than 5 years 五年後 Total (267,421) (1,585) – (1,585) – (51,313) – (66,835) (267,421) (121,318) 267,421 114,000 Trade and other payables Bank loans Amounts due to subsidiaries Obligations under 融資租賃之債務 應付賬款及 其他應付款 銀行貸款 應付附屬公司 款項 finance leases (1,530) (792) (67,276) – – – – – (67,276) 67,276 (2,322) 2,096 (337,812) (2,377) (51,313) (66,835) (458,337) 450,793 維他奶國際集團有限公司 二零一零 ∕一一年年報 191 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) 28 財務風險管理及公允值 （續） (b) Liquidity risk (Continued) The Company (Continued) (b) 流動資金風險（續） 本公司（續） 2010 二零一零年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 More than More than 1 year but 2 years but Balance sheet carrying amount 資產負債表 總計 之賬面值 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 less than 5 years 2 years 兩年後 一年後 按要求 但兩年內 但五年內 less than More than 5 years 五年後 Total Trade and other payables Amounts due to subsidiaries Obligations under 融資租賃 之債務 應付賬款及 其他應付款 應付附屬公司 款項 finance leases (272,962) (34,129) – – – – (1,527) (1,527) (308,618) (1,527) (790) (790) – – – – (272,962) 272,962 (34,129) 34,129 (3,844) 3,350 (310,935) 310,441 (c) Interest rate risk (c) 利率風險 The Group’s and the Company’s interest rate risk arises primarily from interest-bearing borrowings. The Group and the Company monitor the level of its fixed rate and variable rate borrowings. The Group’s and the Company’s interest rate profile as monitored by management is set out in (i) below. 本集團及本公司之利率風險主要來自 附息借貸。本集團及本公司監察其定 息及浮息借貸水平。本集團及本公司 由管理層監控之利率資料載於下文 (i) 項。 192 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) (c) Interest rate risk (Continued) (i) Interest rate profile 28 財務風險管理及公允值 （續） (c) 利率風險（續） (i) 利率資料 The following table details the interest rate profile of the Group’s and the Company’s interest-bearing borrowings at the balance sheet date: 下表詳列於結算日本集團及本公司附 息借貸之利率資料： The Group 本集團 The Company 本公司 2011 二零一一年 2010 二零一零年 2011 二零一一年 2010 二零一零年 Effective interest rate 實際利率 % Amount 金額 $’000 千元 Effective interest rate 實際利率 % Amount 金額 $’000 千元 Effective interest rate 實際利率 % Amount 金額 $’000 千元 Effective interest rate 實際利率 % Amount 金額 $’000 千元 7.65 5.45 2.99 18,464 86,236 104,700 168,801 273,501 8.00 4.92 4.84 22,775 18,217 40,992 46,239 87,231 8.00 – 1.39 2,096 – 2,096 114,000 116,096 8.00 – – 3,350 – 3,350 – 3,350 Fixed rate borrowings: 定息借貸： Obligations under finance 融資租賃之債務 leases Bank loans 銀行貸款 Variable rate borrowings: 浮息借貸： Bank loans Total borrowings 銀行貸款 借貸總額 (ii) Sensitivity analysis (ii) 敏感性分析 At 31st March, 2011, it is estimated that a general increase/decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/increased the Group’s profit after taxation and retained profits by approximately $1,336,000 (2010: $324,000). 於二零一一年三月三十一日，估計利 率普遍上升╱下跌 100 個基點，在所 有其他可變動因素保持不變之情況 下，本集團除稅後溢利及保留溢利將 因 此 減 少 ╱ 增 加 約 1,336,000 元（ 二 零一零年：324,000 元）。 維他奶國際集團有限公司 二零一零 ∕一一年年報 193 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) (c) Interest rate risk (Continued) (ii) Sensitivity analysis (Continued) The sensitivity analysis above indicates the instantaneous change in the Group’s profit after taxation and retained profits in respect of the exposure to cash flow interest rate risk arising from floating rate instruments held by the Group at the balance sheet date. The impact on the Group’s profit after tax and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. Management assumed that certain interest-bearing borrowings maturing during the next reporting period will be rolled over upon the maturing for daily operation purposes. The Group does not account for any fixed rate borrowings at fair value through profit or loss, and the Group does not use derivative financial instruments to hedge its debt obligation. The fixed rate instruments of the Group are insensitive to any change in market interest rate. A change in interest rate at the balance sheet date would not affect profit or loss. 28 財務風險管理及公允值 （續） (c) 利率風險（續） (ii) 敏感性分析（續） 上述敏感性分析顯示於結算日本集團 持有之浮動利率工具引致本集團面臨 現金流量利率風險所產生本集團除稅 後溢利及保留溢利之即時變動。本集 團除稅後溢利及保留溢利所受影響， 乃按利率變動對利息支出之年度化影 響估計。管理層假設部份於下一個報 告期間到期之附息借貸於到期後將續 借以作日常營運之用。 本集團並無將任何按公允值計算並於 損益呈列之定息借貸入賬，且本集團 亦無使用衍生金融工具對沖其債務責 任。本集團之定息工具對任何市場利 率變動並不敏感。結算日之利率變動 並不影響損益。 The analysis has been performed on the same basis for 2010. 二零一零年之分析乃按照相同基準進 行。 194 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) (d) Currency risk The Group is exposed to currency risk primarily through sales, purchases and borrowings which give rise to receivables, payables, cash balances and obligations under finance leases that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars, Australian dollars, Euros, Japanese Yen, Singapore dollars and Renminbi. For group entities whose functional currency is Hong Kong dollars, all sales and purchases are denominated in either Hong Kong dollars or United States dollars, except for certain transactions with group entities and purchases that are denominated in Australian dollars, Euros, Japanese Yen, Singapore dollars and Renminbi. Given the Hong Kong dollar is pegged to the United States dollar, management do not expect that there will be any significant currency risk associated with such United States dollars denominated transactions. For transactions denominated in Australian dollars, Euros, Japanese Yen, Singapore dollars and Renminbi, since the volume of such transactions is not significant, management consider the exposure to currency risk to be low. For group entities whose functional currency is a currency other than Hong Kong dollars, except for sales made to and purchases from group entities and certain borrowings from group entities that are denominated in Hong Kong dollars, most of the other transactions are denominated in their functional currencies. 28 財務風險管理及公允值 （續） (d) 貨幣風險 本集團面對之貨幣風險主要來自因買 賣及借貸而產生之應收款、應付款、 現金結餘及融資租賃之債務，該等項 目乃按外幣（即交易所涉業務之功能 貨幣以外之貨幣）計值。產生有關風 險之貨幣主要為美元、澳元、歐元、 日圓、坡元及人民幣。 就功能貨幣為港幣之本集團各實體 而 言， 除 若 干 與 本 集 團 各 實 體 進 行 之交易及採購以澳元、歐元、日圓及 坡元計值外，所有買賣均按港幣或美 元計值。由於港幣與美元掛鈎，管理 層預期有關該等以美元計值之交易並 無任何重大貨幣風險。就以澳元、歐 元、日圓、坡元及人民幣計值之交易 而言，由於有關交易之成交額並非重 大，故管理層認為本集團所面對之貨 幣風險為低。 就功能貨幣為港幣以外之貨幣之本集 團各實體而言，除與本集團各實體進 行之買賣及與本集團各實體之若干借 貸按港幣計值外，其他大部份交易按 其功能貨幣計值。 維他奶國際集團有限公司 二零一零 ∕一一年年報 195 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) (d) Currency risk (Continued) 28 財務風險管理及公允值 （續） (d) 貨幣風險（續） The Group’s policies for managing such risk were changed from 2010. During the year ended 31st March, 2011, the Group uses forward exchange contracts and bank balances to hedge its currency risk arising from the purchase of property, plant and equipment and raw materials that are denominated in foreign currency and classifies these as cash flow hedges. At 31st March, 2011, the Group and the Company do not have outstanding forward exchange contracts. At 31st March, 2011, the Group and the Company have designated certain bank balances that are denominated in Euros of €2,007,000 (equivalent to $22,211,000) (2010: $ Nil) and Renminbi of RMB9,600,000 (equivalent to $11,419,000) (2010: $ Nil) to hedge its currency risk. 本集團管理有關風險之政策自二零一 零年起有所改變。於截至二零一一年 三月三十一日止年度，本集團利用遠 期外匯合約及銀行結存對沖其購置以 外幣計值之物業、廠房及設備以及原 料 時 所 產 生 之 貨 幣 風 險， 並 分 類 為 現 金 流 量 對 沖。 於 二 零 一 一 年 三 月 三十一日，本集團及本公司並無未結 算之遠期外匯合約。 於 二 零 一 一 年 三 月 三 十 一 日， 本 集 團及本公司按歐元計值之 2,007,000 歐元（相當於 22,211,000 元）（二零一 零年：零元）及人民幣計值之人民幣 9,600,000 元（ 相 當 於 11,419,000 元 ） （二零一零年：零元）之若干銀行結 餘指定用作對沖其貨幣風險。 (i) Exposure to currency risk (i) 貨幣風險承擔 The following table details the Group’s and the Company’s significant exposure at the balance sheet date to currency risk arising from recognised assets or liabilities denominated in a currency other than the functional currency of the entity to which they relate. For presentation purposes, the amounts of the exposure are shown in Hong Kong dollars, translated using the spot rates at the year end date. Differences resulting from the translation of the financial statements of subsidiaries outside Hong Kong into the Group’s presentation currency and the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that designated as a hedge of the Group’s and the Company’s foreign currency risk of highly probable forecast transactions or committed future transactions are excluded. 下表詳列本集團及本公司於結算日所 承受以有關實體之功能貨幣以外之貨 幣計值之已確認資產或負債而產生之 重大貨幣風險。有關風險承擔之金額 乃按年末之即期匯率換算為港幣作呈 列之用。換算香港以外附屬公司之財 務報表為本集團之呈列貨幣、來自集 團實體之借貸（實質構成於附屬公司 之投資淨額之一部份）之風險，以及 指定用作對沖本集團及本公司預期很 可能進行之交易或已承諾進行之未來 交易之外幣風險之銀行結餘而產生之 差額並不包括在內。 196 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) 28 財務風險管理及公允值 （續） (d) Currency risk (Continued) (i) Exposure to currency risk (Continued) The Group (d) 貨幣風險（續） (i) 貨幣風險承擔（續） 本集團 Exposure to foreign currencies (expressed in Hong Kong dollars) 外匯風險承擔（以港幣計算） 2011 二零一一年 2010 二零一零年 United States Dollars 美元 $’000 千元 Australian Japanese Singapore Hong Kong United States Australian Japanese Singapore Hong Kong Euros Dollars 歐元 $’000 千元 澳元 $’000 千元 Yen 日圓 $’000 千元 Dollars Dollars Renminbi Dollars Euros Dollars 坡元 $’000 千元 港幣 $’000 千元 人民幣 $’000 千元 美元 $’000 千元 歐元 $’000 千元 澳元 $’000 千元 Yen 日圓 $’000 千元 Dollars Dollars Renminbi 坡元 $’000 千元 港幣 $’000 千元 人民幣 $’000 千元 Bank deposits and 銀行存款與 cash and cash 現金及現金 equivalents Amounts due 等值項目 應收╱（應付） from/(to) group 集團公司 7,261 – 161 companies 款項 5,058 – 4,106 Trade and other 應付賬款及 2 – 525 15,936 11,476 24,293 – 612 – 21,668 (7,948) 3,883 – 10,671 1 – 22 15,439 16 – 12,725 (5,035) payables 其他應付款 (12,094) (111) (105) (41) (19) Obligations under finance leases 融資租賃 之債務 (6,397) – – – – – – (4,227) (21,785) (439) (121) (6,431) (128) – (9,743) – – – – – – (3,385) – Net exposure 淨風險承擔 (6,172) (111) 4,162 (39) 506 37,604 (699) (3,352) (439) 11,162 (6,430) (106) 28,164 (8,404) 維他奶國際集團有限公司 二零一零 ∕一一年年報 197 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) 28 財務風險管理及公允值 （續） (d) Currency risk (Continued) (i) Exposure to currency risk (Continued) The Company (d) 貨幣風險（續） (i) 貨幣風險承擔（續） 本公司 Exposure to foreign currencies (expressed in Hong Kong dollars) 外匯風險承擔（以港幣計算） 2011 二零一一年 2010 二零一零年 Australian Japanese Singapore Euros 歐元 $’000 千元 Dollars 澳元 $’000 千元 Yen 日圓 $’000 千元 Dollars Renminbi 坡元 $’000 千元 人民幣 $’000 千元 United States Dollars 美元 $’000 千元 Australian Japanese Singapore Euros 歐元 $’000 千元 Dollars 澳元 $’000 千元 Yen 日圓 $’000 千元 Dollars Renminbi 坡元 $’000 千元 人民幣 $’000 千元 – – 161 4,106 – – 525 11,476 23,975 61,160 (7,948) 199,499 – – 612 10,671 – – 22 16 61,466 (5,035) United States Dollars 美元 $’000 千元 7,175 Bank deposits and cash and cash equivalents 銀行存款與 現金及現金 等值項目 Amounts due from/ 應收╱（應付） (to) subsidiaries 附屬公司款項 176,003 Trade and other payables Obligations under finance leases 應付賬款及 其他應付款 融資租賃 之債務 (11,510) (111) (105) (41) (19) (4,227) (21,451) (439) (121) (6,301) (128) (3,385) (2,096) – – – – – (3,346) – – – – – Net exposure 淨風險承擔 169,572 (111) 4,162 (41) 61,666 (699) 198,677 (439) 11,162 (6,301) 61,360 (8,404) (ii) Sensitivity analysis (ii) 敏感性分析 The following table indicates the instantaneous change in the Group’s profit after taxation and retained profits that would arise if foreign exchange rates to which the Group entities have significant exposure at the balance sheet date had changed at that date, assuming all other risk variables remained constant. In this respect, it is assumed that the pegged rate between the Hong Kong dollar and the United States dollar would be materially unaffected by any changes in movement in value of the United States dollar against other currencies. 下表列示於結算日本集團各實體面對 重大風險之匯率出現變動可能導致本 集團除稅後溢利及保留溢利之即時 變動（假設所有其他風險變量維持不 變）。就此而言，乃假設港幣與美元 之聯繫匯率不會因美元兌其他貨幣匯 率之任何變動而受到重大影響。 198 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) The Group 28 財務風險管理及公允值 （續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 本集團 2011 二零一一年 2010 二零一零年 Increase/ (decrease) in foreign exchange rates 匯率 上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱ （下跌） $’000 千元 Increase/ (decrease) in foreign exchange rates 匯率 上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱ （下跌） $’000 千元 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (188) 188 (5) 5 174 (174) (2) 2 21 (21) 1,592 (1,592) (29) 29 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (245) 245 (18) 18 466 (466) (268) 268 (4) 4 1,300 (1,300) (351) 351 United States Dollars 美元 Euros Australian Dollars Japanese Yen Singapore Dollars Hong Kong Dollars 歐元 澳元 日圓 坡元 港幣 Renminbi 人民幣 維他奶國際集團有限公司 二零一零 ∕一一年年報 199 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Financial risk management and fair values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ profit or loss after taxation measured in the respective functional currencies, translated into Hong Kong dollars at the exchange rate ruling at the balance sheet date for presentation purposes. The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re- measure those financial instruments held by the Group which expose the Group to foreign currency risk at the balance sheet date, including inter-company payables and receivables within the Group which are denominated in a currency other than the functional currencies of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries outside Hong Kong into the Group’s presentation currency and the bank balances that are designated as a hedge of the Group’s foreign currency risk of highly probable forecast transactions or committed future transactions. The analysis has been performed on the same basis for 2010. 28 財務風險管理及公允值 （續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 上表呈述之分析結果顯示本集團各實 體以各自功能貨幣計算之除稅後溢利 或虧損，按結算日通行之匯率換算為 港幣以作呈報之總體即時影響。 敏感性分析乃假設匯率變動應用於重 新計量本集團於結算日持有之令本集 團面對貨幣風險之有關金融工具，包 括本集團公司間以貸款人或借款人之 功能貨幣以外之貨幣計值之應付款及 應收款。分析不包括因換算香港以外 附屬公司之財務報表為本集團之呈列 貨幣，及指定用作對沖本集團預期很 可能進行之交易或已承諾進行之未來 交易之外幣風險之銀行結餘而產生之 差額。二零一零年之分析乃按照相同 基準進行。 (e) Fair values (e) 公允值 The amounts due from/(to) subsidiaries are unsecured, interest-free and have no fixed repayment terms. Given these terms it is not meaningful to disclose fair values. 應收╱（應付）附屬公司款項為無抵 押、免息及無固定還款期。鑒於此等 條款，披露其公允值之意義不大。 All other financial instruments are carried at amounts not materially different from their fair values as at 31st March, 2011 and 2010. 所有其他金融工具之賬面值與其於二 零一一年及二零一零年三月三十一日 之公允值並無重大差異。 200 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 29 Commitments 29 承擔 (a) At 31st March, 2011, the total future minimum lease payments under non-cancellable operating leases are payable as follows: (a) 於二零一一年三月三十一日，根據不 可解除之經營租賃在日後應付之最低 租賃付款總額如下： The Group 本集團 2011 二零一一年 2010 二零一零年 Factory machinery and equipment 工廠機器 及設備 $’000 千元 Properties 物業 $’000 千元 Properties 物業 $’000 千元 40,443 1,136 36,269 19,578 60,021 1,112 2,248 21,885 58,154 Factory machinery and equipment 工廠機器 及設備 $’000 千元 1,316 2,023 3,339 Within one year After one year but within five years 一年內 一年後 但五年內 The Company 本公司 Within one year After one year but within five years 一年內 一年後但五年內 The Group leases a number of properties and items of factory machinery and equipment under operating leases. The leases run for an initial period of one to six years, with an option to renew each lease upon expiry when all terms are renegotiated. Some of the leases of the Group include contingent rentals determinable at certain fixed rates on the turnover of the relevant tuck shops in periods in which the leases relate to. 2011 二零一一年 Properties 物業 $’000 千元 9,333 630 9,963 2010 二零一零年 Properties 物業 $’000 千元 10,679 6,691 17,370 本集團根據經營租賃租用多個物業及 多項工廠機器及設備。該等租賃初步 為期一年至六年，並且有權於屆滿後 選擇續期，屆時所有條款均可重新商 定。 本集團部份租賃亦計及按相關小食部 於租賃期間之營業額之若干固定比率 釐定之或然租金。 維他奶國際集團有限公司 二零一零 ∕一一年年報 201 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 29 Commitments (Continued) 29 承擔（續） (b) Capital commitments outstanding at 31st March, 2011 not provided for in the financial statements were as follows: (b) 於二零一一年三月三十一日，未在財 務報表中撥備之未付資本承擔詳情如 下： The Group 本集團 The Company 本公司 2010 2011 2010 二零一一年 二零一零年 二零一一年 二零一零年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 Contracted for Authorised but not contracted for 已定約 已批准但 未定約 261,676 55,305 54,022 6,323 307,033 974,114 105,937 347,906 568,709 1,029,419 159,959 354,229 As at 31st March, 2011, the Group and the Company are committed to certain construction contracts for the acquisition of plant and machinery and buildings. 於二零一一年三月三十一日，本集團 及本公司履行若干收購廠房、機器及 樓宇之建築合約。 30 Contingent liabilities 30 或然負債 (a) As at 31st March, 2011, the Company has issued guarantees to banks in respect of banking facilities granted to its subsidiaries. The Directors do not consider it is probable that a claim will be made against the Company under any of the guarantees. The maximum liability of the Company at the balance sheet date under the guarantees issued is the facilities drawn down by the subsidiaries of $141,037,000 (2010: $50,367,000). (a) 於 二 零 一 一 年 三 月 三 十 一 日， 本 公 司已就授予其附屬公司之銀行信貸 而 向 銀 行 作 出 擔 保。 董 事 認 為 就 任 何擔保而對本公司構成賠償之機會 不 大。 於 結 算 日， 本 公 司 已 發 出 之 擔保下最高負債乃附屬公司動用之 信 貸 141,037,000 元（ 二 零 一 零 年： 50,367,000 元）。 The Company has not recognised any deferred income in respect of the guarantees as its fair value cannot be reliably measured and its transaction price was $Nil (2010: $Nil). 由於擔保之公允值無法可靠計量，且 成交價為零元（二零一零年：零元）， 故本公司並無就該等擔保確認任何遞 延收入。 (b) The Company has given undertakings to certain wholly-owned subsidiaries to provide them with such financial assistance as is necessary to maintain them as going concerns. (b) 本公司已承諾向若干全資附屬公司提 供必要財政援助以確保彼等繼續經營 運作。 202 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 31 Material related party transactions 31 重大關連人士交易 In addition to the transactions and balances disclosed elsewhere in these financial statements, the Group entered into the following material related party transactions. 除財務報表另有披露之交易及結餘 外，本集團已訂立以下重大關連人士 交易。 (a) Transactions with related parties (a) 與關連人士之交易 (i) (ii) The Group has purchased milk products from a related party (non-controlling interests of the Company’s subsidiary) in the PRC. The unit price of the milk products is pre-determined in an agreement entered into between the Group and the related party, and will be revised by reference to the prevailing market price of similar products in Hong Kong and the PRC. Total purchases from the related party amounted to $2,081,000 (2010: $2,085,000) during the year. The amount due to the related party as at 31st March, 2011 totalled $103,000 (2010: $149,000). The products of the Group are distributed in Australia by a related party (non-controlling interests of the Company’s subsidiary) and a management fee is charged for the provision of services. The management fee is calculated based on a pre-determined percentage of the gross sales of products distributed by the related party. Total management fees charged by the related party for the year amounted to $23,805,000 (2010: $18,294,000). The amount due to the related party as at 31st March, 2011 totalled $6,586,000 (2010: $5,443,000). The above transactions also constitute continuing connected transactions under the Listing rules, in respect of which the Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing rules. (i) 本 集 團 向 一 名 在 中 國 之 關 連 人 士（ 本 公 司 附 屬 公 司 之 非 控 股 權 益 ）採 購 奶 類 製 品。 奶 類 製 品 之 單 位 價 已 在 一 份 由 本 集 團 與 該 關 連 人 士 訂 立 之 協 議 中 預 先 釐 定， 並 會 參 考 香 港 及 中 國 同 類 產 品 之 當 前 市 價 作 出 調 整。 年 內， 向 該 關 連 人 士 採 購 之 貨 品 共 值 2,081,000 元（ 二 零 一 零 年： 2,085,000 元 ）。 於 二 零 一 一 年 三 月 三 十 一 日 應 付 該 關 連 人士之款項為 103,000 元（二 零一零年：149,000 元）。 (ii) 本 集 團 之 產 品 由 一 名 關 連 人 士（ 本 公 司 附 屬 公 司 之 非 控 股 權 益 ）於 澳 洲 分 銷， 該 人 士 就 提 供 服 務 收 取 管 理 費 用。 管 理 費 用 按 預 先 釐 定 之 該 關 連 人 士 分 銷 產 品 總 銷 售 額 之 百 分 比 計 算。 年 內， 該 關 連 人 士 收 取 之 管 理 費 用 合 共 23,805,000 元（ 二 零 一 零 年：18,294,000 元 ）。 於 二 零 一 一 年 三 月 三 十 一 日 應 付 予 該 關 連 人 士 之 款 項 總 額 為 6,586,000 元（ 二 零 一 零 年： 5,443,000 元）。 根據上市規則，上述交易亦構成持續 關連交易，而本公司亦已就此遵守上 市規則第 14A 章之披露規定。 維他奶國際集團有限公司 二零一零 ∕一一年年報 203 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 31 Material related party transactions 31 重大關連人士交易（續） (Continued) (b) Key management personnel remuneration (b) 關鍵管理人員之酬金 Remuneration for key management personnel of the Group, including amounts paid to the Company’s Directors as disclosed in note 7 and certain of the highest paid employees as disclosed in note 8, is as follows: 本集團關鍵管理人員之酬金（包括附 註 7 所披露向本公司董事支付之款項 以及附註 8 所披露向若干最高薪僱員 支付之款項）如下： 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 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 32,374 875 2,915 36,164 30,513 821 1,508 32,842 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)）。 32 Non-adjusting post balance sheet 32 毋須作出調整之結算日 event 後事項 Subsequent to the balance sheet date, the Directors proposed a final dividend and a special dividend. Further details are disclosed in note 26(b). 董事會於結算日後建議派發末期股 息 及 特 別 股 息。 進 一 步 詳 情 於 附 註 26(b) 中披露。 33 Comparative figures 33 比較數字 As a result of the change in the way in which information is reported internally to management, assets under construction have been disaggregated from other classes of property, plant and equipment in the current year. The comparative figures disclosed in notes 13(a) and (b) have been adjusted to conform with the current year’s presentation. Construction in progress of the Group and the Company of $38,295,000 and $28,313,000 respectively has been reclassified from other classes of property, plant and equipment as at 31st March, 2010. 由於向管理層作出內部資料匯報之方 式有所改變，故在建資產已於本年度 從 其 他 類 別 之 物 業、 廠 房 及 設 備 分 拆。 於 附 註 13(a) 及 (b) 披 露 之 比 較 數 字 已 調 整 以 符 合 本 年 度 之 呈 列。 於 二 零 一 零 年 三 月 三 十 一 日， 本 集 團 及 本 公 司 分 別 為 38,295,000 元 及 28,313,000 元在建工程從其他類別之 物業、廠房及設備重新分類。 204 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 34 Accounting judgements and estimates 34 會計判斷及估計 Notes 16, 17 and 27 contain information about the assumptions and their risk factors relating to goodwill impairment assessment, defined benefit retirement assets/(liabilities) and the fair value of share options granted. Apart from the above, the Group believes the following critical accounting policies also involve significant judgements and estimates used in the preparation of the financial statements: 附註 16、17 及 27 分別載有關於商譽 減值評估、界定退休福利資產╱（負 債）及已授出購股權之公允值之假設 及相關風險因素。除上述者外，本集 團相信於編製財務報表時，以下關鍵 會計政策亦涉及重大判斷及估計： (a) Impairment of fixed assets and intangible assets (a) 固定資產及無形資產減值 If the circumstances indicate that the carrying values of these assets may not be recoverable, the assets may be considered “impaired”, and an impairment loss may be recognised in accordance with HKAS 36 Impairment of assets. Under HKAS 36, these assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. The recoverable amount is the greater of its fair value less costs to sell and the value in use. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to level of sales volume, selling prices 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 sales volume, selling prices and amount of operating costs. However, actual sales volumes, selling prices and operating costs may be different from assumptions which may require a material adjustment to the carrying amount of the assets affected. 倘有情況顯示該等資產之賬面值可能 無 法 收 回， 則 該 等 資 產 可 能 被 視 為 「已減值」，而減值虧損可能會根據 《香港會計準則》第 36 號「資產減值」 予以確認。根據《香港會計準則》第 36 號，凡有事件或變動顯示有關賬 面值可能無法收回，該等資產將進行 減值測試。如減值已出現，賬面值將 減至可收回金額。可收回金額為其公 允值減去銷售成本與使用價值兩者中 之較高者。釐定使用價值時，將根據 銷量、售價及營運成本金額之水平作 出重大判斷，將該資產產生之預期現 金流量折現至其現值。本集團運用所 有可用之資料以釐定可收回金額之合 理概約金額，包括根據對銷量、售價 及營運成本金額之合理及有證據支持 之假設及預計所作出之估計。然而， 實際銷量、售價及營運成本金額可能 有別於假設，並可能須對受影響資產 之賬面值作出重大調整。 (b) Depreciation of fixed assets (b) 固定資產之折舊 Fixed assets are depreciated on a straight-line basis over their estimated useful lives, after taking into account the estimated residual values, if any. The Group reviews the estimated useful lives and the estimated residual values, if any, of the assets at least annually in order to determine the amount of depreciation expense to be recorded during any reporting period. The useful lives and residual values are based on the Group’s historical experience with similar assets and taking into account anticipated technological changes. The depreciation expense for future periods is adjusted if there are significant changes from previous estimates. 固定資產之折舊是根據資產之估計可 使用年期，扣除估計剩餘價值（如有） 後以直線法計算。本集團至少每年審 閱資產之估計可使用年期及估計剩餘 價值（如有），以釐定在任何報告期 間應被記錄之折舊費用數額。可使用 年期及剩餘價值乃根據本集團以往在 類似資產上之經驗而作出，並考慮到 預期發生之技術上之變化。倘若原來 估計發生重大變化，則未來期間內之 折舊費用將被調整。 維他奶國際集團有限公司 二零一零 ∕一一年年報 205 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 34 Accounting judgements and estimates (Continued) 34 會計判斷及估計（續） (c) Amortisation of intangible assets (c) 無形資產之攤銷 Intangible assets are amortised on a straight-line basis over their estimated useful lives. The Group reviews the estimated useful lives of the assets regularly in order to determine the amount of amortisation charge to be recorded during any reporting period. The useful lives are based on the Group’s experience with similar assets. The amortisation charge for future periods is adjusted if there are significant changes from previous estimates. 無形資產之攤銷是根據資產之估計可 使用年期以直線法計算。本集團定期 審閱資產之估計可使用年期，以釐定 在任何報告期間應被記錄之攤銷費用 數額。可使用年期乃根據本集團在類 似資產上之經驗而作出。倘若原來估 計發生重大變化，則未來期間內之攤 銷費用將被調整。 (d) Impairment loss for doubtful debts (d) 呆賬減值虧損 The Group maintains an allowance for doubtful debts for estimated losses resulting from the inability of the debtors to make required payments. The Group estimates the future cash flows based on the ageing of the trade receivables balance, debtors’ credit-worthiness, and historical write-off experience. If the financial condition of the debtors were to deteriorate, actual write-offs would be higher than estimated. 本集團為債務人無力還款而產生估計 虧損維持呆賬撥備。本集團對未來現 金流量之估計是根據應收賬款餘額之 賬齡、債務人之信用及以往撇賬方面 之經驗而作出。倘若債務人之財務狀 況惡化，實際撇賬額可能高於估計。 (e) Write down of inventories (e) 撇減存貨 The Group performs regular reviews of the carrying amounts of inventories with reference to aged inventories analysis, expected future consumption and management judgement. Based on these reviews, write down of inventories will be made when the estimated net realisable value of inventories decline below the carrying amount. However, actual consumption may be different from estimation and profit or loss could be affected by differences in this estimation. 本集團參考存貨賬齡分析、預期未來 耗用量及管理層之判斷，對存貨之賬 面值進行定期審閱。倘存貨之估計可 變現淨值跌至低於其賬面值，則本集 團會根據審閱之結果而撇減存貨之價 值。然而，實際耗用量可能與估計有 所不同，而此估計之出入可能影響損 益。 (f) Deferred tax assets (f) 遞延稅項資產 Deferred tax assets are recognised for tax losses not yet used and temporary deductible differences. As those deferred tax assets can only be recognised to the extent that it is probable that future taxable profit will be available against which the unused tax benefits can be utilised, management’s judgements is required to assess the probability of future taxable profits. Management’s assessment is constantly reviewed and additional deferred tax assets are recognised if it becomes probable that future taxable profits will allow the deferred tax assets to be recovered. 遞延稅項資產乃就未動用稅務虧損及 可抵扣暫時差額而確認。由於遞延稅 項資產只限於有可能使用未動用稅收 抵免來抵銷日後應課稅溢利時才會確 認，因此需要管理層判斷日後獲得應 課稅溢利之可能性。本集團不斷審閱 管理層之評估，倘未來應課稅溢利能 使遞延稅項資產收回，便會確認額外 之遞延稅項資產。 206 Vitasoy International Holdings Ltd. Annual Report 2010/11 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 35 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2011 35 已頒佈但尚未於截至二 零一一年三月三十一日 止 年 度 生 效 之 修 訂、 新 訂準則及詮釋可能構成 之影響 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and Interpretations which are not yet effective for the year ended 31st March, 2011 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group. 截至本財務報表刊發之日，香港會計 師公會已頒佈截至二零一一年三月 三十一日止年度尚未生效，亦無在本 財務報表採用之多項修訂及詮釋，當 中包括下列可能與本集團相關之修訂 及詮釋。 Effective for accounting periods beginning on or after 1st January, 2011 Revised HKAS 24, Related party disclosures HKFRS 9, Financial Instruments 1st January, 2013 Improvements to HKFRSs 2010 1st July, 2010 or 1st January, 2011 Amendments to HKAS 12, 1st January, 2012 Income taxes The Group is in the process of making an assessment of what the impact of these amendments, new standards and new interpretations is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to result in a restatement of the Group’s or the Company’s results of operations and financial position. 於下列日期或 之後開始 之會計期間生效 二零一一年 一月一日 《香港會計準則》 第 24 號（經修訂） 「關連人士披露」 《香港財務報告準則》 第 9 號「金融工具」 二零一三年 一月一日 二零一零年 《香港財務報告準則》 之改進 《香港會計準則》， 第 12 號「所得稅」 之修訂 二零一零年 七月一日或 二零一一年 一月一日 二零一二年 一月一日 本集團現正評估此等修訂、新訂準則 及新訂詮釋預期於應用初期產生之影 響。直至目前，概括而言，採納上述 規定對本集團或本公司之營運業績及 財務狀況造成重列之機會不大。 維他奶國際集團有限公司 二零一零 ∕一一年年報 207 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) （以港幣計算） 2011 2007 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2008 2009 2010 Results Turnover Profit from operations Finance costs 業績 營業額 經營溢利 融資成本 Profit before taxation Income tax 除稅前溢利 所得稅 3,329,336 3,012,312 2,809,294 2,441,153 2,133,181 426,540 (7,279) 419,261 (87,882) 380,181 (5,222) 374,959 (74,375) 307,489 (6,602) 300,887 (56,510) 300,677 (8,865) 291,812 (55,831) 250,515 (8,068) 242,447 (41,135) Profit for the year 本年度溢利 331,379 300,584 244,377 235,981 201,312 Attributable to: – Equity shareholders of the Company 應佔： – 本公司股權持有人 – Non-controlling interests – 非控股權益 284,314 47,065 260,459 40,125 217,419 26,958 211,208 24,773 173,901 27,411 Profit for the year 本年度溢利 331,379 300,584 244,377 235,981 201,312 Assets and liabilities 資產及負債 Fixed assets Other non-current assets 其他非流動資產 Net current assets 淨流動資產 固定資產 1,255,743 78,747 434,728 821,075 73,239 656,597 798,144 56,698 591,592 773,943 7,576 706,965 764,572 22,941 669,486 Total assets less current 總資產減流動負債 liabilities Non-current liabilities 非流動負債 1,769,218 (179,497) 1,550,911 (52,033) 1,446,434 (49,437) 1,488,484 (64,635) 1,456,999 (111,511) NET ASSETS 淨資產 1,589,721 1,498,878 1,396,997 1,423,849 1,345,488 Capital and reserves 資本及儲備 Share capital Reserves 股本 儲備 254,963 1,160,881 254,422 1,104,075 253,805 1,033,213 252,894 1,052,490 251,759 1,002,602 Total equity attributable to 本公司股權持有人 equity shareholders of 應佔權益總額 the Company Non-controlling interests 非控股權益 1,415,844 173,877 1,358,497 140,381 1,287,018 109,979 1,305,384 118,465 1,254,361 91,127 TOTAL EQUITY 權益總額 1,589,721 1,498,878 1,396,997 1,423,849 1,345,488 Earnings per share – Basic – Diluted 每股盈利 – 基本 – 攤薄 27.9 cents 仙 27.6 cents 仙 25.6 cents 仙 25.4 cents 仙 21.4 cents 仙 21.3 cents 仙 20.9 cents 仙 20.8 cents 仙 17.3 cents 仙 17.2 cents 仙 208 Vitasoy International Holdings Ltd. Annual Report 2010/11 m o c . n i f k n i l i . w w w d e t i m i L p u o r G k n i L . i : n o i t c u d o r P d n a n g i s e D V I T A S O Y I N T E R N A T I O N A L H O L D I N G S L I M I T E D www.vitasoy.com www.vitavitasoy.com www.vitaland.com.hk www.hkgourmet.com.hk www.vitasoy-chn.com www.vitasoy.com.au www.vitasoy-usa.com www.unicurd.com.sg Vitasoy International Holdings Limited No.1, Kin Wong Street, Tuen Mun New Territories, Hong Kong 維他奶國際集團有限公司 香港新界屯門建旺街一號 Tel 電話 : (852) 2466 0333 Fax 傳真 : (852) 2456 3441 

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