Vitasoy International Holdings Limited
Annual Report 2012

Plain-text annual report

Stock Code 股份代號: 0345 Annual Report 2011/12 年報 FOCUSING ON Growth Contents 目錄 Directors and Corporate Information Financial Highlights Chairman’s Statement Group Chief Executive Officer’s Report Corporate Responsibility Report Awards and Recognitions Corporate Governance Report Directors and Senior Management Report of the Directors Independent Auditor’s Report Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Balance Sheet Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Notes to the Financial Statements 2 4 8 17 34 40 45 59 65 77 79 80 81 82 83 85 86 董事及集團資料 財務摘要 主席報告 集團行政總裁報告 企業責任報告 嘉許及表揚 企業管治報告 董事及高層管理人員 董事會報告 獨立核數師報告 綜合損益報表 綜合全面收益報表 綜合資產負債表 資產負債表 綜合權益變動表 綜合現金流量表 財務報表附註 Five Year Summary 182 五年財務摘要 Directors and Corporate Information 董事及集團資料 Board of Directors Executive Chairman Mr. Winston Yau-lai LO Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Directors 董事會 執行主席 羅友禮先生 獨立非執行董事 李國寶爵士 布魯士先生 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 執行董事 Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU (retired on 1st April, 2012) 黎信彥先生 余發先生（於二零一二年四月一日退任） 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 The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited Bank of China Limited Westpac Banking Corporation Citibank, N.A. Rabobank International Hong Kong Branch The Bank of Tokyo-Mitsubishi Limited China Merchants Bank Co., Ltd. Principal Lawyer Stephenson Harwood 02 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 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 荷蘭合作銀行香港分行 東京三菱銀行 招商銀行股份有限公司 主要法律顧問 羅夏信律師事務所 Directors and Corporate Information 董事及集團資料 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) Vitaland Services Limited – www.vitaland.com.hk (English & Chinese) Hong Kong Gourmet Limited – www.hkgourmet.com.hk (English & Chinese) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited Vitasoy (Shanghai) Company Limited Vitasoy (Foshan) 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) Investor Relations Contact Tel: (852) 2468 9644 Fax: (852) 2465 1008 Email: ir@vitasoy.com Key Dates 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） 維他天地服務有限公司 – www.vitaland.com.hk（中英文） 香港美食有限公司 – www.hkgourmet.com.hk（中英文） 深圳維他（光明）食品飲料有限公司 維他奶（上海）有限公司 維他奶（佛山）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） 投資者關係聯絡 電話：(852) 2468 9644 傳真：(852) 2465 1008 電郵：ir@vitasoy.com 重要日期 Closure of Register of Members for the purpose of entitlement to attend and vote at the Annual General Meeting: 24th August, 2012 (Friday) to 28th August, 2012 (Tuesday) Annual General Meeting: at 3:00 p.m., 28th August, 2012 (Tuesday), Harcourt Room, Lower Lobby, Conrad Hong Kong, Pacific Place, 88 Queensway, Hong Kong Closure of Register of Members for the purpose of entitlement to the Final Dividend: 4th September, 2012 (Tuesday) to 7th September, 2012 (Friday) Final Dividend Payable: 18th September, 2012 (Tuesday) 暫停辦理股份過戶登記以確定符合資格出席 股東週年大會並於會上投票： 二零一二年八月二十四日（星期五）至 二零一二年八月二十八日（星期二） 股東週年大會： 於二零一二年八月二十八日（星期二） 下午三時正假座香港金鐘道八十八號 太古廣場港麗酒店地下大堂夏愨廳 暫停辦理股份過戶登記以確定符合資格收取 末期股息： 二零一二年九月四日（星期二）至 二零一二年九月七日（星期五） 派發末期股息： 二零一二年九月十八日（星期二） 維他奶國際集團有限公司 二零一一∕一二年年報 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 Turnover Gross Profit 營業額 毛利 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 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 Basic Earnings per Share (HK cents) 每股基本盈利（港仙） Total Dividends per Ordinary Share (HK cents) 每股普通股總股息 （港仙） 2012 HK$ million 港幣百萬元 3,717 1,760 2011 HK$ million 港幣百萬元 3,329 1,601 554 281 27.5 18.3 537 284 27.9 18.3 % Change 百分比變動 12 10 3 (1) (1) – 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 Gross Profit 毛利 4,000 3,000 2,000 1,000 0 2,441 2,809 3,012 3,329 3,717 2,000 1,500 1,000 500 0 1,156 1,305 1,498 1,601 1,760 2008 2009 2010 2011 2012 2008 2009 2010 2011* 2012 * 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 600 500 400 300 200 100 0 * 391 406 483 537 554 2008 2009 2010 2011 2012 Starting from FY 2010/2011, certain expenses were reclassified to reflect more appropriately the nature of the expenses (see note 33 to the financial statements). 300 250 200 150 100 50 0 * 211 217 260 284 281 2008 2009 2010 2011 2012 自二零一零∕二零一一財政年度起，若干費用已重新分類， 以更適當地反映費用之性質（見財務報表附註 33）。 04 Vitasoy International Holdings Ltd. Annual Report 2011/12 Financial Highlights 財務摘要 At 31st March 於三月三十一日 Financial Position 財務狀況 Total Assets 總資產 Net (Borrowings)/Cash Balance （借貸）∕現金淨額 Total Equity Attributable to Equity Shareholders of the Company 本公司股權持有人 應佔權益總額 2012 HK$ million 港幣百萬元 2011 HK$ million 港幣百萬元 % Change 百分比變動 2,936 (191) 2,654 11 89 N/A 不適用 1,494 1,416 6 Year Ended 31st March, 2012 截至二零一二年三月三十一日止年度 Sales Analysis by Categories 銷售額分析（按產品種類） 3% 5% 9% 51% 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） 2% 12% 45% Hong Kong and Macau 香港及澳門 Mainland China 中國內地 North America 北美洲 Australia and New Zealand 澳洲及新西蘭 Singapore 新加坡 3% 4% 6% 19% 14% 27% 維他奶國際集團有限公司 二零一一∕一二年年報 05 主席報告 Chairman’s Statement Building on our years of technical know-how and efforts in research, we are poised to benefit from the strong consumer trends for natural ingredients and plant sourced nutrition. We will adhere to our uncompromising philosophy in quality standards. 憑藉多年來在產品研發上的知識技術和努力，我們將受 惠於消費者崇尚天然成份和源自植物營養食品的大趨 勢。我們將秉承優質標準的堅定理念。 Leveraging on our new plant capacity in Foshan, Southern China, we will go deep and go wide to expand our distribution channels and widen our territorial foothold in Mainland China. 利用華南佛山新廠房 提供的新產能，我們將能 更深更廣地於中國內地 拓展分銷渠道及擴大 覆蓋地域。 Chairman’s Statement 主席報告 Despite a relatively difficult and volatile macroeconomic environment, we were able to strengthen our foothold and delivered solid results for FY2011/2012. Economic slowdown in major markets had a negative impact on consumer spending while competition among brands and across categories remained intense. Inflationary pressure and rising wages posed strong challenges to operating overheads. In spite of these challenges, all of our business operations recorded growth in top line sales, complemented by effective sales and marketing campaigns. We strived to protect margins through cautious and effective pricing strategy and conscientious cost management. Our major capacity enhancement projects in Hong Kong, Mainland China and Australia have been conducted smoothly. We expect our substantial investment in enhancing capacity will help generate higher return for our shareholders in the long run. For the year under review, the Group registered a steady growth of 12% in total turnover with profit from operations relatively maintaining at last year level. Profit attributable to shareholders was HK$281 million, a drop of 1% versus prior year mainly due to the increased finance costs associated with the investment in enhancing production capacity. The Board of Directors is recommending a final dividend of HK15.1 cents per ordinary share at the Annual General Meeting on 28th August, 2012. This, coupled with the interim dividend of HK3.2 cents per ordinary share, brings the Company’s total dividend for FY2011/2012 to HK18.3 cents per ordinary share (2010/2011 total dividend: HK18.3 cents per ordinary share). 儘管宏觀經濟環境較困難及波動，我們仍能 打穩根基，於二零一一 ∕二零一二財政年度 錄得穩健業績。由於主要市場的經濟增長放 緩，影響消費者開支，加上品牌及品類間持 續競爭激烈，而通脹壓力及日益上漲的工資 亦為經營開支帶來沉重壓力。雖然面對這些 挑戰，但透過有效的銷售及市場推廣活動， 我們各業務分部均錄得銷售增長。我們採取 審慎有效的定價策略及嚴謹的成本管理，致 力維持利潤。香港、中國內地及澳洲的大型 產能提升計劃已順利進行。長遠而言，我們 預期為提升產能所作的重大投資，將為股東 帶來更高回報。 於回顧年度，本集團的總營業額穩定增長 12%，經營溢利大致維持去年水平。股東應 佔溢利為港幣 281,000,000 元，較去年下 跌 1%，主要由於投資提升產能項目所涉及 的融資成本增加所致。 董事會建議於二零一二年八月二十八日舉行 的股東週年大會上派發末期股息每股普通 股 15.1 港仙。連同已派發的中期股息每股 普通股 3.2 港仙，本公司於二零一一 ∕二零 一二財政年度的全年股息總額達每股普通股 18.3 港仙（二零一零 ∕二零一一財政年度股 息總額：每股普通股 18.3 港仙）。 08 Vitasoy International Holdings Ltd. Annual Report 2011/12 Chairman’s Statement 主席報告 We not only expanded our businesses in a sustainable manner, but we also continued to contribute to the environment by adopting energy-saving measures and advanced waste treatments in our operations. The recovery of Okara (soya bean residue) project has been proven successful in our North American operation. Our new plant in Foshan in Mainland China was designed with a strong environmentally care concept. We continued to upgrade our trucks and machineries with lower emission models and higher efficiency. Our initiatives to support the communities and protect the environment are listed in the “Corporate Responsibility Report” section of this Annual Report. During the year, we adopt a prudent approach on growing our team. We run a company-wide staff caring program to promote physical fitness so that our staff can maintain a healthy work-life balance and deliver their best performance. We continue our succession planning process to ensure a steady stream of high- calibre managers for sound corporate development. 我們在持續擴展業務的同時，亦在各業務分 部實施節能及先進的廢物處理等措施，繼續 為環保盡一分力。目前在北美洲業務進行的 大豆豆渣回收計劃經已推行成功，中國內地 佛山新廠房的設計亦極具環保意識。我們分 別提升了運輸車隊以低排量型號代替並提高 機器設備效能。有關我們參與社區及保護環 境的工作載列於本年報「企業責任報告」一 節內。 年內，我們審慎地擴大團隊。總部辦公室全 面推行員工關愛行動，鼓勵員工作息平衡及 適當運動，以發揮最佳工作表現。我們繼續 推行繼任計劃，確保穩定的優秀人才隊伍繼 任管理層，有助公司穩健發展。 10 Vitasoy International Holdings Ltd. Annual Report 2011/12 Chairman’s Statement 主席報告 Outlook 展望 In the year ahead, the present uncertain economic conditions will continue and consumer spending may take time to recover. The operating environment will only be more challenging with continuing cost inflation, a volatile employment environment and increasingly competitive market landscape. The Company will persevere by continuing with our focused business strategy and driving business growth through leveraging our capabilities in core areas. 展望來年，預料現時不明朗的經濟狀況將會 持續，消費者開支回升需時。隨著成本不斷 上漲、就業環境波動及市場競爭日益激烈， 經營環境將會日益艱巨。利用我們在核心業 務的實力，本公司將堅持不懈地推行專注的 業務策略及推動業務增長。 FY2012/2013 will be an important growth phase for the future of the Company following the completion of our three major capacity expansion projects. We believe our business will continue to benefit from favourable global trends for healthy and on-the-go lifestyles. Building on our years of technical know-how and efforts in research, we are poised to benefit from the strong consumer trends for natural ingredients and plant sourced nutrition. We will adhere to our uncompromising philosophy in quality standards. Our goal is to lead the growth in target categories and 隨著三個主要產能提升項目完成後，二零 一二 ∕二零一三財政年度標誌著本公司實現 未來增長的重要階段。我們相信，集團業務 將繼續受惠於全球日益趨向追求健康及即買 即飲的生活模式。憑藉多年來在產品研發上 的知識技術和努力，我們將受惠於消費者崇 尚天然成份和源自植物營養食品的大趨勢。 我們將秉承優質標準的堅定理念，同時透過 創新產品及宣傳推廣活動來帶動目標品類市 維他奶國際集團有限公司 二零一一∕一二年年報 11 Chairman’s Statement 主席報告 to strengthen our brand equity through product and promotional innovation. Meanwhile, we will follow the channel development trend to ensure that our brands are always available wherever our consumers shop. Vitasoy is committed to creating shareholder value, as we have always been. We achieve this by growing our shares in our key markets, pursuing sustainable growth, and driving for continuous improvement in efficiency and productivity. We remain optimistic and confident about achieving a sustainable growth in the long term, despite the challenges in protecting our short-term profit base. 場的增長及鞏固品牌價值。與此同時，亦會 緊貼銷售渠道的發展趨勢，確保我們的顧客 可隨時隨地購買到我們的品牌產品。 一直以來，維他奶集團矢志為股東締造價 值，在集團的主要市場增加市場佔有率，追 求可持續的增長，以及持續改善效率及生產 力。在保持盈利方面，短期內雖然面對重重 挑戰，但我們有信心長遠來說可達致持續增 長。 Notes of Appreciation 致謝 Despite the various challenges in the FY2011/2012, we delivered solid performance in our various businesses, for which I would like to thank the Board of Directors for their counsel and guidance. 儘管二零一一 ∕二零一二財政年度面對各種 挑戰，我們各地業務均能錄得穩健業績，本 人謹此感謝董事會的睿智領導及悉心指導。 12 Vitasoy International Holdings Ltd. Annual Report 2011/12 Chairman’s Statement 主席報告 On reaching the retirement age, Mr. Eric Fat YU resigned from the Board as Executive Director and from the Group as Senior Director, Manufacturing and Project Management with effect from 1st April, 2012. On behalf of the Board, I would like to thank Mr. YU for his loyalty and valuable contribution during an illustrious tenure of 38 years and to wish him all the best. 余發先生因已屆退休之齡，故由二零一二年 四月一日起退任董事會的執行董事及本集團 的高級總監（生產暨項目管理）職務。本人 謹代表董事會向余先生表示衷心謝意，感謝 他在過去三十八年對集團的盡忠職守、貢獻 良多，在此謹祝余先生事事稱心。 I also wish to thank our shareholders, customers and business partners for their continued support. Last but not least, I must extend my heartfelt appreciation to all my colleagues whose dedication, ingenuity and hard work have been and will remain crucial to the Company’s continuing success. 此外，本人謹此衷心感謝各位股東、客戶及 業務夥伴的鼎力支持。最後，本人對全體同 事深表謝意，各位同事的盡心服務、創意思 維及勤奮工作，對本公司的成功至為重要。 Winston Yau-lai LO Executive Chairman 21st June, 2012 羅友禮 執行主席 二零一二年六月二十一日 維他奶國際集團有限公司 二零一一∕一二年年報 13 集團行政總裁報告 Group Chief Executive Officer’s Report This year is the culmination of two years of investment ensuring the Group’s future growth. Management will focus its attention to further building brand strength, product quality and profitable growth. 經過兩年投資之後，集團已確保未來持續增長。管理層將 專注於進一步鞏固品牌實力、提高產品質素及增加盈利能 力。 We will maximise the return on the new production capacity as well as expand our market presence by growing the aseptic category and penetrating the plastic bottled drinks segment in Hong Kong. 我們於香港透過擴展 無菌包裝品類市場及 進軍塑膠瓶裝飲品 市場，以增加新產能 的回報及擴大 市場佔有率。 Group Chief Executive Officer’s Report 集團行政總裁報告 We finished the year achieving a solid business result, with net sales growth across all major operations, against a backdrop of increased commodity prices, wages, fuel and other operational costs. Despite having manufacturing capacity constraints in almost all markets, our goal of growing the top line and bottom line was realised by focused marketing campaigns, proactive channel promotions and new product and packaging development. 雖然商品價格、工資、燃油及其他經營成本 上漲，年內我們的業務表現穩健，各主要業 務的銷售淨額皆有所增長。儘管幾乎所有市 場均受到生產產能限制的影響，我們透過專 注的市場推廣活動、積極的渠道促銷以及開 發新產品和革新包裝，從而實現銷售及溢利 均有所增長的目標。 The year marked a new phase for Vitasoy’s sustainable growth. Our investment plans for significantly expanding production capacity have progressed smoothly with a new plant in Foshan, Southern China, and a new packaging line in Hong Kong, both of which began operation in the third quarter of the year. The expansion program for our Australian production capacity will be completed in the first half of FY2012/2013. These three projects represent more than two years of planning and resourcing to bring to reality. 本年度標誌著維他奶集團踏入持續增長的新 里程。我們大幅擴充產能的投資計劃進展順 利，分別於華南佛山興建新廠房及於香港設 置新包裝生產線，此兩項目已在本年度第三 季開始投產。澳洲的擴充產能計劃將於二零 一二 ∕二零一三財政年度上半年完成。以上 三個項目是經歷超過兩年籌劃，及動用有關 資源而告實現。 Financial Highlights Net Sales Revenue • The Group’s net sales revenue was HK$3,717 million (2010/2011: HK$3,329 million), up 12% year-on-year. 財務摘要 銷售收入淨額 • 本 集 團 銷 售 收 入 淨 額 為 港 幣 3,717,000,000 元（ 二 零 一 零 ∕二 零 一一年度 ︰港幣3,329,000,000元）， 按年上升 12%。 Gross Profit and Gross Profit Margin 毛利及毛利率 • Gross profit for the year was HK$1,760 million (2010/2011: HK$1,601 million), up HK$159 million or 10%. Through effective pricing strategy to counteract the increasing cost pressure, we managed to sustain a healthy gross profit margin at 47% (2010/2011: 48%). • 本年度的毛利為港幣 1,760,000,000 元（ 二 零 一 零 ∕二 零 一 一 年 度 ︰港 幣 1,601,000,000 元）， 上 升 港 幣 159,000,000 元或 10%。透過有效的 定價策略以抗衡成本上漲的壓力，我 們的毛利率維持於47%的穩健水平（二 零一零 ∕二零一一年度：48%）。 維他奶國際集團有限公司 二零一一∕一二年年報 17 Group Chief Executive Officer’s Report 集團行政總裁報告 Operating Expenses 經營費用 • Total operating expenses increased 14% to HK$1,375 million (2010/2011: HK$1,208 million) as we continued to invest in brand building, improve management structure in Mainland China, expand production capacity and upgrade production lines. • 由於我們持續投資於品牌建立、改善 中國內地管理架構、擴大產能及提升 生產設施，總經營費用增加 14% 至港 幣 1,375,000,000 元（ 二 零 一 零 ∕ 二零一一年度 ︰港幣 1,208,000,000 元）。 • Marketing, selling and distribution expenses were HK$878 million, up 13%. • 推 廣、 銷 售 及 分 銷 費 用 為 港 幣 878,000,000 元，上升 13%。 • Administrative expenses increased 13% to HK$277 million. • 行政費用增加13%至港幣277,000,000 元。 • Other operating expenses were HK$220 million, an increase of 20% primarily due to one-off pre-operating expenses related to the new plant in Mainland China and production line enhancement in Hong Kong. • 其 他 經 營 費 用 為 港 幣 220,000,000 元，上升 20%，主要是中國內地的新 建廠房及提升香港生產設施等所產生 的一次性投產前開支。 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation, and Impairment Losses on Property, Plant and Equipment) • EBITDA for the year was HK$554 million (2010/2011: HK$537 million), up 3%. EBITDA margin to net sales was 15%, versus 16% for the same period 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」） • 本年度的 EBITDA 為港幣 554,000,000 元（ 二 零 一 零 ∕二 零 一 一 年 度 ︰港 幣 537,000,000 元）， 上 升 3%。EBITDA 佔銷售淨額15%，去年同期則為16%。 18 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 Profit Attributable to Equity Shareholders of the Company • For the year ended 31st March, 2012, profit attributable to equity shareholders of the Company dropped 1% to HK$281 million (2010/2011: HK$284 million). The decrease was mainly due to the impact of higher financing costs associated with the Group’s major capital investments. 本公司股權持有人應佔溢利 • 截 至 二 零 一 二 年 三 月 三 十 一 日 止 年 度，本公司股權持有人應佔溢利下跌 1% 至港幣 281,000,000 元（二零一零 ∕二零一一年度：港幣 284,000,000 元）。溢利下跌主要因本集團投資重大 資本項目而增加融資成本。 Financial Position 財務狀況 • As at 31st March, 2012, the Group had available banking facilities of HK$1,099 million (31st March, 2011: HK$986 million) and a net borrowings of HK$191 million (31st March, 2011: a net cash balance of HK$89 million) primarily for the planned investment in the Group’s production capacities. • 於 二 零 一 二 年 三 月 三 十 一 日， 本 集 團 可 供 動 用 的 銀 行 信 貸 額 為 港 幣 1,099,000,000 元（二 零一一 年三月 三十一日：港幣 986,000,000 元）及 借貸淨額為港幣 191,000,000 元（二 零一一年三月三十一日：現金淨額為 港幣 89,000,000 元），主要用作投資 本集團擴充產能計劃。 維他奶國際集團有限公司 二零一一∕一二年年報 19 Group Chief Executive Officer’s Report 集團行政總裁報告 • • • • Total borrowings for the Group (including obligations under finance lease) amounted to HK$398 million (31st March, 2011: HK$274 million). The gearing ratio (total borrowings/total equity attributable to equity shareholders of the Company) dropped from the peak of 41% in the interim period to 27% at year end (31st March, 2011: 19%) as the Group continued to repay the bank loans through cash inflow from operations. Capital expenditure incurred in the year totalled HK$426 million (2010/2011: HK$511 million), which was funded by both cash inflow from operations and bank loans. The various major capacity expansion projects are almost completed. • 本 集 團 的 總 借 貸（ 包 括 融 資 租 賃 的 債 務） 為 港 幣 398,000,000 元 （ 二 零 一 一 年 三 月 三 十 一 日： 港 幣 274,000,000 元）。 • 由於本集團繼續透過其業務分部所得 現金償還銀行貸款，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）由中期的最高位 41% 下降至年末的 27%（二零一一年三 月三十一日：19%）。 • 本年度錄得的資本性支出合共為港幣 426,000,000 元（ 二 零 一 零 ∕二 零 一 一 年 度 ︰港 幣 511,000,000 元）， 該支出以集團業務分部所得現金及銀 行貸款撥付，而各主要擴充產能項目 已大致完成。 A s s e t s w i t h a c a r r y i n g v a l u e o f H K $ 1 5 m i l l i o n (2010/2011: HK$21 million) were held under finance leases. • 用作融資租賃的資產，賬面值為港幣 15,000,000 元（二零一零 ∕二零一一 年度：港幣 21,000,000 元）。 20 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 Financial Risk Management 財務風險管理 • Our financial management focuses on controlling and managing risks, with transactions being directly related to our underlying businesses. We operate a central cash and treasury management system for all our subsidiaries. Borrowings are normally taken out in local currencies by operating subsidiaries to fund and partially hedge their investments. • The financial risks faced by the Group arise mainly from the fluctuation of interest rates and exchange rates. We use financial instruments, where appropriate, to manage those risks. At the end of FY2011/2012, we had no exposures under foreign exchange contracts or financial derivatives. • 我們的財務風險管理重點在於管控風 險，所有交易必須與我們的相關業務 有直接關係。我們為所有附屬公司實 行中央現金及財政管理制度。各營運 附屬公司一般以當地貨幣借貸注資， 因而對沖部分出資匯率風險。 • 本集團所面對的財務風險主要與利率 及匯率波動有關。我們於需要時會利 用 金 融 工 具 管 理 該 等 風 險。 於 二 零 一一 ∕二零一二財政年度年結日，我 們並無任何外匯合約或衍生金融工具 的風險。 維他奶國際集團有限公司 二零一一∕一二年年報 21 Group Chief Executive Officer’s Report 集團行政總裁報告 Operation Review Hong Kong and Macau 業務回顧 香港及澳門 Growth in both sales and profit, out-performing local industry 銷售及溢利均見增長，表現優於本 地同業 2012 2011 二零一二年 二零一一年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2012 2011 二零一二年 二零一一年 Group Contribution % 佔本集團貢獻百分比 Revenue from external 來自外間客戶之 customers Profit from operations 收入 經營溢利 1,672 321 1,530 285 9 13 45 64 46 57 • • • The non-alcoholic beverage sector in Hong Kong showed moderate growth in value and in volume because of the favourable weather with less rain and typhoons. • 年 內 香 港 天 氣 理 想， 雨 量 及 颱 風 較 少，令非酒精類飲料行業在銷售額及 銷量方面均錄得溫和增長。 The operation recorded 9% growth in sales, out-performing the industry average. • 業務錄得 9% 銷售增長，表現優於行業 平均水平。 Strong brand equity and effective marketing programs for flagship brands such as VITASOY and VLT (VITA Lemon Tea) have reinforced customer loyalty. • 強勁的品牌價值，加上旗艦品牌如維 他奶及 VLT（維他檸檬茶）等產品所推 出的市場推廣計劃成功，均有助鞏固 客戶的忠誠度。 22 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 • • • • • A number of new products in “low sugar” category such as VITASOY Low-sugar Pure Soya Bean Extract and VITA Low- sugar Lemon Tea were launched to meet consumer demand for healthy lifestyle products. • 為迎合消費者對追求健康生活產品的 需求，推出多款「低糖」新產品，例如 維他奶低糖純豆漿及維他低糖檸檬茶。 Facility upgrade at Tuen Mun plant, including the operation of high speed machines and installation of a new PET (Polyethylene terephthalate) plastic bottled drinks production line, to enhance manufacturing efficiency was finished and commissioned. • 屯門廠房已完成設施提升項目，包括 安裝高速生產機器設備及全新 PET（聚 對苯二甲酸乙二醇酯）塑膠瓶裝飲品 生產線，並已開始運作，提升生產效 率。 Export sales grew 11% year-on-year and Macau recorded an impressive sales growth of 15%. • 出口銷售按年上升 11%，澳門的銷售 亦顯著增長 15%。 School tuck shop business operated by Vitaland Services Limited achieved a net sales growth of 9% to HK$294 million and expanded its market share by growing the portfolio of tuck shops to over 300. • 由維他天地服務有限公司經營的學校 小食部業務錄得 9% 銷售淨額增長至港 幣 294,000,000 元，小食部數目已超 過 300 間，市場份額亦因而擴大。 Hong Kong Gourmet Limited, the Group’s central kitchen for providing student lunch meals and catering services, continued to gain recognition with increasing retention rate. • 香港美食有限公司，作為本集團供應 學 生 午 膳 及 提 供 餐 飲 服 務 的 中 央 廚 房， 其 食 物 及 服 務 水 平 繼 續 備 受 肯 定，客戶保持率持續上升。 維他奶國際集團有限公司 二零一一∕一二年年報 23 Group Chief Executive Officer’s Report 集團行政總裁報告 Mainland China 中國內地 Solid sales growth under a challenging environment, with enhanced brand awareness and new plant launched 在充滿挑戰下錄得穩定銷售增長， 品牌認知度提升及新廠房投產 2012 2011 二零一二年 二零一一年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2012 2011 二零一二年 二零一一年 Group Contribution % 佔本集團貢獻百分比 Revenue from external 來自外間客戶之 customers Profit from operations 收入 經營溢利 1,014 90 854 110 19 (18) 27 18 26 22 • Operating environment in Mainland China became more challenging in FY2011/2012, and the country’s GDP recorded a slower growth. For nutritious drinks, consumption growth slowed significantly. • 中國內地於二零一一 ∕二零一二財政 年度的經營環境日益困難，國內生產 總值增長放緩。營養飲品消費增長亦 大幅放緩。 24 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 • Gross margin was protected through a measured pricing strategy to counteract the enormous pressure from escalating raw material prices, higher labour, social welfare and fuel cost. • 透過審慎的定價策略，得以抗衡因原 材料價格上漲、工資上升、社保福利 以及燃油費用增加所帶來的沉重成本 壓力，從而保障毛利率。 • • • • • The drop in operating profit was mainly due to one-off pre- operating expenses for the new Foshan plant as well as increased marketing investment for a Brand Repositioning Campaign in Eastern China. Strong brand building and innovative marketing efforts helped to sustain the leadership position in the soymilk market and to compete strongly against nutritional beverages such as milk. Sales expansion in Southern China has been cautious because of production capacity constraint at Shenzhen plant. The new Foshan plant that started operation in late 2011 would enable us to have a better customer reach at lower cost. • 由 於 佛 山 新 廠 房 的 一 次 性 營 運 前 開 支，及為華東市場品牌定位活動而增 加的市場推廣費用，令經營溢利下降。 • 強勁的品牌建立活動及創新的市場推 廣均有助保持豆奶市場的領導地位， 並能與牛奶等營養飲料產品競爭。 • 深圳廠房因受產能限制，所以在擴展 華南銷售市場方面較為審慎。但於二 零一一年年底投產的佛山新廠房可以 讓我們以較低成本深入更多顧客群。 A large scale advertising campaign with the theme of “I am who I am” focusing on the unique taste of VITASOY was launched in March 2012 in Eastern China to drive sales towards achieving critical mass. • 二零一二年三月在華東地區市場推出 大型廣告宣傳活動，以「我就是我」為 題，突顯維他奶獨一無二的味道，推 動銷量，以達至關鍵性銷量。 A new VITASOY soy drink in “Pleasant Goat and Big Big Wolf” packaging received good response, while VITA Lime Lemon Tea targeting young people has achieved strong growth for the Lemon Tea brand. • 以「喜羊羊與灰太狼」為包裝設計的維 他奶優酸豆奶新產品深受顧客歡迎， 而為迎合年輕人推出的維他青檸檸檬 茶亦在檸檬茶品牌中取得強勁增長。 維他奶國際集團有限公司 二零一一∕一二年年報 25 Group Chief Executive Officer’s Report 集團行政總裁報告 Australia and New Zealand 澳洲及新西蘭 Sales growth under capacity constraint, aided by positive foreign exchange 受惠於匯率上升，雖受產能限制， 但銷售保持增長 2012 2011 二零一二年 二零一一年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2012 2011 二零一二年 二零一一年 Group Contribution % 佔本集團貢獻百分比 Revenue from external 來自外間客戶之 customers Profit from operation 收入 經營溢利 499 88 445 90 12 (2) 14 17 13 18 • • • The Australian and New Zealand retail sectors showed sluggish growth versus the previous year with food prices in a deflationary trend. The market and financial performances were impacted by an industrial action and operational complexity amidst the plant capacity expansion project. This had disrupted production capability and impacted manufacturing efficiency which negatively affected sales and manufacturing costs during the third quarter. • 澳洲及新西蘭零售業的增長較去年疲 弱，食品價格呈通縮現象。 • 工業行動加上廠房擴建時遇到的營運 問題，導致生產力間斷和生產效率減 低，影響第三季的銷售和生產成本， 及市場和財務表現。 The fourth quarter productivity had improved a lot with concerted efforts towards employee engagement and project finalisation. • 透過員工的通力合作，及隨著有關項 目將近完成，第四季的生產力已大幅 改善。 26 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 • • Recent entry into the Liquid Breakfast segment with VITAGO brand will tap into the on-the-go market and provide a new impetus for growth. • 近 期 以 VITAGO 品 牌 進 軍 流 質 早 餐 市 場，將有助開發即買即飲產品市場， 並且帶來新的增長動力。 VITASOY CA´FE FOR BARISTAS Soymilk continued its growth in the Specialty Coffee Channel. • 維 他 奶 CA´FE FOR BARISTAS（ 咖 啡 師） 品牌豆奶於專門咖啡餐飲渠道的銷售 持續增長。 • Media and sampling campaign focusing on heart health was launched to educate the consumers on the health benefits of soy and to grow the category. • 推出注重心臟健康的宣傳及試飲產品 活動，教育消費者有關大豆對健康的 益處，並藉此增加此品類的銷量。 • Net sales increased 12% to HK$499 million mainly due to the favourable foreign exchange rates. • Operating profit dropped by 2% to HK$88 million due to increase in labour costs during the factory upgrade phase. • 銷 售 淨 額 增 加 12% 至 港 幣 499,000,000 元， 主 要 有 賴 匯 率 上 升。 • 在 提 升 廠 房 設 備 期 間 工 資 成 本 增 加， 導 致 經 營 溢 利 下 跌 2% 至 港 幣 88,000,000 元。 • Capacity expansion project to double the existing production capacity of our Wodonga plant will be completed in the first half of FY2012/2013. • 烏東加廠房的擴充產能計劃將於二零 一 二 ∕二 零 一 三 財 政 年 度 上 半 年 完 成，屆時該廠的產能將會倍增。 維他奶國際集團有限公司 二零一一∕一二年年報 27 Group Chief Executive Officer’s Report 集團行政總裁報告 North America 北美洲 Steady sales growth, operational efficiency affecting profitability 銷售穩定增長，營運效率影響盈利 能力 2012 2011 二零一二年 二零一一年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2012 2011 二零一二年 二零一一年 Group Contribution % 佔本集團貢獻百分比 Revenue from external 來自外間客戶之 customers Profit from operation 收入 經營溢利 455 1 434 12 5 (90) 12 0 13 2 • Despite the continued soft economy in the US, the North American operation recorded sales growth in core products including Tofu, Asian Pasta and Asian Imported Beverages, attributable to a favourable product mix. • 雖然美國經濟表現持續疲弱，北美洲 業務仍能錄得銷售增長。豆腐、亞洲 麵食及銷售亞裔市場的進口飲料等核 心產品因產品組合配合得宜而錄得銷 售增長。 28 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 • Vitasoy USA’s NASOYA Tofu, which is positioned as an organic brand, largely outperformed industry growth in terms of dollar sales and market share in the mainstream market. • 維他奶美國的 NASOYA 品牌豆腐以有 機品牌作定位，在主流市場，不論是 銷售額或市場份額均大幅超越行業的 增長表現。 • New products including NASOYA TOFUPLUS brand of nutritionally-enriched Tofu and Vacuum-packed Tofu were well received. • 新 產 品 包 括 營 養 豐 富 的 NASOYA TOFUPLUS 品牌豆腐及其他真空包裝豆 腐，均大受市場歡迎。 • Profitability was severely hindered by operational inefficiencies caused by machine breakdown, unexpected downtime due to two instances of severe weather conditions, higher labour costs because of weekend work to catch up production, and escalating transportation costs. Various corrective steps were taken to address these issues and operational efficiencies are expected to be significantly better in the coming year. • 由 於 機 器 故 障 問 題 導 致 營 運 效 率 降 低， 加 上 兩 宗 惡 劣 天 氣 事 件 導 致 停 工，為趕上生產而須週末工作令工資 成本上漲，及運輸成本日益攀升等因 素，均影響盈利能力。我們已採取多 項改善措施以解決有關問題，預期營 運效率於來年將會大為改善。 維他奶國際集團有限公司 二零一一∕一二年年報 29 Group Chief Executive Officer’s Report 集團行政總裁報告 Singapore 新加坡 Stable performance, impacted by a tough operating environment 表現平穩，受嚴峻的經營環境影響 2012 2011 二零一二年 二零一一年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2012 2011 二零一二年 二零一一年 Group Contribution % 佔本集團貢獻百分比 Revenue from external 來自外間客戶之 customers Profit from operation 收入 經營溢利 76 5 66 6 16 (20) 2 1 2 1 • • • Despite the slowdown in the Singaporean economy in FY2011/2012, Unicurd Food Co. (Private) Limited (“Unicurd”) recorded strong sales growth in most of its domestic channels, attributed to channel expansion into restaurants and wet markets, sampling promotion and product innovation. • 新加坡經濟於二零一一 ∕二零一二財 政年度有所放緩，但統一食品（私人） 有 限 公 司（「 統 一」）於 當 地 大 部 分 銷售渠道均錄得強勁的銷售增長。主 要受惠於擴展銷售渠道至餐廳及傳統 濕貨市場、試食產品推廣及產品創新 等，均有助銷售增長。 Sales growth in supermarkets and restaurants were the key growth driver. • 產品在超級市場及餐廳的銷量增加， 亦是主要增長動力。 TOFUPLUS, which is a new line of tofu product with added nutrients, was well received. • 加 有 營 養 成 份 的 新 系 列 豆 腐 產 品 TOFUPLUS 廣受市場歡迎。 • Operating profit dropped mainly due to the market constraint on price adjustments, which was not able to recoup the cost increase. • 由於價格調整受市場環境牽制，令加 價步伐未能追及成本上漲，經營溢利 因而下跌。 30 Vitasoy International Holdings Ltd. Annual Report 2011/12 In Australia, the completion of the plant expansion project to double the production capacity will release our production constraint and increase the flexibility. 澳洲廠房在擴展項目 完成後，產能將會倍增， 有助紓緩生產壓力並 同時增加生產的靈活性。 Group Chief Executive Officer’s Report 集團行政總裁報告 Outlook and Strategy 展望及策略 In view of the economic uncertainty and market volatility, FY2012/2013 will continue to be challenging. With the completion of capacity expansion and upgrade projects in Hong Kong, Mainland China and Australia, the Group is well positioned for further growing its business. We will capitalise on our new production facilities in these markets and enhance our sales and marketing efforts to capture new business opportunities. It is also our goal to protect profit margin through driving productivity and cautious price strategy. 由於經濟不明朗加上市場反覆波動，預期二 零一二 ∕二零一三財政年度仍將充滿挑戰。 隨著香港、中國內地及澳洲等廠房相繼完成 其擴充產能及提升項目，本集團已準備就緒 進一步擴展業務。我們將善用這些市場的新 生產設施、增強銷售及市場推廣工作以把握 新商機。與此同時，我們將致力推動生產力 及採取審慎的價格政策以維持利潤。 Hong Kong 香港 • We will maximise the return on the new production capacity as well as expand our market presence with a deeper penetration into plastic bottled drinks segments. • 透過進一步進軍塑膠瓶裝飲品市場， 以增加新產能的回報及擴大市場佔有 率。 • We will continue to leverage our brand equity and creative promotion around consumption occasions to improve market share and consolidate market position. • 利用品牌優勢及創新的推廣活動，宣 傳在不同場合飲用維他奶產品，以增 加市場份額及鞏固市場地位。 Mainland China 中國內地 • Our new Foshan plant has provided impetus for growth. We will further penetrate the market by expanding our distribution channels and widening our territorial foothold. • 佛山新廠房提供了增長動力，我們將 拓展分銷渠道及擴大覆蓋地域，進一 步擴展市場。 • Our primary focus in Southern China is to expand the soymilk category while in Eastern China we will strive to reach a critical mass by strong brand building efforts. • 在華南地區，我們將主力擴展豆奶品 類市場，而在華東地區，我們會加強 品牌建立以達至關鍵性銷量。 Australia and New Zealand 澳洲及新西蘭 • The focus will be to lead the category growth with enhanced product range. • 將集中擴闊產品系列，務求帶領品類 市場增長。 • We are well positioned for further our market leadership following the completion of the Wodonga plant capacity expansion program. • 我們準備就緒，在烏東加廠房完成產 能擴充計劃後，可進一步提升市場領 導地位。 • We expect growth from VITAGO in the Liquid Breakfast • 預 期 VITAGO 於 流 質 早 餐 市 場 上 持 續 market. 增長。 32 Vitasoy International Holdings Ltd. Annual Report 2011/12 Group Chief Executive Officer’s Report 集團行政總裁報告 North America 北美洲 • We will focus on addressing the business challenges while • 專注處理經營上的挑戰，以及加強推 intensifying the drive on core products. 動核心產品。 • Leveraging our market leadership, we will develop new offerings and adopt innovative marketing communication initiatives to reach a broader array of consumers. • 利用市場上的領導優勢，開發新產品 種類，並以創新的市場推廣活動來吸 引不同層面的消費者。 Singapore 新加坡 • The operating environment remains difficult with a slowing economy and rising labour costs. • 經濟增長放緩及勞工成本上漲，營商 環境仍呈困難。 • We successfully adjusted our sales price in March 2012. It is expected that Unicurd will continue its growth momentum shown toward the fourth quarter of last year and focus on product innovation, sampling and sales execution. • 於 二 零 一 二 年 三 月 順 利 作 出 價 格 調 整。預期將持續去年第四季的增長動 力，並專注產品創新、產品試食及銷 售策略。 Conclusion 總結 The Group achieved strong results in FY2011/2012 despite the less than positive market environment, as well as the challenges of capacity expansion while continuing operations. This year is the culmination of two years of investment ensuring the ability for the Group to grow in the coming years. Management will now turn its attention to further building brand strength, quality of our products and profitable growth. Our ability to provide this solid performance was a result of constant focus to product quality, market leading innovation and excellent customer and consumer dedication by the Vitasoy teams in all our operations. I would like to thank and congratulate every Vitasoy employee and our management for their energy and support throughout the year, as well as the ongoing support from our Board of Directors. 雖然面對不太理想的市場環境，加上在持續 經營的同時亦面對產能擴充的問題，但本集 團於二零一一 ∕二零一二財政年度仍錄得良 好業績。經過兩年投資之後，集團已確保未 來持續增長。管理層將專注於進一步建立品 牌實力、提高產品質素及增加盈利能力。 我們能取得穩健的業績，有賴重視產品質 量，帶領市場創新，而各業務分部的維他奶 團隊竭誠為顧客及消費者提供優質服務。本 人謹此多謝所有維他奶員工及管理層於年內 付出的努力及支持，並同時對董事會的不斷 支持深表謝意。 Laurence P. EISENTRAGER Group Chief Executive Officer 21st June, 2012 黎信彥 集團行政總裁 二零一二年六月二十一日 維他奶國際集團有限公司 二零一一∕一二年年報 33 Corporate Responsibility Report 企業責任報告 1. Employees and Development Nurturing our People 1. 僱員及發展 培育人才 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 and managers, which can lead the Company to grow. During the year, to cope with business expansion and development, our total workforce increased 9.9%, mainly due to the new recruitment for the new Foshan plant. As at 31st March, 2012, the total number of full-time employees was 3,641. 我們的人力資源策略旨在聘用及保留 優秀人才以促進業務增長及發展。為 建立優秀的工作團隊，我們致力培訓 一群富潛質的領導及管理人才，從而 帶領本公司發展。年內，針對本集團 業務拓展，特別是新佛山廠房增聘人 手，僱員總人數增加了 9.9%。於二零 一二年三月三十一日，本集團的全職 僱員人數為 3,641。 Training and Development 培訓及發展 During the year, we designed and implemented training and development programs to foster the commitment and development of our employees in our various operations worldwide. The program focus ranged from developing technical skills to realise the employee’s growth potential. We launched a company-wide caring program to promote the physical and psychological wellbeing for our employees, and to help them maintain a good work-life balance. It also aimed to promote harmony and respect among teams such that everyone can deliver his/her best performance. During the year, nearly 1,300 training programs were conducted across the different operations with over 10,000 attendances. In Hong Kong, we continued a quality enhancement platform known as “WIN Planet” for employees at all levels in order to foster a corporate culture f o r c o n t i n u o u s i m p r o v e m e n t . O n e o f o u r w o r k improvement projects also received the “Creating Best Value” Award in an industry sharing platform – “Quality Improvement & Experience Sharing Convention 2011” where over 10 local organisations participated. This is a testimony to our commitment on promoting workplace improvement. 年內，我們為員工構思及落實一系列 培訓及發展計劃，培育本集團於全球 各地員工對工作的投入並助其個人的 發 展。 計 劃 集 中 於 發 展 技 術 性 的 技 能，以激勵員工發展潛能。我們亦在 全公司推行關愛行動，鼓勵員工促進 身心健康，作息平衡。關愛行動亦旨 在促進團隊和諧及彼此尊重，使每位 員工都可達致最佳表現。本年度，我 們於不同分部舉辦了接近 1,300 個培 訓課程，共有逾 10,000 人次參與。 我們在香港繼續為各階層員工推行一 項名為「智勝星系」的品質提升活動， 以培養不斷改進的企業文化。我們其 中一項工作提升計劃亦於「優質改善 經驗交流會 2011」上榮獲「創造最佳 價值獎（Creating Best Value）」，該交 流會共有逾十間本地機構參與，有關 獎項見證了我們對推動改善工作環境 的承諾。 34 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Responsibility Report 企業責任報告 Talent Management 人才管理 We continued our Talent Management Scheme and succession planning for high-quality managers to prepare them for future corporate development. In Hong Kong, we rolled out a management training program by which university graduates were recruited to undergo a three year on-the-job training activities. The first batch of graduates had completed their training and had been assigned to operational jobs and functions. 我們繼續推行管理層見習人員計劃， 及為培育優秀人才隊伍繼任管理層的 繼 任 計 劃， 為 未 來 企 業 發 展 作 好 準 備。香港方面，我們推出了管理層見 習人員計劃，聘請大學畢業生參與三 年在職培訓活動，而第一批畢業生已 完成培訓，並分派到不同職能的營運 崗位工作。 Promoting Safety and Health 促進安全及健康 It is our priority to provide and ensure a safe and healthy working environment for our employees. The Occupational Safety and Health Committees, which comprise senior management and technical staffs from various operations, are responsible for constantly reviewing and improving safety and work condition in the workplace. The committees carry out regular risk assessments at work sites, establishing policies and guidelines for safety and health improvement, taking corrective measures where necessary, and providing regular and intensive staff training on work safety and health. 我們致力為員工提供一個安全和健康 的工作環境。職業安全及健康委員會 由來自各業務分部的高層管理人員及 技術員工組成，專責持續檢討及改善 工作地點的安全及工作環境。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的政策及指引， 並於有需要時採取糾正行動。我們亦 定期為員工提供有關職業安全及健康 範疇的深入培訓。 2. Environmental Protection 2. 環境保護 For a few years, we have been reviewing our utility consumption in our production facilities. Since then, we have implemented a waste management scheme to record wastage levels. We have also launched a series of energy- saving and environmental care programs whereby we implemented measures on the conservation of water, electricity, fuel, and packaging materials at our plants. The high speed packaging and processing machines we purchased for the production capacity expansion programs in Hong Kong, Mainland China and Australia have higher energy efficiency. 多年來，我們一直檢討生產設施的能 源消耗，並已推行廢料管理計劃，以 記錄消耗水平。我們針對節能及環保 的計劃推出一系列措施，包括在各廠 房節約用水、電、燃料及包裝物料。 我們在香港、中國內地及澳洲為產能 擴展計劃所購買的快速包裝及加工機 器均有更高的能源效益。 維他奶國際集團有限公司 二零一一∕一二年年報 35 Corporate Responsibility Report 企業責任報告 Hong Kong In Hong Kong, we aimed at reducing the carbon footprint in our production line. Aseptic cold filling equipment is used in the new plastic bottled drinks packaging line so that we can use lighter PET bottles for environmental friendly purposes. We entered into a competition on “Fuel Save Challenge” organised by an international fuel company. Among 350 contestants from 55 local companies, we were one of the top three performers with our fleet saving up to 20% of fuel within 5 months. We also promoted energy saving culture in the workplace by setting up the “Energy Saving Unit” for light-saving in the offices. We also cultivated the awareness on environmental protection to school children by using reusable utensils when serving them lunch boxes. Mainland China In Mainland China, our plants in Shenzhen and Shanghai used natural gas-fired boilers. By using natural gas, it helped reduce the emission of nitric oxide and nitrogen dioxide. We also installed LED lighting, high-performing boilers, and enhanced central air-conditioning system to reduce energy consumption at our plants. In our new capital investment projects in Mainland China and Australia, we have incorporated a number of environmental care considerations and installed energy and waste-reduction facilities into the design and construction of these facilities. For example, “green” bricks and recyclable structural steel were used in the construction of the new Foshan plant in Southern China. The outside fence of the plant, as well as certain tables and chairs, are all made from high density recycled Tetra Pak packaging paper. 香港 香港方面，我們致力降低生產線的碳 足跡。新的塑膠瓶裝飲品生產線採用 無菌冷灌設備，以生產較輕的聚酯水 樽，更為環保。我們參加了一家國際 燃油公司所舉辦的「慳油挑戰賽」，本 公司的車隊在五個月內節省多達 20% 的燃油，表現出色，在 55 間本地公司 的 350 名參賽者中躋身三甲之列。我 們亦設立「節能小組」協助減省辦公室 的照明系統耗電量，從而在工作場所 推廣節能文化；我們的學童午膳餐盒 服務提供可循環再用的餐具，以培養 學生的環保意識。 中國內地 中國內地方面，我們在深圳及上海的 廠房使用天然氣鍋爐。使用天然氣有 助減低一氧化氮及二氧化氮的排放。 此 外， 我 們 亦 已 於 各 廠 房 裝 設 LED 照 明系統、高效鍋爐及改善中央空調系 統，以減低能源消耗。 中國內地及澳洲的廠房擴展項目在設 計及興建時，已考慮多項環保因素， 並裝設節省能源及減少廢料的設施。 例如，華南地區新佛山廠房的建設使 用了環保磚，而主廠房結構所使用的 鋼為一種可再生利用的資源。廠房的 圍欄及若干桌椅均採用循環再造的高 密度飲品包裝「利樂」紙製成。 36 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Responsibility Report 企業責任報告 Inside the Foshan plant, fibre-reinforced plastic is used for the plant ceilings to let in natural light; natural ventilation is used instead of mechanical ventilators to reduce electricity usage and double glazed glass windows are installed to reduce heat gain and heat loss. The waste water treatment facility is designed to reduce 40-50% per cubic meter of energy consumption and 60% per cubic meter of the sludge generated from the waste treatment. We also installed a cooling and hot water recovery system designed to reduce 100m3 of daily cooling water being wasted. A 30-ton okara (soya bean residue) tank was installed at the Foshan plant for farmers to collect the okara as animal feed for livestock or poultry. North America The US operation initiated the recovery of Okara treatment. Following their success, the Group planned to apply this project in other operations for both environmental and economic benefits. In the addition, about 75% of the coast to coast shipments within the US were delivered through rail carriers rather than trucks. Also, the completion of the compressed air energy conversion project helped take heat from the compressors and be re-used for warming the plant in the winter, thus reducing energy usage. 佛山廠房使用採光天花板以善用自然 光，並以自然通風代替機械通風，以 減少用電，同時裝設雙層玻璃窗，以 減少吸熱及熱能損耗。廢水處理設施 有 助 將 能 源 消 耗 每 立 方 米 減 少 40 至 50%，以及將廢料處理產生的沉澱物 每立方米減少 60%。我們亦安裝了製 冷及熱水回收系統，將每日消耗的冷 卻水減少 100 立方米。此外，佛山廠 房亦已安裝一個 30 噸豆渣（大豆殘渣） 槽，收集豆渣讓農民用作禽畜飼料。 北美洲 繼美國分部成功推行豆渣回收處理計 劃後，本集團打算將此計劃推廣至其 他分部，以促進環境及經濟效益。此 外，約有 75% 美國境內海岸之間的貨 物互運已使用鐵路付運，而非貨車運 送。與此同時，壓縮空氣的能量轉換 項目完成後，亦有助從壓縮機提取熱 能以循環再用，令廠房在冬季保持溫 暖，從而減少使用能源。 Australia 澳洲 In Australia, we have incorporated a number of energy and waste-reduction considerations into the design and construction for our Wodonga plant expansion program. 澳洲方面，烏東加廠房的擴展項目在 設計及興建時，已考慮節省能源及減 少廢料等因素。 維他奶國際集團有限公司 二零一一∕一二年年報 37 Corporate Responsibility Report 企業責任報告 3. Care for Our Consumers Promoting Health and Wellbeing 3. 關懷顧客 促進健康生活 Promoting consumer health and wellbeing is our number one priority and it is achieved through the manufacturing and distribution of a variety of high quality nutritious foods and beverages to our consumers worldwide. Last year, we introduced a range of low-sugar and nutritious products to the consumers. We also actively promoted healthy lifestyle and soy benefits in our major markets. In Vitaland, our subsidiary tuck shop business in Hong Kong, organised health talks and promoted healthy snacks to young consumers at schools. In Mainland China, we organised the 2nd Light-Yoga Party to promote a light and green lifestyle. In Australia, we launched a heart health campaign, an online healthy recipe collection and a Good Habit Apps for smartphones to promote healthy eating. In the US, the virtual campus “Tofu U” website launched in 2010 received great support from consumers and the operation launched an on-the-go guide “ALL Things Tofu Mobile Apps” to impart knowledge about tofu to consumers. 我們的首要使命，是透過為全球廣大 消費者提供多種營養豐富、優質味美 的飲品及食品，促進消費者健康，提 倡優質生活。 去年，我們推出一系列低糖及營養產 品，並在主要市場上積極推廣健康的生 活方式及宣傳大豆的益處。本公司在 香港經營小食部的附屬公司 — 維他天 地，在多間學校舉辦健康講座，並向年 輕的消費者推廣健康零食。中國內地方 面，我們舉辦了第二屆輕瑜珈派對，推 廣輕怡飲食文化及綠色生活習慣。而在 澳洲方面，我們推出了心臟保健活動， 及智能電話的網上健康食譜和良好習慣 應用程式（Good Habit Apps），推廣健 康飲食。美國方面，二零一零年推出名 為「Tofu U」的網上校園網頁廣受消費 者歡迎，我們於本年度再推出「豆腐百 科手機應用程式（ALL Things Tofu Mobile Apps）」的即時指南，向消費者介紹有 關豆腐的營養知識。 Focusing on Product and Service Quality 專注產品及服務質素 We give top priority to product quality. We commit ourselves to continuous improvement in product and service quality to meet our customers’ expectation. We have a stringent quality management system to ensure the quality of raw materials purchased and the finished products sold all meet our internal requirements as well as international standards. All of our plants have the Hazard Analysis and Critical Control Points (HACCP) accreditation. Customer service hotline manned by well-trained customer service representatives is put in place in all of our business operations. 我們將產品品質放在首位，並致力不 斷提升產品及服務質素，迎合客戶的 期望。此外，我們亦設有嚴格的品質 管理體系，以確保所購買的原材料及 所出售成品的品質全部符合內部規格 及 國 際 標 準。 我 們 的 所 有 廠 房 均 已 取 得 食 物 安 全 重 點 控 制（HACCP）認 證。而所有業務分部均設有客戶服務 熱線，由訓練有素的客戶服務代表接 聽。 38 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Responsibility Report 企業責任報告 4. Community Involvement 4. 社區參與 The Group is committed to supporting the community where it operates in key areas such as education, health and culture. Last year, we made donations to the Hong Kong Community Chest and sponsored various large- scale charity events such as the 30-Hour Famine and Hong Kong International Dragon Boat Carnival. Over 4,000 packs of VITASOY soymilk products were given to candidates who sat for the first public examination under the new Hong Kong Diploma of Secondary Education (HKDSE) to show our support to them. Our employees once again participated in Walk Up Jardine House and Oxfam Trail Walker 2011 to help raise fund for the needy. The Mainland China operation donated educational materials and stationery to primary schools in Guangzhou and Shanghai on Children’s Day. We proactively promoted a “Healthier People for a Healthier Community” through sponsoring a number of community activities in the Albury- Wodonga area in Australia. In the US, we donated our tofu products to Boston Food Bank and Whole Planet Foundation to alleviate poverty in third world countries. 本 集 團 在 其 業 務 所 在 社 區 致 力 於 教 育、健康及文化等重點範疇上作出貢 獻。去年，我們向香港公益金捐款， 同 時 贊 助「 饑 饉 三 十」及「 香 港 國 際 龍舟嘉年華」等多項大型慈善活動。 我們亦為新香港中學文憑考試的第一 屆 公 開 試 考 生 送 上 超 過 4,000 盒 維 他 奶 豆 奶 產 品， 以 示 對 他 們 的 鼓 勵 和 支 持。 此 外， 我 們 的 員 工 亦 再 次 參 與「 齊 步 上 怡 廈」及「 樂 施 毅 行 者 2011」，為有需要人士籌款。中國內 地業務於兒童節捐贈教材及文具予廣 州及上海的小學生。與此同時，我們 在澳洲奧伯里—烏東加區贊助多個社 區活動，積極推廣「更健康居民；更 健康社區」的理念。美國方面，我們 向 波 士 頓 食 物 銀 行 及 Whole Planet Foundation 捐 贈 豆 腐 產 品， 以 協 助 舒 緩第三世界國家的貧窮問題。 維他奶國際集團有限公司 二零一一∕一二年年報 39 Awards and Recognitions 嘉許及表揚 Major Awards of Vitasoy International Holdings Limited from 1st April, 2011 to the Date of this Annual Report 維他奶國際集團有限公司於二零一一年四月一日至本年報日期止所獲 主要獎項 CORPORATE 企業 Vitasoy International Vitasoy Group’s 2010/2011 annual report won “Gold Award” in the “Annual Reports – Corporate – Traditional” category in the 2011 Astrid Awards. 維他奶集團 2010/2011 年報設計獲 2011 年美國 Astrid Awards 中「年報 – 企業 – 傳統類別」之金獎。 Vitasoy International Holdings Limited received TVB Weekly’s “Outstanding Corporate Image Award 2011” in Hong Kong. 維他奶國際集團有限公司於香港獲《TVB 週刊》「傑出企業形象大獎 2011」獎項。 Vitasoy International Holdings Limited was recognised as “Caring Company” in the Consumer Caring Scheme 2011 organised by GS1 Hong Kong. 維他奶國際集團有限公司獲香港貨品編碼協會嘉許為年度「貼心企業」。 Shenzhen Vitasoy Shenzhen Vitasoy (Guang Ming) Foods and Beverages Company Limited was awarded “Marketing Activities Award” and “Brand Value Award” in the 2nd China Beverage “Bev- Model” Competition. 深圳維他 ( 光明 ) 食品飲料有限公司獲得第二屆中國飲料行業 “Bev-Model”市場活動 獎及價值品牌獎。 40 Vitasoy International Holdings Ltd. Annual Report 2011/12 Awards and Recognitions 嘉許及表揚 Singapore Unicurd The Group’s wholly-owned subsidiary Unicurd Food Co. (Private) Limited was awarded the Food Safety Excellence Awards “A” Grading from Singapore’s Agri-Food & Veterinary Authority for fifteenth consecutive years. 維他奶全資附屬公司統一食品有限公司連續十五年獲得新加坡農業食品暨獸醫局頒 發食物安全卓越大獎。 CORPORATE SOCIAL RESPONSIBILITY 社會企業責任 Vitasoy International Holdings Limited was awarded the “Honorable Award in the Fundraising – Public Category” and the Champion in the Business Associate Men’s Section of Walk Up Jardine House. 維他奶國際集團有限公司於籌款活動「齊步上怡廈」中奪得「慈善籌款榮譽大獎 － 公開組」及「商業夥伴男子組」冠軍。 Vitasoy International Holdings Limited received the Caring Company Logo from the Hong Kong Council of Social Services for the eighth times. 維他奶國際集團有限公司第八年獲香港社會服務聯會頒發「商界展關懷」標誌。 Vitasoy International Holdings Limited received the “Prime CSR Award 2012” from Metro Publication. 維他奶國際集團有限公司獲《都市盛世》頒發「CSR 優秀社責大獎」。 Vitasoy International Holdings Limited was awarded the “Corporate Social Responsibility Awards 2012” from Capital Magazine and Capital Weekly for the third consecutive years. 維他奶國際集團有限公司連續第三年獲《資本雜誌》及《資本一週》頒發「社會企業 責任大獎」獎項。 Vitasoy International Holdings Limited received the “Prime Awards for Eco-Business Award 2012” from Metro Publication. 維他奶國際集團有限公司獲《都市盛世》頒發「環保企業獎」。 維他奶國際集團有限公司 二零一一∕一二年年報 41 Awards and Recognitions 嘉許及表揚 BRAND 品牌 VITASOY VITASOY received “Yahoo! Emotive Brand Awards” for the ninth consecutive years in Hong Kong. 維他奶連續九年獲香港「Yahoo! 感情品牌大獎」。 VITASOY’s Usage Campaign (2nd wave) was awarded Gold Award of Kam Fan Awards in “Craft – Design / Art Direction” and “Crafts – Illustration” categories by HK4As. 維他奶「幾時都好 ~ 飲維他奶」廣告獲香港廣告商會頒發「工藝類 — 設計 ∕美術」 及「工藝類 — 插圖」金帆廣告大獎。 VITASOY has achieved outstanding sales performance in past year and has won “Top Brands Category Award” from 7-Eleven. 維他奶於去年達到傑出的銷售表現並榮獲 7-11 便利店頒發「銷售傑出表現大獎 – 飲 品類」。 VITASOY’s Usage Campaign received the “Best Branding Award” in MARKies Awards 2012 by Marketing Magazine. 維他奶「幾時都好 ~ 飲維他奶」廣告於《Marketing》雜誌舉辦的 2012 MARKies 獎項 活動中獲得「最佳品牌設計大獎」。 VITASOY China was awarded one of the “2006-2011 Classic Beverages” from China (Shanghai) Beverages and Instant Drinks Carnival Committee, Shanghai Beverages Association, Shanghai Yangpu Commercial Association and Shanghai Evening Post. 維他奶中國獲 CBIC 中國 ( 上海 ) 飲品冷飲嘉年華組委會、上海市飲料協會、上海楊浦 商業聯合會及《新聞晚報》，聯合頒發「2006 – 2011 經典飲品大獎」。 42 Vitasoy International Holdings Ltd. Annual Report 2011/12 Awards and Recognitions 嘉許及表揚 VITASOY China was on the list of Shenzhen Daily’s “Best Low Carbon Beverages” and rated as the best beverages by Shenzhen consumers. 維他奶中國榮登《深圳晚報》深圳食品飲料消費人氣王榜單，榮獲「深圳最佳綠色低 碳飲品」。 VITASOY China was voted as one of “The Favourite Drinks of Million Car Owners in Shenzhen” organised by Shenzhen Commercial Daily. 維他奶中國當選由《深圳商報》主辦的「2011 深圳百萬車友喜愛的飲料品牌」。 Vitasoy China was awarded “The Shenzhen Citizen’s Trusted Brand 2011” organised by Shenzhen Evening Post. 維他奶中國獲頌發由《深圳晚報》主辦的「2011 年深圳市民最信任的飲品品牌」。 Vitasoy China was voted as “Shenzhen Citizen’s Favourite Morning Milk Brand” organised by Jing Daily. 維他奶中國當選由《晶報》主辦的「2011 年食品飲料年貨口碑榜之深圳市民最喜愛 的早餐奶品牌」。 VITA VITA Lemon Tea won the “TOUCH Brand” Award from East Touch Magazine. 維他檸檬茶獲《東 Touch 週刊》頒發「TOUCH 品牌」獎項。 VITA Lemon Tea was awarded the “FACE Brand” from Face Magazine. 維他檸檬茶獲《Face 週刊》頒發「FACE 品牌」獎項。 維他奶國際集團有限公司 二零一一∕一二年年報 43 Awards and Recognitions 嘉許及表揚 VITA brand won the “Reader’s Digest Trusted Brands Gold Award” for the juice category in Hong Kong. 維他品牌榮獲「讀者文摘信譽品牌金獎」 — 香港區果汁飲品類別。 SAN SUI SAN SUI was awarded “Top Favourite Brand” organised by 7-Eleven for the second consecutive years. 山水連續兩年獲選為 7-11 最喜愛便利品牌。 NASOYA NASOYA “Wrappy Hour” was awarded “The Best Web-based Trial Recruitment Campaign” in the Interactive Marketing Awards 2011. NASOYA 「包裝時刻」在互動市場推廣大獎 2011 中榮獲 「最佳網上試食招募活動」獎項。 NASOYA “Super Hummus Radio Advertisement” was awarded the “Addy Winner, National Radio 2011” organised by American Advertising Federation. NASOYA 「Super Hummus 電台廣告」榮獲美國廣告聯盟「愛迪獎 – 全國電台 2011」大獎。 NASOYA Black Soybean TofuPlus was awarded one of the top five new products at Expo West. NASOYA Black Soybean TofuPlus 榮登美國超級市場Expo West 五大最暢銷新產品。 44 Vitasoy International Holdings Ltd. Annual Report 2011/12 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. The Company has, throughout the year ended 31st March, 2012, complied with the code provisions set out in the Corporate Governance Code (“CG Code”) contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). On 28th October, 2011, The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) published conclusions to its 2010 Consultation Paper on Review of the Code on Corporate Governance Practices (“New CG Code”) and Associated Listing Rules. Every listed issuer should formulate a corporate governance framework based on its own individual circumstances. The listed issuer is also required to disclose in its interim or annual report covering a period after 1st April, 2012 whether it has, for that period, complied with the code provisions in the New CG Code as well as those of the former CG Code. As part of our continuous commitment to high standards of corporate governance, we have undertaken all the necessary steps to adopt and comply with the code provisions and most of the recommended best practices set out in the New CG Code before 1st April, 2012. 本集團堅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 投資者及其他利益相關人士之利益與期望。 本公司於截至二零一二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」）附錄十四所載之企業 管治守則中之守則條文。 香 港 聯 合 交 易 所 有 限 公 司（「 聯 交 所」）於 二零一一年十月二十八日公佈其二零一零 年有關檢討企業管治常規守則（「新企業管 治守則」）及相關上市規則的諮詢文件之結 論。每名上市發行人應該根據其自身之個別 情況制定企業管治架構。上市發行人亦須於 其涵蓋二零一二年四月一日後期間之中期或 年度報告中，披露彼於該期間有否遵守新企 業管治守則及前企業管治守則之守則條文。 為持續貫徹本集團對企業管治保持高標準之 承諾，我們已經採取一切必要步驟，於二零 一二年四月一日前採納和遵守載於新企業管 治守則之守則條文及大部分建議最佳常規。 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，並 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 理委託本公司之執行董事及高層管理人員負 責。 維他奶國際集團有限公司 二零一一∕一二年年報 45 Corporate Governance Report 企業管治報告 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 2014/2015 in February of 2012. 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 Strategic Dialogue was also held in October of 2011, during which Directors had actively participated into the deliberation for more focused strategic development areas of the Company. 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，並 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， 董事會亦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 一二年二月採納截至二零一四╱二零一五財 政年度止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。本集團亦於二零一一年十月 舉行策略對話，各董事積極參與，並詳細討 論本公司之重點策略發展方向。 董事會已採納一份明確之事項表，列載須待 董事會作出決定之事項。除策略計劃外，涉 及財務及股東權益等重要事宜均須經董事會 審批，例如包括年度預算、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 會之建議委任董事等。 Board Composition 董事會組成 The Board currently comprises six Non-executive Directors and two 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. In addition, a list containing the names of the Directors and their roles and functions is published on the websites of the Stock Exchange and the Company at www.vitasoy.com. Directors, including the Independent Non- executive Directors and 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兩位執行董事 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。此外，載 列董事姓名及彼等之角色及職能之列表已刊 登於聯交所及本公司 www.vitasoy.com 之網 站。董事們（包括獨立非執行董事及非執行 董事）均擁有廣泛而寶貴之業務經驗、知識 及專業精神，故董事會得以有效率及高效地 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為 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。 46 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Governance Report 企業管治報告 Changes in information of members of the Board and Board Committee during the year ended 31st March, 2012 and up to the date of this Annual Report are set out below: 於截至二零一二年三月三十一日止年度及直 至本年報日期止之董事會及董事委員會成員 的資料變動載列如下： Mr. Winston Yau-lai LO ceased to be the member of Cornell University Council on 30th June, 2011 and was appointed a life member of Cornell University Council on 1st June, 2012. 羅友禮先生於二零一一年六月三十日起不再 擔任康乃爾大學校董會成員，並於二零一二 年六月一日獲委任為康乃爾大學校董會終身 校董。 Dr. the Hon. Sir David Kwok-po LI resigned as a Director of COSCO Pacific Limited. 李國寶爵士辭任中遠太平洋有限公司董事一 職。 Mr. Iain F. BRUCE is a Director of China Medical Technologies, Inc. which was delisted on 28th February, 2012 布魯士先生為中國醫療技術公司之董事，該 公司於二零一二年二月二十八日除牌。 Mr. Eric Fat YU retired as an Executive Director and a member of the Executive Committee of the Company with effect from 1st April, 2012. 余發先生自二零一二年四月一日起，退任本 公司執行董事及執行委員會成員。 Executive Chairman and Group Chief Executive Officer The roles of the Executive Chairman and Group 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. With the support from the Executive Directors and the Company Secretary, the Executive Chairman seeks to ensure that all Directors are properly informed of issues arising at Board meetings and provided with adequate and accurate information in a timely manner. The Executive Chairman promotes a culture of openness and encourages Directors to make a full and active contribution to the Board’s affairs so as to contribute to the Board’s functions and encourages Directors with different views to voice their opinions. The Board, under the leadership of Mr. Winston Yau-lai LO, has adopted good corporate governance practices and procedures and taken appropriate steps to provide effective communication with shareholders and other stakeholders. Mr. Laurence P. EISENTRAGER, the Group Chief Executive Officer, is responsible for overall strategic planning, business development and general management of the Group’s operations. He maintains an ongoing dialogue with the Executive Chairman and all Directors and to keep them posted of the Company’s performance, position and prospects by providing to Directors a monthly management update within a month of each month-end. 執行主席及集團行政總裁 本公司之執行主席及集團行政總裁之角色已 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。 在執行董事及公司秘書協助下，執行主席將 確保全體董事均適當地被知會在董事會會議 上提出之事項，並適時獲提供足夠及準確之 資料。執行主席提倡公開的文化，鼓勵董事 全面及積極地參與董事會之事務，對董事會 之職能作出貢獻，同時鼓勵持不同見解之董 事表達意見。董事會在羅友禮先生之領導 下，已採納良好之企業管治常規及程序，並 採取適當措施與股東及其他利益相關人士保 持有效溝通。 集團行政總裁黎信彥先生負責本集團各分部 之整體策略規劃、業務發展及日常管理。 彼與執行主席及全體董事持續保持溝通，並 於每月結束後一個月內向董事提供該月之每 月管理層資料更新，讓董事了解本公司之表 現、狀況及前景。 Board Proceedings 董事會程序 The Board met five times in fiscal year of 2011/2012 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. 董事會於二零一一╱二零一二財政年度內共 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，並審批本集團之全年預算。 維他奶國際集團有限公司 二零一一∕一二年年報 47 Corporate Governance Report 企業管治報告 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有關本公司之 所有相關資料。本公司已有既定程序讓董事 為履行職責及責任（倘適宜）而諮詢獨立專 業意見，費用由本公司支付。 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 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 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 Executive Directors Mr. Winston Yau-lai LO (Chairman) Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU (retired on 1st April, 2012) 執行董事 羅友禮先生（主席） 黎信彥先生 余發先生（於二零一二年四月一日退任） Attendance 出席率 5/5 4/5 5/5 5/5 5/5 4/5 5/5 5/5 5/5 Appointment, Re-election and Removal of Directors 董事之委任、重選及罷免 T h e a p p o i n t m e n t o f a n e w D i r e c t o r i s m a d e o n t h e recommendation by the Remuneration and Nomination Committee of the Company or by shareholders in a general meeting. Shareholders may propose a candidate for election as Director in accordance with the Articles of Association of the Company and the Director Nomination Policy. The nomination procedures by shareholders are published on the website of the Company. Any Director who is appointed by the Board shall retire at the next General Meeting. Under the letter of appointment of Non-executive Director, all the Non-executive Directors (including Independent Non-executive Directors) of the Company are appointed for a specific term of not more than three years subject to re-election. Pursuant to 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. 本公司乃根據本公司薪酬及提名委員會之建 議或通過股東大會由股東委任新董事。股東 可根據本公司章程細則及董事提名政策提名 候選人出選董事。股東之提名程序在本公司 之網站上刊載。凡董事會委任之董事均須於 下一屆股東大會上告退。 根據非執行董事之委任函，本公司全體非執 行董事（包括獨立非執行董事）之特定任期 不得超過三年，並須予重選。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 會上告退。 48 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Governance Report 企業管治報告 Induction programs are arranged for the newly appointed Directors on the general business of the Company. On appointment, new Directors will also be given an induction program 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. Directors are provided with “A Guide on Directors’ Duties” issued by the Companies Registry and “Guidelines for Directors” issued by Hong Kong Institute of Directors as guidelines on the general principles of duties of directors. The Company also arranges continuous professional development program to Directors at the expense of the Company so as to assist Directors to be apprised of the latest changes in the commercial, legal and regulatory environment in which the Company conducts its business. The training and development program would also help refresh Directors’ knowledge and skills in relation to their performance of the roles, functions and duties of the directors of a listed company. 本公司為新委任董事安排就任須知，介紹本 公司之業務概況。新任董事獲委任後亦會 獲發一份就任須知資料，以便彼等了解董事 在不同規管要求及董事會程序（包括不同董 事委員會之職權範圍）下之責任及職責。此 外，董事亦獲提供公司註冊處刊發之「董事 責任指引」及香港董事學會刊發之「董事指 引」，作為對董事責任一般原則之指引。而 本公司亦為董事安排持續專業發展課程，以 協助董事了解本公司業務所在地之商業、法 律及規管狀況之最新發展，有關費用由本公 司支付。培訓及發展課程亦有助更新董事對 有關上市公司董事之角色、職能及責任之知 識及技能。 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 2011/2012 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 and Corporate Governance Committee (formerly known as “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 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, 2012. 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 一一╱二零一二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 則及政策先由審核及企業管治委員會（前稱 「審核委員會」）經周詳討論後批准，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二零一二年三月 三十一日止年度一直遵守守則載列之規定標 準。 維他奶國際集團有限公司 二零一一∕一二年年報 49 Corporate Governance Report 企業管治報告 Evaluation of Board and Executive Chairman The Board believes that evaluation of Board and Executive Chairman is an essential requirement of good corporate governance and has earlier adopted the Recommended Best Practice of regular Board Evaluation under the New CG Code. The objective of the evaluation is to assess whether the Board and Executive Chairman have adequately and effectively performed its/his roles and fulfilled its/his responsibilities and to recommend areas for improvement. Such evaluation is usually done once a year. During the year, a formal evaluation of Board and Executive Chairman was made. All Directors had actively participated into the whole evaluation process. The evaluation results demonstrated that the Board performed well with a good structure, composition, and mix of Directors’ knowledge and experience to deliver the Company’s objectives. The Executive Chairman has adequately and effectively performed his roles and fulfilled his responsibilities with particular strong leadership. No major areas of concern were revealed in the evaluation. However, valuable recommendations had been proposed by individual Director for continuous improvement. 董事會及執行主席之評核 董事會相信，對董事會及執行主席進行評 核，乃良好企業管治之重要要求，並已提早 採納新企業管治守則中定期為董事會評核之 建議最佳常規。評核之目的為評核董事會及 執行主席有否充分及有效地執行其角色並履 行其責任，並建議需要改善之地方。有關評 核一般每年進行一次。 年內，本公司已就董事會及執行主席作出一 次正式評核。全體董事均積極參與整個評核 過程。評核結果顯示，董事會表現良好，具 備良好之架構及組成，而董事亦擁有不同範 疇的知識及經驗去實現公司之目標。執行主 席尤其具備強而有力的領導才能，充分及有 效地執行其角色及履行其責任。評核結果並 無發現任何須予關注之重要地方。然而，個 別董事已就持續改善提出寶貴建議。 Board Committees 董事委員會 The Board has established a Remuneration and Nomination Committee, an Audit and Corporate Governance Committee and an Executive Committee with specific terms of reference. 董事會轄下已成立薪酬及提名委員會、審核 及企業管治委員會及執行委員會，各有特定 之職權範圍。 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 Remuneration and Nomination 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，薪酬 及提名委員會之成員包括四位獨立非執行董 事及兩位非執行董事，其現時之成員為： 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 50 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Governance Report 企業管治報告 The Remuneration and Nomination Committee was set up with specific terms of reference which have been revised with reference to the New CG Code and formally adopted by the Board on 9th February, 2012. Terms of reference of the Remuneration and Nomination Committee are published on the websites of the Stock Exchange and the Company. The Remuneration and Nomination Committee is mainly responsible 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 Remuneration and Nomination Committee also reviews the structure, size and composition (including the skills, knowledge and experience) of the Board at least annually and recommends to the Board on appointments of Directors. 薪酬及提名委員會於成立時具有特定之職權 範圍，已根據新企業管治守則作出修訂，並 於二零一二年二月九日獲董事會正式採納。 薪酬及提名委員會之職權範圍已於聯交所及 本公司之網站上刊載。 薪酬及提名委員會主要負責審批本集團執行 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。薪酬 及提名委員會亦會最少每年檢討董事會之架 構、規模及組成（包括董事之技能、知識及 經驗），並就董事之委任向董事會提出建議。 The Remuneration and Nomination Committee met twice in fiscal year of 2011/2012. Individual attendance of each Committee member at these meetings is as follows: 薪酬及提名委員會於二零一一╱二零一二財 政年度內共開會兩次。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 (Chairman) Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG 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 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 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 2/2 2/2 2/2 2/2 2/2 1/2 2/2 2/2 Report of the Remuneration and Nomination Committee 薪酬及提名委員會報告 The Remuneration and Nomination 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 Remuneration and Nomination 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. 薪酬及提名委員會已審議、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。薪酬及提名委員會亦根據獨立顧問建議 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。 維他奶國際集團有限公司 二零一一∕一二年年報 51 Corporate Governance Report 企業管治報告 The Remuneration and Nomination Committee had reviewed the structure, size and composition (including the mix of skills, knowledge, professional qualification and experience of the Directors) of the Board and considered that the existing structure, size, composition are sufficient to complement the Company’s objectives. The Remuneration and Nomination Committee also assessed and confirmed the independence of the Independent Non-executive Directors according to the criteria set out in Rule 3.13 of the Listing Rules. 薪酬及提名委員會已檢討董事會之架構、規 模及組成（包括董事不同之技能、知識、專 業資格及經驗），並認為現時之架構、規模 及組成足以配合本公司之目標。薪酬及提名 委員會亦根據上市規則第 3.13 條所載之準 則評估並確認獨立非執行董事之獨立性。 Audit and Corporate Governance Committee 審核及企業管治委員會 The Audit Committee was established in 1999 and was renamed as “Audit and Corporate Governance Committee” on 9th February, 2012 with increased scope of corporate governance duties set out in D.3.1 of the New CG Code. The Board has delegated the corporate governance responsibilities to the Audit and Corporate Governance Committee. Its current members include four Independent Non-executive Directors, who are: 審核委員會於一九九九年成立，於二零一二 年 二 月 九 日 改 名 為「 審 核 及 企 業 管 治 委 員 會」，並根據新企業管治守則 D.3.1 條所載 增加企業管治之職責範圍。董事會已授予審 核及企業管治委員會企業管治之職責。現時 之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 The terms of reference have been revised with reference to the New CG Code and have been formally adopted by the Board on 9th February, 2012. Terms of reference of the Audit and Corporate Governance Committee are published on the websites of Stock Exchange and the Company. The Audit and Corporate Governance Committee is mainly responsible for making recommendations to the Board on the appointment, reappointment and removal of the External Auditors and their audit fees; meeting with the External Auditors to discuss the nature and scope of the audit; reviewing the interim financial report and annual financial statements before they are submitted to the Board; discussing problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and reviewing the External Auditors’ management letter and management’s response; reviewing the internal audit programs and to ensure co-ordination between the Internal and External Auditors, and ensuring that the internal audit function is adequately resourced and has appropriate standing within the Group; conducting an annual review of the adequacy of staffing of the financial reporting functions; reviewing arrangements the employees of the Company can use, in confidence, to raise concerns about the possible improprieties in financial reporting, internal control or other matters; ensuring proper arrangements are in place for fair and independent investigation of those matters and for appropriate follow up action; and acting as the key representative body for overseeing the Company’s relations with the External Auditors. 布魯士先生（主席） 李國寶爵士 Jan P. S. ERLUND 先生 張建標先生 職權範圍已參照新企業管治守則作出修訂， 並於二零一二年二月九日獲董事會正式採 納。審核及企業管治委員會之職權範圍已刊 登於聯交所及本公司之網站。 審核及企業管治委員會主要負責就外聘核數 師之委任、重新委任及罷免、以及核數師酬 金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；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，以及審閱外聘核數師之審核情況 說明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，以及確保內部稽核職能在本集團內備有 足夠資源及地位；對財務匯報職能方面之員 工資歷是否足夠進行年度檢討；檢討本公司 僱員可在保密情況下對財務報告、內部監控 或其他事項之可能不正當行為提出關注之安 排；確保有適當安排對該等事宜作出公平獨 立之調查及採取適當之跟進行動；並作為監 察本公司與外聘核數師之關係之主要代表。 52 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Governance Report 企業管治報告 The Board discharges the corporate governance responsibilities through delegation to the Audit and Corporate Governance Committee the responsibilities of developing and reviewing the Company’s policies and practices on corporate governance and making recommendations to the Board; reviewing and monitoring the training and continuous professional development of Directors and Senior Management; reviewing and monitoring the Company’s policies and practices on compliance with legal and regulatory requirements; developing, reviewing and monitoring the code of conduct and compliance manual applicable to Directors and employees; and reviewing the Company’s compliance with the New CG Code and disclosure in the Corporate Governance Report. 董事會透過委派審核及企業管治委員會履行 企業管治之職責，包括制定及檢討本公司 之企業管治政策及常規，並向董事會提出建 議；檢討及監察董事及高級管理人員之培訓 及持續專業發展；檢討及監察本公司在遵守 法律及監管規定方面之政策及常規；制定、 檢討及監察適用於董事及僱員之行為守則及 合規手冊；以及檢討本公司對新企業管治守 則之遵守情況及在企業管治報告內之披露。 The Audit and Corporate Governance Committee met three times in fiscal year of 2011/2012. Individual attendance of each Committee member at these meetings is as follows: 審核及企業管治委員會於二零一一╱二零 一二財政年度內共開會三次。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 (Chairman) Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG 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 Group Internal Audit Director Mr. Eric Wai-hon KAN External Auditors KPMG 獨立非執行董事 布魯士先生（主席） 李國寶爵士 Jan P. S. ERLUND 先生 張建標先生 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 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 2/3 3/3 3/3 3/3 3/3 3/3 3/3 3/3 3/3 Report of the Audit and Corporate Governance Committee 審核及企業管治委員會報告 The Audit and Corporate Governance Committee has reviewed the revised accounting standards, the 2011/2012 interim financial report and annual financial statements with management and the Company’s External Auditors, and recommended their adoption by the Board. The Audit and Corporate Governance 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 2012/2013 audit plan. 審核及企業管治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 一一╱二零一二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。審核及 企業管治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，並已批准二零一二╱二零一三 年度之稽核方案。 維他奶國際集團有限公司 二零一一∕一二年年報 53 Corporate Governance Report 企業管治報告 The Audit and Corporate Governance 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 and Corporate Governance Committee has also reviewed and considered the terms of engagement of the External Auditors, including assessing their independence and objectivity. The Audit and Corporate Governance Committee reviewed and approved/ preapproved the audit and non-audit services provided by the External Auditors, together with their respective fees. In addition, the Audit and Corporate Governance 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 Audit and Corporate Governance Committee is summarised as follows: 審核及企業管治委員會於審核工作開始前， 已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。審核及企業管治委員會 亦已審閱及考慮外聘核數師之委聘條件，包 括評估其獨立性及客觀性。審核及企業管治 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。 此外，審核及企業管治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。審核及企業管治委員會所進 行之審閱概述如下： • • • The Group’s accounting and financial reporting function 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. • 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。 The Group Senior Director, Finance and Administration, 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. • 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。 To ensure the proper running of the Group’s accounting 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. • 為確保本集團之會計及財務匯報職能 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。 • To review and make recommendation to the Board for formal approval of the Group’s Whistleblowing Policy. • 審閱並向董事會提出建議，以正式批 准本集團之舉報政策。 The Group’s Whistleblowing Policy was adopted by the Board on 27th March, 2012. With the introduction of the Group’s Whistleblowing Policy, employees are provided with a more consistent reporting channel and guidance to report any serious misconduct or malpractice internally. The Audit and Corporate Governance Committee has been delegated with the overall responsibility for monitoring and reviewing the effectiveness of the Whistleblowing Policy. The Audit and Corporate Governance Committee reviews regularly the corporate governance structure and practices within the Company and monitors compliance fulfillment on an ongoing basis. 本集團之舉報政策於二零一二年三月二十七 日獲董事會採納。本集團透過採用舉報政 策，為僱員提供一個更為一致之報告渠道及 指引，以在內部舉報任何嚴重之失當或不良 行為。審核及企業管治委員會獲委派全權負 責監察及檢討舉報政策之成效。 審核及企業管治委員會定期檢討本公司之企 業管治架構及常規，並持續監察遵守情況。 54 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Governance Report 企業管治報告 Executive Committee 執行委員會 The Executive Committee was established in 2001. Its current members include two Executive Directors and two Group Senior Directors, who are: 執行委員會於二零零一年成立。現時之成員 包括兩位執行董事及兩位集團高級總監，分 別為： Executive Directors Mr. Winston Yau-lai LO (Chairman) Mr. Laurence P. EISENTRAGER Group Senior Directors Ms. Kitty Kit-yi FUNG – Finance and Administration Ms. Rosemary Pik-ling LI – Human Resources 執行董事 羅友禮先生（主席） 黎信彥先生 集團高級總監 馮潔儀女士 – 財務及行政 李碧齡女士 – 人力資源 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，直接隸屬董 事會，負責處理本集團部份營運事宜。 Company Secretary 公司秘書 The Company Secretary is an employee of the Company and is appointed by the Board. The Company Secretary is responsible for facilitating the procedures/activities of the Board and the Board Committees and good communication flow among the Board members, shareholders and Senior Management. The appointment and removal of the Company Secretary is subject to Board approval. The Company Secretary reports to both the Executive Chairman and the Group Chief Executive Officer. The Company Secretary is accountable to the Board for matters relating to Directors’ duties, such as by giving advice on corporate governance developments and facilitating the professional development program and induction program of Directors. All members of the Board have access to the advice and service of the Company Secretary. 公司秘書為本公司之僱員，並由董事會委 任。公司秘書負責協助董事會及董事委員會 之程序 / 活動，以及維繫董事會成員、股東 及高層管理人員之間之良好溝通。 公司秘書之委任及罷免須經董事會批准。公 司秘書向執行主席及集團行政總裁匯報，並 就有關董事職責之事宜向董事會負責，例如 就企業管治發展給予意見以及協助處理董事 之專業發展課程及就任須知。董事會全體成 員均可獲公司秘書提供意見及服務。 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。 維他奶國際集團有限公司 二零一一∕一二年年報 55 Corporate Governance Report 企業管治報告 Directors, through the Audit and Corporate Governance 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. 董事透過審核及企業管治委員會每年審閱本 集團內部監控系統之成效。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。 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 and Corporate Governance 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 and Corporate Governance 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及企業管治委 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及企業管治委員會匯 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$4.2 million (2010/2011: HK$4.1 million) was charged for fiscal year of 2011/2012 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$0.7 million (2010/2011: HK$0.9 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，其為 本公司及其附屬公司所提供之二零一一╱二 零一二財政年度法定審核服務之費用為港幣 4,200,000 元（二零一零╱二零一一年：港 幣 4,100,000 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 700,000 元（二零一零 ╱二零一一年：港幣 900,000 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 2011/2012 financial statements are set out in the section of “Independent Auditor’s Report” on pages 77 and 78. 外聘核數師就二零一一╱二零一二年財務報 表所負之責任列載於第 77 及 78 頁之「獨立 核數師報告」一節。 56 Vitasoy International Holdings Ltd. Annual Report 2011/12 Corporate Governance Report 企業管治報告 Shareholders’ Rights 股東權利 Shareholders are encouraged to attend all general meetings of the Company. Pursuant to the Hong Kong Companies Ordinance and the Company’s Articles of Association, shareholder(s) holding not less than one-twentieth of the issued share capital of the Company may call for an extraordinary general meeting and put forward agenda items by sending a written request to the Company Secretary at the Company’s registered office. Shareholders representing not less than one-fortieth of the total voting rights of all shareholders or of not less than 50 in number holding shares in the Company on which there has been paid up to an average sum of not less than HK$2,000 per shareholder, may put forward proposal for consideration at a general meeting of the Company by sending a written request to the Company Secretary at the Company’s registered office. Under Article 107 of the Articles of Association of the Company, if a shareholder wishes to propose a person other than a retiring Director for election as a Director at a general meeting, the shareholder should deposit a written notice of nomination which shall be given to the Company within the 7-day period commencing the day after the despatch of the notice of the meeting (or such other period as may be determined and announced by the Directors from time to time) and in no event ending no later than seven days prior to the date appointed for such meeting. The procedures for shareholders to propose a person for election as a director are also posted on the Company’s website. Communications with Shareholders and Investors 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. On 9th February, 2012, the Board has adopted a formal Shareholders Communication Policy to ensure that shareholders are provided with ready, equal and timely access to the Company’s information. The Shareholders Communication policy is posted on the Company’s website. We maintain a corporate 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 policies and practices, and other relevant shareholder information. An up-to-date consolidated version of the Memorandum and Articles of Association of the Company is published on the websites of the Stock Exchange and the Company. 本公司鼓勵股東出席本公司所有股東大會。 根據香港《公司條例》及本公司章程細則， 持有不少於本公司已發行股本二十分之一之 股東，可透過發送請求書至本公司之註冊辦 事處予公司秘書，召開股東特別大會，並提 出議程項目。代表不少於全體股東總表決權 四十分之一之股東，或不少於 50 名持有本 公司股份而每名股東就其所持股份已繳足股 款 平 均 不 少 於 港 幣 2,000 元 之 股 東， 可 透 過發送請求書至本公司之註冊辦事處予公司 秘書，提呈議案以供於本公司股東大會上考 慮。 根 據 本 公 司 章 程 細 則 第 107 條， 倘 股 東 有 意於股東大會上提名一位人士（退任董事除 外）參選董事，則該股東須於寄發會議通知 翌日起計七天內（或董事不時釐定及公佈的 其他期間）並在任何情況下不遲於有關會議 指定日期前七日，向本公司發出一份書面的 提名通知。股東提名董事候選人之程序亦已 在本公司之網站上刊登。 與股東及投資者之溝通 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。 於二零一二年二月九日，董事會已採納一份 正式之股東通訊政策，以確保股東能迅速、 公平及適時地獲得本公司之資訊。股東通訊 政策已刊登在本公司之網站。 我們設有企業網站 (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。本公司之組織章程大綱及章 程細則之最新合併本已刊登在聯交所及本公 司之網站。 維他奶國際集團有限公司 二零一一∕一二年年報 57 Corporate Governance Report 企業管治報告 The Company’s Annual General Meeting is one of the important forums to communicate with its shareholders. During the 2011 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 (now known as “Audit and Corporate Governance Committee”) were also there to answer questions raised by shareholders. 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 and the Company on the same day following the Annual General Meeting. We maintain regular bilateral communications with existing and potential investors to ensure that the investment community has a balanced and updated view of the performance of the Company and relevant business development. As such, the Company developed and adopted a formal Investor Relations Policy in May 2012 as the guidelines for conducting investor relations activities. We aim at maintaining an open and regular dialogue with shareholders, fund managers, analysts and the media through different means, including shareholders’ group and one-on-one meetings, presentations, telephone conferences, correspondences, media briefings and press releases to distribute information on the Group’s latest developments and strategies. All bilateral contacts are attended by at least two designated representatives of the Company, while always taking reference of applicable regulatory requirements and internal guidelines concerning fair disclosure of information without offering advantage to any particular investor or financial analyst. In addition, we are proactive in responding to general enquiries raised by the investing public, individual and institutional investors and analysts. In order to keep updated with the latest market practices on investor relations, the delegated persons engaged in investor relations activities often attend industry seminars or training sessions on various topics. 本公司之股東週年大會為其與股東溝通之重 要渠道之一。於二零一一年股東週年大會 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（現為「審核及企 業管治委員會」）主席亦在場回應股東之提 問。 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，而有關決 議案以投票方式進行表決。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，而投票結果於股東週年大會 結束後即日在聯交所及本公司之網站刊登。 我們與現有及潛在投資者保持定期之雙向溝 通，以確保投資界能對本公司之表現及相關 業務發展持有平衡及最新之意見。因此，本 公司於二零一二年五月制訂及採納正式之投 資者關係政策，作為進行投資者關係活動之 指引。我們旨在通過不同方式與股東、基金 經理、分析員及媒體進行公開定期對話，形 式包括股東小組及一對一會面、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。 所有雙向性接觸均由至少兩名本公司指定之 代表出席，並必須參考有關公平披露資料之 適用規管要求及內部指引，而不得向任何個 別投資者或財務分析員提供優先訊息。此 外，我們積極回應公眾投資者、個人及機構 投資者以及分析員等所提出之一般查詢。負 責投資者關係活動之委派代表經常參與各個 專題之行業研討會或培訓課程，以獲取有關 投資者關係市場最新資訊。 58 Vitasoy International Holdings Ltd. Annual Report 2011/12 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. Valiant Kin-piu CHEUNG 張建標先生 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 維他奶國際集團有限公司 二零一一∕一二年年報 59 Directors and Senior Management 董事及高層管理人員 Board of Directors Executive Chairman Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 71, 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 life 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. 董事會成員 執行主席 羅友禮先生(SBS, BSc, MSc)，七十一歲，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終身 校董。羅先生為平平置業有限公司董事，亦 為於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。 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 (Edinburgh Napier), Hon. 李國寶爵士(GBM, GBS, OBE, MA Cantab. (Economics & Law), Hon. DSc. (Imperial), Hon. DBA (Edinburgh D.Hum. Litt. (Trinity, USA), Hon. DSocSc (Lingnan), Hon. LLD (Hong Kong), Hon. LLD Napier), Hon. D.Hum. Litt. (Trinity, USA), Hon. DSocSc (Warwick), Hon. LLD (Cantab), Hon. DLitt. (Macquarie), FCA, FCPA, FCPA (Aust.), (Lingnan), Hon. LLD (Hong Kong), Hon. LLD (Warwick), FCIB, FHKIB, FBCS, CITP, FCIArb, JP, Officier de L ’Ordre de la Couronne, Grand Hon. LLD (Cantab), Hon. DLitt. (Macquarie), FCA, FCPA, Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l’Ordre National de la Legion d’Honneur), aged 73, was appointed a Director of the Company in 1994. Sir David holds Honorary Doctorate Degrees in Law from the University of Cambridge, University of Warwick and The University of Hong Kong. He also holds Honorary Doctorate Degrees from Lingnan University (Social Sciences), Trinity College, Hartford (Humane Letters), Edinburgh Napier University (Business Administration), Macquarie University (Letters honoris causa) 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 FCPA (Aust.), FCIB, FHKIB, 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, Commandeur dans l’Ordre National de la Legion d’Honneur)， 七十三歲，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）、美國哈特福特三一學 院（ 人 文 學）、 英 國 愛 丁 堡 龍 比 亞 大 學（ 工 商 管 理）、 麥 覺 理 大 學（ 文 學）及 英 國 倫 敦 帝國學院（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。李爵士為於香港聯交所 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 60 Vitasoy International Holdings Ltd. Annual Report 2011/12 Directors and Senior Management 董事及高層管理人員 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, 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 CaixaBank S.A. (formerly known as Criteria CaixaCorp, S.A.), all being companies listed either in Hong Kong or overseas. He was a director of COSCO Pacific 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. Mr. Iain F. BRUCE (CA, FCPA, FHKIoD, MHKSI), aged 71, 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, Yingli Green Energy Holding Company Limited and China Medical Technologies, Inc. (delisted on 28th February, 2012), 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 73, 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 The East Asiatic Company Ltd. A/S and 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. 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、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 CaixaBank S.A. （前稱 Criteria CaixaCorp, S.A.）。李爵士曾 出任香港上市公司中遠太平洋有限公司之董 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。 布魯士先生(CA, FCPA, FHKIoD, MHKSI)，七十一 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。彼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、英利新能源有限公 司及中國醫療技術公司（於二零一二年二月 二十八日除牌）。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 三 歲， 於 二 零零六年獲委任為本公司董事。彼畢業於 奧胡斯大學，獲法律碩士學位，其後於奧 斯陸大學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 The East Asiatic Company Ltd. A/S 及 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。 維他奶國際集團有限公司 二零一一∕一二年年報 61 Directors and Senior Management 董事及高層管理人員 Mr. Valiant Kin-piu CHEUNG, aged 66, 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. 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，六十六歲，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（為東亞銀行有限公司一家全資附 屬 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 73, 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，七十三歲，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 64, 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 Group 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，六十四歲，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。 62 Vitasoy International Holdings Ltd. Annual Report 2011/12 Directors and Senior Management 董事及高層管理人員 Executive Directors 執行董事 Mr. Laurence P. EISENTRAGER, aged 60, 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 and Macau, 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 and Macau 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. Senior Management Group Senior Directors Ms. Kitty Kit-yi FUNG, aged 48, Group Senior Director, Finance and Administration and also the Qualified Accountant of the Group. Ms. Fung is responsible for the strategic planning, financial management and control, accounting, corporate finance and investor relations 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. Ms. Rosemary Pik-ling LI, aged 55, 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. Mr. Frank Changbo SI, aged 43, Group Senior Director, Manufacturing and Project Management. Mr. Si is responsible for the formulation of the Group’s manufacturing policy and strategy and the management of the Group’s new joint venture project. He joined the Group in 2012. He has extensive experience in different multi-national companies focus on quality, manufacturing and project management. 黎信彥先生，六十歲，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及澳門、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及澳門業務之行 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。 高層管理人員 集團高級總監 馮潔儀女士，四十八歲，集團高級總監（財 務及行政）兼集團合資格會計師。馮女士負 責本集團之策略規劃、財務管理及監控、會 計、企業財務及投資者關係等事務。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、製造、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。 李碧齡女士，五十五歲，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。 司長波先生，四十三歲，集團高級總監（生 產及項目管理）。司先生負責制定本集團之 生產廠務政策及策略，以及管理本集團之新 合營項目。彼於二零一二年加入本集團。彼 具有於不同跨國公司工作的豐富經驗，專注 於品質、生產及項目管理。 維他奶國際集團有限公司 二零一一∕一二年年報 63 Directors and Senior Management 董事及高層管理人員 Hong Kong and Macau Operation 香港及澳門業務 Mr. Charles Chung CHYI, aged 57, Chief Executive Officer, Hong Kong and Macau. Mr. Chyi is responsible for the general management and development of the Group’s operations in Hong Kong, Macau and various export markets. 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，五十七歲，香港及澳門區行政總 裁。齊先生負責管理及發展本集團之香港、 澳門及多個海外市場之業務。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 43, 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 and currently serves as the General Manager of the Group’s Shenzhen and Foshan joint venture operations. 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，四十三歲，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，現出任本集團深圳及佛山 等合營企業之總經理。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。 Australian and New Zealand Operation 澳洲及新西蘭業務 Mr. Neil Robert HINTON, aged 41, General Manager of Vitasoy Australia Products Pty. Ltd. Mr. Hinton is responsible for the general management and development of the Group’s operation in Australia and New Zealand. He joined the Group in 2011. He has extensive experience in the fast moving consumer goods (FMCG) industry in the Asia/Oceania region having worked in New Zealand, Australia and Mainland China. He has a strong record track in sales and marketing as well as broad management experience having held roles across many functions including strategy and external relations. Neil Robert HINTON 先 生， 四 十 一 歲， Vitasoy Australia Products Pty. Ltd 之總經理。 Hinton 先生負責管理及發展本集團在澳洲及 新西蘭之業務。彼於二零一一 年加入本集 團。彼於亞洲 / 大洋洲地區之高流轉消費品 （FMCG）行 業 具 廣 泛 經 驗， 曾 在 新 西 蘭、 澳洲及中國內地工作。彼曾擔任不同範疇之 職位，包括策略及對外關係，並累積出色之 銷售及市務推廣往績，以及廣泛之管理經 驗。 North American Operation 北美洲業務 Mr. Walter M. RIGLIAN, aged 58, 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, dairy, produce and natural products industries. Walter M. RIGLIAN 先 生， 五 十 八 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 場推廣及新產品研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超級市場、奶品、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 60, 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，六十歲，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。 64 Vitasoy International Holdings Ltd. Annual Report 2011/12 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, 2012. 董事會欣然提呈截至二零一二年三月三十一 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 15 to the financial statements. The segment analysis of the operations of the Company and its subsidiaries (“the Group”) during the financial year is set out in note 3 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 15。 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3。 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 6% 20% 23% 30% 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。 Financial statements 財務報表 The profit of the Group for the year ended 31st March, 2012 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 79 to 181. 本集團截至二零一二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 79 至 181 頁之財務報表內。 Transfer to reserves 轉撥入儲備 Profits for the year, before dividends, of HK$322,402,000 (2011: HK$331,379,000) 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 322,402,000 元（二零一一年：港幣 331,379,000元）已轉 撥入儲備。儲備之其他變動載於綜合權益變動 表。 維他奶國際集團有限公司 二零一一∕一二年年報 65 Report of the Directors 董事會報告 Transfer to reserves (Continued) 轉撥入儲備（續） An interim dividend of HK3.2 cents per ordinary share (2011: HK3.2 cents per ordinary share) was paid on 29th December, 2011. The Directors now recommend the payment of a final dividend of HK15.1 cents per ordinary share (2011: HK15.1 cents per ordinary share) in respect of the year ended 31st March, 2012. 本公司已於二零一一年十二月二十九日派發 中期股息每股普通股3.2港仙（二零一一年： 每股普通股 3.2 港仙）。董事會現建議派發 截至二零一二年三月三十一日止年度之末期 股息每股普通股 15.1 港仙（二零一一年：每 股普通股 15.1 港仙）。 Charitable donations 慈善捐款 Charitable donations made by the Group during the year amounted to HK$660,000 (2011: HK$265,000). 本 集 團 於 本 年 度 內 之 慈 善 捐 款 共 達 港 幣 660,000元（二零一一年：港幣265,000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 12 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 12。 Bank loans 銀行貸款 Particulars of bank loans of the Company and the Group, as at 31st March, 2012 are set out in note 21 to the financial statements. 本公司及本集團於二零一二年三月三十一日 之銀行貸款詳情載於財務報表附註 21。 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, Dr. the Hon. Sir David Kwok–po LI and Mr. Jan P. S. ERLUND retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re–election. 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. 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第 104 條，李國寶爵 士及 Jan P. S. ERLUND 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。 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。 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。 66 Vitasoy International Holdings Ltd. Annual Report 2011/12 Report of the Directors 董事會報告 Directors’ interests and short positions in shares, underlying shares and debentures The Directors of the Company who held office at 31st March, 2012 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: (1) Interests in issued shares 董事於股份、相關股份及債權 證之權益及淡倉 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 一二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) 於已發行股份之權益 Name 姓名 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 14.81% 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 (retired on 1st April, 2012) 余發先生（於二零一二年四月一日退任） (ii), (iv) (iii), (iv) 23,037,990 124,000 1,895,000 6,000,000 100,000 – – – – 6,000,000 100,000 – – 100,653,000 100,653,000 – 78,806,760 101,844,750 – – – – 124,000 1,895,000 0.59% 0.01% 9.85% 9.97% 0.01% 0.19% * The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,021,747,500 ordinary shares) as at 31st March, 2012. * 此百分比乃根據本公司於二零一二年 三月三十一日已發行之股份總數（即 1,021,747,500 股普通股）計算。 Notes: (i) Mr. Winston Yau–lai LO is deemed to be interested in 28,702,500 shares through interests of his wife. (ii) 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) 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 D e v e l o p m e n t L i m i t e d 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 二零一一∕一二年年報 67 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. – 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。 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。 68 Vitasoy International Holdings Ltd. Annual Report 2011/12 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$10 on acceptance of the option as a consideration. – 購股權毋須先行持有一段最短期限方 可行使，惟董事會獲授權可酌情於要 約日期時附加任何最短持有期。 – 就行使全部將授予之購股權而可予發 行之股份總數，最多不得超過批准及 採納計劃當日之已發行股份 10%。 – 授予任何參與者之購股權所能認購之 股份數目，在與根據購股權計劃已發 行或可發行予該名參與者之股份數目 合計，最多不得超過根據購股權計劃 當時已發行及可發行之股份最高總數 之 25%。 – 合資格之董事或僱員可於要約日期起 計 28 日或董事會酌情決定之較長或較 短期間內接納授出購股權之要約。合 資格之董事或僱員須於接納購股權時 支付港幣 10 元作為代價。 Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one participant in any 12–month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. – 除 獲 本 公 司 股 東 於 股 東 大 會 上 批 准 外，於截至授出日期止之任何十二個 月期間內，就任何一名參與者行使授 予之購股權（包括已行使、已註銷及 未行使之購股權）而已發行及須予發 行之股份總數，不得超過於授出日期 之已發行股份 1%。 The total number of ordinary shares available for issue under the share option scheme as at 31st March, 2012 was 63,563,550 shares (including options for 30,042,000 ordinary shares that have been granted but not yet exercised), which represented 6.22% of the issued share capital of the Company at 31st March, 2012. 於二零一二年三月三十一日根據購股權計 劃 可 供 發 行 之 普 通 股 總 數 為 63,563,550 股（包括已授出但尚未行使之購股權涉及之 30,042,000 股 普 通 股）， 佔 本 公 司 於 二 零 一二年三月三十一日之已發行股本 6.22%。 維他奶國際集團有限公司 二零一一∕一二年年報 69 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） The Directors of the Company individually and other employees of the Group in aggregate had the following personal interests in options to subscribe for ordinary shares of the Company during the year and at the end of the year: 於本年度及年結時，個別本公司董事及本集 團之其他僱員在可認購本公司普通股之購股 權中合共擁有之個人權益如下： Participants Date of grant 參與者 授出日期 Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 Number of options granted during the year Number of options exercised during the year 年內授出之 購股權數目 年內行使之 購股權數目 Period during which options are exercisable Price per share on exercise of options 購股權行使期 行使購股權 時須付之 每股價格 HK$ 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 (retired on 1st April, 2012) 余發先生 （於二零一二年 四月一日退任） 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 8/9/2011 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 15/6/2011 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 15/6/2011 1/4/2003 1/4/2004 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 15/6/2011 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 8/9/2012 to 至 7/9/2021 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 15/6/2012 to 至 14/6/2021 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 15/6/2012 to 至 14/6/2021 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 15/6/2012 to 至 14/6/2021 1.688 1.904 2.375 2.900 3.600 3.820 4.580 5.942 6.358 2.900 3.600 3.820 4.580 6.022 6.424 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 6.424 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 6.424 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 – – – – – – – – – 2,320,000 – – – – – 2,576,000 – – – – – – – – 224,000 – – – – – – – – 2,216,000 – – – – – – – – – – – – – – – (188,000) (450,000) (392,000) (316,000) – – – – – – (8,000) (96,000) (36,000) (112,000) (134,000) (164,000) – – Number of options forfeited on termination of employment of eligible participants during the year 於年內因 合資格參與者 離職而沒收之 購股權數目 – – – – – – – – – – – – – – – – – – – – – – – – – – – (8,000) (36,000) (56,000) (84,000) (96,000) – Number of options outstanding at the end of the year 年結時 尚未行使之 購股權數目 2,220,000 1,700,000 1,472,000 976,000 712,000 936,000 928,000 2,120,000 2,320,000 224,000 592,000 792,000 864,000 2,272,000 2,576,000 – – – – 304,000 312,000 312,000 280,000 224,000 162,000 78,000 94,000 210,000 652,000 746,000 1,672,000 2,076,000 2,216,000 * Market value per share at date of grant of options * 授出 購股權之日之 每股市價 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 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.970 5.470 2.850 3.630 3.820 4.510 5.870 6.180 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.870 6.180 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.870 6.180 – – – – – – – – – – – – – – – 5.900 5.900 5.900 5.130 – – – – – – 5.030 5.525 5.113 5.724 5.715 5.525 – – 24,882,000 7,336,000 (1,896,000) (280,000) 30,042,000 70 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 授出日期起計兩週年或其後 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(p)(iv) and note 24 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(p)(iv) 及附註 24。 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 二零一一∕一二年年報 71 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, 2012 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. 於二零一二年三月三十一日，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 – 72,678,300 96,943,000 9.49% (ii) (ii) (iii) (iv) 18,508,950 7,548,000 – – – 72,678,300 91,187,250 8.92% – 72,678,300 80,226,300 7.85% – – – 71,257,000 – 71,257,000 6.97% – 61,009,000 – 61,009,000 5.97% (v) 60,600,000 – – – 60,600,000 5.93% (vi) (vii) – – – 60,600,000 – 60,600,000 5.93% – 60,600,000 – 60,600,000 5.93% * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,021,747,500 ordinary shares) as at 31st March, 2012. * 此 百 分 比 乃 根 據 本 公 司 於 二 零 一 二 年 三 月 三 十 一 日 已 發 行 之 股 份 總 數（ 即 1,021,747,500 股普通股）計算。 Notes: (i) (ii) 附註： Ms. Irene CHAN is interested in 750,000 shares held for her daughter Alexandra CHAN who is under the age of 18. (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。 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. (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) Commonwealth Bank of Australia was taken to be interested in these 71,257,000 shares which were held by its wholly–owned subsidiaries. (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) These interests are held by Matthews International Capital Management LLC in the capacity of investment manager. (iv) 該 等 權 益 乃 由 Matthews International Capital Management LLC 以 投 資 經 理 身 份 持有。 (v) These interests are held by Arisaig in the capacity of beneficial owner. (v) 該等權益乃由 Arisaig 以實益擁有人身份持 有。 72 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） Notes: (Continued) 附註：（續） (vi) (vii) 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。 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. 除上文所披露者外，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 二零一一∕一二年年報 73 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 15% 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 to the Company for a period of 3 years commencing 1st April, 2009. During the year, HK$1,284,000 (2011: HK$2,081,000) 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，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 15% 之主要股東。年內，光明收 取 港 幣 1,284,000 元（ 二 零 一 一 年： 港幣 2,081,000 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, 2012: 董事（包括獨立非執行董事）認為截至 二零一二年三月三十一日止年度之有 關交易乃： (i) 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； (ii) were conducted on normal commercial terms or on terms no less favourable than terms available from independent third parties; and (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$2,770,000 disclosed in the announcement of the Company dated 10th February, 2009. (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) 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 2,770,000 元。 74 Vitasoy International Holdings Ltd. Annual Report 2011/12 Report of the Directors 董事會報告 Connected transactions (Continued) 關連交易（續） (2) On 25th March, 2010, the Company’s subsidiary, Vitasoy Australia Products Pty. Ltd. (“VAP”), entered into a Supplementary Services and Distribution Agreement to renew the original and the subsequent Services and Distribution Agreements with LD&D Milk Pty Ltd. (formerly known as National Foods Milk Limited) (“LION”), a fellow subsidiary of National Foods Holding Limited, a substantial shareholder holding 49% of the issued share capital of VAP. LION 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, LION 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 LION in Australia. (2) 於二零一零年三月二十五日，本公司 之 附 屬 公 司 Vitasoy Australia Products Pty. Ltd.（「VAP」）與 LD&D Milk Pty Ltd. （ 前 稱 National Foods Milk Limited） （「LION」）訂 立 一 項 補 充 服 務 及 分 銷協議，以為原服務及分銷協議及其 後 之 服 務 及 分 銷 協 議 續 期。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 LION 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，LION 成為 VAP 產 品 在 澳 洲 之 獨 家 分 銷 商。VAP 須 就 此向 LION 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$26,036,000 (2011: HK$23,805,000) was charged by LION. 年 內，LION 收 取 港 幣 26,036,000 元 （二零一一年：港幣23,805,000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 25th March, 2010 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。本公司已於二零一零年三 月二十五日就此發表公佈。 The Directors, including the Independent Non–executive Directors, considered that the transactions during the year ended 31st March, 2012: 董事（包括獨立非執行董事）認為截至 二零一二年三月三十一日止年度之有 關交易乃： (i) 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； (ii) were conducted on normal commercial terms or on terms no less favourable than terms available from independent third parties; and (iii) w e r e c o n d u c t e d i n a c c o r d a n c e w i t h t h e Supplementary Services and Distribution Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. (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) 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 二零一一∕一二年年報 75 Report of the Directors 董事會報告 Connected transactions (Continued) (2) (Continued) 關連交易（續） (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 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 AUD4,900,000 disclosed in the announcement of the Company dated 4th May, 2011. 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 過本公司於二零一一年五月四日之公 佈所披露之上限金額4,900,000澳元。 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 23 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 23。 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 182 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 182 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, 21st June, 2012 香港，二零一二年六月二十一日 76 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 79 to 181, which comprise the consolidated and company balance sheets as at 31st March, 2012, 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 79 至 181 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 零一二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 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. 董事就綜合財務報表須承擔的 責任 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 二零一一∕一二年年報 77 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 司的內部控制的有效性發表意見。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, 2012 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 貴集團於二零一二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 21st June, 2012 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 二零一二年六月二十一日 78 Vitasoy International Holdings Ltd. Annual Report 2011/12 Consolidated Income Statement 綜合損益報表 For the year ended 31st March, 2012 (Expressed in Hong Kong dollars) 截至二零一二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 Profit from operations Finance costs Profit before taxation Income tax Profit for the year 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 經營溢利 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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 Note 附註 3 4 3,716,539 (1,956,695) 3,329,336 (1,728,581) 1,759,844 1,600,755 40,838 33,875 (878,301) (276,717) (220,328) (779,234) (245,182) (183,674) 425,336 426,540 (17,243) (7,279) 408,093 419,261 (85,691) (87,882) 322,402 331,379 281,003 41,399 284,314 47,065 322,402 331,379 27.5 cents 仙 27.9 cents 仙 27.3 cents 仙 27.6 cents 仙 5(a) 5 6(a) 9 11 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 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 二零一一∕一二年年報 79 Consolidated Statement of Comprehensive Income 綜合全面收益報表 For the year ended 31st March, 2012 (Expressed in Hong Kong dollars) 截至二零一二年三月三十一日止年度（以港幣計算） Profit for the year 本年度溢利 322,402 331,379 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 Note 附註 Other comprehensive income for the year (after tax) Exchange differences on translation of the financial statements of subsidiaries outside Hong Kong Cash flow hedge: net movement in the 現金流量套期：套期儲備 hedging reserve 淨變動數 本年度其他全面 收益（除稅後） 換算香港以外地區 附屬公司財務報表 所產生之匯兌差額 10 18,884 47,186 (1,739) 1,758 Total comprehensive income for the year 本年度全面收益總額 339,547 380,323 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： 295,405 44,142 318,677 61,646 Total comprehensive income for the year 本年度全面收益總額 339,547 380,323 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部 份。 80 Vitasoy International Holdings Ltd. Annual Report 2011/12 Consolidated Balance Sheet 綜合資產負債表 At 31st March, 2012 (Expressed in Hong Kong dollars) 於二零一二年三月三十一日（以港幣計算） Note 附註 12(a) 12(h) 13 14 25(b) 16 17 25(a) 18(a) 18(a) 20 21 22(a) 25(a) 21 22(a) 23(b) 25(b) 26(c) 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 購置固定資產 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 Current tax payable 流動負債 應付賬款及其他應付款 銀行貸款 融資租賃之債務 應付現期稅項 Net current assets Total assets less current liabilities Non-current liabilities Bank loans Obligations under finance leases Employee retirement benefit liabilities Deferred tax liabilities 淨流動資產 總資產減流動負債 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 attributable to equity shareholders of the Company Non-controlling interests TOTAL EQUITY 淨資產 資本及儲備 股本 儲備 本公司股權持有人 應佔權益總額 非控股權益 權益總額 2011 二零一一年 $’000 千元 $’000 千元 1,214,979 7,772 32,992 1,255,743 14,011 13,737 39,194 11,805 1,334,490 372,467 579,101 5,438 10,412 352,311 1,319,729 720,064 141,037 5,225 18,675 885,001 2012 二零一二年 $’000 千元 $’000 千元 1,524,520 7,246 35,244 1,567,010 1,156 11,622 39,206 17,957 1,636,951 423,339 668,528 430 438 205,856 1,298,591 771,918 305,358 3,784 26,256 1,107,316 79,824 8,750 2,228 59,084 191,275 1,828,226 434,728 1,769,218 114,000 13,239 2,177 50,081 149,886 1,678,340 255,437 1,238,918 1,494,355 183,985 1,678,340 179,497 1,589,721 254,963 1,160,881 1,415,844 173,877 1,589,721 Approved and authorised for issue by the Board of Directors on 21st June, 2012 於二零一二年六月二十一日獲董事會批准並授權 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 86 to 181 form part of these financial statements. 第 86 至 181 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 二零一一∕一二年年報 81 Balance Sheet 資產負債表 At 31st March, 2012 (Expressed in Hong Kong dollars) 於二零一二年三月三十一日（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 附屬公司權益 購置固定資產 之訂金 Current assets Inventories Trade and other receivables Amounts due from subsidiaries 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 應收附屬公司款項 應收現期稅項 銀行存款 現金及現金等值項目 Current liabilities Trade and other payables Bank loans Amounts due to subsidiaries Obligations under finance leases Current tax payable 流動負債 應付賬款及其他應付款 銀行貸款 應付附屬公司款項 融資租賃之債務 應付現期稅項 Net current assets 淨流動資產 Total assets less current liabilities 總資產減流動負債 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 Note 附註 12(b) 15 12(h) 16 17 19 25(a) 18(a) 18(a) 20 21 19 22(b) 25(a) 21 22(b) 23(b) 25(b) 26(a) 2012 二零一二年 $’000 千元 $’000 千元 150,774 339,036 295,867 – – 25,211 810,888 345,374 50,000 64,850 – 16,114 476,338 – – 1,265 51,854 452,812 7,246 460,058 504,795 610 965,463 334,550 1,300,013 53,119 1,246,894 255,437 991,457 1,246,894 2011 二零一一年 $’000 千元 $’000 千元 123,636 286,933 238,679 4,907 9,992 113,164 777,311 267,421 – 67,276 1,363 – 336,060 114,000 733 1,179 41,661 385,044 7,772 392,816 457,741 1,223 851,780 441,251 1,293,031 157,573 1,135,458 254,963 880,495 1,135,458 Approved and authorised for issue by the Board of Directors on 21st June, 2012 於二零一二年六月二十一日獲董事會批准並 授權發佈 Winston Yau-lai LO 羅友禮 Director 董事 Laurence P. EISENTRAGER 黎信彥 Director 董事 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部 份。 82 Vitasoy International Holdings Ltd. Annual Report 2011/12 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2012 (Expressed in Hong Kong dollars) 截至二零一二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 資本 Capital reserve Surplus reserve General reserve Hedging reserve Share-based Exchange compensation reserve 股份基礎 reserve Retained profits Non- controlling interests Total Total equity 合計 非控股權益 權益總額 Note附註 $’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 $’000千元 股本 股份溢價 贖回儲備 資本儲備 盈餘儲備 一般儲備 對沖儲備 匯兌儲備 補償儲備 保留溢利 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： Profit for the year Other comprehensive income 本年度溢利 其他全面收益 10 Total comprehensive income 全面收益總額 Transfer from retained profits 自保留溢利轉撥 至盈餘儲備 to surplus reserve Transfer from capital reserve 自資本儲備轉撥 至保留溢利 to retained profits 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 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 Final dividend approved in respect of the previous year 之末期股息 Special dividend approved in respect of the previous year 之特別股息 Interim dividend declared 批准屬於上一年度 transactions in respect of the current year Dividends paid to non-controlling interests 宣派本年度 之中期股息 向非控股權益 派發股息 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 – – – – – – – – – – 26(d)(ii) 26(c)(ii) 541 5,908 26(c)(ii) 5(b) 26(b)(ii) 26(b)(ii) 26(b)(i) – – – – – – 1,087 – – – – – – – – – – – – – – – – – – – – – – – – 7,470 (4,087) – – – – – – – – – – – – – – – – – – – – – – – – – – – – 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 – – – – – – – 6,449 – 3,200 – (136,506) (136,506) – (136,506) – (101,870) (101,870) – (101,870) – – (32,603) (32,603) – (32,603) – – (28,150) (28,150) Balance at 31st March, 2011 於二零一一年 三月三十一日結餘 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 維他奶國際集團有限公司 二零一一∕一二年年報 83 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2012 (Expressed in Hong Kong dollars) 截至二零一二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 Capital reserve Surplus reserve Other reserve General reserve Hedging reserve Share capital Capital Share redemption reserve 資本 premium Share-based Exchange compensation reserve 股份基礎 reserve Retained profits Non- controlling interests Total Total equity 合計 非控股權益 權益總額 Note附註 $’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 $’000千元 $’000千元 股本 股份溢價 贖回儲備 資本儲備 盈餘儲備 其他儲備 一般儲備 對沖儲備 匯兌儲備 補償儲備 保留溢利 Balance at 1st April, 2011 於二零一一年 四月一日結餘 Changes in equity for the year: 本年度之權益變動： Profit for the year Other comprehensive income 本年度溢利 其他全面收益 10 Total comprehensive income 全面收益總額 Transfer from retained profits 自保留溢利轉撥 至盈餘儲備 to surplus reserve Transfer from capital reserve 自資本儲備轉撥 至保留溢利 to retained profits 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 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 Final dividend approved in respect of the previous year 之末期股息 Interim dividend declared transactions in respect of the current year 宣派本年度 之中期股息 向非控股權益 派發股息 Dividends paid to non-controlling interests Acquisition of non-controlling 收購非控股權益 interests Partial disposal of equity interest in a subsidiary to non-controlling interests 向非控股權益 出售一間附屬公司 之部份股本權益 Balance at 31st March, 2012 於二零一二年 三月三十一日結餘 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 – – – – – – – – – – 26(d)(ii) 26(c)(ii) 474 4,556 26(c)(ii) 5(b) 26(b)(ii) 26(b)(i) 31(a) 31(b) – – – – – – – 937 – – – – – – – – – – – – – – – – – – – – – – – – – – 7,330 (4,087) – – – – – – – – – – – – – – – – – – – – – – – – – – – – (45,258) 5,875 – – – – – – – – – – – – – – (1,739) – 16,141 (1,739) 16,141 – – – – – – – – – – – – – – – – – – – – – – – – – – 281,003 – 281,003 14,402 41,399 2,743 322,402 17,145 281,003 295,405 44,142 339,547 (7,330) 4,087 – – – 5,030 (937) 4,421 – – – 4,421 – – – – – – – 5,030 – 4,421 – (154,267) (154,267) – (154,267) – – – – (32,695) (32,695) – (32,695) – – – – (38,970) (38,970) (45,258) (29,794) (75,052) 5,875 34,730 40,605 255,437 344,266 1,101 63,307 32,912 (39,383) 2,261 19 69,254 12,701 752,480 1,494,355 183,985 1,678,340 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部 份。 84 Vitasoy International Holdings Ltd. Annual Report 2011/12 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2012 (Expressed in Hong Kong dollars) 截至二零一二年三月三十一日止年度（以港幣計算） 2012 二零一二年 2011 二零一一年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Operating activities 經營活動 Cash generated from operations Tax paid – Hong Kong Profits Tax paid – Tax paid outside Hong Kong 經營業務所得現金 已繳稅項 – 已繳香港利得稅 – 已繳香港以外地區稅項 18(b) 478,695 (10,532) (59,180) 540,005 (37,855) (47,759) Net cash generated from operating activities Investing activities 經營活動 所得現金淨額 投資活動 408,983 454,391 購買物業、廠房及設備 之款項 出售物業、廠房及設備 所得款項 新造存款期超過三個月 但於一年內之銀行存款 Payment for purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Placement of bank deposits maturing after three months but within one year when placed Maturity of bank deposits maturing 到期存款期超過三個月 after three months but within one year when placed Interest received 但於一年內到期 之銀行存款 已收利息 (414,213) 1,778 (466,652) 2,007 (438) (10,412) 10,412 1,806 17,146 1,949 Net cash used in investing activities 投資活動所用現金淨額 (400,655) (455,962) Financing activities 融資活動 Capital element of finance lease rentals paid Proceeds from new bank loans Repayment of bank loans Interest element of finance lease rentals paid Interest paid Proceeds from shares issued on exercise of share options Payment for acquisition of non-controlling interests Proceeds from partial disposal of equity interest in a subsidiary Dividends paid to equity shareholders of the Company Dividends paid to non-controlling interests 已付融資租賃租金 之資本部份 新增銀行貸款所得款項 償還銀行貸款 已付融資租賃租金 之利息部份 已付利息 就行使購股權發行股份 所得款項 收購非控股權益之款項 出售一間附屬公司之部份 股本權益所得款項 向本公司股權持有人 派發股息 向非控股權益派發股息 Net cash used in financing activities 融資活動所用現金淨額 31(a) 31(b) Net decrease in cash and cash equivalents Cash and cash equivalents at 1st April Effect of foreign exchange rate changes Cash and cash equivalents at 31st March 現金及現金等值項目 減少淨額 於四月一日之現金 及現金等值項目 匯率變動之影響 於三月三十一日之 現金及現金等值項目 18(a) (6,121) 293,381 (166,558) (1,270) (22,584) 5,030 (75,052) 40,605 (186,962) (38,970) (6,030) 326,982 (143,306) (1,628) (5,651) 6,449 – – (270,979) (28,150) (158,501) (150,173) 352,311 3,718 205,856 (122,313) (123,884) 463,245 12,950 352,311 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 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 二零一一∕一二年年報 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 (a) Statement of compliance 1 主要會計政策 (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 1(c) 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 個 別 《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 集團及本公司之當前會計期間首次生 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前 及過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 1(c)。 (b) Basis of preparation of the financial (b) 財務報表之編製基準 statements The consolidated financial statements for the year ended 31st March, 2012 comprise the Company and its subsidiaries (together referred to as the “Group”). The measurement basis used in the preparation of the financial statements is the historical cost basis. The preparation of financial statements in conformity with HKFRSs requires management to make 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. 截至二零一二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」）。 編製財務報表時是以歷史成本作為計 量基準。 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。 86 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (b) Basis of preparation of the financial (b) 財務報表之編製基準（續） statements (Continued) 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 2. 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 2。 (c) Changes in accounting policies (c) 會計政策之變動 The HKICPA has issued a number of amendments to HKFRSs and one new Interpretation 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: 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多項 《香港財務報告準則》修訂及一項新詮 釋。其中，下列變動與本集團之財務 報表相關： • HKAS 24 (revised 2009), Related party disclosures • Improvements to HKFRSs (2010) • • HK (IFRIC) 19, Extinguishing financial liabilities with equity instruments Amendments to HK (IFRIC) 14, HKAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction – Prepayments of a minimum funding requirement The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. • 《香港會計準則》第 24 號（於二 零零九年修訂）「關連人士披露」 • 《香港財務報告準則》之改進（二 零一零年） • 香 港（ 國 際 財 務 報 告 詮 釋 委 員 會）詮釋第 19 號「以權益工具抵 銷金融負債」 • 香 港（ 國 際 財 務 報 告 詮 釋 委 員 會）詮釋第 14 號「《香港會計準 則》第19號 – 界定福利資產限 額、最低資金要求及其相互作用 – 最低資金規定之預付款項」之 修訂 本集團並無採納任何尚未於當前會計 期間生效之新準則或詮釋。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (c) Changes in accounting policies (Continued) (c) 會計政策之變動（續） The amendments to HK (IFRIC) 14 have no material impact on the Group’s financial statements as they were consistent with policies already adopted by the Group. HK (IFRIC) 19 has not yet had a material impact on the Group’s financial statements as these changes will first be effective as and when the Group enters a relevant transaction (for example, a debt for equity swap). 香港（國際財務報告詮釋委員會）詮釋 第 14 號之修訂並未對本集團財務報表 造成重大影響，原因是該等修訂與本 集團已採用之政策一致。香港（國際 財務報告詮釋委員會）詮釋第 19 號並 無對本集團財務報表造成重大影響， 原因是該等變動將於本集團訂立相關 交 易（ 如 以 股 權 置 換 債 務）時 首 次 生 效。 The impacts of other developments are discussed below: 其他變動之影響載列如下： • • HKAS 24 (revised 2009) revises the definition of a related party. As a result, the Group has re-assessed the identification of related parties and concluded that the revised definition does not have any material impact on the Group’s related party disclosures in the current and previous periods. HKAS 24 (revised 2009) also introduces modified disclosure requirements for government-related entities. This does not impact the Group because the Group is not a government-related entity. Improvements to HKFRSs (2010) omnibus standard introduces a number of amendments to the disclosure requirements in HKFRS 7, Financial instruments: Disclosures. The disclosures about the Group’s financial instruments in note 27 are consistent with the amended disclosure requirements. These amendments do not have any material impact on the classification, recognition and measurements of the amounts recognised in the financial statements in the current and previous periods. • 《香港會計準則》第 24 號（於二 零零九年修訂）對關連人士之定 義作出修訂。因此，本集團已重 新評估關連人士之識別方法，並 認為該經修訂定義對本集團於當 前及過往期間之關連人士披露並 無任何重大影響。此外，《香港 會計準則》第 24 號（於二零零九 年修訂）亦對政府相關實體之披 露規定作出修改。由於本集團並 非政府相關實體，故此修訂對本 集團並無影響。 • 《香港財務報告準則》之改進（二 零一零年）綜合準則對《香港財 務報告準則》第 7 號「金融工具： 披露」之披露規定作出多項修訂。 附註 27 所載有關本集團金融工 具之披露與該經修訂披露規定一 致。該等修訂對當前及過往期間 於財務報表內確認金額之分類、 確認及計量並無任何重大影響。 (d) Subsidiaries and non-controlling interests (d) 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. 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。 88 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (d) Subsidiaries and non-controlling interests (d) 附屬公司及非控股權益（續） (Continued) Non-controlling 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. 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 the consolidated balance sheet in accordance with notes 1(m) or (n) 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。 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(m) 或 (n) 在綜合資產 負債表呈列為金融負債。 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，而所產生之盈虧於損益確認。任 何於喪失控制權當日仍保留之該前附 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(j)). 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(j)）後列賬。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (e) Goodwill Goodwill represents the excess of (e) 商譽 商譽指： (i) the aggregate of the fair value of the 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(j)). 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之組別，並 於每年進行減值測試（見附註 1(j)）。 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. 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。 (f) Investment properties (f) 投資物業 Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 1(i)) 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. Investment properties held under operating leases are accounted for as if they were held under a finance lease (see note 1(i)). Investment properties are stated in the balance sheet at cost less accumulated depreciation and impairment losses (see note 1(j)(ii)). 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. The useful life of investment properties is reviewed annually. 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(i)）。 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。 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(i)）。 投資物業按成本值減去累計折舊及減 值虧損（見附註 1(j)(ii)）後記入資產負 債表。 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。 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(t)(iii). 投 資 物 業 之 租 金 收 入 乃 按 附 註 1(t)(iii) 所述方式入賬。 90 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (g) Other property, plant and equipment (g) 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(j)(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(j) (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(i)); 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(i)); 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(i)）； – 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開 始時與租賃土地之公允值分開計 量（見附註 1(i)）；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(v)). 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. 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(v)）。 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。 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: 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) 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. (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。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (g) Other property, plant and equipment (g) 其他物業、廠房及設備（續） (Continued) (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 – 15 years 3 – 12 years 4 – 6 years No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use. 工廠機器及設備 裝置、傢俬及 辦公室設備 汽車 4 – 15 年 3 – 12 年 4 – 6 年 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。 (h) Intangible assets (other than goodwill) (h) 無形資產（商譽除外） Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (where the estimated useful life is finite) and impairment losses (note 1(j)(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: 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（附註 1(j)(ii)）後列賬。 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。 (i) Leased assets (i) 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。 92 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (i) Leased assets (Continued) (i) 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 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(f)); and 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. 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(f)）；及 – 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(f) and note 1(g). Impairment losses are accounted for in accordance with the accounting policy as set out in note 1(j)(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(f) 及附註 1(g)。 減值虧損會根據附註 1(j)(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 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (i) Leased assets (Continued) (iii) Operating lease charges 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(f)). Impairment losses are recognised in accordance with the accounting policy set out in note 1(j)(ii). (i) 租賃資產（續） (iii) 經營租賃費用 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已付 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(f)）則除外。減 值虧損根據附註 1(j)(ii) 所載之會計政策 確認。 (j) Impairment of assets (j) 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 each balance sheet date 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，而本集團於各結算日 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。 94 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (j) Impairment of assets (Continued) (j) 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(j)(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(j)(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 these financial assets 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. 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. – 就於附屬公司之投資而言，減值 虧損按附註 1(j)(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(j)(ii) 所述可 收回金額之估計出現正面轉變， 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。如該等 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。 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 於假若過往年度並無確認減值虧 損時原應釐定之金額。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (j) Impairment of assets (Continued) (j) 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） 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. 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； 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； intangible assets; and goodwill. – 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。 96 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (j) (ii) Impairment of assets (Continued) Impairment of other assets (Continued) – Calculation of recoverable amount (j) 資產減值（續） (ii) 其他資產之減值（續） – 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. – Reversals of impairment losses 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. 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. 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）。 – 減值虧損撥回 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。 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。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (k) Inventories (k) 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。 (l) Receivables (l) 應收款 Receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less allowance for impairment of doubtful debts (see note 1(j)(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 以實際利率法按攤銷成本減去呆賬減 值 撥 備（ 見 附 註 1(j)(i)）後 所 得 數 額 入 賬，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。 (m) Interest-bearing borrowings (m) 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。 98 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (n) Payables (n) 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。 (o) Cash and cash equivalents (o) 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。 (p) Employee benefits (p) 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 Salaries, annual bonuses, paid annual leave, 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. 本集團就界定福利退休計劃所承擔之 責任淨額，乃透過估計僱員於當前及 過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。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (p) Employee benefits (Continued) (ii) Defined benefit retirement plan obligation (Continued) (p) 僱員福利（續） (ii) 界定福利退休計劃承擔（續） 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. 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. 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。 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， 為僱員於當前及過往期間以提供服務 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。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。 100 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (p) Employee benefits (Continued) (iv) Share-based payments (Continued) 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). (p) 僱員福利（續） (iv) 以股份為基礎之付款（續） 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。 (q) Income tax (q) 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，加過 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免產生。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (q) Income tax (Continued) (iii) (Continued) (q) 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. 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. 除了某些有限之例外情況，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 產來抵扣之未來應課稅溢利）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之未來 應課稅溢利包括因撥回目前存在 之 應 課 稅 暫 時 差 異 而 產 生 之 數 額；但該等撥回之差異必須與同 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 計撥回之同一期間或遞延稅項資 產所產生稅務虧損可向後期或向 前期結轉之期間內撥回。在決定 目前存在之應課稅暫時差異是否 支持確認由未動用稅務虧損和抵 免所產生之遞延稅項資產時，亦 會採用同一準則，即差異是否與 同一稅務機關及同一應課稅實體 有關，並是否預期在能夠使用稅 務 虧 損 或 抵 免 撥 回 之 同 一 期 間 內。 不確認為遞延稅項資產和負債之 暫時差異是產生自以下有限之例 外情況：不可在稅務方面獲得扣 減 之 商 譽； 不 影 響 會 計 或 應 課 稅 溢 利 之 資 產 或 負 債 之 初 始 確 認（如屬企業合併之一部份則除 外）； 以 及 投 資 附 屬 公 司（ 如 屬 應課稅差異，只限於本集團可以 控制撥回之時間，而在可預見之 將來不大可能撥回之暫時差異； 或如屬可抵扣差異，則只限於很 可能在將來撥回之差異）。 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。 102 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (q) Income tax (Continued) (iii) (Continued) (q) 所得稅（續） (iii) （續） 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 in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: – – 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. 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 – 就遞延稅項資產及負債而 言， 該 等資 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： – 同一應課稅實體；或 – 不同之應課稅實體。 該等實體擬在預期有 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。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (r) Financial guarantees issued, provisions and contingent liabilities (i) Financial guarantees issued 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. 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(r)(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. (r) 已發出之財務擔保、撥備及 或然負債 (i) 已發出之財務擔保 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。 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(r)(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. 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。 104 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (r) Financial guarantees issued, provisions and contingent liabilities (Continued) (r) 已發出之財務擔保、撥備及 或然負債（續） (ii) Other provisions and contingent liabilities (Continued) (ii) 其他撥備及或然負債（續） 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。 (s) Cash flow hedges (s) 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). 金融衍生工具被指定用作對沖因已確 認之資產或負債或極有可能發生之預 期交易而產生之現金流量變動或因已 訂約之未來交易而承擔之外匯風險， 重計該等金融衍生工具之公允值而產 生之任何收益或虧損，其有效部份會 於其他全面收益確認，並於對沖儲備 之權益中獨立累計。任何收益或虧損 之非有效部份即時於損益內確認。 倘若對沖工具為僅可用作對沖外匯風 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。 若被對沖之預期交易其後確認為非金 融資產或非金融負債，其在權益中已 確認之相關損益會計入該非金融資產 或負債之最初成本或其他賬面值內。 若被對沖之預期交易其後確認為金融 資產或金融負債，其在權益中已確認 之相關損益會在該購入之資產或承擔 之負債影響損益之同一個或多個期間 內（例如當確認利息收入或支出時）確 認為損益。 維他奶國際集團有限公司 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (s) Cash flow hedges (Continued) (s) 現金流量對沖（續） 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. 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. 有別於上述兩個政策所涵蓋之現金流 量對沖，其在權益中已確認之相關損 益會在被對沖之預期交易影響損益之 同一個或多個期間內確認為損益。 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 被對沖之預期交易仍預期發生時，其 累計損益會保留在權益內，並在該交 易發生時按上述政策確認。若被對沖 之交易預期不會發生，其累計在權益 中之未實現損益會即時確認為損益。 (t) Revenue recognition (t) 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。 106 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (t) Revenue recognition (Continued) (iv) Interest income (t) 收入確認（續） (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。 (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 法累計確認。 (u) Translation of foreign currencies (u) 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(s)). 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 並用作對沖外匯風險之非衍生貨幣項 目除外（見附註 1(s)）。 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一間附屬公司 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。 貨幣項目產生之外匯收益及虧損（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 二零一一∕一二年年報 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 1 主要會計政策（續） (Continued) (v) Borrowing costs (v) 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。 (w) Repair and maintenance expenditure (w) 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。 (x) Related parties (x) 關連人士 (a) A person, or a close member of that person’s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group. (a) 倘有關人士出現下列情況，則該 人士或該人士之近親家庭成員與 本集團有關連： (i) 控制或共同控制本集團； (ii) 對本集團有重大影響；或 (iii) 為本集團之主要管理人員 之一。 (b) An entity is related to the Group if any of the following conditions applies: (b) 倘符合下列任何條件，則一間實 體與本集團有關連： (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (i) 該實體與本集團屬同一集 團 之 成 員 公 司（ 即 各 母 公 司、 附 屬 公 司 及 同 系 附 屬 公司彼此間有關連）。 (ii) 一間實體為另一實體之聯 營公司或合營企業（或另一 實體為成員公司之集團旗 下成員公司之聯營公司或 合營企業）。 (iii) 兩間實體均為同一第三方 之合營企業。 (iv) 一間實體為第三方實體之 合 營 企 業， 而 另 一 實 體 為 該第三方實體之聯營公司。 108 Vitasoy International Holdings Ltd. Annual Report 2011/12 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（續） (Continued) (x) Related parties (Continued) (b) (Continued) (x) 關連人士（續） (b) （續） (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity). (v) 該實體乃為本集團或與本 集團有關連之實體就僱員 福利而設立之離職後福利 計劃。 (vi) 該實體受 (a) 所識別人士控 制或共同控制。 (vii) 於 (a)(i) 所 識 別 人 士 對 該 實 體有重大影響力或屬該實 體（或該實體之母公司）主 要管理人員之一。 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在處理 與實體交易時可能對該人士施予影響 或被該人士影響之親屬成員。 (y) Segment reporting (y) 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，除非該等分部具有類 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 二零一一∕一二年年報 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 Accounting judgements and estimates 2 會計判斷及估計 Notes 14, 23 and 24 contain information about the assumptions and their risk factors relating to goodwill impairment assessment, defined benefit retirement liabilities and the fair value of share options granted. Other key sources of estimation uncertainty are as follows: 附註 14、23 及 24 分別載有關於商譽 減值評估、界定退休福利負債及已授 出購股權之公允值之假設及相關風險 因素。估計不確定因素之其他主要來 源如下： (a) Impairment of fixed assets and intangible (a) 固定資產及無形資產減值 assets 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. 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. Details of the nature and carrying amounts of fixed assets and intangible assets are disclosed in notes 12 and 13, respectively. 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所錄得之 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。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。固定資產及無形資產之性 質及賬面值詳情分別於附註 12 及 13 披露。 (b) Depreciation of fixed assets (b) 固定資產之折舊 Fixed assets (see note 12) 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（見附註 12）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釐 定，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。 110 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Accounting judgements and estimates 2 會計判斷及估計（續） (Continued) (c) Amortisation of intangible assets (c) 無形資產之攤銷 Intangible assets (see note 13) 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（見附註 13）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釐 定。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 as disclosed in note 17, 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（ 於 附 註 17 披 露）、 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 as disclosed in note 16 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（於附註 16 披露）。 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 profits will be available against which the unused tax benefits can be utilised, management’s judgement 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. Details of the nature and carrying amounts of deferred tax assets are disclosed in note 25. 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。遞延稅項資產之性 質及賬面值詳情於附註 25 披露。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 3 Turnover and segment reporting 3 營業額及分部報告 (a) Turnover (a) 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 產 品 之 發 票 價 值 減 退 貨、回扣及折扣。 (b) Segment reporting (b) 分部報告 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. – – – – – The Hong Kong and Macau business mainly represents the manufacture and sale of soymilk, tea, water, juice, tofu, etc. in Hong Kong, sale of beverages in 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 sale of beverages in New Zealand; The North America business mainly represents the manufacture and sale of tofu and pasta; and sale of 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. 本集團透過按地區成立之實體管理業 務。本集團按照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。 – 香港及澳門業務主要指在香港生 產及銷售豆奶、茶、水、果汁及 豆腐等產品、在澳門及海外銷售 飲料，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 生產及銷售豆奶及米奶，以及在 新西蘭銷售飲料； – 北美洲業務主要指在北美洲生產 及銷售豆腐及麵食，以及銷售進 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。 112 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） 3 Turnover and segment reporting 3 營業額及分部報告（續） (Continued) (b) Segment reporting (Continued) (i) Segment results, assets and liabilities (b) 分部報告（續） (i) 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: 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. 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 基 準 監 控 各 須 報 告 分 部 之 業 績、資產及負債： 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 動之應付賬款及應付票據、銀行貸款 及由分部直接管理之融資租賃債務及 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。所得稅並無列入報告 分部。分部間銷售乃按成本加邊際利 潤定價。 The accounting policies of the reporting segments are the same as the Group’s accounting policies described in note 1. 報告分部之會計政策與附註 1 所述之 本集團之會計政策相同。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 3 Turnover and segment reporting 3 營業額及分部報告（續） (Continued) (b) Segment reporting (Continued) (b) 分部報告（續） (i) Segment results, assets and liabilities (Continued) (i) 分部業績、資產及負債（續） 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, 2012 and 2011 is set out below: 截 至 二 零 一 二 年 及 二 零 一 一 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之資源配置及分 部表現評估之本集團須報告分部資料 如下： North America 北美洲 Singapore 新加坡 Total 總計 Hong Kong & Macau 香港及澳門 2012 Mainland China 中國內地 Australia & New Zealand 澳洲及新西蘭 2012 2011 2011 二零一二年 二零一一年 二零一二年 二零一一年 二零一二年 二零一一年 二零一二年 二零一一年 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2011 2011 2011 2012 2012 2012 2012 Revenue from external customers Inter-segment revenue 來自外間顧客之收入 分部間收入 1,671,834 75,860 1,530,131 63,874 1,014,070 64,115 854,183 129,108 499,343 443 445,480 485 455,185 225 433,875 257 76,107 – 65,667 – 3,716,539 140,643 3,329,336 193,724 Reportable segment revenue 須報告分部之收入 1,747,694 1,594,005 1,078,185 983,291 499,786 445,965 455,410 434,132 76,107 65,667 3,857,182 3,523,060 Reportable segment profit from operations 須報告分部之 經營溢利 Interest income from bank deposits Finance costs Depreciation and amortisation for the year Other material non-cash items: – (Recognition)/reversal of impairment losses on trade and other receivables – Reversal of impairment losses on property, plant and equipment – Equity settled share-based payment expenses 銀行存款之利息收入 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 （確認）╱撥回 – 物業、廠房及設備 之減值虧損撥回 – 以股份為付款 基礎之費用 321,095 284,857 89,564 109,756 87,509 89,703 1,262 12,451 5,115 6,421 504,545 503,188 79 (1,431) 497 (254) 1,026 (6,108) 848 (2,909) 675 (9,702) 582 (4,048) – (2) – (68) 2 – 2 – 1,782 (17,243) 1,929 (7,279) (61,070) (54,621) (32,254) (19,852) (19,722) (21,461) (12,595) (13,881) (4,594) (4,213) (130,235) (114,028) (96) – (8) – (45) – (57) – (657) (523) (225) (155) 90 132 – 420 1,475 – – – – – – – – – – (18) (51) 337 – – 132 1,475 (882) (678) Reportable segment assets 須報告分部之資產 1,729,230 1,642,529 1,024,575 868,655 471,875 380,158 188,980 193,343 101,864 103,602 3,516,524 3,188,287 Reportable segment liabilities 須報告分部之負債 437,401 435,475 590,631 639,673 240,170 154,207 202,391 205,873 7,914 6,758 1,478,507 1,441,986 Additions to non-current segment assets during the year 本年度新增之非流動分部 資產 125,029 169,735 167,818 261,219 104,769 73,286 9,486 2,906 6,033 1,104 413,135 508,250 114 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） 3 Turnover and segment reporting 3 營業額及分部報告（續） (Continued) (b) Segment reporting (Continued) (b) 分部報告（續） (ii) Reconciliations of reportable segment revenue, profit (ii) 須報告分部收入、損益、資產及負 or loss, assets and liabilities 債之對賬 Revenue 收入 Reportable segment revenue Elimination of inter-segment revenue 須報告分部之收入 分部間收入之撇銷 Consolidated turnover Profit Reportable segment profit from operations Finance costs Unallocated head office and corporate expenses 綜合營業額 溢利 須報告分部之 經營溢利 融資成本 未分配之總公司 及企業費用 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 3,857,182 (140,643) 3,523,060 (193,724) 3,716,539 3,329,336 504,545 (17,243) 503,188 (7,279) (79,209) (76,648) Consolidated profit before taxation 綜合除稅前溢利 408,093 419,261 Interest income 利息收入 Reportable segment interest income Unallocated head office and corporate interest income 須報告分部之利息收入 未分配之總公司 及企業利息收入 Consolidated interest income 綜合利息收入 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 須報告分部之費用 未分配之總公司 及企業費用 1,782 24 1,806 882 3,539 1,929 20 1,949 678 2,522 Consolidated equity settled share-based payment expenses 以股份為付款基礎 之綜合費用 4,421 3,200 維他奶國際集團有限公司 二零一一∕一二年年報 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） 3 Turnover and segment reporting 3 營業額及分部報告（續） (Continued) (b) Segment reporting (Continued) (b) 分部報告（續） (ii) Reconciliations of reportable segment revenue, profit (ii) 須報告分部收入、損益、資產及負 or loss, assets and liabilities (Continued) 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 須報告分部之資產 Deferred tax assets Current tax recoverable Unallocated head office and corporate assets 遞延稅項資產 應收現期稅項 未分配之總公司 及企業資產 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 3,516,524 (601,501) 3,188,287 (570,717) 2,915,023 2,617,570 17,957 430 2,132 11,805 5,438 19,406 Consolidated total assets 綜合總資產 2,935,542 2,654,219 Liabilities 負債 Reportable segment liabilities Elimination of inter-segment payables 須報告分部之負債 分部間應付款之撇銷 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 1,478,507 (310,145) 1,441,986 (465,678) 1,168,362 976,308 2,228 59,084 26,256 1,272 2,177 50,081 18,675 17,257 Consolidated total liabilities 綜合總負債 1,257,202 1,064,498 116 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） 3 Turnover and segment reporting 3 營業額及分部報告（續） (Continued) (b) Segment reporting (Continued) (iii) Geographic information 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. (b) 分部報告（續） (iii) 地區資料 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，倘為固定資產及購置固定資產之 訂金，則地理位置乃根據該資產之實 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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 579,210 517,367 585,881 285,564 93,538 74,801 434,182 200,894 96,867 73,375 1,039,784 805,318 1,618,994 1,322,685 The revenue from external customers and specified non- current assets of the Group attributed to Hong Kong, the Group’s place of domicile, amounted to $1,542,629,000 (2011: $1,417,860,000) and $571,956,000 (2011: $510,452,000) respectively. 香 港（ 本 集 團 所 在 地）佔 本 集 團 來 自 外 間 顧 客 之 收 入 及 本 集 團 特 定 非 流 動 資 產 分 別 為 1,542,629,000 元 （ 二 零 一 一 年：1,417,860,000 元） 及 571,956,000 元（ 二 零 一 一 年： 510,452,000 元）。 (iv) Major customers (iv) 主要客戶 In 2012, the revenue from the Group’s largest customer and five largest customers amount to 6% (2011: 7%) and 20% (2011: 22%) of the Group’s total revenue respectively. 於二零一二年，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 6%（二零一一年：7%）及 20%（二 零一一年：22%）。 Details of concentrations of credit risk arising from these customers are set out in note 27(a). 來自該等客戶之信貸集中風險之詳情 載於附註 27(a)。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 1,806 32,240 2,310 4,482 40,838 1,949 23,852 2,530 5,544 33,875 5 Profit before taxation 5 除稅前溢利 Profit before taxation is arrived at after charging/(crediting): 除稅前溢利已扣除╱（計 入）： (a) Finance costs: (a) 融資成本： Interest on bank loans Finance charges on obligations under finance leases 銀行貸款之利息 融資租賃債務之 財務費用 Less: interest expense capitalised into property, plant and equipment * 減：於物業、廠房及 設備資本化之 利息 * 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 22,584 1,270 23,854 (6,611) 17,243 6,815 1,628 8,443 (1,164) 7,279 * The borrowing costs have been capitalised at a rate of 1.43% – 7.32% per annum (2011: 1.39% – 6.44% per annum). * 被資本化之借貸成本以每年 1.43% – 7.32% 息率計算（二零一一年：每年 1.39% – 6.44%）。 (b) Staff costs: (b) 員工成本： Contributions to defined contribution retirement plans Net expenses/(income) recognised in respect of: – retirement gratuites (note 23(c)(v)) – long service payments 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 23(c)(v)） – 長期服務金 Retirement costs Equity settled share-based payment expenses Salaries, wages and other benefits 退休成本 以股份為付款基礎之 費用 薪金、工資及其他福利 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 36,357 27,295 1,365 (81) 591 (138) 37,641 27,748 4,421 759,868 3,200 667,134 801,930 698,082 118 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） (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 Recognition/(reversal) of impairment losses on trade and other receivables (note 17(b)) Reversal of impairment losses on property, plant and equipment (note 12(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 Cost of inventories (note 16(b)) 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 確認╱（撥回） （附註 17(b)） 物業、廠房及設備之 減值虧損撥回 （附註 12(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 16(b)） 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 891 2,136 526 869 2,014 527 4,439 122,243 4,845 105,773 51 (337) (132) (1,475) 4,239 4,081 238 281 430 457 541 354 52,872 48,033 1,653 1,029 1,715 (674) 2,245 767 739 (787) – 1,995,203 (265) 1,784,290 維他奶國際集團有限公司 二零一一∕一二年年報 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 6 綜合損益報表之所得稅 (a) Taxation in the consolidated income (a) 綜合損益報表之稅項如下： statement represents: Current tax – Hong Kong Profits Tax 本期稅項 – 香港利得稅 Provision for the year Under-provision in respect of prior years 以往年度之撥備不足 年內撥備 Current tax – Outside Hong Kong 本期稅項 – 香港以外地區 Provision for the year (Over)/under-provision in respect of prior years 年內撥備 以往年度之（超額撥備）╱ 撥備不足 Deferred tax 遞延稅項 Origination and reversal of temporary differences (note 25(b)) 源自及撥回暫時差異 （附註 25(b)） 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 32,190 525 19,224 1,071 32,715 20,295 50,525 54,240 (1,210) 1,190 49,315 55,430 3,661 12,157 85,691 87,882 Notes: (i) 附註： The provision for Hong Kong Profits Tax for 2012 is calculated at 16.5% (2011: 16.5%) of the estimated assessable profits for the year. (i) 二零一二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 一一年：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之現行稅率計 算。 120 Vitasoy International Holdings Ltd. Annual Report 2011/12 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) (a) Taxation in the consolidated income statement represents: (Continued) Notes: (Continued) 6 綜合損益報表之所得稅 （續） (a) 綜合損益報表之稅項如下： （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% progressively within five years from 1st January, 2008 (2008: 18%; 2009: 20%; 2010: 22%; 2011: 24%; 2012: 25%). For the subsidiary located in Shanghai, the applicable statutory tax rate is 25% from 1st January, 2008 and that subsidiary starts its two years’ tax holiday from 1st January, 2008 and thereafter enjoys a tax relief of 50% reduction in the income tax rate for a period of three years commencing 1st January, 2010. For the subsidiary located in Foshan, the applicable statutory tax rate is 25% 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 more than 25% of the capital of all the Group’s PRC enterprises is 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：18%；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。就位於佛山之附屬公司而言，適 用法定稅率為 25%。 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。 由於本集團所有中國企業中有逾25% 資本由一間於香港註冊成立之附屬公 司擁有，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。 (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： Profit before taxation 除稅前溢利 Notional tax on profit before taxation, 按有關稅項司法管轄區 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 (Over)/under-provision in respect of prior years Others 適用之利得稅稅率 計算除稅前溢利之 名義稅項 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 未就遞延稅項確認之 未使用稅務虧損之 稅務影響 運用以往未就遞延稅項 確認之未使用稅務虧損之 稅務影響 以往年度之（超額撥備）╱ 撥備不足 其他 Actual tax expense 實際稅項支出 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 408,093 419,261 81,672 2,993 (534) 3,849 86,328 1,951 (716) 2,975 1,906 1,536 – (685) (3,510) 85,691 (4,464) 2,261 (1,989) 87,882 維他奶國際集團有限公司 二零一一∕一二年年報 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： 2012 二零一二年 Retirement scheme contributions Sub-total Discretionary bonuses 酌情 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 in kind 薪金、津貼 及實物福利 $’000 千元 Directors’ fees 董事袍金 $’000 千元 Share- based payments 以股份為 基礎之付款 $’000 千元 Total 總計 $’000 千元 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU (retired on 1st April, 2012) Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 羅友禮先生 黎信彥先生 余發先生 （於二零一二年 四月一日退任） 非執行董事 羅慕貞女士 羅慕玲女士 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 李國寶爵士 布魯士先生 Jan P.S. ERLUND先生 張建標先生 185 92 92 102 102 309 309 302 302 3,882 4,355 2,042 2,940 3,423 563 225 272 160 7,232 8,142 2,857 1,341 1,784 221 8,573 9,926 3,078 – – – – – – – – – – – – – – – – – – 102 102 309 309 302 302 – – – – – – 102 102 309 309 302 302 1,795 10,279 6,926 657 19,657 3,346 23,003 122 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） 2011 二零一一年 Retirement scheme contributions Sub-total Salaries, allowances and benefits in kind 薪金、津貼 及實物福利 $’000 千元 Directors’ fees 董事袍金 $’000 千元 Discretionary bonuses 酌情 發放之花紅 退休計劃供款 $’000 千元 $’000 千元 小計 $’000 千元 Share- based payments 以股份為 基礎之付款 $’000 千元 Total 總計 $’000 千元 Executive Directors Mr. Winston Yau-lai LO Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 執行董事 羅友禮先生 黎信彥先生 余發先生 非執行董事 羅慕貞女士 羅慕玲女士 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 李國寶爵士 布魯士先生 Jan P.S. ERLUND先生 張建標先生 176 88 88 97 97 294 294 288 167 3,783 4,044 1,977 2,909 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 1,589 9,804 6,532 575 18,500 2,159 20,659 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(p)(iv). The details of these benefits in kind, including the principal terms and number of options granted, are disclosed in note 24. 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(p)(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。 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 24 中披露。 維他奶國際集團有限公司 二零一一∕一二年年報 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 (2011: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2011: three) individuals are as follows: 在五名最高酬金人士中，兩名（二零 一一年：兩名）為董事，彼等之酬金 於附註 7 中披露。其餘三名（二零一一 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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 7,566 240 3,370 733 7,224 196 3,281 567 11,909 11,268 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(p)(iv). The principal terms of the share option scheme are disclosed in note 24. 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(p)(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 24 中披露。 The emoluments of the three (2011: three) individuals with the highest emoluments are within the following bands: 三名（二零一一年：三名）最高酬金人 士之酬金介乎以下組別： $3,000,001 to $3,500,000 $3,500,001 to $4,000,000 $4,000,001 to $4,500,000 $4,500,001 to $5,000,000 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 4,500,001 元至 5,000,000 元 2012 二零一二年 Number of individuals 人數 2011 二零一一年 Number of individuals 人數 1 1 — 1 1 1 1 – 124 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 $191,446,000 (2011: $169,739,000) which has been 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 191,446,000 元（ 二 零 一 一 年： 169,739,000 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 股權持有人應佔 綜合溢利金額 Dividends from subsidiaries attributable 來自附屬公司上一個 to the profits of the previous financial year, approved and paid during the year 財政年度溢利， 並於本年度批准 及支付之股息 Company’s profit for the year (note 26(a)) 本公司之本年度溢利 （附註 26(a)） 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 191,446 169,739 99,240 82,815 290,686 252,554 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 (a) Tax effects relating to each component of other comprehensive income: (a) 有關其他全面收益各部份之 稅務影響： Exchange differences on translation of 換算香港以外地區 the financial statements of subsidiaries outside Hong Kong Cash flow hedge: net movement in the hedging reserve 附屬公司財務報表 所產生之匯兌差額 現金流量套期： 套期儲備淨變動數 2012 二零一二年 2011 二零一一年 Before-tax amount 除稅前金額 $’000 千元 Net-of-tax Before-tax Tax-benefit 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 Net-of-tax Tax-benefit amount 稅務利益 扣除稅項金額 $’000 千元 $’000 千元 18,884 (2,082) 16,802 – 18,884 47,186 – 47,186 343 343 (1,739) 2,105 (347) 1,758 17,145 49,291 (347) 48,944 維他奶國際集團有限公司 二零一一∕一二年年報 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） 10 Other comprehensive income (Continued) 10 其他全面收益（續） (b) Components of other comprehensive income (b) 其他全面收益之部份 Cash flow hedges: Effective portion of changes in fair value of hedging instruments recognised during the period Amounts transferred to initial carrying amount of hedged items Net deferred tax credited/(charged) to other comprehensive income 現金流量對沖： 期內確認之對沖工具 公允值變動之有效 部份 轉撥至對沖項目 最初賬面值之金額 計入 ∕（扣除）其他全面 收益之遞延稅項淨額 Net movement in the hedging reserve 期內於其他 during the period recognised in other comprehensive income 全面收益確認之 對沖儲備淨變動 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 (15) 2,105 (2,067) 343 – (347) (1,739) 1,758 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 Company of $281,003,000 (2011: $284,314,000) and the weighted average number of 1,021,192,000 ordinary shares (2011: 1,018,573,000 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 281,003,000 元（ 二 零 一 一 年：284,314,000 元） 及 本 年 度 內 已 發 行 普 通 股 之 加 權 平 均 股 數 1,021,192,000 股普 通股（二 零一一 年：1,018,573,000 股 普 通 股）計 算 如下： Weighted average number of ordinary shares 普通股之加權平均股數 2012 二零一二年 Number of shares 股份數目 ’000 千股 2011 二零一一年 Number of shares 股份數目 ’000 千股 Issued ordinary shares at 1st April Effect of share options exercised 於四月一日之已發行普通股 已行使購股權之影響 1,019,852 1,340 1,017,688 885 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)） 1,021,192 1,018,573 126 Vitasoy International Holdings Ltd. Annual Report 2011/12 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) (b) Diluted earnings per share 11 每股盈利（續） (b) 每股攤薄盈利 The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of the Company of $281,003,000 (2011: $284,314,000) and the weighted average number of 1,028,691,000 ordinary shares (2011: 1,028,758,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: 每股攤薄盈利乃根據本公司股權持有 人 應 佔 溢 利 281,003,000 元（ 二 零 一 一 年：284,314,000 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 1,028,691,000 股普 通股（二 零一一 年：1,028,758,000 股 普 通 股）計 算 如下： Weighted average number of ordinary shares (diluted) 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares for the year (note 11(a)) 本年度普通股之 加權平均股數 （附註 11(a)） Effect of deemed issue of ordinary shares 假設因根據本公司之 under the Company’s share option scheme for nil consideration 購股權計劃以無償方式 發行普通股之影響 Weighted average number of ordinary shares (diluted) for the year 本年度普通股之 加權平均股數 （攤薄） 2012 二零一二年 Number of shares 股份數目 ’000 千股 2011 二零一一年 Number of shares 股份數目 ’000 千股 1,021,192 1,018,573 7,499 10,185 1,028,691 1,028,758 維他奶國際集團有限公司 二零一一∕一二年年報 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 Fixed assets (a) The Group 12 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 Investment properties 持有作 固定 自用之 土地及樓宇 資產總計 在建工程 $’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 裝置、 傢俬及 及設備 辦公室設備 投資物業 工廠機器 小計 汽車 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 Total fixed assets Cost: At 1st April, 2010 Exchange adjustments Additions Transfer Disposals At 31st March, 2011 成本： 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 Accumulated amortisation, 累計攤銷、 depreciation and impairment losses: 折舊及 減值虧損： 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 本年度攤銷及折舊 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 1,271,125 47,123 18,285 45,898 – 22,491 – (31,130) (307) 161,534 1,756 12,601 407 (10,438) 82,487 1,454 6,642 – (5,525) 38,295 2,155,877 80,597 11,979 484,738 419,597 (22,898) – (47,400) – 22,698 – – – – 10,504 2,189,079 81,676 1,079 510,639 25,901 – – (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 – 1,350,157 44,187 – 110,618 – 14,399 – 527 3,448 1,368,004 44,362 112,014 175 869 – (62) (1,475) (29,373) – (9,904) – (5,315) – – (1,475) (44,654) – – – – (1,475) (44,654) 281,100 983,979 129,153 64,601 – 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 1,255,743 128 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Fixed assets (Continued) (a) The Group (Continued) 12 固定資產（續） (a) 本集團（續） Property, plant and equipment 物業、廠房及設備 Land and Factory buildings machinery held for and equipment own use 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: At 1st April, 2011 Exchange adjustments Additions Transfer Disposals At 31st March, 2012 成本： 於二零一一年 四月一日 匯兌調整 添置 轉撥 出售 於二零一二年 三月三十一日 Accumulated amortisation, 累計攤銷、 depreciation and impairment losses: 折舊及 減值虧損： At 1st April, 2011 Exchange adjustments Charge for the year Reversal of impairment losses (note 5(c)) 於二零一一年 四月一日 匯兌調整 本年度攤銷及折舊 減值虧損撥回 （附註5(c)） Written back on disposals 出售時撥回 At 31st March, 2012 於二零一二年 三月三十一日 Net book value: 賬面淨值： At 31st March, 2012 於二零一二年 三月三十一日 620,414 6,573 9,983 130,326 – 1,355,507 19,866 40,788 287,334 (31,266) 165,860 675 14,346 33,907 (7,296) 85,058 653 10,674 678 (4,981) 446,973 4,444 348,585 (452,245) – 2,673,812 32,211 424,376 – (43,543) 22,698 – – – – 37,484 1,386 1,931 – – 2,733,994 33,597 426,307 – (43,543) 767,296 1,672,229 207,492 92,082 347,757 3,086,856 22,698 40,801 3,150,355 281,100 3,126 22,662 983,979 12,937 78,669 129,153 518 16,531 64,601 422 8,820 – – (132) (28,237) – (6,928) – (4,885) – – – – – 1,458,833 17,003 126,682 14,926 – 526 4,492 174 891 1,478,251 17,177 128,099 (132) (40,050) – – – – (132) (40,050) 306,888 1,047,216 139,274 68,958 – 1,562,336 15,452 5,557 1,583,345 460,408 625,013 68,218 23,124 347,757 1,524,520 7,246 35,244 1,567,010 維他奶國際集團有限公司 二零一一∕一二年年報 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 Fixed assets (Continued) (b) The Company 12 固定資產（續） (b) 本公司 Property, plant and equipment 物業、廠房及設備 Factory machinery and equipment Land and buildings held for own use 持有作 固定 自用之 土地及樓宇 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 Fixtures, furniture and office equipment 裝置、 傢俬及 及設備 辦公室設備 Motor Construction in progress Investment properties Total fixed assets 在建工程 工廠機器 投資物業 Sub-total vehicles 小計 汽車 Cost: At 1st April, 2010 Additions Transfer Disposals At 31st March, 2011 成本： 於二零一零年 四月一日 添置 轉撥 出售 於二零一一年 三月三十一日 Accumulated depreciation: 累計折舊： At 1st April, 2010 Charge for the year Written back on disposals At 31st March, 2011 於二零一零年 四月一日 本年度折舊 出售時撥回 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 141,766 – – – 470,173 30,234 401 (18,867) 80,115 6,899 – (3,896) 59,889 2,443 – (2,957) 28,313 115,185 (401) – 780,256 154,761 – (25,720) 22,698 – – – 802,954 154,761 – (25,720) 141,766 481,941 83,118 59,375 143,097 909,297 22,698 931,995 68,105 4,213 – 337,040 24,076 (18,284) 58,124 6,601 (3,874) 45,724 5,479 (2,951) – – – 508,993 40,369 (25,109) 14,399 527 – 523,392 40,896 (25,109) 72,318 342,832 60,851 48,252 – 524,253 14,926 539,179 69,448 139,109 22,267 11,123 143,097 385,044 7,772 392,816 130 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Fixed assets (Continued) (b) The Company (Continued) 12 固定資產（續） (b) 本公司（續） Property, plant and equipment 物業、廠房及設備 Land and Factory buildings machinery and held for own use equipment 持有作 自用之 土地及樓宇 $’000 千元 Fixtures, furniture and office equipment 裝置、 傢俬及 及設備 辦公室設備 $’000 千元 $’000 千元 工廠機器 Motor Construction in progress vehicles Sub-total Investment properties 汽車 $’000 千元 在建工程 $’000 千元 小計 $’000 千元 投資物業 $’000 千元 Total fixed assets 固定 資產總計 $’000 千元 Cost: At 1st April, 2011 Additions Transfer Disposals At 31st March, 2012 成本： 於二零一一年 四月一日 添置 轉撥 出售 於二零一二年 三月三十一日 Accumulated depreciation: 累計折舊： At 1st April, 2011 Charge for the year Written back on disposals At 31st March, 2012 於二零一一年 四月一日 本年度折舊 出售時撥回 於二零一二年 三月三十一日 Net book value: 賬面淨值： At 31st March, 2012 於二零一二年 三月三十一日 141,766 – – – 481,941 20,473 28,959 (10,538) 83,118 5,792 32,625 (2,362) 59,375 6,117 678 (4,148) 143,097 83,988 (62,262) – 909,297 116,370 – (17,048) 22,698 – – – 931,995 116,370 – (17,048) 141,766 520,835 119,173 62,022 164,823 1,008,619 22,698 1,031,317 72,318 4,215 – 342,832 28,273 (8,666) 60,851 8,658 (2,325) 48,252 5,540 (4,141) 76,533 362,439 67,184 49,651 – – – – 524,253 46,686 (15,132) 14,926 526 – 539,179 47,212 (15,132) 555,807 15,452 571,259 65,233 158,396 51,989 12,371 164,823 452,812 7,246 460,058 維他奶國際集團有限公司 二零一一∕一二年年報 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 Fixed assets (Continued) 12 固定資產（續） (c) The analysis of net book value of properties (c) 物業之賬面淨值之分析如下： is as follows: The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 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 166,959 175,868 72,479 77,220 110,069 225,517 353 110,182 63,251 30,777 – – – – – – 502,898 380,078 72,479 77,220 460,408 7,246 339,314 7,772 65,233 7,246 69,448 7,772 35,244 32,992 – – 502,898 380,078 72,479 77,220 (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. There was no addition to the factory machinery and equipment of the Group and the Company financed by finance leases during the year (2011: $Nil). 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 $14,871,000 (2011: $21,204,000) and $Nil (2011: $2,991,000) respectively. The Group’s obligations under finance leases are secured by the lessor’s charge over the leased assets. 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。 年內，本集團及本公司並無透過融資 租賃（二零一一年：零元）添置工廠機 器及設備。 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 14,871,000 元（二零一一年： 21,204,000 元）及 零 元（ 二 零 一 一 年：2,991,000 元）。本集團根據融資 租賃之債務乃以承租人之租賃資產押 記作擔保。 132 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Fixed assets (Continued) 12 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 investment properties 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. 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。 The Group’s total future minimum lease payments under non- cancellable operating lease are receivable as follows: 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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 Within one year 一年內 579 579 (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, 2012 is $46,980,000 (2011: $44,540,000) 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. 投資物業於二零一二年三月三十一日 之公允值為 46,980,000 元（二零一一 年：44,540,000 元）， 此 乃 將 淨 租 金收入資本化並計入租賃期滿後收入 調整之可能性進行估計。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 有近期相關經驗。 (g) Fixed assets pledged against bank loans (g) 就銀行貸款抵押之固定資產 At 31st March, 2011, the following items of property, plant and equipment were pledged to secure certain bank loans or bank facilities granted to the Group (note 21): 於二零一一年三月三十一日，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 21）： 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 The Group 本集團 2011 二零一一年 $’000 千元 12,438 (h) Deposits for the acquisition of fixed assets (h) 購置固定資產之訂金 As at 31st March, 2012, 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 , 1 5 6 , 0 0 0 ( 2 0 1 1 : $14,011,000) and $610,000 (2011: $1,223,000) respectively to acquire property, plant and equipment. 於 二 零 一 二 年 三 月 三 十 一 日， 本 集 團 及 本 公 司 為 購 置 物 業、 廠 房 及 設 備 而 分 別 支 付 訂 金 合 共 1,156,000 元（ 二 零 一 一 年：14,011,000 元） 及 610,000 元（ 二 零 一 一 年： 1,223,000 元）。 維他奶國際集團有限公司 二零一一∕一二年年報 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 Intangible assets The Group 13 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： At 1st April, 2010 Exchange adjustments 於二零一零年四月一日 匯兌調整 7,271 827 10,771 1,223 18,042 2,050 At 31st March, 2011 於二零一一年三月三十一日 8,098 11,994 20,092 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 727 103 385 3,077 434 1,629 3,804 537 2,014 At 31st March, 2011 於二零一一年三月三十一日 1,215 5,140 6,355 Net book value: 賬面淨值： At 31st March, 2011 於二零一一年三月三十一日 6,883 6,854 13,737 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： At 1st April, 2011 Exchange adjustments 於二零一一年四月一日 匯兌調整 8,098 2 11,994 3 20,092 5 At 31st March, 2012 於二零一二年三月三十一日 8,100 11,997 20,097 Accumulated amortisation: 累計攤銷： At 1st April, 2011 Exchange adjustments Charge for the year 於二零一一年四月一日 匯兌調整 本年度攤銷 1,215 (3) 408 5,140 (13) 1,728 6,355 (16) 2,136 At 31st March, 2012 於二零一二年三月三十一日 1,620 6,855 8,475 Net book value: 賬面淨值： At 31st March, 2012 於二零一二年三月三十一日 6,480 5,142 11,622 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。 134 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Goodwill 14 商譽 Cost: At 1st April Exchange adjustments 成本： 於四月一日 匯兌調整 The Group 本集團 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 39,194 12 35,197 3,997 At 31st March 於三月三十一日 39,206 39,194 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% (2011: 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 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. 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. 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% （二零一一年：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： 2012 二零一二年 2011 二零一一年 42.0% 9.8% 14.0% 43.0% 9.2% 14.5% 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。 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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 15 Interest in subsidiaries 15 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 At 31st March, 2012 and 2011, amounts due from subsidiaries are unsecured, interest-free and have no fixed terms of repayment. 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. The following list contains the particulars of the subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated. All of these are controlled subsidiaries as defined under note 1(d) and have been consolidated into the Group’s financial statements. Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 公司名稱 註冊╱成立及 營業地點 已發行及 繳足股本詳情 The Company 本公司 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 168,124 554,078 93,072 1,170,243 722,202 (217,407) 1,263,315 (805,574) 504,795 457,741 於 二 零 一 二 年 及 二 零 一 一 年 三 月 三十一日，應收附屬公司款項屬無抵 押、免息及無固定還款期。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。 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。 此等附屬公司均為附註 1(d) 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。 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 % Principal activities 主要業務 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Vitasoy Holdings N.V. (note (i))（附註 (i)） Netherlands Antilles 荷蘭安的列斯 US$6,100 6,100 美元 100 – Vitasoy International B.V. (note (i))（附註 (i)） Netherlands 荷蘭 EUR22,500 22,500 歐元 – 100 Vitasoy (UK) Investments Company Limited (note (i))（附註 (i)） United Kingdom 英國 GBP2 2 英鎊 100 – 136 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Interest in subsidiaries (Continued) 15 附屬公司權益（續） Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 公司名稱 註冊╱成立及 營業地點 已發行及 繳足股本詳情 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 % Vitasoy USA Inc. (note (i))（附註 (i)） United States of America 美國 Common stock: US$12,061,000 100 (2011: –) – (2011: 100) 普通股： （二零一一年：–） （二零一一年：100） 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 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (note (ii)) 深圳維他（光明）食品飲料 有限公司（附註 (ii)） Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Vitasoy (Shanghai) Company Limited (note (iii)) 維他奶（上海）有限公司 （附註 (iii)） Vita International Holdings Limited 維他國際集團有限公司 Vitasoy Australia Products Pty. Ltd. PRC 中國 RMB80,000,000 人民幣 85 (2011: 70) 80,000,000 元 （二零一一年：70） Hong Kong 香港 $20 20 元 100 – – PRC 中國 RMB191,476,367 人民幣 191,476,367 元 – 100 100 – – 51 Hong Kong 香港 $20 20 元 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 Principal activities 主要業務 Manufacture and sale of soy related products 生產及銷售 豆製產品 Manufacture and sale of beverages 生產及銷售 飲品 Investment holding 投資控股 Manufacture and sale of beverages 生產及銷售 飲品 Investment holding 投資控股 Manufacture and sale of beverages 生產及銷售 飲品 維他奶國際集團有限公司 二零一一∕一二年年報 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） 15 Interest in subsidiaries (Continued) 15 附屬公司權益（續） Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 公司名稱 註冊╱成立及 營業地點 已發行及 繳足股本詳情 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 % Vitasoy Australia Food Products Pty. Ltd. (note (iv))（附註 (iv)） 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 – 100 Macau 澳門 Macau 澳門 MOP100,000 澳門幣 100,000 元 MOP10,000 澳門幣 10,000 元 100 – – 100 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 – Hong Kong Gourmet Limited 香港美食有限公司 Hong Kong 香港 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 Vitasoy Distributors (Singapore) Pte. Ltd. Vitasoy Investment Holdings Limited 維他奶投資控股有限公司 Vitasoy Holdings (Malta) Limited Hong Kong 香港 Singapore 新加坡 Hong Kong 香港 Malta 馬爾他 $20 20 元 $20 20 元 S$2,500,000 新加坡幣 2,500,000 元 $1 1 元 Ordinary shares: A$2,999 普通股： 2,999 澳元 Deferred shares: A$1 遞延股份： 1 澳元 – 100 100 100 100 – – – – 100 Principal activities 主要業務 Dormant 暫無營業 Distribution of beverages 分銷飲品 Dormant 暫無營業 Operation of tuck shops 經營學校 小食部 Provision of catering services 提供餐飲 服務 Property investment 物業投資 Dormant 暫無營業 Investment holding 投資控股 Investment holding 投資控股 138 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Interest in subsidiaries (Continued) 15 附屬公司權益（續） Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 公司名稱 註冊╱成立及 營業地點 已發行及 繳足股本詳情 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 % Vitasoy International Investment Limited 維他奶國際投資有限公司 Vitasoy Investment (Singapore) Pte. Ltd. Unicurd Food Co. (Private) Limited 統一食品（私人）有限公司 Hong Kong 香港 Singapore 新加坡 Singapore 新加坡 $1 1 元 100 – S$10,000 新加坡幣 10,000 元 S$1,800,000 新加坡幣 1,800,000 元 – – 100 100 Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 Hong Kong 香港 $1 1 元 100 – Vitasoy (Foshan) Company Limited (note (v)) 維他奶（佛山）有限公司 （附註 (v)） PRC 中國 RMB200,000,000 人民幣 200,000,000 元 – 85 (2011:100) （二零一一年：100） Principal activities 主要業務 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 Investment holding 投資控股 Manufacture and sale of beverages 生產及銷售 飲品 Notes: (i) On 15th November, 2011, Vitasoy International B.V. and Vitasoy (UK) Investments Company Limited transferred total number of 24,122 common stock and 38,400 convertible series A preferred stock of Vitasoy USA Inc. to the Company at $Nil consideration. During the year ended 31st March, 2012, Vitasory Holdings N.V., Vitasory International B.V. and Vitasory (UK) Investments Company Limited are in progress of dissolution. Subsequent to the balance sheet date, Vitasoy International B.V. and Vitasoy (UK) Investments Company Limited are dissolved. 附註： (i) 於二零一一年十一月十五日，Vitasoy I n t e r n a t i o n a l B.V. 及 Vitasoy (UK) Investments Company Limited 無償向本 公司轉讓Vitasoy USA Inc.合共24,122 股 普 通 股 及 38,400 股 可 換 股 A 類 優 先股。 截 至 二 零 一 二 年 三 月 三 十 一 日 止 年 度，Vitasoy Holdings N.V.、 Vitasoy International B.V. 及 Vitasoy (UK) Investments Company Limited 正 進 行 解 散。 於 結 算 日 後，Vitasoy International B.V. 及 Vistasoy (UK) Investments Company Limited 經 已 解 散。 (ii) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (“Shenzhen Vitasoy”) is a sino-foreign equity joint venture established in the PRC and is to be operated up to 2049. On 5th September, 2011, the Company acquired additional 15% equity interest in Shenzhen Vitasoy, increasing the Group’s equity interest in Shenzhen Vitasoy from 70% to 85% (see note 31(a)). (ii) 深圳維他（光明）食品飲料有限公司 （「深圳維他」）為於中國成立之中外 合資合營企業，經營期至二零四九年 止。於二零一一年九月五日，本公司 額 外 收 購 深 圳 維 他 15% 股 本 權 益， 本集團於深圳維他之股本權益由70% 增加至 85%（見附註 31(a)）。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 15 Interest in subsidiaries (Continued) 15 附屬公司權益（續） Notes: (Continued) 附註：（續） (iii) (iv) (v) Vitasoy (Shanghai) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2045. (iii) 維他奶（上海）有限公司為於中國成 立之全外資附屬公司，經營期至二零 四五年止。 The Group effectively owns a 51% equity interest in Vitasoy Australia Food Products Pty. Ltd.. (iv) 本 集 團 持 有 Vitasoy Australia Food Products Pty. Ltd. 51% 之實質權益。 Vitasoy (Foshan) Company Limited (“Vitasoy Foshan”) is a sino-foreign equity joint venture established in the PRC and is to be operated up to 2049. On 14th September, 2011, the Group disposed of 15% equity interest in Vitasoy Foshan, decreasing the Group’s equity interest in Vitasoy Foshan from 100% to 85% (see note 31(b)). (v) 維 他 奶（ 佛 山）有 限 公 司（「 佛 山 維 他奶」）為於中國成立之中外合資合 營企業，經營期至二零四九年止。於 二零一一年九月十四日，本集團出售 佛 山 維 他 奶 15% 股 本 權 益， 本 集 團 於佛山維他奶之股本權益由 100% 減 少至 85%（見附註 31(b)）。 16 Inventories 16 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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Raw materials Finished goods 原料 製成品 258,800 164,539 202,492 169,975 96,863 53,911 77,347 46,289 423,339 372,467 150,774 123,636 (b) The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows: (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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 1,992,463 2,740 1,781,739 2,551 1,995,203 1,784,290 140 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Trade and other receivables 17 應收賬款及其他應收款 The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Trade debtors and bills receivable 應收賬款及應收票據 Less: Allowance for doubtful 減：呆賬撥備 debts (note 17(b)) （附註 17(b)） 556,154 492,812 313,955 268,654 (1,533) (1,765) (488) (418) Other debtors, deposits and prepayments 其他應收款、按金 及預付款項 554,621 491,047 313,467 268,236 113,907 88,054 25,569 18,697 668,528 579,101 339,036 286,933 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 $9,727,000 (2011: $12,012,000) and $4,803,000 (2011: $5,994,000) respectively. All of the other trade and other receivables are expected to be recovered or recognised as expense within one year. The Group does not hold any collateral over these balances. 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 9,727,000 元（ 二 零 一 一 年：12,012,000 元） 及 4,803,000 元（ 二 零 一 一 年： 5,994,000 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。本集團並無就此等結餘持有 任何抵押品。 (a) Ageing analysis (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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Current 未到期 437,836 402,894 222,710 199,669 Less than one month past due 逾期少於一個月 One to three months past due 逾期一至三個月 逾期超過三個月 More than three months 但少於十二個月 but less than twelve months past due More than twelve months past due 逾期超過十二個月 110,233 4,968 81,000 4,692 89,904 853 68,141 426 1,372 2,449 212 12 – – – – Amounts past due 逾期金額 116,785 88,153 90,757 68,567 The Group’s credit policies are set out in note 27(a). 本集團之信貸政策載於附註 27(a)。 554,621 491,047 313,467 268,236 維他奶國際集團有限公司 二零一一∕一二年年報 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） 17 Trade and other receivables (Continued) 17 應收賬款及其他應收款（續） (b) Impairment of trade debtors and bills (b) 應收賬款及應收票據之減值 receivable 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(j)(i)). The movement in the allowance for doubtful debts during the year is as follows: 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(j)(i)）。 呆賬撥備於年內之變動如下： The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 At 1st April Exchange adjustments Impairment losses recognised/(reversed) (note 5(c)) 於四月一日 匯兌調整 減值虧損 之確認╱（撥回） （附註 5(c)） Uncollectible amounts written off 不可收回金額之撇銷 1,765 12 2,187 42 51 (295) (337) (127) 418 – 70 – 411 – 7 – At 31st March 於三月三十一日 1,533 1,765 488 418 At 31st March, 2012, the Group’s and the Company’s trade debtors and bills receivable of $1,533,000 (2011: $1,765,000) and $488,000 (2011: $418,000) 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 二 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 1,533,000 元（ 二 零 一 一 年： 1,765,000 元）及 488,000 元（ 二 零 一 一 年：418,000 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。 (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 17(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. 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 17(a)。 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。 142 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Bank deposits and cash and cash equivalents 18 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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Cash at bank and in hand Bank deposits maturing within 存款期於三個月內 銀行結存及庫存現金 three months when placed 之銀行存款 205,684 350,713 25,211 111,736 172 1,598 – 1,428 Cash and cash equivalents in the balance sheet Bank deposits maturing after three months but within one year when placed 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 At 31st March, 2012, the Group and the Company have designated certain bank balances that are denominated in Euro and Renminbi which total $5,934,000 (2011: $33,630,000) 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. 205,856 352,311 25,211 113,164 438 10,412 – 9,992 206,294 362,723 25,211 123,156 於二零一二年三月三十一日，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 5,934,000 元（ 二 零 一一年：33,630,000 元）指定用作對 沖已承諾購置物業、廠房及設備及日 後購買原料之外匯風險。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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 18 Bank deposits and cash and cash equivalents (Continued) 18 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： 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 Note 附註 Profit before taxation 除稅前溢利 408,093 419,261 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 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 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 – 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 – 匯兌收益 5(c) 5(c) 5(c) 5(c) 5(c) 5(a) 5(a) 4 5(c) 5(b) 126,682 526 110,618 527 891 2,136 (132) 15,973 1,270 (1,806) 1,715 4,421 (601) 869 2,014 (1,475) 5,651 1,628 (1,949) 739 3,200 (7,482) Changes in working capital: – Increase in inventories – Increase in trade and other receivables – 應收賬款及其他應收款增加 – 應付賬款及其他應付款增加 – Increase in trade and other payables – 僱員退休褔利負債淨額增加 – Increase in net employee retirement benefit liabilities 營運資金變動： – 存貨增加 (44,629) (85,011) 49,116 (55,275) (18,104) 79,457 51 326 Cash generated from operations 經營業務所得現金 478,695 540,005 19 Amounts due from/to subsidiaries 19 應收╱應付附屬公司款項 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. 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 預期於一年內收回╱償還。 144 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 payables 20 應付賬款及其他應付款 The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Trade creditors and bills payable 應付賬款及應付票據 Accrued expenses and other payables 應計費用及其他 應付款 395,230 319,437 239,712 171,982 376,688 400,627 105,662 95,439 771,918 720,064 345,374 267,421 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $14,106,000 (2011: $13,817,000) and $13,864,000 (2011: $13,623,000) for the Group and the Company respectively 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，惟本集團及本公 司 分 別 為 14,106,000 元（ 二 零 一 一 年：13,817,000 元） 及 13,864,000 元（二零一一年：13,623,000 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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 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 months 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 325,786 277,106 205,171 154,239 66,969 35,123 34,541 10,577 2,472 3 5,867 1,341 – – 5,833 1,333 395,230 319,437 239,712 171,982 維他奶國際集團有限公司 二零一一∕一二年年報 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） 21 Bank loans 21 銀行貸款 At 31st March, 2012, the bank loans were repayable as follows: 於二零一二年三月三十一日，銀行貸 款須於下列期限償還： The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Within one year or on demand 一年內或按要求 305,358 141,037 50,000 – After two years but within five years After five years 兩年後但於 五年內 五年後 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 27(b). As at 31st March, 2012 and 2011, none of the covenants relating to drawn down facilities had been breached. 79,824 – 47,766 66,234 79,824 114,000 – – – 47,766 66,234 114,000 385,182 255,037 50,000 114,000 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 27(b)。 於 二 零 一二年及二零一一年三月三十一日， 概無違反任何有關提取信貸之契諾。 146 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Obligations under finance leases 22 融資租賃之債務 At 31st March, 2012, the Group and the Company had obligations under finance leases repayable as follows: 於二零一二年三月三十一日，本集團 及本公司根據融資租賃須償還之債務 如下： (a) The Group Within one year After one year but within two years After two years but within five years After five years 本集團 一年內 一年後但於 兩年內 兩年後但於 五年內 五年後 2012 二零一二年 2011 二零一一年 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 $’000 千元 $’000 千元 Present Total value of the minimum minimum lease lease payments payments 最低租賃 最低租賃 付款總額 付款之現值 3,784 4,609 5,225 6,511 1,556 2,155 4,518 5,398 7,194 – 8,551 – 4,299 4,422 5,780 4,892 8,750 10,706 13,239 16,070 12,534 15,315 18,464 22,581 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 (2,781) 12,534 (4,117) 18,464 (b) The Company Within one year 本公司 一年內 After one year but within two years 一年後但於 兩年內 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 – – – – – – – – 1,363 1,530 733 792 2,096 2,322 (226) 2,096 維他奶國際集團有限公司 二零一一∕一二年年報 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） 23 Employee retirement benefits 23 僱員退休福利 The Group operates and participates in a number of defined contribution and defined benefit retirement plans in 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) (ii) (iii) 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. 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. (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%。 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。 148 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (a) Defined contribution retirement plans (a) 界定供款退休計劃（續） (Continued) (iv) The Group also operates defined contribution retirement plan for its employees in the United States of America (“the USA”). The Group is required to make contributions to the plan at various applicable rates of monthly salary that are in accordance with the local practice and regulations. 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 $47,000 (2011: $103,000) 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 $73,000 (2011: $28,000). (iv) 本 集 團 亦 為 其 於 美 利 堅 合 眾 國 （「美國」）之僱員設立界定供款 退休計劃。本集團須根據當地慣 例及條例按每月薪金之各項適用 比率向計劃作出供款。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 47,000 元（ 二 零 一 一 年：103,000 元）。 於 結 算 日， 共 有 73,000 元（ 二 零 一 一 年： 28,000 元）之 沒 收 供 款 可 用 於 扣減往後應付供款。 (b) Defined benefit retirement plans (b) 界定福利退休計劃 At 31st March, 2012, the Group and the Company recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: 於二零一二年三月三十一日，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： The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Employee retirement benefit liabilities 僱員退休福利負債 – retirement gratuities (note 23(c)) – 退休金 （附註 23(c)） Employee retirement benefit liabilities 僱員退休福利負債 – long service payments (note 23(d)) – 長期服務金 （附註 23(d)） (1,280) (937) (384) (55) (948) (1,240) (881) (1,124) (2,228) (2,177) (1,265) (1,179) (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. 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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） A funded defined benefit retirement plan, Vitasoy International Holdings Limited Defined Benefit Scheme (“the Plan”), was established for the retirement gratuities. The 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. The latest actuarial valuation of the Plan was at 31st March, 2012 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 84% (2011: 110%) covered by the plan assets held by the trustee. (i) The amounts recognised in the balance sheets are as follows: 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 計 劃」）。 該 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。 該計劃之最新精算估值乃於二零一二 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 84%（ 二 零 一 一 年：110%）受 信 託 人持有之計劃資產保障。 (i) 於資產負債表確認之金額如下： The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Present value of wholly 全面資助責任之 funded obligations 現值 Fair value of plan assets 計劃資產之公允值 Net unrecognised actuarial 未確認之精算 losses/(gains) 虧損╱（收益）淨額 Employee retirement benefit liabilities 僱員退休 福利負債 (91,828) 76,789 (79,282) 87,035 (87,725) 74,746 (76,070) 84,713 13,759 (8,690) 12,595 (8,698) (1,280) (937) (384) (55) A portion of the above liabilities is expected to be settled after more than one year. However, it is not practicable to segregate this amount from the amounts payable 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. 預期上述負債部份將於超過一年 後清償。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之 金額中抽離並不可行。 150 Vitasoy International Holdings Ltd. Annual Report 2011/12 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Equity securities Bonds Cash 股本證券 債券 現金 54,290 11,518 10,981 67,452 10,357 9,226 52,845 11,212 10,689 65,653 10,080 8,980 76,789 87,035 74,746 84,713 (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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 於四月一日 At 1st April Benefits paid by the Plan 該計劃已付福利 Current service cost Interest cost Actuarial losses 現有服務成本 利息成本 精算虧損 (79,282) 10,303 (4,014) (1,884) (16,951) (72,810) 5,893 (3,907) (1,817) (6,641) (76,070) 10,079 (3,811) (1,806) (16,117) (70,141) 5,682 (3,722) (1,749) (6,140) At 31st March 於三月三十一日 (91,828) (79,282) (87,725) (76,070) (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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 於四月一日 At 1st April Contributions to the Plan 向該計劃作出之供款 Benefits paid by the Plan 該計劃已付福利 Actuarial expected return 計劃資產之精算 on plan assets Actuarial (losses)/gains 精算（虧損）╱收益 預計回報 87,035 1,022 (10,303) 85,541 – (5,893) 84,713 816 (10,079) 83,207 – (5,682) 4,528 (5,493) 4,545 2,842 4,449 (5,153) 4,419 2,769 At 31st March 於三月三十一日 76,789 87,035 74,746 84,713 The Group expects to pay $1,060,000 contribution to the Plan during the year ended 31st March, 2013 (2011: $Nil). 本集團預期於截至二零一三年三 月三十一日止年度向該計劃作出 供 款 1,060,000 元（ 二 零 一 一 年：零元）。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） (v) Net expenses recognised in the consolidated income (v) 於綜合損益報表確認之開支淨額 statement are as follows: 如下： Current service cost Interest cost Actuarial expected return on plan assets Net actuarial gains recognised 已確認精算收益淨額 現有服務成本 利息成本 計劃資產之精算 預計回報 The net expenses are recognised in the following line items in the consolidated income statement: 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 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 loss of $965,000 (2011: net gain of $7,387,000). 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 (4,014) (1,884) 4,528 5 (1,365) (3,907) (1,817) 4,545 588 (591) 開支淨額已於綜合損益報表中按 下列各項確認： 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 (637) (262) (265) (201) (1,365) (130) (137) (204) (120) (591) 本集團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）為虧 損 淨 額 965,000 元（ 二 零 一 一 年：收入淨額 7,387,000 元）。 (vi) The principal actuarial assumptions used as at 31st March, 2012 are as follows: (vi) 於二零一二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. 152 Vitasoy International Holdings Ltd. Annual Report 2011/12 The Group and the Company 本集團及本公司 2012 二零一二年 2011 二零一一年 1.00% 2.50% 5.50% 5% per annum 每年 5.50% 3.5% for 2011 （二零一一年） 4% for 2012 onwards （二零一二年起） 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 產類型之回報額為基準。有關回 報僅以未經調整之歷史回報為基 準。 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (vii) Historical information (c) 退休金（續） (vii) 歷史資料 2012 2008 二零一二年 二零一一年 二零一零年 二零零九年 二零零八年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2009 2010 2011 The Group 本集團 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 (91,828) 76,789 (79,282) 87,035 (72,810) 85,541 (75,400) 65,907 (79,545) 97,684 (Deficit)/surplus in the Plan 該計劃（虧絀）╱盈餘 (15,039) 7,753 12,731 (9,493) 18,139 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 The Company 本公司 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 (636) (126) (779) (100) 2 (5,493) 2,842 21,228 (33,671) 6,665 (87,725) 74,746 (76,070) 84,713 (70,141) 83,207 (72,608) 64,176 (76,108) 95,090 (Deficit)/surplus in the Plan 該計劃（虧絀）╱盈餘 (12,979) 8,643 13,066 (8,432) 18,982 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 (544) 80 (951) (702) (23) (5,153) 2,769 20,658 (32,775) 6,492 (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. An actuarial valuation of long service payments was also carried out at 31st March, 2012, 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. 根據香港《僱傭條例》，本集團須在若 干情況下終止僱用某些為本集團服務 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，並扣減本 集團退休計劃下歸屬於本集團所作供 款之應計權益。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。 長 期 服 務 金 亦 於 二 零 一 二 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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (d) Long service payments (Continued) (d) 長期服務金（續） The amounts recognised in the balance sheets are as follows: 於資產負債表確認之金額如下： The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Present value of unfunded obligations Net unrecognised actuarial losses/(gains) 無資助責任 之現值 未確認精算 虧損╱（收益）淨額 Employee retirement benefit liabilities 僱員退休 福利負債 A portion of the above liabilities is expected to be settled after more than one year. However it is not practicable 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. (1,438) (196) (176) (16) 490 (1,044) (705) (1,108) (948) (1,240) (881) (1,124) 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。 24 Equity settled share-based transactions 24 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。 154 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 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: 24 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 15/6/2011 8/9/2011 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 15/6/2012 to 至 14/6/2021 8/9/2012 to 至 7/9/2021 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 10 years 年 10 years 年 2012 二零一二年 2011 二零一一年 Exercise price 行使價 $ 元 Remaining contractual Number of options 購股權之 數目 ’000 千股 life 尚餘 合約年期 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 5.942 6.424 6.358 1 year 年 2 years 年 3 years 年 4 years 年 5 years 年 6 years 年 7 years 年 8 years 年 8 years 年 9 years 年 9 years 年 2,382 1,778 1,566 1,410 2,260 2,786 3,776 4,628 2,120 5,016 2,320 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 – – 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 – – 30,042 24,882 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： 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 授出日期起計兩週年或其後 授出日期起計三週年或其後 授出日期起計四週年或其後 Percentage of options granted 佔獲授購股權之 百分比 25% another 另 25% another 另 25% another 另 25% 維他奶國際集團有限公司 二零一一∕一二年年報 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） 24 Equity settled share-based transactions (Continued) 24 以股份為付款基礎之交易 （續） (b) The number and weighted average exercise prices of share options are as follows: (b) 購 股 權 之 數 目 及 加 權 平 均 行 使 價 如 下： 2012 二零一二年 2011 二零一一年 Weighted average exercise Number of options Weighted average exercise Number of options 購股權之 數目 ’000 千股 price 購股權之 加權平均 行使價 $ 元 數目 ’000 千股 price 加權平均 行使價 $ 元 Outstanding at 1st April Exercised during the year Granted during the year Forfeited on termination of employment of eligible participants during the year 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 3.943 2.656 6.403 24,882 (1,896) 7,336 3.185 2.982 5.997 21,014 (2,164) 6,844 4.748 (280) 4.196 (812) Outstanding at 31st March 於三月三十一日尚未行使 4.618 30,042 3.943 24,882 Exercisable at 31st March 於三月三十一日可行使 14,669 9,623 The weighted average share price at the date of exercise for share options exercised during the year was $5.678 (2011: $6.193). 已行使之購股權於年內之行使日期之 加 權 平 均 股 價 為 5.678 元（ 二 零 一 一 年：6.193 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。 156 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Equity settled share-based transactions (Continued) 24 以股份為付款基礎之交易 （續） (c) Fair value of share options and assumptions (c) 購股權之公允值及假設（續） (Continued) Fair values of share options and assumptions: 購股權之公允值及假設： 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 15/6/2011 8/9/2011 Date of grant 授出日期 $0.356元 $1.640元 $1.688元 35% $0.405元 $1.880元 $1.904元 35% $0.522元 $2.375元 $2.375元 35% $0.555元 $2.900元 $2.900元 30% $0.579元 $3.600元 $3.600元 26% $0.507元 $3.820元 $3.820元 23% $0.627元 $4.580元 $4.580元 26% $0.956元 $5.950元 $6.022元 26% $0.956元 $6.080元 $5.942元 26% $0.895元 $6.160元 $6.424元 25% $0.605元 $5.490元 $6.358元 25% 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 10 years 年 10 years 年 5.50% 1.75% 7.00% 3.60% 7.00% 2.19% 5.60% 2.12% 5.60% 1.90% 7.50% 4.69% 7.50% 4.69% 7.50% 3.34% 7.50% 3.91% 7.50% 3.52% 5.50% 2.04% 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 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。 25 Income tax in the balance sheet (a) Current tax recoverable/(payable) in the balance sheets represents: 25 資產負債表之所得稅 (a) 資產負債表之應收╱ （應付）現期稅項如下： The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 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 (32,190) 15,151 (19,224) 24,368 (29,020) 12,906 (16,681) 21,588 (17,039) (8,787) 5,144 (18,381) (16,114) – 4,907 – (25,826) (13,237) (16,114) 4,907 維他奶國際集團有限公司 二零一一∕一二年年報 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） 25 Income tax in the balance sheet 25 資產負債表之所得稅（續） (Continued) (a) Current tax recoverable/(payable) in the balance sheets represents: (Continued) (a) 資產負債表之應收╱ （應付）現期稅項如下：（續） Summary 概要 The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Current tax recoverable Current tax payable 應收現期稅項 應付現期稅項 430 (26,256) 5,438 (18,675) – (16,114) 4,907 – (b) Deferred tax assets/(liabilities) recognised: The components of deferred tax assets/(liabilities) recognised in the balance sheets and the movements during the year are as follows: (25,826) (13,237) (16,114) 4,907 (b) 已確認遞延稅項資產╱ （負債）： 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 Employee retirement benefits Withholding tax on dividends Provisions 超出有關折舊 之折舊免稅額 $’000 千元 稅務虧損之 未來利益 $’000 千元 僱員 退休福利 $’000 千元 撥備 $’000 千元 股息預扣稅 $’000 千元 Fair value adjustment on tangible and intangible assets 有形及 無形資產之 公允值調整 $’000 千元 Cash flow hedge 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, 2010 Exchange adjustments (Charged)/credited to profit or loss (note 6(a)) Charged to reserves 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 (46,744) (369) (17,538) – 10,541 25 586 – At 31st March, 2011 於二零一一年三月三十一日 (64,651) 11,152 246 – (40) – 206 17,087 670 4,170 – (3,306) – 245 – (3,542) (380) 420 – 21,927 (3,061) (3,502) – – – (347) (347) (25,718) (54) (12,157) (347) (38,276) Depreciation allowances in excess of the related depreciation Future benefit of tax losses Employee retirement benefits 超出有關折舊 稅務虧損之 未來利益 之折舊免稅額 僱員 退休福利 Fair value adjustment on Withholding tangible and intangible assets 有形及 無形資產之 撥備 股息預扣稅 公允值調整 tax on dividends Provisions 現金 流量對沖 其他 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 總計 $’000 千元 Cash flow hedge Others Total Deferred tax arising from: 來自以下各項 之遞延稅項： At 1st April, 2011 Exchange adjustments (Charged)/credited to profit or loss (note 6(a)) Credited to reserves 於二零一一年四月一日 匯兌調整 於損益（扣除）╱計入 （附註6(a)） 於儲備計入 (64,651) 32 (10,182) – 11,152 51 6,721 – 206 – (51) – 21,927 402 (1,594) – (3,061) – (583) – (3,502) (5) 446 – (347) – – 343 – (13) (38,276) 467 1,582 – (3,661) 343 At 31st March, 2012 於二零一二年三月三十一日 (74,801) 17,924 155 20,735 (3,644) (3,061) (4) 1,569 (41,127) 158 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Income tax in the balance sheet 25 資產負債表之所得稅（續） (Continued) (b) Deferred tax assets/(liabilities) recognised: (Continued) The Company (b) 已確認遞延稅項資產╱ （負債）：（續） 本公司 Depreciation allowances Employee in excess retirement of the related benefits depreciation 超出有關折舊 僱員 之折舊免稅額 退休福利 Provisions Total Cash flow hedges 現金流量 對沖 總計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 撥備 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April, 2010 (Charged)/credited to profit or loss Charged to reserves 於二零一零年四月一日 於損益 （扣除）╱計入 於儲備扣除 (27,834) 226 2,427 – (25,181) (17,335) – (37) – 1,239 – – (347) (16,133) (347) At 31st March, 2011 於二零一一年三月三十一日 (45,169) 189 3,666 (347) (41,661) At 1st April, 2011 Charged to profit or loss 於損益扣除 於儲備計入 Credited to reserves 於二零一一年四月一日 (45,169) (10,223) – 189 (43) – 3,666 (270) – (347) – 343 (41,661) (10,536) 343 At 31st March, 2012 於二零一二年三月三十一日 (55,392) 146 3,396 (4) (51,854) Reconciliation to the balance sheets 資產負債表對賬 The Group 本集團 The Company 本公司 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 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 17,957 11,805 – – (59,084) (50,081) (51,854) (41,661) (41,127) (38,276) (51,854) (41,661) 維他奶國際集團有限公司 二零一一∕一二年年報 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） 25 Income tax in the balance sheet 25 資產負債表之所得稅（續） (Continued) (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(q), the Group has not recognised deferred tax assets in respect of tax losses of $440,852,000 (2011: $426,816,000) 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 o f $ 3 5 , 3 8 2 , 0 0 0 ( 2 0 1 1 : $ 1 9 , 2 5 9 , 0 0 0 ) a n d $394,115,000 (2011: $396,205,000) 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 $11,355,000 (2011: $11,352,000) does not expire under current tax legislation. 根 據 附 註 1(q) 所 載 之 會 計 政 策， 本 集 團 並 無 確 認 有 關 於 稅 務 虧 損 440,852,000 元（ 二 零 一 一 年： 426,816,000 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 35,382,000 元（ 二 零 一 一 年：19,259,000 元） 及 394,115,000 元（ 二 零 一 一 年： 396,205,000 元）將 可 分 別 自 虧 損 產 生 日 起 結 轉 最 多 五 年 及 二 十 年。 其 餘 11,355,000 元（ 二 零 一 一 年： 11,352,000 元）稅務虧損不會根據現 行稅法屆滿。 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 及年末之變動詳情如下： 160 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 (Continued) (a) 權益組成部份之變動（續） The Company 本公司 Share capital Share premium Capital reserve Hedging reserve Retained profits Total equity Capital redemption reserve 資本 贖回儲備 Share-based General compensation reserve reserve 股份基礎 補償儲備 保留溢利 資本儲備 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 股份溢價 對沖儲備 一般儲備 股本 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 2,261 7,104 – 474,329 1,142,476 Changes in equity for the year: 本年度之權益變動： Transfer from capital reserve to retained profits 自資本儲備轉撥 至保留溢利 就行使購股權 而發行股份 Shares issued on exercise of share options Transfer from share-based compensation 就行使購股權而自 reserve to share premium on exercise 股份基礎補償儲備 轉撥至股份溢價 批准屬於上一年度 之末期股息 of share options Equity settled share-based transactions 以股份為付款基礎之交易 Final dividend approved in respect of the previous year Special dividend approved in respect 批准屬於上一年度 of the previous year Interim dividend declared in respect of the current year Total comprehensive income for the year 本年度全面收益總額 之特別股息 宣派本年度 之中期股息 26(d)(ii) – – 26(c)(ii) 541 5,908 26(c)(ii) 26(b)(ii) 26(b)(ii) 26(b)(i) 9 – – – – – – 1,087 – – – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – – – (1,087) 3,200 – – – – – – – – – – 4,087 – – – – 6,449 – 3,200 (136,506) (136,506) (101,870) (101,870) – 1,758 (32,603) 252,554 (32,603) 254,312 Balance at 31st March, 2011 於二零一一年三月三十一日結餘 254,963 338,773 1,101 67,394 2,261 9,217 1,758 459,991 1,135,458 Balance at 1st April, 2011 於二零一一年四月一日結餘 254,963 338,773 1,101 67,394 2,261 9,217 1,758 459,991 1,135,458 Changes in equity for the year: 本年度之權益變動： Transfer from capital reserve to retained profits 自資本儲備轉撥 至保留溢利 就行使購股權 而發行股份 Shares issued on exercise of share options Transfer from share-based compensation 就行使購股權而自 reserve to share premium on exercise 股份基礎補償儲備 轉撥至股份溢價 of share options Equity settled share-based transactions 以股份為付款基礎之交易 Final dividend approved in respect of the previous year Interim dividend declared in respect of the current year Total comprehensive income for the year 本年度全面收益總額 批准屬於上一年度 之末期股息 宣派本年度 之中期股息 26(d)(ii) – – 26(c)(ii) 474 4,556 26(c)(ii) 26(b)(ii) 26(b)(i) 9 – – – – – 937 – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – (937) 4,421 – – – – – – – – 4,087 – – – – 5,030 – 4,421 (154,267) (154,267) – (1,739) (32,695) 290,686 (32,695) 288,947 Balance at 31st March, 2012 於二零一二年三月三十一日結餘 255,437 344,266 1,101 63,307 2,261 12,701 19 567,802 1,246,894 維他奶國際集團有限公司 二零一一∕一二年年報 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） 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 已宣派及已支付中期股息 paid of 3.2 cents per ordinary share (2011: 3.2 cents per ordinary share) Final dividend proposed after the balance sheet date of 15.1 cents per ordinary share 每股普通股 3.2 仙 （二零一一年：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 （二零一一年：每股 普通股 15.1 仙） (2011: 15.1 cents per ordinary share) The final dividend proposed after the balance sheet date is based on 1,022,441,500 ordinary shares (2011: 1,019,851,500 ordinary shares), being the total number of issued shares at the date of approval of the financial statements. The final dividend proposed after the balance sheet date has not been recognised as liabilities at the balance sheet date. 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 32,695 32,603 154,389 153,998 187,084 186,601 於結算日後擬派之末期股息乃按 批准財務報表當日已發行股份總 數 1,022,441,500 股普通股（二 零 一 一 年：1,019,851,500 股 普通股）計算。 於結算日後擬派之末期股息於結 算日並未確認為負債。 (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 屬於上一財政年度， previous financial year, approved and paid during the year,of 15.1 cents per ordinary share (2011: 13.4 cents per ordinary share) Special dividend in respect of the 屬於上一財政年度， previous financial year, approved and paid during the year, of Nil cents per 並於本年度批准 及支付之末期股息 每股普通股 15.1 仙 （二零一一年： 每股普通股 13.4 仙） 並於本年度批准 及支付之特別股息 每股普通股零仙 （二零一一年： 每股普通股 10.0 仙） ordinary share (2011: 10.0 cents per ordinary share) The final dividend approved and paid during the year is based on the total number of issued shares at the date of Annual General Meeting. 162 Vitasoy International Holdings Ltd. Annual Report 2011/12 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 154,267 136,506 – 101,870 154,267 238,376 年內已批准及支付之末期股息均 以股東週年大會當日已發行股份 之總數計算。 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 2012 二零一二年 2011 二零一一年 Number of shares 股數 ’000 千股 Amount 金額 $’000 千元 Number of shares 股數 Amount 金額 ’000 千股 $’000 千元 Authorised: 法定股本： Ordinary shares of $0.25 each 每股面值 0.25 元之普通股 3,200,000 800,000 3,200,000 800,000 Ordinary shares, issued and fully paid: At 1st April Shares issued on exercise of share options 已發行及已繳足 普通股： 於四月一日 就行使購股權 而發行股份 1,019,852 254,963 1,017,688 254,422 1,896 474 2,164 541 At 31st March 於三月三十一日 1,021,748 255,437 1,019,852 254,963 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 1,896,000 (2011: 2,164,000) ordinary shares in the Company. The net consideration was $5,030,000 (2011: $6,449,000) of which $474,000 (2011: $541,000) was credited to share capital and the balance of $4,556,000 (2011: $5,908,000) was credited to the share premium account. An amount of $937,000 (2011: $1,087,000) 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(p) (iv). 年 內， 可 認 購 本 公 司 普 通 股 1,896,000 股（ 二 零 一 一 年： 2,164,000 股）之 購 股 權 獲 行 使。 代 價 淨 額 為 5,030,000 元（ 二 零 一 一 年：6,449,000 元）， 其 中 474,000 元（ 二 零 一 一 年：541,000 元）已 撥 入 股 本， 其 餘 4,556,000 元（ 二 零 一 一 年：5,908,000 元）則 撥 入 股 份 溢 價 賬。937,000 元（ 二 零 一 一 年： 1,087,000 元）之款項已根據附註 1(p) (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 二零一一∕一二年年報 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） 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 (2011: $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。 於年內，4,087,000 元（二零一一年： 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(u). 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(u) 所載之會計政策處理。 (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(p)(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(p)(iv) 所載就以股份為基礎之付款 採納之會計政策而確認。 164 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 (Continued) (d) 儲備之性質及用途（續） (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(s). 對沖儲備包括用作有待其後根據附註 1(s) 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, 2012, the amounts of reserves available for distribution to equity shareholders of the Company are $570,063,000 (2011: $462,252,000). After the balance sheet date, the Directors proposed a final dividend of 15.1 cents per ordinary share (2011: 15.1 cents per ordinary share), amounting to $154,389,000 (2011: $153,998,000). This dividend has not been recognised as liabilities at the balance sheet date. 於二零一二年三月三十一日，可供分 派 予 本 公 司 股 權 持 有 人 之 儲 備 數 額 為 570,063,000 元（ 二 零 一 一 年： 462,252,000 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 一 年： 每 股 普 通 股 15.1 仙）， 總 數 為 154,389,000 元（ 二 零 一 一 年： 153,998,000 元）。 有 關 股 息 於 結 算 日並未確認為負債。 (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 2012, the Group’s strategy was changed from 2011, which was to maintain the debt-to-adjusted capital ratio below 30% (2011: maintained below 25%). 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利益相 關人士提供利益。 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。 於二零一二年，本集團自二零一一年 開始改變策略，將負債對經調整資本 比 率 維 持 於 30% 以 下（ 二 零 一 一 年： 維持於 25% 以下）。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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 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, 2012 and 2011 was as follows: 於 二 零 一 二 年 及 二 零 一 一 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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Current liabilities: 流動負債： Bank loans (note 21) Obligations under finance leases (note 22) 銀行貸款（附註 21） 融資租賃之債務 （附註 22） 305,358 141,037 50,000 – 3,784 5,225 – 1,363 Non-current liabilities: 非流動負債： Bank loans (note 21) Obligations under finance leases (note 22) 銀行貸款（附註 21） 融資租賃之債務 （附註 22） Total debt Total equity Less: Proposed dividends (note 26(b)(i)) 負債總額 權益總額 減：擬派股息 309,142 146,262 50,000 1,363 79,824 114,000 8,750 13,239 88,574 127,239 – – – 114,000 733 114,733 397,716 273,501 50,000 116,096 1,678,340 1,589,721 1,246,894 1,135,458 （附註 26(b)(i)） (154,389) (153,998) (154,389) (153,998) Adjusted capital 經調整資本 1,523,951 1,435,723 1,092,505 981,460 Debt-to-adjusted equity ratio 負債對經調整資本比率 26% 19% 5% 12% Certain of the Group’s banking facilities are subject to fulfilment of covenants which include maintaining the debt- to-equity ratio below a certain amount and maintaining the interest coverage 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 括旨在將負債資本比率維持於一定數 值以下及將利息保障比率維持於一定 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。 166 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Financial risk management and fair 27 財務風險管理及公允值 values 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, 14.6% (2011: 15.0%) and 47.1% (2011: 43.4%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. The Group does not provide any guarantees which would expose the Group to credit risk. Except for the financial guarantees given by the Company as set out in note 29, the Company does not provide any other guarantees which would expose the Company to credit risk. 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. 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 14.6%（二 零 一 一 年：15.0%）及 47.1%（ 二 零 一一年：43.4%）。 本集團並無提供任何將令本集團面臨 信貸風險之擔保。除如附註 29 所載由 本公司提供之財務擔保外，本公司並 無提供將令本公司面臨信貸風險之任 何其他擔保。 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。 The Group’s exposure to the credit risk and its policies for managing such risk were unchanged from 2011. 本集團面對之信貸風險及就管理有關 風險之政策自二零一一年起從未改變。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 27 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (b) Liquidity risk （續） (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 reser ves 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 2011. 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: The Group 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 自二零一一年起從未改變。 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： 本集團 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 按要求 $’000 千元 More than 1 year but less than 2 years 一年後 但兩年內 $’000 千元 More than 2 years but less than 5 years 兩年後 但五年內 $’000 千元 More than 5 years 五年後 $’000 千元 Balance sheet carrying amount 資產負債表 之賬面值 $’000 千元 Total 總計 $’000 千元 2012 二零一二年 Trade and other payables Bank loans Obligations under finance leases 應付賬款及其他應付款 銀行貸款 融資租賃 之債務 (771,918) (320,895) – (5,974) – (87,975) (4,609) (2,155) (8,551) (1,097,422) (8,129) (96,526) – – – – (771,918) (414,844) (771,918) (385,182) (15,315) (12,534) (1,202,077) (1,169,634) 2011 二零一一年 Trade and other payables Bank loans Obligations under finance leases 應付賬款及其他應付款 銀行貸款 融資租賃 之債務 (720,064) (144,710) – (1,585) – (51,313) – (66,835) (720,064) (264,443) (720,064) (255,037) (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) 168 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (b) Liquidity risk (Continued) The Company （續） (b) 流動資金風險（續） 本公司 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內 或按要求 $’000 千元 More than 1 year but less than 2 years 一年後但 兩年內 $’000 千元 More than 2 years but less than 5 years 兩年後但 五年內 $’000 千元 More than 5 years 五年後 $’000 千元 Balance sheet carrying amount 資產負債表 之賬面值 $’000 千元 Total 總計 $’000 千元 2012 二零一二年 Trade and other payables Bank loans Amounts due to subsidiaries 應付附屬公司款項 應付賬款及其他應付款 銀行貸款 (345,374) (50,008) (64,850) (460,232) 2011 二零一一年 – – – – – – – – – – – – (345,374) (50,008) (64,850) (345,374) (50,000) (64,850) (460,232) (460,224) 應付賬款及其他應付款 銀行貸款 Trade and other payables Bank loans Amounts due to subsidiaries 應付附屬公司款項 Obligations under finance leases 融資租賃 之債務 (267,421) (1,585) (67,276) – (1,585) – – (51,313) – – (66,835) – (267,421) (121,318) (67,276) (267,421) (114,000) (67,276) (1,530) (792) – – (2,322) (2,096) (337,812) (2,377) (51,313) (66,835) (458,337) (450,793) (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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 27 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (c) Interest rate risk (Continued) (i) Interest rate profile （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 2012 二零一二年 2011 二零一一年 2012 二零一二年 2011 二零一一年 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 Fixed rate borrowings: 定息借貸： Obligations under finance leases Bank loans 融資租賃 之債務 銀行貸款 Variable rate borrowings: 浮息借貸： Bank loans Total borrowings 銀行貸款 借貸總額 7.58 5.08 12,534 159,969 172,503 7.65 5.45 18,464 86,236 – 0.82 104,700 – 50,000 50,000 8.00 – 2,096 – 2,096 6.76 225,213 2.99 168,801 – – 1.39 114,000 397,716 273,501 50,000 116,096 (ii) Sensitivity analysis (ii) 敏感性分析 At 31st March, 2012, 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 $1,616,000 (2011: $1,336,000). 於二零一二年三月三十一日，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 1,616,000 元（ 二 零一一年：1,336,000 元）。 170 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (c) Interest rate risk (Continued) (ii) Sensitivity analysis (Continued) （續） (c) 利率風險（續） (ii) 敏感性分析（續） 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. 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 2011. 二零一一年之分析乃按照相同基準進 行。 (d) Currency risk (d) 貨幣風險 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 (“USD”), Australian dollars (“AUD”), Euros (“EUR”), Japanese Yen (“JPY”), Singapore dollars (“SGD”) and Renminbi (“RMB”). For group entities whose functional currency is Hong Kong dollars (“HKD”), all sales and purchases are denominated in either HKD or USD, except for certain transactions with group entities and purchases that are denominated in AUD, EUR, JPY, SGD and RMB. Given the HKD is pegged to the USD, management do not expect that there will be any significant currency risk associated with such USD denominated transactions. For transactions denominated in AUD, EUR, JPY, SGD and RMB, since the volume of such transactions is not significant, management consider the exposure to currency risk to be low. 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（「 美 元」）、 澳 元（「澳元」）、歐元（「歐元」）、日圓 （「日圓」）、坡元（「坡元」）及人民幣 （「人民幣」）。 就功能貨幣為港幣（「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、坡元及人民幣計值外，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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 27 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (d) Currency risk (Continued) （續） (d) 貨幣風險（續） For group entities whose functional currency is a currency other than HKD, except for sales made to and purchases from group entities and certain borrowings from group entities that are denominated in HKD, most of the other transactions are denominated in their functional currencies. The Group’s policies for managing such risk were unchanged from 2011. During the year ended 31st March, 2012, 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, 2012, the Group and the Company do not have outstanding forward exchange contracts (2011: Nil). At 31st March, 2012, the Group and the Company have designated certain bank balances that are denominated in EUR of EUR573,000 (equivalent to $5,934,000) (2011: EUR2,007,000 (equivalent to $22,211,000) and in RMB of RMB9,600,000 (equivalent to $11,419,000)) to hedge its currency risk. 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。 本 集 團 管 理 有 關 風 險 之 政 策 自 二 零 一一年起並無改變。於截至二零一二 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 二 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（ 二 零 一 一 年： 無）。 於二零一二年三月三十一日，本集團 及本公司按歐元計值之 573,000 歐元 （相當於 5,934,000 元）（二零一一年： 2,007,000 歐元（相當於 22,211,000 元） 及 按 人 民 幣 計 值 之 人 民 幣 9,600,000 元（ 相 當 於 11,419,000 元））之若干銀行結存指定用作對沖其 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 HKD, 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。換算香港以外地區附屬公司 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存而產 生之差額並不包括在內。 172 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (d) Currency risk (Continued) (i) Exposure to currency risk (Continued) The Group 本集團 （續） (d) 貨幣風險（續） (i) 貨幣風險承擔（續） Exposure to foreign currencies (expressed in HKD) 外匯風險承擔（以港幣計算） 2012 二零一二年 2011 二零一一年 USD 美元 RMB 人民幣 $’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 $’000 千元 $’000 千元 SGD 坡元 EUR 歐元 AUD 澳元 HKD 港幣 JPY 日圓 USD 美元 RMB 人民幣 AUD 澳元 EUR 歐元 JPY 日圓 HKD 港幣 SGD 坡元 1,875 1,076 82 396 – 14,804 210 7,261 7,551 – (23,362) – – 390 1,858 – – – (11,583) (158) (6,124) – – – 12 (19,003) 6,012 – – 536 (261) – 59,756 – (6,303) – 5,058 – (12,094) (6,397) – – – (111) – 161 4,106 – (105) – 2 – – (41) – 525 15,936 11,476 – – (19) – 21,668 (7,948) – – – – (4,227) – Bank deposits and cash and cash equivalents Amounts due from/(to) group companies Trade and other receivables 銀行存款與現金 及現金等值項目 應收╱（應付） 集團公司款項 應收賬款及其他應收款 應付賬款及其他應付款 Trade and other payables Obligations under finance leases 融資租賃之債務 Net exposure 淨風險承擔 (13,936) (10,117) 1,782 (5,728) 6,024 (3,924) 53,663 (6,172) (111) 4,162 (39) 506 37,604 (699) The Company 本公司 Exposure to foreign currencies (expressed in HKD) 外匯風險承擔（以港幣計算） 2012 二零一二年 2011 二零一一年 USD 美元 $’000 千元 EUR 歐元 $’000 千元 AUD 澳元 $’000 千元 JPY 日圓 $’000 千元 SGD 坡元 $’000 千元 RMB 人民幣 RMB 人民幣 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 SGD 坡元 JPY 日圓 AUD 澳元 EUR 歐元 USD 美元 Bank deposits and cash and cash equivalents Amounts due from/(to) subsidiaries Trade and other receivables 銀行存款與現金 及現金等值項目 應收╱（應付） 附屬公司款項 應收賬款及其他應收款 應付賬款及其他應付款 Trade and other payables Obligations under finance leases 融資租賃之債務 1,599 169,214 – (22,797) 16 – – 82 1,858 – – – – (11,475) (158) (5,838) – – – – – 210 7,175 57,519 6,012 – – 59,756 – (6,303) – 176,003 – (11,510) (2,096) – – – (111) – 161 4,106 – (105) – – – – (41) – 525 11,476 61,160 (7,948) – (19) – – (4,227) – Net exposure 淨風險承擔 148,016 (11,459) 1,782 (5,838) 63,531 53,663 169,572 (111) 4,162 (41) 61,666 (699) (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 HKD and the USD would be materially unaffected by any changes in movement in value of the USD 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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 27 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) The Group （續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 本集團 2012 二零一二年 2011 二零一一年 Increase/ (decrease) Increase/ (decrease) in profit in foreign after taxation exchange and retained profits 除稅後溢利 匯率 及保留溢利 上升╱ （下跌） $’000 千元 上升╱ （下跌） rates Increase/ (decrease) in foreign exchange rates Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 匯率 及保留溢利 上升╱ （下跌） $’000 千元 上升╱ 下跌） USD EUR AUD JPY SGD HKD RMB 美元 歐元 澳元 日圓 坡元 港幣 人民幣 Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ profit after taxation measured in the respective functional currencies, translated into HKD at the exchange rate ruling at the balance sheet date for presentation purposes. 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (22) 22 (427) 427 74 (74) (239) 239 252 (252) (344) 344 2,240 (2,240) 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 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，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。 174 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Financial risk management and fair 27 財務風險管理及公允值 values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) （續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 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 exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries 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 2011. 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 地區附屬公司之財務報表為本集團之 呈列貨幣而產生的差額，集團內因對 附屬公司作出借款（該借款實際為組 成對附屬公司的淨投資的一部分）而 產生的風險，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存而 產生之差額。二零一一年之分析乃按 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. All other financial instruments are carried at amounts not materially different from their fair values as at 31st March, 2012 and 2011. 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。 所有其他金融工具之賬面值與其於二 零一二年及二零一一年三月三十一日 之公允值並無重大差異。 28 Commitments 28 承擔 (a) Capital commitments outstanding at 31st March, 2012 not provided for in the financial statements were as follows: (a) 於二零一二年三月三十一日，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 2012 2011 二零一二年 二零一一年 二零一二年 二零一一年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2011 2012 Contracted for Authorised but not contracted for 已批准但未訂約 已訂約 39,751 122,886 261,676 307,033 10,205 84,107 54,022 105,937 162,637 568,709 94,312 159,959 As at 31st March, 2012, the Group and the Company are committed to certain construction contracts for the acquisition of plant and machinery and buildings. 於二零一二年三月三十一日，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。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 28 Commitments (Continued) 28 承擔（續） (b) At 31st March, 2012, the total future minimum lease payments under non-cancellable operating leases are payable as follows: (b) 於二零一二年三月三十一日，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 2012 二零一二年 2011 二零一一年 Factory machinery and equipment 工廠機器 及設備 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Factory machinery and equipment 工廠機器 及設備 Properties Properties 物業 物業 Within one year After one year but within five years After five years 一年內 一年後但 五年內 五年後 43,221 1,306 40,443 1,136 23,141 – 1,990 83 19,578 – 1,112 – 66,362 3,379 60,021 2,248 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 2012 二零一二年 Properties 物業 $’000 千元 12,174 2,906 15,080 2011 二零一一年 Properties 物業 $’000 千元 9,333 630 9,963 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. 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。 176 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Contingent liabilities 29 或然負債 (a) As at 31st March, 2012, 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 $263,941,000 (2011: $141,037,000). (a) 於二零一二年三月三十一日，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 263,941,000 元（ 二 零 一 一 年： 141,037,000 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 (2011: $Nil). (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. 由於擔保之公允值無法可靠計量，且 成交價為零元（二零一一年：零元）， 故本公司並無就該等擔保確認任何遞 延收入。 (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。 30 Material related party transactions 30 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 subsidiaries) 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 $1,284,000 (2011: $2,081,000) during the year. The amount due to the related party as at 31st March, 2012 totalled $48,000 (2011: $103,000). 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 $26,036,000 (2011: $23,805,000). The amount due to the related party as at 31st March, 2012 totalled $6,338,000 (2011: $6,586,000). (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 1,284,000 元（ 二 零 一 一 年：2,081,000 元）。於二零一二年三月三十一 日 應 付 該 關 連 人 士 之 款 項 總 額 為 48,000 元（ 二 零 一 一 年： 103,000 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 26,036,000 元（ 二 零 一 一 年： 23,805,000 元）。 於 二 零 一 二 年三月三十一日應付予該關連人 士 之 款 項 總 額 為 6,338,000 元 （二零一一年：6,586,000 元）。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 30 Material related party transactions 30 重大關連人士交易（續） (Continued) (a) Transactions with related parties (Continued) (a) 與關連人士之交易（續） 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. 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。 (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 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 32,909 1,006 4,266 32,374 875 2,915 38,181 36,164 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)）。 31 Equity transactions with non-controlling interests (a) Acquisition of non-controlling interests of Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (“Shenzhen Vitasoy”) On 5th September, 2011, the Group acquired an additional 15% equity interest in Shenzhen Vitasoy from Shenzhen GuangMing Group Co., Ltd. (“Guangming”) for $75,052,000 in cash, increasing the Group’s equity interest in Shenzhen Vitasoy from 70% to 85%. The carrying amount of Shenzhen Vitasoy’s net assets on the date of acquisition was $198,629,000. The Group recognised a decrease in non-controlling interests of $29,794,000 and a decrease in other reserves of $45,258,000. 31 與非控股權益進行之權益 交易 (a) 收購深圳維他（光明）食品飲 料有限公司（「深圳維他奶」） 之非控股權益 於二零一一年九月五日，本集團以現 金 75,052,000 元 向 深 圳 市 光 明 集 團 有限公司（「光明」）增持深圳維他奶 15% 股本權益，本集團於深圳維他奶 之股本權益由 70% 增加至 85%。於收 購日期，深圳維他奶淨資產之賬面值 為 198,629,000 元。本集團確認非控 股 權 益 減 少 29,794,000 元 及 其 他 儲 備減少 45,258,000 元。 178 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Equity transactions with non-controlling interests (Continued) (a) Acquisition of non-controlling interests of Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (“Shenzhen Vitasoy”) (Continued) 31 與非控股權益進行之權益 交易（續） (a) 收購深圳維他（光明）食品飲 料有限公司（「深圳維他奶」） 之非控股權益（續） The following table summarises the effect of the Group’s share of equity interest in Shenzhen Vitasoy during the year: 下表概述本集團於年內所佔深圳維他 奶股本權益之影響： The Group’s share of equity interest at the beginning of the year 本集團於年初所佔股本權益 Effect of increase in the Group’s share of equity interest Effect of dividend declared Share of total comprehensive income 本集團所佔股本權益增加之影響 宣派股息之影響 所佔全面收益總額 The Group’s share of equity interest at the end of the year 本集團於年末所佔股本權益 $’000 千元 157,455 29,794 (64,710) 90,036 212,575 (b) Partial disposal of equity interest in Vitasoy (Foshan) Company Limited (“Vitasoy Foshan”) On 14th September, 2011, the Group disposed of a 15% equity interest in Vitasoy Foshan to Guangming for $40,605,000 in cash, decreasing the Group’s equity interest in Vitasoy Foshan from 100% to 85%. The carrying amount of Vitasoy Foshan’s net assets on the date of disposal was $231,532,000. The Group recognised an increase in non-controlling interests of $34,730,000 and an increase in other reserves of $5,875,000. (b) 出售維他奶（佛山）有限公司 （「佛山維他奶」）之部份股本 權益 於二零一一年九月十四日，本集團以 現 金 40,605,000 元 向 光 明 出 售 佛 山 維 他 奶 15% 股 本 權 益， 本 集 團 於 佛 山 維 他 奶 之 股 本 權 益 由 100% 減 少 至 85%。於出售日期，佛山維他奶淨資 產之賬面值為 231,532,000 元。本集 團 確 認 非 控 股 權 益 增 加 34,730,000 元，其他儲備增加 5,875,000 元。 The following table summarises the effect of the Group’s share of equity interest in Vitasoy Foshan during the year: 下表概述本集團於年內所佔佛山維他 奶股本權益之影響： The Group’s share of equity interest at the beginning of the year 本集團於年初所佔股本權益 Effect of decrease in the Group’s share of equity interest Share of total comprehensive income 本集團所佔股本權益減少之影響 所佔全面收益總額 The Group’s share of equity interest at the end of the year 本集團於年末所佔股本權益 $’000 千元 234,556 (34,730) (17,530) 182,296 32 Non-adjusting post balance sheet event 32 毋須作出調整之結算日後 事項 Subsequent to the balance sheet date, the Directors proposed a final dividend. Further details are disclosed in note 26(b). 董事於結算日後建議派發末期股息。 進一步詳情於附註 26(b) 中披露。 維他奶國際集團有限公司 二零一一∕一二年年報 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） 33 Comparative figures 33 比較數字 Certain expenses in the 2010/11 financial statements have been reclassified to conform with the current year’s presentation to reflect more appropriately the nature of the expenses. As a result, “cost of sales” for the year ended 31st March, 2011 increased by $50,569,000 and “marketing selling and distribution expenses” and “other operating expenses” for the year ended 31st March, 2011 decreased by $43,205,000 and $7,364,000 respectively. 計入二零一零╱一一年財務報表之若 干 費 用 已 重 新 分 類， 使 其 符 合 本 年 度 之 呈 列， 以 更 適 當 地 反 映 費 用 之 性 質。 因 此， 截 至 二 零 一 一 年 三 月 三 十 一 日 止 年 度 之「 銷 售 成 本」增 加 50,569,000 元， 而 截 至 二 零 一 一 年 三月三十一日止年度之「推廣、銷售 及分銷費用」及「其他經營費用」則分 別 減 少 43,205,000 元 及 7,364,000 元。 34 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2012 34 已頒佈但尚未於截至二零 一二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 five new standards which are not yet effective for the year ended 31st March, 2012 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 二 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五項新訂 準則，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 July, 2011 1st January, 2012 1st July, 2012 Amendments to HKFRS 7, Financial instruments: Disclosures – Transfers to financial assets Amendments to HKAS 12, Income taxes – Deferred tax: Recovery of underlying assets Amendments to HKAS 1, Presentation of financial statements – Presentation of items of other comprehensive income HKFRS 10, Consolidated financial statements 1st January, 2013 HKFRS 11, Joint arrangements 1st January, 2013 HKFRS 12, Disclosure of interests 1st January, 2013 in other entities 於下列日期或 之後開始 之會計期間生效 《香港財務報告準則》 二零一一年七月一日 第 7 號「金融工具： 披露 – 轉讓至 金融資產」之修訂 二零一二年一月一日 二零一二年七月一日 《香港會計準則》 第 12 號「所得稅 – 遞延稅項： 收回相關資產」 之修訂 《香港會計準則》 第 1 號「財務報表 之呈列 – 其他全面 收益項目呈列」 之修訂 《香港財務報告準則》 二零一三年一月一日 第 10 號 「綜合財務報表」 《香港財務報告準則》 二零一三年一月一日 第 11 號「合營安排」 《香港財務報告準則》 二零一三年一月一日 第 12 號 「於其他實體 之權益披露」 180 Vitasoy International Holdings Ltd. Annual Report 2011/12 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 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2012 (Continued) 34 已頒佈但尚未於截至二零 一二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（續） Effective for accounting periods beginning on or after 於下列日期或 之後開始 之會計期間生效 HKFRS 13, Fair value measurement 1st January, 2013 HKAS 27, Separate financial statements (2011) 1st January, 2013 HKAS 28, Investments in associates and joint ventures 1st January, 2013 Revised HKAS 19, Employee benefits 1st January, 2013 HKFRS 9, Financial Instruments 1st January, 2015 The revised HKAS 19, Employee benefits, has eliminated the corridor method and requires all actuarial gains and losses to be recognised in other comprehensive income as they occur. It also requires immediate recognition of all past service costs and has replaced interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit asset/liability. The Group has yet to assess the full impact of the amendments. The Group is in the process of making an assessment of what the impact of other 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 have a significant impact on the Group’s or the Company’s results of operations and financial position. 《香港財務報告準則》 二零一三年一月一日 第 13 號 「公允值計量」 《香港會計準則》 第 27 號「獨立 財務報表」 （二零一一年） 《香港會計準則》 第 28 號「於聯營公司 及合營企業之投資」 《香港會計準則》 第 19 號（經修訂） 「僱員福利」 二零一三年一月一日 二零一三年一月一日 二零一三年一月一日 《香港財務報告準則》 二零一五年一月一日 第 9 號「金融工具」 《香港會計準則》第 19 號（經修訂）「僱 員福利」取消區間法，並規定所有精 算收益及虧損須於產生時即時於其他 全面收益確認。該準則亦規定須即時 確認所有以往服務成本，並以利息淨 額取代利息成本及計劃資產之預計回 報，而利息淨額是將貼現率應用於界 定福利淨資產 ∕負債淨額計算出來。 本集團並未評估該等修訂之全面影響。 本集團現正評估其他修訂、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 財務狀況造成重大影響之機會不大。 維他奶國際集團有限公司 二零一一∕一二年年報 181 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) （以港幣計算） 2012 二零一二年 $’000 千元 2011 二零一一年 $’000 千元 2010 二零一零年 $’000 千元 2009 二零零九年 $’000 千元 2008 二零零八年 $’000 千元 3,716,539 3,329,336 3,012,312 2,809,294 2,441,153 425,336 (17,243) 408,093 (85,691) 426,540 (7,279) 380,181 (5,222) 307,489 (6,602) 300,677 (8,865) 419,261 (87,882) 374,959 (74,375) 300,887 (56,510) 291,812 (55,831) 322,402 331,379 300,584 244,377 235,981 281,003 41,399 284,314 47,065 260,459 40,125 217,419 26,958 211,208 24,773 322,402 331,379 300,584 244,377 235,981 業績 營業額 經營溢利 融資成本 除稅前溢利 所得稅 本年度溢利 應佔： – 本公司股權 持有人 – 非控股權益 本年度溢利 資產及負債 固定資產 其他非流動資產 淨流動資產 1,567,010 69,941 191,275 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 Results Turnover Profit from operations Finance costs Profit before taxation Income tax Profit for the year Attributable to: – Equity shareholders of the Company – Non-controlling interests Profit for the year Assets and liabilities Fixed assets Other non-current assets Net current assets Total assets less current liabilities Non-current liabilities 總資產減流動負債 非流動負債 1,828,226 (149,886) 1,769,218 (179,497) 1,550,911 (52,033) 1,446,434 (49,437) 1,488,484 (64,635) NET ASSETS Capital and reserves Share capital Reserves Total equity attributable to equity shareholders of the Company Non-controlling interests TOTAL EQUITY Earnings per share – Basic – Diluted 淨資產 資本及儲備 股本 儲備 本公司股權 持有人應佔 權益總額 非控股權益 權益總額 每股盈利 – 基本 – 攤薄 1,678,340 1,589,721 1,498,878 1,396,997 1,423,849 255,437 1,238,918 254,963 1,160,881 254,422 1,104,075 253,805 1,033,213 252,894 1,052,490 1,494,355 183,985 1,415,844 173,877 1,358,497 140,381 1,287,018 109,979 1,305,384 118,465 1,678,340 1,589,721 1,498,878 1,396,997 1,423,849 27.5 cents 仙 27.9 cents 仙 25.6 cents 仙 21.4 cents 仙 20.9 cents 仙 27.3 cents 仙 27.6 cents 仙 25.4 cents 仙 21.3 cents 仙 20.8 cents 仙 182 Vitasoy International Holdings Ltd. Annual Report 2011/12 m o c . n fi k n i l i . w w w d e t i i m 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 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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