Vitasoy International Holdings Limited
Annual Report 2013

Plain-text annual report

Stock Code 股份代號: 0345 Annual Report 年報 2012/13 Weaving Success through Commitment 用誠意織造成果 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 7 13 29 36 41 61 68 83 85 86 87 88 89 91 92 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 190 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 Director Mr. Laurence P. EISENTRAGER 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 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 黎信彥先生 公司秘書 湯亞卿小姐 合資格會計師 馮潔儀小姐 註冊辦事總處 香港新界 屯門建旺街一號 核數師 畢馬威會計師事務所 主要來往銀行 The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited Citibank, N.A. Westpac Banking Corporation China Merchants Bank Co., Ltd. Bank of China Limited China Construction Bank (Asia) Corporation Limited The Bank of Tokyo-Mitsubishi Limited 東亞銀行有限公司 香港上海滙豐銀行有限公司 花旗銀行 西太平洋銀行 招商銀行股份有限公司 中國銀行股份有限公司 中國建設銀行（亞洲）股份有限公司 東京三菱銀行 2 Vitasoy International Holdings Ltd. Annual Report 2012/13 Directors and Corporate Information 董事及集團資料 Principal Lawyer Stephenson Harwood Share Registrar Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Website Addresses Vitasoy International Holdings Limited – www.vitasoy.com (English & Chinese) – www.vitavitasoy.com (Chinese only) 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) Key Dates 主要法律顧問 羅夏信律師事務所 股份過戶登記處 香港中央證券登記有限公司 香港灣仔皇后大道東 183 號 合和中心 46 樓 網址 維他奶國際集團有限公司 – www.vitasoy.com（中英文） – www.vitavitasoy.com（中文） 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） 重要日期 Closure of Register of Members for the purpose of entitlement to attend and vote at the Annual General Meeting: 2nd September, 2013 (Monday) to 5th September, 2013 (Thursday) 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： 二零一三年九月二日（星期一）至 二零一三年九月五日（星期四） Annual General Meeting: at 3:00 p.m., 5th September, 2013 (Thursday), Salons 1, 2 & 3, Level 3, JW Marriott Hotel Hong Kong, Pacific Place, 88 Queensway, Hong Kong Closure of Register of Members for the purpose of entitlement to the Final Dividend: 12th September, 2013 (Thursday) to 17th September, 2013 (Tuesday) Final Dividend Payable: 30th September, 2013 (Monday) 股東週年大會： 於二零一三年九月五日（星期四） 下午三時正假座香港金鐘道八十八號 太古廣場香港 JW 萬豪酒店三樓 萬豪 1、2 及 3 號宴會廳 暫停辦理股份過戶登記以確定符合資格收取 末期股息： 二零一三年九月十二日（星期四）至 二零一三年九月十七日（星期二） 派發末期股息： 二零一三年九月三十日（星期一） 二零一二 / 一三年年報 維他奶國際集團有限公司 3 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 營業額 毛利 Gross Profit EBITDA (Earnings Before Interest 未計利息收入、 Income, Finance Costs, Income Tax 融資成本、所得稅、 Profit Attributable to Equity and Depreciation and Amortisation) 折舊及攤銷 費用前盈利 本公司股權持有人 應佔溢利 Shareholders of the Company Basic Earnings per Share (HK cents) 每股基本盈利（港仙） Total Dividends per 每股普通股總股息 （港仙） Ordinary Share (HK cents) 2013 HK$ million 港幣百萬元 2012 HK$ million % Change 港幣百萬元 百分比變動 4,051 1,925 3,717 1,760 9 9 620 303 29.6 19.8 554 12 281 27.5 18.3 8 8 8 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 4,051 4,051 3,717 3,717 2,809 2,809 3,012 3,012 3,329 3,329 5,000 4,000 3,000 2,000 1,000 0 1,925 1,925 1,760 1,760 1,601 1,601 1,498 1,498 1,305 1,305 2,000 1,500 1,000 500 0 2009 2010 2011 2012 2013 2009 2010 2011* 2012* 2013* EBITDA 未計利息收入、融資成本、所得稅、 折舊及攤銷費用前盈利 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 620 537 554 483 406 700 600 500 400 300 200 100 0 350 300 250 200 150 100 50 0 284 284 281 281 303 303 260 260 217 217 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 * Starting from FY2010/2011, certain expenses were reclassified to reflect more appropriately the nature of the expenses. * 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。 4 Vitasoy International Holdings Ltd. Annual Report 2012/13 Financial Highlights 財務摘要 As at 31st March 於三月三十一日 Financial Position 財務狀況 Total Assets Net Borrowings Balance Total Equity Attributable to Equity 本公司股權持有人 Shareholders of the Company 應佔權益總額 總資產 借貸淨額 2013 HK$ million 港幣百萬元 2012 HK$ million % Change 港幣百萬元 百分比變動 2,946 (29) 2,936 (191) 1,629 1,494 1 85 9 Year Ended 31st March, 2013 截至二零一三年三月三十一日止年度 Sales Analysis by Categories 銷售額分析（按產品種類） Soymilk 豆奶 Tea 茶 Tofu 豆腐 Lunch Box and Snacks 午膳餐盒及小食 Dairy Milk 牛奶 Distilled Water 蒸餾水 Juice Drinks 果汁飲品 Others 其他 3%3% 4% 4% 6% 9% 22% 49% Sales Analysis by Locations 銷售額分析（按地區） 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 2% 13% 12% 44% 29% 二零一二 / 一三年年報 維他奶國際集團有限公司 5 t n e m e t a t S s ’ n a m r i a h C 告 報 席 主 細心編織 依您所需 Our strategy is to maintain sustainable business growth and build shareholder value over the long term through our commitment to product quality, marketing innovation, the expanded infrastructures and a dedicated workforce. 我們的策略是透過對產品 質量的承諾、創新的市場 推廣、擴充生產設施和竭 誠工作的員工，達致維持 業務增長以及創造股東價 值的長遠目標。 Chairman’s Statement 主席報告 FY2012/2013 was a year in which Vitasoy embarked on a new phase of sustainable growth following the completion of several capacity expansion projects. Although we experienced very challenging operating environments in most of the markets, we continued to grow our business, deliver the expected top and bottom line results. This drive for organic growth has been in line with our long term planning strategy. 隨著多個產能提升項目完成，二零一二╱二 零一三財政年度標誌著維他奶集團踏入持續 增長的新里程。儘管我們大部份市場面對極 為嚴峻的經營環境，我們的業務仍繼續錄得 增長，達到預期的營業額和盈利目標。集團 一直推動內部增長，這符合我們的長遠規劃 策略。 Sustainable Business Growth 可持續的業務增長 We recorded solid growth in both sales revenue and profit. For the year ended 31st March, 2013, the Group’s total net sales revenue grew 9% to HK$4,051 million, versus HK$3,717 million in FY2011/2012. The growth was broad based – across all operating markets and categories – in value and volume. We grew our leadership position, strengthened our core brands and distribution networks, and led the category growth in the markets where we operate. Despite rising labor and production costs, as well as continuous investment in brand equity and distribution reach, we registered profitable bottom-line growth. Profit attributable to equity shareholders of the Company increased 8% year-on- year to HK$303 million. We were also successful in sustaining our gross margin at 48%, similar to last year’s level, through operating efficiencies, that is a significant achievement within the categories in which we operate. 我 們 的 銷 售 收 入 及 溢 利 均 錄 得 穩 健 增 長。 截 至 二 零 一 三 年 三 月 三 十 一 日 止 年 度， 本 集 團 的 總 銷 售 收 入 淨 額 增 加 9% 至 港 幣 4,051,000,000 元， 而 二 零 一 一 ╱ 二 零 一 二 年財政年度則錄得港幣 3,717,000,000 元。 所有營運市場和品類在銷售額及銷量方面均 錄得增長。我們擴大市場領導地位、鞏固核 心品牌及分銷網絡，並在各地市場帶動品類 增長。 儘管勞工及生產成本上漲，加上持續投資於 品 牌 價 值 及 分 銷 網 絡， 我 們 仍 能 錄 得 盈 利 增長。本公司股權持有人應佔溢利按年上升 8% 至 港 幣 303,000,000 元。 透 過 改 善 營 運 效 率， 成 功 令 毛 利 率 維 持 於 48%， 與 去 年 水平相若，反映我們在經營品類中的重要成 就。 二零一二 / 一三年年報 維他奶國際集團有限公司 7 Chairman’s Statement 主席報告 Hong Kong remained our core market. During the year, we successfully commissioned our new PET (Polyethylene terephthalate) plastic bottle line and drove volume growth in this segment. Mainland China has been our growth engine, registering an impressive 16% increase in sales revenue and 37% improvement in profit during the year. The increased production capacity from our new Foshan plant allowed our China team to implement the “Go Deep Go Wide” strategy more effectively and expand our territorial coverage. In Australia and New Zealand, we continued to lead the category growth in the alternate milk segment and enhance our distribution in New Zealand. In the US, in spite of the continuation of manufacturing breakdowns, we maintained our leadership position in the packaged tofu market and drove category growth. In Singapore, we expanded our business through an improved sales and channel mix. The financial position of the Company is healthy and the Board of Directors is recommending a final dividend of HK16.6 cents per ordinary share at the Annual General Meeting on 5th September, 2013. Together with the interim dividend of HK$3.2 cents per ordinary share, this brings the Company’s total dividend for FY2012/2013 to HK19.8 cents per ordinary share (FY2011/2012 total dividend: HK18.3 cents per ordinary share). 香港仍然是我們的核心市場。年內，我們的 全 新 PET（ 聚 對 苯 二 甲 酸 乙 二 醇 酯）塑 膠 瓶 裝生產線順利投產，推動塑膠瓶裝飲料產品 的 銷 量 增 長。 中 國 內 地 成 為 帶 動 我 們 業 務 增長的動力，年內，銷售收入及溢利分別錄 得 16% 及 37% 的可觀增長。佛山新廠房產 能的增加，有助中國團隊更有效推行「更深 更廣」的銷售策略，擴闊銷售地域。在澳洲 及新西蘭，我們繼續帶領推動代乳品市場的 品類增長，增加在新西蘭的品類分銷。於美 國，儘管生產故障問題持續，我們在包裝豆 腐市場仍穩佔領導地位，推動品類增長。於 新加坡，我們透過改善銷售及分銷渠道組合 擴展業務。 本公司財務狀況穩健，董事會於二零一三年 九月五日舉行的股東週年大會建議派發末期 股息每股普通股 16.6 港仙。連同中期股息每 股普通股 3.2 港仙，本公司二零一二╱二零 一三財政年度的股息總額達每股普通股 19.8 港仙（二零一一╱二零一二財政年度股息總 額：每股普通股 18.3 港仙）。 8 Vitasoy International Holdings Ltd. Annual Report 2012/13 Chairman’s Statement 主席報告 Brand Leadership with Stronger Infrastructure To fortify our market leadership position, we continued to optimise our product portfolio and invest in advertising and promotion to build brand equity. We invested in our sales force and expanded our market share in the past year. Our efforts in these areas have driven category expansion and overall business growth. We have completed our investments in production facilities, following the inauguration of our new Foshan plant in Mainland China, the installation of a fast-speed PET line at our Tuen Mun plant in Hong Kong in FY2011/2012 and the completion of the expansion program at our Wodonga plant in Australia this year. We are now well-positioned to capture new business opportunities going forward and will continue to invest in organic growth. 強化生產設施及品牌領導地位 為鞏固市場領導地位，我們繼續優化產品組 合 及 投 資 廣 告 及 宣 傳 推 廣， 以 建 立 品 牌 價 值。在過去一年，我們投資銷售團隊和擴大 市場份額，這些努力均帶動品類擴展及整體 業務增長。 於二零一一╱二零一二財政年度，中國內地 的佛山新廠房落成啟用、香港屯門廠房高速 PET（聚對苯二甲酸乙二醇酯）生產線亦已投 入生產而本年度內澳洲烏東加廠房擴充計劃 亦告完成。故我們在生產設施上的投資已相 繼完成。目前，我們已準備就緒，把握未來 的新商機，並繼續投資於業務內部增長。 Commitment to Environment and People 對環境和員工的承諾 While we are committed to being financially sustainable, we are also doing our part to protect the environment by adopting energy efficiency programs. We have enhanced our operation processes and production facilities to conserve energy while achieving overall efficiency. We endeavor to integrate our business activities to contribute to the society through supporting local community events and staff involvement. 儘管我們致力維持業績增長，亦透過實施不 同 的 能 源 效 益 計 劃 為 環 境 保 護 盡 一 分 力。 我們改善營運程序和生產設施，在節約能源 的同時亦能提升整體效能。我們努力整合業 務活動，透過支持本地社區活動和員工的參 與，回饋社會。 二零一二 / 一三年年報 維他奶國際集團有限公司 9 Chairman’s Statement 主席報告 We continued to run the corporate wellness program to promote a healthy work-life balance culture. Our Talent Management Program has been expanded to Mainland China and our career development plan for employees continues to groom high-calibre managers for future business needs. 我們繼續推動員工健康計劃，促進作息平衡 的 公 司 文 化。 同 時 人 才 管 理 計 劃 已 擴 展 至 中國內地；並因應未來業務需要，為員工制 定職業發展計劃，繼續培育高質素的管理人 才。 The Year Ahead 展望來年 Our strategy is to maintain sustainable business growth and build shareholder value over the long term. FY2013/2014 is expected to contribute towards achieving these objectives. We will build through our commitment to product quality, marketing innovation, the expanded infrastructures and a dedicated workforce being the four cornerstones to take on these challenges in the coming year. 我們的策略是長遠維持可持續業務增長及創 造股東價值，於二零一三╱二零一四財政年 度我們將朝着此等目標努力。我們將透過對 產品質量的承諾、創新的市場推廣、擴充生 產設施和竭誠工作的員工等四大基石，迎接 未來一年的挑戰。 Notes of Appreciation 致謝 I wish to thank the Board of Directors for their wise counsel as well as our shareholders, customers, and business partners for their unfailing support and trust in the past year. 本人謹此感謝董事會的睿智領導，並衷心感 激各位股東、客戶及業務夥伴在過去一年的 鼎力支持和信任。 10 Vitasoy International Holdings Ltd. Annual Report 2012/13 Chairman’s Statement 主席報告 On behalf of the Board, I would like to thank Mr. Laurence P. EISENTRAGER, our Executive Director and Group Chief Executive Officer, who will retire on 31st July, 2013, for his dedication and valuable contribution during his tenure of over 10 years in Vitasoy, and wish him all the best in his well- deserved retirement. 執行董事及集團行政總裁黎信彥先生將於二 零一三年七月三十一日退任，本人謹代表董 事會衷心感謝黎先生過去十多年來的盡忠職 守，以及對維他奶集團所作的寶貴貢獻，並 謹祝黎先生榮休後事事順利。 Mr. Roberto GUIDETTI joined Vitasoy as Group Chief Executive Officer since 1st April, 2013. He has 26 years of fast moving consumer goods experience in food and beverage field. We believe that Vitasoy will continue to prosper under his leadership. 陸博濤先生自二零一三年四月一日起加盟維 他 奶 集 團， 擔 任 集 團 行 政 總 裁。 陸 博 濤 先 生在食品飲料產品等高流轉消費品業務擁有 二十六年的工作經驗。相信維他奶集團在其 領導下將繼續蓬勃發展。 Finally, on behalf of the Board, I would like to extend our sincere thanks to all Vitasoy employees across the world for their dedication and hard work, which contributes to the Company’s continuing success. 最後，本人謹代表董事會，對維他奶集團遍 佈各地的全體同事深表謝意，各位同事的盡 忠職守及勤奮工作，為本公司的持續成功貢 獻良多。 Winston Yau-lai LO Executive Chairman 27th June, 2013 羅友禮 執行主席 二零一三年六月二十七日 二零一二 / 一三年年報 維他奶國際集團有限公司 11 e v i t u c e x E f e i h C p u o r G t r o p e R s ’ r e c fi f O 告 報 裁 總 政 行 團 集 誠意織造 提升質素 We achieved a solid performance in FY2012/2013 as a result of our persistent focus on quality standards, product innovation, brand investment, and customer and consumer services. 憑藉我們一直以來對高質 量標準、產品創新、品牌 投資及對客戶和消費者的 服務的投入，二零一二╱ 二零一三財政年度取得穩 健的業績表現。 Group Chief Executive Officer’s Report 集團行政總裁報告 FY2012/2013 has been an encouraging year for Vitasoy while we were coping with the continuously challenging operating environment characterised by slowing economic growth and escalating costs in labour and production. With the completion of the various capital investment projects, we have established a solid infrastructure for our manufacturing facilities in Hong Kong, Mainland China and Australia. This has provided a strong impetus for the Group’s sustainable growth. During the year, we focused on enhancing product quality, building brand equity, driving sales force effectiveness and improving manufacturing efficiency to achieve profitable growth and grow our market leadership position. 於二零一二╱二零一三財政年度，儘管經濟 增長放緩、以及工資及生產成本不斷上漲， 令我們的營商環境持續充滿挑戰，但維他奶 集團仍錄得令人鼓舞的業績。隨著多個資本 投資項目順利完成，我們為香港、中國內地 及澳洲等地的生產設施建立更穩健基礎，為 本集團提供強大的持續增長動力。 年內，我們專注於提高產品質素、建立品牌 價值、推動銷售團隊效能及改善生產效率， 實現盈利增長及擴大市場領導地位。 Financial Highlights Net Sales Revenue 財務摘要 銷售收入淨額 • The Group’s net sales revenue grew 9% to HK$4,051 million (FY2011/2012: HK$3,717 million). During the year, we ramped up our sales teams and marketing programs to drive our brand growth ambitions in Hong Kong, Mainland China and Australia. • 本 集 團 銷 售 收 入 淨 額 增 加 9% 至 港 幣 4,051,000,000 元（ 二 零 一 一 ╱ 二 零 一 二 財 政 年 度 ︰港 幣 3,717,000,000 元）。年內，我們增強銷售團隊效能及 市場推廣項目，致力於香港、中國內地 及澳洲等地推動品牌增長。 Gross Profit and Gross Profit Margin 毛利及毛利率 • Gross profit for the year increased 9% to HK$1,925 million (FY2011/2012: HK$1,760 million), in line with the sales growth. Notwithstanding the rise in commodity prices and labor costs, we maintained our gross margin at 48%, similar to last year’s level, by product and price optimisation as well as improving our productivity and operational efficiency. • 本 年 度 的 毛 利 率 增 加 9% 至 港 幣 1,925,000,000 元（ 二 零 一 一 ╱ 二 零 一 二 財 政 年 度 ︰港 幣 1,760,000,000 元），符合銷售增長。儘管商品價格及 工資成本上漲，我們透過達到最佳效果 的產品及定價銷售，提升生產力和營運 效率，令毛利率維持於 48%，與去年水 平相若。 二零一二 / 一三年年報 維他奶國際集團有限公司 13 Group Chief Executive Officer’s Report 集團行政總裁報告 Operating Expenses 經營費用 • Total operating expenses increased 11% to HK$1,530 million (FY2011/2012: HK$1,375 million) as we continued to invest in brand equity and expand our plant operations. • 由 於 我 們 持 續 投 資 於 品 牌 價 值 及 擴 建 廠 房， 總 經 營 費 用 增 加 11% 至 港 幣 1,530,000,000 元（二零一一╱二零一二 財政年度 ︰港幣 1,375,000,000 元）。 • Marketing, selling and distribution expenses were HK$986 million, up 12%, primarily driven by increased marketing activities to strengthen our brands, expand market share and promote consumption. • 推 廣、 銷 售 及 分 銷 費 用 為 港 幣 986,000,000 元，上升 12%，主要是增 加市場推廣活動以鞏固品牌、擴大市場 份額及推動消費。 • • Administrative expenses increased 12% to HK$309 million as a result of the expanded plant operation in Foshan of Mainland China, Hong Kong and Australia. • 由於中國內地佛山、香港及澳洲等地均 新 ╱擴 建 廠 房， 行 政 費 用 增 加 12% 至 港幣 309,000,000 元。 Other operating expenses amounted to HK$234 million, up 6%, mainly due to higher depreciation expenses and various operating costs associated with the new Foshan plant. • 其他經營費用為港幣 234,000,000 元， 上升 6%，主要由於折舊費用上升及新 佛山廠房新增的各類經營成本。 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax and Depreciation and Amortisation) • EBITDA for the year was HK$620 million (FY2011/2012: HK$554 million), up 12%. Despite higher marketing and promotional expenses, we managed to maintain EBITDA margin at last year’s level of 15% (FY2011/2012: 15%). 未計利息收入、融資成本、所得稅、 折舊及攤銷費用前盈利（「EBITDA」） • 本 年 度 的 EBITDA 為 港 幣 620,000,000 元（二零一一╱二零一二財政年度 ︰港 幣 554,000,000 元）， 上 升 12%。 儘 管 市場推廣及宣傳費用有所增加，我們的 EBITDA 利潤率仍維持於去年的 15% 水平 （二零一一╱二零一二財政年度：15%）。 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 • For the year ended 31st March, 2013, profit attributable to equity shareholders of the Company was HK$303 million, representing a year-on-year increase of 8% (FY2011/2012: HK$281 million). This growth in profit was attributable mainly to improvements in sales performance, operational efficiency, cost management, and reduced non-controlling interest for our Mainland China partner in the South China joint ventures. • 截至二零一三年三月三十一日止年度， 本 公 司 股 權 持 有 人 應 佔 溢 利 按 年 增 加 8% 至港幣 303,000,000 元（二零一一╱ 二零一二財政年度：港幣 281,000,000 元）。溢利增長主要由於銷售表現、營 運效益及成本管理均有所改善，以及中 國內地合營夥伴在華南合營企業的非控 股權益減少所致。 14 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 Financial Position 財務狀況 • • • • As at 31st March, 2013, the Group had reduced its borrowings by HK$146 million as we continued to repay the bank loan through internally generated cash. Total borrowings (including obligations under finance lease) dropped to HK$252 million (31st March, 2012: HK$398 million), with net borrowings balance at HK$29 million (31st March, 2012: HK$191 million). Available banking facilities amounted to HK$815 million (31st March, 2012: HK$1,099 million). Accordingly, the gearing ratio (total borrowings/ total equity attributable to equity shareholders of the Company) has reduced to 15% (31st March, 2012: 27%) by using our cash generated from business to repay debt. • 於二零一三年三月三十一日，由於本集 團 動 用 內 部 現 金 繼 續 償 還 銀 行 貸 款， 借 貸 減 少 港 幣 146,000,000 元。 總 借 貸（ 包 括 融 資 租 賃 之 債 務）下 降 至 港 幣 252,000,000 元（ 二 零 一 二 年 三 月 三十一日：港幣398,000,000元），借貸 淨額為港幣 29,000,000 元（二零一二年 三月三十一日：港幣191,000,000元）。 可供動用銀行信貸為港幣 815,000,000 元（ 二 零 一 二 年 三 月 三 十 一 日： 港 幣 1,099,000,000 元）。 • 由 於 本 集 團 繼 續 透 過 其 業 務 所 得 現 金 償 還 債 務， 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）下降至 15%（二零一二年三月 三十一日：27%）。 Capital expenditure incurred in the year dropped by 69% to HK$134 million (FY2011/2012: HK$426 million), with the gradual completion of various major capacity expansion projects. • 隨 著 各 主 要 擴 充 產 能 項 目 逐 步 完 成， 本年度錄得的資本性支出下降 69% 至 港幣 134,000,000 元（二零一一╱二零 一二財政年度：港幣426,000,000元）。 Assets with a carrying value of HK$138 million (FY2011/2012: HK$15 million) were pledged under certain loans and lease arrangements. • 用作貸款及租賃安排抵押的資產，賬面 值為港幣 138,000,000 元（二零一一╱ 二 零 一 二 財 政 年 度： 港 幣 15,000,000 元）。 Financial Risk Management 財務風險管理 • • Our overall financial management focuses on controlling and managing risks, with transactions being directly related to the underlying businesses of the Group. For synergy, efficiency and control, we operate a central cash and treasury management system for all our subsidiaries. Borrowings are normally taken out in local currencies by operating subsidiaries to fund and partially hedge their investments. The financial risks faced by the Group are mainly connected with the fluctuation of interest rates and exchange rates. At the close of FY2012/2013, we had no exposure under foreign exchange contracts or financial derivatives. • 我們的整體財務風險管理重點在於管控 風險，所有交易必須與我們的相關業務 有直接關係。為達致協同、效益及監控 的目的，我們為所有附屬公司實行中央 現金及財政管理制度。各營運附屬公司 一般以當地貨幣借貸注資，因而對沖部 份出資匯率風險。 • 本集團所面對的財務風險主要與利率及 匯率波動有關。於二零一二╱二零一三 財政年度年結日，我們並無任何外匯合 約或衍生金融工具的風險。 二零一二 / 一三年年報 維他奶國際集團有限公司 15 Group Chief Executive Officer’s Report 集團行政總裁報告 Review of Operation Hong Kong and Macau 業務回顧 香港及澳門 Sustainable growth in volume and value, driven by brand and packaging innovation 革新品牌及產品包裝，帶動銷量及銷售額 持續增長 2013 二零一三年 HK$ million 港幣百萬元 2012 二零一二年 HK$ million 港幣百萬元 % Change 百分比變動 2012 二零一二年 2013 二零一三年 Group Contribution % 佔本集團貢獻百分比 Revenue from external customers 來自外間客戶之收入 1,797 1,672 Profit from operations 經營溢利 320 316 7 1 44 60 45 63 • • • In FY2012/2013, the local non-alcoholic beverage segment maintained a similar volume growth rate against FY2011/2012 while the value growth rate was lower due to increased industry price competition. Consumers were cautious in spending, especially on discretionary items, other than core household necessities and daily food items. • 本地非酒精類飲料行業於二零一二╱二 零 一 三 財 政 年 度 的 銷 量 增 長 率 與 二 零 一一╱二零一二財政年度相若，而銷售 額的增長率則因行業價格競爭加劇而下 跌。除主要家用必需品及日常食品外， 消費者對非必需品的購買態度審慎。 In line with a growing “healthy” consumer lifestyle, products with perceived “healthy” and “feel good” characteristics were able to attract greater purchasing intention, hence stronger growth. Most drinks segments such as ready-to-drink teas, soya and packaged water enjoyed healthy growth. Hong Kong and Macau recorded 6% volume growth and 7% net sales growth in FY2012/2013, both outperformed the industry average. • 隨著消費者日益追求「健康」生活，標 榜「 健 康」及「 感 覺 良 好」特 性 的 產 品 能增加購買意欲，故錄得強勁增長。大 部份飲品類別，如即飲茶、大豆及瓶裝 水，均錄得穩健增長。 • 香港及澳門於二零一二╱二零一三財政 年 度 在 銷 量 及 銷 售 淨 額 方 面 分 別 錄 得 6% 及 7% 增長，表現優於行業平均水 平。 16 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 • • Product and packaging innovation are crucial factors for the operation’s sustainable growth. Our low sugar series that cater to consumer’s demand for healthy products and the 10 special festive packaging design products were all well-received. • 產品及包裝的革新均是業務持續增長的 重要因素。我們為迎合消費者對健康產 品的需求而推出的低糖系列，以及十款 為特別節日設計的產品包裝，均深受歡 迎。 D u r i n g t h e y e a r, w e h a v e e n h a n c e d o u r b r a n d equity through stronger advertising efforts and trade promotions. Five impactful advertising campaigns and one print campaign were launched for our flag-ship products. The overall VITASOY and VITA brand franchise continued to grow from strength to strength reinforcing our leadership position in the market. • 年內，我們透過加強廣告宣傳及零售商 推廣活動提升品牌價值。我們為旗艦產 品相繼推出五輯深入民心的電視廣告宣 傳及一個平面廣告活動。維他奶及維他 的整體品牌形象持續提升，並鞏固我們 在市場上的領導地位。 • We leveraged the new PET (Polyethylene terephthalate) plastic bottle production line and launched 4 new PET products with full listing in all retail channels. • 我們以全新 PET（聚對苯二甲酸乙二醇 酯）塑膠瓶裝生產線，生產並推出四款 新 PET 飲料產品在所有零售渠道全面上 市。 • • Export sales grew 8% year-on-year while Macau continued to deliver an outstanding growth of 12%. • 出口銷售按年上升 8%，而澳門市場亦 持續錄得 12% 的顯著增長。 Vitaland group, our school tuck shop services and catering business, achieved net sales growth of 4% to HK$316 million. The number of school tuck shops also increased to over 310. Vitaland was able to deliver steady profit contribution to the Group. • 由 維 他 天 地 集 團 經 營 的 學 校 小 食 部 及 餐飲業務錄得 4% 銷售淨額增長至港幣 316,000,000 元。小食部數目亦增至超 過 310 間。維他天地為本集團帶來穩定 的溢利貢獻。 • While we had 7% growth in net sales, profit only increased by 1%, as we continued to invest in brand promotion, marketing and the sales force organisation to expand distribution reach. • 我們的銷售淨額增長 7%，而利潤則只 增 長 1%， 原 因 是 持 續 投 資 於 品 牌 推 廣、市場推廣以及整合銷售隊伍以擴大 分銷網絡。 二零一二 / 一三年年報 維他奶國際集團有限公司 17 Group Chief Executive Officer’s Report 集團行政總裁報告 Mainland China 中國內地 Robust sales and profit growth under a challenging environment, with enhanced brand awareness and a new plant running smooth 品牌認知度提升及新廠房營運順利，在充 滿挑戰環境下仍錄得強勁銷售和溢利增長 2013 二零一三年 HK$ million 港幣百萬元 2012 二零一二年 HK$ million 港幣百萬元 % Change 百分比變動 2012 二零一二年 2013 二零一三年 Group Contribution % 佔本集團貢獻百分比 Revenue from external customers 來自外間客戶之收入 1,174 1,014 Profit from operations 經營溢利 122 90 16 37 29 23 27 18 • FY2012/2013 was a tough year, with intense competition. • Despite slowing economic conditions, we recorded an impressive double-digit growth in both top line and bottom line. • 二零一二╱二零一三財政年度是充滿艱 巨的一年，市場競爭激烈。 • 雖然經濟放緩，我們的營業額及盈利仍 錄得可觀的雙位數字增長。 18 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 • Gross margin was protected through improved sales mix and a balanced pricing strategy to counteract the rising costs. • 透過改善銷售產品組合及平衡的定價策 略，抵消成本上漲的影響，從而保障毛 利率。 • We launched a new VITASOY soy drink with added lactic acid especially good for children in their growing stage. • • Our new Foshan plant has been running smoothly in the first full year of operation. Its excellent location helped lower our transportation costs and allowed an improved customer services. The increased production capacity also enabled us to further pursue our “Go Deep Go Wide” strategy by deepening our penetration in existing cities and widening our territorial foothold. • 我們推出一款加入乳酸的新款維他奶豆 奶 飲 品， 特 別 適 合 兒 童 於 成 長 階 段 飲 用。 • 新佛山廠房在首個營運年度順利運作。 廠房位置理想，有助減少運輸成本及提 升客戶服務。 • 利用增加的產能，我們得以進一步推行 「更深更廣」的策略，進一步拓展現有 城市的滲透率及擴大覆蓋地域。 • We continued the large-scale marketing campaign behind VITASOY brand to drive awareness and promote consumer education. • 我們繼續為維他奶品牌推行大規模宣傳 推廣活動，提升品牌認知度及加強消費 者教育。 二零一二 / 一三年年報 維他奶國際集團有限公司 19 Group Chief Executive Officer’s Report 集團行政總裁報告 Australia and New Zealand 澳洲及新西蘭 Completion of plant expansion provided a strong platform for future growth 廠房擴充完成，為未來發展提供穩健平台 2013 二零一三年 HK$ million 港幣百萬元 2012 二零一二年 HK$ million 港幣百萬元 % Change 百分比變動 2012 二零一二年 2013 二零一三年 Group Contribution % 佔本集團貢獻百分比 Revenue from external customers 來自外間客戶之收入 Profit from operation 經營溢利 516 88 499 87 3 1 13 16 14 18 • • The plant expansion project was completed successfully in the year under review. However some operational difficulties took place during the transition period. • 在回顧年度內廠房擴建項目順利完成。 然 而， 在 過 渡 期 內 仍 出 現 一 些 營 運 問 題。 As a result, net sales improved by 3% year-on-year, affected by shortages and partially by adverse exchange rates. In the second half of the year, we recovered the lost sales by stepping up marketing and channel activities to regain category leadership position. • 因供貨短缺加上部份不利的匯率影響， 銷售淨額只按年上升 3%。在本年度下 半年，我們加強市場及銷售渠道推廣活 動，重新取回品類的領導地位，令銷售 回升。 20 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 • In the year, Vitasoy Australia decided to further cooperate with our joint venture partner, Lion, to include New Zealand for the distribution services. • 年內，我們決定與合營夥伴 Lion 進一步 合作，讓其把分銷服務增加至新西蘭。 • We improved our product offerings in the areas of Café for Baristas and Oatmilk. • 我 們 亦 優 化 Café for Baristas（ 咖 啡 師） 及 Oatmilk 等產品系列。 • • Our launch of VITAGO continued to build a “dairy free” position in the fast growing Liquid Breakfast segment which has been affected by headwind created by significant added competitions in the Liquid Breakfast segment. Our growth momentum was partially impacted by the mild decline in Australian dollar which had unfavorably impacted our sales and profit when reported in Hong Kong dollar term. • 我們的 VITAGO 品牌產品繼續在高速增 長的流質早餐品類建立「不含牛奶」的 產品定位，該產品的推出受到日益激烈 的競爭所影響。 • 我們的增長動力部份因澳元幣值輕微下 跌而受到影響，而澳元輕微下跌亦影響 我們以港元呈報的銷售及溢利。 • We would like to note here the significant contribution of our joint venture partner, Lion, and their executive team, toward the continued success of Vitasoy Australia. • 我們藉此多謝合營夥伴 Lion 及其管理團 隊為維他奶澳洲的持續成功作出重大貢 獻。 二零一二 / 一三年年報 維他奶國際集團有限公司 21 Group Chief Executive Officer’s Report 集團行政總裁報告 North America 北美洲 Sales growth driven by higher value items, profitability affected by manufacturing difficulties 較高價值的產品組合帶動銷售增長，但生 產問題影響盈利能力 2013 二零一三年 HK$ million 港幣百萬元 2012 二零一二年 HK$ million 港幣百萬元 % Change 百分比變動 2012 二零一二年 2013 二零一三年 Group Contribution % 佔本集團貢獻百分比 Revenue from external customers 來自外間客戶之收入 Profit from operation 經營溢利 482 0 455 0 6 0 12 0 12 0 • • • • During the year, Vitasoy USA recorded a net sales growth of 6%, with higher-value items being the main driver. Recent launches of the Black Soybean TOFUPLUS in both mainstream and Asian channels along with PASTA ZERO low calorie noodles helped drive both category and brand sales. • 年 內， 維 他 奶 美 國 錄 得 銷 售 淨 額 增 長 6%，較高售價的產品成為主要增長動 力。 • 最近在主流及亞洲市場推出 TOFUPLUS 黑豆豆腐和 PASTA ZERO 低熱量麵條， 均有助我們推動有關品類及品牌銷售。 New product launches were supported by cost-effective social media campaign to engage consumers, print editorial program to educate them about the health benefits of soy products. • 利用具成本效益的社交媒體為新產品進 行推廣活動吸引消費者，並利用編緝報 導刊物教育他們有關大豆產品對健康的 益處。 During the year, the operation experienced manufacturing difficulties compounded by severe cold weather conditions which interrupted supply during the peak season. The cost of these rectifying measures impacted the operating profit. By year end, the manufacturing capability of the plant has now significantly improved with full market supply resumed. • 年內，業務遇到生產問題，加上嚴寒天 氣，令旺季期間的供應受阻，而有關改 善措施費用亦影響經營溢利。廠房的生 產力於年底已顯著改善，並全面恢復產 品供應。 22 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 Singapore 新加坡 Strong sales and profit growth driven by improved sales mix and effective channel strategy 改善銷售組合及有效的銷售渠道策略，帶 動銷售和溢利均強勁增長 2013 二零一三年 HK$ million 港幣百萬元 2012 二零一二年 HK$ million 港幣百萬元 % Change 百分比變動 2012 二零一二年 2013 二零一三年 Group Contribution % 佔本集團貢獻百分比 Revenue from external customers 來自外間客戶之收入 Profit from operation 經營溢利 83 7 76 5 9 39 2 1 2 1 • Unicurd Food Co. (Private) Limited (“Unicurd”) recorded strong top line and remarkable bottom line improvement. • 統一食品（私人）有限公司錄得強勁的 營業額及顯著的盈利增長。 • We have successfully expanded our market share and maintained our leadership position in the Tofu category through effective channel promotion, improvement in shelf merchandising and proactive consumer sampling activities. • 我們透過有效的渠道促銷、改善貨架商 品推廣和積極的消費者試食活動，成功 在豆腐品類擴大市場份額，並保持領導 地位。 • • On the channel front, key accounts, restaurants and export all recorded promising growth. • 在各個銷售渠道、主要市場、餐館及出 口等方面均錄得可觀增長。 Operating profit registered a robust growth of 39% driven by improved sales and channel mix, promotions and strengthened cost control. • 透過改善銷售及分銷渠道組合、宣傳推 廣及加強成本控制，經營溢利錄得 39% 的強勁增長。 二零一二 / 一三年年報 維他奶國際集團有限公司 23 Group Chief Executive Officer’s Report 集團行政總裁報告 Outlook of Operations 業務展望 Our strategic focus is to leverage on our brand equity and product innovation capability to drive business growth and category expansion. We recognise that, in the long run, our brand equity and the people who contribute to this are the most valuable assets for the whole Vitasoy Group. We have, therefore, been pursuing a strategy of innovative marketing to reinforce our brands on a continuous basis so as to enhance our market leadership position. At the same time, we will build the right structures as well as source and groom the people who will drive the business. We will further enhance our operational efficiency and effectiveness to protect margin so as to maintain a healthy financial position to capitalise on future growth opportunities and to create sustainable shareholder value. 我們的策略重點是利用品牌價值及產品創新 能 力， 推 動 業 務 增 長 及 擴 展 品 類。 我 們 明 白，長遠而言，品牌價值及善於建立品牌的 員工是維他奶集團最寶貴的資產。因此，我 們一直推行創新的市場推廣策略，持續鞏固 品牌，從而提升市場領導地位。與此同時， 我們建立有效的公司架構，並物色及培育推 動業務的人才。我們將進一步提升營運效率 及效益以保障利潤率，從而維持穩健的財務 狀況，把握日後的增長機會，為股東締造可 持續價值。 Hong Kong 香港 • Concern over the economy, job security and inflation on utility and food prices will continue to affect the consumption and purchasing sentiment in Hong Kong. Looming inflationary pressure on production costs and the volatile labor market will remain our operational challenges. • We will continue to grow market share via growing our most complete portfolio of brands, packages, across different channels, consumer clusters and geographical areas. • 面對經濟、工作保障及公用事業和食品 價格上漲等憂慮，將持續影響香港的消 費和購買意欲。受通脹壓力影響的生產 成本及波動的勞動市場繼續對我們的營 運造成挑戰。 • 透過發展最完備的品牌和包裝覆蓋不同 銷售渠道、消費群及地域，繼續擴大市 場份額。 • We are determined to sustain winning performance via reinforcing our superior portfolio offering via strong execution fundamentals, and relevant holistic innovation (not only marketing, but also concept, packaging, product), supported by our strength in distribution. • 堅持透過強化優秀產品組合、有力的基 要執行、以及不單止在市場推廣上、同 時在概念、產品包裝上等相關整體性創 新，並配合分銷實力，持續取得更佳業 務表現。 24 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 Mainland China 中國內地 • • The year ahead will remain challenging with the slowing economic environment and intense market competition. • 由於經濟放緩及市場競爭激烈，未來一 年仍然充滿挑戰。 Vitasoy is extremely well positioned to take advantage of shoppers‘ accelerating motivation towards healthy, nutritious and tasty products for enjoyment in the different consumption occasions throughout the day. • 隨著消費者更趨向追求何時何地、任何 場合下都能享受到健康、營養及美味的 產品，將為維他奶產品提供更佳優勢。 • We will continue to grow VITASOY brand equity. • 我們將繼續提升維他奶的品牌價值。 • We will continue our “Go Deep Go Wide” growth strategy to drive increased per capita consumption where we present and expand our distribution through channels and geographies, while continue to build capability and competency to drive future growth. • 我 們 持 續 採 取「 更 深 更 廣」的 增 長 策 略，增加現有市場的人均消費，透過不 同銷售渠道及地域擴大分銷網絡，同時 繼續提升產能及實力，推動未來增長。 • • The primary focus is Southern China while in Eastern China we will continue to grow critical mass through building our brand strength there. • 我 們 的 重 點 在 華 南 地 區， 而 在 華 東 地 區，我們透過建立品牌實力達致關鍵性 銷量。 It is our goal to protect profit margin through cautious pricing strategy and driving productivity in our processes. • 我們旨在透過審慎的定價策略及在製作 過程中增進生產力，以保障利潤率。 Australia and New Zealand 澳洲及新西蘭 • • Stronger competition in the alternate milk category and an ever more assertive retail environment are expected as more well-known brands are entering the category. • 預期代乳品品類及零售市場環境的競爭 將日趨激烈，原因是有更多知名品牌進 軍該市場。 Our innovative portfolio offering, the superior distribution infrastructure of our joint venture with Lion Group and the successful completion of the Wodonga plant expansion put us into an advantageous position to grow our business and keep expanding category relevance and growth. • 創新產品組合、合營夥伴 Lion 集團的 強大銷售網絡、以及烏東加廠房擴建完 成，將為我們業務及擴大不同品類銷售 增長提供優勢。 • We will continue to do also through “complementary occasion based products” like our CAFÉ FOR BARISTAS line specifically designed to provide baristas in coffee channels with the most tailored product partner to great coffee. • 我們將繼續研發「不同場合的互補式產 品」，如專供咖啡店咖啡師為調製美味 咖啡而設計的 CAFÉ FOR BARISTAS 系列 產品。 • We will continue to invest in consumer understanding and reflect that into relevant programs to deliver via both traditional media and innovative social ditigal programs. • 我們將繼續投資於傳統媒體及創新社交 數碼網絡等不同項目平台，加強消費者 對我們產品的認識。 二零一二 / 一三年年報 維他奶國際集團有限公司 25 Group Chief Executive Officer’s Report 集團行政總裁報告 North America 北美洲 • The slow recovery of the US economy will continue to affect consumers’ purchasing power. • 美國經濟復甦放緩將繼續影響消費者的 購買意欲。 • We will continue to drive product innovation, strengthen our manufacturing efficiency and capacity to counteract the rising costs in raw materials, transportation, and to roll out tailored consumer marketing. • 我們將繼續推動產品創新、提升生產效 率及生產能力，以抗衡持續上漲的原材 料及運輸成本，並推出度身設計的消費 者市場推廣活動。 • We expect a much normalised production to provide the basis for improvement of our profit in the coming year. • 我們預期生產將回復正常運作，有助改 善來年的溢利。 Singapore 新加坡 • • Operating environment will remain challenging as labor supply continues to be tight and trading costs in major chain store channels to be high. • 由於勞工供應持續緊拙及大型連鎖銷售 渠道的交易成本高企，經營環境仍然充 滿挑戰。 Our Tofu business has shown the ability to deliver growth and increased stability in this environment, by continuing to build on the equity strength and 34 years’ heritage of Unicurd. • 我們的豆腐業務在挑戰的環境中已見增 長能力及日漸穩定，將持續倚仗其鞏固 的品牌價值及已發展的三十四年歷史。 • We will focus on innovation, consumer trial activities to convert local high category consumption into our brands, with relentless focus on our execution with quality and consistency. • 我們將專注於產品創新及消費者試食活 動，把當地高級品類消費轉向到我們的 品牌，並努力專注於執行上的質量及一 致性。 • Meanwhile, we will continue our efforts in improving the overall plant efficiency and managing manufacturing cost to drive profitable growth. • 同時，我們將繼續致力提升廠房的整體 效率及管理生產成本，推動盈利增長。 26 Vitasoy International Holdings Ltd. Annual Report 2012/13 Group Chief Executive Officer’s Report 集團行政總裁報告 Conclusion 總結 We achieved a solid performance in FY2012/2013 as a result of our persistent focus on quality standards, product innovation, brand investment, and customer and consumer services. The result is a credit to an enterprising and devoted Vitasoy team who continue to go the extra mile for the highest standards in quality and execution. 我們於二零一二 ∕二零一三財政年度錄得穩 健 的 業 績， 有 賴 我 們 持 續 專 注 於 高 質 量 標 準、產品創新、品牌投資及對客戶和消費者 的 服 務。 這 全 因 我 們 的 維 他 奶 團 隊 積 極 進 取、盡心竭力，持續追求及努力實踐優質品 牌的精神。 The coming year is expected to be another challenging year due to changing global financial situations and the effect of inflationary pressure of commodity prices and labor costs on consumption and purchase sentiment. 由於全球經濟環境持續不穩，加上商品價格 及勞工成本的通脹壓力亦對消費及購買意欲 造成影響，預期來年仍是充滿挑戰的一年。 We will drive profitable growth through continuous investment in brand equity, distribution gains, strategic channel promotions, and improvement in manufacturing efficiency. 我們將透過持續投資品牌價值、增加分銷網 絡、策略性銷售渠道促銷，以及改善生產效 率等，進而推動盈利增長。 Last but not the least, I would like to thank and congratulate every Vitasoy employee and our management team for their energy and dedication during the year, as well as the ongoing support from our Board of Directors. I have thoroughly enjoyed my 11 years with the Company and know that the future is bright for this great company under the leadership of Mr. Roberto GUIDETTI, the new Group Chief Executive Officer and guidance from the Board. 最後，本人謹此感謝所有維他奶集團的員工 及管理層於年內付出的努力和熱誠，並同時 對董事會的不斷支持深表謝意。本人已在本 公司服務了整整十一年，深信在新集團行政 總裁陸博濤先生的領導及董事會的指導下， 公司的業務繼續蒸蒸日上。 Laurence P. EISENTRAGER Group Chief Executive Officer 27th June, 2013 黎信彥 集團行政總裁 二零一三年六月二十七日 二零一二 / 一三年年報 維他奶國際集團有限公司 27 t r o p e R y t i l i b i s n o p s e R e t a r o p r o C 告 報 任 責 業 企 編編暖意 共享成果 Promoting consumer health and wellbeing is our number one priority. This is achieved through providing a variety of high-quality nutritious foods and beverages to our customers and consumers worldwide. 我們以促進消費者健康生活 為首要己任，致力為全球的 客戶及消費者提供多元化、 優質且富營養價值的食品和 飲品。 Corporate Responsibility Report 企業責任報告 1. People and Development Nurturing our People 1. 人才及發展 培育人才 • • Hiring, developing and retaining quality people are essential for our sustainable development as an enterprise. In building a competitive workforce, we constantly invest in our employees’ personal and career development. We emphasise on developing potential employees to be future managers and leaders for the continuous growth of Vitasoy. People are the cor ners tone of V it asoy. We treasure our people’s knowledge, skills, and values nurtured over the years of service. We believe that maintaining an efficient work environment and cultivating a positive and engaging corporate culture for employees are crucial for our success. During the year, we expanded our Staff Caring Cultural Program to promote work life balance and foster mutual respect and trust amongst employees. • We are also committed to maintaining harmonious employee relations through regular and effective internal communication. For this purpose, town hall meetings and sharing sessions are regularly held for the management team to meet with employees at all levels. • We have adopted an equal opportunities policy to ensure that all of our employees and job applicants enjoy equal opportunities and fair treatment in the recruitment and promotion process. • Last year, we maintained our prudent approach to manage our human resources. To cope with business growth and development, our total number of full- time employees increased by 1.1% to 3,680 as at 31st March, 2013. • 招聘、發展及保留優秀人才對我們 企業的持續發展十分重要。為建立 具競爭力的工作團隊，我們持續投 資於僱員的個人及事業發展。我們 致力培訓富潛質的僱員成為未來的 管理人才及領導，從而帶領維他奶 集團持續發展。 • 人才是維他奶集團的基石。我們重 視僱員服務多年積累的知識、技能 及價值。我們相信為僱員維持有效 率的工作環境及培育正面及積極的 企業文化對我們的成功至為重要。 年 內， 我 們 擴 大 推 行 員 工 關 愛 行 動，提倡作息平衡及促進僱員間彼 此尊重及信任。 • 我 們 亦 透 過 定 期 及 有 效 的 內 部 溝 通，致力維持僱員的和諧關係，因 此 定 期 舉 行 全 體 員 工 大 會 及 分 享 會，鼓勵管理團隊與各階層的僱員 會面。 • 我們實施平等機會政策，確保所有 僱員及職位申請人在招聘及晉升過 程中，獲得同等機會及公平對待。 • 去年，我們審慎管理人力資源。為 配合業務增長及發展，於二零一三 年三月三十一日，本集團的全職僱 員人數增加 1.1% 至 3,680 人。 Training and Development 培訓及發展 • We are committed to providing continuous learning and development for our local and overseas employees. Last year, we provided a comprehensive suite of training and development programs which covered management skills, personal effectiveness, selling techniques, customer service, quality improvement, food hygiene, work safety, and various technical skills. Nearly 1,000 training programs were conducted for different operations with over 9,000 attendances. • 我們致力為本地及海外僱員提供持 續學習及發展的機會。去年，我們 推出一套全面的培訓及發展計劃， 包括管理技能、個人效益、銷售技 巧、客戶服務、提升質素、食物衛 生、職業安全及各種技能。我們於 不同分部舉行了接近 1,000 個培訓 課程，共有逾 9,000 人次參與。 二零一二 / 一三年年報 維他奶國際集團有限公司 29 Corporate Responsibility Report 企業責任報告 • We have also provided continuous professional development training programs to our Directors and senior management not only to keep them abreast of the latest regulatory requirements but also to refresh their skills and knowledge. These include legal and regulatory updates, corporate governance practices, macro-economic and consumer market trends, orientation training program and in house conferences which are relevant for the Directors and senior management to perform their duties. • In Hong Kong, we established an internal learning platform known as “WIN Planet” for quality enhancement and continuous improvement for employees at all levels. One of our work improvement projects won all three awards in “Quality Improvement & Experience Sharing Convention 2012”, namely “Best Quality Tool Application Award”, “Best Value Creation Award” and “My Favourite Team Award”, amongst eight reputable corporations from public utility and commercial sectors. • 我們亦為董事及高層管理人員提供 持續專業發展培訓課程，讓他們能 緊貼最新的監管規定，溫故知新技 能及知識。當中亦包括法律及規管 的最新發展、企業管治常規、宏觀 經濟及消費者市場趨勢、入職培訓 課程及與董事和高層管理人員履行 職責相關的內部培訓會議等。 • 在 香 港， 我 們 為 各 階 層 員 工 制 定 一項名為「智勝星系」的內部學習 活 動， 以 提 升 品 質 及 持 續 改 進 工 作 流 程。 我 們 其 中 一 項 工 作 改 善 提案項目於「優質改善經驗交流會 2012」上，榮獲「最佳品管工具應 用獎」、「最佳創建價值獎」及「我 最喜愛的發佈隊伍獎」，該交流會 共有八間知名的公用事業及商業機 構參與。 Growing our Talent 人才發展 • We e x p a n d e d o u r Ta l e n t M a n a g e m e n t a n d Succession Planning Schemes to prepare for future development of the Group. In Hong Kong and Mainland China, we recruited outstanding university graduates through our Management Trainee Program. These management trainees had to undergo an intensive 24-month job attachment training. They were placed in different departments across Hong Kong and Mainland China to gain a full spectrum of skills and knowledge about the Vitasoy business. The previous two batches of management trainees in Hong Kong had completed their training and already taken up supervisory positions at various departments. • 我 們 擴 大 人 才 管 理 計 劃 及 繼 任 計 劃，為本集團未來發展做好準備。 在香港及中國內地方面，我們透過 管理培訓生計劃，聘請優秀的大學 畢業生，參與為期二十四個月的在 職培訓。管理培訓生會被分派到香 港及中國內地不同部門，全面學習 有關維他奶業務的技能及知識。首 兩批香港管理培訓生已完成培訓， 並在不同部門擔任督導職位。 Promoting Safety and Health 促進安全及健康 • We strive to maintain high occupational safety standards by reviewing and improving the work environment and work practices in order to prevent possible hazards at work. The Occupational Safety and Health Committee, which comprises senior management and technical experts from operational departments, is responsible for establishing policies and guidelines, carrying out regular risk assessments on site, taking corrective measures where necessary, and providing training on work safety and health. • 我們致力透過檢討及改善工作環境 及工作守則，維持高水平的職業安 全標準，防止工作上可能發生的意 外。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 人員組成，專責訂立政策及指引、 定期實地進行風險評估、需要時採 取糾正行動，以及提供職業安全及 健康範疇的培訓。 30 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Responsibility Report 企業責任報告 2. Environment 2. 環境 In the past year, we implemented a series of efficiency as well as energy-saving and recovery programs to conserve water, electricity, fuel and packaging materials in our plants. We installed high-speed processing and packaging machines for our capacity expansion programs in Hong Kong, Mainland China and Australia so as to enhance productivity and drive energy conservation. 去年，我們實施一系列提高效率、節能 及回收計劃措施，在各廠房節約用水、 電、燃料及包裝材料。我們在香港、中 國內地及澳洲為產能擴展計劃安裝了高 速的加工及包裝機器，提升生產力及推 動節能。 Hong Kong 香港 • We optimised the production scheduling and introduced enhanced program in machinery cleaning and set up. This reduced overall energy, water and chemical usage as well as decreased the effluent discharged, resulting in operating cost saving. • 我們優化生產進度，並推出強化機 器 清 洗 及 設 置 計 劃， 全 面 減 少 耗 能、耗水及使用化學品，以及減少 排放污水，節省經營成本。 Mainland China 中國內地 • • • Shenzhen plant completed a project of recycling heat from the chimney of boiler house, thus reducing natural gas consumption. • 深圳廠房已完成鍋爐煙囪熱能回收 項目，從而減少天然氣消耗。 Shanghai plant continued its energy saving journey by upgrading the boiler to improve fuel to steam efficiency as well as recovering the heat from production process to reduce fuel consumption. • 上海廠房繼續實施節能計劃，優化 鍋爐以增加燃油兌蒸汽率，以及回 收生產過程中產生的熱能，以減少 燃料消耗。 Foshan plant completed a recovery system by reusing the cleaning agent after a proper recycling treatment and thus reducing waste discharge. • 佛山廠房已完成回收系統，循環再 用經適當回收處理的清洗劑，以減 少廢物排放。 North America 北美洲 • We increased the condensate water returned to boiler and this reduced overall water usage and decreased the amount of waste water discharge, resulting in natural gas savings and reduction in boiler chemical use. • 我們增加冷凝水回流至鍋爐，降低 整體用水量及減少廢水排放量，從 而節省天然氣及減少使用鍋爐化學 品。 • Through a cooling system, we used the outside cool air to chill water to be used in the production process, resulting in electricity saving. • 我們利用冷卻系統，用外面的冷空 氣 冷 卻 將 會 在 生 產 過 程 中 使 用 的 水，從而節省電力。 二零一二 / 一三年年報 維他奶國際集團有限公司 31 Corporate Responsibility Report 企業責任報告 3. Promoting Health and Wellbeing 3. 促進健康生活 • We adhere to our uncompromising philosophy in our quality standards. Product quality is always our top priority. We are committed to continuous improvement in products and services to meet our customers’ needs and expectation. • 我們秉承優質標準的堅定信念。我 們將產品品質放在首位，並致力繼 續提升產品及服務質素，迎合顧客 的需要及期望。 • During the year, we launched a series of low sugar or nutrient enriched products to help promote healthy lifestyle. • 年內，我們推出一系列低糖或加入 營養元素的產品，有助推廣健康生 活。 32 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Responsibility Report 企業責任報告 HONG KONG AND MACAU 香港及澳門 Low sugar melon flavored VITASOY Soymilk – for consumers who prefer low sugar content while looking for product excitement. 低糖蜜瓜味維他奶豆奶 – 為消費者提 供美味的低糖新選擇。 CALCI-PLUS Healthy Breakfast Campaign – to help consumers understand the health benefits of soya beans. 鈣思寶健康早餐系列 – 幫助顧客了解 大豆對身體健康的益處。 MAINLAND CHINA 中國內地 VITASOY Soymilk product with added prebiotics, linoleic acids, and other nutrients – especially good for children in their growing stage. Vitasoy 3rd Light Yoga Party – to promote a healthy lifestyle with balanced diet and regular exercise. VLT Boat Party – to convey various positive attitudes towards life to young consumers. 加入益生元、亞油酸及其他營養成份 的維他奶豆奶 – 特別有助小朋友成長。 維他奶第三屆輕瑜伽派對 – 推廣均衡 飲食及經常運動的健康生活。 VLT 船上派對 – 向年輕消費者傳達各 種積極的人生態度。 AUSTRALIA AND NEW ZEALAND 澳洲及新西蘭 VITASOY Oatmilk Bone Essentials and Honey Delight with additional beta-glucan – to help consumer lower cholesterol level. VITAGO Liquid Breakfast – to promote a nutritious breakfast solution to our consumers. 維 他 奶 Oatmilk Bone Essentials 及 含 β- 葡 聚 醣 的 Honey Delights – 有 助 消費者降低膽固醇水平。 VITAGO 流質早餐 – 向我們的顧客推 廣有營早餐方案。 “My Heart’s set on Soy” campaign – to help the public understand the positive benefits of soymilk. 「My Heart’s set on Soy」系列 – 有助 公眾了解豆奶的好處。 NORTH AMERICA 北美洲 NASOYA PASTA ZERO Shirataki Noodles – they are all natural, fat free, gluten free, and suitable for vegan diets. NASOYA Organic Black Soybean TOFUPLUS – made of black soybean, which is traditionally used in Chinese medicine because of its health benefits. It is rich in antioxidants, fortified with Vitamin E and Calcium and has protein. NASOYA PASTA ZERO 白瀧麵條 – 天 然、不含脂肪、不含麩質，適合素食 人士。 NASOYA 有機黑豆 TOFUPLUS – 黑豆 的健康功效常用於中國傳統藥材。新 產品含有豐富的抗氧化劑、維生素E、 鈣及蛋白質。 SINGAPORE 新加坡 Cooking workshops in community centers – to promote healthy cooking by sharing nutritious recipes. 社區中心的烹飪示範 – 分享營養食 譜，推廣健康煮食。 二零一二 / 一三年年報 維他奶國際集團有限公司 33 Corporate Responsibility Report 企業責任報告 • We also participated in various health-related symposiums or congresses to help promote nutritious diet to the public. • 我們亦參與多個與健康有關的研討 會或會議，向公眾推廣營養飲食。 > > > > Food and Nutritional Science Food and B i o t e c h n o l o g y S y m p o s i u m b y C h i n e s e University of Hong Kong. The 3rd Cross Strait Nutrition Conference by Hong Kong Dietitian Association and Hong Kong Nutrition Association. International Congress of Dietetics Conference by Dietitian Association of Australia. Health Promotion Board’s FINEST (Functional, Innovation, Nutritious, Effective, Science-based and Tasty) Symposium and Healthier Choice Food Expo in Singapore. > 香港中文大學主辦的食物及 營養科學食品與生物技術研 討會。 > 香港營養師協會及香港營養 學會主辦的第三屆海峽兩岸 營養改善學術會議。 > 澳洲營養師公會主辦的國際 膳食營養學會議。 > 新加坡Health Promotion Board 的 FINEST（功能、創新、營養 豐 富、 有 效、 科 學 基 礎 及 美 味）研討會及更健康選擇食品 博覽會。 4. Community Involvement 4. 社區參與 • We supported a variety of community activities held by non-profit making organisations, and some of them have long term relations with Vitasoy. • 我們支持非牟利機構舉辦的各類社 區活動，部份機構更與維他奶維持 長期合作關係。 34 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Responsibility Report 企業責任報告 Education institutions 教育機構 Since 1977, Vitasoy established bursary funds in several Hong Kong tertiary education institutions including University of Hong Kong, Chinese U n i v e r s i t y o f H o n g K o n g a n d H o n g K o n g Polytechnic University to help students with sudden financial difficulties. 自一九七七年以來，維他奶在多 間香港大專院校設立助學金，包 括香港大學、香港中文大學及香 港理工大學，幫助遇到突如其來 財政困難的學生。 Social organisations 社會組織 Hong Kong Outward Bound School to help the underprivileged for outdoor training. Community Chest of Hong Kong’s Corporate and Employee Contribution Program. Since 2003, Vitasoy has been participating Oxfam Trailwalker to help raise fund to support various poverty alleviation and emergency relief projects in Africa and Asia. Since 2007, Vitasoy has been supporting the 30- Hour Famine by Hong Kong World Vision to help arouse the care for the needy and awareness of world hunger. Since 2008, we have been supporting the Walk Up Jardine House to help raise fund for the MINDSET Place, helping people recovering from the effects of chronic mental illness. 香港外展訓練學校協助弱勢社群 進行戶外訓練。 香港公益金的商業及僱員募捐計 劃。 自二零零三年起，維他奶參與樂 施毅行者，協助籌募資金，以支 持其在非洲及亞洲各種扶貧及緊 急救援項目。 自二零零七年起，維他奶支持香 港世界宣明會舉辦「饑饉三十」， 協助喚醒各界照顧有需要人士及 世界飢餓的意識。 自二零零八年起，我們支持「齊 步 上 怡 廈」， 協 助 思 健 園 籌 募 資 金，以幫助受慢性精神病影響的 康復病人。 Food banks 食物銀行 Product donation to St. James Settlement in Hong Kong and Boston Food Bank in the USA. 產品捐贈香港聖雅各福群會及美 國波士頓食物銀行。 Community programs 社區計劃 Supported Hong Kong Yoga Marathon 2012 to help raise fund for Hong Kong Breast Cancer Foundation. Supported the Tree Plantation Day by ECO Foundation in Hong Kong. Walks for Million by Community Chest, Children’s Day by local authority in Macau. Donation of stationery to a Shenzhen school for children with special needs in Mainland China. Supported the Relay for Life by Cancer Council in Australia. 支持香港瑜珈馬拉松 2012，以協 助香港乳癌基金會籌集資金。 支 持 香 港 環 保 慈 善 基 金 的 植 樹 日。 澳門公益金舉辦的百萬行及當地 機構舉辦的兒童日。 捐贈文具予深圳一所學校內有特 別需要的學生。 支持澳洲癌症協會舉辦的延續生 命計劃。 二零一二 / 一三年年報 維他奶國際集團有限公司 35 Awards and Recognitions 嘉許及表揚 Major Awards of Vitasoy International Holdings Limited from 1st April, 2012 to the Date of this Annual Report 維他奶國際集團有限公司於二零一二年四月一日至本年報日期止所獲主要獎項 CORPORATE 企業 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 1. TVB Weekly’s “Outstand- ing Corporate Image Award 2012”. 《TVB 周刊》「傑出企業形象大 獎 2012」獎項。 2. “Caring Company” in the Consumer Caring Scheme 2012 organised by GS1 Hong Kong. 香港貨品編碼協會嘉許為 2012 年度「貼心企業」。 3. “Drive for Corporate 5. “Outstanding Enterprise Citizenship” Logo from the Hong Kong Productivity Council. 香港生產力促進局頒發「積極 參與企業公民」嘉許標誌。 4. “Honorable Mention” of the Sustainability Excellence Awards at the Hong Kong Corporate Governance Excellence Awards 2012. 香港公司管治卓越獎 2012 中 榮獲「持續發展卓越獎 – 評獎 委員嘉許」。 Award – Outstanding Investor Relations (Consumer Goods) 2012” from Quamnet. 華富財經頒發「傑出企業大 獎 2012 – 傑出投資者關係 ( 消費品 )」。 6. The second runner-up in the Business Associate Men’s Section of “Walk Up Jardine House” organised by Jardine Group. 怡和集團主辦籌款活動「齊步 上怡廈」中奪得「商業伙伴男 子組亞軍」。 36 Vitasoy International Holdings Ltd. Annual Report 2012/13 Awards and Recognitions 嘉許及表揚 7. The “Caring Company” Logo from Hong Kong Council of Social Services for the 9th consecutive year. 連續九年獲香港社會服務聯會 頒發「商界展關懷」標誌。 8. “Best Quality Tool Application Award”, “Best Value Creation Award” and “My Favorite Team Award” in “Quality Improvement & Experience Sharing Convention 2012”. 於 2012 年度的「優質改善經 驗交流會 2012」榮獲「最佳品 管工具應用獎」、「最佳創建價 值獎」及「我最喜愛的發佈隊 伍獎」。 Vitasoy Shanghai 維他奶上海 12. The “Brand Promotion Award” in”2012 Successful Hong Kong Brands in Shanghai”organised by Hong Kong Chamber of Commerce (Shanghai). 在香港商會（上海）主辦的 「2012 在滬成功香港品牌」中 榮獲品牌推廣獎。 13. “China Quality and Credible Enterprise”by General Administration of Quality Supervision, Inspection and Quarantine. 獲出入境檢驗檢疫協會頒發 的《中國品質誠信企業》稱 號。 9. Vitasoy Group’s 2011/2012 annual report won “Bronze Award” in the “Annual Reports – Corporate – Traditional” category in the 2012 Astrid Awards. 維他奶集團 2011/2012 年報 設計獲 2012 年美國 Astrid Awards 中獲「年報 – 企業 – 傳統類別」之銅獎。 10. Capital and Capital Weekly – “Corporate Social Responsibility Awards 2013”. 《資本雜誌》及《資本壹週》 — 「企業社會責任大獎 2013」。 11. “Asia’s Most Promising Company on Corporate Governance Award 2013 – Hong Kong at the “The Best of Asia – Corporate Governance Asia Recognition Award 2013” organised by Corporate Governance Asia. 獲《亞洲企業管治》雜誌主辦 的「亞洲企業管治大獎 2013」 中獲「亞洲最具潛力企業管治 獎（香港）」。 二零一二 / 一三年年報 維他奶國際集團有限公司 37 Awards and Recognitions 嘉許及表揚 Vitaland 維他天地 14. “The 2013 Hong Kong’s Most Valuable Companies Services Award” by Mediazone. 獲 Mediazone 頒發「2013 香 港最有價值服務獎」。 Human Resources 人力資源 15. “Manpower Developer Award” by the Employees Retraining Board for recognising Vitasoy’s achievements and commitment in manpower training and development. 僱員再培訓局嘉許為「人才 企業」。 16. Sales Manager of Vitasoy Hong Kong operation, Ms. Denise Chiu, received the “Distinguished Salesperson Award” in the 44th Distinguished Salesperson Award Program organised by The Hong Kong Management Association and Sales and Marketing Executive Club. 維他奶香港分部營業經理趙 頌榕小姐榮獲香港專業管理 協會及香港市場推銷研究社 舉辦的第 44 屆傑出推銷員獎 的「傑出推銷員獎」。 BRAND 品牌 VITASOY 維他奶 17. VITASOY Usage Campaign 2011 was awarded the Brand Experience (Bronze) and Alcoholic / Non-alcoholic Beverage (Finalist) in the 2012 Effie Award. 「幾時都好 – 飲維他奶 2011」 於 2012 廣告效益大獎中獲最 佳品牌 – 消費者體驗銅獎及 酒精╱非酒精飲品優異獎。 18. “Yahoo! Emotive Brand Awards” for the tenth consecutive year in Hong Kong. 連續十年獲香港「Yahoo! 感情品牌大獎」。 38 Vitasoy International Holdings Ltd. Annual Report 2012/13 Awards and Recognitions 嘉許及表揚 19. The 13th Wellcome‘s “Top 10 Favourite Brands” Award. 惠康第十三屆「十大超市 名牌」。 20. Park‘n Shop‘s “My Beloved Brand”. 「百佳最愛品牌」。 22. “The Best Low-carbon Green Beverage Brand Award”by Shenzhen Evening News. 《深圳晚報》的《時尚風雲榜 — 2012 年深圳市場食品飲料 消費人氣王》中獲「2012 年 深圳市場食品飲料最佳低碳 綠色行銷品牌」。 25. “Leading Contribution Brands in China” in the 2012 China Business and Media Leaders Conference. 中國企業領袖與媒體領袖年 會中榮獲「品牌貢獻榜 · 影響 中國 2012 年度領軍品牌」。 21. Readers’ Favorite Print Advertisement Award and Most Creative Print Advertisement Award (Food & Beverages) – Silver Award in Apple Daily Advertising Award. 蘋果創意廣告獎中獲 讀者最喜愛的平面廣告大獎及 創意平面廣告銀獎。 23. “The Best Marketing New Brand Award” by Shenzhen Ching Daily News. 深圳晶報「最佳行銷創新品 牌」。 24. “The 2012 TOP Green Sales Enterprises Award” by New Marketing Magazine. 《新行銷》雜誌頒發的「2012 年中國綠色行銷 TOP 企業」榮 譽獎牌。 VLT 維他檸檬茶 26. The 13th Wellcome’s “Top 10 Favourite Brands” Award. 惠康第十三屆「十大超市 名牌」。 27. Park’n Shop’s “My Beloved Brand”. 「百佳最愛品牌」。 28. The TOUCH Brand Award from East Touch Magazine. 《東週刊 TOUCH》品牌獎項。 二零一二 / 一三年年報 維他奶國際集團有限公司 39 Awards and Recognitions 嘉許及表揚 29. The “FACE Brand” from Face Magazine. 《Face 週刊》 — 「FACE 品牌」。 維他蒸餾水 2012 品牌廣告獲 香港廣告商會於 2012 金帆廣 告獎中頒發導演銅獎及電視及 電台組別優異獎。 30. “Top Favourite Brand” from 7-Eleven Convenience Store. 7-11 便利店「最喜愛便利品 牌」。 31. “The Most Innovative Promotion (Beverage)” by Shenzhen Evening News. 《深圳晚報 · 食尚週刊》「2012 年深圳市場食品飲料最具創意 行銷品牌」。 VITA Distilled Water 維他蒸餾水 32. VITA Distilled Water Brand Campaign 2012 was awarded Craft Award – Direction (Bronze) and Film (Both TVC & Online) & Radio (Merit) in the 2012 Kam Fan Awards by HK4As. 33. 2013 TVB Most Popular TV Commercial Awards i. Campaign – Most Popular TV Commercial Award ii. Dining, Food & Beverage – Citation of Excellence (7 Million Drops of Resonance – Male Version) iii. Dining, Food & Beverage – Citation of Excellence (7 Million Drops of Resonance – Female Version) iv. Most Popular Male Talent in a TV Commercial – Citation of Excellence) v. Most Popular Female Talent in a TV Commercial – Citation of Excellence. 40 Vitasoy International Holdings Ltd. Annual Report 2012/13 2013 TVB 最受歡迎電視廣告 大獎 i. 系列廣告 — 最受歡迎電 視廣告大獎 ii. 飲食餐宴類 — 優異獎 （7 百萬人的點滴 — 男生篇） iii. 飲食餐宴類 — 優異獎 （7 百萬人的點滴 — 女生篇） iv. 最受歡迎男主角 — 優異獎 v. 最受歡迎女主角 — 優異獎。 34. 2013 EFFIE Award Alcoholic Beverages / Non Alcoholic Beverages (Bronze). 2013 EFFIE 廣告效益大獎 酒精飲品╱非酒精飲品類 — 銅獎。 SAN SUI 山水 35. “Top Favourite Brand” from 7-Eleven Convenience Store. 7-11 便利店「最喜愛便利品 牌」。 Corporate Governance Report 企業管治報告 Corporate Governance Practices 企業管治常規 We strongly believe that Corporate Governance is an integral part of the Company’s mission in our pursuit of excellence, growth and value creation. The Company is firmly committed to the compliance of statutory and regulatory corporate governance standards. We firmly adhere to the principles of corporate governance emphasising transparency, independency, accountability, responsibility and fairness. The Board of Directors (the “Board”) recognises that maintaining good corporate governance is an evolving process. We strive to achieve a high level of standard and promote good corporate governance rigorously throughout the Company. 本公司堅信企業管治為本公司追求卓越、增 長及價值創造等使命之組成部份。本公司堅 守法定及監管企業管治標準。我們時刻遵循 注重透明度、獨立、問責、負責與公平之企 業管治原則。董事會（「董事會」）確認保持 良好之企業管治乃一個漸進過程。我們致力 達到高水準並在全公司內嚴格推行良好之企 業管治。 A formal Corporate Governance Policy was adopted by the Board on 28th August, 2012. The Policy provides a basic framework for developing the Company’s policies and practices to ensure alignment of interests and expectations from our shareholders, the investing public and other stakeholders. 董事會已於二零一二年八月二十八日正式採 納一份企業管治政策。該政策為本公司在制 定政策及常規方面建立了基本框架，以確保 能符合各股東、公眾投資者及其他持份者的 利益與期望。 The Company has, throughout the year ended 31st March, 2013, complied with the code provisions set out in the Corporate Governance Code (the “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”). 本公司於截至二零一三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。 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. The Board is committed to strive to achieve high standards of Corporate Governance practices as well as 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 years. The Board has adopted its latest Three Year Strategic Plan for the fiscal years up to 2015/2016 in January of 2013. 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 macro economic and business environment. 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。 董事會致力達致高標準的企業管治常規及履 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性方向，並持續監察本 公司整體管理表現。因此，策略性計劃已成 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性計劃。策略性計 劃一般涵蓋三年。董事會已於二零一三年一 月採納截至二零一五╱二零一六財政年度止 之最新三年策略性計劃。董事會因應宏觀經 濟及業務環境之改變，持續定期檢討及更新 本公司之策略性計劃。 二零一二 / 一三年年報 維他奶國際集團有限公司 41 Corporate Governance Report 企業管治報告 A defined schedule of matters reserved for Board decision has been adopted by the Board. Apart from the strategic planning, certain important matters involving notifiable transactions as defined under the Listing Rules, finance and shareholders’ interests are reserved for approval by the Board, including, for example, annual budget, financial statements against budget, corporate governance related policy, 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。除策略性計劃外， 涉及根據上市規則所界定之須予公佈交易、 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、企業管治相關政策、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 one-half of the Board which well exceeds the Listing Rules requirement for one-third. Female Directors also represent one- fourth 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 of Hong Kong Limited (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 佔董事會人數之一半，遠超上市規則規定之 三分之一。女性董事亦佔董事會人數四分之 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香港聯合交易所有限公 司（「 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。 As part of our continuous commitment to achieve high standards of Corporate Governance, the Board has taken an earlier step to comply with the new CG Code effective from 1st September, 2013 in relation to board diversity. In this regard, the Board has approved a new Board Diversity Policy on 27th June, 2013. 為持續貫徹本集團對實現企業管治高標準之 承諾，董事會已提早開始遵守將於二零一三 年九月一日起生效之有關董事會成員多元化 之新企業管治守則。就此而言，董事會已於 二零一三年六月二十七日批准董事會成員多 元化政策。 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。 42 Vitasoy International Holdings Ltd. Annual Report 2012/13 • • Corporate Governance Report 企業管治報告 The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st April, 2013 to 30th September, 2014. 本公司已就二零一三年四月一日至二零一四 年九月三十日止期間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。 Changes in Directors’ Information during the year ended 31st March, 2013 and up to the date of this Annual Report are set out below: 於截至二零一三年三月三十一日止年度及直 至本年報日期止之董事資料變動載列如下： Changes in Major Appointments and Other Directorships 主要委任及其他董事職務之變動 Mr. Winston Yau-lai LO 羅友禮先生 has been appointed a life member of Cornell University Council; and • 獲委任為康乃爾大學校董會終身校董； 及 ceased to be a member of The National Committee of the Chinese People’s Political Consultative Conference. Dr. the Hon. Sir David Kwok-po LI • 退任中國人民政治協商會議全國委員會 委員。 李國寶爵士 • • • ceased to be a member of the Legislative Council of the Hong Kong Special Administrative Region, the People’s Republic of China; • 退任中華人民共和國香港特別行政區立 法會議員； c e a s e d t o b e t h e c h a i r m a n o f T h e H o n g K o n g Management Association; and • 辭任香港管理專業協會主席；及 ceased to be a director of China Overseas Land & Investment Limited. • 辭任中國海外發展有限公司董事。 Mr. Iain F. BRUCE 布魯士先生 • ceased to be an independent non-executive director of China Medical Technologies, Inc. • 辭 任 中 國 醫 療 技 術 公 司 獨 立 非 執 行 董 事。 Changes in Directors’ Fees 董事袍金之變動 There has been a 5% increase in basic directors’ fees for fiscal year of 2012/2013. 於二零一二╱二零一三財政年度之基本董事 袍金增加 5%。 二零一二 / 一三年年報 維他奶國際集團有限公司 43 Corporate Governance Report 企業管治報告 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 would retire from the positions of Executive Director, Group Chief Executive Officer and Member of Executive Committee with effect from 31st July, 2013. To ensure a smooth and uninterrupted transition, Mr. Roberto GUIDETTI was appointed as the new Group Chief Executive Officer and Member of Executive Committee with effect from 1st April, 2013. Mr. Roberto GUIDETTI is responsible for overall strategic planning, business development and general management of the Group and it is planned that Mr. Roberto GUIDETTI would assume the responsibilities for all the Group’s operations in Hong Kong and Macau, Mainland China, Australia and New Zealand, North America and Singapore upon the retirement of Mr. Laurence P. EISENTRAGER on 31st July, 2013. Mr. Roberto GUIDETTI would continue to maintaining an ongoing dialogue with the Executive Chairman and the other Board members. The Group Chief Executive Officer is primarily accountable to keep the Board apprised of the Company’s performance, position and prospects by providing Directors with a monthly management update. 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 採取適當步驟與股東及其他持份者保持有效 溝通。 黎信彥先生將自二零一三年七月三十一日起 退任執行董事、集團行政總裁及執行委員會 委員職務。為確保順利平穩之過渡，自二零 一三年四月一日起陸博濤先生已獲委任為新 集團行政總裁及執行委員會成員。陸博濤先 生負責本集團之整體策略規劃、業務發展及 日常管理，並計劃自黎信彥先生於二零一三 年七月三十一日退任後，陸博濤先生將負責 本集團香港及澳門、中國內地、澳洲及新西 蘭、北美洲及新加坡等地所有業務。陸博濤 先生將繼續與執行主席及其他董事會成員持 續保持溝通。集團行政總裁主要負責向董事 提供每月管理層資料更新，讓董事會了解本 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 2012/2013 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, the financial reports and corporate governance related policies for the Group. 董事會於二零一二╱二零一三財政年度內共 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、財務報告及 企業管治相關政策。 44 Vitasoy International Holdings Ltd. Annual Report 2012/13 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. During the year, the Directors have made full attendance in all the Board meetings, Board Committees meetings and the Annual General Meeting. Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit and Corporate Governance Committee Meetings and Annual General Meeting during the fiscal year of 2012/2013 are as follows: 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。 年內，全部董事均出席所有董事會會議、董 事委員會會議及股東週年大會。 於二零一二╱二零一三財政年度，各董事於 董事會會議、薪酬及提名委員會會議、審核 及企業管治委員會會議以及股東週年大會之 出席記錄表列如下 ︰ Name 姓名 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 Mr. Winston Yau-lai LO (Executive Chairman) Mr. Laurence P. EISENTRAGER 獨立非執行董事 李國寶爵士 布魯士先生 Jan P. S. ERLUND 先生 張建標先生 非執行董事 羅慕貞女士 羅慕玲女士 執行董事 羅友禮先生 （執行主席） 黎信彥先生 Group Senior Director, Finance and Administration Ms. Kitty Kit-yi FUNG 集團高級總監 （財務及行政） 馮潔儀小姐 Group Internal Audit Director 集團內部稽核總監 Mr. Eric Wai-hon KAN 簡偉漢先生 External Auditors KPMG 外聘核數師 畢馬威會計師 事務所 Remuneration and Meetings Attended/Held 出席次數╱會議次數 Audit and Corporate Nomination Governance Committee 審核及 企業管治 Committee Board 薪酬及 董事會 提名委員會 Annual General Meeting 委員會 股東週年大會 3/3 3/3(c) 3/3 3/3 N/A 不適用 N/A 不適用 1/1 1/1 1/1 1/1 1/1 1/1 3/3(e) 3/3(e) 1/1(d) 1/1 5/5 5/5 5/5 5/5 5/5 5/5 5/5(a) 5/5 5/5(b) 5/5 5/5 5/5 5/5 5/5 5/5(e) 5/5(e) 5/5(e) N/A 不適用 3/3(e) 1/1(e) N/A 不適用 N/A 不適用 2/2(e) N/A 不適用 N/A 不適用 N/A 不適用 3/3(e) 1/1(e) Notes: (a) Chairman of the Board (b) Chairman of the Remuneration and Nomination Committee (c) Chairman of the Audit and Corporate Governance Committee (d) Chairman of the Annual General Meeting (e) Attendance by invitation 附註： (a) 董事會主席 (b) 薪酬及提名委員會主席 (c) 審核及企業管治委員會主席 (d) 股東週年大會主席 (e) 應邀出席 二零一二 / 一三年年報 維他奶國際集團有限公司 45 Corporate Governance Report 企業管治報告 The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2012 Annual General Meeting, all Directors, including the Chairman of the Board Committees and the External Auditors of the Company attended the meeting and answered shareholders’ questions. 本公司確認股東週年大會是其中一個與股東 溝通的重要渠道。於二零一二年股東週年大 會，所有董事（包括各董事委員會主席）及 本公司外聘核數師均出席了該大會並回答股 東之問題。 During the year under review, the Executive Chairman also met with the Non-executive Directors without the presence of Executive Director and Senior Management. 於回顧年度，執行主席曾在執行董事及高層 管 理 人 員 不 在 場 之 情 況 下 與 非 執 行 董 事 會 面。 Appointment, Re-election and Removal of Directors The appointment of a new Director is made on the recommendation by the Remuneration and Nomination Committee of the Company or by shareholders in a general meeting. 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 (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. 董事之委任、重選及罷免 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。 46 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Governance Report 企業管治報告 Induction and Continuous Professional Development 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. The Company Secretary regularly provides to Directors information about the enrollment of external training courses and seminars as well as legal alerts and articles which are relevant for Directors to keep up-to-date on any legislative and regulatory requirements and with professional practices in a dynamic business world. The program also helps refresh Directors’ knowledge and skills in relation to their performance of the roles, functions and duties of directors of a listed company. The Company has organised an inhouse “Directors Training Program” in August 2012 on topics of regulatory updates, including the Statutory Backup for Disclosure of Inside Information, an introduction of Environmental, Social and Governance Report, Board Effectiveness, Corporate Governance Practices, Internal Control and Global Consumer Trends. During the year, the Company has also organised a plant visit for the Directors to understand our manufacturing plant in Shanghai as well as a market visit to understand our business dynamics in Shanghai. The Shanghai plant visit also allowed Directors to communicate the business performance, strategy, and current challenges encountered by our Shanghai operation. 董事就任及持續專業發展 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。 本公司亦為董事安排持續專業發展課程，有 關 費 用 由 本 公 司 支 付。 公 司 秘 書 定 期 向 董 事提供有關外部培訓課程及研討會之報名資 料，同時亦提供法律資訊和讀物，有助董事 持續掌握最新法例和監管規定以及在商業領 域內的專業實務。課程亦幫助董事溫故知新 上市公司董事角色、職能及責任所須之知識 及技巧。 本公司已就最新監管規例，於二零一二年八 月舉辦一次內部「董事培訓課程」，內容包括 具法定效力之內幕消息披露、環境社會及管 治報告之介紹、董事會 之效能、企業管治常 規、內部監控及全球消費趨勢等。 年內，本公司亦為董事舉辦廠房參觀活動， 讓 董 事 們 更 瞭 解 公 司 之 上 海 生 產 廠 房， 同 時亦安排市場參觀瞭解上海業務之動態。上 海廠房參觀亦使各董事能夠相互交流業務表 現、策略及上海業務目前所面對之挑戰。 二零一二 / 一三年年報 維他奶國際集團有限公司 47 Corporate Governance Report 企業管治報告 The Board also acknowledges the importance of continuous professional development (“CPD”) to Senior Management in this highly competitive consumer product market. Senior Management is encouraged to participate in various CPD courses at the expense of the Company. All Directors and Senior Management have provided to the Company Secretary their training records for the fiscal year of 2012/2013 which have been reviewed by the Audit and Corporate Governance Committee. Each Director and Senior Management of the Company received more than 23 hours of CPD training during the year. 董 事 會 亦 明 白 在 競 爭 激 烈 之 消 費 產 品 市 場 上， 持 續 專 業 發 展 對 高 層 管 理 人 員 之 重 要 性。本公司鼓勵高層管理人員參與各項持續 專業發展課程，有關費用由本公司支付。 全體董事及高層管理人員已向公司秘書提供 彼 等 於 二 零 一 二 ╱ 二 零 一 三 財 政 年 度 之 培 訓記錄，並已經由審核及企業管治委員會審 閱。本公司各董事及高層管理人員均於年內 接受持續專業發展培訓逾 23 小時。 Directors’ Training Records 董事之培訓記錄 Analysis of training attended by Directors in FY2012/2013 by topic 董事於二零一二╱二零一三財政年度參加之培訓分析（按項目） Company’s Business 本公司業務 Director’ Duties and Governance 董事職責及管治 Accounting and Finance 會計及財務 Legal/Regulatory Compliance 法例╱監管條例之遵守 Others 其他 4% 10% 13% 19% Analysis of training attended by Directors in FY2012/2013 by type 董事於二零一二╱二零一三財政年度參加之培訓分析（按類型） Inhouse Training 內部培訓 External Courses/Seminars/Workshops 外間課程╱研討會╱工作坊 Plant/Market Visit 廠房╱市場參觀 16% 37% 48 Vitasoy International Holdings Ltd. Annual Report 2012/13 54% 47% Corporate Governance Report 企業管治報告 Senior Management’s Training Records 高層管理人員之培訓記錄 Analysis of training attended by Senior Management in FY2012/2013 by topic 高層管理人員於二零一二╱二零一三財政年度參加之培訓分析（按項目） Company’s Business 本公司業務 Market/Product/Business Development 市場╱產品╱業務發展 Accounting/Finance/Tax 會計╱財務╱稅務 Human Resources 人力資源 Others 其他 11% 3% 5% 39% Analysis of training attended by Senior Management in FY2012/2013 by type 高層管理人員於二零一二╱二零一三財政年度參加之培訓分析（按類型） Inhouse Training 內部培訓 External Courses/Seminars/Workshops 外間課程╱研討會╱工作坊 Presentation as Speaker 作為演講者演述 Plant/Market Visit 廠房╱市場參觀 Readings 閱讀 2% 10% 16% 30% 42% 42% 二零一二 / 一三年年報 維他奶國際集團有限公司 49 Corporate Governance Report 企業管治報告 Responsibilities of Directors 董事責任 Directors acknowledge their responsibilities for preparing the financial statements of the Company. Directors are not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. The Annual Financial Statements for FY2012/2013 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 before adoption by the Board. The Group has adopted its own Code for Securities Transactions by Directors (the “Code”) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) contained in Appendix 10 of the Listing Rules. A similar code has also been adopted by the Group for the specified group of employees who may possess or have access to price sensitive information. Specific enquiries were 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, 2013. Confirmations have been received from all Directors that they have provided sufficient time and attention to the affairs of the Company during the fiscal year of 2012/2013. Directors have also disclosed to the Company their interests as director and other office in other public companies and organisation in a timely manner, and have updated the Company on any subsequent changes. 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 一二╱二零一三財政年度之全年財務報表乃 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 經周詳討論後批准，然後再提交予董事會採 納。 本集團已就董事之證券交易採納一套行為守 則（「守則」），其條款不比上市規則附錄十 所載之上市公司董事進行證券交易的標準守 則（「 標 準 守 則」）載 列 之 規 定 標 準 寬 鬆。 本集團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 至二零一三年三月三十一日止年度一直遵守 守則載列之規定標準。 本公司已接獲全體董事就於二零一二╱二零 一三財政年度已付出足夠時間及精神處理公 司事務之確認書。各董事亦適時向本公司披 露彼等作為董事之利益及於其他公眾公司及 組織之職務，並已就任何變動知會本公司。 Evaluation of the Board and the Executive Chairman 董事會及執行主席之評核 The Board believes that evaluation of the Board and the Executive Chairman is an essential requirement of good corporate gover nance and has already adopted the Recommended Best Practice for regular Board Evaluation under the CG Code starting from the fiscal year of 2011/2012. 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，並自二零 一一╱二零一二財政年度開始提早採納企業 管治守則中定期為董事會評核之建議最佳常 規。 The objective of the Board evaluation is to review the Board effectiveness and to identify areas for improvements. The Executive Chairman has also been evaluated on whether he has adequately and effectively performed his roles and fulfilled his responsibilities as the Chairman of the Board. Such evaluation is done once a year. 董事會之評核旨在檢討董事會之效能，並確 定須予改善之地方。本公司亦就執行主席作 為董事會主席是否充分及有效地執行其角色 及履行其責任進行評核。有關評核每年進行 一次。 50 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Governance Report 企業管治報告 A formal evaluation of the Board and the Executive Chairman was conducted for the fiscal year of 2012/2013. During the evaluation process, questionnaire was used for collecting opinions from all the Directors. Completed evaluation forms were sent to the Company Secretary on a confidential basis. The Company Secretary has then prepared an analysis of the overall evaluation results for review in the Board meeting. Other than Board effectiveness, one of the key areas of focus for Board evaluation for the fiscal year of 2012/2013 was a review of the Board Committees’ structures and practices. All Directors have actively participated in the whole evaluation process. The evaluation results demonstrated that the Board has performed well with a good composition and mix of Directors’ knowledge and experience, and that the Board and its Committees have adhered to best practices for their structures and procedures. The Executive Chairman has adequately and effectively performed his roles and fulfilled his responsibilities with particular strong leadership. No major areas of concerns were revealed in the evaluation. However, valuable recommendations had been proposed by individual Director for continuous improvement. 於二零一二╱二零一三財政年度，本公司已 就董事會及執行主席進行一次正式評核。於 評核過程中，本公司採用問卷方式向全體董 事徵求意見。填妥之評核表格以保密形式寄 發予公司秘書。公司秘書據此對整體評核結 果進行分析，並於董事會會議上審議。除董 事會之效能外，檢討董事委員會之架構及常 規乃本公司二零一二╱二零一三財政年度董 事會評核之另一重點範圍。 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 組 成，而董事亦擁有不同範疇的知識及經驗， 且董事會及其委員會亦已遵守其架構及程序 中之最佳常規。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 Remuneration and Nomination Committee comprises four Independent Non-executive Directors, namely, Dr. the Hon. Sir David Kwok-po LI (Chairman), Mr. Iain F. BRUCE, Mr. Jan P. S. ERLUND and Mr. Valiant Kin-piu CHEUNG and two Non- executive Directors, namely, Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO. The Remuneration and Nomination Committee was set up with specific terms of reference which have been revised with reference to the CG Code, the latest amendment was adopted by the Board on 27th June, 2013. 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 provided with sufficient resources, including the advice of independent professional firms, if necessary, to discharge its duties. 薪 酬 及 提 名 委 員 會 包 括 四 位 獨 立 非 執 行 董 事， 即 李 國 寶 爵 士（ 主 席）、 布 魯 士 先 生、 Jan P. S. ERLUND 先生及張建標先生以及兩位 非執行董事，即羅慕貞女士及羅慕玲女士。 薪酬及提名委員會於成立時具有特定之職權 範圍，有關之職權範圍已根據企業管治守則 作出修訂，最新修訂本已於二零一三年六月 二十七日獲董事會採納。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。薪酬及提名委員會獲提供充足資源，包 括獨立專業公司之意見（如需要），以履行其 職責。 二零一二 / 一三年年報 維他奶國際集團有限公司 51 Corporate Governance Report 企業管治報告 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, composition and diversity (including the skills, knowledge, experience, gender and age) of the Board; Director’s time commitment; policies in relation to nomination of Director and Board diversity, in particular for monitoring progress in achieving board diversity; and recommends to the Board on appointment or reappointment of and succession planning for Director and Group Chief Executive Officer. The Remuneration and Nomination Committee met five times in fiscal year of 2012/2013, out of which, three meetings were held for the recruitment and selection of new Group Chief Executive Officer. Each member’s attendance record during the year is shown on page 45 of this Annual Report. 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檢討董事會之架構、規 模、組成及成員多元化（包括技能、知識、 經 驗、 性 別 及 年 齡）； 董 事 所 付 出 之 時 間； 有關董事提名及董事會成員多元化之政策， 尤其是達致董事會成員多元化之監管過程； 並就董事及集團行政總裁之委任或續聘及繼 任計劃向董事會提出建議。 薪酬及提名委員會於二零一二╱二零一三財 政年度內共開會五次，其中三次會議乃為招 聘及選拔新集團行政總裁而召開。各成員於 年內出席會議之記錄載於本年報第 45 頁。 Summary of work done during and for the fiscal year of 2012/2013 在年內及為二零一二╱二零一三財政年度 所做之工作總結 • • • • • • 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; 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; Reviewed the Letters of appointment of Executive and Non-executive Directors, including the terms of appointment of Independent Non-executive Directors; • 檢討、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； • 根據獨立顧問建議之按表現而釐定之薪 酬政策，在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，批准發 放酌情花紅及授出購股權； • 審視執行董事及非執行董事之委任函， 包括獨立非執行董事之委任條款； Reviewed the structure, size and composition (including the mix of skills, knowledge, professional qualification and experience of the Directors) of the Board; • 檢討董事會之架構、規模及組成（包括 各董事不同之技能、知識、專業資格及 經驗的結合）； Developed the Board Diversity Policy for approval by the Board; • 制定董事會成員多元化政策，提交董事 會批准； Reviewed and made recommendations to the Board for amendments of the terms of Reference of the Remuneration and Nomination Committee and Director Nomination Policy; • 審視並向董事會提出建議，修訂薪酬及 提 名 委 員 會 之 職 權 範 圍 與 董 事 提 名 政 策； 52 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Governance Report 企業管治報告 • • Reviewed Director’s time commitment to perform his/her duties; • 審閱董事履行其職責所付出之時間； Assessed and confirmed the independence of all Independent Non-executive Directors; • 評估並確認全體獨立非執行董事之獨立 性； • Made recommendation to the Board for the approval of • 就批准董事之袍金向董事會提供建議； Directors’ Fees; • • • Involved in the recruitment and selection of the new Group Chief Executive Officer; • 招聘及選拔新集團行政總裁； Reviewed and approved the Services Agreement of the new Group Chief Executive Officer; and • 審 閱 及 批 准 新 集 團 行 政 總 裁 之 服 務 協 議；及 Recommended succession planning for the Director and Group Chief Executive Officer. • 就董事及集團行政總裁繼任計劃提供意 見。 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 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, namely, Mr. Iain F. BRUCE (Chairman), Dr. the Hon. Sir David Kwok-po LI, Mr. Jan P. S. ERLUND and Mr. Valiant Kin-piu CHEUNG. Terms of reference of the Audit and Corporate Governance Committee are published on the websites of the Stock Exchange and the Company. The Audit and Corporate Governance Committee is provided with sufficient resources, including the advice of independent professional firms, if necessary, to discharge its duties. 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」，並根據企業管治守則 D.3.1 條所載擴大 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。現時委員 會成員包括四位獨立非執行董事，即布魯士 先生（主席）、李國寶爵士、Jan P. S. ERLUND 先生及張建標先生。 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 員會獲提供充足資源，包括獨立專業公司之 意見（如需要），以履行其職責。 二零一二 / 一三年年報 維他奶國際集團有限公司 53 Corporate Governance Report 企業管治報告 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 programmes 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. 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 CG Code and disclosure in the Corporate Governance Report. 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所發現之 問題及得出之保留意見，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獲足夠資 源之支援及在本集團內保持適當之地位；對 財務匯報職能方面之員工資歷是否足夠進行 年度檢討；檢討有關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所採取之安排；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。 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；審視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 2012/2013. Each member’s attendance record during the year is shown on page 45 of this Annual Report. 審 核 及 企 業 管 治 委 員 會 於 二 零 一 二 ╱ 二 零 一三財政年度內共開會三次。各成員於年內 出席會議之記錄載於本年報第 45 頁。 Summary of work done during and for the fiscal year of 2012/2013 在年內及為二零一二╱二零一三財政年度 所做之工作總結 • Reviewed the 2012/2013 interim financial report and annual financial statements with management and External Auditors, and recommended their adoption by the Board; • 連同管理層及外聘核數師審閱二零一二 ╱二零一三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； 54 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Governance Report 企業管治報告 • 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; • 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，並批准二零一二╱二零一三年度之 稽核方案； • Met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit work; • 於審核工作開始前，與外聘核數師開會 討論審核工作之性質及範疇以及匯報責 任； • • • • • • • • • • • • Reviewed and considered the terms of engagement of the External Auditors; • 審閱及考慮外聘核數師之委聘條件； Reviewed and approved/preapproved the audit and non- audit services provided by the External Auditors, together with their respective fees; • 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； Reviewed External Auditors’ management letter and management’s response; • 審閱外聘核數師之審核情況說明函件及 管理層之回應； Reviewed the continuing connected transactions; • 審閱持續關連交易； Reviewed the internal audit reports covering the evaluation of internal controls, including the adequacy of resources, qualifications and experience of the staff of the Group’s accounting, financial reporting and internal audit functions, and their training programs and budget; internal control systems and compliance with the CG Code; • 審 閱 涵 蓋 內 部 監 控 評 估 之 內 部 稽 核 報 告（包括本集團於會計、財務匯報及內 部 稽 核 職 能 方 面 之 資 源、 員 工 資 歷 及 經驗是否足夠，以及培訓課程及有關預 算）、內部監控系統及遵守企業管治守 則之情況； Reviewed and made recommendation to the Board for formal adoption of Disclosure Compliance Policy; • 審閱並向董事會提出建議，作正式採納 披露合規政策； Reviewed the training and continuous professional development of Directors and Senior Management; • 審閱董事及高級管理人員之培訓及持續 專業發展； Reviewed the Corporate Governance Policy and its practices; • 審閱企業管治政策及其常規； Reviewed the Company’s policies and practices on compliance with legal and regulatory requirements; • 審閱本公司在遵守法律及監管規定方面 之政策及常規； Reviewed the code of conduct and compliance manual applicable to employees and Directors; • 審閱適用於僱員及董事之行為守則及合 規手冊； Reviewed the status of compliance with the CG Code and disclosure in the Corporate Governance Report; and • 審閱遵守企業管治守則之情況及企業管 治報告之披露；及 Held private session with External Auditors without the presence of Executive Directors and Senior Management. • 在執行董事及高層管理人員不在場之情 況下單獨與外聘核數師召開會議。 二零一二 / 一三年年報 維他奶國際集團有限公司 55 Corporate Governance Report 企業管治報告 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. During the year, no incident of serious fraud or misconduct was reported from employees that had a material effect on the Company’s financial position and overall operations. The Board has adopted a Corporate Governance Policy on 28th August, 2012. The Policy provides a basic framework within which the Company is directed and controlled for protecting the long-term interests of shareholders and other stakeholders. The Corporate Governance Policy has been published on the Company’s website. With the introduction of the statutory disclosure regime for inside information under the Securities and Futures (Amendment) Ordinance 2012 effective 1st January, 2013, the Board has adopted a Disclosure Compliance Policy on 27th November, 2012. The Policy sets out the principles, procedures and internal controls for the handling and dissemination of inside information in a timely manner. 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 已 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統一之舉報渠 道及指引，以舉報內部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。年內，僱 員概無舉報有關嚴重欺詐或失職而對本公司 之 財 務 狀 況 及 整 體 營 運 造 成 重 大 影 響 之 事 件。 董事會已於二零一二年八月二十八日採納企 業管治政策。該政策提供基本框架用以指導 及監控公司，從而保障股東及其他持份者之 長期利益。企業管治政策已刊登於本公司之 網站。 由於本公司根據二零一三年一月一日生效之 二零一二年證券及期貨（修訂）條例引入有 關內幕消息法定披露制度，董事會已於二零 一二年十一月二十七日採納披露遵守政策。 該政策載列須及時處理及發佈內幕消息之原 則、程序及內部監控。 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，並持續監察有關之遵守 情況。 Executive Committee 執行委員會 The Executive Committee was established in 2001. Its current members include two Executive Directors, the Group Chief Executive Officer 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、集團行政總裁及兩位集 團高級總監，分別為： Executive Directors Mr. Winston Yau-lai LO (Chairman) Mr. Laurence P. EISENTRAGER Group Chief Executive Officer Mr. Roberto GUIDETTI 執行董事 羅友禮先生（主席） 黎信彥先生 集團行政總裁 陸博濤先生 Group Senior Directors Ms. Kitty Kit-yi FUNG - Finance and Administration Ms. Rosemary Pik-ling LI - Human Resources 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。 56 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Governance Report 企業管治報告 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 as well as 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 giving advice on corporate governance developments and compliance and facilitating the professional development programme and induction programme 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 如就企業管治發展及遵守情況給予意見以及 協助提供董事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。 During the year, the Company Secretary undertook over 40 hours of CPD training to keep abreast of latest legislative and regulatory changes and to refresh her skills and knowledge. 年內，公司秘書接受逾 40 小時持續專業發展 培訓，與時並進得以瞭解法律及監管規定之 最新發展，並從而溫故知新其技能及知識。 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. 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。 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 57 Corporate Governance Report 企業管治報告 Internal Audit 內部稽核 The Group Internal Audit Department carries out annual risk assessment on auditable areas in accordance with a Risk-based Internal Audit Rolling Plan reviewed and pre-approved by the Audit 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$4.5 million (2011/2012: HK$4.2 million) was charged for fiscal year of 2012/2013 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$0.2 million (2011/2012: HK$0.7 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二零一二╱二 零一三財政年度法定審核服務之費用為港幣 4,500,000 元（二零一一╱二零一二年：港幣 4,200,000 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 200,000 元（二零一一╱二 零一二年：港幣 700,000 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 2012/2013 financial statements are set out in the section of “Independent Auditor’s Report” on pages 83 and 84. 外聘核數師就二零一二╱二零一三年度財務 報表所負之責任列載於第 83 及 84 頁之「獨立 核數師報告」一節。 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 or sending email to ir@vitasoy.com. 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 or sending email to ir@vitasoy.com. 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 或 電 郵 至 ir@vitasoy.com， 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 或 電 郵 至 ir@vitasoy.com，提呈議案以供於本公司股東 大會上考慮。 58 Vitasoy International Holdings Ltd. Annual Report 2012/13 Corporate Governance Report 企業管治報告 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. 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。 Communications with Shareholders and Investors 與股東及投資者之溝通 We believe accountability and transparency are indispensable for ensuring good corporate governance and, in this regard, timely communication with our shareholders is crucial. 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，故就此與股東作適時溝通實 為重要。 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. The Company’s Annual General Meeting is one of the important platforms to communicate with its shareholders. During the 2012 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 and Corporate Governance Committee were also present to answer questions raised by shareholders. The Company’s External Auditors attended the 2012 Annual General Meeting to address questions about the conduct of the audit, the preparation and content of the auditors’ report, the accounting policies and auditors’ independence. 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。 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 二 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 員會主席以及審核及企業管治委員會主席亦 在場回應股東之提問。本公司之外聘核數師 出席二零一二年股東週年大會，回答有關審 核操守、核數師報告之編製及內容、會計政 策以及核數師獨立性之問題。 二零一二 / 一三年年報 維他奶國際集團有限公司 59 Corporate Governance Report 企業管治報告 Separate resolutions in respect of each substantial issue, including the appointment and re-election of Directors were proposed by the Chairman at the Annual General Meeting and were voted on by poll. The detailed procedures of conducting a poll were explained by the Chairman at the commencement of the Annual General Meeting to ensure that shareholders were familiar with such procedures. An independent scrutineer was appointed to count the votes and the poll results were posted on the websites of the Stock Exchange and the Company on the same day following the Annual General Meeting. We manage investor relations systematically as a key part of our operations. We maintain regular bilateral, open and regular 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 have established a dedicated contact ir@vitasoy.com for shareholders, fund managers, analysts and the media to reach us easily. We keep our investors abreast on the Group’s latest developments and strategies through direct and indirect communications including result announcement events, group and individual face-to-face meetings, telephone conferences and email correspondences with shareholders and investors. All bilateral meetings 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. We will also leverage media platform to update our latest corporate development. 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. 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。 我們有系統地處理與投資者的關係，並視此 為我們之主要工作。我們與現有及潛在投資 者保持開放及定期之雙向溝通，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。我們已設 立 專 門 的 電 郵 郵 箱 ir@vitasoy.com， 以 方 便 股 東、 基 金 經 理、 分 析 員 及 媒 體 與 我 們 聯 絡。我們與股東及投資者進行直接及間接溝 通，形式包括業績發佈活動、小組及一對一 會面、電話會議及電 子郵件往來等，使我們 的投資者及時獲取有關本集團最新發展及策 略之資訊。所有雙向性會面均由至少兩名本 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。我們亦將利用媒體平台更新公司最新 發展情況。此外，我們積極回應公眾、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。 60 Vitasoy International Holdings Ltd. Annual Report 2012/13 Directors and Senior Management 董事及高層管理人員 Board of Directors 董事會 Mr. Winston Yau-lai LO 羅友禮先生 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Iain F. BRUCE 布魯士先生 Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Valiant Kin-piu CHEUNG 張建標先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Laurence P. EISENTRAGER 黎信彥先生 二零一二 / 一三年年報 維他奶國際集團有限公司 61 Directors and Senior Management 董事及高層管理人員 Board of Directors Executive Chairman 董事會 執行主席 Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 72, 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 an 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. He was a member of The National Committee of the Chinese People’s Political Consultative Conference. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. He is the brother of Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO. 羅友禮先生(SBS, BSc, MSc)，七十二歲，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。彼曾任中國人民政治協商會議全國委 員會委員。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, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. LLD (Hong Kong), 李國寶爵士(GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA Hon. DSocSc (Lingnan), Hon. DSc. (Imperial), Hon. LLD (Edinburgh Napier), Hon. DLitt (Macquarie), Hon. D.Hum.Litt. (Trinity, USA), (Warwick), Hon. DBA (Edinburgh Napier), Hon. DLitt FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de L’Ordre (Macquarie), Hon. D.Hum.Litt. (Trinity, USA), FCA, FCPA, de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l’Ordre National de la Légion d’Honneur), aged 74, 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. He is a member of the Banking Advisory Committee and the Council of the Treasury Markets Association. Sir David is a director of Hong Kong Interbank Clearing Limited and The Hong Kong Mortgage Corporation Limited. He is also a director of Guangdong Investment Limited, The Hong Kong and China Gas Company 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 Légion d’Honneur)， 七 十 四 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之主 席。李爵士亦為銀行業務諮詢委員會委員及 財資市場公會之議會成員。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，包括粵海投資有限公 62 Vitasoy International Holdings Ltd. Annual Report 2012/13 Directors and Senior Management 董事及高層管理人員 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., all being companies listed either in Hong Kong or overseas. He was a member of the Legislative Council of the Hong Kong Special Administrative Region from 1985 to 2012. He was a director of China Overseas Land & Investment Limited and COSCO Pacific Limited, companies listed in Hong Kong. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 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.。 李爵士曾在一九八五年至二零一二年期間出 任香港特別行政區立法會議員。李爵士曾出 任香港上市公司中國海外發展有限公司及中 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。 Mr. Iain F. BRUCE (CA, FCPA, FHKIoD, MHKSI), aged 72, was appointed a Director of the Company in 2001. Mr. Bruce joined KPMG in Hong Kong in 1964 and was elected to its partnership in 1971. He was the senior partner of KPMG from 1991 until his retirement in 1996 and served as chairman of KPMG Asia Pacific from 1993 to 1997. Since 1964, Mr. Bruce has been a member of the Institute of Chartered Accountants of Scotland, and is a fellow of the Hong Kong Institute of Certified Public Accountants with over 48 years of international experience in accounting and consulting. He is also a fellow of The Hong Kong Institute of Directors and a member of the Hong Kong Securities and Investment Institute. Mr. Bruce is the chairman of KCS Limited and is an independent non-executive director of Citibank (Hong Kong) Limited. Mr. Bruce serves as an independent non-executive director on the boards of several publicly listed companies in Hong Kong, namely Goodbaby International Holdings Limited, Paul Y Engineering Group Limited, Sands China Ltd., Tencent Holdings Limited and Wing On Company International Limited. He is also an independent non-executive director of Noble Group Limited, a company whose shares are listed on The Singapore Exchange Securities Trading Limited, and Yingli Green Energy Holding Company Limited, a company whose shares are listed on the New York Stock Exchange. He resigned as an independent non-executive director of China Medical Technologies, Inc., a company whose shares were listed on NASDAQ on 3rd July, 2012. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 布魯士先生(CA, FCPA, FHKIoD, MHKSI)，七十二 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，並於一九七一年被選為其合夥 人。彼自一九九一年起為畢馬威會計師事務 所高級合夥人，直至彼於一九九六年退任， 彼亦由一九九三年至一九九七年期間擔任畢 馬威亞太區之主席。彼自一九六四年起為蘇 格蘭特許會計師公會會員，及為香港會計師 公會資深會員，於會計及管理諮詢方面擁有 逾四十八年之國際經驗。彼亦為香港董事學 會資深會員及香港證券及投資學會會員。布 魯士先生現為 KCS Limited 之主席及花旗銀 行（香港）有限公司之獨立非執行董事。彼 亦為以下於香港上市之公司之獨立非執行董 事，包括好孩子國際控股有限公司、保華建 業集團有限公司、金沙中國有限公司、騰訊 控股有限公司及永安國際有限公司。彼亦為 Noble Group Limited（其股份於新加坡證券 交易所上市）及英利新能源有限公司（其股 份於紐約交易所上市）之獨立非執行董事。 於二零一二年七月三日，彼辭任曾於美國納 司達克交易所上市之中國醫療技術公司之獨 立非執行董事。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。 二零一二 / 一三年年報 維他奶國際集團有限公司 63 Directors and Senior Management 董事及高層管理人員 Mr. Jan P. S. ERLUND, aged 74, 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. Mr. Valiant Kin-piu CHEUNG, aged 67, 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. Jan P. S. ERLUND 先生，七十四歲，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。 張建標先生，六十七歲，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 74, 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，七十四歲，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導賞 員委員會及 Bishop White 委員會成員。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。 64 Vitasoy International Holdings Ltd. Annual Report 2012/13 Directors and Senior Management 董事及高層管理人員 Ms. Yvonne Mo-ling LO, aged 65, 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，六十五歲，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大學課程。 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。 Executive Director 執行董事 Mr. Laurence P. EISENTRAGER, aged 61, 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. 黎信彥先生，六十一歲，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。 Senior Management Group Chief Executive Officer 高層管理人員 集團行政總裁 Mr. Roberto GUIDETTI, aged 50, Group Chief Executive Officer. Mr. Guidetti is responsible for the overall strategic planning, business development and general management of the Group and will assume the responsibilities for all the Group’s operations in Hong Kong and Macau, Mainland China, Australia and New Zealand, North America and Singapore upon the retirement of Mr. Laurence P. Eisentrager on 31st July, 2013. Mr. Guidetti joined the Group in April 2013. He has 24 years of proven track record in general management, strategic/ business planning, marketing/commercial leadership, product innovation and new business development. He has matured his professional expertise in two of the largest global fast moving consumer goods organisations and across local, regional and global roles in Europe and Asia. He has spent the last 14 years in this field in Greater China. 陸博濤先生，五十歲，集團行政總裁。陸博 濤 先 生 負 責 本 集 團 之 整 體 策 略 規 劃、 業 務 發展及日常管理，並將在黎信彥先生於二零 一三年七月三十一日退任後，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 地 業 務。 陸 博 濤 先 生 於 二 零 一三年四月加入本集團。彼於日常管理、策 略性及業務規劃、市場銷售及商業領導、產 品革新及新業務拓展方面擁有二十四年的豐 富經驗。彼曾於兩間大型跨國高流轉消費品 企業負責歐亞市場之本地、區域及全球性業 務，累積豐富專業知識。彼在過去十四年任 職大中華區內有關行業。 二零一二 / 一三年年報 維他奶國際集團有限公司 65 Directors and Senior Management 董事及高層管理人員 Group Senior Directors 集團高級總監 Ms. Kitty Kit-yi FUNG, aged 49, 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 56, 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 44, Group Senior Director, Manufacturing and Project Management. Mr. Si is responsible for the formulation of the Group’s manufacturing and project policy and strategy as well as the management and support of plant capital expenditure project and manufacturing performance. He joined the Group in 2012. He has extensive experience in different multi-national companies focus on quality, manufacturing and project management. 馮潔儀女士，四十九歲，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，五十六歲，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，四十四歲，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 產廠務與項目的政策及策略，以及管理及 支援廠房資本性支出項目及生產表現。彼於 二零一二年加入本集團，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。 Hong Kong and Macau Operation 香港及澳門業務 Mr. Charles Chung CHYI, aged 58, 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，五十八歲，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，曾於大中華區多家知名飲品 食品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 as the General Manager of the Group’s Shenzhen and Foshan joint venture operation. He has extensive experience in the beverage industry and had previously worked with a number of multinational companies in Mainland China. 66 Vitasoy International Holdings Ltd. Annual Report 2012/13 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，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。 Directors and Senior Management 董事及高層管理人員 Australian and New Zealand Operation 澳洲及新西蘭業務 Mr. Neil Robert HINTON, aged 42, 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 二 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 售及市場推廣往績，以及廣泛之管理經驗。 North American Operation 北美洲業務 Mr. Walter M. RIGLIAN, aged 59, 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 九 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. Derrick Teck Huat PEK, aged 52, Chief Executive Officer of Unicurd Food Co. (Private) Ltd., the Group’s tofu manufacturing company in Singapore. Mr. Pek is responsible for the general management and development of the Group’s operation in Singapore. He joined the Group in 2012. He has over 20 years experience in fast moving consumer goods industry, spanning from food to personal care products category. He had gained numerous years of sales and marketing experiences and held senior positions in a few renowned multinational consumer products companies in Singapore. 白德發先生，五十二歲，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。白先生負責管理及發展本集 團在新加坡之業務。彼於二零一二年加入本 集團，於高流轉消費品市場，包括食品及個 人護理產品類別方面擁有逾二十年之豐富經 驗。彼於銷售及市場推廣方面擁有多年經驗 並曾於新加坡多家誇國消費品公司擔任高級 職位。 二零一二 / 一三年年報 維他奶國際集團有限公司 67 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, 2013. 董事會欣然提呈截至二零一三年三月三十一 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. 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。 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 Sales 佔本集團 銷售總額百分比 Purchases 佔本集團 採購總額百分比 6% 21% 25% 35% 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% 之本公司股東於年 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, 2013 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 85 to 189. 本集團截至二零一三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 85 至 189 頁之財務報表內。 68 Vitasoy International Holdings Ltd. Annual Report 2012/13 Report of the Directors 董事會報告 Transfer to reserves 轉撥入儲備 Profits for the year, before dividends, of HK$336,416,000 (2012: HK$322,402,000) 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 336,416,000 元（二零一二年：港幣 322,402,000 元）已轉 撥入儲備。儲備之其他變動載於綜合權益變 動表。 An interim dividend of HK3.2 cents per ordinary share (2012: HK3.2 cents per ordinary share) was paid on 31st December, 2012. The Directors now recommend the payment of a final dividend of HK16.6 cents per ordinary share (2012: HK15.1 cents per ordinary share) in respect of the year ended 31st March, 2013. 本公司已於二零一二年十二月三十一日派發 中期股息每股普通股 3.2 港仙（二零一二年： 每股普通股 3.2 港仙）。董事會現建議派發截 至二零一三年三月三十一日止年度之末期股 息每股普通股 16.6 港仙（二零一二年：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$100,000 (2012: HK$660,000). 本集團於年內之慈善捐款共達港幣 100,000 元（二零一二年：港幣 660,000 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, 2013 are set out in note 21 to the financial statements. 本公司及本集團於二零一三年三月三十一日 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. 本公司於年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年內 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年內概無購買、 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, Mr. Winston Yau-lai LO, Mr. Valiant Kin- piu CHEUNG, Ms. Myrna Mo-ching LO and Mr. Laurence P. EISENTRAGER retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election, save for Mr. Laurence P. EISENTRAGER, who indicated that he would not offer himself for re-election at the Annual General Meeting. 根據本公司之章程細則第 104 條，羅友禮先 生、張建標先生、羅慕貞女士及黎信彥先生 須於應屆股東週年大會上輪值告退，合資格 並願膺選連任，惟黎信彥先生已表示彼將不 會於股東週年大會上膺選連任。 二零一二 / 一三年年報 維他奶國際集團有限公司 69 Report of the Directors 董事會報告 Directors (Continued) 董事（續） None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. 擬於應屆股東週年大會上膺選連任之董事並 無與本公司或其任何附屬公司簽訂本公司或 其任何附屬公司不得於一年內終止而不作出 賠償（一般法定賠償除外）之服務合約。 Non-executive Directors are appointed under the same terms for rotational retirement as other Directors, pursuant to the Articles of Association of the Company. 根據本公司之章程細則，非執行董事乃按與 其他董事相同之輪值告退條款獲委任。 Directors’ interests and short positions in shares, underlying shares and debentures 董事於股份、相關股份及債權證 之權益及淡倉 The Directors of the Company who held office at 31st March, 2013 had the following interests in the shares of the Company and subsidiaries (within the meaning of the Securities and Futures Ordinance (“SFO”)) at that date as recorded in the register of directors’ interests and short positions required to be kept under section 352 of the SFO: 按《證券及期貨條例》第 352 條規定備存之董 事權益及淡倉登記冊記錄所載，於二零一三 年三月三十一日在職之本公司董事於當日持 有本公司及附屬公司（定義見《證券及期貨 條例》）之股份權益如下： (1) Interests in issued shares (1) 於已發行股份之權益 Number of ordinary shares of HK$0.25 each 每股面值港幣 0.25 元之普通股數目 Note 附註 Personal interests Family interests 個人權益 家族權益 Trusts and similar interests 信託及 同類權益 Total number of shares held *% of total issued shares 所持 * 佔已發行股份 股份總數 總數之百分比 (i), (iv) 52,159,800 28,702,500 72,678,300 153,540,600 14.95% 6,000,000 100,000 (ii), (iv) – (iii), (iv) 3,550,000 1,732,000 – – – – – – – 6,000,000 0.58% 100,000 0.01% 100,653,000 100,653,000 9.80% 91,844,750 95,394,750 9.29% – 1,732,000 0.17% Name 姓名 Mr. Winston Yau-lai LO 羅友禮先生 Dr. the Hon Sir David Kwok-po LI 李國寶爵士 Mr. Jan P.S. ERLUND Jan P. S. ERLUND 先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Laurence P. EISENTRAGER 黎信彥先生 * The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,026,983,500 ordinary shares) as at 31st March, 2013. * 此百分比乃根據本公司於二零一三年 三月三十一日已發行之股份總數（即 1,026,983,500 股普通股）計算。 70 Vitasoy International Holdings Ltd. Annual Report 2012/13 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） (1) Interests in issued shares (Continued) (1) 於已發行股份之權益（續） Notes: 附註： (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 4,960,300 shares held by Yvonne Lo Charitable Remainder Unitrust and 14,206,150 shares held by Yvonne Lo Separate Property Trust. Ms. Yvonne Mo-ling LO is a beneficiary of such two trusts 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. (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 4,960,300 股 股 份 及 由 Yvonne Lo Separate Property Trust 持 有 之 14,206,150 股股份之權益。羅慕玲女 士為該兩個信託基金之受益人，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。 (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. 除上文所披露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。 二零一二 / 一三年年報 維他奶國際集團有限公司 71 Report of the Directors 董事會報告 Share option scheme 購股權計劃 (1) Share Option Scheme approved on (1) 於二零零二年九月四日批准之購 4th September, 2002 股權計劃 On 4th September, 2002, the Company adopted a share option scheme (the “2002 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. The 2002 Share Option Scheme was valid for 10 years ended 3rd September, 2012. 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: The exercise price of the options is the highest of (a) the closing price of the shares on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on the date of grant, which must be a business day; (b) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant; and (c) the nominal value of the shares. The options were exercisable for a period to be notified by the Directors to each option holder, such period not to exceed 10 years from the date of grant. 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. 於二零零二年九月四日，本公司採納一 項購股權計劃（「二零零二年購股權計 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。二零零二年購股權計劃之 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： – 購股權之行使價為下列三者中之最 高價：(a) 股份於授出日期（當日必 須為營業日）在香港聯合交易所有 限 公 司（「 聯 交 所」）錄 得 之 收 市 價；(b) 股份於緊接授出日期前五 個營業日在聯交所錄得之平均收市 價；及 (c) 股份之面值。 – 購股權之行使期限由董事會知會每 名購股權持有人，該期限由購股權 授出日期起計不得超過十年。 – 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。 The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. – 就行使全部將授予之購股權而可予 發 行 之 股 份 總 數， 最 多 不 得 超 過 批准及採納計劃當日之已發行股份 10%。 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. – 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%。 – – – – – 72 Vitasoy International Holdings Ltd. Annual Report 2012/13 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） (1) Share Option Scheme approved on 4th September, 2002 (Continued) (1) 於二零零二年九月四日批准之購 股權計劃（續） – – An offer of the grant of an option remained open for acceptance by an eligible Director or employee for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An eligible Director or employee had to pay HK$10 on acceptance of the option as a consideration. Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. The 2002 Share Option Scheme was terminated by shareholders of the Company at annual general meeting on 28th August, 2012. Outstanding share options granted under the 2002 Share Option Scheme prior to such termination shall continue to be valid, and subject to the vesting schedule, exercisable in accordance with the 2002 Share Option Scheme. As at 31st March, 2013, there were 30,172,000 outstanding options to be exercised under the 2002 Share Option Scheme. – 合資格之董事或僱員可於要約日期 起計二十八日或董事會酌情決定之 較長或較短期間內接納授出購股權 之要約。合資格之董事或僱員須於 接納購股權時支付港幣 10 元作為 代價。 – 除獲本公司股東於股東大會上批准 外，於截至授出日期止之任何十二 個月期間內，就任何一名參與者行 使授予之購股權（包括已行使、已 註銷及未行使之購股權）而已發行 及須予發行之股份總數，不得超過 於授出日期之已發行股份 1%。 二零零二年購股權計劃由本公司股東於 二零一二年八月二十八日舉行之股東週 年大會上終止。於上述終止前根據二零 零二年購股權計劃已授出但尚未行使之 購股權仍將繼續有效，且根據歸屬安排 可 根 據 二 零 零 二 年 購 股 權 計 劃 予 以 行 使。於二零一三年三月三十一日，仍有 30,172,000 份未行使購股權待根據二零 零二年購股權計劃獲行使。 二零一二 / 一三年年報 維他奶國際集團有限公司 73 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） (1) Share Option Scheme approved on 4th September, 2002 (Continued) (1) 於二零零二年九月四日批准之購 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 under the 2002 Share Option Scheme 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根據二零零二年購 股權計劃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 Period during which options are exercisable 參與者 授出日期 購股權行使期 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 31/8/2012 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 15/6/2011 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 22/6/2012 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 31/8/2013 to 至 30/8/2022 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 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 22/6/2013 to 至 21/6/2022 Number of Number of options forfeited on termination of employment of eligible options participants or lapsed during the year 於年內因合資格 參與者離職而 年內行使之 沒收或失效之 購股權數目 購股權數目 exercised during the year Number of options outstanding Price per at the share on exercise beginning of the year of options Number of options granted during the year 年初時 尚未行使之 購股權數目 年內授出之 購股權數目 行使購股權 時須付之 每股價格 HK$ 港幣 Number of options outstanding * Market value * Market value per share at per share on exercise of options at the end date of grant of options of the year 年結時 * 授出 尚未行使之 購股權之日之 每股市價 購股權數目 HK$ 港幣 * 行使 購股權時之 每股市價 HK$ 港幣 1.688 1.904 2.375 2.900 3.600 3.820 4.580 5.942 6.358 6.400 2.900 3.600 3.820 4.580 6.022 6.424 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 6.274 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 – – – – – – – – – – 2,822,000 (2,220,000) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 3,768,000 (224,000) (592,000) (792,000) – – – (304,000) (234,000) (156,000) – – (158,000) – – (54,000) – – (294,000) (160,000) (48,000) – – – – – – – – – – – – – – – – – – (78,000) (156,000) (280,000) (224,000) (4,000) – – – – (78,000) (156,000) (104,000) (144,000) – – 1,700,000 1,472,000 976,000 712,000 936,000 928,000 2,120,000 2,320,000 2,822,000 – – – 864,000 2,272,000 2,576,000 – – – – – – 78,000 94,000 156,000 652,000 668,000 1,222,000 1,812,000 2,024,000 3,768,000 30,042,000 6,590,000 (5,236,000) (1,224,000) 30,172,000 1.660 1.920 2.425 2.850 3.630 3.820 4.510 5.970 5.470 6.700 2.850 3.630 3.820 4.510 5.870 6.180 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 6.130 6.800 – – – – – – – – – 8.780 8.780 8.780 – – – 5.500 5.500 5.500 – – 7.996 – – 7.498 – – 8.638 7.271 7.250 – 74 Vitasoy International Holdings Ltd. Annual Report 2012/13 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） (1) Share Option Scheme approved on 4th September, 2002 (Continued) (1) 於二零零二年九月四日批准之購 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. * 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. 授予董事之購股權以同為實益擁有人之 董事之名義登記。 * 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 授出日期起計一週年或其後 On or after 2nd year anniversary of the date of grant 授出日期起計兩週年或其後 On or after 3rd year anniversary of the date of grant 授出日期起計三週年或其後 On or after 4th year anniversary of the date of grant 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 75 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） (2) Share Option Scheme approved on (2) 於二零一二年八月二十八日批准 28th August, 2012 之購股權計劃 At the annual general meeting of the Company held on 28th August, 2012, an ordinary resolution was passed for the adoption of a new share option scheme (the “2012 Share Option Scheme”). The purpose of the 2012 Share Option Scheme is to recognise and acknowledge the contributions which the Directors, executives and employees of the Company or any of its subsidiaries (“Eligible Participants”) have made or will make to the Group. It will provide the Eligible Participants with an opportunity to have a personal stake in the Company with a view to motivating the Eligible Participants to excel their performance and efficiency for the benefit of the Group; and attracting and retaining or otherwise maintaining an ongoing relationship with the Eligible Participants whose contributions are or will be beneficial to the long term growth of the Group. The Board may at its discretion grant options to any Director, executive or employee of the Company or its subsidiaries. 本公司於二零一二年八月二十八日舉行 之本公司股東週年大會上通過採納新購 股權計劃（「二零一二年購股權計劃」） 之普通決議案。二零一二年購股權計劃 旨在肯定及表揚本公司或其任何附屬公 司之董事、行政人員及僱員（「合資格 參與者」）對本集團已作出或將作出之 貢獻。該計劃將讓合資格參與者持有本 公司股份，以激勵合資格參與者為本集 團之利益提升其表現及效率；以及吸引 及挽留所作出之貢獻對或將對本集團長 遠增長有所裨益之合資格參與者，或與 彼等維持持續之關係。董事會可酌情向 本公司或其附屬公司之任何董事、管理 人員或僱員授予購股權。 The principal terms of the 2012 Share Option Scheme were as follows: 二 零 一 二 年 購 股 權 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 on the date of grant, which must be a business day; (b) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant; and (c) the nominal value of the shares. The period within which the options must be exercised would be specified by the Company at the time of grant. This period must expire no later than 10 years from the relevant date of grant. There was no minimum period for which an option must be held nor a performance target which must be achieved before it could be exercised, but the Board may determine at its sole discretion any such terms on the grant of an option. – 購股權之行使價為下列三者中之最 高價：(a) 股份於授出日期（當日必 須為營業日）在聯交所錄得之收市 價；(b) 股份於緊接授出日期前五 個營業日在聯交所錄得之平均收市 價；及 (c) 股份之面值。 – 本公司將於授予購股權時指定購股 權須予行使之期限。此屆滿期限須 不遲於有關授予日期起計十年。 – 並無購股權必須持有之最短期限或 購股權可行使前必須達到之表現目 標，惟董事會可就授予購股權自行 酌情釐定有關條款。 The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. – 就行使全部將授予之購股權而可予 發 行 之 股 份 總 數， 最 多 不 得 超 過 批准及採納計劃當日之已發行股份 10%。 76 Vitasoy International Holdings Ltd. Annual Report 2012/13 Report of the Directors 董事會報告 Share option scheme (Continued) 購股權計劃（續） (2) Share Option Scheme approved on (2) 於二零一二年八月二十八日批准 28th August, 2012 (Continued) 之購股權計劃（續） – – – The overall limit on the number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the 2012 Share Option Scheme and any other share option schemes for the time being of the Company shall not, in aggregate, exceed such number of shares as equals 30% of the shares in issue from time to time. An offer of the grant of an option remained open for acceptance by an eligible participant 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 participant had to pay HK$10 on acceptance of the option as a consideration. Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one eligible 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. During the year, no share option was granted under the 2012 Share Option Scheme. The total number of ordinary shares available for issue under the 2012 Share Option Scheme as at 31st March, 2013 was 102,251,950 shares, which represented 9.96% of the issued share capital of the Company at 31st March, 2013. 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. – 因行使根據二零一二年購股權計劃 及本公司當時任何其他購股權計劃 已授予但尚未行使之所有購股權而 可予發行之股份數目整體限額，合 共不得超過相等於不時已發行股份 之 30% 之股份數目。 – 合資格參與者於要約日期起計 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 資格參與者須於接納購股權時支付 港幣 10 元作為代價。 – 除獲本公司股東於股東大會上批准 外，於截至授出日期止之任何十二 個月期間內，就任何一名合資格參 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%。 年內，並無根據二零一二年購股權計劃 授出購股權。於二零一三年三月三十一 日，根據二零一二年購股權計劃可供發 行之普通股總數為 102,251,950 股，佔 本公司於二零一三年三月三十一日之已 發行股本 9.96%。 除 上 文 所 披 露 者 外， 在 年 內 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 77 Report of the Directors 董事會報告 Substantial shareholders’ and other persons’ interests and short positions in shares and underlying shares The Company has been notified of the following interests in the Company’s issued shares at 31st March, 2013 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. 主要股東及其他人士於股份及相 關股份之權益及淡倉 於二零一三年三月三十一日，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。 Number of ordinary shares of HK$0.25 each 每股面值港幣 0.25 元之普通股數目 Substantial shareholders Note Personal interests Family interests Corporate interests Trusts and similar number of interests shares held Total *% of total issued shares * 佔已發行 股份總數 之百分比 所持 股份總數 個人權益 家族權益 公司權益 信託及 同類權益 23,514,700 750,000 18,508,950 7,548,000 – – 60,600,000 – – – – – – – – – – – – 72,678,300 96,943,000 9.44% 72,678,300 91,187,250 8.88% 72,678,300 80,226,300 7.81% 72,269,000 – 72,269,000 7.04% 71,257,000 – 60,600,000 60,600,000 – – – – 71,257,000 6.94% 60,600,000 5.90% 60,600,000 5.90% 60,600,000 5.90% 主要股東 Ms. Irene CHAN 陳羅慕連女士 Mr. Kai-tun LO 羅開敦先生 Mr. Peter Tak-shing LO 羅德承先生 Matthews International Capital Management LLC Commonwealth Bank of Australia 澳洲聯邦銀行 Arisaig Asia Consumer Fund Limited (“Arisaig”) Arisaig Partners (Mauritius) Limited (“Arisaig Mauritius”) Mr. Lindsay William Ernest COOPER (“Cooper”) COOPER 先生（「Cooper」） 附註 (i), (ii) (ii) (ii) (iii) (iv) (v) (vi) (vii) * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,026,983,500 ordinary shares) as at 31st March, 2013. * 此 百 分 比 乃 根 據 本 公 司 於 二 零 一 三 年 三 月 三 十 一 日 已 發 行 之 股 份 總 數（ 即 1,026,983,500 股普通股）計算。 78 Vitasoy International Holdings Ltd. Annual Report 2012/13 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: 附註： (i) 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。 (ii) 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) These interests are held by Matthews International Capital Management LLC in the capacity of investment manager. (iv) Commonwealth Bank of Australia was taken to be interested in these 71,257,000 shares which were held by its wholly-owned subsidiaries. (iii) 該 等 權 益 乃 由 Matthews International Capital Management LLC 以投資經理身份持 有。 (iv) 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。 (v) (vi) 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。 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。 (vii) 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 79 Report of the Directors 董事會報告 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。 Remuneration for Senior Management 高層管理人員之酬金 The emoluments of the Senior Management by bands are as follows: 按組別劃分之高層管理人員之酬金如下： HK$1,500,001 to HK$3,500,000 HK$3,500,001 to HK$5,500,000 港幣 1,500,001 元至港幣 3,500,000 元 港幣 3,500,001 元至港幣 5,500,000 元 Number of individuals 人數 5 3 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。 Connected transaction 關連交易 On 27th March, 2013, the Company’s subsidiary, Vitasoy Australia Products Pty. Ltd. (“VAP”), entered into a services and distribution agreement (“Services and Distribution Agreement”) to further renew the original and the subsequent supplementary services and distribution agreements (“Supplementary Services and Distribution Agreement”) with LD&D Milk Pty. Ltd. (“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. 於 二 零 一 三 年 三 月 二 十 七 日， 本 公 司 之 附 屬 公 司 Vitasoy Australia Products Pty. Ltd. （「VAP」）與 LD&D Milk Pty. Ltd.（「LION」， 為 National Foods Holding Limited 之 同 系 附 屬 公 司， 而 National Foods Holding Limited 為 VAP 之 主 要 股 東， 持 有 其 已 發 行 股 本 之 49%）訂立一項服務及分銷協議（「服務及 分銷協議」），以進一步為原服務及分銷協議 及其後之補充服務及分銷協議（「補充服務 及 分 銷 協 議」）續 期。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。 80 Vitasoy International Holdings Ltd. Annual Report 2012/13 Report of the Directors 董事會報告 Connected transaction (Continued) 關連交易（續） The management fee, payable monthly in arrears by VAP to LION, is 5% of the gross sales of the VAP Products distributed under the Services and Distribution Agreement. The estimated aggregate amounts of the management fee for the three years ending 31st March, 2014, 2015 and 2016 are approximately AUD5.5 million (approximately HK$44.6 million), AUD6.1 million (approximately HK$49.4 million) and AUD6.6 million (approximately HK$53.5 million) respectively. During the year, HK$27,122,000 (2012: HK$26,036,000) was charged by LION. The transaction constituted continuing connected transaction under Rule 14A.34(1) of the Listing Rules, which is only subject to the reporting and announcement requirements and is exempt from the independent shareholders’ approval requirement. Announcement was made by the Company on 25th March, 2010 in this respect. VAP於每月結束後應付予 LION之管理費為根 據服務及分銷協議分銷 VAP產品之總銷售額 之 5%。截至二零一四年、二零一五年及二 零 一 六 年 三 月 三 十 一 日 止 三 個 年 度 之 管 理 費用總額估計分別約為 5,500,000澳元（約 港幣 44,600,000元）、6,100,000澳元（約港 幣 49,400,000元）及 6,600,000澳元（約港 幣 53,500,000元）。年內，LION 已收取港幣 27,122,000元（二零一二年：港幣26,036,000 元）。 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 transaction during the year ended 31st March, 2013: 董事（包括獨立非執行董事）認為截至二零 一三年三月三十一日止年度之有關交易乃： (i) was entered into in the ordinary and usual course of (i) 於本公司一般日常業務過程中進行； business of the Company; (ii) was conducted on normal commercial terms or on terms no less favourable than terms available from independent third parties; and (ii) 按正常商業條款或按不遜於獨立第三者 給予之條款進行；及 (iii) was conducted in accordance with the Supplementary Services and Distribution Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. In addition, the independent auditors of the Company, KPMG, confirmed in a letter to the Board that nothing has come to their attention that caused them to believe that the continuing connected transaction (i) had not been approved by the Board, and (ii) was not entered into in all material respects in accordance with the relevant agreement governing such transactions, and (iii) had exceeded the cap amount for the year of AUD5,400,000 disclosed in the announcement of the Company dated 4th May, 2011. (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。 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 董事會批准；及 (ii) 在所有重大方面未有根據 規管該等交易之有關協議進行；及 (iii) 超過 本公司於二零一一年五月四日之公佈所披露 之年度上限金額 5,400,000 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 81 Report of the Directors 董事會報告 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 190 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 190 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, 27th June, 2013 香港，二零一三年六月二十七日 82 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 85 to 189, which comprise the consolidated and company balance sheets as at 31st March, 2013, 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. 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. 本核數師（以下簡稱「我們」）已審核列載於 第85至189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 一三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。 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. 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，我們的報告不可用作其他 用途。我們概不就本報告之內容，對任何其 他人士負責或承擔法律責任。 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 83 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可充足和 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, 2013 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　貴集團於二零一三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 27th June, 2013 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 二零一三年六月二十七日 84 Vitasoy International Holdings Ltd. Annual Report 2012/13 Consolidated Income Statement 綜合損益報表 For the year ended 31st March, 2013 (Expressed in Hong Kong dollars) 截至二零一三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 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 Profit before taxation 除稅前溢利 Income tax Profit for the year 所得稅 本年度溢利 Attributable to: Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益 應佔： Profit for the year Earnings per share Basic Diluted 本年度溢利 每股盈利 基本 攤薄 Note 附註 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 3 4 5(a) 5 6(a) 9 11 4,051,248 (2,125,885) 3,716,539 (1,956,695) 1,925,363 1,759,844 51,067 40,838 (986,218) (309,141) (234,395) (878,301) (276,717) (220,328) 446,676 425,336 (21,102) (17,243) 425,574 408,093 (89,158) (85,691) 336,416 322,402 303,204 33,212 281,003 41,399 336,416 322,402 29.6 cents 仙 27.5 cents 仙 29.3 cents 仙 27.3 cents 仙 The notes on pages 92 to 189 form part of these financial statements. 第92至189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)。 二零一二 / 一三年年報 維他奶國際集團有限公司 85 Consolidated Statement of Comprehensive Income 綜合全面收益報表 For the year ended 31st March, 2013 (Expressed in Hong Kong dollars) 截至二零一三年三月三十一日止年度（以港幣計算） Profit for the year 本年度溢利 336,416 322,402 Note 附註 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 Other comprehensive income for the year (after tax and reclassification adjustments) Exchange differences: net movement in the exchange reserve Cash flow hedges: net movement in the hedging reserve Total comprehensive income for the year 本年度其他全面收益 （除稅及重新分類調整後） 10 匯兌差額： 外匯儲備淨變動 現金流量對沖： 對沖儲備淨變動 本年度全面收益總額 Attributable to: Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益 應佔： Total comprehensive income for the year 本年度全面收益總額 8,772 18,884 (19) (1,739) 345,169 339,547 310,773 34,396 295,405 44,142 345,169 339,547 The notes on pages 92 to 189 form part of these financial statements. 第92至189頁之附註乃本財務報表之一部份。 86 Vitasoy International Holdings Ltd. Annual Report 2012/13 Consolidated Balance Sheet 綜合資產負債表 At 31st March, 2013 (Expressed in Hong Kong dollars) 於二零一三年三月三十一日（以港幣計算） Non-current assets Fixed assets – Property, plant and equipment – Investment properties – Interests in leasehold land held for own use under operating leases 非流動資產 固定資產 – 物業、廠房及設備 – 投資物業 – 根據經營租賃 持有作自用 之租賃土地權益 Note 附註 12(a) 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 12(h) 13 14 25(b) 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 16 17 25(a) 18(a) 18(a) 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 20 21 22 25(a) 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 僱員退休福利負債 Deferred tax liabilities 非流動負債 銀行貸款 融資租賃之債務 遞延稅項負債 NET ASSETS CAPITAL AND RESERVES Share capital Reserves 淨資產 資本及儲備 股本 儲備 Total equity attributable to equity 本公司股權持有人 shareholders of the Company Non-controlling interests 應佔權益總額 非控股權益 TOTAL EQUITY 權益總額 21 22 23(b) 25(b) 26(c) 2013 二零一三年 $’000 千元 $’000 千元 2012 二零一二年 $’000 千元 $’000 千元 1,491,519 6,719 34,878 1,533,116 1,784 9,622 39,700 16,452 1,600,674 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 1,107,316 384,096 1,984,770 191,275 1,828,226 79,824 8,750 2,228 59,084 161,059 1,823,711 256,746 1,371,995 1,628,741 194,970 1,823,711 149,886 1,678,340 255,437 1,238,918 1,494,355 183,985 1,678,340 436,492 683,397 1,974 446 222,602 1,344,911 766,054 150,046 1,557 43,158 960,815 93,123 7,199 3,282 57,455 Approved and authorised for issue by the Board of Directors on 27th June, 2013 於二零一三年六月二十七日獲董事會批准並 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 92 to 189 form part of these financial statements. 第92至189頁之附註乃本財務報表之一部份。 二零一二 / 一三年年報 維他奶國際集團有限公司 87 Balance Sheet 資產負債表 At 31st March, 2013 (Expressed in Hong Kong dollars) 於二零一三年三月三十一日（以港幣計算） 2013 二零一三年 2012 二零一二年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Non-current assets Fixed assets – Property, plant and equipment – Investment 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 12(b) 15 12(h) Current assets Inventories Trade and other receivables Amounts due from subsidiaries 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 現金及現金等值項目 16 17 19 18(a) Current liabilities Trade and other payables Bank loans Amounts due to subsidiaries 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 應付現期稅項 20 21 19 25(a) 443,069 6,719 449,788 561,115 852 1,011,755 151,635 362,061 173,412 102,908 790,016 333,686 – 39,426 22,525 395,637 150,774 339,036 295,867 25,211 810,888 345,374 50,000 64,850 16,114 476,338 Net current assets 淨流動資產 Total assets less current liabilities 總資產減流動負債 394,379 1,406,134 Non-current liabilities Employee retirement benefit liabilities 僱員退休福利負債 Deferred tax liabilities 遞延稅項負債 非流動負債 23(b) 25(b) 2,039 50,459 1,265 51,854 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 26(a) 52,498 1,353,636 256,746 1,096,890 1,353,636 452,812 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 Approved and authorised for issue by the Board of Directors on 27th June, 2013 於二零一三年六月二十七日獲董事會批准並 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 92 to 189 form part of these financial statements. 88 Vitasoy International Holdings Ltd. Annual Report 2012/13 第92至189頁之附註乃本財務報表之一部份。 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2013 (Expressed in Hong Kong dollars) 截至二零一三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 redemption reserve 資本 贖回儲備 (note 26(d)(i)) Share capital Share premium Capital reserve Surplus reserve 股本 股份溢價 (note 26(d)(i)) 盈餘儲備 (note 26(d)(iii)) （附註26(d)(i)） （附註26(d)(i)） （附註26(d)(ii)） （附註26(d)(iii)） $’000 千元 資本儲備 (note 26(d)(ii)) $’000 千元 $’000 千元 $’000 千元 $’000 千元 254,963 338,773 1,101 67,394 25,582 – – – – – – – – – – 474 4,556 – – – – – – – 937 – – – – – – – – – – – – – – – – – – – – – – – (4,087) – – – – – – – – – – – 7,330 – – – – – – – – – Hedging reserve Exchange reserve Share-based compensation reserve 股份基礎 補償儲備 匯兌儲備 (note 26(d)(v)) (note 26(d)(iv)) （附註26(d)(vi)） （附註26(d)(iv)） （附註26(d)(v)） $’000 千元 $’000 千元 對沖儲備 (note 26(d)(vi)) $’000 千元 Retained profits Non- controlling interests Total Total equity 保留溢利 合計 非控股權益 權益總額 $’000 千元 $’000 千元 $’000 千元 $’000 千元 General reserve 一般儲備 $’000 千元 2,261 1,758 53,113 9,217 661,682 1,415,844 173,877 1,589,721 – – – – – – – – – – – – – – (1,739) – 16,141 (1,739) 16,141 – – – – – – – – – – – – – – – – – – – – – – – – – – (937) 4,421 – – – – – 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 – 4,421 (154,267) (154,267) (32,695) (32,695) – – – – – – – – – 5,030 – 4,421 (154,267) (32,695) – – – – (38,970) (38,970) (45,258) (29,794) (75,052) 5,875 34,730 40,605 Other reserve 其他儲備 $’000 千元 – – – – – – – – – – – – (45,258) 5,875 Note 附註 Balance at 1st April, 2011 於二零一一年 四月一日結餘 本年度之權益變動： Changes in equity for the year: 本年度溢利 Profit for the year Other comprehensive income 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 Shares issued on exercise of 就行使購股權 而發行股份 share options 就行使購股權 Transfer from share-based 而自股份基礎 compensation 補償儲備轉撥 至股份溢價 reserve to share premium on exercise of share options Equity settled share-based transactions Final dividend approved in respect of the previous year Interim dividend declared in respect of the current year Dividends paid to non- controlling interests Acquisition of non- controlling interests Partial disposal of equity interest in a subsidiary to non- controlling interests 以股份為付款 基礎之交易 批准屬於上一年度 之末期股息 宣派本年度 之中期股息 向非控股權益 派發股息 收購非控股權益 向非控股權益出售 一間附屬公司 之部份股本權益 26(d)(ii) 26(c)(ii) 26(c)(ii) 26(b)(ii) 26(b)(i) 30(c) 30(d) 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 32,912 (39,383) 2,261 19 69,254 12,701 752,480 1,494,355 183,985 1,678,340 二零一二 / 一三年年報 維他奶國際集團有限公司 89 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2013 (Expressed in Hong Kong dollars) 截至二零一三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 redemption reserve 資本 贖回儲備 (note 26(d)(i)) Share capital Share premium Capital reserve Surplus reserve 股本 股份溢價 (note 26(d)(i)) 盈餘儲備 (note 26(d)(iii)) （附註26(d)(i)） （附註26(d)(i)） （附註26(d)(ii)） （附註26(d)(iii)） $’000 千元 資本儲備 (note 26(d)(ii)) $’000 千元 $’000 千元 $’000 千元 $’000 千元 Hedging reserve Exchange reserve Share-based compensation reserve 股份基礎 補償儲備 匯兌儲備 (note 26(d)(v)) (note 26(d)(iv)) （附註26(d)(vi)） （附註26(d)(iv)） （附註26(d)(v)） $’000 千元 $’000 千元 對沖儲備 (note 26(d)(vi)) $’000 千元 Retained profits Non- controlling interests Total Total equity 保留溢利 合計 非控股權益 權益總額 $’000 千元 $’000 千元 $’000 千元 $’000 千元 General reserve 一般儲備 $’000 千元 Other reserve 其他儲備 $’000 千元 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 – – – – – – – – – – 1,309 13,990 – – – – – 2,315 – – – – – – – – – – – – – – – – – – – (4,087) – – – – – – – – – 4,325 – – – – – – – – – – – – – – – – – (9,239) – – – – – – – – – – – – (19) – 7,588 (19) 7,588 – – – – – – – – – – – – – – – – 303,204 – 303,204 7,569 33,212 1,184 336,416 8,753 303,204 310,773 34,396 345,169 (4,325) 4,087 – – – 15,299 (2,315) 4,766 – – – 4,766 (154,416) (154,416) (32,797) (32,797) – – – – – – – – – 15,299 – 4,766 (154,416) (32,797) – (9,239) (23,411) (32,650) – – – – – – – – – Note 附註 Balance at 1st April, 2012 於二零一二年 四月一日結餘 本年度之權益變動： Changes in equity for the year: 本年度溢利 Profit for the year Other comprehensive income 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 Shares issued on exercise 而發行股份 of share options 就行使購股權而 Transfer from share-based 自股份基礎 compensation 補償儲備轉撥 至股份溢價 reserve to share premium on exercise of share options Equity settled share-based transactions Final dividend approved in respect of the previous year Interim dividend declared in respect of the current year Dividends paid to non- controlling interests 以股份為付款 基礎之交易 批准屬於上一年度 之末期股息 宣派本年度 之中期股息 向非控股權益 派發股息 26(d)(ii) 26(c)(ii) 26(c)(ii) 26(b)(ii) 26(b)(i) Balance at 31st March, 2013 於二零一三年 三月三十一日結餘 256,746 360,571 1,101 59,220 37,237 (48,622) 2,261 – 76,842 15,152 868,233 1,628,741 194,970 1,823,711 The notes on pages 92 to 189 form part of these financial statements. 第92至189頁之附註乃本財務報表之一部份。 90 Vitasoy International Holdings Ltd. Annual Report 2012/13 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2013 (Expressed in Hong Kong dollars) 截至二零一三年三月三十一日止年度（以港幣計算） 2013 二零一三年 2012 二零一二年 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) 605,882 (41,521) (32,384) 478,695 (10,532) (59,180) Net cash generated from operating activities Investing activities 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 after three months but within one year when placed Interest received 經營活動 所得現金淨額 投資活動 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 到期存款期超過三個月 但於一年內到期 之銀行存款 已收利息 531,977 408,983 (171,489) 2,397 – – 1,965 (414,213) 1,778 (438) 10,412 1,806 Net cash used in investing activities 投資活動所用現金淨額 (167,127) (400,655) 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 interest Proceeds from partial disposal of equity interest 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 Net increase/(decrease) in cash and cash equivalents 現金及現金等值項目 增加╱（減少）淨額 Cash and cash equivalents at 1st April Effect of foreign exchange rate changes Cash and cash equivalents at 31st March 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) (3,778) 200,147 (344,968) (808) (20,294) 15,299 – – (187,213) (8,239) (6,121) 293,381 (166,558) (1,270) (22,584) 5,030 (75,052) 40,605 (186,962) (38,970) (349,854) 14,996 205,856 1,750 222,602 (158,501) (150,173) 352,311 3,718 205,856 The notes on pages 92 to 189 form part of these financial statements. 第92至189頁之附註乃本財務報表之一部份。 二零一二 / 一三年年報 維他奶國際集團有限公司 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 (a) Statement of compliance (a) 遵例聲明 These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual HKFRSs, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing rules”). A summary of the significant accounting policies adopted by the Group is set out below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 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《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 個 別《 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, 2013 comprise the Company and its subsidiaries (together referred to as the “Group”). 截至二零一三年三月三十一日止年度之 綜合財務報表包括本公司及其附屬公司 （統稱「本集團」）。 The measurement basis used in the preparation of the financial statements is the historical cost basis. 編製財務報表時是以歷史成本作為計量 基準。 The preparation of financial statements in conformity 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. 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。 92 Vitasoy International Holdings Ltd. Annual Report 2012/13 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. 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，則該修訂便會在估計修訂期間內確 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。 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. 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 few amendments to HKFRSs that are first effective for the current accounting period of the Group and the Company. These developments have had no material impact on this financial statement for current and prior periods. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. 香港會計師公會頒佈了數項於本集團及 本公司當前會計期間首次生效之《香港 財務報告準則》修訂。有關修訂對本財 務 報 表 之 當 前 及 先 前 期 間 並 無 重 大 影 響。 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。 (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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (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. N o n - c o n t ro l l i n g i n t e re s t s a re p re s e n t e d i n t h e 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。 94 Vitasoy International Holdings Ltd. Annual Report 2012/13 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) 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。 (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 持有被收購方股本權益公允值之總 和；超出 (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date. (ii) 於收購日期計量之被收購方可辨別 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)). 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（見附註 1(i)）持有般入賬。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)）後計入資產負債表。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (f) Investment properties (Continued) (f) 投資物業（續） Depreciation is calculated to write off the cost of investment properties using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. 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 50 年）兩 者中較短期間以直線法計算而撇銷。 The useful life of investment properties is reviewed annually. 本公司會每年檢討投資物業之可使用年 期。 Rental income from investment properties is accounted for as described in note 1(t)(iii). 投資物業之租金收入乃按附註 1(t)(iii) 所 述方式入賬。 (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)） 後計入資產負債表： – – – 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。 96 Vitasoy International Holdings Ltd. Annual Report 2012/13 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) 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（不超過 50 年）兩 者中之較短者折舊。 Freehold land is not depreciated. 永久業權之土地並無折舊。 (ii) Buildings situated on freehold land are depreciated over their estimated useful lives, being no more than 25 years. (ii) 於永久業權之土地上之樓宇以不超 過 25 年之估計可使用年期折舊。 (iii) Estimated useful lives of other plant and equipment (iii) 其他廠房及設備項目之估計可使用 are as follows: 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. 年期如下： 工廠機器及設備 4 – 15 年 裝置、傢俬 及辦公室設備 汽車 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、廠房及設備中之各部份有 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (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 資 產 之 權 利，則該安排（由一宗交易或一系列交 易組成）為租賃或包括租賃。該釐定乃 根據安排之內容評估而作出，而不論安 排是否具備租賃之法律形式。 (i) Classification of assets leased to the Group (i) 本集團承租之資產之分類 Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases, with the following exceptions: – Property held under operating leases that would otherwise meet the definition of an investment property is classified as investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease (see note 1(f)); and 若本集團根據租賃持有資產，而有關租 賃將擁有該資產之絕大部份風險及報酬 轉予本集團，有關資產歸類為根據融資 租賃持有之資產。並未將擁有資產之絕 大部份風險及報酬轉予本集團之租賃， 則歸類為經營租賃，惟下列兩項除外： – 以經營租賃持有但在其他方面均符 合投資物業定義之物業，會按每項 物業之基準歸類為投資物業，而倘 若歸類為投資物業，則會如以融資 租賃持有般入賬（見附註 1(f)）；及 98 Vitasoy International Holdings Ltd. Annual Report 2012/13 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（續） (Continued) – Land held for own use under an operating lease, the fair value of which cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Group, or taken over from the previous lessee. – 以經營租賃持有作自用，但無法在 租賃開始時將土地之公允值與建於 其上之樓宇之公允值分開計量之土 地是按以融資租賃持有方式入賬， 惟清楚地以經營租賃持有之樓宇除 外。就此而言，租賃之開始時間是 指本集團首次訂立租賃時，或自前 承租人接收樓宇時。 (ii) Assets acquired under finance leases (ii) 以融資租賃購入之資產 Where the Group acquires the use of assets under finance leases, the amounts representing the fair value of the leased assets, or, if lower, the present value of the minimum lease payments, of such assets are included in fixed assets and the corresponding liabilities, net of finance charges, are recorded as obligations under finance leases. Depreciation is provided at rates which write off the cost of the assets over the term of the relevant lease or, over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years, or where it is likely the Group will obtain ownership of the asset, the life of the asset, as set out in note 1(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（不超過 50 年）兩者之中較短者撇銷 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。 (iii) Operating lease charges (iii) 經營租賃費用 Where the Group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred. 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (i) Leased assets (Continued) (i) 租賃資產（續） (iii) Operating lease charges (Continued) (iii) 經營租賃費用（續） 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). 根據經營租賃購入之土地之成本，乃以 直線法按租賃期攤銷，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) 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: 按成本值列賬於本公司資產負債表的附 屬公司之投資及按成本值或攤銷成本列 賬之金融資產於各結算日進行檢討，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 b re a c h o f c o n t r a c t , s u c h a s a d e f a u l t o r 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。 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. 100 Vitasoy International Holdings Ltd. Annual Report 2012/13 – 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 之估計出現有利變動，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。 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) 附屬公司之投資及金融資產減值 （續） – 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. I m p a i r m e n t l o s s e s a re w r i t t e n o ff a g a i n s t t h e 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. – 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。 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (j) Impairment of assets (Continued) (ii) Impairment of other assets (j) 資產減值（續） (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: – – – – – property, plant and equipment; investment properties; interests in leasehold land held for own use under operating leases; intangible assets; and goodwill. 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）： – 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； – 無形資產；及 – 商譽。 If any such indication exists, the asset’s recoverable amount is estimated. In addition, for goodwill, the recoverable amount is estimated annually whether or not there is any indication of impairment. 倘有任何減值跡象，則會估計該項資產 之可收回金額。此外，就商譽而言，不 論是否有任何減值跡象存在，亦於每年 估計其可收回金額。 – Calculation of recoverable amount – 計算可收回金額 The recoverable amount of an asset is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash- generating unit). 資產之可收回金額為其公允值減去 銷售成本及使用價值兩者中之較高 者。於評估使用價值時，會使用除 稅前折現率將估計未來現金流量折 現至其現值。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. 102 Vitasoy International Holdings Ltd. Annual Report 2012/13 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）。 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） (ii) Impairment of other assets (Continued) (ii) 其他資產之減值（續） – Reversals of impairment losses – 減值虧損撥回 In respect of assets other than goodwill, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. 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. 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 變 動，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。 (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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (l) Receivables 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. (l) 應收款 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。 (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。 104 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 (p) 僱員福利 (i) Short term employee benefits and contributions (i) 短期僱員福利及向界定供款退休計 to defined contribution retirement plans 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. 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. 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。 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (p) Employee benefits (Continued) (iii) Long service payments obligation (p) 僱員福利（續） (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. 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). 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。 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。 106 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 (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. 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. (q) 所得稅 (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。 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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) (q) Income tax (Continued) (iii) (Continued) (q) 所得稅（續） (iii) （續） 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. 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. 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。 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) 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: (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： – 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 – 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 108 Vitasoy International Holdings Ltd. Annual Report 2012/13 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) (v) (Continued) (q) 所得稅（續） (v) （續） – in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: – – 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. – 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。 (r) Financial guarantees issued, provisions and (r) 已發出之財務擔保、撥備及或然 contingent liabilities 負債 (i) Financial guarantees issued (i) 已發出之財務擔保 Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the “holder”) for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. Where the Group or the Company issues a financial guarantee, the fair value of the guarantee (being the transaction price, unless the fair value can otherwise be reliably estimated) is initially recognised as deferred income within trade and other payables. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognised in accordance with the Group’s policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognised in profit or loss on initial recognition of any deferred income. 財務擔保為要求發行人（即擔保人）就 擔保受益人（「持有人」）因特定債務人 未能根據債務工具之條款於到期時付款 而蒙受之損失，而向持有人支付特定款 項之合約。 當本集團或本公司發出財務擔保，該擔 保之公允值（即交易價格，除非該公允 值能以其他方式可靠估計則除外）最初 確認為應付賬款及其他應付款內之遞延 收入。倘在發出該擔保時已收取或可收 取代價，該代價則根據本集團適用於該 類資產之政策確認。倘不存在已收取或 應收取之代價，則於最初確認任何遞延 收入時即時於損益內確認開支。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 1 Significant accounting policies 1 主要會計政策（續） (Continued) (r) Financial guarantees issued, provisions and (r) 已發出之財務擔保、撥備及或然 contingent liabilities (Continued) 負債（續） (i) Financial guarantees issued (Continued) (i) 已發出之財務擔保（續） The amount of the guarantee initially recognised as deferred income is amortised in profit or loss over the term of the guarantee as income from financial guarantees issued. In addition, provisions are recognised in accordance with note 1(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. 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. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. 倘若本集團或本公司須就已發生之事件 承擔法律或推定責任，履行該責任而預 期會導致含有經濟效益之資源外流，並 可作出可靠之估計，便會就該時間或金 額不定之其他負債計提撥備。如果貨幣 時間價值重大，則按預計履行責任所需 資源之現值計提撥備。 倘若含有經濟效益之資源外流之可能性 較低，或是無法對有關金額作出可靠之 估計，便會將該責任披露為或然負債， 但假如這類含有經濟效益之資源外流之 可能性渺茫則除外。須視乎某宗或多宗 未來事件是否發生才能確定存在與否之 潛在責任，亦會披露為或然負債，但假 如這類含有經濟效益之資源外流之可能 性渺茫則除外。 110 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 (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 reclassified from equity is 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). 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. 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。 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 1 Significant accounting policies 1 主要會計政策（續） (Continued) (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 or when goods are shipped on board/arrived the designated port 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 貨物或當貨物付運╱到達指定港口（即 客戶接納貨物及擁有權之相關風險和回 報）時確認。收入不含增值稅或其他銷 售稅並扣除回收貨值、回扣及折扣。 (ii) Service fees (ii) 服務費 Service fees are recognised when the related services are provided. 服務費於提供有關服務時確認。 (iii) Rental income from operating leases (iii) 經營租賃之租金收入 Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term. 根據經營租賃應收之租金收入會於租賃 期所涵蓋之期間內，以等額在損益內確 認。 (iv) Interest income (iv) 利息收入 Interest income is recognised as it accrues using the effective interest method. 利息收入按實際利率法累計確認。 (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。 112 Vitasoy International Holdings Ltd. Annual Report 2012/13 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) (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. 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。 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. 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。 (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. 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 1 Significant accounting policies 1 主要會計政策（續） (Continued) (v) Borrowing costs (Continued) (v) 借貸成本（續） 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. 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: (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) has control or joint control over the Group; (i) 控制或共同控制本集團； (ii) has significant influence over the Group; or (ii) 對本集團有重大影響；或 (iii) is a member of the key management personnel of the Group. (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 (b) 倘符合下列任何條件，則一間實體 following conditions applies: 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 other 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。 114 Vitasoy International Holdings Ltd. Annual Report 2012/13 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. (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) The entity is controlled or jointly controlled by a person identified in (a). (vi) 該實體受 (a) 所識別人士控制 或共同控制。 (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). (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。 二零一二 / 一三年年報 維他奶國際集團有限公司 115 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Accounting judgements and 2 會計判斷及估計 estimates 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。 116 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 2 會計判斷及估計（續） estimates (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 profit will be available against which the unused tax benefits can be utilised, management’s judgements is required to assess the probability of future taxable profits. Management’s assessment is constantly reviewed and additional deferred tax assets are recognised if it becomes probable that future taxable profits will allow the deferred tax assets to be recovered. 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 sale of soy related products in 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生產及 銷售大豆相關產品及在海外銷售大 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。 118 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 (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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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, 2013 and 2012 is set out below: 截 至 二 零 一 三 年 及 二 零 一 二 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： Hong Kong & Macau 香港及澳門 2013 Mainland China 中國內地 2013 Australia & New Zealand 澳洲及新西蘭 2013 North America 北美洲 Singapore 新加坡 Total 總計 2012 2012 二零一三年 二零一二年 二零一三年 二零一二年 二零一三年 二零一二年 二零一三年 二零一二年 二零一三年 二零一二年 二零一三年 二零一二年 $’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 2012 2012 2012 2013 2013 2012 2013 Revenue from external customers Inter-segment revenue 來自外間顧客之收入 分部間收入 1,796,588 80,410 1,671,834 75,860 1,174,228 112,932 1,014,070 64,115 515,685 392 499,343 443 481,616 212 455,185 225 83,131 – 76,107 – 4,051,248 193,946 3,716,539 140,643 Reportable segment revenue 須報告分部之收入 1,876,998 1,747,694 1,287,160 1,078,185 516,077 499,786 481,828 455,410 83,131 76,107 4,245,194 3,857,182 Reportable segment profit from operations 須報告分部之 經營溢利 320,012 316,082 122,426 89,604 87,914 87,298 Interest income from bank deposits 銀行存款之利息收入 Finance costs Depreciation and amortisation for the year Other material non-cash items: – Equity settled share-based payment expenses 融資成本 本年度之折舊及 攤銷 其他重大非現金項目： – 以股份為付款 基礎之費用 609 (208) 79 (1,431) 545 (10,548) 1,026 (6,108) 788 (10,315) 675 (9,702) 35 – (31) 35 – (2) 7,128 5,115 537,515 498,134 2 – 2 – 1,944 (21,102) 1,782 (17,243) (75,626) (61,070) (55,352) (32,254) (27,488) (19,722) (12,882) (12,595) (4,323) (4,594) (175,671) (130,235) (778) (657) (241) (225) – – – – – – (1,019) (882) Reportable segment assets 須報告分部之資產 1,756,571 1,729,230 896,372 1,024,575 490,799 471,875 208,057 188,980 100,989 101,864 3,452,788 3,516,524 Reportable segment liabilities 須報告分部之負債 370,117 437,401 523,340 590,631 243,012 240,170 217,640 202,391 10,609 7,914 1,364,718 1,478,507 Additions to non-current segment assets during the year 本年度新增之非流動分部 資產 64,292 125,029 25,987 167,818 23,553 104,769 18,601 9,486 2,443 6,033 134,876 413,135 120 Vitasoy International Holdings Ltd. Annual Report 2012/13 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, (ii) 須報告分部收入、損益、資產及負 profit or loss, assets and liabilities 債之對賬 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 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 4,245,194 (193,946) 3,857,182 (140,643) Consolidated turnover 綜合營業額 4,051,248 3,716,539 Profit Reportable segment profit from operations Finance costs Unallocated head office and corporate expenses 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 537,515 (21,102) 498,134 (17,243) (90,839) (72,798) Consolidated profit before taxation 綜合除稅前溢利 425,574 408,093 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 Consolidated equity settled share-based payment expenses 以股份為付款基礎 之綜合費用 1,944 1,782 21 24 1,965 1,806 1,019 3,747 882 3,539 4,766 4,421 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 or loss, assets and liabilities (Continued) (ii) 須報告分部收入、損益、資產及負 債之對賬（續） Assets 資產 Reportable segment assets Elimination of inter-segment receivables 分部間應收款之撇銷 須報告分部之資產 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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 3,452,788 (529,788) 3,516,524 (601,501) 2,923,000 2,915,023 16,452 1,974 17,957 430 4,159 2,132 Consolidated total assets 綜合總資產 2,945,585 2,935,542 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 1,364,718 (348,007) 1,478,507 (310,145) 1,016,711 1,168,362 3,282 57,455 43,158 2,228 59,084 26,256 1,268 1,272 Consolidated total liabilities 綜合總負債 1,121,874 1,257,202 122 Vitasoy International Holdings Ltd. Annual Report 2012/13 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際地點確定，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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 566,428 579,210 562,862 281,850 99,239 73,843 585,881 285,564 93,538 74,801 1,017,794 1,039,784 1,584,222 1,618,994 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 $1,651,632,000 (2012: $1,542,629,000) and $559,291,000 (2012: $571,956,000) 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 1,651,632,000 元（二零一二年： 1,542,629,000 元）及 559,291,000 元 （二零一二年：571,956,000 元）。 (iv) Major customers (iv) 主要客戶 In 2013, the revenue from the Group’s largest customer and five largest customers amount to 6% (2012: 6%) and 21% (2012: 20%) of the Group’s total revenue respectively. 於二零一三年，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 二 年：6%）及 21%（ 二 零 一二年：20%）。 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)。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 1,965 42,270 2,316 4,516 51,067 1,806 32,240 2,310 4,482 40,838 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 * 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 20,294 808 21,102 – 21,102 22,584 1,270 23,854 (6,611) 17,243 * The borrowing costs had been capitalised at a rate of 1.43%–7.32% per annum for the year ended 31st March, 2012. * 截 至 二 零 一 二 年 三 月 三 十 一 日 止 年 度， 被 資 本 化 之 借 貸 成 本 以 每 年 1.43%– 7.32% 之息率計算。 (b) Staff costs: (b) 員工成本： Contributions to defined contribution retirement plans Net expenses/(income) recognised in respect of: – retirement gratuities (note 23(c)(v)) – long service payments Retirement costs Equity settled share-based payment expenses Salaries, wages and other benefits 界定供款退休計劃之 供款 以下項目之已確認 費用╱（收入）淨額： – 退休金（附註 23(c)(v)） – 長期服務金 退休成本 以股份為付款基礎之 費用 薪金、工資及其他福利 124 Vitasoy International Holdings Ltd. Annual Report 2012/13 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 41,861 36,357 1,966 264 44,091 4,766 844,425 893,282 1,365 (81) 37,641 4,421 759,868 801,930 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 (Reversal)/recognition of impairment losses on trade and other receivables Reversal of impairment losses on property, plant and equipment 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 – Other assets Net loss on disposal of property, plant and equipment Net foreign exchange gain Net loss 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 （撥回）╱確認 物業、廠房及設備之 減值虧損撥回 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 – 其他資產 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 淨虧損 存貨成本（附註 16(b)） 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 860 2,144 527 891 2,136 526 3,852 168,288 4,439 122,243 (68) (72) 51 (132) 4,492 4,239 532 194 10 238 281 430 55,971 52,872 1,731 636 21 747 (366) 1,653 1,029 – 1,715 (674) 12 2,175,362 – 1,995,203 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 (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 Current tax – Outside Hong Kong 本期稅項 – 香港以外地區 Provision for the year Over-provision in respect of prior years 以往年度之超額撥備 年內撥備 Deferred tax 遞延稅項 Origination and reversal of temporary differences 源自及撥回暫時差異 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 44,158 32,190 (139) 525 44,019 32,715 49,465 (4,388) 45,077 50,525 (1,210) 49,315 62 3,661 89,158 85,691 Notes: 附註： (i) The provision for Hong Kong Profits Tax for 2013 is calculated at 16.5% (2012 16.5%) of the estimated assessable profits for the year. (i) 二零一三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 一二年：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適用稅率 計算。 (ii) In accordance with the relevant People’s Republic of China (“the PRC”) corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company’s subsidiaries in Shenzhen and Foshan is 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. (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及佛山附屬 公司之法定所得稅率為 25%。位於上 海之附屬公司自二零零八年一月一日 起之適用法定稅率則為 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。 126 Vitasoy International Holdings Ltd. Annual Report 2012/13 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) (ii) (Continued) 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 foreign- invested enterprises in the PRC is owned by a Hong Kong incorporated entity, 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 foreign- invested enterprises in the PRC in the foreseeable future in respect of the profits generated after 31st December, 2007. 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) （續） 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外資企業中有逾 25% 資本由一間於香港註冊成立之實 體擁有，故計算此預扣稅所適用之稅 率為 5%。本集團已就此根據中國外資 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 適用之利得稅稅率 計算除稅前溢利之 名義稅項 concerned Tax effect of non-deductible expenses 不可扣減支出之稅務影響 非課稅收入之稅務影響 Tax effect of non-taxable revenue Withholding tax of the PRC subsidiary 中國附屬公司之預扣稅 Tax effect of unused tax losses not recognised for deferred 未就遞延稅項確認之 未使用稅務虧損之 稅務影響 tax purposes Over-provision in respect of prior years 以往年度之超額撥備 Others 其他 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 425,574 408,093 87,022 6,235 (1,904) 3,138 4,221 (4,527) (5,027) 81,672 2,993 (534) 3,849 1,906 (685) (3,510) Actual tax expense 實際稅項支出 89,158 85,691 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 7 Directors’ remuneration 7 董事酬金 Directors’ remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance and the requirements of the Listing Rules is as follows: 根據香港《公司條例》第 161 條及上市 規則之規定披露之董事酬金如下： Directors’ fees 董事袍金 $’000 千元 194 97 120 120 349 355 336 336 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Laurence P. EISENTRAGER 羅友禮先生 黎信彥先生 Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 羅慕貞女士 羅慕玲女士 Independent Non-executive Directors 獨立非執行 董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 布魯士先生 Mr. Iain F. BRUCE 張建標先生 Mr. Valiant Kin-piu CHEUNG Jan P.S. ERLUND Mr. Jan P.S. ERLUND 先生 2013 二零一三年 Retirement scheme contributions Sub-total 發放之花紅 退休計劃供款 $’000 千元 $’000 千元 小計 $’000 千元 Salaries, allowances and benefits Discretionary bonuses 酌情 in kind 薪金、津貼 及實物福利 $’000 千元 Share- based payments 以股份為 基礎之付款 $’000 千元 Total 總計 $’000 千元 3,909 4,627 2,607 3,107 237 285 6,947 8,116 1,896 1,161 8,843 9,277 – – – – – – – – – – – – – – – – – – 120 120 349 355 336 336 – – – – – – 120 120 349 355 336 336 1,907 8,536 5,714 522 16,679 3,057 19,736 128 Vitasoy International Holdings Ltd. Annual Report 2012/13 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） 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 2012 二零一二年 Retirement scheme contributions Discretionary bonuses 酌情 Sub-total 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 執行董事 Mr. Winston Yau-lai LO Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU (retired on 1st April, 2012) 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） Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 羅慕貞女士 羅慕玲女士 Independent Non-executive Directors 獨立非執行 董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 布魯士先生 Mr. Iain F. BRUCE 張建標先生 Mr. Valiant Kin-piu CHEUNG Mr. Jan P.S. ERLUND Jan P.S. ERLUND 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 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). 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。 The details of these benefits in kind, including the principal terms and number of options granted, are disclosed in note 24. 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 8 Individuals with highest emoluments 8 最高酬金人士 Of the five individuals with the highest emoluments, two (2012: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2012: three) individuals are as follows: 在 五 名 最 高 酬 金 人 士 中， 兩 名（ 二 零 一二年：兩名）為董事，彼等之酬金於 附註 7 中披露。其餘三名（二零一二年： 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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 8,206 295 3,034 1,520 7,566 240 3,370 733 13,055 11,909 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. The emoluments of the three (2012: three) individuals with the highest emoluments are within the following bands: 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。 三名（二零一二年：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 $5,000,001 to $5,500,000 3,000,001 元至 3,500,000 元 3,500,001 元至 4,000,000 元 4,000,001 元至 4,500,000 元 4,500,001 元至 5,000,000 元 5,000,001 元至 5,500,000 元 2013 二零一三年 Number of individuals 人數 2012 二零一二年 Number of Individuals 人數 – 1 1 – 1 1 1 – 1 – 130 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 $143,448,000 (2012: $191,446,000) 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 143,448,000 元（ 二 零 一 二 年： 191,446,000 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)） 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 143,448 191,446 130,461 99,240 273,909 290,686 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 (a) 有關其他全面收益各部份之稅務 other comprehensive income: 影響： 2013 二零一三年 Before-tax amount 除稅前金額 $’000 千元 Before-tax Tax- Net-of-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 2012 二零一二年 Tax- benefit Net-of-tax amount 稅務利益 扣除稅項金額 $’000 千元 $’000 千元 Net movement in the exchange reserve Cash flow hedges: net movement in hedging reserve 匯兌儲備淨 變動 現金流量對沖： 對沖儲備淨變 動數 8,772 (23) 8,749 – 4 4 8,772 18,884 – 18,884 (19) (2,082) 8,753 16,802 343 343 (1,739) 17,145 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 10 Other comprehensive income (Continued) 10 其他全面收益（續） (b) Components of other comprehensive income, including reclassification adjustments (b) 其他全面收益之部份，包括重新 分類調整 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 8,527 18,884 245 – 8,772 18,884 10 (45) 12 4 (15) (2,067) – 343 (19) (1,739) Exchange differences on translation of financial statements of subsidiaries outside Hong Kong Reclassification adjustments for amounts transferred to profit or loss: – exchange differences realised upon deregistration of subsidiaries 換算香港以外地區 附屬公司財務報表 所產生之匯兌差額 重新分類調整 轉撥至損益之金額： – 於註銷附屬公司時 實現之匯兌差額 Net movement in the exchange reserve during the year recognised in other comprehensive income 年內於其他全面 收益確認之 匯兌儲備淨變動 Cash flow hedges: Effective portion of changes in fair value of hedging instruments recognised during the year Amounts transferred to initial carrying amount of hedged items Reclassification adjustments for amounts transferred to profit or loss Net deferred tax credited to other comprehensive income 現金流量對沖： 年內確認之對沖工具 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 重新分類調整 轉撥至損益之金額 計入其他全面收益之 遞延稅項淨額 Net movement in the hedging reserve 年內於其他全面收益 確認之對沖儲備淨 變動 in other comprehensive income during the year recognised 132 Vitasoy International Holdings Ltd. Annual Report 2012/13 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Earnings per share (a) Basic earnings per share 11 每股盈利 (a) 每股基本盈利 The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the Company of $303,204,000 (2012: $281,003,000) and the weighted average number of 1,023,812,000 ordinary shares (2012: 1,021,192,000 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303,204,000元（二零一二年： 281,003,000 元）及年內已發行普通股 之 加 權 平 均 股 數 1,023,812,000 股（ 二 零一二年：1,021,192,000 股普通股）， 其計算如下： Weighted average number of ordinary shares 普通股之加權平均股數 2013 二零一三年 Number of shares 股份數目 ’000 千股 2012 二零一二年 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 1,021,748 2,064 1,019,852 1,340 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)） 1,023,812 1,021,192 (b) Diluted earnings per share (b) 每股攤薄盈利 The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of the Company of $303,204,000 (2012: $281,003,000) and the weighted average number of 1,033,438,000 ordinary shares (2012: 1,028,691,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: Weighted average number of ordinary shares (diluted) 每股攤薄盈利乃根據本公司股權持有人 應佔溢利303,204,000元（二零一二年： 281,003,000 元）及就所有潛在攤薄普 通股之影響而作出調整後之普通股加權 平 均 股 數 1,033,438,000 股（ 二 零 一 二 年：1,028,691,000 股普通股），其計算 如下： 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares for the year (note 11 (a)) 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） 2013 二零一三年 Number of shares 股份數目 ’000 千股 2012 二零一二年 Number of shares 股份數目 ’000 千股 1,023,812 1,021,192 9,626 7,499 1,033,438 1,028,691 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 Fixtures, Factory Land and furniture buildings machinery held for and office and own use equipment equipment Motor Construction in progress vehicles Investment Sub-total properties Total fixed assets 持有作 自用之 工廠機器 裝置、 傢俬及 及設備 辦公室設備 固定 土地及樓宇 小計 投資物業 土地權益 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 $’000 千元 汽車 在建工程 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 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 620,414 1,355,507 19,866 40,788 287,334 (31,266) 6,573 9,983 130,326 – 165,860 675 14,346 33,907 (7,296) 85,058 653 10,674 678 (4,981) 446,973 2,673,812 32,211 424,376 – (43,543) 4,444 348,585 (452,245) – 22,698 – – – – 37,484 2,733,994 33,597 1,386 426,307 1,931 – – (43,543) – 767,296 1,672,229 207,492 92,082 347,757 3,086,856 22,698 40,801 3,150,355 Accumulated amortisation, 累計攤銷、 depreciation and 折舊及 減值虧損： impairment losses: At 1st April, 2011 於二零一一年 四月一日 匯兌調整 本年度攤銷及折舊 Exchange adjustments Charge for the year Reversal of impairment losses 減值虧損撥回 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 281,100 3,126 22,662 – – 983,979 12,937 78,669 (132) (28,237) 129,153 518 16,531 – (6,928) 64,601 422 8,820 – (4,885) – 1,458,833 17,003 – 126,682 – – (132) (40,050) – 14,926 – 526 – – 4,492 1,478,251 17,177 128,099 (132) (40,050) 174 891 – – 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 1,567,010 134 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 Fixtures, Factory Land and furniture buildings machinery held for and and office own use equipment equipment Motor Construction vehicles in progress Sub-total properties Total fixed assets 持有作 自用之 工廠機器 裝置、 傢俬及 及設備 辦公室設備 固定 土地及樓宇 小計 投資物業 土地權益 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 $’000 千元 汽車 在建工程 Interests in leasehold land held for own use under Investment operating leases 根據經營 租賃持有作 自用之租賃 Cost: At 1st April, 2012 Exchange adjustments Additions Transfer Disposals At 31st March, 2013 成本： 於二零一二年 四月一日 匯兌調整 添置 轉撥 出售 於二零一三年 三月三十一日 767,296 1,672,229 12,503 55,489 326,515 (25,740) 4,578 2,297 34,207 (125) 207,492 399 12,897 2,595 (5,879) 92,082 367 7,459 516 (5,414) 347,757 3,086,856 16,326 (1,521) 134,260 56,118 – (363,833) (37,158) – 22,698 – – – – 40,801 3,150,355 16,910 134,260 – (37,158) 584 – – – 808,253 2,040,996 217,504 95,010 38,521 3,200,284 22,698 41,385 3,264,367 Accumulated amortisation, 累計攤銷、 depreciation and 折舊及 減值虧損： impairment losses: At 1st April, 2012 於二零一二年 四月一日 匯兌調整 本年度攤銷及折舊 Exchange adjustments Charge for the year Reversal of impairment losses 減值虧損撥回 Written back on disposals 出售時撥回 At 31st March, 2013 於二零一三年 三月三十一日 Net book value: 賬面淨值： At 31st March, 2013 於二零一三年 三月三十一日 306,888 1,047,216 6,182 117,956 (72) (24,033) 1,656 28,862 – (68) 139,274 275 17,470 – (5,273) 68,958 262 7,852 – (4,640) – 1,562,336 8,375 – 172,140 – (72) – (34,014) – 15,452 – 527 – – 5,557 1,583,345 8,465 173,527 (72) (34,014) 90 860 – – 337,338 1,147,249 151,746 72,432 – 1,708,765 15,979 6,507 1,731,251 470,915 893,747 65,758 22,578 38,521 1,491,519 6,719 34,878 1,533,116 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 Land and Factory buildings machinery and held for own use equipment 持有作 自用之 工廠機器 Fixtures, furniture and office equipment 裝置、 傢俬及 及設備 辦公室設備 Motor Construction in progress vehicles Sub-total Investment properties Total fixed assets 固定 小計 投資物業 資產總計 土地及樓宇 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 汽車 在建工程 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 於二零一一年 四月一日 本年度折舊 Charge for the year 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 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 7,246 460,058 136 Vitasoy International Holdings Ltd. Annual Report 2012/13 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, 2012 Additions Transfer Disposals At 31st March, 2013 成本： 於二零一二年 四月一日 添置 轉撥 出售 於二零一三年 三月三十一日 Accumulated depreciation: 累計折舊： At 1st April, 2012 Charge for the year Written back on disposals At 31st March, 2013 於二零一二年 四月一日 本年度折舊 出售時撥回 於二零一三年 三月三十一日 Net book value: 賬面淨值： At 31st March, 2013 於二零一三年 三月三十一日 141,766 – – – 520,835 16,856 159,132 (16,073) 119,173 5,337 2,129 (1,810) 62,022 3,719 516 (2,616) 164,823 28,167 (161,777) – 1,008,619 54,079 – (20,499) 22,698 – – – 1,031,317 54,079 – (20,499) 141,766 680,750 124,829 63,641 31,213 1,042,199 22,698 1,064,897 76,533 4,215 – 362,439 43,714 (15,618) 67,184 10,290 (1,762) 49,651 4,464 (1,980) – – – 555,807 62,683 (19,360) 15,452 527 – 571,259 63,210 (19,360) 80,748 390,535 75,712 52,135 – 599,130 15,979 615,109 61,018 290,215 49,117 11,506 31,213 443,069 6,719 449,788 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 2012 In Hong Kong – medium-term leases Outside Hong Kong – freehold – long-term leases – medium-term leases – short-term leases 在香港 – 中期租約 香港以外地區 – 永久業權 – 長期租約 – 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 158,043 166,959 67,737 72,479 138,308 9,822 206,058 281 110,069 – 225,517 353 – – – – – – – – 512,512 502,898 67,737 72,479 470,915 6,719 460,408 7,246 61,018 6,719 65,233 7,246 34,878 35,244 – – 512,512 502,898 67,737 72,479 (d) Fixed assets held under finance leases (d) 以融資租賃持有之固定資產 In addition to the leasehold land classified as being held under finance leases, the Group and the Company hold factory machinery and equipment under finance leases expiring from one to seven years. None of the leases includes contingent rentals. 除列作以融資租賃持有之租賃土地外， 本集團及本公司透過於一至七年內到期 之融資租賃，持有工廠機器及設備。融 資租賃並無包括或然租金。 There was no addition to the factory machinery and equipment of the Group and the Company financed by finance leases during the year (2012: $Nil). 年內，本集團及本公司並無透過融資租 賃（二零一二年：零元）添置工廠機器 及設備。 At the balance sheet date, the net book value of the factory machinery and equipment held under finance leases of the Group amounted to $11,156,000 (2012: $14,871,000). The Group’s obligations under finance leases are secured by the lessor’s charge over the leased assets. 於結算日，本集團以融資租賃持有之工 廠機器及設備之賬面淨值為 11,156,000 元（ 二 零 一 二 年：14,871,000 元）。 本 集團根據融資租賃之債務乃以出租人之 租賃資產押記作擔保。 138 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 (e) 根據經營租賃租出之固定資產 leases The Group and the Company lease out an investment property under an operating lease. The lease runs for an initial period of three years, with an option to renew the lease after that date at which time all terms are renegotiated. The lease does not include contingent rentals. 本集團及本公司以一項經營租賃租出一 項投資物業。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 2013 二零一三年 $’000 千元 2012 二零一二年 $’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, 2013 is $53,800,000 (2012: $46,980,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2012: 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, Ascent Partners Valuation Service 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. 投資物業於二零一三年三月三十一日之 公允值為 53,800,000 元（二零一二年： 46,980,000 元），此乃經參考同類物業 之近期市場交易後按公開市場價值進行 估計（二零一二年：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艾 升評值諮詢有限公司進行，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 The following items of property, plant and equipment are pledged to secure certain bank loans or bank facilities granted to the Group (note 21). 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）。 The Group 本集團 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 Net book value of pledged assets: 抵押資產之賬面淨值： Factory machinery and equipment 工廠機器及設備 127,239 – 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 12 Fixed assets (Continued) 12 固定資產（續） (h) Deposits for the acquisition of fixed assets (h) 購置固定資產之訂金 As at 31st March, 2013, the Group and the Company made deposits totalling $1,784,000 (2012: $1,156,000) and $852,000 (2012: $610,000) respectively to acquire property, plant and equipment. The remaining amount of the consideration is included in capital commitments (note 28(a)). 於二零一三年三月三十一日，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 1,784,000 元（二零一二 年：1,156,000 元）及 852,000 元（二零 一 二 年：610,000 元）。 代 價 之 餘 下 金 額計入資本承擔（附註 28(a)）。 13 Intangible assets The Group 13 無形資產 本集團 Cost: 成本： At 1st April, 2011 Exchange adjustments 於二零一一年四月一日 匯兌調整 At 31st March, 2012 於二零一二年三月三十一日 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 At 31st March, 2012 於二零一二年三月三十一日 Net book value: 賬面淨值： Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 8,098 2 8,100 1,215 (3) 408 1,620 11,994 3 11,997 5,140 (13) 1,728 6,855 20,092 5 20,097 6,355 (16) 2,136 8,475 At 31st March, 2012 於二零一二年三月三十一日 6,480 5,142 11,622 Cost: 成本： At 1st April, 2012 Exchange adjustments 於二零一二年四月一日 匯兌調整 At 31st March, 2013 於二零一三年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April, 2012 Exchange adjustments Charge for the year 於二零一二年四月一日 匯兌調整 本年度攤銷 At 31st March, 2013 於二零一三年三月三十一日 Net book value: 賬面淨值： Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 8,100 102 8,202 1,620 21 410 2,051 11,997 151 12,148 6,855 88 1,734 20,097 253 20,350 8,475 109 2,144 8,677 10,728 At 31st March, 2013 於二零一三年三月三十一日 6,151 3,471 9,622 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。 140 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 39,206 494 39,194 12 At 31st March 於三月三十一日 39,700 39,206 Impairment tests for cash-generating unit containing goodwill 包含商譽之現金產生單位之減值 測試 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% (2012: 3%). The growth rate does not exceed the long- term average growth rate for the business in which the Unicurd operations operate. 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 坡分部以進行減值測試。 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 三年期財政預算得出之現金流量預測。 三年期以後之現金流量則使用 3%（二 零 一 二 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。 Key assumptions used for the value-in-use calculation: 計算使用價值時採用之主要假設如下： – 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. 2013 二零一三年 2012 二零一二年 42.9% 11.3% 14.0% 42.0% 9.8% 14.0% 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 The Company 本公司 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 165,422 630,301 168,124 554,078 795,723 (234,608) 722,202 (217,407) 561,115 504,795 At 31st March, 2013 and 2012, 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. 於二零一三年及二零一二年三月三十一 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。 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. 附屬公司權益之減值虧損指將來自若干 附屬公司之投資成本及應收款之賬面值 撇減至其可收回金額。 The following list contains the particulars of the subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated. 下表載有本集團附屬公司之詳情。除另 有註明外，本集團持有之股份類別均為 普通股。 All of these are controlled subsidiaries as defined under note 1(d) and have been consolidated into the Group’s financial statements. 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。 Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital Proportion of ownership interest 擁有權權益比率 公司名稱 註冊╱成立及 營業地點 已發行及 繳足股本詳情 held by the Company 本公司 持有 % Vitasoy Holdings N.V. (note (i))（附註 (i)） Netherlands Antilles 荷蘭安的列斯 US$6,100 6,100 美元 – (2012: 100) （二零一二年：100） held by a subsidiary 附屬公司 持有 % – Vitasoy International B.V. (note (i))（附註 (i)） Netherlands 荷蘭 EUR22,500 22,500 歐元 – – (2012: 100) （二零一二年：100） Vitasoy (UK) Investments Company Limited (note (i))（附註 (i)） United Kingdom 英國 GBP2 2 英鎊 – (2012: 100) （二零一二年：100） – Principal activities 主要業務 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 142 Vitasoy International Holdings Ltd. Annual Report 2012/13 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） Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % 100 – Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 註冊╱成立及 營業地點 已發行及 繳足股本詳情 United States of America (“the USA”) 美利堅合眾國 （「美國」） the PRC 中國 Common stock: US$12,061,000 普通股： 12,061,000 美元 Convertible series A preferred stock: US$38,400,000 可換股 A 類 優先股： 38,400,000 美元 RMB80,000,000 人民幣 80,000,000 元 Name of company 公司名稱 Vitasoy USA Inc. 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 85 – – Hong Kong 香港 $20 20 元 100 Vitasoy (Shanghai) Company Limited (note (iii)) 維他奶（上海）有限公司 （附註 (iii)） the PRC 中國 RMB191,476,367 人民幣 191,476,367 元 – 100 Vita International Holdings Limited 維他國際集團有限公司 Hong Kong 香港 $20 20 元 Vitasoy Australia Products Pty. Ltd. 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 100 – – 51 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 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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)） Australia 澳洲 A$175 175 澳元 – 100 Vitasoja (Macau) Limitada 維他奶（澳門）有限公司 Macau MOP100,000 澳門 澳門幣 100,000 元 100 – Produtos De Soja Hong Kong (Macau) Limitada 香港荳品（澳門）有限公司 Macau 澳門 MOP10,000 澳門幣 10,000 元 – 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 Hong Kong 香港 $20 20 元 $20 20 元 Vitasoy Distributors (Singapore) Pte. Ltd. Singapore 新加坡 S$2,500,000 2,500,000 坡元 Vitasoy Investment Holdings Limited 維他奶投資控股有限公司 Hong Kong 香港 $1 1 元 Vitasoy Holdings (Malta) Limited Malta 馬爾他 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 Vitasoy International Investment Limited 維他奶國際投資有限公司 Hong Kong 香港 $1 1 元 100 – Investment holding 投資控股 144 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 Vitasoy Investment (Singapore) Pte. Ltd. Singapore 新加坡 Unicurd Food Co. (Private) Limited 統一食品（私人）有限公司 Singapore 新加坡 S$10,000 新加坡幣 10,000 元 S$1,800,000 新加坡幣 1,800,000 元 Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 Hong Kong 香港 $1 1 元 Vitasoy (Foshan) Company Limited (note (v)) 維他奶（佛山）有限公司 （附註 (v)） the PRC 中國 RMB200,000,000 人民幣 200,000,000 元 Notes: (i) During the year ended 31st March, 2013, Vitasoy Holdings N.V., Vitasoy International B.V. and Vitasoy (UK) Investments Company Limited were deregistered. Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 % held by a subsidiary 附屬公司 持有 % 100 100 – 85 – – 100 – 附註 : Principal activities 主要業務 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 (i) 截 至 二 零 一 三 年 三 月 三 十 一 日 止 年 度，Vitasoy Holdings N.V.、Vitasoy I n t e r n a t i o n a l B . V. 及 V i t a s o y ( U K ) Investments Company Limited 已 註 銷 登記。 (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. (ii) 深 圳 維 他（ 光 明）食 品 飲 料 有 限 公 司 （「深圳維他奶」）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。 (iii) 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。 (iv) The Group effectively owns a 51% equity interest in Vitasoy Australia Food Products Pty. Ltd.. (iv) 本 集 團 實 質 持 有 Vitasoy Australia Food Products Pty. Ltd. 51% 之股本權 益。 (v) 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. (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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 Raw materials Finished goods 原料 製成品 248,515 187,977 258,800 164,539 99,827 51,808 96,863 53,911 (b) The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows: 436,492 423,339 151,635 150,774 (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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 2,171,720 3,642 1,992,463 2,740 2,175,362 1,995,203 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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 Trade debtors and bills receivable 應收賬款及應收票據 Less: Allowance for doubtful 減：呆賬撥備 601,125 556,154 336,451 313,955 debts (note 17(b)) （附註 17(b)） (1,409) (1,533) (568) (488) Other debtors, deposits and prepayments 其他應收款、按金 及預付款項 599,716 554,621 335,883 313,467 83,681 113,907 26,178 25,569 683,397 668,528 362,061 339,036 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 $14,150,000 (2012: $9,727,000) and $7,764,000 (2012: $4,803,000) respectively. All of the other trade and other receivables are expected to be recovered or recognised as expense within one year. 本集團及本公司預期於超過一年後收回 或扣除為開支之其他應收款、按金及預 付款項分別為 14,150,000 元（二零一二 年：9,727,000 元）及 7,764,000 元（ 二 零一二年：4,803,000 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。 146 Vitasoy International Holdings Ltd. Annual Report 2012/13 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） (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）之賬齡分析如下： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 Current 未到期 479,465 437,836 248,521 222,710 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 105,958 12,476 110,233 4,968 81,850 5,512 89,904 853 1,718 1,372 99 212 – – – – Amounts past due 逾期金額 120,251 116,785 87,362 90,757 According to the Group’s credit policies set out in note 27(a), the credit period is generally payment within one to three months from the date of billing. Therefore, the current balances above are mostly within one to three months from the invoice date. 599,716 554,621 335,883 313,467 根據附註 27(a) 所載之本集團之信貸政 策，信貸通常於發單日起計一至三個月 內付款。因此，上述未到期結餘大部份 於發票日期起計一至三個月內到期。 (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 虧損透過撥備賬記錄。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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 At 1st April Exchange adjustments Impairment losses (reversed)/recognised Uncollectible amounts written off 於四月一日 匯兌調整 減值虧損 之（撥回）╱確認 不可收回金額 之撇銷 1,533 6 (68) (62) 1,765 12 51 (295) At 31st March 於三月三十一日 1,409 1,533 488 – 128 (48) 568 二零一二 / 一三年年報 維他奶國際集團有限公司 418 – 70 – 488 147 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） 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（續） receivable (Continued) At 31st March, 2013, the Group’s and the Company’s trade debtors and bills receivable of $1,409,000 (2012: $1,533,000) and $568,000 (2012: $488,000) 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. 於二零一三年三月三十一日，本集團及 本 公 司 之 應 收 賬 款 及 應 收 票 據 分 別 為 1,409,000 元（二零一二年：1,533,000 元） 及 568,000 元（ 二 零 一 二 年： 488,000 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 (c) 並無減值之應收賬款及應收票據 not impaired 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 作 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賬款，均為與近 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，由於其信譽並 無重大變動，管理層相信毋須就該等結 餘作出減值撥備，同時認為這些結餘款 項可全數收回。本集團並無就此等結餘 持有任何抵押品。 18 Bank deposits and cash and cash 18 銀行存款與現金及現金等值 equivalents 項目 (a) Bank deposits and cash and cash equivalents (a) 銀行存款與現金及現金等值項目 comprise: 包括： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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 169,671 205,684 50,151 25,211 52,931 172 52,757 – Cash and cash equivalents 資產負債表內之現金 及現金等值項目 Bank deposits maturing after 存款期超過三個月 in the balance sheet three months but within one year when placed 但於一年內 之銀行存款 222,602 205,856 102,908 25,211 446 438 – – 223,048 206,294 102,908 25,211 148 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 18 銀行存款與現金及現金等值 equivalents (Continued) 項目（續） (a) Bank deposits and cash and cash equivalents (a) 銀行存款與現金及現金等值項目 comprise: (Continued) 包括：（續） At 31st March, 2012, the Group and the Company had designated certain bank balances that were denominated in Euro and Renminbi which totalling $5,934,000 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 was included in other comprehensive income. 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。 (b) Reconciliation of profit before taxation to (b) 除稅前溢利與經營業務所得現金 cash generated from operations: 之對賬： Notes 附註 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 Profit before taxation 除稅前溢利 425,574 408,093 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 loss/(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 – 匯兌虧損╱（收益） 5(c) 5(c) 5(c) 5(c) 5(c) 5(a) 5(a) 4 5(c) 5(b) Changes in working capital: – Increase in inventories – Increase in trade and other receivables – 應收賬款及其他 營運資金變動： – 存貨增加 – Increase in trade and other payables – Increase in net employee retirement benefit liabilities 應收款增加 – 應付賬款及其他 應付款增加 – 僱員退休褔利負債 淨額增加 172,140 527 126,682 526 860 2,144 (72) 20,294 808 (1,965) 747 4,766 200 891 2,136 (132) 15,973 1,270 (1,806) 1,715 4,421 (601) (10,524) (44,629) (12,771) (85,011) 2,100 1,054 49,116 51 Cash generated from operations 經營業務所得現金 605,882 478,695 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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。 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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 2012 Trade creditors and bills payable 應付賬款及應付票據 Accrued expenses and other payables Dividend payable to non-controlling interests 應計費用及其他 應付款 應付非控股權益股息 346,911 395,230 224,830 239,712 394,426 376,688 108,856 105,662 24,717 – – – 766,054 771,918 333,686 345,374 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $14,141,000 (2012: $14,106,000) for the Group and $13,885,000 (2012: $13,864,000) for 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 14,141,000 元（二零一二年： 14,106,000 元）及 13,885,000 元（二零 一二年：13,864,000 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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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 274,512 325,786 180,558 205,171 72,394 66,969 44,272 34,541 5 – 2,472 3 – – – – 346,911 395,230 224,830 239,712 The Group’s general payment terms are one to two months from the invoice date. Therefore, the due within one month or on demand balances above are mostly within three months from the invoice date. 本集團之一般付款期限為自發票日期起 計一至兩個月。因此，上述到期日於一 個月內或按要求之結餘大部份於發票日 期起計三個月內到期。 150 Vitasoy International Holdings Ltd. Annual Report 2012/13 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, 2013, the bank loans were repayable as follows: 於二零一三年三月三十一日，銀行貸款 須於下列期限償還： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 Within one year or on demand 一年內或按要求 150,046 305,358 After one year but within two years After two years but within five years 一年後但於 兩年內 兩年後但於 五年內 26,815 – 66,308 79,824 93,123 79,824 243,169 385,182 – – – – – 50,000 – – – 50,000 At 31st March, 2013, bank loans totalling $117,416,000 (2012: Nil) are secured by charges over property, plant and equipment with net book value totalling $127,239,000 (2012: Nil) (note 12(g)). 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, 2013 and 2012, none of the covenants relating to drawn down facilities had been breached. 於 二 零 一 三 年 三 月 三 十 一 日， 合 共 117,416,000元（二零一二年：無）之銀 行貸款乃以賬面淨值合共 127,239,000 元（二零一二年：無）之物業、廠房及 設備作為擔保（附註 12(g)）。 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。本集團定期監察 以確保遵守該等契諾。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)。於二零一三年及二零一二年三 月三十一日，概無違反任何有關提取信 貸之契諾。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 22 Obligations under finance leases 22 融資租賃之債務 At 31st March, 2013, the Group had obligations under finance leases repayable as follows: 於二零一三年三月三十一日，本集團根 據融資租賃須償還之債務如下： The Group 本集團 2013 二零一三年 2012 二零一二年 Present value of the Present Total value of the minimum lease payments minimum minimum lease payments Total minimum lease payments 最低租賃 最低租賃 最低租賃 最低租賃 付款之現值 付款總額 付款之現值 付款總額 $’000 千元 $’000 千元 $’000 千元 $’000 千元 lease payments Within one year After one year but within two years After two years but within five years 一年內 一年後但於 兩年內 兩年後但於 五年內 Less: Total future interest expenses Present value of lease obligations 減：未來利息 費用總額 租賃債務之現值 1,557 2,157 3,784 4,609 1,328 1,822 1,556 2,155 5,871 7,199 6,734 8,556 7,194 8,551 8,750 10,706 8,756 10,713 12,534 15,315 (1,957) 8,756 (2,781) 12,534 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) 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. 152 Vitasoy International Holdings Ltd. Annual Report 2012/13 (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%。 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) (i) (Continued) 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 $25,000 ($20,000 prior to June 2012). Contributions to the plan vest immediately. (ii) 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. (iii) 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. (iv) The Group also operates defined contribution retirement plan for its employees in the USA. The Group is required to make contributions to the plans 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 $95,000 (2012: $47,000) 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 $86,000 (2012: $73,000). (i) （續） 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 25,000 元（ 二 零 一 二 年 六 月 前 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。 (iv) 本集團亦為其於美國之僱員設立界 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 95,000 元（ 二 零 一 二 年：47,000 元）。 於 結 算 日， 共 有 86,000 元 （二零一二年：73,000 元）之沒收 供款可用於扣減往後應付供款。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） (b) Defined benefit retirement plans (b) 界定福利退休計劃 At 31st March, 2013, the Group and the Company recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: 於二零一三年三月三十一日，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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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)） – long service payments (note 23(d)) – 長期服務金 （附註 23(d)） (2,257) (1,280) (1,278) (384) (1,025) (948) (761) (881) (3,282) (2,228) (2,039) (1,265) (c) Retirement gratuities (c) 退休金 Employees of the Group in Hong Kong and Macau, who have completed a prescribed minimum period of service and joined the Group before a specific date, are entitled to retirement gratuities upon retirement age. The gratuity is based on the last month’s salary and the number of years of service. A funded defined benefit retirement plan, Vitasoy International Holdings Limited Defined Benefit Scheme (“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, 2013 and was prepared by qualified staff of HSBC Life (International) Limited, who are members of the Society of Actuaries of the USA, using the projected unit credit method. The valuation indicates that the Group’s obligation under this defined benefit retirement plan is 90% (2012: 84%) covered by the plan assets held by the trustee. 本集團在香港及澳門之僱員在服務年資 達到一段指定之最短期限及於指定日期 之前加入本集團，均有權在屆退休年齡 時領取退休金。金額視乎最後所領月薪 及服務年資而定。 本集團為退休金成立一項資助界定福利 退休計劃 – 維他奶國際集團有限公司界 定福利計劃（「該計劃」）。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二零一三年 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 90% （二零一二年：84%）受信託人持有之 計劃資產保障。 154 Vitasoy International Holdings Ltd. Annual Report 2012/13 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） (i) The amounts recognised in the balance sheets are as follows: (i) 於資產負債表確認之金額如下： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 2012 Present value of wholly funded obligations 全面資助責任之 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 虧損淨額 Employee retirement benefit liabilities 僱員退休福利負債 (85,271) 77,115 (91,828) 76,789 (81,475) 74,698 (87,725) 74,746 5,899 13,759 5,499 12,595 (2,257) (1,280) (1,278) (384) 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。 (ii) Plan assets consist of the following: (ii) 計劃資產包括： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 2012 Equity securities Bonds Cash 股本證券 債券 現金 53,749 22,903 463 54,290 11,518 10,981 52,065 22,185 448 52,845 11,212 10,689 77,115 76,789 74,698 74,746 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） (iii) Movements in the present value of the defined (iii) 界定福利責任之現值變動如下： benefit obligations are as follows: The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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 gains/(losses) 現有服務成本 利息成本 精算收益 ∕（虧損） (91,828) 5,607 (4,520) (876) 6,346 (79,282) 10,303 (4,014) (1,884) (16,951) (87,725) 5,562 (4,258) (835) 5,781 (76,070) 10,079 (3,811) (1,806) (16,117) At 31st March 於三月三十一日 (85,271) (91,828) (81,475) (87,725) (iv) Movements in fair value of plan assets are as (iv) 計劃資產之公允值變動如下： follows: The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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 gains/(losses) 預計回報 精算收益 ∕（虧損） 76,789 989 (5,607) 4,025 919 87,035 1,022 (10,303) 4,528 (5,493) 74,746 771 (5,562) 3,903 840 84,713 816 (10,079) 4,449 (5,153) At 31st March 於三月三十一日 77,115 76,789 74,698 74,746 The Group expects to pay $1,017,000 contribution to the Plan during the year ending 31st March, 2014 (2012: $1,060,000). 本 集 團 預 期 於 截 至 二 零 一 四 年 三 月 三 十 一 日 止 年 度 向 該 計 劃 作 出 供 款 1,017,000 元（ 二 零 一 二 年： 1,060,000 元）。 (v) Net expenses recognised in the consolidated income (v) 於綜合損益報表確認之開支淨額如 statement are as follows: 下： Current service cost Interest cost Actuarial expected return on plan assets Net actuarial (losses)/gains recognised 現有服務成本 利息成本 計劃資產之精算 預計回報 已確認精算（虧損）∕ 收益淨額 156 Vitasoy International Holdings Ltd. Annual Report 2012/13 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 (4,520) (876) 4,025 (595) (4,014) (1,884) 4,528 5 (1,966) (1,365) 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) (v) (Continued) (c) 退休金（續） (v) （續） The net expenses are recognised in the following line items in the consolidated income statement: 開支淨額已於綜合損益報表中按下 列各項確認： 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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 (933) (388) (399) (246) (637) (262) (265) (201) (1,966) (1,365) 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 gain of $4,944,000 (2012: net loss of $965,000). 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）為收益淨額 4,944,000 元（ 二 零 一 二 年： 虧 損 淨額 965,000 元）。 (vi) The principal actuarial assumptions used as at 31st March, 2013 are as follows: (vi) 於二零一三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 Group and the Company 本集團及本公司 2013 二零一三年 2012 二零一二年 1.00% 1.00% 5.50% 5.50% 5% per annum 5% per annum 每年 每年 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. 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 The Group 本集團 2013 2009 二零一三年 二零一二年 二零一一年 二零一零年 二零零九年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 2012 Present value of the defined 界定福利責任 benefit obligations Fair value of plan assets 之現值 計劃資產之公允值 (85,271) 77,115 (91,828) 76,789 (79,282) 87,035 (72,810) 85,541 (75,400) 65,907 (Deficit)/surplus in the Plan 該計劃（虧絀）╱盈餘 (8,156) (15,039) 7,753 12,731 (9,493) 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 (1,166) (636) (126) (779) (100) 919 (5,493) 2,842 21,228 (33,671) The Company 本公司 2013 2009 二零一三年 二零一二年 二零一一年 二零一零年 二零零九年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2010 2011 2012 Present value of the defined 界定福利責任 benefit obligations Fair value of plan assets 之現值 計劃資產之公允值 (81,475) 74,698 (87,725) 74,746 (76,070) 84,713 (70,141) 83,207 (72,608) 64,176 (Deficit)/surplus in the Plan 該計劃（虧絀）╱盈餘 (6,777) (12,979) 8,643 13,066 (8,432) 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 (1,356) (544) 80 (951) (702) 840 (5,153) 2,769 20,658 (32,775) (d) Long service payments (d) 長期服務金 Under the Hong Kong Employment Ordinance, the Group is obliged to make lump sum payments on cessation of employment in certain circumstances to certain employees who have completed at least five years of service with the Group. The amount payable is dependent on the employees’ final salary and years of service, and is reduced by entitlements accrued under the Group’s retirement plans that are attributable to contributions made by the Group. The Group does not set aside any assets to fund any remaining obligations. 根據香港《僱傭條例》，本集團須在若 干情況下終止僱用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。 An actuarial valuation of long service payments was also carried out at 31st March, 2013, by qualified staff of HSBC Life (International) Limited, who are members of the Society of Actuaries of the USA, using the projected unit credit method. 長期服務金亦於二零一三年三月三十一 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。 158 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 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 (2,151) (1,438) (851) 1,126 490 90 (176) (705) Employee retirement benefit liabilities 僱員退休 福利負債 (1,025) (948) (761) (881) A portion of the above liabilities is expected to be settled after more than one year. However it is not practical to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit payable will also depend on staff turnover and future changes in actuarial assumptions. 預 期 上 述 負 債 部 份 將 於 超 過 一 年 後 清 償。然而，由於應付退休福利亦將視乎 員 工 流 動 率 及 精 算 假 設 日 後 之 變 動 而 定，故將此款額自未來十二個月內所應 支付之金額中抽離並不可行。 24 Equity settled share-based 24 以股份為付款基礎之交易 transactions The Company adopted a share option scheme on 4th September, 2002 (“2002 Share Option Scheme”) 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（「二零零二年購股權計 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 24 Equity settled share-based transactions (Continued) (a) The terms and conditions of the unexpired and unexercised share options at 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 2013 二零一三年 2012 二零一二年 Contractual life of options 購股權之 合約年期 Remaining contractual life 尚餘 合約年期 Exercise price 行使價 $ 元 Number of options 購股權之 數目 ’000 千股 Remaining contractual life 尚餘 合約年期 Number of options 購股權之 數目 ’000 千股 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 22/6/2012 31/8/2012 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 22/6/2013 to 至 21/6/2022 31/8/2013 to 至 30/8/2022 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 10 years 年 10 years 年 1.688 1.904 2.375 2.900 3.600 3.820 4.580 6.022 5.942 6.424 6.358 6.274 6.400 – 1 year 年 2 years 年 3 years 年 4 years 年 5 years 年 6 years 年 7 years 年 7 years 年 8 years 年 8 years 年 9 years 年 9 years 年 – 1,778 1,566 1,132 1,364 1,604 3,014 4,084 2,120 4,600 2,320 3,768 2,822 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 – – 30,172 30,042 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 授出日期起計一週年或其後 On or after 2nd year anniversary of the date of grant 授出日期起計兩週年或其後 On or after 3rd year anniversary of the date of grant 授出日期起計三週年或其後 On or after 4th year anniversary of the date of grant 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% 160 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 (b) 購股權之數目及加權平均行使價如下： share options are as follows: 2013 二零一三年 2012 二零一二年 Weighted average exercise Number of options Weighted average exercise Number of options 加權平均 購股權之 加權平均 購股權之 數目 ’000 千股 數目 ’000 千股 行使價 $ 元 行使價 $ 元 price price 於四月一日尚未行使 Outstanding at 1st April Exercised during the year 於年內行使 於年內授出 Granted during the year 因合資格參與者離職 Forfeited on termination 而於年內沒收或失效 of employment of eligible participants or lapsed during the year 4.618 2.922 6.328 30,042 (5,236) 6,590 3.943 2.656 6.403 24,882 (1,896) 7,336 5.480 (1,224) 4.748 (280) Outstanding at 31st March 於三月三十一日尚未行使 5.251 30,172 4.618 30,042 Exercisable at 31st March 於三月三十一日可行使 13,490 14,669 The weighted average share price at the date of exercise for share options exercised during the year was $7.401 (2012: $5.678). 已行使之購股權於年內之行使日期之加 權 平 均 股 價 為 7.401 元（ 二 零 一 二 年： 5.678 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 22/6/2012 31/8/2012 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% $0.953元 $6.170元 $6.274元 26% $1.043元 $6.620元 $6.400元 26% 10 years年 7.50% 3.91% 10 years年 7.50% 3.34% 10 years年 7.50% 3.52% 10 years年 7.50% 4.69% 10 years年 7.50% 4.69% 10 years年 7.00% 3.60% 10 years年 7.00% 2.19% 10 years年 5.60% 2.12% 10 years年 5.60% 1.90% 10 years年 5.50% 2.04% 10 years年 5.50% 1.75% 10 years年 5.00% 0.81% 10 years年 5.00% 0.62% Fair value at measurement date Share price Exercise price Expected volatility Expected option life 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 Expected dividends Risk-free interest rate 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。 (d) Share Option Scheme approved on (d) 於二零一二年八月二十八日批准 28th August, 2012 的購股權計劃 At the annual general meeting of the Company held on 28th August, 2012, an ordinary resolution was passed for the adoption of a new share option scheme (the “2012 Share Option Scheme”). 於二零一二年八月二十八日舉行之本公 司 股 東 週 年 大 會 上， 通 過 了 有 關 採 納 新購股權計劃（「二零一二年購股權計 劃」）之普通決議案。 162 Vitasoy International Holdings Ltd. Annual Report 2012/13 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） (d) Share Option Scheme approved on (d) 於二零一二年八月二十八日批准 28th August, 2012 (Continued) 的購股權計劃（續） The principal terms of the 2012 Share Option Scheme were as follows: 二 零 一 二 年 購 股 權 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 on the date of grant, which must be a business day; (b) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant; and (c) the nominal value of the shares. The period within which the options must be exercised would be specified by the Company at the time of grant. This period must expire no later than 10 years from the relevant date of grant. There was no minimum period for which an option must be held nor a performance target which must be achieved before it could be exercised, but the Board of Directors may determine at its sole discretion any such terms on the grant of an option. – 購股權之行使價為下列三者中之最 高價：(a) 股份於授出日期（當日必 須為營業日）在聯交所錄得之收市 價；(b) 股份於緊接授出日期前五 個營業日在聯交所錄得之平均收市 價；及 (c) 股份之面值。 – 本公司將於授予購股權時指定購股 權須予行使之期限。此屆滿期限須 不遲於有關授予日期起計十年。 – 並無購股權必須持有之最短期限或 購股權可行使前必須達到之表現目 標，惟董事會可就授予購股權自行 酌情釐定有關條款。 The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. – 就行使全部將授予之購股權而可予 發 行 之 股 份 總 數， 最 多 不 得 超 過 批准及採納計劃當日之已發行股份 10%。 The overall limit on the number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the 2012 Share Option Scheme and any other share option schemes for the time being of the Company shall not, in aggregate, exceed such number of shares as equals 30% of the shares in issue from time to time. – 因行使根據二零一二年購股權計劃 及本公司當時任何其他購股權計劃 已授予但尚未行使之所有購股權而 可予發行之股份數目整體限額，合 共不得超過相等於不時已發行股份 之 30% 之股份數目。 During the year ended 31st March, 2013, no share option was granted under the 2012 Share Option Scheme. 截至二零一三年三月三十一日止年度， 並無根據二零一二年購股權計劃授出任 何購股權。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 25 Income tax in the balance sheet 25 資產負債表之所得稅 (a) Current tax recoverable/(payable) in the (a) 資產負債表之應收╱（應付）現期 balance sheets represents: 稅項如下： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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 Summary (44,158) 24,621 (32,190) 15,151 (40,838) 21,720 (29,020) 12,906 (19,537) (21,647) (17,039) (8,787) (19,118) (3,407) (16,114) – (41,184) (25,826) (22,525) (16,114) 概要 The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 2012 Current tax recoverable Current tax payable 應收現期稅項 應付現期稅項 1,974 (43,158) 430 (26,256) – (22,525) – (16,114) (41,184) (25,826) (22,525) (16,114) (b) Deferred tax assets/(liabilities) recognised: (b) 已確認遞延稅項資產╱（負債）： The components of deferred tax assets/(liabilities) recognised in the balance sheets and the movements during the year are as follows: 於 資 產 負 債 表 確 認 之 遞 延 稅 項 資 產 ╱ （負債）及年內之變動如下： The Group 本集團 Depreciation allowances in excess of the related depreciation Future benefit of tax losses Employee retirement benefits 超出有關折舊 稅務虧損之 未來利益 之折舊免稅額 $’000 千元 $’000 千元 僱員 退休福利 $’000 千元 Withholding tax on dividends Fair value adjustment on tangible and intangible assets 有形及 無形資產之 撥備 股息預扣稅 公允值調整 $’000 千元 $’000 千元 Provisions $’000 千元 Cash flow hedges 現金 流量對沖 $’000 千元 Others Total 其他 $’000 千元 總計 $’000 千元 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 Credited to reserves 於二零一一年四月一日 匯兌調整 於損益（扣除）╱計入 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) 164 Vitasoy International Holdings Ltd. Annual Report 2012/13 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: (b) 已確認遞延稅項資產╱（負債）： (Continued) The Group (Continued) （續） 本集團（續） 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 $’000 千元 $’000 千元 僱員 退休福利 $’000 千元 tax on dividends 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 $’000 千元 $’000 千元 Provisions $’000 千元 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April, 2012 Exchange adjustments Credited/(charged) to profit or loss Credited to reserves 於二零一二年四月一日 匯兌調整 於損益計入╱（扣除） 於儲備計入 (74,801) 14 4,882 – 17,924 11 (10,646) – 155 – (3) – 20,735 196 4,989 – (3,644) – (3,061) (39) 269 – 447 – At 31st March, 2013 於二零一三年三月三十一日 (69,905) 7,289 152 25,920 (3,375) (2,653) Cash flow hedges 現金 流量對沖 $’000 千元 Others Total 其他 $’000 千元 總計 $’000 千元 (4) – – 4 – 1,569 – (41,127) 182 – – (62) 4 1,569 (41,003) The Company 本公司 Depreciation allowances in excess of the related depreciation 超出有關折舊 之折舊免稅額 $’000 千元 Employee retirement benefits 僱員 退休福利 $’000 千元 Provisions 撥備 $’000 千元 Cash flow hedges 現金流量 對沖 $’000 千元 Total 總計 $’000 千元 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April, 2011 Charged to profit or loss Credited to reserves 於二零一一年四月一日 於損益扣除 於儲備計入 (45,169) (10,223) – At 31st March, 2012 於二零一二年三月三十一日 (55,392) At 1st April, 2012 Credited/(charged) to profit or loss Credited to reserves 於二零一二年四月一日 於損益計入╱（扣除） 於儲備計入 (55,392) 1,010 – 189 (43) – 146 146 (20) – 3,666 (270) – 3,396 3,396 401 – At 31st March, 2013 於二零一三年三月三十一日 (54,382) 126 3,797 (347) – 343 (41,661) (10,536) 343 (4) (51,854) (4) (51,854) – 4 – 1,391 4 (50,459) 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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: (b) 已確認遞延稅項資產╱（負債）： (Continued) Reconciliation to the balance sheets （續） 資產負債表對賬 The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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 16,452 17,957 – – (57,455) (59,084) (50,459) (51,854) (41,003) (41,127) (50,459) (51,854) (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 $460,023,000 (2012: $440,852,000) as it is not probable that future taxable profits against which the losses can be utilised will be available in the relevant tax jurisdictions and entities. Included in unrecognised tax losses is an amount of $64,327,000 (2012: $35,382,000) and $384,198,000 (2012: $394,115,000) 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 $11,498,000 (2012:$11,355,000) 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 460,023,000 元（ 二 零 一 二 年：440,852,000 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 64,327,000 元（ 二 零 一 二 年：35,382,000 元） 及 384,198,000 元（ 二 零 一 二 年： 394,115,000 元） 將 可 分 別 自 虧 損 產 生 日 起 結 轉 最 多 五 年 及 二 十 年。 其 餘 11,498,000 元（ 二 零 一 二 年： 11,355,000 元）稅務虧損不會根據現行 稅法屆滿。 166 Vitasoy International Holdings Ltd. Annual Report 2012/13 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Capital, reserves and dividends 26 資本、儲備及股息 (a) Movements in components of equity (a) 權益組成部份之變動 The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below: 本集團綜合權益各組成部份之年初與年 末結餘之對賬載於綜合權益變動表。本 公司權益個別組成部份於年初及年末之 變動詳情如下： The Company 本公司 Share capital Share premium 股本 $’000 千元 股份溢價 $’000 千元 Note 附註 Capital redemption reserve 資本 贖回儲備 $’000 千元 Capital reserve 資本儲備 $’000 千元 Share-based General compensation reserve reserve 股份基礎 補償儲備 $’000 千元 一般儲備 $’000 千元 Hedging reserve Retained profits Total equity 對沖儲備 $’000 千元 保留溢利 $’000 千元 權益總額 $’000 千元 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 of share options Equity settled share-based transactions 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 股份基礎補償儲備 轉撥至股份溢價 以股份為付款基礎之交易 批准屬於上一年度 之末期股息 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 Balance at 1st April, 2012 於二零一二年四月一日結餘 255,437 344,266 1,101 63,307 2,261 12,701 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 of share options Equity settled share-based transactions 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 股份基礎補償儲備 轉撥至股份溢價 以股份為付款基礎之交易 批准屬於上一年度 之末期股息 宣派本年度 之中期股息 26(d)(ii) – – 26(c)(ii) 1,309 13,990 26(c)(ii) 26(b)(ii) 26(b)(i) 9 – – – – – 2,315 – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – (2,315) 4,766 – – – 19 19 – – – – – 567,802 1,246,894 567,802 1,246,894 4,087 – – – – 15,299 – 4,766 (154,416) (154,416) – (19) (32,797) 273,909 (32,797) 273,890 Balance at 31st March, 2013 於二零一三年三月三十一日結餘 256,746 360,571 1,101 59,220 2,261 15,152 – 658,585 1,353,636 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 (i) 應付予本公司股權持有人之本年度 Company attributable to the year 股息 Interim dividend declared and paid of 3.2 cents per ordinary share (2012: 3.2 cents per ordinary share) Final dividend proposed after the balance sheet date of 16.6 cents per ordinary share (2012: 15.1 cents per ordinary 已宣派及已支付中期股息 每股普通股 3.2 仙 （二零一二年：每股 普通股 3.2 仙） 於結算日後擬派末期股息 每股普通股 16.6 仙 （二零一二年：每股 普通股 15.1 仙） share) The final dividend proposed after the balance sheet date is based on 1,027,691,500 ordinary shares (2012: 1,022,441,500 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. 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 32,797 32,695 170,597 154,389 203,394 187,084 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 1,027,691,500 股 普 通 股（ 二 零 一 二 年：1,022,441,500 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，並於年內批准 及支付予本公司股權持有人之股息 Final dividend in respect of the previous financial year, approved and paid during the year, of 15.1 cents per ordinary share (2012: 15.1 cents per ordinary share) 屬於上一財政年度， 並於年內批准 及支付之末期股息 每股普通股 15.1 仙 （二零一二年： 每股普通股 15.1 仙） 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. 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 154,416 154,267 於年內批准及支付之末期股息乃按 股東週年大會當日已發行股份總數 計算。 168 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 2013 二零一三年 2012 二零一二年 Number of shares 股數 ’000 千股 Amount 金額 $’000 千元 Number of shares 股數 ’000 千股 Amount 金額 $’000 千元 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: 已發行及已繳足 普通股： At 1st April Shares issued on exercise of share options 於四月一日 就行使購股權 而發行股份 1,021,748 255,437 1,019,852 254,963 5,236 1,309 1,896 474 At 31st March 於三月三十一日 1,026,984 256,746 1,021,748 255,437 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 5,236,000 (2012: 1,896,000) ordinary shares in the Company. The net consideration was $15,299,000 (2012: $5,030,000) of which $1,309,000 (2012: $474,000) was credited to share capital and the balance of $13,990,000 (2012: $4,556,000) was credited to the share premium account. An amount of $2,315,000 (2012: $937,000) 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 5,236,000 股（ 二 零 一 二 年：1,896,000 股）之 購 股 權 獲 行 使。 代 價 淨 額 為 15,299,000 元（二零一二年：5,030,000 元），其中 1,309,000 元（ 二 零 一 二 年：474,000 元）已 撥 入 股 本， 其 餘 13,990,000 元 （二零一二年：4,556,000 元）則撥入股 份溢價賬。2,315,000 元（二零一二年： 937,000 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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. 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。 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 (2012: $4,087,000) was transferred from capital reserve to retained profits. 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 二 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 and Vitasoja (Macau) Limitada in accordance with regulations in the PRC and Macau respectively. 盈 餘 儲 備 由 深 圳 維 他 奶 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。 170 Vitasoy International Holdings Ltd. Annual Report 2012/13 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現金流量對沖之 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, 2013, the amounts of reserves available for distribution to equity shareholders of the Company are $660,846,000 (2012: $570,063,000). 於 二 零 一 三 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 660,846,000 元（ 二 零 一 二 年： 570,063,000 元）。 After the balance sheet date, the directors proposed a final dividend of 16.6 cents per ordinary share (2012: 15.1 cents per ordinary share), amounting to $170,597,000 (2012: $154,389,000). This dividend has not been recognised as liabilities at the balance sheet date. 於結算日後，董事建議派發末期股息每 股普通股 16.6 仙（二零一二年：每股普 通 股 15.1 仙）， 總 數 為 170,597,000 元 （二零一二年：154,389,000 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. 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。 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. 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 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 Group’s strategy was unchanged from 2012, which was to maintain the debt-to-adjusted capital ratio below 30%. 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 之 策 略 自 二 零 一 二 年 起 保 持 不 變， 將 負 債 對 經 調 整 資 本 比 率 維 持 於 30% 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。 The debt-to-adjusted equity ratio at 31st March, 2013 and 2012 was as follows: 於二零一三年及二零一二年三月三十一 日之負債對經調整資本比率如下： The Group 本集團 The Company 本公司 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2013 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） 150,046 305,358 1,557 3,784 151,603 309,142 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） 93,123 79,824 7,199 8,750 100,322 88,574 Total debt 負債總額 251,925 397,716 – – – – – – – 50,000 – 50,000 – – – 50,000 Total equity Less: Proposed dividends (note 26(b)(i)) 權益總額 減：擬派股息 1,823,711 1,678,340 1,353,636 1,246,894 （附註 26(b)(i)） (170,597) (154,389) (170,597) (154,389) Adjusted capital 經調整資本 1,653,114 1,523,951 1,183,039 1,092,505 Debt-to-adjusted equity ratio 負債對經調整資本比率 15% 26% 0% 5% Certain of the Group’s banking facilities are subject to fulfilment of covenants which include maintaining the Group’s debt-to-equity ratio below a certain amount and maintaining the Group’s net worth ratio above a certain amount. Except for the above, neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 本集團若干銀行信貸須符合契諾，包括 旨在將本集團之負債資本比率維持於一 定數值以下及將淨資產比率維持於一定 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。 172 Vitasoy International Holdings Ltd. Annual Report 2012/13 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. 本集團在一般業務過程中存在信貸、流 動資金、利率及貨幣風險。本集團面對 之有關風險及本集團所採用管理有關風 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 generally due within one to three months 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, 16.3% (2012: 14.6%) and 47.6% (2012: 47.1%) 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. 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一 至三個月內到期。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 16.3%（二零一二 年：14.6%）及 47.6%（ 二 零 一 二 年： 47.1%）。 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。 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 2012. 本集團面對之信貸風險及就管理有關風 險之政策自二零一二年起從未改變。 二零一二 / 一三年年報 維他奶國際集團有限公司 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（續） values (Continued) (b) Liquidity risk Individual operating entities within the Group are responsible for their daily operation, including placing short term cash deposits and 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. Cash surplus over operating needs are closely monitored and managed by the Group’s central cash and treasury management system. The Group’s policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term. The Group’s exposures to the liquidity risk and its policies for managing such risk were unchanged from 2012. 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 (b) 流動資金風險 本集團個別經營實體負責其日常運作， 包括存放短期現金存款及借入貸款以滿 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。超過營運所需之現金盈餘由本集團 中央現金及財政管理制度密切監控及管 理。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 策自二零一二年起從未改變。 下表詳列本集團及本公司於結算日之金 融負債之餘下合約期限，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 2013 二零一三年 Contractual undiscounted cash outflow 合約未折現現金流出 Trade and other payables (excluding receipt in advance) 應付賬款及其他應付款 （不包括預收款項） 銀行貸款 Bank loans Obligations under finance leases 融資租賃之債務 Within 1 year or on demand 一年內或 按要求 $’000 千元 More than More than 1 year but 2 years but less than 5 years 兩年後 但五年內 $’000 千元 less than 2 years 一年後 但兩年內 $’000 千元 Total Carrying amount 總計 $’000 千元 賬面值 $’000 千元 (736,803) (160,615) (2,157) – (31,801) (1,822) – (71,127) (6,734) (736,803) (263,543) (10,713) (736,803) (243,169) (8,756) (899,575) (33,623) (77,861) (1,011,059) (988,728) 174 Vitasoy International Holdings Ltd. Annual Report 2012/13 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（續） values (Continued) (b) Liquidity risk (Continued) The Group (Continued) Trade and other payables (excluding receipt in advance) Bank loans Obligations under finance leases 融資租賃之債務 應付賬款及其他應付款 （不包括預收款項） 銀行貸款 (b) 流動資金風險（續） 本集團（續） 2012 二零一二年 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 More than 2 years but less than 5 years 兩年後 但五年內 $’000 千元 1 year but less than 2 years 一年後 但兩年內 $’000 千元 Total Carrying amount 總計 $’000 千元 賬面值 $’000 千元 (755,731) (320,895) (4,609) – (5,974) (2,155) – (87,975) (8,551) (755,731) (414,844) (15,315) (755,731) (385,182) (12,534) (1,081,235) (8,129) (96,526) (1,185,890) (1,153,447) The Company 本公司 Contractual undiscounted cash outflow 合約未折現現金流出 2013 二零一三年 2012 二零一二年 Within 1 year or on demand 一年內或 按要求 $’000 千元 Carrying amount 賬面值 $’000 千元 Within 1 year or on demand 一年內或 按要求 $’000 千元 Carrying amount 賬面值 $’000 千元 Trade and other payables Bank loans Amounts due to subsidiaries 應付賬款及其他應付款 銀行貸款 應付附屬公司款項 (333,686) – (39,426) (333,686) – (39,426) (345,374) (50,008) (64,850) (345,374) (50,000) (64,850) (373,112) (373,112) (460,232) (460,224) 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 27 Financial risk management and fair 27 財務風險管理及公允值（續） values (Continued) (c) Interest rate risk 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. (c) 利率風險 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。 (i) Interest rate profile (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 2013 二零一三年 2012 二零一二年 2013 二零一三年 2012 二零一二年 Effective interest rate 實際利率 Effective interest rate 金額 實際利率 Amount Effective interest rate 金額 實際利率 Amount Effective Interest rate 金額 實際利率 Amount % $’000 千元 % $’000 千元 % $’000 千元 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 5.84 8,756 153,986 7.58 5.08 12,534 159,969 162,742 172,503 5.55 89,183 6.76 225,213 251,925 397,716 – – – – – – – – – 0.82 – 50,000 50,000 – – 50,000 (ii) Sensitivity analysis (ii) 敏感性分析 At 31st March, 2013, 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 $649,000 (2012: $1,616,000). 於二零一三年三月三十一日，估計利率 普遍上升╱下跌一百個基點，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 649,000 元（ 二 零 一 二 年： 1,616,000 元）。 176 Vitasoy International Holdings Ltd. Annual Report 2012/13 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（續） values (Continued) (c) Interest rate risk (Continued) (ii) Sensitivity analysis (Continued) (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。 本集團並無將任何定息借貸按公允值計 算並計入損益，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 2012. 二 零 一 二 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”), New Zealand dollars (“NZD”), 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」）、 新 西 蘭 元（「 新 西 蘭 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 27 Financial risk management and fair 27 財務風險管理及公允值（續） values (Continued) (d) Currency risk (Continued) (d) 貨幣風險（續） For group entities whose functional currency is a currency other than HKD, except for certain sales and transactions with group entities and certain borrowings from group entities that are denominated in HKD and NZD, most of the other transactions are denominated in their functional currencies. The Group’s policies for managing such risk were unchanged from 2012. During the year ended 31st March, 2013, 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, 2013, the Group and the Company do not have outstanding forward exchange contracts (2012: Nil). At 31st March, 2012, the Group and the Company had designated certain bank balances that were denominated in EUR of EUR573,000 (equivalent to $5,934,000) to hedge its currency risk. 對於集團內以港幣以外之貨幣作功能貨 幣的各個實體，除若干出售及與本集團 各實體進行之交易以及與本集團各實體 之若干借貸按港幣及新西蘭元計值外， 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二零一二 年起並無改變。於截至二零一三年三月 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。 於二零一三年三月三十一日，本集團及 本公司並無未結算之遠期外匯合約（二 零一二年：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）之若干銀行結存指 定用作對沖其貨幣風險。 178 Vitasoy International Holdings Ltd. Annual Report 2012/13 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（續） values (Continued) (d) Currency risk (Continued) (i) Exposure to currency risk 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, 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. The Group 本集團 (d) 貨幣風險（續） (i) 承受之貨幣風險 下表詳列本集團及本公司於結算日並非 以有關實體之功能貨幣之貨幣計值的已 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 團之呈列貨幣而產生之差額、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 風險之銀行結存並不包括在內。 Exposure to foreign currencies (expressed in HKD) 外匯風險承擔（以港幣計算） 2013 二零一三年 USD 美元 $’000 千元 EUR 歐元 $’000 千元 NZD 新西蘭元 $’000 千元 SGD 坡元 $’000 千元 HKD 港幣 $’000 千元 RMB 人民幣 $’000 千元 USD 美元 $’000 千元 EUR 歐元 $’000 千元 2012 二零一二年 SGD 坡元 $’000 千元 HKD 港幣 $’000 千元 RMB 人民幣 $’000 千元 及現金等值項目 Bank deposits and cash 銀行存款與現金 and cash equivalents Amounts due from/(to) 應收╱（應付） 附屬公司款項 subsidiaries 應收賬款及 Trade and other 其他應收款 receivables 應付賬款及 Trade and other 其他應付款 payables 1,327 522 5,379 25,684 – – 8 – 3,256 13,405 1,875 1,076 1,206 64,236 7,551 – – 12 14,804 210 (19,003) 59,756 – 1,026 9,853 8,455 (16,103) – (6,186) – 10 – – – 390 6,012 536 – (3,633) (23,362) (11,583) – (261) (6,303) Net exposure 淨風險承擔 10,908 1,548 9,046 8,463 4,472 74,008 (13,936) (10,117) 6,024 (3,924) 53,663 The Company 本公司 Exposure to foreign currencies (expressed in HKD) 外匯風險承擔（以港幣計算） 2013 二零一三年 2012 二零一二年 USD 美元 $’000 千元 EUR 歐元 $’000 千元 SGD 坡元 $’000 千元 RMB 人民幣 $’000 千元 USD 美元 $’000 千元 EUR 歐元 $’000 千元 SGD 坡元 $’000 千元 RMB 人民幣 $’000 千元 Bank deposits and cash and 銀行存款與現金 cash equivalents Amounts due from/(to) subsidiaries Trade and other receivables Trade and other payables 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 830 182,889 – (14,728) 522 – 578 – 8 13,405 1,599 16 – 210 50,619 8,455 – 78,653 – (3,633) 169,214 – (22,797) – – (11,475) 57,519 6,012 – 59,756 – (6,303) Net exposure 淨風險承擔 168,991 1,100 59,082 88,425 148,016 (11,459) 63,531 53,663 二零一二 / 一三年年報 維他奶國際集團有限公司 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） 27 Financial risk management and fair 27 財務風險管理及公允值（續） values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis 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. (d) 貨幣風險（續） (ii) 敏感性分析 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。 The Group USD EUR NZD SGD HKD RMB 美元 歐元 新西蘭元 坡元 港幣 人民幣 本集團 2013 二零一三年 Increase/ (decrease) Increase/ (decrease) in profit in foreign after taxation and retained exchange profits rates 除稅後溢利 及保留溢利 上升╱ （下跌） $’000 千元 匯率 上升╱ （下跌） 2012 二零一二年 Increase/ (decrease) in foreign exchange rates 匯率 上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱ （下跌） $’000 千元 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (36) 36 63 (63) 317 (317) 353 (353) 254 (254) 3,652 (3,652) 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (22) 22 (427) 427 – – 252 (252) (344) 344 2,240 (2,240) 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. 180 Vitasoy International Holdings Ltd. Annual Report 2012/13 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。 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（續） values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) 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, 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 2012. (d) 貨幣風險（續） (ii) 敏感性分析（續） 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 對外匯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 資的一部份）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匯風險之銀 行結存而產生之差額。二零一二年之分 析乃按照相同基準進行。 (e) Fair values (e) 公允值 The amounts due from/to subsidiaries are unsecured, interest-free and have no fixed repayment terms. Given these terms, it is not meaningful to disclose fair values. 應收╱應付附屬公司款項為無抵押、免 息及無固定還款期。鑒於此等條款，披 露其公允值之意義不大。 All other financial instruments are carried at amounts not materially different from their fair values as at 31st March, 2013 and 2012. 所有其他金融工具之賬面值與其於二零 一三年及二零一二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, 2013 not provided for in the financial statements were as follows: (a) 於二零一三年三月三十一日，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 2013 2012 二零一三年 二零一二年 二零一三年 二零一二年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2012 2013 Contracted for Authorised but not contracted for 已批准但未訂約 已訂約 24,531 287,963 39,751 122,886 14,109 104,818 10,205 84,107 312,494 162,637 118,927 94,312 As at 31st March, 2013, the Group and the Company are committed to certain construction contracts for the acquisition of plant and machinery and buildings. 於二零一三年三月三十一日，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。 二零一二 / 一三年年報 維他奶國際集團有限公司 181 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Commitments (Continued) 28 承擔（續） (b) At 31st March, 2013, the total future minimum lease payments under non-cancellable operating leases are payable as follows: (b) 於二零一三年三月三十一日，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 2013 二零一三年 2012 二零一二年 Factory machinery and Properties equipment 工廠機器 及設備 Factory machinery and equipment 工廠機器 及設備 $’000 千元 $’000 千元 $’000 千元 $’000 千元 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 50,610 1,024 43,221 1,306 37,438 – 1,454 – 23,141 – 1,990 83 88,048 2,478 66,362 3,379 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 2013 二零一三年 Properties 物業 $’000 千元 2012 二零一二年 Properties 物業 $’000 千元 14,852 17,998 12,174 2,906 32,850 15,080 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。 182 Vitasoy International Holdings Ltd. Annual Report 2012/13 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, 2013, 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 $165,290,000 (2012: $263,941,000). (a) 於二零一三年三月三十一日，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 165,290,000 元（二零 一二年：263,941,000 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 (2012: $Nil). 由於擔保之公允值無法可靠計量，且成 交 價 為 零 元（ 二 零 一 二 年： 零 元）， 故 本公司並無就該等擔保確認任何遞延收 入。 (b) The Company has given undertakings to certain wholly- owned subsidiaries to provide them with such financial assistance as is necessary to maintain them as going concerns. (b) 本公司已承諾向若干全資附屬公司提供 必 要 財 政 援 助 以 確 保 彼 等 繼 續 經 營 運 作。 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) 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 $27,122,000 (2012: $26,036,000). The amount due to the related party as at 31st March, 2013 totalled $6,948,000 (2012: $6,338,000). (ii) During the year ended 31st March, 2012, the Group had 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 was pre-determined in an agreement entered into between the Group and the related party, and would 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 during the year ended 31st March, 2012. The amount due to the related party as at 31st March, 2012 amounted to $48,000. (i) 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 27,122,000 元（ 二 零一二年：26,036,000 元）。於二 零一三年三月三十一日應付予該關 連人士之款項總額為 6,948,000 元 （二零一二年：6,338,000 元）。 (ii) 截至二零一二年三月三十一日止年 度， 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。 截 至 二 零 一 二 年 三 月 三十一日止年度，向該關連人士採 購之貨品共值 1,284,000 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。 二零一二 / 一三年年報 維他奶國際集團有限公司 183 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 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 2013 二零一三年 $’000 千元 2012 二零一二年 $’000 千元 30,719 1,001 4,398 32,909 1,006 4,266 36,118 38,181 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)）。 (c) Acquisition of non-controlling interest of (c) 收購深圳維他奶之非控股權益 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. 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。 184 Vitasoy International Holdings Ltd. Annual Report 2012/13 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) (d) Partial disposal of equity interest in Vitasoy (d) 出售佛山維他奶之部份股本權益 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. 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。 31 Non-adjusting post balance sheet 31 毋須作出調整之結算日後事 event (a) On 2nd April, 2013, share options of 2,100,000 were granted to Mr. Roberto GUIDETTI, the Group Chief Executive Officer of the Company, under the 2012 Share Option Scheme, with exercise period from 2nd April, 2015 to 1st April, 2023 and exercise price of $9.090. The fair value of the share options granted is measured based on a binomial lattice model and is amounted to approximately $3,024,000. Further details of the Share Option Scheme are set out in Report of the Directors. 項 (a) 於二零一三年四月二日，根據二零 一二年購股權計劃授予本公司之集 團行政總裁陸博濤先生 2,100,000 份購股權，行使期自二零一五年四 月二日起至二零二三年四月一日， 行使價為 9.090 元。授出購股權之 公允值乃按二項式點陣模式計算， 約為 3,024,000 元。有關購股權計 劃 之 進 一 步 詳 情 載 於 董 事 會 報 告 內。 (b) Subsequent to the balance sheet date, the Directors proposed a final dividend. Further details are disclosed in note 26(b). (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。 32 Comparative figures 32 比較數字 Certain expenses of reportable segments as disclosed in note 3 have been reallocated to conform with the current year’s presentation to reflect more appropriately the performance of the reportable segments. As a result, head office or corporate administrative costs decreased by $6,411,000 and reportable segment profit from operations were adjusted accordingly. 附 註 3 所 披 露 之 須 報 告 分 部 之 若 干 費 用 已 重 新 分 配， 使 其 符 合 本 年 度 之 呈 列， 以 更 適 當 地 反 映 須 報 告 分 部 之 表 現。因此，總公司或企業行政成本減少 6,411,000 元，而須報告分部之經營溢 利亦相應作出調整。 二零一二 / 一三年年報 維他奶國際集團有限公司 185 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 33 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2013 33 已頒佈但尚未於截至二零一 三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, 2013 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 公會已頒佈截至二零一三年三月三十一 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, 2012 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 HKFRS 13, Fair value measurement 1st January, 2013 HKAS 27, Separate financial statements 1st January, 2013 (2011) HKAS 28, Investments in associates and 1st January, 2013 joint ventures Revised HKAS 19, Employee benefits 1st January, 2013 Annual Improvements to HKFRSs 2009-2011 Cycle 1st January, 2013 Amendments to HKFRS 7, Financial instruments: Disclosures – Offsetting financial assets and financial liabilities 1st January, 2013 Amendments to HKAS 32, Financial instruments: Presentation – Offsetting financial assets and financial liabilities 1st January, 2014 HKFRS 9, Financial Instruments 1st January, 2015 於下列日期或 之後開始 之會計期間生效 二零一二年七月一日 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》 第 10 號 「綜合財務報表」 《香港財務報告準則》 第 11 號「合營安排」 《香港財務報告準則》 第 12 號 「於其他實體 之權益披露」 《香港財務報告準則》 第 13 號「公允值計量」 二零一三年一月一日 《香港會計準則》第 27 號 二零一三年一月一日 「獨立財務報表」 （二零一一年） 《香港會計準則》第 28 號 二零一三年一月一日 「於聯營公司及合營 企業之投資」 《香港會計準則》第 19 號 二零一三年一月一日 （經修訂）「僱員福利」 二零零九年至二零一一年 二零一三年一月一日 週期香港財務報告準則 之年度改進 《香港財務報告準則》 第 7 號「金融工具： 披露 – 抵銷金融資產 及金融負債」之修訂 二零一三年一月一日 《香港會計準則》第 32 號 二零一四年一月一日 「金融工具：呈列 – 抵銷 金融資產及金融負債」 之修訂 《香港財務報告準則》 第 9 號「金融工具」 二零一五年一月一日 186 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2013 (Continued) 33 已頒佈但尚未於截至二零一 三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） The Group is in the process of making an assessment of what the impact of these amendments 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 consolidated financial statements except for the following: 本集團現正評估該等修訂預期於應用初 期產生之影響。直至目前，概括而言， 採納上述修訂對綜合財務報表造成重大 影響之機會不大，惟下列各項除外： Amendments to HKAS 1, Presentation of financial statements – Presentation of items of other comprehensive income 《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 The amendments to HKAS 1 require entities to present separately the items of other comprehensive income that would be reclassified to profit or loss in the future if certain conditions are met from those that would never be reclassified to profit or loss. The Group’s presentation of other comprehensive income will be modified accordingly when the amendments are adopted for the first time. HKFRS 10, Consolidated financial statements HKFRS 10 replaces the requirements in HKAS 27, Consolidated and separate financial statements relating to the preparation of consolidated financial statements and HK-SIC 12 Consolidation – Special purpose entities. It introduces a single control model to determine whether an investee should be consolidated, by focusing on whether the entity has power over the investee, exposure to variable returns from its involvement with the investee and the ability to use its power to affect the amount of those returns. The application of HKFRS 10 is not expected to change any of the control conclusions reached by the Group in respect of its involvement with other entities as at 1st April, 2013. However, it may in the future result in investees being consolidated which would not have been consolidated under the Group’s existing policies or vice versa. 《 香 港 會 計 準 則》第 1 號 之 修 訂 要 求 實 體分開呈列日後有可能重新分類至損益 之其他全面收益項目，惟前提是該等本 應不會重新分類至損益之其他全面收益 項目符合若干條件。首次採納該等修訂 時，本集團將據此修訂其他全面收益之 呈列。 《香港財務報告準則》第10號「綜 合財務報表」 《香港財務報告準則》第 10 號取代有關 編製綜合財務報表之《香港會計準則》 第 27 號「綜合及獨立財務報表」以及香 港（常設詮釋委員會）詮釋公告第 12 號 「綜合 – 特殊目的實體」等規定。《香港 財務報告準則》第 10 號引入單一控制模 式，以釐定被投資公司應否予以綜合處 理，而焦點則放在有關實體是否有權控 制被投資公司、參與被投資公司業務所 得可變動回報之風險承擔，以及運用權 力影響該等回報金額之能力。 應用《香港財務報告準則》第 10 號預期 不會改變本集團就其於二零一三年四月 一日參與其他實體達致之任何控制權結 論。然而，其未來可能導致根據本集團 現有政策不會綜合入賬之被投資公司綜 合入賬，反之亦然。 二零一二 / 一三年年報 維他奶國際集團有限公司 187 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 33 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2013 (Continued) 33 已頒佈但尚未於截至二零一 三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） HKFRS 12, Disclosure of interests in other entities 《香港財務報告準則》第12號「於 其他實體之權益披露」 HKFRS 12 brings together into a single standard all the disclosure requirements relevant to an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities. The disclosures required in HKFRS 12 are generally more extensive than those required in the current standards. 《香港財務報告準則》第 12 號將實體於 附屬公司、合營安排、聯營公司及未綜 合入賬之結構性實體之權益之所有相關 披 露 集 於 一 身。《 香 港 財 務 報 告 準 則》 第 12 號規定之披露範圍普遍較目前準 則所規定者更為廣泛。 The Group may have to make additional disclosures about its interests in other entities when the standard is adopted for the first time in FY2013/2014. 本集團於二零一三 ∕二零一四財政年度 首次採納該準則時，可能須額外披露於 其他實體之權益。 HKFRS 13, Fair value measurement HKFRS 13 replaces existing guidance in individual HKFRSs with a single source of fair value measurement guidance. HKFRS 13 also contains extensive disclosure requirements about fair value measurements for both financial instruments and non-financial instruments. HKFRS 13 is effective as from 1st April, 2013, but retrospective adoption is not required. The Group estimates that the adoption of HKFRS 13 will not have any significant impact on the fair value measurements of its assets and liabilities, but additional disclosures may need to be made in the FY2013/2014 financial statements. 《香港財務報告準則》第13號「公 允值計量」 《香港財務報告準則》第 13 號以單一公 允值計量指引來源取代個別《香港財務 報告準則》之現有指引。《香港財務報 告準則》第 13 號亦包含有關金融工具及 非金融工具公允值計量之更廣泛披露規 定。《香港財務報告準則》第 13 號自二 零一三年四月一日起生效，惟毋須追溯 採納。本集團估計採納《香港財務報告 準則》第 13 號將不會對其資產及負債之 公允值計量產生任何重大影響，惟可能 須於二零一三 ∕二零一四財政年度之財 務報表中作出更多披露。 188 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2013 (Continued) 33 已頒佈但尚未於截至二零一 三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） Revised HKAS 19, Employee benefits Revised HKAS 19 introduces a number of amendments to the accounting for employee benefits. Among them, revised HKAS 19 eliminates the “corridor method” under which the recognition of actuarial gains and losses relating to defined benefit schemes could be deferred and recognised in profit or loss over the expected average remaining service lives of employees. Under the revised standard, all actuarial gains and losses are required to be recognised immediately in other comprehensive income. This will change the Group’s accounting for defined benefit plans under which the corridor method is currently applied. The revised HKAS 19 is effective as from 1st April, 2013, and retrospective adoption is required. The Group has not completed its assessment of the full impact of adopting revised HKAS 19 and therefore the possible impact on the Group’s results and financial position has not been quantified. 《香港會計準則》第19號（經修訂） 「僱員福利」 《 香 港 會 計 準 則》第 19 號（ 經 修 訂）引 入多項有關僱員福利會計處理之修訂。 其 中，《 香 港 會 計 準 則》第 19 號（ 經 修 訂）取 消「 區 間 法」， 根 據 區 間 法， 有 關界定福利計劃之精算收益及虧損可於 僱員之預期平均剩餘服務年期內延遲確 認為損益。根據經修訂準則，所有精算 收益及虧損均須即時於其他全面收益內 確認。這將改變本集團現時採用區間法 處理之界定福利計劃之會計處理。《香 港會計準則》第 19 號（經修訂）自二零 一 三 年 四 月 一 日 起 生 效， 且 須 追 溯 採 納。本集團尚未完成採納《香港會計準 則》第 19 號（經修訂）之全面影響之評 估，故並未量化該修訂可能對本集團之 業績及財務狀況產生之影響。 二零一二 / 一三年年報 維他奶國際集團有限公司 189 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) （以港幣計算） 2013 二零一三年 $’000 千元 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 4,051,248 3,716,539 3,329,336 3,012,312 2,809,294 446,676 (21,102) 425,574 (89,158) 425,336 (17,243) 408,093 (85,691) 426,540 (7,279) 419,261 (87,882) 380,181 (5,222) 374,959 (74,375) 307,489 (6,602) 300,887 (56,510) 336,416 322,402 331,379 300,584 244,377 303,204 33,212 281,003 41,399 284,314 47,065 260,459 40,125 217,419 26,958 336,416 322,402 331,379 300,584 244,377 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 1,533,116 67,558 384,096 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 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 1,984,770 (161,059) 1,828,226 (149,886) 1,769,218 (179,497) 1,550,911 (52,033) 1,446,434 (49,437) NET ASSETS 淨資產 1,823,711 1,678,340 1,589,721 1,498,878 1,396,997 Capital and reserves 資本及儲備 Share capital Reserves Total equity attributable to equity shareholders of the Company Non-controlling interests TOTAL EQUITY Earnings per share – Basic – Diluted 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 256,746 1,371,995 255,437 1,238,918 254,963 1,160,881 254,422 1,104,075 253,805 1,033,213 1,628,741 194,970 1,494,355 183,985 1,415,844 173,877 1,358,497 140,381 1,287,018 109,979 1,823,711 1,678,340 1,589,721 1,498,878 1,396,997 29.6 cents 仙 29.3 cents 仙 27.5 cents 仙 27.3 cents 仙 27.9 cents 仙 27.6 cents 仙 25.6 cents 仙 25.4 cents 仙 21.4 cents 仙 21.3 cents 仙 190 Vitasoy International Holdings Ltd. Annual Report 2012/13 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 L . i i : n o i t c u d o r P d n a i n g 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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