Vitasoy International Holdings Limited Annual Report 2015

Plain-text annual report

ANNUAL REPORT 年度報告 2014/15 GLOBAL SALES GLOBAL SALES NETWORK NETWORK We are stocked by stores and supermarkets We are stocked by stores and supermarkets in over 40 countries around the world. in over 40 countries around the world. Myanmar Myanmar Cambodia Cambodia Malaysia Malaysia Singapore Singapore Mainland China Mainland China Hong Kong and Macau Hong Kong and Macau Saipan Saipan Micronesia Micronesia Philippines Philippines Brunei Brunei PNG PNG Canada Canada North America North America South Ireland South Ireland UK Belgium UK Belgium France France Holland Holland Germany Germany Luxembourg Luxembourg Switzerland Switzerland Italy Italy Lebanon Lebanon Mexico Mexico Guatemala Guatemala EL Salvador EL Salvador Dominican Repubilc Dominican Repubilc Puerto Rico Honduras Puerto Rico Honduras Panama Panama Trinidad Trinidad Venezuela Ghana Venezuela Suriname Ghana Suriname Nigeria Nigeria Cayenne, a French Colony Cayenne, a French Colony Angola Peru Peru Chile Chile Angola Mauritius Mauritius Australia Australia New Zealand New Zealand SOY/PLANT MILK(cid:3)大豆/植物奶 SOY/PLANT MILK(cid:3)大豆/植物奶 TOFU 豆腐 TOFU 豆腐 TEA 茶 TEA 茶 OTHERS(cid:3)其他 OTHERS(cid:3)其他 Canada Canada North North America America South Ireland South Ireland Holland Holland UK UK Belgium Belgium France France Germany Germany Luxembourg Luxembourg Switzerland Switzerland Italy Italy Lebanon Lebanon Mexico Mexico Guatemala Guatemala EL Salvador EL Salvador Dominican Repubilc Dominican Repubilc Puerto Rico Honduras Puerto Rico Honduras Panama Panama Trinidad Trinidad Venezuela Ghana Venezuela Suriname Ghana Suriname Nigeria Nigeria Cayenne, Cayenne, a French Colony a French Colony Angola Angola Peru Peru Chile Chile GLOBAL SALES GLOBAL SALES NETWORK NETWORK We are stocked by stores and supermarkets We are stocked by stores and supermarkets in over 40 countries around the world. in over 40 countries around the world. Myanmar Myanmar Mainland China Mainland China Hong Kong and Macau Hong Kong and Macau Cambodia Cambodia Malaysia Malaysia Singapore Singapore Mauritius Mauritius Saipan Saipan Philippines Brunei Philippines PNG Brunei PNG Micronesia Micronesia Australia Australia New Zealand New Zealand SOY/PLANT MILK(cid:3)大豆/植物奶 SOY/PLANT MILK(cid:3)大豆/植物奶 TOFU 豆腐 TOFU 豆腐 TEA 茶 TEA 茶 OTHERS(cid:3)其他 OTHERS(cid:3)其他 JUICE DRINKS 果汁飲品 DISTILLED WATER 蒸餾水 DAIRY MILK 牛奶 CONTENTS 目錄 Directors and Corporate Information 02 董事及集團資料 Financial Highlights 04 財務摘要 Chairman’s Statement 06 主席報告 Group Chief Executive Officer’s Report/Business Review 10 集團行政總裁報告╱業務回顧 Awards and Recognitions 22 嘉許及表揚 Corporate Governance Report 31 企業管治報告 Directors and Senior Management 56 董事及高層管理人員 Report of the Directors 61 董事會報告 Independent Auditor’s Report 77 獨立核數師報告 Consolidated Statement of Profit or Loss 79 綜合損益表 Consolidated Statement of Profit or Loss and other Comprehensive Income 80 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 81 綜合財務狀況表 Consolidated Statement of Changes in Equity 83 綜合權益變動表 Consolidated Cash Flow Statement 85 綜合現金流量表 Notes to the Financial Statements 86 財務報表附註 Five Year Summary 182 五年財務摘要 DIRECTORS AND CORPORATE INFORMATION 董事及集團資料 Board of Directors Executive Chairman Mr. Winston Yau-lai LO 董事會執行主席羅友禮先生 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE (retired on 4th September, 2014) Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG 李國寶爵士布魯士先生 ( 於二零一四年九月四日退任 ) Jan P. S. ERLUND 先生張建標先生 Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Director and Group Chief Executive Officer Mr. Roberto GUIDETTI 非執行董事羅慕貞女士羅慕玲女士執行董事暨集團行政總裁陸博濤先生 Group Chief Financial Officer 集團首席財務總監 Ms. Kitty Kit-yi FUNG Company Secretary Ms. Paggie Ah-hing TONG Registered and Head Office No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong Auditors KPMG Principal Bankers The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited The Bank of Tokyo-Mitsubishi UFJ, Limited Citibank, N.A. Westpac Banking Corporation China Merchants Bank Company, Limited China Construction Bank Corporation BNP Paribas Principal Lawyer Stephenson Harwood Share Registrar Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong 馮潔儀女士公司秘書湯亞卿女士註冊辦事總處香港新界屯門建旺街一號核數師畢馬威會計師事務所主要來往銀行東亞銀行有限公司香港上海滙豐銀行有限公司三菱東京 UFJ 銀行花旗銀行西太平洋銀行招商銀行股份有限公司中國建設銀行股份有限公司法國巴黎銀行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 02 Vitasoy International Holdings Ltd. Annual Report 2014/15 DIRECTORS AND CORPORATE INFORMATION 董事及集團資料 Investor Relations Contact (852) 2468 9644 (852) 2465 1008 Tel: Fax: Email: ir@vitasoy.com Website Addresses Vitasoy International Holdings Limited - www.vitasoy.com (English and Chinese) - www.vitavitasoy.com (Chinese only) Vitaland Services Limited - www.vitaland.com.hk (English and Chinese) 投資者關係聯絡電話：(852) 2468 9644 傳真：(852) 2465 1008 電郵：ir@vitasoy.com 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） Hong Kong Gourmet Limited - www.hkgourmet.com.hk (English and Chinese) 香港美食有限公司 - www.hkgourmet.com.hk（中英文） Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited Vitasoy (Shanghai) Company Limited Vitasoy (Foshan) Company Limited Vitasoy (Wuhan) Company Limited - www.vitasoy-chn.com (Chinese only) Vitasoy Australia Products Pty. Ltd. - www.vitasoy.com.au (English only) - www.soy.com.au (English only) Vitasoy USA Inc. - www.vitasoy-usa.com (English only) Unicurd Food Co. (Private) Limited - www.unicurd.com.sg (English only) 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）有限公司維他奶（武漢）有限公司 - www.vitasoy-chn.com（中文） Vitasoy Australia Products Pty. Ltd. - www.vitasoy.com.au（英文） - www.soy.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） Key Dates 重要日期 Closure of Register of Members for the purpose of entitlement to attend and vote at the Annual General Meeting: 4th September, 2015 (Friday) to 9th September, 2015 (Wednesday) 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：二零一五年九月四日（星期五）至二零一五年九月九日（星期三） Annual General Meeting: at 3:00 p.m., 9th September, 2015 (Wednesday), Salon 6, 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: 15th September, 2015 (Tuesday) to 18th September, 2015 (Friday) Final Dividend Payable: 2nd October, 2015 (Friday) 股東週年大會：於二零一五年九月九日（星期三）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 6 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：二零一五年九月十五日（星期二）至二零一五年九月十八日（星期五）派發末期股息：二零一五年十月二日（星期五）維他奶國際集團有限公司二零一四╱一五年年報 03 FINANCIAL HIGHLIGHTS 財務摘要 Year Ended 31st March 截至三月三十一日止年度 Results 業績 Revenue Gross Profit 收入毛利 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation) 未計利息收入、融資成本、所得稅、折舊及攤銷費用前盈利（「EBITDA」） Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 Basic Earnings per Share (HK cents) 每股基本盈利（港仙） Total Dividends per Ordinary Share (HK cents) 每股普通股總股息（港仙） 2015 二零一五年 HK$ million 港幣百萬元 5,052 2,511 2014 二零一四年 HK$ million 港幣百萬元 4,494 2,175 725 372 35.9 24.4 653 307 29.8 20.2 % Change 百分比變動 12 15 11 21 20 21 Year Ended 31st March 截至三月三十一日止年度 HK$ million 港幣百萬元 Revenue 收入 Gross Proﬁt 毛利 6,000 5,000 4,000 3,000 3,329 5,052 4,494 4,051 3,717 2,000 1,000 0 2011 2012 2013 2014 2015 3,000 2,500 2,000 1,925 1,760 1,500 1,601 2,511 2,175 1,000 500 0 2011 2012 2013 2014 2015 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 800 700 600 500 400 300 200 100 0 725 653 618 537 554 2011 2012 2013 2014 2015 400 350 300 250 200 150 100 50 0 372 284 281 301 307 2011 2012 2013 2014 2015 Note: In order to comply with Revised Hong Kong Accounting Standard 19, Employee benefits, that is effective for accounting period beginning on 1st January, 2013, the Group adopted new accounting policies for defined benefit plans. Figures for the years FY2011/2012 and FY2012/2013 have been adjusted and it is not practicable to restate earlier years for comparison purposes. 附註：經修訂之《香港會計準則》第 19 號「僱員福利」於二零一三年一月一日開始之會計期間生效，為遵守有關規定，本集團就界定福利計劃採納新會計政策。二零一一╱二零一二財政年度及二零一二╱二零一三財政年度之數字已獲調整，惟就比較用途而重列更早年度之數字並不可行。 04 Vitasoy International Holdings Ltd. Annual Report 2014/15 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 Cash Balance 總資產現金淨額 Total Equity Attributable to Equity Shareholders of the Company 本公司股權持有人應佔權益總額 Year Ended 31st March, 2015 截至二零一五年三月三十一日止年度 Sales Analysis by Location 銷售額分析（按地區） 2015 二零一五年 HK$ million 港幣百萬元 3,637 177 2014 二零一四年 HK$ million 港幣百萬元 3,242 195 1,919 1,750 % Change 百分比變動 12 (9) 10 2% Singapore 新加坡 Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務（香港、澳門及出口） 41% Australia and New Zealand 澳洲及新西蘭 9% North America 北美洲 10% Mainland China 中國內地 38% 維他奶國際集團有限公司二零一四╱一五年年報 05 CHAIRMAN’S STATEMENT 主席報告 I am pleased to report that we delivered another year of progress for the Vitasoy Group, despite the slowing economic growth and intensifying competition. The Vitasoy Group recorded encouraging growth of 12% in sales and 15% in gross profit in FY2014/2015. Our strong business performance reflects our effective business strategy and strong implementation of the Group’s 2020 vision of accelerating our core via Execution, Expansion and Innovation. 本人欣然呈報，儘管經濟增長放緩及競爭加劇，仍無礙維他奶集團於本年度持續取得豐盛成果。於二零一四╱二零一五財政年度，維他奶集團於銷售及毛利分別錄得 12% 及 15% 的可觀增長。我們的業務表現強勁，反映業務策略行之有效之餘，亦顯示我們透過「執行、擴展及創新」加快核心增長，致力實現集團二零二零年的願景。 06 Vitasoy International Holdings Ltd. Annual Report 2014/15 CHAIRMAN’S STATEMENT 主席報告 Business Overview 業務概覽 During the year, we focused on our core competency in the plant-based categories. We developed and launched new products with higher nutritional value and great taste. We grew our market share through brand building and strong execution. Geographically, the Hong Kong operation maintained healthy growth while Mainland China business continued to perform robustly. For the other operating markets, we sustained our category leadership position. While delivering strong financial performance, we continued to enhance our capabilities that underpin our long-term growth. We have already embarked on the construction of our fourth plant in Mainland China. We have also expedited our efforts in improving manufacturing efficiency, as well as carefully managing our operating costs to deliver bottom-line profitability. The Group’s profit attributable to shareholders increased 21% to HK$372 million. In view of the Group’s healthy financial position, the Board of Directors recommends a final dividend of HK21.2 cents per ordinary share at the Annual General Meeting on 9th September, 2015. Together with the interim dividend of HK3.2 cents per ordinary share, this brings total dividend for FY2014/2015 to HK24.4 cents per ordinary share (FY2013/2014 total dividend: HK20.2 cents per ordinary share). 年內，我們致力發展在植物品類產品上的核心優勢，成功開發及推出更富營養價值和口味更佳的新產品，並透過強化品牌及加強執行策略提高市場份額。地區方面，香港業務維持穩健增長，中國內地業務持續強勁的表現，而其他營運市場亦維持各品類的一貫領導地位。在取得強勁財務表現的同時，我們繼續提升實力，為長遠增長奠定基礎。我們於中國內地的第四間生產廠房已開始施工，亦已加快改善生產效率，並審慎管理經營成本，期望為集團帶來盈利。本集團的股東應佔溢利增加 21% 至港幣 372,000,000 元。由於本集團財務狀況穩健，故董事會建議於二零一五年九月九日舉行的股東週年大會上派發末期股息每股普通股 21.2 港仙。連同每股普通股 3.2 港仙的中期股息，二零一四╱ 二零一五財政年度股息總額將達到每股普通股 24.4 港仙（二零一三╱二零一四財政年度股息總額：每股普通股 20.2 港仙）。維他奶國際集團有限公司二零一四╱一五年年報 07 CHAIRMAN’S STATEMENT 主席報告 Promoting Nutrition, Taste and Sustainability 推廣營養與味道俱佳的產品，促進可持續發展 Vitasoy always aligns with consumer needs and we respond to this through our innovation in nutritious and tasty offerings. Each of our five geographical markets introduced new products including zero cholesterol, added calcium, higher protein, and less sugar in FY2014/2015 to offer the best options for the consumers. 維他奶一直致力推出創新的營養及美味產品，以迎合及滿足消費者的需求。於二零一四╱二零一五財政年度，我們於五大地區市場分別推出新產品，當中包括各種不含膽固醇、加鈣、更富蛋白質及低糖的產品，務求為消費者提供最佳的選擇。 We have begun to share our social and environmental efforts in a separate report. The first Vitasoy Sustainability Report accompanies this Annual Report. It will give a more detailed account of our sustainability efforts and programmes. It is prepared in accordance with the Hong Kong Stock Exchange’s Environmental, Social and Governance Reporting Guide. It will help our stakeholders to understand more about the Group’s work in the areas of Workplace Quality, Operating Practices, Environmental Protection and Community Involvement. 我們已開始以獨立報告形式分享我們在社會及環境方面的工作成果。隨附本年報的是維他奶刊發的首份「可持續發展報告」。該報告根據香港聯合交易所的環境、社會及管治報告指引編製而成，將會就我們的可持續發展工作及計劃提供更詳盡的資料，有助持份者進一步了解本集團在工作環境質素、營運慣例、環境保護及社區參與等多方面的工作。 Corporate Governance 企業管治 The Board of Directors is committed to maintaining a high standard of corporate governance. The Board will review the corporate governance practices from time-to-time to ensure the alignment of interest and expectation from our shareholders, the investing public and other stakeholders. During the year, the Board of Directors visited our plants and held in-depth discussions with the local senior management teams. We discussed strategy and portfolio development with particular attention to the evolving market dynamics in our operating markets. Professional development programmes for Directors were also conducted to keep them updated with the latest practices and requirements in legislation, regulation, corporate governance and business operations. 董事會致力維持高企業管治常規標準。董事會將不時審閱企業管治常規，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。年內，董事會視察了我們部份生產廠房，並與當地高層管理人員進行深入討論。討論內容包括策略及產品整合發展，當中尤其關注營運市場內瞬息萬變的市場環境。我們更為董事提供專業發展培訓課程，有助他們持續掌握在法例、監管、企業管治及業務營運等方面的最新常規及規定。 The Year Ahead 展望來年 We are taking progressive steps to deliver our 2020 vision. We will continue to innovate and create value through producing more consumer-preferred products. While Hong Kong remains our core base, our Wuhan plant will help fuel our growth momentum in Mainland China. For the other overseas markets, we aim to further strengthen our foundation and market leading position. We will keep investing in employee engagement and capability enhancement to align with our business growth. We are committed to delivering sustainable long-term value for our shareholders. 我們正採取積極的措施以實現二零二零年的願景。我們將會透過生產更多備受消費者歡迎的產品，不斷創新及創造價值。香港仍然是我們的核心基地，而武漢新廠房將可望為集團於中國內地的發展再添動力。至於其他海外市場，我們旨在進一步鞏固根基和市場領導地位，並將繼續為提升僱員的敬業度及工作能力投放資源，以配合業務增長，致力為各股東締造可持續的長遠價值。 08 Vitasoy International Holdings Ltd. Annual Report 2014/15 CHAIRMAN’S STATEMENT 主席報告 Notes of Appreciation 致謝 I would like to express our deep gratitude to our customers and business partners around the world for their trust, collaboration and commitment to excellence, which are essential to support our fulfillment of promise to consumers. The growth of Vitasoy cannot be achieved without the hard work and dedication of our colleagues who have contributed to the Vitasoy Group throughout the year. Last but not least, we thank the Board of Directors for their wise counsel and our long-term shareholders for their confidence in Vitasoy. 本人謹此衷心感謝全球各地客戶及業務夥伴的信任、合作及對卓越的追求，為我們提供了最有力的支持，助我們實踐對消費者的承諾。同時，亦全賴各位員工過去一年勤奮工作、盡忠職守，維他奶集團方能達成增長成果。最後，我們亦謹此感謝董事會的睿智領導，以及長期股東對維他奶集團的支持信任。 Winston Yau-lai LO Executive Chairman 25th June, 2015 羅友禮執行主席二零一五年六月二十五日維他奶國際集團有限公司二零一四╱一五年年報 09 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/ BUSINESS REVIEW 集團行政總裁報告╱業務回顧 The Group’s performance for the year was very strong. The expansion of our core business has been driving the overall growth of the Group. We recorded strong top-line growth of 12%, ahead of last year’s 11%, as a result of a firm focus on executing our core brands, expanding selectively and innovating product. 集團在本年度的表現非常強勁，擴展核心業務成功帶動集團的整體增長，並透過堅持專注執行核心品牌發展、慎選擴展方向及不斷創新產品，令營業額錄得 12% 的強勁增長，表現較去年的 11% 為佳。 10 Vitasoy International Holdings Ltd. Annual Report 2014/15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Business Review 業務回顧 We registered sales growth in all markets when reported in local currencies. Mainland China recorded an impressive sales increase of 27%. Hong Kong had an encouraging growth of 8% for both local and Macau markets. Australia and New Zealand as well as Singapore both registered steady sales growth of 4% in local currencies, yet were negatively affected by the currency impact when reported in Hong Kong dollar terms. North America recorded modest sales growth of 2%. In FY2014/2015, we continued to strengthen our market position in the Plant Milk, Tofu and Tea categories. With our innovation drive, we rolled out new products in all markets including VITA Hong Kong Style Milk Tea in Hong Kong, VITALITY Soymilk in Mainland China, VITASOY Coconut Milk in Australia, VITASOY Refrigerated Soymilk and NASOYA TofuBaked in the US, and VITASOY Premium Tofu in Singapore. We supported all the new product launches with strong marketing campaigns. During the year, we continued to improve our manufacturing efficiency and manage our operating costs prudently. In terms of operating results, Mainland China recorded a robust profit growth of 37%. Hong Kong remained a stable contributor with profit growth of 2%. Australia and New Zealand’s profit increased by 4% while Singapore’s remained flat in local currency. Results of North America were somewhat lackluster with an operating loss of HK$1.4 million caused by the lower-than expected performance from new initiatives and Mainstream sales, coupled with higher marketing and manufacturing expenses. To secure manufacturing support to our rapid growth in Mainland China, we have embarked on the construction of our fourth Mainland China plant in Wuhan. A ground breaking ceremony of the plant was conducted in April 2015. 若以當地貨幣計算，我們在所有市場均錄得銷售增長。中國內地的銷售錄得 27% 的顯著增長。香港業務在本地及澳門市場共錄得8%的可觀增長。澳洲及新西蘭、以及新加坡的銷售按當地貨幣計均錄得 4% 的穩定增長，但以港幣計算時，則受到匯兌的負面影響。北美洲亦錄得 2% 的溫和銷售增長。於二零一四╱二零一五財政年度，我們繼續鞏固在植物奶、豆腐及茶等品類的市場地位。我們的創新動力源源不絕，於各個市場均有新產品陸續登場，包括香港的維他港式奶茶、中國內地的奕活豆奶、澳洲的維他奶椰子奶、美國的鮮凍維他奶豆奶及 NASOYA 烘烤豆腐，以及新加坡的維他奶高級豆腐。新產品推出市場時，我們都會配合市場推廣活動進行大力宣傳。年內，我們持續提升生產效率並審慎管理經營成本。經營業績方面，中國內地的溢利錄得 37% 的強勁增長。香港仍為集團穩定的收入來源，並錄得 2% 的溢利增長。以當地貨幣計值，澳洲及新西蘭的溢利上升4%，而新加坡的溢利繼續持平。由於新產品及主流市場銷售的表現遜於預期，加上市場推廣及生產費用上升，北美洲的業績略見呆滯，錄得經營虧損港幣 1,400,000 元。為確保產能得以滿足中國內地的急速增長，我們已於武漢市著手興建第四間中國內地廠房，並已於二零一五年四月舉行廠房動土儀式。維他奶國際集團有限公司二零一四╱一五年年報 11 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Financial Highlights 財務摘要 The financial position of the Group remained solid. Below is an analysis of our key financial indicators including revenue, gross profit margin and return on capital employed, which reflected the healthy position of the business. 本集團的財務狀況保持穩健。以下是我們主要財務指標的分析，其中包括收入、毛利率和資本回報率，反映業務穩健狀況。 Revenue 收入 The Group’s revenue grew 12% to HK$5,052 million (FY2013/2014: HK$4,494 million). During the year, we focused on innovation in core categories with new offerings and improved execution in distribution channels, which expanded our market share across all operations. 本集團的收入增長 12% 至港幣 5,052,000,000 元（二零一三 ╱ 二零一四財政年度：港幣 4,494,000,000 元）。年內，我們專注創新核心品類並推出新產品，同時加強執行發展分銷渠道，所有業務的市場份額因而進一步擴大。 Gross Profit and Gross Profit Margin 毛利及毛利率 Gross profit for the year increased 15% to HK$2,511 million (FY2013/2014: HK$2,175 million), mainly driven by the solid sales growth. 在穩定銷售增長帶動下，本年度的毛利增長 15% 至港幣 2,511,000,000 元（二零一三╱二零一四財政年度：港幣 2,175,000,000 元）。 Gros s profit margin has further in cre a s ed t o 50% (FY2013/2014: 48%) which was driven by improved manufacturing efficiency with increased volume, better profitable sales mix and lower commodity costs for milk powder, sugar and packaging materials when compared to the previous year. 由於生產效率改善令產量增加、進一步優化具盈利效益的產品銷售組合，加上奶粉、糖及包裝物料的商品價格較去年有所回落，帶動毛利率進一步增加至 50%（二零一三╱二零一四財政年度： 48%）。 Operating Expenses 經營費用 Total operating expenses increased 15% to HK$2,026 million (FY2013/2014: HK$1,756 million), mainly due to higher investment in brand building and utilisation programmes, higher staff costs with increased headcount, higher transportation and warehouse costs associated with the sales growth. Marketing, selling and distribution expenses were HK$1,345 million, up 19%, mainly led by the increased investment in strengthening our core brand equity and promotion support to new product launches. There were increased sales staff expenses and sales commission because of the volume increase and the expansion of the sales team in Mainland China, coupled with higher volume-driven delivery costs. Administrative expenses increased 11% to HK$411 million because of higher staff costs with the increase in headcount as well as higher depreciation charges associated with capital investments in recent years. 由於增加品牌強化及效用項目的投資、員工人數增加導致僱員開支上升，加上運輸及倉庫成本隨著銷售增長而上升，總經營費用增加 15% 至港幣 2,026,000,000 元（二零一三 ╱ 二零一四財政年度：港幣 1,756,000,000 元）。推廣、銷售及分銷費用為港幣 1,345,000,000 元，上升 19%，主要是增加對加強核心品牌價值及推廣新產品的投資所致。銷量增加及中國內地銷售團隊擴大，令銷售僱員開支及銷售佣金上升，而銷量增加亦同時導致運輸成本上漲。由於員工人數增加導致僱員開支上升，加上近年資本投資相關的折舊開支上升，行政費用增加 11% 至港幣 411,000,000 元。 Other operating expenses amounted to HK$270 million, up 4% compared with last year. 其他經營費用為港幣 270,000,000 元，較去年上升 4%。 12 Vitasoy International Holdings Ltd. Annual Report 2014/15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation) 未計利息收入、融資成本、所得稅、折舊及攤銷費用前盈利（「EBITDA」） EBITDA for the year was HK$725 million (FY2013/2014: HK$653 million), up 11%. This was driven by higher gross profit margin, partly offset by increased marketing investment and volume-driven commission, as well as higher operating costs in staff, transportation and warehousing expenses. EBITDA to revenue margin for the year stood at 14% (FY2013/2014: 15%). 儘管市場推廣投資及隨銷量帶動的佣金增加，以及僱員、運輸及倉庫成本等經營費用上漲，抵銷了部分毛利率的增幅，本年度的 EBITDA 仍錄得港幣 725,000,000 元（二零一三╱二零一四財政年度：港幣 653,000,000 元），上升 11%。本年度 EBITDA 佔銷售利潤率為 14%（二零一三╱二零一四財政年度：15%）。 Profit Before Taxation 除稅前溢利 With further reduction in finance costs and a relatively mild increase in depreciation and amortisation charges, profit before taxation improved by 15% to HK$524 million (FY2013/2014: HK$457 million). 融資成本進一步降低，加上折舊及攤銷費用的增長相對溫和，故除稅前溢利上升 15% 至港幣 524,000,000 元（二零一三╱二零一四財政年度：港幣 457,000,000 元）。 Taxation 稅項 Income tax charged for the year was HK$115 million (FY2013/2014: HK$116 million) with effective tax rate dropped to 22% (as compared to 25% in last year). The drop in effective tax rate was due to streamlining the tax structure in Mainland China. 本年度所繳納之所得稅為港幣 115,000,000 元（二零一三 ╱ 二零一四財政年度：港幣 116,000,000 元），實際稅率下跌至 22%（去年則為 25%）。實際稅率下跌乃因中國內地的優化稅務安排所致。 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 With the improved operating profit and lower taxes, profit attributable to equity shareholders of the Company for the year was HK$372 million (FY2013/2014: HK$307 million), representing a year-on-year increase of 21%. 由於經營溢利上升加上稅率下降，本年度的本公司股權持有人應佔溢利按年增加 21% 至港幣 372,000,000 元（二零一三╱二零一四財政年度：港幣 307,000,000 元）。 Financial Position 財務狀況 As of 31st March, 2015, the Group had a net cash balance of HK$177 million (31st March, 2014: HK$195 million) and available banking facilities amounted to HK$877 million (31st March, 2014: HK$700 million). 於二零一五年三月三十一日，本集團的現金淨額為港幣 177,000,000 元（二零一四年三月三十一日：港幣 195,000,000 元）及可供動用的銀行信貸額為港幣 877,000,000 元（二零一四年三月三十一日：港幣 700,000,000 元）。 The Group’s borrowings (including obligations under finance leases) amounted to HK$158 million (31st March, 2014: HK$126 million). 本集團的借貸（包括融資租賃之債務）為港幣 158,000,000 元（二零一四年三月三十一日：港幣 126,000,000 元）。 As such, the gearing ratio (total borrowings/total equity attributable to shareholders) was 8% (31st March, 2014: 7%) as we continued to fund our production capacity expansion and upgrade through internally generated cash. The gearing ratio is expected to increase in the future months as the Company starts to take on bank borrowing progressively. 我們繼續透過動用內部現金為擴展及提升產能提供資金，因此，借貸比率（按借貸總額與股東應佔權益總額比率計算）為 8%（二零一四年三月三十一日：7%）。隨著本公司開始逐步提取銀行貸款，預期借貸比率於未來數月將會增加。維他奶國際集團有限公司二零一四╱一五年年報 13 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 The Group’s return on capital employed (ROCE) (EBITDA/ average non-current debt and equity) for the year was 35% (FY2013/2014: 33%). The increase in ROCE indicates that the Group is employing its capital efficiently, and hence generating higher shareholder value. 本集團本年度的資本回報率（按 EBITDA 與平均非流動債務及權益比率計算）為 35%（二零一三 ╱二零一四財政年度：33%）。資本回報率上升反映本集團正有效運用資本，從而帶來更高的股東價值。 Capital expenditure incurred during the year was HK$530 million (FY2013/2014: HK$258 million), doubled the level of last year. This was mainly resulted from the expansion of our production capacity, including the acquisition of land for the new Wuhan production plant in Mainland China, installation of high speed lines for both Hong Kong and Mainland China plants, addition of new packaging lines, upgrade of existing production machineries, as well as enhancement of sales facilities and infrastructure. 本年度錄得的資本性支出為港幣 530,000,000 元（二零一三 ╱ 二零一四財政年度：港幣 258,000,000 元），較去年增加一倍。增幅主要是由於擴展產能，包括為中國內地的新武漢生產廠房購買土地、於香港及中國內地廠房安裝高速生產線、添置新包裝線、提升現有生產機器，以及增添銷售設備及設施。 Assets with a carrying value of HK$76 million (FY2013/2014: HK$106 million) were pledged under certain loans and lease arrangements. 用作若干貸款及租賃安排抵押的資產，賬面值為港幣 76,000,000 元（二零一三╱二零一四財政年度：港幣 106,000,000 元）。 Non-financial Key Performance Indicators 非財務關鍵表現指標 Various non-financial key performance indicators – employee health and safety, diversity and training hours of employee, energy saving achievement, water management and packaging weight reduction were disclosed in the “Sustainability Report” which will be dispatched to shareholders together with this Annual Report. 連同本公司年報一併寄予股東的「可持續發展報告」內，將披露多個非財務關鍵表現指標，包括僱員健康及安全、僱員多元化及培訓時間、節能成效、用水管理及減輕包裝物料重量等。 Financial Risk Management 財務風險管理 Our overall financial management policy focuses on controlling and managing risks, with transactions being directly related to the underlying businesses of the Group. For synergy, efficiency and control, we operate a central cash and treasury management system for all our subsidiaries. Borrowings are normally taken out in local currencies by the operating subsidiaries to fund and partially hedge their investments. The financial risks faced by the Group were mainly connected with the fluctuation of interest rates and exchange rates. At the close of FY2014/2015, we do not have any foreign exchange contracts or financial derivatives. 我們的整體財務風險管理政策強調管控風險，而所進行的交易必須與本集團的相關業務直接有關。為達致協同效益、效率及監控的目的，我們為所有附屬公司實行中央現金及財政管理制度。各營運附屬公司一般以當地貨幣借貸注資，因而對沖部份出資匯率風險。本集團所面對的財務風險主要與利率及匯率波動有關。於二零一四╱二零一五財政年度年結日，我們並無任何外匯合約或金融衍生工具。 14 Vitasoy International Holdings Ltd. Annual Report 2014/15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Review of Operations 業務回顧 Hong Kong Operation (Hong Kong, Macau and Exports) Encouraging growth driven by execution of our core brands and innovation, outperforming the industry average 香港業務（香港、澳門及出口）執行發展核心品牌及創新產品帶動可觀增長，表現優於行業平均水平 2015 2014 二零一五年二零一四年 HK$ million HK$ million % Change 港幣百萬元港幣百萬元百分比變動 2014 二零一五年二零一四年 2015 Group Contributions % 佔本集團貢獻百分比 Revenue from external customers Profit from operations 來自外間顧客之收入經營溢利 2,049 355 1,899 348 8 2 41 55 42 59 The non-alcoholic beverage sector in Hong Kong showed moderate growth in value and volume, while the retail business recorded a slight decline in FY2014/2015. 按銷售額及銷量計算，香港非酒精飲品行業錄得溫和增長，零售業務則於二零一四╱二零一五財政年度錄得輕微跌幅。 Hong Kong operation recorded an encouraging sales growth of 8%, outperforming industry average and sustaining its continued growth momentum. In the Soy category, the format extension of VITASOY Soymilk to Aseptic PET (plastics bottle) packaging, the strong performance of CALCI-PLUS Soymilk and the leading position of Organic SAN SUI in the Fresh category have all strengthened our Soy category leadership position in the market. Successful new product innovation in the Tea category with the launch of VITA Hong Kong Style Milk Tea also accounted for an important part of the overall performance. VITA Hong Kong Style Milk Tea received a very good response and was an instant success when it was introduced to the market in June 2014. 香港業務錄得 8% 的可觀銷售增長，表現優於行業平均水平，並維持其持續增長的勢頭。豆奶品類方面，維他奶豆奶包裝新增無菌 PET 塑料瓶裝、鈣思寶豆奶表現強勁，加上山水品牌的有機產品於鮮凍產品類別領先市場，均鞏固了我們在豆奶品類市場上的領導地位。成功推出如維他港式奶茶等茶類全新產品，亦是推動整體業績表現的主要因素。市場對維他港式奶茶反應熱烈，產品於二零一四年六月甫推出市場便大受歡迎。 Macau sales continued to deliver strong performance with double-digit growth of 17%. 澳門銷售額持續表現亮麗，錄得 17% 的雙位數字增長。 Vitaland Services Limited and Hong Kong Gourmet Limited recorded a solid growth of 5% with a high retention rate of schools and improved overall efficiency. 由於與學校續約成功率高及整體效率改善，維他天地服務有限公司及香港美食有限公司錄得 5% 的穩定增長。 While there was 8% growth in revenue, profit only improved by 2%, since we continued to invest in product innovation and brand to reinforce our market leading position, coupled with higher operating expenses in staff, transportation and warehousing costs. 由於我們持續投資產品創新及品牌推廣以鞏固市場領導地位，加上僱員、運輸及倉庫成本等經營費用上漲，因此雖然收入錄得 8% 增長，溢利僅上升 2%。維他奶國際集團有限公司二零一四╱一五年年報 15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Mainland China 中國內地 Robust growth through dedicated execution of “Go Deep Go Wide” strategy 致力執行「更深更廣」策略，業績大幅增長 2015 2014 二零一五年二零一四年 HK$ million HK$ million % Change 港幣百萬元港幣百萬元百分比變動 2014 二零一五年二零一四年 2015 Group Contributions % 佔本集團貢獻百分比 Revenue from external customers Profit from operations 來自外間顧客之收入經營溢利 1,916 199 1,505 145 27 37 38 31 34 24 Mainland China business continued its acceleration amidst slower economic growth and an intensified competitive landscape. The robust performance was driven by product innovation and the dedicated execution of our “Go Deep Go Wide” strategy. Strong growth was recorded in Guangdong province and expanded presence into Southern, Eastern and Central China. 在經濟增長放緩及競爭加劇的情況下，中國內地業務仍持續迅速增長。產品創新及致力執行「更深更廣」策略帶動集團取得強勁表現。廣東省錄得大幅增長，並成功於華南、華東及華中等地區擴大市場佔有率。 In the Soy category, leadership position in the soymilk market was sustained through strong brand building and innovative marketing efforts, together with the launch of VITALITY, a new VITASOY premium line, offering high protein, high calcium, low sugar and no cholesterol benefits. 豆奶品類方面，透過強化品牌建立及創新的市場推廣活動，加上推出奕活品牌的全新維他奶高端豆奶系列，提供豐富蛋白質及鈣質，且低糖及不含膽固醇等健康益處，使我們得以在豆奶市場中維持領導地位。 In the Tea category, our VITA Lemon Tea achieved encouraging growth during the year. The new addition of VITA Lime Lemon Tea was also well received by customers. Gross margin has improved, benefited from lower commodity costs and the increase in sales volume has also allowed greater manufacturing and cost efficiency at the plant level. We have embarked on building a new production plant in Wuhan to further support our business growth in Mainland China. 茶品類方面，維他檸檬茶於年內獲得可觀增長。新推出的維他青檸檸檬茶亦大受客戶歡迎。受惠於商品成本下降，毛利率有所上升，銷量增加亦有助提升廠房的生產及成本效益。我們已開始於武漢市興建新生產廠房，為中國內地的業務發展提供更有力的支援。 16 Vitasoy International Holdings Ltd. Annual Report 2014/15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Australia and New Zealand 澳洲及新西蘭 Execution diligence and product innovation, but results were impacted by the weakened Australian dollar 致力執行策略及創新產品，但業績因澳元貶值而備受影響 2015 2014 二零一五年二零一四年 HK$ million HK$ million % Change 港幣百萬元港幣百萬元百分比變動 2014 二零一五年二零一四年 2015 Group Contributions % 佔本集團貢獻百分比 Revenue from external customers Profit from operation 來自外間顧客之收入經營溢利 479 84 492 87 (3) (3) 9 13 11 15 The Australian retail market was challenging in FY2014/2015 with increasing competition, especially in pricing, as consumers remained cautious with their household spending at a time of economic uncertainty. 由於經濟不穩，消費者在家庭消費支出方面保持謹慎，因此澳洲零售市場於二零一四╱二零一五財政年度充滿挑戰，在定價方面的競爭尤其激烈。 The overall Plant Milk category showed a solid growth, primarily driven by the Almond and Coconut segment in the grocery channel. 植物奶品類整體呈現穩定增長，超級市場銷售的杏仁及椰子飲品品類為當中的主要推動力。 VITASOY strengthened its market leading position in the Plant Milk category with an increased share in the Soy category. We recorded solid growth in both sales revenue and profit of 4% in local currency term. However, the weakened Australian dollar (versus the same period last year) has adversely impacted both sales and profit when reported in Hong Kong dollar terms. 維他奶於豆奶品類的市場份額增加，有助鞏固其於植物奶品類市場的領導地位。按當地貨幣計算，我們於銷售收入及溢利均錄得 4% 的穩定增長。但澳元貶值（相比去年同期）不利以港幣計值呈報的銷售及溢利額。 We continued to strengthen our presence and execution in the grocery channel to drive category growth. In FY2014/2015, we launched a new TV campaign leveraging our Australian Grown Whole Bean proposition for the core VITASOY range. 我們持續鞏固在超級市場銷售渠道的據點及提高執行能力，從而推動品類增長。於二零一四╱二零一五財政年度，我們以澳洲本土種植的原粒大豆為亮點，就主要維他奶產品系列展開全新的電視廣告宣傳活動。 In the second quarter of FY2014/2015, we launched VITASOY Coconut Milk (Original and Unsweetened) to compete in the plant-based segment beyond Soy. The launch was supported with strong trade promotions and samplings. 於二零一四╱二零一五財政年度第二季度，我們推出維他奶椰子奶（原味及無糖），藉以在豆奶以外的植物奶市場上競爭，同時更加強商戶推廣及產品試食等活動配合產品推出。維他奶國際集團有限公司二零一四╱一五年年報 17 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 North America 北美洲 Strong Asian business but soft Mainstream performance affecting overall results 亞裔市場業務表現強勁，但主流市場表現疲弱，影響整體業績 2015 2014 二零一五年二零一四年 HK$ million HK$ million % Change 港幣百萬元港幣百萬元百分比變動 2014 二零一五年二零一四年 2015 Group Contributions % 佔本集團貢獻百分比 Revenue from external customers (Loss)/profit from operation 來自外間客戶之收入經營（虧損）╱溢利 522 (1) 513 7 2 N/A 不適用 10 – 11 1 Vitasoy USA recorded modest sales increase of 2%, mainly from the Asian Channel but partly offset by the soft Mainstream performance. 維他奶美國公司錄得 2% 的溫和銷售增長，增長主要來自亞裔市場，但部份增長被表現疲弱的主流市場所抵銷。 The growth in Asian Channel business was mainly driven by the strong performance of SAN SUI Tofu and VITASOY Refrigerated Soymilk. The national launch of VITASOY Refrigerated Soymilk in FY2014/2015 has been encouraging. 亞裔市場的業務增長主要由山水品牌豆腐及維他奶鮮凍豆奶的強勁表現所帶動。於二零一四╱二零一五財政年度在全國推出的維他奶鮮凍豆奶表現理想。 The Mainstream Channel business performance was affected by the slower than expected Tofu initiative and Pasta sales. The new ready-to-eat NASOYA TofuBaked was listed in the second half of FY2014/2015, which was behind the original launch schedule. 主流銷售渠道的業務表現因豆腐新產品及麵食銷售表現遜於預期而受到影響。全新的即食 NASOYA 烘烤豆腐遲於原定時間推出，於二零一四╱二零一五財政年度下半年才推出市場。 For the imported Asian beverage market, Vitasoy USA continued to maintain its solid market position. 維他奶美國公司繼續在進口亞裔飲料市場中維持穩固的市場地位。 The operation reported a profit in the second half of FY2014/2015. However, yearly profitability was impacted by the operating loss in the first six months resulting from lower than expected Mainstream Channel sales, new product launch delay, rising transportation and utility costs. 二零一四╱二零一五財政年度下半年錄得溢利，但主流渠道銷售低於預期、新產品延遲推出、運輸及燃料成本上漲等因素導致首六個月出現經營虧損，全年盈利能力因而受到影響。 18 Vitasoy International Holdings Ltd. Annual Report 2014/15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Singapore 新加坡 Strong domestic sales, offset by sluggish export business and the weakened Singapore dollar 當地銷售強勁，惟被疲弱的出口業務及坡元貶值所抵銷 2015 2014 二零一五年二零一四年 HK$ million HK$ million % Change 港幣百萬元港幣百萬元百分比變動 2014 二零一五年二零一四年 2015 Group Contributions % 佔本集團貢獻百分比 Revenue from external customers Profit from operation 來自外間客戶之收入經營溢利 86 8 85 8 1 – 2 1 2 1 Our Singapore operation maintained a steady top line growth. Domestic sales growth was indeed strong, increasing at 7% year-on-year in local currency term. However, sales were impacted by a sluggish export business and the weakened Singapore dollar. During the year, we focused on channel execution with increased trade promotions and consumer sampling activities. Sales of the core products such as UNICURD Silken Tofu, Egg Tofu and Tau Kwa recorded encouraging growth. In terms of market share, we have surpassed our competitors and continued to accelerate at our No. 1 position in the Tofu category. 新加坡業務維持穩定之銷售額增長。當地銷售尤為強勁，以當地貨幣計算按年增加 7%，惟被出口業務疲弱及坡元貶值所抵銷。年內，我們專注發展銷售渠道，同時增加商戶推廣活動以及消費者試食活動。UNICURD 嫩滑豆腐、蛋豆腐及豆干等主要產品均錄得可觀的銷售增長。就市場份額而言，我們已超越競爭對手，並繼續加快鞏固我們在豆腐品類的領導地位。 In the second quarter of FY2014/2015, we launched the new VITASOY Premium Tofu, a fortified tofu with higher calcium content, to provide consumers with an even healthier choice. 於二零一四╱二零一五財政年度第二季，我們推出含有更高鈣質的加鈣豆腐 — 全新維他奶高級豆腐，為消費者提供更健康的選擇。 Despite strong domestic sales and reduced maintenance costs, the weaker Export performance and the increased marketing investment have impacted overall profitability. The weakened Singapore dollar (versus the same period last year) has also adversely impacted both sales and profit when reported in Hong Kong dollar terms. 儘管當地銷售表現強勁及維修保養成本有所下降，但出口表現較弱及增加投資市場推廣活動，均對整體盈利能力構成影響。坡元貶值（相比去年同期）亦不利以港幣呈報的銷售及溢利額。維他奶國際集團有限公司二零一四╱一五年年報 19 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Outlook of Operations 業務展望 Looking ahead, we will continue to drive our vision and strategy. The market “tailwind” of health trends for nutritious products, and our competency in manufacturing and quality commitment will provide us with a solid platform for growth. We will continue our investment and innovation in our core. We are determined to achieve sustainable growth across markets and channels through strong execution and horizontal expansion in the growing consumer space embracing “Nutrition, Taste and Sustainability”. Meanwhile, we will ensure cost effectiveness to maximise p r o f i t a b i l i t y t h r o u g h a p r u d e n t a p p r o a c h f o r c o s t management. The commissioning of the Wuhan production plant in Mainland China will help us meet the rapid growth in demand. As we plan for the second wave of capital investment for expansion, we have already secured adequate financing funds and will continue to maintain a healthy financial position. Hong Kong Operation (Hong Kong, Macau and Exports) We will further strengthen our leadership position and drive innovation to reinforce our brand equity and expand market share. Labor supply shortages and wage increases remain as our key challenges. We will continue to automate and enhance operational efficiency to counter these structural constraints. 展望將來，我們將會繼續推動實現公司的願景及策略。受惠於消費者追求健康生活及營養產品的「大趨勢」，加上我們在生產及品質承諾方面的實力，均為日後的發展奠下穩健的平台。我們將繼續投資及創新核心產品，在不斷增長的消費群對「營養、味美及可持續發展」的殷切需求下，加強執行策略及開拓市場，決意在各市場及銷售渠道達致可持續增長的目標。與此同時，我們將藉著審慎的成本管理確保成本效益，盡量提升盈利能力。中國內地的武漢生產廠房投產後，將有助我們滿足迅速增長的需求。在計劃為拓展業務而作出第二階段資本投資的同時，我們已取得充裕的融資資金，並將繼續維持穩健的財務狀況。香港業務（香港、澳門及出口）我們將會進一步鞏固我們的領導地位及推動創新，從而加強品牌價值及擴大市場份額。勞工短缺及工資上升仍是我們最大的挑戰。我們將繼續推行自動化生產及提高營運效率，應對這些結構性限制。 Mainland China 中國內地 We will continue our “Go Deep Go Wide” strategy by improving our execution and expanding our market penetration. 我們將透過加強執行策略及拓展市場滲透率，繼續推行「更深更廣」策略。 Through the newly built VITALITY platform, we will further grow the VITASOY brand equity and strengthen our presence in the premium soymilk market. 我們將透過全新打造的奕活品牌銷售平台，進一步提升維他奶的品牌價值以及鞏固我們在高端豆奶市場的地位。 Australia and New Zealand 澳洲及新西蘭 The Plant Milk market is expected to continue its growth momentum despite intensified competition. 儘管競爭加劇，但預期植物奶市場仍能保持其增長動力。 Vitasoy Australia will continue to drive newly extended offerings in the Plant Milk category with strong execution. 維他奶澳洲公司將繼續透過加強執行策略，在植物奶品類中增推新產品。 20 Vitasoy International Holdings Ltd. Annual Report 2014/15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 North America 北美洲 We will stay focused to improve Vitasoy USA’s bottom line in the coming year. 來年，我們將繼續致力提高維他奶美國公司之盈利。 With the recent successful launch of VITASOY Refrigerated Soymilk, we will continue to expand the breadth of our growing Asian beverage portfolio. 繼近期順利推出維他奶鮮凍豆奶後，我們將會繼續豐富不斷增長的亞裔飲料產品種類。 We will continue to improve the Mainstream performance. 我們將持續改善主流市場的業績表現。 Singapore 新加坡 We will keep scaling up our core VITASOY brand equity through the VITASOY Premium Tofu and VITASOY ambient products. At the same time, we will continue our effort in improving plant efficiency and monitoring manufacturing costs to drive profitable growth. 我們將透過維他奶高級豆腐及維他奶常溫產品，繼續提高核心維他奶品牌價值。與此同時，我們將繼續努力改善廠房效率及控制生產成本，推動盈利增長。 Conclusion 總結 In summary, we have delivered a very strong performance in FY2014/2015 and are progressing towards the Group’s 2020 vision. The global health trends, the increasing demand for nutritious products, and Vitasoy’s unique competitive strengths have allowed us to gradually accelerate. We will stay focused to develop our core through “Execution, Expansion and Innovation”. Our success rests on the trust that consumers have in our quality products. We would like to extend our gratitude to our loyal customers who are our biggest brand ambassadors. We also want to thank the Chairman and Board of Directors, for their valuable guidance and support, and our colleagues for their commitment and contribution throughout the year. 總括而言，我們於二零一四╱二零一五財政年度表現非常強勁，並逐步邁向集團二零二零年的願景。全球追求健康生活的趨勢、消費者對營養產品日益殷切的需求，加上維他奶的獨特競爭優勢，均讓我們逐步加速發展。我們將透過「執行、擴展及創新」，繼續專注發展核心業務。我們的成功全賴消費者對我們的產品質量充滿信心。我們謹此對所有忠誠客戶表示衷心的謝意，他們亦是我們最好的品牌大使。我們亦謹此感謝主席及董事會寶貴的指引及不斷的支持，以及所有同事於年內所作出的承諾及貢獻。 Roberto GUIDETTI Group Chief Executive Officer 25th June, 2015 陸博濤集團行政總裁二零一五年六月二十五日維他奶國際集團有限公司二零一四╱一五年年報 21 22 Vitasoy International Holdings Ltd. Annual Report 2014/15 AWARDS AND RECOGNITIONS 嘉許及表揚 Major Awards of Vitasoy International Holdings Limited from 1st April, 2014 to the Date of this Annual Report 維他奶國際集團有限公司於二零一四年四月一日至本年報日期止所獲主要獎項 Corporate 企業 “Best Investor Relations Company (Hong Kong)” at the “4th Asian Excellence Recognition Awards 2014” organized by Corporate Governance Asia. 於《亞洲企業管治》雜誌主辦的「2014 年第四屆亞洲卓越大獎」中獲「最佳投資者關係企業獎 ( 香港 )」。 “Corporate Social Responsibility Awards 2014” by CAPITAL and CAPITAL WEEKLY. 獲《資本雜誌》及《資本壹週》頒發「企業社會責任大獎 2014」。 “Earth Partner 2014-15 – Mars” by Friends of the Earth (HK). 獲香港地球之友頒發「Earth Partner 2014-15 – Mars」。 “Prime Awards for Eco-Business 2014” by METROBOx. 獲《都市盛世》頒發「環保企業獎 2014」。 Green Office Label under “Green Office Awards Labelling Scheme (GOALS)”, and the United Nations Millennium Development Goals (UNMDG) – “Better World Company Label” by World Green Organisation (WGO) and Junior Chamber International (JCI) North District, Hong Kong. 獲世界綠色組織 (WGO) 及香港北區青年商會 (JCI) 頒發「綠色辦公室獎勵計劃」認證及聯合國千禧發展目標「環球愛心企業」標誌。 Silver Award in Stakeholder Communications Category of the “2nd Hong Kong Public Relations Awards 2014” by the Hong Kong Public Relations Professional Association. 香港公共關係專業人員協會主辦的「2014 年第二屆香港公共關係獎」中獲持份者傳訊銀獎。 2012/13 Annual Report Cover Design received Bronze Award in the category of Food and Consumer Packaged Goods of ARC Awards. 2012/13 年度年報封面設計獲 ARC Awards 中食品及消費品類別的銅獎。維他奶國際集團有限公司二零一四╱一五年年報 23 AWARDS AND RECOGNITIONS 嘉許及表揚 “Outstanding Corporate Image Award 2014” by TVB Weekly. 獲《TVB 周刊》頒發「傑出企業形象大獎 2014」。 “Consumer Caring Company” in the Consumer Caring Scheme 2014 organised by GS1 Hong Kong. 獲香港貨品編碼協會嘉許為 2014 年度「貼心企業」。 The “10 years Plus Caring Company” Logo from Hong Kong Council of Social Services. 獲香港社會服務聯會頒發「10 年 Plus 商界展關懷」標誌。 “Outstanding Sustainable Development Award 2014” in “Quamnet Outstanding Enterprise Awards 2014”. 「華富財經傑出企業大獎 2014」中獲「傑出可持續發展企業 2014」。 Honours Award in the Annual Reports – Cover Design: Special Treatment of the 2014/15 MERCURY Excellence Awards. 在 MERCURY Excellence Awards 中的 2014/15 年度年報特別處理封面設計類別獲榮譽獎。 Best IR Company, Best IR by CEO (Mr. Roberto Guidetti), Best IR by CFO (Ms. Kitty Fung), Best IRO (Ms. Kitty Fung) and Best IR Presentation Collaterals in the Mid Cap Category of the “HKIRA 1st Investor Relations Awards” by the Hong Kong Investor Relations Association. 於香港投資者關係協會首屆「香港投資者關係大獎」中等市值股份類中，共獲得最佳投資者關係公司、最佳投資者關係 – 行政總裁（陸博濤先生）、最佳投資者關係 – 財務總監（馮潔儀女士）、最佳投資者關係專員（馮潔儀女士）、以及最佳投資者關係 – 企業發佈資料。 24 Vitasoy International Holdings Ltd. Annual Report 2014/15 AWARDS AND RECOGNITIONS 嘉許及表揚 Vitaland Services Limited and Hong Kong Gourmet Limited 維他天地服務有限公司及香港美食有限公司 Vitaland Services Limited and Hong Kong Gourmet Limited were awarded “Green Partner Appreciation Certificate” in the “Green Monday Carnival”. 維他天地服務有限公司及香港美食有限公司獲頒贈「無綠不歡校園計劃」的「綠色夥伴感謝狀」。 Human Resources 人力資源 “Manpower Developer” awarded by the Employees Retraining Board. 獲僱員再培訓局嘉許為「人才企業」。 Hong Kong 香港 The Champion in Team Relay (Business Associates) Men’s Section and Jardine Ambassadors Rose Bowl of “Walk Up Jardine House” organized by Jardine Group. 於怡和集團主辦籌款活動「齊步上怡廈」中奪得商業夥伴男子組冠軍及全場總冠軍。 Mainland China 中國內地 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Co., Ltd. was recognised as an “Advanced Enterprise” in the “Peng Cheng Waste Reduction” program 2013 by Committee For Shenzhen People’s Living Environment. 深圳維他（光明）食品飲料有限公司獲深圳市人居環境委員會頒發 2013 年度「鵬城減廢」先進企業。 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Co., Ltd. was awarded Green Medal in “Hang Seng Pan Pearl River Delta Environmental Awards 2013/14”. 深圳維他 ( 光明 ) 食品飲料有限公司在「恒生泛珠三角環保大獎 2013/14」榮獲綠色獎章。維他奶國際集團有限公司二零一四╱一五年年報 25 AWARDS AND RECOGNITIONS 嘉許及表揚 Vitasoy (Shanghai) Company Limited was awarded “Outstanding Entrepreneur 2014” by People’s Government of Zhongshan Neighbourhood Office, Songjiang District, Shanghai. 維他奶（上海）有限公司被上海市松江區人民政府中山街道辦評為「2014 年度優秀企業家」。 Vitasoy (Shanghai) Company Limited was awarded “Special Improvement Award 2014” by People’s Government of Zhongshan Neighbourhood Office, Songjiang District, Shanghai. 維他奶（上海）有限公司在上海市松江區人民政府中山街道辦獲得「2014 年度特別進步獎」。 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Co., Ltd. was awarded “Manufacturing and Industrial Services – Certificate of Merit” in 2014 Hong Kong Awards for Environmental Excellence (HKAEE). 深圳維他 ( 光明 ) 食品飲料有限公司在「香港環保卓越計劃 2014」榮獲「製造業及工業服務 – 優異獎」。 Brand 品牌 VITASOY – Hong Kong 維他奶 – 香港 “2013-14 YAHOO! Emotive Brand Award – Food & Beverage Category” by YAHOO! Hong Kong. YAHOO! 香港的「2013-14 YAHOO! 感情品牌大獎 – 飲料及食品類別」。 Prestigious Corporate Brand — Bronze, Top Ten Prestigious Corporate Brands — Judge Panel, Best Use of Digital Technology Brand — Judge Panel and Consumers’ Most Favourite Commodity Brand in the “Prestigious Corporate Brand Awards 2014”, jointly presented by Ming Pao Daily and the Department of Marketing, The Chinese University of Hong Kong. 於《明報》與香港中文大學市場學系合辦的「卓越企業品牌選舉 2014」中獲銅獎、十大卓越企業品牌 — 評審團、善用數碼科技品牌 — 評審團及消費者最喜愛的商品品牌。 26 Vitasoy International Holdings Ltd. Annual Report 2014/15 AWARDS AND RECOGNITIONS 嘉許及表揚 “Touch Brands Award 2014” by EAST TOUCH Magazine. 獲《東 TOUCH》雜誌頒發「TOUCH 品牌獎項 2014」。 One of the “Top Ten Favourite Brands” in the 15th Wellcome Favourite Brands Awards 2014. 惠康第十五屆「超市名牌」選舉 2014 中獲選為「十大超市名牌」之一。 VITASOY – Mainland China 維他奶 – 中國內地 “The Most Favorite Soymilk Brand 2014” by Shenzhen Evening News. 被《深圳晚報》選為「2014 年深圳百萬市民最喜愛的豆奶品牌」。 “The Most Favorite Milk Brand 2015” by Shenzhen Evening News. 被《深圳晚報》選為「2015 年深圳百萬市民最喜愛乳飲品品牌」。 VITALITY – Mainland China 奕活 – 中國內地 VITALITY series was recognized as “Gold Level High-end Product 2014” by the China Yangtze Delta Beverage Association. 奕活系列產品被中國長三角飲品行業協會評為「2014 高端金品」。 VITA – Hong Kong 維他 – 香港 “Sales Outstanding Performance Award 2014 – Beverages” by 7-Eleven. 獲 7-Eleven 之「2014 年傑出銷售表現獎 – 飲料」。維他奶國際集團有限公司二零一四╱一五年年報 27 AWARDS AND RECOGNITIONS 嘉許及表揚 VLT – Hong Kong維他檸檬茶 – 香港 One of the “Top Ten Favourite Brands” in the 15th Wellcome Favourite Brands Awards 2014. 惠康第十五屆「超市名牌」選舉 2014 中獲「十大超市名牌」之一。 “Touch Brands Award 2014” by EAST TOUCH Magazine. 獲《東 TOUCH》雜誌頒發「TOUCH 品牌獎項 2014」。 VLT – Mainland China維他檸檬茶 – 中國內地 “The Most Favorite Tea Brand 2014” by Shenzhen Evening News. 獲《深圳晚報》選為「2014 年深圳百萬市民最喜歡的茶類飲品品牌」。 “The Most Favorite Food Brand (Beverage Category) 2014” by Guangdong xinkuai Newspaper Office. 獲《廣東新快報社》選為「2014 廣州市民最喜愛的食品品牌（飲料類）」。 “Shenzhen Food Quality Integrity Award 2015” by Shenzhen Evening News. 獲《深圳晚報》頒發「2015 年深圳食品質量誠信獎」。 28 Vitasoy International Holdings Ltd. Annual Report 2014/15 AWARDS AND RECOGNITIONS 嘉許及表揚 VITA Chrysanthemum Tea – Hong Kong 維他菊花茶 – 香港 One of the Top Ten Favourite Brands in the “15th Wellcome Favourite Brands Awards 2014”. 「惠康第十五屆超市名牌」選舉 2014 中獲選為十大超市名牌之一。 VITA HK Style Milk Tea – Hong Kong 維他港式奶茶 – 香港 Rising Star in the “15th Wellcome Favourite Brands Awards 2014”. 在「惠康第十五屆超市名牌」選舉 2014 中獲選為最具潛力品牌。 “Touch Brands Award 2014” by EAST TOUCH Magazine. 獲《東 TOUCH》雜誌頒發「TOUCH 品牌獎項 2014」。 The “Most Popular RTD Milk Tea Award” in the TVB Weekly Brand Award 2014. 《TVB 周刊》品牌大獎 2014 中獲「最受歡迎即飲奶茶獎」。 Best Idea – Launch (Silver) and Best Idea – Customer Acquisition (Bronze) in the “MARKies Awards 2015” by Marketing Magazine. 由Marketing Magazine舉辦的MARKies Awards 2015中獲「最佳概念 – 產品發佈」銀獎及「最佳概念 – 客戶嬴取」銅獎。維他奶國際集團有限公司二零一四╱一五年年報 29 AWARDS AND RECOGNITIONS 嘉許及表揚 NASOYA Tofu NASOYA 豆腐 NASOYA Organic Cubed Super-Firm Tofu was awarded “Clean Choice Awards – Super Time Savers” by Clean Eating Magazine in the USA. NASOYA 有機小塊特硬豆腐榮獲美國 Clean Eating 雜誌的「Clean Choice Awards – Super Time Savers」。 UNICURD Black Soybean Silken Tofu UNICURD 黑豆嫩滑豆腐 “Global Food Industry Award” by International Union of Food Science and Technology (IUFoST). 獲食品科學及科技國際聯會 (IUFoST) 頒發「環球食品工業獎」。 30 Vitasoy International Holdings Ltd. Annual Report 2014/15 維他奶國際集團有限公司二零一四╱一五年年報 31 CORPORATE GOVERNANCE REPORT 企業管治報告 Vitasoy International Holdings Limited (the “Company”) is firmly committed to compliance of statutory and regulatory corporate governance standards and adherence to the principles of corporate governance emphasising transparency, independence, accountability, responsibility and fairness. The Board of Directors (the “Board”) of the Company will review the corporate governance practices from time to time to ensure alignment of interests and expectations from our shareholders, the investing public and the other stakeholders. 維他奶國際集團有限公司（「本公司」）堅守法定及監管企業管治標準，並時刻遵守注重具透明度、獨立性、問責、負責與公平之企業管治原則。本公司董事會將不時審閱企業管治常規，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。 Corporate Governance Practices 企業管治常規 The Company has, throughout the year ended 31st March, 2015, complied with the code provisions set out in the Corporate Governance Code (the “CG Code”) contained in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). 本公司於截至二零一五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（「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 2017/2018 in September of 2014. The Board would take a proactive role in reviewing and updating the Strategic Plans periodically 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，發展策略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發展策略。發展策略一般涵蓋三年。董事會已於二零一四年九月採納截至二零一七╱二零一八財政年度止之最新三年發展策略。董事會因應宏觀經濟及業務環境之改變，積極定期檢討及更新發展策略。 Strategic Planning 發展策略 2015/2016 2016/2017 2017/2018 32 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 A defined schedule of matters reserved for Board decision has been adopted by the Board. 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。 Matters reserved for the Board Decision Key areas: • Corporate Governance Practices and Significant Financial Transactions 須待董事會作出決定之事項重點範圍： • 企業管治常規及重大財務交易 – Codes/policies of Corporate Governance – 企業管治常規守則╱政策； Practices; – Material business merger, acquisition and – 重大業務合併、收購及出售； divestment; – Significant investments including large capital – 主要投資（包括大型資本項目）； projects; – Set up of significant new subsidiary and joint – 新成立主要附屬公司及合營企 venture companies; 業； – Approval for notifiable and connected – 批准上市規則項下的須予披露及 transactions under the Listing Rules; 關連交易； – Provision of guarantee or indemnity to a bank – 向銀行或金融機構提供擔保或彌 or financial institution; 償保證； – Provision of significant guarantee or indemnity – 為第三方提供重大擔保或彌償保 to a third party; and 證；及 – Pledge of company assets other than for the – 抵押公司資產（用作銀行信貸擔 purpose of securing banking facilities. 保者除外）。 • • • • Long-term Strategic Plan and Annual Budget • 長期發展策略及年度預算 Approval of Financial Reports • 批准財務報告 Appointment and Removal of External Auditor • 委任及罷免外聘核數師 Appointment of director, company secretary, senior management and determination of their remuneration and long term incentives • 委任董事、公司秘書及高層管理人員並釐定彼等之酬金及長期獎勵 Board Composition Executive Chairman Mr. Winston Yau-lai LO Executive Director and Group Chief Executive Officer Mr. Roberto GUIDETTI Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG 董事會組成執行主席羅友禮先生執行董事暨集團行政總裁陸博濤先生獨立非執行董事李國寶爵士 Jan P. S. ERLUND 先生張建標先生維他奶國際集團有限公司二零一四╱一五年年報 33 CORPORATE GOVERNANCE REPORT 企業管治報告 Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 非執行董事羅慕貞女士羅慕玲女士 The 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. The Independent Non-executive Directors represent two-fifth of the Board which satisfies the Listing Rules requirement for one-third. 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. 各董事所屬之類別、職位及簡歷以及彼此間之關係載列於本年報「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」）及本公司之網站 www.vitasoy.com。董事（包括獨立非執行董事及非執行董事）均擁有廣泛而寶貴之商務經驗、知識及專業才能，故董事會得以有效率及高效地履行其職責。獨立非執行董事佔董事會人數之五分之二，符合上市規則規定三分之一的要求。本公司已收到各獨立非執行董事根據上市規則第 3.13 條就其身份之獨立性發出之週年確認書。本公司認為各獨立非執行董事確為獨立人士。 The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st October, 2014 to 30th September, 2015. 本公司已就二零一四年十月一日至二零一五年九月三十日止期間為本公司董事及行政人員投買董事及行政人員責任保險。 Changes in Directors’ Information during the year ended 31st March, 2015 and up to the date of this Annual Report are set out below: 於截至二零一五年三月三十一日止年度及截至本年報日期止之董事之資料變動載列如下： Appointment of Executive Director Mr. Roberto GUIDETTI 執行董事之委任陸博濤先生 • appointed as an Executive Director of the Company. • 獲委任為本公司執行董事。 Retirement of Independent Non-executive Director 獨立非執行董事之退任 Mr. Iain F. BRUCE 布魯士先生 • • • 34 retired as an Independent Non-executive Director of the Company; ceased to be the chairman of the Audit and Corporate Governance Committee of the Company; and ceased to be a member of the Remuneration and Nomination Committee of the Company. • 退任為本公司獨立非執行董事； • 辭任本公司審核及企業管治委員會主席；及 • 辭任本公司薪酬及提名委員會成員。 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 Appointment of the chairman of the Audit and Corporate Governance Committee 審核及企業管治委員會主席之委任 Mr. Valiant Kin-piu CHEUNG 張建標先生 • appointed as the chairman of the Audit and Corporate Governance Committee of the Company. • 獲委任為本公司之審核及企業管治委員會主席。 Changes in Major Appointments and Other Directorships 主要委任及其他董事職務之變動 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 • ceased to be a director of CaixaBank, S.A.. • 辭任 CaixaBank, S.A. 董事。 Mr. Valiant Kin-piu CHEUNG 張建標先生 • ceased to be a director of Pacific Century Premium Development Limited. • 辭任盈科大衍地產發展有限公司董事。 Change in Directors’ Fees 董事袍金之變動 There was a 5% increase in basic directors’ fees for fiscal year of 2014/2015. 於二零一四╱二零一五財政年度之基本董事袍金增加 5%。 Board Diversity 董事會成員多元化 The Board has adopted a Board Diversity Policy to set out the objectives and the factors to be considered for achieving the diversity of the Board in June 2013. The Board Diversity Policy has been published on the Company’s website. 董事會於二零一三年六月採納董事會成員多元化政策，當中載列董事會成員多元化的目的以及達致多元化的考慮因素。董事會成員多元化政策已刊登於本公司網站。 The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance. Director appointment has been, and will continue to be, made based on merit as well as complementing and expanding the skills, knowledge and experience of the Board as a whole, taking into account experience, professional qualification, cultural, age, gender and any other factors that the Board might consider relevant. The Remuneration and Nomination Committee has established the measurable objectives for achieving age and gender diversity for the year of 2019/2020 during the year of 2013/2014. As at the year ended 31st March, 2015, progress in achieving the objectives are: • • Female representation was 29% which has already achieved the target of “more than 25%” set for the year of 2019/2020. Average age of the Board members was 69. The Board is confident that the age of the Board members will be rejuvenated with the joining of younger new board members in coming few years. 本公司認同董事會成員多元化之裨益，並認為可增強董事會之表現質素。董事之委任過往根據並將繼續按候選人之才能或功績、能否補充、加強董事會整體之技能、知識及經驗為準則，並會考慮候選人之個人經驗、專業資格、文化背景、年齡、性別及任何其他董事會認為相關之因素。薪酬及提名委員會已於二零一三╱二零一四年度內制定可於二零一九╱二零二零年度達致年齡及性別多元化的可計量目標。於截至二零一五年三月三十一日止年度內，達致該等目標之進度如下： • 女性代表達到 29%，已達到二零一九╱二零二零年度「高於 25%」之目標設定。 • 董事會成員的平均年齡為 69 歲。董事會有信心，未來數年若加入更年輕的新任董事會成員後，董事會成員的年齡將趨向年輕化。維他奶國際集團有限公司二零一四╱一五年年報 35 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 Director 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 a formal corporate governance policy, with adherence to various best practices and procedures. We have also established various communication platforms to maintain an on-going dialogue with our shareholders and the other stakeholders so as to allow them to engage actively with the Company. Mr. Roberto GUIDETTI, the Group Chief Executive Officer is responsible for the overall strategic planning, business development and general management of all the Group’s operations. The Group Chief Executive Officer is primarily accountable to keep the Board apprised of the Company’s business and financial 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。執行主席提倡開放的文化，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，已採納正式之企業管治政策，並遵守多項最佳常規及程序。我們亦已設立多個溝通渠道，與股東及其他持份者持續保持溝通，讓他們積極投入本公司事務。集團行政總裁陸博濤先生負責所有本集團業務之整體發展策略、業務發展及日常管理。集團行政總裁主要負責向董事會提供每月管理層報告更新，讓董事會了解本公司之業務及財務表現、狀況及前景。 Board Proceedings 董事會程序 The Board met five times in fiscal year of 2014/2015 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 strategic plan, annual budget, the financial reports and corporate governance related policies and practices for the Group. 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, Directors have made active participation in the Board meetings, Board Committees meetings and the Annual General Meeting. 董事會於二零一四╱二零一五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；並考慮及審批本集團之發展策略、年度預算、財務報告及企業管治相關政策及常規。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，董事均積極參與董事會會議、董事委員會會議及股東週年大會。 36 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 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 2014/2015 are as follows: 於二零一四╱二零一五財政年度，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 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE 李國寶爵士布魯士先生（於二零一四年九月四日退任） 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）陸博濤先生（於二零一四年四月一日獲委任）集團首席財務總監馮潔儀女士集團內部審計總監周昭傑先生（於二零一四年三月十七日獲委任）外聘核數師畢馬威會計師事務所 (retired on 4th September, 2014) 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. Roberto GUIDETTI (appointed on 1st April, 2014) Group Chief Financial Officer Ms. Kitty Kit-yi FUNG Group Internal Audit Director Mr. Terence Chiu-kit CHOW (appointed on 17th March, 2014) External Auditors KPMG Notes: (a) Chairman of the Board Meetings Attended/ Held 出席次數╱會議次數 Remuneration and Nomination Committee Board 董事會薪酬及提名委員會 Audit and Corporate Governance Committee 審核及企業管治 Annual General Meeting 委員會股東週年大會 5/5 1/2 5/5 5/5 5/5 5/5 2/2(b) 3/3 0/1 2/2 2/2 2/2 2/2 1/1(c1) 3/3 3/3(c2) N/A 不適用 N/A 不適用 1/1 1/1 1/1 1/1 1/1 1/1 5/5(a) 2/2(e) 3/3(e) 1/1(d) 5/5 1/1(e) 3/3(e) 1/1 5/5(e) N/A 不適用 3/3(e) 1/1(e) N/A 不適用 N/A 不適用 3/3(e) N/A 不適用 N/A 不適用 N/A 不適用 3/3(e) 1/1(e) 附註： (a) 董事會主席 (b) Chairman of the Remuneration and Nomination Committee (b) 薪酬及提名委員會主席 (c1) Chairman of the Audit and Corporate Governance Committee (c1) 審核及企業管治委員會主席 (c2) Chairman of the Audit and Corporate Governance Committee (c2) 審核及企業管治委員會主席（自二零一四年九月 effective from 4th September, 2014 四日起生效） (d) Chairman of the Annual General Meeting (d) 股東週年大會主席 (e) Attendance by invitation (e) 應邀出席 The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2014 Annual General Meeting, all Directors, including Executive Chairman, the Chairman of the Board Committees and the External Auditors 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。於二零一四年股東週年大會，全體董事（包括執行主席）、各董事委員會主席及外聘核數師均出席了該大會並回答股東之提問。維他奶國際集團有限公司二零一四╱一五年年報 37 CORPORATE GOVERNANCE REPORT 企業管治報告 During the year under review, the Executive Chairman also met with the Non-executive Directors without the presence of Executive Directors 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開會。 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. Subject to the re-election requirement of the Company’s Articles of Association, all the Non-executive (including Independent Non-executive) Directors of the Company are appointed for a specific term of not more than three years under their letters of appointment. 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. 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, regulatory and corporate governance requirements and with professional practices in a dynamic business world. The program would help refresh Directors’ knowledge and skills in relation to their performance of the roles, functions and duties of directors of a listed company. 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。在本公司章程細則有關重選規定之規限下，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。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，而每年須有三分之一（或最接近但不能超越三分之一）之董事於本公司股東週年大會上告退。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間培訓課程及研討會之報名資料，同時亦提供法律資訊和刊物，有助董事持續掌握最新法例、監管及企業管治規定以及在商業領域內的專業實務。課程幫助董事溫故知新，認識上市公司董事角色、職能及責任所須之知識及技能。 38 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 During the year, the Company Secretary has organised a n a n n u a l i n h o u s e t ra i n i n g p r o g ra m t o D i r e c t o r s covering various topical issues, ranging from social media trend, currency developments and the new regulatory requirements. 年內，公司秘書為董事舉辦年度內部培訓課程，課程涵蓋社交媒體趨勢、貨幣走勢及最新法規要求等培訓內容。 In-house “Directors Training Program” – September 2014 Topics covered: 內部「董事培訓課程」－二零一四年九月培訓內容包括： • Social Media – Vitasoy corporate website revamp; • 社交媒體－革新維他奶公司網站； • What’s Around the Corner on Currencies; and • 貨幣的未來走勢；及 • New Hong Kong Companies Ordinance. • 新香港《公司條例》。 In September 2014, the Company has organised a plant tour for our Directors to visit our manufacturing plant and headquarters in Tuen Mun, Hong Kong. 於二零一四年九月，本公司為董事舉辦了廠房參觀活動，參觀我們香港屯門的生產廠房及總部。 In March 2015, the Company has also organised for our Directors another plant tour to our manufacturing plant in Wodonga, Australia. Our Directors had also made market visit in different sales channels so as to understand the market in which we sell and how to drive the market performance. During the visit, our Directors had also met with our local joint venture partner and to exchange views in growing the business. 於二零一五年三月，本公司亦為董事舉辦另一個廠房參觀活動，參觀澳洲烏東加生產廠房。董事亦同時到訪不同的銷售渠道，了解我們的銷售市場，並從而提高市場表現。參觀期間，董事亦與我們當地的合營夥伴會面，互相交流業務發展的意見。維他奶國際集團有限公司二零一四╱一五年年報 39 CORPORATE GOVERNANCE REPORT 企業管治報告 Plant and market visits in Australia – March 2015 Areas covered: 參觀澳洲廠房及市場－二零一五年三月範圍包括： • Wodonga manufacturing plant visit; • 參觀烏東加生產廠房； • Melbourne market visit; and • 到訪墨爾本產品市場；及 • Meetings with local joint venture partner and local management team to review and discuss about the current business performance and strategy. • 與當地的合營夥伴及當地管理層會面，檢討並討論現時業務表現及策略。 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 program 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 2014/2015 which have been reviewed by the Audit and Corporate Governance Committee. Each of the Director of the Company has received more than 30 hours of CPD training during the year. Senior Management has received average 65 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加各項持續專業發展課程，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二零一四╱二零一五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。本公司各董事均於年內接受持續專業發展培訓逾 30 小時，而高層管理人員亦於年內接受平均約 65 小時的持續專業發展培訓。 40 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 Directors’ Training Records 董事之培訓記錄 Analysis of training attended by Directors in FY2014/2015 by topic 董事於二零一四╱二零一五財政年度參加之培訓分析（按項目） Account and Finance 會計及財務 7% Business Reading 商業讀物 8% Legal/ Regulatory Compliance 法例╱監管條例之遵守 12% Director's Duties and Governance 董事職責及管治 4% Company’s Business 本公司業務 69% Plant/Market Visit 廠房╱市場參觀 50% Analysis of training attended by Directors in FY2014/2015 by type 董事於二零一四╱二零一五財政年度參加之培訓分析（按類型） External Courses/ Seminars/ Workshops 外間課程╱研討會╱工作坊 12% Articles Readings 刊物閱讀 19% In-house Training 內部培訓 19% 維他奶國際集團有限公司二零一四╱一五年年報 41 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 FY2014/2015 by topic 高層管理人員於二零一四╱二零一五財政年度參加之培訓分析（按項目） Account / Finance/ Tax 會計 / 財務 / 稅項 8% Company's Business 本公司業務 9% Market/ Product / Business Development 市場╱產品╱業務發展 35% Human Resources 人力資源 1% Regulatory/Legal/Industrial 監管╱法律╱行業 47% Analysis of training attended by Senior Management in FY2014/2015 by type 高層管理人員於二零一四╱二零一五財政年度參加之培訓分析（按類型） In-house Training 內部培訓 11% Articles Readings 刊物閱讀 37% External Courses/ Seminars/ Workshops 外間課程╱研討會╱工作坊 52% 42 Vitasoy International Holdings Ltd. Annual Report 2014/15 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 FY2014/2015 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, 2015. 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 2014/2015. 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 regularly reported to the Company Secretary 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。二零一四╱二零一五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之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，而全體董事及該相關類別員工均確認於截至二零一五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二零一四╱二零一五財政年度已付出足夠時間及關注，處理本公司事務之確認書。各董事亦適時向本公司披露彼等作為董事之利益申報及於其他公眾公司及組織之其他職務，並已就任何其後變動定期向公司秘書匯報。維他奶國際集團有限公司二零一四╱一五年年報 43 CORPORATE GOVERNANCE REPORT 企業管治報告 Evaluation of the Board and the Executive Chairman The Board believes that evaluation of the Board and the Executive Chairman is an essential requirement of good corporate governance and has already adopted the Recommended Best Practice for regular Board Evaluation under the CG Code as early in the fiscal year of 2011/2012. 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 usually conducted once a year. A formal evaluation of the Board and the Executive Chairman was conducted for the fiscal year of 2014/2015. 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. 董事會及執行主席之評核董事會相信，對董事會及執行主席進行評核，乃良好企業管治之重要要求，並早於二零一一╱二零一二財政年度開始採納企業管治守則中之建議最佳常規定期為董事會作出評核。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。有關評核一般每年進行一次。於二零一四╱二零一五財政年度，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閱。 Key focus areas for Board Evaluation for FY2014/2015: 二零一四╱二零一五財政年度董事會之評核重點範疇： • • • • Corporate Governance practices; Strategic plan and performance; Risk management; and Financial performance. • 企業管治常規； • 發展策略及執行； • 風險管理；及 • 財務表現。 All Directors have actively participated in the whole evaluation process. The evaluation results demonstrated that the Board has performed particularly well in the areas of strategic plan and performance as well as review of financial performance. The Executive Chairman has adequately and effectively performed his roles and fulfilled his responsibilities as the Chairman of the Board. No major areas of concerns were found in the evaluation results. Directors have proposed a few constructive and valuable recommendations for continuous improvement of the Board performance. 全體董事均積極參與整個評核過程。評核結果顯示，董事會於發展策略及執行，以及檢討財務表現等方面表現尤其出色。執行主席充分及有效地執行其身為董事會主席的角色及履行其責任。評核結果並無發現任何須予重要關注之地方。董事已就持續改善董事會表現提出多項具建設性及寶貴之建議。 44 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 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。 Board of Directors 董事會 Remuneration and Nomination Committee 薪酬及提名委員會 Audit and Corporate Governance Committee 審核及企業管治委員會 Executive Committee 執行委員會 (all Non-executive Directors, a majority of which are Independent Non-executive Directors) （全部均為非執行董事，當中大部分成員為獨立非執行董事） (all Independent Non-executive Directors) （全部均為獨立非執行董事） (Executive Directors and Group Senior Directors) （執行董事及集團高級總監） Remuneration and Nomination Committee 薪酬及提名委員會 Composition Dr. the Hon. Sir David Kwok-po LI (Chairman) Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 組成李國寶爵士（主席） Jan P. S. ERLUND 先生張建標先生羅慕貞女士羅慕玲女士 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. 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, 薪酬及提名委員會之職權範圍已刊登於聯交所及本公司之網站。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。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條件，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）；董事所維他奶國際集團有限公司二零一四╱一五年年報 45 CORPORATE GOVERNANCE REPORT 企業管治報告 experience, gender and age) of the Board; Director’s time commitment; policies in relation to nomination of Director and Board diversity. The Committee would identify and determine the measurable objective/s for achieving board diversity and monitor any progress made in achieving such measurable objective/s. The Committee also 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 twice times in fiscal year of 2014/2015. Each member’s attendance record during the year is shown on page 37 of this Annual Report. 付出之時間；有關董事提名及董事會成員多元化之政策。委員會將確認及釐定達致董事會成員多元化之可計量目標及監察達致該等可計量目標之進度；委員會亦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二零一四╱二零一五財政年度內共開會兩次。各成員於年內出席會議之記錄載於本年報第 37 頁。 Summary of works done during and for the fiscal year of 2014/2015 在年內及為二零一四╱二零一五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 previously recommended by an independent consultant; Reviewed and recommended to the Board for approval the letter of appointment of one Non- executive Director; Reviewed the structure, size and composition (including the mix of skills, knowledge, professional qualification and experience of the Directors) of the Board; Conducted initial screening, interviewed and selected the potential candidates for the independent non-executive director/s appointment on the recommendation of executive recruitment agency and other Director; • 檢討、討論及批准薪酬政策、高層管理人員（包括本集團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； • 根據獨立顧問過往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； • 審閱及建議董事會批准一名非執行董事之委任函； • 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、專業資格及經驗的融合）； • 根據行政人員招聘公司及其他董事之推薦，就委任獨立非執行董事進行初步甄選、面試及挑選潛在候選人； Reviewed and updated the Board Succession Plan and its Road Map; • 審閱及更新董事會繼任計劃及其未來路向； Established the measurable objective/s for achieving Board diversity; • 制定達致董事會成員多元化的可計量目標； 46 Vitasoy International Holdings Ltd. Annual Report 2014/15 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; and • 評估並確認全體獨立非執行董事之獨立性；及 • Made recommendation to the Board for Directors’ • 就批准董事於二零一四╱二零一五財政年 Fees for fiscal year of 2014/2015. 度之袍金向董事會提供建議。 Audit and Corporate Governance Committee 審核及企業管治委員會 Composition Mr. Valiant Kin-piu CHEUNG (Chairman) Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND 組成張建標先生（主席）李國寶爵士 Jan P. S. ERLUND 先生 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. 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. 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。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、以及彼等之核數師酬金等事宜向董事會提供建議；與外聘核數師開會討論審核工作之性質及範圍；在提交予董事會前，審閱中期財務報告及全年財務報表；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；審閱內部審計計劃並確保內部審計師及外聘核數師間之協調，以及確保內部審計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。維他奶國際集團有限公司二零一四╱一五年年報 47 CORPORATE GOVERNANCE REPORT 企業管治報告 T h e B o a r d d i s c h a r g e s t h e c o r p o ra t e g o v e r n a n c e 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. The Audit and Corporate Governance Committee met three times in fiscal year of 2014/2015. Each member’s attendance record during the year is shown on page 37 of this Annual Report. 董事會透過委派審核及企業管治委員會履行企業管治之職責，包括制定及檢討本公司之企業管治政策及常規，並向董事會提出建議；審視及監察董事及高層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。審核及企業管治委員會於二零一四╱二零一五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 37 頁。 Summary of works done during and for the fiscal year of 2014/2015 在年內及為二零一四╱二零一五財政年度所做之工作總結 • • Reviewed the 2014/2015 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二零一四╱ 二零一五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； Reviewed with the Internal Auditor the Company’s internal control systems and the periodic audit reports prepared by the Internal Auditor and approved the 2014/2015 audit plan; • 與內部審計師檢討本公司之內部監控系統及審閱內部審計師定期編製之審計報告，並批准二零一四╱二零一五年度之審核方案； • 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款； 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審計報告（包括本集團於會計、財務匯報及內部審計功能部門方面之資源、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； 48 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 • • • • Reviewed the training and continuous professional development of Directors and Senior Management; • 審閱董事及高層管理人員之培訓及持續專業發展； 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 in the absence 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開會。 The Board has a Whistleblowing Policy to provide employees 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 to provide 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. The Corporate Governance Policy has been published on the Company’s website. The Board has also adopted a Disclosure Compliance Policy to set 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. 董事會透過採用舉報政策，為僱員提供一個更為統一之舉報渠道及指引，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。董事會已採納一份企業管治政策，為本公司在制定政策及常規方面建立了基本框架，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。企業管治政策已刊登於本公司網站。董事會亦已採納披露合規政策，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 Composition 執行委員會組成 Mr. Winston Yau-lai LO (Executive Chairman) Mr. Roberto GUIDETTI (Executive Director and Group Chief Executive Officer) Ms. Kitty Kit-yi FUNG (Group Chief Financial Officer) Ms. Rosemary Pik-ling LI (Group Senior Director, Human Resources) 羅友禮先生（執行主席）陸博濤先生（執行董事暨集團行政總裁）馮潔儀女士（集團首席財務總監）李碧齡女士（集團高級總監，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，負責處理本集團若干營運事宜。維他奶國際集團有限公司二零一四╱一五年年報 49 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. During the year, the Company Secretary undertook over 20 hours of external CPD training courses to keep abreast of latest legislative and regulatory changes and to refresh her skills and knowledge. 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議事程序 ╱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合規情況給予意見以及協助安排董事的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。年內，公司秘書接受逾 20 小時的外間持續專業發展培訓課程，與時並進得以瞭解法律及監管法規之最新發展，並從而溫故知新其知識技能。 Internal Control and Risk Management 內部監控及風險管理 The Company has had in place an integrated internal control framework, which is based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) principles for internal controls, to manage and mitigate rather than to eliminate business risks. The key underlying principles of effective internal control are illustrated as below: 本公司已制定根據 Committee of Sponsoring Organizations of the Treadway Commission (COSO) 之內部監控原則為藍本的綜合內部監控框架，以管理及減低而非消除業務風險。有效之內部監控的主要相關原則載列如下：通溝及訊 nication 資 u m m o c d n a n o i t a m r o f n i in f o r m a ti o n a n d c o m m u n i c a t i o n 資訊及溝通 Sets the tone and culture of internal control and risk management 設定內部監控和風險管理的基調和文化 Develops control activities to mitigate the risks to achieve the objective 制訂監控措施，將達致目標的相關風險降低 CONTROL ENVIRONMENT 監控文化 CONTROL ACTIVITIES 監控措施 RISK ASSESSMENT 風險估評 MONITORING ACTIVITIES 監管措施 Identiﬁes, assesses and manages of risks 識別、評估和管理風險 Independent reviews the effectiveness of internal control and risk management function 獨立審查內部監控和風險管理功能的有效性 information and communi c a t i o n 資訊及溝通 50 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 Assessing risks and reviewing the effectiveness of internal controls is a continuing process in the Company. Our internal controls framework is designed to give reasonable assurance that: 本公司持續評估風險及檢討內部監控之成效。本公司之內部監控框架旨在合理保證： • • • • Assets are prudently safeguarded; • 資產獲得審慎保障； Business activities are met in an effective and efficient manner; • 以有效及高效之方式進行業務活動； Financial reporting is accurate, timely and complete; and • 作出準確、適時及完整的財務報告；及 Laws and regulations relevant to the business are complied. • 遵守與業務相關之法律及法規。 Under the Company’s internal control framework, management is charged with the responsibility to design and implement the internal controls. While the Board and the Audit and Corporate Governance Committee oversee the effectiveness of the controls that have been put in place. 在本公司之內部監控框架下，管理層負責設計及執行內部監控措施，而董事會和審核及企業管治委員會則監察監控措施執行之成效。 Review of Internal Controls Effectiveness 審閱內部監控之成效 The Board has the overall responsibility to ensure that sound and effective internal controls are maintained to safeguard the Company assets and shareholders’ interest. The Group Internal Audit Department conducts review of the effectiveness of the Company’s internal control system, including those of its operating companies. The Audit and Corporate Governance Committee reviews the findings and impartial opinion of the Group Internal Audit Department on the effectiveness of the Company’s internal control system two times a year. The Board considered that the internal control system for the year ended 31st March, 2015 was effective and adequate. No significant areas of concern that might affect the financial, operational and compliance issues and risk management functions of the Company were identified. The scope of this review also covered the adequacy of resources, qualification or experience of staff of the Company’s accounting, financial reporting and internal audit functions and their training and budget. 董事會之整體職責是要確保維持良好和有效之內部監控，從而保障本公司資產及股東利益。集團內部審計部檢討本公司（包括其營運公司）內部監控系統之成效。審核及企業管治委員會每年兩次審閱集團內部審計部對本公司內部監控系統成效之調查結果及提供之公允意見。董事會認為，截至二零一五年三月三十一日止年度之內部監控系統屬有效及充份，並無識別可能影響本公司之財務、營運及合規事宜以及風險管理職能之重大關注範疇。是次審閱之範圍亦涵蓋本公司於會計、財務匯報及內部審計職能方面之資源、員工資歷或經驗是否足夠，以及彼等之培訓及有關預算。維他奶國際集團有限公司二零一四╱一五年年報 51 CORPORATE GOVERNANCE REPORT 企業管治報告 Internal Audit 內部審計 The Group Internal Audit Department plays a critical role in monitoring the internal governance of the Company. 集團內部審計部肩負監察本公司內部管治的重任。 The scope of services of the department are set out in approved Internal Audit Charter and include: 該部門之工作範圍載列於經審批之內部審計約章內，包括： • • • Unrestricted access to all the Company’s activities, personnel, records, properties, and other information sources required to carry out internal audits; • 無限制地獲取就進行內部審計所需之所有本公司活動、員工、記錄、物業以及其他方面之資料來源； Review the effectiveness of internal control over operational, compliance and financial reporting as well as risk management function; and Special reviews of areas of concern identified by management or the Audit and Corporate Governance Committee. • 審閱對營運、合規及財務報告以及風險管理職能方面之內部監控成效；及 • 對管理層或審核及企業管治委員會所識別之關注範疇進行特定審閱。 The annual audit plan, which is approved by the Audit and Corporate Governance Committee, is based on a risk assessment methodology, which assists in determining business risks and establishing audit frequencies. Based on the approved audit plan, the Group Internal Audit Department schedules its internal audit programs to conduct an independent review of different financial, business and functional operations and activities with resource focusing on areas with higher risk. The Group Internal Audit Director reports directly to the Audit and Corporate Governance Committee. During the fiscal year of 2014/2015, the Group Internal Audit Department issued reports to Senior Management covering various operational and financial units of the Company. The Group Internal Audit Department also conducted reviews of major projects and areas of concern identified by management. 年度審計方案經審核及企業管治委員會審批，並以風險評估方法為基礎，有助釐定業務風險及確定審計的頻率。根據經審批之審計方案，集團內部審計部會為內部審計計劃訂下時間表，集中資源對各項財務、業務及功能營運中風險較高之範疇及活動進行獨立審閱。集團內部審計總監直接向審核及企業管治委員會匯報。於二零一四╱二零一五財政年度內，集團內部審計部向高層管理人員提交報告，內容涵蓋本公司各個營運及財務單位。集團內部審計部亦審閱多個為管理層所指定之主要項目及關注範疇。 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$5.2 million (2013/2014: HK$4.7 million) was charged for fiscal year of 2014/2015 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$0.67 million (2013/2014: HK$1.4 million). The non-audit services mainly comprised tax advisory services. The responsibilities of the External Auditors with respect to the 2014/2015 financial statements are set out in the section of “Independent Auditor’s Report” on pages 77 and 78. 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二零一四╱二零一五財政年度法定審核服務之費用為港幣 5,200,000 元（二零一三╱二零一四年：港幣 4,700,000 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 670,000 元（二零一三╱二零一四年：港幣 1,400,000 元）。非審核服務主要包括稅務顧問服務。外聘核數師就二零一四╱二零一五年度財務報表所須承擔之責任列載於第 77 及 78 頁之「獨立核數師報告」一節。 52 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告 Shareholders’ Rights 股東權利 Procedures for Shareholders to Convene General Meeting Pursuant to section 566 of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the “Companies Ordinance”), shareholders representing at least 5% of the total voting rights of all the shareholders having a right to vote at general meetings are entitled to send a request to the Company to convene a general meeting. Such request must state the general nature of the business to be dealt with at the meeting and may include the text of a resolution that may properly be moved and is intended to be moved at the meeting. A request may be sent to the Company Secretary at the Company’s registered office in hard copy form or in electronic form to ir@vitasoy.com and must also be authenticated by the person or persons making it. Procedures for Shareholders to Request Circulation of Statement at General Meeting Pursuant to section 580 of the Companies Ordinance, shareholder/s representing at least 2.5% of the total voting rights of all the shareholders or at least 50 shareholders, who have a relevant right to vote, can request the Company in writing to circulate to the shareholders a statement of not more than 1,000 words with respect to a matter mentioned in a proposed resolution to be dealt with at that meeting or other business to be dealt with at that meeting. A request may be sent to the Company Secretary at the Company’s registered office in hard copy form or in electronic form to ir@vitasoy.com and must identify the statement to be circulated. It must be authenticated by the person or persons making it and be received by the Company at least 7 days before such meeting. 股東召開股東大會之程序根據香港《公司條例》（香港法例第 622 章）（「公司條例」）第 566 條，佔擁有權利於股東大會上投票之全體股東總表決權最少 5% 之股東有權向本公司發送請求書，召開股東大會。該請求書必須列明將於大會上處理之事務之一般性質，及應包括將於大會上正式動議及擬動議之決議案文本。請求書之列印本可發送至本公司之註冊辦事處予公司秘書或以電子形式電郵至 ir@vitasoy. com，並須由發出請求書之人士或人等核實。股東於股東大會上要求傳閱陳述書之程序根據公司條例第 580 條，佔全體股東總表決權最少 2.5% 之股東或最少 50 名擁有相關表決權之股東可以書面形式要求本公司向股東傳閱一份不多於 1,000 字之陳述書，內容有關將於該大會上提呈處理之決議案所述之事宜或其他將於該大會上處理之事務。請求書之列印本可發送至本公司之註冊辦事處予公司秘書或以電子形式電郵至 ir@vitasoy.com，並須識別須傳閱之陳述書。該陳述書必須由發出之人士或人等核實，並須於召開該大會最少七日前送交本公司。 Procedures for Proposing a Person for Election as a Director at General Meeting 於股東大會上提名一位人士參選董事之程序 Under 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 published on the Company’s website. 根據本公司章程細則，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指定會議日期前七日，向本公司寄存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載。維他奶國際集團有限公司二零一四╱一五年年報 53 CORPORATE GOVERNANCE REPORT 企業管治報告 Constitutional Document 章程性質文件 At the Annual General Meeting held on 4th September, 2014, the Company has adopted a new set of Articles of Association in substitution for, and to the exclusion of, the Company’s Memorandum and Articles of Association as amended by the Companies Ordinance effective from 3rd March, 2014. A copy of the latest consolidated version of the Articles of Association of the Company is published on the websites of the Stock Exchange and the Company. 於二零一四年九月四日舉行之股東週年大會上，本公司已採納一份新章程細則，以取代並摒除本公司因應二零一四年三月三日生效之公司條例而修訂之組織章程大綱及章程細則。本公司之章程細則之最新合併本已刊登在聯交所及本公司之網站。 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. 我們相信問責制及具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. The Company’s Annual General Meeting is one of the important platforms to communicate with its shareholders. During the 2014 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 2014 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. 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. 董事會已採納一份正式之股東通訊政策，以確保股東能隨時、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。我們設有公司網站 (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。本公司之股東週年大會為其與股東溝通之重要平台之一。於二零一四年股東週年大會上，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二零一四年股東週年大會，以便回答有關審核操守、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。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，而有關決議案以股份投票方式進行表決。主席於股東週年大會開始時詳細解釋進行股份投票之程序，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，而股份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。 54 Vitasoy International Holdings Ltd. Annual Report 2014/15 CORPORATE GOVERNANCE REPORT 企業管治報告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，本公司已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，方便與股東、基金經理、分析員及媒體等有關持份者達致雙向溝通。我們與股東及投資者直接溝通，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，務求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任代表經常參與各個專題之行業研討會或培訓課程，獲取有關投資者關係之市場最新資訊。 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 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 for a two-way communications with the related stakeholders. We keep our investors abreast on the Group’s latest developments and strategies through direct 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. 維他奶國際集團有限公司二零一四╱一五年年報 55 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 74, 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)，七十四歲，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 李國寶爵士(GBM, GBS, OBE, JP, MA Cantab. Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Napier), Hon. D.Hum.Litt. (Trinity, USA), Hon. LLD Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt FCIArb, Officier de l’Ordre de la Couronne, Grand Officer of the Order of (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA 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), aged 76, was appointed a Director of the Company in 1994. 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 Council of the Treasury Markets Association. Sir David is a director of Hong Kong Interbank Clearing Limited. He is also a director of Guangdong Investment Limited, The Hong Kong and China Gas Company Limited, The Hongkong and Shanghai Hotels, Limited, PCCW Limited, San Miguel Brewery Hong Kong Limited and SCMP Group Limited, 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, COSCO Pacific Limited, AFFIN Holdings Berhad and CaixaBank, S.A., companies listed in Hong Kong or overseas. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de l’Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l’Ordre National de la Légion d’Honneur)，七十六歲，於一九九四年獲委任為本公司董事。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及 SCMP 集團有限公司。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。李爵士曾出任香港或海外上市公司中國海外發展有限公司、中遠太平洋有限公司、 AFFIN Holdings Berhad 及 CaixaBank, S.A. 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。 56 Vitasoy International Holdings Ltd. Annual Report 2014/15 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mr. Jan P. S. ERLUND, aged 76, 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 69, 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 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. Mr. Cheung was an independent non-executive director of Pacific Century Premium Developments Limited from October 2004 to 6th May, 2015. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Jan P. S. ERLUND 先生，七十六歲，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，六十九歲，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，尤其是香港及中國內地等生產、貿易、批發、分銷和零售經營行業。張先生現為以下於香港聯交所上市之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。張先生曾於二零零四年十月至二零一五年五月六日期間擔任盈科大衍地產發展有限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巿公眾公司擔任任何董事職務。維他奶國際集團有限公司二零一四╱一五年年報 57 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Non-executive Director 非執行董事 Ms. Myrna Mo-ching LO, aged 76, 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. Ms. Yvonne Mo-ling LO, aged 67, 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 more than 30 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. 羅慕貞女士，七十六歲，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。羅慕玲女士，六十七歲，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三十多間大豆食品公司。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. Roberto GUIDETTI, aged 52, was appointed as the Executive Director of the Company on 1st April, 2014. Mr. Guidetti is currently the Group Chief Executive Officer and a member of the Executive Committee of the Company. Mr. Guidetti graduated with a Bachelor’s Degree in Economics at the Bologna University in Bologna, Italy in 1987 and further obtained a Master’s Degree in Business Administration at Centro Universitario di Organizzazione Aziendale in Altavilla Vicentina, Italy in 1988. Mr. Guidetti is responsible for the overall strategic planning, business development and general management of all the Group’s operations. Mr. Guidetti joined the Group as the Group Chief Executive Officer on 1st April, 2013 and has fully assumed the roles and responsibilities of the former Group Chief Executive Officer on 1st August, 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. Mr. Guidetti is a director of Ariston Thermo Group, a private limited company incorporated in Italy. He does not hold/has not held any directorship in other listed public companies currently and in the last three years. 陸博濤先生，五十二歲，於二零一四年四月一日獲委任為本公司執行董事。陸博濤先生現為本公司之集團行政總裁及執行委員會成員。陸博濤先生於一九八七年畢業於意大利博洛尼亞大學，取得經濟學學士學位，並於一九八八年在意大利阿爾塔維拉比森蒂娜之 Centro Universitario di Organizzazione Aziendale 榮獲工商管理碩士學位。陸博濤先生負責本集團所有業務之整體策略規劃、業務發展及日常管理。陸博濤先生於二零一三年四月一日加入本集團為集團行政總裁，並於二零一三年八月一日起全面替代負責前任集團行政總裁之角色及職能。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之豐富經驗。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。陸博濤先生現為意大利一間私人有限公司阿里斯頓熱能集團之董事。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。 58 Vitasoy International Holdings Ltd. Annual Report 2014/15 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Senior Management Group Senior Directors Ms. Kitty Kit-yi FUNG, aged 51, Group Chief Financial Officer. 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-five 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 58, Group Senior Director, Human Resources. Ms. Li is responsible for leading all global human resources strategies and initiatives, including organisations structure, corporate remuneration and reward programs, employee engagement, talent development, and the overall human resources policies. She continuously shaped the Group’s best practices in strategic human resources management to enhance the organisational capabilities. Prior to joining the Group in 2000, she had human resources leadership experience gained from multinational corporations and sizable local organisations. Mr. Frank Changbo SI, aged 45, 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. Dr. Joanna Shwu-Pyng Tzeng CHEN, aged 56, Group Senior Director, Research, Development and Quality. Dr. Chen is responsible for developing, leading and executing research and development and quality strategies to meet the business needs of local and overseas markets. She plays a strategic role in driving global product direction and innovation while assuring compliance, safety, sustainability and quality excellence. Dr. Chen joined the Group in 2010. She has diversified working experiences with prominent multinational companies in the United States, Greater China and Asia Pacific region. Her expertise covers technical management and commercialisation in areas across food ingredient, food product research and development/ manufacturing, regulatory compliance and quality assurance. 高層管理人員集團高級總監馮潔儀女士，五十一歲，集團首席財務總監。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二十五年之豐富經驗。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，五十八歲，集團高級總監（人力資源）。李女士負責領導本集團之所有人力資源策略規劃及措施，包括組織架構、企業酬金及獎勵計劃、員工敬業度、人才發展，以及整體人力資源政策。彼持續建立本集團策略性人力資源管理之最佳常規，以提升組織功能。彼於二零零零年加入本集團前，曾在多間跨國企業及具規模的本地機構任職，具有人力資源領導經驗。司長波先生，四十五歲，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與項目政策及策略，以及管理及支援有關廠房資本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。陳曾淑苹博士，五十六歲，集團高級總監（研究、發展及質量）。陳博士負責發展、領導和執行產品研究和開發及質量等策略，以符合本地和海外市場的業務需求。彼於推動全球產品方向和創新方面擔當著策略性角色，同時確保產品合規，安全，可持續和質量卓越。陳博士於二零一零年加入本集團。彼曾於美國、大中華區及亞太區多間著名跨國公司任職，具有多元化的工作經驗。彼的專業知識包括食品成份，食品研究和開發╱生產，法規遵守和質量保證等技術管理及商品化的領域上。維他奶國際集團有限公司二零一四╱一五年年報 59 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務（香港、澳門及出口） Mr. Charles Chung CHYI, aged 60, Chief Executive Officer, Hong Kong Operation. 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，六十歲，香港業務行政總裁。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 中國內地 Mr. Jack Jie YUAN, aged 45, 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. 袁杰先生，四十五歲，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。 Australia and New Zealand 澳洲及新西蘭 Mr. Christopher John GILLARD, aged 43, General Manager of Vitasoy Australia Products Pty. Ltd. Mr. Gillard is responsible for the general management and development of the Group’s operation in Australia and New Zealand. He joined the Group in November 2014. He has extensive experience across the Asia-Pacific fast moving consumer goods industry. Based in and a native of Melbourne, he recently returned from almost a decade living and working in Greater China. He has a strong track record in Sales, Marketing and General Management. Christopher John GILLARD先生，四十三歲，Vitasoy Australia Products Pty. Ltd. 之總經理。Gillard 先生負責管理及發展本集團在澳洲及新西蘭之業務。彼於二零一四年十一月加入本集團，在亞太地區之高流轉消費品行業具廣泛經驗。彼最近從生活及工作近十年的大中華區回流土生土長的墨爾本。彼於銷售、市場推廣和日常管理方面均擁有豐富的經驗。 North America 北美洲 Mr. Walter M. RIGLIAN, aged 61, 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，六十一歲， 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. 前，曾先後於超級市場、奶品、農產品及天然食品等行業裡多間著名跨國公司擔任高層管理職位。 Singapore 新加坡 Mr. Derrick Teck Huat PEK, aged 54, 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，五十四歲，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。 60 Vitasoy International Holdings Ltd. Annual Report 2014/15 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, 2015. 董事會欣然提呈截至二零一五年三月三十一日止年度之年報及經審核財務報表。 Principal Place of Business 主要營業地點 Vitasoy International Holdings Limited (“the Company”) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong. 維他奶國際集團有限公司（「本公司」）為成立於香港及於香港註冊成立之公司，其註冊辦事處及主要營業地點位於香港新界屯門建旺街一號。 Principal Activities 主要業務 The principal activities of the Company are the manufacture and sale of food and beverages. The principal activities and other particulars of the subsidiaries are set out in note 14 to the financial statements. 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. Further discussion and analysis of these activities as required by Schedule 5 to the Companies Ordinance, including a discussion of the principal risks and uncertainties facing the Group and an indication of likely future developments in the Group’s business, can be found in the Group Chief Executive Officer’s Report/Business Review set out on pages 10 to 21 of this Annual Report. The environmental, employees, customers and suppliers matters that have a significant impact on the Group, are provided in the “Sustainability Report” to be sent out together with this Annual Report. These discussions form part of this Report of the Directors. 本公司之主要業務為製造及銷售食品及飲品。附屬公司之主要業務及其他詳情載於財務報表附註 14。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。按公司條例附表 5 規定對該等業務作出之進一步討論及分析（包括有關本集團面對的主要風險及不明朗因素之討論以及本集團業務日後可能發展之顯示），載於本年報第 10 至 21 頁之集團行政總裁報告╱業務回顧。有關環境、僱員、客戶及供應商且對本集團有重大影響之事宜載於「可持續發展報告」，該報告將連同本年報一同寄出。該等討論乃本董事會報告之一部分。 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 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. Percentages of the Group’s total Sales 佔本集團 Purchases 佔本集團銷售總額百分比採購總額百分比 6% 17% 23% 34% 各董事、彼等之聯繫人或任何據董事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。維他奶國際集團有限公司二零一四╱一五年年報 61 REPORT OF THE DIRECTORS 董事會報告 Financial Statements 財務報表 The profit of the Group for the year ended 31st March, 2015 and the financial position of the Group as at that date are set out in the financial statements on pages 79 to 181. 本集團截至二零一五年三月三十一日止年度之溢利及本集團於該日之財務狀況載於第 79 至 181 頁之財務報表內。 Dividends 股息 An interim dividend of HK3.2 cents per ordinary share (2014: HK3.2 cents per ordinary shares) was paid on 30th December, 2014. The Directors now recommend the payment of a final dividend of HK21.2 cents per ordinary share (2014: HK17.0 cents per ordinary share) in respect of the year ended 31st March, 2015. 本公司已於二零一四年十二月三十日派發中期股息每股普通股 3.2 港仙（二零一四年：每股普通股 3.2 港仙）。董事現建議派發截至二零一五年三月三十一日止年度之末期股息每股普通股 21.2 港仙（二零一四年：每股普通股 17.0 港仙）。 Charitable Donations 慈善捐款 Charitable donations made by the Group during the year amounted to HK$95,000 (2014: HK$106,000). 本集團於年內之慈善捐款共達港幣 95,000 元（二零一四年：港幣 106,000 元）。 Bank Loans 銀行貸款 Particulars of bank loans of the Group, as at 31st March, 2015 are set out in note 19 to the financial statements. 本集團於二零一五年三月三十一日之銀行貸款詳情載於財務報表附註 19。 Share Capital 股本 Details of the movements in share capital of the Company during the year are set out in note 24(c) to the financial statements. Shares were issued during the year on exercise of share options. There were no purchases, sales or redemptions of the Company’s listed securities by the Company or any of its subsidiaries during the year. 本公司於年內之股本變動詳情載於財務報表附註 24(c)。本公司因購股權獲行使而於年內發行股份。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 Annual 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。 Mr. Iain F. BRUCE retired as an Independent Non-executive Director with effect from the conclusion of the 2014 Annual General Meeting held on 4th September, 2014. 布魯士先生退任為獨立非執行董事，自於二零一四年九月四日舉行之二零一四年股東週年大會結束後生效。 In accordance with Article 104 of the Company’s Articles of Association, Dr. the Hon. Sir David Kwok-po LI and Mr. Jan P. S. ERLUND retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. 根據本公司之章程細則第 104 條，李國寶爵士及 Jan P. S. ERLUND 先生須於應屆股東週年大會上輪值退任董事會職務，合資格並願膺選連任。擬於應屆股東週年大會上膺選連任之董事並無與本公司或其任何附屬公司簽訂本公司或其任何附屬公司不得於一年內終止而不作出賠償（一般法定賠償除外）之服務合約。 62 Vitasoy International Holdings Ltd. Annual Report 2014/15 REPORT OF THE DIRECTORS 董事會報告 Directors (Continued) 董事（續） 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 of Subsidiaries 附屬公司之董事 A full list of the names of the directors of the Group’s subsidiaries during the financial year and up to the date of this Annual Report can be found in the Company’s website at www.vitasoy.com under “Investor Relations/Corporate Governance/Board of Directors”. 於本財政年度內及截至本年報之日期本集團附屬公司之董事詳細名單於本公司網站（www. vitasoy.com）「投資者關係╱企業管治╱董事會」項下可供查閱。 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, 2015 had the following interests in the shares of the Company and subsidiaries (within the meaning of the Securities and Futures Ordinance (“SFO”)) at that date as recorded in the register of Directors’ interests and short positions required to be kept under section 352 of the SFO: (1) Interests in issued shares 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，於二零一五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》（「《證券及期貨條例》」））之股份權益如下： (1) 於已發行股份之權益 Number of ordinary shares 普通股數目 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 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) 57,955,800 28,702,500 72,678,300 159,336,600 15.33% 6,000,000 100,000 – – (ii), (iv) (iii), (iv) – – – – – – 6,000,000 100,000 100,653,000 100,653,000 93,794,750 93,794,750 0.58% 0.01% 9.68% 9.02% * The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,039,515,500 ordinary shares) as at 31st March, 2015. * 此百分比乃根據本公司於二零一五年三月三十一日已發行之股份總數（即 1,039,515,500 股普通股）計算。維他奶國際集團有限公司二零一四╱一五年年報 63 REPORT OF THE DIRECTORS 董事會報告 Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures (Continued) 董事於股份、相關股份及債權證之權益及淡倉（續） (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 (i) 羅友禮先生由於其妻室擁有 28,702,500 股股份， 28,702,500 shares through interests of his wife. 故被視為擁有該等股份之權益。 (ii) Ms. Myrna Mo-ching LO is interested in 27,974,700 shares held by Swift Luck Development Limited which in turn holds such shares in trust for Lo Myrna Trust. (ii) 羅慕貞女士擁有由 Swift Luck Development Limited 持有之 27,974,700 股股份之權益，該公司以託管人身份為Lo Myrna Trust持有該等股份。 (iii) Ms. Yvonne Mo-ling LO is interested in 3,788,300 shares held by Yvonne Lo Charitable Remainder Unitrust and 17,328,150 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. (iii) 羅慕玲女士擁有由 Yvonne Lo Charitable Remainder Unitrust 持有之 3,788,300 股股份及由 Yvonne Lo Separate Property Trust 持有之 17,328,150 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，詳情載於下文「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法團之股份、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。 64 Vitasoy International Holdings Ltd. Annual Report 2014/15 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements Share option scheme 股票掛鈎協議購股權計劃 (1) Share option scheme approved on 4th September, (1) 於二零零二年九月四日批准之購股權 2002 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 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: 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： – – – – – – The exercise price of the options is the higher 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; and (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. – 購股權之行使價為以下之較高者：(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；及 (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。 The options were exercisable for a period to be notified by the Directors to each option holder, such period not to exceed 10 years from the date of grant. – 購股權之行使期限由董事知會每名購股權持有人，該期限由授出日期起計不得超過十年。 There was no minimum period which an option must be held before it could be exercised, but the Directors were empowered to impose at their discretion any such minimum period at the date of offer. The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. The maximum aggregate number of shares over which options could be granted to any one participant, when added to the number of shares issued or issuable to that participant under the share option scheme must not exceed 25% of the maximum aggregate number of shares for the time being issued and issuable under the share option scheme. An offer of the grant of an option remained open for acceptance by an eligible Director or employee for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An eligible Director or employee had to pay HK$10 on acceptance of the option as a consideration. – 購股權毋須先行持有一段最短期限方可行使，惟董事獲授權可酌情於要約日期時附加任何最短持有期。 – 就行使全部將授予之購股權而可予發行之股份數目，最多不得超過批准及採納計劃當日之已發行股份 10%。 – 授予任何參與者之購股權所能認購之股份總數，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時，最多不得超過根據購股權計劃當時已發行及可發行之股份最高總數之 25%。 – 合資格之董事或僱員可於要約日期起計二十八日或董事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。維他奶國際集團有限公司二零一四╱一五年年報 65 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) 股票掛鈎協議（續） Share option scheme (Continued) 購股權計劃（續） (1) Share option scheme approved on 4th September, (1) 於二零零二年九月四日批准之購股權 2002 (Continued) 計劃（續） – 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, 2015, there were 15,362,000 outstanding options to be exercised under the 2002 Share Option Scheme. – 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。於二零一五年三月三十一日，仍有 15,362,000 份未行使購股權待根據二零零二年購股權計劃獲行使。 (2) Share option scheme approved on 28th August, (2) 於二零一二年八月二十八日批准之購股 2012 權計劃 On 28th August, 2012, the Company adopted a new share option scheme (the “2012 Share Option Scheme”). The purpose of the 2012 Share Option Scheme is to recognize 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採納新購股權計劃（「二零一二年購股權計劃」）。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： – – 66 The exercise price of the options is the higher of (a) the closing price of the shares on the Stock Exchange on the date of grant, which must be a business day; and (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. 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. – 購股權之行使價為以下之較高者：(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；及 (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。 – 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。 Vitasoy International Holdings Ltd. Annual Report 2014/15 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) 股票掛鈎協議（續） Share option scheme (Continued) 購股權計劃（續） (2) Share option scheme approved on 28th August, (2) 於二零一二年八月二十八日批准之購股 2012 (Continued) 權計劃（續） – – – – – 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. The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. The 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. – 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任何有關條款。 – 就行使全部將授予之購股權而可予發行之股份數目，最多不得超過批准及採納計劃當日之已發行股份 10%。 – 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而獲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二十八日或董事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獲授予之購股權（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%。 During the year, 6,146,000 options were 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, 2015 was 87,771,950 shares, which represented 8.44% of the ordinary shares of the Company in issue at 31st March, 2015. 年內，根據二零一二年購股權計劃授出 6,146,000 份購股權。於二零一五年三月三十一日，根據二零一二年購股權計劃可供發行之普通股總數為 87,771,950 股，佔本公司於二零一五年三月三十一日之已發行普通股 8.44%。維他奶國際集團有限公司二零一四╱一五年年報 67 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) 股票掛鈎協議（續） Share option scheme (Continued) 購股權計劃（續） (2) Share option scheme approved on 28th August, (2) 於二零一二年八月二十八日批准之購股 2012 (Continued) 權計劃（續） At 31st March, 2015, the Directors and employees of the Company had the following interests in options to subscribe for ordinary shares of the Company (market value per share at 31st March, 2015 was HK$12.12) granted for nil consideration under the 2002 Share Option Scheme and 2012 Share Option Scheme of the Company. As at 31st March, 2015, the total grant date fair value of unexercised vested options and unvested options, measured in accordance with the accounting policy set out in note 1(p)(iv) to the financial statements, amounted to HK$12,596,704 and HK$29,052,737 respectively. The options are unlisted. Once vested, each option gives the holder the right to subscribe for one ordinary share of the Company. Assuming that all the options outstanding as at 31st March, 2015 are exercised, the Company will receive proceeds of HK$232,087,382. Apart from the foregoing, at no time during the year was the Company or any of its subsidiaries a party to any arrangement to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. 於二零一五年三月三十一日，本公司董事及僱員在根據本公司二零零二年購股權計劃及二零一二年購股權計劃以無償方式獲授可認購本公司普通股（於二零一五年三月三十一日之每股市值為港幣 12.12 元）之購股權中擁有下列權益。於二零一五年三月三十一日，根據財務報表附註 1(p)(iv) 所載之會計政策計量，未行使之已歸屬購股權及未歸屬購股權的授出日期公允值總值分別為港幣 12,596,704 元及港幣 29,052,737 元。該等購股權均為非上市。一旦歸屬後，各份購股權會賦予持有人認購本公司一股普通股之權利。假設所有於二零一五年三月三十一日尚未行使之購股權獲行使，本公司將收取所得款項港幣 232,087,382 元。除上文所披露者外，本公司或其任何附屬公司概無於年內任何時間參與任何安排，致使本公司董事可藉購入本公司或任何其他公司之股份或債權證而獲益。 68 Vitasoy International Holdings Ltd. Annual Report 2014/15 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) 股票掛鈎協議（續） Share option scheme (Continued) 購股權計劃（續） (2) Share option scheme approved on 28th August, (2) 於二零一二年八月二十八日批准之購股 2012 (Continued) 權計劃（續） The Directors of the Company individually and other employees of the Group in aggregate had the following personal interests in options under the 2002 Share Option Scheme and 2012 Share Option Scheme to subscribe for ordinary shares of the Company during the year and at the end of the year: 於本年度及年結時，個別本公司董事及本集團之其他僱員在根據二零零二年購股權計劃及二零一二年購股權計劃可認購本公司普通股之購股權中合共擁有之個人權益如下： Participants Date of grant Period during which options are exercisable 參與者授出日期購股權行使期 Number of options forfeited on termination of employment of eligible participants or lapsed during the year 於年內因合資格參與者離職而年內行使之沒收或失效之購股權數目購股權數目 Number of options exercised during the year Number of options outstanding at the beginning of the year 年初時尚未行使之購股權數目 Number of options granted during the year 年內授出之購股權數目 Price per share on exercise of options 行使購股權時須付之每股價格 HK$ 港幣 Number of options outstanding at the end of the year * Market value per share at date of grant of options * Market value per share on exercise of options 年結時 * 授出尚未行使之購股權之日之每股市價購股權數目 HK$ 港幣 * 行使購股權時之每股市價 HK$ 港幣 Directors 董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Roberto GUIDETTI 陸博濤先生 Eligible employees working under employment contracts 根據僱傭合約工作之合資格僱員 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 7/9/2010 8/9/2011 31/8/2012 9/9/2013 10/9/2014 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 9/9/2014 to 至8/9/2023 10/9/2015 to 至9/9/2024 @2/4/2013 28/6/2013 2/7/2014 2/4/2015 to 至1/4/2023 28/6/2014 to 至27/6/2023 2/7/2015 to 至1/7/2024 1/6/2005 5/6/2006 18/7/2007 21/7/2008 21/7/2009 9/6/2010 15/6/2011 22/6/2012 28/6/2013 2/7/2014 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 28/6/2014 to 至27/6/2023 2/7/2015 to 至1/7/2024 2.375 2.900 3.600 3.820 4.580 5.942 6.358 6.400 9.370 10.080 9.090 9.370 10.080 2.375 2.900 3.600 3.820 4.580 6.022 6.424 6.274 9.370 10.080 1,472,000 976,000 712,000 936,000 928,000 2,120,000 2,320,000 2,822,000 1,704,000 – 2,100,000 1,438,000 – 94,000 114,000 304,000 396,000 816,000 1,712,000 1,932,000 3,670,000 3,314,000 – – – – – – – – – – 1,792,000 – – 1,576,000 – – – – – – – – – 2,778,000 (1,472,000) (976,000) (712,000) (936,000) – – – – – – – – – (32,000) (36,000) (304,000) (156,000) (504,000) (162,000) (126,000) (124,000) – – – – – – – – – – – – – – – – (18,000) – – – (46,000) (80,000) (278,000) (222,000) – – – – – 928,000 2,120,000 2,320,000 2,822,000 1,704,000 1,792,000 2,100,000 1,438,000 1,576,000 62,000 60,000 – 240,000 312,000 1,504,000 1,726,000 3,268,000 3,092,000 2,778,000 29,880,000 6,146,000 (5,540,000) (644,000) 29,842,000 2.425 2.850 3.630 3.820 4.510 5.970 5.470 6.700 9.950 9.890 8.750 9.180 9.890 2.425 2.850 3.630 3.820 4.510 5.870 6.180 6.130 9.180 9.890 9.890 9.890 9.890 9.890 – – – – – – – – – 10.660 10.660 10.405 10.860 10.769 10.588 10.461 10.520 – – 維他奶國際集團有限公司二零一四╱一五年年報 69 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) 股票掛鈎協議（續） Share option scheme (Continued) 購股權計劃（續） The options granted to the Directors are registered under the names of the Directors who are also the beneficial owners. 授予董事之購股權以同為實益擁有人之董事之名義登記。 * @ being the closing price or the weighted average closing price of the Company’s ordinary shares immediately before the dates on which the options were granted or exercised, as applicable. * 即本公司普通股於緊接購股權授出或獲行使日期前一日適用之收市價或加權平均收市價。 options granted to Mr. Roberto GUIDETTI will be fully vested after two years from the date of grant. @ 授予陸博濤先生之購股權將自授出日期兩年後獲全部歸屬。 All options except for options granted to Mr. Roberto GUIDETTI on 2nd April, 2013, 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（除於二零一三年四月二日授予陸博濤先生之購股權外）乃逐步增加，而各階段可行使購股權之百分比上限如下： On or after 1st year anniversary of the date of grant On or after 2nd year anniversary of the date of grant On or after 3rd year anniversary of the date of grant On or after 4th year anniversary of the date of grant 授出日期起計一週年或其後授出日期起計兩週年或其後授出日期起計三週年或其後授出日期起計四週年或其後 Percentage of options granted 佔獲授購股權之百分比 25% another 另 25% another 另 25% another 另 25% Information on the accounting policy for share options granted and the value per option is provided in note 1(p)(iv) and note 22 to the financial statements respectively. 有關授出購股權之會計政策及每份購股權價值之資料分別載於財務報表附註 1(p)(iv) 及附註 22。 70 Vitasoy International Holdings Ltd. Annual Report 2014/15 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, 2015 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二零一五年三月三十一日，本公司已獲知會下列佔已發行普通股之 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 普通股數目 Substantial shareholders Note Personal interests Family interests Corporate interests 主要股東附註個人權益家族權益公司權益 Trusts and similar interests Total number of shares held 信託及同類權益所持股份總數 * % of total issued shares * 佔已發行股份總數之百分比 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 ArisaigAsia Consumer Fund Limited (“Arisaig”) （「Arisaig」） Arisaig Partners (Mauritius) Limited (“Arisaig Mauritius”) （「Arisaig Mauritius」） Mr. Lindsay William Ernest COOPER (“Cooper”) COOPER 先生（「Cooper」） (i), (ii) 23,514,700 750,000 (ii) (ii) (iii) (iv) 18,508,950 7,548,000 – – (v) 60,600,000 (vi) (vii) – – – – – – – – – – – – 72,678,300 96,943,000 9.33% 72,678,300 91,187,250 8.77% 72,678,300 80,226,300 7.72% 83,075,000 73,059,000 – – 83,075,000 7.99% 73,059,000 7.03% – – 60,600,000 5.83% 60,600,000 60,600,000 – – 60,600,000 5.83% 60,600,000 5.83% * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,039,515,500 ordinary shares) as at 31st March, 2015. * 此百分比乃根據本公司於二零一五年三月三十一日已發行之股份總數（即 1,039,515,500 股普通股）計算。 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. (iii) 該等權益乃由 Matthews International Capital Management LLC 以投資經理身份持有。維他奶國際集團有限公司二零一四╱一五年年報 71 REPORT OF THE DIRECTORS 董事會報告 Substantial Shareholders’ and Other Persons’ Interests and Short Positions in Shares and Underlying Shares (Continued) 主要股東及其他人士於股份及相關股份之權益及淡倉（續） Notes: (Continued) 附註：（續） (iv) These interests are held by Commonwealth Bank of Australia (iv) 該等權益乃由澳洲聯邦銀行透過其全資附屬公司 through its wholly-owned subsidiaries. 持有。 (v) These interests are held by Arisaig in the capacity of beneficial owner. (v) 該等權益乃由 Arisaig 以實益擁有人身份持有。 (vi) 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記錄在根據《證券及期貨條例》第 336 條而備存之登記冊內。 Sufficiency of Public Float 充足公眾持股量 Based on the information that is publicly available to the Company and within the knowledge of the Directors of the Company as at the date of this Annual Report, the Company has maintained the prescribed public float under the Listing Rules. 根據本公司所掌握之公開資料以及就本公司董事所知，於本年報日期，本公司一直保持上市規則規定之公眾持股量。 Directors’ Interests in Contracts 董事於合約之權益 No transaction, arrangement or 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年結時或年內任何時間訂立本公司董事擁有重大權益之交易、安排或重要合約。 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： Below HK$2,000,000 HK$2,000,001 to HK$4,000,000 HK$4,000,001 to HK$6,000,000 HK$6,000,001 to HK$8,000,000 港幣 2,000,000 元以下港幣 2,000,001 元至港幣 4,000,000 元港幣 4,000,001 元至港幣 6,000,000 元港幣 6,000,001 元至港幣 8,000,000 元 Number of individuals 人數 1 3 3 2 72 Vitasoy International Holdings Ltd. Annual Report 2014/15 REPORT OF THE DIRECTORS 董事會報告 Employees and Human Resources Policy 僱員及人力資源政策 Details of the number and remuneration of employees, human resources policy, development and learning of the Group’s employees are set out in the “Sustainability Report” to be sent out together with this Annual Report. 本集團之僱員數目及薪酬、人力資源政策以及僱員發展及培訓之詳情載於「可持續發展報告」，該報告將連同本年報一同寄出。 Indemnity of Directors and Officers 董事及行政人員之彌償保證 Pursuant to the Company’s Articles of Association, subject to the provisions of the Statutes, every Director, Secretary or other officer of the Company and every member of a committee of the Board shall be indemnified out of the assets of the Company against all costs, charges, expenses, losses and liabilities which he/she may sustain or incur in or about the execution or holding of his/her office or otherwise in relation thereto. 根據本公司之章程細則，除受限於規程的規定外，本公司的每名董事、秘書或其他行政人員及每名董事會委員會的委員，就其執行職務或在其他方面與此有關所蒙受或招致之一切費用、收費、支出、損失及法律責任，均有權從本公司資產中獲得彌償保證。 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，本公司已投買董事及行政人員責任保險。 Related Party Transactions 關連人士交易 Details of material related party transactions entered into by the Company in the normal course of business during the year ended 31st March, 2015 are set out in note 28 to the financial statements. In respect of each related party transaction disclosed in note 28, the Company confirms that it has reviewed the transactions which are complied with the relevant requirements under the Listing Rules (if applicable). The transactions disclosed in the section “Connected Transactions” below fall into the definitions of continuing connected transactions under Rule 14A of the Listing Rules, also constitute related party transactions under the Hong Kong Financial Reporting Standards. 本公司於截至二零一五年三月三十一日止年度透過一般業務過程訂立之重大關連人士交易詳情載於財務報表附註 28。就附註 28 所披露之各項關連人士交易，本公司確認已審閱交易，而交易已遵守上市規則項下之相關規定（如適用）。在以下「關連交易」一節所披露之交易屬上市規則第 14A 章項下持續關連交易之定義，亦構成香港財務報告準則項下之關連人士交易。 Connected Transactions 關連交易 (1) On 27th March, 2013, the Company’s subsidiary, Vitasoy Australia Products Pty. Ltd. (“VAP”), entered into a services and distribution agreement (the “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 Holdings Limited (“National Foods”), a substantial shareholder holding 49% of the ordinary shares of VAP in issue. 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. (1) 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 N a t i o n a l Fo o d s H o l d i n g s L i m i t e d （「National Foods」）之同系附屬公司，而 National Foods 為 VAP 之主要股東，持有其已發行普通股之 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。維他奶國際集團有限公司二零一四╱一五年年報 73 REPORT OF THE DIRECTORS 董事會報告 Connected Transactions (Continued) (1) (Continued) 關連交易（續） (1) （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$24,577,000 (2013/2014: HK$25,157,000) was charged by LION. The transaction constituted continuing connected transaction under Rule 14A.76(2) of the Listing Rules, which is only subject to the reporting and announcement requirements and is exempt from the independent shareholders’ approval requirement. A n n o u n c e m e n t w a s m a d e by t h e C o m p a ny o n 27th March, 2013 in this respect. The Directors, including the Independent Non- executive Directors, considered that the transaction during the year ended 31st March, 2015: 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 24,577,000 元（二零一三╱二零一四年度：港幣 25,157,000 元）。根據上市規則第 14A.76(2) 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。本公司已於二零一三年三月二十七日就此發表公佈。董事（包括獨立非執行董事）認為截至二零一五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 (i) 在本公司之一般及日常業務過程中訂 of business of the Company; 立； (ii) was conducted on normal commercial terms or (ii) 按照一般商業條款或更佳條款進行； better; and 及 (iii) w a s c o n d u c t e d i n a c c o r d a n c e w i t h t h e Supp lement ary Ser vices an d Di s t rib uti on Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. The Company’s auditor was engaged to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued his unqualified letter containing his findings and conclusions in respect of the continuing connected transactions set out above in accordance with Main Board Listing Rule 14A.56. A copy of the auditor’s letter has been provided by the Company to The Stock Exchange of Hong Kong Limited. (iii) 按補充服務及分銷協議進行，而其條款公平合理，並且符合股東之整體利益。本公司之核數師委聘乃按照香港會計師公會頒佈之香港鑒證業務準則第 3000 號「非審核或審閱過往財務資料的鑒證工作」，並參照實務說明第 740 號「關於香港上市規則所述持續關連交易的核數師函件」，對本集團之持續關連交易進行匯報。核數師已根據主板上市規則第 14A.56 條發出載有其有關上述持續關連交易發現及結論之無保留意見函件。本公司已將核數師函件副本呈交香港聯合交易所有限公司。 74 Vitasoy International Holdings Ltd. Annual Report 2014/15 REPORT OF THE DIRECTORS 董事會報告 Connected Transactions (Continued) 關連交易（續） (2) On 28th June, 2013, the Company entered into the Distribution Agreement with LD&D Australia Pty. Limited (“LD&D Australia”), an associate of National Foods, which is a connected person of the Company under the Listing Rules. LD&D Australia agreed to supply to the Company the dairy and juice beverage products for distribution in Hong Kong and Macau, and to grant to the Company an exclusive right to distribute the dairy and juice beverage products in Hong Kong and Macau for a period of five years from 1st July, 2013 to 30th June, 2018. (2) 於二零一三年六月二十八日，本公司與 LD&D Australia Pty. Limited（「LD&D Australia」）（National Foods 之聯營公司，根據上市規則乃本公司之關連人士）訂立分銷協議。LD&D Australia 同意向本公司供應乳製品及果汁飲品於香港及澳門分銷，並授予本公司於香港及澳門分銷乳製品及果汁飲品之獨家權，自二零一三年七月一日起至二零一八年六月三十日止為期五年。 The estimated prices to be paid by the Company to LD&D Australia for the five years ending 30th June, 2014, 2015, 2016, 2017 and 2018 are approximately AUD7.2 million (approximately HK$51.9 million), AUD8.7 million (approximately HK$62.7 million), AUD10.1 million (approximately HK$72.8 million), AUD10.9 million (approximately HK$78.5 million) and AUD11.8 million (approximately HK$85.0 million) respectively. During the year, total purchases from LD&D Australia amounted to HK$10,510,000 (2013/2014: HK$8,607,000). The transaction constituted continuing connected transaction under Rule 14A.76(2) 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 28th June, 2013 in this respect. The Directors, including the Independent Non- executive Directors, considered that the transaction during the year ended 31st March, 2015: 本公司將於截至二零一四年、二零一五年、二零一六年、二零一七年及二零一八年六月三十日止五個年度向 LD&D Australia 支付之估計價格分別約為 7,200,000 澳元（約港幣 51,900,000 元）、8,700,000 澳元（約港幣 62,700,000 元）、10,100,000 澳元（約港幣 72,800,000 元）、10,900,000 澳元（約港幣 78,500,000 元）及 11,800,000 澳元（約港幣 85,000,000 元）。年內，向 LD&D Australia 採購之貨品共值港幣 10,510,000 元（二零一三╱二零一四年度：港幣8,607,000元）。根據上市規則第 14A.76(2) 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。本公司已於二零一三年六月二十八日就此發表公佈。董事（包括獨立非執行董事）認為截至二零一五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 (i) 在本公司之一般及日常業務過程中訂 of business of the Company; 立； (ii) was conducted on normal commercial terms or (ii) 按照一般商業條款或更佳條款進行； better; and 及 (iii) was conducted in accordance with the Distribution Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. (iii) 按分銷協議進行，而其條款公平合理，並且符合股東之整體利益。維他奶國際集團有限公司二零一四╱一五年年報 75 REPORT OF THE DIRECTORS 董事會報告 Connected Transactions (Continued) (2) (Continued) 關連交易（續） (2) （續） The Company’s auditor was engaged to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued his unqualified letter containing his findings and conclusions in respect of the continuing connected transactions set out above in accordance with Main Board Listing Rule 14A.56. A copy of the auditor’s letter has been provided by the Company to The Stock Exchange of Hong Kong Limited. 本公司之核數師委聘乃按照香港會計師公會頒佈之香港鑒證業務準則第 3000 號「非審核或審閱過往財務資料的鑒證工作」，並參照實務說明第 740 號「關於香港上市規則所述持續關連交易的核數師函件」，對本集團之持續關連交易進行匯報。核數師已根據主板上市規則第 14A.56 條發出載有其有關上述持續關連交易發現及結論之無保留意見函件。本公司已將核數師函件副本呈交香港聯合交易所有限公司。 Employee Retirement Plans 僱員退休計劃 Particulars of employee retirement plans of the Group are set out in note 21 to the financial statements. 有關本集團僱員退休計劃之詳情載於財務報表附註 21。 Five Year Summary 五年財務摘要 A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 182 of the annual report. 本集團於過去五個財政年度之業績、資產及負債摘要載於本年報第 182 頁。 Auditors 核數師 KPMG retire and, being eligible, offer themselves for re- appointment. A resolution for the re-appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual General Meeting. 畢馬威會計師事務所任滿告退，合資格並願受聘連任。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, 25th June, 2015 香港，二零一五年六月二十五日 76 Vitasoy International Holdings Ltd. Annual Report 2014/15 INDEPENDENT AUDITOR’S REPORT 獨立核數師報告 Independent auditor’s report to the members 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成員之獨立核數師報告（於香港註冊成立之有限公司） We have audited the consolidated financial statements of Vitasoy International Holdings Limited (“the Company”) and its subsidiaries (together “the Group”) set out on pages 79 to 181, which comprise the consolidated statement of financial position as at 31st March, 2015, the consolidated statement of profit or loss, the consolidated statement of profit or loss and other 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」）已審計列載於第 79 至 181 頁維他奶國際集團有限公司（「貴公司」）及其附屬公司（統稱「貴集團」）之綜合財務報表，此綜合財務報表包括於二零一五年三月三十一日的綜合財務狀況表，截至該日止年度之綜合損益表、綜合損益及其他全面收益表、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附註解釋資料。董事就綜合財務報表須承擔的責任貴公司的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》擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致之重大錯誤陳述所必需的內部控制負責。 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 405 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的審計，對該等綜合財務報表發表意見。我們按照香港《公司條例》第 405 條的規定，僅向整體成員報告。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》進行審計。該等準則要求我們遵守道德規範，並規劃及執行審計，以對綜合財務報表是否不存在任何重大錯誤陳述獲取合理保證。維他奶國際集團有限公司二零一四╱一五年年報 77 INDEPENDENT AUDITOR’S REPORT 獨立核數師報告 Auditor’s Responsibility (Continued) 核數師的責任（續） An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 審計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計憑證。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在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擬備真實而中肯的綜合財務報表相關的內部控制，以設計適當的審計程序，但並非為對公司內部控制的有效性發表意見。審計亦包括評價董事所採用會計政策的恰當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。我們相信，我們所獲得的審計憑證能充足和適當地為我們的審計意見提供基礎。 Opinion 意見 In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31st March, 2015 and of the Group’s financial performance and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in compliance 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》真實而中肯地反映貴集團於二零一五年三月三十一日的財務狀況及截至該日止年度的財務表現和現金流量，並已遵照香港《公司條例》妥為擬備。 KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 25th June, 2015 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 樓二零一五年六月二十五日 78 Vitasoy International Holdings Ltd. Annual Report 2014/15 Consolidated Statement of Proﬁt or Loss 綜合損益表 For the year ended 31st March, 2015 (Expressed in Hong Kong dollars) 截至二零一五年三月三十一日止年度（以港幣計算） Revenue Cost of sales Gross profit Other revenue Marketing, selling and distribution expenses Administrative expenses Other operating expenses Profit from operations Finance costs 收入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 非控股權益下列人士應佔： Profit for the year Earnings per share Basic Diluted 本年度溢利每股盈利基本攤薄 Note 附註 3 4 5(a) 5 6(a) 10 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 5,051,827 (2,541,137) 4,493,885 (2,319,071) 2,510,690 2,174,814 44,688 50,690 (1,344,597) (411,142) (270,375) (1,127,326) (368,705) (259,804) 529,264 469,669 (5,655) (13,068) 523,609 456,601 (114,888) (115,845) 408,721 340,756 372,079 36,642 306,693 34,063 408,721 340,756 35.9 cents 仙 29.8 cents 仙 35.5 cents 仙 29.4 cents 仙 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部份。 Details of dividends payable to equity shareholders of the Company attributable to the profit for the year are set out in note 24(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 24(b)。維他奶國際集團有限公司二零一四╱一五年年報 79 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 For the year ended 31st March, 2015 (Expressed in Hong Kong dollars) 截至二零一五年三月三十一日止年度（以港幣計算） Profit for the year 本年度溢利 408,721 340,756 Note 附註 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Other comprehensive income for the year (after tax) Items that will not be reclassified to profit or loss: Remeasurement of employee 本年度其他全面收益（除稅後）其後不會被重新分類至損益之項目：僱員退休福利負債之重新計量其後可能被重新分類至損益之項目： retirement benefit liabilities Items that may be reclassified subsequently to profit or loss: Exchange differences on translation 因換算香港以外地區 of financial statements of subsidiaries outside Hong Kong Cash flow hedge: net movement in the hedging reserve 附屬公司之財務報表而產生之匯兌差額現金流量對沖：對沖儲備淨變動 Total comprehensive income 本年度全面收益總額 for the year Attributable to: Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益下列人士應佔： Total comprehensive income 本年度全面收益總額 for the year 9 3,538 3,473 (49,581) (31,159) 1,600 (1,600) 364,278 311,470 348,865 15,413 290,716 20,754 364,278 311,470 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部份。 80 Vitasoy International Holdings Ltd. Annual Report 2014/15 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March, 2015 (Expressed in Hong Kong dollars) 於二零一五年三月三十一日（以港幣計算） Non-current assets Property, plant and equipment 物業、廠房及設備 – 其他物業、廠房 – Other property, plant and equipment 非流動資產 – Investment properties – Interests in leasehold land held for own use under operating leases 及設備 – 投資物業 – 根據經營租賃持有作自用之租賃土地權益 Deposits for the acquisition of 購買物業、廠房 property, plant and equipment 及設備之訂金 Intangible assets Goodwill Deferred tax assets 無形資產商譽遞延稅項資產 11(g) 12 13 23(b) 31st March, 2015 二零一五年三月三十一日 31st March, 2014 二零一四年三月三十一日 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 11(a) 1,775,752 5,666 1,526,574 6,192 72,099 33,922 1,853,517 1,566,688 3,716 4,809 35,813 32,678 21,412 7,359 39,076 26,457 1,930,533 1,660,992 Current assets Inventories Trade and other receivables Current tax recoverable Cash and bank deposits 流動資產存貨應收賬款及其他應收款應收現期稅項現金及銀行存款 15 561,252 16 23(a) 17(a) 805,182 5,435 335,056 533,328 725,801 654 320,943 Current liabilities Trade and other payables Bank loans Obligations under finance leases 融資租賃之債務 Current tax payable 流動負債應付賬款及其他應付款銀行貸款應付現期稅項 1,706,925 1,580,726 18 19 20 23(a) 1,247,908 125,948 1,043 27,324 1,402,223 1,062,406 51,790 1,176 22,157 1,137,529 Net current assets 淨流動資產 304,702 443,197 Total assets less current 總資產減流動負債 liabilities 2,235,235 2,104,189 Non-current liabilities Bank loans Obligations under finance leases 融資租賃之債務 Employee retirement benefit liabilities Deferred tax liabilities 僱員退休褔利負債遞延稅項負債非流動負債銀行貸款 19 20 21(b) 23(b) 27,714 3,238 10,234 69,377 68,068 5,203 9,836 63,770 110,563 146,877 NET ASSETS 淨資產 2,124,672 1,957,312 維他奶國際集團有限公司二零一四╱一五年年報 81 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March, 2015 (Expressed in Hong Kong dollars) 於二零一五年三月三十一日（以港幣計算） CAPITAL AND RESERVES Share capital Reserves 資本及儲備股本儲備 Total equity attributable to equity shareholders of the Company Non-controlling interests 本公司股權持有人應佔權益總額非控股權益 TOTAL EQUITY 權益總額 31st March, 2015 二零一五年三月三十一日 31st March, 2014 二零一四年三月三十一日 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 24(c) 677,694 1,241,391 655,299 1,094,362 1,919,085 205,587 2,124,672 1,749,661 207,651 1,957,312 Approved and authorised for issue by the Board of Directors on 25th June, 2015. 於二零一五年六月二十五日獲董事會批准並授權發佈。 Winston Yau-lai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部份。 82 Vitasoy International Holdings Ltd. Annual Report 2014/15 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2015 (Expressed in Hong Kong dollars) 截至二零一五年三月三十一日止年度（以港幣計算） Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share capital Share premium 股本股份溢價 Note 附註 $’000 千元 $’000 千元 Capital redemption reserve 資本贖回儲備 $’000 千元 Capital reserve Surplus reserve 資本儲備 (note 24(d)(i)) 盈餘儲備 (note 24(d)(ii)) （附註24(d)(i)）（附註24(d)(ii)） $’000 千元 $’000 千元 Other reserve 其他儲備 $’000 千元 Hedging reserve Exchange reserve Share-based compensation reserve 股份基礎補償儲備匯兌儲備 (note 24(d)(iii)) (note 24(d)(iv)) （附註24(d)(v)）（附註24(d)(iii)）（附註24(d)(iv)） $’000 千元對沖儲備 (note 24(d)(v)) $’000 千元 $’000 千元 General reserve 一般儲備 $’000 千元 Retained profits Total Non- controlling interests 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 256,746 360,571 1,101 59,220 37,237 (48,622) 2,261 – 76,842 15,152 862,367 1,622,875 194,970 1,817,845 Balance at 1st April, 2013 於二零一三年四月一日結餘 Changes in equity for the year: 本年度之權益變動： Profit for the year Other comprehensive income 本年度溢利其他全面收益 9 Total comprehensive income 全面收益總額 Transfer from retained profits 自保留溢利轉撥至 to surplus reserve 盈餘儲備 Transfer from capital reserve 自資本儲備轉撥至 24(d)(i) 保留溢利就行使購股權而發行股份於二零一四年三月三日前就行使購股權而自股份基礎補償儲備轉撥至股份溢價於二零一四年三月三日後就行使購股權而自股份基礎補償儲備轉撥至股本 to retained profits Shares issued on exercise of share options Transfer from share-based compensation reserve to share premium on exercise of share options before 3rd March, 2014 Transfer from share-based compensation reserve to share capital on exercise of share options after 3rd March, 2014 Equity settled share-based transactions Transition to no-par value Final dividend approved in regime on 3rd March, 2014 以股份為付款基礎之交易於二零一四年三月三日過渡至無面值制度批准屬於上一年度之末期股息 Interim dividend declared in 宣派本年度之中期股息向非控股權益派發股息 Dividends paid to non-controlling interests respect of the previous year respect of the current year 24(c)(i) 391,968 (390,867) (1,101) 24(b)(ii) 24(b)(i) – – – – – – – – – – – Balance at 31st March, 2014 於二零一四年三月三十一日結餘 655,299 – – – – – – – – – – 5,714 26,244 – 4,052 871 – – – – – – – – – – – – – – – – (4,087) – – – – – – – – – – – 6,858 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,600) – (17,850) (1,600) (17,850) – – – – – – – – – – – – – – – – – – – – – – – – – – (4,052) (871) 8,309 – – – – 306,693 3,473 306,693 (15,977) 34,063 (13,309) 340,756 (29,286) 310,166 290,716 20,754 311,470 (6,858) 4,087 – – – – – – – 31,958 – – 8,309 – (171,188) (171,188) (33,009) (33,009) – – – – – – – – – – – 31,958 – – 8,309 – (171,188) (33,009) – – (8,073) (8,073) 55,133 44,095 (48,622) 2,261 (1,600) 58,992 18,538 965,565 1,749,661 207,651 1,957,312 維他奶國際集團有限公司二零一四╱一五年年報 83 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2015 (Expressed in Hong Kong dollars) 截至二零一五年三月三十一日止年度（以港幣計算） Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share capital Capital reserve Surplus reserve 股本資本儲備 (note 24(d)(i)) 盈餘儲備 (note 24(d)(ii)) （附註24(d)(i)）（附註24(d)(ii)） $’000 千元 $’000 千元 $’000 千元 Other reserve 其他儲備 $’000 千元 Hedging reserve Exchange reserve Share-based compensation reserve 股份基礎補償儲備匯兌儲備 (note 24(d)(iii)) (note 24(d)(iv)) （附註24(d)(v)）（附註24(d)(iii)）（附註24(d)(iv)） $’000 千元對沖儲備 (note 24(d)(v)) $’000 千元 $’000 千元 General reserve 一般儲備 $’000 千元 Retained profits Total Non- controlling interests 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 655,299 55,133 44,095 (48,622) 2,261 (1,600) 58,992 18,538 965,565 1,749,661 207,651 1,957,312 – – – – – – – – – (4,087) – – – – – – – – – 4,634 – – – – – – – – – - – – – – – – – – – – – – – – – – – – – – 1,600 – (28,352) 1,600 (28,352) - – – – – – – – – – – – – – – – 372,079 3,538 372,079 (23,214) 36,642 (21,229) 408,721 (44,443) 375,617 348,865 15,413 364,278 (4,634) 4,087 – – – 19,207 (3,188) 11,124 – – – 11,124 (176,527) (176,527) (33,245) (33,245) – – – – – – – – – 19,207 – 11,124 (176,527) (33,245) – – (17,477) (17,477) – – – – – – – – – 677,694 51,046 48,729 (48,622) 2,261 – 30,640 26,474 1,130,863 1,919,085 205,587 2,124,672 Note 附註 Balance at 1st April, 2014 於二零一四年四月一日結餘 Changes in equity for the year: 本年度之權益變動： Profit for the year Other comprehensive income 本年度溢利其他全面收益 9 Total comprehensive income 全面收益總額 Transfer from retained profits to surplus reserve Transfer from capital reserve to retained profits Shares issued on exercise of share options Transfer from share-based compensation reserve to share capital 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 自保留溢利轉撥至盈餘儲備自資本儲備轉撥至保留溢利就行使購股權而發行股份就行使購股權而自股份基礎補償儲備轉撥至股本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 Balance at 31st March, 2015 於二零一五年三月三十一日結餘 24(d)(i) 24(c)(ii) 19,207 24(c)(ii) 3,188 24(b)(ii) 24(b)(i) – – – – The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部份。 84 Vitasoy International Holdings Ltd. Annual Report 2014/15 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2015 (Expressed in Hong Kong dollars) 截至二零一五年三月三十一日止年度（以港幣計算） Operating activities 經營活動 Note 附註 2015 二零一五年 $’000 千元 $’000 千元 2014 二零一四年 $’000 千元 $’000 千元 Cash generated from operations 經營業務所得現金 Tax paid – Hong Kong Profits Tax paid – Tax paid outside Hong Kong 已繳稅項－已繳香港利得稅－已繳香港以外地區稅項 17(b) 855,186 (48,358) (67,474) 793,739 (65,697) (73,256) Net cash generated from operating activities Investing activities 經營活動所得現金淨額投資活動 Payment for the purchase of property, plant and equipment Payment for acquisition of interests in leasehold land 購買物業、廠房及設備之款項收購根據經營租賃持有作自用之租賃土地權益之款項 held for own use under operating leases Proceeds from disposal of property, 出售物業、廠房及設備 plant and equipment Increase in bank deposits maturing after three months but within one year when placed Interest received 所得款項存款期超過三個月但於一年內到期之銀行存款增加已收利息 Net cash used in investing activities Financing activities 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 Dividends paid to equity shareholders of the Company Dividends paid to non-controlling interests Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1st April Effect of foreign exchange rate changes 投資活動所用現金淨額融資活動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向本公司股權持有人派發股息向非控股權益派發股息融資活動所用現金淨額現金及現金等值項目增加淨額於四月一日之現金及現金等值項目匯率變動之影響 Cash and cash equivalents at 31st March 於三月三十一日之現金及現金等值項目 17(a) 739,354 654,786 (521,034) (230,751) (39,136) 868 – 2,476 (1,104) 190,324 (141,932) (412) (5,243) 19,207 (208,504) (17,477) – 1,498 (78) 2,508 (556,826) (226,823) (1,383) 149,110 (254,121) (523) (12,545) 31,958 (202,974) (33,120) (165,141) (323,598) 17,387 320,425 (3,232) 334,580 104,365 222,602 (6,542) 320,425 The notes on pages 86 to 181 form part of these financial statements. 第 86 至 181 頁之附註乃本財務報表之一部份。維他奶國際集團有限公司二零一四╱一五年年報 85 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies 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. 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》、香港公認會計原則及香港《公司條例》之規定而編製。《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。本財務報表亦符合適用於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, 2015 comprise the Company and its subsidiaries (together referred to as the “Group”). 截至二零一五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。 86 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (b) Basis of preparation of the financial (b) 財務報表之編製基準（續） statements (Continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 2. 管理層會不斷審閱各項估計和相關假設。倘若會計估計之修訂只影響某一期間，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。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 the following amendments to HKFRSs and one new interpretation that are first effective for the current accounting period of the Group: 香港會計師公會頒佈了下列於本集團當前會計期間首次生效之《香港財務報告準則》修訂及一項新詮釋： • • • • Amendments to HKFRS 10, HKFRS 12 and HKAS 27, Investment entities • 《香港財務報告準則》第 10 號、《香港財務報告準則》第 12 號及《香港會計準則》第 27 號「投資實體」之修訂 Amendments to HKAS 32, Offsetting financial assets and financial liabilities • 《香港會計準則》第 32 號「抵銷金融資產及金融負債」之修訂 Amendments to HKAS 36, Recoverable amount disclosures for non-financial assets • 《香港會計準則》第 36 號「非金融資產之可收回金額披露」之修訂 Amendments to HKAS 39, Novation of derivatives and continuation of hedge accounting • 《香港會計準則》第 39 號「衍生工具之更替及對沖會計法之延續」之修訂 • HK(IFRIC) 21, Levies T h e G r o u p h a s n o t a p p l i e d a n y n e w s t a n d a r d o r interpretation that is not yet effective for the current accounting period. Impacts of the adoption of the new or amended HKFRSs are discussed below: • 香港（國際財務報告詮釋委員會）第 21 號「徵費」本集團並未採用於當前會計期間尚未生效之任何新訂準則或詮釋。採納新訂或經修訂《香港財務報告準則》的影響於下文討論： Amendments to HKFRS 10, HKFRS 12 and HKAS 27, Investment entities 《香港財務報告準則》第 10 號、《香港財務報告準則》第 12 號及《香港會計準則》第 27 號 The amendments provide consolidation relief to those parents which qualify to be an investment entity as defined in the amended HKFRS 10. Investment entities are required to measure their subsidiaries at fair value through profit or loss. These amendments do not have an impact on these financial statements as the Group does not meet the definition of an investment entity. 「投資實體」之修訂該等修訂就符合資格成為經修訂的《香港財務報告準則》第 10 號所定義之投資實體之母公司放寬綜合入賬要求。投資實體須按公允值計算其附屬公司並計入損益。由於本集團並不符合投資實體之定義，故該等修訂對本財務報表並無影響。維他奶國際集團有限公司二零一四╱一五年年報 87 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (c) Changes in accounting policies (Continued) (c) 會計政策之變動（續） Amendments to HKAS 32, Offsetting financial assets and financial liabilities 《香港會計準則》第 32 號「抵銷金融資產及金融負債」之修訂 The amendments to HKAS 32 clarify the offsetting criteria in HKAS 32. The amendments do not have an impact on these financial statements as they are consistent with the policies already adopted by the Group. 《香港會計準則》第 32 號之修訂闡明《香港會計準則》第 32 號的抵銷標準。由於該等修訂與本集團已採用的政策一致，故對本財務報表並無影響。 Amendments to HKAS 36, Recoverable amount disclosures for non-financial assets 《香港會計準則》第 36 號「非金融資產之可收回金額披露」之修訂 The amendments to HKAS 36 modify the disclosure requirements for impaired non-financial assets. Among them, the amendments expand the disclosures required for an impaired asset or cash-generating unit whose recoverable amount is based on fair value less costs of disposal. The amendments do not have an impact on these financial statements as there has been no material impairment made or reversed to the Group’s non-financial assets during the year ended 31st March, 2015. 《香港會計準則》第 36 號之修訂乃修訂了已減值的非金融資產之披露要求。其中，該等修訂擴大對已減值的資產或現金產生單位之可收回金額的披露要求，而可收回金額乃根據公允值減去出售成本計算。由於本集團的非金融資產並無於截至二零一五年三月三十一日止年度作出或撥回重大減值，故該等修訂對本財務報表並無影響。 Amendments to HKAS 39, Novation of derivatives and continuation of hedge accounting 《香港會計準則》第 39 號「衍生工具之更替及對沖會計法之延續」之修訂 T h e a m e n d m e n t s t o H K A S 3 9 p r ov i d e r e l i e f f r o m discontinuing hedge accounting when novation of a derivative designated as a hedging instrument meets certain criteria. The amendments do not have an impact on these financial statements as the Group has not novated any of its derivatives. 《香港會計準則》第 39 號之修訂就符合相關條件而被指定為對沖工具之衍生工具的更替提供暫定使用對沖會計法之豁免。由於本集團並無更替其任何衍生工具，故該等修訂對本財務報表並無影響。 HK(IFRIC) 21, Levies 香港（國際財務報告詮釋委員會）第 21 號 The Interpretation provides guidance on when a liability to pay a levy imposed by a government should be recognised. The amendments do not have an impact on these financial statements as the guidance is consistent with the Group’s existing accounting policies. 「徵費」該詮釋就有關支付政府徵費之負債之確認方式提供指引。由於指引與本集團現有的會計政策一致，故該等修訂對本財務報表並無影響。 88 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (c) Changes in accounting policies (Continued) (c) 會計政策之變動（續） Hong Kong Companies Ordinance (Cap. 622) 香港《公司條例》（第 622 章） In addition, the requirements of Part 9, “Accounts and Audit”, of the Hong Kong Companies Ordinance (Cap. 622) came into operation at the start of the Company’s current financial year. The adoption of the requirements has primarily impacted the presentation and disclosure of information in the consolidated financial statements. These changes mainly include the presentation of the Company’s statement of financial position as a note disclosure instead of a primary statement, updating any references to the Hong Kong Companies Ordinance to refer to the current Hong Kong Companies Ordinance and replacing certain terminology no longer used in the Hong Kong Companies Ordinance with terminology used in HKFRSs. 此外，香港《公司條例》（第 622 章）第 9 部「賬目及審計」之規定已於本公司當前財政年度開始時實施。採納有關規定主要影響綜合財務報表之列報方式及資料之披露。該等變動主要包括將本公司財務狀況表之列報作為附註而非主要報表披露、更新任何對香港《公司條例》之提述為現行香港《公司條例》之提述以及就《香港財務報告準則》所用之詞彙取代若干香港《公司條例》不再使用之詞彙。 (d) Subsidiaries and non-controlling interests (d) 附屬公司及非控股權益 Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. 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, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. Non-controlling interests 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 the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets. 附屬公司為本集團所控制之實體。當本集團從參與某實體之業務獲得或有權獲得可變回報，及有能力藉對實體行使其權力而影響該等回報，則本集團控制該實體。當評估本集團是否有權力時，只考慮具體權利（由本集團及其他人士持有）。於附屬公司之投資由該控制權生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、交易及現金流量，以及集團內公司之間之交易所產生之任何未變現溢利，均於編製綜合財務報表時全數撇銷。如無減值證據，集團內公司之間之交易產生之未變現虧損按未變現收益相同之方式撇銷。非控股權益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非控股權益所佔附屬公司之淨可識別資產之比例計量任何非控股權益。維他奶國際集團有限公司二零一四╱一五年年報 89 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (d) Subsidiaries and non-controlling interests (d) 附屬公司及非控股權益（續） (Continued) Non-controlling interests are presented in the consolidated statement of financial position 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 statement of profit or loss and the consolidated statement of profit or loss and other 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 statement of financial position 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 joint venture. 非控股權益在綜合財務狀況表之權益部份內，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表及綜合損益及其他全面收益表呈列，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) 在綜合財務狀況表呈列為金融負債。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）初始確認於聯營公司或合營企業之投資。 In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 1(j)(ii)). 本公司之財務狀況表所示之於附屬公司之投資，是按成本值減去減值虧損（見附註 1(j)(ii)）後列賬。 90 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (e) 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識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. 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。 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)(ii)). On disposal of a cash-generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. 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)(ii)）。年內，出售現金產生單位時，計算出售之損益時將計入購入商譽之任何應佔金額。 (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 statement of financial position at cost less accumulated depreciation and impairment losses (see note 1(j)(ii)). Depreciation is calculated to write off the cost of investment properties using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. 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)）後於財務狀況表列賬。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。維他奶國際集團有限公司二零一四╱一五年年報 91 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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 statement of financial position 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)）後於財務狀況表列賬： – – – 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)); – 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)）； 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 – 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. 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: 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，以及生產成本及借貸成本之適當部份（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。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計算： (i) Freehold land is not depreciated. (i) 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. (iii) 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. (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) 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。 92 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (g) Other property, plant and equipment (g) 其他物業、廠房及設備（續） (Continued) (iv) Other plant and equipment: (iv) 其他廠房及設備項目： Factory machinery and equipment Fixtures, furniture and office equipment Motor vehicles 4 – 15 years 3 – 12 years 4 – 10 years 工廠機器及設備裝置、傢俬及辦公室設備汽車 4 – 15 年 3 – 12 年 4 – 10 年 No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use. 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. 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。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。 (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)). 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。 Amortisation of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful lives. The following intangible assets with finite useful lives are amortised from the date they are available for use and their estimated useful lives are as follows: 具有有限可使用年期之無形資產攤銷於資產估計可使用年期內以直線法於損益內扣除。下列具有有限可使用年期之無形資產自其可供使用當日起攤銷，其估計可使用年期如下： – – Brand name Customer list 20 years 7 years – 品牌名稱 – 客戶名單 20 年 7 年 Both the period and method of amortisation are reviewed annually. 攤銷之期間及方法均於每年檢討。 (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。維他奶國際集團有限公司二零一四╱一五年年報 93 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (i) Leased assets (Continued) (i) 租賃資產（續） (i) Classification of assets leased to the Group (i) 本集團承租之資產之分類 Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases, with the following exceptions: – – Property held under operating leases that would otherwise meet the definition of an investment property is classified as investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease (see note 1(f)); and Land held for own use under an operating lease, the fair value of which cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Group, or taken over from the previous lessee. 若本集團根據租賃持有資產，而有關租賃將擁有該資產之絕大部份風險及報酬轉予本集團，有關資產歸類為根據融資租賃持有之資產。並未將擁有資產之絕大部份風險及報酬轉予本集團之租賃，則歸類為經營租賃，惟下列兩項除外： – 以經營租賃持有但在其他方面均符合投資物業定義之物業，會按每項物業之基準歸類為投資物業，而倘若歸類為投資物業，則會如以融資租賃持有般入賬（見附註 1(f)）；及 – 以經營租賃持有作自用，但無法在租賃開始時將土地之公允值與建於其上之樓宇之公允值分開計量之土地是按以融資租賃持有方式入賬，惟清楚地以經營租賃持有之樓宇除外。就此而言，租賃之開始時間是指本集團首次訂立租賃時，或自前承租人接收樓宇時。 (ii) Assets acquired under finance leases (ii) 以融資租賃購入之資產 Where the Group acquires the use of assets under finance leases, the amounts representing the fair value of the leased assets, or, if lower, the present value of the minimum lease payments, of such assets are included in property, plant and equipment 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）計入物業、廠房及設備，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自租賃期內之損益扣除，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。 94 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (i) Leased assets (Continued) (iii) Operating lease charges (i) 租賃資產（續） (iii) 經營租賃費用 Where the Group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred. The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period of the lease term except where the property is classified as an investment property (see note 1(f)). Impairment losses are recognised in accordance with the accounting policy set out in note 1(j)(ii). 倘若本集團乃以經營租賃使用資產，則根據租賃支付之款項於租賃期所涵蓋之會計期間內，以等額在損益內扣除，惟倘有其他基準能更清楚地反映租賃資產所產生之收益模式則除外。已收租賃獎勵均在損益中確認為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自損益扣除。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 (i) Impairment of financial assets (j) 資產減值 (i) 金融資產減值 Financial assets that are stated at cost or amortised cost are reviewed at the end of each reporting period to determine whether there is objective evidence of impairment. Objective evidence of impairment includes observable data that comes to the attention of the Group about one or more of the following loss events: 按成本值或攤銷成本列賬之金融資產於各報告期末進行檢討，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 breach of contract, such as a default or delinquency in interest or principal payments; – 違反合約，如拖欠利息或本金還款； it becoming probable that the debtor will enter bankruptcy or other financial reorganisation; and significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor. – 債務人可能破產或進行其他財務重組；及 – 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。維他奶國際集團有限公司二零一四╱一五年年報 95 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (j) Impairment of assets (Continued) (j) 資產減值（續） (i) Impairment of financial assets (Continued) (i) 金融資產減值（續） If any such evidence exists, any impairment loss is determined and recognised as follows: 倘有任何該等證據存在，則任何減值虧損按下列方式釐定及確認： – For trade and other receivables carried at cost or 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. Impairment losses are written off against the corresponding assets directly, except for impairment losses recognised in respect of trade debtors and bills receivable included within trade and other receivables, whose recovery is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the Group is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade debtors and bills receivable directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss. – 就按成本或攤銷成本列賬之應收賬款及其他應收款而言，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，呆壞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。 96 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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 the end of each reporting period to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognised no longer exists or may have decreased: 本集團於每個匯報日檢討內部及外間資料來源，以確定下列資產有否出現減值跡象，或過往已確認之減值虧損不再存在或已減少（商譽除外）： – – – – – – property, plant and equipment; – 物業、廠房及設備； investment properties; – 投資物業； interests in leasehold land held for own use under operating leases; – 根據經營租賃持有作自用之租賃土地權益； intangible assets; goodwill; and – 無形資產； – 商譽；及 investment in subsidiaries in the Company’s statement of financial position. – 於本公司財務狀況表的附屬公司之投資。 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 of disposal 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出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。維他奶國際集團有限公司二零一四╱一五年年報 97 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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） – 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 of disposal (if measurable), or value in use (if determinable). 資產或其所屬之現金產生單位之賬面值高於其可收回金額時，則會於損益確認減值虧損。就現金產生單位確認之減值虧損會首先分配予削減已分配至該現金產生單位（或一組單位）之任何商譽之賬面值，然後按比例削減該單位（或一組單位）內其他資產之賬面值，惟資產賬面值不可下調至低於其個別公允值減去出售成本（如能計量）或使用價值（如能釐定）。 – 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. 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過程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。 98 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (k) Inventories (Continued) (k) 存貨（續） 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. 出售存貨時，其賬面值於有關收入確認期內確認為開支。任何存貨金額撇減至可變現淨值及存貨之所有虧損均於撇減或虧損之發生期內確認為開支。倘存貨之撇減出現任何撥回，則於撥回出現期內將費用作減額確認。 (l) Receivables (l) 應收款 Receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less allowance for impairment of doubtful debts (see note 1(j)(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts. 應收款之初值按公允值確認，其後則以實際利率法按攤銷成本減去呆壞賬減值撥備（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壞賬減值撥備後之所得數額入賬。 (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. Except for financial guarantee liabilities measured in accordance with note 1(r)(i), payables are subsequently 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。除根據附註 1(r)(i) 計量之財務擔保負債外，應付款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。維他奶國際集團有限公司二零一四╱一五年年報 99 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (p) Employee benefits (p) 僱員福利 (i) Short term employee benefits and contributions to (i) 短期僱員福利及向界定供款退休計劃之 defined contribution retirement plans 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 obligations (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 calculation is performed by a qualified actuary using the projected unit credit method. Service cost and net interest expense/(income) on the net defined benefit liability/(asset) are recognised in profit and loss and allocated by function as part of “cost of sales”, “marketing, selling and distribution costs”, “administrative expenses” or “other operating expenses”. Current service cost is measured as the increase in the present value of the defined benefit obligation resulting from employee service in the current period. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised as an expense in profit and loss at the earlier of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. Net interest expense/ (income) for the period is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the reporting period to the net defined benefit liability/(asset). The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the group’s obligations. Remeasurements arising from defined benefit retirement plans are recognised in other comprehensive income and reflected immediately in retained earnings. Remeasurements comprise actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the net defined benefit liability/(asset)) and any change in the effect of the asset ceiling (excluding amounts included in net interest on the net defined benefit liability/(asset)). 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。計算工作由合資格精算師採用預計單位信貸法進行。界定福利負債╱（資產）淨額之服務成本及利息費用╱（收入）淨額於損益確認，並按功能劃撥為「銷售成本」、「推廣、銷售及分銷成本」、「行政費用」或「其他經營費用」之一部份。現有服務成本按本期間僱員服務所產生之界定福利責任現值之增加計量。倘計劃之福利出現變動或倘計劃縮減，則有關僱員以往服務之福利之變動部份或有關縮減之盈虧於計劃作出修訂或縮減時或於確認有關重組成本或終止福利時（以較早者為準）於損益確認為開支。期內利息費用╱（收入）淨額乃透過將計量報告期初界定福利責任所採用之折現率應用於界定福利負債╱（資產）淨額而釐定。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）於匯報日之收益率。界定福利退休計劃產生之重新計量於其他全面收益內確認並即時於保留盈利內反映。重新計量包括精算損益、計劃資產收益（不包括計入界定福利負債╱（資產）淨額之利息淨額之金額）及資產上限引致之任何變動（不包括計入界定福利負債 ╱（資產）淨額之利息淨額之金額）。 100 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (p) 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 end of the reporting period 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）於匯報日之收益率。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 included in the amount recognised in share capital for the shares issued) 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。若僱員須符合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，並計及購股權將會歸屬之可能性。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（此時有關金額計入於已發行股份之股本中確認之金額）或購股權屆滿（此時有關金額直接撥至保留溢利）為止。維他奶國際集團有限公司二零一四╱一五年年報 101 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (q) Income tax (q) 所得稅 (i) Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. (ii) Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, 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. (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匯報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動用之稅務虧損及未動用之稅款抵免產生。除了某些有限之例外情況，所有遞延稅項負債及所有遞延稅項資產（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現有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。在決定現有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之同一期間內撥回。 102 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (q) 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 end of the reporting period. Deferred tax assets and liabilities are not discounted. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period 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性差異是產生自以下有限之例外情況：不可扣稅之商譽；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）；以及投資附屬公司相關之暫時差異（如屬應課稅差異，只限於本集團可以控制撥回之時間，且差異不大可能在可預見之將來撥回；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，以匯報日已頒佈或實際上已頒佈之稅率計量。遞延稅項資產及負債均不進行折現計算。於每個匯報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將動用之相關稅務利益，則有關資產賬面值將予以扣減。任何被扣減之數額在預期可取得足夠應課稅溢利時予以撥回。 (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 Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: – in the case of current tax assets and liabilities, the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or (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) 現期稅項結餘及遞延稅項結餘以及其變動會分開呈列，而且不予抵銷。現期及遞延稅項資產只會在本集團有合法可強制執行權利以現期稅項資產抵銷現期稅項負債，並且符合以下附帶條件之情況下，才可以分別抵銷現期及遞延稅項負債： – 就現期稅項資產及負債而言，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；或維他奶國際集團有限公司二零一四╱一五年年報 103 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (q) 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: – 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： – – the same taxable entity; or – 同一應課稅實體；或 different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously. – 不同之應課稅實體。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，按淨額基準變現現期稅項資產及清償現期稅項負債，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、撥備及或然負債 contingent liabilities (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 issues a financial guarantee, the fair value of the guarantee is initially recognised as deferred income within trade and other payables. The fair value of financial guarantees issued at the time of issuance is determined by reference to fees charged in an arm’s length transaction for similar services, when such information is obtainable, or is otherwise estimated by reference to interest rate differentials, by comparing the actual rates charged by lenders when the guarantee is made available with the estimated rates that lenders would have charged, had the guarantees not been available, where reliable estimates of such information can be made. 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。當本集團發出財務擔保，該擔保之公允值最初確認為應付賬款及其他應付款內之遞延收入。已發出之財務擔保於發出時之公允值乃參考同類服務於公平交易中所收取之費用（倘可獲得相關信息），或參考貸款人於提供擔保時收取之實際費用與貸款人在未有提供擔保時估計可能收取之費用（倘可就有關資料作出可靠估計）之間之利率差額估計所得。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。 104 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (r) Financial guarantees issued, provisions and (r) 已發出之財務擔保、撥備及或然負債 contingent liabilities (Continued) （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 under the guarantee, and (ii) the amount of that claim on the Group 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提出申索；及 (ii) 對本集團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 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經濟利益流出，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確認撥備。如果貨幣時間價值重大，則按預計履行責任所需開支之現值計提撥備。倘若經濟利益外流之可能性較低，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，但假如經濟利益流出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，但假如這類經濟利益之流出之可能性渺茫則除外。維他奶國際集團有限公司二零一四╱一五年年報 105 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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導致確認非金融資產或非金融負債，由權益重新分類之相關盈虧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導致確認金融資產或金融負債，相關盈虧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）由權益重新分類至損益。有別於上述兩個政策所涵蓋之現金流量對沖，相關盈虧會在被對沖之預期交易影響損益之同一個或多個期間內由權益重新分類至損益。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預期仍會發生時，其累計盈虧會保留在權益內，直至該交易發生為止，並按上述政策確認。若被對沖之交易預期不會發生，其累計未變現盈虧會即時由權益重新分類至損益。 106 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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. Service fees exclude value added tax or other sales taxes. 服務費於提供有關服務時確認。服務費不含增值稅或其他銷售稅。 (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。維他奶國際集團有限公司二零一四╱一五年年報 107 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (t) Revenue recognition (Continued) (vi) Government grants (t) 收入確認（續） (vi) 政府補助 Government grants are recognised in the statement of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised as income in profit or loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are deducted from the carrying amount of the asset and consequently are effectively recognised in profit or loss over the useful life of the asset by way of reduced depreciation expense. 政府補助於可合理確保本集團將收取政府補助且將遵守其所附帶之條件時於財務狀況表初步確認。用於補償本集團已產生開支之補助於開支產生之同一期間有系統地於損益中確認為收入。補償本集團資產成本之補助乃於資產之賬面值中扣除，其後於該項資產之可使用期間以減少折舊開支之方式於損益中實際確認。 (u) Translation of foreign currencies (u) 外幣換算 Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. 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. Statement of financial position 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 end of the reporting period. 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匯報日之匯率換算。匯兌盈虧於損益內確認，惟該等於其他全面收益確認並用於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，而財務狀況表項目（包括香港以外地區之附屬公司綜合入賬時所產生之商譽）則於匯報日按收市匯率換算為港幣，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。 108 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (u) Translation of foreign currencies (Continued) (u) 外幣換算（續） 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. The capitalisation of borrowing cost, as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete. 倘一項資產需較長時間才可準備就緒用作預定用途或出售狀態，則直接歸屬於收購、興建或生產該項資產之借貸成本將被資本化為該項資產之成本之一部份。其他借貸成本在產生當期列作支出。當資產開支及借貸成本已經產生，且為使資產可用作擬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擬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。維他奶國際集團有限公司二零一四╱一五年年報 109 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (x) Related parties (Continued) (x) 關連人士（續） (b) An entity is related to the Group if any of the following (b) 倘符合下列任何條件，則一間實體與本集團 conditions applies: 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). (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) 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). (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) Both entities are joint ventures of the same third (iii) 兩間實體均為同一第三方之合營企業。 party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (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。 (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 (vi) 該實體受 (a) 所識別人士控制或共同控 person identified in (a). 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. 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識別。 110 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (y) Segment reporting (Continued) (y) 分部報告（續） 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. 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。倘個別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。 2 Accounting judgements and estimates 2 會計判斷及估計 Notes 13, 21 and 22 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 13、21 及 22 分別載有關於商譽減值評估、界定福利退休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 property, plant and equipment (a) 物業、廠房及設備及無形資產減值 and intangible assets If circumstances indicate that the carrying values of property, plant and equipment and intangible 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 of disposal 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 property, plant and equipment and intangible assets are disclosed in notes 11 and 12, respectively. 倘有情況顯示物業、廠房及設備及無形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。物業、廠房及設備及無形資產之性質及賬面值詳情分別於附註 11 及 12 披露。維他奶國際集團有限公司二零一四╱一五年年報 111 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Accounting judgements and estimates 2 會計判斷及估計（續） (Continued) (b) Depreciation of property, plant and equipment (b) 物業、廠房及設備之折舊 Property, plant and equipment (see note 11) 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. 物業、廠房及設備（見附註 11）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。 (c) Impairment loss for doubtful debts (c) 呆壞賬減值虧損 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 16, 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壞賬撥備。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 16 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。 (d) Write down of inventories (d) 撇減存貨 The Group performs regular reviews of the carrying amounts of inventories as disclosed in note 15 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 15 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。 112 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 2 Accounting judgements and estimates 2 會計判斷及估計（續） (Continued) (e) Deferred tax assets Deferred tax assets are recognised for unused tax losses 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 23(b). (e) 遞延稅項資產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 23(b) 披露。 3 Revenue and segment reporting 3 收入及分部報告 (a) Revenue (a) 收入 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。 Revenue represents the invoiced value of products sold, net of returns, rebates and discounts. 收入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 Operation (Hong Kong, Macau and Exports) 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 etc. in Australia and sale of beverages in New Zealand; 本集團透過按地區成立之實體管理業務。本集團按照與向本集團最高層行政管理人員就資源配置及表現評估之內部匯報資料一致的方式，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。 – 香港業務（香港、澳門及出口）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等產品，以及在新西蘭銷售飲料；維他奶國際集團有限公司二零一四╱一五年年報 113 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) (b) Segment reporting (Continued) (b) 分部報告（續） – – 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. – 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 revenue is generated from the manufacture and sale of food and beverages. 本集團之收入全部來自生產及銷售食品及飲品。 (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 with the exception of employee retirement benefit liabilities, current tax payable, deferred tax liabilities and unallocated head office and corporate liabilities. The measure used for reporting segment profit is “profit/ (loss) from operations”. To arrive at “profit/(loss) from operations”, the Group’s profit is further adjusted for items not specifically attributed to individual segments, such as finance costs and unallocated head office and corporate expenses. 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，惟僱員退休福利負債、應付現期稅項、遞延稅項負債及未分配之總公司及企業負債除外。用於報告分部溢利之方法為「經營溢利 ╱（虧損）」。為了得出「經營溢利╱（虧損）」，本集團之溢利就並無明確歸於個別分部之項目（如融資成本及未分配之總公司及企業費用）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。 114 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 3 Revenue and segment reporting 3 收入及分部報告（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, 2015 and 2014 is set out below: 截至二零一五年及二零一四年三月三十一日止年度，有關向本集團最高層執行管理人員提供之資源配置及分部表現評估之分部報告資料如下： Hong Kong Operation 香港業務 Mainland China 中國內地 Australia and New Zealand 澳洲及新西蘭 North America 北美洲 Singapore 新加坡 Total 總計 2015 2014 2014 二零一五年二零一四年二零一五年二零一四年二零一五年二零一四年二零一五年二零一四年二零一五年二零一四年二零一五年二零一四年 $’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 2014 2014 2014 2014 2015 2015 2015 2015 2015 Revenue from external customers Inter-segment revenue 來自外間顧客之收入分部間收入 Reportable segment revenue 須報告分部之收入 Reportable segment profit/(loss) from operations 須報告分部之經營溢利╱ （虧損） Interest income from bank deposits Finance costs Depreciation and amortisation for the year Other material non-cash items: – Equity settled share-based payment expenses 銀行存款之利息收入融資成本本年度之折舊及攤銷其他重大非現金項目： – 以股份為付款基礎之費用 Reportable segment assets 須報告分部之資產 Reportable segment liabilities 須報告分部之負債 Additions to non-current 本年度新增之非流動 segment assets 分部資產 during the year 2,048,335 170,773 1,898,598 89,527 1,915,922 178,574 1,504,785 126,215 479,079 660 492,359 510 522,002 – 512,662 – 86,489 850 85,481 – 5,051,827 350,857 4,493,885 216,252 2,219,108 1,988,125 2,094,496 1,631,000 479,739 492,869 522,002 512,662 87,339 85,481 5,402,684 4,710,137 355,101 347,664 199,416 144,665 84,460 86,735 (1,417) 7,315 8,160 8,323 645,720 594,702 1,461 (389) 1,375 (36) 424 (161) 408 (5,363) 589 (4,790) 686 (7,435) – (315) 9 (234) 1 – 1 – 2,475 (5,655) 2,479 (13,068) (86,081) (83,959) (67,040) (57,312) (23,634) (25,286) (17,119) (14,691) (4,691) (4,360) (198,565) (185,608) (2,106) (1,335) (456) (404) – – – – – – (2,562) (1,739) 2,026,141 1,764,284 1,575,290 1,128,957 334,996 402,452 250,712 240,154 95,908 102,717 4,283,047 3,638,564 574,802 458,496 1,014,383 671,048 124,026 161,966 98,535 85,265 12,326 11,171 1,824,072 1,387,946 100,172 78,111 357,728 161,538 18,561 4,617 27,584 31,309 7,905 2,763 511,950 278,338 維他奶國際集團有限公司二零一四╱一五年年報 115 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 3 Revenue and segment reporting 3 收入及分部報告（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、資產及負債之 profit or loss, assets and liabilities 對賬 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Revenue 收入 Reportable segment revenue 須報告分部之收入 Elimination of inter-segment revenue 分部間收入之撇銷 5,402,684 (350,857) 4,710,137 (216,252) Consolidated revenue 綜合收入 5,051,827 4,493,885 Profit or loss 損益 Reportable segment profit/(loss) from operations Finance costs Unallocated head office and corporate expenses 須報告分部之經營溢利╱ （虧損）融資成本未分配之總公司及企業費用 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 645,720 (5,655) 594,702 (13,068) (116,456) (125,033) Consolidated profit before taxation 綜合除稅前溢利 523,609 456,601 Interest income 利息收入 Reportable segment interest income 須報告分部之利息收入 Unallocated head office and corporate interest income 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 以股份為付款基礎之費用 Reportable segment expenses Unallocated head office and corporate expenses 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 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 2,475 1 2,476 2,479 29 2,508 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 2,562 8,562 1,739 6,570 11,124 8,309 116 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 3 Revenue and segment reporting 3 收入及分部報告（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 須報告分部之資產分部間應收款之撇銷 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 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 4,283,047 3,638,564 (685,158) (429,752) 3,597,889 3,208,812 32,678 5,435 1,456 26,457 654 5,795 Consolidated total assets 綜合總資產 3,637,458 3,241,718 Liabilities 負債 Reportable segment liabilities Elimination of inter-segment payables 分部間應付款之撇銷須報告分部之負債 Employee retirement benefit liabilities 僱員退休福利負債 Deferred tax liabilities Current tax payable Unallocated head office and corporate liabilities 遞延稅項負債應付現期稅項未分配之總公司及企業負債 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 1,824,072 (443,165) 1,387,946 (225,576) 1,380,907 1,162,370 10,234 69,377 27,324 24,944 9,836 63,770 22,157 26,273 Consolidated total liabilities 綜合總負債 1,512,786 1,284,406 維他奶國際集團有限公司二零一四╱一五年年報 117 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) (b) Segment reporting (Continued) (iii) Geographic information The following table sets out information about the geographic location of the Group’s property, plant and equipment, 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 property, plant and equipment and deposits for the acquisition of property, plant and equipment, 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物業、廠房及設備、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，倘為物業、廠房及設備及購置物業、廠房及設備之訂金，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獲配置之業務所在地。 Specified non-current assets 特定非流動資產 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Hong Kong Operation 香港業務 573,295 559,868 Mainland China Australia and New Zealand North America Singapore 中國內地澳洲及新西蘭北美洲新加坡 946,239 184,086 126,214 68,021 658,807 229,130 115,779 70,951 1,324,560 1,074,667 1,897,855 1,634,535 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 $1,851,356,000 (2014: $1,735,002,000) and $566,813,000 (2014: $553,203,000) 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1,851,356,000 元（二零一四年：1,735,002,000元）及566,813,000 元（二零一四年：553,203,000元）。 118 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (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 Reversal of long outstanding other payables Scrap sales Government grant Sundry income 利息收入服務費收入租金收入長期未償還其他應付款撥回廢料銷售政府補助雜項收入 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 2,476 3,420 4,880 1,875 8,864 17,174 5,999 2,508 18,687 2,914 6,556 2,764 3,239 14,022 44,688 50,690 5 Profit before taxation 5 除稅前溢利 Profit before taxation is arrived at after charging/ (crediting): 除稅前溢利已扣除╱ （計入）： (a) Finance costs: (a) 融資成本： Interest on bank loans Finance charges on obligations under finance leases 銀行貸款之利息融資租賃債務之財務費用 (b) Staff costs: (b) 員工成本： Contributions to defined contribution retirement plans Net expenses recognised in respect of: – retirement gratuities (note 21(c)(v)) – long service payments 界定供款退休計劃之供款以下項目之已確認費用淨額： – 退休金（附註 21(c)(v)） – 長期服務金 Total retirement costs Equity settled share-based payment expenses (note 22) Salaries, wages and other benefits 總退休成本以股份為付款基礎之費用（附註 22）薪金、工資及其他福利 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 5,243 412 5,655 12,545 523 13,068 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 49,716 36,961 4,104 1,017 4,271 591 54,837 41,823 11,124 1,040,749 8,309 938,904 1,106,710 989,036 維他奶國際集團有限公司二零一四╱一五年年報 119 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 5 Profit before taxation (Continued) 5 除稅前溢利（續） Profit before taxation is arrived at after charging/ (crediting): (Continued) 除稅前溢利已扣除╱ （計入）：（續） (c) Other items: (c) 其他項目： Amortisation of interests in leasehold land held for own use under operating leases Amortisation of intangible assets Depreciation – Investment properties – Assets acquired under finance leases – Other assets Recognition 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 – (Over)/under-provision 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之減值虧損物業、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（超額撥備）╱ in respect of prior year 撥備不足 – 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 loss/(gain) Cost of inventories (note 15(b)) – 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虧損╱（收益）淨額存貨成本（附註 15(b)） 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 1,000 2,059 526 1,166 193,814 229 (224) 882 2,110 527 1,610 180,479 20 (24) 5,234 4,651 (545) 289 378 137 894 533 73,159 56,406 873 791 434 1,553 880 132 4,410 1,289 2,607,466 4,693 (653) 2,377,413 120 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (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 statement of profit or loss 6 綜合損益表之所得稅 (a) Taxation in the consolidated statement of (a) 綜合損益表之稅項如下： profit or loss represents: Current tax - Hong Kong Profits Tax 現期稅項 – 香港利得稅 Provision for the year Over-provision in respect of prior years 以往年度之超額撥備年內撥備 Current tax - Outside Hong Kong 現期稅項 – 香港以外地區 Provision for the year Under-provision in respect of prior years 年內撥備以往年度之撥備不足 Deferred tax 遞延稅項 Origination and reversal of temporary 產生及撥回暫時差異 differences 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 44,306 (20) 46,134 (17) 44,286 46,117 71,781 71,406 798 1,574 72,579 72,980 (1,977) (3,252) 114,888 115,845 Notes: 附註： (i) (ii) The provision for Hong Kong Profits Tax for 2015 is calculated at 16.5% (2014: 16.5%) of the estimated assessable profits for the year. (i) 二零一五年之香港利得稅撥備是按年內之估計應課稅溢利以 16.5%（二零一四年：16.5%）之稅率計算。 In accordance with the relevant People’s Republic of China (“PRC”) corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company’s subsidiaries in Shenzhen, Foshan and Shanghai is 25%. In addition, the Group is subject to withholding tax at the rate of 10% (unless reduced by treaty) on distribution of profits generated after 31st December, 2007 from the Group’s foreign-invested enterprises in the PRC. As more than 25% of the capital of all the Group’s foreign-invested enterprises in the PRC is owned by a Hong Kong incorporated subsidiary, a rate of 5% is applicable in the calculation of this withholding tax. Deferred tax liabilities have been provided for in this regard based on the expected dividends to be distributed from the foreign-invested enterprises in the PRC in the foreseeable future in respect of the profits generated after 31st December, 2007. (ii) 根據相關中華人民共和國（「中國」）企業所得稅法律、法規及實施指引註釋，適用於本公司之深圳、佛山及上海附屬公司之法定所得稅率為 25%。此外，除非獲條約減免，否則本集團須就本集團中國外資企業以於二零零七年十二月三十一日後產生之溢利作出之分派按 10% 稅率繳納預扣稅。由於本集團所有中國外資企業中有逾 25% 資本由一間於香港註冊成立之附屬公司擁有，故計算此預扣稅所適用之稅率為 5%。本集團已就此根據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。維他奶國際集團有限公司二零一四╱一五年年報 121 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 6 Income tax in the consolidated statement of profit or loss (Continued) 6 綜合損益表之所得稅（續） (a) Taxation in the consolidated statement of (a) 綜合損益表之稅項如下：（續） profit or loss represents: (Continued) Notes: (Continued) 附註：（續） (iii) Taxation for subsidiaries outside Hong Kong and Mainland China is charged at the appropriate current rates of taxation ruling in the relevant tax jurisdictions. (iii) 香港及中國內地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。 (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： 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Profit before taxation 除稅前溢利 523,609 456,601 Notional tax on profit before taxation, 按有關稅項司法管轄區適用之 calculated at the rates applicable to profits in the tax jurisdictions 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 Tax effect of non-taxable revenue 非課稅收入之稅務影響 Withholding tax of PRC subsidiaries 中國附屬公司之預扣稅 Tax effect of unused tax losses not recognised for deferred tax purposes Tax effect of other temporary differences not recognised for deferred tax purposes 未就遞延稅項確認之未使用稅務虧損之稅務影響未就遞延稅項確認之其他暫時差異之稅務影響 Tax effect of utilisation of tax losses 就使用先前未確認之 previously not recognised Under-provision in respect of prior years Others 稅務虧損之稅務影響以往年度之撥備不足其他 104,413 9,093 (778) 5,459 91,309 10,782 (2,062) 4,911 488 14,812 29,216 (30,697) 778 (3,084) – – 1,557 (5,464) Actual tax expense 實際稅項支出 114,888 115,845 122 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 7 Remuneration of Directors and Chief 7 董事及行政總裁酬金 Executive Directors’ and Chief Executive’s remuneration disclosed pursuant to section 383 of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation is as follows: 根據香港《公司條例》第 383 條及《公司（披露董事利益資料）規例》第 2 部披露之董事及行政總裁酬金如下： 2015 二零一五年 Salaries, allowances and benefits Discretionary Directors’ fees in kind 薪金、津貼酌情董事袍金及實物福利發放之花紅 Retirement scheme bonuses contributions 退休計劃供款 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Sub-total Share- based payments 以股份為小計基礎之付款 (note) （附註） $’000 千元 Total 總計 $’000 千元 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Roberto GUIDETTI (Chief Executive) (appointed on 1st April, 2014) 羅友禮先生陸博濤先生（行政總裁）（於二零一四年四月一日獲委任） Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Independent Non-executive Directors 羅慕貞女士羅慕玲女士獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE (retired on 4th September, 2014) Mr. Valiant Kin-piu CHEUNG Mr. Jan P.S. ERLUND 李國寶爵士布魯士先生（於二零一四年九月四日退任）張建標先生 Jan P.S. ERLUND 先生 214 4,965 3,459 299 8,937 3,314 12,251 107 6,848 3,340 206 10,501 3,693 14,194 122 122 383 176 378 372 – – – – – – – – – – – – – – – – – – 122 122 383 176 378 372 – – – – – – 122 122 383 176 378 372 1,874 11,813 6,799 505 20,991 7,007 27,998 維他奶國際集團有限公司二零一四╱一五年年報 123 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 7 Remuneration of Directors and Chief 7 董事及行政總裁酬金（續） Executive (Continued) 2014 二零一四年 Salaries, allowances and benefits Discretionary Directors’ fees in kind 薪金、津貼酌情董事袍金及實物福利發放之花紅 Retirement scheme bonuses contributions 退休計劃供款 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Sub-total Share- based payments 以股份為小計基礎之付款 (note) （附註） $’000 千元 Total 總計 $’000 千元 Executive Directors 執行董事 Mr. Winston Yau-lai LO Mr. Laurence P. EISENTRAGER (retired on 31st July, 2013) 羅友禮先生黎信彥先生（於二零一三年七月三十一日退任） Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Independent Non-executive Directors 非執行董事羅慕貞女士羅慕玲女士獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE (retired on 4th September, 2014) Mr. Valiant Kin-piu CHEUNG Mr. Jan P.S. ERLUND 李國寶爵士布魯士先生（於二零一四年九月四日退任）張建標先生 Jan P.S. ERLUND 先生 Chief Executive 行政總裁 Mr. Roberto GUIDETTI (appointed on 1st August, 2013) 陸博濤先生（於二零一三年八月一日獲委任） 204 34 4,491 4,653 3,006 – 276 97 7,977 4,784 2,711 – 10,688 4,784 116 116 364 381 357 354 – – – – – – – – – – – – – – – – – – 116 116 364 381 357 354 – – – – – – 116 116 364 381 357 354 1,926 9,144 3,006 373 14,449 2,711 17,160 – 5,573 2,953 198 8,724 2,532 11,256 Note: 附註： These 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) and, in accordance with that policy, includes adjustments to reverse amounts accrued in previous years where grants of equity instruments are forfeited prior to vesting. 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，而按照該政策，包括對過往年度累計而所授出的股本工具在歸屬前已失效所作之撥回調整。 The details of these benefits in kind, including the principal terms and number of options granted, are disclosed under the paragraph “Share option scheme” in the directors’ report and note 22. 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）於董事會報告「購股權計劃」一段及附註 22 中披露。 124 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (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 (2014: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2014: three) individuals are as follows: 在五名最高酬金人士中，兩名（二零一四年：兩名）為董事，彼等之酬金於附註 7 中披露。其餘三名（二零一四年：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 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 10,135 471 4,268 3,550 12,436 531 5,563 4,309 18,424 22,839 The emoluments of the three (2014: three) individuals with the highest emoluments are within the following bands: 三名（二零一四年：三名）最高酬金人士之酬金介乎以下組別： $4,500,001 to $5,000,000 $5,000,001 to $5,500,000 $6,000,001 to $6,500,000 $7,000,001 to $7,500,000 $11,000,001 to $11,500,000 4,500,001 元至 5,000,000 元 5,000,001 元至 5,500,000 元 6,000,001 元至 6,500,000 元 7,000,001 元至 7,500,000 元 11,000,001 元至 11,500,000 元 2015 二零一五年 Number of individuals 人數 2014 二零一四年 Number of Individuals 人數 1 – 1 1 – – 1 1 – 1 維他奶國際集團有限公司二零一四╱一五年年報 125 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 9 Other comprehensive income 9 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影 other comprehensive income: 響：因換算香港以外地區附屬公司之財務報表而產生的匯兌差額 Exchange differences on translation of financial statements of subsidiaries outside Hong Kong Cash flow hedge: net movement in the hedging reserve Remeasurement of employee 僱員退休福利負債 retirement benefit liabilities 現金流量對沖：對沖儲備淨變動之重新計量 2015 二零一五年 Tax expense Before tax amount Net-of-tax amount Before tax amount 2014 二零一四年 Tax benefit/ (expense) 稅務利益╱ Net-of-tax amount 除稅前金額 $’000 千元稅務費用扣除稅項金額除稅前金額 $’000 千元 $’000 千元 $’000 千元（費用）扣除稅項金額 $’000 千元 $’000 千元 (49,581) – (49,581) (31,159) – (31,159) 1,916 4,295 (316) (757) 1,600 (1,916) 316 (1,600) 3,538 4,289 (816) 3,473 (43,370) (1,073) (44,443) (28,786) (500) (29,286) (b) Components of other comprehensive income (b) 其他全面收益之部份 Cash flow hedges: Effective portion of changes 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 in fair value of hedging instruments recognised during the year Amounts transferred to initial carrying amount of hedged items Net deferred tax (charged)/credited （扣除）╱計入其他全面收益之轉撥至對沖項目最初賬面值之金額 to other comprehensive income 遞延稅項淨額 Net movement in the hedging reserve 年內於其他全面收益確認之 during the year recognised 對沖儲備淨變動 in other comprehensive income 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 1,010 (2,857) 906 (316) 941 316 1,600 (1,600) 126 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 10 Earnings per share (a) Basic earnings per share 10 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 $372,079,000 (2014: $306,693,000) and the weighted average number of 1,037,669,000 ordinary shares (2014: 1,030,210,000 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 372,079,000 元（二零一四年：306,693,000 元）及年內已發行普通股之加權平均股數 1,037,669,000 股（二零一四年：1,030,210,000 股普通股）計算，其計算如下： Weighted average number of ordinary shares 普通股之加權平均股數 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 Weighted average number of ordinary shares at 31st March (note 10(b)) 於三月三十一日之普通股之加權平均股數（附註 10(b)） 2015 二零一五年 Number of shares 股份數目 ’000 千股 2014 二零一四年 Number of shares 股份數目 ’000 千股 1,033,976 3,693 1,026,984 3,226 1,037,669 1,030,210 (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 $372,079,000 (2014: $306,693,000) and the weighted average number of 1,046,742,000 ordinary shares (2014: 1,043,414,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: 每股攤薄盈利乃根據本公司股權持有人應佔溢利 372,079,000 元（二零一四年：306,693,000 元）及就所有具潛在攤薄盈利之普通股之影響而作出調整後之普通股加權平均股數 1,046,742,000 股（二零一四年：1,043,414,000 股普通股）計算，其計算如下： Weighted average number of ordinary shares (diluted) 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares at 31st March (note 10(a)) Effect of deemed issue of ordinary shares under the Company’s share option scheme for nil consideration 於三月三十一日之普通股之加權平均股數（附註 10(a)）假設因根據本公司之購股權計劃以無償方式發行普通股之影響 Weighted average number of ordinary shares (diluted) at 31st March 於三月三十一日之普通股之加權平均股數（攤薄） 2015 二零一五年 Number of shares 股份數目 ’000 千股 2014 二零一四年 Number of shares 股份數目 ’000 千股 1,037,669 1,030,210 9,073 13,204 1,046,742 1,043,414 維他奶國際集團有限公司二零一四╱一五年年報 127 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Property, plant and equipment 11 物業、廠房及設備 (a) (a) Other property, plant and equipment 其他物業、廠房及設備 Fixtures, furniture and office equipment Factory machinery and equipment Motor Construction in progress vehicles Sub-total 工廠機器裝置、傢俬及及設備辦公室設備 $’000 千元 $’000 千元汽車 $’000 千元在建工程 $’000 千元小計 $’000 千元 Land and buildings held for own use 持有作自用之土地及樓宇 $’000 千元 Total property, plant and equipment 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物業、廠房土地權益及設備總計 $’000 千元 $’000 千元 Investment properties 投資物業 $’000 千元 Cost: 成本： At 1st April, 2013 Exchange adjustments Additions Transfer Disposals 於二零一三年四月一日匯兌調整添置轉撥出售 808,253 (17,207) 64,906 – – 2,040,996 (44,531) 78,405 70,815 (57,888) 217,504 (1,078) 16,997 13,881 (5,588) 95,010 (369) 16,673 1,669 (5,423) 38,521 (556) 81,413 (86,365) – 3,200,284 (63,741) 258,394 – (68,899) 22,698 – – – – 41,385 (105) – – – 3,264,367 (63,846) 258,394 – (68,899) At 31st March, 2014 於二零一四年三月三十一日 855,952 2,087,797 241,716 107,560 33,013 3,326,038 22,698 41,280 3,390,016 Accumulated amortisation, depreciation and impairment losses: 累計攤銷、折舊及減值虧損： At 1st April, 2013 Exchange adjustments Charge for the year Reversal of impairment losses Written back on disposals 於二零一三年四月一日匯兌調整本年度攤銷及折舊減值虧損撥回出售時撥回 337,338 (3,759) 26,942 – – 1,147,249 (23,840) 129,960 (24) (52,029) 151,746 (879) 16,328 – (5,410) 72,432 (180) 8,859 – (5,269) At 31st March, 2014 於二零一四年三月三十一日 360,521 1,201,316 161,785 75,842 – – – – – – 1,708,765 (28,658) 182,089 (24) (62,708) 15,979 – 527 – – 6,507 (31) 882 – – 1,731,251 (28,689) 183,498 (24) (62,708) 1,799,464 16,506 7,358 1,823,328 Net book value: 賬面淨值： At 31st March, 2014 於二零一四年三月三十一日 495,431 886,481 79,931 31,718 33,013 1,526,574 6,192 33,922 1,566,688 128 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (a) (Continued) (a) （續） Other property, plant and equipment 其他物業、廠房及設備 Fixtures, furniture and office equipment Factory machinery and equipment Motor Construction in progress vehicles Sub-total 工廠機器裝置、傢俬及及設備辦公室設備 $’000 千元 $’000 千元汽車 $’000 千元在建工程 $’000 千元小計 $’000 千元 Land and buildings held for own use 持有作自用之土地及樓宇 $’000 千元 Total property, plant and equipment 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物業、廠房土地權益及設備總計 $’000 千元 $’000 千元 Investment properties 投資物業 $’000 千元 Cost: 成本： At 1st April, 2014 Exchange adjustments Additions Transfer Disposals 於二零一四年四月一日匯兌調整添置轉撥出售 855,952 (21,768) 66,915 12,963 (728) 2,087,797 (59,390) 136,965 97,562 (57,245) 241,716 (1,899) 17,950 1,697 (5,723) 107,560 (789) 18,028 – (9,785) 33,013 (2,252) 250,558 (112,222) – 3,326,038 (86,098) 490,416 – (73,481) 22,698 – – – – 41,280 55 39,136 – – 3,390,016 (86,043) 529,552 – (73,481) At 31st March, 2015 於二零一五年三月三十一日 913,334 2,205,689 253,741 115,014 169,097 3,656,875 22,698 80,471 3,760,044 Accumulated amortisation, depreciation and impairment losses: 累計攤銷、折舊及減值虧損： At 1st April, 2014 Exchange adjustments Charge for the year Reversal of impairment losses Written back on disposals 於二零一四年四月一日匯兌調整本年度攤銷及折舊減值虧損撥回出售時撥回 360,521 (5,476) 30,692 (168) (244) 1,201,316 (37,976) 137,727 (56) (52,752) 161,785 (1,061) 20,189 – (5,600) 75,842 (381) 6,372 – (9,607) At 31st March, 2015 於二零一五年三月三十一日 385,325 1,248,259 175,313 72,226 – – – – – – 1,799,464 (44,894) 194,980 (224) (68,203) 16,506 – 526 – – 7,358 14 1,000 – – 1,823,328 (44,880) 196,506 (224) (68,203) 1,881,123 17,032 8,372 1,906,527 Net book value: 賬面淨值： At 31st March, 2015 於二零一五年三月三十一日 528,009 957,430 78,428 42,788 169,097 1,775,752 5,666 72,099 1,853,517 維他奶國際集團有限公司二零一四╱一五年年報 129 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (b) The analysis of net book value of properties is (b) 物業之賬面淨值之分析如下： as follows: In Hong Kong – medium-term leases Outside Hong Kong – freehold – long-term leases – medium-term leases – short-term leases 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 持有作自用之土地及樓宇 Investment properties Interests in leasehold land held 投資物業根據經營租賃持有作自用之租賃土地權益 for own use under operating leases 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 140,221 149,132 99,307 11,194 354,900 152 120,569 9,469 256,167 208 605,774 535,545 528,009 5,666 495,431 6,192 72,099 33,922 605,774 535,545 (c) Property, plant and equipment held under (c) 以融資租賃持有之物業、廠房及設備 finance leases In addition to the leasehold land classified as being held under finance leases, the Group holds factory machinery and equipment under finance leases expiring from one to seven years. None of the leases includes contingent rentals. There was no addition to the factory machinery and equipment of the Group financed by finance leases during the year (2014: $Nil). At the end of the reporting period, the net book value of the factory machinery and equipment held under finance leases of the Group amounted to $3,494,000 (2014: $5,488,000). The Group’s obligations under finance leases are secured by the lessor’s charge over the leased assets. 除列作以融資租賃持有之租賃土地外，本集團透過於一至七年內到期之融資租賃，持有工廠機器及設備。該等租賃並無包括或然租金。年內，本集團並無透過融資租賃（二零一四年：零元）添置工廠機器及設備。於匯報日，本集團以融資租賃持有之工廠機器及設備之賬面淨值為 3,494,000 元（二零一四年： 5,488,000 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。 130 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (d) Property, plant and equipment leased out (d) 根據經營租賃租出之物業、廠房及 under operating leases 設備 The Group leases out investment properties under operating leases. The leases 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. None of the leases includes contingent rentals. 本集團以經營租賃租出投資物業。該等租賃初步為期三年，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。並無任何租賃包括或然租金。 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： 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Within one year 一年內 1,910 833 (e) The fair value of investment properties (e) 投資物業之公允值 The fair value of investment properties at 31st March, 2015 is $57,450,000 (2014: $54,800,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2014: same basis of valuation adopted). 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. The fair value measurement is categorised as a Level 3 valuation under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to observability and significance of the inputs used in the valuation technique as follows: – – Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available; and 投資物業於二零一五年三月三十一日之公允值為 57,450,000 元（二零一四年：54,800,000 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（二零一四年：採取同一估值基準）。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相關近期經驗。公允值計量根據《香港財務報告準則》第 13 號公允值計量所界定之三級公允值架構分類為第三級估值。將公允值計量分類之等級乃經參考如下估值方法所用數據之可觀察性及重要性後釐定： – 第一級估值：僅使用第一級輸入數據（即於計量日同類資產或負債於活躍市場之未經調整報價）計量之公允值； – 第二級估值：使用第二級輸入數據（即未能達到第一級之可觀察輸入數據）且並未使用重大不可觀察輸入數據計量之公允值。不可觀察輸入數據為無市場數據之輸入數據；及 – Level 3 valuations: Fair value measured using significant unobservable inputs. – 第三級估值：使用重大不可觀察輸入數據計量之公允值。維他奶國際集團有限公司二零一四╱一五年年報 131 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (e) The fair value of investment properties (e) 投資物業之公允值（續） (Continued) The fair value of investment properties is determined by using direct comparison approach with reference to the market price of comparable properties and adjusted for building quality and timing of the reference transaction. The significant unobservable input in the fair value measurement is the property-specific adjusting rate, which ranged from 0.97 to 1.06 (2014: 0.91 to 1.07). 投資物業之公允值乃參考可比較物業之市價使用直接比較法釐定，並就參考交易之樓宇質素及時間作出調整。公允值計量之重大不可觀察輸入數據乃個別物業調整率，介乎 0.97 至 1.06（二零一四年：0.91 至 1.07）。 (f) Property, plant and equipment pledged (f) 就銀行貸款抵押之物業、廠房及設備 against bank loans The following items of property, plant and equipment are pledged to secure certain bank loans or bank facilities granted to the Group (note 19). 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19）。 2015 二零一五年 $’000 千元 2014 二零一四年 $’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 72,163 100,553 (g) Deposits for the acquisition of property, plant (g) 購置物業、廠房及設備之訂金 and equipment As at 31st March, 2015, the Group made deposits totalling $3,716,000 (2014: $21,412,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 26(a)). 於二零一五年三月三十一日，本集團為購置物業、廠房及設備而支付訂金合共3,716,000元（二零一四年：21,412,000 元）。購置代價之餘下金額計入資本承擔（附註 26(a)）。 132 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 12 Intangible assets 12 無形資產 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 Cost: 成本： At 1st April, 2013 Exchange adjustments 於二零一三年四月一日匯兌調整 8,202 (129) 12,148 (191) 20,350 (320) At 31st March, 2014 於二零一四年三月三十一日 8,073 11,957 20,030 Accumulated amortisation: 累計攤銷： At 1st April, 2013 Exchange adjustments Charge for the year 於二零一三年四月一日匯兌調整本年度攤銷 2,051 (32) 403 8,677 (135) 1,707 10,728 (167) 2,110 At 31st March, 2014 於二零一四年三月三十一日 2,422 10,249 12,671 Net book value: 賬面淨值： At 31st March, 2014 於二零一四年三月三十一日 5,651 1,708 7,359 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 Cost: 成本： At 1st April, 2014 Exchange adjustments 於二零一四年四月一日匯兌調整 8,073 (674) 11,957 (999) 20,030 (1,673) At 31st March, 2015 於二零一五年三月三十一日 7,399 10,958 18,357 Accumulated amortisation: 累計攤銷： At 1st April, 2014 Exchange adjustments Charge for the year 於二零一四年四月一日匯兌調整本年度攤銷 2,422 (226) 394 10,249 (956) 1,665 12,671 (1,182) 2,059 At 31st March, 2015 於二零一五年三月三十一日 2,590 10,958 13,548 Net book value: 賬面淨值： At 31st March, 2015 於二零一五年三月三十一日 4,809 – 4,809 The amortisation charges for the year are included in “other operating expenses” in the consolidated statement of profit or loss. 本年度之攤銷費用已計入綜合損益表「其他經營費用」內。維他奶國際集團有限公司二零一四╱一五年年報 133 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 13 Goodwill 13 商譽 Cost: At 1st April Exchange adjustments 成本：於四月一日匯兌調整 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 39,076 (3,263) 39,700 (624) At 31st March 於三月三十一日 35,813 39,076 Impairment test for cash-generating unit containing goodwill Goodwill arose from the acquisition of the entire share capital in Unicurd Food Co. (Private) Limited (“Unicurd”). Therefore it is allocated to Singapore segment according to the country of operation of Unicurd for impairment testing purposes. The recoverable amount of the Unicurd operations is determined based on a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering a three- year period. Cash flows beyond the three-year period are extrapolated using an annual growth rate of 3% (2014: 3%). The growth rate does not exceed the long-term average growth rate for the business in which the Unicurd operations operate. 包含商譽之現金產生單位之減值測試商譽因收購統一食品（私人）有限公司（「統一」）之全部股本而產生。因此，商譽按照統一經營所在國家分配至新加坡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%（二零一四年：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 – Average annual sales growth rate for the three-year period – Pre-tax discount rate – 毛利率 – 於三年期間之平均年銷售增長率 – 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. 2015 二零一五年 2014 二零一四年 39.4% 18.5% 14.0% 42.3% 10.6% 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除稅前折現率。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。 134 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Subsidiaries 14 附屬公司 The following list contains the particulars of the subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated. All of these are controlled subsidiaries as defined under note 1(d) and have been consolidated into the Group’s financial statements. 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。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 公司名稱 Vitasoy USA Inc. Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 註冊╱成立及營業地點已發行及繳足股本詳情 United States of America 美利堅合眾國 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 – Common stock: US$32,841,222 普通股： 32,841,222 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 The PRC 中國 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (note (i)) 深圳維他（光明）食品飲料有限公司（附註 (i)） 85 – – Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Hong Kong 香港 2 shares 2 股股份 100 Vitasoy (Shanghai) Company Limited (note (ii)) 維他奶（上海）有限公司（附註 (ii)） Vita International Holdings Limited 維他國際集團有限公司 The PRC HK$219,461,176 中國港幣 219,461,176 元 – 100 Hong Kong 香港 2 shares 2 股股份 100 – 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 投資控股維他奶國際集團有限公司二零一四╱一五年年報 135 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Subsidiaries (Continued) 14 附屬公司（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 Australia Products Pty. Ltd. (“VAP”) （「VAP」） 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 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 % – 51 Principal activities 主要業務 Manufacture and sale of beverages 生產及銷售飲品 Vitasoy Australia Food Products Pty. Ltd. (note (iii)) （附註 (iii)） Australia 澳洲 A$175 175 澳元 – 100 Dormant 暫無營業 Vitasoja (Macau) Limitada 維他奶（澳門）有限公司 Macau 澳門 MOP100,000 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 Distribution of beverages 分銷飲品 Dormant 暫無營業 Vitaland Services Limited 維他天地服務有限公司 Hong Kong 香港 300,000 shares 300,000 股股份 100 – Operation of tuck shops and concessions 經營學校小食部及小食攤位 Hong Kong Gourmet Limited 香港美食有限公司 Hong Kong 香港 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 Vitasoy Distributors (Singapore) Pte. Ltd. Vitasoy Investment Holdings Limited 維他奶投資控股有限公司 Hong Kong 香港 Singapore 新加坡 Hong Kong 香港 2 shares 2 股股份 2 shares 2 股股份 S$2,500,000 2,500,000 坡元 1 share 1 股股份 – 100 100 100 100 – – – 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 136 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Subsidiaries (Continued) 14 附屬公司（續） 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 held by the Company 本公司持有 % – 公司名稱註冊╱成立及營業地點已發行及繳足股本詳情 Vitasoy Holdings (Malta) Limited Malta 馬爾他 Ordinary shares: HK$20,257 普通股：港幣 20,257 元 Deferred shares: HK$7 遞延股份：港幣 7 元 Principal activities 主要業務 held by a subsidiary 附屬公司持有 % 100 Sales of beverages and exploitation of intellectual rights of property 銷售飲品及運用知識產權 Vitasoy International Investment Limited 維他奶國際投資有限公司 Hong Kong 香港 1 share 1 股股份 100 – Vitasoy Investment (Singapore) Pte. Ltd. Singapore 新加坡 S$10,000 10,000 坡元 Unicurd Food Co. (Private) Limited 統一食品（私人）有限公司 Singapore 新加坡 S$1,800,000 1,800,000 坡元 – – Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 Hong Kong 香港 1 share 1 股股份 100 Vitasoy (Foshan) Company Limited (note (iv)) 維他奶（佛山）有限公司（附註 (iv)） Vitasoy (Wuhan) Company Limited (note (v)) 維他奶（武漢）有限公司（附註 (v)） The PRC 中國 RMB200,000,000 人民幣 200,000,000 元 The PRC 中國 RMB47,334,000 人民幣 47,334,000 元 – – 100 100 – 85 100 Investment holding 投資控股 Investment holding 投資控股 Manufacture and sale of soy related products 生產及銷售豆製產品 Investment holding 投資控股 Manufacture and sale of beverages 生產及銷售飲品 Manufacture and sale of beverages 生產及銷售飲品維他奶國際集團有限公司二零一四╱一五年年報 137 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Subsidiaries (Continued) Notes: 14 附屬公司（續）附註： (i) 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) Vitasoy (Shanghai) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2045. (i) 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。 (ii) 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。 (iii) The Group effectively owns a 51% equity interest in Vitasoy (iii) 本集團實質持有Vitasoy Australia Food Products Australia Food Products Pty. Ltd. Pty. Ltd. 51% 之股本權益。 (iv) 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. (iv) 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。 (v) Vitasoy (Wuhan) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2064. (v) 維他奶（武漢）有限公司為於中國成立之全外資附屬公司，經營期至二零六四年止。 138 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Subsidiaries (Continued) 14 附屬公司（續） The following table lists out the information relating to Shenzhen Vitasoy, Vitasoy Foshan and VAP, the subsidiaries of the group which have material non-controlling interests (“NCI”). The summarised financial information presented below represents the amounts before any inter-company elimination. 下表載列擁有重大非控股權益（「非控股權益」）之本集團附屬公司深圳維他奶、佛山維他奶及 VAP 有關之資料。下文呈列之財務資料概要指作出任何公司間撇銷前之金額。 Shenzhen Vitasoy 深圳維他奶 Vitasoy Foshan 佛山維他奶 VAP 2015 2014 二零一五年二零一四年二零一五年二零一四年二零一五年二零一四年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2014 2014 2015 2015 NCI percentage Current assets Non-current assets Current liabilities Non-current liabilities 非控股權益百分比流動資產非流動資產流動負債非流動負債 15% 204,741 217,463 (144,634) – 15% 210,361 141,950 (83,883) – 15% 159,350 502,090 (265,953) – 15% 176,987 403,353 (242,699) – 49% 151,015 188,419 (94,955) (30,952) 49% 173,363 231,057 (102,212) (63,962) Net assets Carrying amount of NCI 淨資產非控股權益之賬面值 277,570 41,636 268,428 40,264 395,487 59,323 337,641 50,646 213,527 104,628 238,246 116,741 Revenue 收入 739,517 672,165 508,065 1,284,696 479,740 492,869 Profit for the year Total comprehensive income 全面收益總額 Profit allocated to NCI Dividend paid to NCI 本年度溢利分配至非控股權益之溢利向非控股權益派發股息 76,018 76,018 11,403 10,118 44,234 44,234 6,635 – 57,243 57,243 8,586 – 82,374 82,374 12,356 – 33,986 33,972 16,653 7,359 30,758 30,758 15,072 8,073 Cash flows generated from operating activities Cash flows used in investing activities Cash flows (used in)/ generated from financing activities 經營活動所得現金流量投資活動所用現金流量融資活動（所用）╱所得現金流量 177,812 71,365 45,877 33,772 59,196 68,730 (83,336) (47,617) (102,105) (19,002) (14,805) (4,613) (67,333) (25,325) 76,057 (32,520) (37,101) (76,165) 維他奶國際集團有限公司二零一四╱一五年年報 139 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 15 Inventories 15 存貨 (a) Inventories in the consolidated statement of (a) 綜合財務狀況表中之存貨包括： financial position comprise: Raw materials Finished goods 原材料製成品 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 311,313 249,939 304,996 228,332 561,252 533,328 (b) The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows: (b) 已於損益內確認為開支之存貨金額分析如下： Carrying amounts of inventories sold 已售存貨之賬面值 Write down of inventories 撇減存貨 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 2,603,572 3,894 2,374,535 2,878 2,607,466 2,377,413 16 Trade and other receivables 16 應收賬款及其他應收款 Trade debtors and bills receivable Less: Allowance for doubtful debts (note 16(b)) 應收賬款及應收票據減：呆壞賬減值撥備（附註 16(b)） Other debtors, deposits and prepayments 其他應收款、按金及預付款項 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 668,091 584,769 (1,287) (1,107) 666,804 583,662 138,378 142,139 805,182 725,801 The amount of the Group’s other debtors, deposits and prepayments expected to be recovered or charged as expense after more than one year is $18,966,000 (2014: $26,429,000). All of the other trade and other receivables are expected to be recovered or recognised as expense within one year. 本集團預期於超過一年後收回或扣除為開支之其他應收款、按金及預付款項為 18,966,000 元（二零一四年：26,429,000 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。 140 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 16 Trade and other receivables (Continued) 16 應收賬款及其他應收款（續） (a) Ageing analysis (a) 賬齡分析 At the end of the reporting period, the ageing analysis of trade debtors and bills receivable (which are included in trade and other receivables), based on the invoice date and net of allowance for doubtful debts, is as follows: 於匯報日，應收賬款及應收票據（已包括於應收賬款及其他應收款內）按發票日期及扣除呆壞賬撥備之賬齡分析如下： Within three months Three to six months Over six months 三個月內三至六個月六個月以上 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 640,936 25,750 118 577,537 6,046 79 666,804 583,662 Trade receivables are due within one to three months from the date of billing. Further details on the Group’s credit policy are set out in note 25(a). 應收賬款於發票日期起計一至三個月內到期。有關本集團信貸政策之進一步詳情載於附註 25(a)。 (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)). 除非本集團信納收回該筆款項之可能性渺茫，否則應收賬款及應收票據之減值虧損使用撥備賬記錄。若可收回之可能性渺茫，有關減值虧損直接於應收賬款及應收票據中撇銷（見附註 1(j)(i)）。 The movement in the allowance for doubtful debts during the year is as follows: 呆壞賬撥備於年內之變動如下： At 1st April Exchange adjustments Impairment losses recognised Uncollectible amounts written off 於四月一日匯兌調整確認減值虧損不可收回金額之撇銷 At 31st March 於三月三十一日 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 1,107 (10) 229 (39) 1,287 1,409 (1) 20 (321) 1,107 At 31st March, 2015, the Group’s trade debtors and bills receivable of $1,287,000 (2014: $1,107,000) 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. 於二零一五年三月三十一日，本集團之應收賬款及應收票據 1,287,000 元（二零一四年： 1,107,000 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。維他奶國際集團有限公司二零一四╱一五年年報 141 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 16 Trade and other receivables (Continued) 16 應收賬款及其他應收款（續） (c) Trade debtors and bills receivable that are not (c) 並無減值之應收賬款及應收票據 impaired The ageing analysis of trade debtors and bills receivable that are neither individually nor collectively considered to be impaired are as follows: 並無個別或集體被視作已減值之應收賬款及應收票據之賬齡分析如下 : 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Neither past due nor impaired 無逾期亦無減值 525,259 464,226 Less than one month past due One to three months past due More than three months but less than twelve months past due More than twelve months past due 逾期少於一個月逾期一至三個月逾期超過三個月但少於十二個月逾期超過十二個月 121,848 17,955 1,724 18 109,305 9,373 693 65 Amounts past due 逾期金額 141,545 119,436 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. 666,804 583,662 無逾期亦無減值之應收款，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，由於其信貸質素並無重大變動，管理層相信毋須就該等結餘作出減值撥備，同時認為這些結餘仍可全數收回。本集團並無就此等結餘持有任何抵押品。 142 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Cash and bank deposits 17 現金及銀行存款 (a) Cash and bank deposits comprise: (a) 現金及銀行存款包括： Cash at bank and in hand Bank deposits maturing within three months when placed 銀行結存及庫存現金存款期於三個月內之銀行存款 Cash and cash equivalents in 綜合現金流量表內之 the consolidated cash flow statement 現金及現金等值項目 Bank deposits maturing after three months but within one year when placed 存款期超過三個月但於一年內之銀行存款 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 317,407 250,792 17,173 69,633 334,580 320,425 476 518 335,056 320,943 At 31st March, 2014, the Group had designated certain bank balances that were denominated in Australian Dollar and Renminbi totalling $62,027,000 to hedge foreign currency risk on future purchases of raw materials and finished goods. The gain on re-translation of these bank balances at the foreign exchange rates ruling at the end of the reporting period was included in other comprehensive income. At 31st March, 2015, the Group had no outstanding balance designated to hedge the foreign currency risk. 於二零一四年三月三十一日，本集團按澳元及人民幣計值之若干銀行結存合共 62,027,000 元指定用作對沖日後購買原材料及製成品之外匯風險。按匯報日之匯率重新換算該等銀行結存之收益已計入其他全面收益。於二零一五年三月三十一日，本集團並無指定用作對沖外匯風險之未動用結存。維他奶國際集團有限公司二零一四╱一五年年報 143 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 Cash and bank deposits (Continued) 17 現金及銀行存款（續） (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： Note 附註 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Profit before taxation 除稅前溢利 523,609 456,601 Adjustments for: – Depreciation of property, plant and equipment – Depreciation of investment properties 調整： – 物業、廠房及設備之折舊 – 投資物業之折舊 – 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 – 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 – 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 – 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 Changes in working capital: – Increase in inventories – Increase in trade and other receivables 營運資金變動： – 存貨增加 – 應收賬款及其他應收款增加 – Increase in trade and other payables – 應付賬款及其他應付款增加 – Increase in employee retirement – 僱員退休褔利負債增加 benefit liabilities 5(c) 5(c) 5(c) 5(c) 5(c) 5(a) 5(a) 4 5(c) 5(b) 194,980 182,089 526 527 1,000 2,059 (224) 5,243 412 (2,476) 4,410 11,124 365 882 2,110 (24) 12,545 523 (2,508) 4,693 8,309 648 (39,258) (107,392) (96,726) 245,449 (54,264) 285,182 4,693 3,818 Cash generated from operations 經營業務所得現金 855,186 793,739 18 Trade and other payables 18 應付賬款及其他應付款 Trade creditors and bills payable Accrued expenses and other payables 應計費用及其他應付款應付賬款及應付票據 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 417,361 830,547 406,001 656,405 1,247,908 1,062,406 144 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 18 Trade and other payables (Continued) 18 應付賬款及其他應付款（續） All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $15,297,000 (2014: $15,816,000) for the Group 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 15,297,000 元（二零一四年： 15,816,000 元）之客戶按金則預期於超過一年後償還。 At the end of the reporting period, the ageing of trade creditors and bills payable, based on the invoice date, is as follows: 於匯報日，應付賬款及應付票據按發票日期之賬齡如下： Within three months Three to six months Over six months 三個月內三至六個月六個月以上 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 407,224 8,944 1,193 395,018 9,594 1,389 417,361 406,001 The Group’s general payment terms are one to two 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。 19 Bank loans 19 銀行貸款 At 31st March, 2015, the bank loans were repayable as follows: 於二零一五年三月三十一日，銀行貸款須於下列期限償還： 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Within one year or on demand 一年內或按要求 125,948 51,790 After one year but within two years 一年後但於兩年內 After two years but within five years 兩年後但於五年內 20,444 7,270 34,392 33,676 27,714 68,068 153,662 119,858 At 31st March, 2015, bank loans totalling $48,357,000 (2014: $82,522,000) are secured by charges over property, plant and equipment with net book value totalling $72,163,000 (2014: $100,553,000) (note 11(f)). 於二零一五年三月三十一日，合共 48,357,000 元（二零一四年：82,522,000 元）之銀行貸款乃以賬面淨值合共 72,163,000 元（二零一四年： 100,553,000 元）之物業、廠房及設備作為擔保（附註 11(f)）。維他奶國際集團有限公司二零一四╱一五年年報 145 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 19 Bank loans (Continued) 19 銀行貸款（續） Certain of the Group’s banking facilities are subject to the fulfilment of covenants relating to certain of the Group’s statement of financial position 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 25(b). As at 31st March, 2015 and 2014, none of the covenants relating to drawn down facilities had been breached. 本集團若干銀行信貸須符合若干與本集團之財務狀況表比率有關之契諾，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 25(b)。於二零一五年及二零一四年三月三十一日，概無違反任何有關提取信貸之契諾。 20 Obligations under finance leases 20 融資租賃之債務 At 31st March, 2015, the Group had obligations under finance leases repayable as follows: 於二零一五年三月三十一日，本集團根據融資租賃須償還之債務如下： 2015 二零一五年 2014 二零一四年 Present value of the minimum lease payments 最低租賃付款之現值 $’000 千元 Present Total value of the minimum minimum lease lease payments payments 最低租賃最低租賃付款總額付款之現值 $’000 千元 $’000 千元 Total minimum lease payments 最低租賃付款總額 $’000 千元 Within one year 一年內 1,043 1,329 1,176 1,615 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 Less: Total future interest expenses 減：未來利息費用總額 Present value of lease obligations 租賃債務之現值 1,124 1,329 1,268 2,114 2,252 3,935 1,615 4,353 3,238 3,581 5,203 5,968 4,281 4,910 6,379 7,583 (629) (1,204) 4,281 6,379 146 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits 21 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. 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 scheme (“the MPF scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance. The MPF scheme is a defined contribution retirement plan administered by an independent corporate trustee. Under the MPF scheme, 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 $30,000 ($25,000 prior to June 2014). Contributions to the MPF scheme 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. (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之本集團合資格員工設立一項界定供款退休計劃（維他奶國際集團有限公司職員強積金）。該計劃之資金來自僱員及本集團之供款。雙方供款金額為底薪之 5% 至 7.5%。沒收供款均根據計劃之規則撥入計劃成員之賬戶。該計劃交由信託人管理，所持資產亦與本集團之資產分開處理。在參與計劃滿十年後，僱員可享有全部僱主供款，而參與計劃達五至九年可享有之僱主供款百分比則由 50% 逐步增至 90%。受僱於本集團而並無參加界定供款退休計劃之香港員工，必須根據香港《強制性公積金計劃條例》參加本集團之強制性公積金計劃（「強制性公積金計劃」）。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。根據強制性公積金計劃，本集團及僱員各自須按僱員有關收入（有關收入之每月上限為 30,000 元（二零一四年六月前為 25,000 元））之 5% 向計劃供款。向強制性公積金計劃支付之供款即時歸屬。 (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，為福利提供資金。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作出所需之相關供款。向計劃支付之供款即時歸屬。維他奶國際集團有限公司二零一四╱一五年年報 147 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 僱員退休福利（續） (a) Defined contribution retirement plans (a) 界定供款退休計劃（續） (Continued) (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 a defined contribution retirement plan for its employees in the United States of America (“the USA”). The Group is required to make contributions to the plan at various applicable rates of monthly salary that are in accordance with the local practice and regulations. Where there are employees who leave prior to vesting fully in the contributions, the forfeited employer’s contributions shall be used to reduce the future contributions of the employer. (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歸屬。 (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。 (b) Defined benefit retirement plans (b) 界定福利退休計劃 At 31st March, 2015, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: 於二零一五年三月三十一日，本集團就下列僱員退休福利確認僱員退休福利負債： Employee retirement benefit liabilities 僱員退休福利負債 – retirement gratuities (note 21(c)(i)) – 退休金（附註 21(c)(i)） – long service payments (note 21(d)) – 長期服務金（附註 21(d)） 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 7,239 6,835 2,995 10,234 3,001 9,836 148 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 僱員退休福利（續） (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 employee’s 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, 2015 and was prepared by independent professionally qualified actuaries at Towers Watson Hong Kong Limited, using the projected unit credit method. The valuation indicates that the Group’s obligation under this defined benefit retirement plan is 91% (2014: 92%) 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。金額視乎僱員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二零一五年三月三十一日由韜睿惠悅香港有限公司之獨立專業合資格精算師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 91%（二零一四年：92%）受信託人持有之計劃資產保障。 (i) The amounts recognised in the consolidated statement of financial position are as follows: (i) 於綜合財務狀況表確認之金額如下： Present value of wholly funded obligations Fair value of plan assets 全面資助責任之現值計劃資產之公允值 Employee retirement benefit liabilities 僱員退休福利負債 A portion of the above liabilities is expected to be settled after more than one year. However, it is not practicable to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit entitled by scheme members and future contributions to the plan will also depend on staff turnover and future changes in actuarial assumptions. The Group expects to pay $192,000 in contributions to defined benefit retirement plan during the year ending 31st March, 2016 (2014: $993,000). 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 83,633 (76,394) 83,911 (77,076) 7,239 6,835 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。本集團預期於截至二零一六年三月三十一日止年度向界定福利退休計劃支付供款192,000元（二零一四年：993,000元）。維他奶國際集團有限公司二零一四╱一五年年報 149 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） (ii) Plan assets consist of the following: (ii) 計劃資產包括下列各項： Plan assets with quoted price in active market 於活躍市場報價的計劃資產 Equities – Financial – Consumer discretionary – Industrials – Consumer staples – Other 股票－財務－非必需消費品－工業－必需消費品－其他 Bonds – A+ corporate bonds – Government-related bonds – Treasury bonds 債券－ A+ 公司債券－政府相關債券－國債 Money instruments 貨幣工具 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 18,695 5,885 5,258 4,881 21,263 17,610 10,066 6,602 6,347 13,475 55,982 54,100 8,311 2,341 7,812 8,139 3,983 4,911 18,464 17,033 1,948 5,332 Total quoted plan assets 已報價計劃資產總值 76,394 76,465 Non-quoted plan assets 非報價計劃資產 Equities – Other 股票－其他 – 611 76,394 77,076 150 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 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 benefit (iii) 界定福利責任之現值變動如下： obligations are as follows: At 1st April Remeasurement: – Actuarial gains arising from changes in financial assumptions Benefits paid by the Plan Current service cost Interest cost 於四月一日重新計量：－由財務假設改變所致的精算收益該計劃已付福利現有服務成本利息成本 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 83,911 85,271 (267) (5,314) 4,003 1,300 (1,664) (4,727) 4,195 836 At 31st March 於三月三十一日 83,633 83,911 The weighted average duration of the defined benefit obligation is 8 years (2014: 7 years). 界定福利責任之加權平均期限為 8 年（二零一四年：7 年）。 (iv) Movements in fair value of plan assets are as follows: (iv) 計劃資產之公允值變動如下： At 1st April Contributions paid to the Plan Benefits paid by the Plan Return on plan assets, excluding interest income Interest income 於四月一日向該計劃作出之供款該計劃已付福利計劃資產回報，不包括利息收入利息收入 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 77,076 228 (5,314) 3,205 1,199 77,115 970 (4,727) 2,958 760 At 31st March 於三月三十一日 76,394 77,076 維他奶國際集團有限公司二零一四╱一五年年報 151 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） (v) Net expenses/(income) recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: (v) 於綜合損益及其他全面收益表確認之開支╱ （收入）淨額如下： Current service cost Net interest on net defined benefit liability Total amounts recognised in profit or loss 現有服務成本界定福利負債淨額的淨利息於損益確認的總額 Actuarial gains Return on plan assets, excluding interest income 精算收益計劃資產回報，不包括利息收入 Total amounts recognised in other comprehensive income 於其他全面收益確認的總額 Total defined benefit expenses/(income) 界定福利總開支╱（收入） 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 4,003 101 4,195 76 4,104 4,271 (267) (3,205) (1,664) (2,958) (3,472) (4,622) 632 (351) The current service cost and the net interest on net defined benefit liability are recognised in the following line items in the consolidated statement of profit or loss: 界定福利負債淨額之現有服務成本及淨利息已於綜合損益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 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 847 1,200 1,482 575 4,104 856 1,181 1,594 640 4,271 152 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） (vi) Significant actuarial assumptions and sensitivity (vi) 主要精算假設及敏感性分析如下： analysis are as follows: Discount rate Future salary increases 折現率未來薪金增幅 2015 二零一五年 2014 二零一四年 1.30% 4.5% per annum 4.5% 每年 1.60% 5% per annum 5% 每年 The below analysis shows how the defined benefit obligations as at 31st March, 2015 would have increased/ (decreased) as a result of 0.5% change in the significant actuarial assumptions: 以下分析顯示於二零一五年三月三十一日之界定福利責任因重大精算假設 0.5% 變動而上升╱（下跌）： 2015 二零一五年 2014 二零一四年 Increase in 0.5% Decrease in 0.5% 上升 0.5% 下跌 0.5% Increase in 0.5% 上升 0.5% Decrease in 0.5% 下跌 0.5% Discount rate Future salary increases 折現率未來薪金增幅 (3,330) 3,436 3,442 (3,338) (3,517) 3,616 3,759 (3,422) The above sensitivity analysis is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions. 上述敏感性分析乃以假設精算假設之間之變動並無直接關係為基準，因此並無計入精算假設之間之直接關係。 (d) Long service payments (d) 長期服務金 Under the Hong Kong Employment Ordinance, the Group is obliged to make lump sum payments on cessation of employment in certain circumstances to certain employees who have completed at least five years of service with the Group. The amount payable is dependent on the employees’ final salary and years of service, and is reduced by entitlements accrued under the Group’s retirement plans that are attributable to contributions made by the Group. The Group does not set aside any assets to fund any remaining obligations. An actuarial valuation of long service payments was also carried out at 31st March, 2015, by independent professionally qualified actuaries at Towers Watson Hong Kong Limited, using the projected unit credit method. 根據香港《僱傭條例》，本集團須在若干情況下終止僱用某些為本集團服務至少五年之僱員時向彼等支付一筆過款項。所須支付之金額視乎僱員最後所領薪金及服務年資而定，並扣減本集團退休計劃下歸屬於本集團所作供款之應計權益。本集團並未預留任何資產以提供履行任何剩餘責任所需之資金。長期服務金亦於二零一五年三月三十一日由韜睿惠悅香港有限公司之獨立專業合資格精算師採用預算單位信貸法進行精算估值。維他奶國際集團有限公司二零一四╱一五年年報 153 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Employee retirement benefits (Continued) 21 僱員退休福利（續） (d) Long service payments (Continued) (d) 長期服務金（續） The amounts recognised in the consolidated statement of financial position are as follows: 於綜合財務狀況表確認之金額如下： Present value of unfunded obligations 無資助責任之現值 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. 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 2,995 3,001 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。 22 Equity settled share-based 22 以股份為付款基礎之交易 transactions The Company adopted a share option scheme on 4th September, 2002 (the “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 in the Company. At the annual general meeting of the Company held on 28th August, 2012, ordinary resolutions were passed for the adoption of a new share option scheme (the “2012 Share Option Scheme”) and the termination of the 2002 Share Option Scheme. Subject to their respective exercisable periods, all outstanding options granted under the 2002 Share Option Scheme will still be valid and exercisable after the expiration of the 2002 Share Option Scheme. The exercise price of the options is determined by the Directors of the Company and is the higher 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; and (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. 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普通股。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」）及終止二零零二年購股權計劃之普通決議案。根據其各自行使期限，所有根據二零零二年購股權計劃授出之未行使購股權於二零零二年購股權計劃期限屆滿後將仍然有效及可予行使。購股權之行使價由本公司董事釐定，為以下之最高者：(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；及 (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。 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. 購股權之行使期不得超過授出日期起計之十年。每項購股權之持有人均有權認購一股本公司股份。 154 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Equity settled share-based transactions (Continued) 22 以股份為付款基礎之交易（續） (a) The terms and conditions of the unexpired and unexercised share options at the end of the reporting period are as follows, whereby all options are settled by physical delivery of shares: (a) 於匯報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： 2015 二零一五年 2014 二零一四年 Date of grant Exercise period 授出日期行使期 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 2/4/2013 28/6/2013 9/9/2013 2/7/2014 10/9/2014 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 2/4/2015 to 至 1/4/2023 28/6/2014 to 至 27/6/2023 9/9/2014 to 至 8/9/2023 2/7/2015 to 至 1/7/2024 10/9/2015 to 至 9/9/2024 Contractual life of options 購股權之合約年期 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 Exercise price 行使價 $ 元 2.375 2.900 3.600 3.820 4.580 6.022 5.942 6.424 6.358 6.274 6.400 9.090 9.370 9.370 10.080 10.080 Remaining contractual life 尚餘合約年期 2 months 月 1 year 年 2 years 年 3 years 年 4 years 年 5 years 年 5 years 年 6 years 年 6 years 年 7 years 年 7 years 年 8 years 年 8 years 年 8 years 年 9 years 年 9 years 年 Remaining contractual life 尚餘合約年期 Number of options 購股權之數目 ‘000 千股 Number of options 購股權之數目 ‘000 千股 62 60 – 240 1,240 1,504 2,120 1,726 2,320 3,268 2,822 2,100 4,530 1,704 4,354 1,792 1 year 年 2 years 年 3 years 年 4 years 年 5 years 年 6 years 年 6 years 年 7 years 年 7 years 年 8 years 年 8 years 年 9 years 年 9 years 年 9 years 年 – – 1,566 1,090 1,016 1,332 1,744 1,712 2,120 1,932 2,320 3,670 2,822 2,100 4,752 1,704 – – 29,842 29,880 Except for the options granted on 2nd April, 2013 which will be fully vested after two years from the date of grant, all the options are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: 除於二零一三年四月二日授出之購股權將自授出日期起計兩年後獲全部歸屬外，所有可予行使之購股權數目乃逐步增加，而各階段可行使購股權之百分比上限如下： On or after 1st year anniversary of the date of grant On or after 2nd year anniversary of the date of grant On or after 3rd year anniversary of the date of grant On or after 4th year anniversary of the date of grant 授出日期起計一週年或其後授出日期起計兩週年或其後授出日期起計三週年或其後授出日期起計四週年或其後 Percentage of options granted 佔獲授購股權之百分比 25% another 另 25% another 另 25% another 另 25% During the year, 5,540,000 options (2014: 6,992,000 options) were exercised under the 2002 Share Option Scheme. 年內，5,540,000份購股權（二零一四年：6,992,000 份購股權）根據二零零二年購股權計劃已獲行使。維他奶國際集團有限公司二零一四╱一五年年報 155 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Equity settled share-based transactions (Continued) 22 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: 2015 二零一五年 2014 二零一四年 Weighted average exercise Number of options 購股權之數目 ’000 千股 price 加權平均行使價 $ 元 Weighted average exercise price 加權平均行使價 $ 元 Number of options 購股權之數目 ’000 千股 Outstanding at 1st April Exercised during the year Granted during the year Forfeited on termination of employment of eligible participants or lapsed during the year 於四月一日尚未行使於年內行使於年內授出因合資格參與者離職而於年內沒收或失效 6.504 3.467 10.080 29,880 (5,540) 6,146 5.251 4.571 9.301 30,172 (6,992) 8,556 7.248 (644) 6.301 (1,856) Outstanding at 31st March 於三月三十一日尚未行使 7.789 29,842 6.504 29,880 Exercisable at 31st March 於三月三十一日可行使 12,764 13,213 The weighted average share price at the date of exercise for share options exercised during the year was $10.082 (2014: $10.056). 已行使之購股權於年內之行使日期之加權平均股價為 10.082 元（二零一四年：10.056 元）。 (c) Fair value of share options and assumptions (c) 購股權之公允值及假設 The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the share options granted is measured based on a binomial lattice model. The contractual life of the share option is used as an input into this model. Expectations of early exercise are incorporated into the binomial lattice model. 本集團以授出購股權來獲得之服務之公允值，乃參考已授出購股權之公允值計量。已授出購股權之估計公允值以二項式點陣模式計量。購股權之合約年期用作該模式之一項輸入參數。有關提早行使之預期已計入二項式點陣模式之內。 156 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Equity settled share-based transactions (Continued) 22 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： 1/6/2005 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 2/4/2013 28/6/2013 9/9/2013 2/7/2014 10/9/2014 Date of grant 授出日期 Fair value at measurement date Share price Exercise price Expected volatility Expected option life Expected dividends Risk-free interest rate 於計量日期之公允值股價行使價預期波幅預期購股權之有效期預期股息無風險利率 $0.522元 $0.555元 $0.579元 $0.507元 $0.627元 $0.956元 $0.956元 $0.895元 $0.605元 $0.953元 $1.043元 $1.440元 $1.827元 $2.244元 $2.150元 $2.082元 $2.375元 $2.900元 $3.600元 $3.820元 $4.580元 $5.950元 $6.080元 $6.160元 $5.490元 $6.170元 $6.620元 $9.090元 $9.370元 $9.950元 $10.080元 $9.920元 $2.375元 $2.900元 $3.600元 $3.820元 $4.580元 $6.022元 $5.942元 $6.424元 $6.358元 $6.274元 $6.400元 $9.090元 $9.370元 $9.370元 $10.080元 $10.080元 26% 26% 35% 23% 25% 26% 25% 26% 26% 26% 26% 30% 26% 26% 26% 26% 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 3.5% 1.940% 5.6% 1.900% 5.5% 2.040% 3.5% 1.870% 5.5% 1.750% 7.5% 4.690% 7.5% 4.690% 7.5% 3.520% 5.6% 2.120% 5.0% 0.810% 4.9% 1.092% 7.0% 2.190% 7.0% 3.600% 5.0% 0.620% 4.0% 1.720% 4.0% 2.400% 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 was 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。所採用主觀輸入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（於授出日期）時不在考慮之列。授出購股權並無附有市場條件。維他奶國際集團有限公司二零一四╱一五年年報 157 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 23 Income tax in the consolidated statement of financial position 23 綜合財務狀況表之所得稅 (a) Current tax recoverable/(payable) in the (a) 綜合財務狀況表之應收╱（應付）現 consolidated statement of financial position represents: 期稅項如下： 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 概要 Current tax recoverable Current tax payable 應收現期稅項應付現期稅項 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 (44,306) 48,421 4,115 (26,004) (46,134) 46,177 43 (21,546) (21,889) (21,503) 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 5,435 (27,324) 654 (22,157) (21,889) (21,503) 158 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 23 Income tax in the consolidated statement of financial position (Continued) 23 綜合財務狀況表之所得稅（續） (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 consolidated statement of financial position and the movements during the year are as follows: 於綜合財務狀況表確認之遞延稅項資產╱（負債）及年內之變動如下： Depreciation allowances in excess of the related depreciation Future benefit of tax losses Employee retirement benefits Withholding tax on dividends Provisions 超出有關折舊之折舊免稅額 $’000 千元稅務虧損之未來利益 $’000 千元僱員退休福利 $’000千元撥備 $’000千元股息預扣稅 $’000千元 Fair value adjustment on tangible and intangible assets 有形及無形資產之公允值調整 $’000千元 Cash flow 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, 2013 Exchange adjustments (Charged)/credited to profit or loss 於損益（扣除）╱計入於儲備（扣除）╱計入 (Charged)/credited to reserves 於二零一三年四月一日匯兌調整 (69,905) 114 (807) – 7,289 (6) 1,428 – 1,311 – 984 (816) 25,920 (371) 7,687 – (3,375) – (4,911) – (2,653) 42 440 – At 31st March, 2014 於二零一四年三月三十一日 (70,598) 8,711 1,479 33,236 (8,286) (2,171) Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April, 2014 Exchange adjustments (Charged)/credited to profit or loss 於損益（扣除）╱計入 Charged to reserves 於二零一四年四月一日匯兌調整於儲備扣除 (70,598) 56 (4,891) – 8,711 (3) (256) – 1,479 – 753 (757) 33,236 (499) 8,512 – (8,286) – (2,571) – (2,171) 156 430 – – – – 316 316 316 – – (316) At 31st March, 2015 於二零一五年三月三十一日 (75,433) 8,452 1,475 41,249 (10,857) (1,585) – 1,569 – (1,569) – (39,844) (221) 3,252 (500) – (37,313) – – – – – (37,313) (290) 1,977 (1,073) (36,699) 維他奶國際集團有限公司二零一四╱一五年年報 159 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 23 Income tax in the consolidated statement of financial position (Continued) 23 綜合財務狀況表之所得稅（續） (b) Deferred tax assets/(liabilities) recognised: (b) 已確認遞延稅項資產╱（負債）：（續） (Continued) Reconciliation to the consolidated statement of financial position 綜合財務狀況表對賬 Net deferred tax assets recognised in the consolidated statement of financial position Net deferred tax liabilities recognised in the consolidated statement of financial position 於綜合財務狀況表確認之遞延稅項資產淨額於綜合財務狀況表確認之遞延稅項負債淨額 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 32,678 26,457 (69,377) (63,770) (36,699) (37,313) (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 and other temporary differences of $547,188,000 (2014: $553,237,000) as it is not probable that future taxable profits against which the losses and other temporary differences can be utilised will be available in the relevant tax jurisdictions and entities. 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及其他暫時差異 547,188,000 元（二零一四年：553,237,000 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可動用之有關虧損及其他暫時差異。 Included in unrecognised tax losses is an amount of $Nil (2014: $122,487,000) and $378,753,000 (2014: $378,217,000) 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 $10,373,000 (2014: $11,318,000) does not expire under current tax legislation. 未確認稅務虧損中有零元（二零一四年： 122,487,000 元）及 378,753,000 元（二零一四年：378,217,000 元）將可分別自虧損產生之年度起結轉最多五年及二十年。其餘 10,373,000 元（二零一四年：11,318,000 元）結餘不會根據現行稅法屆滿。 Also, included in unrecognised deferred tax assets for other temporary differences is an amount of $158,062,000 (2014: $41,215,000) which does not expire under current tax legislation. 此外，未確認遞延稅項資產中之其他暫時差異金額為 158,062,000 元（二零一四年：41,215,000 元）不會根據現行稅法屆滿。 160 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 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, 2013 於二零一三年四月一日結餘 256,746 360,571 1,101 59,220 2,261 15,152 – 653,918 1,348,969 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 Shares issued on exercise of share options 就行使購股權而發行股份 Transfer from share-based compensation 於二零一四年三月三日前就行使購股權而自股份基礎補償儲備轉撥至股份溢價 reserve to share premium on exercise of share options before 3rd March, 2014 Transfer from share-based compensation 於二零一四年三月三日後就行使購股權而自股份基礎補償儲備轉撥至股本 reserve to share capital on exercise of share options after 3rd March, 2014 Equity settled share-based transactions 以股份為付款基礎之交易 Transition to no-par value regime on 3rd March, 2014 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於二零一四年三月三日轉移至無面值制度批准屬於上一年度之末期股息宣派本年度之中期股息 Balance at 31st March, 2014 於二零一四年三月三十一日結餘 655,299 24(d)(i) – 5,714 – 26,244 – 4,052 871 – – – – – – – – 24(c)(i) 391,968 (390,867) (1,101) 24(b)(ii) 24(b)(i) 9 – – – – – – – – – – – (4,087) – – – – – – – – – – – – – – – – – – – (4,052) (871) 8,309 – – – – – – – – – – – 4,087 – – 31,958 – – – – – – 8,309 – (171,188) (171,188) – (1,600) (33,009) 264,053 (33,009) 262,453 55,133 2,261 18,538 (1,600) 717,861 1,447,492 維他奶國際集團有限公司二零一四╱一五年年報 161 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 資本、儲備及股息（續） (Continued) (a) Movements in components of equity (a) 權益組成部份之變動（續） (Continued) The Company (Continued) 本公司（續） Share capital Capital reserve General reserve Note 附註股本 $’000千元資本儲備 $’000千元一般儲備 $’000千元 Share-based compensation reserve 股份基礎補償儲備 $’000千元 Hedging reserve Retained profits Total equity 對沖儲備 $’000千元保留溢利 $’000千元權益總額 $’000千元 655,299 55,133 2,261 18,538 (1,600) 717,861 1,447,492 24(d)(i) – (4,087) 24(c)(ii) 19,207 24(c)(ii) 3,188 – – – – 24(b)(ii) 24(b)(i) 9 – – – – – – – – – – – – – – – (3,188) 11,124 – – – – – – – – – 4,087 – – – – 19,207 – 11,124 (176,527) (176,527) (33,245) (33,245) 1,600 319,072 320,672 677,694 51,046 2,261 26,474 – 831,248 1,588,723 Balance at 1st April, 2014 於二零一四年四月一日結餘本年度之權益變動： Changes in equity for the year: Transfer from capital 自資本儲備轉撥至 reserve to retained profits 保留溢利 Shares issued on exercise of 就行使購股權 share options 而發行股份 Transfer from share-based 就行使購股權而自股份基礎補償儲備轉撥至 compensation reserve 股本 to share capital on exercise of share options Equity settled share-based 以股份為付款基礎之交易 transactions Final dividend approved in 批准屬於上一年度之 respect of the previous 末期股息 year Interim dividend declared in 宣派本年度之中期股息 respect of the current year Total comprehensive income 本年度全面收益總額 for the year Balance at 31st March, 2015 於二零一五年三月三十一日結餘 162 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 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股息 Company attributable to the year Interim dividend declared and paid of 3.2 cents per ordinary share 已宣派及已支付中期股息 – 每股普通股 3.2 仙（二零一四年：每股普通股 3.2 仙） (2014: 3.2 cents per ordinary share) Final dividend proposed after the end of the reporting period of 21.2 cents per ordinary share 於匯報日後擬派之末期股息 – 每股普通股 21.2 仙（二零一四年：每股普通股 17.0 仙） (2014: 17.0 cents per ordinary share) 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 33,245 33,009 220,433 175,787 253,678 208,796 The final dividend proposed after the end of the reporting period is based on 1,039,779,500 ordinary shares (2014: 1,034,043,500 ordinary shares), being the total number of issued shares at the date of approval of the financial statements. The final dividend proposed after the end of the reporting period has not been recognised as liabilities at the end of the reporting period. (ii) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year 於匯報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 1,039,779,500 股普通股（二零一四年：1,034,043,500 股普通股）計算。於匯報日後擬派之末期股息於匯報日並未確認為負債。 (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 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 Final dividend in respect of the previous financial year, approved and paid during the year, of 17.0 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 17.0 仙（二零一四年：每股普通股 16.6 仙） (2014: 16.6 cents per ordinary share) 176,527 171,188 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. 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。維他奶國際集團有限公司二零一四╱一五年年報 163 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 資本、儲備及股息（續） (Continued) (c) Share capital (i) Issued share capital 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 Transfer from share-based compensation reserve to share capital on exercise of share options Transition to no-par value regime on 3rd March, 2014 (note) 於四月一日就行使購股權而發行股份就行使購股權而自股份基礎補償儲備轉撥至股本於二零一四年三月三日轉移至無面值制度（附註） (c) 股本 (i) 已發行股本 2015 二零一五年 2014 二零一四年 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 1,033,976 655,299 1,026,984 256,746 5,540 19,207 6,992 5,714 – – 3,188 – – – 871 391,968 At 31st March 於三月三十一日 1,039,516 677,694 1,033,976 655,299 Note: 附註： The transition to the no-par value regime under the Hong Kong Companies Ordinance (Cap. 622) occurred automatically on 3rd March, 2014. On that date, the share premium account and any capital redemption reserve were subsumed into share capital in accordance with section 37 of Schedule 11 to the Ordinance. These changes did not impact on the number of shares in issue or the relative entitlement of any of the members. Since that date, all changes in share capital have been made in accordance with the requirements of Parts 4 and 5 of the Ordinance. 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. 根據香港《公司條例》（第 622 章），於二零一四年三月三日自動過渡至無面值制度。同日，根據條例附表 11 第 37 條，股份溢價賬及任何資本贖回儲備已納入股本。該項轉變概無影響已發行股份數目或任何股東之相關權益。自該日起，股本之所有變動乃根據條例第 4 及 5 部而作出。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。 164 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 資本、儲備及股息（續） (Continued) (c) Share capital (Continued) (c) 股本（續） (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 5,540,000 ordinary shares in the Company. The net consideration was $19,207,000 was credited to share capital. $3,188,000 was transferred from the share-based compensation reserve to the share capital account in accordance with the policy set out in note 1(p)(iv). 年內，可認購本公司普通股 5,540,000 股之購股權獲行使。代價淨額為 19,207,000 元並已撥入股本。3,188,000 元已根據附註 1(p)(iv) 所載之政策自股份基礎補償儲備撥入股本。 (d) Nature and purpose of reserves (d) 儲備之性質及用途 (i) Capital reserve (i) 資本儲備 As part of the restructuring of the Group in February 1994, the Company disposed of a property to a former subsidiary and consideration was received in the form of cash and another property. A total gain, representing the difference between the historical carrying value of the property disposed of and the fair value of the consideration received, resulted. The gain arising from this transaction was divided into realised and unrealised portions in the ratio of the amount of cash and the fair value of the property received (“the property”). The unrealised gain was taken to capital reserve and is realised on depreciation of the property. During the year, $4,087,000 (2014: $4,087,000) was transferred from capital reserve to retained profits. 作為本集團於一九九四年二月進行之重組之一部份，本公司向一間前附屬公司出售一項物業，代價以現金及另一項物業支付。故此產生總收益，即所出售物業之歷史賬面值與已收代價公允值之差額。該項交易之收益按已收現金及物業（「物業」）公允值之比例分為已變現及未變現部份。未變現收益已計入資本儲備，並於計算物業折舊時變現。於年內，4,087,000 元（二零一四年：4,087,000 元）自資本儲備轉撥至保留溢利。 (ii) Surplus reserve (ii) 盈餘儲備 The surplus reserve has been set up by Shenzhen Vitasoy, Vitasoja (Macau) Limitada, and Vitasoy Foshan in accordance with regulations in the PRC and Macau respectively. 盈餘儲備由深圳維他奶、維他奶（澳門）有限公司及佛山維他奶分別根據中國及澳門之法例設立。 (iii) Exchange reserve (iii) 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。維他奶國際集團有限公司二零一四╱一五年年報 165 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 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） (iv) Share-based compensation reserve (iv) 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。 (v) Hedging reserve (v) 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, 2015, the aggregate amounts of reserves available for distribution to equity shareholders of the Company, as calculated under the provisions of Part 6 of the Hong Kong Companies Ordinance, was $833,509,000 (2014: $720,122,000). 於二零一五年三月三十一日，根據香港《公司條例》第 6 部條文計算之可供分派予本公司股權持有人之儲備總額為 833,509,000 元（二零一四年： 720,122,000 元）。 After the end of the reporting period, the directors proposed a final dividend of 21.2 cents per ordinary share (2014: 17.0 cents per ordinary share), amounting to $220,433,000 (2014: $175,787,000) (note 24(b)(i)). This dividend has not been recognised as liabilities at the end of reporting period. 於匯報日後，董事建議派發末期股息每股普通股 21.2 仙（二零一四年：每股普通股 17.0 仙），總數為 220,433,000 元（二零一四年：175,787,000 元）（附註 24(b)(i)）。有關股息於匯報日並未確認為負債。 (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。 166 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 資本、儲備及股息（續） (Continued) (f) Capital management (Continued) (f) 資本管理（續） 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. 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。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, 2015 and 2014 was as follows: 於二零一五年及二零一四年三月三十一日之負債對經調整資本比率如下： Current liabilities: 流動負債： Bank loans (note 19) Obligations under finance leases (note 20) 銀行貸款（附註 19）融資租賃之債務（附註 20） Non-current liabilities: 非流動負債： Bank loans (note 19) Obligations under finance leases (note 20) 銀行貸款（附註 19）融資租賃之債務（附註 20） 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 125,948 51,790 1,043 1,176 126,991 52,966 27,714 68,068 3,238 5,203 30,952 73,271 Total debt 負債總額 157,943 126,237 Total equity Less: Proposed dividends (note 24(b)(i)) 減：擬派股息（附註 24(b)(i)）權益總額 2,124,672 (220,433) 1,957,312 (175,787) Adjusted capital 經調整資本 1,904,239 1,781,525 Debt-to-adjusted equity ratio 負債對經調整資本比率 8% 7% 維他奶國際集團有限公司二零一四╱一五年年報 167 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Capital, reserves and dividends 24 資本、儲備及股息（續） (Continued) (f) Capital management (Continued) (f) 資本管理（續） 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。 25 Financial risk management and fair values of financial instruments 25 財務風險管理及金融工具之公允值 Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group’s exposures to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. 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 end of reporting period, 17.6% (2014: 16.7%) and 43.6% (2014: 42.8%) 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 Group as set out in note 27, the Group does not provide any other guarantees which would expose the Group to credit risk. 本集團之信貸風險主要來自應收賬款及其他應收款。管理層備有信貸政策，而有關該信貸之風險持續受到監控。本集團一般因應個別客戶之財政實力給予不同之信貸期。為有效地管控有關客戶之信貸風險，本集團會定期評估客戶之信貸情況。應收賬款一般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。於匯報日，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 17.6% （二零一四年：16.7%）及 43.6%（二零一四年： 42.8%）。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 27 所載由本集團提供之財務擔保外，本集團並無提供將令本集團面臨信貸風險之任何其他擔保。 168 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (a) Credit risk (Continued) (a) 信貸風險（續） The Group’s cash and bank deposits are placed with financial institutions with sound credit ratings, and the management consider the Group’s exposure to credit risk is low. 本集團之現金及銀行存款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 the year ended 31st March, 2014. Further quantitative disclosures in respect of the Group’s exposure to credit risk arising from trade and other receivables are set out in note 16. 自截至二零一四年三月三十一日止年度起，本集團面對之信貸風險及就管理有關風險之政策概無變動。有關本集團自應收賬款及其他應收款而產生之信貸風險之進一步量化披露載於附註 16。 (b) Liquidity risk (b) 流動資金風險 Individual operating entities within the Group are responsible for their own cash management for 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 the year ended 31st March, 2014. 本集團個別經營實體負責其日常運作之資金管理，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。自截至二零一四年三月三十一日止年度起，本集團面對之流動資金風險及就管理有關風險之政策概無變動。維他奶國際集團有限公司二零一四╱一五年年報 169 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (b) Liquidity risk (Continued) (b) 流動資金風險（續） The following table shows the remaining contractual maturities at the end of the reporting period of the Group’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 end of the reporting period) and the earliest date the Group can be required to pay: 下表呈列本集團於匯報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，或如屬浮息按匯報日通行之利率計算之利息）以及本集團須償還有關款項之最早日期作分析： 2015 二零一五年 Contractual undiscounted cash outflow 合約未折現現金流出 Trade and other payables 應付賬款及其他 (excluding receipt in 應付款（不包括預收款項） advance) Bank loans 銀行貸款 Obligations under finance 融資租賃之債務 leases Trade and other payables 應付賬款及其他 (excluding receipt in 應付款（不包括 advance) 預收款項）銀行貸款 Bank loans Obligations under finance 融資租賃之債務 leases 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 957,594 128,171 – 21,414 – 7,325 957,594 156,910 957,594 153,662 1,329 1,329 2,252 4,910 4,281 1,087,094 22,743 9,577 1,119,414 1,115,537 2014 二零一四年 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 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 927,297 56,382 – 37,039 – 34,924 927,297 128,345 927,297 119,858 1,615 1,615 4,353 7,583 6,379 985,294 38,654 39,277 1,063,225 1,053,534 170 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (c) Interest rate risk (c) 利率風險 The Group’s interest rate risk arises primarily from interest- bearing borrowings. The Group monitor the level of its fixed rate and variable rate borrowings. The Group’s interest rate profile as monitored by management is set out in (i) below. 本集團之利率風險主要來自附息借貸。本集團監察其定息及浮息借貸水平。本集團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 interest-bearing borrowings at the end of the reporting period: 下表詳列於匯報日本集團附息借貸之利率詳情： Fixed rate borrowings: 定息借貸： Obligations under finance 融資租賃之債務 leases Bank loans 銀行貸款 Variable rate borrowings: 浮息借貸： Bank loans Total borrowings 銀行貸款借貸總額 2015 二零一五年 2014 二零一四年 Effective interest rate 實際利率 % Amount 金額 $’000 千元 Effective interest rate 實際利率 % Amount 金額 $’000 千元 7.50 2.41 4,281 144,357 7.50 5.68 148,638 6,379 86,914 93,293 2.19 9,305 3.53 32,944 157,943 126,237 (ii) Sensitivity analysis (ii) 敏感性分析 At 31st March, 2015, 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 $61,000 (2014: $228,000). 於二零一五年三月三十一日，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 61,000 元（二零一四年： 228,000 元）。 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 end of the reporting period. 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. 上述敏感性分析顯示於匯報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若干附息借貸於到期後將續借以作日常營運之用。維他奶國際集團有限公司二零一四╱一五年年報 171 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (c) Interest rate risk (Continued) (ii) Sensitivity analysis (Continued) (c) 利率風險（續） (ii) 敏感性分析（續） 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 end of the reporting period would not affect profit or loss. 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。匯報日之利率變動並不影響損益。 The analysis has been performed on the same basis for the year ended 31st March, 2014. 截至二零一四年三月三十一日止年度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”), 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, SGD and RMB. Given the HKD is pegged to the USD, management does not expect that there will be any significant currency risk associated with such USD denominated transactions. For transactions denominated in AUD, EUR, SGD and RMB, since the volume of such transactions is not significant, management considers the exposure to currency risk to be low. 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, most of the other transactions are denominated in their functional currencies. 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」）、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、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、坡元及人民幣計值之交易而言，由於有關交易之成交額並非重大，故管理層認為本集團所面對之貨幣風險為低。就功能貨幣為港幣以外之貨幣之本集團各實體而言，除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計值外，其他大部份交易按其功能貨幣計值。 172 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (d) Currency risk (Continued) (d) 貨幣風險（續） The Group’s policies for managing such risk were unchanged from the year ended 31st March, 2014. During the year ended 31st March, 2015, 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, 2015, the Group does not have outstanding forward exchange contracts (2014: Nil). 自截至二零一四年三月三十一日止年度起，本集團管理有關風險之政策並無改變。於截至二零一五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、廠房及設備以及原材料時所產生之貨幣風險，並分類為現金流量對沖。於二零一五年三月三十一日，本集團並無未結算之遠期外匯合約（二零一四年：無）。 (i) Exposure to currency risk (i) 承受之貨幣風險 The following table details the Group’s significant exposure at the end of the reporting period 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 foreign currency risk of highly probable forecast transactions or committed future transactions are excluded. 下表詳列本集團於匯報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、來自本集團實體之借貸（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） USD 美元 $’000千元 SGD 坡元 $’000千元 2015 二零一五年 HKD 港幣 $’000千元 RMB 人民幣 $’000千元 AUD 澳元 $’000千元 USD 美元 $’000 千元 SGD 坡元 $’000 千元 2014 二零一四年 HKD 港幣 $’000 千元 RMB 人民幣 $’000 千元 AUD 澳元 $’000 千元 Cash and bank deposits Amount due from/(to) group companies Trade and other receivables Trade and other payables 現金及銀行存款應收╱（應付）集團成員公司款項應收賬款及其他應收款應付賬款及其他應付款 1,384 – 35,579 17,208 6 8,512 427 51,815 60,147 3,605 47,395 – (20,863) (799) 3,981 – (4,874) 10 (10) 20,500 – (710) 6,611 – (496) 20,268 (15) (32,474) – 4,610 – 6,665 10 – 5,718 – (2,310) 3,416 – (1,348) Net exposure 淨風險承擔 27,916 3,182 30,705 36,998 6,121 (3,709) 5,037 58,490 63,555 5,673 維他奶國際集團有限公司二零一四╱一五年年報 173 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis 允值（續） (d) 貨幣風險（續） (ii) 敏感性分析 The following table indicates the instantaneous change in the Group’s profit after taxation and retained profits that would arise if foreign exchange rates to which the Group entities have significant exposure at the end of the reporting period had changed at that date, assuming all other risk variables remained constant. In this respect, it is assumed that the pegged rate between the HKD and the USD would be materially unaffected by any changes in movement in value of the USD against other currencies. 下表列示於匯報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。 2015 二零一五年 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） 2014 二零一四年 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 USD SGD HKD RMB AUD 美元坡元港幣人民幣澳元 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 end of the reporting period for presentation purposes. 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (134) 134 133 (133) 1,215 (1,215) 1,545 (1,545) 256 (256) 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (62) 62 210 (210) 2,240 (2,240) 2,653 (2,653) 246 (246) 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，按匯報日通行之匯率換算為港幣以作呈報之總體即時影響。 174 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Financial risk management and 25 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) (d) 貨幣風險（續） (ii) 敏感性分析（續） The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments held by the Group which expose the Group to foreign currency risk at the end of the reporting period, 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 the year ended 31st March, 2014. 敏感性分析乃假設匯率變動應用於重新計量本集團於匯報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貸（該借貸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。截至二零一四年三月三十一日止年度之分析乃按照相同基準進行。 (e) Fair value measurement (e) 公允值計量 All financial instruments of the Group carried at costs or amortised costs are not materially different from their fair values as at 31st March, 2015 and 2014. 本集團按成本值或攤銷成本列賬之所有金融工具與其於二零一五年及二零一四年三月三十一日之公允值並無重大差異。 26 Commitments 26 承擔 (a) Capital commitments outstanding at 31st March, 2015 not provided for in the financial statements were as follows: (a) 於二零一五年三月三十一日，未在財務報表中撥備之未付資本承擔詳情如下： Contracted for Authorised but not contracted for 已訂約已批准但未訂約 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 161,442 877,023 45,557 287,468 1,038,465 333,025 As at 31st March, 2015, the Group is committed to certain contracts for the acquisition and construction of plant and machinery and buildings. 於二零一五年三月三十一日，本集團履行若干收購及建造廠房、機器及樓宇之合約。維他奶國際集團有限公司二零一四╱一五年年報 175 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Commitments (Continued) 26 承擔（續） (b) At 31st March, 2015, the total future minimum lease payments under non-cancellable operating leases are payable as follows: (b) 於二零一五年三月三十一日，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： Within one year After one year but within 一年內一年後但五年內 five years After five years 五年後 2015 二零一五年 2014 二零一四年 Factory machinery and equipment 工廠機器及設備 $’000 千元 Properties 物業 $’000 千元 Properties 物業 $’000 千元 68,453 3,624 57,173 39,151 23,389 3,563 – 45,644 173 130,993 7,187 102,990 Factory machinery and equipment 工廠機器及設備 $’000 千元 1,719 3,478 – 5,197 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 concessions 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攤位於租賃期間之營業額之若干固定比率釐定之或然租金。 27 Contingent liabilities 27 或然負債 (a) As at 31st March, 2015, 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 end of the reporting period under the guarantees issued is the facilities drawn down by the subsidiaries of $34,059,000 (2014: $79,422,000). 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 (2014: $Nil). (b) The Company has given undertakings to certain wholly- owned subsidiaries to provide them with such financial assistance as is necessary to maintain them as going concerns. (a) 於二零一五年三月三十一日，本公司已就授予其附屬公司之銀行信貸向銀行作出擔保。董事認為就任何擔保而對本公司構成賠償之機會不大。於匯報日，本公司已發出之擔保下最高負債乃附屬公司動用之信貸 34,059,000 元（二零一四年：79,422,000 元）。由於擔保之公允值無法可靠計量，且成交價為零元（二零一四年：零元），故本公司並無就該等擔保確認任何遞延收入。 (b) 本公司已承諾向若干全資附屬公司提供必要財政援助以確保彼等繼續經營運作。 176 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Material related party transactions 28 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 $24,577,000 (2014: $25,157,000). The amount due to the related party as at 31st March, 2015 amounted to $5,702,000 (2014: $6,176,000). (ii) On 28th June, 2013, the Group entered into a distribution agreement with a related party (non- controlling interests of the Company’s subsidiaries) in Australia pursuant to which the related party agreed to supply to the Group the dairy and juice beverage products for distribution in Hong Kong and Macau, and to grant to the Group an exclusive right to distribute the products in Hong Kong and Macau. The unit price of the dairy and juice beverage 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 same products sold by a related party to other distributors. Total purchases from the related party amounted to $10,510,000 (2014: $8,607,000). The amount due to the related party as at 31st March, 2015 amounted to $738,000 (2014: $3,279,000). (iii) On 29th July, 2013, the Group entered into a distribution agreement with a related party (non- controlling interests of the Company’s subsidiaries) in New Zealand pursuant to which the related party agreed to distribute the products of the Group in New Zealand. 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 fee charged by the related party for the year amounted to $5,372,000 (2014: $4,643,000). The amount due to the related party as at 31st March, 2015 amounted to $1,294,000 (2014: $554,000). (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24,577,000元（二零一四年：25,157,000 元）。於二零一五年三月三十一日應付予該關連人士之款項為 5,702,000 元（二零一四年：6,176,000 元）。 (ii) 於二零一三年六月二十八日，本集團與一名關連人士（本公司附屬公司之非控股權益）於澳洲訂立一項分銷協議，據此，該關連人士同意向本集團供應乳製品及果汁飲品於香港及澳門分銷，並授予本集團於香港及澳門分銷產品之獨家權。乳製品及果汁飲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，並將會參考由一名關連人士向其他分銷商銷售相同產品之當前市價作出調整。向該關連人士採購之貨品共值 10,510,000 元（二零一四年：8,607,000 元）。於二零一五年三月三十一日應付該關連人士之款項為 738,000 元（二零一四年： 3,279,000 元）。 (iii) 於二零一三年七月二十九日，本集團與一名新西蘭的關連人士（本公司附屬公司之非控股權益）訂立一項分銷協議，據此，該關連人士同意於新西蘭分銷本集團之產品。該關連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。於本年度，該關連人士收取之管理費用合共5,372,000元（二零一四年： 4,643,000 元）。於二零一五年三月三十一日應付予該關連人士之款項為 1,294,000 元（二零一四年：554,000 元）。維他奶國際集團有限公司二零一四╱一五年年報 177 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 28 Material related party transactions 28 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 related party transactions in respect of (i) and (ii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. The disclosures required by Chapter 14A of the Listing Rules are provided in section “Connected Transactions” of the Reports of the Directors. The related party transactions in respect of (iii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. However they are exempt from the disclosure requirements in Chapter 14A of the Listing Rules as they are below the de minimis threshold under Rule 14A.76(1). 上述有關 (i) 及 (ii) 之關連人士交易構成上市規則第 14A 章所界定之持續關連交易。上市規則第 14A 章之披露規定載於董事會報告「關連交易」一節。上述有關 (iii) 之關連人士交易構成上市規則第 14A 章所界定之持續關連交易。然而由於該等交易低於第 14A.76(1) 條最低門檻，因此彼等獲豁免遵守上市規則第 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 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 38,735 1,171 11,000 36,108 3,232 7,465 50,906 46,805 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)）。 178 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 29 Company-level statement of financial 29. 公司層面的財務狀況表 position 2015 二零一五年 2014 二零一四年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Non-current assets Property, plant and equipment 物業、廠房及設備 – Other property, plant – 其他物業、廠房 and equipment 非流動資產 – Investment properties 及設備 – 投資物業 Interest in subsidiaries Deposits for the acquisition of 購買物業、廠房及設備 property, plant and equipment 之訂金於附屬公司之權益 Current assets Inventories Trade and other receivables Current tax recoverable Amounts due from subsidiaries 應收附屬公司款項 Cash and bank deposits 流動資產存貨應收賬款及其他應收款應收現期稅項現金及銀行存款 Current liabilities Trade and other payables Bank loans Amounts due to subsidiaries 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 454,611 5,666 460,277 654,108 527 438,737 6,192 444,929 629,938 390 1,114,912 1,075,257 195,119 408,411 3,793 457,733 29,010 1,094,066 412,029 96,000 50,941 558,970 182,551 386,835 471 146,498 157,635 873,990 397,673 – 47,482 445,155 Net current assets 淨流動資產 535,096 428,835 Total assets less current 總資產減流動負債 liabilities Non-current liabilities Employee retirement benefit liabilities Deferred tax liabilities 非流動負債僱員退休褔利負債遞延稅項負債 NET ASSETS CAPITAL AND RESERVES Share capital Reserves TOTAL EQUITY 淨資產資本及儲備股本儲備權益總額 24(a) 1,650,008 1,504,092 8,060 53,225 6,510 50,090 61,285 1,588,723 677,694 911,029 1,588,723 56,600 1,447,492 655,299 792,193 1,447,492 Approved and authorised for issue by the Board of Directors on 25th June, 2015. 於二零一五年六月二十五日獲董事會批准並授權發佈。 Winston Yau-lai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事維他奶國際集團有限公司二零一四╱一五年年報 179 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 30 Non-adjusting events after the 30 毋須作出調整之匯報日後事項 reporting period Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 24(b). 董事於匯報日後建議派發末期股息。進一步詳情於附註 24(b) 中披露。 31 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2015 31 已頒佈但尚未於截至二零一五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 few amendments and new standards which are not yet effective for the year ended 31st March, 2015 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二零一五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數項修訂及新訂準則，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, 2014 1st July, 2014 1st July, 2014 Amendments to HKAS 19, Defined benefit plans: Employee contributions Annual improvements to HKFRSs 2010-2012 cycle Annual improvements to HKFRSs 2011-2013 cycle Annual improvements to HKFRSs 2012-2014 cycle 1st January, 2016 Amendments to HKFRS 11, Accounting for acquisitions of interests in joint operations Amendments to HKAS 16 and HKAS 38, Clarification of acceptable methods of depreciation and amortisation 1st January, 2016 1st January, 2016 於下列日期或之後開始之會計期間生效二零一四年七月一日二零一四年七月一日二零一四年七月一日二零一六年一月一日二零一六年一月一日二零一六年一月一日《香港會計準則》第 19 號「界定福利計劃：僱員供款」之修訂二零一零年至二零一二年週期香港財務報告準則之年度改進二零一一年至二零一三年週期香港財務報告準則之年度改進二零一二年至二零一四年週期香港財務報告準則之年度改進《香港財務報告準則》第 11 號「收購合營業務權益之會計處理」之修訂《香港會計準則》第 16 號及《香港會計準則》第 38 號「折舊及攤銷可接受方法之澄清」之修訂 180 Vitasoy International Holdings Ltd. Annual Report 2014/15 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 31 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2015 (Continued) 31 已頒佈但尚未於截至二零一五年三月三十一日止年度生效之修訂、新訂準則及詮釋可能構成之影響（續） Effective for accounting periods beginning on or after 1st January, 2016 Amendments to HKFRS 10 and HKFRS 28, Sale or contribution of assets between an investor and its associate or joint venture HKAS 27(2011), Separate financial statements 1st January, 2016 於下列日期或之後開始之會計期間生效《香港財務報告準則》第 10 號及《香港財務報告準則》第 28 號「投資者及其聯營公司或合營企業之間的資產出售或投入」之修訂二零一六年一月一日《香港會計準則》第 27 號（二零一一年）「獨立財務報表」之修訂二零一六年一月一日 HKFRS 15, Revenue from contracts with customers 1st January, 2017 《香港財務報告準則》第 15 號「客戶合約收入」 HKFRS 9, Financial instruments 1st January, 2018 《香港財務報告準則》第 9 號「金融工具」二零一七年一月一日二零一八年一月一日 The Group is in the process of making an assessment of what the impact of these amendments and new standards is expected to be in the period of initial application. The Group is therefore unable to disclose the impact that adopting the amendments and new standards will have on its financial position and the results of operations when such amendments and new standards are adopted. 本集團現正評估該等修訂及新訂準則預期於應用初期產生之影響。因此，本集團未能披露採納該等修訂及新訂準則將對其財務狀況及營運業績造成之影響。維他奶國際集團有限公司二零一四╱一五年年報 181 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) （以港幣計算） Results Revenue 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 Property, plant and equipment Other non-current assets Net current assets Total assets less current liabilities Non-current liabilities NET ASSETS Capital and reserves Share capital Reserves Total equity attributable to equity shareholders of the Company Non-controlling interests TOTAL EQUITY Earnings per share – Basic – Diluted Note: 業績收入經營溢利融資成本除稅前溢利所得稅本年度溢利下列人士應佔︰ – 本公司股權持有人 – 非控股權益本年度溢利資產及負債物業、廠房及設備其他非流動資產淨流動資產總資產減流動負債非流動負債淨資產資本及儲備股本儲備本公司股權持有人應佔權益總額非控股權益權益總額每股盈利 – 基本 – 攤薄 2015 二零一五年 $’000 千元 2014 二零一四年 $’000 千元 2013 二零一三年 $’000 千元 (Restated) （重列） 2012 二零一二年 $’000 千元 (Restated) （重列） 2011 二零一一年 $’000 千元 5,051,827 4,493,885 4,051,248 3,716,539 3,329,336 529,264 (5,655) 523,609 (114,888) 469,669 (13,068) 456,601 (115,845) 444,160 (21,102) 423,058 (88,742) 425,336 (17,243) 408,093 (85,691) 426,540 (7,279) 419,261 (87,882) 408,721 340,756 334,316 322,402 331,379 372,079 36,642 306,693 34,063 301,104 33,212 281,003 41,399 284,314 47,065 408,721 340,756 334,316 322,402 331,379 1,853,517 77,016 304,702 1,566,688 94,304 443,197 1,533,116 67,558 384,096 1,567,010 69,941 191,275 1,255,743 78,747 434,728 2,235,235 (110,563) 2,104,189 (146,877) 1,984,770 (166,925) 1,828,226 (161,730) 1,769,218 (179,497) 2,124,672 1,957,312 1,817,845 1,666,496 1,589,721 677,694 1,241,391 655,299 1,094,362 256,746 1,366,129 255,437 1,227,074 254,963 1,160,881 1,919,085 205,587 1,749,661 207,651 1,622,875 194,970 1,482,511 183,985 1,415,844 173,877 2,124,672 1,957,312 1,817,845 1,666,496 1,589,721 35.9 cents 仙 35.5 cents 仙 29.8 cents 仙 29.4 cents 仙 29.4 cents 仙 29.1 cents 仙 27.5 cents 仙 27.3 cents 仙 27.9 cents 仙 27.6 cents 仙附註： In order to comply with Revised Hong Kong Accounting Standard 19, Employee benefits, that is effective for accounting period beginning on 1st January, 2013, the Group adopted new accounting policies for defined benefit plans. Figures for the years FY2011/2012 and FY2012/2013 have been adjusted and it is not practicable to restate earlier years for comparison purposes. 經修訂之《香港會計準則》第 19 號「僱員福利」於二零一三年一月一日開始之會計期間生效，為遵守有關規定，本集團就界定福利計劃採納新會計政策。二零一一╱二零一二年財政年度及二零一二╱二零一三年財政年度之數字已獲調整，惟就比較用途而重列更早年度之數字並不可行。 182 Vitasoy International Holdings Ltd. Annual Report 2014/15 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 Please visit our corporate website 請瀏覽公司網站 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 電郵：(852) 2466 0333 Fax 傳真：(852) 2456 3441 C004888

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