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