Vitasoy International Holdings Limited
Annual Report 2016

Plain-text annual report

ACCELERATE OUR CORE 2.0 Annual Report 2015/16 年度報告 GLOBAL SALES NETWORK We are stocked by stores and supermarkets in about 40 countries around the world. Canada USA South Ireland Holland UK Belgium France Luxembourg Switzerland Italy Lebanon Guatemala EL Salvador Honduras Panama Trinidad Venezuela Suriname Nigeria Cayenne, a French Colony Peru SOY/PLANT MILK 大豆 / 植物奶 TOFU 豆腐 Mainland China Hong Kong and Macau Saipan Vietnam Brunei Philippines Papua New Guinea Myanmar Cambodia Malaysia Singapore Mauritius Australia New Zealand Canada USA South Ireland Holland UK Belgium France Luxembourg Switzerland Italy Lebanon Guatemala EL Salvador Honduras Panama Trinidad Venezuela Suriname Nigeria Cayenne, a French Colony Peru Myanmar Cambodia Malaysia Singapore Mauritius GLOBAL SALES NETWORK We are stocked by stores and supermarkets in about 40 countries around the world. Mainland China Hong Kong and Macau Saipan Philippines Vietnam Brunei Papua New Guinea Australia New Zealand TEA 茶 OTHERS 其他 JUICE DRINKS 果汁飲品 DAIRY MILK 牛奶 DISTILLED WATER 蒸餾水 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 26 嘉許及表揚 Corporate Governance Report 33 企業管治報告 Directors and Senior Management 61 董事及高層管理人員 Report of the Directors 67 董事會報告 Independent Auditor’s Report 83 獨立核數師報告 Consolidated Statement of Profit or Loss 85 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 86 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 87 綜合財務狀況表 Consolidated Statement of Changes in Equity 89 綜合權益變動表 Consolidated Cash Flow Statement 91 綜合現金流量表 Notes to the Financial Statements 92 財務報表附註 Five Year Summary 190 五年財務摘要 DIRECTORS AND CORPORATE INFORMATION 董事及集團資料 Board of Directors Executive Chairman Mr. Winston Yau-lai LO Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Mr. Anthony John Liddell NIGHTINGALE (appointed on 26th June, 2015) Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Director and Group Chief Executive Officer Mr. Roberto GUIDETTI 董事會 執行主席 羅友禮先生 獨立非執行董事 李國寶爵士 Jan P. S. ERLUND 先生 張建標先生 黎定基先生 ( 於二零一五年六月二十六日獲委任 ) 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 Mr. Chris Kin-shing LAU (appointed on 1st April, 2016) 劉健成先生 ( 於二零一六年四月一日獲委任 ) Company Secretary Ms. Paggie Ah-hing TONG Registered and Head Office No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong Auditor 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, Ltd. China Construction Bank Corporation Bank of China Limited Principal Lawyer Stephenson Harwood 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 中國銀行股份有限公司 主要法律顧問 羅夏信律師事務所 02 Vitasoy International Holdings Ltd. Annual Report 2015/16 DIRECTORS AND CORPORATE INFORMATION 董事及集團資料 Share Registrar Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Investor Relations Contact (852) 2468 9644 (852) 2465 1008 Tel: Fax: Email: ir@vitasoy.com 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 投資者關係聯絡 電話：(852) 2468 9644 傳真：(852) 2465 1008 電郵：ir@vitasoy.com KEY DATES 重要日期 Closure of Register of Members 暫停辦理股份過戶登記 - Annual General Meeting 股東週年大會 - Proposed Final Dividend 建議末期股息 30th August, 2016 (Tuesday) to 2nd September, 2016 (Friday) 二零一六年八月三十日（星期二）至二零一六年九月二日（星期五） 8th September, 2016 (Thursday) to 13th September, 2016 (Tuesday) 二零一六年九月八日（星期四）至二零一六年九月十三日（星期二） Annual General Meeting 股東週年大會 at 3:00 p.m., 2nd September, 2016 (Friday) Salons 1-3, Level 3, JW Marriott Hotel Hong Kong, Pacific Place, 88 Queensway, Hong Kong 於二零一六年九月二日（星期五）下午三時正 假座香港金鐘道八十八號太古廣場香港 JW 萬豪酒店三樓萬豪 1-3 號宴會廳 Final Dividend Payable 派發末期股息 26th September, 2016 (Monday) 二零一六年九月二十六日（星期一） 維他奶國際集團有限公司 二零一五╱一六年年報 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） 2016 二零一六年 HK$ million 港幣百萬元 5,552 2,826 2015 二零一五年 HK$ million 港幣百萬元 5,052 2,511 812 531 50.9 30.3 725 372 35.9 24.4 % Change 百分比變動 +10 +13 +12 +43 +42 +24 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 2,000 1,000 0 5,552 5,052 4,494 4,051 3,717 2012 2013 2014 2015 2016 3,000 2,500 2,000 1,500 1,000 500 0 2,826 2,511 2,175 1,925 1,760 2012 2013 2014 2015 2016 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 900 800 700 600 500 400 300 200 100 0 812 725 653 618 554 2012 2013 2014 2015 2016 600 500 400 350 300 250 200 150 100 50 0 531 372 301 307 281 2012 2013 2014 2015 2016 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. 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。 04 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 Borrowing Balance)/ Net Cash Balance 總資產 （借貸淨額）╱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 2016 二零一六年 HK$ million 港幣百萬元 2015 二零一五年 HK$ million 港幣百萬元 % Change 百分比變動 4,185 3,637 +15 (77) 177 N/A 不適用 2,200 1,919 +15 Year Ended 31st March, 2016 截至二零一六年三月三十一日止年度 Sales Analysis by Location 銷售額分析（按地區） Singapore 新加坡 2% Australia and New Zealand 澳洲及新西蘭 8% North America 北美洲 10% 43% Mainland China 中國內地 Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務 （香港、澳門及出口） 37% 維他奶國際集團有限公司 二零一五╱一六年年報 05 CHAIRMAN’S STATEMENT 主席報告 I am pleased to report that we have delivered yet another year of solid growth whilst improving our profitability. The Vitasoy Group recorded growth of +10% in sales and +13% in gross profit, thus not only growing stronger market share and building competitive positions in our core markets but also expanding the impact of our mission: to provide our core portfolio of high quality plant-based nutritious, tasty and sustainable products, to more and more communities we serve. 本人欣然報告，我們於本年再度取得穩健增長，同時改善了盈利能力。維他奶集團於銷售及毛 利方面分別錄得 +10% 及 +13% 的增長，我們不僅擴大市場份額及在核心市場中建立更具競爭 力的地位，同時亦秉持我們的使命，為更多社群提供優質以植物為本具有營養、美味及可持續 發展的產品。 06 Vitasoy International Holdings Ltd. Annual Report 2015/16 CHAIRMAN’S STATEMENT 主席報告 During the year, the Vitasoy Group achieved these results by staying focused on our long-term business vision, strategic choices and growth model based on diligence in Execution, Expansion and Innovation. We have also significantly strengthened our infrastructure and capability to sustain results via investments in manufacturing (new Wuhan plant), IT (new SAP system), organisational capability (enrolment in Vitasoy Success Drivers program and hiring of talent) and our sustainability strategy (new formulation of glide path and Key Performance Indicators for the next 10 years). Whilst the deteriorating economic environment has shown signs of increased volatility, there is an accelerating trend for healthy products and nutritious foods. We are determined to sustain our expansion by focusing on our core and ever improve the sustainability of our operations. Strong results for FY2015/2016 Driven by strong execution, expansion and innovation, the Group’s revenue increased +10% to HK$5,552 million. Margin improvement was driven by favourable commodity prices and improved manufacturing efficiency. The profit attributable to equity shareholders of the Company (excluding recognition of deferred tax assets of certain subsidiaries in Mainland China and North America and transaction cost incurred during the year related to the divestiture of the Mainstream Business and SAN SUI Business in North America) grew by +24% to HK$460 million. The Group maintained a healthy financial position at the end of FY2015/2016 due to improved margin and better cost control. The Board recommends a final dividend of HK26.5 cents per ordinary share at the Annual General Meeting on 2nd September, 2016. Together with the interim dividend of HK3.8 cents per ordinary share, this brings total dividend for FY2015/2016 to HK30.3 cents per ordinary share (FY2014/2015 total dividend: HK24.4 cents per ordinary share). 年內，維他奶集團透過努力執行、擴展及創新， 專心矢志於長遠業務願景、策略性選擇及增 長 模式，達致良好業績。我們投資在生產（建立新 武漢廠房）、資訊科技設施（設立嶄新的 SAP 系 統）、組織能力（舉辦維他奶成功動力計劃及招 聘人才）及可持續發展策略（為未來十年制定新 指引方向及關鍵績效指標）等方面，大幅擴展設 施與加強能力，維持佳績。儘管經濟環境日趨疲 弱，並呈更波動跡象，但健康產品及營養食品市 場卻加速發展。我們專注於我們的核心發展藉以 持續擴展，並不斷提高我們業務的可持續性。 二零一五╱二零一六財政年度業績 強勁 在致力執行、擴展及創新的帶動下，本集團的收 入 增 加 +10% 至 港 幣 5,552,000,000 元。 受 惠 於 原材料價格回落及生產效率提升，盈利率得以改 善。本公司股權持有人應佔溢利（不計及確認中 國內地及北美洲若干附屬公司的遞延稅項資產， 及年內因出售北美洲主流業務及山水品牌業務所 產生的交易成本）增加 +24% 至港幣 460,000,000 元。 於二零一五╱二零一六財政年度年結時，由於盈 利率改善以及更有效控制成本，本集團的財務狀 況保持穩健。董事會建議於二零一六年九月二日 舉行的股東週年大會上派發末期股息每股普通股 26.5 港仙。連同中期股息每股普通股 3.8 港仙， 二零一五╱二零一六財政年度股息總額將達到每 股普通股 30.3 港仙（二零一四╱二零一五財政年 度股息總額：每股普通股 24.4 港仙）。 維他奶國際集團有限公司 二零一五╱一六年年報 07 CHAIRMAN’S STATEMENT 主席報告 Innovation in plant-based products 以植物為本的創新產品 Our focus on creating new products not only satisfies our consumer’s changing demand, but also helps maintain our competitive position in all of the markets we operate in. In FY2015/2016, we created a new soy product line, VITASOY GO. It provides consumers with a convenient way to enjoy a nutritious product. We also enriched our soymilk range in Mainland China with the new VITASOY HEALTH PLUS which contains high protein, high calcium, low sugar and zero cholesterol. In Australia, we expanded our portfolio by including VITASOY Coconut Milk and Almond Milk to meet the upcoming trend of plant-based beverages. 我們專注創新產品，不僅為了滿足消費者日新月 異的需求，同時亦有助鞏固在所有市場的競爭地 位。於二零一五╱二零一六財政年度，我們推出 VITASOY GO 全新大豆產品系列，為消費者提供 一種方便飲用的營養產品。 我們亦在中國內地豆奶系列中新增維他奶健康 + 品牌豆奶，這款飲品含高蛋白質及鈣質、低糖及 零膽固醇。澳洲方面，我們在產品組合中加添維 他奶椰子奶及杏仁奶，以迎合植物飲品 的新潮 流。 Focusing on building core businesses 專注建立核心業務 I n F Y 2 0 1 5 / 2 0 1 6 , w e i n v e s t e d i n u p g r a d i n g o u r manufacturing and processing capabilities at our plants. We also finished construction of our production facility in Wuhan, Mainland China. The new Wuhan plant commenced operations in the first quarter of FY2016/2017. The excellent location of the Wuhan plant lowers transportation costs and facilitates improved customer services that support the increasing demand from Hubei province and the nearby provinces in Central China. During the year, the Board conducted a strategic review of our North American operation and arrived at a strategic decision to divest the Mainstream Business and SAN SUI Business in North America. This will enable the Group to sharpen its focus and accelerate the growth of its core business in Hong Kong and Mainland China. The move will also support further expansion of the Group into new markets. In March 2016, we entered into an Asset Purchase Agreement with Pulmuone Foods Group, a leading food manufacturer in South Korea, for the disposal of certain assets in our North American operation at an estimated consideration of US$50 million (equivalent to approximately HK$387.5 million). The transaction was completed in the first quarter of FY2016/2017. It is expected to record an estimated gain of approximately US$19.8 million (equivalent to approximately HK$153.5 million) before relevant taxes. We will reinvest the proceeds in projects which will enable us to continue building a stable and sustainable plant-based business. 於二零一五╱二零一六財政年度，我們投放資源 提升廠房的生產及加工能力。同時亦完成興建中 國內地武漢的生產設施。武漢新廠房已於二零 一六╱二零一七財政年度第一季度投入營運。武 漢新廠房位於優越的地理位置，能降低運輸成本 及有助提供完善的客戶服務，從而滿足湖北省以 至華中地區鄰近省份日益殷切的需求。 年內，董事會對北美洲業務進行了策略檢討，並 作出策略性決定出售北美洲主流業務及山水品牌 業務。此舉可使本集團更專注於加快香港及中國 內地的核心業務增長，同時有助本集團進一步開 拓新市場。於二零一六年三月，我們與南韓主要 食品製造商 Pulmuone Foods Group 訂立資產購 買協議，以代價約 50,000,000 美元（相等於約港 幣 387,500,000 元）出售北美洲業務若干資產。 該交易已於二零一六╱二零一七財政年度第一季 度完成，預期扣除相關稅項前所錄得之估計收益 約 19,800,000 美元（相等於約港幣 153,500,000 元）。我們將把所得款項投資於多個發展項目， 藉以繼續建立穩定及可持續發展的植物為本的業 務。 08 Vitasoy International Holdings Ltd. Annual Report 2015/16 CHAIRMAN’S STATEMENT 主席報告 Producing products sustainably 以可持續方式生產產品 We aspire to build a portfolio of plant-based products that are compatible with a healthy lifestyle and establish strong relationships with the wider community. Plant-based products will become more important in the role of feeding the increasingly growing population in the coming decades. Last year, we started to share our social and environmental efforts in the first Vitasoy Sustainability Report 2014/2015. In FY2015/2016, we further evolved and consolidated our sustainability framework with a two-pronged approach – “Making the Right Products and Making Products the Right Way”. We have a specific and detailed account of our sustainability approach, goals and glide path in the separate report that accompanies this Annual Report. 我們致力建立以植物為本的產品組合，以配合健 康生活模式，並與廣大社群建立更密切關係。在 未來數十年，隨著人口日益增加，植物為本產品 將發揮更重要的作用。去年，我們發佈首份二零 一四╱二零一五年維他奶可持續發展報告，分享 我們在社會及環境方面付出的努力。於二零一五 ╱二零一六財政年度，透過「生產合適的產品及 採用合適的生產方法」兩方面闡述，進一步深化 及整合可持續報告的發展框架。在隨附本年報而 獨立編印的報告中，我們具體及詳盡闡述我們的 可持續發展方向、目標及未來發展藍圖。 Looking forward 展望未來 In spite of growing economic uncertainties, I am confident in the ever lasting impact of our strategy and execution. We are determined to develop our growth model which will continue to expand the Group’s successful presence but also generate sustainable long-term returns for our shareholders. We are confident that we will continue our growth trajectory with our vision of promoting good quality of life and passion for sustainable nutrition. 儘管經濟持續不明朗，本人對我們的策略及執行 所帶來的持久效益抱有信心。我們矢志發展既有 的增長模式，不但藉此繼續擴大本集團成功的業 務版圖，亦能為股東締造可持續的長遠回報。我 們深信，在透過推廣優質生活的願景及對持續營 養的熱誠所帶動下，增長趨勢將得以持續。 Notes of appreciation 致謝 Mr. Valiant Kin-piu Cheung, our Independent Non-executive Director, will retire by rotation at the forthcoming Annual General Meeting and will not stand for re-election. Mr. Cheung has brought a wealth of business and financial experience and expertise to the Board and notably, the Audit Committee, which he chaired during the past two years. He is also a member of Remuneration and Nomination Committee. I wish to thank Mr. Cheung for his insights and guidance to the Board and Committees over the past six years. I would like to extend my gratitude to the Board, the management team and our staff for their enthusiasm, commitment and diligence. My appreciation also goes to our shareholders, customers, suppliers and business partners for their ongoing trust and support. 獨立非執行董事張建標先生將於應屆股東週年大 會上輪值退任，他將不會膺選連任。張先生過去 與董事會，特別是過去兩年由其領導的審核委員 會，分享他豐富的業務及財務經驗 以及專業知 識。彼亦為薪酬及提名委員會成員。本人謹此感 謝張先生於過去六年來為董事會及旗下委員會作 出的專業灼見及指導。 本人謹此衷心感謝董事會、管理團隊及各位員工 的熱誠、承諾及勤勉。本人亦藉此感謝股東、客 戶、供應商及業務夥伴的長期信任和支持。 Winston Yau-lai LO Executive Chairman 23rd June, 2016 羅友禮 執行主席 二零一六年六月二十三日 維他奶國際集團有限公司 二零一五╱一六年年報 09 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/ BUSINESS REVIEW 集團行政總裁報告╱業務回顧 In FY2015/2016, the Vitasoy Group continued to deliver profitable growth driven by the acceleration of its core business in spite of the challenges facing global and local economies. We maintained our gradual top line acceleration to +13% in local currency, with top line growth in all our markets in local currency. 於二零一五╱二零一六財政年度，雖然面對來自全球及本地經濟的挑戰，但透過加快核心業務 增長，維他奶集團繼續錄得盈利增長。以當地貨幣計算，我們維持銷售額逐步增長至 +13%， 而所有市場亦均錄得銷售額增長。 10 Vitasoy International Holdings Ltd. Annual Report 2015/16 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 In Hong Kong dollars, the Group reported a very strong revenue growth of +10% to HK$5,552 million. Mainland China led the markets with +25% growth, despite some deterioration of market conditions. Our consistent three- pronged growth strategy of Execution, Expansion and Innovation has driven these encouraging results. On the profit side, we have been able to improve our profitability at the same time. Stronger gross profit margin was achieved due to improved manufacturing efficiency as a result of higher volume and non-recurring favourable commodity prices, as well as a better sales mix and disciplined cost management. Net profits grew ahead of the revenue. Profit attributable to equity shareholders of the Company recorded a strong +43% growth and reached HK$531 million, primarily due to the increase in profits from operations, lower net finance costs, and the recognition of deferred tax assets of certain subsidiaries in Mainland China and North America. Excluding the effect of recognition of deferred tax assets as mentioned and the transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America, the profit attributable to equity shareholders of the Company would be HK$460 million, representing a growth of 24% (FY2014/2015: HK$372 million). In FY2015/2016, the Group has enhanced its capability and optimised infrastructure to support sustainable future growth. The Group completed the construction of a brand new state-of-the-art production facility in Wuhan, Mainland China, which started operating in the first quarter of FY2016/2017. An internal IT system upgrade was also completed in the Mainland China business with the implementation of the SAP system which has enhanced operational efficiency and transparency. The Group has divested its assets in relation to the Mainstream Business and SAN SUI Business in North America, by entering into an agreement with Pulmuone Foods Group, a leading food manufacturer in South Korea, thus only maintaining the profitable imported beverage business there, and thereby sharpening the Group’s strategic focus to its core Asian markets. 若以港幣計算，本集團錄得顯著收入增長 +10% 至港幣 5,552,000,000 元。儘管市況轉差，中國 內地業務仍領先其他市場，增幅達 +25%。我們 繼續秉持「執行、擴展及創新」三管齊下的發展 策略，得以達致上述令人鼓舞的業績。在溢利方 面，我們同時把盈利能力提升。 由於產量增加帶動生產效率提升，原材料價格的 非經常性回落，加上進一步優化銷 售組合及審 慎 管 理 成 本， 達 成 強 勁 的 毛 利 率。 淨 溢 利 增 幅 高於收入。本公司股權持有人應佔溢利大幅增長 +43% 達 港 幣 531,000,000 元， 主 要 是 由 於 經 營 溢利增加、融資成本淨額下降及中國內地和北美 洲若干附屬公司確認遞延稅項資產所致。倘扣除 確認相關遞延稅項資產和出售北美洲主流業務及 山水品牌業務的相關交易成本之影響，本公司股 權持有人應佔溢利將為港幣 460,000,000 元，增 長 +24%（二零一四╱二零一 五財政年度：港幣 372,000,000 元）。 於二零一五╱二零一六財政年度，本集團提升了 產能及強化生產設施，以支持未來業務的持續發 展。本集團已完成興建位於中國內地武漢設有先 進生產設施的新廠房，並已於二零一六╱二 零 一七財政年度第一季度投入生產。中國內地業務 亦已完成內部資訊系統升級，引入 SAP 系統，提 升了經營效率及透明度。本集團與南韓主要食品 製 造 商 Pulmuone Foods Group 訂 立 協 議， 出 售 北美洲主流業務及山水品牌業務的相關資產，僅 保留當地具盈利效益的進口飲品業務，從而集中 本集團的策略發展重心於其主要亞洲市場。 維他奶國際集團有限公司 二零一五╱一六年年報 11 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 The Operating Environment 經營環境 In 2015, amidst increasing competition, the beverage industry faced a number of headwinds including slowing global economic growth, softer consumer spending and higher operating costs. The economies of Hong Kong, Mainland China, Singapore and Australia, saw slower domestic growth, which impacted on the consumer confidence. Consumers were more cautious in their spending and market players deployed more tactful pricing actions. Retailers have intensified discounts and promotions to attract customers, placing pressure on margin. The depreciation of currency against the US dollar impacted the results of some operations when converted back to the Hong Kong dollar. 於二零一五年，除了市場競爭愈趨激烈，飲品行 業還面對多項不利因素，包括全球 經濟 增長放 緩、消費支出轉弱及經營成本上升。本集團各營 運市場，包括香港、中國內地、新加坡及澳洲的 本土經濟均增長緩慢，對消費者信心造成影響。 消費者在消費時更加謹慎，而業界亦採取更加靈 巧的價格策略。零售商加強折扣及 宣傳 吸引客 戶，令盈利率受壓。由於當地貨幣對美元匯率貶 值，影響部分業務以港幣計算的業績。 For Vitasoy, favourable commodity prices have had a positive impact on gross margin. The Group continued to benefit from the growing market demand for foods that are healthy, promotes wellness, and are sustainably produced. 對維他奶而言，有利的原材料價格對毛利率產生 正面影響。隨著消費者日漸追求健康及可持續生 產的食品，本集團繼續受惠於市場對營養產品日 益殷切的需求。 12 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 remains healthy. Key financial indicators, including revenue, gross profit margin and return on capital employed, reflect the solid position of the business. The following table presents the Group’s key financial highlights for the years ended 31st March, 2016 and 31st March, 2015: 本集團的財務狀況保持穩健。我們的主要財務指 標，其中包括收入、毛利率和資本回報率等，均 反映穩健的業務狀況。下表呈列本集團截至二零 一六年三月三十一日止及截至二零一五年三月 三十一日止年度之主要財務摘要： Year ended 31 March 截至三月三十一日止年度 2016 二零一六年 2015 二零一五年 Growth rate 增長率 5,552 2,826 51% 812 15% 531 460 5,052 2,511 50% 725 +10% +13% +1% point 百分點 +12% 14% 372 +1% point 百分點 +43% 372 +24% 16% 34% 35% 8% 35% 35% +8% points 百分點 –1% point 百分點 No change 無變動 Revenue (in HK$ million) Gross profit (in HK$ million) Gross profit margin EBITDA (Earnings before interest income, finance costs, income tax, depreciation and amortisation) (in HK$ million) 收入（港幣百萬元） 毛利（港幣百萬元） 毛利率 未計利息收入、融資成本、 所得稅、折舊及攤銷費用 前盈利（「EBITDA」） （港幣百萬元） EBITDA 佔銷售利潤率 EBITDA to revenue margin Profit attributable to equity 本公司股權持有人應佔 shareholders of the Company 溢利（港幣百萬元） (in HK$ million) Profit attributable to equity 本公司股權持有人應佔 shareholders of the Company 溢利（扣除中國內地和 北美洲若干附屬公司 確認遞延稅項資產及 有關出售北美洲主流 業務及山水品牌業務之 交易成本）（港幣百萬元） (net of deferred tax assets of certain subsidiaries in Mainland China and North America and transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America) (in HK$ million) Gearing ratio Return on capital employed Return on capital employed, 資本回報率（扣除有關 net of transaction cost 借貸比率 資本回報率 出售北美洲主流業務及 山水品牌業務之交易成本） related to the divestiture of the Mainstream Business and SAN SUI Business in North America Revenue 收入 The Group’s revenue grew +10% to HK$5,552 million (FY2014/2015: HK$5,052 million). Excluding the currency exchange impact, total revenue grew +13% to HK$5,703 million. During the year, all operating entities increased sales in terms of local currency, particularly in Mainland China, which had an impressive sales growth of +29% in Renminbi. 本 集 團 的 收 入 增 長 +10% 至 港 幣 5,552,000,000 元（ 二 零 一 四 ╱ 二 零 一 五 財 政 年 度： 港 幣 5,052,000,000 元）。倘不計及匯率因素之影響， 則 總 收 入 增 長 +13% 至 港 幣 5,703,000,000 元。 年 內， 以 當 地 貨 幣 計 算， 所 有 營 運 單 位 均 錄 得 銷量增長，尤其是中國內地錄得以人民幣計 算 +29% 的顯著銷量增長。 Gross Profit and Gross Profit Margin 毛利及毛利率 The Group’s gross profit for the year FY2015/2016 rose by +13% to HK$2,826 million (FY2014/2015: HK$2,511 million), mainly driven by the sales growth and improvement in gross profit margin. 本集團於二零一五╱二零一六財政年度的毛利增 長 +13% 至港幣 2,826,000,000 元（二零一四╱二 零一五財政年度：港幣 2,511,000,000 元），主要 由銷售增加及毛利率上升所帶動。 維他奶國際集團有限公司 二零一五╱一六年年報 13 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Gross profit margin further increased to 51% (FY2014/2015: 50%). This can be attributed to enhanced manufacturing efficiency as a result of increased volume. It also reflected favourable commodity prices, particularly for soya beans, packaging materials and crude oil. 毛利率進一步上升至 51%（二零一四╱二零一五 財政年度：50%），升幅是由於產量增加令生產 效率得以提升所致。此亦反映原材料價格有所回 落尤其是大豆、包裝物料及原油等原料。 Operating Expenses 經營費用 Total operating expenses increased by +11% to HK$2,254 million (FY2014/2015: HK$2,026 million), mainly owing to increased investment in brands and promotional programmes; higher staff costs and increased headcount, particularly in Mainland China to support the operation of the new Wuhan plant; and higher transportation and warehousing costs associated with sales growth. 總 經 營 費 用 增 加 +11% 至 港 幣 2,254,000,000 元（ 二 零 一 四 ╱ 二 零 一 五 財 政 年 度： 港 幣 2,026,000,000 元）， 主 要 由 於 投 資 品 牌 及 推 廣 活動等費用增加、員工人數增加，尤其是中國內 地，武漢新廠房開始營運須增添人手導致員工成 本上升、加上運輸及倉庫成本隨著銷售增長而上 升。 Marketing, selling and distribution expenses increased by +11% to HK$1,497 million (FY2014/2015: HK$1,345 million), which was the result of several marketing campaigns which reinforced our core brands and supported new product launches. There were also increased expenses for sales staff and sales commission costs, in line with volume growth and sales team expansion, particularly in Mainland China. Distribution and delivery costs in Mainland China also rose with the increase in sales volume. 市 場 推 廣、 銷 售 及 分 銷 費 用 增 加 +11% 至 港 幣 1,497,000,000 元（ 二 零 一 四 ╱ 二 零 一 五 財 政 年 度： 港 幣 1,345,000,000 元）， 是 由 於 強 化 核 心 品牌價值及推出新產品所引致的各項市場推廣活 動。隨著銷量增加及銷售團隊的擴大，尤其是中 國內地，銷售員工開支及銷售佣金等成本亦因而 上升，而中國內地銷量增加亦同時導致分銷及運 輸成本上漲。 Administrative expenses increased by +14% to HK$468 million (FY2014/2015: HK$411 million), reflecting inflationary adjustments on salary; rising headcount; increased depreciation charges associated with capital investment in recent years; and higher traveling and recruitment expenses, linked to increased headcount. 行 政 費 用 增 加 +14% 至 港 幣 468,000,000 元（ 二 零一四╱二零一五財政年度：港幣 411,000,000 元），由於薪金因應通脹而作出調整、員工人數 增加，加上近年資本投資相關的折舊開支上升以 及員工人數增加所涉及的公務旅費及招聘開支上 升。 Other operating expenses were at HK$289 million, versus HK$270 million for the same period last year. These expenses included the transaction cost of HK$16 million incurred during the year, related to the divestiture of the Mainstream Business and SAN SUI Business in North America. EBITDA EBITDA for the year was HK$812 million (FY2014/2015: HK$725 million), up by +12 %. The growth was mainly due to higher gross profit, despite being partly offset by increased marketing investment, higher operating costs for staff expenses, sales commission, transportation and warehousing. EBITDA to revenue margin for the year improved, increasing to 15% (FY2014/2015: 14%). 其他經營費用為港幣 289,000,000 元，去年同期 則為港幣 270,000,000 元。該等費用包括於年內 因出售北美洲主流業務及山水品牌業務所產生的 交易成本港幣 16,000,000 元。 未計利息收入、融資成本、所得稅、折舊 及攤銷費用前盈利（「EBITDA」） 年 內 的 EBITDA 仍 錄 得 港 幣 812,000,000 元（ 二 零一四╱二零一五財政年度：港幣 725,000,000 元）， 上 升 +12%， 主 要 由 於 毛 利 增 加， 但 市 場 推廣投資增加，僱員開支、銷售佣金、運輸及倉 庫成本等經營費用的上升，抵銷了部分毛利的增 幅。本年度 EBITDA 佔銷售利潤率有所改善，增 至 15%（二零一四╱二零一五財政年度：14%）。 14 Vitasoy International Holdings Ltd. Annual Report 2015/16 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Profit Before Taxation 除稅前溢利 With further reduction in net finance costs, prudent cash flow management and moderate growth in depreciation and amortisation charges, profit before taxation improved by +14% to HK$599 million (FY2014/2015: HK$524 million). Excluding the transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America, the profit before taxation from normal operation would have been HK$615 million, representing a growth of +17% compared to the previous year. 由於進一步降低融資成本淨額，審慎的現金流量 管 理， 而 折 舊 及 攤 銷 費 用 上 升 亦 較 溫 和， 令 除 稅 前 溢 利 上 升 +14% 至 港 幣 599,000,000 元（ 二 零一四╱二零一五財政年度：港幣 524,000,000 元）。倘不計及有關出售北美洲主流業務及山水 品牌業務之交易成本，則日常經營所產生之除 稅 前 溢 利 為 港 幣 615,000,000 元， 較 去 年 增 長 +17%。 Taxation 稅項 Income tax charge for the year was HK$34 million (FY2014/2015: HK$115 million) with an effective tax rate of 6% (FY2014/2015: 22%). The decrease was due to the recognition of deferred tax assets of certain subsidiaries in Mainland China and North America, amounting to HK$87 million. The effective tax rate, excluding the recognition of these deferred tax assets as mentioned, would have been 20%. Profit Attributable to Equity Shareholders of the Company With the improvement in operating profit, lower net finance costs, non-controlling interest charges and lower income tax charges, profit attributable to equity shareholders of the Company was HK$531 million, representing an increase of +43% (FY2014/2015: HK$372 million). Profit attributable to equity shareholders of the Company excluding the recognition of deferred tax assets of certain subsidiaries in Mainland China and North America and transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America was HK$460 million, representing a growth of +24% (FY2014/2015: HK$372 million). 年 內 所 繳 納 之 所 得 稅 為 港 幣 34,000,000 元（ 二 零一四╱二零一五財政年度：港幣 115,000,000 元），實際稅率為 6%（二零一四╱二零一五財政 年度：22%）。稅率降低是由於確認中國內地及 北美洲若干附屬公司共港幣 87,000,000 元的遞 延稅項資產所致。倘不計及確認該等遞延稅項資 產，則實際稅率為 20%。 本公司股權持有人應佔溢利 由於經營溢利上升，加上融資成本淨額、非控股 權益費用及所得稅費用等下降，本公司股權持有 人應佔溢利增加 +43% 至港幣 531,000,000 元（二 零一四╱二零一五財政年度：港幣 372,000,000 元）。倘不計及確認中國內地及北美洲若干附屬 公司的遞延稅項資產，及有關出售北美洲主 流 業務及山水品牌業務的交易成本，則本公司股 權 持 有 人 應 佔 溢 利 為 港 幣 460,000,000 元， 增 長 +24%（二零一四╱二零一五財政年度：港幣 372,000,000 元）。 Financial Position 財務狀況 We finance our operations and capital expenditure primarily through internally generated cash flows as well as banking facilities provided by our principal bankers. As of 31st March, 2016, our cash and bank deposits amounted to HK$273 million (31st March, 2015: HK$335 million). 14% and 69% of our cash and bank deposits were denominated in HKD and RMB respectively (31st March, 2015: 17% and 64%). As of 31st March, 2016, the Group had a net borrowing balance of HK$77 million (31st March, 2015: net cash balance of HK$177 million) and available banking facilities amounted to HK$1,036 million (31st March, 2015: HK$877 million) to finance future cash flow needs. 我們基本透過動用內部現金及主要來往銀行所提 供的銀行信貸額，融資營運和資本支出。於二零 一六年三月三十一日，我們的現金和銀行存款 為港幣 273,000,000 元（二零一五年三月三十一 日： 港 幣 335,000,000 元）。 當 中 14% 和 69% 的 現 金 和 銀 行 存 款 分 別 以 港 幣 和 人 民 幣 計 算（ 二 零一五年三月三十一日：17% 和 64%）。於二零 一六年三月三十一日，本集團的借貸淨額為港幣 77,000,000 元（二零一五年三月三十一日：現金 淨額港幣 177,000,000 元）及可供動用的銀行信 貸額為港幣 1,036,000,000 元（二零一五年三月 三 十 一 日： 港 幣 877,000,000 元）， 以 融 資 未 來 之現金流量需要。 維他奶國際集團有限公司 二零一五╱一六年年報 15 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 The Group’s borrowings (including obligations under finance lease) amounted to HK$350 million (31st March, 2015: HK$158 million). The borrowings comprised HKD denominated borrowings for HK$295 million, AUD denominated borrowings for HK$40 million, and RMB denominated borrowings for HK$15 million. Fixed rate borrowings amounted to HK$ 150 million with an effective interest rate of 2.06% and 7.50% for bank loans and obligations under finance lease respectively. 本 集 團 的 借 貸（ 包 括 融 資 租 賃 之 債 務）為 港 幣 350,000,000 元（ 二 零 一 五 年 三 月 三 十 一 日： 港 幣 158,000,000 元）。 借 貸 包 括 以 港 幣 計 值 的 港 幣 295,000,000 元 借 貸， 以 澳 元 計 值 的 港 幣 40,000,000 元 借 貸， 及 以 人 民 幣 計 值 的 港 幣 15,000,000 元 借 貸。 固 定 利 率 借 貸 為 港 幣 150,000,000 元， 實 際 利 率 分 別 是 銀 行 借 貸 的 2.06% 和融資租賃之債務的 7.50%。 The gearing ratio (total borrowings/total equity attributable to equity shareholders of the Company) reached 16% (FY2014/2015: 8%). The Group has begun to take on bank borrowings progressively to fund various capital projects for capacity expansion and the upgrade of existing facilities. 隨著本集團開始逐步提取銀行貸款，為多個擴展 產能及提升現有設施之資本項目提供資金，借貸 比率（按借貸總額與本公司股權持有人應佔權益 總額比率計算）為 16%（二零一四╱二零一五財 政年度：8%）。 The Group’s return on capital employed (ROCE) (EBITDA/ average non-current debt and equity) for the year was 34% (FY2014/2015: 35%). Excluding the transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America, the revised ROCE would have been 35%. The steady ROCE reflects the Group’s commitment to employing its capital efficiently, thereby generating greater value for shareholders. Capital expenditure incurred during the year increased to HK$714 million (FY2014/2015: HK$530 million). This was spent on the construction and acquisition of machinery for the new Wuhan plant; the expansion of production capacity; installation of high speed lines and addition of packaging lines in the Foshan plant in Mainland China; the upgrade of existing production machinery in Hong Kong, Shenzhen and Shanghai; and the upgrading of production and waste water treatment equipment in the North American operation. 本集團於年內的資本回報率（按 EBITDA 與平均 非流動債務及權益比率計算）為 34%（二零一四╱ 二零一五財政年度：35%）。倘不計及有關出 售 北美洲主流業務及山水品牌業務之交易成本，則 經修訂資本回報率為 35%。資本回報率穩健反映 本集團實踐有效運用資本的承諾，並為股東帶來 更高利益。 年內錄得的資本性支出增加至港幣 714,000,000 元（ 二 零 一 四 ╱ 二 零 一 五 財 政 年 度： 港 幣 530,000,000 元），用於興建武漢新廠房及購買機 器、擴展產能、為中國內地的佛山廠房安裝高速 生產線以及添置新包裝線、提升香港、深圳及上 海現有生產機器，以及為北美洲業務的生產及廢 水處理設備進行升級。 Assets with a carrying value of HK$71 million (31st March, 2015: HK$76 million) were pledged under certain loans and lease arrangements. 為若干貸款及租賃安排作抵押的資產，賬面值為 港幣 71,000,000 元（二零一五年三月三十一日： 港幣 76,000,000 元）。 Financial Risk Management 財務風險管理 The Group’s overall financial management policy focuses on controlling and managing risk, with transactions being directly related to the underlying businesses of the Group. For synergy, efficiency and control, the Group operates a central cash treasury management system for all 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 linked to uncertainties in interest rate movements. At the close of FY2015/2016, the Group entered into foreign exchange contracts to act as economic hedge against foreign currency fluctuations for the receipt of royalty income in Australian dollar from its Australian operation. As at 31st March, 2016, there was an unrealised exchange loss of HK$2.2 million exchange differences arising from these forward contracts charged to the income statement. 本集團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，本集 團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進行借貸， 為當地投資項目提供資金及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波動不明朗 有關。於二零一五╱二零一六財政年度年結日， 本集團訂立外匯合約，用以對沖來自澳洲業務所 收取以澳元計值之特許權收入的外匯波動。於二 零一六年三月三十一日，來自該等遠期合約之匯 兌差額中有港幣 2,200,000 元的未變現匯兌虧損 於收益表中扣除。 16 Vitasoy International Holdings Ltd. Annual Report 2015/16 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Sustainability Report 2.0 可持續發展報告 2.0 In Vitasoy’s Sustainability Report for FY2014/2015, the Group shared its progress in four key areas: Workplace Quality, Operating Practices, Environmental Protection and Community Involvement. In FY2015/2016, the Group has further evolved its Sustainability vision and framework to better integrate it with its business. The Sustainability Report 2.0 elaborates on how the newly evolved framework with a two-fold approach will take the Group through its future sustainability journey, giving details on key performance indicators and goals. The Sustainability Report 2.0 will be delivered to shareholders together with this Annual Report as a separate report. 在維他奶二零一四╱二零一五財政年度的可持續 發展報告中，本集團介紹四個主要工作範疇的進 展狀況：工作環境質素、營運慣例、環境保護及 社區參與。於二零一五╱二零一六財政年度，本 集團進一步推進可持續發展願景和框架，務求更 融合本身業務發展。可持續發展報告 2.0 闡述此 雙軌導向的新發展框架如何助本集團在未來可 持續發展的路上邁進，並詳述關鍵績效指標及目 標。獨立刊印的可持續發展報告 2.0 將連同本年 報一併寄予股東。 Potential Risk and Uncertainties 潛在風險及不明朗因素 During the year, the Group Internal Audit Department has implemented a phased improvement plan to further enhance the Group’s internal controls and risk management systems. The improvement plan aims to embed a risk management system in its day-to-day operations. During the risk management process, six clusters of potential risks were identified: reputation, strategy, market, liquidity, credit and operation. Following analysis of these potential risks, appropriate controls were established to mitigate risk occurrence, and a new risk management framework was developed. The new framework will be rolled-out at the Group Management functions and Company-level in Hong Kong during FY2016/2017. Details of the new risk management process were covered in the Risk Management section of the Corporate Governance Report in this Annual Report. 於本年度內，集團內部審計部推行一項分階段改 善計劃，以進一步加強集團的內部監控及風險管 理系統。改善計劃旨在於日常營運上加設風險管 理系統。在風險管理過程當中，識別了以下六類 潛在風險：信譽、策略、市場、流動資金、信貸 及營運。經分析該等潛在風險後，本集團已建立 適當監控措施以減低風險出現，並成立新的風險 管理架構。 新的風險管理架構將於二零一六╱二零一七財政 年度在集團管理功能部門以及集團旗下的香港公 司實施。新風險管理流程已詳載於本年報的企業 管治報告中風險管理一節內。 維他奶國際集團有限公司 二零一五╱一六年年報 17 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Review of Operations Mainland China 業務回顧 中國內地 Sustained strong sales and profit growth whilst enhancing capability and infrastructure for the future 銷售及溢利增長持續強勁，同時提升營運能 力及設施以作日後發展 2015 二零一六年 二零一五年 2016 2016 % Change 二零一六年 二零一五年 百分比變動 2015 Revenue from external customers (HK$ million) Profit from operations (HK$ million) Revenue from external customers (RMB million) Profit from operations (RMB million) 來自外間顧客之收入 （港幣百萬元） 經營溢利 （港幣百萬元） 來自外間顧客之收入 （人民幣百萬元） 經營溢利 （人民幣百萬元） 2,404 1,916 281 199 1,978 1,532 232 159 +25 +41 +29 +46 Group Contributions % 佔本集團貢獻百分比 43 37 38 31 The overall economic growth in Mainland China continued to slow down in 2015 and the competition in the beverage industry remained keen. Vitasoy China continued to strengthen the fundamentals of our VITASOY Classic Soymilk products whilst also innovating new products. In particular, we enriched our soymilk range with the new VITASOY HEALTH PLUS. It is a high-end soymilk drink that is a good source of nutrients with high protein, high calcium, low sugar and zero cholesterol. Meanwhile Vitasoy China continued to execute the “Go Deep Go Wide” strategy and drive sales growth in Southern, Central and Eastern China. It also enhanced its capability with a stronger sales and distribution infrastructure. 中國內地整體經濟增長於二零一五年持續放緩， 而飲品行業的競爭仍然劇烈。 維他奶中國繼續鞏固維他奶經典系列豆奶產品的 根基，並不斷創新產品。尤其是在豆奶系列中新 增維他奶健康 + 品牌豆奶，這款高級豆奶飲品營 養豐富、含高蛋白質及鈣質，而且低糖及零膽固 醇。 同時，維他奶中國持續執行「更深更廣」業務策 略，推動華南、華中及華東地區的銷售增長，並 以更強大的銷售及分銷網絡強化其營運能力。 In FY2015/2016, Vitasoy China completed the construction of its new Wuhan production facility. The new plant commenced production in the first quarter of FY2016/2017 and will support the Group’s development in Central China. 於二零一五╱二零一六財政年度，維他奶中國完 成興建武漢的新生產設施。新廠房於二零一六╱ 二零一七財政年度第一季投產，將支援本集團於 華中地區的業務發展。 During the fiscal year, Vitasoy China also upgraded its infrastructure and introduced a state-of-the-art SAP system to enhance operating efficiency, synergies and collaboration. The SAP system will help reinforce Vitasoy China team’s capabilities in sales and marketing as well as supply chain management from planning to execution. With favourable raw material prices and enhanced manufacturing efficiency due to higher sales volume, Vitasoy China recorded a remarkable improvement in gross profit margin. This contributed to improved operating profit performance. The average of 3% depreciation in Renminbi during the year has negatively impacted our results when reported in Hong Kong dollar. 於本財政年度內，維他奶中國亦提升其設施，引 入先進的 SAP 系統，提升營運效率及協同合作效 用。SAP 系統有助加強維他奶中國團隊的能力， 包括銷售、市場推廣、供應鏈管理等多方面由計 劃以至執行的過程。 由於受惠於有利的原材料價格，加上銷量增加令 生產效率提升，維他奶中國錄得顯著的毛利率增 長，從而改善經營溢利表現。 人民幣於年內平均貶值 3%，不利以港幣計算的 業績表現。 18 Vitasoy International Holdings Ltd. Annual Report 2015/16 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Hong Kong Operation (Hong Kong, Macau and Exports) Solid profit growth with strong execution and innovation 香港業務（香港、澳門及出口） 致力執行策略及創新產品，取得穩健溢利增長 2016 2015 二零一六年 二零一五年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2015 二零一六年 二零一五年 2016 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 2,070 380 2,049 355 +1 +7 37 50 41 55 In 2015, the retail sector showed a drastic year-on-year decline due to a significant drop in Mainland Chinese visitors and the inflation eased for the fourth consecutive year. 於二零一五年，由於中國訪港旅客數量顯著下 跌，加上通脹連續第四年放緩，導致零售業按年 大幅下滑。 Vitasoy Hong Kong results out-performed the industrial average through disciplined execution and its focus on core business and innovation. In the Soy category, a new product range was launched under the brand name VITASOY GO. It provides consumers with a convenient way to enjoy a nutritious product. The VITA Tea range remained the dominant leader in the overall ready-to-drink tea category. VITA Yuan Yang and VITA Milk Tea (stronger tea taste) were launched in FY2015/2016 as new products to complement the VITA Hong Kong Style range. Vitaland Services Limited faced challenges in the tuck shop business, mainly due to the drop in school numbers and fewer school days. Meanwhile, Hong Kong Gourmet Limited performed well with high lunch meal retention rate and improved efficiency. The Macau business recorded a moderate (+1.8%) sales growth, primarily owing to the weak economy and drop in number of tourists. The Export business was negatively impacted by the strengthening of US dollar. However, business growth was recorded in some overseas markets, such as Australia and Papua New Guinea. While sales only improved by +1%, profit from operations increased by a significant +7%, mainly due to the improved gross profit generated from increased manufacturing efficiency and favourable commodity costs of raw materials. 維他奶香港透過嚴格執行策略、專注發展核心業 務及創新產品，業績優於業界平均水平。 大豆品類方面，推出 VITASOY GO 品牌的全新產 品系列，為消費者提供一種方便美味的產品。 維他茶系列仍穩佔整體即飲茶品類的領導地位。 維他鴛鴦及維他奶茶（特濃茶味）於二零一五╱ 二零一六財政年度推出市場，為維他港式系列增 添新產品。 維他天地服務有限公司的小食部業務面對挑戰， 主要由於學校數目下降及上課日減少所致。與此 同時，香港美食有限公司的午膳訂購保持率仍然 高企，加上營運效率改善，故此表現理想。 澳門業務錄得 +1.8% 的溫和銷售增長，主要由於 經濟疲弱及遊客數目減少。 美元強勢令出口業務受到負面影響。然而，若干 海外市場如澳洲及巴布亞新幾內亞等仍錄得業務 增長。 雖然銷售收入增長僅為 +1%，但經營溢利顯著增 加 +7%，主要是由於生產效率提高及有利的原材 料價格令毛利上升。 維他奶國際集團有限公司 二零一五╱一六年年報 19 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 Modest growth with strong market position 增長溫和，市場地位穩固 2015 二零一六年 二零一五年 2016 2016 % Change 二零一六年 二零一五年 百分比變動 2015 Revenue from external customers (HK$ million) Profit from operation (HK$ million) Revenue from external customers (AUD million) Profit from operation (AUD million) 來自外間客戶之收入 （港幣百萬元） 經營溢利 （港幣百萬元） 來自外間客戶之收入 （澳元百萬元） 經營溢利 （澳元百萬元） 420 84 73.6 14.8 479 84 71.3 12.6 -12 – +3 +17 Group Contributions % 佔本集團貢獻百分比 8 11 9 13 In 2015, the Australian economy remained in growth at +2.5%; however, deflation affected manufacturers in the food and beverage industry. The plant milk category continued to show healthy growth, driven by the segments of Almond Milk and Coconut Milk. Meanwhile, the Soy, Rice and Oat segments declined due to a consumption shift. Vitasoy Australia grew ahead of the market average in terms of value and volume, increasing its market leading share in the plant milk segment. 於 二 零 一 五 年， 澳 洲 經 濟 維 持 +2.5% 增 長； 然 而，通縮影響食品及飲品製造商的表現。 受惠於杏仁奶及椰子奶產品，植物奶品類繼續穩 健增長。與此同時，由於消費模式改變，大豆、 大米及燕麥品類銷量同告下降。 維他奶澳洲在銷售額及銷量方面均領先市場平均 水平，並擴大在植物奶品類的市場領導份額。 Throughout the year, Vitasoy Australia continued to support its plant milk portfolio with a new campaign that highlighted its Australian-grown soy products. 維他奶澳洲在年內推出了新一輪宣傳活動，強調 澳洲本土種植的大豆產品，藉以持續推動其植物 奶品類產品系列。 In addition, Vitasoy Australia expanded into the Almond Milk segment with two variants – Original and Unsweetened. The new product launch was supported by a strong national TVC campaign and sampling activities. 此外，維他奶澳洲以原味及無糖杏仁奶兩款產品 進入該品類市場，更以大型全國性電視廣告以及 透過試飲活動等配合新產品的推出。 Improved manufacturing efficiency and prudent cost control enabled Vitasoy Australia to improve margin and accelerate profit growth during FY2015/2016. 於二零一五╱二零一六財政年度，由於生產效率 得以改善及審慎控制成本，維他奶澳洲的盈利率 增加，溢利亦加速增長。 Yearly results reported in terms of Hong Kong dollar were adversely impacted by the weakened Australian dollar, which depreciated an average of 15% compared with last fiscal year. 由於疲弱的澳元較上個財政年度平均貶值 15%， 拖累以港幣計算的年度業績。 20 Vitasoy International Holdings Ltd. Annual Report 2015/16 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 Singapore 新加坡 Expanded market share with accelerated trade activation 增加促銷活動，加大市場份額 2015 二零一六年 二零一五年 2016 2016 % Change 二零一六年 二零一五年 百分比變動 2015 Revenue from external customers (HK$ million) Profit from operation (HK$ million) Revenue from external customers (SGD million) Profit from operation (SGD million) 來自外間客戶之收入 （港幣百萬元） 經營溢利 （港幣百萬元） 來自外間客戶之收入 （坡元百萬元） 經營溢利 （坡元百萬元） 106 11 18.9 2.0 86 8 14.4 1.4 +23 +38 +31 +43 Group Contributions % 佔本集團貢獻百分比 2 2 2 1 Singapore’s gross domestic product (GDP) grew by +2%, the weakest growth reported in the last five years. As consumers were more cautious about their spending, retailers launched more price discounts and promotions in an effort to generate volume. Against a backdrop of price-conscious consumption sentiment, Vitasoy Singapore recorded a modest top line growth (+1%) in tofu sales, in terms of local currency. The overall business grew +23% (+31% in local currency), i n c l u d i n g t h e b u s i n e s s o f i m p o r t e d b e v e r a g e . I n FY2015/2016, Vitasoy Singapore began to handle the imported VITASOY beverage business in order to better execute it in the market. As we have launched VITASOY Premium Tofu in last fiscal year, we integrated the beverage business with the tofu one. During the year, we continued to invest in marketing activities with dedicated channel promotions and consumer sampling activities. We maintained our No.1 market share position in the tofu category. The new premium tofu range under the brand name of VITASOY was well-received. The VITASOY Premium Organic Tofu complements the UNICURD brand, and provides consumers with a more sophisticated portfolio to choose from. It has helped fortify the brand equity of the imported VITASOY beverages. 新加坡的國內生產總值上升 +2%，是過去五年最 低的增幅。由於顧客消費更加審慎，零售商為推 動銷量，紛紛增加折扣及推廣價。 在消費者著重價格的氣氛下，維他奶新加坡的豆 腐銷售額錄得溫和增長 +1%（以當地貨幣計算）。 整體業務增長 +23%（以當地貨幣計算為 +31%）， 其中包括進口飲品業務。於二零一五╱二零一六 財政年度，維他奶新加坡開始經銷進口維他奶飲 品，得以更有效執行產品推廣。上一財政年度推 出了維他奶高端豆腐，因此以維他奶為品牌的豆 腐與飲品業務得以併合。 年內，我們繼續投資於銷售渠道推廣及顧客試食 活動等市場推廣活動，並於豆腐品類繼續保持市 場第一之領先地位。 維他奶品牌的全新高端豆腐系列深受消費者歡 迎。UNICURD 品牌豆腐加入維他奶高端有機豆 腐，更能為消費者提供多樣化的產品組合選擇， 進一步鞏固進口維他奶飲品的品牌價值。 維他奶國際集團有限公司 二零一五╱一六年年報 21 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 The export tofu business registered a strong performance (+16% in terms of local currency), with sales growth in key markets in Europe and Asia. Significant drivers were Silken Tofu, Pressed Tofu and Tau Kwa. 出口豆腐業務表現相當理想（以當地貨幣計算為 +16%）， 於 歐 亞 主 要 市 場 的 銷 售 均 有 所 增 長。 嫩滑豆腐、板豆腐及豆干均為主要的銷售增長產 品。 T h e h e a l t hy s a l e s g r o w t h t o g e t h e r w i t h s t r i n g e n t management control in expenses has led to a stronger growth in profit from the operations. The impact of depreciation of the Singapore dollar against the US dollar was offset by some favourable raw material prices in the fiscal year. Yearly results have been negatively impacted by a weakened Singapore dollar, which depreciated an average of 7% over the course of the year. 穩健的銷售增長，加上嚴格管控開支，均帶動經 營溢利強勁增長。 於本財政年度，坡元兌美元貶值的影響被若干有 利的原材料價格所抵銷。坡元全年平均貶值7%， 坡元疲弱影響以港元計算的年度業績。 22 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 Completion of strategic review and divestiture of Mainstream Business and SAN SUI Business 完成策略檢討並出售主流業務及山水品牌 業務 2016 2015 二零一六年 二零一五年 HK$ million HK$ million % Change 港幣百萬元 港幣百萬元 百分比變動 2015 二零一六年 二零一五年 2016 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 552 (33) 522 +6 (1) N/A 不適用 10 – 10 – During the year, the Group carried out a strategic review of its North American business to identify a structural improvement in profitability. After a thorough study, it was concluded that the divestiture of its Mainstream Business and SAN SUI Business in North America would enable the Group to focus on accelerating the growth of its core business, and support further expansion into other markets. As announced by the Company on 24th March, 2016, the Group entered into an Asset Purchase Agreement with Pulmuone Foods Group, a leading food manufacturer in South Korea, to sell certain assets of the North American business that related to the Mainstream Business and SAN SUI Business in North America. Vitasoy USA will continue to operate its Asian imported beverage business in North America after the transaction. The consideration of the assets concerned is US$50 million, subject to the net working capital adjustment. The Group is expected to record an estimated gain of approximately US$19.8 million (before relevant taxes) in FY2016/2017. The proceeds will be invested back into the development of the Group’s core operating markets. 年內，本集團對北美洲業務進行策略檢討，並從 結構上改善盈利能力。經全面檢討後，決定出售 北美洲主流業務及山水品牌業務，使本集團專注 於加快其核心業務的增長，並進一步開拓其他市 場。 誠如本公司於二零一六年三月二十四日所公佈， 本集團與南韓主要食品製造商 Pulmuone Foods Group 訂立資產購買協議，出售與北美洲主流業 務及山水品牌業務有關的北美洲業務若干資產。 維他奶美國在交易完成後將繼續於北美洲經營亞 裔 進 口 飲 料 業 務。 有 關 資 產 代 價 為 50,000,000 美元，惟須作出營運資金淨額調整。本集團預期 於二零一六╱二零一七財政年度錄得估計收益約 19,800,000 美元（扣除相關稅項前）。所得款項 將用於投資發展本集團核心營運市場。 In FY2015/2016, the total combined Vitasoy USA net sales in North America recorded a modest year-on-year growth, with a strong performance in its total Tofu sales (+7%). 於二零一五╱二零一六財政年度，維他奶美國的 豆腐總銷售額表現強勁 (+7%)，其於北美洲綜合 產品總銷售淨額亦錄得溫和按年增長。 Vitasoy USA outperformed the category in terms of dollar sales, which was led by a strong double digit growth in NASOYA Tofu Baked. As a result, it continued to grow its share and maintained the leading share in Mainstream Channel Tofu market. The imported beverage business continued its dominant market position in Asian Channel, but recorded a slight sales decline in the year owing to a change of distributors and hiccups in product supply. Higher manufacturing cost and the cost associated with the divestiture of assets related to Mainstream Business and SAN SUI Business in North America have negatively impacted the profitability of the operation, resulting in a net operating loss for the full year of FY2015/2016. Excluding the divestiture transaction cost, the loss from Vitasoy USA would be HK$17 million. 由於 NASOYA 烘烤豆腐錄得強勁雙位數增長，維 他奶美國按銷售金額計算在該豆腐類別中表現出 色。因此，維他奶美國的市場份額繼續增加，並 在主流銷售渠道豆腐市場中穩佔領導地位。 進口飲料業務繼續主導亞裔市場，但由於更換分 銷商及產品供應出現輕微問題，導致年度銷售輕 微下跌。 由於生產成本增加及有關出售與北美洲主流業務 及山水品牌業務有關資產的成本對營運的盈利能 力帶來負面影響，導致二零一五╱二零一六財政 年度全年 出現經營虧損淨額。扣除上述出售之交 易 成 本， 維 他 奶 美 國 的 虧 損 為 港 幣 17,000,000 元。 維他奶國際集團有限公司 二零一五╱一六年年報 23 GROUP CHIEF ExECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 General Outlook 整體展望 It is anticipated that the business environment in FY2016/2017 will be similar to that of FY2015/2016 with potentially even softer economic and retail sentiment in our operating markets. Looking forward, we shall keep a laser- sharp attention to productivity, efficiency and cost control. We stay focused on building our fundamentals, strengthening our competitive position and our core offerings with Taste, Nutrition and Sustainability. We shall pursue growth and expansion through Execution, Expansion and Innovation. Each of the geographical markets will continue to launch and execute brand new innovation on the core business in the coming year. Given the uncertain economic environment, it will also continue to improve manufacturing efficiency and product mix, upgrade infrastructure, and carefully manage operating costs, in order to deliver a profitable growth. 預期二零一六╱二零一七財政年度的營商環境將 與二零一五╱二零一六財政年度相若，而我們的 營運市場可能會面對更疲弱的經濟及零售氣氛。 展望未來，我們將更注重生產力、效率和成本控 制，繼續致力於建立基本要素，鞏固競爭地位和 提供美味、營養及可持續發展的核心產品，並透 過「執行、擴展及創新」繼續追求業務增長及擴 展。來年，我們將在各地區市場的核心業務上推 出新產品及執行品牌創新。鑒於經濟環境的不明 朗，本集團亦會繼續提升生產效率、優化產品組 合、提升配套設施，並審慎管理經營成本，從而 帶來盈利增長。 Mainland China 中國內地 Vitasoy China will continue its “Go Deep Go Wide” strategy. The new Wuhan plant, which is located in Central China, will further support Vitasoy China’s business growth in the market. 維他奶中國將繼續推行「更深更廣」策略。位於 華中地區的新武漢廠房將為維他奶中國的業務發 展提供更有力的支援。 The business will further grow VITASOY platform with the new VITASOY HEALTH PLUS. It will continue to innovate in its product offerings to meet different consumer needs. 我們將以全新推出的維他奶健康 + 品牌進一步發 展維他奶平台，亦將繼續創新產品，迎合不同消 費者的需要。 Vitasoy China will continue to enhance its operating efficiency and capabilities. The new manufacturing plant in Wuhan will support expansion, whilst the advanced SAP system will help create synergies among operations and enhance operational and financial management standards. Hong Kong Operation (Hong Kong, Macau and Exports) Vitasoy Hong Kong will further strengthen its leading market position through product and marketing innovation in its core categories. In FY2016/2017, the Group will innovate in its core Soy range. In recent months, we have launched the new VITASOY Black Soymilk and a new variant of VITASOY GO “Dark Chocolate Waffle” Drink, as well as revamped the packaging of CALCI-PLUS Soymilk. 維他奶中國將繼續提升其營運效率及能力。武漢 新廠房的成立將有助業務擴展，而先進的 SAP 系 統將促進營運單位間的協同效應，並提升營運及 財務管理水平。 香港業務（香港、澳門及出口） 維他奶香港將透過核心品類的產品及創新的市場 推廣，進一步鞏固市場領導地位。 於二零一六╱二零一七財政年度，本集團將創新 其核心大豆產品系列。我們近期已推出全新維他 奶黑豆奶及 VITASOY GO「黑朱古力窩夫味」新飲 品，並為鈣思寶豆奶換上新包裝。 Vitasoy Hong Kong will further strengthen its Hong Kong Style range with the newly launched VITA Coffee. 維他奶香港以新推出的維他「啡走」，進一步壯大 其港式產品系列。 While the challenges of high wages and shortage of labour supply persist, Vitasoy Hong Kong continues to enhance its automaton and operational efficiency to overcome these difficulties. 由於工資高企及勞工短缺等問題持續，維他奶香 港將繼續提升自動化生產及提高營運效率，以解 決這些問題。 24 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 The plant milk market is expected to grow beyond soy-based drinks as consumers become more health conscious and look for functional attributes of plant milk. Nutrition and taste remain the key drivers of VITASOY product portfolio. Vitasoy Australia will continue to invest behind its full portfolio with the recent launches into the segments of Coconut Milk and Almond Milk. 由於消費者越趨注重健康及追求植物奶的功能效 用，預期植物奶市場增長會較豆類飲品迅速。 營養和美味仍是維他奶產品組合的主要銷售賣 點。維他奶澳洲將繼續投資整體產品組合，最近 更推出椰子奶及杏仁奶品類產品。 Singapore 新加坡 Vitasoy Singapore will drive sales growth through store excellence and by scaling up VITASOY brand equity. 維他奶新加坡透過優化零售店推廣及提高維他奶 品牌價值，從而帶動銷售增長。 While labour recruitment is a concern, Vitasoy Singapore will continue to explore different means to improve operational efficiency and profitability. 為應付勞工招聘問題，維他奶新加坡將繼續尋找 不同方法改善營運效率及盈利能力。 North America 北美洲 After the divestiture of its Mainstream Business and SAN SUI Business in North America, Vitasoy USA will focus on driving sales growth of its imported beverage business in Asian Channel. 在出售北美洲主流業務及山水品牌業務後，維他 奶美國將專注於推動亞裔市場的進口飲料業務的 銷售增長。 Conclusion 總結 In FY2015/2016, the core business has been accelerating the Group’s growth on both the top line and bottom line. Growth was broad across all core geographies. Looking forward, we will continue to implement our strategy and business model to deliver our vision to expand Taste, Nutrition and Sustainability to the communities we serve. Our ability to deliver these encouraging results attests to our continuous focus on product quality, market leading innovation, and excellent customer and consumer dedication by all of our teams. We would like to thank all of our colleagues for their energy and efforts in contributing to another year of progress for the Group. We also wish to thank our Executive Chairman and our Board of Directors for their valuable guidance and ongoing support. 於二零一五╱二零一六財政年度，核心業務加速 本集團收入及溢利的增長，而所有核心營運地區 均見有所增長。展望將來，我們將繼續執行策略 及業務模式，將美味、營養及可持續發展的願景 推廣至我們所服務的社區。 我們能夠取得令人鼓舞的業績，有賴團隊上下重 視產品質量，帶領市場創新，以及竭誠為顧客及 消費者提供優質服務。我們謹此向全體同事為本 集團本年的佳績所付出的精神及努力衷心致謝。 我們亦謹此感謝執行主席及董事會寶貴的指導及 不斷的支持。 Roberto Guidetti Group Chief Executive Officer 23rd June, 2016 陸博濤 集團行政總裁 二零一六年六月二十三日 維他奶國際集團有限公司 二零一五╱一六年年報 25 26 Vitasoy International Holdings Ltd. Annual Report 2015/16 AWARDS AND RECOGNITIONS 嘉許及表揚 Major Awards of Vitasoy International Holdings Limited from 1st April, 2015 to the Date of this Annual Report 維他奶國際集團有限公司於二零一五年四月一日 至本年報日期止所獲主要獎項 Corporate 企業 “CAPITAL ECO Enterprise 2015” by CAPITAL Magazines. 《資本雜誌》 – 「卓越環 • 商企業大獎 2015」。 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. 獲世界綠色組織及香港北區青年商會頒發「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。 “Metro Awards for Eco-Business 2015” by Metro Daily and Metro Prosperity. 《都市日報》及《都市盛世》 – 「都市環保企業獎 2015」。 “The HKIoD Symbol of Credit in Director CPD” awarded by The Hong Kong Institute of Directors. 獲香港董事學會頒發「董事持續專業進修嘉許標誌」。 “Consumer Caring Scheme 5 years” 2016 awarded by GS1 Hong Kong. 獲香港貨品編碼協會頒發 2016 年度「貼心企業五年賞」。 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 Corporate Communications and External Relations Award” in “Quamnet Outstanding Enterprise Awards 2015” organised by Quamnet. 華富財經主辦之「華富財經傑出企業大獎 2015」中獲「傑出企業傳訊及對外關係獎」。 “Century Food Brand Awards” from Hong Kong Food Council. 獲香港食品委員會頒發「百年食品品牌」。 維他奶國際集團有限公司 二零一五╱一六年年報 27 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 of “Walk Up Jardine House” organised by Jardine Group. 於怡和集團主辦的籌款活動「齊步上怡廈」中奪得商業夥伴男子組冠軍。 Mainland China 中國內地 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Co., Limited was recognised as an “Outstanding EcoPartner” in the “BOCHK Corporate Environmental Leadership Award” organized by the Federation of Hong Kong Industries and Bank of China Hong Kong. 深圳維他（光明）食品飲料有限公司在香港工業總會及中銀香港舉辦的「中銀香港企業環保 領先大獎 2015」中獲得「環保傑出夥伴」。 28 Vitasoy International Holdings Ltd. Annual Report 2015/16 AWARDS AND RECOGNITIONS 嘉許及表揚 Vitasoy (Foshan) Company Limited was recognised as an “Outstanding EcoPartner” in the BOCHK Corporate Environmental Leadership Award organised by the Federation of Hong Kong Industries and Bank of China Hong Kong. 維他奶（佛山）有限公司在香港工業總會及中銀香港舉辦的「中銀香港企業環保領先大獎」中 評為「環保傑出夥伴」。 Vitasoy (Foshan) Company Limited was nominated by the Food and Drug Administration of Nanhai District, as one of the “demonstration units for food safety in Foshan area in 2015”. 維他奶（佛山）有限公司被佛山南海區食品藥品監督管理局評選為「2015 年南海區食品安全生產示範單位」之一。 Vitasoy (Shanghai) Company Limited was recognised by the Office for Social Security Management Committee of Songjiang District as a “safety demonstration unit in 2015 in Shanghai city”. 維他奶（上海）有限公司獲上海市松江區社會治安綜合治理委員會辦公室評為「2015 年度上海市平安示範單位」。 Vitasoy (Shanghai) Company Limited was recognised by Zhongshan Office of Songjiang District in Shanghai as an “Outstanding Foreign Enterprise” in Songjiang District, and awarded the “Outstanding Contribution Award”, “Best Value Award”, and “Outstanding Progress Award” in 2015. 維他奶（上海）有限公司獲上海市松江區中山街道評為 2015 年松江區中山街道「優秀外資企業」、並獲得「傑出貢 獻獎」、「最佳效益獎」及「特別進步獎」。 Vitasoy (Shanghai) Company Limited was recognised by the Songjiang District People’s Government in Shanghai as an “Advanced Manufacturing Enterprises” and one of the “top 15 Foreign Enterprises” in Songjiang District, and received the “Economic Contribution Award” in 2015. 維他奶（上海）有限公司獲上海市松江區人民政府評為 2015 年松江區「先進製造企業」及「外資企業十五強」之一， 並獲頒「經濟貢獻獎」。 Singapore 新加坡 VITASOY was endorsed as “Tasty Singapore Brand Ambassador” by International Enterprise Singapore (IE Singapore). 維他奶成為新加坡國際企業的「美味新加坡品牌大使」。 “Food Safety Awards” by Agri-Food & Veterinary Authority of Singapore (AVA). 獲新加坡農業食品及動物安全局 (AVA) 頒發「食物安全獎」。 VITASOY was voted by readers of Singapore Women’s Weekly as the best soy drink and gained the “Domestic Diva Award”. 《 新 加 坡 婦 女 週 刊》舉 辦 的 讀 者 投 票 選 出 維 他 奶 為 最 佳 大 豆 飲 料， 並 獲 得「Domestic Diva Award」。 維他奶國際集團有限公司 二零一五╱一六年年報 29 AWARDS AND RECOGNITIONS 嘉許及表揚 Brand 品牌 VITASOY – Hong Kong 維他奶 – 香港 “2014-15 Yahoo! Emotive Brand Award – Food & Beverage Category” by YAHOO! Hong Kong. 獲雅虎香港頒發「2014-15 Yahoo! 感情品牌大獎 – 飲料及食品類別」。 One of the “Top 10 Favourite Brands” in the “Wellcome 16th Favourite Brand Awards 2015” by Wellcome Supermarket. 在惠康超級市場主辦之「惠康第 16 屆超市名牌選舉 2015」中獲選為「十大超市名牌」之一。 “Touch Brands Award” by East Touch Magazine. 獲《東 Touch》雜誌頒發「Touch 品牌獎項」。 One of the “Top Ten Excellence Brands”, “Super Supermarket Brand” as well as “Star Supermarket Brand (Milk Category)” in Park’N Shop Super Brands Awards by Park’N Shop. 在百佳超級市場主辦之「百佳卓越品牌大賞」中獲頒發「十大超卓品牌」、「至尊超市品牌」及 「星級超市品牌（奶類）」。 The “Markies Award 2016 – Best Idea Consumer Engagement Award” by MARKETING Magazine. 獲《MARKETING》雜誌頒發「Markies 獎 2016 – 最佳創意消費者參與獎」。 VITA – Hong Kong維他 – 香港 One of the “Top Ten Excellence Brands”, “Super Family Brand”, and “Star Supermarket Brand (Ready-to-drink Tea Category)” in “Park’N Shop Super Brands Awards” by Park’N Shop. 在百佳超級市場主辦之「百佳卓越品牌大賞」中獲頒發「十大超卓品牌」之一、「至尊家庭品 牌」及「星級超市品牌（即飲茶類飲品）」。 30 Vitasoy International Holdings Ltd. Annual Report 2015/16 AWARDS AND RECOGNITIONS 嘉許及表揚 CALCI-PLUS – Hong Kong 鈣思寶 – 香港 “Outstanding Category Performance Award – Drinks” in the “Wellcome 16th Favourite Brand Awards 2015” by Wellcome Supermarket. 在惠康超級市場主辦之「惠康第 16 屆超市名牌選舉 2015」中獲「出類拔萃獎 – 飲品」。 VLT – Hong Kong 維他檸檬茶 – 香港 One of the “Top 10 Favourite Brands” in the “Wellcome 16th Favourite Brand Awards 2015” by Wellcome Supermarket. 在惠康超級市場主辦之「惠康第 16 屆超市名牌選舉 2015」中獲選為「十大超市名牌」之一。 “Touch Brands Award” by East Touch Magazine. 獲《東 Touch》雜誌頒發「Touch 品牌獎項」。 VITA Chrysanthemum Tea – Hong Kong 維他菊花茶 – 香港 One of the “Top 10 Favourite Brands” in the “Wellcome 16th Favourite Brand Awards 2015” by Wellcome Supermarket. 在惠康超級市場主辦之「惠康第 16 屆超市名牌選舉 2015」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 “Best Idea of Launch – Silver Award” and “Best Idea of Customer Acquisition – Bronze Award” in the “Markies Award 2015” by MARKETING Magazine. 在《MARKETING》雜誌舉辦的「Markies 獎 2015」中獲「最佳發佈獎 – 銀獎」及「最 佳概念 – 客戶贏取 – 銅獎」。 “TVB Most Popular TV Commercial Awards 2015 – Most Popular TV Commercial” by Television Broadcasts Limited. 獲電視廣播有限公司頒發「2015 TVB 最受歡迎電視廣告大獎 – 最受歡迎電視廣告」。 維他奶國際集團有限公司 二零一五╱一六年年報 31 AWARDS AND RECOGNITIONS 嘉許及表揚 “Hong Kong Effie Awards 2015 – Alcoholic Beverages/Non-alcoholic Beverages Category (Bronze)” by The Association of Accredited Advertising Agencies of Hong Kong (HK4As). 於香港廣告商會主辦之 「2015 EFFIE 廣告效益大獎」中榮獲「酒精飲品╱非酒精飲品類銅獎」。 “Excellence in Launch / Relaunch Marketing (Silver)” and “Excellence in Advertising (Silver)” in “Marketing Excellence Awards 2015” by MARKETING Magazine. 由《MARKETING》雜誌舉辦的「最佳市場推廣獎 2015」中獲「最佳產品發佈╱重新發佈營銷 ( 銀獎 )」及 「最佳廣告 ( 銀獎 )」。 “Touch Brands Award” by East Touch Magazine. 獲《東 Touch》雜誌頒發「Touch 品牌獎項」。 VITA HK Style Yuan Yang – Hong Kong 維他港式鴛鴦 – 香港 “Rising Star” in the “Wellcome 16th Favourite Brand Awards 2015” by Wellcome Supermarket. 在惠康超級市場主辦之「惠康第 16 屆超市名牌選舉 2015」中獲選為「最具潛力品牌」。 32 Vitasoy International Holdings Ltd. Annual Report 2015/16 維他奶國際集團有限公司 二零一五╱一六年年報 33 CORPORATE GOVERNANCE REPORT 企業管治報告 Vitasoy International Holdings Limited (the “Company”) is firmly committed to a high level of corporate governance and adherence to the governance principles and practices emphasising transparency, independence, accountability, responsibility and fairness. These principles and practices are reviewed and revised regularly as appropriate to reflect the ever changing regulatory requirements and corporate governance development. The Board of Directors (the “Board”) believes that the high standards of corporate governance is the essential core for sustaining Vitasoy Group’s long term performance and value creation for our shareholders, the investing public and the other stakeholders. 維他奶國際集團有限公司（「本公司」）堅守高水 平的企業管治，並時刻遵守注重具透明度、獨立 性、問責、負責與公平之管治原則及常規。本公 司定期在適當時候檢討及修訂該等原則及常規， 以反映不斷轉變的監管規定及企業管治發展。董 事會相信，高標準的企業管治對維他奶集團維持 長遠表現，以及為各股東、公眾投資者及其他持 份者創造價值而言乃不可或缺的關鍵元素。 Corporate Governance Practices 企業管治常規 The Company has, throughout the year ended 31st March, 2016, complied with the code provisions set out in the Corporate Governance Code (the “CG Code”) contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). 本公司於截至二零一六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. However, full delegation is not allowed for some specific matters under the Companies Ordinance, the Listing Rules, the CG Code or other regulatory requirements, and the final decisions on those specific matters are required to be taken by the whole board. A defined schedule of matters reserved for Board decisions has been adopted by the Board as follows: 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。董事會委任本公司之執行董事及高層管理 人員負責管理公司日常事務。然而，公司條例、 上市規則、企業管治守則或其他規管要求規定， 部分特定事項不允許全權委託他人負責，並須由 全體董事會成員共同作出最終決定。董事會已採 納如下明確之事項表，列載須待董事會作出決定 之事項： Corporate Governance Practices and Significant Financial Transactions 企業管治常規 及重大財務交易 • Code and policies of Corporate Governance Practices 企業管治常規守則及政策 • Material business merger, acquisition and divestiture 重大業務合併、收購及出售 • Significant investment and joint venture formation 主要投資及成立合營企業 • Notifiable and connected transactions 須予公佈及關連交易 • Provision of significant guarantee or indemnity 提供重大擔保或彌償保證 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 Matters reserved for the Board Decisions 須待董事會作出 決定之事項 Long-term Strategic Plan and Annual Budget 長期發展策略及 年度預算 Appointment of Director and Company Secretary, and approval of Share Option Plans 委任董事及公司秘書， 並批准購股權計劃 34 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 The Board strives 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. Strategic planning is one of the Board’s important functions for aligning mission and vision and a lot of focus and attention have 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 2018/2019 in September 2015. The Board takes a proactive role in reviewing and updating the Strategic Plans periodically in response to changes in the macro economic and business environment. The Board plays a leading role for risk oversight in shaping the Company’s risk appetite and ensure a proper risk management framework is in place. Recognising the increasing challenges for the Board in risk oversight, Management has engaged an independent consultant to identify the risk management objectives and develop a structured risk management framework to manage risks. The Board has formally adopted the Company’s risk management framework in January 2016. 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。發展策略已成為董事會實踐使命和願景的 重要職能，因而董事會會非常注重及關注發展策 略。 發 展 策 略 一 般 涵 蓋 三 年。 董 事 會 已 於 二 零 一五年九月採納截至二零一八╱二零一九財政年 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。 董事會在風險監察一環中發揮領導作用，除了確 立本公司之風險取向，亦確保已建立適當之風險 管理架構。管理層意識到董事會於 風險監察上面 臨的挑戰與日俱增，故已委聘一名獨立顧問鑒識 風險管理目標及制定有系統之風險管理架構，從 而進行風險管理。董事會已於二零一六年一月正 式採納本公司之風險管理架構。 Board Composition 董事會組成 Board of Directors 董事會 Mr. Winston Yau-lai LO 羅友禮先生 Dr. the Hon. Sir David Kwok- po LI 李國寶爵士 Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Valiant Kin-piu CHEUNG 張建標先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Executive Chairman 執行主席 Independent Non-executive Director 獨立非 執行董事 Independent Non-executive Director 獨立非 執行董事 Independent Non-executive Director 獨立非 執行董事 Independent Non-executive Director 獨立非 執行董事 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Roberto GUIDETTI 陸博濤先生 Non-executive Director 非執行董事 Non-executive Director 非執行董事 Executive Director and Group Chief Executive Officer 執行董事暨集團 行政總裁 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. 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。 維他奶國際集團有限公司 二零一五╱一六年年報 35 CORPORATE GOVERNANCE REPORT 企業管治報告 Analysis of Directors’ skills, knowledge and experience 董事之技能、知識及經驗分析 General management 整體管理 Financial, accounting and audit 財務、會計及審計 Legal 法律 Food Technology 食品科技 Banking 銀行 1 2 1 2 6 * Three out of five are/were directors of both local and overseas listed companies 五名董事當中，三名董事現時╱曾經同時於本 地及海外上市公司擔任董事 The Independent Non-executive Directors represent half of the Board which far exceeds the Listing Rules requirement for one-third. 獨立非執行董事佔董事會人數之二分之一，遠高 於上市規則規定三分之一的要求。 Board Composition 董事會組成 Two Executive Directors (ED) 兩名執行董事 Two Non-executive Directors (NED) 兩名非執行董事 Four Independent Non-executive Directors (INED) 四名獨立 非執行董事 25 ﹪ 25 ﹪ 50 ﹪ * INED: at least one-third of the Board 獨立非執行董事：至少佔董事會人數之三分之一 The Company has received, from each of the Independent Non-executive Directors, an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all of the Independent Non-executive Directors are independent. 本公司已收到各獨立非執行董事根據上市規則第 3.13 條就其身份之獨立性發出之週年確認書。本 公司認為各獨立非執行董事確為獨立人士。 36 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 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. Board 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, 2016, progress in achieving the objectives are: 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。於截至二零一六年三月 三十一日止年度內，達致該等目標之進度如下： Gender 性別 Female representation during the year of 2015/2016 was 25%, which has been progressing to attain the target of “more than 25%” set for the year of 2019/2020. 於二零一五╱二零一六年度，女性代表達到 25%， 正 逐 步 邁 向 二 零 一 九 ╱ 二 零 二 零 年 度 「高於 25%」之目標。 (According to the Stock Exchange’s 2012 statistics, women hold 10.3% of the total directorships on Hong Kong listed issuers’ boards. On average, a large-cap or small-cap issuer’s board has 0.93 women.) （根據聯交所二零一二年之統計數據，女性佔香港上 市發行人董事會總人數之10.3%。平均而言，每名 大型股或小型股發行人之董事會佔有0.93名女性。） Age 年齡 Average age of the board members during the year of 2015/2016 was 70, average age will be reduced to attain the target with the appointment of younger directors over the years. 於二零一五╱二零一六年度，董事會成員的 平均年齡為 70 歲。隨著近年來委任更年輕的 董事加入董事會，平均年齡將會下降至目標水 平。 Designation 職銜 Gender 性別 25% 25% 25% INED 獨立非執行董事 NED 非執行董事 ED 執行董事 Male 男 Female 女 50% 75% Ethnicity 種族 37% Age Group 年齡組別 Chinese 華裔 63% Non-Chinese 非華裔 12% 71-80 歲 25% 63% 61-70 歲 51-60 歲 維他奶國際集團有限公司 二零一五╱一六年年報 37 CORPORATE GOVERNANCE REPORT 企業管治報告 The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st October, 2015 to 30th September, 2016. 本公司已就二零一五年十月一日至二零一六年九 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, 2016 and up to the date of this Annual Report are set out below: 於截至二零一六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 Independent Non-executive Director 獨立非執行董事之委任 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 • was appointed as an Independent Non-executive • 獲委任為本公司獨立非執行董事； Director of the Company; • was appointed a member of the Audit Committee of • 獲委任為本公司審核委員會成員；及 the Company; and • was appointed a member of the Remuneration and • 獲委任為本公司薪酬及提名委員會成 Nomination Committee of the Company. 員。 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 Armada Holdings Limited (formerly known as SCMP Group Limited). • 辭任南潮控股有限公司（前稱南華早報集 團有限公司）董事。 Mr. Valiant Kin-piu CHEUNG 張建標先生 • ceased to be a director of Bank of East Asia (China) Limited. • 辭任東亞銀行（中國）有限公司董事。 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 • ceased to be a director of China Xintiandi Limited; and • 辭任中國新天地有限公司董事；及 • was appointed as a director of Shui On Land Limited. • 獲委任為瑞安房地產有限公司董事。 Changes in Directors’ Fees 董事袍金之變動 There was a 8% increase in basic directors’ fees for fiscal year of 2015/2016. 於二零一五╱二零一六財政年度之基本董事袍 金增加 8%。 38 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 Group Chief Executive Officer 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 for keeping 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。在集團行政總 裁及公司秘書協助下，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 積極理解本公司事務。 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 2015/2016 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. 董事會於二零一五╱二零一六財政年度內共開會 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。 Major Board Decisions in FY2015/2016 Approved Annual Results Approved Interim Results Approved Appointment of 二零一五╱二零一六財政年度 之主要董事會決定 批准年度業績 批准中期業績 批准委任獨立非執行董事 Independent Non-executive Director Approved Strategic Plan Approved Budget Approved Risk Management Framework Approved Material Transaction Reviewed Operation Performance 批准發展策略 批准預算 批准風險管理框架 批准重大交易 審閱營運表現 維他奶國際集團有限公司 二零一五╱一六年年報 June September November 2015 2015 2015 March 2016 二零一五年 二零一五年 二零一五年 二零一六年 二零一六年 三月 January 2016 十一月 一月 六月 九月 • • • • • • • • • • • • • 39 CORPORATE GOVERNANCE REPORT 企業管治報告 All Directors have full and timely access to all relevant information in relation to the Company. There are established procedures for Directors to seek independent professional advice for them to discharge their duties and responsibilities, where appropriate, at the Company’s expenses. During the year, Directors have made active participation in the Board meetings, Board Committees meetings and the Annual General Meeting. 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。 Board Committees 董事委員會 The Board has established a Remuneration and Nomination Committee, an Audit 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 (all Non-executive Directors, a majority of which are Independent Non-executive Directors) （全部均為非執行董事，當中大部份 成員為獨立非執行董事） Audit Committee 審核委員會 (all Independnet Non- executive Directors) （全部均為獨立非執行董事） Executive Committee 執行委員會 (Executive Directors and Group Senior Directors) （執行董事及集團高級總監） 40 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 Remuneration and Nomination Committee 薪酬及提名委員會 Current Members 現時成員 Dr. the Hon. Sir David Kwok-po LI (Chairman) 李國寶爵士 （主席） Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Valiant Kin-piu CHEUNG 張建標先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 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, experience, gender and age) of the Board; Directors’ time commitment; policies in relation to nomination of Directors 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 Directors and Group Chief Executive Officer. The Remuneration and Nomination Committee met three times in fiscal year of 2015/2016. Each member’s attendance record during the year is shown on page 46 of this Annual Report. 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 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二零一五╱二零一六財政年 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 46 頁。 維他奶國際集團有限公司 二零一五╱一六年年報 41 CORPORATE GOVERNANCE REPORT 企業管治報告 Summary of work done during and for the fiscal year of 2015/2016 在年內及為二零一五╱二零一六財政年度所作 之工作總結 • • • • • • • • • Reviewed, discussed and approved the remuneration package 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 i n a c c o r d a n c e w i t h t h e p e r f o r m a n c e - b a s e d c o m p e n s a t i o n p o l i c y r e c o m m e n d e d b y a n independent consultant; Reviewed the re-election of three Independent Non-executive Directors and confirmed that the long tenure of services of two Independent Non- executive Directors who have served the Company for more than nine years will not affect their exercise of independent judgment and will continue fulfilling the roles of Independent Non-executive Directors; Reviewed and recommended to the Board for approval the letters of appointment of three Independent Non-executive Directors; Reviewed the structure, size and composition (including the mix of skills, knowledge, professional qualification and experience of the Directors) of the Board; • 檢討、討論及批准高層管理人員（包 括 本 集 團 執 行 董 事 及 主 要 行 政 人 員） 之酬金福利條件，當中已參考個別人 士之職責及表現、同業水平及現行市 場環境； • 根據獨立顧問建議，以按表現釐定之 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； • 審閱三名獨立非執行董事之重選及確 認兩名於本公司服務超過九年之獨立 非執行董事的長期服務將不會影響彼 等作出獨立判斷並可繼續履行獨立非 執行董事之職責； • 審閱及建議董事會批准三名獨立非執 行董事之委任函； • 檢討董事會之架構、人數及組成（包 括各董事擁有不同之技能、知識、專 業資格及經驗）； 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； Reviewed the measurable objectives for achieving Board diversity; • 審 閱 達 致 董 事 會 多 元 化 的 可 計 量 目 標； Reviewed Directors’ 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’ • 就董事於二零一五╱二零一六財政年 Fees for fiscal year of 2015/2016. 度之袍金向董事會提供建議。 42 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 Audit Committee 審核委員會 Current Members 現時成員 Mr. Valiant Kin-piu CHEUNG (Chairman) 張建標先生（主席） Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 The Audit and Corporate Governance Committee was renamed as “Audit Committee” on 27th January, 2016 with increased scope of risk management and internal control duties set out in new C.2 of the CG Code which took effect from 1st January, 2016. The Board has delegated the risk management responsibilities to the Audit Committee to oversee and review the adequacy and effectiveness of relevant financial, operational and compliance controls and risk management procedures that have been in place. The terms of reference of the Audit Committee were also amended to ensure compliance with the new provisions in the CG Code, in particular for the risk management role. Terms of reference of the Audit Committee are published on the websites of the Stock Exchange and the Company. The Audit Committee is provided with sufficient resources, including the advice of independent professional firms, if necessary, to discharge its duties. The Audit Committee is mainly responsible for making recommendations to the Board on the appointment, reappointment and removal of the External Auditors and their audit fees; meeting with the External Auditors to discuss the nature and scope of the audit; reviewing the interim financial report and annual financial statements before they are submitted to the Board; discussing problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and reviewing the External Auditors’ management letter and management’s response; reviewing the internal audit programs and to ensure co-ordination between the Internal and External Auditors, assessing the effectiveness of the Company’s risk management and internal control systems which cover all material financial, operational and compliance controls, 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於二零一六年一月二十七 日更改名稱為「審核委員會」，並擴大其根據由二 零一六年一月一日起生效的企業管治守則新 C.2 條所載，有關風險管理和內部監控職能範圍。董 事會授權審核委員會風險管理責任以監察及檢討 現有的有關財務、營運及合規監控及風險管理程 序是否足夠及有效。審核委員會的職權範圍亦已 作出修改，確保遵守企業管治守則的新條文，尤 其是風險管理的職能。 審核委員會之職權範圍已刊登於聯交所及本公司 之網站。審核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，評估本公司涵蓋所有重大財務、營 運及合規監控方面的風險管理及內部監控系統之 成效；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 二零一五╱一六年年報 43 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 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. 董事會透過委派審核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。 The Audit Committee met three times in fiscal year of 2015/2016. Each member’s attendance record during the year is shown on page 46 of this Annual Report. 審核委員會於二零一五╱二零一六財政年度內共 開會三次。各成員於年內出席會議之記錄載於本 年報第 46 頁。 Summary of work done during and for the fiscal year of 2015/2016 在年內及為二零一五╱二零一六財政年度所作 之工作總結 • • • Reviewed the 2015/2016 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 一五╱二零一六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 2015/2016 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，並批准二零一五╱二零一六 年度之審核方案； Reviewed the Risk Appetite, Risk Management Policy and the amendments to the Terms of Reference and made recommendations to the Board; • 檢討風險承受能力、風險管理政策及 職權範圍之修訂，並向董事會作出建 議； • 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 risk management and internal control systems of the Company; • 審閱涵蓋本公司風險管理及內部監控 系統評估之內部審計報告； 44 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 Summary of work done during and for the fiscal year of 2015/2016 在年內及為二零一五╱二零一六財政年度所作 之工作總結 • • • • • Reviewed 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; effectiveness of the Group’s internal audit function and compliance with the CG Code; • 審閱本集團於會計、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、本集團內部審計職能之成效 及遵守企業管治守則之情況； 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 sessions 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展開閉門會 議。 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 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. 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。 The Audit Committee regularly reviews the corporate governance structure and practices within the Company and monitors compliance fulfillment on an ongoing basis. 審核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。 維他奶國際集團有限公司 二零一五╱一六年年報 45 CORPORATE GOVERNANCE REPORT 企業管治報告 Executive Committee 執行委員會 Current Members 現時成員 Mr. Winston Yau-lai LO (Executive Chairman) 羅友禮先生 （執行主席） Mr. Roberto GUIDETTI (Executive Director and Group Chief Executive Officer) 陸博濤先生 （執行董事暨集團行政總裁） Mr. Chris Kin-shing LAU (Group Chief Finance Officer) 劉健成先生 （集團首席財務總監） Ms. Rosemary Pik-ling LI (Group Senior Director, Human Resources) 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. 執行委員會如同一般管理委員會運作，直接隸屬 董事會，負責處理本集團若干營運事宜。 Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit Committee Meetings and Annual General Meeting during the fiscal year of 2015/2016 are as follows: 於二零一五╱二零一六財政年度，各董事於董事 會會議、薪酬及提名委員會會議、審核委員會會 議以及股東週年大會之出席記錄表列如下： Meetings Attended/ Held 出席次數╱會議次數 Remuneration and Nomination Audit Board Committee Committee 薪酬及 Annual Overall General Attendance Rate Meeting Name 姓名 董事會 提名委員會 審核委員會 股東週年大會 整體出席率 Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Mr. Anthony John Liddell NIGHTINGALE (appointed on 26th June, 2015) 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 (Group Chief Executive Officer) 獨立非執行董事 李國寶爵士 Jan P. S. ERLUND 先生 張建標先生 黎定基先生 （於二零一五年六月二十六日獲委任） 非執行董事 羅慕貞女士 羅慕玲女士 執行董事 羅友禮先生 （執行主席） 陸博濤先生 （集團行政總裁） Average Attendance of the Board Members 董事會成員平均出席率 Group Chief Financial Officer Ms. Kitty Kit-yi FUNG (resigned on 1st April, 2016) Group Internal Audit Director Mr. Terence Chiu-kit CHOW External Auditors KPMG 集團首席財務總監 馮潔儀女士 （於二零一六年四月一日辭任） 集團內部審計總監 周昭傑先生 外聘核數師 畢馬威會計師事務所 4/5 5/5 5/5 4/4 5/5 4/5 3/3(b) 3/3 3/3 2/3 3/3 3/3(c) 1/1 1/1 1/1 83% 100% 100% 2/2 2/2 1/1 100% 2/3 N/A 不適用 3/3 N/A 不適用 1/1 1/1 89% 89% 5/5(a) 5/5 3/3(e) 2/2(e) 3/3(e) 3/3(e) 1/1(d) 1/1 100% 100% 95% 5/5(e) N/A 不適用 3/3(e) 1/1(e) N/A 不適用 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 N/A 不適用 3/3(e) 1/1(e) N/A 不適用 46 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 Notes: (a) Chairman of the Board (b) Chairman of the Remuneration and Nomination Committee (c) Chairman of the Audit Committee (d) Chairman of the Annual General Meeting (e) Attendance by invitation 附註： (a) 董事會主席 (b) 薪酬及提名委員會主席 (c) 審核委員會主席 (d) 股東週年大會主席 (e) 應邀出席 The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2015 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. During the year under review, the Executive Chairman also met with the Non-executive Directors without the presence of Executive Directors and Senior Management. 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. 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。於二零一五年股東週年大會，全體 董事（包括執行主席）、各董事委員會主席及外聘 核數師均有出席該大會並回答股東之提問。 於回顧年度，執行主席亦曾在執行董事及高層管 理人員不在場之情況下與非執行董事會面。 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。 維他奶國際集團有限公司 二零一五╱一六年年報 47 CORPORATE GOVERNANCE REPORT 企業管治報告 An induction program had been organised for Mr. Anthony J o h n L i d d e l l N I G H T I N G A L E , t h e n e w l y a p p o i n t e d Independent Non-executive Director, in the headquarter office of the Company. During the induction session, Mr. Nightingale took part in a plant tour and met with the Executive Directors and Senior Management and has been acquainted with the vision, strategic direction, business and operation of the Company. The Company Secretary has provided to Mr. Nightingale an induction program kit immediately subsequent to his directorship appointment. The induction program kit mainly covers the Company’s corporate governance framework, policies and guidelines and the current year’s meeting schedule and annual agenda. 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. During the year, the Company Secretary has organised an annual in-house training program for Directors in September 2015, covering the topics for risk management and internal control and shareholder activism. 本公司已為新委任之獨立非執行董事黎定基先生 於總公司安排就任簡介會。於就任簡介會上，黎 先生不僅參觀廠房並與執行董事及高層管理人員 會面，從而得悉本公司之願景、策略方針、業務 及營運。於彼獲委任為董事後，公司秘書已即時 向黎先生提供就任須知資料。就任須知資料主要 涵蓋本公司的企業管治框架、政策及指引，以及 本年度的會議時間表及年度議程。 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。有關課程有助董事溫故知新其知識及技能， 履行上市公司董事所應擔任的角色、職能及責任 等。 年內，公司秘書於二零一五年九月為董事舉辦年 度內部培訓課程，培訓題目包括風險管理及內部 監控以及股東維權。 48 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 In March 2016, the Company has organised a plant and market visit for Directors in Wuhan, Mainland China. During the visit, Directors had also officiated the opening ceremony of our newly opened Wuhan manufacturing plant and met with local management team to be acquainted the current business performance and strategy. Directors had made visits in different sales channels in our growing Wuhan market. 於二零一六年三月，本公司為董事籌辦參觀中國 內地武漢廠房並巡視當地市場。期間，董事亦為 新建的武漢生產廠房主持開幕儀式，並與當地管 理團隊會面瞭解現時業務表現及策略。董事並同 時巡視增長中武漢市場內的不同銷售渠道。 Directors and government officials at the opening ceremony of new Wuhan plant 董事及政府官員主持武漢新廠房的開幕儀式 Wuhan market visit 巡視武漢市場 Wuhan plant tour 參觀武漢廠房 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 2015/2016 which have been reviewed by the Audit Committee. Directors has received an average of 30 hours of CPD training during the year. Senior Management has received an average of 75 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 於二零一五╱二零一六財政年度之培訓記錄，並 已經由審核委員會審閱。本公司董事於年內接受 持續專業發展培訓平均 30 小時，而高層管理人員 亦於年內接受平均 75 小時的持續專業發展培訓。 維他奶國際集團有限公司 二零一五╱一六年年報 49 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 FY2015/2016 by topic 董事於二零一五╱二零一六財政年度參加之培 訓項目分析 Analysis of training attended by Directors in FY2015/2016 by type 董事於二零一五╱二零一六財政年度參加之培 訓類型分析 9% 9% 12% 26% Company’s Business 本公司業務 Global Business Update 44% 環球業務更新 Account and Finance 會計及財務 Legal/Regulatory Compliance 法例╱監管條例之遵守 Directors’ Duties and Governance 董事職責及管治 18% 24% 26% Readings 閱續 32% In-house training 內部培訓 External Courses/Seminars/ Workshops 外間課程╱研討會╱工作坊 Plant/Market Visit 廠房參觀╱市場巡視 Senior Management’s Training Records 高層管理人員之培訓記錄 Analysis of training attended by Senior Management in FY2015/2016 by topic 高層管理人員於二零一五╱二零一六財政年度 參加之培訓項目分析 Analysis of training attended by Senior Management in FY2015/2016 by type 高層管理人員於二零一五╱二零一六財政年度 參加之培訓類型分析 7% 市場╱產品╱業務發展 Market/Product/Business Development 25% Legal/Regulatory Compliance 法例╱監管條例之遵守 38% 30% Industry 行業 Company’s Business 本公司業務 24% 25% External Courses/Seminars/ Workshops 外間課程╱研討會╱工作坊 51% Readings 閱讀 in-house training 內部培訓 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 FY2015/2016 are prepared on a going-concern basis. All the new accounting standards and policies adopted by the Company have been thoroughly discussed and approved at the Audit Committee before adoption by the Board. The 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, 2016. 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。二零一五╱二零 一六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二零一六年三月三十一日止 年度一直遵守守則載列之規定標準。 50 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 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 2015/2016. 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. 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 as 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 2015/2016. 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 and discussion in the Board meeting. 本公司已接獲全體董事就於二零一五╱二零一六 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。 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。 於二零一五╱二零一六財政年度，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 會會議上審閱及討論。 Continuous professional development 持續專業發展 Board composition and effectiveness 董事會組成 及效能 EVALUATION CRITERIA 評核準則 Strategic planning and risk management 策略計劃及 風險管理 Board 董事會 Board meeting and procedures 董事會會議及 程序 Succession planing 繼任計劃 Ensure good ESG practices 確保具良好的 環境、社會及 管治常規 Core Values and vision 核心價值及 願景 EVALUATION CRITERIA 評核準則 Strategic planning 策略計劃 Executive Chairman 執行主席 Leadership 領導能力 Quality of analysis and judgement 分析及判斷素質 維他奶國際集團有限公司 二零一五╱一六年年報 51 CORPORATE GOVERNANCE REPORT 企業管治報告 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 Board procedures as well as strategic plan and risk management. 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. The Executive Chairman as the leader of the evaluation process has provided the responses and actions to be taken to improve the Board performance derived from the Board evaluation results. Such responses and actions have also been discussed amongst the Directors during the Board meeting. 全體董事均積極參與整個評核過程。評核結果顯 示，董事會於董事會程序，以及策略計劃及風險 管理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。執行主席領導評核過程，並按照董 事會評核結果作出回應並提出若干行動，以提升 董事會表現。董事亦已於董事會會議上討論有關 回應及行動。 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 30 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 30 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，並從而對其知識技能溫故知新。 52 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 Internal Control 內部監控 The Company has had in place an internal control system, which is developed based on the Committee of Sponsoring Organisations of the Treadway Commission (COSO) components for internal controls, to manage and mitigate rather than to eliminate business risks. The key underlying components of effective internal control system are illustrated as below: 本 公 司 已 制 定 根 據 Committee of Sponsoring Organisations of the Treadway Commission (COSO)之內部監控原則為藍本的內部監控系統， 以管理及減低而非消除業務風險。有效之內部監 控系統的主要相關原則載列如下： 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 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 Set the tone at the top regarding the importance of internal control and risk management 設定與內部監控及 風險管理有關的重要性基調 Develop control activities to mitigate risks to the achievement of the objectives 制訂監控措施，將達致目標 的相關風險降低 CONTROL ENVIRONMENT 監控環境 CONTROL ACTIVITIES 監控措施 RISK ASSESSMENT 風險評估 MONITORING ACTIVITIES 監管措施 Identify, assess and manage of risks 識別、評估和管理風險 Independent reviews of the effectiveness of internal control and risk management systems 獨立審查內部監控和風險 管理系統的有效性 Information and Commun i c a t i o n 資 訊 及 溝 通 Assessing risks and reviewing the effectiveness of internal controls is a continuing process in the Company. Our internal control system 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 公司之內部監控系統旨在合理保證： • • • • Assets are prudently safeguarded; • 資產獲得審慎保障； Business activities are conducted 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. • 遵守與業務相關的法律及法規。 Under the Company’s internal control system, management is charged with the responsibility to design and implement the internal controls while the Board and the Audit Committee oversee the effectiveness of the internal control system that have been put in place. 在本公司的內部監控系統下，管理層負責設計及 執行內部監控措施，而董事會和審核委員會則監 察現有內部監控系統執行之成效。 維他奶國際集團有限公司 二零一五╱一六年年報 53 CORPORATE GOVERNANCE REPORT 企業管治報告 Review of Internal Controls Effectiveness 審閱內部監控之成效 The Board has the overall responsibility to ensure that appropriate and effective internal controls are maintained to provide reasonable assurance against material misstatement of information. The Group Internal Audit Department has conducted reviews of the effectiveness of the Company’s internal control system, including those of its operating companies. The Audit Committee has reviewed 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, 2016 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 and 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適當和有效之內 部監控，從而為避免發生資料的重大錯誤陳述提 供合理保證。 集團內部審計部已檢討本公司（包括其營運公司） 內部監控系統之成效。審核委員會會每年兩次審 閱集團內部審計部對本公司內部監控系統成效之 調查結果及所提供之公允意見。 董事會認為，截至二零一六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、財務報告及內部審計職能方面之 資源、員工資歷及經驗是否足夠，以及彼等之培 訓及有關預算。 Inside Information 內幕消息 With respect to procedures and internal controls for the handling and dissemination of inside information, the Company is aware of the requirements under the applicable Listing Rules and Securities and Futures Ordinance and the overriding principle that inside information should be announced as soon as reasonably practicable after such information comes to our attention unless it falls within any of the Safe Harbours provisions under the Securities and Futures Ordinance. The Company has had a system in place with established policies and procedures for complying with the Inside Information disclosure requirements under the regulatory regime. The Board has adopted a Disclosure Compliance Policy on 27th November, 2012. The Policy has been formulated by reference to the “Guidelines on Disclosure of Inside Information” issued by the Securities and Futures Commission. The purpose of the Policy is to provide Directors and employees with guidelines on assessing, reporting and disseminating inside information, maintaining confidentiality and abiding shares dealing restrictions. The Company has included in its code of conduct and staff handbook a strict prohibition on the unauthorised disclosure or use of confidential and inside information. 有關處理及發放內幕消息的程序和內部監控方 面，本公司知悉，根據上市規則及《證券及期貨 條例》的適用規定以及首要原則，本公司在得悉 內幕消息後，應於切實可行情況下盡快公佈有關 資料，除非有關資料屬於《證券及期貨條例》下 任何安全港條文所界定者則另當別論。為遵守監 管體系下有關內幕消息披露規定，本公司已有一 套擁有既定政策及程序的系統。董事會已於二零 一二年十一月二十七日採納披露合規政策。該政 策乃參照證券及期貨事務監察委員會所頒佈之 《內幕消息披露指引》而編製。該政策旨在為董事 及僱員提供有關評估、匯報及發佈內幕消息、保 密及遵守股份交易限制的指引。本公司已於行為 守則及員工手冊內訂明嚴禁未經授權披露或使用 機密及內幕資料。 54 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 is set out in the approved Internal Audit Charter and includes: 該部門之工作範圍載列於經審批的內部審計約章 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 • 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 Special reviews of areas of concern identified by management or the Audit Committee. • 對管理層或審核委員會所識別的關注範疇進 行特定審閱。 The Group Internal Audit Department, reporting to the Audit Committee, provides independent assurance as to the existence and effectiveness of risk management functions and controls in business operations. Using risk assessment methodology and taking into account the Company structure, management’s concern, nature and complexity of operation, and operating environment, the Group Internal Audit Department prepares its annual audit plan which is reviewed and approved by the Audit Committee. The risk assessment methodology assists in identifying business risks and determining 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 resources focusing on areas with higher risk. During the fiscal year of 2015/2016, the Group Internal Audit Department issued reports to Senior Management covering various operational and financial units of the Company and its subsidiaries. The Group Internal Audit Department also conducted reviews of major projects and areas of concern identified by management. 集團內部審計部會向審核委員會就業務營運的風 險管理職能與監控之實施及成效匯報及提供獨立 保證。 集團內部審計部運用風險評估方法，並考慮本公 司架構、管理層的關注範疇、營運的性質及複雜 性以及經營環境，編製其年度審計計劃，並交由 審核委員會審批。風險評估方法有助識別業務風 險及釐定審計的頻率。集團內部審計部會根據經 審批的審計計劃，為內部審計程序訂下時間表， 並集中資源對各項財務、業務及功能營運中風險 較高的範疇及活動進行獨立審閱。 於二零一五╱二零一六財政年度內，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 及其附屬公司各個營運及財務單位。集團內部審 計部亦審閱多個主要項目以及管理層所指定的關 注範疇。 維他奶國際集團有限公司 二零一五╱一六年年報 55 CORPORATE GOVERNANCE REPORT 企業管治報告 Risk Management 風險管理 The Board is ultimately responsible for ensuring effective risk management and internal control systems for the business of the Company and its subsidiaries in place. To achieve this, the Board ensures that there is an effective framework of risk governance and ongoing risk management process to promote the long-term success of the Company. During the year, the Company has implemented a phased improvement plan and progressed to further enhance its internal controls and risk management systems. The Company aims to embed a risk management system to its day-to-day operations. 董事會有最終責任確保已為本公司及其附屬公司 之業務實施有效的風險管理及內部監控系統。為 實現此一目標，董事會確保已制定有效之風險管 治架構及持續風險管理程序，以促進本公司長期 的成功。 年內，本公司已實行階段性改善計劃，並貫徹執 行以進一步強化其內部監控及風險管理系統。本 公司旨在於其日常營運中納入風險管理系統。 Our new risk management framework is illustrated as below: 我們的新風險管理架構展示如下： Oversight 監察 R i s k M onitoring and Review 風險監督及審閱 R i s k a n d Control Ownership 風險及監控權責 R i s k M a nagement Process 風 險管理程序 1. Identify Risk 風險識別 s r o t c a F l D aily O p e r a t i o n s • F i n a n c i a l 4. Escalate and Report 上報 Vitasoy 2. Evaluate Risk 風險評估 a n r e t x E • n io cis e A c t i v i t i e s • C o m 3. Mitigate and Control 緩和及監控 plia nce • Strategy Development a n d B u e s i n s s P la n ning • Investment D Risk Governance Structure 風險管治架構 • Audit Committee (On behalf of the Board) 代表董事會的審核委員會 • Group Internal Audit 集團內部審計 • Group Executives and Local CEOs 集團高層管理人員及當地行政總裁 • Group Risk Management 集團風險管理 • Corporate Services 企業事務 • Department Heads 部門主管 • Individual Employee 個別員工 Risk Escalation and Assurance 風險上報及保證 56 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 Risk Governance Structure 風險管治架構 The risk governance structure consists of three layers of roles and responsibilities as explained below: 風險管治架構劃分為下列三個層面的角色及職 責： Layer Roles and Responsibilities Oversight Audit Committee, acting on behalf of the Board 層面 監察 職務及職責 代表董事會的審核委員會 • O v e r s e e t h e C o m p a n y ’ s r i s k management on an ongoing basis. • Oversee those risks that warrant the Committee’s attention and supervise risk management process as part of good corporate governance. • 持續監察本公司的風險管理。 • 委 員 會 監 察 需 要 注 意 的 風 險 並 監 督 風 險 管 理 程 序， 以 配 合優良的企業管治。 Group Internal Audit 集團內部審計 • Conduct independent review on the effectiveness of risk management framework and provide risk assurance to the Audit Committee. Group Executives and Local CEOs • 對 風 險 管 理 架 構 的 成 效 進 行 獨 立 審 閱， 並 向 審 核 委 員 會 提供風險保證。 風險監督 及審閱 集團高層管理人員及當地行政總裁 • Design, implement and monitor the risk • 設 計、 實 施 及 監 督 風 險 管 理 management system. 體系。 Risk Monitoring and Review • P r o v i d e a s s u r a n c e t o t h e A u d i t Committee on the effectiveness of risk management. Group Risk Management, an independent team under Group Internal Audit • • R e p o r t r i s k s a n d c o n t r o l s t o management continuously based on the risk reporting from Department Heads. Track progress of mitigation plans and activities of risks. Corporate Services • Advise the Board and management of the Company on matters of good corporate governance practices and changes in legislation which impacts the Company significantly. Department Heads and Individual Employee R e s p o n s i b l e f o r i d e n t i f y i n g a n d assessing risks in their respective area of responsibility. • 向 審 核 委 員 會 提 供 有 關 風 險 管理有效性的保證。 集團風險管理，是集團內部審計轄 下的獨立團隊 • 就 部 門 主 管 所 報 告 之 風 險 及 監控持續向管理層匯報。 • 跟 蹤 風 險 紓 緩 計 劃 及 措 施 的 進度。 企業事務 • 就 有 關 良 好 企 業 管 治 常 規 的 事 宜 以 及 會 對 本 公 司 造 成 重 大 影 響 的 法 例 變 動 向 本 公 司 董事會及管理層提供意見。 風險及監 控權責 部門主管及個別員工 • 負 責 識 別 及 評 估 其 各 自 業 務 單位範圍內的風險。 Carry out risk management activities and report their day to day operations. • 於 日 常 營 運 進 行 風 險 管 理 活 動及滙報。 Risk and Control Ownership • • 維他奶國際集團有限公司 二零一五╱一六年年報 57 CORPORATE GOVERNANCE REPORT 企業管治報告 Risk Management Process 風險管理程序 Our risk management process is embedded in our daily operations, financial activities, compliance, strategy development and business planning, investment decision and external factors. It involves identifying potential risks that are related to different business processes and relevant to the Company’s objectives. Risks are grouped into six clusters (including reputation, strategy, market, liquidity, credit and operation) to facilitate analysis. Each risk identified is analysed on the basis of impact and likelihood consistent with risk parameters set by the Board. Appropriate controls are developed and implemented to minimise the risk exposure. The Company compiles a risk register and updates and monitors it on an ongoing basis by taking into account emerging risks or changes to the identified risks. A risk management report that highlights key risks and action plans is presented to the Audit Committee on a regular basis. Our new risk management framework will be rolled-out at the Group Management functions and Company-level in Hong Kong during the fiscal year of 2016/2017. Moving forward, the Group will assist other subsidiaries in roll-out of this risk management framework and continue to enhance its risk management framework. 我們的風險管理程序納入日常營運、財務活動、 合規、策略發展與業務規劃、投資決定及外界因 素。 該風險管理程序涉及識別與本公司不同業務流程 及目標相關的潛在風險。為便於分析，本公司會 將風險分為六個範疇（包括信譽、策略、市場、 流動資金、信貸及營運）。每個所識別的風險均 按照與董事會設定的風險規範按其影響及可能 性進行分析。為使風險降至最低，我們制定適當 的監控措施並加以實施。本公司滙編了風險登記 冊，並因應風險轉變而持續更新及監控。審核委 員會定期檢視風險管理報告，該報告重點說明主 要風險及行動方案。 我們的新風險管理架構將於二零一六╱二零一七 財政年度於本集團管理功能及集團旗下的香港公 司實施。展望未來，本集團將協助其他附屬公司 實施風險管理架構，並繼續加強其 風險 管理架 構。 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$5.1 million (2014/2015: HK$5.2 million) was charged for fiscal year of 2015/2016 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$0.95 million (2014/2015: HK$0.67 million). The non-audit services mainly comprised market study and tax advisory services. The responsibilities of the External Auditors with respect to the 2015/2016 financial statements are set out in the section of “Independent Auditor’s Report” on pages 83 and 84. 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 附屬公司所提供之二零一五╱二零一六財政年度 法定審核服務之費用為港幣 5,100,000 元（二零 一四╱二零一五年：港幣 5,200,000 元）。畢馬威 會計師事務所於年內為本公司及其附屬公司所提 供的其他非審核服務費用為港幣 950,000 元（二 零一四╱二零一五年：港幣 670,000 元）。非審 核服務主要包括市場研究及稅務顧問服務。 外聘核數師就二零一五╱二零一六年度財務報表 所須承擔的責任載列於第 83 及 84 頁的「獨立核 數師報告」一節。 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. 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。 58 Vitasoy International Holdings Ltd. Annual Report 2015/16 CORPORATE GOVERNANCE REPORT 企業管治報告 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。 Constitutional Document 章程性質文件 During the year, there was no change in the Company’s Articles of Association. 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. Communications with Shareholders and Investors 年內，本公司之章程細則概無變動。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。 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. 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。 The Company’s Annual General Meeting is one of the important platforms to communicate with its shareholders. During the 2015 Annual General Meeting, the Chairman of the Board 本公司之股東週年大會為其與股東溝通之重要平 台之一。於二零一五年股東週年大會上，董事會 主席向股東簡報本集團之業務概況及前景並回答 維他奶國際集團有限公司 二零一五╱一六年年報 59 CORPORATE GOVERNANCE REPORT 企業管治報告 briefed shareholders the business review and the outlook of the Group and answered questions raised by shareholders. The chairman of the Remuneration and Nomination Committee and the chairman of the Audit Committee were also present to answer questions raised by shareholders. The Company’s External Auditors attended the 2015 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. 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 shall also leverage media platform to update our latest corporate development. In addition, we are proactive in responding to general enquiries raised by the investing public, individual and institutional investors and analysts. In order to keep updated with the latest market practices on investor relations, the delegated persons engaged in investor relations activities often attend industry seminars or training sessions on various topics. 股東之提問。薪酬及提名委員會主席以及審核委 員會主席亦在場回應股東之提問。本公司之外聘 核數師出席二零一五年股東週年大會，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。 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。 60 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 75, 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 五 歲，本集團執行主席，於一九七二 年獲委任為本公司董事。羅先生畢 業於伊利諾大學，獲食物科學理學 學士學位，並獲康乃爾大學頒授食 物科學理學碩士學位。羅先生為香 港科技大學顧問委員會榮譽委員及 康乃爾大學校董會終身校董。羅先 生為平平置業有限公司董事，亦為 於香港聯交所上市之東亞銀行有限 公司之董事。彼曾任中國人民政治 協商會議全國委員會委員。除已披 露者外，彼於過往三年並無於其他 上市公眾公司擔任任何董事職務。 彼為羅慕貞女士之胞弟，亦為羅慕 玲女士之胞兄。 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI (GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. 李國寶爵士(GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, USA), Hon. LLD (Hong Kong), Hon. DSocSc FCIArb, Officier de l’Ordre de la Couronne, Grand Officer of the Order of (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l’Ordre National de la Legion d’Honneur), aged 77, 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 and San Miguel Brewery Hong Kong Limited, all being companies listed in Hong Kong. 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, AFFIN Holdings Berhad, CaixaBank, S.A., and Armada Holdings Limited (formerly known as SCMP Group Limited), 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. (CUHK), FCA, FCPA, FCPA (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 Legion d’Honneur)， 七十七歲，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 出任以下香港上市公司之董事，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、 電訊盈科有限公司及香港生力啤酒廠 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、 AFFIN Holdings Berhad、CaixaBank, S.A.及南潮控股有限公司（前稱南華 早報集團有限公司）之董事。除已披 露者外，彼於過往三年並無於其他上 市公眾公司擔任任何董事職務。 維他奶國際集團有限公司 二零一五╱一六年年報 61 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mr. Jan P. S. ERLUND, aged 77, 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 70, 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. 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. J a n P. S . E R L U N D 先 生 ， 七 十 七 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，七十歲，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。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。 62 Vitasoy International Holdings Ltd. Annual Report 2015/16 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mr. Anthony John Liddell NIGHTINGALE (CMG, SBS, JP), aged 68, was appointed a Director of the Company in 2015. Mr. Nightingale graduated from Peterhouse College, University of Cambridge with a Bachelor’s degree (Honours) in Classics. Mr. Nightingale was Managing Director of the Jardine Matheson Group (“Jardine Group”) from 2006 to 2012. He joined Jardine Group in 1969 and was appointed a director in 1994. Mr. Nightingale is currently a non-executive director of Jardine Matheson Holdings Limited and of other Jardine Group companies. These include Dairy Farm, Hongkong Land, Jardine Cycle & Carriage, Jardine Strategic and Mandarin Oriental. Jardine Matheson Holdings Limited has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. Mr. Nightingale is also a non-executive director of Prudential plc, a company with primary listings on stock exchanges in London and Hong Kong and with secondary listings on stock exchanges in Singapore and New York (ADRs). He is also the non-executive director of Schindler Holding Limited and Shui On Land Limited, companies listed in Hong Kong or overseas, and the UK-ASEAN Business Council. Mr. Nightingale is a commissioner of PT Astra International Tbk. He is a Hong Kong representative to the Asia Pacific Economic Cooperation (APEC) Business Advisory Council and chairman of The Hong Kong-APEC Trade Policy Study Group. He is also a member of the Securities and Futures Commission Committee on Real Estate Investment Trusts, a council member of the Employers’ Federation of Hong Kong, a non-official member of the Commission on Strategic Development in Hong Kong and the chairman of The Sailors Home and Missions to Seamen in Hong Kong. Mr. Nightingale is the former chairman of the Hong Kong General Chamber of Commerce. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 黎 定 基 先 生(CMG, SBS, JP)， 六 十 八 歲， 於 二 零 一 五 年 獲 委 任 為 本 公 司 董 事。 黎 先 生 畢 業 於 劍 橋 大 學 Peterhouse 書 院， 獲 頒 古 典 文 學 榮譽學士學位。黎先生曾於二零零 六年至二零一二年期間，擔任怡和 集 團（「 怡 和 集 團」）常 務 董 事。 彼 於 一 九 六 九 年 加 入 怡 和 集 團， 並於一九九四年獲委任為董事。黎 先生現為怡和控股有限公司及怡和 集團旗下其他多間公司的非執行董 事，包括牛奶國際控股有限公司、 置地控股有限公司、怡和合發有限 公司、怡和策略控股有限公司和文 華東方國際有限公司。怡和控股有 限公司於倫敦證券交易所作第一上 市，並於百慕達和新加坡交易所作 第二上市。黎先生同時亦為保誠保 險有限公司（「保誠」）之非執行董 事。保誠於倫敦及香港證券交易所 作第一上市並於新加坡及紐約（預 托證券）證券交易所作第二上市， 而彼亦為香港或海外上市公司迅達 控股有限公司及瑞安房地產有限公 司之非執行董事，同時亦為英國 － 東 盟 商 務 理 事 會 之 非 執 行 董 事。 黎 先 生 為 PT Astra International Tbk 的 委 員。 彼 現 為 亞 太 經 合 組 織（APEC）商貿諮詢理事會香港代 表及香港 －APEC 貿易政策研究小 組主席。彼亦為證券及期貨事務監 察委員會房地產投資信託基金委員 會成員、香港僱主聯合會諮詢會委 員、香港策略發展委員會非官方成 員以及香港海員俱樂部主席。黎先 生曾為香港總商會主席。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。 Non-executive Director 非執行董事 Ms. Myrna Mo-ching LO, aged 77, 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, and the mother of Mr. Eugene LYE, President and Chief Executive Officer of Vitasoy USA Inc.. Ms. Yvonne Mo-ling LO, aged 68, 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，七十七歲，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，以及 Vitasoy USA Inc. 之總裁兼行政總裁 Eugene LYE 先生之母親。 羅慕玲女士，六十八歲，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。 維他奶國際集團有限公司 二零一五╱一六年年報 63 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Executive Director 執行董事 Mr. Roberto GUIDETTI, aged 53, 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 before joining the Company. 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. Senior Management Group Senior Directors Mr. Chris Kin-shing LAU, aged 53, Group Chief Financial Officer. Mr. Lau is responsible for the strategic planning, financial management and control, accounting, corporate finance, investor relations and corporate services of the Group. Mr. Lau joined the Group in April 2016. He has close to 30 years of solid finance management experience gained in multinationals in Asia Pacific, Greater China and the US. He also brings a wealth of experience to this role with managing start-ups, post-merger/acquisition integration, business process improvement and ERP system implementation in addition to Treasury, Tax and Credit management. Mr. Lau holds a Bachelor Degree of Economics from the Australian National University and a Graduate Diploma in Computing Studies from the University of Canberra. He is an associate member of the Hong Kong Institute of Certified Public Accountants and a Fellow of CPA Australia. 陸 博 濤 先 生， 五 十 三 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。彼於加入 本公司前曾於大中華區內的有關行 業任職十四年。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。 高層管理人員 集團高級總監 劉健成先生，五十三歲，集團首席 財務總監。劉先生負責本集團之策 略規劃、財務管理及監控、會計、 企業財務、投資者關係及企業事務 等職務。劉先生於二零一六年四月 加入本集團。彼曾於亞太區、大中 華區及美國之多間跨國公司任職， 於財務管理方面累積近三十年的豐 富經驗。彼為現任職位帶來不僅是 資金管理、稅務及信貸管理方面， 還有管理新成立公司、併購後業務 整 合、 改 革 業 務 流 程 以 及 落 實 執 行 ERP 系統等多元化經驗。劉先生 於澳洲國立大學取得經濟學學士學 位，並於坎培拉大學取得電腦學深 造文憑。彼為香港會計師公會會員 及澳洲會計師公會資深會員。 64 Vitasoy International Holdings Ltd. Annual Report 2015/16 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Ms. Rosemary Pik-ling LI, aged 59, 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 organizational 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 46, 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 57, 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. With Advanced Food Science education training, she joined company with 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. 李碧齡女士，五十九歲，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及規 劃，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，四十六歲，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，五十七歲，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。彼曾接受 食品科學先進教育培訓，並曾於美 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、法例合規 和質量保證等技術管理及商品化的 領域上。 Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務（香港、澳門及 出口） Mr. Charles Chung CHYI, aged 61, 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，六十一歲，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。 維他奶國際集團有限公司 二零一五╱一六年年報 65 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mainland China 中國內地 Mr. Jack Jie YUAN, aged 46, 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，四十六歲，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。袁先生於二零零四 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 44, 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， 四十四歲，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 消費品行業具豐富經驗。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. Eugene LYE, aged 46, President and Chief Executive Officer of Vitasoy USA Inc.. Mr. Lye is responsible for the general management and development of the Group’s beverage business and the import and sales of the Group’s products for all sales channels in North America. He joined the Group in 2002 and has been closely involved in all aspects of the North American business for over 14 years. During his time at Vitasoy USA Inc., Mr. Lye has held sales and marketing positions in the mainstream channel, managed both the research & development and quality departments and most recently served as the Senior Vice President of the Asian Channel. He is the son of Ms. Myrna Mo-ching LO, the Non-executive Director of the Company. E u g e n e LY E 先 生 ， 四 十 六 歲 ， Vitasoy USA Inc. 之 總 裁 兼 行 政 總 裁。Lye 先 生 負 責 管 理 及 發 展 本 集 團之飲品業務以及本集團產品在北 美洲之進口及於所有銷售渠道之銷 售工作。彼於二零零二年加入本集 團，並緊密參與北美洲業務各個層 面逾十四年。於 Vitasoy USA Inc. 任 職 期 間，Lye 先 生 曾 於 主 流 銷 售 渠 道擔任多個銷售及市場推廣職位， 管理研發和質量部門，最近擔任亞 裔市場之高級副總裁。彼為本公司 非執行董事羅慕貞女士之兒子。 Singapore 新加坡 Mr. Derrick Teck Huat PEK, aged 55, 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，五十五歲，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 新加坡多家知名跨國消費品公司擔 任高級職位。 66 Vitasoy International Holdings Ltd. Annual Report 2015/16 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, 2016. 董事會欣然提呈截至二零一六年三月三十一日止 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 25 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 2.0” 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 25 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 2.0」，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 For the year ended 31st March, 2016, the percentage of sales attributable to the Group’s five largest customers was less than 30%. The information in respect of the Group’s purchases attributable to the major suppliers during the financial year is as follows: 於截至二零一六年三月三十一日止年度，本集團 五大客戶佔本集團之營業額少於 30%。 以下所載為本財政年度主要供應商佔本集團採購 額之資料： The largest supplier Five largest suppliers in aggregate 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 issued shares) had any interest in these major suppliers. Percentage of the Group’s total purchases 佔本集團採購總額百分比 25% 36% 各董事、彼等之聯繫人或任何據董事所知擁有本 公司已發行股份超過 5% 之本公司股東於年內概 無擁有該等主要供應商之任何權益。 維他奶國際集團有限公司 二零一五╱一六年年報 67 REPORT OF THE DIRECTORS 董事會報告 Recommended Dividend 建議股息 An interim dividend of HK3.8 cents per ordinary share (2015: HK3.2 cents per ordinary share) was paid on 28th December, 2015. The Directors now recommend the payment of a final dividend of HK26.5 cents per ordinary share (2015: HK21.2 cents per ordinary share) in respect of the year ended 31st March, 2016. 本公司已於二零一五年十二月二十八日派發中期 股息每股普通股 3.8 港仙（二零一五年：每股普通 股 3.2 港仙）。董事現建議派發截至二零一六年三 月三十一日止年度之末期股息每股普通股 26.5 港 仙（二零一五年：每股普通股 21.2 港仙）。 Charitable Donations 慈善捐款 Charitable donations made by the Group during the year amounted to HK$50,000 (2015: HK$95,000). 本集團於年內之慈善捐款共達港幣 50,000 元（二 零一五年：港幣 95,000 元）。 Bank Loans 銀行貸款 Particulars of bank loans of the Group, as at 31st March, 2016 are set out in note 20 to the financial statements. 本集團於二零一六年三月三十一日之銀行貸款詳 情載於財務報表附註 20。 Share Capital 股本 Details of the movements in share capital of the Company during the year are set out in note 25(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 25(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. Anthony John Liddell NIGHTINGALE was appointed as an Independent Non-executive Director and a member of the Audit Committee and the Remuneration and Nomination Committee of the Company with effect from 26th June, 2015. In accordance with Article 104 of the Company’s Articles of Association, Mr. Winston Yau-Lai LO, Ms. Myrna Mo-ching LO and Mr. Valiant Kin-piu CHEUNG retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election, save for Mr. Valiant Kin-piu CHEUNG, who indicated that he would not offer himself for re-election at the Annual General Meeting. None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. Non-executive Directors are appointed under the same terms for rotational retirement as other Directors, pursuant to the Articles of Association of the Company. 黎定基先生獲委任為本公司獨立非執行董事、兼 審核委員會和薪酬及提名委員會成 員，自二零 一五年六月二十六日起生效。 根據本公司之章程細則第 104 條，羅友禮先生、 羅慕貞女士及張建標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， 惟張建標先生已表示彼將不會於股東週年大會上 膺選連任。 擬於應屆股東週年大會上膺選連任之董事並無與 本公司或其任何附屬公司簽訂本公司或其任何附 屬公司不得於一年內終止而不作出賠償（一般法 定賠償除外）之服務合約。 根據本公司之章程細則，非執行董事乃按與其他 董事相同之輪值告退條款獲委任。 68 Vitasoy International Holdings Ltd. Annual Report 2015/16 REPORT OF THE DIRECTORS 董事會報告 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/Directors of Subsidiaries”. 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╱附屬公司董事」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, 2016 had the following interests in the shares of the Company and subsidiaries (within the meaning of the Securities and Futures Ordinance (“SFO”)) at that date as recorded in the register of Directors’ interests and short positions required to be kept under section 352 of the SFO: 按《證券及期貨條例》第 352 條規定備存之董事 權益及淡倉登記冊記錄所載，於二零一六年三月 三十一日在職之本公司董事於當日持有本公司及 附屬公司（定義見《證券及期貨條例》）之股份權 益如下： (1) Interests in issued shares (1) 於已發行股份之權益 Number of ordinary shares 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 Mr. Roberto GUIDETTI 陸博濤先生 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) 61,583,800 28,702,500 72,678,300 162,964,600 15.56% 6,000,000 150,000 – – 200,000 (ii), (iv) (iii), (iv) – – – – – – – 6,000,000 150,000 100,653,000 100,653,000 93,344,750 93,344,750 – 200,000 0.57% 0.01% 9.61% 8.91% 0.02% * The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,047,329,500 ordinary shares) as at 31st March, 2016. * 此百分比乃根據本公司於二零一六年三月三十一 日已發行之股份總數（即 1,047,329,500 股普通 股）計算。 維他奶國際集團有限公司 二零一五╱一六年年報 69 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 3,338,300 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 3,338,300 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, 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。 70 Vitasoy International Holdings Ltd. Annual Report 2015/16 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計 2002 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 during the vesting period, 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. – 購股權在歸屬期內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 二零一五╱一六年年報 71 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計 2002 (Continued) 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, 2016, there were 8,453,000 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%。 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 零一六年三月三十一日，仍有 8,453,000 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 recognise and acknowledge the contributions which the Directors, executives and employees of the Company or any of its subsidiaries (“Eligible Participants”) have made or will make to the Group. It will provide the Eligible Participants with an opportunity to have a personal stake in the Company with a view to motivating the Eligible Participants to excel their performance and efficiency for the benefit of the Group; and attracting and retaining or otherwise maintaining an ongoing relationship with the Eligible Participants whose contributions are or will be beneficial to the long term growth of the Group. The Board may at its discretion grant options to any Director, executive or employee of the Company or its subsidiaries. 本公司於二零一二年八月二十八日採納新購股權 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、行政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： – – 72 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 2015/16 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 during the vesting period, 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. – 在歸屬期內，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, 5,712,000 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, 2016 was 82,059,950 shares, which represented 7.84% of the ordinary shares of the Company in issue at 31st March, 2016. 年 內， 根 據 二 零 一 二 年 購 股 權 計 劃 授 出 5,712,000 份購股權。於二零一六年三月三十一 日，根據二零一二年購股權計劃可供發行之普通 股總數為 82,059,950 股，佔本公司於二零一六年 三月三十一日之已發行普通股 7.84%。 維他奶國際集團有限公司 二零一五╱一六年年報 73 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, 2016, 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, 2016 was HK$14.48) in consideration of HK$10 for each grant under the 2002 Share Option Scheme and 2012 Share Option Scheme of the Company. As at 31st March, 2016, 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$16,676,000 and HK$33,549,000 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, 2016 are exercised, the Company will receive proceeds of HK$261,610,000. 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. 於二零一六年三月三十一日，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 年購股權計劃獲授可以每份購股權代價港幣 10 元認購本公司普通股（於二零一六年三月三十一 日之每股市值為港幣 14.48 元）之購股權中擁有 下 列 權 益。 於 二 零 一 六 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 16,676,000 元及港幣 33,549,000 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。假設所有於二零一六年三月 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 261,610,000 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。 74 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 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 21/7/2009 7/9/2010 8/9/2011 31/8/2012 9/9/2013 10/9/2014 14/9/2015 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 14/9/2016 to 至13/9/2025 @2/4/2013 28/6/2013 2/7/2014 26/6/2015 2/4/2015 to 至1/4/2023 28/6/2014 to 至27/6/2023 2/7/2015 to 至1/7/2024 26/6/2016 to 至25/6/2025 1/6/2005 5/6/2006 21/7/2008 21/7/2009 9/6/2010 15/6/2011 22/6/2012 28/6/2013 2/7/2014 26/6/2015 1/6/2006 to 至31/5/2015 5/6/2007 to 至4/6/2016 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 26/6/2016 to 至25/6/2025 Price per share on exercise of options 行使購股權 時須付之 每股價格 HK$ 港幣 4.580 5.942 6.358 6.400 9.370 10.080 13.600 9.090 9.370 10.080 13.600 2.375 2.900 3.820 4.580 6.022 6.424 6.274 9.370 10.080 13.600 Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 Number of options granted during the year 年內授出之 購股權數目 Number of options exercised during the year 年內行使之 購股權數目 Number of options outstanding at the end of the year 年結時 尚未行使之 購股權數目 * Market value per share at date of grant of options *授出購 股權之日之 每股市價 HK$ 港幣 * Market value per share on exercise of options *行使 購股權時之 每股市價 HK$ 港幣 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 – – – – – – – 1,588,000 – – – 1,414,000 – – – – – – – – – 2,710,000 (928,000) (2,120,000) (580,000) – – – – (200,000) – – – (62,000) (30,000) (240,000) (78,000) (1,100,000) (734,000) (1,037,000) (440,000) (265,000) – – – 1,740,000 2,822,000 1,704,000 1,792,000 1,588,000 1,900,000 1,438,000 1,576,000 1,414,000 – 30,000 – 234,000 404,000 992,000 2,231,000 2,652,000 2,513,000 2,710,000 29,842,000 5,712,000 (7,814,000) 27,740,000 4.510 5.970 5.470 6.700 9.950 9.890 11.520 8.750 9.180 9.890 13.620 2.425 2.850 3.820 4.510 5.870 6.180 6.130 9.180 9.890 13.620 12.20 13.44 13.44 – – – – 11.46 – – – 12.622 12.680 11.520 13.860 11.780 12.827 13.028 13.555 12.688 – 維他奶國際集團有限公司 二零一五╱一六年年報 75 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 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 was 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 23 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 23。 76 Vitasoy International Holdings Ltd. Annual Report 2015/16 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, 2016 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 於二零一六年三月三十一日，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 Commonwealth Bank of Australia 澳洲聯邦銀行 Wasatch Advisors, Inc. Matthews International Capital Management, LLC Arisaig Asia Consumer Fund Limited (“Arisaig”) （「Arisaig」） Arisaig Partners (Mauritius) Limited (“Arisaig Mauritius”) （「Arisaig Mauritius」） Mr. Lindsay William Ernest COOPER (“Cooper”) Lindsay William Ernest COOPER 先生（「Cooper」） (i), (ii) 23,514,700 750,000 (ii) (ii) (iii) (iv) (v) 18,508,950 7,548,000 – – – (vi) 60,600,000 (vii) (viii) – – – – – – – – – – – – – 72,678,300 96,943,000 9.26% 72,678,300 91,187,250 8.71% 72,678,300 80,226,300 7.66% 94,112,000 63,715,173 62,353,000 – – – 94,112,000 8.99% 63,715,173 6.08% 62,353,000 5.95% – – 60,600,000 5.79% 60,600,000 60,600,000 – – 60,600,000 5.79% 60,600,000 5.79% * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,047,329,500 ordinary shares) as at 31st March, 2016. * 此百分比乃根據本公司於二零一六年三月三十一 日已發行之股份總數（即 1,047,329,500 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 Commonwealth Bank of Australia (iii) 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。 維他奶國際集團有限公司 二零一五╱一六年年報 77 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 Wasatch Advisors, Inc. in the (iv) 該等權益由 Wasatch Advisors, Inc. 以投資經理身 capacity of investment manager. 份持有。 (v) These interests are held by Matthews International Capital Management, LLC in the capacity of investment manager. (v) 該 等 權 益 乃 由 Matthews International Capital Management, LLC 以投資經理身份持有。 (vi) These interests are held by Arisaig in the capacity of beneficial (vi) 該等權益乃由 Arisaig 以實益擁有人身份持有。 owner. (vii) These interests are held by Arisaig Mauritius in the capacity of investment manager of Arisaig. These interests are duplicated by the interests disclosed in Note (vi) above. (vii) 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 (vi) 所披露 者為同一份權益。 (viii) These interests represent Cooper’s interests through his indirect 33% interest in Arisaig Mauritius. These interests are duplicated by the interests disclosed in Notes (vi) and (vii) above. (viii) 該 等 權 益 指 Cooper 透 過 其 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 (vi) 及 (vii) 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. Directors’ Interests in Transactions, Arrangements or Contracts 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. 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。 董事於交易、安排或合約之權益 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： 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 2,000,001 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 5 1 3 78 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 2.0” to be sent out togother 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 2.0」，該報告將連同本年報一同寄出。 Indemnity of Directors 董事之彌償保證 A permitted indemnity provision (as defined in section 469 of the Hong Kong Companies Ordinance) for the benefit of the Directors of the Company is currently in force and was in force throughout this year. 惠及本公司董事的獲准許彌償條文（定義見香港 公司條例第 469 條）於現時生效及於本年度一直 有效。 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, 2016 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. 本公司於截至二零一六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 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 二零一五╱一六年年報 79 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 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$21,681,000 (2014/2015: HK$24,577,000) 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. Announcement was made by the Company on 27th March, 2013 in this respect. The Directors, including the Independent Non- executive Directors, considered that the transaction during the year ended 31st March, 2016: 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 21,681,000 元（二零一四╱二零一五年 度：港幣 24,577,000 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 一六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 (Revised) “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 conclusion 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 conclusion 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（經修 訂）「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 留結論。本公司已將核數師結論副本呈交香 港聯合交易所有限公司。 80 Vitasoy International Holdings Ltd. Annual Report 2015/16 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$7,497,000 (2014/2015: HK$10,510,000). 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, 2016: 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 7,497,000 元（ 二 零 一四╱二零一五年度：港幣10,510,000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 一六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 二零一五╱一六年年報 81 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 (Revised) “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 conclusion 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 conclusion 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（經修 訂）「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 留結論。本公司已將核數師結論副本呈交香 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 22 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 22。 Five Year Summary 五年財務摘要 A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 190 of the Annual Report. 本集團於過去五個財政年度之業績、資產及負債 摘要載於本年報第 190 頁。 Auditors 核數師 KPMG retire and, being eligible, offer themselves for re- appointment. A resolution for the re-appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual General Meeting. 畢馬威會計師事務所任滿告退，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, 23rd June, 2016 香港，二零一六年六月二十三日 82 Vitasoy International Holdings Ltd. Annual Report 2015/16 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 85 to 189, which comprise the consolidated statement of financial position as at 31st March, 2016, 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 85 至 189 頁 維 他 奶 國 際 集 團 有 限 公 司（「 貴 公 司」）及其附屬公司（統稱「貴集團」）之綜合財 務報表，此綜合財務報表包括於二零一六年三月 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 二零一五╱一六年年報 83 Independent AudItor’s report 獨立核數師報告 Auditor’s Responsibility (Continued) 核數師的責任（續） An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. the procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated financial statements. 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, 2016 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 一六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 23rd June, 2016 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 二零一六年六月二十三日 84 Vitasoy International Holdings Ltd. Annual report 2015/16 Consolidated Statement of Profit or Loss 綜合損益表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 5,551,898 (2,726,117) 5,051,827 (2,541,137) 2,825,781 2,510,690 32,050 44,688 (1,496,807) (468,279) (289,393) (1,344,597) (411,142) (270,375) 603,352 529,264 (4,044) (5,655) 599,308 523,609 (34,064) (114,888) 565,244 408,721 530,616 34,628 372,079 36,642 565,244 408,721 50.9 Cents 仙 35.9 Cents 仙 50.4 Cents 仙 35.5 Cents 仙 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份。 Details of dividends payable to equity shareholders of the Company attributable to the profit for the year are set out in note 25(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 25(b)。 維他奶國際集團有限公司 二零一五╱一六年年報 85 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, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度（以港幣計算） Profit for the year 本年度溢利 565,244 408,721 Note 附註 2016 二零一六年 $’000 千元 2015 二零一五年 $’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 對沖儲備淨變動 附屬公司之財務報表 而產生之匯兌差額 現金流量對沖： 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 (11,457) 3,538 (41,943) (49,581) (217) 1,600 511,627 364,278 480,523 31,104 348,865 15,413 511,627 364,278 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份。 86 Vitasoy International Holdings Ltd. Annual Report 2015/16 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March, 2016 (Expressed in Hong Kong dollars) 於二零一六年三月三十一日（以港幣計算） Non-current assets Property, plant and equipment 物業、廠房及設備 – Interests in leasehold land 非流動資產 held for own use under operating leases – Investment properties – Other property, plant and equipment – 根據經營租賃 持有作自用 之租賃土地權益 – 投資物業 – 其他物業、廠房 及設備 Deposits for the acquisition of 購買物業、廠房 property, plant and equipment 及設備之訂金 Intangible assets Goodwill Bank deposits Deferred tax assets 無形資產 商譽 銀行存款 遞延稅項資產 11(g) 12 13 17(a) 24(b) 2016 二零一六年 2015 二零一五年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 11(a) 67,568 5,140 2,114,264 2,186,972 309 4,530 36,547 1,406 101,290 72,099 5,666 1,775,752 1,853,517 3,716 4,809 35,813 – 32,678 2,331,054 1,930,533 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 Assets of disposal group classified as held for sale 分類為持作出售之 出售組別資產 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 Liabilities of disposal group classified as held for sale 分類為持作出售之 出售組別負債 15 528,264 16 24(a) 17(a) 827,627 8,072 271,731 1,635,694 561,252 805,182 5,435 335,056 1,706,925 18 218,078 – 1,853,772 1,706,925 19 20 21 24(a) 1,286,879 139,652 1,135 16,675 1,444,341 1,247,908 125,948 1,043 27,324 1,402,223 18 26,039 – 1,470,380 1,402,223 Net current assets 淨流動資產 383,392 304,702 Total assets less current 總資產減流動負債 liabilities 2,714,446 2,235,235 Non-current liabilities Bank loans Obligations under finance leases 融資租賃之債務 Employee retirement benefit liabilities Deferred tax liabilities 非流動負債 銀行貸款 遞延稅項負債 僱員退休褔利負債 NET ASSETS 淨資產 維他奶國際集團有限公司 二零一五╱一六年年報 20 21 22(b) 24(b) 207,341 2,134 28,033 65,075 27,714 3,238 10,234 69,377 302,583 2,411,863 110,563 2,124,672 87 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March, 2016 (Expressed in Hong Kong dollars) 於二零一六年三月三十一日（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 2016 二零一六年 2015 二零一五年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 25(c) 733,722 1,466,013 677,694 1,241,391 2,199,735 212,128 2,411,863 1,919,085 205,587 2,124,672 Approved and authorised for issue by the Board of Directors on 23rd June, 2016 於二零一六年六月二十三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 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份。 88 Vitasoy International Holdings Ltd. Annual Report 2015/16 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六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 Other reserve 股本 資本儲備 (note 25(d)(i)) 其他儲備 盈餘儲備 (note 25(d)(iii)) (note 25(d)(ii)) （附註25(d)(i)） （附註25(d)(ii)） （附註25(d)(iii)） $’000 千元 $’000 千元 $’000 千元 $’000 千元 Hedging reserve Exchange reserve Share-based compensation reserve 股份基礎 補償儲備 匯兌儲備 對沖儲備 (note 25(d)(iv)) (note 25(d)(vi)) (note 25(d)(v)) （附註25(d)(iv)） （附註25(d)(v)） （附註25(d)(vi)） $’000 千元 $’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) – – – – – (3,188) 11,124 – – – 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 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 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 Balance at 31st March, 2015 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 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 於二零一五年 三月三十一日結餘 25(d)(i) 25(c)(ii) 22,395 25(b)(ii) 25(b)(i) – – – – 維他奶國際集團有限公司 二零一五╱一六年年報 89 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六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 Other reserve 股本 資本儲備 (note 25(d)(i)) 其他儲備 盈餘儲備 (note 25(d)(iii)) (note 25(d)(ii)) （附註25(d)(i)） （附註25(d)(ii)） （附註25(d)(iii)） $’000 千元 $’000 千元 $’000 千元 $’000 千元 Hedging reserve Exchange reserve Share-based compensation reserve 股份基礎 補償儲備 匯兌儲備 對沖儲備 (note 25(d)(iv)) (note 25(d)(vi)) (note 25(d)(v)) （附註25(d)(iv)） （附註25(d)(v)） （附註25(d)(vi)） $’000 千元 $’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 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 – – – – – – – – – (4,087) – – – – – – – – 4,089 – – – – – – – – – – – – – – – – – – – – – – – – – – – (217) – (38,419) (217) (38,419) – – – – – – – – – – – – – – – – – – – (7,527) 12,393 – – – 530,616 (11,457) 530,616 (50,093) 34,628 (3,524) 565,244 (53,617) 519,159 480,523 31,104 511,627 (4,089) 4,087 – – – – 48,501 12,393 (221,111) (221,111) (39,656) (39,656) – – – – – – – – 48,501 12,393 (221,111) (39,656) – – (24,563) (24,563) 733,722 46,959 52,818 (48,622) 2,261 (217) (7,779) 31,340 1,389,253 2,199,735 212,128 2,411,863 Note 附註 Balance at 1st April, 2015 於二零一五年 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 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 Balance at 31st March, 2016 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 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 於二零一六年 三月三十一日結餘 25(d)(i) 25(c)(ii) 56,028 25(b)(ii) 25(b)(i) – – – – The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份。 90 Vitasoy International Holdings Ltd. Annual Report 2015/16 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度（以港幣計算） 2016 二零一六年 2015 二零一五年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Operating activities 經營活動 Cash generated from operations 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) 749,478 (43,340) (75,394) 855,186 (48,358) (67,474) 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 other 購買其他物業、廠房及 property, plant and equipment Payment for acquisition of 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 出售物業、廠房及設備 所得款項 收購廠房及設備 interests in leasehold land held for own use under operating leases Proceeds from sale of property, plant and equipment Government grants received for acquisition of plant and equipment 之已收政府補助 Increase in long-term bank deposits 長期銀行存款增加 Interest received 已收利息 Net cash used in investing activities Financing activities 投資活動所用 現金淨額 融資活動 Capital element of finance lease rentals paid Proceeds from new bank loans Repayment of bank loans Interest element of finance lease rentals paid Interest paid Proceeds from shares issued on exercise of share options Dividends paid to equity shareholders of the Company Dividends paid to non-controlling interests 已付融資租賃租金之 資本部份 新增銀行貸款所得款項 償還銀行貸款 已付融資租賃租金之 利息部份 已付利息 就行使購股權發行股份 所得款項 向本公司股權持有人 派發股息 向非控股權益 派發股息 Net cash used in financing activities 融資活動所用 現金淨額 Net (decrease)/increase in cash and cash equivalents 現金及現金等值項目 （減少）╱增加淨額 Cash and cash equivalents at 1st April 於四月一日之現金及 現金等值項目 Effect of foreign exchange rate changes 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) 630,744 739,354 (668,543) (521,034) – 1,682 30,839 (1,406) 2,002 (1,006) 435,114 (242,257) (276) (5,656) 48,501 (260,612) (24,563) (39,136) 868 – – 2,476 (635,426) (556,826) (1,104) 190,324 (141,932) (412) (5,243) 19,207 (208,504) (17,477) (50,755) (55,437) 334,580 (7,898) 271,245 (165,141) 17,387 320,425 (3,232) 334,580 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份。 維他奶國際集團有限公司 二零一五╱一六年年報 91 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies 1 主要會計政策 (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 Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing rules”). A summary of the significant accounting policies adopted by the Group is set out below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. 本財務報表是按照所有適用之《香港財務報告準 則》、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, 2016 comprise the Company and its subsidiaries (together referred to as the “Group”). The measurement basis used in the preparation of the financial statements is the historical cost basis except that derivative financial instruments are stated at fair value as explained in the accounting policies set out in note 1(s). Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell (see note 1(w)). The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 截至二零一六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」）。 除附註 1(s) 所載會計政策闡釋之衍生金融工具按 公允值計算外，編製財務報表是以歷史成本作為 計量基準。 非流動資產及持作出售之出售組別按其賬面值與 公允值減出售成本之較低者入賬（見附註1((w)）。 管理層須在編製符合《香港財務報告準則》之財 務報表時作出會影響會計政策應用，以及資產、 負債、收入及支出之報告金額之判斷、估計及假 設。此等估計及相關假設是根據以往經驗和管理 層因應當時情況認為合理之多項其他因素作出， 其結果構成當管理層在無法依循其他途徑即時得 知資產與負債之賬面值時所作出判斷之基礎。實 際結果可能有別於估計數額。 92 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 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： • Amendments to HKAS 19, Employee benefits: Defined benefit plans: Employee contributions • 《香港會計準則》第 19 號「僱員福利：界定 福利計劃：僱員供款」之修訂 • Annual Improvements to HKFRSs 2010-2012 Cycle • 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 • Annual Improvements to HKFRSs 2011-2013 Cycle • 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 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 amended HKFRSs are discussed below: 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 HKAS 19, Employee benefits: Defined benefit plans: Employee contributions 《香港會計準則》第 19 號「僱員福利：界定福 利計劃：僱員供款」之修訂 The amendments introduce a relief to reduce the complexity of accounting for certain contributions from employees or third parties under defined benefit plans. When the contributions are eligible for the practical expedient provided by the amendments, a company is allowed to recognise the contributions as a reduction of the service cost in the period in which the related service is rendered, instead of including them in calculating the defined benefit obligation. The amendments do not have an impact on these financial statements as the defined benefit plans operated by the Group are wholly funded by contributions from the Group and do not involve contributions from employees or third parties. 該等修訂引入了一項豁免，旨在簡化對僱員或第 三方按界定福利計劃繳納的若干供款的會計處 理。當供款滿足該等修訂所設定的標準時，公司 可以將供款確認為在相關僱員服務提供期間對僱 員服務成本的扣減，而不將其包含於界定福利責 任的計算中。由於本集團運作的界定福利計劃由 本集團全額作出且不涉及僱員或第三方供款，故 該等修訂對本集團財務報表並無影響。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (c) Changes in accounting policies (Continued) (c) 會計政策之變動（續） Annual Improvements to HKFRSs 2010-2012 Cycle and 2011-2013 Cycle These two cycles of annual improvements contain amendments to nine standards with consequential amendments to other standards. Among them, HKAS 24, Related party disclosures has been amended to expand the definition of a “related party” to include a management entity that provides key management personnel services to the reporting entity, and to require the disclosure of the amounts incurred for obtaining the key management personnel services provided by the management entity. These amendments do not have an impact on the Group’s related party disclosures as the Group does not obtain key management personnel services from management entities. 二零一零年至二零一二年週期及二零一一年 至二零一三年週期香港財務報告準則之年度 改進 此兩個週期之年度改進包括九項準則之修訂及連 同其他準則之相應修訂。其中，《香港會計準則》 第 24 號「關聯人士披露」已 予 以 修 改， 藉 以 將 「關聯人士」的定義擴展為包括提供主要管理人 員服務予申報實體的管理實體，並要求披露為獲 得管理實體提供的主要管理人員服務而產生的金 額。由於本集團並無自管理實體獲得主要管理人 員服務，故該等修訂對本集團的關聯人士披露並 無任何影響。 (d) Subsidiaries and non-controlling interests (d) 附屬公司及非控股權益 Subsidiaries are entities controlled by the Group. 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。 94 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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。 96 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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： Factory machinery and equipment Fixtures, furniture and office equipment Motor vehicles 4 – 25 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 – 25 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。 98 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 recognised as 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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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： – – – – 100 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。 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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: 本集團於每個匯報期末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）： – – – – – – 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； investment properties; – 投資物業； other property, plant and equipment; – 其他物業、廠房及設備； 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。 102 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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。 104 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 defined benefit retirement plans are 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 expenses”, “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、銷售及分銷費用」、「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）。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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。 106 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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 108 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 changed, 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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） (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。 110 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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、終止或行使或該實體 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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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. 來自非上市投資之股息收入乃於股東收取款項之 權利確立時確認。 112 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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) Non-current assets held for sale (w) 持作出售之非流動資產 A non-current asset (or disposal group) is classified as held for sale if it is highly probable that its carrying amount will be recovered through a sale transaction rather than through continuing use and the asset (or disposal group) is available for sale in its present condition. A disposal group is a group of assets to be disposed of together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. When the Group is committed to a sale plan involving loss of control of a subsidiary, all the assets and liabilities of that subsidiary are classified as held for sale when the above critieria for classification as held for sale ar met, regardless of whether the Group will retain a non-controlling interest in the subsidiary after the sale. 倘非流動資產（或出售組別）之賬面值極可能透 過銷售交易而非持續使用收回，以及該資產（或 出售組別）之現況為可供出售，則分類為持作出 售。出售組別為一組於單一交易將予出售之資產 組別，以及與將於交易轉讓之相關資產有直接關 聯之負債。 倘本集團參與涉及失去附屬公司控制權之出售計 劃，該附屬公司之所有資產及負債於符合上述分 類為持作出售之條件時分類為持作出售，而不論 本集團會否在銷售後保留該附屬公司之非控股權 益。 114 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (w) Non-current assets held for sale (Continued) (w) 持作出售之非流動資產（續） Immediately before classification as held for sale, the measurement of the non-current assets (and all individual assets and liabilities in a disposal group) is brought up-to- date in accordance with the accounting policies before the classification. Then, on initial classification as held for sale and until disposal, the non-current assets (except for certain assets as explained below), or disposal groups, are recognised at the lower of their carrying amount and fair value less costs to sell. The principal exceptions to this measurement policy so far as the financial statements of the Group and the Company are concerned are deferred tax assets, assets arising from employee benefits and certain financial assets. These assets, even if held for sale, would continue to be measured in accordance with the policies set out elsewhere in note 1. Impairment losses on initial classification as held for sale, and on subsequent remeasurement while held for sale, are recognised in profit or loss. As long as a non-current asset is classified as held for sale, or is included in a disposal group that is classified as held for sale, the non-current asset is not depreciated or amortised. 緊接分類為持作出售前，非流動資產及出售組別 之所有獨立資產及負債於分類前根據會計政策重 新計量。其後，於初步分類為持作出售及直至出 售前，非流動資產（下文解釋的若干資產除外） 或出售組別按其賬面值及公允值減出售成本之較 低者確認。就本集團及本公司之財務報表而言， 有關計量政策之主要例外，乃關於遞延稅項 資 產、因僱員福利而產生之資產及若干財務資產。 該等資產儘管持有以供出售，按附註 1 其他部分 所載之政策計量。 於初步分類為持作出售及其後於持作出售時重新 計量之減值虧損於損益確認。只要非流動資產仍 被分類為持作出售或列入分類為持作出售之出售 組別，則非流動資產將不予折舊或攤銷。 (x) Repair and maintenance expenditure (x) 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。 (y) Related parties (y) 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 二零一五╱一六年年報 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (y) Related parties (Continued) (y) 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). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group. (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。 (viii) 該實體或其所屬集團之任何成員公司 向本集團提供主要管理人員服務。 Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person 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。 (z) Segment reporting (z) 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。 116 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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） (z) Segment reporting (Continued) (z) 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, 22 and 23 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、22 及 23 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、廠房及設備減值 If circumstances indicate that the carrying values of property, plant and equipment 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 are disclosed in note 11. 倘有情況顯示物業、廠房及設備之賬面值可能無 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、廠房及設備之性質及賬面值詳情於 附註 11 披露。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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 在任何匯報日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。 118 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 24(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 24(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 Mainland China business mainly represents the manufacture and sale of soymilk, tea, juice, etc. in Mainland China; 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, export of beverages from Hong Kong and the operating of tuck shops and catering businesses; The Australia and New Zealand business mainly represents the manufacture and sale of soymilk and rice milk etc. in Australia and sales 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。 – 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； – 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、在澳門銷售飲料、從香港出口飲料， 以及經營學校小食部及餐飲業務； – 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 二零一五╱一六年年報 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） 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 Singapore business mainly represents the manufacture and sale of soy related products in Singapore and sale of soy related products in overseas; and 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. – 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；及 – 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。 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 other 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、遞延稅項負債及其他企業負 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。 120 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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, 2016 and 2015 is set out below: 截至二零一六年及二零一五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須報告分部資料如下： Mainland China 中國內地 Hong Kong Operation 香港業務 Australia & New Zealand 澳洲及新西蘭 Singapore 新加坡 North America 北美洲 Total 總計 2015 2016 2015 二零一六年 二零一五年 二零一六年 二零一五年 二零一六年 二零一五年 二零一六年 二零一五年 二零一六年 二零一五年 二零一六年 二零一五年 $’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 2015 2016 2015 2015 2016 2016 2016 2015 2016 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 item: – 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 2,404,155 91,920 1,915,922 178,574 2,069,421 235,609 2,048,335 170,773 419,807 281 479,079 660 106,058 1,279 86,489 850 552,457 – 522,002 – 5,551,898 329,089 5,051,827 350,857 2,496,075 2,094,496 2,305,030 2,219,108 420,088 479,739 107,337 87,339 552,457 522,002 5,880,987 5,402,684 281,494 199,416 380,350 355,101 84,199 84,460 10,993 8,160 (32,758) (1,417) 724,278 645,720 727 (109) 424 (161) 1,118 (728) 1,461 (389) 156 (3,137) 589 (4,790) 1 – 1 – – (70) – (315) 2,002 (4,044) 2,475 (5,655) (84,877) (67,040) (93,890) (86,081) (10,188) (23,634) (3,215) (4,691) (18,651) (17,119) (210,821) (198,565) (405) (456) (2,511) (2,106) – – – – – – (2,916) (2,562) 2,125,058 1,575,290 2,868,189 2,026,141 350,193 334,996 102,129 95,908 263,671 250,712 5,709,240 4,283,047 1,394,335 1,014,383 774,536 574,802 116,569 124,026 16,988 12,326 385,193 98,535 2,687,621 1,824,072 593,121 357,728 81,985 100,172 19,299 18,561 3,861 7,905 12,759 27,584 711,025 511,950 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’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 5,880,987 (329,089) 5,402,684 (350,857) Consolidated revenue 綜合收入 5,551,898 5,051,827 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 724,278 (4,044) 645,720 (5,655) (120,926) (116,456) Consolidated profit before taxation 綜合除稅前溢利 599,308 523,609 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 2,002 – 2,002 2,475 1 2,476 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 2,916 9,477 2,562 8,562 12,393 11,124 122 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 5,709,240 4,283,047 (1,635,884) (685,158) 4,073,356 3,597,889 101,290 8,072 2,108 32,678 5,435 1,456 Consolidated total assets 綜合總資產 4,184,826 3,637,458 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 2,687,621 (1,049,399) 1,824,072 (443,165) 1,638,222 1,380,907 28,033 65,075 16,675 24,958 10,234 69,377 27,324 24,944 Consolidated total liabilities 綜合總負債 1,772,963 1,512,786 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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。 Mainland China Hong Kong Operation Australia and New Zealand Singapore North America 中國內地 香港業務 澳洲及新西蘭 新加坡 北美洲 Specified non-current assets 特定非流動資產 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 1,402,372 560,564 195,363 70,059 – 946,239 573,295 184,086 68,021 126,214 2,228,358 1,897,855 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 $1,863,386,000 (2015: $1,851,356,000) and $552,901,000 (2015: $566,813,000) 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 1,863,386,000元（二零一五年：1,851,356,000元） 及552,901,000元（二零一五年：566,813,000元）。 124 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 Government grants (note) Scrap sales Rental income Interest income Reversal of long outstanding other payables Sundry income 政府補助（附註） 廢料銷售 租金收入 利息收入 長期未償還其他應 付款撥回 雜項收入 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 8,283 8,611 4,191 2,002 1,720 7,243 17,174 8,864 4,880 2,476 1,875 9,419 32,050 44,688 Note: 附註： Government grants mainly relate to value-added tax refunded and other financial assistance received from the government of the People’s Republic of China (“PRC”). Other government grants received in relation to the acquisition of plant and equipment were netted off against the cost of the related assets (note 11(a)). 政府補助主要指中華人民共和國（「中國」）政府退回 之增值稅及從其收取之其他財務資助。就購置廠房及 設備收取之其他政府補助已從相關資產之成本扣除（附 註 11(a)）。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 5 Profit before taxation 5 除稅前溢利 Profit before taxation is arrived at after charging/ (crediting): 除稅前溢利已扣除╱（計入）： (a) Finance costs: (a) 融資成本： Interest on bank loans Finance charges on obligations under finance leases 銀行貸款之利息 融資租賃債務之 財務費用 Less: interest expense capitalised 減：被資本化為 into property, plant and equipment* 物業、廠房及設備 之利息支出 * 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 5,656 276 5,932 5,243 412 5,655 (1,888) – 4,044 5,655 * The borrowing costs have been capitalised at a rate of 1.47% per annum (2015: Nil). * 被 資 本 化 的 借 貸 成 本 按 每 年 1.47% 之 息 率 計 算 （二零一五年：無）。 (b) Staff costs: (b) 員工成本： Contributions to defined contribution retirement plans Net expenses recognised in respect of: – retirement gratuites (note 22(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 22(c)(v)） – 長期服務金 Total retirement costs Equity settled share-based payment expenses (note 23) Salaries, wages and other benefits 總退休成本 以股份為付款基礎之費用 （附註 23） 薪金、工資及其他福利 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 64,015 49,716 4,036 457 4,104 1,017 68,508 54,837 12,393 1,197,248 11,124 1,040,749 1,278,149 1,106,710 126 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 Recognition/(reversal) of impairment 物業、廠房及設備 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 losses on property, plant and equipment Auditors’ remuneration – Audit services – Provision for the current year – Under/(over)-provision 之減值虧損╱ （撥回） 核數師酬金 – 審核服務 – 本年度之撥備 – 以往年度之撥備不足╱ in respect of prior year （超額撥備） and equipment – Tax services – Other services Operating lease charges: minimum lease payments – Hire of properties – Hire of factory machinery – 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 – Contingent rent – Other assets – 其他資產 Net loss on disposal of property, 出售物業、廠房 及設備之虧損淨額 plant and equipment Net foreign exchange (gain)/loss 外匯（收益）╱虧損淨額 Net loss on forward exchange contracts 非指定為對沖工具之遠期 not designated as hedging instruments 外匯合約之淨虧損 Cost of inventories (note 15(b)) 存貨成本（附註 15(b)） 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 1,607 367 526 248 208,073 141 679 1,000 2,059 526 1,166 193,814 229 (224) 5,121 5,234 56 193 755 (545) 289 378 86,088 73,159 858 203 1,056 5,110 (3,875) 873 791 434 4,410 1,289 2,190 2,808,139 – 2,607,466 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 50,095 (54) 44,306 (20) 50,041 44,286 55,984 71,781 61 798 56,045 72,579 (72,022) (1,977) 34,064 114,888 Notes: 附註： (i) (ii) The provision for Hong Kong Profits Tax for 2016 is calculated at 16.5% (2015: 16.5%) of the estimated assessable profits for the year. (i) 二零一六年之香港利得稅撥備是按年內之估計應 課稅溢利以 16.5%（二零一五年：16.5%）之稅率 計算。 In accordance with the relevant PRC corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company’s subsidiaries in Shenzhen, Foshan, Shanghai and Wuhan 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、上海及武漢 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。 128 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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： 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 Profit before taxation 除稅前溢利 599,308 523,609 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 current year’s unused tax losses not recognised 本年度未確認之未使用稅務虧損 之稅務影響 Tax effect of current year’s deductible 本年度未確認之可扣減暫時差異之 temporary differences 稅務影響 確認先前未確認之稅務虧損 之稅務影響 not recognised Tax effect of recognition of tax loss not previously recognised Tax effect of utilisation of tax losses 就使用先前未確認之稅務虧損 and other temporary differences 及其他暫時差異之稅務影響 not previously recognised Net under-provision in respect of prior years Others 以往年度之撥備不足淨額 其他 117,733 2,960 (1,620) 4,024 104,413 9,093 (778) 5,459 2,763 488 8,514 29,216 (54,156) – (38,439) (30,697) 7 (7,722) 778 (3,084) Actual tax expense 實際稅項支出 34,064 114,888 維他奶國際集團有限公司 二零一五╱一六年年報 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） 7 Emoluments of Directors 7 董事之酬金 Directors’ emoluments disclosed pursuant to section 383(1) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation are as follows: 根據香港《公司條例》第 383(1) 條及《公司（披露 董事利益資料）規例》第 2 部披露之董事酬金如 下： 2016 二零一六年 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 Mr. Winston Yau-lai LO Mr. Roberto GUIDETTI Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 執行董事 羅友禮先生 陸博濤先生 非執行董事 羅慕貞女士 羅慕玲女士 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Valiant Kin-piu CHEUNG Mr. Jan P.S. ERLUND Mr. Anthony John Liddell NIGHTINGALE (appointed on 26th June, 2015) 李國寶爵士 張建標先生 Jan P.S. ERLUND 先生 黎定基先生 （於二零一五年六月 二十六日獲委任） 231 116 131 131 413 426 402 307 4,904 6,089 3,808 3,676 314 216 9,257 10,097 3,532 3,309 12,789 13,406 – – – – – – – – – – – – – – – – – – 131 131 413 426 402 307 – – – – – – 131 131 413 426 402 307 2,157 10,993 7,484 530 21,164 6,841 28,005 130 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 7 Emoluments of Directors (Continued) 7 董事之酬金（續） 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 Mr. Winston Yau-lai LO Mr. Roberto GUIDETTI Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO 執行董事 羅友禮先生 陸博濤先生 非執行董事 羅慕貞女士 羅慕玲女士 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE (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 214 107 122 122 383 176 378 372 4,965 6,848 3,459 3,340 299 206 8,937 10,501 3,314 3,693 12,251 14,194 – – – – – – – – – – – – – – – – – – 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 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 23. 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 23 中 披露。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 8 Individuals with highest emoluments 8 最高酬金人士 Of the five individuals with the highest emoluments, two (2015: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2015: three) individuals are as follows: 在五名最高酬金人士中，兩名（二零一五年：兩 名）為董事，彼等之酬金於附註 7 中披露。其餘 三名（二零一五年：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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 11,771 533 4,413 4,368 10,135 471 4,268 3,550 21,085 18,424 The emoluments of the three (2015: three) individuals with the highest emoluments are within the following bands: 三名（二零一五年：三名）最高酬金人士之酬金 介乎以下組別： $4,500,001 to $5,000,000 $6,000,001 to $6,500,000 $6,500,001 to $7,000,000 $7,000,001 to $7,500,000 $7,500,001 to $8,000,000 4,500,001 元至 5,000,000 元 6,000,001 元至 6,500,000 元 6,500,001 元至 7,000,000 元 7,000,001 元至 7,500,000 元 7,500,001 元至 8,000,000 元 2016 二零一六年 Number of individuals 人數 2015 二零一五年 Number of individuals 人數 – 1 1 – 1 1 1 – 1 – 132 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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： 2016 二零一六年 Tax benefit Net-of-tax Before tax amount amount 稅務利益 扣除稅項金額 除稅前金額 $’000 千元 $’000 千元 $’000 千元 2015 二零一五年 Net-of-tax Tax expense amount 稅務費用 扣除稅項金額 $’000 千元 $’000 千元 Before tax amount 除稅前金額 $’000 千元 (41,943) – (41,943) (49,581) – (49,581) 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 現金流量對沖： 對沖儲備淨 變動 retirement benefit liabilities 之重新計量 (13,704) 2,247 (11,457) 4,295 (260) 43 (217) 1,916 (316) (757) 1,600 3,538 (b) Components of other comprehensive income: (b) 其他全面收益之部份： (55,907) 2,290 (53,617) (43,370) (1,073) (44,443) 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 credited/(charged) 計入╱（扣除）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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 (1,114) 1,010 854 43 906 (316) (217) 1,600 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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 $530,616,000 (2015: $372,079,000) and the weighted average number of 1,042,467,000 ordinary shares (2015: 1,037,669,000 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 530,616,000 元（ 二 零 一 五 年：372,079,000 元）及 年 內 已 發 行 普 通 股 之 加 權 平 均 股 數 1,042,467,000 股（二零一五年：1,037,669,000 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)） 2016 二零一六年 Number of shares 股份數目 ’000 千股 2015 二零一五年 Number of shares 股份數目 ’000 千股 1,039,515 2,952 1,033,976 3,693 1,042,467 1,037,669 (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 $530,616,000 (2015: $372,079,000) and the weighted average number of 1,053,076,000 ordinary shares (2015: 1,046,742,000 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 530,616,000 元（二零一五年：372,079,000 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 1,053,076,000 股 （二零一五年：1,046,742,000 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） 2016 二零一六年 Number of shares 股份數目 ’000 千股 2015 二零一五年 Number of shares 股份數目 ’000 千股 1,042,467 1,037,669 10,609 9,073 1,053,076 1,046,742 134 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 Interests in leasehold land held for own use under operating leases 根據經營 租賃持有作 自用之租賃 土地權益 $’000 千元 Investment properties 投資物業 $’000 千元 Total 總計 $’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 二零一五╱一六年年報 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） 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 Interests in leasehold land held for own use under operating leases 根據經營 租賃持有作 自用之租賃 土地權益 $’000 千元 Investment properties 投資物業 $’000 千元 Total 總計 $’000 千元 Cost: 成本： At 1st April, 2015 Exchange adjustments Additions Transfer Disposals Classified as assets held for sale (note 18) 於二零一五年四月一日 匯兌調整 添置 轉撥 出售 分類為持作出售資產 （附註18） 913,334 (16,067) 17,654 14,237 (777) 2,205,689 (34,247) 149,279 290,796 (37,092) 253,741 (1,646) 20,000 4,386 (7,832) 115,014 (1,018) 24,454 – (8,716) 169,097 (9,461) 502,953 (309,419) – 3,656,875 (62,439) 714,340 – (54,417) 22,698 – – – – 80,471 (3,289) – – – 3,760,044 (65,728) 714,340 – (54,417) (76,268) (257,421) (21,376) (644) (1,869) (357,578) – – (357,578) At 31st March, 2016 於二零一六年三月三十一日 852,113 2,317,004 247,273 129,090 351,301 3,896,781 22,698 77,182 3,996,661 Accumulated amortisation, depreciation and impairment losses: 累計攤銷、折舊及 減值虧損： At 1st April, 2015 Exchange adjustments Charge for the year Recognition of impairment losses Written back on disposals Classified as assets held for sale (note 18) 於二零一五年四月一日 匯兌調整 本年度攤銷及折舊 確認減值虧損 出售時撥回 分類為持作出售資產 （附註18） 385,325 (5,487) 30,980 – (188) 1,248,259 (15,127) 147,539 679 (33,980) 175,313 (857) 21,569 – (5,291) 72,226 (546) 8,233 – (8,161) (52,024) (164,267) (21,158) (520) At 31st March, 2016 於二零一六年三月三十一日 358,606 1,183,103 169,576 71,232 – – – – – – – 1,881,123 (22,017) 208,321 679 (47,620) 17,032 – 526 – – 8,372 (365) 1,607 – – 1,906,527 (22,382) 210,454 679 (47,620) (237,969) – – (237,969) 1,782,517 17,558 9,614 1,809,689 Net book value: 賬面淨值： At 31st March, 2016 於二零一六年三月三十一日 493,507 1,133,901 77,697 57,858 351,301 2,114,264 5,140 67,568 2,186,972 Government grants of $30,839,000 (2015: $Nil) were received from the PRC government in relation to the acquisition of plant and equipment and were netted off against the cost of the related assets. 從中國政府收取就有關購置廠房及設備的政府補 助為 30,839,000 元（二零一五年：無）已從相關 資產之成本扣除。 136 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 131,309 140,221 77,230 11,040 346,567 69 99,307 11,194 354,900 152 566,215 605,774 493,507 5,140 528,009 5,666 67,568 72,099 566,215 605,774 (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. 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 $3,269,000 (2015: $3,494,000). 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。 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 3,269,000 元（ 二 零 一 五 年： 3,494,000 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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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、廠房及設 under operating leases 備 The Group leases out investment properties under an operating lease. 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。該等租賃並無包括或然 租金。 The Group’s total future minimum lease payments under non-cancellable operating lease are receivable as follows: 本集團根據不可解除之經營租賃在日後應收之最 低租賃付款總額如下： 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 Within one year 一年內 833 1,910 (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, 2016 is $53,800,000 (2015: $57,450,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2015: same basis of valuation adopted). The valuation was carried out by an independent firm of surveyors, Roma Appraisals 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 投資物業於二零一六年三月三十一日之公允值為 53,800,000 元（ 二 零 一 五 年：57,450,000 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（二零一五年：採取同一估值 基準）。估值乃由獨立測量師行羅馬國際評估有 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。將某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。 138 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 0.95 to 1.05 (2015: 0.97 to 1.06). 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 0.95 至 1.05（二零 一五年：0.97 至 1.06）。 (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 20). 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20）。 2016 二零一六年 $’000 千元 2015 二零一五年 $’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 67,871 72,163 (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, 2016, the Group paid deposits totalling $309,000 (2015: $3,716,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 27(a)). 於二零一六年三月三十一日，本集團為購置物 業、廠房及設備而支付訂金合共 309,000 元（二 零一五年：3,716,000 元）。購置代價之餘下金額 計入資本承擔（附註 27(a)）。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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, 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 Cost: 成本： At 1st April, 2015 Exchange adjustments 於二零一五年四月一日 匯兌調整 At 31st March, 2016 於二零一六年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April, 2015 Exchange adjustments Charge for the year 於二零一五年四月一日 匯兌調整 本年度攤銷 At 31st March, 2016 於二零一六年三月三十一日 Net book value: 賬面淨值： Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 7,399 151 7,550 2,590 63 367 3,020 10,958 – 18,357 151 10,958 18,508 10,958 – – 13,548 63 367 10,958 13,978 At 31st March, 2016 於二零一六年三月三十一日 4,530 – 4,530 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之「其他經 營費用」內。 140 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 35,813 734 39,076 (3,263) At 31st March 於三月三十一日 36,547 35,813 Impairment tests for cash-generating unit containing goodwill Goodwill arose from the acquisition of the entire share capital in Unicurd Food Co. (Private) Limited (“Unicurd”). Therefore it is allocated to the Singapore segment according to the country of operation of Unicurd for impairment testing purposes. The recoverable amount of the Unicurd operation 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% (2015: 3%). The growth rate does not exceed the long-term average growth rate for the business in which the Unicurd operation 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%（二零一五年：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. 2016 二零一六年 2015 二零一五年 35.0% 12.0% 14.0% 39.4% 18.5% 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。 維他奶國際集團有限公司 二零一五╱一六年年報 141 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 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 (note 18) 生產及銷售 豆製產品 （附註 18） 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 142 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 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 Principal activities 主要業務 Manufacture and sale of beverages 生產及 銷售飲品 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 維他奶國際集團有限公司 二零一五╱一六年年報 143 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 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 share: 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 (iii)) 維他奶（佛山）有限公司 （附註 (iii)） Vitasoy (Wuhan) Company Limited (note (iv)) 維他奶（武漢）有限公司 （附註 (iv)） The PRC 中國 RMB200,000,000 人民幣 200,000,000 元 The PRC 中國 RMB170,000,000 人民幣 170,000,000 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 144 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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) 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. (iii) 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。 (iv) Vitasoy (Wuhan) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2064. (iv) 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。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 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 2016 2015 二零一六年 二零一五年 二零一六年 二零一五年 二零一六年 二零一五年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2015 2015 2016 2016 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% 189,525 216,695 (126,692) – 15% 204,741 217,463 (144,634) – 15% 141,795 640,058 (422,533) – 15% 159,350 502,090 (265,953) – 49% 156,264 197,353 (106,794) (9,475) Net assets Carrying amount of NCI 淨資產 非控股權益之賬面值 279,528 41,929 277,570 41,636 359,320 53,898 395,487 59,323 237,348 116,301 49% 151,015 188,419 (94,955) (30,952) 213,527 104,628 Revenue 收入 626,322 739,517 585,794 508,065 420,088 479,740 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 60,568 60,568 9,085 6,991 76,018 76,018 11,403 10,118 50,511 50,511 7,577 10,499 57,243 57,243 8,586 – 36,665 35,078 17,966 7,073 33,986 33,972 16,653 7,359 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 67,049 177,812 164,890 45,877 38,914 59,196 (47,818) (83,336) (251,076) (102,105) (20,941) (14,805) (47,295) (67,333) 70,290 76,057 (31,122) (37,101) 146 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 317,051 211,213 311,313 249,939 528,264 561,252 (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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 2,789,077 19,062 2,603,572 3,894 2,808,139 2,607,466 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 637,940 668,091 (1,227) (1,287) 636,713 666,804 190,914 138,378 827,627 805,182 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 $29,691,000 (2015: $18,966,000). 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 29,691,000 元（二 零一五年：18,966,000 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。 維他奶國際集團有限公司 二零一五╱一六年年報 147 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 16 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 As of 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 620,989 14,154 1,570 640,936 25,750 118 636,713 666,804 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 26(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 26(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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 1,287 (4) 141 (197) 1,227 1,107 (10) 229 (39) 1,287 At 31st March, 2016, the Group’s trade debtors and bills receivable of $1,227,000 (2015: $1,287,000) 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 六 年 三 月 三 十 一 日， 本 集 團 之 應 收 賬 款 及 應 收 票 據 1,227,000 元（ 二 零 一 五 年： 1,287,000 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。 148 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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： 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 Neither past due nor impaired 無逾期亦無減值 507,616 525,259 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 108,832 15,966 4,237 62 121,848 17,955 1,724 18 Amounts past due 逾期金額 129,097 141,545 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. 636,713 666,804 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。. 維他奶國際集團有限公司 二零一五╱一六年年報 149 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 17 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 存款期超過三個月 之銀行存款 Cash and bank deposits in the consolidated statement of financial position Long-term bank deposits 綜合財務狀況表內之 現金及銀行存款 長期銀行存款 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 221,088 317,407 50,157 17,173 271,245 334,580 486 476 271,731 1,406 335,056 – 273,137 335,056 At 31st March, 2016, certain Renminbi bank balances totalling $55,921,000 (2015: $Nil) were designated as a hedge against the foreign currency risk on future purchase of raw materials. The loss on re-translation of these bank balances at the exchange rate ruling at the end of the reporting period was included in other comprehensive income. 於二零一六年三月三十一日，若干以人民幣 計 值的銀行結存合共 55,921,000 元（二零一五年： 零元）被指定用作對沖日後購買原材料之外匯風 險。按匯報日之匯率重新換算該等銀行結存之虧 損已計入其他全面收益。 150 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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之對 cash generated from operations: 賬： Notes 附註 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 Profit before taxation 除稅前溢利 599,308 523,609 Adjustments for: – Depreciation of property, plant and equipment – Depreciation of investment properties – Amortisation of interests in leasehold land held for own use under operating leases – Amortisation of intangible assets – Recognition/(reversal) of impairment losses on property, plant and equipment – Interest on bank loans – Finance charges on obligations under finance leases – Interest income – Net loss on disposal of property, plant and equipment – Net loss on forward exchange contracts not designated as hedging instruments – Equity settled share-based payment expenses 調整： – 物業、廠房及 設備之折舊 – 投資物業 之折舊 – 根據經營租賃持有作 自用之租賃土地 權益之攤銷 – 無形資產之攤銷 – 物業、廠房及設備 減值虧損╱ （撥回） – 銀行貸款之利息 – 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 – 非指定為對沖工具之 遠期外匯合約之 淨虧損 – 以股份為付款基礎之 費用 – Foreign exchange (gain)/loss – 匯兌（收益）╱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 5(c) 5(c) 5(c) 5(c) 5(c) 5(a) 5(a) 4 5(c) 5(c) 5(b) – 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 208,321 194,980 526 526 1,607 367 679 3,768 276 (2,002) 5,110 2,190 12,393 (1,393) 1,000 2,059 (224) 5,243 412 (2,476) 4,410 – 11,124 365 (18,121) (39,258) (89,402) 21,756 (96,726) 245,449 4,095 4,693 Cash generated from operations 經營業務所得現金 749,478 855,186 維他奶國際集團有限公司 二零一五╱一六年年報 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） 18 Disposal group held for sale 18 持作出售之出售組合 On 24th March, 2016, the Group entered into an agreement with Pulmuone Foods Co., Ltd. (the “Purchaser”) pursuant to which the Group conditionally agreed to sell certain assets in the Group’s business operation in North America, as operated by Vitasoy USA Inc., to the Purchaser at a consideration of US$50.0 million (equivalent to approximately HK$387.5 million), subject to the net working capital adjustment, as defined in the agreement with the Purchaser (the “Disposal”). The estimated gain on disposal (before taxation) is approximately US$19.8 million (equivalent to approximately HK$153.5 million). Details of the Disposal are set out in the Company’s announcement dated 24th March, 2016. The Disposal was completed on 9th May, 2016. The assets and liabilities of Vitasoy USA Inc. attributable to the Disposal have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position as at 31st March, 2016. 於 二 零 一 六 年 三 月 二 十 四 日， 本 集 團 與 Pulmuone Foods Co., Ltd（「買方」）訂立協議， 據此，本集團已有條件地同意以代價 50,000,000 美元（相等於約港幣 387,500,000 元）出售本集團 由 Vitasoy USA Inc. 營運之北美洲業務之若干資 產予買方（「出售事項」），惟代價須待作出營運 資金淨額之調整（按與買方訂立之協議的定義）， 方可作實。除稅前估計出售收益約為 19,800,000 美 元（ 相 等 於 港 幣 約 153,500,000 元）。 出 售 事 項之詳情載於本公司於二零一六年三月二十四日 之公佈。出售事項於二零一六年五月九日完成。 Vitasoy USA Inc.有關出售事項的資產及負債已分 類為持作出售組合，並於二零一六年三月三十一 日之綜合財務狀況表內分開呈列。 Vitasoy USA Inc. continues to import beverage products from Hong Kong for sale in North America after the Disposal. 於 出 售 事 項 後，Vitasoy USA Inc. 持 續 自 香 港 進 口飲料產品於北美洲銷售。 The major classes of assets and liabilities of Vitasoy USA Inc. attributable to the Disposal as at 31st March, 2016 are as follows: 於二零一六年三月三十一日 Vitasoy USA Inc. 有 關出售事項之資產及負債之主要分類如下： Property, plant and equipment Inventories Trade and other receivables 物業、廠房及設備 存貨 應收賬款及其他應收款 Total assets classified as held for sale 分類為持作出售之總資產 Trade and other payables associated with the assets classified as held for sale 有關分類為持作出售之資產之 應付賬款及其他應付款 19 Trade and other payables 19 應付賬款及其他應付款 2016 二零一六年 $’000 千元 119,609 39,727 58,742 218,078 26,039 Trade creditors and bills payable Accrued expenses and other payables 應計費用及其他應付款 Derivative financial instruments 應付賬款及應付票據 衍生金融工具 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 416,294 868,395 2,190 417,361 830,547 – 1,286,879 1,247,908 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $15,545,000 (2015: $15,297,000) 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 15,545,000 元（ 二 零 一 五 年： 15,297,000 元）之客戶按金則預期於超過一年後 償還。 152 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 19 Trade and other payables (Continued) 19 應付賬款及其他應付款（續） As of the end of the reporting period, the ageing analysis 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 401,024 14,364 906 407,224 8,944 1,193 416,294 417,361 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。 20 Bank loans 20 銀行貸款 At 31st March, 2016, the bank loans were repayable as follows: 於二零一六年三月三十一日，銀行貸款須於下列 期限償還： 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 Within one year or on demand 一年內或按要求 139,652 125,948 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 107,341 100,000 20,444 7,270 207,341 27,714 346,993 153,662 At 31st March, 2016, bank loans totalling $27,986,000 (2015: $48,357,000) are secured by charges over property, plant and equipment with net book value totalling $67,871,000 (2015: $72,163,000) (note 12(Jacky)). Certain of the Group’s banking facilities are subject to the fulfilment of covenants relating to certain financial 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 26(b). As at 31st March, 2016 and 2015, none of the covenants relating to the drawn down facilities had been breached. 於 二 零 一 六 年 三 月 三 十 一 日， 合 共 27,986,000 元（二零一五年：48,357,000 元）之銀行貸款乃 以 賬 面 淨 值 合 共 67,871,000 元（ 二 零 一 五 年： 72,163,000 元）之 物 業、 廠 房 及 設 備 作 為 擔 保 （附註 12(Jacky)）。 本集團若干銀行信貸須符合與若干財務比率有關 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26(b)。於二零一六年及二零一五 年三月三十一日，本集團概無違反任何有關提取 信貸之契諾。 維他奶國際集團有限公司 二零一五╱一六年年報 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 Obligations under finance leases 21 融資租賃之債務 At 31st March, 2016, the Group had obligations under finance leases repayable as follows: 於二零一六年三月三十一日，本集團根據融資租 賃須償還之債務如下： 2016 二零一六年 2015 二零一五年 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 1,135 1,342 1,043 1,329 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 1,223 1,341 1,124 911 933 2,114 1,329 2,252 2,134 2,274 3,238 3,581 3,269 3,616 4,281 4,910 (347) 3,269 (629) 4,281 154 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Employee retirement benefits 22 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. 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）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 二零一五╱一六年年報 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 Employee retirement benefits (Continued) 22 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, 2016, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: 於二零一六年三月三十一日，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 22(c)(i)) – 退休金 （附註 22(c)(i)） – long service payments (note 22(d)) – 長期服務金 （附註 22(d)） 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 22,132 7,239 5,901 2,995 28,033 10,234 156 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Employee retirement benefits (Continued) 22 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, 2016 and was prepared by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. The valuation indicates that the Group’s obligation under this defined benefit retirement plan is 74% (2015: 91%) 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 六 年 三 月 三十一日由韋萊韜悅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 74% （二零一五年：91%）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 $225,000 in contributions to defined benefit retirement plan during the year ending 31st March, 2017 (2015: $192,000). 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 85,403 (63,271) 83,633 (76,394) 22,132 7,239 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 一七年三月三十一日止年度向界定福利退休計劃 支付供款225,000元（二零一五年：192,000元）。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 22 Employee retirement benefits (Continued) 22 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 – Corporate bonds – Government-related bonds – Treasury bonds 債券 – 公司債券 – 政府相關債券 – 國債 Money instruments 貨幣工具 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 14,883 4,772 4,201 4,007 17,821 18,695 5,885 5,258 4,881 21,263 45,684 55,982 9,727 2,345 5,237 8,311 2,341 7,812 17,309 18,464 278 1,948 Total quoted plan assets 已報價計劃資產總值 63,271 76,394 158 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Employee retirement benefits (Continued) 22 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 losses/(gains) arising from – 由財務假設改變 於四月一日 重新計量： changes in financial assumptions 所致的精算虧損╱（收益） Benefits paid by the Plan Current service cost Interest cost 該計劃已付福利 現有服務成本 利息成本 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 83,633 83,911 5,441 (8,475) 3,749 1,055 (267) (5,314) 4,003 1,300 At 31st March 於三月三十一日 85,403 83,633 The weighted average duration of the defined benefit obligation is 8 years (2015: 8 years). 界定福利責任之加權平均期限為 8 年（二零一五 年：8 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 Administrative expenses paid from plan assets 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 由計劃資產支付之 行政費用 計劃資產回報， 不包括利息收入 利息收入 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 76,394 225 (8,475) (193) (5,641) 961 77,076 228 (5,314) – 3,205 1,199 At 31st March 於三月三十一日 63,271 76,394 維他奶國際集團有限公司 二零一五╱一六年年報 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） 22 Employee retirement benefits (Continued) 22 僱員退休福利（續） (c) Retirement gratuities (Continued) (c) 退休金（續） (v) Net expenses 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淨 額如下： Current service cost Administrative expenses paid from plan assets Net interest on net defined benefit liability 現有服務成本 由計劃資產支付之 行政費用 界定福利負債淨額的 淨利息 Total amounts recognised in profit or loss 於損益確認的總額 Actuarial losses/(gains) Return on plan assets, excluding interest income 精算虧損╱（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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 3,749 4,003 193 94 4,036 5,441 5,641 – 101 4,104 (267) (3,205) 11,082 (3,472) Total defined benefit expenses 界定福利總開支 15,118 632 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 845 1,112 1,533 546 4,036 847 1,200 1,482 575 4,104 160 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 22 Employee retirement benefits (Continued) 22 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: 2016 二零一六年 2015 二零一五年 Discount rate Future salary increases 折現率 未來薪金增幅 1.10% 1.30% 4.5% per annum 4.5% per annum 每年 4.5% 每年 4.5% The below analysis shows how the defined benefit obligations as at 31st March, 2016 would have increased/ (decreased) as a result of 0.5% change in the significant actuarial assumptions: 以下分析顯示於二零一六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）： 2016 二零一六年 2015 二零一五年 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 (3,683) 3,906 3,934 (3,695) (3,330) 3,436 3,442 (3,338) 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, 2016, by independent professionally qualified actuaries at Willis Towers Watson, 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。 長期服務金亦於二零一六年三月三十一日由韋萊 韜悅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 二零一五╱一六年年報 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） 22 Employee retirement benefits (Continued) 22 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. 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 5,901 2,995 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。 23 Equity settled share-based 23 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。 162 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 23 Equity settled share-based transactions (Continued) 23 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： Date of grant Exercise period 授出日期 行使期 1/6/2005 5/6/2006 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 26/6/2015 14/9/2015 1/6/2006 to 至 31/5/2015 5/6/2007 to 至 4/6/2016 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 26/6/2016 to 至 25/6/2025 14/9/2016 to 至 13/9/2025 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 10 years 年 2016 二零一六年 2015 二零一五年 Exercise price 行使價 $ 元 2.375 2.900 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 13.600 13.600 Remaining contractual life 尚餘 合約年期 – 2 months 月 2 years 年 3 years 年 4 years 年 4 years 年 5 years 年 5 years 年 6 years 年 6 years 年 7 years 年 7 years 年 7 years 年 8 years 年 8 years 年 9 years 年 9 years 年 Number of options 購股權之 數目 ’000 千股 – 30 – 234 404 – 992 1,740 2,231 2,822 1,900 4,090 1,704 4,089 1,792 4,124 1,588 Remaining contractual life 尚餘 合約年期 2 months 月 1 year 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 – – 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 – – Except for the options granted on 2nd April, 2013 which was 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: 27,740 29,842 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, 6,909,000 options (2015: 5,540,000 options) were exercised under the 2002 Share Option Scheme, and 905,000 options (2015: Nil) were exercised under the 2012 Share Option Scheme. 年 內，6,909,000 份 購 股 權（ 二 零 一 五 年： 5,540,000 份購股權）根據二零零二年購股權計劃 已獲行使及 905,000 份購股權（二零一五年：無） 根據二零一二年購股權計劃已獲行使。 維他奶國際集團有限公司 二零一五╱一六年年報 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） 23 Equity settled share-based transactions (Continued) 23 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: 2016 二零一六年 2015 二零一五年 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 7.789 6.207 13.600 29,842 (7,814) 5,712 6.504 3.467 10.080 29,880 (5,540) 6,146 – – 7.248 (644) Outstanding at 31st March 於三月三十一日尚未行使 9.431 27,740 7.789 29,842 Exercisable at 31st March 於三月三十一日可行使 12,747 12,764 The weighted average share price at the date of exercise for share options exercised during the year was $12.490 (2015: $10.082). 已行使之購股權於年內之行使日期之加權平均股 價為 12.490 元（二零一五年：10.082 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。 164 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 23 Equity settled share-based transactions (Continued) 23 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： Date of grant 授出日期 1/6/2005 5/6/2006 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 26/6/2015 14/9/2015 Fair value at 於計量日期 measurement date 之公允值 $0.522元 $0.555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 $3.038元 $2.248元 Share price Exercise price 股價 行使價 $2.375元 $2.900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 $13.600元 $11.840元 $2.375元 $2.900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 $13.600元 $13.600元 Expected volatility 預期波幅 35% 30% 23% 26% 26% 26% 25% 25% 26% 26% 26% 26% 26% 26% 26% 26% 26% Expected option life 預期購股權 之有效期 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 10 years年 Expected dividends 預期股息 7.5% 7.5% 7.0% 7.0% 5.6% 5.6% 5.5% 5.5% 5.0% 5.0% 4.9% 4.0% 4.0% 3.5% 3.5% 3.0% 3.0% Risk-free interest rate 無風險利率 3.520% 4.690% 3.600% 2.190% 2.120% 1.900% 2.040% 1.750% 0.810% 0.620% 1.092% 1.720% 2.400% 1.870% 1.940% 1.750% 1.730% 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 二零一五╱一六年年報 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 Income tax in the consolidated statement of financial position 24 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 (50,095) 47,509 (2,586) (6,017) (44,306) 48,421 4,115 (26,004) (8,603) (21,889) 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 8,072 (16,675) 5,435 (27,324) (8,603) (21,889) 166 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 24 Income tax in the consolidated statement of financial position (Continued) 24 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 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 Employee retirement benefits 僱員 退休福利 $’000 千元 Deferred tax arising from: 來自以下各項之遞延稅項： Withholding tax on dividends Provisions 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 Total 總計 $’000 千元 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) (37,313) (290) 1,977 (1,073) 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) – (36,699) Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April, 2015 Exchange adjustments (Charged)/credited to profit or loss 於損益（扣除）╱計入 Credited to reserves 於二零一五年四月一日 匯兌調整 於儲備計入 (75,433) (128) (2,048) – 8,452 (15) 65,752 – 1,475 – 658 2,247 41,249 (1,234) 6,318 – (10,857) – 941 – (1,585) (21) 401 – At 31st March, 2016 於二零一六年三月三十一日 (77,609) 74,189 4,380 46,333 (9,916) (1,205) – – – 43 43 (36,699) (1,398) 72,022 2,290 36,215 維他奶國際集團有限公司 二零一五╱一六年年報 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 Income tax in the consolidated statement of financial position (Continued) 24 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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 101,290 32,678 (65,075) (69,377) 36,215 (36,699) (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 $279,800,000 (2015: $547,188,000) 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 279,800,000 元 （ 二 零 一 五 年：547,188,000 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 $10,896,000 (2015: $Nil) and $224,735,000 (2015: $378,753,000) 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 $10,586,000 (2015: $10,373,000) does not expire under current tax legislation. 未 確 認 稅 務 虧 損 中 有 10,896,000 元（ 二 零 一 五 年： 零 元）及 224,735,000 元（ 二 零 一 五 年： 378,753,000 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 10,586,000 元（二 零一五年：10,373,000 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 $33,583,000 (2015: $158,062,000) 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 33,583,000 元（ 二 零 一 五 年：158,062,000 元）不會根據現行稅法屆滿。 168 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Capital, reserves and dividends 25 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 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 Balance at 1st April, 2014 於二零一四年四月一日結餘 655,299 55,133 2,261 18,538 (1,600) 717,861 1,447,492 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 就行使購股權 而發行股份 share options Equity settled share-based 以股份為付款基礎之交易 transactions Final dividend approved in respect of the previous 批准屬於上一年度之 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 25(d)(i) 25(c)(ii) 25(b)(ii) 25(b)(i) 9 – (4,087) 22,395 – – – – – – – – – – – – – – – – (3,188) 11,124 – – – – – – – – 4,087 – – – 19,207 11,124 (176,527) (176,527) (33,245) (33,245) 1,600 319,072 320,672 三月三十一日結餘 677,694 51,046 2,261 26,474 – 831,248 1,588,723 維他奶國際集團有限公司 二零一五╱一六年年報 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 Capital, reserves and dividends 25 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 Balance at 1st April, 2015 於二零一五年四月一日結餘 677,694 51,046 2,261 26,474 – 831,248 1,588,723 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 就行使購股權 而發行股份 share options Equity settled share-based 以股份為付款基礎之交易 transactions Final dividend approved in respect of the previous 批准屬於上一年度之 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 25(d)(i) 25(c)(ii) 25(b)(ii) 25(b)(i) 9 – (4,087) 56,028 – – – – – – – – – – – – – – – – (7,527) 12,393 – – – – – – – – 4,087 – – – 48,501 12,393 (221,111) (221,111) (39,656) (39,656) (217) 701,453 701,236 Balance at 31st March, 2016 於二零一六年三月三十一日結餘 733,722 46,959 2,261 31,340 (217) 1,276,021 2,090,086 170 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Capital, reserves and dividends 25 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 3.8 cents per ordinary share 已宣派及已支付中期股息 – 每股普通股 3.8 仙 （二零一五年：每股普通股 3.2 仙） (2015: 3.2 cents per ordinary share) Final dividend proposed after the end of the reporting period of 26.5 cents per ordinary share 於匯報日後擬派之末期股息 – 每股普通股 26.5 仙 （二零一五年：每股普通股 21.2 仙） (2015: 21.2 cents per ordinary share) 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 39,656 33,245 277,935 220,433 317,591 253,678 The final dividend proposed after the end of the reporting period is based on 1,048,811,500 ordinary shares (2015: 1,039,779,500 ordinary shares), being the total number of issued shares at the date of approval of the financial statements. 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 1,048,811,500 股普通股（二 零一五年：1,039,779,500 股普通股）計算。 The final dividend proposed after the end of the reporting period has not been recognised as liabilities at the end of the reporting period. 於匯報日後擬派之末期股息於匯報日並未確認為 負債。 (ii) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year (ii) 屬於上一財政年度，並於年內批准及支 付予本公司股權持有人之股息 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 Final dividend in respect of the previous financial year, approved and paid during the year, of 21.2 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 21.2 仙 （二零一五年：每股普通股 17.0 仙） (2015: 17.0 cents per ordinary share) 221,111 176,527 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 二零一五╱一六年年報 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 Capital, reserves and dividends 25 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 於四月一日 就行使購股權 而發行股份 (c) 股本 (i) 已發行股本 2016 二零一六年 2015 二零一五年 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 1,039,516 677,694 1,033,976 655,299 7,814 56,028 5,540 22,395 At 31st March 於三月三十一日 1,047,330 733,722 1,039,516 677,694 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. 普通股之持有人可收取不時宣派之股息，並可於 本公司之大會上就每股股份享有一票投票權。就 本公司之剩餘資產而言，所有普通股享有同等權 利。 (ii) Shares issued under share option schemes (ii) 根據購股權計劃發行之股份 During the year, options were exercised to subscribe for 7,814,000 ordinary shares in the Company. The net consideration of $48,501,000 was credited to share capital. $7,527,000 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 7,814,000 股之購股 權獲行使。代價淨額為 48,501,000 元並已撥入股 本。7,527,000 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。 172 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (d) Nature and purpose of reserves (d) 儲備之性質及用途 (i) 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 from such transaction. 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 (2015: $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（二零一五年：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) Other reserve (iii) 其他儲備 The other reserve aroused from the equity transaction with non-controlling interest of Shenzhen Vitasoy in 2011. 其他儲備產生自深圳維他奶非控股權益於二零 一一年之權益交易。 (iv) Hedging reserve (iv) 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。 (v) Exchange reserve (v) 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 二零一五╱一六年年報 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 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (d) Nature and purpose of reserves (Continued) (d) 儲備之性質及用途（續） (vi) Share-based compensation reserve (vi) 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。 (e) Distributability of reserves (e) 可供分派儲備 At 31st March, 2016, 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 $1,278,282,000 (2015: $833,509,000). 於二零一六年三月三十一日，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 1,278,282,000 元（二零一五 年：833,509,000 元）。 After the end of the reporting period the directors proposed a final dividend of 26.5 cents per ordinary share (2015: 21.2 cents per ordinary share), amounting to $277,935,000 (2015: $220,433,000) (note 25(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 26.5 仙（二零一五年：每 股普通股 21.2 仙），總 數為 277,935,000 元（二零一五年：220,433,000 元）（附註 25(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. Consistent with industry practices, the Group monitors its capital structure on the basis of a debt-to-adjusted capital ratio. For this purpose, the Group defines debt as the total of bank loans and obligations under finance leases, and adjusted capital as all components of equity less unaccrued proposed dividends. 本集團在管理資本時之首要目標為保障本集團能 持續經營的能力，透過將產品及服務的價格訂於 與風險相稱的水平及按合理成本籌措融資，使其 能繼續為股東提供回報及為其他利益相關人士提 供利益。 本集團積極及定期對資本架構進行檢討及管理， 以期在較高股東回報可能附帶較高借貸水平與雄 厚資本帶來之優勢及保障間取得平衡，並因應經 濟環境之變化對資本架構作出調整。 本著業內慣例，本集團以負債對經調整資本比率 作為監控其資本架構之基準。就此目的，本集團 將負債界定為銀行貸款及融資租賃債務之總額， 經調整資本為權益之所有組成部份減非累計建議 股息。 174 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (f) Capital management (Continued) (f) 資本管理（續） During 2016, the Group’s strategy, which was unchanged from 2015, 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. 於二零一六年，本集團之策略與二零一五年起保 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 capital ratio at 31st March, 2016 and 2015 was as follows: 於二零一六年及二零一五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 20) Obligations under finance leases (note 21) 銀行貸款（附註 20） 融資租賃之債務 （附註 21） Non-current liabilities: 非流動負債： Bank loans (note 20) Obligations under finance leases (note 21) 銀行貸款（附註 20） 融資租賃之債務 （附註 21） 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 139,652 125,948 1,135 1,043 140,787 126,991 207,341 27,714 2,134 3,238 209,475 30,952 Total debt 負債總額 350,262 157,943 Total equity Less: Proposed dividends (note 25(b)(i)) 減：擬派股息（附註 25(b)(i)） 權益總額 2,411,863 (277,935) 2,124,672 (220,433) Adjusted capital 經調整資本 2,133,928 1,904,239 Debt-to-adjusted capital ratio 負債對經調整資本比率 16% 8% Certain of the Group’s banking facilities are subject to fulfilment of covenants which include maintaining the Group’s debt-to-adjusted capital 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 集團之負債對經調整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。 維他奶國際集團有限公司 二零一五╱一六年年報 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 Financial risk management and fair values of financial instruments 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. 26 財務風險管理及金融工具之公 允值 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, 17.7% (2015: 17.6%) and 36.7% (2015: 43.6%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. 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 17.7% （ 二 零 一 五 年：17.6%）及 36.7%（ 二 零 一 五 年： 43.6%）。 The Group does not provide any guarantees which would expose the Group to credit risk. 本集團並無提供任何將令本集團面臨信貸風險之 擔保。 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. The Group’s exposure to the credit risk and its policies for managing such risk were unchanged from the year ended 31st March, 2015. 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. 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。 自截至二零一五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, 2015. 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。 自截至二零一五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。 176 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 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： 2016 二零一六年 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 1,035,288 143,537 – 108,940 – 102,118 1,035,288 354,595 1,035,288 346,993 1,342 1,341 933 3,616 3,269 1,180,167 110,281 103,051 1,393,499 1,385,550 2015 二零一五年 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 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 維他奶國際集團有限公司 二零一五╱一六年年報 177 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 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） 2016 二零一六年 Contractual undiscounted cash (outflow)/inflow 合約未折現現金（流出）╱流入 More than 1 year but less than 2 years 一年後 但兩年內 $’000 千元 Within 1 year or on demand 一年內或 按要求 $’000 千元 Total 總計 $’000 千元 2015 二零一五年 Contractual undiscounted cash (outflow)/inflow 合約未折現現金（流出）╱流入 More than 1 year but less than 2 years 一年後 但兩年內 $’000 千元 Within 1 year or on demand 一年內或 按要求 $’000 千元 Total 總計 $’000 千元 Derivatives settled gross: 已結算衍生工具總額： Forward foreign exchange contracts (note 26(d)(ii)) – Outflow – Inflow 遠期外匯合約 （附註 26(d)(ii)） – 流出 – 流入 (29,939) 27,711 (5,773) 5,329 (35,712) 33,040 – – – – – – (c) Interest rate risk (c) 利率風險 The Group’s interest rate risk arises primarily from interest- bearing borrowings. The Group monitors 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: 下表詳列本集團於匯報日的附息借貸之利率詳 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 2016 二零一六年 2015 二零一五年 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 2.06 3,269 146,993 150,262 7.50 2.41 4,281 144,357 148,638 1.43 200,000 2.19 9,305 350,262 157,943 178 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 財務風險管理及金融工具之公 fair values of financial instruments (Continued) (c) Interest rate risk (Continued) (ii) Sensitivity analysis 允值（續） (c) 利率風險（續） (ii) 敏感性分析 At 31st March, 2016, it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/increased the Group’s profit after taxation and retained profits by approximately $1,670,000 (2015: $61,000). 於二零一六年三月三十一日，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 1,670,000 元（ 二 零 一 五 年： 61,000 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 taxation and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. Management assumed that certain interest- bearing borrowings maturing during the next reporting period will be rolled over upon the maturing for daily operation purposes. The Group does not account for any fixed rate borrowings at fair value through profit or loss, and the Group does not use derivative financial instruments to hedge its debt obligation. The fixed rate instruments of the Group are insensitive to any change in market interest rate. A change in interest rate at the end of the reporting period would not affect profit or loss. 上述敏感性分析顯示本集團於匯報日持有之浮動 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 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。 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, 2015. 截至二零一五年三月三十一日止年度之分析乃按 照相同基準進行。 維他奶國際集團有限公司 二零一五╱一六年年報 179 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 財務風險管理及金融工具之公 fair values of financial instruments (Continued) (d) Currency risk The Group is exposed to currency risk primarily through sales, purchases and borrowings which give rise to receivables, payables, cash balances and obligations under finance leases that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars (“USD”), Australian dollars (“AUD”), 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, 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 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. 允值（續） (d) 貨幣風險 本集團面對之貨幣風險主要來自因買賣及借貸而 產生之應收款、應付款、現金結餘及融資租賃之 債務，該等項目乃按外幣（即交易所涉業務之功 能貨幣以外之貨幣）計值。產生有關風險之貨幣 主要為美元（「美元」）、澳元（「澳元」）、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、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。 The Group’s policies for managing such risk were unchanged from the year ended 31st March, 2015. During the year ended 31st March, 2016, the Group uses bank balances to hedge its currency risk arising from the purchase of raw materials that are denominated in foreign currency and classifies these as cash flow hedges as set out in note 17(a). 自截至二零一五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 一六年三月三十一日止年度，本集團利用銀行結 存對沖其購置以外幣計值之原材料時所產生之貨 幣風險，並如附註 17(a) 所載分類為現金流量對 沖。 The Group has also uses forward exchange contracts to manage its currency risks. 本集團亦利用遠期外匯合約管理其貨幣風險。 Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. The net fair value of forward exchange contracts used by the Group as economic hedges of monetary assets and liabilities denominated in foreign currencies at 31st March, 2016 was liabilities of $2,190,000 (2015: $Nil), recognised as derivative financial instruments. 用作經濟對沖以外幣計值之貨幣資產及負債之遠 期外匯合約之公允值變動於損益內確認。於二零 一六年三月三十一日，本集團利用作以外幣計值 之貨幣資產及負債之經濟對沖之遠期外匯合約之 淨公允值為 2,190,000 元（二零一五年：零元）， 乃確認為衍生金融工具之負債。 180 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 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） In respect of other trade receivables and payables denominated in foreign currencies, the company ensures that the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances. 就以外幣計值之其他應收賬款及應付賬款而言， 本公司在有需要時按即期匯率買賣外幣，以處理 短期失衡情況，確保淨風險乃維持於可接納 水 平。 (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 are 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 2016 二零一六年 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 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 972 – 15,535 57,050 6 1,384 – 35,579 17,208 6 347,195 – (9,480) 4,481 619 (75) (223,423) 8 – 51,794 – (2,346) 6,720 – (946) 47,395 – (20,863) (799) 3,981 – (4,874) 10 (10) 20,500 – (710) 6,611 – (496) 338,687 5,025 (207,880) 106,498 5,780 27,916 3,182 30,705 36,998 6,121 – – – – (35,712) – – – – – 338,687 5,025 (207,880) 106,498 (29,932) 27,916 3,182 30,705 36,998 6,121 Cash and bank deposits Amount due from/(to) group companies Trade and other receivables Trade and other payables Gross exposure arising from recognised assets and liabilities Notional amount of forward exchange contracts used as economic hedges Net exposure arising from recognised assets and liabilities 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 已確認資產及負債產生之 風險承擔總額 用作經濟對沖的遠期外匯 合約名義金額 已確認資產及負債產生之 淨風險承擔 維他奶國際集團有限公司 二零一五╱一六年年報 181 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 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。 2016 二零一六年 Increase/ Increase/ (decrease) (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） 2015 二零一五年 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)% (95) 95 210 (210) (5,839) 5,839 4,796 (4,796) 241 (241) 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (134) 134 133 (133) 1,215 (1,215) 1,545 (1,545) 256 (256) 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。 182 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 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, 2015. 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，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匯風險之銀行結存而產 生之差額。截至二零一五年 三月三十一日止年度 之分析乃按照相同基準進行。 維他奶國際集團有限公司 二零一五╱一六年年報 183 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 26 Financial risk management and 26 財務風險管理及金融工具之公 fair values of financial instruments (Continued) 允值（續） (e) Fair value measurement (e) 公允值計量 (i) Financial assets and liabilities measured at fair (i) 按公允值計量之金融資產及負債 value Fair value hierarchy The following table presents the fair value of the Group’s consolidated financial instruments measured at the end of the reporting period on a recurring basis, categorised into 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 the 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. 公允值架構 下表載列定期於匯報日計量之本集團綜合金融工 具公允值，並分類為《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。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。 – 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。 The fair value of forward exchange contracts is measured using Level 2 inputs. The fair value is determined by discounting the contractual forward price and deducting the current spot rate. The discount rate used is derived from the relevant government yield curve as at the end of the reporting period plus an adequate constant credit spread. 遠期外匯合約之公允值乃採用第二級輸入數據計 量，並透過貼現合約遠期價格及扣減現有即期匯 率釐定。所採用之貼現率按於匯報日之相關政府 債券收益率曲線，另加足夠之固定信貸息差 計 算。 (ii) Fair values of financial instruments carried at (ii) 並非按公允值列賬之金融工具之公允值 other than fair value All other financial instruments of the Group carried at costs or amortised costs are not materially different from their fair values as at 31st March, 2016 and 2015. 於二零一六年及二零一五年三月三十一日，本集 團所有其他按成本或攤銷成本列賬之金融工具與 其公允值並無重大差異。 184 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 27 Commitments 27 承擔 (a) Capital commitments outstanding at 31st March, 2016 not provided for in the financial statements were as follows: (a) 於二零一六年三月三十一日，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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 113,622 633,957 161,442 877,023 747,579 1,038,465 As at 31st March, 2016, the Group is committed to certain contracts for the acquisition and construction of plant and machinery and buildings. 於二零一六年三月三十一日，本集團履行若干收 購及建造廠房、機器及樓宇之合約。 (b) At 31st March, 2016, the total future minimum lease payments under non-cancellable operating leases are payable as follows: (b) 於二零一六年三月三十一日，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 2016 二零一六年 2015 二零一五年 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 89,571 4,030 68,453 109,996 24,626 4,045 – 39,151 23,389 Factory machinery and equipment 工廠機器 及設備 $’000 千元 3,624 3,563 – 224,193 8,075 130,993 7,187 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. 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。 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。 維他奶國際集團有限公司 二零一五╱一六年年報 185 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 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 $21,681,000 (2015: $24,577,000). The amount due to the related party as at 31st March, 2016 amounted to $5,806,000 (2015: $5,702,000). (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 $7,497,000 (2015: $10,510,000). The amount due to the related party as at 31st March, 2016 amounted to $782,000 (2015: $738,000). (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 $5,063,000 (2015: $5,372,000). The amount due to the related party as at 31st March, 2016 amounted to $1,290,000 (2015: $1,294,000). (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21,681,000元（二零一五年：24,577,000 元）。於二零一六年三月三十一日應付予該 關連人士之款項為 5,806,000 元（二零一五 年：5,702,000 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 7,497,000 元（ 二 零 一 五 年：10,510,000 元）。於二零一六年三月三十一日應付該關 連人士之款項為 782,000 元（二零一五年： 738,000 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5,063,000元（二零一五年： 5,372,000 元）。 於 二 零 一 六 年 三 月 三 十 一 日應付予該關連人士之款項為 1,290,000 元 （二零一五年：1,294,000 元）。 186 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 2016 二零一六年 $’000 千元 2015 二零一五年 $’000 千元 37,685 1,147 10,806 38,735 1,171 11,000 49,638 50,906 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)）。 維他奶國際集團有限公司 二零一五╱一六年年報 187 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 29 Company-level statement of financial 29 公司層面的財務狀況表 position 2016 二零一六年 2015 二零一五年 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 – Investment properties – Other property, plant and equipment – 投資物業 – 其他物業、廠房 及設備 非流動資產 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 Current tax payable 流動負債 應付賬款及其他應付款 銀行貸款 應付附屬公司款項 應付現期稅項 5,140 447,797 452,937 1,124,984 309 1,578,230 5,666 454,611 460,277 654,108 527 1,114,912 173,160 394,882 – 720,923 66,729 195,119 408,411 3,793 457,733 29,010 1,355,694 1,094,066 407,586 95,000 64,896 2,958 570,440 412,029 96,000 50,941 – 558,970 Net current assets 淨流動資產 785,254 535,096 Total assets less current 總資產減流動負債 liabilities Non-current liabilities Bank loans Employee retirement benefit liabilities Deferred tax liabilities 非流動負債 銀行貸款 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 25(a) 2,363,484 1,650,008 200,000 23,443 49,955 – 8,060 53,225 273,398 2,090,086 733,722 1,356,364 2,090,086 61,285 1,588,723 677,694 911,029 1,588,723 Approved and authorised for issue by the Board of Directors on 23rd June, 2016. 於二零一六年六月二十三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 188 Vitasoy International Holdings Ltd. Annual Report 2015/16 Notes to the Financial Statements 財務報表附註 (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 (a) Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 25(b). (b) The disposal of certain assets and liabilities of Vitasoy USA Inc. as set out in the Company’s announcement dated 24th March, 2016 was completed on 9th May, 2016. Further details are disclosed in note 18. 31 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2016 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, 2016 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group. Effective for accounting periods beginning on or after 1st January, 2016 1st January, 2016 Annual improvements to HKFRSs 2012-2014 cycle Amendments to HKFRS 10 and HKAS 28, Sale or contribution of assets between an investor and its associate or joint venture Amendments to HKFRS 11, Accounting for acquisitions of interests in joint operations Amendments to HKAS 1, Disclosare imitative Amendments to HKAS 16 and HKAS 38, Clarification of acceptable methods of depreciation and amortisation HKFRS 15, Revenue from contracts with customers HKFRS 9, Financial instruments 1st January, 2016 1st January, 2016 1st January, 2016 1st January, 2018 1st January, 2018 HKFRS 16, Leases 1st January, 2019 The Group is in the process of making an assessment of what the impact of these amendments is expected to be in the period of initial application. 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 are adopted. (a) 董事於匯報日後建議派發末期股息。進一步 詳情於附註 25(b) 中披露。 (b) 出售Vitasoy USA Inc.之若干資產及負債（如 本公司於二零一六年三月二十四日之公佈所 載）已於二零一六年五月九日完成。進一步 詳情於附註 18 中披露。 31 已頒佈但尚未於截至二零一六 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 截至本財務報表刊發之日，香港會計師公會已頒 佈截至二零一六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。 於下列日期或 之後開始 之會計期間生效 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 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 《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 1 號 「披露計劃」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 《香港財務報告準則》第 15 號 「客戶合約收入」 《香港財務報告準則》第 9 號 「金融工具」 《香港財務報告準則》第 16 號 「租賃」 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 二零一六年 一月一日 二零一六年 一月一日 二零一八年 一月一日 二零一八年 一月一日 二零一九年 一月一日 本集團現正評估該等修訂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 二零一五╱一六年年報 189 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 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 2016 二零一六年 $’000 千元 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） 5,551,898 5,051,827 4,493,885 4,051,248 3,716,539 603,352 (4,044) 599,308 (34,064) 529,264 (5,655) 469,669 (13,068) 523,609 (114,888) 456,601 (115,845) 444,160 (21,102) 423,058 (88,742) 425,336 (17,243) 408,093 (85,691) 565,244 408,721 340,756 334,316 322,402 530,616 34,628 372,079 36,642 306,693 34,063 301,104 33,212 281,003 41,399 565,244 408,721 340,756 334,316 322,402 Property, plant and equipment Other non-current assets Net current assets 物業、廠房及設備 其他非流動資產 淨流動資產 2,186,972 144,082 383,392 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 Total assets less current liabilities 總資產減流動負債 Non-current liabilities 非流動負債 2,714,446 (302,583) 2,235,235 (110,563) 2,104,189 (146,877) 1,984,770 (166,925) 1,828,226 (161,730) NET ASSETS Capital and reserves Share capital Reserves Total equity attributable to equity shareholders of the Company Non-controlling interests TOTAL EQUITY Earnings per share – Basic – Diluted 淨資產 資本及儲備 股本 儲備 本公司股權 持有人應佔 權益總額 非控股權益 權益總額 每股盈利 – 基本 – 攤薄 2,411,863 2,124,672 1,957,312 1,817,845 1,666,496 733,722 1,466,013 677,694 1,241,391 655,299 1,094,362 256,746 1,366,129 255,437 1,227,074 2,199,735 212,128 1,919,085 205,587 1,749,661 207,651 1,622,875 194,970 1,482,511 183,985 2,411,863 2,124,672 1,957,312 1,817,845 1,666,496 50.9 cents 仙 50.4 cents 仙 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 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. 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。 190 Vitasoy International Holdings Ltd. Annual Report 2015/16 www.vitasoy.com 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 C111999 

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