Sustainable
Growth
Annual Report FY2016/2017 年度報告
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
VITA001_IR_Cover_AW.indd 1
16年12月1日 下午5:58
Stock Code 股份代號：0345
Global Sales Network全球銷售網絡Soya/Plant Milk 大豆/ 植物奶Cananda 加拿大USA 美國Guatemala 危地馬拉Costa Rica 哥斯達黎加EL Salvador 薩爾瓦多Panama 巴拿馬Honduras 洪都拉斯Trinidad 特立尼達 Martinique 馬提尼克Suriname 蘇里南Ireland 愛爾蘭The Netherlands 荷蘭Norway 挪威Luxembourg 盧森堡Switzerland 瑞士Lebanon 黎巴嫩Mauritius 毛里求斯UAE 阿拉伯聯合酋長國Israel 以色列Australia 澳洲South Korea 南韓Russia 俄羅斯Cambodia 柬埔寨Brunei 文萊The Philippines 菲律賓Saipan 塞班Hong Kong and Macau 香港和澳門Mainland China 中國大陸Papua New Guinea 巴布亞新幾內亞Malaysia 馬來西亞Singapore 新加坡New Zealand 新西蘭UK 英國Belgium 比利時Germany 德國France 法國Spain 西班牙French Guiana 法屬圭亞那Tea 茶Juice Drinks 果汁飲品Dairy Milk 牛奶Distilled Water 蒸餾水Others 其他Tofu 豆腐 Global Sales Network全球銷售網絡Soya/Plant Milk 大豆/ 植物奶Cananda 加拿大USA 美國Guatemala 危地馬拉Costa Rica 哥斯達黎加EL Salvador 薩爾瓦多Panama 巴拿馬Honduras 洪都拉斯Trinidad 特立尼達 Martinique 馬提尼克Suriname 蘇里南Ireland 愛爾蘭The Netherlands 荷蘭Norway 挪威Luxembourg 盧森堡Switzerland 瑞士Lebanon 黎巴嫩Mauritius 毛里求斯UAE 阿拉伯聯合酋長國Israel 以色列Australia 澳洲South Korea 南韓Russia 俄羅斯Cambodia 柬埔寨Brunei 文萊The Philippines 菲律賓Saipan 塞班Hong Kong and Macau 香港和澳門Mainland China 中國大陸Papua New Guinea 巴布亞新幾內亞Malaysia 馬來西亞Singapore 新加坡New Zealand 新西蘭UK 英國Belgium 比利時Germany 德國France 法國Spain 西班牙French Guiana 法屬圭亞那Tea 茶Juice Drinks 果汁飲品Dairy Milk 牛奶Distilled Water 蒸餾水Others 其他Tofu 豆腐 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
25
嘉許及表揚
Corporate Governance Report
30
企業管治報告
Directors and Senior Management
62
董事及高層管理人員
Report of the Directors
68
董事會報告
Independent Auditor’s Report
83
獨立核數師報告
Consolidated Statement of Profit or Loss
91
綜合損益表
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
93
綜合損益及其他全面收益表
Consolidated Statement of Financial Position
94
綜合財務狀況表
Consolidated Statement of Changes in Equity
97
綜合權益變動表
Consolidated Cash Flow Statement
99
綜合現金流量表
Notes to the Financial Statements
101
財務報表附註
Five Year Summary
205
五年財務摘要
Directors and
Corporate Information
董事及集團資料
Board of Directors
Executive Chairman
Mr. Winston Yau-lai LO
董事會
執行主席
羅友禮先生
Independent Non-executive Directors
Dr. the Hon. Sir David Kwok-po LI
Mr. Jan P. S. ERLUND
Mr. Valiant Kin-piu CHEUNG (retired on 2nd September 2016)
Mr. Anthony John Liddell NIGHTINGALE
Mr. Paul Jeremy BROUGH
(appointed on 3rd September 2016)
獨立非執行董事
李國寶爵士
Jan P. S. ERLUND 先生
張建標先生（於二零一六年九月二日退任）
黎定基先生
Paul Jeremy BROUGH 先生
（於二零一六年九月三日獲委任）
Non-executive Directors
Ms. Myrna Mo-ching LO
Ms. Yvonne Mo-ling LO
Executive Director and
Group Chief Executive Officer
Mr. Roberto GUIDETTI
非執行董事
羅慕貞女士
羅慕玲女士
執行董事暨
集團行政總裁
陸博濤先生
Group Chief Financial Officer
集團首席財務總監
Mr. Chris Kin-shing LAU
Company Secretary
Ms. Paggie Ah-hing TONG
Registered and Head Office
No. 1 Kin Wong Street, Tuen Mun,
New Territories, Hong Kong
Auditors
KPMG
Principal Bankers
The Bank of East Asia, Limited
The Hongkong and Shanghai Banking Corporation Limited
The Bank of Tokyo-Mitsubishi UFJ, Limited
Citibank, N.A.
Westpac Banking Corporation
China Merchants Bank Company, Ltd.
China Construction Bank Corporation
Bank of China Limited
劉健成先生
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
02
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Directors and Corporate Information
董事及集團資料
Principal Lawyer
Stephenson Harwood
Share Registrar
Computershare Hong Kong Investor Services Limited
46/F., Hopewell Centre, 183 Queen’s Road East,
Wanchai, Hong Kong
Investor Relations Contact
Tel:
(852) 2468 9644
(852) 2465 1008
Fax:
Email: ir@vitasoy.com
Key Dates 重要日期
Closure of Register of Members
暫停辦理股份過戶登記
主要法律顧問
羅夏信律師事務所
股份過戶登記處
香港中央證券登記有限公司
香港灣仔皇后大道東 183 號
合和中心 46 樓
投資者關係聯絡
電話：(852) 2468 9644
傳真：(852) 2465 1008
電郵：ir@vitasoy.com
– Annual General Meeting
股東週年大會
1st September 2017 (Friday) to 6th September 2017 (Wednesday)
二零一七年九月一日（星期五）至二零一七年九月六日（星期三）
Record Date
記錄日期
6th September 2017 (Wednesday)
二零一七年九月六日（星期三）
– Proposed Final and
Special Dividends
建議末期及特別股息
12th September 2017 (Tuesday) to 14th September 2017 (Thursday)
二零一七年九月十二日（星期二）至二零一七年九月十四日（星期四）
Record Date
記錄日期
14th September 2017 (Thursday)
二零一七年九月十四日（星期四）
Annual General Meeting
股東週年大會
at 9:30 a.m., 6th September 2017 (Wednesday)
Centenary I-II, Ground Floor, Marco Polo Hongkong Hotel, No. 3 Canton Road, Harbour City,
Tsim Sha Tsui, Kowloon, Hong Kong
於二零一七年九月六日（星期三）上午九時三十分
假座香港九龍尖沙咀廣東道 3 號海港城，馬哥孛羅香港酒店地下百年廳 I-II
Final and Special Dividends
Payable on
派發末期及特別股息
26th September 2017 (Tuesday)
二零一七年九月二十六日（星期二）
Annual Report 2016/2017 年度報告 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
2017
二零一七年
HK$ million
港幣百萬元
2016
二零一六年
HK$ million
港幣百萬元
%
Change
百分比變動
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）
5,406
2,873
1,083
618
58.9
35.1*
5,552
2,826
812
531
50.9
30.3
-3
+2
+33
+16
+16
+16
* Special dividend of HK4.2 cents per ordinary share has been included in FY2016/2017.
* 二零一六╱二零一七財政年度包括特別股息每股普通股4.2港仙。
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
5,552
5,406
5,052
4,494
4,051
6,000
5,000
4,000
3,000
2,000
1,000
0
2,826
2,873
2,511
2,175
1,925
3,000
2,500
2,000
1,500
1,000
500
0
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
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
1,083
812
725
618
653
1,200
1,000
800
600
400
200
0
618
531
301
307
372
700
600
500
400
300
200
100
0
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
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. Figure for the year
FY2012/2013 has 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。二零一二
╱二零一三財政年度之數字已獲調整。
04
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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
總資產
Net Cash Balance/(Net Borrowing Balance)
現金淨額╱（借貸淨額）
Total Equity Attributable to Equity
Shareholders of the Company
本公司股權持有人
應佔權益總額
2017
二零一七年
HK$ million
港幣百萬元
2016
二零一六年
HK$ million
港幣百萬元
%
Change
百分比變動
4,487
644
4,185
+7
(77)
N/A 不適用
2,471
2,200
+12
Year Ended 31st March 2017 截至二零一七年三月三十一日止年度
Sales Analysis by Location
銷售分析（按地區）
2%
9%
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）
49%
Australia and New Zealand 澳洲及新西蘭
Singapore 新加坡
40%
Annual Report 2016/2017 年度報告 05
Chairman’s Statement
主席報告
Despite the challenging economic environment,
the Vitasoy Group delivered another year of steady
performance in FY2016/2017.
儘管經濟環境充滿挑戰，維他奶集團於二零一六╱
二零一七財政年度再呈穩健表現。
06
Chairman’s Statement
主席報告
Due to the divestiture of the North American Mainstream and SAN
SUI Business (the “North American divestiture”), the Group registered
a sales decrease of 3% (flat on a constant currency basis). Excluding
the impact of the North American divestiture, revenue increased by
6% year-on-year to HK$5,360 million, and 8% on a constant currency
basis. Profit attributable to equity shareholders of the Company
increased by 16% to HK$618 million, mainly due to the gain from the
North American divestiture. Net of the impact of the North American
divestiture, the underlying profit attributable to equity shareholders
of the Company grew by 2%.
In view of the Group’s business growth and healthy financial
position, the Board will recommend a final dividend of HK27.1 cents
per ordinary share and a special dividend of HK4.2 cents per ordinary
share at the Annual General Meeting to be held on 6th September
2017. Together with the interim dividend of HK3.8 cents per ordinary
share, this brings the total dividend for FY2016/2017 to HK35.1 cents
per ordinary share (FY2015/2016 total dividend: HK30.3 cents per
ordinary share).
由於出售北美洲主流業務及山水品牌業務（「出
售北美洲事項」），本集團銷售錄得 3% 減幅（按
固定匯率基準計算銷售維持不變）。倘不計及出
售北美洲事項的影響，收入按年增長 6% 至港幣
5,360,000,000 元，若按固定匯率基準計算則錄得
8% 的升幅。本公司股權持有人應佔溢利增加 16%
至港幣 618,000,000 元，增幅主要來自出售北美洲
事項的收益。倘撇除出售北美洲事項的影響，本
公司股權持有人應佔相關溢利則有 2% 的升幅。
鑒於本集團業務增長且財務狀況穩健，董事會將
於二零一七年九月六日舉行的股東週年大會上建
議派發末期股息每股普通股 27.1 港仙及特別股息
每股普通股 4.2 港仙。連同中期股息每股普通股
3.8 港仙，二零一六╱二零一七財政年度股息總
額將達到每股普通股 35.1 港仙（二零一五╱二零
一六財政年度股息總額：每股普通股30.3港仙）。
Delivering Sustainable Growth
The business performance of FY2016/2017 reflects the execution of a
steady “Sustainable Growth” strategy, which has weathered volatile
market conditions in our core markets as well as rising competitive
pressure to deliver measurable gains. The Group will continue to
adhere to this proven strategy, supplemented by significant capital
investments made in recent years, to deliver long-term value for our
shareholders, business partners and key stakeholders.
達致可持續增長
二零一六╱二零一七財政年度的業務表現反映持
續執行「可持續增長」策略的成果。雖然核心市
場市況越趨不穩定及競爭壓力加大，但仍可取得
顯著收益。本集團將會繼續堅守此行之有效的策
略，輔以近年作出的重大資本投資，為股東、業
務夥伴及主要持份者締造長遠價值。
Steady Performance Across Markets
Mainland China remained the largest contributor to the Group’s
revenue at 49%. During FY2016/2017, sales revenue grew by 11% to
HK$2,666 million. Adjusting for currency fluctuations by reporting in
RMB, sales grew by 17%.
各地市場表現穩健
中 國 內 地 仍 然 為 本 集 團 最 大 的 收 入 來 源， 佔
49%。於二零一六╱二零一七財政年度內，銷售
收入增加 11% 至港幣 2,666,000,000 元。倘以人民
幣呈報以調整外匯波動影響，則銷售上升 17%。
On a comparable basis, the Hong Kong sales remained flat and a
slight drop of 1% in operating profit was recorded. After re-clustering
the post-divestiture North American business under Hong Kong,
revenue increased by 5% to HK$2,168 million. Focusing on growing
our main VITASOY franchise, we augmented our presence through
increased distribution channels and new innovative products.
香港的銷售按可比較基準計算維持不變，經營溢
利則錄得 1% 輕微跌幅。若計算出售後重新納入
香港業務的北美洲業務，則收入上升 5% 至港幣
2,168,000,000 元。我們專注發展主要的維他奶品
牌產品，並透過增加分銷渠道及開發創新產品擴
大我們的業務版圖。
Annual Report 2016/2017 年度報告 07
Chairman’s Statement
主席報告
Australia and New Zealand delivered a satisfactory result with
revenue up 12% to HK$472 million. With a solid core business and
a disciplined, well-tailored commercial strategy, we have improved
in-store execution, promotion strategy, distribution and our product
range to enhance our market leadership in Australia.
澳洲及新西蘭取得良好業績，收入增長 12% 至港
幣 472,000,000 元。憑藉穩健的核心業務以及度身
訂製的嚴謹商業策略，我們的店內推廣活動、宣
傳策略、分銷及產品種類均進一步完善，令我們
於澳洲的市場領導地位更形穩固。
The past year was a year of transition for the Singapore business, with
sales slowing by 5% to HK$100.4 million as we changed to another
import distributor for ambient beverages. Part of this decline was
due to a planned decrease in inventories as we switched to the new
distributor.
過去一年，新加坡業務因處於轉換飲品進口分銷
商的過渡期，銷售下滑5%至港幣100,400,000元。
部分跌幅乃由於我們在過渡至新分銷商時刻意減
少存貨量所致。
Expansion into the Philippines
The Group has formed a joint venture with Universal Robina
Corporation in the Philippines to sell soya milk. Our joint venture
partner is well connected in the market, and brings established
distribution capabilities to the new venture. We look forward to
bringing Vitasoy’s high quality plant based nutrition to the health-
conscious consumers in the Philippines.
擴充業務至菲律賓
本 集 團 與 Universal Robina Corporation 於 菲 律 賓
成立合營公司銷售豆奶。合營公司夥伴擁有良好
市場網絡，能把既有的分銷能力提供給新合營公
司。我們期待將維他奶的高品質植物營養產品供
應給菲律賓當地關注健康的消費者。
Focus on Sustainability
After publishing our first Sustainability Report two years ago, we
have since re-articulated our sustainable plant-based nutrition vision,
identified specific areas of action in our product portfolio and our
operations, and set measurable key performance indicators through
2025. With sustainability firmly integrated into the Group’s corporate
positioning, our third Sustainability Report, to be published in July
2017, describes our continual progress towards making the right
products and making products the right way.
The Year Ahead
Going forward, Vitasoy will continue to focus on implementation and
execution of our Sustainable Growth strategy. We are committed to
investing in the long-term development of the business, and will
maintain efforts to expand our operations and generate solid returns
for our investors. Although the current and foreseeable market
conditions remain challenging, the Group is well positioned to
deliver disciplined growth and sustainable success.
專注可持續發展
繼兩年前刊發首份可持續發展報告後，我們再次
重申我們提供以植物成分為主的可持續營養之願
景，並在產品組合及營運方面識別了採取行動的
特定範疇，訂下在二零二五年前的可量度關鍵績
效指標。可持續發展已深深植根於本集團的企業
定位之中，在二零一七年七月刊發的第三份可持
續發展報告內，將會載述在「生產合適的產品」
及「採用合適的生產方法」兩方面持續取得的進
展。
展望來年
展望未來，維他奶將會繼續專注實施及執行其可
持續增長策略。我們會致力投資於業務的長遠發
展，並將繼續擴充營運，為投資者締造穩健的回
報。儘管目前及可預見將來的市況仍然充滿挑
戰，本集團已準備就緒，爭取審慎的業務增長及
可持續的成果。
08
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Chairman’s Statement
主席報告
Appreciation and Welcome
On behalf of the Board, I would like to welcome Mr. Paul Jeremy
BROUGH, who joined us as an Independent Non-executive Director
on 3rd September 2016. Mr. Brough brings a rich background of
business and financial expertise to the Board, and has served as
chairman of the Audit Committee and a member of the Remuneration
and Nomination Committee since his appointment. I also wish to
take this opportunity to welcome Dr. Roy Chi-ping CHUNG, Mr. Peter
Tak-shing LO and Ms. May LO, who will join the Board on 24th June
2017. Our new board members bring valuable financial, business and
technical expertise, knowledge and experience to Vitasoy Group as
we move forward in achieving innovation, sustainability and growth.
I wish to extend my sincere thanks to the Board, the management
team and our staff for their tireless dedication, enthusiasm and
commitment; as well as our shareholders, customers, suppliers and
business partners for their continued support.
致謝及歡迎
本人謹代表董事會歡迎 Paul Jeremy BROUGH 先生
於二零一六年九月三日加入董事會，出任獨立非
執行董事一職。Brough 先生為董事會帶來豐富
的業務經驗及財務專業知識，自獲委任以來，已
開始擔任審核委員會主席以及薪酬及提名委員會
成員。本人亦藉此機會歡迎鍾志平教授、羅德承
先生及羅其美女士將於二零一七年六月二十四日
加入董事會。我們的新董事會成員為維他奶集團
帶來了寶貴的財務、商業及技術專長等知識和經
驗，有助我們致力不斷地實現創新、可持續性及
業務增長。
本人謹此衷心感謝董事會、管理團隊及各位員工
的不懈努力、熱誠及盡職，亦藉此感謝股東、客
戶、供應商及業務夥伴的長期支持。
Winston Yau-lai LO
Executive Chairman
23rd June 2017
羅友禮
執行主席
二零一七年六月二十三日
Annual Report 2016/2017 年度報告 09
Group Chief Executive Officer’s Report/
Business Review
集團行政總裁報告╱業務回顧
In FY2016/2017, our Group delivered another year
of steady performance with our Sustainable Growth
strategy in the context of rising competitive pressure
and increasingly volatile economic conditions.
於二零一六╱二零一七財政年度，在競爭壓力加大
且經濟環境越趨不穩定的大環境下，本集團憑藉其
可持續發展策略，於本年度再呈穩健表現。
10
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Overall, the Group recorded a 3% decrease in net revenue and 16%
growth in profit attributable to equity shareholders of the Company
due to our divestiture of the North American Mainstream and SAN
SUI Business (the “North American divestiture”) for a pre-tax net gain
of approximately USD24.4 million during the year under review. As
a result of the North American divestiture, Vitasoy USA ceased to be
a local manufacturing business, and the post-divestiture business is
now reported under our Hong Kong operation because the business
now focuses only on driving sales growth in beverages imported
from Hong Kong. For comparison purposes, the financial highlights
section separately presents the business results after the impact of
the North American divestiture (including net gain from the North
American divestiture, business results of the divested business, the
transaction costs as well as the tax related to the North American
divestiture).
回顧年度內，我們出售北美洲主流業務及山水品
牌業務（「出售北美洲事項」）錄得稅前淨收益
約 24,400,000 美元，雖令本集團整體的淨收入減
少 3%，但本公司股權持有人應佔溢利卻因而錄
得 16% 的升幅。出售北美洲事項後，維他奶美
國已停止當地的生產業務，出售北美洲事項後的
業務，現僅專注推動香港進口飲料的銷量增長，
並已納入香港業務呈報。為作比較之用，財務摘
要一節會把計及出售北美洲事項影響後的業務業
績（包括出售北美洲事項的淨收益、出售業務的
業務業績、交易成本及有關出售北美洲事項的稅
項）分開呈列。
Net of the North American divestiture, the Group achieved a year-
on-year sales growth of 6% (8% on a constant currency basis) whilst
profit from operations grew 3%. The slower operating profit growth
was due to our deliberate investment in building brand equity and
geographical expansion – which are designed to secure the Group’s
long-term position in our chosen markets.
倘不計及出售北美洲事項，本集團的銷售按年
增長 6%，而按固定匯率基準計算則錄得 8% 的升
幅，經營溢利則增長 3%。因我們刻意投資提高品
牌價值及擴闊地區市場，以鞏固本集團在選定市
場上的長遠地位，經營溢利增長有所放緩。
Mainland China delivered another year of strong double digit
sales growth at 17% in RMB. Hong Kong maintained its leadership
position, whilst Australia also had a good year with a sales growth of
10% in AUD.
以人民幣計算，中國內地的銷售於本年度再次錄
得 17% 的強勁雙位數增長。香港維持其一貫領導
地位，若以澳元計算，澳洲的銷售錄得 10% 的理
想增長。
During the year, the Group formed a new joint venture with Universal
Robina Corporation in the Philippines, focusing on the sale of soya
milk drinks. Sales will start in FY2017/2018. Although expected
contributions will be modest in this first phase, this venture will
help the Group explore the potential of plant-based, sustainable
beverages in the Philippines, and together with our Singapore
operation will enable us to scale up in the promising South East Asian
market.
年內，本集團與 Universal Robina Corporation 於菲
律賓成立新合營公司，以銷售豆奶飲品為主要業
務，並將於二零一七╱二零一八財政年度開始銷
售。雖然預期第一階段的貢獻稍低，但該合營公
司將有助本集團在菲律賓開拓以植物成分為主的
可持續飲品的發展潛力，加上我們現有的新加坡
業務，將會擴大我們在前景可觀的東南亞市場之
業務規模。
By divesting from the North American tofu business and establishing
the Philippines soya milk joint venture, we have reconfigured our
Group business to be more geographically focused on the high
potential Asian region and on our core category expertise.
藉着出售北美洲豆腐業務及成立菲律賓豆奶合營
公司調整業務發展方向，在地區擴展方面更集中
發展具龐大潛力的亞洲地區，以及我們專長的核
心品類。
Annual Report 2016/2017 年度報告 11
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Infrastructure-wise, our new production facility in Wuhan, Mainland
China delivered the expected benefits in efficiency and logistics. After
the smooth implementation of our Enterprise Resources Planning
(ERP) platform in Mainland China, we have started the rollout of ERP
in Hong Kong and Macau. This ERP platform provides important
analytical tools that will enable faster and more accurate decisions,
as well as enhance the Group’s operational efficiency across different
functions.
On Sustainability, the Group is on track to deliver its Portfolio and
Environment Key Performance Indicators identified in the 10 year
glide path to 2025, and separately illustrated in our Sustainability
Report. This area is a pillar of our corporate mission. We are thus
consistently driving internal enrolment by embedding sustainability
contributions into our performance management evaluation system.
The Operating Environment
The beverage industry is characterised by ever more intense
competition, fragmentation in declining and accelerating segments,
and higher operating costs. Our core markets of Mainland China,
Hong Kong, Australia and Singapore experienced slower domestic
growth, which has led to retailers’ discounts and pressure on margins.
Currency fluctuations against the US dollar impacted the results of
some operations when converted back to the Hong Kong dollar.
The Group has secured several long term contracts to mitigate the
impact of increasing commodity prices, and continued to focus its
efforts on delivering high quality plant-based sustainable products
which meet shoppers’ increased demand for health and well-being.
中國內地武漢的新生產設施設備完善，成功發揮
預期的效率及物流優勢。繼於中國內地順利實施
企業資源計劃（ERP）平台後，我們已開始於香港
及澳門推行 ERP。該 ERP 平台提供重要的分析工
具，有助部門作出更快更準確的決定，同時提高
本集團不同功能部門的營運效率。
可持續發展方面，本集團的產品組合及環境關鍵
績效指標，均朝向二零二五年之十年發展計劃，
而且進度理想，該等指標亦於我們的可持續發展
報告內獨立呈列。可持續發展是我們實踐企業使
命的支柱。因此，我們把對可持續發展的貢獻，
加入工作表現評核制度內，從而持續推動公司內
部參與可持續發展。
經營環境
飲品行業的競爭日益激烈，競爭者業務表現不
一，且經營成本上漲。本集團各核心市場（包括
中國內地、香港、澳洲及新加坡）的本土經濟均
呈現增長放緩，迫使零售商提供更多折扣，令盈
利率受壓。由於美元匯率出現波動，影響部分業
務以港幣計算的業績。本集團已簽訂多份長期合
約，以減低原材料價格日益上漲所帶來的影響。
此外，本集團繼續致力提供以植物成分為主的可
持續優質產品，滿足消費者對健康生活的殷切需
求。
Financial Highlights
The financial position of the Group remains healthy. Key financial
indicators including revenue, gross profit margin and return on
capital employed, all reflect the solid position of the business. The
following table presents the Group’s key financial highlights for the
years ended 31st March 2017 and 31st March 2016:
財務摘要
本集團的財務狀況保持穩健。主要財務指標，其
中包括收入、毛利率和資本回報率，均反映出穩
健的業務狀況。下表呈列本集團截至二零一七年
三月三十一日及二零一六年三月三十一日止年度
之主要財務摘要：
12
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Revenue
收入
Revenue (excluding the impact of the
North American divestiture)
收入
（扣除出售北美洲事項的影響）
Gross profit
毛利
Gross profit (excluding the impact of the
North American divestiture)
毛利
（扣除出售北美洲事項的影響）
EBITDA (Earnings before interest income,
finance costs, income tax, depreciation
and amortisation)
未計利息收入、融資成本、所得稅、
折舊及攤銷費用前盈利
（「EBITDA」）
EBITDA (excluding the impact of the
North American divestiture)
EBITDA
（扣除出售北美洲事項的影響）
Profit from operations
經營溢利
Profit from operations (excluding
the impact of the North American
經營溢利
（扣除出售北美洲事項的影響）
divestiture)
Profit attributable to equity shareholders
of the Company
本公司股權持有人應佔溢利
Profit attributable to equity shareholders
of the Company (excluding
本公司股權持有人應佔溢利
（扣除出售北美洲事項的影響）
the impact of the
North American divestiture)
Gearing ratio
借貸比率
ROCE (Return on capital employed)
資本回報率
Year ended 31st March
截至三月三十一日止年度
2017
二零一七年
HK$ million
港幣百萬元
2016
二零一六年
HK$ million
港幣百萬元
5,406
5,552
5,360
2,873
5,072
2,826
2,863
2,716
812
848
603
642
531
1,083
896
848
661
618
516
8%
39%
Change
變動
-3%
+6%
+2%
+5%
+33%
+6%
+41%
+3%
+16%
504
16%
+2%
-8% points
百分點
34% +5% points
百分點
Annual Report 2016/2017 年度報告 13
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Revenue
For the year ended 31st March 2017, the Group’s revenue decreased
by 3% to HK$5,406 million (FY2015/2016: HK$5,552 million), due to
the North American divestiture. Excluding the impact of the North
American divestiture, the Group achieved a revenue increase of 6%
against last year in Hong Kong dollars, equivalent to an increment of
8% on a constant currency basis.
Mainland China: +11%
(+17% in local currency)
Mainland China has become the Group’s largest market, driven by
the dedicated execution of our “Go Deep Go Wide” strategy. We
remained focused on enhancing our brand equity, supported by
strong marketing and in-store execution. The 5% depreciation of
the Renminbi during the year has negatively impacted growth rates
when reported in Hong Kong dollars.
收入
截至二零一七年三月三十一日止年度，由於出
售 北 美 洲 事 項， 本 集 團 的 收 入 減 少 3% 至 港 幣
5,406,000,000 元（二零一五╱二零一六財政年度：
港幣 5,552,000,000 元）。倘不計及出售北美洲事
項的影響，本集團以港幣計算的收入較去年錄得
6% 的增幅，若按固定匯率基準計算則錄得 8% 的
增幅。
中國內地：+11%
（以當地貨幣計算+17%）
憑著我們致力執行「更深更廣」業務策略，中國
內地業務已成為本集團最大的市場。在強勁的市
場推廣及店內推廣活動執行的支持下，我們繼續
專注提高品牌價值。人民幣於年內貶值 5%，不利
我們以港幣呈報的增長率。
Hong Kong Operation (Hong Kong, Macau and Exports): +5%
The Hong Kong Operation registered growth after re-clustering the
post-divestiture North American business under it. Excluding Vitasoy
USA, the Hong Kong Operation business has remained stable.
香港業務（香港、澳門及出口）：+5%
北美洲業務被出售並重新納入香港業務後，香港
業務錄得增長。倘不計及維他奶美國，香港業務
的表現維持穩定。
Australia and New Zealand: +12%
(+10% in local currency)
The Australia and New Zealand business recorded steady sales
growth with our plant milk business achieving the top market
leadership position in both Australia and New Zealand.
澳洲及新西蘭：+12%
（以當地貨幣計算+10%）
澳洲及新西蘭業務的銷售穩步增長，植物奶品類
業務在澳洲及新西蘭的市場上均佔據領導地位。
Singapore: -5%
(-5% in local currency)
The Singapore tofu business maintained a steady increase in sales,
driven by vibrant export sales. Overall performance was affected by
lower sales in the Imported Beverage business, as we deliberately
reduced existing inventories ahead of the transition to a new
distributor.
Gross Profit and Gross Profit Margin
The Group’s gross profit for the year FY2016/2017 was HK$2,873
million, up 2% (FY2015/2016: HK$2,826 million), driven by an
improvement in gross profit margin.
新加坡：-5%
（以當地貨幣計算-5%）
出口銷售暢旺，令新加坡豆腐品類業務的銷售維
持穩定增長。由於我們刻意在更換新分銷商前減
少現有存貨量，導致進口飲料業務銷售下降，整
體表現因此受到影響。
毛利及毛利率
本集團於二零一六╱二零一七財政年度的毛利為
港幣 2,873,000,000 元，上升 2%（二零一五╱二零
一六財政年度：港幣 2,826,000,000 元），由毛利
率上升所帶動。
Gross profit margin improved to 53% in FY2016/2017 (FY2015/2016:
51%) attributable to improved manufacturing efficiency resulting
from increased volume as well as favourable commodity prices
particularly for milk powder, soya beans, packaging materials and
crude oil. Excluding the impact of the North American divestiture,
gross profit margin remained at a similar level to that of last year.
毛利率於二零一六╱二零一七財政年度上升至
53%（二零一五╱二零一六財政年度：51%），是
由於產量增加令生產效率得以提升，加上原材料
價格回落（尤其是奶粉、大豆、包裝物料及原油）
所致。倘不計及出售北美洲事項的影響，則毛利
率與去年的水平相若。
14
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Operating Expenses
Total operating expenses remained at the same level, being HK$2,250
million (FY2015/2016: HK$2,254 million) for the year under review,
mainly due to stringent cost management.
經營費用
由於採取嚴謹的成本管理措施，總經營費用於
回 顧 年 度 維 持 相 同 水 平， 為 港 幣 2,250,000,000
元（ 二 零 一 五 ╱ 二 零 一 六 財 政 年 度： 港 幣
2,254,000,000 元）。
Marketing, selling and distribution expenses were also stable at
HK$1,492 million (FY2015/2016: HK$1,497 million) as a result of
careful cost management and savings in transportation costs.
The location of the Wuhan plant has shortened product delivery
distances to our customers in Central China, leading to savings in fuel
and shipping costs.
由 於 審 慎 管 理 成 本 及 節 省 運 輸 成 本， 市 場 推
廣、銷售及分銷費用亦得以保持穩定，為港幣
1,492,000,000 元（二零一五╱二零一六財政年度：
港幣 1,497,000,000 元）。武漢廠房所在位置縮短
了向華中地區客戶運送產品的距離，因而節省燃
油及運輸成本。
increased 4%
Administrative expenses
to HK$488 million
(FY2015/2016: HK$468 million), reflecting inflationary adjustments
on salary; strengthened organisational capacity and capability;
increased depreciation charges associated with capital investment in
recent years; and higher travelling and recruitment expenses linked
to the expansion of organisational capacity and capability.
由於薪金因應通脹而作出調整、組織能力及擴充
實力的提升，加上近年資本投資相關的折舊支出
上升，以及提升組織能力及擴充實力所涉及的公
務旅費及招聘開支上升，行政費用增加 4% 至港
幣 488,000,000 元（ 二 零 一 五 ╱ 二 零 一 六 財 政 年
度：港幣 468,000,000 元）。
Other operating expenses were HK$270 million, versus HK$289
million for the same period last year.
其他經營費用為港幣 270,000,000 元，去年同期則
為港幣 289,000,000 元。
EBITDA (Earnings Before Interest Income,
Finance Costs, Income tax, Depreciation and
Amortisation)
EBITDA for the year was HK$1,083 million, up 33% year-on-year.
Excluding the North American divestiture, EBITDA increased by 6%,
mainly driven by higher gross profit and cost savings.
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 為港幣 1,083,000,000 元，按年上升
33%。倘不計及出售北美洲事項，則 EBITDA 上升
6%，增幅乃主要由於毛利增加及節省成本所致。
The EBITDA to revenue margin for the year was 20%. Net of the North
American divestiture, the EBITDA to revenue margin was 17%.
年內的 EBITDA 佔銷售利潤率為 20%。倘扣除出售
北美洲事項，則 EBITDA 佔銷售利潤率為 17%。
Profit From Operation
With the improvement in gross profit and the one off net gain on the
North American divestiture, as well as stringent control of operating
costs, profit from operations increased by 41% to HK$848 million.
Excluding the impact of the North American divestiture, profit from
operations increased by 3% compared to the previous year.
經營溢利
由於毛利增加及出售北美洲事項帶來一次性淨收
益，加上嚴格控制經營成本，經營溢利增加 41%
至港幣 848,000,000 元。倘不計及出售北美洲事項
的影響，則經營溢利較去年增加 3%。
Profit Before Taxation
Profit before taxation
improved by 41% to HK$844 million
(FY2015/2016 HK$599 million). Excluding the impact of the North
American divestiture, profit before taxation improved by 3% – mainly
due to a reduction in net finance costs as a result of prudent cash
flow management, in spite of a moderate increase in depreciation
and amortisation charges.
除稅前溢利
除 稅 前 溢 利 上 升 41% 至 港 幣 844,000,000 元（ 二
零一五╱二零一六財政年度：港幣 599,000,000
元）。倘不計及出售北美洲事項的影響，則除稅
前溢利上升 3% － 主要是由於折舊及攤銷費用溫
和增長，但審慎的現金流量管理降低了融資成本
淨額所致。
Annual Report 2016/2017 年度報告 15
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Taxation
Income tax charged for the year was HK$190 million (FY2015/2016:
HK$34 million). The increase was due to the increase in operating
profit and the tax expenses of HK$84 million incurred on the North
American divestiture. Income tax charged for the year (net of the
impact of the North American divestiture) was HK$106 million
(FY2015/2016: HK$100 million). Excluding the above, the effective
tax rate would have remained at the same level as last year, at 16%.
Profit Attributable to Equity Shareholders of the
Company
Profit attributable to equity shareholders of the Company was
HK$618 million, representing an increase of 16% compared to the
previous year (FY2015/2016: HK$531 million). Excluding the impact
of the North American divestiture, profit attributable to equity
shareholders of the Company increased by 2%, mainly due to
improvements in operating profit and reduction in net finance costs
which were partly offset by higher tax charges.
稅項
年內所繳納的所得稅為港幣 190,000,000 元（二零
一五╱二零一六財政年度：港幣 34,000,000 元）。
稅項增幅是由於經營溢利增加及就出售北美洲事
項產生稅項費用港幣 84,000,000 元所致。倘不計
及出售北美洲事項的影響，則年內所繳納的所得
稅為港幣 106,000,000 元（二零一五╱二零一六財
政年度：港幣 100,000,000 元）。倘不計及以上的
影響，則實際稅率為16%，與去年維持相同水平。
本公司股權持有人應佔溢利
本公司股權持有人應佔溢利為港幣 618,000,000
元，較去年增加 16%（二零一五╱二零一六財政
年度：港幣 531,000,000 元）。倘不計及出售北美
洲事項的影響，本公司股權持有人應佔溢利增加
2%，主要是由於經營溢利上升、融資成本淨額減
少，而其部分溢利為較高稅項所抵銷所致。
Financial Position
We finance our operations and capital expenditure primarily through
internally generated cash flows as well as banking facilities provided
by our principal bankers.
財務狀況
我們主要透過動用內部現金及主要來往銀行所提
供的銀行信貸額，為營運和資本支出提供資金。
As at 31st March 2017, our cash and bank deposits amounted to
HK$853 million (31st March 2016: HK$273 million). 66%, 24% and
7% of our cash and bank deposits were denominated in Hong Kong
dollars (HKD), Renminbi (RMB) and United States dollars, respectively
(31st March 2016: 14%, 69% and 9%).
As of 31st March 2017, the Group had a net cash balance of HK$644
million (31st March 2016: net borrowing balance of HK$77 million).
Available banking facilities amounted to HK$931 million (31st March
2016: HK$1,036 million) to facilitate future cash flow needs.
於二零一七年三月三十一日，我們的現金及銀
行 存 款 為 港 幣 853,000,000 元（ 二 零 一 六 年 三 月
三 十 一 日： 港 幣 273,000,000 元）。 當 中 66%、
24%和7%的現金及銀行存款分別以港幣、人民幣
和美元計值（二零一六年三月三十一日：14%、
69% 和 9%）。
於二零一七年三月三十一日，本集團的現金淨額
為 港 幣 644,000,000 元（ 二 零 一 六 年 三 月 三 十 一
日：借貸淨額港幣 77,000,000 元）。可供動用的銀
行信貸額為港幣 931,000,000 元（二零一六年三月
三十一日：港幣 1,036,000,000 元），以滿足未來
的現金流量需要。
The Group’s borrowings (including obligations under finance leases)
amounted to HK$209 million (31st March 2016: HK$350 million).
The borrowings comprised HK$200 million in HKD denominated
borrowings and HK$9 million in Australian dollar denominated
borrowings. Fixed rate borrowings amounted to HK$9 million, with
an effective interest rate of 5.64% and 7.50% for bank loans and
obligations under finance leases, respectively.
本 集 團 的 借 貸（ 包 括 融 資 租 賃 之 債 務）為 港 幣
209,000,000 元（ 二 零 一 六 年 三 月 三 十 一 日： 港
幣 350,000,000 元）。借貸包括以港幣計值的港幣
200,000,000 元借貸及以澳元計值的港幣 9,000,000
元借貸。固定利率借貸為港幣 9,000,000 元，實際
利率分別是銀行借貸的 5.64% 和融資租賃之債務
的 7.50%。
16
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
The gearing ratio (total borrowings/total equity attributable to
equity shareholders of the Company) decreased to 8% (31st March
2016: 16%) as various capital expenditure projects were completed
during the year and the Group started to repay borrowings using
internally generated cash as well as the proceeds from the North
American divestiture.
由於本年度完成多個資本支出項目，且本集團開
始動用內部現金及出售北美洲事項的所得款項
償還借貸，借貸比率（按借貸總額與本公司股權
持有人應佔權益總額比率計算）下跌至 8%（二零
一六年三月三十一日：16%）。
The Group’s return on capital employed (ROCE) (EBITDA/average
non-current debt and equity) for the year was 39% (FY2015/2016:
34%). The increase in ROCE was due to the one-off gain from the
North American divestiture and efficient employment of capital to
generate higher shareholder value.
年內本集團的資本回報率（按 EBITDA ╱平均非流
動債務及權益比率計算）為 39%（二零一五╱二零
一六財政年度：34%）。資本回報率上升是由於出
售北美洲事項的一次性收益及有效運用資本，帶
來更高的股東回報。
Capital expenditure incurred during the year decreased to HK$197
million (FY2015/2016: HK$714 million). The significant drop was
because the Wuhan plant construction was largely completed
and installation of production lines in our Foshan plant was also
completed. The capital expenditure was invested in the construction
of our new plant in Wuhan, Mainland China, as well as upgrade of
existing production machinery in both Hong Kong and Mainland
China.
年 內 錄 得 的 資 本 支 出 減 少 至 港 幣 197,000,000
元（ 二 零 一 五 ╱ 二 零 一 六 財 政 年 度： 港 幣
714,000,000 元）。資本支出顯著減少是由於武漢
廠房已大部份完成興建工程而佛山廠房亦已完成
添置新生產線。資本支出乃用於興建中國內地武
漢的新廠房以及提升香港及中國內地現有的生產
機器。
Assets with a carrying value of HK$65 million (31st March 2016: HK$71
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 65,000,000 元（二零一六年三月三十一日：
港幣 71,000,000 元）。
Non-financial Key Performance Indicators
The Group publishes various non-financial key performance
indicators (KPIs) in the “Sustainability Report 2016/2017”, which will
be released in July 2017 and dispatched to shareholders together
with this Annual Report. The KPIs focused on product portfolio
enhancements in plant-based nutrition and reduction of fat and sugar
content, energy and water management, and environmental impact
reduction for packaging and waste materials. There were no material
changes to the Group’s non-financial KPIs during FY2016/2017.
非財務關鍵表現指標
本集團將於二零一七年七月刊發、並與本年報一
併寄予股東的「二零一六╱二零一七年可持續發
展報告」中公佈多個非財務關鍵表現指標。關鍵
表現指標所著重的範疇包括提升以植物成分為主
的營養產品組合及減少當中脂肪及糖的含量；能
源及用水管理以及減少包裝及廢料對環境造成的
影響。於二零一六╱二零一七財政年度，非財務
關鍵表現指標並無重大變動。
Financial Risk Management
The Group’s overall financial management policy focuses on
controlling and managing risks, covering transactions being directly
related to the underlying businesses of the Group. For synergy,
efficiency and control, the Group operates a central cash and 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 connected with
uncertainties in interest rates and exchange rate movements. At
the close of FY2016/2017, the Group entered into foreign exchange
contracts to hedge against foreign currency fluctuations for the
receipt of royalty income in Australian dollars from our Australian
operation.
財務風險管理
本集團的整體財務管理政策強調管控風險，涵蓋
與本集團的相關業務直接有關的交易。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系統。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投資風險。
本集團所面對的財務風險主要與利率及匯率波動
不明朗有關。於二零一六╱二零一七財政年度結
束時，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的特許權收入的外匯波
動。
Annual Report 2016/2017 年度報告 17
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Sustainability Report
The Group published our first Sustainability Report two years ago,
in which we described our purpose, our sustainability model and
our approach. Our second Sustainability Report updated our initial
efforts with a re-articulated sustainable plant-based nutrition vision,
focusing on our product portfolio and operations as specific areas of
action, and the integration of sustainability as a core element of our
overall corporate positioning and efforts.
Our third yearly Sustainability Report shares progress made towards
our sustainability goals over the past year, as well as our targeted
glide path towards FY2025/2026 – which focuses on making the
right products, and making products the right way. The Sustainability
Report will be delivered to shareholders together with this Annual
Report.
Potential Risk and Uncertainties
During the year, the Group Internal Audit and Risk Management
Department implemented a phased enhancement plan to further
enhance the Group’s internal controls and risk management systems.
The plan aims to embed a risk management process into the day-
to-day operations of the Group. Through the risk management
process facilitated by Group Risk Management, business entities and
functional units regularly identify potential risks by evaluating their
impacts and likelihood according to six clusters: reputation, strategy,
market, liquidity, credit and operation. After consolidation and
verification, the Group Executive examines and prioritises the key
risks, and ensures that appropriate control measures are in place or
in progress. A Quarterly Group Risk Management Report is provided
for discussion with the Group senior executives; and significant
and emerging risks, as well as the associated control measures, are
communicated with the Audit Committee.
可持續發展報告
本集團於兩年前刊發第一份可持續發展報告，當
中載述了本公司的目的、可持續發展模式及所採
用方針等。第二份可持續發展報告提供我們初步
工作的最新資料，包括重申我們提供以植物成分
為主的可持續營養為願景、在產品組合及營運方
面確立特定的行動範疇，以及整合令可持續發展
成為整體企業定位及工作的核心元素。
我們的第三份年度可持續發展報告發表了我們邁
向二零二五╱二零二六財政年度可持續發展目標
於過去一年的進展，包括生產合適的產品及採用
合適的生產方法兩大範疇。此可持續發展報告將
連同本年報一併寄予股東。
潛在風險及不明朗因素
於本年度內，集團內部審計及風險管理部推行一
項分階段改善計劃，以進一步加強本集團的內部
監控及風險管理系統。該計劃旨在於本集團日常
營運上加設風險管理流程。通過集團風險管理部
協助促進有關的風險管理流程，令業務實體及職
能單位能夠定期識別潛在風險，並根據以下六個
範疇評估其影響及可能性：信譽、策略、市場、
流動資金、信貸及營運。經整合及核證後，集團
高層管理人員將審查主要風險並確定其優次，並
確保經已制訂或正在實施適當的監控措施。我們
亦將編製季度集團風險管理報告及與集團高層管
理人員討論報告內容，並會與審核委員會就可能
出現的重大風險以及相關監控措施進行溝通。
The framework was rolled-out at the Group and Company level in
Hong Kong during FY2016/2017. It will be further rolled out to all
subsidiaries over the coming financial year. Details of the new risk
management process are covered in the Risk Management section of
the Corporate Governance Report in this Annual Report.
該風險管理架構已於二零一六╱二零一七財政年
度在本集團以及本集團旗下的香港公司實施，並
將於下一個財政年度在所有附屬公司推行。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。
18
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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
“Go Deep Go Wide” strategy yields solid sales and profit
growth
「更深更廣」業務策略帶動銷售及溢利穩
步增長
2017
二零一七年
2016
二零一六年
% Change
百分比變動
Group Contributions %
佔本集團貢獻百分比
2017
二零一七年
2016
二零一六年
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）
2,666
2,404
317
281
2,319
1,978
276
232
+11
+13
+17
+19
49
40
43
37
Mainland China experienced slower gross domestic product (GDP)
growth in 2016, which affected sales of consumer goods.
於二零一六年，中國內地的國內生產總值增長放
緩，影響消費品的銷售。
Continuing to execute the Group’s “Go Deep Go Wide” strategy,
Vitasoy China accelerated growth in the Central and Eastern regions,
backed by strong support from the new Wuhan plant.
本集團繼續執行「更深更廣」業務策略，加上新
武漢廠房的強大支持，維他奶中國於華中及華東
地區業務增長加速。
During the year under review, Vitasoy China benefited from non-
recurring lower commodity costs, which helped improve our gross
profit margin.
於本回顧年度內，維他奶中國因原材料價格的非
經常性回落而受惠，毛利率因而有所提升。
Strong brand building and innovative marketing efforts helped
sustain Vitasoy China’s leadership position in the soya milk segment
in Guangdong province. Vitasoy China’s business continued to
strengthen its organisational capacity and capability, especially in
marketing.
強化品牌建立及創新的市場推廣活動有助維他奶
中國維持在廣東省豆奶品類市場中的領導地位。
維他奶中國不斷加強其組織能力及擴充實力，尤
其是市場推廣部門。
Enterprise Resources Planning (ERP) platform was implemented at all
facilities across Mainland China during the year.
年內，中國內地的所有廠房均已實施企業資源計
劃（ERP）平台。
A 5% depreciation of the Renminbi versus the Hong Kong dollar has
negatively impacted our results when reported in Hong Kong dollars.
On a constant currency basis, sales and operating profit grew by 17%
and 19% respectively during the year.
人民幣兌港幣貶值 5%，對我們以港幣呈報的業績
構成不利影響。按固定匯率基準計算，銷售及經
營溢利於年內分別增長 17% 及 19%。
Annual Report 2016/2017 年度報告 19
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)
香港業務（香港、澳門及出口）
Stable position in a challenging retail economy
在充滿挑戰的零售經濟環境中，表現維
持穩定
Revenue from
external customers
來自外間顧客之收入
Profit from operations
經營溢利
Revenue from
external customers
(exclude Vitasoy USA
business)
Profit from operations
(exclude Vitasoy USA
business)
來自外間顧客之收入
（不包括維他奶
美國的業務）
經營溢利
（不包括維他奶
美國的業務）
2017
二零一七年
HK$ million
港幣百萬元
2016
二零一六年
HK$ million
港幣百萬元
2017
二零一七年
2016
二零一六年
% Change
百分比變動
Group Contributions %
佔本集團貢獻百分比
2,168
381
2,070
380
+5
Flat 持平
40
48
37
50
2,064
2,070
Flat 持平
378
380
-1
In FY2016/2017, economic conditions in Hong Kong continued to
decelerate, following a 24-month declining trend in retail sales.
於二零一六╱二零一七財政年度，香港經濟持續
放緩，零售銷售連續 24 個月呈現下跌趨勢。
On a comparable basis, the results of the Hong Kong Operation
remained flat compared with the previous year. We continued to
leverage product innovation, introducing VITASOY Black Soya Milk,
rebranding CALCI-PLUS Soya Milk under the flagship VITASOY brand
in a total product packaging revamp supported by TV advertising to
highlight its nutritional value, and expanding the VITA portfolio with
the addition of No Sugar Jasmine Tea and No Sugar Green Tea.
按可比較基準計算，香港業務的業績與去年相
若。我們繼續致力於產品革新，包括推出維他奶
黑豆奶，將鈣思寶品牌豆奶重新納入維他奶旗艦
品牌內，且換上全新包裝以重塑其品牌形象，並
推出電視廣告推廣其營養價值，以及透過增添維
他無糖香片茶及無糖綠茶產品，擴大維他品牌產
品組合。
Macau also suffered from a weak economy as fewer Mainland
tourists visited Macau. As a result, net sales from the Macau business
dropped by 1% year-on-year.
由於中國訪澳旅客減少，澳門亦受到經濟疲弱所
影響。因此，澳門業務的銷售淨額按年下跌 1%。
After the North American divestiture, the North American business
of imported beverages from Hong Kong has been reported under
the Hong Kong Operation. Hong Kong’s Export business achieved
good progress and profitability, building on initiatives to improve
the export distributors’ performance.
出售北美洲事項完成後，北美洲由香港進口的飲
料業務已納入於香港業務中呈列。在本集團著力
提升出口分銷商績效的推動下，香港出口業務取
得良好增長及盈利表現。
Vitaland Group generated 6% top-line growth year-on-year, mainly
attributable to winning more tuck shop contracts and securing
more lunch meals. However, labour supply shortages have resulted
in higher salary demands, which impacted profitability. As a result,
profit from operations decreased by 19% year-on-year.
維他天地集團銷售按年錄得 6% 增長，主要由於
投得更多學校小食部合約及取得更多午膳訂購。
然而，勞工短缺導致薪金支出上升，繼而影響盈
利能力，導致經營溢利按年下跌 19%。
20
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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
Steady performance and market leadership
業務表現穩健，穩佔市場領導地位
2017
二零一七年
2016
二零一六年
% Change
百分比變動
Group Contributions %
佔本集團貢獻百分比
2017
二零一七年
2016
二零一六年
Revenue from
external customers
(HK$ million)
Profit from operation
(HK$ million)
來自外間顧客之收入
（港幣百萬元）
經營溢利
（港幣百萬元）
Revenue from
external customers
(AUD million)
Profit from operation
(AUD million)
來自外間顧客之收入
（澳元百萬元）
經營溢利
（澳元百萬元）
472
87
81.0
15.0
420
84
73.6
14.8
+12
+4
+10
+1
9
11
8
11
The Australian economy continued to grow in 2016, however
wage growth has slowed down and price deflation is affecting
manufacturers in the food and beverage industry. As a result, retailers
continue to focus on every day value as a key driver to winning
consumers.
澳洲經濟於二零一六年持續增長，但工資增長放
緩，價格通縮影響食品及飲品製造商的經營。因
此，零售商繼續將重點集中投放於釐訂每日價格
上，作為贏取消費者惠顧的關鍵因素。
Growth in the plant milk category remained healthy, driven by
the Almond and Coconut segments. The popularity of plant milks
continued to rise, with increased household penetration during the
year.
植物奶品類維持穩健增長，由杏仁及椰子飲品品
類帶動。由於備受越來越多家庭追捧，植物奶品
類產品於年內的受歡迎程度繼續上升。
Responding to market dynamics, Vitasoy Australia also increased
commercial investment. As a result, Vitasoy Australia continued to
hold the market leadership position in Australia.
為了應對瞬息萬變的市場環境，維他奶澳洲亦相
應增加商業投資。因此，維他奶澳洲繼續維持當
地市場領導地位。
In September 2016, Vitasoy Australia launched an organic soya bean
milk product called PROTEIN-PLUS, which complements our existing
VITASOY Creamy Original Soya Milk and CALCI-PLUS products. The
launch was supported with TV advertising and in-store sampling
at key locations in metro cities. The products have received very
positive market response.
於二零一六年九月，維他奶澳洲推出有機豆奶產
品 PROTEIN-PLUS（蛋白質加），為現有的維他奶香
滑原味豆奶及鈣思寶的產品系列增添新產品，更
以電視廣告以及在大城市的主要地點舉辦店內試
飲活動配合新產品的推出。新產品獲得市場高度
的正面評價。
Two TV campaigns focused on Soya Milk and Almond Milk,
emphasising the theme of Australian-grown plant milks for breakfast,
coffee and smoothies, and a “Mix and Win” consumer promotion
encouraged consumers to use Vitasoy Australia’s products in
smoothies.
兩款電視廣告重點宣傳豆奶及杏仁奶，強調使用
以澳洲當地種植原材料製成的植物奶品製作早
餐、咖啡及奶昔，而「Mix and Win」推廣活動則
鼓勵消費者在製作奶昔時使用維他奶澳洲的產
品。
In addition, a social media campaign encouraged target audiences to
increase the intake of plant-based products in their diets.
此外，更透過社交媒體宣傳活動鼓勵目標顧客在
日常飲食中多攝取以植物成分為主的產品。
Annual Report 2016/2017 年度報告 21
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Singapore
新加坡
Maintained leadership in tofu while enhancing beverage
capabilities
維持豆腐品類的領導地位，提升飲品業
務的實力
2017
二零一七年
2016
二零一六年
% Change
百分比變動
Group Contributions %
佔本集團貢獻百分比
2017
二零一七年
2016
二零一六年
Revenue from
external customers
(HK$ million)
Profit from operation
(HK$ million)
來自外間顧客之收入
（港幣百萬元）
經營溢利
（港幣百萬元）
Revenue from
external customers
(SGD million)
Profit from operation
(SGD million)
來自外間顧客之收入
（坡元百萬元）
經營溢利
（坡元百萬元）
100.4
106.1
11.5
11.0
17.9
2.06
18.9
1.96
-5
+5
-5
+5
2
1
2
2
Singapore’s economy grew by 1.8% in 2016, reflecting its slowest
economic expansion since 2009. Consumer prices dropped by 1%
year-on-year, and major retail channels, including grocery retailers,
recorded further declines in sales.
新加坡於二零一六年的經濟增長為 1.8%，為自二
零零九年以來最緩慢的經濟增長。消費價格按年
下跌 1%，主要零售渠道（包括超級市場零售商）
的銷售額則錄得進一步下跌。
Vitasoy Singapore experienced a 5% decline in revenue in FY2016/
2017 as the business deliberately reduced inventory levels in
preparation for the transition to a new beverage distributor.
維他奶新加坡於二零一六╱二零一七財政年度的
收入下跌 5%，乃由於準備轉換新飲品分銷商而刻
意減少存貨量所致。
Allowing for an initial dip as we fine-tune our working relationship
with the new distributor, we expect to achieve stronger business
results in the long term. Profitability has already been positively
affected, as increased sales prices agreed with the new distributor
have improved margins.
雖然因與新分銷商調整工作關係而使業務呈現初
步下跌，但我們預期就長遠而言，業務表現將會
再創佳績。由於與新分銷商協定增加售價，故盈
利有所提升，亦為盈利能力帶來正面影響。
Our operating profit grew 5% with stringent cost management.
經營溢利受惠嚴格的成本管理而增長 5%。
Our Tofu business grew and maintained clear market leadership
through dedicated focus on in-store excellence and leveraging
Vitasoy’s brand equity in communications – resulting in an increase
in VITASOY Premium Organic Tofu sales year-on-year, and enabling
synergies with the VITASOY beverage business.
我們致力專注優化店內的推廣活動，並透過不同
溝通平台善用維他奶的品牌價值，令豆腐品類業
務繼續增長並維持市場領導地位 － 使維他奶高端
有機豆腐的銷售額得以按年錄得增幅，結合維他
奶飲品業務，達致協同效益。
22
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Business Outlook
Looking forward towards FY2017/2018, we will continue to invest
in growing brand equity and expanding our geographical presence
while scaling up our business and growing market share in our core
operating markets.
業務前景
展望二零一七╱二零一八財政年度，我們將繼續
投放資源，發展品牌價值及拓展地區業務，並致
力在我們的核心營運市場擴大業務及市場份額。
Mainland China
Vitasoy China will continue to execute its “Go Deep Go Wide” strategy
and build strong brand equity.
中國內地
維他奶中國將繼續執行其「更深更廣」策略及建
立強大的品牌價值。
With ERP implementation now complete throughout Mainland China,
the Group will benefit from enhanced management information and
operational efficiency.
目前中國內地已全面採用 ERP 系統，有利本集團
提升管理資訊及營運效率。
The plant in Wuhan is operating smoothly, and we are growing
capacity utilisation to support additional business growth.
武漢廠房運作順暢，我們會不斷提升產能以支持
額外的業務增長。
Hong Kong Operation (Hong Kong, Macau and
Exports)
Vitasoy Hong Kong will continue to define our core categories’
progress via renewed efforts in brand equity building, product and
marketing innovation, and improving commercial execution.
香港業務（香港、澳門及出口）
維他奶香港將繼續透過投入更多資源建立品牌價
值、創新產品及市場推廣活動，以及改善商業執
行能力，明確推展核心品類業務。
Australia and New Zealand
As innovative new entrants continue to expand product offerings
in plant milk, the Group expects continued solid growth in our
competitive position. As the category expands beyond soy-based
drinks, Vitasoy Australia’s comprehensive portfolio is well positioned
to continue strengthening its market leadership.
澳洲及新西蘭
面對創新的新競爭者持續推出植物奶品類的新產
品，本集團預期憑藉其具競爭力的地位，將可持
續錄得穩健增長。由於植物奶品類增長較豆類飲
品迅速，維他奶澳洲全面的產品組合將可持續鞏
固其市場領導地位。
Singapore
Following the transition to a new imported beverage distributor, the
Group expects to see a return to growth in this business segment,
coupled with strong growth behind VITASOY Tofu offerings.
新加坡
轉換新的進口飲品分銷商後，本集團預期飲品業
務將回復增長，同時亦預期維他奶豆腐產品將強
勁增長。
Philippines
The Group has formed a joint venture with Universal Robina
Corporation in the Philippines. Although contributions are expected
to be modest in the first phase, the Group remains confident that we
can expand Vitasoy’s plant-based portfolio with an established local
partner, providing a strong and wide platform to expand Vitasoy’s
business portfolio in the Philippines. We look forward to bringing
Vitasoy’s high quality plant-based nutrition to the health-conscious
in the Philippines.
菲律賓
本 集 團 已 與 Universal Robina Corporation 於 菲 律
賓成立合營公司。儘管預計初期貢獻稍低，但憑
藉 Universal Robina Corporation 於 當 地 的 實 力 地
位，提供強大廣闊的平台以助維他奶公司在菲律
賓擴大其業務組合，因此本集團對擴大維他奶以
植物成分為主的產品組合仍然充滿信心。我們期
待將維他奶的高品質植物營養提供給菲律賓當地
關注健康的消費者。
Annual Report 2016/2017 年度報告 23
Group Chief Executive Officer’s Report/Business Review
集團行政總裁報告╱業務回顧
Conclusion
Our Group’s Sustainable Growth strategy delivered solid performance
in FY2016/2017. Whilst the competitive and operating environment
will intensify, Vitasoy is well positioned to sustain its growth by
delivering high quality, plant-based sustainable nutrition to the
communities we serve.
Vitasoy’s continued ability to thrive depends on the committed
efforts of our people. I most sincerely thank all of our associates
for their contributions and hard work during the year. I would also
like to express my gratitude to our Executive Chairman and Board
of Directors for their insight, guidance and support throughout the
year.
總結
可持續增長策略讓本集團於二零一六╱二零一七
財政年度錄得穩健表現。儘管經營環境的競爭將
更為激烈，然而，維他奶已作好充分準備，持續
為我們所服務的社區提供優質、植物成分為主的
營養產品，從而維持增長。
維他奶能夠持續獲取佳績，有賴員工的不懈努
力。本人謹此衷心感謝全體同事於本年度所作出
的貢獻及努力。本人亦謹此感謝執行主席及董事
會過往一年所給予的灼見、指導及支持。
Roberto Guidetti
Group Chief Executive Officer
23rd June 2017
陸博濤
集團行政總裁
二零一七年六月二十三日
24
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Awards
and Recognitions
嘉許及表揚
Annual Report 2016/2017 年度報告 25
Awards and Recognitions
嘉許及表揚
Major Awards of Vitasoy International Holdings
Limited from 1st April 2016 to the Date of this
Annual Report
維他奶國際集團有限公司於二零一六
年四月一日至本年報日期止所頒獲的
主要獎項
Corporate企業
Vitasoy International Holdings Limited
維他奶國際集團有限公司
“Manpower Developer” awarded by the Employees Retraining Board.
獲僱員再培訓局嘉許為「人才企業」。
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」。
“Certificate of Appreciation” for contributing to the Partnership Fund for the Disadvantaged presented by Social
Welfare Department.
獲社會福利署頒發參與攜手扶弱基金「嘉許狀」。
“HK50+ Award” from Christian Family Service Centre.
獲基督教家庭服務中心頒發「50+ 我最喜愛品牌」。
The “Consumer Caring Scheme 5 years” Logo awarded from GS1 Hong Kong.
獲香港貨品編碼協會頒發「貼心企業嘉許計劃五年賞」。
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。
“Hong Kong Green Organization (2015-2017)” from Environmental Campaign Committee and Environmental
Protection Department.
獲環境運動委員會及環境保護署嘉許為「香港綠色機構 (2015-2017)」。
Hong Kong
香港
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
“Green Partner Appreciation Certificate” in the ”Green Monday Carnival”.
獲「無綠不歡校園計劃」的「綠色夥伴感謝狀」。
“Friend of EcoPark” Certificate of Appreciation by Environment Bureau.
獲環境局頒發「環保園之友」嘉許狀。
26
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Awards and Recognitions
嘉許及表揚
Corporate企業
Mainland China
中國大陸
Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited
深圳維他（光明）食品飲料有限公司
“Entry-Exit Inspection and Quarantine Enterprises with AA Grade Management” from General Administration of
Quality Supervision, Inspection and Quarantine of the People's Republic of China.
獲國家質量監督檢驗檢疫總局嘉許為「出入境檢驗檢疫信用管理 AA 級企業」稱號。
“Guangming New District Energy Saving Award” from Guangming New District Economic Service Bureau.
於能源審計獲得光明新區經濟服務局頒贈「光明新區節能獎金」。
“2015-2016 National Outstanding Foreign Investment Enterprises” from Shenzhen Association of Foreign
Investment Enterprise.
獲深圳市外商投資企業協會嘉許為「2015-2016 年度全國優秀外商投資企業」。
“Guangming New District Energy Saving, Waste Reduction and Circular Economy Awards” from Guangming New
District Development and Finance Bureau.
獲光明新區發展財政局頒贈「光明新區節能減排與迴圈經濟獎金」。
“3 Same (Same Production Line, Same Standard, Same Quality) Quality Certification for Food Import and Export
Enterprise” from Certification and Accreditation Administration, General Administration of Quality Supervision,
Inspection and Quarantine of the People's Republic of China.
獲國家質量監督檢驗檢疫總局認監委頒發食品進出口企業「三同」（同線同標同質）資質認證。
“EcoPartner” and “EcoPioneer 3 Years +” in the “BOCHK Corporate Environmental Leadership Awards 2016” from
Federation of Hong Kong Industries and Bank of China Hong Kong.
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 2016」中獲嘉許為「環保傑出夥伴」及「3 年
Plus 環保先驅」。
Vitasoy (Foshan) Company Limited
維他奶（佛山）有限公司
“2015-2016 Foshan City Nanhai District Food Safety Model Enterprise” from Foshan City Nanhai District Food and
Drug Safety Administration.
獲佛山市南海區食品藥品監督管理局頒發「2015-2016 年佛山市南海區食品安全示範企業」榮譽。
“Foshan City Nanhai District Enterprise with Safe Production and Integrity” from Foshan City Nanhai District Safety
Monitoring Bureau.
獲佛山市南海區安監局列入「佛山市南海區安全生產誠信企業紅名單」。
“Work Safety Advanced Enterprise” from Shishan Town Shixi Safety Monitoring Substation.
獲獅山鎮獅西安監分站評為「安全工作先進單位」。
“EcoPartner” in the “BOCHK Corporate Environmental Leadership Awards 2016” from the Federation of Hong Kong
Industries and Bank of China Hong Kong.
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 2016」中獲嘉許為「環保傑出夥伴」。
Annual Report 2016/2017 年度報告 27
Awards and Recognitions
嘉許及表揚
Corporate企業
Vitasoy (Shanghai) Company Limited
維他奶（上海）有限公司
“2015-2016 Shanghai City Food Safety Model Enterprise” from Shanghai City Food and Drug Safety Committee
Office and Shanghai City Food Safety Work Federation.
獲上海市食品藥品安全委員會辦公室、上海市食品安全工作聯合會頒發「2015-2016 年上海市食品安全示範企
業」榮譽。
The 2nd Runner-up (Team Category) and the 1st Runner-up (Individual Category) in the “2016 Shanghai City
Administration Competition for 13th Five-Year Plan Achievement” organised by Shanghai Entry-Exit Inspection and
Quarantine Bureau.
獲上海出入境檢驗檢疫局頒發「2016 年度上海市級機關建功『十三五』勞動競賽」團體三等獎及個人第二名榮
譽。
Vitasoy (Wuhan) Company Limited
維他奶（武漢）有限公司
“Leadership in Energy and Environmental Design (LEED) Gold Certification” under the LEED for New Construction
Rating System established by U.S. Green Building Council.
通過美國綠色建築協會的領先能源與環境設計 (LEED) 新建築評分體系，並取得「領先能源與環境設計金級認
證」。
Singapore
新加坡
Unicurd Food Company (Private) Limited
統一食品（私人）有限公司
“Food Safety Awards” from 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」。
28
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Awards and Recognitions
嘉許及表揚
Brand品牌
VITASOY
維他奶
“2016 Effie Awards Hong Kong – The Brand Experience Category (Merit)” from The Association of Accredited
Advertising Agencies of Hong Kong (HK4As).
於香港廣告商會主辦之「2016 EFFIE 廣告效益大獎」中榮獲「品牌體驗類優異獎」。
“Most Popular TV Commercial” in the “TVB Most Popular TV Commercial Awards 2016” organised by Television
Broadcasts Limited.
在電視廣播有限公司主辦之「2016 TVB 最受歡迎電視廣告大獎」中獲頒發「最受歡迎電視廣告」。
“Top Ten Favourite Brands” in the “17th Favourite Brand Awards 2016” organised by Wellcome Supermarket.
在惠康超級市場主辦之「2016 第 17 屆超市名牌選舉」中獲選為「十大超市名牌」之一。
“TOUCH Brands 2016” Award from EAST TOUCH Magazine.
獲《東 Touch》雜誌頒發「Touch 品牌 2016」獎項。
“Superior Brand Award” in the “Park'N Shop Brands Award 2016” organised by Park'N Shop.
在百佳超級市場主辦之「百佳超卓品牌大賞 2016」中獲選為「至尊超市品牌」。
“Six-Pack VITASOY Black Soya Bean Milk” was awarded the “Money Back Beloved New Product Award” in the “Park'N
Shop Super Brands Award 2016” organised by Park'N Shop.
「維他奶黑豆奶六包裝」在百佳超級市場主辦之「百佳超卓品牌大賞2016」中獲選為「易賞錢會員至愛新產品」。
“CLEO Body Awards 2017 – Best On-the-go Breakfast” from CLEO Magazine in Singapore.
獲新加坡 <> 頒發「CLEO 體態獎 2017 – 最佳外帶早餐」。
“Food Innovation Award” from Hong Kong Food Council.
獲香港食品委員會頒發「食品創意大獎」。
VITASOY CALCI-PLUS Hi-Calcium Soya Drinks was awarded the “Rising Star” in the “17th Favourite Brands Awards
2016” organised by Wellcome Supermarket.
維他奶鈣思寶高鈣大豆飲品在惠康超級市場主辦之「2016 第 17 屆超市名牌選舉」中獲「最具潛力品牌獎」。
VITA
維他
“Top Ten Best Selling Supermarket Brands” in “Park'N Shop Super Brands Award 2016” organised by Park'N Shop.
在百佳超級市場主辦之「百佳超卓品牌大賞 2016」中獲選為「十大超卓品牌」之一。
VITA Lemon Tea and Chrysanthemum Tea was one of the “Top Ten Favourite Brands” in the “Wellcome 17th
Favourite Brands Awards 2016” organised by Wellcome Supermarket.
維他檸檬茶及菊花茶在惠康超級市場主辦之「2016 第 17 屆超市名牌選舉」中獲選為「十大超市名牌」之一。
“VLT Viral Video Campaign” was awarded “2016 The Great Wall Awards in Advertising – Brand Building Case Study”
organised by China Advertising Association.
《維他檸檬茶病毒視頻傳播案》獲中國廣告協會頒發「2016 中國廣告長城獎廣告主獎之品牌塑造案例」。
“Buy VLT Free VITASOY” package was awarded “Money Back Beloved Promotion Mechanic Award” in the “Park'N
Shop Super Brands Award 2016” organised by Park'N Shop.
「買維他檸檬茶送維他奶」在百佳超級市場主辦之「百佳超卓品牌大賞2016」中獲選為「易賞錢會員至愛組合」。
VITA HK Style was awarded “Outstanding Category Performance Award – Drinks” in the “Wellcome 17th Favourite
Brands Awards 2016” organised by Wellcome Supermarket.
維他港式系列在惠康超級市場主辦之「2016 第 17 屆超市名牌選舉」中獲「最出類拔萃獎 – 飲品」。
Annual Report 2016/2017 年度報告 29
Corporate
Governance Report
企業管治報告
30
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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保持
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
The Company has, throughout the year ended 31st March 2017,
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”).
企業管治常規
本公司於截至二零一七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
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
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
人員負責管理本公司日常事務。然而，根據《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
Significant merger, acquisition and divestiture
重大業務併購及出售
Significant investment and joint venture formation
重大投資及成立合營公司
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
Long-term Strategic Plan
and Annual Budget
長遠策略規劃及年度預算
Matters reserved for
the Board Decisions
須待董事會作出決定
之事項
Appointment of Director, Group Chief
Executive Officer and Company Secretary,
and approval of Share Option Plans
委任董事、集團行政總裁及公司秘書，
並批准購股權計劃
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
Annual Report 2016/2017 年度報告 31
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 formulated Three Year Strategic Plan for
the fiscal years up to 2019/2020 in September of 2016. The Board
takes a proactive role in reviewing and updating the Strategic Plans
periodically in response to ever changes in the macro economic and
competitive business environment.
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。董事會負責制訂本
公司之策略性方向，並持續監察本公司整體管理
表現。制訂策略規劃已成為董事會實現使命和願
景的重要職能，董事會因而非常注重及關注制訂
策略規劃。策略規劃一般涵蓋三年。董事會已於
二零一六年九月制訂截至二零一九╱二零二零財
政年度止之三年策略規劃。董事會因應宏觀經濟
及競爭性業務環境之不時變動，積極定期檢討及
更新策略規劃。
Board Composition
董事會組成
Ms. Myrna Mo-ching LO
羅慕貞女士
Non-executive Director
非執行董事
Ms. Yvonne Mo-ling LO
羅慕玲女士
Non-executive Director
非執行董事
Mr. Winston Yau-lai LO
羅友禮先生
Executive Chairman
執行主席
Mr. Roberto GUIDETTI
陸博濤先生
Executive Director and Group Chief
Executive Officer
執行董事暨集團行政總裁
Dr. the Hon.
Sir David Kwok-po LI
李國寶爵士
Independent Non-executive Director
獨立非執行董事
Mr. Jan P. S. ERLUND
先生
Independent Non-executive Director
獨立非執行董事
Mr. Anthony John Liddell
NIGHTINGALE
黎定基先生
Independent Non-executive Director
獨立非執行董事
Mr. Paul Jeremy BROUGH
先生
Independent Non-executive Director
獨立非執行董事
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.
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」）
網站及本公司網站 www.vitasoy.com。
32
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
The Independent Non-executive Directors represent half of the
Board which far exceeds the Listing Rules’ minimum requirement for
one-third.
獨立非執行董事佔董事會人數之二分之一，遠高
於上市規則規定最少三分之一的要求。
Board Composition
董事會組成
2 EDs
兩名執行董事
(25%)
2 NEDs
兩名非執行董事
(25%)
4 INEDs
四名獨立
非執行董事
(50%)
Independent Non-executive
Directors (INED)
獨立非執行董事
Non-executive Directors (NED)
非執行董事
Executive Directors (ED)
執行董事
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。
Directors, including the Independent Non-executive Directors and
Non-executive Directors, have brought a wide spectrum of valuable
business experience, knowledge and professionalism to the Board
for its efficient and effective delivery of the Board functions.
董事（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能。
Annual Report 2016/2017 年度報告 33
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
1
1
1
2
3
General management
整體管理
Financial, accounting, audit and
risk management
財務、會計、審計及風險管理
Legal
法律
Food Technology
食品科技
Banking
銀行
* 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
Board size of eight members brings needed expertise to the Board to satisfy diversity requirements
擁有八名成員之董事會規模為董事會帶來所需專業知識，以滿足多元化規定
Number of Independent Non-executive Directors represents half of the Board members
獨立非執行董事之數目佔董事會成員人數二分之一
Board Diversity
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.
董事會成員多元化
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 2017,
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
將繼續按候選人之功績以及能否補充及加強董事
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作出。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。於截至二零一七年三月
三十一日止年度內，達致該等目標之進度如下：
34
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Gender
性別
Female representation during the year of 2016/2017 was 25%,
comparing with the target of “more than 25%” set for the year of
2019/2020.
於二零一六╱二零一七年度，女性代表達到
25%，接近為二零一九╱二零二零年度所設
立「高於 25%」之目標。
(According to available statistics, female representation on boards of
Hong Kong listed companies is 12%. The average number of female
directors per listed company is 1.)
（根據可獲取之統計數據，女性代表佔香港
上市公司董事會之12%。平均每間上市公司
擁有一名女性董事。）
Age
年齡
Average age of the board members during the year of 2016/2017
was 69, average age will be reduced to attain the target with the
appointment of younger directors over the years.
於二零一六╱二零一七年度，董事會成員的
平均年齡為 69 歲。隨著近年來委任更年輕的
董事加入董事會，預料平均年齡將會下降至
目標水平。
Designation
職銜
Ethnicity
種族
50%
50%
50%
25%
25%
Gender
性別
25%
INED
獨立非執行董事
NED
非執行董事
ED
執行董事
75%
Male
男
Female
女
Chinese
華裔
Non-Chinese
非華裔
Age Group
年齡組別
25%
25%
50%
71-80 Years old
71-80歲
61-70 Years old
61-70歲
51-60 Years old
51-60歲
A diversified Board with both male and female representation
同時擁有男性及女性代表之多元化董事會
The Board has a diversified and balanced mix of expertise
董事會擁有多元化及均衡之專業知識組合
Annual Report 2016/2017 年度報告 35
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 2016 to 30th September 2017.
於二零一六年十月一日至二零一七年九月三十日
止期間，本公司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
2017 and up to the date of this Annual Report are set out below:
於截至二零一七年三月三十一日止年度及截至本
年報日期止之董事資料變動載列如下：
Retirement of Independent Non-executive Director
獨立非執行董事之退任
Mr. Valiant Kin-piu CHEUNG
• retired as an Independent Non-executive Director of the Company;
• ceased to be the chairman of the Audit Committee of the
張建標先生
• 退任本公司獨立非執行董事；
Company; and
• 辭任本公司審核委員會主席；及
• ceased to be a member of the Remuneration and Nomination
Committee of the Company.
• 辭任本公司薪酬及提名委員會成員。
Appointment of Independent Non-executive Director
獨立非執行董事之委任
Mr. Paul Jeremy BROUGH
• was appointed as an Independent Non-executive Director of the
Paul Jeremy BROUGH 先生
• 獲委任為本公司獨立非執行董事；
Company;
• was appointed the chairman of the Audit Committee of the
• 獲委任為本公司審核委員會主席；及
Company; and
• was appointed a member of the Remuneration and Nomination
• 獲委任為本公司薪酬及提名委員會成員。
Committee of the Company.
Changes in Major Appointments and Other
Directorships
主要委任及其他董事職務之變動
Mr. Paul Jeremy BROUGH
• was appointed the executive chairman of Noble Group Limited;
Paul Jeremy BROUGH 先生
• 獲委任為來寶集團之執行主席；及
and
• was appointed as an independent non-executive director of The
• 獲委任為德事商務中心有限公司之獨立非
Executive Centre Limited.
Changes in Directors’ Fees
執行董事。
董事袍金之變動
There was no change in basic directors’ fees for fiscal year of
2016/2017.
於二零一六╱二零一七財政年度之基本董事
袍金概無變動。
36
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Executive Chairman and Group Chief
Executive Officer
執行主席及集團行政總裁
provides leadership to the Board
領導董事會
ensures compliance with good corporate governance practices and procedures
確保遵守良好之企業管治常規及程序
Executive
Chairman
執行主席
sets strategic directions for the Group
為本集團制訂策略方針
monitors Board effectiveness
監察董事會之效能
promotes a culture of openness and active contribution amongst Directors
提倡開放文化及鼓勵董事積極作出貢獻
makes day to day management decisions
作出日常管理決策
implements the strategies and policies approved by the Board in pursuit of the Group’s objectives
執行經董事會批准之策略及政策，以實現本集團目標
Group Chief
Executive Officer
集團行政總裁
promotes and develops the business and interests of the Group
促進及發展本集團之業務及利益
provides periodic management update to the Board
定期向董事會更新管理層報告
conducts the affairs of the Group in accordance with practices and procedures adopted by the Board
根據董事會採納之常規及程序處理本集團事務
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.
is
Mr. Roberto GUIDETTI, the Group Chief Executive Officer
responsible for the overall strategic planning, business development
and general management of all the Group’s operations. The Group
Chief Executive Officer is primarily accountable to keep the Board
apprised of the Company’s business and financial performance,
position and prospects by providing Directors with a monthly
management update.
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
整體策略規劃、業務發展及日常管理。集團行政
總裁主要負責向董事會每月更新管理層報告，讓
董事會了解本公司之業務及財務表現、狀況及前
景。
The roles and responsibilities of Executive Chairman and Group Chief Executive Officer are clearly defined
清楚區分執行主席及集團行政總裁之角色及職責
Annual Report 2016/2017 年度報告 37
Corporate Governance Report
企業管治報告
Board Proceedings
The Board met five times in fiscal year of 2016/2017 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.
董事會程序
董事會於二零一六╱二零一七財政年度內共開會
五次，討論及批准整體業務策略；分別檢討及監
察本集團及各業務單位之財務及營運表現；並考
慮及審批本集團之策略規劃、年度預算、財務報
告及企業管治相關之政策及常規。
Major Board Decisions in
FY2016/2017
二 零 一 六 ╱ 二 零
一 七 財 政 年 度 之
主要董事會決定
June
2016
二零一六年
六月
September
2016
二零一六年
九月
November
2016
二零一六年
十一月
January
2017
二零一七年
一月
March
2017
二零一七年
三月
Approved Annual Results
批准年度業績
Approved Interim Results
批准中期業績
Approved Appointment of
Independent Non-executive
Director
批 准 委 任 獨 立 非
執行董事
Approved Strategic Plan
批准策略規劃
Approved Budget
批准預算
Reviewed Operation Performance 審視營運表現
*
*
*
*
*
*
*
*
*
*
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.
所有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在適合
的情況下，為履行其職責及責任而諮詢獨立專業
意見，費用由本公司支付。
During the year, Directors have made active participation in the
Board meetings, Board Committees meetings and the Annual
General Meeting.
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。
38
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Board Committees
The Board has established a Remuneration and Nomination
Committee, an Audit Committee and an Executive Committee with
specific terms of reference.
董事委員會
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, 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
Executive Committee
執行委員會
(all Independent Non-executive Directors)
（全部均為獨立非執行董事）
(Executive Directors and
Group Senior Directors)
（執行董事及集團高級總監）
Remuneration and Nomination Committee
薪酬及提名委員會
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
先生
Mr. Anthony
John Liddell
NIGHTINGALE
黎定基先生
Mr. Paul Jeremy
BROUGH
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.
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。
The Remuneration and Nomination Committee is mainly responsible
to consider and approve the remuneration packages of Executive
Directors and Senior Management of the Group, including salaries,
benefits in kind and bonuses; bonus schemes and other long-
term incentive schemes, including share option and other plans.
The Remuneration and Nomination Committee also reviews the
structure, size, composition and diversity (including the skills,
knowledge, experience, gender and age) of the Board; Director’s
time commitment; policies in relation to nomination of Director and
Board diversity. The Committee would identify and determine the
measurable objective/s for achieving board diversity and monitor
any progress made in achieving such measurable objective/s. The
Committee also recommends to the Board on appointment or
reappointment of and succession planning for Director and Group
Chief Executive Officer.
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
投入的時間；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。
Annual Report 2016/2017 年度報告 39
Corporate Governance Report
企業管治報告
The Remuneration and Nomination Committee met four times in
fiscal year of 2016/2017. Each member’s attendance record during
the year is shown on page 45 of this Annual Report.
薪酬及提名委員會於二零一六╱二零一七財政年
度內共開會四次。各成員於年內出席會議之記錄
載於本年報第 45 頁。
Summary of works done during and for the fiscal year
of 2016/2017
在年內及為二零一六╱二零一七
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;
• 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；
• Approved the discretionary bonuses and the grant of share
options, having given due consideration to both the Group’s
financial performance and the individuals’ performances during
the year in accordance with the performance-based compensation
policy recommended by an independent consultant;
• 根據獨立顧問建議，以按表現釐定之薪酬
政策，在充分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；
• Reviewed and recommended to the Board for approval the letters
of appointment of the Executive Chairman and one Non-executive
Director;
• 審閱及建議董事會批准執行主席及一名非
執行董事之委任函；
• Reviewed the structure, size and composition (including the mix
of skills, knowledge, professional qualification and experience of
the Directors) of the Board;
• 檢討董事會之架構、規模及組成（包括董
事擁有之不同技能、知識、專業資格及經
驗組合）；
• Nominated an Independent Non-executive Director for approval
• 提名一名獨立非執行董事供董事會批准；
by the Board;
• Identified and selected potential candidates to become Board
• 識別及甄選潛在候選人成為董事會成員；
members;
• Reviewed the Board Succession Plan and its Road Map;
• 審閱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 Director’s time commitment to perform his/her duties;
• 審閱董事履行其職責所投入的時間；
• Assessed and confirmed the independence of all Independent
• 評估並確認全體獨立非執行董事之獨立
Non-executive Directors; and
性；及
• Made recommendation to the Board for Directors’ Fees for fiscal
• 就董事於二零一六╱二零一七財政年度之
year of 2016/2017.
袍金向董事會提供建議。
40
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Audit Committee
審核委員會
Current Members
現時成員
Mr. Paul Jeremy BROUGH 先生
(Chairman)
（主席）
Dr. the Hon. Sir
David Kwok-po LI
李國寶爵士
Mr. Jan P. S.
ERLUND
先生
Mr. Anthony John Liddell
NIGHTINGALE
黎定基先生
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.
responsible
for making
is mainly
The Audit Committee
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；
審閱內部審核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機關。
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.
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。
Annual Report 2016/2017 年度報告 41
Corporate Governance Report
企業管治報告
The Board discharges the corporate governance 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 2016/2017.
Each member’s attendance record during the year is shown on page
45 of this Annual Report.
審核委員會於二零一六╱二零一七財政年度內共
開會三次。各成員於年內出席會議之記錄載於本
年報第 45 頁。
Summary of works done during and for the fiscal year
of 2016/2017
在年內及為二零一六╱二零一七
財政年度所作之工作總結
• Reviewed the 2016/2017 interim financial report; the preliminary
annual results announcement 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二零一六╱
二零一七年度之中期財務報告；初步年度
業績公告以及全年財務報表，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 2016/2017 audit plan;
• 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;
• 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，
並批准二零一六╱二零一七年度之審核方
案；
• 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
• 審閱及考慮外聘核數師之委聘條款；
External Auditors;
• 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
• 審閱外聘核數師之審核情況說明函件及管
management’s response;
理層之回應；
• Reviewed the continuing connected transactions;
• 審閱持續關連交易；
• Reviewed the Group 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
評估之本集團內部審計報告；
42
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Summary of works done during and for the fiscal year
of 2016/2017
在年內及為二零一六╱二零一七
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;
• 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；
• Reviewed progress on the implementation of Enterprise Risk
• 審閱企業風險管理之執行進程；
Management;
• Reviewed the training and continuous professional development
• 審閱董事及高層管理人員之培訓及持續專
of Directors and Senior Management;
業發展；
• Reviewed the Company’s policies and practices on compliance
• 審閱本公司在遵守法律及監管規定方面之
with legal and regulatory requirements;
政策及常規；
• Reviewed the code of conduct and compliance manual applicable
• 審閱適用於僱員及董事之行為守則及合規
to employees and Directors;
手冊；
• Reviewed the status of compliance with the Corporate Governance
Code and disclosure in the Corporate Governance Report; and
• 審閱遵守企業管治守則之情況及企業管治
報告之披露；及
• Held private session with External Auditors in the absence of
• 在執行董事及高層管理人員不在場之情況
Executive Directors and Senior Management.
下單獨與外聘核數師開會。
Annual Report 2016/2017 年度報告 43
Corporate Governance Report
企業管治報告
The Board has approved 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.
董事會已批准舉報政策，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 reviews regularly 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。
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 Financial 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。
44
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
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 2016/2017 are as follows:
於二零一六╱二零一七財政年度，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：
Name
姓名
Independent Non-executive Directors
獨立非執行董事
Dr. the Hon. Sir David Kwok-po LI
李國寶爵士
Mr. Jan P. S. ERLUND
Mr. Valiant Kin-piu CHEUNG
(retired on 2nd September 2016)
Jan P. S. ERLUND先生
張建標先生
（於二零一六年
九月二日退任）
Mr. Anthony John Liddell NIGHTINGALE
黎定基先生
Mr. Paul Jeremy BROUGH
(appointed on 3rd September 2016)
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
Paul Jeremy BROUGH
先生（於二零一六
年九月三日獲
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
Average Attendance of the Board Members
董事會成員平均出席率
Group Chief Financial Officer
集團首席財務總監
Mr. Chris Kin-shing LAU
劉健成先生
Group Director, Internal Audit and Risk
Management
集團內部審計及風險
管理總監
Mr. Terence Chiu-kit CHOW
周昭傑先生
External Auditors
KPMG
外聘核數師
畢馬威會計師事務所
Meetings Attended/ Held
出席次數╱會議次數
Remuneration
and
Nomination
Committee
薪酬及提名委
員會
Board
董事會
Audit
Committee
審核委員會
Annual
General
Meeting
股東週年大會
Overall
Attendance
Rate
整體出席率
5/5
5/5
2/2
4/5
3/3
4/5
5/5
5/5 (a)
5/5
4/4 (b)
4/4
2/2
3/4
2/2
2/4
4/4
4/4 (e)
1/1 (e)
3/3
3/3
1/1 (c)
2/3
2/2 (c)
1/1
1/1
1/1
1/1
N/A
不適用
100%
100%
100%
77%
100%
N/A
不適用
N/A
不適用
1/1
1/1
70%
100%
3/3 (e)
3/3 (e)
1/1 (d)
100%
1/1
100%
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
N/A
不適用
3/3 (e)
N/A
不適用
3/3 (e)
1/1 (e)
94%
N/A
不適用
N/A
不適用
N/A
不適用
Annual Report 2016/2017 年度報告 45
Corporate Governance Report
企業管治報告
Notes:
(a)
(b)
(c)
(d)
(e)
Chairman of the Board
Chairman of the Remuneration and Nomination Committee
Chairman of the Audit Committee
Chairman of the Annual General Meeting
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 2016
Annual General Meeting, all Directors, including Executive Chairman,
the Chairman of the Board Committees and the External Auditors
attended the meeting and answered shareholders’ questions.
本公司確認股東週年大會是其中一個與股東溝通
的重要渠道。於二零一六年股東週年大會，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。
During the year under review, the Executive Chairman also met
with the Non-executive Directors without the presence of Executive
Directors and Senior Management.
於回顧年度，執行主席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。
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 any 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.
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
本公司為任何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」，作為董事責任一般原則性
之指引。
46
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
During the year, an induction program had been organised for Mr.
Paul Jeremy BROUGH, the newly appointed Independent Non-
executive Director, in the headquarters office of the Company.
During the induction session, Mr. Brough took part in a plant tour
and met with the Executive Directors and Senior Management
and has been acquainted with the vision, strategic direction and
operation of the Company. The Company Secretary has provided
to Mr. Brough 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 meetings schedule and routine
agenda items.
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.
年內，本公司已為新委任之獨立非執行董事 Paul
Jeremy BROUGH 先生於總公司安排就任須知。於
就任簡介會上，Brough 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、策略方針及營運。於彼獲委任為董事後，
公司秘書已即時向 Brough 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常
規議程事項。
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多變之商業領域內的專
業實務。有關課程有助董事溫故知新其知識及技
能，從而履行上市公司董事所應擔任之角色、職
能及責任等。
During the year, the Company Secretary has organised an annual in-
house training program for Directors in September 2016, covering
the topics for “Enhanced Auditor Reporting” and “ESG Reporting —
Business Sustainability; and World-Class Sustainability Programs in
the Food Sector”.
年內，公司秘書於二零一六年九月為董事舉辦年
度內部培訓課程，培訓題目包括「加強核數師報
告」及「環境、社會及管治報告 — 業務之可持續
發展；及食品行業之世界級可持續發展項目」。
Annual Report 2016/2017 年度報告 47
Corporate Governance Report
企業管治報告
importance of continuous
The Board also acknowledges the
professional development (“CPD”) to Senior Management in this
highly competitive consumer product market. Senior Management
is encouraged to participate in various CPD programs at the expense
of the Company.
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。
All Directors and Senior Management have provided to the Company
Secretary their training records for the fiscal year of 2016/2017 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 78 hours of CPD training
during the year.
全體董事及高層管理人員已向公司秘書提供彼等
於二零一六╱二零一七財政年度之培訓記錄，並
已經由審核委員會審閱。董事於年內接受平均 30
小時之持續專業發展培訓，而高層管理人員於年
內接受平均 78 小時之持續專業發展培訓。
Directors’ Training Records
董事之培訓記錄
Analysis of training attended by Directors in
FY2016/2017 – by topic
董事於二零一六╱二零一七財政年度參加之
培訓 — 項目分析
Analysis of training attended by Directors in
FY2016/2017 – by type
董事於二零一六╱二零一七財政年度參加之
培訓 — 類型分析
10%
43%
10%
11%
26%
Global Business Update
環球業務近況
Company’s Business
本公司業務
Account / Finance / Tax
會計╱財務╱稅務
Legal / Regulatory
Compliance
法例╱監管條例之遵守
Directors’ Duties and
Governance
董事職責及管治
16%
26%
Readings
閱讀
In-house training
內部培訓
External Course /
Seminars / Workshops
外間課程╱研討會╱
工作坊
58%
Senior Management’s Training Records
高層管理人員之培訓記錄
Analysis of training attended by Senior
Management in FY2016/2017 – by topic
高層管理人員於二零一六╱二零一七財政年度
參加之培訓 — 項目分析
Analysis of training attended by Senior
Management in FY2016/2017 – by type
高層管理人員於二零一六╱二零一七財政年度
參加之培訓 — 類型分析
1% 1%
7%
15%
34%
42%
Company’s Business
本公司業務
Market / Product /
Business Development
市場╱產品╱業務發展
Industry
行業
Account / Finance / Tax
會計╱財務╱稅務
Regulatory / Legal /
Governance
監管條例╱法例╱管治
Human Resources
人力資源
48
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
20%
24%
56%
External Course /
Seminars / Workshops
外間課程╱研討會╱
工作坊
Readings
閱讀
In-house Training
內部培訓
Corporate Governance Report
企業管治報告
Responsibilities of Directors
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 FY2016/2017
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 2017.
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 2016/2017. 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 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.
董事責任
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。二零一六╱二零
一七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經
由審核委員會經周詳討論後批准，然後再提交董
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之標準守則（「標準
守則」）所載列之規定標準寬鬆。本集團亦就可
能擁有或得悉有關股價之敏感資料之特定類別員
工而採納一套類似守則。本公司已對全體董事及
特定類別員工作出具體查詢，而全體董事及特定
類別員工均確認於截至二零一七年三月三十一日
止年度已遵守守則載列之規定標準。
本公司已接獲全體董事就於二零一六╱二零一七
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。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，並識別須
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職責
進行評核。有關評核一般每年進行一次。
Annual Report 2016/2017 年度報告 49
Corporate Governance Report
企業管治報告
A formal evaluation of the Board and the Executive Chairman was
conducted for the fiscal year of 2016/2017. 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.
於二零一六╱二零一七財政年度，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收集意見。
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，並呈交於
董事會會議上審閱及討論。
Board behavior
and culture
董事會行為及
文化
Evaluation
of the
Board
董事會之
評核
Risk management
and internal control
風險管理
及內部監控
Strategic
planning
策略規劃
Board composition
and effectiveness
董事會組成及效能
Board’s role in
governance
董事會之管治
角色
Succession
planning
繼任計劃
Relationship with
Group CEO
與集團行政總裁
之關係
Engagement of
ESG practices
參與制訂環境、
社會及管治常規
Leadership
領導能力
Evaluation
of Executive
Chairman
執行主席之
評核
Promotion
of good CG
practices
促進良好企業
管治常規
Board
relationship
與董事會之
關係
Accountability
問責
Decision making
決策
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 behavior and
culture” and “Board’s roles in governance”. 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’s performance in the areas of
board composition and mix of skill and knowledge; and frequency
of ESG Reporting. The Executive Chairman as the leader of the
evaluation process has provided the responses and actions to be
taken to improve the Board performance shown from the Board
evaluation results. Such responses and actions have also been
reviewed by 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「董事會行為及文化」及「董事會
之管治角色」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之角色及履行其
職責。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於董事會組成以及
所具技能及知識之組合方面之表現；以及作出環
境、社會及管治報告之次數等提出多項具建設性
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將採取之行動，
以提升董事會表現。董事亦於董事會會議上審閱
有關回應及行動。
50
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Company Secretary
The Company Secretary is an employee of the Company and has
been 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 amongst the Board
members, shareholders and Senior Management.
公司秘書
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。
The appointment and removal of the Company Secretary is subject
to Board approval. The Company Secretary reports to both the
Executive Chairman and the Group Chief Executive Officer. The
Company Secretary is accountable to the Board for matters relating
to Directors’ duties, such as giving advice on corporate governance
developments and compliance and facilitating the professional
development programme and induction programme of Directors.
All members of the Board have access to the advice and service of
the Company Secretary.
公司秘書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之專業
發展課程及就任須知。董事會全體成員均可獲公
司秘書提供意見及服務。
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.
年內，公司秘書接受逾 30 小時之外間持續專業
發展培訓課程，以瞭解最新的法律及監管法例更
改，從而對其知識及技能溫故知新。
Risk Management and Internal Control
The Board acknowledges its responsibility for the risk management
and internal control systems and reviewing their effectiveness. The
systems are designed to manage rather than eliminate the risk of
failure to achieve business objectives, and can only provide reasonable
and not absolute assurance against material misstatement or loss. 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.
The Board is entrusted with the overall responsibility on an ongoing
basis for ensuring that appropriate and effective risk management
and internal controls are maintained to provide reasonable assurance
against material misstatement of information. Main features of the
risk management and internal control systems are described in the
sections below:
風險管理及內部監控
董事會明白其肩負風險管理及內部監控系統之責
任，並檢討其成效。該系統之設計旨在管理而非
消除無法達成業務目標之風險，並僅可為避免發
生重大錯誤陳述或損失提供合理而非絕對之保
證。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，以達致長久
的成功。
董事會一直獲委以確保維持適當及有效之風險管
理及內部監控之整體職責，從而為避免發生資料
之重大錯誤陳述提供合理保證。風險管理及內部
監控系統之主要特點載於下文章節 ︰
Annual Report 2016/2017 年度報告 51
Corporate Governance Report
企業管治報告
Internal Control
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:
內部監控
本公司已根據Committee of Sponsoring Organisations
of the Treadway Commission (COSO) 之內部監控原則
制定內部監控系統，以管理及減低而非消除業務
風險。有效之內部監控系統之主要相關原則載列
如下：
In
f
o
r
m
a
t
i
o
n
a
n
d
C
o
m
m
u
n
i
c
a
t
i
o
n
資
訊
及
溝
通
n and Com
atio
rm
fo
In
m unicatio n 資 訊 及 溝 通
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 Communic 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、適時及完整之財務報告；及
Laws and regulations relevant to the business are complied.
• 遵守與業務相關之法律及法規。
Under the Company’s internal control 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.
在本公司之內部監控系統下，管理層負責設計及
執行內部監控措施，而董事會及審核委員會則監
察現有內部監控系統執行之成效。
52
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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企業管治報告
Internal Audit
Group Internal Audit (a team under Group Internal Audit and
Risk Management), plays a critical role in monitoring the internal
governance of the Company.
內部審計
集團內部審計（集團內部審計及風險管理轄下的
團隊）肩負監察本公司內部管治的重任。
Group Internal Audit act as an independent role to perform reviews
over the adequacy and effectiveness of the Company’s internal
control and risk management systems. It also assesses the risks
inherent in particular business or functional areas, including fraud
or corruption, and conducts reviews or audits to provide reasonable
assurance that adequate governance and controls are in place to
address such risks.
Group Internal Audit operates independently from all departments,
divisions and executives of the Company. The Group Director,
Internal Audit and Risk Management reports functionally to the
Audit Committee and administratively to Executive Chairman and
Group Chief Executive Officer. The approved Internal Audit Charter
granted Group Internal Audit with the authority of unrestricted
access to all aspects of the Company’s activities and internal controls.
This helps Group Internal Audit to provide an independent and
objective assurance to the Audit Committee on whether the control
environments within the Company are adequate.
Group Internal Audit carries out independent review of key business
processes and controls in accordance with its annual audit plan
reviewed and approved by the Audit Committee. The annual audit
plan is prepared using a risk assessment methodology and taking
into account the Company structure, organisational change, overall
materiality of each business unit, management’s concern, nature
and complexity of operation and operating environment. The risk
assessment methodology assists in identifying business risks and
determining audit frequencies. Group Internal Audit schedules its
resources focusing on high risk areas.
The scope of work performed by Group Internal Audit includes review
of entity wide controls, business process control review, project
based operational audit review, compliance review and information
technology system review. In particular, business process review
focuses on financial reporting controls and control testing would
be performed on assessing the operating effectiveness. Business
process review is performed on a continuous basis and aim to cover
all major operations of the Company and its subsidiaries on a cyclical
basis. Project based operation audit review focuses on specific areas
with high perceived risks and management concerns. Group Internal
Audit also conducts special review, investigations, consulting and
advisory services related to corporate governance and controls as
required by management or the Audit Committee.
集團內部審計作為獨立角色，負責檢討本集團的
內部監控及風險管理系統是否足夠及有效。其同
時評估特定業務或職能領域之內在風險（包括欺
詐或賄賂風險），並進行檢討或審計，以合理地
確保有充分之管治及監控應對這些風險。
集團內部審計的運作獨立於本公司所有部門、分
部及行政人員。集團內部審計及風險管理總監職
能上向審核委員會報告，而行政上則向執行主席
及集團行政總裁報告。經審批之內部審計約章授
予集團內部審計權力，可無限制地獲取有關本公
司活動及內部監控所有方面的資料。有關授權有
助集團內部審計向審核委員會就本公司的內部監
控環境是否充分提供獨立客觀之保證。
集團內部審計根據經審核委員會審批的年度審計
計劃，對主要業務流程及監控進行獨立檢討。編
製年度審計計劃時採用風險評估方法，並考慮本
公司架構、組織變動、各業務單位的整體重要
性、管理層的關注範疇、營運性質及複雜性以及
經營環境。風險評估方法有助識別業務風險及釐
定審計之頻率。集團內部審計安排將其資源集中
處理高風險的範疇。
集團內部審計的工作範圍包括實體的整體監控檢
討、業務流程監控檢討、按項目進行的營運審計
檢討、合規檢討及資訊科技系統檢討。業務流程
檢討尤其集中於財務報告監控，並就評估營運成
效進行監控測試。業務流程檢討會持續進行，目
的是週期性地涵蓋本公司及各附屬公司之所有主
要業務。按項目進行的營運審計檢討集中於風險
偏高及管理層尤為關注的特定範圍。集團內部審
計亦會進行特別檢討、調查、與企業管治有關之
諮詢及顧問服務，以及管理層或審核委員會要求
的監控。
Annual Report 2016/2017 年度報告 53
Corporate Governance Report
企業管治報告
Results of audit reviews are compiled in internal audit reports
and sent to Senior Management for process improvement and
rectification on a timely basis. Remediation actions have been
developed collaboratively by the management and operational
teams to rectify the control weaknesses identified. All critical audit
findings and control weaknesses are summarised and presented to
the Audit Committee for their knowledge and/or attention.
審計檢討的結果會編製於內部審計報告內，並發
送至高層管理人員，以及時改善程序及作出修
正。管理層及營運團隊共同制訂補救行動，以修
正已識別之監控弱點。所有關鍵審計結果及監控
弱點的摘要會送呈審核委員會，以供知悉及╱或
關注。
Risk Management
Risk management framework sets out an effective risk governance
structure and risk management process. Such framework enables the
Company to adopt a proactive and structured approach to identify
and manage risks across the Company with ongoing monitoring and
oversight.
風險管理
風險管理框架載有有效的風險管治架構及風險管
理程序。有關框架使本公司能夠採取積極及有系
統之方法，透過持續監督及監察，識別及管理本
公司所面臨之風險。
Our risk management framework is illustrated as below:
我們之風險管理框架展示如下：
Oversight
監察
R i s k M o n itoring and Review
風 險監督及審閱
s k a n d Control Ownership
風 險及監控權責
R i s k M a n agement Process
風 險管理程序
R i
4.
Escalate
and Report
上報
1.
Identify Risk
風險識別
D
a
i
l
y
O
p
e
r
a
t
i
o
n
s
•
F
i
n
a
n
c
i
a
l
A
c
3.
Mitigate and
Control
緩和及監控
日
t
i
v
iti
e
常
s • C
營
o
m
2.
Evaluate Risk
風險評估
s
r
o
t
c
a
al F
n
xter
因
素
g • In vestm ent Decision • E
定 • 外
界
運
務
• 財
動 • 合規 • 策略發展與 業 務 規 劃 • 投 資 決
pliance • Strategy Development an d B u s i n e s
s P l a
n i n
活
n
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 Country Chief
Executive Officers
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
企業服務
• Department Heads
部門主管
Individual Employee
•
個別員工
54
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Risk Governance Structure
The risk governance structure consists of three layers of roles and
responsibilities as explained below:
風險管治架構
風險管治架構包括下列三個層面之角色及職責：
Layer
Roles and Responsibilities
層面 職務及職責
Oversight
Audit Committee, acting on behalf of the Board
監察
代表董事會之審核委員會
• Oversee the Company’s risk management and
• 持續監察本公司之風險管理及內
internal control on an ongoing basis.
部監控。
• Oversee those risks that warrant the Committee’s
risk management
attention and supervise
process as part of good corporate governance.
• 監察委員會需要注意之該等風險
並監督風險管理程序，以配合優
良之企業管治。
Group Internal Audit
集團內部審計
• Conduct
independent
the
effectiveness of risk management and internal
control systems and provide risk assurance to the
Audit Committee.
review
on
• 對風險管理及內部監控系統之成
效進行獨立審閱，並向審核委員
會提供風險保證。
Risk
Monitoring
and Review
Group Executives and Country Chief Executive
Officers
• Design,
implement and monitor
the
risk
management and internal control system.
風險
監督及
審閱
集團高層管理人員及當地行政
總裁
• 設計、實施及監督風險管理及內
部監控系統。
• Provide assurance to the Audit Committee on the
effectiveness of risk management and internal
control systems.
• 向審核委員會提供有關風險管理
及內部監控系統成效之保證。
Group Risk Management, an independent team
under Group Internal Audit and Risk Management
集團風險管理，為集團內部審計
及風險管理轄下之獨立團隊
• Implement risk management framework
• 執行風險管理框架
• Report risks and controls to management and
the Audit Committee continuously based on the
risk reporting from Department Heads.
• 就部門主管所報告之風險持續向
管理層及審核委員會匯報有關風
險及監控。
• Track progress of mitigation plans and control
• 跟進風險緩和計劃及監控活動之
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).
Risk and
Control
Ownership
Department Heads and Individual Employee
• Responsible for identifying and assessing risks in
their respective areas of responsibility.
風險
及監控
權責
進度。
企業事務
• 就有關良好企業管治常規事宜以
及會對本公司造成重大影響之法
例變動，向本公司董事會及管理
層提供意見。
部門主管及個別員工
• 負責識別及評估各自職責範圍內
之風險。
• Carry out
risk management activities and
• 於日常營運進行風險管理活動及
reporting in their day-to-day operations.
滙報。
Annual Report 2016/2017 年度報告 55
Corporate Governance Report
企業管治報告
Risk Management Process
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 the
following key processes:
風險管理程序
我們之風險管理程序已納入日常營運範圍、財務
活動、合規、策略發展與業務規劃、投資決定及
外界因素，主要程序如下 ︰
1.
2.
Identify Risk: The process 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 assessment and follow up appropriately.
1. 風險識別︰為便於進行評估及適當跟進，
我們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），識別
不同業務流程及與本公司目標相關之潛在
風險。
Evaluate Risk: Each risk is analysed and ranked by management
on the basis of impact and likelihood consistent with the risk
appetite set by the Board. The risk impact and likelihood will
be evaluated according to the historical records, statistical
analyses, relevant experiences and expertise judgments by
the management. Group Risk Management consolidates the
inputs and calculate the risk rating of each identified risk as to
identify a list of Top Risks.
2. 風險評估︰管理團隊按照董事會設定之風
險承受能力，對每項風險的影響及可能性
進行分析及排序。風險之影響及可能性將
根據歷史記錄、統計分析、相關經驗及管
理層之專業判斷進行評估。集團風險管理
綜合數據並計算各個已識別風險之風險評
分，以識別一系列之主要風險。
3. Mitigate and Control: Risk owners are required to develop
timelines and designated
control measures
responsible person for addressing the risks and implementing
it on an ongoing basis. The Company compiles a risk register,
updates and monitors it on an ongoing basis by taking into
account emerging risks or changes to the identified risks.
including
3. 緩和及監控︰風險負責人須制定監控措施
（包括制定時間表及指定負責人），以處理
風險並持續實施有關措施。本公司編製風
險登記冊，因應新出現之風險或已識別風
險之變動，持續更新及監督。
Group Risk Management conducts regular tracking and
updates on risk status and mitigation plans by meeting risk
owners at least quarterly on Top Risks. All identified risks with
lower risk rating will be reviewed at least once per year. Key Risk
Indicators are also introduced to facilitate risk owners on early
identification of potential risk event that may be necessary to
adjust the control activities.
集團風險管理與風險負責人至少每季會面
一次，定期追蹤主要風險、更新風險狀況
及緩和計劃。集團風險管理將至少每年進
行一次檢討，檢討所有已識別且屬較低風
險評級之風險。同時引入關鍵風險指標，
協助風險負責人及早識別潛在風險變化，
調整監控措施。
4.
Escalate and Report: A risk reporting matrix was defined with
the management under the risk management framework,
Group Risk Management issues timely risk alert to the Audit
Committee, Group Executives and Local Management team
subject to its risk rating.
4. 上報︰集團風險管理與管理層根據風險管
理框架釐定風險報告之模式，並按照風險
評級適時向審核委員會、集團高層管理人
員及當地管理團隊發出風險警告。
A quarterly risk management report is provided to the Group
Executives summarising the activities of Top Risks while a
concise version is provided to the individual Department Heads
to develop risk reduction plan and follow up actions to be done.
Subsequent to Group Executives’ review and comment on the
risk management report, a quarterly group risk management
report will be issued to the Audit Committee to oversee the
highlights of top risks, action plans, key changes in risk register
and the current risk management implementation progress.
集團風險管理向集團高層管理人員提供概述
主要風險活動之季度風險管理報告，並向個
別部門主管提供簡要報告，制定風險改善計
劃，採取跟進行動。於集團高層管理人員審
閱及評議風險管理報告後，集團風險管理將
向審核委員會發佈季度集團風險管理報告，
監察主要風險的重要變化、行動計劃、風險
登記冊之重要變動及目前推行風險管理之進
展情況。
56
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Risk management framework has been rolled-out at the corporate
level and company-level in Hong Kong during the fiscal year of
2016/2017. Moving forward, Group Risk Management will assist
other subsidiaries in roll-out of this risk management framework and
continue to enhance risk management in the fiscal year of 2017/2018.
風險管理框架已於二零一六╱二零一七財政年度
於香港企業及公司層面實施。展望未來，集團風
險管理將協助其他附屬公司實施風險管理框架，
並於二零一七╱二零一八財政年度繼續加強風險
管理。
Risk Management Training
Group Risk Management held various training workshops during the
fiscal year of 2016/2017, cultivating risk awareness and execution
of risk management in daily operation. Around 300 participants
engaged
including Group Executives,
Department Heads and general staff. Furthermore, risk management
articles are published via bi-monthly VITASOY News which available
to all staff, aiming to strengthen staff’s risk management foundation
concept.
these workshops
in
Review of Risk Management and Internal
Controls Effectiveness
Group Internal Audit has conducted annual review of the effectiveness
of the Company’s risk management and internal control system,
including those of its operating companies. The Audit Committee
has reviewed the findings and impartial opinion of Group Internal
Audit on the effectiveness of the Company’s risk management and
internal control systems.
The Board, with confirmation from management, considered the risk
management and internal control systems are effective and adequate
for the year ended 31st March 2017. 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.
風險管理培訓
為培養風險意識並於日常營運中執行風險管理，
集團風險管理已於二零一六╱二零一七財政年度
舉行多個培訓工作坊。包括集團高層管理人員、
部門主管及一般員工在內約 300 名員工曾參加工
作坊。此外，為加強員工對風險管理的基礎認
識，所有員工均可透過刊登於「維他快訊」雙月
刊的文章，認識關於風險管理的資訊。
檢討風險管理及內部監控
之成效
集團內部審計已就本公司（包括其營運公司）風
險管理及內部監控系統之成效進行年度檢討。審
核委員會已審閱集團內部審計對本公司風險管理
及內部監控系統成效之調查結果及所提供之公允
意見。
經管理層確認，董事會認為，截至二零一七年三
月三十一日止年度之風險管理及內部監控系統屬
有效及充分，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。是次檢討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。
Annual Report 2016/2017 年度報告 57
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企業管治報告
Inside Information
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
which has further been updated on 2nd September 2016. 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.
External Auditors
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 (2015/2016: HK$5.1 million) was charged for the
fiscal year of 2016/2017 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$5.6 million (2015/2016: HK$0.95 million). The non-audit services
mainly comprised preliminary assessment of digitisation project and
tax advisory services.
內幕消息
有關處理及發放內幕消息之程序和內部監控方
面，本公司知悉，根據上市規則及《證券及期貨
條例》之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》中
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之系統。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，並於
二零一六年九月二日作進一步更新。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
守股份交易限制之指引。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。
外聘核數師
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
附屬公司所提供之二零一六╱二零一七財政年度
法定審核服務之費用為港幣 5,100,000 元（二零
一五╱二零一六年：港幣 5,100,000 元）。畢馬威
會計師事務所於年內為本公司及其附屬公司所提
供之其他非審核服務費用為港幣 5,600,000 元（二
零一五╱二零一六年：港幣 950,000 元）。非審核
服務主要包括數字化項目之初步評估及稅務顧問
服務。
The responsibilities of the External Auditors with respect to the
2016/2017 financial statements are set out in the section of
”Independent Auditor’s Report” on pages 83 to 90.
外聘核數師就二零一六╱二零一七年度財務報表
所須承擔之責任載列於第 83 至 90 頁之「獨立核數
師報告」一節。
58
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Shareholders’ Rights
Procedures for Shareholders to convene General
Meeting
Pursuant to section 566 of the Hong Kong Companies Ordinance
(Chapter 622 of the Laws of Hong Kong) (the “Companies
Ordinance”), shareholders representing at least 5% of the total
voting rights of all the shareholders having a right to vote at general
meetings are entitled to send a request to the Company to convene
a general meeting. Such request must state the general nature of
the business to be dealt with at the meeting and may include the
text of a resolution that may properly be moved and is intended to
be moved at the meeting. A request may be sent to the Company
Secretary at the Company’s registered office in hard copy form or in
electronic form to ir@vitasoy.com and must also be authenticated by
the person or persons making it.
Procedures for Shareholders to request
circulation of statement at General Meeting
Pursuant to section 580 of the Companies Ordinance, shareholders
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.
Procedures for proposing a Person for Election as
a Director at General Meeting
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.
股東權利
股東召開股東大會之程序
根據香港《公司條例》（香港法例第 622 章）（「公司
條例」）第 566 條，佔擁有權利於股東大會上投票
之全體股東總表決權最少 5% 之股東有權向本公
司發送請求書，召開股東大會。該請求書必須列
明將於大會上處理之事務之一般性質，及應包括
將於大會上正式動議及擬動議之決議案文本。請
求書之列印本可發送至本公司之註冊辦事處予公
司秘書或以電子形式電郵至 ir@vitasoy.com，並
須由發出請求書之人士或人等核實。
股東於股東大會上要求傳閱陳述書之
程序
根據公司條例第 580 條，佔全體股東總表決權最
少 2.5% 之股東或最少 50 名擁有相關表決權之股
東可以書面形式要求本公司向股東傳閱一份不多
於 1,000 字之陳述書，內容有關將於該大會上提
呈處理之決議案所述之事宜或其他將於該大會上
處理之事務。請求書之列印本可發送至本公司
之註冊辦事處予公司秘書或以電子形式電郵至
ir@vitasoy.com，並須識別須傳閱之陳述書。該陳
述書必須由發出之人士或人等核實，並須於召開
該大會最少七日前送交本公司。
於股東大會上提名一位人士參選董事
之程序
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
不時釐定及公佈之其他期間）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
份書面之提名通知。股東提名董事候選人之程序
亦已刊登在本公司之網站。
Annual Report 2016/2017 年度報告 59
Corporate Governance Report
企業管治報告
Constitutional Document
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.
章程性質文件
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。
Communications with Shareholders and
Investors
We believe accountability and transparency are indispensable for
ensuring good corporate governance and, in this regard, timely
communication with our shareholders is crucial.
The Board has adopted a formal Shareholders Communication
Policy to ensure that shareholders are provided with ready, equal
and timely access to the Company’s information. The Shareholders
Communication Policy is posted on the Company’s website.
We maintain a corporate website (www.vitasoy.com) to keep our
shareholders and the investing public posted of our share price
information, latest business developments, final and interim results
announcements, financial reports, public announcements, corporate
governance policies and practices and other relevant shareholder
information.
The Company’s Annual General Meeting is one of the important
platforms to communicate with
its shareholders. During the
2016 Annual General Meeting, the Chairman of the Board briefed
shareholders the business review and the outlook of the Group and
answered questions raised by shareholders. The chairman of the
Remuneration and Nomination Committee and the chairman of the
Audit Committee were also present to answer questions raised by
shareholders. The Company’s External Auditors attended the 2016
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.
與股東及投資者之溝通
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。
董事會已採納一份正式之股東通訊政策，以確保
股東能隨時、公平及適時地獲得本公司之資訊。
股東通訊政策已刊登在本公司之網站。
我們設有公司網站 (www.vitasoy.com)，向股東及
公眾投資者匯報本集團股價資料、最新業務發展
概況、年度及中期業績公佈、財務報告、公告、
企業管治政策及常規以及其他相關股東資訊。
本公司之股東週年大會為其與股東溝通之重要平
台之一。於二零一六年股東週年大會上，董事會
主席向股東簡報本集團之業務回顧及前景並回答
股東之提問。薪酬及提名委員會主席以及審核委
員會主席亦在場回應股東之提問。本公司之外聘
核數師出席二零一六年股東週年大會，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。
60
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
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.
我們有系統地處理與投資者之關係，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觀點。
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
設立專門之電郵郵箱 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，務求我們之投資者及時獲
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，而不得優待任何個別投資者或財務分析
員。我們亦會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類專題之行業研
討會或培訓課程，以獲取有關投資者關係之市場
最新動向。
Annual Report 2016/2017 年度報告 61
Directors and Senior
Management
董事及高層管理人員
Board of Directors
Executive Chairman
Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged
76, 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.
Independent Non-executive Directors
Dr. the Hon. Sir David Kwok-po LI (GBM, GBS, OBE,
JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab),
Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA
(Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, USA),
Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon.
DLitt (Macquarie), Hon. DSocSc (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
Légion d’Honneur), aged 78, 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 a member of the Council of the Treasury Markets Association. Sir
David is a director of Hong Kong Interbank Clearing Limited. He is also an
independent non-executive 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. Sir David is
founding chairman of The Friends of Cambridge University in Hong Kong
Limited, chairman of the Advisory Board of The Salvation Army, Hong
Kong and Macau Command and chairman of the Executive Committee
of St. James’ Settlement. He was a member of the Legislative Council
of Hong Kong from 1985 to 2012. He was a director of CaixaBank, S.A.
(listed in Spain) and an independent non-executive director of SCMP
Group Limited (now known as Great Wall Pan Asia Holdings Limited).
Save as disclosed, he has not held any directorship in other listed public
companies in the last three years.
董事會
執行主席
羅友禮先生 (SBS, BSc, MSc)，七十六歲，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。
獨立非執行董事
李國寶爵士(GBM, GBS, OBE, JP, MA Cantab.
(Economics & Law), Hon. LLD (Cantab), Hon.
DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA
(Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, USA),
Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan),
Hon. DLitt (Macquarie), Hon. DSocSc (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 Légion
d'Honneur），七十八歲，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。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
上市公司之獨立非執行董事，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。李爵士為劍橋之友香港有限公司之創
立主席、救世軍港澳軍區顧問委員會主席及聖雅
各福群會執行委員會主席。李爵士曾在一九八五
年至二零一二年期間出任香港立法會議員。李爵
士曾出任 CaixaBank, S.A.（於西班牙上市）之董事
及南華早報集團有限公司（現稱長城環亞控股有
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市公眾公司擔任任何董
事職務。
62
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Directors and Senior Management
董事及高層管理人員
Mr. Jan P. S. ERLUND, aged 78, 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. Anthony John Liddell NIGHTINGALE (CMG,
SBS, JP), aged 69, was appointed a Director of
the Company in 2015. Mr. Nightingale graduated
from Peterhouse College, University of Cambridge
with a degree 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 council member of the Employers’ Federation of Hong Kong, a non-
official member of the Commission on Strategic Development in Hong
Kong, the chairman of The Sailors Home and Missions to Seamen in Hong
Kong and the chairman of the Friends of Uppingham School Limited. 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.
Jan P. S. ERLUND 先生，七十八歲，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。
黎定基先生（CMG, SBS, JP），六十九歲，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、香港海員俱樂
部主席以及 Friends of Uppingham School Limited
之主席。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。
Annual Report 2016/2017 年度報告 63
Directors and Senior Management
董事及高層管理人員
Mr. Paul Jeremy BROUGH, aged 60, was appointed
a Director of the Company in September 2016.
Mr. Brough graduated from Nottingham Trent
Business School with a Bachelor’s degree
(Honours) in Business Studies. Mr. Brough is the
executive chairman of Noble Group Limited,
an independent non-executive director of GL
Limited (both companies listed on the Singapore
Stock Exchange), an independent non-executive director of Habib Bank
Zurich (Hong Kong) Limited, a Hong Kong restricted licence bank and an
independent non-executive director of The Executive Centre Limited. Mr.
Brough was an executive director of Greenheart Group Limited (listed on
the Hong Kong Stock Exchange) until 4th June 2015 and an executive
director and chief restructuring officer of China Fisheries Group Limited
(listed on the Singapore Stock Exchange) until 30th June 2016. Mr.
Brough joined KPMG Hong Kong in 1983 and held appointments as its
Head of Consulting in 1995 and as Head of Financial Advisory Services
in 1997. In 1999, he was appointed the Asia Pacific Head of KPMG’s
Financial Advisory Services business and a member of its global advisory
steering group. He held the position of Regional Senior Partner of KPMG
Hong Kong from April 2009 before retiring in March 2012. Mr. Brough is
a member of the General Committee of The Hong Kong Club, a director
of the Hong Kong Club Foundation Limited, and a director of Sailability
Hong Kong Limited. Mr. Brough is also a director of Blue Willow Limited,
a private limited company. Mr. Brough is an associate of the Institute of
Chartered Accountants in England and Wales, an associate of the Hong
Kong Institute of Certified Public Accountants and an associate of the
Hong Kong Securities and Investment Institute. Save as disclosed, he
has not held any directorship in other listed public companies in the last
three years.
Non-executive Directors
Ms. Myrna Mo-ching LO, aged 78, was appointed
a Director of the Company in 1992. Ms. Lo
graduated from Oberlin College in the United
States with a Bachelor of Arts degree in Music.
Ms. Lo is a member of the Docent Committee and
Bishop White Committee of the Royal Ontario
Museum in Toronto, Canada. She does not hold/
has not held any directorship in other listed public
companies currently and in the last three years. She is the sister of Mr.
Winston Yau-lai LO and Ms. Yvonne Mo-ling LO.
Ms. Yvonne Mo-ling LO, aged 69, 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 last three years. She is the sister of Ms. Myrna Mo-ching LO and
Mr. Winston Yau-lai LO.
64
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Paul Jeremy BROUGH 先生，六十歲，於二零一六
年九月獲委任為本公司董事。Brough 先生畢業於
諾丁漢特倫特大學商學院，獲頒商業學榮譽學士
學位。Brough 先生現為來寶集團有限公司之執行
主席、GL Limited 之獨立非執行董事（該兩家公司
均於新加坡證券交易所上市）、香港一家受限制
持牌銀行恒比銀行蘇黎世（香港）有限公司之獨
立非執行董事以及德事商務中心有限公司之獨立
非執行董事。Brough 先生曾為於香港聯交所上市
之綠森集團有限公司之執行董事至二零一五年六
月四日止，亦曾為於新加坡證券交易所上市之中
漁集團有限公司之執行董事及首席重組官至二零
一六年六月三十日止。Brough 先生於一九八三年
加入畢馬威會計師事務所香港分部，於一九九五
年出任業務諮詢主管，並於一九九七年出任財務
諮詢服務主管。彼於一九九九年出任畢馬威會計
師事務所亞太區之財務諮詢服務主管，以及畢馬
威會計師事務所全球諮詢督導委員會成員。彼自
二零零九年四月起出任畢馬威會計師事務所香港
區高級合夥人，至二零一二年三月退休。Brough
先 生 為 香 港 會 理 事 會 成 員、Hong Kong Club
Foundation Limited 之董事及 Sailability Hong Kong
Limited 之董事。Brough 先生亦為私人有限公司
Blue Willow Limited 之 董 事。Brough 先 生 為 英 格
蘭及威爾斯特許會計師公會會員、香港會計師公
會會員以及香港證券及投資學會會員。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。
非執行董事
羅慕貞女士，七十八歲，於一九九二年獲委任為
本公司董事。羅女士畢業於美國歐柏林大學，獲
音樂專業文學學士學位。羅女士為加拿大多倫多
市皇家安大略省博物館之導賞員委員會及 Bishop
White 委員會成員。彼於現時或過往三年並無於
其他上市公眾公司擔任任何董事職務。彼為羅友
禮先生及羅慕玲女士之胞姊。
羅慕玲女士，六十九歲，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。
Directors and Senior Management
董事及高層管理人員
Executive Director
Mr. Roberto GUIDETTI, aged 54, 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
strategic/business planning, marketing/commercial
management,
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 18 years in this field
in Greater China. Mr. Guidetti is a director of Ariston Thermo Group, a
private limited company incorporated in Italy. He does not hold/has not
held any directorship in other listed public companies currently and in
the last three years.
執行董事
陸博濤先生，五十四歲，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。彼曾於大中華區內的有關行業任職十八年。
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。
Senior Management
高層管理人員
Group Senior Directors
Mr. Chris Kin-shing LAU, aged 54, 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.
集團高級總監
劉健成先生，五十四歲，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。
Annual Report 2016/2017 年度報告 65
Directors and Senior Management
董事及高層管理人員
Ms. Rosemary Pik-ling LI, aged 60, 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.
李 碧 齡 女 士， 六 十 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。
Mr. Frank Changbo SI, aged 47, 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.
司長波先生，四十七歲，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。
Dr. Joanna Shwu-Pyng Tzeng CHEN, aged 58, 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.
陳 曾 淑 苹 博 士， 五 十 八 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。彼曾接受先進的食品科學教育
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
業知識包括食品成分、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。
Hong Kong Operation (Hong Kong, Macau and Exports)
Ms. Dorcas Shing-suet LAU, aged 47, Chief Executive Officer, Hong
Kong Operation. Ms. Lau is responsible for the general management
and development of the Group’s operations in Hong Kong, Macau and
various export markets. She joined the Group in March 2017 and has
24 years of proven track record in Customer Development, Marketing,
General Management, and most recently in Digital and eCommerce in
one of the largest global fast moving consumer goods company across
Hong Kong, Taiwan, Mainland China and North Asia markets. In 2012, she
was awarded Women To Watch by Advertising Age’s in Mainland China.
香港業務（香港、澳門及出口）
劉盛雪女士，四十七歲，香港業務行政總裁。劉
女士負責管理及發展本集團之香港、澳門及多個
出口市場之業務。彼於二零一七年三月加入本集
團，擁有二十四年豐富工作經驗，工作領域涵蓋
客戶開發、市場推廣、日常管理。近年並於一家
業務橫跨香港、台灣、中國內地及北亞等市場之
全球最大高流轉消費品公司，負責數字營銷及電
子商貿方面的工作。在二零一二年，彼獲《廣告
時代》於中國內地評選為「最值得矚目女性」。
66
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Directors and Senior Management
董事及高層管理人員
Mainland China
Mr. Jack Jie YUAN, aged 47, 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 subsidiaries in Shenzhen and Foshan. He has extensive
experience in the beverage industry and had previously worked with a
number of multinational companies in Mainland China.
中國內地
袁杰先生，四十七歲，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附屬公司之總
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
Mr. Christopher John GILLARD, aged 45, 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.
澳洲及新西蘭
Christopher John GILLARD先生，四十五歲，
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。
Singapore
Mr. Christopher Lloyd MARCHANT, aged 38, General Manager of
Unicurd Food Co. (Private) Ltd., the Group’s tofu manufacturing company
in Singapore. Mr. Marchant is responsible for the general management
and development of the Group’s operation in Singapore. He joined the
Singapore operation in September 2016 after spending 4 years heading
up the Vitasoy Australia and New Zealand Sales team. Mr. Marchant has
extensive experience across the fast moving consumer goods (FMCG)
industry in Asia Pacific, and is very familiar with the Singapore market
having spent 14 years in the city state, where he both started his career
and completed his secondary education.
新加坡
Christopher Lloyd MARCHANT 先生，三十八
歲，為本集團於新加坡之豆腐生產公司，統一
食品（私人）有限公司之總經理。Marchant 先生
負責管理及發展本集團在新加坡之業務。彼曾
領導維他奶澳洲及新西蘭銷售團隊達四年時間，
其後於二零一六年九月加入新加坡營運單位。
Marchant 先生於亞太高流轉消費品行業擁有豐富
經驗，對新加坡市場極為熟悉，因其於該城市國
家居住達十四年，並在此展開職業生涯及完成中
學教育。
Annual Report 2016/2017 年度報告 67
Report of the
Directors
董事會報告
The Directors have pleasure in submitting their annual report
together with the audited financial statements for the year ended
31st March 2017.
董事會欣然提呈截至二零一七年三月三十一日止
年度之年報及經審核財務報表。
Principal Place of Business
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.
主要營業地點
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
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 24 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
2016/2017” to be sent out together with this Annual Report. These
discussions form part of this Report of the Directors.
主要業務
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 24 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「二零
一六╱二零一七年可持續發展報告」，該報告將
連同本年報一同寄出。該等討論乃本董事會報告
之一部分。
Major Customers and Suppliers
For the year ended 31st March 2017, the percentage of sales
attributable to the Group’s five largest customers was less than 30%.
主要客戶及供應商
於截至二零一七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%。
The information in respect of the Group’s purchases attributable to
the major suppliers respectively during the financial year is as follows:
以下所載為本財政年度主要供應商分別佔本集團
採購額之資料：
The largest supplier
最大供應商
Five largest suppliers in aggregate
首五大供應商合計
Percentages of the Group’s total Purchases
佔本集團採購總額百分比
25%
41%
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.
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。
68
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Recommended Final and Special
Dividends
An interim dividend of HK3.8 cents per ordinary share (2016: HK3.8
cents per ordinary share) was paid on 29th December 2016. The
Directors now recommend the payment of a final dividend of HK27.1
cents per ordinary share (2016: HK26.5 cents per ordinary share) and
a special dividend of HK4.2 cents per ordinary share (2016: Nil) in
respect of the year ended 31st March 2017.
Charitable Donations
Charitable donations made by the Group during the year amounted
to HK$180,000 (2016: HK$50,000).
Bank Loans
Particulars of bank loans of the Group, as at 31st March 2017 are set
out in note 21 to the financial statements.
Share Capital
Details of the movements in share capital of the Company during the
year are set out in note 26(c) to the financial statements. Shares were
issued during the year on exercise of share options.
There were no purchases, sales or redemptions of the Company’s
listed securities by the Company or any of its subsidiaries during the
year.
Directors
The Directors during the financial year and up to the date of this
Annual Report are set out on page 2.
建議末期及特別股息
本公司已於二零一六年十二月二十九日派發中期
股息每股普通股 3.8 港仙（二零一六年：每股普通
股 3.8 港仙）。董事現建議派發截至二零一七年三
月三十一日止年度之末期股息每股普通股 27.1 港
仙（二零一六年：每股普通股 26.5 港仙）及特別
股息每股普通股 4.2 港仙（二零一六年：無）。
慈善捐款
本集團於年內之慈善捐款共達港幣 180,000 元（二
零一六年：港幣 50,000 元）。
銀行貸款
本集團於二零一七年三月三十一日之銀行貸款詳
情載於財務報表附註 21。
股本
本公司於年內之股本變動詳情載於財務報表附註
26(c)。本公司因購股權獲行使而於年內發行股
份。
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。
董事
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. Valiant Kin-piu CHEUNG retired as an Independent Non-executive
Director with effect from the conclusion of the 2016 Annual General
Meeting held on 2nd September 2016.
張建標先生已於二零一六年九月二日舉行之二零
一六年股東週年大會結束時起退任獨立非執行董
事。
Mr. Paul Jeremy BROUGH was appointed as an Independent Non-
executive Director and the chairman of the Audit Committee and
the member of the Remuneration and Nomination Committee of the
Company with effect from 3rd September 2016. In accordance with
Article 110 of the Company’s Articles of Association, Mr. Paul Jeremy
BROUGH retires from the board and offers himself for re-election at
the forthcoming Annual General Meeting.
In accordance with Article 104 of the Company’s Articles of
Association, Ms. Yvonne Mo-ling LO and Mr. Roberto GUIDETTI
retire from the board by rotation at the forthcoming Annual General
Meeting and, being eligible, offer themselves for re-election.
None of the Directors proposed for re-election at the forthcoming
Annual General Meeting has a service contract with the Company
or any of its subsidiaries which is not determinable by the Company
or any of its subsidiaries within one year without payment of
compensation, other than normal statutory obligations.
Non-executive Directors are appointed under the same terms for
rotational retirement as other Directors, pursuant to the Articles of
Association of the Company.
Paul Jeremy BROUGH 先生獲委任為本公司獨立非
執行董事兼審核委員會主席和薪酬及提名委員會
成員，自二零一六年九月三日起生效。根據本公
司之章程細則第 110 條，Paul Jeremy BROUGH 先
生將於應屆股東週年大會上退任董事會職務並願
膺選連任。
根據本公司之章程細則第 104 條，羅慕玲女士及
陸博濤先生將於應屆股東週年大會上輪值退任董
事會職務，且符合資格並願膺選連任。
擬於應屆股東週年大會上膺選連任之董事並無與
本公司或其任何附屬公司簽訂本公司或其任何附
屬公司不得於一年內終止而不作出賠償（一般法
定賠償除外）之服務合約。
根據本公司之章程細則，非執行董事乃按與其他
董事相同之輪值告退條款獲委任。
Annual Report 2016/2017 年度報告 69
Report of the Directors
董事會報告
Directors of Subsidiaries
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”.
附屬公司之董事
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
The Directors of the Company who held office at 31st March 2017 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:
董事於股份、相關股份及債權
證之權益及淡倉
按《證券及期貨條例》第 352 條規定備存之董事
權益及淡倉登記冊記錄所載，於二零一七年三月
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
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
所持股份總數
* % of total
issued shares
* 佔已發行
股份總數
之百分比
61,583,800
28,702,500
72,678,300
162,964,600
15.50%
6,000,000
150,000
–
–
1,100,000
–
–
–
–
–
–
–
6,000,000
0.57%
150,000
0.01%
100,653,000
100,653,000
9.57%
93,344,750
93,344,750
8.88%
–
1,100,000
0.10%
Note
附註
(i), (iv)
(ii), (iv)
(iii), (iv)
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
*
The percentage has been compiled based on the total number of
shares of the Company in issue (i.e. 1,051,691,500 ordinary shares) as
at 31st March 2017.
* 此 百 分 比 乃 根 據 本 公 司 於 二 零 一 七 年
三 月 三 十 一 日 已 發 行 之 股 份 總 數（ 即
1,051,691,500 股普通股）計算。
70
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Directors’ Interests and Short Positions
in Shares, Underlying Shares and
Debentures (Continued)
(1) Interests in issued shares (Continued)
Notes:
董事於股份、相關股份及債權
證之權益及淡倉（續）
(1) 於已發行股份之權益（續）
附註：
(i)
Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares
through interests of his wife.
(i) 羅友禮先生由於其妻室擁有 28,702,500 股股
份，故被視為擁有該等股份之權益。
(ii) 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.
(iii) Ms. Yvonne Mo-ling LO is interested in 3,338,300 shares held by
Yvonne Lo Charitable Remainder Unitrust, 7,890,150 shares held by
Yvonne Lo Separate Property Trust and 9,438,000 shares held by Lo/
Higashida Joint Trust. Ms. Yvonne Mo-ling LO is a beneficiary of such
three trusts and is therefore deemed to be interested in such shares.
(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) 羅 慕 玲 女 士 擁 有 由 Yvonne Lo Charitable
Remainder Unitrust 持有之 3,338,300 股股份、
由 Yvonne Lo Separate Property Trust 持 有 之
7,890,150 股股份及由 Lo/Higashida Joint Trust
持有之 9,438,000 股股份之權益。羅慕玲女
士為該三個信託基金之受益人，故被視為
擁有該等股份之權益。
(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.
(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
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.
(2) 於相關股份之權益
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.
除上文所披露者外，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另行知會本公司之權
益或淡倉。
Annual Report 2016/2017 年度報告 71
Report of the Directors
董事會報告
Equity-linked Agreements
Share option scheme
(1) Share option scheme approved on 4th September 2002
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:
股票掛鈎協議
購股權計劃
(1) 於二零零二年九月四日批准之購股
權計劃
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.
– 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。
The maximum number of shares which may be issued upon
exercise of all options to be granted must not exceed 10% of
the shares in issue on the date of approval and adoption of the
scheme.
– 就行使全部將授予之購股權而可予發行之
股份數目，最多不得超過批准及採納計劃
當日之已發行股份 10%。
The maximum aggregate number of shares over which options
could be granted to any one participant, when added to the
number of shares issued or issuable to that participant under
the share option scheme must not exceed 25% of the maximum
aggregate number of shares for the time being issued and
issuable under the share option scheme.
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.
– 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。
Unless approved by shareholders of the Company in a general
meeting, the total number of shares issued and which may fall
to be issued upon exercise of the options granted (including
exercised, cancelled and outstanding options) to any one
participant in any 12-month period up to the date of grant shall
not exceed 1% of the shares in issue as at the date of grant.
– 除獲本公司股東於股東大會上批准外，於
截至授出日期止之任何十二個月期間內，
就行使授予任何一名參與者之購股權（包括
已行使、已註銷及未行使之購股權）而已發
行及可能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%。
72
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Equity-linked Agreements (Continued)
Share option scheme (Continued)
(1) Share option scheme approved on 4th September 2002
(Continued)
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 2017, there were
6,180,000 outstanding options to be exercised under the 2002 Share
Option Scheme.
股票掛鈎協議（續）
購股權計劃（續）
(1) 於二零零二年九月四日批准之購股
權計劃（續）
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
零一七年三月三十一日，仍有 6,180,000 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 2012
(2) 於二零一二年八月二十八日批准之
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.
購股權計劃
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：
–
–
–
–
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.
– 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。
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.
– 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。
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.
– 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。
The maximum number of shares which may be issued upon
exercise of all options to be granted must not exceed 10% of
the shares in issue on the date of approval and adoption of the
scheme.
– 就行使全部將授予之購股權而可予發行之
股份數目，最多不得超過批准及採納計劃
當日之已發行股份 10%。
Annual Report 2016/2017 年度報告 73
–
–
–
Report of the Directors
董事會報告
Equity-linked Agreements (Continued)
Share option scheme (Continued)
(2) Share option scheme approved on 28th August 2012
(Continued)
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.
股票掛鈎協議（續）
購股權計劃（續）
(2) 於二零一二年八月二十八日批准之
購股權計劃（續）
– 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。
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.
– 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。
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.
– 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, 5,262,000 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 2017
was 78,238,950 shares, which represented 7.44% of the ordinary
shares of the Company in issue at 31st March 2017.
年內，根據二零一二年購股權計劃授出 5,262,000
份購股權。於二零一七年三月三十一日，根據
二零一二年購股權計劃可供發行之普通股總數
為 78,238,950 股， 佔 本 公 司 於 二 零 一 七 年 三 月
三十一日之已發行普通股 7.44%。
At 31st March 2017, 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 2017
was HK$15.44) 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 2017, 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(q)
(iv) to the financial statements, amounted to HK$21,394,000 and
HK$35,320,000 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 2017 are exercised, the Company will receive proceeds
of HK$287,705,000.
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.
於二零一七年三月三十一日，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（於二零一七年三月三十一日
之每股市值為港幣 15.44 元）之購股權中擁有下
列權益。於二零一七年三月三十一日，根據財務
報表附註 1(q)(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 21,394,000 元 及 港 幣 35,320,000
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。假設所有於二零一七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
287,705,000 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. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Equity-linked Agreements (Continued)
Share option scheme (Continued)
(2) Share option scheme approved on 28th August 2012
(Continued)
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:
股票掛鈎協議（續）
購股權計劃（續）
(2) 於二零一二年八月二十八日批准之
購股權計劃（續）
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：
Date of
grant
Period during
which options
are exercisable
Participants
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
8/9/2011
31/8/2012
9/9/2013
10/9/2014
14/9/2015
6/9/2016
@ 2/4/2013
28/6/2013
2/7/2014
26/6/2015
24/6/2016
5/6/2006
21/7/2009
9/6/2010
15/6/2011
22/6/2012
28/6/2013
2/7/2014
26/6/2015
24/6/2016
# 2/3/2017
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
6/9/2017 to 至5/9/2026
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
24/6/2017 to 至23/6/2026
5/6/2007 to 至4/6/2016
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
24/6/2017 to 至23/6/2026
2/3/2019 to 至1/3/2027
Number
of options
outstanding
at the
beginning
of the year
年初時
尚未行使之
購股權數目
Price per
share on
exercise
of options
行使購股權時
須付之
每股價格
HK$
港幣
Number
of options
granted
during
the year
Number
of options
exercised
during
the year
Number
of options
forfeited
during
the year
年內授出之
購股權數目
年內行使之
購股權數目
年內沒收之
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
6.358
6.400
9.370
10.080
13.600
14.792
9.090
9.370
10.080
13.600
14.792
2.900
4.580
6.022
6.424
6.274
9.370
10.080
13.600
14.792
15.440
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
–
–
27,740,000
–
–
–
–
–
1,420,000
–
–
–
–
1,278,000
–
–
–
–
–
–
–
–
2,238,000
326,000
5,262,000
–
–
–
–
–
–
(900,000)
–
–
–
–
(30,000)
(234,000)
(52,000)
(104,000)
(1,688,000)
(666,000)
(562,000)
(126,000)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(165,000)
(402,000)
(457,000)
(500,000)
(82,000)
–
1,740,000
2,822,000
1,704,000
1,792,000
1,588,000
1,420,000
1,000,000
1,438,000
1,576,000
1,414,000
1,278,000
–
–
352,000
888,000
378,000
1,584,000
1,494,000
2,084,000
2,156,000
326,000
(4,362,000)
(1,606,000)
27,034,000
5.470
6.700
9.950
9.890
11.520
15.280
8.750
9.180
9.890
13.620
13.960
2.850
4.510
5.870
6.180
6.130
9.180
9.890
13.620
13.960
15.460
–
–
–
–
–
–
15.200
–
–
–
–
14.860
16.033
14.700
14.700
14.578
14.662
14.559
14.550
–
–
Annual Report 2016/2017 年度報告 75
Report of the Directors
董事會報告
Equity-linked Agreements (Continued)
Share option scheme (Continued)
(2) Share option scheme approved on 28th August 2012
(Continued)
股票掛鈎協議（續）
購股權計劃（續）
(2) 於二零一二年八月二十八日批准之
購股權計劃（續）
The options granted to the Directors are registered under the names
of the Directors who are also the beneficial owners.
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。
options granted to an eligible employee was fully vested after two
years from the date of grant.
#
授予合資格僱員之購股權將自授出日期兩
年後獲全部歸屬。
All options except for options granted on 2nd April 2013 and 2nd
March 2017, 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
月二日及二零一七年三月二日授出之購股權外）
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
授出日期起計一週年或其後
On or after 2nd year anniversary of the date of grant
授出日期起計兩週年或其後
On or after 3rd year anniversary of the date of grant
授出日期起計三週年或其後
On or after 4th year anniversary of the date of grant
授出日期起計四週年或其後
Percentage of options granted
佔獲授購股權之百分比
25%
another 另 25%
another 另 25%
another 另 25%
Information on the accounting policy for share options granted and
the value per option is provided in note 1(q)(iv) and note 24 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(q)(iv) 及附註 24。
76
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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 2017 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
於二零一七年三月三十一日，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
Trusts and
similar
interests
信託及
同類權益
Total number
of shares held
所持股份總數
* % of total
issued shares
*佔已發行
股份總數
之百分比
個人權益
家族權益
公司權益
附註
(i)
–
–
126,274,000
–
126,274,000
12.01%
主要股東
Commonwealth Bank
of Australia
澳洲聯邦銀行
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
Wasatch Advisors, Inc.
Arisaig Asia Consumer
Fund Limited (“Arisaig”)
（「Arisaig」）
Arisaig Partners (Mauritius)
Limited (“Arisaig Mauritius”)
（「Arisaig Mauritius」）
Mr. Lindsay William Ernest
COOPER先生 (“Cooper”)
（「Cooper」）
(ii),(iii)
23,514,700
750,000
(iii)
(iii)
(iv)
(v)
(vi)
(vii)
18,508,950
7,548,000
–
60,600,000
–
–
–
–
–
–
–
–
9.22%
8.67%
7.63%
6.06%
5.76%
–
–
–
72,678,300
96,943,000
72,678,300
91,187,250
72,678,300
80,226,300
63,715,173
-
60,600,000
60,600,000
–
–
–
–
63,715,173
60,600,000
60,600,000
5.76%
60,600,000
5.76%
*
This percentage has been compiled based on the total number of
shares of the Company in issue (i.e. 1,051,691,500 ordinary shares) as
at 31st March 2017.
* 此 百 分 比 乃 根 據 本 公 司 於 二 零 一 七 年
三 月 三 十 一 日 已 發 行 之 股 份 總 數（ 即
1,051,691,500 股普通股）計算。
Annual Report 2016/2017 年度報告 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)
Notes:
主要股東及其他人士於股份及
相關股份之權益及淡倉（續）
附註：
(i)
These interests are held by Commonwealth Bank of Australia through
its wholly-owned subsidiaries.
(i) 該等權益乃由澳洲聯邦銀行透過其全資附
屬公司持有。
(ii) Ms. Irene CHAN is interested in 750,000 shares held for her daughter
Alexandra CHAN who was under the age of 18.
(ii) 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。
(iii)
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.
(iii) 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。
(iv)
These interests are held by Wasatch Advisors, Inc. in the capacity of
investment manager.
(iv) 該等權益乃由 Wasatch Advisors, Inc. 以投資
經理身份持有。
(v)
These interests are held by Arisaig in the capacity of beneficial owner.
(v) 該等權益乃由 Arisaig 以實益擁有人身份持
有。
(vi)
These interests are held by Arisaig Mauritius in the capacity of
investment manager of Arisaig. These interests are duplicated by the
interests disclosed in Note (v) above.
(vi) 該 等 權 益 乃 由 Arisaig Mauritius 以 Arisaig 之
投資經理身份持有。該等權益與上文附註
(v) 所披露者為同一份權益。
(vii) These interests represent Cooper’s interests through his indirect 33%
interest in Arisaig Mauritius. These interests are duplicated by the
interests disclosed in Notes (v) and (vi) above.
(vii) 該等權益指 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 (v) 及 (vi) 所披露者為同一份
權益。
All interests in the shares and underlying shares of the Company are
long positions.
於本公司股份及相關股份中之全部權益均為好
倉。
Apart from the foregoing, no other interests required to be recorded
in the register kept under section 336 of the SFO have been notified
to the Company.
除上文所披露者外，本公司並無獲知會有任何其
他權益須記錄在根據《證券及期貨條例》第 336 條
而備存之登記冊內。
78
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Sufficiency of Public Float
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.
充足公眾持股量
根據本公司所掌握之公開資料以及就本公司董事
所知，於本年報日期，本公司一直保持上市規則
規定之公眾持股量。
Directors’ Interests in 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.
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
The emoluments of the Senior Management by bands are as follows:
高層管理人員之酬金
按組別劃分之高層管理人員之酬金如下：
Below HK$2,000,000
港幣 2,000,000 元以下
HK$2,000,001 to HK$4,000,000
港幣 2,000,001 元至港幣 4,000,000 元
HK$4,000,001 to HK$6,000,000
港幣 4,000,001 元至港幣 6,000,000 元
HK$6,000,001 to HK$8,000,000
港幣 6,000,001 元至港幣 8,000,000 元
HK$8,000,001 to HK$10,000,000
港幣 8,000,001 元至港幣 10,000,000 元
Number of individuals
人數
3
3
2
1
1
Employees and Human Resources Policy
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 2016/2017” to be
sent out together with this Annual Report.
僱員及人力資源政策
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「二零一六╱二零一七
年可持續發展報告」，該報告將連同本年報一同
寄出。
Indemnity of Directors
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.
董事之彌償保證
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。
Annual Report 2016/2017 年度報告 79
Report of the Directors
董事會報告
Directors’ and officers’ liability insurance
Directors’ and officers’ liability insurance was maintained during the
year.
董事及行政人員之責任保險
本年度內，本公司已投買董事及行政人員責任保
險。
Related Party Transactions
Details of material related party transactions entered into by the
Company in the normal course of business during the year ended
31st March 2017 are set out in note 29 to the financial statements.
In respect of each related party transaction disclosed in note 29, 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.
關連人士交易
本公司於截至二零一七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 29。就附註 29 所披露之各項關連
人士交易而言，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 條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 Transaction
On 28th June 2013, the Company entered into the Distribution
Agreement with LD&D Australia Pty Limited (“LION”), an associate
of National Foods, which is a connected person of the Company
under the Listing Rules. LION 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.
關連交易
於 二 零 一 三 年 六 月 二 十 八 日， 本 公 司 與 LD&D
Australia Pty Limited（「LION」）（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。LION 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 LION 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 LION
amounted to HK$3,978,000 (2015/2016: HK$7,497,000).
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.
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 LION 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 LION 採購之貨品共值港
幣 3,978,000 元（二零一五╱二零一六年度：港幣
7,497,000 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。
80
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Connected Transaction (Continued)
On 2nd September 2016, the Company and LION mutually agreed and
entered into a termination agreement to terminate the Distribution
Agreement with effect from 31st December 2016.
The Directors, including the Independent Non-executive Directors,
considered that the transaction during the year ended 31st March
2017:
關連交易（續）
於二零一六年九月二日，本公司及 LION 雙方同意
訂立終止協議，自二零一六年十二月三十一日起
終止該分銷協議。
董事（包括獨立非執行董事）認為截至二零一七
年三月三十一日止年度之有關交易乃：
(i) was entered into in the ordinary and usual course of business
(i) 在本公司之一般及日常業務過程中訂立；
of the Company;
(ii) was conducted on normal commercial terms or better; and
(ii) 按照一般商業條款或更佳條款進行；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。
The Company’s auditors were 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 auditors have issued their unqualified conclusion
containing their 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 auditors’ 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
Particulars of employee retirement plans of the Group are set out in
note 23 to the financial statements.
僱員退休計劃
有關本集團僱員退休計劃之詳情載於財務報表附
註 23。
Five Year Summary
A summary of the results and of the assets and liabilities of the Group
for the last five financial years is set out on pages 205 and 206 of the
Annual Report.
五年財務摘要
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 205 及 206 頁。
Annual Report 2016/2017 年度報告 81
Report of the Directors
董事會報告
Auditors
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.
核數師
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 2017
香港，二零一七年六月二十三日
82
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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)
獨立核數師報告
致維他奶國際集團有限公司成員
(於香港註冊成立的有限公司)
Opinion
We have audited the consolidated financial statements of Vitasoy
International Holdings Limited (“the Company”) and its subsidiaries
(“the Group”) set out on pages 91 to 204, which comprise the
consolidated statement of financial position as at 31st March 2017, 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 notes to the consolidated
financial statements, including a summary of significant accounting
policies.
In our opinion, the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at
31st March 2017 and of its consolidated financial performance and
its consolidated cash flows for the year then ended in accordance
with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by
the Hong Kong Institute of Certified Public Accountants (“HKICPA”)
and have been properly prepared in compliance with the Hong Kong
Companies Ordinance.
意見
本核數師（以下簡稱「我們」）已審計列載於第 91
至 204 頁的維他奶國際集團有限公司（以下簡稱
「貴公司」）及其附屬公司（以下統稱「貴集團」）
的綜合財務報表，此財務報表包括於二零一七年
三月三十一日的綜合財務狀況表與截至該日止年
度的綜合損益表、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，以及綜合財
務報表附註，包括主要會計政策概要。
我們認為，該等綜合財務報表已根據香港會計師
公會頒布的《香港財務報告準則》真實而中肯地
反映了 貴集團於二零一七年三月三十一日的綜
合財務狀況及 貴集團截至該日止年度的綜合財
務表現及綜合現金流量，並已遵照香港《公司條
例》妥為擬備。
Basis for opinion
We conducted our audit in accordance with Hong Kong Standards on
Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under
those standards are further described in the Auditor’s responsibilities
for the audit of the consolidated financial statements section of our
report. We are independent of the Group in accordance with the
HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and
we have fulfilled our other ethical responsibilities in accordance with
the Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
意見的基礎
我們已根據香港會計師公會頒布的《香港審計準
則》進行審計。我們在該等準則下承擔的責任已
在本報告「核數師就審計綜合財務報表承擔的責
任」部分中作進一步闡述。根據香港會計師公
會頒布的《專業會計師道德守則》（以下簡稱「守
則」），我們獨立於 貴集團，並已履行守則中的
其他專業道德責任。我們相信，我們所獲得的審
計憑證能充足及適當地為我們的審計意見提供基
礎。
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the consolidated
financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
關鍵審計事項
關鍵審計事項是根據我們的專業判斷，認為對本
期綜合財務報表的審計最為重要的事項。這些事
項是在我們審計整體綜合財務報表及出具意見時
進行處理的。我們不會對這些事項提供單獨的意
見。
Annual Report 2016/2017 年度報告 83
Independent Auditor’s Report
獨立核數師報告
Key audit matters (Continued)
關鍵審計事項（續）
Revenue recognition from sales to distributors and retailers
確認來自分銷商和零售商銷售的收入
Refer to note 3 to the consolidated financial statements and the accounting policies on page 119.
請參閱綜合財務報表附註3及第119頁的會計政策。
The Key Audit Matter
關鍵審計事項
How the matter was addressed in our audit
我們的審計如何處理該事項
The Group’s revenue is principally generated from sales of
food and beverages to a large number of distributors and
retailers.
貴集團的收入主要源於向眾多分銷商和零售商銷售食品及
飲品。
Our audit procedures to assess the recognition of revenue
from sales to distributors and retailers included the
following:
我們就評估有關確認來自分銷商和零售商銷售的收入的審
計程序包括以下各項：
Revenue from sales to distributors and retailers
is
recognised when the risks and rewards of ownership
of the Group’s food and beverage products have been
transferred to the customers, which generally occurs when
the products are delivered to the location designated by
the customers.
來自分銷商和零售商銷售的收入在 貴集團的食品及飲品
的擁有權之相關風險和回報已轉讓給客戶時確認，這一般
在產品送達至客戶指定地點時發生。
There are a large number of individual sales transactions
each year and trade terms can vary from customer to
customer both of which increase the risk of errors arising
in the recognition of revenue.
貴集團每年發生大量的個別銷售交易，各個客戶的交易條
款均各不相同，這增加了收入確認出現錯誤的風險。
• assessing the design, implementation and operating
effectiveness of management’s key internal controls
over revenue recognition;
• 評估管理層有關收入確認的關鍵內部控制的設計、實施
及運行有效性；
• inspecting sales contracts with distributors and retailers,
on a sample basis, to understand the trade terms agreed
with individual customers and assessing the Group’s
revenue recognition policies with reference to the
requirements of the prevailing accounting standards;
• 按樣本基準檢查與分銷商和零售商簽訂的銷售合同，以
此了解與個別客戶約定的交易條款，並參考現行會計準
則的規定評估 貴集團的收入確認政策；
• comparing, on a sample basis, sales transactions
recorded during the financial reporting period with the
corresponding goods delivery notes, which contained
evidence of acknowledgement of the customers’ receipt
of the goods, and assessing if the related revenue was
properly recognised in accordance with the trade terms
set out in the respective sales contracts;
• 按樣本基準比較財務報告期間內記錄的銷售交易與相應
的發貨單，後者包含有關客戶確認收到貨物的證明，評
估相關收入是否已根據相應的銷售合同中所載的交易條
款確認；
84
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Independent Auditor’s Report
獨立核數師報告
Key audit matters (Continued)
關鍵審計事項（續）
The Key Audit Matter
關鍵審計事項
We identified the recognition of revenue from sales to
distributors and retailers as a key audit matter because the
revenue generated therefrom accounts for the majority
of the Group’s revenue and involves large number of
individual sales contracts and because revenue is one
of the key performance indicators of the Group which
increases the risk of misstatement of the timing and
amount of revenue recognised by management to achieve
specific performance targets or expectations.
我們把確認來自分銷商和零售商銷售的收入列為關鍵審計
事項，因為其產生的收入佔 貴集團收入的絕大部分且涉
及大量個別銷售合同，同時也因為收入是 貴集團的其中
一項關鍵績效指標，這增加了管理層為實現特定業績目標
或預期而錯誤確認收入時點和金額的風險。
How the matter was addressed in our audit
我們的審計如何處理該事項
• assessing, on a sample basis, whether specific
revenue transactions recorded around the end of the
financial reporting period had been recognised in the
appropriate financial period by inspecting the trade
terms agreed with the individual customers and the
delivery status of the relevant products;
• 按樣本基準透過檢查與個別客戶所協定之交易條款以及
相關產品的交付狀態，評估在財務報告期結束前後記錄
的特定收入交易是否已在適當的財務期間內確認；
• scrutinising the sales
ledger subsequent to the
financial reporting period and making enquiries of
management to identify significant credit notes issued
and sales returns and inspecting relevant underlying
documentation to assess if the related revenue had
been accounted for in the appropriate financial period
in accordance with the requirements of the prevailing
accounting standards; and
• 審查財務報告期後的銷售賬，並詢問管理層以識別已出
具之重大的貸記單和銷售退回，同時檢查相關支持文件
以評估相關收入是否已按照現行會計準則的規定於適當
的財務期間確認；及
• inspecting significant manual adjustments to revenue
during the reporting period, enquiring of management
about the reasons for such adjustments and comparing
details of the adjustments with relevant underlying
documentation.
• 檢查財務報告期內對收入所作的重大手動調整，向管理
層查詢有關調整的理由及比較詳情與相關的支持文件。
Annual Report 2016/2017 年度報告 85
Independent Auditor’s Report
獨立核數師報告
Key audit matters (Continued)
關鍵審計事項（續）
Accounting for the gain and related income tax expenses in respect of the disposal of certain assets
of Vitasoy USA Inc (“Vitasoy USA”)
就出售Vitasoy USA Inc ("Vitasoy USA")若干資產所得收益及相關所得稅開支的會計處理方法
Refer to note 19 to the consolidated financial statements and the accounting policies on page 121.
請參閱綜合財務報表附註19及第121頁的會計政策。
The Key Audit Matter
關鍵審計事項
On 24th March 2016, the Group entered into an agreement
(the “Agreement”) with Pulmuone Foods Co., Ltd (the
“Purchaser”), pursuant to which the Group conditionally
agreed to sell certain assets in the Group’s business
operations in the North America, operated by Vitasoy USA,
subject to certain closing conditions (“the Disposal”).
於二零一六年三月二十四日， 貴集團與 Pulmuone Foods
Co., Ltd （「買方」）訂立協議（「該協議」），據此， 貴集團
已有條件地同意出售 貴集團由 Vitasoy USA 營運之北美洲
業務之若干資產，但受限於若干交割條件（「出售事項」）。
How the matter was addressed in our audit
我們的審計如何處理該事項
Our procedures to assess the accounting for the gain and
related income tax expenses in respect of the Disposal
included the following:
我們就評估有關出售事項所得收益及相關所得稅開支的會
計處理方法的審計程序包括以下各項：
• agreeing the consideration recorded by Vitasoy USA to
the Agreement;
• 將 Vitasoy USA 記錄的代價與該協議進行核對；
• inspecting evidence of receipt of the consideration from
the Purchaser and obtaining a confirmation from the
escrow account agent in respect of the consideration
receivable of HK$38.8 million which was placed in an
escrow account;
• 檢查有關已收取買方代價的證明，並就存放於託管賬戶
的應收代價港幣 38,800,000 元向託管賬戶代理人取得確
認書；
• inspecting the Agreement to identify any terms of
accounting significance and assessing the accounting
treatment thereof;
• 檢查該協議以識別具會計重要性的任何條款，並評估相
關會計處理方法；
• comparing the net assets disposed of as recorded by the
Group to the terms and conditions of the Agreement;
• 將 貴集團記錄之已出售淨資產與該協議的條款和條件
進行對比；
• re-performing management’s calculation of the gain on
the Disposal;
• 重新計算管理層有關出售事項收益的計算；
86
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Independent Auditor’s Report
獨立核數師報告
Key audit matters (Continued)
關鍵審計事項（續）
How the matter was addressed in our audit
我們的審計如何處理該事項
• assessing the income tax expenses arising from the
Disposal by inspecting the underlying calculation and
underlying documentation;
• 通過檢查相關計算和支持文件，評估因出售事項產生的
所得稅開支；
• assessing the presentation and disclosures in the
consolidated financial statements in relation to the
Disposal with reference to the requirements of the
prevailing accounting standards.
• 參考現行會計準則的規定，評估綜合財務報表內有關出
售事項的呈列方式及披露。
The Key Audit Matter
關鍵審計事項
The Disposal was completed on 9th May 2016 upon
fulfilment of the closing conditions set out in the Agreement
at a consideration of HK$398.9 million, of which HK$360.1
million was received during the year ended 31st March 2017
and HK$38.8 million was held in an escrow account and
recorded as other receivables. A pre-tax gain of HK$189.6
million and related income tax expenses of HK$84.4 million
were recognised in the consolidated statement of profit or
loss for the year ended 31st March 2017.
在該協議載列的交割條件履行後，出售事項於二零一六年
五月九日完成，代價為港幣約 398,900,000 元，其中港幣
約 360,100,000 元已於截至二零一七年三月三十一日止年度
收取，而港幣約 38,800,000 元乃由托管賬戶持有及確認為
其他應收款。除稅前收益為港幣約 189,600,000 元及相關
所得稅開支港幣約 84,400,000 元已於截至二零一七年三月
三十一日止年度的綜合損益表內確認。
We identified accounting for the gain and related income
tax expenses in respect of the Disposal as a key audit
matter because of their significance to the consolidated
financial statements.
我們把出售事項所得收益及相關所得稅開支的會計處理方
法列為關鍵審計事項，因為其對綜合財務報表有重大影響。
Information other than the consolidated
financial statements and auditor’s report
thereon
The directors are responsible for the other information. The other
information comprises all the information included in the annual
report, other than the consolidated financial statements and our
auditor’s report thereon.
綜合財務報表及其核數師報告
以外的信息
董事需對其他信息負責。其他信息包括刊載於年
報內的全部信息，但不包括綜合財務報表及我們
的核數師報告。
Our opinion on the consolidated financial statements does not cover
the other information and we do not express any form of assurance
conclusion thereon.
我們對綜合財務報表的意見並不涵蓋其他信息，
我們亦不對該等其他信息發表任何形式的鑒證結
論。
In connection with our audit of the consolidated financial statements,
our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
結合我們對綜合財務報表的審計，我們的責任是
閱讀其他信息，在此過程中，考慮其他信息是否
與綜合財務報表或我們在審計過程中所了解的情
況存在重大抵觸或者似乎存在重大錯誤陳述的情
況。
If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
基於我們已執行的工作，如果我們認為其他信息
存在重大錯誤陳述，我們需要報告該事實。在這
方面，我們沒有任何報告。
Annual Report 2016/2017 年度報告 87
Independent Auditor’s Report
獨立核數師報告
Responsibilities of the directors for the
consolidated financial statements
The directors are responsible for the preparation of the consolidated
financial statements that give a true and fair view in accordance
with HKFRSs issued by the HKICPA and the Hong Kong Companies
Ordinance and for such internal control as the directors determine
is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due
to fraud or error.
董事就綜合財務報表須承擔的
責任
董事須負責根據香港會計師公會頒布的《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的重大錯誤
陳述所需的內部控制負責。
In preparing the consolidated financial statements, the directors are
responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
在擬備綜合財務報表時，董事負責評估 貴集團
持續經營的能力，並在適用情況下披露與持續經
營有關的事項，以及使用持續經營為會計基礎，
除非董事有意將 貴集團清盤或停止經營，或別
無其他實際的替代方案。
The directors are assisted by the Audit Committee in discharging
their responsibilities for overseeing the Group’s financial reporting
process.
審核委員會協助董事履行監督 貴集團的財務報
告過程的責任。
Auditor’s responsibilities for the audit of
the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. 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.
Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with HKSAs will
always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
核數師就審計綜合財務報表承
擔的責任
我們的目標，是對綜合財務報表整體是否不存在
由於欺詐或錯誤而導致的重大錯誤陳述取得合理
保證，並出具包括我們意見的核數師報告。我們
是按照香港《公司條例》第 405 條的規定，僅向整
體成員報告。除此以外，我們的報告不可用作其
他用途。我們概不就本報告的內容，對任何其他
人士負責或承擔法律責任。
合理保證是高水平的保證，但不能保證按照《香
港審計準則》進行的審計，在某一重大錯誤陳述
存在時總能發現。錯誤陳述可以由欺詐或錯誤引
起，如果合理預期它們單獨或匯總起來可能影響
綜合財務報表使用者依賴財務報表所作出的經濟
決定，則有關的錯誤陳述可被視作重大。
As part of an audit in accordance with HKSAs, we exercise professional
judgement and maintain professional scepticism throughout the
audit. We also:
在根據《香港審計準則》進行審計的過程中，我
們運用了專業判斷，保持了專業懷疑態度。我們
亦：
•
•
Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or
the override of internal control.
識別和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，設計及
執行審計程序以應對這些風險，以及獲取
充足和適當的審計憑證，作為我們意見的
基礎。由於欺詐可能涉及串謀、偽造、蓄
意遺漏、虛假陳述，或凌駕於內部控制之
上，因此未能發現因欺詐而導致的重大錯
誤陳述的風險高於未能發現因錯誤而導致
的重大錯誤陳述的風險。
88
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Independent Auditor’s Report
獨立核數師報告
Auditor’s responsibilities for the audit
of the consolidated financial statements
(Continued)
核數師就審計綜合財務報表承
擔的責任（續）
•
•
•
•
•
Obtain an understanding of internal control relevant to the
audit 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 Group’s internal control.
Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures
in the consolidated financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the
consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
•
•
•
•
•
了解與審計相關的內部控制，以設計適當
的審計程序，但目的並非對 貴集團內部
控制的有效性發表意見。
評價董事所採用會計政策的恰當性及作出
會計估計和相關披露的合理性。
對董事採用持續經營會計基礎的恰當性作
出結論。根據所獲取的審計憑證，確定是
否 存 在 與 事 項 或 情 況 有 關 的 重 大 不 確 定
性，從而可能導致對 貴集團的持續經營
能力產生重大疑慮。如果我們認為存在重
大不確定性，則有必要在核數師報告中提
請使用者注意綜合財務報中的相關披露。
假若有關的披露不足，則我們應當發表非
無保留意見。我們的結論是基於核數師報
告日止所取得的審計憑證。然而，未來事
項或情況可能導致 貴集團不能持續經營。
評價綜合財務報表的整體列報方式、結構
和內容，包括披露，以及綜合財務報表是
否中肯反映交易和事項。
就 貴集團內實體或業務活動的財務信息
獲取充足、適當的審計憑證，以便對綜合
財務報表發表意見。我們負責 貴集團審
計的方向、監督和執行。我們為審計意見
承擔全部責任。
We communicate with the Audit Committee regarding, among other
matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal
control that we identify during our audit.
除其他事項外，我們與審核委員會溝通了計劃的
審計範圍、時間安排、重大審計發現等，包括我
們在審計中識別出內部控制的任何重大缺陷。
We also provide the Audit Committee with a statement that we
have complied with relevant ethical requirements regarding
independence and communicate with them all relationships and
other matters that may reasonably be thought to bear on our
independence and, where applicable, related safeguards.
我們還向審核委員會提交聲明，說明我們已符合
有關獨立性的相關專業道德要求，並與他們溝通
有可能合理地被認為會影響我們獨立性的所有關
係和其他事項，以及在適用的情況下，相關的防
範措施。
Annual Report 2016/2017 年度報告 89
Independent Auditor’s Report
獨立核數師報告
Auditor’s responsibilities for the audit
of the consolidated financial statements
(Continued)
From the matters communicated with the Audit Committee, we
determine those matters that were of most significance in the audit
of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
communication.
核數師就審計綜合財務報表承
擔的責任（續）
從與審核委員會溝通的事項中，我們確定哪些事
項對本期綜合財務報表的審計最為重要，因而構
成關鍵審計事項。我們在核數師報告中描述這些
事項，除非法律法規不允許公開披露這些事項，
或在極端罕見的情況下，如果合理預期在我們報
告中溝通某事項造成的負面後果超過其產生的公
眾利益，我們決定不應在報告中溝通該事項。
The engagement partner on the audit resulting in this independent
auditor’s report is Lau Tai Cheong.
出具本獨立核數師報告的審計項目合夥人是劉大
昌。
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
23rd June 2017
畢馬威會計師事務所
執業會計師
香港中環
遮打道十號
太子大廈八樓
二零一七年六月二十三日
90
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Consolidated Statement
of Profit or Loss
綜合損益表
For the year ended 31st March 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
Revenue
收入
Cost of sales
銷售成本
Gross profit
毛利
Other income
其他收入
Net gain on disposal of assets and liabilities classified
as held for sale
出售分類為持作出售之資產及負債之淨收益
Marketing, selling and distribution expenses
推廣、銷售及分銷費用
Administrative expenses
行政費用
Other operating expenses
其他經營費用
Profit from operations
經營溢利
Finance costs
融資成本
Share of losses of joint venture
所佔合營公司虧損
Profit before taxation
除稅前溢利
Income tax
所得稅
Profit for the year
本年度溢利
Note 附註
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
3
5,406,090
5,551,898
(2,532,704)
(2,726,117)
2,873,386
2,825,781
34,638
32,050
189,595
–
(1,491,517)
(1,496,807)
(487,795)
(270,273)
(468,279)
(289,393)
848,034
603,352
(3,730)
(627)
(4,044)
–
843,677
599,308
(190,383)
(34,064)
653,294
565,244
4
19
5(a)
5
6(a)
Annual Report 2016/2017 年度報告 91
Consolidated Statement of Profit or Loss
綜合損益表
For the year ended 31st March 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
Attributable to:
下列人士應佔：
Equity shareholders of the Company
本公司股權持有人
Non-controlling interests
非控股權益
Profit for the year
本年度溢利
Earnings per share
每股盈利
Basic
基本
Diluted
攤薄
Note 附註
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
618,372
34,922
653,294
530,616
34,628
565,244
10
58.9 Cents 仙
50.9 Cents 仙
58.4 Cents 仙
50.4 Cents 仙
The notes on pages 101 to 204 form part of these financial statements.
第 101 至 204 頁之附註乃本財務報表之一部份。
Details of dividends payable to equity shareholders of the Company
attributable to the profit for the year are set out in note 26(b).
有關本年度溢利中應付予本公司股權持有人之股
息詳情載於附註 26(b)。
92
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
Profit for the year
本年度溢利
Other comprehensive income for the year (after tax)
本年度其他全面收益（除稅後）
Items that will not be reclassified to profit or loss:
其後不會被重新分類至損益之項目：
Remeasurement of employee retirement benefit liabilities
僱員退休福利負債之重新計量
Items that may be reclassified subsequently
to profit or loss:
其後可能被重新分類至損益之項目：
Exchange differences on translation
of financial statements of subsidiaries
outside Hong Kong
因換算香港以外地區附屬公司之財務報表
而產生之匯兌差額
Cash flow hedge: net movement in the hedging reserve
現金流量對沖：對沖儲備淨變動
Total comprehensive income for the year
本年度全面收益總額
Attributable to:
下列人士應佔：
Equity shareholders of the Company
本公司股權持有人
Non-controlling interests
非控股權益
Total comprehensive income for the year
本年度全面收益總額
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
653,294
565,244
Note 附註
9
8,579
(11,457)
(87,588)
(41,943)
(888)
(217)
573,397
511,627
543,723
29,674
573,397
480,523
31,104
511,627
The notes on pages 101 to 204 form part of these financial statements.
第 101 至 204 頁之附註乃本財務報表之一部份。
Annual Report 2016/2017 年度報告 93
Consolidated Statement
of Financial Position
綜合財務狀況表
At 31st March 2017 於二零一七年三月三十一日
(Expressed in Hong Kong dollars)（以港幣計算）
Non-current assets
非流動資產
Property, plant and equipment
物業、廠房及設備
– 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
Deposits for the acquisition of
property, plant and equipment
購買物業、廠房及設備之訂金
Intangible assets
無形資產
Goodwill
商譽
Interest in joint venture
合營公司之權益
Bank deposits
銀行存款
Deferred tax assets
遞延稅項資產
Current assets
流動資產
Inventories
存貨
Trade and other receivables
應收賬款及其他應收款
Current tax recoverable
應收現期稅項
Cash and bank deposits
現金及銀行存款
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
11(a)
11(g)
12
13
15
18(a)
25(b)
16
17
582,446
900,003
25(a)
736
18(a)
853,119
2,336,304
62,182
4,614
67,568
5,140
1,986,480
2,114,264
2,053,276
2,186,972
1,125
4,010
35,293
148
–
309
4,530
36,547
–
1,406
56,451
101,290
2,150,303
2,331,054
528,264
827,627
8,072
271,731
1,635,694
218,078
Assets of disposal group classified as held for sale
分類為持作出售之出售組別資產
19
–
2,336,304
1,853,772
94
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Consolidated Statement of Financial Position
綜合財務狀況表
At 31st March 2017 於二零一七年三月三十一日
(Expressed in Hong Kong dollars)（以港幣計算）
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
Current liabilities
流動負債
Trade and other payables
應付賬款及其他應付款
Bank loans
銀行貸款
Obligations under finance leases
融資租賃之債務
Current tax payable
應付現期稅項
1,466,904
1,286,879
20
21
22
7,329
1,221
25(a)
37,781
139,652
1,135
16,675
1,444,341
26,039
Liabilities of disposal group classified as held for sale
分類為持作出售之出售組別負債
19
1,513,235
–
Net current assets
淨流動資產
Total assets less current liabilities
總資產減流動負債
Non-current liabilities
非流動負債
Bank loans
銀行貸款
Obligations under finance leases
融資租賃之債務
Employee retirement benefit liabilities
僱員退休福利負債
Deferred tax liabilities
遞延稅項負債
NET ASSETS
淨資產
1,513,235
1,470,380
823,069
383,392
2,973,372
2,714,446
21
22
200,000
909
23(b)
22,065
25(b)
60,692
207,341
2,134
28,033
65,075
283,666
2,689,706
302,583
2,411,863
Annual Report 2016/2017 年度報告 95
Consolidated Statement of Financial Position
綜合財務狀況表
At 31st March 2017 於二零一七年三月三十一日
(Expressed in Hong Kong dollars)（以港幣計算）
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
26(c)
CAPITAL AND RESERVES
資本及儲備
Share capital
股本
Reserves
儲備
Total equity attributable to equity shareholders
of the Company
本公司股權持有人應佔權益總額
Non-controlling interests
非控股權益
TOTAL EQUITY
權益總額
774,246
1,697,123
2,471,369
218,337
733,722
1,466,013
2,199,735
212,128
2,689,706
2,411,863
Approved and authorised for issue by the Board of Directors on
23rd June 2017.
於二零一七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 101 to 204 form part of these financial statements.
第 101 至 204 頁之附註乃本財務報表之一部份。
96
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Consolidated Statement
of Changes in Equity
綜合權益變動表
For the year ended 31st March 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
Attributable to equity shareholders of the Company
本公司股權持有人應佔
Note 附註
9
26(d)(i)
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
本年度溢利
Other comprehensive income
其他全面收益
Total comprehensive income
全面收益總額
Transfer from retained profits
to surplus reserve
自保留溢利轉撥至盈餘儲備
Transfer from capital reserve
to retained profits
自資本儲備轉撥至保留溢利
Shares issued on exercise
of share options
就行使購股權而發行股份
Equity settled share-based transactions
以股份為付款基礎之交易
Final dividend approved in respect
of the previous year
批准屬於上一年度之末期股息
Interim dividend declared in respect
of the current year
宣派本年度之中期股息
Dividends paid to
non-controlling interests
向非控股權益派發股息
Balance at 31st March 2016
於二零一六年三月三十一日結餘
Share
capital
Capital
reserve
Surplus
reserve
Other
reserve
資本儲備
(note 26(d)(i))
盈餘儲備
(note 26(d)(ii))
其他儲備
股本
(note 26(c)(i))
(note 26(d)(iii))
（附註26(c)(i)） （附註26(d)(i)） （附註26(d)(ii)） （附註26(d)(iii)）
$’000 千元
$’000 千元
$’000 千元
$’000 千元
reserve
Hedging
reserve
Share-based
Exchange compensation
reserve
股份基礎
對沖儲備
補償儲備
匯兌儲備
(note 26(d)(iv))
(note 26(d)(vi))
(note 26(d)(v))
（附註26(d)(iv)） （附註26(d)(v)） （附註26(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)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
530,616
530,616
34,628
565,244
(11,457)
(50,093)
(3,524)
(53,617)
519,159
480,523
31,104
511,627
(4,089)
4,087
–
–
(7,527)
12,393
–
–
48,501
12,393
(221,111)
(221,111)
(39,656)
(39,656)
–
–
–
–
–
–
–
–
48,501
12,393
(221,111)
(39,656)
–
–
(24,563)
(24,563)
–
–
–
–
–
–
–
–
26(c)(ii)
56,028
26(b)(ii)
26(b)(i)
–
–
–
–
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
Annual Report 2016/2017 年度報告 97
Consolidated Statement of Changes in Equity
綜合權益變動表
For the year ended 31st March 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（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
盈餘儲備
資本儲備
(note 26(d)(i))
其他儲備
股本
(note 26(c)(i))
(note 26(d)(ii)) (note 26(d)(iii))
（附註26(c)(i)） （附註26(d)(i)） （附註26(d)(ii)） （附註26(d)(iii)）
$’000 千元
$’000 千元
$’000 千元
$’000 千元
reserve
Hedging
reserve
Share-based
Exchange compensation
reserve
股份基礎
補償儲備
對沖儲備
(note 26(d)(iv))
(note 26(d)(v)) (note 26(d)(vi))
（附註26(d)(iv)） （附註26(d)(v)） （附註26(d)(vi)）
$’000 千元
$’000 千元
$’000 千元
匯兌儲備
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
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
–
–
–
–
–
–
–
–
–
(4,087)
–
–
–
–
–
–
–
–
5,641
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(888)
(82,340)
(888)
(82,340)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
618,372
618,372
34,922
653,294
8,579
(74,649)
(5,248)
(79,897)
626,951
543,723
29,674
573,397
(5,641)
4,087
–
–
(5,994)
11,739
–
–
34,530
11,739
(278,400)
(278,400)
(39,958)
(39,958)
–
–
–
–
–
–
–
–
34,530
11,739
(278,400)
(39,958)
–
–
(23,465)
(23,465)
–
–
–
–
–
–
–
–
26(c)(ii)
40,524
26(b)(ii)
26(b)(i)
–
–
–
–
774,246
42,872
58,459
(48,622)
2,261
(1,105)
(90,119)
37,085
1,696,292
2,471,369
218,337
2,689,706
Note 附註
9
26(d)(i)
Balance at 1st April 2016
於二零一六年四月一日結餘
Changes in equity for the year:
本年度之權益變動：
Profit for the year
本年度溢利
Other comprehensive income
其他全面收益
Total comprehensive income
全面收益總額
Transfer from retained profits
to surplus reserve
自保留溢利轉撥至盈餘儲備
Transfer from capital reserve
to retained profits
自資本儲備轉撥至保留溢利
Shares issued on exercise
of share options
就行使購股權而發行股份
Equity settled share-based transactions
以股份為付款基礎之交易
Final dividend approved in respect
of the previous year
批准屬於上一年度之末期股息
Interim dividend declared in respect
of the current year
宣派本年度之中期股息
Dividends paid to
non-controlling interests
向非控股權益派發股息
Balance at 31st March 2017
於二零一七年三月三十一日結餘
The notes on pages 101 to 204 form part of these financial statements.
第 101 至 204 頁之附註乃本財務報表之一部份。
98
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Consolidated Cash Flow
Statement
綜合現金流量表
For the year ended 31st March 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
Operating activities
經營活動
Cash generated from operations
經營業務所得現金
Tax paid
已繳稅項
– Hong Kong Profits Tax paid
– 已繳香港利得稅
– Tax paid outside Hong Kong
– 已繳香港以外地區稅項
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
18(b)
1,069,628
749,478
(43,906)
(80,810)
(43,340)
(75,394)
Net cash generated from operating activities
經營活動所得現金淨額
944,912
630,744
Investing activities
投資活動
Payment for the purchase of other property,
plant and equipment
購買其他物業、廠房及設備之款項
Proceeds from sale of property,
plant and equipment
出售物業、廠房及設備所得款項
Government grants received for acquisition
of plant and equipment
收購廠房及設備之已收政府補助
Decrease/(increase) in long-term bank deposits
長期銀行存款減少╱（增加）
Net cash inflow on disposal of assets and liabilities
classified as held for sale
出售分類為持作出售之資產及負債
之現金流入淨額
Investment in joint venture
於合營公司之投資
Interest received
已收利息
Net cash generated from/(used in)
investing activities
投資活動所得╱（所用）現金淨額
(250,870)
(668,543)
1,016
4,021
1,406
19
338,226
(815)
5,314
1,682
30,839
(1,406)
–
–
2,002
98,298
(635,426)
Annual Report 2016/2017 年度報告 99
Consolidated Cash Flow Statement
綜合現金流量表
For the year ended 31st March 2017 截至二零一七年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
Financing activities
融資活動
Capital element of finance lease rentals paid
已付融資租賃租金之資本部份
Proceeds from new bank loans
新增銀行貸款所得款項
Repayment of bank loans
償還銀行貸款
Interest element of finance lease rentals paid
已付融資租賃租金之利息部份
Interest paid
已付利息
Proceeds from shares issued on exercise
of share options
就行使購股權發行股份所得款項
Dividends paid to equity shareholders
of the Company
向本公司股權持有人派發股息
Dividends paid to non-controlling interests
向非控股權益派發股息
Net cash used in financing activities
融資活動所用現金淨額
Net increase/(decrease) in
cash and cash equivalents
現金及現金等值項目增加╱（減少）淨額
Cash and cash equivalents at 1st April
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
18(a)
(1,112)
–
(138,735)
(201)
(5,544)
(1,006)
435,114
(242,257)
(276)
(5,656)
34,530
48,501
(316,850)
(23,465)
(260,612)
(24,563)
(451,377)
(50,755)
591,833
(55,437)
271,245
334,580
(10,429)
852,649
(7,898)
271,245
The notes on pages 101 to 204 form part of these financial statements.
第 101 至 204 頁之附註乃本財務報表之一部份。
100
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial
Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies
(a) Statement of compliance
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.
1 主要會計政策
(a) 遵例聲明
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
亦符合香港聯合交易所有限公司證券上市規則
（「上市規則」）之適用披露規定。本集團採納之
主要會計政策概述如下。
香港會計師公會已頒佈若干新訂及經修訂之《香
港財務報告準則》，並於本集團及本公司之當前
會計期間首次生效或可供提早採納。首次應用此
等適用於本集團之新訂準則所引致於當前及過往
會計期間之任何會計政策變動已於本財務報表內
反映，有關資料載於附註 1(c)。
(b) Basis of preparation of the financial
(b) 財務報表之編製基準
statements
The consolidated financial statements for the year ended 31st March
2017 comprise the Company and its subsidiaries (together referred
to as the “Group”) and the Group’s interest in a joint venture.
截至二零一七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」）
以及本集團於一間合營公司之權益。
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(t).
除附註 1(t) 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。
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(x)).
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(x)）。
to make
The preparation of financial statements in conformity with HKFRSs
requires management
judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from
these estimates.
管理層須在編製符合《香港財務報告準則》之財
務報表時作出會影響會計政策應用，以及資產、
負債、收入及支出之報告金額之判斷、估計及假
設。此等估計及相關假設是根據以往經驗和管理
層因應當時情況認為合理之多項其他因素作出，
其結果構成當管理層在無法依循其他途徑即時得
知資產與負債之賬面值時所作出判斷之基礎。實
際結果可能有別於估計數額。
Annual Report 2016/2017 年度報告 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)
(b) Basis of preparation of the financial
1 主要會計政策（續）
(b) 財務報表之編製基準（續）
statements (Continued)
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
管理層會不斷審閱各項估計和相關假設。倘若會
計估計之修訂只影響某一期間，則該修訂便會在
估計修訂期間內確認，或如果修訂對當期和未來
期間均有影響，則在作出修訂之期間和未來期間
確認。
Judgements made by management in the application of HKFRSs that
have significant effect on the financial statements and major sources
of estimation uncertainty are discussed in note 2.
有關管理層在應用《香港財務報告準則》時所作
出對財務報表有重大影響之判斷，以及估計不確
定因素之主要來源之討論內容，載於附註 2。
(c) Changes in accounting policies
The HKICPA has issued a number of amendments to HKFRSs that are
first effective for the current accounting period of the Group. None of
these developments have had a material effect on how the Group’s
results and financial position for the current or prior periods have
been prepared or presented.
(c) 會計政策之變動
香港會計師公會頒佈了多項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。該等
修訂對本集團於當前或過往期間之業績及財務狀
況之編製或呈列方式並無重大影響。
The Group has not applied any new standard or interpretation that is
not yet effective for the current accounting period.
本集團並未採用任何於當前會計期間尚未生效之
新訂準則或詮釋。
(d) Subsidiaries and non-controlling interests
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.
(d) 附屬公司及非控股權益
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。
102
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(d) Subsidiaries and non-controlling interests
1 主要會計政策（續）
(d) 附屬公司及非控股權益（續）
(Continued)
Non-controlling interests represent the equity in a subsidiary not
attributable directly or indirectly to the Company, and in respect of
which the Group has not agreed any additional terms with the holders
of those interests which would result in the Group as a whole having
a contractual obligation in respect of those interests that meets the
definition of a financial liability. For each business combination, the
Group can elect to measure any non-controlling interests either at
fair value or at the non-controlling interests’ proportionate share of
the subsidiary’s net identifiable assets.
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(n) or (o) 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
(see note 1(e)).
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
司之可識別資產淨值之比例計量任何非控股權
益。
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(n) 或 (o) 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公司之投資之成本（見附
註 1(e)）。
In the Company’s statement of financial position, an investment in a
subsidiary is stated at cost less impairment losses (see note 1(k)(ii)).
本公司之財務狀況表所示於附屬公司之投資，是
按成本值減去減值虧損後入賬（見附註 1(k)(ii)）。
Annual Report 2016/2017 年度報告 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)
(e) Joint venture
A joint venture is an arrangement whereby the Group or Company
and other parties contractually agree to share control of the
arrangement, and have rights to the net assets of the arrangement.
1 主要會計政策（續）
(e) 合營公司
合營公司為本集團或本公司及其他人士按合約同
意下分配控制權及淨資產擁有權之安排。
An investment in a joint venture is accounted for in the consolidated
financial statements under the equity method, unless it is classified as
held for sale (or included in a disposal group that is classified as held
for sale) (see note 1(x)). Under the equity method, the investment
is initially recorded at cost, adjusted for any excess of the Group’s
share of the acquisition-date fair values of the investee’s identifiable
net assets over the cost of the investment (if any). Thereafter, the
investment is adjusted for the post acquisition change in the Group’s
share of the investee’s net assets and any impairment loss relating to
the investment (see notes 1 (f) and (k)). Any acquisition-date excess
over cost, the Group’s share of the post-acquisition, post-tax results of
the investees and any impairment losses for the year are recognised
in the consolidated statement of profit or loss, whereas the Group’s
share of the post-acquisition post-tax items of the investees’ other
comprehensive income is recognised in the consolidated statement
of profit or loss and other comprehensive income.
When the Group’s share of losses exceeds its interest in the joint
venture, the Group’s interest is reduced to nil and recognition of
further losses is discontinued except to the extent that the Group
has incurred legal or constructive obligations or made payments
on behalf of the investee. For this purpose, the Group’s interest is
the carrying amount of the investment under the equity method
together with the Group’s long-term interests that in substance form
part of the Group’s net investment in the joint venture.
除合營公司的投資被分類為持作出售外（或納入
被分類為持作出售的出售組別）（見附註 1(x)），於
合營公司的投資是按權益法記入綜合財務報表，
並且先以成本入賬，另調整本集團於購入後應佔
該投資的可辨別淨資產所超出成本之任何金額。
往後，需調整在收購後本集團應佔該投資淨資產
之變動及在附註 1(f) 及 (k) 所載有關該投資的減值
損失。任何超出收購日之成本、本集團應佔該投
資收購後和已除稅的業績及年度內的任何減值損
失均在綜合損益表內確認，而本集團應佔該投資
收購後和已除稅之其他全面收益項目則在綜合損
益及其他全面收益表內確認。
當本集團對合營公司承擔的虧損額超過其所佔權
益時，本集團所佔權益便會減少至零，並且不再
確認額外虧損；但如本集團須履行法定或推定義
務，或代該投資作出付款則除外。就此而言，本
集團所佔權益是以按照權益法計算投資的賬面金
額，以及實質上構成本集團在合營公司投資淨額
一部分的長期權益。
Unrealised profits and losses resulting from transactions between
the Group and its joint venture are eliminated to the extent of the
Group’s interest in the investee, except where unrealised losses
provide evidence of an impairment of the asset transferred, in which
case they are recognised immediately in profit or loss.
本集團及其合營公司之間交易所產生的未變現損
益，均按本集團於該投資所佔的權益比率抵銷；
但如有未變現虧損證明已轉讓資產出現減值，則
會即時在損益中確認。
If an investment in a joint venture becomes an investment in an
associate or vice versa, retained interest is not remeasured. Instead,
the investment continues to be accounted for under the equity
method.
如於一間合營公司之投資轉變為於一間聯營公司
之投資或反之亦然，其保留的權益不用重新計
量，而該投資將繼續採用權益法入賬。
In all other cases, when the Group ceases to have joint control over
a joint venture, it is accounted for as a disposal of the entire interest
in that investee, with a resulting gain or loss being recognised in
profit or loss. Any interest retained in that former investee at the date
when joint control is lost is recognised at fair value and this amount
is regarded as the fair value on initial recognition of a financial asset.
在其他情況，當本集團喪失對合營公司之共同控
制權，將按出售該投資之所有權益入賬，而所產
生的盈虧確認於損益內。在喪失共同控制權時，
保留於前度投資的任何權益按公允價值確認，而
此金額被視為首次確認為金融資產的公允價值。
In the Company’s statement of financial position, investments in
joint venture are stated at cost less impairment losses (see note 1(k)),
unless classified as held for sale (or included in a disposal group that
is classified as held for sale) (see note 1(x)).
在本公司財務狀況表所示於合營公司的投資是按
成本減去減值虧損入賬 ( 見附註 1(k)），惟獲分類
為持作出售（或納入分類為持作出售之出售組別）
之投資則另作別論（見附註 1(x)）。
104
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(f) Goodwill
Goodwill represents the excess of:
1 主要會計政策（續）
(f) 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.
倘第 (ii) 項高於第 (i) 項，該差額即時於損益確認為
議價收購之收益。
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(k)(ii)).
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(k)(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.
年內出售的現金產生單位，計算出售之損益時將
計入購入商譽之任何應佔金額。
(g) Investment properties
Investment properties are land and/or buildings which are owned or
held under a leasehold interest (see note 1(j)) 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.
(g) 投資物業
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(j)）。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。
Investment properties held under operating leases are accounted for
as if they were held under a finance lease (see note 1(j)). Investment
properties are stated in the statement of financial position at cost
less accumulated depreciation and impairment losses (see note 1(k)
(ii)).
根據經營租賃持有之投資物業乃按以融資租賃
（見附註 1(j)）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(k)(ii)）後於財務
狀況表列賬。
Depreciation is calculated to write off the cost of investment
properties using the straight-line method over the shorter of the
unexpired term of lease and their estimated useful lives, being no
more than 50 years.
折舊乃將投資物業成本在未屆滿租賃期及其估計
可使用年期（不超過 50 年）兩者中較短期間以直
線法計算而撇銷。
The useful life of investment properties is reviewed annually.
本公司會每年檢討投資物業之可使用年期。
Rental income from investment properties is accounted for as
described in note 1(u)(iii).
投資物業之租金收入乃按附註 1(u)(iii) 所述方式入
賬。
Annual Report 2016/2017 年度報告 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)
(h) Other property, plant and equipment
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(k)(ii)):
1 主要會計政策（續）
(h) 其他物業、廠房及設備
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(k)(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(j));
– 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(j)）；
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(j)); 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(j)）；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(w)).
Gains or losses arising from the retirement or disposal of an item
of property, plant and equipment are determined as the difference
between the net disposal proceeds and the carrying amount of the
item and are recognised in profit or loss on the date of retirement or
disposal.
物業、廠房及設備等自建項目之成本包括材料、
直接勞工、初始估計之成本、（如相關）拆除及移
除建築物及重置建築物所在土地之成本，以及生
產成本及借貸成本之適當部份（見附註 1(w)）。
報廢或出售物業、廠房及設備項目所產生之盈虧
為出售該項目所得款項淨額與該項目賬面值之差
額，並於報廢或出售當日在損益內確認。
Depreciation is calculated to write off the cost of items of property,
plant and equipment, less their estimated residual value, if any, using
the straight line method over their estimated useful lives as follows:
折舊乃按物業、廠房及設備項目之成本減去其估
計剩餘價值（如有），在其估計可使用年期採用直
線法以下列方式撇銷計算：
(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.
(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) 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.
(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。
(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
106
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(h) Other property, plant and equipment
1 主要會計政策（續）
(h) 其他物業、廠房及設備（續）
(Continued)
No provision for depreciation is made for construction in progress
until such time when the assets are substantially completed and
ready for use.
直至有關資產已大致完成及可供使用前，並無就
在建工程作出折舊撥備。
Where parts of an item of property, plant and equipment have
different useful lives, the cost of the item is allocated on a reasonable
basis between the parts and each part is depreciated separately.
倘一項物業、廠房及設備中之各部份有不同之可
使用年期，該項目之成本將合理地分配至各部
份，而各部份則獨立計提折舊。
Both the useful life of an asset and its residual value, if any, are
reviewed annually.
資產之可使用年期及其剩餘價值（如有）將於每
年檢討。
Intangible assets (other than goodwill)
(i)
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(k)(ii)).
(i) 無形資產（商譽除外）
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）及減值虧損後列賬（附
註 1(k)(ii)）。
Amortisation of intangible assets with finite useful lives is charged
to profit or loss on a straight-line basis over the assets’ estimated
useful lives. The following intangible assets with finite useful lives
are amortised from the date they are available for use and their
estimated useful lives are as follows:
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。
Annual Report 2016/2017 年度報告 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)
(j) Leased assets
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.
1 主要會計政策（續）
(j) 租賃資產
倘本集團確定協議（由一宗交易或一系列交易組
成）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，則該協議為租賃或包括租賃。該釐定乃根據
安排之內容評估而作出，而不論安排是否具備租
賃之法律形式。
(i) Classification of assets leased to the Group
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:
(i) 本集團租賃資產之分類
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：
–
–
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(g)); and
– 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(g)）；及
Land held for own use under an operating lease, the fair value
of which cannot be measured separately from the fair value
of a building situated thereon at the inception of the lease, is
accounted for as being held under a finance lease, unless the
building is also clearly held under an operating lease. For these
purposes, the inception of the lease is the time that the lease
was first entered into by the Group, or taken over from the
previous lessee.
– 以經營租賃持有作自用，但無法在租賃開
始時將土地之公允值與建於其上之樓宇之
公允值分開計量之土地是按以融資租賃持
有方式入賬，惟清楚地以經營租賃持有之
樓宇除外。就此而言，租賃之開始時間是
指本集團首次訂立租賃時，或自前承租人
接收樓宇時。
(ii) Assets acquired under finance leases
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(g) and note 1(h).
Impairment losses are accounted for in accordance with the
accounting policy as set out in note 1(k)(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.
(ii) 以融資租賃購入之資產
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(g) 及附註 1(h)。
減 值 虧 損 會 根 據 附 註 1(k)(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。
108
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(j) Leased assets (Continued)
(iii) Operating lease charges
Where the Group has the use of assets held under operating leases,
payments made under the leases are charged to profit or loss in
equal instalments over the accounting periods covered by the lease
term, except where an alternative basis is more representative of the
pattern of benefits to be derived from the leased asset.
1 主要會計政策（續）
(j) 租賃資產（續）
(iii) 經營租賃費用
倘若本集團乃以經營租賃使用資產，則根據租賃
支付之款項於租賃期所涵蓋之會計期間內，以等
額在損益內扣除，惟倘有其他基準能更清楚地反
映租賃資產所產生之收益模式則除外。
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.
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。
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(g)).
Impairment losses are recognised in accordance with the accounting
policy set out in note 1(k)(ii).
根據經營租賃購入之土地之成本，乃以直線法按
租賃期攤銷，惟物業被劃分為投資物業則除外
（見附註 1(g)）。減值虧損根據附註 1(k)(ii) 所載之
會計政策確認。
Impairment of assets
Impairment of financial assets
(k)
(i)
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:
(k) 資產減值
(i) 金融資產減值
按成本值或攤銷成本列賬之金融資產於各報告期
末進行檢討，以確定是否出現減值之客觀證據。
減值之客觀證據包括本集團注意到以下一項或多
項虧損事項之顯著數據：
–
–
–
–
significant financial difficulty of the debtor;
– 債務人有重大財務困難；
a breach of contract, such as a default or delinquency in interest
or principal payments;
– 違反合約，如拖欠利息或本金還款；
it becoming probable that the debtor will enter bankruptcy or
other financial reorganisation; and
– 債務人可能破產或進行其他財務重組；及
significant changes in the technological, market, economic or
legal environment that have an adverse effect on the debtor.
– 科技、市場、經濟或法律環境有重大改變
以致對債務人造成不利影響。
Annual Report 2016/2017 年度報告 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)
(k)
(i)
If any such evidence exists, any impairment loss is determined and
recognised as follows:
Impairment of assets (Continued)
Impairment of financial assets (Continued)
1 主要會計政策（續）
(k) 資產減值（續）
(i) 金融資產減值（續）
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.
– 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。
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.
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。
losses are written off against the corresponding
Impairment
assets directly, except for impairment losses recognised in respect
of trade debtors and bills receivable included within trade and
other receivables, whose recovery is considered doubtful but not
remote. In this case, the impairment losses for doubtful debts are
recorded using an allowance account. When the Group is satisfied
that recovery is remote, the amount considered irrecoverable is
written off against trade debtors and bills receivable directly and
any amounts held in the allowance account relating to that debt are
reversed. Subsequent recoveries of amounts previously charged to
the allowance account are reversed against the allowance account.
Other changes in the allowance account and subsequent recoveries
of amounts previously written off directly are recognised in profit or
loss.
減值虧損直接與相應資產撇銷，惟就列於應收賬
款及其他應收款中之應收賬款及應收票據所確認
之減值虧損，其收回情況屬存疑而不渺茫者，則
作別論。在此情況下，呆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。
110
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
Impairment of assets (Continued)
Impairment of other assets
1 Significant accounting policies (Continued)
(k)
(ii)
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:
1 主要會計政策（續）
(k) 資產減值（續）
(ii) 其他資產之減值
本集團於每個報告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。
–
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）。
Annual Report 2016/2017 年度報告 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)
(k)
(ii)
–
Impairment of assets (Continued)
Impairment of other assets (Continued)
Reversals of impairment losses
1 主要會計政策（續）
(k) 資產減值（續）
(ii) 其他資產之減值（續）
– 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。
Inventories
(l)
Inventories are carried at the lower of cost and net realisable value.
(l) 存貨
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.
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。
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.
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。
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.
(m) Receivables
Receivables are initially recognised at fair value and thereafter stated
at amortised cost using the effective interest method, less allowance
for impairment of doubtful debts (see note 1(k)(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.
(n) Interest-bearing borrowings
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.
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。
(m) 應收款
應收款之初值按公允值確認，其後則以實際利率
法按攤銷成本減去呆壞賬減值撥備（見附註 1(k)
(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。
(n) 附息借貸
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。
112
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(o) Payables
Payables are initially recognised at fair value. Except for financial
guarantee liabilities measured in accordance with note 1(s)(i),
payables are subsequently stated at amortised cost unless the effect
of discounting would be immaterial, in which case they are stated at
cost.
(p) Cash and cash equivalents
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.
(q) Employee benefits
(i)
Short term employee benefits and contributions to
defined contribution retirement plans
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.
(ii) Defined benefit retirement plan obligations
The Group’s net obligation in respect of defined benefit retirement
plans is calculated by estimating the amount of future benefit that
employees have earned in return for their services in the current
and prior periods; that benefit is discounted to determine the
present value and the fair value of any plan assets is deducted. The
calculation is performed by a qualified actuary using the projected
unit credit method.
in profit and
liability/(asset) are recognised
Service cost and net interest expense/(income) on the net defined
benefit
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.
1 主要會計政策（續）
(o) 應付款
應付款之初值按公允值確認。除根據附註 1(s)(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。
(p) 現金及現金等值項目
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。
(q) 僱員福利
(i) 短期僱員福利及向界定供款退休計
劃之供款
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) 界定福利退休計劃承擔
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。
Annual Report 2016/2017 年度報告 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)
(q) Employee benefits (Continued)
(ii) Defined benefit retirement plan obligations (Continued)
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)).
(iii) Long service payments obligation
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.
(iv) Share-based payments
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).
1 主要會計政策（續）
(q) 僱員福利（續）
(ii) 界定福利退休計劃承擔（續）
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）。
(iii) 長期服務金承擔
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) 以股份為基礎之付款
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。
114
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(r)
(i)
Income tax
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.
1 主要會計政策（續）
(r) 所得稅
(i) 年內所得稅包括本期稅項及遞延稅項資產
和負債之變動。本期稅項及遞延稅項資產
和負債之變動於損益中確認，惟與於其他
全面收益或直接於權益確認之項目相關者
除外，在此情況下，相關稅額分別於其他
全面收益或直接於權益中確認。
(ii) 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.
(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) 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.
(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。
Apart from certain limited exceptions, all deferred tax liabilities
and all deferred tax assets to the extent that it is probable that
future taxable profits will be available against which the asset
can be utilised, are recognised. Future taxable profits that may
support the recognition of deferred tax assets arising from
deductible temporary differences include those that will arise
from the reversal of existing taxable temporary differences,
provided those differences relate to the same taxation authority
and the same taxable entity, and are expected to reverse either
in the same period as the expected reversal of the deductible
temporary difference or in periods into which a tax loss arising
from the deferred tax asset can be carried back or forward. The
same criteria are adopted when determining whether existing
taxable temporary differences support the recognition of
deferred tax assets arising from unused tax losses and credits,
that is, those differences are taken into account if they relate to
the same taxation authority and the same taxable entity, and
are expected to reverse in a period, or periods, in which the tax
loss or credit can be utilised.
The limited exceptions to recognition of deferred tax assets and
liabilities are those temporary differences arising from goodwill
not deductible for tax purposes, the initial recognition of assets
or liabilities that affect neither accounting nor taxable profit
(provided they are not part of a business combination), and
temporary differences relating to investments in subsidiaries
to the extent that, in the case of taxable differences, the Group
controls the timing of the reversal and it is probable that the
differences will not reverse in the foreseeable future, or in the
case of deductible differences, unless it is probable that they
will reverse in the future.
除了若干有限之例外情況，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。
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）。
Annual Report 2016/2017 年度報告 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)
(r)
(iii)
Income tax (Continued)
(Continued)
1 主要會計政策（續）
(r) 所得稅（續）
(iii) （續）
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.
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。
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.
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.
(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) 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:
(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：
–
–
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
– 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
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。
116
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(s) Financial guarantees issued, provisions and
1 主要會計政策（續）
(s) 已發出之財務擔保、撥備及或然
contingent liabilities
Financial guarantees issued
(i)
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.
負債
(i) 已發出之財務擔保
財務擔保為要求發行人（即擔保人）就擔保受益
人（「持有人」）因特定債務人未能根據債務工具
之條款於到期時付款而蒙受之損失，而向持有人
支付特定款項之合約。
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.
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(s)(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.
(ii) Other provisions and contingent liabilities
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.
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。
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(s)(ii) 確認
撥備。
(ii) 其他撥備及或然負債
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。
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。須視乎一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。
Annual Report 2016/2017 年度報告 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）
1 Significant accounting policies (Continued)
(t) Cash flow hedges
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.
1 主要會計政策（續）
(t) 現金流量對沖
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。
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.
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。
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).
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。
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.
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。
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.
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。
118
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(u) Revenue recognition
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:
1 主要會計政策（續）
(u) 收入確認
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
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.
(i) 貨物之銷售
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
Service fees are recognised when the related services are provided.
Service fees exclude value added tax or other sales taxes.
(ii) 服務費
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
Rental income receivable under operating leases is recognised in
profit or loss in equal instalments over the periods covered by the
lease term.
(iii) 經營租賃之租金收入
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
Interest income is recognised as it accrues using the effective interest
method.
(iv) 利息收入
利息收入按實際利率法累計確認。
(v) Dividend income
Dividend income from unlisted investments is recognised when the
shareholder’s right to receive payment is established.
(v) 股息收入
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。
(vi) Government grants
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.
(vi) 政府補助
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。
Annual Report 2016/2017 年度報告 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）
1 Significant accounting policies (Continued)
(v) Translation of foreign currencies
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(t)).
1 主要會計政策（續）
(v) 外幣換算
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(t)）。
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.
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。
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.
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。
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.
就出售香港以外地區之一間附屬公司而言，確認
出售產生之損益時，與該香港以外地區之附屬公
司有關之匯兌差額之累計金額會從權益重新分類
至損益。
Foreign exchange gains and losses arising from monetary items that
in substance form part of the net investment in an operation outside
Hong Kong, together with any related tax, are reclassified to equity
on consolidation.
貨幣項目產生之外匯收益及虧損（實質屬於香港
以外地區業務淨投資之一部份）與任何相關稅項
乃於綜合入賬時重新分類至權益。
(w) Borrowing costs
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.
(w) 借貸成本
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。
The capitalisation of borrowing cost as part of the cost of a qualifying
asset commences when expenditure for the asset is being incurred,
borrowing costs are being incurred and activities that are necessary
to prepare the asset for its intended use or sale are in progress.
Capitalisation of borrowing costs is suspended or ceases when
substantially all the activities necessary to prepare the qualifying
asset for its intended use or sale are interrupted or complete.
當資產開支及借貸成本已經產生，且為使資產可
用作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。
120
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(x) Non-current assets held for sale
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.
1 主要會計政策（續）
(x) 持作出售之非流動資產
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。
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 criteria for classification as
held for sale are met, regardless of whether the Group will retain a
non-controlling interest in the subsidiary after the sale.
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。
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.
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，將繼續按附註 1 其
他部分所載之政策計量。
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.
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。
(y) Repair and maintenance expenditure
Repair and maintenance expenditure, including cost of overhaul, is
expensed as incurred.
(y) 維修及保養支出
維修及保養支出（包括檢修成本）於產生時支銷。
(z) Related parties
(a) A person, or a close member of that person’s family, is related
to the Group if that person:
(z) 關連人士
(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。
Annual Report 2016/2017 年度報告 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）
1 Significant accounting policies (Continued)
(z) Related parties (Continued)
(b) An entity is related to the Group if any of the following
1 主要會計政策（續）
(z) 關連人士（續）
(b) 倘符合下列任何條件，則一間實體與本集
conditions applies:
團有關連：
(i)
The entity and the Group are members of the same group
(which means that each parent, subsidiary and fellow
subsidiary is related to the others).
(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
營公司（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公
司）。
(iii) Both entities are joint ventures of the same third party.
(iii) 兩間實體均為同一第三方之合營公
(iv) One entity is a joint venture of a third entity and the other
entity is an associate of the third entity.
司。
(iv) 一間實體為第三方實體之合營公司，
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 person
(vi) 該實體受 (a) 所識別人士控制或共同控
identified in (a).
制。
(vii) A person identified in (a)(i) has significant influence
over the entity or is a member of the key management
personnel of the entity (or a parent of the entity).
(vii) 於 (a)(i) 所識別人士對該實體有重大影
響力或屬該實體（或該實體之母公司）
主要管理人員之一。
(viii) The entity, or any member of a group of which it is a part,
provides key management personnel services to the
Group.
(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。
122
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
(aa) Segment reporting
Operating segments, and the amounts of each segment item
reported in the financial statements, are identified from the financial
information provided regularly to the Group’s most senior executive
management for the purposes of allocating resources to, and
assessing the performance of, the Group’s various lines of business
and geographical locations.
Individually material operating segments are not aggregated for
financial reporting purposes unless the segments have similar
economic characteristics and are similar in respect of the nature of
products and services, the nature of production processes, the type
or class of customers, the methods used to distribute the products or
provide the services, and the nature of the regulatory environment.
Operating segments which are not individually material may be
aggregated if they share a majority of these criteria.
1 主要會計政策（續）
(aa) 分部報告
營運分部及本財務報表所呈報之各分部項目金
額，乃根據定期向本集團高層管理人員提供之財
務報告中識別。高層管理人員依據該等報告分配
資源予本集團不同業務及地域以及評估該等業務
及地域之表現。
就財務報告而言，個別重大營運分部不會綜合呈
報，除非該等分部具有類似經濟特點及在產品及
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符
合上述大部份特點，則可能綜合呈報。
2 Accounting judgements and
2 會計判斷及估計
estimates
Notes 13, 23 and 24 contain information about the assumptions and
their risk factors relating to goodwill impairment assessment, defined
benefit retirement liabilities and the fair value of share options
granted. Other key sources of estimation uncertainty are as follows:
附註 13、23 及 24 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
設及其風險因素之資料。估計不確定因素之其他
主要來源如下：
(a)
Impairment of property, plant and
equipment
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.
(a) 物業、廠房及設備減值
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，
凡有事件或情況變動顯示該等資產所錄得之賬面
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出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貼現至其現值。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。
Annual Report 2016/2017 年度報告 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）
2 Accounting judgements and
2 會計判斷及估計（續）
estimates (Continued)
(b) Depreciation of property, plant and
(b) 物業、廠房及設備之折舊
equipment
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.
Impairment loss for doubtful debts
(c)
The Group maintains an allowance for doubtful debts for estimated
losses resulting from the inability of the debtors to make required
payments. The Group estimates the future cash flows based on the
ageing of the trade receivables balance as disclosed in note 17,
debtors’ credit-worthiness and historical write-off experience. If the
financial condition of the debtors were to deteriorate, actual write-
offs would be higher than estimated.
(d) Write down of inventories
The Group performs regular reviews of the carrying amounts of
inventories as disclosed in note 16 with reference to aged inventories
analysis, expected future consumption and management judgement.
Based on these reviews, write down of inventories will be made
when the estimated net realisable value of inventories decline below
the carrying amount. However, actual consumption may be different
from estimation and profit or loss could be affected by differences in
this estimation.
(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
25(b).
物業、廠房及設備（見附註 11）之折舊是經計及
估計剩餘價值（如有）後根據該等項目之估計可
使用年期以直線法計算。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) 呆壞賬減值虧損
本集團為債務人無力作出所需還款而產生估計虧
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17披露）、
債務人之信用及以往撇賬方面之經驗而作出。倘
若債務人之財務狀況惡化，實際撇賬額可能高於
估計。
(d) 撇減存貨
本集團參考存貨賬齡分析、預期未來耗用量及管
理層之判斷，對存貨之賬面值進行定期審閱（於
附註 16 披露）。倘存貨之估計可變現淨值跌至低
於其賬面值，則本集團會根據審閱之結果而撇減
存貨之價值。然而，實際耗用量可能與估計有所
不同，而此估計之出入可能影響損益。
(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。由於該等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被收回，便
會確認額外之遞延稅項資產。遞延稅項資產之性
質及賬面值詳情於附註 25(b) 披露。
124
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
3 Revenue and segment reporting
(a) Revenue
The principal activities of the Group are the manufacture and sale of
food and beverages.
3 收入及分部報告
(a) 收入
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
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.
(b) 分部報告
本集團透過按地區成立之實體管理其業務。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。
–
–
–
–
–
The Mainland China business mainly
the
manufacture and sale of soya milk, tea, juice, etc. in Mainland
China;
represents
– 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；
The Hong Kong Operation (Hong Kong, Macau and Exports)
mainly represents the manufacture and sale of soya milk, 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;
– 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；
The Australia and New Zealand business mainly represents the
manufacture and sale of soya milk and rice milk etc. in Australia
and sale of beverages in New Zealand;
– 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；
The Singapore business mainly represents the manufacture
and sale of soya related products in Singapore and sale of soya
related products in overseas; and
– 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
The North America business mainly represents the manufacture
and sale of tofu and pasta and sale of imported soya milk,
imported juice, imported tea, etc. in North America (see below).
– 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（見下文）。
The Group disposed of the majority of the assets and liabilities of
Vitasoy USA Inc. on 9th May 2016 (“the Disposal”). After the Disposal,
Vitasoy USA Inc. engages only in importing beverage products from
Hong Kong for sale in North America which is not significant to the
Group. Accordingly, the results, assets and liabilities in connection
with such business are presented under the Hong Kong Operation
segment for the year ended 31st March 2017. The corresponding
gain on disposal of the major business of Vitasoy USA Inc. is excluded
from reportable segment profit/(loss) from operations due to its non-
recurrent nature.
本集團於二零一六年五月九日出售 Vitasoy USA
Inc. 的大部份資產及負債（「出售事項」）。於出售
事項後，Vitasoy USA Inc. 僅負責於北美洲銷售自
香港進口的飲料產品，此對本集團並無顯著性。
因此，有關該業務的業績、資產及負債於截至二
零一七年三月三十一日止年度之香港業務分部內
呈列。由於其非經常性性質，相應出售 Vitasoy
USA Inc. 的大部份業務的收益並不會包括在須報
告分部之經營溢利╱（虧損）內。
Annual Report 2016/2017 年度報告 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）
3 Revenue and segment reporting
3 收入及分部報告（續）
(Continued)
(b) Segment reporting (Continued)
All of the Group’s revenue is generated from the manufacture and
sale of food and beverages.
(b) 分部報告（續）
本集團之收入全部來自生產及銷售食品及飲品。
Segment results, assets and liabilities
(i)
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:
(i) 分部業績、資產及負債
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：
Segment assets include all tangible assets, intangible assets and
current assets with the exception of interest in joint venture,
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.
分部資產包括全部有形資產、無形資產及流動資
產，惟於合營公司之權益、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。
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 (i) items not specifically attributed to
individual segments, such as share of losses of joint venture, finance
costs and unallocated head office and corporate expenses and; (ii)
non-recurring income or expenditure from the operating segments,
such as gain/(loss) on disposal of assets and liabilities classified as
held for sale. Income tax is not allocated to reporting segments.
Inter-segment sales are priced at cost plus a profit margin.
用於報告分部溢利之表示方法為「經營溢利╱
（虧損）」。為了得出「經營溢利╱（虧損）」，本
集團之溢利就 (i) 並無明確歸於個別分部之項目
（如所佔合營公司虧損、融資成本及未分配之總
公司及企業費用）及；(ii) 營運分部之非經常性收
入或開支（如出售分類為持作出售之資產及負債
之收益╱（虧損））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。
126
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(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)
Segment results, assets and liabilities (Continued)
(b) Segment reporting (Continued)
(i)
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 2017 and 2016 is set out below:
(b) 分部報告（續）
(i) 分部業績、資產及負債（續）
截至二零一七年及二零一六年三月三十一日止年
度，有關向本集團最高層行政管理人員提供之資
源配置及分部表現評估之須報告分部資料載列如
下：
Mainland China
中國內地
Hong Kong Operation
香港業務
Australia and New Zealand
澳洲及新西蘭
2017
2016
Singapore
新加坡
North America
北美洲
Total
總計
2016
2017
2016
二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年
$’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
2017
2017
2017
2017
2016
2016
2016
Revenue from external customers
來自外間顧客之收入
Inter-segment revenue
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
銀行存款之利息收入
Finance costs
融資成本
Depreciation and amortisation for the year
本年度之折舊及攤銷
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 segment assets
during the year
本年度新增之非流動分部資產
2,666,244
2,404,155
2,167,552
2,069,421
471,894
419,807
100,400
106,058
85,012
91,920
64,307
235,609
346
281
2,004
1,279
2,751,256
2,496,075
2,231,859
2,305,030
472,240
420,088
102,404
107,337
317,197
281,494
381,012
380,350
87,214
84,199
11,522
10,993
765
727
4,392
1,118
156
156
(961)
(109)
(745)
(728)
(2,024)
(3,137)
1
–
1
–
(129,930)
(84,877)
(95,919)
(93,890)
(11,321)
(10,188)
(3,552)
(3,215)
2,049,409
2,125,058
2,950,858
2,868,189
362,806
350,193
96,439
102,129
1,304,623
1,394,335
721,986
774,536
105,010
116,569
11,695
16,988
120,586
593,121
59,364
81,985
13,405
19,299
4,842
3,861
–
–
–
–
–
–
–
–
–
–
552,457
5,406,090
5,551,898
–
151,669
329,089
552,457
5,557,759
5,880,987
(32,758)
796,945
724,278
–
5,314
2,002
(70)
(3,730)
(4,044)
(18,651)
(240,722)
(210,821)
263,671
5,459,512
5,709,240
385,193
2,143,314
2,687,621
12,759
198,197
711,025
Annual Report 2016/2017 年度報告 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）
3 Revenue and segment reporting
3 收入及分部報告（續）
(Continued)
(b) Segment reporting (Continued)
(ii) Reconciliations of reportable segment revenue, profit or
(b) 分部報告（續）
(ii) 須報告分部收入、損益、資產及負
loss, assets and liabilities
債之對賬
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
Consolidated revenue
綜合收入
Profit or loss
損益
Reportable segment profit/(loss) from operations
須報告分部之經營溢利╱（虧損）
Finance costs (note 5(a))
融資成本（附註 5(a)）
Share of losses of joint venture
所佔合營公司虧損
Net gain on disposal of assets and liabilities classified
as held for sale (note 19)
出售分類為持作出售之資產及負債之淨收益（附註 19）
Unallocated head office and corporate expenses
未分配之總公司及企業費用
Consolidated profit before taxation
綜合除稅前溢利
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
5,557,759
5,880,987
(151,669)
(329,089)
5,406,090
5,551,898
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
796,945
(3,730)
(627)
189,595
724,278
(4,044)
–
–
(138,506)
(120,926)
843,677
599,308
128
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(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)
(ii) Reconciliations of reportable segment revenue, profit or
(b) 分部報告（續）
(ii) 須報告分部收入、損益、資產及負
loss, assets and liabilities (Continued)
債之對賬（續）
Assets
資產
Reportable segment assets
須報告分部之資產
Elimination of inter-segment receivables
分部間應收款之撇銷
Interest in joint venture
合營公司之權益
Deferred tax assets
遞延稅項資產
Current tax recoverable
應收現期稅項
Unallocated head office and corporate assets
未分配之總公司及企業資產
Consolidated total assets
綜合總資產
Liabilities
負債
Reportable segment liabilities
須報告分部之負債
Elimination of inter-segment payables
分部間應付款之撇銷
Employee retirement benefit liabilities
僱員退休福利負債
Deferred tax liabilities
遞延稅項負債
Current tax payable
應付現期稅項
Unallocated head office and corporate liabilities
未分配之總公司及企業負債
Consolidated total liabilities
綜合總負債
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
5,459,512
5,709,240
(1,030,931)
(1,635,884)
4,428,581
4,073,356
148
56,451
736
691
–
101,290
8,072
2,108
4,486,607
4,184,826
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
2,143,314
2,687,621
(492,880)
(1,049,399)
1,650,434
1,638,222
22,065
60,692
37,781
25,929
28,033
65,075
16,675
24,958
1,796,901
1,772,963
Annual Report 2016/2017 年度報告 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）
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, goodwill and interest in joint venture (“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 and
the location of operations, in the case of interest in joint venture.
(b) 分部報告（續）
(iii) 地區資料
下表載列有關本集團物業、廠房及設備之地理位
置、購置物業、廠房及設備之訂金、無形資產、
商譽及於合營公司之權益（「特定非流動資產」）
之資料。就物業、廠房及設備及購置物業、廠房
及設備之訂金而言，特定非流動資產之地理位置
乃根據該資產之實際地點確定；就無形資產及商
譽而言則指其獲配置之業務所在地；就於合營公
司之權益而言則指業務所在地。
Mainland China
中國內地
Hong Kong Operation
香港業務
Australia and New Zealand
澳洲及新西蘭
Singapore
新加坡
Other country
其他國家
Specified non-current assets
特定非流動資產
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
1,305,970
1,402,372
522,593
196,277
68,864
148
560,564
195,363
70,059
–
2,093,852
2,228,358
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 $1,859,082,000 (2016: $1,863,386,000) and
$516,296,000 (2016: $552,901,000) 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
1,859,082,000 元（二零一六年：1,863,386,000 元）
及516,296,000元（二零一六年：552,901,000元）。
130
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
4 Other income
4 其他收入
Government grants (note)
政府補助（附註）
Interest income
利息收入
Rental income
租金收入
Scrap sales
廢料銷售
Reversal of long outstanding other payables
長期未償還其他應付款撥回
Sundry income
雜項收入
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
7,917
5,314
3,406
1,637
1,970
14,394
34,638
8,283
2,002
4,191
8,611
1,720
7,243
32,050
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)）。
Annual Report 2016/2017 年度報告 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）
5 Profit before taxation
Profit before taxation is arrived at after charging/(crediting):
5 除稅前溢利
除稅前溢利已扣除╱（計入）：
(a) Finance costs:
融資成本：
Interest on bank loans
銀行貸款之利息
Finance charges on obligations under finance leases
融資租賃債務之財務費用
Less: interest expense capitalised into property,
plant and equipment*
減：被資本化為物業、廠房及設備之利息支出 *
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
5,544
201
5,745
(2,015)
3,730
5,656
276
5,932
(1,888)
4,044
*
The borrowing costs have been capitalised at a rate of 1.43% per
annum (2016: 1.47%).
* 被資本化的借貸成本按每年 1.43% 之息率計
算（二零一六年：1.47%）。
(b) Staff costs:
員工成本：
Contributions to defined contribution retirement plans
66,219
64,015
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
界定供款退休計劃之供款
Net expenses recognised in respect of:
以下項目之已確認費用淨額：
– retirement gratuities (note 23(c)(v))
– 退休金（附註 23(c)(v)）
– long service payments
– 長期服務金
Total retirement costs
總退休成本
Equity settled share-based payment expenses (note 24)
以股份為付款基礎之費用（附註 24）
Salaries, wages and other benefits
薪金、工資及其他福利
4,159
579
70,957
11,739
4,036
457
68,508
12,393
1,173,232
1,197,248
1,255,928
1,278,149
132
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
5 Profit before taxation (Continued)
Profit before taxation is arrived at after charging/(crediting): (Continued)
5 除稅前溢利（續）
除稅前溢利已扣除╱（計入）：（續）
(c) Other items:
其他項目：
Amortisation of 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之攤銷
Amortisation of intangible assets
無形資產之攤銷
Depreciation
折舊
– Investment properties
– 投資物業
– Assets acquired under finance leases
– 以融資租賃購入之資產
– Other assets
– 其他資產
Recognition of impairment losses on trade
and other receivables
確認應收賬款及其他應收款之減值虧損
Recognition of impairment losses on property,
plant and equipment
確認物業、廠房及設備之減值虧損
Auditors’ remuneration
核數師酬金
– Audit services
– 審核服務
– Provision for the current year
– 本年度之撥備
– Under-provision in respect of prior year
– 以往年度之撥備不足
– Tax services
– 稅務服務
– Other services
– 其他服務
Operating lease charges: minimum lease payments
經營租賃費用：最低租賃付款
– Hire of properties
– 租用物業
– Hire of factory machinery and equipment
– 租用工廠機器及設備
– Contingent rent
– 或然租金
– Other assets
– 其他資產
Net loss on disposal of property, plant and equipment
出售物業、廠房及設備之虧損淨額
Net foreign exchange loss/(gain)
外匯虧損╱（收益）淨額
Net (gain)/loss on forward exchange contracts not
designated as hedging instruments
非指定為對沖工具之遠期外匯合約之淨（收益）╱虧損
Cost of inventories (note 16(b))
存貨成本（附註 16(b)）
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
1,520
367
526
254
1,607
367
526
248
238,055
208,073
4,186
1,631
5,075
146
220
5,404
141
679
5,121
56
193
755
101,419
86,088
979
780
361
2,634
612
(124)
858
203
1,056
5,110
(3,875)
2,190
2,536,157
2,808,139
Annual Report 2016/2017 年度報告 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）
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
年內撥備
Over-provision in respect of prior years
以往年度之高估撥備
Current tax – Outside Hong Kong
現期稅項 – 香港以外地區
Provision for the year
年內撥備
(Over)/under-provision in respect of prior years
以往年度之（高估撥備）╱撥備不足
Deferred tax
遞延稅項
Notes:
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
51,941
(13)
51,928
103,465
(1,987)
101,478
36,977
50,095
(54)
50,041
55,984
61
56,045
(72,022)
190,383
34,064
附註：
(i)
The provision for Hong Kong Profits Tax for 2017 is calculated at 16.5%
(2016: 16.5%) of the estimated assessable profits for the year.
(i) 二零一七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 六 年：
16.5%）之稅率計算。
(ii)
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%.
(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%。
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.
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。
(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。
134
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(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)
(b) Reconciliation between tax expense and
accounting profit at applicable tax rates:
6 綜合損益表之所得稅（續）
(b) 稅項支出與會計溢利以適用稅率
計算之對賬：
Profit before taxation
除稅前溢利
Notional tax on profit before taxation, calculated at the rates
applicable to profits in the tax jurisdictions concerned
按有關稅項司法管轄區適用之利得稅稅率計算除稅前
溢利之名義稅項
Tax effect of non-deductible expenses
不可扣減支出之稅項影響
Tax effect of non-taxable revenue
非課稅收入之稅項影響
Withholding tax of PRC subsidiaries
中國附屬公司之預提稅項
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 temporary differences
not recognised
本年度未確認之可扣減暫時差異之稅務影響
Tax effect of recognition of tax loss not previously recognised
確認先前未確認之稅務虧損之稅務影響
Tax effect of utilisation of temporary differences not
previously recognised
就使用先前未確認之暫時差異之稅務影響
Net (over)/under-provision in respect of prior years
以往年度之（高估撥備）╱撥備不足淨額
Others
其他
Actual tax expense
實際稅項支出
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
843,677
599,308
212,089
117,733
2,519
(1,613)
3,858
1,790
–
(3,029)
(8,055)
(2,000)
(15,176)
190,383
2,960
(1,620)
4,024
2,763
8,514
(54,156)
(38,439)
7
(7,722)
34,064
Annual Report 2016/2017 年度報告 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）
7 Emoluments of Directors
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:
7 董事之酬金
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：
Directors’
fees
Salaries,
allowances
and benefits Discretionary
bonuses
酌情
董事袍金 及實物福利 發放之花紅
in kind
薪金、津貼
2017
二零一七年
Retirement
scheme
contributions
退休
計劃供款
$’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
$’000 千元
Total
總計
$’000 千元
Executive Directors
執行董事
Mr. Winston Yau-lai LO
羅友禮先生
Mr. Roberto GUIDETTI
陸博濤先生
Non-executive Directors
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
Independent Non-executive Directors
獨立非執行董事
Dr. The Hon. Sir David Kwok-po LI
李國寶爵士
Mr. Valiant Kin-piu CHEUNG
(retired on 2nd September 2016)
張建標先生
（於二零一六年九月二日退任）
Mr. Jan P.S. ERLUND
Jan P.S. ERLUND先生
Mr. Anthony John Liddell NIGHTINGALE
黎定基先生
Mr. Paul Jeremy BROUGH
(appointed on 3rd September 2016)
Paul Jeremy BROUGH先生
（於二零一六年九月三日獲委任）
231
116
131
131
413
176
414
402
238
5,041
7,597
3,702
3,616
328
226
9,302
4,106
13,408
11,555
3,582
15,137
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
131
131
413
176
414
402
238
–
–
–
–
–
–
–
131
131
413
176
414
402
238
2,252
12,638
7,318
554
22,762
7,688
30,450
136
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
7 Emoluments of Directors (Continued)
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: (Continued)
7 董事之酬金（續）
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：（續）
Salaries,
allowances
and benefits
in kind
薪金、津貼
Directors’
fees
Discretionary
bonuses
酌情
董事袍金 及實物福利 發放之花紅
2016
二零一六年
Retirement
scheme
contributions
退休
計劃供款
$’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
$’000 千元
Total
總計
$’000 千元
Executive Directors
執行董事
Mr. Winston Yau-lai LO
羅友禮先生
Mr. Roberto GUIDETTI
陸博濤先生
Non-executive Directors
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
Independent Non-executive Directors
獨立非執行董事
Dr. The Hon. Sir David Kwok-po LI
李國寶爵士
Mr. Valiant Kin-piu CHEUNG
張建標先生
Mr. Jan P.S. ERLUND
Jan P.S. ERLUND先生
Mr. Anthony John Liddell NIGHTINGALE
黎定基先生
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
Note: 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(q)(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.
附註：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(q)(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
已被沒收之撥回金額所作之調整。
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 24.
此等實物福利之詳情（包括已授出之購股
權之主要條款及數目）於董事會報告「購
股權計劃」一段及附註 24 中披露。
Annual Report 2016/2017 年度報告 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）
Individuals with highest emoluments
8
Of the five individuals with the highest emoluments, two (2016:
two) are Directors whose emoluments are disclosed in note 7. The
aggregate of the emoluments in respect of the other three (2016:
three) individuals are as follows:
8 最高酬金人士
在五名最高酬金人士中，兩名（二零一六年：兩
名）為董事，彼等之酬金於附註 7 中披露。其餘
三名（二零一六年：三名）人士之酬金總額如下：
Salaries and other emoluments
薪金及其他酬金
Retirement scheme contributions
退休計劃供款
Discretionary bonuses
酌情發放之花紅
Share-based payments
以股份為基礎之付款
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
13,018
11,771
614
4,199
4,029
533
4,413
4,368
21,860
21,085
The emoluments of the three (2016: three) individuals with the
highest emoluments are within the following bands:
三名（二零一六年：三名）最高酬金人士之酬金
介乎以下組別：
$5,000,001 to $5,500,000
5,000,001 元至 5,500,000 元
$6,000,001 to $6,500,000
6,000,001 元至 6,500,000 元
$6,500,001 to $7,000,000
6,500,001 元至 7,000,000 元
$7,500,001 to $8,000,000
7,500,001 元至 8,000,000 元
$9,500,001 to $10,000,000
9,500,001 元至 10,000,000 元
2017
二零一七年
Number of
Individuals
人數
2016
二零一六年
Number of
individuals
人數
1
–
1
–
1
–
1
1
1
–
138
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
9 Other comprehensive income
(a) Tax effects relating to each component of
other comprehensive income:
9 其他全面收益
(a) 有關其他全面收益各部份之稅務
影響：
2017
二零一七年
Tax benefit/
(expense)
稅務利益╱
（費用）
$’000 千元
Before-tax
amount
除稅前金額
$’000 千元
2016
二零一六年
Tax
benefit
Net-of-tax
amount
扣除稅項
Before-tax
amount
金額 除稅前金額
$’000 千元
$’000 千元
稅務利益
$’000 千元
Net-of-tax
amount
扣除稅項
金額
$’000 千元
Exchange differences on translation of
financial statements of subsidiaries
outside Hong Kong
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
Cash flow hedge: net movement in
the hedging reserve
現金流量對沖：對沖儲備淨變動
Remeasurement of employee retirement
benefit liabilities
僱員退休福利負債之重新計量
(87,588)
–
(87,588)
(41,943)
–
(41,943)
(1,063)
175
(888)
(260)
43
(217)
10,140
(1,561)
8,579
(13,704)
2,247
(11,457)
(78,511)
(1,386)
(79,897)
(55,907)
2,290
(53,617)
(b) Components of other comprehensive
(b) 其他全面收益之部份：
income:
Cash flow hedges:
現金流量對沖：
Effective portion of changes in fair value of hedging
instruments recognised during the year
年內確認之對沖工具公允值變動之有效部份
Amounts transferred to initial carrying amount of
hedged items
轉撥至對沖項目最初賬面值之金額
Net deferred tax credited to other comprehensive income
計入其他全面收益之遞延稅項淨額
Net movement in the hedging reserve during the
year recognised in other comprehensive income
年內於其他全面收益確認之對沖儲備淨變動
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
(6,129)
(1,114)
5,066
175
854
43
(888)
(217)
Annual Report 2016/2017 年度報告 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）
10 Earnings per share
(a) Basic earnings per share
The calculation of basic earnings per share is based on the profit
attributable to equity shareholders of the Company of $618,372,000
(2016: $530,616,000) and the weighted average number of
1,050,283,000 ordinary shares (2016: 1,042,467,000 ordinary shares)
in issue during the year, calculated as follows:
10 每股盈利
(a) 每股基本盈利
每股基本盈利乃根據本公司股權持有人應佔溢利
618,372,000 元（二零一六年：530,616,000 元）及
年內已發行普通股之加權平均股數 1,050,283,000
股（二零一六年：1,042,467,000 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
於四月一日之已發行普通股
Effect of share options exercised
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)）
2017
二零一七年
Number of shares
股份數目
’000 千股
2016
二零一六年
Number of shares
股份數目
’000 千股
1,047,330
1,039,515
2,953
2,952
1,050,283
1,042,467
(b) Diluted earnings per share
The calculation of diluted earnings per share is based on the profit
attributable to equity shareholders of the Company of $618,372,000
(2016: $530,616,000) and the weighted average number of
1,059,023,000 ordinary shares (2016: 1,053,076,000 ordinary shares)
after adjusting for the effects of all dilutive potential ordinary shares,
calculated as follows:
(b) 每股攤薄盈利
每股攤薄盈利乃根據本公司股權持有人應佔溢利
618,372,000 元（二零一六年：530,616,000 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 1,059,023,000 股（二
零一六年：1,053,076,000 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）
2017
二零一七年
Number of shares
股份數目
’000 千股
2016
二零一六年
Number of shares
股份數目
’000 千股
1,050,283
1,042,467
8,740
10,609
1,059,023
1,053,076
Weighted average number of ordinary shares
at 31st March (note 10(a))
於三月三十一日之普通股之加權平均股數（附註 10(a)）
Effect of deemed issue of ordinary shares under the
Company’s share option scheme for nil consideration
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）
140
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
11 Property, plant and equipment
(a)
11 物業、廠房及設備
(a)
Other property, plant and equipment
其他物業、廠房及設備
Fixtures,
furniture
and office
equipment
Motor
vehicles
Land and
buildings
held for
own use
Factory
machinery
and
equipment
Construction
in progress
Sub-total
Investment
properties
持有作
自用之
土地及樓宇
$’000 千元
工廠機器
及設備
$’000 千元
裝置、
傢俬及
辦公室設備
$’000 千元
汽車
$’000 千元
在建工程
$’000 千元
小計
$’000 千元
投資物業
$’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
Total
總計
$’000 千元
913,334
2,205,689
253,741
115,014
169,097
3,656,875
22,698
80,471
3,760,044
(16,067)
(34,247)
(1,646)
(1,018)
(9,461)
(62,439)
17,654
149,279
20,000
24,454
502,953
714,340
14,237
290,796
4,386
–
(309,419)
–
(777)
(37,092)
(7,832)
(8,716)
–
(54,417)
(76,268)
(257,421)
(21,376)
(644)
(1,869)
(357,578)
–
–
–
–
–
(3,289)
(65,728)
–
–
–
–
714,340
–
(54,417)
(357,578)
852,113
2,317,004
247,273
129,090
351,301
3,896,781
22,698
77,182
3,996,661
385,325
1,248,259
175,313
72,226
(5,487)
(15,127)
(857)
30,980
147,539
21,569
–
679
–
(546)
8,233
–
(188)
(33,980)
(5,291)
(8,161)
(52,024)
(164,267)
(21,158)
(520)
358,606
1,183,103
169,576
71,232
–
–
–
–
–
–
–
1,881,123
17,032
8,372
1,906,527
(22,017)
208,321
679
(47,620)
(237,969)
–
526
–
–
–
(365)
(22,382)
1,607
210,454
–
–
–
679
(47,620)
(237,969)
1,782,517
17,558
9,614
1,809,689
493,507
1,133,901
77,697
57,858
351,301
2,114,264
5,140
67,568
2,186,972
Cost:
成本：
At 1st April 2015
於二零一五年四月一日
Exchange adjustments
匯兌調整
Additions
添置
Transfer
轉撥
Disposals
出售
Classified as assets held for sale (note 19)
分類為持作出售資產（附註19）
At 31st March 2016
於二零一六年三月三十一日
Accumulated amortisation,
depreciation and impairment losses:
累計攤銷、折舊及減值虧損：
At 1st April 2015
於二零一五年四月一日
Exchange adjustments
匯兌調整
Charge for the year
本年度攤銷及折舊
Recognition of impairment losses
確認減值虧損
Written back on disposals
出售時撥回
Classified as assets held for sale (note 19)
分類為持作出售資產（附註19）
At 31st March 2016
於二零一六年三月三十一日
Net book value:
賬面淨值：
At 31st March 2016
於二零一六年三月三十一日
Annual Report 2016/2017 年度報告 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）
11 Property, plant and equipment (Continued)
(a)
(Continued)
11 物業、廠房及設備（續）
(a) （續）
Other property, plant and equipment
其他物業、廠房及設備
Fixtures,
furniture
and office
equipment
Motor
vehicles
Construction
in progress
Land and
buildings
held for
own use
Factory
machinery
and
equipment
Sub-total
Investment
properties
持有作
自用之
土地及樓宇
$’000 千元
工廠機器
及設備
$’000 千元
裝置、
傢俬及
辦公室設備
$’000 千元
汽車
$’000 千元
在建工程
$’000 千元
小計
$’000 千元
投資物業
$’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
Total
總計
$’000 千元
Cost:
成本：
At 1st April 2016
於二零一六年四月一日
Exchange adjustments
匯兌調整
Additions
添置
Transfer
轉撥
Disposals
出售
At 31st March 2017
於二零一七年三月三十一日
Accumulated amortisation,
depreciation and impairment losses:
累計攤銷、折舊及減值虧損：
At 1st April 2016
於二零一六年四月一日
Exchange adjustments
匯兌調整
Charge for the year
本年度攤銷及折舊
Recognition of impairment losses
確認減值虧損
Written back on disposals
出售時撥回
At 31st March 2017
於二零一七年三月三十一日
Net book value:
賬面淨值：
At 31st March 2017
於二零一七年三月三十一日
852,113
2,317,004
247,273
129,090
351,301
3,896,781
22,698
77,182
3,996,661
(27,928)
(70,289)
(3,581)
(2,255)
(17,514)
(121,567)
28,523
77,334
113,960
191,559
24,794
34,088
14,228
52,495
197,374
–
(339,607)
–
(75)
(27,559)
(4,960)
(6,958)
–
(39,552)
–
–
–
–
(4,446)
(126,013)
–
–
–
197,374
–
(39,552)
966,593
2,488,049
297,614
134,105
46,675
3,933,036
22,698
72,736
4,028,470
358,606
1,183,103
169,576
71,232
(9,250)
(27,791)
(1,934)
(1,020)
32,784
169,222
25,664
10,639
–
1,426
–
205
(68)
(25,359)
(3,976)
(6,503)
382,072
1,300,601
189,330
74,553
–
–
–
–
–
–
1,782,517
17,558
9,614
1,809,689
(39,995)
238,309
1,631
(35,906)
–
526
–
–
(580)
(40,575)
1,520
240,355
–
–
1,631
(35,906)
1,946,556
18,084
10,554
1,975,194
584,521
1,187,448
108,284
59,552
46,675
1,986,480
4,614
62,182
2,053,276
Government grants of $4,021,000 (2016: $30,839,000) 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
during the year.
年內從中國政府收取有關購置廠房及設備的政府
補助 4,021,000 元（二零一六年：30,839,000 元）已
從相關資產之成本扣除。
142
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
11 Property, plant and equipment (Continued)
(b) The analysis of net book value of properties is
11 物業、廠房及設備（續）
(b) 物業之賬面淨值之分析如下：
as follows:
In Hong Kong
香港
– medium-term leases
– 中期租約
Outside Hong Kong
香港以外地區
– freehold
– 永久業權
– long-term leases
– 長期租約
– medium-term leases
– 中期租約
– short-term leases
– 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
投資物業
Interests in leasehold land held for own use under operating leases
根據經營租賃持有作自用之租賃土地權益
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
122,396
131,309
75,378
10,289
77,230
11,040
443,249
346,567
5
69
651,317
566,215
584,521
493,507
4,614
62,182
5,140
67,568
651,317
566,215
(c) Property, plant and equipment held under
(c) 以融資租賃持有之物業、廠房及
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.
設備
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。
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 $3,005,000 (2016: $3,269,000). The Group’s obligations
under finance leases are secured by the lessor’s charge over the
leased assets.
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 3,005,000 元（二零一六年：
3,269,000 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。
Annual Report 2016/2017 年度報告 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）
11 Property, plant and equipment (Continued)
(d) Property, plant and equipment leased out
11 物業、廠房及設備（續）
(d) 根據經營租賃租出之物業、廠房
under operating leases
及設備
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：
Within one year
一年內
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
918
833
(e) The fair value of investment properties
The fair value of investment properties at 31st March 2017 is
$61,400,000 (2016: $53,800,000) which
is estimated at their
open market value by reference to recent market transactions in
comparable properties (2016: 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.
(e) 投資物業之公允值
投資物業於二零一七年三月三十一日之公允值
為 61,400,000 元（ 二 零 一 六 年：53,800,000 元），
此乃經參考可比較物業之近期市場交易後按公開
市場價值進行估計（二零一六年：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。
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:
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：
–
–
–
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;
– 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；
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
– 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。
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 0.94 to 1.04 (2016: 0.95 to 1.05).
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 0.94 至 1.04（二零一六
年：0.95 至 1.05）。
144
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
11 Property, plant and equipment (Continued)
(f) Property, plant and equipment pledged
11 物業、廠房及設備（續）
(f) 就銀行貸款抵押之物業、廠房及
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 21).
設備
以下物業、廠房及設備項目已予抵押，以擔保本
集團獲授之若干銀行貸款或銀行信貸（附註 21）。
Net book value of pledged assets:
抵押資產之賬面淨值：
Factory machinery and equipment
工廠機器及設備
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
62,768
67,871
(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 2017, the Group paid deposits totalling $1,125,000
(2016: $309,000) to acquire property, plant and equipment. The
remaining amount of the consideration for the acquisition is included
in capital commitments (note 28(a)).
於二零一七年三月三十一日，本集團為購置物
業、廠房及設備而支付訂金合共 1,125,000 元（二
零一六年：309,000 元）。購置代價之餘下金額計
入資本承擔（附註 28(a)）。
12 Intangible assets
12 無形資產
Cost:
成本：
At 1st April 2015
於二零一五年四月一日
Exchange adjustments
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
於二零一五年四月一日
Exchange adjustments
匯兌調整
Charge for the year
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：
At 31st March 2016
於二零一六年三月三十一日
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
10,958
–
10,958
18,357
151
18,508
2,590
10,958
13,548
63
367
–
–
63
367
3,020
10,958
13,978
4,530
–
4,530
Annual Report 2016/2017 年度報告 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）
12 Intangible assets (Continued)
12 無形資產（續）
Cost:
成本：
At 1st April 2016
於二零一六年四月一日
Exchange adjustments
匯兌調整
At 31st March 2017
於二零一七年三月三十一日
Accumulated amortisation:
累計攤銷：
At 1st April 2016
於二零一六年四月一日
Exchange adjustments
匯兌調整
Charge for the year
本年度攤銷
At 31st March 2017
於二零一七年三月三十一日
Net book value:
賬面淨值：
At 31st March 2017
於二零一七年三月三十一日
Brand
name
品牌名稱
$’000 千元
Customer
list
客戶名單
$’000 千元
Total
總計
$’000 千元
7,550
10,958
18,508
(259)
–
(259)
7,291
10,958
18,249
3,020
10,958
13,978
(106)
367
–
–
(106)
367
3,281
10,958
14,239
4,010
–
4,010
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。
146
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(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:
成本：
At 1st April
於四月一日
Exchange adjustments
匯兌調整
At 31st March
於三月三十一日
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
36,547
(1,254)
35,293
35,813
734
36,547
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% (2016:
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%（二零一六年：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
– 毛利率
– Average annual sales growth rate for the three-year period
– 於三年期間之平均年銷售增長率
– Pre-tax discount rate
– 除稅前折現率
2017
二零一七年
2016
二零一六年
34.8%
13.4%
14.0%
35.0%
12.0%
14.0%
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.
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。
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.
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。
Annual Report 2016/2017 年度報告 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）
14 Subsidiaries
The following list contains the particulars of the subsidiaries of the
Group. The class of shares held is ordinary unless otherwise stated.
14 附屬公司
下表載有本集團附屬公司之詳情。除另有註明
外，本集團持有之股份類別均為普通股。
All of these are controlled subsidiaries as defined under note 1(d) and
have been consolidated into the Group’s financial statements.
此等附屬公司均為附註 1(d) 所界定之受控制附屬
公司，並在本集團之財務報表內綜合計算。
Proportion of
ownership interest
擁有權權益比率
held by the
Company
本公司
持有
%
held by a
subsidiary
附屬公司
持有
%
100
–
Place of
incorporation/
establishment
and operation
Particulars of
issued and
paid-up
capital
註冊成立╱
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
The PRC
中國
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
Name of company
公司名稱
Vitasoy USA Inc.
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)）
Vitasoy (China) Investments
Company Limited
維他奶（中國）投資有限公司
85
–
–
Hong Kong
香港
2 shares
2 股股份
100
Principal
activities
主要業務
Manufacture
and sale of
soya related
products
(note 19)
生產及銷售
豆製產品
（附註 19）
Manufacture
and sale of
beverages
生產及
銷售飲品
Investment
holding
投資控股
148
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(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
公司名稱
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
Vitasoy Australia Products
Pty. Ltd. (“VAP”)
（「VAP」）
Place of
incorporation/
establishment
and operation
Particulars of
issued and
paid-up
capital
註冊成立╱
成立及
營業地點
已發行及
繳足股本詳情
Proportion of
ownership interest
擁有權權益比率
held by the
Company
本公司
持有
%
held by a
subsidiary
附屬公司
持有
%
The PRC
HK$219,461,176
中國 港幣 219,461,176 元
–
100
100
–
–
51
Hong Kong
香港
2 shares
2 股股份
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
Vitasoja (Macau) Limitada
維他奶（澳門）有限公司
Macau
MOP100,000
澳門 澳門幣 100,000 元
100
–
Produtos De Soja Hong Kong
(Macau) Limitada
香港荳品（澳門）有限公司
Macau
MOP10,000
澳門 澳門幣 10,000 元
–
100
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
–
Hong Kong Gourmet Limited
香港美食有限公司
Hong Kong
香港
2 shares
2 股股份
–
100
Principal
activities
主要業務
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
Distribution
of beverages
分銷飲品
Dormant
暫無營業
Operation of
tuck shops and
concessions
經營學校小食部
及小食攤位
Provision of
catering
services
提供餐飲服務
Annual Report 2016/2017 年度報告 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）
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
註冊成立╱
成立及
營業地點
已發行及
繳足股本詳情
Hong Kong
香港
2 shares
2 股股份
Singapore
新加坡
Hong Kong
香港
S$2,500,000
2,500,000 坡元
1 share
1 股股份
Malta
馬爾他
Hong Kong
香港
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
1 share
1 股股份
公司名稱
The Hong Kong Soya Bean
Products Company,
Limited
香港荳品有限公司
Vitasoy Distributors
(Singapore) Pte. Ltd.
Vitasoy Investment
Holdings Limited
維他奶投資控股有限公司
Vitasoy Holdings (Malta)
Limited
Vitasoy International
Investment Limited
維他奶國際投資有限公司
Vitasoy Investment
(Singapore) Pte. Ltd.
Unicurd Food Co. (Private)
Limited
統一食品（私人）有限公司
100
–
Singapore
新加坡
S$10,000
10,000 坡元
Singapore
新加坡
S$1,800,000
1,800,000 坡元
–
–
100
100
Proportion of
ownership interest
擁有權權益比率
held by the
Company
本公司
持有
%
held by a
subsidiary
附屬公司
持有
%
–
–
–
100
100
100
–
100 Sales of beverages
and exploitation
of intellectual
rights of property
銷售飲品及
運用知識產權
Principal
activities
主要業務
Property
investment
物業投資
Dormant
暫無營業
Investment
holding
投資控股
Investment
holding
投資控股
Investment
holding
投資控股
Manufacture
and sale of
soya related
products
生產及銷售
豆製產品
Investment
holding
投資控股
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
–
150
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(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
公司名稱
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)）
Place of
incorporation/
establishment
and operation
Particulars of
issued and
paid-up
capital
註冊成立╱
成立及
營業地點
已發行及
繳足股本詳情
Proportion of
ownership interest
擁有權權益比率
held by the
Company
本公司
持有
%
held by a
subsidiary
附屬公司
持有
%
Principal
activities
主要業務
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
–
–
附註：
85
100
Manufacture
and sale of
beverages
生產及銷售飲品
Manufacture
and sale of
beverages
生產及銷售飲品
Notes:
(i)
(ii)
(iii)
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.
(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
公司，經營期至二零四九年止。
Vitasoy (Shanghai) Company Limited is a wholly foreign owned
subsidiary established in the PRC and is to be operated up to 2045.
(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。
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公司，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。
Annual Report 2016/2017 年度報告 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）
14 Subsidiaries (Continued)
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.
14 附屬公司（續）
下表載列有關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 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
2017
Vitasoy Foshan
佛山維他奶
2017
2016
二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
2017
2016
2016
VAP
NCI percentage
非控股權益百分比
Current assets
流動資產
Non-current assets
非流動資產
Current liabilities
流動負債
Non-current liabilities
非流動負債
Net assets
淨資產
Carrying amount of NCI
非控股權益之賬面值
Revenue
收入
Profit for the year
本年度溢利
Total comprehensive
income
全面收益總額
Profit allocated to NCI
分配至非控股權益
之溢利
Dividend paid to NCI
向非控股權益派發股息
Cash flows generated
from operating
activities
經營活動所得現金流量
Cash flows used in
investing activities
投資活動所用現金流量
Cash flows (used in)/
generated from
financing activities
融資活動（所用）╱
所得現金流量
15%
15%
15%
15%
49%
49%
107,601
189,525
131,925
141,795
166,669
156,264
182,800
216,695
561,370
640,058
196,277
197,353
(42,997)
(126,692)
(103,607)
(422,533)
(105,240)
(106,794)
–
–
(219,130)
–
(1,293)
(9,475)
247,404
279,528
370,558
359,320
256,413
237,348
37,111
41,929
55,584
53,898
125,642
116,301
469,157
626,322
767,265
585,794
472,240
420,088
42,172
60,568
68,074
50,511
37,520
36,665
42,172
60,568
68,074
50,511
37,748
35,078
6,326
9,085
10,211
7,577
18,385
17,966
8,951
6,991
5,385
10,499
9,129
7,073
70,300
67,049
63,008
164,890
71,522
38,914
(4,437)
(47,818)
(22,073)
(251,076)
(13,506)
(20,941)
(57,598)
(47,295)
(37,761)
70,290
(51,731)
(31,122)
152
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
15 Interest in joint venture
Details of the Group’s interest in the joint venture, which is accounted
for using the equity method in the consolidated financial statements,
are as follows:
15 於合營公司之權益
本集團於合營公司之權益（其採用權益法於綜合
財務報表內入賬）詳情如下：
Name of
joint venture
Form of
business
structure
Place of
incorporation
and business
合營公司名稱
業務架構形式
註冊成立及營業地點
Particular of
issued and
paid-up
capital
已發行及
繳足股本詳情
Vitasoy-URC, Inc.
Incorporated
註冊成立
The Republic of
the Philippines
(“the Philippines”)
菲律賓共和國
（「菲律賓」）
Registered
capital of
PHP10,000,000
註冊資本
10,000,000 披索
Proportion of ownership interest
擁有權權益比率
Group’s
effective Held by the
Company
interest
本公司
本集團之
持有
實際權益
%
%
50
–
Held by a
subsidiary
附屬公司
Principal
activity
持有 主要業務
%
50
Sale of
beverages
(note 1)
銷售飲品
（附註1）
Note 1: Vitasoy-URC, Inc. was established by the Company with a major
branded consumer food and beverage company in the Philippines,
the other investor to this joint venture, for sales of the Group’s
plant-based beverages in the Philippines. Vitasoy-URC, Inc. is mainly
engaged in the sale of beverages.
附註 1： Vitasoy-URC, Inc. 由本公司與一家菲律賓
主要品牌消費飲品食品公司（為該合營
公司之另一名投資者）成立，以於菲律
賓銷售本集團以植物成分為主之飲品。
Vitasoy-URC, Inc. 主要從事飲品銷售。
16 Inventories
(a)
Inventories in the consolidated statement of
financial position comprise:
16 存貨
(a) 綜合財務狀況表中之存貨包括：
Raw materials
原材料
Finished goods
製成品
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
329,754
252,692
582,446
317,051
211,213
528,264
Annual Report 2016/2017 年度報告 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）
16 Inventories (Continued)
(b) The analysis of the amount of inventories
recognised as an expense and included in
profit or loss is as follows:
16 存貨（續）
(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
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
2,530,493
2,789,077
5,664
19,062
2,536,157
2,808,139
17 Trade and other receivables
17 應收賬款及其他應收款
Trade debtors and bills receivable
應收賬款及應收票據
Less: Allowance for doubtful debts (note 17(b))
減：呆壞賬撥備（附註 17(b)）
Other debtors, deposits and prepayments
其他應收款、按金及預付款項
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
677,129
(3,375)
673,754
226,249
900,003
637,940
(1,227)
636,713
190,914
827,627
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 $37,634,000 (2016: $29,691,000). 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 37,634,000 元（二
零一六年：29,691,000 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。
(a) Ageing analysis
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:
(a) 賬齡分析
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：
154
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
17 Trade and other receivables (Continued)
(a) Ageing analysis (Continued)
17 應收賬款及其他應收款（續）
(a) 賬齡分析（續）
Within three months
三個月內
Three to six months
三至六個月
Over six months
六個月以上
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
648,675
620,989
23,270
1,809
14,154
1,570
673,754
636,713
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 27(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 27(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(k)(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(k)(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
於四月一日
Exchange adjustments
匯兌調整
Impairment losses recognised
確認減值虧損
Uncollectible amounts written off
不可收回金額之撇銷
At 31st March
於三月三十一日
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
1,227
(34)
4,186
(2,004)
3,375
1,287
(4)
141
(197)
1,227
Annual Report 2016/2017 年度報告 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）
17 Trade and other receivables (Continued)
(b) Impairment of trade debtors and bills
17 應收賬款及其他應收款（續）
(b) 應收賬款及應收票據之減值（續）
receivable (Continued)
At 31st March 2017, the Group’s trade debtors and bills receivable
of $3,375,000 (2016: $1,227,000) 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.
於二零一七年三月三十一日，本集團之應收賬款
及應收票據 3,375,000 元（二零一六年：1,227,000
元）乃個別釐定為已減值。該等已個別減值之應
收款與有財務困難之客戶有關。本集團並無就此
等結餘持有任何抵押品。
(c) Trade debtors and bills receivable that are
(c) 並無減值之應收賬款及應收票據
not impaired
The ageing analysis of trade debtors and bills receivable that are
neither individually nor collectively considered to be impaired are 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：
Neither past due nor impaired
無逾期亦無減值
Less than one month past due
逾期少於一個月
One to three months past due
逾期一至三個月
More than three months but less than twelve months past due
逾期超過三個月但少於十二個月
More than twelve months past due
逾期超過十二個月
Amounts past due
逾期金額
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
557,823
106,488
8,398
1,042
3
507,616
108,832
15,966
4,237
62
115,931
129,097
673,754
636,713
Receivables that were neither past due nor impaired relate to a wide
range of customers for whom there was no recent history of default.
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。
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.
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，同時認為該等
結餘仍可全數收回。本集團並無就該等結餘持有
任何抵押品。
156
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
18 Cash and bank deposits
(a) Cash and bank deposits comprise:
18 現金及銀行存款
(a) 現金及銀行存款包括：
Cash at bank and in hand
銀行結存及庫存現金
Bank deposits maturing within three months when placed
存款期於三個月內之銀行存款
Cash and cash equivalents in the consolidated cash flow statement
綜合現金流量表內之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
綜合財務狀況表內之現金及銀行存款
Long-term bank deposits
長期銀行存款
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
258,387
594,262
852,649
470
853,119
–
853,119
221,088
50,157
271,245
486
271,731
1,406
273,137
At 31st March 2017, certain Renminbi (“RMB”) and United States
dollars bank balances totalling $122,785,000 (2016: $55,921,000 for
RMB) 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.
於二零一七年三月三十一日，若干以人民幣及美
元計值之銀行結存合共 122,785,000 元（二零一六
年以人民幣計值之銀行結存：55,921,000 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。
Annual Report 2016/2017 年度報告 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）
18 Cash and bank deposits (Continued)
(b) Reconciliation of profit before taxation to
cash generated from operations:
18 現金及銀行存款（續）
(b) 除稅前溢利與經營業務所得現金
之對賬：
Profit before taxation
除稅前溢利
Adjustments for:
調整：
– Share of losses of joint venture
– 應佔合營公司虧損
– Net gain on disposal of assets and liabilities held for sale
– 出售持作出售之資產及負債之淨收益
– Depreciation of property, plant and equipment
– 物業、廠房及設備之折舊
– Depreciation of investment properties
– 投資物業之折舊
– Amortisation of 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之攤銷
– Amortisation of intangible assets
– 無形資產之攤銷
– Recognition of impairment losses on property,
plant and equipment
– 確認物業、廠房及設備之減值虧損
– Interest on bank loans
– 銀行貸款之利息
– Finance charges on obligations under finance leases
– 融資租賃債務之財務費用
– Interest income
– 利息收入
– Net loss on disposal of property, plant and equipment
– 出售物業、廠房及設備之虧損淨額
– Net (gain)/loss on forward exchange contracts not
designated as hedging instruments
– 非指定為對沖工具之遠期外匯合約之淨（收益）╱虧損
– Equity settled share-based payment expenses
– 以股份為付款基礎之費用
– Foreign exchange gain
– 匯兌收益
Note 附註
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
843,677
599,308
19
5(c)
5(c)
5(c)
5(c)
5(c)
5(a)
5(a)
4
5(c)
5(c)
5(b)
627
(189,595)
–
–
238,309
208,321
526
1,520
367
1,631
3,529
201
(5,314)
2,634
(124)
11,739
(214)
526
1,607
367
679
3,768
276
(2,002)
5,110
2,190
12,393
(1,393)
158
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
18 Cash and bank deposits (Continued)
(b) Reconciliation of profit before taxation to
cash generated from operations: (Continued)
18 現金及銀行存款（續）
(b) 除稅前溢利與經營業務所得現金
之對賬：（續）
Note 附註
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
Changes in working capital:
營運資金變動：
– Increase in inventories
– 存貨增加
– Increase in trade and other receivables
– 應收賬款及其他應收款增加
– Increase in trade and other payables
– 應付賬款及其他應付款增加
– Increase in employee retirement benefit liabilities
– 僱員退休福利負債增加
Cash generated from operations
經營業務所得現金
(73,470)
(46,258)
275,670
4,173
(18,121)
(89,402)
21,756
4,095
1,069,628
749,478
19 Disposal group held for sale
The assets and liabilities of Vitasoy USA Inc. attributable to the
Disposal had been classified as a disposal group held for sale and
were presented separately in the consolidated statement of financial
position as at 31st March 2016. The Disposal was completed on
9th May 2016 at a consideration of US$51.4 million (equivalent to
approximately HK$398.9 million). All the assets and liabilities held
for sale were derecognised upon completion and a pre-tax gain of
US$24.4 million (equivalent to approximately HK$189.6 million) was
recognised as other income for the year ended 31st March 2017.
19 持作出售之出售組合
Vitasoy USA Inc. 有關出售事項之資產及負債已分
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。出售事項於
二 零 一 六 年 五 月 九 日 完 成， 代 價 為 51,400,000
美 元（ 相 等 於 約 港 幣 398,900,000 元）。 於 完 成
後，所有持作出售之資產及負債已終止確認，而
24,400,000 美元（相等於約港幣 189,600,000 元）之
除稅前收益已確認為截至二零一七年三月三十一
日止年度之其他收入。
As at 31st March 2017, there was balance of the consideration of
US$5 million (equivalent to approximately HK$38.8 million) held in
an escrow account which was recorded in other receivables.
於二零一七年三月三十一日，託管賬戶所持之代
價結餘 5,000,000 美元（相等於約港幣 38,800,000
元）於其他應收款內入賬。
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. 繼續從香港進口
飲品產品於北美洲銷售。
Annual Report 2016/2017 年度報告 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）
19 Disposal group held for sale (Continued)
The details of the Disposal are as follows:
19 持作出售之出售組合（續）
出售事項之詳情如下：
Consideration received and receivable
已收代價及應收款
Net assets of disposal group as at the date of disposal
出售組別於出售日期之淨資產
Carrying amount of property, plant and equipment
物業、廠房及設備之賬面值
Carrying amount of inventories
存貨之賬面值
Carrying amount of trade and other receivables
應收賬款及其他應收款之賬面值
Carrying amount of trade and other payables
應付賬款及其他應付款之賬面值
Transaction costs
交易成本
Net gain on disposal of assets and liabilities classified as held for sale (note 3(b))
出售分類為持作出售之資產及負債之淨收益（附註 3(b)）
Total consideration satisfied by cash
以現金支付之代價總額
Cash to be received
將收到之現金
Transaction costs
交易成本
Net cash inflow on disposal of assets and liabilities held for sale
出售持作出售之資產及負債之現金流入淨額
2017
二零一七年
$’000 千元
398,874
(118,029)
(40,046)
(54,897)
25,544
(21,851)
189,595
398,874
(38,797)
360,077
(21,851)
338,226
160
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
20 Trade and other payables
20 應付賬款及其他應付款
Trade creditors and bills payable
應付賬款及應付票據
Accrued expenses and other payables
應計費用及其他應付款
Derivative financial instruments
衍生金融工具
2017
二零一七年
$’000 千元
497,239
969,047
618
2016
二零一六年
$’000 千元
416,294
868,395
2,190
1,466,904
1,286,879
All of the trade and other payables are expected to be settled within
one year, except for customer deposits amounting to $15,864,000
(2016: $15,545,000) 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 15,864,000 元（ 二 零 一 六 年：
15,545,000 元）之客戶按金則預期於超過一年後償
還。
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
三個月內
Three to six months
三至六個月
Over six months
六個月以上
2017
二零一七年
$’000 千元
496,435
431
373
497,239
2016
二零一六年
$’000 千元
401,024
14,364
906
416,294
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。
21 Bank loans
At 31st March 2017, the bank loans were repayable as follows:
Within one year or on demand
一年內或按要求
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
21 銀行貸款
於二零一七年三月三十一日，銀行貸款須於下列
期限償還：
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
7,329
150,000
50,000
200,000
207,329
139,652
107,341
100,000
207,341
346,993
Annual Report 2016/2017 年度報告 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）
21 Bank loans (Continued)
At 31st March 2017, bank
loans totalling $7,329,000 (2016:
$27,986,000) are secured by charges over property, plant and
equipment with net book value totalling $62,768,000 (2016:
$67,871,000) (note 11(f)).
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 27(b). As at 31st March 2017 and
2016, none of the covenants relating to the drawn down facilities
had been breached.
21 銀行貸款（續）
於 二 零 一 七 年 三 月 三 十 一 日， 合 共 7,329,000
元（ 二 零 一 六 年：27,986,000 元）之 銀 行 貸 款 乃
以 賬 面 淨 值 合 共 62,768,000 元（ 二 零 一 六 年：
67,871,000 元）之物業、廠房及設備作為抵押擔保
（附註 11(f)）。
本集團若干銀行信貸須符合與若干財務比率有關
之契諾，此乃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。本集團定期監察其遵守該等
契諾之情況。有關本集團管理流動資金風險之進
一步詳情載於附註 27(b)。於二零一七年及二零
一六年三月三十一日，本集團概無違反任何有關
提取信貸之契諾。
22 Obligations under finance leases
At 31st March 2017, the Group had obligations under finance leases
repayable as follows:
22 融資租賃之債務
於二零一七年三月三十一日，本集團根據融資租
賃須償還之債務如下：
2017
二零一七年
2016
二零一六年
Present
value of the
minimum
lease
payments
最低租賃
付款之現值
$’000 千元
Total
minimum
lease
payments
最低租賃
付款總額
$’000 千元
Present
value of the
minimum
lease
payments
最低租賃
付款之現值
$’000 千元
Total
minimum
lease
payments
最低租賃
付款總額
$’000 千元
1,221
1,340
909
–
909
2,130
930
–
930
2,270
(140)
2,130
1,135
1,223
911
2,134
3,269
1,342
1,341
933
2,274
3,616
(347)
3,269
Within one year
一年內
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
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
162
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
23 Employee retirement benefits
The Group operates and participates in a number of defined
contribution and defined benefit retirement plans in and outside
Hong Kong.
23 僱員退休福利
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
(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.
(a) 界定供款退休計劃
(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%。
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.
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)
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.
(ii) 中國附屬公司之僱員均為中國政府設立之
中央退休金計劃之成員。本集團須按僱員
酬 金 之 若 干 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。
(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.
(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。
Annual Report 2016/2017 年度報告 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 Employee retirement benefits (Continued)
(b) Defined benefit retirement plans
At 31st March 2017, the Group recognised employee retirement
benefit liabilities in respect of the following employee retirement
benefits:
23 僱員退休福利（續）
(b) 界定福利退休計劃
於二零一七年三月三十一日，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 23(c)(i))
– 退休金（附註 23(c)(i)）
– long service payments (note 23(d))
– 長期服務金（附註 23(d)）
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
16,508
5,557
22,065
22,132
5,901
28,033
(c) Retirement gratuities
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.
(c) 退休金
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。
164
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
23 Employee retirement benefits (Continued)
(c) Retirement gratuities (Continued)
The latest actuarial valuation of the Plan was at 31st March 2017 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 79% (2016: 74%) covered by the plan
assets held by the trustee.
23 僱員退休福利（續）
(c) 退休金（續）
該 計 劃 之 最 新 精 算 估 值 乃 於 二 零 一 七 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 79%
（二零一六年：74%）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
全面資助責任之現值
Fair value of plan assets
計劃資產之公允值
Employee retirement benefit liabilities
僱員退休福利負債
2017
二零一七年
$’000 千元
79,494
(62,986)
2016
二零一六年
$’000 千元
85,403
(63,271)
16,508
22,132
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
$160,000 in contributions to defined benefit retirement plan during
the year ending 31st March 2018 (2016: $225,000).
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
一八年三月三十一日止年度向界定福利退休計劃
支付供款 160,000 元（二零一六年：225,000 元）。
Annual Report 2016/2017 年度報告 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）
23 Employee retirement benefits (Continued)
(c) Retirement gratuities (Continued)
Plan assets consist of the following:
(ii)
23 僱員退休福利（續）
(c) 退休金（續）
(ii) 計劃資產包括下列各項：
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
12,577
14,883
5,266
4,990
1,704
19,250
43,787
6,077
5,752
6,177
18,006
1,193
62,986
4,772
4,201
4,007
17,821
45,684
9,727
2,345
5,237
17,309
278
63,271
Plan assets with quoted price in active market
於活躍市場報價之計劃資產
Equities
股票
– Financial
– 財務
– Consumer discretionary
– 非必需消費品
– Industrials
– 工業
– Consumer staples
– 必需消費品
– Other
– 其他
Bonds
債券
– Corporate bonds
– 公司債券
– Government-related bonds
– 政府相關債券
– Treasury bonds
– 國債
Money instruments
貨幣工具
Total quoted plan assets
已報價計劃資產總值
166
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
23 Employee retirement benefits (Continued)
(c) Retirement gratuities (Continued)
(iii) Movements in the present value of the defined benefit
23 僱員退休福利（續）
(c) 退休金（續）
(iii) 界定福利責任之現值變動如下：
obligations are as follows:
At 1st April
於四月一日
Remeasurement:
重新計量：
– Actuarial losses arising from changes in
demographic assumptions
– 由人口統計假設改變所致之精算虧損
– Actuarial (gains)/losses arising from changes in
financial assumptions
– 由財務假設改變所致之精算（收益）╱虧損
Benefits paid by the Plan
該計劃已付福利
Current service cost
現有服務成本
Interest cost
利息成本
At 31st March
於三月三十一日
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
85,403
83,633
147
–
(5,503)
(5,307)
3,824
930
5,441
(8,475)
3,749
1,055
79,494
85,403
The weighted average duration of the defined benefit obligation is 9
years (2016: 8 years).
界定福利責任之加權平均期限為 9 年（二零一六
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
於四月一日
Contributions paid to the Plan
向該計劃作出之供款
Benefits paid by the Plan
該計劃已付福利
Administrative expenses paid from plan assets
由計劃資產支付之行政費用
Return on plan assets, excluding interest income
計劃資產回報，不包括利息收入
Interest income
利息收入
At 31st March
於三月三十一日
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
63,271
192
(5,307)
(91)
4,235
686
76,394
225
(8,475)
(193)
(5,641)
961
62,986
63,271
Annual Report 2016/2017 年度報告 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）
23 Employee retirement benefits (Continued)
(c) Retirement gratuities (Continued)
(v) Net income/expenses recognised in the consolidated statement
of profit or loss and other comprehensive income are as follows:
23 僱員退休福利（續）
(c) 退休金（續）
(v) 於綜合損益及其他全面收益表確認之收入╱
開支淨額如下：
Current service cost
現有服務成本
Administrative expenses paid from plan assets
由計劃資產支付之行政費用
Net interest on net defined benefit liability
界定福利負債淨額之淨利息
Total amounts recognised in profit or loss
於損益確認之總額
Actuarial (gains)/losses
精算（收益）╱虧損
Return on plan assets, excluding interest income
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之總額
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
3,824
91
244
4,159
(5,356)
(4,235)
(9,591)
3,749
193
94
4,036
5,441
5,641
11,082
Total defined benefit (income)/expenses
界定福利總（收入）╱開支
(5,432)
15,118
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：
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
787
1,172
1,666
534
4,159
845
1,112
1,533
546
4,036
Cost of sales
銷售成本
Marketing, selling and distribution expenses
推廣、銷售及分銷費用
Administrative expenses
行政費用
Other operating expenses
其他經營費用
168
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
23 Employee retirement benefits (Continued)
(c) Retirement gratuities (Continued)
(vi) Significant actuarial assumptions and sensitivity analysis are as
23 僱員退休福利（續）
(c) 退休金（續）
(vi) 重大精算假設及敏感性分析如下：
follows:
Discount rate
折現率
Future salary increases
未來薪金增幅
2017
二零一七年
2016
二零一六年
1.60%
1.10%
4.0% per annum
每年 4.0%
4.5% per annum
每年 4.5%
The below analysis shows how the defined benefit obligations
would have increased/(decreased) as a result of 0.5% change in the
significant actuarial assumptions:
以下分析顯示界定福利責任因重大精算假設 0.5%
變動而上升╱（下跌）：
2017
二零一七年
Increase in 0.5% Decrease in 0.5%
下跌 0.5%
$’000 千元
上升 0.5%
$’000 千元
2016
二零一六年
Increase in 0.5% Decrease in 0.5%
下跌 0.5%
$’000 千元
上升 0.5%
$’000 千元
(3,137)
3,342
3,366
(3,190)
(3,683)
3,906
3,934
(3,695)
Discount rate
折現率
Future salary increases
未來薪金增幅
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
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.
(d) 長期服務金
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就履行任何剩餘責任提供
所需之資金。
An actuarial valuation of long service payments was also carried out
at 31st March 2017, by independent professionally qualified actuaries
at Willis Towers Watson, using the projected unit credit method.
長期服務金亦於二零一七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。
Annual Report 2016/2017 年度報告 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）
23 Employee retirement benefits (Continued)
(d) Long service payments (Continued)
The amounts recognised in the consolidated statement of financial
position are as follows:
23 僱員退休福利（續）
(d) 長期服務金（續）
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
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
5,557
5,901
A portion of the above liabilities is expected to be settled after
more than one year. However, it is not practical to segregate this
amount from the amounts payable in the next twelve months, as the
retirement benefit payable will also depend on staff turnover and
future changes in actuarial assumptions.
預期上述負債部份將於超過一年後清償。然而，
由於應付退休福利亦將視乎員工流動率及精算假
設日後之變動而定，故將此款額自未來十二個月
內所應支付之金額中抽離並不可行。
24 Equity settled share-based
24 以股份為付款基礎之交易
transactions
The Company adopted a share option scheme on 4th September
2002 (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，為以下之較
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。
170
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
24 Equity settled share-based
24 以股份為付款基礎之交易
transactions (Continued)
（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
2017
二零一七年
2016
二零一六年
Contractual
life of
options
購股權之
合約年期
Remaining
contractual
life
尚餘
合約年期
Exercise
price
行使價
$元
Number of
options
購股權之
數目
’000 千股
Remaining
contractual
life
尚餘
合約年期
Number of
options
購股權之
數目
’000 千股
5/6/2006
21/7/2009
9/6/2010
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
24/6/2016
6/9/2016
2/3/2017
5/6/2007 to 4/6/2016
5/6/2007 至 4/6/2016
21/7/2010 to 20/7/2019
21/7/2010至 20/7/2019
9/6/2011 to 8/6/2020
9/6/2011 至 8/6/2020
15/6/2012 to 14/6/2021
15/6/2012至 14/6/2021
8/9/2012 to 7/9/2021
8/9/2012 至 7/9/2021
22/6/2013 to 21/6/2022
22/6/2013至 21/6/2022
31/8/2013 to 30/8/2022
31/8/2013至 30/8/2022
2/4/2015 to 1/4/2023
2/4/2015 至 1/4/2023
28/6/2014 to 27/6/2023
28/6/2014至 27/6/2023
9/9/2014 to 8/9/2023
9/9/2014 至 8/9/2023
2/7/2015 to 1/7/2024
2/7/2015 至 1/7/2024
10/9/2015 to 9/9/2024
10/9/2015至 9/9/2024
26/6/2016 to 25/6/2025
26/6/2016至 25/6/2025
14/9/2016 to 13/9/2025
14/9/2016至 13/9/2025
24/6/2017 to 23/6/2026
24/6/2017至 23/6/2026
6/9/2017 to 5/9/2026
6/9/2017 至 5/9/2026
2/3/2019 to 1/3/2027
2/3/2019 至 1/3/2027
10 years 年
2.900
–
10 years 年
4.580
2 years年
–
–
2 months 月
3 years 年
10 years 年
6.022
3 years年
352
4 years 年
10 years 年
6.424
4 years年
888
5 years 年
10 years 年
6.358
4 years年
1,740
5 years 年
10 years 年
6.274
5 years年
378
6 years 年
10 years 年
6.400
5 years年
2,822
6 years 年
10 years 年
9.090
6 years年
1,000
7 years 年
10 years 年
9.370
6 years年
3,022
7 years 年
10 years 年
9.370
6 years年
1,704
7 years 年
10 years 年
10.080
7 years年
3,070
8 years 年
10 years 年
10.080
7 years年
1,792
8 years 年
10 years 年
13.600
8 years年
3,498
9 years 年
10 years 年
13.600
8 years年
1,588
9 years 年
10 years 年
14.792
9 years年
10 years 年
14.792
9 years年
10 years 年
15.440
10 years年
3,434
1,420
326
–
–
–
30
234
404
992
1,740
2,231
2,822
1,900
4,090
1,704
4,089
1,792
4,124
1,588
–
–
–
27,034
27,740
Annual Report 2016/2017 年度報告 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）
24 Equity settled share-based
24 以股份為付款基礎之交易
transactions (Continued)
（續）
(Continued)
(a)
Except for the options granted on 2nd April 2013 and 2nd March
2017 which were 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:
(a) （續）
除於二零一三年四月二日及二零一七年三月二日
授出之購股權已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
授出日期起計一週年或其後
On or after 2nd year anniversary of the date of grant
授出日期起計兩週年或其後
On or after 3rd year anniversary of the date of grant
授出日期起計三週年或其後
On or after 4th year anniversary of the date of grant
授出日期起計四週年或其後
Percentage of
options granted
佔獲授購股權之
百分比
25%
another 另 25%
another 另 25%
another 另 25%
During the year, 2,108,000 options (2016: 6,909,000 options) were
exercised under the 2002 Share Option Scheme, and 2,254,000
options (2016: 905,000) were exercised under the 2012 Share Option
Scheme.
年 內，2,108,000 份 購 股 權（ 二 零 一 六 年：
6,909,000 份 購 股 權）根 據 二 零 零 二 年 購 股 權 計
劃已獲行使及 2,254,000 份購股權（二零一六年：
905,000 份）根據二零一二年購股權計劃已獲行
使。
172
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
24 Equity settled share-based
24 以股份為付款基礎之交易
transactions (Continued)
（續）
(b) The number and weighted average exercise prices of share
(b) 購股權之數目及加權平均行使價如下：
options are as follows:
2017
二零一七年
2016
二零一六年
Weighted
average
exercise
price
加權平均
行使價
$ 元
9.431
7.916
Number of
options
購股權之
數目
’000 千股
27,740
(4,362)
Weighted
average
exercise
price
加權平均
行使價
$ 元
7.789
6.207
14.832
5,262
13.600
Number of
options
購股權之
數目
’000 千股
29,842
(7,814)
5,712
10.848
(1,606)
–
–
10.642
27,034
9.431
27,740
13,871
12,747
Outstanding at 1st April
於四月一日尚未行使
Exercised during the year
於年內行使
Granted during the year
於年內授出
Forfeited on termination of
employment of eligible participants
or lapsed during the year
因合資格參與者離職而
於年內沒收或失效
Outstanding at 31st March
於三月三十一日尚未行使
Exercisable at 31st March
於三月三十一日可行使
The weighted average share price at the date of exercise for share
options exercised during the year was $14.655 (2016: $12.490).
已行使之購股權於年內之行使日期之加權平均股
價為 14.655 元（二零一六年：12.490 元）。
(c) Fair value of share options and assumptions
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.
(c) 購股權之公允值及假設
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。
Annual Report 2016/2017 年度報告 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）
24 Equity settled share-based
24 以股份為付款基礎之交易
transactions (Continued)
（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：
5/6/2006 21/7/2009
9/6/2010 15/6/2011
8/9/2011 22/6/2012 31/8/2012
2/4/2013 28/6/2013
Date of grant 授出日期
9/9/2013
2/7/2014 10/9/2014 26/6/2015 14/9/2015 24/6/2016
6/9/2016
2/3/2017
Fair value at
measurement date
於計量日期之公允值
Share price
股價
Exercise price
行使價
Expected volatility
預期波幅
Expected option life
預期購股權之有效期
Expected dividends
預期股息
Risk-free interest rate
無風險利率
$0.555元
$0.627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
$2.795元
$3.639元
$3.448元
$2.900元
$4.580元
$5.950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 $13.700元 $15.220元 $15.440元
$2.900元
$4.580元
$6.022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 $14.792元 $14.792元 $15.440元
30%
26%
26%
25%
25%
26%
26%
26%
26%
26%
26%
26%
26%
26%
26%
26%
24%
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
7.5%
7.0%
5.6%
5.5%
5.5%
5.0%
5.0%
4.9%
4.0%
4.0%
3.5%
3.5%
3.0%
3.0%
2.5%
2.5%
2.5%
4.690%
2.190%
2.120%
2.040%
1.750%
0.810%
0.620%
1.092%
1.720%
2.400%
1.870%
1.940%
1.750%
1.730%
1.050%
0.950%
1.830%
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.
預期波幅按歷史波幅釐定，並根據公開可得資料
就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。主觀輸入假設之變動可對公允
值之估計產生重大影響。
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.
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。
174
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
25 Income tax in the consolidated
statement of financial position
(a) Current tax recoverable/(payable) in the
consolidated statement of financial position
represents:
25 綜合財務狀況表之所得稅
(a) 綜合財務狀況表之應收╱（應付）
現期稅項如下：
Provision for Hong Kong Profits Tax for the year
本年度香港利得稅撥備
Provisional Profits Tax paid
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
應收現期稅項
Current tax payable
應付現期稅項
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
(51,941)
41,333
(10,608)
(26,437)
(37,045)
(50,095)
47,509
(2,586)
(6,017)
(8,603)
2017
二零一七年
$’000 千元
736
(37,781)
2016
二零一六年
$’000 千元
8,072
(16,675)
(37,045)
(8,603)
Annual Report 2016/2017 年度報告 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）
25 Income tax in the consolidated
25 綜合財務狀況表之所得稅
statement of financial position (Continued)
（續）
(b) Deferred tax assets/(liabilities) recognised:
The components of deferred tax assets/(liabilities) recognised in the
consolidated statement of financial position and the movements
during the year are as follows:
(b) 已確認遞延稅項資產╱（負債）：
於綜合財務狀況表確認之遞延稅項資產╱（負債）
之組成部份及年內之變動如下：
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
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
Deferred tax arising
from:
來自以下各項之
遞延稅項：
At 1st April 2015
於二零一五年四月一日
Exchange adjustments
匯兌調整
(Charged)/credited to
profit or loss
於損益（扣除）╱計入
Credited to reserves
於儲備計入
At 31st March 2016
於二零一六年三月三十一日
Deferred tax arising
from:
來自以下各項之
遞延稅項：
At 1st April 2016
於二零一六年四月一日
Exchange adjustments
匯兌調整
Credited/(charged) to
profit or loss
於損益計入╱（扣除）
(Charged)/credited to
reserves
於儲備（扣除）╱計入
At 31st March 2017
於二零一七年三月三十一日
(75,433)
8,452
1,475
41,249
(10,857)
(1,585)
(128)
(15)
–
(1,234)
–
(21)
(2,048)
65,752
–
–
658
2,247
6,318
–
941
–
401
–
(77,609)
74,189
4,380
46,333
(9,916)
(1,205)
–
–
–
43
43
(36,699)
(1,398)
72,022
2,290
36,215
(77,609)
74,189
4,380
46,333
(9,916)
(1,205)
43
36,215
(64)
(98)
–
(1,970)
–
39
16,374
(65,310)
664
10,710
184
401
–
–
(1,561)
–
–
–
(61,299)
8,781
3,483
55,073
(9,732)
(765)
–
–
175
218
(2,093)
(36,977)
(1,386)
(4,241)
176
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
25 Income tax in the consolidated
25 綜合財務狀況表之所得稅
statement of financial position (Continued)
（續）
(b) Deferred tax assets/(liabilities) recognised:
(b) 已確認遞延稅項資產╱（負債）：
(Continued)
Reconciliation to the consolidated statement of financial
position
（續）
綜合財務狀況表對賬
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
Net deferred tax assets
recognised in the consolidated statement of financial position
56,451
101,290
於綜合財務狀況表確認之遞延稅項資產淨額
Net deferred tax liabilities
recognised in the consolidated statement of financial position
(60,692)
(65,075)
於綜合財務狀況表確認之遞延稅項負債淨額
(4,241)
36,215
(c) Deferred tax assets not recognised
In accordance with the accounting policy set out in note 1(r), the
Group has not recognised deferred tax assets in respect of tax
losses and other temporary differences of $242,332,000 (2016:
$279,800,000) 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.
(c) 未確認之遞延稅項資產
根據附註 1(r) 所載之會計政策，本集團並無確認
有關稅務虧損及其他暫時差異 242,332,000 元（二
零一六年：279,800,000 元）之遞延稅項資產，原
因在於有關稅項司法管轄區及實體不大可能產生
未來應課稅溢利以抵銷可動用之有關虧損及其他
暫時差異。
Included in unrecognised tax losses is an amount of $Nil (2016:
$10,896,000) and $231,654,000 (2016: $224,735,000) 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
$10,678,000 (2016: $10,586,000) does not expire under current tax
legislation.
未 確 認 稅 務 虧 損 中 有 零 元（ 二 零 一 六 年：
10,896,000 元）及 231,654,000 元（ 二 零 一 六 年：
224,735,000 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 10,678,000 元（二零
一六年：10,586,000 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 $Nil (2016: $33,583,000) 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
額為零元（二零一六年：33,583,000 元）不會根據
現行稅法屆滿。
Annual Report 2016/2017 年度報告 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 Capital, reserves and dividends
(a) Movements in components of equity
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:
26 資本、儲備及股息
(a) 權益組成部份之變動
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載列如下：
The Company
Share
capital
Capital
reserve
本公司
Share-based
General compensation
reserve
reserve
股份基礎
Hedging
reserve
Retained
profits
Total
equity
Note 附註 $’000 千元
股本 資本儲備 一般儲備 補償儲備 對沖儲備 保留溢利 權益總額
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
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：
Transfer from capital reserve to retained profits
自資本儲備轉撥至保留溢利
Shares issued on exercise of share options
就行使購股權而發行股份
Equity settled share-based transactions
以股份為付款基礎之交易
Final dividend approved in respect
of the previous year
批准屬於上一年度之末期股息
Interim dividend declared in respect
of the current year
宣派本年度之中期股息
Total comprehensive income for the year
本年度全面收益總額
Balance at 31st March 2016
於二零一六年三月三十一日結餘
677,694
51,046
2,261
26,474
–
831,248
1,588,723
26(d)(i)
–
(4,087)
26(c)(ii)
56,028
–
–
–
–
26(b)(ii)
26(b)(i)
9
–
–
–
–
–
–
–
–
–
–
–
–
(7,527)
12,393
–
–
–
–
–
–
–
–
4,087
–
–
–
48,501
12,393
(221,111)
(221,111)
(39,656)
(39,656)
(217)
701,453
701,236
733,722
46,959
2,261
31,340
(217)
1,276,021
2,090,086
178
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
26 Capital, reserves and dividends
26 資本、儲備及股息（續）
(Continued)
(a) Movements in components of equity
(a) 權益組成部份之變動（續）
(Continued)
The Company (Continued)
Balance at 1st April 2016
於二零一六年四月一日結餘
Changes in equity for the year:
本年度之權益變動：
Transfer from capital reserve to
retained profits
自資本儲備轉撥至保留溢利
Shares issued on exercise of share options
就行使購股權而發行股份
Equity settled share-based transactions
以股份為付款基礎之交易
Final dividend approved in respect
of the previous year
批准屬於上一年度之末期股息
Interim dividend declared in respect
of the current year
宣派本年度之中期股息
Total comprehensive income for the year
本年度全面收益總額
Balance at 31st March 2017
於二零一七年三月三十一日結餘
Share
capital
Capital
reserve
本公司（續）
Share-based
General compensation
reserve
reserve
股份基礎
Hedging
reserve
Retained
profits
Total
equity
Note 附註 $’000 千元
股本 資本儲備 一般儲備 補償儲備 對沖儲備 保留溢利 權益總額
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
733,722
46,959
2,261
31,340
(217)
1,276,021
2,090,086
26(d)(i)
–
(4,087)
26(c)(ii)
40,524
–
–
–
–
26(b)(ii)
26(b)(i)
9
–
–
–
–
–
–
–
–
–
–
–
–
(5,994)
11,739
–
–
–
–
–
–
–
–
4,087
–
–
–
34,530
11,739
(278,400)
(278,400)
(39,958)
(39,958)
(888)
341,030
340,142
774,246
42,872
2,261
37,085
(1,105)
1,302,780
2,158,139
Annual Report 2016/2017 年度報告 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 Capital, reserves and dividends
26 資本、儲備及股息（續）
(Continued)
(b) Dividends
(i) Dividends payable to equity shareholders of the
(b) 股息
(i) 應付予本公司股權持有人之本年度
Company attributable to the year
股息
Interim dividend declared and paid of 3.8 cents per
ordinary share (2016: 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
（二零一六年：每股普通股 3.8 仙）
Final dividend proposed after the end of the reporting
period of 27.1 cents per ordinary share
(2016: 26.5 cents per ordinary share)
於匯報日後擬派之末期股息 – 每股普通股 27.1 仙
（二零一六年：每股普通股 26.5 仙）
Special dividend proposed after the end of
the reporting period of 4.2 cents per ordinary share (2016: nil)
於匯報日後擬派之特別股息 – 每股普通股 4.2 仙（二零一六年：無）
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
39,958
39,656
285,349
277,935
44,224
–
369,531
317,591
The final and special dividends proposed after the end of the
reporting period are based on 1,052,947,500 ordinary shares (2016:
1,048,811,500 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及特別股息乃按批准財務
報表當日已發行股份總數 1,052,947,500 股普通股
（二零一六年：1,048,811,500 股普通股）計算。
The final and special dividends proposed after the end of the
reporting period have not been recognised as liabilities at the end of
the reporting period.
於匯報日後擬派之末期及特別股息於匯報日並未
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應付
股息
Final dividend in respect of the previous financial year,
approved and paid during the year, of 26.5 cents per
ordinary share (2016: 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 26.5 仙（二零一六年：每股普通股 21.2 仙）
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
278,400
221,111
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。
180
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
26 Capital, reserves and dividends
26 資本、儲備及股息（續）
(Continued)
(c) Share capital
(i)
Issued share capital
(c) 股本
(i) 已發行股本
2017
二零一七年
2016
二零一六年
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
1,047,330
733,722
1,039,516
677,694
4,362
40,524
7,814
56,028
1,051,692
774,246
1,047,330
733,722
Ordinary shares, issued and fully paid:
已發行及已繳足普通股：
At 1st April
於四月一日
Shares issued on exercise of
share options
就行使購股權而發行股份
At 31st March
於三月三十一日
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
During the year, options were exercised to subscribe for 4,362,000
ordinary shares in the Company. The net consideration of $34,530,000
was credited to share capital. $5,994,000 was transferred from the
share-based compensation reserve to the share capital account in
accordance with the policy set out in note 1(q)(iv).
(ii) 根據購股權計劃發行之股份
年內，可認購 4,362,000 股本公司普通股之購股
權獲行使。代價淨額為 34,530,000 元並已撥入股
本。5,994,000 元已根據附註 1(q)(iv) 所載之政策自
股份基礎補償儲備撥入股本賬。
Annual Report 2016/2017 年度報告 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 Capital, reserves and dividends
26 資本、儲備及股息（續）
(Continued)
(d) Nature and purpose of reserves
(i) Capital reserve
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.
(d) 儲備之性質及用途
(i) 資本儲備
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。有關交易產生之總
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。
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 (2016: $4,087,000) was
transferred from capital reserve to retained profits.
該 項 交 易 產 生 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（二零一六年：
4,087,000 元）自資本儲備轉撥至保留溢利。
(ii) Surplus reserve
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.
(ii) 盈餘儲備
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規設
立。
(iii) Other reserve
The other reserve aroused from the equity transaction with non-
controlling interest of Shenzhen Vitasoy in 2011.
(iii) 其他儲備
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
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(t).
(iv) 對沖儲備
對沖儲備包括用作有待其後根據附註 1(t) 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
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(v).
(v) 匯兌儲備
匯兌儲備包含換算香港以外地區之附屬公司之財
務報表產生之所有外匯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
項目產生之外匯匯兌差額。該儲備將根據附註
1(v) 所載之會計政策處理。
(vi) Share-based compensation reserve
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(q)(iv).
(vi) 股份基礎補償儲備
股份基礎補償儲備包含授予本集團或本公司僱員
之實際或估計數目之尚未行使購股權之公允值，
有關購股權乃根據附註 1(q)(iv) 所載就以股份為基
礎之付款採納之會計政策而確認。
182
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
26 Capital, reserves and dividends
26 資本、儲備及股息（續）
(Continued)
(e) Distributability of reserves
At 31st March 2017, 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 $1,305,041,000 (2016: $1,278,282,000).
(e) 可供分派儲備
於二零一七年三月三十一日，根據香港《公司條
例》第 6 部之條文計算之可供分派予本公司股權
持有人之儲備總額為 1,305,041,000 元（二零一六
年：1,278,282,000 元）。
After the end of the reporting period the directors proposed a final
dividend of 27.1 cents per ordinary share (2016: 26.5 cents per
ordinary share), amounting to $285,349,000 (2016: $277,935,000)
(note 26(b)(i)) and a special dividend of 4.2 cents per ordinary share
amounted to $44,224,000 (2016: Nil) (note 26(b)(i)). These dividends
have 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 27.1 仙（ 二 零 一 六 年： 每 股 普 通 股 26.5 仙），
總數為 285,349,000 元（二零一六年：277,935,000
元）（附註 26(b)(i)）及特別股息每股普通股 4.2 仙，
總 數 為 44,224,000 元（ 二 零 一 六 年： 無）（ 附 註
26(b)(i)）。該等股息於匯報日並未確認為負債。
(f) Capital management
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.
(f) 資本管理
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，
以在較高股東回報可能附帶較高借貸水平與雄厚
資本狀況帶來之優勢及保障間取得平衡，並因應
經濟環境之變化對資本架構作出調整。
Consistent with industry practices, the Group monitors its capital
structure on the basis of a debt-to-adjusted capital ratio. For
this purpose, the Group defines debt as the total of bank loans
and obligations under finance leases, and adjusted capital as all
components of equity less unaccrued proposed dividends.
本著業內慣例，本集團以負債對經調整資本比率
作為監控其資本架構之基準。就此目的，本集團
將負債界定為銀行貸款及融資租賃債務之總額，
經調整資本為權益之所有組成部份減非累計擬派
股息。
During 2017, the Group’s strategy, which was unchanged from
2016, 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.
於二零一七年，本集團之策略與二零一六年保持
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。
Annual Report 2016/2017 年度報告 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 Capital, reserves and dividends
26 資本、儲備及股息（續）
(Continued)
(f) Capital management (Continued)
The debt-to-adjusted capital ratio at 31st March 2017 and 2016 was
as follows:
(f) 資本管理（續）
於二零一七年及二零一六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 21)
銀行貸款（附註 21）
Obligations under finance leases (note 22)
融資租賃之債務（附註 22）
Non-current liabilities:
非流動負債：
Bank loans (note 21)
銀行貸款（附註 21）
Obligations under finance leases (note 22)
融資租賃之債務（附註 22）
Total debt
負債總額
Total equity
權益總額
Less: Proposed dividends (note 26(b)(i))
減：擬派股息（附註 26(b)(i)）
Adjusted capital
經調整資本
Debt-to-adjusted capital ratio
負債對經調整資本比率
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
7,329
1,221
8,550
200,000
909
200,909
209,459
139,652
1,135
140,787
207,341
2,134
209,475
350,262
2,689,706
2,411,863
(329,573)
(277,935)
2,360,133
2,133,928
9%
16%
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，包括將本集團
之負債對經調整資本比率維持於若干數值以下及
將本集團之淨資產比率維持於若干數值以上。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。
184
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
values of financial instruments
27 財務風險管理及金融工具之
公允值
Exposure to credit, liquidity, interest rate and currency risks arises in
the normal course of the Group’s business. The Group’s exposures to
these risks and the financial risk management policies and practices
used by the Group to manage these risks are described below.
本集團在一般業務過程中存在信貸、流動資金、
利率及貨幣風險。本集團面臨之有關風險及本集
團就管理該等風險所採用之財務風險管理政策與
慣例載述如下。
(a) Credit risk
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.
(a) 信貸風險
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，而所面臨之有關信貸
風險持續受到監控。
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.
本集團一般因應個別客戶之財政實力給予客戶不
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。
The Group’s exposure to credit risk is influenced mainly by the
individual characteristics of each customer. At the end of reporting
period, 16.8% (2016: 17.7%) and 38.5% (2016: 36.7%) of the total
trade and other receivables was due from the Group’s largest
customer and the five largest customers respectively.
本集團面臨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 16.8%
（ 二 零 一 六 年：17.7%）及 38.5%（ 二 零 一 六 年：
36.7%）。
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.
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臨之信貸風
險為低。
The Group’s exposure to the credit risk and its policies for managing
such risk were unchanged from the year ended 31st March 2016.
Further quantitative disclosures in respect of the Group’s exposure
to credit risk arising from trade and other receivables are set out in
note 17.
自截至二零一六年三月三十一日止年度起，本集
團面臨之信貸風險及其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 17。
Annual Report 2016/2017 年度報告 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）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(b) Liquidity risk
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 2016.
(b) 流動資金風險
本集團個別經營實體負責其日常運作之現金管
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釐定之授權
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。本集團之政策乃定期監控其流動
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
足夠之資金，以應付其短期及長期之流動資金需
要。自截至二零一六年三月三十一日止年度起，
本集團面臨之流動資金風險及其管理有關風險之
政策概無變動。
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:
下表呈列本集團之金融負債於匯報日之餘下合約
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
利息付款）以及本集團須償還有關款項之最早日
期作分析：
2017
Contractual undiscounted cash outflow
二零一七年
合約未折現現金流出
Within
1 year or
on demand
一年內或
More than More than
1 year but 2 years but
less than
less than
5 years
2 years
兩年後
一年後
按要求 但兩年內 但五年內
$’000 千元
$’000 千元
$’000 千元
Total
Carrying
amount
總計
$’000 千元
賬面值
$’000 千元
Trade and other payables
(excluding receipt in advance)
應付賬款及其他應付款
（不包括預收款項）
Bank loans
銀行貸款
Obligations under finance leases
融資租賃之債務
1,185,615
–
–
1,185,615
1,185,615
10,665
151,776
50,382
212,823
207,329
1,340
930
–
2,270
2,130
1,197,620
152,706
50,382
1,400,708
1,395,074
186
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(b) Liquidity risk (Continued)
(b) 流動資金風險（續）
2016
Contractual undiscounted cash outflow
二零一六年
合約未折現現金流出
Within
1 year or
on demand
一年內或
More than More than
2 years but
1 year but
less than
less than
5 years
2 years
兩年後
一年後
按要求 但兩年內 但五年內
$’000 千元
$’000 千元
$’000 千元
Total
Carrying
amount
總計
$’000 千元
賬面值
$’000 千元
Trade and other payables
(excluding receipt in advance)
應付賬款及其他應付款
（不包括預收款項）
Bank loans
銀行貸款
Obligations under finance leases
融資租賃之債務
1,035,288
–
–
1,035,288
1,035,288
143,537
108,940
102,118
354,595
346,993
1,342
1,341
933
3,616
3,269
1,180,167
110,281
103,051
1,393,499
1,385,550
2017
Contractual undiscounted cash
(outflow)/inflow
二零一七年
合約未折現現金（流出）╱流入
2016
Contractual undiscounted cash
(outflow)/inflow
二零一六年
合約未折現現金（流出）╱流入
Within
1 year or
on demand
一年內或
More than
1 year but
less than
2 years
一年後
按要求 但兩年內
$’000 千元
$’000 千元
Within
1 year or
Total on demand
一年內或
More than
1 year but
less than
2 years
一年後
按要求 但兩年內
$’000 千元
$’000 千元
總計
$’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 27(d))
遠期外匯合約（附註 27(d)）
– Outflow
– 流出
– Inflow
– 流入
(19,621)
18,936
–
–
(19,621)
(29,939)
(5,773)
(35,712)
18,936
27,711
5,329
33,040
Annual Report 2016/2017 年度報告 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）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
Interest rate risk
(c)
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.
公允值（續）
(c) 利率風險
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第 (i) 項。
Interest rate profile
(i)
The following table details the interest rate profile of the Group’s
interest-bearing borrowings at the end of the reporting period:
(i) 利率資料
下表詳列本集團的附息借貸於匯報日之利率資
料：
2017
二零一七年
2016
二零一六年
Effective
interest
rate
實際利率
%
7.50
5.64
Amount
金額
$’000 千元
2,130
7,329
9,459
Effective
interest
rate
實際利率
%
7.50
2.06
Amount
金額
$’000 千元
3,269
146,993
150,262
1.64
200,000
1.43
200,000
209,459
350,262
Fixed rate borrowings:
定息借貸：
Obligations under finance leases
融資租賃之債務
Bank loans
銀行貸款
Variable rate borrowings:
浮息借貸：
Bank loans
銀行貸款
Total borrowings
借貸總額
188
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
Interest rate risk (Continued)
(c)
(ii) Sensitivity analysis
At 31st March 2017, 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 (2016:
$1,670,000).
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.
公允值（續）
(c) 利率風險（續）
(ii) 敏感性分析
於二零一七年三月三十一日，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（二零一六年：
1,670,000 元）。
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之除
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 2016.
截至二零一六年三月三十一日止年度之分析乃按
照相同基準進行。
(d) Currency risk
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”).
(d) 貨幣風險
本集團面臨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」）。
Annual Report 2016/2017 年度報告 189
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(d) Currency risk (Continued)
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.
(d) 貨幣風險（續）
就功能貨幣為港幣（「港幣」）之集團實體而言，
除若干與集團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。
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.
就功能貨幣為港幣以外之貨幣之集團實體而言，
除若干出售及與集團實體進行之交易以及與集團
實體之若干借貸按港幣計值外，其他大部份交易
均按其功能貨幣計值。
The Group’s policies for managing such risk were unchanged from
the year ended 31st March 2016. During the year ended 31st March
2017, 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
18(a).
自截至二零一六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變動。於截至二零
一七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 18(a) 所載將該等銀行結存分類
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 2017 was liabilities of $618,000 (2016: $2,190,000),
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
一七年三月三十一日，本集團用作經濟對沖以外
幣計值之貨幣資產及負債之遠期外匯合約之淨公
允值為 618,000 元（二零一六年：2,190,000 元），
乃確認為衍生金融工具。
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。
190
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(d) Currency risk (Continued)
(i)
Exposure to currency risk
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.
(d) 貨幣風險（續）
(i) 承受之貨幣風險
下表詳列本集團於匯報日以有關實體之功能貨幣
以外之貨幣計值之已確認資產或負債所產生之重
大貨幣風險。有關風險承擔之金額乃按年結日之
即期匯率換算為港幣作呈列之用。換算香港以外
地區附屬公司之財務報表為本集團之呈列貨幣而
產生之差額、來自集團實體之借貸（實質構成於
附屬公司之投資淨額之一部份）之風險，以及指
定用作對沖本集團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）
2017
二零一七年
2016
二零一六年
USD
美元
$’000 千元
SGD
坡元
$’000 千元
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
HKD
港幣
$’000 千元
RMB
人民幣
$’000 千元
AUD
澳元
$’000 千元
48,199
–
8,326
74,908
6
972
–
15,535
57,050
6
10,404
719
(160,112)
4,914
7,160
347,195
4,481
(223,423)
51,794
6,720
–
(26,328)
–
(40)
–
–
–
–
–
(6,405)
(92)
(9,480)
619
(75)
8
–
–
–
(2,346)
(946)
32,275
679
(151,786)
73,417
7,074
338,687
5,025
(207,880)
106,498
5,780
–
–
–
–
(19,621)
–
–
–
–
(35,712)
Cash and bank deposits
現金及銀行存款
Amount due from/(to) group companies
應收╱（應付）集團成員公司款項
Trade and other receivables
應收賬款及其他應收款
Trade and other payables
應付賬款及其他應付款
Gross exposure arising from
recognised assets and liabilities
已確認資產及負債產生之風險承擔總額
Notional amount of forward exchange
contracts used as economic hedges
用作經濟對沖之遠期外匯合約名義金額
Net exposure arising from
recognised assets and liabilities
32,275
679
(151,786)
73,417
(12,547)
338,687
5,025
(207,880)
106,498
(29,932)
已確認資產及負債產生之風險承擔淨額
Annual Report 2016/2017 年度報告 191
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(d) Currency risk (Continued)
(ii) Sensitivity analysis
The following table indicates the instantaneous change in the
Group’s profit after taxation and retained profits that would arise if
foreign exchange rates to which the Group entities have significant
exposure at the 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.
(d) 貨幣風險（續）
(ii) 敏感性分析
下表列示於匯報日本集團各實體面對重大風險之
匯率於該日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（假設所有其他風險可變
動因素維持不變）。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之任何匯價
走勢變動而受到重大影響。
2017
二零一七年
2016
二零一六年
Increase/
(decrease)
in foreign
exchange
rates
匯率
上升╱
（下跌）
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
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
(35)
35
28
(28)
(7,773)
7,773
2,991
(2,991)
(533)
533
Increase/
(decrease)
in foreign
exchange
rates
匯率
上升╱
（下跌）
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
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
(95)
95
210
(210)
(5,839)
5,839
4,796
(4,796)
241
(241)
USD
美元
SGD
坡元
HKD
港幣
RMB
人民幣
AUD
澳元
192
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(d) Currency risk (Continued)
(ii) Sensitivity analysis (Continued)
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.
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 2016.
Financial assets and liabilities measured at fair value
(e) Fair value measurement
(i)
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:
(d) 貨幣風險（續）
(ii) 敏感性分析（續）
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。
敏感性分析乃假設匯率變動應用於重新計量本集
團於匯報日持有令本集團面對外匯風險之該等金
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之差額、來自集團
實體之借貸（實質構成於附屬公司之投資淨額之
一部份）而產生之風險，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。截至二零一六年三月
三十一日止年度之分析乃按照相同基準進行。
(e) 公允值計量
(i) 按公允值計量之金融資產及負債
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
用之輸入數據之可觀察性及重要性後釐定：
–
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.
– 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。
Annual Report 2016/2017 年度報告 193
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
27 Financial risk management and fair
27 財務風險管理及金融工具之
values of financial instruments (Continued)
公允值（續）
(e) Fair value measurement (Continued)
(i)
Financial assets and liabilities measured at fair value
(Continued)
Fair value hierarchy (Continued)
–
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.
(e) 公允值計量（續）
(i) 按公允值計量之金融資產及負債
（續）
公允值架構（續）
– 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
收益率曲線，另加足夠之固定信貸息差得出。
(ii) Fair values of financial instruments carried at other than
(ii) 並非按公允值列賬之金融工具之公
fair value
允值
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 2017 and 2016.
於二零一七年及二零一六年三月三十一日，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。
28 Commitments
(a) Capital commitments outstanding at 31st March 2017 not
provided for in the financial statements were as follows:
28 承擔
(a) 於二零一七年三月三十一日，未在財務報
表中撥備之未付資本承擔如下：
Contracted for
已訂約
Authorised but not contracted for
已授權但未訂約
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
101,993
448,555
550,548
113,622
633,957
747,579
As at 31st March 2017, the Group is committed to certain contracts
for the acquisition and construction of plant and machinery and
buildings.
於二零一七年三月三十一日，本集團承諾履行若
干收購及建造廠房、機器及樓宇之合約。
194
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
28 Commitments (Continued)
(b) At 31st March 2017, the total future minimum lease payments
under non-cancellable operating leases are payable as follows:
28 承擔（續）
(b) 於二零一七年三月三十一日，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：
2017
二零一七年
2016
二零一六年
Factory
machinery
and
equipment
工廠機器
及設備
$’000 千元
3,196
1,106
Properties
物業
$’000 千元
89,571
109,996
–
24,626
Properties
物業
$’000 千元
97,126
76,550
18,780
192,456
4,302
224,193
Factory
machinery
and
equipment
工廠機器
及設備
$’000 千元
4,030
4,045
–
8,075
Within one year
一年內
After one year but within five years
一年後但五年內
After five years
五年後
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
有權於各租賃屆滿後選擇續期，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。
Annual Report 2016/2017 年度報告 195
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
29 Material related party transactions
In addition to the transactions and balances disclosed elsewhere
in these financial statements, the Group entered into the following
material related party transactions.
29 重大關連人士交易
除該等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
(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
$23,838,000 (2016: $21,681,000). The amount due to the
related party as at 31st March 2017 amounted to $5,852,000
(2016: $5,806,000).
(a) 與關連人士之交易
(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
該關連人士分銷產品銷售總額之預先釐定
百分比計算。年內，該關連人士收取之管
理費用合共為 23,838,000 元（二零一六年：
21,681,000 元）。於二零一七年三月三十一
日應付予該關連人士之款項為 5,852,000 元
（二零一六年：5,806,000 元）。
(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 $3,978,000 (2016: $7,497,000). The amount due to the related
party as at 31st March 2017 amounted to Nil (2016: $782,000).
(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
飲品以於香港及澳門分銷，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修訂。向該關連
人 士 採 購 之 貨 品 共 值 3,978,000 元（ 二 零
一六年：7,497,000 元）。於二零一七年三月
三十一日應付予該關連人士之款項為零元
（二零一六年：782,000 元）。
On 2nd September 2016, the Company and the related party
mutually agreed and entered into a termination agreement to
terminate the above distribution agreement.
於二零一六年九月二日，本公司及該關連
人士雙方同意訂立終止協議以終止上述分
銷協議。
(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
$5,895,000 (2016: $5,063,000). The amount due to the related
party as at 31st March 2017 amounted to $1,446,000 (2016:
$1,290,000).
(iii) 於二零一三年七月二十九日，本集團與一
名關連人士（本公司附屬公司之非控股權
益）於新西蘭訂立一項分銷協議，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。管理費用按該關連人士分銷產品銷售
總額之預先釐定百分比計算。年內，該關
連人士收取之管理費用合共為 5,895,000 元
（二零一六年：5,063,000 元）。於二零一七
年三月三十一日應付予該關連人士之款項
為1,446,000元（二零一六年：1,290,000元）。
196
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
29 Material related party transactions
29 重大關連人士交易（續）
(Continued)
(a) Transactions with related parties (Continued)
The related party transaction in respect of (ii) above constitute
continuing connected transaction as defined in Chapter 14A of the
Listing Rules. The disclosures required by Chapter 14A of the Listing
Rules are provided in section “Connected Transaction” of the Report
of the Directors.
(a) 與關連人士之交易（續）
上述有關第 (ii) 項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。
The related party transactions in respect of (i) and (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).
上述有關第 (i) 及 (iii) 項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
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:
(b) 關鍵管理人員之酬金
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
短期僱員福利
Post-employment benefits
離職後福利
Equity compensation benefits
股本補償福利
2017
二零一七年
$’000 千元
2016
二零一六年
$’000 千元
38,604
1,113
11,387
51,104
37,685
1,147
10,806
49,638
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)）。
Annual Report 2016/2017 年度報告 197
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
30 Company-level statement of financial
30 公司層面之財務狀況表
position
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
Non-current assets
非流動資產
Property, plant and equipment
物業、廠房及設備
– Investment properties
– 投資物業
– Other property, plant and equipment
– 其他物業、廠房及設備
Interest in subsidiaries
於附屬公司之權益
Deposits for the acquisition of
property, plant and equipment
購買物業、廠房及設備之訂金
Current assets
流動資產
Inventories
存貨
Trade and other receivables
應收賬款及其他應收款
Amounts due from subsidiaries
應收附屬公司款項
Cash and bank deposits
現金及銀行存款
Current liabilities
流動負債
Trade and other payables
應付賬款及其他應付款
Bank loans
銀行貸款
Amounts due to subsidiaries
應付附屬公司款項
Current tax payable
應付現期稅項
Net current assets
淨流動資產
Total assets less current liabilities
總資產減流動負債
4,613
414,773
419,386
961,532
190
1,381,108
5,140
447,797
452,937
1,124,984
309
1,578,230
182,079
435,239
276,175
664,744
173,160
394,882
720,923
66,729
1,558,237
1,355,694
446,202
–
60,139
11,231
517,572
407,586
95,000
64,896
2,958
570,440
1,040,665
2,421,773
785,254
2,363,484
198
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
30 Company-level statement of financial
30 公司層面之財務狀況表（續）
position (Continued)
2017
二零一七年
2016
二零一六年
Note 附註 $’000 千元
$’000 千元
$’000 千元
$’000 千元
Non-current liabilities
非流動負債
Bank loans
銀行貸款
Employee retirement benefit liabilities
僱員退休福利負債
Deferred tax liabilities
遞延稅項負債
NET ASSETS
淨資產
CAPITAL AND RESERVES
資本及儲備
Share capital
股本
Reserves
儲備
TOTAL EQUITY
權益總額
26(a)
200,000
18,134
45,500
200,000
23,443
49,955
263,634
2,158,139
774,246
1,383,893
2,158,139
273,398
2,090,086
733,722
1,356,364
2,090,086
Approved and authorised for issue by the Board of Directors on
23rd June 2017.
於二零一七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
Annual Report 2016/2017 年度報告 199
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
31 Non-adjusting events after the
31 毋須作出調整之匯報日後事
reporting period
項
Subsequent to the end of the reporting period, the Directors
proposed a final dividend and a special dividend. Further details are
disclosed in note 26(b).
董事於匯報日後建議派發末期及特別股息。進一
步詳情於附註 26(b) 中披露。
32 Possible impact of amendments, new
standards and interpretations issued
but not yet effective for the year
ended 31st March 2017
32 已頒佈但尚未於截至二零
一七年三月三十一日止年度
生效之修訂、新訂準則及詮
釋可能構成之影響
Up to the date of issue of these financial statements, the HKICPA has
issued a number of amendments and new standards which are not
yet effective for the year ended 31st March 2017 and which have
not been adopted in these financial statements. These include the
following which may be relevant to the Group.
截至該等財務報表刊發之日，香港會計師公會已
頒佈截至二零一七年三月三十一日止年度尚未生
效，亦無在該等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
新訂準則。
Effective for
accounting periods
beginning on or after
於下列日期或
之後開始
之會計期間生效
1 January 2018
二零一八年一月一日
1 January 2018
二零一八年一月一日
1 January 2018
二零一八年一月一日
1 January 2019
二零一九年一月一日
本集團現正評估該等修訂及新訂準則預期於應用
初期產生之影響。本集團迄今已識別新訂準則之
若干方面可能會對綜合財務報表構成重大影響。
有關預期影響之進一步詳情於下文討論。由於本
集團尚未完成其評估，故進一步影響可於適當時
候予以識別，並將於釐定是否於任何該等新規定
之生效日期前採納該等新規定及採用何種過渡方
法（倘新訂準則項下允許使用替代方法）時予以
考慮。
HKFRS 9, Financial instruments
《香港財務報告準則》第 9 號「金融工具」
HKFRS 15, Revenue from contracts with customers
《香港財務報告準則》第 15 號「客戶合約收入」
Amendments to HKFRS 2, Share-based payment: Classification and
measurement of share-based payment transactions
《香港財務報告準則》第 2 號「以股份為基礎之付款：
以股份為付款基礎之交易之分類及計量」之修訂
HKFRS 16, Leases
《香港財務報告準則》第 16 號「租賃」
The Group is in the process of making an assessment of what the
impact of these amendments and new standards is expected to be in
the period of initial application. So far the Group has identified some
aspects of the new standards which may have a significant impact on
the consolidated financial statements. Further details of the expected
impacts are discussed below. As the Group has not completed its
assessment, further impacts may be identified in due course and will
be taken into consideration when determining whether to adopt
any of these new requirements before their effective date and which
transitional approach to take, where there are alternative approaches
allowed under the new standards.
200
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
32 Possible impact of amendments, new
standards and interpretations issued
but not yet effective for the year
ended 31st March 2017 (Continued)
32 已頒佈但尚未於截至二零
一七年三月三十一日止年度
生效之修訂、新訂準則及詮
釋可能構成之影響（續）
HKFRS 9, Financial instruments
HKFRS 9 will replace the current standard on accounting for financial
instruments, HKAS 39, Financial instruments: Recognition and
measurement. HKFRS 9 introduces new requirements for classification
and measurement of financial assets, calculation of impairment of
financial assets and hedge accounting. On the other hand, HKFRS
9 incorporates without substantive changes the requirements of
HKAS 39 for recognition and derecognition of financial instruments
and the classification of financial liabilities. Based on a preliminary
assessment, the Group has identified impairment of financial assets
to be an area that may be affected by the adoption of HKFRS 9.
The new impairment model in HKFRS 9 replaces the “incurred loss”
model in HKAS 39 with an “expected credit loss” model. Under the
expected credit loss model, it will no longer be necessary for a loss
event to occur before an impairment loss is recognised. Instead, an
entity is required to recognise and measure expected credit losses as
either 12-month expected credit losses or lifetime expected credit
losses, depending on the asset and the facts and circumstances.
This new impairment model may result in an earlier recognition of
credit losses on the Group’s trade receivables and other financial
assets. However, a more detailed analysis is required to determine
the extent of the impact.
《香港財務報告準則》第 9 號「金融工
具」
《香港財務報告準則》第 9 號將取代有關金融工具
會計處理之現有準則《香港會計準則》第39號「金
融工具：確認及計量」。《香港財務報告準則》第 9
號引入分類及計量金融資產、計算金融資產減值
及對沖會計處理之新規定。另一方面，《香港財
務報告準則》第 9 號納入且並無大幅改動《香港會
計準則》第 39 號有關確認及終止確認金融工具及
金融負債分類之規定。根據初步評估，本集團已
將金融資產減值識別為可能因採納《香港財務報
告準則》第 9 號而受到影響之範疇。
《香港財務報告準則》第 9 號之新減值模式以「預
期信貸虧損」模式取代《香港會計準則》第 39 號
之「 已 產 生 虧 損」模 式。 根 據 預 期 信 貸 虧 損 模
式，其將不再需要在確認減值虧損前發生虧損事
件。相反，一間實體須將預期信貸虧損確認並計
量為十二個月之預期信貸虧損或可使用年期內之
預期信貸虧損，惟視乎資產、事實及情況而定。
此項新減值模式可能導致提早確認有關本集團應
收賬款及其他金融資產之信貸虧損。然而，釐定
影響之程度須進行更詳細之分析。
HKFRS 9 does not fundamentally change the requirements relating to
measuring and recognising ineffectiveness under HKAS 39. However,
greater flexibility has been introduced to the types of transactions
eligible for hedge accounting. The Group preliminarily assesses that
its current hedge relationships will qualify as continuing hedges upon
the adoption of HKFRS 9 and therefore it expects that the accounting
for its hedging relationships will not be significantly impacted.
《香港財務報告準則》第 9 號並無從根本上改變
《香港會計準則》第 39 號項下有關計量及確認無
效性之規定。然而，對符合對沖會計處理之交易
類別已引入更大靈活性。本集團初步評估，於採
納《香港財務報告準則》第 9 號後，其當前之對冲
關係將合資格繼續進行對冲，因此預期其對冲關
係之會計處理將不會受到重大影響。
Annual Report 2016/2017 年度報告 201
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
32 Possible impact of amendments, new
standards and interpretations issued
but not yet effective for the year
ended 31st March 2017 (Continued)
HKFRS 15, Revenue from contracts with customers
HKFRS 15 establishes a comprehensive framework for recognising
revenue from contracts with customers. HKFRS 15 will replace the
existing revenue standards, HKAS 18, Revenue, which covers revenue
arising from sale of goods and rendering of services, and HKAS 11,
Construction contracts, which specifies the accounting for revenue
from construction contracts. The Group is currently assessing the
impacts of adopting HKFRS 15 on its financial statements. Based on
the preliminary assessment, the Group has identified the following
area which may be affected:
(a) Timing of revenue recognition
The Group’s revenue recognition policies are disclosed in note
1(u). Currently, revenue arising from the provision of services is
recognised over time, whereas revenue from the sale of goods is
generally recognised when the risks and rewards of ownership have
passed to the customers.
Under HKFRS 15, revenue is recognised when the customer obtains
control of the promised good or service in the contract. HKFRS 15
identifies 3 situations in which control of the promised good or
service is regarded as being transferred over time:
(a) When the customer simultaneously receives and consumes
the benefits provided by the entity’s performance, as the entity
performs;
32 已頒佈但尚未於截至二零
一七年三月三十一日止年度
生效之修訂、新訂準則及詮
釋可能構成之影響（續）
《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 15 號建立一個確認客戶
合約收入之綜合框架。《香港財務報告準則》第 15
號將取代現有之收入準則（即《香港會計準則》第
18 號「收入」，當中涵蓋自出售貨物及提供服務產
生之收入，以及《香港會計準則》第 11 號「建築
合約」，當中指明建築合約之收入會計處理）。本
集團目前正在評估於其財務報表中採納《香港財
務報告準則》第 15 號之影響。根據初步評估，本
集團識別以可能受到影響之範疇：
(a) 收入確認之時間
本 集 團 之 收 入 確 認 政 策 於 附 註 1(u) 中 披 露。 目
前，自提供服務產生之收入確認乃隨時間予以確
認，而自出售貨物所得之收入一般於所有權風險
及回報已轉移至客戶時予以確認。
根據《香港財務報告準則》第 15 號，收入乃於客
戶取得合約中所承諾貨物及服務之控制權時予以
確認。《香港財務報告準則》第 15 號識別所承諾
貨物及服務之控制權被視為隨時間予以轉移之三
種情況：
(a) 當實體履約時，客戶同時接受及消費實體
履約所提供之利益；
(b) When the entity’s performance creates or enhances an asset
(for example work in progress) that the customer controls as
the asset is created or enhanced;
(b) 當實體之履約行為創建或改良一項其於被
創建或改良時受客戶控制之資產（例如在製
品）；
(c) When the entity’s performance does not create an asset with an
alternative use to the entity and the entity has an enforceable
right to payment for performance completed to date.
(c) 當實體之履約行為並無創造一項對實體有
替代用途之資產，且實體對至今已完成之
履約行為獲得付款擁有可強制執行權利。
If the contract terms and the entity’s activities do not fall into any
of these 3 situations, then under HKFRS 15 the entity recognises
revenue for the sale of that good or service at a single point in time,
being when control has passed. Transfer of risks and rewards of
ownership is only one of the indicators that will be considered in
determining when the transfer of control occurs.
倘合約條款及實體行為並不屬於任何該等三種情
況，則根據《香港財務報告準則》第 15 號，實體
於某一時間點（即於控制權轉移時）就銷售貨物
或服務確認收入。所有權風險及回報轉移僅為於
釐定控制權轉移發生時將予以考慮之其中一項指
標。
202
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
32 Possible impact of amendments, new
standards and interpretations issued
but not yet effective for the year
ended 31st March 2017 (Continued)
32 已頒佈但尚未於截至二零
一七年三月三十一日止年度
生效之修訂、新訂準則及詮
釋可能構成之影響（續）
HKFRS 15, Revenue from contracts with customers
(Continued)
(a) Timing of revenue recognition (Continued)
As a result of this change from the risk-and-reward approach to the
contract-by-contract transfer-of-control approach, it is possible that
once the Group adopts HKFRS 15 some of the Group’s contracts that
are currently recognised at a point in time may meet the HKFRS 15
criteria for revenue recognition over time. This will depend on the
terms of the sales contract and the enforceability of any specific
performance clauses in that contract, which may vary depending on
the jurisdiction in which the contract would be enforced. It is also
possible that for the remainder of the Group’s contracts the point in
time when revenue is recognised may be earlier or later than under
the current accounting policy. However, further analysis is required
to determine whether this change in accounting policy may have
a material impact on the amounts reported in any given financial
reporting period.
《香港財務報告準則》第 15 號「客戶合
約收入」（續）
(a) 收入確認之時間（續）
隨著風險及回報法已改為個別合約之控制權轉移
法，一旦本集團採納《香港財務報告準則》第 15
號，本集團目前於某一時間點予以確認之部份合
約或會符合《香港財務報告準則》第 15 號之標準
隨時間確認收入。這將取決於銷售合約條款及合
約中任何特定履約條款之可強制執行性，其可能
視乎將會強制執行合約之司法管轄區而有所區
別。就本集團餘下之合約而言，確認收入之時間
點亦可能早於或遲於現有會計政策之時間點。然
而，釐定會計政策之變動會否對任何指定財務報
告期內所報告金額產生重大影響須進行進一步分
析。
HKFRS 16, Leases
As disclosed in note 1(j)(iii), currently the Group classifies leases into
operating leases.
《香港財務報告準則》第 16 號「租賃」
誠如附註 1(j)(iii) 所披露，本集團現時將租賃分類
為經營租賃。
HKFRS 16 is not expected to impact significantly on the way
that lessors account for their rights and obligations under a
lease. However, once HKFRS 16 is adopted, lessees will no longer
distinguish between finance leases and operating leases. Instead,
subject to practical expedients, lessees will account for all leases
in a similar way to current finance lease accounting, i.e. at the
commencement date of the lease the lessee will recognise and
measure a lease liability at the present value of the minimum future
lease payments and will recognise a corresponding “right-of-use”
asset. After initial recognition of this asset and liability, the lessee
will recognise interest expense accrued on the outstanding balance
of the lease liability, and the depreciation of the right-of-use asset,
instead of the current policy of recognising rental expenses incurred
under operating leases on a systematic basis over the lease term. As a
practical expedient, the lessee can elect not to apply this accounting
model to short-term leases (i.e. where the lease term is 12 months
or less) and to leases of low-value assets, in which case the rental
expenses would continue to be recognised on a systematic basis
over the lease term.
《香港財務報告準則》第 16 號預期將不會對出租
人於其租賃項下之權利及義務進行入賬之方式造
成重大影響。然而，一旦採納《香港財務報告準
則》第 16 號，承租人將不再區分融資租賃及經營
租賃。相反，在可行權宜方法之規限下，承租人
將按與現有融資租賃會計處理相若之方式對所有
租賃進行入賬，即於租賃開始日期，承租人將按
未來最低租賃付款之現值確認及計量租賃負債，
並將確認相應之「使用權」資產。初步確認該資
產及負債後，承租人將確認租賃負債未付結存所
產生之利息費用及使用權資產折舊，以取代於租
期內按系統化基準確認經營租賃項下所產生之租
金費用之現有政策。作為可行權宜方法，承租人
可選擇不以此項會計模式應用於短期租賃（即租
期為十二個月或以下）及低價值資產之租賃，於
該等情況下，租金費用將繼續於租期內按系統化
基準予以確認。
Annual Report 2016/2017 年度報告 203
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）
32 Possible impact of amendments, new
standards and interpretations issued
but not yet effective for the year
ended 31st March 2017 (Continued)
32 已頒佈但尚未於截至二零
一七年三月三十一日止年度
生效之修訂、新訂準則及詮
釋可能構成之影響（續）
HKFRS 16, Leases (Continued)
HKFRS 16 will primarily affect the Group’s accounting as a lessee
of leases for properties which are currently classified as operating
leases. The application of the new accounting model is expected
to lead to an increase in both assets and liabilities and to impact on
the timing of the expense recognition in the statement of profit or
loss over the period of the lease. As disclosed in note 28(b), at 31
March 2017 the Group’s future minimum lease payments under
non-cancellable operating leases amount to $192,456,000 and
$4,302,000 for properties and other assets respectively, the majority
of which is payable either within 1 year or between 1 and 5 years
after the reporting date. Some of these amounts may therefore need
to be recognised as lease liabilities, with corresponding right-of-use
assets, once HKFRS 16 is adopted. The Group will need to perform a
more detailed analysis to determine the amounts of new assets and
liabilities arising from operating lease commitments on adoption of
HKFRS 16, after taking into account the applicability of the practical
expedient and adjusting for any leases entered into or terminated
between now and the adoption of HKFRS 16 and the effects of
discounting.
The Group is considering whether to adopt HKFRS 16 before its
effective date of 1 January 2019. However, early adoption of HKFRS
16 is only permitted if this is no earlier than the adoption of HKFRS
15. It is therefore unlikely that HKFRS 16 will be adopted before the
effective date of HKFRS 15, being 1 January 2018.
《香港財務報告準則》第 16 號「租賃」
（續）
《香港財務報告準則》第 16 號將主要影響本集團
作為承租人就物業租賃（目前劃分為經營租賃）
之會計處理。應用新會計模式預期將導致資產及
負債有所增加，並影響租賃期間於損益表確認費
用之時間。誠如附註 28(b) 所披露，分別就物業
及其他資產而言，於二零一七年三月三十一日，
集團於不可解除之物業及其他資產經營租賃項
下之未來最低租賃付款分別為 192,456,000 元及
4,302,000 元，而當中大部份須於報告日期後一年
內或一至五年內支付。因此，一旦採納《香港財
務報告準則》第 16 號，部份該等款項或須確認為
租賃負債，並附帶相應之使用權資產。經考慮可
行權宜方法之適用性以及調整現時至採納《香港
財務報告準則》第 16 號期間已訂立或終止之任何
租賃及貼現影響後，本集團將須進行更詳細之分
析，以釐定於採納《香港財務報告準則》第 16 號
時經營租賃承擔所產生之新資產及負債金額。
本集團正在考慮是否於《香港財務報告準則》第
16 號之生效日期（即二零一九年一月一日）前採
納該準則。然而，《香港財務報告準則》第 16 號
僅可於《香港財務報告準則》第 15 號後方可提前
採納。因此，《香港財務報告準則》第 16 號將不
大可能於《香港財務報告準則》第 15 號之生效日
期（即二零一八年一月一日）前予以採納。
204
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Five Year Summary
五年財務摘要
(Expressed in Hong Kong dollars)（以港幣計算）
2016
2017
2013
二零一七年 二零一六年 二零一五年 二零一四年 二零一三年
$’000 千元
$’000 千元
$’000 千元
(Restated)
（重列）
$’000 千元
$’000 千元
2014
2015
Results
業績
Revenue
收入
Profit from operations
經營溢利
Finance costs
融資成本
Share of losses of joint venture
所佔合營公司虧損
Profit before taxation
除稅前溢利
Income tax
所得稅
Profit for the year
本年度溢利
Attributable to:
下列人士應佔：
– Equity shareholders of
the Company
– 本公司股權持有人
– Non-controlling interests
– 非控股權益
Profit for the year
本年度溢利
Assets and liabilities
資產及負債
Property, plant and equipment
物業、廠房及設備
Other non-current assets
其他非流動資產
Net current assets
淨流動資產
Total assets less current liabilities
總資產減流動負債
Non-current liabilities
非流動負債
NET ASSETS
淨資產
5,406,090
5,551,898
5,051,827
4,493,885
4,051,248
848,034
603,352
529,264
469,669
444,160
(3,730)
(4,044)
(5,655)
(13,068)
(21,102)
(627)
–
–
–
–
843,677
599,308
523,609
456,601
423,058
(190,383)
(34,064)
(114,888)
(115,845)
(88,742)
653,294
565,244
408,721
340,756
334,316
618,372
530,616
372,079
306,693
301,104
34,922
34,628
36,642
34,063
33,212
653,294
565,244
408,721
340,756
334,316
2,053,276
2,186,972
1,853,517
1,566,688
1,533,116
97,027
144,082
77,016
94,304
67,558
823,069
383,392
304,702
443,197
384,096
2,973,372
2,714,446
2,235,235
2,104,189
1,984,770
(283,666)
(302,583)
(110,563)
(146,877)
(166,925)
2,689,706
2,411,863
2,124,672
1,957,312
1,817,845
Annual Report 2016/2017 年度報告 205
Five Year Summary
五年財務摘要
(Expressed in Hong Kong dollars)（以港幣計算）
2016
2017
2013
二零一七年 二零一六年 二零一五年 二零一四年 二零一三年
$’000 千元
$’000 千元
$’000 千元
(Restated)
（重列）
$’000 千元
$’000 千元
2015
2014
Capital and reserves
資本及儲備
Share capital
股本
Reserves
儲備
Total equity attributable to
equity shareholders of
the Company
本公司股權持有人
應佔權益總額
Non-controlling interests
非控股權益
TOTAL EQUITY
權益總額
Earnings per share
每股盈利
– Basic
– 基本
– Diluted
– 攤薄
774,246
733,722
677,694
655,299
256,746
1,697,123
1,466,013
1,241,391
1,094,362
1,366,129
2,471,369
2,199,735
1,919,085
1,749,661
1,622,875
218,337
212,128
205,587
207,651
194,970
2,689,706
2,411,863
2,124,672
1,957,312
1,817,845
58.9 cents 仙
50.9 cents 仙
35.9 cents 仙
29.8 cents 仙
29.4 cents 仙
58.4 cents 仙
50.4 cents 仙
35.5 cents 仙
29.4 cents 仙
29.1 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 year FY2012/2013 have been
adjusted and it is not practicable to restate earlier years for comparison
purposes.
附註： 經 修 訂 之《 香 港 會 計 準 則》第 19 號「僱員福利」於
二零一三年一月一日開始之會計期間生效，為遵守有關
規定，本集團就界定福利計劃採納新會計政策。二零
一二╱二零一三年財政年度之數字已獲調整，惟就比較
用途而重列更早年度之數字並不可行。
206
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Sustainable
Growth
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
Stock Code 股份代號：0345
VITA001_IR_Cover_AW.indd 1
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