Vitasoy International Holdings Limited
Annual Report 2018

Plain-text annual report

Sustainable Growth Annual Report 2017/18 年度報告 Stock Code 股份代號：0345 Cananda 加拿大 USA 美國 Ireland 愛爾蘭 Guatemala 危地馬拉 Dominican Republic 多明尼加 Curacao 古拉索 Costa Rica 哥斯達黎加 Panama 巴拿馬 Suriname 蘇里南 French Guiana 法屬圭亞那 Global Markets 全球營銷市場 Manufacturing Presence 擁有生產廠房的地區 Some of Vitasoy’s Flagship Products 部分維他奶皇牌產品 Norway 挪威 Russia 俄羅斯 UK 英國 Belgium 比利時 Luxembourg 盧森堡 The Netherlands 荷蘭 Germany 德國 Switzerland 瑞士 France 法國 Spain 西班牙 Italy 意大利 Lebanon 黎巴嫩 Israel 以色列 Mainland China 中國大陸 UAE 阿拉伯聯合酋長國 Macau 澳門 Cambodia 柬埔寨 Malaysia 馬來西亞 Vietnam 越南 Brunei 文萊 The Philippines 菲律賓 Hong Kong 香港 Saipan 塞班 Indonesia 印尼 Papua New Guinea 巴布亞新幾內亞 Mauritius 毛里求斯 Reunion 留尼旺 Singapore 新加坡 Australia 澳洲 South Africa 南非 New Zealand 新西蘭 Soya/Plant Milk 大豆／植物奶 Tofu 豆腐 Tea 茶 Other Beverages 其他飲品 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 31 企業管治報告 Directors and Senior Management 65 董事及高層管理人員 Report of the Directors 75 董事會報告 Independent Auditor’s Report 91 獨立核數師報告 Consolidated Statement of Profit or Loss 98 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 100 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 101 綜合財務狀況表 Consolidated Statement of Changes in Equity 104 綜合權益變動表 Consolidated Cash Flow Statement 106 綜合現金流量表 Notes to the Financial Statements 108 財務報表附註 Five Year Summary 221 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. Anthony John Liddell NIGHTINGALE Mr. Paul Jeremy BROUGH Dr. Roy Chi-ping CHUNG (appointed on 24th June 2017) Non-executive Directors Ms. Myrna Mo-ching LO (retired on 1st October 2017) Ms. Yvonne Mo-ling LO Mr. Peter Tak-shing LO (appointed on 24th June 2017) Ms. May LO (appointed on 24th June 2017) 獨立非執行董事 李國寶爵士 Jan P. S. ERLUND 先生 黎定基先生 Paul Jeremy BROUGH 先生 鍾志平博士 ( 於二零一七年六月二十四日獲委任 ) 非執行董事 羅慕貞女士 ( 於二零一七年十月一日退任 ) 羅慕玲女士 羅德承先生 ( 於二零一七年六月二十四日獲委任 ) 羅其美女士 ( 於二零一七年六月二十四日獲委任 ) Executive Director and Group Chief Executive Officer Mr. Roberto GUIDETTI 執行董事暨 集團行政總裁 陸博濤先生 Executive Director Mr. Eugene LYE (appointed on 1st October 2017) 執行董事 黎中山先生 ( 於二零一七年十月一日獲委任 ) Group Chief Financial Officer Mr. Chris Kin-shing LAU 集團首席財務總監 劉健成先生 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 MUFG Bank, Ltd. Citibank, N.A. Westpac Banking Corporation China Merchants Bank Company, Ltd. China Construction Bank Corporation Bank of China Limited 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 三菱日聯銀行 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 2 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: Fax: Email: ir@vitasoy.com (852) 2468 9644 (852) 2465 1008 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 Key Dates 重要日期 Closure of Register of Members 暫停辦理股份過戶登記 – Annual General Meeting 29th August 2018 (Wednesday) to 3rd September 2018 (Monday) 股東週年大會 二零一八年八月二十九日（星期三）至二零一八年九月三日（星期一） Record Date 記錄日期 3rd September 2018 (Monday) 二零一八年九月三日（星期一） – Proposed Final Dividend 7th September 2018 (Friday) to 11th September 2018 (Tuesday) 建議末期股息 二零一八年九月七日（星期五）至二零一八年九月十一日（星期二） Record Date 記錄日期 11th September 2018 (Tuesday) 二零一八年九月十一日（星期二） Annual General Meeting 股東週年大會 at 3:00 p.m., 3rd September 2018 (Monday) Granville Room, Lower Lobby Level, Conrad Hong Kong, Pacific Place, 88 Queensway, Hong Kong 於二零一八年九月三日（星期一）下午三時正 假座香港金鐘道 88 號太古廣場，香港港麗酒店，大堂低座金威廳 Final Dividend Payable 21st September 2018 (Friday) 派發末期股息 二零一八年九月二十一日（星期五） Annual Report 2017/2018 年度報告 3 Financial Highlights 財務摘要 Year Ended 31st March 截至三月三十一日止年度 Results 業績 Revenue Gross Profit EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation, Amortisation and Share of Losses of Joint Venture) 收入 毛利 未計利息收入、融資成本、 所得稅、折舊、攤銷 費用及所佔合營公司 虧損前盈利 （「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） 2018 二零一八年 HK$ million 港幣百萬元 2017 二零一七年 HK$ million 港幣百萬元 6,465 3,420 5,406 2,873 % Change 百分比變動 +20 +19 1,063 1,083 618 58.9 586 55.5 35.2 35.1* +0.3 -2 -5 -6 * Special dividend of HK4.2 cents per ordinary share had 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 Revenue 收入 Gross Profit 毛利 HK$ million 港幣百萬元 6,465 5,052 4,494 5,552 5,406 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 3,420 2,826 2,873 2,511 2,175 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 EBITDA 未計利息收入、融資成本、所得稅、折 舊、攤銷費用及所佔合營公司虧損前盈利 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 1,083 1,063 725 653 812 1,200 1,000 800 600 400 200 0 618 586 531 372 307 700 600 500 400 300 200 100 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 4 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 Net Cash Balance 總資產 現金淨額 Total Equity Attributable to Equity 本公司股權持有人 2018 二零一八年 HK$ million 港幣百萬元 2017 二零一七年 HK$ million 港幣百萬元 5,182 958 4,487 644 Shareholders of the Company 應佔權益總額 2,910 2,471 % Change 百分比變動 +15 +49 +18 Year Ended 31st March 2018 截至二零一八年三月三十一日止年度 Sales Analysis by Location 銷售額分析（按地區） 2% 8% 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） 57% Australia and New Zealand 澳洲及新西蘭 Singapore 新加坡 33% Annual Report 2017/2018 年度報告 5 Chairman’s Statement 主席報告 In FY2017/2018, the Vitasoy Group has delivered strong performance ahead of our original target especially in our Mainland China Operation whilst staying focused on our “Sustainable Growth” strategy. 於二零一七╱二零一八財政年度，本集團的 業務表現較原訂目標為佳，尤其是中國內地 業務，同時繼續專注於「可持續增長」策略。 6 Chairman’s Statement 主席報告 Vitasoy International Holdings Limited experienced a growth acceleration in FY2017/2018, building on high momentum of our Mainland China Operation, solid growth in our other geographies and favourable currency appreciation. 維他奶國際集團有限公司於二零一七╱二零一八 財政年度業務錄得加速增長，主要是中國內地業 務的增長勢頭強勁，加上其他地區業務的穩健增 長及有利的貨幣升值。 Excluding the one-off gain of the divestiture of North American Mainstream and SAN SUI business in FY2016/2017 (the “North American divestiture”), the Group achieved 21% growth in revenue to HK$6,465 million, or 18% on a constant currency basis. Profit attributable to shareholders of the Company increased by 14% to HK$586 million. 倘不計及於二零一六╱二零一七財政年度出售北 美洲主流業務及山水品牌業務（「出售北美洲事 項」）的一次性收益，本集團收入增長 21% 至港 幣 6,465,000,000 元，若按固定匯率基準計算則 錄得 18% 的升幅。本公司股權持有人應佔溢利增 加 14% 至港幣 586,000,000 元。 In light of the Group’s healthy financial position and strong business growth, the Board will recommend a final dividend of HK31.4 cents per ordinary share (FY2016/2017: 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 3rd September 2018. Together with the interim dividend of HK3.8 cents per ordinary share (FY2016/2017: an interim dividend of HK3.8 cents per ordinary share), this brings the total dividend for FY2017/2018 to HK35.2 cents per ordinary share (FY2016/2017 total dividend: HK35.1 cents per ordinary share). A Vision For Sustainable Growth Over the years, the Group has maintained a clear vision: to provide high-quality, great tasting and nutritious food and beverages to our customers. Our strategy of “Sustainable Growth” has enabled us to gradually expand our core business and consistently develop innovative new products to meet ever evolving consumer demands in existing markets. More importantly, the Group has integrated sustainability in its operations to ensure our products portfolio offering, resources use and operating policies progressively increase contribution in these areas. 鑒於本集團財務狀況穩健且業務增長強勁，董事 會將於二零一八年九月三日舉行的股東週年大會 上建議派發末期股息每股普通股 31.4 港仙（二零 一六╱二零一七財政年度：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：中期股息每股普通股 3.8 港仙）， 二零一七╱二零一八財政年度股息總額將達到每 股普通股 35.2 港仙（二零一六╱二零一七財政年 度股息總額：每股普通股 35.1 港仙）。 對可持續增長的願景 本集團一直堅守的願景清晰：為客戶提供優質、 美味且營養豐富的食品及飲品。「可持續增長」策 略有助我們逐步拓展核心業務及不斷開發創新的 新產品，迎合現有市場上不斷轉變的消費者需 求。更重要的是，本集團已將可持續發展的理念 融入其業務之中，確保產品組合、資源運用及營 運政策等均能逐步改善。 Annual Report 2017/2018 年度報告 7 Chairman’s Statement 主席報告 Performing Across Geographies Mainland China delivered particularly strong performance during the year, with revenue increased 39% to HK$3,700 million. Given this acceleration, the Group expects more moderate growth in FY2018/2019. 各地市場表現出色 中國內地於年內的表現尤其強勁，收入增長 39% 至 港 幣 3,700,000,000 元。 基 於 此 迅 速 增 長 表 現，本集團預期二零一八╱二零一九財政年度的 表現只會呈現較為溫和的增長。 Net of the North American divestiture under Hong Kong Operation, revenue grew 2% to HK$2,159 million. Investment in the business is laying a firm foundation for continued future growth. 倘不計及出售北美洲事項，香港業務收入增長2% 至港幣 2,159,000,000 元。業務投資為日後的持 續增長奠下穩健基礎。 In Australia and New Zealand, the Group continued to grow its business, with revenue up 6%. VITASOY retained its market leadership position in plant milk in Australia. 本集團持續拓展在澳洲及新西蘭的業務，收入增 長 6%。維 他奶品牌的植物奶銷售仍在澳洲保持 其市場領導地位。 In Singapore, revenue increased by 3% to HK$104 million, maintaining its market leadership position in the tofu business. 新 加 坡 的 收 入 增 長 3% 至 港 幣 104,000,000 元， 維持其在豆腐業務的市場領導地位。 The Group’s joint venture in the Philippines has delivered an encouraging business performance after the first few months of operation. 本集團於菲律賓的合營公司在開始營運的數月 內，錄得令人鼓舞的業務表現。 The Year Ahead We will continue our efforts to grow sustainably and invest in our brands, organisation and infrastructure to protect our long term intended position. As the markets become more crowded and competitive, Vitasoy Group stay committed to focus on sustainable growth and continuous strengthening of its brand equities and organisational capabilities. 展望來年 我們將會繼續致力以可持續的方式發展及投資我 們的品牌、組織架構及基礎設施，保障我們長遠 的擬定市場定位。由於市場上的競爭者日益增加 令競爭加劇，維他奶集團將堅守專注於可持續增 長的方針，不斷提高其品牌價值及組織管理能 力。 8 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 Ms. Myrna Mo-ching LO retired as our Non-executive Director on 1st October 2017. On behalf of the Board, I would like to express my gratitude to Ms. Lo for her valuable guidance and contributions to Vitasoy Group during the past years. 致謝及歡迎 羅慕貞女士已於二零一七年十月一日退任為非執 行董事。本人謹代表董事會就羅女士於過去多年 對維他奶集團所作出之寶貴指導及貢獻深表謝 意。 I also wish to take this opportunity to welcome our new Board members again. Dr. Roy Chi-ping CHUNG, Mr. Peter Tak-shing LO and Ms. May LO, who have joined the Board since 24th June 2017, and Mr. Eugene LYE who has joined us as Executive Director since 1st October 2017. I am confident that with the support of new Board members, Vitasoy Group will be able to achieve innovation, sustainability and growth. 本人亦藉此機會再次歡迎新任的董事會成員。鍾 志平博士、羅德承先生及羅其美女士已於二零 一七年六月二十四日加入董事會，而黎中山先生 則於二零一七年十月一日加入董事會擔任執行董 事。本人深信，憑藉新董事會成員的加入，維他 奶集團將可實現創新、可持續性及業務增長等目 標。 I would like to express my gratitude to the Board, the management team and our staff for their commitment and enthusiasm, as well as our shareholders, customers, suppliers and business partners for their ongoing support. 本人謹此衷心感謝董事會、管理團隊及各位員工 對工作的承擔及熱誠。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 15th June 2018 羅友禮 執行主席 二零一八年六月十五日 Annual Report 2017/2018 年度報告 9 Group Chief Executive Officer’s Report/ Business Review 集團行政總裁 報告╱業務回顧 The Vitasoy Group has achieved accelerated growth ahead of our original plan, with all operating subsidiaries having registered revenue growth in FY2017/2018. 維他奶集團於二零一七╱二零一八財政年度業 務錄得加速增長，表現超越原訂計劃，各營運 附屬公司均錄得收入增長。 10 Group Chief Executive Officer’s Report/ Business Review 集團行政總裁報告╱業務回顧 The Group accelerated its performance in FY2017/2018 ahead of its original target whilst staying focused on its “Sustainable Growth” strategy which emphasises scale growth that is sustainable for the business results, the organisation and our contribution to the environment. Excluding the one-off gain of the divestiture of North American Mainstream and SAN SUI business in FY2016/2017 (the “North American divestiture”), the Group recorded an increase in revenue of 21%, primarily driven by Mainland China, solid results in other operations and favourable currency appreciation. Net of the North American divestiture, profits from operation increased by 24%, mainly driven by high sales volume in the context of high capacity utilisation. Preparing the business for the future, the Group continues to increase investments in brand equity to enhance Vitasoy’s brand awareness, trial and market position across all operating geographies. We are also securing the appropriate capital expenditures to support growth, and have announced a new plant in Changping Town of Dongguan City located in Guangdong Province of Mainland China, as well as a comprehensive 2-year investment program in Hong Kong to upgrade logistic and production capability. Further investments in digitisation improved efficiencies across departments and are driving geographies, better synchronisation with suppliers and customers, and stronger data analysis for more agile action in the marketplace. 本集團於二零一七╱二零一八財政年度較原定計 劃提前達致提升其業務表現的目標，同時繼續 專注於「可持續增長」策略，該策略強調業務業 績、組織架構及對環境的貢獻均可達致可持續的 規模增長。倘不計及於二零一六╱二零一七財政 年度出售北美洲主流業務及山水品牌業務（「出 售 北 美 洲 事 項」）的 一 次 性 收 益， 本 集 團 錄 得 21% 收入增長，主要受中國內地、其他業務的穩 健業績及貨幣升值的有利形勢所帶動。倘不計及 出售北美洲事項，經營溢利增長 24%，主要因提 升產能利用率令銷售量得以增加。 為發展未來業務，本集團繼續加強投資品牌價 值，以提升維他奶在所有經營地區的品牌知名 度、試飲推廣活動及市場地位。我們亦尋求合適 的資本開支項目以助業務增長，早時已宣佈在中 國內地廣東省東莞市常平鎮興建新廠房，並在香 港推行為期兩年的綜合投資項目，為物流及產能 升級。增加數碼化方面的投資正在提升跨部門及 地區的效率，促進與供應商及客戶同步及加強數 據分析能力，令本集團可在市場上作出更敏捷的 應變行動。 As for our corporate positioning of Tasty, Plant-based Sustainable Nutrition, we have increased attention and intensity on our sustainability strategy and have accelerated progress in FY2017/2018 so that we are already ahead of our original KPIs on portfolio and resources which we had originally set for FY2020/2021. We will reset and broaden these goals during FY2018/2019 to ensure we accelerate our positive nutrition, environmental and community contribution. The details are included in our fourth Sustainability Annual Report. 至於提供美味、以植物成分為主的營養產品之企 業定位上，我們於二零一七╱二零一八財政年 度，更加著重並加強執行可持續發展策略，進展 步伐加快，更已經超過二零二零╱二零二一財政 年度原定的產品組合及資源關鍵表現指標。我們 將於二零一八╱二零一九財政年度重新訂立並擴 大該等目標，確保我們能加快在營養、環境及社 區方面作出正面貢獻。有關詳情載於我們的第四 份可持續發展年度報告內。 The Operating Environment Going forward, our growth must be supported by appropriate investments in brand equity and infrastructure as we scale up the Company in the context for more competitive markets. Whilst our markets see increased proliferation, fragmentation, and price competition, we also see sustained interest in high quality health and nutrition and we are confident of our expertise and competitive advantage evolved over the years. 經營環境 展望未來，隨著擴充公司規模以應付日趨激烈的 市場競爭，我們必須透過適當投資品牌價值及基 礎設施來支持業務增長。儘管市場擴張、分散及 價格競爭日益激烈，我們看見消費者對優質健康 及營養亦持續保持興趣，故此我們對本身多年累 積的專業知識及競爭優勢深具信心。 Rising price of raw materials will increase pressure on margins, which we will need to offset via economies of scale, innovation in portfolio and operating efficiencies. 原材料價格上漲將為盈利率增添壓力。有見及 此，我們將須透過產品組合的大規模生產、創新 以及經營效率去抵銷原料成本上漲。 Annual Report 2017/2018 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 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 2018 and 31st March 2017: 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二零一八年 三月三十一日及二零一七年三月三十一日止年度 之主要財務摘要： Year ended 31 st March 截至三月三十一日止年度 2018 二零一八年 (HK$ million) （港幣百萬元） 2017 二零一七年 (HK$ million) （港幣百萬元） 6,465 5,406 6,465 3,420 5,360 2,873 Change 變動 +20% +21% +19% 3,420 2,863 +19% 1,063 1,083 -2% 1,063 586 586 55.5 55.5 1% 35% 896 618 516 58.9 49.1 8% 39% +19% -5% +14% -6% +13% -7% points 百分點 -4% points 百分點 Revenue 收入 Revenue (excluding the one-off gain of the North American divestiture) 收入 （扣除出售北美洲事項的一次性 收益） Gross Profit 毛利 Gross Profit (excluding the one-off gain of the North American divestiture) EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation, Amortisation and Share of Losses of Joint Venture) 毛利 （扣除出售北美洲事項的一次性 收益） 未計利息收入、融資成本、 所得稅、折舊、攤銷費用 及所佔合營公司虧損前盈利 （「EBITDA」） EBITDA (excluding the one-off gain of the North American divestiture) EBITDA （扣除出售北美洲事項的一次性 收益） Profit Attributable to Equity Shareholders of the Company Profit Attributable to Equity Shareholders of the Company (excluding the one-off gain of the North American divestiture) Basic Earnings per Share (HK cents) Basic Earnings per Share (HK cents) (excluding the one-off gain of the North American divestiture) Gearing ratio ROCE (Return on capital employed) 本公司股權持有人應佔溢利 本公司股權持有人應佔溢利 （扣除出售北美洲事項的一次性 收益） 每股基本盈利（港仙） 每股基本盈利（港仙） （扣除出售北美洲事項的一次性 收益） 借貸比率 資本回報率 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 For the year ended 31st March 2018, the Group’s revenue increased by 20% to HK$6,465 million (FY2016/2017: HK$5,406 million), and increased by 21% when excluding the one-off gain of the North American divestiture. Mainland China and overseas subsidiaries have been positively improved by appreciation of local currencies after translation into Hong Kong Dollars. 收入 截至二零一八年三月三十一日止年度，本集團 的收入增加 20% 至港幣 6,465,000,000 元（二零 一六╱二零一七財政年度：港幣 5,406,000,000 元）。倘不計及出售北美洲事項的一次性收益， 則增加 21%。由於地方貨幣折合港幣後升值的原 因，中國內地及海外附屬公司的收入均呈改善。 Mainland China: +39% (+35% in local currency) The Mainland China business achieved exceptional performance during the year. The Group’s “Go Deep Go Wide” strategy has delivered robust growth in all geographical regions, also aided by acceleration of our e-commerce sales. 中國內地：+39%（以當地貨幣計算+35%） 年內，中國內地業務表現突出。本集團致力執行 的「更深更廣」業務策略行之有效，加上電子商 務銷售加速增長，所有地區市場均表現強勁。 Hong Kong Operation (Hong Kong, Macau and Exports): On par with previous year (+2% net of the North American divestiture) Product innovation on both brands VITASOY and VITA sustained our highly developed Hong Kong business, which registered moderate growth after taking into account of the net of the North American divestiture. 香港業務（香港、澳門及出口）：與去年表現 相若（倘不計及出售北美洲事項則為+2%） 維他奶與維他品牌產品的創新有助維持發展極為 成熟的香港業務，若不計及出售北美洲事項，香 港業務錄得溫和增長。 Australia and New Zealand: +6% (+2% in local currency) The Group continued to grow its business in Australia and New Zealand behind an integrated marketing campaign and new product offering. 澳洲及新西蘭：+6%（以當地貨幣計算+2%） 本集團透過整合市場推廣計劃及新產品的推出， 持續拓展在澳洲及新西蘭的業務。 Singapore: +3% (On par with last year in local currency) In Singapore, the Group maintained its market leadership in tofu. It continues to grow its premium VITASOY brand tofu and innovation of products. 新加坡：+3%（以當地貨幣計算表現與去年 相若） 本集團在新加坡的豆腐品類業務保持市場領導地 位。維他奶品牌的高端豆腐及創新產品的銷售持 續增長。 Annual Report 2017/2018 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 Gross Profit and Gross Profit Margin The Group’s gross profit for the year FY2017/2018 was HK$3,420 million, representing an increase of 19% over the previous year (FY2016/2017: HK$2,873 million), driven by increase in sales volume. 毛利及毛利率 本集團於二零一七╱二零一八財政年度的毛利為 港 幣 3,420,000,000 元， 較 去 年 上 升 19%（ 二 零 一六╱二零一七財政年度：港幣 2,873,000,000 元），由銷量增加所帶動。 Gross profit margin sustained at 53% in FY2017/2018 (FY2016/2017: 53%). Although commodity prices particularly sugar, milk powder and paper carton were unfavourable to us, improved manufacturing efficiency resulting from increased sales volume enabled us to maintain our gross margin level. 毛利率於二零一七╱二零一八財政年度維持在 53%（二零一六╱二零一七財政年度：53%）。雖 有原材料價格（尤其是糖、奶粉及紙箱）上漲等 不利因素，但因銷量增加提升生產效率，故毛利 率得以維持。 Operating Expenses Total operating expenses increased by 17% to HK$2,625 million (FY2016/2017: HK$2,250 million), due to enhanced advertising and promotion activities, higher staff related and logistics expenses. 經營費用 由於加強廣告及其他推廣等活動、加上僱員相關 及物流等費用上升，總經營費用增加 17% 至港幣 2,625,000,000 元（二零一六╱二零一七財政年 度：港幣 2,250,000,000 元）。 Marketing, selling and distribution expenses increased by 16% to HK$1,729 million (FY2016/2017: HK$1,492 million), mainly due to increased investment in enhancing consumer communication and our brand equity. Logistics expenses were higher as a result of increased sales volume. As we gradually expanded our business in Mainland China, we have increased our scale of sales team and therefore increased staff cost and commission expenses. 市 場 推 廣、 銷 售 及 分 銷 費 用 增 加 16% 至 港 幣 1,729,000,000 元（二零一六╱二零一七財政年 度：港幣 1,492,000,000 元），主要是加強與消費 者溝通及提升品牌價值的相關投資上升所致。由 於銷量增加，物流費用亦同步上升。基於我們逐 步拓展中國內地業務，銷售團隊的規模亦因而擴 大，導致僱員開支及佣金費用上升。 Administrative expenses increased by 15% to HK$559 million (FY2016/2017: HK$488 million), reflecting salary inflationary adjustments; enhanced organisational capacity and capabilities, and higher professional fee for properly planning and executing our digitisation initiatives. 行 政 費 用 增 加 15% 至 港 幣 559,000,000 元（ 二 零一六╱二零一七財政年度：港幣 488,000,000 元），是由於薪金因應通脹而作出調整、加強組 織管理能力及實力，以及因妥善規劃及執行數碼 化計劃而增加專業費用。 Other operating expenses were HK$337 million, versus HK$270 million for the previous year. The increment included partial impairment of goodwill in Singapore business as we expected the growth rate for the business to be lower than our initial plan under intensified market condition. 其他經營費用為港幣 337,000,000 元，去年則為 港幣 270,000,000 元。增幅包括新加坡業務的部 份商譽減值，原因為在市場競爭加劇的情況下， 我們預期該經營業務之增長率將會較我們的初步 預算為低。 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 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Share of Losses of Joint Venture) EBITDA for the year was HK$1,063 million, decreased by 2% year-on-year. Excluding the one-off gain of the North American divestiture, EBITDA increased by 19%, mainly driven by higher gross profit. 未計利息收入、融資成本、所得稅、 折舊、攤銷費用及所佔合營公司虧損 前盈利（「EBITDA」） 年 內 的 EBITDA 為 港 幣 1,063,000,000 元， 按 年 下跌 2%。倘不計及出售北美洲事項的一次性收 益，則 EBITDA 上升 19%，增幅乃主要由於毛利 增加所致。 The EBITDA to revenue margin for the year was 16%. 年內的 EBITDA 佔銷售利潤率為 16%。 Profit From Operations Profit from operations decreased by 3% to HK$822 million. Excluding the one-off gain of the North American divestiture, profit from operations increased by 24%, mainly contributed by higher gross profit. 經營溢利 經 營 溢 利 下 跌 3% 至 港 幣 822,000,000 元。 倘 不 計及出售北美洲事項的一次性收益，則經營溢利 增加 24%，增幅乃主要由於毛利增加所致。 Profit Before Taxation Profit before taxation decreased by 5% to HK$803 million (FY2016/2017: HK$844 million). Excluding the one-off gain of the North American divestiture, profit before taxation increased by 22%. 除稅前溢利 除 稅 前 溢 利 下 跌 5% 至 港 幣 803,000,000 元（ 二 零一六╱二零一七財政年度：港幣 844,000,000 元）。倘不計及出售北美洲事項的一次性收益， 則除稅前溢利上升 22%。 Taxation Income tax charged for the year was HK$161 million (FY2016/ 2017: HK$190 million) with an effective tax rate of 20%. The effective tax rate net of North American divestiture was 16% last year and the increase was in line with the increase in operating profit in Mainland China. 稅項 年內所繳納的所得稅為港幣 161,000,000 元（二 零一六╱二零一七財政年度：港幣 190,000,000 元），實際稅率為 20%。倘不計及出售北美洲事 項，去年的實際稅率為 16%，其增幅與中國內地 經營溢利的增幅一致。 Non-controlling Interests Profit attributable to non-controlling interests increased to HK$56 million (FY2016/2017: HK$35 million), reflecting the increase in net profits of certain non-wholly-owned subsidiaries. 非控股權益 非 控 股 權 益 應 佔 溢 利 增 加 至 港 幣 56,000,000 元（ 二 零 一 六 ╱ 二 零 一 七 財 政 年 度： 港 幣 35,000,000 元），反映若干非全資附屬公司的純 利增加。 Annual Report 2017/2018 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 Profit Attributable to Equity Shareholders of the Company Profit attributable to equity shareholders of the Company was HK$586 million, representing a decrease of 5% compared to previous year (FY2016/2017: HK$618 million). Excluding the one-off gain of the North American divestiture, profit attributable to equity shareholders increased by 14%. Financial Position We finance our operations and capital expenditure primarily through internally generated cash as well as banking facilities provided by our principal bankers. As at 31st March 2018, our cash and bank deposits amounted to HK$986 million (31st March 2017: HK$853 million). 39%, 35% and 23% of our cash and bank deposits were denominated in Hong Kong dollars (HKD), Renminbi (RMB) and United States dollars (USD), respectively (31st March 2017: 66%, 24% and 7%). As at 31st March 2018, the Group had a net cash balance of HK$958 million (31st March 2017: HK$644 million). Available banking facilities amounted to HK$941 million (31st March 2017: HK$931 million) to facilitate future cash flow needs. The Group’s borrowing (including obligations under finance leases) amounted to HK$28 million with all denominated in Australian dollars (AUD) (31st March 2017: HK$209 million, with HK$200 million denominated in Hong Kong dollars (HKD) and HK$9 million denominated in AUD). Fixed rate borrowings amounted to HK$0.9 million, with an effective interest rate of 7.5% for obligations under finance leases. 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 586,000,000 元，較去年下跌 5%（二零一六╱二零一七財政年 度： 港 幣 618,000,000 元）。 倘 不 計 及 出 售 北 美 洲事項的一次性收益，股權持有人應佔溢利增加 14%。 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。 於二零一八年三月三十一日，現金及銀行存款為 港幣 986,000,000 元（二零一七年三月三十一日： 港 幣 853,000,000 元）。 當 中 39%、35% 和 23% 的現金及銀行存款分別以港幣、人民幣和美元 計值（二零一七年三月三十一日：66%、24% 和 7%）。於二零一八年三月三十一日，本集團的現 金淨額為港幣 958,000,000 元（二零一七年三月 三十一日：港幣 644,000,000 元）。可供動用的銀 行信貸額為港幣 941,000,000 元（二零一七年三 月三十一日：港幣 931,000,000 元），以滿足未來 的現金流量需要。 本 集 團 的 借 貸（ 包 括 融 資 租 賃 之 債 務）為 港 幣 28,000,000 元， 均 以 澳 元 計 值（ 二 零 一 七 年 三 月 三 十 一 日： 港 幣 209,000,000 元， 當 中 港 幣 200,000,000 元 以 港 幣 計 值 及 港 幣 9,000,000 元 以澳元計值）。固定利率借貸為港幣 900,000 元， 實際利率是融資租賃之債務的 7.5%。 The gearing ratio (total borrowings/total equity attributable to equity shareholders of the Company) decreased to 1% (31st March 2017: 8%) as the Group repaid most of the borrowings by its internally generated cash. 由於本集團動用內部現金償還大部份借貸，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 1%（二零一七年三月 三十一日：8%）。 The Group’s return on capital employed (ROCE) (EBITDA/average non-current debt and equity) for the year was 35% (FY2016/2017: 39%). The decrease in ROCE was mainly due to the non-recurring gain from the North American divestiture in previous year. 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 35%（二零一六╱二 零一七財政年度：39%）。資本回報率下跌主要 是由於去年出售北美洲事項的非經常性收益。 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 Capital expenditure incurred during the year increased to HK$428 million (FY2016/2017: HK$197 million), which was mainly spent on acquisition of new production lines and upgrading of existing production machineries in both Hong Kong and Mainland China. 年 內 錄 得 的 資 本 支 出 增 加 至 港 幣 428,000,000 元（ 二 零 一 六 ╱ 二 零 一 七 財 政 年 度： 港 幣 197,000,000 元），主要用於購置新生產線以及提 升香港及中國內地現有的生產機器。 Assets with a carrying value of HK$3 million (31st March 2017: HK$65 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 3,000,000 元（二零一七年三月三十一日： 港幣 65,000,000 元）。 Non-financial Key Performance Indicators The Group publishes various non-financial key performance indicators (KPIs) in the “Sustainability Report 2017/2018”, which will be released in July 2018 and dispatched to shareholders together with this Annual Report. Our KPIs focus on two main vectors of action: i) product portfolio enhancements in plant- based nutrition and reduction of fat and sugar content, and ii) resources management (water, fuel, electricity) and internal and external environmental policies. 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 their investments and partially mitigate the foreign currency risks. 非財務關鍵表現指標 本集團將於二零一八年七月刊發、並與本年報一 併寄予股東的「二零一七╱二零一八年可持續發 展報告」中公佈多個非財務關鍵表現指標。我們 的關鍵表現指標著重於兩項主要行動：i) 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，及 ii) 資源管理（用水、燃料及電力） 以及內部和外部環境政策。 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 提供資金及減低部份外匯風險。 The financial risks faced by the Group were mainly connected with uncertainties in interest rate and exchange rate movements. At the close of FY2017/2018, the Group entered into foreign exchange contracts to manage the foreign currency risks for the receipt of royalty and dividend income in Australian dollars from our Australian operation. 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。於二零一七╱二零一八財政年度結 束時，本集團訂立外匯合約，用以管理來自澳洲 業務所收取以澳元計值之商標授權及股息收入的 外匯波動。 Annual Report 2017/2018 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 Potential Risk and Uncertainties During the year, the Group Internal Audit and Risk Management Department implemented a phased enhancement plan to further improve the Group’s internal control 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 effectively anticipate potential risks by evaluating their impacts and likelihood according to six clusters: reputation, strategy, market, liquidity, credit and operation. After consolidation and verification, the Enterprise Risk Management Executive Committee (“ERM Executive Committee”) comprising of senior management of the Company, evaluates and prioritises key risks, and ensures that appropriate control measures are in place or in progress. A quarterly group risk report is provided for discussion with the ERM Executive Committee; and significant and emerging risks, as well as the associated control measures, are communicated with the Audit Committee. Subsequent to the roll-out at the Group and Company level in Hong Kong in FY2016/2017, the framework was rolled out to all subsidiaries during FY2017/2018. Details of the new risk management process are covered in the Risk Management section of the Corporate Governance Report in this Annual Report. 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。通過集團風險管理團 隊協助促進有關的風險管理流程，令業務實體及 職能單位能夠有效預測潛在風險，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， 由本公司高層管理人員組成的企業風險管理執行 委員會將會評估主要風險進而排列優次，並確保 經已制訂或正在準備實施適當的監控措施。我們 編製季度集團風險管理報告，並與企業風險管理 執行委員會討論報告內容，以及與審核委員會就 可能出現的重大風險及相關監控措施進行溝通。 本集團以及本集團旗下的香港公司於二零一六╱ 二零一七財政年度實施風險管理框架後，所有附 屬公司已於二零一七╱二零一八財政年度亦開始 實施。有關的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 delivers accelerated growth in sales and profit 「更深更廣」策略帶動銷售及溢利迅速增長 2018 二零一八年 2017 二零一七年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 2018 二零一八年 2017 二零一七年 (HK$ million) （港幣百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operations 經營溢利 3,700 542 2,666 317 (RMB million) （人民幣百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operations 經營溢利 3,118.7 2,318.7 457 276 +39 +71 +35 +66 57 54 49 40 Vitasoy China accelerated growth across all regions and the e-commerce channel. During FY2017/2018, Vitasoy China achieved 39% growth in revenue and 71% improvement in profit from operations. 維他奶中國在全國各地及電子商務渠道均錄得迅 速增長。於二零一七╱二零一八財政年度，維他 奶中國的收入增長 39%，經營溢利增幅達 71%。 The main drivers of growth were favourable margins and expansion of sales volume, in addition to continuous improvement in efficiency. Our previous investments in enhancing brand equity on both brands, VITASOY and VITA, contributed to the overall result. 除營運效率持續提升外，毛利率提高及銷量增加 亦為收入及經營溢利的主要增長動力。較早前為 增加維他奶及維他品牌價值的投資，亦為整體業 績帶來貢獻。 With accelerating revenue resetting a stronger base for the future, the Group has announced the development of our new production facility in Changping Town, Dongguan City of Guangdong Province. This program is progressing smoothly, and production is expected to commence by April 2021. 銷售加速增長為日後奠下更穩固的基礎，同時本 集團亦宣佈於廣東省東莞市常平鎮興建新生產設 施。生產設施計劃目前進展順利，預期將於二零 二一年四月前開始投產。 Annual Report 2017/2018 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 business, investing for future development 業務穩健，投資未來發展 2018 二零一八年 2017 二零一七年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 2018 二零一八年 2017 二零一七年 (HK$ million) （港幣百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operations 經營溢利 Revenue from external customers (net of North American divestiture) 來自外間顧客之收入 （不計及出售北美 洲業務） Profit from operations (net of North American 經營溢利（不計及出 售北美洲事項） 2,159 352 2,168 381 2,159 2,122 divestiture) 352 384 – -8 +2 -8 33 35 33 35 40 48 39 48 Revenue from Hong Kong Operation were flat. Net of the North American divestiture, they increased by 2%. Profit from operations decreased by 8% mainly due to the investment made as part of the Group’s 2-year program to upgrade production and logistics infrastructure. VITASOY maintained its dominant market share in the plant- based category, riding on the strong performance of our core and innovative products. We continued to expand our portfolio by introducing new plant milk category VITASOY CALCI-PLUS Almond Milk and VITASOY CALCI-PLUS Coconut Milk. This year we have also introduced an upgraded, more concentrated version of our VITASOY CALCI-PLUS Plant-Sterol Soy Milk to accommodate increasing demand towards our premium and healthy products. 香港業務收入持平。倘不計及出售北美洲事項， 香港業務收入增加 2%。經營溢利減少 8%，主要 由於投資為期兩年的生產及物流設施升級項目。 由於我們的核心及創新產品表現強勁，維他奶在 植物品類產品市場中繼續維持領先地位。我們繼 續擴大產品組合，推出全新植物奶品類產品當中 包括維他奶鈣思寶杏仁奶及維他奶鈣思寶椰子 奶。為迎合消費者日益追求優質及健康產品的需 求，我們亦於本年度推出升級版兼且更濃郁的維 他奶鈣思寶植物固醇豆奶。 In August 2017, Macau business was severely impacted by Typhoon Hato. Nevertheless, the business turned around and delivered strong set of results, leveraging increased number of tourists visiting Macau. 於二零一七年八月，澳門業務因颱風天鴿而備受 嚴重影響。儘管如此，隨著訪澳旅客數目增加， 澳門業務仍能轉虧為盈並取得佳績。 The export business also performed well as a result of expansion in outlet coverage and attractive in-store executions. 由於擴大零售客戶數目加上具吸引的店內推廣活 動，出口業務亦表現出色。 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 Solid improvement in performance and brand equity 業務表現與品牌價值穩定增長 2018 二零一八年 2017 二零一七年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 2018 二零一八年 2017 二零一七年 (HK$ million) （港幣百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operation 經營溢利 502 95 472 87 (AUD million) （澳元百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operation 經營溢利 83 15.64 81 14.96 +6 +9 +2 +5 8 10 9 11 The Australia and New Zealand business delivered 6% revenue growth, while profit from operation increased by 9%, mainly driven by increased sales in the supermarket channel. 澳洲及新西蘭業務收入錄得 6% 增長，而經營溢 利亦上升9%，主要是超級市場銷售增加所帶動。 During the year, the Australian business launched a new master brand communication campaign with refreshed and unified packaging across the entire product portfolio. The initiative has been well received by the public and is helping maintain the Group’s leadership position in the plant milk segment. 年內，澳洲業務推出全新的品牌宣傳活動，配合 全新劃一包裝的產品組合。活動深受大眾歡迎， 有助維持本集團於植物奶品類的領先地位。 In FY2017/2018, the Australian business launched the new Almond Milky and Coconut Milky product ranges, complementing the hugely successful SOY MILKY range that was introduced to the market in the early 2000s. 於二零一七╱二零一八財政年度，澳洲業務推出 嶄新的杏仁奶及椰子奶產品系列，與極為成功並 已於二零零零年代早期推出市場的 SOY MILKY 品 牌豆奶產品系列共同推出市場銷售。 Annual Report 2017/2018 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 Continued market leadership in tofu and increasing beverage market share 維持豆腐市場的領導地位並擴大飲品市場的 佔有率 2018 二零一八年 2017 二零一七年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 2018 二零一八年 2017 二零一七年 (HK$ million) （港幣百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operation 經營溢利 103.7 7.33 100.4 11.52 (SGD million) （坡元百萬元） Revenue from external customers 來自外間顧客之收入 Profit from operation 經營溢利 18 1.27 18 2.06 3 -36 – -38 2 1 2 1 Revenue from Vitasoy Singapore business maintained last year’s level in local currency. Although competitors promoted with deep discounting across the supermarket and convenience store channels, we were able to sustain our revenue with the assistance of well-established brand equity and effective communication programs without discounting deeply. 維他奶新加坡之收入若以當地貨幣計算與去年相 若。儘管競爭對手於超級市場及便利店銷售渠道 內提供高折扣優惠進行推廣，但我們在強勁的品 牌價值和有效的宣傳活動下，毋須提供高折扣優 惠仍能維持收入水平。 Vitasoy Singapore maintained its market leadership in tofu business despite changing consumer preference and competition from cheaper imported tofu. Our imported beverage business experienced some revenue softness but grew its market share in supermarket sales. 儘管消費者口味不斷轉變及面對較廉價進口豆腐 的競爭，維他奶新加坡的豆腐業務仍能維持市場 領導地位。雖然進口飲品業務的收入稍微減少， 但於超級市場的市場份額卻有所擴大。 We continued our innovation of new products for both tofu and tea which is essential for us to maintain leadership position and drive our business growth. For tofu, during the year we launched VITASOY Chawanmushi, UNICURD Beancurd 500g and UNICURD food service egg tofu. For tea, we have introduced VITA Low Sugar Green Tea and VITA Low Sugar Jasmine Tea. 我們持續創新豆腐及茶類產品，這對我們維持領 導地位及推動業務增長方面極為重要。豆腐業 務方面，年內我們分別推出了維他奶茶碗蒸、 UNICURD 500 克容量包裝豆腐及提供餐飲業的 UNICURD 蛋豆腐。在茶類業務方面，我們分別 推出了維他低糖綠茶及維他低糖茉莉花茶。 In order to scale up the business, Vitasoy Singapore increased investment in advertising and promotion, infrastructure and people which impacted profit from operation for the year, resulting in a decrease of 36% versus FY2016/2017. 為了擴展業務，維他奶新加坡過去增加廣告及宣 傳、設施和人才等方面的投資，年內經營溢利因 而受到影響，較二零一六╱二零一七財政年度減 少 36%。 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 In the new fiscal year 2018/2019, we expect a more moderate growth as we will be cycling an accelerated growth performance of the just finished fiscal year 2017/2018, coupled with increased investments in brand equities, organisation and infrastructure to continue supporting our scale up behind our “Sustainable Growth” strategy. 業務前景 我們預期於二零一八╱二零一九新財政年度的增 長將適度緩和，原因是剛結束的二零一七╱二零 一八財政年度的加速增長較預定目標為好，我們 將按照「可持續增長」策略繼續擴充業務規模， 加大在品牌價值、組織架構及設施等方面的投 資。 Mainland China The Group expects Vitasoy China to gradually increase its growth contribution. Our “Go Deep Go Wide” strategy has been effective and therefore we plan to diligently pursue this balanced growth going forward. In the face of growing soya milk and plant based beverages’ increased competition and fragmentation, future efforts will concentrate on building brand equity, improving our execution, strengthening our organisation and securing the appropriate investments to support our expansion. Hong Kong Operation (Hong Kong, Macau and Exports) Vitasoy Hong Kong will continue to focus on increasing its very high per capita consumption and market leadership across segments. The Group has also embarked a 2-year investment program to improve production capability and efficiency. 中國內地 本集團預期維他奶中國的增長貢獻將逐步增加。 鑑於「更深更廣」策略具相當成效，未來我們將 努力追求此均衡增長。 面對增長中的豆奶及植物奶飲品市場的競爭日益 激烈以及市場分散等問題，我們日後將專注打造 品牌價值、優化策略執行、增強組織架構及尋求 合適投資以擴充業務。 香港業務（香港、澳門及出口） 維他奶香港將繼續致力提高人均消費及爭取各類 產品的市場領導地位。本集團同時已開展一項為 期兩年的投資項目，改善生產能力及效率。 Australia and New Zealand We anticipate competition in the plant milk category to intensify with simultaneous price deflation on slowing segments and selective revenue growth opportunities in innovation. We will leverage our brand equity and portfolio innovation to drive scale without deterioration in revenue per case. 澳洲及新西蘭 我們預期植物奶品類的競爭將會加劇，部份銷情 較差的產品價格有可能下降，並須透過產品創新 獲取選擇性的收入增長機會。我們將會善用品牌 價值及創新產品組合擴大業務規模，幫助收入增 長及保持產品的平均收入水平。 Singapore We will focus on maintaining our market leadership in tofu by enhancing our premium VITASOY brand and relevant innovation, whilst evolving the model for the beverage business. 新加坡 我們將透過加強高端維他奶品牌及產品創新，專 注維持於豆腐品類市場的領導地位，同時繼續改 善飲品業務的經營模式。 The Philippines The Group’s joint venture with Universal Robina Corporation has just commenced and has operated effectively in its first few months of operation. The soy market is ripe for growth in the Philippines. We will continue to build brand awareness to progressively scale up our operations and provide meaningful contribution to our Group results. 菲律賓 本集團與 Universal Robina Corporation 共同投資 的合營公司剛開始營運數月並運作順利。菲律賓 的大豆產品市場趨於成熟有利業務發展。我們將 繼續建立品牌知名度，逐步擴大業務規模，為本 集團業績帶來理想貢獻。 Annual Report 2017/2018 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 Vitasoy’s strategy of “Sustainable Growth” has delivered an acceleration of growth during FY2017/2018, with very strong revenue and profit performance in what is now our biggest market, Mainland China. Although the operating environment in our chosen markets continues to intensify, we are confident the Group is well positioned to scale up by delivering our vision of producing high quality, tasty and nutritious plant-based products. 總結 維 他 奶 的「 可 持 續 增 長」策 略 讓 本 集 團 於 二 零 一七╱二零一八財政年度錄得迅速增長，尤其是 我們目前最大的中國內地市場，銷售額及盈利 均表現強勁。儘管我們選取的市場經營環境仍然 嚴峻，我們堅信本集團已準備就緒，繼續實踐生 產優質、美味並以植物成分為主的營養產品的願 景，從而擴大業務規模。 As always, the Management Team and I most sincerely thank our Executive Chairman and Board of Directors for their guidance and invaluable insight, as well as our business partners and employees for their commitment, professional work and meaningful contribution during the year. 一如既往，管理團隊及本人謹此衷心感謝年內執 行主席及董事會所給予的指導及寶貴灼見，以及 業務夥伴及僱員對工作的承擔、專業工作及貢 獻。 Roberto Guidetti Group Chief Executive Officer 15 June 2018 陸博濤 集團行政總裁 二零一八年六月十五日 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 2017/2018 年度報告 25 Awards and Recognitions 嘉許及表揚 Major Awards of Vitasoy International Holdings Limited from 1st April 2017 to the Date of this Annual Report 維他奶國際集團有限公司於二零 一七年四月一日至本年報日期止 所頒獲的主要獎項 Corporate企業 Hong Kong 香港 Vitasoy International Holdings Limited 維他奶國際集團有限公司 The “10 years Plus Caring Company” Logo from the Hong Kong Council of Social Services 榮獲香港社會服務聯會頒發「10 年 Plus 商界展關懷」標誌 “Diamond Enterprise Winner” in the “Quality Food Traceability Scheme 2017” from GS1 Hong Kong 榮獲香港貨品編碼協會頒發「優質食品源頭追蹤計劃 2017」的「鑽石企業獎」 “LinkedIn Evolving Employer Award 2017 – Silver” from LinkedIn 榮獲領英頒發「領英進步僱主獎 2017 – 銀獎」 “International Award” in the “DHL/SCMP Hong Kong Business Awards 2017” from DHL and South China Morning Post 在 DHL 及南華早報舉辦的「2017 年 DHL/ 南華早報香港商業獎」獲頒發「海外拓展成就獎」 “Manpower Developer” in the “ERB Manpower Developer Award Scheme” from the Employees Retraining Board 在僱員再培訓局舉辦的「ERB 人才企業嘉許計劃」中獲嘉許為「人才企業」 Vitaland Services Limited and Hong Kong Gourmet Limited 維他天地服務有限公司及香港美食有限公司 Vitaland Services Limited and Hong Kong Gourmet Limited were awarded the “Caring Company” Logo from the Hong Kong Council of Social Services 維他天地服務有限公司及香港美食有限公司獲香港社會服務聯會頒發「商界展關懷」標誌 Vitaland Services Limited and Hong Kong Gourmet Limited were awarded “Green Partner Appreciation Certificate” in the “Green Monday” Programme 維他天地服務有限公司及香港美食有限公司榮獲「無綠不歡校園計劃」的「綠色夥伴感謝狀」 Hong Kong Gourmet Limited was awarded “Friendly Employment Award” and “Outstanding Inclusive Team Award” in the Talent-Wise Employment Charter and Inclusive Organisations Recognition Scheme from the Labour and Welfare Bureau, the Rehabilitation Advisory Committee, the Hong Kong Joint Council for People with Disabilities and the HK Council of Social Service 香港美食有限公司在勞工及福利局、康復諮詢委員會、香港復康聯會及香港社會服務聯會推出的《有能者 · 聘之約 章》及共融機構嘉許計劃中獲頒發「友善聘用獎」和「傑出共融團隊獎」 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 “EcoPartner” and “EcoPioneer 3 Years +” 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」及獲 頒發「『3年+參與』環保先驅獎章」 “Quality and Safety System Award” from Guangming New District Food and Drug Management Bureau, Shenzhen 榮獲深圳光明新區食品和藥品管理局頒發「質量和安全體系獎」 “Caring Company in Guangming District” from Guangming New District Working Committee and Guangming Volunteers Association 榮獲光明新區工作委員會及光明義工聯合會嘉許為「光明辦事處愛心企業」 Vitasoy (Foshan) Company Limited 維他奶（佛山）有限公司 “EcoPartner” in the “BOCHK Corporate Environmental Leadership Awards 2016” by 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」 “Advanced Safety Organisation of the Year” by Shixi Administration for Work Safety 榮獲獅西安監分站評為「年度安全先進單位」 Vitasoy (Shanghai) Company Limited 維他奶（上海）有限公司 “2016 Model Safety Organisation in Shanghai City” from Shanghai Municipality on Comprehensive Treatment of Public Security Commission 榮獲上海市社會治安綜合治理委員會嘉許為「2016年度上海市平安示範單位」 Gold Award in the “Technology and Innovation Award 2017”, Progress Award in the “Development Award 2017” and Best Award in the “Efficiency Award 2017” from the Working Committee of Zhongshan Administration in Songjiang District and Zhongshan Administration of the People’s Government Office in Songjiang District 榮獲松江區中山街道工作委員會及松江區人民政府中山街道辦事處頒發「2017年度科創金獎」、「2017年 度發展進步獎」及「2017年度最佳效益獎」 Vitasoy (Wuhan) Company Limited 維他奶（武漢）有限公司 Recognition as “The Practice and Training Base for University Students in Wuhan City” from the Wuhan Municipal Human Resources and Social Security Bureau 榮獲武漢市人力資源和社會保障局嘉許為「武漢市大學生實習實訓基地」 The “Best Employer Award 2017” in the “Best Employer Award in China” by Zhaopin.com 在「2017中國年度最佳僱主」獲智聯招聘頒發「最佳僱主提名獎」 “Excellent Organisation in Safe Production” from the  People’s Government of Wuhan Municipality 榮獲武漢市人民政府嘉許為「安全生產優秀單位」 Annual Report 2017/2018 年度報告 27 Awards and Recognitions 嘉許及表揚 Corporate企業 Singapore 新加坡 Vitasoy International Singapore Pte Ltd. “Food Safety Platinum Award” recognition from Agri-Food & Veterinary Authority of Singapore (AVA) because of gaining “A” grade in the “Food Safety Excellence Scheme” for 20 consecutive years 連續20年於新加坡農業食品及動物安全局(AVA)的「食物安全卓越計劃」取得甲等評級，獲頒發「食物安全 白金獎」 Brand品牌 VITASOY 維他奶 “Food Innovation Award” from Hong Kong Food Council 榮獲香港食品委員會頒發「食品創意大獎」 VITASOY Black Soyabean Milk Launch Event was awarded the “Best Product Launch Event” in “The Marketing Events Awards 2017” organised by Marketing Magazine 維他奶黑豆奶產品發佈活動在《Marketing Magazine》的「市場營銷活動獎2017」中獲得「最佳產品發佈 活動」獎 “Outstanding Category Performance Award” in the “18th Favourite Brands Awards 2017” organised by Wellcome 在惠康超級市場主辦之「2017年第18屆超市名牌選舉」中獲頒發「出類拔萃獎」 “Touch Brands 2017” Award from East Touch Magazine 榮獲《東Touch》雜誌頒發「Touch品牌2017」獎項 “China CSR Award 2017” from JIEMIAN.COM 榮獲界面媒體嘉許為2017年度「中國臻善企業」 “The Most Favourite Milk Brand by Millions of Shenzhen Citizens 2018” recognized by Shenzhen Evening News, Shenzhen ZAKER, and the panel of judges of the Millions of Shenzhen Citizens 榮獲深圳晚報、深圳ZAKER、深圳百萬市民測評團嘉許為「2018深圳百萬市民最喜愛的乳飲品品牌」 “Top 10 Supermarket Brands Award” in the “Super Brands Award 2017” organised by PARKnSHOP 在百佳超級市場主辦之「超卓品牌大賞2017」中獲選為「十大超卓品牌」之一 VITASOY CALCI PLUS 維他奶鈣思寶 “Outstanding Category Performance Award” in the “18th Favourite Brands Awards 2017” organised by Wellcome 在惠康超級市場主辦之「2017第18屆超市名牌選舉」中獲頒發「出類拔萃獎」 “Superior Brands Award” in the “Super Brands Award 2017” organised by PARKnSHOP 在百佳超級市場主辦之「超卓品牌大賞2017」中獲選為「至尊超市品牌」 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 VITA 維他 VLT 維他檸檬茶 “Top 10 Favourite Brands” in the “18th Favourite Brands Awards 2017” organised by Wellcome 在惠康超級市埸主辦之「2017第18屆超市名牌選舉」中獲選為「十大超市名牌」之一 “Best Branded Entertainment Project Award” in the “iResearch Marketing Awards” organised by iResearch Group 在艾瑞集團主辦之「第十二屆金瑞營銷獎」中獲頒發「最佳娛樂行銷案例獎」 “Branded Entertainment Bronze Award” organised by Shanghai International Advertising Festival 榮獲上海國際廣告節頒發「娛樂行銷銅獎」 “Top 10 Supermarket Brands Award” in the “Super Brands Award 2017” organised by PARKnSHOP 在百佳超級市場主辦之「超卓品牌大賞2017」中獲選為「十大超卓品牌」之一 “One Stage for All” Promotion 「一個天地，夾哂我哋」宣傳 “Interactive Creative – Offline APP Category (Silver)” in the “China Advertising Great Wall Awards 2017” organised by China Advertising Association 在中國廣告協會主辦之「2017年中國廣告長城獎」中獲得「互動創意獎 – 無線APP類（銀獎）」 “Excellence in Digital Marketing (Gold)” and “Excellence in Innovation (Silver)” in the “Marketing Excellence Awards” organised by Marketing Magazine 在《Marketing Magazine》的「市場營銷卓越大獎」中獲頒發「最佳數碼營銷（金獎）」及「最佳創新（銀 獎）」 “Cross-Platform Augmented Reality/Virtual Reality (Silver)” in “2017 ONE SHOW Greater China Awards” organised by The One Club 在The One Club主辦之「2017 ONE SHOW中華創意獎」中獲頒發「跨平台廣告虛擬實境/增強現實（銀 獎）」 “Beverage – Non-Alcohol and Non-Carbonated (Silver)” in “Effie Awards Greater China” organised by China Advertising Association 在中國廣告協會主辦之「大中華區艾菲獎」中獲頒發「飲料 – 非酒水及非碳酸類（銀獎）」 The following awards in the “Kam Fan Awards” organised by The Association of Accredited Advertising Agencies of Hong Kong (HK4As): 在香港廣告商會 (HK4As) 主辦之「金帆廣告大獎」獲頒發以下獎項： – “Social Single – Influencer/Talent (Silver)” – 「單一社交媒體 – 意見領袖 / 藝人（銀獎）」 – “Mobile Single – Technology (Silver)” – 「單一手機 – 科技（銀獎）」 – “Mobile Single – Apps (Silver)” – 「單一手機 – 應用程式（銀獎）」 Annual Report 2017/2018 年度報告 29 Awards and Recognitions 嘉許及表揚 Brand品牌 – “Promo & Activation Single – Use of Product and Package Design (Bronze)” – 「單一宣傳及啟動 – 產品及包裝設計運用（銅獎）」 – “Promo & Activation Single – Use of Mobile Marketing and Technology (Bronze)” – 「單一宣傳及啟動 – 手機營銷及技術運用（銅獎）」 – “Media Single – Best Use of Mobile Devices (Bronze)” – 「單一媒體 – 最佳移動設備運用（銅獎）」 – “Direct Single – Use of Technology (Bronze)” – 「單一直效營銷 – 科技運用（銅獎）」 – “Web Platform Single – Web Service/Apps (Bronze)” – 「單一網上平台 – 網上服務 應用程式（銅獎）」 – “Promo & Activation Single – Use of Digital Platform (Merit)” – 「單一宣傳及啟動 – 數碼平台運用（優異獎）」 – “Media Single – Best Use of Technology (Merit)” – 「單一媒體 – 最佳科技運用（優異獎）」 – “Direct Single – Use of Mobile (Bronze)” – 「單一直效營銷 – 手機運用（優異獎）」 VITA No Sugar Tea 維他無糖茶 “Superior Brands Award” in the “Super Brands Award 2017” organised by PARKnSHOP 在百佳超級市場主辦之「超卓品牌大賞2017」中獲選為「至尊超市品牌」 “Not Overdone” Promotion 「嗒真唔過火」宣傳 “Best Event – Consumer”, “Best Use of Social Media” in “The Marketing Events Awards 2017” organised by Marketing Magazine 在《Marketing Magazine》的「市場營銷活動獎2017」中獲頒發「最佳消費者活動」獎及「最佳社交媒體 運用」獎 “Excellence in Print Marketing (Gold)” in “Marketing Excellence Awards” organised by Marketing Magazine 在《Marketing Magazine》的「市場營銷卓越大獎」中獲得「最佳印刷營銷（金獎）」 “Beverage – Non-Alcohol and Non-Carbonated (Bronze)” in “Effie Awards Greater China” organised by China Advertising Association 在中國廣告協會主辦之「大中華區艾菲獎」中獲頒發「飲料 – 非酒水及非碳酸類（銅獎）」 “Superior Brands Award” in the “Super Brands Award 2017” organised by PARKnSHOP 在百佳超級市場主辦之「超卓品牌大賞2017」中獲選為「至尊超市品牌」 VITA HK Style 維他港式系列 “Touch Brands 2017” from East Touch Magazine 榮獲《東Touch》雜誌頒發「Touch品牌2017」獎項 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 Annual Report 2017/2018 年度報告 31 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 2018, 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 本公司於截至二零一八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 Hong Kong 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，根據香 港《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： Codes 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 Corporate Governance Practices and Significant Financial Transactions 企業管治常規及重大 財務交易 Long-term Strategic Plan and Annual Budget 長期策略規劃及 年度預算 Approval of Financial Reports 批准財務報告 Appointment and Removal of External Auditors 委任及罷免外聘 核數師 Matters reserved for the Board Decisions 須待董事會作出決定之事項 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 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 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 approved the Three Year Strategic Plan for the fiscal years up to 2020/2021 in September of 2017 and has always been taking a proactive role in reviewing and updating the Strategic Plans periodically in response to 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 二零一七年九月批准截至二零二零╱二零二一財 政年度止之三年策略規劃，並一直因應宏觀經濟 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。 Vision, OGSM, Glidepath 願景、制定目標 策略計劃及 指引方向 Three Year Strategic Plan 三年策略規劃 Formulation 制定 Approval 批准 Implementation 實施 Review 檢討 Board Composition 董事會組成 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 Mr. Eugene LYE 黎中山先生 Executive Director 執行董事 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 Dr. Roy Chi-ping CHUNG 鍾志平博士 Independent Non-executive Director 獨立非執行董事 Ms. Yvonne Mo-ling LO 羅慕玲女士 Non-executive Director 非執行董事 Mr. Peter Tak-shing LO 羅德承先生 Non-executive Director 非執行董事 Ms. May LO 羅其美女士 Non-executive Director 非執行董事 Annual Report 2017/2018 年度報告 33 Corporate Governance Report 企業管治報告 The designation, position and brief biographical information of each Director, together with the relationship amongst each other, Senior Management or Substantial or Controlling Shareholder 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. 各董事所屬之職銜、職位及簡歷以及彼此間或與 高層管理人員、主要股東或控股股東之關係載列 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。 The Independent Non-executive Directors almost represent half of the Board which exceeds the Listing Rules requirement for one- third. 獨立非執行董事佔董事會總人數接近二分之一， 高於上市規則規定三分之一的要求。 Board Composition 董事會組成 3 EDs 三名執行董事 (27%) 5 INEDs 五名獨立 非執行董事 (46%) 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 3 NEDs 三名非執行董事 (27%) 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 有廣泛而寶貴之從商經驗、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。 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 Analysis of Directors’ skill, knowledge and experience 董事之技能、知識及經驗分析 1 1 1 1 2 5 General Management 整體管理 Accounting, Audit, Finance and Risk Management 會計、審計、財務及風險管理 Legal 法律 Marketing 市場推廣 Food Technology 食品科技 IT/Technical 資訊科技╱技術 * 7 out of 11 are/were directors of local and/or overseas listed companies * 11名董事當中，7名董事現時╱曾經為本地及╱或海外上市 公司擔任董事 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 which has been subsequently revised in June 2017. As at the year ended 31st March 2018, 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替及加強董事 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，其後 於二零一七年六月曾作出修訂。於截至二零一八 年三月三十一日止年度內，達致該等目標之進度 如下： Annual Report 2017/2018 年度報告 35 Corporate Governance Report 企業管治報告 Gender 性別 Female representation during the year of 2017/2018 was 18.2% which has achieved the target of “not less than 18%” set for the year of 2019/2020. 於二零一七╱二零一八年度，女性代表達到 18.2%，達致為二零一九╱二零二零年度所 釐訂「不少於 18%」之目標。 (According to available statistics, female representation on boards of Hong Kong listed companies is 13%. 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13%。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 2017/2018 was 63 which has achieved the target of “60-65”set for the year of 2019/2020. 於二零一七╱二零一八年度，董事會成員的 平均年齡為 63 歲，達致為二零一九╱二零二 零年度所釐訂「60 至 65 歲」之目標。 Gender 性別 2 Age Group 年齡組別 2 3 71-80 Years old 71-80歲 61-70 Years old 61-70歲 51-60 Years old 51-60歲 41-50 Years old 41-50歲 Male 男 Female 女 9 Ethnicity 種族 4 3 3 Chinese 華裔 Non-Chinese 非華裔 7 The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st October 2017 to 30th September 2018. 於二零一七年十月一日至二零一八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。 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 Changes in Directors’ Information during the year ended 31st March 2018 and up to the date of this Annual Report are set out below: 於截至二零一八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： Appointment of Independent Non-executive Director 獨立非執行董事之委任 Dr. Roy Chi-ping CHUNG – was appointed as an Independent Non-executive Director of 鍾志平博士 – 獲委任為本公司獨立非執行董事。 the Company. Appointment of Non-executive Director 非執行董事之委任 Mr. Peter Tak-shing LO – was appointed as a Non-executive Director of the Company. 羅德承先生 – 獲委任為本公司非執行董事。 Appointment of Non-executive Director 非執行董事之委任 Ms. May LO – was appointed as a Non-executive Director of the Company. 羅其美女士 – 獲委任為本公司非執行董事。 Appointment of Executive Director 執行董事之委任 Mr. Eugene LYE – was appointed as an Executive Director of the Company. 黎中山先生 – 獲委任為本公司執行董事。 Retirement of Non-executive Director 非執行董事之退任 Ms. Myrna Mo-ching LO – retired as a Non-executive Director of the Company; and – ceased to be a member of the Remuneration and Nomination 羅慕貞女士 – 退任本公司非執行董事；及 – 辭任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. Anthony John Liddell NIGHTINGALE – ceased to be a non-official member of the Commission on 黎定基先生 – 辭任香港策略發展委員會非官方成員； Strategic Development in Hong Kong; – ceased to be 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; and – 辭任亞太經合組織 (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；及 – was appointed as a member of The Chief Executive’s Council of – 獲委任為行政長官創新及策略發展顧問團 Advisers on Innovation and Strategic Development. 成員。 Dr. Roy Chi-ping CHUNG – was appointed as the chairman of Vocational Training Council. 鍾志平博士 – 獲委任為職業訓練局主席。 Changes in Directors’ Fees 董事袍金之變動 There was a 3.8% increase in basic directors’ fees for FY2017/ 2018. 於二零一七╱二零一八財政年度之基本董事 袍金增加 3.8%。 Annual Report 2017/2018 年度報告 37 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 The roles and responsibilities of Executive Chairman and Group Chief Executive Officer are clearly separate and defined 執行主席及集團行政總裁之角色及職責已清楚區分及界定 The roles of the Executive Chairman and Group Chief Executive Officer of the Company have been clearly defined. Mr. Winston Yau-lai LO serves as the Executive Chairman and is responsible for providing leadership in the Board to set strategies to achieve the Group’s goals. With the support from the Group Chief Executive Officer and the Company Secretary, the Executive Chairman seeks to ensure that all Directors are properly informed of issues arising at Board meetings and provided with adequate and accurate information in a timely manner. The Executive Chairman promotes a culture of openness and encourages Directors to make a full and active contribution to the Board’s affairs so as to contribute to the Board’s functions and encourages Directors with different views to voice their opinions. The Board, under the leadership of Mr. Winston Yau-lai LO, has adopted a formal corporate governance policy, with adherence to various best practices and procedures. We have also established various communication platforms to maintain an on-going dialogue with our shareholders and the other stakeholders so as to allow them to engage actively with the Company. Mr. Roberto GUIDETTI, the Group Chief Executive Officer is responsible for the overall strategic planning, business development and general management of all the Group’s operations. The Group Chief Executive Officer is primarily accountable 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 界定。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 積極投入瞭解本公司事務。 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工作。集團 行政總裁主要負責每月向董事會匯報最新之管理 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。 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 Proceedings The Board met five times in fiscal year of 2017/2018 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 董事會於二零一七╱二零一八財政年度內共開會 五次，討論及批准整體業務策略；審視及監察本 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 與集團企業管治相關之政策及常規。 2017 Board Meeting 二零一七年董事會會議 June 六月 • Approved Annual Results 批准年度業績 • Approved Appointment of Independent Non- executive Director and Non-executive Directors 批准委任獨立非執行董事 及非執行董事 • Reviewed Operation performance 審視營運單位的表現 September 九月 November 十一月 • Approved Strategic Plan • Approved Appointment of • Reviewed Operation 批准策略規劃 Executive Director 批准委任執行董事 performance 審視營運單位的表現 • Approved Interim Results • Reviewed Operation 批准中期業績 performance 審視營運單位的表現 2018 Board Meeting 二零一八年董事會會議 January 一月 March 三月 • Reviewed Operation performance 審視營運單位的表現 • Approved FY2018/2019 • Reviewed Operation Budget 批准二零一八╱二零一九 財政年度預算 performance 審視營運單位的表現 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。 Annual Report 2017/2018 年度報告 39 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, 4 out of 5 members are Independent Non-executive Directors) （全部均為非執行董事，5名成員當中， 4名為獨立非執行董事） 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 Membership 成員 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Mr. Jan P. S. ERLUND 先生 Dr. the Hon. Sir Mr. Paul Jeremy David Kwok-po LI BROUGH (Chairman) 李國寶爵士 （主席） 先生 Ms. Yvonne Mo-ling LO 羅慕玲女士 Terms of reference of the Remuneration and Nomination Committee are published on the websites of the Stock Exchange and the Company. The Remuneration and Nomination Committee is provided with sufficient resources, including the advice of independent professional firms, if necessary, to discharge its duties. The Remuneration and Nomination Committee is mainly responsible to consider and approve the remuneration packages of Executive Directors and Senior Management of the Group, including salaries, benefits in kind and bonuses; bonus schemes and other long-term incentive schemes, including share option and other plans. The Remuneration and Nomination Committee also reviews the structure, size, composition and diversity (including the skills, knowledge, experience, gender and age) of the Board; 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. 40 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 薪酬及提名委員會之職權範圍已刊登於聯交所及 本公司之網站。薪酬及提名委員會獲提供充足資 源，包括獨立專業公司之意見（如需要），以履行 其職責。 薪酬及提名委員會主要負責審批本集團執行董事 及高層管理人員之薪酬福利條件，包括薪金、實 物利益及花紅；花紅計劃及其他長期激勵計劃， 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。 Corporate Governance Report 企業管治報告 The Remuneration and Nomination Committee held one meeting in fiscal year of 2017/2018. Each member’s attendance record during the year is shown on page 46 of this Annual Report. 薪酬及提名委員會於二零一七╱二零一八財政年 度內舉行一次會議。各成員於年內出席會議之記 錄列載於本年報第 46 頁。 Summary of work done during and for the fiscal year of 2017/2018 在年內及為二零一七╱二零一八 財政年度所作之工作總結 • Reviewed, discussed and approved the remuneration package of Senior Management including the Executive Directors and key executives of the Group by reference to the individuals’ job responsibilities and performances, industry benchmarks and prevailing market conditions; • Approved the discretionary bonuses and the grant of share options, having given due consideration to both the Group’s individuals’ performances financial performance and the during the year in accordance with the performance-based compensation policy recommended by an independent consultant; • Reviewed and recommended to the Board for approval the letters of appointment of the Executive Chairman, one Independent Non-executive Director, three Non-executive Directors and two Executive Directors; • 檢討、討論及批准高層管理人員（包括本 集團執行董事及主要行政人員）之酬金福 利條件，當中已參考個別人士之職責及表 現、同業水平及現行市場環境； • 根據獨立顧問建議，以按表現釐定之薪酬 政策，在充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； • 審閱及建議董事會批准執行主席、一名獨 立非執行董事、三名非執行董事及兩名執 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; • 審視董事會之架構、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 one Executive Director for approval by the Board; • 提名一名執行董事供董事會批准； • Reviewed and updated the Board Succession Plan and its Road • 審閱及更新董事會繼任計劃及其未來路 Map; 向； • Reviewed the measurable objectives for achieving Board • 審閱達致董事會多元化的可計量目標； diversity; • Reviewed Director’s time commitment to perform his/her • 審閱董事履行其職責所投入的時間； duties; • 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 • 就董事於二零一七╱二零一八財政年度之 fiscal year of 2017/2018. 袍金向董事會提供建議。 Annual Report 2017/2018 年度報告 41 Corporate Governance Report 企業管治報告 Audit Committee 審核委員會 Membership 成員 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Paul Jeremy BROUGH 先生 (Chairman) （主席） 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 including is provided with sufficient resources, the advice of independent professional firms, if necessary, to discharge its duties. The Audit Committee is mainly responsible for making recommendations to the Board on the appointment, reappointment and removal of the External Auditors and their audit fees; meeting with the External Auditors to discuss the nature and scope of the audit; reviewing the interim financial report and annual financial statements before they are submitted to the Board; discussing problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and reviewing the External Auditors’ management letter and management’s response; reviewing the internal audit programs and to ensure co-ordination between the Internal and External Auditors, assessing the effectiveness of the Company’s risk management and internal control systems which cover all material financial, operational and compliance controls, and ensuring that the internal audit function is adequately resourced and has appropriate standing within the Group; conducting an annual review of the adequacy of staffing of the financial reporting functions; reviewing arrangements the employees of the Company can use, in confidence, to raise concerns about the possible improprieties in financial reporting, internal control or other matters; ensuring proper arrangements are in place for fair and independent investigation of those matters and for appropriate follow up action; and acting as the key representative body for overseeing the Company’s relations with the External Auditors. 審核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。 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 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. 董事會已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。 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 2017/2018. Each member’s attendance record during the year is shown on page 46 of this Annual Report. 審核委員會於二零一七╱二零一八財政年度內共 開會三次。各成員於年內出席會議之記錄列載於 本年報第 46 頁。 Summary of work done during and for the fiscal year of 2017/2018 在年內及為二零一七╱二零一八 財政年度所作之工作總結 • Reviewed the 2017/2018 preliminary results announcement; interim financial report; preliminary annual results announcement and annual financial statements with management and External Auditors, and recommended their adoption by the Board; interim • 連同管理層及外聘核數師審閱二零一七╱ 二零一八年度之初步中期業績公告；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 2017/2018 audit plan; • 與內部審計師檢討本公司之內部監控系統 及審閱內部審計師定期編製之審計報告， 並批准二零一七╱二零一八年度之審核 方案； • Reviewed the amendments to Whistleblowing Policy and made • 審閱舉報政策之修訂並建議董事會予以採 recommendations to the Board for approval; 納； • Met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit work; • 於審核工作開始前，與外聘核數師開會討 論審核工作之性質及範疇以及匯報責任； • Reviewed and considered the terms of engagement of the • 審閱及考慮外聘核數師之委聘條款； External Auditors; Annual Report 2017/2018 年度報告 43 Corporate Governance Report 企業管治報告 Summary of work done during and for the fiscal year of 2017/2018 在年內及為二零一七╱二零一八 財政年度所作之工作總結 • 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 the adequacy of resources, qualifications and experience of the staff of the Group’s accounting, financial reporting, risk management and internal audit functions, and their training programs and budget; effectiveness of the Group’s internal audit function and compliance with the CG Code; • 審閱本集團於會計、財務匯報、風險管理 及內部審計功能部門方面之資源、員工資 歷及經驗是否足夠，以及培訓課程及有關 預算；本集團內部審計職能之成效及遵守 企業管治守則之情況； • Reviewed 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 • 審閱董事及高層管理人員之培訓及持續專 development 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 • 審閱適用於董事及僱員之行為守則及合規 applicable to Directors and employees; 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。 The Board has approved a Whistleblowing Policy in March 2012 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, the Company has made a few amendments to the Whistleblowing Policy to expand the range of whistleblowers to external parties and to further improve the reporting channels for encouraging fraud reporting. 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. 於二零一二年三月，董事會已批准一項舉報政 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，本公司對舉報政策作出若干修訂，擴 大舉報人範圍至外界人士，並進一步改善舉報渠 道，從而鼓勵舉報欺詐情況。年內，僱員概無舉 報嚴重欺詐或失職事件而對本公司之財務狀況及 整體營運造成重大影響之事件。 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 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，並持續監察有關之合規情況。 Executive Committee 執行委員會 Membership 成員 Mr. Winston Yau-lai LO (Executive Chairman) 羅友禮先生 （執行主席） Mr. Chris Kin-shing LAU (Group Chief Financial Officer) 劉健成先生 （集團首席財務總監） Mr. Roberto GUIDETTI (Executive Director and Group CEO) 陸博濤先生 （執行董事暨 集團行政總裁） The Executive Committee operates as a general management committee under the direct authority of the Board to deal with certain operational matters of the Group. 執行委員會如同一般管理委員會運作，直接隸屬 董事會，負責處理本集團若干營運事宜。 Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit Committee Meetings, Annual General Meeting and General Meeting during the fiscal year of 2017/2018 are as follows: 於二零一七╱二零一八財政年度，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、股東週年大會及股東大會之出席記錄表列如 下： Apr 四月 May 五月 Jun 六月 BM RN AC 2017 Jul 七月 Aug 八月 Sep 九月 BM AGM Oct 十月 GM Nov 十一月 BM AC Dec 十二月 Jan 一月 BM AC 2018 Feb 二月 Mar 三月 BM BM RN AC Board Meeting 董事會會議 Remuneration and Nomination Committee Meeting 薪酬及提名委員會會議 Audit Committee Meeting 審核委員會會議 AGM Annual General Meeting 股東週年大會 GM General Meeting 股東大會 Annual Report 2017/2018 年度報告 45 Corporate Governance Report 企業管治報告 Name Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND (g) Mr. Anthony John Liddell NIGHTINGALE (g) Mr. Paul Jeremy BROUGH (g) Dr. Roy Chi-ping CHUNG (g) (appointed on 24th June 2017) Non-executive Directors Ms. Myrna Mo-ching LO (g) (retired on 1st October 2017) Ms. Yvonne Mo-ling LO (g) Mr. Peter Tak-shing LO (appointed on 24th June 2017) Ms. May LO (appointed on 24th June 2017) Executive Directors Mr. Winston Yau-lai LO (Executive Chairman) Mr. Roberto GUIDETTI Mr. Eugene LYE (appointed on 1st October 2017) 姓名 獨立非執行董事 李國寶爵士 Jan P. S. ERLUND先生 (g) 黎定基先生 (g) Paul Jeremy BROUGH先生(g) 鍾志平博士 (g) （於二零一七年六月 二十四日獲委任） 非執行董事 羅慕貞女士 (g) （於二零一七年 十月一日退任） 羅慕玲女士 (g) 羅德承先生 （於二零一七年六月 二十四日獲委任） 羅其美女士 （於二零一七年六月 二十四日獲委任） 執行董事 羅友禮先生（執行主席） 陸博濤先生 黎中山先生 （於二零一七年 十月一日獲委任） Average Attendance of the Board Members 董事會成員平均出席率 Group Chief Financial Officer Mr. Chris Kin-shing LAU 集團首席財務總監 劉健成先生 Group Director, Internal Audit and Risk Management Mr. Terence Chiu-kit CHOW 集團內部審計及風險管理總 監 周昭傑先生 External Auditors KPMG 外聘核數師 畢馬威會計師事務所 46 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 General Meeting 股東大會 Overall Attendance Rate 整體出席率 5/5 4/5 5/5 5/5 4/4 1/2 5/5 4/4 4/4 1/1 (b) 1/1 1/1 1/1 N/A 不適用 1/1 1/1 N/A 不適用 N/A 不適用 3/3 2/3 3/3 3/3 (c) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 0/1 0/1 0/1 0/1 N/A 不適用 0/1 1/1 1/1 5/5 (a) 5/5 3/3 1/1 (f) 1/1 (f) N/A 不適用 3/3 (f) 3/3 (f) N/A 不適用 1/1 (d) 1/1 N/A 不適用 1/1 (e) 1/1 1/1 100% 73% 91% 91% 83% 75% 88% 100% 100% 100% 100% 100% 92% 5/5 (f) N/A 不適用 3/3 (f) 1/1 (f) 1/1 (f) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 3/3 (f) N/A 不適用 N/A 不適用 N/A 不適用 3/3 (f) 1/1 (f) N/A 不適用 N/A 不適用 Corporate Governance Report 企業管治報告 Notes: Chairman of the Board (a) (b) (c) (d) (e) (f) (g) Chairman of the Remuneration and Nomination Committee (b) 薪酬及提名委員會主席 Chairman of the Audit Committee Chairman of the Annual General Meeting Chairman of the General Meeting Attendance by invitation (c) 審核委員會主席 (d) 股東週年大會主席 (e) 股東大會主席 (f) 應邀出席 Directors were unable to attend certain meetings due to health (g) 董事因健康理由、突發事務及其他不可預見之情況 reasons, ad hoc commitments and other unforeseen circumstances 而未能出席若干會議 附註： (a) 董事會主席 The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2017 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。於二零一七年股東週年大會，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. 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任董 事。股東之提名程序已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。 Annual Report 2017/2018 年度報告 47 Corporate Governance Report 企業管治報告 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. During the year, induction programs had been organised for four newly appointed Directors, namely, Dr. Roy Chi-ping CHUNG, Mr. Peter Tak-shing LO, Ms. May LO and Mr. Eugene LYE, in the headquarters office of the Company. During the induction session, each Director 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 each newly appointed Director an induction program kit immediately subsequent to his/ her 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. 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（包括各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。 年內，本公司已為四位新委任董事，分別為鍾 志平博士、羅德承先生、羅其美女士及黎中山 先生，於總公司安排就任須知簡介會。於簡介 會上，各董事不僅參觀廠房並與執行董事及高層 管理人員會面，從而熟悉本公司之願景、策略方 針及營運。於彼獲委任為董事後，公司秘書已即 時向各新委任董事提供就任須知資料。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不斷變化之商業領域內 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。 48 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, the Company Secretary has organised an annual in-house training program for Directors, covering the topics for “China (and HK) Outlook: Opportunities & Risks” and “Vitasoy Digitisation Strategy”. 年內，公司秘書為董事舉辦年度內部培訓課程， 培訓題目包括「中國（及香港）展望：機遇及風 險」及「維他奶數碼化策略」。 In September 2017, the Company has organised for the Directors a visit to our plant in Foshan, Guangdong Province, Mainland China. Directors had toured around the production lines and other ancillary facilities to understand production process of our products, processes at work and most importantly, the manufacturing capabilities of the plant. They also met with local management team to develop a deeper understanding of the current business performance, strategy and challenges. Directors had also visited markets in different sale channels so as to allow them to amass knowledge about the local market in which we sell in terms of competitive edges and challenges. 於二零一七年九月，本公司安排董事參觀位於中 國內地廣東省佛山市之廠房。董事巡訪生產線及 其他配套設施，以了解我們的產品生產過程及其 工作流程，尤其是廠房之生產能力。彼等亦與當 地管理團隊見面，更深入了解現時業務之表現、 策略及挑戰。董事亦參觀了不同銷售渠道市場， 從而加深認識當地銷售市場競爭優勢及挑戰。 Annual Report 2017/2018 年度報告 49 Corporate Governance Report 企業管治報告 The Board also acknowledges the importance of continuous professional development (“CPD”) to Senior Management in this highly competitive consumer product market. Senior Management is encouraged to participate in various CPD 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類型持續專業發展課程， 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 2017/2018 which have been reviewed by the Audit Committee. The average training hours of the Directors were over 50 hours during the year. The average training hours of Senior Management were over 100. 全體董事及高層管理人員已向公司秘書提供彼等 於二零一七╱二零一八財政年度之培訓記錄，並 已經由審核委員會審閱。董事於本年內平均培訓 時數超過 50 小時，而高層管理人員於本年內平均 培訓時數則超過 100 小時。 Directors’ Training Records 董事之培訓記錄 Analysis of training attended by Directors in FY2017/2018 – by topic 董事於二零一七╱二零一八財政年度參加之 培訓 — 項目分析 Analysis of training attended by Directors in FY2017/2018 – by type 董事於二零一七╱二零一八財政年度參加之 培訓 — 類型分析 5% 2% 5% 58% 8% 22% Global Business Update 環球業務近況 Company’s Business 本公司業務 Director’s Duties and Governance 董事職責及管治 Innovation and Technology 創新及科技 Legal / Regulatory Compliance 法例╱監管條例之遵守 Accounting / Finance / Tax 會計╱財務╱稅務 25% 39% 36% External Courses / Seminars / Workshops 外間課程╱研討會╱ 工作坊 In-house Training 內部培訓 Readings 閱讀 Senior Management’s Training Records 高層管理人員之培訓記錄 Analysis of training attended by Senior Management in FY2017/2018 – by topic Analysis of training attended by Senior Management in FY2017/2018 – by type 高層管理人員於二零一七╱二零一八財政年度參加之培 訓 — 項目分析 高層管理人員於二零一七╱二零一八財政年度參加之培 訓 — 類型分析 5% 7% 54% 7% 9% 18% Market / Product / Business Development 市場╱產品╱業務發展 Industry 行業 Company’s Business 本公司業務 Accounting / Finance / Tax 會計╱財務╱稅務 Cyber Technology 數碼科技 Regulatory / Legal / Governance 監管條例╱法例╱管治 50 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 23% 42% 35% Readings 閱讀 External Courses / Seminars / Workshops 外間課程╱研討會╱ 工作坊 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 FY2017/2018 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 2018. 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。二零一七╱二零 一八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二零一八年三月三十一日 止年度均已遵守守則載列之規定標準。 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 2017/2018. 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. 本公司已接獲全體董事就於二零一七╱二零一八 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。 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. 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。 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 2017/2018 年度報告 51 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 2017/2018. 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. 於二零一七╱二零一八財政年度，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遞交予公司秘書。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 Meetings Board Composition and Procedures 董事會會議 及程序 and Structure 董事會組成 及架構 Strategic Direction and Planning 策略方向及規劃 Evaluation of the Board 董事會之評核 Corporate Governance Practices 企業管治常規 Risk Management and Internal Control 風險管理 及內部監控 Sustainability Focus 可持續性重點工作 Personal Attributes 個人特質 Leadership 領導能力 Relationship with Board and Group CEO 與董事會及集團 行政總裁之關係 Strategic Planning and Decision Making 策略規劃及決策 Evaluation of Executive Chairman 執行主席之評核 Encourage Open Debate 鼓勵開放討論 Develop Good Corporate Governance Practices 發展良好 企業管治常規 Succession Planning 繼任計劃 Develop Environmental and Social Sustainability 發展環境及社會的 可持續性 All Directors have actively participated in the whole evaluation process. The evaluation results showed that the Board has performed particularly well in the areas of “Board meetings and procedures” and “Corporate Governance practices”. 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「董事會會議及程序」及「企業管治 常規」方面的表現尤其出色。 52 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Overall weighted average scores in six evaluation criteria 六個評核準則之整體加權平均分數 Board Meetings and Procedures 董事會會議及程序 Corporate Governance Practices 企業管治常規 Strategic Direction and Planning 策略方向及規劃 Board Composition and Structure 董事會組成及架構 Risk Management and Internal Control 風險管理及內部監控 Sustainability Focus 可持續性重點工作 a i r e t i r c n o i t a u l a v E 則 準 核 評 8.9 8.9 8.6 8.3 8.2 8.2 5 5.5 6 6.5 7 7.5 8.0 8.5 9.0 9.5 10.0 Weighted average score 加權平均分數 full score is 10 10分為滿分 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 expertise; board meeting materials, strategic direction and planning, and frequency of sustainability reporting. The Executive Chairman as the leader of the evaluation process has provided the responses and actions to be taken to further improve the Board performance as summarized from the Board evaluation results. Such responses and actions have also been discussed amongst the Directors during the Board meeting. 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. 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專業知識之組合方面之 表現；對董事會會議文件、策略方向及規劃以及 可持續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 核總結所得之結果作出回應並提出將採取之行 動，以進一步提升董事會表現。董事亦於董事會 會議上討論有關回應及行動。 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。 Annual Report 2017/2018 年度報告 53 Corporate Governance Report 企業管治報告 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 25 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 25 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。 its responsibility Risk Management and Internal Control The Board acknowledges 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 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，以達致本公司 業務之長久成功。 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，從而提供合理保證， 以避免發生資料之重大錯誤陳述。風險管理及內 部監控系統之主要特點如下 ︰ Internal Control The Company has had in place an internal control system, which is developed based on the Committee of Sponsoring Organizations 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 Organizations 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： 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 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的基調 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 n & Com atio m r o f n I Control Environment 監控文化 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 進行獨立審查內部監控和風險管理 制度的有效性 Information & Communica t i o n 資 訊 及 溝 通 I n f o r m a t i o n & C o m m u n i c a t i o n 資 訊 及 溝 通 Assessing risks and reviewing the effectiveness of internal controls is a continuing process in the Company. Our internal control system is designed to give reasonable assurance that: 本公司持續評估風險及檢討內部監控之成效。本 公司之內部監控系統旨在合理保證： • • • • Assets are prudently safeguarded; • 資產獲得審慎保障； Business activities are conducted in an effective and efficient manner; • 以有效及高效之方式進行業務活動； Financial reporting is accurate, timely and complete; and • 作出準確、適時及完整之財務報告；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。 Annual Report 2017/2018 年度報告 55 Corporate Governance Report 企業管治報告 Internal Audit Group Internal Audit (a team under Group Internal Audit and Risk Management Department) 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部門轄 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. 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。 independently Internal Audit operates Group 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. 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。 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. 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。 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 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 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 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. 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。 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 with effective governance structure and management process are in place. 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 我們已制定風險管理框架，實施有效的風險管治 架構及管理程序。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 , R i s k M o n itoring and Review 風 險監督及審閱 C o ntrol Ownership 風險及監控 R i s k M a n agement Process 風 險管理程序 1. Identify Risk 風險識別 2. Evaluate Risk 風險評估 4. Escalate and Report 上報 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 日 t i v 常 i t i e 營 3. Mitigate and Control 緩和及監控 運 s • C • 財 o m 務 plia 活 動 • 合 規 • 策略發展與業務 規 劃 • 投 資 決 定 • 外 nce • Strategy Development a n d B u s i n e s P l a s n s r o t c a F l a n r e t x n • E n i n g • In vestment Decisio 界 素 因 Risk Governance Structure 風險管治架構 • Audit Committee (On behalf of the Board) 代表董事會執行的審核委員會 • 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 • 個別員工 Individual Employee Annual Report 2017/2018 年度報告 57 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 risks those the Committee’s attention and supervise risk management process as part of good corporate governance that warrant • 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 & Review Enterprise Risk Management Executive Committee & Country CEOs • Design, implement and monitor the risk management and internal control system 風險 監督及 審閱 企業風險管理執行委員會及當地 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 集團風險管理 • An independent team under Group Internal Audit and Risk Management to support the Audit Committee and Enterprise Risk Management Executive Committee • Develop and implement risk management frameworks, policies, tools and methodologies with all subsidiaries • Monitor status of risk and communicate with the Executive Committee and the Audit Committee on an ongoing basis • 為集團內部審計及風險管理部門 轄下之獨立團隊，支援審核委員 會及企業風險管理執行委員會 • 與所有附屬公司建立及執行風險 管理框架、政策、工具及方法 • 持續監控風險狀況，並與執行委 員會及審核委員會持續溝通 Risk & Control Ownership Department Heads & Individual Employee • Ownership of managing risks, executing control activities and identifying new risks in daily operation 風險 及監控 權責 部門主管及個別員工 • 於日常營運中管理風險，執行監 控活動及識別新風險 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 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. The processes are as follows: 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，程序如下 ︰ 1. 2. Identify Risk: Potential risks and threats that are related to different business processes and relevant to the Company’s objectives will be anticipated and identified by all individual staff. Risks are grouped into six clusters (including reputation, strategy, market, liquidity, credit and operation) to facilitate the assessment appropriately. 1. 風險識別︰所有員工均參與識別不同業務 流程及與本公司目標相關之潛在風險及威 脅。為便於進行適當評估，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）。 Evaluate Risk: Each identified risk is evaluated on the basis of impact and likelihood consistent with the risk appetite set by the Board. The risk impact and likelihood will be rated according to the historical records, statistical analyses and relevant experiences, specialist and expert judgments by management. Group Risk Management facilitates the evaluation process including the summary discussion in the Enterprise Risk Management Executive Committee and the Audit Committee. 2. 風險評估︰按照董事會設定之風險承受能 力， 評 估 每 項 經 識 別 風 險 的 影 響 及 可 能 性。 風 險 之 影 響 及 可 能 性 將 根 據 過 往 記 錄、統計分析、相關經驗及管理層之專業 判斷進行評級。集團風險管理促進評估流 程，包括協助企業風險管理執行委員會及 審核委員會之討論。 3. Mitigate and Control: A delegated management is assigned to each risk as risk owner to fully respond to each risk. Risk management strategies and corresponding control owners are identified by risk owner to deploy appropriate control activities. We pay a close attention to the current status of risk. Key Risk Indicators with defined thresholds, related incidents and audit result are monitored to regulate the current status of identified risks. Group Risk Management is responsible to work with risk owners on status tracking. When there is a change on the current status of risk, the corresponding owner will coordinate mitigation plan with action details, responsible person and timeline to address the status change. 3. 緩和及監控︰各項風險將配對專責管理人 員，成為風險負責人，以有效管理風險。 風險負責人制定風險管理策略以及指派監 控負責人，實施適當監控活動。我們密切 監控風險現況。我們透過關鍵風險指標， 並制定量度級別、相關事件的關連以及審 計結果，監察已識別風險之現況。集團風 險管理負責與風險負責人合作，追蹤風險 情況。當風險現況有所改變，相應負責人 將協調緩和計劃之行動細節、負責人及時 間表，以處理風險情況的變化。 4. Escalate and Report: To support the oversight of the Board on the effectiveness of Vitasoy’s risk management, risk reporting requirement was approved by the Board of Directors under risk management framework. Quarterly risk report is provided to the Enterprise Risk Management Executive Committee results of risk monitoring, mitigation plans and the current risk management implementation progress. Subsequent to their review and comment, a quarterly group risk report will be issued to the Audit Committee. summarizing the 4. 上報︰風險報告內容及風險管理框架，均獲 董事會批准，以支持董事會監察維他奶風 險管理之成效。季度風險報告提供予企業 風險管理執行委員會，監控緩和計劃及現 時風險管理實施之進度。於彼等審閱及評 議後，將會向審核委員會提交季度集團風 險報告。 Annual Report 2017/2018 年度報告 59 Corporate Governance Report 企業管治報告 In the coming year, we will gradually enhance the execution process to better address the change of current status of risk. GRC (Governance, Risk and Compliance) software will be implemented to support our risk management process and the interaction process between Group Risk Management, staff and top executives from anticipating to managing risks carried in all subsidiaries at various geographical locations. 來年，我們將會逐漸提升執行流程，更有效地應 對風險現況改變。將會實施的管治、風險及合規 管理軟件，能支援我們的風險管理流程，促進集 團風險管理、員工及高層管理人員之間自預測風 險以至與所有不同地域之附屬公司管理風險之互 動流程。 Risk Management Activities 風險管理活動 • • • Verification of ISO 31000 Risk Management To enhance the overall maturity of risk management development, we engaged Hong Kong Quality Assurance Agency (“HKQAA”) for verification services based on ISO 31000:2009 Risk Management guideline. The verification on entire execution of Vitasoy Risk Management Framework was completed and passed during FY2017/2018. • ISO 31000風險管理驗證工作 為促進風險管理之整體發展更為成熟，我 們委託香港品質保證局（「香港品質保證 局」）根 據 ISO 31000:2009 風 險 管 理 指 引 提供驗證服務。整個執行維他奶風險管理 框架之驗證工作已於二零一七╱二零一八 財政年度完成並獲得通過。 Risk Management Trainings This year, training workshops were organized by Group Risk Management for senior management and targeted staff to enrich risk awareness and risk mitigation capabilities. On the other hand, the bi-monthly publications of Vitasoy News in Hong Kong and China are utilized as communication channel with general staff to cultivate risk awareness. • 風險管理培訓 為增強風險意識及風險緩和能力，集團風 險管理已於本年度為高層管理人員及目標 員工組織培訓工作坊。此外，香港及中國 之雙月刊物「維他快訊」為一般員工培養風 險意識之溝通渠道。 Implementing Risk Management Framework to All Entities This year, the risk management framework has been roll-out to all subsidiaries including our overseas operations. In the coming year, the new risk management process will be much integrated in key projects and strategic development. • 全面實施風險管理框架 本年度，所有附屬公司（包括海外業務）已 實施風險管理框架。來年，新風險管理流 程將進一步融入重點項目及策略發展。 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. 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。 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 The Board, with confirmation from management, considered the risk management and internal control systems are effective and adequate for the year ended 31st March 2018. 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. 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$5.6 million (2016/2017: HK$5.1 million) was charged for the fiscal year of 2017/2018 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$19.4 million (2016/2017: HK$5.6 million). The non-audit services mainly comprised assessment and planning of digitisation project and tax advisory services. 經管理層確認，董事會認為，截至二零一八年三 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。 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公司之 機密資料以及內幕消息。 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 附屬公司所提供之二零一七╱二零一八財政年度 法定審核服務之費用為港幣 5,600,000 元（二零 一六╱二零一七年：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 19,400,000 元 （二零一六╱二零一七年：港幣 5,600,000 元）。 非審核服務主要包括為公司數碼化項目所作之評 估及規劃，以及稅務顧問服務。 The responsibilities of the External Auditors with respect to the 2017/2018 financial statements are set out in the section of “Independent Auditor’s Report” on pages 91 to 97. 外聘核數師就二零一七╱二零一八年度財務報表 所須承擔之責任載列於第 91 至 97 頁之「獨立核 數師報告」一節。 Annual Report 2017/2018 年度報告 61 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, shareholder(s) representing at least 2.5% of the total voting rights of all the shareholders or at least 50 shareholders, who have a relevant right to vote, can request the Company in writing to circulate to the shareholders a statement of not more than 1,000 words with respect to a matter mentioned in a proposed resolution to be dealt with at that meeting or other business to be dealt with at that meeting. A request may be sent to the Company Secretary at the Company’s registered office in hard copy form or in electronic form to ir@vitasoy.com and must identify the statement to be circulated. It must be authenticated by the person or persons making it and be received by the Company at least 7 days before such meeting. 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. 62 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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。 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 Articles of Association of the Company is published on the websites of the Stock Exchange and the Company. 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 views its Annual General Meeting as one of the important platforms to communicate with its shareholders. All Directors and Senior Management make an effort to attend the Annual General Meeting. At the 2017 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 2017 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. 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 程細則已刊登在聯交所及本公司之網站。 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。 本公司視其股東週年大會為其與股東溝通之重要 平台之一。所有董事及高層管理人員均盡量出席 股東週年大會。於二零一七年股東週年大會上， 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 之外聘核數師亦出席二零一七年股東週年大會， 回答有關審核操守、核數師報告之編製及內容、 會計政策以及核數師獨立性之問題。 股東週年大會之主席就各重要事項（包括委任及 重選董事）提呈獨立決議案，而有關決議案以股 份投票方式進行表決。主席於股東週年大會開始 時詳細解釋進行股份投票之程序，確保股東熟悉 有關程序。本公司並委任獨立監票人進行點票， 而股份投票結果於股東週年大會結束後即日在聯 交所及本公司之網站刊登。 Annual Report 2017/2018 年度報告 63 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。 64 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 BOARD OF DIRECTORS 董事會 Executive Chairman Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 77, 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 father of Ms. May Lo (a Non-executive Director of the Company), the brother of Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Mr. Kai-tun Lo and Ms. Irene Chan (the substantial shareholders of the Company) and the relative of Mr. Peter Tak-shing Lo (a Non-executive Director of the Company) and Mr. Eugene Lye (an Executive Director of the Company). 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 79, 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 執行主席 羅 友 禮 先 生 (SBS, BSc, MSc)， 七 十 七 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。彼為本公司非執行董事羅其美 女士之父親、本公司非執行董事羅慕 玲女士、本公司主要股東羅開敦先生 及陳羅慕連女士之胞兄弟，亦為本公 司非執行董事羅德承先生、本公司執 行董事黎中山先生之親屬。 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 九 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，亦為 香港銀行同業結算有限公司之董事。 Annual Report 2017/2018 年度報告 65 Directors and Senior Management 董事及高層管理人員 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 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. Mr. Jan P. S. ERLUND, aged 79, 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. 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。 Jan P. S. ERLUND 先生，七十九歲， 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。 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 Mr. Anthony John Liddell NIGHTINGALE (CMG, SBS, JP), aged 70, 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 member of The Chief Executive’s Council of Advisors on Innovation and Strategic Development, a council member of the Employers’ Federation of 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 and was appointed as a Hong Kong, China’s representative to the Asia Pacific Economic Cooperation Business Advisory Council from 2005 to 2017. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 黎 定 基 先 生（CMG, SBS, JP）， 七 十 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 為行政長官創新及策略發展顧問團成 員、 香 港 僱 主 聯 合 會 諮 詢 會 委 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，並於二 零零五年至二零一七年獲委任為亞太 區經濟合作組織商貿諮詢理事會之中 國香港代表。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 2017/2018 年度報告 67 Directors and Senior Management 董事及高層管理人員 Mr. Paul Jeremy BROUGH, aged 61, was appointed a Director of the Company in 2016. Mr. Brough graduated from Nottingham Trent Business School with a Bachelor’s degree (Honours) in Business Studies. Mr. Brough is the 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 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. Paul Jeremy BROUGH 先生，六十一 歲，於二零一六年獲委任為本公司董 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。 68 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 Dr. Roy Chi-ping CHUNG (GBS, BBS, JP), aged 65, was appointed a Director of the Company in June 2017. Dr. Chung holds a Doctor of Engineering Degree from the University of Warwick, United Kingdom and Doctor of Business Administration Degree from City University of Macau. He was re-appointed as an Industrial Professor by the University of Warwick, United Kingdom in December 2015. He was awarded an Honorary Doctor of Business Administration by the Lingnan University in 2015, an Honorary Doctor of Business Administration by the Hong Kong Polytechnic University in 2007 and an Honorary Doctorate Degree by the University of Newcastle, New South Wales, Australia in 2006. He was awarded the Bronze Bauhinia Star (BBS) Medal and Gold Bauhinia Star (GBS) Medal by the Hong Kong Special Administrative Region Government on 1st July 2011 and 1st July 2017 respectively. He was also appointed as Justice of Peace by the Hong Kong Special Administrative Region Government on 1st July 2005 and won the Hong Kong Young Industrialists Award in 1997. In November 2014, he was further awarded the Industrialist of the Year. Dr. Chung is highly dedicated to the advancement of industry and was the Chairman of the Federation of Hong Kong Industries until 5th July 2013. In addition, Dr. Chung holds positions on a number of Hong Kong Special Administrative Region Government advisory committees and is also an active member of many social committees and associations. He has been appointed as chairman of Vocational Training Council since 1st January 2018. Dr. Chung is a co-founder and currently a non-executive director of Techtronic Industries Company Limited. Dr. Chung is also an independent non- executive director of TK Group (Holdings) Limited and Fujikon Industrial Holdings Limited, all being companies listed in Hong Kong. Dr. Chung retired as independent non-executive director of Kin Yat Holdings Limited and KFM Kingdom Holdings Limited effective 25th August 2014 and 27th August 2015 respectively. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 鍾志平博士（GBS, BBS, JP），六十五 歲，於二零一七年六月獲委任為本公 司董事。鍾博士分別持有英國華威大 學頒授之工程學博士學位及澳門城市 大學頒授之工商管理博士學位。彼於 二零一五年十二月獲英國華威大學再 次委任為工程教授。彼於二零一五年 獲嶺南大學頒授榮譽工商管理學博 士、於二零零七年獲香港理工大學頒 授榮譽工商管理博士及於二零零六年 獲澳洲新南威爾斯州紐卡斯爾大學頒 發 榮 譽 博 士 銜。 鍾 博 士 分 別 於 二 零 一一年七月一日及二零一七年七月一 日獲香港特別行政區政府頒授銅紫荊 星章及金紫荊星章，於二零零五年七 月一日獲香港特別行政區政府委任為 太平紳士，亦於一九九七年榮獲香港 青 年 工 業 家 獎。 彼 更 於 二 零 一 四 年 十一月獲頒傑出工業家獎。鍾博士推 動香港工業發展不遺餘力，曾任香港 工業總會主席至二零一三年七月五日 止。此外，鍾博士於香港特別行政區 政府多個諮詢委員會出任委員，並為 多個社福機構組織之活躍會員。彼於 二零一八年一月一日獲委任為職業訓 練局主席。鍾博士為創科實業有限公 司創辦人之一，現為該公司之非執行 董事。鍾博士亦為東江集團（控股） 有限公司及富士高實業控股有限公司 之獨立非執行董事，以上公司均為香 港上市公司。鍾博士分別於二零一四 年八月二十五日及二零一五年八月 二十七日起退任建溢集團有限公司及 KFM 金德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 並無於其他上巿公眾公司擔任任何董 事職務。 Annual Report 2017/2018 年度報告 69 Directors and Senior Management 董事及高層管理人員 Non-executive Director Ms. Yvonne Mo-ling LO, aged 70, was appointed a Director of the Company in 1993. Ms. Lo received a Bachelor of Arts degree from Oberlin College, Ohio in the United States and undertook graduate studies in Urban and Regional Planning at the University of Toronto in Canada. Ms. Lo joined the Group in 1980 and was the President of Vitasoy USA Group until 2001. Ms. Lo was the president of the Soyfoods Association of North America which represents more than 30 soyfoods companies covering the US and Canada. She does not hold/has not held any directorship in other listed public companies currently and in the past three years. She is the sister of Mr. Winston Yau-lai Lo (an Executive Chairman of the Company), Mr. Kai-tun Lo and Ms. Irene Chan (the substantial shareholders of the Company) and the relative of Mr. Peter Tak-shing Lo (a Non-executive Director of the Company), Ms. May Lo (a Non-executive Directors of the Company) and Mr. Eugene Lye (an Executive Director of the Company). Mr. Peter Tak-shing LO, aged 56, was appointed a Director of the Company in June 2017, Mr. Lo holds a Bachelor’s Degree in Electronic Engineering & Physics from the Loughborough University of Technology, a Master’s Degree in Medical Physics from the University of Surrey, a Doctorate’s Degree in Medical Physics from the University of London and an Honorary Fellow from The Chinese University of Hong Kong. Mr. Lo is an executive director and the chief executive officer of Cafe de Coral Holdings Limited, a company listed on the Hong Kong Stock Exchange. Mr. Lo is the chairman and a trustee of Lo Kwee Seong Foundation (a newly set up charitable trust to replace the previous K.S. Lo Foundation) being a substantial shareholder of the Company within the meaning of Part XV of the SFO. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Mr. Lo is the relative of Mr. Winston Yau-lai Lo (an Executive Chairman of the Company), Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Ms. May Lo (a Non-executive Director of the Company), Mr. Eugene Lye (an Executive Director of the Company), Ms. Irene Chan and Mr. Kai-tun Lo (the substantial shareholders of the Company). 非執行董事 羅慕玲女士，七十歲，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。彼為本公司執行主席羅 友禮先生、本公司主要股東羅開敦先 生、陳羅慕連女士之胞妹，亦為本公 司非執行董事羅德承先生、本公司非 執行董事羅其美女士、本公司執行董 事黎中山先生之親屬。 羅德承先生，五十六歲，於二零一七 年六月獲委任為本公司董事。羅先生 分 別 持 有 Loughborough University of Technology 電 子 工 程 學 士 學 位、 University of Surrey 醫學物理碩士學 位、英國倫敦大學醫學物理博士學位 及香港中文大學榮譽院士銜。羅先生 為於香港聯交所上市之大家樂集團有 限公司之執行董事兼首席執行官。羅 先生亦為羅桂祥基金（新成立的慈善 基金代替以前之 K.S. Lo Foundation 慈 善基金）之主席兼受託人，根據《證 券 及 期 貨 條 例》第 XV 部 之 定 義， 該 基金為本公司主要股東。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。羅先生乃 本公司執行主席羅友禮先生、本公司 非執行董事羅慕玲女士及羅其美女 士、本公司執行董事黎中山先生、本 公司主要股東陳羅慕連女士及羅開敦 先生之親屬。 70 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 Ms. May LO, aged 43, was appointed a Director of the Company in June 2017. Ms. Lo holds a Master’s degree in Business Administration from MIT Sloan School of Management and a Bachelor of Science degree from Cornell University. She has worked in finance in various roles, including, as a fund manager for a global asset management company and has had experience investing in publicly listed companies. She does not hold/has not held any directorship in other listed public companies currently and in the past three years. Ms. Lo is the daughter of Mr. Winston Yau-lai Lo (the Executive Chairman of the Company), the relative of Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Mr. Peter Tak-shing Lo (a Non-executive Director of the Company), Mr. Eugene Lye (an Executive Director of the Company), Ms. Irene Chan and Mr. Kai-tun Lo (the substantial shareholders of the Company). Executive Director Mr. Roberto GUIDETTI, aged 55, was appointed as the Executive Director of the Company on 1st April 2014. Mr. Guidetti is currently the Group Chief Executive Officer. 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 completed a Harvard Business School Executive Education program in July 2017. 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 29 years of proven track record in general management, strategic/business planning, marketing/ commercial leadership, product innovation and new business development. He has matured his professional expertise in two of the largest global fast moving consumer goods organisations and across local, regional 羅其美女士，四十三歲，於二零一七 年六月獲委任為本公司董事。羅女士 持有麻省理工史隆管理學院之工商管 理碩士學位及康乃爾大學之理學士學 位。 羅 女 士 曾 於 金 融 界 擔 任 多 個 職 位，包括在一間全球資產管理公司擔 任基金經理，並具備投資於多間公眾 上市公司之投資經驗。彼於現時或過 往三年並無於其他上市公眾公司擔任 任何董事職務。羅女士乃本公司執行 主席羅友禮先生之女兒、本公司非執 行董事羅慕玲女士及羅德承先生、本 公司執行董事黎中山先生、本公司主 要股東陳羅慕連女士及羅開敦先生之 親屬。 執行董事 陸博濤先生，五十五歲，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。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。 陸博濤先生於二零一七年七月完成哈 佛商學院之行政人員教育課程。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 方面擁有二十九年之豐富經驗。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 Annual Report 2017/2018 年度報告 71 Directors and Senior Management 董事及高層管理人員 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. 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。 Mr. Eugene LYE, aged 48, was appointed a Director of the Company in October 2017. Mr. Lye is currently the President and Chief Executive Officer of Vitasoy USA Inc., a wholly owned-subsidiary of the Company. Mr. Lye holds a Bachelor’s Degree in Economics from the University of Toronto and a MBA from the Chinese University of Hong Kong. Mr. Lye is responsible for the general management and development of the Group’s import business of the Group’s products for sales in North America. He joined the Group in 2002 and has been closely involved in all aspects of the North American business for over 15 years. During his time at Vitasoy USA Inc., Mr. Lye has held management positions in sales and marketing in the Mainstream Channel, and has had oversight responsibilities for both the research & development and quality control departments as well as serving as the Senior Vice President of the Asian Channel. He does not hold/has not held any directorship in other listed public companies currently and in the past three years. Mr. Lye is the relative of Mr. Winston Yau-lai Lo (an Executive Chairman of the Company), Ms. Yvonne Mo-ling Lo, Mr. Peter Tak-shing Lo and Ms. May Lo (the Non-executive Directors of the Company), Ms. Irene Chan and Mr. Kai-tun Lo (the substantial shareholders of the Company). 黎中山先生，四十八歲，於二零一七 年 十 月 獲 委 任 為 本 公 司 董 事。 黎 先 生現為本公司全資附屬公司 Vitasoy USA Inc. 之總裁兼行政總裁。黎先生 擁有多倫多大學經濟學學士學位及香 港中文大學工商管理碩士學位。黎先 生負責管理及發展本集團在北美洲銷 售由香港進口之產品業務。彼於二零 零二年加入本集團，並曾緊密參與北 美洲業務多方面範疇的工作逾十五 年。 任 職 Vitasoy USA Inc. 期 間， 黎 先生曾於主流銷售渠道擔任多個銷售 及市場推廣管理職位，任職監督研發 和品控等部門，以及擔任亞裔市場之 高級副總裁。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。黎先生乃本公司執行主席羅友 禮先生、本公司非執行董事羅慕玲女 士、羅德承先生及羅其美女士、本公 司主要股東陳羅慕連女士及羅開敦先 生之親屬。 72 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 SENIOR MANAGEMENT 高層管理人員 Group Senior Directors Mr. Chris Kin-shing LAU, aged 55, 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 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 Enterprise Resource Planning 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. Mr. Frank Changbo SI, aged 48, Group Senior Director, Manufacturing and Project Management. Mr. Si is responsible for the formulation of the Group’s manufacturing and project policy and strategy as well as the management and support of plant capital expenditure project and manufacturing performance. He joined the Group in 2012. He has extensive experience in different multi-national companies focus on quality, manufacturing and project management. Dr. Joanna Shwu-Pyng Tzeng CHEN, aged 59, 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. 集團高級總監 劉健成先生，五十五歲，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三十年的豐富經驗。憑 着有關的豐富經驗有助其擔當不同的角色職能， 不管是資金管理、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 以及落實執行企業資源規劃系統等。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。 司長波先生，四十八歲，集團生產及項目管理高 級總監。司先生負責制定本集團之生產與項目政 策及策略，以及管理及支援有關廠房資本支出項 目及生產表現。彼於二零一二年加入本集團，具 有於不同跨國公司工作的豐富經驗，專注於品 質、生產及項目管理。 陳曾淑苹博士，五十九歲，集團研究、發展及質 量高級總監。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。 Annual Report 2017/2018 年度報告 73 Directors and Senior Management 董事及高層管理人員 Mainland China Mr. Eric Ting-yi ZHONG, aged 43, Chief Executive Officer, Mainland China Operation. Mr. Zhong is responsible for the general management and development of the Group’s operations in Mainland China. He joined the Group in February 2018. Mr. Zhong has over 20 years of full management experience covering different roles across different fast moving consumer goods (FMCG) categories, and has worked with many multinational companies in Mainland China. Hong Kong Operation (Hong Kong, Macau and Exports) Ms. Dorcas Shing-suet LAU, aged 48, 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 25 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. Australia and New Zealand Mr. Christopher John GILLARD, aged 46, 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 returned from almost a decade living and working in Greater China. He has a strong track record in Sales, Marketing and General Management. Singapore Mr. Christopher Lloyd MARCHANT, aged 39, General Manager of Vitasoy International Singapore Pte. Ltd. (formerly known as 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. 中國內地 鍾廷毅先生，四十三歲，中國內地業務行政總 裁。鍾先生負責管理及發展本集團在中國內地之 業務。彼於二零一八年二月加入本集團。鍾先生 擁有超過二十年之豐富管理經驗，涵蓋不同高流 轉消費品類別之不同職位，並曾於中國內地多間 跨國公司工作。 香港業務（香港、澳門及出口） 劉盛雪女士，四十八歲，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，擁有二十五年豐富工作經驗，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，負責數碼化營銷及 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」。 澳洲及新西蘭 Christopher John GILLARD先生，四十六歲， 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 曾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。 新加坡 Christopher Lloyd MARCHANT 先生，三十 九 歲， 為 本 集 團 於 新 加 坡 之 豆 腐 生 產 公 司， Vitasoy International Singapore Pte. Ltd.（前稱統 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其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 先生於亞太區高流轉消費品行業擁 有豐富經驗，對其已居住達十四年的新加坡市場 極為熟悉，他並在新加坡完成中學教育並在此開 始其職業生涯。 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 The Directors have pleasure in submitting their annual report together with the audited financial statements for the year ended 31st March 2018. 董事會欣然提呈截至二零一八年三月三十一日止 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. 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。 The segment analysis of the operations of the Company and its subsidiaries (“the Group”) during the financial year is set out in note 3 to the financial statements. 本公司及其附屬公司（「本集團」）於本財政年度 內之業務分部分析載於財務報表附註 3。 Further discussion and analysis of these activities as required by Schedule 5 to the Hong Kong 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 2017/2018” to be sent out together with this Annual Report. These discussions form part of this Report of the Directors. 按香港公司條例附表 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 零一七╱二零一八年可持續發展報告」，該報告 將連同本年報一同寄出。該等討論會作為本董事 會報告之一部分。 Annual Report 2017/2018 年度報告 75 Report of the Directors 董事會報告 Major Customers and Suppliers For the year ended 31st March 2018, the percentage of sales attributable to the Group’s five largest customers was less than 30%. 主要客戶及供應商 於截至二零一八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 during the financial year is as follows: 以下所載為本財政年度主要供應商佔本集團採購 額之資料： The largest supplier 最大供應商 Five largest suppliers in aggregate 首五大供應商合計 Percentage of the Group’s total Purchases 佔本集團採購總額百分比 22% 36% 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。 Recommended Dividend An interim dividend of HK3.8 cents per ordinary share (2017: an interim dividend of HK3.8 cents per ordinary share) was paid on 28th December 2017. The Directors now recommend the payment of a final dividend of HK31.4 cents per ordinary share (2017: a final dividend of HK27.1 cents per ordinary share and a special dividend of HK4.2 cents per ordinary share) in respect of the year ended 31st March 2018. 建議股息 本公司已於二零一七年十二月二十八日派發中期 股息每股普通股 3.8 港仙（二零一七年：中期股息 每股普通股 3.8 港仙）。董事現建議派發截至二零 一八年三月三十一日止年度之末期股息每股普通 股 31.4 港仙（二零一七年：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）。 Charitable Donations Charitable donations made by the Group during the year amounted to HK$617,000 (2017: HK$180,000). 慈善捐款 本 集 團 於 年 內 之 慈 善 捐 款 共 達 港 幣 617,000 元 （二零一七年：港幣 180,000 元）。 Bank Loans Particulars of bank loans of the Group, as at 31st March 2018 are set out in note 21 to the financial statements. 銀行貸款 本集團於二零一八年三月三十一日之銀行貸款詳 情載於財務報表附註 21。 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 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. 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。 There were no purchases, sales or redemptions of the Company’s listed securities by the Company or any of its subsidiaries during the year. 本公司或其任何附屬公司於年內概無購買、出售 或贖回本公司之上市證券。 Directors The Directors during the financial year and up to the date of this Annual Report are set out on page 2. 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。 Dr. Roy Chi-ping CHUNG was appointed as an Independent Non- executive Director of the Company and Mr. Peter Tak-shing LO and Ms. May LO were appointed as the Non-executive Directors of the Company with effect from 24th June 2017. 鍾志平博士獲委任為本公司獨立非執行董事，羅 德承先生及羅其美女士獲委任為本公司非執行董 事，自二零一七年六月二十四日起生效。 Ms. Myrna Mo-ching LO retired as a Non-executive Director of the Company with effect from 1st October 2017. 羅慕貞女士已於二零一七年十月一日退任本公司 非執行董事。 Mr. Eugene LYE was appointed as an Executive Director of the Company with effect from 1st October 2017. 黎中山先生獲委任為本公司執行董事，自二零 一七年十月一日起生效。 In accordance with Article 104 of the Company’s Articles of Association, Dr. the Hon. Sir David Kwok-po LI, Mr. Jan P. S. ERLUND and Mr. Anthony John Liddell NIGHTINGALE retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. 根據本公司之章程細則第 104 條，李國寶爵士、 Jan P. S. ERLUND 先生及黎定基先生將於應屆股 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。 None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. 擬於應屆股東週年大會上膺選連任之董事並無與 本公司或其任何附屬公司簽訂本公司或其任何附 屬公司不得於一年內終止而不作出賠償（一般法 定賠償除外）之服務合約。 Non-executive Directors are appointed under the same terms for rotational retirement as other Directors, pursuant to the Articles of Association of the Company. 根據本公司之章程細則，非執行董事乃按與其他 董事相同之輪值告退條款獲委任。 Annual Report 2017/2018 年度報告 77 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”. Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures The Directors of the Company who held office at 31st March 2018 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: 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。 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，於二零一八年三月 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 15.39% Note 附註 (i), (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 6,000,000 150,000 – Ms. Yvonne Mo-ling LO 羅慕玲女士 (ii), (iv) Mr. Peter Tak-shing LO 羅德承先生 (iii), (iv) 9,198,000 Ms. May LO 羅其美女士 Mr. Roberto GUIDETTI 陸博濤先生 Mr. Eugene LYE 黎中山先生 2,074,000 3,958,000 442,313 – – – – – – – – – 6,000,000 0.57% 150,000 0.01% 93,022,750 93,022,750 8.79% 121,657,000 130,855,000 12.36% – – – 2,074,000 0.20% 3,958,000 0.37% 442,313 0.04% * The percentage has been compiled based on the total number of shares * 此百分比乃根據本公司於二零一八年三月三十一日 of the Company in issue (i.e. 1,058,871,500 ordinary shares) as at 31st 已發行之股份總數（即 1,058,871,500 股普通股）計 March 2018. 算。 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 Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures (Continued) 董事於股份、相關股份及債權證 之權益及淡倉（續） (1) Interests in issued shares (Continued) Notes: (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 (i) 羅友禮先生由於其妻室擁有 28,702,500 股股份，故 shares through interests of his wife. 被視為擁有該等股份之權益。 (ii) Ms. Yvonne Mo-ling LO is interested in 3,016,300 shares held by (ii) 羅慕玲女士擁有由 Yvonne Lo Charitable Remainder Yvonne Lo Charitable Remainder Unitrust, 4,890,150 shares held by Unitrust 持 有 之 3,016,300 股 股 份、 由 Yvonne Lo Yvonne Lo Separate Property Trust and 12,438,000 shares held by Lo/ Separate Property Trust 持 有 之 4,890,150 股 股 份 Higashida Joint Trust. Ms. Yvonne Mo-ling LO is a beneficiary of such 及由 Lo/Higashida Joint Trust 持有之 12,438,000 股 three trusts and is therefore deemed to be interested in such shares. 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。 (iii) Mr. Peter Tak-shing LO is interested in 48,978,700 shares held by two (iii) 羅德承先生擁有由兩個全權家族信託基金持有之 discretionary family trusts. Mr. Peter Tak-shing LO is a beneficiary 48,978,700 股股份之權益。羅德承先生為該兩個信 of such two trusts and is therefore deemed to be interested in such 託基金之受益人，故被視為擁有該等股份之權益。 shares. (iv) Each of Mr. Winston Yau-lai LO, Ms. Yvonne Mo-ling LO and Mr. Peter (iv) 羅友禮先生、羅慕玲女士及羅德承先生均擁有由 Tak-shing LO is interested in 72,678,300 shares held by The Bank of 東 亞 銀 行 受 託 代 管 有 限 公 司 以 代 理 人 名 義 代 羅 East Asia (Nominees) Limited which holds such shares as a nominee 桂祥基金（新成立的慈善基金代替以前之 K. S. Lo for the Lo Kwee Seong Foundation, a newly set up charitable trust to Foundation 慈善基金）持有之 72,678,300 股股份之 replace the previous K.S. Lo Foundation. Each of them is a trustee of the 權益。彼等均為羅桂祥基金之受託人，故被視為擁 Lo Kwee Seong Foundation and is therefore deemed to be interested in 有該等股份之權益。 such shares. (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 2017/2018 年度報告 79 Report of the Directors 董事會報告 Equity-linked Agreements Share option scheme 股票掛鈎協議 購股權計劃 (1) Share option scheme approved on 4th September 2002 (1) 於二零零二年九月四日批准之購股權計 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: 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. – 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%。 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 Equity-linked Agreements (Continued) Share option scheme (Continued) 股票掛鈎協議（續） 購股權計劃（續） (1) Share option scheme approved on 4th September 2002 (1) 於二零零二年九月四日批准之購股權計 – – (Continued) 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. 劃（續） – 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%。 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 2018, there were 4,782,000 outstanding options to be exercised under the 2002 Share Option Scheme. 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 零一八年三月三十一日，仍有 4,782,000 份未行 使購股權待根據二零零二年購股權計劃獲行使。 Annual Report 2017/2018 年度報告 81 Report of the Directors 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) 股票掛鈎協議（續） 購股權計劃（續） (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購股 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. 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%。 82 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) 股票掛鈎協議（續） 購股權計劃（續） (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購股 – – – (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. 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. 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。 – 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, 3,182,000 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 2018 was 77,248,950 shares, which represented 7.30% of the ordinary shares of the Company in issue at 31st March 2018. 年 內， 根 據 二 零 一 二 年 購 股 權 計 劃 授 出 3,182,000 份購股權。於二零一八年三月三十一 日，根據二零一二年購股權計劃可供發行之普通 股總數為 77,248,950 股，佔本公司於二零一八年 三月三十一日之已發行普通股 7.30%。 Annual Report 2017/2018 年度報告 83 Report of the Directors 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) 股票掛鈎協議（續） 購股權計劃（續） (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購股 (Continued) At 31st March 2018, 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 2018 was HK$20.20) 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 2018, 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$20,491,000 and HK$26,805,000 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 2018 are exercised, the Company will receive proceeds of HK$237,351,000. 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. 權計劃（續） 於二零一八年三月三十一日，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（於二零一八年三月三十一日 之每股市值為港幣 20.20 元）之購股權中擁有下 列權益。於二零一八年三月三十一日，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20,491,000元及港幣26,805,000 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。假設所有於二零一八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 237,351,000 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。 84 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) 股票掛鈎協議（續） 購股權計劃（續） (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購股 (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: 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： Participants Date of grant Period during which options are exercisable 參與者 授出日期 購股權行使期 Directors 董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Roberto GUIDETTI 陸博濤先生 Eligible employees  working under  employment contracts 根據僱傭合約工作 之合資格僱員 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 26/6/2017 9/6/2010 15/6/2011 22/6/2012 28/6/2013 2/7/2014 26/6/2015 24/6/2016 # 2/3/2017 26/6/2017 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 26/6/2018 to 至25/6/2027 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 26/6/2018 to 至25/6/2027 Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 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 – Price per share on exercise of options 行使購股權 時須付之 每股價格 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 16.296 6.022 6.424 6.274 9.370 10.080 13.600 14.792 15.440 16.296 Number of options granted during the year 年內授出之 購股權數目 – – – – – – – – – – – 1,254,000 – – – – – – – – 1,928,000 Number of options exercised during the year 年內行使之 購股權數目 – – – – – – (1,000,000) (1,438,000) (1,176,000) (144,000) – – (88,000) (568,000) (158,000) (1,203,000) (735,000) (449,000) (221,000) – – Number of options forfeited during the year 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 – – – – – – – – – – – – (264,000) (320,000) – (143,000) (453,000) (655,000) (791,000) – (150,000) 1,740,000 2,822,000 1,704,000 1,792,000 1,588,000 1,420,000 – – 400,000 1,270,000 1,278,000 1,254,000 – – 220,000 238,000 306,000 980,000 1,144,000 326,000 1,778,000 5.470 6.700 9.950 9.890 11.520 15.280 8.750 9.180 9.890 13.620 13.960 16.200 5.870 6.180 6.130 9.180 9.890 13.620 13.960 15.460 16.200 – – – – – – 16.910 18.015 20.350 20.350 – – 15.360 15.440 15.921 16.164 17.748 16.539 17.791 – – 27,034,000 3,182,000 (7,180,000) (2,776,000) 20,260,000 Annual Report 2017/2018 年度報告 85 Report of the Directors 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) 股票掛鈎協議（續） 購股權計劃（續） (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購股 (Continued) The options granted to the Directors are registered under the names of the Directors who are also the beneficial owners. 權計劃（續） 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 * 即本公司普通股於緊接購股權授出或獲行使日期前 Company’s ordinary shares immediately before the dates on which the 一日適用之收市價或加權平均收市價。 options were granted or exercised, as applicable. @ options granted to Mr. Roberto GUIDETTI was fully vested after two @ 授予陸博濤先生之購股權自授出日期兩年後獲全部 years from the date of grant. 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。 86 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 2018 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 於二零一八年三月三十一日，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 – – 23,514,700 18,508,950 – 60,600,000 – – – – – – – – – – 137,134,000 – 137,134,000 12.95% – – – 63,715,173 – 60,600,000 60,600,000 100,653,000 100,653,000 9.51% 72,678,300 96,193,000 9.08% 72,678,300 91,187,250 8.61% – – – – 63,715,173 60,600,000 6.02% 5.72% 60,600,000 5.72% 60,600,000 5.72% 主要股東 Commonwealth Bank of Australia 澳洲聯邦銀行 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Irene CHAN 陳羅慕連女士 Mr. Kai-tun LO 羅開敦先生 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」） 附註 (i) (ii), (iii) (iii) (iii) (iv) (v) (vi) (vii) * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,058,871,500 ordinary shares) as at 31st * 此百分比乃根據本公司於二零一八年三月三十一日 已發行之股份總數（即 1,058,871,500 股普通股）計 March 2018. 算。 Annual Report 2017/2018 年度報告 87 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 (i) 該等權益乃由澳洲聯邦銀行透過其全資附屬公司持 its wholly-owned subsidiaries. 有。 (ii) Ms. Myrna Mo-ching LO is interested in 27,974,700 shares held by (ii) 羅慕貞女士擁有由 Swift Luck Development Limited Swift Luck Development Limited which in turn holds such shares in 持有之 27,974,700 股股份之權益，該公司以託管人 trust for Lo Myrna Trust. 身份為 Lo Myrna Trust 持有該等股份。 (iii) Each of Ms. Myrna Mo-ching LO, Ms. Irene CHAN and Mr. Kai-tun (iii) 羅慕貞女士、陳羅慕連女士及羅開敦先生均擁有 LO is interested in 72,678,300 shares held by The Bank of East Asia 由東亞銀行受託代管有限公司以代理人名義代羅 (Nominees) Limited which holds such shares as a nominee for the Lo 桂祥基金（新成立的慈善基金代替以前之 K. S. Lo Kwee Seong Foundation, a newly set up charitable trust to replace the Foundation 慈善基金）持有之 72,678,300 股股份之 previous K.S. Lo Foundation. Each of them is a trustee of the Lo Kwee 權益。彼等均為羅桂祥基金之受託人，故被視為擁 Seong Foundation and is therefore deemed to be interested in such 有該等股份之權益。 shares. (iv) These interests are held by Wasatch Advisors, Inc. in the capacity of (iv) 該等權益乃由 Wasatch Advisors, Inc. 以投資經理身 investment manager. 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 (vi) 該等權益乃由 Arisaig Mauritius 以 Arisaig 之投資經 investment manager of Arisaig. These interests are duplicated by the 理身份持有。該等權益與上文附註 (v) 所披露者為同 interests disclosed in Note (v) above. 一份權益。 (vii) These interests represent Cooper’s interests through his indirect 33% (vii) 該 等 權 益 指 Cooper 透 過 其 間 接 持 有 Arisaig interest in Arisaig Mauritius. These interests are duplicated by the Mauritius 之 33% 權益而擁有之權益。該等權益與上 interests disclosed in Notes (v) and (vi) above. 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。 88 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 Number of individuals 人數 2 5 3 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 2017/2018” 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「二零一七╱二零一八 年可持續發展報告」，該報告將連同本年報一同 寄出。 Annual Report 2017/2018 年度報告 89 Report of the Directors 董事會報告 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。 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 2018 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). 關連人士交易 本公司於截至二零一八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）。 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 221 and 222 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 221 及 222 頁。 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, 15th June 2018 香港，二零一八年六月十五日 90 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 98 to 220, which comprise the consolidated statement of financial position as at 31st March 2018, 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 2018 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 98 至 220 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，此財務報表包括於二零一八年 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 貴集團於二零一八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。 Annual Report 2017/2018 年度報告 91 Independent Auditor’s Report 獨立核數師報告 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。 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 pages 129 to 130. 請參閱綜合財務報表附註 3 及第 129 至 130 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. Our audit procedures to assess the recognition of revenue from sales to distributors and retailers included the following: 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 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 飲品。 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. • 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 貴集團每年發生大量的個別銷售交易，各個客戶的交易條 則的規定評估 貴集團的收入確認政策； 款均各不相同，這增加了收入確認出現錯誤的風險。 92 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 • 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； • 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； • identifying significant credit notes issued and sales returns from the sales ledger subsequent to the financial reporting period and by making enquiries of management 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 • 自財務報告期後的銷售賬識別已出具之重大的貸記單和 銷售退回，並透過詢問管理層及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 2017/2018 年度報告 93 Independent Auditor’s Report 獨立核數師報告 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。 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。 94 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 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. 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。 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. 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。 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. • 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。 Annual Report 2017/2018 年度報告 95 Independent Auditor’s Report 獨立核數師報告 Auditor’s responsibilities for the audit of the consolidated financial statements (Continued) • 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 financial statements represent the underlying transactions and events in a manner that achieves fair presentation. the consolidated • • • 核數師就審計綜合財務報表承擔 的責任（續） • • 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。 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. • 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。 96 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) 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. 核數師就審計綜合財務報表承擔 的責任（續） 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。 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. 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 15th June 2018 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 二零一八年六月十五日 Annual Report 2017/2018 年度報告 97 Consolidated Statement of Profit or Loss 綜合損益表 For the year ended 31st March 2018 截至二零一八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 3 4 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 6,464,525 5,406,090 (3,044,767) (2,532,704) 3,419,758 2,873,386 27,829 34,638 19 – 189,595 (1,729,371) (1,491,517) (559,096) (487,795) (336,872) (270,273) 822,248 848,034 (1,700) (17,814) (3,730) (627) 802,734 843,677 (160,679) (190,383) 642,055 653,294 5(a) 5 6(a) 98 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 2018 截至二零一八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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 10 585,774 618,372 56,281 34,922 642,055 653,294 55.5 Cents 仙 58.9 Cents 仙 55.0 Cents 仙 58.4 Cents 仙 The notes on pages 108 to 220 form part of these financial statements. 第 108 至 220 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)。 Annual Report 2017/2018 年度報告 99 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 2018 截至二零一八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 Note 附註 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 642,055 653,294 Other comprehensive income for the year (after tax) 本年度其他全面收益（除稅後） 9 Item 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 6,095 8,579 145,272 (87,588) 5,685 (888) 799,107 573,397 730,802 543,723 68,305 29,674 799,107 573,397 The notes on pages 108 to 220 form part of these financial statements. 第 108 至 220 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 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March 2018 於二零一八年三月三十一日 (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 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 11(a) 11(g) 12 13 15 2018 二零一八年 2017 二零一七年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 67,134 4,088 62,182 4,614 2,277,653 1,986,480 2,348,875 2,053,276 1,586 3,922 18,983 45,291 1,125 4,010 35,293 148 56,451 25(b) 103,362 2,522,019 2,150,303 16 17 709,312 954,944 25(a) 10,209 582,446 900,003 736 18(a) 985,694 853,119 2,660,159 2,336,304 Annual Report 2017/2018 年度報告 101 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March 2018 於二零一八年三月三十一日 (Expressed in Hong Kong dollars)（以港幣計算） 2018 二零一八年 2017 二零一七年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 1,863,772 1,466,904 20 21 22 27,085 921 25(a) 31,265 7,329 1,221 37,781 1,923,043 1,513,235 737,116 823,069 3,259,135 2,973,372 21 22 – – 23(b) 16,066 25(b) 73,923 200,000 909 22,065 60,692 89,989 3,169,146 283,666 2,689,706 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 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 102 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 2018 於二零一八年三月三十一日 (Expressed in Hong Kong dollars)（以港幣計算） 2018 二零一八年 2017 二零一七年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 26(c) 857,335 774,246 2,052,422 1,697,123 2,909,757 2,471,369 259,389 218,337 3,169,146 2,689,706 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 Approved and authorised for issue by the Board of Directors on 15th June 2018. 於二零一八年六月十五日獲董事會批准並授權發 佈。 Winston Yau-lai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 The notes on pages 108 to 220 form part of these financial statements. 第 108 至 220 頁之附註乃本財務報表之一部份。 Annual Report 2017/2018 年度報告 103 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March 2018 截至二零一八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 General reserve 一般儲備 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 $’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 104 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 2018 截至二零一八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 General reserve 一般儲備 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 $’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 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) – – – – – – – – – (4,087) 26(c)(ii) 83,089 26(b)(ii) 26(b)(ii) 26(b)(i) – – – – – – – – – – – Balance at 1st April 2017 於二零一七年四月一日結餘 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 Special dividend approved in respect of the previous year 批准屬於上一年度之特別股息 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 2018 於二零一八年三月三十一日結餘 – – – 11,970 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 5,685 133,248 5,685 133,248 – – – – – – – – – – – – – – – – 585,774 585,774 56,281 642,055 6,095 145,028 12,024 157,052 591,869 730,802 68,305 799,107 (11,970) 4,087 – – (13,485) 8,273 – – 69,604 8,273 (285,831) (285,831) (44,299) (44,299) (40,161) (40,161) – – – – – – – – – 69,604 8,273 (285,831) (44,299) (40,161) – – (27,253) (27,253) – – – – – – – – – 857,335 38,785 70,429 (48,622) 2,261 4,580 43,129 31,873 1,909,987 2,909,757 259,389 3,169,146 The notes on pages 108 to 220 form part of these financial statements. 第 108 至 220 頁之附註乃本財務報表之一部份。 Annual Report 2017/2018 年度報告 105 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March 2018 截至二零一八年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2018 二零一八年 2017 二零一七年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 18(b) 1,274,140 1,069,628 (53,726) (154,874) (43,906) (80,810) 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 Net cash generated from operating activities 經營活動所得現金淨額 1,065,540 944,912 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 other property, plant and equipment 出售其他物業、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 in long-term bank deposits 長期銀行存款減少 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 (used in)/generated from  investing activities 投資活動（所用）╱所得現金淨額 (421,142) (250,870) 21,930 11(a) 10,913 19 – – (65,018) 9,859 1,016 4,021 1,406 338,226 (815) 5,314 (443,458) 98,298 106 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 2018 截至二零一八年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2018 二零一八年 2017 二零一七年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 18(c) (1,244) 18(c) 27,229 (1,112) – 18(c) (207,461) (138,735) 18(c) (121) 18(c) (1,579) (201) (5,544) 69,604 34,530 (370,410) (27,253) (316,850) (23,465) (511,235) (451,377) 110,847 591,833 852,649 271,245 21,689 (10,429) 18(a) 985,185 852,649 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 in cash and  cash equivalents 現金及現金等值項目增加淨額 Cash and cash equivalents at 1st April 於四月一日之現金及現金等值項目 Effect of foreign exchange rate changes 匯率變動之影響 Cash and cash equivalents at 31st March 於三月三十一日之現金及現金等值項目 The notes on pages 108 to 220 form part of these financial statements. 第 108 至 220 頁之附註乃本財務報表之一部份。 Annual Report 2017/2018 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 1 主要會計政策 (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”). Significant accounting policies adopted by the Group are disclosed below. (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 主要會計政策於下文披露。 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. 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 statements The consolidated financial statements for the year ended 31st March 2018 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in a joint venture. (b) 財務報表之編製基準 截至二零一八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)）。 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) 1 主要會計政策（續） (b) Basis of preparation of the financial statements (b) 財務報表之編製基準（續） (Continued) The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 管理層須在編製符合《香港財務報告準則》之財 務報表時作出會影響會計政策應用，以及資產、 負債、收入及支出之報告金額之判斷、估計及假 設。此等估計及相關假設是根據以往經驗和管理 層因應當時情況認為合理之多項其他因素作出， 其結果構成當管理層在無法依循其他途徑即時得 知資產與負債之賬面值時所作出判斷之基礎。實 際結果可能有別於估計數額。 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 several amendments to HKFRSs that are first effective for the current accounting period of the Group. None of these impact on the accounting policies of the Group. However, additional disclosure has been included in note 18(c) to satisfy the new disclosure requirements introduced by the amendments to HKAS 7, Statement of cash flows: Disclosure initiative, which require entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non- cash changes. (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 修訂對本集團會計政策並無影響。然而，為符 合《香港會計準則》第 7 號「現金流量表︰披露 計劃」之修訂所引入之新披露規定（要求實體作 出披露，使財務報表使用者能夠評估因融資活動 產生之負債變動，包括現金流變動及非現金流變 動），附註 18(c) 已列載額外披露資料。 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。 Annual Report 2017/2018 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) 1 主要會計政策（續） (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. (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）。 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. 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。 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. 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。 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (d) Subsidiaries and non-controlling interests (d) 附屬公司及非控股權益（續） (Continued) 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. 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。 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)). 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)）。 (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. (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. 除合營公司的投資被分類為持作出售或納入被分 類為持作出售的出售組別外（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，另調整本集團於收購日應佔該 投資的可辨別淨資產之公允值所超出成本之任何 金額（如有）。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。 Annual Report 2017/2018 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) 1 主要會計政策（續） (e) Joint venture (Continued) 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. (e) 合營公司（續） 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。 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) 1 主要會計政策（續） (f) Goodwill Goodwill represents the excess of: (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 2017/2018 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) 1 主要會計政策（續） (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)): (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。 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) 1 主要會計政策（續） (h) Other property, plant and equipment (Continued) (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. (h) 其他物業、廠房及設備（續） (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 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 2017/2018 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) 1 主要會計政策（續） (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. (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。 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) 1 主要會計政策（續） (j) Leased assets (Continued) (j) 租賃資產（續） (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. (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. (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。 (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。 Annual Report 2017/2018 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) 1 主要會計政策（續） (k) Impairment of assets (k) 資產減值 Impairment of financial assets (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: (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。 If any such evidence exists, any impairment loss is determined and recognised as follows: 倘有任何該等證據存在，則任何減值虧損按下列 方式釐定及確認： – For investments in joint ventures accounted for under the equity method in the consolidated financial statements (see note 1(e)), the impairment loss is measured by comparing the recoverable amount of the investment with its carrying amount in accordance with note 1(k)(ii). The impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount in accordance with note 1(k)(ii). – 就按權益法記入綜合財務報表之於合營公 司之投資（見附註 1(e)）而言，減值虧損將 按照附註 1(k)(ii) 透過比較投資之可收回金 額與賬面值計量。倘用以釐定可收回金額 之估計發生有利變動，則會按照附註1(k)(ii) 將減值虧損撥回。 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) 1 主要會計政策（續） (k) Impairment of assets (Continued) (k) 資產減值（續） (i) – Impairment of financial assets (Continued) For trade and other receivables carried at cost or amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of the assets), where the effect of discounting is material. This assessment is made collectively where these financial assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group. If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset’s carrying amount exceeding that which would have been determined had no impairment loss been recognised in prior years. Impairment losses are written off against the corresponding assets directly, except for impairment losses recognised in respect of trade debtors and bills receivable included within trade and other receivables, whose recovery is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the Group is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade debtors and bills receivable directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss. (i) 金融資產減值（續） – 就按成本或攤銷成本列賬之應收賬款及其 他應收款而言，如折現之影響屬重大，則 減值虧損按資產之賬面值與使用金融資產 之原訂實際利率（即初始確認該等資產時計 算之實際利率）而折現之估計未來現金流量 之現值之間之差額計量。如該等金融資產 具備類似之風險特徵，例如類似之逾期情 況及並未個別被評估為減值，則有關之評 估會共同進行。金融資產之未來現金流量 會根據與該等資產具有類似信貸風險特徵 資產之過往虧損情況共同評估減值。 倘減值虧損之金額於往後期間減少，而有 關減少可客觀地與確認減值虧損後發生之 事件有聯繫，則減值虧損於損益撥回。撥 回減值虧損不應引致資產之賬面值高於假 若過往年度並無確認減值虧損時原應釐定 之金額。 減值虧損直接與相應資產撇銷，惟就列於應收賬 款及其他應收款中之應收賬款及應收票據所確認 之減值虧損，其收回情況屬存疑而不渺茫者，則 作別論。在此情況下，呆壞賬之減值虧損透過撥 備賬記錄。當本集團信納收回機會渺茫，被視為 無法收回之金額會直接在應收賬款及應收票據中 撇銷，而任何列入撥備賬與此債項有關之金額會 被撥回。其後若收回之前已在撥備賬中扣除之金 額，則會在撥備賬中撥回。撥備賬內之其他變動 及其後收回之前已直接撇銷之金額於損益內確 認。 Annual Report 2017/2018 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) 1 主要會計政策（續） (k) Impairment of assets (Continued) (k) 資產減值（續） Impairment of other assets (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: (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; – 無形資產； – 商譽； interest in joint venture; and – 合營公司之權益；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。 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) 1 主要會計政策（續） (k) Impairment of assets (Continued) (k) 資產減值（續） (ii) – Impairment of other assets (Continued) Recognition of impairment losses (ii) 其他資產之減值（續） – 確認減值虧損 An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable), or value in use (if determinable). 資產或其所屬之現金產生單位之賬面值高 於其可收回金額時，則會於損益確認減值 虧損。就現金產生單位確認之減值虧損會 首先分配予削減已分配至該現金產生單位 （或一組單位）之任何商譽之賬面值，然後 按比例削減該單位（或一組單位）內其他資 產之賬面值，惟資產賬面值不可下調至低 於其個別公允值減去出售成本（如能計量） 或使用價值（如能釐定）。 – Reversals of impairment losses – 減值虧損撥回 In respect of assets other than goodwill, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. 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。 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. 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。 Annual Report 2017/2018 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) 1 主要會計政策（續） Inventories (Continued) (l) 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. (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, investments that are readily and short-term, highly 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. liquid (l) 存貨（續） 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。 (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。 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) (q) Employee benefits 1 主要會計政策（續） (q) 僱員福利 (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. Service cost and net interest expense/(income) on the net defined benefit liability/(asset) are recognised in profit and loss and allocated by function as part of “cost of sales”, “marketing, selling and distribution expenses”, “administrative expenses” or “other operating expenses”. Current service cost is measured as the increase in the present value of the defined benefit obligation resulting from employee service in the current period. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised as an expense in profit and loss at the earlier of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. Net interest expense/ (income) for the period is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the reporting period to the net defined benefit liability/(asset). The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the group’s obligations. Remeasurements arising from defined benefit retirement plans are recognised in other comprehensive income and reflected immediately in retained earnings. Remeasurements comprise actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the net defined benefit liability/(asset)) and any change in the effect of the asset ceiling (excluding amounts included in net interest on the net defined benefit liability/(asset)). (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。 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）。 Annual Report 2017/2018 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (q) Employee benefits (Continued) (q) 僱員福利（續） (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). (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。 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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. (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. 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。 Annual Report 2017/2018 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (r) (iii) Income tax (Continued) (Continued) (r) 所得稅（續） (iii) （續） The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted. 不確認為遞延稅項資產和負債之暫時性差 異是產生自以下有限之例外情況：不可扣 稅之商譽；不影響會計或應課稅溢利之資 產或負債之初始確認（如屬企業合併之一部 份則除外）；以及投資附屬公司相關之暫時 差異（如屬應課稅差異，只限於本集團可以 控制撥回之時間，且差異不大可能在可預 見之將來撥回；或如屬可抵扣差異，則只 限於很可能在將來撥回之差異）。 已確認之遞延稅項金額是按照資產及負債 賬面值之預期變現或清償方式，以匯報日 已頒佈或實際上已頒佈之稅率計量。遞延 稅項資產及負債均不進行折現計算。 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 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） 1 Significant accounting policies (Continued) (r) (v) Income tax (Continued) (Continued) – in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: 1 主要會計政策（續） (r) 所得稅（續） (v) （續） – 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。 (s) Financial guarantees issued, provisions and (s) 已發出之財務擔保、撥備及或然 contingent liabilities 負債 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. 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. (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。 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。 Annual Report 2017/2018 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (s) Financial guarantees issued, provisions and (s) 已發出之財務擔保、撥備及或然 contingent liabilities (Continued) 負債（續） (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. 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. (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. (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。 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。 (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。 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (t) Cash flow hedges (Continued) 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. (t) 現金流量對沖（續） 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。 (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: (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 量該收入及成本（如適用）之情況下，方會按下 列基準於損益內確認： Sale of goods (i) 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。 Annual Report 2017/2018 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (u) Revenue recognition (Continued) (u) 收入確認（續） (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。 Interest income (iv) 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。 initially when there (vi) Government grants Government grants are recognised in the statement of financial position 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. (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)). (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。 (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)）。 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (v) Translation of foreign currencies (Continued) 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. (v) 外幣換算（續） 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。 Annual Report 2017/2018 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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. (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。 for sale, Immediately before classification as held 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。 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (z) Related parties (a) A person, or a close member of that person’s family, is related (z) 關連人士 (a) 倘有關人士出現下列情況，則該人士或該 to the Group if that person: 人士之近親家庭成員與本集團有關連： (i) has control or joint control over the Group; (i) 控制或共同控制本集團； (ii) has significant influence over the Group; or (ii) 對本集團有重大影響；或 (iii) is a member of the key management personnel of the Group. (iii) 為本集團之主要管理人員之一。 (b) An entity is related to the Group if any of the following (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 司。 (iv) One entity is a joint venture of a third entity and the (iv) 一間實體為第三方實體之合營公司， other entity is an associate of the third entity. 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。 Annual Report 2017/2018 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） 1 Significant accounting policies (Continued) 1 主要會計政策（續） (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. 2 Accounting judgements and 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: (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. (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 會計判斷及估計 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) 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。 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） 2 Accounting judgements and estimates 2 會計判斷及估計（續） (Continued) (b) Depreciation of property, plant and 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. inventories as disclosed (d) Write down of inventories The Group performs regular reviews of the carrying amounts of 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). (b) 物業、廠房及設備之折舊 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。 Annual Report 2017/2018 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） 3 Revenue and segment reporting 3 收入及分部報告 (a) Revenue The principal activities of the Group are the manufacture and sale of food and beverages. (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 four 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 下列四個須報告分部。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 represents the manufacture and sale of soya milk, tea, juice, etc. in Mainland China; – 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 other plant milk products in Australia and sale of beverages in New Zealand; and – 澳洲及新西蘭業務主要指在澳洲生產及銷 售豆奶及其他植物奶產品，以及在新西蘭 銷售飲料；及 The Singapore business mainly represents the manufacture and sale of soya related products in Singapore and sale of soya related products in overseas. – 新加坡業務主要指在新加坡生產及銷售大 豆相關產品及在海外銷售大豆相關產品。 All of the Group’s revenue is generated from the manufacture and sale of food and beverages. 本集團之收入全部來自生產及銷售食品及飲品。 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） 3 Revenue and segment reporting (Continued) 3 收入及分部報告（續） (b) Segment reporting (Continued) (b) 分部報告（續） 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, goodwill and unallocated head office and corporate assets. Segment liabilities include trade creditors and bills payable attributable to the manufacture and sales activities of the individual segments, bank loans and obligations under finance leases managed directly by the segments and current liabilities with the exception of employee retirement benefit liabilities, current tax payable, deferred tax liabilities and unallocated head office and corporate liabilities. The measure used for reporting segment profit is “profit from operations”. To arrive at “profit from operations”, the Group’s profit is further adjusted for (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; (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 and (iii) goodwill impairment. Income tax is not allocated to reporting segments. Inter-segment sales are priced at cost plus a profit margin. 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、商譽及未分配之總公司及企業資產除 外。分部負債包括個別分部之生產及銷售活動之 應付賬款及應付票據、銀行貸款及由分部直接管 理之融資租賃債務及流動負債，惟僱員退休福利 負債、應付現期稅項、遞延稅項負債及未分配之 總公司及企業負債除外。 用於報告分部溢利之表示方法為「經營溢利」。為 了得出「經營溢利」，本集團之溢利就 (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）；(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））及；(iii) 商 譽減值作出進一步調整。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。 During the year, certain amendments and reclassifications were made to the management reports presented to the senior executive management in order to better reflect the composition and performance of each segment. Prior year comparatives have been reclassified to conform to the current year presentation. 年內，送呈高層管理人員之管理報告作出了若干 修訂及重新分類，以更有效反映各分部之組成及 表現。過往年度之比較數字已重新分類以切合本 年度之呈報。 Annual Report 2017/2018 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） 3 Revenue and segment reporting (Continued) 3 收入及分部報告（續） (b) Segment reporting (Continued) (b) 分部報告（續） Segment results, assets and liabilities (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 2018 and 2017 is set out below: (i) 分部業績、資產及負債（續） 截至二零一八年及二零一七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 2018 2017 2018 2017 二零一八年 二零一七年 二零一八年 二零一七年 二零一八年 二零一七年 二零一八年 二零一七年 二零一八年 二零一七年 $’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 2018 2018 2018 2017 2017 2017 Singapore 新加坡 Total 總計 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 from operations 須報告分部之經營溢利 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 3,700,034 2,666,244 2,158,936 2,167,552 501,807 471,894 103,748 100,400 6,464,525 5,406,090 66,128 85,012 47,406 64,307 899 346 2,519 2,004 116,952 151,669 3,766,162 2,751,256 2,206,342 2,231,859 502,706 472,240 106,267 102,404 6,581,477 5,557,759 542,267 317,197 352,088 381,012 94,639 87,214 7,333 11,522 996,327 796,945 2,758 765 6,963 4,392 136 156 – (961) (494) (745) (1,206) (2,024) 2 – 1 – 9,859 5,314 (1,700) (3,730) (140,313) (129,930) (93,933) (95,919) (12,313) (11,321) (4,185) (3,552) (250,744) (240,722) 2,568,086 2,049,409 2,842,352 2,950,858 406,790 362,806 69,119 57,136 5,886,347 5,420,209 1,498,014 1,304,623 575,619 721,986 121,176 105,010 16,279 11,695 2,211,088 2,143,314 237,801 120,586 122,148 59,364 61,617 13,405 6,692 4,842 428,258 198,197 138 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） 3 Revenue and segment reporting (Continued) 3 收入及分部報告（續） (b) Segment reporting (Continued) (b) 分部報告（續） (ii) Reconciliations of reportable segment revenue, profit or (ii) 須報告分部收入、損益、資產及負債之 loss, assets and liabilities 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 from operations 須報告分部之經營溢利 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） Recognition of impairment losses on goodwill (note 13) 確認商譽之減值虧損（附註 13） 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 6,581,477 5,557,759 (116,952) (151,669) 6,464,525 5,406,090 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 996,327 796,945 (1,700) (17,814) (3,730) (627) – 189,595 (18,342) – (155,737) (138,506) 802,734 843,677 Annual Report 2017/2018 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） 3 Revenue and segment reporting (Continued) 3 收入及分部報告（續） (b) Segment reporting (Continued) (b) 分部報告（續） (ii) Reconciliations of reportable segment revenue, profit or (ii) 須報告分部收入、損益、資產及負債之 loss, assets and liabilities (Continued) 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 Goodwill 商譽 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 140 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 5,886,347 5,420,209 (909,792) (1,030,931) 4,976,555 4,389,278 45,291 103,362 10,209 18,983 27,778 148 56,451 736 35,293 4,701 5,182,178 4,486,607 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 2,211,088 2,143,314 (344,300) (492,880) 1,866,788 1,650,434 16,066 73,923 31,265 24,990 22,065 60,692 37,781 25,929 2,013,032 1,796,901 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 3 Revenue and segment reporting (Continued) 3 收入及分部報告（續） (b) Segment reporting (Continued) (b) 分部報告（續） (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. (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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 1,526,578 1,305,970 541,409 247,742 57,637 45,291 522,593 196,277 68,864 148 2,418,657 2,093,852 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 $1,875,456,000 (2017: $1,859,082,000) and $534,437,000 (2017: $516,296,000) 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1,875,456,000 元（二零一七年：1,859,082,000元）及534,437,000 元（二零一七年：516,296,000元）。 Annual Report 2017/2018 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） 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 3,570 9,859 3,667 1,019 2,441 7,273 27,829 7,917 5,314 3,406 1,637 1,970 14,394 34,638 Note: 附註： Government grants mainly relate to value-added tax refunded and other 政府補助主要指中華人民共和國（「中國」）政府退回之增 financial assistance received from the government of the People’s Republic 值稅及從其收取之其他財務資助。就購置廠房及設備收取 of China (“PRC”). Other government grants received in relation to the 之其他政府補助已從相關資產之成本扣除（附註 11(a)）。 acquisition of plant and equipment were netted off against the cost of the related assets (note 11(a)). 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） 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 * 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 1,579 121 1,700 – 1,700 5,544 201 5,745 (2,015) 3,730 * The borrowing costs had been capitalised at a rate of 1.43% per annum * 截至二零一七年三月三十一日止年度，被資本化的 for the year ended 31st March 2017. 借貸成本按每年 1.43% 之息率計算。 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 (b) Staff costs: 員工成本： Contributions to defined contribution retirement plans 83,211 66,219 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 3,734 616 87,561 8,273 4,159 579 70,957 11,739 1,297,844 1,173,232 1,393,678 1,255,928 Annual Report 2017/2018 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） 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 確認減值虧損 – Trade and other receivables – 應收賬款及其他應收款 – Property, plant and equipment – 物業、廠房及設備 – Goodwill – 商譽 Auditors’ remuneration 核數師酬金 – Audit services – 審核服務 – Provision for the current year – 本年度之撥備 – (Over)/under-provision in respect of prior year – 以往年度之（高估撥備）╱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 (gain)/loss on disposal of property, plant and equipment 出售物業、廠房及設備之（收益）╱虧損淨額 Net foreign exchange (gain)/loss 外匯（收益）╱虧損淨額 Net loss/(gain) 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虧損╱（收益） Cost of inventories (note 16(b)) 存貨成本（附註 16(b)） 144 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 1,585 379 526 263 1,520 367 526 254 247,991 238,055 256 13,625 18,342 5,580 (33) 978 18,394 111,618 1,256 930 330 (7,117) (514) 920 4,186 1,631 – 5,075 146 220 5,404 101,419 979 780 361 2,634 612 (124) 3,048,655 2,536,157 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） 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-provision in respect of prior years 以往年度之高估撥備 Deferred tax 遞延稅項 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 40,282 (100) 40,182 158,500 (7,504) 150,996 (30,499) 160,679 51,941 (13) 51,928 103,465 (1,987) 101,478 36,977 190,383 Notes: 附註： (i) (ii) The provision for Hong Kong Profits Tax for 2018 is calculated at 16.5% (2017: 16.5%) of the estimated assessable profits for the year. (i) 二零一八年之香港利得稅撥備是按年內之估計應課 稅溢利以16.5%（二零一七年：16.5%）之稅率計算。 In accordance with the relevant PRC corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company’s subsidiaries in Shenzhen, Foshan, Shanghai, Wuhan and Dongguan 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、武漢及東 莞附屬公司之法定所得稅率為 25%。 In addition, the Group is subject to withholding tax at the applicable rate of 5% on distribution of profits generated after 31st December 2007 from the Group’s foreign-invested enterprises in the PRC. 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，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 5% 適用稅率繳納預扣稅。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。 Annual Report 2017/2018 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） 6 Income tax in the consolidated statement of profit or loss (Continued) 6 綜合損益表之所得稅（續） (b) Reconciliation between tax expense and accounting profit at applicable tax rates: (b) 稅項支出與會計溢利以適用稅率 計算之對賬： Profit before taxation 除稅前溢利 Notional tax on profit before taxation, 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 tax losses not recognised 本年度未確認之稅務虧損之稅務影響 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-provision in respect of prior years 以往年度之高估撥備淨額 Others 其他 Actual tax expense 實際稅項支出 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 802,734 843,677 186,902 212,089 14,897 (3,611) 10,783 – 2,519 (1,613) 3,858 1,790 (24,415) (3,029) – (7,604) (8,055) (2,000) (16,273) (15,176) 160,679 190,383 146 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） 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： Salaries, allowances and benefits Discretionary bonuses 酌情 發放之花紅 in kind 薪金、津貼 及實物福利 Directors’ fees 董事袍金 2018 二零一八年 Retirement scheme contributions 退休 計劃供款 Sub-total 小計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Share- based payments 以股份為 基礎之付款 (note) （附註） $’000 千元 Total 總計 $’000 千元 240 120 60 68 136 92 92 429 417 417 442 252 5,582 6,700 2,001 – – – – – – – – – 3,822 3,774 – – – – – – – – – – 341 235 55 9,985 3,159 13,144 10,829 3,726 14,555 2,116 – 2,116 – – – – – – – – – 68 136 92 92 429 417 417 442 252 – – – – – – – – – 68 136 92 92 429 417 417 442 252 2,765 14,283 7,596 631 25,275 6,885 32,160 Executive Directors 執行董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Roberto GUIDETTI 陸博濤先生 Mr. Eugene LYE (appointed on 1st October 2017) 黎中山先生（於二零一七年十月一日獲委任） Non-executive Directors 非執行董事 Ms. Myrna Mo-ching LO (retired on 1st October 2017) 羅慕貞女士（於二零一七年十月一日退任） Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Peter Tak-shing LO (appointed on 24th June 2017) 羅德承先生（於二零一七年六月二十四日獲委任） Ms. May LO (appointed on 24th June 2017) 羅其美女士（於二零一七年六月二十四日獲委任） 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 Jan P.S. ERLUND先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生 Dr. Roy Chi-ping CHUNG (appointed on 24th June 2017) 鍾志平博士（於二零一七年六月二十四日獲委任） Annual Report 2017/2018 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） 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 Discretionary bonuses 酌情 發放之花紅 in kind 薪金、津貼 及實物福利 Directors’ fees 董事袍金 2017 二零一七年 Retirement scheme contributions 退休 計劃供款 Sub-total 小計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Share- based payments 以股份為 基礎之付款 (note) （附註） $’000 千元 Total 總計 $’000 千元 231 116 131 131 413 176 414 402 238 5,041 7,597 3,702 3,616 328 226 9,302 11,555 4,106 3,582 13,408 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 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） 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。 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） 8 Individuals with highest emoluments Of the five individuals with the highest emoluments, two (2017: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2017: three) individuals are as follows: 8 最高酬金人士 在五名最高酬金人士中，兩名（二零一七年：兩 名）為董事，彼等之酬金於附註 7 中披露。其餘 三名（二零一七年：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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 10,400 13,018 367 1,806 1,695 614 4,199 4,029 14,268 21,860 The emoluments of the three (2017: three) individuals with the highest emoluments are within the following bands: 三名（二零一七年：三名）最高酬金人士之酬金 介乎以下組別： $4,000,001 to $4,500,000 4,000,001 元至 4,500,000 元 $4,500,001 to $5,000,000 4,500,001 元至 5,000,000 元 $5,000,001 to $5,500,000 5,000,001 元至 5,500,000 元 $6,500,001 to $7,000,000 6,500,001 元至 7,000,000 元 $9,500,001 to $10,000,000 9,500,001 元至 10,000,000 元 2018 二零一八年 Number of individuals 人數 2017 二零一七年 Number of individuals 人數 1 1 1 – – – – 1 1 1 Annual Report 2017/2018 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） 9 Other comprehensive income 9 其他全面收益 (a) Tax effects relating to each component of (a) 有關其他全面收益各部份之稅務 other comprehensive income: 影響： 2018 二零一八年 Tax expense Before- tax amount 除稅前金額 $’000 千元 稅務費用 $’000 千元 Net-of- tax amount 扣除稅項 Before- tax amount 金額 除稅前金額 $’000 千元 $’000 千元 2017 二零一七年 Tax benefit/ (expense) 稅務利益╱ （費用） $’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 145,272 – 145,272 (87,588) – (87,588) 6,808 (1,123) 5,685 (1,063) 175 (888) 7,303 (1,208) 6,095 10,140 (1,561) 8,579 159,383 (2,331) 157,052 (78,511) (1,386) (79,897) (b) Components of other comprehensive income: (b) 其他全面收益之部份： 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 21,385 (6,129) (14,577) 5,066 (1,123) 5,685 175 (888) 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 (charged)/credited to other comprehensive income 於其他全面收益（扣除）╱計入之遞延稅項淨額 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 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） 10 Earnings per share 10 每股盈利 (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 $585,774,000 (2017: $618,372,000) and the weighted average number of 1,055,541,000 ordinary shares (2017: 1,050,283,000 ordinary shares) in issue during the year, calculated as follows: (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 585,774,000 元（ 二 零 一 七 年：618,372,000 元）及 年 內 已 發 行 普 通 股 之 加 權 平 均 股 數 1,055,541,000 股（ 二 零 一 七 年：1,050,283,000 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)） 2018 二零一八年 Number of shares 股份數目 ’000 千股 2017 二零一七年 Number of shares 股份數目 ’000 千股 1,051,692 1,047,330 3,849 2,953 1,055,541 1,050,283 (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 $585,774,000 (2017: $618,372,000) and the weighted average number of 1,064,205,000 ordinary shares (2017: 1,059,023,000 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 585,774,000 元（ 二 零 一 七 年：618,372,000 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 1,064,205,000 股 （二零一七年：1,059,023,000 股普通股）計算， 其計算如下： Weighted average number of ordinary shares (diluted) 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares at 31st March (note 10(a)) 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） 2018 二零一八年 Number of shares 股份數目 ’000 千股 2017 二零一七年 Number of shares 股份數目 ’000 千股 1,055,541 1,050,283 8,664 8,740 1,064,205 1,059,023 Annual Report 2017/2018 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） 11 Property, plant and equipment 11 物業、廠房及設備 (a) (a) Other property, plant and equipment 其他物業、廠房及設備 Fixtures, furniture and office equipment 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 24,794 14,228 52,495 197,374 113,960 191,559 34,088 – (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 2,053,276 152 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） 11 Property, plant and equipment (Continued) 11 物業、廠房及設備（續） (a) (Continued) (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 2017 於二零一七年四月一日 Exchange adjustments 匯兌調整 Additions 添置 Transfer 轉撥 Disposals 出售 At 31st March 2018 於二零一八年三月三十一日 Accumulated amortisation,  depreciation and impairment losses: 累計攤銷、折舊及減值虧損： At 1st April 2017 於二零一七年四月一日 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 2018 於二零一八年三月三十一日 Net book value: 賬面淨值： At 31st March 2018 於二零一八年三月三十一日 966,593 2,488,049 297,614 134,105 46,675 3,933,036 22,698 72,736 4,028,470 59,756 147,722 10,148 4,654 6,087 228,367 4,002 162,986 31,984 15,460 213,417 427,849 – 85,065 12,226 – (97,291) – (13,730) (57,205) (6,072) (8,337) – (85,344) – – – – 7,751 236,118 – – – 427,849 – (85,344) 1,016,621 2,826,617 345,900 145,882 168,888 4,503,908 22,698 80,487 4,607,093 382,072 1,300,601 189,330 74,553 19,147 62,676 4,171 2,357 34,737 176,169 25,772 11,576 – 8,424 5,201 – (5,828) (53,333) (4,590) (6,780) 430,128 1,494,537 219,884 81,706 – – – – – – 1,946,556 18,084 10,554 1,975,194 88,351 248,254 13,625 (70,531) – 526 – – 1,214 89,565 1,585 250,365 – – 13,625 (70,531) 2,226,255 18,610 13,353 2,258,218 586,493 1,332,080 126,016 64,176 168,888 2,277,653 4,088 67,134 2,348,875 Government grants of $10,913,000 (2017: $4,021,000) 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 10,913,000 元（二零一七年：4,021,000 元） 已從相關資產之成本扣除。 Annual Report 2017/2018 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） 11 Property, plant and equipment (Continued) 11 物業、廠房及設備（續） (b) The analysis of net book value of properties is (b) 物業之賬面淨值之分析如下： as follows: In Hong Kong 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 113,484 122,396 75,213 10,673 75,378 10,289 458,345 443,249 – 5 657,715 651,317 586,493 584,521 4,088 67,134 4,614 62,182 657,715 651,317 154 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） 11 Property, plant and equipment (Continued) 11 物業、廠房及設備（續） (c) Property, plant and equipment held under (c) 以融資租賃持有之物業、廠房及 finance leases 設備 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. 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 $2,782,000 (2017: $3,005,000). 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 2,782,000 元（二零一七年： 3,005,000 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。 (d) Property, plant and equipment leased out (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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 918 918 (e) The fair value of investment properties The fair value of investment properties at 31st March 2018 is $63,200,000 (2017: $61,400,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2017: 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 投資物業於二零一八年三月三十一日之公允值為 63,200,000 元（ 二 零 一 七 年：61,400,000 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（二零一七年：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。 Annual Report 2017/2018 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） 11 Property, plant and equipment (Continued) 11 物業、廠房及設備（續） (e) The fair value of investment properties (e) 投資物業之公允值（續） (Continued) 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 1.05 (2017: 0.94 to 1.04). The fair value measurement is positively correlated to the property-specific adjusting rate. 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 1.05（二零 一七年：0.94 至 1.04）。公允值計量與個別物業 調整率之間成正向關係。 (f) Property, plant and equipment pledged against (f) 就銀行貸款抵押之物業、廠房及 bank loans 設備 The following items of property, plant and equipment are pledged to secure certain bank loans or bank facilities granted to the Group (note 21). 以下物業、廠房及設備項目已予抵押，以擔保本 集團獲授之若干銀行貸款或銀行信貸（附註21）。 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 – 62,768 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 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） 11 Property, plant and equipment (Continued) 11 物業、廠房及設備（續） (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 2018, the Group paid deposits totalling $1,586,000 (2017: $1,125,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 28(a)). 於二零一八年三月三十一日，本集團為購置物 業、廠房及設備而支付訂金合共1,586,000元（二 零一七年：1,125,000 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 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 Annual Report 2017/2018 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） 12 Intangible assets (Continued) 12 無形資產（續） Cost: 成本： At 1st April 2017 於二零一七年四月一日 Exchange adjustments 匯兌調整 At 31st March 2018 於二零一八年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April 2017 於二零一七年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷 At 31st March 2018 於二零一八年三月三十一日 Net book value: 賬面淨值： At 31st March 2018 於二零一八年三月三十一日 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Total 總計 $’000 千元 7,291 10,958 18,249 553 – 553 7,844 10,958 18,802 3,281 10,958 14,239 262 379 – – 262 379 3,922 10,958 14,880 3,922 – 3,922 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。 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） 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 Accumulated impairment losses: 累計減值虧損 ︰ At 1st April 於四月一日 Impairment loss 減值虧損 Exchange adjustments 匯兌調整 At 31st March 於三月三十一日 Carrying amount: 賬面值 ︰ At 31st March 於三月三十一日 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 35,293 2,673 36,547 (1,254) 37,966 35,293 – 18,342 641 18,983 – – – – 18,983 35,293 Annual Report 2017/2018 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） 13 Goodwill (Continued) 13 商譽（續） Impairment tests for cash-generating unit containing goodwill Goodwill arose from the acquisition of the entire share capital in Vitasoy International Singapore Pte. Ltd (“VIS”, formerly known as Unicurd Food Co. (Private) Limited). 包含商譽之現金產生單位之減值測試 商譽因收購 Vitasoy International Singapore Pte. Ltd（「VIS」，前稱統一食品（私人）有限公司）之 全部股本而產生。 The recoverable amount of the VIS 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% (2017: 3%). The growth rate does not exceed the long-term average growth rate for the business in which the VIS operation operate. VIS 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%（二零一七年：3%）之年增長率推算。該 增長率不超過 VIS 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 2018 二零一八年 2017 二零一七年 36.1% 6.5% 14.0% 34.8% 13.4% 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。 As the cash generating unit has been reduced to its recoverable amount of $57,297,000, any adverse change in the assumptions used in the calculation of recoverable amount would result in further impairment losses. 由 於 現 金 產 生 單 位 已 減 少 至 其 可 收 回 金 額 57,297,000 元，因此，任何用於計算可收回金額 之假設之負面變動將導致進一步的減值虧損。 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） 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。 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 (Dongguan) Company Limited (note (ii)) 維他奶（東莞）有限公司 （附註 (ii)） 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 Common stock: US$32,841,222 普通股： 32,841,222 美元 Convertible series A preferred stock: US$38,400,000 可換股 A 類 優先股： 38,400,000 美元 RMB80,000,000 人民幣 80,000,000 元 The PRC 中國 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 % – 85 – The PRC 中國 RMB2,000,000 人民幣 2,000,000 元 – 100 Principal activities 主要業務 Sale of soya related products (note 19) 銷售豆製 產品 （附註 19） Manufacture and sale of beverages 生產及 銷售飲品 Manufacture and sale of beverages 生產及 銷售飲品 Annual Report 2017/2018 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） 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 (Shanghai) Company Limited (note (iv)) 維他奶（上海）有限公司 （附註 (iv)） Vitasoy (Wuhan) Company Limited (note (v)) 維他奶（武漢）有限公司 （附註 (v)） 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 RMB200,000,000 人民幣 200,000,000 元 中國 The PRC HK$219,461,176 港幣 219,461,176 元 中國 The PRC RMB170,000,000 人民幣 170,000,000 元 中國 % – – – – % 85 100 100 51 Vitasoy Australia Products Pty. Ltd. (“VAP”) （「VAP」） Australia 澳洲 V class shares: A$8,925,000 V 類股： 8,925,000 澳元 N class shares: A$8,575,000 N 類股： 8,575,000 澳元 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 – 162 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Principal activities 主要業務 Manufacture and sale of beverages 生產及 銷售飲品 Manufacture and sale of beverages 生產及 銷售飲品 Manufacture and sale of beverages 生產及 銷售飲品 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 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 14 Subsidiaries (Continued) 14 附屬公司（續） Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 公司名稱 註冊成立╱ 成立及 營業地點 已發行及 繳足股本詳情 Hong Kong Gourmet Limited 香港美食有限公司 Hong Kong 香港 2 shares 2 股股份 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 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 Vitasoy Investment Holdings Limited 維他奶投資控股有限公司 Vita International Holdings Limited 維他國際集團有限公司 Vitasoy International Investment Limited 維他奶國際投資有限公司 Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Vitasoy Holdings (Malta) Limited Hong Kong 香港 2 shares 2 股股份 100 100 100 100 100 100 – Hong Kong 香港 Hong Kong 香港 Hong Kong 香港 Hong Kong 香港 Hong Kong 香港 1 share 1 股股份 1 share 1 股股份 2 shares 2 股股份 1 share 1 股股份 2 shares 2 股股份 Malta Ordinary shares: HK$20,257 馬爾他 普通股： 港幣 20,257 元 Deferred share: HK$7 遞延股份： 港幣 7 元 Principal activities 主要業務 Provision of catering services 提供餐飲服務 Property investment 物業投資 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 – – – – – – 100 Sales of beverages and exploitation of intellectual rights of property 銷售飲品及 運用知識產權 Annual Report 2017/2018 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） 14 Subsidiaries (Continued) 14 附屬公司（續） Name of company Place of incorporation/ establishment and operation Particulars of issued and paid-up capital 公司名稱 註冊成立╱ 成立及 營業地點 已發行及 繳足股本詳情 Vitasoy Investment (Singapore) Pte. Limited Singapore 新加坡 S$10,000 10,000 坡元 Vitasoy International Singapore Pte. Ltd. (“VIS”) Singapore 新加坡 S$1,800,000 1,800,000 坡元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司 持有 held by a subsidiary 附屬公司 持有 % – – % 100 100 (Formerly known as Unicurd Food Co. (Private) Limited) （「VIS」） （前稱統一食品（私人） 有限公司） Vitasoy Distributors (Singapore) Pte. Ltd. Singapore 新加坡 S$2,500,000 2,500,000 坡元 100 – Notes: 附註： Principal activities 主要業務 Investment holding 投資控股 Manufacture and sale of soya related products 生產及銷售 豆製產品 Dormant 暫無營業 (i) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (i) 深圳維他（光明）食品飲料有限公司（「深圳維他 (“Shenzhen Vitasoy”) is a sino-foreign equity joint venture established 奶」）為於中國成立之中外合資合營公司，經營期至 in the PRC and is to be operated up to year 2049. 二零四九年止。 (ii) Vitasoy (Dongguan) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to year (ii) 維他奶（東莞）有限公司為於中國成立之全外資附屬 公司，經營期至二零六七年止。 2067. (iii) Vitasoy (Foshan) Company Limited (“Vitasoy Foshan”) is a sino-foreign (iii) 維他奶（佛山）有限公司（「佛山維他奶」）為於中國 equity joint venture established in the PRC and is to be operated up to 成立之中外合資合營公司，經營期至二零四九年止。 year 2049. (iv) Vitasoy (Shanghai) Company Limited is a wholly foreign owned (iv) 維他奶（上海）有限公司為於中國成立之全外資附屬 subsidiary established in the PRC and is to be operated up to year 公司，經營期至二零四五年止。 2045. (v) Vitasoy (Wuhan) Company Limited is a wholly foreign owned subsidiary (v) 維他奶（武漢）有限公司為於中國成立之全外資附屬 established in the PRC and is to be operated up to year 2064. 公司，經營期至二零六四年止。 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） 14 Subsidiaries (Continued) The following table lists out the information relating to Shenzhen Vitasoy, Vitasoy Foshan and VAP, the subsidiaries of the Group interests (“NCI”). The which have material non-controlling 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 Vitasoy Foshan 佛山維他奶 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 VAP 2018 2017 二零一八年 二零一七年 $’000 千元 $’000 千元 15% 15% 15% 15% 49% 49% 191,333 107,601 186,971 131,925 158,917 166,669 181,566 182,800 581,433 561,370 247,742 196,277 (75,369) (42,997) (150,812) (103,607) (120,878) (105,240) – – (107,137) (219,130) (3,758) (1,293) 297,530 247,404 510,455 370,558 282,023 256,413 44,630 37,111 76,568 55,584 138,191 125,642 647,549 469,157 1,141,831 767,265 502,706 472,240 92,875 42,172 146,691 68,074 41,522 37,520 92,875 42,172 146,691 68,074 41,782 37,748 13,931 10,285 6,326 8,951 22,004 10,211 20,346 18,385 7,520 5,385 9,448 9,129 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 61,033 70,300 100,796 63,008 57,395 71,522 經營活動所得現金流量 Cash flows generated from/(used in) investing activities 投資活動所得╱（所用） 現金流量 Cash flows used in financing activities 融資活動所用現金流量 3,076 (4,437) (41,055) (22,073) (61,156) (13,506) (73,974) (57,598) (56,950) (37,761) (2,044) (51,731) Annual Report 2017/2018 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） 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 Vitasoy -URC, Inc. Incorporated The Republic of (“VUR”) （「VUR」） 註冊成立 the Philippines (“the Philippines”) 菲律賓共和國 （「菲律賓」） Proportion of ownership interest 擁有權權益比率 Group’s effective interest 本集團之 實際權益 % 50 Held by Held by a the Company 本公司 subsidiary 附屬公司 持有 % – 持有 % 50 Principal activity 主要業務 Sale of beverages (note) 銷售飲品 （附註） Note: VUR was established by the Company with a major branded 附註： VUR 由本公司與一家菲律賓主要品牌消費飲品食 consumer food and beverage company in the Philippines, the other 品公司（為該合營公司之另一名投資者）成立， investor to this joint venture, for sales of the Group’s plant-based 以於菲律賓銷售本集團以植物成分為主之飲品。 beverages in the Philippines. VUR is mainly engaged in the sale of VUR 主要從事飲品銷售。 beverages. VUR, the only joint venture in which the Group participates, is an unlisted corporate entity whose quoted market price is not available. VUR（本集團唯一參與之合營公司）為一間非上市 企業實體，且並無市場報價。 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） 15 Interest in joint venture (Continued) Summarised financial information of VUR and a reconciliation to the carrying amount in the consolidated financial statements, are disclosed below: 15 於合營公司之權益（續） VUR 之財務資料概要及與綜合財務報表之賬面值 之對賬披露如下 ︰ Gross amounts of VUR’s VUR 之總額 Current assets 流動資產 Non-current assets 非流動資產 Current liabilities 流動負債 Equity 權益 Included in the above assets and liabilities: 已計入上述資產及負債 ︰ Cash and cash equivalents 現金及現金等值項目 Revenue 收入 Loss from operations 經營虧損 Reconciled to the Group’s interest in VUR 與本集團於 VUR 之權益對賬 Gross amounts of VUR’s net assets VUR 之淨資產總值 Group effective interest 本集團實際權益 Group’s share of VUR’s net assets 本集團所佔 VUR 淨資產 Carrying amount in the consolidated financial statements 綜合財務報表之賬面值 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 122,185 15,396 (46,999) 90,582 1,549 – (1,253) 296 111,980 1,549 2018 二零一八年 $’000 千元 35,840 (35,628) 2017 二零一七年 $’000 千元 – (1,254) 90,582 50% 45,291 45,291 296 50% 148 148 Annual Report 2017/2018 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） 16 Inventories 16 存貨 (a) Inventories in the consolidated statement of (a) 綜合財務狀況表中之存貨包括： financial position comprise: Raw materials 原材料 Finished goods 製成品 2018 二零一八年 $’000 千元 359,674 349,638 2017 二零一七年 $’000 千元 329,754 252,692 709,312 582,446 (b) The analysis of the amount of inventories (b) 已於損益內確認為開支之存貨金 recognised as an expense and included in profit or loss is as follows: 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 3,040,805 2,530,493 7,850 5,664 3,048,655 2,536,157 168 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） 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 727,465 677,129 (1,022) (3,375) 726,443 228,501 673,754 226,249 954,944 900,003 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 $37,002,000 (2017: $37,634,000). 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 37,002,000 元（二 零一七年：37,634,000 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： Within three months 三個月內 Three to six months 三至六個月 Over six months 六個月以上 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 704,686 648,675 8,239 13,518 23,270 1,809 726,443 673,754 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)。 Annual Report 2017/2018 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） 17 Trade and other receivables (Continued) 17 應收賬款及其他應收款（續） (b) Impairment of trade debtors and bills (b) 應收賬款及應收票據之減值 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 3,375 143 256 (2,752) 1,022 1,227 (34) 4,186 (2,004) 3,375 At 31st March 2018, the Group’s trade debtors and bills receivable of $1,022,000 (2017: $3,375,000) 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 八 年 三 月 三 十 一 日， 本 集 團 之 應 收 賬 款 及 應 收 票 據 1,022,000 元（ 二 零 一 七 年： 3,375,000 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。 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） 17 Trade and other receivables (Continued) 17 應收賬款及其他應收款（續） (c) Trade debtors and bills receivable that are not (c) 並無減值之應收賬款及應收票據 impaired The ageing analysis of trade debtors and bills receivable that are neither individually nor collectively considered to be impaired are as follows: 並無個別或集體被視作已減值之應收賬款及應收 票據之賬齡分析如下： 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 643,415 557,823 66,819 13,096 2,919 194 106,488 8,398 1,042 3 83,028 115,931 726,443 673,754 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。 Annual Report 2017/2018 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） 18 Cash and bank deposits 18 現金及銀行存款 (a) Cash and bank deposits comprise: (a) 現金及銀行存款包括： Cash at bank and in hand 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 2018 二零一八年 $’000 千元 338,602 646,583 2017 二零一七年 $’000 千元 258,387 594,262 985,185 852,649 509 470 985,694 853,119 At 31st March 2018, certain Renminbi and United States dollars bank balances totalling $307,125,000 (2017: $122,785,000) were designated as a hedge against the foreign currency risk on future purchase of raw materials. The gain 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. 於二零一八年三月三十一日，若干以人民幣及 美元計值之銀行結存合共 307,125,000 元（二零 一七年：122,785,000 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 算該等銀行結存之收益已計入其他全面收益。 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） 18 Cash and bank deposits (Continued) 18 現金及銀行存款（續） (b) Reconciliation of profit before taxation to cash (b) 除稅前溢利與經營業務所得現金 generated from operations: 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 – Recognition of impairment losses on goodwill – 確認商譽之減值虧損 – 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 (gain)/loss on disposal of property, plant and equipment – 出售物業、廠房及設備之（收益）╱虧損淨額 – Net loss/(gain) 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虧損╱（收益） – Equity settled share-based payment expenses – 以股份為付款基礎之費用 – Foreign exchange loss/(gain) – 匯兌虧損╱（收益） 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 Note 附註 2018 二零一八年 $’000 千元 802,734 2017 二零一七年 $’000 千元 843,677 19 5(c) 5(c) 5(c) 5(c) 5(c) 5(c) 5(a) 5(a) 4 5(c) 5(c) 5(b) 17,814 – 248,254 526 1,585 379 13,625 18,342 1,579 121 (9,859) (7,117) 920 8,273 81 (74,432) (22,308) 272,319 1,304 627 (189,595) 238,309 526 1,520 367 1,631 – 3,529 201 (5,314) 2,634 (124) 11,739 (214) (73,470) (46,258) 275,670 4,173 1,274,140 1,069,628 Annual Report 2017/2018 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） 18 Cash and bank deposits (Continued) 18 現金及銀行存款（續） (c) Reconciliation of liabilities arising from (c) 融資活動產生之負債對賬 financing activities The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow statement as cash flows from financing activities. 下表詳列本集團融資活動產生之負債變動，當中 包括現金及非現金變動。融資活動所產生之負債 指其現金流量曾於或未來現金流量將於本集團之 綜合現金流量表內分類為融資活動之現金流量。 Obligation under finance leases 融資租賃 之債務 $’000 千元 (Note 22) （附註 22） Bank loans 銀行貸款 $’000 千元 (Note 21) （附註 21） Total 總計 $’000 千元 207,329 2,130 209,459 27,229 (207,461) – – 27,229 (207,461) – (1,244) (1,244) (1,579) – (1,579) – (121) (121) (181,811) (1,365) (183,176) (12) 35 23 1,579 121 1,700 27,085 921 28,006 At 1st April 2017 於二零一七年四月一日 Changes from financing cash flows: 融資現金流量變動 ︰ 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 Capital element of finance lease rentals paid 已付融資租賃租金之資本部份 Interest paid 已付利息 Interest element of finance lease rentals paid 已付融資租賃租金之利息部份 Total changes from financing cash flows 融資現金流量變動總額 Exchange adjustments 匯兌調整 Other changes: 其他變動 ︰ Finance costs (note 5(a)) 融資成本（附註 5(a)） At 31st March 2018 於二零一八年三月三十一日 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） 19 Disposal group held for sale The Group disposed of the majority of the assets and liabilities of Vitasoy USA Inc. on 9th May 2016 at a consideration of $398,900,000. All the assets and liabilities held for sale were derecognised upon completion and a gain of $189,595,000 (note 3(b)(ii)) was recognised as “Other income – net gain on disposal of assets and liabilities classified as held for sale” and the net cash inflow on disposal of assets and liabilities held for sale was $338,226,000 for the year ended 31st March 2017. 19 持作出售之出售組合 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，代價為 398,900,000 元。於出售完成後，所有持作出售之資產及負債 已終止確認，截至二零一七年三月三十一日止年 度，189,595,000 元（附註 3(b)(ii)）之收益已確認 為「其他收入 - 出售分類為持作出售之資產及負債 之淨收益」，而出售持作出售之資產及負債之現 金流入淨額則為 338,226,000 元。 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。 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 2018 二零一八年 $’000 千元 574,402 1,289,189 181 2017 二零一七年 $’000 千元 497,239 969,047 618 1,863,772 1,466,904 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $17,135,000 (2017: $15,864,000) 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 17,135,000 元（ 二 零 一 七 年： 15,864,000 元）之客戶按金則預期於超過一年後 償還。 Annual Report 2017/2018 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） 20 Trade and other payables (Continued) 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: 20 應付賬款及其他應付款（續） 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 570,706 496,435 3,196 500 431 373 574,402 497,239 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 2018, the bank loans were repayable as follows: 21 銀行貸款 於二零一八年三月三十一日，銀行貸款須於下列 期限償還： 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 27,085 7,329 – – – 27,085 150,000 50,000 200,000 207,329 At 31st March 2017, bank loans totalling $7,329,000 were secured by charges over property, plant and equipment with net book value totalling $62,768,000 (note 11(f)). At 31st March 2018, no bank loans were secured by charges over property, plant and equipment. 於二零一七年三月三十一日，合共 7,329,000 元 之銀行貸款乃以賬面淨值合共 62,768,000 元之物 業、廠房及設備作為抵押擔保（附註11(f)）。於二 零一八年三月三十一日，概無銀行貸款以物業、 廠房及設備作為抵押擔保。 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） 21 Bank loans (Continued) 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 2018 and 2017, none of the covenants relating to the drawn down facilities had been breached. 21 銀行貸款（續） 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)。於二零一八年及二零 一七年三月三十一日，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 2018, the Group had obligations under finance leases repayable as follows: 22 融資租賃之債務 於二零一八年三月三十一日，本集團根據融資租 賃須償還之債務如下： 2018 二零一八年 2017 二零一七年 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 921 943 1,221 1,340 – – – 921 909 – 909 2,130 – – – 943 (22) 921 930 – 930 2,270 (140) 2,130 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 Annual Report 2017/2018 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） 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。 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (a) Defined contribution retirement plans (a) 界定供款退休計劃（續） (Continued) (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。 (b) Defined benefit retirement plans At 31st March 2018, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: (b) 界定福利退休計劃 於二零一八年三月三十一日，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)） 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 12,605 3,461 16,066 16,508 5,557 22,065 (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. (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。 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. 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。 Annual Report 2017/2018 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) The latest actuarial valuation of the Plan was at 31st March 2018 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 84% (2017: 79%) covered by the plan assets held by the trustee. (c) 退休金（續） 該 計 劃 之 最 新 精 算 估 值 乃 於 二 零 一 八 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 84% （二零一七年：79%）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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 77,647 79,494 (65,042) (62,986) 12,605 16,508 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 $2,980,000 in contributions to defined benefit retirement plan during the year ending 31st March 2019 (2017: $160,000). 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 一九年三月三十一日止年度向界定福利退休計劃 支 付 供 款 2,980,000 元（ 二 零 一 七 年：160,000 元）。 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (ii) Plan assets consist of the following: (c) 退休金（續） (ii) 計劃資產包括下列各項： Plan assets with quoted price in active market 於活躍市場報價之計劃資產 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 14,148 12,577 5,261 5,232 3,366 18,338 46,345 4,781 6,544 3,772 15,097 3,600 65,042 5,266 4,990 1,704 19,250 43,787 6,077 5,752 6,177 18,006 1,193 62,986 Annual Report 2017/2018 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (iii) Movements in the present value of the defined benefit (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 arising from changes in financial assumptions – 由財務假設改變所致之精算收益 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 79,494 85,403 4,194 (1,025) (9,608) 3,351 1,241 147 (5,503) (5,307) 3,824 930 77,647 79,494 The weighted average duration of the defined benefit obligation is 8 years (2017: 9 years). 界定福利責任之加權平均期限為 8 年（二零一七 年：9 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： 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 62,986 2,914 (9,608) (119) 7,892 977 63,271 192 (5,307) (91) 4,235 686 65,042 62,986 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 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (v) Net income/expenses recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: 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 losses/(gains) 精算虧損╱（收益） 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 Total defined benefit income 界定福利總收入 (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： 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 3,351 119 264 3,734 3,169 (7,892) (4,723) (989) 3,824 91 244 4,159 (5,356) (4,235) (9,591) (5,432) The current service cost and the net interest on net defined benefit liability are recognised in the following line items in the consolidated statement of profit or loss: 界定福利負債淨額之現有服務成本及淨利息已於 綜合損益表中按下列各項確認： Cost of sales 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 689 1,009 1,555 481 3,734 787 1,172 1,666 534 4,159 Annual Report 2017/2018 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (c) Retirement gratuities (Continued) (vi) Significant actuarial assumptions and sensitivity analysis are (c) 退休金（續） (vi) 重大精算假設及敏感性分析如下： as follows: Discount rate 折現率 Future salary increases 未來薪金增幅 2018 二零一八年 2017 二零一七年 1.90% 1.60% 4.0% per annum 每年 4.0% 4.0% per annum 每年 4.0% 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）： 2018 二零一八年 2017 二零一七年 Increase in 0.5% 上升 0.5% $’000 千元 Decrease in 0.5% 下跌 0.5% $’000 千元 Increase in 0.5% 上升 0.5% $’000 千元 Decrease in 0.5% 下跌 0.5% $’000 千元 (3,048) 3,240 (3,137) 3,342 3,269 (3,104) 3,366 (3,190) 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。 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） 23 Employee retirement benefits (Continued) 23 僱員退休福利（續） (d) Long service payments (Continued) An actuarial valuation of long service payments was also carried out at 31st March 2018, by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. (d) 長期服務金（續） 長期服務金亦於二零一八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。 The amounts recognised in the consolidated statement of financial position are as follows: 於綜合財務狀況表確認之金額如下： Present value of unfunded obligations 無資助責任之現值 A portion of the above liabilities is expected to be settled after more than one year. However, it is not practical to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit payable will also depend on staff turnover and future changes in actuarial assumptions. 24 Equity settled share-based 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. 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 3,461 5,557 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 以股份為付款基礎之交易 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。 Annual Report 2017/2018 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） 24 Equity settled share-based transactions 24 以股份為付款基礎之交易（續） (Continued) (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 2018 二零一八年 2017 二零一七年 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 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 26/6/2017 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 26/6/2018 to 25/6/2027 26/6/2018 至25/6/2027 10 years 年 6.022 2 years 年 10 years 年 6.424 3 years 年 – – 3 years 年 4 years 年 10 years 年 6.358 3 years 年 1,740 4 years 年 10 years 年 6.274 4 years 年 220 5 years 年 10 years 年 6.400 4 years 年 2,822 5 years 年 10 years 年 9.090 5 years 年 – 6 years 年 10 years 年 9.370 5 years 年 238 6 years 年 10 years 年 9.370 5 years 年 1,704 6 years 年 10 years 年 10.080 6 years 年 706 7 years 年 10 years 年 10.080 6 years 年 1,792 7 years 年 10 years 年 13.600 7 years 年 2,250 8 years 年 10 years 年 13.600 7 years 年 1,588 8 years 年 10 years 年 14.792 8 years 年 2,422 9 years 年 10 years 年 14.792 8 years 年 1,420 9 years 年 10 years 年 15.440 9 years 年 326 10 years 年 10 years 年 16.296 9 years 年 3,032 – 352 888 1,740 378 2,822 1,000 3,022 1,704 3,070 1,792 3,498 1,588 3,434 1,420 326 – 20,260 27,034 186 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） 24 Equity settled share-based transactions 24 以股份為付款基礎之交易（續） (Continued) (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, 814,000 options (2017: 2,108,000 options) were exercised under the 2002 Share Option Scheme, and 6,366,000 options (2017: 2,254,000) were exercised under the 2012 Share Option Scheme. 年 內，814,000 份 購 股 權（ 二 零 一 七 年： 2,108,000 份購股權）根據二零零二年購股權計 劃已獲行使及 6,366,000 份購股權（二零一七年： 2,254,000 份）根據二零一二年購股權計劃已獲行 使。 Annual Report 2017/2018 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） 24 Equity settled share-based transactions 24 以股份為付款基礎之交易（續） (Continued) (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: 2018 二零一八年 2017 二零一七年 Weighted average exercise price 加權平均 行使價 $ 元 Number of options 購股權之 數目 ’000 千股 Weighted average exercise price 加權平均 行使價 $ 元 Number of options 購股權之 數目 ’000 千股 10.642 27,034 9.431 27,740 9.694 (7,180) 7.916 (4,362) 16.296 3,182 14.832 5,262 11.745 (2,776) 10.848 (1,606) 11.715 20,260 10.642 27,034 10,723 13,871 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 $17.471 (2017: $14.655). 已行使之購股權於年內之行使日期之加權平均股 價為 17.471 元（二零一七年：14.655 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。 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） 24 Equity settled share-based transactions 24 以股份為付款基礎之交易（續） (Continued) (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： 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 26/6/2017 Fair value at measurement date $0.956元 於計量日期之公允值 $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 $3.323元 Share price 股價 Exercise price 行使價 Expected volatility 預期波幅 $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 $16.080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 $16.296元 26% 25% 25% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 24% 24% Expected option life 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 預期購股權之有效期 Expected dividends 預期股息 Risk-free interest rate 無風險利率 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% 2.5% 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% 1.240% 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。 Annual Report 2017/2018 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） 25 Income tax in the consolidated statement of financial position 25 綜合財務狀況表之所得稅 (a) Current tax recoverable/(payable) in the (a) 綜合財務狀況表之應收╱（應付） consolidated statement of financial position represents: 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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 (40,282) (51,941) 43,218 41,333 2,936 (23,992) (10,608) (26,437) (21,056) (37,045) 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 10,209 736 (31,265) (37,781) (21,056) (37,045) 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） 25 Income tax in the consolidated 25 綜合財務狀況表之所得稅（續） statement of financial position (Continued) (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 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 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April 2017 於二零一七年四月一日 Exchange adjustments 匯兌調整 (Charged)/credited to  profit or loss 於損益（扣除）╱計入 Charged to reserves 於儲備扣除 At 31st March 2018 於二零一八年三月三十一日 (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 – – (1,561) – 184 – 401 – (61,299) 8,781 3,483 55,073 (9,732) (765) – – 175 218 (2,093) (36,977) (1,386) (4,241) (61,299) 8,781 3,483 55,073 (9,732) (59) 737 – 4,880 – (6,214) 21,150 194 20,618 (5,663) – – (1,208) – – (765) (46) 414 – 218 (4,241) – – 5,512 30,499 (1,123) (2,331) (67,572) 30,668 2,469 80,571 (15,395) (397) (905) 29,439 Annual Report 2017/2018 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） 25 Income tax in the consolidated 25 綜合財務狀況表之所得稅（續） statement of financial position (Continued) (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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 Net deferred tax assets recognised in the consolidated statement of financial position 103,362 56,451 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 (73,923) (60,692) 於綜合財務狀況表確認之遞延稅項負債淨額 29,439 (4,241) (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 $94,747,000 (2017: $242,332,000) 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 94,747,000 元（二 零一七年：242,332,000 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 $84,031,000 (2017: $231,654,000) which can be carried forward up to twenty years from the year in which the loss originated. The remaining balance of $10,716,000 (2017: $10,678,000) does not expire under current tax legislation. 未 確 認 稅 務 虧 損 中 有 84,031,000 元（ 二 零 一 七 年：231,654,000 元）將可自虧損產生之年度起 結轉最多二十年。其餘 10,716,000 元（二零一七 年：10,678,000元）結餘不會根據現行稅法屆滿。 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） 26 Capital, reserves and dividends 26 資本、儲備及股息 (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: (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： 本公司 Share-based General compensation reserve reserve 股份基礎 補償儲備 $’000 千元 一般儲備 $’000 千元 Share capital Capital reserve 股本 Note 附註 $’000 千元 資本儲備 $’000 千元 Hedging reserve Retained profits Total equity 對沖儲備 $’000 千元 保留溢利 $’000 千元 權益總額 $’000 千元 733,722 46,959 2,261 31,340 (217) 1,276,021 2,090,086 The Company 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： 26(d)(i) 26(c)(ii) 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 26(b)(ii) 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 26(b)(i) 9 – (4,087) 40,524 – – – – – – – – – – – – – – – – (5,994) 11,739 – – – – – – – – 4,087 – – – 34,530 11,739 (278,400) (278,400) (39,958) (39,958) (888) 341,030 340,142 Balance at 31st March 2017 於二零一七年三月三十一日結餘 774,246 42,872 2,261 37,085 (1,105) 1,302,780 2,158,139 Annual Report 2017/2018 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (a) Movements in components of equity (Continued) (a) 權益組成部份之變動（續） 本公司（續） Share-based General compensation reserve reserve 股份基礎 補償儲備 $’000 千元 一般儲備 $’000 千元 Share capital Capital reserve 股本 Note 附註 $’000 千元 資本儲備 $’000 千元 Hedging reserve Retained profits Total equity 對沖儲備 $’000 千元 保留溢利 $’000 千元 權益總額 $’000 千元 774,246 42,872 2,261 37,085 (1,105) 1,302,780 2,158,139 The Company (Continued) Balance at 1st April 2017 於二零一七年四月一日結餘 Changes in equity for the year: 本年度之權益變動： 26(d)(i) 26(c)(ii) 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 26(b)(ii) 批准屬於上一年度之末期股息 Special dividend approved in respect of the previous year 批准屬於上一年度之特別股息 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 26(b)(ii) 26(b)(i) 9 – (4,087) 83,089 – – – – – – – – – – – – – – – – – – – (13,485) 8,273 – – – – – – – – – – 4,087 – – – 69,604 8,273 (285,831) (285,831) (44,299) (44,299) (40,161) (40,161) 5,685 369,334 375,019 Balance at 31st March 2018 於二零一八年三月三十一日結餘 857,335 38,785 2,261 31,873 4,580 1,305,910 2,240,744 194 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (b) Dividends (b) 股息 (i) Dividends payable to equity shareholders of the (i) 應付予本公司股權持有人之本年度股息 Company attributable to the year Interim dividend declared and paid of 3.8 cents per ordinary share (2017: 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 （二零一七年：每股普通股 3.8 仙） Final dividend proposed after the end of the reporting period of 31.4 cents per ordinary share (2017: 27.1 cents per ordinary share) (note 26(e)) 於匯報日後擬派之末期股息 – 每股普通股 31.4 仙 （二零一七年：每股普通股 27.1 仙）（附註 (26(e)） Special dividend proposed after the end of the reporting period of nil (2017: 4.2 cents per ordinary share (note 26(e)) 於匯報日後擬派之特別股息為零 （二零一七年：每股普通股 4.2 仙）（附註 (26(e)） 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 40,161 39,958 332,520 285,349 – 44,224 372,681 369,531 The final dividends proposed after the end of the reporting period are based on 1,058,979,500 ordinary shares (2017: 1,052,947,500 ordinary shares), being the total number of issued shares at the date of approval of the financial statements. 於匯報日後擬派之末期股息乃按批准財務報表當 日已發行股份總數 1,058,979,500 股普通股（二零 一七年：1,052,947,500 股普通股）計算。 The final 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股息於匯報日並未確認為 負債。 Annual Report 2017/2018 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (b) Dividends (Continued) (b) 股息（續） (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 27.1 cents per ordinary share (2017: 26.5 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 27.1 仙（二零一七年：每股普通股 26.5 仙） Special dividend in respect of the previous financial year, approved and paid during the year of 4.2 cents per ordinary share (2017:nil) 屬於上一財政年度，並於年內批准及支付之特別股息 – 每股普通股 4.2 仙（二零一七年：無） 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 285,831 278,400 44,299 – 330,130 278,400 The final and special dividends approved and paid during the year are 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及特別股息乃按股東週 年大會當日已發行股份總數計算。 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (c) Share capital (i) Issued share capital (c) 股本 (i) 已發行股本 2018 二零一八年 2017 二零一七年 Number of shares 股份數目 ’000 千股 Amount 金額 $’000 千元 Number of shares 股份數目 ’000 千股 Amount 金額 $’000 千元 1,051,692 774,246 1,047,330 733,722 7,180 83,089 4,362 40,524 1,058,872 857,335 1,051,692 774,246 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 7,180,000 ordinary shares in the Company. The net consideration of $69,604,000 was credited to share capital. $13,485,000 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 7,180,000 股本公司普通股之購股 權獲行使。代價淨額為 69,604,000 元並已撥入股 本。13,485,000 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。 (d) Nature and purpose of reserves (d) 儲備之性質及用途 (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. (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。 Annual Report 2017/2018 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (d) Nature and purpose of reserves (Continued) (d) 儲備之性質及用途（續） (i) Capital reserve (Continued) 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 (2017: $4,087,000) was transferred from capital reserve to retained profits. (i) 資本儲備（續） 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 七 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 arose 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。 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (e) Distributability of reserves At 31st March 2018, the aggregate amounts of reserves for distribution to equity shareholders of the available Company, as calculated under the provisions of Part 6 of the Hong Kong Companies Ordinance, was $1,308,171,000 (2017: $1,305,041,000). (e) 可供分派儲備 於二零一八年三月三十一日，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 1,308,171,000 元（二零一七 年：1,305,041,000 元）。 After the end of the reporting period the directors proposed a final dividend of 31.4 cents per ordinary share (2017: 27.1 cents per ordinary share), amounting to $332,520,000 (2017: $285,349,000) (note 26(b)(i)) and the directors do not recommend the payment of a special dividend in respect of the year ended 31 March 2018 (2017: 4.2 cents per ordinary share amounted to $44,224,000 (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 31.4 仙（二零一七年：每股普通股 27.1 仙），總數 為 332,520,000 元（二零一七年：285,349,000 元） （附註 26(b)(i)）及董事不建議派發截至二零一八年 三月三十一日止年度之特別股息（二零一七年： 每股普通股 4.2 仙，總數為 44,224,000 元）（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. (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。 The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. 本集團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 2018, the Group’s strategy, which was unchanged from 2017, 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. 於二零一八年，本集團之策略與二零一七年保持 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 2017/2018 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） 26 Capital, reserves and dividends (Continued) 26 資本、儲備及股息（續） (f) Capital management (Continued) The debt-to-adjusted capital ratio at 31st March 2018 and 2017 was as follows: (f) 資本管理（續） 於二零一八年及二零一七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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 27,085 921 28,006 – – – 28,006 7,329 1,221 8,550 200,000 909 200,909 209,459 3,169,146 2,689,706 (332,520) (329,573) 2,836,626 2,360,133 1% 9% 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。 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） 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, 17.0% (2017: 16.8%) and 38.9% (2017: 38.5%) 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 17.0% （ 二 零 一 七 年：16.8%）及 38.9%（ 二 零 一 七 年： 38.5%）。 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 2017. 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. 自截至二零一七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 2017/2018 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） 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 2017. (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。自截至二零一七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： 2018 二零一八年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 按要求 $’000 千元 More than More than 1 year but 2 years but less than 5 years 兩年後 但五年內 $’000 千元 less than 2 years 一年後 但兩年內 $’000 千元 Total Carrying amount 總計 $’000 千元 賬面值 $’000 千元 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 1,351,498 27,130 943 1,379,571 – – – – – 1,351,498 1,351,498 – – 27,130 27,085 943 921 – 1,379,571 1,379,504 202 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） 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） 2017 二零一七年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 按要求 $’000 千元 More than More than 2 years but less than 5 years 兩年後 但五年內 $’000 千元 1 year but less than 2 years 一年後 但兩年內 $’000 千元 Total Carrying amount 總計 $’000 千元 賬面值 $’000 千元 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 2018 二零一八年 Contractual undiscounted cash (outflow)/inflow 合約未折現現金（流出）╱流入 2017 二零一七年 Contractual undiscounted cash (outflow)/inflow 合約未折現現金（流出）╱流入 Within 1 year or on demand 一年內或 按要求 More than 1 year but less than 2 years 一年後 但兩年內 Within 1 year or Total on demand 一年內或 按要求 總計 More than 1 year but less than 2 years 一年後 但兩年內 總計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Total 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 (6,813) 6,628 – – (6,813) (19,621) 6,628 18,936 – – (19,621) 18,936 Annual Report 2017/2018 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） 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） 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. (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： 2018 二零一八年 2017 二零一七年 Effective interest rate 實際利率 % Amount 金額 $’000 千元 Effective interest rate 實際利率 % Amount 金額 $’000 千元 7.50 – 921 – 921 7.50 5.64 2,130 7,329 9,459 3.00 27,085 1.64 200,000 28,006 209,459 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 204 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） (c) Interest rate risk (Continued) (c) 利率風險（續） (ii) Sensitivity analysis At 31st March 2018, 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 $190,000 (2017: $1,670,000). (ii) 敏感性分析 於 二 零 一 八 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 190,000 元（二零一七年： 1,670,000 元）。 The sensitivity analysis above indicates the instantaneous change in the Group’s profit after taxation and retained profits in respect of the exposure to cash flow interest rate risk arising from floating rate instruments held by the Group at the end of the reporting period. The impact on the Group’s profit after taxation and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. Management assumed that certain interest-bearing borrowings maturing during the next reporting period will be rolled over upon the maturing for daily operation purposes. The Group does not account for any fixed rate borrowings at fair value through profit or loss, and the Group does not use derivative financial instruments to hedge its debt obligation. The fixed rate instruments of the Group are insensitive to any change in market interest rate. A change in interest rate at the end of the reporting period would not affect profit or loss. 上述敏感性分析顯示本集團於匯報日持有之浮動 利率工具引致本集團面臨現金流量利率風險之除 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 2017. 截至二零一七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 2017/2018 年度報告 205 Notes to the Financial Statements 財務報表附註 (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 2017. During the year ended 31st March 2018, 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). 自截至二零一七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 一八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 2018 was liabilities of $181,000 (2017: $618,000), 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 一八年三月三十一日，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 181,000 元（二零一七年：618,000 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。 206 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) (d) 貨幣風險（續） liabilities denominated Exposure to currency risk (i) The following table details the Group’s significant exposure at the end of the reporting period to currency risk arising from in a currency recognised assets or 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. (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） 2018 二零一八年 2017 二零一七年 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 216,359 – 1,699 92,991 7 48,199 – 8,326 74,908 6 7,551 1,336 9,129 7,596 7,273 10,404 719 (160,112) 4,914 7,160 52 – (27,268) (365) – – – – – (3,445) (230) (26,328) – (40) – – – (6,405) – (92) 196,694 971 10,828 97,142 7,050 32,275 679 (151,786) 73,417 7,074 – – – – (6,813) – – – – (19,621) 196,694 971 10,828 97,142 237 32,275 679 (151,786) 73,417 (12,547) 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 已確認資產及負債產生之風險承擔淨額 Annual Report 2017/2018 年度報告 207 Notes to the Financial Statements 財務報表附註 (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) (d) 貨幣風險（續） (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. (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。 2018 二零一八年 2017 二零一七年 Increase/ (decrease) in foreign exchange rates 匯率 上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱ （下跌） $’000 千元 Increase/ (decrease) in foreign exchange rates 匯率 上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱ （下跌） $’000 千元 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (79) 79 41 (41) 482 (482) 3,974 (3,974) 13 (13) 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (35) 35 28 (28) (7,773) 7,773 2,991 (2,991) (533) 533 USD 美元 SGD 坡元 HKD 港幣 RMB 人民幣 AUD 澳元 208 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) (d) 貨幣風險（續） (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 2017. (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。截至二零一七年三月 三十一日止年度之分析乃按照相同基準進行。 (e) Fair value measurement (e) 公允值計量 (i) Financial assets and liabilities measured at fair value (i) 按公允值計量之金融資產及負債 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: 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 2017/2018 年度報告 209 Notes to the Financial Statements 財務報表附註 (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) (e) 公允值計量（續） (i) 按公允值計量之金融資產及負債（續） 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. 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 (ii) 並非按公允值列賬之金融工具之公允值 than fair value All other financial instruments of the Group carried at costs or amortised costs are not materially different from their fair values as at 31st March 2018 and 2017. 於二零一八年及二零一七年三月三十一日，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 28 承擔 (a) Capital commitments outstanding at 31st March 2018 not provided for in the financial statements were as follows: (a) 於二零一八年三月三十一日，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 2018 二零一八年 $’000 千元 256,082 1,806,128 2017 二零一七年 $’000 千元 101,993 448,555 2,062,210 550,548 As at 31st March 2018, the Group is committed to certain contracts for the acquisition and construction of plant, machinery and buildings. 於二零一八年三月三十一日，本集團承諾履行若 干收購及建造廠房、機器及樓宇之合約。 210 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) 28 承擔（續） (b) The Group’s share of capital commitments of the joint (b) 未有計入上文本集團應佔合營公司之資本 venture not included above are as follows: 承擔如下： Contracted for 已訂約 Authorised but not contracted for 已授權但未訂約 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 25,216 25,181 50,397 – – – (c) At 31st March 2018, the total future minimum lease leases are payments under non-cancellable operating payable as follows: (c) 於二零一八年三月三十一日，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： 2018 二零一八年 2017 二零一七年 Factory machinery and equipment 工廠機器 及設備 $’000 千元 2,175 1,138 Properties 物業 $’000 千元 97,126 76,550 – 18,780 Factory machinery and equipment 工廠機器 及設備 $’000 千元 3,196 1,106 – Properties 物業 $’000 千元 140,857 204,564 55,867 401,288 3,313 192,456 4,302 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 2017/2018 年度報告 211 Notes to the Financial Statements 財務報表附註 (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 $25,202,000 (2017: $23,838,000). The amount due to the related party as at 31st March 2018 amounted to $6,052,000 (2017: $5,852,000). (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 25,202,000 元（ 二 零 一 七 年： 23,838,000 元）。於二零一八年三月三十一 日應付予該關連人士之款項為 6,052,000 元 （二零一七年：5,852,000 元）。 (ii) 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 $6,492,000 (2017: $5,895,000). The amount due to the related party as at 31st March 2018 amounted to $1,620,000 (2017: $1,446,000). (ii) 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 6,492,000 元 （二零一七年：5,895,000 元）。於二零一八 年三月三十一日應付予該關連人士之款項 為 1,620,000 元（ 二 零 一 七 年：1,446,000 元）。 (iii) The Group has entered into a distribution agreement with a joint venture in the Philippines pursuant to which the Group agreed to supply soy related beverages to the joint venture. Total sales to the joint venture for the year amounted to $30,610,000 (2017: Nil). The amount due from the joint venture as at 31st March 2018 amounted to $2,487,000 (2017: Nil). (iii) 本集團已與一間菲律賓合營公司訂立一項 分銷協議，據此，本集團同意向該合營公 司供應大豆相關飲品。年內，向該合營公 司作出之銷售總額為 30,610,000 元（二零 一七年 ︰無）。於二零一八年三月三十一日 應收該合營公司之款項為 2,487,000 元（二 零一七年 ︰無）。 The related party transactions in respect of (i) and (ii) 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 (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。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。 212 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) (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 2018 二零一八年 $’000 千元 2017 二零一七年 $’000 千元 36,430 1,285 8,115 45,830 38,604 1,113 11,387 51,104 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 2017/2018 年度報告 213 Notes to the Financial Statements 財務報表附註 (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 2018 二零一八年 2017 二零一七年 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 Current tax recoverable 應收現期稅項 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 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 4,088 436,030 440,118 987,354 1,283 1,428,755 4,613 414,773 419,386 961,532 190 1,381,108 163,414 464,114 123,145 2,329 683,485 182,079 435,239 276,175 – 664,744 1,436,487 1,558,237 496,279 65,466 – 561,745 446,202 60,139 11,231 517,572 874,742 2,303,497 1,040,665 2,421,773 214 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) 2018 二零一八年 2017 二零一七年 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) – 12,715 50,038 200,000 18,134 45,500 62,753 2,240,744 857,335 1,383,409 2,240,744 263,634 2,158,139 774,246 1,383,893 2,158,139 Approved and authorised for issue by the Board of Directors on 15th June 2018. 於二零一八年六月十五日獲董事會批准並授權發 佈。 Winston Yau-lai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 Annual Report 2017/2018 年度報告 215 Notes to the Financial Statements 財務報表附註 (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項 reporting period Saved as disclosed elsewhere to these consolidated financial statements, the following are significant events after the date of statement of financial position entered into by the Group. (a) Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 26(b)(i). (b) On 6th June 2018, a wholly-owned subsidiary of the Group entered into an Assignment of State-owned Land Use Right Agreement to purchase a piece of land in Changping Town, Dongguan City of Guangdong Province in Mainland China to construct a production plant, at a consideration of approximately RMB97.5 million (net of value-added tax). The transaction is expected to be completed in September 2018. The consideration formed part of the capital commitments as at 31st March 2018 as set out in note 28(a). 除該等綜合財務報表另有披露者外，本集團於財 務狀況表日期後訂立之重大事項如下 ︰ (a) 董事於匯報日後建議派發末期股息。進一 步詳情於附註 26(b)(i) 中披露。 (b) 於二零一八年六月六日，本集團一間全資 附屬公司訂立一份國有建設用地使用權出 讓合同，以購買一幅位於中國內地廣東省 東莞市常平鎮之土地以興建生產廠房，代 價約為人民幣 97,500,000 元（已扣除增值 稅）。交易預期將於二零一八年九月完成。 該代價為附註 28(a) 所載於二零一八年三月 三十一日之資本承擔的一部分。 32 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March 2018 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments, new standards and interpretations which are not yet effective for the year ended 31st March 2018 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group. 32 已頒佈但尚未於截至二零一八 年三月三十一日止年度生效之 修訂、新訂準則及詮釋可能構 成之影響 截至該等財務報表刊發之日，香港會計師公會已 頒佈截至二零一八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、新訂 準則及詮釋，當中包括下列可能與本集團相關之 修訂、新訂準則及詮釋。 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 Amendments to HKAS 40, Investment property: Transfers of investment property 《香港會計準則》第 40 號「投資物業︰轉讓投資物業」之修訂 HK(IFRIC)22, Foreign currency transactions and advance consideration 香港（國際財務報告詮釋委員會）第 22 號「外幣交易及預付代價」 HKFRS 16, Leases 《香港財務報告準則》第 16 號「租賃」 HK(IFRIC) 23, Uncertainty over income tax treatments 香港（國際財務報告詮釋委員會）第 23 號「所得稅處理之不確定性」 216 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 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 1 January 2019 二零一九年一月一日 Notes to the Financial Statements 財務報表附註 (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 2018 (Continued) 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. While the assessment has been substantially completed for HKFRS 9 and HKFRS 15, the actual impacts upon the initial adoption of the standards may differ as the assessment completed to date is based on the information currently available to the Group, and further impacts may be identified before the standards are initially applied in the Group’s interim financial report for the six months ended 30th September 2018. 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, including the measurement 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 and measurement 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. 32 已頒佈但尚未於截至二零一八 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） 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。儘管對 香港財務報告準則第 9 號及香港財務報告準則第 15 號之評估已大致完成，惟由於最新完成之評估 乃基於現時本集團所得之資料，因此與初步採納 該等準則後之實際影響可能有所不同，而於準則 首次應用於本集團截至二零一八年九月三十日止 六個月之中期財務報告前亦可能識別其他影響。 《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之新規定，包括計量 金融資產減值及對沖會計處理。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及計量之規定。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。 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。 Annual Report 2017/2018 年度報告 217 Notes to the Financial Statements 財務報表附註 (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 2018 (Continued) 32 已頒佈但尚未於截至二零一八 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 (Continued) 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. 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: 《香港財務報告準則》第 9 號「金融工 具」（續） 《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。 《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， 本集團識別以下可能受到影響之範疇： (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. (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。 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: 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) When the customer simultaneously receives and consumes the benefits provided by the entity’s performance, as the entity performs; (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； 218 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 2018 (Continued) 32 已頒佈但尚未於截至二零一八 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) 《香港財務報告準則》第 15 號「客戶合 約收入」（續） (a) Timing of revenue recognition (Continued) (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; (a) 收入確認之時間（續） (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。 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. The Group has assessed the above criteria and concluded that the new revenue standard is not likely to have significant impact on how it recognises the Group’s contracts. 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。本 集團已評估上述標準，並認為新收入準則不大可 能對本集團確認合約之方式構成重大影響。 Annual Report 2017/2018 年度報告 219 Notes to the Financial Statements 財務報表附註 (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 2018 (Continued) 32 已頒佈但尚未於截至二零一八 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 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. 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(c), at 31 March 2018 the Group’s future minimum lease payments under non-cancellable operating leases amount to $401,288,000 and $3,313,000 for properties and other assets respectively, part of which is payable either between 1 and 5 years after the reporting date or in more than 5 years. 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. 《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。 《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(c) 所披露，於二零一八 年三月三十一日，本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 401,288,000 元 及 3,313,000 元， 而 當 中 一 部 份 須於報告日期後一年至五年內或於五年後支付。 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。 HKFRS 16 is effective for annual period beginning on or after 1 January 2019. The Group does not intend to adopt this standard before the effective date. 《香港財務報告準則》第 16 號於二零一九年一月 一日或之後開始之年度期間生效。本集團無意於 生效日期前採納該準則。 220 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） 2018 2014 二零一八年 二零一七年 二零一六年 二零一五年 二零一四年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2015 2016 2017 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 6,464,525 5,406,090 5,551,898 5,051,827 4,493,885 822,248 848,034 603,352 529,264 469,669 (1,700) (3,730) (4,044) (5,655) (13,068) (17,814) (627) – – – 802,734 843,677 599,308 523,609 456,601 (160,679) (190,383) (34,064) (114,888) (115,845) 642,055 653,294 565,244 408,721 340,756 585,774 618,372 530,616 372,079 306,693 56,281 34,922 34,628 36,642 34,063 642,055 653,294 565,244 408,721 340,756 2,348,875 2,053,276 2,186,972 1,853,517 1,566,688 173,144 97,027 144,082 77,016 94,304 737,116 823,069 383,392 304,702 443,197 3,259,135 2,973,372 2,714,446 2,235,235 2,104,189 (89,989) (283,666) (302,583) (110,563) (146,877) 3,169,146 2,689,706 2,411,863 2,124,672 1,957,312 Annual Report 2017/2018 年度報告 221 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars)（以港幣計算） 2018 2014 二零一八年 二零一七年 二零一六年 二零一五年 二零一四年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2015 2016 2017 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 857,335 774,246 733,722 677,694 655,299 2,052,422 1,697,123 1,466,013 1,241,391 1,094,362 2,909,757 2,471,369 2,199,735 1,919,085 1,749,661 259,389 218,337 212,128 205,587 207,651 3,169,146 2,689,706 2,411,863 2,124,672 1,957,312 55.5 cents 仙 58.9 cents 仙 50.9 cents 仙 35.9 cents 仙 29.8 cents 仙 55.0 cents 仙 58.4 cents 仙 50.4 cents 仙 35.5 cents 仙 29.4 cents 仙 222 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 www.vitasoy.com Vitasoy International Holdings Limited 1 Kin Wong Street, Tuen Mun The New Territories, Hong Kong 維他奶國際集團有限公司 香港新界屯門建旺街一號 Tel 電話：(852) 2466 0333 Fax 傳真：(852) 2456 3441 

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