Sustainable Growth
Annual Report 2018/19 年度報告
Stock Code 股份代號 : 0345
Canada
加拿大
USA
美國
Guatemala
危地馬拉
Dominican Republic
多明尼加
Curacao
古拉索
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
Iceland
冰島
Sweden
瑞典
Norway
挪威
Finland
芬蘭
UK
英國
Ireland
愛爾蘭
France
法國
Denmark
丹麥
Germany
德國 Austria
奧地利
Switzerland
瑞士
Hungary
匈牙利
The Netherlands
荷蘭
Belgium
比利時
Luxembourg
盧森堡
Portugal
葡萄牙
Spain
西班牙
Italy
意大利
Greece
希臘
Lebanon
黎巴嫩
Israel
以色列
Mainland China
中國大陸
Macau
澳門
Cambodia
柬埔寨
Malaysia
馬來西亞
Vietnam
越南
Brunei
文萊
The Philippines
菲律賓
Saipan
塞班
Hong Kong
香港
Papua New Guinea
巴布亞新幾內亞
Mauritius
毛里求斯
Australia
澳洲
South Africa
南非
Singapore
新加坡
New Zealand
新西蘭
Soya/Plant Milk 大豆∕植物奶
Tofu 豆腐
Tea 茶
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
23
嘉許及表揚
Corporate Governance Report
28
企業管治報告
Directors and Senior Management
68
董事及高層管理人員
Report of the Directors
79
董事會報告
Independent Auditor’s Report
95
獨立核數師報告
Consolidated Statement of Profit or Loss
102
綜合損益表
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
104
綜合損益及其他全面收益表
Consolidated Statement of Financial Position
105
綜合財務狀況表
Consolidated Statement of Changes in Equity
108
綜合權益變動表
Consolidated Cash Flow Statement
110
綜合現金流量表
Notes to the Financial Statements
112
財務報表附註
Five Year Summary
233
五年財務摘要
Directors anD corporate information
董事及集團資料
Board of Directors
Executive Chairman
Mr. Winston Yau-lai LO
Independent Non-executive Directors
Dr. the Hon. Sir David Kwok-po LI
Mr. Jan P. S. ERLUND
Mr. Anthony John Liddell NIGHTINGALE
Mr. Paul Jeremy BROUGH
Dr. Roy Chi-ping CHUNG
Non-executive Directors
Ms. Yvonne Mo-ling LO
Mr. Peter Tak-shing LO
Ms. May LO
Executive Director and
Group Chief Executive Officer
Mr. Roberto GUIDETTI
Executive Director
Mr. Eugene LYE
董事會
執行主席
羅友禮先生
獨立非執行董事
李國寶爵士
Jan P. S. ERLUND 先生
黎定基先生
Paul Jeremy BROUGH 先生
鍾志平博士
非執行董事
羅慕玲女士
羅德承先生
羅其美女士
執行董事暨
集團行政總裁
陸博濤先生
執行董事
黎中山先生
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 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
2
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
公司秘書
湯亞卿女士
註冊辦事處
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
株式會社三菱 UFJ 銀行
花旗銀行
西太平洋銀行
招商銀行股份有限公司
中國建設銀行股份有限公司
中國銀行股份有限公司
Directors and Corporate Information
董事及集團資料
Principal Lawyer
Stephenson Harwood
Share Registrar
Computershare Hong Kong Investor Services Limited
46/F., Hopewell Centre, 183 Queen’s Road East,
Wanchai, Hong Kong
Investor Relations Contact
Tel: (852) 2468 9272
Fax: (852) 2465 1008
Email: ir@vitasoy.com
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 9272
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
30th August 2019 (Friday) to 4th September 2019 (Wednesday)
股東週年大會
二零一九年八月三十日（星期五）至二零一九年九月四日（星期三）
Record Date
記錄日期
4th September 2019 (Wednesday)
二零一九年九月四日（星期三）
– Proposed Final Dividend
11th September 2019 (Wednesday) to 13th September 2019 (Friday)
建議末期股息
二零一九年九月十一日（星期三）至二零一九年九月十三日（星期五）
Record Date
記錄日期
13th September 2019 (Friday)
二零一九年九月十三日（星期五）
Annual General Meeting
股東週年大會
11:00 a.m., 4th September 2019 (Wednesday)
Harcourt Room, Lower Lobby Level, Conrad Hong Kong, Pacific Place,
88 Queensway, Hong Kong
於二零一九年九月四日（星期三）上午十一時正
假座香港金鐘道 88 號太古廣場，香港港麗酒店，大堂低座夏愨廳
Final Dividend Payable
25th September 2019 (Wednesday)
派發末期股息
二零一九年九月二十五日（星期三）
Annual Report 2018/2019 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）
2019
二零一九年
HK$ million
港幣百萬元
7,526
4,042
2018
二零一八年
HK$ million
港幣百萬元
6,465
3,420
1,228
1,063
696
65.6
41.8
586
55.5
35.2
%
Change
百分比變動
+16
+18
+16
+19
+18
+19
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
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
5,552
5,406
5,052
7,526
6,465
5,000
4,000
4,042
3,420
3,000
2,511
2,826
2,873
2015
2016
2017
2018
2019
2,000
1,000
0
2015
2016
2017
2018
2019
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
1,500
1,200
900
600
300
0
1,083
1,063
1,228
812
725
2015
2016
2017
2018
2019
800
700
600
500
400
300
200
100
0
696
618
586
531
372
2015
2016
2017
2018
2019
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
2019
二零一九年
HK$ million
港幣百萬元
5,878
960
2018
二零一八年
HK$ million
港幣百萬元
5,182
958
Shareholders of the Company
應佔權益總額
3,165
2,910
%
Change
百分比變動
+13
+0.2
+9
Year Ended 31st March 2019 截至二零一九年三月三十一日止年度
Sales Analysis by Location
銷售額分析（按地區）
1%
Singapore
新加坡
7%
Australia and
New Zealand
澳洲及新西蘭
62%
Mainland China
中國內地
30%
Hong Kong Operation
(Hong Kong, Macau and Exports)
香港業務（香港、澳門及出口）
Annual Report 2018/2019 年度報告
5
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1,500
1,200
900
600
300
0
5,000
4,000
3,000
2,000
1,000
0
800
700
600
500
400
300
200
100
0
CHAIRMAN’S STATEMENT
主席報告
During FY2018/2019, the Vitasoy Group continued
to deliver strong growth in both revenue and profit
as a result of significant growth in our biggest
market of Mainland China. We will continue to
drive long term sustainable growth.
得益於最大的中國內地市場的大幅度業務增長，
維他奶集團於二零一八╱二零一九財政年度的收入
及溢利繼續錄得強勁增長。我們將繼續推動長遠
持久增長。
Chairman’s Statement
主席報告
Despite an increasingly challenging and uncertain international
economy, Vitasoy International Holdings Limited continued to
deliver strong growth in both revenue and profit during the year.
Thanks to significant growth in our biggest market of Mainland
China driven by strong fundamentals and operating efficiency
improvements, the Group registered 16% year-on-year growth
in revenue to HK$7,526 million. Profit attributable to equity
shareholders of the Company grew even faster by 19% to
HK$696 million. On a constant currency basis, revenue and profit
attributable to equity shareholders of the Company increased by
18% and 20% respectively.
儘管環球經濟形勢日趨嚴峻及不明朗，維他奶國
際集團有限公司於年內的收入及溢利繼續錄得強
勁增長。由於最大的中國內地市場憑藉穩健的基
礎及提升的營運效率，業務大幅增長，本集團的
收入按年增長 16% 至港幣 7,526,000,000 元。本
公司股權持有人應佔溢利更加速增長 19% 至港
幣 696,000,000 元。按固定匯率基準計算，收入
及本公司股權持有人應佔溢利分別增加 18% 及
20%。
In light of the Group’s healthy financial position and strong
business growth, the Board will recommend a final dividend of
HK38.0 cents per ordinary share at the Annual General Meeting
to be held on 4th September 2019. Together with the interim
dividend of HK3.8 cents per ordinary share, this brings the total
dividend for FY2018/2019 to HK41.8 cents per ordinary share
(FY2017/2018 total dividend: HK35.2 cents per ordinary share).
鑒於本集團財務狀況穩健且業務增長強勁，董事
會將於二零一九年九月四日舉行的股東週年大會
上建議派發末期股息每股普通股 38.0 港仙。連同
中期股息每股普通股 3.8 港仙，二零一八╱二零
一九財政年度股息總額將達到每股普通股 41.8 港
仙（二零一七╱二零一八財政年度股息總額：每
股普通股 35.2 港仙）。
Consistency of Vision, Discipline in
Execution, Sustainability of Growth
For decades, the Group has been driving its vision to provide
high quality and nutritious products starting from our Classic
VITASOY Soymilk with strong focus on disciplined execution to
build fundamentals. Consistently with this vision, our strategy for
growth is that sustainability is not only in terms of business results
but also in terms of portfolio, energy and environmental impact.
This has been applied across all of our markets. Having achieved
ahead of time most of our key sustainability targets originally set
for FY2020/2021, we have already reset and broadened them as
detailed in our 2018/2019 Sustainability Report.
堅守願景、嚴格執行業務策略，
以實現可持續增長
本集團數十年來一直不遺餘力地推動實現提供優
質且營養豐富的產品的願景，自推出維他奶經典
系列豆奶產品以來，我們專注於嚴格執行業務策
略，致力建立穩健基礎。為堅守這願景，我們
的業務發展策略不但著重於業績增長，更追求
在產品組合、能源及環境影響等方面實現可持續
發展，並已將這理念應用至所有市場。由於我們
已提前達成大部分二零二零╱二零二一財政年度
原定的可持續發展主要目標，因此，我們已重新
制定並擴大該等目標，詳情載於我們二零一八╱
二零一九年可持續發展報告內。
Annual Report 2018/2019 年度報告
7
Chairman’s Statement
主席報告
Broad-based Growth
All our markets delivered strong revenue growth.
業務廣泛增長
所有市場的收入均錄得強勁增長。
Mainland China delivered 25% growth in revenue, reaching
HK$4,628 million. Even faster growth in profit before taxation
was due to a favourable product and geographical mix. We
are working to sustain growth rate ahead of the category but
necessary investment in building brand equity, infrastructure
and organisation is expected to impact profit performance in the
coming year.
中國內地的收入增長 25% 至港幣 4,628,000,000
元。富盈利的產品及地區銷售組合帶動除稅前溢
利加速增長。我們致力維持各品類的增長率，但
由於必須在建立品牌價值、基礎設施及組織架構
等方面作出投資，預期來年的溢利表現將受到影
響。
Hong Kong Operation revenue grew 5% in revenue to HK$2,264
million, with a moderate decline in profit before taxation due to
the Group’s multiple-year investment programme in production
and logistics infrastructure.
香 港 業 務 的 收 入 增 長 5% 至 港 幣 2,264,000,000
元，除稅前溢利輕微下跌，主要是投資為期數年
的生產及物流基礎設施所致。
Australia and New Zealand delivered 4% revenue growth (10%
growth in local currency) to HK$522 million, riding on consumers’
growing demand for plant milk and our strong product innovation
and commercial execution.
由於消費者對植物奶的需求日益增加，加上我們
強勁的產品創新力和商業執行能力，因而帶動澳
洲及新西蘭的收入增長 4%（以當地貨幣計算則增
長 10%）至港幣 522,000,000 元。
Singapore continued to leverage its market leadership in the tofu
category while growing its share in beverages, increasing revenue
by 7% in Hong Kong dollar terms.
新加坡繼續維持其豆腐品類的市場領導地位，並
同時提高飲品類別的市場份額，以港幣計算收入
增加 7%。
Meanwhile our joint venture with Universal Robina Corporation in
the Philippines continues to increase the awareness of VITASOY
in this promising market for the long term future of our portfolio.
同時，與 Universal Robina Corporation 於菲律賓
成立的合營公司繼續提升維他奶品牌的知名度，
確保維他奶產品組合可在這極具潛力的市場得以
長遠發展。
A More Competitive Future
As the market, retailer and shopper trend continue to emphasise
the benefits and relevance of plant-based nutrition, the Group
anticipates an increasingly competitive environment in the
future. We will continue to invest in our brand equity and
infrastructure whilst securing our growth to be supported by
adequate organisational capacity and capabilities to drive long
term sustainable growth.
未來競爭更趨激烈
由於市場、零售商及顧客日漸注重以植物成分為
主的營養產品的益處及適切，故此本集團預期未
來市場環境的競爭將會更為激烈。我們將繼續在
品牌價值及基礎設施方面增加投資，並同時確保
具備足夠的組織管理能力及實力來支持業務增
長，以推動長遠持久發展。
8
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Chairman’s Statement
主席報告
Appreciation
In closing, I would like to thank the Board, the management team
and our staff. Their hard work, loyal dedication and contributions
are responsible for the Group’s continued good performance and
success. I must also thank our shareholders, customers, suppliers
and business partners for their support over the years.
致謝
最後，本人謹此衷心感謝董事會、管理團隊及各
位員工。本集團持續的優良表現及成功全賴各位
勤奮工作、盡忠職守及竭誠的貢獻。本人亦藉此
感謝股東、客戶、供應商及業務夥伴多年來的鼎
力支持。
Winston Yau-lai lo
Executive Chairman
20th June 2019
羅友禮
執行主席
二零一九年六月二十日
Annual Report 2018/2019 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
In FY2018/2019, the Vitasoy Group saw another
year of double-digit growth in both revenue and
profit. Revenue growth was broad-based across
markets with major contribution coming from
Mainland China. We will significantly increase
investments to secure foundation for sustainable
growth in long term.
維他奶集團於二零一八╱二零一九財政年度的收入
及溢利均再次錄得雙位數增長。各市場均有廣泛收
入增長，尤以中國內地市場貢獻最大。我們將會大
幅增加投資，為長遠可持續增長的目標打好基礎。
Group Chief Executive Officer’s Report/ Business Review
集團行政總裁報告╱業務回顧
FY2018/2019 has been another year of double-digit growth in
both revenue and profit. The Group grew revenue by 16%, behind
broad-based growth across markets with the most significant
contribution coming from Mainland China. Profit from operations
grew even faster by 19%, with a favourable mix across the portfolio
and markets and high capacity utilisation. The revenue and profit
from operation would actually grow 18% and 21% respectively in
constant currency terms if the depreciation of Renminbi (RMB)
in second half of the year had not affected the performance of
Mainland China when translated into Hong Kong dollars (HKD)
for reporting.
於二零一八╱二零一九財政年度，收入及溢利均
再次錄得雙位數增長。各市場均有廣泛增長，尤
以中國內地市場貢獻最大，帶動本集團收入增長
16%。在富盈利的產品及地區銷售組合以及高產
能利用率的各種利好因素配合下，經營溢利更加
速增長 19%。倘假設下半年人民幣貶值並無對中
國內地業務因就呈報目的換算為港幣而令表現造
成影響，按固定匯率基準計算，收入及經營溢利
實際上分別增長 18% 及 21%。
On sustainability, this year we have already achieved most of
the Key Performance Indicators (“KPIs”) that were originally set
for FY2020/2021. Therefore, we have reset and broadened our
targets as illustrated in our Sustainability Report. Beyond our
product portfolio and energy management, we have commenced
pilot projects and initiatives on packaging to accelerate progress
in this area.
可持續發展方面，我們於本年度已達成大部分二
零二零╱二零二一財政年度原定的關鍵表現指
標。因此，如可持續發展報告所述，我們已重新
制定並擴闊該等目標。除產品組合及能源管理
外，我們已開展產品包裝試驗計劃以及其他改善
方法，以加快改善產品包裝。
On infrastructure development, we have started the construction
of our new production plant in Dongguan of Guangdong province,
Mainland China, continued our multiple year infrastructure
upgrade programme in Hong Kong and the yearly evolution of
manufacturing equipment in our factories. Given the increasingly
competitive entries into our categories, we are also planning to step
up our investments on brand equity building and organisational
capabilities to secure the foundations for sustainable growth in
the long term, although profit will be affected in short term.
基礎設施發展方面，我們已開始興建位於中國內
地廣東省東莞市的新生產廠房，並繼續於香港執
行為期數年的基礎設施升級計劃，以及為工廠的
製造設備進行年度改善。鑒於行業參與者的競爭
力日益增強，我們亦計劃增加投資建立品牌價值
及組織管理實力，為長遠可持續發展奠定穩固基
礎，惟短期內溢利將會受到影響。
Annual Report 2018/2019 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 2019 and 31st March 2018:
財務摘要
本集團的財務狀況保持穩健。主要財務指標，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二零一九年三月
三十一日及二零一八年三月三十一日止年度之主
要財務摘要：
Revenue
Gross Profit
收入
毛利
EBITDA (Earnings Before
Interest Income,
Finance Costs, Income Tax,
Depreciation,
Amortisation and Share of
Losses of Joint Venture)
Profit Attributable to
Equity Shareholders
of the Company
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」）
本公司股權持有人應佔溢利
Basic Earnings per Share
每股基本盈利（港仙）
(HK cents)
Gearing Ratio
ROCE (Return on
capital employed)
借貸比率
資本回報率
Year ended 31st march
截至三月三十一日止年度
2019
二零一九年
(HK$ million)
（港幣百萬元）
2018
二零一八年
(HK$ million)
（港幣百萬元）
7,526
4,042
6,465
3,420
Change
變動
+16%
+18%
1,228
1,063
+16%
696
65.6
1%
37%
586
55.5
1%
35%
+19%
+18%
/
+2% points
百分點
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 2019, the Group’s revenue
increased by 16% to HK$7,526 million (FY2017/2018: HK$6,465
million).
收入
截至二零一九年三月三十一日止年度，本集團
的收入增加 16% 至港幣 7,526,000,000 元（二零
一七╱二零一八財政年度：港幣 6,465,000,000
元）。
Mainland China: +25% (+27% in local currency)
This is now the Group’s biggest and fastest growing market.
We benefit from strong performance in established provinces,
continuous gradual expansion in new provinces and increased
relevance of our product portfolio.
中國內地：+25% （以當地貨幣計算+27%）
為目前本集團最大且增長最快的市場。皆受惠於
現有銷售省份的強勁表現、新開拓省份的持續逐
步發展以及產品組合的適切性日漸提高。
Hong Kong Operation (Hong Kong, Macau and Exports): +5%
Steady growth in revenue, driven by our core offerings and new
no-sugar products.
香港業務（香港、澳門及出口）：+5%
核心產品及新推出之無糖產品，帶動收入錄得穩
定增長。
Australia and New Zealand: +4% (+10% in local currency)
Increased channel penetration and product innovation secured
high revenue growth.
澳洲及新西蘭：+4%（以當地貨幣計算+10%）
銷售渠道滲透率增加及產品創新力提高，繼續維
持高收入增長。
Singapore: +7% (+8% in local currency)
Maintained leadership in tofu, and accelerated business growth in
imported beverages.
新加坡：+7%（以當地貨幣計算+8%）
在豆腐品類業務保持領導地位，且進口飲品業務
增長加快。
Gross Profit and Gross Profit Margin
The Group’s gross profit was HK$4,042 million, representing an
increase of 18% over the previous year (FY2017/2018: HK$3,420
million), mainly driven by growth in sales volume.
毛利及毛利率
本集團的毛利為港幣 4,042,000,000 元，較去年
上升 18%（二零一七╱二零一八財政年度：港幣
3,420,000,000 元），主要由銷量增加所帶動。
Gross profit margin increased to 54% (FY2017/2018: 53%).
Favourable commodity prices, particularly sugar and paper
packaging, and improved manufacturing efficiency resulting from
increased sales volume enabled us to improve our gross margin
level.
毛利率增加至 54%（二零一七╱二零一八財政年
度：53%）。原材料（尤其是糖及包裝紙）價格利
好，加上銷量增加提升生產效率，故毛利率有所
改善。
Annual Report 2018/2019 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
Operating Expenses
Total operating expenses increased 18% to HK$3,105 million
(FY2017/2018: HK$2,625 million), due to enhanced advertising
and promotion activities, and higher staff related and logistics
expenses.
經營費用
由於加強廣告及推廣活動，加上僱員相關及物
流 等 費 用 上 升， 總 經 營 費 用 增 加 18% 至 港 幣
3,105,000,000 元（二零一七╱二零一八財政年
度：港幣 2,625,000,000 元）。
Marketing, selling and distribution expenses increased 22% to
HK$2,105 million (FY2017/2018: HK$1,729 million), due to
investments in brand equity building. Logistics expenses were
higher as a result of increased sales volume. As we gradually
expanded our business in Mainland China, we increased the scale
of our sales team, which increased staff costs and commission
expenses incrementally.
市 場 推 廣、 銷 售 及 分 銷 費 用 增 加 22% 至 港 幣
2,105,000,000 元（二零一七╱二零一八財政年
度：港幣 1,729,000,000 元），乃由於投資建立品
牌價值所致。由於銷量增加，物流費用亦同步上
升。隨著我們逐步拓展中國內地業務，銷售團隊
的規模亦因而壯大，導致員工開支及佣金費用上
升。
Administrative expenses increased 14% to HK$635 million
(FY2017/2018: HK$559 million), reflecting salary inflationary
adjustments and enhanced organisational capacity and
capabilities.
行 政 費 用 增 加 14% 至 港 幣 635,000,000 元（ 二
零一七╱二零一八財政年度：港幣 559,000,000
元），是由於因應通脹而調整薪金，以及加強組
織管理能力及實力。
Other operating expenses were HK$365 million, versus HK$337
million for the previous year.
其他經營費用為港幣 365,000,000 元，去年則為
港幣 337,000,000 元。
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$1,228 million, representing an
increase of 16% year-on-year, 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 1,228,000,000 元， 按 年
增加 16%，增幅主要來自毛利增加。
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 increased by 19% to HK$977 million
(FY2017/2018: HK$822 million).
經營溢利
經 營 溢 利 增 加 19% 至 港 幣 977,000,000 元（ 二
零一七╱二零一八財政年度：港幣 822,000,000
元）。
Profit Before Taxation
Profit before taxation increased by 19% to HK$956 million
(FY2017/2018: HK$803 million).
除稅前溢利
除稅前溢利增加 19% 至港幣 956,000,000 元（二
零一七╱二零一八財政年度：港幣 803,000,000
元）。
Taxation
Income tax charged
for the year was HK$208 million
(FY2017/2018: HK$161 million) with an effective tax rate of 22%,
versus 20% last year.
稅項
年內所繳納的所得稅為港幣 208,000,000 元（二
零一七╱二零一八財政年度：港幣 161,000,000
元），實際稅率為 22%，去年則為 20%。
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
Profit Attributable to Equity Shareholders of the
Company
Profit attributable to equity shareholders of the Company was
HK$696 million, representing an increase of 19% compared to the
previous year (FY2017/2018: HK$586 million).
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 696,000,000
元，較去年增加 19%（二零一七╱二零一八財政
年度：港幣 586,000,000 元）。
Financial Position
The Group finances its operations and capital expenditure
primarily through internally generated cash as well as banking
facilities provided by our principal bankers.
財務狀況
本集團主要透過動用內部現金及主要來往銀行所
提供的銀行信貸額，為營運和資本支出提供資
金。
As at 31st March 2019, cash and bank deposits amounted to
HK$1,005 million (31st March 2018: HK$986 million). 45%, 47%
and 4% of our cash and bank deposits were denominated in HKD,
RMB and United States dollars (USD), respectively (31st March
2018: 39%, 35% and 23%). As of 31st March 2019, the Group had
a net cash balance of HK$960 million (31st March 2018: HK$958
million). Available banking facilities amounted to HK$940 million
(31st March 2018: HK$941 million) to facilitate future cash flow
needs.
The Group’s borrowings (including obligations under finance
leases) amounted to HK$45 million, all denominated in Australian
dollars (AUD) (31st March 2018: HK$28 million denominated in
AUD).
於二零一九年三月三十一日，現金及銀行存款為
港幣 1,005,000,000 元（二零一八年三月三十一
日： 港 幣 986,000,000 元）。 當 中 45%、47% 和
4% 的現金及銀行存款分別以港幣、人民幣和美
元計值（二零一八年三月三十一日：39%、35%
和 23%）。於二零一九年三月三十一日，本集團
的現金淨額為港幣 960,000,000 元（二零一八年
三月三十一日：港幣 958,000,000 元）。可供動用
的銀行信貸額為港幣 940,000,000 元（二零一八
年三月三十一日：港幣 941,000,000 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
45,000,000 元，均以澳元計值（二零一八年三月
三十一日：港幣 28,000,000 元以澳元計值）。
The gearing ratio (total borrowings/total equity attributable to
equity shareholders of the Company) remained at 1% (31st March
2018: 1%).
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）維持在 1%（二零一八年三月
三十一日：1%）。
The Group’s return on capital employed (ROCE) (EBITDA/average
non-current debt and equity) for the year was 37% (FY2017/2018:
35%).
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 37%（二零一七╱二
零一八財政年度：35%）。
Capital expenditure incurred during the year increased to
HK$986 million (FY2017/2018: HK$428 million), which was
mainly spent on construction of the new plant in Dongguan in
Mainland China, the infrastructure upgrade programme in Hong
Kong and acquisition of new production lines.
年 內 錄 得 的 資 本 支 出 增 加 至 港 幣 986,000,000
元（ 二 零 一 七 ╱ 二 零 一 八 財 政 年 度： 港 幣
428,000,000 元），主要用作興建中國內地東莞新
廠房、香港基礎設施的升級以及購置新生產線。
There were no assets pledged under loan and lease arrangements
(31st March 2018: assets with carrying value of HK$3 million
were so pledged).
概無為貸款及租賃安排作抵押的資產（二零一八
年三月三十一日：作抵押的資產賬面值為港幣
3,000,000 元）。
Annual Report 2018/2019 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
Non-financial Key Performance Indicators
The Group publishes various non-financial KPIs
in the
“Sustainability Report 2018/2019”, which will be released in July
2019 together with this Annual Report. Having already achieved
most of our sustainability targets for FY2020/2021, the Group
has reset and broadened its short and long term targets.
非財務關鍵表現指標
本集團將於二零一九年七月與本年報一併公佈的
「二零一八╱二零一九年可持續發展報告」中刊
載多個非財務關鍵表現指標。由於我們已達成二
零二零╱二零二一財政年度的大部分可持續發展
目標，本集團已重新制定並擴闊其短期及長期目
Financial Risk Management
The Group’s overall financial management policy focuses on
anticipating, controlling and managing risks, covering transactions
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
foreign currency risks.
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 controls and risk management
processes. The plan aims to embed a risk management culture
and process into day-to-day operations of the Group. Through
the Group’s risk management processes, business entities and
functional units anticipate potential risks by evaluating their
impact and likelihood according to six criteria: reputation, strategy,
market, liquidity, credit and operations. After consolidation
and verification, the Enterprise Risk Management Executive
Committee (“ERME Committee”) examines and prioritises key
risks, and ensures that appropriate control measures are in
place or in progress. Periodic Group Risk Reports are provided
for discussion with the ERME Committee; and significant and
emerging risks, as well as associated control measures, are
communicated with the Audit Committee. During FY2018/2019,
a new Governance, Risk and Compliance System and an enhanced
Enterprise Risk Management Framework were implemented to
enable better monitoring on the current status risks, and on the
follow-up of mitigation plans arising from incidents and adverse
key risk indicator results. Details of the new risk management
processes are covered in the Risk Management section of the
Corporate Governance Report in the FY2018/2019 Annual
Report.
標。
財務風險管理
本集團的整體財務管理政策強調預測及管控風
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。
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
監控及風險管理程序。該計劃旨在於本集團日常
營運上加設風險管理文化及流程。通過本集團的
風險管理程序，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，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
製定期集團風險管理報告，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
集團於二零一八╱二零一九財政年度實施新的管
治、風險管理及合規系統以及引進鞏固企業風險
管理框架，以確保更好地監控風險現況，以及對
因發生事故或不利關鍵風險指標結果而觸發的風
險緩解計劃進行跟進。有關的新風險管理程序已
詳載於二零一八╱二零一九財政年度年報的企業
管治報告中風險管理一節內。
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
Review of Operations
Mainland China
業務回顧
中國內地
Consistent strategy and disciplined execution deliver strong
growth
始終如一的策略及嚴謹執行業務策略，帶動
強勁增長
2019
二零一九年
2018
二零一八年
% Change
百分比變動
group contribution %
佔本集團貢獻百分比
2019
二零一九年
2018
二零一八年
(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
(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
4,628
720
3,700
542
3,973
618
3,119
457
+25
+33
+27
+35
62
62
57
54
Vitasoy China grew revenue by 25%, with broad-based growth
across portfolio, channels and geographies.
維他奶中國的收入增長 25%，不論在產品組合、
銷售渠道及地區銷售方面均錄得廣泛增長。
To enhance our brand awareness and equity credentials as we
expand, we have increased spending on advertising on both
VITASOY and VITA brands in view of the increasingly competitive
market to secure long-term success. We have also piloted smaller
scale initiatives that we intend to launch in the next Fiscal Year.
為在擴展業務過程中提升品牌知名度及價值，我
們於競爭日趨激烈的市場上增加投放維他奶及維
他品牌的廣告支出，以爭取長遠增長。我們亦已
試推出若干小規模推廣活動，並擬於下一財政年
度正式推出。
Profit from operations grew even faster than revenue at 33%
as a result of favourable raw material prices, strong growth in
established markets supported by high production capacity
utilisation.
原材料價格利好，高產能使用率皆有助現有市場
的強勁增長，故經營溢利增長較收入為快，達
33%。
The depreciation of RMB has lowered our growth when reporting
in Hong Kong dollar terms. In local currency, our revenue and
profit increased by 27% and 35% respectively.
人民幣貶值導致以港幣計算的增長較低。若以當
地貨幣計算，我們的收入及溢利分別增長 27% 及
35%。
Annual Report 2018/2019 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
Hong Kong Operation (Hong Kong, Macau and
Exports)
香港業務（香港、澳門及出口）
Increased investment to prepare for new phase of growth
增加投資以迎接增長新里程
2019
二零一九年
2018
二零一八年
% Change
百分比變動
group contribution %
佔本集團貢獻百分比
2019
二零一九年
2018
二零一八年
(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
2,264
339
2,159
352
+5
-4
30
29
33
35
Despite its very high per capita consumption of our brands, Hong
Kong Operation delivered strong revenue growth of 5%. Profit
from operations decreased by 4% as we executed our announced
programme of infrastructure upgrade and new organisational
capabilities to support the next phase of growth in our core
market.
雖然我們品牌的人均消費已相當高，但香港業務
的收入仍錄得 5% 的強勁增長。由於我們落實已
公佈的基礎設施升級計劃以及加強新組織管理實
力，以支持我們核心市場下一階段的增長，故經
營溢利下降 4%。
Both VITASOY and VITA brands grew revenue, together with
health focused innovation, particularly our low/no sugar product
ranges under both VITASOY and VITA.
維他奶及維他品牌產品的收入均錄得增長，並同
時專注健康產品方面的創新，尤其是以維他奶及
維他品牌推出的低糖或無糖產品系列。
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
Australia and New Zealand
澳洲及新西蘭
Growing in the ever more competitive plant milk market
於競爭日趨激烈的植物奶市場中增長
(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
(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
2019
二零一九年
2018
二零一八年
% Change
百分比變動
group contribution %
佔本集團貢獻百分比
2019
二零一九年
2018
二零一八年
522
93
502
95
+4
-2
7
8
8
10
91.5
16.3
82.9
15.6
+10
+4
In the context of an increasingly competitive and innovative
market, our Australia and New Zealand business delivered 10%
and 4% growth on revenue and profit respectively in local currency,
as we increased penetration of core offering, launched selective
innovations and achieved stronger on-premises performance.
在競爭日益激烈及注重產品創新的市場環境下，
以當地貨幣計算，澳洲及新西蘭業務的收入及溢
利分別增長 10% 及 4%，乃由於我們提高核心產
品的市場滲透率、推出創新的精選產品，成功加
強食店服務業銷量表現。
Depreciation of the Australian dollars contracted revenue growth
to 4% and offset increment of profit.
澳元貶值將收入增長縮減至4%並抵銷溢利增長。
Annual Report 2018/2019 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
Singapore
新加坡
Maintaining tofu market leadership while growing beverage
sales
維持豆腐市埸領導地位並提升飲品銷量
2019
二零一九年
2018
二零一八年
% Change
百分比變動
group contribution %
佔本集團貢獻百分比
2019
二零一九年
2018
二零一八年
(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
111.52
103.75
0.9
7.3
(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
19.30
0.15
17.95
1.27
+7
-88
+8
-88
1
1
2
1
Singapore grew revenue by 7% in Hong Kong dollar terms.
Operating profit was reduced by 88% as we invested in brand
equity and organisational capabilities according to our strategy to
scale up the operation over time.
新加坡以港幣計算收入增長 7%。由於我們根據
策略逐步擴大經營規模，並專注投資於品牌價值
及組織管理實力，故經營溢利減少 88%。
The Group maintained its market leadership position in the tofu
market. The imported beverage business also registered double-
digit growth when compared to last year.
本集團維持其於豆腐市場的市場領導地位。進口
飲品業務亦較去年錄得雙位數的增長。
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
Business Outlook
We anticipate continued solid growth in FY2019/2020, albeit at a
more modest pace. At the same time, the Group will significantly
infrastructure and
increase
organisational capacity and capabilities according to our plan to
secure long term sustainable growth.
in brand equity,
investments
Mainland China
China will continue to grow ahead of the market, leveraging
execution, expansion and innovation on both VITASOY and
VITA brands. We will make further investments in brand equity
building, infrastructure readiness and innovation for the future.
With a relatively low per-capita consumption of our portfolio, the
market continues to hold significant potential for growth.
業務前景
我們預期業務於二零一九╱二零二零財政年度繼
續穩健增長，但步伐將較為緩和。同時，本集團
將根據長遠可持續增長的計劃，大幅增加於品牌
價值、基礎設施及組織管理能力及實力等方面的
投資。
中國內地
中國將透過執行、開拓以及創新能力等帶領維他
奶及維他品牌繼續領導市場。我們日後將進一步
增加投資建立品牌價值，加強基礎設施以及創新
產品。由於內地市場產品組合的人均消費相對較
低，故此仍有龐大的增長潛力。
Hong Kong Operation (Hong Kong, Macau and
Exports)
We will continue to drive solid growth of our core and additional
acceleration in innovation. Our multiple year infrastructure
investment programme will prepare Hong Kong Operation for the
next phase of profitable growth.
香港業務（香港、澳門及出口）
我們將繼續推動核心業務的穩健增長，並進一步
加速創新。為期數年的基礎設施投資計劃將為香
港業務下一階段的溢利增長做好準備。
Australia and New Zealand
The Group expects continued growth in this market primarily
through innovation and execution, as consumers increasingly
choose health-conscious choices.
澳洲及新西蘭
由於消費者增加選購有益健康的產品，本集團預
期該市場可主要透過產品創新及提升執行力維持
增長。
Singapore
We will continue our strategy of sustaining tofu market leadership
whilst driving more investments in beverages to accelerate the
scaling up of our operation.
新加坡
我們將繼續貫徹保持豆腐市場領導地位的策略，
同時增加對飲品業務的投資從而加快擴大經營規
模。
The Philippines
The business is expected to continue its gradual and moderate
growth, developing the local brand awareness for the new plant
milk category and collaboration with our joint-venture partner,
Universal Robina Corporation.
菲律賓
預期業務將繼續逐步緩和增長，為新植物奶品類
在當地提升品牌知名度，並與合營夥伴 Universal
Robina Corporation 繼續緊密合作。
Annual Report 2018/2019 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
Conclusion
We will continue to execute our strategy with increased attention
to its long term requirements of investments in brand equity,
infrastructure and organisational capabilities to secure long term
success. The market, retail and shopper context is favourable. Our
corporate and brand positioning are relevant. Our products are
delivering plant-based nutrition and taste. Our operating model
is increasingly integrating sustainability at its core. This makes us
confident about the future.
總結
我們將繼續貫徹執行業務策略，並加倍專注於須
在建立品牌價值、基礎設施及組織管理實力等方
面作出長期投資的需求，以爭取達致長遠增長。
市場環境、零售氣氛及顧客喜好等利好因素、企
業及品牌定位正面良好、我們的產品以植物成分
為主且營養豐富又美味，加上經營模式逐漸轉向
以可持續發展為重心，這些都令我們對未來發展
充滿信心。
I would like to most sincerely thank our Executive Chairman and
our Board of Directors for sharing their invaluable experience,
guidance and insight; as well as our business partners for their
continued confidence and improvement. Finally, I must thank our
staff for their dedication and contribution.
本人謹此衷心感謝執行主席及董事會所給予的寶
貴經驗、悉心指導及真知灼見，以及業務夥伴對
我們一如既往的信心及持續的進步。最後，本人
謹此感謝全體員工的盡忠職守及貢獻。
roberto guidetti
Group Chief Executive Officer
20th June 2019
陸博濤
集團行政總裁
二零一九年六月二十日
22
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
aWarDs anD
recognitions
嘉許及表揚
Awards and Recognitions
嘉許及表揚
Major Awards of Vitasoy International
Holdings Limited from 1st April 2018 to
31st March 2019
維他奶國際集團有限公司於二零
一八年四月一日至二零一九年三
月三十一日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 “15 years Plus Caring Company” Logo from Hong Kong Council of Social Services
榮獲香港社會服務聯會頒發「15 年 Plus 商界展關懷」標誌
“Diamond Enterprise Winner” in the “Quality Food Traceability Scheme 2018” 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 2018」的「鑽石企業獎」
“Renewable Energy Outstanding Award” in the “Smart Energy Award” from CLP Power Hong Kong Limited
在中華電力有限公司舉辦的「創新節能企業大獎」中榮獲「可再生能源卓越大獎」
“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」
“Certificate of Appreciation” for supporting O·PARK1 from Environment Bureau and Environmental
Protection Department
獲環境局及環境保護署頒發支持「有機資源回收中心」第一期的「感謝狀」
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
The “Caring Company” Logo from Hong Kong Council of Social Services
榮獲香港社會服務聯會頒發「商界展關懷」標誌
“Green Partner Appreciation Certificate” in the “Green Monday” School Programme
榮獲「無綠不歡校園計劃」的「綠色夥伴感謝狀」
Signatory of the “Good Employer Charter” by The Labour Department
成為勞工署舉辦「好僱主約章」的簽署機構
Hong Kong Gourmet Limited received “Certificate of Appreciation” for supporting O·PARK1 from Environment
Bureau and Environmental Protection Department
香港美食有限公司獲環境局及環境保護署頒發支持「有機資源回收中心」第一期的「感謝狀」
24
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
“Employer Branding Creativity Award in Greater China 2018 – Best Employee Experience Award” from HRoot
and WINGs
榮獲 HRoot 及 WINGs 頒發「2018 大中華區僱主品牌創意大獎 – 最佳員工體驗獎」
Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited
深圳維他（光明）食品飲料有限公司
“Guangming Sub-district Caring Company 2017-2018” from Communist Youth League’s Guangming Sub-
district Working Committee and Guangming Sub-district Volunteers’ Union in Guangming New District,
Shenzhen
榮獲共青團深圳市光明區光明街道工作委員會及深圳市光明區光明街道義工聯合會嘉許為「2017-2018 年度光明
街道愛心企業」
Vitasoy (Shanghai) Company Limited
維他奶（上海）有限公司
“Shanghai Harmonious Employee Relations Enterprise” from Shanghai Municipal Human Resources and Social
Security Bureau
獲上海市人力資源和社會保障局評為「 上海市和諧勞動關係達標企業」
“Work Safety Standardization Grade 3 Enterprise (Light Industry)” from Shanghai Work Safety Association
獲上海市安全生產協會評為「安全生產標準化三級企業（輕工）」
“Shanghai Safety Demonstration Unit 2017” from Shanghai Municipality Comprehensive Treatment of Public
Security Committee
獲上海市社會治安綜合治理委員會評為「2017 年度上海市平安示範單位」
“OHSAS18000: 2007 Occupational Health and Safety Audit & Certification” by SGS CSTC Standards Technical
Services Co., Ltd.
通標標準技術服務有限公司 (SGS) 審核通過「OHSAS18000: 2007 職業健康安全管理體系」
Inspection Centre received “Laboratory Accreditation Certificate” from China National Accreditation Service
for Conformity Assessment
檢測中心獲中國合格評定國家認可委員會頒發「實驗室認可證書」
“Outstanding Enterprise on Water Saving in China Beverage Industry 2018” from China Beverage Industry
Association
獲中國飲品工業協會評為「2018 中國飲料行業節水優秀企業」
“Technology Innovation Award”, “Quality Innovation Award” and “Excellence in Development and Improvement
Award” from Zhongshan Sub-district Working Committee and People’s Government Zhongshan Sub-district
Office in Songjiang District
榮獲松江區中山街道工作委員會、松江區人民政府中山街道辦事處頒發「科創先鋒獎」、「品質創新獎」、「發展進步
獎」
Vitasoy (Wuhan) Company Limited
維他奶（武漢）有限公司
“Work Safety Excellence Unit 2017” from Wuhan Municipal Government
獲武漢市人民政府評為「2017 年度安全生產優秀單位」
“Work Safety Advance Unit 2017” from Wuhan Economic Development Zone of Yangluo Management
Committee
獲武漢市陽邏經濟開發區管理委員會評為「2017 年度安全生產先進單位」
“Wuhan Clean Production Enterprise” from Wuhan Municipal Development and Reform Commission and
Wuhan Municipal Environmental Protection Bureau
獲武漢市發展和改革委員會及武漢市環保局評為「武漢市清潔生產企業」
Annual Report 2018/2019 年度報告
25
Awards and Recognitions
嘉許及表揚
Corporate企業
Singapore
新加坡
Vitasoy International Singapore Pte. Ltd.
“Certificate of Commendation” in “Food Safety Awards” recognition from Agri-Food & Veterinary Authority
of Singapore (AVA)
在新加坡農業食品及動物安全局 (AVA) 舉辦的「食物安全獎」中榮獲「嘉許證書」
“Best Soy Milk” in “Domestic Diva Award” from Singapore Women’s Weekly Magazine
在新加坡婦女週刊舉辦的「本地女性名人獎」中獲選為「最佳豆奶」
Brand品牌
VITASOY
維他奶
VITASOY Low Sugar Black Soyabean Milk launch video received “YouTube Ads Leaderboard Award” from
Google
維他奶低糖黑豆奶之影片獲谷歌頒發「YouTube 最成功廣告排行榜獎」
“Outstanding Category Performance Award in Drink” in the “19th Favourite Brands Awards 2018” organised
by Wellcome
在惠康超級市場主辦之「2018 年第 19 屆十大超市名牌選舉」中獲頒發「出類拔萃獎 – 飲品」
“Superior Brand Award” in the “Super Brands Award 2018” organised by PARKnSHOP
在百佳超級市場主辦之「超卓品牌大賞 2018」中獲選為「至尊超市品牌」
VITASOY CALCI-PLUS
維他奶鈣思寶
“Outstanding Category Performance Award in Drink” in the “19th Favourite Brands Awards” organised by
Wellcome
在惠康超級市場主辦之「2018 年第 19 屆十大超市名牌選舉」中獲頒發「出類拔萃獎 – 飲品」
“Star Brand Award (Milk Category)” in the “Super Brands Award 2018” organised by PARKnSHOP
在百佳超級市場主辦之「超卓品牌大賞 2018」中獲選為「星級超市品牌（奶類）」
VITA
維他
“Star Brand Award (Ready-to-Drink Tea Category)” in the “Super Brands Award 2018” organised by
PARKnSHOP
在百佳超級市場主辦之「超卓品牌大賞 2018」中獲選為「星級超市品牌（即飲茶類）」
One of the “Top 10 Supermarket Brands” in the “Super Brands Award 2018” organised by PARKnSHOP
在百佳超級市場主辦之「超卓品牌大賞 2018」中獲選為「十大超卓品牌」之一
26
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
VLT
維他檸檬茶
“Top 10 Supermarket Brands Award” in the “19th Favourite Brands Awards 2018” organised by Wellcome
在惠康超級市場主辦之「2018 年第 19 屆十大超市名牌選舉」中獲選為「十大超市名牌」
“VLT x CrossFire IP Campaign 2017” was awarded the “Bronze Award in Social Marketing” in the “Golden
Mouse Award 2018” organised by Creative Communication Management (CCM) Research Centre of Peking
University, 17emarketing.com and The American Association of Advertising Agencies (4As) of Guangzhou
「2017 維他檸檬茶 x 穿越火線 IP 跨界合作」在北京大學新媒體營銷傳播 (CCM) 研究中心、網贏天下網及廣州市廣告
行業協會綜合性廣告代理公司 (4As) 主辦之「2018 年金標鼠獎」中獲頒發「社會化營銷類銅獎」
“VLT x CrossFire IP Campaign 2017” was awarded the “Bronze Award in Creative Marketing Communications,
Content Marketing and IP Marketing “ in the “Hooxiao Awards 2018” organised by Hooxiao Media
「2017 維他檸檬茶 x 穿越火線 IP 跨界合作」在虎嘯傳媒主辦之「2018 年虎嘯獎」中獲頒發「營銷創意傳播類、內容
營銷類、IP 營銷類銅獎」
“VLT x CrossFire IP Campaign 2017” was awarded the “Silver Award in Social Marketing” in the “10th Golden
Awards 2018” organised by Head of Internet Society of China and Internet Marketing Committee of China
(IMCC)
「2017 維他檸檬茶 x 穿越火線 IP 跨界合作」在中國互聯網協會主管及網路營銷工作委員會（IMCC）主辦之「2018
年第十屆金網獎」中獲頒發「社會化營銷類銀獎」
“VLT x Music For All Digital Promotion Campaign 2017” was awarded the “Bronze Award in Creative
Marketing Communications, Content Marketing and IP Marketing “ in the “Hooxiao Awards 2018” organised
by Hooxiao Media
「2017 維他檸檬茶 x 眾情音樂數字推廣項目」在虎嘯傳媒主辦之「2018 年虎嘯獎」中獲頒發「行銷創意傳播類、內
容營銷類、IP 營銷類銅獎」
“VLT x B Content Marketing 2018” was awarded the “Best Case Study of the Year Award” from Bilibili video
platform
「2018 維他檸檬茶 xB 站內容營銷」榮獲 Bilibili 視頻平臺頒發「Bilibili 年度最佳案例獎」
“VLT x Killer Wolf Digital Promotion Campaign 2018” was awarded the “Silver Award in Creativity” in the
“5th TMA Mobile Marketing Awards” organised by Creative Communication Management (CCM) Research
Centre of Peking University, 17emarketing.com and The American Association of Advertising Agencies (4As)
of Guangzhou
「2018 維他檸檬茶狼人殺數字推廣項目」在北京大學新媒體營銷傳播（CCM）研究中心、網贏天下網及廣州市廣告
行業協會綜合性廣告代理公司 (4As) 主辦之「第 5 屆 TMA 移動營銷大獎」中獲頒發「創意類銀獎」
“VLT x Vsinger Campaign” was awarded the “Best Integrated Marketing Award” in the “iResearch Marketing
Awards 2018” organised by iResearch Group
「維他檸檬茶 xVsinger 項目」在艾瑞集團主辦之「2018 年金瑞營銷獎」中獲頒發「最佳整合營銷獎」
VITA NO SUGAR TEA
維他無糖茶
“Sales Outstanding Performance Award – Beverages” from 7-Eleven
榮獲 7-Eleven 頒發「貨品類別銷售傑出表現大獎 – 飲品類」
Annual Report 2018/2019 年度報告
27
corporate
goVernance
report
企業管治報告
Corporate Governance Report
企業管治報告
independence,
accountability,
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
responsibility
transparency,
and fairness. These principles and practices are reviewed and
revised 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持續其長
遠表現，為各股東、公眾投資者及其他持份者創
造價值等，乃不可或缺的關鍵元素。
Corporate Governance Practices
The Company has, throughout the year ended 31st March 2019,
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
本公司於截至二零一九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
Diversity Policy
董事會成員
多元化政策
Corporate
Governance Policy
企業管治政策
Group Whistleblowing
Policy
集團舉報政策
Director
Nomination Policy
董事提名政策
Shareholders
Communication Policy
股東通訊政策
Group Risk
Management Policy
集團風險管理政策
The Company’s key
corporate governance
related policies and
guidelines
本公司之主要企業
管治相關政策及指引
Disclosure
Compliance Policy
披露合規政策
Group Business
Ethics Policy
集團商業道德政策
Investor
Relations Policy
投資者關係政策
Group
Environmental Policy
集團環境政策
Group
Dividend Policy
集團股息政策
Annual Report 2018/2019 年度報告
29
Corporate Governance Report
企業管治報告
Board of Directors
The general management of the Company’s business is vested in
the Board. The Board has established various committees to carry
out specified functions assigned by the Board of Directors which
require specialized area of expertise. The Board has delegated the
day-to-day management power of the Company to the Executive
Directors and Senior Management of the Company. However,
full delegation is not allowed for some specific matters under the
Companies Ordinance, the Listing Rules, the CG Code or other
regulatory requirements, and the final decisions on those specific
matters are required to be taken by the whole board. A defined
schedule of matters reserved for Board decisions has been
adopted by the Board as follows:
董事會
董事會負責本公司業務之整體管理工作，並已成
立不同之委員會來履行由董事會委派且需具備特
定專業知識範疇之特定職能。董事會委任本公司
之執行董事及高層管理人員負責管理本公司日常
事務。然而，根據《公司條例》、上市規則、企業
管治守則或其他規管要求規定，部分特定事項不
允許全權委託他人負責，並須由全體董事會成員
共同作出最終決定。董事會已採納如下明確之事
項表，列載須待董事會作出決定之事項：
Code and policies of corporate governance practices
企業管治常規守則及政策
Significant merger, acquisition and divestiture
重大業務併購及出售
Significant investment and joint venture formation
重大投資及成立合營公司
Notifiable and connected transactions
須予公佈及關連交易
Provision of significant guarantee or indemnity
提供重大擔保或彌償保證
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 Auditor
委任及罷免外聘
核數師
Matters reserved for
the Board Decisions
須待董事會作出決定之事項
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
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 sustaining long term
business growth and lot of focus and attention have been devoted
to formulation and execution of the strategic planning.
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
景以及維持長遠業務增長的重要職能，董事會因
而非常重視並致力制訂及執行策略規劃。
Strategic planning horizons are currently set for five years. The
Board has approved a Five Year Strategic Plan for the fiscal
years up to 2023/2024 in September 2018 and has always been
taking a proactive role in reviewing and revising the Strategic
Plan periodically in response to changes in the macro economic,
competitive business environment and regulatory requirements.
策略規劃目前設定為五年。董事會已於二零一八
年九月批准截至二零二三╱二零二四財政年度止
之五年策略規劃，並一直因應宏觀經濟、競爭性
業務環境及監管規條之變動，積極定期檢討及修
訂策略規劃。
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
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
Dr. the Hon.
Sir David Kwok-po LI
李國寶爵士
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. Eugene LYE
黎中山先生
Executive Director
執行董事
Mr. Jan P. S. ERLUND
先生
Independent Non-executive Director
獨立非執行董事
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
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
Annual Report 2018/2019 年度報告
31
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 represent near to 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。
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。
46%
5 Independent
Non-executive
Directors
五名獨立非執行董事
27%
3 Executive
Directors
三名執行董事
27%
3 Non-executive
Directors
三名非執行董事
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
name
姓名
executive chairman
執行主席
Mr. Winston Yau-lai LO
羅友禮先生
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
鍾志平博士
non-executive Directors
非執行董事
Ms. Yvonne Mo-ling LO
羅慕玲女士
Mr. Peter Tak-shing LO
羅德承先生
Ms. May LO
羅其美女士
executive Directors
執行董事
Mr. Roberto GUIDETTI
陸博濤先生
Mr. Eugene LYE
黎中山先生
3
3
3
3
3
3
3
3
Directors’ core skills, expertise and experience
董事之主要技能、專業知識及經驗
accounting,
audit,
finance
and risk
management
會計、審
計、財務及
風險管理
general
management
綜合管理
legal
法律
food
technology
食品科技
marketing
市場推廣
production
and project
management
生產及項目
管理
3
3
3
3
3
3
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 Board recognises and embraces the benefits of having a
diverse Board to enhance the quality of its performance. Board
appointment and renewal have 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. The
Board has revised its Director Nomination Policy during the year
to take into account the additional factors of independence and
gender diversity other than experience, professional qualification,
cultural, age, and any other factors that the Board might consider
relevant when considering Board appointment and renewal. The
Remuneration and Nomination Committee has established the
measurable objectives for achieving age and gender diversity up
to the year of 2019/2020. As at the year ended 31st March 2019,
progress in achieving the objectives are:
董事會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。董事之委任及續聘過往
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。董事
會已於年內修訂董事提名政策，除考慮個人經
驗、專業資格、文化背景、年齡等因素同時會考
慮其獨立性及為董事會帶來的性別多元化，以及
任何其他董事會於考慮董事之委任及續聘時認為
有關之因素。薪酬及提名委員會已制定截至二零
一九╱二零二零年度達致年齡及性別多元化的可
計量目標。於截至二零一九年三月三十一日止年
度內，達致該等目標之進度如下：
Annual Report 2018/2019 年度報告
33
Corporate Governance Report
企業管治報告
Gender
性別
Female representation during the year of 2018/2019 was 18.2%
which has achieved the target of “not less than 18%” set up to the
year of 2019/2020.
於二零一八╱二零一九年度，女性代表達到
18.2%，並已達致為二零一九╱二零二零年
度所釐訂「不少於 18%」之目標。
Age
年齡
Average age of the board members during the year of 2018/2019
was 64 which has achieved the target of “60-65”set up to the year
of 2019/2020.
於二零一八╱二零一九年度，董事會成員的
平均年齡為 64 歲，並已達致為二零一九╱二
零二零年度所釐訂「60 至 65 歲」之目標。
Gender
性別
2
Female
女
Ethnicity
種族
4
Non-Chinese
非華裔
9
Male
男
7
Chinese
華裔
Age Group
年齡組別
2
41-50
2
51-60
2
61-70
Tenure Office
任職年期
1
11-20
3
Over 20
20以上
34
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
5
Over 70
70以上
4
less than 2
少於2
3
2-10
Corporate Governance Report
企業管治報告
The Company has arranged Directors’ and Officers’ Liability
Insurance for the Directors and Officers of the Company for the
period from 1st October 2018 to 30th September 2019.
於二零一八年十月一日至二零一九年九月三十日
止期間，本公司為本公司董事及行政人員投買董
事及行政人員責任保險。
Changes in Directors’ Information during the year ended 31st
March 2019 and up to the date of this Annual Report are set out
below:
於截至二零一九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：
position held with the other affiliated companies 於其他聯屬公司擔任之職位
mr. eugene lYe
–
has been appointed as the President and Chief Executive
Officer of Vitasoy North America Inc., a wholly-owned
subsidiary of the Company.
黎中山先生
– 獲委任為本公司全資附屬公司 Vitasoy
North America Inc. 之總裁兼行政總裁。
changes in major appointments and other
Directorships
主要委任及其他董事職務之變動
Dr. the Hon. sir David Kwok-po li
–
ceased to be an independent non-executive director of
PCCW Limited.
李國寶爵士
– 辭任電訊盈科有限公司之獨立非執行董
事。
mr. paul Jeremy BroUgH
–
ceased to be chairman of Noble Group Limited and became
chairman of its successor company, namely, Noble Group
Holdings Limited which is not listed.
Paul Jeremy BROUGH 先生
– 辭任來寶集團有限公司之主席，並出任
其非上市繼承公司 Noble Group Holdings
Limited 之主席。
mr. anthony John liddell nigHtingale
–
ceased to be a council member of the Employers’ Federation
of Hong Kong.
黎定基先生
– 辭任香港僱主聯合會諮議會委員。
changes in Directors’ fees
董事袍金之變動
There was a 4% increase in basic directors’ fees for FY2018/2019. 於二零一八╱二零一九財政年度之基本董事袍
金增加 4%。
Annual Report 2018/2019 年度報告
35
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 defined and separate
執行主席及集團行政總裁之角色及職責已清楚界定及區分
Mr. Winston Yau-lai LO serves as the Executive
羅友禮先生擔任執行主席，主要負
Chairman and is mainly responsible for:
責：
–
chairing Board meetings and shareholders’
– 主持董事會會議及股東大會；
meetings;
–
providing leadership and establishing guiding
– 領導董事會並制定指導性原
principles for the Board and promoting a culture
則，提倡開放的文化；
of openness;
–
encouraging all board members to make a full
– 鼓勵全體董事會成員全面及積
and active contribution to the Board’s affairs;
極地參與董事會之事務；
–
acting as a resources person and advisor to
– 為各董事委員會提供指導及意
various Board committees;
見；
–
ensuring the Board has efficient communication
– 確保董事會就一切有關業務之
channels regarding all material issues concerning
重大事宜設立有效溝通渠道；
the business;
–
ensuring all board members have sufficient
– 確保全體董事會成員擁有充足
resources for the Board to run efficiently;
資源，董事會得以有效運作；
–
ensuring good corporate governance practices
– 確保已制定良好企業管治常規
and procedures are established;
及程序；
–
ensuring shareholders are adequately informed
– 確 保 股 東 充 分 了 解 本 公 司 事
with respect to the Company’s affairs;
務；
–
providing continuous guidance and mentoring to
– 持 續 指 導 及 輔 導 集 團 行 政 總
the Group Chief Executive Officer;
裁；
–
building and maintaining stakeholders’ trust and
– 建立及維繫持份者對本公司之
confidence in the Company; and
信任及信心；及
–
providing support and guidance for special
– 就特別企業項目提供支援及指
corporate projects.
導。
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
Mr. Roberto GUIDETTI, the Group Chief Executive
集 團 行 政 總 裁 陸 博 濤 先 生 主 要 負
Officer is mainly responsible for:
責：
–
formulating and executing the overall strategies
– 制定及執行本集團所有營運單
of all the Group operations;
位之整體策略；
–
ensuring business development and leading
– 確保業務發展及領導本集團所
general management of all the Group operations;
有營運單位之整體管理；
–
providing the Board with a monthly management
– 每月向董事會提交最新之管理
update to keep the Board apprised of the
層報告，讓董事會了解本公司
Company’s business and financial performance,
之業務及財務表現、狀況及前
position and prospects;
景；
–
–
taking the lead of strategic plan meeting ;
– 領導策略規劃會議；
taking the
lead for the development and
– 帶領發展及推行完善之企業風
promotion of a
sound Enterprise Risk
險 管 理 系 統， 確 保 將 採 取 適
Management system, and ensuring appropriate
當措施消除或減低主要風險；
actions will be taken to eliminate or mitigate key
risks;
– maintaining relationship with the institutional
– 維 繫 與 機 構 投 資 者 之 關 係，
investors and echoed their views to the Board;
並 向 董 事 會 反 映 其 意 見； 及
and
–
is responsible for the Group’s
long term
– 負 責 本 集 團 之 長 遠 可 持 續 發
sustainability and gives strategic directions to
展，並向可持續發展委員會指
the Sustainability Committee.
示策略性方向。
Annual Report 2018/2019 年度報告
37
Corporate Governance Report
企業管治報告
Board Proceedings
The Board met five times in FY2018/2019 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, the sustainability report
and corporate governance and sustainability related policies and
practices for the Group.
董事會程序
董事會於二零一八╱二零一九財政年度內召開五
次會議，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、可持續發展報告及與集團企業管治及可持續
發展相關之政策及常規。
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當
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。
2018
Jul
七月
Aug
八月
Apr
四月
May
五月
Jun
六月
BM
RN
AC
Oct
十月
Sep
九月
BM
AGM
Nov
十一月
BM
RN
AC
Dec
十二月
Jan
一月
BM
2019
Feb
二月
Mar
三月
BM
AC
BM
RN
Board Meeting 董事會會議
AC
Audit Committee Meeting 審核委員會會議
Remuneration and Nomination Committee Meeting 薪酬及提名委員會會議
AGM
Annual General Meeting 股東週年大會
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
(four members are Independent Non-executive
Directors and one member is Non-executive
Director)
（四名成員為獨立非執行董事及
一名成員為非執行董事）
Audit Committee
審核委員會
(all Independent Non-executive Directors)
（全部均為獨立非執行董事）
Executive Committee
執行委員會
(Executive Directors and
Group Senior Director)
（執行董事及集團高級總監）
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企業管治報告
Remuneration and Nomination Committee
薪酬及提名委員會
Members
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 先生
(Chairman)
李國寶爵士
（主席）
Ms. Yvonne
Mo-ling LO
羅慕玲女士
major responsibilities
主要職責
–
–
–
–
–
–
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;
– 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；
to review the structure, size, composition and diversity
(including the skills, knowledge, experience, gender and age)
of the Board;
– 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）；
to review Director’s time commitment;
– 審視董事所須付出的時間；
to review policies in relation to nomination of Director and
Board diversity;
– 檢討有關董事提名及董事會成員多元化之
政策；
to identify and determine the measurable objectives for
achieving board diversity and monitor any progress made in
achieving such measurable objectives; and
– 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；及
to recommend to the Board on appointment or reappointment
of and succession planning for Director and Group Chief
Executive Officer.
– 就董事及集團行政總裁之委任或續聘及繼
任計劃向董事會提出建議。
Annual Report 2018/2019 年度報告
39
AC
Audit Committee Meeting 審核委員會會議
AGM
Annual General Meeting 股東週年大會
Corporate Governance Report
企業管治報告
Work done during and for fY2018/2019
reviewed, discussed and approved the remuneration package
of Senior Management including the Executive Directors and
key executives of the Group by reference to the individuals’
job responsibilities and performances, industry benchmarks
and prevailing market conditions;
approved the discretionary bonuses and the grant of share
options, having given due consideration to both the Group’s
financial performance and the individuals’ performances
during the year in accordance with the performance-based
compensation policy recommended by an independent
consultant;
於年內及為二零一八╱二零一九
財政年度所作之工作
– 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；
approved the amendments to Director Nomination Policy;
– 批准董事提名政策之修訂；
reviewed and recommended to the Board for approval of the
letters of appointment of the Executive Chairman and three
Independent Non-executive Directors;
– 審閱及建議董事會批准執行主席及三名獨
立非執行董事之委任函；
reviewed the structure, size and composition (including
the mix of skills, knowledge, professional qualification and
experience of the Directors) of the Board;
– 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）；
reviewed the Board Succession Plan and its Road Map;
– 審閱董事會繼任計劃及其未來路向；
reviewed the measurable objectives for achieving Board
diversity;
reviewed Director’s time commitment to perform his/her
duties;
– 審閱達致董事會多元化的可計量目標；
– 審閱董事履行其職責所投入的時間；
assessed and confirmed the independence of all Independent
Non-executive Directors; and
– 評估並確認全體獨立非執行董事之獨立
性；及
–
–
–
–
–
–
–
–
–
– made recommendation to the Board for Directors’ Fees for
– 向董事會建議二零一八╱二零一九財政年
FY2018/2019.
度之董事袍金。
Terms of reference of the Remuneration and Nomination
Committee are published on the websites of the Stock Exchange
and the Company. The Remuneration and Nomination Committee
is provided with sufficient resources, including the advice of
independent professional firms, if necessary, to discharge its
duties.
薪酬及提名委員會之職權範圍已刊登於聯交所及
本公司之網站。薪酬及提名委員會獲提供充足資
源，包括獨立專業公司之意見（如需要），以履行
其職責。
The Remuneration and Nomination Committee held two meetings
in FY2018/2019. 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二零一八╱二零一九財政年
度內共舉行兩次會議。各成員於年內出席會議之
記錄列載於本年報第 46 頁。
40
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Audit Committee
審核委員會
Members
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
major responsibilities
主要職責
–
–
–
–
to make recommendations to the Board on the appointment,
reappointment and removal of the External Auditors and
their audit fees;
– 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；
to meet with the External Auditors to discuss the nature and
scope of the audit;
– 與外聘核數師開會討論審核工作之性質及
範圍；
to review the interim financial report and annual financial
statements before they are submitted to the Board;
– 在提交予董事會前，審閱中期財務報告及
全年財務報表；
to discuss problems and reservations arising from the interim
review and final audit, and any other matters the External
Auditors may wish to discuss, and review the External
Auditors’ management letter and management’s response;
– 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；
Annual Report 2018/2019 年度報告
41
Corporate Governance Report
企業管治報告
major responsibilities
主要職責
–
–
–
–
–
–
–
–
–
–
to review the internal audit programmes and to ensure co-
ordination between the Internal and External Auditors,
assess the effectiveness of the Company’s risk management
and internal control systems which cover all material
financial, operational and compliance controls, and ensure
that the internal audit function is adequately resourced and
has appropriate standing within the Group;
– 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；
to conduct an annual review of the adequacy of staffing of the
financial reporting functions;
– 對財務匯報職能方面之員工資歷是否足夠
進行年度檢討；
to review 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; and to ensure proper arrangements are in place for
fair and independent investigation of those matters and for
appropriate follow up action;
– 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；
to act as the key representative body for overseeing the
Company’s relations with the External Auditors;
– 作為監察本公司與外聘核數師之關係之主
要代表；
to oversee and review the adequacy and effectiveness of
relevant financial, operational and compliance controls and
risk management procedures that have been in place;
to develop and review the Company’s policies and practices
on corporate governance and making recommendations to
the Board;
to review and monitor the training and continuous
professional development of Directors and Senior
Management;
– 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有效；
– 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；
to review and monitor the Company’s policies and practices
on compliance with legal and regulatory requirements;
– 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；
to develop, review and monitor the code of conduct and
compliance manual applicable to Directors and employees;
and
– 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；及
to review the Company’s compliance with the CG Code and
disclosure in the Corporate Governance Report.
– 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。
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企業管治報告
Work done during and for fY2018/2019
–
–
–
interim results
reviewed the 2018/2019 preliminary
announcement; interim financial report; preliminary annual
results announcement and annual financial statements with
management and External Auditors, and recommended their
adoption by the Board;
於年內及為二零一八╱二零一九
財政年度所作之工作
– 連同管理層及外聘核數師審閱二零一八╱
二零一九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 2018/2019 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，
並批准二零一八╱二零一九年度之審核方
案；
reviewed
recommendations to the Board for approval;
the Group Dividend Policy
and made
– 審閱集團股息政策並建議董事會予以採
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
External Auditors;
reviewed and approved/preapproved the audit and non-
audit services provided by the External Auditors, together
with their respective fees;
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 programmes and budget; effectiveness of the
Group’s internal audit function and compliance with the CG
Code;
– 審閱及考慮外聘核數師之委聘條款；
– 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；
– 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
Management;
– 審閱企業風險管理之執行進程；
reviewed
development of Directors and Senior Management;
training and continuous professional
the
– 審閱董事及高層管理人員之培訓及持續專
業發展；
reviewed the Company’s policies and practices on compliance
with legal and regulatory requirements;
– 審閱本公司在遵守法律及監管規定方面之
政策及常規；
reviewed the code of conduct and compliance manual
applicable to Directors and employees;
– 審閱適用於董事及僱員之行為守則及合規
手冊；
reviewed the status of compliance with the Corporate
Governance Code and disclosure
the Corporate
Governance Report; and
in
– 審閱遵守企業管治守則之情況及企業管治
報告之披露；及
held private session with External Auditors in the absence of
Executive Directors and Senior Management.
– 在執行董事及高層管理人員不在場之情況
下單獨與外聘核數師開會。
Annual Report 2018/2019 年度報告
43
Corporate Governance Report
企業管治報告
The Board has approved a Whistleblowing Policy in March
2012 to provide employees and external parties an open and
unified reporting channel and procedures to report any serious
misconduct or malpractice involving the Company and its
employees. The Audit Committee has been delegated with
the overall responsibility for monitoring and reviewing the
effectiveness of the Whistleblowing Policy. During the year,
no incident of serious fraud or misconduct was reported from
employees nor external parties that had a material effect on the
Company’s financial position and overall operations.
The Board has adopted a Corporate Governance Policy to provide
a basic framework for developing the Company’s policies and
practices to ensure alignment of interests and expectations from
our shareholders, the investing public and other stakeholders.
The Corporate Governance Policy has been published on the
Company’s website.
於二零一二年三月，董事會已批准一項舉報政
策，為僱員及外間人士提供一個公開及統一之舉
報渠道及程序，舉報任何涉及本公司及其僱員之
嚴重失當或不良行為。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，概無僱員
或外間人士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。
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。
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.
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。
The Audit Committee met three times in FY2018/2019. Each
member’s attendance record during the year is shown on page 46
of this Annual Report.
審核委員會於二零一八╱二零一九財政年度內召
開三次會議。各成員於年內出席會議之記錄列載
於本年報第 46 頁。
44
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企業管治報告
Executive Committee
執行委員會
Members
成員
Mr. Roberto GUIDETTI
(Executive Director
and Group Chief
Executive Officer)
陸博濤先生
（執行董事暨集團行政總裁）
Mr. 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）
major responsibilities
主要職責
–
to operate as a general management committee under the
direct authority of the Board to deal with certain operational
matters of the Group.
– 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。
Annual Report 2018/2019 年度報告
45
Corporate Governance Report
企業管治報告
Attendance records of the Directors at the Board Meetings,
Remuneration and Nomination Committee Meetings, Audit
Committee Meetings and Annual General Meeting during
FY2018/2019 are as follows:
於二零一八╱二零一九財政年度，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
議及股東週年大會之出席記錄表列如下：
meetings attended/Held
出席次數╱會議次數
remuneration
and
nomination
committee
薪酬及
提名委員會
Board
董事會
audit
committee
審核委員會
annual
general
meeting
股東週年大會
Overall
Attendance
Rate
整體出席率
5/5
5/5
5/5
5/5
5/5
5/5
5/5
5/5
2/2(b)
2/2
1/2
2/2
N/A
不適用
2/2
N/A
不適用
N/A
不適用
3/3
3/3
2/3
3/3(c)
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
5/5(a)
2/2(e)
3/3(e)
1/1(d)
5/5
5/5
2/2(e)
N/A
不適用
3/3(e)
N/A
不適用
1/1
1/1
100%
100%
82%
100%
100%
100%
100%
100%
100%
100%
100%
98%
5/5(e)
N/A
不適用
3/3(e)
1/1(e)
N/A
不適用
N/A
不適用
N/A
不適用
3/3(e)
N/A
不適用
N/A
不適用
N/A
不適用
N/A
不適用
3/3(e)
1/1(e)
N/A
不適用
name
independent non-executive
Directors
姓名
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 (f)
黎定基先生 (f)
Mr. Paul Jeremy BROUGH
Paul Jeremy BROUGH 先生
Dr. Roy Chi-ping CHUNG
鍾志平博士
non-executive Directors
Ms. Yvonne Mo-ling LO
非執行董事
羅慕玲女士
Mr. Peter Tak-shing LO
羅德承先生
Ms. May LO
羅其美女士
executive Directors
執行董事
Mr. Winston Yau-lai LO
(Executive Chairman)
Mr. Roberto GUIDETTI
Mr. Eugene LYE
羅友禮先生
（執行主席）
陸博濤先生
黎中山先生
average attendance of the Board
members
董事會成員平均出席率
group chief financial officer
集團首席財務總監
Mr. Chris Kin-shing LAU
劉健成先生
group senior Director, internal
audit and risk management
集團內部審計及風險管理高
級總監
Mr. Terence Chiu-kit CHOW
周昭傑先生
external auditors
外聘核數師
KPMG
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
Corporate Governance Report
企業管治報告
Notes:
Chairman of the Board
(a)
(b)
(c)
(d)
(e)
(f)
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
Attendance by invitation
(c) 審核委員會主席
(d) 股東週年大會主席
(e) 應邀出席
Director was unable to attend the meeting due to ad hoc commitments
(f) 董事因突發事務而未能出席會議
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 2018 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。於二零一八年股東週年大會，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 met
with the Independent Non-executive Directors on various
occasions without the presence of the other Directors and Senior
Management.
於回顧年度，執行主席曾在其他董事及高層管理
人員不在場之情況下於不同場合與獨立非執行董
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 2018/2019 年度報告
47
Corporate Governance Report
企業管治報告
Director Nomination Policy
The Board has adopted a Director Nomination Policy in March 2012
to set out the procedures and criteria for identifying and selecting
potential candidates for the appointment of new Director/s as well
as for considering the renewal of director appointment. The Board
has delegated to the Remuneration and Nomination Committee
the authority to identify individuals suitably qualified to become
board members and select and make recommendations to the
Board on the selection of, individuals nominated for directorship;
assess the independence of independent non-executive directors;
and make recommendations to the Board to the appointment or
re-appointment of directors.
is
The Director Nomination Policy
intended to guide the
Remuneration and Nomination Committee when recommending
new directors and when deciding whether to recommend that
current Directors be re-elected. The Committee will carefully
consider the qualifications, skills, experience, independence,
gender diversity, time commitments and contributions of
any currently sitting director before making a re-election
recommendation to the Company’s shareholders. Any shareholder
of the Company who is qualified to be present and vote at the
general meeting, may nominate one or more persons for election
as a director of the Company at any general meeting if the
shareholder complies with the director nomination provisions,
including without limitation the notice, information and consent
provisions under the Company’s Articles of Association or the
Listing Rules.
董事提名政策
董事會已於二零一二年三月採納董事提名政策，
當中載列物色及挑選準候選人擔任新董事以及考
慮續展現任董事委任之程序及準則。薪酬及提名
委員會已獲董事會授權以物色具備合適資格成為
董事會成員的人士，並挑選以及向董事會推薦有
關被提名人士出任董事；評核獨立非執行董事的
獨立性；及就董事委任或重新委任向董事會提出
建議。
董事提名政策旨在就推薦新任董事及決定是否推
薦重選現任董事向薪酬及提名委員會提供指引。
委員會在仔細考慮各現任董事之資歷、技能、經
驗、獨立性、性別多元化、其已付出的時間及貢
獻後，向本公司股東作出重選建議。任何符合資
格出席股東大會並於會上投票之本公司股東，可
在遵照董事提名條文（包括但不限於本公司章程
細則或上市規則項下之通告、通知及許可條文）
之情況下於任何股東大會上提名一名或以上人士
競任本公司董事。
The Director Nomination Policy has been published on the
Company’s website.
董事提名政策已刊登於本公司網站。
Induction and Continuous Professional
Development
Induction programmes are arranged for any newly appointed
Directors for provision of information which would assist him
or her to understand effectively his or her role as a director as
well as the business nature, operations, products and markets
of the Company and its group companies. On appointment, new
Directors will also be given an induction programme 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.
48
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
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，以協助
其更有效理解董事職務，以及提供有關本公司及
其集團公司業務性質、營運、產品及市場之資
訊。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。
Corporate Governance Report
企業管治報告
The Company also arranges continuous professional development
programme 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 programme would help refresh
Directors’ knowledge and skills in performing their roles, functions
and duties of directors of a listed company.
During the year, the Company organised an annual in-house
training programme for Directors in September to visit a leading
internet and technology company in Shenzhen city of Mainland
China and participated into a sharing session with its management
to understand the latest development of digital technology; and
how e-commerce and digital advertising help accelerate the
business growth of retail industry not only in Mainland China
but also the other parts of the world. Directors also took the
opportunity to visit our sales channels in Shenzhen to understand
more about the market in which we sell, and the consumers who
are buying our products.
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
法律資訊和文章，有助董事持續掌握最新法例、
監管及企業管治等規定以及不斷變化之商業領域
內的專業實務。有關課程有助董事就其知識及技
能溫故知新，從而履行上市公司董事所應擔任之
角色、職能及責任等。
年內九月，本公司為董事安排年度內部培訓課
程，參觀一間中國內地深圳市的領先互聯網及科
技公司，並參與其管理層之分享環節，了解數碼
科技之最新發展，以及電子商貿及數碼廣告如何
幫助促進中國內地以至世界各地之零售業業務增
長。董事亦藉此機會參觀深圳的各銷售渠道，進
一步了解我們的銷售市場及產品購買顧客。
Annual Report 2018/2019 年度報告
49
Corporate Governance Report
企業管治報告
In January 2019, an overseas trip was organised for our Directors
to visit our new joint venture production line in the Philippines.
During the visit, our directors also met with our joint venture
partner to exchange views in growing the business; and also met
with local management team to have a deeper understanding of
the current business performance and challenges. Directors also
visited different sales channels so as to better understand the local
market in which we sell and how to drive the market performance.
於二零一九年一月，董事獲安排菲律賓海外行
程，參觀當地新合營公司之生產線。在參觀過程
中，董事們亦與當地合資方碰面，就業務增長交
流意見，並約見當地管理團隊以便更了解現時
業務之表現及挑戰。董事亦參觀不同銷售渠道，
進一步了解當地之銷售市場以及如何帶動市場表
現。
50
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
The Board also acknowledges the importance of continuous
training and development to Senior Management, which enables
them to boost their skills and knowledge to re-evaluate their roles
with a newly informed perspective and in this highly competitive
consumer product market. Senior Management is encouraged
to participate in various continuous professional development
programmes and other training courses 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
續培訓及發展對高層管理人員相當重要，使彼等
得以提升其技能及知識，並以全新知情角度重新
審視其董事之角色。本公司鼓勵高層管理人員參
加各類型持續專業發展課程及其他培訓課程，費
用由本公司支付。
All Directors and Senior Management have provided to the
Company Secretary their training records for FY2018/2019
which have been reviewed by the Audit Committee. The average
training hours of the Directors were over 60 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
於二零一八╱二零一九財政年度之培訓記錄，並
經由審核委員會審閱。董事於本年內平均培訓時
數超過 60 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
FY2018/2019 – by topic
董事於二零一八╱二零一九財政年度參加之
培訓 — 項目分析
Analysis of training attended by Directors in
FY2018/2019 – by type
董事於二零一八╱二零一九財政年度參加之
培訓 — 類型分析
1%
Accounting / Finance / Tax
會計╱財務╱稅務
4%
Legal / Regulatory /
Governance
法例╱法規╱管治
4%
Director’s Duties and
Governance
董事職責及管治
6%
Innovation and
Technology
創新及科技
53%
Global Business Environment Update
最近環球業務環境
17%
In-house Training
內部培訓
33%
Readings
閱讀
20%
Plant / Market Visit
廠房╱市場參觀
32%
Company’s Business
本公司業務
30%
External Courses / Seminars /
Workshops
外間課程╱研討會╱
工作坊
Annual Report 2018/2019 年度報告
51
Corporate Governance Report
企業管治報告
Senior Management’s Training Records
高層管理人員之培訓記錄
Analysis of training attended by Senior Management in
FY2018/2019 – by topic
高層管理人員於二零一八╱二零一九財政年度參加之
培訓 — 項目分析
Analysis of training attended by Senior Management
in FY2018/2019 – by type
高層管理人員於二零一八╱二零一九財政年度參加之
培訓 — 類型分析
26%
Accounting / Finance / Tax
會計╱財務╱稅務
29%
In-house Training
內部培訓
39%
Readings
閱讀
6%
Legal / Regulatory /
Governance
法例╱法規╱管治
14%
Cyber Technology
數碼科技
17%
Industry News
行業資訊
17%
Market / Product Development
市場╱產品發展
20%
Company’s Business
本公司業務
32%
External Courses /
Seminars / Workshops
外間課程╱研討會
╱工作坊
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
FY2018/2019 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 contained in Appendix 10 of
the Listing Rules. Specific enquiries were made of all Directors
and they have confirmed compliance with the required standard
set out in the Code for the year ended 31st March 2019. 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.
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。二零一八╱二零
一九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所載列之
規定標準寬鬆。本公司已對全體董事作出具體查
詢，而彼等均確認於截至二零一九年三月三十一
日止年度均已遵守守則載列之規定標準。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。
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
Confirmations have been received from all Directors that they
have provided sufficient time and attention to the affairs of the
Company during FY2018/2019. 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確認書確認他們於二零
一八╱二零一九財政年度已付出足夠時間及關
注，處理本公司事務。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 FY2011/2012.
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 assist the Board in
identifying and addressing its strengths and weaknesses and
highlight the Board’s expectations for itself and areas for further
improvement. 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.
Board evaluation is usually conducted on an annual basis.
董事會評核旨在協助董事會理解其長處及弱點並
對其不足之處提出針對方案，以及突出董事會對
自身之期望及有待進一步改善之範疇。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。董事會評核一
般每年進行一次。
A formal evaluation of the Board and the Executive Chairman
was conducted for FY2018/2019. During the evaluation process,
questionnaire with scoring was used for collecting scores as well
as opinions from all the Directors. The questionnaire included 20
statements for Board evaluation and 10 statements for Executive
Chairman evaluation. Completed evaluation forms were sent to
the Company Secretary on a confidential basis. The Company
Secretary then prepared a summary report of the aggregate
evaluation results for review and discussion in the Board meeting.
本公司已為董事會及執行主席進行二零一八╱二
零一九財政年度的正式評核。於評核過程中，本
公司採用計分問卷方式向全體董事收集評分及意
見，當中包括 20 項評核董事會之題目及 10 項評
核執行主席之題目。填妥之評核表格以保密形式
遞交予公司秘書。公司秘書其後就綜合評核結果
編製摘要報告，並呈交於董事會會議上審閱及討
論。
Annual Report 2018/2019 年度報告
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Corporate Governance Report
企業管治報告
Evaluation of the Board
董事會之評核
Board composition
Strategic direction and planning
Sustainability drive
董事會組成
策略方向及規劃
可持續性發展的推動
Board culture
董事會文化
Corporate governance practices
Risk management and internal control
企業管治常規
風險管理及內部監控
Board meeting performance
董事會會議表現
Evaluation of Executive Chairman
執行主席之評核
Leadership
領導能力
Relationship with Group CEO
Encourage open communication
與集團行政總裁之關係
鼓勵開放溝通
Personal attributes
Strategic planning
Promote good corporate governance
個人特質
策略規劃
Relationship with the Board
Decision making
practices
推動良好企業管治常規
與董事會之關係
決策
Encourage environmental, social and
governance
促進環境、社會及管治
All Directors have actively participated in the whole evaluation
process. Responses from the Board members were overall very
positive, with six of the seven Board evaluation areas recorded
a average score of 8.5 or above (full score is 10). There were
particularly high scores for “Board culture” and “Board meeting
performance”.
Overall weighted scores in seven evaluation areas
七個評核範疇之整體加權分數
最高。
全體董事均積極參與整個評核過程。董事會成員
整體評價回應非常正面，七個董事會評核範疇中
有六個錄得平均分 8.5 分或以上（10 分為滿分），
尤其以「董事會文化」及「董事會會議表現」得分
Board Culture
董事會文化
Board Meeting Performance
董事會會議表現
Board Composition
董事會組成
Corporate Governance Practices
企業管治常規
Strategic Direction and Planning
策略方向及規劃
Risk Management and Internal Control
風險管理及內部監控
Sustainability Drive
可持續性發展的推動
s
a
e
r
a
n
o
i
t
a
u
l
a
v
E
疇
範
核
評
9.1
9.1
8.9
8.8
8.7
8.6
8.3
5
5.5
6
6.5
7
7.5
8.0
8.5
9
9.5
10
Weighted scores
加權分數
full score is 10
10分為滿分
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
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.
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重要
須予關注之地方。
Directors have proposed a few valuable and constructive
recommendations for continuous improvement of the Board’s
performance, mainly in the areas of Board composition and
road map; board meeting materials; strategic direction and
planning; sustainability strategy and reporting; and business risk
management.
Executive Chairman as the leader of the evaluation process has
reviewed summaries of the aggregate evaluation results of the
Board and Executive Chairman. He then provided his responses
and proposed a few action plans to address the areas identified
from the evaluation results. Executive Chairman’s responses and
action plans have also been discussed amongst the Directors for
formal endorsement.
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.
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.
董事已就持續改善董事會表現提出多項寶貴及具
建設性之建議，主要包括對董事會組成及未來路
向、董事會會議文件、策略方向及規劃、可持續
發展策略及報告以及業務風險管理等方面。
執行主席領導評核過程，經審閱董事會及執行主
席之綜合評核結果摘要後，已作出回應並建議多
項行動計劃以處理評核結果所反映之問題。執行
主席之回應及行動計劃亦經董事討論並獲正式採
納。
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。
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
展及合規狀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 15
hours of external CPD training courses to keep abreast of latest
regulatory changes and corporate governance practices and to
refresh her skills and knowledge.
年內，公司秘書接受逾 15 小時之外間持續專業發
展培訓課程，以瞭解最新的監管法規以及企業管
治常規，從而對其技能及知識溫故知新。
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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 the long-term
success of the Company.
The Board is entrusted with the overall responsibility on an
ongoing basis for ensuring that appropriate and effective risk
management and internal controls are maintained to provide
reasonable assurance against material misstatement of
information. Main features of the risk management and internal
control systems are described in the sections below:
風險管理及內部監控
董事會明白其肩負風險管理及內部監控系統之責
任，並檢討其成效。該系統之設計旨在管理而非
消除無法達成業務目標之風險，並僅可為避免發
生重大錯誤陳述或損失提供合理而非絕對之保
證。為實現此目標，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：
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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。
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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。
The scope of services of the department is set out in the approved
Internal Audit Charter and includes:
該部門之工作範圍載列於經審批之內部審計約章
內，包括：
•
•
•
Unrestricted access to all the Company’s activities,
personnel, records, properties, and other
information
sources required to carry out internal audits;
• 無限制地獲取就進行內部審計所需之所有
本公司活動、員工、記錄、物業以及其他
方面之資料來源；
the effectiveness of
Review
internal control over
operational, compliance and financial reporting as well as
risk management function; and
• 審閱對營運、合規及財務報告以及風險管
理職能方面之內部監控成效；及
Special reviews of areas of concern
management or the Audit Committee.
identified by
• 對管理層或審核委員會所識別之關注範疇
進行特定審閱。
Group Internal Audit, reporting to the Audit Committee, provides
independent assurance as to the existence and effectiveness of
risk management functions and controls in business operations.
集團內部審計向審核委員會報告，就業務營運風
險管理職能及監控之存在價值及成效提供獨立保
證。
Using risk assessment methodology and taking into account
the Company structure, management’s concern, nature and
complexity of operation, and operating environment, Group
Internal Audit prepares its annual audit plan which is reviewed
and approved by the Audit Committee. The risk assessment
methodology assists in identifying business risks and determining
audit frequencies. Based on the approved audit plan, Group
Internal Audit schedules its internal audit programmes to conduct
an independent review of different financial, business and
functional operations and activities with resources focusing on
areas with higher risk.
集團內部審計編製由審核委員會審批的年度審計
計劃時採用風險評估方法，並考慮本公司架構、
管理層的關注範疇、營運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。集團內部審計按照已批核的審計計劃
安排內部審核程序，就財務、業務及職能方面之
各項營運及活動進行獨立檢討，並安排將其資源
集中處理高風險的範疇。
During FY2018/2019, Group Internal Audit issued reports to
Senior Management covering various operational and financial
units of the Company and its subsidiaries. Group Internal Audit
also conducted reviews of major projects and areas of concern
identified by management.
於二零一八╱二零一九財政年度內，集團內部審
計向高層管理人員出具涵蓋本公司及其附屬公司
多個經營及財務單位的報告。集團內部審計亦就
主要項目及管理層識別的關注範疇進行審核。
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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：
6.
Report
通報
5.
React
緩解
1.
Anticipate
識別
4.
Regulate
監察
2.
Rate
評估
3.
Respond
控制
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 &
Country CEOs
集團高層管理人員
及各國業務行政總裁
• Group Risk Management
集團風險管理
• Corporate Services
企業事務
• Department Heads and
Individual Employee
部門主管及個別員工
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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
that warrant
the
Committee’s attention and supervise risk
management process as part of good corporate
governance.
• 監察委員會需要注意之該等風險
並監督風險管理程序，以配合優
良之企業管治。
group internal audit
集團內部審計
• Conduct
review
independent
the
effectiveness of risk management and internal
control systems and provide risk assurance to
Audit Committee.
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
committee & country ceos
risk management
executive
風險
企業風險管理執行委員會及各國業
監督及
務行政總裁
審閱
• Design,
implement and monitor the risk
• 設計、實施及監督風險管理及內
management and internal control system.
部監控系統。
• Provide assurance to the Audit Committee
on the effectiveness of risk management and
internal control systems.
group risk management, an
independent
team under Group Internal Audit and Risk
Management
• 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。
集團風險管理為集團內部審計及風
險管理部門轄下之獨立團隊
• Support the Audit Committee and Enterprise
• 支援審核委員會及企業風險管理
Risk Management Executive Committee.
執行委員會。
• Develop and
implement risk management
frameworks, policies, tools and methodologies
with all subsidiaries.
• Monitor status of risk and communicate with
the Executive Committee and Audit Committee
on an ongoing basis.
• 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
風險
部門主管及個別員工
• Ownership of managing risks, executing
control activities and identifying new risks in
daily operation.
及監控
權責
• 於日常營運中管理風險，執行監
控活動及識別新風險。
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Risk Management Process
Our risk management process is embedded in our daily operations,
financial activities, compliance, strategy development & 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.
3.
4.
5.
Anticipate: 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 members. Risks are grouped into six clusters (including
reputation, strategy, market, liquidity, credit and operation)
to facilitate the assessment appropriately.
1. 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）。
Rate: 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 team facilitates the
evaluation process including the summary discussion in the
Enterprise Risk Management Executive Committee and
Audit Committee.
2. 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。集團風險管理團隊促進評估流程，
包括協助企業風險管理執行委員會及審核
委員會之討論。
Respond: A delegated management is assigned to each risk
as risk owner to fully respond on each risk. Risk management
strategies and corresponding control owners are identified
by risk owner to deploy appropriate control activities.
3. 控制︰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。
Regulate: We take a closed monitoring on the current status
of risk, which is being monitored through key risk indicators
with defined thresholds, occurrence of related incidents,
control effectiveness and audit results. Any change in
current status of risk to a worsened level will trigger a react
process through creation of a mitigation plan.
4. 監察：我們密切監控風險現況。各風險現
況的結果取決於關鍵風險指標的預設量度
級別基準、所發生之相關事故、內部監控
程序之成效以及審計結果。風險現況倘出
現任何不良轉變，均會觸發反應程序，展
開緩和計劃。
React: 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.
5. 緩解：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。
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6.
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. Periodic risk report is provided
to the Enterprise Risk Management Executive Committee
summarizing the results of risk monitoring, mitigation plans
and the current risk management implementation progress.
Besides, since the launch of the Governance, Risk and
Compliance System (“GRC System”) in mid-2018, Enterprise
Risk Management Executive Committee and risk owners
are able to obtain real-time risk status through the relevant
system dashboards.
In the coming year, we will improve the effectiveness of the
Company’s process in managing incident, and in addressing to the
change of current status of risk. The Incident Management and
Mitigation Plan Modules of the GRC System will be revamped in
order to achieve this.
6. 通報︰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。集團風險管理定期向企業
風險管理執行委員會提供風險報告，監控
緩和計劃及現時風險管理實施之進度。此
外，自二零一八年中推出管治、風險管理
及合規系統（「GRC 系統」），企業風險管理
執行委員會及風險負責人可透過相關系統
指標獲得實時風險狀況。
來年，我們將會提升本公司管理突發事件及應對
風險現況改變之成效。為達致此目標，GRC 系統
之管理突發事件及緩和計劃模式將作出修訂。
Risk Management Activities
風險管理活動
•
•
•
Enhanced Enterprise Risk Management Framework
To enhance the overall maturity of risk management
development, an enhanced Risk Management Framework
was introduced in mid-2018. The “regulate” and “react”
elements of the risk management process are further
strengthened to provide a more comprehensive monitoring
on the current status of risk.
• 鞏固企業風險管理框架
為促進風險管理之整體發展更為成熟，本
公司於二零一八年中引進鞏固企業風險管
理框架，進一步加強風險管理過程中之「監
察」及「緩解」部份，以更全面監控風險現
況。
Implementing the GRC System
The GRC system has been implemented since mid-2018 to
engage various level of staff in the risk management process.
It facilitates the whole enterprise risk management process
and dashboard to monitor changes in the current status of
risk. In addition, with the help of the GRC System all risk
management activities can now be displayed as dashboard
format to provide a real-time Enterprise Risk Management
information to facilitate management decision.
• 實施GRC系統
GRC 系統自二零一八年中開始實施，以讓
各層級員工參與風險管理過程。該系統有
助優化整體企業風險管理過程及指標，以
監察風險現況變動。此外，受惠於 GRC 系
統，所有風險管理活動現時均可以指標形
式顯示，提供實時企業風險管理資訊，以
協助管理層作出決策。
Risk Management Trainings
During the fiscal year, training workshops were organised
by Group Risk Management team for Senior Management
and targeted staff members to enrich their risk awareness
and risk mitigation capabilities. Furthermore, our internal
employees newsletter is used as one of the communication
channels with our employees for cultivating risk awareness.
• 風險管理培訓
本財政年度內，集團風險管理團隊已為高
層管理人員及目標員工組織培訓工作坊，
以 增 強 其 風 險 意 識 及 風 險 緩 和 能 力。 此
外，內部僱員通訊被用作與僱員溝通的渠
道之一，以培養僱員之風險意識。
62
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Review of Risk Management and Internal
Controls Effectiveness
Group Internal Audit team 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。
The Board, with confirmation from management, considered the
risk management and internal control systems are effective and
adequate for the year ended 31st March 2019. 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.
經管理層確認，董事會認為，截至二零一九年三
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。
Annual Report 2018/2019 年度報告
63
Corporate Governance Report
企業管治報告
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 (FY2017/2018: HK$5.6 million)
was charged for the fiscal year of 2018/2019 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$24.5 million (FY2017/2018:
HK$19.4 million). The non-audit services mainly comprised design
and execution of digitisation project and tax advisory services. It is
expected that the non-audit fee to be incurred for digitisation will
be gradually decreasing towards the completion of consultancy
services rendered by KPMG.
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
附屬公司所提供之二零一八╱二零一九財政年
度法定審核服務之費用為港幣 5,600,000 元（二
零 一 七 ╱ 二 零 一 八 財 政 年 度： 港 幣 5,600,000
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
24,500,000 元（二零一七╱二零一八財政年度：
港幣 19,400,000 元）。非審核服務主要包括設計
及執行數碼化項目及稅務顧問服務。預期數碼化
項目產生之非審核服務費用將隨著畢馬威會計師
事務所完成其提供顧問服務而逐步下降。
The responsibilities of the External Auditors with respect to the
FY2018/2019 financial statements are set out in the section of
“Independent Auditor’s Report” on pages 95 to 101.
外聘核數師就二零一八╱二零一九財政年度財務
報表所須承擔之責任載列於第 95 至 101 頁之「獨
立核數師報告」一節。
Dividend Policy
The Board has adopted a Dividend Policy to provide guidance to
the Board and the management of the Company for distribution
of surplus funds to its shareholders.
股息政策
董事會已採納股息政策，就派發盈餘資金予股東
向董事會及管理層提供指引。
In determining the level of dividend payment, the following
criteria and consideration must be taken:
就決定所派付的股息水平，須計及下列準則及考
慮因素：
–
–
–
–
–
–
–
–
Sharing of success with shareholders
Liquidity and capital requirement
Historical trend of dividend payout
Benchmarking with competitors within the industry
Fulfilment of financial covenants
Taxation impact
Restrictions
Other factors that may deem relevant
– 與股東共享成果
– 流動資金及資本要求
– 過往股息派付之趨勢
– 與業內競爭對手之標準比較
– 符合財務契約
– 稅務影響
– 限制條件
– 任何其他視為相關之因素
The Company intends to declare dividends to shareholders semi-
annually in an aggregate amount per year of approximately 60%
of the anticipated consolidated net annual profit attributable
to shareholders net of one-off event impact and may declare
special dividends from time to time in addition to interim or
final dividends. The determination to pay dividends and level of
dividend to be distributed will be subject to the discretion of the
Board from time to time.
本公司計劃每半年向股東宣派股息，每年宣派之
股息總額預計為扣除一次性事件影響後之股東預
期應佔年度綜合溢利約 60%，並可能除中期或末
期股息外不時宣派特別股息。董事會將不時酌情
決定是否派發股息以及所派發股息之水平。
64
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Corporate Governance Report
企業管治報告
Shareholders’ Rights
Procedures for Shareholders to convene General
Meeting
Pursuant to section 566 of the Hong Kong Companies Ordinance
(Chapter 622 of the Laws of Hong Kong) (the “Companies
Ordinance”), shareholders representing at least 5% of the total
voting rights of all the shareholders having a right to vote at
general meetings are entitled to send a request to the Company to
convene a general meeting. Such request must state the general
nature of the business to be dealt with at the meeting and may
include the text of a resolution that may properly be moved and
is intended to be moved at the meeting. A request may be sent to
the Company Secretary at the Company’s registered office in hard
copy form or in electronic form to ir@vitasoy.com and must also
be authenticated by the person or persons making it.
Procedures for Shareholders to request circulation
of statement at General Meeting
Pursuant to section 580 of the Companies Ordinance,
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.
股東權利
股東召開股東大會之程序
根據香港《公司條例》（香港法例第 622 章）（「公
司條例」）第 566條，佔擁有權利於股東大會上投
票之全體股東總表決權最少 5% 之股東有權向本
公司發送請求書，召開股東大會。該請求書必須
列明將於大會上處理之事務之一般性質，及應包
括將於大會上正式動議及擬動議之決議案文本。
請求書之列印本可發送至本公司之註冊辦事處予
公司秘書或以電子形式電郵至 ir@vitasoy.com，
並須由發出請求書之人士或人等核實。
股東於股東大會上要求傳閱陳述書之
程序
根據公司條例第 580 條，佔全體股東總表決權最
少 2.5% 之股東或最少 50 名擁有相關表決權之股
東可以書面形式要求本公司向股東傳閱一份不多
於 1,000 字之陳述書，內容有關將於該大會上提
呈處理之決議案所述之事宜或其他將於該大會
上處理之事務。請求書之列印本可發送至本公
司之註冊辦事處予公司秘書或以電子形式電郵至
ir@vitasoy.com，並須識別須傳閱之陳述書。該
陳述書必須由發出之人士或人等核實，並須於召
開該大會最少七日前送交本公司。
於股東大會上提名一位人士參選董事
之程序
根據本公司章程細則，倘股東有意於股東大會上
提名一位人士（退任董事除外）參選董事，則該
股東須於寄發會議通知翌日起計七天內（或董事
不時釐定及公佈之其他期間）並在任何情況下不
遲於有關指定會議日期前七日，向本公司寄存一
份書面之提名通知。股東提名董事候選人之程序
亦已刊登在本公司之網站。
Annual Report 2018/2019 年度報告
65
Corporate Governance Report
企業管治報告
Constitutional Document
During the year, there was no change in the Company’s Articles
of Association. A copy of the latest consolidated version of
the Articles of Association of the Company is published on the
websites of the Stock Exchange and the Company.
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 2018 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 2018 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.
66
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
章程性質文件
年內，本公司之章程細則概無變動。本公司章程
細則之最新匯總版本已刊登在聯交所及本公司之
網站。
與股東及投資者之溝通
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。於二零一八年股東週年大會上，
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以回應股東之提問。本公
司之外聘核數師亦出席二零一八年股東週年大
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。
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 communication 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，以得悉有關投資者關係之市場
最新動向。
Annual Report 2018/2019 年度報告
67
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 78, 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) and Ms. Joy
Cheung Lo (a substantial shareholder 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), Mr. Eugene Lye (an
Executive Director of the Company), Mr. Christopher
Lye, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the
substantial shareholders of the Company).
執行主席
羅 友 禮 先 生 (SBS, BSc, MSc)， 七 十 八
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
女士及本公司主要股東張羅其樂女士
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
事黎中山先生以及本公司主要股東黎
東山先生、羅安女士及陳凌珊女士之
親屬。
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, 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 80, 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
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, 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），八十歲，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
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
Investment
non-executive director of Guangdong
Limited, The Hong Kong and China Gas Company
Limited, The Hongkong and Shanghai Hotels, 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 Executive Council
of Hong Kong from 2005 to 2008 and the Legislative
Council of Hong Kong from 1985 to 2012. He was an
independent non-executive director of PCCW Limited
and 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 80, 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.
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。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。李爵士曾在二零零五年至二零
零八年期間出任香港行政會議成員及
在一九八五年至二零一二年期間出任
香港立法會議員。李爵士曾出任電訊
盈科有限公司及南華早報集團有限公
司（現稱長城環亞控股有限公司）之
獨立非執行董事。除已披露者外，彼
於過往三年並無於其他上市公眾公司
擔任任何董事職務。
Jan P. S. ERLUND 先生，八十歲，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。
Annual Report 2018/2019 年度報告
69
Directors and Senior Management
董事及高層管理人員
mr. anthony John liddell nigHtingale (CMG, SBS,
JP), aged 71, 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. 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 Hong Kong
representative to the APEC Vision Group, a member
of the HKUST Business School Advisory Council, the
chairperson of The Sailors Home and Missions to
Seafarers 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），七十一
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。
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、亞太經合組織願景小
組香港代表、香港科技大學商學院顧
問 委 員 會 成 員、 香 港 海 員 俱 樂 部 主
席 以 及 Friends of Uppingham School
Limited之主席。黎先生曾為香港總商
會主席，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。
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
mr. paul Jeremy BroUgH, aged 62, 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 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. Mr. Brough is an independent non-
executive director of GL Limited, a company listed on the
Singapore Stock Exchange, the chairman of Noble Group
Holdings Limited (successor company of Noble Group
Limited which was formerly 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. Save as disclosed, he has not
held any directorship in other listed public companies in
the last three years.
Paul Jeremy BROUGH 先生，六十二
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。Brough 先 生 為 於 新 加 坡 證 券 交
易所上市之 GL Limited 之獨立非執行
董事、Noble Group Holdings Limited
（為曾於新加坡證券交易所上市之來
寶 集 團 有 限 公 司 之 繼 任 公 司）之 主
席、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。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 2018/2019 年度報告
71
Directors and Senior Management
董事及高層管理人員
Dr. roy chi-ping cHUng (GBS, BBS, JP), aged 66, 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），六十六
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。
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
Non-executive Directors
ms. Yvonne mo-ling lo, aged 71, 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 mother
of Ms. Keiko Aun Fukuda (a substantial shareholder of
the Company), 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), Mr. Eugene
Lye (an Executive Director of the Company), Ms. Joy
Cheung Lo, Mr. Christopher Lye and Ms. Alexandra Chan
(the substantial shareholders of the Company).
mr. peter tak-shing lo, aged 57, 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 charitable trust)
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, Mr. Kai-tun
Lo, Ms. Joy Cheung Lo, Mr. Christopher Lye, Ms. Keiko
Aun Fukuda and Ms. Alexandra Chan (the substantial
shareholders of the Company).
非執行董事
羅慕玲女士，七十一歲，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。彼為本公司主要股東羅
安女士之母親、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
事黎中山先生以及本公司主要股東張
羅其樂女士、黎東山先生及陳凌珊女
士之親屬。
羅德承先生，五十七歲，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（一項慈善基金）
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、羅開敦先生、張羅其
樂女士、黎東山先生、羅安女士及陳
凌珊女士之親屬。
Annual Report 2018/2019 年度報告
73
Directors and Senior Management
董事及高層管理人員
ms. may lo, aged 44, 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 sister of Ms. Joy Cheung
Lo (a substantial shareholder 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, Mr. Kai-tun Lo, Mr. Christopher Lye, Ms. Keiko
Aun Fukuda and Ms. Alexandra Chan (the substantial
shareholders of the Company).
羅其美女士，四十四歲，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、本公司主要
股東張羅其樂女士之胞妹、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、 羅 開 敦 先
生、黎東山先生、羅安女士及陳凌珊
女士之親屬。
Executive Directors
mr. roberto gUiDetti, aged 56, 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 programme 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 30 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
執行董事
陸博濤先生，五十六歲，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
面擁有三十年之豐富經驗。彼曾於兩
間大型跨國高流轉消費品企業負責歐
亞市場之本地、區域及全球性業務，
74
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
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.
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 49, was appointed a Director of
the Company in October 2017. Mr. Lye is currently the
President and Chief Executive Officer of Vitasoy USA
Inc. and Vitasoy North America Inc., the subsidiaries
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 16
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 brother of Mr. Christopher Lye (a
substantial shareholder of the Company), 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, Mr. Kai-tun Lo, Ms. Joy
Cheung Lo, Ms. Keiko Aun Fukuda and Ms. Alexandra
Chan (the substantial shareholders of the Company).
黎中山先生，四十九歲，於二零一七
年十月獲委任為本公司董事。黎先生
現為本公司附屬公司 Vitasoy USA Inc.
及Vitasoy North America 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
範疇的工作逾十六年。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
公司主要股東黎東山先生之胞弟、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、 羅 開 敦 先 生、 張 羅 其 樂 女
士、羅安女士及陳凌珊女士之親屬。
Annual Report 2018/2019 年度報告
75
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 56, 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 31 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.
ms. Wendy Hui-san ng, aged 46, Group Chief Human Resources
Officer. Ms. Ng is responsible for all aspects of our people strategy
globally including leadership development, talent management,
capability building, organisational effectiveness, compensation
and benefits, as well as diversity and inclusion. She works closely
with our operation CEOs and senior leadership team to ensure
we continue to build a culture that attracts, retains and develops
a winning team. Prior to joining the Group in January 2019, she
has extensive HR experience in building diverse talent, culture
and organisational capabilities to enhance performance and
drive sustainable strategic and operational business results for
both large multinationals and start up organisations globally. Her
career included assignments in North America, Asia Pacific and
emerging markets.
mr. frank changbo si, aged 49, 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.
集團高級總監
劉健成先生，五十六歲，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三十一年的豐富經驗。
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。
黃惠珊女士，四十六歲，集團首席人力資源總
監。黃女士負責集團全球人才策略之所有範疇，
包括領導發展、人才管理、實力培養、組織效
能、薪酬及福利以及多元化及包容性。彼與各業
務的行政總裁及高級領導團隊緊密合作，以確保
我們能繼續建立文化以吸引、挽留及發展一隊成
功團隊。於二零一九年一月加入本集團前，彼於
培養各類人才、建立文化及組織實力方面擁有豐
富的人力資源經驗，有關經驗可提升全球大型跨
國公司及初創組織的績效並從策略及營運上持續
改善企業業績。彼曾於北美、亞太區及新興市場
等多個國家地區任職。
司長波先生，四十九歲，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。
76
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. Joanna shwu-pyng tzeng cHen, aged 60, Group Chief
R&D and Quality Officer. 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.
mr. terence chiu-kit cHoW, aged 47, Group Senior Director,
Internal Audit and Risk Management. Mr. Chow is responsible for
developing and maintaining a comprehensive, risk-based financial,
operational and IT system audit framework for the Group as well
as managing group risk management function in achieving long-
term growth and sustainable development. Mr. Chow joined
the Group in March 2014 and has over 20 years of extensive
experience in different multi-national companies focusing on
identification of financial, operational and compliance related
control weaknesses and formulating recommendations to improve
the control environment, while minimising risk. Mr. Chow holds
a Master’s degree in Business Administration. He is a member
of the Hong Kong Institute of Certified Public Accountants, the
American Institute of Certified Professional Accountants and
Chartered Global Management Accountant. He also holds a CISA
(Certified Information Systems Auditor) certification issued by
the Information Systems Audit and Control Association.
Mainland China
mr. eric ting-yi ZHong, aged 45, 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.
陳曾淑苹博士，六十歲，集團首席研發及質量總
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。彼於推動全球產品發展方向和創新方面擔
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。
周昭傑先生，四十七歲，集團內部審計及風險管
理高級總監。周先生負責為本集團發展及維持一
個全面並以風險為本之財務、營運及資訊科技系
統之審計架構，以及管理集團風險管理功能，以
實現長遠增長及可持續發展。周先生於二零一四
年三月加入本集團，曾於不同跨國公司工作並累
積逾二十年之豐富經驗，專注於識別在財務、營
運及合規工作上之有關控制缺陷，製訂建議改善
環境控制並將風險降至最低。周先生持有工商管
理碩士學位。彼為香港會計師公會及美國註冊會
計師協會之會員並為特許全球管理會計師。彼亦
持有由資訊系統稽核與控制協會頒發之資訊系統
稽核人員認證證書。
中國內地
鍾廷毅先生，四十五歲，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。
Annual Report 2018/2019 年度報告
77
Directors and Senior Management
董事及高層管理人員
Hong Kong Operation (Hong Kong, Macau and Exports)
ms. Dorcas shing-suet laU, aged 49, 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 26 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 47, Managing Director 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 40, General Manager
of Vitasoy International Singapore Pte. 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.
香港業務（香港、澳門及出口）
劉盛雪女士，四十九歲，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，擁有二十六年豐富工作經驗，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。彼於二零一二年獲中國內
地《廣告時代》評選為「最值得矚目女性」。
澳洲及新西蘭
christopher John gillarD先生，四十七歲，
Vitasoy Australia Products Pty. Ltd. 之常務董
事。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、市場推廣和綜合管
理方面均擁有豐富的經驗。
新加坡
christopher lloyd marcHant 先生，四十
歲，為本集團於新加坡之豆腐生產公司，Vitasoy
International Singapore Pte. Ltd. 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。
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
The Directors have pleasure in submitting their annual report
together with the audited financial statements for the year ended
31st March 2019.
董事會欣然提呈截至二零一九年三月三十一日止
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 22 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 2018/19” to be posted on the
Company’s corporate website at www.vitasoy.com 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 22 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「二零一八╱二零一九年可持續發展報
告」，該報告將連同本年報於本公司之公司網站
(www.vitasoy.com) 刊登。該等討論會作為本董事
會報告之一部分。
Annual Report 2018/2019 年度報告
79
Report of the Directors
董事會報告
Major Customers and Suppliers
For the year ended 31st March 2019, the percentage of sales
attributable to the Group’s five largest customers was less than
30%.
主要客戶及供應商
於截至二零一九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%
34%
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 (2018:
an interim dividend of HK3.8 cents per ordinary share) was paid
on 20th December 2018. The Directors now recommend the
payment of a final dividend of HK38.0 cents per ordinary share
(2018: a final dividend of HK31.4 cents per ordinary share) in
respect of the year ended 31st March 2019.
建議股息
本公司已於二零一八年十二月二十日派發中期股
息每股普通股 3.8 港仙（二零一八年：中期股息
每股普通股 3.8 港仙）。董事現建議派發截至二零
一九年三月三十一日止年度之末期股息每股普通
股 38.0 港仙（二零一八年：末期股息每股普通股
31.4 港仙）。
Charitable Donations
Charitable donations made by the Group during the year
amounted to HK$434,000 (2018: HK$617,000).
慈善捐款
本 集 團 於 年 內 之 慈 善 捐 款 共 達 港 幣 434,000 元
（二零一八年：港幣 617,000 元）。
Bank Loans
Particulars of bank loans of the Group, as at 31st March 2019 are
set out in note 20 to the financial statements.
銀行貸款
本集團於二零一九年三月三十一日之銀行貸款詳
情載於財務報表附註 20。
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
Share Capital
Details of the movements in share capital of the Company during
the year are set out in note 25(c) to the financial statements.
Shares were issued during the year on exercise of share options.
股本
本公司於年內之股本變動詳情載於財務報表附註
25(c)。本公司因購股權獲行使而於年內發行股
份。
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。
In accordance with Article 104 of the Company’s Articles of
Association, Mr. Winston Yau-lai LO, Mr. Paul Jeremy BROUGH
and Mr. Roberto GUIDETTI 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，羅友禮先生、
Paul Jeremy BROUGH 先生及陸博濤先生將於應
屆股東週年大會上輪值退任董事會職務，且符合
資格並願膺選連任。
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。
Directors of Subsidiaries
A full list of the names of the directors of the Group’s subsidiaries
during the financial year and up to the date of this Annual Report
can be found in the Company’s website at www.vitasoy.com under
“Investor Relations/Corporate Governance/Board of Directors/
Directors of Subsidiaries”.
附屬公司之董事
於 本 財 政 年 度 內 及 截 至 本 年 報 之 日 期 本 集
團 附 屬 公 司 之 董 事 詳 細 名 單 於 本 公 司 網 站
（www.vitasoy.com）「投資者關係╱企業管治╱董
事會╱附屬公司董事」項下可供查閱。
Annual Report 2018/2019 年度報告
81
Report of the Directors
董事會報告
Directors’ Interests and Short Positions in
Shares, Underlying Shares and Debentures
The Directors of the Company who held office at 31st March
2019 had the following interests in the shares of the Company
and subsidiaries (within the meaning of the Securities and Futures
Ordinance (“SFO”)) at that date as recorded in the register of
Directors’ interests and short positions required to be kept under
section 352 of the SFO:
董事於股份、相關股份及債權證
之權益及淡倉
按《證券及期貨條例》第 352 條規定備存之董事
權益及淡倉登記冊記錄所載，於二零一九年三月
三十一日在職之本公司董事於當日持有本公司及
附屬公司（定義見《證券及期貨條例》）之股份權
益如下：
(1) Interests in issued shares
(1) 於已發行股份之權益
number of ordinary shares
普通股數目
name
姓名
note
附註
personal
interests
個人權益
family
interests
家族權益
trusts and
total number of
similar interests
信託及同類權益
shares held
所持股份總數
* % of total
issued shares
* 佔已發行股份總
數之百分比
Mr. Winston Yau-lai LO
(i), (iv)
61,583,800
28,702,500
72,678,300
162,964,600
15.35%
羅友禮先生
Dr. the Hon. Sir David
6,100,000
Kwok-po LI
李國寶爵士
Mr. Jan P.S. ERLUND
Jan P. S. ERLUND 先生
150,000
Ms. Yvonne Mo-ling LO
(ii), (iv)
–
羅慕玲女士
Mr. Peter Tak-shing LO
(iii),(iv)
9,198,000
羅德承先生
Ms. May LO
羅其美女士
2,074,000
–
–
–
–
–
Mr. Roberto GUIDETTI
(v)
4,874,000
100,000
陸博濤先生
Mr. Eugene LYE
黎中山先生
442,313
–
–
–
6,100,000
0.57%
150,000
0.01%
92,582,750
92,582,750
8.72%
121,657,000
130,855,000
12.33%
–
–
–
2,074,000
0.20%
4,974,000
0.47%
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二零一九年三月三十一日
of the Company in issue (i.e. 1,061,581,500 ordinary shares) as at 31st
已發行之股份總數（即 1,061,581,500 股普通股）計
March 2019.
算。
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
Directors’ Interests and Short Positions in
Shares, Underlying Shares and Debentures
董事於股份、相關股份及債權證
之權益及淡倉（續）
(Continued)
(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 2,576,300 shares held by
(ii) 羅慕玲女士擁有由 Yvonne Lo Charitable Remainder
Yvonne Lo Charitable Remainder Unitrust, 3,766,150 shares held by
Unitrust 持 有 之 2,576,300 股 股 份、 由 Yvonne Lo
Yvonne Lo Separate Property Trust and 13,562,000 shares held by Lo/
Separate Property Trust 持 有 之 3,766,150 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 13,562,000 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東
Tak-shing LO is interested in 72,678,300 shares held by The Bank of
亞銀行受託代管有限公司以代理人名義代羅桂祥基
East Asia (Nominees) Limited which holds such shares as a nominee
金（為一慈善基金）持有之 72,678,300 股股份之權
for the Lo Kwee Seong Foundation, a charitable trust. Each of them is a
益。彼等均為羅桂祥基金之受託人，故被視為擁有
trustee of the Lo Kwee Seong Foundation and is therefore deemed to
該等股份之權益。
be interested in such shares.
(v)
The family interests of 100,000 shares are jointly held by Mr. Roberto
(v) 陸博濤先生及其妻室共同持有 100,000 股股份之家
GUIDETTI and his wife.
族權益。
(2) Interests in underlying shares
Certain Directors of the Company have been granted options
under the Company’s share option scheme, details of which are
set out in the section “Share Option Scheme” below.
(2) 於相關股份之權益
本公司若干董事根據本公司之購股權計劃獲授購
股權，詳情載於下文「購股權計劃」一節。
All interests in the shares and underlying shares of the Company
are long positions.
於本公司股份及相關股份中之全部權益均為好
倉。
Apart from the foregoing, none of the Directors of the Company
or any of their spouses or children under eighteen years of age
has interests or short positions in the shares, underlying shares
or debentures of the Company, any of its subsidiaries or other
associated corporations, as recorded in the register required to be
kept under section 352 of the SFO or as otherwise notified to the
Company pursuant to the Model Code for Securities Transactions
by Directors of Listed Companies.
除上文所披露者外，本公司各董事或彼等之任何
配偶或未滿十八歲之子女概無在本公司、其任何
附屬公司或其他相聯法團之股份、相關股份或債
權證中擁有任何記錄在根據《證券及期貨條例》
第 352 條須備存之登記冊上或須根據上市公司董
事進行證券交易的標準守則另行知會本公司之權
益或淡倉。
Annual Report 2018/2019 年度報告
83
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%。
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）
(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 2019, there
were 4,562,000 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
零一九年三月三十一日，仍有 4,562,000 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 2018/2019 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
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%。
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
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, 3,418,000 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 2019 was 74,056,950 shares, which represented 6.98% of
the ordinary shares of the Company in issue at 31st March 2019.
年內， 根據二零一二年購股權計劃授出 3,418,000
份購股權。於二零一九年三月三十一日，根據
二零一二年購股權計劃可供發行之普通股總數
為 74,056,950 股，佔本公司於二零一九年三月
三十一日之已發行普通股 6.98%。
Annual Report 2018/2019 年度報告
87
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 2019, 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 2019 was HK$38.00) 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 2019, 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$24,992,000 and HK$34,943,000 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 2019 are exercised,
the Company will receive proceeds of HK$286,459,000.
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）
於二零一九年三月三十一日，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（於二零一九年三月三十一日
之每股市值為港幣 38.00 元）之購股權中擁有下
列權益。於二零一九年三月三十一日，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24,992,000元及港幣34,943,000
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。假設所有於二零一九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
286,459,000 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。
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
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
2/7/2014
26/6/2015
24/6/2016
26/6/2017
19/6/2018
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
2/7/2015 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
19/6/2019 to至 18/6/2028
22/6/2012
28/6/2013
2/7/2014
26/6/2015
24/6/2016
# 2/3/2017
26/6/2017
19/6/2018
@ 28/1/2019
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
19/6/2019 to至 18/6/2028
28/1/2020 to至 27/1/2029
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
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
–
–
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
10.080
13.600
14.792
16.296
25.100
6.274
9.370
10.080
13.600
14.792
15.440
16.296
25.100
30.350
Number of
options
granted
during the
year
年內授出之
購股權數目
Number of
options
exercised
during the
year
年內行使之
購股權數目
Number of
options
forfeited
during the
year
年內沒收之
購股權數目
–
–
–
–
–
–
–
–
–
–
1,288,000
–
–
–
–
–
–
–
1,810,000
320,000
–
–
–
–
–
–
(400,000)
(916,000)
(398,000)
–
–
(220,000)
–
(118,000)
(360,000)
(168,000)
–
(130,000)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(20,000)
(36,000)
(48,000)
–
(62,000)
(60,000)
–
Number of
options
outstanding
at the end
of the year
年結時
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
–
354,000
880,000
1,254,000
1,288,000
–
238,000
168,000
584,000
928,000
326,000
1,586,000
1,750,000
320,000
* 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
5.470
6.700
9.950
9.890
11.520
15.280
9.890
13.620
13.960
16.200
24.000
6.130
9.180
9.890
13.620
13.960
15.460
16.200
24.000
30.000
–
–
–
–
–
–
26.300
26.934
28.842
–
–
25.700
–
26.568
26.904
25.549
–
29.072
–
–
20,260,000
3,418,000
(2,710,000)
(226,000)
20,742,000
Annual Report 2018/2019 年度報告
89
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 an eligible employee will be fully vested after two
#
授予合資格僱員之購股權將自授出日期兩年後獲全
years from the date of grant.
部歸屬。
@
50% of options will be vested after the first anniversary from the date
of grant and 50% of options will be vested after the second anniversary
@
50% 之購股權將自授出日期起計一週年後獲歸屬及
50% 之購股權將自授出日期起計兩週年後獲歸屬。
from the date of grant.
All options except for options granted on 2nd March 2017
and 28th January 2019, 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（除於二零一七年三
月二日及二零一九年一月二十八日授出之購股權
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 23 to
the financial statements respectively.
有關授出購股權之會計政策及每份購股權價值之
資料分別載於財務報表附註 1(q)(iv) 及附註 23。
90
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 2019 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
於二零一九年三月三十一日，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
Trusts and
Total
* % of total
Substantial shareholders
Note
Personal
interests
Family
interests
Corporate
interests
similar
number of shares
interests
held
個人權益
家族權益
公司權益
信託及
同類權益
所持股份總數
issued
shares
*佔已發行
股份總數
之百分比
主要股東
Commonwealth Bank of Australia
澳洲聯邦銀行
附註
(i)
Ms. Myrna Mo-ching LO
(ii),(iii)
–
–
羅慕貞女士
Ms. Irene CHAN
陳羅慕連女士
Mr. Kai-tun LO
羅開敦先生
(iii)
(iii)
23,514,700
18,508,950
–
–
–
–
127,181,069
–
127,181,069
11.98%
–
–
–
100,653,000
100,653,000
9.48%
72,678,300
96,193,000
9.06%
72,678,300
91,187,250
8.59%
*
This percentage has been compiled based on the total number of shares
of the Company in issue (i.e. 1,061,581,500 ordinary shares) as at 31st
*
此百分比乃根據本公司於二零一九年三月三十一日
已發行之股份總數（即 1,061,581,500 股普通股）計
March 2019.
算。
Annual Report 2018/2019 年度報告
91
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 Lo
(ii) 羅 慕 貞 女 士 擁 有 由 Lo Myrna Trust 持 有 之
Myrna Trust. Ms. Myrna Mo-ching LO is a beneficiary of such trust and
27,974,700 股股份之權益。羅慕貞女士為該信託之
is therefore deemed to be interested in such shares.
受益人，故被視為擁有該等股份之權益。
(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由
LO is interested in 72,678,300 shares held by The Bank of East Asia
東亞銀行受託代管有限公司以代理人名義代羅桂祥
(Nominees) Limited which holds such shares as a nominee for the Lo
基金（為一慈善基金）持有之 72,678,300 股股份之
Kwee Seong Foundation, a charitable trust. Each of them is a trustee
權益。彼等均為羅桂祥基金之受託人，故被視為擁
of the Lo Kwee Seong Foundation and is therefore deemed to be
有該等股份之權益。
interested in such shares.
All interests in the shares and underlying shares of the Company
are long positions.
於本公司股份及相關股份中之全部權益均為好
倉。
Apart from the foregoing, no other interests required to be
recorded in the register kept under section 336 of the SFO have
been notified to the Company.
除上文所披露者外，本公司並無獲知會有任何其
他權益須記錄在根據《證券及期貨條例》第 336
條而備存之登記冊內。
Sufficiency of Public Float
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。
92
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Report of the Directors
董事會報告
Remuneration for Senior Management
The emoluments of the Senior Management by bands are as
follows:
高層管理人員之酬金
按組別劃分之高層管理人員之酬金如下：
Below HK$2,000,000
港幣 2,000,000 元以下
HK$2,000,001 to HK$4,000,000
港幣 2,000,001 元至港幣 4,000,000 元
HK$4,000,001 to HK$6,000,000
港幣 4,000,001 元至港幣 6,000,000 元
HK$6,000,001 to HK$8,000,000
港幣 6,000,001 元至港幣 8,000,000 元
Number of individuals
人數
1
3
3
2
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 2018/19” to be
posted on the Company’s corporate website at www.vitasoy.com
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「二零一八╱二零一九
年可持續發展報告」，該報告將連同本年報於本
公司之公司網站（www.vitasoy.com）發佈。
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 2019 are set out in note 28 to the financial statements.
In respect of each related party transaction disclosed in note 28,
the Company confirms that it has reviewed the transactions which
are complied with the relevant requirements under the Listing
Rules (if applicable).
關連人士交易
本公司於截至二零一九年三月三十一日止年度透
過一般業務過程訂立之重大關連人士交易詳情載
於財務報表附註 28。就附註 28 所披露之各項關
連人士交易而言，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）。
Annual Report 2018/2019 年度報告
93
Report of the Directors
董事會報告
Employee Retirement Plans
Particulars of employee retirement plans of the Group are set out
in note 22 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 22。
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 233 and
234 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 233 及 234 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, 20th June 2019
香港，二零一九年六月二十日
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
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 102 to 232, which
comprise the consolidated statement of financial position as at
31st March 2019, 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 2019 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
102 至 232 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
一九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 貴集團於二零一九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 2018/2019 年度報告
95
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 139 to 140.
請參閱綜合財務報表附註 3 及第 139 至 140 頁的會計政策。
The Key Audit Matter
關鍵審計事項
How the matter was addressed in our audit
我們的審計如何處理該事項
The Group’s revenue is principally generated from
sales of food and beverages to a large number of
distributors and retailers.
貴集團的收入主要源於向眾多分銷商和零售商銷售
食品及飲品。
Our audit procedures to assess the recognition of revenue
from sales to distributors and retailers included the
following:
我們就評估有關確認來自分銷商和零售商銷售的收入的審
計程序包括以下各項：
Revenue from sales to distributors and retailers is
recognised when the customer takes possession
of and accepts the Group’s food and beverage
products, 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客戶擁有及接
受 貴集團的食品及飲品產品時確認，這一般在產
品送達至客戶指定地點時發生。
large number of
There are a
individual sales
transactions each year which increase the risk of
errors arising in the recognition of revenue.
貴集團每年發生大量的個別銷售交易，這增加了收
入確認出現錯誤的風險。
• assessing the design, implementation and operating
effectiveness of management’s key internal controls
over revenue recognition;
• 評估管理層有關收入確認的關鍵內部控制的設計、實施
及運行有效性；
• inspecting sales contracts with distributors and retailers,
on a sample basis, to understand the trade terms agreed
with individual customers and assessing the Group’s
revenue recognition policies with reference to the
requirements of the prevailing accounting standards;
• 按樣本基準檢查與分銷商和零售商簽訂的銷售合同，以
此了解與個別客戶約定的交易條款，並參考現行會計準
則的規定評估 貴集團的收入確認政策；
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
Key audit matters (Continued)
關鍵審計事項（續）
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
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。
• 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 2018/2019 年度報告
97
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。
98
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 2018/2019 年度報告
99
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。
100
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
20th June 2019
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
二零一九年六月二十日
Annual Report 2018/2019 年度報告
101
consoliDateD statement of profit or loss
綜合損益表
For the year ended 31st March 2019 截至二零一九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
Note 附註
3
4
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
7,526,495
6,464,525
(3,484,665)
(3,044,767)
4,041,830
3,419,758
40,144
27,829
Marketing, selling and distribution expenses
(2,104,514)
(1,729,371)
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
(635,281)
(559,096)
(365,019)
(336,872)
977,160
822,248
(2,086)
(1,700)
(19,236)
(17,814)
955,838
802,734
(208,143)
(160,679)
747,695
642,055
5(a)
5
6(a)
102
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 2019 截至二零一九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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
10
695,907
585,774
51,788
56,281
747,695
642,055
65.6 cents 仙
55.5 Cents 仙
65.0 cents 仙
55.0 Cents 仙
The notes on pages 112 to 232 form part of these financial
statements.
第 112 至 232 頁之附註乃本財務報表之一部份。
Details of dividends payable to equity shareholders of the
Company attributable to the profit for the year are set out in note
25(b).
有關本年度溢利中應付予本公司股權持有人之股
息詳情載於附註 25 (b)。
Annual Report 2018/2019 年度報告
103
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 2019 截至二零一九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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
747,695
642,055
other comprehensive income for the year (after tax)
9
本年度其他全面收益（除稅後）
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 and joint venture outside
Hong Kong
因換算香港以外地區附屬公司及合營公司之財務報表而
產生之匯兌差額
(5,141)
6,095
(122,804)
145,272
Cash flow hedge: net movement in the hedging reserve
(4,088)
5,685
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：
615,662
799,107
Equity shareholders of the Company
580,823
730,802
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
34,839
68,305
615,662
799,107
The notes on pages 112 to 232 form part of these financial
statements.
第 112 至 232 頁之附註乃本財務報表之一部份。
104
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 2019 於二零一九年三月三十一日
(Expressed in Hong Kong dollars)（以港幣計算）
2019
二零一九年
2018
二零一八年
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
11(a)
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
11(g)
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
12
13
15
24(b)
16
17
748,284
984,008
24(a)
37,727
18(a)
1,005,032
176,428
67,134
3,628
2,759,250
2,939,306
1,601
3,417
18,375
59,290
81,169
3,103,158
4,088
2,277,653
2,348,875
1,586
3,922
18,983
45,291
103,362
2,522,019
709,312
954,944
10,209
985,694
2,775,051
2,660,159
Annual Report 2018/2019 年度報告
105
Consolidated Statement of Financial Position
綜合財務狀況表
At 31st March 2019 於二零一九年三月三十一日
(Expressed in Hong Kong dollars)（以港幣計算）
2019
二零一九年
2018
二零一八年
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
Current liabilities
流動負債
Trade and other payables
應付賬款及其他應付款
Bank loans
銀行貸款
Obligations under finance leases
融資租賃之債務
Current tax payable
應付現期稅項
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
2,213,401
1,863,772
19
20
21
44,508
–
24(a)
29,135
27,085
921
31,265
2,287,044
1,923,043
488,007
3,591,165
737,116
3,259,135
Employee retirement benefit liabilities
22(b)
22,624
僱員退休福利負債
Deferred tax liabilities
遞延稅項負債
net assets
淨資產
24(b)
98,981
16,066
73,923
121,605
3,469,560
89,989
3,169,146
106
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 2019 於二零一九年三月三十一日
(Expressed in Hong Kong dollars)（以港幣計算）
2019
二零一九年
2018
二零一八年
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
25(c)
capital anD reserVes
資本及儲備
Share capital
股本
Reserves
儲備
total equity attributable to equity
shareholders of the company
本公司股權持有人應佔權益總額
non-controlling interests
非控股權益
total eQUitY
權益總額
898,961
2,266,451
3,165,412
304,148
3,469,560
857,335
2,052,422
2,909,757
259,389
3,169,146
Approved and authorised for issue by the Board of Directors on
20th June 2019.
於二零一九年六月二十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 112 to 232 form part of these financial
statements.
第 112 至 232 頁之附註乃本財務報表之一部份。
Annual Report 2018/2019 年度報告
107
consoliDateD statement of cHanges in eQUitY
綜合權益變動表
For the year ended 31st March 2019 截至二零一九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
General
reserve
Hedging
reserve
Exchange
reserve
股本
資本儲備
盈餘儲備
其他儲備
一般儲備
對沖儲備
匯兌儲備
Share-based
compensation
reserve
股份基礎
補償儲備
Retained
profits
保留溢利
Non-
controlling
interests
Total
equity
非控股權益
權益總額
Total
合計
(note
25(c)(i))
（附註 25(c)
(i)）
(note
25(d)(i))
（附註 25(d)
(i)）
(note
25(d)(ii))
（附註25(d)
(ii)）
(note
25(d)(iii))
（附註 25(d)
(iii)）
(note
25(d)(iv))
（附註25(d)
(iv)）
(note
25(d)(v)
（附註25(d)
(v)）
(note
25(d)(vi))
（附註 25(d)
(vi)）
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
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
9
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
25(d)(i)
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
25(b)(ii)
批准屬於上一年度之末期股息
Special dividend approved in
respect of the previous year
25(b)(ii)
批准屬於上一年度之特別股息
Interim dividend declared in
respect of the current year
25(b)(i)
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
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
–
–
–
–
–
83,089
–
–
–
–
–
–
–
–
–
(4,087)
–
–
–
–
–
–
–
–
–
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
108
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 2019 截至二零一九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
General
reserve
Hedging
reserve
Exchange
reserve
股本
資本儲備
盈餘儲備
其他儲備
一般儲備
對沖儲備
匯兌儲備
Share-based
compensation
reserve
股份基礎
補償儲備
Retained
profits
保留溢利
Non-
controlling
interests
Total
equity
非控股權益
權益總額
Total
合計
(note
25(c)(i))
（附註 25(c)
(i)）
(note
25(d)(i))
（附註 25(d)
(i)）
(note
25(d)(ii))
（附註25(d)
(ii)）
(note
25(d)(iii))
（附註 25(d)
(iii)）
(note
25(d)(iv))
（附註25(d)
(iv)）
(note
25(d)(v)
（附註25(d)
(v)）
(note
25(d)(vi))
（附註 25(d)
(vi)）
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
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
Balance at 1st april 2018
於二零一八年四月一日結餘
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
9
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
25(d)(i)
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
25(b)(ii)
25(b)(i)
29
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
Partial disposal of equity interest
in a subsidiary to
a non-controlling interest
向非控股權益出售部分附屬公司
股權
Capital contribution from
a non-controlling interest
來自非控股權益之注資
Balance at 31st march 2019
於二零一九年三月三十一日結餘
25(c)(ii)
41,626
–
–
–
–
–
–
–
–
–
(3,609)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
15,481
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
380
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(4,088)
(105,855)
(4,088)
(105,855)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
695,907
695,907
51,788
747,695
(5,141)
(115,084)
(16,949)
(132,033)
690,766
580,823
34,839
615,662
(15,481)
3,609
–
–
(7,180)
13,521
–
–
34,446
13,521
(333,191)
(333,191)
(40,324)
(40,324)
–
–
–
–
–
–
–
–
34,446
13,521
(333,191)
(40,324)
–
–
–
–
(26,723)
(26,723)
380
25,238
25,618
–
11,405
11,405
–
–
–
–
–
–
–
–
–
–
898,961
35,176
85,910
(48,242)
2,261
492
(62,726)
38,214
2,215,366
3,165,412
304,148
3,469,560
The notes on pages 112 to 232 form part of these financial
statements.
第 112 至 232 頁之附註乃本財務報表之一部份。
Annual Report 2018/2019 年度報告
109
consoliDateD casH floW statement
綜合現金流量表
For the year ended 31st March 2019 截至二零一九年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
2019
二零一九年
2018
二零一八年
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
operating activities
經營活動
Cash generated from operations
18(b)
1,464,896
1,274,140
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
investing activities
投資活動
Payment for the purchase of property,
plant and equipment
購買物業、廠房及設備之款項
Proceeds from sale of property, plant
and equipment
出售物業、廠房及設備所得款項
Proceeds from partial disposal of
(34,076)
(157,590)
(53,726)
(154,874)
1,273,230
1,065,540
(910,191)
(421,142)
6,545
21,930
equity interest in a subsidiary
29
25,618
–
出售部分附屬公司股權所得款項
Government grants received for
acquisition of plant and equipment
11(a)
收購廠房及設備之已收政府補助
Investment in joint venture
於合營公司之投資
New loan to joint venture
向合營公司借出之新貸款
Interest received
已收利息
net cash used in investing activities
投資活動所用現金淨額
431
–
15
(33,638)
13,581
10,913
(65,018)
–
9,859
(897,654)
(443,458)
110
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 2019 截至二零一九年三月三十一日止年度
(Expressed in Hong Kong dollars)（以港幣計算）
2019
二零一九年
2018
二零一八年
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
18(c)
18(c)
18(c)
18(c)
18(c)
(871)
19,977
–
(21)
(2,065)
34,446
29
11,405
(1,244)
27,229
(207,461)
(121)
(1,579)
69,604
–
(373,529)
(370,410)
(26,723)
(27,253)
(337,381)
(511,235)
38,195
985,185
110,847
852,649
(18,842)
21,689
18(a)
1,004,538
985,185
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
Capital contribution from a non-
controlling interest
來自非控股權益之注資
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 112 to 232 form part of these financial
statements.
第 112 至 232 頁之附註乃本財務報表之一部份。
Annual Report 2018/2019 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
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 2019 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
截至二零一九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。
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）
(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
(c) 會計政策之變動
(i) Overview
The HKICPA has issued a number of new HKFRSs and amendments
to HKFRSs that are first effective for the current accounting
period of the Group. Of these, the following developments are
relevant to the Group’s financial statements:
(i) 概覽
香港會計師公會頒佈了多項於本集團當前會計期
間首次生效之新訂《香港財務報告準則》及《香港
財務報告準則》修訂。其中，下列發展與本集團
之財務報表有關：
–
–
–
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」
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」
Annual Report 2018/2019 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）
(c) Changes in accounting policies (Continued)
(c) 會計政策之變動（續）
(i) Overview (Continued)
The Group has not applied any new standard or interpretation
that is not yet effective for the current accounting period, except
for the amendments to HKFRS 9, Prepayment features with negative
compensation, which have been adopted at the same time as
HKFRS 9.
(i) 概覽（續）
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，惟《香港財務報告準則》第 9 號
「具有負補償特性之預付款項」之修訂除外，而該
修訂已與《香港財務報告準則》第 9 號同時採納。
The Group has been impacted by HKFRS 9 in relation to
measurement of credit losses and hedge accounting. The Group
has also been impacted by HKFRS 15 in relation to accounting for
consideration payable to customer and presentation of contract
assets and contract liabilities. Details of the changes in accounting
policies are discussed in note 1(c)(ii) for HKFRS 9 and note 1(c)(iii)
for HKFRS 15.
本集團已受到《香港財務報告準則》第 9 號有關信
貸虧損計量及對沖會計處理之影響。本集團亦已
受到《香港財務報告準則》第 15 號有關應付客戶
代價之會計處理以及合約資產及合約負債呈列之
影響。有關《香港財務報告準則》第 9 號及《香港
財務報告準則》第 15 號之會計政策變動詳情分別
於附註 1(c)(ii) 及附註 1(c)(iii) 內討論。
(ii) HKFRS 9, Financial instruments, including the
amendments to HKFRS 9, Prepayment features with
negative compensation
HKFRS 9 replaces HKAS 39, Financial instruments: recognition and
measurement. It sets out the requirements for recognising and
measuring financial assets, financial liabilities and some contracts
to buy or sell non-financial items.
(a) Credit losses
HKFRS 9 replaces the “incurred loss” model in HKAS 39 with the
expected credit losses (“ECL”) model. The ECL model requires an
ongoing measurement of credit risk associated with a financial
asset and therefore recognises ECLs earlier than under the
“incurred loss” accounting model in HKAS 39.
(ii) 《香港財務報告準則》第9號「金融工
具」，包括《香港財務報告準則》第9號
「具有負補償特性之預付款項」之修訂
《香港財務報告準則》第 9 號取代《香港會計準則》
第 39 號「金融工具：確認及計量」。其載列確認
及計量金融資產、金融負債及若干買賣非金融項
目合約之規定。
(a) 信貸虧損
《香港財務報告準則》第 9 號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。預期信貸虧損模式規定持續計量金融資產相
關之信貸風險，因此，確認預期信貸虧損之時間
較根據《香港會計準則》第 39 號之「已產生虧損」
會計模式確認之時間為早。
The Group applies the new ECL model to financial assets measured
at amortised cost (including cash and cash equivalents, trade and
other receivables and loan to joint venture).
本集團將新預期信貸虧損模式應用於按攤銷成本
計量之金融資產（包括現金及現金等值項目、應收
賬款及其他應收款以及向合營公司借出之貸款）。
For further details on the Group’s accounting policy for accounting
for credit losses, see note 1(k)(i).
有關本集團對信貸虧損會計處理之會計政策之進
一步詳情，見附註 1(k)(i)。
(b) Hedge accounting
The Group has elected to adopt the new general hedge accounting
model in HKFRS 9. Depending on the complexity of the hedge,
this new accounting model allows a more qualitative approach
to assessing hedge effectiveness compared to HKAS 39 to be
applied, and the assessment is always forward looking.
(b) 對沖會計處理
本集團已選擇採納《香港財務報告準則》第 9 號之
新一般對沖會計模式。視乎對沖之複雜程度，此
項新會計模式與應用《香港會計準則》第 39 號相
比，為評估對沖之有效性提供更為定性之方法，
且有關評估更具前瞻性。
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）
(c) Changes in accounting policies (Continued)
(c) 會計政策之變動（續）
(ii) HKFRS 9, Financial instruments, including the
(ii) 《香港財務報告準則》第9號「金融工
amendments to HKFRS 9, Prepayment features with
negative compensation (Continued)
具」，包括《香港財務報告準則》第9號
「具有負補償特性之預付款項」之修訂
（續）
(b) Hedge accounting (Continued)
The adoption of HKFRS 9 has not had a significant impact on the
Group’s financial statements in this regard.
(b) 對沖會計處理（續）
就此而言，採納《香港財務報告準則》第 9 號並無
對本集團之財務報表造成重大影響。
For an explanation of how the Group applies hedge accounting,
see note 1(t).
(c) Transition
Changes in accounting policies resulting from the adoption of
HKFRS 9 have been applied with following impact:
–
All hedging relationships designated under HKAS 39 at 31st
March 2018 met the criteria for hedge accounting under
HKFRS 9 at 1st April 2018 and are therefore regarded
as continuing hedging relationships. Changes to hedge
accounting policies have been applied prospectively.
有關本集團如何應用對沖會計處理之解釋請參閱
附註 1(t)。
(c) 過渡
本集團已應用因採納《香港財務報告準則》第 9 號
而引致之會計政策變動，並帶來以下影響：
– 所有於二零一八年三月三十一日根據《香港
會計準則》第 39 號指定之對沖關係均符合
於二零一八年四月一日《香港財務報告準
則》第 9 號項下之對沖會計處理條件，故被
視為持續對沖關係。對沖會計政策的變動
已按未來適用法應用。
(iii) HKFRS 15, Revenue from contracts with customers
(iii) 《香港財務報告準則》第15號「客戶合
約收入」
framework
HKFRS 15 establishes a comprehensive
for
recognising revenue and some costs from contracts with
customers. HKFRS 15 replaces HKAS 18, Revenue, which covered
revenue arising from sale of goods and rendering of services, and
HKAS 11, Construction contracts, which specified the accounting
for construction contracts.
《香港財務報告準則》第 15 號建立一個確認客戶
合約收入及若干成本之綜合框架。《香港財務報
告準則》第15號取代《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會計處理。
HKFRS 15 also introduces additional qualitative and quantitative
disclosure requirements which aim to enable users of the financial
statements to understand the nature, amount, timing and
uncertainty of revenue and cash flows arising from contracts with
customers.
《香港財務報告準則》第 15 號亦引入額外之定性
及定量披露規定，旨在讓財務報表使用者了解客
戶合約所產生之收入及現金流量之性質、金額、
時間及不確定性。
The Group has elected to use the cumulative effect transition
method. Comparative information has not been restated and
continues to be reported under HKAS 11 and HKAS 18. As allowed
by HKFRS 15, the Group has applied the new requirement only to
contracts that were not completed before 1st April 2018.
本集團已選擇使用累積效應過渡法。可比較資料
並無重列並繼續根據《香港會計準則》第 11 號及
《香港會計準則》第 18 號予以呈報。在《香港財
務報告準則》第 15 號許可範圍內，本集團僅對於
二零一八年四月一日前尚未完成之合約應用新規
定。
Annual Report 2018/2019 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）
(c) Changes in accounting policies (Continued)
(c) 會計政策之變動（續）
(iii) HKFRS 15, Revenue from contracts with customers
(iii) 《香港財務報告準則》第15號「客戶合
(Continued)
Further details of the nature and effect of the changes on previous
accounting policies are set out below:
(a) Consideration payable to a customer
HKFRS 15 requires an entity to account for consideration payable
to a customer as a reduction of revenue, unless the payment to
the customer is in exchange for a distinct good or service that the
customer transfers to the entity.
約收入」（續）
有關過往會計政策變動之性質及影響之進一步詳
情載列如下：
(a) 應付客戶之代價
《香港財務報告準則》第 15 號規定實體將應付客
戶之代價入賬列作收入減少，惟就客戶向實體轉
讓之明確貨品或服務向客戶作出之付款除外。
The Group has reassessed the nature of payments to customers
and only those for exchanging distinct goods or services with
the customers are separately recognised as expenses. There
was no significant impact on revenue and marketing, selling and
distribution expenses upon the adoption of HKFRS 15 for the year
ended 31st March 2019.
本集團已重新評估向客戶作出之付款之性質，並
僅將與客戶換取明確貨品或服務而作出之付款獨
立確認為開支。截至二零一九年三月三十一日止
年度，採納《香港財務報告準則》第 15 號後並無
對收入以及市場推廣、銷售及分銷費用造成重大
影響。
(b) Presentation of contract assets and liabilities
Under HKFRS 15, a receivable is recognised only if the Group has
an unconditional right to consideration. If the Group recognises
the related revenue before receiving the consideration or being
unconditionally entitled to the consideration for the promised
goods and services in the contract, then the entitlement to
consideration is classified as a contract asset. Similarly, a contract
liability, rather than a payable, is recognised when a customer pays
consideration, or is contractually required to pay consideration
and the amount is already due, before the Group recognises the
related revenue. For a single contract with the customer, either
a net contract asset or a net contract liability is presented. For
multiple contracts, contract assets and contract liabilities of
unrelated contracts are not presented on a net basis.
(b) 合約資產及負債之呈列
根據《香港財務報告準則》第 15 號，應收款僅當
本集團擁有無條件收取代價之權利時確認。倘本
集團於收取代價或有權無條件收取合約中之已承
諾貨品及服務代價前確認相關收入，則收取代價
之權利分類為合約資產。同樣地，在本集團確認
相關收入前，倘客戶支付代價或根據合約須支付
代價且該代價已到期支付，則確認合約負債而非
應付款。就與客戶簽訂之單一合約而言，應以合
約資產淨值或合約負債淨額呈列。就多份合約而
言，不相關合約之合約資產及合約負債不以淨額
呈列。
As a result of the adoption of HKFRS 15, “receipts in advance from
customers” previously grouped under “accrued expenses and
other payables” within trade and other payables is now separately
disclosed in note 19.
由於採納《香港財務報告準則》第 15 號，故過往
計入應付賬款及其他應付款內「應計費用及其他
應付款」之「預收客戶款項」目前於附註 19 獨立
披露。
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）
(c) Changes in accounting policies (Continued)
(c) 會計政策之變動（續）
(iv) HK(IFRIC) 22, Foreign currency transactions and
(iv) 香港（國際財務報告詮釋委員會）第22
advance consideration
This interpretation provides guidance on determining “the date
of the transaction” for the purpose of determining the exchange
rate to use on initial recognition of the related asset, expense or
income (or part of it) arising from a transaction in which an entity
receives or pays advance consideration in a foreign currency.
號「外幣交易及預付代價」
此詮釋就釐定「交易日期」提供指引，旨在釐定
於初始確認因實體以外幣收取或支付預付代價之
交易而產生之相關資產、開支或收入（或其中一
部分）所使用之匯率。
The interpretation clarifies that “the date of the transaction” is the
date on initial recognition of the non-monetary asset or liability
arising from the payment or receipt of advance consideration. If
there are multiple payments or receipts in advance of recognising
the related item, the date of the transaction for each payment
or receipt should be determined in this way. The adoption of
HK(IFRIC) 22 does not have any material impact on the financial
position and the financial result of the Group.
(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.
該詮釋澄清「交易日期」為初始確認因支付或收
取預付代價而產生之非貨幣性資產或負債之日
期。倘確認相關項目前有多筆付款或收款，則應
按該方式釐定每筆付款或收款之交易日期。採
納香港（國際財務報告詮釋委員會）第 22 號並無
對本集團之財務狀況及財務業績造成任何重大影
響。
(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。
Annual Report 2018/2019 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）
(d) Subsidiaries and non-controlling interests
(d) 附屬公司及非控股權益（續）
(Continued)
Non-controlling interests represent the equity in a subsidiary not
attributable directly or indirectly to the Company, and in respect
of which the Group has not agreed any additional terms with the
holders of those interests which would result in the Group as a
whole having a contractual obligation in respect of those interests
that meets the definition of a financial liability. For each business
combination, the Group can elect to measure any non-controlling
interests either at fair value or at the non-controlling interests’
proportionate share of the subsidiary’s net identifiable assets.
Non-controlling interests are presented in the consolidated
statement of financial position within equity, separately from
equity attributable to the equity shareholders of the Company.
Non-controlling interests in the results of the Group are presented
on the face of the consolidated statement of profit or loss and the
consolidated statement of profit or loss and other comprehensive
income as an allocation of the total profit or loss and total
comprehensive income for the year between non-controlling
interests and the equity shareholders of the Company. Loans
from holders of non-controlling interests and other contractual
obligations towards these holders are presented as financial
liabilities in the consolidated statement of financial position in
accordance with notes 1(n) or (o) depending on the nature of the
liability.
Changes in the Group’s interests in a subsidiary that do not result
in a loss of control are accounted for as equity transactions,
whereby adjustments are made to the amounts of controlling and
non-controlling interests within consolidated equity to reflect
the change in relative interests, but no adjustments are made to
goodwill and no gain or loss is recognised.
非控股權益指非本公司直接或間接應佔之附屬公
司股權，而本集團並未與有關權益持有人協定任
何附加條款，令本集團整體對該等權益產生符合
金融負債定義之合約義務。就各企業合併而言，
本集團可選擇按公允值或非控股權益所佔附屬公
司之可識別資產淨值之比例計量任何非控股權
益。
非控股權益在綜合財務狀況表之權益部份內，與
本公司股權持有人應佔權益分開呈列。非控股權
益所佔本集團業績之權益在綜合損益表及綜合損
益及其他全面收益表呈列，以顯示本年度之總溢
利或虧損及全面收益總額於非控股權益與本公司
股權持有人之間之分配。非控股權益持有人之貸
款及該等持有人之其他合約責任乃按該筆負債之
性質根據附註 1(n) 或 (o) 在綜合財務狀況表呈列為
金融負債。
本集團不導致喪失控制權之附屬公司權益變動乃
以權益交易入賬，即只調整在綜合權益內之控股
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)）。
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）
(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.
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). 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). The cost of the investment includes purchase price, other
costs directly attributable to the acquisition of the investment,
and any direct investment into the joint venture that forms part
of the Group’s equity investment. 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)(ii)). 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.
(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。
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，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）。
投資成本包括購買價格、直接歸屬於收購投資之
其他成本及對構成本集團股權投資一部分之合營
公司之任何直接投資。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)
(ii) 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。
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.
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。
Annual Report 2018/2019 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）
(e) Joint venture (Continued)
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.
(e) 合營公司（續）
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值確認，而此
金額被視為首次確認為金融資產的公允值。
(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。
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）
(g) Investment properties (Continued)
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.
(g) 投資物業（續）
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。
(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。
Annual Report 2018/2019 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）
(h) Other property, plant and equipment (Continued)
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:
(h) 其他物業、廠房及設備（續）
折舊乃按物業、廠房及設備項目之成本減去其估
計剩餘價值（如有），在其估計可使用年期採用直
線法以下列方式撇銷計算：
(i)
Freehold land is not depreciated.
(i) 永久業權之土地並無折舊。
(ii) Buildings situated on freehold land are depreciated over
their estimated useful lives, being no more than 25 years.
(ii) 於永久業權之土地上之樓宇以不超過 25 年
之估計可使用年期折舊。
(iii) Leasehold land and buildings are depreciated over the
shorter of the unexpired term of lease and their estimated
useful lives, being no more than 50 years.
(iii) 租賃土地及樓宇按未屆滿租賃期及估計可
使用年期（不超過 50 年）兩者中之較短者折
舊。
(iv) Other plant and equipment:
(iv) 其他廠房及設備：
Factory machinery and equipment
Fixtures, furniture and office equipment
Motor vehicles
4 – 25 years
3 – 12 years
4 – 10 years
工廠機器及設備
裝置、傢俬及辦公室設備
汽車
4 – 25 年
3 – 12 年
4 – 10 年
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。
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)
1 主要會計政策（續）
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 (see 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（見
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。
Intangible assets are not amortised while their useful lives are
assessed to be indefinite. Any conclusion that the useful life of an
intangible asset is indefinite is reviewed annually to determine
whether events and circumstances continue to support the
indefinite useful life assessment for that asset. If they do not,
the change in the useful life assessment from indefinite to finite
is accounted for prospectively from the date of change and in
accordance with the policy for amortisation of intangible assets
with finite lives as set out above.
(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.
倘無形資產被評估為具有無限可使用年期，則不
會作攤銷。無形資產之可使用年期屬無限之任何
結論經每年檢討，以釐定是否存在有關事件及情
況繼續支持有關資產具有無限可使用年期之評
估。如情況有變，則會自變更日期起就可使用年
期從無限轉為有限之評估按未來適用基準並根據
上文所載就具有有限可使用年期之無形資產作出
攤銷之政策會計入賬。
(j) 租賃資產
倘本集團釐定安排（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。
Annual Report 2018/2019 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）
(j) Leased assets (Continued)
(j) 租賃資產（續）
(i) Classification of assets leased to the Group
Assets that are held by the Group under leases which transfer to
the Group substantially all the risks and rewards of ownership
are classified as being held under finance leases. Leases which do
not transfer substantially all the risks and rewards of ownership
to the Group are classified as operating leases, with the following
exceptions:
(i) 本集團租賃資產之分類
若本集團根據租賃持有資產，而有關租賃將擁有
該資產之絕大部份風險及報酬轉予本集團，有關
資產歸類為根據融資租賃持有之資產。並未將擁
有資產之絕大部份風險及報酬轉予本集團之租
賃，則歸類為經營租賃，惟下列兩項除外：
–
–
Property held under operating leases that would otherwise
meet the definition of an investment property is classified as
investment property on a property-by-property basis and, if
classified as investment property, is accounted for as if held
under a finance lease (see note 1(g)); and
– 以經營租賃持有但在其他方面均符合投資
物業定義之物業，會按每項物業之基準歸
類為投資物業，而倘若歸類為投資物業，
則 會 如 以 融 資 租 賃 持 有 般 入 賬（ 見 附 註
1(g)）；及
Land held for own use under an operating lease, the fair value
of which cannot be measured separately from the fair value
of a building situated thereon at the inception of the lease,
is accounted for as being held under a finance lease, unless
the building is also clearly held under an operating lease. For
these purposes, the inception of the lease is the time that the
lease was first entered into by the Group, or taken over from
the previous lessee.
– 以經營租賃持有作自用，但無法在租賃開
始時將土地之公允值與建於其上之樓宇之
公允值分開計量之土地是按以融資租賃持
有方式入賬，惟清楚地以經營租賃持有之
樓宇除外。就此而言，租賃之開始時間是
指本集團首次訂立租賃時，或自前承租人
接收樓宇時。
(ii) Assets acquired under finance leases
Where the Group acquires the use of assets under finance leases,
the amounts representing the fair value of the leased assets, or, if
lower, the present value of the minimum lease payments, of such
assets are recognised as property, plant and equipment and the
corresponding liabilities, net of finance charges, are recorded as
obligations under finance leases. Depreciation is provided at rates
which write off the cost of the assets over the term of the relevant
lease or, over the shorter of the unexpired term of lease and their
estimated useful lives, being no more than 50 years, or where it is
likely the Group will obtain ownership of the asset, the life of the
asset, as set out in notes 1(g) and 1(h).
Impairment losses are accounted for in accordance with the
accounting policy as set out in note 1(k)(ii). Finance charges
implicit in the lease payments are charged to profit or loss over the
period of the leases so as to produce an approximately constant
periodic rate of charge on the remaining balance of the obligations
for each accounting period.
(ii) 以融資租賃購入之資產
倘若本集團乃以融資租賃取得資產之使用，便會
將相當於租賃資產公允值或該等資產之最低租賃
付款現值（如為較低之數額）計入物業、廠房及
設備，而相應負債（不計財務費用）則入賬列為
融資租賃之債務。折舊乃按於相關租賃期或相關
資產之未屆滿租賃期及其估計可使用年期（不超
過 50 年）兩者之中較短者撇銷資產成本之比率作
出撥備，或倘本集團有可能將獲得資產擁有權，
則為資產可用年限，詳見附註 1(g) 及 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。
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）
(j) Leased assets (Continued)
(j) 租賃資產（續）
(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.
(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。
(k) Credit loss and impairment of assets
(k) 信貸虧損及資產減值
(i) Credit loss from financial instruments
(a) Policy applicable from 1st April 2018
The Group recognises a loss allowance for expected credit losses
(“ECLs”) on financial assets measured at amortised cost (including
cash and cash equivalents, trade and other receivables and loan to
joint venture).
(i) 金融工具之信貸虧損
(a) 自二零一八年四月一日起適用之政策
本集團為按攤銷成本計量之金融資產（包括現金
及現金等值項目、應收賬款及其他應收款以及向
合營公司借出之貸款）確認預期信貸虧損之虧損
撥備。
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit
losses are measured as the present value of all expected cash
shortfalls (i.e. the difference between the cash flows due to the
Group in accordance with the contract and the cash flows that the
Group expects to receive).
預期信貸虧損之計量
預期信貸虧損乃信貸虧損之概率加權估計。信貸
虧損以所有預期現金差額（即根據合約應付予本
集團之現金流量與本集團預期收取之現金流量之
間的差額）的現值計量。
Annual Report 2018/2019 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）
(k) Credit loss and impairment of assets (Continued)
(k) 信貸虧損及資產減值（續）
(i) Credit loss from financial instruments (Continued)
(a) Policy applicable from 1st April 2018 (Continued)
Measurement of ECLs (Continued)
Where the effect of discounting is material, the expected cash
interest rate
shortfalls are discounted using the effective
determined at initial recognition or an approximation thereof for
trade and other receivables.
(i) 金融工具之信貸虧損（續）
(a) 自二零一八年四月一日起適用之政策（續）
預期信貸虧損之計量（續）
倘折現之影響屬重大，則預期現金差額將採用應
收賬款及其他應收款初始確認時釐定之實際利率
或其近似值折現。
The maximum period considered when estimating ECLs is the
maximum contractual period over which the Group is exposed to
credit risk.
估計預期信貸虧損時所考慮之最長期間為本集團
面臨信貸風險之最長合約期間。
In measuring ECLs, the Group takes into account reasonable and
supportable information that is available without undue cost
or effort. This includes information about past events, current
conditions and forecasts of future economic conditions.
在計量預期信貸虧損時，本集團考慮合理及有理
據而無需付出過多的成本或努力獲得之資料。這
包括有關過往事件、當前狀況及未來經濟狀況預
測的資料。
ECLs are measured on either of the following bases:
預期信貸虧損基於下列其中一個基準計量：
–
–
12-month ECLs: these are losses that are expected to result
from possible default events within the 12 months after the
reporting date; and
– 十二個月之預期信貸虧損：預期於報告日
期後十二個月內可能發生之違約事件而導
致之虧損；及
lifetime ECLs: these are losses that are expected to result
from all possible default events over the expected lives of
the items to which the ECL model applies.
– 可使用年期內之預期信貸虧損：預期於採
用預期信貸虧損模式之項目在預期可使用
年期內所有可能發生之違約事件而導致之
虧損。
Loss allowance for trade and other receivables is always measured
at an amount equal to lifetime ECL. ECLs are estimated using
a provision matrix based on the Group’s historical credit loss
experience, adjusted for factors that are specific to the debtors
and an assessment of both the current and forecast general
economic conditions at the reporting date.
應收賬款及其他應收款之虧損撥備一般按相等於
可使用年期內之預期信貸虧損之金額計量。預期
信貸虧損乃使用基於本集團過往信貸虧損經驗之
撥備矩陣進行估算，並就於報告日期債務人之特
定因素以及對當前及預測整體經濟狀況之評估予
以調整。
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)
1 主要會計政策（續）
(k) Credit loss and impairment of assets (Continued)
(k) 信貸虧損及資產減值（續）
(i) Credit loss from financial instruments (Continued)
(a) Policy applicable from 1st April 2018 (Continued)
Write-off policy
The gross carrying amount of a financial asset is written off (either
partially or in full) to the extent that there is no realistic prospect
of recovery. This is generally the case when the Group determines
that the debtor does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject
to the write-off.
(i) 金融工具之信貸虧損（續）
(a) 自二零一八年四月一日起適用之政策（續）
撇銷政策
倘金融資產並無實際收回前景，則其賬面總值
（部分或全部）將會被撇銷。該情況通常出現在本
集團認為債務人並無資產或收入來源可產生足夠
現金流量以償還將予撇銷之金額。
The adoption of the ECL model under HKFRS 9 has no material
impact on the Group.
採納《香港財務報告準則》第 9 號之預期信貸虧損
模式並無對本集團造成重大影響。
(b) Policy applicable prior to 1st April 2018
Prior to 1st April 2018, an “incurred loss” model was used to
measure impairment losses on financial assets not classified
as at fair value through profit or loss (e.g. trade and other
receivables, available-for-sale investments and held-to-maturity
debt securities). Under the “incurred loss” model, an impairment
loss was recognised only when there was objective evidence of
impairment. Objective evidence of impairment included:
(b) 於二零一八年四月一日前適用之政策
於二零一八年四月一日前，本集團採納「已產生
虧損」模式計量並非分類為按公允值計入損益之
金融資產之減值虧損（例如：應收賬款及其他應
收款、可供出售投資及持有至到期債務證券）。
根據「已產生虧損」模式，僅在出現客觀減值證
據時方確認減值虧損。客觀減值證據包括：
–
–
–
–
–
significant financial difficulties 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;
– 債務人可能破產或進行其他財務重組；
significant changes in the technological, market, economic or
legal environment that have an adverse effect on the debtor;
and
– 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；及
a significant or prolonged decline in the fair value of an
investment in an equity instrument below its cost.
– 股本工具投資之公允值大幅或長期下跌至
低於其成本。
Annual Report 2018/2019 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）
(k) Credit loss and impairment of assets (Continued)
(k) 信貸虧損及資產減值（續）
(i) Credit loss from financial instruments (Continued)
(b) Policy applicable prior to 1st April 2018 (Continued)
If any such evidence existed, an impairment loss was determined
and recognised as follows:
(i) 金融工具之信貸虧損（續）
(b) 於二零一八年四月一日前適用之政策（續）
倘有任何該等證據存在，則減值虧損按下列方式
釐定及確認：
For trade and other receivables carried at amortised cost,
impairment loss was 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, where the effect of discounting was material. This
assessment was made collectively where these financial assets
shared similar risk characteristics, such as similar past due status,
and had not been individually assessed as impaired. Future cash
flows for financial assets which were assessed for impairment
collectively were 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
decreased and the decrease could be linked objectively to an
event occurring after the impairment loss was recognised, the
impairment loss was reversed through profit or loss. A reversal of
an impairment loss was only recognised to the extent that it did not
result in the asset’s carrying amount exceeding that which would
have been determined had no impairment loss been recognised in
prior years.
When the recovery of a trade debtor carried at amortised cost
was considered doubtful but not remote, associated impairment
losses were recorded using an allowance account. When the
Group was satisfied that recovery was remote, the amount
considered irrecoverable was written off against the gross
carrying amount of those assets directly. Subsequent recoveries
of amounts previously charged to the allowance account were
reversed against the allowance account.
就按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。撥回減值虧損僅在並無
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時確認。
倘按攤銷成本列賬之應收賬款之收回情況屬存疑
而不渺茫，則有關減值虧損以撥備賬列賬。當本
集團信納收回機會渺茫，被視為無法收回之金額
會直接在該等資產之賬面總值中撇銷。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。
Other changes
in the allowance account and subsequent
recoveries of amounts previously written off directly were
recognised in profit or loss.
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。
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）
(k) Credit loss and impairment of assets (Continued)
(k) 信貸虧損及資產減值（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。
Annual Report 2018/2019 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）
(k) Credit loss and impairment of assets (Continued)
(k) 信貸虧損及資產減值（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。
Interim financial reporting and impairment
(iii)
Under the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited, the Group is required to prepare
an interim financial report in compliance with HKAS 34, Interim
financial reporting, in respect of the first six months of the financial
year. At the end of the interim period, the Group applies the same
impairment testing, recognition, and reversal criteria as it would
at the end of the financial year (see notes 1(k)(i) and (ii)).
(iii) 中期財務報告及減值
根據香港聯合交易所有限公司證券上市規則，本
集團須按《香港會計準則》第 34 號「中期財務報
告」就財政年度首六個月編製中期財務報告。本
集團於中期期末應用之減值測試、確認及撥回之
準則與於財政年度末所應用之準則相同（見附註
1(k)(i) 及 (ii)）。
Impairment losses recognised in an interim period in respect of
goodwill are not reversed in a subsequent period. This is the case
even if no loss, or a smaller loss, would have been recognised had
the impairment been assessed only at the end of the financial year
to which the interim period relates.
於中期期間就商譽確認之減值虧損不會於隨後期
間撥回，即使在減值僅於中期期間之有關財政年
度完結時評估之情況下原應確認為零虧損或較少
虧損亦然。
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）
Inventories
(l)
Inventories are carried at the lower of cost and net realisable
value.
(l) 存貨
存貨按成本值及可變現淨值兩者中之較低者入
賬。
Cost is calculated using the first-in, first-out method and comprises
all costs of purchase, costs of conversion and other costs incurred
in bringing the inventories to their present location and condition.
成本值乃以先入先出方法計算，並包括所有購貨
成本、加工成本及將存貨運往其現時地點及達至
現有狀態之其他成本。
Net realisable value is the estimated selling price in the ordinary
course of business less the estimated costs of completion and the
estimated costs necessary to make the sale.
可變現淨值指正常業務過程中之估計售價減去完
成交易之估計成本及進行銷售所需之估計成本。
When inventories are sold, the carrying amount of those
inventories is recognised as an expense in the period in which the
related revenue is recognised. The amount of any write-down of
inventories to net realisable value and all losses of inventories
are recognised as an expense in the period the write-down
or loss occurs. The amount of any reversal of any write-down
of inventories is recognised as a reduction in the amount of
inventories recognised as an expense in the period in which the
reversal occurs.
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) Receivables
A receivable is recognised when the Group has an unconditional
right to receive consideration. A right to receive consideration
is unconditional if only the passage of time is required before
payment of that consideration is due.
(m) 應收款
本集團具有無條件權利收取代價時確認應收款。
倘代價到期付款前僅需待時間推移，則收取代價
之權利為無條件。
Receivables are stated at amortised cost using the effective
interest method less allowance for credit losses (see note 1(k)(i)).
應收款以實際利率法按攤銷成本減去信貸虧損撥
備後入賬（見附註 1(k)(i)）。
(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.
(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。
Annual Report 2018/2019 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）
(o) Payables and contract liabilities
(o) 應付款及合約負債
(i) Payables
Payables are initially recognised at fair value and subsequently
stated at amortised cost unless the effect of discounting would be
immaterial, in which case they are stated at cost.
(i) 應付款
應付款之初值按公允值確認，且其後按攤銷成本
入賬，但如折現影響輕微，則按成本值入賬。
(ii) Contract liabilities
A contract liability is recognised when the customer pays
consideration before the Group recognises the related revenue
(see note 1(u)). A contract liability would also be recognised if
the Group has an unconditional right to receive consideration
before the Group recognises the related revenue. In such cases,
a corresponding receivable would also be recognised (see note
1(m)).
(p) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand,
demand deposits with banks and other financial institutions,
and short-term, highly
investments that are readily
convertible into known amounts of cash and which are subject to
an insignificant risk of changes in value, having been within three
months of maturity at acquisition. Cash and cash equivalents are
assessed for ECL in accordance with the policy set out in note 1(k)(i).
liquid
(ii) 合約負債
倘客戶於本集團確認相關收入之前支付代價，則
確認合約負債（見附註 1(u)）。倘本集團擁有無條
件權利可於本集團確認相關收入前收取代價，亦
將確認合約負債。在此情況下，亦將確認相應之
應收款（見附註 1(m)）。
(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。現金及現金等值項
目按附註 1(k)(i) 所載政策評估預期信貸虧損。
(q) Employee benefits
(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.
(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。
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）
(q) Employee benefits (Continued)
(q) 僱員福利（續）
(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.
(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。
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)).
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 2018/2019 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）
(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。
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）
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 2018/2019 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）
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。
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）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
Income tax (Continued)
(r)
(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:
(r) 所得稅（續）
(v) 現期稅項結餘及遞延稅項結餘以及其變動
會分開呈列，而且不予抵銷。現期及遞延
稅項資產只會在本集團有合法可強制執行
權利以現期稅項資產抵銷現期稅項負債，
並且符合以下附帶條件之情況下，才可以
分別抵銷現期及遞延稅項負債：
–
–
in the case of current tax assets and liabilities, the
Group intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously;
or
– 就現期稅項資產及負債而言，本集團
計劃按淨額基準結算，或在變現資產
之同時清償負債；或
in the case of deferred tax assets and liabilities, if they
relate to income taxes levied by the same taxation
authority on either:
– 就遞延稅項資產及負債而言，該等資
產及負債必須與同一稅務機關就以下
其中一項徵收之所得稅有關：
–
–
the same taxable entity; or
– 同一應課稅實體；或
different taxable entities, which, in each future
period in which significant amounts of deferred
tax liabilities or assets are expected to be settled
or recovered, intend to realise the current tax
assets and settle the current tax liabilities on a
net basis or realise and settle simultaneously.
– 不同之應課稅實體。該等實體
擬在預期有大額遞延稅項負債
需要清償或遞延稅項資產可以
收回之每個未來期間，按淨額
基準變現現期稅項資產及清償
現期稅項負債，或在變現資產
之同時清償負債。
(s) Provisions and contingent liabilities
Provisions are recognised 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.
(s) 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，便會確認撥備。如果貨幣時
間價值重大，則按預計履行責任所需開支之現值
計提撥備。
Where it is not probable that an outflow of economic benefits
will be required, or the amount cannot be estimated reliably,
the obligation is disclosed as a contingent liability, unless the
probability of outflow of economic benefits is remote. Possible
obligations, whose existence will only be confirmed by the
occurrence or non-occurrence of one or more future events are
also disclosed as contingent liabilities unless the probability of
outflow of economic benefits is remote.
倘若經濟利益外流之可能性較低，或是無法對有
關金額作出可靠之估計，便會將該責任披露為或
然負債，但假如經濟利益流出之可能性渺茫則除
外。須視乎一宗或多宗未來事件是否發生才能確
定存在與否之潛在責任，亦會披露為或然負債，
但假如這類經濟利益之流出之可能性渺茫則除
外。
Annual Report 2018/2019 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）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
(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.
(t) 現金流量對沖
金融衍生工具被指定用作對沖因已確認之資產或
負債或極有可能發生之預期交易而產生之現金流
量變動或因已訂約之未來交易而承擔之外匯風
險，重計該等金融衍生工具之公允值而產生之任
何收益或虧損，其有效部份會於其他全面收益確
認，並於對沖儲備之權益中獨立累計。任何收益
或虧損之非有效部份即時於損益內確認。
倘若對沖工具為僅可用作對沖外匯風險之非衍生
貨幣項目，則該對沖工具之外匯收益或虧損之有
效部份亦於其他全面收益確認，並於對沖儲備之
權益中獨立累計。任何外匯收益或虧損之非有效
部份即時於損益內確認。
If a hedge of a forecast transaction subsequently results in the
recognition of a non-financial asset or non-financial liability, the
associated gain or loss reclassified from equity is to be included in
the initial cost or other carrying amount of the non-financial asset
or liability.
若被對沖之預期交易其後導致確認非金融資產或
非金融負債，由權益重新分類之相關盈虧會計入
該非金融資產或負債之最初成本或其他賬面值
內。
If a hedge of a forecast transaction subsequently results in the
recognition of a financial asset or a financial liability, the associated
gain or loss is reclassified from equity to profit or loss in the same
period or periods during which the asset acquired or liability
assumed affects profit or loss (such as when interest income or
expense is recognised).
若被對沖之預期交易其後導致確認金融資產或金
融負債，相關盈虧會在該購入之資產或承擔之負
債影響損益之同一個或多個期間內（例如當確認
利息收入或支出時）由權益重新分類至損益。
For cash flow hedges, other than those covered by the preceding
two policy statements, the associated gain or loss is reclassified
from equity to profit or loss in the same period or periods during
which the hedged forecast transaction affects profit or loss.
有別於上述兩個政策所涵蓋之現金流量對沖，相
關盈虧會在被對沖之預期交易影響損益之同一個
或多個期間內由權益重新分類至損益。
When a hedging instrument expires or is sold, terminated
or exercised, or the entity revokes designation of the hedge
relationship but the hedged forecast transaction is still expected
to occur, the cumulative gain or loss at that point remains in equity
until the transaction occurs and it is recognised in accordance with
the above policy. If the hedged transaction is no longer expected
to take place, the cumulative unrealised gain or loss is reclassified
from equity to profit or loss immediately.
當對沖工具到期或被出售、終止或行使或該實體
取消該指定對沖關係，而被對沖之預期交易預期
仍會發生時，其累計盈虧會保留在權益內，直至
該交易發生為止，並按上述政策確認。若被對沖
之交易預期不會發生，其累計未變現盈虧會即時
由權益重新分類至損益。
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）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
(u) Revenue recognition
Income is classified by the Group as revenue when it arises from
the sale of goods, the provision of services or the use by others
of the Group’s assets under leases in the ordinary course of the
Group’s business.
(u) 收入確認
本集團於一般業務過程中自銷售貨物、提供服務
或其他人士使用本集團租賃資產產生收入時分類
收入。
Revenue is recognised when control over a product or service is
transferred to the customer, or the lessee has the right to use the
asset, at the amount of promised consideration to which the Group
is expected to be entitled, excluding those amounts collected on
behalf of third parties. Revenue excludes value added tax or other
sales taxes and is after deduction of any trade discounts.
收入於產品或服務之控制權轉移至客戶或承租人
有權使用資產時確認，金額為本集團預期將有權
收取之承諾代價，且不包括代表第三方收取之有
關金額。收入不含增值稅或其他銷售稅並扣除一
切貿易折扣。
Further details of the Group’s revenue and other income
recognition policies are as follows:
下列為本集團確認收入及其他收入之政策之進一
步詳情：
Sale of goods
(i)
Revenue is recognised when the customer takes possession of and
accepts the products. If the products are a partial fulfilment of a
contract covering other goods and/or services, then the amount
of revenue recognised is an appropriate proportion of the total
transaction price under the contract, allocated between all the
goods and services promised under the contract on a relative
stand-alone selling price basis.
In the comparative period, revenue from sales of goods was
recognised when the goods were delivered to the customers’
premises or picked up by customers or when goods are shipped
on board/arrived the designated port, which were taken to be the
point in time when the customer had accepted the goods and the
related risks and rewards of ownership.
(i) 貨物之銷售
倘客戶管有並接納產品則確認收入。倘該等產品
為履行涵蓋其他貨物及╱或服務之合約一部分，
則收入之金額按合約項下交易價格總額之合適比
例予以確認，並按照相對獨立售價基準在合約項
下之所有承諾貨物及服務之間進行分配。
於可比較期間，來自銷售貨物之收入於貨物送交
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。
(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. Lease incentives granted are recognised in profit
or loss as an integral part of the aggregate net lease payments
receivable. Contingent rentals are recognised as income in the
accounting period in which they are earned.
(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。所獲授之租賃
獎勵乃於損益中確認為應收淨租賃付款總額之必
要部分。或然租金將於其賺取時之會計期間確認
為收入。
Annual Report 2018/2019 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）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
(u) Revenue recognition (Continued)
(u) 收入確認（續）
Interest income
(iv)
Interest income is recognised as it accrues using the effective
interest method. For financial assets measured at amortised cost
that are not credit-impaired, the effective interest rate is applied
to the gross carrying amount of the asset. For credit-impaired
financial assets, the effective interest rate is applied to the
amortised cost (i.e. gross carrying amount net of loss allowance) of
the asset (see note 1(k)(i)).
(iv) 利息收入
利息收入按實際利率法累計確認。就按攤銷成本
計量且並無出現信貸減值之金融資產而言，實際
利率乃應用於資產之賬面總值。就已出現信貸減
值之金融資產而言，實際利率乃應用於資產之攤
銷成本（即經扣除虧損撥備之賬面總值）（見附註
1(k)(i)）。
(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
is reasonable assurance that
position
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)).
Non-monetary assets and liabilities that are measured in terms of
historical cost in a foreign currency are translated using the foreign
exchange rates ruling at the transaction dates. The transaction
date is the date on which the Group initially recognises such non-
monetary assets or liabilities. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair value are
translated using the foreign exchange rates ruling at the dates the
fair value was measured.
(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)）。
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。交易日期為本集團初
始確認有關非貨幣資產及負債之日。以外幣計值
並以公允值列賬之非貨幣資產及負債按計量其公
允值當日之匯率換算。
140
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
(v) Translation of foreign currencies (Continued)
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.
(v) 外幣換算（續）
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。
(x) Repair and maintenance expenditure
Repair and maintenance expenditure, including cost of overhaul,
is expensed as incurred.
(x) 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。
Annual Report 2018/2019 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）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
(y) Related parties
(a) A person, or a close member of that person’s family, is related
(y) 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。
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）
1 Significant accounting policies (Continued)
1 主要會計政策（續）
(z) 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.
(z) 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。
Individually material operating segments are not aggregated for
financial reporting purposes unless the segments have similar
economic characteristics and are similar in respect of the nature
of products and services, the nature of production processes, the
type or class of customers, the methods used to distribute the
products or provide the services, and the nature of the regulatory
environment. Operating segments which are not individually
material may be aggregated if they share a majority of these
criteria.
就財務報告而言，個別重大營運分部不會綜合呈
報，除非該等分部具有類似經濟特點及在產品及
服務性質、生產程序性質、客戶類型或類別、分
銷產品或提供服務所採用之方式及監管環境性質
方面類似。倘個別而言並非屬重要之營運分部符
合上述大部份特點，則可能綜合呈報。
2 Accounting judgements and estimates
Notes 13, 22 and 23 contain information about the assumptions
and their risk factors relating to goodwill impairment assessment,
defined benefit retirement liabilities and the fair value of share
options granted. Other key sources of estimation uncertainty are
as follows:
2 會計判斷及估計
附註 13、22 及 23 分別載有關於商譽減值評估、
界定福利退休負債及已授出購股權之公允值之假
設及其風險因素之資料。估計不確定因素之其他
主要來源如下：
Annual Report 2018/2019 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）
2 Accounting judgements and estimates
2 會計判斷及估計（續）
(Continued)
(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.
(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.
(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。
(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。
144
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
2 Accounting judgements and estimates
2 會計判斷及估計（續）
(Continued)
inventories as disclosed
(c) 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.
(d) Deferred tax assets
Deferred tax assets are recognised for unused tax losses and
temporary deductible differences. As those deferred tax assets
can only be recognised to the extent that it is probable that future
taxable profit will be available against which the unused tax
benefits can be utilised, management’s judgements is required
to assess the probability of future taxable profits. Management’s
assessment is constantly reviewed and additional deferred tax
assets are recognised if it becomes probable that future taxable
profits will allow the deferred tax assets to be recovered. Details
of the nature and carrying amounts of deferred tax assets are
disclosed in note 24(b).
(c) 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。
(d) 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 24(b) 披露。
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。
No disaggregation of revenue from contracts with customers
is presented as entire revenue of the Group is derived from
manufacture and sale of food and beverages, and is recognised at
point in time.
由於本集團全部收入均來自製造及銷售食品及飲
品，並於某一時間點確認，故並無呈列客戶合約
收入細分。
Annual Report 2018/2019 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）
3 Revenue and segment reporting (Continued)
3 收入及分部報告（續）
(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。
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）
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 most 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
集團最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, deferred tax liabilities, current tax
payable 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 finance costs, share of losses of joint
venture and unallocated head office and corporate expenses and
(ii) 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、遞延稅項負債、應付現期稅項及未分配之
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（如融資成本、所佔合營公
司虧損及未分配之總公司及企業費用）；及 (ii) 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。
Annual Report 2018/2019 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）
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 2019 and 2018 is
set out below:
(i) 分部業績、資產及負債（續）
截至二零一九年及二零一八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
Hong Kong operation
australia and new Zealand
中國內地
香港業務
澳洲及新西蘭
singapore
新加坡
total
總計
2019
2018
2019
2018
2019
2018
2019
2018
2019
2018
二零一九年 二零一八年 二零一九年 二零一八年 二零一九年 二零一八年 二零一九年 二零一八年 二零一九年 二零一八年
$’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
Revenue from external customers
4,628,440
3,700,034
2,264,066
2,158,936
522,468
501,807
111,521
103,748
7,526,495
6,464,525
來自外間顧客之收入
Inter-segment revenue
分部間收入
77,263
66,128
67,190
47,406
2,092
899
3,136
2,519
149,681
116,952
reportable segment revenue
4,705,703
3,766,162
2,331,256
2,206,342
524,560
502,706
114,657
106,267
7,676,176
6,581,477
須報告分部之收入
reportable segment profit from
operations
須報告分部之經營溢利
720,303
542,267
339,149
352,088
92,781
94,639
867
7,333
1,153,100
996,327
Interest income from bank deposits
3,751
2,758
9,664
6,963
165
136
–
–
(60)
(494)
(2,026)
(1,206)
1
–
2
–
13,581
9,859
(2,086)
(1,700)
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
(162,844)
(140,313)
(79,685)
(93,933)
(17,614)
(12,313)
(4,501)
(4,185)
(264,644)
(250,744)
reportable segment assets
3,291,062
2,568,086
3,425,052
2,842,352
421,820
406,790
76,846
69,119
7,214,780
5,886,347
須報告分部之資產
reportable segment liabilities
1,769,460
1,498,014
672,600
575,619
137,592
121,176
17,271
16,279
2,596,923
2,211,088
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
765,445
237,801
184,743
122,148
33,195
61,617
2,524
6,692
985,907
428,258
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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
7,676,176
6,581,477
(149,681)
(116,952)
7,526,495
6,464,525
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
Reportable segment profit from operations
1,153,100
996,327
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
(2,086)
(1,700)
(19,236)
(17,814)
Recognition of impairment losses on goodwill (note 13)
–
(18,342)
確認商譽之減值虧損（附註 13）
Unallocated head office and corporate expenses
(175,940)
(155,737)
未分配之總公司及企業費用
Consolidated profit before taxation
綜合除稅前溢利
955,838
802,734
Annual Report 2018/2019 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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
7,214,780
5,886,347
(1,539,207)
(909,792)
5,675,573
4,976,555
59,290
81,169
37,727
18,375
6,075
45,291
103,362
10,209
18,983
27,778
5,878,209
5,182,178
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）
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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
2,596,923
2,211,088
(363,957)
(344,300)
2,232,966
1,866,788
22,624
98,981
29,135
24,943
16,066
73,923
31,265
24,990
2,408,649
2,013,032
Annual Report 2018/2019 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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
2,022,727
1,526,578
642,081
541,409
244,126
247,742
53,765
59,290
57,637
45,291
3,021,989
2,418,657
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 $1,961,417,000 (2018: $1,875,456,000)
and $635,381,000 (2018: $534,437,000) 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1,961,417,000
元（二零一八年：1,875,456,000元）及635,381,000
元（二零一八年：534,437,000元）。
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）
4 Other income
4 其他收入
Government grants (note)
政府補助（附註）
Interest income from bank deposits
銀行存款之利息收入
Interest income from loan to joint venture
向合營公司借出貸款之利息收入
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
8,692
13,581
471
3,671
4,382
1,679
7,668
3,570
9,859
–
3,667
1,019
2,441
7,273
40,144
27,829
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。就購置物業、廠房及
of China (“PRC”). Other government grants received in relation to the
設備收取之其他政府補助已從相關資產之成本扣除（附註
acquisition of property, plant and equipment were netted off against the cost
11(a)）。
of the related assets (note 11(a)).
Annual Report 2018/2019 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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
2,065
21
2,086
1,579
121
1,700
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
(b)
Staff costs:
員工成本：
Contributions to defined contribution retirement plans
93,748
83,211
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 22(c)(v))
– 退休金（附註 22(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 23)
以股份為付款基礎之費用（附註 23）
Salaries, wages and other benefits
薪金、工資及其他福利
3,497
431
97,676
13,521
3,734
616
87,561
8,273
1,417,062
1,297,844
1,528,259
1,393,678
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）
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
– 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
– Tax services
– 稅務服務
– Other services
– 其他服務
Operating lease charges: minimum lease payments
經營租賃費用：最低租賃付款
– Hire of properties
– 租用物業
– Hire of factory machinery and equipment
– 租用工廠機器及設備
– Contingent rent
– 或然租金
– Other assets
– 其他資產
Net loss/(gain) on disposal of property, plant and equipment
出售物業、廠房及設備之虧損╱（收益）淨額
Net foreign exchange loss/(gain)
外匯虧損╱（收益）淨額
Net (gain)/loss on forward exchange contracts not designated as
hedging instruments
非指定為對沖工具之遠期外匯合約之淨（收益）╱虧損
Cost of inventories (note 16(b))
存貨成本（附註 16(b)）
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
3,488
379
460
260,317
316
2,015
–
5,592
208
24,301
1,585
379
526
248,254
256
13,625
18,342
5,580
978
18,394
152,608
111,618
2,110
1,072
534
3,341
4,097
(101)
1,256
930
330
(7,117)
(514)
920
3,496,975
3,048,655
Annual Report 2018/2019 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）
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
Under/(over)-provision in respect of prior years
以往年度之撥備不足╱（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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
37,448
304
37,752
40,282
(100)
40,182
125,504
158,500
(612)
(7,504)
124,892
45,499
150,996
(30,499)
208,143
160,679
Notes:
附註：
(i)
The provision for Hong Kong Profits Tax for 2019 is calculated at
(i) 二零一九年之香港利得稅撥備是按年內之估計應課
16.5% (2018: 16.5%) of the estimated assessable profits for the year.
稅溢利以16.5%（二零一八年：16.5%）之稅率計算。
(ii)
In accordance with the relevant PRC corporate income tax laws,
(ii) 根據相關中國企業所得稅法律、法規及實施指引註
regulations and implementation guidance notes, the statutory income
釋，適用於本公司之深圳、佛山、上海、武漢及東
tax rate applicable to the Company’s subsidiaries in Shenzhen, Foshan,
莞附屬公司之法定所得稅率為 25%。
Shanghai, Wuhan and Dongguan is 25%.
In addition, the Group is subject to withholding tax at the applicable
此外，本集團須就本集團中國外資企業以於二零零
rate of 5% on distribution of profits generated after 31st December
七年十二月三十一日後產生之溢利作出之分派按
2007 from the Group’s foreign-invested enterprises in the PRC.
5% 適用稅率繳納預扣稅。本集團已就此根據中國
Deferred tax liabilities have been provided for in this regard based on
外資企業於可預見未來預計以於二零零七年十二月
the expected dividends to be distributed from the foreign-invested
三十一日後產生之溢利分派之股息計提遞延稅項負
enterprises in the PRC in the foreseeable future in respect of the
債。
profits generated after 31st December 2007.
(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。
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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
955,838
802,734
Notional tax on profit before taxation, calculated at the rates applicable
to profits in the tax jurisdictions concerned
209,756
186,902
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 the PRC subsidiaries
中國附屬公司之預提稅項
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
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
7,607
(4,837)
8,732
(110)
(308)
14,897
(3,611)
10,783
(24,415)
(7,604)
(12,697)
(16,273)
208,143
160,679
Annual Report 2018/2019 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）
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
in kind
薪金、津貼及
實物福利
Directors’
fees
董事袍金
Discretionary
bonuses
酌情發放之花紅
2019
二零一九年
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
249
125
125
142
125
125
446
434
434
459
340
5,874
7,057
2,053
5,043
4,797
705
355
367
64
11,521
12,346
2,947
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
142
125
125
446
434
434
459
340
share-
based
payments
以股份為
基礎之付款
(note)
（附註）
$’000 千元
1,490
5,031
–
–
–
–
–
–
–
–
–
total
總計
$’000 千元
13,011
17,377
2,947
142
125
125
446
434
434
459
340
3,004
14,984
10,545
786
29,319
6,521
35,840
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
黎中山先生
non-executive Directors
非執行董事
Ms. Yvonne Mo-ling LO
羅慕玲女士
Mr. Peter Tak-shing LO
羅德承先生
Ms. May LO
羅其美女士
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. 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
鍾志平博士
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）
7 Emoluments of Directors (Continued)
Directors’ emoluments disclosed pursuant to section 383(1) of the
Hong Kong Companies Ordinance and Part 2 of the Companies
(Disclosure of Information about Benefits of Directors) Regulation
are as follows: (Continued)
7 董事之酬金（續）
根據香港《公司條例》第 383(1) 條及《公司（披露
董事利益資料）規例》第 2 部披露之董事酬金如
下：（續）
Salaries,
allowances
and benefits
in kind
薪金、津貼及
實物福利
Directors’
fees
董事袍金
Discretionary
bonuses
酌情發放之花紅
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
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
10,829
2,116
–
–
–
–
–
–
–
–
–
68
136
92
92
429
417
417
442
252
Share-
based
payments
以股份為
基礎之付款
(note)
（附註）
$’000 千元
3,159
3,726
–
–
–
–
–
–
–
–
–
–
Total
總計
$’000 千元
13,144
14,555
2,116
68
136
92
92
429
417
417
442
252
2,765
14,283
7,596
631
25,275
6,885
32,160
Annual Report 2018/2019 年度報告
159
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）
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
7 Emoluments of Directors (Continued)
Note: These represent the estimated value of share options granted to the
7 董事之酬金（續）
附註： 以股份為基礎之付款指根據本公司之購股權計劃授
Directors under the Company’s share option scheme. The value of
予董事之購股權之估計價值。此等購股權之價值乃
these share options is measured according to the Group’s accounting
根據附註 1(q)(iv) 所載本集團就以股份為付款基礎之
policies for share-based payment transactions as set out in note 1(q)
交易採用之會計政策而計量，而按照該政策，包括
(iv) and, in accordance with that policy, includes adjustments to reverse
對過往年度累計而所授出的股本工具在歸屬前已被
amounts accrued in previous years where grants of equity instruments
沒收之撥回金額所作之調整。
are forfeited prior to vesting.
The details of these benefits in kind, including the principal terms and
此等實物福利之詳情（包括已授出之購股權之主要
number of options granted, are disclosed under the paragraph “Share
條款及數目）於董事會報告「購股權計劃」一段及附
option scheme” in the directors’ report and note 23.
註 23 中披露。
8
Individuals with highest emoluments
Of the five individuals with the highest emoluments, two (2018:
two) are Directors whose emoluments are disclosed in note 7. The
aggregate of the emoluments in respect of the other three (2018:
three) individuals are as follows:
8 最高酬金人士
在五名最高酬金人士中，兩名（二零一八年：兩
名）為董事，彼等之酬金於附註 7 中披露。其餘
三名（二零一八年：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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
13,050
10,400
249
2,818
2,901
367
1,806
1,695
19,018
14,268
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）
8
Individuals with highest emoluments
8 最高酬金人士（續）
(Continued)
The emoluments of the three (2018: three) individuals with the
highest emoluments are within the following bands:
三名（二零一八年：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
$6,000,001 to $6,500,000
6,000,001 元至 6,500,000 元
$7,000,001 to $7,500,000
7,000,001 元至 7,500,000 元
2019
二零一九年
number of
individuals
人數
2018
二零一八年
Number of
individuals
人數
–
–
1
1
1
1
1
1
–
–
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：
2019
二零一九年
2018
二零一八年
Before-tax
amount
除稅前金額
$’000 千元
tax
net-of-tax
Before-tax
Tax
Net-of-tax
credit
稅務抵免
$’000 千元
amount
扣除稅項金額
$’000 千元
amount
除稅前金額
$’000 千元
expense
稅項費用
$’000 千元
amount
扣除稅項金額
$’000 千元
Exchange differences on translation of financial statements of
subsidiaries and joint venture outside Hong Kong
(122,804)
–
(122,804)
145,272
–
145,272
因換算香港以外地區附屬公司及合營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
(4,896)
808
(4,088)
(6,142)
1,001
(5,141)
6,808
7,303
(1,123)
(1,208)
5,685
6,095
(133,842)
1,809
(132,033)
159,383
(2,331)
157,052
Annual Report 2018/2019 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）
9 Other comprehensive income (Continued)
9 其他全面收益（續）
(b) Components of other comprehensive income:
(b) 其他全面收益之部份：
Cash flow hedges:
現金流量對沖：
Effective portion of changes in fair value of hedging instruments
recognised during the year
年內確認之對沖工具公允值變動之有效部份
Amounts transferred to initial carrying amount of hedged items
轉撥至對沖項目最初賬面值之金額
Net deferred tax credited/(charged) to other comprehensive income
於其他全面收益計入╱（扣除）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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
(2,699)
(2,197)
808
21,385
(14,577)
(1,123)
(4,088)
5,685
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
$695,907,000 (2018: $585,774,000) and the weighted average
number of 1,060,585,000 ordinary shares (2018: 1,055,541,000
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 695,907,000 元（ 二 零 一 八 年：
585,774,000 元）及年內已發行普通股之加權平
均 股 數 1,060,585,000 股 普 通 股（ 二 零 一 八 年：
1,055,541,000 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
2019
二零一九年
2018
二零一八年
number of shares
Number of shares
股份數目
’000 千股
股份數目
’000 千股
1,058,872
1,051,692
1,713
3,849
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))
1,060,585
1,055,541
於三月三十一日之普通股之加權平均股數（附註 10(b)）
162
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
10 Earnings per share (Continued)
10 每股盈利（續）
(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
$695,907,000 (2018: $585,774,000) and the weighted average
number of 1,071,436,000 ordinary shares (2018: 1,064,205,000
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
695,907,000 元（ 二 零 一 八 年：585,774,000 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 1,071,436,000 股
普通股（二零一八年：1,064,205,000 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）
2019
二零一九年
2018
二零一八年
number of shares
Number of shares
股份數目
’000 千股
股份數目
’000 千股
Weighted average number of ordinary shares at 31st March
(note 10(a))
1,060,585
1,055,541
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
10,851
8,664
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
1,071,436
1,064,205
於三月三十一日之普通股之加權平均股數（攤薄）
Annual Report 2018/2019 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）
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
Land and
buildings
held for
own use
持有作自用之
土地及樓宇
$’000 千元
Factory
machinery
and
equipment
工廠機器及
設備
$’000 千元
Fixtures,
furniture
and office
equipment
裝置、傢俬及
辦公室設備
$’000 千元
Motor
vehicles
汽車
$’000 千元
Construction
in progress
在建工程
$’000 千元
Sub-total
小計
$’000 千元
Investment
properties
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
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
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
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）
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
Land and
buildings
held for
own use
持有作自用之
土地及樓宇
$’000 千元
Factory
machinery
and
equipment
工廠機器及
設備
$’000 千元
Fixtures,
furniture
and office
equipment
裝置、傢俬及
辦公室設備
$’000 千元
Motor
vehicles
汽車
$’000 千元
Construction
in progress
在建工程
$’000 千元
Sub-total
小計
$’000 千元
Investment
properties
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
1,016,621
2,826,617
345,900
145,882
168,888
4,503,908
22,698
80,487
4,607,093
(47,794)
(126,284)
(7,955)
(3,071)
(11,218)
(196,322)
6,355
295,327
60,832
12,864
493,498
868,876
22,460
190,095
15,938
1,456
(229,949)
–
(626)
(138,702)
(20,057)
(11,245)
–
(170,630)
–
–
–
–
(5,088)
(201,410)
116,995
985,871
–
–
–
(170,630)
997,016
3,047,053
394,658
145,886
421,219
5,005,832
22,698
192,394
5,220,924
430,128
1,494,537
219,884
81,706
(15,841)
(60,061)
(3,560)
(1,799)
33,411
188,103
26,498
12,305
–
818
1,197
–
(275)
(130,834)
(19,281)
(10,354)
447,423
1,492,563
224,738
81,858
–
–
–
–
–
-
2,226,255
18,610
13,353
2,258,218
(81,261)
260,317
2,015
(160,744)
–
460
–
–
(875)
(82,136)
3,488
264,265
–
–
2,015
(160,744)
2,246,582
19,070
15,966
2,281,618
549,593
1,554,490
169,920
64,028
421,219
2,759,250
3,628
176,428
2,939,306
cost:
成本：
At 1st April 2018
於二零一八年四月一日
Exchange adjustments
匯兌調整
Additions
添置
Transfer
轉撥
Disposals
出售
At 31st March 2019
於二零一九年三月三十一日
accumulated amortisation, depreciation and
impairment losses:
累計攤銷、折舊及減值虧損：
At 1st April 2018
於二零一八年四月一日
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 2019
於二零一九年三月三十一日
net book value:
賬面淨值：
At 31st March 2019
於二零一九年三月三十一日
Annual Report 2018/2019 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）
11 Property, plant and equipment (Continued)
11 物業、廠房及設備（續）
(a) (Continued)
Government grants of $431,000 (2018: $10,913,000) 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.
(a)（續）
年內從中國政府收取有關購置廠房及設備的政府
補 助 431,000 元（ 二 零 一 八 年：10,913,000 元）
已從相關資產之成本扣除。
(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
Representing:
代表：
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
105,131
113,484
68,320
13,297
75,213
10,673
542,901
458,345
729,649
657,715
Land and buildings held for own use
549,593
586,493
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
3,628
176,428
4,088
67,134
729,649
657,715
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）
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：（續）
as follows: (Continued)
In compliance with HKAS 16 which requires an annual review
of the estimated useful lives of property, plant and equipment, a
review of the estimated useful lives of all major factory machinery
and equipment and motor vehicles located in Hong Kong was
undertaken by management from Production Department and
Engineering Department of the Group during the year. The Group
considered the estimated useful lives of these assets would
change from 3 to 10 years to 5 to 10 years, which could more
accurately and appropriately reflect the changes in the Group’s
expected consumption pattern of economic benefits embodied in
these assets.
《香港會計準則》第 16 號規定須就物業、廠房及
設備之估計可使用年期進行年度檢討，而本集團
生產部及工程部之管理層已遵守有關準則，於年
內就位於香港之所有主要工廠機器及設備以及汽
車之估計可使用年期進行檢討。本集團認為，該
等資產之估計可使用年期將由 3 年至 10 年變更為
5 年至 10 年，此舉可更準確及適當地反映本集團
於該等資產所包含之經濟利益預期消耗模式之變
動。
The changes in accounting estimates are implemented with effect
from 1st April 2018. As a result, the depreciation charge for the
period decreased by $19,723,000.
會計估計之變動自二零一八年四月一日起執行。
因此，本期間之折舊費用下跌 19,723,000 元。
(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
At the end of the reporting period, no factory machinery and
equipment are held under finance leases of the Group (2018:
$2,782,000).
於匯報日，本集團概無以融資租賃持有之工廠機
器及設備（二零一八年：2,782,000 元）。
At 31st March 2018, in addition to the leasehold land classified as
being held under finance leases, the Group held factory machinery
and equipment under finance leases expiring from one to seven
years. None of the leases included contingent rentals. The Group’s
obligations under finance leases were secured by the lessor’s
charge over the leased assets.
於二零一八年三月三十一日，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。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。
Annual Report 2018/2019 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）
11 Property, plant and equipment (Continued)
11 物業、廠房及設備（續）
(d) Property, plant and equipment leased out
(d) 根據經營租賃租出之物業、廠房
under operating leases (Continued)
及設備（續）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
918
918
(e) The fair value of investment properties
The fair value of investment properties at 31st March 2019 is
$65,900,000 (2018: $63,200,000) which is estimated at their
open market value by reference to recent market transactions in
comparable properties (2018: 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
投資物業於二零一九年三月三十一日之公允值為
65,900,000 元（ 二 零 一 八 年：63,200,000 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（二零一八年：採取同一估值
基準）。估值乃由獨立測量師行羅馬國際評估有
限公司進行，其部份職員為香港測量師學會之會
員，在所估值物業之地區及類別具有相關近期經
驗。
The fair value measurement is categorised as a Level 3 valuation
under the three-level fair value hierarchy as defined in HKFRS
13, Fair value measurement. The level into which a fair value
measurement is classified is determined with reference to
observability and significance of the inputs used in the valuation
technique as follows:
公允值計量根據《香港財務報告準則》第 13 號
「公允值計量」所界定之三級公允值架構分類為第
三級估值。將某公允值計量分類之等級乃經參考
如下估值方法所用數據之可觀察性及重要性後釐
定：
–
–
Level 1 valuations: Fair value measured using only Level 1
inputs i.e. unadjusted quoted prices in active markets for
identical assets or liabilities at the measurement date;
– 第一級估值：僅使用第一級輸入數據（即於
計量日同類資產或負債於活躍市場之未經
調整報價）計量之公允值；
Level 2 valuations: Fair value measured using Level 2 inputs
i.e. observable inputs which fail to meet Level 1, and not
using significant unobservable inputs. Unobservable inputs
are inputs for which market data are not available; and
– 第二級估值：使用第二級輸入數據（即未能
達到第一級之可觀察輸入數據）且並未使用
重大不可觀察輸入數據計量之公允值。不
可觀察輸入數據為無市場數據之輸入數據；
及
–
Level 3 valuations: Fair value measured using significant
unobservable inputs.
– 第三級估值：使用重大不可觀察輸入數據
計量之公允值。
The fair value of investment properties is determined by using
direct comparison approach with reference to the market price
of comparable properties and adjusted for building quality and
timing of the reference transaction. The significant unobservable
input in the fair value measurement is the property-specific
adjusting rate, which ranged from 0.95 to 1.05 (2018: 0.94 to
1.05). 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 0.95 至 1.05（二零
一八年：0.94 至 1.05）。公允值計量與個別物業
調整率之間成正向關係。
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）
11 Property, plant and equipment (Continued)
11 物業、廠房及設備（續）
(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
At the end of the reporting period, no property, plant and
equipment of the Group are pledged to secure bank loans or bank
facilities granted to the Group.
於匯報日，本集團概無抵押任何物業、廠房及設
備，以擔保本集團獲授之銀行貸款或銀行信貸。
(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 2019, the Group paid deposits totalling
$1,601,000 (2018: $1,586,000) to acquire property, plant and
equipment. The remaining amount of the consideration for the
acquisition is included in capital commitments (note 27(a)).
於二零一九年三月三十一日，本集團為購置物
業、廠房及設備而支付訂金合共1,601,000元（二
零一八年：1,586,000 元）。購置代價之餘下金額
計入資本承擔（附註 27(a)）。
12 Intangible assets
12 無形資產
Brand name
Customer list
品牌名稱
$’000 千元
客戶名單
$’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
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
7,291
553
7,844
10,958
18,249
–
553
10,958
18,802
3,281
10,958
14,239
262
379
–
–
262
379
3,922
10,958
14,880
3,922
–
3,922
Annual Report 2018/2019 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）
12 Intangible assets (Continued)
12 無形資產（續）
cost:
成本：
At 1st April 2018
於二零一八年四月一日
Exchange adjustments
匯兌調整
At 31st March 2019
於二零一九年三月三十一日
accumulated amortisation:
累計攤銷：
At 1st April 2018
於二零一八年四月一日
Exchange adjustments
匯兌調整
Charge for the year
本年度攤銷
At 31st March 2019
於二零一九年三月三十一日
net book value:
賬面淨值：
At 31st March 2019
於二零一九年三月三十一日
Brand name
品牌名稱
$’000 千元
customer list
客戶名單
$’000 千元
total
總計
$’000 千元
7,844
(251)
7,593
10,958
18,802
–
(251)
10,958
18,551
3,922
10,958
14,880
(125)
379
–
–
(125)
379
4,176
10,958
15,134
3,417
–
3,417
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。
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）
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
37,966
(1,215)
36,751
18,983
–
(607)
18,376
35,293
2,673
37,966
–
18,342
641
18,983
18,375
18,983
Annual Report 2018/2019 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）
13 Goodwill (Continued)
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”).
13 商譽（續）
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」）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 five-year period (2018: three-year period). Cash
flows beyond the five-year period (2018: three-year period) are
extrapolated using an annual growth rate of 3% (2018: 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五年期（二零
一八年：三年期）財政預算得出之現金流量預
測。五年期（二零一八年：三年期）以後之現金
流量則使用 3%（二零一八年：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 five-year period
(2018: three-year period)
– 五年期（二零一八年：三年期）之平均年銷售增長率
– Pre-tax discount rate
– 除稅前折現率
2019
二零一九年
2018
二零一八年
36.1%
36.1%
9.7%
8.8%
6.5%
14.0%
Management determined the budgeted gross margin and sales
growth rate based on past performance and its expectation
for market development. The discount rate used is pre-tax and
reflects specific risks relating to the relevant segment.
管理層根據過往表現及其對市場發展之預測，確
定預算毛利率及銷售增長率。所使用之折現率則
為反映相關分部特定風險之除稅前折現率。
Management believes that any reasonably possible change in the
key assumptions on which the recoverable amount is based would
not cause the carrying amount to exceed its recoverable amount.
管理層認為，釐定可收回金額所依據之主要假設
出現任何合理可能變動，均不會導致賬面值超過
其可收回金額。
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）
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.
Vitasoy North America Inc.
place of
incorporation/
establishment and particulars of issued
and paid-up capital
已發行及繳足
operation
註冊成立╱
成立及營業地點
股本詳情
United States of
America
美利堅合眾國
100 shares
100 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
principal
activities
主要業務
%
–
%
100
Sale of soya
related products
銷售豆製產品
Canada
加拿大
1,000 shares
1,000 股股份
100
–
Sale of soya
related products
銷售豆製產品
Shenzhen Vitasoy (Guang Ming) Foods and
The PRC
RMB80,000,000
85
–
Manufacture and
Beverage Company Limited (note (i))
中國
深圳維他（光明）食品飲料有限公司（附註(i)）
人民幣
80,000,000元
Vitasoy (Dongguan) Company Limited (note
The PRC
RMB216,000,000
(ii))
維他奶（東莞）有限公司（附註(ii)）
中國
人民幣
216,000,000 元
Vitasoy (Foshan) Company Limited (note (iii))
The PRC
RMB200,000,000
維他奶（佛山）有限公司（附註 (iii)）
中國
人民幣
200,000,000元
Vitasoy (Shanghai) Company Limited (note
The PRC
HK$219,461,176
(iv))
維他奶（上海）有限公司（附註(iv)）
中國
港幣
219,461,176 元
Vitasoy (Wuhan) Company Limited (note (v))
The PRC
RMB170,000,000
維他奶（武漢）有限公司（附註 (v)）
中國
人民幣
170,000,000元
–
–
–
–
sale of beverages
生產及銷售飲品
85
Manufacture and
sale of beverages
生產及銷售飲品
85
Manufacture and
sale of beverages
生產及銷售飲品
100
Manufacture and
sale of beverages
生產及銷售飲品
100
Manufacture and
sale of beverages
生產及銷售飲品
Annual Report 2018/2019 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）
14 Subsidiaries (Continued)
14 附屬公司（續）
name of company
公司名稱
place of
incorporation/
establishment and particulars of issued
and paid-up capital
已發行及繳足
operation
註冊成立╱
成立及營業地點
股本詳情
Vitasoy Australia Products Pty. Ltd. (“VAP”)
Australia
V class shares:
（「VAP」）
澳洲
A$8,925,000
N class shares:
A$8,575,000
V類股：
8,925,000 澳元
N 類股：
8,575,000 澳元
proportion of
ownership interest
擁有權權益比率
held by the
company
本公司持有
held by a
subsidiary
附屬公司持有
principal
activities
主要業務
%
–
%
51
Manufacture and
sale of beverages
生產及銷售飲品
Vitasoja (Macau) Limitada
維他奶（澳門）有限公司
Macau
MOP100,000
100
–
Distribution of
澳門
澳門幣 100,000元
beverages
分銷飲品
Dormant
暫無營業
Produtos De Soja Hong Kong (Macau)
Macau
MOP10,000
–
100
澳門
澳門幣 10,000 元
Limitada
香港荳品（澳門）有限公司
Vitaland Services Limited
維他天地服務有限公司
Hong Kong
300,000 shares
100
–
Operation of
香港
300,000股股份
tuck shops and
concessions
經營學校小食部及
小食攤位
Hong Kong Gourmet Limited
香港美食有限公司
Hong Kong
香港
The Hong Kong Soya Bean Products Company,
Hong Kong
Limited
香港荳品有限公司
香港
2 shares
2 股股份
2 shares
2 股股份
–
100
Provision of
100
–
catering services
提供餐飲服務
Property
investment
物業投資
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）
14 Subsidiaries (Continued)
14 附屬公司（續）
name of company
公司名稱
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
place of
incorporation/
establishment and particulars of issued
and paid-up capital
已發行及繳足
operation
註冊成立╱
成立及營業地點
股本詳情
proportion of
ownership interest
擁有權權益比率
held by the
company
本公司持有
held by a
subsidiary
附屬公司持有
principal
activities
主要業務
%
100
100
100
100
100
%
– 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
銷售飲品
Hong Kong
香港
Hong Kong
香港
Hong Kong
香港
Hong Kong
香港
Hong Kong
香港
Malta
馬爾他
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
Ordinary shares:
HK$20,257
Deferred share:
HK$7
普通股：港幣
20,257 元
遞延股份：港幣 7 元
Vitasoy Investment (Singapore) Pte. Limited
Singapore
新加坡
S$10,000
10,000 坡元
Vitasoy International Singapore Pte. Ltd. (“VIS”)
Singapore
S$79,800,000
（「VIS」）
新加坡
79,800,000坡元
–
–
100 Investment holding
投資控股
100
Manufacture and
sale of soya related
Vitasoy Distributors (Singapore) Pte. Ltd.
Singapore
S$2,500,000
100
–
新加坡
2,500,000 坡元
products
生產及銷售
豆製產品
Dormant
暫無營業
Annual Report 2018/2019 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）
14 Subsidiaries (Continued)
14 附屬公司（續）
Notes:
附註：
(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 2049.
二零四九年止。
(ii)
Vitasoy (Dongguan) Company Limited (“Vitasoy Dongguan”) is a
(ii) 維他奶（東莞）有限公司（「東莞維他奶」）為於中
sino-foreign equity joint venture established in the PRC and is to be
operated up to 2067. On 1st January 2019, the Group disposed of 15%
equity interest in Vitasoy Dongguan, decreasing the Group’s equity
interest in Vitasoy Dongguan from 100% to 85% (see note 29).
國成立之中外合資合營公司，經營期至二零六七年
止。於二零一九年一月一日，本集團出售東莞維他
奶 15% 之股本權益，本集團於東莞維他奶之股本權
益由 100% 減少至 85%（見附註 29）。
(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。
2049.
(iv) Vitasoy (Shanghai) Company Limited is a wholly foreign owned
subsidiary established in the PRC and is to be operated up to 2045.
(iv) 維他奶（上海）有限公司為於中國成立之全外資附屬
公司，經營期至二零四五年止。
(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 2064.
公司，經營期至二零六四年止。
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）
14 Subsidiaries (Continued)
The following table lists out the information relating to Shenzhen
Vitasoy, Vitasoy Foshan, VAP and Vitasoy Dongguan, the
subsidiaries of the Group which have material non-controlling
interests (“NCI”). The summarised financial information presented
below represents the amounts before any
inter-company
elimination.
14 附屬公司（續）
下表載列有關擁有重大非控股權益（「非控股權
益」）之本集團附屬公司深圳維他奶、佛山維他
奶、VAP 及東莞維他奶之資料。下文呈列之財務
資料概要指作出任何公司間撇銷前之金額。
shenzhen Vitasoy
深圳維他奶
Vitasoy foshan
佛山維他奶
Vap
Vitasoy Dongguan
東莞維他奶
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
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/(loss) for the year
本年度溢利╱（虧損）
total comprehensive income
全面收益總額
profit/(loss) allocated to nci
分配至非控股權益之溢利╱（虧損）
Dividend paid to nci
向非控股權益派發股息
cash flows generated from/(used in)
15%
15%
15%
15%
49%
49%
15%
187,935
191,333
302,782
186,971
185,624
158,917
61,830
171,904
181,566
563,819
581,433
244,126
247,742
186,996
(71,692)
(75,369)
(144,167)
(150,812)
(137,294)
(120,878)
(911)
–
(116,425)
(107,137)
(11,605)
(3,758)
(292)
–
287,236
297,530
606,009
510,455
280,851
282,023
248,534
41,803
44,630
87,478
76,568
137,587
138,191
37,280
605,419
647,549
1,340,126
1,141,831
524,558
502,706
–
59,087
92,875
191,459
146,691
38,979
41,522
(3,568)
59,087
92,875
191,459
146,691
40,066
41,782
(3,568)
7,580
7,568
13,931
25,294
22,004
19,069
20,346
10,285
9,489
7,520
9,666
9,448
(155)
–
operating activities
81,348
61,033
159,061
100,796
45,163
57,395
(27,506)
經營活動所得╱（所用）現金流量
cash flows (used in)/generated from
investing activities
(27,932)
3,076
(98,519)
(41,055)
(31,412)
(61,156)
(187,418)
投資活動（所用）╱所得現金流量
cash flows (used in)/generated from
financing activities
融資活動（所用）╱所得現金流量
(49,900)
(73,974)
(63,953)
(56,950)
(2,270)
(2,044)
249,802
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Annual Report 2018/2019 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）
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：
place of
particular of
form of
incorporation
issued and
business
structure
業務架構形式
and business
註冊成立及
paid-up capital
已發行及繳足
營業地點
股本詳情
name of joint
venture
合營公司名稱
Vitasoy – URC,
Incorporated
The Republic of
Registered
Inc. (“VUR”)
（「VUR」）
註冊成立
the Philippines
capital of PHP
(“the Philippines”)
842,000,000
菲律賓共和國
註冊股本
（「菲律賓」）
842,000,000比索
group’s
effective
interest
本集團之
實際權益
%
50
proportion of ownership interest
擁有權權益比率
Held by the
company
本公司持有
Held by a
subsidiary
附屬公司持有
principal
activity
主要業務
%
–
%
50
Sale of
beverages
(note)
銷售飲品
（附註）
Note: VUR was established by the Company with a major branded consumer
附註： VUR 由本公司與一家菲律賓主要品牌消費飲品食品
food and beverage company in the Philippines, the other investor to
this joint venture, for sales of the Group’s plant-based beverages in the
Philippines. VUR is mainly engaged in the sale of beverages.
公司（為該合營公司之另一名投資者）成立，以於菲
律賓銷售本集團以植物成分為主之飲品。VUR 主要
從事飲品銷售。
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。
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）
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
Non-current liabilities
非流動負債
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
Non-current financial liabilities (excluding trade and other payables)
非流動金融負債（不包括應付賬款及其他應付款）
Revenue
收入
Loss from continuing operations
持續經營虧損
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
Group’s share of shareholders’ loan (note)
本集團所佔股東貸款（附註）
Carrying amount in the consolidated financial statements
綜合財務報表之賬面值
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
101,061
79,713
(62,196)
(67,275)
122,185
15,396
(46,999)
–
51,303
90,582
66,889
(67,275)
46,066
(38,472)
51,303
50%
25,652
33,638
111,980
–
35,840
(35,628)
90,582
50%
45,291
–
59,290
45,291
Annual Report 2018/2019 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）
15 Interest in joint venture (Continued)
Note:
15 於合營公司之權益（續）
附註：
The loan to joint venture is unsecured, interest bearing at 4.75% per annum
向合營公司借出之貸款為無抵押，按每年 4.75% 計息，並
and is repayable on 30th March 2021, 30th March 2022 and 30th March
須於二零二一年三月三十日、二零二二年三月三十日及二
2023. Further details on the loan to joint venture are set out in note 28(a)(iv).
零二三年三月三十日償還。向合營公司借出之貸款之進一
16 Inventories
步詳情載於附註 28(a)(iv)。
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
2019
二零一九年
$’000 千元
376,283
372,001
748,284
2018
二零一八年
$’000 千元
359,674
349,638
709,312
(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：
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
Carrying amounts of inventories sold
3,465,937
3,040,805
已售存貨之賬面值
Write down of inventories
撇減存貨
31,038
7,850
3,496,975
3,048,655
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）
17 Trade and other receivables
17 應收賬款及其他應收款
Trade debtors and bills receivable, net of loss allowance
應收賬款及應收票據，扣除虧損撥備
Other debtors, deposits and prepayments
其他應收款、按金及預付款項
2019
二零一九年
$’000 千元
716,425
267,583
984,008
2018
二零一八年
$’000 千元
726,443
228,501
954,944
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 $40,589,000 (2018: $37,002,000).
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 40,589,000 元（二
零一八年：37,002,000 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 loss allowance,
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）按發票日期及扣除虧損撥
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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
708,851
704,686
7,416
158
8,239
13,518
716,425
726,443
Trade debtors and bills receivable are generally due within one
to three months from the date of billing. The Group does not hold
any collateral over these balances. Further details on the Group’s
credit policy and credit risk arising from trade debtors and bills
receivable are set out in note 26(a).
應收賬款及應收票據一般於發票日期起計一至三
個月內到期。本集團並無就此等結餘持有任何抵
押品。有關本集團信貸政策及自應收賬款及應收
票據而產生之信貸風險之進一步詳情載於附註
26(a)。
Annual Report 2018/2019 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）
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
2019
二零一九年
$’000 千元
529,918
474,620
Cash and cash equivalents in the consolidated cash flow statement
1,004,538
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
494
1,005,032
985,694
2018
二零一八年
$’000 千元
338,602
646,583
985,185
509
At 31st March 2019, certain Renminbi (2018: Renminbi and
United States dollars) bank balances totalling $51,331,000
(2018: $307,125,000) were designated as a hedge against the
foreign currency risk on future purchase of raw materials. The
loss on re-translation of these bank balances at the exchange rate
ruling at the end of the reporting period was included in other
comprehensive income.
於二零一九年三月三十一日，若干以人民幣計值
（二零一八年：以人民幣及美元計值）之銀行結存
合 共 51,331,000 元（ 二 零 一 八 年：307,125,000
元）被指定用作對沖日後購買原材料之外匯風
險。按匯報日之匯率重新換算該等銀行結存之虧
損已計入其他全面收益。
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）
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:
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
– 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 from bank deposits
– 銀行存款之利息收入
– Interest income from loan to joint venture
– 向合營公司借出貸款之利息收入
– Net loss/(gain) on disposal of property, plant and
equipment
– 出售物業、廠房及設備之虧損╱（收益）淨額
– Net (gain)/loss on forward exchange contracts not
designated as hedging instruments
– 非指定為對沖工具之遠期外匯合約之淨（收益）╱虧損
– Equity settled share-based payment expenses
– 以股份為付款基礎之費用
– Foreign exchange loss
– 匯兌虧損
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
之對賬：
2019
二零一九年
$’000 千元
Note 附註
2018
二零一八年
$’000 千元
955,838
802,734
5(c)
5(c)
5(c)
5(c)
5(c)
5(c)
5(a)
5(a)
4
4
5(c)
5(c)
5(b)
19,236
260,317
460
3,488
379
2,015
–
2,065
21
(13,581)
(471)
3,341
(101)
13,521
256
(83,414)
(57,722)
358,832
416
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
1,464,896
1,274,140
Annual Report 2018/2019 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）
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 21)
（附註 21）
Bank loans
銀行貸款
$’000 千元
(Note 20)
（附註 20）
total
總計
$’000 千元
27,085
921
28,006
19,977
–
(2,065)
–
17,912
(2,554)
2,065
44,508
–
(871)
–
(21)
(892)
(50)
21
–
19,977
(871)
(2,065)
(21)
17,020
(2,604)
2,086
44,508
at 1st april 2018
於二零一八年四月一日
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
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 2019
於二零一九年三月三十一日
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）
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（續）
financing activities (Continued)
Bank loans
Obligation
under finance
leases
銀行貸款
融資租賃之債務
$’000 千元
(Note 20)
（附註 20）
$’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)
(1,579)
(121)
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
–
(1,244)
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
(1,579)
–
–
(121)
Total changes from financing cash flows
(181,811)
(1,365)
(183,176)
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
(12)
35
23
1,579
27,085
121
921
1,700
28,006
Annual Report 2018/2019 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）
19 Trade and other payables
19 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
Receipts in advance from customers
預收客戶款項
Derivative financial instruments
衍生金融工具
2019
二零一九年
$’000 千元
660,898
1,063,278
489,225
–
2018
二零一八年
$’000 千元
574,402
925,747
363,442
181
2,213,401
1,863,772
All of the trade and other payables are expected to be settled
within one year, except for customer deposits amounting to
$22,171,000 (2018: $17,135,000) 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 22,171,000 元（ 二 零 一 八 年：
17,135,000 元）之客戶按金則預期於超過一年後
償還。
As of the end of the reporting period, the ageing analysis of trade
creditors and bills payable, based on the invoice date, is as follows:
於匯報日，應付賬款及應付票據按發票日期之賬
齡分析如下：
Within three months
三個月內
Three to six months
三至六個月
Over six months
六個月以上
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
659,796
570,706
687
415
3,196
500
660,898
574,402
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。
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）
19 Trade and other payables (Continued)
19 應付賬款及其他應付款（續）
Movements in receipts in advance from customers
預收客戶款項之變動
Balance at 1st April
於四月一日之結餘
Exchange adjustments
匯兌調整
Decrease in receipts in advance from customers as a result of recognising revenue during the
year that was included in the receipts in advance from customers at the beginning of the
period
因年內確認收入（已計入期初之預收客戶款項內）導致預收客戶款項減少
Increase in receipts in advance from customers as a result of receiving forward sales deposits
during the year
因年內收取遠期銷售按金導致預收客戶款項增加
Decrease in receipts in advance from customers as a result of recognising revenue during the
year that was included in the forward sales deposits received during the year
因年內確認收入（已計入年內收取之遠期銷售按金內）導致預收客戶款項減少
Balance at 31st March
於三月三十一日之結餘
2019
二零一九年
$’000 千元
363,442
(23,370)
(338,310)
4,535,518
(4,048,055)
489,225
20 Bank loans
At 31st March 2019, the bank loans were repayable as follows:
20 銀行貸款
於二零一九年三月三十一日，銀行貸款須於下列
Within one year or on demand
一年內或按要求
期限償還：
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
44,508
27,085
As of the end of the reporting period, no bank loans were secured
by charges over property, plant and equipment (note 11(f)).
於匯報日，概無銀行貸款以物業、廠房及設備作
為抵押擔保（附註 11(f)）。
Annual Report 2018/2019 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）
20 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 26(b). As at 31st March 2019 and 2018, none of the covenants
relating to the drawn down facilities had been breached.
20 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
契諾的情況。有關本集團管理流動資金風險之進
一步詳情載於附註 26(b)。於二零一九年及二零
一八年三月三十一日，本集團概無違反任何有關
提取信貸之契諾。
21 Obligations under finance leases
At 31st March 2019, the Group had obligations under finance
leases repayable as follows:
21 融資租賃之債務
於二零一九年三月三十一日，本集團根據融資租
賃須償還之債務如下：
2019
二零一九年
present
value of the
2018
二零一八年
Present
total
value of the
Total
minimum
minimum
minimum
minimum
lease
payments
最低租賃
付款之現值
lease
payments
最低租賃
付款總額
lease
payments
最低租賃
付款之現值
lease
payments
最低租賃
付款總額
$’000 千元
$’000 千元
$’000 千元
$’000 千元
–
–
–
–
921
943
(22)
921
Within one year
一年內
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
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）
22 Employee retirement benefits
The Group operates and participates in a number of defined
contribution and defined benefit retirement plans in and outside
Hong Kong.
22 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.
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.
(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%。
受僱於本集團而並無參加界定供款退休計
劃之香港員工，必須根據香港《強制性公積
金計劃條例》參加本集團之強制性公積金計
劃（「強制性公積金計劃」）。強制性公積金
計劃為一項界定供款退休計劃，由獨立法
團信託人管理。根據強制性公積金計劃，
本集團及僱員各自須按僱員有關收入（有關
收入之每月上限為 30,000 元）之 5% 向計劃
供款。向強制性公積金計劃支付之供款即
時歸屬。
(ii) Employees of the subsidiaries in the PRC are members of the
central pension scheme operated by the PRC government.
The Group is required to contribute a certain percentage
of employees’ remuneration to the central pension scheme
to fund the benefits. The only obligation for the Group with
respect to the central pension scheme is the associated
required contribution under the central pension scheme.
Contributions to the plan vest immediately.
(ii) 中國附屬公司之僱員均為中國政府設立之
中央退休金計劃之成員。本集團須按僱員
酬 金 之 若 干 百 分 比 向 中 央 退 休 金 計 劃 供
款，為福利提供資金。本集團就中央退休
金計劃所須履行之唯一責任為向中央退休
金計劃作出所需之相關供款。向計劃支付
之供款即時歸屬。
(iii) For employees in Australia, contributions are made by the
Group to a registered superannuation fund for its employees,
at 9% of the employees’ salaries. The assets of the scheme
are held separately by an independent administered fund.
Contributions to the plan vest immediately.
(iii) 澳 洲 僱 員 方 面， 本 集 團 須 按 僱 員 薪 金 之
9% 向一項為其僱員而設之註冊退休基金
供款。計劃資產由獨立管理之基金分開持
有。向計劃支付之供款即時歸屬。
Annual Report 2018/2019 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）
22 Employee retirement benefits (Continued)
22 僱員退休福利（續）
(b) Defined benefit retirement plans
At 31st March 2019, the Group recognised employee retirement
benefit liabilities in respect of the following employee retirement
benefits:
(b) 界定福利退休計劃
於二零一九年三月三十一日，本集團就下列僱員
退休福利確認僱員退休福利負債：
Employee retirement benefit liabilities
僱員退休福利負債
– retirement gratuities (note 22(c)(i))
退休金（附註 22(c)(i)）
– long service payments (note 22(d))
長期服務金（附註 22(d)）
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
18,682
3,942
22,624
12,605
3,461
16,066
(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。
The latest actuarial valuation of the Plan was at 31st March
2019 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 77% (2018: 84%) covered
by the plan assets held by the trustee.
該 計 劃 之 最 新 精 算 估 值 乃 於 二 零 一 九 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 77%
（二零一八年：84%）受信託人持有之計劃資產保
障。
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）
22 Employee retirement benefits (Continued)
22 僱員退休福利（續）
(c) Retirement gratuities (Continued)
(i)
The amounts recognised in the consolidated statement of
financial position are as follows:
(c) 退休金（續）
(i) 於綜合財務狀況表確認之金額如下：
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
Present value of wholly funded obligations
80,091
77,647
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
(61,409)
(65,042)
18,682
12,605
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 $2,810,000 in contributions to defined benefit retirement
plan during the year ending 31st March 2020 (2018: $2,980,000).
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。本集團預期於截至二零二
零年三月三十一日止年度向界定福利退休計劃
支付供款 2,810,000 元（二零一八年：2,980,000
元）。
Annual Report 2018/2019 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）
22 Employee retirement benefits (Continued)
22 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：
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
13,976
14,148
5,261
3,778
2,839
17,446
43,300
3,165
3,093
10,571
16,829
1,280
61,409
5,261
5,232
3,366
18,338
46,345
4,781
6,544
3,772
15,097
3,600
65,042
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
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）
22 Employee retirement benefits (Continued)
22 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 losses/(gains) arising from changes in financial assumptions
– 由財務假設改變所致之精算虧損╱（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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
77,647
79,494
55
3,408
(5,669)
3,197
1,453
80,091
4,194
(1,025)
(9,608)
3,351
1,241
77,647
The weighted average duration of the defined benefit obligation is
8 years (2018: 8 years).
界定福利責任之加權平均期限為 8 年（二零一八
年：8 年）。
(iv) Movements in fair value of plan assets are as follows:
(iv) 計劃資產之公允值變動如下：
At 1st April
於四月一日
Contributions paid to the Plan
向該計劃作出之供款
Benefits paid by the Plan
該計劃已付福利
Administrative expenses paid from plan assets
由計劃資產支付之行政費用
Return on plan assets, excluding interest income
計劃資產回報，不包括利息收入
Interest income
利息收入
At 31st March
於三月三十一日
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
65,042
2,980
(5,669)
(88)
(2,097)
1,241
61,409
62,986
2,914
(9,608)
(119)
7,892
977
65,042
Annual Report 2018/2019 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）
22 Employee retirement benefits (Continued)
22 僱員退休福利（續）
(c) Retirement gratuities (Continued)
(v) Net expenses/(income) recognised in the consolidated
statement of profit or loss and other comprehensive income
are as follows:
(c) 退休金（續）
(v) 於綜合損益及其他全面收益表確認之開支╱
（收入）淨額如下：
Current service cost
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
精算虧損
Return on plan assets, excluding interest income
計劃資產回報，不包括利息收入
Total amounts recognised in other comprehensive income
於其他全面收益確認之總額
Total defined benefit expense/(income)
界定福利總開支╱（收入）
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
3,197
88
212
3,497
3,463
2,097
5,560
9,057
3,351
119
264
3,734
3,169
(7,892)
(4,723)
(989)
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
194
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
622
892
1,525
458
3,497
689
1,009
1,555
481
3,734
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
22 Employee retirement benefits (Continued)
22 僱員退休福利（續）
(c) Retirement gratuities (Continued)
(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
2019
二零一九年
2018
二零一八年
1.40%
1.90%
4.0% per annum
4.0% per annum
每年 4.0%
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）：
2019
二零一九年
2018
二零一八年
increase in
上升
0.5%
Decrease in
下跌
0.5%
Increase in
Decrease in
上升
0.5%
下跌
0.5%
$’000 千元
$’000 千元
$’000 千元
$’000 千元
(3,147)
3,342
(3,048)
3,240
3,358
(3,193)
3,269
(3,104)
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。
Annual Report 2018/2019 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）
22 Employee retirement benefits (Continued)
22 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 2019, by independent professionally qualified
actuaries at Willis Towers Watson, using the projected unit credit
method.
(d) 長期服務金（續）
長期服務金亦於二零一九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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
3,942
3,461
A portion of the above liabilities is expected to be settled after
more than one year. However, it is not practical to segregate this
amount from the amounts payable in the next twelve months, as
the retirement benefit payable will also depend on staff turnover
and future changes in actuarial assumptions.
預期上述負債部份將於超過一年後清償。然而，
由於應付退休福利亦將視乎員工流動率及精算假
設日後之變動而定，故將此款額自未來十二個月
內所應支付之金額中抽離並不可行。
23 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.
23 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。
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）
23 Equity settled share-based transactions
23 以股份為付款基礎之交易（續）
(Continued)
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。
(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
授出日期
Exercise period
行使期
8/9/2011
22/6/2012
31/8/2012
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
19/6/2018
28/1/2019
8/9/2012 to至7/9/2021
22/6/2013 to 至21/6/2022
31/8/2013 to 至30/8/2022
28/6/2014 to 至27/6/2023
9/9/2014 to至 8/9/2023
2/7/2015 to 至 1/7/2024
10/9/2015 to 至9/9/2024
26/6/2016 to 至25/6/2025
14/9/2016 to 至13/9/2025
24/6/2017 to 至23/6/2026
6/9/2017 to 至 5/9/2026
2/3/2019 to 至 1/3/2027
26/6/2018 to 至25/6/2027
19/6/2019 to 至18/6/2028
28/1/2020 to 至27/1/2029
Contractual
life of
options
購股權之
合約年期
10 years年
10 years年
10 years年
10 years年
10 years年
10 years 年
10 years年
10 years年
10 years年
10 years年
10 years 年
10 years 年
10 years年
10 years年
10 years年
2019
二零一九年
2018
二零一八年
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
6.358
6.274
6.400
9.370
9.370
10.080
10.080
13.600
13.600
14.792
14.792
15.440
16.296
25.100
30.350
2 years 年
3 years 年
3 years 年
4 years 年
4 years 年
5 years 年
5 years 年
6 years 年
6 years 年
7 years 年
7 years 年
8 years 年
8 years 年
9 years 年
10 years 年
1,740
–
2,822
238
1,704
168
1,792
938
1,588
1,808
1,420
326
2,840
3,038
320
20,742
3 years 年
4 years 年
4 years 年
5 years 年
5 years 年
6 years 年
6 years 年
7 years 年
7 years 年
8 years 年
8 years 年
9 years 年
9 years 年
–
–
1,740
220
2,822
238
1,704
706
1,792
2,250
1,588
2,422
1,420
326
3,032
–
–
20,260
Annual Report 2018/2019 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）
23 Equity settled share-based transactions
23 以股份為付款基礎之交易（續）
(Continued)
(Continued)
(a)
Except for the options granted on 2nd March 2017 which were
fully vested after two years from the date of grant and the options
granted on 28th January 2019 which will be 50% vested after
the first anniversary from the date of grant and 50% vested after
the second anniversary 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以及於二零一九年一
月二十八日授出之購股權將自授出日期起計首個
週年後獲 50% 歸屬及自授出日期起計第二週年後
獲 50% 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, 220,000 options (2018: 814,000 options) were
exercised under the 2002 Share Option Scheme, and 2,490,000
options (2018: 6,366,000 options) were exercised under the 2012
Share Option Scheme.
年內，220,000 份購股權（二零一八年：814,000
份購股權）根據二零零二年購股權計劃已獲行使
及 2,490,000 份購股權（二零一八年：6,366,000
份購股權）根據二零一二年購股權計劃已獲行使。
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）
23 Equity settled share-based transactions
23 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:
2019
二零一九年
2018
二零一八年
Weighted
average
exercise
number of
price
加權平均行使價
options
購股權之數目
Weighted
average
exercise
price
Number of
options
加權平均行使價
購股權之數目
$ 元
’000 千股
$ 元
’000 千股
11.715
20,260
10.642
27,034
12.711
(2,710)
9.694
(7,180)
25.592
3,418
16.296
3,182
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
17.334
(226)
11.745
(2,776)
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
13.811
20,742
11.715
20,260
12,166
10,723
The weighted average share price at the date of exercise for share
options exercised during the year was $26.897 (2018: $17.471).
已行使之購股權於年內之行使日期之加權平均股
價為 26.897 元（二零一八年：17.471 元）。
(c) Fair value of share options and assumptions
The fair value of services received in return for share options
granted is measured by reference to the fair value of share options
granted. The estimate of the fair value of the share options granted
is measured based on a binomial lattice model. The contractual life
of the share option is used as an input into this model. Expectations
of early exercise are incorporated into the binomial lattice model.
(c) 購股權之公允值及假設
本集團以授出購股權來獲得之服務之公允值，乃
參考已授出購股權之公允值計量。已授出購股權
之估計公允值以二項式點陣模式計量。購股權之
合約年期用作該模式之一項輸入參數。有關提早
行使之預期已計入二項式點陣模式之內。
Annual Report 2018/2019 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）
23 Equity settled share-based transactions
23 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：
8/9/2011
22/6/2012
31/8/2012
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
19/6/2018
28/1/2019
Date of grant
授出日期
$0.605元 $0.953元 $1.043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 $5.914元 $7.339元
$5.490元 $6.170元 $6.620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 $25.100元 $30.350元
Fair value at
measurement date
於計量日期之公允值
Share price
股價
Exercise price
$6.358元 $6.274元 $6.400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 $25.100元 $30.350元
行使價
Expected volatility
25%
26%
26%
26%
26%
26%
26%
26%
26%
26%
26%
24%
24%
23%
25%
預期波幅
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
預期購股權之有效期
Expected dividends
5.5%
5.0%
5.0%
4.0%
4.0%
3.5%
3.5%
3.0%
3.0%
2.5%
2.5%
2.5%
2.5%
2.0%
2.0%
預期股息
Risk-free interest rate
1.750%
0.810%
0.620%
1.720%
2.400%
1.870%
1.940%
1.750%
1.730%
1.050%
0.950%
1.830%
1.240%
2.230%
1.850%
無風險利率
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。
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）
24 Income tax in the consolidated
statement of financial position
24 綜合財務狀況表之所得稅
(a) Current tax recoverable/(payable) in the
(a) 綜合財務狀況表之應收╱（應付）
consolidated statement of financial position
represents:
現期稅項如下：
Provision for Hong Kong Profits Tax for the year
(37,448)
(40,282)
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
本年度香港利得稅撥備
Provisional Profits Tax paid
已繳付之預繳利得稅
Balance of Profits Tax provision relating to prior years
與過往年度相關之利得稅撥備結餘
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
35,828
(1,620)
880
9,332
8,592
43,218
2,936
–
(23,992)
(21,056)
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
37,727
10,209
(29,135)
(31,265)
8,592
(21,056)
Annual Report 2018/2019 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）
24 Income tax in the consolidated
24 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
超出有關
折舊之折舊
免稅額
future
benefit of
tax losses
稅務虧損之
未來利益
employee
retirement
benefits
僱員退休福利
Withholding
tax on
dividends
股息預扣稅
provisions
撥備
fair value
adjustment on
tangible and
intangible
assets
有形及無形
資產之公允值
調整
cash flow
hedges
現金流量對沖
total
總計
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
(61,299)
8,781
3,483
55,073
(9,732)
(765)
218
(4,241)
(59)
737
–
4,880
–
(46)
(6,214)
21,150
194
20,618
(5,663)
414
–
–
5,512
30,499
–
–
(1,208)
–
–
–
(1,123)
(2,331)
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
(67,572)
30,668
2,469
80,571
(15,395)
(397)
(905)
29,439
於二零一八年三月三十一日
Deferred tax arising from:
來自以下各項之遞延稅項：
at 1st april 2018
於二零一八年四月一日
exchange adjustments
匯兌調整
(charged)/credited to
profit or loss
於損益（扣除）╱計入
credited to reserves
於儲備計入
(67,572)
30,668
2,469
80,571
(15,395)
(397)
(905)
29,439
830
(219)
–
(4,186)
–
14
(51,660)
(1,142)
45
10,902
(4,057)
413
–
–
(3,561)
(45,499)
–
–
1,001
–
–
–
30
808
1,809
(97)
(17,812)
at 31st march 2019
(118,402)
29,307
3,515
87,287
(19,452)
於二零一九年三月三十一日
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）
24 Income tax in the consolidated
24 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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
Net deferred tax assets
recognised in the consolidated statement of financial position
81,169
103,362
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
(98,981)
(73,923)
於綜合財務狀況表確認之遞延稅項負債淨額
(17,812)
29,439
(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 $89,597,000 (2018:
$94,747,000) 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 89,597,000 元（二
零一八年：94,747,000 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 $78,895,000
(2018: $84,031,000) which can be carried forward up to twenty
years from the year in which the loss originated. The remaining
balance of $10,702,000 (2018: $10,716,000) does not expire
under current tax legislation.
未 確 認 稅 務 虧 損 中 有 78,895,000 元（ 二 零 一 八
年：84,031,000 元）將可自虧損產生之年度起結
轉 最 多 二 十 年。 其 餘 10,702,000 元（ 二 零 一 八
年：10,716,000元）結餘不會根據現行稅法屆滿。
Annual Report 2018/2019 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）
25 Capital, reserves and dividends
25 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：
The Company
本公司
Share
capital
股本
Capital
reserve
資本儲備
General
reserve
一般儲備
Share-based
compensation
reserve
股份基礎
補償儲備
Hedging
reserve
對沖儲備
Retained
profits
保留溢利
Total
equity
權益總額
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
774,246
42,872
2,261
37,085
(1,105)
1,302,780
2,158,139
25(d)(i)
–
(4,087)
Shares issued on exercise of share options
83,089
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：
Transfer from capital reserve to
retained profits
自資本儲備轉撥至保留溢利
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
25(b)(ii)
25(b)(ii)
25(b)(i)
Total comprehensive income for the year
9
本年度全面收益總額
Balance at 31st march 2018
於二零一八年三月三十一日結餘
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(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
857,335
38,785
2,261
31,873
4,580
1,305,910
2,240,744
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）
25 Capital, reserves and dividends (Continued)
25 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）
The Company (Continued)
本公司（續）
Share
capital
股本
Capital
reserve
資本儲備
General
reserve
一般儲備
Share-based
compensation
reserve
股份基礎
補償儲備
Hedging
reserve
對沖儲備
Retained
profits
保留溢利
Total
equity
權益總額
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
857,335
38,785
2,261
31,873
4,580
1,305,910
2,240,744
25(d)(i)
–
(3,609)
Shares issued on exercise of share options
25(c)(ii)
41,626
Balance at 1st april 2018
於二零一八年四月一日結餘
changes in equity for the year:
本年度之權益變動：
Transfer from capital reserve to
retained profits
自資本儲備轉撥至保留溢利
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
25(b)(ii)
25(b)(i)
Total comprehensive income for the year
9
本年度全面收益總額
Balance at 31st march 2019
於二零一九年三月三十一日結餘
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(7,180)
13,521
–
–
–
–
–
–
–
–
3,609
–
–
–
34,446
13,521
(333,191)
(333,191)
(40,324)
(40,324)
(4,088)
774,234
770,146
898,961
35,176
2,261
38,214
492
1,710,238
2,685,342
Annual Report 2018/2019 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）
25 Capital, reserves and dividends (Continued)
25 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 (2018: 3.8 cents per ordinary share)
已宣派及已支付之中期股息 – 每股普通股 3.8 仙
（二零一八年：每股普通股 3.8 仙）
Final dividend proposed after the end of the reporting
period of 38.0 cents per ordinary share
(2018: 31.4 cents per ordinary share) (note 25(e))
於匯報日後擬派之末期股息 – 每股普通股 38.0 仙
（二零一八年：每股普通股 31.4 仙）（附註 25(e)）
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
40,324
40,161
403,574
332,520
443,898
372,681
The final dividends proposed after the end of the reporting period
are based on 1,062,037,500 ordinary shares (2018: 1,058,979,500
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 1,062,037,500 股普通股（二零
一八年：1,058,979,500 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。
(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 31.4 cents per
ordinary share (2018: 27.1 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 31.4 仙（二零一八年：每股普通股 27.1 仙）
Special dividend in respect of the previous financial year,
approved and paid during the year of nil
(2018: 4.2 cents per ordinary share)
屬於上一財政年度，並於年內批准及支付之特別股息 – 零
（二零一八年：每股普通股 4.2 仙）
206
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
333,191
285,831
–
44,299
333,191
330,130
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
25 Capital, reserves and dividends (Continued)
25 資本、儲備及股息（續）
(c) Share capital
(i)
Issued share capital
(c) 股本
(i) 已發行股本
2019
二零一九年
2018
二零一八年
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
1,058,872
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
2,710
41,626
7,180
83,089
就行使購股權而發行股份
At 31st March
於三月三十一日
1,061,582
898,961
1,058,872
857,335
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
2,710,000 ordinary shares in the Company. The net consideration
of $34,446,000 was credited to share capital. $7,180,000 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 2,710,000 股本公司普通股之購股
權獲行使。代價淨額為 34,446,000 元並已撥入股
本。7,180,000 元已根據附註 1(q)(iv) 所載之政策
自股份基礎補償儲備撥入股本賬。
Annual Report 2018/2019 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）
25 Capital, reserves and dividends (Continued)
25 資本、儲備及股息（續）
(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，故自該交易產生總
收益，即所出售物業之歷史賬面值與已收代價公
允值之差額。
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, $3,609,000 (2018: $4,087,000)
was transferred from capital reserve to retained profits.
該項交易之收益按已收現金及物業（「物業」）公
允值之比例分為已變現及未變現部份。未變現收
益已計入資本儲備，並於計算物業折舊時變現。
於年內，3,609,000 元（二零一八年：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 transactions with non-
controlling interests of Shenzhen Vitasoy in 2011 and Vitasoy
Dongguan in 2019.
(iii) 其他儲備
其他儲備產生自深圳維他奶及東莞維他奶分別於
二零一一年及二零一九年與非控股權益之權益交
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的公允值累計淨變動
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 and joint venture 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及合
營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。
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）
25 Capital, reserves and dividends (Continued)
25 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）
(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 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。
(e) Distributability of reserves
At 31st March 2019, the aggregate amounts of reserves
available
for distribution to equity shareholders of the
Company, as calculated under the provisions of Part 6 of the
Hong Kong Companies Ordinance, was $1,712,499,000 (2018:
$1,308,171,000).
(e) 可供分派儲備
於二零一九年三月三十一日，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 1,712,499,000 元（二零一八
年：1,308,171,000 元）。
After the end of the reporting period the directors proposed
a final dividend of 38.0 cents per ordinary share (2018: 31.4
cents per ordinary share), amounting to $403,574,000 (2018:
$332,520,000) (note 25(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
38.0 仙（二零一八年：每股普通股 31.4 仙），總
數為 403,574,000 元（二零一八年：332,520,000
元）（附註 25(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。
Annual Report 2018/2019 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）
25 Capital, reserves and dividends (Continued)
25 資本、儲備及股息（續）
(f) Capital management (Continued)
The Group’s strategy, which was unchanged from the year ended
31st March 2018, 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.
(f) 資本管理（續）
本集團之策略與截至二零一八年三月三十一日止
年度保持不變，將負債對經調整資本比率維持於
30% 以下。為保持或調整有關比率，本集團或會
調整向股東派付之股息金額、發行新股份、向股
東退回資本、籌集新債項融資或出售資產以減低
負債。
The debt-to-adjusted capital ratio at 31st March 2019 and 2018
was as follows:
於二零一九年及二零一八年三月三十一日之負債
對經調整資本比率如下：
Current liabilities:
流動負債：
Bank loans (note 20)
銀行貸款（附註 20）
Obligations under finance leases (note 21)
融資租賃之債務（附註 21）
total debt
負債總額
Total equity
權益總額
Less: Proposed dividends (note 25(b)(i))
減：擬派股息（附註 25(b)(i)）
adjusted capital
經調整資本
Debt-to-adjusted capital ratio
負債對經調整資本比率
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
44,508
–
44,508
27,085
921
28,006
3,469,560
3,169,146
(403,574)
(332,520)
3,065,986
2,836,626
1%
1%
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。
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）
26 Financial risk management and fair
values of financial instruments
Exposure to credit, liquidity, interest rate and currency risks
arises in the normal course of the Group’s business. The Group’s
exposures to these risks and the financial risk management
policies and practices used by the Group to manage these risks
are described below.
26 財務風險管理及金融工具之公
允值
本集團在一般業務過程中存在信貸、流動資金、
利率及貨幣風險。本集團面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
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in a financial loss to the Group.
(a) 信貸風險
信貸風險指交易方違反其合約責任而導致本集團
財務虧損之風險。
The Group’s credit risk is primarily attributable to trade and other
receivables. Management has a credit policy in place and the
exposure to this credit risk is monitored on an ongoing basis.
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 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 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。
Trade debtors and bills receivable (which are included in
trade and other receivables)
The Group’s exposure to credit risk is influenced mainly by the
individual characteristics of each customer rather than the
industry or country in which the customers operate and therefore
significant concentrations of credit risk primarily arise when the
Group has significant exposure to individual customers. At the end
of reporting period, 16.9% (2018: 17.0%) and 37.1% (2018: 38.9%)
of the total trade and other receivables was due from the Group’s
largest customer and the five largest customers respectively.
應收賬款及應收票據（已包括於應收賬款及
其他應收款內）
本集團面臨之信貸風險主要受各客戶之個別情況
而非客戶經營業務所在之行業或國家影響，因
此，重大集中信貸風險主要於本集團面臨個別客
戶之重大風險時出現。於匯報日，本集團最大客
戶及五大客戶之欠款分別佔應收賬款及其他應收
款總額之 16.9%（二零一八年：17.0%）及 37.1%
（二零一八年：38.9%）。
Individual credit evaluations are performed on all customers
requiring credit over a certain amount. These evaluations focus
on the customer’s past history of making payments when due and
current ability to pay, and take into account information specific to
the customer as well as pertaining to the economic environment in
which the customer operates. Trade debtors and bills receivables
are generally due within one to three months from the date
of billing. Normally, the Group does not obtain collateral from
customers.
所有要求超過特定信貸金額之客戶均須進行個別
信貸評估。該等評估集中於客戶過往之到期還款
記錄及現時還款能力，並會考慮客戶之特定資料
以及有關客戶營運所在之經濟環境。應收賬款及
應收票據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。
Annual Report 2018/2019 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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(a) Credit risk (Continued)
(a) 信貸風險（續）
Trade debtors and bills receivable (which are included in
trade and other receivables) (Continued)
The Group measures loss allowances for trade debtors and bills
receivable at an amount equal to lifetime ECLs, which is calculated
using a provision matrix. As the Group’s historical credit loss
experience does not indicate significantly different loss patterns
for different customer segments, the loss allowance based on
past due status is not further distinguished between the Group’s
different customer bases.
應收賬款及應收票據（已包括於應收賬款及
其他應收款內）（續）
本集團應收賬款及應收票據之虧損撥備一般按相
等於可使用年期內之預期信貸虧損（採用撥備矩
陣計算）之金額計量。由於本集團過往信貸虧損
經驗並無顯示不同客戶分部之虧損模式存在巨大
差異，故根據逾期狀況計算虧損撥備時並無對本
集團不同客戶群體作進一步區分。
The following table provides information about the Group’s
exposure to credit risk and ECLs for trade debtors and bills
receivable as at 31st March 2019:
下表提供有關本集團於二零一九年三月三十一日
就應收賬款及應收票據所面臨之信貸風險及預期
信貸虧損之資料：
Current (not past due)
即期（未逾期）
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
gross carrying
amount
賬面總值
$’000 千元
loss
allowance
虧損撥備
$’000 千元
634,852
64,474
13,000
5,241
135
–
(626)
(163)
(400)
(88)
717,702
(1,277)
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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(a) Credit risk (Continued)
(a) 信貸風險（續）
Comparative information under HKAS 39
Prior to 1st April 2018, an impairment loss was recognised only
when there was objective evidence of impairment (see note 1(k)
(i) – policy applicable prior to 1st April 2018). At 31st March 2018,
trade receivables of $1,022,000 were determined to be impaired.
The aging analysis of trade debtors and bills receivable that were
not considered to be impaired was as follows:
《香港會計準則》第39號項下之可比較資料
於二零一八年四月一日前，減值虧損僅在有客
觀 減 值 證 據 時 確 認（ 見 附 註 1(k)(i)- 於 二 零 一 八
年四月一日前適用之政策）。於二零一八年三月
三十一日，應收賬款 1,022,000 元乃釐定為已減
值。並無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
2018
二零一八年
$’000 千元
643,415
66,819
13,096
2,919
194
726,443
Receivables that were neither past due nor impaired related to a
wide range of customers for whom there was no recent history of
default. Receivables that were past due but not impaired related
to a number of independent customers that had a good track
record with the Group. Based on past experience, management
believed that no impairment allowance was necessary in respect
of these balances as there had been no significant change in credit
quality and the balances were still considered fully recoverable.
無逾期亦無減值之應收款均為與近期並無拖欠還
款紀錄之廣泛客戶有關。逾期但並無減值之應收
款與多名獨立客戶有關，該等客戶與本集團間之
信貸紀錄良好。根據過往經驗，由於其信貸質素
並無重大變動，管理層相信毋須就該等結餘作出
減值撥備，同時認為該等結餘仍可全數收回。
Annual Report 2018/2019 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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(a) Credit risk (Continued)
(a) 信貸風險（續）
Movement in the loss allowance account in respect of trade
debtors and bills receivable and contract assets during the year
is as follows:
應收賬款及應收票據以及合約資產之虧損撥備賬
於年內之變動如下：
Balance at 1st April
於四月一日結餘
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
Balance at 31st March
於三月三十一日結餘
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
1,022
(18)
316
(43)
1,277
3,375
143
256
(2,752)
1,022
(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 2018.
(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。自截至二零一八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：
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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(b) Liquidity risk (Continued)
(b) 流動資金風險（續）
2019
二零一九年
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
total
總計
carrying
amount
賬面值
$’000 千元
$’000 千元
$’000 千元
Trade and other payables (excluding receipts
in advance and customer deposits)
1,543,744
1,543,744
1,543,744
應付賬款及其他應付款
（不包括預收款項及客戶按金）
Bank loans
銀行貸款
44,591
44,591
44,508
1,588,335
1,588,335
1,588,252
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
Total
總計
Carrying
amount
賬面值
$’000 千元
$’000 千元
$’000 千元
Trade and other payables (excluding receipts
in advance and customer deposits)
1,351,498
1,351,498
1,351,498
應付賬款及其他應付款
（不包括預收款項及客戶按金）
Bank loans
銀行貸款
27,130
27,130
27,085
Obligations under finance leases
943
943
921
融資租賃之債務
1,379,571
1,379,571
1,379,504
Annual Report 2018/2019 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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(b) Liquidity risk (Continued)
(b) 流動資金風險（續）
2019
二零一九年
2018
二零一八年
contractual undiscounted cash (outflow)/inflow
Contractual undiscounted cash (outflow)/inflow
合約未折現現金（流出）╱流入
合約未折現現金（流出）╱流入
Within
1 year or
on demand
一年內或
按要求
$’000 千元
more than
1 year but
less than
2 years
一年後但
兩年內
$’000 千元
total
總計
$’000 千元
Within
1 year or
on demand
一年內或
按要求
$’000 千元
More than
1 year but
less than
2 years
一年後但
兩年內
$’000 千元
Total
總計
$’000 千元
–
–
–
–
–
–
(6,813)
6,628
–
–
(6,813)
6,628
Derivatives settled gross:
已結算衍生工具總額：
Forward foreign exchange contracts (note 26(d))
遠期外匯合約（附註26(d)）
– Outflow
– 流出
– Inflow
– 流入
216
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 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
Interest rate risk
(c)
Interest rate risk is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in
market interest rates.
(c) 利率風險
利率風險指金融工具之公允值或未來現金流量因
應市場利率變動而波動之風險。
The Group’s interest rate risk arises primarily from interest-
bearing borrowings. The Group monitors the level of its fixed rate
and variable rate borrowings. The Group’s interest rate profile as
monitored by management is set out in (i) below.
本集團之利率風險主要來自附息借貸。本集團監
察其定息及浮息借貸水平。本集團由管理層監控
之利率資料載於下文第 (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：
2019
二零一九年
2018
二零一八年
effective
interest rate
實際利率
amount
金額
Effective
interest rate
實際利率
Amount
金額
%
$’000 千元
%
$’000 千元
Fixed rate borrowings:
定息借貸：
Obligations under finance leases
–
–
7.50
921
融資租賃之債務
Variable rate borrowings:
浮息借貸：
Bank loans
銀行貸款
Total borrowings
借貸總額
2.95
44,508
3.00
27,085
44,508
28,006
Annual Report 2018/2019 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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(c)
Interest rate risk (Continued)
(c) 利率風險（續）
(ii) Sensitivity analysis
At 31st March 2019, 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
$312,000 (2018: $190,000).
(ii) 敏感性分析
於 二 零 一 九 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 312,000 元（二零一八年：
190,000 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 2018.
截至二零一八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”), Philippines Peso (“PHP”) 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」）、菲律賓比索（「比索」）及人民幣
（「人民幣」）。
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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
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, PHP 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、比索及人民幣計值外，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 2018. During the year ended
31st March 2019, 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).
自截至二零一八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
一九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 used 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. There was no
liabilities for 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 2019 (2018:
$181,000), 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
一九年三月三十一日，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
允值未產生負債（二零一八年：181,000 元），乃
確認為衍生金融工具。
In respect of other trade receivables and payables denominated
in foreign currencies, the Group 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，
本集團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。
Annual Report 2018/2019 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）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(d) Currency risk (Continued)
(d) 貨幣風險（續）
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
recognised assets or liabilities denominated in a currency other
than the functional currency of the entity to which they relate.
For presentation purposes, the amounts of the exposure are
shown in HKD, translated using the spot rates at the year end
date. Differences resulting from the translation of the financial
statements of subsidiaries and joint venture 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
地區附屬公司及合營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）
2019
二零一九年
2018
二零一八年
UsD
sgD
HKD
rmB
pHp
aUD
美元
$’000 千元
坡元
$’000 千元
港幣
$’000 千元
人民幣
$’000 千元
比索
$’000 千元
澳元
$’000 千元
USD
美元
SGD
坡元
HKD
港幣
RMB
人民幣
PHP
比索
AUD
澳元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
$’000 千元
Cash and bank deposits
現金及銀行存款
Amount due from group
companies
應收集團成員公司款項
Loan to joint venture
向合營公司借出之貸款
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
4,793
478
981
51,331
5,999
2,508
10,460
21,202
–
23,201
–
–
(22,371)
(258)
–
–
–
–
–
(3,822)
–
–
33,638
–
–
6
216,359
–
1,699
92,991
12,158
7,551
1,336
9,129
7,596
–
–
–
52
–
–
(92)
(27,268)
(365)
–
–
–
–
–
(3,445)
11,622
2,728
11,441
68,711
33,638
12,072
196,694
971
10,828
97,142
–
–
–
–
–
–
–
–
–
–
11,622
2,728
11,441
68,711
33,638
12,072
196,694
971
10,828
97,142
–
–
–
–
–
–
–
–
7
7,273
–
–
(230)
7,050
(6,813)
237
220
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 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
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。
2019
二零一九年
2018
二零一八年
increase/
(decrease)
in profit
Increase/
(decrease)
in profit
Increase/
increase/
(decrease)
after taxation
(decrease)
after taxation
in foreign
exchange
rates
匯率上升╱
and retained
profits
除稅後溢利
及保留溢利
in foreign
exchange
rates
匯率上升╱
and retained
profits
除稅後溢利
及保留溢利
（下跌）
上升╱（下跌）
（下跌）
上升╱（下跌）
$’000 千元
$’000 千元
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
759
(759)
135
(135)
469
(469)
2,791
(2,791)
1,682
(1,682)
322
(322)
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
5%
(5)%
(79)
79
41
(41)
482
(482)
3,974
(3,974)
–
–
13
(13)
Annual Report 2018/2019 年度報告
221
USD
美元
SGD
坡元
HKD
港幣
RMB
人民幣
PHP
比索
AUD
澳元
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
26 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
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 and joint venture 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 2018.
(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及合營公
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
零一八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，按照《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進行分類。
將公允值計量分類之等級乃經參考如下估值方法
所用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。
222
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 Financial risk management and fair
26 財務風險管理及金融工具之公
values of financial instruments (Continued)
允值（續）
(e) Fair value measurement (Continued)
(e) 公允值計量（續）
(i)
Financial assets and liabilities measured at fair value
(Continued)
(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
債券收益率曲線，另加足夠之固定信貸息差計
算。
(ii) Fair values of financial instruments carried at 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 2019 and 2018.
於二零一九年及二零一八年三月三十一日，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。
27 Commitments
(a) Capital commitments outstanding at 31st March 2019 not
provided for in the financial statements were as follows:
27 承擔
(a) 於二零一九年三月三十一日，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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
522,838
256,082
1,771,365
1,806,128
2,294,203
2,062,210
As at 31st March 2019, the Group is committed to certain contracts
for the acquisition and construction of plant and machinery and
buildings.
於二零一九年三月三十一日，本集團承諾履行若
干收購及建造廠房及機器以及樓宇之合約。
Annual Report 2018/2019 年度報告
223
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
27 Commitments (Continued)
(b) The Group’s share of capital commitments of the joint
27 承擔（續）
(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
2019
二零一九年
$’000 千元
12,807
7,536
20,343
2018
二零一八年
$’000 千元
25,216
25,181
50,397
(c) At 31st March 2019, the total future minimum lease
leases are
payments under non-cancellable operating
payable as follows:
(c) 於二零一九年三月三十一日，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：
2019
二零一九年
2018
二零一八年
factory
machinery
and
equipment
工廠機器及
設備
Factory
machinery
and
equipment
Properties
工廠機器及
物業
設備
properties
物業
$’000 千元
$’000 千元
$’000 千元
$’000 千元
Within one year
一年內
127,549
3,911
140,857
After one year but within five years
213,592
3,576
204,564
一年後但五年內
After five years
五年後
20,757
–
55,867
2,175
1,138
–
361,898
7,487
401,288
3,313
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租借地於租賃期間之
營業額之若干固定比率釐定之或然租金。
224
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 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.
28 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 net sales of
products distributed by the related party. Total management
fees charged by the related party for the year amounted
to $26,111,000 (2018: $25,202,000). The amount due
to the related party as at 31st March 2019 amounted to
$6,679,000 (2018: $6,052,000).
(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。管理費用按預
先釐定之該關連人士分銷產品銷售淨額之
百分比計算。年內，該關連人士收取之管
理 費 用 合 共 26,111,000 元（ 二 零 一 八 年：
25,202,000 元）。於二零一九年三月三十一
日應付予該關連人士之款項為 6,679,000 元
（二零一八年：6,052,000 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
net sales of products distributed by the related party. Total
management fee charged by the related party for the year
amounted to $6,784,000 (2018: $6,492,000). The amount
due to the related party as at 31st March 2019 amounted to
$1,687,000 (2018: $1,620,000).
(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。管理費用按預先釐定之該關連人士分
銷產品銷售淨額之百分比計算。年內，該
關連人士收取之管理費用合共 6,784,000 元
（二零一八年：6,492,000 元）。於二零一九
年三月三十一日應付予該關連人士之款項
為 1,687,000 元（ 二 零 一 八 年：1,620,000
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 soya related beverages to the joint venture.
Total sales to the joint venture for the year amounted to
$40,013,000 (2018: $30,610,000). The amount due from
the joint venture as at 31st March 2019 amounted to
$4,629,000 (2018: $2,487,000).
(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 40,013,000 元（ 二
零 一 八 年：30,610,000 元）。 於 二 零 一 九
年三月三十一日應收該合營公司之款項為
4,629,000元（二零一八年：2,487,000元）。
(iv) The Group has entered into a loan agreement with the joint
venture pursuant to which the Group agreed to provide a
loan to finance the business activities of the joint venture.
The loan bears interest at 4.75% per annum, is unsecured
and is repayable on 30th March 2021, 30th March 2022
and 30th March 2023. Total interest income from the joint
venture for the year amounted to $471,000 (2018: nil). The
loan to joint venture as at 31st March 2019 amounted to
$33,638,000 (2018: nil).
(iv) 本集團已與合營公司訂立一項貸款協議，
據此，本集團同意提供一筆貸款，為該合
營 公 司 之 業 務 活 動 撥 資。 該 貸 款 按 年 息
4.75% 計息，並無抵押，且須於二零二一年
三月三十日、二零二二年三月三十日及二
零二三年三月三十日償還。年內，來自該
合營公司之利息收入總額為 471,000 元（二
零一八年：無）。於二零一九年三月三十一
日，向合營公司借出之貸款為 33,638,000
元（二零一八年：無）。
Annual Report 2018/2019 年度報告
225
Notes to the Financial Statements
財務報表附註
(Expressed in Hong Kong dollars unless otherwise indicated)
（除另有說明外，以港幣計算）
28 Material related party transactions
28 重大關連人士交易（續）
(Continued)
(a) Transactions with related parties (Continued)
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).
(a) 與關連人士之交易（續）
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。
(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
2019
二零一九年
$’000 千元
2018
二零一八年
$’000 千元
44,817
36,430
1,254
9,703
1,285
8,115
55,774
45,830
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)）。
226
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 Equity transaction with non-controlling
29 與非控股權益之權益交易
interests
On 31st December 2018, the Group entered into an agreement
with Shenzhen GuangMing Group Co., Ltd (“Guangming”),
pursuant to which the Group agreed to sell, and Guangming
agreed to purchase, 15% equity interest in Vitasoy Dongguan
at a consideration of RMB50,250,000, which was determined
with reference to the registered capital of Vitasoy Dongguan of
RMB335,000,000.
於二零一八年十二月三十一日，本集團與深圳市
光明集團有限公司（「光明」）訂立一項協議，據
此，本集團同意出售而光明同意購買東莞維他奶
15% 股權權益，代價為人民幣 50,250,000 元，乃
參照東莞維他奶之註冊資本人民幣 335,000,000
元釐定。
On 1st January 2019, the Group disposed of 15% equity
interest in Vitasoy Dongguan to Guangming at a consideration
of RMB22,500,000 (equivalent to approximately $25,618,000),
which was determined with reference to the paid up capital
of Vitasoy Dongguan of RMB150,000,000 at that time. At 1st
January 2019, the carrying amount of Vitasoy Dongguan’s net
assets amounted of $168,251,000 and the disposal has resulted
in an increase in non-controlling interest of $25,238,000 and an
increase in other reserve of $380,000.
於二零一九年一月一日，本集團向光明出售東莞
維他奶 15% 股權權益，代價為人民幣 22,500,000
元（相當於約 25,618,000 元），乃參照東莞維他
奶當時之繳足股本人民幣 150,000,000 元釐定。
於二零一九年一月一日，東莞維他奶之淨資產
之賬面值為 168,251,000 元，且出售事項已令非
控股權益增長 25,238,000 元及令其他儲備增長
380,000 元。
capital
On 27th February 2019 and 19th March 2019, the Group
totaling
contributed additional
and Guangming
RMB66,000,000 (equivalent to approximately $76,033,000) to
Vitasoy Dongguan in proportion to their shareholding of 85% and
15% in Vitasoy Dongguan respectively, of which RMB9,900,000
(equivalent to approximately $11,405,000) was contributed by
Guangming and was presented as capital contribution from a non-
controlling interest in the consolidated cash flow statement.
於二零一九年二月二十七日及二零一九年三月
十九日，本集團及光明已分別按其於東莞維他奶
之持股比例 85% 及 15% 額外向東莞維他奶注資
合共人民幣 66,000,000 元（相當於約 76,033,000
元）， 其 中 人 民 幣 9,900,000 元（ 相 當 於 約
11,405,000 元）由光明注資並於綜合現金流量表
中以來自非控股權益之注資呈列。
Annual Report 2018/2019 年度報告
227
Notes to the Financial Statements
財務報表附註
(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
2019
二零一九年
2018
二零一八年
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
228
Vitasoy International Holdings Ltd. 維他奶國際集團有限公司
3,628
505,594
509,222
1,600,707
1,185
2,111,114
4,088
436,030
440,118
987,354
1,283
1,428,755
182,551
479,130
168,877
–
497,338
1,327,896
592,000
89,990
514
682,504
163,414
464,114
123,145
2,329
683,485
1,436,487
496,279
65,466
–
561,745
645,392
2,756,506
874,742
2,303,497
Notes to the Financial Statements
財務報表附註
(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)
2019
二零一九年
2018
二零一八年
Note 附註
$’000 千元
$’000 千元
$’000 千元
$’000 千元
non-current liabilities
非流動負債
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
18,533
52,631
12,715
50,038
71,164
2,685,342
62,753
2,240,744
25(a)
898,961
1,786,381
2,685,342
857,335
1,383,409
2,240,744
Approved and authorised for issue by the Board of Directors on
20th June 2019.
於二零一九年六月二十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 2018/2019 年度報告
229
Notes to the Financial Statements
財務報表附註
(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
Subsequent to the end of the reporting period, the Directors
proposed a final dividend. Further details are disclosed in note
25(b)(i).
32 Possible impact of amendments, new
standards and interpretations issued
but not yet effective for the year ended
31st March 2019
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 2019 and which have not been adopted in these financial
statements. These include the following which may be relevant to
the Group.
董事於匯報日後建議派發末期股息。進一步詳情
於附註 25(b)(i) 中披露。
32 已頒佈但尚未於截至二零一九
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
頒佈截至二零一九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 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」
Annual improvements to HKFRSs 2015-2017 Cycle
《香港財務報告準則》二零一五年至二零一七年週期之年度改進
Amendments to HKAS 28, Long-term interest in associates and joint ventures
《香港會計準則》第 28 號「於聯營公司及合營公司之長期權益」之修訂
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 2019
二零一九年一月一日
1 January 2019
二零一九年一月一日
1 January 2019
二零一九年一月一日
1 January 2019
二零一九年一月一日
230
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 2019 (Continued)
The Group is in the process of making an assessment of what the
impact of these amendments, new standards and interpretations
is expected to be in the period of initial application. So far the
Group has identified some aspects of HKFRS 16 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 16, the actual impact upon the initial adoption of this
standard 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 standard is initially applied in
the Group’s interim financial report for the six months ended 30th
September 2019. The Group may also change its accounting policy
elections, including the transition options, until the standard is
initially applied in that financial report.
32 已頒佈但尚未於截至二零一九
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、新訂準則及詮釋預期
於應用初期產生之影響。本集團迄今已識別《香
港財務報告準則》第 16 號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 16 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二零一九年九月三十日止
六個月之中期財務報告前亦可能識別其他影響。
本集團亦可能改變其所選擇之會計政策，包括過
渡方案，直至該準則首次應用於該財務報告。
HKFRS 16, Leases
As disclosed in note 1(j)(iii), currently the Group classifies leases
into operating leases.
《香港財務報告準則》第 16 號「租賃」
誠如附註 1(j)(iii) 所披露，本集團現時將租賃分類
為經營租賃。
HKFRS 16 is not expected to impact significantly on the way that
lessors account for their rights and obligations under a lease.
However, once HKFRS 16 is adopted, lessees will no longer
distinguish between finance leases and operating leases. Instead,
subject to practical expedients, lessees will account for all leases
in a similar way to current finance lease accounting, i.e. at the
commencement date of the lease the lessee will recognise and
measure a lease liability at the present value of the minimum
future lease payments and will recognise a corresponding “right-
of-use” asset. After initial recognition of this asset and liability, the
lessee will recognise interest expense accrued on the outstanding
balance of the lease liability, and the depreciation of the right-
of-use asset, instead of the current policy of recognising rental
expenses incurred under operating leases on a systematic basis
over the lease term. As a practical expedient, the lessee can elect
not to apply this accounting model to short-term leases (i.e. where
the lease term is 12 months or less) and to leases of low-value
assets, in which case the rental expenses would continue to be
recognised on a systematic basis over the lease term.
《香港財務報告準則》第 16 號預期將不會對出租
人於其租賃項下之權利及義務進行入賬之方式造
成重大影響。然而，一旦採納《香港財務報告準
則》第 16 號，承租人將不再區分融資租賃及經營
租賃。相反，在可行權宜方法之規限下，承租人
將按與現有融資租賃會計處理相若之方式對所有
租賃進行入賬，即於租賃開始日期，承租人將按
未來最低租賃付款之現值確認及計量租賃負債，
並將確認相應之「使用權」資產。初步確認該資
產及負債後，承租人將確認租賃負債未付結存所
產生之利息費用及使用權資產折舊，以取代於租
期內按系統化基準確認經營租賃項下所產生之租
金費用之現有政策。作為可行權宜方法，承租人
可選擇不以此項會計模式應用於短期租賃（即租
期為十二個月或以下）及低價值資產之租賃，於
該等情況下，租金費用將繼續於租期內按系統化
基準予以確認。
Annual Report 2018/2019 年度報告
231
Notes to the Financial Statements
財務報表附註
(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 2019 (Continued)
HKFRS 16, Leases (Continued)
HKFRS 16 will primarily affect the Group’s accounting as a
lessee of leases for properties, plant and equipment 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.
32 已頒佈但尚未於截至二零一九
年三月三十一日止年度生效之
修訂、新訂準則及詮釋可能構
成之影響（續）
《香港財務報告準則》第 16 號「租賃」
（續）
《香港財務報告準則》第 16 號將主要影響本集團
作為承租人就物業、廠房及設備租賃（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。
HKFRS 16 is effective for annual periods beginning on or after 1st
January 2019. As allowed by HKFRS 16, the Group plans to use
the practical expedient to grandfather the previous assessment
of which existing arrangements are, or contain, leases. The Group
will therefore apply the new definition of a lease in HKFRS 16 only
to contracts that are entered into on or after the date of initial
application. In addition, the Group plans to elect the practical
expedient for not applying the new accounting model to short-
term leases and leases of low-value assets.
《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。經《香港財務
報告準則》第 16 號允許，本集團計劃運用實際權
宜手段豁免屬於或包含租賃之現有安排之過往評
估。因此，本集團僅會將《香港財務報告準則》
第 16 號中新租賃定義用於在首次應用日期或之後
訂立之合約。此外，本集團計劃選擇可行權宜方
法不將新會計模式應用於短期租賃及低價值資產
租賃。
The Group plans to elect to use the modified retrospective
approach for the adoption of HKFRS 16 and will recognise the
cumulative effect of initial application as an adjustment to the
opening balance of equity at 1st April 2019 and will not restate
the comparative information. As disclosed in note 27(c), at 31st
March 2019 the Group’s future minimum lease payments under
non-cancellable operating leases amount to $361,898,000 and
$7,487,000 for properties and factory machinery and equipment
respectively, part of which is payable either between 1 and 5 years
after the reporting date or in more than 5 years.
本集團計劃就採納《香港財務報告準則》第 16 號
而選用經修訂追溯法，並於二零一九年四月一日
將首次應用之累計影響確認為權益之年初結餘調
整，並將不會重列比較資料。誠如附註 27(c) 所
披露，於二零一九年三月三十一日，本集團之物
業以及工廠機器及設備於不可解除經營租賃項
下之未來最低租賃付款分別為 361,898,000 元及
7,487,000 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。
Other than the recognition of lease liabilities and right-of-
use assets, the Group expects that the transition adjustments
to be made upon the initial adoption of HKFRS 16 will not be
material. However, the expected changes in accounting policies
as described above could have a material impact on the Group’s
financial statements from 1st April 2019 onwards.
除確認租賃負債及使用權資產外，本集團預期於
首次採納《香港財務報告準則》第 16 號後將作出
之過渡調整並不重大。然而，上述會計政策之預
期變動將對本集團自二零一九年四月一日起的財
務報表構成重大影響。
232
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）
2019
2018
2017
2016
2015
二零一九年 二零一八年 二零一七年 二零一六年 二零一五年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
1
1
2
7,526,495
6,464,525
5,406,090
5,551,898
5,051,827
977,160
822,248
848,034
603,352
529,264
(2,086)
(1,700)
(3,730)
(4,044)
(5,655)
(19,236)
(17,814)
(627)
–
–
955,838
802,734
843,677
599,308
523,609
(208,143)
(160,679)
(190,383)
(34,064)
(114,888)
747,695
642,055
653,294
565,244
408,721
695,907
585,774
618,372
530,616
372,079
51,788
56,281
34,922
34,628
36,642
747,695
642,055
653,294
565,244
408,721
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
2,939,306
2,348,875
2,053,276
2,186,972
1,853,517
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
163,852
173,144
97,027
144,082
77,016
2
488,007
737,116
823,069
383,392
304,702
3,591,165
3,259,135
2,973,372
2,714,446
2,235,235
(121,605)
(89,989)
(283,666)
(302,583)
(110,563)
3,469,560
3,169,146
2,689,706
2,411,863
2,124,672
Annual Report 2018/2019 年度報告
233
Five Year Summary
五年財務摘要
(Expressed in Hong Kong dollars)（以港幣計算）
2019
二零一九年
$’000 千元
2018
2017
2016
2015
二零一八年
$’000 千元
二零一七年
$’000 千元
二零一六年
$’000 千元
二零一五年
$’000 千元
898,961
857,335
774,246
733,722
677,694
2,266,451
2,052,422
1,697,123
1,466,013
1,241,391
3,165,412
2,909,757
2,471,369
2,199,735
1,919,085
304,148
259,389
218,337
212,128
205,587
3,469,560
3,169,146
2,689,706
2,411,863
2,124,672
65.6 cents 仙 55.5 cents 仙 58.9 cents 仙 50.9 cents 仙 35.9 cents 仙
65.0 cents 仙 55.0 cents 仙 58.4 cents 仙 50.4 cents 仙 35.5 cents 仙
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
notes to the five year summary
五年財務摘要附註
1
2
As a result of the adoption of HKFRS 15, Revenue from contracts with
customers, with effect from 1st April 2018, the Group has changed its
accounting policies in respect of revenue recognition. Figures in years
earlier than 2019 are stated in accordance with the policies applicable
in those years.
1
由於採納自二零一八年四月一日起生效之《香港財
務報告準則》第 15 號「客戶合約收入」，本集團變更
有關收入確認之會計政策。二零一九年以前的數字
根據相關年度的適用政策呈列。
The Group adopted HKFRS 9, Financial instruments, including
the amendments to HKFRS 9, Prepayment features with negative
compensation, from 1st April 2018. As a result, the Group has changed
its accounting policies in relation to financial instruments. As allowed
by HKFRS 9, the Group has not restated information relating to prior
years. There was no difference in the carrying amounts of the financial
assets and financial liabilities resulting from the adoption of HKFRS
9. Prior to 1st April 2018, figures were stated in accordance with the
policies applicable in those years.
2
本集團自二零一八年四月一日起採納《香港財務報
告準則》第 9 號「金融工具」，包括《香港財務報告準
則》第 9 號「具有負補償特性之預付款項」之修訂。
因此，本集團已變更有關金融工具的會計政策。根
據《香港財務報告準則》第 9 號，本集團並無重列先
前年度之資料。採納《香港財務報告準則》第 9 號並
無導致金融資產及金融負債之賬面值出現差異。於
二零一八年四月一日之前，有關數字根據相關年度
的適用政策呈列。
234
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