Vitasoy International Holdings Limited
Annual Report 2020

Plain-text annual report

Annual Report 2019/20 年度報告 The Netherlands 荷蘭 Sweden 瑞典 UK 英國 Ireland 愛爾蘭 Denmark 丹麥 Germany 德國 Poland 波蘭 Canada 加拿大 USA 美國 Belgium 比利時 Luxembourg 盧森堡 Guatemala 危地馬拉 Curacao 古拉索 Martinique 馬提尼克 Panama 巴拿馬 Suriname 蘇里南 French Guiana 法屬圭亞那 France 法國 Switzerland 瑞士 Portugal 葡萄牙 Spain 西班牙 Italy 意大利 Lebanon 黎巴嫩 Mainland China 中國內地 South Korea 南韓 Cambodia 柬埔寨 Malaysia 馬來西亞 Macau 澳門 Vietnam 越南 Brunei 文萊 Taiwan 台灣 Saipan 塞班 The Philippines 菲律賓 Hong Kong 香港 Mauritius 毛里求斯 Papua New Guinea 巴布亞新幾內亞 Australia 澳洲 Singapore 新加坡 New Zealand 新西蘭 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 Soy/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 72 董事及高層管理人員 Report of the Directors 83 董事會報告 Independent Auditor’s Report 99 獨立核數師報告 Consolidated Statement of Profit or Loss 106 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 108 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 109 綜合財務狀況表 Consolidated Statement of Changes in Equity 112 綜合權益變動表 Consolidated Cash Flow Statement 114 綜合現金流量表 Notes to the Financial Statements 116 財務報表附註 Five Year Summary 252 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 Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance Principal Bankers The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited MUFG Bank, Ltd. Citibank, N.A. Westpac Banking Corporation China Merchants Bank Company, Ltd. China Construction Bank Corporation Bank of China Limited 公司秘書 湯亞卿女士 註冊辦事處 香港新界 屯門建旺街一號 核數師 畢馬威會計師事務所 於《 財 務 匯 報 局 條 例》下 的 註 冊 公 眾 利 益 實 體 核數師 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 2 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Directors and Corporate Information 董事及集團資料 Principal Lawyers King & Wood Mallesons Norton Rose Fulbright Hong Kong 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 Key Dates 重要日期 Closure of Register of Members 暫停辦理股份過戶登記 主要法律顧問 金杜律師事務所 諾頓羅氏香港 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 – Annual General Meeting 股東週年大會 13th August 2020 (Thursday) to 18th August 2020 (Tuesday) 二零二零年八月十三日（星期四）至二零二零年八月十八日（星期二） Record Date 記錄日期 18th August 2020 (Tuesday) 二零二零年八月十八日（星期二） – Proposed Final Dividend 建議末期股息 26th August 2020 (Wednesday) to 28th August 2020 (Friday) 二零二零年八月二十六日（星期三）至二零二零年八月二十八日（星期五） Record Date 記錄日期 28th August 2020 (Friday) 二零二零年八月二十八日（星期五） Annual General Meeting 股東週年大會 at 11:00 a.m., 18th August 2020 (Tuesday) Chatham Room, Level 7, Conrad Hong Kong, Pacific Place, 88 Queensway, Hong Kong 於二零二零年八月十八日（星期二）上午十一時正 假座香港金鐘道 88 號太古廣場，香港港麗酒店七樓漆咸廳 Final Dividend Payable 派發末期股息 9th September 2020 (Wednesday) 二零二零年九月九日（星期三） Annual Report 2019/2020 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 2020 二零二零年 HK$ million 港幣百萬元 2019 二零一九年 HK$ million 港幣百萬元 % Change 百分比變動 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） 7,233 3,851 7,526 4,042 1,097 1,228 536 50.4 32.2 696 65.6 41.8 -4 -5 -11 -23 -23 -23 Year Ended 31st March 截至三月三十一日止年度 HK$ million 港幣百萬元 Revenue 收入 Gross Profit 毛利 7,526 7,233 6,465 5,552 5,406 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 4,042 3,851 3,420 2,826 2,873 5,000 4,000 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 EBITDA 未計利息收入、融資成本、所得稅、折 舊、攤銷費用及所佔合營公司虧損前盈利 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 1,083 1,063 1,097 1,228 812 1,500 1,200 900 600 300 0 800 700 600 500 400 300 200 100 0 618 586 531 696 536 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 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 2020 二零二零年 HK$ million 港幣百萬元 2019 二零一九年 HK$ million 港幣百萬元 % Change 百分比變動 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 6,410 363 5,878 960 Shareholders of the Company 應佔權益總額 3,128 3,165 +9 -62 -1 Year Ended 31st March 2020 截至二零二零年三月三十一日止年度 Sales Analysis by Location 銷售額分析（按地區） 62% Mainland China 中國內地 2% Singapore 新加坡 7% Australia and New Zealand 澳洲及新西蘭 29% Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務（香港、澳門及出口） Annual Report 2019/2020 年度報告 5 Chairman’s Statement 主席報告 Whilst Vitasoy Group has faced unprecedented external challenges during FY2019/2020, we remain confident about our long term prospects based on our company strengths, and stay committed to our mission to provide tasty and nutritious plant-based food and beverages and doing so by procuring the best practices in sustainability production. 維他奶集團於二零一九╱二零二零財政年度面對前 所未有的外來挑戰，但憑藉公司的雄厚實力，我們 對長遠前景仍然充滿信心，而本集團亦會繼續履行 使命，以可持續生產的方式，致力為大家帶來以植 物成分為主、既美味又營養豐富的食品及飲品。 Chairman’s Statement 主席報告 In FY2019/2020 the development of the Group has been challenging against the backdrop of a number of events which were not unique to our Group but impacted, and continue to impact, the world as a whole. The most notable events are the COVID-19 pandemic, ongoing social unrest in Hong Kong, the prolonged drought in Australia and a continued strain on US- Sino relations. As a result, on a constant currency basis, revenue and profit attributable to equity shareholders of the Company dropped by 1% and 20% respectively. In Hong Kong dollars (HKD), the Group’s revenue dropped by 4% to HK$7,233 million, while profit attributable to equity shareholders of the Company dropped 23% to HK$536 million. 於二零一九╱二零二零財政年度，本集團接連受 到多宗事件影響，發展備受挑戰，有關事件不僅 只是影響本集團，亦持續衝擊著全球。當中最明 顯的是2019冠狀病毒病疫情、香港持續的社會運 動、澳洲持久的旱災以及持續緊張的中美關係。 因此，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下跌 1% 及 20%。按港幣計 算，本集團的收入下跌 4% 至港幣 7,233,000,000 元，而本公司股權持有人應佔溢利則下跌 23% 至 港幣 536,000,000 元。 The Board will recommend a final dividend of HK28.4 cents per ordinary share at the Annual General Meeting to be held on 18th August 2020. Together with the interim dividend of HK3.8 cents per ordinary share, this brings the total dividend for FY2019/2020 to HK32.2 cents per ordinary share (FY2018/2019 total dividend: HK41.8 cents per ordinary share). 董事會將於二零二零年八月十八日舉行的股東 週年大會上建議派發末期股息每股普通股 28.4 港仙。連同中期股息每股普通股 3.8 港仙，二零 一九╱二零二零財政年度股息總額將達到每股普 通股 32.2 港仙（二零一八╱二零一九財政年度股 息總額：每股普通股 41.8 港仙）。 Unwavering vision and vigilant disciplined execution during unique times Throughout the Company’s 80-year history, we have stayed focus on our vision, and have done so with increased vigilance and focus on discipline, efficiency and pacing of our investments during hard times. We are grateful to all our people for their commitment during this temporary period of external change. Whilst focus on efficiency and costs have enabled us to mitigate the negative impacts, our safety guidelines have protected the health of all of our employees and have secured progress. We have grown market share in both Mainland China and Hong Kong, where we have also completed infrastructure projects to support our future growth. We have expanded our business in other geographical regions. We have also made significant progress along our Environmental, Social and Governance (ESG) as separately reported in our sixth Sustainability Report for FY2019/2020. 艱巨時刻中，堅守願景，嚴格執行 本公司經營八十年以來一直堅守願景，在艱難日 子中更加提高警覺，致力於嚴格執行及提升效 率，同時更謹慎調節投資步伐。面對暫時的外在 影響，公司上下仝人克盡己任，對此我們衷心感 激。 本集團致力提升效率、嚴控成本以減除各種負面 影響，同時，我們的安全指引保障了全體僱員的 健康，並且確保了業務進展。本集團在中國內地 及香港的市場份額均有所增加，多項基礎設施項 目亦已竣工，足以支持未來業務增長。我們亦拓 展了其他地區的業務。在環境、社會及管治方 面，本集團亦取得重大進展，詳情將於第六期二 零一九╱二零二零財政年度的可持續發展報告中 另行匯報。 Annual Report 2019/2020 年度報告 7 Chairman’s Statement 主席報告 Broadening our impact Despite the occurrence of COVID-19 outbreak in Wuhan, one of our core regions, Mainland China sales grew 1% in local currency terms, generating RMB4,025 million in revenue. Operating profit dropped 24% in local currency compared to the previous year, due to a combination of declining revenue growth and of the fact that a significant portion of operating expenses have already been incurred during Chinese New Year. We have grown market share in all the regions where we compete, and have progressed construction of our new Changping factory in Dongguan, Guangdong province such that we can begin production in 2020. 擴闊影響力 中國內地的銷售表現，雖則主要市場之一的武漢 爆發 2019 冠狀病毒病疫情，然而以當地貨幣計 算銷售仍能增長 1%，錄得人民幣 4,025,000,000 元的收入。經營溢利與去年相比以當地貨幣計算 則下跌 24%，此乃由於收入增長幅度下降加上於 農曆新年期間已經支出龐大經營費用。我們於所 有銷售地區均擴大了市場份額。廣東省東莞市的 常平新廠房按進度興建，並可於二零二零年內開 始投產。 Our Hong Kong Operation generated HK$2,108 million in revenue, a decline of 7% as the social unrest and COVID-19 affected not only on-premise and on-the-go channels, but also our Vitaland school tuckshop business due to school closures. 香港業務錄得港幣 2,108,000,000 元的收入，跌 幅為 7%，原因是社會運動及 2019 冠狀病毒病疫 情不但影響食肆及便利店等銷售渠道的表現，學 校停課亦影響了維他天地的學校小賣部業務。 Australia and New Zealand continued their growth, with revenue increasing by 3% in local currency terms. This was made possible via the success of newly introduced product innovation offsetting the impact of droughts, bushfires and, most recently, COVID-19. 澳洲及新西蘭的業務持續增長，收入以當地貨幣 計算增加 3%。此乃由於成功推出新產品，抵銷 旱災、山林大火以及近期 2019 冠狀病毒病疫情 的影響。 Singapore grew 8% in local currency terms. The operation maintained its leadership in the tofu category and made further progress in imported beverages. 新加坡業務以當地貨幣計算增長 8%。豆腐品類 產品繼續保持市場領導地位，進口飲品業務亦取 得進一步成績。 The Philippines joint venture with Universal Robina Corporation achieved a major milestone in establishing and starting local manufacturing. This will enable lower costs and higher flexibility and customisation to expand our platforms in this exciting and fast growing market. 與 Universal Robina Corporation 成立的菲律賓合 營公司在當地設立生產線並投產，從而進入一個 重大里程碑。同時可以較低成本、更高靈活性及 迎合市場化在這個充滿挑戰且增長迅速的市場中 擴展我們的銷售平台。 Ready for return to our sustainable growth trajectory Whilst the current conditions present near term volatility, we believe our mission is ever more relevant and our competence and experience are ready to support a progressive return to growth as COVID-19 conditions gradually subside. As there might be a possible second wave returning, we will cautiously pace our investments and exercise utmost vigilance on costs, whilst selectively securing that our core platform and relevant innovation is deployed with quality support to secure long term growth. With the sustainable plant-based food and beverage trend becoming more mainstream, Vitasoy Group is ideally positioned to continue on the path to sustainable growth. 準備就緒，重上可持續增長軌道 在當前情況下，難免遭受短期波動，但本集團深 信，我們的使命比起過往更加切合時宜，而隨著 2019冠狀病毒病疫情逐漸消退，本集團可憑藉雄 厚實力與豐富經驗，一步一步重上增長軌道。為 準備應付可能爆發第二波的疫情，我們會繼續謹 慎調節投資步伐，高度重視嚴格控制成本，同時 確保適當選擇對核心業務及切合時宜的創新產品 給予充份支援，確保長遠增長。隨著以植物成分 為主的可持續食品飲品漸成主流，維他奶集團將 憑藉理想的市場定位，繼續在通向可持續增長的 道路上前行。 8 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Chairman’s Statement 主席報告 Appreciation We hope that we will be able to celebrate our 80th Anniversary in the later part of this year. Meanwhile I take this opportunity to say a big thank you to our Board of Directors, the management team and our staff. Their unwavering support, dedication and invaluable contribution has been the foundation that secured our progress for the past eight decades. I thank the utmost our shareholders, customers, suppliers and business partners for their continued support. 致謝 本集團希望能於本年稍後，慶祝維他奶創立八十 週年。同時，本人在此謹向董事會、管理團隊以 及全體員工致以衷誠謝意。全賴大家過去多年堅 定不移的支持，恪守職務以及付出寶貴的貢獻， 過去八十載我們才得以邁步向前。本人亦謹此對 股東、客戶、供應商及業務夥伴一直以來的支持 致以由衷謝意。 Winston Yau-lai LO Executive Chairman 19th June 2020 羅友禮 執行主席 二零二零年六月十九日 Annual Report 2019/2020 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 Following consistent growth throughout the last decade, growth continued in the first half of FY2019/2020, but the second half of the fiscal year saw the COVID-19 pandemic exacerbating numerous other disruptions across the Group’s operating units. In this context, our focus on operational efficiencies and the protection of our associates and assets have mitigated the immediate impact on growth and profits, and secured the conditions and internal readiness to restart our growth trajectory when pandemic restrictions subside. 於二零一九╱二零二零財政年度上半年，我們延續 過去十年的穩定增長，但於財政年度下半年爆發 2019 冠狀病毒病疫情，令本集團本經受不同問題困 擾的營運市場雪上加霜。在這個形勢之下，我們因 能致力於經營效率並保護好員工與資產，故紓緩了 增長及溢利所受的即時影響，並為在疫情限制放寬 後重返增長軌道營造了條件兼且作好內部準備。 Group Chief Executive Officer’s Report/ Business Review 集團行政總裁報告╱業務回顧 FY2019/2020 saw an extraordinary series of events such as droughts, bushfires, social unrest and the COVID-19 pandemic which affected business across all our operating units. On a constant currency basis, our Group revenue and profit from operations decreased by 1% and 25% respectively. In Hong Kong dollars (HKD), since the Renminbi (RMB) and Australian dollar (AUD) depreciated, our revenue and profit from operations dropped by 4% and 28% respectively. The Group’s core fundamentals and infrastructure are in place for a return to sustained growth once pandemic restrictions are gradually lifted. 二零一九╱二零二零財政年度，本集團的營運市 場經歷不少特殊事件，包括旱災、森林大火、社 會運動加上 2019 冠狀病毒病疫情等，影響所有 營運市場的業務。按固定匯率基準計算，本集團 的收入及經營溢利分別減少 1% 及 25%。以港幣 計算，由於人民幣及澳元貶值，收入及經營溢利 則分別下跌 4% 及 28%。本集團的核心基礎穩健 且基礎設施完善，待疫情限制逐漸放寬，即可重 拾持續增長。 As the Group’s biggest revenue contributor, Mainland China is still in its early stages of its growth journey. Hong Kong has continued to strengthen core market share despite ongoing local social unrest and COVID-19 pandemic. While Australia and New Zealand supply was held back by drought, bushfires and COVID-19, these markets continue to show an ever growing appetite for more plant-based products. We have continued to expand our enterprise in South East Asia while having made progress in both Singapore and the Philippines markets. 作為本集團貢獻收入最多的中國內地市場，仍處 於增長的起步階段。儘管香港社會運動持續，加 上 2019 冠狀病毒病疫情，但其主要市場份額仍 繼續有所增長。雖然澳洲及新西蘭的供應受乾 旱、森林大火及 2019 冠狀病毒病等所限制，但 以植物成分為主的產品在這些市場則越來越受歡 迎。我們在新加坡及菲律賓市場的業務同時取得 進展，得以繼續拓展東南亞業務。 Encouragingly, this Fiscal Year has seen a significant advance in our Environmental, Social and Governance (ESG) progress. Beyond the Group continuing to deliver its portfolio and energy reduction trajectory, we have achieved steady improvement in our ESG ratings, entered the Hang Seng Corporate Sustainability Index which includes the Top 30 sustainable companies and also became the only company in Hong Kong to enter the Top Global 100 Sustainable Companies index of Corporate Knights. To drive our ESG agenda with dedicated Board-level oversight, we have set up a Board-level ESG Committee, which meets at least twice a year to help steer and coach the execution of Vitasoy’s Sustainability Framework by executive management. 本財政年度我們在環境、社會及管治方面取得重 大進展，令人鼓舞。本集團繼續在產品組合及節 能方面達成目標，同時我們的環境、社會及管治 評價穩定上升，不單獲納入恒生可持續發展企業 指數，並躋身三十大可持續發展公司之列，同時 亦成為入選 Corporate Knights 全球 100 大可持續 發展公司指數的唯一香港公司。為了讓環境、社 會及管治工作得到董事會級別的專職監督，我們 已成立董事會級別的環境、社會及管治委員會， 委員會每年至少舉行兩次會議，督促並指導負責 管理階層落實執行維他奶的可持續發展框架。 FY2019/2020 also marked the completion of several major capital investment projects. Digital transformation and shared services centralisation of the Mainland China operations, coupled with our new Changping production plant in Dongguan, Guangdong province will step change efficiency, agility and provide the capacity to support our sustainable growth plan. 本集團亦於二零一九╱二零二零財政年度完成多 個主要資本投資項目。中國內地業務的數碼化轉 型及共享服務集中化，加上廣東省東莞市的常平 新生產廠房的落成，將可大幅加強效率與靈活 性，並提供足夠生產能力以支持我們的可持續增 長計劃。 Annual Report 2019/2020 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 With these core fundamentals in place and the favourable market context for continued commitment to sustainable plant- based nutrition, the Group will be ready to gradually restore its trajectory via relentless focus on its winning vision and strategy. 上述核心基礎已經就緒，加上市場環境利好本集 團繼續承諾發展以植物成分為主的可持續發展的 營養產品的願景與策略，逐步重拾增長軌道。 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 that the Company could still maintain its solid business position. The following table presents the Group’s key financial highlights for the year ended 31st March 2020 and 31st March 2019: 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、毛利率及資本回報率）均反映本公司仍 能保持穩健業務狀況。下表呈列本集團截至二零 二零年三月三十一日及二零一九年三月三十一日 止年度的主要財務摘要： 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 2020 二零二零年 (HK$ million) （港幣百萬元） 2019 二零一九年 (HK$ million) （港幣百萬元） 7,233 3,851 7,526 4,042 Change 變動 -4% -5% 1,097 1,228 -11% 536 50.4 16% 31% 696 65.6 1% 37% -23% -23% +15% points 百分點 -6% 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 2020, the Group’s revenue dropped 4% to HK$7,233 million (FY2018/2019: HK$7,526 million). 收入 截至二零二零年三月三十一日止年度，本集團的 收入減少4%至港幣7,233,000,000元（二零一八╱ Mainland China: +1% in local currency (-3% in HKD) Whilst the outbreak of COVID-19 during second half of this Fiscal Year disrupted continued revenue growth, we have continued to grow market share for both core brands VITASOY and VITA in our core markets. 二零一九財政年度：港幣 7,526,000,000 元）。 中國內地：以當地貨幣計算+1% （以港幣計 算-3%） 雖然在本財政年度下半年爆發 2019 冠狀病毒病 令持續收入增長中斷，但維他奶及維他核心品牌 在主要市場的市場佔有率仍繼續有所增長。 Hong Kong Operation (Hong Kong, Macau and Exports): -7% Revenue dropped as a result of the exceptional circumstances of extended social unrest and COVID-19. However, we have continued to gain market share in our core soy and tea categories. 香港業務（香港、澳門及出口）：-7% 社會持續動盪及 2019 冠狀病毒病等特殊情況令 收入下跌。然而，我們在核心的大豆及茶品類繼 續增加市場佔有率。 Australia and New Zealand: +3% in local currency (-4% in HKD) Revenue grew moderately during a year of major disruptions as we drove fundamentals and innovation. 澳洲及新西蘭：以當地貨幣計算+3% （以港 幣計算-4%） 憑藉穩定基礎與創新能力，在受到重大打擊的一 年中，收入仍能溫和增長。 Singapore: +8% in local currency (+6% in HKD) Revenue growth from a rise in export sales of our tofu products. We continued to sustain leadership in tofu, and grow our beverage business. 新加坡：以當地貨幣計算+8% （以港幣計算 +6%） 豆腐產品的出口銷量上升，帶動收入增長。我們 繼續保持豆腐品類的領導地位，並加強飲品業 務。 Gross Profit and Gross Profit Margin The Group’s gross profit was HK$3,851 million (FY2018/2019: HK$4,042 million), representing a decrease of 2% on a constant currency basis and a 5% drop in Hong Kong dollar terms, attributable mainly by a decrease in revenue. 毛利及毛利率 本集團的毛利為港幣3,851,000,000元（二零一八╱ 二零一九財政年度：港幣 4,042,000,000 元），按 固定匯率基準計算減少 2%，按港幣計算則減少 5%，主要由於收入減少。 Gross profit margin decreased slightly to 53% (FY2018/2019: 54%), mainly attributable to lower sales volume and higher depreciation due to increases in capital expenditure, despite the mitigating effect of favourable commodity prices, particularly sugar and paper packaging. 毛利率微跌至 53%（二零一八╱二零一九財政年 度：54%），主要由於銷量下降，以及資本支出 增加導致折舊增加，雖則原材料（尤其是糖及包 裝紙）價格利好已減輕跌幅。 Annual Report 2019/2020 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 3% to HK$3,188 million (FY2018/2019: HK$3,105 million), due to higher staff related in a continued expenses, particularly competitive environment. in Mainland China, 經營費用 由於員工相關費用增加，尤其是在競爭環境持 續激烈的中國內地，總經營費用增加 3% 至港幣 3,188,000,000 元（二零一八╱二零一九財政年 度：港幣 3,105,000,000 元）。 Marketing, selling and distribution expenses were maintained at the same level, being HK$2,112 million (FY2018/2019: HK$2,105 million) through stringent cost management to offset increased staff costs from the expansion of the sales team in Mainland China. 由 於 嚴 格 的 成 本 控 制 抵 銷 了 中 國 內 地 因 擴 大 銷 售 團 隊 所 導 致 的 員 工 成 本 升 幅， 推 廣、 銷 售 及 分 銷 費 用 得 以 維 持 在 相 同 水 平， 即 港 幣 2,112,000,000 元（二零一八╱二零一九財政年 度：港幣 2,105,000,000 元）。 Administrative expenses increased 13% to HK$717 million (FY2018/2019: HK$635 million), reflecting salary inflationary adjustments for administrative staff members and strengthened organisational capabilities. 因應通脹而調整行政員工薪金，以及加強組織管 理能力，行政費用增加 13% 至港幣 717,000,000 元（ 二 零 一 八 ╱ 二 零 一 九 財 政 年 度： 港 幣 635,000,000 元）。 Other operating expenses were HK$359 million, mainly including staff cost for other supporting functions, warehouse expenses, management fee charged by a related party and sundry tax in Mainland China, versus HK$365 million for the previous year. 其他經營費用為港幣 359,000,000 元，去年則為 港幣 365,000,000 元，當中主要包括其他支援職 務的員工成本、倉庫費用、關連方收取的管理費 及中國內地的其他稅項。 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$1,097 million (FY2018/2019: HK$1,228 million), representing a decrease of 11% year-on-year, mainly driven by lower 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 1,097,000,000 元（ 二 零 一八╱二零一九財政年度：港幣 1,228,000,000 元），按年減少 11%，主要由於毛利下降。 The EBITDA to revenue margin for the year was 15% (FY2018/2019: 16%). 年內的 EBITDA 佔銷售利潤率為 15%（二零一八╱ 二零一九財政年度：16%）。 Profit From Operations Profit from operations decreased by 28% to HK$707 million (FY2018/2019: HK$977 million). 經營溢利 經 營 溢 利 減 少 28% 至 港 幣 707,000,000 元（ 二 零一八╱二零一九財政年度：港幣 977,000,000 元）。 Profit Before Taxation Profit before taxation decreased by 29% to HK$679 million (FY2018/2019: HK$956 million). 除稅前溢利 除稅前溢利減少 29% 至港幣 679,000,000 元（二 零一八╱二零一九財政年度：港幣 956,000,000 元）。 Taxation for the year was HK$109 million Income tax charged (FY2018/2019: HK$208 million) with an effective tax rate of 16%, versus 22% last year, reflecting lower profits in Mainland China. 稅項 年內所繳納的所得稅為港幣 109,000,000 元（二 零一八╱二零一九財政年度：港幣 208,000,000 元），實際稅率為 16%，去年則為 22%，反映中 國內地業務溢利較低。 14 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Group Chief Executive Officer’s Report/ Business Review 集團行政總裁報告╱業務回顧 Profit Attributable to Equity Shareholders of the Company Profit attributable to equity shareholders of the Company was HK$536 million, representing a decrease of 23% compared to the previous year (FY2018/2019: HK$696 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 536,000,000 元，較去年減少 23%（二零一八╱二零一九財政 年度：港幣 696,000,000 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，為營運及資本支出提供資 金。 As at 31st March 2020, cash and bank deposits amounted to HK$848 million (31st March 2019: HK$1,005 million). Of our cash and bank deposits, 8%, 82% and 6% were denominated in HKD, RMB and United States dollars (USD), respectively (31st March 2019: 45%, 47% and 4%). As of 31st March 2020, the Group had a net cash balance of HK$363 million (31st March 2019: HK$960 million). Available banking facilities amounted to HK$699 million (31st March 2019: HK$940 million) to facilitate future cash flow needs. 於二零二零年三月三十一日，現金及銀行存款為 港幣 848,000,000 元（二零一九年三月三十一日： 港幣 1,005,000,000 元）。當中 8%、82% 及 6% 的 現金及銀行存款分別以港幣、人民幣及美元計值 （二零一九年三月三十一日：45%、47%及4%）。 於二零二零年三月三十一日，本集團的現金淨額 為港幣 363,000,000 元（二零一九年三月三十一 日： 港 幣 960,000,000 元）。 可 供 動 用 的 銀 行 信 貸 額 為 港 幣 699,000,000 元（ 二 零 一 九 年 三 月 三十一日：港幣 940,000,000 元），以滿足未來的 現金流量需要。 The Group’s borrowings (including lease liabilities) amounted to HK$485 million (31st March 2019: HK$45 million), of which bank borrowings amounted to HK$241 million (31st March 2019: HK$45 million) and lease liabilities amounted to HK$244 million (31st March 2019: nil). 本 集 團 的 借 貸（ 包 括 租 賃 負 債） 為 港 幣 485,000,000 元（ 二 零 一 九 年 三 月 三 十 一 日： 港 幣 45,000,000 元）， 當 中 銀 行 借 貸 為 港 幣 241,000,000元（二零一九年三月三十一日：港幣 45,000,000 元），而租賃負債為港幣 244,000,000 元（二零一九年三月三十一日：無）。 The gearing ratio (total borrowings/total equity attributable to equity shareholders of the Company) increased to 16% (31st March 2019: 1%). Excluding lease liabilities from total borrowings, the gearing ratio increased to 8% (31st March 2019: 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）上升至 16%（二零一九年三 月 三 十 一 日：1%）。 倘 在 借 貸 總 額 中 撇 除 租 賃 負債，則借貸比率上升至 8%（二零一九年三月 三十一日：1%）。 The Group’s return on capital employed (ROCE) (EBITDA/average non-current debt and equity) for the year was 31% (FY2018/2019: 37%). 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 31%（二零一八╱二 零一九財政年度：37%）。 Annual Report 2019/2020 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 Capital expenditure incurred during the year increased to HK$1,061 million (FY2018/2019: HK$986 million), which was mainly spent to fund the acquisition of production equipment for the new Changping plant in Dongguan, installation of new production lines in both Hong Kong and Mainland China and the continuation of infrastructure investment program in Hong Kong. 年內錄得的資本支出增加至港幣 1,061,000,000 元（ 二 零 一 八 ╱ 二 零 一 九 財 政 年 度： 港 幣 986,000,000 元），主要用於購置東莞市常平新廠 房的生產設備、安裝香港及中國內地新生產線， 以及延續香港的基礎設施投資項目。 There were no assets being pledged under loan and/or lease arrangements. 概無資產根據貸款及╱或租賃安排而予以抵押。 Non-financial Key Performance Indicators in the The Group publishes various non-financial KPIs “Sustainability Report 2019/2020”, which will be released in July 2020 together with this Annual Report. 非財務關鍵表現指標 本集團將於二零二零年七月與本年報一併公佈的 「二零一九╱二零二零年可持續發展報告」中刊載 多個非財務關鍵表現指標。 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 an all-round Risk Assessment Process that enabled more stakeholders at the entity-level to participate in the risk identification, mitigation and monitoring procedures. Opportunities for two-way communications between the Group and the local entities are also increased during the Risk Assessment Process to ensure practicability of implementing Group Risk Management initiatives in the local entities. The parameters of Key Risk Indicators (a tool to monitor risk status) are also reviewed and revised where necessary in order to achieve more timely and accurate detection of change in risk status and development of mitigation actions. Besides, additional support was given to local entities in the form of trainings and workshops to enhance their risk awareness and capability to complete the risk management processes. Details of these risk management processes are covered in the Risk Management section of the Corporate Governance Report in this Annual Report. 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 年內，本集團內部審計及風險管理部實施一套全 面風險評估程序，讓更多集團旗下各公司的持份 者能參與風險的辨識、紓緩及監控程序。我們亦 在風險評估程序中增加本集團與地方公司之間的 雙向溝通機會，以確保本集團風險管理的項目實 際可於地方公司落實。我們亦會審閱關鍵風險指 標（用來監管風險狀況的工具）的參數，並在有 需要時修訂，以求能更及時、更準確地偵測風險 狀況的變動及紓緩行動的進展。此外，我們以培 訓及工作坊的形式給予地方公司額外支持，提高 他們的風險意識及完成風險管理程序的能力。有 關風險管理程序的詳情載於本年報的企業管治報 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 Continued leadership of soy category and market share growth of both soy and tea 保持大豆品類產品市場領導地位，增加大豆 類及茶類產品市場佔有率 (Rounded to the nearest million) （四捨五入至最接近百萬） Revenue from external customers (HK$ million) Profit from operations (HK$ million) Revenue from external customers (RMB million) Profit from operations (RMB million) 來自外間顧客之 收入 （港幣百萬元） 經營溢利 （港幣百萬元） 來自外間顧客之 收入 （人民幣百萬元） 經營溢利 （人民幣百萬元） 2020 二零二零年 2019 二零一九年 2020 二零二零年 2019 二零一九年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 62 58 62 62 4,504 4,628 523 720 4,025 3,973 468 618 -3 -27 +1 -24 Vitasoy China grew 1% year-on-year in local currency terms. Since Chinese New Year, various measures were enforced in a number of provinces and municipalities in Mainland China to curb the spread of the COVID-19. These necessary measures were critical to protect the population but in the short term materially affected our manufacturing and commercial operations, particularly in Wuhan, Hubei province and in the on-premise and on-the-go channels where we have significant business. In this context, very strong growth in the e-commerce channel and continued market share growth have confirmed the appeal and resilience of our brand franchises. Profits decreased by 24% in local currency comparing to last year, due to the combination of declining revenue growth and of the fact that a significant portion of operating expenses have already been incurred during Chinese New Year. During the year we have progressed the digitisation of the operation and the set- up of a shared service centre, streamlining our internal processes for lower costs and higher accuracy and agility. The construction of our new Changping production plant in Dongguan, Guangdong province has progressed and is expected to commence production in 2020. 維他奶中國以當地貨幣計算增長 1%。自農曆新 年以來，中國內地多個省市強制執行多項措施， 務求遏止 2019 冠狀病毒病的擴散。有關嚴防措 施對於保障民眾來說至為關鍵，但短期而言對我 們的製造及商業營運產生重大影響，尤其是在湖 北省武漢市以及重點業務所在的食肆與便利店。 在這形勢下，電商經銷渠道增長強勁，市場佔有 率持續上升，皆證明我們的品牌及產品組合極具 復原能力並對消費者極具吸引力。 與去年相比，溢利以當地貨幣計算減少 24%，原 因是收入增長幅度下降加上大部分早於農曆新年 期間支出的經營費用所致。年內我們正推展數碼 化經營並成立共享服務中心，精簡內部程序，從 而降低成本並提高準確度與靈活性。廣東省東莞 市的常平新生產廠房施工進展順利，預期於二零 二零年內投產。 Due to RMB depreciation, our revenue and profits decreased by 3% and 27% respectively in HKD terms. 由於人民幣貶值，我們的收入及溢利以港幣計算 分別減少 3% 及 27%。 Annual Report 2019/2020 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） Enhanced leadership position despite exceptional challenges 雖面對不同挑戰仍可繼續鞏固市場領導地位 (Rounded to the nearest million) （四捨五入至最接近百萬） Revenue from external customers 來自外間顧客之收入 Profit from operations 經營溢利 2020 二零二零年 HK$ million 港幣百萬元 2019 二零一九年 HK$ million 港幣百萬元 2020 二零二零年 2019 二零一九年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 2,108 290 2,264 339 -7 -14 29 32 30 29 Our Hong Kong operation continued to grow market share in its core categories but its revenue and profit declined 7% and 14% respectively versus last year due to ongoing social unrest and COVID-19 affecting our distribution channels. Our school tuck shops and sales to schools were halted as the Hong Kong Government imposed school closures in November 2019 and during the COVID-19 pandemic. 香港業務繼續增長核心品類市場佔有率，但收入 及溢利較去年分別減少 7% 及 14%，原因是持續 社會運動以及 2019 冠狀病毒病疫情影響各分銷 渠道的銷售。由於香港政府於二零一九年十一月 及於 2019 冠狀病毒病疫情爆發期間實施學校停 課安排，因此學校小賣部及學校銷售業務均告暫 停。 Market share of our core brands VITASOY and VITA grew as we combined a strong focus on fundamentals for our Classic equities with on-trend successful innovation with the launch of new nutritional and no-sugar platforms. We will continue to strengthen our infrastructure and efficiency, and drive quality in our manufacturing and logistics operations to support a winning strategy in core categories. 我們一方面致力專注於核心經典系列產品上打好 基礎，另一方面成功推出時尚創新的全新營養及 無糖系列產品，因此維他奶及維他核心品牌的市 場佔有率得以擴大。我們會繼續加強基礎設施與 效率，並且提升製造及物流營運的質量，以實踐 我們對核心品類持之有效的策略。 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 Sustained plant-based portfolio growth amid market challenges 儘管市場充滿挑戰，仍能持續增長以植物成 分為主的產品系列 (Rounded to the nearest million) （四捨五入至最接近百萬） Revenue from external customers  (HK$ million) 來自外間顧客之收入 （港幣百萬元） Profit from operation (HK$ million) 經營溢利 （港幣百萬元） Revenue from external customers  (AUD million) 來自外間顧客之收入 （澳元百萬元） Profit from operation (AUD million) 經營溢利 （澳元百萬元） 2020 二零二零年 2019 二零一九年 2020 二零二零年 2019 二零一九年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 7 9 7 8 502 522 77 95 14 93 92 16 -4 -17 +3 -11 The extreme drought in Australia followed by destructive bushfires reduced the local supply of soybeans, increasing material costs, constraining production and inhibiting our ability to supply customers. Nevertheless, our Australia and New Zealand business grew revenue by 3% in local currency terms due to continued innovation in the plant-based milk space. Operating profit decreased by 11% in local currency terms due to a temporary significant increase in input costs and operating expenses supporting the newly launched innovation, which should bear fruit next year. 在澳洲，毀滅性森林大火緊隨極端乾旱天氣來 襲，當地大豆供應因而下降，導致材料成本上 升、生產受限制，向客戶提供貨品的能力亦受到 影響。然而，澳洲及新西蘭業務的收入以當地貨 幣計算仍增長 3%，原因是不斷創新以植物成分 為主的奶類產品。以當地貨幣計算，經營溢利減 少 11%，原因為開發新產品而需付出暫時性的較 高投入成本及經營費用。預計新產品將於下一個 財政年度取得回報。 Due to AUD depreciation, revenue and profit declined by 4% and 17% respectively in HKD terms. 由於澳元貶值，收入及溢利按港幣計算分別下跌 4% 及 17%。 Annual Report 2019/2020 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 Maintained number one position in tofu plus strong export growth 維持豆腐品類產品領導地位加上出口增長強 勁 (Rounded to the nearest million) （四捨五入至最接近百萬） Revenue from external  customers  (HK$ million) 來自外間顧客之收入 （港幣百萬元） Profit from operation  (HK$ million) 經營溢利 （港幣百萬元） Revenue from external  customers  (SGD million) 來自外間顧客之收入 （坡元百萬元） Profit from operation  (SGD million) 來自外間顧客之收入 （坡元百萬元） 2020 二零二零年 2019 二零一九年 2020 二零二零年 2019 二零一九年 % Change 百分比變動 Group Contribution % 佔本集團貢獻百分比 2 1 1 1 119 112 +6 5 21 1 1 +473 19 - +8 +482 Our Singaporean unit grew revenue by 8% in local currency terms, continuing our multi-vector growth strategy which comprises the sustained leadership of the core tofu market, the expansion of our tofu exports and the step change in awareness and penetration of our beverage portfolio. 新加坡業務的收入以當地貨幣計算增長 8%。持 續執行多方向增長策略，包括保持核心豆腐品類 市場的領導地位，擴大豆腐出口量，大幅提高飲 品組合的知名度與市場滲透率等。 Operating profit grew significantly at 482% in local currency terms over last year accordingly. This was due to a more profitable category and channel mix combined with higher manufacturing efficiencies, upon a relatively low profit base of the last year. 經營溢利以當地貨幣計算與去年相比大幅增長 482%。 此 乃 由 於 與 去 年 相 對 較 低 的 溢 利 基 礎 下，本年度有利潤更高的品類及渠道組合加上更 高的生產效率所致。 Due to Singapore dollars (SGD) depreciation, our revenue grew 6% and profit grew 473% in HKD terms. 由於坡元貶值，按港幣計算，收入增長 6% 而溢 利則增長 473%。 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 Notwithstanding the continuing challenges posed by the COVID-19 pandemic in particular, the long term outlook for the Group remains very promising. Our objective is to broaden our impact by expanding an innovative and relevant portfolio of tasty and nutritious plant-based beverages, whilst at same time continuing to be a role model for sustainability and ESG performance. 業務前景 儘管市場充滿各種挑戰，尤以 2019 冠狀病毒病 疫情為甚，本集團對長遠前景依然非常樂觀。我 們致力透過擴大以植物成分為主、美味且富營養 的創新而切合市場所需的飲品組合去擴闊產品的 影響力，同時繼續成為可持續發展以及環境、社 會及管治表現的企業典範。 The market, retail, and consumer trends remain favourable. Our Company has the strong strategic vision, competitive advantages and an ever stronger team to execute the strategy and deliver the above vision. 市場、零售及消費者趨勢均對我們有利。本公司 秉持堅毅不移的策略願景、競爭優勢以及不斷強 大的團隊去執行有關策略並實現以上願景。 Our Mainland China business is still in development mode, and scaling it up will complement our other solid international positions in Australia, New Zealand, Singapore and the Philippines. 在中國內地的業務仍處發展階段，待該業務的規 模擴大後，將與其他澳洲、新西蘭、新加坡及菲 律賓等國際市場的穩健業務互相配合。 Mainland China Mainland China is expected to gradually restore its growth trajectory during the next year. 中國內地 預期中國內地業務將於下年逐步重拾增長軌道。 For the time being, we have been pacing our investments and generating efficiency and productivity gains. We will stay focused on extending our market leadership in the soy milk category in the markets where we compete, complementing it with additional growth of our tea portfolio. 目前我們正調整投資步伐，並提高效率與生產 力。在競爭市場中，將繼續專注進一步鞏固豆奶 品類產品的市場領導地位，輔以茶類產品組合的 額外增長。 Hong Kong Operation (Hong Kong, Macau and Exports) Our home base will stay focused on quality execution of our Classic portfolio and the launch of selective and relevant on-trend innovation. These will now be supported by our completed capital investments updating our infrastructure for future growth, also enabling cost efficiencies driven by higher core volumes. 香港業務（香港、澳門及出口） 本港基地的業務發展，將繼續專注於優化經典產 品組合的銷售，以及推出精選及切合市場所需的 時尚創新產品。為未來發展而更新的基礎設施的 資本投資項目已告完成，不但有助產品的推出， 並因核心產品銷量增加達致成本效益。 Annual Report 2019/2020 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 Australia and New Zealand Since this operation’s main business of 1 litre long shelf life packs satisfies the home consumption occasion, we experienced some pantry loading during March as shoppers decided to increase their stock. Whilst this will negatively affect the first quarter of FY2020/2021, in the medium term we expect continued growth in this market behind our market leadership position, innovation and very strong consumer and retail interest towards plant-based foods and beverages. 澳洲及新西蘭 澳洲及新西蘭市場的主要產品 － 一公升裝產品 因保存期限長故能滿足家庭式需求，而消費者的 爭相購買令貨品於三月時被搶購一空。雖然這對 二零二零╱二零二一財政年度第一季度的銷售產 生負面影響，中期而言，憑著我們的市場領導地 位、創新產品，加上以植物成分為主的食品飲品 十分受消費者及零售商歡迎，預期銷售會持續增 長。 Singapore Similar to Australia albeit for different reasons, shoppers in Singapore increased their purchases of our UNICURD and VITASOY tofu lines, since the closure of restaurants due to COVID-19 lockdown enabled much more cooking at home. Whilst this will negatively influence our sales in the first quarter of FY2020/2021, we expect a normalisation of buying patterns in the second half of the Fiscal Year. We will continue to grow and integrate our local tofu business with the expansion of our beverage portfolio to accelerate scale up of the operation. 新加坡 雖然成因有別但與澳洲的情況相似，由於 2019 冠狀病毒病導致出行受限制而餐廳停止營業，市 民留在家中煮食的情況比平日為多，當地消費者 亦因而增加購買 UNICURD 及維他奶豆腐系列的 產品。雖然這會對二零二零╱二零二一財政年度 第一季度的銷售產生負面影響，預期財政年度下 半年消費模式會回復正常。我們會繼續擴大當地 豆腐業務，並加上飲品業務，從而加快擴大經營 規模。 The Philippines This new operation will scale up via establishing expanded brand and market presence. With the starting of local manufacturing, we will be able to not only improve our cost structure, but gain the ability to better tailor our portfolio to the needs of this exciting and fast growing market. 菲律賓 透過建立經擴大的品牌及市場據點，菲律賓業務 將擴展規模。在當地開始生產後，我們不僅可改 善成本結構，並且能夠更好地設計適當產品組 合，以迎合這個極具挑戰且高速增長的市場所 需。 Conclusion While the short term external conditions have posed significant temporary challenges, Vitasoy Group can build on its 80 years’ proven experience of successfully navigating external disruption. We remain confident of the relevance of our purpose and the capability of our team to continue to implement our growth strategies, to be a role model for exemplary sustainability in doing so, and look forward to continuing our growth journey. 總結 雖然短期內，外在因素會帶來不少暫時的挑戰， 但維他奶集團可憑藉過去八十年來的實戰經驗成 功克服種種外來打擊，本集團對所採取適宜的業 務方針及團隊的實力充滿信心，將能繼續落實執 行增長策略，從而成為可持續發展的典範，並期 望延續集團的增長里程。 I sincerely thank our Executive Chairman and our Board of Directors for sharing their invaluable experience, insights and guidance, our business partners for their continued confidence and support, and all of our associates in the Company for their selfless dedication and contribution. 本人衷心感謝執行主席及董事會所給予的寶貴經 驗、真知灼見和悉心指導，還有業務夥伴對我們 一如既往的信心與支持，以及本公司所有員工的 無私忠誠與貢獻。 Roberto Guidetti Group Chief Executive Officer 19th June 2020 陸博濤 集團行政總裁 二零二零年六月十九日 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 2019 to 31st March 2020 維他奶國際集團有限公司於二零 一九年四月一日至二零二零年三 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 2019 Best Corporate Governance Awards: winner of Sustainability and Social Responsibility Reporting Awards – Non-Hang Seng Index (Large Market Capitalization Category) by the Hong Kong Institute of Certified Public Accountants 榮獲香港會計師公會頒發「最佳企業管治大獎 2019」中「可持續發展及企業社會責任報告獎」（非恒指成份股（大市 值）組別） 2020 Corporate Knights Global 100 by Corporate Knights – ranks 2nd in Food and Beverage Production category along with McCormick & Company (#1) and Campbell Soup Company (#3) 擠身 Corporate Knights 2020 年全球百強企業；於食物和飲品生產組別中排名第二，僅次於味可美公司，金寶湯公 司位列第三 The “10 years Plus Caring Company” Logo from Hong Kong Council of Social Services 榮獲香港社會服務聯會頒發「10 年 Plus 商界展關懷」標誌 The “5 years Plus Consumer Caring” Logo from GS1 Hong Kong 榮獲香港貨品編碼協會頒發「5 年＋賞貼心企業」嘉許計劃 “Diamond Enterprise Winner“ in the “Quality Food Traceability Scheme 2019” from GS1 Hong Kong for the third consecutive year 連續第三年榮獲香港貨品編碼協會頒發「優質食品源頭追蹤計劃 2019」的「鑽石企業獎」 “Manpower Developer” in the “ERB Manpower Developer Award Scheme” from the Employees Retraining Board 在僱員再培訓局舉辦的「ERB 人才企業嘉許計劃」中獲嘉許為「人才企業」 Vitaland Services Limited and Hong Kong Gourmet Limited 維他天地服務有限公司及香港美食有限公司 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 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 One of the “Top Graduate Employers” by 51job.com 獲 51job 前程無憂招聘網選為「中國大學生喜愛僱主」榮譽 “Excellent Quality Award 2019” by Yangcheng Evening Newspaper Group 榮獲羊城晚報報業集團頒發「2019 年度卓越品質大獎」 Vitasoy China was awarded Mawards Golden Awards by Meihua.info 2018 年數位媒介營銷獲梅花網頒發營銷創新獎（食品飲料行業） — 金獎 Vitasoy China was awarded Best Partnership Awards by Shenzhen Media Group 維他奶中國獲得深圳廣播電影電視集團頒發最佳合作夥伴獎 Vitasoy (Foshan) Company Limited 維他奶（佛山）有限公司 “Outstanding Water-saving Enterprise and Energy-saving Enterprise in China Beverage industry 2019” by China Beverage Industry Association 獲中國飲料工業協會評為「2019 年中國飲料行業節水優秀企業及節能優秀企業」 Shenzhen Vitasoy (Guang Ming) Foods & Beverage Company Limited 深圳維他（光明）食品飲料有限公司 “Generous Donation Award 2018” and “Community Caring Award” by Shenzhen Guangming Community Foundation 獲深圳光明區慈善會頒發「2018 年熱心捐贈」及「熱心公益 厚德善舉」企業稱號 “Shenzhen Good Corporate Credibility in Environmental Protection 2018” by Shenzhen Ecological Environment Bureau 獲深圳市生態環境局評為「深圳市 2018 年度環境信用評價環保良好企業」 “Caring Enterprise 2019” by Community Work Office/Volunteer Association in Guangming Street, Guangming District, Shenzhen 獲深圳市光明區光明街道群團工作辦公室╱深圳市光明區光明街道義工聯合會評為「2019 年度愛心企業」 National excellent enterprise with foreign investment 2018 – “Excellent Taxpayment and Turnover”, “Quality Improvement Award”, “Harmonious Labour Relations Promotion Award” and “Safety and Environmental Protection Encouragement Award” by China Association of Enterprises with Foreign Investment/Shenzhen Association of Enterprises with Foreign Investment 獲中國外商投資企業協會╱深圳外商投資企業協會頒發 2018 年度全國優秀外商投資企業 —「雙優企業獎」、 「品質進步獎」、「和諧勞動關係促進獎」及「安全環保鼓勵獎」 Vitasoy (Shanghai) Company Limited 維他奶（上海）有限公司 Economic Quality Development Enterprise – “Economic Contribution Award” 2019 by Songjiang District Committee of the Communist Party of China/Songjiang District People’s Government of Shanghai 獲中共上海市松江區委員會╱上海市松江區人民政府頒發 2019 年度松江區經濟高質發展企業「經濟貢獻獎」 Vitasoy (Wuhan) Company Limited 維他奶（武漢）有限公司 “Harmonious Enterprise of Xinzhou District” by Xinzhou District 獲武漢市新洲人民政府評為「新洲區和諧企業」 "Outstanding Foreign-invested Enterprises in Wuhan, 2018-2019" by Wuhan Association of Enterprises with Foreign Investment 獲武漢外商投資企業協會評為「2018-2019 年度武漢市優秀外商投資企業」 Annual Report 2019/2020 年度報告 25 Awards and Recognitions 嘉許及表揚 Brand品牌 VITASOY 維他奶 VitASoy was awarded 2019 Golden Mouse Digital Marketing Innovative Brand Awards by Wangyingtianxia Net (WYTXW) 維他奶品牌獲網贏天下網頒發 2019 年金鼠標數字營銷最具創新精神品牌 “Vitasoy Green Campaign” was awarded 2019 iResearch Marketing Best Creative Case Awards by iResearch Group 「維他奶青親地球任鳥飛專案」獲艾瑞集團頒發 2019 年金瑞營銷獎最佳創意營銷案例獎 “Baseline x XM Super Offer Campaign” was awarded 2019 Tiger Roar Bronze Awards by Hooxiao Media 「維他奶 x 小米超級 OFFER 項目」獲虎嘯傳媒頒發 2019 年虎嘯獎整合營銷類 — 銅獎 “Baseline x Program co-op” was awarded the most commercial value potential IP of 2019 Lemon Awards by WYTXW 「維他奶首席冠名《此食此客》」獲網贏天下網頒發 2019 萊萌獎最具商業價值潛力 IP “Baseline x Meituan Meal Occasion Campaign” was awarded the 11th Golden Net Entertainment Marketing Awards by China Internet Association & Network Marketing Working Committee 維他奶 x 美團點評餐飲合作項目獲中國互聯網協會暨網路營銷工作委員會聯合頒發的第十一屆金網獎娛樂營 銷 — 單項大獎 VITASOY WHOLE 維他奶WHOLE VITASOY Whole ™ series of Soy Vanilla Chai was awarded Silver Medal and VITASOY Whole ™ Almond Double Espresso was awarded Bronze Medal in Australian Food Awards by the Royal Agricultural Society of Victoria 在維多利亞州皇家農業協會主辦的澳洲食品獎中，維他奶 Whole ™系列的香草印度茶豆奶獲頒「銀獎」，特濃 咖啡杏仁奶獲頒「銅獎」 26 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Awards and Recognitions 嘉許及表揚 Brand品牌 VLT 維他檸檬茶 “VLT x Vsinger IMC Campaign” was awarded 2019 Golden Mouse Digital Marketing Bronze Awards by WYTXW 「維他檸檬茶 x Vsinger 整合營銷項目」獲網贏天下網頒發 2019 年金鼠標數字媒體整合類 — 銅獎 “VLT x Vsinger IMC Campaign” was awarded the 11th Golden Net Entertainment Marketing Bronze Awards by China Internet Association & Network Marketing Working Committee 「維他檸檬茶 x Vsinger 整合營銷項目」獲中國互聯網協會暨網路營銷工作委員會聯合頒發第十一屆金網獎娛樂 營銷 — 銅獎 “VLT x Douyin Campaign” was awarded 2019 Top Mobile Awards Short Video Campaign Silver Awards by WYTXW 「維他檸檬茶 x 抖音挑戰賽項目」獲網贏天下網頒發 2019 年 TMA（特美）短視頻營銷獎 — 銀獎 “VLT Drink More IMC” was presented Silver Award in Interactive Experience Category of the 6th TMA Mobile Marketing Awards by WYTXW 網贏天下網第六屆 TMA（特美）移動營銷大獎 — 互動體驗類銀獎（維他檸檬茶「真的喝不夠」互動營銷） VNST ZIZAI Philosophy of Life IMC was presented Silver Award in Creative Category of the 6th TMA Mobile Marketing Awards by WXTXW 網贏天下網第六屆 TMA（特美）移動營銷大獎 — 創意類銀獎（維他無糖茶的自在生活哲學數位推廣） Named among “National New Domestic Products” in 2019 by Chinese Business Network (CBN) 獲第一財經評為 2019 年度國民新國貨 VITASOY Health Plus 維他奶健康加法 “2018 Health+ Launch Campaign” was awarded 2019 Tiger Roar Awards by Hooxiao Media 「2018 年維他奶健康加法上市項目」獲虎嘯傳媒頒發的 2019 年虎嘯獎整合營銷類 — 優秀獎 “2018 Health+ Launch Campaign” was awarded 2019 SHIAF Media Effectiveness Integration Bronze Awards by Shanghai International Advertising Festival (SHIAF) 「2018 年維他奶健康加法上市項目」獲頒發 2019 年上海國際廣告節媒介傳播類 — 銅獎 “2018 Health+ Launch Campaign” was awarded the 11th Golden Net Occasion Marketing Bronze Awards by China Internet Association & Network Marketing Working Committee 「2018年維他奶健康加法上市項目」獲中國互聯網協會暨網路營銷工作委員會聯合頒發第十一屆金網獎場景營 銷 — 銅獎 Annual Report 2019/2020 年度報告 27 Corporate Governance Report 企業管治報告 Corporate Governance Report 企業管治報告 Vitasoy International Holdings Limited (the “Company”) is firmly committed to a high level of corporate governance and adherence to the governance principles and practices emphasising transparency, independence, accountability, responsibility and fairness. These principles and practices are regularly reviewed and updated by the Board of Directors (the “Board”) or its delegated Board Committees to reflect the ever changing regulatory requirements and corporate governance development. 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 司董事會（「董事會」）或其授權之董事會委員會 定期檢討並更新該等原則及常規，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。 BOARD COMPOSITION 董事會組成 – five of eleven directors are independent non-executive directors – 十一名董事當中五人為獨立非執行董事 – two of eleven directors are female – 十一名董事當中兩人為女性 – the Board has diverse mix of knowledge, skills, experience and expertise – 董事會擁有多元化的知識、技能、經驗及專長 GOVERNANCE HIGHLIGHTS 管治重點 BOARD AND GOVERNANCE PROCESS AND CONTINUING PROFESSIONAL DEVELOPMENT 董事會及管治程序以及持續專業發展 – five Board meetings and five Sub-board Committee meetings in FY2019/2020 – 於二零一九╱二零二零財政年度舉行了五次董事會會議及五次董事會 轄下委員會會議 – 99% attendance rate of meetings – 會議出席率達 99% – set up of a new Environmental, Social and Governance (“ESG“) Committee – 新成立環境、社會及管治委員會 – annual performance evaluation of the Board and Executive Chairman – 董事會及執行主席均進行年度表現評核 – active participation into in-house training and plant/market visit; and engagement with continuing professional development – 積極參與公司內部培訓及廠房╱市場參觀； 並參與持續專業發展 Annual Report 2019/2020 年度報告 29 Corporate Governance Report 企業管治報告 Corporate Governance Practices The Company has, throughout the year ended 31st March 2020, 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 本公司於截至二零二零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。 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 Corporate Governance Policy 企業管治政策 Director Nomination Policy 董事提名政策 Disclosure Compliance Policy 披露合規政策 Group Business Ethics Policy 集團商業道德 政策 Group Dividend Policy 集團股息政策 Group Environmental Policy 集團環境政策 Investor Relations Policy 投資者關係政策 Group Risk Management Policy 集團風險管理 政策 Shareholders Communication Policy 股東通訊政策 Group Whistleblowing Policy 集團舉報政策 Board Diversity Policy 董事會成員 多元化政策 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 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 specialised areas 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： 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 長期發展策略及年度預算 Matters reserved for the Board Decisions 須待董事會作出決定 之事項 Financial Reports 財務報告 Appointment of Directors and Company Secretary 委任董事及公司秘書 Appointment and Removal of External Auditor 委任及罷免外聘核數師 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 主要投資及成立合營企業 Notifiable and connected transactions 須予公佈及關連交易 Provision of significant guarantee or indemnity 提供重大擔保或彌償保證 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 2024/2025 in September 2019 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。董事會已於二零一九 年九月批准截至二零二四╱二零二五財政年度止 之五年策略規劃，並一直因應宏觀經濟、競爭業 務環境及監管規條之變動，積極定期檢討及修訂 策略規劃。 Annual Report 2019/2020 年度報告 31 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 Mr. Eugene LYE 黎中山先生 Executive Director 執行董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Independent Non-executive Director 獨立非執行董事 Non-executive Director 非執行董事 Mr. Jan P. S. ERLUND 先生 Mr. Peter Tak-shing LO 羅德承先生 Independent Non-executive Director 獨立非執行董事 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 Ms. May LO 羅其美女士 Non-executive Director 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 32 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 The 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 has been 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。 Number of the Independent Non-executive Directors is near to half of the total number of Board members which also exceeds the Listing Rules requirement for Independent Non-executive Directors to make up at least one third of the Board. 獨立非執行董事人數佔董事會總人數接近二分之 一，亦高於上市規則所規定獨立非執行董事須佔 董事會人數至少三分之一的要求。 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。 46% Five Independent Non-executive Directors 五名獨立非執行 董事 27% Three Executive Directors 三名執行董事 27% Three Non-executive Directors 三名非執行董事 Annual Report 2019/2020 年度報告 33 Corporate Governance Report 企業管治報告 Gender 性別 Age Group 年齡組別 2 Female 女 9 Male 男 2 41-50 2 51-60 2 61-70 Ethnicity 種族 Tenure Office 任職年期 7 Chinese 華裔 4 Non-Chinese 非華裔 1 11-20 3 Over 20 20以上 5 Over 70 70以上 7 1-10 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。 Directors’ Core skills, expertise and experience 董事之主要技能、專業知識及經驗 Accounting, Audit, Finance, 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 Manufacturing and Project Management 生產及項目 管理 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Name Executive Chairman 姓名 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 Ms. May LO 羅德承先生 羅其美女士 Executive Directors 執行董事 Mr. Roberto GUIDETTI Mr. Eugene LYE 陸博濤先生 黎中山先生 34 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Board Diversity The Board has adopted a Board Diversity Policy to set out the objectives and the factors to be considered for achieving the diversity of the Board in June 2013. The Board Diversity Policy has been published on the Company’s website. 董事會成員多元化 董事會於二零一三年六月採納董事會成員多元化 政策，當中載列董事會成員多元化的目的以及達 致多元化的考慮因素。董事會成員多元化政策已 刊登於本公司網站。 The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance. Board appointment 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 Remuneration and Nomination Committee reviews the progress on achieving measurable objectives for gender and age diversity annually and reviews such objectives, whenever applicable to ensure it leverages diversity to contribute to the achievement of the Company’s strategic objectives. The Remuneration and Nomination Committee has established the measurable objectives for achieving age and gender diversity up to the year of 2021/2022. As at the year ended 31st March 2020, progress in achieving the objectives are: 本公司認同董事會成員多元化之裨益，並認為可 增強董事會之表現質素。董事之委任及續聘過往 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。薪酬 及提名委員會將會每年檢討達致性別及年齡多元 化的可計量目標之進度並適時地檢討該等目標， 以確保政策能利用多元性協助達致本公司之策略 目標。薪酬及提名委員會已制定截至二零二一╱ 二零二二年度達致年齡及性別多元化的可計量目 標。於截至二零二零年三月三十一日止年度內， 達致該等目標之進度如下： Gender 性別 Female representation during the year of 2019/2020 was 18.2% which has achieved the target of “not less than 18%” set up to the year of 2021/2022. 於二零一九╱二零二零年度，女性代表達到 18.2%，並已達致為二零二一╱二零二二年 度所釐訂「不少於 18%」之目標。 Age 年齡 Average age of the Board members during the year of 2019/2020 was 65 which has achieved the target of “65-67” set up to the year of 2021/2022. 於二零一九╱二零二零年度，董事會成員的 平均年齡為 65 歲，並已達致為二零二一╱二 零二二年度所釐訂「65 至 67 歲」之目標。 The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st October 2019 to 30th September 2020. 本公司已為本公司董事及行政人員投買二零一九 年十月一日至二零二零年九月三十日止期間的董 事及行政人員責任保險。 Annual Report 2019/2020 年度報告 35 Corporate Governance Report 企業管治報告 Changes in Directors’ Information during the year ended 31st March 2020 and up to the date of this Annual Report are set out below: 於截至二零二零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： 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 chief executive and re-designated as executive chairman of The Bank of East Asia, Limited with effect from 1st July 2019. ceased to be a director of Hong Kong Interbank Clearing Limited with effect from 1st July 2019. 李國寶爵士 – 辭任東亞銀行有限公司之行政總裁，並轉 任為東亞銀行有限公司之執行主席，自二 零一九年七月一日起生效。 – 辭任香港銀行同業結算有限公司之董事， 自二零一九年七月一日起生效。 Mr. Anthony John Liddell NiGHtiNGALE – ceased to be a director of Schindler Holding Limited with effect from 19th March 2020. 黎定基先生 – 辭任迅達控股有限公司之董事，自二零二 零年三月十九日起生效。 Mr. Paul Jeremy BRoUGH – independent non-executive has been appointed as an director of Toshiba Corporation, a company listed on the Tokyo Stock Exchange with effect from 26th June 2019. ceased to be chairman of Noble Group Holdings Limited with effect from 2nd October 2019. has been appointed as a director of Run Hong Kong Limited with effect from 30th March 2020. Dr. Roy Chi-ping CHUNG – was awarded an Honorary Doctor of Science by The University of Warwick, United Kingdom on 24th July 2019. was awarded a Doctor of Business Administration honoris causa by The University of Macau on 9th November 2019. ceased to be chairman of Vocational Training Council on 31st December 2019. Changes in Directors’ Fees Paul Jeremy BROUGH 先生 – 獲委任為株式會社東芝（一間於東京證券 交易所上市之公司）之獨立非執行董事， 自二零一九年六月二十六日起生效。 – 辭任Noble Group Holdings Limited之主席， 自二零一九年十月二日起生效。 – 獲委任為Run Hong Kong Limited之董事， 自二零二零年三月三十日起生效。 鍾志平博士 – 於二零一九年七月二十四日獲英國華威大 學頒授榮譽科學博士學位。 – 於二零一九年十一月九日獲澳門大學頒授 榮譽工商管理博士學位。 – 於二零一九年十二月三十一日辭任職業訓 練局主席一職。 董事袍金之變動 – – – – – Basic directors’ fees have increased 2.5% for fiscal year of 2020/2021. 於二零二零╱二零二一財政年度之基本董事袍 金增加 2.5%。 36 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Executive Chairman and Group Chief Executive Officer 執行主席及集團行政總裁 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, the Executive Chairman is mainly responsible for: 執行主席羅友禮先生主要負責： chairing Board meetings and shareholders’ meetings; 主持董事會會議及股東大會； ensuring the Company has an effective vision and mission, strategy and set of values and monitoring implementation of the strategies; 確保公司締造有效的願景與使命、策略及 價值觀，並監察策略的實施； providing leadership and establishing guiding principles for 領導董事會並制定指導性原則，提倡開放 the Board and promoting a culture of openness; 的文化； encouraging all board members to make a full and active 鼓勵全體董事會成員全面及積極地參與董 contribution to the Board’s affairs; 事會之事務； acting as a resource person and advisor to various Board 為各董事委員會提供指導及意見； committees; ensuring the Board has efficient communication channels 確保董事會就一切有關業務之重大事宜設 regarding all material issues concerning the business; 立有效溝通渠道； ensuring all board members have sufficient resources for 確保全體董事會成員擁有充足資源，董事 the Board to run efficiently; 會得以有效運作； ensuring good corporate governance practices and 確保已制定良好企業管治常規及程序； procedures are established; ensuring shareholders are adequately informed with respect 確保股東充分了解本公司事務； to the Company’s affairs; providing continuous guidance and mentoring to the Group 持續指導並作為集團行政總裁的顧問； Chief Executive Officer; building and maintaining stakeholders’ trust and confidence 建立及維繫持份者對本公司之信任及信心； in the Company; promoting social responsibility goals and giving guidance and advice to the Group Executive Sustainability Committee; and 宣揚社會責任目標並向集團可持續發展執 行委員會提供指導及意見；及 providing support and guidance for special corporate 支持特別企業項目並給予指導意見。 projects. Annual Report 2019/2020 年度報告 37 Corporate Governance Report 企業管治報告 Mr. Roberto GUiDEtti, the Group Chief Executive Officer is mainly responsible for: 集團行政總裁陸博濤先生主要負責： formulating and executing the overall strategies of all the Group’s operations; 制定及執行本集團所有營運單位之整體策 略； ensuring business development and leading general 確保本集團所有營運單位之業務發展以及 management of all the Group’s operations; 領導其整體管理； providing the Board with a monthly management update to keep the Board apprised of the Group’s business and financial performance, position and prospects; taking the lead of strategic plan meeting; taking the lead for the development and promotion of a sound Enterprise Risk Management system, and ensuring appropriate actions will be taken to eliminate or mitigate key risks; 每月向董事會提交最新之管理層報告，務 使董事會得以了解本集團之業務及財務表 現、狀況及前景； 主持策略規劃會議； 帶 領 發 展 及 推 行 完 善 之 企 業 風 險 管 理 系 統，確保將採取適當措施消除或減輕主要 風險； maintaining relationship with the institutional investors and 維繫與機構投資者之關係，並向董事會反 echoed their views to the Board; and 映他們的意見；及 lead of the Group’s taking long term sustainability development and giving strategic directions to the Group Executive Sustainability Committee. 領導本集團之長遠可持續發展，並給予集 團可持續發展執行委員會策略性方向。 38 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Board Proceedings The Board met five times in FY2019/2020 to discuss and approve the Group’s long term strategic plan; to review and monitor the financial and business performance of the Group and each of its operating units; to consider and approve annual budget, the financial reports; to review and approve sustainability report and various corporate governance and sustainability related policies and practices; and to monitor and review the effectiveness of the Group’s risk management performance. The Board and its Committees are supplied with full and timely information in relation to the Company, which enables them to discharge their responsibilities. 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. 董事會程序 董事會於二零一九╱二零二零財政年度內召開五 次會議，討論及批准本集團之長期策略規劃；審 視及監察本集團及各營運單位之財務及業務表 現；考慮及審批年度預算及財務報告；審閱及批 准可持續發展報告及與企業管治及可持續發展相 關之各種政策及常規；並監察及審視本集團風險 管理表現之有效性。 董事會及其委員會均適時獲得本公司所有相關資 料，讓其能履行職責。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, a new ESG (Environmental, Social and Governance) Committee was set up with the main objectives to provide vision, long term guidance and report to the Board on the Company’s Group-level Sustainability goals, strategies and priorities and to advise the Board on environmental and social risks of strategic significance and to provide anticipatory and mitigation plans. 年內，本公司新成立環境、社會及管治委員會， 主要目的是就本公司在集團層面的可持續發展目 標、策略及優先處理事項為董事會提供願景、長 期指引及匯報，就具重大策略意義之環境及社會 風險向董事會提供意見，以及其預防及減輕風險 計劃。 Directors have made active participation in the Board meetings, Board Committees meetings and the Annual General Meeting during the year. 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。 Apr 四月 May 五月 Jun 六月 BM RN AC 2019 Jul 七月 Aug 八月 Oct 十月 Sep 九月 BM AGM Nov 十一月 BM AC Dec 十二月 Jan 一月 BM AC 2020 Feb 二月 ESG Mar 三月 BM BM Board Meeting 董事會會議 ESG ESG Committee Meeting 環境、社會及管治委員會會議 RN AC 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 Audit Committee Meeting 審核委員會會議 Annual Report 2019/2020 年度報告 39 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, ESG Committee Meeting and Annual General Meeting during FY2019/2020 are as follows: 於二零一九╱二零二零財政年度，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、環境、社會及管治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 ESG Committee 環境、 社會及 管治委員會 Annual General Meeting 股東週年 大會 Overall Attendance Rate 整體出席率 Audit Committee 審核委員會 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 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 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 Mr. Winston Yau-lai LO (Executive Chairman) Mr. Roberto GUIDETTI Mr. Eugene LYE 執行董事 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 Board 董事會 5/5 4/5(h) 5/5 5/5 5/5 5/5 5/5 5/5 1/1(b) 1/1 1/1 1/1 N/A 不適用 1/1 0/0(f) 0/0(f) 3/3 3/3 3/3 3/3(c) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 5/5(a) 1/1(g) 3/3(g) 5/5 5/5 1/1(g) N/A 不適用 3/3(g) N/A 不適用 N/A 不適用 N/A 不適用 1/1(d) 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 N/A 不適用 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 100% 90% 100% 100% 100% 100% 100% 100% 1/1(e) 100% 1/1 1/1 100% 100% 99% Mr. Chris Kin-shing LAU 劉健成先生 5/5(g) N/A 不適用 3/3(g) N/A 不適用 1/1(g) N/A 不適用 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 Group Director, Sustainability and Corporate Communications 集團可持續發展及企業傳訊 總監 Mr. Simeon Sing Hymn CHENG 鄭聲謙先生 External Auditors 外聘核數師 KPMG 畢馬威會計師事務所 N/A 不適用 N/A 不適用 3/3(g) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 1/1(g) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 3/3(g) N/A 不適用 1/1(g) N/A 不適用 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 Notes: Chairman of the Board (a) (b) (c) (d) (e) 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 ESG Committee Chairman of the Annual General Meeting (c) 審核委員會主席 (d) 環境、社會及管治委員會主席 (e) 股東週年大會主席 附註： (a) 董事會主席 (f) Was appointed as Committee member on 1st December 2019 (f) 於二零一九年十二月一日獲委任為該委員會成員 (g) Attended by invitation (g) 應邀出席 (h) Was unable to attend a Board meeting due to illness (h) 董事因身體不適而未能出席會議 The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2019 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. 本公司深明股東週年大會是與股東溝通的重要渠 道之一。於二零一九年股東週年大會，全體董事 包括執行主席、各董事委員會主席及外聘核數師 均有出席大會並回答股東提問。 During the year under review, the Executive Chairman met with the Independent Non-executive Directors on various occasions without the presence of 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。 Board Committees The Board has established a Remuneration and Nomination Committee, an Audit Committee, an Executive Committee and an ESG 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、執行委員會及環境、社會及管治委員會，各 有特定之職權範圍。 Board of Directors 董事會 Remuneration and Nomination Committee 薪酬及提名委員會 Audit Committee 審核委員會 Executive Committee 執行委員會 ESG Committee 環境、社會及管治委員會 Annual Report 2019/2020 年度報告 41 Corporate Governance Report 企業管治報告 Remuneration and Nomination Committee 薪酬及提名委員會 Members 成員 Mr. Peter Tak-shing LO 羅德承先生 (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. Jan P. S. ERLUND 先生 (Independent Non-executive Director) （獨立非執行董事） Dr. the Hon. Sir David Kwok-po LI (Chairman) 李國寶爵士 （主席） (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） Ms. Yvonne Mo-ling LO 羅慕玲女士 (Non-executive Director) （非執行董事） Ms. May LO 羅其美女士 (Non-executive Director) （非執行董事） During the year, Mr. Peter Tak-shing LO and Ms. May LO, the Non- executive Directors of the Company, have been appointed as the new members of the Remuneration and Nomination Committee and bring in new skills or attributes to develop a Remuneration Policy to be sustainable and align with shareholders; and to assist and advise the Board on matters relating to the remuneration of the Board and Senior Management, in order to motivate and retain executives and ensure that the Company is able to attract the best talents in the market. Identification, selection and nomination of candidates to be successors to new Board members, the Group CEO and Senior Management and the development of Board succession plan would also be further strengthened with the talent expansion of the Remuneration and Nomination Committee. 年內，本公司非執行董事羅德承先生及羅其美女 士獲委任為新薪酬及提名委員會成員，新成員擁 有新知識技能和個人特質，將更能協助制定可持 續且符合股東利益之薪酬政策；並就董事會及高 層管理人員之薪酬事宜向董事會提供協助及建 議，以求激勵及挽留高層管理人員且確保本公司 能吸引市場上最優秀人材加盟。有了新人才加入 薪酬及提名委員會，可進一步加強董事會新成員 以及集團行政總裁及高層管理人員等繼任人之物 色、甄選及提名程序，以及董事會繼任計劃之制 定事宜。 42 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 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，當中包括技能、知識、經驗、性別及年 齡等方面的多元化； – 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 – 檢討有關董事提名及董事會成員多元化之政 Board diversity; 策； – to identify and determine the measurable objectives for achieving board diversity and monitor any progress made in achieving such measurable objectives; and – to recommend to the Board on appointment or reappointment of and succession planning for Director and Group Chief Executive Officer. – 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 – 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 2019/2020 年度報告 43 Corporate Governance Report 企業管治報告 Work done during and for FY2019/2020 – reviewed, discussed and approved the remuneration package of Senior Management including the Executive Directors and key executives of the Group by reference to the individuals’ job responsibilities and performances, industry benchmarks and prevailing market conditions; – approved the discretionary bonuses and the grant of share options, having given due consideration to both the Group’s individuals’ performances financial performance and the during the year in accordance with the performance-based compensation policy recommended by an independent consultant; – reviewed and recommended to the Board for approval the letters of appointment of the Executive Chairman, one Independent Non-executive Directors and one Executive Director; 於年內及為二零一九╱二零二零 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； – 審閱及建議董事會批准執行主席、一名獨立 非執行董事及一名執行董事之委任函； – reviewed the structure, size and composition (including the mix of skills, knowledge, professional qualification and experience of the Directors) of the Board; – 審視董事會之架構、規模及組成（包括董事 擁有之不同技能、知識、專業資格及經驗組 合）； – 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 – 審閱達致董事會多元化的可計量目標； diversity; – reviewed Director’s time commitment to perform his/her – 審閱董事履行其職責所投入的時間； duties; – assessed and confirmed the independence of all Independent – 評估並確認全體獨立非執行董事之獨立性； Non-executive Directors; and 及 – made recommendation to the Board for Directors’ Fees for – 向董事會建議二零一九╱二零二零財政年度 FY2019/2020. 之董事袍金。 Terms of reference of the Remuneration and Nomination Committee have been published on the websites of the Stock Exchange and the Company. The Remuneration and Nomination Committee including is provided with sufficient resources, 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 one meeting during FY2019/2020. Each member’s attendance record during the year is shown on page 40 of this Annual Report. 薪酬及提名委員會於二零一九╱二零二零財政年 度內舉行一次會議。各成員於年內出席會議之記 錄列載於本年報第 40 頁。 44 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Audit Committee 審核委員會 Members 成員 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 (Independent Non-executive Director) （獨立非執行董事） Mr. Paul Jeremy BROUGH 先生 (Chairman) （主席） (Independent Non-executive Director) （獨立非執行董事） Mr. Jan P. S. ERLUND 先生 (Independent Non-executive Director) （獨立非執行董事） Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 (Independent Non-executive Director) （獨立非執行董事） 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 – 與外聘核數師開會討論審核工作之性質及 scope of the audit; 範圍； – to review the interim financial report and annual financial – 在提交予董事會前，審閱中期財務報告及 statements before they are submitted to the Board; 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； – to review the internal audit programs 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 – 對財務匯報職能方面之員工資歷是否足夠 financial reporting functions; 進行年度檢討； Annual Report 2019/2020 年度報告 45 Corporate Governance Report 企業管治報告 Major responsibilities 主要職責 – 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 – 作為監察本公司與外聘核數師之關係之主 Company’s relations with the External Auditors; 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; – 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； – to review and monitor the training and continuous professional – 審視及監察董事及高層管理人員之培訓及 development of Directors and Senior Management; 持續專業發展； – to review and monitor the Company’s policies and practices – 檢討及監察本公司在遵守法律及監管規定 on compliance with legal and regulatory requirements; 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 – 檢討本公司對企業管治守則之遵守情況及 disclosure in the Corporate Governance Report. 在企業管治報告內之披露。 Work done during and for FY2019/2020 – reviewed the 2019/2020 preliminary interim results announcement; interim financial report; preliminary annual results announcement and annual financial statements with management and External Auditors, and recommended their adoption by the Board; 於年內及為二零一九╱二零二零財 政年度所作之工作 – 連同管理層及外聘核數師審閱二零一九╱ 二零二零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 2019/2020 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， 並批准二零一九╱二零二零年度之審核方 案； 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 Work done during and for FY2019/2020 於年內及為二零一九╱二零二零財 政年度所作之工作 – reviewed the Group Risk Report prepared by the Internal – 審閱由內部核數師編製之集團風險報告； Auditor; – reviewed and approved the amendments to Risk Management – 審閱及批准風險管理指引及程序之修訂； Guideline and Procedure; – met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit work; – 於審核工作開始前，與外聘核數師開會討 論審核工作之性質及範疇以及匯報責任； – reviewed and considered the terms of engagement of the – 審閱及考慮外聘核數師之委聘條款； External Auditors; – 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 programs and budget; effectiveness of the Group’s internal audit function and compliance with the CG Code; – reviewed training and development of Directors and Senior Management; the continuous professional – 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企業 管治守則合規之情況； – 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 – 審閱本公司在法律及監管規定合規之政策 with legal and regulatory requirements; 及常規； – reviewed the code of conduct and compliance manual – 審閱適用於董事及僱員之行為守則及合規 applicable to Directors and employees; 手冊； – reviewed the status of compliance with the Corporate the Corporate in Governance Code and disclosure Governance Report; and – 審閱企業管治守則合規之情況及企業管治 報告之披露；及 – held private session with External Auditors in the absence of – 在執行董事及高層管理人員不在場之情況 Executive Directors and Senior Management. 下單獨與外聘核數師開會。 Annual Report 2019/2020 年度報告 47 Corporate Governance Report 企業管治報告 The Board has approved a Whistleblowing Policy in March 2012 which has been revised in November 2017. The main objective of the Policy is 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 involving serious fraud or misconduct have been received from employees nor external parties which had or would have a material impact 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，董事會已批准採納舉報政 策，並於二零一七年十一月作出修訂。政策之主 要目標是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 從僱員或外間人士接獲涉及嚴重欺詐或失職之事 件而對或將對本公司之財務狀況及整體營運造成 重大影響。 董事會已採納企業管治政策，為本公司在制定政 策及常規方面建立基本框架，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 have been published on the websites of the Stock Exchange and the Company. The Audit Committee is provided with sufficient resources, including independent professional advice, 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 專業意見（如有需要），以履行其職責。 The Audit Committee met three times in FY2019/2020. Each member’s attendance record during the year is shown on page 40 of this Annual Report. 審核委員會於二零一九╱二零二零財政年度內召 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 40 頁。 48 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Executive Committee 執行委員會 Members 成員 Mr. Roberto GUIDETTI 陸博濤先生 (Executive Director and Group Chief Executive Officer) （執行董事暨 集團行政總裁） Mr. Winston Yau-lai LO 羅友禮先生 (Executive Chairman) （執行主席） Mr. Chris Kin-shing LAU 劉健成先生 (Group Chief Financial Officer) （集團首席財務總監） Major responsibilities 主要職責 – to operate as a general management committee under the – 如同一般管理委員會運作，直接隸屬董事 direct authority of the Board; and 會；及 – to consider and approve any contract, transaction and arrangement and exercise of powers and functions as conferred by the Board in relation to day to day management of the Company. – 考慮及批准任何合約、交易及安排以及 行使由董事會就本公司日常管理所授予 之權力及職能。 Annual Report 2019/2020 年度報告 49 Corporate Governance Report 企業管治報告 ESG (Environmental, Social and Governance) Committee 環境、社會及管治委員會 Members 成員 Mr. Roberto GUIDETTI 陸博濤先生 (Executive Director) （執行董事） Mr. Anthony John Liddell NIGHTINGALE (Chairman) 黎定基先生 （主席） (Independent Non-executive Director) （獨立非執行董事） Mr. Winston Yau- lai LO 羅友禮先生 (Executive Chairman) （執行主席） Ms. May LO 羅其美女士 (Non-executive Director) （非執行董事） During the year, the Company has further enhanced the sustainability governance structure with the establishment of a Board-level ESG Committee to oversee the Company’s sustainability issues. Through the ESG Committee’s oversight, our Board is now able to assess ESG risks and provide strategic long- term guidance on sustainability performance, goals and priorities. 年內，本公司進一步加強可持續發展管治架構， 成立董事會級別之環境、社會及管治委員會以監 察本公司可持續發展事宜。透過環境、社會及管 治委員會之監督，董事會現時得以評估環境、社 會及管治風險，並為可持續發展表現、目標及優 先處理事項提供策略性長遠指導。 Major responsibilities 主要職責 – to provide vision, long term guidance and report to the Board on Group-level Sustainability goals, strategies and priorities; – 就集團層面之可持續發展目標、策略及優 先處理事項為董事會提供遠見、長期指導 及匯報； – to assess environmental and social risks; – 評估環境及社會風險； – to advise the Board on environmental and social risks of strategic significance and provide anticipatory and mitigation plans; – 就具策略意義之環境及社會風險向董事會 作出建議並提供預防及減輕風險計劃； – to review the Company’s sustainability performance against – 根據已宣佈之關鍵表現指標及目標審視本 declared KPIs (Key Performance Indices) and goals; 公司之可持續發展表現； – to review the Company’s performance in sustainability indices – 審視本公司在可持續發展指標之表現以及 and the desirability of inclusion; 本公司應否納入該等指標； – to review and approve Group-level sustainability related – 審閱及批准集團層面的可持續發展相關政 policies; and 策；及 – to review the Company’s sustainability report. – 審閱本公司可持續發展報告。 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 Work done during and for FY2019/2020 於年內及為二零一九╱二零二零 財政年度所作之工作 – reviewed and approved an ESG Board Statement for publishing in the Group’s 2019/2020 Sustainability Report; – 審閱及批准刊載於二零一九╱二零二零年 可持續發展報告中之環境、社會及管治董 事會聲明； – reviewed and approved medium to long term internal – 審閱及批准有關可持續發展之中長期內部 strategic direction on sustainability; 策略性方向； – assessed a suite of sustainability indices and provided – 評估一套可持續發展指數並提供應予專注 direction of focus; and 之方向；及 – approved the Group’s Climate Change Policy and Product – 批准本集團之氣候變化政策以及產品健康 Health and Nutrition Policy. 及營養政策。 Terms of reference of the ESG Committee was adopted by the Board on 21st January 2020 and have been published on the Company’s website. 環境、社會及管治委員會之職權範圍已於二零二 零年一月二十一日獲採納，並已刊登於本公司網 站。 The inaugural ESG Committee meeting was held in February 2020 and has approved two new Group level policies in this meeting, namely the Climate Change Policy and Product Health and Nutrition Policy. The former supports the Group’s stance on its effort in addressing climate change challenges including mitigation, adaptation and resilience. The latter formalised our approach to product innovation, development and communications. 首個環境、社會及管治委員會會議已於二零二零 年二月舉行，並於會上批准兩項集團層面的新政 策，即氣候變化政策以及產品健康及營養政策。 前者為本集團努力應對氣候變化挑戰（包括減輕 風險、適應及迅速恢復）的立場提供支持。後者 則確立我們在產品創新、研發及傳訊等方面的方 位。 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 have been 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 and Code Provision A.4.2 of Appendix 14 of the Listing Rules, 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 and Code Provision, 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及上市規則附錄 十四守則條文 A.4.2 條之規限下，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及守則條文，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 2019/2020 年度報告 51 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 or 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，並挑選或向董事會推薦有關 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 programs are arranged for any newly appointed Directors for provision of information which would assist him or her in understanding his or her role as a director as well as building an understanding of the nature of the Company, its business, products and markets. On appointment, new Directors will also be given an induction program kit outlining the responsibilities and duties as Directors under various regulatory requirements. The induction kit also contains 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 The Hong Kong Institute of Directors as guidelines on the general principles of duties of directors and a “Code of Conduct for Directors” to avoid any conflict of interest. 52 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 其理解董事職務，以及建立對本公司性質、其業 務、產品及市場之認識。新任董事亦會獲發一份 就任須知資料，向董事簡介在不同規管要求下之 責任及職責。就任須知亦附有董事會程序（包括 各董事委員會之職權範圍）。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，以及「董事行為守則」避免任何利 益衝突。 Corporate Governance Report 企業管治報告 The Company also arranges continuous professional development program to Directors at the expense of the Company. The Company Secretary provides regularly 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 them up-to-date on any legislative, regulatory and corporate governance requirements and also professional practices in a dynamic business world. The program would help refresh Directors’ knowledge and skills in performing their roles, functions and duties of directors of a listed company. In September 2019, the Company organised an annual in- house training program for Directors in Hangzhou city of Zhejiang Province, Mainland China. Directors paid a visit to the headquarters office of one of the leading e-commerce, retail and technology companies in the world. During the visit, Directors attended a presentation made by management team of this leading e-commerce company to understand how this company has developed digital economy through its technology platforms which connects and engages its retailers, consumers, services providers and strategic alliance partners the latest development of technology, e-commerce and its integration with online finance and payment platform. Its “New Retail” e-commerce concept also helps retailers and brand owners to develop an innovative product development strategy to understand and meet consumers’ demand in very short time. 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外間 培訓課程及研討會之報名資料，同時亦提供法律 預警以及報導，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。 於二零一九年九月，本公司於中國內地浙江省杭 州市為董事安排年度內部培訓課程。董事參觀其 中一間具國際性領導地位之電商、零售及科技公 司的總部。於參觀期間，董事出席了該領先電商 公司管理團隊主持的簡佈會，了解到該公司如何 透過其科技平台將零售商、消費者、服務供應商 及策略合作夥伴聯繫起來，並配合最新科技發 展、電商及結合網上財務與付費平台，發展為數 碼化經濟。這個「新零售」電商概念亦有助零售 商及品牌擁有人發展出創新產品研發策略，務求 在極短時間內了解並滿足顧客的要求。 Annual Report 2019/2020 年度報告 53 Corporate Governance Report 企業管治報告 During Hangzhou city visit, our Directors also visited several different retail sales channels to understand the markets in which we operate; our target customers and our competitiveness in the market. Directors also met local management team to understand more about the current business performance and challenges. 到訪杭州期間，董事亦參觀不同零售渠道，了解 我們經營所在地的市場、目標客戶以及市場競爭 能力。董事亦與當地管理團隊會面，了解更多現 時業務表現及挑戰。 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 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 programs 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 FY2019/2020 which have been reviewed by the Audit Committee. The average training hours of the Directors were over 56 hours during the year. The average training hours of Senior Management were over 66 hours. 全體董事及高層管理人員已向公司秘書提供彼等 於二零一九╱二零二零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 56 小時，而高層管理人員於本年內平均培 訓時數則超過 66 小時。 Directors’ Training Records 董事之培訓記錄 Analysis of training attended by Directors in FY2019/2020 – by topic 董事於二零一九╱二零二零財政年度參加之 培訓 — 按專題分析 Analysis of training attended by Directors in FY2019/2020 – by type 董事於二零一九╱二零二零財政年度參加之 培訓 — 按類型分析 2% Accounting / Finance / Tax 會計╱財務╱稅務 5% Legal / Regulatory /Governance 法例╱法規╱管治 5% Director’s Duties and Governance 董事職責及管治 48% Global Business Environment Update 最新環球業務 環境 48% Readings 閱讀 17% In-house Training 內部培訓 17% External Courses / Seminars / Workshops 外間課程╱ 研討會╱工作坊 18% Innovation and Technology 創新科技 22% Company Business 本公司業務 18% Plant / Market Visit 廠房╱市場參觀 Annual Report 2019/2020 年度報告 55 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 FY2019/2020 – by topic 高層管理人員於二零一九╱二零二零財政年度參加之 培訓 — 按專題分析 Analysis of training attended by Senior Management in FY2019/2020 – by type 高層管理人員於二零一九╱二零二零財政年度參加之 培訓 — 按類型分析 3% Accounting / Finance / Tax 會計╱財務╱稅務 4% Industry News 行業資訊 10% Regulatory / Governance / Sustainability 法規╱管治╱ 可持續發展 16% Cyber Technology 數碼科技 37% Market / Product Development 市場╱產品發展 25% Readings 閱讀 40% External Courses / Seminars / Workshops 外間課程╱研討會╱ 工作坊 30% Company Business 本公司業務 35% In-house Training 內部培訓 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 FY2019/2020 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 2020. 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。二零一九╱二零二 零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二零二零年三月三十一 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。 56 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 Confirmations have been received from all Directors that they have provided sufficient time and attention to the affairs of the Company during FY2019/2020. 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 一九╱二零二零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識別其長處及弱點並 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 FY2019/2020. 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二零一九╱二 零二零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 項評核董事會之陳述及 10 項評 核執行主席之陳述。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 2019/2020 年度報告 57 Corporate Governance Report 企業管治報告 Board composition and effectiveness 董事會組成及有效性 Board behavior and culture 董事會行為及文化 Board meeting procedures 董事會會議程序 Evaluation of the Board 董事會之評核 Strategic direction and planning 策略方向及規劃 Evaluation of Executive Chairman 執行主席之 評核 Corporate governance practices 企業管治常規 Sustainability drive 推動可持續發展 Risk management and internal control 風險管理及內部監控 Personal attributes 個人特質 Leadership 領導才能 Encourage open discussion 鼓勵公開討論 Relationship with the Board 與董事會的關係 Relationship with Group CEO 與集團行政總裁的關係 Strategic planning 策略規劃 Decision making 決策 Adhere to good corporate governance principles 遵守良好企業管治原則 Promote good corporate governance practices 推動良好企業管治常規 Encourage environmental, social and governance 提倡環境、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 an average score of 8.5 or above (full score is 10). There was particularly high scores for “Corporate Governance Practices”. 全體董事均積極參與整個評核過程。董事會成員 對整體評價非常正面，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「企業管治常規」得分最高。 Overall weighted scores in seven evaluation areas 七個評核範疇之整體加權分數 Corporate Governance Practices 企業管治常規 Board Meeting Procedures 董事會會議程序 Strategic Direction and Planning 策略方向及規劃 Board Composition and Effectiveness 董事會組成及有效性 Board Behavior and Culture 董事會行為及文化 Sustainability Drive 推動可持續發展 Risk Management and Internal Control 風險管理及內部監控 s a e r a n o i t a u l a v E 疇 範 核 評 9.03 8.97 8.90 8.87 8.85 8.53 8.15 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 58 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 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; board meeting procedures; strategic direction and planning; conflict of interest best practice; sustainability 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、董事會 會議程序、策略方向及規劃、利益衝突最佳常 規、可持續發展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 17 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 17 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。 Annual Report 2019/2020 年度報告 59 Corporate Governance Report 企業管治報告 Risk Management and Internal Control The Board acknowledges its responsibility for the risk management and internal control systems and reviewing their effectiveness. The systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss. To achieve this, the Board ensures that there is an effective framework of risk governance and ongoing risk management process to promote the long-term success of the Company. The Board is entrusted with the overall responsibility on an ongoing basis for ensuring that appropriate and effective risk management and internal controls are maintained to provide reasonable assurance against material misstatement of information. Main features of the risk management and internal control systems are described in the sections below: 風險管理及內部監控 董事會明白其肩負風險管理及內部監控系統之責 任，並檢討其成效。該系統之設計旨在管理而非 消除無法達成業務目標之風險，並僅可為避免發 生重大錯誤陳述或損失提供合理而非絕對之保 證。為實現此目標，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： 60 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Report 企業管治報告 nication 資 u m m o & C n o i t a m r o f n I Infor m atio n & 通 溝 及 訊 Set the tone at the top regarding the importance of internal control & 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 C o m m u n i c a t i o n 資 訊 及 溝 通 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 & 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 Assessing risks and reviewing the effectiveness of internal controls is a continuing process in the Company. Our internal control system is designed to give reasonable assurance that: 本公司持續評估風險及檢討內部監控之成效。本 公司之內部監控系統旨在合理保證： • • • • Assets are prudently safeguarded; • 資產獲得審慎保障； Business activities are conducted in an effective and efficient manner; • 以有效及高效之方式進行業務活動； Financial reporting is accurate, timely and complete; and • 作出準確、適時及完整之財務報告；及 Laws and regulations relevant to the business are complied. • 遵守與業務相關之法律及法規。 Under the Company’s internal control system, management is charged with the responsibility to design and implement the internal controls while the Board and the Audit Committee oversee the effectiveness of the internal control system that have been put in place. 在本公司之內部監控系統下，管理層負責設計及 執行內部監控措施，而董事會及審核委員會則監 察現有內部監控系統執行之成效。 Annual Report 2019/2020 年度報告 61 Corporate Governance Report 企業管治報告 Internal Audit Group Internal Audit (a team under Group Internal Audit and Risk Management Department) plays a critical role in monitoring the internal governance of the Company. 內部審計 集團內部審計（集團內部審計及風險管理部門轄 下的團隊）肩負監察本公司內部管治的重任。 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 identified by management or the Audit Committee. • 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 programs 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 FY2019/2020, 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. 於二零一九╱二零二零財政年度內，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。 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 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。 Annual Report 2019/2020 年度報告 63 Risk Management Framework風險管理框架• Enterprise Risk Management Executive Committee 企業風險管理執行委員會• Entity CEOs 地方公司行政總裁• Group Risk Management 集團風險管理• Audit Committee (On behalf of the Board) 審核委員會（代表董事會）• Group Internal Audit 集團內部審計• Department Heads & Individual Employee 部門主管及個別員工Rate評估Anticipate預測Report通報React緩解Regulate監察Respond控制 Oversight 監督 Risk Monitoring & Review 風險監察及檢討Risk & Control Ownership 風險及控制責任Risk Management Process 風險管理程序Corporate Governance Report 企業管治報告 Risk Governance Structure The risk governance structure consists of three layers of roles and responsibilities as explained below: 風險管治架構 風險管治架構包括下列三個層面之角色及職責： Layer Roles and Responsibilities 層面 職務及職責 Oversight Audit Committee, acting on behalf of the Board 監督 代表董事會之審核委員會 • Oversee the Company’s risk management and • 持續監督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. • 監督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 & Entity CEOs Risk Management Executive 風險 企業風險管理執行委員會及地方公 監察及 司行政總裁 • Design, implement and monitor the risk 審閱 • 設計、實施及監察風險管理及內 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. independent Group Risk Management, an 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。 • 持續監察風險狀況，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. 及控制 的責任 • 於日常營運中管理風險，執行監 控活動及識別新風險。 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 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 ︰ • • • • • 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. Risks are grouped into six clusters (including reputation, strategy, market, liquidity, credit and operation) to facilitate the assessment appropriately. • 預測：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 facilitates the evaluation process including the summary discussion in the Enterprise Risk Management Executive Committee and Audit Committee. • 評估：按照董事會設定之風險承受能力， 評估每項經識別風險的影響及可能性。風 險之影響及可能性將根據過往記錄、統計 分析、相關經驗及管理層之專業判斷進行 評級。集團風險管理促進評估流程，包括 協助企業風險管理執行委員會及審核委員 會之討論。 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. • 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 close 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. • 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 開減輕風險計劃。 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. • 緩解：當風險現況有所改變，相應負責人 將協調減輕風險計劃之行動細節、負責人 及時間表，以處理風險情況。 Annual Report 2019/2020 年度報告 65 Corporate Governance Report 企業管治報告 • 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 introduce additional risk monitoring activities in order to enable proactive identification of risk alerts in the business environment. This is achieved through the use of data analytics and the monitoring of emerging situations from external environment. Risk Management Activities Enhanced Risk Assessment Process To achieve a more all-rounded analysis on the risks that would affect our business operations, we had adopted an enhanced Risk Assessment Process in this year. This enhanced Process enabled a broadened participation of stakeholders at the entity-level to participate in the risk identification, mitigation and monitoring process. Besides, the enhanced Risk Assessment Process also emphasized on a two-way communications process between the Group and the local entities, which had helped to ensure practicability of implementing Group Risk Management initiatives in the local entities. • 通報︰風險報告內容及風險管理框架，均獲 董事會批准，協助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，監控減 輕風險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，我們將引入更多風險監管措施，務求能盡 早識別營商環境中的風險訊號。為做到這一點， 我們將透過進行數據分析及監察外部環境的形勢 變化，以達到上述的效果。 風險管理措施 • 加強風險評估程序 為對影響我們業務經營的風險進行更全面 分析，我們已於年內採納經加強的風險評 估程序。程序經過加強後，更多在業務層 面的持份者能夠參與風險的辦識、減輕風 險及監控程序。此外，經加強的風險評估 程序強調本集團與各地業務的雙向溝通過 程，有助確保在集團風險管理的舉措於各 地業務能實際執行。 Revamp of Key Risk Indicators (“KRIs”) In Vitasoy, KRIs are used as one of the key tools to monitor risk status. During this year, the definition and threshold of the KRIs are being reviewed and revised where necessary. This resulted in a more timely and accurate detection of change in risk status, in order to develop appropriate mitigation actions. • 改進關鍵風險指標（「關鍵風險指標」） 在維他奶，關鍵風險指標是用來監管風險 狀況的主要工具之一。年內，我們為關鍵 風險指標的定義及門檻進行了審視，並於 有需要時作出了修訂。此程序令我們能夠 更及時、更準確地偵測風險狀況的變動， 以制定相應的減輕風險行動。 Enhanced Facilitation Role in Risk Management Processes This year, more support was given to local entities on completion of the ERM Processes. Training and workshops were organized by Group Risk Management to achieve more effective completion of the Risk Assessment Process. Besides, consultation sessions were arranged where necessary to enhance risk awareness and risk mitigation capabilities of our senior staffs in local entities. Lastly, the publications of Vitasoy News were utilized as communication channel with general staff to cultivate risk awareness. • 加強風險管理程序的輔助角色 年內，我們就完成各風險管理程序給予各 地方公司額外支持。集團風險管理舉行了 培訓及工作坊，以求更有效地完成風險評 估程序。此外，我們在有需要時安排諮詢 環節，提高我們各地方公司裏高級職員的 風險意識及減輕風險的能力。另外，我們 借用《維他快訊》作為與一般員工的溝通渠 道，培養他們的風險意識。 66 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 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 2020. 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 been revised with a few housekeeping amendments on 30th March 2020. 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，截至二零二零年三 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 二零二零年三月三十日作出一些非主要修訂。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 2019/2020 年度報告 67 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$5.7 million (FY2018/2019: HK$5.6 million) was charged for FY2019/2020 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$3.8 million (FY2018/2019: HK$24.5 million). The non-audit services mainly comprised design and execution of digitisation project and tax advisory services. The non-audit fee decreased versus the previous year due to substantial reduction of consultancy services rendered by KPMG for digitisation during the year. 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 附屬公司所提供之二零一九╱二零二零財政年 度法定審核服務之費用為港幣 5,700,000 元（二 零 一 八 ╱ 二 零 一 九 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 3,800,000 元（二零一八╱二零一九財政年度：港 幣 24,500,000 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。非審核服務費 用較去年減少，是由於畢馬威會計師事務所就數 碼化項目提供之顧問服務大幅下降。 The responsibilities of the External Auditors with respect to the FY2019/2020 financial statements are set out in the section of “Independent Auditor’s Report” on pages 99 to 105. 外聘核數師就二零一九╱二零二零財政年度財務 報表所須承擔之責任載列於第 99 至105 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。 68 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 have also been 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 2019/2020 年度報告 69 Corporate Governance Report 企業管治報告 Constitutional Document During the year, there has been no change in the Company’s Articles of Association. A copy of the latest consolidated version of the Articles of Association of the Company has been 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 has been updated on 30th March 2020 and been 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 2019 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 2019 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. 70 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 通訊政策已於二零二零年三月三十日更新並已刊 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。於二零一九年股東週年大會上， 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 司之外聘核數師亦有出席二零一九年股東週年大 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 set up a dedicated email account at ir@vitasoy.com for shareholders and general investing public, fund managers, analysts and the media for a two-way communication with the related stakeholders. We keep our investors abreast of the Group’s latest developments and strategies through direct communications including results announcement events, group and face-to-face meetings, telephone conferences and email with shareholders and investors. All bilateral meetings have to be attended by at least two designated representatives of the Company, while always taking reference of applicable regulatory requirements and internal guidelines for fair disclosure of information without offering advantage to any particular investor or financial analyst. We 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. individual 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 及一般公眾投資者、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。所有雙向性會面均須由至少兩名本公司指定 之代表出席，並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 2019/2020 年度報告 71 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 79, 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), Ms. Myrna Mo-ching 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). 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 81, was appointed a Director of the Company in 1994. Sir David is the executive chairman 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. He is also an independent non-executive 執行主席 羅 友 禮 先 生 (SBS, BSc, MSc)， 七 十 九 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、本公司主要股東羅慕貞女士及陳 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。 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 一 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 有限公司之執行主席。李爵士亦為財 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 director of Guangdong Investment 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, chairman of the Executive Committee of St. James’ Settlement and a fellow of the Hong Kong Academy of Finance. 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. 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 81, 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. 資市場公會之議會成員。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 之創會主席、救世軍港澳軍區顧問委 員會主席、聖雅各福群會執行委員會 主席及金融學院院士。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，八十一歲， 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 2019/2020 年度報告 73 Directors and Senior Management 董事及高層管理人員 Mr. Anthony John Liddell NiGHtiNGALE (CMG, SBS, JP), aged 72, 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 Shui On Land Limited, a company listed in Hong Kong. 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 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 and a Hong Kong representative to the APEC Vision Group from 2018 to 2019. He was a non-executive director of Schindler Holding Limited. 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），七十二 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」）董事總經理。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 有限公司及其他怡和集團旗下多間公 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 為香港上市公司瑞安房地產有限公 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、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，以及於二零一八年至二 零一九年為亞太經合組織願景小組香 港代表。彼曾為迅達控股有限公司之 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。 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 Mr. Paul Jeremy BRoUGH, aged 63, 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, an independent non-executive director of Habib Bank Zurich (Hong Kong) Limited, a Hong Kong restricted licence bank, an independent non-executive director of Toshiba Corporation, a company listed on the Tokyo Stock Exchange 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) from January 2016 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 also occupies the following positions in not- for-profit entities: member of the General Committee of The Hong Kong Club, director of the Hong Kong Club Foundation Limited, director of Sailability Hong Kong Limited and director of Run Hong Kong Limited. Mr. Brough is also a director of Blue Willow Limited, a private limited company. Mr. Brough was the executive chairman of Noble Group Limited, a company listed on the Singapore Stock Exchange, and its successor company, Noble Group Holdings Limited from May 2017 to October 2019. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Paul Jeremy BROUGH 先生，六十三 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、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、於東京證券交易所上 市之株式會社東芝之獨立非執行董事 以及德事商務中心有限公司之獨立非 執 行 董 事。Brough 先 生 於 二 零 一 六 年一月至二零一六年六月三十日為 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。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顧問主管，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 先生亦於以下非牟利機構擔 任職 務：香港 會理 事會成員、Hong Kong Club Foundation Limited之董事 、Sailability Hong Kong Limited 之 董 事 及 Run Hong Kong Limited 之 董 事。Brough 先 生 亦 為 私 人 有 限 公 司 Blue Willow Limited 之董事。Brough 先生於二零一七年五月至二零一九年 十月擔任來寶集團有限公司（為於新 加坡證券交易所上市及 Noble Group Holdings Limited 之繼任公司）之執行 主席。除已披露者外，彼於過往三年 並無於其他上巿公眾公司擔任任何董 事職務。 Annual Report 2019/2020 年度報告 75 Directors and Senior Management 董事及高層管理人員 Dr. Roy Chi-ping CHUNG (GBS, BBS, JP), aged 67, 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, an Honorary Doctorate Degree by the University of Newcastle, New South Wales, Australia in 2006, an Honorary Doctor of Science by The University of Warwick, United Kingdom in 2019 and a Doctor of Business Administration honoris causa by The University of Macau in 2019. 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 has been highly dedicated to the advancement of industry and had been the Chairman of the Federation of Hong Kong Industries until 5th July 2013. In addition, Dr. Chung has served on various advisory committees of the Hong Kong Special Administrative Region Government and is also an active member of many social committees and associations. He had been appointed as chairman of Vocational Training Council from 1st January 2018 to 31st December 2019. 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 from 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），六十七 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、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︑於二零一九年獲英國 華威大學頒授榮譽科學博士學位及於 二零一九年獲澳門大學頒授榮譽工商 管 理 博 士 學 位。 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，鍾博士為香港特別行政區 政府多個諮詢委員會委員，並為多個 社會機構組織之活躍會員。彼於二零 一八年一月一日至二零一九年十二月 三十一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。 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 Non-executive Directors Ms. Yvonne Mo-ling LO, aged 72, 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), Ms. Myrna Mo-ching 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 58, 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, Ms. Myrna Mo-ching 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，七十二歲，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 慕 貞 女 士、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，五十八歲，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（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、羅慕貞女士、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 2019/2020 年度報告 77 Directors and Senior Management 董事及高層管理人員 Ms. May LO, aged 45, 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, Ms. Myrna Mo-ching Lo, Mr. Christopher Lye, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 羅其美女士，四十五歲，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 慕 貞 女 士、黎東山先生、羅安女士及陳凌珊 女士之親屬。 Executive Directors Mr. Roberto GUiDEtti, aged 57, 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 31 years of proven track record in general management, strategic/business planning, marketing/ commercial leadership, product innovation and new business development. He has matured his professional expertise in two of the largest global fast moving consumer goods organisations and across local, regional and global roles in Europe and Asia. He has spent the 執行董事 陸博濤先生，五十七歲，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 方面擁有三十一年之豐富經驗。彼曾 於兩間大型跨國高流轉消費品企業負 責歐亞市場之本地、區域及全球性業 務，累積豐富專業知識。彼曾於大中 78 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 last 20 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. 華區內的有關行業任職二十年。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。 黎中山先生，五十歲，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 的工作逾十七年。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 主要股東羅慕貞女士之兒子、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、張羅其樂女士、羅安女士及陳凌 珊女士之親屬。 Mr. Eugene LYE, aged 50, 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 17 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 son of Ms. Myrna Mo-ching Lo (a substantial shareholder of the Company), 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, Ms. Joy Cheung Lo, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2019/2020 年度報告 79 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 57, 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 32 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 47, 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 50, 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，五十七歲，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三十二年的豐富經驗。 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 有管理新成立組織、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，四十七歲，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 改善企業表現。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，五十歲，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，以及管理及支援廠房資本性支出項目及 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。 80 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 61, 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 48, 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. Ms. Christine yi-mei HU, aged 46, Group General Counsel. Ms. Hu is responsible for the development and implementation of the Group’s legal strategy and policies, compliance and regulatory initiatives. She joined the Group in April 2020 and has extensive experience gained from various senior legal leadership roles in multinational companies covering areas in legal, compliance, regulatory, security and external affairs. Ms. Hu holds a Bachelor’s degree in Japanese & Japanese Literature from Mainland China, a Master’s degree in Business Administration from the USA and a Juris Doctorate from William S. Boyd School of Law at University of Nevada, the USA. She is a qualified lawyer in Nevada, the USA, a qualified solicitor in Hong Kong, and has been qualified in law in Mainland China. 陳曾淑苹博士，六十一歲，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，四十八歲，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。 胡易梅女士，四十六歲，集團總法律顧問。胡女 士負責制定及執行本集團之法律策略及政策、合 規及規管等措施。彼於二零二零年四月加入本集 團，曾在不同跨國公司擔任各類型資深法律領導 職務，在法律、合規、監管、安全及對外事務等 各方面擁有豐富經驗。胡女士於中國內地取得日 語語言文學學士學位、於美國取得工商管理碩士 學位，以及於美國內華達大學 William S. Boyd 法 律學院取得法學博士。彼為美國內華達州及香港 之合資格律師，並於中國內地擁有法律執業資 格。 Annual Report 2019/2020 年度報告 81 Directors and Senior Management 董事及高層管理人員 Mainland China Mr. Eric Ting-yi ZHONG, aged 46, Chief Executive Officer, Mainland China Operation. Mr. Zhong is responsible for the general management and development of the Group’s operations in Mainland China. He joined the Group in February 2018. Mr. Zhong has over 20 years of full management experience covering different roles across different fast moving consumer goods (FMCG) categories, and has worked with many multinational companies in Mainland China. Hong Kong Operation (Hong Kong, Macau and Exports) Ms. Dorcas Shing-suet LAU, aged 50, 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 27 years of proven track record in Customer Development, Marketing, General Management, and 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. David Bruce Charles tyACK, aged 49, Managing Director of Vitasoy Australia Products Pty. Ltd.. Mr. Tyack is responsible for general management and development of the Group’s operation in Australia and New Zealand. He joined the Group in September 2019 and has extensive experience across the Asia-Pacific fast moving consumer goods (FMCG) industry over the past 27 years. Based in and a native of Melbourne, Mr. Tyack relocated back to his home town after leading Canberra based, Capitol Chilled Foods Pty Ltd. (a Joint Venture between Lion Dairy & Drinks and Bega Cheese) for 4 years. He has a strong track record in Sales, Marketing and General Management working for a few local and global FMCG companies. Singapore Mr. Christopher Lloyd MARCHANt, aged 41, 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. 中國內地 鍾廷毅先生，四十六歲，中國內地業務行政總 裁。鍾先生負責管理及發展本集團在中國內地之 業務。彼於二零一八年二月加入本集團。鍾先生 擁有超過二十年之豐富管理經驗，涵蓋不同高流 轉消費品類別之不同職位，並曾於中國內地多間 跨國公司工作。 香港業務（香港、澳門及出口） 劉盛雪女士，五十歲，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，擁有二十七年豐富工作經驗，工作領域涵蓋 客戶開發、市場推廣、日常管理。並曾於一家業 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 David Bruce Charles tyACK先生，四十九歲， Vitasoy Australia Products Pty. Ltd. 之常務董 事。Tyack 先生負責管理及發展本集團在澳洲及 新西蘭之業務。彼於二零一九年九月加入本集 團，於過去二十七年在亞太地區之高流轉消費品 行業具豐富經驗。Tyack 先生領導 Capitol Chilled Foods Pty Ltd.（該公司總部設於坎培拉，為 Lion Dairy ＆Drinks及Bega Cheese之合資公司）四 年 後，回流至土生土長的家鄉墨爾本。彼曾於多間 當地及環球性之高流轉消費品公司任職，在銷 售、市場推廣和綜合管理方面均擁有豐富經驗。 新加坡 Christopher Lloyd MARCHANt先生，四十一歲， 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之新加坡業務。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展開事業。 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 The Directors have pleasure in submitting their annual report together with the audited financial statements for the year ended 31st March 2020. 董事會欣然提呈截至二零二零年三月三十一日止 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 2019/2020” 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「二零一九╱二零二零年可持續發展報 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 2019/2020 年度報告 83 Report of the Directors 董事會報告 Major Customers and Suppliers For the year ended 31st March 2020, the percentage of sales attributable to the Group’s five largest customers was less than 30%. 主要客戶及供應商 於截至二零二零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 25% 36% At no time during the year have the Directors, their associates or any shareholder of the Company (which to the knowledge of the Directors owns more than 5% of the Company’s issued shares) had any interest in these major suppliers. 各董事、彼等之聯繫人或任何據董事所知擁有本 公司已發行股份超過 5% 之本公司股東於年內概 無擁有該等主要供應商之任何權益。 Recommended Dividend An interim dividend of HK3.8 cents per ordinary share (2019: an interim dividend of HK3.8 cents per ordinary share) was paid on 19th December 2019. The Directors now recommend the payment of a final dividend of HK28.4 cents per ordinary share (2019: a final dividend of HK38.0 cents per ordinary share) in respect of the year ended 31st March 2020. 建議股息 本公司已於二零一九年十二月十九日派發中期股 息每股普通股 3.8 港仙（二零一九年：中期股息 每股普通股 3.8 港仙）。董事現建議派發截至二零 二零年三月三十一日止年度之末期股息每股普通 股 28.4 港仙（二零一九年：末期股息每股普通股 38.0 港仙）。 Charitable Donations Charitable donations made by the Group during the year amounted to HK$2,723,000 (2019: HK$434,000). 慈善捐款 本集團於年內之慈善捐款共達港幣 2,723,000 元 （二零一九年：港幣 434,000 元）。 Bank Loans Particulars of bank loans of the Group, as at 31st March 2020 are set out in note 20 to the financial statements. 銀行貸款 本集團於二零二零年三月三十一日之銀行貸款詳 情載於財務報表附註 20。 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 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 and under Code Provision A.4.2 of Appendix 14 of the Listing Rules, Dr. Roy Chi-ping CHUNG, Ms. Yvonne Mo-ling LO, Mr. Peter Tak-shing LO, Ms. May LO and Mr. Eugene LYE 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 條及上市規則附錄 十四之守則條文 A.4.2，鍾志平博士、羅慕玲女 士、羅德承先生、羅其美女士及黎中山先生將於 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 2019/2020 年度報告 85 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 2020 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，於二零二零年三月 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 15.32% 羅友禮先生 Dr. the Hon. Sir David 10,000,000 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 2,100,000 – – – – – Mr. Roberto GUIDETTI (v) 4,400,000 100,000 陸博濤先生 Mr. Eugene LYE 黎中山先生 442,313 – – – 10,000,000 0.94% 150,000 0.01% 92,476,750 92,476,750 8.69% 121,657,000 130,855,000 12.30% – – – 2,100,000 0.20% 4,500,000 0.42% 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二零二零年三月三十一日 of the Company in issue (i.e. 1,063,777,500 ordinary shares) as at 31st 已發行之股份總數（即 1,063,777,500 股普通股）計 March 2020. 算。 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 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 2,470,300 shares held by (ii) 羅慕玲女士擁有由 Yvonne Lo Charitable Remainder Yvonne Lo Charitable Remainder Unitrust, 2,560,150 shares held by Unitrust持有之 2,470,300股股份、由 Yvonne Lo Yvonne Lo Separate Property Trust and 14,768,000 shares held by Lo/ Separate Property Trust 持有之 2,560,150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 14,768,000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（慈善基金）持有之 72,678,300 股股份之權益。 for the Lo Kwee Seong Foundation, a charitable trust. Each of them is a 彼等均為羅桂祥基金之受託人，故被視為擁有該等 trustee of the Lo Kwee Seong Foundation and is therefore deemed to 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 2019/2020 年度報告 87 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%。 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） (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 the annual general meeting held 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 2020, 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 零二零年三月三十一日，仍有 4,562,000 份根據 二零零二年購股權計劃獲行使而未行使的購股 權。 Annual Report 2019/2020 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 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 in 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%。 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 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, 1,964,000 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 2020 was 72,808,950 shares, which represented 6.84% of the ordinary shares of the Company in issue at 31st March 2020. 年內， 根據二零一二年購股權計劃授出 1,964,000 份購股權。於二零二零年三月三十一日，根據 二零一二年購股權計劃可供發行之普通股總數 為 72,808,950 股，佔本公司於二零二零年三月 三十一日之已發行普通股 6.84%。 The 2012 Share Option Scheme will end on 27th August 2022. 二 零 一 二 年 購 股 權 計 劃 將 於 二 零 二 二 年 八 月 二十七日終止。 Annual Report 2019/2020 年度報告 91 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 2020, the Directors and employees of the Company had the following interests in options to subscribe for ordinary shares of the Company (market value per ordinary share at 31st March 2020 was HK$23.50) 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 2020, 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$31,295,000 and HK$32,715,000 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 2020 are exercised, the Company will receive proceeds of HK$322,785,000. 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） 於二零二零年三月三十一日，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（於二零二零年三月三十一日 之每股市值為港幣 23.50 元）之購股權中擁有下 列權益。於二零二零年三月三十一日，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31,295,000元及港幣32,715,000 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。假設所有於二零二零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 322,785,000 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。 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 Equity-linked Agreements (Continued) Share option scheme (Continued) 股票掛鈎協議（續） 購股權計劃（續） The Directors of the Company individually and other employees of the Group in aggregate had the following personal interests in options under the 2002 Share Option Scheme and 2012 Share Option Scheme to subscribe for ordinary shares of the Company during the year and at the end of the year: 於本年度及年結時，個別本公司董事及本集團之 其他僱員在根據二零零二年購股權計劃及二零 一二年購股權計劃可認購本公司普通股之購股權 中合共擁有之個人權益如下： Participants Date of grant Period during which options are exercisable 參與者 授出日期 購股權行使期 Directors 董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Roberto GUIDETTI 陸博濤先生 Eligible employees  working under  employment contracts 根據僱傭合約工作 之合資格僱員 8/9/2011 31/8/2012 9/9/2013 10/9/2014 14/9/2015 6/9/2016 26/6/2015 24/6/2016 26/6/2017 19/6/2018 21/6/2019 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 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 21/6/2020 to至 20/6/2029 28/6/2013 2/7/2014 26/6/2015 24/6/2016 # 2/3/2017 26/6/2017 19/6/2018 @ 28/1/2019 21/6/2019 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 21/6/2020 to至 20/6/2029 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 13.600 14.792 16.296 25.100 44.810 9.370 10.080 13.600 14.792 15.440 16.296 25.100 30.350 44.810 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 1,420,000 354,000 880,000 1,254,000 1,288,000 – 238,000 168,000 584,000 928,000 326,000 1,586,000 1,750,000 320,000 – 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 – – – – – – – – – – 866,000 – – – – – – – – 1,098,000 – – – – – – (354,000) (150,000) – – – (200,000) (108,000) (256,000) (196,000) (326,000) (382,000) (224,000) – – – – – – – – – – – – – – – – (70,000) – (207,000) (287,000) – (152,000) 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 – 730,000 1,254,000 1,288,000 866,000 38,000 60,000 328,000 662,000 – 997,000 1,239,000 320,000 946,000 * 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 13.620 13.960 16.200 24.000 42.550 9.180 9.890 13.620 13.960 15.460 16.200 24.000 30.000 42.550 – – – – – – 37.147 37.800 – – – 39.100 38.615 38.065 36.567 36.850 37.588 37.142 – – 20,742,000 1,964,000 (2,196,000) (716,000) 19,794,000 Annual Report 2019/2020 年度報告 93 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） The options granted to the Directors are registered under the names of the Directors who are also the beneficial owners. 授予董事之購股權以同為實益擁有人之董事之名 義登記。 * being the closing price or the weighted average closing price of the * 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 @ 50% 之購股權將自授出日期起計一週年後獲歸屬及 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。 94 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 2020 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 於二零二零年三月三十一日，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 Mitsubishi UFJ Financial Group, 附註 (i) – Inc. 三菱日聯金融集團 Ms. Irene CHAN 陳羅慕連女士 (iii) 23,514,700 Ms. Myrna Mo-ching LO (ii),(iii) – 羅慕貞女士 Ms. Joy Lo CHEUNG 張羅其樂女士 Ms. Keiko Aun FUKUDA 羅安女士 Mr. Christopher LYE 黎東山先生 Ms. Alexandra CHAN 陳凌珊女士 Wasatch Advisors, Inc. (iii) (iii) (iii) (iii) (iv) 2,766,250 2,400,000 750,000 610,000 – – – – – – – – – 147,714,057 – 147,714,057 13.89% – – – – – – 72,678,300 96,193,000 9.04% 95,197,000 95,197,000 8.95% 72,678,300 75,444,550 7.09% 72,678,300 75,078,300 7.06% 72,678,300 73,428,300 6.90% 72,678,300 73,288,300 6.89% 53,842,658 – 53,842,658 5.06% * This percentage has been compiled based on the total number of shares * 此百分比乃根據本公司於二零二零年三月三十一日 of the Company in issue (i.e. 1,063,777,500 ordinary shares) as at 31st 已發行之股份總數（即 1,063,777,500 股普通股）計 March 2020. 算。 Annual Report 2019/2020 年度報告 95 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 Mitsubishi UFJ Financial Group, Inc. (i) 該等權益乃由三菱日聯金融集團透過其全資附屬公 through its wholly-owned subsidiaries. 司持有。 (ii) Ms. Myrna Mo-ching LO is interested in 22,518,700 shares held by Lo (ii) 羅慕貞女士擁有由Lo Myrna Trust持有之22,518,700 Myrna Trust. Ms. Myrna Mo-ching LO is a beneficiary of such trust and 股股份之權益。羅慕貞女士為該信託之受益人，故被 is therefore deemed to be interested in such shares. 視為擁有該等股份之權益。 (iii) Each of Ms. Irene CHAN, Ms. Myrna Mo-ching LO, Ms. Joy Lo (iii) 陳羅慕連女士、羅慕貞女士、張羅其樂女士、羅安 CHEUNG, Ms. Keiko Aun FUKUDA, Mr. Christopher LYE and Ms. 女士、黎東山先生及陳凌珊女士均擁有由東亞銀行 Alexandra CHAN is interested in 72,678,300 shares held by The Bank 受託代管有限公司以代理人名義代羅桂祥基金（為 of East Asia (Nominees) Limited which holds such shares as a nominee 一慈善基金）持有之 72,678,300 股股份之權益。彼 for the Lo Kwee Seong Foundation, a charitable trust. Each of them is a 等均為羅桂祥基金之受託人，故被視為擁有該等股 trustee of the Lo Kwee Seong Foundation and is therefore deemed to 份之權益。 be interested in such shares. (iv) These interests are held by Wasatch Advisors, Inc. in the capacity of investment manager. (iv) 該等權益乃由 Wasatch Advisors, Inc. 以投資經理之 身份持有。 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。 96 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 2019/2020” 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「二零一九╱二零二零 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 2020 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 本公司於截至二零二零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 2019/2020 年度報告 97 Report of the Directors 董事會報告 Employee Retirement Benefits Particulars of employee retirement benefits of the Group are set out in note 22 to the financial statements. 僱員退休福利 有關本集團僱員退休福利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 252 to 254 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 252 至 254 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, 19th June 2020 香港，二零二零年六月十九日 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 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 106 to 251, which comprise the consolidated statement of financial position as at 31st March 2020, 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 2020 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 106 至 251 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 二零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 貴集團於二零二零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 2019/2020 年度報告 99 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 and the accounting policies in note 1(u) to the consolidated financial statements. 請參閱綜合財務報表附註 3 及附註 1(u) 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； 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 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 2019/2020 年度報告 101 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。 102 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 2019/2020 年度報告 103 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。 104 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 19th June 2020 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 二零二零年六月十九日 Annual Report 2019/2020 年度報告 105 Consolidated Statement of Profit or Loss 綜合損益表 For the year ended 31st March 2020 截至二零二零年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） Note 附註 $’000 千元 $’000 千元 3 4 7,232,641 7,526,495 (3,381,150) (3,484,665) 3,851,491 4,041,830 43,780 40,144 Revenue 收入 Cost of sales 銷售成本 Gross profit 毛利 Other income 其他收入 Marketing, selling and distribution expenses (2,112,457) (2,104,514) 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 (716,880) (635,281) 5(c) (358,501) (365,019) 5(a) 5 6(a) 707,433 977,160 (10,932) (17,433) (2,086) (19,236) 679,068 955,838 (109,477) (208,143) 569,591 747,695 106 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 2020 截至二零二零年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） Note 附註 $’000 千元 $’000 千元 535,878 695,907 33,713 51,788 569,591 747,695 50.4 Cents 仙 65.6 Cents 仙 49.9 Cents 仙 65.0 Cents 仙 10 附註 ︰ 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: The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 本集團已於二零一九年四月一日首次應用《香港財務報告 retrospective approach. Under this approach, the comparative information is 準則》第 16 號。根據採用經修訂的追溯法，比較信息並未 not restated. See note 1(c). 重列。詳情載於附註 1(c)。 The notes on pages 116 to 251 form part of these financial statements. 第 116 至 251 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 2019/2020 年度報告 107 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 2020 截至二零二零年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） Note 附註 $’000 千元 $’000 千元 569,591 747,695 Profit for the year 本年度溢利 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 (9,651) (5,141) (189,549) (122,804) Cash flow hedge: net movement in the hedging reserve (289) (4,088) 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： 370,102 615,662 Equity shareholders of the Company 367,448 580,823 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 2,654 34,839 370,102 615,662 Note: 附註 ︰ The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 本集團已於二零一九年四月一日首次應用《香港財務報告 retrospective approach. Under this approach, the comparative information is 準則》第 16 號。根據採用經修訂的追溯法，比較信息並未 not restated. See note 1(c). 重列。詳情載於附註 1(c)。 The notes on pages 116 to 251 form part of these financial statements. 第 116 至 251 頁之附註乃本財務報表之一部份。 108 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 2020 於二零二零年三月三十一日 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） 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 – Right-of-use assets – 使用權資產 – Other property, plant and equipment – 其他物業、廠房及設備 Deposits for the acquisition of property, plant and equipment 11(f) 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 24(a) 18(a) – 176,428 3,502 385,580 3,322,923 3,712,005 548 3,810 17,251 62,026 97,653 3,628 – 2,759,250 2,939,306 1,601 3,417 18,375 59,290 81,169 3,893,293 3,103,158 593,559 1,008,871 66,497 848,275 2,517,202 748,284 984,008 37,727 1,005,032 2,775,051 Annual Report 2019/2020 年度報告 109 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March 2020 於二零二零年三月三十一日 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） 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 Lease liabilities 租賃負債 Current tax payable 應付現期稅項 Net current (liabilities)/assets 淨流動（負債）╱資產 Total assets less current liabilities 總資產減流動負債 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 2,357,839 2,213,401 19 20 21 241,424 89,957 24(a) 13,776 44,508 – 29,135 2,702,996 2,287,044 (185,794) 3,707,499 488,007 3,591,165 – 22,624 98,981 289,395 3,418,104 121,605 3,469,560 21 153,617 Employee retirement benefit liabilities 22(b) 34,313 僱員退休福利負債 Deferred tax liabilities 遞延稅項負債 NEt ASSEtS 淨資產 24(b) 101,465 110 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 2020 於二零二零年三月三十一日 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） 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 Note: 939,328 2,189,062 3,128,390 289,714 3,418,104 附註 ︰ 898,961 2,266,451 3,165,412 304,148 3,469,560 The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 本集團已於二零一九年四月一日首次應用《香港財務報告 retrospective approach. Under this approach, the comparative information is 準則》第 16 號。根據採用經修訂的追溯法，比較信息並未 not restated. See note 1(c). 重列。詳情載於附註 1(c)。 Approved and authorised for issue by the Board of Directors on 19th June 2020. 於二零二零年六月十九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 116 to 251 form part of these financial statements. 第 116 至 251 頁之附註乃本財務報表之一部份。 Annual Report 2019/2020 年度報告 111 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March 2020 截至二零二零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 股本 (note 25(c)(i)) （附註 25(c) (i)） $’000 千元 Capital reserve 資本儲備 (note 25(d)(i)) （附註 25(d) (i)） $’000 千元 Surplus reserve 盈餘儲備 (note 25(d)(ii)) （附註25(d) (ii)） $’000 千元 Other reserve 其他儲備 (note 25(d)(iii)) （附註 25(d) (iii)） $’000 千元 General reserve 一般儲備 $’000 千元 Hedging reserve 對沖儲備 (note 25(d)(iv)) （附註25(d) (iv)） $’000 千元 Exchange reserve 匯兌儲備 (note 25(d)(v)) （附註25(d) (v)） $’000 千元 Note 附註 Share-based compensation reserve 股份基礎 補償儲備 (note 25(d)(vi)) （附註 25(d) (vi)） $’000 千元 Retained profits 保留溢利 (Note) （附註） $’000 千元 Non- controlling interests 非控股權益 Total 合計 Total equity 權益總額 $’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 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： 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 就行使購股權而發行股份 Equity settled share-based transactions 以股份為付款基礎之交易 Final dividend approved in respect of the previous year 批准屬於上一年度之末期股息 Interim dividend declared in respect of the current year 宣派本年度之中期股息 Dividends paid to non-controlling interests 向非控股權益派發股息 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 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(b)(ii) 25(b)(i) 29 – – – – – – – – – (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 Note: 附註 ︰ The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 本集團已於二零一九年四月一日首次應用《香港財務報告 retrospective approach. Under this approach, the comparative information is 準則》第 16 號。根據採用經修訂的追溯法，比較信息並未 not restated. See note 1(c). 重列。詳情載於附註 1(c)。 112 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 2020 截至二零二零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 股本 (note 25(c)(i)) （附註 25(c) (i)） $’000 千元 Capital reserve 資本儲備 (note 25(d)(i)) （附註 25(d) (i)） $’000 千元 Surplus reserve 盈餘儲備 (note 25(d)(ii)) （附註25(d) (ii)） $’000 千元 Other reserve 其他儲備 (note 25(d)(iii)) （附註 25(d) (iii)） $’000 千元 General reserve 一般儲備 $’000 千元 Hedging reserve 對沖儲備 (note 25(d)(iv)) （附註25(d) (iv)） $’000 千元 Exchange reserve 匯兌儲備 (note 25(d)(v)) （附註25(d) (v)） $’000 千元 Note 附註 Share-based compensation reserve 股份基礎 補償儲備 (note 25(d)(vi)) （附註 25(d) (vi)） $’000 千元 Retained profits 保留溢利 Non- controlling interests 非控股權益 Total 合計 Total equity 權益總額 $’000 千元 $’000 千元 $’000 千元 $’000 千元 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 1(c)(ii) – – – – – – – – (5,809) (5,809) (17) (5,826) 898,961 35,176 85,910 (48,242) 2,261 492 (62,726) 38,214 2,209,557 3,159,603 304,131 3,463,734 – – – – – 9 25(d)(i) 25(c)(ii) 40,367 – – – – – 25(b)(ii) 25(b)(i) 29 – – – – (1,218) – – – – – – – – – 29,369 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (535) (158,244) (535) (158,244) – – – – – – – – – – – – – – – – 535,878 535,878 33,713 569,591 (9,651) (168,430) (31,059) (199,489) 526,227 367,448 2,654 370,102 (29,369) 1,218 – – (7,109) 12,686 – – 33,258 12,686 (404,181) (404,181) (40,424) (40,424) – – – – – – – – 33,258 12,686 (404,181) (40,424) – – – – (37,659) (37,659) 20,588 20,588 – – – – – – – – – 939,328 33,958 115,279 (48,242) 2,261 (43) (220,970) 43,791 2,263,028 3,128,390 289,714 3,418,104 Balance at 31st March 2019 and 1st April 2019 於二零一九年三月三十一日及 二零一九年四月一日結餘 Impact on initial application of HKFRS16 首次應用《香港財務報告準則》 第16號之影響 Adjusted balance at 1st April 2019 於二零一九年四月一日經調整結餘 Changes in equity for the year: 本年度之權益變動： Profit for the year 本年度溢利 Other comprehensive income 其他全面收益 Total comprehensive income 全面收益總額 Transfer from retained profits to surplus reserve 自保留溢利轉撥至盈餘儲備 Transfer from capital reserve to retained profits 自資本儲備轉撥至保留溢利 Shares issued on exercise of share options 就行使購股權而發行股份 Equity settled share-based transactions 以股份為付款基礎之交易 Final dividend approved in respect of the previous year 批准屬於上一年度之末期股息 Interim dividend declared in respect of the current year 宣派本年度之中期股息 Dividends paid to non-controlling interests 向非控股權益派發股息 Capital contribution from a non- controlling interest 來自非控股權益之注資 Balance at 31st March 2020 於二零二零年三月三十一日結餘 The notes on pages 116 to 251 form part of these financial statements. 第 116 至 251 頁之附註乃本財務報表之一部份。 Annual Report 2019/2020 年度報告 113 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March 2020 截至二零二零年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） 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) 1,428,707 1,464,896 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 equity interest in a subsidiary 29 – 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) 22,071 收購廠房及設備之已收政府補助 New loan to joint venture 向合營公司借出之新貸款 Interest received 已收利息 Payment for the acquisition of pollution discharge right 購買排污權之款項 Net cash used in investing activities 投資活動所用現金淨額 (19,053) 10,919 (1,157) 114 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 (38,589) (130,340) (34,076) (157,590) 1,259,778 1,273,230 (1,078,390) (910,191) 4,333 6,545 25,618 431 (33,638) 13,581 – (1,061,277) (897,654) Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March 2020 截至二零二零年三月三十一日止年度 (Expressed in Hong Kong dollars)（以港幣計算） 2020 二零二零年 2019 二零一九年 (Note) （附註） 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) (81,947) 279,981 (75,134) (8,599) (2,333) 25(c)(ii) 33,258 29 20,588 (871) 19,977 – (21) (2,065) 34,446 11,405 (444,451) (373,529) (37,659) (26,723) (316,296) (117,795) (337,381) 38,195 1,004,538 985,185 (38,934) (18,842) 18(a) 847,809 1,004,538 Financing activities 融資活動 Capital element of lease rentals paid 已付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 lease rentals paid 已付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 (decrease)/increase in cash and cash equivalents 現金及現金等值項目（減少）╱增加淨 額 Cash and cash equivalents at 1st April 於四月一日之現金及現金等值項目 Effect of foreign exchange rate changes 匯率變動之影響 Cash and cash equivalents at 31st March 於三月三十一日之現金及現金等值項目 Note: 附註 ︰ The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 本集團已於二零一九年四月一日首次應用《香港財務報告 retrospective approach. Under this approach, the comparative information is 準則》第 16 號。根據採用經修訂的追溯法，比較信息並未 not restated. See note 1(c). 重列。詳情載於附註 1(c)。 The notes on pages 116 to 251 form part of these financial statements. 第 116 至 251 頁之附註乃本財務報表之一部份。 Annual Report 2019/2020 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 (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. 1 主要會計政策 (a) 遵例聲明 本財務報表是按照所有適用之《香港財務報告準 則》、香港公認會計原則及香港《公司條例》之規 定而編製。《香港財務報告準則》一詞包括香港 會計師公會頒佈之所有適用之個別《香港財務報 告準則》、《香港會計準則》及詮釋。本財務報表 亦符合香港聯合交易所有限公司證券上市規則 （「上市規則」）之適用披露規定。本集團採納之 主要會計政策於下文披露。 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 2020 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 截至二零二零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。 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) (b) Basis of preparation of the financial statements 1 主要會計政策（續） (b) 財務報表之編製基準（續） (Continued) The consolidated financial statements have been prepared on a going concern basis notwithstanding that the Group had net current liabilities of $185,794,000 at the end of the reporting period. In preparing these consolidated financial statements, the Directors have given careful consideration to the current and anticipated future liquidity of the Group. Taking into account, inter alia, (i) cash and bank deposits of $848,275,000 at 31st March 2020, (ii) the unutilised loan facilities at the end of the reporting period, and (iii) the expected net cash inflows generated from the Group’s operations for the next twelve months, the Directors are of the opinion that the Group will be able to meet its liabilities as and when they fall due. Accordingly, the Directors consider that the preparation of these consolidated financial statements on a going concern basis is appropriate. 儘 管 本 集 團 於 匯 報 日 錄 得 流 動 負 債 淨 額 185,794,000 元，本綜合財務報表乃按持續經營 基準編製。於編製該等綜合財務報表時，董事已 審慎考慮本集團之當前及預測未來的流動資金。 經計及（其中包括）(i) 於二零二零年三月三十一日 之現金及銀行存款 848,275,000 元；(ii) 於匯報日 未動用之貸款授信；及 (iii) 本集團未來十二個月 經營業務所產生之預期現金流入淨額後，董事認 為本集團將有能力應付其到期的債務。因此，董 事認為按持續經營基準編製該等綜合財務報表乃 屬恰當。 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。 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。 Annual Report 2019/2020 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) (b) Basis of preparation of the financial statements 1 主要會計政策（續） (b) 財務報表之編製基準（續） (Continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 管理層會不斷審閱各項估計和相關假設。倘若會 計估計之修訂只影響某一期間，則該修訂便會在 估計修訂期間內確認，或如果修訂對當期和未來 期間均有影響，則在作出修訂之期間和未來期間 確認。 Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 2. 有關管理層在應用《香港財務報告準則》時所作 出對財務報表有重大影響之判斷，以及估計不確 定因素之主要來源之討論內容，載於附註 2。 (c) Changes in accounting policies The HKICPA has issued a new HKFRS, HKFRS 16, Leases, and a number of amendments to HKFRSs that are first effective for the current accounting period of the Group. (c) 會計政策之變動 香港會計師公會頒佈了一項新訂《香港財務報告 準則》，《香港財務報告準則》第 16 號「租賃」，以 及多項《香港財務報告準則》修訂，並於本集團 當前會計期間首次生效。 Except for HKFRS 16, Leases, none of the amendments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented in these financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. 除《香港財務報告準則》第 16 號「租賃」外，概無 任何修訂對本集團於該等財務報表所編製或呈列 本集團於本期間或過往期間之業績及財務狀況之 方式造成重大影響。本集團並無應用尚未於本會 計期間生效之任何新訂準則或詮釋。 HKFRS 16, Leases 《香港財務報告準則》第 16 號「租賃」 HKFRS 16 replaces HKAS 17, Leases, and the related interpretations, HK(IFRIC) 4, Determining whether an arrangement contains a lease, HK(SIC) 15, Operating leases – incentives, and HK(SIC) 27, Evaluating the substance of transactions involving the legal form of a lease. A single accounting model now applies to lessees, which requires a lessee to recognise a right-of-use asset and a lease liability for all leases, except for leases that have a lease term of 12 months or less (“short-term leases”) and leases of low value assets. The lessor accounting requirements are brought forward from HKAS 17 substantially unchanged. 《香港財務報告準則》第 16 號取代《香港會計準 則》第 17 號「租賃」及相關詮釋、香港（國際財務 報告詮釋委員會）詮釋第 4 號「釐定安排是否包括 租賃」、香港（詮釋常務委員會）詮釋第 15 號「經 營租賃 – 優惠」，以及香港（詮釋常務委員會）詮 釋第 27 號「評估涉及租賃法律形式之交易」之內 容。該單一會計模式應用於承租人，並規定承租 人就所有租賃確認使用權資產及租賃負債，惟租 賃期為 12 個月或以下的租賃（「短期租賃」）及低 價值資產租賃除外。出租人的會計處理規定則大 致保留《香港會計準則》第 17 號的規定。 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) (c) Changes in accounting policies (Continued) HKFRS 16 also introduces additional qualitative and quantitative disclosure requirements which aim to enable users of the financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity. 1 主要會計政策（續） (c) 會計政策之變動（續） 《香港財務報告準則》第 16 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評估該 等租賃對一個實體之財務狀況、財務表現及現金 流量之影響。 The Group has initially applied HKFRS 16 as at 1st April 2019. The Group has elected to use the modified retrospective approach and has therefore recognised the cumulative effect of initial application as an adjustment to the opening balance of equity at 1st April 2019. Comparative information has not been restated and continues to be reported under HKAS 17. 本集團於二零一九年四月一日已首次應用《香港 財務報告準則》第 16 號。本集團已選用經修訂追 溯法，並因而確認首次應用之累計影響為對於二 零一九年四月一日年初權益結餘之調整。比較資 料並未重列且繼續根據《香港會計準則》第 17 號 呈報。 Further details of the nature and effect of the changes to previous accounting policies and the transition options applied are set out below. 有關過往會計政策變動之性質及影響以及所採用 的過渡性選擇之進一步詳情載列如下。 (i) New definition of a lease The change in the definition of a lease mainly relates to the concept of control. HKFRS 16 defines a lease on the basis of whether a customer controls the use of an identified asset for a period of time, which may be determined by a defined amount of use. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use. (i) 租賃之新定義 租賃定義之變動主要涉及控制之概念。《香港財 務報告準則》第 16 號根據客戶是否於一段時間內 控制使用已識別資產而定義租賃，可透過確定使 用量釐定。在客戶既有權指示使用已識別資產， 亦有權從該用途獲得幾乎所有經濟利益的情況 下，則控制權已轉移。 The Group has applied the new definition of a lease as defined in HKFRS 16 only to contracts that were entered into or changed on or after 1st April 2019. For contracts entered into before 1st April 2019, the Group has used the transitional practical expedient to grandfather the previous assessment of which existing arrangements are or contain leases. Accordingly, contracts that were previously assessed as leases under HKAS 17 continue to be accounted for as leases under HKFRS 16 and contracts previously assessed as non-lease service arrangements continue to be accounted for as executory contracts. 本集團僅將《香港財務報告準則》第 16 號界定的 租賃新定義應用於二零一九年四月一日或之後訂 立或變更之合約。本集團已就於二零一九年四月 一日前訂立的合約選用寛免先前評估之過渡可行 權宜方法，當中現有安排為（或包含）租賃。因 此，先前根據《香港會計準則》第 17 號評估為租 賃之合約繼續作為《香港財務報告準則》第 16 號 項下之租賃入賬，而先前評估為非租賃服務安排 之合約則繼續入賬為執行合約。 Annual Report 2019/2020 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) (c) Changes in accounting policies (Continued) (ii) Lessee accounting and transitional impact HKFRS 16 eliminates the requirement for a lessee to classify leases as either operating leases or finance leases, as was previously required by HKAS 17. Instead, the Group is required to capitalise all leases when it is the lessee, including leases previously classified as operating leases under HKAS 17, other than those short-term leases and leases of low-value assets. As far as the Group is concerned, these newly capitalised leases are primarily in relation to property, plant and equipment as disclosed in note 27(c). For an explanation of how the Group applies lease accounting, see note 1(j)(i). 1 主要會計政策（續） (c) 會計政策之變動（續） (ii) 承租人會計處理及過渡影響 《香港財務報告準則》第 16 號剔除先前《香港會計 準則》第 17 號規定承租人將租賃分類為經營租賃 或融資租賃之規定。反之，當本集團為承租人， 其須將所有租賃資本化，包括先前根據《香港會 計準則》第 17 號分類為經營租賃之租賃，惟該 等短期租賃及低價值資產租賃除外。就本集團而 言，該等新資本化租賃主要與物業、廠房及設備 有關（誠如附註 27(c) 所披露）。有關本集團應用 租賃會計處理方法之解釋，請參閱附註 1(j)(i)。 At the date of transition to HKFRS 16 (i.e. 1st April 2019), the Group determined the length of the remaining lease terms and measured the lease liabilities for the leases previously classified as operating leases at the present value of the remaining lease payments, discounted using the relevant incremental borrowing rates at 1st April 2019. The weighted average of the incremental borrowing rates used for determination of the present value of the remaining lease payments was 3.34%. 於過渡至《香港財務報告準則》第 16 號當日（即 二零一九年四月一日），本集團已就先前分類為 經營租賃之租賃按餘下租賃付款現值釐定餘下租 賃期長度及計量租賃負債，並使用於二零一九 年四月一日之相關遞增借款利率貼現。用於釐 定剩餘租賃付款現值之加權平均增量借款利率為 3.34%。 To ease the transition to HKFRS 16, the Group applied the following recognition exemption and practical expedients at the date of initial application of HKFRS 16. 為順利過渡至《香港財務報告準則》第 16 號，本 集團於首次應用《香港財務報告準則》第 16 號當 日已採用下列確認豁免及可行權宜方法。 (a) the Group elected not to apply the requirements of HKFRS 16 in respect of the recognition of lease liabilities and right- of-use assets to leases for which the remaining lease term ends within 12 months from the date of initial application of HKFRS 16, i.e. where the lease term ended on or before 31st March 2020; (a) 本集團選擇不應用《香港財務報告準則》第 16 號有關確認餘下租賃期於首次應用《香 港財務報告準則》第 16 號當日起計 12 個月 內屆滿（即租賃期於二零二零年三月三十一 日或之前屆滿）之租賃之租賃負債及使用權 資產之規定； 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) (c) Changes in accounting policies (Continued) (ii) Lessee accounting and transitional impact (Continued) (b) when measuring the lease liabilities at the date of initial application of HKFRS 16, the Group applied a single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining lease term for a similar class of underlying asset in a similar economic environment); 1 主要會計政策（續） (c) 會計政策之變動（續） (ii) 承租人會計處理及過渡影響（續） (b) 於首次應用《香港財務報告準則》第 16 號當 日計量租賃負債時，本集團已就具有合理 類似特徵之租賃組合（例如於相似經濟環境 下之類似相關資產類別且租期相若租賃）應 用單一貼現率； (c) when measuring the right-of-use assets at the date of initial application of HKFRS 16, the Group relied on the previous assessment for onerous contract provisions as at 31st March 2019 as an alternative to performing an impairment review; (c) 於首次應用《香港財務報告準則》第 16 號當 日計量使用權資產時，本集團倚賴先前於 二零一九年三月三十一日對虧損性合約之 撥備作出之評估，以取代進行減值審閱； (d) the Group used hindsight based on facts and circumstances as at date of initial application in determining the lease term for the Group’s leases with extension or termination options; and (d) 本集團根據於首次應用日期之事實及情況 於事後釐定本集團帶有續期或終止選擇權 之租賃之租賃期；及 (e) the Group excluded the initial direct costs from the measurement of the right-of-use assets at the date of initial application. (e) 本集團於首次應用日期計量使用權資產時 已撇除初步直接成本。 Annual Report 2019/2020 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) (c) Changes in accounting policies (Continued) (ii) Lessee accounting and transitional impact (Continued) The following table reconciles the operating lease commitments as disclosed in note 27(c) as at 31st March 2019 to the opening balance for lease liabilities recognised as at 1st April 2019: 1 主要會計政策（續） (c) 會計政策之變動（續） (ii) 承租人會計處理及過渡影響（續） 誠如附註 27(c) 所披露，下表為於二零一九年三 月三十一日之經營租賃承擔與於二零一九年四月 一日確認之租賃負債年初結餘之對賬： Operating lease commitments at 31st March 2019 (Note 27(c)) 於二零一九年三月三十一日之經營租賃承擔（附註 27(c)） Less: commitments relating to lease exempt from capitalisation: 減：有關豁免資本化之租賃承擔： – short-term lease and other leases with remaining lease term ending on or before 31st March 2020 – 剩餘租期於二零二零年三月三十一日或之前屆滿之短期租賃及其他租賃 – leases of low-value assets – 低價值資產租賃 – non-lease components – 非租賃部份 Less: total future interest expenses 減：未來利息費用總額 Total lease liabilities recognised at 1st April 2019 於二零一九年四月一日確認之租賃負債總額 1st April 2019 二零一九年四月一日 $’000 千元 369,385 (40,073) (664) (39,364) 289,284 (30,025) 259,259 The right-of-use assets in relation to leases previously classified as operating leases have been recognised at an amount as if HKFRS 16 had always been applied since the commencement date of the lease. 有關先前分類為經營租賃之使用權資產已按假設 由租賃開始日期起一直應用《香港財務報告準則》 第 16 號而得出之金額確認。 The Group presents right-of-use assets and lease liabilities separately in the statement of financial position. 本集團於財務狀況表獨立呈列使用權資產及租賃 負債。 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) (c) Changes in accounting policies (Continued) (ii) Lessee accounting and transitional impact (Continued) The following table summarises the impacts of the adoption of HKFRS 16 on the Group’s consolidated statement of financial position: 1 主要會計政策（續） (c) 會計政策之變動（續） (ii) 承租人會計處理及過渡影響（續） 下表概述採納《香港財務報告準則》第 16 號對本 集團綜合財務狀況表之影響： 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 Right-of-use assets 使用權資產 Total non-current assets 總非流動資產 Trade and other payables 應付賬款及其他應付款 Lease liabilities (current) 租賃負債（流動） Total current liabilities 總流動負債 Net current assets 淨流動資產 Total assets less current liabilities 總資產減流動負債 Lease liabilities (non-current) 租賃負債（非流動） Total non-current liabilities 總非流動負債 Net assets 淨資產 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 Carrying amount at 31st March 2019 於二零一九年 Capitalisation of operating lease contracts 三月三十一日 經營租賃合約 之賬面值 $’000 千元 資本化 $’000 千元 Carrying amount at 1st April 2019 於二零一九年 四月一日 之賬面值 $’000 千元 176,428 (176,428) – – 421,601 421,601 3,103,158 245,173 3,348,331 2,213,401 (8,260) 2,205,141 – 2,287,044 71,627 63,367 71,627 2,350,411 488,007 (63,367) 424,640 3,591,165 181,806 3,772,971 – 121,605 187,632 187,632 187,632 309,237 3,469,560 (5,826) 3,463,734 3,165,412 (5,809) 3,159,603 304,148 (17) 304,131 3,469,560 (5,826) 3,463,734 Annual Report 2019/2020 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) (c) Changes in accounting policies (Continued) (ii) Lessee accounting and transitional impact (Continued) The analysis of the net book value of the Group’s right-of-use assets by class of underlying asset at the end of the reporting period and at the date of transition to HKFRS 16 is as follows: 1 主要會計政策（續） (c) 會計政策之變動（續） (ii) 承租人會計處理及過渡影響（續） 本集團使用權資產於報告期末及過渡至《香港財 務報告準則》第 16 號當日按相關資產類別劃分之 賬面淨值分析如下： At 31st March 2020 At 1st April 2019 於二零二零年 三月三十一日 $’000 千元 於二零一九年 四月一日 $’000 千元 Interests in leasehold land held for own use 167,575 183,380 持有作自用之租賃土地權益 Buildings held for own use 持有作自用之樓宇 Factory machinery and equipment 工廠機器及設備 216,096 238,221 1,909 – 385,580 421,601 (iii) Impact on the financial results, segment results and cash flows of the Group After the initial recognition of right-of-use assets and lease liabilities as at 1st April 2019, the Group as a lessee is required to recognise interest expense accrued on the outstanding balance of the lease liability, and the depreciation of the right-of-use asset, instead of the previous policy of recognising rental expenses incurred under operating leases on a straight-line basis over the lease term. This has resulted in a negative impact on the reported profit before taxation in the Group’s consolidated statement of profit or loss, as compared to the results if HKAS 17 had been applied during the year. (iii) 對本集團財務業績、分部業績及現金流 量之影響 於二零一九年四月一日初步確認使用權資產及租 賃負債後，本集團作為承租人須確認租賃負債未 付結存所產生之利息費用及使用權資產折舊，而 非根據先前政策於租期內以直線法確認經營租 賃項下所產生之租金費用。與假設已於年內應 用《香港會計準則》第 17 號之業績相比，本集團 綜合損益表內呈報之除稅前溢利因此受到負面影 響。 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) (c) Changes in accounting policies (Continued) (iii) Impact on the financial results, segment results and cash flows of the Group (Continued) In the consolidated cash flow statement, the Group as a lessee is required to split rentals paid under capitalised leases into their capital element and interest element. These elements are classified as financing cash outflows, similar to how leases previously classified as finance leases under HKAS 17 were treated, rather than as operating cash outflows, as was the case for operating leases under HKAS 17. Although total cash flows are unaffected, the adoption of HKFRS 16 therefore results in a significant change in presentation of cash flows within the consolidated cash flow statement (see note 18(d)). The following tables give an indication of the estimated impact of adoption of HKFRS 16 on the Group’s financial results, segment results and cash flows for the year ended 31st March 2020, by adjusting the amounts reported under HKFRS 16 in these financial statements to compute estimates of the hypothetical amounts that would have been recognised under HKAS 17 if this superseded standard had continued to apply to FY2019/2020 instead of HKFRS 16, and by comparing these hypothetical amounts for FY2019/2020 with the actual FY2018/2019 corresponding amounts which were prepared under HKAS 17. Segment assets and segment liabilities at 31st March 2020 increased as a result of the change in accounting policy. The following segments were increased/(decreased) by the change in policy: 1 主要會計政策（續） (c) 會計政策之變動（續） (iii) 對本集團財務業績、分部業績及現金流 量之影響（續） 於綜合現金流量表內，本集團作為承租人須將資 本化租賃項下所付之租金分為資本部份及利息部 份。該等部份分類為融資現金流出（與處理先前 根據《香港會計準則》第 17 號分類為融資租賃之 租賃方法相若），而非經營現金流出（即《香港會 計準則》第17號項下有關經營租賃之處理方法）。 儘管現金流量總額未受影響，惟採納《香港財務 報告準則》第 16 號導致綜合現金流量表內現金流 量之呈列出現重大變動（見附註 18(d)）。 下表顯示有關採納《香港財務報告準則》第 16 號 對本集團截至二零二零年三月三十一日止年度之 財務業績、分部業績及現金流量之估計影響，方 法為調整該等財務報表內根據《香港財務報告準 則》第 16 號呈報之金額，以計算出本應根據《香 港會計準則》第 17 號（假設該準則未被《香港財 務報告準則》第 16 號取代而繼續於二零一九╱ 二零二零財政年度應用）確認之估計假設金額， 再將該等二零一九╱二零二零財政年度假設金額 與根據《香港會計準則》第 17 號得出之實際二零 一八╱二零一九財政年度相應金額進行比較。 於二零二零年三月三十一日之分部資產及分部負 債因會計政策變動而增加。以下分部因政策變動 而增加╱（減少）： Mainland China 中國內地 Hong Kong Operation 香港業務 Others 其他 Total 總額 Segment profit before taxation Segment assets Segment liabilities 分部除稅前溢利 $’000 千元 分部資產 $’000 千元 分部負債 $’000 千元 (192) 29,629 30,156 (3,815) 186,467 192,269 (108) 8,294 11,049 (4,115) 224,390 233,474 Annual Report 2019/2020 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) (c) Changes in accounting policies (Continued) (iii) Impact on the financial results, segment results and cash flows of the Group (Continued) 1 主要會計政策（續） (c) 會計政策之變動（續） (iii) 對本集團財務業績、分部業績及現金流 量之影響（續） 2020 二零二零年 Estimated amount related 2019 二零一九年 to operating Hypothetical Compared to lease as if amounts for Amounts under 2020 as if reported under HKAS 17 under HKFRS 16 (note (a) & (b)) HKAS 17 amounts reported under HKAS 17 假設應用 《香港會計準則》 根據《香港 第 17 號而得出之 假設應用 與根據 財務報告準則》 經營租賃相關 《香港會計準則》 《香港會計準則》 第 16 號呈報 估計金額 第 17 號而得出之 第 17 號呈報之 之金額 （附註 (a) 及 (b)） 二零二零年金額 金額相比 (A) (B) (C=A+B) $’000 千元 $’000 千元 $’000 千元 $’000 千元 Line items in the consolidated cash flow  statement for the year ended 31st March  2020 impacted by the adoption of  HKFRS 16: 截至二零二零年三月三十一日止年度之 綜合現金流量表內因採納 《香港財務報告準則》第 16 號 而受影響之項目： Cash generated from operations 1,428,707 (90,546) 1,338,161 1,464,896 經營業務所得現金 Net cash generated from operating activities 1,259,778 (90,546) 1,169,232 1,273,230 經營活動所得現金淨額 Capital element of lease rentals paid (81,947) 81,947 已付租賃租金之資本部份 Interest element of lease rentals paid (8,599) 8,599 – – (871) (21) 已付租賃租金之利息部份 Net cash used in financing activities (316,296) 90,546 (225,750) (337,381) 融資活動所用現金淨額 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) (c) Changes in accounting policies (Continued) (iii) Impact on the financial results, segment results and cash flows of the Group (Continued) 1 主要會計政策（續） (c) 會計政策之變動（續） (iii) 對本集團財務業績、分部業績及現金流 量之影響（續） Note (a): The “estimated amounts related to operating leases” is an 附註 (a): 「經營租賃相關估計金額」乃假設《香港會計準 estimate of the amounts of the cash flows in 2020 that relate to 則》第 17 號於二零二零年仍然適用而對因此分類 leases which would have been classified as operating leases, if 為經營租賃之租賃於二零二零年之現金流量金額 HKAS 17 had still applied in 2020. This estimate assumes that 作出之估計。作出有關估計時，假設租金與現金 there were no differences between rentals and cash flows and 流量之間並無差異，並假設《香港會計準則》第 that all of the new leases entered into in 2020 would have been 17 號於二零二零年仍然適用而所有於二零二零 classified as operating leases under HKAS 17, if HKAS 17 had 年訂立之新租賃乃根據《香港會計準則》第 17 號 still applied in 2020. Any potential net tax effect is ignored. 分類為經營租賃。任何潛在淨稅務影響均忽略不 計。 Note (b): In this impact table these cash outflows are reclassified from 附註 (b): 於此影響表內，該等現金流出由融資重新分類至 financing to operating in order to compute hypothetical amounts 經營，以計算經營活動所得現金淨額及融資活 of net cash generated from operating activities and net cash 動所用現金淨額之假設金額，猶如《香港會計準 used in financing activities as if HKAS 17 still applied. 則》第 17 號仍然適用。 Annual Report 2019/2020 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) (c) Changes in accounting policies (Continued) (iv) Lessor accounting The Group leases out the properties as the lessor of operating leases. The accounting policies applicable to the Group as a lessor remain substantially unchanged from those under HKAS 17. 1 主要會計政策（續） (c) 會計政策之變動（續） (iv) 出租人會計處理 本集團作為經營租賃之出租人出租若干物業。適 用於本集團作為出租人之會計政策與《香港會計 準則》第 17 號所規定者大致保持不變。 (d) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. (d) 附屬公司及非控股權益 附屬公司為本集團所控制之實體。當本集團從參 與某實體之業務獲得或有權獲得可變回報，及有 能力藉對實體行使其權力而影響該等回報，則本 集團控制該實體。當評估本集團是否有權力時， 只考慮具體權利（由本集團及其他人士持有）。 An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. 於附屬公司之投資由該控制權生效日期起至結束 日期止期間於綜合財務報表綜合入賬。集團內公 司之間之結餘、交易及現金流量，以及集團內公 司之間之交易所產生之任何未變現溢利，均於編 製綜合財務報表時全數撇銷。如無減值證據，集 團內公司之間之交易產生之未變現虧損按未變現 收益相同之方式撇銷。 Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets. 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。 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) (d) Subsidiaries and non-controlling interests 1 主要會計政策（續） (d) 附屬公司及非控股權益（續） (Continued) Non-controlling interests 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)）。 Annual Report 2019/2020 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) (e) Joint venture A joint venture is an arrangement whereby the Group or Company and other parties contractually agree to share control of the arrangement, and have rights to the net assets of the arrangement. 1 主要會計政策（續） (e) 合營公司 合營公司為本集團或本公司及其他人士按合約同 意下分配控制權及淨資產擁有權之安排。 An investment in a joint venture is accounted for in the consolidated financial statements under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale). 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. 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。 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) (e) Joint venture (Continued) 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. 1 主要會計政策（續） (e) 合營公司（續） 如於一間合營公司之投資轉變為於一間聯營公司 之投資或反之亦然，其保留的權益不用重新計 量，而該投資將繼續採用權益法入賬。 In all other cases, when the Group ceases to have joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when joint control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset. 在其他情況，當本集團喪失對合營公司之共同控 制權，將按出售該投資之所有權益入賬，而所產 生的盈虧確認於損益內。在喪失共同控制權時， 保留於前度投資的任何權益按公允值確認，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。 Annual Report 2019/2020 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) (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. 1 主要會計政策（續） (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 are stated in the statement of financial position at cost less accumulated depreciation and impairment losses (see note 1(k)(ii)). 投資物業按成本值減去累計折舊及減值虧損（見 附註 1(k)(ii)）後於財務狀況表列賬。 Depreciation is calculated to write off the cost of investment properties using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. 折舊乃將投資物業成本在未屆滿租賃期及其估計 可使用年期（不超過 50 年）兩者中較短期間以直 線法計算而撇銷。 The useful life of investment properties is reviewed annually. 本公司會每年檢討投資物業之可使用年期。 Rental income from investment properties is accounted for as described in note 1(u)(iii). 投資物業之租金收入乃按附註 1(u)(iii) 所述方式入 賬。 (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； Interests in leasehold land and building where the Group is the registered owner of the property interest (see note 1(j)); – 當本集團為物業權益之註冊擁有人時，租 賃土地及樓宇之權益（見附註 1(j)）； Right-of-use assets arising from leases over freehold or leasehold properties where the Group is not the registered owner of the property interest; and – 當本集團並非物業權益之註冊擁有人時， 永久業權物業或租賃物業之租賃所產生之 使用權資產；及 Other items of plant and equipment including right-of-use assets arising from leases of underlying plant and equipment (see note 1(j)). – 廠 房 及 設 備 之 其 他 項 目， 包 括 租 賃 相 關 廠房及設備所產生之使用權資產（見附註 1(j)）。 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) (h) Other property, plant and equipment (Continued) 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. 1 主要會計政策（續） (h) 其他物業、廠房及設備（續） 物業、廠房及設備等自建項目之成本包括材料、 直接勞工、初始估計之成本、（如相關）拆除及移 除建築物及重置建築物所在土地之成本，以及生 產成本及借貸成本之適當部份（見附註 1(w)）。 報廢或出售物業、廠房及設備項目所產生之盈虧 為出售該項目所得款項淨額與該項目賬面值之差 額，並於報廢或出售當日在損益內確認。 Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual value, if any, using the straight line method over their estimated useful lives as follows: 折舊乃按物業、廠房及設備項目之成本減去其估 計剩餘價值（如有），在其估計可使用年期採用直 線法以下列方式撇銷計算： – – – Freehold land is not depreciated. – 永久業權之土地並無折舊。 Buildings situated on freehold land are depreciated over their estimated useful lives, being no more than 25 years. – 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。 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. – 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。 – Other plant and equipment: – 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 Annual Report 2019/2020 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) (h) Other property, plant and equipment (Continued) No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use. 1 主要會計政策（續） (h) 其他物業、廠房及設備（續） 直至有關資產已大致完成及可供使用前，並無就 在建工程作出折舊撥備。 Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. 倘一項物業、廠房及設備中之各部份有不同之可 使用年期，該項目之成本將合理地分配至各部 份，而各部份則獨立計提折舊。 Both the useful life of an asset and its residual value, if any, are reviewed annually. 資產之可使用年期及其剩餘價值（如有）將於每 年檢討。 Intangible assets (other than goodwill) (i) Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (where the estimated useful life is finite) and impairment losses (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 Pollution discharge right 20 years 7 years 5 years – 品牌名稱 – 客戶名單 – 排污權 20 年 7 年 5 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. 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。 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) (j) Leased assets At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use. (i) As a lessee (a) Policy applicable from 1st April 2019 At the lease commencement date, the Group recognises a right- of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets. When the Group enters into a lease in respect of a low- value asset, the Group decides whether to capitalise the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalised are recognised as an expense on a systematic basis over the lease term. Where the lease is capitalised, the lease liability is initially recognised at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortised cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred. 1 主要會計政策（續） (j) 租賃資產 於合約開始時，本集團會評估合約是否屬租賃或 包含租賃。倘合約為換取代價而給予在一段時間 內控制已識別資產使用之權利，則該合約屬租賃 或包含租賃。倘客戶既有權指示已識別資產之使 用，亦有權自該使用中獲得絕大部分經濟利益， 則控制權已轉移。 (i) 作為承租人 (a) 自二零一九年四月一日起適用之政策 於租賃開始日期，除租期為十二個月或以下之短 期租賃及低價值資產租賃外，本集團確認使用權 資產及租賃負債。倘本集團就低價值資產訂立租 賃，則本集團決定是否按個別租賃基準將租賃資 本化。與該等未資本化租賃相關之租賃付款在租 期內有系統地確認為開支。 倘租賃已資本化，租賃負債初步按租期內應付租 賃付款現值確認，並按租賃中所隱含之利率貼 現，或倘該利率不能輕易釐定，則以相關遞增貸 款利率貼現。於初步確認後，租賃負債按攤銷成 本計量，而利息開支則採用實際利率法計算。租 賃負債之計量不包括並非依據某一指數或利率之 可變租賃付款，因此於其產生之會計期間於損益 中扣除。 Annual Report 2019/2020 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) (j) Leased assets (Continued) (i) As a lessee (Continued) (a) Policy applicable from 1st April 2019 (Continued) The right-of-use asset recognised when a lease is capitalised is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see notes 1(h) and 1(k)(ii)). The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. 1 主要會計政策（續） (j) 租賃資產（續） (i) 作為承租人（續） (a) 自二零一九年四月一日起適用之政策（續） 於資本化租賃時確認之使用權資產初步時按成本 計量，當中包括租賃負債之初始金額加上於開始 日期或之前已支付之任何租賃付款，以及所產生 之任何初始直接成本。於適用情況下，使用權資 產之成本亦包括拆卸及移除相關資產或還原相關 資產或該資產所在場所而產生之估計成本，按其 現值貼現並扣除任何已收之租賃優惠。使用權資 產其後列入成本減累計折舊及減值虧損（見附註 1(h) 及 1(k)(ii)）。 當未來租賃付款因某一指數或利率變化而出現變 動，或本集團預期根據餘值擔保估計應付之金額 有變，或因重新評估本集團是否合理確定將行使 購買、續租或終止選擇權而產生變化，則會重新 計量租賃負債。按此方式重新計量租賃負債時， 使用權資產之賬面值將作相應調整，或倘使用權 資產之賬面值已調減至零，則於損益內列賬。 The Group presents right-of-use assets and lease liabilities separately in the statement of financial position. 本集團於財務狀況表獨立呈列使用權資產及租賃 負債。 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) (j) Leased assets (Continued) (i) As a lessee (Continued) (b) Policy applicable prior to 1st April 2019 In the comparative period, as a lessee the Group classified leases as finance leases if the leases transferred substantially all the risks and rewards of ownership to the Group. Leases which did not transfer substantially all the risks and rewards of ownership to the Group were classified as operating leases, with the following exceptions: 1 主要會計政策（續） (j) 租賃資產（續） (i) 作為承租人（續） (b) 於二零一九年四月一日前適用之政策 於可比較期間，當租賃將擁有權之絕大部份風險 及回報轉予本集團時，本集團（作為承租人）將 租賃分類為融資租賃。並未將擁有權之絕大部份 風險及回報轉予本集團之租賃，則歸類為經營租 賃，惟下文所列者除外： – – property held under operating leases that would otherwise meet the definition of an investment property was classified as investment property on a property-by-property basis and, if classified as investment property, was 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 could not be measured separately from the fair value of a building situated thereon at the inception of the lease, was accounted for as being held under a finance lease, unless the building was also clearly held under an operating lease. For these purposes, the inception of the lease was 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。 Where the Group acquired the use of assets under finance leases, the amounts representing the fair value of the leased asset, or, if lower, the present value of the minimum lease payments, of such assets were recognised as property, plant and equipment and the corresponding liabilities, net of finance charges, were recorded as obligations under finance leases. Depreciation was provided at rates which wrote 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 was likely the Group would obtain ownership of the asset, the life of the asset, as set out in note 1(g) and 1(h). Impairment losses were accounted for in accordance with the accounting policy as set out in note 1(k)(ii). Finance charges implicit in the lease payments were charged to profit or loss over the period of the leases so as to produce an approximately constant periodic rate of charge on the remaining balance of the obligations for each accounting period. 倘若本集團乃以融資租賃取得資產之使用，便會 將相當於租賃資產公允值或該等資產之最低租賃 付款現值（如為較低之數額）計入物業、廠房及 設備，而相應負債（不計財務費用）則入賬列為 融資租賃之債務。折舊乃按於相關租賃期或相關 資產之未屆滿租賃期及其估計可使用年期（不超 過 50 年）兩者之中較短者撇銷資產成本之比率作 出撥備，或倘本集團有可能將獲得資產擁有權， 則為資產可用年限，詳見附註 1(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。 Annual Report 2019/2020 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) (j) Leased assets (Continued) (i) As a lessee (Continued) (b) Policy applicable prior to 1st April 2019 (Continued) Where the Group had the use of assets held under operating leases, payments made under the leases were charged to profit or loss in equal instalments over the accounting periods covered by the lease term, except where an alternative basis was more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received were recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals were charged to profit or loss in the accounting period in which they were incurred. 1 主要會計政策（續） (j) 租賃資產（續） (i) 作為承租人（續） (b) 於二零一九年四月一日前適用之政策（續） 倘若本集團乃以經營租賃使用資產，則根據租賃 支付之款項於租賃期所涵蓋之會計期間內，以等 額在損益內扣除，惟倘有其他基準能更清楚地反 映租賃資產所產生之收益模式則除外。已收租賃 獎勵均在損益中確認為已付租賃淨付款總額之組 成部份。或然租金於其產生之會計期間自損益扣 除。 (ii) As a lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to the ownership of an underlying assets to the lessee. If this is not the case, the lease is classified as an operating lease. (ii) 作為出租人 倘本集團作為出租人，其將於租賃開始時釐定各 租賃是否屬融資租賃或經營租賃。倘租賃向承租 人轉移相關資產擁有權附帶之絕大部分風險及回 報，該租賃應分類為融資租賃。否則，該租賃則 分類為經營租賃。 When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis. 倘合約包含租賃及非租賃部分，本集團會按照相 對獨立售價基準將合約代價分配至各部分。 The rental income from operating leases is recognised in accordance with note 1(u)(iii). 來自經營租賃之租金收入根據附註 1(u)(iii) 確認。 (k) Credit loss and impairment of assets (i) Credit loss from financial instruments 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). (k) 信貸虧損及資產減值 (i) 金融工具之信貸虧損 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。 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) (k) Credit loss and impairment of assets (Continued) (i) Credit loss from financial instruments (Continued) Measurement of ECLs (Continued) Where the effect of discounting is material, the expected cash shortfalls are discounted using the effective interest rate determined at initial recognition or an approximation thereof for trade and other receivables. 1 主要會計政策（續） (k) 信貸虧損及資產減值（續） (i) 金融工具之信貸虧損（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。 Annual Report 2019/2020 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) (k) Credit loss and impairment of assets (Continued) (i) Credit loss from financial instruments (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. 1 主要會計政策（續） (k) 信貸虧損及資產減值（續） (i) 金融工具之信貸虧損（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。 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）： – – – – – property, plant and equipment, including right-of-use assets and investment properties; intangible assets; goodwill; – 物業、廠房及設備，包括使用權資產及投 資物業； – 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。 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) (k) Credit loss and impairment of assets (Continued) (ii) – Impairment of other assets (Continued) Calculation of recoverable amount 1 主要會計政策（續） (k) 信貸虧損及資產減值（續） (ii) 其他資產之減值（續） – 計算可收回金額 The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). 資產之可收回金額為其公允值減去出售成 本及使用價值兩者中之較高者。於評估使 用價值時，會使用除稅前折現率將估計未 來現金流量折現至其現值。該折現率反映 市場當時所評估之貨幣時間價值和該資產 之獨有風險。倘個別資產所產生之現金流 入基本上不能獨立於其他資產所產生之現 金流入，則就獨立產生現金流入之最小資 產組合（即現金產生單位）釐定可收回金 額。 – Recognition of impairment losses – 確認減值虧損 An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable), or value in use (if determinable). 資產或其所屬之現金產生單位之賬面值高 於其可收回金額時，則會於損益確認減值 虧損。就現金產生單位確認之減值虧損會 首先分配予削減已分配至該現金產生單位 （或一組單位）之任何商譽之賬面值，然後 按比例削減該單位（或一組單位）內其他資 產之賬面值，惟資產賬面值不可下調至低 於其個別公允值減去出售成本（如能計量） 或使用價值（如能釐定）。 – Reversals of impairment losses – 撥回減值虧損 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。 Annual Report 2019/2020 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） Interim financial reporting and impairment 1 Significant accounting policies (Continued) (k) Credit loss and impairment of assets (Continued) (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)). 1 主要會計政策（續） (k) 信貸虧損及資產減值（續） (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。 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。 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) (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. 1 主要會計政策（續） (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。 (o) Payables and contract liabilities (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. (o) 應付款及合約負債 (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)). (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)）。 Annual Report 2019/2020 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） 1 Significant accounting policies (Continued) (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 (q) Employee benefits (i) Short term employee benefits and contributions to defined contribution retirement plans Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non- monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. 1 主要會計政策（續） (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) 僱員福利 (i) 短期僱員福利及向界定供款退休計劃之 供款 薪酬、年終花紅、有薪年假、向界定供款退休計 劃之供款及非金錢福利之成本均於僱員提供有關 服務之年度累計。倘延遲付款或結算並構成重大 影響，則有關金額按其現值入賬。 (ii) 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。 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） 1 Significant accounting policies (Continued) (q) Employee benefits (Continued) (ii) Defined benefit retirement plan obligations (Continued) 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)). 1 主要會計政策（續） (q) 僱員福利（續） (ii) 界定福利退休計劃承擔（續） 界定福利負債╱（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 2019/2020 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） 1 Significant accounting policies (Continued) (q) Employee benefits (Continued) (iii) Long service payments obligation The Group’s net obligation in respect of lump sum long service amounts payable on cessation of employment in certain circumstances under the Hong Kong Employment Ordinance is the amount of future benefit that employees have earned in return for their services in the current and prior periods; that benefit is discounted to determine the present value and reduced by entitlements accrued under the Group’s retirement plans that are attributable to contributions made by the Group. The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligation. The obligation is calculated by a qualified actuary using the projected unit credit method. (iv) Share-based payments The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in the share- based compensation reserve within equity. The fair value is measured at grant date using the binomial lattice model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest. During the vesting period, the number of share options that is expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognised in prior years is charged/ credited to the profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the share-based compensation reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the share-based compensation reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognised in the share- based compensation reserve until either the option is exercised (when it is included in the amount recognised in share capital for the shares issued) or the option expires (when it is released directly to retained profits). 1 主要會計政策（續） (q) 僱員福利（續） (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。 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） 1 Significant accounting policies (Continued) (r) (i) Income tax Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. 1 主要會計政策（續） (r) 所得稅 (i) 年內所得稅包括本期稅項及遞延稅項資產 和負債之變動。本期稅項及遞延稅項資產 和負債之變動於損益中確認，惟與於其他 全面收益或直接於權益確認之項目相關者 除外，在此情況下，相關稅額分別於其他 全面收益或直接於權益中確認。 (ii) Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. (ii) 本期稅項是按年內應課稅收入以匯報日已 生效或實際上已生效之稅率計算之預期應 付稅項，加過往年度應付稅項之任何調整。 (iii) Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. (iii) 遞延稅項資產及負債分別由可抵扣及應課 稅暫時差異產生。暫時差異是指資產及負 債按財務申報目的之賬面值與稅務基礎之 間之差異。遞延稅項資產亦由未動用之稅 務虧損及未動用之稅款抵免產生。 Apart from certain limited exceptions, all deferred tax liabilities and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. 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 2019/2020 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） 1 Significant accounting policies (Continued) (r) (iii) Income tax (Continued) (Continued) 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. 1 主要會計政策（續） (r) 所得稅（續） (iii) （續） 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）。 The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted. 已確認之遞延稅項金額是按照資產及負債 賬面值之預期變現或清償方式，以匯報日 已頒佈或實際上已頒佈之稅率計量。遞延 稅項資產及負債均不進行折現計算。 The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. 於每個匯報日本集團會對遞延稅項資產之 賬面值作出審閱，倘預期不再有足夠應課 稅溢利以實現將動用之相關稅務利益，則 有關資產賬面值將予以扣減。任何被扣減 之數額在預期可取得足夠應課稅溢利時予 以撥回。 (iv) Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised. (iv) 股息分派產生之額外所得稅於支付相關股 息負債確認時確認。 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） Income tax (Continued) 1 Significant accounting policies (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: 1 主要會計政策（續） (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 2019/2020 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） 1 Significant accounting policies (Continued) (t) Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk of a committed future transaction, the effective portion of any gains or losses on re-measurement of the derivative financial instrument to fair value is recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any gain or loss is recognised immediately in profit or loss. If the hedging instrument is a non-derivative monetary item, which is permitted only for foreign currency risk, then the effective portion of the foreign currency gains or losses on the hedging instrument also are recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any foreign currency gains or losses are recognised immediately in profit or loss. 1 主要會計政策（續） (t) 現金流量對沖 金融衍生工具被指定用作對沖因已確認之資產或 負債或極有可能發生之預期交易而產生之現金流 量變動或因已訂約之未來交易而承擔之外匯風 險，重計該等金融衍生工具之公允值而產生之任 何收益或虧損，其有效部份會於其他全面收益確 認，並於對沖儲備之權益中獨立累計。任何收益 或虧損之非有效部份即時於損益內確認。 倘若對沖工具為僅可用作對沖外匯風險之非衍生 貨幣項目，則該對沖工具之外匯收益或虧損之有 效部份亦於其他全面收益確認，並於對沖儲備之 權益中獨立累計。任何外匯收益或虧損之非有效 部份即時於損益內確認。 If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated gain or loss reclassified from equity is to be included in the initial cost or other carrying amount of the non-financial asset or liability. 若被對沖之預期交易其後導致確認非金融資產或 非金融負債，由權益重新分類之相關盈虧會計入 該非金融資產或負債之最初成本或其他賬面值 內。 If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss (such as when interest income or expense is recognised). 若被對沖之預期交易其後導致確認金融資產或金 融負債，相關盈虧會在該購入之資產或承擔之負 債影響損益之同一個或多個期間內（例如當確認 利息收入或支出時）由權益重新分類至損益。 For cash flow hedges, other than those covered by the preceding two policy statements, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the hedged forecast transaction affects profit or loss. 有別於上述兩個政策所涵蓋之現金流量對沖，相 關盈虧會在被對沖之預期交易影響損益之同一個 或多個期間內由權益重新分類至損益。 When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity until the transaction occurs and it is recognised in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss is reclassified from equity to profit or loss immediately. 當對沖工具到期或被出售、終止或行使或該實體 取消該指定對沖關係，而被對沖之預期交易預期 仍會發生時，其累計盈虧會保留在權益內，直至 該交易發生為止，並按上述政策確認。若被對沖 之交易預期不會發生，其累計未變現盈虧會即時 由權益重新分類至損益。 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） 1 Significant accounting policies (Continued) (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. 1 主要會計政策（續） (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. (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。 (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. Variable lease payments that do not depend on an index or a rate 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。並非取決於某一項指數或比率之可變租 賃付款將於其賺取時之會計期間確認為收入。 Annual Report 2019/2020 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） Interest income 1 Significant accounting policies (Continued) (u) Revenue recognition (Continued) (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)). 1 主要會計政策（續） (u) 收入確認（續） (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。 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） 1 Significant accounting policies (Continued) (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. 1 主要會計政策（續） (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 2019/2020 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） 1 Significant accounting policies (Continued) (y) Related parties (a) A person, or a close member of that person’s family, is related 1 主要會計政策（續） (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。 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） 1 Significant accounting policies (Continued) (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. 1 主要會計政策（續） (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. 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: 就財務報告而言，個別重大營運分部不會綜合呈 報，除非該等分部具有類似經濟特點及在產品及 服務性質、生產程序性質、客戶類型或類別、分 銷產品或提供服務所採用之方式及監管環境性質 方面類似。倘個別而言並非屬重要之營運分部符 合上述大部份特點，則可能綜合呈報。 2 會計判斷及估計 附註 13、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 2019/2020 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） 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。 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） 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). (e) Determining the lease term As explained in policy note 1(j), the lease liability is initially recognised at the present value of the lease payments payable over the lease term. In determining the lease term at the commencement date for leases that include renewal options exercisable by the Group, the Group evaluates the likelihood of exercising the renewal options taking into account all relevant facts and circumstances that create an economic incentive for the Group to exercise the option, including favourable terms, leasehold improvements undertaken and the importance of that underlying asset to the Group’s operation. The lease term is reassessed when there is a significant event or significant change in circumstance that is within the Group’s control. Any increase or decrease in the lease term would affect the amount of lease liabilities and right-of-use assets recognised in future years. (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。 (e) 釐定租賃期 誠如附註 1(j) 政策所闡述，租賃負債按租賃期內 應付租賃付款之現值初步確認。於開始日期釐定 包含本集團可行使續租權之租賃租期時，本集團 會評估行使續租權之可能性，並考慮到所有能形 成經濟誘因促使本集團行使續租權之相關事實及 情況（包括有利條款、已進行之租賃裝修，以及 該相關資產對本集團經營之重要性）。倘發生重 大事件或出現本集團控制範圍以內之重大變動情 況，則將重新評估租賃期。任何租賃期之延長或 縮短均會影響未來年度確認之租賃負債及使用權 資產金額。 Annual Report 2019/2020 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） 3 Revenue and segment reporting (a) Revenue The principal activities of the Group are the manufacture and sale of food and beverages. 3 收入及分部報告 (a) 收入 本集團之主要業務為製造及銷售食品及飲品。 Revenue represents the invoiced value of products sold, net of returns, rebates and discounts. 收入指已售產品之發票價值減退貨、回扣及折 扣。 No disaggregation of revenue from contracts with customers is presented as the entire revenue of the Group is derived from the 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。 (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。 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） Segment results, assets and liabilities 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (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: 3 收入及分部報告（續） (b) 分部報告（續） (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 lease liabilities 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. 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 理之租賃負債及流動負債，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。 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 items not specifically attributed to individual segments, such as finance costs, share of losses of joint venture and unallocated head office and corporate expenses. Income tax is not allocated to reporting segments. Inter-segment sales are priced at cost plus a profit margin. 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）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 2019/2020 年度報告 159 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） Segment results, assets and liabilities (Continued) 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (i) Information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31st March 2020 and 2019 is set out below: 3 收入及分部報告（續） (b) 分部報告（續） (i) 分部業績、資產及負債（續） 截至二零二零年及二零一九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 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 二零二零年 二零一九年 二零二零年 二零一九年 二零二零年 二零一九年 二零二零年 二零一九年 二零二零年 二零一九年 (Note) （附註） (Note) （附註） (Note) （附註） (Note) （附註） (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 Revenue from external customers 4,503,502 4,628,440 2,108,176 2,264,066 502,322 522,468 118,641 111,521 7,232,641 7,526,495 來自外間顧客之收入 Inter-segment revenue 分部間收入 113,411 77,263 73,729 67,190 7,131 2,092 4,160 3,136 198,431 149,681 Reportable segment revenue 4,616,913 4,705,703 2,181,905 2,331,256 509,453 524,560 122,801 114,657 7,431,072 7,676,176 須報告分部之收入 Reportable segment profit from  operations 須報告分部之經營溢利 523,390 720,303 289,977 339,149 76,857 92,781 4,969 867 895,193 1,153,100 Interest income from bank deposits 5,931 3,751 4,910 9,664 75 165 3 (1,374) – (7,731) (60) (1,393) (2,026) (434) 1 – 10,919 13,581 (10,932) (2,086) 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 (209,606) (162,844) (169,160) (79,685) (19,246) (17,614) (4,575) (4,501) (402,587) (264,644) Reportable segment assets 3,954,641 3,291,062 3,606,351 3,425,052 385,747 421,820 92,077 76,846 8,038,816 7,214,780 須報告分部之資產 Reportable segment liabilities 2,377,121 1,769,460 1,003,173 672,600 134,077 137,592 27,437 17,271 3,541,808 2,596,923 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 890,443 765,445 224,439 184,743 13,721 33,195 2,350 2,524 1,130,953 985,907 Note: 附註： The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 集團已於二零一九年四月一日首次應用《香港財務報告準 retrospective approach. Under this approach, the comparative information is 則》第 16 號。根據採用經修訂的追溯法，比較信息並未重 not restated. See note 1(c). 列。詳情載於附註 1(c)。 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） 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, profit or 3 收入及分部報告（續） (b) 分部報告（續） (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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 7,431,072 7,676,176 (198,431) (149,681) 7,232,641 7,526,495 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 Reportable segment profit from operations 895,193 1,153,100 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 (10,932) (17,433) (2,086) (19,236) Unallocated head office and corporate expenses (187,760) (175,940) 未分配之總公司及企業費用 Consolidated profit before taxation 綜合除稅前溢利 679,068 955,838 Annual Report 2019/2020 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） 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, profit or 3 收入及分部報告（續） (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債之 loss, assets and liabilities (Continued) 對賬（續） 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 8,038,816 7,214,780 (1,877,449) (1,539,207) 6,161,367 5,675,573 62,026 97,653 66,497 17,251 5,701 59,290 81,169 37,727 18,375 6,075 6,410,495 5,878,209 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 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） 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, profit or 3 收入及分部報告（續） (b) 分部報告（續） (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 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 3,541,808 2,596,923 (723,869) (363,957) 2,817,939 2,232,966 34,313 101,465 13,776 24,898 22,624 98,981 29,135 24,943 2,992,391 2,408,649 Note: 附註： The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 集團已於二零一九年四月一日首次應用《香港財務報告準 retrospective approach. Under this approach, the comparative information is 則》第 16 號。根據採用經修訂的追溯法，比較信息並未重 not restated. See note 1(c). 列。詳情載於附註 1(c)。 Annual Report 2019/2020 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） 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (iii) Geographic information The following table sets out information about the geographic location of the Group’s property, plant and equipment, deposits for the acquisition of property, plant and equipment, intangible assets, goodwill and interest in joint venture (“specified non- current assets”). The geographic location of the specified non- current assets is based on the physical location of the asset, in the case of property, plant and equipment and deposits for the acquisition of property, plant and equipment, and the location of the operation to which they are allocated, in the case of intangible assets and goodwill and the location of operations, in the case of interest in joint venture. 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 3 收入及分部報告（續） (b) 分部報告（續） (iii) 地區資料 下表載列有關本集團物業、廠房及設備之地理位 置、購置物業、廠房及設備之訂金、無形資產、 商譽及於合營公司之權益（「特定非流動資產」） 之資料。就物業、廠房及設備及購置物業、廠房 及設備之訂金而言，特定非流動資產之地理位置 乃根據該資產之實際地點確定；就無形資產及商 譽而言則指其獲配置之業務所在地；就於合營公 司之權益而言則指業務所在地。 Specified non-current assets 特定非流動資產 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 2,555,279 2,022,727 919,497 642,081 203,971 244,126 54,867 62,026 53,765 59,290 3,795,640 3,021,989 Note: 附註： The Group has initially applied HKFRS 16 at 1st April 2019 using the modified 集團已於二零一九年四月一日首次應用《香港財務報告準 retrospective approach. Under this approach, the comparative information is 則》第 16 號。根據採用經修訂的追溯法，比較信息並未重 not restated. See note 1(c). 列。詳情載於附註 1(c)。 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 $1,804,685,000 (2019: $1,961,417,000) and $912,586,000 (2019: $635,381,000) 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1,804,685,000 元（二零一九年：1,961,417,000元）及912,586,000 元（二零一九年：635,381,000元）。 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） 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 13,254 10,919 1,644 3,885 3,150 2,534 8,394 8,692 13,581 471 3,671 4,382 1,679 7,668 43,780 40,144 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)). 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 (note 18(c)) 銀行貸款之利息（附註 18(c)） Interest on lease liabilities (note 18(c)) 租賃負債之利息（附註 18(c)） 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 2,333 8,599 10,932 2,065 21 2,086 Note: 附註： The Group has initially applied HKFRS 16 as at 1st April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 1(c). 集團已於二零一九年四月一日首次應用《香港財務報告準 則》第 16 號。根據採用經修訂的追溯法，比較信息並未重 列。詳情載於附註 1(c)。 Annual Report 2019/2020 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） 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） (b) Staff costs: 員工成本： Contributions to defined contribution retirement plans 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 (c) Other operating expenses: 其他經營費用： Staff costs 員工成本 Warehouse expenses 倉庫費用 Sundry tax in Mainland China 中國內地的其他稅項 Management fee charged by a related party 關聯方收取的管理費 Royalty withholding tax 特許權使用費預扣稅 Quality assurance and sampling expenses 質量保證及樣本費用 Repair and maintenance expenses 維修及保養費用 Net loss on disposal of property, plant and equipment (note 18(b)) 出售物業、廠房及設備之虧損淨額（附註 18(b)） Others 其他 166 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 92,819 93,748 3,486 373 96,678 12,686 1,548,840 1,658,204 2020 二零二零年 $’000 千元 3,497 431 97,676 13,521 1,417,062 1,528,259 2019 二零一九年 $’000 千元 138,723 138,674 63,451 39,204 31,692 19,186 13,047 5,916 3,689 43,593 358,501 51,262 45,427 32,895 17,676 19,622 6,954 3,341 49,168 365,019 Notes to the Financial Statements 財務報表附註 (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） (d) Other items: 其他項目： Amortisation of intangible assets 無形資產之攤銷 Depreciation and amortisation 折舊及攤銷 –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 – Right-of-use assets* – 使用權資產 * – Other assets – 其他資產 Recognition/(reversal) of impairment losses 確認╱（撥回）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 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 546 126 – 90,998 379 460 3,488 – 310,917 260,317 977 (2,409) 5,699 540 3,225 316 2,015 5,592 208 24,301 Annual Report 2019/2020 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） 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） (d) Other items: (Continued) 其他項目：（續） Total minimum lease payments for lease previously classified as operating leases under HKAS 17* 先前根據《香港會計準則》第 17 號分類為經營租賃 之最低租賃付款總額 * Variable lease payments not included in the measurement of lease liabilities 不計入租賃負債計量之可變租賃付款 Net foreign exchange loss 外匯虧損淨額 Net gain on forward exchange contracts not designated as hedging instruments 非指定為對沖工具之遠期外匯合約之淨收益 Cost of inventories (note 16(b)) 存貨成本（附註 16(b)） 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 – 156,324 27,181 148 – 37,534 4,097 (101) 3,389,578 3,496,975 * The Group has initially applied HKFRS 16 using the modified * 本集團已採用經修訂追溯法首次應用《香港財務報 retrospective approach and adjusted the opening balances at 1st April 告準則》第 16 號及調整於二零一九年四月一日之期 2019 to recognise right-of-use assets relating to leases which were 初結餘，以確認與先前根據《香港會計準則》第 17 previously classified as operating leases under HKAS 17. After initial 號分類為經營租賃之租賃相關之使用權資產。初步 recognition of right-of-use assets at 1st April 2019, the Group as a 確認於二零一九年四月一日之使用權資產後，本集 lessee is required to recognise the depreciation of right-of-use assets, instead of the previous policy of recognising rental expenses incurred 團（作為承租人）須確認使用權資產折舊，而非根據 先前政策於租期內以直線法確認經營租賃項下所產 under operating leases on a straight-line basis over the lease term. 生之租金費用。根據此方法，比較信息並未重列。 Under this approach, the comparative information is not restated. See 詳情載於附註 1(c)。 note 1(c). 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） 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-provision in respect of prior years 以往年度之撥備不足 Current tax – Outside Hong Kong 現期稅項 – 香港以外地區 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） Deferred tax 遞延稅項 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 18,455 5 18,460 94,310 9,607 103,917 (12,900) 37,448 304 37,752 125,504 (612) 124,892 45,499 109,477 208,143 Notes: 附註： (i) The provision for Hong Kong Profits Tax for 2020 is calculated at (i) 二零二零年之香港利得稅撥備是按年內之估計應課 16.5% (2019: 16.5%) of the estimated assessable profits for the year. 稅溢利以16.5%（二零一九年：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、東 tax rate applicable to the Company’s subsidiaries in Shenzhen, Foshan, 莞及南沙附屬公司之法定所得稅率為 25%。 Shanghai, Wuhan, Dongguan and Nansha 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 (iii) 香港及中國內地以外地區之附屬公司之稅項則按有 is charged at the appropriate current rates of taxation ruling in the 關稅項司法管轄區之現行適用稅率計算。 relevant tax jurisdictions. Annual Report 2019/2020 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） 6 Income tax in the consolidated statement of profit or loss (Continued) (b) Reconciliation between tax expense and accounting profit at applicable tax rates: 6 綜合損益表之所得稅（續） (b) 稅項支出與會計溢利以適用稅率 計算之對賬： Profit before taxation 除稅前溢利 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 679,068 955,838 Notional tax on profit before taxation, calculated at the rates applicable to profits in the tax jurisdictions concerned 136,188 209,756 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 and deductible temporary differences not previously recognised 確認先前未確認之稅務虧損及可抵扣暫時差異之稅務影響 Net under/(over)-provision in respect of prior years 以往年度之撥備不足╱（高估撥備）淨額 Tax credit on PRC Corporate Income Tax paid 已繳中國企業所得稅之稅項抵免 Others 其他 Actual tax expense 實際稅項支出 6,211 (3,750) 7,499 (21,443) 9,612 (13,431) (11,409) 7,607 (4,837) 8,732 (110) (308) (11,959) (738) 109,477 208,143 170 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） 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 2020 二零二零年 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 300 150 150 171 157 161 465 452 464 479 354 6,301 7,362 2,075 5,051 4,955 1,001 369 382 30 12,021 12,849 3,256 – – – – – – – – – – – – – – – – – – – – – – – – 171 157 161 465 452 464 479 354 Share- based payments 以股份為 基礎之付款 (Note) （附註） $’000 千元 607 5,618 – – – – – – – – – Total 總計 $’000 千元 12,628 18,467 3,256 171 157 161 465 452 464 479 354 3,303 15,738 11,007 781 30,829 6,225 37,054 Annual Report 2019/2020 年度報告 171 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 Notes to the Financial Statements 財務報表附註 (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 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 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） 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 (2019: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2019: three) individuals are as follows: 8 最高酬金人士 在五名最高酬金人士中，兩名（二零一九年：兩 名）為董事，彼等之酬金於附註 7 中披露。其餘 三名（二零一九年：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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 12,743 13,050 383 3,935 3,135 249 2,818 2,901 20,196 19,018 Annual Report 2019/2020 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） 8 Individuals with highest emoluments 8 最高酬金人士（續） (Continued) The emoluments of the three (2019: three) individuals with the highest emoluments are within the following bands: 三名（二零一九年：三名）最高酬金人士之酬金 介乎以下組別： $5,000,001 to $5,500,000 5,000,001 元至 5,500,000 元 $5,500,001 to $6,000,000 5,500,001 元至 6,000,000 元 $6,000,001 to $6,500,000 6,000,001 元至 6,500,000 元 $6,500,001 to $7,000,000 6,500,001 元至 7,000,000 元 $7,000,001 to $7,500,000 7,000,001 元至 7,500,000 元 2020 二零二零年 Number of individuals 人數 2019 二零一九年 Number of individuals 人數 – 1 – 1 1 1 – 1 – 1 9 Other comprehensive income (a) Tax effects relating to each component of 9 其他全面收益 (a) 有關其他全面收益各部份之稅務 other comprehensive income: 影響： 2020 二零二零年 2019 二零一九年 Before-tax amount 除稅前金額 $’000 千元 Tax Net-of-tax Before-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 Tax credit Net-of-tax amount 稅務抵免 $’000 千元 扣除稅項金額 $’000 千元 (189,549) – (189,549) (122,804) – (122,804) (445) 156 (289) (4,896) 808 (4,088) (11,523) 1,872 (9,651) (6,142) 1,001 (5,141) (201,517) 2,028 (199,489) (133,842) 1,809 (132,033) 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 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） 9 Other comprehensive income (Continued) (b) Components of other comprehensive income: 9 其他全面收益（續） (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 to other comprehensive income 於其他全面收益計入之遞延稅項淨額 Net movement in the hedging reserve during the year recognised in other comprehensive income 年內於其他全面收益確認之對沖儲備淨變動 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 (11,706) 11,261 156 (2,699) (2,197) 808 (289) (4,088) 10 Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the Company of $535,878,000 (2019: $695,907,000) and the weighted average number of 1,063,203,000 ordinary shares (2019: 1,060,585,000 ordinary shares) in issue during the year, calculated as follows: 10 每股盈利 (a) 每股基本盈利 每 股 基 本 盈 利 乃 根 據 本 公 司 股 權 持 有 人 應 佔 溢 利 535,878,000 元（ 二 零 一 九 年： 695,907,000 元）及年內已發行普通股之加權平 均 股 數 1,063,203,000 股 普 通 股（ 二 零 一 九 年： 1,060,585,000 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 2020 二零二零年 2019 二零一九年 Number of shares Number of shares 股份數目 ’000 千股 股份數目 ’000 千股 1,061,582 1,058,872 1,621 1,713 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)) 1,063,203 1,060,585 於三月三十一日之普通股之加權平均股數（附註 10(b)） Annual Report 2019/2020 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） 10 Earnings per share (Continued) (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 $535,878,000 (2019: $695,907,000) and the weighted average number of 1,074,530,000 ordinary shares (2019: 1,071,436,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: 10 每股盈利（續） (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 535,878,000 元（ 二 零 一 九 年：695,907,000 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 1,074,530,000 股 普通股（二零一九年：1,071,436,000 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） 2020 二零二零年 2019 二零一九年 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)) 1,063,203 1,060,585 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 11,327 10,851 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 1,074,530 1,071,436 於三月三十一日之普通股之加權平均股數（攤薄） 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） 11 Property, plant and equipment (a) 11 物業、廠房及設備 (a) Other property, plant and equipment 其他物業、廠房及設備 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 2019/2020 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） 11 Property, plant and equipment (Continued) (a) (Continued) 11 物業、廠房及設備（續） (a)（續） Other property, plant and equipment 其他物業、廠房及設備 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 Right-of-use assets 使用權資產 $’000 千元 Investment properties 投資物業 $’000 千元 Sub-total 小計 $’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 997,016 3,047,053 394,658 145,886 421,219 5,005,832 – 22,698 192,394 5,220,924 – – – – – – – – – – – – 245,173 192,394 – – – 245,173 (192,394) – 997,016 3,047,053 394,658 145,886 421,219 5,005,832 437,567 22,698 (57,418) (172,699) (8,933) (2,960) (40,877) (282,887) (15,072) 1,149 58,270 64,550 4,470 932,415 1,060,854 69,982 120,755 235,210 97,506 – (453,471) – – – (43,478) (29,238) (8,697) – (81,413) (1,620) – – – – 1,061,502 3,124,356 518,543 138,699 859,286 5,702,386 490,857 22,698 – – – – – – 5,466,097 (297,959) 1,130,836 – (83,033) 6,215,941 Cost: 成本： At 31st March 2019 於二零一九年三月三十一日 Impact on initial application of HKFRS 16 (Note) 首次應用《香港財務報告準則》 第16號之影響（附註） – Recognition of operating leases – 確認經營租賃 – Reclassification of leasehold land – 重新分類租賃土地 At 1st April 2019 於二零一九年四月一日 Exchange adjustments 匯兌調整 Additions 添置 Transfer 轉撥 Disposals 出售 At 31st March 2020 於二零二零年三月三十一日 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） 11 Property, plant and equipment (Continued) (a) (Continued) 11 物業、廠房及設備（續） (a)（續） Other property, plant and equipment 其他物業、廠房及設備 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 Right-of-use assets 使用權資產 $’000 千元 Investment properties 投資物業 $’000 千元 Sub-total 小計 $’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 Accumulated amortisation,  depreciation and impairment  losses: 累計攤銷、折舊及減值虧損： At 31st March 2019 於二零一九年三月三十一日 Impact on initial application of HKFRS 16 (Note) 首次應用《香港財務報告準則》 第16號之影響（附註） – Reclassification of leasehold land – 重新分類租賃土地 At 1st April 2019 於二零一九年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷及折舊 Reversal of impairment losses 撥回減值虧損 Written back on disposals 出售時撥回 At 31st March 2020 於二零二零年三月三十一日 Net book value: 賬面淨值： At 31st March 2020 於二零二零年三月三十一日 447,423 1,492,563 224,738 81,858 – 2,246,582 – 19,070 15,966 2,281,618 – – – – 447,423 1,492,563 224,738 81,858 (19,536) (76,487) (4,299) (1,939) 31,782 225,243 42,047 11,845 – – (1,011) (1,398) – (38,713) (27,924) (6,729) 459,669 1,601,595 233,164 85,035 – – – – – – – – 15,966 – (15,966) – 2,246,582 15,966 19,070 (102,261) (1,523) 310,917 90,998 (2,409) – (73,366) (164) – 126 – – 2,379,463 105,277 19,196 – – – – – – 2,281,618 (103,784) 402,041 (2,409) (73,530) 2,503,936 601,833 1,522,761 285,379 53,664 859,286 3,322,923 385,580 3,502 – 3,712,005 Annual Report 2019/2020 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） 11 Property, plant and equipment (Continued) (a) (Continued) Government grants of $22,071,000 (2019: $431,000) 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. 11 物業、廠房及設備（續） (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 22,071,000 元（ 二 零 一 九 年：431,000 元） 已從相關資產之成本扣除。 Note: The Group has initially applied HKFRS 16 using the modified 附註 ︰ 本集團已採用經修訂追溯法首次應用《香港財務報 retrospective method and adjusted the opening balances at 1st April 告準則》第 16 號及調整於二零一九年四月一日之 2019 to recognise right-of-use assets relating to leases which were 期初結餘，以確認與先前根據《香港會計準則》第 previously classified as operating leases under HKAS 17. See note 1(c). 17 號分類為經營租賃之租賃相關之使用權資產。 詳情載於附註 1(c)。 (b) Right-of-use assets The analysis of the net book value of right-of-use assets by class of underlying asset is as follows: (b) 使用權資產 按相關資產分類之使用權資產之賬面淨值分析如 下 ︰ Interests in leasehold land held for own use, carried at depreciated cost, with remaining lease term of: 持作自用之租賃土地權益（按折舊成本列賬）之餘下租期 ︰ – 50 years or more – 50 年或以上 – between 10 and 50 years – 10 至 50 年之間 Other properties leased for own use, carried at depreciated cost 租賃作自用之其他物業（按折舊成本列賬） Factory machinery and equipment, carried at depreciated cost 工廠機器及設備（按折舊成本列賬） 31st March 2020 1st April 2019 二零二零年 三月三十一日 $’000 千元 二零一九年 四月一日 $’000 千元 6,385 6,952 161,190 176,428 167,575 216,096 1,909 183,380 238,221 – 385,580 421,601 180 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） 11 Property, plant and equipment (Continued) (b) Right-of-use assets (Continued) The analysis of expense items in relation to leases recognised in profit or loss is as follows: 11 物業、廠房及設備（續） (b) 使用權資產（續） 與於損益確認之租賃相關之開支項目分析如下 ︰ Depreciation charge of right-of-use assets by class of underlying asset: 按相關資產分類之使用權資產之折舊費用： – Ownership interests in leasehold land held for own use – 持有作自用之租賃土地擁有權權益 – Other properties leased for own use – 租賃作自用之其他物業 – Factory machinery and equipment – 工廠機器及設備 Interest on lease liabilities (note 5(a)) 租賃負債之利息（附註 5(a)） Expense relating to short-term leases and other leases with remaining lease term ending on or before 31st March 2020 餘下租期於二零二零年三月三十一日或之前完結之有關短期租賃 及其他租賃之開支 Expense relating to leases of low-value assets, excluding short-term leases of low-value assets 有關低價值資產租賃之開支（低價值資產之短期租賃除外） Total minimum lease payments for leases previously classified as operating leases under HKAS 17 先前根據《香港會計準則》第 17 號分類作經營租賃之租賃 之最低租賃付款總額 Variable lease payments not included in the measurement of lease liabilities 不計入租賃負債計量之可變租賃付款 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 3,872 86,846 280 90,998 8,599 59,678 2,526 – – – – 21 – – – 156,324 27,181 37,534 Annual Report 2019/2020 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） 11 Property, plant and equipment (Continued) (b) Right-of-use assets (Continued) Note: The Group has initially applied HKFRS 16 using the modified 11 物業、廠房及設備（續） (b) 使用權資產（續） 附註 : 本集團已採用經修訂追溯法首次應用《香港財務報 retrospective approach and adjusted the opening balances at 1st April 告準則》第 16 號及調整於二零一九年四月一日之期 2019 to recognise right-of-use assets relating to leases which were 初結餘，以確認與先前根據《香港會計準則》第 17 previously classified as operating leases under HKAS 17. After initial 號分類為經營租賃之租賃相關之使用權資產。初步 recognition of right-of-use assets at 1st April 2019, the Group as a 確認於二零一九年四月一日之使用權資產後，本集 lessee is required to recognise the depreciation of right-of-use assets, 團（作為承租人）須確認使用權資產折舊，而非根據 instead of the previous policy of recognising rental expenses incurred 先前政策於租期內以直線法確認經營租賃項下所產 under operating leases on a straight-line basis over the lease term. 生之租金費用。根據此方法，比較信息並未重列。 Under this approach, the comparative information is not restated. See 見附註 1(c)。 note 1(c). The Group leases various warehouses, offices, factory machinery and equipment for its operations. The leases included in right-of- use assets typically run for an initial period of more than one year to five years. Some leases include an option to renew the lease for an additional period after the end of the contract term. Where practicable, the Group seeks to include such extension options exercisable by the Group to provide operational flexibility. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. If the Group is not reasonably certain to exercise the extension options, the future lease payments during the extension periods are not included in the measurement of lease liabilities. 本集團就其營運租用多個倉庫、辦公室、工廠機 器及設備。計入使用權資產之租賃一般初步為期 超過一年至五年。部分租賃可於合約年期完結時 選擇重續額外租期。在切實可行之情況下，本集 團力求包括本集團可行使之有關延期選項，以提 供運營靈活性。本集團於租賃開始日期評估是否 合理肯定行使延期選項。倘本集團未能合理肯定 行使延期選項，於延期期間之未來租賃付款不會 計入租賃負債之計量。 In addition, the Group is the registered owner of several leasehold land. Lump sum payments were made upfront to acquire the leased land. 此外，本集團為數塊租賃土地之註冊持有人。已 提前作出一次性付款收購租賃土地。 During the year, additions to right-of-use assets were $69,982,000. This amount primarily related to the capitalised lease payments payable under new tenancy agreements. 年內， 添置至 使用 權資產為 69,982,000 港元。 該款項主要與新租賃協議項下資本化租賃付款有 關。 Details of total cash outflow for leases and the maturity analysis of lease liabilities are set out in notes 18(d) and 21, respectively. 有關租賃之現金流出總額及租賃負債之到期分析 分別載列於附註 18(d) 及 21。 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） 11 Property, plant and equipment (Continued) (c) Property, plant and equipment leased out 11 物業、廠房及設備（續） (c) 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 lease runs for an initial period of two 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 為期兩年，並且有權選擇在到期日後續期，屆時 所有條款均可重新商定。該等租賃並無包括或然 租金。 The Group’s undiscounted 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應收之未貼現租 賃付款如下： Within one year 一年內 After one year but within two years 一年後但兩年內 Total 總額 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 4,038 1,683 5,721 918 – 918 (d) The fair value of investment properties The fair value of investment properties at 31st March 2020 is $62,500,000 (2019: $65,900,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2019: 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. (d) 投資物業之公允值 投資物業於二零二零年三月三十一日之公允值為 62,500,000 元（ 二 零 一 九 年：65,900,000 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（二零一九年：採取同一估值 基準）。估值乃由獨立測量師行羅馬國際評估有 限公司進行，其部份職員為香港測量師學會之會 員，在所估值物業之地區及類別具有相關近期經 驗。 Annual Report 2019/2020 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） 11 Property, plant and equipment (Continued) (d) The fair value of investment properties 11 物業、廠房及設備（續） (d) 投資物業之公允值（續） (Continued) The fair value measurement is categorised as a Level 3 valuation under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to observability and significance of the inputs used in the valuation technique as follows: 公允值計量根據《香港財務報告準則》第 13 號 「公允值計量」所界定之三級公允值架構分類為第 三級估值。將某公允值計量分類之等級乃經參考 如下估值方法所用數據之可觀察性及重要性後釐 定： – – Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date; – 第一級估值：僅使用第一級輸入數據（即於 計量日同類資產或負債於活躍市場之未經 調整報價）計量之公允值； Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available; and – 第二級估值：使用第二級輸入數據（即未能 達到第一級之可觀察輸入數據）且並未使用 重大不可觀察輸入數據計量之公允值。不 可觀察輸入數據為無市場數據之輸入數據； 及 – Level 3 valuations: Fair value measured using significant unobservable inputs. – 第三級估值：使用重大不可觀察輸入數據 計量之公允值。 The fair value of investment properties is determined by using direct comparison approach with reference to the market price of comparable properties and adjusted for building quality and timing of the reference transaction. The significant unobservable input in the fair value measurement is the property-specific adjusting rate, which ranged from 0.95 to 1.05 (2019: 0.95 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 一九年：0.95 至 1.05）。公允值計量與個別物業 調整率之間成正向關係。 (e) Property, plant and equipment pledged against (e) 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。 (f) Deposits for the acquisition of property, plant (f) 購置物業、廠房及設備之訂金 and equipment As at 31st March 2020, the Group paid deposits totalling $548,000 (2019: $1,601,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 27(a)). 於二零二零年三月三十一日，本集團為購置物 業、廠房及設備而支付訂金合共 548,000 元（二 零一九年：1,601,000 元）。購置代價之餘下金額 計入資本承擔（附註 27(a)）。 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） 12 Intangible assets 12 無形資產 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 Customer list 品牌名稱 $’000 千元 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 Annual Report 2019/2020 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） 12 Intangible assets (Continued) 12 無形資產（續） Pollution Brand name Customer list discharge right 品牌名稱 客戶名單 排污權 Total 總計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 7,593 10,958 – 18,551 – (466) – – 1,157 1,157 (29) (495) 7,127 10,958 1,128 19,213 4,176 10,958 (272) 372 – – 4,276 10,958 – (5) 174 169 15,134 (277) 546 15,403 2,851 – 959 3,810 Cost: 成本： At 1st April 2019 於二零一九年四月一日 Addition 添置 Exchange adjustments 匯兌調整 At 31st March 2020 於二零二零年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April 2019 於二零一九年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷 At 31st March 2020 於二零二零年三月三十一日 Net book value: 賬面淨值： At 31st March 2020 於二零二零年三月三十一日 The amortisation charges of brand name and pollution discharge right are included in “other operating expenses” and “administrative expenses” in the consolidated statement of profit or loss respectively. 品牌名稱及排污權之攤銷費用已分別計入綜合損 益表之「其他經營費用」及「行政費用」內。 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） 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 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 36,751 (2,250) 34,501 18,376 (1,126) 17,250 37,966 (1,215) 36,751 18,983 (607) 18,376 17,251 18,375 Annual Report 2019/2020 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） 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 (2019: five-year period). Cash flows beyond the five-year period (2019: five-year period) are extrapolated using an annual growth rate of 3% (2019: 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 一九年：五年期）財政預算得出之現金流量預 測。五年期（二零一九年：五年期）以後之現金 流量則使用 3%（二零一九年：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 – 五年期之平均年銷售增長率 – Pre-tax discount rate – 除稅前折現率 2020 二零二零年 2019 二零一九年 34.0% 9.4% 8.8% 36.1% 9.7% 8.8% 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。 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） 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 Proportion of ownership interest 擁有權權益比率 operation 註冊成立╱ and paid-up capital 已發行及繳足 成立及營業地點 股本詳情 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 United States of America 美利堅合眾國 100 shares 100 股股份 % – % 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 (ii)) 維他奶（東莞）有限公司（附註 (ii)） The PRC RMB335,000,000 中國 人民幣 335,000,000 元 Vitasoy (Foshan) Company Limited (note (iii)) The PRC RMB200,000,000 維他奶（佛山）有限公司（附註 (iii)） Vitasoy (Shanghai) Company Limited (note (iv)) 維他奶（上海）有限公司（附註 (iv)） 中國 人民幣 200,000,000元 The PRC HK$219,461,176 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 2019/2020 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） 14 Subsidiaries (Continued) 14 附屬公司（續） Place of incorporation/ establishment and Particulars of issued Proportion of ownership interest 擁有權權益比率 Name of company 公司名稱 operation 註冊成立╱ and paid-up capital 已發行及繳足 成立及營業地點 股本詳情 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 Vitasoy Company Limited (note (vi)) 維他奶有限公司 （附註(vi)） The PRC 中國 RMB1,000,000 人民幣 1,000,000 元 Vitasoy Australia Products Pty. Ltd. (“VAP”) （「VAP」） Australia 澳洲 V class shares: 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 % – % 100 – 51 Vitasoja (Macau) Limitada 維他奶（澳門）有限公司 Macau 澳門 MOP100,000 澳門幣 100,000元 100 – Produtos De Soja Hong Kong (Macau) Limitada 香港荳品（澳門）有限公司 Macau 澳門 MOP10,000 澳門幣 10,000 元 – 100 Vitaland Services Limited 維他天地服務有限公司 Hong Kong 香港 300,000 shares 300,000股股份 100 – Hong Kong Gourmet Limited 香港美食有限公司 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 Hong Kong 香港 Hong Kong 香港 2 shares 2 股股份 2 shares 2 股股份 – 100 100 – 190 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Sales/distribution of beverages/food and headquarter management service (Mainland China) 銷售╱分銷飲品╱ 食品及總部管理 服務（中國內地） Manufacture and sale of beverages 生產及銷售飲品 Distribution of beverages 分銷飲品 Dormant 暫無營業 Operation of tuck shops and concessions 經營學校小食部及 小食攤位 Provision of catering services 提供餐飲服務 Property investment 物業投資 Notes to the Financial Statements 財務報表附註 (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） Place of incorporation/ establishment and Particulars of issued Proportion of ownership interest 擁有權權益比率 Name of company 公司名稱 operation 註冊成立╱ and paid-up capital 已發行及繳足 成立及營業地點 股本詳情 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 Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 Vitasoy Investment Holdings Limited 維他奶投資控股有限公司 Vita International Holdings Limited 維他國際集團有限公司 Vitasoy International Investment Limited 維他奶國際投資有限公司 Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Vitasoy Holdings (Malta) Limited Hong Kong 香港 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 % 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 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 2019/2020 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） 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 國成立之中外合資合營公司，經營期至二零六七年 operated up to 2067. On 1st January 2019, the Group disposed of 15% 止。於二零一九年一月一日，本集團出售東莞維他 equity interest in Vitasoy Dongguan, decreasing the Group’s equity 奶 15% 之股本權益，本集團於東莞維他奶之股本權 interest in Vitasoy Dongguan from 100% to 85% (see note 29). 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 (“Vitasoy Wuhan”) is a wholly foreign owned subsidiary established in the PRC and is to be operated (v) 維他奶（武漢）有限公司（「武漢維他奶」）為於中國 成立之全外資附屬公司，經營期至二零六四年止。 up to 2064. (vi) Vitasoy Company Limited is a wholly foreign owned subsidiary (vi) 維他奶有限公司為於中國成立之全外資附屬公司， established in the PRC and is to be operated up to 2070. 經營期至二零七零年為止。 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） 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 2020 二零二零年 $’000 千元 2019 二零一九年 (Note) （附註） $’000 千元 2020 二零二零年 $’000 千元 2019 二零一九年 (Note) （附註） $’000 千元 2020 二零二零年 $’000 千元 2019 二零一九年 (Note) （附註） $’000 千元 2020 二零二零年 $’000 千元 2019 二零一九年 (Note) （附註） $’000 千元 15% 15% 15% 15% 49% 49% 15% 15% 131,157 187,935 270,429 302,782 186,118 185,624 222,744 61,830 150,739 171,904 505,854 563,819 203,968 244,126 763,833 186,996 (46,670) (71,692) (213,194) (144,167) (132,305) (137,294) (305,036) (292) (4,466) (911) (22,721) (116,425) (8,214) (11,605) (329,999) – 230,760 287,236 540,368 606,009 249,567 280,851 351,542 248,534 34,376 41,803 80,470 87,478 122,137 137,587 52,731 37,280 526,490 605,419 959,895 1,340,126 509,455 524,558 – – 39,463 59,087 85,006 191,459 26,295 38,979 (10,678) (3,568) 39,463 59,087 85,006 191,459 28,232 40,066 (10,678) (3,568) 6,963 11,784 7,580 7,568 15,589 25,294 12,763 19,069 (1,602) (155) 16,844 9,489 9,031 9,666 – – 88,842 81,348 147,799 159,061 13,861 45,163 43,491 (27,506) (12,300) (27,932) (52,512) (98,519) (12,251) (31,412) (586,962) (187,418) (76,176) (49,900) (95,469) (63,953) (2,176) (2,270) 619,589 249,802 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)  operating activities 經營活動所得╱（所用）現金流量 Cash flows used in investing activities 投資活動所用現金流量 Cash flows (used in)/generated from  financing activities 融資活動（所用）╱所得現金流量 Annual Report 2019/2020 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） 14 Subsidiaries (Continued) Note: 14 附屬公司（續） 附註： The subsidiaries have initially applied HKFRS 16 using the modified 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 retrospective approach and adjusted the opening balance at 1st April 2019 to 第 16 號及調整於二零一九年四月一日之期初結餘，以分 recognise additional right-of-use assets and lease liabilities of $3,148,000 and 別確認與先前根據《香港會計準則》第 17 號分類為經營租 $3,260,000 respectively relating to lease which were previously classified 賃之租賃相關之額外使用權資產 3,148,000 元及租賃負債 as operating leases under HKAS 17 under this approach, the comparative 3,260,000 元，根據此方法，比較信息並未重列。 information is not restated. 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 公司（為該合營公司之另一名投資者）成立，以於菲 this joint venture, for sales of the Group’s plant-based beverages in the 律賓銷售本集團以植物成分為主之飲品。VUR 主要 Philippines. VUR is mainly engaged in the sale of beverages. 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。 194 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 76,372 125,057 (96,415) (87,572) 101,061 79,713 (62,196) (67,275) 17,442 51,303 25,136 66,889 (87,572) (67,275) 41,936 (34,866) 46,066 (38,472) 17,442 50% 8,721 53,305 62,026 51,303 50% 25,652 33,638 59,290 Annual Report 2019/2020 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） 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 expected to be repayable after one year from the end of the respective 預期須於各匯報日起計一年後償還。向合營公司借出之貸 reporting period. Further details on the loan to joint venture are set out in 款之進一步詳情載於附註 28(a)(iv)。 note 28(a)(iv). 16 Inventories (a) Inventories in the consolidated statement of 16 存貨 (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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 344,309 376,283 249,250 372,001 593,559 748,284 (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： 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 Carrying amounts of inventories sold 3,380,522 3,465,937 已售存貨之賬面值 Write down of inventories 撇減存貨 9,056 31,038 3,389,578 3,496,975 196 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） 17 Trade and other receivables 17 應收賬款及其他應收款 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 Trade debtors and bills receivable, net of loss allowance 707,687 716,425 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 Derivative financial instruments 衍生金融工具 300,683 267,583 501 – 1,008,871 984,008 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 $34,648,000 (2019: $40,589,000). 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 34,648,000 元（二 零一九年：40,589,000 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）按發票日期及已扣除虧損 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 698,888 708,851 7,897 902 7,416 158 707,687 716,425 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 2019/2020 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） 18 Cash and bank deposits (a) Cash and bank deposits comprise: 18 現金及銀行存款 (a) 現金及銀行存款包括： Cash at bank and in hand 銀行結存及庫存現金 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 776,855 529,918 Bank deposits maturing within three months when placed 70,954 474,620 存款期於三個月內之銀行存款 Cash and cash equivalents in the consolidated cash flow statement 847,809 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 466 494 848,275 1,005,032 At 31st March 2020, certain Renminbi and United States dollars (2019: Renminbi) bank balances totalling $81,729,000 (2019: $51,331,000) were designated as a hedge against the foreign currency risk on future purchase of raw materials and machineries. 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. 於二零二零年三月三十一日，若干以人民幣及美 元計值（二零一九年：以人民幣計值）之銀行結 存合共 81,729,000 元（二零一九年：51,331,000 元）被指定用作對沖日後購買原材料及機器之外 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。 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） 18 Cash and bank deposits (Continued) (b) Reconciliation of profit before taxation to cash 18 現金及銀行存款（續） (b) 除稅前溢利與經營業務所得現金 generated from operations: 之對賬： 2020 二零二零年 2019 二零一九年 (Note) （附註） Note 附註 $’000 千元 $’000 千元 679,068 955,838 5(d) 5(d) 17,433 90,998 126 19,236 – 460 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 right-of-use assets – 使用權資產之折舊 – Depreciation of investment properties – 投資物業之折舊 – Depreciation of other property, plant and equipment 5(d) 310,917 260,317 – 其他物業、廠房及設備之折舊 – 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 – (Reversal)/recognition of impairment losses on property, plant and equipment – （撥回）╱確認物業、廠房及設備之減值虧損 – Interest on bank loans – 銀行貸款之利息 – Interest on lease liabilities – 租賃負債之利息 – 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 5(d) 5(d) 5(d) 5(a) 5(a) 4 4 – 546 (2,409) 2,333 8,599 3,488 379 2,015 2,065 21 (10,919) (13,581) (1,644) (471) Annual Report 2019/2020 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） 18 Cash and bank deposits (Continued) (b) Reconciliation of profit before taxation to cash 18 現金及銀行存款（續） (b) 除稅前溢利與經營業務所得現金 generated from operations: (Continued) 之對賬：（續） 2020 二零二零年 2019 二零一九年 (Note) （附註） Note 附註 $’000 千元 $’000 千元 – Net loss on disposal of property, plant and equipment 5(c) 3,689 3,341 – 出售物業、廠房及設備之虧損淨額 – Net gain on forward exchange contracts not designated as hedging instruments – 非指定為對沖工具之遠期外匯合約之淨收益 – 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： – Decrease/(increase) in inventories – 存貨減少╱（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 5(d) 5(b) – 12,686 722 (101) 13,521 256 110,844 (83,414) (64,653) (57,722) 270,205 358,832 – Increase in employee retirement benefit liabilities 166 416 – 僱員退休福利負債增加 Cash generated from operations 經營業務所得現金 1,428,707 1,464,896 Note: 附註 : The Group has initially applied HKFRS 16 using the modified retrospective 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 approach and adjusted the opening balances at 1st April 2019 to recognise 第 16 號及調整於二零一九年四月一日之期初結餘，以確認 right-of-use assets and lease liabilities relating to leases which were 與先前根據《香港會計準則》第 17 號分類為經營租賃之租 previously classified as operating leases under HKAS 17. Previously, 賃相關之使用權資產及租賃負債。以往，本集團（作為承 cash payments under operating leases made by the Group as a lessee of 租人）所作出之經營租賃項下現金付款 156,324,000 元獲 $156,324,000 were classified as operating activities in the consolidated cash 分類為綜合現金流量表之經營活動。根據《香港財務報告 flow statement. Under HKFRS 16, except for short-term lease payments, 準則》第 16 號，除短期租賃付款外，低價值資產租賃之付 payments for leases of low value assets and variable lease payments not 款及可變租賃付款並無計入租賃付款之計量，所有其他租 included in the measurement of lease liabilities, all other rentals paid on 賃已付租金現已分拆為本金部分及利息部分（詳情載於附 leases are now split into capital element and interest element (see note 18(c)) 註 18(c)）並分類為融資現金流出。根據採用經修訂的追溯 and classified as financing cash outflows. Under the modified retrospective 法，比較信息並未重列。有關過渡至《香港財務報告準則》 approach, the comparative information is not restated. Further details on the 第 16 號之影響之進一步詳情載於附註 1(c)。 impact of the transition to HKFRS 16 are set out in note 1(c). 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） 18 Cash and bank deposits (Continued) (c) Reconciliation of liabilities arising from 18 現金及銀行存款（續） (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。 At 31st March 2019 於二零一九年三月三十一日 Impact on initial application of HKFRS 16 (Note) 首次應用《香港財務報告準則》第 16 號之影響 （附註） At 1st April 2019 於二零一九年四月一日 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 lease rentals paid 已付租賃租金之資本部份 Interest paid 已付利息 Interest element of lease rentals paid 已付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： Increase in lease liabilities from entering into new leases during the period 期內來自訂立新租賃之租賃負債增加 Decrease in lease liabilities from lease modification 來自租賃修訂之租賃負債減少 Finance costs (note 5(a)) 融資成本（附註 5(a)） At 31st March 2020 於二零二零年三月三十一日 Bank loans 銀行貸款 (Note 20) （附註 20） $’000 千元 Lease liabilities 租賃負債 (Note 21) （附註 21） $’000 千元 Total 總計 $’000 千元 44,508 – 44,508 – 259,259 259,259 44,508 259,259 303,767 279,981 (75,134) – – 279,981 (75,134) – (81,947) (81,947) (2,333) – – (8,599) (2,333) (8,599) 202,514 (90,546) 111,968 (7,931) (2,239) (10,170) – – 2,333 69,982 69,982 (1,481) 8,599 (1,481) 10,932 241,424 243,574 484,998 Annual Report 2019/2020 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） 18 Cash and bank deposits (Continued) (c) Reconciliation of liabilities arising from financing activities (Continued) 18 現金及銀行存款（續） (c) 融資活動產生之負債對賬（續） Note: 附註： The Group has initially applied HKFRS 16 using the modified retrospective 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 approach and adjusted the opening balance at 1st April 2019 to recognise 第 16 號及調整於二零一九年四月一日之期初結餘，以確認 lease liabilities relating to leases which were previously classified as operating 與先前根據《香港會計準則》第 17 號分類為經營租賃之租 lease under HKAS 17. See notes 1(c) and 18(b). 賃相關之租賃負債。見附註 1(c) 及 18(b)。 Bank loans Lease liabilities 銀行貸款 (Note 20) （附註 20） $’000 千元 租賃負債 (Note 21) （附註 21） $’000 千元 Total 總計 $’000 千元 27,085 921 28,006 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 19,977 – (2,065) 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 17,912 (2,554) 2,065 44,508 202 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 – (871) – (21) (892) (50) 21 – 19,977 (871) (2,065) (21) 17,020 (2,604) 2,086 44,508 Notes to the Financial Statements 財務報表附註 (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) (d) Total cash outflow for leases Amounts included in the consolidated cash flow statement for leases comprise the following: 18 現金及銀行存款（續） (d) 租賃現金流出總額 就租賃計入綜合現金流量表之款項包括以下項 目 ︰ Within operating cash flows 經營現金流量內 Within investing cash flows 投資現金流量內 Within financing cash flows 融資現金流量內 2020 二零二零年 2019 二零一九年 (Note) （附註） $’000 千元 $’000 千元 89,385 193,858 – 116,995 90,546 892 179,931 311,745 Note: 附註： As explained in the note to note 18(b), the adoption of HKFRS 16 introduces 誠如附註 18(b) 之附註解釋，採納《香港財務報告準則》第 a change in classification of cash flows of certain rentals paid on leases. The 16 號引入有關若干租賃已付租金之現金流量分類變動。該 comparative amounts have not been restated. 等比較金額未有重列。 These amounts relate to the following: 該等款項與以下項目相關 ︰ Lease rentals paid 已付租賃租金 Purchase of leasehold property 購買租賃物業 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 179,931 194,750 – 116,995 179,931 311,745 Annual Report 2019/2020 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） 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 555,000 660,898 1,299,499 1,063,278 503,340 489,225 2,357,839 2,213,401 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $23,957,000 (2019: $22,171,000) 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 23,957,000 元（ 二 零 一 九 年： 22,171,000 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 553,029 659,796 1,628 343 687 415 555,000 660,898 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。 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） 19 Trade and other payables (Continued) Movements in receipts in advance from customers 19 應付賬款及其他應付款（續） 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 489,225 363,442 (33,000) (23,370) 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 (468,652) (338,310) 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 4,133,295 4,535,518 forward sales deposits received during the year (3,617,528) (4,048,055) 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 503,340 489,225 20 Bank loans At 31st March 2020, the bank loans were repayable as follows: 20 銀行貸款 於二零二零年三月三十一日，銀行貸款須於下列 期限償還： Within one year or on demand 一年內或按要求 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 241,424 44,508 As of the end of the reporting period, no bank loans were secured by charges over property, plant and equipment (note 11(e)). 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(e)）。 Annual Report 2019/2020 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） 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 2020 and 2019, 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)。於二零二零年及二零 一九年三月三十一日，本集團概無違反任何有關 提取信貸之契諾。 21 Lease liabilities The following table shows the remaining contractual maturities of the Group’s lease liabilities at the end of the current and previous reporting periods and at the date of transition to HKFRS 16: 21 租賃負債 下表呈列本集團之租賃負債於當前及過往匯報日 及於過渡至《香港財務報告準則》第 16 號當日之 餘下合約期限： 31st March 2020 二零二零年三月三十一日 Present value of the 1st April 2019 31st March 2019 二零一九年四月一日 Present 二零一九年三月三十一日 Present Total value of the Total value of the Total minimum minimum minimum minimum minimum minimum lease payments 最低租賃 lease payments 最低租賃 lease payments 最低租賃 lease payments 最低租賃 lease payments 最低租賃 付款之現值 付款總額 付款之現值 付款總額 付款之現值 lease payments 最低租賃 付款總額 $’000 千元 $’000 千元 (Note) (Note) (Note) (Note) （附註） $’000 千元 （附註） $’000 千元 （附註） $’000 千元 （附註） $’000 千元 89,957 91,337 71,627 79,055 67,620 70,993 65,443 70,557 79,004 87,433 112,761 118,873 6,993 19,052 9,428 20,799 153,617 243,574 187,632 259,259 177,478 268,815 (25,241) 243,574 210,229 289,284 (30,025) 259,259 – – – – – – – – – – – – – – Within one year 一年內 After 1 year but within 2 years 一年後但兩年內 After 2 years but within 5 years 兩年後但五年內 After 5 years 五年後 Less: Total future interest expenses 減：未來利息費用總額 Present value of lease liabilities 租賃負債之現值 206 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 21 Lease liabilities (Continued) Note: 21 租賃負債（續） 附註： The Group has initially applied HKFRS 16 using the modified retrospective 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 approach and adjusted the opening balances at 1st April 2019 to recognise 第 16 號及調整於二零一九年四月一日之期初結餘，以確認 lease liabilities relating to leases which were previously classified as operating 與先前根據《香港會計準則》第 17 號分類為經營租賃之租 leases under HKAS 17. These liabilities have been aggregated with the 賃相關之租賃負債。該等負債已與有關先前分類為融資租 brought forward balances relating to leases previously classified as finance 賃之租賃承前結餘合併結算。於二零一九年三月三十一日 leases. Comparative information as at 31st March 2019 has not been restated 之比較信息並未重列，且僅與先前分類為融資租賃之租賃 and relates solely to leases previously classified as finance leases. Further 相關。有關過渡至《香港財務報告準則》第 16 號之影響之 details on the impact of the transition to HKFRS 16 are set out in note 1(c). 進一步詳情載於附註 1(c)。 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. (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. 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) 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。 Annual Report 2019/2020 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） 22 Employee retirement benefits (Continued) (a) Defined contribution retirement plans 22 僱員退休福利（續） (a) 界定供款退休計劃（續） (Continued) (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 9.5% 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 9.5% 向一項為其僱員而設之註冊退休基金 供款。計劃資產由獨立管理之基金分開持 有。向計劃支付之供款即時歸屬。 (b) Defined benefit retirement plans At 31st March 2020, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: (b) 界定福利退休計劃 於二零二零年三月三十一日，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)） 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 27,878 6,435 34,313 18,682 3,942 22,624 208 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） 22 Employee retirement benefits (Continued) (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. 22 僱員退休福利（續） (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 2020 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 65% (2019: 77%) covered by the plan assets held by the trustee. 該 計 劃 之 最 新 精 算 估 值 乃 於 二 零 二 零 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 65% （二零一九年：77%）受信託人持有之計劃資產保 障。 (i) The amounts recognised in the consolidated statement of financial position are as follows: (i) 於綜合財務狀況表確認之金額如下： 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 Present value of wholly funded obligations 79,797 80,091 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 (51,919) (61,409) 27,878 18,682 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 $2,744,000 in contributions to defined benefit retirement plan during the year ending 31st March 2021 (2019: $2,810,000). 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 二一年三月三十一日止年度向界定福利退休計劃 支付供款 2,744,000 元（二零一九年：2,810,000 元）。 Annual Report 2019/2020 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） 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (ii) Plan assets consist of the following: 22 僱員退休福利（續） (c) 退休金（續） (ii) 計劃資產包括下列各項： 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 9,681 4,172 3,687 2,665 16,203 36,408 6,167 9,674 – 15,841 (330) 51,919 13,976 5,261 3,778 2,839 17,446 43,300 3,165 3,093 10,571 16,829 1,280 61,409 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 Cash, current assets and current liabilities 現金、流動資產及流動負債 Total quoted plan assets 已報價計劃資產總值 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） 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (iii) Movements in the present value of the defined benefit 22 僱員退休福利（續） (c) 退休金（續） (iii) 界定福利責任之現值變動如下： obligations are as follows: At 1st April 於四月一日 Remeasurement: 重新計量： –Actuarial losses arising from changes in demographic assumptions – 由人口統計假設改變所致之精算虧損 –Actuarial losses arising from changes in financial assumptions – 由財務假設改變所致之精算虧損 Benefits paid by the Plan 該計劃已付福利 Current service cost 現有服務成本 Interest cost 利息成本 At 31st March 於三月三十一日 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 80,091 77,647 65 3,182 (7,781) 3,143 1,097 79,797 55 3,408 (5,669) 3,197 1,453 80,091 The weighted average duration of the defined benefit obligation is 8 years (2019: 8 years). 界定福利責任之加權平均期限為八年（二零一九 年：八年）。 (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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 61,409 2,843 (7,781) (100) (5,306) 854 51,919 65,042 2,980 (5,669) (88) (2,097) 1,241 61,409 Annual Report 2019/2020 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） 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (v) Net expenses recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: 22 僱員退休福利（續） (c) 退休金（續） (v) 於綜合損益及其他全面收益表確認之開支淨 額如下： Current service cost 現有服務成本 Administrative expenses paid from plan assets 由計劃資產支付之行政費用 Net interest on net defined benefit liability 界定福利負債淨額之淨利息 Total amounts recognised in profit or loss 於損益確認之總額 Actuarial 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 界定福利總開支 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 3,143 100 243 3,486 3,247 5,306 8,553 12,039 3,197 88 212 3,497 3,463 2,097 5,560 9,057 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 212 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 688 896 1,510 392 3,486 622 892 1,525 458 3,497 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） 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (vi) Significant actuarial assumptions and sensitivity analysis are 22 僱員退休福利（續） (c) 退休金（續） (vi) 重大精算假設及敏感性分析如下： as follows: Discount rate 折現率 Future salary increases 未來薪金增幅 2020 二零二零年 2019 二零一九年 0.70% 1.40% 3.5% per annum 4.0% per annum 每年 3.5% 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）： 2020 二零二零年 2019 二零一九年 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 (2,966) 3,140 (3,147) 3,342 3,160 (3,016) 3,358 (3,193) 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 2019/2020 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） 22 Employee retirement benefits (Continued) (d) Long service payments (Continued) An actuarial valuation of long service payments was also carried out at 31st March 2020, by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. 22 僱員退休福利（續） (d) 長期服務金（續） 長期服務金亦於二零二零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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 6,435 3,942 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。 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） 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 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 21/6/2019 8/9/2012 to至7/9/2021 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 21/6/2020 to至20/6/2029 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 2020 二零二零年 2019 二零一九年 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 6.400 9.370 9.370 10.080 10.080 13.600 13.600 14.792 14.792 15.440 16.296 25.100 30.350 44.810 1 year 年 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 9 years 年 9 years 年 2 years 年 3 years 年 4 years 年 4 years 年 5 years 年 5 years 年 6 years 年 6 years 年 7 years 年 7 years 年 8 years 年 8 years 年 9 years 年 10 years 年 – 1,740 2,822 38 1,704 60 1,792 328 1,588 1,392 1,420 – 2,251 2,527 320 1,812 19,794 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 Annual Report 2019/2020 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） 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, nil options (2019: 220,000 options) were exercised under the 2002 Share Option Scheme, and 2,196,000 options (2019: 2,490,000 options) were exercised under the 2012 Share Option Scheme. 年內，概無購股權（二零一九年：220,000 份購 股權）根據二零零二年購股權計劃已獲行使及 2,196,000 份購股權（二零一九年：2,490,000 份 購股權）根據二零一二年購股權計劃已獲行使。 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） 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: 2020 二零二零年 2019 二零一九年 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 13.811 20,742 11.715 20,260 15.145 (2,196) 12.711 (2,710) 44.810 1,964 25.592 3,418 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 25.731 (716) 17.334 (226) 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 16.307 19,794 13.811 20,742 13,597 12,166 The weighted average share price at the date of exercise for share options exercised during the year was $37.243 (2019: $26.897). 已行使之購股權於年內之行使日期之加權平均股 價為 37.243 元（二零一九年：26.897 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 2019/2020 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） 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 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 21/6/2019 Date of grant 授出日期 $0.605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 $7.607元 $5.490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 $38.750元 Fair value at measurement date 於計量日期之公允值 Share price 股價 Exercise price $6.358元 $6.400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 $44.810元 行使價 Expected volatility 25% 26% 26% 26% 26% 26% 26% 26% 26% 26% 24% 24% 23% 25% 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% 4.0% 4.0% 3.5% 3.5% 3.0% 3.0% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 預期股息 Risk-free interest rate 1.750% 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% 1.490% 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。 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） 24 Income tax in the consolidated statement of financial position (a) Current tax recoverable/(payable) in the consolidated statement of financial position represents: 24 綜合財務狀況表之所得稅 (a) 綜合財務狀況表之應收╱（應付） 現期稅項如下： Provision for Hong Kong Profits Tax for the year (18,455) (37,448) 2020 二零二零年 $’000 千元 2019 二零一九年 $’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 37,844 19,389 – 33,332 52,721 35,828 (1,620) 880 9,332 8,592 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 66,497 37,727 (13,776) (29,135) 52,721 8,592 Annual Report 2019/2020 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） 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 (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 – – 1,001 – – 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 – – (3,561) (45,499) 808 1,809 (97) (17,812) (97) (17,812) – – 156 59 (928) 12,900 2,028 (3,812) – 30 30 – (30) – – 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 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April 2019 於二零一九年四月一日 Exchange adjustments 匯兌調整 Credited/(charged) to  profit or loss 於損益計入╱（扣除） Credited to reserves 於儲備計入 (118,402) 29,307 3,515 87,287 (19,452) 4,619 (536) – (5,011) – 11,192 3,948 (11) (3,192) – – 1,872 – 993 – At 31st March 2020 (102,591) 32,719 5,376 79,084 (18,459) 於二零二零年三月三十一日 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） 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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 Net deferred tax assets recognised in the consolidated statement of financial position 97,653 81,169 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 (101,465) (98,981) 於綜合財務狀況表確認之遞延稅項負債淨額 (3,812) (17,812) (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 $337,741,000 (2019: $524,648,000) 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337,741,000元（二 零一九年：524,648,000 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 $77,995,000 (2019: $78,895,000) which can be carried forward up to twenty years from the year in which the loss originated. The remaining balance of $259,746,000 (2019: $445,753,000) does not expire under current tax legislation. 未 確 認 稅 務 虧 損 中 有 77,995,000 元（ 二 零 一 九 年：78,895,000 元）將可自虧損產生之年度起結 轉最多二十年。其餘 259,746,000 元（二零一九 年：445,753,000 元）結餘不會根據現行稅法屆 滿。 Annual Report 2019/2020 年度報告 221 Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算） 25 Capital, reserves and dividends (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: 25 資本、儲備及股息 (a) 權益組成部份之變動 本集團綜合權益各組成部份之年初與年末結餘之 對賬載於綜合權益變動表。本公司權益個別組成 部份於年初及年末之變動詳情載列如下： The Company 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 Total equity 權益總額 Retained profits 保留溢利 (Note) （附註） 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 Note: 附註： The Company has initially applied HKFRS 16 at 1st April 2019 using the 集團已於二零一九年四月一日首次應用《香港財務報告準 modified retrospective approach. Under this approach, the comparative 則》第 16 號。根據採用經修訂的追溯法，比較信息並未重 information is not restated. See note 1(c). 列。詳情載於附註 1(c)。 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） 25 Capital, reserves and dividends (Continued) (a) Movements in components of equity (Continued) The Company (Continued) 25 資本、儲備及股息（續） (a) 權益組成部份之變動（續） 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 898,961 35,176 2,261 38,214 492 1,710,238 2,685,342 – – – – – (3,258) (3,258) 898,961 35,176 2,261 38,214 492 1,706,980 2,682,084 Balance at 31st March 2019  and 1st April 2019 於二零一九年三月三十一日及二零一九年 四月一日結餘 Impact on initial application of HKFRS16 首次應用《香港財務報告準則》第16號之 影響 Adjusted balance at 1st April 2019 於二零一九年四月一日之經調整結餘 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 2020 於二零二零年三月三十一日結餘 25(d)(i) – (1,218) Shares issued on exercise of share options 25(c)(ii) 40,367 – – – – – – – – – – – – – – – – (7,109) 12,686 – – – – – – – – 1,218 – – – 33,258 12,686 (404,181) (404,181) (40,424) (40,424) (790) 302,512 301,722 939,328 33,958 2,261 43,791 (298) 1,566,105 2,585,145 Annual Report 2019/2020 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） 25 Capital, reserves and dividends (Continued) (b) Dividends (i) Dividends payable to equity shareholders of the 25 資本、儲備及股息（續） (b) 股息 (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 (2019: 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 （二零一九年：每股普通股 3.8 仙） Final dividend proposed after the end of the reporting period of 28.4 cents per ordinary share (2019: 38.0 cents per ordinary share) (note 25(e)) 於匯報日後擬派之末期股息 – 每股普通股 28.4 仙 （二零一九年：每股普通股 38.0 仙）（附註 25(e)） 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 40,424 40,324 302,132 403,574 342,556 443,898 The final dividends proposed after the end of the reporting period are based on 1,063,843,500 ordinary shares (2019: 1,062,037,500 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 1,063,843,500 股普通股（二零 一九年：1,062,037,500 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 38.0 cents per ordinary share (2019: 31.4 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 38.0 仙（二零一九年：每股普通股 31.4 仙） 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 404,181 333,191 224 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） 25 Capital, reserves and dividends (Continued) (c) Share capital (i) Issued share capital 25 資本、儲備及股息（續） (c) 股本 (i) 已發行股本 2020 二零二零年 2019 二零一九年 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 1,061,582 898,961 1,058,872 857,335 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 2,196 40,367 2,710 41,626 就行使購股權而發行股份 At 31st March 於三月三十一日 1,063,778 939,328 1,061,582 898,961 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 2,196,000 (2019: 2,710,000) ordinary shares in the Company. The net consideration of $33,258,000 (2019: $34,446,000) was credited to share capital. $7,109,000 (2019: $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 2,196,000 股（ 二 零 一 九 年： 2,710,000 股）本 公 司 普 通 股 之 購 股 權 獲 行 使。 代 價 淨 額 為 33,258,000 元（ 二 零 一 九 年： 34,446,000 元）並已撥入股本。7,109,000 元（二 零一九年：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 2019/2020 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） 25 Capital, reserves and dividends (Continued) (d) Nature and purpose of reserves (i) Capital reserve As part of the restructuring of the Group in February 1994, the Company disposed of a property to a former subsidiary and consideration was received in the form of cash and another property. A total gain, representing the difference between the historical carrying value of the property disposed of and the fair value of the consideration received, resulted from such transaction. 25 資本、儲備及股息（續） (d) 儲備之性質及用途 (i) 資本儲備 作為本集團於一九九四年二月進行之重組之一部 份，本公司向一間前附屬公司出售一項物業，代 價以現金及另一項物業支付，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, $1,218,000 (2019: $3,609,000) 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，1,218,000 元（二零一九年：3,609,000 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, Vitasoy Foshan, Vitasoy Wuhan and Vitasoy Shanghai 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、佛山維他奶、武漢維他奶及上海維他奶分別 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。 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） 25 Capital, reserves and dividends (Continued) (d) Nature and purpose of reserves (Continued) (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). 25 資本、儲備及股息（續） (d) 儲備之性質及用途（續） (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 2020, 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 $1,568,366,000 (2019: $1,712,499,000). (e) 可供分派儲備 於二零二零年三月三十一日，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 1,568,366,000 元（二零一九 年：1,712,499,000 元）。 After the end of the reporting period the directors proposed a final dividend of 28.4 cents per ordinary share (2019: 38.0 cents per ordinary share), amounting to $302,132,000 (2019: $403,574,000) (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 28.4 仙（二零一九年：每股普通股 38.0 仙），總 數為 302,132,000 元（二零一九年：403,574,000 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 lease liabilities, 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租賃負債之總額，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 2019/2020 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） 25 Capital, reserves and dividends (Continued) (f) Capital management (Continued) The Group has initially applied HKFRS 16 using the modified retrospective approach. Under this approach, the Group recognises right-of-use assets and corresponding lease liabilities for almost all leases previously accounted for as operating leases as from 1st April 2019. This caused a significant increase in the Group’s total debt and hence the Group’s debt-to-adjusted capital ratio rose from 1% to 10% on 1st April 2019 when compared to its position as at 31st March 2019. The Group’s strategy, which was unchanged from the year ended 31st March 2019, 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. The Group’s debt-to-adjusted capital ratio at the end of the current and previous reporting periods and at the date of transition to HKFRS 16 was as follows: 25 資本、儲備及股息（續） (f) 資本管理（續） 本集團已採用經修訂追溯法首次應用《香港財務 報告準則》第 16 號。根據此方法，本集團就先前 自二零一九年四月一日起入賬為經營租賃之絕大 部分租賃確認使用權資產及相應租賃負債。此導 致本集團之負債總額明顯增加，及因此本集團於 二零一九年四月一日之負債對經調整資本比率與 於二零一九年三月三十一日之狀況相比由 1% 上 升至 10%。 本集團之策略與截至二零一九年三月三十一日止 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。 本集團於當期及過往匯報日以及過渡至《香港財 務報告準則》第 16 號當日之負債對經調整資本比 率如下： 31st March 2020 二零二零年 三月三十一日 $’000 千元 1st April 2019 二零一九年 四月一日 (Note) （附註） $’000 千元 31st March 2019 二零一九年 三月三十一日 (Note) （附註） $’000 千元 Current liabilities: 流動負債： Bank loans (note 20) 銀行貸款（附註 20） Lease liabilities (note 21) 租賃負債（附註 21） Non-current liabilities: 非流動負債： Lease liabilities (note 21) 租賃負債（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 228 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 241,424 89,957 331,381 153,617 484,998 44,508 71,627 44,508 – 116,135 44,508 187,632 303,767 – 44,508 3,418,104 3,463,734 3,469,560 (302,132) (403,574) (403,574) 3,115,972 3,060,160 3,065,986 16% 10% 1% Notes to the Financial Statements 財務報表附註 (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) (f) Capital management (Continued) 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. 25 資本、儲備及股息（續） (f) 資本管理（續） 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。 Note: 附註 ︰ The Group has initially applied HKFRS 16 using the modified retrospective 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 approach and adjusted the opening balances at 1st April 2019 to recognise 第 16 號及調整於二零一九年四月一日之期初結餘，以確認 lease liabilities relating to leases which were previously classified as operating 與先前根據《香港會計準則》第 17 號分類為經營租賃之租 leases under HKAS 17. Under this approach, the comparative information is 賃相關之租賃負債。根據此方法，比較信息並未重列。見 not restated. See note 1(c). 附註 1(c)。 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。 Annual Report 2019/2020 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） 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) (a) Credit risk (Continued) 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, 15.4% (2019: 16.9%) and 35.5% (2019: 37.1%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. 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. 允值（續） (a) 信貸風險（續） 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 15.4%（二零一九年：16.9%）及 35.5% （二零一九年：37.1%）。 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。 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. 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。 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） 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) (a) Credit risk (Continued) The following table provides information about the Group’s exposure to credit risk and ECLs for trade debtors and bills receivable: 允值（續） (a) 信貸風險（續） 下表提供有關本集團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： 2020 二零二零年 2019 二零一九年 Gross carrying Gross carrying amount 賬面總值 Loss allowance 虧損撥備 ’000 千元 $’000 千元 amount Loss allowance 賬面總值 ’000 千元 虧損撥備 $’000 千元 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 624,247 – 634,852 56,124 21,157 7,462 808 (889) (518) (356) (348) – (626) (163) 64,474 13,000 5,241 (400) 135 (88) 709,798 (2,111) 717,702 (1,277) Annual Report 2019/2020 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） 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) (a) Credit risk (Continued) Movement in the loss allowance account in respect of trade debtors and bills receivable during the year is as follows: 允值（續） (a) 信貸風險（續） 應收賬款及應收票據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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 1,277 1,022 (98) 977 (45) (18) 316 (43) 2,111 1,277 (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 2019. (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。自截至二零一九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。 232 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) 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: (b) 流動資金風險（續） 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： 2020 二零二零年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand More than More than 1 year but 2 years but less than 2 years less than 5 years 一年內或 多於一年但 多於兩年但 After 5 years Carrying Amount Total 按要求 少於兩年 少於五年 五年後 總計 賬面值 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 1,635,803 242,191 – – – – – – 1,635,803 1,635,803 242,191 241,424 91,337 70,993 87,433 19,052 268,815 243,574 1,969,331 70,993 87,433 19,052 2,146,809 2,120,801 Trade and other payables (excluding receipts in advance and customer deposits) 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 Lease liabilities (Note) 租賃負債（附註） Annual Report 2019/2020 年度報告 233 Notes to the Financial Statements 財務報表附註 (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 Note: 44,591 44,591 44,508 1,588,335 1,588,335 1,588,252 附註 ︰ The Group has initially applied HKFRS 16 using the modified retrospective 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 approach and adjusted the opening balances at 1st April 2019 to recognise 第 16 號並調整於二零一九年四月一日之期初結餘，以確認 lease liabilities relating to leases which were previously classified as operating 與先前根據《香港會計準則》第 17 號分類為經營租賃之租 leases under HKAS 17. Lease liabilities include amounts recognised at the 賃相關之租賃負債。租賃負債包括於過渡至《香港財務報 date of transition to HKFRS 16 in respect of leases previously classified as 告準則》第 16 號當日就先前根據《香港會計準則》第 17 號 operating leases under HKAS 17 and amounts relating to new leases entered 分類為經營租賃之租賃確認之金額，以及於年內訂立之新 into during the year. Under this approach, the comparative information is not 租賃相關之金額。根據此方法，比較信息並未重列。見附 restated. See note 1(c). 註 1(c)。 234 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） 2020 二零二零年 2019 二零一九年 Contractual undiscounted cash Contractual undiscounted cash (outflow)/inflow (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 Within 1 year or Total on demand 總計 一年內或 按要求 Total 總計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 (45,371) (45,371) 46,235 46,235 – – – – 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 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。 Annual Report 2019/2020 年度報告 235 Notes to the Financial Statements 財務報表附註 (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) Interest rate risk (Continued) Interest rate profile (c) (i) The following table details the interest rate profile of the Group’s interest-bearing borrowings at the end of the reporting period: 允值（續） (c) 利率風險（續） (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： 2020 二零二零年 Effective interest rate 實際利率 2019 二零一九年 Effective Amount interest rate 金額 實際利率 Amount 金額 % $’000 千元 % $’000 千元 3.48 243,574 – – 2.42 241,424 2.95 44,508 484,998 44,508 Fixed rate borrowings: 定息借貸： Lease liabilities (Note) 租賃負債（附註） Variable rate borrowings: 浮息借貸： Bank loans 銀行貸款 Total borrowings 借貸總額 Note: 附註 ︰ The Group has initially applied HKFRS 16 using the modified retrospective 本集團已採用經修訂追溯法首次應用《香港財務報告準則》 approach and adjusted the opening balances at 1st April 2019 to recognise 第 16 號並調整於二零一九年四月一日之期初結餘，以確認 lease liabilities relating to leases which were previously classified as operating 與先前根據《香港會計準則》第 17 號分類為經營租賃之租 leases under HKAS 17. Under this approach, the comparative information is not restated. See note 1(c). 賃相關之租賃負債。根據此方法，比較信息並未重列。見 附註 1(c)。 236 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) Interest rate risk (Continued) (c) (ii) Sensitivity analysis At 31st March 2020, it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/increased the Group’s profit after taxation and retained profits by approximately $1,946,000 (2019: $312,000). 允值（續） (c) 利率風險（續） (ii) 敏感性分析 於 二 零 二 零 年 三 月 三 十 一 日， 估 計 利 率 普 遍 上升╱下跌一百個基點，在所有其他可變動因素 保持不變之情況下，本集團除稅後溢利及保留溢 利將因此減少╱增加約 1,946,000 元（二零一九 年：312,000 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 2019. 截至二零一九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 lease liabilities 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”), Renminbi (“RMB”), European dollars (“EUR”) and New Zealand dollars (“NZD”). (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、現金結餘及租賃負債， 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」）、人民幣（「人民 幣」）、 歐 元（「 歐 元」）及 新 西 蘭 元（「 新 西 蘭 元」）。 Annual Report 2019/2020 年度報告 237 Notes to the Financial Statements 財務報表附註 (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) (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, RMB, EUR and NZD. 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. 允值（續） (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、人民幣、歐元及新西蘭元計值外，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 2019. During the year ended 31st March 2020, the Group uses bank balances to hedge its currency risk arising from the purchase of raw materials and machineries that are denominated in foreign currency and classifies these as cash flow hedges as set out in note 18(a). 自截至二零一九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。於截至二零二 零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及機器時所產生 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 other comprehensive income. The net fair value of forward exchange contracts used by the Group as economic hedges of monetary assets and liabilities denominated in foreign currencies at 31st March 2020 was assets of $501,000 (2019: Nil), recognised as derivative financial instruments. 用作經濟對沖以外幣計值之貨幣資產及負債之遠 期外匯合約之公允值變動於其他全面收益內確 認。於二零二零年三月三十一日，本集團用作經 濟對沖以外幣計值之貨幣資產及負債之遠期外匯 合約之淨公允值為資產 501,000 元（二零一九年： 無），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。 238 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) Exposure to currency risk (d) Currency risk (Continued) (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. 允值（續） (d) 貨幣風險（續） (i) 承受之貨幣風險 下表詳列本集團於匯報日以有關實體之功能貨幣 以外之貨幣計值之已確認資產或負債所產生之重 大貨幣風險。有關風險承擔之金額乃按年結日之 即期匯率換算為港幣作呈列之用。換算香港以外 地區附屬公司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） 2020 二零二零年 2019 二零一九年 USD 美元 AUD NZD 澳元 新西蘭元 $’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 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 AUD NZD 澳元 新西蘭元 RMB 人民幣 RMB 人民幣 HKD 港幣 HKD 港幣 SGD 坡元 USD 美元 PHP 比索 EUR 歐元 PHP 比索 SGD 坡元 EUR 歐元 Cash and bank deposits 現金及銀行存款 Amount due from/(to) group companies 應收╱（應付）集團成員公 司款項 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 37,303 4,349 – – 1 – – – – 104,879 50,717 2,159 (18,019) 5,770 – – 190 8,018 – – – – – – – (4,190) 53,305 – – – – (608) 4,793 5,999 – 23,201 1 – – – 478 981 51,331 2,508 10,460 21,202 – – 6 12,158 – – – – – – – (3,822) 33,638 – – – – (92) (18,854) (13,257) (314) (22,371) (1,553) (258) 22,798 (13,256) 1,845 86,860 52,297 53,305 7,600 11,622 (1,552) 2,728 11,441 68,711 33,638 12,072 – – – – – – – 4,022 – – – – – (41,684) – – – – – – – 22,798 (9,234) 1,845 86,860 52,297 53,305 7,600 (41,684) 11,622 (1,552) 2,728 11,441 68,711 33,638 12,072 – – – – – – – – Annual Report 2019/2020 年度報告 239 Notes to the Financial Statements 財務報表附註 (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) (d) Currency risk (Continued) (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s profit after taxation and retained profits that would arise if foreign exchange rates to which the Group entities have significant exposure at the end of the reporting period had changed at that date, assuming all other risk variables remained constant. In this respect, it is assumed that the pegged rate between the HKD and the USD would be materially unaffected by any changes in movement in value of the USD against other currencies. 允值（續） (d) 貨幣風險（續） (ii) 敏感性分析 下表列示於匯報日本集團各實體面對重大風險之 匯率於該日出現變動可能導致本集團除稅後溢利 及保留溢利之即時變動（假設所有其他風險可變 動因素維持不變）。就此而言，乃假設港幣與美 元之聯繫匯率不會因美元兌其他貨幣之任何匯價 走勢變動而受到重大影響。 2020 二零二零年 2019 二零一九年 Increase/ Increase/ (decrease) Increase/ Increase/ (decrease) (decrease) in profit after (decrease) in profit after in foreign taxation and in foreign taxation and exchange rates retained profits exchange rates retained profits 匯率上升╱ 除稅後溢利 及保留溢利 匯率上升╱ 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)% (290) 290 (357) 357 77 (77) 3,134 (3,134) 2,108 (2,108) 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 759 (759) (59) 59 135 (135) 469 (469) 2,791 (2,791) USD 美元 EUR 歐元 SGD 坡元 HKD 港幣 RMB 人民幣 240 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) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) 允值（續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 2020 二零二零年 2019 二零一九年 Increase/ Increase/ (decrease) Increase/ Increase/ (decrease) (decrease) in profit after (decrease) in profit after in foreign taxation and in foreign taxation and exchange rates retained profits exchange rates retained profits 匯率上升╱ 除稅後溢利 及保留溢利 匯率上升╱ 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)% 2,665 (2,665) 366 (366) (1,459) 1,459 5% (5)% 5% (5)% 5% (5)% 1,682 (1,682) 322 (322) – – PHP 比索 AUD 澳元 NZD 新西蘭元 Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ profit after taxation measured in the respective functional currencies, translated into HKD at the exchange rate ruling at the end of the reporting period for presentation purposes. 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。 Annual Report 2019/2020 年度報告 241 Notes to the Financial Statements 財務報表附註 (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) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) 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 2019. Financial assets and liabilities measured at fair value (e) Fair value measurement (i) Fair value hierarchy The following table presents the fair value of the Group’s consolidated financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three- level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: 允值（續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 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 零一九年三月三十一日止年度之分析乃按照相同 基準進行。 (e) 公允值計量 (i) 按公允值計量之金融資產及負債 公允值架構 下表載列定期於匯報日計量之本集團綜合金融工 具公允值，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。 242 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) (e) Fair value measurement (Continued) (i) Financial assets and liabilities measured at fair value (Continued) Fair value hierarchy (Continued) – Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available. 允值（續） (e) 公允值計量（續） (i) 按公允值計量之金融資產及負債（續） 公允值架構（續） – 第二級估值：使用第二級輸入數據（即未能 達到第一級之可觀察輸入數據）且並未使用 重大不可觀察輸入數據計量之公允值。不 可觀察輸入數據為無市場數據之輸入數據。 – Level 3 valuations: Fair value measured using significant unobservable inputs. – 第三級估值：使用重大不可觀察輸入數據 計量之公允值。 The fair value of forward exchange contracts is measured using Level 2 inputs. The fair value is determined by discounting the contractual forward price and deducting the current spot rate. The discount rate used is derived from the relevant government yield curve as at the end of the reporting period plus an adequate constant credit spread. 遠期外匯合約之公允值乃採用第二級輸入數據計 量，並透過貼現合約遠期價格及扣減現有即期匯 率釐定。所採用之貼現率按於匯報日之相關政府 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 2020 and 2019. 於二零二零年及二零一九年三月三十一日，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 2020 not provided for in the financial statements were as follows: 27 承擔 (a) 於二零二零年三月三十一日，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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 347,950 522,838 806,580 1,771,365 1,154,530 2,294,203 As at 31st March 2020, the Group is committed to certain contracts for the acquisition and construction of plant and machinery and buildings. 於二零二零年三月三十一日，本集團承諾履行若 干購買及建造廠房及機器以及樓宇之合約。 Annual Report 2019/2020 年度報告 243 Notes to the Financial Statements 財務報表附註 (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 2020 二零二零年 $’000 千元 2,271 237 2,508 2019 二零一九年 $’000 千元 12,807 7,536 20,343 (c) At 31st March 2019, the total future minimum lease payments under non-cancellable operating leases were 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： Within one year 一年內 After one year but within five years 一年後但五年內 After five years 五年後 Factory machinery Properties and equipment 物業 工廠機器及設備 $’000 千元 $’000 千元 127,549 213,592 20,757 361,898 3,911 3,576 – 7,487 The Group is the lessee in respect of a number of properties and items of factory machinery and equipment under leases which were previously classified as operating leases under HKAS 17. The Group has initially applied HKFRS 16 using the modified retrospective approach. Under this approach, the Group adjusted the opening balances at 1st April 2019 to recognise lease liabilities relating to these leases (see note 1(c)). From 1st April 2019 onwards, future lease payments are recognised as lease liabilities in the statement of financial position in accordance with the policies set out in note 1(j), and the details regarding the Group’s future lease payments are disclosed in note 21. 本集團先前根據《香港會計準則》第 17 號分類為 經營租賃之租賃項下多項物業以及工廠機器及設 備項目之承租人。本集團已採用經修訂追溯法首 次應用《香港財務報告準則》第 16 號。根據此方 法，本集團已調整二零一九年四月一日之期初結 餘，以確認與該等租賃相關之租賃負債（見附註 1(c)）。自二零一九年四月一日起，根據載於附註 1(j) 之政策，未來租賃付款於財務狀況表中確認 為租賃負債，而有關本集團未來租賃付款之詳情 於附註 21 中披露。 244 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 $24,632,000 (2019: $26,111,000). The amount due to the related party as at 31st March 2020 amounted to $6,066,000 (2019: $6,679,000). (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 24,632,000 元（ 二 零 一 九 年： 26,111,000 元）。於二零二零年三月三十一 日應付予該關連人士之款項為 6,066,000 元 （二零一九年：6,679,000 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 $7,060,000 (2019: $6,784,000). The amount due to the related party as at 31st March 2020 amounted to $1,739,000 (2019: $1,687,000). (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 7,060,000 元 （二零一九年：6,784,000 元）。於二零二零 年三月三十一日應付予該關連人士之款項 為 1,739,000 元（ 二 零 一 九 年：1,687,000 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 and raw materials to the joint venture. Total sales to the joint venture for the year amounted to $31,607,000 (2019: $40,013,000). The amount due from the joint venture as at 31st March 2020 amounted to $4,356,000 (2019: $4,629,000). (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及原材料。年內，向 該合營公司作出之銷售總額為 31,607,000 元（二零一九年：40,013,000 元）。於二零 二零年三月三十一日應收該合營公司之款 項為4,356,000元（二零一九年：4,629,000 元）。 Annual Report 2019/2020 年度報告 245 Notes to the Financial Statements 財務報表附註 (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) (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. The loan is expected to be rolled-over and therefore considered to be repayable after one year from the end of the respective reporting period. Total interest income from the joint venture for the year amounted to $1,644,000 (2019: $471,000). The loan to joint venture as at 31st March 2020 amounted to $53,305,000 (2019: $33,638,000). (a) 與關連人士之交易（續） (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 融 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。該貸款預期 將 延 續， 並 因 此 視 為 於 各 自 匯 報 日 之 一 年後償還。年內，來自該合營公司之利息 收 入 總 額 為 1,644,000 元（ 二 零 一 九 年： 471,000 元）。 於 二 零 二 零 年 三 月 三 十 一 日，向合營公司借出之貸款為 53,305,000 元（二零一九年：33,638,000 元）。 The related party transactions in respect of (i) and (ii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. However, they are exempt from the disclosure requirements in Chapter 14A of the Listing Rules as they are below the de minimis threshold under Rule 14A.76(1). 上述有關第 (i) 及 (ii) 項之關連人士交易構成上市 規則第 14A 章所界定之持續關連交易。然而，由 於該等交易低於第 14A.76(1) 條最低門檻，因此 獲豁免遵守上市規則第 14A 章之披露規定。 (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 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 42,472 44,817 1,230 8,066 1,254 9,703 51,768 55,774 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)）。 246 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。 capital During the year ended 31st March 2020, the Group and Guangming contributed additional totaling RMB119,000,000 (equivalent to approximately $137,254,000) to Vitasoy Dongguan in proportion to their shareholding of 85% and 15% in Vitasoy Dongguan respectively, of which RMB17,850,000 (equivalent to approximately $20,588,000) was contributed by Guangming and was presented as capital contribution from a non-controlling interest in the consolidated cash flow statement. 截至二零二零年三月三十一日止年度，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 119,000,000 元（相當於約 137,254,000 元），其 中人民幣17,850,000元（相當於約20,588,000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 2019/2020 年度報告 247 Notes to the Financial Statements 財務報表附註 (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 2020 二零二零年 2019 二零一九年 (Note) （附註） 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 – Right-of-use assets – 使用權資產 – 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 Bank loan 銀行貸款 Amounts due to subsidiaries 應付附屬公司款項 Lease liabilities 租賃負債 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 248 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 3,502 154,431 606,334 764,267 1,721,300 51 2,485,618 3,628 – 505,594 509,222 1,600,707 1,185 2,111,114 166,949 455,446 402,704 17,496 124,249 1,166,844 550,689 190,000 67,644 55,600 – 863,933 182,551 479,130 168,877 – 497,338 1,327,896 592,000 – 89,990 – 514 682,504 302,911 2,788,529 645,392 2,756,506 Notes to the Financial Statements 財務報表附註 (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) 2020 二零二零年 2019 二零一九年 (Note) （附註） Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 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 Note: 115,469 27,956 59,959 – 18,533 52,631 203,384 2,585,145 71,164 2,685,342 25(a) 939,328 1,645,817 898,961 1,786,381 2,585,145 2,685,342 附註 ︰ The Company has initially applied HKFRS 16 at 1st April 2019 using the 本集團已於二零一九年四月一日採用經修訂追溯法首次應 modified retrospective approach. Under this approach, the comparative 用《香港財務報告準則》第 16 號。根據此方法，比較信息 information is not restated. See note 1(c). 並未重列。見附註 1(c)。 Approved and authorised for issue by the Board of Directors on 19th June 2020. 於二零二零年六月十九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 2019/2020 年度報告 249 Notes to the Financial Statements 財務報表附註 (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 Since the outbreak of COVID-19 pandemic in early 2020, ongoing prevention and control measures have been carried out by the Chinese Government and Hong Kong Government. These measures have affected the Group’s business and are expected to continue to adversely impact the Group’s financial performance in the coming financial year. the COVID-19 and the evolving nature of Given the unpredictability of future developments, it is not practicable to provide a reasonable estimate of the impact of the pandemic on the Group’s financial performance. The Group will closely monitor and respond to the development of the COVID-19 and will continue to assess its impact on the Group’s financial position and operating results. 自「新型冠狀病毒」疫情於二零二零年初爆發以 來，中國政府與香港政府已一直推行持續預防及 控制措施。該等措施已影響本集團業務並預期於 下一財政年度持續對本集團之財務表現造成不利 影響。 鑑於「新型冠狀病毒」性質多變且未來發展難以 預測，合理估計疫情對本集團財務表現之影響並 不可行。本集團將密切監控及應對「新型冠狀病 毒」之發展，並將持續評估其對本集團財務狀況 及經營業績之影響。 Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 25(b)(i). 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 Comparative figures The Group has initially applied HKFRS 16 at 1st April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. Further details of the changes in accounting policies are disclosed in note 1(c). 32 比較數字 本集團已於二零一九年四月一日採用經修訂追溯 法首次應用《香港財務報告準則》第 16 號。根據 此方法，比較信息並未重列。有關會計政策之變 動之進一步詳情於附註 1(c) 中披露。 250 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） 33 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March 2020 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and a new standard, HKFRS 17, Insurance contracts, which are not yet effective for the year ended 31st March 2020 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group. 33 已頒佈但尚未於截至二零二零 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 頒佈截至二零二零年三月三十一日止年度尚未生 效，亦無在該等財務報表採用之數項修訂及一項 新訂準則，《香港財務報告準則》第 17 號「保險合 同」，當中包括下列可能與本集團相關之修訂。 Amendments to HKFRS 3, Definition of business 《香港財務報告準則》第 3 號「業務之定義」之修訂 Amendments to HKAS 1 and HKAS 8, Definition of material 《香港會計準則》第 1 號及《香港會計準則》第 8 號「重要性之定義」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 1st January 2020 二零二零年一月一日 1st January 2020 二零二零年一月一日 The Group is in the process of making an assessment of what the impact of these developments is expected to be in the period of initial application. So far the Group concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. 本集團正評估該等修訂於首次應用期間之預期影 響。直到目前為止，採納該等修訂預期不會對本 集團綜合財務報表產生重大影響。 Annual Report 2019/2020 年度報告 251 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars)（以港幣計算） 2020 2019 2018 2017 2016 二零二零年 二零一九年 二零一八年 二零一七年 二零一六年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2 7,232,641 7,526,495 6,464,525 5,406,090 5,551,898 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 1, 2 1, 3 707,433 977,160 822,248 848,034 603,352 (10,932) (2,086) (1,700) (3,730) (4,044) (17,433) (19,236) (17,814) (627) – 679,068 955,838 802,734 843,677 599,308 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 1, 2, 3 (109,477) (208,143) (160,679) (190,383) (34,064) 569,591 747,695 642,055 653,294 565,244 535,878 695,907 585,774 618,372 530,616 – Non-controlling interests 33,713 51,788 56,281 34,922 34,628 – 非控股權益 Profit for the year 本年度溢利 Assets and liabilities 資產及負債 Property, plant and equipment 物業、廠房及設備 Other non-current assets 其他非流動資產 Net current (liabilities)/ assets 淨流動（負債）╱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 569,591 747,695 642,055 653,294 565,244 1 1 1 1 3,712,005 2,939,306 2,348,875 2,053,276 2,186,972 181,288 163,852 173,144 97,027 144,082 (185,794) 488,007 737,116 823,069 383,392 3,707,499 3,591,165 3,259,135 2,973,372 2,714,446 (289,395) (121,605) (89,989) (283,666) (302,583) 3,418,104 3,469,560 3,169,146 2,689,706 2,411,863 252 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） 2020 2019 2018 2017 2016 二零二零年 二零一九年 二零一八年 二零一七年 二零一六年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 939,328 898,961 857,335 774,246 733,722 2, 3 2,189,062 2,266,451 2,052,422 1,697,123 1,466,013 3,128,390 3,165,412 2,909,757 2,471,369 2,199,735 289,714 304,148 259,389 218,337 212,128 3,418,104 3,469,560 3,169,146 2,689,706 2,411,863 50.4 cents仙 65.6 cents仙 55.5 cents仙 58.9 cents仙 50.9 cents仙 49.9 cents仙 65.0 cents仙 55.0 cents仙 58.4 cents仙 50.4 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 As a result of the adoption of HKFRS 16, Leases, with effect from 1st April 2019, the Group has changed its accounting policies in respect of the lessee accounting model. In accordance with the transitional provisions of the standard, the changes in accounting policies were adopted by way of opening balance adjustments to recognise right- of-use assets and lease liabilities as at 1st April 2019. After initial recognition of these assets and liabilities, the Group as a lessee is required to recognise interest expense accrued on the outstanding balance of the lease liability, and the depreciation of the right-of-use asset, instead of the previous policy of recognising rental expenses 1 由於採納自二零一九年四月一日起生效之《香港財 務報告準則》第 16 號「租賃」，本集團變更有關承 租人會計模式之會計政策。根據該準則之過渡性條 文，會計政策之變動獲採納之方式為透過期初結餘 調整之方式以確認於二零一九年四月一日之使用權 資產及租賃負債。於初步確認該等資產及負債後， 本集團（作為承租人）須確認租賃負債未償還結餘產 生之利息費用及使用權資產折舊，而非根據過往之 政策以直線法基準確認租期內經營租賃產生之租金 費用。二零二零年以前的數字根據相關年度的適用 incurred under operating leases on a straight-line basis over the lease 政策呈列。 term. Figures in years earlier than 2020 are stated in accordance with the policies applicable in those years. 2 As a result of the adoption of HKFRS 15, Revenue from contracts with customers, with effect from 1st April 2018, the Group changed its accounting policies in respect of revenue recognition. Figures in years 2 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 earlier than 2019 are stated in accordance with the policies applicable 根據相關年度的適用政策呈列。 in those years. Annual Report 2019/2020 年度報告 253 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars)（以港幣計算） Notes to the five year summary (Continued) 五年財務摘要附註（續） 3 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 changed its accounting policies in relation to financial instruments. As allowed by 3 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 HKFRS 9, the Group did not restate information relating to prior years. 據《香港財務報告準則》第 9 號，本集團並無重列先 There was no difference in the carrying amounts of the financial assets 前年度之資料。採納《香港財務報告準則》第 9 號 and financial liabilities resulting from the adoption of HKFRS 9. Figures 並無導致金融資產及金融負債之賬面值出現差異。 in years earlier than 2019 are stated in accordance with the policies 二零一九年以前的數字根據相關年度的適用政策呈 applicable in those years. 列。 254 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Annual Report 2019/20 年度報告 

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