Annual Report 2021/22 年度報告 CONTENTS 目錄 02 04 06 10 27 78 88 Directors and Corporate Information 董事及集團資料 Financial Highlights 財務摘要 Chairman’s Statement 主席報告 Group Chief Executive Officer’s Report/ Business Review 集團行政總裁報告╱業務回顧 Corporate Governance Report 企業管治報告 Directors and Senior Management 董事及高層管理人員 Report of the Directors 董事會報告 105 Independent Auditor’s Report 獨立核數師報告 112 114 115 117 119 121 251 Consolidated Statement of Profit or Loss 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 綜合財務狀況表 Consolidated Statement of Changes in Equity 綜合權益變動表 Consolidated Cash Flow Statement 綜合現金流量表 Notes to the Financial Statements 財務報表附註 Five Year Summary 五年財務摘要 Vitasoy’s Flagship Products 維他奶皇牌產品 Plant-based Milk Beverages 植物奶 Tofu 豆腐 Tea Beverages 茶 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 Ms. Ian Hong NG 集團首席財務總監 吳茵虹女士 Company Secretary Ms. Paggie Ah-hing TONG Registered Office No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong 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 Auditors KPMG Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance 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 2 Directors and Corporate Information董事及集團資料Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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. Bank of China Limited Share Registrar Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Investor Relations Contact Tel: (852) 2468 9272 Fax: (852) 2465 1008 Email: ir@vitasoy.com 主要來往銀行 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 中國銀行股份有限公司 股份過戶登記處 香港中央證券登記有限公司 香港灣仔皇后大道東 183 號 合和中心 46 樓 投資者關係聯絡 電話 : (852) 2468 9272 傳真 : (852) 2465 1008 電郵 : ir@vitasoy.com Key Dates 重要日期 Closure of Register of Members 暫停辦理股份過戶登記 Annual General Meeting 股東週年大會 25th August 2022 (Thursday) to 30th August 2022 (Tuesday) 二零二二年八月二十五日（星期四）至二零二二年八月三十日（星期二） Record Date 記錄日期 30th August 2022 (Tuesday) 二零二二年八月三十日 ( 星期二 ) Annual General Meeting 股東週年大會 11:00 a.m., 30th August 2022 (Tuesday) Chatham Room, Level 7, Conrad Hong Kong, Pacific Place, 88 Queensway, Hong Kong 二零二二年八月三十日（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 3 Directors and Corporate Information董事及集團資料 Annual Report 2021/2022 年度報告 Year Ended 31st March 截至三月三十一日止年度 Results 業績 Revenue Gross Profit 收入 毛利 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation, Amortisation and Share of Losses of Joint Venture) 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」） 2022 二零二二年 HK$ million 港幣百萬元 2021 二零二一年 HK$ million 港幣百萬元 % Change 百分比變動 6,501 3,071 7,520 3,954 -14 -22 340 1,281 -73 (Loss)/Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔 （虧損）╱溢利 Basic (Loss)/Earnings per Share (HK cents) 每股基本（虧損）╱盈利 （港仙） (159) 548 (14.9) 51.5 N/A 不適用 N/A 不適用 Total Dividends per Ordinary Share (HK cents) Year Ended 31st March 截至三月三十一日止年度 Revenue 收入 每股普通股總股息（港仙） – 32.8 -100 Gross Profit 毛利 HK$ million 港幣百萬元 7,526 7,233 7,520 6,465 6,501 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 4,042 3,851 3,954 3,420 3,071 5,000 4,000 3,000 2,000 1,000 0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 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 (Loss)/Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔 ( 虧損 ) ╱溢利 1,500 1,200 900 600 300 0 1,228 1,063 1,097 1,281 340 2018 2019 2020 2021 2022 4 800 700 600 500 400 300 200 100 0 -100 -200 696 586 536 548 (159) 2018 2019 2020 2021 2022 Financial Highlights財務摘要Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 As at 31st March 於三月三十一日 Financial Position 財務狀況 2022 二零二二年 HK$ million 港幣百萬元 2021 二零二一年 HK$ million 港幣百萬元 Total Assets 總資產 6,807 7,276 Net (Debt)/Cash Balance （負債）╱現金淨額 (232) 453 % Change 百分比變動 -6 N/A 不適用 Total Equity Attributable to Equity Shareholders of the Company 本公司股權持有人應佔權 益總額 3,258 3,616 -10 Year Ended 31st March 2022 截至二零二二年三月三十一日止年度 Sales Analysis by Location 銷售額分析（按地區） 2% Singapore 新加坡 9% Australia and New Zealand 澳洲及新西蘭 59% Mainland China 中國內地 30% Hong Kong Operation (the Hong Kong SAR, the Macau SAR and Exports) 香港業務（香港特別行政區、 澳門特別行政區及出口） Notes: “the Hong Kong SAR” represented the Hong Kong Special 附註： 「香港特別行政區」指中華人民共和國香港特別行 Administrative Region of the People’s Republic of China. 政區。 “ t h e M a c a u S A R ” r e p r e s e n t e d t h e M a c a o S p e c i a l 「澳門特別行政區」指中華人民共和國澳門特別行 Administrative Region of the People’s Republic of China. 政區。 5 Financial Highlights財務摘要 Annual Report 2021/2022 年度報告 CHAIRMAN’S STATEMENT 主席報告 Since 1940, the year of Vitasoy’s founding, we have been providing consumers with delicious and nutritional plant- based food and beverages. Although FY2021/2022 was particularly challenging for us, we are confident in our core strengths and ability to gradually bring our business back to a path of sustainable and profitable growth. 維他奶自一九四零年創立以來，一直秉承為消費者提供以植物成 分為主，既美味又營養豐富的食品及飲品的宗旨。儘管二零二一 ╱二零二二財政年度充滿挑戰，但憑藉我們的核心優勢以及雄厚 實力，我們堅信我們的業務將可逐步重拾可持續盈利增長。 Mr. Winston Yau-lai LO (SBS, BSc, MSc) 羅友禮先生 (SBS, BSc, MSc) Executive Chairman 執行主席 6 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Chairman’s Statement 主 席 報 告 In FY2021/2022, Vitasoy Group faced a challenging operating environment because of the COVID-19 pandemic and the underperformance of our Mainland China business. The Group’s revenues dropped by 14% to HK$6,501 million. The loss attributable to equity shareholders of the Company was HK$159 million, compared to last year’s profit of HK$548 million. 於二零二一╱二零二二財政年度，因 2019 冠狀 病毒病疫情持續肆虐，加上中國內地的業務表現 未如理想，維他奶集團的營商環境面臨挑戰。本 集團的收入減少14%至港幣6,501,000,000元。 本公司股權持有人應佔虧損為港幣159,000,000 元，而去年則錄得溢利港幣 548,000,000 元。 As a result of this performance, the Board will prioritise business recovery and has therefore not recommended a final dividend for FY2021/2022. 基於本集團業務表現，董事局將優先專注業務復 甦而不建議派發二零二一╱二零二二財政年度末 期股息。 Recovery in Mainland China, growth in our other operating units 中國內地業務持續復甦，而其他營運單位則 錄得增長 In Mainland China, after underperformance in the first half, we experienced the severe impact of the new COVID-19 Omicron variant as it spread through our strongholds of East and South China. Amidst the impact of the pandemic in Guangdong Province and Shanghai, we were able to achieve improved year-on-year performance during the second half of FY2021/2022 versus year-on-year performance in the first half. 在中國內地，除上半年表現欠佳外，我們的業務 亦因應 2019 冠狀病毒病的新變種 Omicron 疫情 蔓延至我們業務份額最大的華東及華南地區受 到嚴重的影響。儘管廣東省及上海受到了疫情 的影響，與去年同期相比，我們於二零二一╱二 零二二財政年度下半年仍能錄得優於上半年的業 績。 Our performance in locations outside Mainland China was generally strong. 我們在中國內地以外地區的業務整體表現亮麗。 In the Hong Kong SAR, our business experienced a gradual return to normal levels following the pandemic, with strong consumer acceptance of new product launches such as VITAOAT and VITA Fresh Tea, which offset the impact of ongoing border and school closures. 在香港特別行政區，我們的業務在疫情爆發後， 逐步回復至正常水平，主要有賴於我們推出的新 產品，包括 VITAOAT 燕麥奶和維他新鮮茶，廣 受消費者歡迎，足以抵銷邊境關閉及學校停課的 影響。 7 Chairman’s Statement主席報告 Annual Report 2021/2022 年度報告 Australia and New Zealand enjoyed a rewarding year, thanks to the broad-based growth of VITASOY Oat Milk that accelerated our leadership in this category. 澳洲及新西蘭業務於去年錄得豐碩回報，主要歸 功於維他奶燕麥奶的廣泛增長，迅速奠定其在同 類產品的領導地位。 In Singapore, the local beverage and tofu export businesses recovered growth albeit incurring a small loss. In the Philippines, our 1 Litre business for the home occasion continued to grow behind VITASOY Soy Milky, notwithstanding the prolonged COVID-19 restrictions that affected our single-serve platform. 在新加坡，當地飲品及豆腐出口業務儘管錄得小 額虧損，但已重拾升勢。在菲律賓，儘管不斷延 長的 2019 冠狀病毒病限制措施一直影響我們的 一次性飲用裝產品業務，但我們的 1 公升家庭裝 維他奶 Soy Milky 產品仍能繼續錄得增長。 For the year ahead, we must anticipate and mitigate the effects of the ongoing COVID-19 pandemic on the macro- economic environment. As conditions improve, we remain confident in the future prospects for our business. Our fundamentals are strong, our Mainland China business is regaining momentum and, together with our other units, will benefit from the mainstreaming of the plant-based food and beverage movement. Our Environmental, Social and Governance (ESG) performance continues to advance as proven by our ever-improving external ratings, both local and international. As the founder of our company, Dr. Lo Kwee-seong, once said: “Great success comes only after weathering great storms”. In this unprecedented period, we have been able to continue learning and building additional management capabilities. This puts us in an even stronger position for growing our business and fulfilling our mission to bring sustainable plant- based taste and nutrition to even more communities. 展望來年，對於 2019 冠狀病毒病疫情目前的發 展情況以及隨後宏觀經濟環境影響，我們必須前 瞻及應對。隨著情況改善，我們對業務的未來前 景仍然滿懷信心。我們的根基穩健，中國內地業 務已重拾增長勢頭，加上其他業務單位，將受惠 於以植物成分為主的食品及飲品的主流趨勢。我 們對環境、社會及管治方面的表現繼續精益求 精，在本地及國際方面的外部評級持續提升。 誠如本公司創辦人羅桂祥博士所言：「驚濤駭浪 建功業」。當前局勢前所未見，卻有助我們持續 學習，加速建立及提升管理能力，以鞏固公司實 力，進一步發展公司業務，同時秉承公司宗旨： 可持續發展並將以植物成分為主的口味及營養， 推廣到更多社區。 8 Chairman’s Statement主席報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 A note of appreciation 致謝 I would like to thank our Board of Directors, management team and staff for the work they do in support of our business and long-term growth, especially in the context of unique circumstances such as those we have been experiencing during this most recent period. My sincere thanks also go to our shareholders, customers, suppliers and business partners for their confidence in us and our ability to bring the Company back on track. 本人謹藉此機會，衷心感謝我們的董事會、管理 層團隊及全體員工，特別在近年處於特殊情況 下，仍然默默堅守崗位，竭力盡心為我們的業務 及長期增長辛勤付出。對於股東、客戶、供應 商及業務夥伴一直對我們的信賴，相信我們有能 力讓本公司重拾升軌，本人亦謹在此致以由衷謝 意。 Winston Yau-lai LO Executive Chairman 29 June 2022 羅友禮 執行主席 二零二二年六月二十九日 9 Chairman’s Statement主席報告 Annual Report 2021/2022 年度報告 GROUP CHIEF EXECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集團行政總裁報告╱業務回顧 FY2021/2022 was a challenging year, owing to the continued impact of the COVID-19 pandemic that was further aggravated by the underperformance of our Mainland China business. We are confident that by focusing on the execution of core portfolio and strategic innovation we will be able to gradually restore our growth trajectory. 受 2019 冠狀病毒病疫情持續影響，加上本集團中國內地業務表 現未如理想，二零二一╱二零二二財政年度甚具挑戰。我們深 信，憑藉本集團持續專注於核心產品組合及策略創新，我們將逐 步重回增長軌道。 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 10 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 The resurgence of the COVID-19 pandemic caused multiple disruptions in both supply chains and consumption patterns. Its impact was aggravated by weak first half sales in Mainland China, our biggest market, but followed by improvement in the second half. As a result, Group revenues declined 14% for the full Financial Year despite solid growth in our other market operating units such as the Hong Kong SAR, Australia and New Zealand, and Singapore. The loss from operations was HK$213 million for the year, a decline from last year’s profit of HK$843 million. In addition to weaker sales in Mainland China, profits were also affected by the reduction in COVID-19 subsidies that had been received last year in the first phases of the pandemic. These subsidies fell from HK$225 million in FY2020/2021 (the first year of COVID-19) to HK$20 million in FY2021/2022. Excluding the COVID-19 related government subsidies, the Group’s adjusted loss from operations would have been HK$233 million, compared to last year’s adjusted profit of HK$618 million. 2019 冠狀病毒病反覆出現區域性爆發，導致供應 鏈及消費端受到衝擊。此外，我們最大市場，中 國內地市場，上半年銷售疲弱，但下半年銷售情 況已改善。因此，儘管我們於香港特別行政區、 澳洲及新西蘭及新加坡等其他市場營運單位均有 穩定增長，但本集團於本財政年度全年收入下跌 14%。 年內經營虧損為港幣 213,000,000 元，較去年 溢利港幣 843,000,000 元下跌。除受中國內地 銷售疲弱影響外，公司溢利亦因有關 2019 冠狀 病毒病政府補貼較去年第一階段減少影響。該 等補貼由二零二零╱二零二一財政年度（2019 冠狀病毒病的首個年度）的港幣 225,000,000 元 下 降 至 二 零 二 一 ╱ 二 零 二 二 財 政 年 度 的 港 幣 20,000,000 元。 撇 除 2019 冠 狀 病 毒 病 相 關政府補貼，本集團的經調整經營虧損為港幣 233,000,000 元，而去年經調整溢利則為港幣 618,000,000 元。 Loss attributable to equity shareholders of the Company was HK$159 million, compared to a profit of HK$548 million last year, which was in line with our previously announced profit warning on 12th May 2022. 本公司股權持有人應佔虧損為港幣159,000,000 元，而去年則為溢利港幣 548,000,000 元，此 與我們早前於二零二二年五月十二日公佈的盈利 警告一致。 In the context of the above disruptions, we continued our work to strengthen management team capabilities and systems. We also made a number of interventions to improve both the sales execution of our core business and innovation, and our go-to-market strategy. Although Mainland China experienced COVID-19 in the quarter from April to June 2022, we will be ready to accelerate our programmes’ impact when the pandemic situation subsides and economy improves. To counter the impact of rising material costs, we have continued to anticipatively take selective pricing actions and lock in raw material prices in our procurement contracts, whilst exercising strict controls on operating expenses and capital expenditure. 面對以上各種干擾，我們繼續強化管理團隊的能 力及系統。我們作出了若干變動，以改進核心業 務及創新產品的銷售執行以及進入市場策略。儘 管中國內地於二零二二年四月至六月季度內出現 2019 冠狀病毒病疫情，待疫情情況緩和及經濟環 境改善後，我們將準備就緒加快各項目的進度。 面對材料成本上漲，我們繼續於採購合約中預先 採取特選定價措施及鎖定原材料價格，同時嚴格 控制經營費用及資本支出。 As innovation is a major strength of the Group, we renewed our efforts to bring new products to market that appeal to different consumer segments, as described in the following operation units’ specific segments. 創新是本集團的主要優勢，我們致力推出創新產 品以吸引不同客戶群，如下文營運單位的特定分 部所載述。 11 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 Environmental, Social and Governance (ESG) 環境、社會及管治 (ESG) We continued to focus on our operations, whilst enhancing our Environmental, Social and Governance (ESG) performance and building on our Sustainability Framework. This framework consists of two pillars: “Making the Right Products” and “Making Products the Right Way”. 我們在繼續推動業務營運的同時，亦提升我們在 環境、社會及管治表現方面的進展，並建立我們 以兩項基礎組成的可持續發展框架：「生產合適 的產品」及「採用合適的生產方法」。 Under the “Making the Right Products” pillar, we continued to improve our portfolio towards the goal of advancing plant- based products and their nutrition value, whilst reducing sugar and saturated fat at same time. By FY2025/2026, we plan to have 90% of our products in compliance with our new Vitasoy Nutrition Criteria, with nutrition information included on the majority of our packs so that shoppers can make more informed choices for healthy eating. 在「生產合適的產品」的基礎上，我們繼續改進 產品組合，以達致提升植物為本產品的創新及營 養價值，同時減低糖份及飽和脂肪含量。預計於 二零二五╱二零二六財政年度前，我們 90% 的產 品將符合新的維他奶營養標準，同時在大部分產 品的包裝上載列營養資料，讓消費者能為健康飲 食作出更多知情的選擇。 Under the “Making Products the Right Way” pillar, we continued to focus on programmes that reduce our water and energy consumption. Although our progress has been affected by the disruptions described above, we are confident in our ability to keep making progress on this important front. 在「採用合適的生產方法」的基礎上，我們持續 專注各減少用水及能源消耗的項目。儘管進展受 到上述各種干擾所影響，我們仍充滿信心，能夠 在此重要範圍內不斷取得進步。 Within this pillar, we have also introduced a new target on manufacturing waste reduction, quantified our carbon emissions and contributed to the communities we serve via initiatives such as Nourish your Body, Nourish your Mind, under which we provide multi-year school nutrition and education programmes in Mainland China. 在此基礎上，我們亦已加入一個新目標以減少生 產廢棄物，量化碳排放量，以及透過「滋養身心」 計劃，譬如，於中國內地提供多年校園營養及教 育計劃等活動，為所服務的社區作出貢獻。 Our ESG performance is increasingly being awarded higher scores by external rating agencies, such as the Hang Seng Corporate Sustainability Index Series, the Dow Jones Sustainability Indices (DJSI) and MSCI. 我們的環境、社會及管治表現獲外部評級機構 （如「恒生可持續發展企業指數系列」、「道瓊斯可 持續發展指數」、MSCI）授予更高評分。 As more and more communities acknowledge the benefits of plant-based foods and beverages and become more motivated by purpose-driven sustainable companies, we believe our corporate positioning and contribution provide a very strong competitive advantage in our sector. 隨著社區越來越意識到以植物為本的食品及飲品 的益處，以及受目標為本的可持續發展企業積極 帶動，相信我們的企業定位及廣獲認受的貢獻會 於業內提供非常穩固的競爭優勢。 12 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Health and Safety during COVID-19 The health and safety of our staff and partners has been a top priority of the Group during the pandemic. We continued to comply fully with all government regulations and stepped up our existing precautionary measures. These included strict visitor controls in our offices and plant premises, Rapid- Antigen Tests for staff before reporting for duty, and work- from-home arrangements for office-based employees. We also provided vaccination leave, paid time-off for compulsory quarantine or testing requirements, and additional shuttle buses for staff commuting to work, as well as regular health talks. 於 2019 冠狀病毒病疫情期間的健康 與安全 本集團於疫情期間一直高度重視員工及合作夥伴 的健康與安全。我們持續全面遵守及符合所有政 府法規，以及加強實施現有的預防措施。該等措 施包括辦公室和廠房嚴格執行訪客控制措施、員 工上班前須進行快速抗原檢測，及安排辦公室的 僱員在家工作。我們亦提供疫苗假期、為須接受 強制隔離或檢測規定的僱員提供有薪休假、員工 上班下班的額外穿梭巴士，以及定期健康講座。 Financial Highlights 財務摘要 The following table presents the Group’s financial highlights for the year ended 31st March 2022, as compared with the previous financial year ended 31st March 2021. 下表呈列本集團截至二零二二年三月三十一日止 年度與截至二零二一年三月三十一日止上個財政 年度比較的主要財務摘要。 Year ended 31st March 截至三月三十一日止年度 2022 二零二二年 (HK$ million) （港幣百萬元 ) 2021 二零二一年 (HK$ million) （港幣百萬元 ) Change 變動 6,501 7,520 -14% 3,071 3,954 -22% 340 1,281 -73% Revenue 收入 Gross Profit 毛利 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation, Amortisation and Share of Losses of Joint Venture) 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 ) (Loss)/Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔 ( 虧損 ) ╱溢利 (159) 548 N/A 不適用 N/A 不適用 Basic (Loss)/Earnings per Share (HK cents) 每股基本（虧損）╱盈利（港仙） (14.9) 51.5 Gearing ratio 借貸比率 ROCE (Return on Capital Employed) 資本回報率 26% 9% 14% 34% +12% points 百分點 -25% points 百分點 13 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 Revenue 收入 For the year ended 31st March 2022, the Group’s revenue decreased 14% to HK$6,501 million (FY2020/2021: HK$7,520 million). 截至二零二二年三月三十一日止年度，本集團的 收入減少 14% 至港幣 6,501,000,000 元（二零二 零╱二零二一財政年度：港幣 7,520,000,000 元）。 Mainland China:-23% (-28% in local currency) 中國內地：–23%（以當地貨幣計算–28%） Strong recovery in the second half of FY2021/2022 and a significantly narrowed year-on-year decline in sales compared to the first half of the year. 二零二一╱二零二二財政年度下半年強勁復甦， 較本年度上半年銷售額的按年減幅大幅收窄。 Hong Kong Operation (the Hong Kong SAR, the Macau SAR and Exports): +4% 香港業務（香港特別行政區、澳門特別行政 區及出口）：+4% Innovation fuelled growth despite schools being opened only intermittently and local on-the-go channels gradually resuming traffic amidst prolonged border closures. 儘管學校僅間歇性地復課，我們的創新產品推動 了增長，而本地便利店的業務在長期封關下亦正 逐步恢復。 Australia and New Zealand: +15% (+12% in local currency) 澳洲及新西蘭：+15%（以當地貨幣計算+12%） Continued strong broad-based growth, augmented by the acceleration of our Oat Milk portfolio as both countries reopened and eased mobility restrictions. 隨著澳洲及新西蘭重開國際邊境及放寬出入境限 制，加上燕麥奶產品組合快速擴展，其業務持續 錄得強勁廣泛的增長。 Singapore: +3% (+2% in local currency) 新加坡：+3%（以當地貨幣計算+2%） Export and local beverage business grew steadily but the tofu business was challenged due to a temporary stock out situation caused by COVID-19 induced restrictions. Border closures also affected our factory operation. 出口及當地飲品業務穩步增長，但豆腐業務則因 2019 冠狀病毒病實施的限制導致出現短暫缺貨而 受到挑戰，加上封關亦影響廠房營運。 Gross Profit and Gross Profit Margin 毛利及毛利率 The Group’s gross profit was HK$3,071 million (FY2020/2021: HK$3,954 million), representing a decrease of 22%, mainly driven by lower sales performance. 本集團的毛利為港幣 3,071,000,000 元（二零二 零╱二零二一財政年度：港幣 3,954,000,000 元），減少 22%，主要由於銷售表現下降。 Gross profit margin dropped to 47% (FY2020/2021: 53%), mainly attributable to lower sales volume, sales mix, higher raw material costs, and higher trade promotional expenses. 毛利率下跌至 47%（二零二零╱二零二一財政年 度：53%），主要由於銷量下降、銷售組合、原 材料成本上漲，以及推廣費用支出較高所致。 14 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Operating Expenses 經營費用 Total operating expenses increased 5% to HK$3,409 million (FY2020/2021: HK$3,233 million). This was due mainly to the reduction of pandemic-related government subsidies, non- recurring expenses and impairment costs associated with the relocation of the Shenzhen operation to the new modern facility in Dongguan, China, as part of our manufacturing innovation programme, as well as write-downs of inventories and impairment of goodwill in the Singapore business, partly offset by a deferral of advertising and promotion spending. 總 經 營 費 用 增 加 5% 至 港 幣 3,409,000,000 元（ 二 零 二 零 ╱ 二 零 二 一 財 政 年 度： 港 幣 3,233,000,000 元），主要由於疫情相關政府補 貼減少、將深圳廠房搬遷至東莞現代化廠房（作 為實現生產創新計劃的一部分）所產生的非經常 性開支及資產減值、撇減存貨及新加坡業務商譽 減值所致，其中部分被廣告和推廣支出遞延所抵 銷。 Marketing, selling and distribution expenses were maintained at the same level as last year, being HK$2,215 million (FY2020/2021: HK$2,223 million), due to significantly lower government subsidies, offset by reduced advertising spend. 市場推廣、銷售及分銷費用與去年持平，為港幣 2,215,000,000 元（二零二零╱二零二一財政年 度：港幣 2,223,000,000 元），原因是政府補貼 大幅減少，並由廣告支出減少所抵銷。 Administrative expenses increased 11% to HK$702 million (FY2020/2021: HK$630 million), mainly due to non-recurring costs associated with the relocation of the Shenzhen operation and reduction of pandemic-related subsidies. 行政費用增加 11% 至港幣 702,000,000 元（二零 二零╱二零二一財政年度：港幣 630,000,000 元），主要由於深圳廠房搬遷所產生的非經常性 開支以及疫情相關補貼減少所致。 Other operating expenses mainly included staff costs for other supporting functions, management fees charged by a related party, sundry tax charges in Mainland China and impairment of property, plant and equipment. These expenses increased 29% to HK$492 million (FY2020/2021: HK$380 million), due to lower government subsidies, impairment of goodwill in the Singapore business, impairment of property, plant and equipment, and write-downs of inventories. 其他經營費用主要包括其他支援職務的員工成 本、關連方收取的管理費、中國內地的其他稅項 費用以及物業、廠房及設備減值。該等費用增加 29% 至港幣 492,000,000 元（二零二零╱二零 二一財政年度：港幣 380,000,000 元），原因是 政府補貼減少、新加坡業務商譽減值、物業、廠 房及設備減值以及撇減存貨所致。 15 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 COVID-19 related Government Grants in FY2021/2022 For the year ended 31st March 2022, the Group received government grants of HK$20 million (FY2020/2021: HK$225 million) related to COVID-19 financial assistance supporting Hong Kong Vitaland school business and staff employment. 二零二一╱二零二二財政年度的 2019 冠狀 病毒病相關政府資助 截至二零二二年三月三十一日止年度，本集團獲 得與 2019 冠狀病毒病財務資助有關的政府資助 為港幣 20,000,000 元（二零二零╱二零二一財 政年度：港幣 225,000,000 元），支持香港維他 天地的學校業務及維持其員工僱用。 Segment 分部 Hong Kong Operation 香港業務 Mainland China 中國內地 Singapore 新加坡 Others 其他 Amount recognised 確認金額 2022 二零二二年 (HK$ million) （港幣百萬元） 2021 二零二一年 (HK$ million) （港幣百萬元） 17 2 1 — 145 69 5 6 20 225 EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Share of Losses of Joint Venture) 未計利息收入、融資成本、所得稅、 折舊、攤銷費用及所佔合營公司虧損前盈利 （「EBITDA」） EBITDA for the year was HK$340 million, a decrease of 73% year-on-year, mainly driven by lower sales performance and significantly lower government subsidies. The EBITDA to revenue margin for the year decreased from 17% to 5%. 年 內 的 EBITDA 為 港 幣 340,000,000 元， 按 年 減少 73%，主要由於銷售表現下降及政府補貼大 幅減少所致。年內的 EBITDA 佔銷售利潤由 17% 減少至 5%。 (Loss)/Profit from Operations 經營（虧損）╱溢利 Loss from operations was HK$213 million for the year, a decline from a profit of HK$843 million last year. 年內的經營虧損為港幣 213,000,000 元，較去 年溢利港幣 843,000,000 元有所下跌。 Impairment Loss on Interest in Joint Venture 合營公司權益之減值虧損 An impairment charge of HK$43 million was recognised last year due to the impact of the pandemic on last year sales and future sales projections. No further impairment charge was recognised in the current year. 由於疫情對去年銷售及未來銷售預測造成不利影 響， 故 於 去 年 確 認 減 值 費 用 港 幣 43,000,000 元。於本年概無確認進一步的減值費用。 16 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 (Loss)/Profit before Taxation 除稅前（虧損）╱溢利 Loss before taxation was HK$236 million for the year, compared to last year profit before taxation of HK$767 million. 年內除稅前虧損為港幣 236,000,000 元，而去 年則為除稅前溢利港幣 767,000,000 元。 Taxation 稅項 Income tax credited for the year was HK$75 million (FY2020/2021: income tax charged HK$177 million) with an effective tax rate of 32%, versus 23% last year, mainly due to higher net tax credits arising from losses in Mainland China. (Loss)/Profit Attributable to Equity Shareholders of the Company Loss attributable to equity shareholders of the Company was HK$159 million, a decline from last year’s profit of HK$548 million. 年內可抵免的所得稅為港幣 75,000,000 元（二 零二零╱二零二一財政年度：所得稅支出為港幣 177,000,000 元），實際稅率為 32%，去年則為 23%，主要由於中國內地錄得虧損而產生較高淨 稅項抵免。 本公司股權持有人應佔（虧損）╱溢利 本公司股權持有人應佔虧損為港幣159,000,000 元，較去年溢利港幣548,000,000元有所下跌。 Financial Position 財務狀況 The Group finances its operations and capital expenditure primarily through internally generated cash as well as banking facilities provided by our principal bankers. 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 2022, cash and bank deposits amounted to HK$622 million (31st March 2021: HK$971 million), with 40%, 50% and 3% of our cash and bank deposits denominated in Hong Kong Dollars (HKD), Renminbi (RMB) and United States Dollars (USD), respectively (31st March 2021: 40%, 52% and 2%). As of 31st March 2022, the Group had a net debt balance (cash and bank deposits less bank borrowings, bills payable and lease liabilities) of HK$232 million (31st March 2021: net cash balance of HK$453 million). Available banking facilities amounted to HK$968 million (31st March 2021: HK$905 million) to facilitate future cash flow needs. The Group’s debt amounted to HK$854 million (31st March 2021: HK$518 million), of which bank borrowings amounted to HK$490 million (31st March 2021: HK$130 million), bills payable amounted to HK$176 million (31st March 2021: HK$183 million) and lease liabilities amounted to HK$188 million (31st March 2021: HK$205 million). 於二零二二年三月三十一日，現金及銀行存款為 港幣 622,000,000 元（二零二一年三月三十一 日： 港 幣 971,000,000 元）。 當 中 40%、50% 及 3% 的現金及銀行存款分別以港元、人民幣及 美元計值（二零二一年三月三十一日：40%、 52% 及 2%）。截至二零二二年三月三十一日， 本集團的債務淨額（現金及銀行存款減銀行借 貸、應付票據及租賃負債）為港幣 232,000,000 元（二零二一年三月三十一日：現金淨額為港幣 453,000,000 元）。可供動用的銀行信貸額為港 幣 968,000,000 元（二零二一年三月三十一日： 港幣 905,000,000 元），以滿足未來的現金流量 需要。 本 集 團 的 債 務 為 港 幣 854,000,000 元（ 二 零 二一年三月三十一日：港幣 518,000,000 元）， 當 中 銀 行 借 貸 為 港 幣 490,000,000 元（ 二 零 二一年三月三十一日：港幣 130,000,000 元）、 應付票據為港幣 176,000,000 元（二零二一年三 月三十一日：港幣 183,000,000 元）及租賃負債 為港幣 188,000,000 元（二零二一年三月三十一 日：港幣 205,000,000 元）。 The gearing ratio (total debt/total equity attributable to equity shareholders of the Company) increased to 26% (31st March 2021: 14%). 借貸比率（按債務總額與本公司股權持有人應佔 權益總額比率計算）上升至 26%（二零二一年三 月三十一日：14%）。 17 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 The Group’s return on capital employed (ROCE) (EBITDA/ average non-current debt and equity) for the year was 9% (FY2020/2021: 34%). 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 9%（二零二零╱二 零二一財政年度：34%）。 Capital expenditure incurred during the year decreased to HK$243 million (FY2020/2021: HK$623 million), mainly due to normalised investment to maintain and upgrade our production lines and equipment. 年內錄得的資本開支減少至港幣 243,000,000 元（ 二 零 二 零 ╱ 二 零 二 一 財 政 年 度： 港 幣 623,000,000 元），主要是生產線及設備保養及 升級的常態化投資。 There were no assets pledged or secured 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或 擔保。 Non-financial Key Performance Indicators 非財務關鍵表現指標 The Group publishes various non-financial KPIs its Sustainability Report 2021/2022, which will be released in July 2022 together with this Annual Report. in 本集團將於二零二二年七月與本年報一併公佈的 「二零二一╱二零二二年可持續發展報告」中刊載 多個非財務關鍵表現指標。 Tax Strategy 稅務策略 When considering tax, the Group gives due consideration to the importance of corporate and social responsibilities. More specifically, the Group commits to continue paying taxes in the countries where value is created and ensure it is fully complying with tax laws across all relevant jurisdictions. The Group also commits to comply with the Organisation for Economic Co-operation and Development (OECD) transfer pricing guidelines and to ensure that the arm’s length principle is always observed in transactions between Group companies. In addition, the Group commits to being open and transparent with tax authorities about the Group’s tax affairs and to disclose relevant information to enable tax authorities to carry out their reviews. 當考慮稅務時，本集團會適當考慮企業及社會責 任的重要性。更明確而言，本集團堅持繼續於其 創造價值的國家中繳納稅項，並確保其全面遵守 所有相關司法管轄區的稅務法例。本集團同時堅 持遵循經濟合作與發展組織轉讓定價指引，並確 保集團公司間的交易時常遵從公平原則。此外， 本集團就集團的稅項事務對稅務機關一直保持公 開透明，並且披露相關資料讓稅務機關能執行其 覆核工作。 Financial Risk Management 財務風險管理 The Group’s overall financial management policy focuses on anticipating, controlling and managing risks, and 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. 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。 18 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Potential Risk and Uncertainties 潛在風險及不明朗因素 Vitasoy has implemented a comprehensive risk management framework across the Group to consistently anticipate, assess and mitigate key business risks, as well as a risk governance structure to ensure risk ownership and proper oversight. In view of the rapidly changing business environment, the Group Internal Audit and Risk Management Department has stepped up its efforts to improve key risk indicators, identify external emerging risks, and facilitate risk reviews for key purchasing decisions. Details of these risk management processes are covered in the Risk Management section of the Corporate Governance Report in this Annual Report. 維他奶在本集團內實施全面的風險管理框架，採 用一致的流程以預測、評估及減輕關鍵業務風 險，以及採納風險管治架構，確保風險責任管理 得到落實和適當監督。鑑於營商環境瞬息萬變， 本集團內部審計及風險管理部因而加強提升關鍵 風險指標，識別外來新興風險，促進關鍵採購決 策風險審核。該等風險管理流程的詳情載於本年 報內企業管治報告的風險管理一節。 19 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 Review of Operations Mainland China 業務回顧 中國內地 Overall weak sales in the first half, with strong recovery in the second half 上半年整體銷售疲弱，下半年強勁復甦 (Rounded to the nearest million) ( 四捨五入至最接近百萬 ) 2022 二零二二年 2021 二零二一年 % Change 百分比變動 Revenue from external customers (HK$ million) 來自外間顧客之收入（港幣百萬元） 3,838 5,008 -23 (Loss)/profit from operations (HK$ million) 經營（虧損）╱溢利（港幣百萬元） (340) 524 N/A 不適用 Revenue from external customers (RMB million) 來自外間顧客之收入（人民幣百萬元） 3,157 4,366 -28 (Loss)/profit from operations (RMB million) 經營（虧損）╱溢利（人民幣百萬元） (280) 457 N/A 不適用 Revenue from Mainland China declined by 28% in local currency, due to weak sales in the first half of FY2021/2022 and the impact of COVID-19 in early 2022. Due to RMB appreciation, our revenue dropped 23% in HKD terms. 由於二零二一╱二零二二財政年度上半年銷售疲 弱以及二零二二年初 2019 冠狀病毒病疫情的相 關影響，來自中國內地的收入以當地貨幣計算下 跌 28%。由於人民幣升值，我們的收入按港元計 值則下跌 23%。 The resulting loss from operation was RMB280 million for the year, a decline from a profit of RMB457 million last year. 本年度經營虧損為人民幣 280,000,000 元，較 上年度的溢利人民幣 457,000,000 元下跌。 In the above context, we maintained strong execution efforts on the core portfolio whilst building a solid basis for growth in the coming year with breakthrough innovation. Vitasoy confirmed its soy category leadership and entered the oat milk category with the launch of VITAOAT. This represents a whole new product platform that is now rapidly gaining a loyal following, thus opening an incremental yet sizable revenue stream for the coming year. In the tea category, VITA tea remains the leader in the premium lemon tea segment, accelerating its leadership with the launch of VITA Sparkling Lemon Tea, a new carbonated platform designed to turbocharge the VITA product experience. The brand also launched a promising VITA Peach Tea product, whilst gradually continuing to pilot VITA No Sugar Tea in selected markets. 在上述情況下，我們維持在核心產品組合方面強 而有力的執行力，同時通過突破性創新為來年的 增長奠定堅實基礎。維他奶已建立其於豆奶市場 的領先地位，同時透過推出 VITAOAT 燕麥奶系 列進軍燕麥奶市場。此全新產品系列正快速獲得 消費者歡迎，為來年帶來可觀的營收增長。在茶 類市場，維他茶產品在高端檸檬茶分類維持領先 地位，亦透過新推出的維他氣泡檸檬茶加快領先 步伐。此全新碳酸產品系列旨在為維他產品增添 激爽體驗。品牌亦已推出另一特色維他蜜桃茶， 同時繼續在特選市場逐步試推維他無糖茶。 20 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Hong Kong Operation (the Hong Kong SAR, the Macau SAR and Exports) 香港業務（香港特別行政區、澳門特別行政 區及出口） Solid performance attributable to successful product launches and strong execution as COVID-19 restrictions gradually eased and consumer sentiment improved 穩強業務表現，有賴於成功推出新產品，而 2019冠狀病毒病疫情限制措施放寛後，消 費意欲增強，亦同時增加銷售執行力 (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 2022 二零二二年 HK$ million 港幣百萬元 2021 二零二一年 HK$ million 港幣百萬元 1,934 1,865 199 355 % Change 百分比變動 +4 -44 Net sales revenue reached HK$1,934 million in FY2021/2022, representing a growth of 4% over the previous year, despite an inability to fully recover the Vitaland tuckshop school business, which was still partially affected by COVID-19 restrictions. Growth would have been even stronger had it not been for the disruption caused by the 5th wave of COVID-19 in February and March 2022. This latest wave created additional complexities as we balanced safety with continuity of operations of factory, warehousing and logistics. As COVID-19 government subsidies were significantly reduced from the previous year, profit from operations dropped 44% to HK$199 million. Excluding government subsidies, profit from operations dropped by 13%, mainly because of the upward surge in raw material costs and escalating oil prices in the second half of the year. 儘管部分維他天地學校小賣部業務仍受 2019 冠 狀病毒病疫情限制措施影響，無法全面恢復，二 零二一╱二零二二財政年度銷售淨額仍達港幣 1,934,000,000 元，較去年上升 4%。二零二二 年二月至三月的第五波疫情亦干擾了廠房、倉庫 及物流方面的安全性及持續運作，擾亂了正常運 作，導致增長不達預期。 由於 2019 冠狀病毒病疫情政府補貼較去年顯著 減少，經營溢利下跌 44% 至港幣 199,000,000 元。撇除政府補助，經營溢利下跌 13%，主要由 於下半年原材料成本激增及油價不斷上升。 We integrated our marketing programmes in Mainland China and the Hong Kong SAR, where we successfully launched VITAOAT and VITA Sparkling Tea as well as in the Macau SAR. 我們已整合中國內地及香港特別行政區的營銷計 劃，同時亦成功在香港特別行政區及澳門特別行 政區推出 VITAOAT 燕麥奶及維他氣泡茶。 In addition, we incrementally launched VITA Fresh Tea, a whole new platform that introduces the VITA brand into the chilled drink segment in convenience stores and supermarket outlets. The shopper response has been very encouraging, and we are determined to drive this platform further in the coming year as a profitable top line accelerator. 此外，我們亦逐步推出維他新鮮茶，此全新系列 有助維他品牌進駐便利店及超級市場的鮮凍飲品 櫃。由於消費者對該產品反應熱烈，我們決定於 來年加速推進其成為我們帶動盈利收入增長的產 品系列。 21 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 Australia and New Zealand 澳洲及新西蘭 Continued strong and broad-based growth, accelerated by new Oat Milk platform 銷售持續強勁廣泛增長，全新燕麥奶系列加 速助力 (Rounded to the nearest million) ( 四捨五入至最接近百萬 ) 2022 二零二二年 2021 二零二一年 % Change 百分比變動 Revenue from external customers (HK$ million) 來自外間顧客之收入（港幣百萬元） Profit from operations (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 operations (AUD million) 經營溢利（澳元百萬元） Vitasoy Australia and New Zealand continued its growth progression, with revenues increasing by 12% in local currency. The majority of platforms and channels performed strongly, more than offsetting weaker sales in the coffee shop channel that continued to be affected by COVID-19 limitations for part of the Financial Year. Profit from operations reversed its decline from the previous year, rising by 12% in local currency terms, as a result of growing revenue and gross margins, partially balanced by higher transportation and staff costs. The overall growth was accelerated by the launch of our new VITASOY Oat Milk portfolio, providing tailored offerings across multiple channels and segments. This has propelled Vitasoy to a clear leadership position in this most promising Oat Milk segment, which is likely to deliver an incremental source of further revenue in the coming years. 607 78 106 14 528 68 94 12 +15 +14 +12 +12 維他奶澳洲及新西蘭維持強勁增長，收入以當地 貨幣計算增長 12%，原因是大多數產品及銷售渠 道均表現強勁，抵銷了咖啡店渠道於本財政年度 受 2019 冠狀病毒病疫情影響而下跌的銷售額。 經營溢利扭轉去年跌勢，以當地貨幣計算增長 12%，原因是收入及毛利率有所增長，但部分被 運輸及員工成本上漲所抵銷。 我們新推出的維他奶燕麥奶產品系列，迎合不同 渠道及產品類別的需求，加速整體銷售增長。這 推動維他奶在擁有強大潛力的燕麥奶市場坐穩領 導地位，並有望能為來年增加另一收入來源。 22 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Singapore 新加坡 Revenue growth driven by tofu exports, beverage businesses and a new plant milk launch 豆腐出口、飲品業務及推出新植物奶產品帶 動收入增長 (Rounded to the nearest thousand) ( 四捨五入至最接近千 ) 2022 二零二二年 2021 二零二一年 % Change 百分比變動 Revenue from external customers (HK$ thousand) 來自外間顧客之收入（港幣千元） 122,091 118,343 +3 (Loss)/profit from operation (HK$ thousand) 經營（虧損）╱溢利（港幣千元） (12,692) 3,014 N/A 不適用 Revenue from external customers (SGD thousand) 來自外間顧客之收入（坡幣千元） 21,143 20,784 +2 (Loss)/profit from operation (SGD thousand) 經營（虧損）╱溢利（坡幣千元） (2,198) 529 N/A 不適用 Revenue from our Singapore business grew in both Hong Kong dollar and local currency terms, driven largely by growth in tofu exports, the imported beverage business and launch of a new VITASOY PLANT + plant milk produced in Malaysia. The local tofu business underperformed due to COVID-19 restrictions affecting the workforce and consumption. However, the whole tofu portfolio has been repositioned with enhanced nutrition formulae and new packaging to restore growth in the coming year. 新加坡業務收入以港幣及當地貨幣計算均有所增 長，主要由豆腐出口、進口飲品業務以及新推出 產自馬來西亞的維他奶 PLANT + 植物奶產品所推 動。2019 冠狀病毒病疫情的限制措施影響勞動力 及消費，導致當地豆腐業務表現未達預期。但豆 腐產品組合現已重新定位，採用升級營養配方及 新包裝，為來年恢復增長。 Loss from operation was SGD2,198,000 for the year, falling from last year’s profit of SGD529,000, primarily as a result of higher soybean and utility costs, higher operation costs due to COVID-19, induced labour shortage and logistic costs, as well as the reduction in pandemic-related government subsidies. 本年度經營虧損為坡幣 2,198,000 元，自上年的 溢利坡幣 529,000 元下跌，主要因為大豆及公用 開支成本增加，2019 冠狀病毒病疫情導致營運成 本上升、勞動力短缺及物流成本上漲，以及政府 對疫情補貼進一步減少。 23 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 Business Outlook 展望 Although travel restrictions are being lifted or eased across many international geographies, we expect further COVID-19 waves to continue across all markets, which may or may not severely affect us in the first half of the upcoming financial year. This will continue to cause operational, logistical and supply chain bottlenecks, aggravated in turn by rising energy and commodity prices that will further exacerbate inflation. 儘管多個國際地區正取消或放寬旅遊限制，我們 亦預期各個市場仍然可能會繼續爆發新一輪 2019 冠狀病毒病疫情，對於下個財政年度上半年或有 可能造成嚴重影響。這將繼續為營運、物流及供 應鏈方面帶來阻滯，而能源及商品價格上升加劇 通脹將令情況更為惡化。 In this context, we have been actively strengthening our readiness and agility by improving our organisational capabilities and vigilance in order to flexibly adjust our plans and synchronise them with external conditions. 面對此等情況，我們一直透過加強組織能力及警 覺性來加強應變能力及敏捷性，以靈活調整計 劃，適應外圍多變情況。 For FY2022/2023, we will work to restore year-on-year profitable growth through our vectors of Execution, Expansion and Innovation, adequate investments in brand equity building and increased availability across all our markets. We have already implemented price increases in some markets and will continue to price up selectively, whilst exercising tight internal cost control measures to protect profit margins. Global per capita consumption analysis shows that our core portfolio still has ample potential for further growth. We will nevertheless complement it with strategic innovation, not only by building on the successful platforms launched in FY2021/2022 but also introducing new ones across all our markets. 於二零二二╱二零二三年財政年度，我們會透過 加強執行、擴展及創新能力，投資建立品牌價值 以及提升所有市場的供應，致力恢復按年盈利增 長。我們已在部分市場調高價格，並將繼續選擇 性提價，並採取嚴格的內部成本控制措施以保障 利潤率。 根據全球人均消費量分析顯示，我們的核心產品 組合仍有巨大增長潛力。儘管如此，我們仍將透 過策略創新，豐富產品組合，在二零二一╱二零 二二財政年度成功推出新產品的基礎上，亦將在 所有市場推出新產品。 Mainland China 中國內地 We will launch exciting new brand equity building campaigns for both VITASOY and VITA. On top of supporting our core portfolio, we will continue to drive innovations from last year such as VITAOAT, VITA Sparkling and Peach Tea, whilst also adding new product platforms to strategically tap into promising new segments and occasions. The whole portfolio will be renovated with a “picture of success” to further improve in-store execution and thus revenues per store. We will also continue the selective and gradual expansion of our availability to more high potential areas of Mainland China. 我們將為維他奶及維他品牌舉行行銷活動，提升 品牌價值。除支持核心產品組合外，我們將延續 推動去年的產品創新，例如 VITAOAT 燕麥奶、 維他氣泡茶及蜜桃茶，並新添產品系列，策略性 打入新興潛力市場，把握新商機。全線產品組合 將以全新的「成功圖像」推出，進一步改善店內 執行，從而提高每家店舖的收入。我們將繼續選 擇性逐步將我們的產品供應擴展至中國內地更具 潛力的地區。 24 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Hong Kong Operation (the Hong Kong SAR, the Macau SAR and Exports) 香港業務（香港特別行政區、澳門特別行政 區及出口） Beyond the marketing and innovation programmes now integrated with Mainland China, our business in the Hong Kong SAR will launch additional revenue streams for both VITASOY and VITA in segments where we have built a strong route-to-market and presence over the years, such as the successful introduction of VITA Fresh Tea in FY2021/2022. This is particularly important for this market, given the very high per capita consumption of our products. 除現已與中國內地整合的營銷及創新計劃外，我 們在香港特別行政區的業務將進一步為維他奶及 維他品牌增加收入來源，過去我們已建立了深度 分銷能力及廣闊市場覆蓋率，例如於二零二一╱ 二零二二財政年度成功推出維他新鮮茶。由於我 們產品的人均消費量非常高，新增產品所產生的 收入對該市場尤為重要。 Australia and New Zealand 澳洲及新西蘭 In the year ahead, we expect to sustain our profitable revenue growth in both markets, with continued execution of our winning portfolio, strategic entry into complementary plant- based segments and recovery to pre-COVID-19 levels in the on-premise and coffee shop channels. 在未來一年，我們將繼續執行成功的產品組合， 策略性打入互補的植物飲品市場，務求令食肆及 咖啡店渠道的銷售恢復至疫情前水平，從而維持 兩個市場的盈利收入增長。 Singapore 新加坡 We will focus on accelerating domestic tofu performance by leveraging our full relaunch now being executed in the market, whilst also scaling up our newly introduced VITASOY PLANT + line of plant milk products. 我們將專注透過全面產品重推加快當地豆腐業務 的增長，同時擴大推廣維他奶 PLANT + 植物奶新 產品系列。 The Philippines 菲律賓 Our joint venture with Universal Robina Corporation continues to invest in building both VITASOY brand and soy category awareness and adoption. In the past year, we primarily leveraged the 1 Litre business due to the extended closures of convenience stores and on-the-go occasion outlets. Once COVID-19 restrictions are lifted, however, we will also activate our single-serve platform for additional growth behind a new brand equity building campaign. We will also selectively introduce local innovations tailored to local preferences in both single and multi-serve packs. 我們與 Universal Robina Corporation 成立的合 營公司繼續致力建立維他奶品牌及大豆產品的認 知度及購買率。雖然過去一年便利店及零售網點 關閉延長，我們的銷售主要來自 1 公升家庭裝產 品。但在放寬疫情限制措施後，我們亦將重啟一 次性飲用裝產品業務，以在建立新品牌價值的情 況下獲取進一步增長。我們亦將迎合菲律賓消費 者口味，在當地推出獨特創新的一次性飲用裝及 家庭裝產品。 25 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Annual Report 2021/2022 年度報告 Conclusion 總結 Although FY2021/2022 was challenging, the Vitasoy Group has shown great resilience and agility and deliberately used the difficult circumstances to better equip itself for the restoration of our strategic growth trajectory. 儘管二零二一╱二零二二財政年度充滿困難，但 維他奶集團仍能表現堅韌不屈，靈活變通，更特 意善用這個逆境提升強化業務，為未來重拾策略 增長勢頭打好基礎。 In the year ahead, COVID-19 conditions and the macro- economic environment will continue to require vigilance, anticipation and flexibility. However, the plant-based movement and the expectation of sustainable purpose-led businesses going mainstream create a unique opportunity for the Vitasoy Group to accelerate its mission of profitably providing tasty, nutritious plant-based food and beverages to more and more communities, whilst accelerating its performance in Environmental, Social and Governance (ESG) deliverables. I would like to take this opportunity to thank our Executive Chairman and Board of Directors for their invaluable guidance, support and feedback during the past year. And, finally, thanks to all our associates and business partners who together confirmed their competence, dedication, flexibility and resilience in this last year. It is their example that forms our solid confidence in our continued success. 展望來年，管理層將繼續需要對 2019 冠狀病毒 病的最新發展以及宏觀經濟環境時刻保持警惕、 作出準確預測以及順應時勢而行。此外，預期以 植物成分為主的食品及飲品將會迅速打入主流市 場及成為可持續發展業務的這股浪潮，將可為維 他奶集團帶來龐大商機，讓維他奶得以繼續秉承 其宗旨，將以植物成分為主，既美味又營養豐富 的食品及飲品推展至更廣大的社區，同時藉此加 快環境、社會及管治方面的成果表現。 本人謹藉此機會，衷心感謝我們的執行主席及董 事會，在過去一年所給予的寶貴指導、支持和反 饋。最後，本人亦感謝我們的全體員工及業務夥 伴，在過去一年共同表現出彼等的能力、無私奉 獻、靈活和韌性。正是這種榜樣，使我們對維他 奶集團的持續成功建立了堅定信心。 Roberto GUIDETTI Group Chief Executive Officer 29 June 2022 陸博濤 集團行政總裁 二零二二年六月二十九日 26 Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 CORPORATE GOVERNANCE REPORT 企業管治報告 27 Annual Report 2021/2022 年度報告 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, enhanced 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 would conduct regular review on the implementation and effectiveness of those policies embracing those principles and practices. 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、改進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。董事會對 包含該等原則及常規的政策之實施及成效進行定 期檢討。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，並為各股東、公眾投資 者及其他持份者創造價值等，乃不可或缺的關鍵 核心。 five out of the 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 the 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 chairpersons of major board committees are independent non- executive directors 主要董事委員會之主席均為獨立非執行董事 roles of Executive Chairman and Group Chief Executive Officer are separate 執行主席及集團行政總裁之角色均已區分 five Board meetings and seven Sub-board Committee meetings in FY2021/2022 於二零二一╱二零二二財政年度舉行了五次董事會會議及七次董事會轄下 委員會會議 average 99% attendance rate of meetings 會議平均出席率達99% annual performance evaluation of the Board and Executive Chairman for FY2021/2022 was conducted by external professional consultant 2021/2022財政年度之董事會及執行主席之年度表現評審由外部專業顧問 進行 proactive sustainability strategy 積極的可持續發展策略 active participation in-house training and continuing professional development 積極參與公司內部培訓以及持續專業發展 earlier compliance of amended Corporate Governance Code 提前遵守經修訂的企業管治守則 Board Composition 董事會組成 Board and Governance Practices 董事會及管治常規 28 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Corporate Governance Practices The Company has, throughout the year ended 31st March 2022, complied with the code provisions and, where appropriate, adopted the recommended best practices 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”). In December 2021, The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) published the consultation conclusion on Review of Corporate Governance Code of Appendix 14 (the “amended CG Code”) and the relating Listing Rules. The amended CG Code and most of the Listing Rules took effect for financial year commencing on or after 1st January 2022. The Company has already taken several key compliance enhancement initiatives in response to the amended CG Code which are disclosed in this report. 企業管治常規 本公司於截至二零二二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，並（如適用） 採納企業管治守則所載之建議最佳常規。 於二零二一年十二月，香港聯合交易所有限公 司（「聯交所」）公佈檢討企業管治守則附錄十四 （「經修訂企業管治守則」）及相關上市規則的諮 詢總結。經修訂企業管治守則及大部分相關上市 規則由二零二二年一月一日或之後開始的會計年 度生效。本公司因應經修訂企業管治守則已採納 多項主要合規優化措施，並載列於本報告內。 Compliance enhancement initiatives for amended CG Code 對經修訂企業管治守則 作出的合規優化措施 Adopt a Board Corporate Culture Statement 採納董事會企業文化聲明 Review the implementation and effectiveness of Whistleblowing Policy and Group Business Ethics Policy 檢討舉報政策及集團商業道德政策之實施和成效 Ensure diversity at Board and management level 確保董事會及管理層成員多元化 Review the mechanism to ensure Independent views are available to the Board 檢討機制以確保董事會可取得獨立觀點 Review the implementation and effectiveness of Shareholders Communication Policy 檢討股東通訊政策之實施和成效 29 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Corporate Culture Vitasoy’s vision and mission statements were formally introduced in 1998 with commitment to provide high quality, tasty and nutritious products to promote a superior quality of life to the communities we serve. Vitasoy is an innovative company, a reliable employer and a responsible corporate citizen dedicated to creating value for our shareholders. Building on these Vitasoy vision and mission, the Board has formally adopted a “corporate culture statement” in March of 2022. 企業文化 維他奶已於一九九八年正式採納其願景及使命聲 明，致力提供高質既美味又營養豐富的產品，為 我們服務的社區帶來優質生活。維他奶勇於創 新，是員工值得信賴的工作夥伴。我們並承擔社 會責任，以及竭盡所能，為股東爭取長遠穩健的 回報。建基於上述願景及使命，董事會已於二零 二二年三月正式採納「企業文化聲明」。 Vitasoy Culture Statement Our Purpose and Values 維他奶文化聲明 我們的宗旨及價值 Since 1940, Vitasoy has believed in the power of high quality, tasty and nutritious products to promote a superior quality of life to the communities we serve. We innovate continuously to guide people towards a healthier and sustainable living for ourselves as well as the planet. 自一九四零年創立以來，維他奶一直深信透過高 品質、既美味又營養豐富的產品能為我們服務的 社區帶來優質生活。我們不斷創新，引領大眾為 自身、為地球邁向更健康又可持續發展的生活。 We are guided by our values of integrity, hard work, reliability to employees and responsibility to stakeholders, using sustainability as our philosophy. We strive to create values for our shareholders and make a positive impact on society’s key stakeholders. We promote a diverse and inclusive environment where everyone can thrive, belong and make a meaningful impact at work. 我們以可持續發展為理念，倡導僱員須以誠信、 勤奮、可靠以及對持份者負責之價值觀。我們致 力為股東創造價值以及為社會的關鍵持份者帶來 正面影響。我們提倡多元化及兼容的環境，讓人 人均可以發揮所長、產生歸屬感，並為工作增添 意義。 Vitasoy’s Executive and Leadership team set the tone and develop the strategies for our Culture which is reviewed, aligned and endorsed by the Board of Directors or its Board Committee/s on a regular basis. The leadership team role model and cascade the company’s culture to all levels via various internal communication platforms and systems. 維他奶的行政人員及領導團隊為我們的文化定下 基調及制定策略，並由董事會或其轄下之董事委 員會定期檢討、調整及確認。領導團隊以身作 則，透過內部溝通平台及系統將公司文化傳遞到 各個層面。 Integrity and Code of Conduct 誠信及行為守則 Through the Group Business Ethics Policy, the Code of Business Conduct for Suppliers and Customers, and role modeling by personal example, we strive to maintain high standards of business ethics and corporate governance across all our activities and operations. 我們透過《集團商業道德政策》、《供應商和客戶 行為準則》及以身作則，致力在我們所有活動及 營運上維持高水準的商業道德及企業管治。 The Code of Conduct is clearly laid out in our Staff Handbook and communicated to all new joiners. We provide refresher training to all employees on Business Ethics and Code of Conduct on a regular basis to ensure strict compliance of all rules and regulations when we do our business. 行為守則清楚載列於《員工手冊》，並派發予所有 新入職員工。我們定期向所有僱員提供有關商業 道德及行為守則的進修培訓，確保我們進行業務 時嚴格遵守所有規則及規例。 30 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Vitasoy Success Drivers 維他奶成功動力 We set out six Vitasoy Success Drivers (“VSD”), value-aligned behavior standards for employees: 我 們 為 員 工 制 定 了 六 項「 維 他 奶 成 功 動 力」 （「VSD」），均符合集團行為規範價值觀： 1. 2. Customer Focus – Thinking, talking and acting with external customers’ & consumers’ needs in mind to deliver superior services & products. 1. 客戶焦點 – 以外部客戶及消費者的需要為 本作出考慮、溝通及行動，提供優質的服 務及產品。 Innovation – Generating business-building innovative solutions to capture market opportunities and drive business excellence. 2. 創新變革 – 制定創新的業務發展方案，捉 緊市場機遇、推動卓越發展。 3. Quality Orientation – Delivering standards of excellence for services & products ensuring safety, accuracy, consistency, reliability & durability. 3. 優質為本 – 提供高質標準的服務及產品， 確保安全、準確、一致、可靠及耐用。 4. 5. 6. Strategic Agility – Leading with a vision of success and opportunities to create competitive breakthroughs for the long term. 4. 前瞻策略 – 在追求成功、尋求機遇的願景 引領下，創造長遠、具競爭性的突破。 Collaboration – Working in partnership with people internally and externally to accomplish common goals and better results. 5. 團隊協作 – 與內外人員合作，實現共同目 標，達致更佳業績。 Accountability – Acting like an owner for the quality & timeliness of work commitments contributing to team & company objectives. 6. 責無旁貸 – 積極負責，確保工作質素及準 時性為己任，致力達致團隊及公司目標。 The company’s talent acquisition, onboarding, performance management and talent development processes for our employees are all aligned with the VSDs. VSD training has been mandated to all new joiners during their onboarding. VSD standards are reinforced during day-to-day work and employees are recognized by demonstrating positive VSD behaviours. 公司的人才招聘、以及為僱員提供的入職活動、 表現管理及人才發展進程均與VSD一致。所有新 入職僱員均須接受VSD培訓。僱員透過日常工作 鞏固VSD準則，以及通過展現正面VSD行為而獲 得認可。 31 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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： Strategy and Direction 策略及方向 Financial Controls, Compliance, Corporate Reporting and Risk Management 財務監控、合規、企業匯報及風險管理 Corporate Structure 企業架構 Appointment of Directors, Chief Executive, Company Secretary and External Auditors 委任董事、行政總裁、公司秘書及外聘核數師 Corporate Governance Matters 企業管治事宜 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. Strategic planning horizons are currently set for five years. The Board has approved a Five Year Strategic Plan for the fiscal years up to 2026/2027 in November 2021 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. The Board is also actively to define the Company’s sustainability strategies and practices, and to prioritize and allocate resources to achieve the long-term success of the business and its sustainability. 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。 策略規劃目前設定為五年。董事會已於二零二一 年十一月批准達致二零二六╱二零二七財政年度 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。董事會亦積極制定本公司之可持續發 展策略及常規，並優先考慮及分配資源以達致業 務之長遠成功及持續發展。 32 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Board Composition 董事會組成 Mr. Winston Yau-lai LO 羅友禮先生 Executive Chairman 執行主席 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Roberto GUIDETTI 陸博濤先生 Independent Non-executive Director 獨立非執行董事 Non-executive Director 非執行董事 Executive Director and Group Chief Executive Officer 執行董事暨集團行政總裁 Mr. Jan P. S. ERLUND 先生 Mr. Peter Tak-shing LO 羅德承先生 Mr. Eugene LYE 黎中山先生 Independent Non-executive Director 獨立非執行董事 Non-executive Director 非執行董事 Executive Director 執行董事 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Ms. May LO 羅其美女士 Independent Non-executive Director 獨立非執行董事 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 33 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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 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聯 交所網站及本公司網站 www.vitasoy.com。 3 Non-executive Directors 非執行董事 3 Executive Directors 執行董事 Designation 職銜 5 Independent Non-executive Directors 獨立非執行董事 Gender 性別 2 Female 女 9 Male 男 Age Group 年齡組別 1 41-50 3 51-60 2 61-70 5 Over 70 70以上 Tenure of Office (Years) 任期（年） 7 1-8 34 4 Over 9 9以上 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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- 李國寶爵士 po LI Mr. Jan P. S. ERLUND Jan P. S. ERLUND先生 Mr. Anthony John Liddell 黎定基先生 NIGHTINGALE Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生 Dr. Roy Chi-ping CHUNG Non-executive Directors Ms. Yvonne Mo-ling LO Mr. Peter Tak-shing LO Ms. May LO Executive Directors Mr. Roberto GUIDETTI Mr. Eugene LYE 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 陸博濤先生 黎中山先生 * * * * * * * * 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 Food technology 食品科技 Legal 法律 Marketing 市場推廣 Manufacturing and Project Management 生產及項目管理 * * * * * * * 35 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Board Independence The Company recognises that Board independence is pivotal in good corporate governance and board effectiveness. The Board believes that the Company has effective mechanisms in place to ensure independent views and input from any director of the Company are conveyed to the Board for enhancing an objective and effective decision making. The governance framework and mechanisms are under regular review by the Board, through its Remuneration and Nomination Committee (the “R & N Committee”), to ensure their effectiveness. The R & N Committee had performed the review of such mechanisms in June 2022 as follows: 董事會獨立性 本公司深知董事會獨立性對良好企業管治及董事 會效能至關重要。董事會相信，本公司已設立有 效機制可確保本公司任何董事的獨立觀點及意見 能夠傳達予董事會，以增加決策的客觀性和成效 性。董事會通過其薪酬及提名委員會定期審查管 治框架及機制，以確保其成效。薪酬及提名委員 會於二零二二年六月就該等機制進行以下檢討： Key Features or Mechanisms 主要特點或機制 Implementation and Review of Effectiveness 執行及檢討成效 Number of Independent Non-executive Directors (INEDs) 獨立非執行董事人數 The R & N Committee to assess and confirm independence of INEDs 薪酬及提名委員會評估及確認獨立非執行董事的獨立性 Five out of the eleven directors are INEDs which is near to half of the total Board members and also exceeds the Listing Rules requirement for INEDs to make up at least one third of the Board. 十一名董事中有五名為獨立非執行董事，接近董事會成員 總數的一半，亦超過上市規則規定獨立非執行董事佔董事 會人數最少三分之一的要求。 Nearly half of the Board members are INEDs which ensure that independent views could be heard and be thoroughly considered during the Board meetings and decision making by the Board. 近半數董事會成員為獨立非執行董事，確保在董事會會議 及董事會決策過程中能夠聽取及充分考慮獨立意見。 Chairpersons of major Board Committees are INEDs. 主要董事委員會主席均為獨立非執行董事。 The R & N Committee assesses the independence of a candidate for a new INED appointment and also the continued independence of existing INEDs on an annual basis. All INEDs are required to confirm in writing annually their compliance of independence requirements as set out under Rule 3.13 of the Listing Rules. 薪酬及提名委員會評估新任獨立非執行董事候選人的獨立 性，以及每年評估現有獨立非執行董事的持續獨立性。所 有獨立非執行董事須每年書面確認其遵守上市規則第3.13 條所載的獨立性規定。 Through the review by the R & N Committee and the self-declaration of each INED, the Board could ensure the independence of each INED. 透過薪酬及提名委員會的審核及各獨立非執行董事的自我 聲明，董事會可確保各獨立非執行董事的獨立性。 36 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Key Features or Mechanisms 主要特點或機制 Implementation and Review of Effectiveness 執行及檢討成效 Long Serving INEDs (with tenure for more than nine years) 連任多年的獨立非執行董事（任期超過九年） Director Nomination Policy 董事提名政策 Directors Conflict of Interest Policy 董事利益衝突政策 In respect of the re-election of an INED who has served on the Board for more than nine years, the Board and the R & N Committee would take account of additional factors and reasons to justify why they consider the long serving directors are still independent so as to ensure independent views and comments are sought from long serving INEDs. 就重選任職董事會逾九年的獨立非執行董事而言，董事會 與薪酬及提名委員會將考慮不同因素及理由確定任職多年 的董事仍然獨立，從而確保可徵求連任多年的獨立非執行 董事的獨立觀點及意見。 The Policy sets out the selection and nomination criteria and procedures for appointment/re-appointment of Directors. Independence is one of the factors to be considered for appointment/re-appointment of Directors, in particular for INED appointment. 該政策載有委任╱重新委任董事的甄選及提名標準以及程 序。獨立性是考慮委任╱重新委任董事（尤其是獨立非執 行董事）的因素之一。 The R & N Committee would take account of the independence factor in accordance with the Policy before making recommendations to the Board for approval of the appointment/re-appointment of INED. 薪酬及提名委員會向董事會提交批准委任╱重新委任獨立 非執行董事的建議前，根據該政策考慮獨立性因素。 The Company has policy and procedures in place to avoid any potential conflict of interests and not to weaken the objectivity and integrity of the Board for decisions making. Under the Policy, any Director has to declare his/her directorships outside the Company, in controlling company, public office interests appointment and any other interests that might be considered prejudicial to his/her independence and has to declare his/her interests in any transaction in which he/she may have interests and abstain from voting on such transaction. 本公司已制定政策及程序以避免任何潛在利益衝突，且不 會削弱董事會決策的客觀性及誠信性。根據該政策，任何 一位董事必須申報其於本公司以外的董事職務、於控股公 司中的權益、公職任命及任何其他可能被認為有礙其獨立 性的利益，並須申報其於可能擁有利益的任何交易中的權 益，並就該交易放棄投票。 37 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Key Features or Mechanisms 主要特點或機制 Open Board Culture 開明的董事會文化 No equity-based remuneration with performance- related elements to INEDs 獨立非執行董事未曾授予與表現績效相關的股本權益酬金 Access to independent professional advice 獲得獨立專業建議 Implementation and Review of Effectiveness 執行及檢討成效 INEDs in family businesses will generally play a more active role in corporate governance area. Our Board culture under the leadership of Executive Chairman, encourages questions and challenges from Directors in particular from INEDs who may hold different views from the Executive Directors and Senior Management and their comments and concerns will be closely followed up and addressed by the Executive Directors and Senior Management. 家族企業中的獨立非執行董事一般會於公司管治方面發揮 更為積極的作用。在執行主席領導下，我們的董事會文 化鼓勵董事（尤其是獨立非執行董事）提出問題及質疑， 彼等可能與執行董事及高層管理人員持有不同觀點，而執 行董事及高層管理人員將密切跟進及解決彼等的意見及關 注。 Directors fees payable to Directors, including INEDs, are fixed fees without any discretionary element nor they are remunerated with equity-based awards. Directors Fees are also determined by the R & N Committee and the Board with reference to the roles and responsibilities taken up by the Director and benchmarking against peers. 應付董事（包括獨立非執行董事）的董事袍金為固定數 額，並無任何酌情因素，而酬金亦無包括以股權為基礎的 獎勵。董事袍金亦由薪酬及提名委員會與董事會參照董事 所承擔的角色及職責以及行業標準而釐定。 External independent professional advice is available to all Directors, including INEDs, whenever deemed necessary. 如有需要，所有董事（包括獨立非執行董事）均可獲得外 部獨立專業意見。 With prior consultation with the Chairman of the Board, Directors would be reimbursed for any professional fees in relation to their fulfilment of the roles and responsibilities. 在事先與董事會主席諮詢後，董事可報銷與其履行職務及 責任有關的任何專業費用。 38 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Key Features or Mechanisms 主要特點或機制 Implementation and Review of Effectiveness 執行及檢討成效 Evaluation of Director’s independence mechanisms 評審董事的獨立性機制 All Directors are encouraged to express freely their independent views and constructive challenges during the Board/Board Committees meetings. 我們鼓勵所有董事在董事會╱董事委員會會議上自由表達 其獨立意見及富建設性之質疑。 independence mechanism by External board evaluation process or internal process conducted by the Company Secretary on a confidential basis will help assess the effectiveness identifying of the any potential vulnerable weaknesses for further improvement. 外部董事會評審程序或經公司秘書進行的保密內部評審程 序均有助評估獨立機制的成效，識別任何潛在不足之處以 便進一步改進。 The Board, through its Remuneration and Nomination Committee, had reviewed and considered that the abovesaid key features or mechanisms are effective in ensuring that independent views are available to the Board. Board Composition and 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 will be achieved through a number of factors, including but not limited to experience, professional qualification, knowledge, gender, ethnicity and age. The Board Diversity Policy has been updated on 22nd March 2022 to expressly include the disclosure of targets and timelines for achieving gender diversity at Board level and a few enhancement initiatives as introduced by the amended CG Code. The Board Diversity Policy has been published on the Company’s website. The Remuneration and Nomination Committee will review this policy annually and monitor the implementation to ensure continued effectiveness and compliance with regulatory requirements and good corporate governance practices. 董事會已透過其薪酬及提名委員會檢討及認為， 上述主要特點或機制可有效確保董事會可取得獨 立意見。 董事會成員組成及多元化 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。董事會多元化將透過一系 列因素實現，包括但不限於經驗、專業資格、知 識、性別、種族及年齡。董事會成員多元化政策 已於二零二二年三月二十二日更新，以明確納入 披露實現董事會成員性別多元化之目標及時間 表，及一些經修訂企業管治守則內所要求之優化 措施。董事會成員多元化政策已刊登於本公司網 站。薪酬及提名委員會將每年檢討該政策及監察 其執行，確保其持續之成效以及符合監管要求及 良好企業管治常規。 39 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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 review 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 gender and age diversity up to the year of 2024/2025. As at the year ended 31st March 2022, 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 並將繼續根據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二零二四╱ 二零二五年度達致性別及年齡多元化的可計量目 標。於截至二零二二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 Age 年齡 Female representation during the year of 2021/2022 was 18.2% which has achieved the target of “not less than 18%” set up for the years up to 2024/2025. 於二零二一╱二零二二年度，女性代表達到18.2%，並已達到至二零二四╱二零二五年度所釐訂「不少於18%」 之目標。 Average age of the board members during the year of 2021/2022 was 67 which has achieved the target of “average age 67-70” set up for the years up to 2024/2025. 於二零二一╱二零二二年度，董事會成員的平均年齡為67歲，並已達到至二零二四╱二零二五年度所釐訂「67 至70歲」之目標。 The Remuneration and Nomination Committee has reviewed and targeted to maintain the current level for female representation of “not less than 18%” of the Board up to 2024/2025. However, the Remuneration and Nomination Committee will continue reviewing the targeted female representation % over time as and whenever is appropriate. In considering the Board’s succession, the Remuneration and Nomination Committee has already adopted a roadmap for the succession plan. The Remuneration and Nomination Committee would identify and select the potential candidates for Directors in accordance with the Company’s Directors Nomination Policy and may engage independent professional search firm to identify potential candidates for Independent Non-executive Directors. 薪酬及提名委員會已檢討並致力維持目前董事會 女性比例「不少於 18%」之目標水平，直至二零 二四 / 二零二五年度。然而，薪酬及提名委員將 ( 如適合 ) 不時檢討女性代表目標之百分比。 在考慮董事會之繼任時，薪酬及提名委員會已採 納繼任計劃之路向圖。薪酬及提名委員會將根據 本公司董事提名政策物色及揀選董事人選，並可 能委聘獨立專業獵頭公司物色潛在獨立非執行董 事之人選。 40 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Directors’ and Officers’ Liability Insurance The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st October 2021 to 30th September 2022. 董事及行政人員責任保險 本公司已為本公司董事及行政人員投買二零二一 年十月一日至二零二二年九月三十日止期間的董 事及行政人員責任保險。 Changes in Major Appointments and Other Directorships Changes in Directors’ Information during the year ended 31st March 2022 and up to the date of this Annual Report are set out below: 主要委任及其他董事職務之變動 於截至二零二二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 ceased to be the chairman of The Friends of Uppingham School on 9th September 2021. ceased to be director of Mandarin Oriental Hotel Group on 1st December 2021. ceased to be non-executive director of Prudential plc on 27th May 2022. Mr. Anthony John Liddell NIGHTINGALE – – – 黎定基先生 – 於二零二一年九月九日辭任 The Friends of Uppingham School 之主席。 – 於二零二一年十二月一日辭任文華東方酒店集團之董事。 – 於二零二二年五月二十七日辭任保誠保險有限公司之非執行董事。 appointed as an independent non-executive director of Guoco Group Limited on 8th November 2021. ceased to be director of The Hong Kong Club Foundation Limited. Mr. Paul Jeremy BROUGH – – Paul Jeremy BROUGH 先生 – 於二零二一年十一月八日獲委任為國浩集團有限公司之獨立非執行董事。 – 辭任 The Hong Kong Club Foundation Limited 之董事。 Dr. Roy Chi-ping CHUNG – ceased to be independent non-executive director of Fujikon Industrial Holdings Limited on 23rd June 2021. 鍾志平博士 – 於二零二一年六月二十三日辭任富士高實業控股有限公司之獨立非執行董事。 41 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Executive Chairman and Group Chief Executive Officer The roles and responsibilities of Executive Chairman and Group Chief Executive Officer are clearly defined and separate with a very few overlapping of roles and responsibilities in the areas of promoting sustainable development, ensuring stakeholder communication, and promoting corporate culture and uphold of integrity and honesty. 執行主席及集團行政總裁 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，只有在促進可持續發展、確保持份者 溝通，以及促進企業文化及秉持正直及誠實等方 面之角色及職責上部份重疊。 Mr. Winston Yau-lai LO, Executive Chairman 羅友禮先生 執行主席 • provides leadership to the Board • ensures compliance with good corporate governance practices and procedures • sets strategic directions for the Group • monitors Board effectiveness • promotes a culture of openness and active contribution amongst directors • provides continuous guidance Mr. Roberto GUIDETTI, Group Chief Executive Officer 陸博濤先生 集團行政總裁 • formulates the Group’s strategic plans under the strategic directions of the Executive Chairman • implements the strategies and policies approved by the Board • promotes social responsibility goals and long term sustainability development • ensures effective • leads day to day management stakeholder communication of the Group • promotes corporate culture of accountability, integrity and honesty • promotes and develops the business and interests of the Group and mentoring to the Group CEO • 宣揚社會責任目標及長遠可持 續發展 • provides monthly management updates to the Board • 領導董事會 • 確保與持分者的有效溝通 • 根據執行主席之策略性指導方向制 • 確保遵守良好企業管治常規及程序 • 促進具問責性、正直及誠實之 定本集團之策略計劃 • 為本集團制定策略性方向 企業文化 • 監察董事會成效 • 促進董事間之開放文化及積極參與 • 持續指導並作為集團行政總裁的導 師 • 實施董事會批准之策略及政策 • 領導本集團日常管理 • 促進及發展本集團業務及利益 • 每月向董事會提交最新之管理層報 告 42 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Board Proceedings The Board met five times in FY2021/2022 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 董事會於二零二一╱二零二二財政年度內召開五 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 管理表現之成效。 董事會及其委員會均適時獲得本公司所有相關資 料，以履行職責。本公司已有既定程序致使董事 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。 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 ESG May 五月 Jul 七月 2021 Aug 八月 BM AGM Jun 六月 BM RN AC Sep 九月 Oct 十月 ESG Nov 十一月 BM AC Dec 十二月 Jan 一月 BM RN 2022 Feb 二月 Mar 三月 BM AC BM Board Meeting 董事會會議 RN AC Remuneration and Nomination Committee Meeting 薪酬及提名委員會會議 Audit Committee Meeting 審核委員會會議 ESG Environmental, Social and Governance Committee Meeting 環境、社會及管治委員會會議 AGM Annual General Meeting 股東週年大會 43 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit Committee Meetings, Environmental, Social and Governance (ESG) Committee Meetings and Annual General Meeting during FY2021/2022 are as follows: 於二零二一╱二零二二財政年度，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 Board 董事會 Audit Committee 審核委員會 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 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5(a) 5/5 5/5 5/5(f) N/A 不適用 N/A 不適用 N/A 不適用 2/2(b) 2/2 2/2 2/2 2/2 2/2 2/2 2/2 2/2(f) 2/2(f) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 3/3 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 3/3(f) 3/3(f) N/A 不適用 3/3(f) 3/3(f) N/A 不適用 3/3(f) N/A 不適用 N/A 不適用 2/2(d) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 2/2 2/2 2/2 1/2 N/A 不適用 N/A 不適用 2/2(f) N/A 不適用 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1(e) 1/1 1/1 1/1(f) N/A 不適用 N/A 不適用 1/1(f) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 88% 99% N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 Name Independent Non-executive Directors 姓名 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P. S. ERLUND Jan P. S. ERLUND先生 Mr. Anthony John Liddell NIGHTINGALE 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 Directors Mr. Winston Yau-lai LO (Executive Chairman) Mr. Roberto GUIDETTI Mr. Eugene LYE Average Attendance of the Board Members Group Chief Financial Officer Ms. Ian-hong NG 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 羅友禮先生 （執行主席） 陸博濤先生 黎中山先生 董事會成員平均出席率 集團首席財務總監 吳茵虹女士 Group Senior Director, Internal Audit and Risk Management Mr. Terence Chiu-kit CHOW 集團內部審計及風險管理 高級總監 周昭傑先生 Group Director, Sustainability 集團可持續發展總監 Mr. Simeon Sing-hymn CHENG 鄭聲謙先生 External Auditors KPMG 外聘核數師 畢馬威會計師事務所 44 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Notes: (a) Chairman of the Board (b) Chairman of the Remuneration and Nomination Committee (c) Chairman of the Audit Committee (d) Chairman of the ESG Committee (e) (f) Chairman of the Annual General Meeting Attendance by invitation 附註： (a) 董事會主席 (b) 薪酬及提名委員會主席 (c) 審核委員會主席 (d) 環境、社會及管治委員會主席 (e) 股東週年大會主席 (f) 應邀出席 The Company acknowledges any General Meeting is one of the important forums to engage our shareholders. In the 2021 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. Overseas Directors attended the Annual General Meeting through video conferencing due to travel restrictions during the period. 本公司深明任何股東大會是與股東溝通的重要渠 道之一。於二零二一年股東週年大會，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。身處海外的董事 由於旅遊措施的限制故透過視像會議出席股東週 年大會。 During the year under review, the Executive Chairman communicated 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，於不同情況下與獨立非執 行董事進行溝通。 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 Executive Committee 執行委員會 Remuneration and Nomination Committee 薪酬及提名委員會 Audit Committee 審核委員會 ESG Committee 環境、社會及管治委員會 45 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Remuneration and Nomination Committee 薪酬及提名委員會 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. 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） Mr. Paul Jeremy BROUGH 先生 (Independent Non-executive Director) （獨立非執行董事） Dr. Roy Chi-ping CHUNG 鍾志平博士 (Independent Non-executive Director) （獨立非執行董事） Ms. Yvonne Mo-ling LO 羅慕玲女士 (Non-executive Director) （非執行董事） Ms. May LO 羅其美女士 (Non-executive Director) （非執行董事） 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, share award 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、股份獎勵及其他計劃； – to review the design of all employee share schemes and to administer all aspects of the share schemes in accordance with the applicable rules and requirements; – 檢討所有僱員股份計劃的設計並根據適用規則及要求處理所有股份計劃； – 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 the effectiveness of Board Diversity Policy and Director Nomination Policy; – 檢討董事會成員多元化政策及董事提名政策之成效； – to assess the independence of independent non-executive directors and to review the annual confirmation on their independence; – 審視獨立非執行董事之獨立性及審閱其獨立性之年度確認； 46 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 to review Director’s time commitment; – – 審視董事所須付出的時間； – to identify and determine the measurable objectives for achieving board diversity and monitor any progress made in achieving such measurable objectives; – 物色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； – to recommend to the Board on appointment or re-appointment of and succession planning for Director and Group Chief Executive Officer; – 就董事及集團行政總裁之委任或續聘及繼任計劃向董事會提出建議； – to review and assess the adequacy and appropriateness of corporate culture statement; and – 檢討及評估企業文化聲明是否足夠恰當；及 – to review the effectiveness and alignment of corporate culture with the corporate governance compliance functions. – 檢討企業文化之成效及企業文化與企業管治合規職能是否一致。 Work done during and for – FY2021/2022 於年內及為二零二一╱二零二二 財政年度所作之工作 reviewed, discussed and approved the remuneration package of Senior Management including the Executive Directors and Senior Management of the Group by reference to the individuals’ job responsibilities and performances, industry benchmarks and prevailing market conditions; – 檢討、討論及批准高層管理人員（包括本集團執行董事及高層管理人員）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； – reviewed and approved the discretionary bonuses and the grant of share options and share awards, having given due consideration to both the Group’s financial performance and the individuals’ performances during the year in accordance with the performance-based compensation policy recommended by an independent consultant; – 根據獨立顧問建議，以按表現釐定之薪酬政策，在充分考慮本集團之財務表現 及有關人士年內之個人表現後，檢討及批准發放酌情花紅以及授出購股權及股 份獎勵； – reviewed and recommended to the Board for approval the letters of appointment of the Executive Chairman, Group Chief Executive Officer and three Independent Non-executive Directors; – 審閱及建議董事會批准執行主席、集團行政總裁及三名獨立非執行董事之委任 函； 47 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 – reviewed the structure, size, composition and diversity, including the skills, knowledge, professional qualification, experience, gender and age of the Board; – 審視董事會之架構、規模、組成及多元化，包括董事擁有之不同技能、知識、 專業資格、經驗、性別及年齡等； reviewed the Board Succession Plan and its Road Map; – – 審閱董事會繼任計劃及其未來路向圖； reviewed the measurable objectives for achieving Board diversity; – – 審閱達致董事會多元化的可計量目標； reviewed Director’s time commitment to perform his/her duties; – – 審閱董事履行其職責所投入的時間； – assessed and confirmed the independence of all Independent Non- executive Directors; – 評估並確認全體獨立非執行董事之獨立性； – made recommendation to the Board for Directors’ Fees for FY2021/2022; and – 向董事會建議二零二一╱二零二二財政年度之董事袍金；及 – reviewed various Corporate Governance related policies and mechanisms in response to the amended CG Code and Listing Rules. – 因應經修訂企業管治守則及上市規則檢討多項企業管治相關政策及機制。 Terms of reference of the Remuneration and Nomination Committee have been amended in March 2022 to expressly include its authority and responsibility specified under the amended CG Code and to elaborate the Committee’s roles in reviewing and approving any performance related pay scheme including any employee share schemes. The Terms of reference have been published on the websites of the Stock Exchange and the Company. The Remuneration and Nomination Committee is provided with sufficient resources, including the advice of independent professional firms, if necessary, to fulfill its roles and responsibilities. 薪酬及提名委員會之職權範圍已於二零二二年三 月獲修訂，以將該委員會根據經修訂企業管治守 則所訂明之權力和責任明確納入職權範圍，並詳 細說明委員會在檢討及批核任何與表現有關之薪 酬計劃 ( 包括任何僱員股份計劃 ) 時之角色。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，包括提供獨立專業公 司之意見（如需要），以履行其角色及職責。 The Remuneration and Nomination Committee held two meetings during FY2021/2022. Each member’s attendance record during the year is shown on page 44 of this Annual Report. 薪酬及提名委員會於二零二一╱二零二二財政年 度內舉行兩次會議。各成員於年內出席會議之記 錄列載於本年報第 44 頁。 48 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Audit Committee 審核委員會 Mr. Paul Jeremy BROUGH 先生 (Chairman) （主席） (Independent Non-executive Director) （獨立非執行董事） Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 (Independent Non-executive Director) （獨立非執行董事） Mr. Jan P. S. ERLUND 先生 (Independent Non-executive Director) （獨立非執行董事） Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 (Independent Non-executive Director) （獨立非執行董事） Major responsibilities 主要職責 – to make recommendations to the Board on the appointment, re-appointment and removal of the External Auditors and their audit fees; – 就外聘核數師之委任、重新委任及罷免、以及彼等之核數師酬金等事宜向董事 會提供建議； – to meet with the External Auditors to discuss the nature and scope of the audit; – 與外聘核數師開會討論審核工作之性質及範圍； – to review the interim financial report and annual financial statements before they are submitted to the Board; – 在提交予董事會前，審閱中期財務報告及全年財務報表； – to discuss problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and review the External Auditors’ management letter and management’s response; – 討論源於中期審閱及年結審核過程所發現之問題及得出之保留意見，及任何其 他外聘核數師欲討論之事宜，以及審閱外聘核數師之審核情況說明函件及管理 層之回應； – 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； 49 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 – to conduct an annual review of the adequacy of staffing of the financial reporting functions; – 對財務匯報職能方面之員工資歷是否足夠進行年度檢討； – to review the whistleblowing policy and system for employees and those who deal with the Company to raise concerns, in confidence about 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舉報政策及系統；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 review the effectiveness of the policy and system that promote and support anti-corruption laws and regulations; – 檢討促進及維護反貪污之法律法規之政策及系統的成效； – to act as the key representative body for overseeing the Company’s relations with the External Auditors; – 作為監察本公司與外聘核數師關係之主要代表； – to oversee and review the adequacy and effectiveness of relevant financial, operational and compliance controls and risk management procedures that have been in place; – 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； – to develop and review the Company’s policies and practices on corporate governance and making recommendations to the Board; – 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 development of Directors and Senior Management; – 檢討及監察董事及高層管理人員之培訓及持續專業發展； – to review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements; – 檢討及監察本公司在遵守法律及監管規定方面之政策及常規； – to develop, review and monitor the code of conduct and compliance manual applicable to Directors and employees; and – 制定、檢討及監察適用於董事及僱員之行為守則及合規手冊；及 – to review the Company’s compliance with the CG Code and disclosure in the Corporate Governance Report. – 檢討本公司對企業管治守則之合規情況並於企業管治報告內所作之披露。 50 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Work done during and for – FY2021/2022 於年內及為二零二一╱二零二二 財政年度所作之工作 reviewed the 2021/2022 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; – 會同管理層及外聘核數師審閱二零二一╱二零二二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 2021/2022 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，並批准二零二一╱二零二二年度之審核方案； reviewed the Group Risk Report prepared by the Internal Auditor; – – 審閱由內部審計師編製之集團風險報告； – met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit work; – 於審核工作開始前，與外聘核數師開會討論審核工作之性質及範疇以及匯報責 任； – reviewed and considered the terms of engagement of the External Auditors; – 審閱及考慮外聘核數師之委聘條款； – reviewed and approved/preapproved the audit and non-audit services provided by the External Auditors, together with their respective fees; – 審閱並批准╱預先批准外聘核數師提供之審核及非審核服務及各有關收費； – reviewed the adequacy of resources, qualifications and experience of the staff of the Group’s accounting, financial reporting, risk management and internal audit functions, and their training programs and budget; effectiveness of the Group’s internal audit function and compliance with the CG Code; – 審閱本集團於會計、財務匯報、風險管理及內部審計功能部門方面之資源、員 工資歷及經驗是否足夠，以及培訓課程及有關預算；本集團內部審計職能之成 效及企業管治守則合規之情況； 51 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 – reviewed the training and continuous professional development of Directors and Senior Management; – 審閱董事及高層管理人員之培訓及持續專業發展； – reviewed the Company’s policies and practices on compliance with legal and regulatory requirements; – 審閱本公司在法律及監管規定合規之政策及常規； – reviewed the code of conduct and compliance manual applicable to Directors and employees; – 審閱適用於董事及僱員之行為守則及合規手冊； – reviewed the status of compliance with the CG Code and disclosure in the Corporate Governance Report; – 審閱企業管治守則之合規情況並於企業管治報告內所作之披露； – held private session with External Auditors in the absence of Executive Directors and Senior Management; and – 在執行董事及高層管理人員不在場之情況下單獨與外聘核數師會談；及 – reviewed various Corporate Governance related policies and systems in response to the amended CG Code and Listing Rules. – 因應經修訂企業管治守則及上市規則審閱多項企業管治相關政策及系統。 The Board has approved a Whistleblowing Policy in March 2012 which has been revised in March 2022 to incorporate a few enhancement initiatives introduced by the amended CG Code. 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 even on an anonymous basis. The Audit Committee has been delegated with the overall responsibility for monitoring and reviewing the implementation and effectiveness of the Whistleblowing Policy. 於二零一二年三月，董事會已批准採納舉報政 策，並於二零二二年三月作出修訂以納入經修訂 企業管治守則內所提議之部份優化措施。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，甚至接納匿名舉報任何涉 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實 施及成效。 52 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 The Company has adopted a Group Business Ethics Policy in March 2020 to establish the general principles of business ethical standards that all employees of the Company are expected to follow in daily operation. Every employee is required to undertake to adhere to this policy which includes provisions dealing with conflict of interests, protection and proper use of company assets, bribery and corruption, dishonesty and fraudulent act as well as reporting procedures for potential illegality and misconduct. The Company applies zero tolerance to any violation of this policy and shall not tolerate any illegal or unethical acts. The Audit Committee has the overall responsibility for reviewing the internal control system of anti-corruption. 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. No significant area of concern is noted on the implementation and effectiveness of the Whistleblowing Policy and Group Business Ethics Policy. The Board has adopted a Corporate Governance Policy in August 2012 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 revised in March 2022 to incorporate a few enhancement initiatives introduced by the amended CG Code. The revised Policy has been published on the Company’s website. 於二零二零年三月，本公司已採納集團商業道德 政策，以制定本公司所有僱員於日常營運時應遵 守之商業道德標準的一般原則。每名僱員必須承 諾遵守該政策，包括處理利益衝突、保護及適當 使用本公司財產、賄賂及貪污、不誠實及欺詐行 為等條文，以及舉報潛在違法及不當行為之程 序。本公司對於違反該政策採取零容忍態度，絕 不容忍任何違法及不道德行為。審核委員會全面 負責檢討反貪污之內部監控系統。 年內，概無從僱員或外部人士接獲涉及嚴重欺詐 或不當行為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。於舉報政策及集團商 業道德政策之實施及成效上並無發現重大問題。 於二零一二年八月，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。企業管治政策於二零二二年三 月作出修改，以納入經修訂企業管治守則所提議 之部份優化措施。經修訂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 amended in March 2022 to extend its authority and responsibility to review the effectiveness of the policy and system which promote and support anti-corruption laws and regulations. Terms of reference 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於二零二二年三月作出修 訂，擴大其權力及職責，目的是檢討促進及維護 反貪污之法律法規之政策及系統等的成效。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 FY2021/2022. Each member’s attendance record during the year is shown on page 44 of this Annual Report. 審核委員會於二零二一╱二零二二財政年度內召 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 44 頁。 53 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Environmental, Social and Governance (ESG) Committee 環境、社會及管治委員會 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. 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） Ms. May LO 羅其美女士 (Non-executive Director) （非執行董事） Mr. Eugene LYE 黎中山先生 (Executive Director) （執行董事） 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願景、長遠 指導及匯報； – to advise the Board on environmental and social risks of strategic significance and provide anticipatory and mitigation plans; – 就具策略重要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 declared KPIs (Key Performance Indices) and goals; – 根據已宣佈之關鍵表現指標及目標檢討本公司之可持續發展表現； – to examine the relevance of sustainability indices and the desirability of inclusion; – 檢視可持續發展指標之相關性以及納入該等指標之合適性； to review and approve Group-level sustainability related policies; and – – 審閱及批准集團層面的可持續發展相關政策；及 to review and approve the Company’s sustainability reports. – – 審閱及批准本公司可持續發展報告。 54 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Work done during and for FY2021/2022 於年內及為二零二一╱二零二二 財政年度所作之工作 reviewed and approved the Group’s 2021/2022 Sustainability Report; – – 檢討及批准本集團二零二一╱二零二二年可持續發展報告； – reviewed and discussed the Intergovernmental Panel on Climate Change (“IPCC”) Sixth Assessment Report (AR6) Climate Change 2021: The Physical Science Basis, and its implications to the Company; – 檢討及討論政府間氣候變化專門委員會(IPCC) 第六次評估報告《氣侯變化2021 ：物理科學基礎》，以及其對本公司之影響； – reviewed the Task Force on Climate–related Financial Disclosures (“TCFD”) based climate scenario analysis for the Company, including the methodology and results, provided strategic directions on the mitigation and adaptation of climate change; – 檢討本公司基於氣候相關財務信息披露工作組(TCFD)所作出之氣候情景分 析，包括方法及結果，提供減緩及適應氣侯變化之略策性方向； – reviewed the Company’s progress and achievements in various external ESG ratings and provided strategic direction on focus areas; – 檢討本公司於若干外部環境、社會及管治評分上之進展及成就及提供焦點範圍 之策略性方向； – approved the proposed strategy and initiatives for community projects in Mainland China market which are in line with the Rural Vitalization Strategy to promote the Common Prosperity of farmers and rural areas; – 批准符合鄉村振興戰略之中國內地市場社會項目之建議策略及倡議，從而促進 農民鄉村共同富裕； – reviewed the adequacy of resources, qualifications and experience of the staff of the Group’s ESG functions, and their training programs and budget; and – 審閱本集團環境、社會及管治功能部門之資源、員工資歷及經驗是否足夠，以 及培訓課程及有關預算；及 – approved the set of external sustainability targets under the Company’s Sustainability Framework, to be achieved by 2025/2026. – 批准本公司可持續發展框架之一系列外部可持續發展目標，該目標預計將於二 零二五/二零二六年之前實現。 The Board-level ESG Committee continued to oversee our sustainability issues, and to advise the Board on a range of strategy ESG topics which present risks and opportunities for the Company. The ESG Committee also provided strategic long-term guidance on sustainability performance, goals and priorities. Please refer to our Sustainability Report for more details of our efforts on material ESG topics. 董事會級別之環境、社會及管治委員會持續監察 我們的可持續發展事宜，並就一系列對本公司而 言屬有危有機之策略性環境、社會及管治議題向 董事會作出建議。環境、社會及管治委員會亦為 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。有關我們於重大環境、社會及管治 議題之工作詳情，請參閱可持續發展報告。 Terms of reference of the ESG Committee has been published on the Company’s website. 環境、社會及管治委員會之職權範圍已刊登於本 公司網站。 55 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Executive Committee 執行委員會 Mr. Winston Yau-lai LO (Chairman) 羅友禮先生 （主席） (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） Ms. Ian Hong NG 吳茵虹女士 (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 direct authority of the Board; and – 如同一般管理委員會運作，直接隸屬董事會；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。 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. Pursuant to the Company’s Articles of Association and Code Provision B.2.2 of Appendix 14 of the Listing Rules, all Directors, including Non-executive 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。 根據本公司章程細則及上市規則附錄十四守則條 文 B.2.2 條，全體董事（包括非執行董事）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。 56 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 director(s) and when deciding whether to recommend that current Director(s) be re-elected. The Committee will carefully consider the qualifications, skills, experience, independence, gender and age 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 information and consent without provisions under the Company’s Articles of Association or the Listing Rules. limitation the notice, 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， 當中載列物色及揀選準候選人擔任新任董事以及 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，並揀選或向董事會推薦有 關被提名人士出任董事；審視獨立非執行董事的 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、性別及年齢多元化、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 Remuneration and Nomination Committee reviews the Director Nomination Policy, whenever appropriate, and recommend to the Board for approval any amendments or updates to the Policy from time to time. 薪酬及提名委員會在適當的時候檢討董事提名政 策，並不時向董事會建議批准任何修訂及更新該 政策。 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。 57 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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 prevent any conflict of interest. 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. 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」防止任何利 益衝突。 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，同時亦提供最新 法規通告以及文章，有助董事持續掌握最新法 例、監管及企業管治等規定以及不斷變化之商業 領域內的專業實務。有關課程有助董事就其知識 及技能溫故知新，從而履行上市公司董事所應擔 任之角色、職能及責任等。 58 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 In November 2021, the Company organised an annual in- house training program for our Directors covering the topical issue of how technology and social media marketing promotes e-commerce business. 於二零二一年十一月，本公司為董事安排年度內 部培訓課程，涵盡科技及社交媒體營銷如何促進 電子商務等熱門議題。 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. All Directors and Senior Management have provided to the Company Secretary their training records for FY2021/2022 which have been reviewed by the Audit Committee. The average training hours of the Directors and Senior Management during the year were 50 hours and 47 hours respectively. 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 審視其董事之職能。本公司鼓勵高層管理人員參 與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。 全體董事及高層管理人員已向公司秘書提供彼等 於二零二一╱二零二二財政年度之培訓記錄，並 經由審核委員會審閱。董事及高層管理人員於本 年內平均培訓時數分別為 50 小時及 47 小時。 Directors’ Training Records 董事之培訓記錄 Analysis of training attended by Directors in FY2021/22 – by topic 董 事 於 二 零 二 一 ╱ 二 零 二 二 財 政 年 度 參 加 之 培訓 — 按專題分析 Analysis of training attended by Directors in FY2021/22 – by type 董 事 於 二 零 二 一 ╱ 二 零 二 二 財 政 年 度 參 加 之 培訓 — 按類型分析 1% Accounting / Finance / Tax 會計╱財務╱稅務 36% Global Business / Forum 環球商務╱論壇 6% Legal / Regulatory / Governance 法例╱法規╱管治 10% Innovation and Technology 創新科技 17% Director’s Duties and Governance 董事職責及管治 16% External Courses / Seminars / Workshops 外間課程╱ 研討會╱工作坊 20% In-house Training 內部培訓 30% Company Business 本公司業務 64% Readings 閱讀 59 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Senior Management’s Training Records 高層管理人員之培訓記錄 Analysis of training attended by Senior Management in FY2021/2022 – by topic 高 層 管 理 人 員 於 二 零 二 一 ╱ 二 零 二 二 財 政 年 度 參 加 之 培訓 — 按專題分析 Analysis of training attended by Senior Management in FY2021/2022 – by type 高層管理人員於二零二一╱二零二二財政年度參加之培 訓 — 按類型分析 43% Company Business 本公司業務 20% Readings 閱讀 45% In-house Training 內部培訓 1% Cyber Technology 數碼科技 15% Regulatory / Governance / Sustainability 法規╱管治╱ 可持續發展 35% External Courses / Seminars / Workshops 外間課程╱研討會╱ 工作坊 16% Audit / Accounting / Finance / Tax 審計╱會計╱財務╱稅務 25% Market / Business/ Product Development 市場╱業務╱產品發展 60 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 FY2021/2022 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, 2022. 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/inside information. Confirmations have been received from all Directors that they have provided sufficient time and attention to the affairs of the Company during FY2021/2022. Directors have also disclosed to the Company their interests as director and other office in other public companies and organisation in a timely manner, and have regularly reported to the Company Secretary on any subsequent changes. Evaluation of the Board and the Executive Chairman The Board believes that the evaluation of the effectiveness of the Board and its Executive Chairman is an essential requirement of good corporate governance and has since FY2011/2012 adopted the Recommended Best Practice under the CG Code of conducting regular Board evaluation exercises. The objective of the Board evaluation is to assist the Board in identifying and addressing its strengths and weaknesses, and highlighting the Board’s expectations for itself and areas for further improvement. As part of this evaluation process, the Executive Chairman is also 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。二零二一╱二零 二二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二零二二年三月三十一 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敏感或內幕消息之 特定類別員工而採納一套類似守則。 本公司已接獲全體董事確認書確認他們於二零 二一╱二零二二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。 董事會及執行主席之評審 董事會相信，對董事會及執行主席之成效進行評 審，乃良好企業管治之重要要求，並已於二零 一一╱二零一二財政年度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審。 董事會評審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空間。作為部份 評審過程，亦會就執行主席作為董事會主席是否 充分及有效地執行其職能及履行其職責進行評 審。董事會評審一般每年進行一次。 61 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 A formal evaluation of the Board and the Executive Chairman was conducted for FY2021/2022. The self-evaluation exercise was concluded in June 2022 with the assistance of Nestor Advisors – A Morrow Sodali Company, a global leader on corporate governance advisory services. The engagement of an external consultant to support the process for this year enabled the application of dedicated expertise on evaluating board effectiveness, increased the objectivity and independence of the process, and permitted the utilisation of fit-for-purpose board evaluation platforms and tools. During the evaluation process, questionnaire with scoring was used for collecting scores as well as opinions from all the Directors. The questionnaire included 45 statements for Board evaluation and 8 statements for Executive Chairman evaluation. Completed evaluation questionnaires were submitted on a confidential basis to the external consultant via its web-based survey platform. The external consultant then prepared a summary report of the aggregate evaluation results for review and discussion with the Board. On the basis of this, action points and plans for enhancing Board effectiveness were developed. The diagram below summarises the whole evaluation process: 本公司已為董事會及執行主席進行二零二一 / 二 零二二財政年度之正式評審。由擁有全球領先地 位的企業管治顧問服務公司 Nestor Advisors – A Morrow Sodali Company 協助下，自我評審已 於二零二二年六月完成。本公司於本年度委聘外 部顧問協助整個評審過程，透過顧問公司的獨特 專業知識應用於評審董事會之效用、並提升過程 之客觀性及獨立性，同時得以利用顧問公司提供 切合目的的董事會評審平台以及工具。 於評審過程中，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 45 項評審董事 會之陳述及 8 項評審執行主席之陳述。完成之評 審問卷皆以保密形式透過網頁問卷平台呈交予外 部顧問。外部顧問其後就綜合評審結果編製摘要 報告，並呈交予董事會作審閱及討論。在此基礎 上，並制定提升董事會成效之行動要點及計劃。 以下圖表概括整個評審過程： Approach to the Board self- evaluation agreed 同意董事會自我 評審的方式 Questionnaire agreed and completed 同意問卷問題 以及完成問卷 Evaluation and report 評審及報告 Review of findings with the Board 與董事會審閱 報告結果 Action points and plan developed 制定行動要點 及計劃 62 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 All Directors actively participated in the whole evaluation process. Themes evaluated include the following: 全體董事均積極參與整個評審過程。評審之主題 包括如下： Evaluation of the Board 董事會之評審 Evaluation of Executive Chairman 執行主席之評審 • • • • • • • • • • Strategic direction, planning and oversight 策略方向、規劃及監督 Risk management and internal controls 風險管理及內部監控 Strategic human resources issues 策略性人力資源問題 Sustainability focus and drive 專注及推動可持續發展 Board profile and composition 董事會簡歷及組成 Board dynamics 董事會形成過程 Board meeting processes, procedures and support 董事會會議過程、程序及支援 Relationship with the management 與管理人員的關係 Quality of information flows 資訊流通的質素 Board view on Board Committees 董事會對董事委員會的意見 • • • • • • • • • • • Personal attributes 個人特質 Leadership 領導才能 Encouraging active participation 鼓勵積極參與 Decision making 決策能力 Relationship with the Board 與董事會的關係 Relationship with Group Chief Executive Officer 與集團行政總裁的關係 Relationship with stakeholders 與持份者的關係 Adherence to good corporate governance practices 遵從良好的企業管治常規 Promotion of good corporate governance practices 推動良好的企業管治常規 Promotion of ESG 推動環境、社會及管治 Succession planning 繼任計劃 The self-evaluation concluded that, overall, the Board is effective in leading the Group. The Board is perceived to be engaged and committed, work together well, and provide an appropriate oversight role. The exercise provided a number of recommendations to further enhance Board effectiveness. These pertained the Board oversight of strategic planning, the succession planning process for the Board, Board oversight of company culture, enhancing Board dynamics, and information flows between Board meetings. The Executive Chairman 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 self-evaluation results. 自我評審之結論是董事會整體上有效領導本集 團。董事會被視為積極投入、盡責、團結，並且 適當地擔當其監督之角色。該評審提供多項就進 一步提升董事會成效之建議。而該等建議涵蓋 董事會於策略規劃的監督、董事會繼任計劃之過 程、董事會於公司文化的監督、提升董事會的進 步過程及董事會會議間的資訊流通。執行主席充 分及有效地執行其身為董事會主席之職能及履行 其職責。自我評審結果並無發現任何重要須要關 注之地方。 63 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 The Company is taking a proactive role in enhancing its board effectiveness by taking steps to implement relevant recommendations. The Executive Chairman, as the leader of the evaluation process, has reviewed summaries of the aggregate evaluation results of the Board and Executive Chairman. He has discussed with Senior Management comments from Directors and overseen the development of action points to address the areas identified from the evaluation results. 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. 本公司透過採取措施實施相關建議，積極提升其 董事會之成效。執行主席領導評審過程，審閱董 事會及執行主席之綜合評審結果摘要。彼與高層 管理人員就董事之建議進行討論，及監督行動要 點之制定以處理評審結果所反映之問題。 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 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 17 小時之外部持續專業發展 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。 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， 以避免發生資訊之重大錯誤陳述。風險管理及內 部監控系統之主要特點如下： 64 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Internal Control The Company has had in place an internal control system, which is developed based on the Committee of Sponsoring Organizations of (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: the Treadway Commission 內部監控 本公司已根據C o m m i t t e e o f S p o n s o r i n g 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： 通 溝 及 訊 nication 資 u m m o C & n o i t a m r o f n I Infor m atio n & C o m m u n i c a t i o n 資 訊 及 溝 通 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 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 & Communic a t i o n 資 訊 及 溝 通 65 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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; Business activities are conducted in an effective and efficient manner; Financial reporting is accurate, timely and complete; and Laws and regulations relevant to the business are complied. 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. 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. • 資產獲得審慎保障； • 以有效及高效之方式進行業務活動； • 作出準確、適時及完整之財務報告；及 • 遵守與業務相關之法律及法規。 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。 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; Review the effectiveness of internal control over operational, compliance and financial reporting as well as risk management function; and Special reviews of areas of concern identified by management or the Audit Committee. • 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； • 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 • 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。 66 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Risk Based Audit 風險基礎審計 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 the fiscal year of 2021/2022, 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. 於二零二一╱二零二二財政年度內，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。 Ethics Policy and Whistleblowing System 道德政策及舉報制度 The Company is committed to maintain high standards of business ethics and corporate governance across all company’s activities and operations. It is the responsibility of all directors and employees to comply with these minimum requirement. The Company has established Group Business Ethics Policy and Code of Conduct, which outlines our commitment to integrity, and set out business ethical standards that the directors and employees are expected to follow. On top of that, the Code of Business Conduct for Suppliers and Customers also set clear expectations on the ethical conduct of our suppliers and customers, providing guidelines on various aspects such as conflicts of interest, confidentiality, anti-corruption and fraud. During the fiscal year of 2021/2022, Group Internal Audit and Risk Management Department has launched Vitasoy Global Integrity Portal across our operations in Mainland China in June 2021, as the first phase of a global roll-out. The portal embedded with e-learning platform, policy and publication library and online complaint channel, aims to enhance mutual communication of the Company’s standards and expectation on ethics and integrity with employees, suppliers and distributors. The Company has established a Whistleblowing Policy and system for employees and other stakeholders to raise suspected misconduct, malpractice, irregularities or concerns through a confidential reporting channel. Procedures are in place for Group Internal Audit to conduct independent investigation and follow up. Group Internal Audit will report all the reporting received under the Whistleblowing Policy and action taken in response to such reporting to the Audit Committee on a regular basis. 本公司致力在公司的所有活動及營運中保持高標 準的商業道德和企業管治水平。所有董事及員工 均有責任遵守該等最低要求。 本公司制定了集團商業道德政策及行為守則，概 述了我們對誠信的承諾，並列明了董事和員工 應遵守的商業道德標準。此外，《供應商和客戶 行為準則》亦訂明對我們的供應商及客戶道德行 為的期望，就利益衝突、保密、防止貪污及欺 詐等各個方面提供指引。於二零二一╱二零二二 財政年度內，集團內部審計及風險管理部於二零 二一年六月率先在中國內地推出維他奶環球誠信 平台，作為全球推行的第一階段。平台設有網上 學習功能，政策及出版刊物資訊庫和網上投訴渠 道，旨在加強本公司與員工，供應商及經銷商之 間的雙向溝通，明確本公司在商業道德和誠信方 面的標準及期望。 本公司建立了舉報政策及制度，以讓員工及其他 持份者能夠通過保密舉報渠道舉報懷疑的不當行 為、舞弊、違規行為或顧慮。集團內部審計設有 獨立調查及跟進程序並定期向審核委員會報告根 據舉報政策所收到的所有舉報以及針對有關舉報 而採取的行動。 67 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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。 68 Corporate Governance Report企業管治報告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Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Risk Governance Structure 風險管治架構 The risk governance structure consists of three layers of roles and responsibilities as explained below: 風險管治架構包括下列三個層面之角色及職責： Layer 層面 Oversight 監督 Risk Monitoring & Review 風險監察及審閱 Roles and Responsibilities 職務及職責 • Audit Committee, acting on behalf of the Board • Oversees the Company’s risk management and internal control on an ongoing basis. Oversees those risks that warrant the Committee’s attention and supervise risk management process as part of good corporate governance. 代表董事會之審核委員會 • 持續監督本公司之風險管理及內部監控。 • 監督委員會需要注意之該等風險並監督風險管理程序，以配合良好企 業管治。 Group Internal Audit • Conducts independent review on the effectiveness of risk management and internal control systems and provide reasonable assurance to Audit Committee. 集團內部審計 • 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 供合理保證。 Enterprise Risk Management Executive Committee & Entity CEOs • Design, implement and monitor the risk management and internal control system. Provide assurance to the Audit Committee on the effectiveness of risk management and internal control systems. • 企業風險管理執行委員會及地方公司行政總裁 • 設計、實施及監察風險管理及內部監控系統。 • 向審核委員會提供有關風險管理及內部監控系統成效之保證。 Group Risk Management, an independent team under Group Internal Audit and Risk Management • Supports the Board of Directors, Audit Committee and Enterprise Risk Management Executive Committee. Develops and implement risk management frameworks, policies, tools and methodologies with all subsidiaries. • Risk & Control Ownership 風險及控制的責任 • Monitors status of risk and communicate with the Executive Committee and Audit Committee on an ongoing basis. 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 • 支援董事會、審核委員會及企業風險管理執行委員會。 • 與所有附屬公司建立及執行風險管理框架、政策、工具及方法。 • 持續監察風險狀況，並與執行委員會及審核委員會持續溝通。 Department Heads & Individual Employee • Ownership of managing risks, executing control activities and identifying new risks in daily operation. 部門主管及個別員工 • 於日常營運中管理風險，執行監控活動及識別新風險。 69 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 Risk Management Process 風險管理程序 Our risk management process is embedded in our daily operations, strategy development & business planning, investment decision and external factors. The processes are as follows: financial activities, compliance, • 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 liquidity, reputation, strategy, market, credit and operation) to facilitate the assessment appropriately. • 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. • 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. • 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. 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： • 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）。 • 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。 • 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。 • 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，均會啟動反應程序，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。 70 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 • 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”), Enterprise Risk Management Executive Committee and risk owners are able to obtain real-time risk status through the relevant system dashboards. • 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，自推出管治、風險管理及合規系統 （「GRC 系統」）以來，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。 Risk Management Activities • Emerging risk monitoring 風險管理措施 • 監察新興風險 Vitasoy has stepped up the efforts in proactively scanning the risk environment to identify any emerging risks of potential concerns, including pandemic, regulatory, sustainability, supply chain and other business risks. Additionally, Vitasoy is further exploring the use of data analytics solutions to improve the efficiency and effectiveness of risk monitoring. 維他奶加大力度主動監測經營環境中的風 險， 以 識 別 任 何 潛 在 憂 慮 可 能 帶 來 之 風 險，如疫情、監管、可持續性、供應鏈及 其他業務風險。此外，維他奶現正進一步 研究使用數據分析解決方案以提高風險監 察之效率和成效。 • Risk reviews for key purchases • 為關鍵採購進行風險審視 In addition to the regular risk management process, Vitasoy has incorporated a risk review process in making key purchasing decisions. The objective of the review is to ensure that critical purchasing risks are adequately assessed and considered and hence improve the quality of purchasing decisions. 除慣常的風險管理流程外，維他奶亦將一 套風險審視流程納入關鍵採購之決策過程 中。審視目的是確保主要採購風險獲充分 評估及考慮，藉此提升採購決策之質素。 • Managing ESG risks with risk management • 按照風險管理框架管理環境、社會及管 framework 治風險 The effective management of ESG risks is a key focus of Vitasoy risk management activities. In addition to facilitating a climate risk assessment, the scope and process of the GRC System is under enhancement to provide timely and transparent information on the status of ESG risks. 有效管理環境、社會及管治風險是維他奶 風險管理活動之重點。除協助氣侯風險管 理評估外，GRC 系統之覆蓋範圍及流程亦 正在完善，以便及時提供有關環境、社會 及管治風險狀況具透明度的資料。 • Risk management trainings • 風險管理培訓 With the ever-changing business environment, Vitasoy conducts risk management training for key associates to raise risk awareness and improve preparedness to incidents and crisis. These trainings are a core component in nurturing risk management culture and encouraging risk-informed decisions and operations. 面對瞬息萬變之營商環境，維他奶為主要 員工進行風險管理培訓以提高風險意識及 提升面對事故及危機的應變能力。該等培 訓是培育風險管理文化和鼓勵風險知情決 策和營運的核心組成部份。 71 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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. The Board, with confirmation from management, considered the risk management and internal control systems are effective and adequate for the year ended 31st March 2022. No significant areas of concern that might affect the financial, operational and compliance aspects 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, as well as training and relevant budget to them. inside Inside Information With respect to procedures and internal controls for the handling and dissemination of 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 further revised with a few housekeeping amendments on 25th November 2021. 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. 檢討風險管理及內部監控之成效 集團內部審計已就本公司（包括其營運公司）風 險管理及內部監控系統之成效進行年度檢討。審 核委員會已審閱集團內部審計對本公司風險管理 及內部監控系統成效之調查結果及所提供之公允 意見。 經管理層確認，董事會認為，截至二零二二年三 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，並無發現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 二零二一年十一月二十五日進一步作出一些細微 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，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。 72 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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$6.2 million (FY2020/2021: HK$5.7 million) was charged for FY2021/2022 for statutory audits for the Company and subsidiaries. The amount for the other audit-related services and other non-audit services provided by KPMG for the Company and subsidiaries were HK$0.3 million (FY2020/2021: HK$0.2 million) and HK$0.3 million (FY2020/2021: HK$0.4 million) respectively. The non-audit services mainly comprised tax advisory services. 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 附屬公司所提供之二零二一╱二零二二財政年度 法定審核服務之費用為港幣 6,200,000 元（二 零二零╱二零二一財政年度：港幣 5,700,000 元）。畢馬威會計師事務所為本公司及其附屬公 司所提供之其他審核相關服務及非審核服務費用 分別為港幣 300,000 元（二零二零╱二零二一財 政年度：港幣 200,000 元）及港幣 300,000 元 ( 二零二零╱二零二一財政年度：港幣 400,000 元 )。非審核服務主要包括稅務顧問服務。 The responsibilities of the External Auditors with respect to the FY2021/2022 financial statements are set out in the section of “Independent Auditor’s Report” on pages 105 and 111. 外聘核數師就二零二一╱二零二二財政年度財務 報表所須承擔之責任載列於第 105 至 111 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 to align with the fluctuation in 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. 本公司計劃配合扣除一次性事件影響後之股東應 佔溢利之波動向股東宣派股息，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。 73 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 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。 74 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 22nd March 2022 and been posted on the Company’s website. We have established multiple channels of communication to encourage effective participation by the shareholders and also effective dialogue with shareholders under the Shareholders Communication Policy. The Board reviewed the Shareholders Communication Policy in June 2022 and considered that the policy has been properly implemented and is effective. The Company keeps on promoting investor relations and enhancing communication with the existing shareholders and potential investors. 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. 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 通訊政策已於二零二二年三月二十二日更新並已 刊登在本公司之網站。我們已根據股東溝通政策 設立多方面溝通途徑鼓勵股東有效參與以及與股 東有效對話。董事會已於二零二二年六月檢討股 東溝通政策，並同意該政策已妥善實施且有效。 本公司會繼續促進投資者關係及提升與現有股東 及潛在投資者之溝通。 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與股東相關的 資訊。 75 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 The Company views its Annual General Meeting as one of the important platforms to communicate with its shareholders. All Directors make an effort to attend the Annual General Meeting. At the 2021 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 chairpersons of the Remuneration and Nomination Committee, the Audit Committee and ESG Committee were also present to answer questions raised by shareholders. The Company’s External Auditors attended the 2021 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. Overseas Directors attended the Annual General Meeting through video conferencing due to travel restrictions during the period. 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 familiarised 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. listed companies The Company adheres to the listing rules and all regulatory requirements set for in Hong Kong. The Company is also committed to proactively provide its stakeholders with sufficient, accurate and consistent information in a timely manner. The commitment is evenly fulfilled irrespective of whether the information is positive or negative for the Company. All material information is disclosed to recipients equally in terms of content and timing. 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。所有董事均盡量出席股東週年大會。 於二零二一年股東週年大會上，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、審核委員會主席以 及環境、社會及管治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 二一年股東週年大會，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。海外董事因期內實施旅遊限制而透過 視像會議形式出席股東週年大會。 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。 本公司遵守上市規則及為香港上市公司而訂立的 所有監管要求。本公司亦致力主動及時向其持份 者提供充足、準確及一致的資料。無論該資料對 本公司帶來正面抑或負面影響，承諾均得以均衡 履行。所有重要資料在內容及時間方面均統一披 露予接收者。 76 Corporate Governance Report企業管治報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 recognise their The Board and Senior Management responsibilities to represent the interests of all shareholders and to maximise shareholder value. Active engagement with our shareholders and accountability to our shareholders are of high priority of the Company. Our methods used to communicate with shareholders include the following: 董事會及高層管理人員認同彼等有責任代表所有 股東的利益並盡量提高股東價值。本公司會高度 重視與股東的積極參與及向股東負責。我們與股 東溝通的方法包括： • • • • • one-on-one-meetings, conferences, and Non-deal Roadshows conference calls, investor • 一對一會議、電話會議、投資者會議及非 交易路演 the Company’s corporate website. This includes electronic copies of financial reports and hyperlinking of sustainability reports, audio webcasts of analyst presentations given at the time of the interim and annual results announcements, presentation slides given at latest news, public announcements and general information about the Company’s businesses investor conferences, • 本公司的公司網站，當中包括電子版財務 報告及可持續發展報告的超連結、刊登中 期及年度業績公告時分析師簡報的音頻網 絡 廣 播、 投 資 者 會 議 上 的 簡 報、 最 新 消 息、公告及有關本公司業務的一般資料 publication and distribution of interim and annual reports • 刊登及派發中期及年度報告 any shareholders meeting • 任何股東大會 set up of dedicated Investor Relations’ email address/ hotline to receive enquires from the shareholders and investing public • 設立投資者關係專有的電子郵件地址 ／熱 線，接受股東及公眾投資者的查詢 77 Corporate Governance Report企業管治報告 Annual Report 2021/2022 年度報告 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 BOARD OF DIRECTORS Executive Chairman 董事會 執行主席 Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 81, 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 Lo Cheung (a substantial shareholder of the Company), the brother of Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company) and Ms. Irene Chan (the substantial shareholder 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, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 羅 友 禮 先 生 (SBS, BSc, MSc)， 八 十 一 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 士及本公司主要股東陳羅慕連女士之 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。 78 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI (GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. 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 83, 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 director of 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 Guangdong Investment Limited. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 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）， 八十三歲，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 出任粵海投資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。 79 Directors and Senior Management董事及高層管理人員 Annual Report 2021/2022 年度報告 Mr. Jan P. S. ERLUND, aged 83, 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. Jan P. S. ERLUND先生，八十三歲， 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。 Mr. Anthony John Liddell NIGHTINGALE (CMG, SBS, JP), aged 74, 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 and Jardine Cycle & Carriage. 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 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 and the chairperson of The Sailors Home and Missions to Seafarers in Hong Kong. Mr. Nightingale is the former chairman of the Hong Kong General Chamber of Commerce and was appointed as a Hong Kong, China’s representative 黎 定 基 先 生（CMG, SBS, JP）， 七 十 四 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、置地控股有限公司及怡和合 發有限公司。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 會成員以及香港海員俱樂部主席。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 80 Directors and Senior Management董事及高層管理人員Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 to the Asia Pacific Economic Cooperation (“APEC”) 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, Jardine Strategic Holdings Limited, Mandarin Oriental and Prudential plc. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 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、怡 和策略控股有限公司、文華東方國際 有限公司以及保誠保險有限公司之非 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。 (Honours) Mr. Paul Jeremy BROUGH, aged 65, was appointed a Director of the Company in 2016. Mr. Brough graduated from Nottingham Trent Business School with a Bachelor’s degree in Business Studies. Mr. Brough is an associate of the Institute of Chartered Accountants in England and Wales and an associate of the Hong Kong Institute of Certified Public Accountants. Mr. Brough is 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, an independent non-executive director of Guoco Group Limited, a company listed on the Hong Kong Stock Exchange and an independent non- executive director of The Executive Centre Limited. 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: chairman of the General Committee of The Hong Kong Club and a 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 8th May 2017 to 1st October 2019. He was an independent non-executive director of GL Limited, a company listed on the Singapore Stock Exchange, from 1st July 2012 to 15th April 2021. 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 五歲，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以及香港 會計師公會會員。Brough 先生為香 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、於香港 聯交所上市之公司國浩集團有限公 司 之 獨 立 非 執 行 董 事。 彼 亦 為 德 事 商務中心有限公司之獨立非執行董 事。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：香港會理事會主席、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八日至二零 一九年十月一日擔任來寶集團有限 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。 彼 於 二 零 一二年七月一日至二零二一年四月 十五日擔任於新加坡證券交易所上市 之 GL Limited 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。 81 Directors and Senior Management董事及高層管理人員 Annual Report 2021/2022 年度報告 Dr. Roy Chi-ping CHUNG (GBS, BBS, JP), aged 69, 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 2020. 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) and Gold Bauhinia Star (GBS) 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 was appointed as the Chairman of the Federation of Hong Kong Industries from July 2011 to July 2013 and now its Honorary President. He was appointed as the chairman of Vocational Training Council from January 2018 to December 2019. He is also the founder and chairman of Bright Future Charitable Foundation. 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, a company listed in Hong Kong. Dr. Chung retired as independent non- executive director of Kin Yat Holdings Limited, KFM Kingdom Holdings Limited and Fujikon Industrial Holdings Limited effective from 25th August 2014, 27th August 2015 and 23rd June 2021 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），六十九 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 二零二零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 日分別獲得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 博士曾於二零一一年七月至二零一三 年七月委任為香港工業總會主席及現 為名譽會長。彼於二零一八年一月至 二零一九年十二月獲委任為職業訓練 局主席。彼亦為鵬程慈善基金創辦人 及主席。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。鍾博士亦為香港上市公司東江集 團（控股）有限公司之獨立非執行董 事。 鍾 博 士 分 別 於 二 零 一 四 年 八 月 二十五日、二零一五年八月二十七日 及二零二一年六月二十三日起退任建 溢集團有限公司、KFM 金德控股有限 公司及富士高實業控股有限公司之獨 立非執行董事。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。 82 Directors and Senior Management董事及高層管理人員Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Non-executive Directors 非執行董事 Ms. Yvonne Mo-ling LO, aged 74, 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 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 Dr. Keiko Aun Fukuda (a substantial shareholder of the Company), the sister of Mr. Winston Yau-lai Lo (the Executive Chairman of the Company) and Ms. Irene Chan (the substantial shareholder 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 Lo Cheung, Mr. Christopher Lye and Ms. Alexandra Chan (the substantial shareholders of the Company). 羅慕玲女士，七十四歲，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 禮先生及本公司主要股東陳羅慕連女 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。 Mr. Peter Tak-shing LO, aged 60, 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 (the 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. Joy Lo Cheung, Mr. Christopher Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 羅德承先生，六十歲，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、張羅其樂女士、黎東 山先生、羅安女士及陳凌珊女士之親 屬。 83 Directors and Senior Management董事及高層管理人員 Annual Report 2021/2022 年度報告 Ms. May LO, aged 47, 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 Lo Cheung (a substantial shareholder of the Company), the relative of Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Mr. Peter Tak-shing Lo (a Non-executive Director of the Company), Mr. Eugene Lye (an Executive Director of the Company), Ms. Irene Chan, Mr. Christopher Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 羅其美女士，四十七歲，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、 黎 東 山 先 生、羅安女士及陳凌珊女士之親屬。 Executive Directors 執行董事 Mr. Roberto GUIDETTI, aged 59, 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 33 years of proven track record in general management, strategic/business planning, marketing/commercial leadership, product innovation and new business development. He has matured his professional expertise in two of the largest global fast moving consumer goods organisations and across local, regional and global roles in Europe and Asia. He has spent the last 22 years in this field in Mainland China, and regions including the Hong Kong SAR and Taiwan. Mr. Guidetti is a director of Ariston Thermo Group, a listed company in Italy. Saved as disclosed, he has not held any directorship in other listed public companies currently and in the last three years. 陸博濤先生，五十九歲，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 面擁有三十三年之豐富經驗。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。彼曾於中國 內地，以及地區包括香港特別行政區 及台灣內的有關行業任職二十二年。 陸博濤先生現為意大利一間上市公司 阿里斯頓熱能集團之董事。除已披露 者外，彼於過往三年並無於其他上市 公眾公司擔任任何董事職務。 84 Directors and Senior Management董事及高層管理人員Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Mr. Eugene LYE, aged 52, 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 19 years. During his time at Vitasoy USA Inc., Mr. Lye has held management positions in sales and marketing in the Mainstream Channel, and has had oversight responsibilities for both the research & development and quality control departments as well as serving as the Senior Vice President of the Asian Channel. He does not hold/has not held any directorship in other listed public companies currently and in the past three years. Mr. Lye is the brother of Mr. Christopher Lye (a substantial shareholder of the Company), the relative of Mr. Winston Yau-lai Lo (the 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 Lo Cheung, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 黎中山先生，五十二歲，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 九 年。 任 職 Vitasoy USA Inc. 期間，黎先生曾於 主流銷售渠道擔任多個銷售及市場推 廣管理職位，任職監督研發和品控等 部門，以及擔任亞裔市場之高級副總 裁。彼於現時或過往三年並無於其他 上市公眾公司擔任任何董事職務。黎 先生乃本公司主要股東黎東山先生之 胞弟、本公司執行主席羅友禮先生、 本公司非執行董事羅慕玲女士、羅德 承先生及羅其美女士、本公司主要股 東陳羅慕連女士、張羅其樂女士、羅 安女士及陳凌珊女士之親屬。 85 Directors and Senior Management董事及高層管理人員 Annual Report 2021/2022 年度報告 SENIOR MANAGEMENT 高層管理人員 Ms. Ian Hong NG, aged 51, Group Chief Financial Officer. Ms. Ng is responsible for the strategic planning, financial management and control, accounting, corporate finance, investor relations and corporate services of the Group. Ms. Ng joined the Group in 2021 and has solid finance management experience gained with multinational companies. She also brings a wealth of experience to this role with leading start-up commercial operation, acquisitions, post-merger integration, finance and digital transformation with fast moving consumer goods (FMCG), agriculture, oil & gas, and technology industries. Ms. Ng is a US Certified Public Accountant, and holds a Master’s Degree in Business Administration at the University of Southern California Marshall School of Business. Mr. Carl Qiang SU, aged 48, Group Chief Operating Officer and Chief Executive Officer, Mainland China Operation. Mr. Su is responsible for the general management and development of the Group’s operation in Mainland China and the assigned Group functions. He joined the Group in December 2021. Mr. Su has over 20 years of comprehensive management experience covering senior executive roles in different leading multinational companies in fast moving consumer goods (FMCG) categories and leading internet company in Mainland China. He obtained a degree in Economics from Sun Yat-Sen University in 1995 and a MBA degree from Carlson School of Business, University of Minnesota in 2005. Mr. Charles Chung CHYI, aged 67, former Chief Executive Officer, Hong Kong Operation who looked after the Hong Kong SAR, the Macau SAR and various export markets since 2008 to 2017. Mr. Chyi re-joined the Group in November 2021 and resumed all his former geographical coverage and responsibilities. Mr. Chyi was educated in the United Kingdom and prior to joining the company he had held senior management positions with a couple of prominent multinational companies in food and beverage industry focusing on the Greater China market. 吳茵虹女士，五十一歲，集團首席財務總監。吳 女士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。吳女士於二零二一年加入本集團，並在多間 跨國公司任職，累積豐富的財務管理經驗。彼曾 於高流轉消費品、農業、石油及天然氣以及科技 等行業中工作，對領導初創企業的商業營運、收 購、合併後整合、融資及數碼化轉型等方面擁有 豐富經驗。吳女士為美國執業註冊會計師，並於 美國南加州大學馬歇爾商學院取得工商管理碩士 學位。 蘇強先生，四十八歲，集團首席營運總監兼中國 內地業務之行政總裁。蘇先生負責本集團在中國 內地業務的一般管理及發展以及特定之集團職 能。彼於二零二一年十二月加入本集團。蘇先生 擁有逾二十年的綜合管理經驗，曾於多間領先的 高流轉消費品類別的跨國公司及中國內地的領先 互聯網公司擔任高級管理職務。彼於一九九五年 獲得中山大學經濟學學位，於二零零五年取得明 尼蘇達大學卡爾森商學院工商管理碩士學位。 齊松先生，六十七歲，前香港業務行政總裁，於 二零零八年至二零一七年負責香港特別行政區、 澳門特別行政區及各個出口市場業務。齊先生於 二零二一年十一月重新加入本集團，並掌管其之 前負責的所有經營業務範疇及職責。齊先生曾於 英國接受教育，彼在加入本公司之前曾於多家集 中大中華市場的食品及飲品行業的知名跨國公司 擔任高級管理職務。 86 Directors and Senior Management董事及高層管理人員Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Mr. David Bruce Charles TYACK, aged 51, 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. Mr. Christopher Lloyd MARCHANT, aged 43, Managing Director 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. David Bruce Charles TYACK 先 生， 五 十 一 歲，Vitasoy Australia Products Pty. Ltd. 之董 事總經理。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。 Christopher Lloyd MARCHANT 先生，四十三 歲，為本集團於新加坡之豆腐生產公司，Vitasoy International Singapore Pte. Ltd. 之 董 事 總 經 理。Marchant 先生負責管理及發展本集團之新 加坡業務。彼於二零一六年九月加入集團新加坡 公司前，曾領導維他奶澳洲及其新西蘭銷售團隊達 四年時間。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，他之前在新加坡完成中學教育並在 此開展事業。 87 Directors and Senior Management董事及高層管理人員 Annual Report 2021/2022 年度報告 The Directors have pleasure in submitting their Annual Report together with the audited financial statements for the year ended 31st March 2022. 董事會欣然提呈截至二零二二年三月三十一日止 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 the Hong Kong SAR and has its registered office and principal place of business at No. 1 Kin Wong Street, Tuen Mun, New Territories, the Hong Kong SAR. 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. 主要營業地點 維他奶國際集團有限公司（「本公司」）為成立並 居駐於香港特別行政區之公司，其註冊辦事處及 主要營業地點位於香港特別行政區新界屯門建旺 街一號。 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 26 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 2021/2022 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 26 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「二零二一╱二零二二年可持續發展報 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。 88 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Major Customers and Suppliers For the year ended 31st March 2022, the percentage of sales attributable to the Group’s five largest customers was less than 30%. 主要客戶及供應商 於截至二零二二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%。 information The in respect of the Group’s purchases attributable to 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 21% 30% 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 No interim dividend was declared (2021: an interim dividend of HK3.8 cents per ordinary share). The Directors do not recommend the payment of a final dividend (2021: a final dividend of HK29.0 cents per ordinary share) in respect of the year ended 31st March 2022. Donations Charitable and other donations made by the Group during the year amounted to HK$6,280,000 (2021: HK$2,992,000). 建議股息 並無宣派中期股息（二零二一年：中期股息每股 普通股 3.8 港仙）。董事不建議就截至二零二二 年三月三十一日止年度派發末期股息（二零二一 年：末期股息每股普通股 29.0 港仙）。 捐款 本 集 團 於 年 內 之 慈 善 及 其 他 捐 款 共 達 港 幣 6,280,000 元（ 二 零 二 一 年： 港 幣 2,992,000 元）。 Bank Loans Particulars of bank loans of the Group, as at 31st March 2022 are set out in note 20 to the financial statements. 銀行貸款 本集團於二零二二年三月三十一日之銀行貸款詳 情載於財務報表附註 20。 Share Capital 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 the 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。 89 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 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 B.2.2 of Part 2 of Appendix 14 of the Listing Rules, Mr. Winston Yau-lai LO, Mr. Paul Jeremy BROUGH and Mr. Roberto GUIDETTI retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. 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. 根據本公司之章程細則第 104 條及上市規則附錄 十四之守則第二部分條文B.2.2條，羅友禮先生、 Paul Jeremy BROUGH 先生及陸博濤先生將於 應屆股東週年大會上輪值退任董事會職務，且符 合資格並願膺選連任。 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。 90 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures The Directors of the Company who held office at 31st March 2022 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 (“Register”) 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（「登記冊」）記錄所載，於二 零二二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 Note 附註 Personal interests 個人權益 Family interests 家族權益 Trusts and similar interests 信託及同類權益 Equity derivatives 股本衍生工具 Total number of shares held 所持股份總數 * % of total issued shares * 佔已發行股份 總數之百分比 (i), (iv) 65,439,800 28,702,500 72,678,300 225,166 167,045,766 15.61% 10,000,000 180,000 200,000 (ii), (iv) – – – – – – – – 92,084,750 – – – – 10,000,000 0.93% 180,000 0.02% 200,000 0.02% 92,084,750 8.61% (iii), (iv) 9,198,000 – 121,657,000 – 130,855,000 12.23% 2,100,000 – (v) 5,130,000 100,000 442,313 – – – – – 2,100,000 0.20% 225,206 5,455,206 0.51% – 442,313 0.04% Name 姓名 Mr. Winston Yau-lai LO 羅友禮先生 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P.S. ERLUND Jan P. S. ERLUND 先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 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 Mr. Roberto GUIDETTI 陸博濤先生 Mr. Eugene LYE 黎中山先生 * The percentage has been compiled based on the total number * 此百分比乃根據本公司於二零二二年三月三十一日 of shares of the Company in issue (i.e. 1,070,009,500 ordinary shares) as at 31st March 2022. 已發行之股份總數（即 1,070,009,500 股普通股） 計算。 91 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures (Continued) (1) Notes: Interests in issued shares (Continued) 董事於股份、相關股份及債權證之權 益及淡倉（續） (1) 於已發行股份之權益（續） 附註： (i) Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares through interests of his wife. The 225,166 equity derivatives represented interests in unvested shares (i) 羅友禮先生由於其妻室擁有 28,702,500 股股份， 故被視為擁有該等股份之權益。而 225,166 份股本 衍生工具乃指根據本公司股份獎勵計劃所授出之未 granted under the Company’s Share Award Scheme. 歸屬股份之權益。 (ii) Ms. Yvonne Mo-ling LO is interested in 2,078,300 shares held by Yvonne Lo Charitable Remainder Unitrust, 2,560,150 shares held by Yvonne Lo Separate Property Trust and 14,768,000 shares held by Lo/Higashida Joint Trust. Ms. Yvonne Mo-ling LO is a beneficiary of such three trusts and is therefore deemed to be interested in such shares. (iii) Mr. Peter Tak-shing LO is interested in 48,978,700 shares held by two discretionary family trusts. Mr. Peter Tak-shing LO is a beneficiary of such two trusts and is therefore deemed to be interested in such shares. (ii) 羅 慕 玲 女 士 擁 有 由 Y v o n n e L o C h a r i t a b l e Remainder Unitrust持有之 2,078,300股股份、 由 Yvonne Lo Separate Property Trust 持有之 2,560,150股股份及由 Lo/Higashida Joint Trust 持有之 14,768,000股股份之權益。羅慕玲女士為該 三個信託基金之受益人，故被視為擁有該等股份之 權益。 (iii) 羅德承先生擁有由兩個全權家族信託基金持有之 48,978,700 股股份之權益。羅德承先生為該兩個 信託基金之受益人，故被視為擁有該等股份之權益。 (iv) Each of Mr. Winston Yau-lai LO, Ms. Yvonne Mo-ling LO and Mr. Peter Tak-shing LO is interested in 72,678,300 shares (iv) 羅友禮先生、羅慕玲女士及羅德承先生均擁有由東 亞銀行受託代管有限公司以代理人名義代羅桂祥基 held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the Lo Kwee Seong Foundation, 金（慈善基金）持有之 72,678,300 股股份之權益。 彼等均為羅桂祥基金之受託人，故被視為擁有該等 a charitable trust. Each of them is a trustee of the Lo Kwee 股份之權益。 Seong Foundation and is therefore deemed to be interested in such shares. (v) The family interests of 100,000 shares are jointly held by Mr. Roberto GUIDETTI and his wife. The 225,206 equity derivatives represented interests in unvested shares granted under the (v) 陸博濤先生及其妻室共同持有 100,000 股股份之家 族權益。而 225,206 份股本衍生工具乃指根據本公 司股份獎勵計劃所授出之未歸屬股份之權益。 Company’s Share Award Scheme. Interests in underlying shares (2) Certain Directors of the Company have been granted options and share awards under the Company’s share option scheme and share award scheme, details of which are set out in the sections “Share Option Scheme” and “Share Award Scheme” respectively. (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及股份 獎勵計劃獲授購股權及股份獎勵，詳情載於「購 股權計劃」及「股份獎勵計劃」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 holds an interest or a short position in the shares, underlying shares or debentures of the Company, any of its subsidiaries or other associated corporations, as recorded in the Register 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。 92 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Equity-linked Agreements Share option scheme (1) Share option scheme approved on 4th September 2002 On 4th September 2002, the Company adopted a share option scheme (the “2002 Share Option Scheme”) under which the Directors may, 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 the 2002 Share Option Scheme was to provide incentives and rewards to employees for their contribution to the Group. The principal terms of the 2002 Share Option Scheme were as follows: 股票掛鈎協議 購股權計劃 (1) 於二零零二年九月四日批准之購股權計 劃 於二零零二年九月四日，本公司採納一項購股權 計劃（「二零零二年購股權計劃」），據此，董事 可酌情向本公司或其任何附屬公司之僱員及董事 授予購股權以認購本公司之普通股。二零零二年 購股權計劃之有效期為十年，於二零一二年九月 三日終止。二零零二年購股權計劃旨在獎勵及回 饋對本集團作出貢獻之僱員。二零零二年購股權 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 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%。 93 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (1) Share option scheme approved on 4th – – September 2002 (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. Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. The 2002 Share Option Scheme was terminated by shareholders of the Company at 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 2022, there were 706,000 outstanding options to be exercised under the 2002 Share Option Scheme. 股票掛鈎協議（續） 購股權計劃（續） (1) 於二零零二年九月四日批准之購股權計 劃（續） – 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。 – 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%。 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 零二二年三月三十一日，仍有706,000份根據二 零零二年購股權計劃獲行使而未行使的購股權。 94 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Equity-linked Agreements (Continued) Share option scheme (Continued) (2) Share option scheme approved on 28th August 2012 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. 股票掛鈎協議（續） 購股權計劃（續） (2) 於二零一二年八月二十八日批准之購股 權計劃 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 2012 Share Option 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二零 一二年購股權計劃當日之已發行股份10%。 95 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (2) Share option scheme approved on 28th August – – – 2012 (Continued) The overall limit on the number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the 2012 Share Option Scheme and any other share option schemes for the time being of the Company shall not, in aggregate, exceed such number of shares as equals 30% of the shares in issue from time to time. An offer of the grant of an option remained open for acceptance by an Eligible Participant for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An Eligible Participant had to pay HK$10 on acceptance of the option as a consideration. Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one Eligible Participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. During the year, 2,704,000 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 2022 was 69,986,950 shares, which represented 6.54% of the ordinary shares of the Company in issue at 31st March 2022. The 2012 Share Option Scheme will end on 27th August 2022. At 31st March 2022, 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 2022 was HK$14.86) 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 2022, 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$39,969,000 and HK$29,948,000 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 2022 were exercised, the Company would receive proceeds of HK$315,646,000. 股票掛鈎協議（續） 購股權計劃（續） (2) 於二零一二年八月二十八日批准之購股 權計劃（續） – 因行使根據二零一二年購股權計劃及本公 司當時任何其他購股權計劃而獲授予但尚 未行使之所有購股權而可予發行之股份數 目整體限額，合共不得超過相等於不時已 發行股份之 30% 之股份數目。 – 合資格參與者於要約日期起計二十八日或 董事酌情決定之較長或較短期間內接納授 出購股權之要約。合資格參與者須於接納 購股權時支付港幣 10 元作為代價。 – 除獲本公司股東於股東大會上批准外，於 截至授出日期止之任何十二個月期間內， 就任何一名合資格參與者行使獲授予之購 股權（包括已行使、已註銷及未行使之購股 權）而已發行及須予發行之股份總數，不得 超過於授出日期之已發行股份 1%。 年 內， 根 據 二 零 一 二 年 購 股 權 計 劃 授 出 2,704,000 份購股權。於二零二二年三月三十一 日，根據二零一二年購股權計劃可供發行之普通 股總數為 69,986,950 股，佔本公司於二零二二 年三月三十一日之已發行普通股 6.54%。 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。 於二零二二年三月三十一日，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（於二零二二年三月三十一 日之每股市值為港幣 14.86 元）之購股權中擁有 下列權益。於二零二二年三月三十一日，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 39,969,000 元及港 幣 29,948,000 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。假設所有於二零二二年三月 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 315,646,000 元。 96 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Equity-linked Agreements (Continued) Share option scheme (Continued) The Directors of the Company individually and other employees of the Group in aggregate had the following personal interests in options under the 2002 Share Option Scheme and 2012 Share Option Scheme to subscribe for ordinary shares of the Company during the year and at the end of the year: 股票掛鈎協議（續） 購股權計劃（續） 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 參與者 Date of grant 授出日期 Period during which options are exercisable 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 31/8/2012 9/9/2013 10/9/2014 14/9/2015 6/9/2016 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 24/6/2016 26/6/2017 19/6/2018 21/6/2019 22/6/2020 # 24/8/2021 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 22/6/2021 to至 21/6/2030 18/6/2022 to至 23/8/2031 26/6/2015 24/6/2016 26/6/2017 19/6/2018 @ 28/1/2019 21/6/2019 22/6/2020 # 24/8/2021 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 28/1/2020 to至 27/1/2029 21/6/2020 to至 20/6/2029 22/6/2021 to至 21/6/2030 18/6/2022 to至 23/8/2031 Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 2,822,000 1,704,000 1,792,000 1,588,000 1,420,000 430,000 1,254,000 1,288,000 866,000 1,032,000 – 18,000 214,000 543,000 654,000 320,000 600,500 902,000 – Price per share on exercise of options 行使購股權 時須付之 每股價格 HK$ 港幣 6.400 9.370 10.080 13.600 14.792 14.792 16.296 25.100 44.810 30.200 19.500 13.600 14.792 16.296 25.100 30.350 44.810 30.200 19.500 Number of options granted during the year 年內授出之 購股權數目 – – – – – – – – – – 814,000 – – – – – – – 1,890,000 Number of options exercised during the year 年內行使之 購股權數目 (2,116,000) – – – – (430,000) – – – – – – (6,000) (248,000) (22,000) – – – – Number of options forfeited during the year 年內沒收之 購股權數目 Number of options outstanding at the end of the year 年結時 尚未行使之 購股權數目 * Market value per share at date of grant of options *授出 購股權之日 之每股市價 HK$ 港幣 * Market value per share on exercise of options *行使 購股權時之 每股市價 HK$ 港幣 – – – – – – – – – – – – (1,000) (272,000) – (244,500) (250,000) (178,000) 706,000 1,704,000 1,792,000 1,588,000 1,420,000 – 1,254,000 1,288,000 866,000 1,032,000 814,000 18,000 208,000 294,000 360,000 320,000 356,000 652,000 1,712,000 6.700 9.950 9.890 11.520 15.280 13.960 16.200 24.000 42.550 29.550 18.920 13.620 13.960 16.200 24.000 30.000 42.550 29.550 18.920 19.300 – – – – 21.450 – – – – – – 29.100 28.726 29.000 – – – – 17,447,500 2,704,000 (2,822,000) (945,500) 16,384,000 97 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 Equity-linked Agreements (Continued) Share option scheme (Continued) The options granted to each Director are registered under the names of the Directors who are also the beneficial owners. 股票掛鈎協議（續） 購股權計劃（續） 授予各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 * 即本公司普通股於緊接購股權授出或獲行使日期前 of the Company’s ordinary shares immediately before the 一日適用之收市價或加權平均收市價。 dates on which the options were granted or exercised, as applicable. @ for the grant dated 28th January 2019, 50% of options will be @ vested after the first anniversary from the date of grant and 50% of options will be vested after the second anniversary from the date of grant. 就二零一九年一月二十八日之授出而言，50% 之購 股權將自授出日期起計一週年後獲歸屬及 50% 之購 股權將自授出日期起計兩週年後獲歸屬。 # for the grant dated 24th August 2021, options are subject to a # 就二零二一年八月二十四日之授出而言，自二零 vesting scale in tranches of 25% each per annum starting from 18th June 2022 and are fully vested on 18th June 2025. 二二年六月十八日起以每年 25% 之比率分批歸屬， 並於二零二五年六月十八日全部歸屬。 All options except for options granted on 28th January 2019 and 24th August 2021, 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（除於二零一九年一 月二十八日及二零二一年八月二十四日授出之購 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(a) 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(a)。 98 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Equity-linked Agreements (Continued) Share award scheme The Company adopted a share award scheme on 22nd March 2021 (the “Share Award Scheme”) under which the Directors may, at their discretion, select any eligible participant (being either a director, executive or employee of the Company or any of its subsidiaries) to participate in the Share Award Scheme as an award holder, and such award holder may be granted an award of restricted shares, performance shares, restricted share units or performance share units. The purpose of the Share Award Scheme is to attract and retain management and key employees, to align eligible participants’ interests with the long-term success of the Company, to provide fair and competitive compensation to management and key employees and to drive the achievement of the Company’s strategic objectives. The Share Award Scheme shall be valid and effective for a term of 10 years from 1st July 2021 unless terminated earlier by the Board and is administered by the Board and the trustee of the Share Award Scheme. The total number of shares to be awarded under the Share Award Scheme shall not exceed 5% of the total number of issued shares of the Company from time to time. The maximum number of shares which may be granted to any one eligible participant in any 12-month period up to the date of grant shall not exceed 0.2% of the shares in issue as at the date of grant. During the period, 1,161,224 awards were granted under the Share Award Scheme. 股票掛鈎協議（續） 股份獎勵計劃 本公司已於二零二一年三月二十二日採納一項股 份獎勵計劃（「股份獎勵計劃」），據此，董事可 不時按其酌情權，選擇任何合資格參與者（為本 公司或其附屬公司之董事、行政人員或僱員）以 獎勵持有人的身份參與股份獎勵計劃，而有關獎 勵持有人可獲授予受限制股份、表現股份、受限 制股份單位或表現股份單位之獎勵。股份獎勵 計劃旨在吸引及挽留管理層和主要僱員、使合資 格參與者的利益與本公司的長遠成功保持一致、 為管理層和主要僱員提供公平和具有競爭力的薪 酬，並推動實現本公司的策略目標。 股份獎勵計劃由二零二一年七月一日起生效，有 效期為十年（惟被董事會提前終止除外），並由董 事會及股份獎勵計劃受託人管理。根據股份獎勵 計劃授予的股份總數不得超過本公司不時已發行 股份總數的 5%。於截至授出日期止任何十二個 月期間內可授予任何一名合資格參與者的股份數 目不得超過於授出日期當日之已發行股份0.2%。 期內，根據股份獎勵計劃授出 1,161,224 份獎勵。 99 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 Equity-linked Agreements (Continued) Share award scheme (Continued) Particulars of share awards outstanding during the year and as at 31st March 2022 are as follows: 股票掛鈎協議（續） 股份獎勵計劃（續） 年內及於二零二二年三月三十一日尚未歸屬之獎 勵股份詳情如下： Number of awards outstanding at the beginning of the year 年初時尚未歸屬之 獎勵數目 Number of awards granted during the year 年內授出之 獎勵數目 Number of awards forfeited on termination of employment of eligible participants during the year 於年內因合資格 參與者離職而沒收 之獎勵數目 Number of awards vested during the year 年內歸屬之 獎勵數目 Number of awards outstanding at the end of the year 年終時尚未歸屬 之獎勵數目 – – – – – 225,166 225,206 523,146 187,706 1,161,224 – – – – – – – (49,298) – 225,166 225,206 473,848 187,706 (49,298) 1,111,926 Date of grant 授出日期 Vesting period 歸屬期 1/2/2022 1/2/2022-18/6/2025 24/8/2021 24/8/2021-18/6/2025 24/8/2021 @ 20/12/2021 24/8/2021-18/6/2025 20/12/2021-20/12/2023 Participants 參與者 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 合資格員工 The awards granted to each Director are registered under the name of the Director who is also the beneficial owner. 授予各董事之獎勵乃以董事之姓名登記，而其亦 為實益擁有人。 @ for the grant dated 20th December 2021, 50% of awards will @ be vested after the first anniversary from the date of grant and 50% of awards will be vested after the second anniversary from the date of grant. 就二零二一年十二月二十日之授出而言，50% 之獎 勵將自授出日期起計一週年後獲歸屬及 50% 之獎勵 將自授出日期起計兩週年後獲歸屬。 100 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Equity-linked Agreements (Continued) Share award scheme (Continued) All awards except for awards granted on 20th December 2021, are subject to a vesting scale in tranches of 25% each per annum starting from 18th June 2022 and are fully vested on 18th June 2025. 股票掛鈎協議（續） 股份獎勵計劃（續） 除二零二一年十二月二十日授予的獎勵外，所有 獎勵自二零二二年六月十八日起按每年 25% 之比 率分批歸屬，並於二零二五年六月十八日全部歸 屬。 Information on the accounting policy for share awards granted and the value per award is provided in note 1(q)(iv) and note 23(b) to the financial statements respectively. 有關授出股份獎勵的會計政策及每份獎勵的價 值的資料分別載於財務報表附註 1(q)(iv) 及附註 23(b) 中。 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 or any of their spouses or children under eighteen years of age to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. Other than the Company’s Share Option Scheme and Share Award Scheme as disclosed in Note 23 to the consolidated financial statements, no equity-linked agreements were entered into by the Company during the year or subsisted at the end of the year. 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，以使本公司董 事或其任何配偶或十八歲以下的子女可藉購入本 公司或任何其他公司的股份或債權證而獲益。 除綜合財務報表附註 23 所披露的本公司購股權計 劃及股份獎勵計劃外，本公司於年內並無訂立或 於年末存續的股票掛鈎協議。 101 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 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 2022 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 於二零二二年三月三十一日，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 Family interests 家族權益 Corporate interests 公司權益 Trusts and similar interests 信託及 同類權益 Total number of shares held 所持股份總數 * % of total issued shares *佔已發行 股份總數 之百分比 – – – – – – 192,935,369 – 192,935,369 18.03% – – – – – 72,678,300 96,193,000 8.99% 72,678,300 75,444,550 7.05% 72,678,300 75,078,300 7.02% 72,678,300 73,428,300 6.86% 72,678,300 73,288,300 6.85% Substantial shareholders 主要股東 Note 附註 Mitsubishi UFJ Financial Group, Inc. 三菱日聯金融集團 Ms. Irene CHAN 陳羅慕連女士 Ms. Joy Lo CHEUNG 張羅其樂女士 Dr. Keiko Aun FUKUDA 羅安女士 Mr. Christopher LYE 黎東山先生 Ms. Alexandra CHAN 陳凌珊女士 (i) (ii) (ii) (ii) (ii) (ii) Personal interests 個人權益 – 23,514,700 2,766,250 2,400,000 750,000 610,000 * This percentage has been compiled based on the total number * 此百分比乃根據本公司於二零二二年三月三十一日 of shares of the Company in issue (i.e. 1,070,009,500 ordinary shares) as at 31st March 2022. 已發行之股份總數（即 1,070,009,500 股普通股） 計算。 Notes: 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) Each of Ms. Irene CHAN, Ms. Joy Lo CHEUNG, Dr. Keiko Aun FUKUDA, Mr. Christopher LYE and Ms. Alexandra CHAN is (ii) 陳羅慕連女士、張羅其樂女士、羅安女士、黎東山 先生及陳凌珊女士均擁有由東亞銀行受託代管有限 interested in 72,678,300 shares held by The Bank of East Asia 公司以代理人名義代羅桂祥基金（為一慈善基金）持 (Nominees) Limited which holds such shares as a nominee for the Lo Kwee Seong Foundation, a charitable trust. Each of them is a trustee of the Lo Kwee Seong Foundation and is therefore deemed to be interested in such shares. 有之 72,678,300 股股份之權益。彼等均為羅桂祥 基金之受託人，故被視為擁有該等股份之權益。 102 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Substantial Shareholders’ and Other Persons’ Interests and Short Positions in Shares and Underlying Shares (Continued) All interests in the shares and underlying shares of the Company are long positions. 主要股東及其他人士於股份及相關股 份之權益及淡倉（續） 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. 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. 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。 董事於交易、安排或合約之權益 本公司或其任何附屬公司概無於年結時或年內任 何時間訂立本公司董事擁有重大權益之交易、安 排或重要合約。 Remuneration for Senior Management The emoluments of the Senior Management, excluding Directors, 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（不包括董事）之酬 金如下： Below HK$2,000,000 港幣 2,000,000 元以下 HK$2,000,001 to HK$4,000,000 港幣 2,000,001 元至港幣 4,000,000 元 HK$4,000,001 to HK$6,000,000 港幣 4,000,001 元至港幣 6,000,000 元 Number of individuals 人數 2 4 1 Employees and Human Resources Policy Details of the number and remuneration of employees, human resources policy, development and learning of the Group’s employees are set out in the Sustainability Report 2021/2022 to be posted on the Company’s corporate website at www. vitasoy.com together with this Annual Report. 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 the year. 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「二零二一╱二零二二 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。 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。 103 Report of the Directors董事會報告 Annual Report 2021/2022 年度報告 Directors’ and Officers’ Liability Insurance Directors’ and officers’ liability insurance was maintained during the year. 董事及行政人員之責任保險 本年度內，本公司已投買董事及行政人員責任保 險。 Related Party Transactions Details of material related party transactions entered into by the Company in the normal course of business during the year ended 31st March 2022 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 in compliance with the relevant requirements under the Listing Rules (if applicable). 關連人士交易 本公司於截至二零二二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）。 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 251 and 252 of the Annual Report. Purchase, Sales or Redemption of the Company’s Listed Securities Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the year, except that the trustee of the Company’s Share Award Scheme purchased on The Stock Exchange of Hong Kong Limited a total of 500,000 shares of the Company at a total consideration of about HK$10 million to satisfy the award of shares to selected participants pursuant to the terms of the rules and trust deed of the Share Award Scheme. 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. 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 251 至 252 頁。 購回、出售或贖回本公司之上市證券 年內，本公司或其任何附屬公司概無購回、出售 或贖回本公司之任何上市證券，除卻本公司股份 獎勵計劃受托人根據股份獎勵計劃之規則和信托 契約條款，以總額約港幣 10,000,000 元在香港 聯合交易所有限公司購買共 500,000 股本公司 股份以獎勵股份予經甄選參與者。 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, 29th June 2022 香港，二零二二年六月二十九日 104 Report of the Directors董事會報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 112 to 250, which comprise the consolidated statement of financial position as at 31st March 2022, 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 2022 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. 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 本核數師（以下簡稱「我們」）已審計列載於第 112 至 250 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，此財務報表包括於二零二二年 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 貴集團於二零二二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。 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。 105 Independent Auditor’s Report獨立核數師報告 Annual Report 2021/2022 年度報告 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。 There are a large number of 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； 106 Independent Auditor’s Report獨立核數師報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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。 107 Independent Auditor’s Report獨立核數師報告 Annual Report 2021/2022 年度報告 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. 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. 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。 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。 108 Independent Auditor’s Report獨立核數師報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 核數師就審計綜合財務報表承擔的責 任 我們的目標，是對綜合財務報表整體是否不存在 由於欺詐或錯誤而導致的重大錯誤陳述取得合理 保證，並出具包括我們意見的核數師報告。我們 是按照香港《公司條例》第 405 條的規定，僅向 整體成員報告。除此以外，我們的報告不可用作 其他用途。我們概不就本報告的內容，對任何其 他人士負責或承擔法律責任。 合理保證是高水平的保證，但不能保證按照《香 港審計準則》進行的審計，在某一重大錯誤陳述 存在時總能發現。錯誤陳述可以由欺詐或錯誤引 起，如果合理預期它們單獨或匯總起來可能影響 綜合財務報表使用者依賴財務報表所作出的經濟 決定，則有關的錯誤陳述可被視作重大。 As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 在根據《香港審計準則》進行審計的過程中，我 們運用了專業判斷，保持了專業懷疑態度。我們 亦： • • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 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. • 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。 • 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。 109 Independent Auditor’s Report獨立核數師報告 Annual Report 2021/2022 年度報告 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. 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。 • • • Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. 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, actions taken to eliminate threats or safeguards applied. • 對董事採用持續經營會計基礎的恰當性作 出結論。根據所獲取的審計憑證，確定是 否 存 在 與 事 項 或 情 況 有 關 的 重 大 不 確 定 性，從而可能導致對 貴集團的持續經營 能力產生重大疑慮。如果我們認為存在重 大不確定性，則有必要在核數師報告中提 請使用者注意綜合財務報中的相關披露。 假若有關的披露不足，則我們應當發表非 無保留意見。我們的結論是基於核數師報 告日止所取得的審計憑證。然而，未來事 項或情況可能導致 貴集團不能持續經營。 • 評價綜合財務報表的整體列報方式、結構 和內容，包括披露，以及綜合財務報表是 否中肯反映交易和事項。 • 就 貴集團內實體或業務活動的財務信息 獲取充足、適當的審計憑證，以便對綜合 財務報表發表意見。我們負責 貴集團審 計的方向、監督和執行。我們為審計意見 承擔全部責任。 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。 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，採取行動 解除威脅或作出防範。 110 Independent Auditor’s Report獨立核數師報告Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Auditor’s responsibilities for the audit of the consolidated financial statements (Continued) From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 核數師就審計綜合財務報表承擔的責 任（續） 從與審核委員會溝通的事項中，我們確定哪些事 項對本期綜合財務報表的審計最為重要，因而構 成關鍵審計事項。我們在核數師報告中描述這些 事項，除非法律法規不允許公開披露這些事項， 或在極端罕見的情況下，如果合理預期在我們報 告中溝通某事項造成的負面後果超過其產生的公 眾利益，我們決定不應在報告中溝通該事項。 The engagement partner on the audit resulting in this independent auditor’s report is Lau Tai Cheong. 出具本獨立核數師報告的審計項目合夥人是劉大 昌。 KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 29th June 2022 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 二零二二年六月二十九日 111 Independent Auditor’s Report獨立核數師報告 Annual Report 2021/2022 年度報告 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 推廣、銷售及分銷費用 Administrative expenses 行政費用 Other operating expenses 其他經營費用 (Loss)/profit from operations 經營（虧損）╱溢利 Finance costs 融資成本 Share of losses of joint venture 所佔合營公司虧損 Impairment loss on interest in joint venture 合營公司權益之減值虧損 (Loss)/profit before taxation 除稅前（虧損）╱溢利 Income tax 所得稅 (Loss)/profit for the year 本年度（虧損）╱溢利 2022 二零二二年 Note 附註 $’000 千元 2021 二零二一年 (Restated) （重列） $’000 千元 3 4 6,501,215 7,519,817 (3,430,534) (3,565,412) 3,070,681 3,954,405 126,187 121,800 (2,215,199) (2,222,396) (702,358) (630,251) 5(c) (492,162) (380,087) (212,851) 843,471 5(a) (23,071) (11,770) 15(a) 5 6(a) – – (22,242) (42,800) (235,922) 766,659 74,541 (177,151) (161,381) 589,508 112 For the year ended 31st March 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Consolidated Statement of Profit or Loss綜合損益表Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 (Loss)/profit for the year 本年度（虧損）╱溢利 (Loss)/earnings per share 每股（虧損）╱盈利 Basic 基本 Diluted 攤薄 Note 附註 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (158,750) 548,346 (2,631) 41,162 (161,381) 589,508 10 (14.9 Cents 仙 ) 51.5 Cents 仙 (14.9 Cents 仙 ) 51.0 Cents 仙 The notes on pages 121 to 250 form part of these financial statements. 第 121 至 250 頁之附註乃本財務報表之一部份。 Details of dividends of the Company are set out in note 25(b). 有關本公司股息之詳情載於附註 25(b)。 113 Consolidated Statement of Profit or Loss綜合損益表For the year ended 31st March 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算) Annual Report 2021/2022 年度報告 (Loss)/profit for the year 本年度（虧損）╱溢利 Note 附註 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (161,381) 589,508 Other comprehensive income for the year (after tax) 本年度其他全面收益（除稅後） 9 Item that will not be reclassified to profit or loss: 其後不會被重新分類至損益之項目： Remeasurement of employee retirement benefit liabilities 僱員退休福利負債之重新計量 569 22,177 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 Cash flow hedge: net movement in the hedging reserve 現金流量對沖：對沖儲備淨變動 Total comprehensive income for the year 本年度全面收益總額 Attributable to: 下列人士應佔： Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益 Total comprehensive income for the year 本年度全面收益總額 87,773 246,978 (427) 862 (73,466) 859,525 (76,049) 776,967 2,583 82,558 (73,466) 859,525 The notes on pages 121 to 250 form part of these financial statements. 第 121 至 250 頁之附註乃本財務報表之一部份。 114 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 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 Deposits for the acquisition of property, plant and equipment 購買物業、廠房及設備之訂金 Intangible assets 無形資產 Goodwill 商譽 Interest in joint venture 合營公司之權益 Deferred tax assets 遞延稅項資產 Current assets 流動資產 Inventories 存貨 Trade and other receivables 應收賬款及其他應收款 Current tax recoverable 應收現期稅項 Cash and bank deposits 現金及銀行存款 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 2022 二零二二年 2021 二零二一年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 11(a) 11(f) 12 13 15 24(b) 16 17 3,250 3,376 341,130 351,797 3,623,838 3,968,218 3,787,545 4,142,718 264 768 – – 2,404 3,697 18,352 – 281,707 4,250,957 139,489 4,306,660 773,384 725,526 1,123,027 1,194,108 24(a) 37,889 79,594 18(a) 621,863 2,556,163 970,522 2,969,750 2,432,523 2,819,336 19 20 21 489,829 96,901 24(a) 12,334 130,306 93,582 40,750 Net current liabilities 淨流動負債 Total assets less current liabilities 總資產減流動負債 3,031,587 3,083,974 (475,424) (114,224) 3,775,533 4,192,436 115 Consolidated Statement of Financial Position綜合財務狀況表At 31st March 2022 於二零二二年三月三十一日(Expressed in Hong Kong dollars) (以港幣計算) Annual Report 2021/2022 年度報告 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 2022 二零二二年 2021 二零二一年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 21 90,856 111,853 Employee retirement benefit liabilities 僱員退休福利負債 22(b) 6,222 7,461 Deferred tax liabilities 遞延稅項負債 Other payables 其他應付款 NET ASSETS 淨資產 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 24(b) 99,116 116,248 19 10,240 – 206,434 235,562 3,569,099 3,956,874 25(c) 1,013,028 984,030 2,244,885 2,632,023 3,257,913 3,616,053 311,186 340,821 3,569,099 3,956,874 Approved and authorised for issue by the Board of Directors on 29th June 2022. 於二零二二年六月二十九日獲董事會批准並授權 發佈。 Winston Yau-Iai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 The notes on pages 121 to 250 form part of these financial statements. 第 121 至 250 頁之附註乃本財務報表之一部份。 116 Consolidated Statement of Financial Position綜合財務狀況表At 31st March 2022 於二零二二年三月三十一日(Expressed in Hong Kong dollars) (以港幣計算)Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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(e)(i)) （附註25(e) (i)） $’000 千元 Surplus reserve 盈餘儲備 (note 25(e)(ii)) （附註25(e) (ii)） $’000 千元 Other reserve 其他儲備 (note 25(e)(iii)) （附註25(e) (iii)） $’000 千元 General reserve 一般儲備 $’000 千元 Hedging reserve 對沖儲備 (note 25(e)(iv)) （附註25(e) (iv)） $’000 千元 Exchange reserve 匯兌儲備 (note 25(e)(v)) （附註25(e) (v)） $’000 千元 Note 附註 Share-based compensation reserve 股份基礎 補償儲備 (note 25(e)(vi)) （附註25(e) (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 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 1st April 2020 於二零二零年四月一日結餘 Changes in equity for the year: 本年度之權益變動： Profit for the year 本年度溢利 Other comprehensive income 其他全面收益 9 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 25(e)(i) – – – – – Shares issued on exercise of share options 就行使購股權而發行股份 Transfer from share-based compensation reserve to retained profits 自股份基礎補償儲備轉撥至 保留溢利 Equity settled share-based transactions 以股份為付款基礎之交易 Final dividend approved in respect of the previous year 批准屬於上一年度之末期股息 Interim dividend declared in respect of the current year 宣派本年度之中期股息 Dividends paid to non-controlling interests 向非控股權益派發股息 Balance at 31st March 2021 於二零二一年三月三十一日結餘 25(c)(ii) 44,702 – – – – – 25(b)(ii) 25(b)(i) – – – – – – – 17,847 (1,218) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,107 205,337 1,107 205,337 – – – – – – – – – – – – – – – – 548,346 548,346 41,162 589,508 22,177 228,621 41,396 270,017 570,523 776,967 82,558 859,525 (17,847) 1,218 – – (6,671) – 38,031 (437) 437 – 15,455 – 15,455 (302,325) (302,325) (40,465) (40,465) – – – – – – – – – 38,031 – 15,455 (302,325) (40,465) – – (31,451) (31,451) – – – – – – – – 984,030 32,740 133,126 (48,242) 2,261 1,064 (15,633) 52,138 2,474,569 3,616,053 340,821 3,956,874 The notes on pages 121 to 250 form part of these financial statements. 第 121 至 250 頁之附註乃本財務報表之一部份。 117 Consolidated Statement of Changes in Equity綜合權益變動表For the year ended 31st March 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算) Annual Report 2021/2022 年度報告 Attributable to equity shareholders of the Company 本公司股權持有人應佔 Shares held for share award scheme 股份獎勵計劃 持有之股份 (note 25(d)) （附註25(d)） $’000 千元 Share capital 股本 (note 25(c)(i)) （附註25(c) (i)） $’000 千元 Note 附註 Capital reserve 資本儲備 (note 25(e)(i)) （附註25(e) (i)） $’000 千元 Surplus reserve 盈餘儲備 (note 25(e)(ii)) （附註25(e) (ii)） $’000 千元 Other reserve 其他儲備 (note 25(e)(iii)) （附註25(e) (iii)） $’000 千元 General reserve 一般儲備 $’000 千元 Hedging reserve 對沖儲備 (note 25(e)(iv)) （附註25(e) (iv)） $’000 千元 Exchange reserve 匯兌儲備 (note 25(e)(v)) （附註25(e) (v)） $’000 千元 Share-based compensation reserve 股份基礎 補償儲備 (note 25(e)(vi)) （附註25(e) (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 984,030 – 32,740 133,126 (48,242) 2,261 1,064 (15,633) 52,138 2,474,569 3,616,053 340,821 3,956,874 – – – – – – – – – – – – (10,002) – – – – – – – – – – 2,450 (1,218) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (427) 82,559 (427) 82,559 – – – – – – – – – – – – – – – – 25(e)(i) 25(c)(ii) 28,998 25(d) 25(b)(ii) – – – – – – – – – – (158,750) (158,750) (2,631) (161,381) 569 82,701 5,214 87,915 (158,181) (76,049) 2,583 (73,466) (2,450) 1,218 – – (4,413) – 24,585 (2,508) 2,508 – – 13,484 – – (10,002) 13,484 – – – – – – – – 24,585 – (10,002) 13,484 – (310,158) (310,158) – (310,158) – – – (32,218) (32,218) 1,013,028 (10,002) 31,522 135,576 (48,242) 2,261 637 66,926 58,701 2,007,506 3,257,913 311,186 3,569,099 Balance at 31st March 2021 and 1st April 2021 於二零二一年三月三十一日及 二零二一年四月一日結餘 Changes in equity for the year: 本年度之權益變動： Loss for the year 本年度虧損 Other comprehensive income 其他全面收益 9 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 Transfer from share-based compensation reserve to retained profits 自股份基礎補償儲備轉撥至 保留溢利 Shares purchased under share award scheme 就股份獎勵計劃購買股份 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 Dividends paid to non-controlling interests 向非控股權益派發股息 Balance at 31st March 2022 於二零二二年三月三十一日結餘 The notes on pages 121 to 250 form part of these financial statements. 第 121 至 250 頁之附註乃本財務報表之一部份。 118 Consolidated Statement of Changes in Equity綜合權益變動表For the year ended 31st March 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Operating activities 經營活動 Cash generated from operations 經營業務所得現金 Tax paid: 已繳稅項： – Hong Kong Profits Tax paid – 已繳香港利得稅 – Tax paid outside Hong Kong – 已繳香港以外地區稅項 Net cash generated from operating activities 經營活動所得現金淨額 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 Government grants received for acquisition of plant and equipment 收購廠房及設備之已收政府補助 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 2022 二零二二年 2021 二零二一年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 18(b) 189,568 1,448,019 (54,911) (8,795) (10,267) (179,458) 124,390 1,259,766 (409,507) (649,581) 3,059 1,550 11(a) 632 5,553 6,460 5,160 – (286) (400,263) (636,697) 119 Consolidated Cash Flow Statement綜合現金流量表For the year ended 31st March 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算) Annual Report 2021/2022 年度報告 Financing activities 融資活動 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 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 Purchases of shares held for share award scheme 就股份獎勵計劃購買股份 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 2022 二零二二年 2021 二零二一年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 18(c) 484,574 149,112 18(c) (133,742) (273,577) 18(c) (84,880) (80,169) 18(c) (6,298) 18(c) (16,773) (8,137) (3,633) 25(c)(ii) 24,585 38,031 25(d) (10,002) – (310,072) (342,585) (32,218) (31,451) (84,826) (552,409) (360,699) 70,660 970,026 847,809 12,038 51,557 Cash and cash equivalents at 31st March 於三月三十一日之現金及現金等值項目 18(a) 621,365 970,026 The notes on pages 121 to 250 form part of these financial statements. 第 121 至 250 頁之附註乃本財務報表之一部份。 120 Consolidated Cash Flow Statement綜合現金流量表For the year ended 31st March 2022 截至二零二二年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies 1 (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. The HKICPA has issued certain amendments to HKFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. 1 主要會計政策 (a) 遵例聲明 本財務報表是按照所有適用之《香港財務報告準 則》、香港公認會計原則及香港《公司條例》之規 定而編製。《香港財務報告準則》一詞包括香港 會計師公會頒佈之所有適用之個別《香港財務報 告準則》、《香港會計準則》及詮釋。本財務報表 亦符合香港聯合交易所有限公司證券上市規則 （「上市規則」）之適用披露規定。本集團採納之 主要會計政策於下文披露。 香港會計師公會已頒佈若干《香港財務報告準則》 之修訂本，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 2022 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 截至二零二二年三月三十一日止年度之綜合財務 報表包括本公司及其附屬公司（統稱「本集團」） 以及本集團於一間合營公司之權益。 The consolidated financial statements have been prepared on a going concern basis notwithstanding that the Group had net current liabilities of $475,424,000 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 $621,863,000 at 31st March 2022, (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 報 告 期 末 有 凈 流 動 負 債 475,424,000 元，綜合財務報表依然按持續經 營基準編製。於編製本綜合財務報表時，董事已 審慎考慮本集團目前及預期未來流動資金。經考 慮（其中包括）(i) 於二零二二年三月三十一日之現 金及銀行存款 621,863,000 元，(ii) 於報告期末 尚未使用之信貸額，及 (iii) 本集團於未來十二個 月營運所產生之預期現金流入淨額，董事認為， 本集團將能應付其到期負債。因此，董事認為按 持續經營基準編製本綜合財務報表乃屬恰當。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (b) Basis of preparation of the financial 1 主要會計政策（續） (b) 財務報表之編製基準（續） statements (Continued) The 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). 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. 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. 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。 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。 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 Group has applied the following amendments to HKFRSs issued by the HKICPA to these financial statements for the current accounting period: (c) 會計政策之變動 本集團已就本會計期間之本財務報表應用以下由 香港會計師公會頒佈之《香港財務報告準則》修 訂： Amendment to HKFRS 16, Covid-19-related rent concessions beyond 30 June 2021 Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16, Interest rate benchmark reform – phase 2 – 《香港財務報告準則》第 16 號之修訂「於二 零二一年六月三十日後之2019冠狀病毒病 相關租金寬減」 – 《香港財務報告準則》第 9 號、《香港會計準 則》第39號、《香港財務報告準則》第7號、 《香港財務報告準則》第 4 號及《香港財務報 告準則》第 16 號之修訂「利率基準改革 – 第 2階段」 – – 122 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (c) Changes in accounting policies (Continued) The impact of the adoption of the amended HKFRS is discussed below: 1 主要會計政策（續） (c) 會計政策之變動（續） 採納經修訂《香港財務報告準則》之影響載述如 下： Amendment to HKFRS 16, Covid-19-related rent concessions beyond 30 June 2021 (2021 amendment) The Group previously applied the practical expedient in HKFRS 16 such that, as lessee, it was not required to assess whether rent concessions occurring as a direct consequence of the COVID-19 pandemic were lease modifications, if the eligibility conditions were met (see note 1(j)). One of these conditions requires the reduction in lease payments affect only payments originally due on or before a specified time limit. The 2021 amendment extends this time limit from 30th June 2021 to 30th June 2022. 《香港財務報告準則》第 16 號之修訂「於二零 二一年六月三十日後之2019冠狀病毒病相 關租金寬減」（二零二一年修訂） 本集團先前應用《香港財務報告準則》第 16 號中 之可行權宜方法，故作為承租人，倘符合資格條 件，則毋需評估直接因 2019 冠狀病毒病疫情而 產生之租金寬減是否為租賃調整（見附註 1(j)）。 其中一項條件要求租賃付款之減少僅影響於指定 時限內或之前到期之原始付款。二零二一年修 訂將該時限由二零二一年六月三十日延長至二零 二二年六月三十日。 The Group has adopted the 2021 amendment in this financial year. There is no impact on the opening balance of equity at 1st April 2021. 本集團已於本財政年度採納二零二一年修訂。該 修訂對二零二一年四月一日之年初權益結餘並無 影響。 Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16, Interest rate benchmark reform – phase 2 The amendments provide targeted relief from (i) accounting for changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities as modifications, and (ii) discontinuing hedge accounting when an interest rate benchmark is replaced by an alternative benchmark rate as a result of the reform of interbank offered rates (“IBOR reform”). The amendments do not have an impact on these financial statements as the Group does not have contracts that are indexed to benchmark interest rates which are subject to the IBOR reform. 《香港財務報告準則》第 9 號、《香港會計準 則》第 39 號、《香港財務報告準則》第 7 號、 《香港財務報告準則》第 4 號及《香港財務報 告準則》第 16 號之修訂「利率基準改革－ 第 2階段」 該等修訂提供有關下列方面的針對情況作出會計 緩衝安排：(i) 將釐定金融資產、金融負債及租賃 負債之合約現金流量之基準變動作為調整進行會 計處理；及 (ii) 由於銀行同業拆息改革，當利率 基準被替代基準利率取代時，則終止對沖會計處 理。該等修訂並無對本財務報表造成影響，因本 集團並無與基準利率掛鈎且受銀行同業拆息改革 影響之合約。 The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. 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。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (d) Subsidiaries and non-controlling interests (including structured entities) are entities Subsidiaries 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. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets. 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. 124 1 主要會計政策（續） (d) 附屬公司及非控股權益 附屬公司（包括結構性實體）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）。 結構性實體則指那些在釐定誰是其控制人時、投 票權或類似權利並非重要考量的實體，例如當任 何投票權僅與行政工作有關，而且相關的業務活 動是透過合約安排方式指導。 於附屬公司之投資由該控制權生效日期起至結束 日期止期間於綜合財務報表綜合入賬。集團內公 司之間之結餘、交易及現金流量，以及集團內公 司之間之交易所產生之任何未變現溢利，均於編 製綜合財務報表時全數撇銷。如無減值證據，集 團內公司之間之交易產生之未變現虧損按未變現 收益相同之方式撇銷。 非控股權益指非本公司直接或間接應佔之附屬公 司股權，而本集團並未與有關權益持有人協定任 何附加條款，令本集團整體對該等權益產生符合 金融負債定義之合約義務。就各企業合併而言， 本集團可選擇按公允值或非控股權益所佔附屬公 司之可識別資產淨值之比例計量任何非控股權 益。 非控股權益在綜合財務狀況表之權益部份內，與 本公司股權持有人應佔權益分開呈列。非控股權 益所佔本集團業績之權益在綜合損益表及綜合損 益及其他全面收益表呈列，以顯示本年度之總溢 利或虧損及全面收益總額於非控股權益與本公司 股權持有人之間之分配。非控股權益持有人之貸 款及該等持有人之其他合約責任乃按該筆負債之 性質根據附註 1(n) 或 (o) 在綜合財務狀況表呈列為 金融負債。 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (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) Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised. When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture (see note 1(e)). 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。 當本集團喪失對附屬公司之控制權，將按出售該 附屬公司之所有權益入賬，而所產生之盈虧於損 益確認。任何於喪失控制權當日仍保留之該前附 屬公司之權益乃按公允值確認，而此金額被視為 初始確認金融資產之公允值，或（如適用）初始 確認於聯營公司或合營公司之投資之成本（見附 註 1(e)）。 In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 1(k)(ii)). 本公司之財務狀況表所示於附屬公司之投資，是 按成本值減去減值虧損後入賬（見附註 1(k)(ii)）。 (e) Joint venture A joint venture is an arrangement whereby the Group or Company and other parties contractually agree to share control of the arrangement, and have rights to the net assets of the arrangement. (e) 合營公司 合營公司為本集團或本公司及其他人士按合約同 意下分配控制權及淨資產擁有權之安排。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (e) Joint venture (Continued) 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. 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. 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. 1 主要會計政策（續） (e) 合營公司（續） 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。 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。 本集團及其合營公司之間交易所產生的未變現損 益，均按本集團於該投資所佔的權益比率抵銷； 但如有未變現虧損證明已轉讓資產出現減值，則 會即時在損益中確認。 If an investment in a joint venture becomes an investment in an associate or vice versa, retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. 如於一間合營公司之投資轉變為於一間聯營公司 之投資或反之亦然，其保留的權益不用重新計 量，而該投資將繼續採用權益法入賬。 126 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (e) Joint venture (Continued) In all other cases, when the Group ceases to have joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when joint control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset. 1 主要會計政策（續） (e) 合營公司（續） 在其他情況，當本集團喪失對合營公司之共同控 制權，將按出售該投資之所有權益入賬，而所產 生的盈虧確認於損益內。在喪失共同控制權時， 保留於前度投資的任何權益按公允值確認，而此 金額被視為首次確認為金融資產的公允值。 (f) Goodwill Goodwill represents the excess of: (f) 商譽 商譽指： (i) the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over (i) 已轉讓代價之公允值、於被收購方任何非 控股權益金額與本集團先前持有被收購方 股本權益公允值之總和；超出 (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date. (ii) 於收購日期計量之被收購方可識別資產及 負債之公允值淨額之部份。 When (ii) is greater than (i), then this excess is recognised immediately in profit or loss as a gain on a bargain purchase. 倘第 (ii) 項高於第 (i) 項，該差額即時於損益確認為 議價收購之收益。 Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see note 1(k)(ii)). 商譽按成本值減去累計減值虧損後列賬。企業合 併產生之商譽分配至預計將會受惠於合併之協同 作用之各現金產生單位或現金產生單位之組別， 並於每年進行減值測試（見附註 1(k)(ii)）。 On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. 年內出售的現金產生單位，計算出售之損益時將 計入購入商譽之任何應佔金額。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (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)）。 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)). 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)）。 128 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (h) Other property, plant and equipment 1 主要會計政策（續） (h) 其他物業、廠房及設備（續） (Continued) 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. 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 No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use. 直至有關資產已大致完成及可供使用前，並無就 在建工程作出折舊撥備。 Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. 倘一項物業、廠房及設備中之各部份有不同之可 使用年期，該項目之成本將合理地分配至各部 份，而各部份則獨立計提折舊。 Both the useful life of an asset and its residual value, if any, are reviewed annually. 資產之可使用年期及其剩餘價值（如有）將於每 年檢討。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) Intangible assets (other than goodwill) 1 (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)). 1 主要會計政策（續） (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. (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. 倘無形資產被評估為具有無限可使用年期，則不 會作攤銷。無形資產之可使用年期屬無限之任何 結論經每年檢討，以釐定是否存在有關事件及情 況繼續支持有關資產具有無限可使用年期之評 估。如情況有變，則會自變更日期起就可使用年 期從無限轉為有限之評估按未來適用基準並根據 上文所載就具有有限可使用年期之無形資產作出 攤銷之政策會計入賬。 (j) 租賃資產 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。 130 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (j) Leased assets (Continued) (i) As a lessee 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. 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 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折 現，或倘該利率不能輕易釐定，則以相關遞增貸 款利率折現。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。 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 現值折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。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (j) Leased assets (Continued) (i) As a lessee (Continued) The lease liability is also remeasured when there is a change in the scope of a lease or the consideration for a lease that is not originally provided for in the lease contract (“lease modification”) that is not accounted for as a separate lease. In this case the lease liability is remeasured based on the revised lease payments and lease term using a revised discount rate at the effective date of the modification. The only exceptions are any rent concessions which arose as a direct consequence of the COVID-19 pandemic and which satisfied the conditions set out in paragraph 46B of HKFRS 16 Leases. In such cases, the Group took advantage of the practical expedient set out in paragraph 46A of HKFRS 16 and recognised the change in consideration as if it were not a lease modification. 1 主要會計政策（續） (j) 租賃資產（續） (i) 作為承租人（續） 當租賃範圍或代價出現未曾在原租賃合約中訂明 之變動 (「租賃修訂」) 且不作為單獨的租賃合約入 賬，亦須重新計量租賃負債。在此情況下，根據 經修訂租賃付款額及租賃期限，於修訂生效日期 使用經修訂折現率對租賃負債進行重新計量。唯 一之例外是因 2019 冠狀病毒病疫情直接產生並 因符合《香港財務報告準則》第 16 號「租賃」第 46B 段之條件所產生之租金寬減。在該等情況 下，本集團利用《香港財務報告準則》第 16 號第 46A 段所載之可行權宜方法，以假設不曾出現租 賃修訂之方式確認代價之變動。 In the consolidated statement of financial position, the current portion of long-term lease liabilities is determined as the present value of contractual payments that are due to be settled within twelve months after the reporting period. 於報告期後十二個月內到期待結算之合約付款之 現值於綜合財務狀況表內確定為長期租賃負債之 流動部份。 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。 (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 asset 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。 132 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (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). 1 主要會計政策（續） (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。 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. 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 is available without and supportable undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. information that 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。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (k) Credit loss and impairment of assets 1 主要會計政策（續） (k) 信貸虧損及資產減值（續） (Continued) (i) Credit loss from financial instruments (Continued) ECLs are measured on either of the following bases: (i) 金融工具之信貸虧損（續） 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 – – – 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。 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。 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。 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. 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. 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. 134 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (k) Credit loss and impairment of assets (Continued) 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: property, plant and equipment, including right-of-use assets and investment properties; intangible assets; goodwill; 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 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）： – 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。 – Calculation of recoverable amount – 計算可收回金額 The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash- generating unit). 資產之可收回金額為其公允值減去出售成 本及使用價值兩者中之較高者。於評估使 用價值時，會使用除稅前折現率將估計未 來現金流量折現至其現值。該折現率反映 市場當時所評估之貨幣時間價值和該資產 之獨有風險。倘個別資產所產生之現金流 入基本上不能獨立於其他資產所產生之現 金流入，則就獨立產生現金流入之最小資 產組合（即現金產生單位）釐定可收回金 額。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (k) Credit loss and impairment of assets 1 主要會計政策（續） (k) 信貸虧損及資產減值（續） (Continued) Impairment of other assets (Continued) Recognition of impairment losses (ii) – (ii) 其他資產之減值（續） – 確認減值虧損 An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which its recoverable it belongs, exceeds 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. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised. 就商譽以外之資產而言，倘用以釐定可收 回金額之估計發生有利變動，則會將減值 虧損撥回。商譽之減值虧損不可撥回。 所撥回之減值虧損僅限於倘若並無於過往 年 度 確 認 減 值 虧 損 而 可 釐 定 之 資 產 賬 面 值。所撥回之減值虧損在確認撥回之年度 內計入損益。 Interim financial reporting and impairment (iii) Under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Stock Exchange”), the Group is required to prepare an interim financial report in compliance with HKAS 34, Interim financial reporting, in respect of the first six months of the financial year. At the end of the interim period, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year (see notes 1(k)(i) and (ii)). (iii) 中期財務報告及減值 根據香港聯合交易所有限公司（「聯交所」）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。 136 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) Inventories 1 (l) Inventories are carried at the lower of cost and net realisable value. 1 主要會計政策（續） (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 weighted average method and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. 成本值乃以加權平均方法計算，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. 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. 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。 出售存貨時，其賬面值於有關收入確認期內確認 為開支。任何存貨金額撇減至可變現淨值及存貨 之所有虧損均於撇減或虧損之發生期內確認為開 支。倘存貨之撇減出現任何撥回，則於撥回出現 期內將費用作減額確認。 (m) Receivables A receivable is recognised when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. (m) 應收款 本集團具有無條件權利收取代價時確認應收款。 倘代價到期付款前僅需待時間推移，則收取代價 之權利為無條件。 Receivables are stated at amortised cost using the effective interest method less allowance for credit losses (see note 1(k) (i)). 應收款以實際利率法按攤銷成本減去信貸虧損撥 備後入賬（見附註 1(k)(i)）。 (n) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method. (n) 附息借貸 附息借貸之初值按公允值扣除應佔交易成本後確 認。首次確認後，附息借貸將按攤銷成本入賬， 而最初確認金額與贖回值之間之任何差額則以實 際利率法於借貸期內連同任何應付利息及費用於 損益內確認。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (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. (ii) Contract liabilities A contract liability is recognised when the customer pays consideration before the Group recognises the related revenue (see note 1(u)). A contract liability would also be recognised if the Group has an unconditional right to receive consideration before the Group recognises the related revenue. In such cases, a corresponding receivable would also be recognised (see note 1(m)). (p) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash equivalents are assessed for ECL in accordance with the policy set out in note 1(k)(i). 1 主要會計政策（續） (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) 合約負債 倘客戶於本集團確認相關收入之前支付代價，則 確認合約負債（見附註 1(u)）。倘本集團擁有無條 件權利可於本集團確認相關收入前收取代價，亦 將確認合約負債。在此情況下，亦將確認相應之 應收款（見附註 1(m)）。 (p) 現金及現金等值項目 現金及現金等值項目包括銀行結存及庫存現金、 存於銀行及其他財務機構之活期存款及短期而高 流動性之投資，此等投資可隨時兌換為已知金額 之現金，且所須承受之價值波動風險不大，而兌 換期乃購入日起計三個月內。現金及現金等值項 目按附註 1(k)(i) 所載政策評估預期信貸虧損。 (q) Employee benefits (i) Short term employee benefits and contributions (q) 僱員福利 (i) 短期僱員福利及向界定供款退休計劃之 to defined contribution retirement plans 供款 Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. 薪酬、年終花紅、有薪年假、向界定供款退休計 劃之供款及非金錢福利之成本均於僱員提供有關 服務之年度累計。倘延遲付款或結算並構成重大 影響，則有關金額按其現值入賬。 138 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (q) Employee benefits (Continued) (ii) Defined benefit retirement plan obligations The Group’s net obligation in respect of defined benefit retirement plans is calculated by estimating the amount of future benefit that employees have earned in return for their services in the current and prior periods; that benefit is discounted to determine the present value and the fair value of any plan assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit method. Service cost and net interest expense/(income) on the net defined benefit liability/(asset) are recognised in profit and loss and allocated by function as part of “cost of sales”, “marketing, selling and distribution expenses”, “administrative expenses” or “other operating expenses”. Current service cost is measured as the increase in the present value of the defined benefit obligation resulting from employee service in the current period. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised as an expense in profit and loss at the earlier of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. Net interest expense/(income) for the period is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the reporting period to the net defined benefit liability/(asset). The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations. Remeasurements arising from defined benefit retirement plans are recognised in other comprehensive income and reflected immediately in retained earnings. Remeasurements comprise actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the net defined benefit liability/(asset)) and any change in the effect of the asset ceiling (excluding amounts included in net interest on the net defined benefit liability/(asset)). 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 本集團就界定福利退休計劃所承擔之責任淨額， 乃透過估計僱員於當前及過往期間以提供服務所 賺取之未來利益金額而計算；在釐定現值時該項 利益須予以折現，並扣除任何計劃資產之公允 值。計算工作由合資格精算師採用預計單位信貸 法進行。 界定福利負債╱（資產）淨額之服務成本及利息 費用╱（收入）淨額於損益確認，並按功能劃撥 為「銷售成本」、「推廣、銷售及分銷費用」、「行 政費用」或「其他經營費用」之一部份。現有服 務成本按本期間僱員服務所產生之界定福利責任 現值之增加計量。倘計劃之福利出現變動或倘計 劃縮減，則有關僱員以往服務之福利之變動部份 或有關縮減之盈虧於計劃作出修訂或縮減時或於 確認有關重組成本或終止福利時（以較早者為準） 於損益確認為開支。期內利息費用╱（收入）淨 額乃透過將計量報告期初界定福利責任所採用之 折現率應用於界定福利負債╱（資產）淨額而釐 定。折現率為優質公司債券（到期日與本集團履 行責任之期限相近）於匯報日之收益率。 界定福利退休計劃產生之重新計量於其他全面收 益內確認並即時於保留盈利內反映。重新計量包 括精算損益、計劃資產收益（不包括計入界定福 利負債╱（資產）淨額之利息淨額之金額）及資產 上限引致之任何變動（不包括計入界定福利負債 ╱（資產）淨額之利息淨額之金額）。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (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. 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) Equity-settled share-based payment (iv) 以股份為付款基礎之交易 transactions The Group operates a number of equity-settled, share-based compensation plans under which the Group receives services from employees as consideration for equity instruments of the Company. These plans comprise share option schemes and a share award scheme. The fair value of share options or share awards 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 taking into account the terms and conditions upon which the options or the awarded shares were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options or the awarded shares, the total estimated fair value of the options or the awarded shares is spread over the vesting period, taking into account the probability that the options or the awarded shares will vest. 本集團設有多項以股權結算，以股份為基礎支付 之薪酬計劃，而僱員則向本集團提供服務作為本 公司股權工具之代價。該等計劃包括購股權計劃 及股份獎勵計劃。 授予僱員之購股權或股份獎勵之公允值乃確認為 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計量，並計及授出購 股權或獎勵股份之條款及條件。若僱員須符合歸 屬條件後方可無條件享有購股權或獎勵股份，則 購股權或獎勵股份之估計公允值總額會在歸屬期 間攤分，並計及購股權或獎勵股份將會歸屬之可 能性。 140 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (q) Employee benefits (Continued) (iv) Equity-settled share-based payment 1 主要會計政策（續） (q) 僱員福利（續） (iv) 以股份為付款基礎之交易（續） transactions (Continued) During the vesting period, the number of share options or the awarded shares that are 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 or awarded shares 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. 於歸屬期間，本公司會檢討預期將歸屬之購股權 或獎勵股份數目。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 股權或獎勵股份之實際數目（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。 For the share option schemes, 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). 就購股權計劃而言，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。 For the share award scheme, the Group may acquire its own shares through the trustee of the share award scheme on the Stock Exchange for the shares to be vested under the share award scheme. The shares acquired by the Group that are not yet vested for this share award scheme were recorded as treasury shares and recorded as “Shares held for share award scheme” as a deduction under equity. Upon vesting of the awarded shares, the related costs of the acquired shares are reduced from the “Shares held for share award scheme”, and the related fair value of the awarded shares are debited to share-based compensation reserve with the difference charged/credited to equity. The Group may also issue new shares for the vested share awards. The amount previously recognised in share-based compensation reserve will be transferred to share capital upon the issuance of new shares. 就股份獎勵計劃而言，本集團可能會透過股份獎 勵計劃受托人於聯交所購入其自有股份作為根據 股份獎勵計劃將予歸屬之股份。本集團就本股份 獎勵計劃購入但尚未歸屬之股份入賬為庫存股 份，且作為「股份獎勵計劃持有之股份」入賬為 權益之扣減項目。待獎勵股份歸屬後，購買股份 之相關成本於「股份獎勵計劃持有之股份」內扣 減，以及於股份基礎補償儲備內扣除獎勵股份之 相關公允值，差額於權益內扣除╱計入。 本集團亦可能就已歸屬獎勵股份發行新股份。先 前已於股份基礎補償儲備確認之金額於發行新股 份後將轉撥至股本。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (q) Employee benefits (Continued) (v) Termination benefits Termination benefits are recognised at the earlier of when the Group can no longer withdraw the offer of those benefits and when it recognises restructuring costs involving the payment of termination benefits. (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. (ii) Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. (iii) Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. 1 主要會計政策（續） (q) 僱員福利（續） (v) 離職福利 離職福利於本集團不再能夠撤回提供該等福利及 於本集團確認包含支付離職福利的重組成本之較 早期間予以確認。 (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) 本期稅項是按年內應課稅收入以匯報日已 生效或實際上已生效之稅率計算之預期應 付稅項，加過往年度應付稅項之任何調整。 (iii) 遞延稅項資產及負債分別由可抵扣及應課 稅暫時差異產生。暫時差異是指資產及負 債按財務申報目的之賬面值與稅務基礎之 間之差異。遞延稅項資產亦由未動用之稅 務虧損及未動用之稅款抵免產生。 142 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 1 (r) (iii) Significant accounting policies (Continued) Income tax (Continued) (Continued) 1 主要會計政策（續） (r) 所得稅（續） (iii) （續） Apart from certain limited exceptions, all deferred tax liabilities and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. The limited exceptions to recognition of deferred tax liabilities are those temporary differences assets and arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted. 除了若干有限之例外情況，所有遞延稅項 負債及所有遞延稅項資產（只限於很可能獲 得能動用該資產來抵扣之未來應課稅溢利） 均予確認。支持確認由可抵扣暫時差異所 產生遞延稅項資產之未來應課稅溢利包括 因撥回現有應課稅暫時差異而產生之數額； 但該等撥回之差異必須與同一稅務機關及 同一應課稅實體有關，並預期在可抵扣暫 時差異預計撥回之同一期間或遞延稅項資 產所產生稅務虧損可向後期或向前期結轉 之期間內撥回。在決定現有應課稅暫時差 異是否支持確認由未動用稅務虧損和抵免 所產生之遞延稅項資產時，亦會採用同一 準則，即差異是否與同一稅務機關及同一 應課稅實體有關，並是否預期在能夠使用 稅務虧損或抵免之同一期間內撥回。 不確認為遞延稅項資產和負債之暫時性差 異是產生自以下有限之例外情況：不可扣 稅之商譽；不影響會計或應課稅溢利之資 產或負債之初始確認（如屬企業合併之一部 份則除外）；以及投資附屬公司相關之暫時 差異（如屬應課稅差異，只限於本集團可以 控制撥回之時間，且差異不大可能在可預 見之將來撥回；或如屬可抵扣差異，則只 限於很可能在將來撥回之差異）。 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。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) Income tax (Continued) 1 (r) (iv) Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised. (v) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: 1 主要會計政策（續） (r) 所得稅（續） (iv) 股息分派產生之額外所得稅於支付相關股 息負債確認時確認。 (v) 現期稅項結餘及遞延稅項結餘以及其變動 會分開呈列，而且不予抵銷。現期及遞延 稅項資產只會在本集團有合法可強制執行 權利以現期稅項資產抵銷現期稅項負債， 並且符合以下附帶條件之情況下，才可以 分別抵銷現期及遞延稅項負債： – – 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。 144 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (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. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. (t) Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk of a committed future transaction, the effective portion of any gains or losses on re-measurement of the derivative financial instrument to fair value is recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any gain or loss is recognised immediately in profit or loss. 1 主要會計政策（續） (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。 倘若經濟利益外流之可能性較低，或是無法對有 關金額作出可靠之估計，便會將該責任披露為或 然負債，但假如經濟利益流出之可能性渺茫則除 外。須視乎一宗或多宗未來事件是否發生才能確 定存在與否之潛在責任，亦會披露為或然負債， 但假如這類經濟利益之流出之可能性渺茫則除 外。 (t) 現金流量對沖 金融衍生工具被指定用作對沖因已確認之資產或 負債或極有可能發生之預期交易而產生之現金流 量變動或因已訂約之未來交易而承擔之外匯風 險，重計該等金融衍生工具之公允值而產生之任 何收益或虧損，其有效部份會於其他全面收益確 認，並於對沖儲備之權益中獨立累計。任何收益 或虧損之非有效部份即時於損益內確認。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (t) Cash flow hedges (Continued) 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（續） 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). For cash flow hedges, other than those covered by the preceding two policy statements, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the hedged forecast transaction affects profit or loss. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity until the transaction occurs and it is recognised in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss is reclassified from equity to profit or loss immediately. 若被對沖之預期交易其後導致確認金融資產或金 融負債，相關盈虧會在該購入之資產或承擔之負 債影響損益之同一個或多個期間內（例如當確認 利息收入或支出時）由權益重新分類至損益。 有別於上述兩個政策所涵蓋之現金流量對沖，相 關盈虧會在被對沖之預期交易影響損益之同一個 或多個期間內由權益重新分類至損益。 當對沖工具到期或被出售、終止或行使或該實體 取消該指定對沖關係，而被對沖之預期交易預期 仍會發生時，其累計盈虧會保留在權益內，直至 該交易發生為止，並按上述政策確認。若被對沖 之交易預期不會發生，其累計未變現盈虧會即時 由權益重新分類至損益。 146 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (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. 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. 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。 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。 The Group takes advantage of the practical expedient in paragraph 63 of HKFRS 15 and does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less. 本集團利用《香港財務報告準則》第 15 號第 63 段 之可行權宜方法，倘融資期間為 12 個月或以下， 則不會就重大融資部份的任何影響調整代價。 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. (ii) Service fees Service fees are recognised when the related services are provided. Service fees exclude value added tax or other sales taxes. (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. (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) 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) 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。 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） Annual Report 2021/2022 年度報告 Interest income Significant accounting policies (Continued) 1 (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。 (vi) Government grants Government grants are recognised in the statement of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised as income in profit or loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are deducted from the carrying amount of the asset and consequently are effectively recognised in profit or loss over the useful life of the asset by way of reduced depreciation expense. (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。 148 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (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. The capitalisation of borrowing costs 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. (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。 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。 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） Annual Report 2021/2022 年度報告 Significant accounting policies (Continued) 1 (y) Related parties (a) A person, or a close member of that person’s family, is related to the Group if that person: 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 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 (iii) 兩間實體均為同一第三方之合營公 party. 司。 (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (iv) 一間實體為第三方實體之合營公司， 而另一實體為該第三方實體之聯營公 司。 (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (v) 該實體乃為本集團或與本集團有關連 之實體就僱員福利而設立之離職後福 利計劃。 (vi) The entity is controlled or jointly controlled by a (vi) 該實體受 (a) 所識別人士控制或共同 person identified in (a). 控制。 (vii) A person identified (a)(i) has significant in influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group. 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. 150 (vii) 於 (a)(i) 所識別人士對該實體有重大影 響力或屬該實體（或該實體之母公司） 主要管理人員之一。 (viii) 該實體或其所屬集團之任何成員公司 向本集團提供主要管理人員服務。 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。 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Significant accounting policies (Continued) 1 (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. 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 15, 22 and 23 contain information about the assumptions and their risk factors relating to interest in joint venture impairment assessment, defined benefit retirement liabilities and the fair value of share options and share awards granted. Other key sources of estimation uncertainty are as follows: (a) Impairment of property, plant and equipment If circumstances indicate that the carrying values of property, plant and equipment may not be recoverable, the assets may be considered “impaired”, and an impairment loss may be recognised in accordance with HKAS 36, Impairment of assets. Under HKAS 36, these assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. The recoverable amount is the greater of its fair value less costs of disposal and the value in use. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to level of sales volume, selling prices and amount of operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount. However, actual sales volumes, selling prices and operating costs may be different from assumptions which may require a material adjustment to the carrying amount of the assets affected. Details of the nature and carrying amounts of property, plant and equipment are disclosed in note 11. 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。 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 15、22 及 23 分別載有關於合營公司權益之 減值評估、界定福利退休負債及已授出購股權及 股份獎勵之公允值之假設及其風險因素之資料。 估計不確定因素之其他主要來源如下： (a) 物業、廠房及設備減值 倘有情況顯示物業、廠房及設備之賬面值可能無 法收回，則該等資產可能被視為「已減值」，而減 值虧損可能會根據《香港會計準則》第 36 號「資 產減值」予以確認。根據《香港會計準則》第 36 號，凡有事件或情況變動顯示該等資產所錄得之 賬面值可能無法收回，該等資產將進行減值測 試。如減值已出現，賬面值將減至可收回金額。 可收回金額為其公允值減去出售成本與使用價 值兩者中之較高者。釐定使用價值時，將根據銷 量、售價及營運成本金額之水平作出重大判斷， 將該資產產生之預期現金流量折現至其現值。本 集團運用所有可用之資料以釐定可收回金額之合 理概約金額。然而，實際銷量、售價及營運成本 金額可能有別於假設，並可能須對受影響資產之 賬面值作出重大調整。物業、廠房及設備之性質 及賬面值詳情於附註 11 披露。 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） Annual Report 2021/2022 年度報告 2 Accounting judgements and estimates 2 會計判斷及估計（續） (Continued) (b) Impairment of goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating unit (or groups of cash-generating units) to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected cash flows from the cash-generating unit (or groups of cash- generating units) and also to choose a suitable discount rate in order to calculate the present value of those cash flows. Details of the estimates used to calculate the recoverable amount are disclosed in note 13. (c) Write down of inventories The Group performs regular reviews of the carrying amounts of inventories as disclosed in note 16 with reference to aged inventories analysis, expected future consumption and management judgement. Based on these reviews, write down of inventories will be made when the estimated net realisable value of inventories decline below the carrying amount. However, actual consumption may be different from estimation and profit or loss could be affected by differences in this estimation. (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). (b) 商譽減值 本集團至少每年釐定商譽是否出現減值。此需 要對獲分配商譽之現金產生單位（或一組現金產 生單位）之使用價值進行估計。在估計使用價值 時，本集團需估計來自現金產生單位（或一組現 金產生單位）預計未來現金流量，並需選擇合適 之折現率，以便計算有關現金流量之現值。計算 可收回金額之估計詳情於附註 13 披露。 (c) 撇減存貨 本集團參考存貨賬齡之分析、預期未來預測及管 理層判斷，定期審閱存貨之賬面值（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，則將根據審閱之結果而撇減存貨。然而，實 際消耗量可能與估計不同，而此估計之差異可能 影響損益表。 (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。 152 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 geographically. 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 (the Hong Kong SAR, the Macau SAR and Exports) mainly represents the manufacture and sale of soya milk, tea, water, juice, tofu, etc. in the Hong Kong SAR, sale of beverages in the Macau SAR, export of beverages from the Hong Kong SAR and the operating of tuck shops and catering businesses in the Hong Kong SAR; – 香港業務（香港特別行政區、澳門特別行政 區及出口）主要指在香港特別行政區生產及 銷售豆奶、茶、水、果汁及豆腐等產品、 在澳門特別行政區銷售飲料、從香港特別 行政區出口飲料，以及在香港特別行政區 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 the manufacture and sale of soya related products in Singapore, sale of beverages in Singapore and the export of soya related products. represents – 新加坡業務主要指在新加坡生產及銷售大 豆相關產品、在新加坡銷售飲品以及出口 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。 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） Annual Report 2021/2022 年度報告 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) Segment results, assets and liabilities (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: include all tangible assets, intangible Segment assets 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, lease liabilities and other liabilities managed directly by the segments with the exception of employee retirement benefit liabilities, deferred tax liabilities, current tax payable and unallocated head office and corporate liabilities. The measure used for reporting segment (loss)/profit is “(loss)/profit from operations”. To arrive at “(loss)/profit from operations”, the Group’s (loss)/profit is further adjusted for items not specifically attributed to individual segments, such as finance costs, share of losses of joint venture, impairment loss on interest in joint venture, goodwill and brand name 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. (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： 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 理之租賃負債及其他負債，惟僱員退休福利負 債、遞延稅項負債、應付現期稅項及未分配之總 公司及企業負債除外。 用於報告分部（虧損）╱溢利之表示方法為「經 營（虧損）╱溢利」。為了得出「經營（虧損）╱ 溢利」，本集團之（虧損）╱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、合營公司權益之減值虧損、商譽及品牌名 稱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。 154 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) Segment results, assets and liabilities (Continued) (b) Segment reporting (Continued) (i) Information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31st March 2022 and 2021 is set out below: (b) 分部報告（續） (i) 分部業績、資產及負債（續） 截至二零二二年及二零二一年三月三十一日止年 度，有關向本集團最高層行政管理人員提供之資 源配置及分部表現評估之須報告分部資料載列如 下： Mainland China 中國內地 Hong Kong Operation 香港業務 Australia and New Zealand 澳洲及新西蘭 Singapore 新加坡 Total 總計 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 3,838,297 5,008,000 1,933,856 1,865,452 606,971 528,022 122,091 118,343 6,501,215 7,519,817 74,773 58,815 23,558 30,133 6,630 11,749 4,314 4,255 109,275 104,952 3,913,070 5,066,815 1,957,414 1,895,585 613,601 539,771 126,405 122,598 6,610,490 7,624,769 (340,309) 524,401 198,989 354,792 77,731 67,999 (12,692) 3,014 (76,281) 950,206 3,706 3,967 1,845 1,190 – 3 2 – 5,553 5,160 (17,438) (3,508) (4,459) (7,000) (741) (831) (433) (431) (23,071) (11,770) (348,441) (278,911) (186,475) (185,381) (19,202) (18,892) (5,499) (4,664) (559,617) (487,848) (49,280) (23,176) (1,674) (12,653) – – (1,917) – (52,871) (35,829) 4,002,273 4,430,545 3,615,172 3,578,124 495,760 461,614 114,487 105,208 8,227,692 8,575,491 2,875,854 2,750,636 958,598 820,889 149,026 126,521 38,968 29,611 4,022,446 3,727,657 125,860 576,070 135,660 113,446 42,732 7,245 20,872 5,285 325,124 702,046 Revenue from external customers 來自外間顧客之收入 Inter-segment revenue 分部間收入 Reportable segment revenue 須報告分部之收入 Reportable segment (loss)/profit from operations 須報告分部之經營（虧損）╱溢利 Interest income from bank deposits 銀行存款之利息收入 Finance costs 融資成本 Depreciation and amortisation for the year 本年度之折舊及攤銷 Impairment losses on property, plant and equipment 物業、廠房及設備之減值虧損 Reportable segment assets 須報告分部之資產 Reportable segment liabilities 須報告分部之負債 Additions to non-current segment assets during the year 本年度新增之非流動分部資產 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） Annual Report 2021/2022 年度報告 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債之 profit or loss, assets and liabilities 對賬 Revenue 收入 Reportable segment revenue 須報告分部之收入 Elimination of inter-segment revenue 分部間收入之撇銷 Consolidated revenue 綜合收入 Profit or loss 損益 Reportable segment (loss)/profit from operations 須報告分部之經營（虧損）╱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 Impairment loss on interest in joint venture (note 15(a)) 合營公司權益之減值虧損（附註 15(a)） Impairment losses on goodwill (note 13) 商譽之減值虧損（附註 13） Impairment losses on brand name (note 12) 品牌名稱之減值虧損（附註 12） Unallocated head office and corporate expenses 未分配之總公司及企業費用 Consolidated (loss)/profit before taxation 綜合除稅前（虧損）╱溢利 156 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 6,610,490 7,624,769 (109,275) (104,952) 6,501,215 7,519,817 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (76,281) 950,206 (23,071) (11,770) – – (22,242) (42,800) (18,323) (2,303) – – (115,944) (106,735) (235,922) 766,659 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債之 profit or loss, assets and liabilities (Continued) 對賬（續） Assets 資產 Reportable segment assets 須報告分部之資產 Elimination of inter-segment receivables 分部間應收款之撇銷 Interest in joint venture 合營公司之權益 Deferred tax assets 遞延稅項資產 Current tax recoverable 應收現期稅項 Goodwill 商譽 Unallocated head office and corporate assets 未分配之總公司及企業資產 Consolidated total assets 綜合總資產 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 8,227,692 8,575,491 (1,740,925) (1,544,815) 6,486,767 7,030,676 – – 281,707 139,489 37,889 79,594 – 18,352 757 8,299 6,807,120 7,276,410 157 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） Annual Report 2021/2022 年度報告 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債之 profit or 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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 4,022,446 3,727,657 (927,210) (598,539) 3,095,236 3,129,118 6,222 7,461 99,116 116,248 12,334 40,750 25,113 25,959 3,238,021 3,319,536 158 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 3 Revenue and segment reporting 3 收入及分部報告（續） (Continued) (b) Segment reporting (Continued) (iii) Geographic information The following table sets out information about the geographic location of the Group’s property, plant and equipment, deposits for the acquisition of property, plant and equipment, intangible assets, goodwill and interest in joint venture (“specified non-current assets”). The geographic location of the specified non-current assets is based on the physical location of the asset, in the case of property, plant and equipment and deposits for the acquisition of property, plant and equipment, and the location of the operation to which they are allocated, in the case of intangible assets and goodwill and the location of operations, in the case of interest in joint venture. (b) 分部報告（續） (iii) 地區資料 下表載列有關本集團物業、廠房及設備之地理位 置、購置物業、廠房及設備之訂金、無形資產、 商譽及於合營公司之權益（「特定非流動資產」） 之資料。就物業、廠房及設備及購置物業、廠房 及設備之訂金而言，特定非流動資產之地理位置 乃根據該資產之實際地點確定；就無形資產及商 譽而言則指其獲配置之業務所在地；就於合營公 司之權益而言則指業務所在地。 Mainland China 中國內地 Hong Kong Operation 香港業務 Australia and New Zealand 澳洲及新西蘭 Singapore 新加坡 Specified non-current assets 特定非流動資產 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2,877,540 3,035,778 777,477 830,984 262,447 241,411 51,786 58,998 3,969,250 4,167,171 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 $1,703,210,000 (2021: $1,601,851,000) and $772,211,000 (2021: $825,014,000) 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1,703,210,000 元 （二零二一年：1,601,851,000元）及772,211,000 元（二零二一年：825,014,000 元）。 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） Annual Report 2021/2022 年度報告 4 Other income 4 其他收入 Government grants (Note) 政府補助（附註） COVID-19-related rent concessions 2019 冠狀病毒病相關租金寛減 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 Maintenance recharge income 收回維修費收入 Sundry income 雜項收入 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 77,060 73,912 17,095 20,902 5,553 5,160 894 2,628 4,120 4,034 5,175 2,893 215 1,168 6,963 5,237 9,112 5,866 126,187 121,800 Note: 附註： During the current year, government grants of $53,319,000 (2021: 於本年內，一項有關二零二零年於中國內地的投資而獲得 $1,665,000) were received from the government of the People’s Republic of China (“PRC”) in relation to an investment in Mainland China in 2020. Other government grants included COVID-19 financial assistance in Mainland China, the Hong Kong SAR and Singapore amounting to $13,847,000 (2021: $63,483,000) and value-added 中華人民共和國（「中國」）政府一筆補助共 53,319,000 元（二零二一年：1,665,000 元）。其他與 2019 冠狀病毒 病相關而於中國內地、香港特別行政區及新加坡等地政府 獲得共 13,847,000 元（二零二一年：63,483,000 元）補 助，以及中國政府退回之增值稅及從其收取之其他財務資 tax refunded and other financial assistance received from the 助。 government of the PRC. Other government grants received in relation to the acquisition of 就購置物業、廠房及設備收取之其他政府補助已從相關資 property, plant and equipment were netted off against the cost of 產之成本扣除（附註 11(a)）。 the related assets (note 11(a)). 160 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 (Loss)/profit before taxation 5 (Loss)/profit before taxation is arrived at after charging/ (crediting): 5 除稅前（虧損）╱溢利 除稅前（虧損）╱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)） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 16,773 3,633 6,298 8,137 23,071 11,770 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (b) Staff costs: 員工成本： Contributions to defined contribution retirement plans 界定供款退休計劃之供款 122,469 76,809 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） Severance payment 遣散費用 Salaries, wages and other benefits 薪金、工資及其他福利 2,587 3,362 1,230 958 126,286 81,129 13,484 15,455 60,930 8,595 1,619,612 1,525,549 1,820,312 1,630,728 161 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） Annual Report 2021/2022 年度報告 (Loss)/profit before taxation (Continued) 5 (Loss)/profit before taxation is arrived at after charging/ (crediting): (Continued) 5 除稅前（虧損）╱溢利（續） 除稅前（虧損）╱溢利已扣除╱（計入）：（續） (c) Other operating expenses: 其他經營費用： Staff costs 員工成本 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 Depreciation and amortisation 折舊及攤銷 Professional fee 專業費 Repair and maintenance expenses 維修及保養費用 Donation 捐款 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)） Write down of inventories 撇減存貨 Impairment losses on trade and other receivables 應收賬款及其他應收款之減值虧損 Impairment losses on property, plant and equipment 物業、廠房及設備之減值虧損 Impairment losses on goodwill 商譽之減值虧損 Impairment losses on brand name 品牌名稱之減值虧損 Others 其他 162 2022 二零二二年 $’000 千元 2021 二零二一年 (Restated) （重列） $’000 千元 191,489 165,959 39,299 45,863 34,279 33,354 13,434 20,800 21,284 18,432 15,880 14,841 12,595 4,674 6,629 6,958 6,280 2,992 2,724 5,957 20,406 2,035 11,867 248 52,871 35,829 18,323 2,303 – – 42,499 22,145 492,162 380,087 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 (Loss)/profit before taxation (Continued) 5 (Loss)/profit before taxation is arrived at after charging/ (crediting): (Continued) 5 除稅前（虧損）╱溢利（續） 除稅前（虧損）╱溢利已扣除╱（計入）：（續） (d) Other items: 其他項目： Government grants (Note) 政府補助（附註） COVID-19-related rent concessions 2019 冠狀病毒病相關租金寛減 Amortisation of intangible assets 無形資產之攤銷 Depreciation 折舊 – Investment properties – 投資物業 – Right-of-use assets – 使用權資產 – Other assets – 其他資產 Impairment losses 減值虧損 – Trade and other receivables – 應收賬款及其他應收款 – Property, plant and equipment – 物業、廠房及設備 – Goodwill (note 13) – 商譽（附註 13） – Brand name (note 12) – 品牌名稱（附註 12） – Interest in joint venture (note 15(a)) – 合營公司之權益（附註 15(a)） Auditors’ remuneration 核數師酬金 – Audit services – 審核服務 – Other audit-related services – 其他審核相關服務 – Tax services – 稅務服務 – Other services – 其他服務 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 gain 外匯收益淨額 Cost of inventories (note 16(b)) 存貨成本（附註 16(b)） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (83,039) (235,382) (22,409) (25,438) 659 658 126 126 100,763 103,391 458,069 383,673 11,867 248 52,871 35,829 18,323 2,303 – – – 42,800 6,175 5,694 280 313 – 241 234 177 13,368 11,778 (317) (11,454) 3,451,179 3,566,484 163 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） Annual Report 2021/2022 年度報告 (Loss)/profit before taxation (Continued) 5 (Loss)/profit before taxation is arrived at after charging/ (crediting): (Continued) (d) Other items: (Continued) 5 除稅前（虧損）╱溢利（續） 除稅前（虧損）╱溢利已扣除╱（計入）：（續） (d) 其他項目：（續） Note: During the current year, government grants of $53,319,000 (2021: $1,665,000) were received from the government of the PRC in relation to an investment in Mainland China in 2020. Other government grants included COVID-19 financial assistance in Mainland China, the Hong Kong SAR, and Singapore amounted to $19,826,000 (2021: $224,953,000), of which $13,847,000 (2021: $63,483,000) was included in other income, $2,662,000 (2021: $151,988,000) was netted off against staff costs and $3,317,000 (2021: $9,482,000) was netted off against cost of sales and operating expenses. 附註： 於本年內，一項有關二零二零年於中國內地的投 資而獲得中國政府一筆補助共 53,319,000 元（二 零 二 一 年：1,665,000 元）。 其 他 與 2019 冠 狀 病 毒 病 相 關 而 於 中 國 內 地、 香 港 特 別 行 政 區 及 新 加 坡 等 地 政 府 獲 得 共 19,826,000 元（ 二 零 二 一 年：224,953,000 元）補 助， 當 中 其 他 收 入 為 13,847,000 元（ 二 零 二 一 年：63,483,000 元）， 2,662,000 元（ 二 零 二 一 年：151,988,000 元）與 員工成本作抵銷，另 3,317,000 元（二零二一年： 9,482,000 元）與銷售成本及經營費用作抵銷。 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 profit or loss (a) 綜合損益表之稅項如下： represents: Current tax – Hong Kong Profits Tax 現期稅項 – 香港利得稅 Provision for the year 年內撥備 Under/(over)-provision in respect of prior years 以往年度之撥備不足╱（高估撥備） Current tax – Outside Hong Kong 現期稅項 – 香港以外地區 Provision for the year 年內撥備 Under-provision in respect of prior years 以往年度之撥備不足 Deferred tax 遞延稅項 164 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 24,725 43,329 39 (2,818) 24,764 40,511 54,397 165,455 1,268 1,000 55,665 166,455 (154,970) (29,815) (74,541) 177,151 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）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 6 Income tax in the consolidated statement of profit or loss (Continued) (a) Taxation in the consolidated statement of profit or loss represents: (Continued) 6 綜合損益表之所得稅（續） (a) 綜合損益表之稅項如下：（續） Notes: 附註： (i) The provision for Hong Kong Profits Tax for 2022 is calculated at 16.5% (2021: 16.5%) of the estimated assessable profits for (i) 二零二二年之香港利得稅撥備是按年內之估計應課 稅溢利以16.5%（二零二一年：16.5%）之稅率計算。 the year. (ii) In accordance with the relevant PRC corporate income tax laws, regulations and implementation guidance notes, the (ii) 根據相關中國企業所得稅法律、法規及實施指引註 釋，適用於本公司之深圳、佛山、上海、武漢、東 statutory income tax rate applicable to the Company’s 莞及南沙附屬公司之法定所得稅率為 25%。 subsidiaries in Shenzhen, Foshan, Shanghai, Wuhan, Dongguan and Nansha is 25%. In addition, the Group is subject to withholding tax at the 此外，本集團須就本集團中國內地外資企業以於二 applicable rate of 5% on distribution of profits generated 零零七年十二月三十一日後產生之溢利作出之分派 after 31st December 2007 from the Group’s foreign-invested enterprises in Mainland China. Deferred tax liabilities have 按 5% 適用稅率繳納預扣稅。本集團已就此根據中 國內地外資企業於可預見未來預計以於二零零七年 been provided for in this regard based on the expected 十二月三十一日後產生之溢利分派之股息計提遞延 dividends to be distributed from the foreign-invested 稅項負債。 enterprises in Mainland China in the foreseeable future in respect of the profits generated after 31st December 2007. (iii) Taxation for subsidiaries outside the Hong Kong SAR and Mainland China is charged at the appropriate current rates of (iii) 香港特別行政區及中國內地以外地區之附屬公司之 稅項則按有關稅項司法管轄區之現行適用稅率計算。 taxation ruling in the relevant tax jurisdictions. 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） Annual Report 2021/2022 年度報告 6 Income tax in the consolidated statement of profit or loss (Continued) 6 綜合損益表之所得稅（續） (b) Reconciliation between tax (credit)/expense and (b) 稅項（抵免）╱支出與會計（虧損）╱溢利 accounting (loss)/profit at applicable tax rates: 以適用稅率計算之對賬： (Loss)/profit before taxation 除稅前（虧損）╱溢利 Notional tax on (loss)/profit before taxation, calculated at the rates applicable to (loss)/profits in the tax jurisdictions concerned 按有關稅項司法管轄區適用於（虧損）╱溢利之稅率計算除稅前（虧損）╱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 Mainland China subsidiaries 中國內地附屬公司之預提稅項 Tax effect of unused tax losses not recognised 未確認之未動用稅務虧損之稅務影響 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 (credit)/expense 實際稅項（抵免）╱支出 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (235,922) 766,659 (73,465) 176,624 15,696 19,218 (5,554) (29,320) (2,934) 15,004 196 11,477 (6,048) (1,369) 1,307 (1,818) (4,500) (13,339) 761 674 (74,541) 177,151 166 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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： 2022 二零二二年 Salaries, allowances and other benefits in kind 薪金、津貼及 其他實物福利 Directors’ fees 董事袍金 Discretionary bonuses 酌情發放之花紅 Retirement scheme contributions 退休計劃供款 Sub-total 小計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Share- based payments 以股份為 基礎之付款 (Note) （附註） $’000 千元 Total 總計 $’000 千元 400 200 200 290 290 340 580 550 631 585 421 7,020 7,461 2,273 – – – – – – – – 4,487 16,754 – – – – – – – – – – – – 387 386 66 – – – – – – – – 7,807 538 8,345 8,047 8,315 16,362 2,539 290 290 340 580 550 631 585 421 – – – – – – – – – 2,539 290 290 340 580 550 631 585 421 839 22,080 8,853 30,933 167 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） Annual Report 2021/2022 年度報告 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） 2021 二零二一年 Salaries, allowances and other benefits in kind 薪金、津貼及 其他實物福利 Directors’ fees 董事袍金 Discretionary bonuses 酌情發放之花紅 Retirement scheme contributions 退休計劃供款 Sub-total 小計 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Share- based payments 以股份為 基礎之付款 (Note) （附註） $’000 千元 Total 總計 $’000 千元 308 154 154 175 175 196 477 463 527 490 392 6,408 3,932 7,405 3,860 2,132 1,031 – – – – – – – – – – – – – – – – 380 386 51 – – – – – – – – 11,028 138 11,166 11,805 6,796 18,601 3,368 175 175 196 477 463 527 490 392 – – – – – – – – – 3,368 175 175 196 477 463 527 490 392 3,511 15,945 8,823 817 29,096 6,934 36,030 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 168 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 7 Emoluments of Directors (Continued) Note: These represent the estimated value of share options and share awards granted to the Directors under the Company’s share option scheme and share award scheme. The value of these share options and share awards is measured according to the Group’s accounting policies for share-based payment 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及 股份獎勵計劃授予董事之購股權及股份獎勵之估計 價值。此等購股權及股份獎勵之價值乃根據附註1(q) (iv) 所載本集團就以股份為付款基礎之交易採用之會 計政策而計量，而按照該政策，包括對過往年度累 transactions as set out in note 1(q)(iv) and, in accordance with 計而所授出的股本工具在歸屬前已被沒收之撥回金 that policy, includes adjustments to reverse amounts accrued 額所作之調整。 in previous years where grants of equity instruments are forfeited prior to vesting. The details of these benefits in kind, including the principal 此等實物福利之詳情（包括已授出之購股權及股份 terms and number of options and awards granted, are 獎勵之主要條款及數目）於董事會報告「購股權計 disclosed under the paragraph “Share option scheme” and 劃」及「股份獎勵計劃」一段及附註 23 中披露。 “Share award scheme” in the directors’ report and note 23. 8 Individuals with highest emoluments Of the five individuals with the highest emoluments, two (2021: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2021: three) individuals are as follows: 8 最高酬金人士 在五名最高酬金人士中，兩名（二零二一年：兩 名）為董事，彼等之酬金於附註 7 中披露。其餘 三名（二零二一年：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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 10,984 13,463 374 374 1,409 4,343 1,912 4,489 14,679 22,669 169 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） Annual Report 2021/2022 年度報告 8 Individuals with highest emoluments (Continued) 8 最高酬金人士（續） The emoluments of the three (2021: three) individuals with the highest emoluments are within the following bands: 三名（二零二一年：三名）最高酬金人士之酬金 介乎以下組別： 2022 二零二二年 Number of individuals 人數 2021 二零二一年 Number of individuals 人數 2 - - 1 - - - - - - - - - - 1 - 1 1 $4,000,001 to $4,500,000 4,000,001 元至 4,500,000 元 $4,500,001 to $5,000,000 4,500,001 元至 5,000,000 元 $5,000,001 to $5,500,000 5,000,001 元至 5,500,000 元 $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 $7,500,001 to $8,000,000 7,500,001 元至 8,000,000 元 $8,000,001 to $8,500,000 8,000,001 元至 8,500,000 元 170 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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影 other comprehensive income: 響： 2022 二零二二年 Tax credit/ (expense) 稅項 抵免╱（費用） $’000 千元 Before-tax amount 除稅前金額 $’000 千元 2021 二零二一年 Net-of–tax amount 扣除稅項金額 $’000 千元 Before-tax amount 除稅前金額 $’000 千元 Tax expense 稅項費用 $’000 千元 Net-of–tax amount 扣除稅項金額 $’000 千元 87,773 – 87,773 246,978 – 246,978 (511) 84 (427) 1,131 (269) 862 633 (64) 569 26,436 (4,259) 22,177 87,895 20 87,915 274,545 (4,528) 270,017 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 (b) Components of other comprehensive (b) 其他全面收益之部份： income: Cash flow hedges: 現金流量對沖： 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 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 6,552 11,876 Amounts transferred to initial carrying amount of hedged items 轉撥至對沖項目最初賬面值之金額 (7,063) (10,745) Net deferred tax credited/(debited) to other comprehensive income 於其他全面收益計入╱（扣除）之遞延稅項淨額 84 (269) 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 (427) 862 171 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算） Annual Report 2021/2022 年度報告 10 (Loss)/earnings per share (a) Basic (loss)/earnings per share The calculation of basic loss per share (2021: basic earnings per share) is based on the loss attributable to equity shareholders of the Company of $158,750,000 (2021: profit of $548,346,000) and the weighted average number of 1,068,766,000 ordinary shares (2021: 1,064,602,000 ordinary shares) in issue during the year, calculated as follows: 10 每股（虧損）╱盈利 (a) 每股基本（虧損）╱盈利 每股基本虧損（二零二一年：每股基本盈利）乃 根據本公司股權持有人應佔虧損 158,750,000 元 （二零二一年：溢利 548,346,000 元）及年內已 發行普通股之加權平均股數 1,068,766,000 股普 通股（二零二一年：1,064,602,000 股普通股） 計算，其計算如下： Weighted average number of ordinary shares 普通股之加權平均股數 Issued ordinary shares at 1st April 於四月一日之已發行普通股 Effect of share options exercised 已行使購股權之影響 Effect of shares purchased under share award scheme 根據股份獎勵計劃購買股份之影響 Weighted average number of ordinary shares at 31st March (note 10(b)) 於三月三十一日之普通股之加權平均股數（附註 10(b)） 2022 二零二二年 Number of shares 股份數目 ’000 千股 2021 二零二一年 Number of shares 股份數目 ’000 千股 1,067,188 1,063,778 1,888 824 (310) – 1,068,766 1,064,602 172 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 10 (Loss)/earnings per share (Continued) (b) Diluted (loss)/earnings per share The calculation of diluted loss per share (2021: diluted earnings per share) is based on the loss attributable to equity shareholders of the Company of $158,750,000 (2021: profit of $548,346,000) and the weighted average number of 1,068,766,000 ordinary shares (2021: 1,074,231,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: 10 每股（虧損）╱盈利（續） (b) 每股攤薄（虧損）╱盈利 每股攤薄虧損（二零二一年：每股攤薄盈利）乃 根據本公司股權持有人應佔虧損 158,750,000 元（二零二一年：溢利 548,346,000 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 1,068,766,000 股普通股 （二零二一年：1,074,231,000 股普通股）計算， 其計算如下： Weighted average number of ordinary shares (diluted) 普通股之加權平均股數（攤薄） Weighted average number of ordinary shares at 31st March (note 10(a)) 於三月三十一日之普通股之加權平均股數（附註 10(a)） Effect of deemed issue of ordinary shares under the Company’s share option scheme for nil consideration 假設因根據本公司之購股權計劃以無償方式發行普通股之影響 2022 二零二二年 Number of shares 股份數目 ’000 千股 2021 二零二一年 Number of shares 股份數目 ’000 千股 1,068,766 1,064,602 – 9,629 Weighted average number of ordinary shares (diluted) at 31st March 於三月三十一日之普通股之加權平均股數（攤薄） 1,068,766 1,074,231 As at 31st March 2022, the Group had potential dilutive shares in connection with its share option scheme and share award scheme (2021: share option scheme only). The potential ordinary shares relating to the share option scheme and share award scheme were not included in the calculation of diluted loss per share as they did not give rise to any dilutive effect for the period. 於二零二二年三月三十一日，本集團之購股權計 劃及股份獎勵計劃（二零二一年：只有購股權計 劃）具有攤薄盈利之潛在普通股。因為購股權計 劃及股份獎勵計劃之潛在普通股在期內沒有產生 任何攤薄影響，故此購股權計劃及股份獎勵計劃 之潛在普通股並未包括在每股攤薄虧損之計算。 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） Annual Report 2021/2022 年度報告 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 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 Total 總計 $’000 千元 1,061,502 3,124,356 518,543 138,699 859,286 5,702,386 490,857 22,698 6,215,941 96,937 248,134 12,733 3,662 49,598 411,064 20,395 59 42,349 67,269 17,547 495,549 622,773 77,159 511,385 833,262 19,814 – (1,364,461) – – (1,427) (41,058) (19,996) (2,755) (78) (65,314) (54,421) – – – – 431,459 699,932 – (119,735) 1,668,456 4,207,043 598,363 157,153 39,894 6,670,909 533,990 22,698 7,227,597 459,669 1,601,595 233,164 85,035 27,725 113,175 5,422 2,413 49,047 267,617 54,454 12,555 – 25,250 3,715 – (590) (35,646) (18,633) (2,603) 535,851 1,971,991 278,122 97,400 – – – – – – 2,379,463 105,277 19,196 2,503,936 148,735 3,066 – 151,801 383,673 103,391 126 487,190 28,965 6,864 (57,472) (36,405) – – 35,829 (93,877) 2,883,364 182,193 19,322 3,084,879 1,132,605 2,235,052 320,241 59,753 39,894 3,787,545 351,797 3,376 4,142,718 Cost: 成本： At 1st April 2020 於二零二零年四月一日 Exchange adjustments 匯兌調整 Additions 添置 Transfer 轉撥 Disposals 出售 At 31st March 2021 於二零二一年三月三十一日 Accumulated depreciation and impairment losses: 累計折舊及減值虧損： At 1st April 2020 於二零二零年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度折舊 Impairment losses 減值虧損 Written back on disposals 出售時撥回 At 31st March 2021 於二零二一年三月三十一日 Net book value: 賬面淨值： At 31st March 2021 於二零二一年三月三十一日 174 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (a) (Continued) (a)（續） Other property, plant and equipment 其他物業、廠房及設備 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 Total 總計 $’000 千元 1,668,456 4,207,043 598,363 157,153 39,894 6,670,909 533,990 22,698 7,227,597 48,052 104,669 7,217 1,876 1,915 163,729 9,855 593 58,501 14,936 9,971 159,430 243,431 83,832 953 53,157 54,770 5,714 (114,594) – – (1,417) (55,045) (18,828) (8,670) – (83,960) (68,460) – – – – 173,584 327,263 – (152,420) 1,716,637 4,368,325 656,458 166,044 86,645 6,994,109 559,217 22,698 7,576,024 535,851 1,971,991 278,122 97,400 11,578 40,107 2,633 1,095 62,927 318,434 63,489 13,219 – 50,063 959 475 (765) (52,302) (16,445) (8,560) 609,591 2,328,293 328,758 103,629 – – – – – – 2,883,364 182,193 19,322 3,084,879 55,413 1,804 – 57,217 458,069 100,763 126 558,958 51,497 1,374 (78,072) (68,047) – – 52,871 (146,119) 3,370,271 218,087 19,448 3,607,806 1,107,046 2,040,032 327,700 62,415 86,645 3,623,838 341,130 3,250 3,968,218 175 Cost: 成本： At 1st April 2021 於二零二一年四月一日 Exchange adjustments 匯兌調整 Additions 添置 Transfer 轉撥 Disposals 出售 At 31st March 2022 於二零二二年三月三十一日 Accumulated depreciation and impairment losses: 累計折舊及減值虧損： At 1st April 2021 於二零二一年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度折舊 Impairment losses 減值虧損 Written back on disposals 出售時撥回 At 31st March 2022 於二零二二年三月三十一日 Net book value: 賬面淨值： At 31st March 2022 於二零二二年三月三十一日 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算） Annual Report 2021/2022 年度報告 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (Continued) (a) Government grants of $632,000 (2021: $6,460,000) 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. During the year, the carrying amounts of certain items of property, plant and equipment were written down by recoverable (2021: $35,829,000) to their $52,871,000 amounts as follows (the recoverable amounts were estimated using the higher of fair value less costs of disposal and value in use): (i) An impairment loss of $25,584,000 (2021: $7,384,000) on abandoned property, plant and equipment associated with the relocation of the Shenzhen operation to a modern facility in Dongguan as part of manufacturing innovation programme was recognised during the year, where the recoverable amounts of these items were minimal. (ii) An impairment loss of $23,697,000 (2021: $17,527,000) on various items of property, plant and equipment in Mainland China and the Hong Kong SAR operations reflecting the cessation of usage was recognised during the year, where the recoverable amounts of these items were minimal. (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 632,000 元（二零二一年：6,460,000 元） 已從相關資產之成本扣除。 於年內，若干物業、廠房及設備之賬面值撇減 52,871,000 元（ 二 零 二 一 年：35,829,000 元） 至下列之彼等可收回金額（可收回金額按公允值 減去出售成本及使用價值兩者中之較高者所估 算）： (i) 將深圳廠房搬遷至東莞現代化廠房（作為實 現生產創新計劃的一部分）相關的廢棄物 業、 廠 房 及 設 備 的 減 值 虧 損 25,584,000 元（二零二一年：7,384,000 元）於年內確 認，該等項目的可收回金額乃微不足道。 (ii) 年內，中國大陸及香港特別行政區業務的 多項物業、廠房及設備項目因停止使用而 確 認 減 值 虧 損 23,697,000 元（ 二 零 二 一 年：17,527,000 元），該等項目的可收回金 額乃微不足道。 (iii) An impairment loss of $1,916,000 (2021: nil) on property, plant and equipment in connection with Singapore operation was recognised. The recoverable amount was determined based on value-in-use calculations as set out in note 13. (iii) 就與新加坡業務有關的物業、廠房及設備 確認減值虧損 1,916,000 元（二零二一年： 無）。可收回金額乃根據附註 13 所載的使用 價值計算釐定。 (iv) While schools reopened intermittently in 2021, the Group’s Vitaland tuckshop business continued to be impacted by COVID-19. Management has performed assessment of future performance of each tuckshop and some of them continued to under-perform. Consequently, an impairment loss in respect of right-of-use assets ($1,374,000 (2021: $6,864,000)) and other property, plant and equipment ($300,000 (2021: $4,054,000)) was recognised. The aggregate recoverable amounts of the affected tuckshops subject to impairment amounted to $1,354,000 (2021: $4,281,000), which was determined based on the value-in-use applying a discount rate of 10% (2021: 9%). (iv) 雖 然 二 零 二 一 年 學 校 間 歇 性 重 開， 惟 本 集 團 之 維 他 天 地 學 校 小 賣 部 業 務 繼 續 受 到 2019 冠 狀 病 毒 病 疫 情 所 影 響。 管 理 層 已評估每個小賣部之未來表現，其中部分 持續欠佳。因此，已確認有關使用權資產 （1,374,000 元（二零 二一 年：6,864,000 元））及 有 關 其 他 物 業、 廠 房 及 設 備 （300,000 元（ 二 零 二 一 年：4,054,000 元））之減值費用。須予減值之受影響小賣 部之可收回總額為 1,354,000 元（二零二一 年：4,281,000 元），該金額乃根據使用價 值按 10%（二零二一年：9%）之折現率釐 定。 176 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (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） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 6,489 6,643 173,997 171,178 180,486 177,821 158,830 171,909 Factory machinery and equipment, carried at depreciated cost 工廠機器及設備（按折舊成本列賬） 1,599 2,067 Fixtures, furniture and office equipment, carried at depreciated cost 裝置、傢俬及辦公室設備（按折舊成本列賬） 215 – 341,130 351,797 177 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） Annual Report 2021/2022 年度報告 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (b) Right-of-use assets (Continued) The analysis of expense items in relation to leases recognised in profit or loss is as follows: (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 – Fixtures, furniture and office equipment – 裝置、傢俬及辦公室設備 Interest on lease liabilities (note 5(a)) 租賃負債之利息（附註 5(a)） Expense relating to short-term leases 有關短期租賃之開支 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） 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 COVID-19-related rent concessions 2019 冠狀病毒病相關租金寛減 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 4,198 3,966 95,857 98,827 647 61 598 – 100,763 103,391 6,298 8,137 28,251 31,214 3,268 2,792 13,368 11,778 (22,409) (25,438) 178 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (b) Right-of-use assets (Continued) The Group leases various warehouses, offices and factory and office equipment for use in 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. The potential exposure to these future lease payments is summarised below: (b) 使用權資產（續） 本集團租用多個倉庫、辦公室、工廠及辦公室設 備供其營運使用。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。該等未來租賃付 款之潛在風險概述如下： Lease liabilities recognised (discounted) 已確認之租賃負債（已折現） Potential future lease payments under extension options not included in lease liabilities (undiscounted) 延期選項下之未計入租賃負債之 潛在未來租賃付款（未折現） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 Warehouse – Hong Kong Operation 倉庫 – 香港業務 63,611 96,034 120,191 120,191 179 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） Annual Report 2021/2022 年度報告 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (b) Right-of-use assets (Continued) In addition, the Group is the registered owner of several plots of leasehold land, in respect of which upfront lump sum payments were made to acquire them. (b) 使用權資產（續） 此外，本集團為數塊租賃土地之註冊持有人，已 就此提前作出一次性付款收購該等土地。 During the year, additions to right-of-use assets were $83,832,000 (2021: $77,159,000). 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 83,832,000 元（二 零二一年：77,159,000 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。 As disclosed in note 1(c). the Group has adopted the Amendment to HKFRS 16, Covid-19-related rent concessions beyond 30 June 2021, and has applied the practical expedient to all eligible rent concessions received by the Group, with COVID-19-related rent concessions of $17,095,000 (2021: $20,902,000) was recognised in “Other income” accordingly. 誠如附註 1(c) 所披露，本集團已採納《香港財務 報告準則》第 16 號（修訂本）「於二零二一年六月 三十日後之2019冠狀病毒病相關租金寬減」， 並將可行權宜方法應用於本集團收取之所有合資 格租金寬減，而 2019 冠狀病毒病相關租金寬減 17,095,000 元（ 二 零 二 一 年：20,902,000 元） 已相應於「其他收入」中確認。 (c) Property, plant and equipment leased out (c) 根據經營租賃租出之物業、廠房及 under operating leases 設備 The Group leases out investment properties under an operating lease. The leases runs for an initial period of two years, with an option to be early terminated by either participating party. 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，任何參與方有權提早終止。該等租賃 並無包括或然租金。 The Group’s undiscounted cancellable operating lease are receivable as follows: lease payments under non- 本集團根據不可解除之經營租賃應收之未折現租 賃付款如下： 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 3,134 1,683 Within one year 一年內 180 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (d) The fair value of investment properties The fair value of investment properties at 31st March 2022 is $63,300,000 (2021: $63,100,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2021: same basis of valuation adopted). The valuation was carried out by an independent firm of surveyors, Roma Appraisals Limited, who have among their staff members of the Hong Kong Institute of Surveyors with recent experience in the location and category of the properties being valued. The fair value measurement is categorised as a Level 3 valuation under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to observability and significance of the inputs used in the valuation technique as follows: (d) 投資物業之公允值 投資物業於二零二二年三月三十一日之公允值 為 63,300,000 元（ 二 零 二 一 年：63,100,000 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（二零二一年：採取同 一估值基準）。估值乃由獨立測量師行羅馬國際 評估有限公司進行，其部份職員為香港測量師學 會之會員，在所估值物業之地區及類別具有相關 近期經驗。 公允值計量根據《香港財務報告準則》第 13 號「公 允值計量」所界定之三級公允值架構分類為第三 級估值。將某公允值計量分類之等級乃經參考如 下估值方法所用數據之可觀察性及重要性後釐 定： – – 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 0.96 to 1.05 (2021: 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 0.96 至 1.05（ 二 零 二一年：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。 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） Annual Report 2021/2022 年度報告 11 Property, plant and equipment 11 物業、廠房及設備（續） (Continued) (e) Property, plant and equipment pledged (e) 就銀行貸款抵押之物業、廠房及設 against bank loans 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, (f) 購置物業、廠房及設備之訂金 plant and equipment As at 31st March 2022, the Group paid deposits totalling $264,000 (2021: $2,404,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 27(a)). 於二零二二年三月三十一日，本集團為購置物 業、廠房及設備而支付訂金合共 264,000 元（二 零二一年：2,404,000 元）。購置代價之餘下金 額計入資本承擔（附註 27(a)）。 182 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 12 Intangible assets 12 無形資產 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Pollution discharge right 排污權 $’000 千元 Total 總計 $’000 千元 Cost: 成本： At 1st April 2020 於二零二零年四月一日 Addition 添置 Exchange adjustments 匯兌調整 At 31st March 2021 於二零二一年三月三十一日 Accumulated amortisation: 累計攤銷： At 1st April 2020 於二零二零年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷 At 31st March 2021 於二零二一年三月三十一日 Net book value: 賬面淨值： At 31st March 2021 於二零二一年三月三十一日 7,127 10,958 1,128 19,213 – 456 – – 286 107 286 563 7,583 10,958 1,521 20,062 4,276 10,958 169 15,403 280 373 – – 24 285 304 658 4,929 10,958 478 16,365 2,654 – 1,043 3,697 183 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） Annual Report 2021/2022 年度報告 12 Intangible assets (Continued) 12 無形資產（續） Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 $’000 千元 Pollution discharge right 排污權 $’000 千元 Total 總計 $’000 千元 7,583 10,958 1,521 20,062 (4) – 61 57 7,579 10,958 1,582 20,119 4,929 10,958 478 16,365 – 2,303 347 – – – 24 – 24 2,303 312 659 7,579 10,958 814 19,351 – – 768 768 Cost: 成本： At 1st April 2021 於二零二一年四月一日 Exchange adjustments 匯兌調整 At 31st March 2022 於二零二二年三月三十一日 Accumulated amortisation and impairment losses: 累計攤銷及減值虧損： At 1st April 2021 於二零二一年四月一日 Exchange adjustments 匯兌調整 Impairment losses 減值虧損 Charge for the year 本年度攤銷 At 31st March 2022 於二零二二年三月三十一日 Net book value: 賬面淨值： At 31st March 2022 於二零二二年三月三十一日 The amortisation charges and impairment losses 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及減值虧損已分別 計入綜合損益表之「其他經營費用」及「行政費 用」內。 Details of the brand name impairment charge are set out in note 13. 品牌名稱之減值費用詳情載於附註 13。 184 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 13 Goodwill 13 商譽 Cost: 成本： At 1st April 於四月一日 Exchange adjustments 匯兌調整 At 31st March 於三月三十一日 Accumulated impairment losses: 累計減值虧損： At 1st April 於四月一日 Impairment losses 減值虧損 Exchange adjustments 匯兌調整 At 31st March 於三月三十一日 Carrying amount: 賬面值： At 31st March 於三月三十一日 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 36,704 34,501 (19) 2,203 36,685 36,704 18,352 17,250 18,323 – 10 1,102 36,685 18,352 – 18,352 185 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） Annual Report 2021/2022 年度報告 13 Goodwill (Continued) Impairment testing for cash-generating unit containing goodwill Goodwill arose from the acquisition of the entire share capital of Vitasoy International Singapore Pte. Ltd. (“VIS”). 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 (2021: five-year period). Cash flows beyond the five-year period (2021: five- year period) are extrapolated using an annual growth rate of 3% (2021: 3%). The growth rate does not exceed the long- term average growth rate for the business in which the VIS operation operates. 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。 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 二一年：五年期）財政預算得出之現金流量預 測。五年期（二零二一年：五年期）以後之現金 流量則使用 3%（二零二一年：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 2022 二零二二年 2021 二零二一年 31.7% 34.3% 14.5% 10.6% 10.1% 8.8% Management determined the budgeted gross margin and sales growth rate based on past performance, expectation for market growth and business expansion. The discount rate used is pre-tax and reflects specific risks relating to the relevant segment. As at 31st March 2022, a full impairment of the carrying amount of goodwill and an impairment charge of $2,303,000 on brand name and $1,916,000 on property, plant and equipment were recognised to reduce the carrying amount of the cash generating unit to its recoverable amount. 管理層根據過往表現及其對市場增長以及業務擴 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。 於二零二二年三月三十一日，確認商譽賬面值已 全面減值，以及減值了品牌名稱 2,303,000 元及 物業、廠房及設備 1,916,000 元，以減少現金產 生單位之賬面值至其可收回金額。 186 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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. Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (note (i)) 深圳維他（光明）食品飲料有限公司（附註(i)） Vitasoy (Dongguan) Company Limited (note (ii)) 維他奶（東莞）有限公司（附註(ii)） Vitasoy (Foshan) Company Limited (note (iii)) 維他奶（佛山）有限公司（附註(iii)） Vitasoy (Shanghai) Company Limited (note (iv)) 維他奶（上海）有限公司（附註(iv)） Vitasoy (Wuhan) Company Limited (note (v)) 維他奶（武漢）有限公司（附註(v)） Vitasoy Company Limited (note (vi)) 維他奶有限公司（附註(vi)） Place of incorporation/ establishment and operation 註冊成立╱ 成立及營業地點 Particulars of issued and paid-up capital 已發行及繳足 股本詳情 United States of America 美利堅合眾國 100 shares 100股股份 Canada 加拿大 The PRC 中國 1,000 shares 1,000股股份 RMB80,000,000 人民幣 80,000,000元 The PRC 中國 RMB335,000,000 人民幣 335,000,000元 The PRC 中國 RMB200,000,000 人民幣 200,000,000元 The PRC 中國 HK$219,461,176 港幣 219,461,176元 The PRC 中國 RMB170,000,000 人民幣 170,000,000元 The PRC 中國 RMB100,000,000 人民幣 100,000,000元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司持有 held by a subsidiary 附屬公司持有 Principal activities 主要業務 % – 100 85 – – – – – % 100 – – 85 85 100 100 100 Sale of beverages 銷售飲品 Sale of beverages 銷售飲品 Manufacture and sale of beverages 生產及銷售飲品 Manufacture and sale of beverages 生產及銷售飲品 Manufacture and sale of beverages 生產及銷售飲品 Manufacture and sale of beverages 生產及銷售飲品 Manufacture and sale of beverages 生產及銷售飲品 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） 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） Annual Report 2021/2022 年度報告 14 Subsidiaries (Continued) 14 附屬公司（續） Name of company 公司名稱 Place of incorporation/ establishment and operation 註冊成立╱ 成立及營業地點 Particulars of issued and paid-up capital 已發行及繳足 股本詳情 Vitasoy Australia Products Pty. Ltd. (“VAP”) （「VAP」） Australia 澳洲 V class shares: A$8,925,000 N class shares: A$8,575,000 V類股： 8,925,000澳元 N類股： 8,575,000澳元 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司持有 held by a subsidiary 附屬公司持有 Principal activities 主要業務 % – % 51 Manufacture and sale of beverages 生產及銷售飲品 Vitasoja (Macau) Limitada 維他奶（澳門）有限公司 The Macau SAR 澳門特別行政區 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 Vitaland Services Limited 維他天地服務有限公司 The Macau SAR 澳門特別行政區 MOP10,000 澳門幣10,000元 – 100 The Hong Kong SAR 香港特別行政區 300,000 shares 300,000股股份 100 – Hong Kong Gourmet Limited 香港美食有限公司 The Hong Kong SAR 香港特別行政區 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 The Hong Kong SAR 香港特別行政區 Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 The Hong Kong SAR 香港特別行政區 Vitasoy Investment Holdings Limited 維他奶投資控股有限公司 The Hong Kong SAR 香港特別行政區 Vita International Holdings Limited 維他國際集團有限公司 The Hong Kong SAR 香港特別行政區 Vitasoy International Investment Limited 維他奶國際投資有限公司 The Hong Kong SAR 香港特別行政區 2 shares 2股股份 2 shares 2股股份 1 share 1股股份 1 share 1股股份 2 shares 2股股份 1 share 1股股份 – 100 100 100 100 100 100 – – – – – 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 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 188 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 14 Subsidiaries (Continued) 14 附屬公司（續） Name of company 公司名稱 Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Vitasoy Holdings (Malta) Limited Vitasoy Investment (Singapore) Pte. Limited Vitasoy International Singapore Pte. Ltd. (“VIS”) （「VIS」） Place of incorporation/ establishment and operation 註冊成立╱ 成立及營業地點 Particulars of issued and paid-up capital 已發行及繳足 股本詳情 The Hong Kong SAR 香港特別行政區 2 shares 2股股份 Proportion of ownership interest 擁有權權益比率 held by the Company 本公司持有 held by a subsidiary 附屬公司持有 Principal activities 主要業務 % 100 % – Investment holding 投資控股 Malta 馬爾他 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 Singapore 新加坡 S$10,000 10,000坡幣 Singapore 新加坡 S$79,800,000 79,800,000坡幣 – – – 100 Sales of beverages 銷售飲品 100 Investment holding 投資控股 100 Manufacture and sale of soya related and beverage products 生產及銷售豆製產品 及飲品 Vitasoy Distributors (Singapore) Pte. Ltd. Singapore 新加坡 S$2,500,000 2,500,000坡幣 100 – Dormant 暫無營業 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） Annual Report 2021/2022 年度報告 14 Subsidiaries (Continued) Notes: 14 附屬公司（續） 附註： (i) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (“Shenzhen Vitasoy”) is a sino-foreign equity joint (i) 深圳維他（光明）食品飲料有限公司（「深圳維他 奶」）為於中國內地成立之中外合資合營公司，經營 venture established in Mainland China and is to be operated 期至二零四九年止。 up to 2049. (ii) Vitasoy (Dongguan) Company Limited (“Vitasoy Dongguan”) is a sino-foreign equity joint venture established in Mainland (ii) 維他奶（東莞）有限公司（「東莞維他奶」）為於中國 內地成立之中外合資合營公司，經營期至二零六七 China and is to be operated up to 2067. 年止。 (iii) Vitasoy (Foshan) Company Limited (“Vitasoy Foshan”) is a sino- foreign equity joint venture established in Mainland China and (iii) 維他奶（佛山）有限公司（「佛山維他奶」）為於中國 內地成立之中外合資合營公司，經營期至二零四九 is to be operated up to 2049. 年止。 (iv) Vitasoy (Shanghai) Company Limited is a wholly foreign owned (iv) 維他奶（上海）有限公司為於中國內地成立之全外資 subsidiary established in Mainland China and is to be operated 附屬公司，經營期至二零四五年止。 up to 2045. (v) Vitasoy (Wuhan) Company Limited (“Vitasoy Wuhan”) is a wholly foreign owned subsidiary established in Mainland China (v) 維他奶（武漢）有限公司（「武漢維他奶」）為於中國 內地成立之全外資附屬公司，經營期至二零六四年 and is to be operated up to 2064. 止。 (vi) Vitasoy Company Limited is a wholly foreign owned subsidiary (vi) 維他奶有限公司為於中國內地成立之全外資附屬公 established in Mainland China and is to be operated up to 司，經營期至二零七零年為止。 2070. 190 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 14 Subsidiaries (Continued) The following table lists out the information relating to Shenzhen Vitasoy, Vitasoy Dongguan, Vitasoy Foshan and VAP, the subsidiaries of the Group which have material non-controlling interests (“NCI”). The summarised financial information presented below represents the amounts before any inter-company elimination. 14 附屬公司（續） 下表載列有關擁有重大非控股權益（「非控股權 益」）之本集團附屬公司深圳維他奶、東莞維他 奶、佛山維他奶及 VAP 之資料。下文呈列之財務 資料概要指作出任何公司間撇銷前之金額。 Shenzhen Vitasoy 深圳維他奶 Vitasoy Dongguan 東莞維他奶 Vitasoy Foshan 佛山維他奶 VAP 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 15% 15% 15% 15% 15% 15% 49% 49% 111,581 197,029 166,214 268,993 225,802 279,521 232,830 224,872 76,885 96,054 1,242,772 1,284,367 438,245 491,215 262,447 241,413 (53,274) (45,339) (608,179) (736,563) (156,011) (169,161) (149,624) (124,862) – (3,780) (451,311) (442,267) (24,483) (27,021) (8,776) (10,772) 135,192 243,964 349,496 374,530 483,553 574,554 336,877 330,651 21,084 36,445 51,676 56,178 73,476 87,006 164,950 161,192 171,485 550,503 540,161 197,746 847,484 1,175,202 613,604 539,771 (64,033) 52,439 (39,635) (7,113) 9,496 146,065 21,348 23,738 (64,033) 52,439 (39,635) (7,113) 9,496 146,065 22,083 19,263 (8,653) 7,954 (6,691) (1,067) 1,545 23,319 11,168 10,956 7,876 8,532 – – 18,166 22,919 6,176 – 39,761 24,694 (390,842) 457,123 135,066 194,459 38,848 67,531 2,669 40,460 (9,412) (490,601) (11,151) (27,818) (43,516) (7,640) (53,684) (60,783) 353,692 (17,871) (116,406) (166,310) 9,883 (65,162) 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 (Loss)/profit for the year 本年度（虧損）╱溢利 Total comprehensive income 全面收益總額 (Loss)/profit allocated to NCI 分配至非控股權益之（虧損）╱溢利 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 generated from/(used in) investing activities 投資活動所得╱（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 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） Annual Report 2021/2022 年度報告 15 Interest in joint venture Details of the Group’s interest in the joint venture, which is accounted for using the equity method in the consolidated financial statements, are as follows: 15 於合營公司之權益 本集團於合營公司之權益（其採用權益法於綜合 財務報表內入賬）詳情如下： Name of joint venture 合營公司名稱 Vitasoy -URC, Inc. (“VUR”) （「VUR」） Form of business structure 業務架構形式 Incorporated 註冊成立 Proportion of ownership interest 擁有權權益比率 Place of incorporation and business 註冊成立及 營業地點 Particular of issued and paid-up capital 已發行及繳足 股本詳情 The Republic of the Philippines 菲律賓共和國 （「菲律賓」） Registered capital of PHP 842,000,000 註冊股本 842,000,000比索 Group’s effective interest 本集團之 實際權益 % 50 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 in partnership with a major branded consumer food and beverage company in 附註： VUR 由本公司與一家菲律賓主要品牌消費飲品食品 公司（為該合營公司之另一名投資者）合夥成立， the Philippines, the other investor to this joint venture, for the 以於菲律賓生產及銷售本集團以植物成分為主之飲 manufacture and sale of the Group’s plant-based beverages 品。VUR 主要從事飲品銷售。 in the Philippines. VUR is mainly engaged in the sale of beverages. VUR, the only joint venture in which the Group participates, is an unlisted corporate entity whose quoted market price is not available. VUR（本集團唯一參與之合營公司）為一間非上市 企業實體，且並無市場報價。 Summarised financial information of VUR is disclosed below: VUR 之財務資料概要披露如下 ︰ 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (55,003) (44,484) (55,003) (44,484) Gross amounts of VUR’s VUR 之總額 Loss from continuing operations 持續經營虧損 Total comprehensive income 全面收益總額 192 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 15 Interest in joint venture (Continued) (a) Impairment During the year ended 31st March 2021, the carrying amount of interest in joint venture was fully impaired by recognising an impairment charge of $42,800,000 after considering the adverse impact of COVID-19 on future sales projections. 15 於合營公司之權益（續） (a) 減值 截至二零二一年三月三十一日止年度，於計及 2019 冠狀病毒病對未來銷售預測之不利影響後， 通過確認減值費用 42,800,000 元，合營公司之 權益之賬面金額已全數減值。 The COVID-19 pandemic had resulted in extended periods of lockdown, reduced mobility, negatively impacting product demand in the Philippines. COVID-19 continues to impact the Philippines and adversely affect the joint venture’s prospects. Management is of the view that the impact of COVID-19 will be felt for some time, which is reflected in revised sales projections. The recoverable amount of the investment was determined based on its value-in-use. The calculation used discounted cash flow projections that are based on business plans prepared by management, reflecting the performance to date and the pandemic recovery assumptions for future revenue growth. Cash flows beyond the forecast period are extrapolated using an annual growth rate of 2%. 2019 冠狀病毒病疫情已導致封城期延長、人流減 少，對菲律賓的產品需求造成負面影響。2019 冠 狀病毒病持續影響菲律賓並對合資公司的前景造 成不利影響。管理層認為，2019 冠狀病毒病的影 響將持續一段時間，而這已反映在經修訂的銷售 預測中。投資項目的可收回金額根據其使用價值 釐定。有關計算使用的現金流量預測是根據管理 層所編製的業務計劃作出。該等業務計劃反映迄 今為止的最新發展以及對疫情復甦後的未來收益 增長的假設。預測期以後的現金流量則使用 2% 之年增長率推算。 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 – 平均年銷售增長率 – Pre-tax discount rate – 除稅前折現率 2021 二零二一年 17% 15% 14% Management determined the budgeted gross margin and sales growth rate based on past performance and its expectation for market development taking into account the impact of COVID-19. The discount rate used is pre-tax and reflects specific risks relating to the business of the joint venture. 管理層根據過去的表現及考慮到 2019 冠狀病毒 病對市場發展的預期，釐定了預算毛利率及銷售 增長率。所使用的折現率為稅前及反映有關合營 公司業務特定風險。 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） Annual Report 2021/2022 年度報告 15 Interest in joint venture (Continued) (a) Impairment (Continued) During the year ended 31st March 2022, the performance of the joint venture remained impacted by pandemic with different levels of quarantine restrictions imposed by the Philippines government and therefore the business has not yet returned to its previous level before the spread of COVID-19. The extent of the impact on business recovery will depend on future developments and related regulatory actions in Philippines. Considering the uncertain market factors and the COVID-19 measures as imposed by the Philippines government may delay the ability of the joint venture to resume normal operations, management concluded that no reversal of impairment was necessary. (b) Unrecognised share of losses The Group has discontinued recognising its share of losses of joint venture because its cumulative share of losses in the joint venture has exceeded the investment cost and shareholders’ loan less subsequent accumulated impairment losses. The Group will not resume recognition of its share of any future profits in the joint venture until its share of such profits equals the cumulative share of losses not recognised in past years. 15 於合營公司之權益（續） (a) 減值（續） 截至二零二二年三月三十一日止年度，菲律賓政 府實施不同程度之檢疫限制，合營公司之業績持 續受到疫情影響，因此其業務尚未恢復到 2019 冠狀病毒病傳播之前之水平。業務復甦之影響程 度將取決於未來發展以及於菲律賓之相關監管行 動。鑒於市場不確定因素以及菲律賓政府實施之 2019 冠狀病毒病措施可能推遲合營公司恢復正常 營運，管理層認為並無必要撥回減值。 (b) 未確認所佔虧損 本集團已終止確認其所佔合營公司虧損，因為其 累計所佔合營公司虧損已超過投資成本與股東貸 款扣除其後累計減值虧損。在本集團所佔合營公 司任何未來溢利等於過往年度未確認之累計所佔 虧損前，本集團將不會恢復確認該等溢利。 The amounts of unrecognised share of losses of joint venture for the year and cumulatively are $26,676,000 (2021: nil). 年內及累計之未確認所佔合營公司虧損金額為 26,676,000 元（二零二一年：無）。 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: 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 458,749 416,951 314,635 308,575 773,384 725,526 Raw materials 原材料 Finished goods 製成品 194 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 16 Inventories (Continued) (b) The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows: 16 存貨（續） (b) 已於損益內確認為開支之存貨金額 分析如下： Carrying amounts of inventories sold 已售存貨之賬面值 Write down of inventories 撇減存貨 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 3,423,729 3,559,688 27,450 6,796 3,451,179 3,566,484 17 Trade and other receivables 17 應收賬款及其他應收款 Trade debtors and bills receivable, net of loss allowance 應收賬款及應收票據，扣除虧損撥備 Other debtors, deposits and prepayments 其他應收款、按金及預付款項 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 804,496 819,987 318,531 374,121 1,123,027 1,194,108 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 $41,006,000 (2021: $45,680,000). 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 41,006,000 元 （二零二一年：45,680,000 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。 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） Annual Report 2021/2022 年度報告 17 Trade and other receivables (Continued) (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: 17 應收賬款及其他應收款（續） (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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 780,538 803,401 17,835 11,163 6,123 5,423 804,496 819,987 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)。 196 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 18 Cash and bank deposits (a) Cash and bank deposits comprise: 18 現金及銀行存款 (a) 現金及銀行存款包括： Cash at bank and in hand 銀行結存及庫存現金 Bank deposits maturing within three months when placed 存款期於三個月內之銀行存款 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 487,795 595,153 133,570 374,873 Cash and cash equivalents in the consolidated cash flow statement 綜合現金流量表內之現金及現金等值項目 621,365 970,026 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 498 496 621,863 970,522 At 31st March 2022, certain Renminbi bank balances totalling $152,870,000 (2021: $133,161,000) were designated as a hedge against the foreign currency risk on future purchase of raw materials. The loss (2021: gain) on re-translation of these bank balances at the exchange rate ruling at the end of the reporting period was included in other comprehensive income. 於二零二二年三月三十一日，若干以人民幣計值 之銀行結存合共 152,870,000 元（二零二一年： 133,161,000 元）被指定用作對沖日後購買原材料 之外匯風險。按匯報日之匯率重新換算該等銀行 結存之虧損（二零二一年：收益）已計入其他全 面收益。 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） Annual Report 2021/2022 年度報告 18 Cash and bank deposits (Continued) (b) Reconciliation of (loss)/profit before 18 現金及銀行存款（續） (b) 除稅前（虧損）╱溢利與經營業務 taxation to cash generated from operations: 所得現金之對賬： (Loss)/profit before taxation 除稅前（虧損）╱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 – 其他物業、廠房及設備之折舊 – Amortisation of intangible assets – 無形資產之攤銷 – Impairment losses on trade and other receivables – 應收賬款及其他應收款之減值虧損 – Impairment losses on property, plant and equipment – 物業、廠房及設備之減值虧損 – Impairment losses on goodwill – 商譽之減值虧損 – Impairment losses on interest in joint venture – 合營公司權益之減值虧損 – Impairment losses on brand name – 品牌名稱之減值虧損 – Write down of inventories – 撇減存貨 – 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 Note 附註 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (235,922) 766,659 – 22,242 100,763 103,391 126 126 458,069 383,673 659 11,867 658 248 52,871 35,829 18,323 – – 42,800 2,303 – 5(d) 5(d) 5(d) 5(d) 5(d) 5(d) 5(d) 5(d) 5(d) 16(b) 27,450 6,796 5(a) 5(a) 4 4 16,773 3,633 6,298 8,137 (5,553) (5,160) (894) (2,628) 198 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 18 Cash and bank deposits (Continued) (b) Reconciliation of (loss)/profit before taxation to cash generated from operations: (Continued) 18 現金及銀行存款（續） (b) 除稅前（虧損）╱溢利與經營業務 所得現金之對賬：（續） Note 附註 5(c) 5(b) – Net loss on disposal of property, plant and equipment – 出售物業、廠房及設備之虧損淨額 – Equity settled share-based payment expenses – 以股份為付款基礎之費用 – COVID-19-related rent concessions – 2019 冠狀病毒病相關租金寬減 – Foreign exchange gain – 匯兌收益 Changes in working capital: 營運資金變動： – Increase in inventories – 存貨增加 – Decrease/(increase) in trade and other receivables – 應收賬款及其他應收款減少╱（增加） – (Decrease)/increase in trade and other payables – 應付賬款及其他應付款（減少）╱增加 – Decrease in employee retirement benefit liabilities – 僱員退休福利負債減少 Cash generated from operations 經營業務所得現金 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2,724 5,957 13,484 15,455 (17,095) (20,902) (13,400) (4,748) (55,940) (85,085) 77,772 (120,373) (270,504) 291,728 (606) (417) 189,568 1,448,019 199 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） Annual Report 2021/2022 年度報告 18 Cash and bank deposits (Continued) (c) Reconciliation of liabilities arising from 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. 18 現金及銀行存款（續） (c) 融資活動產生之負債對賬 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。 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 130,306 205,435 335,741 484,574 (133,742) – – – – 484,574 (133,742) (84,880) (84,880) (6,298) (6,298) (16,773) – (16,773) 334,059 (91,178) 242,881 8,691 983 9,674 – – – 83,832 83,832 (17,095) (17,095) (518) (518) 16,773 6,298 23,071 489,829 187,757 677,586 At 1st April 2021 於二零二一年四月一日 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 element of lease rentals paid 已付租賃租金之利息部份 Interest paid 已付利息 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 COVID-19-related rent concessions (note 4) 2019 冠狀病毒病相關租金寛減（附註 4） 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 2022 於二零二二年三月三十一日 200 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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） At 1st April 2020 於二零二零年四月一日 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 element of lease rentals paid 已付租賃租金之利息部份 Interest paid 已付利息 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 241,424 243,574 484,998 149,112 (273,577) – – – – 149,112 (273,577) (80,169) (80,169) (8,137) (8,137) (3,633) – (3,633) Total changes from financing cash flows 融資現金流量變動總額 (128,098) (88,306) (216,404) 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 COVID-19-related rent concessions (note 4) 2019 冠狀病毒病相關租金寛減（附註 4） 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 2021 於二零二一年三月三十一日 13,347 4,283 17,630 – – – 77,159 77,159 (20,902) (20,902) (18,510) (18,510) 3,633 8,137 11,770 130,306 205,435 335,741 201 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） Annual Report 2021/2022 年度報告 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 financing cash flows 融資現金流量內 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 44,887 45,784 91,178 88,306 136,065 134,090 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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 136,065 134,090 19 Trade and other payables 19 應付賬款及其他應付款 Current liabilities: 流動負債︰ 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 Non-current liabilities: 非流動負債︰ Accrued expenses 應計費用 202 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 995,042 976,968 1,296,969 1,627,752 140,512 214,616 2,432,523 2,819,336 10,240 – Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 19 Trade and other payables (Continued) All of the trade and other payables included in current liabilities are expected to be settled within one year, except for customer deposits amounting to $18,188,000 (2021: $16,372,000) which are expected to be settled after more than one year. 19 應付賬款及其他應付款（續） 本集團預期計入流動負債之所有應付賬款及其他 應付款將於一年內償還，惟 18,188,000 元（二零 二一年：16,372,000 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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 989,648 970,805 3,329 5,867 2,065 296 995,042 976,968 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。 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） Annual Report 2021/2022 年度報告 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 Decrease in receipts in advance from customers as a result of recognising revenue during the year that was included in the receipts in advance from customers at the beginning of the period 因年內確認收入（已計入期初之預收客戶款項內）導致預收客戶款項減少 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 214,616 503,340 7,466 32,549 (219,066) (526,922) 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 3,531,339 3,533,336 Decrease in receipts in advance from customers as a result of recognising revenue during the year that was included in the forward sales deposits received during the year 因年內確認收入（已計入年內收取之遠期銷售按金內）導致預收客戶款項減少 Balance at 31st March 於三月三十一日之結餘 (3,393,843) (3,327,687) 140,512 214,616 20 Bank loans At 31st March 2022, the bank loans were repayable as follows: 20 銀行貸款 於二零二二年三月三十一日，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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 489,829 130,306 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)）。 204 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 may 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 2022 and 2021, 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，則可能須按要 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)。於二零二二年及 二零二一年三月三十一日，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: 21 租賃負債 下表呈列本集團之租賃負債之餘下合約期限： 2022 二零二二年 2021 二零二一年 Present value of the minimum lease payments 最低租賃 付款之現值 $’000 千元 Total lease payments 租賃付款總額 $’000 千元 Present value of the minimum lease payments 最低租賃 付款之現值 $’000 千元 Total lease payments 租賃付款總額 $’000 千元 96,901 98,293 93,582 94,991 62,499 65,181 64,845 68,179 21,058 22,739 40,029 43,941 7,299 19,248 6,979 19,259 90,856 107,168 111,853 131,379 187,757 205,461 205,435 226,370 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 (17,704) 187,757 (20,935) 205,435 205 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） Annual Report 2021/2022 年度報告 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 International Holdings Limited Staff plan, Vitasoy Provident Fund, which is available for all eligible staff employed by the Group in the Hong Kong SAR and the Macau SAR 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 their 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 the Hong Kong SAR not joining the defined contribution retirement plan are required to join the Group’s Mandatory Provident Fund scheme (“the MPF scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance. The MPF scheme is a defined contribution retirement plan administered by an independent corporate trustee. Under the MPF scheme, the Group and the employees are each required to make contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of $30,000. Contributions to the MPF scheme vest immediately. (ii) Employees of the subsidiaries in Mainland China 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. 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 在香港特別行政區及澳門特別行政區受聘 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 劃之香港特別行政區員工，必須根據香港 《強制性公積金計劃條例》參加本集團之強 制性公積金計劃（「強制性公積金計劃」）。 強制性公積金計劃為一項界定供款退休計 劃，由獨立法團信託人管理。根據強制性 公積金計劃，本集團及僱員各自須按僱員 有關收入（有關收入之每月上限為 30,000 元）之 5% 向計劃供款。向強制性公積金計 劃支付之供款即時歸屬。 (ii) 中國內地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。 206 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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) (iii) For employees in Australia, contributions made by the Group to a registered superannuation fund for its employees increased from 9.5% to 10.0% of the employees’ salaries since 1st July 2021. The assets of the scheme are held separately by an independently administered fund. Contributions to the plan vest immediately. (iii) 澳洲僱員方面，本集團向一項為其僱員而 設之註冊退休基金之供款自二零二一年七 月一日起按僱員薪金之 9.5% 增至 10.0%。 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 2022, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: (b) 界定福利退休計劃 於二零二二年三月三十一日，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)） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 244 800 5,978 6,661 6,222 7,461 (c) Retirement gratuities Employees of the Group in the Hong Kong SAR and the Macau SAR, 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. funded defined benefit A retirement plan, Vitasoy International Holdings Limited Defined Benefit Scheme (“the Plan”), was established for the retirement gratuities. The Plan is administered by an independent corporate trustee, with assets held separately from those of the Group. The Plan is funded by contributions from the Group in accordance with an independent actuary’s recommendation. (c) 退休金 本集團在香港特別行政區及澳門特別行政區之僱 員在服務年資達到一段指定之最短期限及於指定 日期之前加入本集團，均有權在屆退休年齡時領 取退休金。金額視乎僱員最後所領月薪及服務年 資而定。 本集團為退休金成立一項資助界定福利退休計 劃 - 維他奶國際集團有限公司界定福利計劃（「該 計劃」）。該計劃由獨立法團信託人管理，其資產 與本集團之資產分開持有。該計劃由本集團按照 獨立精算師之建議作出供款。 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） Annual Report 2021/2022 年度報告 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) The latest actuarial valuation of the Plan was at 31st March 2022 and was prepared by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. The valuation indicates that over 99% (2021: 99%) of the Group’s obligation under this defined benefit retirement plan is covered by the plan assets held by the trustee. 22 僱員退休福利（續） (c) 退休金（續） 該 計 劃 之 最 新 精 算 估 值 乃 於 二 零 二 二 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超過 99%（二零二一年：99%）受信託人持有之計劃 資產保障。 (i) The amounts recognised in the consolidated statement of financial position are as follows: (i) 於綜合財務狀況表確認之金額如下： Present value of wholly funded obligations 全面資助責任之現值 Fair value of plan assets 計劃資產之公允值 Employee retirement benefit liabilities 僱員退休福利負債 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 60,338 70,496 (60,094) (69,696) 244 800 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 $1,849,000 in contributions to defined benefit retirement plan during the year ending 31st March 2023 (2021: $3,435,000). 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 至二零二三年三月三十一日止年度向界定福利 退休計劃支付供款 1,849,000 元（二零二一年： 3,435,000 元）。 208 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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： 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 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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 10,778 13,083 6,907 8,407 4,155 5,872 2,893 2,580 18,841 21,586 43,574 51,528 7,834 7,719 7,794 8,236 15,628 15,955 892 2,213 60,094 69,696 209 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） Annual Report 2021/2022 年度報告 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/(gains) arising from changes in demographic assumptions – 由人口統計假設改變所致之精算虧損╱（收益） – Actuarial gains arising from changes in financial and experience assumptions – 由財務及經驗假設改變所致之精算收益 Benefits paid by the Plan 該計劃已付福利 Current service cost 現有服務成本 Interest cost 利息成本 At 31st March 於三月三十一日 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 70,496 79,797 16 (2,880) (3,763) (5,923) (9,725) (4,130) 2,498 3,080 816 552 60,338 70,496 The weighted average duration of the defined benefit obligation is 7 years (2021: 7 years). 界定福利責任之加權平均期限為七年（二零二一 年：七年）。 210 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (iv) Movements in fair value of plan assets are as follows: 22 僱員退休福利（續） (c) 退休金（續） (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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 69,696 51,919 3,345 3,646 (9,725) (4,130) (98) (98) (3,949) 17,991 825 368 60,094 69,696 211 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） Annual Report 2021/2022 年度報告 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (v) Net expense/(income) 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╱ （收入）淨額如下： Current service cost 現有服務成本 Administrative expenses paid from plan assets 由計劃資產支付之行政費用 Net interest on net defined benefit liability 界定福利負債淨額之淨利息 Total amounts recognised in profit or loss 於損益確認之總額 Actuarial gains 精算收益 Return on plan assets, excluding interest income 計劃資產回報，不包括利息收入 Total amounts recognised in other comprehensive income 於其他全面收益確認之總額 Total defined benefit expense/(income) 界定福利總開支╱（收入） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2,498 3,080 98 (9) 98 184 2,587 3,362 (3,747) (8,803) 3,949 (17,991) 202 (26,794) 2,789 (23,432) The current service cost and the net interest on net defined benefit liability are recognised in the following line items in the consolidated statement of profit or loss: 界定福利負債淨額之現有服務成本及淨利息已於 綜合損益表中按下列各項確認： Cost of sales 銷售成本 Marketing, selling and distribution expenses 推廣、銷售及分銷費用 Administrative expenses 行政費用 Other operating expenses 其他經營費用 212 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 564 822 822 379 2,587 665 815 1,512 370 3,362 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 22 Employee retirement benefits (Continued) (c) Retirement gratuities (Continued) (vi) Significant actuarial assumptions and sensitivity analysis 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： are as follows: Discount rate 折現率 Future salary increases 未來薪金增幅 2022 二零二二年 2021 二零二一年 2.1% 1.20% 3.0% per annum 每年 3.0% 3.0% per annum 每年 3.0% 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）： 2022 二零二二年 2021 二零二一年 Increase in 上升 0.5% $’000 千元 Decrease in 下跌 0.5% $’000 千元 Increase in 上升 0.5% $’000 千元 Decrease in 下跌 0.5% $’000 千元 (1,978) 2,080 (2,313) 2,438 2,148 (2,062) 2,489 (2,384) 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。 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） Annual Report 2021/2022 年度報告 22 Employee retirement benefits (Continued) (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. 22 僱員退休福利（續） (d) 長期服務金 根據香港《僱傭條例》，本集團須在若干情況下終 止僱用某些為本集團服務至少五年之僱員時向彼 等支付一筆過款項。所須支付之金額視乎僱員最 後所領薪金及服務年資而定，並扣減本集團退休 計劃下歸屬於本集團所作供款之應計權益。本集 團並未預留任何資產以就履行任何剩餘責任提供 所需之資金。 An actuarial valuation of long service payments was also carried out at 31st March 2022, by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. 長期服務金亦於二零二二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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 5,978 6,661 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。 214 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 23 Equity settled share-based transactions (a) Share option scheme 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 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 (a) 購股權計劃 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 聯交所錄得之收市價；及 (ii) 股份於緊接授出日期 前五個營業日在聯交所錄得之平均收市價。 The options are exercisable for a period not to exceed 10 years from the date of grant. Each option gives the holder the right to subscribe for one share in the Company. 購股權之行使期不得超過授出日期起計之十年。 每項購股權之持有人均有權認購一股本公司股 份。 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） Annual Report 2021/2022 年度報告 23 Equity settled share-based transactions (Continued) (a) Share option scheme (Continued) (i) 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: 23 以股份為付款基礎之交易（續） (a) 購股權計劃（續） (i) 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 2022 二零二二年 2021 二零二一年 Contractual life of options 購股權之 合約年期 Remaining contractual life 尚餘合約年期 Exercise price 行使價 $ 元 Number of options 購股權之數目 ’000 千股 Remaining contractual life 尚餘合約年期 Number of options 購股權之數目 ’000 千股 31/8/2012 31/8/2013 to至30/8/2022 10 years年 6.400 5 months 月 706 1 year年 9/9/2013 9/9/2014 to至8/9/2023 10 years年 9.370 1 year年 1,704 2 years年 10/9/2014 10/9/2015 to至9/9/2024 10 years年 10.080 2 years 年 1,792 3 years年 26/6/2015 26/6/2016 to至25/6/2025 10 years年 13.600 14/9/2015 14/9/2016 to至13/9/2025 10 years年 13.600 24/6/2016 24/6/2017 to至23/6/2026 10 years年 14.792 3 years 年 3 years 年 4 years 年 18 4 years年 1,588 4 years年 1,588 208 5 years年 6/9/2016 6/9/2017 to至5/9/2026 10 years年 14.792 4 years 年 1,420 5 years年 26/6/2017 26/6/2018 to至25/6/2027 10 years年 16.296 5 years 年 1,548 6 years年 19/6/2018 19/6/2019 to至18/6/2028 10 years年 25.100 6 years 年 1,648 7 years年 28/1/2019 28/1/2020 to至27/1/2029 10 years年 30.350 7 years 年 320 8 years年 21/6/2019 21/6/2020 to至20/6/2029 10 years年 44.810 7 years 年 1,222 8 years年 22/6/2020 22/6/2021 to至21/6/2030 10 years年 30.200 8 years 年 1,684 9 years年 2,822 1,704 1,792 18 644 1,420 1,797 1,942 320 1,467 1,934 24/8/2021 18/6/2022 to至23/8/2031 10 years年 19.500 9 years 年 2,526 – – 16,384 17,448 216 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 (Continued) 23 Equity settled share-based transactions (Continued) (a) Share option scheme (Continued) (i) Except for 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 and the options granted on 24th August 2021 which are subject to a vesting scale in tranches of 25% each per annum starting from 18th June 2022 and are fully vested on 18th June 2025, all the options are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: 23 以股份為付款基礎之交易（續） (a) 購股權計劃（續） (i) （續） 除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% 歸屬以及由二零二一年 八月二十四日授出之購股權須由二零二二年六月 十八日起計以每年 25% 之比率分批歸屬，並於二 零二五年六月十八日全部歸屬外，所有可予行使 之購股權數目乃逐步增加，而各階段可行使購股 權之百分比上限如下： On or after 1st year anniversary of the date of grant 授出日期起計一週年或其後 On or after 2nd year anniversary of the date of grant 授出日期起計兩週年或其後 On or after 3rd year anniversary of the date of grant 授出日期起計三週年或其後 On or after 4th year anniversary of the date of grant 授出日期起計四週年或其後 Percentage of options granted 佔獲授購股權之百分比 25% another 另 25% another 另 25% another 另 25% During the year, 2,116,000 options (2021: 1,740,000 options) were exercised under the 2002 Share Option Scheme, and 706,000 options (2021: 1,670,000 options) were exercised under the 2012 Share Option Scheme. 年 內，2,116,000 份 購 股 權（ 二 零 二 一 年： 1,740,000 份購股權）根據二零零二年購股權計 劃已獲行使及 706,000 份購股權（二零二一年： 1,670,000 份購股權）根據二零一二年購股權計 劃已獲行使。 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） Annual Report 2021/2022 年度報告 23 Equity settled share-based transactions (Continued) (a) Share option scheme (Continued) (ii) The number and weighted average exercise prices of share options are as follows: 23 以股份為付款基礎之交易（續） (a) 購股權計劃（續） (ii) 購股權之數目及加權平均行使價如下： 2022 二零二二年 2021 二零二一年 Weighted average exercise price 加權平均行使價 $ 元 Number of options 購股權之數目 ’000 千股 Weighted average exercise price 加權平均行使價 $ 元 Number of options 購股權之數目 ’000 千股 18.130 17,448 16.307 19,794 8.712 (2,822) 11.153 (3,410) 19.500 2,704 30.200 2,310 30.482 (946) 30.639 (1,246) 19.265 16,384 18.130 17,448 11,555 12,969 Outstanding at 1st April 於四月一日尚未行使 Exercised during the year 於年內行使 Granted during the year 於年內授出 Forfeited on termination of employment of eligible participants or lapsed during the year 因合資格參與者離職而於年內沒收或失 效 Outstanding at 31st March 於三月三十一日尚未行使 Exercisable at 31st March 於三月三十一日可行使 The weighted average share price at the date of exercise for share options exercised during the year was $20.380 (2021: $30.431). 已行使之購股權於年內之行使日期之加權平均股 價為 20.380 元（二零二一年：30.431 元）。 (iii) 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. (iii) 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。 218 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 23 Equity settled share-based transactions (Continued) (a) Share option scheme (Continued) (iii) Fair value of share options and assumptions (Continued) Fair values of share options and assumptions: 23 以股份為付款基礎之交易（續） (a) 購股權計劃（續） (iii) 購股權之公允值及假設（續） 購股權之公允值及假設： Date of grant 授出日期 31/8/2012 9/9/2013 10/9/2014 26/6/2015 14/9/2015 24/6/2016 6/9/2016 26/6/2017 19/6/2018 28/1/2019 21/6/2019 22/6/2020 24/8/2021 Fair value at measurement date 於計量日期之公允值 $1.043元 $2.244元 $2.082元 $3.038元 $2.248元 $2.795元 $3.639元 $3.323元 $5.914元 $7.339元 $7.607元 $7.651元 $5.083元 Share price 股價 Exercise price 行使價 Expected volatility 預期波幅 Expected option life 預期購股權之有效期 Expected dividends 預期股息 Risk-free interest rate 無風險利率 $6.620元 $9.950元 $9.920元 $13.600元 $11.840元 $13.700元 $15.220元 $16.080元 $25.100元 $30.350元 $38.750元 $30.200元 $19.160元 $6.400元 $9.370元 $10.080元 $13.600元 $13.600元 $14.792元 $14.792元 $16.296元 $25.100元 $30.350元 $44.810元 $30.200元 $19.500元 26% 26% 26% 26% 26% 26% 26% 24% 23% 25% 25% 28% 29% 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 5.0% 4.0% 3.5% 3.0% 3.0% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 0.620% 2.400% 1.940% 1.750% 1.730% 1.050% 0.950% 1.240% 2.230% 1.850% 1.490% 0.570% 1.030% 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。 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） Annual Report 2021/2022 年度報告 23 Equity settled share-based transactions (Continued) (b) Share award scheme On 22nd March 2021, the Company adopted a share award scheme (the “Share Award Scheme”) under which the Company may, at its discretion, select any eligible participant to participate in the Share Award Scheme as an award holder, and such award holder may be granted an award of restricted shares, performance shares, restricted share units or performance share units. The Share Award Scheme shall be valid and effective for a term of 10 years from 1st July 2021 unless terminated earlier by the Board. 23 以股份為付款基礎之交易（續） (b) 股份獎勵計劃 於二零二一年三月二十二日，本公司已採納一項 股份獎勵計劃，據此，本公司可按其酌情權，選 擇任何合資格參與者以獎勵持有人的身份參與股 份獎勵計劃，而有關獎勵持有人可獲授予受限制 股份、表現股份、受限制股份單位或表現股份單 位之獎勵。股份獎勵計劃由二零二一年七月一日 起生效，有效期為十年（惟被董事會提前終止除 外）。 The terms and conditions of the share awards granted during the period are as follows, whereby all awards are settled by physical delivery of shares: 於本期內授出之獎勵股份之條款及條件如下，所 有獎勵均以股份之實物交收結算： Date of grant 授出日期 Fair value per award 每份獎勵之公允值 $ 元 As at 1 April 2021 於二零二一年 四月一日 ’000 千股 Granted during the year 於年內授出 ’000 千股 Vested during the year 於年內歸屬 ’000 千股 Lapsed during the year 於年內失效 ’000 千股 As at 31 March 2022 於二零二二年 三月三十一日 ’000 千股 Vesting period 歸屬期 Note 附註 Number of shares awarded 獎勵股份之數目 24/8/2021 24/8/2021 to至 18/6/2025 20/12/2021 20/12/2021 to 至 20/12/2023 1/2/2022 1/2/2022 to至 18/6/2025 (i) (ii) (i) 18.220 16.010 14.460 – – – – 748 188 225 1,161 – – – – (49) – – 699 188 225 (49) 1,112 The fair value of the awarded shares was based on the closing price per share at the date of grant and adjusted by the fair value of the dividends during the vesting periods as the grantees are not entitled to dividends during the vesting period. 獎勵股份之公允值乃基於授出日期之每股收市價 及按歸屬期內之股息公允值作調整，因承授人在 歸屬期內無權享有股息。 Notes: 附註： (i) The share awards are subject to a vesting scale in tranches of 25% each per annum starting from 18th June 2022 and are (i) 獎勵股份由二零二二年六月十八日起按每年 25% 之 比率分批歸屬，並於二零二五年六月十八日全部歸 fully vested on 18th June 2025. 屬。 (ii) The share awards are subject to a vesting scale in tranches of 50% each per annum starting from 20th December 2022 and (ii) 獎勵股份由二零二二年十二月二十日起按每年 50% 之比率分批歸屬，並於二零二三年十二月二十日全 are fully vested on 20th December 2023. 部歸屬。 220 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 24 Income tax in the consolidated statement of financial position 24 綜合財務狀況表之所得稅 (a) Current tax recoverable/(payable) in the (a) 綜合財務狀況表之應收╱（應付） consolidated statement of financial position represents: 現期稅項如下： Provision for Hong Kong Profits Tax for the year 本年度香港利得稅撥備 Provisional Profits Tax paid 已繳付之預繳利得稅 Taxation outside Hong Kong 香港以外地區稅項 Summary 概要 Current tax recoverable 應收現期稅項 Current tax payable 應付現期稅項 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 (24,725) (43,329) 42,545 31,002 17,820 (12,327) 7,735 51,171 25,555 38,844 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 37,889 79,594 (12,334) (40,750) 25,555 38,844 221 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） Annual Report 2021/2022 年度報告 24 Income tax in the consolidated 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: 24 綜合財務狀況表之所得稅（續） (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 $’000 千元 Future benefit of tax losses 稅務虧損之 未來利益 $’000 千元 Employee retirement benefits 僱員退休福利 $’000 千元 Withholding tax on dividends 股息預扣稅 $’000 千元 Provisions 撥備 $’000 千元 Cash flow hedges 現金流量對沖 $’000 千元 Total 總計 $’000 千元 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April 2020 於二零二零年四月一日 Exchange adjustments 匯兌調整 Credited/(charged) to profit or loss 於損益計入╱（扣除） Charged to reserves 於儲備扣除 At 31st March 2021 於二零二一年三月三十一日 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April 2021 於二零二一年四月一日 Exchange adjustments 匯兌調整 Credited/(charged) to profit or loss 於損益計入╱（扣除） Credited/(charged) to reserves 於儲備計入╱（扣除） At 31st March 2022 於二零二二年三月三十一日 222 (102,591) 32,719 5,376 79,084 (18,459) 59 (3,812) (6,421) 588 – 7,599 – (5,690) (3,440) (100) 39,804 (759) – – 1,766 29,815 – – (4,259) – – (269) (4,528) (114,702) 29,867 1,017 126,487 (19,218) (210) 23,241 (114,702) 29,867 1,017 126,487 (19,218) (210) 23,241 (1,789) 1,926 – 4,223 – 8,465 115,838 (58) 20,414 10,311 – – 4,360 154,970 – – (64) – – 84 20 (108,026) 147,631 895 151,124 (8,907) (126) 182,591 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 24 Income tax in the consolidated statement of financial position (Continued) 24 綜合財務狀況表之所得稅（續） (b) Deferred tax assets/(liabilities) recognised: (b) 已確認遞延稅項資產╱（負債）： (Continued) （續） Reconciliation to the consolidated statement of 綜合財務狀況表對賬 financial position Net deferred tax assets recognised in the consolidated statement of financial position 於綜合財務狀況表確認之遞延稅項資產淨額 Net deferred tax liabilities recognised in the consolidated statement of financial position 於綜合財務狀況表確認之遞延稅項負債淨額 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 281,707 139,489 (99,116) (116,248) 182,591 23,241 (c) Deferred tax assets not recognised In accordance with the accounting policy set out in note 1(r), the Group has not recognised deferred tax assets in respect of tax losses and other temporary differences of $339,992,000 (2021: $397,936,000) 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 339,992,000 元 （二零二一年：397,936,000 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。 losses in unrecognised tax Included is an amount of $84,928,000 (2021: $85,027,000) which can be carried forward up to twenty years from the year in which the loss originated. The remaining balance of $255,064,000 (2021: $312,909,000) does not expire under current tax legislation. 未確認稅務虧損中有 84,928,000 元（二零二一 年：85,027,000 元）將可自虧損產生之年度起 結轉最多二十年。其餘 255,064,000 元（二零 二一 年：312,909,000 元）結餘不會根據現行稅 法屆滿。 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） Annual Report 2021/2022 年度報告 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 $’000 千元 Capital reserve 資本儲備 $’000 千元 General reserve 一般儲備 $’000 千元 Note 附註 Share-based compensation reserve 股份基礎 補償儲備 $’000 千元 Hedging reserve 對沖儲備 $’000 千元 Retained profits 保留溢利 $’000 千元 Total equity 權益總額 $’000 千元 939,328 33,958 2,261 43,791 (298) 1,566,105 2,585,145 25(e)(i) – (1,218) 25(c)(ii) 44,702 – – – – – 25(b)(ii) 25(b)(i) – – – – – – – – – – – – – – (6,671) 15,455 (437) – – – – – – – – – 1,218 – – – 38,031 15,455 437 – (302,325) (302,325) (40,465) (40,465) 1,362 478,604 479,966 984,030 32,740 2,261 52,138 1,064 1,703,574 2,775,807 Balance at 1st April 2020 於二零二零年四月一日結餘 Changes in equity for the year: 本年度之權益變動： Transfer from capital reserve to retained profits 自資本儲備轉撥至保留溢利 Shares issued on exercise of share options 就行使購股權而發行股份 Equity settled share-based transactions 以股份為付款基礎之交易 Transfer from share-based compensation reserve to retained profits 自股份基礎補償儲備轉撥至保留溢利 Final dividend approved in respect of the previous year 批准屬於上一年度之末期股息 Interim dividend declared in respect of the current year 宣派本年度之中期股息 Total comprehensive income for the year 本年度全面收益總額 Balance at 31st March 2021 於二零二一年三月三十一日結餘 224 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (a) Movements in components of equity (a) 權益組成部份之變動（續） (Continued) The Company (Continued) 本公司（續） Shares held for share award scheme 股份獎勵計劃 持有之股份 $’000 千元 Share capital 股本 $’000 千元 Note 附註 Capital reserve 資本儲備 $’000 千元 General reserve 一般儲備 $’000 千元 Share-based compensation reserve 股份基礎 補償儲備 $’000 千元 Hedging reserve 對沖儲備 $’000 千元 Retained profits 保留溢利 $’000 千元 Total equity 權益總額 $’000 千元 984,030 – 32,740 2,261 52,138 1,064 1,703,574 2,775,807 25(e)(i) – 25(c)(ii) 28,998 – – – – – 25(d) 25(b)(ii) – – – – (10,002) – – (1,218) – – – – – – – – – – – – – – (4,413) 13,484 (2,508) – – – – – – – – – 1,218 – – – 24,585 13,484 2,508 – – (10,002) (310,158) (310,158) (427) 215,518 215,091 1,013,028 (10,002) 31,522 2,261 58,701 637 1,612,660 2,708,807 225 Balance at 1st April 2021 於二零二一年四月一日結餘 Changes in equity for the year: 本年度之權益變動： Transfer from capital reserve to retained profits 自資本儲備轉撥至保留溢利 Shares issued on exercise of share options 就行使購股權而發行股份 Equity settled share-based transactions 以股份為付款基礎之交易 Transfer from share-based compensation reserve to retained profits 自股份基礎補償儲備轉撥至保留溢利 Shares purchased under share award scheme 根據股份獎勵計劃購買股份 Final dividend approved in respect of the previous year 批准屬於上一年度之末期股息 Total comprehensive income for the year 本年度全面收益總額 Balance at 31st March 2022 於二零二二年三月三十一日結餘 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算） Annual Report 2021/2022 年度報告 25 Capital, reserves and dividends (Continued) (b) Dividends (i) Dividends payable to equity shareholders of the Company attributable to the year 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 No interim dividend declared after the interim period (2021: 3.8 cents per ordinary share) 於中期後並無宣派中期股息（二零二一年：每股普通股 3.8 仙） No final dividend proposed after the end of the reporting period (2021: 29.0 cents per ordinary share) (note 25(f)) 於匯報日後並無擬派末期股息（二零二一年：每股普通股 29.0 仙）（附註 25(f)） 2022 二零二二年 $’000 千元 – – – 2021 二零二一年 $’000 千元 40,465 309,552 350,017 The final dividend proposed after the end of 31st March 2021 reporting period is based on 1,067,421,500 ordinary shares, being the total number of issued shares at the date of approval of the financial statements. 於二零二一年三月三十一日匯報日後擬派之末 期股息乃按批准財務報表當日已發行股份總數 1,067,421,500 股普通股計算。 The final dividend proposed after the end of 31st March 2021 reporting period was not recognised as liabilities at 31st March 2021. 於二零二一年三月三十一日匯報日後擬派之末期 股息於二零二一年三月三十一日匯報日並未確認 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 29.0 cents per ordinary share (2021: 28.4 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 29.0 仙（二零二一年：每股普通股 28.4 仙） 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 310,158 302,325 226 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (c) Share capital (i) Issued share capital (c) 股本 (i) 已發行股本 2022 二零二二年 2021 二零二一年 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 1,067,188 984,030 1,063,778 939,328 2,822 28,998 3,410 44,702 1,070,010 1,013,028 1,067,188 984,030 Ordinary shares, issued and fully paid: 已發行及已繳足普通股： At 1st April 於四月一日 Shares issued on exercise of share options 就行使購股權而發行股份 At 31st March 於三月三十一日 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. 普通股之持有人可收取不時宣派之股息，並可於 本公司之大會上就每股股份享有一票投票權。就 本公司之剩餘資產而言，所有普通股享有同等權 利。 (ii) Shares issued under share option schemes During the year, options were exercised to subscribe for 2,822,000 (2021: 3,410,000) ordinary shares in the Company. The net consideration of $24,585,000 (2021: $38,031,000) was credited to share capital. $4,413,000 (2021: $6,671,000) 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 2,822,000 股（ 二 零 二 一 年： 3,410,000 股）本 公 司 普 通 股 之 購 股 權 獲 行 使。代價淨額為 24,585,000 元（二零二一年： 38,031,000 元）並 已 撥 入 股 本。4,413,000 元 （二零二一年：6,671,000 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。 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） Annual Report 2021/2022 年度報告 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (d) Shares held for share award scheme Movement of the Company’s shares held for share award scheme is set out as below: (d) 股份獎勵計劃持有之股份 本公司就股份獎勵計劃持有之股份之變動載列如 下： At 1st April 2021 於二零二一年四月一日 Shares purchased for share award scheme 就股份獎勵計劃購買之股份 At 31st March 2022 於二零二二年三月三十一日 2022 二零二二年 Number of shares 股份數目 ’000 千股 Amount 金額 $’000 千元 – – 500 10,002 500 10,002 During the year, the Company purchased 500,000 (2021: nil) of its own shares through the trustee of the share award scheme from the open market. The total amount paid to acquire the shares was approximately $10,002,000 (2021: nil), which has been deducted from shareholders’ equity as at 31st March 2022. The shares purchased by the Company that are not yet vested for this share award scheme were recorded as treasury shares of the Company. As at 31st March 2022, there were 500,000 (2021: nil) treasury shares held through the trustee of the share award scheme. (e) 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. 於本年內，本公司透過股份獎勵計劃之受託人於 公開市場購買 500,000 股（二零二一年：無）其 自有股份。於二零二二年三月三十一日，購買 股份所支付之總金額為約 10,002,000 元（二零 二一年：無），其已自股東權益中扣除。本公司 已購買但尚未歸屬之股份作為本公司庫存股份入 賬。於二零二二年三月三十一日，股份獎勵計劃 之受託人持有 500,000 股（二零二一年：無）庫 存股份。 (e) 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。 228 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (e) Nature and purpose of reserves (Continued) (i) Capital reserve (Continued) The gain arising from this transaction was divided into realised and unrealised portions in the ratio of the amount of cash and the fair value of the property received (“the property”). The unrealised gain was taken to capital reserve and is realised on depreciation of the property. During the year, $1,218,000 (2021: $1,218,000) was transferred from capital reserve to retained profits. (e) 儲備之性質及用途（續） (i) 資本儲備（續） 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（二零二一年：1,218,000 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, Vitasoy Foshan, Vitasoy Wuhan, Vitasoy Shanghai and Vitasoja (Macau) Limitada, in accordance with regulations in Mainland China and the Macau SAR respectively. (ii) 盈餘儲備 盈餘儲備由深圳維他奶、佛山維他奶、武漢維他 奶、上海維他奶及維他奶（澳門）有限公司分別 根據中國內地及澳門特別行政區之法規設立。 (iii) Other reserve The other reserve arose from the equity transactions with non-controlling interests of Shenzhen Vitasoy and Vitasoy Foshan in 2011 and Vitasoy Dongguan in 2019. (iii) 其他儲備 其他儲備產生於二零一一年在深圳維他奶及佛山 維他奶，以及於二零一九年在東莞維他奶與非控 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 之有效部份。 (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。 (vi) Share-based compensation reserve Share-based compensation reserve comprises the fair value of the actual or estimated number of unexercised share options and share awards granted to eligible participants recognised in accordance with the accounting policy adopted for share- based payments in note 1(q)(iv). (vi) 股份基礎補償儲備 股份基礎補償儲備包含授予合資格參與者之實際 或估計數目之尚未行使購股權及股份獎勵之公允 值，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。 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） Annual Report 2021/2022 年度報告 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (f) Distributability of reserves At 31st March 2022, 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 $1,614,921,000 (2021: $1,705,835,000). (f) 可供分派儲備 於二零二二年三月三十一日，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1,614,921,000元（二零二一 年：1,705,835,000 元）。 After the end of the reporting period, no final dividend was proposed by the Directors (2021: 29.0 cents per ordinary share, amounting to $309,552,000) (note 25(b)(i)). The dividend proposed after the end of 31st March 2021 reporting period was not recognised as liabilities at 31st March 2021. 於 匯 報 日 後， 董 事 不 建 議 派 發 末 期 股 息（ 二 零 二 一 年：每 股 普 通 股 29.0 仙，總 數 為 309,552,000 元）（附註 25(b)(i)）。於二零二一年 三月三十一日匯報日後擬派之股息於二零二一年 三月三十一日匯報日並未確認為負債。 (g) Capital management The Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost. The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. 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 bills payable, bank loans and lease liabilities, and adjusted capital as all components of equity less unaccrued proposed dividends. (g) 資本管理 本集團在管理資本時之首要目標為保障本集團能 持續經營的能力，透過將產品及服務的價格訂於 與風險相稱的水平及按合理成本籌措融資，使其 能繼續為股東提供回報及為其他利益相關人士提 供利益。 本集團積極及定期對資本架構進行檢討及管理， 以在較高股東回報可能附帶較高借貸水平與雄厚 資本狀況帶來之優勢及保障間取得平衡，並因應 經濟環境之變化對資本架構作出調整。 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 將負債界定為應付票據、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。 The Group’s strategy, which was unchanged from the year ended 31st March 2021, 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. 本集團之策略與截至二零二一年三月三十一日止 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。 230 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 25 Capital, reserves and dividends 25 資本、儲備及股息（續） (Continued) (g) Capital management (Continued) The Group’s debt-to-adjusted capital ratio at 31st March 2022 and 2021 was as follows: (g) 資本管理（續） 本集團於二零二二年及二零二一年三月三十一日 之負債對經調整資本比率如下： Current liabilities: 流動負債： Bills payable 應付票據 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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 176,748 182,458 489,829 130,306 96,901 93,582 763,478 406,346 90,856 111,853 854,334 518,199 3,569,099 3,956,874 – (309,552) 3,569,099 3,647,322 24% 14% Certain of the Group’s banking facilities are subject to fulfilment of covenants which include maintaining the Group’s debt-to-adjusted capital ratio below a certain amount and maintaining the Group’s net worth ratio above a certain amount. Except for the above, neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 本集團若干銀行信貸須符合契諾，包括將本集團 之負債對經調整資本比率維持於若干數值以下及 將本集團之淨資產比率維持於若干數值以上。除 以上所述外，本公司及其任何附屬公司概毋須遵 守外部施加之資本規定。 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） Annual Report 2021/2022 年度報告 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 exposure to credit risk is monitored on an ongoing basis. 本集團之信貸風險主要來自應收賬款及其他應收 款。管理層備有信貸政策，而所面臨之有關信貸 風險持續受到監控。 The Group’s cash and bank deposits are placed with financial institutions with sound credit ratings, and the management consider the Group’s exposure to credit risk is low. 本集團之現金及銀行存款乃存放於有良好信貸評 級之金融機構，管理層認為本集團面臨之信貸風 險為低。 The Group does not provide any guarantees which would expose the Group to credit risk. 本集團並無提供任何將令本集團面臨信貸風險之 擔保。 Trade debtors and bills receivable (which are included 應收賬款及應收票據（已包括於應收賬款及 in trade and other receivables) 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. The Group has no significant concentration of credit risk in industries or countries in which the customers operate. Significant concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. At the end of the reporting period, 15.5% (2021: 14.8%) and 37.6% (2021: 33.4%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. 其他應收款內） 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。 本集團於客戶經營業務所在之行業或國家並無重 大集中信貸風險。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 15.5%（二零二一年： 14.8%）及 37.6% （二零二一年：33.4%）。 232 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允 值（續） (a) Credit risk (Continued) Trade debtors and bills receivable (which are included (a) 信貸風險（續） 應收賬款及應收票據（已包括於應收賬款及 in trade and other receivables) (Continued) The Group measures loss allowances for trade debtors and bills receivable at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases. 其他應收款內）（續） 本集團應收賬款及應收票據之虧損撥備一般按相 等於可使用年期內之預期信貸虧損（採用撥備矩 陣計算）之金額計量。由於本集團過往信貸虧損 經驗並無顯示不同客戶分部之虧損模式存在巨大 差異，故根據逾期狀況計算虧損撥備時並無對本 集團不同客戶群體作進一步區分。 The following table provides information about the Group’s exposure to credit risk and ECLs for trade debtors and bills receivable: 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： 2022 二零二二年 2021 二零二一年 Gross carrying amount 賬面總值 $’000 千元 Loss allowance 虧損撥備 $’000 千元 Gross carrying amount 賬面總值 $’000 千元 Loss allowance 虧損撥備 $’000 千元 716,025 – 743,702 – 70,928 (1,441) 46,967 (814) 11,384 (757) 23,533 (850) 8,132 (904) 6,382 (178) 2,335 (1,206) 1,641 (396) 808,804 (4,308) 822,225 (2,238) 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 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） Annual Report 2021/2022 年度報告 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允 值（續） (a) Credit risk (Continued) Trade debtors and bills receivable (which are included (a) 信貸風險（續） 應收賬款及應收票據（已包括於應收賬款及 in trade and other receivables) (Continued) Movement in the loss allowance account in respect of trade debtors and bills receivable during the year is as follows: 其他應收款內）（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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2,238 2,111 52 2,097 173 255 (79) (301) 4,308 2,238 (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 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 2021. its compliance with (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。自截至二零二一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。 234 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 26 Financial risk management and fair values of financial instruments (Continued) (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: 26 財務風險管理及金融工具之公允 值（續） (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： 2022 二零二二年 Contractual undiscounted cash outflow 合約未折現現金流出 Within 1 year or on demand 一年內或 按要求 $’000 千元 2,072,191 490,395 More than 1 year but less than 2 years 多於一年但 少於兩年 $’000 千元 More than 2 years but less than 5 years 多於兩年但 少於五年 $’000 千元 – – – – After 5 years 五年後 $’000 千元 Total 總計 $’000 千元 Carrying Amount 賬面值 $’000 千元 10,240 2,082,431 2,082,431 – 490,395 489,829 98,293 65,181 22,739 19,248 205,461 187,757 2,660,879 65,181 22,739 29,488 2,778,287 2,760,017 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 租賃負債 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） Annual Report 2021/2022 年度報告 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允 值（續） (b) Liquidity risk (Continued) (b) 流動資金風險（續） 2021 二零二一年 Contractual undiscounted cash outflow 合約未折現現金流出 More than 1 year but less than 2 years 多於一年但 少於兩年 $’000 千元 More than 2 years but less than 5 years 多於兩年但 少於五年 $’000 千元 After 5 years 五年後 $’000 千元 Total 總計 $’000 千元 Carrying Amount 賬面值 $’000 千元 – – – – – – 2,392,098 2,392,098 130,887 130,306 Within 1 year or on demand 一年內或 按要求 $’000 千元 2,392,098 130,887 94,991 68,179 43,941 19,259 226,370 205,435 2,617,976 68,179 43,941 19,259 2,749,355 2,727,839 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 租賃負債 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。 236 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 26 Financial risk management and fair 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: 26 財務風險管理及金融工具之公允 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： 2022 二零二二年 2021 二零二一年 Effective interest rate 實際利率 % Amount 金額 $’000 千元 Effective interest rate 實際利率 % Amount 金額 $’000 千元 3.22 187,757 3.55 205,435 3.04 489,829 3.95 130,306 677,586 335,741 Fixed rate borrowings: 定息借貸： Lease liabilities 租賃負債 Variable rate borrowings: 浮息借貸： Bank loans 銀行貸款 Total borrowings 借貸總額 (ii) Sensitivity analysis At 31st March 2022, it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have increased/decreased (2021: decreased/increased) the Group’s loss (2021: profit) after taxation and decreased/increased retained profits by approximately $3,755,000 (2021: $977,000). (ii) 敏感性分析 於二零二二年三月三十一日，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，本集團除稅後虧損（二零 二一年：溢利）將因此增加╱減少（二零二一年： 減少╱增加）及保留溢利將因此減少╱增加約 3,755,000 元（二零二一年：977,000 元）。 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） Annual Report 2021/2022 年度報告 26 Financial risk management and fair values of financial instruments (Continued) (c) Interest rate risk (Continued) (ii) Sensitivity analysis (Continued) The sensitivity analysis above indicates the instantaneous change in the Group’s (loss)/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 (loss)/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. 26 財務風險管理及金融工具之公允 值（續） (c) 利率風險（續） (ii) 敏感性分析（續） 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（虧損）╱溢利及保留溢利之即時變動。 本集團除稅後（虧損）╱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 2021. 截至二零二一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 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”) and European dollars (“EUR”). lease 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 and EUR. Given the HKD is pegged to the USD, management does not expect that there will be any significant currency risk associated with such USD denominated transactions. (d) 貨幣風險 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 幣（「 坡 幣」）、菲律賓比索（「比索」）、人民幣（「人民 幣」）及歐元（「歐元」）。 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 幣、比索、人民幣及歐元計值外，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。 238 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) 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. 26 財務風險管理及金融工具之公允 值（續） (d) 貨幣風險（續） 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 2021. During the year ended 31st March 2022, the Group uses bank balances to hedge its currency risk arising from the purchase of raw materials that are denominated in foreign currency and classifies these as cash flow hedges as set out in note 18(a). 自截至二零二一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 二二年三月三十一日止年度，本集團利用銀行結 存對沖其購置以外幣計值之原材料時所產生之貨 幣風險，並如附註 18(a) 所載將該等銀行結存分 類為現金流量對沖。 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。 (i) Exposure to currency risk The following table details the Group’s significant exposure at the end of the reporting period to currency risk arising from recognised assets or liabilities denominated in a currency other than the functional currency of the entity to which they relate. For presentation purposes, the amounts of the exposure are shown in HKD, translated using the spot rates at the year end date. Differences resulting from the translation of the financial statements of subsidiaries and joint venture outside Hong Kong into the Group’s presentation currency, the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that are designated as a hedge of the Group’s foreign currency risk of highly probable forecast transactions or committed future transactions are excluded. (i) 承受之貨幣風險 下表詳列本集團於匯報日以有關實體之功能貨幣 以外之貨幣計值之已確認資產或負債所產生之重 大貨幣風險。有關風險承擔之金額乃按年結日之 即期匯率換算為港幣作呈列之用。換算香港以外 地區附屬公司及合營公司之財務報表為本集團之 呈列貨幣而產生之差額、來自集團實體之借貸 （實質構成於附屬公司之投資淨額之一部份）之風 險，以及指定用作對沖本集團預期很可能進行之 交易或已承諾進行之未來交易之外幣風險之銀行 結存並不包括在內。 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） Annual Report 2021/2022 年度報告 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) (i) Exposure to currency risk (Continued) 26 財務風險管理及金融工具之公允 值（續） (d) 貨幣風險（續） (i) 承受之貨幣風險（續） Exposure to foreign currencies (expressed in HKD) 外匯風險承擔（以港幣計算） 2022 二零二二年 2021 二零二一年 USD 美元 EUR 歐元 SGD 坡幣 HKD 港幣 RMB 人民幣 PHP 比索 AUD 澳元 USD 美元 EUR 歐元 SGD 坡幣 HKD 港幣 RMB 人民幣 PHP 比索 AUD 澳元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 5,996 6,500 – 1 – – – 4,065 152,870 1,742 (329,127) 50,659 – – – – (739) 614 8,305 9,524 7,983 – – 1 – – – 51,502 133,161 2,475 (19,554) (1,987) – – 345 10,648 – – – – 4,895 – (2,171) – (1,492) (13,679) (9) (939) (1,034) (18,477) (4,323) (433) (1,183) (8) 803 (325,062) 202,790 9,104 (2,189) (4,322) 2,042 31,948 129,003 4,895 9,501 – – – – – Cash and bank deposits 現金及銀行存款 Amount due from/(to) group companies 應收╱（應付）集團成員 公司款項 Trade and other receivables 應收賬款及其他應收款 Trade and other payables 應付賬款及其他應付款 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 240 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s (loss)/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. 26 財務風險管理及金融工具之公允 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（虧 損）╱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。 2022 二零二二年 2021 二零二一年 Decrease/ (increase) in loss after taxation and increase/ (decrease) in retained profits 除稅後虧損 下跌╱（上升） 及保留溢利 上升╱（下跌） $’000 千元 (239) 239 – – 34 (34) Increase/ (decrease) in foreign exchange rates 匯率上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱（下跌） $’000 千元 5% (5)% 5% (5)% 5% (5)% (129) 129 (166) 166 85 (85) Increase/ (decrease) in foreign exchange rates 匯率上升╱ （下跌） 5% (5)% 5% (5)% 5% (5)% 241 USD 美元 EUR 歐元 SGD 坡幣 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算） Annual Report 2021/2022 年度報告 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) 26 財務風險管理及金融工具之公允 值（續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 2022 二零二二年 2021 二零二一年 Decrease/ (increase) in loss after taxation and increase/ (decrease) in retained profits 除稅後虧損 下跌╱（上升） 及保留溢利 上升╱（下跌） $’000 千元 (16,374) 16,374 8,640 (8,640) – – 456 (456) Increase/ (decrease) in foreign exchange rates 匯率上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱（下跌） $’000 千元 5% (5)% 5% (5)% 5% (5)% 5% (5)% 974 (974) 5,304 (5,304) 204 (204) 472 (472) Increase/ (decrease) in foreign exchange rates 匯率上升╱ （下跌） 5% (5)% 5% (5)% 5% (5)% 5% (5)% HKD 港幣 RMB 人民幣 PHP 比索 AUD 澳元 242 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis (Continued) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ (loss)/profit after taxation measured in the respective functional currencies, translated into HKD at the exchange rate ruling at the end of the reporting period for presentation purposes. The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments held by the Group which expose the Group to foreign currency risk at the end of the reporting period, including inter-company payables and receivables within the Group which are denominated in a currency other than the functional currencies of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries and joint venture outside Hong Kong into the Group’s presentation currency, the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that are designated as a hedge of the Group’s foreign currency risk of highly probable forecast transactions or committed future transactions. The analysis has been performed on the same basis for the year ended 31st March 2021. 26 財務風險管理及金融工具之公允 值（續） (d) 貨幣風險（續） (ii) 敏感性分析（續） 上表呈述之分析結果顯示本集團各實體以各自功 能貨幣計算之除稅後（虧損）╱溢利，按匯報日 通行之匯率換算為港幣以作呈報之總體即時影 響。 敏感性分析乃假設匯率變動應用於重新計量本集 團於匯報日持有令本集團面對外匯風險之該等金 融工具，包括本集團公司間以貸款人或借款人之 功能貨幣以外之貨幣計值之應付款及應收款。分 析不包括因換算香港以外地區附屬公司及合營公 司之財務報表為本集團之呈列貨幣而產生之差 額、來自集團實體之借貸（實質構成於附屬公司 之投資淨額之一部份）而產生之風險，以及指定 用作對沖本集團預期很可能進行之交易或已承諾 進行之未來交易之外幣風險之銀行結存。截至二 零二一年三月三十一日止年度之分析乃按照相同 基準進行。 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） Annual Report 2021/2022 年度報告 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允 值（續） (e) Fair value measurement (i) Financial assets and liabilities measured at fair (e) 公允值計量 (i) 按公允值計量之金融資產及負債 value Fair value hierarchy The following table presents the fair value of the Group’s consolidated financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: 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。 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. – 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。 (ii) Fair values of financial instruments carried at (ii) 並非按公允值列賬之金融工具之公允值 other than fair value All other financial instruments of the Group carried at costs or amortised costs are not materially different from their fair values as at 31st March 2022 and 2021. 於二零二二年及二零二一年三月三十一日，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。 244 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 27 Commitments (a) Capital commitments outstanding at 31st March 2022 not provided for in the financial statements were as follows: 27 承擔 (a) 於二零二二年三月三十一日，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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 89,892 62,536 263,146 365,044 353,038 427,580 As at 31st March 2022, the Group is committed to certain contracts for the purchase of machinery and equipment. 於二零二二年三月三十一日，本集團承諾履行若 干購買機器及設備之合約。 (b) The Group’s share of capital commitments of the joint (b) 未有計入上文本集團應佔合營公司之資本 venture not included above are as follows: 承擔如下： Authorised but not contracted for 已授權但未訂約 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 311 323 245 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） Annual Report 2021/2022 年度報告 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 $31,070,000 (2021: $26,639,000). The amount due to the related party as at 31st March 2022 amounted to $8,015,000 (2021: $7,381,000). (ii) On 29th July 2013, the Group entered into a distribution (non-controlling agreement with a related party 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 $3,209,000 (2021: $6,715,000). No amount due to the related party as at 31st March 2022 (2021: $2,143,000). (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 31,070,000 元（ 二 零 二 一 年：26,639,000 元）。 於 二 零 二 二 年 三 月 三 十 一 日 應 付 予 該 關 連 人 士 之 款 項 為 8,015,000 元（ 二 零 二 一 年：7,381,000 元）。 (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 3,209,000 元（二零二一年：6,715,000 元）。於二零 二二年三月三十一日概無應付予該關連人 士之款項（二零二一年：2,143,000 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 $13,345,000 (2021: $14,233,000). The amount due from the joint venture as at 31st March 2022 amounted to $4,919,000 (2021: $5,771,000). (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 13,345,000 元（ 二 零 二 一 年：14,233,000 元）。 於 二 零 二 二 年 三 月 三 十 一 日 應 收 該 合 營 公 司 之 款 項 為 4,919,000 元（ 二 零 二 一 年： 5,771,000 元）。 246 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 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 and is unsecured, and will be capitalised during the year ending 31st March 2023. Total interest income from the joint venture for the year amounted to $894,000 (2021: $2,628,000). The loan to joint venture amounted to $52,710,000 has been fully impaired as at 31st March 2021. The related party transactions in respect of (i) and (ii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. However, they are exempt from the disclosure requirements in Chapter 14A of the Listing Rules as they are below the de minimis threshold under Rule 14A.76(1). (a) 與關連人士之交易（續） (iv) 本集團已與合營公司訂立一項貸款協議， 據此，本集團同意提供一筆貸款，為該合 營 公 司 之 業 務 活 動 撥 資。 該 貸 款 按 年 息 4.75% 計息，並無抵押，且將於截至二零 二三年三月三十一日止年度被資本化。於 年內，來自該合營公司之利息收入總額為 894,000 元（ 二 零 二 一 年：2,628,000 元）。於二零二一年三月三十一日，向合營 公 司 借 出 之 貸 款 52,710,000 元 已 全 數 減 值。 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 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 38,263 47,035 1,451 1,352 7,715 10,962 47,429 59,349 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)）。 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） Annual Report 2021/2022 年度報告 29 Company-level statement of financial 29 公司層面之財務狀況表 position 2022 二零二二年 2021 二零二一年 Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 – Investment properties – 投資物業 – 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 Employee retirement benefit assets 僱員退休福利資產 Current assets 流動資產 Inventories 存貨 Trade and other receivables 應收賬款及其他應收款 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 3,250 105,302 542,197 650,749 3,375 118,092 578,655 700,122 1,507,711 1,638,386 102 170 1,096 – 2,158,732 2,339,604 179,831 492,528 485,627 18,114 394,388 1,570,488 639,737 109,000 88,214 62,918 – 899,869 150,276 477,059 189,730 – 520,109 1,337,174 598,218 – 89,872 58,734 14,223 761,047 Net current assets 淨流動資產 Total assets less current liabilities 總資產減流動負債 248 670,619 576,127 2,829,351 2,915,731 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 29 Company-level statement of financial 29 公司層面之財務狀況表（續） position (Continued) 2022 二零二二年 2021 二零二一年 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 55,937 74,531 – 64,607 898 64,495 120,544 139,924 2,708,807 2,775,807 25(a) 1,013,028 1,695,779 984,030 1,791,777 2,708,807 2,775,807 Approved and authorised for issue by the Board of Directors on 29th June 2022. 於二零二二年六月二十九日獲董事會批准並授權 發佈。 Winston Yau-Iai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 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） Annual Report 2021/2022 年度報告 30 Comparative figures Certain reclassifications were made to the consolidated statement of profit or loss to conform with the current period’s presentation in order to better reflect the nature of underlying expenses. As a result, marketing, selling and distribution expenses increased by $107,866,000, administrative expenses decreased by $92,752,000 and other operating expenses decreased by $15,114,000. 31 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March 2022 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 2022 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group. 30 比較數字 綜合損益表已作出若干重分類，使其符合本期之 呈列，以便更好反映潛在費用的本質。因此，推 廣、 銷 售 及 分 銷 費 用 增 加 107,866,000 元、 行 政費用減少 92,752,000 元及其他經營費用減少 15,114,000 元。 31 已頒佈但尚未於截至二零二二年 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 頒佈截至二零二二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, Reference to the Conceptual Framework 《香港財務報告準則》第 3 號「概念框架之引用」之修訂 Amendments to HKAS 16, Property, Plant and Equipment: Proceeds before Intended Use 《香港會計準則》第 16 號「物業、廠房及設備：用作擬定用途前之所得款項」之修訂 Amendments to HKAS 37, Onerous Contracts – Costs of Fulfilling a Contract 《香港會計準則》第 37 號「虧損性合約—履約成本」之修訂 Annual Improvements to HKFRSs 2018 – 2020 Cycle 《香港財務報告準則》二零一八年至二零二零年週期之年度改進 Amendments to HKAS 1, Classification of liabilities as current or non-current 《香港會計準則》第 1 號「將負債分類為流動或非流動」之修訂 Amendments to HKAS 1 and HKFRS Practice Statement 2, Disclosure of accounting policies 《香港會計準則》第 1 號及《香港財務報告準則實務報告》第 2 號「會計政策披露」之修訂 Amendments to HKAS 8, Definition of accounting estimates 《香港會計準則》第 8 號「會計估計之定義」之修訂 Amendments to HKAS 12, Deferred tax related to assets and liabilities arising from a single transaction 《香港會計準則》第 12 號「與單項交易產生之資產及負債有關之遞延稅項」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 2022 二零二二年一月一日 1st January 2022 二零二二年一月一日 1st January 2022 二零二二年一月一日 1st January 2022 二零二二年一月一日 1st January 2023 二零二三年一月一日 1st January 2023 二零二三年一月一日 1st January 2023 二零二三年一月一日 1st January 2023 二零二三年一月一日 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 any of the above amendments 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，採納上述任何修訂預期不會 對本集團綜合財務報表產生重大影響。 250 Notes to the Financial Statements財務報表附註(Expressed in Hong Kong dollars unless otherwise indicated)（除另有說明外，以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 Results 業績 Revenue 收入 (Loss)/profit from operations 經營（虧損）╱溢利 Finance costs 融資成本 Share of losses of joint venture 所佔合營公司虧損 Impairment loss on interest in joint venture 合營公司權益之減值虧損 (Loss)/profit before taxation 除稅前（虧損）╱溢利 Income tax 所得稅 (Loss)/profit for the year 本年度（虧損）╱溢利 Attributable to: 下列人士應佔： – Equity shareholders of the Company – 本公司股權持有人 – Non-controlling interests – 非控股權益 (Loss)/profit for the year 本年度（虧損）╱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 Note 附註 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 2018 二零一八年 $’000 千元 2 6,501,215 7,519,817 7,232,641 7,526,495 6,464,525 1, 2 1, 3 (212,851) 843,471 707,433 977,160 822,248 (23,071) (11,770) (10,932) (2,086) (1,700) – – (22,242) (17,433) (19,236) (17,814) (42,800) – – – (235,922) 766,659 679,068 955,838 802,734 1, 2, 3 74,541 (177,151) (109,477) (208,143) (160,679) (161,381) 589,508 569,591 747,695 642,055 (158,750) 548,346 535,878 695,907 585,774 (2,631) 41,162 33,713 51,788 56,281 (161,381) 589,508 569,591 747,695 642,055 1 1 1 1 3,968,218 4,142,718 3,712,005 2,939,306 2,348,875 282,739 163,942 181,288 163,852 173,144 (475,424) (114,224) (185,794) 488,007 737,116 3,775,533 4,192,436 3,707,499 3,591,165 3,259,135 (206,434) (235,562) (289,395) (121,605) (89,989) 3,569,099 3,956,874 3,418,104 3,469,560 3,169,146 251 Five Year Summary五年財務摘要(Expressed in Hong Kong dollars)（以港幣計算） Annual Report 2021/2022 年度報告 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 (Loss)/earnings per share 每股（虧損）╱盈利 – Basic – 基本 – Diluted – 攤薄 Note 附註 2022 二零二二年 $’000 千元 2021 二零二一年 $’000 千元 2020 二零二零年 $’000 千元 2019 二零一九年 $’000 千元 2018 二零一八年 $’000 千元 1,013,028 984,030 939,328 898,961 857,335 2, 3 2,244,885 2,632,023 2,189,062 2,266,451 2,052,422 3,257,913 3,616,053 3,128,390 3,165,412 2,909,757 311,186 340,821 289,714 304,148 259,389 3,569,099 3,956,874 3,418,104 3,469,560 3,169,146 (14.9 cents 仙) 51.5 cents 仙 50.4 cents 仙 65.6 cents 仙 55.5 cents 仙 (14.9 cents 仙) 51.0 cents 仙 49.9 cents 仙 65.0 cents 仙 55.0 cents 仙 Notes to the five year summary 五年財務摘要附註 1 2 3 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 incurred under operating leases on a straight- line basis over the lease term. Figures in years earlier than 2020 are stated in accordance with the policies applicable in those years. 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 earlier than 2019 are stated in accordance with the policies applicable in those years. 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 HKFRS 9, the Group did not restate information relating to prior years. There was no difference in the carrying amounts of the financial assets and financial liabilities resulting from the adoption of HKFRS 9. Figures in years earlier than 2019 are stated in accordance with the policies applicable in those years. 1 2 3 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 政策呈列。 由於採納自二零一八年四月一日起生效之《香港財 務報告準則》第 15 號「客戶合約收入」，本集團變更 有關收入確認之會計政策。二零一九年以前的數字 根據相關年度的適用政策呈列。 本集團自二零一八年四月一日起採納《香港財務報 告準則》第 9 號「金融工具」，包括《香港財務報告準 則》第 9 號「具有負補償特性之預付款項」之修訂。 因此，本集團已變更有關金融工具的會計政策。根 據《香港財務報告準則》第 9 號，本集團並無重列先 前年度之資料。採納《香港財務報告準則》第 9 號 並無導致金融資產及金融負債之賬面值出現差異。 二零一九年以前的數字根據相關年度的適用政策呈 列。 252 Five Year Summary五年財務摘要(Expressed in Hong Kong dollars)（以港幣計算）Vitasoy International Holdings Ltd. 維他奶國際集團有限公司 www.vitasoy.com Vitasoy International Holdings Limited 1 Kin Wong Street, Tuen Mun The New Territories, Hong Kong 維他奶國際集團有限公司 香港新界屯門建旺街一號 Tel 電話：（852） 2466 0333 Fax 傳真：（852） 2456 3441 C127090 C127090