Paper from responsible sources C123738 A n n u a l R e p o r t 2 0 2 3 / 2 4 年 度 報 告 Nurturing the World through the Power of Plants Annual Report 2023/24 年度報告 Stock Code 股份代號：0345 Vitasoy International Holdings Limited1 Kin Wong Street, Tuen MunThe 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(852) 2456 3441Fax 傳真：www.vitasoy.com Some of Vitasoy’s Flagship Products 部分維他奶皇牌產品 Plant-based Milk Beverages 植物奶 Tofu 豆腐 Tea Beverages 茶 02 • Directors and Corporate Information 董事及集團資料 80 • Directors and Senior Management 董事及高層管理人員 04 • Financial Highlights 93 • Report of the Directors 財務摘要 董事會報告 06 • Chairman’s Statement 113 • Independent Auditor’s Report 123 • Consolidated Statement of Financial Position 綜合財務狀況表 125 • Consolidated Statement of Changes in Equity 綜合權益變動表 主席報告 獨立核數師報告 127 • Consolidated Cash Flow 10 • Group Chief Executive Officer’s Report/ Business Review 集團行政總裁報告╱業務回顧 25 • Corporate Governance Report 企業管治報告 120 • Consolidated Statement of Profit or Loss 綜合損益表 122 • Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 Statement 綜合現金流量表 129 • Notes to the Financial Statements 財務報表附註 255 • Five Year Summary 五年財務摘要 Contents 目錄Lock Page不要加減頁 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 (Deputy Chairman) Executive Directors Mr. Roberto GUIDETTI (Group Chief Executive Officer) Mr. Eugene LYE Group Chief Financial Officer Ms. Ian Hong NG Company Secretary Ms. Carrie Yee-kwan SO Registered Office No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong Auditors KPMG 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（副主席） 執行董事 陸博濤先生（集團行政總裁） 黎中山先生 集團首席財務總監 吳茵虹女士 公司秘書 蘇漪筠女士 註冊辦事處 香港新界 屯門建旺街一號 核數師 畢馬威會計師事務所 Public Interest Entity Auditor registered in accordance with the 於《會計及財務匯報局條例》下的註冊 Accounting and Financial Reporting Council Ordinance 公眾利益實體核數師 2 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Directors and Corporate Information董事及集團資料Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Corporate Information董事及集團資料 Principal Bankers The Bank of East Asia, Limited 主要來往銀行 東亞銀行有限公司 The Hongkong and Shanghai Banking Corporation Limited 香港上海滙豐銀行有限公司 China Merchants Bank Company, Ltd. Bank of China Limited BNP Paribas 招商銀行股份有限公司 中國銀行股份有限公司 法國巴黎銀行 China Construction Bank (Asia) Corporation Limited 中國建設銀行（亞洲）股份有限公司 Westpac Banking Corporation 西太平洋銀行 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 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 14th August 2024 (Wednesday) to 19th August 2024 (Monday) 二零二四年八月十四日（星期三）至二零二四年八月十九日（星期一） Record Date 記錄日期 19th August 2024 (Monday) 二零二四年八月十九日（星期一） – Proposed Final Dividend 建議末期股息 27th August 2024 (Tuesday) to 28th August 2024 (Wednesday) 二零二四年八月二十七日（星期二）至二零二四年八月二十八日（星期三） Record Date 記錄日期 28th August 2024 (Wednesday) 二零二四年八月二十八日（星期三） Annual General Meeting 股東週年大會 11:30 a.m., 19th August 2024 (Monday) Studio 3&5, 7/F, W Hong Kong, 1 Austin Road West, Kowloon Station, Kowloon, Hong Kong 二零二四年八月十九日（星期一）上午十一時三十分 香港九龍九龍站柯士甸道西 1 號香港 W 酒店七樓 3 及 5 號會議室 Final Dividend Payable 派發末期股息 11th September 2024 (Wednesday) 二零二四年九月十一日（星期三） 3 Annual Report 2023/2024 年度報告Directors and Corporate Information董事及集團資料Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 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」） Profit Attributable to Equity Shareholders 本公司股權持有人應佔 of the Company 溢利 Basic Earnings per Share (HK cents) 每股基本盈利（港仙） Total Dividends per Ordinary Share (HK cents) 每股普通股總股息（港仙） Year Ended 31st March 截至三月三十一日止年度 Revenue 收入 7,233 7,520 6,501 6,341 6,217 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2024 二零二四年 HK$ million 港幣百萬元 2023 二零二三年 HK$ million 港幣百萬元 % Change 百分比變動 6,217 3,111 6,341 3,012 -2% +3% 685 621 +10% 116 10.9 7.7 46 4.3 2.7 +155% +153% +185% HK$ million 港幣百萬元 Gross Profit 毛利 5,000 4,000 3,851 3,954 3,000 2,000 1,000 0 3,071 3,012 3,111 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBITDA 未計利息收入、融資成本、所得稅、折舊、 攤銷費用及所佔合營公司虧損前盈利 Profit/(Loss) Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利╱ （虧損） 1,500 1,200 1,097 1,281 685 621 340 536 548 800 700 600 500 400 300 200 100 0 -100 -200 (159) 46 116 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 900 600 300 0 4 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Financial Highlights財務摘要Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Year Ended 31st March 截至三月三十一日止年度Financial Highlights財務摘要 Financial Position 財務狀況 Total Assets 總資產 Net Cash/(Debt) Balance 現金╱（負債）淨額 Total Equity Attributable to Equity Shareholders of the Company 本公司股權持有人應佔權益 總額 Year Ended 31st March 2024 截至二零二四年三月三十一日止年度 Sales Analysis by Location 銷售額分析（按地區） 54% 36% 8% 2% 2024 二零二四年 HK$ million 港幣百萬元 2023 二零二三年 HK$ million 港幣百萬元 % Change 百分比變動 5,637 111 5,850 -4% (197) N/A 不適用 3,005 2,985 +1% Mainland China 中國內地 Hong Kong Opera(cid:31)on (Hong Kong SAR1, Macau SAR1 and Exports) 香港業務 （香港特別行政區1、 澳門特別行政區1及出口） Australia and New Zealand 澳洲及新西蘭 Singapore 新加坡 1Notes: “ H o n g K o n g S A R ” r e p r e s e n t e d t h e H o n g K o n g S p e c i a l Administrative Region of the People’s Republic of China. “Macau SAR” represented the Macao Special Administrative Region of the People’s Republic of China. 1 附註： 「香港特別行政區」指中華人民共和國香港特別行 政區。 「澳門特別行政區」指中華人民共和國澳門特別行 政區。 5 Annual Report 2023/2024 年度報告Financial Highlights財務摘要Table Head記得要轉做表頭列,才會將文字轉為齊底As at 31st March 於三月三十一日Lock Page不要加減頁 CHAIRMAN’S STATEMENT 主席報告 I n F Y 2 0 2 3 / 2 0 2 4 , t h e G r o u p ’ s profit to equity shareholders grew substantially, as a result of our f o c u s o n i m p r o v i n g f i e l d s a l e s execution in Mainland China and leveraging portfolio innovation in the Hong Kong Operation. We are confident that both the VITASOY and VITA brands are well positioned to take advantage of the growth opportunities presented by shoppers looking for plant-based beverages. 於 二 零 二 三 ╱ 二 零 二 四 財 政 年 度， 由 於 我 們 專 注 改 善 執 行 中 國 內 地 的 銷 售 策 略 並 將 產 品 創 新 應 用 於 香 港 業 務 ， 本 集 團 股 權 持 有 人 應 佔 溢 利 大 幅 增 長。我 們 有 信 心 維 他 奶及 維 他品 牌 能 充 分 把 握 消 費 者 對 植 物 為 本 的 飲 品 需 求 日益增長所帶來的機遇。 6 Mr. Winston Yau-lai LO (SBS, BSc, MSc) 羅友禮先生(SBS, BSc, MSc) Executive Chairman 執行主席 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 In financial year 2023/2024 (FY2023/2024), the Group’s profit to equity shareholders grew substantially, by 155%, as a result of our focus on improving field sales execution in Mainland China and leveraging portfolio innovation in the Hong Kong Operation. This was partly offset by manufacturing attainment issues in Australia that we are now addressing. 於二零二三╱二零二四財政年度，由於我們專 注改善執行中國內地的銷售策略並將產品創新 應用於香港業務，本集團股權持有人應佔溢利 大幅增長 155%。然而，部分增長被我們目前正 在處理的澳洲生產達標問題抵銷。 Group revenue in FY2023/2024 rose 1% over the previous year, excluding currency impact. The drop of 3% in the first half of the financial year was more than offset in the second half by Mainland China’s 10% revenue growth in local currency terms and solid performance by the Hong Kong Operation. 於二零二三╱二零二四財政年度，撇除匯率影 響後，本集團收入較上一年度增長 1%。儘管上 半年財政年度收入下跌 3%，但中國內地收入增 長 10%（以當地貨幣計算）且香港業務表現穩健， 下半年的表現足以彌補上半年的下跌。 Following improvement in the Group’s financial performance, and in its cash position, the Board of Directors recommended a final dividend of HK6.3 cents per ordinary share for FY2023/2024, subject to the shareholders’ approval at the Annual General Meeting to be held on 19th August 2024. This, along with the interim dividend of HK1.4 cents per ordinary share, brings the total dividend for FY2023/2024 to HK7.7 cents per ordinary share. 隨著本集團財務表現及現金狀況有所改善，董 事會建議派發二零二三╱二零二四財政年度的 末 期 股 息 每 股 普 通 股6.3 港 仙，惟 須 待 股 東 於 二零二四年八月十九日舉行的股東週年大會上 批准，方可作實。連同中期股息每股普通股 1.4 港仙，二零二三╱二零二四財政年度的股息總 額達至每股普通股 7.7 港仙。 Encouraging growth in Mainland China and Hong Kong Operation Mainland China attained substantial growth in operating profit, driven by disciplined sales execution and improved organisational capabilities. 中國內地及香港業務增長令人鼓舞 在嚴格執行銷售策略及組織能力提升所帶動下， 中國內地經營溢利錄得大幅增長。 We also achieved revenue growth in the Hong Kong Operation compared with last year, primarily due to successful product innovation – one of our core business strengths – and the return to normal trading of the Vitaland school business. 與去年相比，香港業務收入也錄得增長，主要 由於產品創新－我們核心業務優勢之一取得成 功，以及維他天地的學校業務恢復正常營運。 7 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Chairman’s Statement主席報告 Our Australia and New Zealand business did not perform to expectation, however, as a result of protracted manufacturing attainment challenges, intensified price competition and high logistics costs in a tight supply environment. These issues are currently being addressed with a high sense of urgency. 然而，由於生產達標挑戰持續、價格競爭加劇 及供應緊張導致物流成本高企，令我們的澳洲 及新西蘭業務表現未如預期。我們正急切處理 這些問題。 In ASEAN markets, Singapore revenue was on a par with last year, as growing export tofu sales were offset by soft local demand and slower beverage sales in preparation for our switch to a new beverages distributor. Our Philippines joint-venture business grew strongly in both the multi-serve and on-the-go platforms. 於東南亞市場，新加坡的收入與去年持平，皆 因豆腐出口銷售的增長被當地需求疲軟、以及 為準備轉換至新飲品分銷商而導致飲品銷售放 緩所抵銷。我們菲律賓合營公司業務的家庭裝 產品及便利店平台業務均錄得強勁增長。 The year ahead 來年展望 In the year ahead, we are confident that both the VITASOY and VITA brands are well positioned to take advantage of the growth opportunities presented by shoppers looking for plant-based beverages. 來年，我們有信心維他奶及 維他品牌能充分把 握消費者對植物為本的飲品需求日益增長所帶 來的機遇。 As a responsible company, we will also continue to advance our Environmental, Social and Governance (ESG) performance in accordance with our Sustainability Framework and the latest regulatory requirements. 作為一家有企業社會責任的公司，我們將根據 可持續發展框架及最新的監管要求，持續提高 環境、社會及管治績效。 Note of appreciation 致謝 I would like to take this opportunity to thank my fellow Board members, management team and staff for all their hard work and contributions during the year. I would also like to thank our shareholders, customers, suppliers and business partners, whose ongoing support and trust in us is so critical for our continued development. 本人謹藉此機會，衷心感謝董事會成員、管理 層團隊及全體員工於過去一年的辛勤工作及貢 獻。本 人 亦 感 謝 股 東、客 戶、供 應 商 及 業 務 合 作夥伴，彼等的持續支持及信任對我們的持續 發展至關重要。 8 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Chairman’s Statement主席報告 Dr. the Hon. Sir David Kwok-po LI and Mr. Jan P.S. ERLUND, our Independent Non-executive Directors, will retire by rotation at the forthcoming Annual General Meeting and will not stand for re-election. Their strong business acumen and insightful advice made meaningful contributions to the Group’s development. On behalf of the Board, I would like to express our gratitude to Sir David and Mr. Erlund for their unwavering support and commitment, valuable guidance and contributions to the Board and Sub-board Committees over the years. 獨立非執行董事李國寶爵士及 Jan P.S. ERLUND 先生將於應屆股東週年大會上輪值退任，且不 會膺選連任。彼等敏銳的商業觸覺和獨到的見 解為本集團發展作出了意義非凡的貢獻。本人 謹 代 表 董 事 會，衷 心 感 謝 李 爵 士 及 Erlund 先 生 多年來對董事會及董事會轄下各委員會的鼎力 支持、寶貴指導及貢獻。 With our strong portfolio of popular brands and organisational capabilities, I believe we are well placed to achieve even greater success in the years ahead. 憑藉深受歡迎的強大品牌組合及組織能力，本 人相信，我們的業務於未來幾年將能更上一層樓。 Winston Yau-lai LO Executive Chairman 20 June 2024 羅友禮 執行主席 二零二四年六月二十日 9 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁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 W e i m p r o v e d t h e s t r u c t u r a l p r o f i t a b i l i t y o f t h e G r o u p i n F Y 2 0 2 3 / 2 0 2 4 b y i n c r e a s i n g operating efficiency and enhancing field sales execution. Next year, we aim to continue growing our business and improving structural p r o f i t a b i l i t y . W e r e m a i n w e l l positioned to deliver long-term value and growth in our markets, thanks to our strong brand equity and core product portfolio and ongoing innovation. 我 們 透 過 提 升 經 營 效 率 及 加 強 執 行 銷 售 策 略 ， 令 本 集 團 於 二 零 二 三 ╱ 二 零 二 四 財 政 年 度 的 結 構 性 盈 利 能 力 有 所 改 善。 明 年 我 們 旨 在 繼 續 提 升 業 務 及 改善結構性盈利能力。本集團憑藉 強 大 的 品 牌 價 值、核 心 品 牌 產 品 系 列 以 及 不 斷 創 新 ， 我 們 能 夠 在市場中創造長遠價值及增長潛力。 10 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 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 Group Chief Executive Officer’s Report/Business Review 集 團行政 總裁 報告 ╱業 務回 顧 Group revenue grew by 1% net of currency impact in FY2023/2024 after recovering from a 3% drop during the first half of the year, driven by a solid 6% growth in the second half. 撇除匯率影響後，在下半年穩健增長 6% 的帶動 下，本集團收入由上半年下跌 3% 中恢復過來， 二零二三╱二零二四財政年度，整體增長 1%。 This result is primarily attributable to the accelerating performance of our China business. In Mainland China, revenue grew 10% in local currency terms during the second half of the year, with both VITASOY and VITA brands returning to growth as a result of improved sales execution. The Hong Kong Operation achieved robust single digit growth through strong core portfolio performance and selective product innovation. In Australia, manufacturing attainment issues hindered short-term growth and profitability, which we are now addressing with a high degree of urgency. ASEAN units in Singapore and the Philippines continued to focus on structural improvements to secure sustained growth and enhanced profitability. Gross profit margin rose to 50%, mainly due to higher selling prices and increased efficiency in trade promotional spending, partially offset by the impact of unfavourable foreign exchange movements and sales mix. Key raw material prices during the financial year remained stable. Profit from operations grew significantly by 79% in FY2023/2024, due to the higher gross profit margin and greater efficiencies following our rightsizing of investments and expenses. Mainland China registered a profit from operations of RMB29 million in the second half of the year, reversing an RMB80 million loss in the same period last year. This was primarily due to our commercial structural interventions and cost control measures. Net of currency impact and COVID-19-related government subsidies, Group profit from operations for the year increased by 392%. 本年度的業績主要歸因於中國業務增長加速。 以當地貨幣計算，中國內地的收入於下半年增 長 10%，維他奶及 維他品牌均因有效改善執行 銷售策略而恢復增長。香港業務透過強勁的核 心組合表現及選擇性產品創新實現了個位數增 長。於澳洲，生產達標問題暫時窒礙增長及盈 利能力，我們現正急切處理有關問題。東南亞 業務方面，新加坡及菲律賓繼續專注改善盈利 結構，以達至持續增長及提升盈利能力。 毛利率上升至 50%，主要由於銷售價格增加以 及 貿 易 推 廣 支 出 效 率 提 高，惟 部 分 被 不 利 匯 率 變 動 及 銷 售 組 合 影 響 所 抵 銷。主 要 原 材 料 價 格 於 本 財 政 年 度 保 持 穩 定。於 二 零 二 三 ╱ 二 零 二 四 財 政 年 度，在 我 們 調 整 投 資 及 支 出 後，毛利率提高且效率提升，令經營溢利大幅 增長 79%。而中國內地於下半年實現經營溢利 人民幣 29,000,000 元，由去年同期虧損人民幣 80,000,000 元，扭 虧 為 盈，主 要 由 於 我 們 改 善 了商業結構及實施成本控制措施。撇除匯率影 響及 2019 冠狀病毒病相關政府補貼後，本集團 於年內的經營溢利增加 392%。 Innovation is one of the major strengths of Vitasoy. Towards the end of FY2023/2024, we renewed our efforts to expand our core product offerings in Mainland China and the Hong Kong Operation by appealing to different consumer segments. 創新乃維他奶的主要優勢之一。於二零二三╱ 二零二四財政年度末，我們努力透過吸引不同 消費群體，擴大中國內地及香港業務供應的核 心產品類別。 We remain confident in the long-term potential of the plant-based market and our ability to grow. We will also maintain our disciplined focus on our core fundamentals and expand product availability to improve revenue and profit. 我們對以植物為本市場的長期潛力及增長能力 充滿信心。我們亦將繼續嚴格專注核心業務， 擴大產品銷售渠道，以提高收入及溢利。 11 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 Environmental, Social and Governance (ESG) 環境、社會及管治 In the past year, new frameworks and standards were developed and released to address a range of topics, notably the Taskforce on Nature-related Financial Disclosures (TNFD) and the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards. Along with the Taskforce on Climate-related Financial Disclosures (TCFD), there has been growing recognition of the need to incorporate sustainability factors into our business strategy and financial reporting. This year, we provided a standalone TCFD report in our sustainability report and started to incorporate TNFD information. 於過去一年，已經制定並發佈針對多個議題的 新框架及準則，主要包括《與自然相關的財務揭 露工作小組》(TNFD) 及國際財務報告準則 (IFRS) 可持續披露準則。連同《與氣候相關的財務揭露 工作小組》(TCFD)，我們意識到越來越需要將可 持續發展因素納入業務政策及財務報告中。年 內，我們於可持續發展報告中提供獨立的 TCFD 報告，並開始納入與 TNFD 相關的資料。 Our Group’s purpose is to promote sustainable plant-based nutrition and to become a role model for sustainability in the way we do business. In our current sustainability report, we provide a detailed account of our sustainability initiatives in FY2023/2024 as well as our plans for the future. We are also committed to pursuing the targets set in our Sustainability Framework while advancing the material ESG topics we have identified. 本集團的使命為推動可持續的植物為本營養， 並使其成為我們經營方式中可持續發展的典範。 於我們現時的可持續發展報告中，我們詳細提 供二零二三╱二零二四財政年度的可持續發展 舉措，以及未來的計劃。我們亦致力於實現可 持續發展框架中所設定的目標，同時推進我們 已識別為重要的環境、社會及管治議題。 Portfolio 產品組合 In FY2023/2024, we continued to develop formulae for plant- based products with high nutritional value, lower sugar content and reduced saturated fat. Additionally, we expanded the amount of nutrition information on our front-of-pack product labels. 於二零二三╱二零二四財政年度，我們持續開 發具高營養價值、較低糖及飽和脂肪的以植物 為本產品。此外，我們亦增加產品包裝正面標 籤上的營養資料。 Packaging 包裝 We continued to test and pilot improvements leading to better environmental performance. 我們繼續測試及試行改善措施，以提升環境績效。 Manufacturing 生產 Our ongoing efforts to reduce the water intensity in our production and move towards zero manufacturing waste to landfill have brought us closer to meeting our targets for FY2025/2026. We have also been increasing our efforts to drive down energy inefficiencies in our operations, but that has proven to be more challenging than expected. To improve energy efficiency, we have put plans in place to optimise our regional production arrangements, which we expect will result in further improvements. 我們持續努力減少生產過程中的用水強度，並 邁向實現生產廢料零堆填，使我們更接近實現 二零二五╱二零二六財政年度的目標。我們亦 更致力降低業務經營中的能源低效，惟比預期 更具挑戰性。為提高能源效益，我們已制定優 化區域生產安排的計劃，預期將有進一步改善。 12 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Carbon emissions 碳排放 We have analysed the physical risk factors for our business and engaged with our top suppliers to improve their carbon data for our Scope 3 emissions inventory. As our business relies heavily on collaboration with suppliers, we undertook a supply chain ESG risk mapping exercise on forced labour, working conditions and deforestation covering four key commodities, namely soybean, sugar, tea and milk powder. 我們已分析業務面臨的實體風險因素，並與主 要供應商溝通及改善其碳排放數據，以完善我 們 的 範 圍 3 排 放 清 單。由 於 我 們 的 業 務 著 重 與 供應商合作，我們針對強迫勞動、工作條件及 森林砍伐進行供應鏈環境、社會及管治風險配 對，其涵蓋大豆、糖、茶及奶粉四種主要商品。 Community 社區 We are committed to serving our communities in ways that are closely related to our purpose. To that end, we have established community projects in Mainland China and Australia on nutritional education, rural revitalisation and land rehydration. 我們致力於以集團使命為本的方式服務社區。 就此而言，我們已於中國內地及澳洲訂立營養 教育、鄉村振興及土地補水等社區項目。 External recognition serves as an affirmation of our ESG efforts. In FY2023/2024, the Company retained its grade A rating in the MSCI ESG ratings and was featured in Corporate Knights’ Global 100 Most Sustainable Corporations for the fifth consecutive year. 外部認可是對我們於環境、社會及管治所作努 力的肯定。於二零二三╱二零二四財政年度， 本公司於 MSCI ESG 指數中保持 A 級評級，並連 續 第 五 年 入 選《企 業 爵 士》 (Corporate Knights) 「全球最佳可持續發展企業百強」。 The benefits of plant-based foods and beverages for people and the planet have received increasing positive attention. We believe our purpose, growing range of healthy plant-based products and commitment to include social and environmental considerations in our business decisions will continue to position us favourably as a responsible corporate citizen. 植物為本飲食對人類和地球所帶來的益處愈漸 獲 得 積 極 迴 響。我 們 堅 信，我 們 的 使 命，即 不 斷擴大維他奶以植物為本的健康產品系列，同 時積極將社會及環境因素融入業務決策中，將 更有利地發揮我們作為有社會責任的企業公民 的優勢。 13 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Financial Highlights 財務摘要 Highlights of the Group’s financial performance for the year ended 31st March 2024, with comparisons against the previous financial year ended 31st March 2023, are presented in the following table. 下表呈列本集團截至二零二四年三月三十一日 止 年 度 的 財 務 業 績 摘 要，與 截 至 二 零 二 三 年 三月三十一日止之上一個財政年度的對比。 Year ended 31st March 截至三月三十一日止年度 Change – Net of currency impact and COVID-19 related government subsidies 變動－ 撇除匯率影響及 2019 冠狀病 毒病相關政府 補貼 +1% +7% 2024 二零二四年 2023 二零二三年 (HK$ million) （港幣百萬元） (HK$ million) （港幣百萬元） 6,217 3,111 6,341 3,012 Change 變動 -2% +3% 685 621 +10% +27% 116 10.9 23% 13% 21% 46 +155% 4.3 +153% 25% 21% 18% -2ppt -2 百分點 -8ppt -8 百分點 +3ppt +3 百分點 N/A 不適用 N/A 不適用 -3ppt -3 百分點 -8ppt -8 百分點 +5ppt +5 百分點 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） Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 Basic Earnings per Share (HK cents) 每股基本盈利（港仙） Gearing ratio 借貸比率 Gearing ratio (excluding lease liabilities) 借貸比率（不包括租賃負債） ROCE (Return on Capital Employed) 資本回報率 14 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Revenue 收入 For the year ended 31st March 2024, Group revenue was HK$6,217 million (FY2022/2023: HK$6,341 million). Net of currency impact, the Group’s revenue increased 1% over the previous year, but dropped slightly by 2% in Hong Kong Dollar (“HKD”) terms due to the depreciation of both the Renminbi (“RMB”) and Australian Dollar (“AUD”). 截至二零二四年三月三十一日止年度，本集團 的 收 入 為 港 幣6,217,000,000 元（二 零 二 二 ╱ 二 零 二 三 財 政 年 度：港 幣6,341,000,000 元）。 撇除匯率影響後，本集團收入較上一年度增加 1%，惟由於人民幣及澳元貶值，以港幣計算的 收入則輕微下降 2%。 Gross Profit and Gross Profit Margin 毛利及毛利率 The Group’s gross profit for the year was HK$3,111 million (FY2022/2023: HK$3,012 million), representing an increase of 3%, mainly driven by higher selling prices and lower trade promotional expenses, partially offset by the impact of unfavourable foreign exchange movements and sales mix. 本 集 團 於 年 內 的 毛 利 為 港 幣3,111,000,000 元 （ 二 零 二 二 ╱ 二 零 二 三 財 政 年 度 ： 港 幣 3,012,000,000 元），上升 3%，主要由於銷售價 格增加以及貿易推廣支出下降，惟部分被不利 匯率變動及銷售組合影響所抵銷。 Gross profit margin increased to 50% (FY2022/2023: 48%). 毛 利 率 上 升 至 50%（二 零 二 二 ╱ 二 零 二 三 財 政 年度：48%）。 Operating Expenses 經營費用 Total operating expenses were at a level similar to the year before, at HK$3,010 million (FY2022/2023: HK$3,022 million). 總經營費用與去年持平，為港幣 3,010,000,000 元（ 二 零 二 二 ╱ 二 零 二 三 財 政 年 度 ： 港 幣 3,022,000,000 元）。 Marketing, selling and distribution expenses decreased 2% to HK$1,976 million (FY2022/2023: HK$2,024 million), despite the cessation of COVID-19-related government subsidies and higher advertising and promotion spending. The decrease was mainly due to effective cost rationalisation in our operations and lower transportation costs. 儘管今年並無錄得 2019 冠狀病毒病相關政府補 貼且廣告及推廣支出增加，市場推廣、銷售及 分銷費用減少 2% 至港幣 1,976,000,000 元（二零 二二╱二零二三財政年度：港幣 2,024,000,000 元），主 要 由 於 業 務 營 運 進 行 有 效 成 本 控 制 及 運輸成本降低。 Administrative expenses increased 4% to HK$701 million (FY2022/2023: HK$672 million), mainly due to higher staff incentives as a result of the year’s favourable performance compared with the previous year. 行 政 費 用 增 加4% 至 港 幣 701,000,000 元（二 零 二 二 ╱ 二 零 二 三 財 政 年 度：港 幣672,000,000 元），主要是由於年內業績較去年良好，因此增 加員工激勵支出。 Other operating expenses increased 2% to HK$333 million (FY2022/2023: HK$326 million), which mainly included costs for staff in support functions as well as sundry tax charges in Mainland China. 其 他 經 營 費 用 增 加2% 至 港 幣333,000,000 元 （ 二 零 二 二 ╱ 二 零 二 三 財 政 年 度 ： 港 幣 326,000,000 元），主要包括支援職務的員工成 本及中國內地的其他稅項費用。 15 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 EBITDA (Earnings before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Share of Losses of Joint Venture) 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$685 million, an increase of 10% year-on-year. This was mainly driven by the higher gross profit contribution and effective cost rationalisation in our operations, partly offset by the cessation of COVID-19-related government subsidies. The EBITDA to revenue margin for the year increased from 10% to 11%. Net of currency impact and the COVID-19-related government subsidies, EBITDA for the year increased by 27%. 年 內 的 EBITDA 為 港 幣 685,000,000 元，按 年 增 加 10%。此乃主要由於毛利貢獻增加及業務營 運進行有效成本控制，惟部分被 2019 冠狀病毒 病 相 關 政 府 補 貼 終 止 所 抵 銷。年 內 的 EBITDA 佔 銷 售 利 潤 由10% 增 至11% 。撇 除 匯 率 影 響 及 2019 冠 狀 病 毒 病 相 關 政 府 補 貼 後，年 內 的 EBITDA 增加 27%。 Profit from Operations 經營溢利 Profit from operations for the year was HK$185 million, an increase of 79% from a profit of HK$104 million last year. Net of currency impact and COVID-19-related government subsidies, profit from operations for the year increased by 392%. 年 內 經 營 溢 利 為 港 幣185,000,000 元，較 去 年 溢利港幣 104,000,000 元增加 79%。撇除匯率影 響及 2019 冠狀病毒病相關政府補貼後，年內經 營溢利增加 392%。 Profit before Taxation 除稅前溢利 For FY2023/2024, profit before taxation was HK$132 million, compared with last year’s HK$49 million. 於 二 零 二 三 ╱ 二 零 二 四 財 政 年 度，除 稅 前 溢 利 為 港 幣 132,000,000 元，而 去 年 則 為 港 幣 49,000,000 元。 Taxation 稅項 Income tax charged for the year was HK$14 million (FY2022/2023: HK$28 million), with an effective tax rate of 11% versus 57% last year, mainly due to deferred tax impact in respect of tax losses expected to be utilised in the future. 年 內 的 所 得 稅 支 出 為 港 幣 14,000,000 元（二 零 二二╱二零二三財政年度：港幣 28,000,000 元）， 實 際 稅 率 為 11%，去 年 則 為 57%，主 要 由 於 預 計未來將動用稅項虧損而產生的遞延稅項影響。 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 Profit attributable to equity shareholders of the Company was HK$116 million (FY2022/2023: HK$46 million), representing an increase of 155% over the previous year. 本公司股權持有人應佔溢利為港幣 116,000,000 元（ 二 零 二 二 ╱ 二 零 二 三 財 政 年 度 ： 港 幣 46,000,000 元），較去年增加 155%。 16 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 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 of 31st March 2024, cash and bank deposits amounted to HK$794 million (31st March 2023: HK$555 million), with 82%, 12% and 3% of our cash and bank deposits denominated in HKD, RMB and United States Dollars (USD), respectively (31st March 2023: 62%, 27% and 6%). As of 31st March 2024, the Group had a net cash balance (cash and bank deposits less bank borrowings, bills payable and lease liabilities) of HK$111 million (31st March 2023: net debt balance of HK$197 million). Available banking facilities amounted to HK$1,193 million (31st March 2023: HK$1,146 million) to facilitate future funding needs. The Group’s debt amounted to HK$684 million (31st March 2023: HK$753 million), of which bank borrowings were HK$256 million (31st March 2023: HK$525 million), bills payable were HK$125 million (31st March 2023: HK$92 million), and lease liabilities were HK$303 million (31st March 2023: HK$136 million). The gearing ratio (total debt/total equity attributable to equity shareholders of the Company) decreased to 23% (31st March 2023: 25%). Excluding lease liabilities from total debt, the gearing ratio was 13% (31st March 2023: 21%) 於二零二四年三月三十一日，現金及銀行存款 為港幣 794,000,000 元（二零二三年三月三十一 日：港 幣 555,000,000 元）。當 中 82%、12% 及 3% 的 現 金 及 銀 行 存 款 分 別 以 港 幣、人 民 幣 及 美 元 計 值（二 零 二 三 年 三 月 三 十 一 日：62%、 27% 及 6%）。截至二零二四年三月三十一日， 本 集 團 的 現 金 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 111,000,000 元（二 零 二 三 年 三 月 三 十 一 日：債 務 淨 額 港 幣 197,000,000 元）。可 供 動 用 的 銀 行 信 貸 額 為 港幣 1,193,000,000 元（二零二三年三月三十一 日：港 幣 1,146,000,000 元），以 滿 足 未 來 的 資 金需要。 本集團的債務為港幣 684,000,000 元（二零二三 年 三 月 三 十 一 日：港 幣 753,000,000 元），當 中 銀 行 借 貸 為 港 幣256,000,000 元（二 零 二 三 年 三 月 三 十 一 日：港 幣525,000,000 元）、應 付 票 據 為 港 幣 125,000,000 元（二 零 二 三 年 三 月 三 十 一 日：港 幣92,000,000 元）及 租 賃 負 債 為 港幣 303,000,000 元（二零二三年三月三十一日： 港幣 136,000,000 元）。 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）下降至 23%（二零二三年 三月三十一日：25%）。扣除債務總額中的租賃 負債，借貸比率為 13%（二零二三年三月三十一 日：21%）。 The Group’s return on capital employed (ROCE, being EBITDA/ average non-current debt and equity) for the year was 21% (FY2022/2023: 18%). 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 21%（二零二二╱ 二零二三財政年度：18%）。 Capital expenditure incurred during the year decreased to HK$133 million (FY2022/2023: HK$154 million), mainly due to the normalised investment required for maintaining and upgrading our production lines and equipment. 年 內 錄 得 的 資 本 開 支 減 少 至 港 幣133,000,000 元（ 二 零 二 二 ╱ 二 零 二 三 財 政 年 度 ： 港 幣 154,000,000 元），主要由於生產線及設備保養 升級所需的常態化投資所致。 There were no assets pledged or secured under loan and/or lease arrangements during the year. 年內概無資產根據貸款及╱或租賃安排而予以 抵押或擔保。 17 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Non-financial Key Performance Indicators 非財務關鍵表現指標 The Group publishes various non-financial KPIs in its FY2023/2024 Sustainability Report, which will be released in July 2024 together with this Annual Report. 本集團將於二零二四年七月連同本年報一併公 佈的二零二三╱二零二四財政年度可持續發展 報告中刊載多個非財務關鍵表現指標。 Tax Strategy When considering tax, the Group gives due consideration to the importance of its corporate and social responsibilities. More specifically, the Group commits to paying taxes in the countries where it creates value and complying fully with tax laws across all relevant jurisdictions. The Group also commits to following the Organisation for Economic Co-operation and Development (OECD) transfer pricing guidelines and to ensuring 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 disclosing relevant information to enable tax authorities to carry out their reviews. 稅務策略 當考慮稅務時，本集團會適當考慮其企業及社 會責任的重要性。更明確而言，本集團堅持於 其創造價值的國家中繳納稅項，並全面遵守所 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 為其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。 Potential Risk and Uncertainties 潛在風險及不明朗因素 The Company 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. 本公司在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 情刊載於本年報內企業管治報告的風險管理一節。 18 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Review of operations Mainland China 業務回顧 中國內地 Restored revenue growth in the second half, a step change towards total Financial Year profitability 下半年收入回復增長，本財政年度全面邁 向盈利 (Rounded to the nearest million) （四捨五入至最接近百萬） 2024 二零二四年 2023 二零二三年 % Change 百分比變動 Revenue from external customers (RMB million) 來自外間顧客之收入（人民幣百萬元） 3,087 3,084 On par 持平 Profit from operations (RMB million) 經營溢利（人民幣百萬元） 203 40 +402% Revenue from external customers (HK$ million) 來自外間顧客之收入（港幣百萬元） 3,359 3,509 -4% Profit from operations (HK$ million) 經營溢利（港幣百萬元） 221 46 +380% Mainland China revenues were flat in RMB year-on-year as 10% growth in the second half enabled RMB29 million profit from operations, reversing the revenue drop during the first half of the year. The performance was balanced across brand platforms, channels and regions. 中國內地的收入按人民幣計算同比持平，下半 年經營溢利增長 10% 至人民幣 29,000,000 元， 扭轉上半年收入下降的局面。各品牌平台、渠 道及地區的業績表現均衡。 Profit from operations for the year increased significantly by 402% in local currency terms, driven by higher pricing, efficient spending on trade promotions and effective containment of operating expenses. 在定價上漲、有效的貿易促銷支出以及控制經 營費用下，年內經營溢利以當地貨幣計算大幅 增長 402%。 19 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Hong Kong Operation (Hong Kong SAR, 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） Sustained growth behind core business strengths and incremental product innovation 維持核心業務優勢與增加創新產品實現持 續增長 (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 2024 二零二四年 HK$ million 港幣百萬元 2023 二零二三年 HK$ million 港幣百萬元 % Change 百分比變動 2,224 2,144 +4% 225 218 +3% The Hong Kong Operation grew revenue and profit, driven by its core business strengths, effective leveraging of selective innovation, improved consumption in convenience stores and the Vitaland school business’s return to normal. 香港業務憑藉核心業務優勢、有效挑選創新項 目、便利店消費增長以及維他天地學校業務恢 復正常，收入及溢利均有所增長。 Profit from operations increased 3%. Excluding COVID-19-related government subsidies, however, profit from operations growth was actually a much more significant 42%, as a result of our efforts to achieve savings in material and production costs. 經 營 溢 利 增 加3% 。然 而，撇 除 上 年 度2019 冠 狀病毒病相關政府補貼後，我們努力節約材料 及 生 產 成 本，經 營 溢 利 增 長 實 際 上 顯 著 增 加 42%。 20 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Australia and New Zealand 澳洲及新西蘭 Factory attainment and logistics transition issues (now being addressed) affected results 現正處理的工廠達標及物流過渡問題令業 績受損 (Rounded to the nearest million) （四捨五入至最接近百萬） 2024 二零二四年 2023 二零二三年 % Change 百分比變動 Revenue from external customers (AUD million) 來自外間顧客之收入（澳元百萬元） (Loss)/profit from operations (AUD million) 經營（虧損）╱溢利（澳元百萬元） Revenue from external customers (HK$ million) 來自外間顧客之收入（港幣百萬元） (Loss)/profit from operations (HK$ million) 經營（虧損）╱溢利（港幣百萬元） 103 (16) 527 (81) 108 -5% 1 N/A 不適用 580 -9% 8 N/A 不適用 Despite strong demand for our plant-based products, revenue during FY2023/2024 decreased in local currency and Hong Kong Dollar terms, owing to an out-of-stock situation which arose from temporary manufacturing attainment and logistic issues. We are now addressing these issues and providing comprehensive Group-wide support for our manufacturing plant in Australia to ensure accelerated and sustained recovery of production capacity and stability in FY2024/2025. 儘管市場對我們植物為本的產品需求旺盛，惟 由於短期生產達標及物流問題造成的缺貨情況， 二零二三╱二零二四財政年度期間的收入按當 地貨幣及港幣計算有所下降。我們現正處理有 關問題，本集團並向澳洲廠房提供全面的支援， 從而確保可於二零二四╱二零二五財政年度加 快並持續恢復產能及維持穩定。 Riding on the positive feedback and growth of our VITASOY Soy Greek-style Yogurt, we introduced a whole new oat-based yogurt portfolio. The expanded offerings drove growth momentum on this platform during the financial year. 憑藉維他奶希臘式大豆乳酪的正面迴響及增長 趨勢，我們推出全新燕麥乳酪。擴大產品系列 有助本財政年度推動乳酪產品的增長勢頭。 In FY2023/2024, we registered an operating loss of AUD16 million. This was due to the out-of-stock situation, intensified market competition and high raw material, logistics and overhead costs as well as other operating expenses incurred during the transition to full ownership which took place on 13th February 2023. 於二零二三╱二零二四財政年度，由於出現缺 貨 情 況、市 場 競 爭 加 劇、原 材 料、物 流 及 間 接 成 本 高 昂，以 及 在 二 零 二 三 年 二 月 十 三 日 取 得全部擁有權的過渡期內產生其他經營費用， 我們錄得經營虧損澳元 16,000,000 元。 21 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Singapore 新加坡 Beverages sales decline ahead of distributor change, offsetting strong tofu export growth 飲品銷售額在轉換經銷商前下滑，抵銷豆 腐出口的強勁增長 (Rounded to the nearest thousand) （四捨五入至最接近千） 2024 二零二四年 2023 二零二三年 % Change 百分比變動 Revenue from external customers (SGD thousand) 來自外間顧客之收入（坡幣千元） 18,396 18,782 -2% Loss from operation (SGD thousand) 經營虧損（坡幣千元） (2,210) (2,123) -4% Revenue from external customers (HK$ thousand) 來自外間顧客之收入（港幣千元） 107,008 107,318 On par 持平 Loss from operation (HK$ thousand) 經營虧損（港幣千元） (12,855) (12,130) -6% Revenue dropped slightly by 2% in local currency terms, which was on par in Hong Kong Dollar terms. A temporary decline in beverage sales ahead of changing our distributor affected overall performance and offset positive growth in tofu exports. 收入按當地貨幣計算輕微下降 2%，以港元計算 則持平。飲品銷售額在轉換經銷商前短暫下降， 繼而影響整體業績，並抵銷豆腐出口的增長。 The higher operating loss was mainly due to increasing raw material costs and price competition, which was partially offset by effective control of operating expenses. 經營虧損增加主要由於原材料成本上漲及價格 競爭所致，惟部分因有效控制經營開支而抵銷。 22 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Business Outlook 展望 We are committed to improving revenue and profit growth in Mainland China and the overall Group. We are confident that our brands are strategically poised to capitalise on the long-term growth potential of the plant-based movement, both in our existing core products and innovative new offerings. 我們致力於提升中國內地及本集團整體收入及 溢利增長。我們有信心旗下品牌的核心及創新 產品具有戰略優勢，能夠充分利用植物為本趨 勢的長期增長潛力。 Mainland China 中國內地 Building upon the substantial growth in profit from operations during the current financial year, we are committed to expanding the scale of our business while enhancing profitability. 在 本 財 政 年 度 經 營 溢 利 大 幅 增 長 的 基 礎 上， 我們會全力擴大業務規模，提升盈利能力。 In FY2024/2025, we will continue to improve field sales execution and increase availability of our products. Both VITASOY and VITA will leverage new marketing campaigns and new core product innovation. 於二零二四╱二零二五財政年度，我們將持續 改善執行銷售策略及增加產品供應。維他奶及 維他品牌將投入全新營銷活動及新穎核心創新 產品。 Hong Kong Operation We will sustain growth by strengthening our core products and introducing innovative new offerings under both the VITASOY and VITA brands. We firmly believe that our strong brand equity, pervasive presence and execution capability in the local market are important competitive advantages to sustain our success. 香港業務 我們將加強核心產品及推出維他奶及 維他品牌 的全新產品以推動持續增長。我們堅定相信， 當地市場的強大品牌價值、廣泛影響力及優越 執行能力乃我們持續成功的重要競爭優勢。 Australia and New Zealand 澳洲及新西蘭 We remain resolute in our commitment to expedite the business turnaround by enhancing factory attainment and completing the integration of our logistics and warehouse operations. 我們繼續堅決加快業務重回增長軌道，提高工 廠效率以及完成物流與倉儲業務整合，從而加 快業務回復盈利。 Singapore 新加坡 In FY2024/2025, we will continue to focus on returning to profit by improving tofu and export sales and making step changes in beverage sales under our new distributor partnership. 於二零二四╱二零二五財政年度，我們將繼續 努力提升豆腐及出口銷售，與新經銷商合作逐 步改善飲品銷售，從而恢復盈利。 The Philippines 菲律賓 Our joint venture with Universal Robina Corporation will continue to invest in building the VITASOY brand and raising soy category awareness and adoption through promotion trials to grow sales and market share. In addition, we will continue to enhance our local manufacturing capabilities in order to increase our product offerings and drive efficiency. 我 們 與Universal Robina Corporation 成 立 的 合 營公司將繼續投資建設維他奶品牌，透過營銷 試飲活動加強大眾認識及選擇大豆類產品，從 而提升銷量及市場佔有率。此外，我們將繼續 提升當地生產能力，從而增加產品供應，並提 升效率。 23 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Group Chief Executive Officer’s Report/Business Review集團行政總裁報告╱業務回顧 Conclusion 總結 Despite higher advertising investment and raw material prices, we improved the structural profitability of the Group in FY2023/2024 by increasing operating efficiency and enhancing field sales execution. Next year, we aim to continue growing our business and improving structural profitability. 儘管廣告投入增加及原材料價格攀高，但我們 透過提升經營效率及加強執行銷售策略，令本 集團於二零二三╱二零二四財政年度的結構性 盈利能力有所改善。明年我們旨在繼續提升業 務及改善結構性盈利能力。 We remain well positioned to deliver long-term value and growth in our markets, thanks to our strong brand equity and core product portfolio and ongoing innovation. Our strengthened organisational capabilities and international breadth in plant-based food and beverage products, which appeal to health-conscious consumers, are also distinctive advantages. 本集團憑藉強大的品牌價值、核心品牌產品系 列以及不斷創新，能夠在市場中創造長遠價值 及增長潛力。我們已加強植物為本食品及飲品 的組織能力及國際認知度，能夠吸引注重健康 的消費者，亦為我們提供優勢。 In closing, I would like to express my deep appreciation to our Executive Chairman and Board of Directors for their help and guidance in returning us to profitability. I would also like to extend my heartfelt thanks to our dedicated staff and business partners, whose contributions have been instrumental in our achievements throughout the year. 最 後，本 人 謹 此 衷 心 感 謝 我 們 的 執 行 主 席 及 董事會的協助及指導，使集團恢復盈利。本人 亦謹此感謝我們盡心盡力的員工及業務夥伴， 彼等的奉獻助力我們達成本年度的出色成就。 Roberto GUIDETTI Executive Director and Group Chief Executive Officer 20 June 2024 陸博濤 執行董事暨 集團行政總裁 二零二四年六月二十日 24 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁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 Annual Report 2023/2024 年度報告 25 25 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁 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、負責任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，乃 不可或缺的關鍵核心。 five out of the eleven directors are independent non-execu(cid:30)ve directors 十一名董事當中五人為獨立非執行董事 two out of the eleven directors are female 十一名董事當中兩人為女性 Board Composi(cid:31)on 董事會組成 the Board has diverse mix of knowledge, skills, experience and exper(cid:30)se 董事會擁有多元化的知識、技能、經驗及專長 chairpersons of major board commi(cid:29)ees are independent non-execu(cid:30)ve directors 主要董事委員會之主席均為獨立非執行董事 roles of Execu(cid:30)ve Chairman and Group Chief Execu(cid:30)ve Officer are separate 執行主席及集團行政總裁之角色均已區分 five Board mee(cid:30)ngs and eight Sub-board Commi(cid:29)ee mee(cid:30)ngs in FY2023/2024 於二零二三╱二零二四財政年度舉行了五次董事會會議及八次董事會轄下 委員會會議 average 99% a(cid:29)endance rate of mee(cid:30)ngs 會議平均出席率達99% periodic review the Corporate Culture Statement to always align with business strategies and opera(cid:31)ng prac(cid:31)ces 定期檢討企業文化聲明，與業務策略及營運常規保持一致 proac(cid:30)ve sustainability strategy and effec(cid:30)ve implementa(cid:30)on 積極的可持續發展策略及有效實施 ac(cid:30)ve par(cid:30)cipa(cid:30)on into in-house training and con(cid:30)nuing professional development 積極參與公司內部培訓以及持續專業發展 clear roadmap for Board Succession Plan and Board Diversity 董事會繼任計劃及董事會成員多元化均有清晰的未來路向圖 Board and Governance Highlights 董事會及管治摘要 26 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Corporate Governance Practices 企業管治常規 The Company has, throughout the year ended 31st March 2024, complied with all the code provisions and, where appropriate, adopted certain recommended best practices set out in the Corporate Governance Code (the “CG Code”) contained in Part 2 of Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). 本公司於截至二零二四年三月三十一日止年度 一直遵守所有香港聯合交易所有限公司證券上 市規則（「上市規則」）附錄 C1 第二部分所載之企 業管治守則（「企業管治守則」）中之守則條文， 並採納企業管治守則所載之若干適用的建議最 佳常規。 Corporate Culture 企業文化 Vitasoy is one of the world’s leading producers of tasty nutritious plant-based foods and beverages for over 80 years. In 1940, our founder Dr. K.S. Lo was motivated to provide an abundant source of affordable nutrition to help improve the lives of others. Since then, we have built on his principles to champion sustainable practices across our business. We are leading the transition towards more sustainable plant-based nutrition. Our founding purpose continues to inspire us today. 八十多年以來，維他奶生產營養美味、以植物 為本的食品及飲品，是世界首屈一指的生產商 之一。於一九四零年，我們的創始人羅桂祥博 士深受啟發，為大眾提供豐富且價格相宜的營 養飲料，以改善大眾生活。自此我們秉承羅博 士的初心，在業務經營中倡導可持續性。公司 創辦的理念到今天仍然啟發著我們，繼續熱衷 推動植物性飲食潮流。 Vitasoy Culture Statement: Our Purpose, Values and Behaviours 維他奶文化聲明：我們的使命、價值 及行為 Our Purpose 我們的使命 To advance the world’s transformation towards a sustainable future, through the amazing power of plants. 憑藉植物的神奇力量，推動世界邁向可持續發 展的未來。 Our Core Values We share the same three core values: 我們的核心價值 我們擁有共同的三大核心價值： 1. 2. 3. Integrity – Honest, trusted, loyal. We are reliable and responsible partners. Dedication – Committed, enthusiastic, with a “can-do” spirit. We always give our best efforts. Advancement – Striving, moving forward, always improving. We aspire to advance ourselves and the Company. 1. 誠信為本－誠實、守信、忠誠，我們是值 得信賴和負責任的合作夥伴。 2. 盡心竭力－專心致志，積極投入，擁有「敢 想敢做」的精神，我們始終全力以赴。 3. 精益求精－努力、前進、不斷改進。我們 矢志不渝，推動自身和公司持續進步。 Our Vitasoy Success Drivers (VSD) We set six competency-based behaviour standards for all our employees: 維他奶成功動力(VSD) 我們為所有僱員制定了六項行為要求： 1. 2. 3. 4. 5. 6. Customer Focus Innovation Quality Orientation Strategic Agility Collaboration Accountability 1. 客戶焦點 2. 創新變革 3. 優質為本 4. 前瞻策略 5. 團隊協作 6. 責無旁貸 By living our shared Purpose, Values and Behaviours, we create a culture of high performance, build a better environment in which to work and make positive impacts on each other. 透過實踐我們共同的使命、價值及行為，我們 建立了高績效文化，營造了更理想的職場環境， 讓彼此互相產生正面積極影響。 27 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Alignment of Culture with Business Strategies and Operating Practices 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 on a regular basis. The leadership team acts as a role model and cascades the Company’s culture to all levels via various internal communication platforms and systems. 文化與業務策略及營運常規保持一致 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本公司文 化傳遞到各個層面。 Our core values are embedded in the Group Business Ethics Policy and the Code of Conduct for employees and relevant stakeholders. 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 and relevant stakeholders 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. 我們的核心價值體現於集團商業道德政策以及 員工與相關持份者的行為守則。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及相關持份者提供有關商 業道德及行為守則的進修培訓，確保我們經營 業務時嚴格遵守所有規則及規例。 The Company’s talent acquisition, onboarding, performance management and talent development processes for our employees are all aligned with our Purpose, Values and Behaviours. Purpose, Values and VSD training has been mandated to all new joiners during their onboarding. Our Values and VSD standards are reinforced during day-to-day work and employees are recognised by role modelling our Purpose, Values and demonstrating positive VSD behaviours. 本公司的人才招聘、以及為僱員提供的入職活 動、績效管理及人才發展進程均與我們的使命、 價值及行為保持一致。所有新入職僱員均須接 受使命、價值及 VSD 培訓。僱員透過日常工作 鞏固我們的價值及 VSD 準則，亦通過為我們的 使命、價值以身作則並展現正面 VSD 行為而獲 得認可。 28 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Board of Directors 董事會 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 made by the whole Board. A defined schedule of matters reserved for Board decisions has been adopted by the Board, including but not limited to: 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董事會所委派且需具 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 採納明確之事項表，列載須待董事會作出決定 之事項，包括但不限於： Direc(cid:13)on and Strategy 方向及策略 Oversight role of ESG 環境、社會及管治之 監督角色 Corporate Structure 企業架構 Appointments and delega(cid:13)on of authori(cid:13)es 委任及委託權力 Financial Transac(cid:13)ons, Internal Control and Risk Management 財務交易、內部監控 及風險管理 Business direc(cid:9)on and strategic plans • 業務方向及策略規劃 • ESG strategy 環境、社會及管治策略 • Corporate culture 企業文化 • 合併、收購或出售交易 Major merger, acquisi(cid:9)on or disposal transac(cid:9)ons • Ensure the Company strategy is in alignment with ESG issues by taking account of ESG opportuni(cid:9)es and risks 透過考慮環境、社會及管治之機遇及風險，確保本公司策略與環境、 社會及管治事宜一致 • Approval and review of corporate culture statement 批准及檢討企業文化聲明 • Approval and review of ESG related policies 批准及檢討環境、社會及管治相關政策 Reorganisa(cid:9)on of group and capital structure • 重組集團及資本架構 • Shares buy-back 股份購回 Appointment or removal of Directors, Chief Execu(cid:9)ve, and Company Secretary • 委任或罷免董事、行政總裁及公司秘書 • Appointment or removal of External Auditors 委任或罷免外聘核數師 • 設立及解散董事委員會 Set up and dissolu(cid:9)on of Board commi…ee Significant guarantee or indemnity No(cid:9)fiable and connected transac(cid:9)ons • Annual budget 年度預算 • Capital expenditure plans and management 資本開支計劃及管理 • 重大擔保或彌償保證 • 須予公佈及關連交易 • 財務報告 • Dividend policy 股息政策 • 內部監控及風險管理 Internal Control and Risk Management Financial repor(cid:9)ng 29 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The Board strives to achieve high standards of corporate governance practices as well as the Company’s mission to creating value for our shareholders. The Board is responsible for developing the strategic directions and overseeing the Company’s ESG matters and ensuring the Company’s ESG strategy is aligned with and incorporated into the Company’s mission, vision and long term business strategy. A lot of focus and attention have been devoted to formulation and execution of the Company’s strategic planning as well as integration of ESG considerations into the strategic plans. 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 訂策略性方向及監督本公司之環境、社會及管 治事宜，並確保本公司之環境、社會及管治策 略與本公司之使命、願景以及長遠業務策略融 為一體。董事會非常重視並致力制訂及執行本 公司策略規劃，亦將環境、社會及管治考慮因 素融入策略規劃。 Strategic planning horizons are currently set for five years. The Board has approved a Five Year Strategic Plan including the ESG Strategy for the fiscal years up to FY2028/2029 in August 2023 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, ESG related risks and opportunities and regulatory requirements. The Board also actively defines the Company’s sustainability strategies and practices, and prioritizes and allocates resources to achieve the long- term success of the business and its sustainability. 策 略 規 劃 目 前 設 定 為 五 年。董 事 會 已 於 二 零 二三年八月批准達致二零二八╱二零二九財政 年度之五年策略規劃（包括環境、社會及管治策 略），並一直因應宏觀經濟、業務競爭環境、環 境、社會及管治相關風險及機遇以及監管規條 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。 30 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Board Composition 董事會組成 Mr. Winston Yau-lai LO 羅友禮先生 Execu(cid:26)ve Chairman 執行主席 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 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 (Group Chief Executive Officer) （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 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Ms. May LO 羅其美女士 (Deputy Chairman) （副主席） Mr. Paul Jeremy BROUGH 先生 Dr. Roy Chi-ping CHUNG 鍾志平博士 31 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The designation, position and brief biographical information of each Director, together with the relationship amongst each other, Senior Management or substantial or controlling Shareholder are set out in the section headed “Directors and Senior Management” in this Annual Report. In addition, a latest list containing the names of the Directors and their roles and functions is published on the websites of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Company at www.vitasoy.com. Designa(cid:23)on 職銜 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最新列表 已刊登於香港聯合交易所有限公司（「聯交所」） 網站及本公司網站 www.vitasoy.com。 5 Independent Non-execu(cid:23)ve Directors 獨立非執行董事 3 3 Non-execu(cid:23)ve Directors 非執行董事 Execu(cid:23)ve Directors 執行董事 Gender 性別 2 Female 女 Ethnicity 種族 Age Group 年齡組別 1 1 41–50 51–60 9 Male 男 4 Non-Chinese 非華裔 7 Chinese 華裔 3 61–70 Tenure of Office (Years) 任期（年） 6 Over 70 70以上 6 1–9 5 Over 9 9以上 32 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The Directors’ core skills, expertise and experience are relevant to the Company’s business, strategy and governance which enable the Board discharges its duties and responsibilities effectively. 董事的主要技能、專業知識及經驗與本公司業 務、策略及管治相關，使董事會能夠有效履行 其職責及責任。 Name 姓名 Executive Chairman 執行主席 Mr. Winston Yau-lai LO 羅友禮先生 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P. S. ERLUND Jan P. S. ERLUND先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生 Dr. Roy Chi-ping CHUNG 鍾志平博士 Non-executive Directors 非執行董事 Ms. Yvonne Mo-ling LO Mr. Peter Tak-shing LO Ms. May LO Executive Directors Mr. Roberto GUIDETTI Mr. Eugene LYE 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 * * * * * * * * * * * * * * * 33 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Board Composition and Diversity 董事會成員組成及多元化 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 in March 2022 to expressly include the disclosure of targets and timelines for achieving gender diversity at Board level. The Board Diversity Policy has been published on the Company’s website. The Remuneration and Nomination Committee (the “R&N Committee”) will review this policy annually and monitor the implementation to ensure continued effectiveness and compliance with regulatory requirements and good corporate governance practices. 董事會於二零一三年六月採納董事會成員多元 化政策，當中載列董事會成員多元化的目的以 及達致多元化的考慮因素。董事會成員多元化 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。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。 During the year, the Board, through the R&N Committee, had reviewed the structure, size, composition and diversity of the Board and the Board Diversity Policy, to ensure the Board’s composition complies with the CG Code with an appropriate mix of skills, experience and diversity that are relevant to the Company’s strategy, governance and business and contribute to the Board’s effectiveness and efficiency. The implementation of the Board Diversity Policy during FY2023/2024 was considered effective. 年內，董事會透過薪酬及提名委員會檢討董事 會的架構、規模、組成及多元化以及董事會成 員多元化政策，以確保董事會的組成符合企業 管治守則，並具備與本公司策略、管治及業務 有關的適當技能、經驗及多樣性，提高董事會 的效能及效率。於二零二三╱二零二四財政年 度實施的董事會成員多元化政策被認為行之有效。 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 made based on merit as well as complementing and expanding the skills, knowledge and experience of the Board as a whole. The R&N 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 R&N Committee has established the measurable objectives for achieving gender and age diversity up to FY2029/2030. As at the year ended 31st March 2024, 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 一 直 按 候 選 人 之 長 處 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 二零二九╱二零三零財政年度達致性別及年齡 多元化的可計量目標。於截至二零二四年三月 三十一日止年度內，達致該等目標之進度如下： Female representation during FY2023/2024 was 18.2% which has achieved the target of “not less than 18%” set up for the years up to FY2024/2025. Gender 性別 於二零二三╱二零二四財政年度，女性代表為18.2%，已達到至二零二四╱二零二五財政年度所釐 訂「不少於18%」之目標。 Average age of the Board members during FY2023/2024 was 69 which has achieved the target of “average age 67–70” set up for the years up to FY2024/2025. Age 年齡 於二零二三╱二零二四財政年度，董事會成員的平均年齡為69歲，已達到至二零二四╱二零二五財 政年度所釐訂「平均67至70歲」之目標。 34 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The R&N Committee has reviewed and targeted to maintain the current level for female representation of “not less than 18%” of the Board. However, the R&N Committee will continue reviewing the targeted female representation over time as and whenever is appropriate. 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。然而， 薪酬及提名委員將（如適合）不時檢討女性代表 目標。 In considering the Board’s succession, the R&N Committee has already adopted a roadmap for the succession plan up to FY2029/2030. The R&N 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. 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，直至二零二九╱二零 三零財政年度。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。 Pursuant to Article 104 of the Articles of Association of the Company, Dr. the Hon. Sir David Kwok-po LI, Mr. Jan P. S. ERLUND, Mr. Anthony John Liddell NIGHTINGALE and Mr. Roberto GUIDETTI will retire from office by rotation at the 2024 Annual General Meeting. Dr. the Hon. Sir David Kwok-po LI and Mr. Jan P.S. ERLUND has informed the Board that they will not offer themselves for re-election whereas the other two retiring Directors, Mr. Anthony John Liddell NIGHTINGALE and Mr. Roberto GUIDETTI, being eligible, have offered themselves for re-election at the 2024 Annual General Meeting. 根據本公司之章程細則第 104 條，李國寶爵士、 Jan P.S. ERLUND 先生、黎定基先生及陸博濤先 生將於二零二四年股東週年大會上輪席退任。 李國寶爵士及 Jan P.S. ERLUND 先生已告知董事 會 將 不 會 膺 選 連 任，而 另 外 兩 位 退 任 董 事 黎定基先生及陸博濤先生則符合資格並願意於 二零二四年股東週年大會上膺選連任。 In respect of the retirement of two Independent Non-executive Directors at the 2024 Annual General Meeting, the R&N Committee is selecting and considering suitable candidate(s) to fill the position in accordance with the Board Diversity Policy and Director Nomination Policy. Further announcement will be made by the Company in due course. 就兩位獨立非執行董事於二零二四年股東週年 大會上退任而言，薪酬及提名委員會正根據本 公司的董事會多元化政策及董事提名政策，甄 選及考慮適當人選填補該職位。本公司將於適 當時候另行刊發公告。 Workforce Diversity 員工多元化 The Company believes that workforce diversity creates a dynamic environment which leads to higher performance and improved quality. We are committed to upholding diversity of gender, background, skills and experience across our workforce. The overall gender diversity of the Company’s workforce (including Senior Management) for FY2023/2024 is balanced, being approximately 48% female: 52% male. We continued to track the gender ratio by business functions, regions, and levels of employment. We reviewed the progress regularly to ensure visibility on gender equity, and heads from functions and business operations were held accountable for driving actions. 本公司認為，員工多元化可創造一個充滿活力 的環境，提高個人表現及改善質素。我們致力 於在性別、背景、技能及經驗方面維持員工多 元化。本公司於二零二三╱二零二四財政年度 的整體員工性別多元化（包括高級管理人員）屬 均衡（即約 48% 女性：52% 男性）。我們繼續按 業務職能、地區及就業水平密切留意相關的性 別比例。我們定期審閱進展情況，以確保性別 平等的可視性，同時有關職能及業務營運部門 負責人亦須對推動行動負責。 Further details on the gender ratio of the Group and initiatives taken to improve gender diversity across Senior Management and the wider workforce, together with relevant data, can be found in the FY2023/2024 Sustainability Report, which will be published together with this Annual Report. 有關本集團性別比例的進一步詳情以及為改善 高級管理人員及廣泛員工性別多元化而採取的 措施連同相關數據，請參閱將連同本年報一併 刊發的二零二三╱二零二四財政年度可持續發 展報告。 35 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Board Independence 董事會獨立性 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 R&N Committee, to ensure their effectiveness. The R&N Committee had performed the review of such mechanisms in June 2024 as follows: 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 酬及提名委員會於二零二四年六月就該等機制 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 upon appointment and 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 董事須於獲委任後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- d e c l a r a t i o n o f e a c h I N E D , t h e B o a r d c o u l d e n s u r e t h e 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 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Key Features or Mechanisms 主要特點或機制 Time commitment of INEDs 獨立非執行董事所投入的時間 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 Implementation and Review of Effectiveness 執行及檢討成效 The R&N Committee reviews annually the time commitment of each Directors, including INEDs. All Directors (including INEDs) would confirm in writing their time commitment to the Company annually. 薪酬及提名委員會每年審閱每位董事（包括獨立非執行董事）所 投入的時間。全體董事（包括獨立非執行董事）每年均會以書面 形式確認其在本公司須付出的時間。 The R&N Committee would review and confirm that INEDs allocate sufficient time to the Company to perform their duties and responsibilities effectively. Directors’ attendance records for meetings in FY2023/2024 are also disclosed in the Corporate Governance Report. 薪酬及提名委員會將審閱並確認獨立非執行董事已分配足夠時間 予本公司以有效履行其職責及責任。董事於二零二三╱二零二四 財政年度的會議出席記錄亦於企業管治報告中披露。 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，從而確保可連任多年的獨立非執行董事的觀點及意見均為 獨立。 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. 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 f a c t o r s i n a c c o r d a n c e w i t h t h e P o l i c y b e f o r e m a k i n g 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。 37 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Key Features or Mechanisms 主要特點或機制 Implementation and Review of Effectiveness 執行及檢討成效 Directors Conflict of Interest Policy 董事利益衝突政策 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 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, interests in controlling company, public office 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 interest 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。 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企業管治方面發揮更為 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 跟進及應對彼等的意見及關注。 Director fees payable to Director, 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。 38 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Key Features or Mechanisms 主要特點或機制 Implementation and Review of Effectiveness 執行及檢討成效 Access to independent professional advice 獲得獨立專業建議 Evaluation of Director’s independence mechanism 評審董事的獨立性機制 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。 All Directors are encouraged to express freely their 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意 見及富建設性之質疑。 Regular board evaluation is conducted by external professional consultant or the Company Secretary alternatively on a confidential basis, which will help assess the effectiveness of the independence mechanism by identifying any potential vulnerable weaknesses for further improvement. 由外部專業顧問或公司秘書保密進行的定期董事會評審程序將 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 R&N Committee, had reviewed and considered that the abovesaid key features or mechanisms are effective in ensuring that independent views are conveyed to the Board. The Board also considered that all INEDs meet the independence guidelines set out in Rule 3.13 of the Listing Rules. 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取得獨 立意見。董事會亦認為全體獨立非執行董事均 符合上市規則第 3.13 條所載的獨立指引。 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 2023 to 30th September 2024. 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 二三年十月一日至二零二四年九月三十日止期 間的董事及行政人員責任保險。 39 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Changes in Major Appointments and Other Directorships 主要委任及其他董事職務之變動 Changes in Directors’ Information during the year ended 31st March 2024 and up to the date of this Annual Report are set out below: 於截至二零二四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 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 – – ceased to be director of Jardine Matheson Holdings Limited, Dairy Farm International Holdings Limited and Hongkong Land Holdings Limited on 31st January 2024. 於二零二四年一月三十一日辭任怡和控股有限公司、牛奶國際控股有限公司及置地控股有限公司之董事。 appointed as a director of Matheson & Co., Limited on 1st January 2024. 於二零二四年一月一日獲委任為 Matheson & Co., Limited 之董事。 Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH 先生 – ceased to be director of Toshiba Corporation on 22nd December 2023. 於二零二三年十二月二十二日辭任株式会社東芝之董事。 Dr. Roy Chi-ping CHUNG 鍾志平博士 – – – awarded an Honorary Doctor of Business Administration by the City University of Hong Kong on 6th October 2023. 於二零二三年十月六日獲香港城市大學頒授榮譽工商管理博士。 awarded a Doctor of Business Administration honoris causa by the Hong Kong Metropolitan University on 12th December 2023. 於二零二三年十二月十二日獲香港都會大學頒授榮譽工商管理博士。 ceased to be director of Techtronic Industries Company Limited on 10th May 2024. 於二零二四年五月十日辭任創科實業有限公司之董事。 Mr. Peter Tak-shing LO 羅德承先生 – ceased to be the chief executive officer of Café de Coral Holdings Limited on 1st April 2024. 於二零二四年四月一日辭任大家樂集團有限公司之首席執行官。 Ms. May LO 羅其美女士 – appointed as the Deputy Chairman of the Board of the Company on 21st November 2023. 於二零二三年十一月二十一日獲委任為本公司董事會之副主席。 40 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 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 effective 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、確保與 持份者的有效溝通，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 羅友禮先生 • Executive Chairman 執行主席 • provides leadership to the Board 領導董事會 • ensures compliance with good corporate governance practices and procedures 確保遵守良好企業管治常規及程序 • sets strategic directions for the Group 為本集團制定策略性方向 • monitors Board effectiveness 監察董事會成效 • promotes a culture of openness and active contribution amongst directors 促進董事間之開放文化及積極參與 • provides continuous guidance and mentoring to the Deputy Chairman and Group CEO 持續指導並作為副主席及集團行政總裁的指導師 • promote social responsibility goals and long term sustainability development 宣揚社會責任目標及長遠可持續的發展 • ensure effective stakeholder communication 確保與持份者的有效溝通 • promote corporate culture of accountability, integrity and honesty 促進具問責性、正直及誠實之企業文化 Mr. Roberto GUIDETTI 陸博濤先生 • Group Chief Executive Officer 集團行政總裁 • formulates the Group's strategic plans under the strategic directions of the Executive Chairman 根據執行主席之策略性指導方向制定本集團之策略計劃 • implements the strategies and policies approved by the Board 實施董事會批准之策略及政策 • leads day to day management of the Group 領導本集團日常管理 • promotes and develops the business and interests of the Group 促進及發展本集團業務及利益 • provides monthly management updates to the Board 每月向董事會提交最新之管理層報告 41 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Board Proceedings 董事會程序 The Board met five times in FY2023/2024 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. 董事會於二零二三╱二零二四財政年度內召開 五次會議，包括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。 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. Below is the schedule of meetings held during FY2023/2024: 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。以 下 為 二 零 二 三 ╱ 二零二四財政年度舉行的會議時間表： 2023 2024 May Apr Mar 四月 五月 六月 七月 八月 九月 十月 十一月 十二月 一月 二月 三月 Nov Aug Dec Oct Sep Feb Jun Jan Jul BM AGM ESG BM AC BM RN AC BM RN AC BM RN AC Board Meeting 董事會會議 Remuneration and Nomination Committee Meeting 薪酬及提名委員會會議 Audit Committee Meeting 審核委員會會議 ESG AGM ESG Committee Meeting 環境、社會及管治委員會會議 Annual General Meeting 股東週年大會 BM RN AC 42 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit Committee Meetings, ESG Committee Meeting and Annual General Meeting during FY2023/2024 are as follows: 於二零二三╱二零二四財政年度，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 3/3(b) 3/3 3/3 3/3 3/3 3/3 3/3 3/3 3/3(f) 3/3(f) N/A 不適用 N/A 不適用 Name 姓名 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P. S. ERLUND Mr. 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 (Deputy Chairman) Executive Directors Mr. Winston Yau-lai LO (Executive Chairman) Mr. Roberto GUIDETTI Mr. Eugene LYE 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 （副主席） 執行董事 羅友禮先生 （執行主席） 陸博濤先生 黎中山先生 5/5 5/5 5/5 5/5 4/5(g) 5/5 5/5 5/5 5/5(a) 5/5 5/5 Average Attendance of the Board Members 董事會成員平均出席率 Group Chief Financial Officer 集團首席財務總監 Ms. Ian-hong NG 吳茵虹女士 5/5(f) Group Senior Director, Internal Audit and Risk Management 集團內部審計及風 險管理高級總監 Mr. Terence Chiu-kit CHOW 周昭傑先生 Group Director, Sustainability Mr. Simeon Sing-hymn CHENG External Auditors KPMG 集團可持續發展 總監 鄭聲謙先生 外聘核數師 畢馬威會計師 事務所 N/A 不適用 N/A 不適用 1/1(f) N/A 不適用 N/A 不適用 N/A 不適用 4/4 4/4 4/4 4/4(c) N/A 不適用 N/A 不適用 N/A 不適用 3/3(f) 4/4(f) 4/4(f) N/A 不適用 4/4(f) 4/4(f) N/A 不適用 4/4(f) N/A 不適用 N/A 不適用 1/1(d) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1 1/1(e) 1/1 1/1 100% 100% 100% 100% 89% 100% 100% 100% 100% 100% 100% 99% N/A 不適用 1/1(f) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 1/1(f) N/A 不適用 N/A 不適用 1/1(f) N/A 不適用 N/A 不適用 43 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Notes: (a) Chairman of the Board 附註： (a) 董事會主席 (b) Chairman of the Remuneration and Nomination Committee (b) 薪酬及提名委員會主席 (c) Chairman of the Audit Committee (c) 審核委員會主席 (d) Chairman of the ESG Committee (d) 環境、社會及管治委員會主席 (e) Chairman of the Annual General Meeting (e) 股東週年大會主席 (f) Attendance by invitation (f) 應邀出席 (g) Was unable to attend one of the Board meetings due to ad hoc (g) 因臨時事務而未能出席其中一次董事會會議 commitment The Company acknowledges General Meeting is one of the important forums to engage our shareholders. In the 2023 Annual General Meeting, all Directors, including Executive Chairman, the Chairman of the Board Committees and the External Auditors attended the meeting physically and answered shareholders’ questions. 本公司深明股東大會是與股東溝通的重要渠道 之一。於二零二三年股東週年大會，全體董事 包括執行主席、各董事委員會主席及外聘核數 師均有親身出席大會並回答股東提問。 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，於不同場合下與獨立 非執行董事進行溝通。 Board Committees 董事委員會 The Board has established a Remuneration and Nomination C o m m i t t e e ( R & N C o m m i t t e e ) , a n A u d i t C o m m i t t e e , a n Environmental, Social and Governance Committee (ESG Committee) and an Executive Committee with specific terms of reference. 董事會轄下已成立薪酬及提名委員會、審核委 員會、環境、社會及管治委員會及執行委員會， 各有特定之職權範圍。 Terms of reference of these Committees have been published on the websites of the Stock Exchange and/or the Company. All the Committees are provided with sufficient resources, including the advice of independent professional firms, if necessary, to fulfill their roles and responsibilities. 該等委員會之職權範圍已發佈於聯交所及╱或 本公司網站。所有委員會均獲提供充足資源， 包括獨立專業公司的意見（如需要），以履行其 角色及職責。 44 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Remuneration and Nomination Committee 薪酬及提名委員會 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Chairman 主席 （獨立非執行董事） Mr. Peter Tak-shing LO 羅德承先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Mr. Jan P. S. ERLUND 先生 Mr. Paul Jeremy BROUGH 先生 Dr. Roy Chi-ping CHUNG 鍾志平博士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Ms. May LO 羅其美女士 (Non-execu(cid:22)ve Director) （非執行董事） (Independent Non-execu(cid:22)ve Director) (Independent Non-execu(cid:22)ve Director) (Independent Non-execu(cid:22)ve Director) (Independent Non-execu(cid:22)ve Director) (Non-execu(cid:22)ve Director) (Non-execu(cid:22)ve Director) （非執行董事） （非執行董事） （獨立非執行董事） （獨立非執行董事） （獨立非執行董事） （獨立非執行董事） 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 benefit 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、股份獎勵及其他福利計劃； to recommend to the Board the remuneration of Non-executive Directors; 向董事會建議非執行董事之薪酬； 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； 45 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Major responsibilities (continued) 主要職責（續） • • • • • • 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； 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 Directors 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。 46 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Work done during and for FY2023/2024 於年內及為二零二三╱二零 二四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 and Shareholders for the amendments to the 2022 Share Option Scheme and the 2021 Share Award Scheme; 審閱及建議董事會及股東修訂二零二二年購股權計劃及二零二一年股份獎勵 計劃； reviewed and/or approved matters relating to share schemes under Chapter 17 of the Listing Rules; 檢討及╱或批准有關上市規則第十七章項下股份計劃之相關事宜； reviewed and recommended to the Board for approval the re-appointment of Directors at the 2023 Annual General Meeting; 審閱及建議董事會於二零二三年股東週年大會上批准董事之續聘； 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 and recommended to the Board for the appointment of Non- executive Deputy Chairman; 審核及建議董事會委任非執行副主席； 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； 47 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Work done during and for FY2023/2024 (continued) 於年內及為二零二三╱二零 二四財政年度所作之工作（續） • • • • • reviewed the measurable objectives for Board diversity; 審閱董事會成員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付出的時間； 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 FY2023/2024; and 向董事會建議二零二三╱二零二四財政年度之董事袍金；及 reviewed various Corporate Governance related policies and mechanisms in compliance with the CG Code and Listing Rules requirements. 檢視多項企業管治相關政策及機制是否符合企業管治守則及上市規則之規定。 The R&N Committee held three meetings during FY2023/2024. Each member’s attendance record during the year is shown in the previous section headed “Board Proceedings”. 薪酬及提名委員會於二零二三╱二零二四財政 年度內舉行三次會議。各成員於年內出席會議 之記錄列載於前一節「董事會程序」。 48 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Audit Committee 審核委員會 Mr. Paul Jeremy BROUGH 先生 Chairman 主席 （獨立非執行董事） Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 (Independent Non-execu(cid:31)ve Director) Mr. Jan P.S. ERLUND 先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 (Independent Non-execu(cid:31)ve Director) (Independent Non-execu(cid:31)ve Director) （獨立非執行董事） （獨立非執行董事） （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； 49 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Major responsibilities (continued) 主要職責（續） • • • • • • to review the internal audit programs and to ensure co-ordination between the Internal and External Auditors, assess the effectiveness of the Company’s risk management and internal control systems which cover all material financial, operational and compliance controls, and ensure that the internal audit function is adequately resourced and has appropriate standing within the Group; 審閱內部審核計劃並確保內部審計師及外聘核數師間之協調，評估本公司涵 蓋所有重大財務、營運及合規監控方面的風險管理及內部監控系統之成效， 以及確保內部審計職能獲足夠資源之支援及在本集團內保持適當之地位； to conduct an annual review of the adequacy of staffing of the 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；以及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； 50 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Major responsibilities (continued) 主要職責（續） Work done during and for FY2023/2024 於年內及為二零二三╱二零 二四財政年度所作之工作 • • • • • • • 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。 reviewed the FY2023/2024 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; 與管理層及外聘核數師審閱二零二三╱二零二四財政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 FY2023/2024 and FY2024/2025 audit plans; 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，並批准二零二三╱二零二四財政年度及二零二四╱二零二五財政年度 之審核方案； 51 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Work done during and for FY2023/2024 (continued) 於年內及為二零二三╱二零 二四財政年度所作之工作（續） • • • • • • • 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/pre-approved 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； 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； 52 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Work done during and for FY2023/2024 (continued) 於年內及為二零二三╱二零 二四財政年度所作之工作（續） • • • • • • 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; 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； reviewed and approved the amendments to the “Policy on Provision of Non- assurance Services by External Auditor”; 審閱及批准「有關外部核數師提供非鑒證服務的政策」之修訂； reviewed and approved the amendments to the “Terms of Reference of the Audit Committee”; and 審閱及批准「審核委員會之職權範圍」之修訂；及 reviewed various Corporate Governance related policies and systems in compliance with the CG Code and Listing Rules requirements. 檢視多項企業管治相關政策及系統是否符合企業管治守則及上市規則之規定。 The Board has approved a Whistleblowing Policy in March 2012 which has been revised in March 2022. 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。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。 53 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 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. 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。 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. 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。 The Board has adopted a Corporate Governance Policy in August 2012 which has been updated in March 2024. The main objective of the Policy is to provide a basic framework for developing the Company’s policies and practices to ensure alignment of interests and expectations from our shareholders, the investing public and other stakeholders. The Corporate Governance Policy has been published on the Company’s website. 於二零一二年八月，董事會已採納企業管治政 策，並於二零二四年三月更新。政策的主要目 標乃為本公司在制定政策及常規方面建立基本 框架，確保能符合各股東、公眾投資者及其他 持份者的利益與期望。企業管治政策已刊登於 本公司網站。 The Audit Committee reviews regularly the corporate governance structure and practices within the Company and monitors compliance fulfillment on an ongoing basis. 審核委員會定期檢討本公司之企業管治架構及 常規，並持續監察有關之合規情況。 The Audit Committee met four times in FY2023/2024. Each member’s attendance record during the year is shown in the previous section headed “Board Proceedings”. 審核委員會於二零二三╱二零二四財政年度內 召開四次會議。各成員於年內出席會議之記錄 列載於前一節「董事會程序」。 54 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Environmental, Social and Governance (ESG) Committee 環境、社會及管治委員會 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Chairman 主席 (Independent Non-execu(cid:25)ve Director) （獨立非執行董事） Mr. Roberto GUIDETTI 陸博濤先生 Mr. Winston Yau-lai LO 羅友禮先生 Ms. May LO 羅其美女士 Mr. Eugene LYE 黎中山先生 (Execu(cid:25)ve Director and Group Chief Execu(cid:25)ve Officer) (Execu(cid:25)ve Chairman) （執行主席） (Non-execu(cid:25)ve Director) （非執行董事） (Execu(cid:25)ve Director) （執行董事） （執行董事暨集團 行政總裁） Major responsibilities 主要職責 • • • • • to provide 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指導及匯報； to review international trends in ESG-related legislation and regulation developments, including public debates as regards social, environmental and ethical standards of corporate behaviour and recommend anticipatory measures and plans for the Company; 審閱環境、社會及管治相關立法及法規發展的國際趨勢，包括具社會、環境 及企業行為道德標準的公眾爭議，並向本公司建議預期措施及計劃； to advise the Board on environmental and social risks and opportunities of material significance and provide anticipatory and mitigation plans; 就具有重大意義之環境及社會風險和機遇向董事會作出建議並提供預防及緩 解計劃； to review the Company’s sustainability performance against declared targets under the Sustainability Framework; 根據已發佈之可持續發展框架目標檢討本公司之可持續發展表現； to review material interests of the Company’s key stakeholders and provide corresponding long-term strategic direction to the Company; 審閱本公司主要持份者的重大利益，並為本公司制定相應長遠戰略方向； 55 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Major responsibilities (continued) 主要職責（續） Work done during and for FY2023/2024 於年內及為二零二三╱二零 二四財政年度所作之工作 • • • • • • to examine the relevance of sustainability indices and the desirability of inclusion; 檢視可持續發展指數之相關性以及納入該等指數之合適性； 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。 reviewed and approved the Group’s FY2023/2024 Sustainability Report; 檢討及批准本集團二零二三╱二零二四財政年度可持續發展報告； provided strategic direction on climate change, identified the risks, opportunities, and impacts associated with it, and drove the development of the Company’s decarbonisation efforts; 就氣候變化提供戰略方向，識別相關風險、機遇及影響，並推動本公司減碳 工作的發展； reviewed key international landscape on sustainability frameworks and provided direction on their adoption by the Company, including the sustainability disclosure standard being developed by the ISSB (International Sustainability Standards Board) and the Taskforce on Nature-related Financial Disclosures (“TNFD”); 審 閱 可 持 續 發 展 框 架 的 主 要 國 際 格 局 及 提 供 本 公 司 採 用 的 指 引，當 中 包 括 ISSB（國際可持續準則理事會）以及與自然相關的財務揭露工作小組（「TNFD」） 所制定之可持續披露標準； 56 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Work done during and for FY2023/2024 (continued) 於年內及為二零二三╱二零 二四財政年度所作之工作（續） • examined key local and international sustainability-related policies and regulations development, their implications to the Company, and provided directions on corresponding actions for the Company, in particular, reviewed and endorsed our first Modern Slavery Act Statement for our Australian business in response to the Australian Modern Slavery Act; 審閱主要當地及國際可持續發展相關政策及法規發展以及其對本公司之影響， 並就本公司須作出之相應行動提供方向，尤其是審閱及批准我們就澳洲業務 發佈的首份《現代奴隸制法案》聲明，以回應《澳洲現代奴隸制法案》； • • provided strategic direction on focus areas on the Company’s progress and achievements in selected external ESG ratings; and 就本公司在特定外部環境、社會及管治評級方面之進展及成果等重點領域提 供戰略方向；及 commenced a review of the set of potential external sustainability targets under the Company’s Sustainability Framework for the next 5-year period to FY2030/2031. 開始審閱本公司可持續發展框架下未來五年至二零三零╱二零三一財政年度 期間之一系列潛在外部可持續發展目標。 The Board-level ESG Committee continued to oversee our sustainability topics, 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 FY2023/2024 Sustainability Report for more details of our efforts on material ESG topics. The ESG Committee held one meeting during FY2023/2024. The other ESG Committee meeting for FY2023/2024 was moved forward to hold in March 2023 because of scheduling conflict. Accordingly, the objective in the Terms of Reference of ESG Committee to meet twice a year by the ESG Committee members is still met. Each member’s attendance record during the year is shown in the previous section headed “Board Proceedings”. 董事會層面之環境、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，請參閱二零 二三╱二零二四財政年度可持續發展報告。 環 境、社 會 及 管 治 委 員 會 於 二 零 二 三 ╱ 二 零 二四財政年度內舉行一次會議。由於時間衝突， 二零二三╱二零二四財政年度之另一場環境、 社會及管治委員會會議提前至二零二三年三月 舉 行。因 此，環 境、社 會 及 管 治 委 員 會 職 權 範 圍規定環境、社會及管治委員會成員每年召開 兩次會議之目標仍屬達成。各成員於年內出席 會議之記錄列載於前一節「董事會程序」。 57 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Executive Committee 執行委員會 Mr. Winston Yau-lai LO 羅友禮先生 Chairman 主席 (Executive Chairman) （執行主席） Mr. Roberto GUIDETTI 陸博濤先生 (Execu(cid:9)ve Director and Group Chief Execu(cid:9)ve 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。 58 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Appointment, Re-Election and Removal of Directors 董事之委任、重選及罷免 The appointment of a new Director is made on the recommendation by the R&N 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. 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。 Pursuant to the Company’s Articles of Association and Code Provision B.2.2 of the CG Code, 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 less than one-third) of Directors shall retire from office every year at the Company’s Annual General Meeting. 根據本公司章程細則及企業管治守則條文 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 少 於 三 分 之 一）之 董 事 於 本 公 司 股 東 週 年 大會上告退。 Director Nomination Policy 董事提名政策 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 as well as for considering the renewal of director appointment. The Board has delegated to the R&N 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. The Director Nomination Policy is intended to guide the R&N Committee when recommending new director(s) and when deciding whether to recommend that current Director(s) be re-elected. The R&N 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 without limitation the notice, information and consent provisions under the Company’s Articles of Association or the Listing Rules. 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。薪酬及提名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。 59 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The R&N 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或更 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。 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 value 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 policies, including the Terms of Reference of the Board Committees. Directors are provided with “A Guide on Directors’ Duties” issued by the Companies Registry and “Guidelines for Directors” issued by The Hong Kong Institute of Directors as guidelines on the general principles of duties of directors and a “Code of Conduct for Directors” to avoid conflicts of interest as far as possible. 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，以及建立對本公司價值、 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 政策（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」 盡可能避免任何利益衝突。 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。 All Directors have provided to the Company Secretary their training records for FY2023/2024 which have been reviewed by the Audit Committee. The average training hours of the Directors during the year was 75 hours. 全 體 董 事 均 已 向 本 公 司 秘 書 提 供 彼 等 於 二 零 二三╱二零二四財政年度之培訓記錄，該等記 錄已經審核委員會審閱。年內董事平均受訓時 數為 75 小時。 60 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The following table summarizes topics of training program participated by all Directors during FY2023/2024: 下表概述全體董事於二零二三╱二零二四財政 年度參與培訓計劃之專題： Areas 範疇 Global business 環球商務 Company business 本公司業務 Director duties and governance 董事職責及 管治 Innovation and technology 創新科技 Legal, regulatory, governance 法例、法規、 管治 Accounting, finance, tax 會計、財務、 稅務 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Name Executive Chairman Mr. Winston Yau-lai LO 姓名 執行主席 羅友禮先生 Independent Non-executive Directors 獨立非執行董事 Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P. S. ERLUND 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. Roberto GUIDETTI Mr. Eugene LYE 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 陸博濤先生 黎中山先生 61 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Directors’ Training Records 董事之培訓記錄 Analysis of training a(cid:18)ended by Directors in FY2023/2024 by topic 董事於二零二三╱二零二四財政年度參加之 培訓 — 按專題分析 7% 2% 8% 12% 29% 42% Company Business 本公司業務 Global Business/Forum 環球商務╱論壇 Accoun(cid:31)ng/Finance/Tax 會計╱財務╱稅務 Legal/Regulatory/Governance 法例╱法規╱管治 Innova(cid:31)on and Technology 創新科技 Director Du(cid:31)es and Governance 董事職責及管治 Analysis of training a(cid:18)ended by Directors in FY2023/2024 by type 董事於二零二三╱二零二四財政年度參加之 培訓 — 按類型分析 10% 16% 27% 47% Readings 閱讀 Plant/Market Visit 廠房╱市場參觀 In-house Training 內部培訓 External Courses/Seminars/ Workshops 外間課程╱研討會╱工作坊 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. The average training hours of Senior Management during the year was 60 hours. 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。高層管理人員於 本年內平均培訓時數為 60 小時。 62 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Senior Management’s Training Records 高層管理人員之培訓記錄 Analysis of training a(cid:18)ended by Senior Management in FY2023/2024 by topic 高層管理人員於二零二三╱二零二四財政年度參加之 培訓 — 按專題分析 12% 2% 14% 35% 37% Market/Business/Product/ Development 市場╱業務╱產品╱發展 Company Business 本公司業務 Regulatory/Governance/ Substainability 法規╱管治╱可持續發展 Audit/Accoun(cid:22)ng/ Finance/Tax 審計╱會計╱財務╱稅務 Cyber Technology 數碼科技 Analysis of training a(cid:18)ended by Senior Management in FY2023/2024 by type 高層管理人員於二零二三╱二零二四財政年度參加之 培訓 — 按類型分析 25% 37% External Courses/Seminars/ Workshops 外間課程╱研討會╱工作坊 38% In-house Training 內部培訓 Readings 閱讀 63 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Responsibilities of Directors 董事責任 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 FY2023/2024 are prepared on a going concern basis. All the new accounting standards and policies adopted by the Company have been thoroughly discussed and approved by the Audit Committee before adoption by the Board. 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。二零二三╱ 二零二四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。 The Group has adopted its own Code for Securities Transactions by Directors (the “Own Code”) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 of the Listing Rules. Specific enquiries were made of all Directors and they have confirmed compliance with the required standard set out in the Own Code for the year ended 31st March 2024. 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. 本集團已就董事之證券交易採納一套行為守則 （「自有守則」），其條款不比上市規則附錄 C3 所 載之上市發行人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二零二四 年三月三十一日止年度均已遵守自有守則載列 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。 Confirmations have been received from all Directors that they have provided sufficient time and attention to the affairs of the Company during FY2023/2024. Directors have also disclosed to the Company their interests as director and other office in other public companies and organisation in a timely manner, and have regularly reported to the Company Secretary on any subsequent changes. 本公司已接獲全體董事確認書確認他們於二零 二三╱二零二四財政年度已付出足夠時間及關 注，處理本公司事務。董事亦適時向本公司披 露彼等作為董事之利益申報及於其他公眾公司 及組織之其他職務，並已就任何其後變動定期 向公司秘書匯報。 Evaluation of the Board and the Executive Chairman The Board believes that 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 subject to evaluation on whether he has adequately and effectively performed his roles and fulfilled his responsibilities as the Chairman of the Board. The Board is committed to reviewing its own performance and effectiveness at a regular interval. 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，並自二零 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。 董事會評估旨在協助董事會識別及解決其優勢 及弱點，並突出董事會對自身之期望及有待進 一步改善之範疇。作為此評估過程的一部分， 本公司亦就執行主席作為董事會主席是否充分 及有效地履行其角色及職責進行評估。董事會 致力定期檢討其表現及成效。 64 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 A formal internal evaluation of the Board and the Executive Chairman was conducted for FY2023/2024. During the evaluation process, questionnaire with scoring was used for collecting scores as well as opinions from all the Directors. The questionnaire included 28 statements for Board evaluation and 8 statements for Executive Chairman evaluation. Completed evaluation forms were sent to the Company Secretary on a confidential basis. 於二零二三╱二零二四財政年度，本公司已對 董事會及執行主席進行正式內部評估。於評估 過程中，本公司採用問卷調查方式向全體董事 收集評分及意見，當中包括 28 項評估董事會之 陳述及 8 項評估執行主席之陳述。填妥之評估 表格以保密形式遞交予公司秘書。 Evaluation of the Board 董事會之評核 Evaluation of Executive Chairman 執行主席之評核 • Strategic direction, planning and oversight 策略方向、規劃及監察 • Sustainability focus and drive 可持續發展重點及動力 • Board profile and composition 董事會概況及組成 • Board dynamics 董事會動態 • Relationship with the management 與管理層之關係 • Board view on committees 董事會對委員會的看法 • Personal attributes 個人特質 • Leadership 領導才能 • Encouraging active participation 鼓勵積極參與 • Relationship with Group CEO 與集團行政總裁的關係 • Relationship with stakeholders 與持份者的關係 • Adherence to good CG practices 遵守良好企業管治常規 • Promotion of ESG 促進環境、社會及管治 • Succession planning 繼任計劃 All Directors actively participated in the whole evaluation process. Responses from the Board members were overall very positive. Directors also identified certain areas for continuous enhancement. 全體董事均積極參與整個評估過程。董事會成 員對整體評價非常正面。董事亦建議了需要持 續改善的地方。 65 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Company Secretary 公司秘書 The Company Secretary is an employee of the Company and has been appointed by the Board. The Company Secretary is responsible for facilitating the procedures/activities of the Board and the Board Committees as well as good communication flow amongst the Board members, shareholders and Senior Management. 公司秘書為本公司之僱員，並由董事會委任。 公司秘書負責統籌董事會及董事委員會之議事 程序╱活動，以及維繫董事會成員、股東及高 層管理人員間之良好溝通。 The appointment and removal of the Company Secretary is subject to Board approval. The Company Secretary reports to both the Executive Chairman and the Group Chief Executive Officer. The Company Secretary is accountable to the Board for matters relating to Directors’ duties, such as giving advice on corporate governance developments and compliance and facilitating the professional development programme and induction programme of Directors. All members of the Board have access to the advice and service of the Company Secretary. 公司秘書之委任及罷免須經董事會批准。公司 秘書向執行主席及集團行政總裁匯報，並就有 關董事職責之事宜向董事會負責，例如就企業 管治發展及合規狀況給予意見以及協助安排董 事之專業發展課程及就任須知。董事會全體成 員均可獲公司秘書提供意見及服務。 During the year, the Company Secretary undertook over 15 hours of external CPD training courses to keep abreast of latest regulatory changes and corporate governance practices and to refresh her skills and knowledge. 年內，公司秘書接受超過 15 小時之外部持續專 業發展培訓課程，以了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 風險管理及內部監控 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. 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。 66 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 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: 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： Internal Control 內部監控 The Company has had in place an internal control system, which is developed based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) components for internal controls, to manage and mitigate rather than to eliminate business risks. The key underlying components of effective internal control system are illustrated as below: 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： Control Environment 監控文化 Set the tone at the top regarding the importance of internal control & risk management 設定與風險管理以及 內部監控的基調 In Identify, assess and manage of risks 識別、評估和管理風險 通 溝 及 format o n & C o m municat on 資 訊 及 溝 通 Internal Control System 內部監控制度 訊 ommunicat on 資 Risk Assessment 風險評估 Control Activities 監控措施 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 I n format on & C 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 Monitoring Activities 監管措施 67 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 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 has been put in place. • • • • 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。 Internal Audit 內部審計 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. 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。 68 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Risk Based Audit 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. 風險基礎審計 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 2023/2024, 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. 於二零二三╱二零二四財政年度內，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. 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。 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. Group Internal Audit and Risk Management Department also launched Vitasoy Global Integrity Portal where the portal embedded with e-learning platform, policy and publication library and online complaint channel, aims to enhance mutual communication of Vitasoy’s standards and expectation on ethics and integrity with employees, key 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。集團內部審計及 風險管理部亦已推出維他奶環球誠信平台，當 中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，旨在加強維他奶與員工， 主要供應商及經銷商之間的雙向溝通，明確維 他奶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。 69 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Risk Management 風險管理 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. 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。 • 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 O versight 監督 t o r i n g & Review 風險監察 O wnership 風險及 r o l a g e m e nt Process 風險 控 管 及 檢 討 制 責 任 R i s k M o n i k & C o n t R is R is k M a n 理 程 序 Rate 評估 Respond 控制 Report 通報 React 緩解 Antcipate 預測 Regulate 監察 • 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 70 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 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 system and provides 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 system. 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。 71 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Layer 層面 Roles and Responsibilities 職務及職責 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 implements risk management frameworks, policies, tools and methodologies with all subsidiaries. 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。 • Risk & Control Ownership 風險及控制的責任 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。 Risk Management Process 風險管理程序 Our risk management process is embedded in our daily operations, financial activities, compliance, strategy development & business planning, investment decision and external factors. The processes are as follows: 我們之風險管理程序已納入日常營運範圍、財 務 活 動、合 規、策 略 發 展 與 業 務 規 劃、投 資 決 定及外界因素，程序如下： • • • • Anticipate: Potential risks and threats that are related to different business processes and relevant to the Company’s objectives will be anticipated and identified by all individual staff. Risks are grouped into six clusters (including reputation, strategy, market, liquidity, credit and operation) to facilitate the assessment appropriately. 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. 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 偏 好，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。 72 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 • • • • • • • • 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. 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. 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. 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。 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。 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 • Upgraded risk management tools The GRC system is one of the key tools to maintain an effective management of risk. Specifically, it facilitates the monitoring of risk status through key risk indicators, the reporting of incidents and the annual risk assessment processes. The GRC system has been upgraded to enhance stability with more secure storage. Besides, the capacity and extensibility of the system have been strengthened to accommodate continuous innovation. 風險管理措施 • 更新風險管理工具 GRC 系 統 是 維 持 有 效 風 險 管 理 的 重 要 工 具 之 一。具 體 而 言，該 系 統 利 用 關 鍵 風 險 指 標 監 控 風 險 狀 況、協 助 事 故 匯 報 及 進 行 年 度 風 險 評 審。GRC 系 統 已 進 行 升 級，以 提 高 系 統 穩 定 性，並 增 強 數 據 存 儲 的 安 全 性。此 外，亦 加 強 了 系 統 容 量 及可擴展性，以適應持續創新的需求。 73 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 • Managing ESG risks with risk management framework • The effective management of ESG risks is a key focus of Vitasoy risk management activities. Particularly, ESG risks have been managed alongside with other relevant business and operational risks under the risk management framework. With the facilitation of the GRC system, timely and transparent information will be provided for the status of ESG risks continuously. 透 過 風 險 管 理 框 架 以 管 理 環 境、社 會 及 管治風險 有 效 管 理 環 境、社 會 及 管 治 風 險 是 維 他 奶 風 險 管 理 活 動 的 重 點。與 其 他 相 關 業 務 風 險 及 營 運 風 險 一 樣，環 境、社 會 及 管治風險均納入風險管理框架下進行管 理。借 助 GRC 系 統，將 持 續 提 供 及 時 透 明有關環境、社會及管治風險狀況之資料。 • 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 maintains the risk review process in making key purchasing decisions. The review has ensured that critical purchasing risks are adequately assessed and considered and hence improve the quality of purchasing decisions. 除 日 常 的 風 險 管 理 流 程 外，維 他 奶 於 關 鍵採購之決策過程中加入風險審視流程， 確 保 主 要 採 購 風 險 獲 充 分 評 估 及 考 慮， 提升採購決策質素。 • 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。 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 system. 檢討風險管理及內部監控之成效 集團內部審計已就本公司（包括其營運公司）風 險管理及內部監控系統之成效進行年度檢討。 審核委員會已審閱集團內部審計對本公司風險 管理及內部監控系統成效之調查結果及所提供 之公允意見。 The Board, with confirmation from management, considered the risk management and internal control system are effective and adequate for the year ended 31st March 2024. 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. 經管理層確認，董事會認為，截至二零二四年 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。 74 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Inside Information 內幕消息 With respect to procedures and internal controls for the handling and dissemination of inside information, the Company is aware of the requirements under the applicable Listing Rules and Securities and Futures Ordinance and the overriding principle that inside information should be announced as soon as reasonably practicable after such information comes to our attention unless it falls within any of the safe harbours provisions under the Securities and Futures Ordinance. The Company has had a system in place with established policies and procedures for complying with the Inside Information disclosure requirements under the regulatory regime. The Board has adopted a Disclosure Compliance Policy on 27th November 2012 which has been 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. 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。 External Auditors 外聘核數師 KPMG has been appointed as the External Auditors of the Company by shareholders at the last Annual General Meeting. An amount of HK$6.8 million (FY2022/2023: HK$6.7 million) was charged for FY2023/2024 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 (FY2022/2023: HK$0.3 million) and HK$0.3 million (FY2022/2023: HK$0.4 million) respectively. The non-audit services mainly comprised tax advisory services. 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二零二三╱二零二四財 政年度法定審核服務之費用為港幣 6,800,000 元 （二零二二╱二零二三財政年度：港幣 6,700,000 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（二零二二╱二零二三 財 政 年 度：港 幣300,000 元）及 港 幣300,000 元 （二零二二╱二零二三財政年度：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 FY2023/2024 financial statements are set out in the section of “Independent Auditor’s Report” in this Annual Report. 外聘核數師就二零二三╱二零二四財政年度財 務報表所須承擔之責任載列於本年度報告之「獨 立核數師報告」一節。 75 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Dividend Policy 股息政策 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. 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 － 與股東共享成果 Liquidity and capital requirement － 流動資金及資本要求 Historical trend of dividend payout － 過往股息派付之趨勢 Benchmarking with competitors within the industry － 與業內競爭對手之標準比較 Fulfilment of financial covenants － 符合財務契約 Taxation impact Restrictions － 稅務影響 － 限制條件 Other factors that may deem relevant － 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。 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. 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。 76 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Procedures for Shareholders to request circulation of statement at General Meeting 股東於股東大會上要求傳閱陳述書之 程序 Pursuant to section 580 of the Companies Ordinance, shareholders representing at least 2.5% of the total voting rights of all the shareholders or at least 50 shareholders, who have a relevant right to vote, can request the Company in writing to circulate to the shareholders a statement of not more than 1,000 words with respect to a matter mentioned in a proposed resolution to be dealt with at that meeting or other business to be dealt with at that meeting. A request may be sent to the Company Secretary at the Company’s registered office in hard copy form or in electronic form to ir@vitasoy.com and must identify the statement to be circulated. It must be authenticated by the person or persons making it and be received by the Company at least 7 days before such meeting. Procedures for proposing a Person for Election as a Director at General Meeting Under the Articles of Association of the Company, if a shareholder wishes to propose a person other than a retiring Director for election as a Director at a general meeting, the shareholder should deposit a written notice of nomination which shall be given to the Company within the 7-day period commencing the day after the despatch of the notice of the meeting (or such other period as may be determined and announced by the Directors from time to time) and in no event ending no later than seven days prior to the date appointed for such meeting. The procedures for shareholders to propose a person for election as a Director have also been published on the Company’s website. 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。 Constitutional Document 章程性質文件 At the Annual General Meeting held on 28th August 2023, shareholders has approved the Company’s adoption of the Amended and Restated Articles of Association (“Articles”) to (i) bring the Articles in line with the current provisions of the Companies Ordinance and Listing Rules, particularly the then Appendix 3 to the Listing Rules concerning the core shareholder protection standards; (ii) provide more flexibility to the Company in holding general meetings as hybrid and virtual meetings in addition to physical meetings; (iii) allow every document or instrument to which the common seal is affixed shall be signed by two Directors or by one Director and the secretary or by any two persons duly authorized by the Board or a committee of the Board; (iv) modernise and update the Articles; and (v) make other housekeeping amendments. A copy of the latest consolidated version of the Articles has been published on the websites of the Stock Exchange and the Company. 於二零二三年八月二十八日舉行之股東週年大 會上，股東已批准本公司採納經修訂及重列的 章程細則（「章程細則」），以 (i) 使章程細則符合 現行的公司條例條文及上市規則，尤其是上市 規則當時的附錄三所載關於核心股東保障水平； (ii) 使本公司在舉行股東大會方面可靈活行事， 除實體會議外，容許以混合會議或電子會議方 式舉行；(iii) 容許所有附有公司印章的文件由兩 位董事或一位董事及秘書或董事會或董事會委 員會正式授權的任何兩位人士共同簽署；(iv) 現 代化及更新章程細則；及 (v) 作出其他內務修訂。 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。 77 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 Communications With Shareholders and Investors 與股東及投資者之溝通 We believe accountability and transparency are indispensable for ensuring good corporate governance and, in this regard, timely communication with our shareholders is crucial. 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。 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 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 2024 and considered that the policy has been properly implemented and remains effective. The Company keeps on promoting investor relations and enhancing communication with the existing shareholders and potential investors. 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。董事會已於二零二四 年六月檢討股東溝通政策，並同意該政策已妥 善實施仍然有效。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。 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. 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。 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 2023 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 chairmen of the R&N Committee, the Audit Committee and ESG Committee were also present to answer questions raised by shareholders. The Company’s External Auditors attended the 2023 Annual General Meeting to address questions about the conduct of the audit, the preparation and content of the auditors’ report, the accounting policies and auditors’ independence. Separate resolutions in respect of each substantial issue, including the appointment and re-election of Directors were proposed by the Chairman at the Annual General Meeting and were voted on by poll. The detailed procedures of conducting a poll were explained by the Chairman at the commencement of the Annual General Meeting to ensure that shareholders were familiar with such procedures. An independent scrutineer was appointed to count the votes and the poll results were posted on the websites of the Stock Exchange and the Company on the same day following the Annual General Meeting. 本公司視其股東週年大會為與股東溝通之重要 平台之一。所有董事均盡量出席股東週年大會。 於二零二三年股東週年大會上，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 出席二零二三年股東週年大會，回答有關審核 操守、核數師報告之編製及內容、會計政策以 及核數師獨立性之問題。 股 東 週 年 大 會 之 主 席 就 各 重 要 事 項（包 括 委 任 及重選董事）提呈獨立決議案，而有關決議案以 股份投票方式進行表決。主席於股東週年大會 開始時詳細解釋進行股份投票之程序，確保股 東熟悉有關程序。本公司並委任獨立監票人進 行點票，而股份投票結果於股東週年大會結束 後即日在聯交所及本公司之網站刊登。 78 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 The Company adheres to the Listing Rules and all regulatory requirements set for listed companies 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. T h e B o a r d a n d S e n i o r M a n a g e m e n t a c k n o w l e d g e t h e i r 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 priorities of the Company. We would actively reach out our shareholders by: 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。 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 們將透過以下方式積極聯繫股東： • • • • • one-on-one-meetings, conference calls, investor conferences, and non-deal roadshows publication of the Company’s latest financial results, announcements, ESG and business performance on its own corporate website, including interim and annual financial reports, sustainability reports, audio webcasts of analyst presentations given at results announcements, presentation slides played at investors conferences, announcements and the Company’s business performance publication and distribution of interim and annual reports shareholders meeting set up of dedicated Investor Relations’ email address/hotline to receive enquires from the shareholders and investing public • • • • • 一 對 一 會 議、電 話 會 議、投 資 者 會 議 及 非交易路演 在本公司的公司網站上刊發其最近期財 務業績、公告、環境、社會及管治以及業 務表現，當中包括中期及年度財務報告、 可 持 續 發 展 報 告、分 析 師 在 業 績 公 告 中 發 佈 的 音 頻 網 絡 廣 播、投 資 者 會 議 上 的 簡報、公告及本公司經營業績 刊登及派發中期及年度報告 股東大會 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 79 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Corporate Governance Report企業管治報告Lock Page不要加減頁Corporate Governance Report企業管治報告 此頁 Heading 不行斷後 80 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底DIRECTORS ANDSENIOR MANAGEMENT董事及高層管理人員Lock Page不要加減頁 BOARD OF DIRECTORS Executive Chairman 董事會 執行主席 Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 83, is the Executive Chairman of the Group. Mr. Lo was appointed a Director of the Company in 1972. Mr. Lo is a member of the Environmental, Social and Governance Committee of the Company. 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)，八十三 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 為 本 公 司 環 境、社 會 及 管 治 委 員 會 之 成 員。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。 81 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 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 85, was appointed a Director of the Company in 1994. Sir David is the chairman of the Remuneration and Nomination Committee and a member of the Audit Committee of the Company. 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 Territory, 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)，八十五歲， 於一九九四年獲委任為本公司董事。 李 爵 士 為 本 公 司 薪 酬 及 提 名 委 員 會 之 主 席 以 及 審 核 委 員 會 之 成 員。 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 香 港 及 澳 門 地 域 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。 82 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Mr. Jan P. S. ERLUND, aged 85, was appointed a Director of the Company in 2006. Mr. Erlund is a member of the Remuneration and Nomination Committee and a member of the Audit Committee of the Company. 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 五 歲， 於二零零六年獲委任為本公司董事。 Erlund 先 生 為 本 公 司 薪 酬 及 提 名 委 員會之成員以及審核委員會之成員。 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。 83 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 M r . A n t h o n y J o h n L i d d e l l N I G H T I N G A L E (CMG, SBS, JP), aged 76, was appointed a Director of the Company in 2015. Mr. Nightingale is the chairman of the Environmental, Social and Governance Committee, a member of the Remuneration and Nomination Committee and a member of the Audit Committee of the Company. 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 has stepped down as a non-executive director of Jardine Matheson Holdings Limited and of other Jardine Group companies since 31st January 2024. These include Dairy Farm and Hongkong Land. 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 a director of Matheson & Co. Limited and also the independent 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 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 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 member of The Chief Executive’s Council of Advisors on Innovation and Strategic Development and was a member of the HKUST Business School Advisory Council. He was a non-executive director of Schindler Holding Limited, Jardine Strategic Holdings Limited, Mandarin Oriental, Prudential plc and Jardine Cycle & Carriage Limited. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 黎 定 基 先 生(CMG, SBS, JP)，七 十 六 歲，於 二 零 一 五 年 獲 委 任 為 本 公 司 董事。黎先生為本公司環境、社會及 管 治 委 員 會 之 主 席、薪 酬 及 提 名 委 員會之成員以及審核委員會之成員。 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 於 二 零 二 四 年 一 月 三 十 一 日 起 退 任 怡 和 控 股 有 限 公 司 及 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 及 置 地 控 股 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 為Matheson & Co. Limited 之 董 事，同 時 亦 為 香 港 上 市 公 司 瑞 安 房 地 產 有 限 公 司 之 獨 立 非 執 行 董事。黎先生為 PT Astra International Tbk 的 委 員。彼 為 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 一 九 年 為 亞 太 經 合 組 織 願 景 小 組 香 港 代 表。彼 曾 為 行 政 長 官 創 新 及 策 略 發 展 顧 問 團 成 員 及 香 港 科 技 大 學 商 學 院 顧 問 委 員 會 成員。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、保 誠 保 險 有 限 公 司 以 及怡和合發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。 84 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Mr. Paul Jeremy BROUGH, aged 67, was appointed a Director of the Company in 2016. Mr. Brough is the chairman of the Audit Committee and a member of the Remuneration and Nomination Committee of the Company. Mr. Brough graduated from Nottingham Trent Business School with a Bachelor’s degree (Honours) in Business Studies. Mr. Brough is an associate of the Institute of Chartered Accountants in England and Wales and an associate of the Hong Kong Institute of Certified Public Accountants. Mr. Brough is an independent non- executive director of Guoco Group Limited, a company listed on the Hong Kong Stock Exchange, an independent non-executive director of The Hongkong and Shanghai Banking Corporation Limited, an independent non- executive director of The Executive Centre Limited, an independent non-executive director of Eagle Investments HoldCo and an independent non-executive director of Pacific Primary Health Care Holdings 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 is a director of Run Hong Kong Limited, a not-for-profit entity. Mr. Brough is also a director of Blue Willow Limited. 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 Habib Bank Zurich (Hong Kong) Limited, a Hong Kong restricted licence bank until 28th February 2023, the chairman of the General Committee of The Hong Kong Club until 11th May 2023 and the independent non-executive director of Toshiba Corporation until 22nd December 2023. 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 七 歲，於 二 零 一 六 年 獲 委 任 為 本 公 司 董 事。Brough 先 生 為 本 公 司 審 核 委 員 會 之 主 席 及 薪 酬 及 提 名 委 員 會 之 成 員。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 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、香港 上 海 滙 豐 銀 行 有 限 公 司 之 獨 立 非 執 行 董 事、德 事 商 務 中 心 有 限 公 司 之 獨立非執行董事、Eagle Investments HoldCo 之 獨 立 非 執 行 董 事 及Pacific Primary Health Care Holdings Limited 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 先生為非牟利機構 Run Hong Kong Limited 之 董 事。Brough 先 生 亦 為 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 二 三 年 二 月 二 十 八 日 前 擔 任 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 二 零 二 三 年 五 月 十 一 日 前 擔 任 香 港 會 理 事 會 主 席 及 於 二 零 二 三 年 十 二 月 二 十 二 日 前 擔 任 株 式 會 社 東 芝 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。 85 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Dr. Roy Chi-ping CHUNG (GBS, BBS, JP), aged 71, was appointed a Director of the Company in June 2017. Dr. Chung is a member of the Remuneration and Nomination Committee of the Company. Dr. Chung h o l d s a D o c t o r o f E n g i n e e r i n g D e g r e e f r o m t h e 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 2023. He was awarded a Doctor of Business Administration honoris causa by the Hong Kong Metropolitan University in 2023, an Honorary Doctor of Business Administration by the City University of Hong Kong in 2023, a Doctor of Business Administration honoris causa by The University of Macau in 2019, an Honorary Doctor of Science by The University of Warwick, United Kingdom in 2019, an Honorary Doctor of Business Administration by the Lingnan University in 2015, an Honorary Doctor of Business Administration by the Hong Kong Polytechnic University in 2007, and an Honorary Doctorate Degree by the University of Newcastle, New South Wales, Australia in 2006. He was awarded the Bronze Bauhinia Star (BBS) 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 is a Board Member of the West Kowloon Cultural District Authority. He 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 of Techtronic Industries Company Limited, and retired as its non-executive director effective from 10 May 2024. 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)，七 十 一 歲，於 二 零 一 七 年 六 月 獲 委 任 為 本 公 司 董 事。鍾 博 士 為 本 公 司 薪 酬 及 提 名 委 員 會 之 成 員。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 三 年 十 二 月 獲 英 國 華 威 大 學 再 次 委 任 為 工 程 教 授。彼 於 二 零 二 三 年 獲 香 港 都 會 大 學 頒 授 榮 譽 工 商 管 理 博 士 學 位 ︑ 於 二 零 二 三 年 獲 香 港 城 市 大 學 頒 授 榮 譽 工 商 管 理 博 士 學 位 ︑ 於 二 零 一 九 年 獲 澳 門 大 學 頒 授 榮 譽 工 商 管 理 博 士 學 位 ︑ 於 二 零 一 九 年 獲 英 國 華 威 大 學 頒 授 榮 譽 科 學 博 士 學 位 ︑ 於 二 零 一 五 年 獲 嶺 南 大 學 頒 授 榮 譽 工 商 管 理 學 博 士、於 二 零 零 七 年 獲 香 港 理 工 大 學 頒 授 榮 譽 工 商 管 理 博 士 及 於 二 零 零 六 年 獲 澳 洲 新 南 威 爾 斯州紐卡斯爾大學頒發榮譽博士銜。 鍾 博 士 分 別 於 二 零 一 一 年 七 月 一 日 及 二 零 一 七 年 七 月 一 日 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 為 西 九 文 化 區 管 理 局 之 董 事 局 成 員。彼 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， 及 於 二 零 二 四 年 五 月 十 日 起 退 任 其 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。 86 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Non-executive Directors 非執行董事 Ms. Yvonne Mo-ling LO, aged 76, was appointed a Director of the Company in 1993. Ms. Lo is a member of the Remuneration and Nomination Committee of the Company. 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 D i r e c t o r o f t h e C o m p a n y ) , M s . J o y L o C h e u n g , Mr. Christopher Lye and Ms. Alexandra Chan (the substantial shareholders of the Company). Mr. Peter Tak-shing LO, aged 62, was appointed a Director of the Company in June 2017. Mr. Lo is a member of the Remuneration and Nomination Committee of the Company. 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 of Café 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). 羅慕玲女士，七十六歲，於一九九三 年 獲 委 任 為 本 公 司 董 事。羅 女 士 為 本 公 司 薪 酬 及 提 名 委 員 會 之 成 員。 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。 羅德承先生，六十二歲，於二零一七 年 六 月 獲 委 任 為 本 公 司 董 事。羅 先 生 為 本 公 司 薪 酬 及 提 名 委 員 會 之 成 員。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。 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。 87 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Ms. May LO, aged 49, was appointed a Director of the Company in June 2017. Ms. Lo is currently the Deputy Chairman of the Board, a member of the Remuneration and Nomination Committee and a member of the Environmental, Social and Governance Committee of the Company. 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，四十九歲，於二零一七 年 六 月 獲 委 任 為 本 公 司 董 事 。 羅 女 士 現 為 董 事 會 副 主 席 ︑ 本 公 司 薪酬及提名委員會之成員以及環境、 社 會 及 管 治 委 員 會 之 成 員。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 曾 擔 任 一 間 全 球 資 產 管 理 公 司 之 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。 88 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Executive Directors 執行董事 Mr. Roberto GUIDETTI, aged 61, was appointed as the Executive Director of the Company on 1st April 2014. Mr. Guidetti is a member of the Environmental, Social and Governance Committee of the Company. 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 35 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 24 years in this field in Mainland China, and regions including the Hong Kong SAR and Taiwan. Mr. Guidetti is a non-executive director of Ariston Group (listed company in Italy) and Givaudan (listed company in Switzerland). 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，六十一歲，於二零一四 年 四 月 一 日 獲 委 任 為 本 公 司 執 行 董 事。陸博濤先生為本公司環境、社會 及 管 治 委 員 會 之 成 員。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 五 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 四 年。陸 博 濤 先 生 為 阿 里 斯 頓 集 團（意 大 利 上 市 公 司）及 奇 華 頓 （瑞 士 上 市 公 司）之 非 執 行 董 事。除 已 披 露 者 外，彼 於 過 往 三 年 並 無 於 其他上市公眾公司擔任任何董事職務。 89 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Mr. Eugene LYE, aged 54, was appointed a Director of the Company in October 2017. Mr. Eugene is a member of the Environmental, Social and Governance Committee of the Company. 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 20 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，五十四歲，於二零一七 年十月獲委任為本公司董事。黎先生 為 本 公 司 環 境、社 會 及 管 治 委 員 會 之 成 員。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 二 十 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。 90 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 SENIOR MANAGEMENT 高層管理人員 GROUP CHIEF FINANCIAL OFFICER Ms. Ian Hong NG, aged 53, 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 projects in fast moving consumer goods (FMCG) industry. Ms. Ng is a US Certified Public Accountant, member of HKICPA, and holds a Master’s Degree in Business Administration at the University of Southern California Marshall School of Business. 集團首席財務總監 吳 茵 虹 女 士，五 十 三 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 於快速消費品行業，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 項 目方面擁有豐富經驗。吳女士為美國執業註冊 會計師、香港會計師公會會員，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。 CHIEF EXECUTIVE OFFICER OF MAJOR SUBSIDIARIES 主要附屬公司行政總裁 Mainland China 中國內地 Mr. David Dong WANG, aged 56, Chief Executive Officer, Mainland China Operation. Mr. Wang joined the Group in April 2024. Mr. Wang holds a Bachelor of Science from Sun Yat Sen University and an EMBA from University of Minnesota. Prior to his appointment at the Group, he held the position of President at Tupperware China, and has previously occupied a number of senior roles within P&G, as well as PepsiCo’s Food and Beverage units. Mr. Wang has over 30 years’ experience in senior general management and commercial roles within the fast moving consumer goods (FMCG) sector. 王棟先生，五十六歲，中國內地業務行政總裁。 王先生於二零二四年四月加入本集團。王先生 分別持有中山大學理學學士學位及明尼蘇達大 學高級管理人員碩士學位。獲本集團聘任前， 彼 曾 擔 任 特 百 惠 中 國 區 總 裁，並 曾 於 寶 潔 及 百事公司食品及飲料部門擔任多個高級職位。 王先生於快速消費品行業擁有超過三十年的高 級綜合管理及商務職位經驗。 Hong Kong Operation (Hong Kong SAR, 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） Mr. Anthony Kai-yip CHAN, aged 55, Chief Executive Officer, Hong Kong Operation. He joined the Group in 2007 and has been promoted to the Chief Executive Officer of the Group’s Hong Kong Operation in April 2023. He was appointed the Sales Director of the Hong Kong Operation in 2009 with wealth of experience in general management particularly for the sales and marketing areas. Mr. Chan is currently responsible for the general management and development of the Group’s operations in the Hong Kong SAR, the Macau SAR and global export markets. Mr. Chan has solid and extensive working experience in different leading multinational companies including fast moving consumer goods (FMCG) and consumer healthcare categories prior to joining the Company. Mr. Chan received his education in the Hong Kong SAR and earned his Master degree in Business Administration and Bachelor of Laws (LLB) in 1998 and 2002 respectively. 陳 啟 業 先 生，五 十 五 歲，香 港 業 務 行 政 總 裁。 彼於二零零七年加入本集團，於二零二三年四 月獲晉升為本集團香港業務之行政總裁。彼於 二零零九年獲委任為香港業務之銷售總監，擁 有豐富日常管理經驗，尤其是在銷售及營銷領 域方面。陳先生目前負責本集團香港特別行政 區、澳門特別行政區及全球出口市場業務之日 常管理及發展。加入本公司之前，陳先生在快 速消費品及保健消費產品等不同領先跨國公司 工 作，擁 有 扎 實 豐 富 的 工 作 經 驗。陳 先 生 於 香港特別行政區接受教育，分別於一九九八年 及二零零二年取得工商管理碩士學位及法學學 士學位。 91 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 Australia and New Zealand 澳洲及新西蘭 Ms. Sangeerni Mahalinga IYER, aged 38, Managing Director of Vitasoy Australia Products Pty. Ltd.. Ms. Iyer is responsible for general management and development of the Group’s operation in Australia and New Zealand. She joined the Group in June 2020 as the Commercial Director of Vitasoy Australia and New Zealand prior to being promoted to the Managing Director role. Ms. Iyer has extensive experience across Asia Pacific and Europe in fast moving consumer goods (FMCG), Agribusiness and Investment banking having held senior finance executive roles. She holds master’s degree in business from University of Queensland and Master in Econometrics from London School of Economics in addition to being a Certified Practicing Accountant. Sangeerni Mahalinga IYER 女 士，三 十 八 歲， Vitasoy Australia Products Pty. Ltd. 之 董 事 總 經 理。Iyer 女 士 負 責 管 理 及 發 展 本 集 團 在 澳 洲 及 新西蘭之業務。彼於二零二零年六月加入本集 團，在獲晉升為董事總經理前，擔任維他奶澳 洲 及 新 西 蘭 商 業 總 監。Iyer 女 士 在 亞 太 地 區 及 歐洲的快速消費品、農業業務及投資銀行領域 擁有豐富經驗，並曾擔任多個高級財務主管職 位。彼持有昆士蘭大學工商管理碩士學位及倫 敦經濟學院經濟計量學碩士學位，同時為註冊 執業會計師。 Singapore 新加坡 Mr. Christopher Lloyd MARCHANT, aged 45, Chief Executive Officer 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. Christopher Lloyd MARCHANT 先 生，四 十 五 歲，為 本 集 團 於 新 加 坡 之 豆 腐 生 產 公 司， Vitasoy International Singapore Pte. Ltd. 之 行 政 總裁。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 快速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，彼之前在新加 坡完成中學教育並在此開展事業。 CHIEF EXECUTIVE OFFICER IN JOINT VENTURE 合營公司行政總裁 The Philippines Mr. Carlo Angelo M. LICUANAN, aged 43, General Manager of Vitasoy-URC Inc., the Group’s joint venture company in the Philippines. Mr. Licuanan is responsible for the general management and development of the Group’s business in the Philippines. He joined the joint venture company in April 2021. Mr. Licuanan has extensive experience spanning more than two decades across Asia Pacific which includes General Management and Chief Marketing Officer roles, among others. He has delivered solid business building results and brings with him a wealth of experience managing multiple countries especially in Southeast Asia. His career has been mostly spent in key fast moving consumer goods (FMCG) roles in Fortune 500 multinational companies. After being expatriated to Singapore to handle a regional role, he came back to the Philippines where he originally comes from. He has double degrees in Economics and Accountancy, graduating Magna Cum Laude, and was even among the top passers in the Certified Public Accountancy board examination. He was awarded by the President of the country as one of the Ten Outstanding Students of the Philippines. 菲律賓 Carlo Angelo M. LICUANAN 先 生，四 十 三 歲， 為本集團菲律賓合營公司 Vitasoy-URC Inc. 之總 經 理。Licuanan 先 生 負 責 本 集 團 菲 律 賓 業 務 之 日常管理及發展。彼於二零二一年四月加入合 營 公 司。Licuanan 先 生 在 亞 太 地 區 擁 有 長 達 超 過 20 年的豐富經驗，其中曾擔任總經理及首席 營銷總監等職位。彼在建設業務拓展方面取得 扎實成果，在管理多個國家（尤其是東南亞）業 務方面擁有豐富經驗。其職業生涯主要在《財富》 世界 500 強的快速消費品跨國公司擔任重要職 務。在被派遣前往新加坡擔任地區職務後，彼 再回歸菲律賓家鄉。彼擁有經濟學及會計學雙 學位，以優異成績畢業，甚至在執業註冊會計 師委員會考試中名列前茅，並獲國家總統頒授 為菲律賓十大傑出學生。 92 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Directors and Senior Management董事及高層管理人員 The Directors have pleasure in submitting their Annual Report together with the audited financial statements for the year ended 31st March 2024. 董事會欣然提呈截至二零二四年三月三十一日 止年度之年報及經審核財務報表。 Principal Place of Business 主要營業地點 Vitasoy International Holdings Limited (the “Company”) is a company incorporated and domiciled in Hong Kong SAR and has its registered office and principal place of business at No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong SAR. 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。 Principal Activities 主要業務 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 13 to the consolidated financial statements. 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綜合財務 報表附註 13。 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 consolidated 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綜合財務報表附註 3。 Further discussion and analysis of these activities as required by Schedule 5 to the Hong Kong Companies Ordinance, including a discussion of the principal risks and uncertainties facing the Group and an indication of likely future developments in the Group’s business, can be found in the Group Chief Executive Officer’s Report/Business Review set out on pages 10 to 24 of this Annual Report. The environmental, employees, customers and suppliers matters that have a significant impact on the Group, are provided in the FY2023/2024 Sustainability Report 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. We attached great importance to the Group’s compliance with all applicable laws, regulations and regulatory requirements, in adhering us to the best industry practices. During the year, there was no material breach of or non-compliance by the Group with the applicable laws and regulations that have significant impacts on the Group’s operations. 按香港公司條例附表 5 規定對該等業務作出之 進 一 步 討 論 及 分 析（包 括 有 關 本 集 團 面 對 的 主 要風險及不明朗因素之討論以及本集團業務日 後可能發展之顯示），載於本年報第 10 至 24 頁 之集團行政總裁報告╱業務回顧。有關環境、 僱員、客戶及供應商且對本集團有重大影響之 事宜載於二零二三╱二零二四財政年度可持續 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。 我們非常重視本集團遵守所有適用的法律、法 規及監管規定，並堅持貫徹最佳行業常規。年內， 本集團並無重大違反或不遵守適用法律及法規 而對本集團營運產生重大影響的情況。 93 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁 Major Customers and Suppliers 主要客戶及供應商 For the year ended 31st March 2024, the percentage of sales attributable to the Group’s five largest customers was less than 30%. 於截至二零二四年三月三十一日止年度，本集 團五大客戶佔本集團之營業額少於 30%。 The information in respect of the Group’s purchases attributable to 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 19% 30% At no time during the year have the Directors, their close associates or any shareholder of the Company (which to the knowledge of the Directors owns more than 5% of the Company’s issued shares) held any interest in these major suppliers. 各董事、彼等之緊密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 建議股息 An interim dividend of HK1.4 cents per ordinary share (2023: HK1.3 cents) was paid on 20th December 2023. The Directors recommended the payment of a final dividend of HK6.3 cents per ordinary share (2023: HK1.4 cents) in respect of the year ended 31st March 2024. 中期股息每股普通股 1.4 港仙（二零二三年：1.3 港仙）已於二零二三年十二月二十日派付。董事 建議就截至二零二四年三月三十一日止年度派 發末期股息每股普通股 6.3 港仙（二零二三年：1.4 港仙）。 Donations 捐款 Charitable and other donations made by the Group during the year amounted to HK$3,497,000 (2023: HK$1,799,000). 本 集 團 於 年 內 之 慈 善 及 其 他 捐 款 共 達 港 幣 3,497,000 元（二零二三年：港幣 1,799,000 元）。 Bank Loans 銀行貸款 Particulars of bank loans of the Group, as at 31st March 2024 are set out in note 20 to the consolidated financial statements. 本集團於二零二四年三月三十一日之銀行貸款 詳情載於綜合財務報表附註 20。 Share Capital 股本 Details of the movements in share capital of the Company during the year are set out in note 25(c) to the consolidated financial statements. Shares were issued during the year on the exercise of share options and vesting of share awards. 本公司於年內之股本變動詳情載於綜合財務報 表附註 25(c)。本公司因購股權獲行使及歸屬股 份獎勵而於年內發行股份。 94 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Directors 董事 The Directors during the financial year and up to the date of this Annual Report are set out on page 2. 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。 Pursuant to Article 104 of the Company’s Articles of Association, Dr. the Hon. Sir David Kwok-po LI, Mr. Jan P.S. ERLUND, Mr. Anthony John Liddell NIGHTINGALE and Mr. Roberto GUIDETTI will retire from the Board by rotation at the forthcoming Annual General Meeting. Dr. the Hon. Sir David Kwok-po LI and Mr. Jan P.S. ERLUND have informed the Board that they will not offer themselves for re-election whereas the other two retiring Directors, Mr. Anthony John Liddell NIGHTINGALE and Mr. Roberto GUIDETTI, being eligible, offer themselves for re-election. 根據本公司之章程細則第 104 條，李國寶爵士、 Jan P. S. ERLUND 先 生、黎 定 基 先 生 及 陸 博 濤 先生將於應屆股東週年大會上輪值退任。李國 寶 爵 士 及 Jan P. S. ERLUND 先 生 已 知 會 董 事 會 彼等不會膺選連任，而另外兩名退任董事黎定 基先生及陸博濤先生符合資格並願意膺選連任。 None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. 擬於應屆股東週年大會上膺選連任之董事並無 與本公司或其任何附屬公司簽訂本公司或其任 何附屬公司不得於一年內終止而不作出賠償（一 般法定賠償除外）之服務合約。 Directors of Subsidiaries 附屬公司之董事 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 “For Investors/Governance/Board of Directors/Directors of Subsidiaries”. 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 相 關 ╱ 管 治 ╱ 董 事 會╱附屬公司董事」項下可供查閱。 95 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures 董事於股份、相關股份及債權證之 權益及淡倉 The Directors of the Company who held office at 31st March 2024 had the following interests in the shares and underlying 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: 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 零二四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》）之股份及相關股份權益如下： (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) 68,540,659 28,702,500 72,678,300 776,914 170,698,373 15.91% 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 8.58% (iii),(iv) 9,198,000 – 121,657,000 – 130,855,000 12.20% 2,100,000 – (v) 5,626,568 100,000 442,313 – – – – – 2,100,000 0.20% 755,655 6,482,223 0.60% – 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 of shares of the Company in issue (i.e. 1,072,814,812 ordinary shares) as at 31st March 2024. * 此 百 分 比 乃 根 據 本 公 司 於 二 零 二 四 年 三 月 三十一日已發行之股份總數（即 1,072,814,812 股普通股）計算。 96 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures (continued) 董事於股份、相關股份及債權證之 權益及淡倉（續） (1) Interests in issued shares (continued) (1) 於已發行股份之權益（續） Notes: (i) (ii) (iii) (iv) Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares through interests of his wife. The 776,914 equity derivatives represented interests in unvested shares granted under the Company’s 2021 Share Award Scheme. 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. 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. 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 held by The Bank of East Asia (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. (v) Mr. Roberto GUIDETTI and his wife jointly hold family interests of 100,000 shares. The 755,655 equity derivatives represented interests in unvested shares granted under the Company’s 2021 Share Award Scheme. (2) Interests in underlying shares 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. 附註： (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。776,914 份股本衍生工具乃指根據本公司二零二一年股 份獎勵計劃所授出之未歸屬股份之權益。 (ii) 羅 慕 玲 女 士 擁 有 由Yvonne Lo Charitable 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) 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 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， 故被視為擁有該等股份之權益。 (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 755,655 份股本衍生工具指根 據本公司二零二一年股份獎勵計劃所授出之未 歸屬股份之權益。 (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獎勵股份，詳情分別 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 Issuers. 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 據上市發行人董事進行證券交易之標準守則另 行知會本公司之權益或淡倉。 97 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements 股票掛鈎協議 The Company has two existing share schemes, namely the 2022 Share Option Scheme and the 2021 Share Award Scheme. The shareholders of the Company have approved at the 2023 Annual General Meeting the amendments to the 2022 Share Option Scheme and the 2021 Share Award Scheme (together, the “Amended Schemes”) to bring the terms of the Amended Schemes in line with the amended Chapter 17 of the Listing Rules. The Stock Exchange has granted an approval for the listing of new shares of the Company to be issued under the Amended Schemes pursuant to Chapter 17 of the Listing Rules (the “Scheme Mandate Limit”). Accordingly, as at 31st March 2024, the share options/share awards available for grant under the Amended Schemes and any other share schemes of the Company shall not exceed 107,281,481, representing 10% of the shares in issue of the Company as at 31st March 2024 and the date of this annual report pursuant to the Scheme Mandate Limit. 本公司現有兩項股份計劃，即二零二二年購股 權計劃及二零二一年股份獎勵計劃。本公司股 東在二零二三年股東週年大會已批准修訂二零 二二年購股權計劃及二零二一年股份獎勵計劃 （統稱「經修訂計劃」），以令經修訂計劃條款符 合經修訂上市規則第 17 章。根據上市規則第 17 章，聯交所已授出就經修訂計劃而將予發行之 本公司新股份上市之批准（「計劃授權限額」）。 因此，於二零二四年三月三十一日，按計劃授 權限額，就經修訂計劃及本公司任何其他股份 計劃項下授出之購股權╱獎勵股份之數目不得 超過 107,281,481 股，其佔本公司於二零二四年 三月三十一日及本年報日期已發行股份之 10%。 The 2012 Share Option Scheme had expired on the tenth anniversary of its adoption date, any share options that are outstanding under the 2012 Share Option Scheme shall remain in force according to the terms the scheme. 二零一二年購股權計劃已自其採納日期起第 10 個週年屆滿，根據二零一二年購股權計劃授出 任何尚未行使之購股權根據計劃條款仍具有效力。 Further details of the Company’s share option schemes and share award scheme are set out below. 本公司購股權計劃及股份獎勵計劃的進一步詳 情載列如下： Share option scheme 購股權計劃 (1) Share option scheme approved on 28th August 2012 (1) 於二零一二年八月二十八日批准之購 On 28th August 2012, the Company adopted a 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 provides Eligible Participants with the opportunity to own 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. 股權計劃 本公司於二零一二年八月二十八日採納購股權 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 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。 98 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） (1) Share option scheme approved on 28th August 2012 (1) 於二零一二年八月二十八日批准之購 (continued) The principal terms of the 2012 Share Option Scheme were as follows: 股權計劃（續） 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。 An offer of the grant of an option remains open for acceptance by an Eligible Participant for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An Eligible Participant had to pay HK$10 on acceptance of the option as a consideration. － 合資格參與者於要約日期起計二十八日 或董事酌情決定之較長或較短期間內接 納授出購股權之要約。合資格參與者須 於接納購股權時支付港幣 10 元作為代價。 Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one Eligible Participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. － 除獲本公司股東於股東大會上批准外， 於截至授出日期止之任何十二個月期間 內，就任何一名合資格參與者行使獲授 予之購股權（包括已行使、已註銷及未行 使 之 購 股 權）而 已 發 行 及 須 予 發 行 之 股 份總數，不得超過於授出日期之已發行 股份 1%。 99 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） (1) Share option scheme approved on 28th August 2012 (1) 於二零一二年八月二十八日批准之購 (continued) 股權計劃（續） The 2012 Share Option Scheme was terminated on 27th August 2022 following which no further option was granted under the 2012 Share Option Scheme. 二 零 一 二 年 購 股 權 計 劃 於 二 零 二 二 年 八 月 二十七日終止，其後概不會再根據二零一二年 購股權計劃授出購股權。 Outstanding share options granted under the 2012 Share Option Scheme prior to such termination shall continue to be valid and, subject to the vesting schedule, exercisable in accordance with the 2012 Share Option Scheme. There were 15,810,500 outstanding options that may be issued upon exercise of the right attaching thereto, representing approximately 1.47% of the issued share capital of the Company as at the date of this annual report, under the 2012 Share Option Scheme. 於上述終止前根據二零一二年購股權計劃已授 出但尚未行使之購股權仍將繼續有效，且根據 歸屬安排可根據二零一二年購股權計劃予以行 使。根 據 二 零 一 二 年 購 股 權 計 劃，15,810,500 份尚未行使之購股權可於行使其所附權利後予 以發行，佔本公司於本年報日期已發行股本約 1.47%。 (2) Share option scheme approved on 30th August 2022 (2) 於二零二二年八月三十日批准之購股 On 30th August 2022, the Company adopted a new share option scheme (the “2022 Share Option Scheme”). The purpose of the 2022 Share Option 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 strategic objectives of the Company. It provides Eligible Participants with an opportunity to own a personal stake in the Company with a view to motivating the Eligible Participants to utilise their performance and efficiency for the benefit of the Group; and attracting and retaining or otherwise maintaining an ongoing relationship with the Eligible Participants whose contributions are or will be beneficial to the long term growth of the Group. The Board may at its discretion grant options to any Director, executive or employee of the Company or its subsidiaries. 權計劃 於二零二二年八月三十日，本公司採納一項新 購股權計劃（「二零二二年購股權計劃」）。二零 二二年購股權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。該計劃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。 100 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） (2) Share option scheme approved on 30th August 2022 (2) 於二零二二年八月三十日批准之購股 (continued) The principal terms of the 2022 Share Option Scheme were as follows: 權計劃（續） 二零二二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。 The minimum period for which an option must be held before such an option can be exercised shall not be less than 12 months (or such other period as may be prescribed by the Listing Rules). The Board and/or the Company may, at its absolute discretion, determine that a shorter vesting period shall apply than the prescribed minimum period. － 購股權在其可獲行使之前必須持有的期 限為不少於十二個月（或上市規則不時規 定的其他期限）。董事會及╱或本公司可 全權酌情決定採用較規定的最短期限更 短的歸屬期限。 The 2022 Share Option Scheme does not specify a performance metric which must be achieved before an option can be exercised. The Company may specify such performance target and the terms of the 2022 Share Option Scheme provided that the Board may determine, at its sole discretion, such term(s) on the grant of an option. － 二零二二年購股權計劃並無指定行使購 股 權 前 必 須 達 到 的 表 現 指 標。本 公 司 可 訂定表現目標及二零二二年購股權計劃 之 條 款，惟 董 事 會 可 就 授 予 購 股 權 自 行 酌情釐定有關條款。 An offer of the grant of an option remains 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. － 授出購股權之要約自要約日期起之 28 日 內或董事可能酌情釐定更長或更短之期 間開放予合資格參與者接納。 101 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） (2) Share option scheme approved on 30th August 2022 (2) 於二零二二年八月三十日批准之購股 (continued) – 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 under all share option schemes, or vested and to be vested under other share award schemes already granted or to be granted (excluding any options and/or awards lapsed in accordance with the terms of the 2022 Share Option Scheme or other share award schemes) to any one Eligible Participant in any 12-month period up to and including the date of grant shall not in aggregate over 1% of the shares in issue as at the date of grant. 權計劃（續） － 除 獲 本 公 司 股 東 於 股 東 大 會 上 批 准 外， 於截至及包括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 根 據全部購股權計劃行使購股權或根據已 獲授予或將獲授予之其他股份獎勵計劃 歸屬及將予歸屬（不包括根據二零二二年 購股權計劃或其他股份獎勵計劃已失效 之任何購股權及╱或獎勵）而已發行及須 予 發 行 之 股 份 總 數，不 得 超 過 於 授 出 日 期之已發行股份 1%。 During the year, 3,164,000 options were granted under the 2022 Share Option Scheme. 於 年 內，根 據 二 零 二 二 年 購 股 權 計 劃 已 授 出 3,164,000 份購股權。 As at 31st March 2024, there were 3,040,000 outstanding options that may be issued upon exercise of the right attaching thereto, representing approximately 0.28% of the issued share capital of the Company as at the date of this annual report, under the 2022 Share Option Scheme. 於二零二四年三月三十一日，根據二零二二年 購股權計劃，3,040,000 份尚未行使之購股權可 於行使其附帶權利時發行，佔本公司於本年報 日期之已發行股本約 0.28%。 The number of options available for grant under the 2022 Share Option Scheme under the then scheme mandate limit at 1st April 2023 was 107,080,103. 按之前的計劃授權限額，根據二零二二年購股 權計劃於二零二三年四月一日可予授出之購股 權數目為 107,080,103 份。 The 2022 Share Option Scheme will end on 29th August 2032. 二 零 二 二 年 購 股 權 計 劃 將 於 二 零 三 二 年 八 月 二十九日終止。 At 31st March 2024, 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 2024 was HK$6.71) in consideration of HK$10 for each grant under the 2012 Share Option Scheme and nil consideration under the 2022 Share Option Scheme of the Company. As at 31st March 2024, 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) (iii) to the consolidated financial statements, amounted to HK$55,002,000 and HK$27,836,000 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 2024 were exercised, the Company would receive proceeds of HK$349,057,000. 於二零二四年三月三十一日，本公司董事及僱 員在根據本公司二零一二年購股權計劃獲授可 以每份購股權代價港幣 10 元及根據二零二二年 購 股 權 計 劃 為 零 代 價 認 購 本 公 司 普 通 股（於 二 零二四年三月三十一日之每股市值為港幣 6.71 元）之購股權中擁有下列權益。於二零二四年三 月三十一日，根據綜合財務報表附註 1(q)(iii) 所 載之會計政策，未行使之已歸屬購股權及未歸 屬購股權以授出日期公允值計算，總值分別為 港 幣55,002,000 元 及 港 幣27,836,000 元。該 等 購股權均為非上市。一旦歸屬後，各份購股權 會賦予持有人認購本公司一股普通股之權利。 假設所有於二零二四年三月三十一日尚未行使 之購股權獲行使，本公司將收取所得款項港幣 349,057,000 元。 102 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） Particulars of share options outstanding during the year and at the end of the year are as follows: 年內及於年結時，尚未行使之購股權詳情如下： Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 Period during which options are exercisable (dd/mm/yyyy – dd/mm/yyyy) 購股權行使期 （日╱月╱年－ 日╱月╱年） Price per share on exercise of options 行使購股權 時須付之 每股價格 HK$ 港幣 Number of options granted during the year 年內授出之 購股權數目 Number of options exercised during the year 年內行使之 購股權數目 Number of options forfeited during the year 年內沒收之 購股權數目 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 * Market value per share on exercise of options *行使 購股權時之 每股市價 HK$ 港幣 HK$ 港幣 Date of grant (dd/mm/yyyy) 授出日期 （日╱月╱年） Participants 參與者 Directors 董事 Mr. Winston Yau-lai LO (also a substantial shareholder) 羅友禮先生 09/09/2013 09/09/2014 – 08/09/2023 9.370 1,704,000 10/09/2014 10/09/2015 – 09/09/2024 10.080 1,792,000 14/09/2015 14/09/2016 – 13/09/2025 13.600 1,588,000 （亦為主要股東） 06/09/2016 06/09/2017 – 05/09/2026 14.792 1,420,000 Mr. Roberto GUIDETTI 陸博濤先生 26/06/2017 26/06/2018 – 25/06/2027 16.296 1,254,000 19/06/2018 19/06/2019 – 18/06/2028 25.100 1,288,000 21/06/2019 21/06/2020 – 20/06/2029 44.810 866,000 22/06/2020 22/06/2021 – 21/06/2030 30.200 1,032,000 Five highest paid eligible employees ^ 五名最高薪合資格僱員^ # 24/08/2021 18/06/2022 – 23/08/2031 04/07/2022 04/07/2023 – 03/07/2032 26/06/2023 26/06/2024 – 25/06/2033 @ 28/01/2019 28/01/2020 – 27/01/2029 21/06/2019 21/06/2020 – 20/06/2029 22/06/2020 22/06/2021 – 21/06/2030 # 24/08/2021 18/06/2022 – 23/08/2031 04/07/2022 04/07/2023 – 03/07/2032 26/06/2023 26/06/2024 – 25/06/2033 19.500 14.140 12.216 30.350 44.810 30.200 19.500 14.140 12.216 814,000 998,000 – 1,022,000 320,000 28,000 194,000 356,000 402,000 – – – – – – 406,000 – – – – – – – – – – (1,704,000) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,792,000 1,588,000 1,420,000 1,254,000 1,288,000 866,000 1,032,000 814,000 998,000 1,022,000 320,000 28,000 194,000 356,000 402,000 406,000 9.950 9.890 11.520 15.280 16.200 24.000 42.550 29.550 18.920 13.720 10.160 30.000 42.550 29.550 18.920 13.720 10.160 13.433 – – – – – – – – – – – – – – – – 103 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） Period during which options are exercisable (dd/mm/yyyy – dd/mm/yyyy) 購股權行使期 （日╱月╱年－ 日╱月╱年） Price per share on exercise of options 行使購股權 時須付之 每股價格 Number of options outstanding at the beginning of the year 年初時 尚未行使之 購股權數目 Number of options granted during the year 年內授出之 購股權數目 Number of options exercised during the year 年內行使之 購股權數目 Number of options forfeited during the year 年內沒收之 購股權數目 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 Date of grant (dd/mm/yyyy) 授出日期 （日╱月╱年） Participants 參與者 Other eligible employees working under employment contracts 根據僱傭合約工作之 其他合資格僱員 26/06/2015 26/06/2016 – 25/06/2025 24/06/2016 24/06/2017 – 23/06/2026 26/06/2017 26/06/2018 – 25/06/2027 19/06/2018 19/06/2019 – 18/06/2028 21/06/2019 21/06/2020 – 20/06/2029 22/06/2020 22/06/2021 – 21/06/2030 HK$ 港幣 13.600 14.792 16.296 25.100 44.810 30.200 18,000 198,000 294,000 330,000 282,000 354,000 # 24/08/2021 18/06/2022 – 23/08/2031 19.500 1,084,000 04/07/2022 04/07/2023 – 03/07/2032 14.140 1,886,000 – – – – – – – – 26/06/2023 26/06/2024 – 25/06/2033 12.216 – 1,736,000 HK$ 港幣 13.620 13.960 16.200 24.000 42.550 29.550 18.920 13.720 10.160 – – – – – – – – – – – 18,000 198,000 (16,000) 278,000 (22,000) 308,000 (50,000) 232,000 (76,500) 277,500 (242,000) 842,000 (581,000) 1,305,000 (124,000) 1,612,000 18,502,000 3,164,000 (1,704,000) (1,111,500) 18,850,500 * Market value per share on exercise of options *行使 購股權時之 每股市價 HK$ 港幣 – – – – – – – – – The options granted to each Director are registered under the names of the Directors who are also the beneficial owners. 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 of the Company’s ordinary shares immediately before the dates on which the options were granted or exercised, as applicable. for the options granted on 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. for the options granted on 24th August 2021, options 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. of the five individuals with the highest emoluments, two are Directors whose emoluments are disclosed separately. * @ # ^ 即本公司普通股於緊接購股權授出或獲行使日 期前一日適用之收市價或加權平均收市價。 就 二 零 一 九 年 一 月 二 十 八 日 授 出 之 購 股 權 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。 就二零二一年八月二十四日授出之購股權而言， 自 二 零 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。 在五名最高酬金人士中，兩名為董事，其酬金 單獨披露。 104 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share option scheme (continued) 股票掛鈎協議（續） 購股權計劃（續） 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) (iii) and note 23(a) to the consolidated financial statements respectively. 有關授出購股權之會計政策及每份購股權價值 之資料分別載於綜合財務報表附註 1(q)(iii) 及附 註 23(a)。 105 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share award scheme 股票掛鈎協議（續） 股份獎勵計劃 The Company adopted a share award scheme on 22nd March 2021 (the “2021 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 2021 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 2021 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. 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（「二零二一年股份獎勵計劃」）， 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 二 零 二一年股份獎勵計劃，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。二零二一年股份獎勵 計劃旨在吸引及挽留管理層和主要僱員、務求 合資格參與者的利益能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。 The principal terms of the 2021 Share Award Scheme were as follows: 二零二一年股份獎勵計劃之主要條款如下： – – – The 2021 Share Award Scheme is 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 2021 Share Award Scheme. － 二零二一年股份獎勵計劃自二零二一年 七月一日起生效，有效期為十年（惟董事 會 提 前 終 止 除 外），並 由 董 事 會 及 二 零 二一年股份獎勵計劃受託人管理。 The minimum period for which an award must be held before vesting shall not be less than 12 months (or such other period as may be prescribed by the Listing Rules from time to time). The Board and/or the Company may at its absolute discretion, determine that a shorter vesting period shall apply than the prescribed minimum period. － 獎勵在其可獲行使之前必須持有的期限 為 不 少 於 十 二 個 月（或 上 市 規 則 不 時 規 定 的 其 他 期 限）。董 事 會 及 ╱ 或 本 公 司 可全權酌情決定採用較規定的最短期限 更短的歸屬期限。 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 all options under all share option schemes, or vested and to be vested under all share award schemes already granted or to be granted to such eligible participant (excluding any options and/or awards lapsed in accordance with the terms of the 2021 Share Award Scheme or other share award schemes) in the 12-month period up to and including the date of grant shall not in aggregate over 1% of the shares in issue as at the date of grant. － 除獲本公司股東於股東大會上批准外， 於截至及包括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根 據全部購股權計劃行使購股權或根據已 獲授予或將獲授予之全部股份獎勵計劃 歸 屬 及 將 予 歸 屬（不 包 括 根 據 二 零 二 一 年股份獎勵計劃或其他股份獎勵計劃已 失 效 之 任 何 購 股 權 及 ╱ 或 獎 勵）而 已 發 行及須予發行之股份總數，不得超過於 授出日期之已發行股份 1%。 During the year, 1,643,183 awards were granted under the 2021 Share Award Scheme which may be vested to the awardees, representing approximately 0.15% of the issued share capital of the Company as at the date of this annual report. 於年內，根據二零二一年股份獎勵計劃已授出 可向獲授人歸屬之 1,643,183 份獎勵，佔本公司 於本年報日期已發行股本約 0.15%。 106 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share award scheme (continued) 股票掛鈎協議（續） 股份獎勵計劃（續） The number of share awards available for grant under the 2021 Share Award Scheme under the then scheme mandate limit at 1st April 2023 was 50,908,710. 按之前的計劃授權限額，根據二零二一年股份 獎勵計劃於二零二三年四月一日可予授出之股 份獎勵數目為 50,908,710 份。 Particulars of share awards outstanding during the year and at the end of the year are as follows: 年內及於年結時，尚未歸屬之獎勵股份詳情如下： 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 outstanding at the end of the year 年終時尚未 歸屬之獎勵 數目 *Market value per share at date of grant of awards *授出獎勵 之日之 每股市價 Market value per share at date of vesting of awards 歸屬獎勵之日 之每股市價 HK$ 港幣 HK$ 港幣 Number of awards outstanding at the beginning of the year 年初時尚未 歸屬之獎勵 數目 Vesting period (dd/mm/yyyy – dd/mm/yyyy) 歸屬期 （日╱月╱年－ 日╱月╱年） Number of awards granted during the year 年內授出之 獎勵數目 Number of awards vested during the year 年內歸屬之 獎勵數目 Date of grant (dd/mm/yyyy) 授出日期 （日╱月╱年） # 01/02/2022 01/02/2022 – 18/06/2025 04/07/2022 04/07/2022 – 04/07/2026 168,875 313,109 – – (56,291) (78,277) Participant 參與者 Directors 董事 Mr. Winston Yau-lai LO (also a substantial shareholder) 羅友禮先生（亦為主要股東） 26/06/2023 26/06/2023 – 26/06/2027 – 429,498 – Mr. Roberto GUIDETTI 陸博濤先生 # 24/08/2021 24/08/2021 – 18/06/2025 04/07/2022 04/07/2022 – 04/07/2026 168,905 335,865 – – Five highest paid eligible employees ^ 五名最高薪合資格僱員^ 26/06/2023 26/06/2023 – 26/06/2027 – 391,152 # 24/08/2021 24/08/2021 – 18/06/2025 73,899 04/07/2022 04/07/2022 – 04/07/2026 135,485 – – 26/06/2023 26/06/2023 – 26/06/2027 – 155,710 Other eligible employees # 24/08/2021 24/08/2021 – 18/06/2025 224,725 – – – – – – – – – (51,354) (93,853) 112,584 234,832 429,498 112,604 251,899 391,152 49,266 101,614 155,710 111,637 – (56,301) (83,966) – (24,633) (33,871) – (61,734) – – – – working under employment contracts 根據僱傭合約工作之其他 合資格僱員 @ 20/12/2021 20/12/2021 – 20/12/2023 93,853 04/07/2022 04/07/2022 – 04/07/2026 635,372 (140,737) (170,259) 324,376 26/06/2023 26/06/2023 – 26/06/2027 – 666,823 – (47,770) 619,053 2,150,088 1,643,183 (535,810) (363,236) 2,894,225 15.200 13.720 10.160 18.920 13.720 10.160 18.920 13.720 10.160 18.920 16.500 13.720 10.160 13.120** 9.990## – 13.120** 9.990## – 13.120** 9.990## – 13.120** – 9.990## – 107 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share award scheme (continued) 股票掛鈎協議（續） 股份獎勵計劃（續） 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。 * # @ ^ ** ## being the closing price or the weighted average closing price of the Company’s ordinary shares immediately before the dates on which the awards were granted, as applicable. for the grant dated 24th August 2021 and 1st February 2022, awards 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. for the grant dated 20th December 2021, 50% of awards are vested after the first anniversary from the date of grant and 50% of awards are vested after the second anniversary from the date of grant. of the five individuals with the highest emoluments, two are Directors whose emoluments are disclosed separately. being the closing price or the weighted average closing price of the Company’s ordinary shares immediately before 18th June 2023 on which the vesting period for applicable tranche ended. being the closing price or the weighted average closing price of the Company’s ordinary shares immediately before 4th July 2023 on which the vesting period for applicable tranche ended. * # @ ^ ** ## 即本公司普通股於緊接獎勵授出日期前一日適 用之收市價或加權平均收市價。 就二零二一年八月二十四日及二零二二年二月 一日之授出而言，獎勵自二零二二年六月十八 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。 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。 在五名最高酬金人士中，兩名為董事，其酬金 單獨披露。 即本公司普通股於緊接適用批次在二零二三年 六月十八日歸屬期結束前一日之收市價或加權 平均收市價。 即本公司普通股於緊接適用批次在二零二三年 七月四日歸屬期結束前一日之收市價或加權平 均收市價。 All awards, except for awards granted on 24th August 2021, 20th December 2021 and 1st February 2022, are subject to a vesting scale in tranches of 25% each per annum starting from the first anniversary from the date of grant and will be fully vested on the fourth anniversary of the date of grant. 除 於 二 零 二 一 年 八 月 二 十 四 日、二 零 二 一 年 十二月二十日及二零二二年二月一日授出之獎 勵以外之所有獎勵而言，自授出日期起首個週 年以每年 25% 之比率分批歸屬，並將於授出日 期起第四個週年全部歸屬。 Information on the accounting policy for share awards granted and the value per award is provided in note 1(q)(iii) and note 23(b) to the consolidated financial statements respectively. 有關授出股份獎勵的會計政策及每份獎勵的價 值的資料分別載於綜合財務報表附註 1(q)(iii) 及 附註 23(b) 中。 108 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Equity-linked Agreements (continued) Share award scheme (continued) 股票掛鈎協議（續） 股份獎勵計劃（續） 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. 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。 Other than the Company’s Share Option Schemes and Share Award Scheme as disclosed above and 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. 除上文及綜合財務報表附註 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。 Substantial Shareholders’ Interests and Short Positions in Shares and Underlying Shares 主要股東於股份及相關股份之權益 及淡倉 As at 31st March 2024, the interest of the following person, other than the Directors of the Company, in the shares and underlying shares of the Company, being 5% or more of the Company’s issued share capital, as recorded in the register of interest required to be kept by the Company under Section 336 of the SFO are as follows: 於二零二四年三月三十一日，根據《證券及期貨 條例》第 336 條由本公司存置之權益登記冊紀錄， 除本公司董事外之人士持有佔本公司已發行股 本 5% 或 以 上 之 本 公 司 股 份 及 相 關 股 份 之 權 益 載列如下： Number of ordinary shares 普通股數目 Note 附註 Personal interests 個人權益 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 (i) (ii) (ii) (ii) (ii) (ii) – – 193,085,369 – 193,085,369 18.00% 23,514,700 2,766,250 2,400,000 750,000 610,000 – – – – – – – – – – 72,678,300 96,193,000 8.97% 72,678,300 75,444,550 7.03% 72,678,300 75,078,300 7.00% 72,678,300 73,428,300 6.84% 72,678,300 73,288,300 6.83% Substantial Shareholders 主要股東 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 109 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Substantial Shareholders’ Interests and Short Positions in Shares and Underlying Shares (continued) 主要股東於股份及相關股份之權益 及淡倉（續） * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,072,814,812 ordinary shares) as at 31st March 2024. * 此 百 分 比 乃 根 據 本 公 司 於 二 零 二 四 年 三 月 三十一日已發行之股份總數（即 1,072,814,812 股普通股）計算。 Notes: (i) (ii) 附註： These interests are held by Mitsubishi UFJ Financial Group, Inc. through its wholly-owned subsidiaries. (i) 該等權益乃由三菱日聯金融集團透過其全資附 屬公司持有。 Each of Ms. Irene CHAN, Ms. Joy Lo CHEUNG, Dr. Keiko Aun FUKUDA, Mr. Christopher LYE and Ms. Alexandra CHAN is interested in 72,678,300 shares held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the 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. (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 託代管有限公司以代理人名義代羅桂祥基金（為 一慈善基金）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 該等股份之權益。 All interests in the shares and underlying shares of the Company are long positions. 於本公司股份及相關股份中之全部權益均為好倉。 Apart from the foregoing, no person, other than the Directors whose interests are set out in the section headed “Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures” above, has registered an interest or short position in the shares or underlying shares of the Company as recorded in the register of interests kept under Section 336 of the SFO. 除上文所披露者外，除其權益載於上文「董事於 股份、相關股份及債權證之權益及淡倉」一節之 董事外，概無人士於本公司之股份或相關股份 中擁有須紀錄在根據《證券及期貨條例》第 336 條而備存之權益登記冊內之權益或淡倉。 Contract of Significance 重大合約 No contract of significance has been entered into between the Company, or any of its subsidiaries and the controlling shareholder or any of its subsidiaries during the year ended 31st March 2024. 截至二零二四年三月三十一日止年度，本公司 或其任何附屬公司與控股股東或其任何附屬公 司之間並無訂立重大合約。 Directors’ Interests in Transactions, Arrangements or Contracts of Significance 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 or his/her connected entity had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year. 董事於重大交易、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，與本公司董事或其聯系實體（不論直 接或間接）訂立擁有重大權益之交易、安排或重 要合約。 Management Contracts 管理合約 During the year ended 31st March 2024, no contracts concerning the management and administration of the whole or any substantial part of the business of the Group were entered into or existed. 截至二零二四年三月三十一日止年度，概無訂 立或訂有任何涉及本集團全部或任何重大部分 業務的管理及行政合約。 110 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Remuneration for Senior Management 高層管理人員之酬金 The emoluments of the Senior Management, excluding Directors, by bands are as follows: 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 HK$6,000,001 to HK$8,000,000 港幣 6,000,001 元至港幣 8,000,000 元 Number of individuals 人數 1 3 – 1 Employees and Human Resources Policy 僱員及人力資源政策 Details of the number and remuneration of employees, human resources policy, development and learning of the Group’s employees are set out in the FY2023/2024 Sustainability Report to be posted on the Company’s corporate website at www.vitasoy.com together with this Annual Report. 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 三 ╱ 二 零 二四財政年度可持續發展報告，該報告將連同 本年報於本公司之公司網站 (www.vitasoy.com) 發佈。 Indemnity of Directors 董事之彌償保證 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. 惠 及 本 公 司 董 事 的 獲 准 許 彌 償 條 文（定 義 見 香 港《公司條例》第 469 條）於現時生效及於本年度 一直有效。 Directors’ and Officers’ Liability Insurance Directors’ and officers’ liability insurance was maintained during the year. 董事及行政人員之責任保險 本年度內，本公司已投買董事及行政人員責任 保險。 Related Party Transactions 關連人士交易 Details of material related party transactions entered into by the Company in the normal course of business during the year ended 31st March 2024 are set out in note 29 to the consolidated financial statements. In respect of each related party transaction disclosed in note 29 to the consolidated financial statements, the Company confirms that it has reviewed the transactions which are in compliance with the relevant requirements under the Listing Rules (if applicable). 本公司於截至二零二四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 情載於綜合財務報表附註 29。就綜合財務報表 附註 29 所披露之各項關連人士交易而言，本公 司確認已審閱交易，而交易已遵守上市規則項 下之相關規定（如適用）。 111 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Report of the Directors董事會報告Lock Page不要加減頁Report of the Directors董事會報告 Sufficiency of Public Float 充足公眾持股量 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. 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。 Employee Retirement Benefits 僱員退休福利 Particulars of employee retirement benefits of the Group are set out in note 22 to the consolidated financial statements. 有關本集團僱員退休福利之詳情載於綜合財務 報表附註 22。 Five Year Summary 五年財務摘要 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 255 and 256 of this Annual Report. 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 255 及 256 頁。 Purchase, Sales or Redemption of the Company’s Listed Securities 購回、出售或贖回本公司之上市證券 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 2021 Share Award Scheme purchased on the Stock Exchange a total of 600,000 shares of the Company at a total consideration of approximately HK$6 million to satisfy the award of shares to selected participants pursuant to the terms of the rules and trust deed of the 2021 Share Award Scheme. 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 二 零 二 一 年 股 份 獎 勵 計 劃 受 託 人 根 據 二 零 二一年股份獎勵計劃規則及信託契據之條款以 總 代 價 約 港 幣6,000,000 元 於 聯 交 所 購 買 合 共 600,000 股 本 公 司 股 份 以 獎 勵 股 份 予 經 甄 選 參 與者。 Auditors 核數師 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. 畢馬威會計師事務所任滿告退，合資格並願受 聘連任。有關續聘畢馬威會計師事務所擔任本 公司核數師之決議案將於應屆股東週年大會上 提呈。 By Order of the Board Winston Yau-lai LO Executive Chairman 承董事會命 羅友禮 執行主席 Hong Kong, 20th June 2024 香港，二零二四年六月二十日 112 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Report of the Directors董事會報告 Independent auditor’s report to the members of Vitasoy International Holdings Limited (Incorporated in Hong Kong with limited liability) 獨立核數師報告 致維他奶國際集團有限公司成員 （於香港註冊成立的有限公司） Opinion 意見 We have audited the consolidated financial statements of Vitasoy International Holdings Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 120 to 254, which comprise the consolidated statement of financial position as at 31st March 2024, 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, comprising material accounting policy information and other explanatory information. 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 2024 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. 本 核 數 師（以 下 簡 稱「我 們」）已 審 計 列 載 於 第 120 至 254 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 二四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， 以及附註，包括重大會計政策資料及其他解釋 資料。 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 貴集團於二零二四年三月三十一日 的綜合財務狀況及 貴集團截至該日止年度的 綜合財務表現及綜合現金流量，並已遵照香港《公 司條例》妥為擬備。 Basis for opinion 意見的基礎 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. 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。 113 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁Independent Auditor’s Report獨立核數師報告 Key audit matters 關鍵審計事項 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； 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； 114 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Independent Auditor’s Report獨立核數師報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 Key audit matters (continued) 關鍵審計事項（續） Revenue recognition from sales to distributors and retailers 確認來自分銷商和零售商銷售的收入 Refer to note 3 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 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。 • • • 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 credit notes issued and sales returns from the sales ledger subsequent to the financial reporting period which met specific risk-based criteria 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 自財務報告期後符合特定風險標準的銷售賬識別已 出具之貸記單和銷售退回，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 manual adjustments to revenue during the reporting period which met specific risk-based criteria, enquiring of management about the reasons for such adjustments and comparing details of the adjustments with relevant underlying documentation. 檢查財務報告期內符合特定風險標準對收入所作的 手動調整，向管理層查詢有關調整的理由及調整相 關支持文件的比較詳情。 115 Annual Report 2023/2024 年度報告Independent Auditor’s Report獨立核數師報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 Information other than the consolidated financial statements and auditor’s report thereon The Directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. 綜合財務報表及其核數師報告以外 的信息 董事需對其他信息負責。其他信息包括刊載於 年報內的全部信息，但不包括綜合財務報表及 我們的核數師報告。 Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 我們對綜合財務報表的意見並不涵蓋其他信息， 我們亦不對該等其他信息發表任何形式的鑒證 結論。 In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 結合我們對綜合財務報表的審計，我們的責任 是閱讀其他信息，在此過程中，考慮其他信息 是否與綜合財務報表或我們在審計過程中所了 解的情況存在重大抵觸或者似乎存在重大錯誤 陳述的情況。 If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 基於我們已執行的工作，如果我們認為其他信 息存在重大錯誤陳述，我們需要報告該事實。 在這方面，我們沒有任何報告。 Responsibilities of the Directors for the consolidated financial statements The Directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance and for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 董事就綜合財務報表須承擔的責任 董 事 須 負 責 根 據 香 港 會 計 師 公 會 頒 布 的《香 港 財務報告準則》及香港《公司條例》擬備真實而 中肯的綜合財務報表，並對其認為為使綜合財 務報表的擬備不存在由於欺詐或錯誤而導致的 重大錯誤陳述所需的內部控制負責。 In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 在擬備綜合財務報表時，董事負責評估 貴集 團持續經營的能力，並在適用情況下披露與持 續經營有關的事項，以及使用持續經營為會計 基礎，除非董事有意將 貴集團清盤或停止經 營，或別無其他實際的替代方案。 The Directors are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process. 審核委員會協助董事履行監督 貴集團的財務 報告過程的責任。 116 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Independent Auditor’s Report獨立核數師報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. 核數師就審計綜合財務報表承擔的 責任 我們的目標，是對綜合財務報表整體是否不存 在由於欺詐或錯誤而導致的重大錯誤陳述取得 合理保證，並出具包括我們意見的核數師報告。 我們是按照香港《公司條例》第 405 條的規定， 僅向整體成員報告。除此以外，我們的報告不 可用作其他用途。我們概不就本報告的內容， 對任何其他人士負責或承擔法律責任。 Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 合理保證是高水平的保證，但不能保證按照《香 港審計準則》進行的審計，在某一重大錯誤陳述 存在時總能發現。錯誤陳述可以由欺詐或錯誤 引起，如果合理預期它們單獨或匯總起來可能 影響綜合財務報表使用者依賴財務報表所作出 的經濟決定，則有關的錯誤陳述可被視作重大。 As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 在根據《香港審計準則》進行審計的過程中，我 們運用了專業判斷，保持了專業懷疑態度。我 們亦： • • • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. • • • 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。 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。 117 Annual Report 2023/2024 年度報告Independent Auditor’s Report獨立核數師報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 Auditor’s responsibilities for the audit of the consolidated financial statements (continued) 核數師就審計綜合財務報表承擔的 責任（續） • • • 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. • • • 對董事採用持續經營會計基礎的恰當性 作出結論。根據所獲取的審計憑證，確定 是否存在與事項或情況有關的重大不確 定 性，從 而 可 能 導 致 對 貴 集 團 的 持 續 經 營 能 力 產 生 重 大 疑 慮。如 果 我 們 認 為 存 在 重 大 不 確 定 性，則 有 必 要 在 核 數 師 報告中提請使用者注意綜合財務報中的 相 關 披 露。假 若 有 關 的 披 露 不 足，則 我 們 應 當 發 表 非 無 保 留 意 見。我 們 的 結 論 是基於核數師報告日止所取得的審計憑 證。然而，未來事項或情況可能導致 貴 集團不能持續經營。 評 價 綜 合 財 務 報 表 的 整 體 列 報 方 式、結 構 和 內 容，包 括 披 露，以 及 綜 合 財 務 報 表是否中肯反映交易和事項。 就 貴 集 團 內 實 體 或 業 務 活 動 的 財 務 信 息 獲 取 充 足、適 當 的 審 計 憑 證，以 便 對 綜 合 財 務 報 表 發 表 意 見。我 們 負 責 貴 集 團 審 計 的 方 向、監 督 和 執 行。我 們 為 審計意見承擔全部責任。 We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 除其他事項外，我們與審核委員會溝通了計劃 的 審 計 範 圍、時 間 安 排、重 大 審 計 發 現 等，包 括我們在審計中識別出內部控制的任何重大缺陷。 We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. 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。 118 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Independent Auditor’s Report獨立核數師報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 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 Yip Ka Ming, Alice. 出具本獨立核數師報告的審計項目合夥人是葉 嘉明。 KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 20th June 2024 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 二零二四年六月二十日 119 Annual Report 2023/2024 年度報告Independent Auditor’s Report獨立核數師報告Table Head記得要轉做表頭列,才會將文字轉為齊底Lock Page不要加減頁 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 Profit from operations 經營溢利 Finance costs 融資成本 Share of losses of joint venture 所佔合營公司虧損 Profit before taxation 除稅前溢利 Income tax 所得稅 Profit for the year 本年度溢利 Note 附註 3 4 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 6,217,123 6,340,559 (3,105,686) (3,328,763) 3,111,437 3,011,796 84,243 113,846 (1,976,349) (2,024,430) (700,989) (671,978) 5(c) (332,910) (325,641) 185,432 103,593 5(a) (30,028) (32,547) (23,736) (22,253) 5 6(a) 131,668 48,793 (13,880) (27,736) 117,788 21,057 120 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁Consolidated Statement of Profit or Loss綜合損益表 Attributable to: 下列人士應佔： Equity shareholders of the Company 本公司股權持有人 Non-controlling interests 非控股權益 Profit for the year 本年度溢利 Earnings per share 每股盈利 Basic 基本 Diluted 攤薄 Note 附註 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 116,367 45,721 1,421 (24,664) 117,788 21,057 10 10.9 Cents 仙 4.3 Cents 仙 10.8 Cents 仙 4.3 Cents 仙 The notes on pages 129 to 254 form part of these financial statements. 第 129 至 254 頁之附註乃本財務報表之一部份。 Details of dividends payable to equity shareholders of the Company attributable to the profit for the year are set out in note 25(b). 有關本年度溢利中應付予本公司股權持有人之 股息詳情載於附註 25(b)。 121 Annual Report 2023/2024 年度報告Consolidated Statement of Profit or Loss綜合損益表Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁 Profit for the year 本年度溢利 Other comprehensive income for the year (after tax) 本年度其他全面收益（除稅後） Item that will not be reclassified to profit or loss: 其後不會被重新分類至損益之項目： Remeasurement of employee retirement benefit liabilities 僱員退休福利負債之重新計量 Items that may be reclassified subsequently to profit or loss: 其後可能被重新分類至損益之項目： Exchange differences on translation of financial statements of subsidiaries and joint venture outside Hong Kong 因換算香港以外地區附屬公司及合營公司之財務報表而 產生之匯兌差額 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 117,788 21,057 Note 附註 9 5,086 (3,546) (107,884) (201,452) (1,748) 1,111 13,242 (182,830) 18,205 (137,184) (4,963) (45,646) 13,242 (182,830) The notes on pages 129 to 254 form part of these financial statements. 第 129 至 254 頁之附註乃本財務報表之一部份。 122 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表 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 Interest in joint venture 合營公司之權益 Deferred tax assets 遞延稅項資產 Other receivables 其他應收款 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 Assets held for sale 持作出售之資產 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 Note 附註 11(a) 11(f) 12 14 24(b) 16 15 16 24(a) 17(a) 18 19 20 21 24(a) 2024 二零二四年 2023 二零二三年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 2,998 432,285 2,668,137 3,103,420 1,112 119 – 269,555 15,419 3,389,625 3,124 277,724 3,111,274 3,392,122 – 419 – 260,693 – 3,653,234 554,546 873,312 18,136 794,452 6,624 639,615 981,850 19,528 555,292 – 2,247,070 2,196,285 1,824,727 1,963,392 255,987 104,865 39,797 409,633 84,665 14,232 Net current assets/ (liabilities) 淨流動資產╱（負債） Total assets less current liabilities 總資產減流動負債 2,225,376 2,471,922 21,694 3,411,319 (275,637) 3,377,597 123 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底At 31st March 2024 於二零二四年三月三十一日(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁Consolidated Statement of Financial Position綜合財務狀況表 Non-current liabilities 非流動負債 Bank loans 銀行貸款 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 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 Note 附註 20 21 22(b) 24(b) 19 25 2024 二零二四年 2023 二零二三年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 – 115,053 198,000 19,164 72,563 8,955 51,521 24,835 76,115 9,483 298,682 3,112,637 1,044,398 1,960,162 277,007 3,100,590 1,021,453 1,963,262 3,004,560 2,984,715 108,077 115,875 3,112,637 3,100,590 Approved and authorised for issue by the Board of Directors on 20th June 2024. 於二零二四年六月二十日獲董事會批准並授權 發佈。 Winston Yau-lai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 The notes on pages 129 to 254 form part of these financial statements. 第 129 至 254 頁之附註乃本財務報表之一部份。 124 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Consolidated Statement of Financial Position綜合財務狀況表Table Head記得要轉做表頭列,才會將文字轉為齊底At 31st March 2024 於二零二四年三月三十一日(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁 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 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 25(e) (i) 25(c) (ii) 5,412 25(c) (i) 3,013 Balance at 1st April 2022 於二零二二年四月一日結餘 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 surplus reserve to retained profits 自盈餘儲備轉撥至保留溢利 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 Shares issued on vesting of share awards 就歸屬股份獎勵而發行股份 Vesting shares pursuant to the share award scheme 根據股份獎勵計劃歸屬股份 25(d) 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 Acquisition of non-controlling interests in a subsidiary 收購一間附屬公司之非控股權益 28 Interim dividend declared in respect of the current year 宣派本年度之中期股息 25(b) (i) Dividends paid to non-controlling interests 向非控股權益派發股息 Balance at 31st March 2023 於二零二三年三月三十一日結餘 – – – – – – – – – – – – – – – – – – 2,776 – – – – – – – – – (1,218) – – – – – – – – – – – (8,974) – – – – – – – – – – – – – – – – – – – (152,313) – – – – – – – – – – – – – – – – – 1,111 (180,470) 1,111 (180,470) – – – – – – – – – – – – – – – – – – – – – – – – – (746) (3,013) 25,549 – – – 45,721 45,721 (24,664) 21,057 (3,546) (182,905) (20,982) (203,887) 42,175 (137,184) (45,646) (182,830) 8,974 1,218 – – – – – – 4,666 – – – 25,549 – – – – – – – – – 4,666 – – – 25,549 (152,313) (128,032) (280,345) (13,916) (13,916) – (13,916) – – (21,633) (21,633) (2,388) (388) (982) 982 1,021,453 (7,226) 30,304 126,602 (200,555) 2,261 1,748 (113,544) 77,121 2,046,551 2,984,715 115,875 3,100,590 The notes on pages 129 to 254 form part of these financial statements. 第 129 至 254 頁之附註乃本財務報表之一部份。 125 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁Consolidated Statement of Changes in Equity綜合權益變動表 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 1,021,453 (7,226) 30,304 126,602 (200,555) 2,261 1,748 (113,544) 77,121 2,046,551 2,984,715 115,875 3,100,590 Balance at 31st March 2023 and 1st April 2023 於二零二三年三月三十一日及 二零二三年四月一日結餘 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 surplus reserve to retained profits 自盈餘儲備轉撥至保留溢利 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 Shares issued on vesting of share awards 就歸屬股份獎勵而發行股份 Vesting shares pursuant to the share award scheme 根據股份獎勵計劃歸屬股份 Shares purchased for share award scheme 就股份獎勵計劃購買股份 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 2024 於二零二四年三月三十一日結餘 – – – – – 25(e) (i) 25(c) (ii) 19,791 25(c) (i) 3,154 25(d) 25(d) 25(b) (ii) 25(b) (i) – – – – – – – – – – – – – – 4,516 (6,171) – – – – – – – – – (1,218) – – – – – – – – – – – – (6,576) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,748) (101,500) (1,748) (101,500) 116,367 116,367 1,421 117,788 5,086 (98,162) (6,384) (104,546) 121,453 18,205 (4,963) 13,242 – – – – – (3,824) (3,154) – – – 6,576 1,218 – – – – 15,967 – – (4,773) 257 – – (6,171) (1,315) 1,315 – 21,865 – 21,865 (15,017) (15,017) (15,004) (15,004) – – – – – – – – – – – – – – – – – – – – – – – 15,967 – – (6,171) – 21,865 (15,017) (15,004) – – – – – – – – – – – – 1,044,398 (8,881) 29,086 120,026 (200,555) 2,261 (215,044) 85,920 2,147,349 3,004,560 108,077 3,112,637 – – (2,835) (2,835) The notes on pages 129 to 254 form part of these financial statements. 第 129 至 254 頁之附註乃本財務報表之一部份。 126 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Consolidated Statement of Changes in Equity綜合權益變動表Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁 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 Placement of time deposit maturing after three months 存置存款期超過三個月之定期存款 Investment in joint venture 於合營公司之投資 Interest received 已收利息 Net cash used in investing activities 投資活動所用現金淨額 2024 二零二四年 2023 二零二三年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Note 附註 17(b) 801,070 527,259 (1,168) (9,359) (9,028) (15,876) 790,543 502,355 (146,298) (187,473) 3,515 8,190 11(a) – (151,000) (23,736) 23,225 93 – (22,253) 12,283 (294,294) (189,160) 127 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁Consolidated Cash Flow Statement綜合現金流量表 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 on bank loans paid 已付銀行貸款之利息 Proceeds from shares issued on exercise of share options 就行使購股權發行股份所得款項 Purchase of shares held for share award scheme 就股份獎勵計劃購買股份 Payment for acquisition of non-controlling interest 收購非控股權益之款項 Dividends paid to equity shareholders of the Company 向本公司股權持有人派發股息 Dividends paid to non-controlling interests 向非控股權益派發股息 Net cash used in financing activities 融資活動所用現金淨額 Net increase/(decrease) in cash and cash equivalents 現金及現金等值項目增加╱（減少）淨額 Cash and cash equivalents at 1st April 於四月一日之現金及現金等值項目 Effect of foreign exchange rate changes 匯率變動之影響 2024 二零二四年 2023 二零二三年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 Note 附註 17(c) 17(c) 17(c) 17(c) 17(c) 61,334 (310,365) (101,412) (10,550) (19,478) 25(c) (ii) 15,967 25(d) (6,171) 525,121 (459,764) (87,860) (5,589) (26,958) 4,666 – 28 – (280,345) (29,983) (2,835) (13,893) (21,633) (403,493) (366,255) 92,756 (53,060) 554,785 (4,587) 642,954 621,365 (13,520) 554,785 Cash and cash equivalents at 31st March 於三月三十一日之現金及現金等值項目 17(a) The notes on pages 129 to 254 form part of these financial statements. 第 129 至 254 頁之附註乃本財務報表之一部份。 128 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Consolidated Cash Flow Statement綜合現金流量表Table Head記得要轉做表頭列,才會將文字轉為齊底For the year ended 31st March 2024 截至二零二四年三月三十一日止年度(Expressed in Hong Kong dollars) (以港幣計算)Lock Page不要加減頁 1 Material accounting policies 1 重大會計政策 (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) 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”). Material accounting policies adopted by the Group are disclosed below. (a) 遵例聲明 本 財 務 報 表 是 按 照 所 有 適 用 之《香 港 財 務 報 告 準則》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。本集團採納之重大會計政策 於下文披露。 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. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. 香港會計師公會已頒佈若干《香港財務報告準則》 之修訂本，並於本集團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 2024 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 截至二零二四年三月三十一日止年度之綜合財 務報表包括本公司及其附屬公司（統稱「本集團」） 以及本集團於一間合營公司之權益。 The measurement basis used in the preparation of the financial statements is the historical cost basis except that derivative financial instruments are stated at fair value as explained in the accounting policies set out in note 1(t). 除 附 註 1(t) 所 載 會 計 政 策 闡 釋 之 衍 生 金 融 工 具 按公允值計算外，編製財務報表是以歷史成本 作為計量基準。 Non-current assets held for sale are stated at the lower of carrying amount and fair value less costs to sell (see note 1(y)). 持作出售非流動資產按賬面值與公平值減出售 成本兩者中之較低者列賬（見附註 1(y)）。 The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 管理層須在編製符合《香港財務報告準則》之財 務報表時作出會影響會計政策應用，以及資產、 負債、收入及支出之報告金額之判斷、估計及 假設。此等估計及相關假設是根據以往經驗和 管理層因應當時情況認為合理之多項其他因素 作出，其結果構成當管理層在無法依循其他途 徑即時得知資產與負債之賬面值時所作出判斷 之基礎。實際結果可能有別於估計數額。 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 管理層會不斷審閱各項估計和相關假設。倘若 會計估計之修訂只影響某一期間，則該修訂便 會在估計修訂期間內確認，或如果修訂對當期 和未來期間均有影響，則在作出修訂之期間和 未來期間確認。 Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 2. 有關管理層在應用《香港財務報告準則》時所作 出對財務報表有重大影響之判斷，以及估計不 確定因素之主要來源之討論內容，載於附註 2。 129 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁Notes to the Financial Statements財務報表附註 1 Material accounting policies (continued) 1 重大會計政策（續） (c) Changes in accounting policies The Group has applied the following new and amended 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 新 訂 及 經 修 訂《香 港 財務報告準則》： – – – – – HKFRS 17, Insurance contracts － 《香港財務報告準則》第 17 號「保險合約」 Amendments to HKAS 8, Accounting policies, changes in accounting estimates and errors: Definition of accounting estimates － 《香港會計準則》第 8 號「會計政策、會計 估計及差誤之變動：會計估計之定義」之 修訂 Amendments to HKAS 1, Presentation of financial statements and HKFRS Practice Statement 2, Making materiality judgements: Disclosure of accounting policies － 《香港會計準則》第 1 號「財務報表之呈列」 及《香 港 財 務 報 告 準 則 實 務 報 告》第 2 號 「作出重大判斷：會計政策披露」之修訂 Amendments to HKAS 12, Income taxes: Deferred tax related to assets and liabilities arising from a single transaction － 《香港會計準則》第 12 號「所得稅：與單項 交易產生之資產及負債有關之遞延稅項」 之修訂 Amendments to HKAS 12, Income taxes: International tax reform – Pillar Two model rules － 《香港會計準則》第 12 號「所得稅：國際稅 務改革－支柱二規則範本」之修訂 None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented in these financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. 概無任何發展對本集團於本財務報表所編製或 呈列本集團於本期間或過往期間之業績及財務 狀況之方式造成重大影響。本集團並無應用尚 未於本會計期間生效之任何新訂準則或詮釋。 (d) Subsidiaries and non-controlling interests Subsidiaries (including structured entities) are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. (d) 附屬公司及非控股權益 附屬公司（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）。 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. 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。 130 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (d) Subsidiaries and non-controlling interests (continued) An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. (d) 附屬公司及非控股權益（續） 於附屬公司之投資由該控制權生效日期起至結 束日期止期間於綜合財務報表綜合入賬。集團 內公司之間之結餘、交易及現金流量，以及集 團內公司之間之交易所產生之任何未變現溢利， 均於編製綜合財務報表時全數撇銷。如無減值 證據，集團內公司之間之交易產生之未變現虧 損按未變現收益相同之方式撇銷。 Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non- controlling interests in the results of the Group are presented on the face of the consolidated statement of profit or loss and the consolidated statement of profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated statement of financial position in accordance with notes 1(n) or (o) depending on the nature of the liability. Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non- controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised. 非控股權益指非本公司直接或間接應佔之附屬 公司股權，而本集團並未與有關權益持有人協 定任何附加條款，令本集團整體對該等權益產 生符合金融負債定義之合約義務。就各企業合 併而言，本集團可選擇按公允值或非控股權益 所佔附屬公司之可識別資產淨值之比例計量任 何非控股權益。 非控股權益在綜合財務狀況表之權益部份內， 與本公司股權持有人應佔權益分開呈列。非控 股權益所佔本集團業績之權益在綜合損益表及 綜合損益及其他全面收益表呈列，以顯示本年 度之總溢利或虧損及全面收益總額於非控股權 益與本公司股權持有人之間之分配。非控股權 益持有人之貸款及該等持有人之其他合約責任 乃按該筆負債之性質根據附註 1(n) 或 (o) 在綜合 財務狀況表呈列為金融負債。 本集團不導致喪失控制權之附屬公司權益變動 乃以權益交易入賬，即只調整在綜合權益內之 控股及非控股權益金額以反映相關權益變動， 但不調整商譽及確認盈虧。 131 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (d) Subsidiaries and non-controlling interests (continued) 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)). (d) 附屬公司及非控股權益（續） 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(j)(ii)) unless it is classified as held for sale (see note 1(y)). 本公司之財務狀況表所示於附屬公司之投資乃 按成本值減去減值虧損後入賬（見附註 1(j)(ii)）， 除非其分類為持作出售（見附註 1(y)）。 (e) Joint venture A joint venture is an arrangement whereby the Group or Company and other parties contractually agree to share control of the arrangement, and have rights to the net assets of the arrangement. (e) 合營公司 合營公司為本集團或本公司及其他人士按合約 同意下分配控制權及淨資產擁有權之安排。 An investment in a joint venture is accounted for in the consolidated financial statements under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale (see note 1(y))). 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 note 1(j)(ii)). Any acquisition-date excess over cost, the Group’s share of the post-acquisition, post-tax results of the investees and any impairment losses for the year are recognised in the consolidated statement of profit or loss, whereas the Group’s share of the post- acquisition post-tax items of the investees’ other comprehensive income is recognised in the consolidated statement of profit or loss and other comprehensive income. 除合營公司的投資被分類為持作出售或納入被 分類為持作出售的出售組別（見附註 1(y)）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(j)(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。 132 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (e) Joint venture (continued) When the Group’s share of losses exceeds its interest in the joint venture, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method together with the Group’s long-term interests that in substance form part of the Group’s net investment in the joint venture. (e) 合營公司（續） 當本集團對合營公司承擔的虧損額超過其所佔 權益時，本集團所佔權益便會減少至零，並且 不再確認額外虧損；但如本集團須履行法定或 推定義務，或代該投資作出付款則除外。就此 而言，本集團所佔權益是以按照權益法計算投 資的賬面值，以及實質上構成本集團在合營公 司投資淨額一部分的長期權益。 Unrealised profits and losses resulting from transactions between the Group and its joint venture are eliminated to the extent of the Group’s interest in the investee, except where unrealised losses provide evidence of an impairment of the asset transferred, in which case they are recognised immediately in profit or loss. 本集團及其合營公司之間交易所產生的未變現 損益，均按本集團於該投資所佔的權益比率抵 銷；但如有未變現虧損證明已轉讓資產出現減 值，則會即時在損益中確認。 If an investment in a joint venture becomes an investment in an associate or vice versa, retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. 如於一間合營公司之投資轉變為於一間聯營公 司之投資或反之亦然，其保留的權益不用重新 計量，而該投資將繼續採用權益法入賬。 In all other cases, when the Group ceases to have joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when joint control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset. 在其他情況，當本集團喪失對合營公司之共同 控制權，將按出售該投資之所有權益入賬，而 所產生的盈虧確認於損益內。在喪失共同控制 權時，保留於前度投資的任何權益按公允值確 認，而此金額被視為首次確認為金融資產的公 允值。 (f) Investment properties Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 1(i)) 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. (f) 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(i)）。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(j)(ii)). 投資物業按成本值減去累計折舊及減值虧損（見 附註 1(j)(ii)）後於財務狀況表列賬。 133 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (f) Investment properties (continued) Depreciation is calculated to write off the cost of investment properties using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. (f) 投資物業（續） 折舊乃將投資物業成本在未屆滿租賃期及其估 計可使用年期（不超過 50 年）兩者中較短期間以 直線法計算而撇銷。 The useful life of investment properties is reviewed annually. 本公司會每年檢討投資物業之可使用年期。 Rental income from investment properties is accounted for as described in note 1(u)(iii). 投資物業之租金收入乃按附註 1(u)(iii) 所述方式 入賬。 (g) 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(j)(ii)): (g) 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(j)(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(i)); － 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(i)）； 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(i)). － 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(i)）。 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)）。 Items may be produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management. The proceeds from selling any such items and the related costs are recognised in profit or loss. 在物業、廠房及設備項目帶到管理層擬定之營 運方式所需的地點及狀況時，即可生產物品。 出售任何該等項目之所得款項及相關成本於損 益確認。 134 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (g) Other property, plant and equipment (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. (g) 其他物業、廠房及設備（續） 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 4 – 25 years 工廠機器及設備 Fixtures, furniture and office equipment 3 – 12 years 裝置、傢俬及辦公室設備 Motor vehicles 4 – 10 years 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。 135 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (h) Intangible assets 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(j)(ii)). (h) 無形資產 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(j)(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 － 品牌名稱 7 years － 客戶名單 5 years － 排污權 20 年 7 年 5 年 Both the period and method of amortisation are reviewed annually. 攤銷之期間及方法均於每年檢討。 Intangible assets are not amortised while their useful lives are assessed to be indefinite. Any conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for prospectively from the date of change and in accordance with the policy for amortisation of intangible assets with finite lives as set out above. 倘無形資產被評估為具有無限可使用年期，則 不會作攤銷。無形資產之可使用年期屬無限之 任何結論經每年檢討，以釐定是否存在有關事 件及情況繼續支持有關資產具有無限可使用年 期之評估。如情況有變，則會自變更日期起就 可使用年期從無限轉為有限之評估按未來適用 基準並根據上文所載就具有有限可使用年期之 無形資產作出攤銷之政策會計入賬。 (i) Leased assets At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use. (i) 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。 136 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (i) 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(g) and 1(j)(ii)). (i) 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(g) 及 1(j)(ii)）。 137 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (i) Leased assets (continued) (i) As a lessee (continued) 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. 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. (i) 租賃資產（續） (i) 作為承租人（續） 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。 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。 138 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (i) Leased assets (continued) (ii) As a lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to the ownership of an underlying assets to the lessee. If this is not the case, the lease is classified as an operating lease. (i) 租賃資產（續） (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。 (j) Credit loss and impairment of assets (i) Credit loss from financial instruments (j) 信貸虧損及資產減值 (i) 金融工具之信貸虧損 The Group recognises a loss allowance for expected credit losses (“ECLs”) on financial assets measured at amortised cost (including cash and cash equivalents, and trade and other receivables). 本 集 團 為 按 攤 銷 成 本 計 量 之 金 融 資 產（包 括 現 金及現金等值項目以及應收賬款及其他應收款） 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。 139 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (j) Credit loss and impairment of assets (continued) (i) Credit loss from financial instruments (continued) (j) 信貸虧損及資產減值（續） (i) 金融工具之信貸虧損（續） Measurement of ECLs (continued) In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. 預期信貸虧損之計量（續） 在計量預期信貸虧損時，本集團考慮合理及有 理據而無需付出過多的成本或努力獲得之資料。 這包括有關過往事件、當前狀況及未來經濟狀 況預測的資料。 ECLs are measured on either of the following bases: 預期信貸虧損基於下列其中一個基準計量： – – 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and － 十 二 個 月 之 預 期 信 貸 虧 損：預 期 於 報 告 日期後十二個月內可能發生之違約事件 而導致之虧損；及 lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. － 可 使 用 年 期 內 之 預 期 信 貸 虧 損：預 期 於 採用預期信貸虧損模式之項目在預期可 使用年期內所有可能發生之違約事件而 導致之虧損。 Loss allowance for trade and other receivables is always measured at an amount equal to lifetime ECL. ECLs are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. 應收賬款及其他應收款之虧損撥備一般按相等 於可使用年期內之預期信貸虧損之金額計量。 預期信貸虧損乃使用基於本集團過往信貸虧損 經驗之撥備矩陣進行估算，並就於報告日期債 務人之特定因素以及對當前及預測整體經濟狀 況之評估予以調整。 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. 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。 140 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (j) Credit loss and impairment of assets (continued) (ii) Impairment of other assets 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 an impairment loss previously recognised no longer exists or may have decreased: (j) 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： – – – – property, plant and equipment, including right-of-use assets and investment properties; intangible assets; － 物 業、廠 房 及 設 備，包 括 使 用 權 資 產 及 投資物業； － 無形資產； 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. 倘有任何減值跡象，則會估計該項資產之可收 回金額。 – Calculation of recoverable amount － 計算可收回金額 The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). 資產之可收回金額為其公允值減去出售 成 本 及 使 用 價 值 兩 者 中 之 較 高 者。於 評 估 使 用 價 值 時，會 使 用 除 稅 前 折 現 率 將 估 計 未 來 現 金 流 量 折 現 至 其 現 值。該 折 現率反映市場當時所評估之貨幣時間價 值 和 該 資 產 之 獨 有 風 險。倘 個 別 資 產 所 產生之現金流入基本上不能獨立於其他 資 產 所 產 生 之 現 金 流 入，則 就 獨 立 產 生 現金流入之最小資產組合（即現金產生單 位）釐定可收回金額。 – Recognition of impairment losses － 確認減值虧損 An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable), or value in use (if determinable). 資產或其所屬之現金產生單位之賬面值 高 於 其 可 收 回 金 額 時，則 會 於 損 益 確 認 減 值 虧 損。就 現 金 產 生 單 位 確 認 之 減 值 虧損會首先分配予削減已分配至該現金 產生單位（或一組單位）之任何商譽之賬 面值，然後按比例削減該單位（或一組單 位）內其他資產之賬面值，惟資產賬面值 不可下調至低於其個別公允值減去出售 成本（如能計量）或使用價值（如能釐定）。 141 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (j) Credit loss and impairment of assets (continued) (ii) Impairment of other assets (continued) (j) 信貸虧損及資產減值（續） (ii) 其他資產之減值（續） – Reversals of impairment losses － 撥回減值虧損 An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. 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。 A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised. 所撥回之減值虧損僅限於倘若並無於過 往年度確認減值虧損而可釐定之資產賬 面 值。所 撥 回 之 減 值 虧 損 在 確 認 撥 回 之 年度內計入損益。 (iii) Interim financial reporting and impairment (iii) 中期財務報告及減值 Under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, the Group is required to prepare an interim financial report in compliance with HKAS 34, Interim financial reporting, in respect of the first six months of the financial year. At the end of the interim period, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year (see notes 1(j)(i) and (ii)). 根據香港聯合交易所有限公司證券上市規則， 本集團須按《香港會計準則》第 34 號「中期財務 報告」就財政年度首六個月編製中期財務報告。 本集團於中期期末應用之減值測試、確認及撥 回之準則與於財政年度末所應用之準則相同（見 附註 1(j)(i) 及 (ii)）。 (k) Inventories Inventories are carried at the lower of cost and net realisable value. (k) 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. 可變現淨值指正常業務過程中之估計售價減去 完成交易之估計成本及進行銷售所需之估計成本。 When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. 出售存貨時，其賬面值於有關收入確認期內確 認為開支。任何存貨金額撇減至可變現淨值及 存貨之所有虧損均於撇減或虧損之發生期內確 認為開支。倘存貨之撇減出現任何撥回，則於 撥回出現期內將費用作減額確認。 142 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (l) 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. (l) 應收款 本集團於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(j)(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(j)(i)）。 (m) Software-as-a-service (SaaS) arrangement costs A SaaS arrangement is a service arrangement where the Group has a right to access to the supplier’s application software running on the supplier’s cloud infrastructure during the term of the arrangement, but not control over the underlying software asset. (m) 軟件即服務安排成本 軟件即服務安排指本集團有權於安排期限內使 用供應商雲端基礎架構上運行的供應商應用軟 件，惟對相關軟件資產並無控制權。 Costs to implement a SaaS arrangement, including those incurred in configuring or customising the access to the supplier’s application software, are evaluated to determine if they give rise to a separate asset that the Group controls. Any resulting asset is recognised and accounted for in accordance with the policy for intangible assets as set out in note 1(h). Implementation costs that do not give rise to an asset are recognised in profit or loss as incurred, which may be over the period the configuration or customisation services are received to the extent that such services are distinct from the SaaS, or over the term of the SaaS arrangement to the extent the configuration or customisation services are not distinct from the SaaS. 就 實 行 軟 件 即 服 務 安 排 之 成 本（包 括 配 置 或 定 制使用供應商應用軟件所產生之成本）進行評估， 藉以確定其是否會產生本集團控制之獨立資產。 據此產生之任何資產均根據附註 1(h) 所載之無 形資產政策進行確認及入賬。不會產生資產之 實行成本於發生時計入損益，即可能於收到配 置 或 定 制 服 務 期 間（如 有 關 服 務 與 軟 件 即 服 務 不同）或於軟件即服務安排期限內（如在配置或 定制服務方面與軟件即服務並無差異）。 Payment made in advance of receiving the related services is recognised as prepayment. 在接受相關服務之前支付的款項確認為預付款項。 (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。 143 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (o) Payables and contract liabilities (i) Payables (o) 應付款及合約負債 (i) 應付款 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 invoice amounts. 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，則按發票金額入賬。 (ii) Contract liabilities (ii) 合約負債 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(l)). 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(l)）。 (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(j)(i). (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(j)(i) 所載政策評估預期信貸虧 損。 (q) Employee benefits (i) Short term employee benefits and contributions to (q) 僱員福利 (i) 短期僱員福利及向界定供款退休計劃 defined contribution retirement plans 之供款 Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are charged as expense in the year as the related service are provided 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 有關服務時計入該年費用。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。 144 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (q) Employee benefits (continued) (ii) Defined benefit retirement plan obligations (q) 僱員福利 (ii) 界定福利退休計劃承擔 The Group has the following two categories of defined benefit plans: 本集團擁有以下兩個類別之界定福利計劃： – – defined benefit retirement plan registered under the Hong Kong Occupational Retirement Scheme Ordinance, Vitasoy International Holdings Limited Defined Benefit Scheme (the “DB Plan”). － 根據香港《職業退休計劃條例》註冊之界 定 福 利 退 休 計 劃，維 他 奶 國 際 集 團 有 限 公司界定福利計劃（「界定福利計劃」）。 long service payments (“LSP”) under the Hong Kong Employment Ordinance. － 根據香港《僱傭條例》之長期服務金（「長 期服務金」）。 The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods and discounting that amount. For the DB Plan, the net obligation is after deducting the fair value of plan assets. For LSP obligations, the estimated amount of future benefit is determined after deducting the negative service cost arising from the accrued benefits derived from the Group’s Mandatory Provident Fund (“MPF”) contributions that have been vested with employees, which are deemed to be contributions from the relevant employees. 本集團就界定福利退休計劃所承擔之責任淨額， 乃各計劃透過估計僱員於當前及過往期間所賺 取之未來利益金額而計算，並折現該款項。就 界定福利計劃而言，責任淨額於扣除計劃資產 公允值後得出。就長期服務金責任而言，未來 福利的估計金額乃經扣除本集團已歸屬於僱員 的強制性公積金（「強積金」）供款所產生的應計 福利的負服務成本後釐定，有關供款被視為來 自有關僱員的供款。 The calculation of defined benefit obligation is performed by a qualified actuary using the projected unit credit method. For the DB Plan, when the calculation results in a benefit to the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. 界定福利責任之計算工作由合資格精算師採用 預計單位信貸法進行。就界定福利計劃而言， 倘計算結果對本集團有利，則所確認的資產限 於所得經濟效益之現值，包括此計劃未來任何 退款或此計劃未來減少的供款。 Remeasurements arising from defined benefit plans, which comprise actuarial gains and losses, the return on plan assets in the DB Plan (excluding interest) and the effect of any asset ceiling (excluding interest), are recognised immediately in other comprehensive income. Net interest expense 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 then net defined benefit liability, taking into account any changes in the net defined benefit liability during the period. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss and allocated by function as part of “cost of sales”, “marketing, selling and distribution expenses”, “administrative expenses” or “other operating expenses”. 界定福利計劃產生之重新計量即時於其他全面 收益確認，其包括精算收益及虧損、界定福利 計劃之計劃資產回報（不包括利息）以及任何資 產上限的影響（不包括利息）。期內利息費用淨 額乃透過將計量報告期初界定福利責任所採用 之折現率應用於當時界定福利負債淨額而釐定， 並計及期內界定福利負債淨額之任何變動。界 定福利計劃之利息費用淨額及其他費用於損益 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。 145 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (q) Employee benefits (continued) (iii) Equity-settled share-based payment transactions (q) 僱員福利（續） (iii) 以股份為付款基礎之交易 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. 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。 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. 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. 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。 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。 146 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (q) Employee benefits (continued) (iii) Equity-settled share-based payment transactions (q) 僱員福利（續） (iii) 以股份為付款基礎之交易（續） (continued) 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. 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。 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. 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。 (iv) Termination benefits (iv) 離職福利 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. 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) Income tax Income tax expense comprises current tax and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. (r) 所得稅 所得稅開支包括現期稅項及遞延稅項。其在損 益確認，惟倘該等項目與業務合併或已直接於 權益或其他全面收益確認的項目有關則除外。 Current tax comprises the estimated tax payable or receivable on the taxable income or loss for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects any uncertainty related to income taxes. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. 現期稅項包括年內應課稅收入或虧損的預期應 付稅項或應收款項，以及對過往年度應付稅項 或應收款項之任何調整。當期應付稅項或應收 款項金額乃預期繳納或收取稅款之最佳估計， 其反映與所得稅相關之任何不確定性。其乃使 用匯報日已生效或實際上已生效之稅率計算。 當前稅項亦包括因股息產生之任何稅項。 147 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (r) Income tax (continued) Current tax assets and liabilities are offset only if certain criteria are met. (r) 所得稅（續） 現期稅項資產及負債僅於達成若干條件後方可 抵銷。 Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: 遞延稅項乃根據用於財務報告目的之資產及負 債之賬面值與用於稅務目的之金額之間之暫時 差異確認。遞延稅項不會就下列各項予以確認： – – – temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; － 因在業務合併以外的交易中初步確認資 產 或 負 債 而 產 生，而 於 交 易 時 不 影 響 會 計及應課稅損益並不會產生相等應課稅 的暫時差異； temporary differences related to investment in subsidiaries, associates and joint venture to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and － 與 附 屬 公 司 投 資 有 關 的 暫 時 差 異，而 本 集團能控制撥回暫時差異的時間且其很 可能將不會於可見將來予以撥回；及 those related to the income taxes arising from tax laws enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co- operation and Development. － 為實施經濟合作暨發展組織公佈之支柱 二規則範本而生效或實際上已生效之稅 法所產生之所得稅有關。 The Group recognised deferred tax assets and deferred tax liabilities separately in relation to its lease liabilities and right-of-use assets. 本集團就其租賃負債及使用權資產分別確認遞 延稅項資產及遞延稅項負債。 Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. 遞延稅項資產就未使用稅項虧損、未使用稅項 抵免及可抵扣暫時差異被確認，惟可能有未來 應課稅溢利可用以抵銷該等應課稅溢利。未來 應課稅溢利乃根據相關應課稅暫時差異撥回釐 定。倘應課稅暫時差異的金額不足以全額確認 遞延稅項資產，則根據本集團獨立附屬公司的 業務計劃，考慮對現有暫時差異撥回進行調整 的未來應課稅溢利。遞延稅項資產於各報告日 期進行檢討，並於不再可能實現相關稅項利益 時減少；當未來應課稅溢利的可能性提高時， 該等減少則會撥回。 Deferred tax assets and liabilities are offset only if certain criteria are met. 遞延稅項資產及負債僅可於達成若干條件後予 以抵銷。 148 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (s) Provisions and contingent liabilities Provisions are recognised when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. (s) 撥備及或然負債 倘若本集團須就已發生之事件承擔法律或推定 責任，履行該責任而預期會導致經濟利益流出， 並可作出可靠之估計，便會確認撥備。如果貨 幣時間價值重大，則按預計履行責任所需開支 之現值計提撥備。 Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. 倘若經濟利益外流之可能性較低，或是無法對 有關金額作出可靠之估計，便會將該責任披露 為或然負債，但假如經濟利益流出之可能性渺 茫則除外。須視乎一宗或多宗未來事件是否發 生才能確定存在與否之潛在責任，亦會披露為 或然負債，但假如這類經濟利益之流出之可能 性渺茫則除外。 (t) Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk of a committed future transaction, the effective portion of any gains or losses on re-measurement of the derivative financial instrument to fair value is recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any gain or loss is recognised immediately in profit or loss. If the hedging instrument is a non-derivative monetary item, which is permitted only for foreign currency risk, then the effective portion of the foreign currency gains or losses on the hedging instrument also are recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any foreign currency gains or losses are recognised immediately in profit or loss. (t) 現金流量對沖 金融衍生工具被指定用作對沖因已確認之資產 或負債或極有可能發生之預期交易而產生之現 金流量變動或因已訂約之未來交易而承擔之外 匯風險，重計該等金融衍生工具之公允值而產 生之任何收益或虧損，其有效部份會於其他全 面收益確認，並於對沖儲備之權益中獨立累計。 任何收益或虧損之非有效部份即時於損益內確認。 倘若對沖工具為僅可用作對沖外匯風險之非衍 生貨幣項目，則該對沖工具之外匯收益或虧損 之有效部份亦於其他全面收益確認，並於對沖 儲備之權益中獨立累計。任何外匯收益或虧損 之非有效部份即時於損益內確認。 If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated gain or loss reclassified from equity is to be included in the initial cost or other carrying amount of the non-financial asset or liability. 若被對沖之預期交易其後導致確認非金融資產 或非金融負債，由權益重新分類之相關盈虧會 計入該非金融資產或負債之最初成本或其他賬 面值內。 149 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (t) Cash flow hedges (continued) 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). (t) 現金流量對沖（續） 若被對沖之預期交易其後導致確認金融資產或 金融負債，相關盈虧會在該購入之資產或承擔 之 負 債 影 響 損 益 之 同 一 個 或 多 個 期 間 內（例 如 當 確 認 利 息 收 入 或 支 出 時）由 權 益 重 新 分 類 至 損益。 For cash flow hedges, other than those covered by the preceding two policy statements, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the hedged forecast transaction affects profit or loss. 有別於上述兩個政策所涵蓋之現金流量對沖， 相關盈虧會在被對沖之預期交易影響損益之同 一個或多個期間內由權益重新分類至損益。 When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity until the transaction occurs and it is recognised in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss is reclassified from equity to profit or loss immediately. 當對沖工具到期或被出售、終止或行使或該實 體取消該指定對沖關係，而被對沖之預期交易 預期仍會發生時，其累計盈虧會保留在權益內， 直至該交易發生為止，並按上述政策確認。若 被對沖之交易預期不會發生，其累計未變現盈 虧會即時由權益重新分類至損益。 (u) Revenue recognition Income is classified by the Group as revenue when it arises from the sale of goods, the provision of services or the use by others of the Group’s assets under leases in the ordinary course of the Group’s business. (u) 收入確認 本集團於一般業務過程中自銷售貨物、提供服 務或其他人士使用本集團租賃資產產生收入時 分類收入。 Revenue is recognised when control over a product or service is transferred to the customer, or the lessee has the right to use the asset, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts. 收入於產品或服務之控制權轉移至客戶或承租 人有權使用資產時確認，金額為本集團預期將 有權收取之承諾代價，且不包括代表第三方收 取之有關金額。收入不含增值稅或其他銷售稅 並扣除一切貿易折扣。 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。 150 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (u) Revenue recognition (continued) Further details of the Group’s revenue and other income recognition policies are as follows: (u) 收入確認（續） 下列為本集團確認收入及其他收入之政策之進 一步詳情： (i) Sale of goods (i) 貨物之銷售 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. 倘客戶管有並接納產品則確認收入。倘該等產 品為履行涵蓋其他貨物及╱或服務之合約一部 分，則收入之金額按合約項下交易價格總額之 合適比例予以確認，並按照相對獨立售價基準 在合約項下之所有承諾貨物及服務之間進行分配。 (ii) Service fees (ii) 服務費 Service fees are recognised when the related services are provided. Service fees exclude value added tax or other sales taxes. 服務費於提供有關服務時確認。服務費不含增 值稅或其他銷售稅。 (iii) Rental income from operating leases (iii) 經營租賃之租金收入 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. 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。 (iv) Interest income (iv) 利息收入 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(j)(i)). 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(j)(i)）。 151 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (u) Revenue recognition (continued) (v) Dividend income (u) 收入確認（續） (v) 股息收入 Dividend income from unlisted investments is recognised when the shareholder’s right to receive payment is established. 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 (vi) 政府補助 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. 政府補助於可合理確保本集團將收取政府補助 且將遵守其所附帶之條件時於財務狀況表初步 確認。用於補償本集團已產生開支之補助於開 支產生之同一期間有系統地於損益中確認為收 入。補償本集團資產成本之補助乃於資產之賬 面值中扣除，其後於該項資產之可使用期間以 減少折舊開支之方式於損益中實際確認。 (v) 外幣換算 年內之外幣交易按交易當日之匯率換算。以外 幣計值之貨幣資產及負債按匯報日之匯率換算。 匯兌盈虧於損益內確認，惟該等於其他全面收 益確認並用於對沖外匯風險之非衍生貨幣項目 除外（見附註 1(t)）。 按歷史成本法以外幣計值之非貨幣資產及負債， 則按交易當日之匯率換算。交易日期為本集團 初始確認有關非貨幣資產及負債之日。以外幣 計值並以公允值列賬之非貨幣資產及負債按計 量其公允值當日之匯率換算。 152 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (v) Translation of foreign currencies (continued) The results of subsidiaries outside Hong Kong are translated into Hong Kong dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, including goodwill arising on consolidation of subsidiaries outside Hong Kong, are translated into Hong Kong dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange reserve. (v) 外幣換算（續） 香港以外地區之附屬公司之業績以接近交易當 日之匯率換算為港幣，而財務狀況表項目（包括 香港以外地區之附屬公司綜合入賬時所產生之 商譽）則於匯報日按收市匯率換算為港幣，由此 而產生之匯兌差額於其他全面收益中確認，並 於匯兌儲備之權益中獨立累計。 On disposal of a subsidiary outside Hong Kong, the cumulative amount of the exchange differences relating to that subsidiary outside Hong Kong is reclassified from equity to profit or loss when the profit or loss on disposal is recognised. 就出售香港以外地區之一間附屬公司而言，確 認出售產生之損益時，與該香港以外地區之附 屬公司有關之匯兌差額之累計金額會從權益重 新分類至損益。 Foreign exchange gains and losses arising from monetary items that in substance form part of the net investment in an operation outside Hong Kong, together with any related tax, are reclassified to equity on consolidation. 貨 幣 項 目 產 生 之 外 匯 收 益 及 虧 損（實 質 屬 於 香 港 以 外 地 區 業 務 淨 投 資 之 一 部 份）與 任 何 相 關 稅項乃於綜合入賬時重新分類至權益。 (w) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred. 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。 153 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (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。 (y) Non-current assets held for sale Non-current assets are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. (y) 持作出售之非流動資產 倘非流動資產很大可能會主要透過出售而非持 續使用方式收回，則其分類為持作出售。 Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss. 有關資產一般以賬面值與公允值減銷售成本兩 者間的較低者計量。初步分類持作出售之減值 虧損以及其後重新計量之收益及虧損於損益確認。 Once classified as held for sale, property, plant and equipment are no longer depreciated, and any equity-accounted investee is no longer equity accounted. 一經分類為持作出售，物業、廠房及設備不再 予以攤銷，而任何以權益法入賬之投資對象亦 不再以權益法入賬。 (z) Related parties (a) A person, or a close member of that person’s family, is related to the Group if that person: (z) 關連人士 (a) 倘 有 關 人 士 出 現 下 列 情 況，則 該 人 士 或 該人士之近親家庭成員與本集團有關連： (i) has control or joint control over the Group; (i) 控制或共同控制本集團； (ii) has significant influence over the Group; or (ii) 對本集團有重大影響；或 (iii) is a member of the key management personnel of the Group. (iii) 為本集團之主要管理人員之一。 (b) An entity is related to the Group if any of the following conditions applies: (b) 倘 符 合 下 列 任 何 條 件，則 一 間 實 體 與 本 集團有關連： (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (i) 該實體與本集團屬同一集團之成員 公 司（即 各 母 公 司、附 屬 公 司 及 同 系附屬公司彼此間有關連）。 (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (ii) 一間實體為另一實體之聯營公司或 合營公司（或另一實體為成員公司 之集團旗下成員公司之聯營公司或 合營公司）。 (iii) Both entities are joint ventures of the same third party. (iii) 兩間實體均為同一第三方之合營公 司。 154 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 1 Material accounting policies (continued) 1 重大會計政策（續） (z) Related parties (continued) (b) (continued) (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (z) 關連人士（續） (b) （續） (iv) 一間實體為第三方實體之合營公司， 而另一實體為該第三方實體之聯營 公司。 (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (v) 該實體乃為本集團或與本集團有關 連之實體就僱員福利而設立之離職 後福利計劃。 (vi) The entity is controlled or jointly controlled by a person identified in (a). (vi) 該 實 體 受(a) 所 識 別 人 士 控 制 或 共 同控制。 (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity). (vii) 於 (a)(i) 所識別人士對該實體有重大 影響力或屬該實體（或該實體之母 公司）主要管理人員之一。 (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group. (viii) 該實體或其所屬集團之任何成員公 司向本集團提供主要管理人員服務。 Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. 個別人士之近親家庭成員乃指在處理與實體交 易時可能對該人士施予影響或被該人士影響之 親屬成員。 (aa) Segment reporting Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. (aa) 分部報告 營運分部及本財務報表所呈報之各分部項目金 額，乃根據定期向本集團高層管理人員提供之 財務報告中識別。高層管理人員依據該等報告 分配資源予本集團不同業務及地域以及評估該 等業務及地域之表現。 Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. 就財務報告而言，個別重大營運分部不會綜合 呈報，除非該等分部具有類似經濟特點及在產 品及服務性質、生產程序性質、客戶類型或類別、 分銷產品或提供服務所採用之方式及監管環境 性質方面類似。倘個別而言並非屬重要之營運 分部符合上述大部份特點，則可能綜合呈報。 155 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 2 Accounting judgements and estimates 2 會計判斷及估計 Notes 14, 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: 附 註 14、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) Impairment of property, plant and equipment If circumstances indicate that the carrying values of property, plant and equipment may not be recoverable, the assets may be considered “impaired”, and an impairment loss may be recognised in accordance with HKAS 36, Impairment of assets. Under HKAS 36, these assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. The recoverable amount is the greater of its fair value less costs of disposal and the value in use. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to level of sales volume, selling prices and amount of operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount. However, actual sales volumes, selling prices and operating costs may be different from assumptions which may require a material adjustment to the carrying amount of the assets affected. Details of the nature and carrying amounts of property, plant and equipment are disclosed in note 11. (b) 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 judgement 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). (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。 (b) 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。 156 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting 3 收入及分部報告 (a) Revenue The principal activities of the Group are the manufacture and sale of food and beverages. (a) 收入 本集團之主要業務為製造及銷售食品及飲品。 Revenue represents the invoiced value of products sold, net of returns, rebates and discounts. 收入指已售產品之發票價值減退貨、回扣及折扣。 No disaggregation of revenue from contracts with customers is presented as 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 (Hong Kong SAR, Macau SAR and Exports) mainly represents the manufacture and sale of soya milk, tea, water, juice, tofu, etc. in Hong Kong SAR, sale of beverages in Macau SAR, export of beverages from Hong Kong SAR and the operating of tuck shops and catering businesses in 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 represents the manufacture and sale of soya related products in Singapore, sale of beverages in Singapore and the export of soya related products. － 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。 157 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting (continued) 3 收入及分部報告（續） (b) Segment reporting (continued) (i) Segment results, assets and liabilities 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: (b) 分部報告（續） (i) 分部業績、資產及負債 就評估分部表現及各分部間之資源配置而言， 本集團最高層行政管理人員根據下列基準監控 各須報告分部之業績、資產及負債： Segment assets include all tangible assets, intangible assets and current assets with the exception of interest in joint venture, deferred tax assets, current tax recoverable 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. 分部資產包括全部有形資產、無形資產及流動 資 產，惟 於 合 營 公 司 之 權 益、遞 延 稅 項 資 產、 應收現期稅項及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。 The measure used for reporting segment profit is “profit from operations”. To arrive at “profit from operations”, the Group’s profit is further adjusted for items not specifically attributed to individual segments, such as finance costs, share of losses of joint venture, integration expenses in relation to the assumption of full ownership of Vitasoy Australia Products Pty. Ltd. (“VAP”) and unallocated head office and corporate expenses. Income tax is not allocated to reporting segments. Inter-segment sales are priced at cost plus a profit margin. 用於報告分部溢利之表示方法為「經營溢利」。 為了得出「經營溢利」，本集團之溢利就並無明 確 歸 於 個 別 分 部 之 項 目（如 融 資 成 本、所 佔 合 營公司虧損、與承擔 Vitasoy Australia Products Pty. Ltd.（「VAP」）全部擁有權相關的整合開支以 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。 158 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting (continued) 3 收入及分部報告（續） (b) Segment reporting (continued) (i) Segment results, assets and liabilities (continued) (b) 分部報告（續） (i) 分部業績、資產及負債（續） 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 2024 and 2023 is set out below: 截至二零二四年及二零二三年三月三十一日止 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 2024 二零二四年 $’000 千元 2023 二零二三年 $’000千元 2024 二零二四年 $’000 千元 2023 二零二三年 $’000千元 2024 二零二四年 $’000 千元 2023 二零二三年 $’000千元 2024 二零二四年 $’000 千元 2023 二零二三年 $’000千元 3,359,080 3,509,101 2,224,359 2,143,815 526,676 580,325 107,008 107,318 6,217,123 6,340,559 148,870 138,276 34,232 20,079 3,253 3,408 3,650 4,491 190,005 166,254 3,507,950 3,647,377 2,258,591 2,163,894 529,929 583,733 110,658 111,809 6,407,128 6,506,813 220,535 45,918 224,746 218,036 (80,890) 7,635 (12,855) (12,130) 351,536 259,459 1,756 2,669 20,835 9,348 634 266 – – 23,225 12,283 (13,181) (22,639) (10,434) (7,120) (5,969) (2,360) (444) (428) (30,028) (32,547) (306,955) (315,060) (190,244) (189,284) (20,080) (19,660) (5,695) (5,609) (522,974) (529,613) (14,009) (2,414) 1,843 (2,227) (3,593) – – – – – – – – – – – (12,166) (4,641) (3,593) – 2,641,289 3,169,659 4,164,017 3,848,483 431,439 448,202 117,809 119,046 7,354,554 7,585,390 1,922,598 2,366,732 1,148,531 1,015,704 338,454 232,263 32,812 32,562 3,442,395 3,647,261 50,678 102,567 312,256 80,325 43,165 20,252 879 2,503 406,978 205,647 Revenue from external customers 來自外間顧客之收入 Inter-segment revenue 分部間收入 Reportable segment revenue 須報告分部之收入 Reportable segment profit/(loss) from operations 須報告分部之經營溢利╱（虧損） Interest income from bank deposits 銀行存款之利息收入 Finance costs 融資成本 Depreciation and amortisation for the year 本年度之折舊及攤銷 (Recognition)/reversal of impairment losses on property, plant and equipment （確認）╱撥回物業、廠房及設備 之減值虧損 Impairment losses on assets held for sale 持作出售之資產之減值虧損 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 159 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting (continued) 3 收入及分部報告（續） (b) Segment reporting (continued) (ii) Reconciliations of reportable segment revenue, profit or (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債 loss, assets and liabilities 之對賬 Revenue 收入 Reportable segment revenue 須報告分部之收入 Elimination of inter-segment revenue 分部間收入之撇銷 Consolidated revenue 綜合收入 Profit or loss 損益 Reportable segment profit from operations 須報告分部之經營溢利 Finance costs (note 5(a)) 融資成本（附註 5(a)） Share of losses of joint venture 所佔合營公司虧損 Integration expenses in relation to assumption of full ownership of VAP 與承擔 VAP 全部擁有權相關的整合開支 Unallocated head office and corporate expenses 未分配之總公司及企業費用 Consolidated profit before taxation 綜合除稅前溢利 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 6,407,128 6,506,813 (190,005) (166,254) 6,217,123 6,340,559 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 351,536 259,459 (30,028) (32,547) (23,736) (22,253) (9,704) (43,403) (156,400) (112,463) 131,668 48,793 160 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting (continued) 3 收入及分部報告（續） (b) Segment reporting (continued) (ii) Reconciliations of reportable segment revenue, profit or (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債 loss, assets and liabilities (continued) 之對賬（續） Assets 資產 Reportable segment assets 須報告分部之資產 Elimination of inter-segment receivables 分部間應收款之撇銷 Deferred tax assets 遞延稅項資產 Current tax recoverable 應收現期稅項 Unallocated head office and corporate assets 未分配之總公司及企業資產 Consolidated total assets 綜合總資產 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 7,354,554 7,585,390 (2,006,347) (2,017,528) 5,348,207 5,567,862 269,555 260,693 18,136 19,528 797 1,436 5,636,695 5,849,519 161 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting (continued) 3 收入及分部報告（續） (b) Segment reporting (continued) (ii) Reconciliations of reportable segment revenue, profit or (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債 loss, assets and liabilities (continued) 之對賬（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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 3,442,395 3,647,261 (1,050,176) (1,015,339) 2,392,219 2,631,922 19,164 72,563 39,797 315 24,835 76,115 14,232 1,825 2,524,058 2,748,929 162 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 3 Revenue and segment reporting (continued) 3 收入及分部報告（續） (b) Segment reporting (continued) (iii) Geographic information (b) 分部報告（續） (iii) 地區資料 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 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 the location of operations, in the case of interest in joint venture. 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 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 2,024,787 2,443,857 784,991 663,226 251,062 235,809 43,811 49,649 3,104,651 3,392,541 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 $1,962,229,000 (2023: $1,888,674,000) and $775,554,000 (2023: $655,129,000) 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 1,962,229,000 元（二 零 二 三 年：1,888,674,000 元 ）及 7 7 5 , 5 5 4 , 0 0 0 元（ 二 零 二 三 年 ： 655,129,000 元）。 163 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 4 Other income 4 其他收入 Government grants (Note) 政府補助（附註） COVID-19-related rent concessions (note 17(c)) 2019 冠狀病毒病相關租金寛減（附註 17(c)） Interest income from bank deposits 銀行存款之利息收入 Rental income 租金收入 Scrap sales 廢料銷售 Rebate from a vendor on acquisition of property, plant and equipment 就購置物業、廠房及設備從賣方所獲得之回扣 Maintenance recharge income 收回維修費收入 Sundry income 雜項收入 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 30,818 787 23,225 4,278 5,287 3,675 8,058 8,115 64,397 12,869 12,283 4,179 4,823 – 5,606 9,689 84,243 113,846 Note: 附註： During the current year, government grants of $24,137,000 (2023: $32,092,000) were received from the government of the People’s Republic of China (“PRC”) in relation to an investment in Mainland China in 2020. 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 華 人 民 共 和 國（「中 國」）政 府 一 筆 補 助 共 24,137,000 元（二零二三年：32,092,000 元）。 During the previous year, other government grants included COVID-19 financial assistance in Mainland China, Hong Kong SAR and Singapore amounting to $25,521,000 and other government grants of $93,000 received from the government of the PRC in relation to the acquisition of property, plant and equipment were netted off against the cost of the related assets (note 11(a)). 於 上 個 年 度，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 25,521,000 元補助，以及就購置物業、廠房及設備收 取 中 國 政 府 之 其 他 政 府 補 助 93,000 元 已 從 相 關 資 產 之成本扣除（附註 11(a)）。 164 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 5 Profit before taxation 5 除稅前溢利 Profit before taxation is arrived at after charging/(crediting): 除稅前溢利已扣除╱（計入）： (a) Finance costs: 融資成本： Interest on bank loans (note 17(c)) 銀行貸款之利息（附註 17(c)） Interest on lease liabilities (note 17(c)) 租賃負債之利息（附註 17(c)） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 19,478 10,550 30,028 26,958 5,589 32,547 2024 二零二四年 $’000 千元 2023 二零二三年 $’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 106,547 111,710 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 (note 22(d)(i)) – 長期服務金（附註 22(d)(i)） 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 payments 遣散費用 Salaries, wages and other benefits 薪金、工資及其他福利 2,049 1,075 2,266 16,369 109,671 130,345 21,865 14,657 25,549 18,347 1,524,766 1,492,128 1,670,959 1,666,369 165 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 5 Profit before taxation (continued) 5 除稅前溢利（續） Profit before taxation is arrived at after charging/(crediting): (continued) 除稅前溢利已扣除╱（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 (note 29(a)) 關聯方收取的管理費（附註 29(a)） Withholding tax on royalty and interest income 特許權使用費及利息收入預扣稅 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 Exchange loss 匯兌虧損 Donation 捐款 Net loss/(gain) on disposal of property, plant and equipment (note 17(b)) 出售物業、廠房及設備之虧損╱（收益）淨額（附註 17(b)） Recognition/(reversal) of write down of inventories 確認╱（撥回）撇減存貨 (Reversal)/recognition of impairment losses on trade and other receivables (note 17(b)) （撥回）╱確認應收賬款及其他應收款之減值虧損（附註 17(b)） Impairment losses on property, plant and equipment (note 17(b)) 物業、廠房及設備之減值虧損（附註 17(b)） Impairment losses on assets held for sale (note 17(b)) 持作出售之資產之減值虧損（附註 17(b)） Others 其他 166 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 173,981 175,902 37,910 39,768 – 25,371 17,810 16,665 14,081 12,852 6,264 4,458 3,497 2,126 2,889 (4,706) 12,166 3,593 29,324 12,214 16,707 14,883 14,856 7,516 9,622 1,799 (802) (2,409) 1,278 4,641 – 4,295 332,910 325,641 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 5 Profit before taxation (continued) 5 除稅前溢利（續） Profit before taxation is arrived at after charging/(crediting): (continued) 除稅前溢利已扣除╱（計入）：（續） (d) Other items: 其他項目： Government grants (Note) 政府補助（附註） COVID-19-related rent concessions (note 11(b)) 2019 冠狀病毒病相關租金寛減（附註 11(b)） 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 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 Variable lease payments not included in the measurement of lease liabilities (note 11(b)) 不計入租賃負債計量之可變租賃付款（附註 11(b)） Net foreign exchange loss 外匯虧損淨額 Cost of inventories (note 15(b)) 存貨成本（附註 15(b)） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 (30,818) (104,054) (828) 279 (17,729) 292 126 126 105,509 99,569 417,060 429,626 6,838 6,697 318 343 294 410 17,609 14,585 4,458 11,097 3,112,848 3,327,851 167 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 5 Profit before taxation (continued) 5 除稅前溢利（續） Note: 附註： During the current year, government grants of $24,137,000 (2023: $32,092,000) were received from the government of the PRC in relation to an investment in Mainland China in 2020. 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 24,137,000 元（二零二三年： 32,092,000 元）。 During the previous year, other government grants included COVID-19 financial assistance in Mainland China, Hong Kong SAR, and Singapore amounting to $65,178,000, of which $25,521,000 was included in other income, $34,304,000 was netted off against staff costs and $5,353,000 was netted off against cost of sales and operating expenses. 於 上 個 年 度，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 65,178,000 元補助，當中其他收入為 25,521,000 元， 34,304,000 元 與 員 工 成 本 作 抵 銷，另5,353,000 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 (a) 綜合損益表之稅項如下： loss represents: 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 22,144 (6,905) 15,239 17,270 3,585 20,855 24,150 24,783 (2,341) 21,809 (1,868) 22,915 (23,168) (16,034) 13,880 27,736 Current tax – Hong Kong Profits Tax 現期稅項－香港利得稅 Provision for the year 年內撥備 (Over)/under-provision in respect of prior years 以往年度之（高估撥備）╱撥備不足 Current tax – Outside Hong Kong 現期稅項－香港以外地區 Provision for the year 年內撥備 Over-provision in respect of prior years 以往年度之高估撥備 Deferred tax 遞延稅項 168 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 6 Income tax in the consolidated statement of profit or loss (continued) 6 綜合損益表之所得稅（續） (a) Taxation in the consolidated statement of profit or (a) 綜合損益表之稅項如下：（續） loss represents: (continued) Notes: (i) (ii) The provision for Hong Kong Profits Tax for 2024 is calculated at 16.5% (2023: 16.5%) of the estimated assessable profits for the year. 附註： (i) 二零二四年之香港利得稅撥備是按年內之估計 應課稅溢利以 16.5%（二零二三年：16.5%）之 稅率計算。 In accordance with the relevant PRC corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company’s subsidiaries in Shenzhen, Foshan, Shanghai, Wuhan, Dongguan and Nansha is 25%. (ii) 根據相關中國企業所得稅法律、法規及實施指 引註釋，適用於本公司之深圳、佛山、上海、 武漢、東莞及南沙附屬公司之法定所得稅率為 25%。 In addition, the Group is subject to withholding tax at the applicable rate of 5% on distribution of profits generated after 31st December 2007 from the Group’s foreign-invested enterprises in Mainland China. Deferred tax liabilities have been provided for in this regard based on the expected dividends to be distributed from the foreign- invested enterprises in Mainland China in the foreseeable future in respect of the profits generated after 31st December 2007. 此外，本集團須就本集團中國內地外資企業以 於二零零七年十二月三十一日後產生之溢利作 出之分派按 5% 適用稅率繳納預扣稅。本集團 已就此根據中國內地外資企業於可預見未來預 計以於二零零七年十二月三十一日後產生之溢 利分派之股息計提遞延稅項負債。 (iii) Taxation for subsidiaries outside Hong Kong SAR and Mainland China is charged at the appropriate current rates of taxation ruling in the relevant tax jurisdictions. (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。 169 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 6 Income tax in the consolidated statement of profit or loss (continued) 6 綜合損益表之所得稅（續） (b) Reconciliation between tax expense and accounting profit at applicable tax rates: (b) 稅項支出與會計溢利以適用稅率 計算之對賬： Profit before taxation 除稅前溢利 Notional tax on profit before taxation, calculated at the rates applicable to profit in the tax jurisdictions concerned 按有關稅項司法管轄區適用於溢利之稅率計算除稅前溢利 之名義稅項 Tax effect of non-deductible expenses 不可扣減支出之稅項影響 Tax effect of non-taxable revenue 非課稅收入之稅項影響 Withholding tax of Mainland China subsidiaries 中國內地附屬公司之預提稅項 Tax effect of unused tax losses and deductible temporary differences not recognised 未確認之未動用稅務虧損及可抵扣暫時差異之稅務影響 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 (over)/under-provision in respect of prior years 以往年度之（高估撥備）╱撥備不足淨額 Tax credit on PRC Corporate Income Tax paid 已繳中國企業所得稅之稅項抵免 Tax effect of written-off previously recognised tax losses 撇銷先前已確認稅項虧損之稅務影響 Others 其他 Actual tax expense 實際稅項支出 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 131,668 48,793 (2,312) (30,875) 17,870 18,571 (9,360) 1,543 (12,891) (221) 10,338 67,115 (8,372) (11,197) (9,246) (9,405) 23,285 (461) 1,717 (7,798) – 3,315 13,880 27,736 (c) Pillar Two income tax The Group has applied the temporary mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes and would account for the tax as current when incurred. (c) 支柱二所得稅 本集團已就確認及披露有關支柱二所得稅之遞 延稅項資產及負債資料引入臨時強制性例外規 定，並將於產生時將該稅項入賬列作現期稅項。 Since the Pillar Two legislation in the jurisdictions where the Group operates was not enacted as at the year end date, and due to the uncertainty of the announcement of the legislation and the complexities in applying the legislation and calculating the Global Anti-Base Erosion Rules income, the Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. 由於本集團經營所在司法管轄區的支柱二法例 於年結日尚未頒佈，且鑒於未能確定何時公佈 該法例以及引入該法例及計算全球反侵蝕稅基 規則收入時的複雜程度，本集團正在評估其在 支柱二法例生效時所面臨之風險。 170 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 7 Emoluments of Directors 7 董事之酬金 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: 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： 2024 二零二四年 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 414 248 248 299 299 367 593 563 643 902 434 6,309 7,688 2,374 4,635 5,073 403 408 538 69 11,766 13,547 3,094 – – – – – – – – – – – – – – – – – – – – – – – – 299 299 367 593 563 643 902 434 Share-based payments 以股份為 基礎之付款 (Note) （附註） $’000千元 3,814 8,201 – – – – – – – – – Total 總計 $’000千元 15,580 21,748 3,094 299 299 367 593 563 643 902 434 5,010 16,371 10,111 1,015 32,507 12,015 44,522 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 171 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 7 Emoluments of Directors (continued) 7 董事之酬金（續） 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) 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） 2023 二零二三年 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 400 200 200 290 290 340 580 550 631 585 421 6,294 7,516 2,300 1,254 1,361 576 – – – – – – – – – – – – – – – – 396 392 65 – – – – – – – – 8,344 9,469 3,141 290 290 340 580 550 631 585 421 Share-based payments 以股份為 基礎之付款 (Note) （附註） $’000千元 3,107 8,214 – – – – – – – – – Total 總計 $’000千元 11,451 17,683 3,141 290 290 340 580 550 631 585 421 4,487 16,110 3,191 853 24,641 11,321 35,962 Executive Directors 執行董事 Mr. Winston Yau-lai LO 羅友禮先生 Mr. Roberto GUIDETTI 陸博濤先生 Mr. Eugene LYE 黎中山先生 Non-executive Directors 非執行董事 Ms. Yvonne Mo-ling LO 羅慕玲女士 Mr. Peter Tak-shing LO 羅德承先生 Ms. May LO 羅其美女士 Independent Non-executive Directors 獨立非執行董事 Dr. The Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P.S. ERLUND Jan P.S. ERLUND先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生 Dr. Roy Chi-ping CHUNG 鍾志平博士 172 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 7 Emoluments of Directors (continued) 7 董事之酬金（續） 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 transactions as set out in note 1(q)(iii) and, in accordance with that policy, includes adjustments to reverse amounts accrued in previous years where grants of equity instruments are forfeited prior to vesting. 附註： 以股份為基礎之付款指根據本公司之購股權計 劃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)(iii) 所載本集團就以股份為付款 基礎之交易採用之會計政策而計量，而按照該 政策，包括對過往年度累計而所授出的股本工 具在歸屬前已被沒收之撥回金額所作之調整。 The details of these benefits in kind, including the principal terms and number of options and awards granted, are disclosed under the paragraph “Share option scheme” and “Share award scheme” in the directors’ report and note 23. 此等實物福利之詳情（包括已授出之購股權及 股份獎勵之主要條款及數目）於董事會報告「購 股權計劃」及「股份獎勵計劃」一段及附註 23 中 披露。 8 Individuals with highest emoluments 8 最高酬金人士 Of the five individuals with the highest emoluments, two (2023: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2023: three) individuals are as follows: 在五名最高酬金人士中，兩名（二零二三年：兩 名）為董事，彼等之酬金於附註 7 中披露。其餘 三名（二零二三年：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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 11,174 14,450 419 4,407 3,167 261 3,064 4,031 19,167 21,806 173 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 8 Individuals with highest emoluments (continued) 8 最高酬金人士（續） The emoluments of the three (2023: three) individuals with the highest emoluments are within the following bands: 三名（二零二三年：三名）最高酬金人士之酬金 介乎以下組別： 2024 二零二四年 Number of individuals 人數 2023 二零二三年 Number of individuals 人數 1 1 – 1 – – – 1 – 1 – 1 $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 174 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 9 Other comprehensive income 9 其他全面收益 (a) Tax effects relating to each component of other (a) 有關其他全面收益各部份之稅務 comprehensive income: 影響： 2024 二零二四年 Tax credit/ (expense) 稅項 抵免╱（費用） Before-tax amount 除稅前金額 2023 二零二三年 Tax credit/ (expense) 稅項 抵免╱（費用） Net-of-tax amount 扣除稅項金額 Net-of-tax amount 扣除稅項金額 Before-tax amount 除稅前金額 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000千元 (107,884) - (107,884) (201,452) – (201,452) (2,092) 344 (1,748) 1,329 (218) 1,111 6,089 (1,003) 5,086 (4,226) 680 (3,546) (103,887) (659) (104,546) (204,349) 462 (203,887) 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 Remeasurement of employee retirement benefit liabilities 僱員退休福利負債之重新計量 (b) Components of other comprehensive income: (b) 其他全面收益之部份： Cash flow hedges: 現金流量對沖： Effective portion of changes in fair value of hedging instruments recognised during the year 年內確認之對沖工具公允值變動之有效部份 Amounts transferred to initial carrying amount of hedged items 轉撥至對沖項目最初賬面值之金額 Net deferred tax credited/(debited) to other comprehensive income 於其他全面收益計入╱（扣除）之遞延稅項淨額 Net movement in the hedging reserve during the year recognised in other comprehensive income 年內於其他全面收益確認之對沖儲備淨變動 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 (2,919) (8,093) 827 344 9,422 (218) (1,748) 1,111 175 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 10 Earnings per share 10 每股盈利 (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the Company of $116,367,000 (2023: $45,721,000) and the weighted average number of 1,071,969,000 ordinary shares (2023: 1,070,165,000 ordinary shares) in issue during the year, calculated as follows: (a) 每股基本盈利 每 股 基 本 盈 利 乃 根 據 本 公 司 股 權 持 有 人 應 佔 溢 利1 1 6 , 3 6 7 , 0 0 0 元（ 二 零 二 三 年 ： 45,721,000 元）及 年 內 已 發 行 普 通 股 之 加 權 平 均 數 1,071,969,000 股 普 通 股（二 零 二 三 年： 1,070,165,000 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 share awards vested 已歸屬獎勵股份之影響 Effect of shares purchased under share award scheme 根據股份獎勵計劃購買股份之影響 2024 二零二四年 Number of shares 股份數目 ’000 千股 2023 二零二三年 Number of shares 股份數目 ’000 千股 1,070,899 1,070,010 1,487 155 (572) 469 77 (391) 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數（附註 10(b)） 1,071,969 1,070,165 176 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 10 Earnings per share (continued) 10 每股盈利（續） (b) Diluted earnings per share The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of the Company of $116,367,000 (2023: $45,721,000) and the weighted average number of 1,072,895,000 ordinary shares (2023: 1,072,096,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: (b) 每股攤薄盈利 每股攤薄盈利乃根據本公司股權持有人應佔溢 利 116,367,000 元（二零二三年：45,721,000 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數 1,072,895,000 股 普通股（二零二三年：1,072,096,000 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 Effect of shares awarded under share award scheme 根據股份獎勵計劃獎授股份之影響 2024 二零二四年 Number of shares 股份數目 ’000 千股 2023 二零二三年 Number of shares 股份數目 ’000 千股 1,071,969 1,070,165 7 919 1,178 753 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數（攤薄） 1,072,895 1,072,096 As at 31st March 2024, the Group had potential dilutive shares in connection with its share option scheme and share award scheme. Certain share options could potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted earnings per shares because they are antidilutive for the period. 於二零二四年三月三十一日，本集團持有與其 購股權計劃及股份獎勵計劃相關之潛在攤薄股 份。若干購股權未來可攤薄每股基本盈利，惟 不計入每股攤薄盈利之計算中，因其於期內為 反攤薄。 177 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment 11 物業、廠房及設備 (a) (a) Other property, plant and equipment 其他物業、廠房及設備 Land and buildings held for own use 持有作自用之 土地及樓宇 $’000千元 Factory machinery and equipment 工廠機器及 設備 $’000千元 Fixtures, furniture and office equipment 裝置、傢俬及 辦公室設備 $’000千元 Motor vehicles 汽車 $’000千元 Construction in progress 在建工程 $’000千元 Sub-total 小計 $’000千元 Right-of-use assets 使用權資產 $’000千元 Investment properties 投資物業 $’000千元 Total 總計 $’000千元 1,716,637 4,368,325 656,458 166,044 86,645 6,994,109 559,217 22,698 7,576,024 (104,302) (233,067) (23,558) (8,516) (11,535) (380,978) (18,880) 1,779 23,015 13,273 12,040 103,510 153,617 52,294 3,589 75,093 38,603 76 (117,361) – – (645) (97,214) (17,898) (13,166) – (128,923) (65,812) – – – – (399,858) 205,911 – (194,735) 1,617,058 4,136,152 666,878 156,478 61,259 6,637,825 526,819 22,698 7,187,342 609,591 2,328,293 328,758 103,629 (29,315) (117,359) (7,150) (2,259) 59,092 290,457 67,091 12,986 – 3,813 82 298 (398) (95,062) (13,309) (12,687) 638,970 2,410,142 375,472 101,967 – – – – – – 3,370,271 218,087 19,448 3,607,806 (156,083) (4,033) – (160,116) 429,626 99,569 126 529,321 4,193 448 (121,456) (64,976) – – 4,641 (186,432) 3,526,551 249,095 19,574 3,795,220 978,088 1,726,010 291,406 54,511 61,259 3,111,274 277,724 3,124 3,392,122 Cost: 成本： At 1st April 2022 於二零二二年四月一日 Exchange adjustments 匯兌調整 Additions 添置 Transfer 轉撥 Disposals 出售 At 31st March 2023 於二零二三年三月三十一日 Accumulated depreciation and impairment losses: 累計折舊及減值虧損： At 1st April 2022 於二零二二年四月一日 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 2023 於二零二三年三月三十一日 Net book value: 賬面淨值： At 31st March 2023 於二零二三年三月三十一日 178 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (a) (continued) (a) （續） Other property, plant and equipment 其他物業、廠房及設備 Land and buildings held for own use 持有作自用之 土地及樓宇 $’000千元 Factory machinery and equipment 工廠機器及 設備 $’000千元 Fixtures, furniture and office equipment 裝置、傢俬及 辦公室設備 $’000千元 Motor vehicles 汽車 $’000千元 Construction in progress 在建工程 $’000千元 Sub-total 小計 $’000千元 Right-of-use assets 使用權資產 $’000千元 Investment properties 投資物業 $’000千元 Total 總計 $’000千元 1,617,058 4,136,152 666,878 156,478 61,259 6,637,825 526,819 22,698 7,187,342 (69,602) (149,876) (12,742) (2,295) (4,994) (239,509) (13,583) – 26,275 12,539 19,031 75,530 133,375 272,491 4,231 91,088 11,130 824 (107,273) – – (335) (48,121) (8,349) (13,764) – (29,118) – – – – (70,569) (38,071) (29,118) – – – – – – (253,092) 405,866 – (108,640) (29,118) 1,551,352 4,026,400 669,456 160,274 24,522 6,432,004 747,656 22,698 7,202,358 638,970 2,410,142 375,472 101,967 (22,524) (77,544) (6,420) (1,660) 57,008 280,179 67,127 12,746 – 12,529 (363) – (302) (43,255) (7,858) (13,511) – (18,836) – – 673,152 2,563,215 427,958 99,542 – – – – – – – 3,526,551 249,095 19,574 3,795,220 (108,148) (3,267) – (111,415) 417,060 105,509 126 522,695 12,166 – (64,926) (35,966) (18,836) – – – – 12,166 (100,892) (18,836) 3,763,867 315,371 19,700 4,098,938 878,200 1,463,185 241,498 60,732 24,522 2,668,137 432,285 2,998 3,103,420 179 Cost: 成本： At 1st April 2023 於二零二三年四月一日 Exchange adjustments 匯兌調整 Additions 添置 Transfer 轉撥 Disposals 出售 Classified as assets held for sale (note 18) 分類為持作出售之資產 （附註18） At 31st March 2024 於二零二四年三月三十一日 Accumulated depreciation and impairment losses: 累計折舊及減值虧損： At 1st April 2023 於二零二三年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度折舊 Impairment losses/(reversal of impairment losses) 減值虧損╱（撥回減值虧損） Written back on disposals 出售時撥回 Classified as assets held for sale (note 18) 分類為持作出售之資產 （附註18） At 31st March 2024 於二零二四年三月三十一日 Net book value: 賬面淨值： At 31st March 2024 於二零二四年三月三十一日 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (a) (continued) Government grants of nil (2023: $93,000) were received from the PRC government in relation to the acquisition of plant and equipment and were netted off against the cost of the related assets during the year. (a) （續） 年內概無從中國政府收取有關購置廠房及設備 的政府補助（二零二三年：93,000 元）並從相關 資產之成本扣除。 During the year, the carrying amounts of certain items of property, plant and equipment were written down by $12,166,000 (2023: $4,641,000) to their recoverable amounts as follows (the recoverable amounts were estimated using the higher of fair value less costs of disposal and value in use): 於年內，若干物業、廠房及設備之賬面值撇減 12,166,000 元（二零二三年：4,641,000 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) (ii) (iii) An impairment loss of $13,827,000 (2023: $2,635,000) was recognised on various items of property, plant and equipment utilised in the Mainland China and Hong Kong SAR operations reflecting the cessation of usage, where the recoverable amounts of these items were minimal. (i) 中國內地及香港特別行政區業務使用的 多 項 物 業、廠 房 及 設 備 項 目 因 停 止 使 用 而確認減值虧損 13,827,000 元（二零二三 年：2,635,000 元），該 等 項 目 的 可 收 回 金額乃微不足道。 During the previous year, an impairment loss of $1,321,000 was recognised on abandoned property, plant and equipment associated with the relocation of the Shenzhen operation to a modern facility in Dongguan as part of the Group’s manufacturing innovation programme, where the recoverable amounts of these items were minimal. (ii) 於 上 個 年 度，將 深 圳 廠 房 搬 遷 至 東 莞 現 代化廠房（作為實現本集團生產創新計劃 的一部分）而確認相關廢棄物業、廠房及 設備的減值虧損 1,321,000 元，該等項目 的可收回金額乃微不足道。 Following the relaxation of pandemic prevention measures announced by the Hong Kong SAR Government in February 2023, in anticipation of a recovery, management performed an assessment of the future performance of the Group’s Vitaland tuckshop business. Consequently, a reversal of impairment loss was recognised in respect of other property, plant and equipment of $1,661,000. During the previous year, an impairment loss was recognised in respect of right-of-use assets of $448,000 and other property, plant and equipment of $237,000. (iii) 在香港特區政府於二零二三年二月宣佈 解 除 防 疫 措 施 後，本 集 團 就 復 甦 預 期 而 對本集團維他天地小食店業務的未來表 現 進 行 評 估。就 此，對 其 他 物 業、廠 房 及 設 備 撥 回 減 值 虧 損1,661,000 元。於 上 個 年 度，就 使 用 權 資 產 確 認 減 值 虧 損 448,000 元，而對其他物業、廠房及設備 則確認減值虧損 237,000 元。 180 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (b) Right-of-use assets The analysis of the net book value of right-of-use assets by class of underlying asset is as follows: (b) 使用權資產 按相關資產分類之使用權資產之賬面淨值分析 如下： Interests in leasehold land held for own use, carried at depreciated cost, with remaining lease term of: 持作自用之租賃土地權益（按折舊成本列賬）之餘下租期︰ – 50 years or more – 50 年或以上 – between 10 and 50 years – 10 至 50 年之間 Other properties leased for own use, carried at depreciated cost 租賃作自用之其他物業（按折舊成本列賬） Factory machinery and equipment, carried at depreciated cost 工廠機器及設備（按折舊成本列賬） 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） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 6,471 6,471 144,996 157,336 151,467 279,970 783 65 163,807 112,904 848 165 432,285 277,724 181 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (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 (note 5(d)) 不計入租賃負債計量之可變租賃付款（附註 5(d)） COVID-19-related rent concessions (note 5(d)) 2019 冠狀病毒病相關租金寛減（附註 5(d)） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 3,780 3,946 101,056 94,644 580 93 105,509 10,550 21,538 894 85 99,569 5,589 28,253 2,488 3,128 17,609 14,585 (828) (17,729) 182 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (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 between one year and five years. For leases which 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 option 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 that it will exercise the extension option, 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 般初步為期一年至五年。就可於合約年期完結 時選擇重續額外租期的租賃，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 集團未能合理肯定將行使延期選項，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） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 Warehouse – Hong Kong Operation 倉庫 – 香港業務 – 28,288 – 120,191 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. 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 $272,491,000 (2023: $52,294,000). 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 272,491,000 元（二 零二三年：52,294,000 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 17(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 17(d) 及 21。 During the previous year, the Group has applied the practical expedient permitted in paragraph 46A of HKFRS 16 to all eligible rent concessions received by the Group. 於上個年度，本集團已將《香港財務報告準則》 第 16 號第 46A 段所載之可行權宜方法應用於本 集團收取之所有合資格租金寬減。 183 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (c) Property, plant and equipment leased out under (c) 根據經營租賃租出之物業、廠房 operating leases 及設備 The Group leases out investment properties under an operating lease. The lease runs for an initial period of two years, with an option to 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 lease payments under non-cancellable operating lease are receivable as follows: 本集團根據不可解除之經營租賃應收之未折現 租賃付款如下： Within one year 一年內 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 3,262 1,741 (d) The fair value of investment properties The fair value of investment properties at 31st March 2024 is $59,700,000 (2023: $63,300,000) which has been estimated at their open market value by reference to recent market transactions in comparable properties (2023: same basis of valuation adopted). The valuation was carried out by an independent firm of surveyors, Roma Appraisals Limited, who have among their staff members of the Hong Kong Institute of Surveyors with recent experience in the location and category of the properties being valued. (d) 投資物業之公允值 投資物業於二零二四年三月三十一日之公允值 為 59,700,000 元（二零二三年：63,300,000 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（二零二三年：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。 184 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 11 Property, plant and equipment (continued) 11 物業、廠房及設備（續） (d) The fair value of investment properties (continued) The fair value measurement is categorised as a Level 3 valuation under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to observability and significance of the inputs used in the valuation technique as follows: (d) 投資物業之公允值（續） 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 the direct comparison approach with reference to the market price of comparable properties and adjusted for building quality and timing of the reference transaction. The significant unobservable input in the fair value measurement is the property-specific adjusting rate, which ranged from 0.94 to 1.05 (2023: 0.93 to 1.03). The fair value measurement is positively correlated to the property-specific adjusting rate. 投資物業之公允值乃參考可比較物業之市價使 用直接比較法釐定，並就參考交易之樓宇質素 及時間作出調整。公允值計量之重大不可觀察 輸入數據乃個別物業調整率，介乎 0.94 至 1.05 （二 零 二 三 年：0.93 至 1.03）。公 允 值 計 量 與 個 別物業調整率之間成正向關係。 (e) Property, plant and equipment pledged against (e) 就銀行貸款抵押之物業、廠房及 bank loans 設備 At the end of the reporting period, no items of 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 設備項目，以擔保本集團獲授之銀行貸款或銀 行信貸。 (f) Deposits for the acquisition of property, plant and (f) 購置物業、廠房及設備之訂金 equipment As at 31st March 2024, a deposit of $1,112,000 (2023: nil) was paid to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 27(a)). 於二零二四年三月三十一日，就購置物業、廠 房及設備已支付訂金 1,112,000 元（二零二三年： 無）。購置代價之餘下金額計入資本承擔（附註 27(a)）。 185 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 12 Intangible assets 12 無形資產 Brand name 品牌名稱 $’000 千元 Customer list 客戶名單 Pollution discharge right 排污權 Total 總計 $’000 千元 $’000 千元 $’000 千元 7,579 10,958 1,582 20,119 158 – (117) 41 7,737 10,958 1,465 20,160 7,579 10,958 158 – – – 814 (60) 292 19,351 98 292 7,737 10,958 1,046 19,741 – – 419 419 Cost: 成本： At 1st April 2022 於二零二二年四月一日 Exchange adjustments 匯兌調整 At 31st March 2023 於二零二三年三月三十一日 Accumulated amortisation and impairment losses: 累計攤銷及減值虧損： At 1st April 2022 於二零二二年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷 At 31st March 2023 於二零二三年三月三十一日 Net book value: 賬面淨值： At 31st March 2023 於二零二三年三月三十一日 186 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 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 Pollution discharge right 排污權 Total 總計 $’000 千元 $’000 千元 $’000 千元 7,737 10,958 1,465 20,160 (138) – (82) (220) 7,599 10,958 1,383 19,940 7,737 10,958 1,046 19,741 (138) – – – (61) 279 (199) 279 7,599 10,958 1,264 19,821 – – 119 119 Cost: 成本： At 1st April 2023 於二零二三年四月一日 Exchange adjustments 匯兌調整 At 31st March 2024 於二零二四年三月三十一日 Accumulated amortisation and impairment losses: 累計攤銷及減值虧損： At 1st April 2023 於二零二三年四月一日 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷 At 31st March 2024 於二零二四年三月三十一日 Net book value: 賬面淨值： At 31st March 2024 於二零二四年三月三十一日 The amortisation charges of pollution discharge right are included in “administrative expenses” in the consolidated statement of profit or loss. 排 污 權 之 攤 銷 費 用 已 計 入 綜 合 損 益 表 之「行 政 費用」內。 187 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 13 Subsidiaries 13 附屬公司 The following list contains the particulars of the principal subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated. All of these are controlled subsidiaries as defined under note 1(d) and have been consolidated into the Group’s financial statements. 下表載有本集團主要附屬公司之詳情。除另有 註明外，持有之股份類別均為普通股。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。 Place of incorporation/ establishment and operation 註冊成立╱ 成立及營業地點 Proportion of ownership interest 擁有權權益比率 Particulars of issued capital 已發行股本詳情 held by the Company 本公司持有 held by a subsidiary 附屬公司持有 Principal activities 主要業務 Name of company 公司名稱 Vitasoy USA Inc. Vitasoy North America Inc. United States of America 美利堅合眾國 100 shares 100股股份 Canada 加拿大 1,000 shares 1,000股股份 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)） The PRC 中國 RMB80,000,000 人民幣 80,000,000元 Vitasoy (Dongguan) Company Limited (note (ii)) 維他奶（東莞）有限公司（附註(ii)） 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)） 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 188 % – 100 85 – – – – % 100 – – 85 85 100 100 Sale of beverages 銷售飲品 Sale of beverages 銷售飲品 Manufacture and sale of beverages (ceased operation since 15th December 2021) 生產及銷售飲品 （自二零二一年十二月 十五日起終止經營） 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 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 13 Subsidiaries (continued) 13 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 Proportion of ownership interest 擁有權權益比率 Particulars of issued capital 已發行股本詳情 held by the Company 本公司持有 held by a subsidiary 附屬公司持有 Principal activities 主要業務 Vitasoy Company Limited (note (vi)) 維他奶有限公司（附註(vi)） The PRC 中國 RMB100,000,000 人民幣 100,000,000元 Vitasoy Australia Products Pty. Ltd. (note (vii)) （附註(vii)） Australia 澳洲 V class shares: A$8,925,000 N class shares: A$8,575,000 V類股： 8,925,000澳元 N類股： 8,575,000澳元 % – % 100 – 100 Vitasoja (Macau) Limitada 維他奶（澳門）有限公司 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 Macau SAR 澳門特別行政區 MOP10,000 澳門幣10,000元 – 100 Vitaland Services Limited 維他天地服務有限公司 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 Hong Kong SAR 香港特別行政區 2 shares 2 股股份 – 100 Sales/distribution of beverages/food and headquarter management service (Mainland China) 銷售╱分銷飲品╱ 食品及總部管理 服務（中國內地） Manufacture and sale of food and beverages 生產及銷售食品及 飲品 Distribution of beverages 分銷飲品 Dormant 暫無營業 Operation of tuck shops and concessions 經營學校小食部及 小食攤位 Provision of catering services 提供餐飲服務 The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司 Hong Kong SAR 香港特別行政區 2 shares 2 股股份 100 – Property investment 物業投資 189 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 13 Subsidiaries (continued) 13 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 Proportion of ownership interest 擁有權權益比率 Particulars of issued capital 已發行股本詳情 held by the Company 本公司持有 held by a subsidiary 附屬公司持有 Principal activities 主要業務 Vitasoy (China) Holdings Limited 維他奶（中國）控股有限公司 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 Hong Kong SAR 香港特別行政區 Vita International Holdings Limited 維他國際集團有限公司 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 Hong Kong SAR 香港特別行政區 Vitasoy (China) Investments Company Limited 維他奶（中國）投資有限公司 Hong Kong SAR 香港特別行政區 1 share 1 股股份 1 share 1 股股份 2 shares 2 股股份 1 share 1 股股份 2 shares 2 股股份 Vitasoy Holdings (Malta) Limited Vitasoy Investment (Singapore) Pte. Limited Vitasoy International Singapore Pte. Ltd. (“VIS”) 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 % 100 100 100 100 100 – – % – – – – – Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 Investment holding 投資控股 – 100 Sales of beverages (ceased operation since 31st January 2024 and is currently under liquidation) 銷售飲品（自二零二四年 一月三十一日起 終止營運並現正清盤） 100 100 Investment holding 投資控股 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 190 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 13 Subsidiaries (continued) 13 附屬公司（續） Notes: (i) (ii) (iii) (iv) (v) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (“Shenzhen Vitasoy”) is a sino-foreign equity joint venture established in Mainland China and is to be operated up to 2049. 附註： (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， 經營期至二零四九年止。 Vitasoy (Dongguan) Company Limited (“Vitasoy Dongguan”) is a sino- foreign equity joint venture established in Mainland China and is to be operated up to 2067. (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 二零六七年止。 Vitasoy (Foshan) Company Limited (“Vitasoy Foshan”) is a sino- foreign equity joint venture established in Mainland China and is to be operated up to 2049. (iii) 維他奶（佛山）有限公司（「佛山維他奶」）為於 中國內地成立之中外合資合營公司，經營期至 二零四九年止。 Vitasoy (Shanghai) Company Limited (“Vitasoy Shanghai”) is a wholly foreign owned subsidiary established in Mainland China and is to be operated up to 2045. (iv) 維他奶（上海）有限公司（「上海維他奶」）為於 中國內地成立之全外資附屬公司，經營期至二 零四五年止。 Vitasoy (Wuhan) Company Limited (“Vitasoy Wuhan”) is a wholly foreign owned subsidiary established in Mainland China and is to be operated up to 2064. (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 零六四年止。 (vi) Vitasoy Company Limited is a wholly foreign owned subsidiary established in Mainland China and is to be operated up to 2070. (vi) 維他奶有限公司為於中國內地成立之全外資附 屬公司，經營期至二零七零年止。 (vii) On 13th February 2023, the Group acquired the remaining 49% equity interest in Vitasoy Australia Products Pty. Ltd (“VAP”), increasing the Group’s equity interest in VAP from 51% to 100% (see note 28). (vii) 於 二 零 二 三 年 二 月 十 三 日 ， 本 集 團 收 購 Vitasoy Australia Products Pty. Ltd.（「VAP」）餘 下 49% 股 權，使 本 集 團 於VAP 之 股 權 由51% 增加至 100%（見附註 28）。 191 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 13 Subsidiaries (continued) 13 附屬公司（續） 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. 下表載列有關擁有重大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 2024 二零二四年 2024 二零二四年 2023 二零二三年 2023 二零二三年 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 (Note) （附註） 2023 二零二三年 2023 二零二三年 2024 二零二四年 2024 二零二四年 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 (used in)/generated from operating activities 經營活動（所用）╱所得現金流量 Cash flows generated from/(used in) investing activities 投資活動所得╱（所用）現金流量 Cash flows (used in)/generated from financing activities 融資活動（所用）╱所得現金流量 15% 15% 15% 15% 15% 15% 93,583 106,026 99,511 170,968 161,008 116,511 26,314 27,505 984,806 1,110,752 288,872 354,527 (3,302) (6,172) (439,225) (522,340) (95,522) (109,231) – – (391,398) (464,144) (16,297) (20,027) 116,595 127,359 253,694 295,236 338,061 341,780 18,291 19,906 37,546 43,261 52,240 52,708 – – 554,164 586,354 706,373 705,801 (3,768) (3,768) (565) – 2,080 2,080 313 – (25,360) (28,335) 34,554 (25,360) (28,335) 34,554 (3,288) (4,526) – – 5,274 2,835 3,553 3,553 1,047 16,383 (6,114) (56,776) 113,692 (14,594) 40,315 124,386 2,944 58,806 (17,029) (45,822) (13,499) (12,359) – – (94,640) 50,885 (23,065) (123,674) – – – – – – – – – – – – – – – – 217,142 252,407 (231,469) (847) 237,233 – 583,733 (56,367) (55,584) (21,498) 5,250 (64,454) (19,589) 68,369 Note: During the previous year, the Group acquired the remaining 49% equity interest in VAP on 13th February 2023. Details are set out in note 28. 附註： 於上個年度，本集團於二零二三年二月十三日 收購 VAP 餘下 49% 股權。詳情載於附註 28。 192 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 14 Interest in joint venture 14 合營公司之權益 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: 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. 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 Group’s effective interest 本集團之 實際權益 % 50 Place of incorporation and business 註冊成立及 營業地點 Particular of issued capital 已發行股本詳情 The Republic of the Philippines (“Philippines”) 菲律賓共和國 （「菲律賓」） Registered capital of PHP 2,254,000,000 註冊股本 2,254,000,000比索 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: Vitasoy-URC, Inc. (“VUR”) was established by the Company in partnership with a major branded consumer food and beverage company in the Philippines, the other investor to this joint venture, for the manufacture and sale of the Group’s plant-based beverages in the Philippines. VUR is mainly engaged in the sale of beverages. 附註： Vitasoy－URC, Inc.（「 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，以於菲律賓 生 產 及 銷 售 本 集 團 以 植 物 成 分 為 主 之 飲 品。 VUR 主要從事飲品銷售。 VUR, the only joint venture in which the Group participates, is an unlisted corporate entity whose quoted market price is not available. VUR（本集團唯一參與之合營公司）為一間非上 市企業實體，且並無市場報價。 Summarised financial information of VUR is disclosed below: VUR 之財務資料概要披露如下： 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 (35,975) (42,544) (36,018) (42,312) 193 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 14 Interest in joint venture (continued) 14 合營公司之權益（續） (a) Impairment 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 in the year ended 31st March 2021. During the year ended 31st March 2024, the performance of the joint venture continued to improve, leading to an improvement in level of losses incurred following the relaxation of quarantine restrictions by the Philippines government. Nevertheless, considering the current accumulated losses and uncertainty in evaluating market factors in the calculation of the recoverable amount, management concluded that no reversal of impairment was to be made. (b) Unrecognised share of losses During the year, the Group injected further capital of $23,736,000 (2023: $22,253,000) into the joint venture. With an unrecognised loss of $24,296,000 (2023: $26,676,000) brought forward from prior years, the Group has recognised a share of loss of $23,736,000 (2023: $22,253,000) after the capital injection. As at 31st March 2024, 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 aggregate of the investment cost 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. (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 權益之賬面值已全數減值。 截至二零二四年三月三十一日止年度，合營公 司業績持續改善，菲律賓政府放寬檢疫限制後 虧損水平有所改善。儘管如此，考慮到當前累 計虧損以及計算可收回金額時評估市場因素的 不確定性，管理層認為毋須作出減值撥回。 (b) 未確認所佔虧損 於 本 年 度，本 集 團 向 合 營 公 司 進 一 步 注 資 23,736,000 元（二 零 二 三 年：22,253,000 元）。 由於以往年度結轉未確認虧損 24,296,000 元（二 零二三年：26,676,000 元），故本集團於注資後 已 確 認 所 佔 虧 損23,736,000 元（二 零 二 三 年： 22,253,000 元）。 於二零二四年三月三十一日，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扣除其後累計減值虧 損的總額。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 $17,715,000 (2023: $24,296,000). 年內及累計之未確認所佔合營公司虧損金額為 17,715,000 元（二零二三年：24,296,000 元）。 194 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 15 Inventories 15 存貨 (a) Inventories in the consolidated statement of financial position comprise: (a) 綜合財務狀況表中之存貨包括： Raw materials 原材料 Finished goods 製成品 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 323,998 382,858 230,548 256,757 554,546 639,615 (b) The analysis of the amount of inventories (b) 已於損益內確認為開支之存貨金 recognised as an expense and included in profit or loss is as follows: 額分析如下： Carrying amounts of inventories sold 已售存貨之賬面值 Write down of inventories 撇減存貨 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 3,101,032 3,323,592 11,816 4,259 3,112,848 3,327,851 16 Trade and other receivables 16 應收賬款及其他應收款 Current assets: 流動資產： 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 Non-current assets: 非流動資產： Rental deposits 租賃按金 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 715,301 788,957 158,011 192,893 873,312 981,850 15,419 – 195 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 16 Trade and other receivables (continued) 16 應收賬款及其他應收款（續） Apart from the rental deposits under non-current assets, the Group’s other debtors, deposits and prepayments amounting to $21,820,000 (2023: $26,218,000) are expected to be recovered or charged as expense after more than one year. All of the other trade and other receivables are expected to be recovered or recognised as an expense within one year. 除非流動資產項下之租賃按金外，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 21,820,000 元（二零二三年： 26,218,000 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一項開支。 (a) Ageing analysis As of the end of the reporting period, the ageing analysis of trade debtors and bills receivable (which are included in trade and other receivables), based on the invoice date and net of loss allowance, is as follows: (a) 賬齡分析 於匯報日，應收賬款及應收票據（已包括於應收 賬 款 及 其 他 應 收 款 內）按 發 票 日 期 及 已 扣 除 虧 損撥備之賬齡分析如下： Within three months 三個月內 Three to six months 三至六個月 Over six months 六個月以上 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 703,131 777,056 10,289 1,881 8,115 3,786 715,301 788,957 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 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 17 Cash and bank deposits 17 現金及銀行存款 (a) Cash and bank deposits comprise: (a) 現金及銀行存款包括： Cash at bank and in hand 銀行結存及庫存現金 Bank deposits maturing within three months when placed 存款期於三個月內之銀行存款 Cash and cash equivalents in the consolidated cash flow statement 綜合現金流量表內之現金及現金等值項目 Bank deposits maturing after three months 存款期超過三個月之銀行存款 Cash and bank deposits in the consolidated statement of financial position 綜合財務狀況表內之現金及銀行存款 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 156,948 259,778 486,006 295,007 642,954 554,785 151,498 507 794,452 555,292 At 31st March 2024, no Renminbi bank balances (2023: $44,874,000) were designated as a hedge against the foreign currency risk on future purchases of raw materials. The loss (2023: gain) on re- translation of these bank balances at the exchange rate ruling during the reporting period was included in other comprehensive income. 於二零二四年三月三十一日，概無以人民幣計 值之銀行結存（二零二三年：44,874,000 元）被 指定用作對沖日後購買原材料之外匯風險。按 財務報告期內之匯率重新換算該等銀行結存之 虧損（二零二三年：收益）已計入其他全面收益。 At 31st March 2024, cash and cash equivalents situated in Mainland China amounted to $81,348,000 (2023: $71,151,000). Remittance of funds out of Mainland China is subject to relevant rules and regulations of foreign exchange control. 於 二 零 二 四 年 三 月 三 十 一 日，位 於 中 國 內 地 之 現 金 及 現 金 等 值 項 目 為 81,348,000 元（二 零 二三年：71,151,000 元）。資金匯出中國內地須 遵守相關外匯管制之規則及規例。 197 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 17 Cash and bank deposits (continued) 17 現金及銀行存款（續） (b) Reconciliation of profit before taxation to cash (b) 除稅前溢利與經營業務所得現金 generated from operations: 之對賬： Profit before taxation 除稅前溢利 Adjustments for: 調整： – Share of losses of joint venture – 所佔合營公司虧損 – 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 – (Reversal)/recognition of impairment losses on trade and other receivables –（撥回）╱確認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 assets held for sale – 持作出售之資產之減值虧損 – Write down of inventories – 撇減存貨 – Interest on bank loans – 銀行貸款之利息 Notes 附註 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 131,668 48,793 23,736 105,509 126 22,253 99,569 126 417,060 429,626 279 (4,706) 12,166 3,593 11,816 19,478 292 1,278 4,641 – 4,259 26,958 5(d) 5(d) 5(d) 5(d) 5(c) 5(c) 5(c) 15(b) 5(a) 198 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 17 Cash and bank deposits (continued) 17 現金及銀行存款（續） (b) Reconciliation of profit before taxation to cash (b) 除稅前溢利與經營業務所得現金 generated from operations: (continued) 之對賬：（續） – 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 – Net loss/(gain) on disposal of property, plant and equipment – 出售物業、廠房及設備之虧損╱（收益）淨額 – 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 loss – 匯兌虧損 Changes in working capital: 營運資金變動： – Decrease in inventories – 存貨減少 – Decrease in trade and other receivables – 應收賬款及其他應收款減少 – Decrease in trade and other payables – 應付賬款及其他應付款減少 – Increase in employee retirement benefit liabilities – 僱員退休福利負債增加 Cash generated from operations 經營業務所得現金 Notes 附註 5(a) 4 5(c) 5(b) 4 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 10,550 5,589 (23,225) (12,283) 2,126 (802) 21,865 25,549 (787) (12,869) 7,290 24,534 48,098 79,625 82,939 95,272 (65,615) (332,851) 418 14,386 801,070 527,259 199 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 17 Cash and bank deposits (continued) 17 現金及銀行存款（續） (c) Reconciliation of liabilities arising from financing (c) 融資活動產生之負債對賬 activities The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow statement as cash flows from financing activities. 下表詳列本集團融資活動產生之負債變動，當 中包括現金及非現金變動。融資活動所產生之 負債指其現金流量曾於或未來現金流量將於本 集團之綜合現金流量表內分類為融資活動之現 金流量。 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 524,686 136,186 660,872 61,334 (310,365) – – – – 61,334 (310,365) (101,412) (101,412) (10,550) (10,550) (19,478) – (19,478) (268,509) (111,962) (380,471) (19,668) (1,506) (21,174) – – – 272,491 272,491 (787) (787) (2,107) (2,107) 19,478 10,550 30,028 255,987 302,865 558,852 At 1st April 2023 於二零二三年四月一日 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 2024 於二零二四年三月三十一日 200 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 17 Cash and bank deposits (continued) 17 現金及銀行存款（續） (c) Reconciliation of liabilities arising from financing (c) 融資活動產生之負債對賬（續） activities (continued) At 1st April 2022 於二零二二年四月一日 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 2023 於二零二三年三月三十一日 Bank loans 銀行貸款 (Note 20) （附註 20） $’000 千元 Lease liabilities 租賃負債 (Note 21) （附註 21） $’000 千元 Total 總計 $’000 千元 489,829 187,757 677,586 525,121 (459,764) – – – – 525,121 (459,764) (87,860) (87,860) (5,589) (5,589) (26,958) – (26,958) 38,399 (93,449) (55,050) (30,500) (2,221) (32,721) – – – 52,294 52,294 (12,869) (12,869) (915) (915) 26,958 5,589 32,547 524,686 136,186 660,872 201 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 17 Cash and bank deposits (continued) 17 現金及銀行存款（續） (d) Total cash outflow for leases Amounts included in the consolidated cash flow statement for leases comprise the following: (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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 41,635 111,962 45,966 93,449 153,597 139,415 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 153,597 139,415 18 Assets held for sale 18 持作出售之資產 During the year ended 31st March 2024, the Group commenced negotiations with a third party to dispose of certain property, plant and equipment of the Group (“Disposal Assets”). The negotiation process began before the year end and management considered the transaction is highly probable to be completed. The Disposal Assets have been classified as assets held for sale in the consolidated statement of financial position as at 31st March 2024. An impairment loss of $3,593,000 was recognised for the Disposal Assets on initial classification as held for sale during the year. 於截至二零二四年三月三十一日止年度，本集 團開展與第三方之協商，從而出售本集團若干 物業、廠房及設備（「出售資產」）。協商於年終 前開展，而管理層認為交易極有可能即將完成。 出 售 資 產 已 於 二 零 二 四 年 三 月 三 十 一 日 之 綜 合財務狀況表分類為持作出售之資產。出售資 產於年內初步分類為持作出售而確認減值虧損 3,593,000 元。 On 3rd April 2024, the Group has entered into an agreement with the third party for the sales of Disposal Assets at a total consideration of $6,624,000. The disposal was not completed at the date of approval of the financial statements. 於二零二四年四月三日，本集團就銷售出售資 產與第三方訂立協議，總代價為 6,624,000 元。 出售事項於批准財務報表當日尚未完成。 202 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 881,697 885,593 895,111 1,013,969 47,919 63,830 1,824,727 1,963,392 8,955 9,483 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 $23,341,000 (2023: $22,687,000) which are expected to be settled after more than one year. 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 23,341,000 元（二 零二三年：22,687,000 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 875,120 878,985 3,152 3,425 5,577 1,031 881,697 885,593 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 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 19 Trade and other payables (continued) 19 應付賬款及其他應付款（續） Movements in receipts in advance from customers 預收客戶款項之變動 Balance at 1st April 於四月一日之結餘 Exchange adjustments 匯兌調整 Decrease in receipts in advance from customers as a result of recognising revenue during the year that was included in the receipts in advance from customers at the beginning of the period 因年內確認收入（已計入期初之預收客戶款項內）導致預收客戶款項減少 Increase in receipts in advance from customers as a result of receiving forward sales deposits during the year 因年內收取遠期銷售按金導致預收客戶款項增加 Decrease in receipts in advance from customers as a result of recognising revenue during the year that was included in the forward sales deposits received during the year 因年內確認收入（已計入年內收取之遠期銷售按金內）導致預收客戶款項減少 Balance at 31st March 於三月三十一日之結餘 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 63,830 140,512 (2,832) (10,327) (60,692) (129,107) 3,114,787 3,089,432 (3,067,174) (3,026,680) 47,919 63,830 204 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 20 Bank loans 20 銀行貸款 At 31st March 2024, the bank loans were repayable as follows: 於二零二四年三月三十一日，銀行貸款須於下 列期限償還： Within one year or on demand 一年內或按要求 After one year but within two years 一年後但兩年內 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 255,987 409,633 – 115,053 255,987 524,686 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)）。 Certain of the Group’s banking facilities are subject to compliance with certain financial covenants, as are commonly found in borrowing arrangements with financial institutions. 本集團若干銀行信貸須遵守若干財務契諾，此 乃與財務機構訂立借貸安排時之常見規定。 As at 31st March 2024, the Group did not comply with certain financial covenants as required in the banking facilities agreement with a bank for the outstanding loan amounts of approximately $100,661,000, which are presented as current liabilities in the Group’s consolidated statement of financial position as at 31st March 2024. On 21st September 2023, the Group obtained waiver from the bank in relation to its covenant requirements for the outstanding bank loan of approximately $100,661,000. 於二零二四年三月三十一日，本集團並無遵守 與一間銀行訂立的銀行信貸協議所規定的若干 財務契諾，未償還貸款金額約 100,661,000 元， 其於本集團二零二四年三月三十一日之綜合財 務狀況表中列為流動負債。於二零二三年九月 二十一日，本集團獲得該銀行豁免有關未償還 銀行貸款約 100,661,000 元的契諾要求。 A s a t 3 1 s t M a r c h 2 0 2 3 , t h e G r o u p d i d n o t c o m p l y w i t h certain financial covenants as required in the banking facilities agreements with certain banks for the outstanding loan amounts of approximately $201,213,000, which are presented as current liabilities in the Group’s consolidated statement of financial position as at 31st March 2023. On 22nd May 2023 and 25th May 2023, the Group obtained waivers from banks in relation to their covenant requirements for the outstanding bank loans of approximately $201,213,000. 於二零二三年三月三十一日，本集團並無遵守 與 若 干 銀 行 訂 立 的 銀 行 信 貸 協 議 所 規 定 的 若 干 財 務 契 諾，未 償 還 貸 款 金 額 約201,213,000 元，其於本集團二零二三年三月三十一日之綜 合財務狀況表中列為流動負債。於二零二三年 五月二十二日及二零二三年五月二十五日，本 集團獲得多間銀行豁免有關未償還銀行貸款約 201,213,000 元的契諾要求。 Further details of the Group’s management of liquidity risk are set out in note 26(b). 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)。 205 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 21 Lease liabilities 21 租賃負債 The following table shows the remaining contractual maturities of the Group’s lease liabilities: 下表呈列本集團之租賃負債之餘下合約期限： 2024 二零二四年 2023 二零二三年 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 Total lease payments 租賃付款 總額 $’000 千元 $’000 千元 104,865 107,749 84,665 86,108 70,226 77,140 34,202 36,176 120,400 151,689 9,776 11,088 7,374 18,813 7,543 19,352 198,000 302,865 247,642 355,391 (52,526) 302,865 51,521 66,616 136,186 152,724 (16,538) 136,186 Within one year 一年內 After one year but within two years 一年後但兩年內 After two years but within five years 兩年後但五年內 After five years 五年後 Less: Total future interest expenses 減：未來利息費用總額 Present value of lease liabilities 租賃負債之現值 206 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits 22 僱員退休福利 The Group operates and participates in a number of defined contribution and defined benefit retirement plans in and outside Hong Kong. 本集團在香港及香港以外地區設立及參加多項 界定供款及界定福利退休計劃。 (a) Defined contribution retirement plans (i) The Group operates a defined contribution retirement plan, Vitasoy International Holdings Limited Staff Provident Fund (the “DC Plan”), which is available for all eligible staff employed by the Group in Hong Kong SAR and Macau SAR before 1st August 2000. The DC 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 DC Plan. The DC Plan is administered by trustees with the assets held separately from those of the Group. The employees are entitled to 100% of the employer’s contributions after ten completed membership years, or at an increasing scale of between 50% to 90% after completion of five to nine membership years. Staff employed by the Group in Hong Kong 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 employee’s relevant income, subject to a cap of monthly relevant income of $30,000. Contributions to the MPF scheme vest immediately. (a) 界定供款退休計劃 (i) 本集團為所有於二零零零年八月一日之 前在香港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（「界定供款計劃」）（維他奶 國際集團有限公司職員強積金）。界定供 款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 供款均根據界定供款計劃之規則撥入計 劃 成 員 之 賬 戶。界 定 供 款 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) 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. (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。 207 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (a) Defined contribution retirement plans (continued) (iii) For employees in Australia, contributions made by the Group to a registered superannuation fund for its employees increased from 10.5% to 11.0% of the employees’ salaries from 1st July 2023 (2023: from 10.0% to 10.5% of the employees’ salaries from 1st July 2022). The assets of the scheme are held separately by an independently administered fund. Contributions to the plan vest immediately. (a) 界定供款退休計劃（續） (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 三 年 七 月 一 日 起 按 僱 員 薪 金 之10.5% 增 至11.0%（二 零 二 三 年：自 二 零 二 二 年 七 月 一 日 起 按 僱 員 薪 金 之10.0% 增 至 10.5%）。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 2024, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: (b) 界定福利退休計劃 於二零二四年三月三十一日，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)） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 3,000 16,164 19,164 3,783 21,052 24,835 (c) Retirement gratuities Employees of the Group in Hong Kong SAR and 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. (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。 A funded defined benefit retirement plan, Vitasoy International Holdings Limited Defined Benefit Scheme (the “DB Plan”), was established for the retirement gratuities. The DB Plan is administered by an independent corporate trustee, with assets held separately from those of the Group. The DB Plan is funded by contributions from the Group in accordance with an independent actuary’s recommendation. 本集團為退休金成立一項資助界定福利退休計 劃－維他奶國際集團有限公司界定福利計劃（「界 定福利計劃」）。界定福利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。界 定福利計劃由本集團按照獨立精算師之建議作 出供款。 208 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (c) Retirement gratuities (continued) The latest actuarial valuation of the DB Plan was at 31st March 2024 and was prepared by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. The valuation indicates that over 93% (2023: 93%) of the Group’s obligation under this defined benefit retirement plan is covered by the plan assets held by the trustee. (c) 退休金（續） 界定福利計劃之最新精算估值乃於二零二四年 三月三十一日由韋萊韜悅之獨立專業合資格精 算師採用預計單位信貸法進行。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 93%（二零二三年：93%）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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 46,017 57,508 (43,017) (53,725) 3,000 3,783 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 $552,000 in contributions to defined benefit retirement plan during the year ending 31st March 2025. 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 至二零二五年三月三十一日止年度向界定福利 退休計劃支付供款 552,000 元。 209 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (c) Retirement gratuities (continued) (ii) Plan assets consist of the following: (c) 退休金（續） (ii) 計劃資產包括下列各項： 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 7,414 5,082 3,495 1,460 13,020 30,471 3,505 8,742 12,247 299 43,017 8,277 6,206 3,403 2,792 16,594 37,272 6,180 9,734 15,914 539 53,725 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 210 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (c) Retirement gratuities (continued) (iii) Movements in the present value of the defined benefit (c) 退休金（續） (iii) 界定福利責任之現值變動如下： obligations are as follows: At 1st April 於四月一日 Remeasurement: 重新計量： – Actuarial (gains)/losses arising from changes in demographic assumptions – 由人口統計假設改變所致之精算（收益）╱虧損 – 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 57,508 60,338 (1,265) (1,256) 28 (368) (12,453) (5,919) 1,861 1,622 2,183 1,246 46,017 57,508 The weighted average duration of the defined benefit obligation is 5 years (2023: 5 years). 界 定 福 利 責 任 之 加 權 平 均 期 限 為 五 年（二 零 二三年：五年）。 211 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (c) Retirement gratuities (continued) (iv) Movements in fair value of plan assets are as follows: (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 向界定福利計劃作出之供款 Benefits paid by the Plan 界定福利計劃已付福利 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 53,725 60,094 1,313 (12,453) (99) 3,000 (5,919) (98) (1,002) (4,613) 1,533 1,261 43,017 53,725 212 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (c) Retirement gratuities (continued) (v) Net expense recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: (c) 退休金（續） (v) 於綜合損益及其他全面收益表確認之開 支淨額如下： 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 界定福利總開支 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 1,861 2,183 99 89 98 (15) 2,049 2,266 (2,521) 1,002 (1,519) 530 (340) 4,613 4,273 6,539 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： 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 882 833 334 953 932 381 2,049 2,266 213 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (c) Retirement gratuities (continued) (vi) Significant actuarial assumptions and sensitivity analysis are as follows: (c) 退休金（續） (vi) 重大精算假設及敏感性分析如下： Discount rate 折現率 Future salary increases 未來薪金增幅 2024 二零二四年 2023 二零二三年 3.4% 3.0% 4.0% per annum 每年 4.0% 4.0% per annum 每年 4.0% The below analysis shows how the defined benefit obligations would have increased/(decreased) as a result of 0.5% change in the significant actuarial assumptions: 以下分析顯示界定福利責任因重大精算假設 0.5% 變動而上升╱（下跌）： 2024 二零二四年 2023 二零二三年 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 (1,045) 1,087 (1,341) 1,399 1,156 (1,120) 1,474 (1,425) 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，因此並無考慮精算假設 之間之直接關係。 214 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (d) Long service payments Hong Kong employees that have been employed continuously for at least five years are entitled to long service payments (“LSP”) in accordance with the Hong Kong Employment Ordinance under certain circumstances. These circumstances include where an employee is dismissed for reasons other than serious misconduct or redundancy, that employee resigns at the age of 65 or above, or the employment contract is of fixed term and expires without renewal. The amount of LSP payable is determined with reference to the employee’s final salary (capped at $22,500) and the years of service, reduced by the amount of any accrued benefits derived from the Group’s contribution to the MPF scheme (see note 22(a)(i)), or the DC Plan (see note 22(a)(i)) or the DB Plan (see note 22(c)), with an overall cap of $390,000 per employee. Currently, the Group does not have any separate funding arrangement in place to meet its LSP obligation. (d) 長期服務金 根據香港《僱傭條例》，在若干情況下，香港僱 員持續服務至少五年可享有長期服務金（「長期 服務金」）。該等情況包括僱員因嚴重不當行為 或 裁 員 以 外 之 原 因 遭 到 解 僱、僱 員 於 65 歲 或 以上退休或僱傭合約為固定期限且屆滿後不予 續約。釐定長期服務金應付款項乃參考僱員最 後薪金（上限為 22,500 元）及服務年期，並扣減 本集團強積金計劃（見附註 22(a)(i)）或界定供款 計 劃（見 附 註 22(a)(i)）或 界 定 福 利 計 劃（見 附 註 22(c)）歸屬於本集團所作供款之任何應計權益， 每 名 僱 員 之 總 上 限 為 390,000 元。本 集 團 現 時 並無任何獨立資金安排以履行其長期服務金義務。 In June 2022, the Hong Kong SAR Government (the “Government”) gazetted the Hong Kong Employment and Retirement Scheme Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022 (the “Amendment Ordinance”), which will come into effect from 1st May 2025 (the “Transition Date”). The Amendment Ordinance will eventually abolish the statutory right of an employer to reduce its LSP payable to a Hong Kong employee by drawing on its mandatory contributions to the MPF scheme. 於二零二二年六月，香港特別行政區政府（「政 府」）刊憲《2022 年僱傭及退休計劃法例（抵銷安 排）（修訂）條例》（「該修訂條例」），其將自二零 二五年五月一日起生效（「過渡日期」）。該修訂 條例將最終廢除僱主可利用其向強積金計劃作 出之強制性供款減少其應付僱員之長期服務金 之法定權利。 Among other things, once the abolition of the offsetting mechanism takes effect, an employer can no longer use any of the accrued benefits derived from its mandatory MPF contributions (irrespective of the contributions made before, on or after the Transition Date) to reduce the LSP in respect of an employee’s service from the Transition Date. However, where an employee’s employment commenced before the Transition Date, the employer can continue to use the above accrued benefits to reduce the LSP in respect of the employee’s service up to that date; in addition, the LSP in respect of the service before the Transition Date will be calculated based on the employee’s monthly salary immediately before the Transition Date and the years of the service up to that date. 其中，一旦取消對沖機制生效，僱主自過渡日 期 起 概 不 得 使 用 其 強 制 性 強 積 金 供 款（無 論 於 過渡日期之前、當日或之後作出之供款）所產生 之任何累計權益減少有關僱員服務年期之長期 服務金。然而，倘僱員於過渡日期前已開始受僱， 則僱主可繼續使用上述累計權益減少截至該日 期前就僱員服務年期之長期服務金；另外，就 過渡日期前服務年期之長期服務金將按僱員緊 接過渡日期前之月薪及截至過渡日期之服務年 期計算。 The Group has accounted for the offsetting mechanism and its abolition as disclosed in note 1(q)(ii). 誠 如 附 註 1(q)(ii) 所 披 露，本 集 團 已 對 抵 銷 機 制 及其取消安排進行會計處理。 215 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (d) Long service payments (continued) The Group has determined that the Amendment Ordinance primarily impacts the Group’s LSP liability with respect to Hong Kong employees that do not participate in the DB Plan. The Amendment Ordinance has no material impact on the Group’s LSP liability with respect to employees that participate in the DB Plan. (d) 長期服務金（續） 本集團已確定，該修訂條例主要影響本集團對 並無參與界定福利計劃之香港僱員之長期服務 金責任。該修訂條例就本集團對已參與界定福 利計劃之僱員之長期服務金責任概無重大影響。 An actuarial valuation of long service payments was also carried out at 31st March 2024, by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. 長期服務金亦於二零二四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計單位 信貸法進行精算估值。 (i) The amounts recognised in the consolidated statement of financial position is the present value of unfunded obligations and its movement are as follows: (i) 於綜合財務狀況表確認之金額為無資助 責任之現值，其變動如下： 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 21,052 5,978 5,238 (9,808) (1,393) – (47) (1,248) 3,111 728 (2,609) 15,530 573 1,075 16,164 111 16,369 21,052 At 1st April 於四月一日 Remeasurement: 重新計量： – Actuarial losses arising from changes in demographic assumptions – 由人口統計假設改變所致之精算虧損 – Actuarial gains arising from changes in financial and experience assumptions – 由財務及經驗假設改變所致之精算收益 Benefits paid by the Group 本集團已付福利 Expenses recognised in profit or loss: 損益確認開支： Current service cost 現有服務成本 Past service cost – scheme amendments 過往服務成本 – 計劃修訂 Interest cost 利息成本 At 31st March 於三月三十一日 216 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (d) Long service payments (continued) (continued) (i) 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. (d) 長期服務金（續） (i) （續） 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。 The weighted average duration of the LSP obligation is 10 years (2023: 12 years). 長期服務金責任之加權平均期限為 10 年（二零 二三年：12 年）。 (ii) The above expenses are recognised in the following line items in the consolidated statement of profit or loss: (ii) 上述費用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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 26 (8) 740 317 356 9,680 4,720 1,613 1,075 16,369 (iii) Significant actuarial assumptions and sensitivity analysis are as follows: (iii) 重大精算假設及敏感性分析如下： Discount rate 折現率 Future salary increases 未來薪金增幅 2024 二零二四年 2023 二零二三年 3.9% 3.0% 4.0% per annum 每年 4.0% 4.0% per annum 每年 4.0% 217 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 22 Employee retirement benefits (continued) 22 僱員退休福利（續） (d) Long service payments (continued) (continued) (iii) The below analysis shows how the long service payment obligations would have increased/(decreased) as a result of 0.5% change in the significant actuarial assumptions: (d) 長期服務金（續） (iii) （續） 以下分析顯示長期服務金責任因重大精算假設 0.5% 變動而上升╱（下跌）： 2024 二零二四年 2023 二零二三年 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 (779) 183 842 (183) (1,163) 1,264 221 (272) 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，因此並無考慮精算假設 之間之直接關係。 218 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易 (a) Share option scheme The Company adopted share option schemes on 4th September 2002 (the “2002 Share Option Scheme”), 28th August 2012 (the “2012 Share Option Scheme”) and 30th August 2022 (the “2022 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. The 2002 Share Option Scheme and the 2012 Share Option Scheme were terminated on 28th August 2012 and 27th August 2022 respectively. As at 31st March 2024, there were no outstanding options to be exercised under the 2002 Share Option Scheme. Subject to their respective exercisable periods, all outstanding options granted under the 2012 Share Option Scheme will still be valid and exercisable after the expiration of the 2012 Share Option Scheme. As at 31st March 2024, 3,164,000 options (2023: nil) were granted under the 2022 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. (a) 購股權計劃 本公司於二零零二年九月四日採納購股權計劃 （「二零零二年購股權計劃」）、於二零一二年八 月二十八日採納購股權計劃（「二零一二年購股 權計劃」）及於二零二二年八月三十日採納購股 權計劃（「二零二二年購股權計劃」），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。二零零二年購股權計劃及 二零一二年購股權計劃分別已於二零一二年八 月二十八日及二零二二年八月二十七日終止。 於二零二四年三月三十一日，概無根據二零零 二年購股權計劃獲行使而未行使的購股權。根 據其各自行使期限，所有根據二零一二年購股 權計劃授出之未行使購股權於二零一二年購股 權計劃期限屆滿後將仍然有效及可予行使。 於二零二四年三月三十一日，根據二零二二年 購股權計劃授出 3,164,000 份購股權（二零二三 年：無）。 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。 219 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易（續） (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: (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 (dd/mm/yyyy) 授出日期 （日╱月╱年） Exercise period (dd/mm/yyyy) 行使期 （日╱月╱年） 2024 二零二四年 2023 二零二三年 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 09/09/2013 09/09/2014 to至 08/09/2023 10/09/2014 10/09/2015 to至 09/09/2024 26/06/2015 26/06/2016 to至 25/06/2025 14/09/2015 14/09/2016 to至 13/09/2025 24/06/2016 24/06/2017 to至 23/06/2026 06/09/2016 06/09/2017 to至 05/09/2026 26/06/2017 26/06/2018 to至 25/06/2027 19/06/2018 19/06/2019 to至 18/06/2028 28/01/2019 28/01/2020 to至 27/01/2029 21/06/2019 21/06/2020 to至 20/06/2029 22/06/2020 22/06/2021 to至 21/06/2030 24/08/2021 18/06/2022 to至 23/08/2031 04/07/2022 04/07/2023 to至 03/07/2032 26/06/2023 26/06/2024 to至 25/06/2033 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 10 years年 9.370 10.080 13.600 13.600 14.792 14.792 16.296 25.100 30.350 44.810 30.200 19.500 14.140 12.216 – – 5 months月 5 months月 1 year年 1 year年 2 years年 2 years年 3 years年 4 years年 5 years年 5 years年 6 years年 7 years年 8 years年 9 years年 1,792 18 1,588 198 1,420 1,532 1,596 320 1,126 1,504 2,012 2,705 3,040 1 year年 2 years年 2 years年 3 years年 3 years年 4 years年 5 years年 6 years年 6 years年 7 years年 8 years年 9 years年 – 1,704 1,792 18 1,588 198 1,420 1,548 1,618 320 1,176 1,580 2,254 3,286 – 18,851 18,502 220 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易（續） (continued) (a) Share option scheme (continued) (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: (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, no options (2023: 706,000 options) were exercised under the 2002 Share Option Scheme, 1,704,000 options (2023: 10,000 options) were exercised under the 2012 Share Option Scheme, and no options (2023: nil) were exercised under the 2022 Share Option Scheme. 年內，概無購股權（二零二三年：706,000 份購 股 權）根 據 二 零 零 二 年 購 股 權 計 劃 已 獲 行 使、 1,704,000 份 購 股 權（二 零 二 三 年：10,000 份 購 股 權）根 據 二 零 一 二 年 購 股 權 計 劃 已 獲 行 使 以 及概無購股權（二零二三年：無）根據二零二二 年購股權計劃已獲發行。 221 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易（續） (continued) (a) Share option scheme (continued) (ii) The number and weighted average exercise prices of share options are as follows: (a) 購股權計劃（續） (ii) 購股權之數目及加權平均行使價如下： 2024 二零二四年 2023 二零二三年 Weighted average exercise price 加權平均行使價 Number of options 購股權之數目 Weighted average exercise price 加權平均行使價 Number of options 購股權之數目 $ 元 ’000 千股 $ 元 ’000 千股 18.711 18,502 19.265 16,384 9.370 (1,704) 6.517 (716) 12.216 3,164 14.140 3,428 17.825 (1,111) 22.335 (594) 18.517 18,851 18.711 18,502 12,438 12,442 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 $13.433 (2023: $11.743). 已行使之購股權於年內之行使日期之加權平均 股價為 13.433 元（二零二三年：11.743 元）。 The number of options granted during the year divided by the weighted average number of issued shares for the year was 0.30% (2023: 0.32%). 年內授出之購股權數目除以年內已發行股份之 加權平均數為 0.30%（二零二三年：0.32%）。 222 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易（續） (continued) (a) Share option scheme (continued) Fair value of share options and assumptions (iii) 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. (a) 購股權計劃（續） (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。 Fair values of share options and assumptions: 購股權之公允值及假設： Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年） 10/09/2014 26/06/2015 14/09/2015 24/06/2016 06/09/2016 26/06/2017 19/06/2018 28/01/2019 21/06/2019 22/06/2020 24/08/2021 04/07/2022 26/06/2023 $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 $4.190元 $3.703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 $13.500元 $10.680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 $14.140元 $12.216元 26% 26% 26% 26% 26% 24% 23% 25% 25% 28% 29% 30% 34% 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 3.5% 3.0% 3.0% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 1.5% 1.0% 1.940% 1.750% 1.730% 1.050% 0.950% 1.240% 2.230% 1.850% 1.490% 0.570% 1.030% 2.770% 3.420% Fair value at measurement date 於計量日期之公允值 Share price 股價 Exercise price 行使價 Expected volatility 預期波幅 Expected option life 預期購股權之有效期 Expected dividends 預期股息 Risk-free interest rate 無風險利率 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。 223 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易（續） (continued) (b) Share award scheme On 22nd March 2021, the Company adopted a share award scheme (the “2021 Share Award Scheme”) under which the Company may, at its discretion, select any eligible participant to participate in the 2021 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 2021 Share Award Scheme shall be valid and effective for a term of 10 years from 1st July 2021 unless terminated earlier by the Board. 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: (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（「二零二一年股份獎勵計劃」）， 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二零二一年股 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。二零二一年股份獎勵計劃由二 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）。 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： Number of shares awarded 獎勵股份之數目 Date of grant (dd/mm/yyyy) 授出日期 （日╱月╱年） Vesting period (dd/mm/yyyy) 歸屬期 （日╱月╱年） 24/08/2021 24/08/2021 to至 18/06/2025 20/12/2021 20/12/2021 to至 20/12/2023 01/02/2022 01/02/2022 to至 18/06/2025 04/07/2022 04/07/2022 to至 04/07/2026 Fair value per award 每份獎勵之 公允值 As at 1st April 2022 於二零二二年 四月一日 Granted during the year 於年內授出 Vested during the year 於年內歸屬 Lapsed during the year 於年內失效 As at 31st March 2023 於二零二三年 三月三十一日 $元 ’000千股 ’000千股 ’000千股 ’000千股 ’000千股 18.220 16.010 14.460 13.003 699 188 225 – 1,112 – – – 1,467 1,467 (162) (94) (56) – (312) (69) – – (47) (116) 468 94 169 1,420 2,151 Note 附註 (i) (ii) (i) (iii) 224 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 23 Equity settled share-based transactions 23 以股份為付款基礎之交易（續） (continued) (b) Share award scheme (continued) (b) 股份獎勵計劃（續） Number of shares awarded 獎勵股份之數目 Date of grant (dd/mm/yyyy) 授出日期 （日╱月╱年） Vesting period (dd/mm/yyyy) 歸屬期 （日╱月╱年） 24/08/2021 24/08/2021 to至 18/06/2025 20/12/2021 20/12/2021 to至 20/12/2023 01/02/2022 01/02/2022 to至 18/06/2025 04/07/2022 04/07/2022 to至 04/07/2026 26/06/2023 26/06/2023 to至 26/06/2027 Fair value per award 每份獎勵之 公允值 As at 1st April 2023 於二零二三年 四月一日 Granted during the year 於年內授出 Vested during the year 於年內歸屬 Lapsed during the year 於年內失效 As at 31st March 2024 於二零二四年 三月三十一日 $元 ’000千股 ’000千股 ’000千股 ’000千股 ’000千股 18.220 16.010 14.460 13.003 10.415 468 94 169 1,420 – 2,151 – – – – 1,643 1,643 (143) – (56) (337) – (536) (51) (94) – (170) (48) (363) 274 – 113 913 1,595 2,895 Note 附註 (i) (ii) (i) (iii) (iii) 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。 The number of awards granted during the year divided by the weighted average number of issued shares for the year was 0.15% (2023: 0.14%). 年內授出之獎勵數目除以年內已發行股份之加 權平均數為 0.15%（二零二三年：0.14%）。 Notes: (i) (ii) (iii) The share awards 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. 附註： (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 十八日全部歸屬。 The share awards are subject to a vesting scale in tranches of 50% each per annum starting from 20th December 2022 and are fully vested on 20th December 2023. (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 二十日全部歸屬。 The share awards are subject to a vesting scale in tranches of 25% each per annum starting from the first anniversary of the date of grant and will be fully vested on the fourth anniversary of the date of grant. (iii) 獎 勵 股 份 由 授 出 日 期 一 週 年 起 按 每 年 25% 之 比率分批歸屬，並將於授出日期四週年全部歸 屬。 225 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 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： 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 (22,144) (17,270) 14,076 26,848 (8,068) (11) (13,582) (21,661) 9,578 (3,585) (697) 5,296 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 18,136 19,528 (39,797) (14,232) (21,661) 5,296 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 Balance of Profits Tax relating to prior years 與過往年度相關之利得稅款項 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 226 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 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: The components of deferred tax assets/(liabilities) recognised in the consolidated statement of financial position and the movements during the year are as follows: (b) 已確認遞延稅項資產╱（負債）： 於綜合財務狀況表確認之遞延稅項資產╱（負債） 之組成部份及年內之變動如下： Depreciation allowances in excess of the related depreciation 超出有關 折舊之折舊 免稅額 $’000千元 Right-of-use assets 使用權資產 $’000千元 Lease liabilities 租賃負債 $’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 Cash flow hedges 現金流量對沖 $’000千元 Provisions 撥備 $’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 2022 於二零二二年四月一日 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 2023 於二零二三年三月三十一日 Deferred tax arising from: 來自以下各項之遞延稅項： At 1st April 2023 於二零二三年四月一日 Exchange adjustments 匯兌調整 Credited/(charged) to profit or loss 於損益計入╱（扣除） (Charged)/credited to reserves 於儲備（扣除）╱計入 At 31st March 2024 於二零二四年三月三十一日 (108,357) (9,050) 9,381 147,631 895 151,124 (8,907) (126) 182,591 5,436 16,629 – 583 340 – (606) (9,289) – (10,633) – (438) 26,321 2,328 (34,009) 4,863 – – (14,509) 16,034 – – 680 – – (218) 462 (86,292) (8,127) 8,337 164,663 3,903 106,482 (4,044) (344) 184,578 (86,292) (8,127) 8,337 164,663 3,903 106,482 (4,044) (344) 184,578 2,329 402 (413) (6,785) 11,752 (588) 547 7,228 – 12 (5,628) – 4,957 (740) – – (10,095) 23,168 – – – – (1,003) – – 344 (659) (72,211) (8,313) 8,471 165,106 2,912 105,811 (4,784) – 196,992 227 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 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) Reconciliation to the consolidated statement of financial position （續） 綜合財務狀況表對賬 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 269,555 260,693 (72,563) (76,115) 196,992 184,578 (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 $524,036,000 (2023: $539,785,000) 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524,036,000 元（二 零 二 三 年：539,785,000 元）之 遞 延 稅 項 資產，原因在於有關稅項司法管轄區及實體不 大可能產生未來應課稅溢利以抵銷可動用之有 關虧損及其他暫時差異。 Included in unrecognised tax losses is an amount of $46,078,000 (2023: $52,465,000) which can be carried forward up to twenty years from the year in which the loss originated, and an amount of $259,086,000 (2023: $269,334,000) which can be carried forward up to five years from the year in which the loss originated. The remaining balance of $218,872,000 (2023: $217,986,000) does not expire under current tax legislation. 未 確 認 稅 務 虧 損 中 有 46,078,000 元（二 零 二 三 年：52,465,000 元）將可自虧損產生之年度起結 轉最多二十年，及 259,086,000 元（二零二三年： 269,334,000 元）將可自虧損產生之年度起結轉 最多五年。其餘 218,872,000 元（二零二三年： 217,986,000 元）結餘不會根據現行稅法屆滿。 228 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends 25 資本、儲備及股息 (a) Movements in components of equity The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below: (a) 權益組成部份之變動 本集團綜合權益各組成部份之年初與年末結餘 之對賬載於綜合權益變動表。本公司權益個別 組成部份於年初及年末之變動詳情載列如下： The Company 本公司 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 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 Note 附註 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 1,013,028 (10,002) 31,522 2,261 58,701 637 1,612,660 2,708,807 25(e)(i) – 25(c)(ii) 5,412 25(c)(i) 3,013 25(d) 25(b)(i) – – – – – – – – 2,776 – – – – (1,218) – – – – – – – – – – – – – – – – (746) (3,013) (2,388) 25,549 (982) – – – – – – – – – 1,218 – – – (388) 4,666 – – – 25,549 982 – (13,916) (13,916) 1,111 113,091 114,202 1,021,453 (7,226) 30,304 2,261 77,121 1,748 1,713,647 2,839,308 Balance at 1st April 2022 於二零二二年四月一日結餘 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 Shares issued on vesting of share awards 就歸屬股份獎勵而發行股份 Vesting shares pursuant to the share award scheme 根據股份獎勵計劃歸屬股份 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 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 2023 於二零二三年三月三十一日結餘 229 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (a) Movements in components of equity (continued) The Company (continued) (a) 權益組成部份之變動（續） 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 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 Note 附註 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 1,021,453 (7,226) 30,304 2,261 77,121 1,748 1,713,647 2,839,308 25(e)(i) – 25(c)(ii) 19,791 25(c)(i) 3,154 25(d) 25(d) 25(b)(ii) 25(b)(i) – – – – – – – – – – 4,516 (6,171) – – – – – (1,218) – – – – – – – – – – – – – – – – – – – – (3,824) (3,154) (4,773) – 21,865 (1,315) – – – – – – – – – – – – 1,218 – – – 257 – – 15,967 – – (6,171) 21,865 1,315 – (15,017) (15,017) (15,004) (15,004) (1,748) 150,334 148,586 1,044,398 (8,881) 29,086 2,261 85,920 – 1,836,750 2,989,534 Balance at 1st April 2023 於二零二三年四月一日結餘 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 Shares issued on vesting of share awards 就歸屬股份獎勵而發行股份 Vesting shares pursuant to the share award scheme 根據股份獎勵計劃歸屬股份 Shares purchased for share award scheme 就股份獎勵計劃購買之股份 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 2024 於二零二四年三月三十一日結餘 230 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (b) Dividends (i) Dividends payable to equity shareholders of the (b) 股息 (i) 應付予本公司股權持有人之本年度 Company attributable to the year 股息 Interim dividend declared and paid of 1.4 cents per ordinary share (2023: 1.3 cents per ordinary share) 已宣派及已支付之中期股息 – 每股普通股 1.4 仙 （二零二三年：每股普通股 1.3 仙） Final dividend proposed after the end of the reporting period of 6.3 cents per ordinary share (2023: 1.4 cents per ordinary share) (note 25(f)) 於匯報日後擬派之末期股息 – 每股普通股 6.3 仙 （二零二三年：每股普通股 1.4 仙）（附註 25(f)） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 15,004 13,916 67,587 15,017 82,591 28,933 The final dividend proposed after the end of the reporting period is based on 1,072,814,812 (2023: 1,072,099,023) ordinary shares, being the total number of issued shares at the date of approval of the financial statements. 於 匯 報 日 後 擬 派 之 末 期 股 息 乃 按 批 准 財 務 報 表當日已發行股份總數 1,072,814,812 股（二零 二三年：1,072,099,023 股）普通股計算。 The final dividend proposed after the end of the reporting period was not recognised as a liability at the end of the reporting period. 於匯報日後擬派之末期股息於匯報日並未確認 為負債。 (ii) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year (ii) 屬於上一財政年度，並於年內批准及 支付予本公司股權持有人之應付股息 Final dividend in respect of the previous financial year, approved and paid during the year of 1.4 cents per ordinary share (2023: nil) 屬於上一財政年度並於年內批准及支付之 末期股息為每股普通股 1.4 仙（二零二三年：無） 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 15,017 – 231 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (c) Share capital (i) Issued share capital (c) 股本 (i) 已發行股本 2024 二零二四年 2023 二零二三年 Number of shares 股份數目 Amount 金額 Number of shares 股份數目 Amount 金額 ’000 千股 $’000 千元 ’000 千股 $’000 千元 1,070,899 1,021,453 1,070,010 1,013,028 1,704 19,791 212 3,154 716 173 5,412 3,013 1,072,815 1,044,398 1,070,899 1,021,453 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 Shares issued on vesting of share awards 就歸屬股份獎勵而發行股份 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 (ii) 根據購股權計劃發行之股份 During the year, options were exercised to subscribe for 1,704,000 (2023: 716,000) ordinary shares in the Company. The net consideration of $15,967,000 (2023: $4,666,000) was credited to share capital. $3,824,000 (2023: $746,000) was transferred from the share-based compensation reserve to the share capital account in accordance with the policy set out in note 1(q)(iii). 年 內，可 認 購1,704,000 股（二 零 二 三 年： 716,000 股）本公司普通股之購股權獲行使。代 價淨額為 15,967,000 元（二零二三年：4,666,000 元）並已撥入股本。3,824,000 元（二零二三年： 746,000 元）已根據附註 1(q)(iii) 所載之政策自股 份基礎補償儲備撥入股本賬。 232 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (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： 2024 二零二四年 2023 二零二三年 Number of shares 股份數目 Amount 金額 Number of shares 股份數目 Amount 金額 ’000 千股 $’000 千元 ’000 千股 $’000 千元 361 600 7,226 6,171 500 10,002 – – (324) (4,516) (139) (2,776) 637 8,881 361 7,226 At 1st April 於四月一日 Shares purchased for share award scheme 就股份獎勵計劃購買之股份 Vesting shares pursuant to the share award scheme 根據股份獎勵計劃歸屬股份 At 31st March 於三月三十一日 Shares held for share award scheme includes shares issued by the Company and the Company’s shares purchased through the trustee of the share award scheme from the open market. The total amount paid to acquire the shares during the current year was approximately $6,171,000 (2023: nil), which has been deducted from shareholders’ equity as at 31st March 2024. The shares purchased by the Company that are not yet vested for this share award scheme were recorded as treasury shares of the Company. 股份獎勵計劃持有之股份包括本公司發行之股 份及本公司透過股份獎勵計劃受托人於公開市 場購入之本公司股份。年內購入股份所支付總 額為約 6,171,000 元（二零二三年：無），其已於 二零二四年三月三十一日自股東權益中扣除。 本公司就本股份獎勵計劃購買但尚未歸屬之股 份作為本公司庫存股份入賬。 As at 31st March 2024, there were 637,000 (2023: 361,000) treasury shares held through the trustee of the share award scheme. 於二零二四年三月三十一日，股份獎勵計劃之 受 託 人 持 有637,000 股（二 零 二 三 年：361,000 股）庫存股份。 (e) Nature and purpose of reserves (i) Capital reserve (e) 儲備之性質及用途 (i) 資本儲備 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. 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。 233 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (e) Nature and purpose of reserves (continued) (i) Capital reserve (continued) (e) 儲備之性質及用途（續） (i) 資本儲備（續） 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 (2023: $1,218,000) was transferred from capital reserve to retained profits. 該 項 交 易 之 收 益 按 已 收 現 金 及 物 業（「物 業」） 公允值之比例分為已變現及未變現部份。未變 現 收 益 已 計 入 資 本 儲 備，並 於 計 算 物 業 折 舊 時 變 現。於 年 內，1,218,000 元（二 零 二 三 年： 1,218,000 元）自資本儲備轉撥至保留溢利。 (ii) Surplus reserve (ii) 盈餘儲備 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 Macau SAR respectively. 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 (iii) 其他儲備 The other reserve arose from the equity transactions with the non- controlling interests of Shenzhen Vitasoy and Vitasoy Foshan in 2011, Vitasoy Dongguan in 2019 and VAP in 2023. 其他儲備產生於二零一一年在深圳維他奶及佛 山維他奶、於二零一九年在東莞維他奶以及於 二零二三年在 VAP 與非控股權益之權益交易。 (iv) Hedging reserve (iv) 對沖儲備 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). 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 (v) 匯兌儲備 The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of subsidiaries and the joint venture established 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 and the joint venture established outside Hong Kong. The reserve is dealt with in accordance with the accounting policy set out in note 1(v). 匯兌儲備包含換算香港以外地區成立之附屬公 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成立之附屬公司及合 營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 (vi) 股份基礎補償儲備 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)(iii). 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)(iii) 所載就以股份為基 礎之付款採納之會計政策而確認。 234 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (f) Distributability of reserves At 31st March 2024, 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 $1,839,011,000 (2023: $1,715,908,000). (f) 可供分派儲備 於 二 零 二 四 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 1,839,011,000 元（二零 二三年：1,715,908,000 元）。 After the end of the reporting period the directors proposed a final dividend of 6.3 cents per ordinary share (2023: 1.4 cents per ordinary share), amounting to $67,587,000 (2023: $15,017,000) (note 25(b)(i)). The dividend proposed after the end of 31st March 2024 reporting period was not recognised as liabilities at 31st March 2024. 於匯報日後，董事建議派發末期股息每股普通 股 6.3 仙（二零二三年：每股普通股 1.4 仙），總 數 為67,587,000 元（二 零 二 三 年：15,017,000 元）（附註 25(b)(i)）。於二零二四年三月三十一日 匯報日後擬派之股息於二零二四年三月三十一 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. (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。 The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. 本集團積極及定期對資本架構進行檢討及管理， 以在較高股東回報可能附帶較高借貸水平與雄 厚資本狀況帶來之優勢及保障間取得平衡，並 因應經濟環境之變化對資本架構作出調整。 Consistent with industry practices, the Group monitors its capital structure on the basis of a debt-to-adjusted capital ratio. For this purpose, the Group defines debt as the total of bills payable, bank loans and lease liabilities, and adjusted capital as all components of equity less unaccrued proposed dividends. 本著業內慣例，本集團以負債對經調整資本比 率作為監控其資本架構之基準。就此目的，本 集團將負債界定為應付票據、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 2023, 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二零二三年三月三十一日 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。 235 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 25 Capital, reserves and dividends (continued) 25 資本、儲備及股息（續） (g) Capital management (continued) The Group’s debt-to-adjusted capital ratio at 31st March 2024 and 2023 was as follows: (g) 資本管理（續） 本集團於二零二四年及二零二三年三月三十一 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： Bank loans (note 20) 銀行貸款（附註 20） 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 124,552 91,712 255,987 409,633 104,865 84,665 485,404 586,010 – 115,053 198,000 51,521 683,404 752,584 3,112,637 3,100,590 (67,587) (15,017) 3,045,050 3,085,573 22% 24% 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。 236 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments 允值 Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group’s exposures to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. 本集團在一般業務過程中存在信貸、流動資金、 利率及貨幣風險。本集團面臨之有關風險及本 集團就管理該等風險所採用之財務風險管理政 策與慣例載述如下。 (a) Credit risk 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 in trade and other receivables) 應收賬款及應收票據（已包括於應收賬款 及其他應收款內） Individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments, when due, and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade debtors and bills receivables are generally due within one to three months from the date of billing. Normally, the Group does not obtain collateral from customers. 所有要求超過特定信貸金額之客戶均須進行個 別信貸評估。該等評估集中於客戶過往之到期 還款記錄及現時還款能力，並會考慮客戶之特 定資料以及有關客戶營運所在之經濟環境。應 收賬款及應收票據一般於發單日起計一至三個 月內到期。一般而言，本集團不會從客戶取得 抵押品。 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, 18.0% (2023: 19.0%) and 44.6% (2023: 45.0%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. 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 18.0% （二零二三年：19.0%）及 44.6%（二零二三年： 45.0%）。 237 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (a) Credit risk (continued) Trade debtors and bills receivable (which are included in trade and other receivables) (continued) The Group measures loss allowances for trade debtors and bills receivable at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases. (a) 信貸風險（續） 應收賬款及應收票據（已包括於應收賬款 及其他應收款內）（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： 2024 二零二四年 2023 二零二三年 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 Loss allowance 虧損撥備 $’000 千元 $’000 千元 642,298 – 712,720 – 62,465 9,655 (592) (803) 66,217 (1,829) 5,101 (733) 2,663 (403) 8,259 (1,900) 2,099 (2,081) 1,165 (43) 719,180 (3,879) 793,462 (4,505) 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 238 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (a) Credit risk (continued) Trade debtors and bills receivable (which are included in trade and other receivables) (continued) (a) 信貸風險（續） 應收賬款及應收票據（已包括於應收賬款 及其他應收款內）（續） Movement in the loss allowance account in respect of trade debtors and bills receivable during the year is as follows: 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 (b) Liquidity risk Individual operating entities within the Group are responsible for their own cash management for daily operation, including placing short term cash deposits and raising of loans to cover expected cash demands, subject to approval by the parent company’s board when the borrowings exceed certain predetermined levels of authority. Cash surplus over operating needs are closely monitored and managed by the Group’s central cash and treasury management system. The Group’s policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term. The Group’s exposures to the liquidity risk and its policies for managing such risk were unchanged from the year ended 31st March 2023. 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 4,505 (150) 80 (556) 3,879 4,308 (235) 1,278 (846) 4,505 (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。自截至二零二三年三月 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。 239 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (b) Liquidity risk (continued) The following table shows the remaining contractual maturities at the end of the reporting period of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay: (b) 流動資金風險（續） 下表呈列本集團之金融負債於匯報日之餘下合 約期限，此乃根據合約未折現現金流量（包括按 合約利率，或如屬浮息按匯報日通行之利率計 算 之 利 息 付 款）以 及 本 集 團 須 償 還 有 關 款 項 之 最早日期作分析： 2024 二零二四年 Contractual undiscounted cash outflow 合約未折現現金流出 Within one year or on demand 一年內或 按要求 $’000千元 1,591,749 258,877 More than one year but less than two years 多於一年但 少於兩年 $’000千元 More than two years but less than five years 多於兩年但 少於五年 $’000千元 – – – – After five years 五年後 $’000千元 Total 總計 Carrying Amount 賬面值 $’000千元 $’000千元 8,955 1,600,704 1,600,704 – 258,877 255,987 107,749 77,140 151,689 18,813 355,391 302,865 1,958,375 77,140 151,689 27,768 2,214,972 2,159,556 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 240 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (b) Liquidity risk (continued) (b) 流動資金風險（續） 2023 二零二三年 Contractual undiscounted cash outflow 合約未折現現金流出 Within one year or on demand 一年內或 按要求 $’000千元 More than one year but less than two years 多於一年但 少於兩年 More than two years but less than five years 多於兩年但 少於五年 After five years 五年後 Total 總計 Carrying Amount 賬面值 $’000千元 $’000千元 $’000千元 $’000千元 $’000千元 1,695,182 – 416,584 121,679 – – 9,483 1,704,665 1,704,665 – 538,263 524,686 86,108 36,176 11,088 19,352 152,724 136,186 2,197,874 157,855 11,088 28,835 2,395,652 2,365,537 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 (c) Interest rate risk 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, bank deposits and cash at bank. The Group monitors the level of its fixed rate and variable rate instruments. 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、銀行存 款及銀行結存。本集團監察其定息及浮息工具 水平。本集團由管理層監控之利率資料載於下 文第 (i) 項。 241 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (c) Interest rate risk (continued) (i) Interest rate risk profile (c) 利率風險（續） (i) 利率資料 The following table details the interest rate risk profile of the Group’s interest-bearing instruments at the end of the reporting period: 下表詳列本集團的附息工具於匯報日之利率資 料： 2024 二零二四年 2023 二零二三年 Interest rate range 利率範圍 Amount 金額 Interest rate range 利率範圍 Amount 金額 % $’000 千元 % $’000 千元 0.10 – 4.85 151,498 0.10 507 0.10 – 5.08 486,006 0.50 – 4.98 295,007 1.70 – 7.08 (302,865) 1.70 – 5.43 (136,186) 334,639 159,328 0.00 – 4.20 152,815 0.00 – 4.05 255,645 3.20 – 5.95 (255,987) 3.30 – 6.77 (524,686) (103,172) 231,467 (269,041) (109,713) Fixed rate instruments: 定息工具： Bank deposits maturing after three months 存款期超過三個月之銀行存款 Bank deposits maturing within three months 存款期於三個月內之銀行存款 Lease liabilities 租賃負債 Variable rate instruments: 浮息工具： Cash at bank 銀行結存 Bank loans 銀行貸款 Total net instruments 工具淨總額 (ii) Sensitivity analysis (ii) 敏感性分析 At 31st March 2024, it is estimated that a general increase/decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/increased the Group’s profit after taxation and decreased/increased retained profits by approximately $645,000 (2023: $1,882,000). 於二零二四年三月三十一日，估計利率普遍上 升╱下跌一百個基點，在所有其他可變動因素 保持不變之情況下，本集團除稅後溢利將因此 減 少 ╱ 增 加 及 保 留 溢 利 將 因 此 減 少 ╱ 增 加 約 645,000 元（二零二三年：1,882,000 元）。 242 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (c) Interest rate risk (continued) (ii) Sensitivity analysis (continued) (c) 利率風險（續） (ii) 敏感性分析（續） The sensitivity analysis above indicates the instantaneous change in the Group’s profit after taxation and retained profits in respect of the exposure to cash flow interest rate risk arising from floating rate instruments held by the Group at the end of the reporting period. The impact on the Group’s profit after taxation and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. Management assumed that certain interest- bearing borrowings maturing during the next reporting period will be rolled over upon the maturing for daily operation purposes. 上述敏感性分析顯示本集團於匯報日持有之浮 動利率工具引致本集團面臨現金流量利率風險 之除稅後溢利及保留溢利之即時變動。本集團 除稅後溢利及保留溢利所受影響，乃按利率變 動對利息支出之年度化影響估計。管理層假設 於下一個報告期間到期之若干附息借貸於到期 後將續借以作日常營運之用。 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. 本集團並無將任何定息借款按公允值計算並計 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 2023. 截至二零二三年三月三十一日止年度之分析乃 按照相同基準進行。 (d) Currency risk The Group is exposed to currency risk primarily through sales, purchases and borrowings which give rise to receivables, payables, cash balances and lease liabilities that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars (“USD”), Australian dollars (“AUD”), Singapore dollars (“SGD”), Renminbi (“RMB”) and Euros (“EUR”). (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」）、人民幣（「人民幣」）及歐元（「歐元」）。 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, 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. 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、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。 243 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (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. (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 2023. During the year ended 31st March 2024, 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 17(a). 自截至二零二三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 零二四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 17(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 (i) 承受之貨幣風險 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. 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. 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 外匯風險之銀行結存並不包括在內。 244 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (d) Currency risk (continued) (i) Exposure to currency risk (continued) (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） 2024 二零二四年 2023 二零二三年 USD 美元 $’000 千元 EUR 歐元 $’000 千元 SGD 坡幣 $’000 千元 HKD 港幣 $’000 千元 RMB 人民幣 $’000 千元 AUD 澳元 $’000 千元 USD 美元 $’000 千元 EUR 歐元 $’000 千元 SGD 坡幣 $’000 千元 HKD 港幣 $’000 千元 RMB 人民幣 $’000 千元 AUD 澳元 $’000 千元 11,508 11 115 64 14,230 136 12,811 – – 127 79,949 123 9,627 (2,037) 3,308 (433,746) 439,620 23,480 10,036 (1,342) 2,567 (303,286) 563,495 45,994 (27,882) (722) (41) – (1,350) (22) (25,267) (529) (419) – (18,152) (1,190) (6,747) (2,748) 3,382 (433,682) 452,500 23,594 (2,420) (1,871) 2,148 (303,159) 625,292 44,927 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 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 245 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (d) Currency risk (continued) (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s profit after taxation and retained profits that would arise if foreign exchange rates to which the Group entities have significant exposure at the end of the reporting period had changed at that date, assuming all other risk variables remained constant. In this respect, it is assumed that the pegged rate between the HKD and the USD would be materially unaffected by any changes in movement in value of the USD against other currencies. (d) 貨幣風險（續） (ii) 敏感性分析 下表列示於匯報日本集團各實體面對重大風險 之匯率於該日出現變動可能導致本集團除稅後 溢 利 及 保 留 溢 利 之 即 時 變 動（假 設 所 有 其 他 風 險可變動因素維持不變）。就此而言，乃假設港 幣與美元之聯繫匯率不會因美元兌其他貨幣之 任何匯價走勢變動而受到重大影響。 2024 二零二四年 2023 二零二三年 Increase/ (decrease) in foreign exchange rates 匯率上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱（下跌） $’000 千元 Increase/ (decrease) in foreign exchange rates 匯率上升╱ （下跌） Increase/ (decrease) in profit after taxation and retained profits 除稅後溢利 及保留溢利 上升╱（下跌） $’000 千元 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (275) 275 (115) 115 150 (150) (20,646) 20,646 22,371 (22,371) 1,115 (1,115) 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% 5% (5)% (97) 97 (72) 72 90 (90) (15,160) 15,160 30,402 (30,402) 2,202 (2,202) USD 美元 EUR 歐元 SGD 坡幣 HKD 港幣 RMB 人民幣 AUD 澳元 246 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 26 Financial risk management and fair values of 26 財務風險管理及金融工具之公 financial instruments (continued) 允值（續） (d) Currency risk (continued) (ii) Sensitivity analysis (continued) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ profit after taxation measured in the respective functional currencies, translated into HKD at the exchange rate ruling at the end of the reporting period for presentation purposes. The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments held by the Group which expose the Group to foreign currency risk at the end of the reporting period, including inter-company payables and receivables within the Group which are denominated in a currency other than the functional currencies of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries 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 2023. (d) 貨幣風險（續） (ii) 敏感性分析（續） 上表呈述之分析結果顯示本集團各實體以各自 功能貨幣計算之除稅後溢利，按匯報日通行之 匯率換算為港幣以作呈報之總體即時影響。 敏感性分析乃假設匯率變動應用於重新計量本 集團於匯報日持有令本集團面對外匯風險之該 等金融工具，包括本集團公司間以貸款人或借 款人之功能貨幣以外之貨幣計值之應付款及應 收款。分析不包括因換算香港以外地區附屬公 司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匯風險之銀行 結存。截至二零二三年三月三十一日止年度之 分析乃按照相同基準進行。 247 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 27 Commitments 27 承擔 (a) Capital commitments outstanding at 31st March 2024 not provided for in the financial statements were as follows: (a) 於二零二四年三月三十一日，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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 23,306 30,176 254,505 184,592 277,811 214,768 As at 31st March 2024, the Group is committed to certain contracts for the purchase of factory machinery and equipment. 於二零二四年三月三十一日，本集團承諾履行 若干購買工廠機器及設備之合約。 (b) The Group’s share of capital commitments of the joint venture not included above are as follows: (b) 未有計入上文本集團應佔合營公司之資 本承擔如下： Authorised but not contracted for 已授權但未訂約 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 5,763 86 28 Equity transaction with non-controlling 28 與非控股權益之權益交易 interests On 13th February 2023, the Group acquired the remaining 49% equity interest in Vitasoy Australia Products Pty. Ltd (“VAP”) from National Foods Holdings Ltd. (“National Foods”) for AUD 51,000,000 in cash (equivalent to approximately $280,345,000), increasing the Group’s equity interest in VAP from 51% to 100%. The fair value for the shares acquisition was determined by an independent valuer jointly appointed by both parties. At the date of acquisition, the carrying amount of VAP’s net assets amounted to $261,290,000. The acquisition resulted in a decrease in non-controlling interest of $128,032,000 and an increase in other reserve of $152,313,000 during the year ended 31st March 2023. 於 二 零 二 三 年 二 月 十 三 日，本 集 團 自 National Foods Holdings Ltd（. 「National Foods」）以現金 51,000,000 澳 元（相 當 於 約280,345,000 元）收 購 Vitasoy Australia Products Pty. Ltd（. 「VAP」） 餘 下 49% 股 權，使 本 集 團 於 VAP 的 股 權 由 51% 增 加 至100% 。股 份 收 購 的 公 允 值 由 訂 約 方 共 同 委 任 的 獨 立 估 值 師 釐 定。於 收 購 當 日，VAP 淨 資 產 賬 面 值 為261,290,000 元，而 收 購 導 致 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 非 控 股 權 益 減 少 128,032,000 元，其 他 儲 備 增 加 152,313,000 元。 248 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 29 Material related party transactions 29 重大關連人士交易 In addition to the transactions and balances disclosed elsewhere in these financial statements, the Group entered into the following material related party transactions. 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) (ii) During the previous year, the products of the Group were distributed in Australia by a related party (non-controlling interests of the Company’s subsidiary up to 12th February 2023) and a management fee was charged for the provision of services. The management fee was calculated based on a pre-determined percentage of the net sales of products distributed by the related party. On 13th February 2023, the entity ceased to be a related party of the Group after the equity transaction disclosed in note 28 and the agreement was terminated. No management fee was charged by the related party for the year (2023: $25,371,000). 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 $19,843,000 (2023: $23,117,000). The amount due from the joint venture as at 31st March 2024 amounted to $4,840,000 (2023: $10,452,000). The related party transactions in respect of (i) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules (the “Chapter 14A”). However, they are exempt from the disclosure requirements in Chapter 14A as they are below the de minimis threshold under Rule 14A.76(1). (a) 與關連人士之交易 (i) 於 上 一 年 度，本 集 團 之 產 品 由 一 名 關 連 人士（為本公司附屬公司之非控股權益直 至二零二三年二月十二日）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。於 二 零 二 三 年 二月十三日，該實體在附註 28 所披露之 權 益 交 易 後 不 再 為 本 集 團 之 關 連 人 士， 該協議亦已終止。年內，該關連人士概無 收取管理費用（二零二三年：25,371,000 元）。 (ii) 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 19,843,000 元（二 零 二 三 年：23,117,000 元）。於 二 零 二 四 年 三 月 三 十 一 日 應 收 該 合 營 公 司 之 款 項 為 4,840,000 元（二 零 二三年：10,452,000 元）。 上述有關第 (i) 項之關連人士交易構成上市規則 第 14A 章（「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，因此獲豁免遵守第 14A 章之披露規定。 Equity transaction disclosed in note 28 constitutes a connected transaction as defined in Chapter 14A and is subject to the reporting and announcement requirements, but is exempt from the circular, independent financial advice and shareholders’ approval requirements under Chapter 14A. 附註 28 所披露之權益交易構成第 14A 章所界定 之關連交易，並須遵守報告及公告規定，惟獲 豁免遵守第 14A 章項下之通函、獨立財務意見 及股東批准規定。 249 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 29 Material related party transactions (continued) 29 重大關連人士交易（續） (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 individuals 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 若干最高薪人士支付之款項）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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 41,321 40,959 1,694 13,828 56,843 1,406 15,227 57,592 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)）。 250 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 30 Company-level statement of financial position 30 公司層面之財務狀況表 Note 附註 2024 二零二四年 $’000 千元 $’000 千元 2023 二零二三年 $’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 Other receivables 其他應收款 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 loans 銀行貸款 Amounts due to subsidiaries 應付附屬公司款項 Current tax payable 應付現期稅項 Lease liabilities 租賃負債 Net current assets 淨流動資產 Total assets less current liabilities 總資產減流動負債 2,998 213,171 440,751 656,920 1,707,204 1,055 15,419 2,380,598 3,123 61,507 481,442 546,072 1,646,958 – – 2,193,030 166,367 472,022 570,292 – 670,375 1,879,056 688,181 – 290,326 7,770 67,126 196,367 511,879 632,513 10,482 425,550 1,776,791 637,920 100,000 254,201 – 50,477 1,053,403 1,042,598 825,653 734,193 3,206,251 2,927,223 251 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 30 Company-level statement of financial position 30 公司層面之財務狀況表（續） (continued) Note 附註 2024 二零二四年 $’000 千元 $’000 千元 2023 二零二三年 $’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 157,057 12,847 46,813 20,386 12,462 55,067 216,717 2,989,534 1,044,398 1,945,136 2,989,534 87,915 2,839,308 1,021,453 1,817,855 2,839,308 25(a) Approved and authorised for issue by the Board of Directors on 20th June 2024. 於二零二四年六月二十日獲董事會批准並授權 發佈。 Winston Yau-lai LO 羅友禮 Director 董事 Roberto GUIDETTI 陸博濤 Director 董事 252 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 31 Non-adjusting events after the reporting 31 毋須作出調整之匯報日後事項 period (a) Subsequent to the end of the reporting period, Vitasoy Shanghai announced a production optimisation plan to affected staff in April 2024. Under this plan Vitasoy Shanghai production will be suspended temporarily and the plant will be properly maintained for future production. Some staff have been transferred to other factories and some will remain to take care of the plant and operations. 122 staff have opted for mutual separation and severance pay and RMB27,451,000 was paid on 14th May 2024. No adjustment has been made in these financial statements in this regard. (a) 於 匯 報 日 後，維 他 奶 上 海 於 二 零 二 四 年 四 月 向 相 關 員 工 宣 佈 生 產 優 化 計 劃。根 據該計劃，維他奶上海將暫時停止生產， 並對工廠進行妥善維護，以備日後生產。 部 分 員 工 已 被 調 往 其 他 工 廠，其 餘 部 分 員 工 則 留 守 工 廠 繼 續 營 運。122 名 員 工 選 擇 自 動 離 職 及 領 取 遣 散 費，而 人 民 幣 27,451,000 元 已 於 二 零 二 四 年 五 月 十 四 日支付。本財務報表並未就此作出調整。 (b) Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 25(b)(i). (b) 董 事 於 匯 報 日 後 建 議 派 發 末 期 股 息。進 一步詳情於附註 25(b)(i) 中披露。 253 Annual Report 2023/2024 年度報告Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 32 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March 2024 32 已頒佈但尚未於截至二零二四 年三月三十一日止年度生效之 修訂、新訂準則及詮釋可能構 成之影響 Up to the date of issue of these financial statements, the HKICPA has issued a number of new or amended standards, which are not yet effective for the year ended 31st March 2024 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group. 截至該等財務報表刊發之日，香港會計師公會 已頒佈截至二零二四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新訂 或經修訂準則，當中包括下列可能與本集團相 關之修訂。 Amendments to HKAS 1, Presentation of financial statements: Classification of liabilities as current or non-current 《香港會計準則》第 1 號「財務報表呈列：將負債分類為流動或非流動」之 修訂 Amendments to HKAS 1, Presentation of financial statements: Non-current liabilities with covenants 《香港會計準則》第 1 號「財務報表呈列：附帶契諾之非流動負債」之修訂 Amendments to HKFRS 16, Leases: Lease liability in a sale and leaseback 《香港財務報告準則》第 16 號「售後租回之租賃負債」之修訂 Amendments to HKAS 7, Statement of cash flows and HKFRS 7, Financial Instruments: Disclosures: Supplier finance arrangements 《香港會計準則》第 7 號「現金流量表」及《香港財務報告準則》第 7 號「金融 工具：披露：供應商融資安排」之修訂 Amendments to HKAS 21, The effects of changes in foreign exchange rates: Lack of exchangeability 《香港會計準則》第 21 號「匯率變動之影響：缺乏可交換性」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 2024 二零二四年一月一日 1st January 2024 二零二四年一月一日 1st January 2024 二零二四年一月一日 1st January 2024 二零二四年一月一日 1st January 2025 二零二五年一月一日 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 or new standard 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，採納上述任何修訂或新 訂準則預期不會對本集團綜合財務報表產生重 大影響。 254 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Notes to the Financial Statements財務報表附註Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars unless otherwise indicated)(除另有說明外，以港幣計算）Lock Page不要加減頁 Results 業績 Revenue 收入 Profit/(loss) from operations 經營溢利╱（虧損） 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 Profit/(loss) before taxation 除稅前溢利╱（虧損） Income tax 所得稅 Profit/(loss) for the year 本年度溢利╱（虧損） Attributable to: 下列人士應佔： – Equity shareholders of the Company – 本公司股權持有人 – Non-controlling interests – 非控股權益 Profit/(loss) for the year 本年度溢利╱（虧損） Assets and liabilities 資產及負債 Property, plant and equipment 物業、廠房及設備 Other non-current assets 其他非流動資產 Net current assets/(liabilities) 淨流動資產╱（負債） 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 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 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 6,217,123 6,340,559 6,501,215 7,519,817 7,232,641 1,2 2 185,432 (30,028) 103,593 (212,851) 843,471 707,433 (32,547) (23,071) (11,770) (10,932) (23,736) (22,253) – – – – (22,242) (17,433) (42,800) – 131,668 48,793 (235,922) 766,659 679,068 1,2 (13,880) (27,736) 74,541 (177,151) (109,477) 117,788 21,057 (161,381) 589,508 569,591 116,367 1,421 117,788 45,721 (158,750) 548,346 535,878 (24,664) (2,631) 41,162 33,713 21,057 (161,381) 589,508 569,591 2 1 2 2 3,103,420 3,392,122 3,968,218 4,142,718 3,712,005 286,205 21,694 261,112 282,739 163,942 181,288 (275,637) (475,424) (114,224) (185,794) 3,411,319 3,377,597 3,775,533 4,192,436 3,707,499 1,2 (298,682) (277,007) (206,434) (235,562) (289,395) 3,112,637 3,100,590 3,569,099 3,956,874 3,418,104 255 Annual Report 2023/2024 年度報告Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars)（以港幣計算）Lock Page不要加減頁Five Year Summary五年財務摘要 Capital and reserves 資本及儲備 Share capital 股本 Reserves 儲備 Total equity attributable to equity shareholders of the Company 本公司股權持有人應佔權益總額 Non-controlling interests 非控股權益 TOTAL EQUITY 權益總額 Earnings/(loss) per share 每股盈利╱（虧損） – Basic – 基本 – Diluted – 攤薄 Note 附註 2024 二零二四年 $’000 千元 2023 二零二三年 $’000 千元 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 1,044,398 1,021,453 1,013,028 984,030 939,328 1 1,960,162 1,963,262 2,244,885 2,632,023 2,189,062 3,004,560 2,984,715 3,257,913 3,616,053 3,128,390 108,077 115,875 311,186 340,821 289,714 3,112,637 3,100,590 3,569,099 3,956,874 3,418,104 10.9 cents 仙 4.3 cents 仙 (14.9 cents 仙 ) 51.5 cents 仙 50.4 cents 仙 10.8 cents 仙 4.3 cents 仙 (14.9 cents 仙 ) 51.0 cents 仙 49.9 cents 仙 Note to the five year summary 五年財務摘要附註 1 2 1 2 In 2023, the Group changed its accounting policy in relation to its long service payment (“LSP”) liability following the HKICPA guidance on the accounting implications of the abolition of the mandatory provident fund (“MPF”) – LSP offsetting mechanism issued in February 2023. The policy was applied from June 2022 by recognising a catch-up adjustment on the Group’s LSP liability. That was the time when the Hong Kong SAR Government gazetted the Hong Kong Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022, which will eventually abolish the statutory right of an employer to reduce its LSP and severance payment payable to a Hong Kong employee by drawing on its mandatory contributions to the MPF scheme. The policy change does not have any effect on earlier periods before the legislative changes. 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. 於 二 零 二 三 年，根 據 香 港 會 計 師 公 會 於 二 零 二 三 年 二 月 頒 佈 有 關 廢 除 強 制 性 公 積 金（「強 積金」）－長期服務金抵銷機制之會計影響指引， 本 集 團 已 更 改 關 於 其 長 期 服 務 金（「長 期 服 務 金」）義務之會計政策。該政策自二零二二年六 月起應用，確認對本集團長期服務金責任之追 補調整。當時香港特別行政區政府刊憲《2022 年僱傭及退休計劃法例（抵銷安排）（修訂）條 例》，其將最終廢除僱主可利用其向強積金計 劃作出之強制性供款減少其應付僱員之長期服 務金及遣散費之法定權利。該政策變動對法例 變動前之較早期間概無任何影響。 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。 256 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司Five Year Summary五年財務摘要Table Head記得要轉做表頭列,才會將文字轉為齊底(Expressed in Hong Kong dollars)（以港幣計算）Lock Page不要加減頁 Paper from responsible sources C123738 A n n u a l R e p o r t 2 0 2 3 / 2 4 年 度 報 告 Nurturing the World through the Power of Plants Annual Report 2023/24 年度報告 Stock Code 股份代號：0345 Vitasoy International Holdings Limited1 Kin Wong Street, Tuen MunThe 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(852) 2456 3441Fax 傳真：www.vitasoy.com