2015 ANNUAL REPORT Stock Code : 00236

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1 2015 ANNUAL REPORT Stock Code : 00236

2 香港生力啤酒廠有限公司二零一五年年報 CONTENTS Page 頁次 Corporate Information 公司資料 2 The Year s Highlights 本年度摘要 6 Chairman s Statement 主席報告 7 Directors Report 董事會報告 14 Corporate Governance Report 企業管治報告 37 Directors And Management Executives 董事及行政管理人員 52 Statistical Analysis of Operations 經營統計分析 60 Financial Statements 財務報表 Consolidated Income Statement 綜合收益表 62 Consolidated Statement of Comprehensive Income 綜合全面收益表 63 Consolidated Statement of Financial Position 綜合財務狀況表 64 Consolidated Statement of Changes in Equity 綜合權益變動表 66 Consolidated Cash Flow Statement 綜合現金流量表 67 Notes to the Financial Statements 財務報表附註 68 Independent Auditor s Report 獨立核數師報告 126 Group Properties 集團物業 129 Five Year Summary 五年賬目摘要 131 In this report, all monetary values are expressed in Hong Kong dollars unless stated otherwise. 本年報內所有幣值, 除另有註明外, 均以港幣計算 1

3 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE INFORMATION board of DIRECTORS CHAIRMAN Ramon S. Ang (non-executive Director) Deputy CHAIRMAN Carlos Antonio M. Berba (non-executive Director) EXECUTIVE DIRECTOR Ramon G. Torralba NON-EXECUTIVE DIRECTORS May (Michelle) W.M. Chan Teruyuki Daino Takashi Hayashi Roberto N. Huang Takeshi Wada INDEPENDENT NON-EXECUTIVE DIRECTORS David K.P. Li, GBM, JP Ng Wai Sun Reynato S. Puno Carmelo L. Santiago Adrian M.K. Li, Alternate to David K.P. Li, GBM, JP (resigned on 17 April 2015) William C.M. Cheng, Alternate to David K.P. Li, GBM, JP (appointed on 18 April 2015) AUDIT COMMITTEE David K.P. Li, GBM, JP, Chairman Ng Wai Sun Carmelo L. Santiago REMUNERATION COMMITTEE Ng Wai Sun, Chairman Carlos Antonio M. Berba Roberto N. Huang David K.P. Li, GBM, JP Carmelo L. Santiago Nomination Committee Carmelo L. Santiago, Chairman Teruyuki Daino David K.P. Li, GBM, JP Ng Wai Sun Reynato S. Puno 主席 蔡啓文 ( 非執行董事 ) 副主席 凱顧思 ( 非執行董事 ) 執行董事 杜華博 非執行董事 陳雲美代野照幸林隆史黃思民和田猛 獨立非執行董事 李國寶,GBM, JP 吳維新 Reynato S. Puno 施雅高李民橋, 李國寶 GBM, JP 之替任董事 ( 於二零一五年四月十七日辭任 ) 鄭則民, 李國寶 GBM, JP 之替任董事 ( 於二零一五年四月十八日獲委任 ) 李國寶,GBM, JP 主席吳維新施雅高 吳維新主席凱顧思黃思民李國寶,GBM, JP 施雅高 施雅高主席代野照幸李國寶,GBM, JP 吳維新 Reynato S. Puno 2

4 CORPORATE INFORMATION 香港生力啤酒廠有限公司二零一五年年報 COMPANY SECRETARY John K.L. Cheung AUDITORS KPMG Certified Public Accountants 8th Floor, Prince s Building 10 Chater Road Central Hong Kong SOLICITORS Mayer Brown JSM 16-19th Floor, Prince s Building 10 Chater Road Central Hong Kong Gallant Y.T. Ho & Co., Solicitors & Notaries 5th Floor, Jardine House 1 Connaught Place Hong Kong REGISTERED OFFICE 9th Floor Citimark Building 28 Yuen Shun Circuit Siu Lek Yuen Shatin, New Territories Hong Kong SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops , 17th Floor Hopewell Centre 183 Queen s Road East Wanchai, Hong Kong PRINCIPAL BANKERS The Bank of East Asia, Limited The Bank of East Asia (China) Limited The Hongkong and Shanghai Banking Corporation Limited Australia and New Zealand Banking Group Limited 張嘉麟 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 孖士打律師行香港中環遮打道十號太子大廈十六至十九樓 Gallant Y.T. Ho & Co., Solicitors & Notaries 香港中環康樂廣場一號怡和大廈五樓 香港新界沙田小瀝源源順圍二十八號都會廣場九樓 香港中央證券登記有限公司香港灣仔皇后大道東一八三號合和中心十七樓一七一二至一七一六號舖 東亞銀行有限公司東亞銀行 ( 中國 ) 有限公司香港上海滙豐銀行有限公司澳新銀行集團有限公司 3

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6 我們的旗艦品牌生力啤酒於二零一五年盛大慶祝 125 周年誌慶

7 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 THE YEAR S HIGHLIGHTS (Expressed in Hong Kong dollars except number of shares issued, shareholders and personnel) ( 除發行股數, 股東數目及員工人數外均以港幣列示 ) 二零一五年 二零一四年 Revenue ($ 000) 收入 ( ) 569, ,640 (Loss)/profit for the year ($ 000) 年度 ( 虧損 ) 盈利 ( ) (16,909) 36,994 (Loss)/earnings per share - Basic (cents) 每股 ( 虧損 ) 盈利 基本 ( 仙 ) (4) 9 Taxes paid, including beer tax ($ 000) 稅項連啤酒稅 ( ) 15,984 20,670 Taxes paid per share (cents) 每股稅項 ( 仙 ) 4 6 Fixed assets ($ 000) 固定資產 ( ) 597, ,309 Net worth ($ 000) 淨值 ( ) 544, ,949 Salaries, wages and other benefits ($ 000) 薪金 工資及其他福利 ( ) 118, ,888 Number of shares issued 發行股數 373,570, ,570,560 Number of shareholders 股東數目 2,067 2,106 Number of personnel 員工人數

8 CHAIRMAN S STATEMENT 香港生力啤酒廠有限公司二零一五年年報 Ramon S. Ang 蔡啓文 Chairman 主席 To our shareholders, 致各股東 : FINANCIAL RESULTS San Miguel Brewery Hong Kong Limited and its subsidiaries (the Group ) registered a consolidated loss of HK$16.9 million in 2015, compared with consolidated profit of HK$37.0 million in As a result, net loss attributable to equity shareholders for 2015 was HK$16.1 million, compared to a profit of HK$35.3 million in the previous year. The Group s consolidated revenue was HK$569.5 million, 21.8% lower than the same period in Gross profit reached HK$237.7 million, with a gross profit margin of 41.7%. As of 31 December 2015, cash and cash equivalents and bank deposits amounted to HK$148.6 million (HK$135.6 million as of 31 December 2014). Meanwhile, total debt as of 31 December 2015 was at HK$190.7 million, 0.1% lower than the HK$190.9 million debt reported for the same period the previous year. Total net assets stood at HK$545.0 million (HK$571.9 million as of 31 December 2014), with a debt-to-equity ratio of 0.35 (31 December 2014: 0.33). 香港生力啤酒廠有限公司及其附屬公司 ( 本集團 ) 錄得二零一五年之綜合虧損為 1,690 萬港元, 對比二零一四年之綜合盈利 3,700 萬港元 因此, 二零一五年本公司權益持有人應佔虧損為 1,610 萬港元, 對比前一年之盈利 3,530 萬港元 本集團之綜合收入為 5.70 億港元, 較二零一四年同期少 21.8% 毛利達 2.38 億港元, 而毛利率為 41.7% 於二零一五年十二月三十一日, 現金及等同現金項目和銀行存款為 1.49 億港元 ( 二零一四年十二月三十一日 :1.36 億港元 ) 與此同時, 二零一五年十二月三十一日之總負債為 億港元, 較前一年同期錄得之 億港元少 0.1% 總資產淨值維持 5.45 億港元 ( 二零一四年十二月三十一日 :5.72 億港元 ), 而負債比率為 0.35( 二零一四年十二月三十一日 :0.33) 7

9 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CHAIRMAN S STATEMENT DIVIDENDS The directors have resolved that no final dividends will be declared for the year ended 31 December BUSINESS REVIEW Hong Kong Operations Overall sales volume of San Miguel Brewery Hong Kong Limited (the Company ) in the territory declined by 17%, mainly because of the slow demand in the on-premise sales channel partly due to lower tourist arrivals and the non-renewal of distribution agreements with Anheuser-Busch InBev China Sales Company Limited and Anheuser-Busch InBev International GmbH & Co KG in 2014, as disclosed in a profit warning announcement last 25 January A disclosure referring to the same agreement was made last 15 October 2014 and 6 July However, sales volumes, excluding the discontinued agency brands, grew by 2%. Contributing to the net loss were the operating costs associated with the sales and marketing operations of the affected products, which were redirected and reinvested in the development of new, premium, specialty and craft brands. In line with our key business strategy of sustaining a broad and diversified portfolio of brands, the Company was quick to sign up and develop a new stable of premium, specialty and craft brands. Last February, we signed a distribution agreement with Mahou S.A. to be the exclusive distributor of Mahou Cinco Estrellas. We also started selling Angry Orchard Cider, Mac s Great White, Samuel Adams Rebel IPA, Spitfire Kentish Ale, Whitstable Bay Blonde Lager and Whitstable Bay Pale Ale. By the second semester of the year, all of these new brands were reporting double-digit growth rate compared to the prior semester. Meanwhile, Kirin beer brands, which we distribute exclusively within the territory, also continued to perform strongly. In 2015, the brand registered a 32% volume improvement over the previous year. Meanwhile, to develop and strengthen our own beer brands, we launched San Miguel Cerveza Negra in July 2014 and Red Horse Beer in February of Since its introduction, San Miguel Cerveza Negra has grown consistently by more than 50% every semester. In the second half of 2015, Red Horse Beer registered double-digit improvement over the previous semester. Since its launch in 2010, San Mig Light has gained significant presence in the market with a consistent double-digit growth. In 2015, sales volumes grew 46% across all sales channels. We have been able to sustain demand by ensuring visibility among target consumers. In July, we launched a new television commercial, Fit & Firm, supported by a marketing campaign that extended to point-of-sales visibility activities, out-of-home advertising and a talent search contest. 董事會通過不派發截至二零一五年十二月三十一日止年度之末期股息 香港業務 香港生力啤酒廠有限公司 ( 本公司 ) 在地區內的整體銷量下跌 17%, 主要由於現飲場所銷售渠道的需求下跌, 在一定程度上是受到入境旅遊人數下降, 以及在二零一六年一月二十五日發出的盈利警告中所披露, 與 Anheuser-Busch InBev China Sales Company Limited 和 Anheuser-Busch InBev International GmbH & Co KG 於二零一四年沒有續簽分銷協議所影響 本公司於二零一四年十月十五日和二零一五年七月六日已就同一協議作出披露 然而, 撇除未續簽的啤酒品牌, 銷量則錄得 2% 增長 錄得淨虧損的原因來自與受影響產品的銷售和市場營運相關的經營成本, 該等經營成本已被重新定向及重新投資於發展全新的高檔 特色和手工啤酒品牌 為了維持廣泛及多元化品牌組合這一主要業務策略, 本公司迅速著手開發了全新的高檔 特色和手工啤酒品牌組合 去年二月, 我們與 Mahou S.A. 訂立分銷協議, 獨家分銷 Mahou Cinco Estrellas 我們亦開始銷售以下品牌 : Angry Orchard Cider Mac s Great White Samuel Adams Rebel IPA Spitfire Kentish Ale Whitstable Bay Blonde Lager 和 Whitstable Bay Pale Ale 下半年, 所有新品牌均較上半年錄得雙位數字增長 同時, 我們在地區內獨家分銷的麒麟啤酒持續表現強勁 ; 於二零一五年, 該品牌的銷量較去年錄得 32% 增長 同時, 為發展及加強我們本身擁用的啤酒品牌, 我們於二零一四年七月推出了生力黑啤及於二零一五年二月推出了紅馬啤酒 生力黑啤自推出以來, 每半年的增長均保持 50% 以上 於二零一五年下半年, 紅馬啤酒較上半年錄得雙位數字增長 生力清啤自二零一零年推出以來已獲得重大市場份額, 保持雙位數字的增長 於二零一五年, 生力清啤所有銷售渠道增長 46% 我們透過保持生力清啤於目標客戶中的高曝光度, 成功維持該品牌的市場需求 於七月份, 我們推出全新電視廣告 Fit & Firm, 並通過市場推廣活動延伸至銷售點曝光的活動 戶外廣告及選秀比賽來支持 8

10 CHAIRMAN S STATEMENT 香港生力啤酒廠有限公司二零一五年年報 BUSINESS REVIEW (Continued) HONG KONG OPERATIONS (Continued) Established in 1890, our flagship San Miguel Pale Pilsen celebrated its 125th anniversary in We initiated special market-wide promotions, supported by a television commercial, print ads and point-of-sales communications. We also continued to air the thematic television commercial, Real Friends, which we complemented with the market-wide promotion, Dining with Friends and the launch of special edition San Miguel Moments cans. The Company continues to support the Hong Kong Dragon Boat Carnival organized by the Hong Kong Tourism Board through exclusive sponsorship. South China Operations Our South China operations posted double-digit improvement in consolidated sales volume over the previous year, with sales revenues also up slightly. However, despite these improvements, South China operations registered a 1% increase in operating losses compared to the previous year due to oneoff gains in Much of the volume improvement came from San Miguel (Guangdong) Brewery Company Limited ( SMGB ). As one of the production bases for San Miguel Brewing International Limited s export business, it delivered double-digit growth in 2015 over the previous year. Meanwhile, sales volumes of Guangzhou San Miguel Brewery Company Limited ( GSMB ) declined, with the rationalization of non-performing dealers and outlets demanding greater promotion spending. However, gross profit margin improved with higher average selling prices and effective discount management. Both strategies are integral to further improving GSMB s performance. ( 續 ) 香港業務 ( 續 ) 我們的旗艦品牌生力啤酒於一八九零年成立, 於二零一五年盛大慶祝 125 周年誌慶, 透過電視廣告 平面廣告及銷售點推廣方式進行特別的全市場推廣活動 我們亦繼續播放主題電視廣告 真正朋友, 並以全市場的推廣活動 生力友飯局 來配合宣傳, 同時推出生力啤酒罐裝特別版 San Miguel Moments 本公司繼續獨家贊助香港旅遊發展局主辦的香港龍舟嘉年華 華南業務 我們的華南業務綜合銷量較上一年錄得雙位數字增長, 收入亦輕微上升 儘管如此, 由於二零一四年一次性的收益, 華南業務之經營虧損仍較二零一四年增加 1% 銷量提升主要來自生力 ( 廣東 ) 啤酒有限公司 ( 生力廣東 ), 作為生力啤酒國際有限公司出口業務的生產基地之一, 該公司於二零一五年較上一年錄得雙位數字增長 同時, 廣州生力啤酒有限公司 ( 廣州生力 ) 銷量下降乃由於整頓表現欠佳的經銷商及推廣費用高昂的賣場之影響 然而, 較高平均售價和有效的折扣管理令毛利率得以改善, 該等策略進一步改善廣州生力的表現 Our dealer development program continues to be a key component of GSMB s going-to-market and distribution strategy. By 2015, our successful roll-out of the program afforded us greater control of the value chain and we were able to shift our focus to developing sub-dealers. As a result of efficiencies generated by the program, sales volumes in West and North Guangdong improved significantly. 經銷商發展項目仍然是廣州生力進入市場和分銷策略的主要部份 於二零一五年, 成功推行該項目令我們在價值鏈上有更大控制, 並可將更多注意力轉向發展二級經銷商 由於項目的成效, 粵西和粵北的銷量明顯改善 To enhance brand equity and win new consumers for San Miguel Pale Pilsen, we launched Meta : a product-focused television commercial aired on a provincial channel, to support our expansion in the Guangdong province. For both San Miguel Pale Pilsen and San Mig Light, we launched Enjoy a Trip to Spain, a market-wide consumer program to stimulate trial and repeat consumption. In addition, we released special packaging designs for both brands. 為提升生力啤酒的品牌價值及吸引新客戶, 我們在廣東省一個省級頻道播出一個以產品為焦點的電視廣告 Meta, 以支持我們在該省的業務擴張 我們為生力啤酒和生力清啤舉行了 暢遊西班牙 的全市場消費者推廣活動, 以刺激試飲及重複消費 此外, 我們亦為該兩個品牌推出了特別包裝設計 9

11 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CHAIRMAN S STATEMENT COMMUNITY RELATIONS AND SOCIAL RESPONSIBILITY The Company continues to endeavor to be socially responsible in the way it conducts business. In 2015, we published our first Environmental, Social and Governance ( ESG ) Report to give the public a better understanding of how we respond to issues that impact our local communities and various stakeholders. 本公司將繼續致力在開展我們的業務同時履行社會責任 我們於二零一五年刊發首份 環境 社會及管治 ( 環境 社會及管治 ) 報告, 讓公眾更好地了解我們對社會上影響我們本地社區和各種持份者團體的特定議題的參與及回應情況 Specifically, we are committed to actively promote responsible drinking. We also continue to support charitable organizations and suitable NGOs through financial and product support, as well as by sharing with them our experience and expertise. 我們積極推廣暢飲有責 我們還持續透過提供財政和產品支持以及分享我們的經驗及專業知識, 為慈善團體及合適的非政府組織提供支持 We are committed to protecting the environment in the areas where we operate and ensuring that environmental standards set by government are consistently met or exceeded. 本公司亦致力保護我們業務所在地區的環境及確保符合或超過政府所制定的各種環保標準 The ESG Report will be updated annually by the Company. The 2015 updates will be available at the Company s website within three months from the publication of the Company s annual report. 本公司會每年更新 環境 社會及管治報告 二零一五年的更新將於本公司年報刊發後三個月內於本公司網站刊載 HUMAN RESOURCES Much of our success is driven by the capabilities and commitment of each of our employees. As such, we invest in training, seminars, and mentoring and team-building workshops, to ensure they are equipped with the necessary knowledge, skills, experience and winning mindset, that will help them perform well. We endeavor to develop our employees so that we can tap and maximize their potential, support their professional growth and foster a friendly and caring environment. 本公司始終認為, 我們的成功來自於每一位員工的才幹及貢獻 因此, 我們投放資源, 透過為員工提供培訓 研討會 良師指導及建立團隊精神的工作坊, 確保員工具備應有的知識 技能 經驗及獲勝的心態, 協助他們擁有良好的表現 我們致力促進員工的提升以充分挖掘及發揮彼等的潛能, 並為其專業發展提供支持及營造友好和關愛的環境 We continue to offer competitive remuneration packages that are at par with industry standards and provide attractive benefits, including medical and insurance coverage and retirement packages to all employees. 我們亦為所有員工制定符合市場標準的薪酬及提供福利, 包括全面的醫療和保險, 以及退休福利 CORPORATE GOVERNANCE The Company continued to apply the principles of the Corporate Governance Code and Corporate Governance Report contained in Appendix 14 of the Listing Rules throughout the year, with the exception of Code Provision A.4.1, which states that non-executive directors should be appointed for a specific term, subject to re-election. At present, all of the non-executive directors of the Company are not appointed for a specific term but are subject to retirement by rotation at least once every three years, and re-election at the Annual General Meeting under the Company s Articles of Association. 本公司於本年度一直遵守上市規則附錄 14 所載之 企業管治守則 及 企業管治報告 中之守則條文, 惟守則條文第 A.4.1 條除外 守則條文第 A.4.1 條規定, 非執行董事均須按可重選的基礎上, 按特定年期被委任 現時, 根據本公司章程, 本公司所有非執行董事均非按特定年期委任, 但最少每三年須在股東周年大會上輪值退任及接受重選 10

12 CHAIRMAN S STATEMENT 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS There has been no change in membership of the Board of Directors since we published our interim report on 5 August FUTURE DIRECTION AND CHALLENGES For 2016, the Company has outlined the following objectives: In Hong Kong, to significantly turn around the business by investing in the San Miguel brand and actively participating in the premium, specialty and craft beer segment to regain volume loss and market share. We will expand the wholesaler channel and make it a key component of the Company s going-to-market strategy in order to achieve broader distribution, higher volume and to generate distribution cost savings. 於二零一五年八月五日本公司之中期報告出版後, 沒有任何董事會成員之變更 本公司於二零一六年的目標包括 : 在香港, 透過投放資源於生力品牌及積極涉足高檔 特色及手工啤酒市場收復銷量跌幅及重奪市場份額來大力扭轉業績 我們將擴展批發商渠道, 將其作為本公司進入市場策略的重要部份, 以擴大分銷範圍 提高銷量及節省分銷成本 In South China, to turn around the business by focusing on the yield and coverage of the sub-dealer and dealer network in all of our markets. We will strengthen the brand equity of San Miguel and Dragon brands. We will likewise continue to seek new areas of growth for our exports business and aim to improve margins and rationalize costs. 在華南, 透過重點加強各個市場的二級經銷商及經銷商網絡的產能和覆蓋來扭轉業績 我們將致力提升生力和龍啤的品牌價值, 同時繼續尋找出口業務的新增長點並致力於提升邊際利潤和合理化成本 In pursuit of the abovementioned objectives for 2016, we shall be responsive to the following risks that we have identified: While Hong Kong s unemployment rate remains low and stable, the overall wages are relatively stagnant. Tourism activity may further lower as mainland China continues to face economic headwinds and the renminbi depreciates which may affect industry consumption. On the legislation front, the Hong Kong government is looking into imposing a recycling levy on glass beverage containers. Depending on when it will start and how much the levy will be, the prices for our products in glass containers may be seriously affected and may impinge consumption. 為達到本公司於二零一六年之目標, 我們需積極應對下述已識別風險 : 在香港, 失業率穩定並維持於低位, 惟整體工資水平相對停滯 受內地經濟持續放緩及人民幣貶值影響, 旅遊活動可能進一步走低, 業界消費量可能受到影響 立法方面, 香港政府正考慮對飲品玻璃樽徵收循環再造費 取決開始落實的時間及徵費數額, 我們的玻璃樽裝產品價格或會受到嚴重影響及可能會對消費量造成影響 In South China, the economy will most likely mirror the key macroeconomic indicators of the country and continue to trend downward gradually, which may affect local demand. The Company reiterates its commitment to maximizing shareholder value and enhancing and strengthening our brands. We are confident that we have put in place sound strategies that will address the uncertainties facing the Company, as well as allow us to take advantage of growth opportunities. Apart from the sales and marketing strategies, we have also instituted new policies, guidelines, systems and procedures to facilitate efficient and effective cost management, sustainable environmental management and responsible social engagement. 在華南, 經濟可能很大程度上與國家主要宏觀經濟指標走勢一致, 預期將繼續呈逐漸下滑趨勢, 可能影響當地市場需求 本公司謹此重申我們將致力實現股東價值最大化, 並鞏固我們的品牌 我們相信, 我們已制定有效的策略及計劃, 以針對公司所面對的變更, 並讓本公司充分把握市場中的增長機會 除了銷售和市務策略, 我們亦設有不同的新政策 指引 系統及程序來有效率及有效地促成成本管理 可持續的環境管理並肩負企業社會責任 11

13 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CHAIRMAN S STATEMENT FUTURE DIRECTION AND CHALLENGES (Continued) In closing, we wish to convey our heartfelt gratitude to our Board of Directors for their guidance and support. We also wish to thank our employees for their dedication and hard work, and most of all, our shareholders, customers and consumers for their continued patronage. ( 續 ) 最後, 我們謹此對董事會的領導及支持表示衷心謝意 我們亦真誠感激各股東 客戶及消費者的忠誠支持, 以及員工一直以來的努力及貢獻 Ramon S. Ang Chairman 4 February 2016 主席蔡啓文 二零一六年二月四日 12

14 香港生力啤酒廠有限公司 二零一五年年報 DIRECTORS REPORT 董事會報告 We continue to develop and strengthen our own beer brands. 13

15 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT To be presented at the Fifty-third Annual General Meeting of shareholders to be held at Island Ballroom, Level 5, Island Shangri-La Hong Kong, Two Pacific Place, Supreme Court Road, Central, Hong Kong on 29 April 2016 at 3:00 p.m. 此報告將於二零一六年四月二十九日下午三時正假座香港中區法院道太古廣場二期港島香格里拉大酒店五樓香島殿舉行之第五十三屆股東周年大會上提交 The directors submit their Annual Report together with the audited financial statements for the year ended 31 December PRINCIPAL PLACE OF BUSINESS San Miguel Brewery Hong Kong Limited (the Company ) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at 9/F, Citimark Building, 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin, New Territories, Hong Kong. PRINCIPAL ACTIVITIES The principal activities of the Company are the manufacture and distribution of bottled, canned and draught beers. The principal activities and other particulars of the Company s subsidiaries are set out in note 13 to the financial statements. 董事會仝人向各股東提呈截至二零一五年十二月三十一日止年度之年報及經審核財務報表 香港生力啤酒廠有限公司 ( 本公司 ) 是一間於香港註冊成立的公司, 註冊辦事處及主要營業地點為香港新界沙田小瀝源源順圍二十八號都會廣場九樓 本公司之主要業務為製造及分銷樽裝 罐裝及桶裝啤酒 各附屬公司之主要業務及其他細節載於財務報表附註 13 The segment analysis of the Company and its subsidiaries (the Group ) for the financial year is set out in note 3 to the financial statements. MAJOR CUSTOMERS AND SUPPLIERS The information in respect of the Group s sales and purchases attributable to the major customers and suppliers, respectively, during the year is as follows: 有關本財政年度本公司及各附屬公司 ( 本集團 ) 之類別分析, 載於財務報表附註 3 以下所載為本年度主要客戶及供應商分別佔本集團銷售及採購數額之資料 : percentage of the Group s total 佔本集團 Sales Purchases 銷售總額百分比採購總額百分比 The largest customer 最大客戶 31.70% Five largest customers in aggregate 首五大客戶合計 60.28% The largest supplier 最大供應商 9.68% Five largest suppliers in aggregate 首五大供應商合計 29.73% One of the five largest suppliers and one of the five largest customers was San Miguel Corporation ( SMC ) and its associates (collectively the San Miguel Group ) in which Mr. Ramon S. Ang, Mr. Carlos Antonio M. Berba, Mr. Ramon G. Torralba, Mr. Teruyuki Daino, Mr. Takashi Hayashi, Mr. Roberto N. Huang, Mr. Takeshi Wada, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago have beneficial interests to the extent that they have equity interests in and/ or are/were directors and/or officers of the San Miguel Group. 生力總公司 ( 生力總公司 ) 及其關聯公司 ( 統稱 生力集團 ) 為首五大供應商及首五大客戶其中之一 其中, 蔡啓文先生 凱顧思先生 杜華博先生 代野照幸先生 林隆史先生 黃思民先生 和田猛先生 Reynato S. Puno 先生及施雅高先生因擁有生力集團之股權及 或為 曾任其董事及 或高級人員而獲得利益 14

16 DIRECTORS REPORT 香港生力啤酒廠有限公司二零一五年年報 MAJOR CUSTOMERS AND SUPPLIERS (Continued) Save as disclosed above, at no time during the year have the directors, their associates, or any shareholder of the Company (which to the knowledge of the directors owns more than 5% of the Company s share capital) had any interest in these major customers or suppliers. RECOMMENDED DIVIDENDS The directors have resolved that no final dividend be declared for the year ended 31 December BUSINESS REVIEW AND PERFORMANCE A fair review of the Group s business during the year, including the analysis using financial key performance indicators, and the outlook of the Group s business are provided in the Chairman s Statement section from pages 7 to 12 of this Annual Report. Description of the principal risks and uncertainties which faced the Group in 2015 can be found in the Chairman s Statement, including the financial risks mentioned in note 23 to the financial statements. There were no important events affecting the Group that have occurred since the end of the financial year The Company defines stakeholders as all those who affect, and/or are affected by, its business. It embraces both internal and external stakeholders, ranging from employees, trade partners, shareholders, suppliers, government and local communities. The Company believes that engaging stakeholders is crucial for the sustainability of its business, as this does not just help the Company understand the possible risks and opportunities to its business, but also makes possible the actual mitigation of the risks and the full comprehension of the opportunities to its business. The Company also communicates with them through various channels to ensure that its stakeholders are made aware of and understand its business and/or products. The Company endeavors to protect the environment in which it operates its business. During the year ended 31 December 2015 ( the year under review ), there was no material non-compliance in relation to air and greenhouse gas emission, discharges into water and land; and generation of hazardous and non-hazardous wastes. The Company endeavors to continually improve the management of its operations to prevent pollution and minimize waste. The Company also endeavors to continually improve the proper management and usage of the different Company resources, and the management of its operations to prevent pollution and minimize waste, and is committed to continuously train and encourage all its employees to be more environmentally conscious. During the year under review, no material non-compliance of the laws and regulations that have a significant impact on the Company was noted. In addition, discussion on the Company s compliance with the Corporate Governance Code ( CG Code ) is included in the Corporate Governance Report and discussion on the financial statement s compliance with the Hong Kong Financial Reporting Standards, Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules ) are included in note 1 to the financial statements. ( 續 ) 除上文所披露者外, 各董事 彼等之聯繫人士或任何據董事所知擁有本公司股本超過百份之五之本公司股東於本年度內概無擁有該等主要客戶或供應商之任何權益 董事會通過不派發截至二零一五年十二月三十一日止年度之末期股息 有關本集團年內表現的中肯審視, 包括運用財務關鍵表現指標進行的分析, 以及本集團的業務展望在本年報第 7 至 12 頁的 主席報告 中闡述 關於本集團面對的主要風險及不明朗因素的敘述在 主席報告 中闡述, 包括於財務報表附註 23 中披露的金融風險 在二零一五年財政年度終結後並無發生對本集團有影響的重大事件 本公司將持份者定義為所有那些影響和 或受本公司業務影響的人員 這包括內部和外部持份者, 涉及僱員 業務夥伴 股東 供應商 政府和本地社區 本公司相信持份者的參與對其業務的持續發展非常重要, 他們的參與不僅有助於本公司理解可能存在的風險和機遇, 也幫助本公司實際減輕風險和充分理解種種機遇 本公司亦通過各種渠道與持份者進行溝通以確保他們充分意識並理解其業務和 或產品 本公司致力保護其營運的環境, 於二零一五年十二月三十一日止年度 ( 回顧年度 ) 內, 在廢氣和溫室氣體排放 向水和土地的排污 以及有害及無害廢棄物的產生方面不存在任何重大違規情況 本公司致力持續改善其操作管理以避免污染並將廢棄物減到最低 本公司亦致力持續改善其管理以及不同資源的使用及其操作管理以避免污染並將廢棄物減到最低 並致力於持續培訓和鼓勵所有員工以便提高僱員的環保意識 於回顧年度內, 對本公司有重大影響的有關法律及規例不存在任何重大違規情況 並且, 本公司遵守企業管治守則 ( 企業管治守則 ) 的情況已包括在 企業管治報告 及財務報表遵守香港財務報告準則 香港 公司條例 之規定及香港聯合交易所有限公司證券上市規則 ( 上市規則 ) 的情況已包括在財務報表附註 1 15

17 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT CHARITABLE AND OTHER DONATIONS Charitable and other donations made by the Group during the year amounted to HK$10,000 (2014: HK$52,000). SHARE CAPITAL Details of the share capital of the Company are set out in note 22(c) to the financial statements. DIRECTORS The directors of the Company as at the date of this Annual Report are set out on page 2 of the Annual Report. With the exception of Mr. William C.M. Cheng who was appointed as alternate director to an independent non-executive director, Dr. the Hon. Sir David K. P. Li ( Sir David ), on 18 April 2015, all of the directors served as such for the full year and none of the directors were appointed as directors after the last Annual General Meeting. 本集團於本年度內之慈善及其他捐款合共 10,000 港元 ( 二零一四 :52,000 港元 ) 有關本公司股本之詳情載列於財務報表附註 22(c) 於本年報之日期各董事之名單載於第 2 頁 除鄭則民先生於二零一五年四月十八日獲委任為獨立非執行董事李國寶爵士 ( 李爵士 ) 之替任董事外, 全部董事均於全年擔任董事職務, 亦無董事於上一次股東周年大會後被委任為董事 Mr. Adrian M. K. Li resigned as an alternate director to Sir David on 17 April 2015 due to his other business commitments, in particular the enhanced duties in his banking career, which require more of his time and attention. Mr. Takashi Hayashi, Mr. Roberto N. Huang, Mr. Ramon G. Torralba and Mr. Takeshi Wada retire by rotation in accordance with Article 105 of the Company s Articles of Association at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. 李民橋先生因需要投放更多時間及精神於其他業務承擔 ( 尤其在發展其銀行事業 ) 上, 於二零一五年四月十七日辭去李爵士之替任董事職務 林隆史先生 黃思民先生 杜華博先生及和田猛先生均依據本公司組織章程第 105 條規定, 於即將舉行之股東周年大會上輪流告退及重選連任 None of the directors proposed for re-election at the forthcoming Annual General Meeting has an unexpired service contract which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. DIRECTORS OF SUBSIDIARIES The names of all directors who have served on the boards of the subsidiaries of the Company during the year ended 31 December 2015 or during the period from 1 January 2016 to the date of this report are available on the Company s website, info.sanmiguel.com.hk. 擬於應屆股東周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 於截至二零一五年十二月三十一日止年度或由二零一六年一月一日至本報告日期止期間, 所有服務本公司附屬公司董事會的董事姓名載於本公司網站, 網址為 info.sanmiguel.com.hk 16

18 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS REPORT DIRECTORS INTERESTS The directors of the Company as of 31 December 2015 had the following personal interests in the shares of the Company, its holding companies, subsidiaries and other associated corporations (within the meaning of the Securities and Futures Ordinance ( SFO )) at that date as recorded in the register of directors interests 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登記冊記錄所載, 於二零一五年十二月三十一日之本公司董事於當日持有本公司 其控股公司 附屬公司及其他聯繫公司 ( 定義見 證券及期貨條例 ) 已發行股本之實際權益如下 : (1) INTERESTS IN ISSUED SHARES (1) 已發行股本之權益 Number of ordinary shares in the Company 本公司之普通股之股份數目 Number of % of total Name shares held issued shares 佔已發行股份 姓名 持股數目 總數之百分比 David K. P. Li 12,000, % Number of common shares of 1 Philippine peso each in top Frontier Investment Holdings, Inc. top Frontier Investment Holdings, Inc. 每股面值 1 菲律賓披索 之普通股之股份數目 Number of % of total Name shares held issued shares 佔已發行股份 姓名 持股數目 總數之百分比 Ramon S. Ang 蔡啓文 86,734,238* % Carlos Antonio M. Berba 凱顧思 % Roberto N. Huang 黃思民 3, % Reynato S. Puno Reynato S. Puno % Carmelo L. Santiago 施雅高 % Ramon G. Torralba 杜華博 % * No. of shares in Top Frontier Investment Holdings, Inc. ( Top Frontier ) held as direct ownership: 75,887 shares 於 Top Frontier Investment Holdings, Inc.( Top Frontier ) 直接持有之股份數目 :75,887 股 No. of shares in Top Frontier held as indirect ownership: 86,658,351 shares 於 Top Frontier 間接持有之股份數目 :86,658,351 股 17

19 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT DIRECTORS INTERESTS (Continued) (1) INTERESTS IN ISSUED SHARES (Continued) ( 續 ) (1) 已發行股本之權益 ( 續 ) Number of shares in San Miguel Corporation 生力總公司之股份數目 par Value types of (Philippine Number of % of total Name Shares pesos) shares held issued shares 面值 佔已發行股份 姓名 股本類別 ( 菲律賓披索 ) 持股數目 總數之百分比 Ramon S. Ang 蔡啓文 Common ,381,669** % 普通 Carlos Antonio M. Berba 凱顧思 Common , % 普通 Preferred , % 優先 Roberto N. Huang 黃思民 Common , % 普通 Reynato S. Puno Reynato S. Puno Common , % 普通 Carmelo L. Santiago 施雅高 Common , % 普通 Ramon G. Torralba 杜華博 Common , % 普通 ** No. of shares in SMC held as direct ownership: 757,873 shares 於生力總公司直接持有之股份數目 :757,873 股 No. of shares in SMC held as indirect ownership: 373,623,796 shares 於生力總公司間接持有之股份數目 :373,623,796 股 Number of common shares of 1 Philippine peso each in San Miguel Brewery Inc. 生力啤酒廠公司每股面值 1 菲律賓披索之普通股之股份數目 Number of % of total Name shares held issued shares 佔已發行股份 姓名 持股數目 總數之百分比 Ramon S. Ang 蔡啓文 5,000*** % Carlos Antonio M. Berba 凱顧思 5,000*** % Teruyuki Daino 代野照幸 5,000*** % Takashi Hayashi 林隆史 5,000*** % Roberto N. Huang 黃思民 5,000*** % Carmelo L. Santiago 施雅高 5, % *** corporate interest 公司權益 18

20 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS REPORT DIRECTORS INTERESTS (Continued) (2) INTERESTS IN UNDERLYING SHARES Certain directors of the Company have been granted stock options to subscribe for common shares in SMC under SMC s stock option scheme. Particulars of stock options in SMC held by directors during the year and as at 31 December 2015 are as follows: ( 續 ) (2) 於相關股份之權益 本公司若干董事根據生力總公司之購股權計劃獲授購股權以認購生力總公司之普通股股份 於年內及於二零一五年十二月三十一日各董事擁有生力總公司之購股權詳情如下 : Stock options in San Miguel Corporation 生力總公司之購股權 Number Number of options of options Number Number outstanding granted/ of options of options exercise at the (exercised) lapsed outstanding Date Exercise price per beginning during during at the end Name granted period up to option of the year the year the year of the year (Philippine pesos) 年內授出 年初時尚未行使 ( 已行使 ) 年內已失效 年結時尚未行使 姓名 授出日期 截止行使限期 每股行使價 之購股權數目 之購股權數目 之購股權數目 之購股權數目 ( 菲律賓披索 ) Common (par value 普通 of 5 Philippine ( 每股面值 5 pesos each): 菲律賓披索 ): Ramon S. Ang 蔡啓文 01/03/ /03/ ,386 (993,386) 01/03/ /03/ ,258 (662,258) 26/06/ /06/ , ,603 25/06/ /06/ , ,556 Carlos Antonio 凱顧思 16/12/ /12/ ,556 41,556 M. Berba Ramon G. Torralba 杜華博 16/12/ /12/ ,991 8,991 19

21 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT DIRECTORS INTERESTS (Continued) (2) INTERESTS IN UNDERLYING SHARES (Continued) All interests in the shares and underlying shares of the Company, its holding companies, subsidiaries and other associated corporations are long positions. Apart from the foregoing, at no time during the year was the Company or any of its holding companies, subsidiaries or associated corporations a party to any arrangement to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. ( 續 ) (2) 於相關股份之權益 ( 續 ) 本公司 其控股公司 附屬公司及其他聯繫公司之所有股份及相關股份權益均屬好倉 除上文所述外, 本公司 其控股公司 附屬公司或其他聯繫公司在本年度任何時間內並無安排本公司董事購買本公司或其他公司之股份權益或債權證 Apart from the foregoing, none of the directors of the Company or any of their spouses or children under eighteen years of age has interests or short positions in the shares, underlying shares or debentures of the Company or any of its holding companies, subsidiaries or other associated corporations, as recorded in the register required to be kept under section 352 of the SFO or as otherwise notified to the Company pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as adopted by the Company. 根據本公司按 證券及期貨條例 第 352 條而保存之登記冊, 或根據上市公司董事進行證券交易的標準守則所知會本公司之記錄, 除上文所提及外, 各董事, 其配偶或其 18 歲以下之子女均無擁有本公司或其任何控股公司 附屬公司或其他聯繫公司之股份 相關股份及債權證之權益及淡倉 20

22 我們繼續發展及加強本身擁有的啤酒品牌

23 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT SUBSTANTIAL SHAREHOLDERS INTERESTS IN SHARES AND UNDERLYING SHARES The Company has been notified of the following interests in the Company s issued shares at 31 December 2015 amounting to 5% or more of the ordinary shares in issue: 於二零一五年十二月三十一日, 本公司獲悉下列佔本公司已發行普通股之 5% 或以上的本公司已發行股份權益 : Ordinary shares 普通股股份 Number of ordinary % of total Substantial shareholders shares held issued shares 佔已發行股份 主要股東 所持普通股數目 總數之百分比 Top Frontier Investment Holdings, Inc. Top Frontier Investment Holdings, Inc. 245,720, % San Miguel Corporation (note 1) 生力總公司 ( 附註 1) 245,720, % Kirin Holdings Company, Limited (note 1) 麒麟控股株式會社 ( 附註 1) 245,720, % San Miguel Brewery Inc. (note 1) 生力啤酒廠公司 ( 附註 1) 245,720, % San Miguel Brewing International Limited 生力啤酒國際有限公司 ( 附註 1) (note 1) 245,720, % Neptunia Corporation Limited (note 1) 立端利有限公司 ( 附註 1) 245,720, % Cheung Kong (Holdings) Limited (note 2) 長江實業 ( 集團 ) 有限公司 ( 附註 2) 23,703, % CK Hutchison Holdings Limited (note 2) 長江和記實業有限公司 ( 附註 2) 23,703, % 22

24 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS REPORT SUBSTANTIAL SHAREHOLDERS INTERESTS IN SHARES AND UNDERLYING SHARES (Continued) Notes: (1) Top Frontier, the ultimate holding company, SMC, Kirin Holdings Company, Limited ( Kirin ) (a principal shareholder of San Miguel Brewery Inc. ( SMB )), SMB, and San Miguel Brewing International Limited ( SMBIL ) are all deemed to hold the above disclosed interest indirectly through Neptunia Corporation Limited ( Neptunia ) in the Company because each of Top Frontier, SMC and Kirin holds more than one third of the voting power of SMB. SMB has a controlling interest in SMBIL and SMBIL has a controlling interest in Neptunia. (2) Conroy Assets Limited, which holds 13,624,600 shares of the Company, and Hamstar Profits Limited, which holds 10,078,400 shares of the Company, are indirect wholly owned subsidiaries of Cheung Kong (Holdings) Limited ( CKH ) and CK Hutchison Holdings Limited ( CK Hutchison ). By virtue of the SFO, CKH and CK Hutchison are deemed to be interested in the shares of the Company held by Conroy Assets Limited and Hamstar Profits Limited. All the above interests in the shares and underlying shares of the Company are long positions. Apart from the foregoing, no other interests required to be recorded in the register kept under Section 336 of the SFO have been notified to the Company. SUFFICIENCY OF PUBLIC FLOAT Based on the information that is publicly available to the Company and within the knowledge of the directors of the Company as at the date of this Annual Report, the Company has maintained the prescribed public float under the Listing Rules. DIRECTORS INTERESTS IN CONTRACTS Pursuant to an agreement dated 12 June 1963, Neptunia provides technical and advisory services to the Company and may be paid a General Managers commission. Mr. Ramon S. Ang, Mr. Carlos Antonio M. Berba, Mr. Ramon G. Torralba, Mr. Teruyuki Daino****, Mr. Takashi Hayashi, Mr. Roberto N. Huang, Mr. Takeshi Wada, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago are interested parties to this contract to the extent that they have equity interests in and/or are/were directors and/or officers of SMB, SMBIL, SMC and Top Frontier, the ultimate holding company of Neptunia. General Managers commission has not been paid by the Company or charged by Neptunia since the 1995 financial year. Save as disclosed above, no contract of significance to which the Company or any of its holding companies, subsidiaries or associated corporations was a party, and in which a director of the Company had a material interest, subsisted at the end of the year or at any time during the year. ( 續 ) 附註 : (1) 由於 Top Frontier, 為最終控股公司, 生力總公司及麒麟控股株式會社 ( 麒麟 )( 為生力啤酒廠公司 ( 生力啤酒廠 ) 之主要股東 ) 各自持有生力啤酒廠三分之一以上之投票權, 生力啤酒廠持有生力啤酒國際有限公司 ( 生力啤酒國際 ) 之控股權益及生力啤酒國際持有立端利有限公司 ( 立端利 ) 之控股權益, 故此 Top Frontier 生力總公司 麒麟 生力啤酒廠及生力啤酒國際均被視為間接透過立端利持有於本公司之權益而有上述所披露之權益 (2) Conroy Assets Limited 持有本公司 13,624,600 股股份及 Hamstar Profits Limited 持有本公 10,078,400 股股份, 彼等為長江實業 ( 集團 ) 有限公司 ( 長實 ) 及長江和記實業有限公司 ( 長和 ) 之間接全權擁有附屬公司 根據 證券及期貨條例, 長實及長和均被視為擁有由 Conroy Assets Limited 及 Hamstar Profits Limited 持有之本公司股份權益 上述所有本公司之股份權益均為好倉 除上述外, 並無其他權益須按 證券及期貨條例 第 336 條規定備存之登記冊通知本公司 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指定之公眾持股量 根據一九六三年六月十二日訂立之協議, 立端利向本公司提供技術及顧問服務, 並可收取總經理酬金 其中, 蔡啓文先生 凱顧思先生 杜華博先生 代野照幸先生 **** 林隆史先生 黃思民先生 和田猛先生 Reynato S. Puno 先生及施雅高先生因擁有生力啤酒廠 生力啤酒國際, 生力總公司及立端利之最終控股公司 Top Frontier 之股權, 及 或為生力啤酒廠 生力啤酒國際及生力總公司之董事及 或高級人員, 均可從此合約中獲取利益 自一九九五年財政年度起, 本公司並無支付總經理酬金, 而立端利亦無向本公司收取總經理酬金 除上文所披露者外, 本公司 或其任何控股公司 附屬公司或關連公司概無於本年度終結時或年內任何時間訂立與本公司董事擁有重大權益之重要合約 23

25 Since its introduction, San Miguel Cerveza Negra has grown consistently by more than 50% every semester.

26 DIRECTORS REPORT 香港生力啤酒廠有限公司二零一五年年報 CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (1) TRADE-RELATED CONTINUING CONNECTED TRANSACTIONS MADE WITH THE SAN MIGUEL GROUP Purchases from/sales to the San Miguel Group In order to comply with the Listing Rules, the Company entered into an agreement with SMC on 7 March 2013 (the Agreement ) with a view to renewing the agreement to carry out the trade-related continuing connected transactions from 1 January 2014 to 31 December 2016 under the same terms and conditions as those under the agreements entered into by SMC and the Company dated 6 December 2007, 11 May 2009 and 15 October 2010 in respect of such trade-related continuing connected transactions. The Agreement, including the trade-related continuing connected transactions and the caps set for such transactions, was approved by independent shareholders at the Extraordinary General Meeting of the Company held on 19 April Pursuant to the Agreement, the Group entered into the following trade-related continuing connected transactions during the year. (1) 與生力集團貿易有關的持續關連交易 採購自 銷售予生力集團 為符合上市規則, 本公司與生力總公司於二零一三年三月七日訂立一份協議書 ( 協議書 ) 從而更新協議於二零一四年一月一日至二零一六年十二月三十一日進行與貿易有關的持續關連交易, 該協議之條款及條件與於二零零七年十二月六日 二零零九年五月十一日及二零一零年十月十五日由本公司與生力總公司訂立之與貿易有關的持續關連交易的協議相同 協議書 ( 包括與貿易有關的持續關連交易及此等交易上限 ) 已於二零一三年四月十九日於本公司的股東特別大會內經獨立股東批准 於本年度內, 本集團根據協議書進行以下與貿易有關的持續關連交易 二零一五年 二零一五年 Actual Cap 實額 上限 Continuing connected transactions 持續關連交易 HK$ 000 HK$ 000 港幣 港幣 Purchase of packaging materials by 本集團向生力集團 the Group from the San Miguel Group 購買包裝材料 4,635 89,000 Purchase of packaged beer by the Group 本集團向生力集團購買 from the San Miguel Group 已包裝啤酒 2,941 6,800 Sales of packaged beer and non-alcoholic 本集團向生力集團銷售 beverage products by the Group 已包裝啤酒及非酒精類飲品 to the San Miguel Group, provided 產品, 該產品不能於菲律賓銷售 that such sales or distribution of ( 經生力啤酒廠公司銷售除外 ) packaged beer shall not be carried out in the Philippines, unless through SMB 180, ,000 25

27 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued) (1) TRADE-RELATED CONTINUING CONNECTED TRANSACTIONS MADE WITH THE SAN MIGUEL GROUP (Continued) Purchases from/sales to the San Miguel Group (Continued) The independent non-executive directors of the Company have reviewed these continuing connected transactions and confirmed that such transactions were: ( 續 ) (1) 與生力集團貿易有關的持續關連交易 ( 續 ) 採購自 銷售予生力集團 ( 續 ) 本公司獨立非執行董事審閱並確認該等持續關連交易乃 : entered into in the ordinary and usual course of business of the Group; 於一般日常業務過程中進行 ; conducted either on normal commercial terms or, if there are not sufficient comparable transactions to judge whether they are on normal commercial terms, on terms no less favourable to the Group than terms available to or from independent third parties; and 按正常商業條款或, 如果沒有足夠的交易比較判斷他們是否按正常商業條款, 按不遜於本集團給予獨立第三方或從獨立第三方接受的條款訂立 ; 及 in accordance with the relevant agreements governing them on terms that are fair and reasonable and in the interests of the Company and its shareholders as a whole. 按照有關協議的條款規管該等交易是公平和合理, 並符合本公司及其股東之整體利益 The auditors of the Company, KPMG, have confirmed in a letter to the Board that nothing has come to their attention that caused them to believe that the foregoing trade-related continuing connected transactions as set out in the Agreement during the 2015 financial year (i) had not been approved by the Board of the Company, (ii) were not entered into in all material respects in accordance with the relevant agreements governing such transactions, (iii) had exceeded the caps disclosed in the announcement of the Company dated 8 March 2013 and in the circular to shareholders dated 28 March 2013, and (iv) were not, in all material respects, in accordance with the pricing policies of the Group. 本公司之核數師畢馬威會計師事務所已致函董事會確認, 彼等並無發現任何事項致使彼等認為二零一五年財政年度之該等如協議所載與貿易有關的持續關連交易 (i) 尚未經本公司董事會批准 (ii) 在所有重大方面並未有根據規管該等交易之有關協議進行 (iii) 已超逾本公司日期為二零一三年三月八日之公告及日期為二零一三年三月二十八日之致股東通函所披露之上限 以及 (iv) 在所有重大方面未有根據本集團之定價政策進行 26

28 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS REPORT CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued) (2) CONTINUING CONNECTED TRANSACTIONS MADE WITH GUANGZHOU BREWERY AND THE SAN MIGUEL GROUP RELATING TO LICENSING AGREEMENTS Guangzhou San Miguel Brewery Company Limited ( GSMB ) is an equity joint venture formed between San Miguel (Guangdong) Limited ( SMG ) and Guangzhou Brewery ( GB ) and is held as to 70% by SMG and as to 30% by GB. SMG is a %-owned subsidiary of the Company and GB is a connected person of the Company by virtue of its substantial shareholding in GSMB. To facilitate the business operations of GSMB, San Miguel International Limited ( SMIL ) (a member of the San Miguel Group) and GB have each granted GSMB a licence to use their respective trademarks upon establishment of GSMB (the SMIL Trademark Licensing Agreement and the GB Trademark Licensing Agreement, respectively). ( 續 ) (2) 與廣州啤酒廠及生力集團有關特許協議之持續關連交易 廣州生力啤酒有限公司 ( 廣州生力 ) 為生力啤 ( 廣東 ) 有限公司 ( 生力啤廣東 ) 與廣州啤酒廠 ( 廣州啤酒廠 ) 成立之合資合營公司, 並由生力啤廣東及廣州啤酒廠分別持有 70% 及 30% 生力啤廣東為本公司擁有 % 權益之附屬公司, 而廣州啤酒廠則由於其於廣州生力之重大股權而為本公司之關連人士 為方便進行廣州生力之業務, 生力國際有限公司 ( 生力國際 )( 生力集團之成員公司 ) 與廣州啤酒廠分別授予廣州生力一項特許權, 於廣州生力成立後讓廣州生力使用其各自之商標 ( 分別為生力國際商標特許協議及廣州啤酒廠商標特許協議 ) Apart from the SMIL Trademark Licensing Agreement, the Group has also entered into other licence agreements with certain other members of the San Miguel Group: (i) the Neptunia Sub-licence Agreement entered into between the Company and Neptunia (an indirect subsidiary of SMC) and (ii) the SMBIL Sub-licence Agreement entered into between SMGB and SMBIL (an indirect subsidiary of SMC). 除生力國際商標特許協議外, 本集團亦與生力集團之若干其他成員公司訂立其他特許協議 :(i) 本公司與立端利 ( 生力總公司之間接全資附屬公司 ) 訂立之立端利再特許協議及 (ii) 生力廣東與生力啤酒國際 ( 生力總公司之間接全資附屬公司 ) 訂立之生力啤酒國際再特許協議 The directors (including the non-executive directors) consider that the terms of the SMIL Trademark Licensing Agreement, the Neptunia Sublicense Agreement, the SMBIL Sub-license Agreement (collectively, the San Miguel Group Licensing Agreements ) and the GB Trademark Licensing Agreement, including their respective tenures which are for more than three years, are on normal commercial terms, fair and reasonable, and that the transactions contemplated under such agreements are in the interests of the Company and the shareholders as a whole. 董事 ( 包括非執行董事 ) 認為生力國際商標特許協議 立端利再特許協議 生力啤酒國際再特許協議 ( 統稱 生力集團特許協議 ) 及廣州啤酒廠商標特許協議 ( 包括個別多於三年之保用權 ) 之條款屬一般商業條款, 屬公平合理, 而據此進行之特許交易符合本公司及股東整體利益 27

29 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued) (2) CONTINUING CONNECTED TRANSACTIONS MADE WITH GUANGZHOU BREWERY AND THE SAN MIGUEL GROUP RELATING TO LICENSING AGREEMENTS (Continued) The transactions under the San Miguel Group Licensing Agreements (which have been aggregated as a single transaction for purposes of the Listing Rules) and the GB Trademark Licensing Agreement constituted continuing connected transactions under Rule 14A.34(1) of the Listing Rules. The annual royalties payable by the Group under each of (i) the San Miguel Group Licensing Agreements and (ii) the GB Trademark Licensing Agreement shall be less than HK$10 million for the year ended 31 December 2007 and each of the financial years during the remaining term of the relevant licence/sub-licence agreements. Based on this proposed cap, the transactions under each of the (i) San Miguel Group Licensing Agreements and (ii) the GB Trademark Licensing Agreement are only subject to the reporting and announcement requirements and are exempt from the independent shareholders approval requirement. ( 續 ) (2) 與廣州啤酒廠及生力集團有關特許協議之持續關連交易 ( 續 ) 就上市規則第 14A.34(1) 條而言, 生力集團特許協議 ( 累計為一項單一交易 ) 及廣州啤酒廠商標特許協議項下之交易構成本公司之持續關連交易 本集團根據各 (i) 生力集團特許協議及 (ii) 廣州啤酒廠商標特許協議, 於截至二零零七年十二月三十一日止年度及相關特許 再特許協議餘下年期各財政年度各自應付之全年專利權費將少於 10,000,000 港元 根據建議上限, 各 (i) 生力集團特許協議以及 (ii) 廣州啤酒廠商標特許協議與生力集團進行之交易將僅須申報及公佈規定, 並獲豁免有關獨立股東批准之規定 An announcement was made by the Company on 19 September 2007 in this respect. 於二零零七年九月十九日, 本公司已就此作出披露 In relation to the SMIL Trademark Licensing Agreement and the Neptunia Sub-licence Agreement, as per the payment instructions of SMC dated 18 December 2000, all royalties receivable from GSMB and the Company have been assigned and transferred to SMBIL effective 1 January 2000 until further notice. 根據於二零零零年十二月十八日生力總公司之付款指示, 就有關生力國際商標特許協議及立端利再特許協議, 由二零零零年一月一日起, 所有由廣州生力及本公司之專利權費將授予及轉予生力啤酒國際, 直至另行通告為止 On 1 April 2010, a Deed of Assignment was entered into between SMIL, SMBIL and GSMB pursuant to which SMIL agreed to assign, transfer and convey in favour of SMBIL all of SMIL s rights, title and interest over the SMIL Trademark Licensing Agreement. Both SMBIL and GSMB consented to such assignment pursuant to the Deed of Assignment. 於二零一零年四月一日, 生力國際 生力啤酒國際及廣州生力訂立轉讓契據, 據此, 生力國際同意將生力國際擁有之商標特許協議之所有權利 所有權及權益轉讓 轉移及轉易予生力啤酒國際 生力啤酒國際及廣州生力同意根據轉讓契據進行該項轉讓 After the assignment, SMBIL became the licensor of the trademarks licensed to GSMB under the SMIL Trademark Licensing Agreement. All other terms of the SMIL Trademark Licensing Agreement as assigned to SMBIL remain unchanged. The transaction contemplated under the SMIL Trademark Licensing Agreement as assigned to SMBIL continues to constitute a continuing connected transaction for the Company under the Listing Rules. 於轉讓後, 根據商標特許協議, 生力啤酒國際成為授予廣州生力商標特許權之特許持有人 商標特許協議之所有其他條款均維持不變 按照上市規則, 根據商標特許協議擬進行之交易繼續構成本公司之持續關連交易 An announcement was made by the Company on 1 April 2010 in this respect. 於二零一零年四月一日, 本公司已就此作出披露 28

30 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS REPORT CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued) (2) CONTINUING CONNECTED TRANSACTIONS MADE WITH GUANGZHOU BREWERY AND THE SAN MIGUEL GROUP RELATING TO LICENSING AGREEMENTS (Continued) The amount of royalties paid to GB and the San Miguel Group for the year ended 31 December 2015 were HK$2,116,000 and HK$151,000 respectively (2014: HK$2,146,000 and HK$151,000). ( 續 ) (2) 與廣州啤酒廠及生力集團有關特許協議之持續關連交易 ( 續 ) 於截至二零一五年十二月三十一日止年度, 支付予廣州啤酒廠及生力集團之專利權費分別為 2,116,000 港元及 151,000 港元 ( 二零一四年 :2,146,000 港元及 151,000 港元 ) The independent non-executive directors of the Company have reviewed these continuing connected transactions and confirmed that such transactions were: 本公司獨立非執行董事審閱並確認該等持續關連交易乃 : entered into in the ordinary and usual course of business of the Group; 於一般日常業務過程中進行 ; conducted either on normal commercial terms or, if there are not sufficient comparable transactions to judge whether they are on normal commercial terms, on terms no less favourable to the Group than terms available to or from independent third parties; and 按正常商業條款或, 如果沒有足夠的交易比較判斷他們是否按正常商業條款, 按不遜於本集團給予獨立第三方或從獨立第三方接受的條款訂立 ; 及 in accordance with the relevant agreement governing them on terms that are fair and reasonable and in the interests of the Company and its shareholders and as a whole. 按照有關協議的條款規管該等交易是公平和合理, 並符合本公司及其股東之整體利益 The auditors of the Company, KPMG, have confirmed in a letter to the Board that nothing has come to their attention that caused them to believe that the continuing connected transactions in respect of the San Miguel Group Licensing Agreements and the GB Trademark Licensing Agreement during the 2015 financial year (i) had not been approved by the Board of the Company, (ii) were not entered into in all material respects in accordance with the relevant agreement governing such transactions, (iii) had exceeded the cap disclosed in the announcement of the Company dated 19 September 2007, and (iv) were not, in all material respects, in accordance with the pricing policies of the Group. 本公司之核數師畢馬威會計師事務所已致函董事會確認, 彼等並無發現任何事項致使彼等認為二零一五年財政年度之生力集團特許協議及廣州啤酒廠商標特許協議之持續關連交易 (i) 尚未經本公司董事會批准 (ii) 在所有重大方面並未有根據規管該等交易之有關協議進行 (iii) 已超逾本公司日期為二零零七年九月十九日之公告所披露之上限 以及 (iv) 在所有重大方面未有根據本集團之定價政策進行 In anticipation of the expiration of the Neptunia Sub-licence Agreement on 1 January 2016, an Extension Letter was signed by Neptunia and by the Company on 30 October 2015 to extend the term of the Neptunia Sub-licence Agreement for one year from 1 January 2016 to 31 December 2016 at nil consideration. Save for such extension, all other terms of the Neptunia Sub-license Agreement remain unchanged. An announcement was made by the Company on 30 October 2015 in this respect. 鑒於立端利再特許協議將於二零一六年一月一日失效, 立端利與本公司於二零一五年十月三十日簽署延長函件, 以將立端利再特許協議之年期無償進一步延長一年, 由二零一六年一月一日起至二零一六年十二月三十一日止 除該延長外, 立端利再特許協議之所有其他條款均維持不變 於二零一五年十月三十日本公司已就此作出披露 29

31 Our flagship San Miguel Pale Pilsen celebrated its 125th anniversary in 2015.

32 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS REPORT CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued) (3) OTHER CONNECTED TRANSACTIONS MADE WITH THE SAN MIGUEL GROUP The Group purchased brewing materials from the San Miguel Group during the year, which amounted to HK$79,000 (2014: HK$241,000). The Group also sold raw materials and packaging materials to subsidiaries of SMC during the year, which amounted to HK$380,000 (2014: HK$Nil). These transactions are exempt from all the reporting, announcement and independent shareholders approval requirements according to Chapter 14A.76(1) of the Listing Rules (De minimis transactions). Also, as set out in note 25(a) to the financial statements, interest expense of HK$4,373,000 (2014: HK$4,253,000) was paid for the loan from an intermediate holding company and advertising and promotion subsidy of HK$24,895,000 (2014: HK$26,564,000) was received from an intermediate holding company for promotion of certain brands in the People s Republic of China ( PRC ). These transactions are also exempt from the reporting, announcement and independent shareholders approval requirement according to the Chapter 14A.90 of the Listing Rules. ( 續 ) (3) 與生力集團之其他關連交易 於本年度內, 本集團向生力集團採購釀製材料 79,000 港元 ( 二零一四年 :241,000 港元 ) 於本年度內, 本集團亦向生力總公司之附屬公司出售原料及包裝材料 380,000 港元 ( 二零一四年 : 零港元 ) 根據上市規則第 14A.76(1) 章 最低豁免水平交易, 該等交易獲豁免遵守有關申報 公告及獨立股東批准的規定 並如財務報表附註 25(a) 中披露, 利息支出 4,373,000 港元 ( 二零一四年 :4,253,000 港元 ) 乃自中介控股公司的貸款及從中介控股公司收取的廣告及市場推廣補貼 24,895,000 港元 ( 二零一四年 :26,564,000 港元 ) 乃補貼若干品牌在中國的推廣 彼等交易根據上市規則第 14A.90 章獲豁免遵守有關申報 公告及獨立股東批准的規定 The Group has complied with the requirements set out in Chapter 14A of the Listing Rules in respect of the continuing connected transactions and connected transactions stated above. 就有關上述的持續關連交易及關連交易, 本集團已遵守上市規則第 14A 章的規定 31

33 We continue to support the Hong Kong Dragon Boat Carnival organized by the Hong Kong Tourism Board through exclusive sponsorship for six consecutive years.

34 DIRECTORS REPORT 香港生力啤酒廠有限公司二零一五年年報 EMPLOYEE RETIREMENT PLANS The Company and its subsidiaries in Hong Kong have sponsored a noncontributory defined benefit scheme, The San Miguel Brewery Hong Kong Limited Retirement Fund (the Fund ), which covers local permanent employees, and was registered in September 1995 under the Occupational Retirement Schemes Ordinance. The Fund s assets are held in trust and administered by a trustee. The members benefits are determined based on the employees final remuneration and length of service. Contributions to the Fund are made in accordance with the recommendations of independent actuaries who value the retirement scheme at regular intervals, usually triennially. The Fund was granted exemption from the Mandatory Provident Fund ( MPF ) regulations by the MPF Scheme Authority on 24 July 2000, following modifications to the Fund benefits which comply with MPF regulations. The latest actuarial assessment of the Fund was carried out as at 1 January 2014 and the results were as follows: (1) the actuary of the Fund is Mr. J. Yip, Fellow of the Society of Actuaries. In the actuarial valuation, the attained age method was used. Other major assumptions used in the valuation were: investment return of 4% per annum; long-term salary escalation of 5% per annum; mortality rates under the 2011 Hong Kong Life Tables; normal retirement age of 60 years; and early retirement rates allowed between the ages 55 to 60 years. (2) the unaudited market value of the Fund assets was HK$71,953,000 as at 1 January (3) the minimum level of funding as recommended by the actuary of the Fund was 17.8% of salaries for 2014, 2015 and (4) the solvency surplus was HK$552,000, i.e. the obligation under the Fund was 101% covered by the Fund s assets, as at 1 January Particulars of the employee retirement plans of the Company and the Group are set out in note 20 to the financial statements. 本公司及其香港附屬公司均為僱員提供非供款的界定福利退休金計劃, 名為香港生力啤酒廠有限公司退休基金 ( 基金 ) 本基金包含本地全職僱員, 並於一九九五年九月根據職業退休計劃條例註冊 基金資產被託管及由信託人管理 基金的福利乃根據僱員之最後薪金及其服務年期計算 基金之供款乃根據獨立精算師之建議而釐定 精算師定期為此計劃作出評估, 一般為每三年評估一次 基金福利經修訂後已符合強積金條例, 並已於二零零零年七月二十四日獲得強制公積金計劃管理局的豁免 最近一次基金精算評估於二零一四年一月一日進行, 結果如下 : (1) 基金之精算師為葉廣霖先生, 他是美國精算師學會會員 精算評估採用到達年齡正常成本法 估值時所採用之其他主要假設為 : 投資回報每年 4%; 長期薪金每年增長 5%; 二零一一年香港人之死亡率 ; 正常退休年齡為 60 歲 ; 以及由 55 至 60 歲的提前退休比率 (2) 基金之資產於二零一四年一月一日之未審核市值為 71,953,000 港元 (3) 基金的精算師建議在二零一四年 二零一五年和二零一六年之最低供款比率為薪金之 17.8% (4) 基金的償債結餘為 552,000 港元 即此基金於二零一四年一月一日之償債責任的 101% 獲其資產保障 本公司及本集團之僱員退休金計劃詳情載於財務報表附註 20 33

35 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS REPORT LIQUIDITY AND FINANCIAL RESOURCES The Group s working capital at 31 December 2015 was net current assets of HK$162,371,000 compared with HK$108,049,000 as at 31 December 於二零一五年十二月三十一日本集團之營運資金為流動資產淨值 162,371,000 港元, 而於二零一四年十二月三十一日則為流動資產淨值 108,049,000 港元 The Group s cash and bank deposits (excluding pledged deposits) as at 31 December 2015 were HK$148,600,000 (2014: HK$135,628,000) and are sufficient to fund working capital requirements and capital expenditure in 於二零一五年十二月三十一日本集團之現金及銀行存款 ( 不包括抵押存款 ) 為 148,600,000 港元 ( 二零一四年 :135,628,000 港元 ), 足以為二零一六年提供營運資金及資本開支 LOANS The Group has a loan from an intermediate holding company. Total borrowings at 31 December 2015 for the Group were HK$190,747,000 (2014: HK$190,889,000). 本集團與一間中介控股公司有貸款 於二零一五年十二月三十一日本集團之借款總額分別為 190,747,000 港元 ( 二零一四年 :190,889,000 港元 ) Particulars of the loan from an intermediate holding company of the Company and the Group as at 31 December 2015 are set out in note 19 to the financial statements. 有關本公司及本集團於二零一五年十二月三十一日之中介控股公司之貸款詳情載於財務報表附註 19 FIVE YEAR SUMMARY A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 131 of the Annual Report. 本集團過去五年之業績 資產及負債摘要, 載於本年報第 131 頁 PURCHASE, SALE OR REDEMPTION OF THE COMPANY S LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company s listed securities during the year. 年內本公司或其任何附屬公司概無購回 出售或贖回任何上市證券 CODE OF BEST PRACTICE Principal corporate governance practices adopted by the Company are set out in the Corporate Governance section on pages 37 to 50 of the Annual Report. 有關本公司遵守公司管治常規的重點載於本年報第 37 至 50 頁中之企業管治部分 34

36 DIRECTORS REPORT 香港生力啤酒廠有限公司二零一五年年報 CONFIRMATION OF INDEPENDENCE The Company has received from each of the independent non-executive directors an annual confirmation of independence pursuant to Rule 3.13 of the Listing Rules and considers all the independent non-executive directors to be independent. AUDITORS KPMG retire and, being eligible, offer themselves for re-appointment. A resolution for the re-appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual General Meeting. By order of the board 根據上市規則第 3.13 條所載的指引, 每名獨立非執行董事已向本公司確認於本年度之獨立性, 本公司認為所有獨立非執行董事確屬獨立人士 畢馬威會計師事務所任滿告退並願受聘連任 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周年大會上提呈 承董事會命 Ramon S. Ang Chairman Hong Kong, 4 February 2016 主席蔡啓文 香港, 二零一六年二月四日 **** Mr. Teruyuki Daino has tendered his resignation as director of the Company effective on 30 March Mr. Katsuhiko Matsumoto was nominated to fill in the vacated office of Mr. Teruyuki Daino at the forthcoming Annual General Meeting. **** 代野照幸先生已就辭去本公司董事一職提交辭呈並於二零一六年三月三十日生效 松本克彥先生被提名以填補代野照幸先生空缺, 並在即將舉行之股東周年大會中提出 35

37 San Mig Light has gained significant presence in the market with a consistent double-digit growth since its launch in 2010.

38 CORPORATE GOVERNANCE REPORT 香港生力啤酒廠有限公司二零一五年年報 COMMITMENT TO CORPORATE GOVERNANCE The Company is committed to maintaining compliance with statutory and regulatory standards and adherence to the principles of corporate governance emphasizing transparency, independence, accountability, responsibility and fairness. The board and the senior management of the Company ensure that effective self-regulatory practices exist to protect the interests of the shareholders of the Company. These include a board comprised of high calibre members, board committees and effective internal systems and controls. The Company has applied the principles set out in the CG Code throughout year under review as contained in Appendix 14 of the Listing Rules, save for the deviation discussed below: All of the non-executive directors are not appointed for a specific term (Code Provision A.4.1 of the CG Code) but are subject to retirement by rotation once every three years and re-election at the annual general meeting under the Company s Articles of Association. The following sections set out the principles in the CG Code as they have been applied by the Company, including any deviation therefrom, for the year under review. 本公司致力維持有關法定及監管標準, 並緊守企業管治之原則, 強調透明度 獨立 問責 責任及公平 本公司的董事會及高級管理人員確保訂有有效的自我監管常規, 以保障本公司股東的利益, 當中包括由極出色之成員組成的董事會 董事委員會及有效的內部制度及監控 於回顧年度, 本公司一直採用載於上市規則附錄十四的企業管治守則所載的原則, 惟下文所述的偏離行為除外 : 根據本公司章程, 所有非執行董事每三年須在股東周年大會輪值退任及接受重新選舉, 故並無特定任期 ( 企業管治守則條文 A.4.1 項 ) 以下各節載述本公司於回顧年度內應用該企業管治守則的標準, 包括任何偏離行為 THE BOARD As at 31 December 2015, the board comprised twelve Directors (one executive director, who is the managing director, seven non-executive directors and four independent non-executive directors) who possess the skills, experience and expertise either in the same industry or relevant to the management of the business of the Group. The biographies of the directors are set out from pages 52 to 57 of this report under the Directors and Management Executives section. There is no financial, business, family or other material or relevant relationship among the members of the board. The management and control of the business of the Company is vested in its board. It is the duty of the board to create value for the shareholders of the Company, establish the Company s strategic direction, set the Company s objectives and plan in accordance therewith, and provide leadership and ensure availability of resources in the attainment of such objectives. The board is bound to manage the Company in a responsible and effective manner, and therefore every director ensures that he carries out his duty in good faith and in compliance with the standards of applicable laws and regulations, and acts in the best interests of the Company and its shareholders at all times. 於二零一五年十二月三十一日, 董事會包括十二位董事 ( 一位執行董事兼董事總經理, 七位非執行董事及四位獨立非執行董事 ), 彼等具有在相同行業或與本集團之業務管理有關之技能 經驗及專長 董事之履歷載於本報告第 52 頁至第 57 頁之 董事及行政管理人員 一節內 董事與董事會成員概無任何財務 業務 親屬或其他重大或相關之關係 本公司業務的管理及監控歸屬於董事會 董事會的職責在於為本公司股東創造價值, 訂下本公司的策略方向, 以此設定本公司的目標及計劃, 領導員工並確保本公司具備所需資源以達成該等目標 董事會須盡責兼有效地管理本公司, 因此, 每位董事均須確保其本著真誠履行職責, 符合適用法律及規例的標準, 並時刻為本公司及其股東的最佳利益行事 37

39 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT THE BOARD (Continued) The board and the executive management have clearly defined responsibilities under various internal control and checks-and-balance mechanisms. The board has delegated a schedule of responsibilities to the executive management of the Company. These responsibilities include: implementation of the decisions of the board and organisation and direction of the day-to-day operation and management of the Company in accordance with the management strategies and plans approved by the board; preparation and monitoring of annual production plans and operating budget; and control, supervision and monitoring of capital, technical and human resources. The board held four meetings during the year under review. The chief finance officer and company secretary attended all the scheduled board meetings to report matters arising from corporate governance, risk management, statutory compliance, accounting and finance, and kept detailed minutes of each meeting, which are available for all directors. At the meetings, the directors discussed and formulated overall strategies for the Company, monitored financial performance and discussed the annual and interim results, as well as other significant matters. Daily operational matters are delegated to management. ( 續 ) 在各項內部監控及權力制衡機制下, 董事會與執行管理層的職責均有清晰的界定 董事會已將一部分責任轉授予本公司執行管理層 該等責任包括 : 執行董事會的決定, 根據董事會所批准的管理策略及計劃, 組織及指示本公司的日常運作和管理 ; 編撰及監察每年生產計劃及營運預算 ; 以及控制 督導及監察資本 技術及人力資源 於回顧年度內, 董事會曾舉行四次會議 財務總裁兼公司秘書出席了所有預定董事會會議, 以報告有關企業管治 風險管理 法例遵守 會計及財務方面的事宜, 並保存每個會議的詳細記錄以供所有董事參閱 會議中, 董事為本公司研究及制定一切策略, 監督財政表現, 討論中期及年度業績, 以至其他重要事項 日常營運業務則委託管理層 At least 14 days of notice of all board meetings was given to all directors, and all directors were given the opportunity to include matters for discussion in the agenda. An agenda and accompanying board papers are sent in full to all directors at least three days before every board meeting. The number of board meetings and committee meetings attended by each director during the year under review is set out in the following table. Figure in brackets indicates the maximum number of meetings in the period in which the individual was a board member or board committee member (as the case may be). 所有董事會會議通告皆不少於 14 天前送達全體董事, 而董事們均可提出商討事項並列入會議議程 每個董事會會議前, 全部議程及相關文件不少於三天前送交全體董事 於回顧年度內, 各董事出席董事會會議及委員會會議的次數載於下表 括號內的數字指有關人士為董事會成員或董事委員會成員 ( 視屬何情況而定 ) 期間內的最多會議次數 38

40 CORPORATE GOVERNANCE REPORT 香港生力啤酒廠有限公司二零一五年年報 Independent non-executive directors 獨立非執行董事 Scheduled Audit Remuneration Nomination Annual board committee committee committee General Note meetings meetings meetings meetings Meeting 預定董事會 審核委員會 薪酬委員會 提名委員會 股東 附註 會議 會議 會議 會議 周年大會 David K.P. Li 李國寶 2/(4) 3/(3) 2/(2) 0/(1) 0/(1) Ng Wai Sun 吳維新 2/(4) 2/(3) 1/(2) 1/(1) 1/(1) Carmelo L. Santiago 施雅高 3/(4) 3/(3) 2/(2) 0/(1) 0/(1) Reynato S. Puno Reynato S. Puno 3/(4) N/A N/A 1/(1) 1/(1) William C.M. Cheng 鄭則民 (Alternate to David K.P. Li) ( 李國寶之替任董事 ) (1) 0/(2) 0/(2) 0/(2) N/A N/A Adrian M.K. Li 李民橋 (Alternate to David K.P. Li) ( 李國寶之替任董事 ) (2) 0/(2) 0/(1) N/A 0/(1) 0/(1) Executive director 執行董事 Ramon G. Torralba 杜華博 (Managing Director) ( 執行董事 ) 4/(4) N/A N/A N/A 1/(1) Non-executive directors 非執行董事 Ramon S. Ang (Chairman) 蔡啓文 ( 主席 ) 2/(4) N/A N/A N/A 1/(1) Carlos Antonio M. Berba 凱顧思 (Deputy Chairman) ( 副主席 ) 4/(4) N/A 2/(2) N/A 1/(1) Chan Wen Mee, May (Michelle) 陳雲美 2/(4) N/A N/A N/A 1/(1) Teruyuki Daino 代野照幸 4/(4) N/A N/A 1/(1) 1/(1) Takashi Hayashi 林隆史 4/(4) N/A N/A N/A 1/(1) Roberto N. Huang 黃思民 4/(4) N/A 2/(2) N/A 1/(1) Takeshi Wada 和田猛 4/(4) N/A N/A N/A 1/(1) Notes: (1) Appointed as alternate director to Sir David on 18 April (2) Resigned as alternate director to Sir David on 17 April 附註 : (1) 於二零一五年四月十八日獲委任為李爵士之替任董事 (2) 於二零一五年四月十七日辭去李爵士之替任董事職務 39

41 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER The chairman of the board is Mr. Ramon S. Ang. The chief executive officer (or managing director, in the case of the Company) is Mr. Ramon G. Torralba. The chairman s and the managing director s roles are clearly defined to ensure their independence, accountability and responsibility. The chairman takes the lead in formulating overall strategies and policies of the Company; ensures the effective performance by the board of its functions, including compliance with good corporate governance practices; and encourages and facilitates active contribution of directors in board activities and constructive relations between executive and non-executive directors. The chairman also ensures effective communication with shareholders of the Company and receipt by the directors of adequate and complete information. The role of deputy chairman is carried out by Mr. Carlos Antonio M. Berba. 董事會主席為蔡啓文先生, 而行政總裁 ( 在本公司為執行董事 ) 為杜華博先生 主席與執行董事的角色均有清晰界定, 以確保其獨立 問責及責任性 主席帶領制訂本公司的整體策略及政策 ; 確保董事會有效發揮其功能, 包括遵守良好企業管治常規 ; 以及鼓勵董事積極參與董事會活動及建立執行董事與非執行董事之間的良好關係 主席亦確保與本公司股東有效溝通, 而董事亦收到足夠及齊備的資料 副主席的角色由凱顧思先生擔任 The managing director, supported by other board members and the senior management, is responsible for managing the day-to-day business of the Company. He is also accountable to the board for the implementation of the Company s overall strategies, and coordination of overall business operations. DIRECTORS AND DIRECTORS INDEPENDENCE As at the date of this report, the board consists of eleven non-executive directors and one executive director. Four of the non-executive directors are independent. Further details of the composition of the board can be found in the section entitled The Board of this report. All of the non-executive directors are not appointed for a specific term, but are subject to retirement by rotation and re-election at the annual general meetings. Under the Company s Articles of Association, one-third of the directors, including the non-executive directors, are subject to retirement, rotation and re-election at each annual general meeting. NON-EXECUTIVE DIRECTORS Non-executive directors are expected to participate in the activities of the board, particularly in the establishment of a selection process to ensure a mix of competent directors and officers; adoption of a system of internal checks and balances; scrutiny of the Company s performance in achieving agreed corporate goals and objectives; and ensuring that the exercise of board authority is within the powers conferred to the board under its Articles of Association, by-laws and applicable laws, rules and regulations. 執行董事在其他董事會成員及高級管理人員的支持下負責管理本公司的日常業務 彼亦須向董事會承擔本公司的整體策略的實行以及在整體業務運作上的協調工作 截至此報告日期, 董事會包括十一位非執行董事及一位執行董事 其中四位非執行董事為獨立非執行董事 詳細的董事會組織可以參閱上文 董事會 部份 所有非執行董事的委任並無指定任期, 但須在股東周年大會上輪值退任及接受重新選舉 根據本公司的組織章程細則, 在每年的股東周年大會上, 董事中的三分之一 ( 包括非執行董事 ) 須卸任 輪換及接受重新選舉 非執行董事 非執行董事須參與董事會活動, 尤其是在設立遴選程序以確保董事及高級人員由能幹的人士組成 ; 採納內部權力制衡制度 ; 檢查本公司在達到協定的企業指標及目標方面的表現 ; 以及確保董事會在根據其組織章程細則 附例及適用法律 規則及規例賦予董事會的權力範圍內行使其權力 40

42 香港生力啤酒廠有限公司二零一五年年報 CORPORATE GOVERNANCE REPORT DIRECTORS AND DIRECTORS INDEPENDENCE (Continued) INDEPENDENT NON-EXECUTIVE DIRECTORS The independent non-executive directors of the Company are highly skilled professionals with a broad range of expertise and experience in the fields of accounting, finance and business. Their skills, expertise and number in the board ensure that strong independent views and judgment are brought in the board s deliberations and that such views and judgment carry weight in the board s decision-making process. Their presence and participation also enable the board to maintain high standards of compliance in financial and other mandatory reporting requirements, and provide adequate checks and balances to safeguard the interests of shareholders of the Company and the Company. ( 續 ) 獨立非執行董事 本公司獨立非執行董事均為在會計 財務及商界等廣具專業知識及經驗的高技巧專業人員 彼等的技能 專業知識及在董事會的數目, 確保具高獨立性的意見及判斷以供董事會商討, 而有關意見及判斷在董事會的決策過程中亦具有影響力 彼等的出席及參與亦使董事會能嚴格遵守財務及其他強制報告規定, 並提供足夠權力制衡, 保障本公司股東及本公司的利益 Each independent non-executive director gives the Company an annual confirmation of his independence. The Company considers such directors to be independent under the guidelines set out in Rule 3.13 of the Listing Rules. 每名獨立非執行董事, 每年均向本公司確認其獨立性 根據上市規則第 3.13 條所載的指引, 本公司認為有關董事確屬獨立人士 Each director, upon reasonable request, is given access to independent professional advice in circumstances he may deem appropriate and necessary for the discharge of his duties to the Company, at the expense of the Company. 每位董事按合理要求, 可在其可能認為適當或有需要的情況下尋求獨立專業意見, 以履行其對本公司的責任, 費用由本公司支付 DIRECTORS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The directors acknowledge their responsibility for preparing all information and representations contained in the financial statements of the Company for the year under review. The directors consider that the financial statements have been prepared in conformity with the generally accepted accounting standards in Hong Kong, and reflect amounts that are based on the best estimates and reasonable, informed and prudent judgment of the board and management with an appropriate consideration to materiality. As at 31 December 2015, the directors, having made appropriate enquiries, are not aware of any material uncertainties relating to events or conditions which may cast significant doubt upon the Company s ability to continue as a going concern. Accordingly, the directors have prepared the financial statements of the Company on a going concern basis. 董事承認彼等有編製本公司回顧年度內的財務報表所載的一切資料及陳述的責任 董事認為, 財務報表已遵照香港公認會計守則編製, 並反映根據董事會及管理層的最佳估計, 合理 知情及審慎地判斷, 已適當考慮到重要事項後所得的數額 於二零一五年十二月三十一日, 據董事經適當查詢後所知, 並無任何重要事件或情況可能質疑本公司持續經營的能力 因此, 董事已按持續經營基準編製本公司的財務報表 The responsibilities of the external auditors with respect to financial reporting are set out in the section of Independent Auditor s Report on pages 126 to 127. 外聘核數師就有關財務報告的責任載於第 126 頁至第 127 頁的 獨立核數師報告 部份 INTERNAL CONTROL The board has overall responsibility for maintaining sound and effective internal control systems to safeguard the Company s assets and shareholders interests, as well as for reviewing the effectiveness of these systems. 董事會有責任維持穩健而有效的內部監控制度以保障本公司的資產及股東的權益, 並定期檢討有關制度是否有效 41

43 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT INTERNAL CONTROL (Continued) The board has conducted a review of the Company s internal control systems for the year ended 31 December 2015, including financial, operational and compliance control and risk management functions and assessed the effectiveness of internal control by considering reviews performed by the audit committee, executive management, external advisor and internal auditors. Following the upgrading of the recommendation for issuers to have an internal audit function to a code provision under the CG Code, the board approved the adoption by the Company of an internal audit function in October Pursuant to this, the three year internal audit plan was approved by the audit committee and adopted by the board. As a member of a group with multiple listed issuers, the Company will share in the San Miguel group s resources in carrying out its internal audit function. Accordingly, its internal audit will be performed by the internal audit function of its parent company, San Miguel Brewery Inc. The internal audit function will report to the audit committee. ( 續 ) 董事會已經執行對本公司截至二零一五年十二月三十一日年度內有關財務 營運 合規及風險管理的內部監控制度評審 亦已檢討了由審核委員會 管理層和內部及外聘核數師執行有關內部監控效能的評審 隨着發行人應有內部審核功能的建議已升級為企業管治守則下之守則條文, 董事會已於二零一五年十月批准本公司採用內部審核功能 據此, 審核委員會已批准及董事會已通過三年的內部審核計劃 作為多間上市發行人的集團之其中一員, 本公司將分享生力集團的資源以進行其內部審核功能 內部審核將由母公司生力啤酒廠公司的內部審核功能進行 內部審核功能將向審核委員會報告 CORPORATE GOVERNANCE POLICY AND DUTIES The board is responsible for performing the duties on corporate governance functions set out below: (1) developing and reviewing the Company s policies and practices on corporate governance and making recommendations to the board; (2) reviewing and monitoring the training and continuous professional development of directors and senior management; (3) reviewing and monitoring the Company s policies and practices on compliance with legal and regulatory requirements; (4) developing, reviewing and monitoring the code of conduct and compliance manual (if any) applicable to employees and directors; and 董事會負責履行下列企業管治職能責任 : (1) 制定及檢討本公司的企業管治政策及常規, 並向董事會提出建議 ; (2) 檢討及監察董事及高級管理人員的培訓及持續專業發展 ; (3) 檢討及監察本公司在遵守法律及監管規定方面的政策及常規 ; (4) 制定 檢討及監察僱員及董事的操守準則及合規手冊 ( 如有 ); 及 (5) reviewing the Company s compliance with the CG Code and disclosure in the Corporate Governance Report. SUPPORT FOR DIRECTORS To assist the directors in the discharge of their duties, the Company provides every newly appointed director with a comprehensive induction program on the first occasion of his appointment, where such directors are provided with information on the Company s organization and business; the membership, duties and responsibilities of the board, board committees and senior management; corporate governance practices and procedures; and latest financial information on the operations of the Company. Such information shall be supplemented with visits to the Company s key plant sites and meetings with key senior executives. (5) 檢討本公司遵守企業管治守則的情況及在 企業管治報告 內的披露 為協助董事履行其職責, 本公司為每位新委任的董事在其首次獲委任時提供全面的公司介紹計劃, 有關董事在計劃內獲提供有關本公司組織及業務的資料 ; 董事會 董事委員會及高級管理層的成員 職責及責任 ; 企業管治守則及程序 ; 以及本公司業務的最新財務資料 除有關資料外, 彼等亦會參觀本公司的主要廠房, 並與主要高級行政人員會面 42

44 CORPORATE GOVERNANCE REPORT 香港生力啤酒廠有限公司二零一五年年報 SUPPORT FOR DIRECTORS (Continued) Throughout their tenure, the directors shall be provided with updates on the business of the Company, latest developments of the Listing Rules and other applicable legal and regulatory requirements, corporate social responsibility matters and other changes affecting the Company. DIRECTORS TRAINING According to the CG Code A.6.5, all directors should participate in continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the board remains informed and relevant. The Company should be responsible for arranging and funding suitable training, placing an appropriate emphasis on the roles, functions and duties of the directors. The directors confirm that they have complied with the CG Code on directors training. The Company had received from each of the directors their confirmations on taking continuous professional training. THE BOARD COMMITTEES AUDIT COMMITTEE For the year under review, the audit committee comprised three independent non-executive directors: Mr. Ng Wai Sun, Mr. Carmelo L. Santiago and Dr. the Hon. Sir David K. P. Li, who acts as chairman of the committee. The audit committee met three times in 2015 with full minutes kept by the company secretary. Individual attendance of each committee member at these meetings is shown in the table presented above. Under its terms of reference, the audit committee shall assist the board in fulfilling its corporate governance and oversight responsibilities in relation to financial reporting, internal control structure, risk management systems and internal and external audit functions. The audit committee is further authorised by the board to investigate any activity within its terms of reference, and is tasked with recommending to the board appropriate actions emanating from such investigations. The audit committee has unrestricted access to personnel, records, internal and external auditors, risk assessment and assurance and senior management, as may be appropriate in the discharge of its functions. ( 續 ) 在彼等的任期內, 董事將獲提供本公司業務資料的更新 上市規則及其他適用法律及監管規定的最新發展 企業社會責任事宜, 以及影響本公司的其他變動 根據企業管治守則條文 A.6.5 項, 所有董事應參與持續專業發展, 發展並更新其知識及技能, 以確保其繼續在具備全面資訊及切合所需的情況下對董事會作出貢獻 本公司應負責安排合適的培訓並提供有關經費, 以及適切着重上市公司董事的角色 職能及責任 董事確認, 彼等已遵守有關董事培訓之企業管治守則條文 本公司已接獲各董事有關參加持續專業培訓之確認書 審核委員會於回顧年度內, 審核委員會由三位獨立非執行董事組成 ; 吳維新先生 施雅高先生及審核委員會主席李國寶爵士 於二零一五年, 審核委員會曾開會三次, 整套會議紀錄由公司秘書保存 個別委員會成員出席該等會議的情況載於上文的列表 根據其職權範圍, 審核委員會協助董事會履行其有關財務匯報 內部監控架構 風險管理制度, 以及內部及外聘審核功能的企業管治及監察責任 審核委員會亦獲董事會授權調查其職權範圍內的任何活動, 並須根據有關調查向董事會建議合適的行動 審核委員會在履行其職能時可無限制地接觸合適人士 紀錄 內部及外聘核數師 風險評估和承諾及高級管理人員 In October 2015, the board approved the enhancement of the audit committee s oversight function with respect to risk management systems by including, as part of the specific responsibilities of the audit committee in its terms of reference, the responsibility to discuss risk management systems with management to ensure effectiveness of the system and to consider major investigation findings on risk management and management s response to such findings. The amendment in the audit committee s terms of reference shall be effective beginning 於二零一五年十月, 為加強審核委員會有關風險管理系統的監管功能, 董事會已批准於審核委員會的職權範圍加入與管理層討論風險管理系統以確保已建立有效的系統 並就有關風險管理事宜的重要調查結果及管理層對調查結果的回應進行研究的特定責任 審核委員會職權範圍之變更由二零一六年生效 43

45 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT THE BOARD COMMITTEES (Continued) AUDIT COMMITTEE (Continued) In 2015, the audit committee discharged its responsibilities by: (1) making recommendations to the board on the reappointment of the external auditor and approval of the remuneration and terms of engagement of the external auditor; (2) monitoring the external auditor s independence and objectivity and the effectiveness of the audit process in accordance with applicable standards, and discussing with the external auditor the nature and scope of the audit and reporting obligations; ( 續 ) 審核委員會 ( 續 ) 於二零一五年, 審核委員會履行其責任如下 : (1) 就外聘核數師的重新委任向董事會提供建議, 以及批准外聘核數師的薪酬及聘用條款 ; (2) 按適用的標準監察外聘核數師是否獨立客觀及核數程序是否有效 ; 與外聘核數師討論核數性質 範疇及有關申報責任 ; (3) implementing the Company s policy on the engagement of an external auditor to supply non-audit services; (4) reviewing, and monitoring the integrity of the financial statements of the Company and the Company s annual and interim reports and the auditors report to ensure that the information presents a true and balanced assessment of the Company s financial position; (5) reviewing the Company s financial controls, internal control and risk management systems to ensure that management has discharged its duty to have an effective internal control system; (6) ensuring the coordination between the internal and external auditors and that the internal audit function is adequately resourced and has appropriate standing within the Company, and reviewing and monitoring the effectiveness of the audit function; (7) reviewing the Company s financial and accounting policies and practices; (3) 執行本公司有關外聘核數師提供非核數服務的政策 ; (4) 審閱本公司的財務報表 年度及中期報告及獨立核數師報告, 並監察其完整性, 以確保有關資料真實而平衡地評估本公司的財務狀況 ; (5) 檢討本公司的財務監控 內部監控及風險管理制度, 以確保管理層已履行職責建立有效的內部監控系統 ; (6) 確保內部核數師與外聘核數師的協調而讓內部核數功能在本公司內部有足夠資源運作及有適當的地位, 並且檢討及監察審核功能的有效性 ; (7) 檢討本公司的財務 會計政策及實務 ; (8) reviewing the external auditor s management letter, material queries raised by the external auditor to the management in respect of the accounting records, financial accounts or systems of control and the management s response to such queries; and (9) reporting to the board on the matters set out in the CG Code on the audit committee. The audit committee is authorised by the board to obtain external legal or other independent professional advice and to secure the attendance of outsiders with relevant experience and expertise if it considers necessary in the performance of its functions. The audit committee is provided with sufficient resources by the Company to discharge its duties. The audit committee s specific terms of reference are available on request to any shareholders of the Company and are posted on the Company s website, info.sanmiguel.com.hk. (8) 檢查外聘核數師給予管理層的函件 外聘核數師就會計紀錄 財務賬目或監控系統向管理層提出的任何重大疑問及管理層作出的回應 ; 及 (9) 就企業管治守則所載有關審核委員會的事宜向董事會滙報 審核委員會獲董事會授權, 若其認為在履行其職能時有需要, 可徵詢外部法律或其他獨立專業意見, 及邀請具有相關經驗及專業知識的外部人士出席 審核委員會獲本公司供給充足資源以履行其職責 本公司任何股東均可要求查閱審核委員會的職權範圍, 而職權範圍亦登載於本公司的網站上, 網址為 info.sanmiguel.com.hk 44

46 CORPORATE GOVERNANCE REPORT 香港生力啤酒廠有限公司二零一五年年報 THE BOARD COMMITTEES (Continued) AUDIT COMMITTEE (Continued) During the year under review, the total fees in respect of audit and non-audit services (mainly tax review and corporate governance review) provided to the Company and its subsidiaries by external auditors amounted to HK$3,744,000 (2014: HK$3,299,000) and HK$Nil (2014: HK$Nil), respectively. REMUNERATION COMMITTEE The remuneration committee comprises three independent non-executive directors, namely, Dr. the Hon. Sir David K.P. Li, Mr. Ng Wai Sun and Mr. Carmelo L. Santiago, and two non-executive directors, namely, Mr. Carlos Antonio M. Berba and Mr. Roberto N. Huang. The remuneration committee is chaired by an independent non-executive director, Mr. Ng Wai Sun. The remuneration committee met twice in 2015 with full minutes kept by the company secretary. Individual attendance of each committee member at these meetings is shown in the table presented above. The primary role of the remuneration committee under its terms of reference is to support and advise the board in fulfilling the board s responsibility to the shareholders of the Company to: ( 續 ) 審核委員會 ( 續 ) 於回顧年度內, 由外聘核數師對本公司和附屬公司所提供有關核數或非核數 ( 主要稅務複查和企業管治檢討 ) 的服務費用總計, 分別為 3,744,000 港元 ( 二零一四年 :3,299,000 港元 ) 及零港元 ( 二零一四年 : 零港元 ) 薪酬委員會 薪酬委員會成員包括三位獨立非執行董事,( 即 : 李國寶爵士 吳維新先生及施雅高先生 ), 及兩位非執行董事,( 即 : 凱顧思先生及黃思民先生 ) 薪酬委員會由一位獨立非執行董事吳維新先生擔任主席 於二零一五年, 薪酬委員會曾開會兩次, 整套會議紀錄由公司秘書保存 個別委員會成員出席該等會議的情況載於上文的列表 薪酬委員會根據其職權範圍主要為支援及建議董事會履行對本公司股東有關如下責任 : (1) establish coherent remuneration policies and practices that will be observed and enable the Company to attract and retain top caliber executives and directors; (1) 制定使本公司能吸引及挽留優秀行政人員及董事一致的薪酬政策及常規 ; (2) fairly and responsibly reward executives based on their performance and the performance of the Company, and the general pay environment; and (3) comply with the CG Code Provisions on remuneration of directors, mainly by: determining executive and director remuneration policy; determining the remuneration of executive directors upon consultation with the chairman or managing director regarding their proposals for such remuneration; reviewing and approving the remuneration of the executives who directly report to the managing director, and as appropriate, other senior management; and reviewing and approving all equity based plans. (2) 根據行政人員的表現及本公司的業績, 以及宏觀支薪環境, 公平及盡責地酬賞行政人員 ; 及 (3) 符合有關董事酬金企業管治守則條文的責任, 方式如下 : 釐定行政人員及董事的薪酬政策 ; 在與主席或執行董事就彼等有關酬金的建議進行諮詢後, 釐定執行董事的酬金 ; 檢討及批准直接向執行董事匯報的行政人員及 ( 倘適用 ) 其他高級管理人員的酬金 ; 及 檢討及批准所有權益為本的計劃 45

47 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT THE BOARD COMMITTEES (Continued) ReMuNeRAtION COMMIttee (Continued) The remuneration committee has the right to seek any information it considers necessary to fulfil its duties, which includes the right to obtain appropriate external advice at the Company s expense, and is provided with sufficient resources by the Company to discharge its duties. The remuneration committee s specific terms of reference are available on request to any shareholders of the Company and are posted on the Company s website, info.sanmiguel.com.hk. During the year under review, the committee reviewed the remuneration package of managing director and key senior executives. As recommended, no directors fees will be paid for the year Details of the remuneration of directors for the year ended 31 December 2015 are set out in note 7 to the financial statements. NOMINATION COMMITTEE The nomination committee comprises one non-executive director, namely Mr. Teruyuki Daino and four independent non-executive directors: Dr. the Hon. Sir David K. P. Li, Mr. Ng Wai Sun, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago. The nomination committee is chaired by an independent nonexecutive director, Mr. Carmelo L. Santiago. The nomination committee met once in 2015 with full minutes kept by the company secretary. Individual attendance of each committee member at the meeting is shown in the table presented above. Under its terms of reference, proceedings and meetings of the committee will be governed by the provisions of the Company s Articles of Association for regulating the proceedings and meetings of the board of the Company in so far as they are applicable and not inconsistent with the nomination committee s terms of reference. The primary purpose of the committee is to support and advise the board in fulfilling their responsibilities to shareholders in ensuring that the board comprises individuals who are best able to discharge the responsibilities of directors having regard to the law and the highest standards of governance by: (1) assessing the skills required on the board; (2) from time to time assessing the extent to which the required skills are represented on the board; (3) establishing the process for the review of the performance of individual directors and the board as a whole; (4) establishing the process for the identification of suitable candidates for appointment to the board; and (5) having oversight of matters relating to corporate governance by bringing any issues to the attention of the board. ( 續 ) 薪酬委員會 ( 續 ) 薪酬委員會有權索取認為在履行其職責時有需要的任何資料, 包括取得合適的外部意見而費用由本公司支付的權利 薪酬委員會獲本公司供給充足資源以履行其職責 本公司任何股東均可要求查閱薪酬委員會的職權範圍, 而職權範圍亦登載於本公司網站上, 網址為 info.sanmiguel.com.hk 於回顧年度內, 委員會於預定會議內檢討執行董事及主要高級行政人員之薪酬 建議不支付二零一五年各董事袍金 董事截至二零一五年十二月三十一日止年度的酬金詳情載於財務報表附註 7 提名委員會提名委員會包括一位非執行董事,( 即 : 代野照幸先生 ) 及四位獨立非執行董事,( 即 : 李國寶爵士 吳維新先生 Reynato S. Puno 先生及施雅高先生 ) 提名委員會由一名獨立非執行董事施雅高先生擔任主席 於二零一五年, 提名委員會曾開會一次, 整套會議紀錄由公司秘書保存 個別委員會成員出席該等會議的情況載於上文的列表 根據其職權範圍, 委員會之議事程序及會議須由截至目前規管本公司董事會議事程序及會議的本公司章程所規管, 只要彼等適用且不違背提名委員會之職權範圍 委員會之主要目的乃支持董事會履行彼等對股東之責任並就此向董事會提供意見, 通過下列方式確保組成董事會之人士在法例及管治之最高標準之規限下最能夠履行董事之責任 : (1) 評估董事會要求之技能 ; (2) 不時評估董事會所需技能所代表之程度 ; (3) 就檢討個別董事及董事會整體表現制定程序 ; (4) 就物色適合候選人以委任為董事會成員而制定程序 ; 及 (5) 監督有關企業管治之任何事宜產生任何問題引起董事會注意 46

48 香港生力啤酒廠有限公司二零一五年年報 CORPORATE GOVERNANCE REPORT THE BOARD COMMITTEES (Continued) NOMINATION COMMITTEE (Continued) The nomination committee has the following responsibilities: ( 續 ) 提名委員會 ( 續 ) 提名委員會之責任如下 : (1) review the structure, size and composition (including the skills, knowledge and experience) of the board on a regular basis and make recommendations to the board regarding any proposed changes; (1) 定期檢討董事會之架構 人數及組成 ( 包括技能 知識及經驗方面 ), 並就任何建議變動向董事會提供推薦建議 ; (2) identify individuals suitably qualified to become board members and select or make recommendations to the board on the selection of individuals nominated for directorships; (2) 物色具備合適資格可成為董事會成員之人士, 並挑選提名有關人士出任董事或就此向董事會提供意見 ; (3) assess the independence of independent non-executive directors; (3) 評估獨立非執行董事之獨立性 ; (4) make recommendations to the board on relevant matters relating to the appointment or re-appointment of directors and succession planning for directors, in particular the chairman and the chief executive officer; (4) 就董事委任或重新委任董事以及董事 ( 尤其是主席及行政總裁 ) 之繼任計劃向董事會提供推薦建議 ; (5) have oversight of all matters relating to corporate governance; and (5) 監督有關企業管治之所有事宜 ; 及 (6) being entitled to employ, at the Company s expense, the services of such advisers as it deems necessary to fulfil its responsibilities. (6) 有權在其認為就履行責任屬必要時聘請有關顧問之服務, 費用由本公司承擔 The nomination committee has the right to seek any information it considers necessary to fulfil its duties, which includes the right to obtain appropriate external advice at the Company s expense, and is provided with sufficient resources by the Company to discharge its duties. The nomination committee s specific terms of reference are available on request to any shareholders of the Company and are posted on the Company s website, info.sanmiguel.com.hk. 提名委員會有權索取認為在履行其職責時有需要的任何資料, 包括取得合適的外部意見而費用由本公司支付的權利 提名委員會獲本公司供給充足資源以履行其職責 本公司任何股東均可要求查閱提名委員會的職權範圍, 而職權範圍亦登載於本公司網站上, 網址為 info.sanmiguel.com.hk CODE OF CONDUCT ON DIRECTORS SECURITIES TRANSACTIONS The Company has adopted a code of conduct for securities transactions and dealings (the Code of Conduct ) based on the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the Listing Rules (the Model Code ). The terms of the Code of Conduct are no less exacting than the standards in the Model Code, and the Code of Conduct applies to all the relevant persons as defined in the Code, including the directors of the Company, any employee of the Company, or a director or employee of a subsidiary or holding company of the Company who, because of such office or employment, are likely to be in possession of unpublished price sensitive information in relation to the Company or its securities. 本公司已根據上市規則附錄 10 所載的 上市公司董事進行證券交易的標準守則 ( 標準守則 ) 採納有關證券交易及買賣的守則 ( 操守守則 ) 操守守則條款比標準守則所訂標準更高, 而操守守則亦適用於該守則所界定的所有有關人士, 包括本公司董事 本公司任何僱員 或本公司的附屬公司或控股公司的董事或僱員, 而彼等因有關職位或受僱工作而可能擁有關於本公司或其證券的未公佈股價敏感資料 Specific enquiry has been made of all the directors of the Company who have confirmed in writing their compliance with the required standards set out in the Code of Conduct during the year under review. 在向本公司所有董事作出特定查詢後, 彼等已書面確認於回顧年度內有遵守操守守則所訂的標準 47

49 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT COMMUNICATION WITH SHAREHOLDERS The Company attaches great priority to establishing effective communications with its shareholders and investors. In an effort to enhance such communications, the Company provides information relating to the Company and its business in its annual report and also disseminates such information electronically through its website, info.sanmiguel.com.hk. The Company also published its ESG Report on its website, info.sanmiguel. com.hk. It is the initial effort of the Company to communicate to our stakeholders in a broad manner the relevant environmental, social and governance initiatives that the Company has made in reference to Appendix 27 of the Listing Rules. The 2015 ESG report will be published in the Company s website no later than three months after the publication of the Company s annual report. 本公司相當重視與其股東及投資者建立有效溝通 為達到有效溝通, 本公司在其年報內提供有關本公司及其業務的資料, 亦以電子方式透過其網站 info.sanmiguel.com.hk 發佈有關資料 本公司亦於其網站 info.sanmiguel.com.hk 刊登其 環境 社會及管治報告 此為向本公司持份者廣泛傳達本公司根據上市規則附錄二十七提出有關環境 社會及管治倡議而做出的初步努力 二零一五年的 環境 社會及管治報告 將於本公司年報刊發後三個月內於本公司網站刊登 The Company regards the annual general meeting as an important event as it provides an opportunity for direct communications between the board and its shareholders. All directors and senior management make an effort to attend the annual general meeting of the Company to address shareholders queries. All the shareholders of the Company are given a minimum of twenty business days notice of the date and venue of the annual general meeting of the Company. The Company supports the CG Code s principle to encourage shareholders participation. 本公司視股東周年大會為重要事項, 因其提供董事會與股東直接溝通的機會 全體董事及高級管理人員務必出席本公司股東周年大會, 以回應股東提問 本公司各股東均獲有關本公司股東周年大會舉行時間及地點最少二十個工作天的通知 本公司支持該企業管治守則以鼓勵股東參與 WHISTLEBLOWING POLICY To ensure that the business of the Group is conducted in the highest standards of fairness, transparency and accountability, the board has approved the Whistleblowing Policy of the Company, effective from 1 November The Whistleblowing Policy establishes procedures and channels through which the Company s directors, employees and other interested parties may communicate concerns, in confidence, about any misconduct or improprieties affecting the Group. The complete text of the Whistleblowing Policy has been posted on the Company website, info.sanmiguel.com.hk. 為確保業務運作上保持最高標準的公正性 透明度和問責性, 董事會已批准本公司的舉報政策, 由二零一五年十一月一日起生效 舉報政策建立既定程序和渠道, 讓本公司董事 僱員及其他相關人士可以在完全放心的情況下傳達他們對本公司內的任何懷疑不當行為或不良行為的關注 舉報政策全部內容已於本公司網站 info.sanmiguel.com.hk 刊登 48

50 CORPORATE GOVERNANCE REPORT 香港生力啤酒廠有限公司二零一五年年報 SHAREHOLDERS RIGHTS CALLING AN EXTRAORDINARY GENERAL MEETING Pursuant to article 68 of the Articles of Association of the Company, extraordinary general meetings may also be convened on requisition as provided by Sections 566, 567 and 568 of the new Companies Ordinance. The directors are required to call a general meeting if the Company has received requests to do so from shareholders of the Company representing at least 5% of the total voting rights of all the shareholders having a right to vote at general meetings. The 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. Requests may consist of several documents in like form. The request may be sent to the Company in hard copy form or in electronic form; and must be authenticated by the person or persons making it. The directors must, within twenty-one days after the date on which they become subject to the requirement, call an extraordinary general meeting which must be held on a date not more than twenty-eight days after the date on which the notice convening the meeting is given. If the directors fail to convene the general meeting, the shareholders who requested the meeting, or any of them representing more than one half of the total voting rights of all of them, may themselves call an extraordinary general meeting. The meeting must be called for a date not more than three months after the date on which the directors become subject to the requirement to call a meeting. PROCEDURES FOR PUTTING FORWARD PROPOSALS AT SHAREHOLDERS MEETING Shareholders holding not less than 2.5% of the total voting rights of all the members who have a relevant right to vote; or not less than fifty shareholders who have a relevant right to vote may: circulate to shareholders of the Company entitled to receive notice of a general meeting, a statement of not more than 1000 words with respect to (a) a matter mentioned in a proposed resolution to be dealt with at that meeting; or (b) other business to be dealt with at that meeting; or request the Company to give, to members of the Company entitled to receive notice of the annual general meeting, notice of a resolution that may properly be moved and is intended to be moved at that meeting. For further details on the shareholder qualifications, and the procedures and timeline, in connection with the above, shareholders are kindly requested to refer to Sections 580 and 615 of the new Companies Ordinance (Chapter 622 of the Laws of Hong Kong). 召開股東特別大會 根據本公司組織章程細則第 68 條, 本公司之股東特別大會亦會應遞呈要求下召開 根據新 公司條例 第 566 條 567 條及 568 條, 如公司收到佔全體有權在股東大會上表決的股東的總表決權最少 5% 的公司股東的要求, 要求召開股東大會, 則董事須召開股東大會 要求必須述明有待在有關股東大會上處理的事務的一般性質 ; 及可包含可在該股東大會上恰當地動議並擬在該股東大會上動議的決議的文本 要求可包含若干份格式相近的文件 要求可採用印本形式或電子形式送交本公司 ; 及須經提出該要求的人認證 董事須於他們受到該規定所規限的日期後的二十一日內召開須在召開該股東大會的通知的發出日期後的二十八日內舉行的股東大會 如董事未能召開股東大會, 則要求召開該股東大會的股東, 或佔全體該等股東的總表決權過半數的股東, 可自行召開股東大會 在有關董事受到召開股東大會的規定所規限的日期後的三個月內, 有關股東大會須予召開 於股東大會提出建議之程序 佔全體有相關表決權利的股東的總表決權最少 2.5% 的股東 ; 或最少 50 名有相關表決權利的股東可 : 向有權收到股東大會的通告的本公司股東, 傳閱關於 (a) 有待在股東大會上處理的 某被提出的決議所述的事宜 ; 或 (b) 其他有待在股東大會上處理的事務, 而字數不多於 1000 字的陳述書 ; 或 要求本公司向有權收到股東周年大會的通告的本公司股東, 發出關於可在股東大會上恰當地動議並擬在該大會上動議的決議的通知 有關上述事項的股東資格 程序及時序的進一步詳情, 務請股東參考新 公司條例 第 580 條及 615 條 ( 香港法例第 622 章 ) 49

51 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CORPORATE GOVERNANCE REPORT SHAREHOLDERS RIGHTS (Continued) PROCEDURES FOR PUTTING FORWARD PROPOSALS AT SHAREHOLDERS MEETING (Continued) Further, a shareholder may propose a person other than a retiring director of the Company for election as a director at a general meeting at which elections to the office of directors are to be considered. The following documents must be submitted, no later than seven days before the date of the general meeting, to the Company at its principal office at 9/F, Citimark Building, 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin, New Territories, Hong Kong, for the attention of the Company Secretary: (a) the Director Nomination Form with the required supporting documents; (b) the candidate s resume; and (c) a written statement signed by the candidate of his/her willingness to be elected together with (i) that candidate s information as required to be disclosed under Rule 13.51(2) of the Listing Rules; (ii) the candidate s written consent to the publication of his/her personal data; and (iii) confirmation that there are no grounds for his/her ineligibility and incompatibility to act as a director and that he/she satisfies the integrity and, if applicable, independence requirements under the applicable Listing Rules. ( 續 ) 於股東大會提出建議之程序 ( 續 ) 此外, 股東可推舉一名本公司退任董事以外之董事於審議選舉董事之股東大會上參選董事 下列文件須不遲於股東大會日期前七天送交本公司之主要辦事處予公司秘書, 地址為香港新界沙田小瀝源源順圍二十八號都會廣場九樓 :(a) 董事提名表格及所需證明文件 ;(b) 候選人之個人履歷 (c) 候選人已簽署表明彼願意參選之書面聲明, 以及 (i) 根據上市規則第 13.51(2) 條該候選人須予披露之資料 ; 及 (ii) 候選人就刊登其個人資料之同意書 ; 及 (iii) 確認概無不符合資格及無法履行董事職責之理由且彼有誠信及, 倘適用, 符合適用上市規則規定之獨立要求 SENDING ENQUIRES TO THE BOARD Shareholders should direct their questions about their shareholdings to the Company s Registrar. Shareholders and the investment community may at any time make a request for the Company s information to the extent that such information is publicly available. Shareholders may also make enquiries to the board by writing to the Company Secretary at the Company s office in Hong Kong at 9/F, Citimark Building, 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin, New Territories, Hong Kong. 股東應就其股權直接向本公司之股份過戶登記處查詢 股東及投資界可隨時要求本公司提供可公開索閱之資料 股東亦可郵寄予本公司位於香港辦事處之公司秘書向董事會作書面查詢, 地址為香港新界沙田小瀝源源順圍二十八號都會廣場九樓 50

52 為維持廣泛及多元化品牌組合, 我們著手開發全新的高檔 特色和手工啤酒品牌組合

53 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS AND MANAGEMENT EXECUTIVES DIRECTORS Ramon S. ANG Carlos Antonio M. BERBA Ramon G. TORRALBA Chairman Deputy Chairman Managing Director 蔡啓文凱顧思杜華博 主席副主席執行董事 NON-EXECUTIVE DIRECTORS May (Michelle) CHAN Wen Mee Teruyuki DAINO Takashi HAYASHI Roberto N. HUANG Takeshi WADA 陳雲美代野照幸林隆史黃思民和田猛 INDEPENDENT NON-EXECUTIVE DIRECTORS Dr. the Hon. Sir David LI Kwok-po NG Wai Sun Reynato S. PUNO Carmelo L. SANTIAGO William CHENG Chuk Man, Alternate to Dr. the Hon. Sir David LI Kwok-po 李國寶爵士吳維新 Reynato S. PUNO 施雅高鄭則民, 李國寶爵士之替任董事 Mr. Ramon S. ANG, BSME, aged 62, is the Chairman and a non-executive Director of the Company. He has been appointed as the Chairman since 10 June 2005 and a non-executive Director of the Company since 27 November He is the Director, President and Chief Executive Officer of Top Frontier Investment Holdings, Inc., the ultimate parent company of the Company (the shares of which are listed on the Philippine Stock Exchange) and Petron Corporation (the shares of which are listed on the Philippine Stock Exchange), Vice Chairman, President and Chief Operating Officer of San Miguel Corporation ( SMC ) (the shares of which are listed on the Philippine Stock Exchange) and the Chairman of San Miguel Brewery Inc. Mr. Ang also holds the following positions: the Vice Chairman of Ginebra San Miguel, Inc. (the shares of which are listed on the Philippine Stock Exchange) and San Miguel Pure Foods Company Inc. (the shares of which are listed on the Philippine Stock Exchange), and the Chairman of Liberty Telecoms Holdings, Inc. (the shares of which are listed on the Philippine Stock Exchange) and Petron Malaysia Refining & Marketing Berhad (the shares of which are listed on the Kuala Lumpur Stock Exchange). Mr. Ang is also the Chairman, President and/ or Director of various subsidiaries of SMC. He holds a Bachelor of Science degree in Mechanical Engineering from Far Eastern University. 蔡啓文先生,BSME, 六十二歲, 為本公司主席及非執行董事 蔡先生自二零零五年六月十日起獲委任為本公司主席及自一九九八年十一月二十七日起獲委任為非執行董事 蔡先生為 Top Frontier Investment Holdings, Inc., 本公司之最終母公司 ( 其股份於菲律賓證券交易所上市 ) 及 Petron Corporation ( 其股份於菲律賓證券交易所上市 ) 之董事 總裁及行政總裁 生力總公司 ( 生力總公司 )( 其股份於菲律賓證券交易所上市 ) 之副主席 總裁及營運總裁和生力啤酒廠公司之主席 蔡先生亦出任以下職位 :Ginebra San Miguel, Inc. ( 其股份於菲律賓證券交易所上市 ) 及 San Miguel Pure Foods Company Inc.( 其股份於菲律賓證券交易所上市 ) 之副主席, 以及 Liberty Telecoms Holdings, Inc.( 其股份於菲律賓證券交易所上市 ) 及 Petron Malaysia Refining & Marketing Berhad ( 其股份於吉隆坡證券交易所上市 ) 之主席 蔡先生亦為生力總公司多間附屬公司之主席 總裁及 或董事 蔡先生於 Far Eastern University 取得機械工程學士學位 52

54 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS AND MANAGEMENT EXECUTIVES Mr. Carlos Antonio M. BERBA, MBA, MSc, BSc, aged 51, was appointed as Deputy Chairman and Remuneration Committee member of the Company on 27 August Mr. Berba has been a Director of the Company since 16 April He is the Managing Director of San Miguel Brewing International Limited, a Director of Neptunia Corporation Limited (a controlling shareholder of the Company), and a Director of San Miguel Brewery Inc. He is also a Commissioner of PT Delta Djakarta Tbk (the shares of which are listed on the Jakarta and Surabaya Stock Exchanges), a Director of San Miguel Beer (Thailand) Limited, San Miguel Holdings (Thailand) Ltd., San Miguel Marketing (Thailand) Limited, and various other subsidiaries of the Company. Mr. Berba has 30 years of experience in general management, finance, strategic planning, and corporate structuring initiatives. Mr. Berba graduated from the University of the Philippines with a Bachelor of Science degree in Electrical Engineering. He later obtained a Master s degree in Business Administration (with distinction) from the Wharton School of Business, University of Pennsylvania and a Master s degree in Japanese Business Studies from Japan America Institute of Management Science & Chaminade University of Honolulu. 凱顧思先生,MBA, MSc, BSc, 五十一歲, 於二零一零年八月二十七日獲委任為本公司副主席及薪酬委員會成員 凱先生自二零零七年四月十六日起獲委任為本公司之董事 凱先生為生力啤酒國際有限公司之董事總經理 立端利有限公司 ( 本公司之控股股東 ) 之董事及生力啤酒廠公司之董事 凱先生亦是 PT Delta Djakarta Tbk( 其股份於印尼證券交易所上市 ) 之專員 生力啤酒 ( 泰國 ) 有限公司 生力控股 ( 泰國 ) 有限公司 生力市務 ( 泰國 ) 有限公司及本公司多間其他附屬公司之董事 凱先生擁有三十年綜合管理 財務 策略規劃及企業架構組建之經驗 凱先生畢業於菲律賓大學, 取得電機工程學士學位 他其後取得美國賓夕法尼亞州大學 Wharton School 工商管理學碩士 ( 榮譽 ) 學位及 Japan America Institute of Management Science & Chaminade University of Honolulu 日本商業研究碩士學位 Mr. Ramon G. TORRALBA, CPA, BSc, aged 59, was appointed as an executive Director and Managing Director of the Company with effect from 15 January Mr. Torralba was the Vice President and Manager for Export Development of San Miguel Brewing International Limited (a subsidiary of San Miguel Brewery Inc.) since He was also a Director of San Miguel (Thailand) Company, Ltd. from 2006 to 2007 and Vice President and Commercial Director of San Miguel Marketing (Thailand) Ltd. from 2004 to He was also Assistant Vice President-Consultant for Guangzhou San Miguel Brewery Co. Ltd., San Miguel (Guangdong) Brewery Co. Ltd. and San Miguel (Baoding) Brewery Co. Ltd. of the Beer Division of San Miguel Corporation from Mr. Torralba graduated from Zamboanga A.E. Colleges with a degree of Bachelor of Science in Commerce, major in Accounting. He also attended the Management Development Program at the Asian Institute of Management (International School of Business and Management) in the Philippines in Mr. Torralba is a Certified Public Accountant and a member of the Philippine Institute of Certified Public Accountants. 杜華博先生,CPA, BSc, 五十九歲, 於二零一三年一月十五日起獲委任為本公司之執行董事 杜先生自二零零七年出任生力啤酒國際有限公司 ( 生力啤酒廠公司之附屬公司 ) 之副總裁兼出口發展經理 他亦於二零零六年至二零零七年擔任 San Miguel (Thailand) Company, Ltd. 之董事並由二零零四年至二零零七年擔任生力市務 ( 泰國 ) 有限公司之副總裁兼商務總監 他於二零零二年至二零零四年曾任生力總公司啤酒業務部之廣州生力啤酒有限公司 生力 ( 廣東 ) 啤酒有限公司和生力 ( 保定 ) 啤酒有限公司之副總裁助理顧問 杜先生畢業於 Zamboanga A.E. Colleges, 取得商學會計理學士學位 他亦於一九九一年參加菲律賓亞洲管理學院國際工商管理系之管理發展課程 杜先生為認可會計師, 並為菲律賓會計師公會之會員 53

55 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS AND MANAGEMENT EXECUTIVES Ms. May (Michelle) CHAN Wen Mee, aged 51, was appointed as a nonexecutive Director on 11 March Ms. Chan serves as Managing Director of A.S. Watson Industries Limited. She served as Managing Director of Hutchison Harbour Ring Limited from 1 February 2006 to 31 October 2010 and served as Executive Deputy Managing Director of Hutchison Harbour Ring Limited from 18 May 2005 to 31 January Ms. Chan has extensive experience in managing property development and investment businesses in mainland China. She also holds directorships in certain companies controlled by Hutchison Whampoa Limited. Ms. Chan holds a Bachelor s degree in Business Administration. Mr. Teruyuki DAINO, MBA, BS, aged 55, was appointed as a non-executive Director of the Company on 20 May Mr. Daino is a member of the Nomination Committee of the Company. He is the Executive Vice President and a Director of San Miguel Brewery Inc. He is a Director of San Miguel Brewing International Limited, San Miguel Beer (Thailand) Limited and San Miguel Holdings (Thailand) Ltd. He was the Executive Financial Advisor of San Miguel Brewery Inc. (April-October 2011) and served in the Kirin group of companies in various capacities. Mr. Daino graduated from Hitotsubashi University in 1983 with a Bachelor s degree in Economics and later obtained a Master s degree in Business Administration from the Massachusetts Institute of Technology in Mr. Takashi HAYASHI, BEcon, aged 49, was appointed as a non-executive Director of the Company on 25 April Mr. Hayashi is the Executive Financial Advisor and a Director of San Miguel Brewery Inc. He is also a Director of San Miguel Brewing International Limited and San Miguel Beer (Thailand) Limited. Mr. Hayashi served in the Kirin group of companies in various capacities. Mr. Hayashi graduated from Keio University with a Bachelor s degree in Economics in He is a Chartered Member of the Securities Analysts Association of Japan. 陳雲美女士, 五十一歲, 於二零一一年三月十一日獲委任為非執行董事 陳女士現任 A.S. Watson Industries Limited 之董事總經理 她於二零零六年二月一日至二零一零年十月三十一日出任和記港陸有限公司董事總經理及於二零零五年五月十八日至二零零六年一月三十一日出任和記港陸有限公司常務副董事總經理 陳女士擁有管理中國內地地產發展及投資項目的豐富經驗 她亦為和記黃埔有限公司所控制之若干公司之董事 陳女士持有商業管理學士學位 代野照幸先生,MBA, BS, 五十五歲, 於二零一一年五月二十日獲委任為本公司非執行董事 代野先生為本公司提名委員會成員 他是生力啤酒廠公司之行政副總裁和董事 他亦是生力啤酒國際有限公司 生力啤酒 ( 泰國 ) 有限公司及生力控股 ( 泰國 ) 有限公司之董事 他曾出任生力啤酒廠公司之執行財務顧問 ( 二零一一年四至十月 ) 和麒麟公司集團之不同職位 代野先生於一九八三年畢業於一橋大學取得經濟學士學位, 其後於一九九八年在麻省理工學院取得工商管理碩士學位 林隆史先生,BEcon, 四十九歲, 於二零一四年四月二十五日獲委任為本公司非執行董事 林先生是生力啤酒廠公司之執行財務顧問及董事 他亦是生力啤酒國際有限公司和生力啤酒 ( 泰國 ) 有限公司之董事 林先生曾出任麒麟公司集團之不同職位 林先生於一九八九年畢業於慶應義塾大學並取得經濟學士學位 他是日本證券分析師協會之檢定會員 54

56 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS AND MANAGEMENT EXECUTIVES Mr. Roberto N. HUANG, MBA, BSME, aged 67, has been appointed as a non-executive Director and a member of Remuneration Committee of the Company with effect from 8 November Mr. Huang is a Director and President of San Miguel Brewery Inc. He is also a Director of San Miguel Brewing International Limited, and the Chairman and President of Iconic Beverages, Inc., Brewery Properties Inc., and Brewery Landholdings, Inc. He also served as the General Manager of San Miguel Brewery Inc. ( ). Mr. Huang graduated from Mapua Institute of Technology with a Bachelor of Science degree in Mechanical Engineering and completed academic requirements for a Master s degree in Business Administration from De La Salle University. He also attended the Nagoya International Training Center, Japan International Cooperation Agency Grant for Metal Works Engineering and Numerical Control Machines course. 黃思民先生,MBA, BSME, 六十七歲, 於二零一二年十一月八日起獲委任為本公司非執行董事及薪酬委員會成員 黃先生為生力啤酒廠公司之董事及總裁 他亦為生力啤酒國際有限公司之董事 Iconic Beverages, Inc. Brewery Properties Inc. 和 Brewery Landholdings, Inc. 之主席及總裁 他曾任生力啤酒廠公司之總經理 ( 二零零七年至二零零九年 ) 黃先生畢業於 Mapua Institute of Technology 取得機械工程理學士學位, 並於其後完成了 De La Salle University 工商管理碩士的學歷要求 他亦曾參與名古屋國際訓練中心日本國際協力機構資助的金屬結構工程和數控機床課程 Mr. Takeshi WADA, aged 55, has been appointed as a non-executive Director of the Company with effect from 19 April Mr. Wada is a Director and the Executive Vice President of San Miguel Brewing International Ltd. He is also a Director of San Miguel Beer (Thailand) Limited, San Miguel Holdings (Thailand) Ltd. and San Miguel Marketing (Thailand) Ltd. He also served in the Kirin group of companies in various capacities. Mr. Wada graduated from University of Tokyo (Faculty of Law) in 和田猛先生, 五十五歲, 於二零一三年四月十九日起獲委任為本公司非執行董事 和田先生為生力啤酒國際有限公司之董事及行政副總裁 他亦是生力啤酒 ( 泰國 ) 有限公司 生力控股 ( 泰國 ) 有限公司和生力市務 ( 泰國 ) 有限公司之董事 他亦曾出任麒麟公司集團之不同職位 和田先生於一九八四年畢業於東京大學法學院 Dr. the Hon. Sir David LI Kwok-po, GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de l Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l Ordre National de la Légion d Honneur, aged 76, was appointed on 22 March 1991, is an independent non-executive Director, Chairman of the Audit Committee and a member of the Nomination Committee and the Remuneration Committee of the Company. Sir David is the Chairman and Chief Executive of The Bank of East Asia, Limited (listed in Hong Kong). He is the Chairman of The Chinese Banks Association Limited and the Honorary Chairman of The Chamber of Hong Kong Listed Companies. He is also a member of the Council of the Treasury Markets Association. Sir David is an independent non-executive Director of Guangdong Investment Limited, The Hong Kong and China Gas Company Limited, The Hongkong and Shanghai Hotels, Limited, PCCW Limited, SCMP Group Limited and Vitasoy International Holdings Limited (all listed in Hong Kong). Sir David was a Director of CaixaBank, S.A. (listed in Spain), an independent non-executive Director of China Overseas Land & Investment Limited (listed in Hong Kong), a non-independent non-executive Director of AFFIN Holdings Berhad (listed in Malaysia) and a member of the Legislative Council of Hong Kong from 1985 to 李國寶爵士,GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de l Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l Ordre National de la Légion d Honneur, 七十六歲, 於一九九一年三月二十二日獲委任, 為本公司之獨立非執行董事 審核委員會主席 提名委員會及薪酬委員會成員 李爵士現為東亞銀行有限公司 ( 於香港上市 ) 之主席兼行政總裁 李爵士是香港華商銀行公會有限公司之主席及香港上市公司商會名譽會長 他亦是財資市場公會之議會成員 李爵士是粵海投資有限公司 香港中華煤氣有限公司 香港上海大酒店有限公司 電訊盈科有限公司 南華早報集團有限公司及維他奶國際集團有限公司 ( 所有上述公司均於香港上市 ) 之獨立非執行董事 李爵士曾擔任 CaixaBank, S.A.( 在西班牙上市 ) 之董事 中國海外發展有限公司 ( 於香港上市 ) 之獨立非執行董事 AFFIN Holdings Berhad( 於馬來西亞上市 ) 之非獨立非執行董事以及於一九八五年至二零一二年曾出任香港立法會議員 55

57 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS AND MANAGEMENT EXECUTIVES Mr. NG Wai Sun, aged 72, was appointed on 1 April 2001, is an independent non-executive Director, Chairman of the Remuneration Committee, a member of the Audit Committee and the Nomination Committee of the Company. Mr. Ng is Chairman of Jibsen Capital (Holdings) Limited, a Director of the Tung Wah Group of Hospitals ( and ), member of the Standing Committee of the Chinese People s Political Consultative Conference of Guangxi Zhuang Autonomous Region, Ambassador of Friendship of Shandong Province in China and an Executive Director of the Fujian Normal University. In 2013, Mr. Ng was awarded Bronze Bauhinia Star by the Government of the HKSAR and Honorary Citizen of Shandong Province by the Governor of Shandong Province, China respectively. 吳維新先生, 七十二歲, 二零零一年四月一日獲委任, 為本公司之獨立非執行董事 薪酬委員會主席 審核委員會以及提名委員會成員 吳先生為集成匯財 ( 集團 ) 有限公司主席, 亦為東華三院 ( 二零零四年至二零零六年及二零一一年至二零一三年 ) 總理 中國人民政治協商會議廣西藏族自治區委員會常務委員 山東省人民友好使者 及福建師範大學董事會常務董事 吳先生於二零一三年分別獲香港特區政府頒授 銅紫荊星章 及中國山東省政府授予 山東省榮譽公民 稱號 Mr. Reynato S. PUNO, MCL, LLM, LLB, aged 75, has been appointed as an independent non-executive Director and Nomination Committee member of the Company from 8 November Mr. Puno is an independent Director of San Miguel Corporation (the shares of which are listed on the Philippine Stock Exchange) since 2011 and an Independent Commissioner of PT Delta Djakarta Tbk (the shares of which are listed on the Jakarta and Surabaya Stock Exchanges). Mr. Puno served as the Chief Justice of the Philippine Supreme Court from 6 December 2006 until his retirement on 17 May He also served previously as an Associate Justice of the Supreme Court, Associate Justice of the Court of Appeals and Appellate Justice of the Intermediate Appellate Court. Mr. Puno completed his Bachelor of Laws from the University of the Philippines in 1962, and has a Master of Laws degree from the University of California in Berkeley (1968) and a Master in Comparative Law degree from the Southern Methodist University, Dallas, Texas (1967). Reynato S. puno 先生,MCL, LLM, LLB, 七十五歲, 於二零一二年十一月八日獲委任為本公司之獨立非執行董事及提名委員會成員 Puno 先生自二零一一年起為生力總公司 ( 其股份於菲律賓證券交易所上市 ) 之獨立董事及 PT Delta Djakarta Tbk ( 其股份於印尼證券交易所上市 ) 之獨立專員 Puno 先生自二零零六年十二月六日起至二零一零年五月十七日退休止為菲律賓最高法院之首席法官 他於之前曾出任最高法院之大法官 上訴法庭之法官以及中級上訴法院之上訴庭法官 Puno 先生於一九六二年在菲律賓大學完成法律學士學位, 並於加州柏克萊大學取得法律碩士學位 ( 一九六八年 ) 和於德克薩斯州達拉斯的南方衛理公會大學取得比較法律碩士學位 ( 一九六七年 ) 56

58 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS AND MANAGEMENT EXECUTIVES Mr. William CHENG Chuk Man, MBA, FCA, FCPA, aged 56, is Group Chief Financial Officer of The Bank of East Asia, Limited. He is currently a Director of The Hong Kong Settlers Housing Corporation Limited. He was previously a member of the Board of Review (Inland Revenue Ordinance) during the period from 1998 to Mr. Cheng holds a Master of Business Administration degree from the University of Sydney in Australia, and a Bachelor of Commerce (Accounting) degree from the University of Birmingham in Britain. He is a fellow member of The Institute of Chartered Accountants in England and Wales, Association of Chartered Certified Accountants and The Hong Kong Institute of Certified Public Accountants. 鄭則民先生,MBA, FCA, FCPA, 五十六歲, 現任東亞銀行有限公司集團財務總監 他現為香港平民屋宇有限公司董事 他在一九九八年至二零零七年期間曾出任香港稅務上訴委員會成員 鄭先生持有澳洲雪梨大學工商管理碩士學位及英國伯明翰大學商學士 ( 會計 ) 學位 他是英格蘭及威爾斯特許會計師公會 英國特許公認會計師公會及香港會計師公會資深會員 Mr. Carmelo L. SANTIAGO, BBA, aged 73, is an independent non-executive Director, Chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee of the Company. He is an independent Director of the following companies: San Miguel Brewery Inc., San Miguel Pure Foods Company, Inc. (the shares of which are listed on the Philippine Stock Exchange), and Liberty Telecoms Holdings Inc. (the shares of which are listed on the Philippine Stock Exchange). Mr. Santiago is the founder and owner of several branches of Melo s restaurant in the Philippines and a Director of Terbo Concept, Inc., a Philippine company engaged in retail and food business. He was a Director of the Company from 27 February 2003 to 23 February Having over 40 years of directorate positions in various companies in the Philippines and Hong Kong, Mr. Santiago has extensive experience in foods, beverages, publication, properties, power and banking industries. 施雅高先生,BBA, 七十三歲, 為本公司之獨立非執行董事 提名委員會主席 審核委員會及薪酬委員會成員 他現任以下公司之獨立董事 : 生力啤酒廠公司 San Miguel Pure Foods Company, Inc.( 其股份於菲律賓證券交易所上市 ) 及 Liberty Telecoms Holdings Inc. ( 其股份於菲律賓證券交易所上市 ) 施先生為菲律賓 Melo s 餐廳之創辦人並擁有多間分店及擔任菲律賓一家零售及食品業務公司 Terbo Concept, Inc. 之董事 施先生於二零零三年二月二十七日至二零零五年二月二十三日曾任為本公司董事 施先生在菲律賓及香港兩地之多間公司擔任董事, 超過四十年 施先生於食品 飲料 出版 地產 能源及銀行業務皆擁有豐富經驗 57

59 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 DIRECTORS AND MANAGEMENT EXECUTIVES MANAGEMENT EXECUTIVES Ramon G. Torralba Managing Director John K.L. Cheung Chief Finance Officer & Company Secretary Raymond N.L. Cheng General Sales Manager Eric P.K. Lam Marketing Director Ric W.T. Yeung Senior Manager Logistics C.K. Ho Senior Manager Operations Steven Co Senior Manager Corporate Development Edith Y.M. Ng Senior Manager Human Resources & Administration Eric W.M. Cheung Senior Manager Information Technology (appointed on 1 January 2015) Vincent K.M. Kwok Managing Director, Guangzhou San Miguel Brewery Company Limited William B. Montalbo Plant Manager/Brewmaster, San Miguel (Guangdong) Brewery Company Limited Mr. Ramon G. TORRALBA, Managing Director. Please refer to the Directors section on page 53 for details. Mr. John K.L. CHEUNG, MBA, BBA, aged 52, Chief Finance Officer & Company Secretary, joined the Company in Mr. Cheung is a member of the Institute of Management Accountants. He has over 30-year solid experience in finance and accounting in various industries. Mr. Cheung received a Master s degree and a Bachelor s degree, both in Business Administration, from Georgia State University, USA. 杜華博執行董事 張嘉麟財務總裁及公司秘書 鄭毅廉營業總經理 林培光市務總監 楊偉東物流高級經理 何自強生產高級經理 許敏志企業發展高級經理 伍月薇人力資源及行政高級經理 張維敏資訊科技高級經理 ( 於二零一五年一月一日獲委任 ) 郭敬文廣州生力啤酒有限公司董事總經理 莫偉利生力 ( 廣東 ) 啤酒有限公司酒廠經理 釀酒師 杜華博先生, 執行董事 ; 詳情請參閱第 53 頁之董事部份 張嘉麟先生,MBA, BBA, 五十二歲, 財務總裁及公司秘書, 於一九九七年加入本公司 張先生為管理會計師公會會員並於不同行業累積了超過三十年之財務及會計經驗 張先生畢業於美國 Georgia State University, 並取得工商管理碩士及學士學位 58

60 香港生力啤酒廠有限公司二零一五年年報 DIRECTORS AND MANAGEMENT EXECUTIVES Mr. Raymond N.L. CHENG, PgDBA, BSc, aged 52, General Sales Manager, joined the Company in Mr. Cheng has 30 years of working experience, with more than 17 years of solid experience in leading sales department or holding full profit and loss responsibilities. Mr. Eric P.K. LAM, MBA, BA, aged 51, Marketing Director, joined the Company in Mr. Lam has over 22 years of solid experience in marketing in various industries. Mr. Ric W.T. YEUNG, BBA, aged 52, Senior Manager Logistics, joined the Company in Mr. Yeung has more than 32 years of extensive experience in supply planning, procurement and physical distribution. Mr. C.K. HO, MSc, DIP, aged 57, Senior Manager Operations, joined the Company in Mr. Ho has over 27 years of service with the Company. He has extensive experience in the operations of beer production. Mr. Steven CO, BA, aged 46, Senior Manager Corporate Development, joined San Miguel Brewing Group of San Miguel Corporation in Mr. Co has more than 21 years of experience in business planning, business research, corporate affairs and quality management in the Company. Ms. Edith Y.M. NG, MBA, DIP, aged 53, Senior Manager Human Resources & Administration, joined the Company in Ms. Ng has gained over 29 years of experience in the fields of marketing, sales and human resources. Mr. Eric W.M. CHEUNG, DBA, MBA, MSc, BSc, aged 53, Senior Manager Information Technology, joined the Company in Mr. Cheung has over 29 years of solid experience in the operations and management of the Information Technology functions. Mr. Vincent K.M. KWOK, MBA, BBA, aged 47, was appointed as the Managing Director of Guangzhou San Miguel Brewery Company Limited on 1 January Mr. Kwok joined the Company in He has more than 24 years of solid experience in marketing in various industries. Mr. William B. MONTALBO, BSChe, aged 52, Plant Manager/Brewmaster of San Miguel (Guangdong) Brewery Company Limited. Mr. Montalbo joined San Miguel Brewery Inc. in He has extensive working experience in both Domestic and International Operations. Mr. Montalbo graduated from De La Salle University with a Bachelor of Science degree in Chemical Engineering. 鄭毅廉先生,PgDBA, BSc, 五十二歲, 營業總經理, 於二零一三年加入本公司 鄭先生具有三十年的工作經驗, 當中超過十七年領導銷售部門或擔當銷售盈虧責任 林培光先生,MBA, BA, 五十一歲, 市務總監, 於二零零八年加入本公司 林先生於不同行業累積了超過二十二年之市務經驗 楊偉東先生,BBA, 五十二歲, 物流高級經理, 於一九八三年加入本公司 楊先生擁有超過三十二年之供應策劃 採購及儲運之豐富經驗 何自強先生,MSc, DIP, 五十七歲, 生產高級經理, 於一九八八年加入本公司 何先生於本公司服務超過二十七年 他於啤酒生產業務擁有豐富經驗 許敏志先生,BA, 四十六歲, 企業發展高級經理, 於一九九四年加入生力總公司啤酒業務部 許先生擁有超過二十一年業務策劃 業務研究 企業事務及品質管理之經驗 伍月薇女士,MBA, DIP, 五十三歲, 人力資源及行政高級經理, 於一九八九年加入本公司 伍女士擁有超過二十九年市務 銷售及人力資源之經驗 張維敏先生,DBA, MBA, MSc, BSc, 五十三歲, 資訊科技高級經理, 於一九九三年加入本公司 張先生擁有超過二十九年有關資訊科技方面的整體運作及管理之經驗 郭敬文先生,MBA, BBA, 四十七歲, 於二零一一年一月一日獲委任為廣州生力啤酒有限公司董事總經理 郭先生於二零零三年加入本公司 他於不同行業累積了超過二十四年之市務經驗 莫偉利先生,BSChe, 五十二歲, 為生力 ( 廣東 ) 啤酒有限公司之酒廠經理 釀酒師 莫先生於一九八八年加入生力啤酒廠公司 他曾擔任國內及海外運作的不同職位, 累積了豐富經驗 莫先生畢業於 De La Salle University, 取得化學工程理學士學位 59

61 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 STATISTICAL ANALYSIS OF OPERATIONS Years ended 31 December, in Hong Kong dollar thousands except per share data and number of personnel 截至十二月三十一日止年度, 除每股股份數據及員工人數外均以港幣計算 Ten Year Review 二零一五年 二零一四年 二零一三年 Revenue (1) 收入 (1) 569, , ,093 (Loss)/profit from operations (4) 經營 ( 虧損 ) 盈利 (4) (11,555) 41,635 28,674 (Loss)/profit for the year before 未計重組開支之 restructuring costs (4) ( 虧損 ) 盈利 (4) (16,909) 36,994 25,824 Restructuring costs (2) 重組開支 (2) (Loss)/profit for the year (4) 年度 ( 虧損 ) 盈利 (4) (16,909) 36,994 25,824 Taxes paid, including beer tax 稅項連啤酒稅 15,984 20,670 19,614 Cash dividends attributable to the year 年度應佔現金股息 7,472 3,736 Cash dividends per share (cents) 每股現金股息 ( 仙 ) 2 1 Fixed assets and projects under development 固定資產及發展中項目 597, , ,893 Net worth (3) 淨值 (3) 544, , ,678 Salaries, wages and other benefits 薪金 工資及其他福利 118, , ,631 Number of personnel (5) 員工人數 (5) (1) Revenue has been adjusted where discounts, beer duty and consumption tax have been set-off with the gross revenue. (2) Restructuring costs in 2007 represented restructuring activities of the Company, while restructuring costs in 2006 represented restructuring activities of Guangzhou San Miguel Brewery Company Limited. (3) Net worth for the 2006 to 2008 have been restated for a change in accounting policy for intangible assets. (4) Profit from operations, profit before restructuring costs and profit for 2012 have been restated for the change in accounting policy for employee benefits. (5) Number of personnel represents actual headcount as of the last working day of the year. 60

62 STATISTICAL ANALYSIS OF OPERATIONS Years ended 31 December, in Hong Kong dollar thousands except per share data and number of personnel 香港生力啤酒廠有限公司二零一五年年報 截至十二月三十一日止年度, 除每股股份數據及員工人數外均以港幣計算 二零一二年 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 二零零六年 (restated) (restated) (restated) (restated) ( 已重列 ) ( 已重列 ) ( 已重列 ) ( 已重列 ) 686, , , , , , , ,428 (48,365) (770,605) (331,879) (301,033) 4,962 (10,625) 226,976 (68,638) (773,987) (343,052) (258,155) 50,397 (12,216) (310,220) (93,159) 226,976 (68,638) (773,987) (343,052) (258,155) (259,823) (105,375) 26,683 36,009 42,020 68, , , , , , ,011 1,087,198 1,379,561 1,496,910 1,769, , , ,474 1,169,484 1,490,925 1,751,565 1,975, , ,023 96,719 99,341 91, , , (1) 收入已就折扣, 啤酒稅與商品稅作出調整 (2) 二零零七年之重組開支乃指本公司之重組活動, 而二零零六年之重組開支乃指廣州生力啤酒有限公司之重組活動 (3) 二零零六年至二零零八年之淨值已就無形資產之會計政策改變重列 (4) 經營盈利 未計重組開支之盈利及二零一二年之盈利已就僱員福利之會計政策改變重列 (5) 員工人數指於年度最後一個工作日之實際員工數目 61

63 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CONSOLIDATED INCOME STATEMENT For the year ended 31 December 2015 (Expressed in Hong Kong dollars) 截至二零一五年十二月三十一日止年度 ( 以港幣計算 ) 二零一五年 二零一四年 Note $ 000 $ 000 附註 Revenue 收入 3 569, ,640 Cost of sales 銷售成本 (331,846) (416,883) gross profit 毛利 237, ,757 Other net income 其他收益淨額 4 39,837 55,358 Selling and distribution expenses 銷售及分銷開支 (197,195) (230,005) Administrative expenses 行政開支 (83,784) (85,217) Other operating expenses 其他經營開支 (8,069) (10,258) (Loss)/profit from operations 經營 ( 虧損 ) 盈利 (11,555) 41,635 Finance costs 財務費用 5(a) (4,498) (4,408) (Loss)/profit before taxation 除稅前 ( 虧損 ) 盈利 5 (16,053) 37,227 Income tax 所得稅 6 (856) (233) (Loss)/profit for the year 年度 ( 虧損 ) 盈利 (16,909) 36,994 Attributable to: 應佔如下 : Equity shareholders of the Company 本公司權益持有人 (16,074) 35,323 Non-controlling interests 非控股權益 (835) 1,671 (Loss)/profit for the year 年度 ( 虧損 ) 盈利 (16,909) 36,994 (Loss)/earnings per share 每股 ( 虧損 ) 盈利 Basic (cents) 基本 ( 仙 ) 10(a) (4) 9 Diluted (cents) 攤薄 ( 仙 ) 10(b) N/A 不適用 N/A 不適用 The notes on pages 68 to 125 form part of these financial statements. Details of dividends payable to equity shareholders of the Company attributable to the (loss)/ profit for the year are set out in note 22(b). 列於第 68 至 125 頁之各項附註為本財務報表之一部份 本年度本公司權益持有人之股息詳情載列於附註 22(b) 62

64 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2015 (Expressed in Hong Kong dollars) 香港生力啤酒廠有限公司二零一五年年報 截至二零一五年十二月三十一日止年度 ( 以港幣計算 ) 二零一五年 二零一四年 Note $ 000 $ 000 附註 (Loss)/profit for the year 年度 ( 虧損 ) 盈利 (16,909) 36,994 Other comprehensive income 年度其他全面收益 ( 除稅後 ) for the year (after tax) 9 Items that may be reclassified subsequently to profit or loss 將來或會重新列入損益的項目 Exchange differences on translation of: 匯兌差額 : financial statements of subsidiaries 換算海外附屬公司財務報表 outside Hong Kong 所產生之匯兌差額 22,077 1,282 monetary items that form part of the net 換算組成集團於附屬公司 investment in subsidiaries outside 之投資的貨幣項目所產生 Hong Kong 之匯兌差額 (22,499) (1,230) Items that will not be reclassified to profit or loss 將來不會重新列入損益的項目 (422) 52 Actuarial losses of defined benefit retirement plan 定額福利退休計劃之精算虧損 (5,896) (1,517) (6,318) (1,465) total comprehensive income for the year 年度全面收益總額 (23,227) 35,529 Attributable to: 應佔如下 : Equity shareholders of the Company 本公司權益持有人 (24,134) 33,747 Non-controlling interests 非控股權益 907 1,782 Total comprehensive income for the year 年度全面收益總額 (23,227) 35,529 The notes on pages 68 to 125 form part of these financial statements. 列於第 68 至 125 頁之各項附註為本財務報表之一部份 63

65 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2015 (Expressed in Hong Kong dollars) 於二零一五年十二月三十一日 ( 以港幣計算 ) 二零一五年 二零一四年 Note $ 000 $ 000 附註 Non-current assets 非流動資產 Property, plant and equipment 物業, 機器及設備 11(a) 416, ,050 Investment properties 投資物業 11(a) 98,457 82,750 Interests in leasehold land held for 在經營租賃下自用而持有 own use under operating leases 的租賃土地權益 11(a) 82,102 86, , ,309 Intangible assets 無形資產 12 5,163 5, , ,496 Current assets 流動資產 Inventories 存貨 14 52,431 51,425 Trade and other receivables 應收貿易及其他賬項 15 68,772 82,639 Amounts due from holding companies 應收控股公司 and fellow subsidiaries 及同系附屬公司賬項 16 7,157 11,490 Amounts due from related companies 應收關連公司賬項 Bank deposits 銀行存款 17 50,882 27,054 Cash and cash equivalents 現金及等同現金項目 17 97, , , ,847 Current liabilities 流動負債 Trade and other payables 應付貿易及其他賬項 18 (104,460) (111,818) Loan from an intermediate holding company 中介控股公司之貸款 19 (50,904) Amounts due to holding companies 應付控股公司 and fellow subsidiaries 及同系附屬公司賬項 16 (5,375) (5,414) Amounts due to related companies 應付關連公司賬項 16 (5,016) (5,671) (114,851) (173,807) Net current assets 流動資產淨值 162, ,040 64

66 CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2015 (Expressed in Hong Kong dollars) 香港生力啤酒廠有限公司二零一五年年報 於二零一五年十二月三十一日 ( 以港幣計算 ) 二零一五年 二零一四年 Note $ 000 $ 000 附註 total assets less current liabilities 總資產減流動負債 764, ,536 Non-current liabilities 非流動負債 Loan from an intermediate holding company 中介控股公司之貸款 19 (190,747) (139,985) Retirement benefit liabilities 退休福利負債 20(a) (26,939) (20,115) Deferred tax liabilities 遞延稅項負債 21(a) (2,243) (2,487) (219,929) (162,587) Net ASSetS 資產淨值 544, ,949 CApItAL AND ReSeRVeS 股本及儲備 Share capital 股本 22(c) 252, ,524 Other reserves 其他儲備 319, ,386 total equity attributable to equity 本公司權益持有人應佔權益 shareholders of the Company 572, ,910 Non-controlling interests 非控股權益 (27,054) (27,961) total equity 權益總值 544, ,949 Approved and authorised for issue by the board of directors on 4 February 經由董事會於二零一六年二月四日批准及授權刊發 Ramon S. Ang 蔡啓文 Ramon g. torralba 杜華博 Director 董事 Director 董事 The notes on pages 68 to 125 form part of these financial statements. 列於第 68 至 125 頁之各項附註為本財務報表之一部份 65

67 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2015 (Expressed in Hong Kong dollars) 截至二零一五年十二月三十一日止年度 ( 以港幣計算 ) Attributable to equity shareholders of the Company 本公司權益持有人應佔部份 exchange Non- Share Share Capital fluctuation Retained controlling Total capital premium reserve reserve profits Sub-total interests equity 匯兌波動 股本 股份溢價 資本儲備 儲備 收益儲備 合計 非控股權益 權益總額 (note 22(c)) (note 22(d)(i)) (note 22(d)(ii)) ( 附註 22(c)) ( 附註 22(d)(i))( 附註 22(d)(ii)) Note $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 附註 Balance at 1 January 2014 於二零一四年 一月一日結餘 186,785 65, ,970 81, , ,421 (29,743) 543,678 Changes in equity for 2014: 二零一四年權益變動 : Profit for the year 年度盈利 35,323 35,323 1,671 36,994 Other comprehensive income 其他全面收益 9 (59) (1,517) (1,576) 111 (1,465) Total comprehensive income 年度全面收益總額 for the year (59) 33,806 33,747 1,782 35,529 Dividends approved in respect 上一財政年度批准 of the previous year 之股息 22(b) (3,736) (3,736) (3,736) Transition to no-par value regime 於二零一四年 on 3 March 2014 三月三日過渡至無面值制度 22(c) 65,739 (65,739) Dividends declared in respect 本財政年度擬派 of the current year 之股息 22(b) (3,736) (3,736) (3,736) Unclaimed dividends forfeited 未認領之股息註銷 Balance at 31 December 2014 and 1 January 2015 於二零一四年 十二月三十一日 及二零一五年 一月一日結餘 252, ,970 81, , ,910 (27,961) 571,949 Changes in equity for 2015: 二零一五年權益變動 : Loss for the year 年度虧損 (16,074) (16,074) (835) (16,909) Other comprehensive income 其他全面收益 9 (2,164) (5,896) (8,060) 1,742 (6,318) Total comprehensive income 年度全面收益總額 for the year (2,164) (21,970) (24,134) 907 (23,227) Dividends approved in respect 上一財政年度批准 of the previous year 之股息 22(b) (3,736) (3,736) (3,736) Balance at 31 December 2015 於二零一五年 十二月三十一日結餘 252, ,970 78, , ,040 (27,054) 544,986 The notes on pages 68 to 125 form part of these financial statements. 列於第 68 至 125 頁之各項附註為本財務報表之一部份 66

68 CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2015 (Expressed in Hong Kong dollars) 香港生力啤酒廠有限公司二零一五年年報 截至二零一五年十二月三十一日止年度 ( 以港幣計算 ) 二零一五年 二零一四年 Note $ 000 $ 000 附註 Operating activities 經營業務 Cash generated from operations 經營業務之現金流入 17(b) 22,927 35,236 Income tax 所得稅 Tax paid outside Hong Kong 香港以外稅金支出 (62) Net cash generated from 經營業務之現金流入 operating activities 淨額 22,927 35,174 Investing activities 投資業務 Payment for the purchase of non-current assets 購入非流動資產 (5,017) (11,292) Proceeds from disposal of non-current assets 出售非流動資產所得款項 2,961 1,598 Increase in bank deposits 銀行存款增加 (23,828) (6,886) Interest received 已收利息 930 1,518 Net cash used in investing activities 投資業務之現金流出淨額 (24,954) (15,062) Financing activities 融資活動 Repayment of loan from an intermediate 償還中介控股公司之貸款 holding company (12,726) Interest paid 已付利息 (4,373) (4,253) Dividends paid 已付股息 (3,736) (7,216) Net cash used in financing activities 融資活動之現金流出淨額 (8,109) (24,195) Net decrease in cash 現金及等同現金項目 and cash equivalents 之淨額減少 (10,136) (4,083) Cash and cash equivalents 於一月一日之現金 at 1 January 及等同現金項目結存 17(a) 108, ,746 effect of foreign exchange rates changes 匯率變動之影響 (720) (89) Cash and cash equivalents 於十二月三十一日之現金 at 31 December 及等同現金項目結存 17(a) 97, ,574 The notes on pages 68 to 125 form part of these financial statements. 列於第 68 至 125 頁之各項附註為本財務報表之一部份 67

69 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ( HKFRSs ), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ( HKASs ) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules ). A summary of the significant accounting policies adopted by the Group and the Company is set out below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group and the Company for the current and prior accounting periods reflected in these financial statements. 1 (a) 遵守聲明 本財務報表乃根據所有適用之香港財務報告準則 ( 香港財務報告準則 ) 而編撰 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的個別香港財務報告準則 香港會計準則 ( 香港會計準則 ) 及詮釋 香港公認會計原則及香港 公司條例 之規定 該等財務報表亦遵守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 本集團採用之主要會計政策概要如下 香港會計師公會已頒布若干全新及經修訂之香港財務報告準則, 並於本集團及本公司之本期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期及以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 (b) 編撰財務報表之準則 The consolidated financial statements for the year ended 31 December 2015 comprise the Company and its subsidiaries (together referred to as the Group ). 截至二零一五年十二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 ( 統稱為 本集團 ) The measurement basis used in the preparation of the financial statements is the historical cost basis. 財務報表乃以歷史成本為編撰基準 The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 編撰符合香港財務報告準則的財務報表要求管理層作出會影響政策應用及資產 負債 收入與開支的報告數額的判斷 估計及假設的規定 估計及有關假設乃根據過往經驗及多個相信在有關情況下屬合理的其他因素而作出, 其結果成為對在其他來源並不顯然易見的資產與負債賬面值作出判決的基礎 實際結果可能有異於該等估計 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. 估計及相關假設會持續檢討 對會計估計進行修訂時, 若修訂只影響該期間, 則修訂會在修訂估計的期間內確認 ; 若修訂影響到當期及未來期間, 則在修訂及未來期間確認 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. 就採用香港財務報告準則時所作出的判斷, 以及作出對下一年度之財務報表構成重大調整風險之估計的討論內容載列於附註 2 68

70 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (c) Changes in accounting policies The HKICPA has issued the following amendments to HKFRSs that are first effective for the current accounting period of the Group: Amendments to HKAS 19, Employee benefits: Defined benefit plans: Employee contributions Annual Improvements to HKFRSs Cycle Annual Improvements to HKFRSs Cycle The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Impacts of the adoption of the amended HKFRSs are discussed below: Amendments to HKAS 19, Employee benefits: Defined benefit plans: Employee contributions The amendments introduce a relief to reduce the complexity of accounting for certain contributions from employees or third parties under defined benefit plans. When the contributions are eligible for the practical expedient provided by the amendments, a company is allowed to recognise the contributions as a reduction of the service cost in the period in which the related service is rendered, instead of including them in calculating the defined benefit obligation. The amendments do not have an impact on these financial statements as the defined benefit plans operated by the Group are wholly funded by contributions from the Group and do not involve contributions from employees or third parties. Annual Improvements to HKFRSs Cycle and Cycle These two cycles of annual improvements contain amendments to nine standards with consequential amendments to other standards. Among them, HKAS 24, Related party disclosures has been amended to expand the definition of a related party to include a management entity that provides key management personnel services to the reporting entity, and to require the disclosure of the amounts incurred for obtaining the key management personnel services provided by the management entity. These amendments do not have an impact on the Group s related party disclosures as the Group does not obtain key management personnel services from management entities. 1. ( 續 ) (c) 會計政策的變動 香港會計師公會已頒布以下經修訂之香港財務報告準則, 該修訂首次於本集團之本期會計期間生效 香港會計準則第 19 號 ( 修訂 ) 僱員福利 : 定額福利計劃 : 僱員供款 香港財務報告準則年度改進 (2010 年至 2012 年週期 ) 香港財務報告準則年度改進 (2011 年至 2013 年週期 ) 本集團並未採用任何於本期會計期間尚未生效的新準則或詮釋 採納經修訂香港財務報告準則之影響詳述如下 : 香港會計準則第 19 號 ( 修訂 ) 僱員福利: 定額福利計劃 : 僱員供款 該等修訂引入了一項豁免, 旨在簡化對僱員或第三方按定額福利計劃繳納的若干供款的會計處理 當供款滿足該等修訂所設定的標準時, 公司可以將供款確認為在相關僱員服務提供期間對僱員服務成本的扣減, 而不將其包含於定額福利責任的計算中 由於本集團運作的定額福利計劃由本集團全額資助且不涉及僱員或第三方供款, 故該等修訂對本集團財務報表並無影響 香港財務報告準則年度改進 (2010 年至 2012 年週期 ) 及 (2011 年至 2013 年週期 ) 此兩個週期之年度改進包括九項準則之修訂及連同其他準則之相應修訂 其中, 香港會計準則第 24 號 關聯方披露 已予以修改, 藉以將 關聯方 的釋義擴展為包括提供主要管理人員服務予申報實體的管理實體, 並要求披露為獲得管理實體提供的主要管理人員服務而產生的金額 由於本集團並無自管理實體獲得主要管理人員服務, 故該等修訂對本集團的關聯方披露並無任何影響 69

71 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (Continued) (d) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. 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 profits but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests proportionate share of the subsidiary s net identifiable assets. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated income statement and the consolidated statement of 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(l) or (m) 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 gain or loss is recognised. When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. In the Company s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 1(i)). 1 ( 續 ) (d) 附屬公司及非控股權益 附屬公司為本集團所控制之實體 當本集團可通過參與實體之業務從而承擔或享有變動之回報及運用其控制權以影響回報金額的能力, 則本集團控制該實體 當評定本集團是否有該等權利時, 僅考慮 ( 本集團和其他方所持有的 ) 實質權利 於附屬公司之投資由持有控制權開始併入綜合財務報表內, 直至控制權終止為止 本集團內公司之間之結餘 交易及現金流量, 以及交易所產生之任何未變現盈利, 乃於編製綜合財務報表時悉數抵銷 如無減值證據, 本集團內公司之間之交易而產生之未變現虧損, 乃以未變現盈利相同之形式抵銷 非控股權益是指非直接或間接歸屬於本公司的附屬公司權益, 而本集團未與該權益持有者達成任何附加協議, 致令集團整體上對該等權益產生符合財務負債定義的法定義務 對於每項企業合併, 集團可選擇以公允價值或以其在附屬公司可辨認資產淨值的所佔比例確認非控股權益 非控股權益在綜合財務狀況表內的股東權益列示, 但與可歸屬於集團股東權益分開 非控股權益佔本集團年度內總盈利或虧損在綜合收益表以分配為非控股權益及可歸屬於本公司股東權益形式呈報 由非控股權益持有人借出的貸款以及其他合約責任將根據附註 1(l) 或 (m)( 視負債的性質而定 ) 於綜合財務狀況表呈列為財務負債 本集團於附屬公司權益之變化但未引起控制權喪失的交易, 按權益內部交易入賬, 於合併權益項下之控股及非控股權益作出調整以反映相關權益變動, 但不確認損益 如果本集團失去附屬公司之控制權, 該項交易將按處置該附屬公司全部權益記錄, 相關交易確認損益 任何本集團所保留之前附屬公司剩餘權益按喪失控制權日公允值確認, 該值為金融資產初始確認之公允值, 或為於聯營公司或共同控制實體之初始投資成本 ( 如適用 ) 在本公司之財務狀況表內, 附屬公司權益以成本減減值虧損 ( 見附註 1(i)) 列帳 70

72 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (e) Property, plant and equipment The following items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses (see note 1(i)), with the exception of construction in progress which is stated at cost less any impairment losses (see note 1(i)): land classified as being held under finance leases and buildings thereon (see note 1(g)); buildings held for own use which are situated on leasehold land classified as held under operating leases (see note 1(g)); and other items of plant and equipment. 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. Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual values, if any, using the straight-line method over their estimated useful lives as follows: Leasehold land classified as held under finance leases is depreciated over the unexpired term of lease. Buildings situated on leasehold land are depreciated over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. Machinery, equipment, furniture and fixtures 4 to 50 years Motor vehicles 4 to 7 years No provision for depreciation is made on construction in progress until such time when the assets are substantially completed and ready for use. 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. 1 ( 續 ) (e) 物業, 機器及設備 除在建工程以成本減去減值虧損 ( 見附註 1(i)) 列賬外, 以下的物業, 機器及設備按成本減累計折舊及減值虧損列賬 ( 見附註 1(i)): 分類為融資租賃下的土地及物業 ( 見附註 1(g)); 在分類為經營租賃下的土地上的自用物業 ( 見附註 1(g)); 及 其他機器及設備 報廢或出售物業, 機器及設備項目之盈虧, 乃出售所得款項淨額以及有關項目賬面值之差額, 並於報廢或出售日在損益中確認 折舊乃將物業, 機器及設備成本減其估計剩餘價值 ( 如有 ), 在其下述估計可使用年期期間以直線法計算而撇銷 : 分類為融資租賃下的土地於未屆滿租賃期間折舊 在租賃土地上的物業於未屆滿租賃期及其估計可使用年期 ( 不超過五十年 ) 兩者中較短期間折舊 機器 設備 四年至五十年 傢俬及裝置 車輛四年至七年 在建工程於資產完成及可投入使用前不會計提折舊 當一項物業, 機器及設備之各部份有不同的可使用年期, 此項目各部份之成本將按合理基礎分配, 而每部份將作個別折舊 Both the useful life of an asset and its residual value, if any, are reviewed annually. 本集團每年檢討資產之可使用年期及其剩餘價值 ( 如有 ) (f) Investment properties (f) 投資物業 Investment properties are land and buildings which are owned or held under a leasehold interest (see note 1(g)) to earn rental income and/or for capital appreciation. 投資物業為賺取租金收入及 或為資本增值而擁有或根據租賃權益 ( 見附註 1(g)) 持有的土地及房產 Investment properties are stated at cost less accumulated depreciation and impairment losses (see note 1(i)). Depreciation is calculated to write off the cost of investment properties, less their estimated residual values, if any, 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. 投資物業按成本減累計折舊及減值虧損列賬 ( 見附註 1(i)) 折舊乃將投資物業成本減其剩餘價值 ( 如有 ), 在未屆滿租賃期及其估計可使用年期 ( 不超過五十年 ) 兩者中較短期間以直線法計算而撇銷 Both the useful lives of the investment properties and their residual values, if any, are reviewed annually. 投資物業的可使用年期及其剩餘價值 ( 如有 ) 均按年作出檢討 Rental income from investment properties is accounted for as described in note 1(r)(iii). 投資物業的租金收入根據附註 1(r)(iii) 所述方式計算 71

73 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (Continued) (g) Leased assets An arrangement, comprising a transaction or a series of transactions, is or contains a lease if the Group determines that the arrangement conveys a right to use a specific asset or assets for an agreed period of time in return for a payment or a series of payments. Such a determination is made based on an evaluation of the substance of the arrangement and is regardless of whether the arrangement takes the legal form of a lease. 1 ( 續 ) (g) 租賃資產 倘本集團確定安排具有在商定期限內通過支付一筆或一系列款項而使用某一特定資產或多項資產之權利, 則該安排 ( 由一宗交易或一系列交易組成 ) 為租賃或包括租賃 該釐定乃根據安排之內容評估而作出, 而無論安排是否具備租賃之法律形式 (i) Classification of assets leased to the Group (i) 租賃予本集團之資產的分類 Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under finance leases. 對於本集團以租賃持有的資產, 如有關租賃將擁有資產的絕大部分風險和回報轉移至本集團, 有關資產便會劃歸為以融資租賃持有 Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases, with the following exceptions: 並未將擁有資產之所有風險和利益轉讓之租賃資產, 乃列為經營租賃, 以下除外 : property held under operating leases that would otherwise meet the definition of an investment property is classified as investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease; and 符合投資物業定義的經營租賃物業會被分類至投資物業 如果被分類至投資物業, 該租賃會以融資租賃入賬 ; 及 land held for own use under an operating lease, where the fair value cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Group, or taken over from the previous lessee. 根據經營租賃為自用而持有的土地, 若公允價值在租賃開始時不能與位於有關土地上的房產的公允價值分開計量, 會作為根據融資租賃持有入賬, 除非有關房產亦顯然根據經營租約持有, 則作別論 就此而言, 租賃的開始時間為本集團首次訂立租約時, 或從前承租人接手時 (ii) Operating lease charges (ii) 經營租賃 Where the Group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. 倘本集團根據經營租賃使用資產, 根據租約所付之款項乃於損益中以等額在租賃期所涵蓋之會計期間支銷 所得的租賃激勵措施乃作為所作的整體淨租賃付款額的一部分在損益中確認 The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period of the lease term. Impairment losses are recognised in accordance with the accounting policy set out in note 1(i). 以經營租賃持有土地的收購成本是按直線法在租賃期內攤銷 減值虧損會按照附註 1(i) 的會計政策來確認 (h) Intangible assets (h) 無形資產 Intangible assets represent acquired trademarks and club debentures and are stated at cost less impairment losses (see note 1(i)). 商標及會所債權證以成本減去減值虧損列賬 ( 見附註 1(i)) These intangible assets are not amortised as their useful lives are assessed to be indefinite and are tested annually for impairment (see note 1(i)). 該等無形資產並無攤銷, 因為其可使用年期被評估為不確定及每年須作減值測試 ( 見附註 1(i)) The 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. 無形資產之可使用年期不確定的結論須每年檢討以確定情況是否繼續支持該資產之不確定使用年期之評估結果 72

74 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (i) (i) Impairment of assets Impairment of receivables Receivables that are stated at amortised cost or at cost are reviewed at the end of each reporting period to determine whether there is objective evidence of impairment. Objective evidence of impairment includes observable data that comes to the attention of the Group about one or more of the following loss events: significant financial difficulty of the debtor; a breach of contract, such as a default or delinquency in interest or principal payments; it becoming probable that the debtor will enter bankruptcy or other financial reorganisation; and significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor. If any such evidence exists, any impairment loss is determined and recognised as follows: an impairment loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows, discounted at the financial asset s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets) for receivables carried at amortised cost or discounted at the current market rate of return for similar financial assets for receivables stated at cost, where the effect of discounting is material. This assessment is made collectively where these financial assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group. If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset s carrying amount exceeding that which would have been determined had no impairment loss been recognised in prior years. Impairment losses are written off against the corresponding assets directly, except for impairment losses recognised in respect of trade receivables included within trade and other receivables, the recovery of which is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the Group is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade receivables directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss. 1 ( 續 ) (i) (i) 資產減值 應收款項的減值 按攤銷成本列賬之應收賬項於各結算日進行檢討, 以確定是否有客觀憑證顯示其出現減值 減值的客觀憑證包括以下本集團關注的一項或多項損失事項的可觀察數據 : 債務人重大的財務困難 ; 違反合約, 例如拖欠或逾期償還利息或本金款項 ; 債務人進行破產或其他財務重組將有可能出現 ; 及 工業技術 市場 經濟或法律環境的重大改變對債務人有不利影響 倘有客觀憑證顯示其出現減值, 任何減值虧損按下列釐定及確認 : 減值虧損按該資產賬面值與估計未來現金流量現值之差額計算, 再按有關金融資產之原先的實際利率 ( 即這些資產初始確認時計算的實際利率 ) 進行貼現 ( 倘貼現影響屬重大 ) 所有按攤銷成本列賬之金融資產若擁有類似風險性質 ( 如相近的過期未付情況 ) 和沒有被獨立評估減值, 均按整體評估 而被評估減值之金融資產的未來現金流量乃根據該等信貸風險性質相似的資產的過往虧損經驗 倘減值虧損金額於往後期間減少, 而有關減少可客觀地與確認減值虧損後發生之事件有聯繫, 則減值虧損於損益轉回 撥回不得導致資產之賬面值超逾倘於過往年度並無確認該減值虧損時原應釐定之金額 減值虧損直接與相應資產撇銷, 惟就列於應收貿易及其他賬款的應收貿易賬款所確認的減值虧損, 其收回情況屬存疑而不渺茫者, 則作別論 在此情況下, 呆壞賬的減值虧損透過撥備賬記錄 當本集團信納收回機會渺茫, 則被視為無法收回的金額會直接在應收貿易賬款中撇銷, 而任何列入撥備賬與此債項有關的金額會被撥回 其後若收回之前已在撥備賬中扣除的金額, 則會在撥備賬中撥回 撥備賬內的其他變動及其後收回之前已直接撇銷的金額在損益中確認 73

75 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (Continued) (i) (ii) Impairment of assets (Continued) 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: Property, plant and equipment; Investment properties; Interests in leasehold land held for own use under operating leases; Intangible assets; and Investments in subsidiaries in the Company s statement of financial position. If any such indication exists, the asset s recoverable amount is estimated. In addition, for intangible assets that have indefinite useful lives, the recoverable amount is estimated annually whether or not there is any indication of impairment. Calculation of recoverable amount 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 the 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). Recognition of impairment losses 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 to reduce the carrying amount of the 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. Reversals of impairment losses An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. 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. 1 ( 續 ) (i) 資產減值 ( 續 ) (ii) 其他資產減值 於每個結算日會檢討內部及外間資料, 以識別下列資產是否已出現減值或之前已確認之減值是否已不存在或減少 : 物業, 機器及設備 ; 投資物業 ; 在經營租賃下自用而持有的租賃土地權益 ; 無形資產 ; 及 於本公司財務狀況表的附屬公司權益 倘若存在任何有關跡象, 則會估計資產的可收回金額 此外, 就沒有確實可使用年期的無形資產而言, 本集團會每年估計其可收回金額, 以確定是否有任何減值跡象 計算可收回金額 資產之可收回金額為其售價淨額及使用價值兩者中之較高者 於評估使用價值時, 會使用除稅前貼現率將估計的未來現金流量貼現至現值 該貼現率應是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 倘資產並未能在大致獨立於其他資產下賺取現金流量, 則就獨立賺取現金流量之最小組別資產 ( 即賺取現金單位 ) 來釐定可收回金額 確認減值虧損 每當資產 ( 或其所屬的現金產生單位 ) 的賬面值超過其可收回金額, 即會在收益表確認減值虧損 就賺取現金單位確認的減值虧損, 會以減少單位 ( 或該組單位 ) 資產的賬面值按比例分配, 惟資產賬面值不會減少至低於其本身的公允價值減銷售成本或使用價值 ( 若能釐定 ) 撥回減值虧損 倘用以釐訂可收回金額之估計出現好轉, 則撥回減值虧損 撥回之減值虧損僅限於倘過往年度並未確認減值虧損而釐訂之資產之賬面值 撥回之減值虧損乃於確認撥回之年度計入損益中 74

76 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (j) Inventories Inventories are carried at the lower of cost and net realisable value. Cost is calculated using the weighted average cost formula and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. 1 ( 續 ) (j) 存貨 存貨乃按成本或可變現淨值兩者之較低者估值 成本以加權平均成本法計算, 並包括所有購買成本 加工成本及將存貨達致現時地點與狀況所產生之其他成本 可變現淨值為日常業務之估計售價減估計完成成本及估計銷售成本 於出售存貨時, 該等存貨之賬面值會確認有關收益期間列作開支 存貨撇減至可變現淨值之數額及所有存貨虧損均於撇減或虧損期間列作開支 因可變現淨值增加而需撥回的任何存貨減值會扣減轉回發生期間所確認的支出 (k) Receivables (k) 應收款項 Receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less allowance for impairment of doubtful debts (see note 1(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts. 應收款項最初按公允價值確認, 其後則以實際利率法按攤銷成本減有關呆壞賬的減值虧損列值 ( 見附註 1(i)), 惟倘若有關應收款項為借予關連人士且並無任何固定還款期的免息貸款, 或屬貼現影響不大者, 則作別論 在該等情況下, 應收款項按成本減呆壞賬的減值撥備列賬 (l) Interest-bearing borrowings (l) 附息借款 Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interestbearing 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. 附息借款最初按公允價值減應佔交易費用確認 於確認後, 附息借款按攤銷成本列值, 成本與贖回價值的任何差異會在借款期間以實際利率法在損益中確認 (m) Payables (m) 應付款項 Payables are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost. 應付款項最初按公允價值確認, 其後則按攤銷成本列值, 惟倘貼現影響不大, 則按成本列值 (n) Cash and cash equivalents (n) 現金及等同現金項目 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. 現金及等同現金項目指銀行結存 現金 銀行及其他財務機構之活期存款及短期流通性高之投資, 而該等投資隨時可兌換成已知的現金金額且無重大變值風險, 並為購入後三個月內到期之投資項目 75

77 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (Continued) (o) (i) Employee benefits Short term employee benefits and contributions to defined contribution retirement plans Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. 1 ( 續 ) (o) (i) 僱員福利 短期僱員福利及定額供款 退休計劃之供款薪金 年終花紅 有薪年假 定額供款退休計劃之供款及本集團所提供之非幣值福利均於本集團僱員提供有關服務之年度累計 (ii) Defined benefit retirement plan obligations (ii) 定額福利退休計劃之承擔 The Group s net obligation in respect of defined benefit retirement plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine the present value and the fair value of any plan assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit method. 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. 本集團有關定額福利退休計劃的淨負債是按員工於現時及過往期間所提供的服務估計其賺取的未來收益計算 ; 該福利以折現計算其現值並扣減任何計劃資產的公平價值 有關計算由合資格的精算師以預計單位貸記法進行 當計算結果對本集團帶來利益, 已確認資產限於以任何公積金的未來退款或供款的扣減款項為形式的經濟利益現值 Service cost and net interest expense or income on the net defined benefit liability or asset are recognised in profit or loss and allocated by function as part of cost of sales, selling and distribution expenses or administrative expenses. Current service cost is measured as the increase in the present value of the defined benefit obligation resulting from employee service in the current period. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised as an expense in profit or loss at the earlier of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. Net interest expense or income for the period is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the reporting period to the net defined benefit liability or asset. The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the Group s obligations. 定額福利負債或資產淨額的服務成本和利息支出或收入淨額在損益中確認, 並按其作用劃撥為 銷售成本 銷售及分銷開支 或 行政開支 的一部分 現時服務成本是按照本期僱員的服務所產生的定額福利負債的現值增加額計量 當計劃的利益出現變動或計劃有所縮減時, 與僱員過往提供服務有關的計劃變動部分或就縮減錄得的損益, 會在計劃改變或縮減發生時或確認相關重組成本或辭退福利時 ( 以較早者為準 ), 於損益內確認為支出 期內利息支出或收入淨額是將在報告期初計量定額福利負債所採用的折現率應用於定額福利負債或資產淨額而釐定 所用的折現率是根據結算日與本集團所承擔負債期限相若的優質企業債券於報告期末的收益率釐定 (iii) Termination benefits (iii) 終止僱傭福利 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. 終止僱傭福利為當本集團撤銷這些福利的提議或當它確認為重組成本包括支付終止補償時確認 ( 以較早者為準 ) (p) Income tax (p) 所得稅 Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss, except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. 本年度之所得稅包括本期稅項及遞延稅項資產及負債之變動 本期稅項及遞延稅項資產及負債之變動均在損益中確認, 惟若涉及於其他全面收益或直接於權益中確認的項目, 則分別在其他全面收益或權益中確認 Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. 本期稅項乃根據本年度應課稅收入, 採用於結算日所訂定或大致訂定之稅率計算之預期應付稅項, 並就過往年度之應付稅項作出任何調整 76

78 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (p) Income tax (Continued) Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. Apart from certain limited exceptions, all deferred tax liabilities and all deferred tax assets, to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination) and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future or, in the case of deductible differences, unless it is probable that they will reverse in the future. The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. 1 ( 續 ) (p) 所得稅 ( 續 ) 遞延稅項資產及負債乃分別來自資產及負債項目於財務報表內之賬面值及其稅基所產生之可扣減或應課稅之暫時差異 遞延稅項資產亦可由尚未動用之稅務虧損及尚未動用之稅收抵免所產生 除若干有限之例外情況, 所有遞延稅項負債及遞延稅項資產 ( 以資產有可能用於抵銷未來應課稅溢利者為限 ) 均會予以確認 能支持可確認由可扣稅暫時差額產生之遞延稅項資產之未來應課稅溢利, 包括因撥回現有應課稅暫時差額而產生之可扣稅暫時差額, 惟該等差額須與同一稅務機關及相同應課稅實體有關, 並預期於預期撥回可扣稅暫時差額, 或可轉回或結轉遞延稅項資產所產生之稅項虧損之同一期間內撥回 於釐定現時應課稅暫時差額可否支持確認未動用稅項虧損及抵免所產生之遞延稅項資產時亦採用相同準則, 即該等差額與同一稅務機關及相同應課稅實體有關, 並預期可於動用稅項虧損或抵免之某段期間 ( 一段或多段 ) 內撥回, 則會予以計入 確認遞延稅項資產及負債之少數例外情況, 為與從商譽產生不可扣減稅項, 及最初確認並無影響會計及應課稅溢利之資產或負債 ( 惟並非業務合併之一部份 ) 產生之暫時差額有關, 而就於附屬公司之投資有關之暫時差額, 就應課稅差額而言為本集團可控制撥回時間, 及於可見將來將不可能撥回差額為限, 或就可扣除差額而言則須以可能於未來撥回者為限 遞延稅項之確認金額乃按資產及負債之賬面值之預期變現或支付形式, 採用於結算日所訂定或大致上訂定之稅率計算 遞延稅項資產及負債並不用貼現 遞延稅項資產之賬面值乃於各結算日進行審閱, 而倘若不再可能有足夠之應課稅溢利以供扣減有關稅項得益, 則遞延稅項資產會予以減少 該削減金額可在有足夠應課稅溢利有可能出現時撥回 77

79 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (Continued) (p) Income tax (Continued) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: in the case of current tax assets and liabilities, the Company or the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: the same taxable entity; or different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously. 1 ( 續 ) (p) 所得稅 ( 續 ) 本期及遞延所得稅結餘和其變動額會分開列示, 並且不予抵銷 本期和遞延所得稅資產只會在本公司或本集團有法定行使權以本期所得稅資產抵銷本期所得稅負債, 並且符合以下附帶條件的情況下, 才可以分別抵銷本期和遞延所得稅負債 : 本期所得稅資產和負債 : 本公司或本集團計劃按淨額基準結算, 或同時變現該資產和清償該負債 ; 或 遞延所得稅資產和負債 : 這些資產和負債必須與同一稅務機關就以下其中一項徵收的所得稅有關 : 同一應課稅機構 ; 或 不同的應課稅機構 這些實體計劃在預期有大額遞延所得稅負債需要清償或遞延所得稅資產可以收回的每個未來期間, 按淨額基準實現本期所得稅資產和清償本期所得稅負債, 或同時變現該資產和清償該負債 (q) Provisions and contingent liabilities (q) 準備及或然負債如果本公司或本集團須就已發生的事件承擔法律或推定義務, 因而預期會導致含有經濟效益的資源外流, 在可以作出可靠的估計時, 本公司或本集團便會就該時間或數額不定的負債計提準備 如果貨幣時間值重大, 則按預計所需支出的現值計列準備 Provisions are recognised for liabilities of uncertain timing or amount when the Group or the Company has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. 如果含有經濟效益的資源外流的可能性較低, 或是無法對有關數額作出可靠的估計, 便會將該義務披露為或然負債, 但資源外流的可能性極低則除外 如果本集團的義務須視乎某宗或多宗未來事件是否發生才能確定是否存在, 亦會披露為或有負債, 但資源外流的可能性極低則除外 (r) Revenue recognition (r) 收入確認 Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows: 收入是以已收取或可收取報酬的公允價值計算 倘若含有經濟效益的資源可能流入本集團, 而收入及成本 ( 如適用 ) 能夠作出可靠的計量時, 有關收入將按以下方式在收益表內確認 : (i) Sale of goods (i) 銷貨收入 Revenue is recognised when goods are delivered at the customers premises or picked up by customers for domestic sales and when goods are on board vessels for export sales which is taken to be the point in time when the customer has accepted the goods and the related risks and rewards of ownership. Revenue excludes value added tax and consumption tax and is after deduction of any trade discounts and returns. 銷貨收入在本地銷售而言乃於貨品被送到顧客的經營場所或被提取, 在出口銷售而言乃於貨品己被裝船, 即顧客接受貨品及有關風險後予以入賬 銷貨收入不包括增值稅及商品稅, 並且扣除所有貿易折扣及退回 78

80 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (r) (ii) Revenue recognition (Continued) Interest income Interest income is recognised as it accrues using the effective interest method. 1 ( 續 ) (r) 收入確認 ( 續 ) (ii) 利息收入利息收入乃按實際利率法計算 (iii) Rental income from operating leases (iii) 經營租賃而應收之租金收入 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. 根據經營租賃而應收之租金收入, 乃以等額於租約所涵蓋之會計期間確認 授出租賃激勵措施乃作為所收的整體淨租賃款額的一部分在損益中確認 (s) Translation of foreign currencies (s) 外幣兌換 (i) Functional and presentation currency (i) 功能貨幣及呈報貨幣 Items included in the financial statements of each of the Group s subsidiaries are measured using the currency of the primary economic environment in which the entity operates ( the functional currency ). The consolidated financial statements are presented in Hong Kong dollars, which is the Company s functional and presentation currency. 本集團各附屬公司之財務報表所包括之項目, 乃按該附屬公司經營所在之主要經濟環境之貨幣 ( 功能貨幣 ) 計量 綜合財務報表以港元呈列, 而港元為本公司之功能及呈報貨幣 (ii) 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. (ii) 年內以外幣進行之交易, 均以交易日之外幣匯率換算 以外幣結算之貨幣資產及負債, 則以結算日之外幣匯率換算 匯兌損益乃計入損益中 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. 以外幣按歷史成本計價的非貨幣資產及負債用交易日的外幣匯兌率進行折算 The results of operations outside Hong Kong are translated into Hong Kong dollars at the foreign exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items 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 fluctuation reserve. 香港以外業務的業績乃按與交易日的匯率相若的匯率換算為港幣 財務狀況表的項目按結算日的匯率換算為港幣 所產生的匯兌差額直接在權益個別部份內確認 On disposal of an operation outside Hong Kong, the cumulative amount of the exchange differences relating to that operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognised. 當出售香港以外業務時, 與該業務有關而確認於盈利或虧損時的累計匯兌差額會從權益改列為盈利或虧損 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. 貨幣項目產生的外幣匯兌損益 ( 實則屬於香港以外投資的一部份 ) 與相關之稅項應於合併時重新分類並由損益撥入股東權益 79

81 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 1 Significant accounting policies (Continued) (t) 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. 1 ( 續 ) (t) 借貸成本 因收購 建造或生產合資格資產 ( 即必須耗用一段頗長時間方可作擬定用途或銷售之資產 ) 而直接應佔之借貸成本均撥作該等資產之部份成本 其他借貸成本均在產生的期間列作開支 (u) Related parties (u) 關連人士 (i) A person, or a close member of that person s family, is related to the Group if that person: (i) 個別人士, 或其直系親屬的成員被認為是本集團關連人士, 倘若該個別人士 : (1) has control or joint control over the Group; (1) 控制或共同控制本集團 ; (2) has significant influence over the Group; or (2) 對本集團有重大影響力 ; 或 (3) is a member of the key management personnel of the Group or the Group s parent. (3) 為本集團或本集團母公司主要管理人員成員之一 (ii) An entity is related to the Group if any of the following conditions applies: (ii) 一個實體如符合任何下列條件, 則被認為是本集團關連人士 : (1) 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). (1) 該實體和本集團是同一集團的成員 ( 這意味著每間母公司, 附屬公司及同系附屬公司是關連的 ) (2) 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). (2) 一個實體是另一實體的聯營公司或合資企業 ( 或一個實體為某一集團成員的聯營公司或合資企業, 而另一實體為同一集團之成員 ) (3) Both entities are joint ventures of the same third party. (3) 兩個實體同為第三方的合資企業 (4) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (4) 一個實體是第三個實體的合資企業, 而另一個實體為第三個實體的聯營公司 (5) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (5) 該實體乃指提供予本集團或與本集團有關連人士的實體的僱員離職後福利計劃 (6) The entity is controlled or jointly controlled by a person identified in (i). (6) 該實體受上文 (i) 所指的人士控制或共同控制 (7) A person identified in (i)(1) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (7) 上文 (i)(1) 所指的個別人士對該實體有重大影響力或為該實體 ( 或該實體母公司 ) 主要管理人員成員之一 (8) The entity or any member of a group of which it is a part provides key management personnel services to the Group or to the Group s parent. (8) 向本集團或本集團母公司提供主要管理成員服務之實體或其所屬集團之任何成員公司 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. 個別人士的直系親屬成員乃指該親屬成員在與整體交易時可能影響或被影響的親屬成員 80

82 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 1 Significant accounting policies (Continued) (v) 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 geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. 2 Accounting judgements and estimates Note 20 contains information about the assumptions and their risk factors relating to the retirement benefit liabilities. Other key sources of estimation uncertainty are as follows: 1 ( 續 ) (v) 分部資料呈報 經營分部及於財務報表內呈報的各分部項目金額自定期提供予本集團最高行政管理人員就資源分配及評估本集團的業務及按資產所在地分類之地理位置的表現的財務資料中識別出來 就財務呈報而言, 除非分部具備相似的經濟特徵及在產品及服務性質 生產工序性質 客戶類型或類別 用作分配產品或提供服務的方法及監管環境的性質方面相似, 否則各個重大經營分部不會進行合算 個別非重大的經營分部, 如果符合上述大部分標準, 則可進行合算 2 除於附註 20 載有有關退休福利負債之假設外, 以下關鍵會計政策亦涉及重大判斷及估計 : (a) Impairment of non-current assets (a) 非流動資產之減值倘有情況顯示該等資產可能無法收回, 資產可被視為 已減值, 並可按照香港會計準則第 36 號 資產減值 確認減值虧損 根據香港會計準則第 36 號, 該等資產於事件或情況變化顯示其記錄之賬面值可能無法收回時, 即須進行減值測試 於出現有關減幅時, 賬面值須削減至可收回金額 可收回金額為淨出售價與使用價值兩者的較高者 於釐定淨出售價時, 管理層會參考相類資產的可觀察市場價格 本集團運用所有可用資料以確定可收回金額的合理概算 然而, 實際市場價格可能有別於假設, 並可能須對受影響資產的賬面值作出重大調整 非流動資產的性質和賬面值詳情分別於附註 11 及 12 中披露 If the circumstances indicate that the carrying values of these assets 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 value in use. In determining the fair value less costs of disposal, management refer to the observable market prices for similar assets. 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 the volume of future sales, future selling prices and the expected amount of future operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of the recoverable amount. However, actual sales volume, selling prices, operating costs and market prices may be different from assumptions which may result in a material adjustment to the carrying amount of the assets affected. Details of the nature and carrying amounts of non-current assets are disclosed in notes 11 and 12 respectively. (b) Depreciation or amortisation of non-current assets (b) 非流動資產之折舊或攤銷物業 機器及設備, 投資物業及租賃土地權益 ( 見附註 11) 於計及其估值剩餘價值 ( 如有 ) 後, 在其估計可使用年限按直線法折舊 本集團定期對資產的估計可使用年限及估計剩餘價值 ( 如有 ) 作出檢討, 以釐定於報告期內所須記錄的折舊或攤銷開支 可使用年限及剩餘價值乃根據本集團對類似資產的過往經驗及考慮到技術的預期變動而作出 倘與過往估計有重大改變, 未來期間的折舊開支須予調整 Property, plant and equipment, investment properties and leasehold land (see note 11) are depreciated or amortised on a straight-line basis over their estimated useful lives, after taking into account the estimated residual values, if any. The Group reviews the estimated useful lives and the estimated residual values, if any, of the assets regularly in order to determine the amount of depreciation or amortisation expense to be recorded during any reporting period. The useful lives and residual values are based on the Group s historical experience with similar assets and taking into account anticipated technological changes. The depreciation or amortisation expense for future periods is adjusted if there are significant changes from previous estimates. 81

83 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 2 Accounting judgements and estimates (Continued) (c) Impairment loss for doubtful debts The Group maintains an allowance for doubtful debts for estimated losses resulting from the inability of debtors to make required payments. The Group bases the estimates of future cash flows on the ageing of the trade receivable balance as disclosed in note 15, debtors credit-worthiness and historical write-off experience. If the financial condition of debtors were to deteriorate, actual write-offs would be higher than estimated. 2 ( 續 ) (c) 呆壞賬減值虧損 本集團就債務人由於無法作出所須付款而導致的估計虧損計提呆壞賬的減值虧損 本集團按照披露於附註 15 中的應收貿易賬款結餘之賬齡 債務人的信譽及過往撇賬經驗對未來現金流量作出估計 倘債務人的財政狀況惡化, 實際撇賬額可能高於估計數字 (d) Useful lives of intangible assets (d) 無形資產之可使用年期 Intangible assets (see note 12) are not amortised as their useful lives are assessed to be indefinite. The 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. The Group may need to amortise intangible assets in future periods or recognise impairment losses for intangible assets if events and circumstances indicate that the useful life is no longer indefinite. 無形資產 ( 見附註 12) 並不會作攤銷, 這是因為無形資產之可使用年期是定為不確定 基於以上原因, 無形資產的可使用年期會於每年審閱以確定這些環境是否能繼續支持無形資產的使用年期為不確定 如果在未來期間環境表明可使用年期為確定, 本集團可能會對無形資產作出攤銷或確認減值虧損 (e) Deferred tax assets (e) 遞延稅項資產 Deferred tax assets are recognised for tax losses not yet used and temporary deductible differences. As those deferred tax assets can only be recognised to the extent that it is probable that future taxable profits will be available against which the unused tax credits can be utilised, management s judgement is required to assess the probability of being able to generate 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 21. 遞延稅項資產乃就未動用之稅項虧損及暫時扣減差額確認 由於該等遞延稅項資產的確認僅限於未來應課稅盈利將可用作抵銷未動用而可動用的稅收抵免, 管理層須評估未來應課稅盈利之可能性 管理層對相關評估作出定期審閱, 倘未來應課稅盈利將允許收回遞延稅項資產, 則會確認額外遞延稅項資產 遞延稅項資產的性質和賬面值詳情於附註 21 中披露 3 Revenue and segment reporting (a) Revenue The principal activities of the Group are the manufacture and distribution of bottled, canned and draught beers. Revenue represents the invoiced value of products sold, net of discounts, returns, value added tax and consumption tax. 3 (a) 收入 本集團之主要業務為製造及分銷樽裝 罐裝及桶裝啤酒 收入指所出售產品之發票總值扣除折扣, 退回, 增值稅及商品稅 (b) Segment reporting (b) 分部資料呈報本集團按地區管理其業務 為與內部呈報資料給本集團最高層行政管理人員以便分配資源及評估表現貫徹一致, 本集團已呈報下列兩個須予呈報分部 : The Group manages its businesses by geography. In a manner consistent with the way in which information is reported internally to the Group s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following two reportable segments: The Hong Kong operations mainly comprise the manufacture and distribution of own brewed beer products and distribution of imported beer products in Hong Kong and overseas. 香港業務主要包括在香港及海外分銷自身釀製之啤酒產品和分銷進口之啤酒產品 The Mainland China operations mainly comprise the manufacture and distribution of own brewed beer products in the southern part of the People s Republic of China ( PRC ) and overseas. 中國內地業務主要包括在中華人民共和國 ( 中國 ) 南部及海外分銷自身釀製之啤酒產品 All of the Group s revenue is generated from the manufacture and distribution of bottled, canned and draught beers. 本集團之收入全部來自製造及分銷樽裝 罐裝及桶裝啤酒 82

84 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 3 Revenue and segment reporting (Continued) (b) (i) Segment reporting (Continued) Segment results, assets and liabilities For the purposes of assessing segment performance and allocating resources between segments, the Group s senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases: Segment assets include all tangible assets, intangible assets and current assets. Segment liabilities include trade creditors and accruals attributable to the manufacture and distribution activities of the individual segments, bank loan and retirement benefit liabilities managed directly by the segment and other current liabilities with the exception of deferred tax liabilities. The measure used for reportable segment profit or loss is profit or loss before taxation. Taxation is not allocated to reportable segments. Intersegment sales are priced at cost plus a profit margin. The accounting policies of the reportable segments are the same as the Group s accounting policies described in note 1. 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 31 December 2015 and 2014 is set out below: 3 ( 續 ) (b) 分部資料呈報 ( 續 ) (i) 分部業績 資產及負債 就評價分部表現及分配分部資源, 本集團之高層行政管理人員乃按以下基礎監察各須予呈報分部應佔之業績 資產及負債 : 分部資產包括所有有形資產 無形資產及流動資產 分部負債包括各分部製造及分銷活動應佔的應付貿易賬項及計提費用 分部直接管理的銀行貸款及退休福利負債以及其他流動負債, 惟遞延稅項負債除外 計算須予呈報盈利或虧損所採用之方法為稅前盈利或虧損 所得稅並沒有被分配至須予呈報分部 分部之間的銷售是以成本加邊際利潤作定價 分部資料呈報之會計政策與本集團之會計政策 ( 於附註 1 所述 ) 一致 截至二零一五年及二零一四年十二月三十一日止, 有關提供予本集團最高層行政管理人員以分配資源及評價分部表現之資料載列如下 : Hong Kong Mainland China total 香港 中國內地 總數 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Revenue from external customers 外界客戶收入 392, , , , , ,640 Inter-segment revenue 分部間收入 Reportable segment revenue 須予呈報分部收入 392, , , , , ,899 Reportable segment (loss)/profit 須予呈報分部經營 from operations ( 虧損 ) 盈利 (25,463) 29,982 9,410 7,245 (16,053) 37,227 Interest income from bank deposits 銀行存款利息收入 693 1, ,522 Interest expense on loans 貸款利息開支 (4,373) (4,253) (4,373) (4,253) Depreciation and amortisation 年內折舊及攤銷 for the year (23,693) (23,404) (2,799) (2,175) (26,492) (25,579) (Provision for)/reversal of 在損益確認應收貿易及 impairment losses recognised in 其他賬項之 ( 減值虧損 profit or loss in respect of 撥備 ) 減值虧損撥回 trade and other receivables (301) (409) 5 9 (296) (400) Reportable segment assets 須予呈報分部資產 1,179,474 1,220,424 81,479 68,843 1,260,953 1,289,267 Additions to non-current segment 年內非流動分部資產增加 assets during the year 2,435 9,794 2,558 1,497 4,993 11,291 Reportable segment liabilities 須予呈報分部負債 270, , , , , ,831 83

85 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (ii) Reconciliation of reportable segment revenue, profit or loss, assets and liabilities 3 ( 續 ) (b) 分部資料呈報 ( 續 ) (ii) 須予呈報分部收入 損益 資產及負債之對帳 二零一五年 二零一四年 $ 000 $ 000 Revenue 收入 Reportable segment revenue 須予呈報分部收入 569, ,899 Elimination of inter-segment revenue 分部之間收入撤銷 (303) (259) Consolidated revenue 綜合收入 569, ,640 (Loss)/profit ( 虧損 ) 盈利 Reportable segment (loss)/profit from operations 須予呈報分部經營 ( 虧損 ) 盈利 (16,053) 37,227 Elimination of inter-segment (losses)/profits 分部之間 ( 虧損 ) 盈利撤銷 Reportable segment (loss)/profit derived 來自外界客戶之須予呈報 from Group s external customers 分部 ( 虧損 ) 盈利及 and consolidated (loss)/profit before taxation 綜合除稅前 ( 虧損 ) 盈利 (16,053) 37,227 Assets 資產 Reportable segment assets 須予呈報分部資產 1,260,953 1,289,267 Elimination of inter-segment receivables 分部之間應收賬項撤銷 (381,187) (380,924) Consolidated total assets 綜合總資產 879, ,343 Liabilities 負債 Reportable segment liabilities 須予呈報分部負債 713, ,831 Elimination of inter-segment payables 分部之間應付賬項撤銷 (381,187) (380,924) 332, ,907 Deferred tax liabilities 遞延稅項負債 2,243 2,487 Consolidated total liabilities 綜合總負債 334, ,394 84

86 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 3 Revenue and segment reporting (Continued) (b) (iii) Segment reporting (Continued) Geographic information The following table sets out information about the geographic location of (i) the Group s revenue from external customers and (ii) the Group s noncurrent assets ( specified non-current assets ). The geographic location of customers is based on the country of establishment of each customer. The geographic location of the specified non current assets is based on the physical location of the assets, in the case of property, plant and equipment, investment properties and leasehold land, and the location of the operation to which they are allocated, in the case of intangible assets. 3 ( 續 ) (b) 分部資料呈報 ( 續 ) (iii) 地區資料 下表載列有關 (i) 本集團外界客戶收入及 (ii) 本集團非流動資產 ( 指定非流動資產 ) 之地理位置資料 客戶之地理位置是根據每名客戶成立地點所在國家而定 指定非流動資產之地理位置是根據資產之實際位置 ( 倘屬物業 機器及設備 投資物業及租賃土地權益 ) 及獲劃撥有關資產之營運地點 ( 倘屬無形資產 ) 而定 Revenue from Specified external customers non-current assets 外界客戶收入 指定非流動資產 二零一五年 二零一四年 二零一五年 二零一四年 $ 000 $ 000 $ 000 $ 000 Hong Kong (place of domicile) 香港 ( 成立地點 ) 297, , , ,271 Mainland China 中國內地 86, ,531 27,538 30,225 Philippines 菲律賓 178, ,236 Others 其他國家 7,122 15, , ,157 27,538 30, , , , ,496 (c) Major customers (c) 主要客戶 In 2015, the revenue from the Group s largest customer which was served both by the Hong Kong segment and the Mainland China segment amounted to $180,556,000 or 32% of the Group s total revenue (2014: $164,791,000 or 23%). The revenue from the Group s five largest customers amounted to 60% (2014: 45%) of the Group s total revenue. 於二零一五年, 來自本集團香港及中國內地業務之最大客戶的收入為 180,556,000 元或佔本集團總收入 32%( 二零一四年 : 164,791,000 元或 23%) 來自本集團首五大客戶的收入佔本集團的總收入的 60%( 二零一四年 :45%) Details of concentration of credit risk arising from these customers are set out in note 23(a). 來自該等客戶之詳細信貸風險載於附註 23(a) 4 Other net income 二零一五年 二零一四年 $ 000 $ 000 Interest income from bank deposits 銀行存款之利息收入 887 1,522 Rental income from investment properties 投資物業的租金收入 10,759 8,409 Advertising and promotion subsidy (note 25(a)) 廣告及市場推廣補貼 ( 附註 25(a)) 24,895 26,564 Net gain on disposal of non-current assets 出售非流動資產之淨盈利 2,351 1,415 Net foreign exchange gains 匯兌淨盈利 Compensation income received 前客戶之賠償收入 from a former customer 14,301 Others 其他 446 3,041 39,837 55,358 85

87 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 5 (Loss)/profit before taxation (Loss)/profit before taxation is arrived at after charging/ (crediting): 5 除稅前 ( 虧損 ) 盈利已扣除 ( 計入 ) 下列項目 : 二零一五年 二零一四年 $ 000 $ 000 (a) Finance costs (a) 財務費用 Interest expense on loan from 中介控股公司 an intermediate holding company 貸款利息支出 4,373 4,253 Bank charges 銀行費用 (b) Staff costs (b) 員工薪酬 4,498 4,408 Retirement costs 退休金成本 Defined contribution retirement plans 定額供款退休計劃 5,444 6,639 Defined benefit retirement plan 定額福利退休計劃 (note 20(a)(v)) ( 附註 20(a)(v)) 5,613 5,452 11,057 12,091 Salaries, wages and other benefits 薪金 工資及其他福利 118, ,888 (c) Other items (c) 其他項目 129, ,979 Amortisation 攤銷 Land lease premium (note 11(a)) 租賃土地款項 ( 附註 11(a)) 2,588 2,599 Depreciation (note 11(a)) 折舊 ( 附註 11(a)) Property, plant and equipment 物業, 機器及設備 20,548 20,258 Investment properties 投資物業 3,356 2,722 Cost of inventories (note 14) 存貨成本 ( 附註 14) 329, ,586 Operating lease charges: 經營租賃費用 : minimum lease payments 最低租賃付款 Land and buildings 土地及房產 1,544 1,616 Other assets 其他資產 Rental receivable 投資物業之租金收入 from investment properties 扣除直接費用 5,559,000 元 less direct outgoings of $5,559,000 ( 二零一四年 :4,210,000 元 ) (2014: $4,210,000) (5,200) (4,199) Auditors remuneration 核數師酬金 Provision for the year 本年度撥備 3,436 3,364 Under/(over)-provision in respect 上年度撥備不足 ( 超額 ) of the prior year 308 (65) Impairment losses for trade and 應收貿易及其他賬款 other receivables (note 15(b)) 之減值虧損 ( 附註 15(b))

88 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 6 Income tax (a) Taxation in the consolidated income statement represents: 6 (a) 綜合收益表之所得稅指 : 二零一五年 二零一四年 $ 000 $ 000 Current tax Outside Hong Kong 本期稅項 香港以外 Provision for the year 本年度撥備 (62) Deferred tax (note 21) 遞延稅項 ( 附註 21) Origination and reversal of temporary differences 暫時差額之出現及撥回 (856) (171) Income tax 所得稅 (856) (233) The statutory tax rate applicable to the Company and other Hong Kong subsidiaries was 16.5% (2014: 16.5%). No provision for Hong Kong Profits Tax has been made for the Company and other Hong Kong subsidiaries either because the accumulated tax losses brought forward exceed the estimated assessable profits for the year or the entities sustained losses for taxation purposes. 本公司及其他香港附屬公司的法定稅率為 16.5%( 二零一四年 :16.5%) 本公司及其他香港附屬公司由於承前累計稅項虧損超逾本年度估計應課稅盈利或錄得稅務虧損, 故無就香港利得稅作出撥備 The statutory tax rate applicable to the subsidiaries established in the PRC was 25% (2014: 25%). No provision for current taxation has been made for the subsidiaries established in the PRC because the entities sustained losses for taxation purposes. 於中國成立的附屬公司的法定稅率為 25%( 二零一四年 :25%) 於中國成立的附屬公司由於錄得稅務虧損, 故並無就本年度稅項作出撥備 Provision for current tax outside Hong Kong for 2014 represented a withholding tax levied at 10% on interest income earned in the PRC by a subsidiary which is a non-prc resident according to the relevant rules and regulations of the PRC. 二零一四年度香港以外本期稅項撥備指一間非中國企業居民的附屬公司, 根據中國有關規則和法例為其於中國所賺得的利息收入預提的 10% 預提所得稅 (b) Reconciliation between income tax charge and accounting (loss)/profit at applicable tax rates: (b) 所得稅支出與會計 ( 虧損 ) 盈利之調節 : 二零一五年 二零一四年 $ 000 $ 000 (Loss)/profit before taxation 除稅前 ( 虧損 ) 盈利 (16,053) 37,227 Notional tax on (loss)/profit before taxation 按有關稅項司法權區之適用稅率 calculated at the rates applicable to 就除稅前 ( 虧損 ) 盈利計算 the tax jurisdictions concerned 之估計稅項 (1,867) 6,809 Tax effect of non-deductible expenses 不可扣除開支之稅項影響 1,722 2,529 Tax effect of non-taxable revenue 非課稅收入之稅項影響 (114) (207) Tax effect of contributions to retirement benefit plans 退休福利計劃供款之稅項影響 (471) (146) Tax effect of tax losses and temporary differences 未確認遞延稅項之稅項虧損 not recognised for deferred tax purposes 及暫時性差異之稅項影響 19,564 Tax effect of utilisation of tax losses and 應用先前未確認的稅務虧損 temporary differences previously unrecognised 及暫時性差異之稅項影響 (17,978) (8,752) Actual tax charge 所得稅支出

89 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 7 Directors remuneration Directors remuneration 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 is as follows: 7 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 部之規定而披露之董事酬金如下 : 2015 二零一五年 Salaries, allowances and Retirement Directors benefits Discretionary scheme fees in kind bonuses contributions total 袍金 薪金及津貼 酌情花紅 退休金供款 合計 $ 000 $ 000 $ 000 $ 000 $ 000 executive director 執行董事 Ramon G. Torralba 杜華博 2,914 2,914 Non-executive directors 非執行董事 Ramon S. Ang 蔡啓文 Carlos Antonio M. Berba 凱顧思 Chan Wen Mee, May (Michelle) 陳雲美 Teruyuki Daino 代野照幸 Roberto N. Huang 黃思民 Takeshi Wada 和田猛 Takashi Hayashi 林隆史 Independent non-executive directors 獨立非執行董事 David K.P. Li 李國寶 W.S. Ng 吳維新 Carmelo L. Santiago 施雅高 Reynato S. Puno Reynato S. Puno Cheng Chuk Man William 鄭則民 (appointed on 18 April 2015) ( 於二零一五年四月十八日獲委任 ) Adrian M. K. Li 李民橋 (resigned on 17 April 2015) ( 於二零一五年四月十七日辭任 ) 2,914 2,914 The executive director waived his entitlement to his director s fees. All of the non-executive directors and independent non-executive directors waived their entitlements to all their emoluments. 執行董事已放棄其袍金 所有非執行董事及獨立非執行董事已放棄其所有酬金 88

90 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 7 Directors remuneration (Continued) 7 ( 續 ) 2014 二零一四年 Salaries, allowances and Retirement Directors benefits Discretionary scheme fees in kind bonuses contributions Total 袍金 薪金及津貼 酌情花紅 退休金供款 合計 $ 000 $ 000 $ 000 $ 000 $ 000 executive director 執行董事 Ramon G. Torralba 杜華博 2,832 2,832 Non-executive directors 非執行董事 Ramon S. Ang 蔡啓文 Carlos Antonio M. Berba 凱顧思 Chan Wen Mee, May (Michelle) 陳雲美 Teruyuki Daino 代野照幸 Roberto N. Huang 黃思民 Takeshi Wada 和田猛 Takashi Hayashi 林隆史 ( 於二零一四年 (appointed on 25 April 2014) 四月二十五日獲委任 ) Shobu Nishitani 西谷尚武 ( 於二零一四年 (resigned on 25 April 2014) 四月二十五日辭任 ) Independent non-executive directors 獨立非執行董事 David K.P. Li 李國寶 W.S. Ng 吳維新 Carmelo L. Santiago 施雅高 Reynato S. Puno Reynato S. Puno Adrian M. K. Li 李民橋 2,832 2,832 The executive director waived his entitlement to his director s fees. All of the non-executive directors and independent non-executive directors waived their entitlements to all their emoluments. 執行董事已放棄其袍金 所有非執行董事及獨立非執行董事已放棄其所有酬金 89

91 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 8 Individuals with highest emoluments Of the five individuals with the highest emoluments, one (2014: one) is a director whose emoluments are included in note 7. The aggregate of the emoluments in respect of the remaining four (2014: four) individuals are as follows: 8 最高薪五名人員中, 一名 ( 二零一四年 : 一名 ) 為董事 ( 其酬金已於附註 7 披露 ) 其餘四名 ( 二零一四年 : 四名 ) 酬金最高之人員之酬金總額如下 : 二零一五年 二零一四年 $ 000 $ 000 Salaries and other emoluments 薪金及津貼 6,734 6,972 Retirement scheme contributions 退休金供款 ,609 7,822 The emoluments of the four (2014: four) individuals with the highest emoluments are within the following bands: 四名 ( 二零一四年 : 四名 ) 酬金最高之人員之酬金分析如下 : 二零一五年 二零一四年 Number of Number of individuals individuals 人員數目 人員數目 $1,500,001 to $2,000,000 1,500,001 元至 2,000,000 元 2 2 $2,000,001 to $2,500,000 2,000,001 元至 2,500,000 元

92 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 9 Other comprehensive income Tax effects relating to each component of other comprehensive income 9 其他全面收益各部分的稅項影響 二零一五年 二零一四年 Before-tax Tax Net-of-tax Before-tax Tax Net-of-tax amount effect amount amount effect amount 除稅前金額 稅項影響 除稅後金額 除稅前金額 稅項影響 除稅後金額 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 (note 21(a)) (note 21(a)) ( 附註 21(a)) ( 附註 21(a)) Exchange differences on 匯兌差額 : translation of: financial statements of 換算海外附屬公司 subsidiaries outside 財務報表所產生 Hong Kong 之匯兌差額 22,077 22,077 1,282 1,282 monetary items that form 換算組成集團於附屬公司 part of the net investment in 之投資的貨幣項目所產生 subsidiaries outside Hong Kong 之匯兌差額 (22,499) (22,499) (1,230) (1,230) (422) (422) Actuarial gains and losses of 定額福利退休計劃 defined benefit retirement plan 之精算盈利及虧損 (note 20(a)(v)) ( 附註 20(a)(v)) (6,996) 1,100 (5,896) (2,139) 622 (1,517) Other comprehensive income 其他全面收益 (7,418) 1,100 (6,318) (2,087) 622 (1,465) 10 (Loss)/earnings per share (a) Basic (loss)/earnings per share The calculation of basic (loss)/earnings per share is based on the loss attributable to equity shareholders of the Company of $16,074,000 (2014: profit of $35,323,000) and on 373,570,560 (2014: 373,570,560) ordinary shares, being the number of ordinary shares in issue throughout the year. 10 (a) 每股基本 ( 虧損 ) 盈利 每股基本 ( 虧損 ) 盈利乃根據本公司權益持有人應佔 ( 虧損 ) 共 16,074,000 元 ( 二零一四年 : 公司權益持有人應佔盈利 35,323,000 元 ) 及本年度內已發行之 373,570,560 股普通股 ( 二零一四年 :373,570,560 股普通股 ) 計算 (b) Diluted (loss)/earnings per share (b) 攤薄之每股 ( 虧損 ) 盈利 Diluted (loss)/earnings per share is not presented as the Company did not have dilutive potential ordinary shares for both years presented. 攤薄之每股 ( 虧損 ) 盈利並未予列出, 因本公司並沒有具攤薄性的潛在普通股存在 91

93 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 11 Property, plant and equipment, investment properties and leasehold land (a) Reconciliation of carrying amount 11 (a) 賬面值對賬 property, plant and equipment Interests in 物業, 機器及設備 leasehold land Land and Machinery, held for own buildings equipment, use under held for furniture Motor Construction Investment operating own use and fixtures vehicles in progress Sub-total properties leases Total 在經營租賃下 自用土地 機器 設備 自用而持有的 及房產 傢俬及裝備 車輛 在建工程 合計 投資物業租賃土地權益 總計 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Cost: 成本 : At 1 January 2014 於二零一四年一月一日 1,026,080 1,709,078 10, ,746, , ,173 2,992,248 Exchange adjustments 匯兌調整 (1,525) (2,559) (45) (1) (4,130) (176) (4,306) Additions 添置 3,217 6,855 1,103 11, ,291 Transfer from construction in progress 轉撥自在建工程 (1,265) Disposals 出售 (3,974) (4,362) (8,336) (8,336) At 31 December 2014 於二零一四年十二月三十一日 1,028,097 1,710,340 6, ,745, , ,997 2,990,897 Accumulated amortisation, 累計攤銷 折舊及減值虧損 : depreciation and impairment losses: At 1 January 2014 於二零一四年一月一日 633,431 1,640,474 10, ,284,990 36,413 34,952 2,356,355 Exchange adjustments 匯兌調整 (1,525) (2,559) (45) (1) (4,130) (63) (4,193) Charge for the year (note 5(c)) 年內開支 ( 附註 5(c)) 12,705 7, ,258 2,722 2,599 25,579 Transfer from construction in progress 轉撥自在建工程 162 (162) Written back on disposals 出售撥回 (3,791) (4,362) (8,153) (8,153) At 31 December 2014 於二零一四年十二月三十一日 644,611 1,641,789 6, ,292,965 39,135 37,488 2,369,588 Net book value: 賬面淨值 : At 31 December 2014 於二零一四年十二月三十一日 383,486 68, ,050 82,750 86, ,309 Cost: 成本 : At 1 January 2015 於二零一五年一月一日 1,028,097 1,710,340 6, ,745, , ,997 2,990,897 Exchange adjustments 匯兌調整 (26,608) (44,525) (212) (3) (71,348) (3,072) (74,420) Additions 添置 87 3, ,688 4,993 4,993 Transfer from construction in progress 轉撥自在建工程 25 1, (1,861) Transfer from land and buildings held 轉撥自自用土地及房產 for own use (28,078) (28,078) 28,078 Disposals 出售 (5,166) (5,166) (5,166) At 31 December 2015 於二零一五年十二月三十一日 973,523 1,665,423 6,470 2,645, , ,925 2,916,304 Accumulated amortisation, 累計攤銷 折舊及減值虧損 : depreciation and impairment losses: At 1 January 2015 於二零一五年一月一日 644,611 1,641,789 6, ,292,965 39,135 37,488 2,369,588 Exchange adjustments 匯兌調整 (26,608) (44,525) (212) (3) (71,348) (1,253) (72,601) Charge for the year (note 5(c)) 年內開支 ( 附註 5(c)) 12,061 8, ,548 3,356 2,588 26,492 Transfer from construction in progress 轉撥自在建工程 173 (173) Transfer from land and buildings held 轉撥自自用土地及房產 for own use (9,015) (9,015) 9,015 Written back on disposals 出售撥回 (4,556) (4,556) (4,556) At 31 December 2015 於二零一五年十二月三十一日 621,049 1,601,143 6,402 2,228,594 51,506 38,823 2,318,923 Net book value: 賬面淨值 : At 31 December 2015 於二零一五年十二月三十一日 352,474 64, ,822 98,457 82, ,381 92

94 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 11 Property, plant and equipment, investment properties and leasehold land (Continued) (b) The analysis of net book value of properties is as follows: 11 ( 續 ) (b) 物業賬面淨值之分析如下 : 二零一五年 二零一四年 $ 000 $ 000 Medium term leases 中期租賃 in Hong Kong 香港 505, ,927 outside Hong Kong 香港以外 27,155 29,818 Representing: 分析如下 : 533, ,745 Land and buildings held 自用土地及房產 for own use 352, ,486 Investment properties 投資物業 98,457 82,750 Interests in leasehold land held 在經營租賃下自用而持有 for own use under 的租賃土地權益 operating leases 82,102 86, , ,745 (c) Assets leased out under operating leases (c) 經營租賃下之固定資產 The Group leases out investment properties which are located at Nos Shing Wan Road, Tai Wai, Shatin, Hong Kong under operating leases. The leases typically run for an initial period of two to three years, with an option to renew each lease upon expiry at which time all terms are renegotiated. None of the leases includes contingent rentals. 本集團根據經營租賃將位於香港沙田大圍成運路 9-11 號之投資物業出租 租約年期一般為二至三年, 可選擇於到期日後續訂租約, 屆時將重新商討所有條款 有關租約概不包括或然租金 The Group s total future minimum lease payments under non-cancellable operating leases are receivable as follows: 本集團根據不可撇銷經營租賃而應收之未來租賃款項如下 : 二零一五年 二零一四年 $ 000 $ 000 Investment properties 投資物業 Within 1 year 一年內 16,738 5,911 After 1 year but within 5 years 一年後及五年內 15,950 3,537 32,688 9,448 93

95 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 11 Property, plant and equipment, investment properties and leasehold land (Continued) 11 ( 續 ) (d) The fair value of the investment properties at 31 December 2015 is $396,460,000 (2014: $285,910,000), which is based on a valuation using the investment approach which considers the capitalisation of net rental income receivable from existing tenancies and the reversionary value of the property after tenancies expire by reference to market sales transactions. The valuation was carried out by an independent firm of surveyors, LCH (Asia-Pacific) Surveyors Limited, who have among their staff Members of the Hong Kong Institute of Surveyors with valuation experience in the location and category of the property being valued. (d) 投資物業於二零一五年十二月三十一日之公允值為 396,460,000 元 ( 二零一四年 : 285,910,000 元 ), 以投資法進行估值, 根據租金收入轉換為資本值並計及該等物業交吉情況出售 ( 參考自市場上同類型交易 ) 之收入 估值乃由獨立測量師行利駿行測量師有限公司進行, 其職員包括香港測量師學會的專業會員, 在所估值房產的地區及類別具有估值經驗 The fair value measurements are categorised as Level 3 valuations 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 the observability and significance of the inputs used in the valuation technique as follows: 公允值計量根據香港財務報告準則第 13 號 公允價值計量 所定義之三級公允價值架構獲分類為第三級估值 將公允價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 第二級估值 : 使用第二級輸入數據 ( 即未能達到第一級之可觀察輸入數據 ) 且並未使用重大不可觀察輸入數據計量之公允值 不可觀察輸入數據為無市場數據之輸入數據 Level 3 valuations: Fair value measured using significant unobservable inputs 第三級估值 : 採用重大不可觀察數據計量之公允值 The significant unobservable input in the fair value measurement is the discount rate, which ranged from 2.9% to 3.9% (2014: 2.9% to 3.4%). 計算公允值所採用之重大不可觀察數據為折現率, 範圍為 2.9% 至 3.9%( 二零一四年 : 為 2.9% 至 3.4%) 94

96 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 12 Intangible assets 12 Club Trademarks debentures Total 商標 會所債權證 合計 $ 000 $ 000 $ 000 Cost: 成本 : At 1 January 2014 於二零一四年一月一日 39,116 5,475 44,591 Exchange adjustments 匯兌調整 (2) (2) At 31 December 2014 於二零一四年十二月三十一日 39,116 5,473 44,589 Accumulated impairment 累計減值虧損 : losses: At 1 January 2014 於二零一四年一月一日 39, ,403 Exchange adjustments 匯兌調整 (1) (1) At 31 December 2014 於二零一四年十二月三十一日 39, ,402 Net book value: 賬面淨值 : At 31 December 2014 於二零一四年十二月三十一日 5,187 5,187 Cost: 成本 : At 1 January 2015 於二零一五年一月一日 39,116 5,473 44,589 Exchange adjustments 匯兌調整 (41) (41) At 31 December 2015 於二零一五年十二月三十一日 39,116 5,432 44,548 Accumulated impairment 累計減值虧損 : losses: At 1 January 2015 於二零一五年一月一日 39, ,402 Exchange adjustments 匯兌調整 (17) (17) At 31 December 2015 於二零一五年十二月三十一日 39, ,385 Net book value: 賬面淨值 : At 31 December 2015 於二零一五年十二月三十一日 5,163 5,163 95

97 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 13 Investments in subsidiaries The following list contains the particulars of all the subsidiaries of the Company: 13 下表載列本公司所有附屬公司項目 : proportion of place of Issued share ownership incorporation/ capital/registered interest held by principal Name of company operation capital Company Subsidiary activity 註冊成立 已發行股本 所持股權百分比 公司名稱 經營地點 註冊資本 本公司 附屬公司 主要業務 Best Investments British Virgin 50, % Investment International Inc. Islands ordinary shares holding of US$1 each 英屬處女群島 50,000 股 投資控股 每股面值 1 美元之普通股 60,000, % preference shares of US$1 each 60,000,000 股每股面值 1 美元之優先股 Hongkong Brewery Hong Kong % Dormant Limited ( HKBL ) ordinary shares (note (i))( 附註 (i)) 香港 100 股 暫無營業 普通股 Ravelin Limited Hong Kong 10,000, % Property ordinary shares holding 香港 10,000,000 股 持有物業 普通股 San Miguel (Guangdong) Hong Kong 18, % Investment Limited class A shares holding 生力啤 ( 廣東 ) 有限公司 香港 18,000 股 投資控股 (A) 股 1, % class B shares 1,000 股 (B) 股 Guangzhou San Miguel PRC Registered capital: 70% Distribution Brewery Company US$36,507,000 of beer Limited ( GSMB ) (note (ii)) 廣州生力啤酒有限公司 中國 註冊資本 : 銷售啤酒 ( 廣州生力 )( 附註 (ii)) 36,507,000 美元 San Miguel Shunde Holdings Hong Kong 200,000 92% Investment Limited ordinary shares holding 香港 200,000 股 投資控股 普通股 San Miguel (Guangdong) PRC Registered capital: 100% Manufacture Brewery Company Limited US$39,933,000 and sale of ( SMGB ) (note (iii)) beer 生力 ( 廣東 ) 啤酒有限公司 中國 註冊資本 : 釀製及銷售啤酒 ( 生力廣東 )( 附註 (iii)) 39,933,000 美元 96

98 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 13 Investments in subsidiaries (Continued) Notes: 13 ( 續 ) 附註 : (i) HKBL has not traded since incorporation but it established a joint venture, Global Brews Hong Kong Limited, in Hong Kong on 18 March HKBL holds a 50% equity interest in this entity. As at the date of the approval of these financial statements, the joint venture has not commenced operations. (i) HKBL 自註冊成立以來, 一直沒有進行任何交易, 但於二零一一年三月十八日於香港成立了一間名為 Global Brews Hong Kong Limited 的合營公司 HKBL 持有該實體百分之五十股權 截至本財務報表批准之日, 該合營公司體尚未開始其業務 (ii) GSMB is an equity joint venture formed between the Company s subsidiary, San Miguel (Guangdong) Limited, and Guangzhou Brewery. According to the joint venture agreement, GSMB has an operating period of 30 years expiring on 29 November (ii) 廣州生力啤酒有限公司乃本公司之附屬公司生力啤 ( 廣東 ) 有限公司與廣州啤酒廠成立之合資合營公司 根據合資合營協議, 該公司之經營期為三十年, 於二零二零年十一月二十九日屆滿 (iii) SMGB is a wholly-foreign owned enterprise with an operating period of 50 years expiring on 4 August (iii) 生力 ( 廣東 ) 啤酒有限公司為全外資擁有企業, 擁有經營期五十年, 於二零四二年八月四日屆滿 The following table lists out the information relating to SMGB, the only subsidiary of the Group which has material non-controlling interests ( NCI ). The summarised financial information presented below represents the amounts before any inter-company elimination. 下表載列有關生力廣東之資料, 生力廣東是本集團唯一擁有重大非控股權益的附屬公司 下列提供的財務資料概要指任何公司間抵銷前之金額 二零一五年 二零一四年 $ 000 $ 000 NCI percentage 非控股權益百分比 8% 8% Current assets 流動資產 45,810 29,024 Non-current assets 非流動資產 29,463 32,155 Current liabilities 流動負債 (43,818) (61,137) Non-current liabilities 非流動負債 (393,167) (369,690) Net liabilities 負債淨值 (361,712) (369,648) Carrying amount of NCI 非控股權益賬面值 (28,937) (29,572) Revenue 收入 117,183 98,182 (Loss)/profit for the year 年度 ( 虧損 ) 盈利 (14,230) 1,349 Total comprehensive income 年度全面收益總額 (14,230) 1,349 (Loss)/profit allocated to NCI 分配至非控股權益 ( 虧損 ) 盈利 (1,138) 108 Cash generated from/(used in) operating activities 經營業務之現金流入 ( 流出 ) 12,255 (8,055) Cash used in investing activities 投資業務之現金流出 (1,891) (1,268) Cash used in financing activities 融資活動之現金流出 (34) (54) 97

99 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 14 Inventories 二零一五年 二零一四年 $ 000 $ 000 Products in hand and in process 現有產品及在製品 35,223 32,589 Materials and supplies 物料及供應 17,208 18,836 52,431 51,425 The analysis of the amount of inventories recognised as an expense is as follows: 已確認為開支之存貨金額分析如下 : 二零一五年 二零一四年 $ 000 $ 000 Carrying amount of inventories sold (note 5(c)) 出售存貨賬面值 ( 附註 5(c)) 329, , Trade and other receivables 二零一五年 二零一四年 $ 000 $ 000 Trade receivables 應收貿易賬項 54,443 73,100 Less: Allowance for doubtful debts (note 15(b)) 減 : 呆壞賬撥備 ( 附註 15(b)) (3,474) (3,848) 50,969 69,252 Other debtors, deposits and prepayments 其他應收賬 按金及預付款項 17,803 13,387 68,772 82,639 The amount of the deposits and prepayments expected to be recovered or recognised as expenses after more than one year is $2,119,000 (2014: $1,143,000). All of the other trade receivables, other debtors, deposits and prepayments are expected to be recovered or recognised as expenses within one year. The Group held collateral over trade receivables at the end of the reporting period with attributable values as set out below: 本集團預計多於一年後可收回或確認為支出的按金及預付款項金額分別為 2,119,000 元 ( 二零一四年 :1,143,000 元 ) 所有其他應收貿易賬項及其他應收賬 按金及預付款項預計在一年內可收回或列作費用 本集團在結算日就應收貿易賬項持有以下抵押品 : 二零一五年 二零一四年 $ 000 $ 000 Buildings 物業 1,803 5,965 Cash deposits 現金存款 2,510 2,483 Bank guarantees 銀行擔保 Cash deposits disclosed above are included in the other creditors and accrued charges and are expected to be settled after more than one year, as disclosed in note 18. 以上列示的現金存款被列入本集團預計多於一年後支付的其他應付賬項及預提費用, 於附註 18 披露 98

100 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 15 Trade and other receivables (Continued) The Group considers that the credit risk arising from the trade receivables is mitigated by the collateral in the amounts indicated above. The value of the buildings collateral represents the estimated market value of the buildings as at 31 December ( 續 ) 本集團認為上述抵押品減輕了應收貿易賬項的信貸風險 抵押物業價值代表物業於二零一五年十二月三十一日的市值 (a) Ageing analysis (a) 賬齡分析 The ageing of trade receivables (net of allowance for doubtful debts) at the end of the reporting period is as follows: 應收貿易賬項 ( 扣除呆壞賬撥備 ) 於結算日之賬齡如下 : 二零一五年 二零一四年 $ 000 $ 000 Current 未到期 38,996 53,930 Less than 1 month past due 過期日少於一個月 7,280 8,667 1 to 3 months past due 過期日為一至三個月 3,006 3,161 More than 3 months but less 過期日為三個月 than 12 months past due 至十二個月 610 1,689 More than 12 months past due 過期日多於十二個月 1,077 1,805 50,969 69,252 According to the Group s credit policy set out in note 23(a), the general credit period is payment by the end of the month following the month in which sales take place. Therefore, all the current balances above are within two months from the invoice date. 根據載列於附註 23(a) 本集團的信貸政策, 一般信貸於銷售月份後的月份完結時到期 因此, 上述所有未到期結餘均在發票日期後兩個月內到期 (b) Impairment of trade receivables (b) 應收貿易賬項之減值虧損 Impairment losses in respect of trade receivables are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against trade receivables directly (see note 1(i)(i)). 有關應收貿易賬項的減值虧損透過撥備賬記錄, 除非本集團信納應收款是無法收回的 在此情況下, 減值虧損會直接在應收貿易賬項中撇銷 ( 附註 1(i)(i)) The movement in the allowance for doubtful debts during the year is as follows: 年內呆壞賬撥備的變動如下 : 二零一五年 二零一四年 $ 000 $ 000 At 1 January 於一月一日 3,848 11,227 Exchange adjustments 匯兌調整 (197) (35) Impairment loss recognised 減值虧損確認 Impairment loss written back 減值虧損撥回 (148) (269) Uncollectible amounts written off 沖銷不可收回金額 (473) (7,744) At 31 December 於十二月三十一日 3,474 3,848 At 31 December 2015, trade receivables of $4,525,000 (2014: $5,024,000) were individually determined to be impaired. The individually impaired receivables were balances in dispute with customers or related to customers that were in financial difficulties and management assessed that only a portion of the receivables is expected to be recovered. Consequently, specific allowances for doubtful debts of $3,474,000 (2014: $3,848,000) were recognised. 於二零一五年十二月三十一日, 本集團將應收貿易賬項其中 4,525,000 元 ( 二零一四年 : 5,024,000 元 ) 按個別確定減值 個別的減值虧損是由於該客戶財政上有困難, 而據管理層評估, 只有部份款項可以收回, 故本集團分別作 3,474,000 元 ( 二零一四年 :3,848,000 元 ) 的呆壞賬撥備 99

101 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 15 Trade and other receivables (Continued) (c) Trade receivables that are not impaired The ageing analysis of trade receivables that are neither individually nor collectively considered to be impaired is as follows: 15 ( 續 ) (c) 沒有作減值虧損之應收貿易賬項 沒有作減值虧損之應收貿易賬項賬齡如下 : 二零一五年 二零一四年 $ 000 $ 000 Neither past due nor impaired 未到期及不作撥備 38,905 53,627 Less than 1 month past due 過期日少於一個月 7,280 8,667 1 to 3 months past due 過期日為一至三個月 3,006 3,161 More than 3 months but less 過期日為三個月 than 12 months past due 至十二個月 564 1,653 More than 12 months past due 過期日為多於十二個月 ,013 14,449 49,918 68,076 Receivables that were neither past due nor impaired relate to a wide range of customers for whom there was no recent history of default. Receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. 16 Amounts due from/(to) holding companies, fellow subsidiaries and related companies Amounts due from/(to) holding companies, fellow subsidiaries and related companies are unsecured, interest-free and do not have fixed repayment terms except for the following trade-related amounts which are repayable under normal trade terms: 未到期及不作撥備之應收貿易賬項, 均為近期沒有拖欠還款記錄的客戶, 所以不作撥備 過期但不作撥備之應收貿易賬項與多名有良好還款記錄的個別客戶有關 據以往經驗, 由於其信譽並無重大的改變, 管理層相信無須就這些款項作出撥備, 同時仍認為這些結欠款項可全部收回 16 除下列貿易款項須按貿易條款支付外, 應收或應付控股公司 同系附屬公司及關連公司賬項均無抵押, 免息及無指定償還期 : 二零一五年 二零一四年 $ 000 $ 000 Amounts due from holding companies 應收控股公司 and fellow subsidiaries 及同系附屬公司賬項 7,140 11,478 Amounts due to holding companies 應付控股公司 and fellow subsidiaries 及同系附屬公司賬項 (402) (1,378) Amounts due to related companies 應付關連公司賬項 (957) (2,977) The trade-related balances were not past due as at 31 December 2015 and Related companies included a non-controlling shareholder and companies, the ultimate holding company of which has significant influence over the Group. 與貿易相關之結存於二零一五年及二零一四年十二月三十一日並未到期 關連公司包括非控股股東及其最終控股公司對本集團有重大影響的公司 100

102 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 17 Cash and cash equivalents and bank deposits (a) Cash and cash equivalents and bank deposits comprise: 17 (a) 現金及等同現金項目及銀行存款包括 : 二零一五年 二零一四年 $ 000 $ 000 Bank deposits within three months of 存放時到期日為三個月內 maturity when placed 的銀行存款 51,280 68,277 Cash at bank and in hand 銀行結存及現金 46,438 40,297 Cash and cash equivalents 綜合財務狀況表 in the consolidated statement 及綜合現金流量表中 of financial position and 的現金及等同現金項目 consolidated cash flow statement 97, ,574 Bank deposits with more than 存放時到期日為超過三個月 three months to maturity 的銀行存款 when placed 50,882 27,054 Cash and cash equivalents and bank deposits as at 31 December 2015 include $23,564,000 (2014: $12,475,000) placed with banks in Mainland China, the remittance of which is subject to relevant rules and regulations of foreign exchange control promulgated by the PRC government. 於二零一五年十二月三十一日, 現金及等同現金項目及銀行存款包括存於中國內地銀行 23,564,000 元 ( 二零一四年 :12,475,000 元 ), 其匯款須受中國政府頒布的相關規則及外匯法規所管制 (b) Reconciliation of (loss)/profit before taxation to cash generated from operations: (b) 除稅前 ( 虧損 ) 盈利與經營業務之現金流入調節表 : 二零一五年 二零一四年 Note $ 000 $ 000 附註 (Loss)/profit before taxation 除稅前 ( 虧損 ) 盈利 (16,053) 37,227 Adjustments for: 就下列事項作出調整 : Amortisation of land lease premium 租賃土地款項之攤銷 5(c) 2,588 2,599 Depreciation of property, plant 物業, 機器及設備之折舊 and equipment 5(c) 20,548 20,258 Depreciation of investment properties 投資物業之折舊 5(c) 3,356 2,722 Interest expense 利息支出 5(a) 4,373 4,253 Interest income 利息收入 4 (887) (1,522) Net gain on disposal of non-current assets 出售非流動資產之淨盈利 4 (2,351) (1,415) Forfeiture of unclaimed dividends 未認領之股息註銷 (214) Foreign exchange losses 外幣兌換之虧損 1, Changes in working capital: 營運資本之變動 : (Increase)/decrease in inventories 存貨之 ( 增加 ) 減少 (1,006) 7,362 Decrease in trade and other receivables 應收貿易及其他賬項之減少 13,826 4,536 Decrease/(increase) in net amounts 應收控股公司及 due from holding companies and 同系附屬公司賬項 fellow subsidiaries 淨額之減少 ( 增加 ) 4,294 (14,609) Decrease/(increase) in amounts due 應收關連公司賬項 from related companies 之減少 ( 增加 ) 403 (665) (Increase)/decrease in amounts 應付關連公司賬項 due to related companies 之 ( 增加 ) 減少 (655) 532 Decrease in trade and other payables 應付貿易及其他賬項之減少 (7,334) (26,455) (Decrease)/increase in retirement 退休福利負債之 benefit liabilities ( 減少 ) 增加 (172) 316 Cash generated from operations 經營業務之現金流入 22,927 35,

103 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 18 Trade and other payables 二零一五年 二零一四年 $ 000 $ 000 Trade payables 應付貿易賬項 46,300 47,448 Other creditors and accrued charges 其他應付賬項 58,160 64, , ,818 Other creditors and accrued charges include provisions for advertising and promotion costs of $17,834,000 (2014: $23,643,000). The amounts of other creditors and accrued charges expected to be settled after more than one year are $2,620,000 (2014: $2,555,000). All of the other trade and other payables are expected to be settled within one year. The ageing of trade payables as at the end of the reporting period is as follows: 其他應付賬項及預提費用包括廣告及宣傳撥備分別為 17,834,000 元 ( 二零一四年 : 23,643,000 元 ) 預計於多於一年後支付的其他應付賬項及預提費用分別為 2,620,000 元 ( 二零一四年 : 2,555,000 元 ) 所有其他應付貿易及其他賬項預計在一年內支付 應付貿易賬項於結算日之賬齡如下 : 二零一五年 二零一四年 $ 000 $ 000 Current and less than 1 month past due 未到期及過期日少於一個月 44,443 42,359 1 to 3 months past due 過期日為一至三個月 1,574 4,616 3 to 6 months past due 過期日為三至六個月 More than 6 months past due 過期日多於六個月 ,300 47,448 The Group s general payment terms are one to two months from the invoice date. Therefore, the current and less than one month past due balances above are mostly within two to three months from the invoice date. 19 Loan from an intermediate holding company At 31 December 2015, the loan from an intermediate holding company was repayable as follows: 本集團的一般付款條款是於發票日期後一至兩個月內到期 因此, 上述未到期及過期日少於一個月的結餘大部份均在發票日後兩至三個月內 19 於二零一五年十二月三十一日, 中介控股公司之貸款須於下列期限償還 : 二零一五年 二零一四年 $ 000 $ 000 Within 1 year or on demand 一年內或須於要求時償還 50,904 After 1 year but within 2 years 一年後但兩年內 50,866 50,904 After 2 years but within 5 years 兩年後但五年內 139,881 89, , , , ,

104 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 19 Loan from an intermediate holding company (Continued) Loan from an intermediate holding company is unsecured, repayable in fifteen equal instalments from March 2017 and bears interest at one year LIBOR plus 1.5% which ranged from 2.01% to 2.59% during the year (2014: 2.05% to 2.16%). 20 Employee retirement benefits (a) Defined benefit retirement plan The Group operates a defined benefit retirement plan which covers 13% (2014: 14%) of the Group s employees. The plan is administered by an independent trustee, with the assets held separately from those of the Group. The members benefits are determined based on the employees final remuneration and length of service. Contributions to the plan are made in accordance with the recommendations of an independent actuary who values the retirement plan at regular intervals. For the purposes of preparing these financial statements, an independent actuarial valuation was carried out at 31 December 2015 by the independent actuary following the methodology set out in HKAS 19, Employee benefits. 19 ( 續 ) 中介控股公司之貸款為無抵押, 並於二零一七年三月起均分十五期償還, 承擔的利率為一年期倫敦銀行同業折息加 1.5%, 範圍為 2.01% 至 2.59%( 二零一四年內為 2.05% 至 2.16%) 20 (a) 定額福利退休計劃 本集團為其 13%( 二零一四年 :14%) 之僱員提供定額福利退休計劃 該計劃乃由一名獨立信託人管理, 並與本集團之資產分開獨立處理 成員福利乃按僱員之最後薪金及服務年期計算 計劃之供款乃根據一名獨立精算師之建議釐訂, 該精算師定期為退休計劃作出評估 此外, 精算師根據載於香港會計準則第 19 號 僱員福利 之方法於二零一五年十二月三十一日進行另一評估, 以用作編製財務報表 (i) The amounts recognised in the consolidated statement of financial position are as follows: (i) 於財務狀況表確認之款額如下 : 二零一五年 二零一四年 $ 000 $ 000 Present value of funded obligations 資助責任的現值 99,080 95,102 Fair value of plan assets 計劃資產之公允值 (72,141) (74,987) Retirement benefit liabilities 退休福利負債 26,939 20,115 (ii) 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 payable to plan members and future contributions to plan assets will also depend on staff revenue and future changes in actuarial assumptions. Plan assets consist of the following: 上述部份負債預期將於超過一年後支付 然而, 由於退休福利對計劃成員之應付款及對計劃資產之未來供款須視乎精算假設之未來變動, 因此不適宜將該筆款額與未來十二個月之應付款項分開處理 (ii) 計劃資產包括 : 二零一五年 二零一四年 $ 000 $ 000 Mutual funds 共同基金 71,997 73,787 Cash 現金 144 1,200 72,141 74,

105 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 20 Employee retirement benefits (Continued) (a) (ii) Defined benefit retirement plan (Continued) At the end of each reporting period, an asset-liability matching study was performed by the trustees to analyse the outcome of the strategic investment policies. The investment portfolio targets a mix of 45% in equity securities across a range of industries and 55% in government bonds (2014: 45% in equity securities across a range of industries and 55% in government bonds). 20 ( 續 ) (a) 定額福利退休計劃 ( 續 ) (ii) 於每個結算日, 受託人會進行資產負債匹配研究, 並分析投資政策策略之結果 投資組合目標為一系列行業之 45% 股票證券組合及 55% 政府債券 ( 二零一四年 :45% 股東證券組合及 55% 政府債券 ) (iii) Movements in the present value of the defined benefit obligations: (iii) 定額福利負債的現值變動 : 二零一五年 二零一四年 $ 000 $ 000 At 1 January 於一月一日 95,102 89,613 Remeasurements: 重估 : Actuarial gains arising from 人口假設變動產生的 changes in demographic assumptions 精算盈利 (1,110) Actuarial losses arising from 財務假設變動產生的 changes in financial assumptions 精算虧損 2,026 2,692 Actuarial losses arising from 經驗變動產生的 changes in experience 精算虧損 ,714 2,479 Benefits paid by the plan 計劃支付之福利 (5,408) (4,008) Current service cost 現時服務成本 5,114 5,194 Interest cost 利息成本 1,558 1,824 At 31 December 於十二月三十一日 99,080 95,102 (iv) The weighted average duration of the defined benefit obligations is 6.5 years (2014: 6.8 years). Movements in plan assets: 定額福利負債之加權平均年期為 6.5 年 ( 二零一四年 :6.8 年 ) (iv) 計劃資產之變動 : 二零一五年 二零一四年 $ 000 $ 000 At 1 January 於一月一日 74,987 71,953 Contributions paid to the plan by the employer 僱主支付的計劃供款 5,785 5,136 Benefits paid by the plan 計劃支付之福利 (5,408) (4,008) Interest income 利息收入 1,267 1,517 Return on plan assets, excluding interest income 計劃資產之回報 ( 不包括利息收入 ) (4,282) 340 Administrative expenses paid from plan assets 計劃資產之行政開支 (208) 49 At 31 December 於十二月三十一日 72,141 74,

106 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 20 Employee retirement benefits (Continued) (a) (v) Defined benefit retirement plan (Continued) Amounts recognised in the consolidated statement of comprehensive income are as follows: 20 ( 續 ) (a) 定額福利退休計劃 ( 續 ) (v) 於綜合全面收益表確認之開支如下 : 二零一五年 二零一四年 $ 000 $ 000 Current service cost 現時服務成本 5,114 5,194 Net interest on net defined benefit liability 定額福利淨負債之利息淨額 Administrative expenses paid from plan assets 計劃資產之行政開支 208 (49) Total amounts recognised in profit or loss 於損益中確認之開支 5,613 5,452 Actuarial losses 精算虧損 2,714 2,479 Return on plan assets, excluding interest income 計劃資產之回報 ( 不包括利息收入 ) 4,282 (340) Total amounts recognised in other 於其他全面收益表確認之 comprehensive income 開支 6,996 2,139 Total defined benefit costs 定額福利成本總額 12,609 7,591 The current service cost and the net interest 有關現時服務成本及定額福利 on net defined benefit liability are recognised 淨負債之利息淨額乃於 in the following line items in the consolidated 下列綜合收益表內 income statement: 之項目中確認 : Cost of sales 銷售成本 Selling and distribution expenses 銷售及分銷開支 2,956 2,310 Administrative expenses 行政開支 1,891 3,106 5,613 5,452 (vi) Significant actuarial assumptions and a sensitivity analysis are as follows: (vi) 主要的精算假設和敏感度分析如下 : 二零一五年 二零一四年 Discount rate 貼現率 1.40% 1.70% Future salary increases 未來薪金之增加 5.00% 5.00% The analysis set out below shows how the defined benefit obligation as at 31 December 2015 would have increased/(decreased) as a result of a 0.25% change in the significant actuarial assumptions: 下列分析說明主要精算假設 0.25% 之變化對定額福利負債於二零一五年十二月三十一日將增加 /( 減少 ) 如下 : Increase Decrease of 0.25% of 0.25% 增加 0.25% 減少 0.25% $ 000 $ 000 Discount rate 貼現率 (1,693) 1,741 Future salary increases 未來薪金之增加 1,782 (1,741) 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. 上述敏感度分析是假設精算假設之變化互不相關, 因此敏感度分折並不考慮精算假設之間的相關性 105

107 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 20 Employee retirement benefits (Continued) (b) (i) Defined contribution retirement plans Staff employed by the Group in Hong Kong who are not members of the above defined benefit retirement plan are required to join the Group s mandatory provident fund plan under the Hong Kong Mandatory Provident Fund Schemes Ordinance. The mandatory provident fund plan is a defined contribution retirement plan administered by an independent corporate trustee. Under the plan, the Group and its employees are each required to make contributions to the plan at 5% of the employees relevant income, subject to a cap of monthly relevant income of $30,000 ($25,000 prior to June 2014). Contributions to the plan vest immediately. 20 ( 續 ) (b) (i) 定額供款退休計劃 根據香港 強制性公積金計劃條例, 本集團在香港僱用而並無加入上述定額福利退休計劃的僱員, 須加入本集團的強制性公積金計劃 強制性公積金計劃乃一個由獨立法團受託人管理的定額供款退休計劃 根據有關計劃, 本集團及其僱員各自須向計劃作出供款, 數額為僱員有關入息的 5%, 惟每月有關入息的最高水平為 30,000 元 ( 二零一四年六月以前為 25,000 元 ) 對計劃作出的供款即時歸屬 (ii) Employees of the subsidiaries in the PRC are members of pension schemes operated by the PRC government. The Group is required to contribute 12.00% to 14.00% (2014: 12.00% to 20.00%) of employees remuneration to these pension schemes to fund the benefits. The only obligation for the Group with respect to these pension schemes is the required contribution under the central pension scheme. Contributions to these schemes vest immediately. (ii) 中國附屬公司僱員為中國政府營運的中央退休金計劃的成員 本集團須對中央退休金計劃供款作為有關福利提供資金, 數額為僱員酬金的 12.00% 至 14.00%( 二零一四年 : 12.00% 至 20.00%) 本集團有關中央退休金計劃的唯一義務為根據中央退休金計劃須作出的有關供款 對計劃作出的供款即時歸屬 21 Income tax in the consolidated statement of financial position (a) Deferred tax assets and liabilities recognised: The components of deferred tax assets and liabilities recognised in the consolidated statement of financial position and the movements during the year are as follows: 21 (a) 已確認之遞延稅項資產及負債 於綜合財務狀況表已確認之遞延稅項資產及負債之組成部分及年內之變動如下 : Depreciation Impairment allowances losses for in excess of receivables Retirement the related and benefit depreciation inventories liabilities Tax losses Total 折舊免稅額 應收賬項 超逾有關折舊 及存貨 退休福利 之數額 之減值虧損 之負債 稅項虧損 總計 $ 000 $ 000 $ 000 $ 000 $ 000 Deferred tax arising from: 遞延稅項來自 : At 1 January 2014 於二零一四年一月一日 53,454 (154) (2,914) (47,448) 2,938 Charged/(credited) to profit or loss 於損益中 (note 6(a)) 扣除 ( 計入 )( 附註 6(a)) 1, (1,183) 171 Credited to equity (note 9) 於權益中計入 ( 附註 9) (622) (622) At 31 December 2014 於二零一四年十二月三十一日 and 1 January 2015 及二零一五年一月一日 54,517 (80) (3,319) (48,631) 2,487 Charged/(credited) to profit or loss 於損益中 (note 6(a)) 扣除 ( 計入 )( 附註 6(a)) (26) Credited to equity (note 9) 於權益中計入 ( 附註 9) (1,100) (1,100) At 31 December 2015 於二零一五年十二月三十一日 55,102 (52) (4,445) (48,362) 2,

108 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 21 Income tax in the consolidated statement of financial position (Continued) (b) Deferred tax assets not recognised: Deferred tax assets have not been recognised in respect of the following items, which pertain to the subsidiaries in the PRC and the Company: 21 ( 續 ) (b) 未確認之遞延稅項資產 本集團於中國的附屬公司及本公司並未就下列各項目所引致之遞延稅項資產做出確認 : 二零一五年 二零一四年 $ 000 $ 000 Tax losses 稅項虧損 474, ,636 Deductible temporary differences 可抵扣暫時性差異 278, , , ,005 In accordance with the accounting policy set out in note 1(p), deferred tax assets have not been recognised in respect of the above items as it is not probable that the relevant entities will generate future taxable profits against which the above items can be utilised. The unrecognised tax losses relating to the PRC subsidiaries can be carried forward up to five years from the year in which the loss originated and will expire in the following years: 根據列示於附註 1(p) 會計政策, 由於未能確定相關附屬公司未來能夠獲得足夠應課稅盈利以抵扣其利益, 故本集團並未確認上列項目所引致之遞延稅項資產 有關中國附屬公司未確認的稅項虧損自產生日起五年屆滿, 有關到期年份如下 : 二零一五年 二零一四年 $ 000 $ 二零一五年 135, 二零一六年 134, , 二零一七年 94, , 二零一八年 36,812 39, 二零一九年 43,504 45, 二零二零年 58, , ,824 The unrecognised tax losses relating to the Company were $107,570,000 (2014: $80,812,000) and do not expire under current tax legislation. 本公司未確認的稅項虧損為 107,570,000 元 ( 二零一四年 :80,812,000 元 ), 並於現行稅務規例下不會到期 107

109 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 22 Capital, reserves and dividends (a) Movements in components of equity The reconciliation between the opening and closing balances of each component of the Group s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company s individual components of equity between the beginning and the end of the year are set out below: 22 (a) 權益部分變動 本集團之綜合權益中各部分的年初及年末調節於綜合權益變動表內列載 本公司之各個權益部分的年初及年末變動詳情於以下列載 : Share Share Retained capital premium profits Total 股本 股份溢價 收益儲備 總額 $ 000 $ 000 $ 000 $ 000 Balance at 1 January 2014 於二零一四年一月一日結餘 186,785 65, , ,593 Changes in equity for 2014: 二零一四年權益變動 : Actuarial gains and losses of 定額福利退休計劃 defined benefit retirement plan, 之精算盈利及虧損 net of tax ( 除稅後 ) (1,517) (1,517) Profit for the year 年度盈利 36,495 36,495 Dividends approved in respect of 上一財政年度批准之股息 the previous year (note 22(b)) ( 附註 22(b)) (3,736) (3,736) Transition to no-par value regime 於二零一四年三月三日過渡至 on 3 March 2014 (note 22(c)) 無面值制度 ( 附註 22(c)) 65,739 (65,739) Dividends declared in respect of 本財政年度擬派之股息 the current year (note 22(b)) ( 附註 22(b)) (3,736) (3,736) Unclaimed dividends forfeited 未認領之股息註銷 Balance at 31 December 2014 於二零一四年十二月三十一日 and 1 January 2015 及二零一五年一月一日結餘 252, , ,313 Changes in equity for 2015: 二零一五年權益變動 : Actuarial gains and losses of 定額福利退休計劃 defined benefit retirement plan, 之精算盈利及虧損 net of tax ( 除稅後 ) (5,896) (5,896) Loss for the year 年度虧損 (20,253) (20,253) Dividends approved in respect of 上一財政年度批准之股息 the previous year (note 22(b)) ( 附註 22(b)) (3,736) (3,736) Balance at 31 December 2015 於二零一五年十二月三十一日結餘 252, , ,428 (b) Dividends (b) 股息 (i) Dividends payable to equity shareholders of the Company attributable to the year (i) 本公司權益持有人之年度股息 二零一五年 二零一四年 $ 000 $ 000 Interim dividend declared and paid of $Nil 中期股息每股普通股零元 per ordinary share (2014: 0.01 per ordinary share) ( 二零一四年 : 每股普通股 0.01 元 ) 3,736 Final dividend proposed after the end of 於結算日後擬派末期股息 the reporting period of $Nil per ordinary share 每股普通股零元 (2014: $0.01 per ordinary share) ( 二零一四年 : 每股普通股 0.01 元 ) 3,736 7,472 The final dividend proposed after the end of the reporting period has not been recognised as a liability at the end of the reporting period. 於結算日後擬派之股息, 並無確認為結算日之負債 108

110 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 22 Capital, reserves and dividends (Continued) (b) (ii) Dividends (Continued) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year 22 ( 續 ) (b) 股息 ( 續 ) (ii) 於年內批准及支付予本公司權益持有人之過往年度股息 二零一五年 二零一四年 $ 000 $ 000 Final dividend in respect of 於年內批准及支付 the previous financial year, approved and 之過往年度末期股息 paid during the year, of $0.01 per ordinary share 每股普通股 0.01 元 (2014: 0.01 per ordinary share) ( 二零一四年 : 每股普通股 0.01 元 ) 3,736 3,736 (c) Share capital (c) 股本 二零一五年 二零一四年 No. of No. of shares shares 股份數目 股份數目 000 $ $ 000 Ordinary shares, issued 普通股, 已發行 and fully paid: 及繳足股本 : At 1 January 於一月一日 373, , , ,785 Transition to no-par value regime 於二零一四年三月三日 on 3 March 2014 (note) 過渡至無面值制度 ( 附註 ) 65,739 At 31 December 於十二月三十一日 373, , , ,524 Note: The transition to the no-par value regime under the Hong Kong Companies Ordinance occurred automatically on 3 March On that date, the share premium account and any capital redemption reserve were subsumed into share capital in accordance with section 37 of Schedule 11 to the Ordinance. These changes did not impact the number of shares in issue or the relative entitlement of any of the shareholders. Since that date, all changes in share capital have been made in accordance with the requirements of Parts 4 and 5 of the Ordinance. 附註 : 根據香港公司條例, 過渡至無面值股份制度於二零一四年三月三日自動生效 於該日, 按照條例附表 11 第 37 條, 股份溢價賬和任何股本贖回儲備被歸入股本中 此轉變對已發行股份數目或任何股東的相對權益並無影響 自該日起, 所有股本變動已按照新條例第 4 及第 5 部的要求處理 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. 普通股持有人有權收取不時宣派的股息, 並可在本公司大會上每持有一股股份投一票 對於本公司的剩餘資產, 所有普通股均享有同等權益 109

111 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 22 Capital, reserves and dividends (Continued) (d) (i) Nature and purpose of reserves Capital reserve The capital reserve represents the reserve arising from the capitalisation of retained profits of PRC subsidiaries. 22 ( 續 ) (d) (i) 備性質及用途 資本儲備 資本儲備乃指一間中國附屬公司之保留盈利資本化而產生之儲備 (ii) Exchange fluctuation reserve (ii) 匯兌波動儲備 The exchange fluctuation reserve comprises all foreign exchange differences arising from the translation of the financial statements of subsidiaries outside Hong Kong and the foreign exchange differences arising from translation of monetary items that in substance form part of the net investment in subsidiaries outside Hong Kong. The reserve is dealt with in accordance with the accounting policy set out in note 1(s). 匯兌波動儲備包括因換算香港以外之附屬公司財務報表產生之所有匯兌差額及因換算貨幣項目 ( 實則部份屬於外地附屬公司之淨投資 ) 之匯兌差額 該儲備根據附註 1(s) 所載之會計政策而處理 (e) Distributability of reserves (e) 分派儲備 At 31 December 2015, the aggregate amount of reserves available for distribution to equity shareholders of the Company, as calculated under the provision of Part 6 of the Hong Kong Companies Ordinance, was $197,904,000 (2014: $227,789,000). 於二零一五年十二月三十一日, 按新香港 公司條例 第 6 部之條文計算, 可供分派儲備予本公司權益持有人之儲備總額為 197,904,000 元 ( 二零一四年 :227,789,000 元 ) (f) Capital management (f) 資本管理 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 commensurately with the level of risk and by securing access to finance at a reasonable cost. 本集團管理資本的主要目標是要保障集團能夠持續經營, 從而繼續為股東提供回報及為其他持股份者帶來好處 ; 以風險水平相稱為產品定價, 以及確保獲得合理的融資成本 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展開檢討及管理, 以在較高股東回報情況下可能伴隨之較高借貸水平與良好的資本狀況帶來的優勢及保障之間取得平衡, 並因應經濟環境的變化對資本架構作出調整 Consistent with industry practice, the Group monitors its capital structure on the basis of an adjusted net-debt to equity ratio. For this purpose the Group defines adjusted net-debt as loan from an intermediate holding company plus unaccrued proposed dividends, less bank deposits and cash and cash equivalents. Adjusted capital comprises all components of equity less unaccrued proposed dividends. 本集團以資本淨負債比率為基礎監控其資本架構, 與本行業所應用一致 因為這個目的, 本集團定明經調整淨負債為中介控股公司之貸款及未計提擬派股息減銀行存款及現金及等同現金項目 經調整資本包括所有權益組成部分減未計提擬派股息 During 2015, the Group s strategy was to maintain the adjusted net-debt to equity ratio at a reasonable level, not exceeding 100%. In order to maintain or adjust the ratio, the Group may issue new shares or sell assets to reduce debt. 於二零一五年, 本集團之策略是控制經調整資本淨負債比率於 100% 範圍內 為了維持或調整該比率, 本集團或會發行新股, 向股東新舉債或出售資產以減低債項 110

112 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 22 Capital, reserves and dividends (Continued) (f) Capital management (Continued) The net-debt to equity ratio at 31 December 2015 and 2014 was as follows: 22 ( 續 ) (f) 資本管理 ( 續 ) 於二零一五年及二零一四年十二月三十一日之資本淨負債比率如下 : 二零一五年 二零一四年 Note $ 000 $ 000 附註 Loan from an intermediate 銀行貸款及中介 holding company less 控股公司之貸款 bank deposits and 減銀行存款及現金 cash and cash equivalents 及等同現金項目 42,147 55,261 Add: Proposed dividends 加 : 擬派股息 22(b) 3,736 Adjusted net debt 經調整負債淨額 42,147 58,997 Equity 權益 544, ,949 Less: Proposed dividends 減 : 擬派股息 22(b) (3,736) Adjusted capital 經調整資本 544, ,213 Adjusted net-debt to equity ratio 經調整資本淨負債比率 8% 10% Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 23 Financial risk management and fair values Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group s business. The Group s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. 本公司或任何附屬公司並無受制外在資本需求 23 本集團在一般業務過程中存在信貸 流動資金 利率風險及外匯風險 本集團面對該等風險程度及本集團所採用管理該等風險之財務管理政策及慣列, 載述如下 (a) Credit risk (a) 信貸風險 The Group s credit risk is primarily attributable to trade and other receivables, bank deposits and cash and cash equivalents. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. 本集團的信貸風險主要來自應收貿易及其他賬項及現金及等同現金項目 管理層訂有信貸政策, 而且會持續監察該等信貸風險 Credit limits are offered to customers following a financial assessment and an established payment record. The general credit period is payment by the end of the month following the month in which sales take place. Security in the form of mortgages, cash deposits or bank guarantees is obtained from certain customers. Customers who are considered to have higher credit risk are required to trade on a cash basis. Credit control staff monitor trade receivables and follow up collections. 信貸限額乃於進行財務評估後及基於已建立的付款記錄而釐定 一般信貸於銷售月份後的月份完結時到期 本集團會從某些客戶取得按揭 銀行存款或銀行擔保作為抵押 若認為客戶有較高信用風險, 則以現金進行交易 信貸監控人員會監察應收貿易款項及跟進收款 111

113 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 23 Financial risk management and fair values (Continued) 23 ( 續 ) (a) Credit risk (Continued) The Group s exposure to credit risk is influenced mainly by the individual characteristics of each customer. At the end of the reporting period, 19% (2014: 17%) and 56% (2014: 49%) of the total trade and other receivables was due from the Group s largest customer and the five largest customers respectively. The Group do not provide any guarantees which would expose the Group to credit risk. The Group s bank deposits and cash and cash equivalents are placed with financial institutions with sound credit ratings and the management considers the Group s exposure to credit risk is low. The Group s exposure to the credit risk and its policies for managing such risk were unchanged from (a) 信貸風險 ( 續 ) 本集團之信貸風險主要受個別客戶的性質影響 於結算日,19%( 二零一四年 :17%) 及 56%( 二零一四年 :49%) 的應收貿易及其他賬項分別來自本集團最大客戶及五大客戶 本集團並無因作出其他擔保而面對信貸風險 本集團的現金及等同現金項目是存放於信用評級良好的金融機構 因此, 管理層認為本集團面對的信用風險為低 本集團承受的信貸風險及其管理政策與二零一四年相同 (b) Liquidity risk (b) 流動資金風險個別經營實體須負責其本身的現金管理及按照本集團政策定期監察其流動資金需要, 以確保其維持充裕之現金儲備及主要財務機構承諾提供足夠資金額度, 以滿足其短期及長期之流動資金需求 Individual operating entities within the Group are responsible for their own cash management. The Group regularly monitors its liquidity requirements to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions and related parties to meet its liquidity requirements in the short and longer term. 112

114 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 23 Financial risk management and fair values (Continued) 23 ( 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 ) 下表就本集團於結算日財務負債之尚餘合約期限作詳細分析, 並以訂約未貼現現金流量 ( 即包括按訂約息率計算之利息支出, 或如屬浮息類別, 按結算日當日之息率計算之利息支出 ) 及本集團可被追索之最早還款日期作出分析基準 2015 二零一五年 Contractual undiscounted cash outflow 合約上未貼現的現金流量 More than More than Within 1 year but 2 years but 1 year or less than less than Carrying on demand 2 years 5 years total amount 一年內或於要求時 一年後 兩年後 到期 但兩年內 但五年內 總額 賬面額 $ 000 $ 000 $ 000 $ 000 $ 000 Trade and other payables 應付貿易及其他賬項 104, , ,460 Loan from an intermediate 中介控股公司之貸款 holding company 5,193 55, , , ,747 Amounts due to holding companies 應付控股公司 and fellow subsidiaries 及同系附屬公司賬項 5,375 5,375 5,375 Amounts due to related companies 應付關連公司賬項 5,016 5,016 5, ,044 55, , , , 二零一四年 Contractual undiscounted cash outflow 合約上未貼現的現金流量 More than More than Within 1 year but 2 years but 1 year or less than less than Carrying on demand 2 years 5 years Total amount 一年內或於要求時 一年後 兩年後 到期 但兩年內 但五年內 總額 賬面額 $ 000 $ 000 $ 000 $ 000 $ 000 Trade and other payables 應付貿易及其他賬項 111, , ,818 Loan from an intermediate 中介控股公司之貸款 holding company 54,612 53,482 90, , ,889 Amounts due to holding companies 應付控股公司 and fellow subsidiaries 及同系附屬公司賬項 5,414 5,414 5,414 Amounts due to related companies 應付關連公司賬項 5,671 5,671 5, ,515 53,482 90, , ,

115 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 23 Financial risk management and fair values (Continued) 23 ( 續 ) (c) Interest rate risk (c) 利率風險 The Group s interest rate risk arises primarily from interest-bearing borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group monitors the level of its variable rate borrowings. The Group s interest rate profile as monitored by management is set out in (i) below. 本集團之利率風險主要由計息貸款產生 本集團會監控浮動利率的貸款水平 本集團由管理層監控的利率結構載於下文 (i) (i) Interest rate profile (i) 利率結構 The following table details the interest rate profile of the Group s loan from an intermediate holding company at the end of the reporting period: 下表為本集團於結算日之中介控股公司之貸款之利率結構 : 二零一五年 二零一四年 Effective Effective interest interest rate Amount rate Amount % $ 000 % $ 000 實際利率 金額 實際利率 金額 % % Variable rate borrowings: 浮動利率貸款 : Loan from an intermediate 中介控股公司之貸款 holding company , ,889 (ii) Sensitivity analysis (ii) 敏感性分析 At 31 December 2015, it is estimated that a general increase/decrease of 100 basis points in interest rates, with all other variables held constant, would have increased/decreased the Group s loss after taxation and decreased/increased in the Group s retained profits by approximately $1,907,000 (2014: decreased/increased the Group s profit after taxation and retained profits by approximately $1,909,000). The tax effect was assumed to be nil as the entity which has drawn down the loan had unrecognised tax losses for deferred tax purposes and it is not probable that it will generate future taxable profits against which the tax losses can be utilised. 於二零一五年十二月三十一日, 估計利率上升 下跌一百點子, 在其他可變動因素保持不變的情況下, 本集團本年度除稅後虧損將增加 減少及累計盈利將減少 增加約 1,907,000 元 ( 二零一四年 : 本集團除稅後盈利及累計盈利將減少 增加 1,909,000 元 ) 由於未能確定未來能夠獲得足夠應課稅盈利以抵扣稅務虧損, 舉債公司並未確認稅務虧損所致之遞延稅項, 因此假設並無稅務影響 The sensitivity analysis above indicates the instantaneous change in the Group s (loss)/profit after taxation and retained profits in respect of the exposure to cash flow interest rate risk arising from floating rate instruments held by the Group at the end of the reporting period. The impact on the Group s (loss)/profit after taxation and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. 以上敏感性分析顯示本集團的除稅後 ( 虧損 ) 盈利及累計盈利之即時變化, 乃由於本集團於結算日所持有的浮動利率工具, 引致本集團面臨現金流利率風險所產生 本集團除稅後 ( 虧損 ) 盈利及累計盈利的影響是以該等利率變化對利息費用的年度影響作估計 114

116 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 23 Financial risk management and fair values (Continued) 23 ( 續 ) (d) Currency risk (d) 外匯風險 The Group is exposed to currency risk primarily through sales, purchases, borrowings, expenses and recharges amongst group entities which give rise to receivables, payables, loans and cash balances 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 and Euros. 本集團主要因買賣交易, 借款, 集團之間的費用及回付產生以外幣 ( 即就該交易而言並非相關業務之功能貨幣 ) 為單位之應收賬款 應付賬款 借款及現金結存, 因而面對外匯風險 引致外幣風險之貨幣主要包括美元及歐羅 For group entities whose functional currency is Hong Kong dollars, all sales and purchases are denominated in either Hong Kong dollars or United States dollars, except for certain purchases from Europe or Australia. Given that Hong Kong dollar is pegged to the United States dollar, management do not expect that there will be any significant currency risk associated with such United States dollar denominated transactions. For transactions denominated in Euros, management monitor the level of exposure closely and take actions such as an earlier settlement considering movements in the exchange rate. For transactions denominated in Australian dollars, since the volume of such transactions is not significant, management consider the exposure to currency risk to be low. 對於集團內以港元作功能貨幣的各個實體, 除某些貨品由歐洲或澳洲進行採購外, 所有銷貨及購貨均以港元或美元作交易貨幣 由於港元與美元掛鈎, 故本集團預期美元 港元匯率不會有大幅變動 至於以歐羅計價之交易, 管理層密切監控其面對的風險水平, 並應因匯率變動採取措施, 如提前結帳 至於以澳元計價之交易, 由於以該等貨幣計價的交易量不多, 故本集團認為須面對的有關外匯風險不大 For group entities whose functional currency is Renminbi, except for certain transactions amongst group entities that are denominated in either Hong Kong dollars or United States dollars, most of other transactions are denominated in Renminbi. For those transactions amongst group entities denominated in United States dollars or Hong Kong dollars, management consider the transaction amounts are not significant and the exposure to currency risk is low. 對於集團內以人民幣作功能貨幣的各個實體, 除了對集團內交易是以港元或美元作單位, 其他交易是以人民幣作單位 有關集團內以美元或港元作單位的交易, 管理層認為交易金額不重大, 須面對的有關外匯風險不大 The Group s exposure to currency risk and its policies for managing such risk were unchanged from 本集團承受外匯風險及其管理政策與二零一四年相同 115

117 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 23 Financial risk management and fair values (Continued) 23 ( 續 ) (d) (i) Currency risk (Continued) Exposure to currency risk The following tables detail 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 Hong Kong dollars, translated using the spot rates at the year end date. Differences resulting from the translation of the financial statements of subsidiaries outside Hong Kong into the Group s presentation currency and the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries are excluded. (d) 外匯風險 ( 續 ) (i) 承受之外匯風險 下表就本集團結算日並非以相關實體功能貨幣計值的已確認資產或負債所承受之外匯風險作出詳細分析 下表不包括集團內因對附屬公司作出借款 ( 該借款實際為組成對附屬公司的淨投資的一部份 ) 而產生的風險 下表的金額乃按結算日之匯率兌換為港幣作呈列之用 因匯兌香港以外附屬公司之財務報表為本集團的呈列貨幣而產生的差額並不包括在內 exposure to foreign currencies (expressed in Hong Kong dollars) 外幣風險 ( 按港元計算 ) 二零一五年 二零一四年 United United States States dollars Euros dollars Euros 美元 歐羅 美元 歐羅 $ 000 $ 000 $ 000 $ 000 Trade and other receivables 應收貿易及其他賬項 2, , Amounts due from holding 應收控股公司 companies and fellow 及同系附屬公司賬項 subsidiaries 7,132 11,486 Bank deposits 15,502 Cash and cash equivalents 現金及等同現金項目 8, , Trade and other payables 應付貿易及其他賬項 (4,668) (234) (2,061) (759) Loan from an intermediate 中介控股公司之貸款 holding company (190,747) (190,889) Amounts due to holding 應付控股公司 companies and fellow 及同系附屬公司賬項 subsidiaries (5,311) (4,968) Amounts due to related 應付關連公司賬項 companies (611) (5) (2,715) (6) Net exposure 風險承擔淨額 (168,179) (183) (183,344) (672) 116

118 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 23 Financial risk management and fair values (Continued) 23 ( 續 ) (d) Currency risk (Continued) (d) 外匯風險 ( 續 ) (ii) Sensitivity analysis (ii) 敏感性分析 The following table indicates the instantaneous change in the Group s (loss)/profit after taxation and retained profits that would have arisen if foreign exchange rates to which the group entities had 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 Hong Kong dollar and the United States dollar would be materially unaffected by any changes in movement in value of the United States dollar against other currencies. Also, the tax effect was assumed to be nil for the entities which had unrecognised tax losses for deferred tax purposes since it is not probable that they will generate future taxable profits against which tax losses could be utilised. 下表顯示本集團於結算日時具重大風險之外幣匯率於當日變動對本集團之除稅後 ( 虧損 ) 盈利及累計盈利之即時影響, 已假設其他風險變數不變 就此而言, 已假設港元及美元之間的聯繫匯率大致上不受美元兌其他貨幣之價值變動所影響 並且, 由於未能確定未來能夠獲得足夠應課稅盈利以抵扣稅務虧損, 實體有未確認稅務虧損所致之遞延稅項, 因此假設並無稅務影響 二零一五年 二零一四年 Increase/ Decrease/ Increase/ Decrease/ (decrease) (increase) Decrease/ (decrease) (increase) Decrease/ in foreign in loss (increase) in foreign in profit (increase) exchange after in retained exchange after in retained rates taxation profits rates taxation profits $ 000 $ 000 $ 000 $ 000 外匯匯率 除稅後虧損 累計盈利 外匯匯率 除稅後盈利 累計盈利 上升 減少 減少 上升 減少 減少 ( 下跌 ) ( 增加 ) ( 增加 ) ( 下跌 ) ( 增加 ) ( 增加 ) United States dollars 美元 10% (483) 483 5% 1 1 (10)% 483 (483) (5)% (1) (1) Euros 歐羅 10% (18) 18 5% (10)% 18 (18) (5)% (34) (34) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the group entities profit or loss measured in the respective functional currencies, translated into Hong Kong dollars 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 currency of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries outside Hong Kong into the Group s presentation currency and the borrowings from group entities that in substance form part of the net investment in subsidiaries. The analysis has been performed on the same basis as for 上表所呈列之分析結果指本集團各個實體以個別功能貨幣計量 ( 為呈報目的, 已按結算日之匯率兌換為港元 ) 之本年度損益之即時合併影響 敏感性分析已假設外幣匯率之變動已用於重新計量本集團所持有並於結算日使本集團面臨外匯風險之金融工具, 包括集團間以並非借方或貸方之功能貨幣作單位的應收及應付賬項 此變動代表管理層對截至下一年度結算日的匯率可能變動的合理評估 此分析不包括將香港以外附屬公司之財務報表換算成本集團之呈列貨幣所產生之差額 該項分析按與二零一四年相同之基準進行 117

119 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 23 Financial risk management and fair values (Continued) 23 ( 續 ) (e) Fair value (e) 公允價值 Except for the loan from an intermediate holding company (note 19), other non-trade balances with holding companies, fellow subsidiaries and related companies are unsecured, interest-free and have no fixed repayment terms. Given these terms, it is not meaningful to disclose their fair values. 與控股公司, 同系附屬公司及關連公司的非貿易賬項結餘均為無抵押及免息且無固定還款期, 中介控股公司貸款 ( 附註 19) 除外 鑑於該等條款, 披露其公允值之意義不大 All other significant financial assets and liabilities are carried at amounts not materially different from their fair values as at 31 December 2015 and 所有其他重大金融資產及負債的賬面價值均與其於二零一五年及二零一四年十二月三十一日的公允價值並無重大差異 (f) Offsetting financial assets and financial liabilities (f) 金融資產及金融負債抵銷 Trade discounts payable included in trade and other payables and trade receivables are offset in the consolidated statement of financial position as the Group currently has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. 由於本集團現時有權合法強制抵銷已確認金額, 並擬按淨額基準結算, 故計入應付貿易及其他賬項之應付貿易折扣與應收貿易賬項於綜合財務狀況表內互相抵銷 The Group holds cash deposits as collateral over certain trade receivables, which are included in trade payables and not offset against trade receivables as the Group does not have a legally enforceable right to set off the recognised amounts. 本集團持有現金按金作為若干應收貿易賬項之抵押品, 該等按金計入應付貿易賬項中, 並無與應收貿易賬項互相抵銷, 原因為本集團並無合法強制抵銷該等已確認金額之權力 The following tables set out the carrying amounts of recognised financial instruments that are subject to the above arrangements. 下表載列受上述安排限制之已確認金融工具之賬面值 2015 二零一五年 Related gross amounts Related amounts of recognised financial Net amounts not offset in financial instruments presented the statement instruments in offset in the in the of financial the statement statement of statement of position cash of financial financial financial collateral position position position received Net amount 於財務狀況表 於財務狀況表 於財務狀況表沒有 已確認金融工具 抵銷相關金融 於財務狀況表 抵銷相關之款項 之金額 工具之金額 之淨額 收取現金抵押品 淨額 Note $ 000 $ 000 $ 000 $ 000 $ 000 附註 Financial assets 金融資產 Trade and other receivables 應收貿易及其他賬項 15 Trade receivables 應收貿易賬項 76,877 (25,908) 50,969 (2,510) 48,459 Financial assets not in the scope 金融資產不在抵銷 of offsetting disclosures 之披露範圍 17,803 17,803 17,803 Financial liabilities 金融負債 Trade and other payables 應付貿易及其他賬項 18 Trade payables 應付貿易賬項 72,208 (25,908) 46,300 46,300 Financial liabilities not in the scope 金融負債不在抵銷 of offsetting disclosures 之披露範圍 58,160 58,160 58,

120 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 23 Financial risk management and fair values (Continued) 23 ( 續 ) (f) Offsetting financial assets and financial liabilities (Continued) (f) 金融資產及金融負債抵銷 ( 續 ) 2014 二零一四年 Related Gross amounts Related amounts of recognised financial Net amounts not offset in financial instruments presented the statement instruments in offset in the in the of financial the statement statement of statement of position cash of financial financial financial collateral position position position received Net amount 於財務狀況表 於財務狀況表 於財務狀況表沒有 已確認金融工具 抵銷相關金融 於財務狀況表 抵銷相關之款項 之金額 工具之金額 之淨額 收取現金抵押品 淨額 Note $ 000 $ 000 $ 000 $ 000 $ 000 附註 Financial assets 金融資產 Trade and other receivables 應收貿易及其他賬項 15 Trade receivables 應收貿易賬項 100,952 (31,700) 69,252 (2,483) 66,769 Financial assets not in the scope 金融資產不在抵銷 of offsetting disclosures 之披露範圍 13,387 13,387 13,387 Financial liabilities 金融負債 Trade and other payables 應付貿易及其他賬項 18 Trade payables 應付貿易賬項 79,148 (31,700) 47,448 47,448 Financial liabilities not in the scope 金融負債不在抵銷 of offsetting disclosures 之披露範圍 64,370 64,370 64,370 The gross amounts of financial assets and financial liabilities and their net amounts as presented in the statement of financial position that are disclosed in the above tables are measured in the statement of financial position at amortised cost. The amounts in the above tables that are offset in the statement of financial position are measured on the same basis. 上表所披露有關於財務狀況表中呈列之金融資產及金融負債之金額, 以及於財務狀況表中其淨額是按攤銷成本列賬 上表所列已於財務狀況表中抵銷之金額乃按相同基準列賬 119

121 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 24 Commitments (a) Capital commitments outstanding at 31 December 2015 not provided for in the financial statements were as follows: 24 (a) 於二零一五年十二月三十一日, 未在財務報表中撥備之未付資本承擔詳情如下 : 二零一五年 二零一四年 $ 000 $ 000 Contracted for 已訂約 Authorised but not contracted for 已批准但未訂約 6,750 7,496 6,750 7,496 (b) At 31 December 2015, the total future minimum lease payments under non-cancellable operating leases were payable as follows: (b) 於二零一五年十二月三十一日, 根據不可撤銷經營租賃而應付之未來最低租賃款項如下 : 二零一五年 二零一四年 $ 000 $ 000 Land and buildings 土地及房產 Within 1 year 一年內 1,309 1,242 After 1 year but within 5 years 一年後但五年內 1,218 2,409 2,527 3,651 The Group, as a lessee, leases a number of properties under operating leases. The leases typically run for an initial period of one to four years with an option to renew each lease upon expiry when all terms are renegotiated. None of the leases includes contingent rentals. 本集團作為承租人根據經營租賃而租賃多項房產 該等租賃一般初步為期一至四年, 並且有權選擇在到期日後續期, 屆時所有條款均可重新商定 各項經營租賃並不包括或然租金 120

122 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 25 Material related party transactions In addition to the transactions and balances disclosed elsewhere in these financial statements, the Group entered into the following material related party transactions: 25 除本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 group companies (a) 集團內主要關連交易 Due from/(to) Amounts balances at year end 金額 應收 ( 付 ) 年底結存 Note 二零一五年 二零一四年 二零一五年 二零一四年 $ 000 $ 000 $ 000 $ 000 附註 Purchases from 購自 (i) intermediate holding companies 中介控股公司 2,982 4,766 (342) (847) fellow subsidiaries 同系附屬公司 4,674 24,368 (60) (531) related companies 關連公司 21,856 18,367 (957) (2,977) Sales to 售予 (i) an intermediate holding company 中介控股公司 180, ,524 7,124 11,478 fellow subsidiaries 同系附屬公司 Royalty payments to 支付專利權費用 (ii) intermediate holding companies 中介控股公司 (12) (187) a related company 關連公司 2,116 2,146 (4,059) (2,694) Interest expense payable to 利息支出 an intermediate holding 中介控股公司 company (iii) 4,373 4,253 (405) (352) Advertising and promotion subsidy 收中介控股公司廣告 from an intermediate holding 及市場推廣補貼 company (iv) 24,895 26,564 Notes: 附註 : (i) Sales to and purchases from group companies were carried out at terms mutually agreed by both parties. The terms of the outstanding balances are set out in note 16. (i) 此等交易按雙方同意之條款進行 有關其結餘之條款於附註 16 內列明 Related companies are related to the Group as their ultimate holding company has a significant influence over the Group. 關連公司與本集團有關連因其最終控股公司對本集團有重大影響 (ii) Royalties are payable to intermediate holding companies and a minority shareholder for the use of certain trademarks pursuant to relevant licensing agreements. (ii) 專利權是指就有關特許合同所訂, 因使用個別商標支付予中介控股公司及非控股股東的費用 During the year, an intermediate holding company waived royalties payable by the Group amounting to $871,000 (2014: $1,010,000), which is not included in the amounts disclosed above. 於本年度, 中介控股公司撤回本集團的專利權費用共 871,000 元 ( 二零一四年 : 1,010,000 元 ), 此金額並沒有包括在以上所披露的金額中 (iii) Interest expense was paid for the loan from an intermediate holding company. (iii) 利息支出乃自中介控股公司的貸款 (iv) Advertising and promotion subsidy was received from an intermediate holding company for promotion of certain brands in the PRC. (iv) 從中介控股公司收取的廣告及市場推廣補貼乃補貼若干品牌在中國的推廣 These transactions also constitute connected transactions under the Listing Rules, except for the purchases from related companies, which the directors do not consider to be connected transactions under the Listing Rules. 根據上市規則, 此等交易 ( 購自關連公司之交易除外 ) 構成關連交易 因應有關條例, 本公司董事對採購自關連公司交易不考慮為關連交易 121

123 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 25 Material related party transactions (Continued) (b) Other transactions with group companies 25 ( 續 ) (b) 集團內其他關連交易 Due from/(to) Amounts balances at year end 金額 應收 ( 付 ) 年底結存 二零一五年 二零一四年 二零一五年 二零一四年 $ 000 $ 000 $ 000 $ 000 Expenses paid by the Group 由本集團代關連公司 on behalf of group companies 代支費用 intermediate holding 中介控股公司 companies fellow subsidiaries 同系附屬公司 a related company 關連公司 2,923 3, Expenses paid by group 由關連公司代本集團 companies on the Group s 代支費用 behalf intermediate holding 中介控股公司 companies 3,645 4,724 (4,549) (3,492) fellow subsidiaries 同系附屬公司 (7) (5) (c) Key management personnel remuneration (c) 主要管理人員酬金 Remuneration for key management personnel of the Group, including amounts paid to the Company s directors as disclosed in note 7 and the highest paid employees as disclosed in note 8, is as follows: 本集團主要管理人員之酬金 ( 包括附註 7 所披露向本公司董事支付之款項及附註 8 所披露向若干最高薪僱員支付之款項 ) 如下 : 二零一五年 二零一四年 $ 000 $ 000 Short-term employee benefits 短期僱員福利 17,420 16,772 Post-employment benefits 離職後福利 1,622 1,395 19,042 18,167 Total remuneration is included in staff costs (see note 5(b)). 總酬金已計入 員工薪酬 內 ( 見附註 5(b)) 122

124 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 26 Company level statement of financial position 二零一五年 二零一四年 Note $ 000 $ 000 附註 Non-current assets 非流動資產 Property, plant and equipment 物業, 機器及設備 375, ,302 Interests in leasehold land held for 在經營租賃下自用而持有的 own use under operating leases 租賃土地權益 54,946 56, , ,992 Intangible assets 無形資產 4,781 4,781 Investments in subsidiaries 附屬公司權益 630, ,842 1,065,432 1,080,615 Current assets 流動資產 Inventories 存貨 31,696 37,326 Trade and other receivables 應收貿易及其他賬項 57,456 74,155 Amounts due from holding companies 應收控股公司 and fellow subsidiaries 及同系附屬公司賬項 7,131 7,759 Amount due from a subsidiary 應收附屬公司賬項 130 Amounts due from related companies 應收關連公司賬項 Bank deposits 銀行存款 15,502 27,054 Cash and cash equivalents 現金及等同現金項目 96,134 82, , ,460 Current liabilities 流動負債 Trade and other payables 應付貿易及其他賬項 (45,754) (56,049) Loan from an intermediate holding 中介控股公司之貸款 company (50,904) Amounts due to holding companies 應付控股公司 and fellow subsidiaries 及同系附屬公司賬項 (983) (1,807) Amounts due to related companies 應付關連公司賬項 (891) (2,889) (47,628) (111,649) Net current assets 流動資產淨值 160, ,

125 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 26 Company level statement of financial position (Continued) 26 ( 續 ) 二零一五年 二零一四年 Note $ 000 $ 000 附註 Total assets less current liabilities 總資產減流動負債 1,226,115 1,198,426 Non-current liabilities 非流動負債 Loan from an intermediate holding 中介控股公司之貸款 company (190,747) (139,985) Amounts due to subsidiaries 應付附屬公司賬項 (558,001) (558,013) Retirement benefit liabilities 退休福利負債 (26,939) (20,115) (775,687) (718,113) NET ASSETS 資產淨值 450, ,313 CAPITAL AND RESERVES 股本及儲備 22(a) Share capital 股本 252, ,524 Other reserves 其他儲備 197, ,789 TOTAL EQUITY 權益總額 450, ,313 Approved and authorised for issue by the board of directors on 4 February 經由董事會於二零一六年二月四日批准及授權刊發 Ramon S. Ang 蔡啓文 Ramon g. torralba 杜華博 Director 董事 Director 董事 124

126 NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) ( 除另有指示外, 均按港幣計算 ) 香港生力啤酒廠有限公司二零一五年年報 27 Immediate and ultimate controlling party At 31 December 2015, the directors consider the immediate parent and ultimate controlling party of the Group to be Neptunia Corporation Limited and Top Frontier Investment Holdings, Inc. respectively. Neptunia Corporation Limited is incorporated in Hong Kong while Top Frontier Investment Holdings, Inc. is incorporated in the Republic of the Philippines. Top Frontier Investment Holdings, Inc. produces financial statements available for public use. 28 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2015 Up to the date of issue of these financial statements, the HKICPA has issued a few amendments and new standards which are not yet effective for the year ended 31 December 2015 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group: effective for accounting periods beginning on or after 27 於二零一五年十二月三十一日, 董事認為本集團的直接母公司及最終控股公司分別為立端利有限公司及 Top Frontier Investment Holdings, Inc. 立端利有限公司於香港註冊成立而 Top Frontier Investment Holdings, Inc. 則於菲律賓共和國註冊成立 Top Frontier Investment Holdings, Inc. 編製財務報表予公眾使用 28 截至本財務報表刊發日, 香港會計師公會已頒布多項於截至二零一五年十二月三十一日止年度仍未生效的準則修訂及新準則, 而本財務報表並無採納該等修訂及新準則 其中, 以下與本集團有關 : 於下列日期或之後開始之會計期間生效 Annual Improvements to HKFRSs Cycle 1 January 2016 Amendments to HKAS 1, Disclosure initiative 1 January 2016 Amendments to HKAS 16 and HKAS 38, 1 January 2016 Clarification of acceptable methods of depreciation and amortisation HKFRS 15, Revenue from contracts with customers 1 January 2018 HKFRS 9, Financial instruments 1 January 2018 HKFRS 16, Leases 1 January 2019 香港財務報告準則二零一二年至二零一四年週期之年度改進 香港會計準則第 1 號 ( 修訂 ) 披露計劃 香港會計準則第 16 號及香港會計準則第 38 號 ( 修訂 ) 折舊及攤銷可接受方法之澄清 香港財務報告準則第 15 號 客戶合約收益 香港財務報告準則第 9 號 金融工具 香港財務報告準則第 16 號 租賃 二零一六年一月一日二零一六年一月一日二零一六年一月一日二零一八年一月一日二零一八年一月一日二零一九年一月一日 The Group is in the process of making an assessment of what the impact of these amendments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. 本集團正評估該等準則修訂於首次應用時之影響, 到目前為止, 本集團認為採納該等準則修訂對本集團綜合財務報表構成重大影響的可能性不大 125

127 San Miguel Brewery Hong Kong Ltd. Annual Report 2015 INDEPENDENT AUDITOR S REPORT Independent auditor s report to the shareholders of San Miguel Brewery Hong Kong Limited (Incorporated in Hong Kong with limited liability) 獨立核數師報告致香港生力啤酒廠有限公司股東 ( 於香港註冊成立的有限公司 ) We have audited the consolidated financial statements of San Miguel Brewery Hong Kong Limited (the Company ) and its subsidiaries (together the Group ) set out on pages 62 to 125, which comprise the consolidated statement of financial position as at 31 December 2015, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. 本核數師 ( 以下簡稱 我們 ) 已審計列載於第 62 頁至第 125 頁香港生力啤酒廠有限公司 ( 貴公司 ) 及其附屬公司 ( 全體稱為 貴集團 ) 的綜合財務報表, 此綜合財務報表包括於二零一五年十二月三十一日的綜合財務狀況表, 截至該日止年度的綜合收益表 綜合全面收益表 綜合權益變動表和綜合現金流量表以及主要會計政策概要及其他附註解釋 Directors responsibility for the consolidated financial statements The directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants 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. 貴公司的董事須負責根據香港會計師公會頒佈的 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必需的內部控制負責 Auditor s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. 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. 我們的責任是根據我們的審計對該等綜合財務報表發表意見 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 除此之外, 我們的報告書不可用作其他用途 我們概不就本報告書的內容, 對任何其他人士負責或承擔法律責任 We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. 我們已根據香港會計師公會頒佈的 香港審計準則 進行審計 這些準則要求我們遵守道德規範, 並規劃及執行審計, 以對綜合財務報表是否不存在任何重大錯誤陳述獲取合理保證 126

128 INDEPENDENT AUDITOR S REPORT 香港生力啤酒廠有限公司二零一五年年報 Auditor s responsibility (Continued) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of the consolidated financial statements that give a true and fair view 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2015 and of the Group s financial performance and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in compliance with the Hong Kong Companies Ordinance. ( 續 ) 審計涉及執行程序以獲取有關綜合財務報表所載金額及披露資料的審計憑證 所選定的程序取決於核數師的判斷, 包括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 在評估該等風險時, 核數師考慮與該公司編製綜合財務報表以作出真實而公平的反映相關的內部控制, 以設計適當的審計程序, 但目的並非對公司的內部控制的有效性發表意見 審計亦包括評價董事所採用會計政策的合適性及作出會計估計的合理性, 以及評價綜合財務報表的整體列報方式 我們相信, 我們所獲得的審計憑證能充足和適當地為我們的審計意見提供基礎 我們認為, 該等綜合財務報表已根據 香港財務報告準則 真實而中肯地反映貴集團於二零一五年十二月三十一日的財務狀況及截至該日止年度貴集團的盈利和現金流量, 並已遵照香港 公司條例 妥為擬備 KPMG Certified Public Accountants 8th Floor, Prince s Building 10 Chater Road Central, Hong Kong 4 February 2016 畢馬威會計師事務所執業會計師 香港中環遮打道 10 號太子大廈 8 樓 二零一六年二月四日 127

129 我們在廣東省一個省級頻道播出電視廣告, 以支持我們在該省的業務擴張

130 香港生力啤酒廠有限公司二零一五年年報 GROUP PROPERTIES Details of the major property of the Group are as follow: 本集團之主要物業詳情如下 : Location existing use term of lease 地點現時用途租期 Major property held for investment 持作投資的主要物業 Portions of Dangerous Goods Store, Warehouse rental Medium-term two Car Parking Spaces on the Ground Floor, the whole of Mezzanine Floor, the whole of Second Floor, the whole of third Floor, a portion of Fourth and Fifth Floor, the whole of Sixth Floor and a portion of Roof Floor, San Miguel Industrial Building Nos Shing Wan Road, Tai Wai, Shatin, Hong Kong 部分危險品倉庫, 地下兩個泊車車位, 貨倉租賃 中期 閣樓全層, 二樓全層, 三樓全層, 部分四樓及部分五樓, 六樓全層, 及部份天台, 香港沙田大圍成運路 9-11 號生力工業大廈 129

131 成功推行經銷商發展項目令我們在價值鏈上有更大控制

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